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THE ELECTRONICS INDUSTRY 


Hi ft 


FINANCIAL TIMES 


HI HE 


; No. 27,700 


Saturday October 28 1978 


conndsseursT 
— ^ cognac 




IPǤ 

or £ 


•■tSSSS* - 


CONTINENTAL SELLING PRICES; AUSTRIA Sell 15; BELGIUM Fr IS; DENMARK Kr 3.S: FRANCE Fr 3.0; GERMANY DM 2.0; ITALY L 500; NETHERLANDS FI 2.0: NORWAY Kr 3.5; PORTUGAL Be 20; SPAIN PU 40; SWEDEN Kr 3JI5; SWITZERLAND Fr 2.0; EIRE 15p 



BUSINESS 


Vauxhall breaks 


obel Wall 


Street 

decline 

continues 


5% as Ford makes! 


another offer 


Hospitals Dollar weak 

dispute . . . 

formula ^ QUl©t 

agreed ! trading 


By Pauline Clark. Labour Staff j BY PETER RIDDELL, ECONOMICS CORRESPONDENT 


m ® U ALL STREET eootimiOd its 

O jimlongcri dee/ Lie with a 15.07 

full to S06.05. making a fail of 
pnl Anwar Sadat of ?1.W ®n the week. Soaring 
and Prime Minister interest rates, inflation and the 
tern Begin «r Israel are decline in Hie dollar hate all 
ini winners of (he Nobel contributed In problems facing 
prize for 1978. the U.S. slock markets recently, 

ir.varii-- i.-tiiJiuti'leeV * . .. 


A FORMULA for ending the five- 

BY CHRISTIAN TYLER, LABOUR EDITOR 

last night, after two days of 

Vauxliall Motors yesterday became the fourth big company to make a pay S r .™S 

offer in breach of the Government s 5 per cent pay guidelines, as the volun- (Murray, general secretary, 
tary limit came under attack in varionsnegofia Lions covering 340,000 manual Uaioa leaden sen: our appeals 

vi’nrL'Prc ,for an immediate return to 

nvinci9. 1 normal working which, if 

Tv:o days of bargaining for next week could «et the pact* fur but only in tandem with greater I a f w W«l by the 3.500 super- 

Vau\ ball’s 26,000 manual up to ltn UK lorry drivers. improvements in basic pay than l v * sor s taking action in hospitals 

workers ended in deadlock. ^ h em clovers hue sdr « '* & offered. | throughout the country, will end 

with the tiDion negotiators “S?® 3, .TL...,,... _ ........ ! the .most damaging National 


™ f er H, a ‘ ?ndt 'f ,n <lc3 l ^ , ? ek - Two other employers have ^ready offered, 
uitn the union negotiators . > 


nwmeni 1:1 Ualy. winch fe EQUITIES ended the Account 
* ,,c ‘ '. f 1l ‘ n t Cari er 1 or j „ a n uasett led mood, with 
o N !>iv.ar(K peace in the iniestiirs awaiting 


;• Ea^i. a. id J.*u- auairi wa* 
led to spur further effort •( 
... I! ae rerrigni^inr whai ihe 
enib lia.l alrcb'ly done. _ 
'idem Sadat .-i trip Israel 
ovemher "broke ih rough a 
' 'logical wail which had 
■>1 understand, ng and 
i contact between Israel 
.jypl for a general ion.’* 
(Jump David accord v said 
umuiillee. were "a victory 
c idea of peace.** Page 2 


riz u, i!^r°rh l ^ 3 $ sses^s: ^ ^ » hr 

V ' W .£r?ta?TS "Lrr-jsi.'safi jssss 2 srs SSsl suisriifi? S 


' F.T. Industrial 
aco* Ordinary Index. 


)□. 9.000 
hundreds 
0 reduce 
icy cases 


ROMUMffEUfnS 


come as 
nent on 
of pay 


495r — 


(from the pay controls. A further prices and pav. *«*«•* -vi- vr.. dUU 1 , tm . 

substantial productivity bargain Ford’s ••attendance payment and J3HL20 and £S9.06 and ' *; 

(is also r, n the table. plan" is designed to cut £112J!6. respeerfvely. .. " 


’ basic rates nf between f^SO and ?^ 11 ^"! 5 nc ?i Monday for 
. ..«.i nuon ..-.1 enne l.lm local authority manual 


49CL •— * 


ia ..is*. .111 wu* ianie. |>ian is iu mil ibjih-.hi,. ' m.uii* 1,. .... 

Meanwhile Ford Motor, now absenteeism, lateness, and un- The £1.28 supplement would at I ^ Cf0r bdUle over P aj 

in Lhe fifih week of an all-out official dispujes Dial cost lbe first t* pa»d weekly on top of I M T - - ■ ■ h ri . 

... 1 . .. .1 - ihcco rates Rm Mr rnnffrw ine supervisors naa been 


All TWI MICH 

nbian rail M03; 

« sabotaged 4B0 |_.._ . , r __ 

ia Railways confirmed that 1 I 

Jnsine blast caused the do- ' -October 1978 

?nt at Magoyc. 100 miles 475 1 1 

or Lusaka, cutting the vital 23 24 *.5 26 27 

nk with South Africa. 

ust consignment ot military c | can . r news on pay. The VT 


4B0, ■ •“ — j 

1 -October 1978' 

475 I : J 1 -L..... 

23 24 25 26 27 


strike, added a -it per cent company 4m man-hours last year, these rates. But Mr. Geoffrey j Dross ^ c fD r a n am-oss-the-hoard 

attendance payment to the It looks similar to schemes Moore. VauTh all’s personnel J™ an a ^ 0S ^ Ul ™^ 

S per cent offer it has already approved by the Department of director.' said that the supple- bonus Lusran- 

exlended 10 its 57.000 manual Employment in the previous ment would be consolidated into ™ Sed bv the crufSELn 

workers, in clear hreach of the incomes policy for Perkins hasic rates if perfonnance over ^ carnea oy ine craiumen 


insisted 

demand 

■nmont’s 


ra . t ! nl ' 11 , ”' lss, r |f s * ordinary index closed 1.2 off 

the LJ\ is stipplj ing Trt'e . .u.. ^ r n a of 17 noints 
argu 10 Zambia, arrived in at [% a ,0Ss ot 


;a last nighL Page 2 

3 -ufc ban • GILTS were mixed and the 

=* Urt Government Securitiea. index 

Spanish Goveromcnt In* dosed. «.01 up at C9J7. 

•nded Brilisb Caledonia’s 

og rights at Madrid airport O STERLING closed _•& points 
2 escalation of Lite Anglo- down at S2.0630. making a rise 


on the week. 


were unocr pressure iromumons ror me unions, mr. loan saia . . . discuss th^ new offer 

representing 5,000 drivers to they were not prepared to acccpl auEW sieiSds at the 
improve a 5 per ceot offer or “penalty clauses.” They were KJiiiDtoof neM ^ek 
face industrial action. The nego- prepared to discuss productivity - , . ' 1 e „ 


Schemes 


illations, which are to continue and the problems of absenteeism. Other labour news Page 3 


sb dispute which began vt ul - al . a i nsf the drtlnr V 

Jk A ‘ triifle ivwgiued Index- nise lB j ;.’i 

lK ' ** ■ «.» u Ill o *1.. nwcUnr l -1 


62^11 against 61.9 the previous; 

-jea^G fraud ■ Friday. Tlic dollar’s deprecia- 

— . , , , . . tibn wideneu ; To a record 12.6 

— r dealer who put back the r 

igc recorders on 23 cars by 

al or 640,000 miies was fined © fiOLD fell S; to S234J in 
0 at Solihull. West Midlands. London.' nnd in New York the 
.ml one of the cars was a Lumcx Novcmlier settlement: 
• ‘J r con,pany nr Hetl nrc price readied a record high ofj 

S 337.50. 


1 1 ngs arrest e eLUOPEAN Options Exchange 

xn is expucled to appear in turnover reached a new peak this 
today in connection with week, with I0.S05 contracts made 
jilling of four people and the against 9.935 in the last week of 
1 ding of five others iu the August. Page 19 
Mi cl Linds ditrinv Thursday L0Rn Grarfp and Lord De j fonl 

" T have formed a joint company, 

car uiasL uciUftS De.b. »!nre. Assoc . ia!ed pjj m Distributors, to 

■ C uiflvniner cli-.U'ibute in NoriJi America the 

-1^ w«iiffting films made by Lord Grade’s- 

— .ral’s economic spokesman Associated Communications 

Pardo u said in Plymouth Corporation and Lord Dclfon’t 
the party would try to defeat film-making ami of EMI. Back 
•overnnieui in the Commons Page, 
is Cabinet decided against , . ... 

ng the European Monetary ® per 

•11 Pace ’■ l ' ent in Ine Sachs engineer- 

ing group to Commerzbank, West 
nlraxi* inmiirv Germany’s third largest com- 

,nne r inquiry mercial bank. Commerzbank 
master of Hie doomed- Greek intends to release the shares on 
or Christos Bitu-s was to West German stuck- exchanges 
g questioned al Pembroke, souil Back-Page 
?s. hv Deparii'^pt of Trade 

iats. "The tanker is being • IC1 is invesiigating sites along 
■d iiiio dec]) water fur the east coast of Scotland and 
in ., England In build an important 

- pel n 'chemicals complex, to lie 

HLf*lr»+ talks developed in The mid to late 

** IHSUs. taking advantage of in- 

•ign Mniisrers nf the nine creased North Sea feedstocks. 

T countries mecl at a Cattle page 3 
• B-.irrn tuday to discusa n»L*iu- 

.lup applicarions from Grove, © BRITAIN is lo invest up to 
,n and Portugal. Among the 1250m by 19S3 in the European 
.. a problems is tl«; apportion- Airbus Industrie group, Follow- 
‘T of votes in the. Council of ing the agreement over the UK 
l s tcrs joining in the development of 

the A-310 airci’aft. Back Page. 

Billy g Norway and Volvo of 

v Carter, brother of the U.S. Sweden have reached a break- 
sident. is to play a deputy through in talks about Norway s 
■ riff In a film being made For plan to buy a 40 per cent stake 
risi/jn called FlMbed Annie in Volvo. The prune ministers 
Sweetie pie: Lady Truckers, of the two countries s^id that 
producer says it will be final terms of 1 he agreement 
ter’s first “serious" role. would be published in December. 

Back Page. 


U T n r ’ S f ° r 40 ‘I 00 ” t0 ^ 3 P TGW& Shop stewards at the c , 

were under pressure from, unions For lbe unions, Mr. Todd said new offer ScHClUCS 

representing 5,000 drivers to they were mu prepared to acccpl | . y Viewards at the In effect vesterdav’s aoret^ 

improve a 5 per cent offer or “penalty clauses.” They were * n ^ t "^ k dt lQC m ‘J, ^* ^SdJdlhJ rS S 

face industrial action. The nego- prepared to discuss productivity - ' “ - . ! 1 „ _ he r?.5Jrnn™i^ “hSirl? 

4 J at Urns, which are to continue and the problems of absenteeism. Other labour news Page 3 ofharinsal™ ndoned th afpollcv 

1 ! ' i in the case of the hospital 

' 1 supervisors, while muetios jJie 

. a '■'B • li A unions’ demand that all super- 

^ammell -JLaiFu to cut ^ >n 

• ' • ’ visors should be given the 

"W go . . . Jk opportunity In participale in 

workforce by 800 

. ment on the extra they receive 

BY IAN HARGREAVES, SHIPPING CORRESPONDENT SS^'Sjln’toSl'^oaSIll™ 

ALMOST S00 men are to lose gain relief from heavy financing 800 jobs at the privately-owned ^inns" mana senient and 
their jobs at. Caramel! Laird costs. . . Western Shiprepairers in Birken- The agreement savs that nrn- 

Shipbutlders. Merseyside, the The main benefit for Caramell head dunn S summer. vjding tl f ey join lh * ^. hemes Jnd 

company said yesterday. Laird will be a contract to con- Mr. Kaurman attempted to subject to them being proved 

This latest blow to the British vert one 0 f the ships for naval persuade British Shipbuilders to financially viable, supervisors 

Shipbuilders workforce was 115e a sccnnd conversion con- take over that yard, which w ill receive 5 per cent after the 

softened slightly last night with t r jct will gc. in the Tyne Ship- adjoins to Cammed Laird, but month. 10 per cent after 
the news that the Royal Navy repair Group, also part of British the Stale corporation refused to threo months and 15 per cent 
is to take over two tankers which Shipbuilders. ' add to its already serious finan- a f ter six m0Dt hs. 

Caramell Laird has had on its p or ^e Navy, the decision will ,, - The allowances will be on top 

hands since a shipowner refused presumably mean modifying its of increases incorporated into an 

deliver of the vessels in 1975. future purchasing programme a ^ rt ‘ ed new P a i' grading struc- 

Mr. Gerald Kaufman. Industrj’ r n r Owl pp-fuelllnc shins. Laird. bBO men. mainly boiler ture ^ or ,jj e supervisors which 


THE DOLLAR remained weak 
yesterday as the rally that began 
Inte on Thursday evening in New 
York soon petered out. Closing 
rates last night were just above 
the all-time lows against several 
significant currencies recorded 
earlier in the week. 

Trading con lit ions were, how- 
ever. quieter than earlier in the 
week, when selling pressure was 
intense and i-entral hank inier- 
ventiun often heavy. 

The caiise nf the renewed 
weakness this week has been the 
foreign exchange market’s dis- 
appoint mem with President 
Carter's long-heralded an li- 
mitation statement. Dealers felt 
that it did mil hi ns U> remove 
their lack of confidence in ihe 
US. Admim-traii on ’s ecu n nm i c 
and monetary policies. 

Consequent b . ihe dollar ended 
the weak iiea-lv per ceni down 
against the D-mark. 1- per cent 
lower com pared wiih the Japa- 
nese yen and 3.1 per cent down 
against sterling. Its depreciation 
against the Swiss franc was 
limited !>■ u.5 per cent because 
of sizear/c intervention by ihe 
Swiss M.iimna 1 Bank. 

In response, the price of gold 
has also risen by 2.7 per cent, 
although last night’s closing 
level or 8234J an ounce was S; 
down on the previous close in 
Europe and slightly down on the 
figure in Thursday night’s trad- 
ing in New York. 

Herr Karl-Otto Poehl. the vice- 
president of the Bundesbank, told 
bankers in West Berlin yesterday 
that what was taking place on 
the markets was a “crisis or 
confidence, virtually excluding 
rational consider) turns.” 

The dollar had picked up 
slightly laic on Thursday in New 
York in response to unexpectedly 
good U.S. trade figures and in 


sizeable Federal Reserve sup- 
pori. Those- rales were main- 
tained in early trading in Europe 
yesterday, partly thanks to 
furLbei- suppnrr by ihe Swiss and 
West German central hanks. 


The U.S. currency then started 
to drift back, and fell noticeably 
after publication of rhe U.S. con- 
sumer price index. Closing rales 
were generally only just .above 
the day’s low* and below the 
levels touched in New York. 

Consequently the dollar 
finished at DM 1.7600. unchanged 
on its previous European close 
but down i -nm pared with the 
Thursday New York level of 
DM 1.7760. It finished frac- 
linnallv higher against the yen 
at Y17S.90. 

Siorling fell by 70 points to 
Aii.utriao a Tier a day's high of 
S3 0720. while the trade-weighted 
index slipped by 0.1 to 62.P. 
Dealers referred to the impact 
or the increased pay offer to Ford 
workers and to City speculation 
about the possibility of higher 
short-term interest rales. 

The Treasury bill rate rose by 
0.32 to 10.2S per cent at yester- 
day’s tender. That would have 
indicated a Minimum Leading 
Rate (MLR t of II per cent com- 
pared with the present 10 per 
cent, under rhe old market- 
related formula, which was 
dropped at Ihe end of May. 

However, the authorities show 
no signs of wanting a rise in 
MLR at present because of the 
strength of sterling and since 
they believe domestic monetary 
developments are satisfactory. 
They also believe ihat the mar- 
kets are unsure about interest 
rates und not giving clear sig- 
nals. 

Money markets Page 21 


feammell Laird to cut 
workforce by 800 


u.s. consumer prices up 

BY JUREK MARTIN, U.S. EDITOR WASHINGTON. Oct. 27. 


BY IAN HARGREAVES. SHIPPING CORRESPONDENT 


The agreement says that pro- 
viding they join the schemes, and 


Mr. Gerald Kaufman, industry for flect ^fuelling ships. L,aim. oau uivn. mainiy uuucj- ture for lhe supervisors which 

Minister, announced the deal Kaufman said that Cam- uia u er ? t , i* tied to new posts created under 

with the Navy last night in a R ,, L Jf rd ^d “guod long-term ^ lbe 1974 Health Service re- 

speech, to Bootle Labour Party. ^ that more'oaval Xr 1(» mL^ed orw 65 wSi ^anisation. 

tn^orjJ L" e c ?g JSLift F* ^ ^ * ‘ 

owning two 32,000 flwt oil pro- rrora British Shipbuilders to £52/ me momenl 

durt tankers now* effectively finance the advancement of sec- 3 -<-j nc P sbiDbuildinc was 

owned by the shipyard and tions of the Navy’s warship pro- t alked i D P Ju y last year 

financed by Governinent-guaran- gramme to stem the tide of ?»iSS 3700 men ^ have either ■ — 1,1 

teed loans. The future of two redundancies throughout the i’n the imluSn or ree ved 

other identical ships, one only industry. r/dundancy noSs 

partly built, remains in doubt. Merseyside has suffered re0 . u "“^f .. 


U.S. CuNSUMER prices rose bv 
n.8 per cent in Scpiember, lbe 
sharpest monthly im-rejsp sin.-e 
la«r June and evidence or the 
continuing infiationary pressures 
in ihe economy. 

Fnotl prices once again began 
10 increase — by 0.5 per rein last 
month after having been Hat in 
July and August The housing 
index went up by fi.fi per cent, 
reflecting principally higher mort- 
gage interest rales- 

The sleepest sectoral advance 
was in goods and services, with 
the cost of education leading the 
way. This component part of Ihe 
index had gnnp up for mosi of ihe 
year by much less than the 
average. 

The September figures mean 
that 1 he seasonally adjusted com- 
pound annual rale of increase for 
ihe consumer price index for »h«» 
past three months has been 7.S 
per cent. 


Tins 15 !es< than llie 11.4 and 
9 3 per ceni increases in the 
second and lirsi quarters respec- 
tively. but it still means that for 
the year iu dale the cost of living 
has gone up al an annual rale 
o/9 5 percent. 

President Carter’s anti-inflation 
package, unveiled last Tuesday, 
is designed to bring the inflation 
rale dawn to about 6-6.5 per cent 
over the next year. The Adminis- 
tration’s most recent projections 
are that inflation will exceed 8 
Continued on Back Page 

The American economy Page 14 


r in New Vnrk 


•S|«.) i tg.iWJu/jIBW I $2.0600 u53> 
I iih-iiiIi 1 iiJv-IMV div [ -j.I^O.OO 

5 Hit. 0.7u-0.*>V ijic I 0.47-0.81 ill. 

1-' nnmili- i'i- 3.0O-E.70 ,li- 


Each .ship is valued al about heavily this year from the ship- 
£7m, :5d British Shipbuilders will ping depressiun. with the loss of 


Courlaulds cuts 560 jobs. 
Back Page 


Poll result opens Tory rifts 


BY RICHARD EVANS, LOBBY EDITOR 





v*' lefly . . - 


c : r y 


’ dish LSummer Time ends at 
‘ * ’ i.m tomorrow- — clocks should 
; • ■ put back one hour. 

• .■ lliouit Rita killed :«l least 13 
/pie in the Philippine* - , 
me University chemist ry 

uity was closed after vinyl 
..- onde gas escaf'ed. 

ier Uain is suing National 
:mt Organiser Martin Webster 
. ’ . ;r statcmenU in a pamphlet 
' Lhe Anti-Nazi League. 

e Queen met 6UU landlords 
d laudladies at the licensed 
tuallers school in Slough. 

C mail seiwices to Canada. 
Red by a strike, w ill resume 
Monday. 

non Dee, former disc jockey, 
ts charged with using insulting 
^Phaviour outside 10 Downing 
jp.'reet. 


e SIR FRED PONTIN will give 
up the chairmanship of Ponlin’s 
on March 31 next year, a year 
earlier than in the tenns or his 
company's merger with Coral 
Leisure. Back Page 


O OPEC governments have been 
warned publiclv by the EEC 
Commission that Further in- 
creases in the price of oil cuuld^ 
create serious new problems forj 
Ihe dollar. Oil exporting coun- 
tries have been asked to refrain 
from any increases at their meet- 
ing in Abu Dhabi in December. 
Page 2 


JUBILANT Ministers were cele- 
; Prating the Labour Party's 
f notable' success yesterday in 
winning the key Berwick and 
East Lothian by-election — which 
should^ make it easier for Mr. 
James Callaghan to retain power 
until spring at least. 

The resurt, which came as an 
unexpected political bonus for 
the Government on the eve of 
the final session of this Parlia- 
ment, will prove beneficial in 
two ways. 

It will make it easier for Mr. 
Callaghan to survive the debate 
on the Queen's Speech opening 
the new session, as the collapse 
in support for the Scottish 
National Parly will give the 
Nationalists every incentive to 
delay a General Election in lbe 
hope that their fortunes will 
recover. 

Equally Important politically 
for Labour is that the result has 
increased the divisions inside the 


Conservative Party over the sup- 
port giveu by Mr. Edward Heath, 
the former leader, to Mr. Calla- 
ghan’s defence of his 5 per cent 
pay norm. 

A number of Conservative 
backbenchers, dismayed at the 
failure lo Min an expected 
victory, were already seeking to 
make Mr. Heath the party's 
scapegoat. Mr. George Gardiner, 
MP for Reigale, and one nf Mrs. 
Thatcher's advisers, commented: 
” Receiving support from Ted 
Heatb at a by-elcction is like 
being measured by an under- 
taker.” 

The Berwick result, which con- 
firmed Labour's recovery in 
Scotland at the expense of ihe 
Nationalists, overshadowed the 
by-eleriion at Poniefract and 
Castleford. which Labour won — 
but with a substantially reduced 
majority. 

-At PontefracL the Conser- 
vatives maintained the swing 


from Labour nf about S per cent 
that has been the average in 
by-elections in the past year — 
and they increased their vole. 

In contrast. Labour’s vote 
slumped by more than 10.000, 
showing apathy among suppor- 
ters in a traditionally strong 
area and no obvious backing for 
the Government’s counter- 1 
inflation policy. 

The significance of the result, 
is that the next general election 1 
will be won and lost in England 
rather than Scotland, and Ihe, 
performance of the Conser- 1 
vatives at Pontefract was good. 

Equally ominous for Labour, 
was the collapse of the Liberal 
vote which would benefit the. 
Tories at a general election. The 
Liberals lost their deposit in 
both seats. 

Ministers were claiming that 
the Berwick result proved pub- 
Continued an Back Page 

Man of the Week Back Page 


Investment prospects improving 
with further rental increases 


9 LLOYD’S oF London will pub- 
lish its report into the Savonila 
claims dispute - probably some 
time between .November. IS and 
26, once ihe document has been 
studied by the ruling Committee 
of Lloyd’s. Page 3 


CONTENTS OF TODAY’S ISSUE 


Overseas news 2 

Home news — general 3 

— labour 3 

Arts page 12 


Leader page 14 

UK Companies 16-17 

Mining 4 

lntl. Companies 19 


World markets 4-18 

Foreign Exchanges 21 

Farming, raw materials ... 19 

UK stock market : 22 


This year the effect of rental 
increases in commercial and 
industrial property has 
outweighed the adverse effect of 
several increases in Minimum 
Lending Rate. This has been 
reflected in higher capital 
values. With rents continuing to 
rise, we believe that prospects 
for the property market are 
particularly good. 

In the case of the Save & 
Prosper Property Fund no fewer 
than 39 of the 61 properties 
currently held are subject to 
rent review in the next two 
years. The Fund is therefore 


well placed to benefit from the 
present trend of rising rents., and 
we expect the income of the 
Fund to be boosted considerably 
over the coming months. 


For this reason we think that 
the Save & Prosper Property 
Fund, which was launched in 
15171 and is now valued at £33.5 
million, currently represents an 
attractive investment 
opportunity. 

For further details of the 
Fund, please consult your usual 
adviser or complete and return 
the coupon. 


FEATURES 


iHIEF PRICE CHANCES YESTERDAY 

Prices in peace unless otherwise Indicated) 

RISES Beecbam 

%-chcq. 12 pc ’99-02.. .£95! + 1 Boosey and Hau 

Died Irish Banks ... 2:10 + fi Brown and Jack. 

ISORS 327 + 5 FarneU ElecL 

arenas (J.) -.1774 + 12] Francis lnds. 

ai'ng U.) A 209 + « Metal Box .... 

rince of Wales Hotels '«! + «’ ™ g f’ 

uffel-; 785 + 23 Bothschild Invs. 

/ onzinc Riotinto ... 250 .’+ 7, WaDsei* (J.) .... 
/ non 4- IS Wnlstenhu me Bi 


President Carter’s resort to 
economic witchcraft 14 


The Price Cumraission Insurance problems in the 

seeks A new role 15 garden 7 

Guinea moves towards Wesl 2 Travel: Renting a villa ... 9 


To : Customer Services, Save & Prosper Group Ltd., 

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

Please send me details of your Property Fund. 

Name 


ancontinentaJ 900 +. 75 

FALLS -~ 

texi. lljpc.iQSi- ... i- 


Afrikander Lease ..._ 205 — h 
Anjdo Amer. Corp. .- ’ ,1(i ” !*= 



AppatoMOBtt 

20 

Haw lo Spend it ... 

U 

TV ud Radio 

12 

General) 17 

IS 


a 


7 

Taxation 

0 

Crslgrmwnl 6-15 






23 


- 9 

Coircaira- 

13 

Lo* - 

26 

Weather 

26 

M & C 17 

- 5 

Crossword Pude - 

U 

Han of lhe Week ... 

26 

Your Savings & In*. 

5-7 

irFERlM STATE ME HT 

Scatllsti A sric. Sec. 27 

-• 12 

Economic Oiftry 
Entcnahiincnl Guide 

15 

12 

Mol trios 

Property 

1 

. 10 

OFFERS FOR SALE 

- G ' 

EiDTOipifeaa 

17 

Racfrtfl 

u 

S * P 

»-S 

FT-Anaorlcs Indices 

22 

Shore inFomwai** - 

»25 

Seh Iasi over 

26 

ANNUAL STATEMENT 



10 

5E Week’s D*ailws 

3-21 

Ganmore 


- 7 

Getr 

i 

• Travel .. 

V 

Allied Hambro . ... 

14 

Estates Prop. Inv. 1? 


For lufcst Shore. Index ‘phone ui-246 S02G 


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Financial 


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OVERSEAS NEWS 



Begin may meet Carter to 
defuse settlements row 


BY DAVID LENNON 


TEL AVIV,. Oct .27. 


MR. MENAHEN BEGIN, the sent an emissary to the region But Foreign Ministry, officials 
Israeli Prime Minister, may last week with a message hack* said privately Ah at the whole plan 
seek a meeting with President ins the Arab rejection of Israel's for enlarging settlements was 
Carter next week in an effort to annexation of East Jerusalem more a case of noise than action, 
defuse the crisis in Uia.-Israel and Jewish settlement of They pointed out that few 
:• relations which has arisen over occupied land, Israelis are willing to settle on 

the Cabinet decision to expand Ra id the timing oF the trip the West Bank, especially now 
the Jewish settlements on W as bound to make the Arabs that the future of the area is so 


- occupied Arab land. 


more risid in their attitude uncertain. 


, ?? e p E remi * r may also meet towards negotiations on the West But the fierce American re- 
with Fellow Nobel prize winner Banfc-Palestiniaii issue. action was almost overshadowed 

S'They ie 1 boii e, d« 0r i ! o' ^ ™™>>» Een-Elissar. « the local media by the 


rereiJe Famllf' Vital awards Director Geherel o[ B tb"' E pr?nTe announcemeat of a Government 

from the Sooril “ Ctareta Minister's office. said he was the pnee of 

for their contribution to peace, surprised at the American note. IueI °y Per cent. 

The relations between Israel goth the Americans and the This marks the end of a BOTen 
and the U.S deteriorated further Egyptians knew of Israel's mien- months official price freeze and 
' today as the two countries ex- lion t0 enlarge toe existing settle- is bound to fan the flames of 
changed mutual recriminations menLs, even while observing the inflation, which at some 60 per 
' and accused each of bad faith, freeze on the construction of new cent in the past twelve months, 
. Sharplv worded notes criticis- ones. has earned Israel second place in 

' ins the settlement decision sent The Prime Minister 5 :; confidant the world’s price rise league 
■jo Israel by President Carter and said Ihn decision on settlements table. 

' -Secretary of State Cyrus Vance had no connection with the The labour unrest sparked by 

- were described by offiicals here Egypi-lsrael peace negotiations the price rises hit Ben Gnrinn 
. as *• artificial, exaggerated and and should not affect the talks, airport today when the company 

r.iflnj ** Un *,!«« fvnri’s.prf thf- hnim fh?lt nmnlvino fiiAl ,n frho aiwllnac 


unjustified.” He also expressed tbe hope that supplying fuel to the airlines 

Prof. Yifiael Yadin. the deputy new settlements would be built went on a wildcat strike, mean- 

nrr-mier. today attacked tbe as soon as the three months ing that no aircraft will be re- 

Antericah president for having freeze ended. fuelled over the weekend. 


Sadat, Begin share Nobel prize 


OSLO. Oct. 27. 

PRESIDF-NT ANWAR ALrSADAT Two West German legislators. Domestically the award will 
“f Egypt nnd Prime Minister Kurt Jung and Jergen Moelle- strengthen President Sadat’s 
Men a hem Begin of Israel share mann, had said Ihey proposed hand and will further reinforce 
iiu* is>7^ Nobel peace prize, tbe Sadat and Begin as joint candi- his desire to get a peace treaty 
Norwegian Nobel committee dates tn the Nobel committee, signed as swiftly as possible 
"ou need. - . !no kp= m , n r^t \tr with Israel. 

nT S p CD l o n nt U s C d S a a t ll aSd Pri™ said > n Cairo that the Egyptian H may partially compensate 

\ifn« P t‘£ ’Benin noare^rize it President had decided to donate ^r the fact that next week all 
ai in i,u Ei. gin the peace prize it shajv Q t Ijic . priz „ to ^ other Arab nations are scheduled 
wi-.neil to rei.-ounise accomplished v jj. fi ^ hnu c j j< a;n j t to hold a summit meeting in 

Twn M" s5mSaii C pracl!2“«E was Immorfiatclv known what Baghdad to discuss the new situa* 
fiis lU Slid re.™ E *55. the money would be -sod for. «»■ Mr. Sadat has not been 
•cro;. :•_•[] by i he Camp David © Roger Matthew* write* from 

.i> -curds. Cairo: Egyptian disaopuintment David Lennon adds from Tel 

’ll had been learned previously over tbe sharing of ihe prize Aviv: Politicians from the lead- 
rhai funner U.S, Secretary of with Mr. Begin wa* shown when in? Israeli parties rushed to 
St;. i*. lienry Kissinger nominated no immediate innnun cement was congratulate Mr. Begin this 
P re. uteri! Sadat for the prize, man? hern. Tvn news bulletins evening, praising his efforts to 
The E'jvnliati leader launched passed after the award's were bring about a peace agreement 
the • unent peace initiative with made without Cairo Radio with Egypt, but his critics on 
:< precedent-netting journey tn making any ref' iv nee to the both the Left and the Right were 
r-t, mem with Premier prize, and H e official news somewhat restrained in their 
F.tgin last November. • agency was also silent. res-ponse. 


Go-ahead 
for OECD 
Steel 

Committee 


By Robert Manthner 


increase in 
Canada 
trade surplus 


B? Robert Gibbens 


MONTREAL. Oct. 27. 
CANADA'S FOREIGN trade 
Ci*ne bad- strnnaly during Sep- 
lemcor. The adjusted merchan- 
dise i visible) trade surplus for 
the iminth was CsGSIni against a 
su'/nhi* .:f C«175m (n August, 
This a as the largest monthly 
surplus -mco last March, when 
a record Ca&Sfim was achieved. 

first nine months of 


Oil price rise could hit 
dollar, OPEC warned 


BY GUY DE jCNQUEERcS, COMMON MARKET CORRESPONDENT 


thi'/y.-ar ' Canada "hHd a visible ' [J* r plif-’Se *r 

.. h.,i.m»o „ri called on President Carter 


basis of CS2.SSbn. U pi 'ake further meiiMues ne M year 


i rad«* .surplus on a balance 
p3;. iii'mi-. 

Hu cent from a year earlier. j 
acoor'Mp.; in Statistics Canada. 

In September, exports totalled 
CS4«0bn. up 20 per coni frnni 
August. hi-nefiiing strongly 
frnni »he lower Canadian dollar. 
Imports totalled CS4.3Bbn. 9.5 
per cent higher than in August 
Manufacturing exports per- 
formed particularly well. The 
U.S. took H7.2 per cent nf exports 
and provided 70.9 per cent of 
imports. 

September exports tn the U.S. 
were, at CS3.3hn, up 9.7 per 
coni., while imports totalled 
C$3.12 Im, up 7.9 per cent. 


A FURTHER rse in :*-ude nil 
prices enu>d ewat: c-jvious new 
problems fur :he rin'ipr. «>PEC 
govern tre.ms v.eiv -xarued hy a 
Eur>jp«aP '.Vi.rm'.-.Mur member 
loday. They .veiv asked to 
rcirain from such a mnp? s:t 
their, peering in Abu Dhabi in 
December. 

Dr. Guido Brunner. Comniis- 
alsn 
m 


‘.'III; 

In curb U.S. nil cnnxuinption, 
preferably hy raising domestic 
enprsy prices 


BRUSSELS. Oct. 27. 
approved in diluted form by 
Congress would not be ■adequate 
if the U.S. were to fulfil its 
pledge at last July’s Bonn sum- 
mit to reduce oil imports by 1 
2.5m barrels a day by 1065. 

Citing forecasts which pro* I 
dieted a 2 per cent rise in over- 
all U.S. energy consumption, 
next year. Dr. Brunner said that 
•’something more” was needed 
if the U.S. promises were to hei 
credible to the rest of the world- 


He hoped that EEC Energy 
Ministers, due to meet In 


The President should, if *i<hto- Luxembourg on Monday, would 
sary. act on his own authority back his opinions by issuing a 
rather than subniil new Jegisla- "politically significant stato- 
lion to Congress. Dr. Brunner ment '* calling for price restraint 
added, liy OPEC and additional actions 

Already, it was clear that Hie by the U.S. to encourage energy 
energy Jegislaiion recently savings. 


Ireland move 
on quotations 

By Stewart Dalby 

DUBLIN, Oct. 27. 
IRELAND'S Central Bank has 
told some foreign exchange 
departments of commercial 
banks that it may not bo 
willing fnr much longer to 
provide them with price <|Liota- 
tinps for the value of the Irish 
pound against the dollar. 

This is tantamount to saying 
that it is not going to guarantee 
the parity nf the Irish pound 
-with sterling to which it is 
linked as far as some trans- 
actions are concerned. 

The hank has not spelt out 
its reasons for taking this action. 

The hank is preparing to 
reassure businessmen and busi- 
nesses that it has not made the 
move because it expects a break 
between the two pounds in the 
foreseeable future. 


IMF strike averted 

A POSSIBLE strike next week hy 
tho professional staff of the IMF 
was averted yesterday .when the 
fund’s board agreed to meet a 
salary demand, Jurck Martin 
writes from Washington. 


EEC guarantee rules 


PARIS, Oct 27. 
THE OECD Council has given 
the go-ahead lo the setting-op 
of a permanent Steel Commit- 
tee to study the problems of 
the world steel industry and 
to work out common solutions. 

The Committee, due to have 
Us first meeting in the second 
half of November, will replace 
the present "ad hoc” steel 
crisis working group. 

It will provide a regular 
forum for an exchange of infor- 
mation between the member- 
countries. the monitoring of 
participant^ policies, and the 
drawing-up of proposals which 
will be submitted to the 
Council. 

Agreement has also been 
reached to .associate a small 
number of developing countries 
with the Committee’s work. 
Invitations to join the Commit- 
tee are expected to be sent to 
India, Brazil, South Korea, and 
Mexico. 

Its initial work programme 
will be to examine tbe evolu- 
tion of steel brade Sows and 
their Impact on measures taken _ 
by the various Governments.' 
guidelines ' for steel, trade 
policies, and structural re- 
forms through modcrnination, 
closures, and reconversions. 

I( will also study the re- 
adaptation of labour, domestic 
pricing and supply policies. 
Government export credits Tor 
steel plant and equipment, and 
domestic policies to sustain 
steel production and demand in 
times of crisis. 

The participants in the Steel 
Committee have agreed to tbe 
following multilateral guide- 
lines: 

No steel policies should 
be incoiudsfent with the 
pravistaas of GATT. 

2"- When action by Govern- 
ments is considered neces- 
sary, it should be as limited 
and temporary as practicable. 

3 — Ail actions, by the partici- 
pants should be reported 

promptly to the Steel Commit- 
tee and to GATT. The mem- 
ber-countries agree to consult 
each other on any steel trade 
policies of Interest to another 
participant 

4 — When action' is taken 
under a member-state’s 

domestic law and procedures 
to deal with serious difficulties 
faced hy its steel indusirv, the 
participants will take ' into 
account their cummitmeut not 
to cause any severe disruption 
of trade. 

5 — Pri ce guidelines should be 
in keeping with the inter- 
national anti-damping code, ■ 
and_ are appropriate only 
during crisis periods of sub- 
stantial excess capacity in 
exporting countries, widespread 
price-cutting by a .large number 
oF exporters, and depressed 
domestic market conditions. 

Measures in this flpid should 
be liberalised or abandoned 
altogether, as conditions im- 
prove. 

^ — Such • price guidelines 
should neither exceed the 
lowest normal prices iu the 
supplying country or countries 
where normal conditions of 
competition prevail, nor exceed 
the full coats of production and 
profits In the supplying coun- 
tries- 


DEFENCE EQUIPMENT FOR ZAMBIA 


Rhodesiav |i^ 

eall-up |by 

condeniiljl, 



be given free 


BY MARTIN DICKSON 



and anti-aircraft auns, arrived ic rsidi against natkmaiist cainps -understanding that'it wodtionly 
Lusaka last night. in Zambia, which were highly be used by the Zambian armed 


The Zambians are being gifer. 
Tigercat surface-to-air 
OerllKon 20mm anti : aircra:t 
cannon, and radar and communi- 
cations equipment. Addition - 
equipment likely to be airlifted 
into I. maka this weeker.4 aooari 
Hercules CI30 transport aircraft 
includes mortars, mine detectors, 
flares and Army r"*io sete. 

According to unofficial esti- 
mates. the cost of the equioment 
to the British Government will 
be about £im. 

The military assistance forms 
part of a wider financial 3 ?d pzek. 
age the British Government is 
putting together for economic- 
allv ailing Zambia. The Foreign 


for 


President forces, not Rhodesian guerrillas, 
-t — that it would only .be--' used 
RAILWAYS last for the defence of Zambia-' and 


ZAJIB1A 

night confirmed that sabotage :in* Articular, of Lusaka. 


was responsible for the derail- 
ment of 15 wagons at Magoye 
Siding, 150 miles sooth of 
Lusaka, on the vital rail link 
with South Africa, Michael 
Hetman reports From Lusaka, 
A landmine blast left a yard- 

deep hole, extensively damaged 
sis wagons, and the derailment 


Zambia already has a Rapier 

anti-aircraft missile system' but 

this .is thought to be iu .badr 
shape. Britain, is also examine 
mg the -possibility of refurbish- 
ing these missiles. 

For the most part, Zambians 


will be trained _ on their new 

equipment in Britain, -although 

itself ripped up 100 yards of it will be necessary to-send one 
track. Repair work Is eon- or two technicians to Lnsaka. 
tinuins round the dock. The Tigercat, made by Short 

Brothers of Belfast is' simpler 


Office yester*'-' could not recall Z3~»h:gTi airspace. 
a previous oec: 
had supi’ied miMtory 


For su^r^niial periods, to operate than the Rapier 
Rhodesians t.?ok control of Mr. Eldon Griffiths, -the Con- 


servative MP. yesterday attacked 


a previous occasion when Britain The new eouipment is derisned the Governmrat for supplying 

to set as a deterrent to the Sails- the weapons, arguing that ‘'the 


free of charge 
Government; 

Zambia occupies 


to 


another bury Government President Patriotic Front guerrillas yrtl) 
Kz' requeued both the arms have access to more weapons 


a pn-^ts! puprltes und extra financial assis- with which to kill and maim Her 
place in Southern African affairs ranee when "he met Ifr. James Majesty’s subjects." 

Front Line Presidents to meet 


BY MICHAEL HOLMAN 


LUSAKA, Oct 27. 


LEADERS OF Southern Alrfcr?’* ST.hr.. Rhodesia's Prime ZAPU — tbe role of Dr. Kauntfa 
five Front Linq states rr. r '?‘ iinvitc?. at tbe meeting may be' crucial. 

Da r-es-Sai 3am. .the Tftnz&nfsr Tc» acrimony -which' the deei- The question is whether hi* 

capital, on Suntlay. tc cnn.*id«? .:^r ; 7=-jrod within ihe Front fellow-Presidents can rely oh him 
an agenda as itlrqer.t and itaics bus yet to be re- to maintain his commitment* tQ 

pl ex as they have raced in tac-ir Southern African liberation 

association. ■: [■, a sharp and open movements. • 

The response to the '^r?. wsm Tanzania and Such pointers as emerged 

agreement on further N'ai:<:o:j arsuing th»l exist- from Dr. Kauii da's. Press coutM- 


negotiation betv/cqn Soutn AT-:k - r - ihfftugh their conn- ence this week and private com- 

and the five UfcYtern memivf.-i : '" e ' ’ h^ve handled Zam- menu by nfflcials, suggest he has 

of the Security .Counci:. ar. d biaN fertiliser imports nor shifted. ■« . - . 


Security 

moves to convene an aL-p;.: :;. 
conference on Rhocicsu. v-j. 1 ; 
have to take into, account 
predicament of 'President K-v:- 
neth Kaunda. 

Zambia is reciini under the 
twin burdens of .n econo •»::•. 
crisis and the mil it try 
lion of last weeks b-uv;. Shi;<i - 
sion raids. 


Dr. Kaunda’s re^pcnin^curii^r Unum iiAFUJ have further ex- 
this month of the southern rou. 


ct;. per exports. • Although he reaffirmed his sup- 

T-- v.'?e.:-cr.d after*; the re- port for the original AngTo-U^S. 

President ^Kuauada proposals Cara Rhodesian settle- 
rejected pIcjs tn reconsider his meot “ as a basis for negotia- 
delivered to him by t ion” Dr. Kaunda was highly 
Pr.is^-’TU Nyerere ' of Tanzania critical of what W called 
ur.-I ?rcs:deat Jbchci of Mozam- “behind our back" negotiations 
h:qt;e. in Washington between ' Mr;- 

T'.u- : * .is <«n camps of the Smith and British and 
Timyaove African. . People's dais. 

These led to the Rhodesian 


W' 


By Tony Hav^ms 
- ■ u. SALISBURY, XL 
THK CAL3L"UF of blkckif ggtffi 
between Iff and » 
raoBths’ National Semee. wai^ . 
today ciHi by ..Bishiajr;. 

i Muzorerwat’s United • ' 

NaTionat ConncJl, Vbow- jpirfy- 
leadpwJtip 'itielL sopp9rts.’tfee> - 
;mqye; J. VI v <} - 

Stanitke ■ Gemkapr^ 
Pnbifdty- Seor^kry -:i jif* JSS^t 
UNACV ? -inajortty ' 

rale, no majority. 4aJ£a£"' • h. . 

Majority : «fe today mcmt ; 

- majority calLap tomomw. he . 
wa#d. ; ABer> majority- nj^ 

nof. v 

dyipn r».-- jjj . 


. -would 

^ w 1 ‘ ad 1 «nw-«ian;e ne-vi)l e 
ele^OMi Mr. Samkaag^ went 

mu . 'X -o;' 7 . uTT. -:’-- •• i ' • 

_ He arciived ^ Traftritional 
tite 

elections, orf^nallyv; planned 
for: eariyiDeceaher. 7 ; *. _- •- *■ 
Re . .ate* ' wareea of » ; 
“-Trtgbmil geperal' ennflagra- . - 
tiph i ^W(hc.DeOTnbifr.,31il9i» i - 
bats fw « bandOTFer .to bteflt ; 
mart orify rttie was not. met. • 
An ; ieven tougher line was ? 
taken % fbe Students T^toiT 
W the EJitiyersity of Rbod^i*"- 
wftere SW -nf •!!» Mm* -: 
stpdeatB prot«ted agaliuf the 
caB-up.. - • • ; -T 


invasion 


through Rhodes; 
country's economy 


:e southern rou- ;• p-.'Stf'i t-nnfra dirt ions in the leader agreeing to Rtiend lalka 

sia hts ief: hii Ziujrjiar. Icancr'i position; without preconditions. - 
my— at s>r. Zombis' s problems— and means,” said the President. 


some months ahead— depend™* 


on the acquiecence r.f 


'pendrn* her r*we host to at least 8.000 "that the British and Americans 
Mr. ls~ g’jert'i'Ics oi Joshua Mtomo’s have given way to Smith.” ■ ■ 


By John Worrxll V. . 

■ ■■■ ; -1: NAIROBI, Ogt : J?, i ^ 

THB .; UGANDANS, ^Boml Ts 
today that Tanzanian fetrm .MS V 
have crossed : "lb* VMUK : ''a&F " 
Muthkulai to the west 
■Victoria >and ' are- atfvohriha-j't 
toivartfi iUasakR which Js ^ y: H ';! \ 
miles Insfdc Uganda.^ -Uganda utt 7 
n n k«" an^; - '• *• 


Radhi saitf tanks and . heavy 
weapons are faoiqg used on djti _ -_■> 
imWWit Is TiOckedT hy^ 

. Cubans.'" "• v.‘ . 

Reuter adds : Into Dar^. r cj-: 
Salaam: Tanzantim 
ster Mr. .Ben Mkapa jSIiUm* m£z 
Tanzania had invaded :Uganda p * . 
territory. ..." "This- is . 'atioto£/.'. 
nonsense^’ he said.; >,■. - 1 


& 


2mm m 




BY PAUL BETTS 


THE MJtVORITY Chntr.ac vokf.-; ;i iraj-ar ptiblV 


Democrat Government..' 
successfully beating- bJix 
political threat posed 
Parliamentarj.; debate 
Morn affair and terrorism 
tonight facing a new 
determined chalienge 
unions which . could 
jeopardise its atten 
enforce an incomes pntic 

country- 

This follows tbe 


ou£r*r£ 

After a Cabinet meeting tcWay, 
‘.hi- Govern atent held Talks “with 


faces challenge over pay 



:n-re«Vn M^an ’la 
:.r:d redu.e i he Kverrii 

I.v in i-T 


sm -j the 
•imiiwrity 
jMfirectiy 

fbel Com- 

cleanly munistc,vcVlEa.^S<wfatiils; ' the 


ri«in“ r »ublir a ^«* tbat^rfe/d 

lnr r*«pcit. "«nq public biltty should it ^ye in to the Dent oet^^; 

vuj ins however stiu hos P ita K workers’ d^itnands. This Alree^y -the . Republican' party 
pmtrt.: n.-I •jpp.f.iivi in maintain an ini ran- L ts has the 


stanr;. further 


strike of hospital workers which snent 
has virtually paralysed 
services in public 
Rome and other majo 
cities and forced the 

to send in troops to ensure dominating role of Italy's main" set 
essential services for patients, politically influential labour dar 
The strike, becoming every day confederal ion 6 . 


ofr'fbrmula should 



Sw^.'.rtkurn- 


the to the hospital worke 
set a precedent serious 

dangerlng other imminent labour failed to ' on ferae the - jointly 

more enpiosive, has P r^ K:,refl '*i,n ,hiA challenep from SgggSfS ^^Ka'Sgi^g g3^g^.v, . 


en- OpposttSon »if ! 'ti»e" • Gbivtfnment . *1 \ c 

.... - - ? 


BY GILES MERRITT 


BRUSSELS, Oct. 27. 


GUINEA MOVES TOWARDS WEST 


THE BRUSSELS Commission is Commission 
scrutinising the types of guaran- the Italian 
tecs provided to consumers by 
a number of European manufac- 
turers of household appliances, 
it said today. 

The news that these com- 
panies, which were not named. 


Soviet assist 




yi 


9 


ewed as inadequate 


3Y SUSAN MORGAN. RECENTLY IN GUINEA 


and two 
dams. 


major 


hydroelectric investors. 

snrtallcn* 


Guinea’s . militant 



decision requiring 
Zanussi group to 
provide “ European ” guarantees 
on its products, which include 
refrigerators. cookers, dish- 
washers, washing machines nod 

TV sets. THE GOVERNMENT of Guinea, Relations with France were re- given bi Amnesiv International 

The likelihood is that other l° n S °ne of Africa's most secre* established in 1975, and in j S -.veil tiuf nf dote 

may shortly hi* instructed to appliance manufacturers will ttve countries, is aUering its December President (itscard Concern over human 

conform with EEC competition soon be forced to issue guarao- domestic strategy and foreign d'Estaing is due f 

rules by giving gu.irantees valid tees that must be honoured by orientation away from the Com- visit ever to Conak 

in any member-country was any of their authorised dealers Woe aDd towards the head of stare. The world Bank Western aid and investment 4n Guinean lnvartnMuit'witW’nH^to 

announced in connection with a in any EEC country. West in a manner which wtll also resumed assistance tn 1H75. the past.' However, the naval and and” govern men t ' und«; PI f rom wt)£u« Cl2 “ ?lte Prevailing- it. is 

have profound repercussions on while the United States has airport facilities granted to ^ the abroad “ from wid^y ^ expected that the. 

the country s economic future. almost literally savc-d Guinea Soviet military in the port have .... . •. • Projected bauxite, iron ore antf 

Everything in the country is * roto famine through substantial now ended. I; 11 ? a o? per cent hematite pyroelectric schemes will , get 

up for discussion— including the food aid since independence. . *. and low silicate content, the !f?£Pi^ 3 . y TP erha PS to be sup- 

constitution” I was told by Wider European help was sieni- C uncerri/d th- model fliTu^^rn ° r ^ 18 am ? n * J he world's f ^ parallel projects 

President S^koo Toure earlier fied b 7 a visit to Guinea this sum- cunceir, ' f ‘ niodel for «estern richest and can thus be used Tor tn offshore oil, diamond mining 

this month — the 20th anniversary mer of the EEC Commissioner 
. . .. . . . ... I1S . of Guinea's indenendence from Claude Cbeysson who promis?cd 

GREECE S re-mtegration into s ions at the milrt ary committees France- “epenaence ™ Qf $110m f(jr induslr , al 

the command structure of NATO myolved have run mto problema. - and agricultural development. 

^vision of ^Greek^ and^ Turkish ^ Minlgter at atad Sat'tha «nuiy linked to the borialitt ^“ d ^ r S etlc P rQm P tl . n s b >' ‘be 


Greek NATO delay urged 


BY DAVID TONGE 


ihiuties tn the pr ^ blem betereen ^“two' ^coiu^ bloc, but in that time develop- E£ s a JL 0UD M ^hnocratsi 
Aegean has been made, the Tur- tries cou i d be eaS ji y solved if ® ent 11116 countiys immense President Sekou Toure js commit- 

r lsh A, F< nS?H. M, .5 ,5teT * J 411 * there were good intentions on natural resources has been re- nov f. - t0 broadening 

Gunduz Okcun, sajd yesterday both sides. But he added that stneted only to two bauxite “j* e, l?? n . 8 relationship 
,n London. Turkey insists that the existence an alumina operation, w, ff ' 

The Greek Government's pro- of NATO responsibilities should At the same time agriculture has .. lie has ptiohcally recognised 
posals to return with a special not be used by Greece to expand stagnated, so that while ip I960 t be qe ce salty of guaranteeing the 
relationship to the alliance, sovereign rights and claims at tuinerals accounted for about s ®”J nt J foreign investment, 
which it partially left in August the expense of Turkey. He said half the value of Guinea’s ex- Jf™* 6 diplomatic ana foreign 
1974 in the wake of the Turkish that this, however, is what has P 01 ^ 1x1 1977 bauxite and business areles in Conakry 


invasion of Cyprus, are broadly occurred after a change in alio- alumina accounted for all of 98 ftetect a greater willingness of 

of Aegean responsibilities P® r WDt Of export earnings. ,a t e to welcome foreign private 


acceptable to a number of mem* cation . _____ 
bers of NATO. However, discus- in the m.ld-1960's. 


‘Five killed’ in Iran violence 


.BY ANDREW WHITLEY 


TEHRAN. Oct 27. 
sale of nuclear 


FIVE PEOPLE were reported so far are Borujcrd, where two The 
killed and 26 injured in demon- died; Isfahan and its sattelite qt plants 
stations against the Shah in at Shahreza. with another two, in. major 
least 13 urban centres today. The eluding an 11-year-old boy; and both tbe 
continued violence came on the a small town in Fars province, officials, 
eve. of talks here by officials where one person was said In Aftnr i 

from Iran's leading two trading been killed. None of these Aftir ? complete reappraisal of 


Yet Guinea possesses a third sector -investors. At the same 
of known world bauxite reserves, r®!®. ^ Comecon project assistance 
extensive resources of rieh iron ? w j ™ e 6XC6 Ption of Rumania) 
ore and of diamonds, offshore oil, 1* decreasing while soft loans 
agricultural production capacity frc ™ J w , e £^™. S0Urc es over the 
or seven million arable hectares E^£l 0<1 1977_ ®° now total over 
(of which only 1.4m hectares are . _ . . 

actually cultivated) and an esti- ^President Tour4 is at pains to 
mated hydroelectric potential of that the move towards the 
632bn kilowatt-hours from the W?* Wl ^ 3 not Jeopardise the 



direct reduction. It is no exploitation of uranium. 

t&rt- among, the foreign ..The-V gradual , change of 

SMHf: ?5? nomiC direction is reflected in jvff r. * 
conduct of- domestic • ^ o f ^ 


partners are several 

Algeria and Nigeria) with their the 
own natural sas who arp eager, economic 


i- J* 


to develop' their domestic ■*«£«!' cippnwhemmt 1 ' with 'r ^* 

« a E *mi 




is-'&bSrs? “n . 




- w»r -s %‘SLT^Z 


when the study ia com- and distribution^ wore them ’ 
ptetMnea month. : ™ 

The Mifergui-Nimba project if ,n s and contraband. ' 
made all the more attractive by 


^tempts to -confine all internal 


the fact that , raflwa, line treda to officteI^ ha ™ e , 8 'l‘““. 


ssaujsss^rs; ^ 

-ws SsrSQff : ■ 


Buchanan on the Atlantic coast do lr « 

The Guinean mine would rJSSl .3^P. pt disturb them and .it . .Js ; 


rne uuinean mine would ‘«em. ana • h is 

only a 25 kilometre extens1o?to rion^iilf 1 ^ 1 ! 4 th , al .°? cULsaD L c ' 
amuiro (firoot 9<u». *_ ™ wuj be granted befo/erthe 


acquire direct access to the, sea t +u 

It iy- hoped to start open-cast I?* year - The result so . 

operations by 1080 at an initial ha ® been a RttaterauaJif jSUfty. 


in Guinea for being inadequate, Conakry by the fact that the poll- Western consortium grouping JP 01 ?® 8 , /*®5’ eventu*«, . - w 

and outoMate. tical base has been firmly esteb- Alcan. Alcoa, Martin-Marietta, 2 OuW ^ to 30m tonnes fhy which ^ - ■; " 

, . ... ■ Soviet imports of bauxite, for Wsbed. Pochiney and Montedison. CBG's £“• J*- *** i«wld be exported ho f"®L5J2p,!“S “Jeralisatiop is,..-. 

partners. West Germany and the deaths have been officially “con' a “ l>m T oas 318 Paid-for in non- SJkou himself seems ™ inc t «»r Pride of Guinea, ts '"**»£!*}• ■ - howSw^rS 5 -- , ^® at, ^< rific * ; 

yg who will be takifl 0, stock firmed yet * programme, the Iranian AtnmielctHiVArtinfa muKin. whiia unchalleneeabilA— thA ronaitaH t h^* la croct k«ii»;*b Ifunwhilp A Inmfion. u., . oo.wever. Cic 

of their commeraal p aspects ,j^ e Germ an_ Economics decided to postpone further palm seeds, coffee ^amTlTananas 1970s have done away with duction projected this year**at bother . .. ,. wuc uime . th _ ._ . . 

immediate *"«i ,s te*\ c ‘ lU . nl i-amhsdcjrff, negotiations on ffic next batch of have declined as increasing internal opposition while the 7 - 6 ^ tonnes. The other bauxite Aye .? oy& Arab ' financtag is Parti. -deino-:-. 

who arrived in Tehran an Thucs- 12-18 reactors, for at least a year, Quantities have been taken by activities of the exiled com- wmc is operated by the Soviet but tending from ia- de^Guinee to the extent. - 

rin v nuiht i •£ cnhafl llliiH tninni'FAiii PnmoAnn . 4 * s t humiilAn - ai v. m . * m - — ■ *■ — — — -*- 1 — — ■- • - * — rflfll *ha *- -* - 


Disturbances have now con- Most advanced were the talks 


Jiisiurwaiiut-a na»c t h - infonsivn H-iv nf " tuai iub iauu 

JSS comiom with "the sh.-.h.”!^ S«? "£ ^SSTiJ^SSS . 2 



In the latest trouble, rioters The U.S. Under-Secretary nf Ir^'test"NovemberrbuthM ’nawItetSw^For £SS°the Sfy r fi a ^ sradu ‘ 5?*®*sn 

ute, Mr. Richard Cmr. ar- been told thafa final contract is Guinean *g£Z££& JThl SSnSSS werc Gufean 


Other bauxite projects , are rfie : Pit? 111 , ^ consecra te 'th e h ew> 

Soctete de bauxite- de jpabola .?d- lo. beppstpimed r 

j Q _. ... Yugoslav -..Algerian- -' Nigerian - -J*^ enr b* r - ".-But’ the - cootrast,- 

aevelopmeat with Guinean. -venture t oda smwm a.’ between. conditions in^Tumpo 


attempted to burn down Govern- State 
ment buildings in several 

vineial towns, including . _ _ , _ 

in the west and Perful m ^dtscusstons. including tho effect ahead, most observere believe limited socialist bloc' of ’conn’ invited to 
SoujikHSfik^ ,n v aJue the deal Is dead. tries which have 50 signally local observers' 

failed 4o develop the economy- figure * ' 




rr- rires 1 here SXXX.'ZTi S' SBUEr tSS." Sff 1 TSSf SSSJSSSffSJSJ'S SEHSi. 

SffS AX, 2 H 2 *. ?«?>.. ** Mi h ,,.- 

s atr.h s ?” “A e rissss 


Reuter 


exiles have 
ret uni. Informed 

feel that 




uuservers leel that thi- minino reu»wy pjeparatkun vl pro- aww. iM raoudayt. tj.fi;' Btfl Myrt Ption-- 





X;-:,. 





Financial Times- -Satnrdav October 2S 197S 




TOMB NEWS 


LABOUR NEWS 


Volkswagen goes on 
with CAV contract 


JSritish Caledonian 
Nit by Madrid 
Nan as talks fail 

\*v 

-.Vf MICHAEL DONNE, AEROSPACE CORRESPONDENT 

DISPUTE heiv.oen Kr»l;.:n pas*a*nff*rs. many of wlraltt were ’ PROBLEMS OVER a £9m a year been a hullleneck affecting the 
. ». Spain «ivft’ moving Jheria and woul d pro bably oust conlract for CAV. ihe Lucas sub- supply of diesel engines fur tin.- 

tiw" London itighr.s from ihe airl-ne up tn £750,000 profit . sidiar.v. in supply fuel lujccliiin V W Golf and Pascal ears. 

a year. : units. for Vulfcswagen diesel in Germany, one order in four 

Air. Alisi.iir Pu^h, Caledonian’s engines, which have been a bis fur a Golf is fur the diesel ver- 
nidiiamns director termed the j worry fur VAG. the Volkswagen- sion. but the group cannot meet 
actum unreasonable. The airline; Audi group should bo resolved in thi> demand. Jn many other 
pointed out that the wrangle over . three or four months. markets where the diesel Golf is 

l!ie :iir|inn.-t a matler solely ■ The deal was heralded as a nominally available, dealers have 
fur tin* tv.-fi Governments and the great break through for Lucas found It almost impossible to 


BY KENNETH GOODING 


* t,’ li’ii vw tn fiatwiek worsened 

/rday v. hen the Spanish fjiiv- 
..v.ent aiispended Erl<:>!> Calc- 
- tn’i landing rights at 
J ‘. id. 

j oifi.-f .nr *■ erv ices between 
in jrtil Spain are iiiTi-cied. 

; v tin's .v:tif*si i-- .-fun as rc- 
ion fur li.e effort >. «if thr- 
OJepartmea! of Trade and the 
Ainiurls Authority this 
N 'uer m Persuade I ben a* to 
■ Heath rnr and ily instead 

V Galuu.-k to ease congestion 
throw. 

. "i Monday Inert j unit a 
\ ration in the UK High O.url 
\ . u vi liicr the Trade Depart- 
r,r,r *he .‘urpurta authority 
the l.-ga! ri.'h’. to force 
. a ii’. move, at te.T-t jn-ndmj 
. order under the UK 

Slav i cation Ai 


future.'’ 

Among points Mr. Schmueeker 
made were: 

6 There would he no quick 
decision by VAG about its 
diversification programme, 

designed to provide a stabilising 
“second leg” for the group. 
“This is a strategic goal. u long- 
term goal. There is nothing con- 


jirportr authority and did noi . when ii was announced a year obtain. This is certainty the case crete -on the cards right now.' 

involve Calc-don tan. ago. CAV was In supply 250 j n Britain. The car Operations woulu - - . ... _ 

It si-eai-. clear, however, that complete fuel injection systems Mr Schmuecker was speaking remain .VAG’s primary' business. I Secretary at the Treasury, said I crippling action taken by huspi- ,\t the top. basic pay rises 10 
the Spanish Govern men! has *! day from January this yea r pj in*. formal opening of a 17.3m ~ « - •< - - ' l "' 


Employees’ 
tax-free 
season 
tickets 
in jeopardy 

By David Freud 

MANY COMPANIES which have) 
tried to lake advantage of an; 
apparent lax concession on 
traael-tn-work are likely to fall 
foul of strict interpretation of i 
the law by ihe Inland Revenue., 
it became clear yesterday. , 

Mr. Robert Sheldon, Financial! 


Public employees 
complete plans 
to hit hospitals 

BY PAULINE CLARK. LABOUR STAFF 

A “VAST majority” of union main prc-nccupatinn in its pay 
branches representing 250.000 policy this year, 
hospital ancillary workers have He has demanded a £K0 raim- 
com plolod detailed contingency mum. compared with the 
plans fur industrial action Government's £4-150 ceiling for 
against the Government’s 5 per allowing increases over the 5 per 
cent pay policy. cent. 

The plans are aimed at identi- in the lowest-paid group, hos-- 
fying areas of maximum disrup- pjtal cleaners, domes lie asser- 
tion to the Health Service and ants and catering workers 
the effects could be similar tu— receive a basic pay rale of £42.40 
and possibly woree than — the for a 40-hour week. 


West and Audi vehicles, at Milton 


Government ...... 

pu ked «n rjk-dciniau because U , fr<,m components marie at its headquarters Tor Volkswagen 

S-fir $££ ■S«m^ b1 !S surt0,k * “ d SSk is% 

Spam. mcluUmg^many' ‘hoHdaJ ! «-eiin:m ™Llcas’s"^n European Keynes Bucks, 
diallers, would have invited l "val. is the salt* supplier of the 
rei a Ration by ihe UK. - s-ysiem in VA( 

Th u . rmn...<i« un t ..<■ Tr-Mo U P 

not 


r-'i.'t- 
‘s l 


fie also dropped a broad hint 
and’ it offered to about further co-operation be- 
put up j new factory to cope tween European car groups for 
ic Uepariment »f Trade bas, wilJl 1I1CJ . e ., Hcd dema nd. VAG the joint development and » 
.vet decided what action **> re - e ,. Pd thi* because it would change of components. \ AG 
ute agumxt Spain but It seems } Decause 11 wuu, “ wWl ] d s00 n begin lalk.s with BL. 

likl,, - v ,h “ l Jhe must inunediaie! Mr _ Toni 'Scbmuecker, eliair- ft™"!* 1 5ritish Uyland * a,ons 

Iks this wfd - i*i Madrid he- ,,e 10 seek further | man „{■ vaG. said yesterday dur- l * iese ,inos - 

n of the two govern- discussions. % ( ing a visit tu Britain that, in iPYimruafiti 

.\i>nt- of the airlines using , .spite of the problems, his group 
Heathrow warn tu move. They; w „„| d | iref , s on with the GAV - ... , 

say ihv<! they wuultl lose many :dC al "We still intend tu take cussinn between BL and the 
passengers who want to connect ' M iiercenlagu of «ur fuel pumps 
with ul her airlines, and tboir;froin Luens-CAV.” 


and too much emphasis was 1 1n 3 Parliamentary written tal works supervisors over the £52.96. but’ the bulk of the 

being placed on the diversifica-! answer in June that in certain Iasi five weeks. higher-paid ancillary workers 

tion project. j circumstances a free train season Action is likely to be concen- receive a maximum £4S.li 

'ticket given lo an employee need trated. Tor instance, in laundries with overtime pushing the 
nut he taxable. and sterile supplies departments, average week to more than 46 

This was in marked contrast The warning came rrnni the hours, however, average earnings 
to the stand taken by successive National Union of Public f r , r ^ r u n-time male worker are 

governments since the 1955 Employees yesterday as the four put at about £67.70 a week. 

! Royal Commission on Taxation, unions on the staff side tahled a Apart from the unions’ claim 


* failed in roach auv iiRdur- 
lin-j. and She Spaniili actmn 
‘ w.llim 24 hour-, i.f i he talk* 
i-ing dmvn. 

li'-Joni.Mi rv:i> ■••d .anyrrly on 
d' , ';i-um, whv-li vfi'-ctiveW 


Competition 

This move sprang from the dis- 


invevlmvnts in buildings at 


French group Renault: the com- 
petition offered by Ihe link-up 
between Peugcot-Citroen and 


-enisi ii frmii Hjing iu- FH’-in H ea throw would be made useless. • buih sides over the contract. 


rhoTe had been problems on C h rys i e r‘s European operation: 

i h nvnr fhn PfirilmCt . . y 1 


■is through Spanish air- 
p. If-, rights with tin.- DC-10 
r only M.-uli.d. and it wili 
■ U> .^fl: . 1:1 a.'li'r.'iainv route 
uncc-vi—kiv til eh 1 s> each 
''rum fialwitk in South 
, rica. pnibjhiy ihrcfUgh l.i- 

i" airline »a»d tint would 
iderably u: convenience iis 


and the growing Japanese car 


The Anglfi-Spnmsh dispute is. There were technical problems ^ reat j n Europe' 
being waii-lmd clusety by many! as far as CAV was concerned (0 now> however, there had 

o!h*.-r airlines, including Air Awhile VAG had increased its been no contact .with BL. " There 
Canada. Pan American, TAP of demands since discussions have been no talks about finan- 
Porluaal. Scandinavian Airlines istarled. cial participation in BL. and I 


Sy.-tem and Tran* World Air- 
line-’. :dl r.f whom have, heen 
asked lo consider Ilyin? at least 
some services fruui Gat wick. All 
have refused. 


The shortage of pumps has guess there will be none in the 


• A decision would be made 
early next year about whether 
VAG would continue with its 
own- commercial development of 
the Waukel rotary engine. 

• It was now only . a remote 
possibility that VAG would set 
up an aseuibl.v plant in Iran. The 
original intention two years ago 
was that the VW plant would 
assemble up to 300.000 cars u 
year in Iran, but this scheme. ui 
was scarcely being “kept warm/'i^ obtain 

• Volkswagen tCBi expected a j employees. 
40 per cent, increase in car sales 
this year to 71,300 from 50.SS9 
in 1977 to take its turnover up 
from £156m to £210m and its 
share of the market Trom 3.5 to 
4.4 per cenu Next year the 
company expected to sell about 
S0.000 cars in a stable market 
and thus increase its penetra- 
tion. 


whicn concluded that exemption claim for a basic pay increase of for - f60 . a -week basic minimum 
from, tax for expenses involved more than 40 per cent— in addi- fh anci! ] ar v workers are 
in t travelling to work was not jus- tion to a range of other demands , demanding a' 35-hour week. 
Ufied ’ which ?™*™j***«$* four weeks' holiday compared 

P ac ^ a=,e " e ab0 e 1 with the presenr three weeks and 
•rill. „. nr .. B r E nioim day. and a range of improve- 

The ani-illafy wori-e s ments in shift pay. bonuses and 


The apparent loophole opened 
by Mr. Sheldon brought a flood 
of applications from companies 
tickets for their 

Yesterday British Rail said 
that the statement accelerated a 


process which started about three! months. Plans are already being 


creases. 


Howe allays fears 
>f pay free-for-all 

Y JOHN HUNT. PARLIAMENTARY CORRESPONDENT 


. \N effort to damp down the Thatcher at the 
niai Torj row over im-mues Party Conference 
n. Sir Geoffrey Howe, month. 

, low i.-h.-mi-i'llnr. last night 
?d i h;u tile debate should not 
quire the characteristics of a 
.iioiLi war." 

c went to great lengths at a 
. . i meeting in Newcastie-upon- 

; J M ij L > tu allay fears that a return 
% 1 * tes V 1 free collective bareainjrg 
- *.*r a Tory Government would 

i lo a wages freeTur-all. 
he -key words in miplemenr- 
s’uch a policy would be 
3<mi and responsibilitj ’ • 

Conservative Government 
Id achieve this hy trying tu 
up a national fnrum fur 
>ns, employers and govern- 
iL They would suggest a 
ig rj!.« fur wage increases 
.•h the company could afford, the 'jovermneni to 
l his would ruti be laid down whal .is guirig on.” 
i wjuc.s norm. A Torv adminisfratiun would 

would also have to form a have to act as a responsible 
’ about hnw much it could employer in the public sector 
rd in public sector wages. jnd do everything it. could to 
v Geoffrey gave a detailed impress - a proper sense of 
nec of the incomes policy responsibility, realism and 
rned by Mrs Afnrgan-t moderalicn. 


Conservative 
earlier thLs 

i. 

But he did not meatjon Mr^ 
Edward Heath, the former Con- 
servative leader, who started the 
present controversy by en do reins 
the Labour Government’s 5 per 
cent pay policy. He made it 
clear, however, that he believed 
Arm. government pay guidelines 
did more harm than good. 

He preferred to stress freedom 
from government inicrferenci? 
rather t$>iin"'me ihe tenir - free 
collective bargaining." Urea wo- 
that implied a return in w reck- 
lessness. 

“Certainly, the return iu 
realistic and responsible collec- 
tive bargaining dues nut entitle 
opt out of 


liberals will vote to join 
nonetary system 

"lY OUR PARLIAMENTARY CORRESPONDENT 

•I LIBERALS will try tu on whether Britain is lo join it. 
•at ihe Government in ihe A large number of Tory pro- 
nnuns if ihe Cabinel decides Marketeers is prepared to vote 
j-. against The Government in these 

. n "' t 1 v circmiistanecs. They could he 

^ fj w U Monet ary, System.- the joini?d j iy pra -EEC Labour MPs 

r-; w » uvrenaKc. Mi. John Paraue. w ^„ have already indicated that 
!r fj ocunoiitics spokesman, they will be keenly disappointed 
ned last mghL by a failure to jurn. 

Britain is about in nii«s the Mr. Pardoe said Britain had 
1 1 pea n bu- again.” he lold a already suffered through not 
M’al meeting lii Plymouth. joining the Community at its 
;ic Libera! tiireat could put inception. Lf we did not join 
Government in a difficult uur partners iu the system in 
linn. A Commons debale the New Year we would be 
been promised on the Euro- forced sooner or later to accept 
a Monetary System when a a i-mninan currency fashioned by 
siun is taken in December others. 


Toyota car importer given 
£130,000 loan to expand 


. BY PAUL TAYLOR 

A CAR dealer who imports and services 
Japanese cars is to be provided with a £130,000 
loan to expand his business by the Industrial 
and Commercial Finance Corpora lion, owned 
by Ihe UK clearing banks and set up to pro- 
mule the development of small British com- 
panies. 

Mr. John Collins, managing director of Park 
West Motors, [ford. Essex, which imports Toyota 
cars, was delighted, if not a little surprised, by 
ihe news of ihe loan which will enable him lo 
buy xi new garage and. when politics permiL 
expand his car imports by 150 per cent to 1,000 
cars a year. 

The corporation was 3 little coy about the 
deal. This, departure mla imports financing was 
iustjfled largely on the hasis of Mr. Collins be- 
. --rig ”« pood manager with a proven record." 
hacked up by a little nf the argument that, if 
Mr. Collins did nut import Tuyotas. “someone 
else would." 


That Park West Motors will be able to ex- 
pand its 20hstrong staff by 6 at first, and a fur- 
ther 14 later as a result of the loan was a good 
selling point, but. apparently, not one which the 
corporation considered. 

Similarly, the problems nf importing and 
selling an extra <100 cars during the present 
voluntary Japanese import restrictions do not 
appear to have figured high in the corporation’s 
thinking. 

It said: *'We were set up to finance British 
enterprise, and. if financing imports is pari of 
this, then we do not exclude it.” 

Mr. Coilins said that when he applied for 
the loan he had expected the nature of hfs trade 
to be a problem. 

Finance had been difficult to find, but. even 
if he could not impciri-as many cars as he would 
like, the loan would provide new workshops to 
help to keep going those he had -already sold. 


-i *4 


G .’«!'■ I 
! 3 !:/»i 


Lloyd’s team completes 
yavonita claims probe 

IX JOHN MOORE 

3 LLOYD’S of London inquiry silent until the report is made 
n lor.king into the Savonila public, but Willis Faber Jndi- 
■o ship claims dispute cated through ulficiai Lloyd's 
#een two of iis insurance channels ihar it was confident 
kers has completed ils five- the inquiry's findings would 
ith investigation. A 25-page vindicate its role in the affair, 
ort will be presented shortly g A Lloyd’s inquiry into the 
rul,nB - Coninul - affairs of publicly quoted m- 
or Lloyd s. surance broker Brentnall Beard 

l^in i^oTTn 'XmiSS team 11 is" 

' 9 in pa-i ... d Brennan, of insurance brokers 

e between November U and Bldm! payne 

Tie inquiry team has been other members of the team are ; the 
estigatin'' allegations made in Mr. A. llenry Chester, an under- 
Commons this year by Mr. writer, Mr. Peter Foden-Pattin- 
:athan Aitken. Conservative sun. of J. H. Minet Agencies, and 
for Thanei East, about the Mr. Alec Higgins, of insurance 
Uemenl of claims on 301 Fiat brokers Woods and Masien. 

s supposedly damaged on 

ird the Savonila. 

'he cars had been reinsured 
h London insurance companies 
1 at Lloyd's. Mr. Aitken told 
■ Commons that a small insur- 
,*e broker, Pearson Webb 
ringbett, who had refused lo 
•ss the claims with under- 
iters because of their doubtful 
:ure had lost the business to 
Ills Faber, a large broker. 
iViilis Faber, he said, pressed 
• underwriters to settle and 

initially secured a payment. 

Jpyd's has insisted that parties 
•ulved in the inquiry remain 


Board backs 
Humber 
Bridge 
officers 

Financial Times Reporter 

A NOISY meeting of the 
Humber Bridge Board ended 
yesterday with votes of confid 
encc being passed in its senior 
u flic ere. 

Confidence was also expressed 
m Mr. Bernard Wex. of Freeman 
Fox and Partners, the consullani 
engineer responsible for refusing 
to certificate Items of work to 
the value of almost Elm in 
recent months on Ihe grounds of 
bridge workers’ poor produc- 
tivity. 

The dispute over productivity 
is to be ihe subject of talks with 
Mr. WiUiuin Rodgers, the Trans- 
port Secretary, on Tuesday. 

It has also been the cause of 
warnings by the construction 
company that if payments con- 
tinue- to he withheld it might 
be forced to abandon the pro- 
ject, which . is due for comple- 
tion late next year. 

British Bridge Builders ruled 
twu weeks ago that if the Free- 
man Fox targets were not met 
the 300 cable spinners would 
lose bonus payments equivalent 
lo about one third of weekly 
earnings. Sine* then, the targets 
have been met 
Mr: Haydon Glen, clerk to the 
Board, said that outstanding 
issues in the dispute would have 
to be- settled by arbitration or 
in the High Court. 

Work on the £67m contract is 
more than two years behind 
schedule. 


Chrysler boost 

CHRYSLER UK said yesterday 
that. it had taken fleet car hire 
orders worth more than £Sm at 
the Birmingham Motor Show. 
Orders yesterday included one 
from Channel Islands Car Hire 
for 700 Chrysler cars worth £2m, 
and another from Europe Cars 
for 164 cars worth £im. 


Nationalisation ideas 
are worrying CBI 

BY MAURICE SAMUELSON 

THE CONFEDERATION of outright takeover of the industry. 
British Industry indicated last The campaign was formed in 
night that ii took seriously pro- response to a Labour document, 
posals by sections of the Labour suggesting a National Construc- 
Party for nationalisation of the tion Corporation on the lines of 
building industry. the National Enterprise Board. 

Mr. Edward James, its deputy This idea, too, has not been 
director-general, told members adopted by the Government, 
of the Federation of Civil Engin- which in July denied that it 


eertng Contractors that the CBI 
fully agreed with the Campaign 
Against Building Industry 
Nationalisation. under Sir 
Maurice Lying, the Federation's 
president. ■ 

The campaign's fears, which 
the CBI has now endorsed, 
centre on a suggestion by Mr. 
Erie Heffer, thai Labour should 
argue for step-by-slep public 
ownership of the construction 
industry. 

However, the Labour Party 


planned nationalisation. 

Mr. James told the Federation 
that he shared its anxiety about 
“those who think that national- 
isation can bring the increased 
stability that would be welcome 
to the construction industry." 
That would bring only the 
stability "of the cemetery.” 

While not opposing the Enter- 
prise Board and- the Scottish and 
Welsh Development Agencies, 
ihe CBI totally opposed the use 
or these agencies to extend Stale 


made to co-urdinate action with 
guidelines being drawn up by 
1.1m local authority manual wor- 
kers. 

Water workers. manual 
workers in universities and 

Mr. Sheldon's statement wa* j ambulancemen are among a num- LAUNCHING or a £40m frigate 
heavily qualified. The employer f 
had to provide the season ticket 


years ago and most annual sea- 
son tickets were now bought. oue| 
way or another, by companies. 

Lins it 


Dispute delays 
frigate launch 


which would not be cashable by 
the employee, and he could not 
reimburse him for a ticket 
already bought. 


her of allied groups said to be has been delayed because of an 
preparing to join battle at the overtime ban by 4.000 hourly 
same tinie. paid workers at the Yarrow Ship- 

The hospital ancillary workers yard nn the Clyde. The frigate 

represent a key public sector Brilliant was to have been 

group in the low-pay area which launched next week. British 

Finally, the employee's earn- Mr. Alan Fisher, general secre- Shipbuilders has refused the 

ings had to be below the limit tary of NUPE, has declared workers the right to separate pay 

at which speciai legislation relat- repeatedly must be the union's negotiations, 

ing to benefits in kind operate— 

£7.500 in the current financial 
year. 

The Inland Revenue said 
yesterday that additional qualifi- 
cations. not spelled out by Mr 
Sheldon, were that pay or other 
service conditions could not be 
changed when the season tickets SHOP STEWARDS representing to insist on higher productivity 
were given. And it was likely most of the 130.000 BL Cars before committing itself on pay. 

not workers will be told at a meei- 
the in g on Monday that the parity 
tax payment issue has still to be 
finalised 

Stewards at plant level, and 


Pay parity at BL Cars 
still to be resolved 


that if the employer did 
provide the whole cost of 
ticket there would be no 
exemption. 


Discussion ranged round im- 
proving productivity by natural 
wastage. The management is 
stilt seeking to reduce the labour 
force by several thousand. 
Theque*tionofhigherproduc- 
paiticularly toolroom men. have tivity is also linked to an in- 
been campaigning for immediate eon jj ve scheme, still to be 
overall parity. worked nut. Talks on this are 

At yesterday's meeting of Iho expected to take weks. 
joint negotiating committee at Progress so far has been enn- 
Covenlry, ihe issue was again fi ncd chieth to agreeing on a 
hotly contested and the question five-grade wages structure. 

The question of what cate- 
gories of workers make up ihe 
grades — and their rates — has 
stili not been settled. 


| of h ringing forward payment be- 
fore November next year hud lo 
he left lo a future meeting. 
The management is continuing 


ICI seeks 
complex 
site 

on coast 

By Kevin Done, Energy 
Correspondent 

IMPERIAL CHEMICAL INDUS- 
TRIES is investigating several 
sites on the east coast of Scot- 
land and England for a new 
petrochemicals complex. rh7r"ww*kf.nd* \ n“ I~orfrff>n unofficial dispute was associated 

The site is unlikely to be deve- wi:b an earlier claim for up to 

ioped before the mid-m-late Part* °f the Home counties ^ per cpnf mf , rn p SV for the 
1980s. It will probably be an for *^ e thir fi tini ® in A ve "'eeks. Saturday night shift, it added. 


Sunday Times Magazine 
copies lost again 

COPIES OF the Sunday Times London newsagents, the raanage- 
Magazine will not be available menl said yesterday. The 


The Sunday Times chapel More than iiKLUOO copies of the 
(office branch) of SuGAT magazine have h een Inst since 
(Society of Graphical and Allied October 1. costing more than 
Trades) has refused to discuss £300,000 including rebates to 
handling the 250.000 copies for ad ve -risers. 


Edwardes’ allegations 
rejected by TASS 


conference, which Mr. Heffer was ownership, as the TUC had pru- 
addressmg. has not called for an posed to the Wilson Committee. 


James Fisher buys 
Manx Line control 

FINANCIAL TIMES REPORTER 

CONTROL OF Manx Line, the buying and adapting the ferry — 
new roll-on roll-off service to the bought from the Spanish Aznar 
Isle of Man — beset with diffi- Line — Manx Line spent more 
cuJtles since is started in August than £jm on a special terminal 
— has been bought by James allowing the Manx Viking to 
Fisher and Sons, or Barrow. berth in Douglas's shallow 
Manx Line owns the 2,700-ton harbour. 

Manx Viking, which operates the Manx Line said yesterday that 
first cargo-passenger service roil- the additional finance and ex- 
on roll-off service between penise would help it ** to provide 
Douglas and Heysham, Lanca- a reliable and economic service 
shire. . on its existing route and also 

Difficulties in starting the £7m plan for a more rapid expansion 
service have resulted, in revenue than previously envisaged." 
losses of more than £lm. in- As a result of a succession of 
eluding passenger fare refunds engine failures, a considerable 
of several hundred thousand amount of traffic was diverted to 
pounds. Manx Line's established rival 

Janies Fisher will form n the Isie of Man Steam Packet 
Manx-registered company to hold Company, which operates to six 
shares in Manx Line mainland ports, but which lacks 

Apart from the £6m spent on full roll-on roll-off facilities. 


TASS, the engineering sluff 
union, yesterday issued a strong 
denial of charges reported to 
have been made last weekend 
by Mr. Michael Edwardes. BL 
chairman. 

“The reports relating to a 
TASS embargo on the Marina 
facelift ’ were misleading.” aaid 
Mr, John Rowan. TASS national 


lift. 

“ Last March 21 the TASS 
national negotiating committee 
accepted the reasons advanced 
by the company fur placing the 
facelift with Karmann of West 
Germany. 

“Our agreement lo this was, 
however, conditional un the 


Gold Fields investigates Cornish prospect 


£1.3m will 

*. HARRY BROOKS, of 

lutsford, Cheshire^ - founder of 

? New Day furniture- store 
ain, left £1.301,080 gross 
241,968 net, in his will pub- 
hed yesterday. He .died last 
jniii, aged 79." 


BY PAUL CHEESER1GHT 

CONSOLIDATED GOLD 

FIELDS undeterred by its 
failure to make the Wheal 
Jane tin mine profitable, is 
moving ahead with a Corn is- h 

exploration programme. It is 
finishing a feasibility study of 
an alluvial tin prospect at 
PorkclILs Bloor, 4£ miles north- 
east of. He Is ton. 

. Air. Rudolph Agnew, deputy 
chairman, said yesterday that 
the study would be finished 
in a matter of weeks. If It 
indicated that a mining 
venture was likely to be profit- 
able, and this was by no means 
certain* planning permission*? 
for exploitation would be 


sought from ibe local authority. 

The venture would be on a 
small scale, producing less 
than half the amount of tin 
-of Wheal Jane, near Truro. 
In 1976-77, the ’ last Tull 
financial year during which it 
.operated. Wheal Jane had an 
output of 957.5 tonnes of tin 
cuiicentrateir. 

That mine is now on a care- 
and-malatenance basts after 
production .was halted In May 
because Gold Fields felt that 
the mine, whose tin grades 
are low, could not be made, to 
pay. 

It has been written off in 
the group’s accounts, pub- 


lished today, after taking inlo 
consideration the possible sale 
of equipment. 

Mr. Robert L. Sprinkel, an 
American entrepreneur, has 
emerged as a possible rescuer 
and the first public response 
from Gold Fields, to bis 
attempt to put together an 
£&u package for mine purchase 
and development has been 
cordiaL 

“ I admire the approach of 
Hr. Sprinkel— bis reluctance 
to accept Government money 
and the fact that he is willing 
tu put his own money ih, H 
Said Lord Erroll of Hale, the 
ehairman. 

Bat he held to the basic 


Gold Fields position on 
Wheal Jane: u ln our opinion 
it is not capable of becoming 
a. viable proposition.” 

Mr. Sprinkel’s belief that 
Wheal Jane can be made a 
viable proposition Implies that 
Gold Fields managed the mine 
Incorrectly. Bnt Lord Errol! 
said: “We think we did it the 
right way.” There was no 
criticism at the start. 

As far as other Cornish 
activities are concerned, .Gold 
Fields is evaluating the results 
of drilling at two neglhbonring 
sites. Red Moor and Breney 
Common, hi the area between 
St, Austell and Boi^niu. 


integrated petrochemicals deve 
lopment designed partly to take 
advantage of the increased avail 
ability of North Sea feedstocks. 

ICI said yesterday that it did 
not yet have firm plans for the 
site, but it could follow the 
pattern of its biggest petro- 
chemicals site at Wilton on 
Teeiside. 

Products could include ammo 
nia and methanol— derived from 
natural gas — as wel-1 as oiher 
basic petrochemicals and down- 
stream products such as plasucs 
and fibres. 

The company already has a 
significant stake in the North 
Sea — notably un IS per cent 
•ihare in the Ninian Field. It is 
also involved in exploration pro 
grammes on various parts of the 
UK continental shelf In the 
North Sea and to the west oF the 
Shetlands. 

It has developed more than 
1.400 acres or its main 2.n00 
acre petrochemicals site at Wil 
ton but still has room for fur 
ther expansion. Il is thought 
however, that ICI is anxious not 
to concentrate its resources too 
heavily In one area. 

It has carried out land and 
seabed surveys at an estuary 
site in Tayside, Scotland. The 
site is at Barry Buddon. part of 
a 3.000 acre peninsular between 
Carnoustie and Monifietb. 

The company is also under 
stood to have investigated the 
Humber estuary in England. 

Both the Humber and Tay 
offer sites with fiat land and 
access to. deep water. The com 
puny has held a series of dis- 
cussions with the Scottish Office 
shout the Tayside location. 

First news of the plan has 
already brought mixed reactions 
from local interests on Tayside. 

Dundee has high unemployment 
It might therefore be expected 

3 hili 1 in spa,n - The deposit certificates trial. He was jointly charged 

.tan'\T,i™dyXl'nr«p 0 55S | ™I“ e .S f ?„7, r 'iT/t "Ill .P^.^^aper 

on environmental grounds. 


company meeting the union to 

industrial officer for Ley land discuss achieving a Leyland 
Cars. engineering design and tooling 

Moreover, we totally reject capacity capable of satisfying 
the allegation that TASS mem- the needs of Leyland Cars and 
bers are resnonsible Tor the the wider interests of Ibe UK 
year’s delay in the Marina face- economy.” 

European and Arabian 
manager jailed for year 

FINANCIAL TIMES REPORTER 

A TWO-YEAR investigation by had been determined by that 
the Cty of London Fraud Squad passed on bis former employer, 
into the affairs of International Dr. Felicio Morelia, the former 
Banking Corporation and its head of both international Bank, 
associated company, European ing and European and Arabian, 
and Arabian Bank, both regis- who was jailed for three years 
tered in Anquilia. reached a in June for what the judge 
further stage yesterday when the called “a much larger con- 
former manager of European and spiracy.” 

Arabian received a 12-month Because Dr. Unterlaggauer has 
prison sentence at the Old Bailey, spent 12 months in custody, he 
Dr. Heinrich Peter Unlertag- will be released on Honda when 
gauer, born In Austria, had a riepnrtatinn order will be con- 
pleaded guilty to charges of issu- sirlcrert. He claims io have a 
ing false certificates of deposit job awaiting him in Germany, 
in order to acquire seven hotels Mr. Joseph Khalife is still on 
in Spain. The deposit certificates trial. 


the- - 
of - 


When arrested last year by with conspiracy to defraud? He 
Detective Chier Inspector Roy has pleaded no't guilty-. 

Elsey, he admitted signing 15 European and Arabian Bank 
certificates — together with has no connection with the 
another former employee of European Arab Bank group 
International Banking Corpora- Industrial Banking Cornoration" 
non who has since left the UK. has no connection with 
Judge Lowry said yesterday Guinness Mahon subsidiary 
| that Dr. Uo terlaggauer's sentence the c ame name. 

Councils urged to sway 
decisions by Brussels 

LOCAL AUTHORITIES were Union of Local Authorities and ■ 

,^ d n yeste . rday 10 lobby **“ the Council for European MunS-" 

“A steel worker ia the UK E . EG Commission to make their eipalities: “The EEC is an ooen 
ho buys a foreign car is effec*] v * ews known at the formative government and is open to 
‘stage of European decision- being lobbied. 

Mr ^chwl Shanks chairman BruSds and a^eSary part ’ 

- ^ . Social Affairs for the EEC Brussels, there is no better 

produced mainly by British Commission, told the joint con- way than to eo to thP nennl* 
Steel s Welsh division at Xian- ference in York of the British there Sd make yo^ *3S5 
wern. Fort Talbot and Shotton, j sections of the International known," e your v,ews 


Steel workers 
told to buy 
British cars 

By Maurice Samuelcon 

STEEL WORKERS have been 
told that they should buy British 
cars to help to save their own 
jobs, since the motor industry is 
the British Steel Corporation's 

biggest customer. 

'** A 

who 

lively undermining hi& own 
livelihood," says Steel News, the 
Corporation's monthly news- 
paper. 

Most of the steel in an average 
British car body is sheet steel. 




THE WEEK IN -THE MARKETS 


: .v- 


» / £*■-* 

c i v 

i» : - T >' 

i I . 1 r 


Financial Times Saturday October 2S 1978 



; The protracted labour problems 

,in the motor industry continue 
to overshadow the market 
Equities found few friends and 
the Financial Times industrial 
Ordinary Index finished 1“ 
points lower on the week and 
IS points on Ute account. There 
was little to cheer in the silt 
market either, as a further rise 
in U.S. prime rates and 
higher treasury bill rates took 
their toll on the short end of 
the market although the longer 
dated issues were rather firmer. 

Interest rates 

British interest rates are still 
high enough to attract inflows 
from the United States, even 
after the most recent rise in the 
U.S. prime and discount rate.®. 
As the forward discount on ster- 
ling has shrunk almost to par. 
the cost of forward cover for an 
American coming into pounds 
has shrunk and this has made 
British money markets even 
more attractive from across the 
Atlantic. 

On a simpler level, it does 
seem that confidence in sterling, 
as against lack of confidence in 
the dollar, has been growing 


over the last week, with the 
foreign exchange markets 
appealing rather less worried 
about news on the labour front. 
There has been some nervous- 
ness i hat the Bank of England 
might intervene to stop sterling 
rising fun her. which would in- 
crease the money supply at a 


LONDON 


ONLOOKER 


time when the gilt-edged 
market is already worried that 
monetary growth may be speed- 
ing up. 

Next week the official cur- 
rency reserve figures for 
October will be published, and 
they are expected to show that 
the Bank's intervention has 
been limited. But any sign aF 
funds flowing heavily into 
London could be worrying to 
the markets, unless of course 
foreign money flows into gilts 
and encourages the home-based 
institutions tu jump in too. At 


the moment, though, short 

money rates are so high that 
they weaken the inducement to 
commit money to gilts. 

Drug problems 

Beecham's share price took 
a rumble last week on news 
that the company may bo forced 
to cut its drug prices further in 
the U.S. Analysts, on (lie other 
hand, feel the market reaction 
may be somewhat overdone. 

The issues arc undoubtedly 
complex and involve a fair bit 
of unfinished litigation. 
Beecham, for example, is still 
suing its main U.S. competitor 
Bristol-Myers Tor infringement 
of amoxycillin patents. But 
Bristol and Beecham have both 
been on the receiving end 
under U.S. anti-trust laws. 
Beech am 'a settlement last week 
(involving payments to various 
parties of £1.4Sm>. does not 
mean the company admits any 
allegations. It comes, moreover, 
in the wake of average amoxy- 
cillin price cuts since July of 
roughly 20 per cent. This has 
already been noted by dose ob- 
servers of the U.S. pharmaceuti- 
cals market, who maintain that 


further large price cut'? hv 

Beecham are unlikely. Beecham 
is anyway well placed to cops 
with competition beinc easily 
the largest producer of ils hig- 
go<t s-cllina drug amoxycillin, 
while increased volume safes 
will offset Lhc reduction in 
margins. In the short term, 
despite some loss in market 
share. U.S. pharmaceutical pro- 
fits should remain unchanged 
while a good performance from 
Calgon, tiie recently acquired 
U.S. consumer products side, or 
a slight change in the exchange 
rate are potentially of greater 
importance. 

Although longer term growth 
prospects from the U.S. drugs 
operation may he affected, 
brokers are still going for pro- 
fits this year of £15Sru-£170m 
t£143inl. 

After sliced bread 

Now that the loss-making 

bread baking business is out of 
the way. profits at Spillers will 
show a strong recovery this 
year. This is the message from 
last Wednesday's interim results 
which show unchanged pre-tax 
profits of £6m after a final £3.5m. 


f= T- Actuaries 

ALL-SHARE INDEX 


MARKET HIGHLIGHTS OF THE WEEK 

1 

U.K. INDICES 


Ind. Ord. Index 

Price 
Y*da y 
4332 

Change on 
Week 

-17.0 

1978 

High 

535.5 

1978 

Low 

433.4 

Pay & U5. economy worries 

Average Oct. Oct. 

week to 27 20 

Oct 

13 

Gold Mines Index 

149 3 

— T0JB 

206.6 

130.3 

Lower S premium/ political fears 

FINANCIAL TIMES 


Anglo American Corp. 

316 

-34 

378 

246 

Lower investment premium 

Govt. Secs. 69.50 69.20 

69.60 

Beecham 

653 

-28 

743 

583 

Fears about U.S. drug prospects 

Fixed Interest 71.15 70.96 

71.72 

Boot (Henry) 

102 

-36 

161 

102 

Mid-term pre-tax loss 

Indust ^ Ord.” 489.9 496.7 

505.1 

Cole (RJH.) 

100 

-23 

136 

100 

Sharp fall in int. profits 

Gold Mines 149.7 155.7 

"166.4 

Canzinc Riotinto 

250 

-28 

336 

148 

Weak Aust. markets/lower S prem. 


4,775 

Dawson Int. A 

1871 

-181 

210 

98 

Offer from Wm. Baird lapsed 



De Beers Dfd. 

356 

-42 

488 

285 

Lower investment premium 



-Ds La Rue 

420 

-42 

500 

230 

Ahead of interim results 



Fortnum & Mason 

850 

t80 

880 

535 

Bid speculation 



Gill & Duff us 

145 

-19 

166 

95 

Disappointing profits forecast 



Highland Distilleries 

152 

4- 12 

159 

127 

Increased earnings/scrip issue 

(Durable) 211.75 214.23 

218.14 

Hopkinsons Hldgs. 

106 

-13 

121 

73 

Warning on second-half trading 



Metal Box 

316 

-32 

384 

288 

Fears of increased competition 

Durable) 210.68 213J50 

217-24 

Mothercare 

154 

-14 

200 

146 

Disappointing interim profits ! 

Ind. Group 22322 225.91 

230.19 

P.MJV. Hldgs. 

63 

f 7 

66 

36 

Good half-yearly results 

500-5hare 246.46 249.65 

254.03 

Pan continental 

900 

-75 

£151 

750 

Weak Aust. markets/lower $ prem. 

Financial Gp. 163.72 164.35 

166.48 

Petbow 

88 

-35 

145 

73J 

Proposed redundancies 

All-Share 224.94 227.62 

231.44 

R unci man (Walter) 

61 

- 9 

115 

61 

interim setback & div. cut 1 

Red. Debs. 56.69 65.67 

57.51 


loss relating to bread baking.' 

However, this prospect did 
not cause much excitement in 
tiie market. Analysts are pitch- 
ing their full year forecasts 
around £l5m-£151m pre-tax. 
This, on the face oF it repre- 
sents a strong recovery com- 
pared with the year ended last 
January when profits collapsed 
from £16m to £8}m, but when 
the losses on bread baking are 
allowed for the performance is 
more pedestrian. 

Last year bread baking losses 
amounted to £9.7m. The £3.5m 
loss in the first half of this year 
represented the final figure for 
the months up to April. So loss 
elimination should be worth 
56.2m. which points to profits 
for this year of £14.7m, even 
if the rest of the group stands 
still. 

But then conditions in the 
food industry are tough at 
present, and Spinor’s com- 
ments on its agricultural divi- 
sion look rather gloomy. Results 
from that operation are des- 
cribed as “ not satisfactory ” 
due to a decline in feed volume 
and low egg prices. Elsewhere 
the milling division did better, 
and grocery products and meat 
are singled out as having done 

well. 

The one question for the 
market is haw quickly Spillers 
will restore its dividead. Last 
year when profits collapsed the 
dividend was slashed from 2.75p 
to 1.35p per share. The market 
is banking on Spillers going 
some way to restoring the divi- 
dend this year. 


US. birth pains 

Back in May when Mr. Selim 
Zilkha, chairman of Mothercare, 
presented the annual accounts 
he warned shareholders “ not to 
underestimate the difficulties 
and risks involved in the U.S. 
market” 

Those difficulties have now 
become painfully obvious. For 
the whole of last year losses 
in the U.S. operation were 
£281,000, all incurred in the 
second half of the year. Now, 
for the first six months of the 
current year, the losses have 
shot up to £lm. 

This left group profits only. 
9 per cent higher (£7m against | 
£6.4m) despite a 24 per cent 
increase in the U.K. contribu- 
tion and a 36 per cent increase 
in the small European business. 

The problems seem to have 
been twofold. First, Mothercare j 
set up its U.S. drive in 1976 on 
the back of the acquisition of 
Dekon Corporation which 
operated 112 41 Mother-to-be n 
stores. The bulk of these were 
under 1.000 square feet in size 
— simply too small to be effec- 
tive in modern retailing terms.! 
Secondly, the Mothercare 
management in the U.S. made 
some bad buying decisions 
which lead to heavy discounting 
to reduce stock. 

Strenuous efforts, including 
top management changes, are 
now going on to turn the pro- 
ject round. And meanwhile 
the stores operating under the 
Mothercare name are apparently 
doing well. 


NEW YORK 

JOHN WYLES 


PRESIDENT CARTER'S new' 
anti- inflation policy proved no 
lifeline for the New York Stock 
Market this . week. which 
plunged deeper into the quick- 
sands that have been drawing 
down the Dow Jones Industrial 
Average at near record speed. 
Impressive though ' the Dow's 
losses have been in the last two 
weeks, they in fact understate 
the broad market decline, 
notably the routing of secondary 
stocks. The American Stock 
Exchange which hosts many' of 
the smaller, less capitalised 
companies, has seen its index 
tumble by a formidable 17 per 
cent front its peak in mid- 
September, while the Dow has 
suffered a more modest 9.3 per 
cent decline over the- same 
period. 

On Thursday the Dow drew 
back by 9.09 points, almost 
nugatory by recent standards, 
bat no fewer than 1.471 stocks 
listed on the NYSE fell in price 
while only 163 gained to mark 
one of the most wide-ranging 
seLl-offs in recent memory. But 
yesterday the decline quickened 
and the Dow dropped 15.07 to 
806.05. 

. Technical analysts looking for 
a rainbow claim they are only 
mildly surprised at the 
slaughter. They point out that 
before the rally which started 
last April the market bad been 
seriously weakened by the Blue 
Chips — the IB Ms and Polaroid; 
of this world — while the smaller 


stocks had shown positive 
strength for most of last year. 
.Many analysts argued that a 
■' correction ” was needed before 
there could be a genuine market 
advance over 900. and this, 
according to some, is the silver 
lining in the present collapse of 
the secondary stocks. 

Meanwhile, away from the 
technicians' charts investors 
have found that the world is too 
much with them. In a brief 
but grisly recap the week's 
news has included a rise in 
commercial hanking prime rates 
to 104 per cent, the. dollar fall- 
ing to record lows, the trade 
deficit widening slightly from 
August to September, a 9.6 per 
cent annual rate of increase in 
the consumer price index dur- 
ing September, and a further 
tightening of the credit screw 
by the Federal Reserve Board. 
A 19th-century Russian novelist 
would have been strained to 
write a more depressing 
scenario 

There is as much scepticism 
in the U.S. as there was in 
Britain three years ago about 
the chances of success of volun- 
tary wage and -price guidelines. 
Somewhat curiously there has 
been no attempt berc to cite 
the achievements of Britain's 
voluntary policy in justification 
for the new approach when on 
the surface the prospects for 
success are at least as good as 
they were in Britain. 


: .' U 

( ! 5 


CLOSING PRICES 


Monday 

Tuesday 

Wednesday 

Thursday 

Friday 


839.66 

832-55 

830.21 

821.12 

806.05 


-1-1.65 

-7.11 

-Z34 

-9J09 

—15X17 





FOR the past couple of years, 
base merais companies have 
been seeking chinks of light in 
the darkness oi recession, trying 
to catch a glimpse of a new 
dawn, a min round the corner 
to new prosperity or any other 
metaphor tor higher profits and 
reduced losses. 

When they have been at their 
most negative they have simply 
assumed that conditions have 
been so bad. they cannot pos- 
sibly become any worse. 

Perhaps the time has come 
again to search for a new meta- 
phor. The latest batch of 
quarterly results from North 
American groups show- a dis- 
tinct improvement over a year 
ago, if not in profits at least in 
sales. 

It is tempting to see the 
figures as the definite start nf 
a new trend, but the U.S. 
economy seems very finely 
poised and there are those who 


MINING 

PAUL CHEESERIGHT 


see recession as a distinct pos- 
sibility. 

Still, even hapless Rennecntt 
Copper, despite a September 
quarter loss of $9.9m (£4. 78m) 
against a Inss of S2l.9m in the 
same period uf last year, 
doubled its copper sales aod 
found an average selling price 
six cents higher than a year 
ago. 

Another of the U.S. major?, 
Asarco, has consolidated its 
financial position after a 1977 
annual loss of S2P.5m and a 
197S first-quarter loss of 
SI 1.13m. It came back into Ihe 
black in the second quarter and 
in the three months to 


3978 No. MJ» 494 

IN THE SUPREME COURT OF HONG KONG 
MISCELLANEOUS PROCEEDINGS 

In the matter of Southern Pacific 
Properties Limited and In the matter 
of the Companies Ordinance (Chapter 32) 
NOTICE IS HEREBY G IVEN that (he Order oF the 
Supreme Court of Hong Kong dated 24th October. 397S 
confirming thereduction of Ihe capital or Lhe above-named 
Company from HKS7S.250.000 divided into 156,5011.000 
shares of HKS0.50each to HKS2,6S5946.divided into 
5,371,892 shores of HKS0.50 each and lhe Minute approved 
by the Court showing with respect to the capital of the 
Company as altered the several particulars required by lhc 
above-mentioned Ordinance were registered bylhe 
Registrar of Companies on 25th October. 197S. 

The said Minute is in lhe wordsand figures following: 
“The capital of Sou them Pacific Properties Li mi ted was by 
virtue of a Special Resolution of the Company and with. the 
sanction of an Order of the Supreme Court of Hong Kong 
dated 24th October, 1978 reduced from HKS7S.250.0CO 
divided into 156.500.000 shares of HKS050 each to 
HKS 2,685, 946 divided into 5371.892 shares of H KS050 
each. By virtue of a Scheme of Arrangement sanctioned by 
lhe said Order and the said Special Resolution the capital of 
the Company upon the registration of Uiis Minute is 
HK$78,250,000 divided into 156,500.000 shares oEHKSO.50 
each of which 15U28J08 shares of HKS0.50 each have 
been issued and arc fully paid or credited as fully paidand 
the remaining 5p 71892 shares of HKS0.50 each are 
unissued.” 

DATED this 25th day of October : 2973. 

DEACONS. 

6 th Floor; Swire Ho use, Hong Kong. 

Solicitors for SoitthernPacificFroperticcLiimlcd' 


September made a not prolii nf 
/ £4. 63m. I. nf which $6m 
came from the sale of sin k- 
piled metals. Bu: in the 1977 
third-quarter there was a lnss. 
of SI 1.16m. 

"The strengthening nf th«- 
markets for Asurcu's four major 
metals — copper. I**ad. zinc and 
silver — in the third quarter 
appears to be soundly based 
and we expect it to continue in 
the fourth quarter." said Mr. 
Charles Barber, the Asarco 
chairman. 

This analysis of prospects for 
the rest of the year has been 
repeated by Ccminco, the Van- 
couver-based group, which in 
the third quarter had net earn- 
ings of C$7 .3m (£2.97m) against 
CSJO.Tm iD the same three 
mouths of 1977. Although zinc 
prices hafe been at lower levels 
than last year, lead demand has 
been strong and looks like 
remaining so. 

Further evidence nf the 
revival in the copper industry 
came from Freeport Minerals, 
whose profits in the September 
quarter jumped sharply to 
S7.13m (£3.44m) from $2.99m 
in the comparable quarter nf 
1977, mainly because results 
from its costly Indonesian 
copper operations were much 
improved. 

In contrast the market for 
tin has been consistently strong. 
But this bas not provoked any 


consistent rise in Malaysian 
production, as the accamsnyiaz 
fable shows. A combination of 
higher taxes ami . uncertainty 
about The application of owner- 
ship policies has deterred new 
investment 

This week, however. -after five 
years -if negotiations, a- new 
joint venture agreement has 
been signed hy Malaysia mining 
Corporation. Trnnnh Mines and 
the Perak Slate Economic 
Development Corporation for 
the mining of 1,000 acres near 
Ayer Kuning. 

The announcement was made 
as the London Metal Exchange 
cash price reached a new peak 
moving towards £7.900 a tonne. 
The market’s buoyancy was also 
a favourable background for 
Mr. Robert L. Sprinkel publicly 
to disclose his intention of try- 
ing to put together a financial 
package allowing him to take- 
over the Wheal Jane tin mine 
in Cornwall. 

Mr. Sprinkel is an American 
entrepreneur, now resident in 
Derbyshire, and within the next 
two weeks he hopes to make 
Consolidated Gold Fields, the 
present owners, a definite offer. 
He is thinking of an £8m in- 
vestment. with the bulk of the 
funds going on mine develop- 
ment. Eut City institutions will 
be waiting lor a technical 
appraisal from Mackay -and 
Scimelhuann before they make 


TIN OUTPUTS COMPARED 


Amal. of Nigeria tin) . 

Amal. of Nigeria (colnmbite) 

Aakam — -I.*.. 

Ayer Hitam - 

Be r junta! 

Bisichi Jan tar (tin) 


Lx Lands Nigeria 

GeevorJ ; 

Gold and Base (tin) 

Gold and Base (columbitej 

Gnpeag - 

Idris - 

Kaimmtlng 

Kent (FiHS) - 


Kinta Kellas 
Kuala Kampa 
Lower Perak 


Pahang 

Pengkalen 

Petal ing 

Rahman 

St. Piran — Far East 

St. Piran— UK (South Crafty) ... 


Southern Malayan 


Tanjong 

Tong kah Harbour 42 40 129 

Tronoh 191 157 1312 

i Figures hi elude low-grade material f Not yet a 
puts are shown in metric tonnes of tin concentrates. 


Sept, 

1978 

Atut. 

todate- 

previous 

1978 

. (months) 

year 

tonnes tonnes 

• tonnes 

, ionnnf; 

1 

151 . 

723 

(5) 

, . 871 r 

i 

120 

36' 

87 

154 

327 

Jl 

>. • 83.;. 
4S&-. 

126 

170 

453 

,~(3) 

362! 

274 

412 

1,926 

(5) 

2.092 . 


23} 

2434 

<*) 

260 


192 

235} 

(8) 

245 . 

•85 

« 

1,085 

(8) 

968 

s 

23 

211 

( 5> 

208 

89 

54 

529 

(6) 

523 

1 

.24 

197 

(8) 

212 

s 

I 

*) 

• <« 

<8) 

5 

162 

157} 

1,712} (12) 

1*800} 

18i 

18 

159} 


24lf 

31 

29 

198 

(6) 

239 


f 

102} (11) 

434} 

16} 

6? 

511} (12) 

688 

% 

29 

187 

(5) 

216} 

25 

30 

130 

(6) 

205 

28 

27 

122 

(5) 

137 

241 

308 

821 

(3) 

687 

4 


lv463 

(11) 

1*692 

71 

10 

104} 

{if? 

208} 

121 

121 

1,333 

L207} 

72 

69 

238 

(3) 

184 

34 

24 

137 

(6) 

106 

236 

89 

1,085 

<6) 

1.071 

124 

133 

623 

(6) 

526 

150 

125 

831 

(6) 

861 

196 

192 

566 

(3) 

542 

174 

203 

1,026 

(6) 

936 

6) 

16} 

145} 

(8) 

179} 

42 

40 

129 

(3) 

137 

191 

1S7 

1,812 

<•> 

1.639 


A high incomenow 
withx)rosDects of ere 


1 :f ' 

>. /I-/- 

i •:"** • 

i -■.■> 
-S. 


- - * ■■ 


"" " GaitmorelE^ Income Trust Is * 
dR) ' T primaialyfovested in UKequides, and 
f*!yV J aims, to provide a high an dmcrc3sing . 
(tj y* mromewTthoutsacnfwiigpotentialfta: 

L IZZImh * J , ^mccthcT^wn?Iaund«d m 

.ipniii)7S Tnc offer pnee or units hss 
increased by 144: 5% compared -with-a rise of78;7% intheFinancial 
Times Ordinary' Share Index. In addition original uni [holders have 
to dace received a gross income of ,£58.95 for every £ieo invested. 

jRemembe r that the price of units and the inmrae from them 
can go down as well as up. _ 

You shouldxegardybur investment in High Income units as • 
a long-term one. 

You can invest any amo unt over £200. Simplyfill in the 
coupon and send it to Gorenore Fimd^lanagerewithyoar cheque* 
or consult your professional adviser. 

| 

*■'»»»«**-■ .... i 


■taAwiHOTMfai liwi 0» n 


1 hid rncccH *>? &atas dq-.rwril beam* 


any commitment. 

Another metal which has 
strengthened its price despite 
the recession is molybdenum. 
A in ax. the U.S. group, has based 
its growth upon it and with 
prices continuing to increase 
announced third quarter earn- 
ings of $44.3m (£21.4). com- 


GOLD SHAKES 


RICHARD ROLFE 


GOLD SHARES have made pro- 
gress in Johannesburg this 
week, but the index, at 255, i* 
still only where it was? at the 
beginning of October, when the 
bullion price was S2I7. The 
index is below the year’.; high 
of 272, reached in August, and 
the market is extremely sub- 
dued in comparison with the 
1973-74 gold boom, when the 
gold shares index peaked at 460 
in August. 1974. This level was 
reached four months before 
bullion peaked ar SI 97.50. which 
ilustratcs that while the- shaves 
led the price up then. th« boot 
is now on the other foot. 

Political factors arc one 
reason for the poor general per- 
formance of golds. A good ex- 
ample of the short-term effects 
arose last week, during the visit 
of the five western foreign 
ministers to Pretoria. On tiie 
Wednesday, the gold price hit 
a new record las it then was) 
of S229. but the -■hares were 
marked down sharply because 
of the apparent deadlock in the 
SWA/Namibia talk"?. Next day, 
though bullion was down $3, 
golds went ahead strongly on 
the news that an agreement of 
sorts had been patched up. 

Politics, however. r?nmt 
shoulder the full blame for lhc 
poor performance of the s Q, d 
! share market There arc 
numerous financial and techni- 
cal factors at work too and it 
could even be argued that in 


the politically-sensitive black 

labour area the gold mines are 
in better shape than in 1973-74. 
Mine violence has died down, 
the mine- have obtained a 
better spread of labour, which 
five years ago ua.i three- 
quarters drawn from outside tbe 
Republic against under half to- 
day, and migrant labour is being 
turned away where in the past 
tiie mines could not always fill 
complements. 

One overriding reason for the 
low level of interest in golds is 
ihe growth of ihe gold furures 
markets in the U.S. In 1973-74 
these markets did not exist and 
physical gold ownership was 
only authorised early in 1975. 
So gold shares — U.S. and Cana- 
dian as well as the South Afri- 
cans — were the main 
’* leveraged play " in gold for 
tbe L.S. punter. Wnn trading 
in the U.S. future.-: markets 
likely 10 reach the equivalent 
of 5r»0ni nw of gold this year, 
it is clear that public awareness 
of gold in Lhe U.S. is runnin- 
at iinorccedented levels, but it 
has not .spilled over into tbe 
gold snare market io any great 
extent. 

This aside. U.S. investors, 
operating through tiie system of 
American depositary receipts 
1 ADRS 1 are by far the largest 
holders of South African gold 
snare-. Surveys by a firm of 
Johannesburg brokers suggest 
•hat about 25 per cent of listed 
South African colri shares by 
value are held by the U.S. and 
in the case nf individual shares 
such Free Slate Geduld nr 

elkoni. the figure is as high 
as 45 per cent. 

At the end of this week, thr- 
£0ld share sector in Johannes- 


burg was capitalised at R7.3bo 
<38.4bn>. The table shows U.S. 
holdings in the individual 
mines, ranked by market capital- 
isation. The top 15 account for 
R5.6bn (S6.4bn), or 76 per cent 
of tbe total. However, the table 
shows the U.S. interest in dol- 
lars after deducting the Securi- 
ties Rand Discount, currently 
39 per cent. In addition to U.S. 
holdings, London and the Con- 
tinent account for about a fur- 
ther 15 per cent of total gold 
share holdings. 

The dollar’s linkage to the 
rand has led tn depreciation in 
terms nf the European curren- 
cies, which may account for 
some sales by London and the 
Continent tn the U.S. this year. 
There has also been a massive 
flow of De Beers shares to the 
U.S. Johannesburg brokers 
estimate 10 per cent of De Beers 
is now held in the U.S. against 
6 per cent a year ago, a move- 


pared with $30m in the same 
period last year. 

Mr. Pierre Gousseland, the 
chairman, noted that the group 
had spent $2bn on capital in- 
vestment over the last five 
years. “I am confident the 
strong earnings pattern will 
continue,” he -said. 


meat of about 14m shares 
mostly from the London regis- 
ter. Except to the U.S. investor, 
the rand’s weakness has made 
portfolio investment in South 
Africa unattractive. 

With the local institutions 
traditionally more interested in 
industrials than golds and the 
European investor virtually out 
nf the market for a mixture of 
political and financial .reasons, 
it is essentially up to the U.S. 
investor to put the gold shares 
market better. But the counter- 
pull of the future markets and 
the high existing level of U.S.- 
holdlngs suggest that this is un- 
likely to happen on any great 
scale. 

Matters could change, how- 
ever, if gold seemed capable of 
achieving new high ground but 
even then the prospective buyer 
of the shares would want some 
assurance that "high prices were 
permanent 


b> gTYt^f IWddttri Octribec. 

thabncrMc-lnumOKca] bvndarardfiiKP feUml 

AflMfSMvdarpok ta^oeeofihs«Ki,(tod^ik>bi«Ri^iir(ni&g^tf 

6% ip*» van>i 


M.aStMrata.I. 




THE TOP 15 
Market 
capitalisation 


U.S. stake 


ILS. stake 
in$m 


.lline 

(RW) 

per cent 

after discount 

East Dric 

774 

16 

87 

IVest Drie 

642 

25 

112 

Vaal Reefs 

513 

35 

126 

Western Deep 

405 

30 

85 

Kloof 

356 

28 

70 

Eland. ■.rami 

355 

5 

12 

Randfontcm 

352 

18 

44 

F. S. Gcfinlrl 

350 

45 

110 

Western Holds. ... 

315 

29 

• “64 

HarLebeest 

280 

26 . 

51 . 

Ergo 

272 

5 

W 

SouthTDal 

263 

16 

44 - , 

Pres. Brand 

263 

24 

66 

Pres. Steyn 

230 

36 

58 

Deelkraal 

187 

small 

- •. 

Totals 

5,557 

.— 

839: 


nJntCA-JATl 


Fill in the a nd send it now . Tx Gar t m ore Fmxl Managers 

Lid. &St Mary Axe, London EC3A8BP. .v* a*to**™ 

■ IlfftiI>iuMlirt>litiyfa tiixiitHhhIiKiiract5BBiodii!\3iuenf?JIIw. £jiiij 

[T ” . n ’ I ^«t*ofcpnopint^c«tfaedbyyou 

1 - - I ■ » 

I/We enclose* remittance, payabte to G artmm e F\rad Managers I Jd. 

•Furyour fiiiklmxTthc offers rice of Garnaon; -Uifih Income L’nita cm 26th 
October, 11778 wus & 7 -op. - 

□ T fcftflta.- 

JfywrCTiimg;Bn«imgwniilhly« u tan > ^tiMwiBtBM M <i tj » Miuc aM&- 


snouMEiMR. mrslXksi. 
nSST XAMETS) tVFULL__. 


gcxarcrasi— 

| (ffdm Faqrt«feM,dm 


UNIT TRUST 
INVESTORS 


Oaf Capital Gains and Income Plan 
creates TOTAL TAX FREEDOM with 
- full Revenue Authorisation 

GJELMAR TIN FI NANCE 
. limited 

-INVESTMENT AND '■ 
j-/ FINANCIAL ADVISERS • 
-// 203. Victoria. Street. London SW1E JSNE ’ 
■^r- . Telephone: 01-834 8644 


Please send me details by return. 

NAME . 

ADDRESS . 


PGRTFOOa,yALUE T f- 
TOP" TAX RATE. ..... ....... . ...» 


I 

* i ‘ i " - -'I 

..JftCfut. 1 


■5 . m • 

iaSf. J , 






r - " 




1 









Financial Times Saturday October 28 1978 


Your savings and investments i 


/itching unit trusts can be 
pensive. Eamonn Fingleton 
iks at ways to cut the cost. 


SWITCHING = HOW THE MAJORS MEASURE UP 


Discount on 
offer price for 
direct investors 
in units 

Save and Prosper Nil 


Charges for holders of 
bonds invested in units 


21% Cor the value of the 
holding) * 


ick your stable— 
nd stay with it 


v 







r TRUST investors can 
spectacular returns if they 
ti when tu switch their 
?y from one Tund lo an- 
r. But unless you are care- 
you will lose about T per 
of your capital in dealing 
; every time you switch, 
point is thai the dealing 
of a switch is often the 
difference between the 
r" price at which unit 
: groups sell units to the 
ic and the lower "hid" price 
/h»ch they buy back units 
i investors cashing in their 
inss. and this is a weighty 
heap for even the most 
ia«t investment strategy, 
v, it an investor who does his 
.Work can slush the cost 
witching and in some i-ObC* 
avoid dealing costs alto- 
er. He needs to choose a 
? group with a full range 
spec! alibi funds and then 
r .^ within it when he makes 

^^^rwitches. Most major groups 
^ investors to switch from 
of their funds to another 
| 3 referential terms. In the 

r' * o£ someone investing 
^ ^ crtly in unit trusts, the 
iv ngement is often That he 
a discount off the usual 
1 e the group charges out- 
rs. 

Jives tors who get into units 
.ugh a single premium in- 

»nce bond can do consider- 

7*% better. From the investor's 
of view', bonds are as con- 
as a direct holding in 
•eteoaiL' .trusts: the tnain distinc- 
is that the small element 
insurance included in the 
package allows wealthy in- ( 


v esters more, flexibility in their 
tax affairs. 

With many companies’ -bonds, 
the charge for a switch is just 
t per cent of the value of the 
investment. JI and G is among 
groups which allow, a first 
switch fret*. An additional' at- 
traction of many groups’ bond 
schemes is that they can be 
geared not only to the perform- 
ance of unit trusts but to in- 
house managed funds investing 
in gilts and property. These 
can he useful when the outlook 
for shares turns choppy. 

With some groups— Hambro. 
for instance — you cannot use a 
nund to invest in their unit 
mists, but they provide instead 


M & G 

l % 

.First switch free. £!5 for 
each subsequent unc 

Barclays Unicorn 

2 % 

i% (minimum: £l(l) 

Allied Hambro 

1 % 

NA 

Britannia ‘ 

2 % 

NA 

Hill Samuel 


About 2!°u 

*:% in Ibe case of bonds linked to in-house managed funds. 

special managed 

funds invest- 

sion from the discounts it 2‘vcs. 


Cutting the bother 
of Child Benefits 


ing in various types of equities Some unscrupulous brokers 
for bond investors. Barclays have been criticised recently for 
Unicorn bondholders cannot drumming up commission by 
link their investment to any encouraging unnecessary switch- 
particular unit trust but instead ing. Such brokers are unlikely 


it is put in a managed 
fund invested in a selection 
of the group's trusts. The 
managers vary the mix as 
market conditions dictate. 


to switch their clients between 
different funds of the same 
group — they will prefer to 
switch clients in a different 
group because that way they 


With most groups, investors stand to collect the Full 3£ per 


in direct unit trust holdings are 
entitled to the full discount 
only if the group does not have 
to pay commission lo any 
broker or other intermediary 
involved in the deal. Barclays, 
for instance, usually deducts in 
full the amount of any commis- 


for 


cent initial commission 
introducing new business. 

Any investor who is advised 
to switch to a fund tun by a 
different group when the group 
he is currently with has an 
equivalent fund ought tu «*sk 
questions. 


Pensioners rush for Granny Bonds 


SALES OF the index-linked re- 
tirement issue of National Sav- 
ings Certificates are booming. 
In the first week of this month 
they are reckoned to have 
totalled £23.8m. a staggering 10 
times the normal . Weekly 
average of £2.5m. Indications 
for the second and third weeks 
arc that sales are lower, bill 
still very strong. 

The sudden sales surge re- 
flects the fact that -from October 
1. investors can hold up to 70 
£20 bonds (£700 nominal Com- 
pared with 30 before. So, many 
investors have been quick off 
the mark to increase their hold- 
ings in on investment that has 
proved to be one of the best 
available over the past- three 
years, carrying as it does^a com- 


SAVINGS 


ERIC SHORT 


pleiely tax-free, inflation-proof 
return. 

Yet this jump in sales no- 
where near represents the full 
potential that could have taken 
place. There are about lira 
persons holding these certifi- 
cates, of whom over lm held 
the maximum holding before 
October 1. If everyone on this 
maximum holding had taken 
ad van l age of the new maximum 
straightaway then a further 


£200 m would have been in- 
vested. Present estimates are 
that about £5Gm of the October 
sales figure will represent in- 
vestment by existing holders 
taking advantage of the higher 
maximum. 

Looking to the immediate 
future' and the likely movement 
in the Retail Price Index, the 
official forecasts are that the 
year-on-year increase will re- 
main around S per cent for the 
next six months. But unofficial 
forecasts of r the rise of the 
RPI in the next 12 months vary 
from 6 to 12 per cent depending 
on the view on forthcoming 
wase settlements. Stockbrokers 
Phillips anti Drew, for example, 
is forecasting an 11.2 per cent 
increase, for the year ahead. 


SEVEN MILLION mothers have 
lo queue up each week at the 
Post Office in collect Lheir child 
benefirs. They have lo watch 
patiently as the assistant goes 
through the palaver of stamping 
the benefit book, removing a 
counterfoil and counting our 
the money. 

The procedures are more 
appropriate in the days of the 
Penny Black than to an institu- 
tion that is now loading the 
world in such high-tech oology 
fields as Viewdata. 

From the outside, one would 
have though! that it is well 
within ihe power of the Post 
Office and the Department or 
Social Security to save time all 
round by paying the money by 
automatic credit transfer to 
those mother^ who want to re- 
ceive the benefits in a bank 
account. 

Surveys by «he clearing banks 
suggest that over one-third of 
Britain's mothers have a bank 
account either in their own 
name or jointly with their hus- 
bands. And for working 
mothers in particular — who are 
more likely than stay-at-home 
wives to have their own bank 
accounts — the freedom from The 
need to traipse regularly to the 
Post Office would be a major 
boon. 

The Department of Social 
Security secs immense obstacles 
but it admitted this week that it 
has at least begun to study 
seriously the possibility of pay- 
ing the benefits by credit trans- 
fer where a mother so desiTes. 
The officials are also looking at 
the question of paying the Old 
Age Pension by credit trans- 
fer. The proportion of pen- 
sioners who bave bank accounts 
is lower than for the active 
population: but with SI million 
people now drawing the pension 
the demand for a more sophisti- 
cated payment method is clearly 
great here too. 

The Department's main 
abjection to paying benefits into 
hank accounts is the huge initial 
cost which »{ believes would be 


incurred in setting up the neces- 
sary procedures. No figures are 
available but the Department 
seems to fear that the savings 
to it later on would not com- 
pensate for the extra expenses 
early on. Two payment systems 
would involve a great deal of 
duplication of effort, the Depart- 
ment adds. 

But it is not as if the sums 
the Department is paying nui 
are small: when the benefit rate 
rises from £2.30 to £3 next 
month, a total of around £4Uin 
in child benefits will have to be 
laboriously counted out in Post 


OPINION 

EAMONN FINGLETON 


Offices every week. The Depart- 
ment is pressing ahead with 
cninnilinc a report for ministers. 
At that level the idea may run 
into political trouble on The 
score that the child benefits 
scheme's main aim — m take 
money nut of fathers’ pockets to 
help mothers with Ihe house- 
keeping — would he endangered 
if the money were paid into a 
couple's joint hank account. 

But such a dogmatic view- 
point seems to assume that 
husbands and wives are con- 
stantly bickering over ihe house- 
keeping money. Any wife who 
is happy about the way the 
family's finances are shared out 
and does not agree that this 
view is typical will feel insulted 
that the Slate does nut allow her 
to make up her own mind on 
whether ihe money should be 
paid into a joint account 

Bankers feel that there may 
be one other reason why Social 
Security officials may be luke- 
warm about introducing credit 
transfers: cash pay-outs help 
alleviate the chronic cash sur- 
plus at many Post Offices. But 
the cost of disposing of cash 
is a small price to pay for the 
extra convenience for mother# 
and pensioners. 



The objective of the Allied Hambro Pacific Fund 
is to obtain long term capital growth by investing: in- 
quoted companies which are either registered or 
operating in the Pacific region. 

The objective of this advertisement is to show 
you why we believe the Pacific Fund is a go« >d 
investment now. 

It enables you to invest in ... 



JAPAN 

AUSTRALIA 

U.K. PACIFIC SHARES 

MALAYSIA SINGAPORE 

PHILIPPINES 

CASH 


HONG KONG 


46% 

5% 

4% 

5% 

2% 

12% 

26% 


«.i-o r. I : !■' i- .v. •" 


i •• ?lv i ’/■ .i 


These are highly successful economies, 
growing faster than the U.K. or U.S.A. ... 


> •• , \ • V* •* -- 

r v * ' * : * i 

» * *— » 


••.••• 'w 


ii 


« -. s-5. » 

■=• . : „.V » 



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


1 Annuul growth in gross domestic product 1 


1973 

1974 

1975 

197G 

1977 

1978- 





C i 

% 

% 

Hang Kong 

-14 7 

- 2.2 

- 29 

- 17.0 

+116 

+10.0 

Singapore! 

- HZ 

-69 

-•3.3 

- 7.1 

7.6 

- -8. 1 

\1al3vsin 

-:-i2 o 

- 2.1 


- 115 

- 8.0 

-. 7.1 

PUPiuP'Piej 

l_9Z_j 

-6 3 

• 5.9 

6.7 

~ 6 1 

70 

UN 

- fT' 

12 

- 20 

•31 . 

- 0.4 

. .31 

US* 

••54 


- 1.3 

■' 6.0 

— 4.5 

-:-4 5 

Japan 

-- 10.0 

-0.5 

-.1.4 

-64 

-:5.2 

-•6.5 

-Protected 


Underlying this growth, and giving reason to 
believe it will continue, are the area’s immense 
richness in natural resources - includjng tin, rubber, 
palm oil, timber and oil - its highly skilled and. 
adaptable work forces and managements, the 
development oflocaL consumer markets and its 
strategic position in relation to world trading routes. 

Until a few years ago political instability in the 
area was a major deterrent to investment. But while 
there is some risk of recurring political disturbances, 
the political climate, particularly following China's 
policy of improving relations with its neighbours, now 
appears more stable. 

At the same time, there is now within this area a. 
firm desire, coupled with the ability and the 
opportunity, to continue developing its potential, so 
that in the medium term it should take its place among 
the world's established trading and financial markets. 


THE PORTFOLIO AS AT 26th OCTOBER 1978 

HONG KONG 48JX 


'.real ft Co. LuL 
Hnnc Kona it Kowfoou Wharf Co. Ltd. 
Hone Kune fc Sh uma n] BanLinfi 


Hunt Kooc ft Y jmsitf furry . _ 
Hooc Kduc Blecirie Holding. LuL 
HuirhJion Whiunma Ltd. 

JanJin* Mallmoo & Co. Ud. 
Oriom Ovmm Couninm 
Svtiru Pacdtr 1-ld. 

Swim TropotOoi Lid. 

T*i cUil OC rLnndotwiit ■ ■ 
Wbwtack Marion *.V 
Wimor Industrial Corn.' 
PHILIPPINES 3j« 

Kurt nuhpptnw Holdings 
Oriental Prirctainf EL' 


sinuapohe; 

MALAYSIA 21.6K 
AyurHilam Tin 
Ho unread Lid" 

Lhn.t>]opn*M Honk of Slucnrwra 
finding lOahlond, Bhd, 

« inputs Carmolidotcd- 
liirthnu Bhd. 

IlnrrlAoiu Malay aim GiUles* 


Ini-hcaur Bhd. 
i Lin 


Kuala Lumpu- Krpnnr 
.Malayan Banking fifed. 

<>vc nru Union Sucurl Lies 

Suncm Bail Tin lllMl. 
TresUr* Malaysia Bhd. 


UNINVESTED CASH 2SJ% 
TOTAL PORTFOLIO VALUE UJ MILLION 


* London- registered, companies 


freedom to invest in other stock markets in the area if 
this is considered appropriate. The objective is to 
maximise long-term capital growth; income is not a 
consideration. 

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

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

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


Britain’s largest 
unit trust group 


Save & Prosper Group was founded in 1934 and in 
addition to being Britain's largest unit trust group is a 
major force in the life assurance, pensions and 
annuities field. 

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


How to invest 


Investment opportunity 


To take advantage of opportunities to invest in 
companies operating in this area of potential growth, 

and to avoid the pitfalls, the experience of full-time 

. ' and informed professional management is needed - as 
well as a suitable spread of investment risk. Save & 

. ’ Prosper has considerable experience of in vestment 

y management in the Fnr East, and maintains close 
personal contacts with individual markets in an area 
- . whi?re local knowledge is crucially important. South 

A - Best Asia Growt h Fund offers you the benefits of all 
I?* this in a single simple transaction. 

“V- . . 


Save & Prosper 
South East Asia Growth Fund 


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

The portfolio 'is currently heing invested in the 
shares of companies quoted or operating in Hong 
Kong. Singapore, Malaysia and the Philippines, 
including companies registered in London or 
elsewhere which.operate in this area, but there is the 


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

You will be allocated units to the full value of your 
remittance at the offer price ruling on receipt of your 
application. The minimum initial purchase is £250. 

On. 26th October 1978 the unit offer price was 
50. 4p, giving an estimated gross startingyieldof 
1.49% p.a.- 

If you require further information please consult 
your usual adviser or Customer Services at the 
address below. 

Units in the fund may also he acquired on a 
Tegular monthly basis. For further details complete 
and return the coupon below, ticking the appropriate 
box. 



-* GENERAL INFORMATION 


WOTOflE Uily- However, »n i-jivyugiiAJ 1.11 luui*v-<iwc-' .■iwuiawa 

ragerw th» risJit t-i wispond pruw quoinuuns pending Urfir 
jn: valuation- Frires nnd ibe yield are juried in ttoe lending newa- 
papera. Unit ceru&mLc-s will mmwllr lie foimidid Mlbio 14 days. 


Wf L < ‘-.i ' 

„ -jfa fi • '4 l« nnlta. Uni La may normally be bought and nofel on any 

# Lw mrUnK to. However, w <irara«UMBtlKtluiniiiM 

Sir. 

" e v . 

SeUlnff units. The Manners unll normally 1n»V bock uoiLa torn 
XBftKtcroci hold o/0. free or coainu&dkm. ai not less than tb* bid prkn 
calculated on the day your iru-tractlons am received, in accordance 
with ci formula approved by ihv Department uTTradc. They may 
m\ so be tack through an nuxhoriM»d agent who is entitled lo 

charfte commission. Payment Is normally made within seven days 
of our recei vine renounced certiflcafW^. 


Application for a lump-sum purchase of 

SOUTH EAST ASIA GROWTH FUND UNITS 

To: Save & Prosper Securities Limited. 4 Great St. Helens. London EC3P3EP- Tel: 01 -554 8899. 

ItatMrtwl l» EnotaLtd No, 780721. RtcUMit oAn u.hM. 


I wish to invest 


Sifegiunlf. The trurt n nutiiori»«J fey ib« Secretary oTStete. for 
Tnide. and is a 'widor-ransc' invfAment under Lb. Tnwi* 
lavertnwnto Act 196]. Thr Trvrtoe u! Banlf oTScoU^ul who hold* 
tbetiito to the trust's investment, on behalf of the umtholden. 


Chorees- The offer nricr cvmnll.r, intrludce an initial apfai 


,mUn Ki aid qualified insurance broker? on applications 

bearing tbsir stamp. In addition, a half-yearly charge, out which 
Menac 6rs ' mepensa end Tmntee’e foue oro met. is deducted from Lhe 
trust's assets. The charge is currently lS.7fig per XlOOoo which Sti 
VAT Is payable, staking n tots] aadKctwa ofa&asppw £1 fisf, Tbcse 
charoes nre the nu u utaum currently allowed by the Bspartnirpl of 
Tistk. However. iwbCAtiOO has been made by the Unit Trust 
AvodadoB fijrflwpemlttedtesd efdunpsUo be increased. Xtuun 
appltatlicBi is granted, umtholden fat the (bail will be asked to 
approve the anffopnatemerease. 


in South East Asia- Growth .Fund (minimum initial 
invesmierrt £250, £50 for subsequent purchases). I 
enclose a cheque made payable, jo Save & Prosper 
Securities Limited. 


J declare that I am over 18 sod am not resident outside the UK or other 
Scheduled Tern tones and that I am not acouinna die above units es the. 
nominee or any person outride these Temtoriss. 

If you ere unable to malic ihe residential declaration it should be deleted 
and the form lodged through your UK bank, stockbroker or solicitor. This 
Offer is not available to residents of the Republic of Ireland. 


Signature 


Date 


(Mf/Mrs/Miss) 
first Name(s) •. 

'B LOCK LBnERBFCEASF 
Surname 


If you would like distributions 
ai income to be reinvested 
further units please tick here. 


If you would like details of our 
Share Exchange Plan pleas* 
tick hers. * 


?* r~\ 

? I_l 

□ 


AGENTS STAMP 


4M/FTJS 


Address 


If you would like details of our 
regular savings plans please 
tick hers. 


□ 


0 


rmy tmrt. Diobabuffona of net income, an made on 30th Jan* each 
rt artiiw to cm to autoauffcaQyzwnvBEbsd m 

-units! 


Mutagen. Sara & rasper smgbdbw «™»t* “Kgs? 
UnSSortAaeodathin), 4 Great St. Loudon BC3P3BP. 


Sere & Prosper SecnriWef Maoderrftto 


SAVE & PROSPER GROUP 



Agents face 
Commission 
slow-down 


DOES THE insurance industry’s 
practice of paying the bulk of 
a salesman’s commission in the 
first year nf a lire pnlicj' Foster 
high-pressure selling? That is 
the question that underlies 
criticism levelled Inst week by 
the Office of Fair Tradin'/ 
asainst the industry’s record 
on the number of polices 
surrendered each year. The 
Director nf Fair Trading. Gordon 
Borrie. called on the industry to 
‘‘look hard at the commission 
system to see if it could be 
adjusted further so that 
customers set more impartial 
advice.” 

He said that on the industry's 
own figures about one-third nf 
all policies are surrendered 
before time and in the case of 
some companies the proportion 
is more than 50 per cent. 

Further enquiries to the OFT 
this week shnwed that it is more 
or less satisfied with the com- 
mission scales paid to insurance 
brokers, which were adjusted 


LIFE POLICIES 


ERIC SHORT 


two years ago to remove nr at 
least reduce sources of abuse. 
It is also satisfied with the new 
regulations for the control of 
insurance brokers. 

But rhe fiFT is not satisfied 
with the lack of control over lifo 
companies’ direet sales staff, 
whose commission arranvemenN 
in manv cases remain nn- 
reformed. Here it feels that 
There is room for chanses to 
avoid the quick kill type of 
sales, by spreading the initial 
commission over. say. five years 
The Life Offices Association 
should take heed of this sue 
gestion since. aIthou°h the 
surrender figures the OFT used 
are incomplete, there is little 
doubt that high pressure sates 
manship must damage thi 1 
: ndustry. The Department of 
Trade has been pursuing this 
same line with the LOA, which 
up tu nuw has adupted an air 
that all is well. The OFT states 
quite categorically that front 
rhe complaints it receives all is 
not well. 

But one word of advice to 
the OFT. If it analyses the 
source of complaints closely, it 
will most likely find that the 
main offenders are the sales 
forces of life companies that 
are not members of the LOA. 
And if the experience nf the 
Prudential, the Pearl and the 
Co-operative are anything to go 
by any proposed change in com- 
mission is likely to be. strongly 
resisted by the field staff them- 
selves. These companies, mem- 
bers of the LOA, wanted to 
.‘hange the commission style for 
Geld staff on to the LOA basis 
for brokers. 

It took a long time and a hard 
atrugste to implement the 
change. 


Rise in Gross Domestic Product. 1969-76 

+23% 

+64% 

+53% 

+56% 

+50% 

+S2"* 



I uk I +15% 

I u s A 1 +18% 


Their stockmarkets are doing better, too... 



Rise in Indices, 12 months to 2 2 nd Oct 1978 

+ 22 % 

+ 54% 

+ 16% 

+ 47% 

+40% 

n - 5% u 

Q +4% USA 


Which is part of the reason why the Allied 
Hambro Pacific Fund is doing so well... 


% 

.’Out 

iiK> 

I8n 

17*. 

16") 

150' 

140 

U0 

1.-0 

lUi 

100 


PAaFlCP-'IHO PERFORMANCE SINCE LAUNCH 

.1**1 1v'« li.U 

on o»er prices 


A 


f 




if '<• 


...but only part. The other i? the experience and 
expertise of Allied Hambro. the unit trust arm of 
Britain’s largest merchant banl;. 

The. strength of the Yen has made i t s con t ri l:»u tit i n 

also. 

This is a good time to invest in the Fund. In the 
opinion of the Managers, the prospects of long term 
capital growth in the Pacific region are* excellent. 

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

Investment in a unit trust should be regarded as 
long term. 

To invest simply fill in the coupon and send it to 
us with your cheque. 

A final point. If you have any d» mbts a bout thi s 
investment, ask your broker or other professional 
adviser. 

He will tell you that few unit trust groups can 
match Allied Hambro for its Far Eastern expertise. 

He will also explain the fundamental investment 
factors which make the Pacific area so attractive today. 


Units will be allocated at the offer price ruling on 
receipt of your application. For your guidance, 
on 23rd October 1978 at an offer price of 53.3p 
per unit the gross estimated yield was 1.8“ 


-n. 


1. TheTrusii&aiiltariMd fey ih* Secretary ol Stale lor Trade and d constituted by .i f'uM Deed 
dated 31&I December. 1975 It is a 'Wider -Range" investment under [heTrusiee Investments 
Act 1961. 

2. Net i ncome is not distributed, but is accumulated as pert ol the Fund The Managers Annual 
Report, logelher nvilhaTai Voucher, is sent to Unn holders on 15ih February. An annual leeol 
3/Bthaot 1% (plus VJLT I ol the value ol the Fund is deducted Irom gross income to meet 
management expenses (including me Trustee's lee). 

3. The Trust Dnad empowers the Managers, lo include an inriial service chnrgeo! 5*. in thccrfler 
price, oul ol which is paid a commission of !!• %on orders received thiougtt rocogmaed agents. 

4. You may sell all or patrol your unit holding back TO the Managers at not lese than the bid price. 

calculated lo a formula approved by the Department of Trad a ruling on receipt of your 

insiructinns. You will bo sent a cheque in uttlenunl within seven business days of receipt by the 
Managers of your renounced unit certificate 

5 Managers: HambrosUniL Trusl Mamnufs L>miiiri iMunbu at ir><.-U"il Tiu.,t A.soc>ul-(-ri 
Hambro House. Rayleigti Raid. Hulior,. bi t nt.su ad . Esre* CWI'IM Ici.-piva Sroumouii 
fflT* 7 7 I 2114 Tnrtf T hr* huv^i Rrift 


(02 77) JIMS'?. Trusl n o - The huy^t BnnL at Stull and London Trur.tv* C.mtpan 


Applications will be acknowledged, and certificates will 
be posted within 6 weeks of receipt of your application. 

All irr\ T 

r 1 1™ -^'RE t?s Sim SIDE" 


l./We wish to invest 


{minimum £500] 


in Allied Hambro Pacific Fund at the offer price ruling on receipt 
of this application and enclose a cheque pa viable to Hambros 
Bank Limited for that amount. 

To: Hambros Unit Trust Managers Limited, Hambro House, 
Rayleigh Rd„ Hutton. Brentwood, Essex CM13 1AA. Telephone 
orders to (Ol) 588 2S51 or Brentwood (0277) 211459. 


REGISTERED IN ENGLAND Nl>. 090308. Regr;.teiL-d 0<l ice 51 SistiDpsoaie, 
London EC3 


(BLOCK. CA FT IALS PLEASE; 


TITLE. MR, MRS. MISS 

FIRST FORENAME 

OTHta INITIALS 

SURNAME 

.. _ 

ADDRESS 





TOWN 

COUNTY POSTAL CODE 


I/We declare that 1 am. 'wo are not rusident outside ihe Scheduled Terri tones and that 
1 am.' we are not acquiring the units as thonominaefsl ol any personLM recidenr 
1 h0M! nwrilonas f/' vou are onabie to make tbs tiackrat’an ns/iauh/lf 
dtfetetfjnart# form tutjeo lltiuugn your Bank. Sfockb/ote, or SoAcitor II am over 


Signature (s) 

In thecase of joint applicants, all must sign. 


t 


Date 


N 


5 


D 


] 


Allied Hambro Pacific Fund 


— — to residents of the Republic at Ireland/ 


i 


















t 


CRA1GM0UNT NORTH AMERICAN TRUST 

A positive viewof investment 
in North America 


A Possessory title 




£Y OUR LEOAL STAFF 


■This new Trust aims to provide UK 
- investors with. capital growth through 
carefully selected stocks in North American 
stock markets, using piov en financing 
methods. 

The reasons why 

Although it is possible that further 
•weakness could develop over the short term, 
Craiemount strongly believes that current 
marketlevsJsinNorth America offer 
substantial opportunities for the following 
reasons: 

© The doDai/sterHng rate has faDen to over 

two dollars to the pound We believe the dollar s 
decline is eicessi ve beca use: 

0 The US economy will be shmrinr slower 
growth over the balance of ID7S and into 1979. ' 

Therefore, as European and Far Eastern 
economies expand, relative American inflation 
is likely to i mprove. 

©The unprecedented number of takeove rs 
both from inside and outside America shows 
how cheap US share prices, in dollar terms, 
have become. 

<3 The trend of the US balance of payments 
is cl eariy favn arable bs sed on the enhanced 
cost competitiveness of American industry. 

In addition: 

© After the sharply lower prices of last 
week, US markets are at very favourable 
levels, when compared with previous 
price/eamings multiples and dividend yields. 

9 Popular opinion in the US appears to be 
moving towards a more conservative approach, 
to taxation: the miaou of capital gains tax as 
announced by the Senate last week, and 
Pro position LZ (cutting taxes l in. California. 

The right financing package 

The balance of dollar premium and loan, 
components of the Trust will be regularly 
reviewed sothat the unit price reflects portfolio 
performance as closely as possible. The gross 
yield is cow estimated at 2.2V 

You should remember that the price of 


imfoandtheixuramefro^ 

■swell as up. You should re^rd your 
investment as a long term one. * 

Expert management 

The Executive Directors of Craipnount 
through a widespread network of professional 
advisers, have immediate and comprehensive 
information on US and Canadian markets, 
economic trends and company performance. 
They also have long experience of fund 
management mNorth America. 

How to invest 

The minimum initial investment in the 
Trust is £1.000. You can buy units by 
completing the application form and sending it 
with your cheque for the arnountyou wish to 
Invest. You will be allocated units at the price 
ruling when, your application is received. We 
will send you a contract note within a few days 
tellirfcyoa the number and price of units 
allocated. You can normally expect to receive 
the certificate -within a month of purchase. 

Other information 

Dirtribu dons of net income «4U be made half 
ypariy on 30tta .\pril aixi 31st October. First 
distribution will be on 30tfa April Vfi9. 

Units may be bought and 3 nld at the prevailing 
oBer and bid prices, and yield, which are published 
daily in leading nev.-apaperf* under normal 
e irarrostanr gs. The offer price of units iroimjff. an 
■initial charge of 5'1. An annual management charge 
of-V^ of the vahie of the Tnjst is deducted 

horn tire gross income. 

To seQ your units, simply return your certificate 
endorsed on the bar k. You will n?c®ve your money 
not later than 7 day* after the Stock Exchange 
Account Day-relevant to the period during which the 
units are sold. 

The management company is Craigmount Unit 
Trust Managers. a member of the Unit lYiwt 
Association. Commission of m% will be paid to 
recognised agents. The Bank of Scotland, 

The Mound. Edinburgh is the Trustee. 

Registered office: Craigmount Unit TVast 
Managers Limited. 6 th Floor, St MaiJinsHoyse, 

13 St. \ lartins-l e- Grand, London EC3A4EP. 


I am interested in acquiring a numerous aliquot scares e-Z- 


remove the fastening #; •• 

and be prepared to patch upany- ... ■; . ; - . 

consequent toagto *e 

If it is again affixed to ywt s 

property yon can .apply to. the A.iwirtSagor Idslrtw; 
County Court • andTo^eipsJtQs awrtga# to * 

U> restrain tn : font mflurfiv wbh.inliimt rm . 


FINANCE AND Avoiding a 
THE FAMILY 50% band 


nearby property which has 2.000. A number of those shares - - ... 

lain dereUet for over 30 years which will fall within the FIN AN VC. AMI# 
and whose owner is unknown. annual exemption on a current • 

The property was apparently valuation of the house hi each TUr FAMILY. - 
built without permission so year can then be assigned to 
there is no planning record, and the donee year by year — or at 
as it was never completed, regular intervals of more than 
rates have never been paid. a year. This system does not ■ 

What should I do? preclude 3 lability to capital coming into effect you would 

Your only course is to carryout sains tax where relevant be entitled to -hare your mort- 
overt acts which are compatible 2 ase redeemed out -of the 

only with your ownership of >T>t J— J *„ _ compensation moneys (pro rata 

the land— completing the I WUgltlg :f part only of the mortgaged 

building is the most effective, j property is compulsorily pur- 

but cultivating the land lif the QT uCCuS chased), 

plot is not entirely built on) is J # ' ' 

another. In any case the plot I have signed an agreement A f^CnfUCQ.1 
must be carefully fenced and which gives me the option ** *" * *'*^ 

no unauthorised entry onto it. or to buy a smallholding at some f V j* vn/IS ,r, 
any part of it, allowed. Then future date to be agreed. IrtZal/U&o 


local jrafhorHywUfc .interest up 
to Anghstil, aud datbfiniate - 
a dheque for the amount - - 
required totwi^em the njort* 7 
gageupio August 31 was sent . 
to the k^ autharit>’r 


coming into effect yea would “^aTing^ua te :• 
be entitled to -have your mort- chaoses m capital ■ 

sase redeemed out -of the “? lcgis i a tioi. aUewto* 
compensation moneys (pro rau 3J: fitst £ 5,000 of gains in any 
:f part only of the mortgaged reduce* rates, I l 


I have a second honsenjr which the k^ autharits - - ’ 

I would have a pro«« ■ . . The rfteque is recelved by the 
approximately £ 10,000 on a oa[e. local- «ribortty €& : Septembtf l, 
I wish to dispose of this _ . who no^ daiia ^further - 

shortly, and. having regard w njonUi»s farterest— ieihis a valhj 
the recent changes fuj»Pttol - cJahairi view olthe f lowjng ; 
gains tax legislation allowing (a) aLlettevls deemed topassx 
r, . ex iino nf <ram« in anv . - a a,- 


■i tk 


r . tax rear at reaucea riuv»r * 

property is compulsorily pur- ^ t0 selI a proportion to the 


chased). 


swu as it* posted 

offlce. (h) lrit«arc^ sfehW Be ■ 

ealculated^fporo day -ia jay on a 


any part of it, allowed. Then future date to be agreed, 
you would have to wait the full Meantime I have a mortgage 
12 years for a possessory title, on the property in return 
One source of information fora loan. Do the documents 
which you might not have involved go to a central office? 


trespass 


T.wideh was the 


pursued already is through title if not. where? What would 
redemption — an application for happen If the local authority 
a search of the tithe map might compulsorily purchased 
yield a past owner's naxue. some of the land? 


I have a right of way 
over my neighbour's land.' ' 
The owner has a dilapidated 
five-barred gate which be has ' 
been leaving leaning back 
against my boundary “ 
railings and hedge, making my 
right of way less commodious. 


It is not wholly clear from your \ n ®? ! my neighbour has 

A nnnrtrnmntr met lettCT ve assum * ** some m3U,ner 

Apportions cost to* n la ^‘® s 

of service s * the dee d y would SSfilttSSR. ** 



i watt 




APPLICATION FORM . 

To: Cr ai gmcrnnl Unit TVtist Mans * bm limited. 9*10 Foster Lane, London EC2V 6 HB.TeU U-CMSUL 
Registered in England number 138825ft. 


I.T.V eridc*c p f minyma n mi njl investment. 

£L f jQ0 1 for inrxHtraentiii Craigmount North AmricanTrust 
a? the price rurreru onrc«iptofthixappJt«hnn. Vmiwill 
r»..-®r.-cacontnict ,iotc wh hln i few dj> sho^tnsihe 
r.’Jraberof am - jand the price reitrvan: to -.his applies tioc. 


Surmics (MriMrsCvIbo). 


BLOCK CA 


J We dc-da re that I tmAreare not resident outside the 
Schpriulea Territories and that! am.’weara notaequumg’ 
the units an the nominees; oT any peraon( 8 ) resident outsido - 
ihesMTerritQri«/C , .«kuare vrjsbU tnrsakcthM \todarttfwn. 
if Jttuldbetie'.eled nr*i the form lod&dthrougiiiourBanii, 
X'jKnbrnkvrorSoliaior). I jnvweare o' , or IS. 

{ rvrjaint appucationK ail part ;<■;* shoulduign.) 


Is there any yardstick for h, k h , .T 

apportioning the outlays on ofRce , but ^ould be held by 

services to shops, offices and - v ° u <or a solicitor acting as 

tenants in large blocks of flats. ?our »*“«• lf >» a 
La one large block the ^age all the title deeds should 

proportions appear to be. in a l so oe lodged with you or your 

round figures, 3 1 per cent, 50 per agent. The mortgagor (bor- 

cent and 99 per cent based on rower) should retain only a 

rateable values. The landlords copy of the mortgage deed. On 

refuse to justify the situation -a compulsory purchase order’s 

and years ago they banned 

formation of a tenants’ - ' 

committee. What can one do 

please? Y ' T 

There is no such yardstick as . • M . ^ M 

you suggest. Proportions based - M Bgii §* 

on rateable values -or on square pf Vx m mr' 

footage are often used. As the 

figure you cite exceed 100 per _ 

cent we cannot follow how they ^HE PRIVATE sector in edu- 


;r ™ “ move the gate Without 

s \ < he ™>rtgaie deed would daBwin g ftu, 0 ™er to cut 
not be lodged at any central ^ 

office hut should be held by ” 4 s^d?y“u 

you (or your solicitor acting as advise* M 9 

your agent). IF it is a first tnort- u ^ ^ u stm open we 
gage all the title deeds should doubt if you could complain of 


current tax year ^ ; 
balance in the subsequent tax . society*. fu> 4h ei date to redeem ' 

yt M a house is not a dirisaWe ■; 

object, would you please advise was tte 

^^toejnechanlcs for 

achieving this . • bank the tfceqpe &Kd have - 

One possible way to avoid tl?e fhpTrifewg -,paw «a:w« ibng Df •' • 

30 per cent COT bod At* - - ' 

chargeable gains from ££.001 to . ■*, - : 

£9,500 in 1978-79) might be to • UBfmrfua at^y^ 3yu ~~da V?t set 

rontract to sell a batf4nterest 

in the house, so that you and mrt 6 ei?iy rise to .tbe 
Mr. X (the ■ prospective . pur- .rejwiptlw. If there fs- aodrtng 
chaser) would become tenants £ t hat :P wregyretoce j to y ay 4 
in common, rather than joint * 5 ® mortgage, -you 

tenants, provided that that suite ■ shonlfl^^lookr- to. t^e * mortage. 
Mr. X. . . ... dMtt ; .provistero as to - 

This is not a suitable area for] .point - 

do-it-yourself tas avoidance, w*h ! -ottv the -terras : - 
and we recommend you to. seek deed; and w.., 

professi onal guidance. Self- thmk that your points fa) 
help mav prove a false economy .r 411 ^, M do not- correctly- state. 
. ; .r ■ the. position, in law: .. The local ' 

No fejol 


aiso be lodged with you or your it as an obstruction to your by position; techhicaliy to pursue 

agent. The mortgagor (bor- right of way. There is however ? or ^,e answers givery - tn tfiese lt 5 . Claim, in which case ‘ you , 


rower) should retain only a a technical trespass to your co /u/nns. 
copy of the mortgage deed. On property if the gate was not answered 
a compulsory purchase order’s previously fastened to your passii/e. 


inquiries .'wm be might deri\j more benefiffrom : . 
post -as . soon as political than from legal agita- 
tioil. - ■ ?! 


Independent attitudes survive 


;:IN5sO 


arise. The landlords have no catioa is still flourishing having 
power to prevent the tenants survived more or Jess intact the 
forming an association. severe inflationary conditions 


ITrstNicaoa.. 


Signature^)- 


Giving away 
a house 




FTB280 

Date 

This qffariarwtmmUjbktorcaiiimtaof the Republicof 
IrdnruL 


Would you, please advise me of 
the best way to give away 
some of the equity of a boose 


EDUCATION 


ERIC SHORT 


23 mi 


THE PRIVATE sector in edu- snalysis is very miriaaijiag and of discipline, its 'use Jbr Axkoty . 

cation is still flourishing having in danger of misinterpretation, experiments .in «Krtel-^ngme»- - 

survived more or Jess intact the EDUCATION The capital shown should only. flag .and' fean^. jjfl. Xeft-wing ^ 
severe inflationary conditions have covered capital-: that was political indoctriMtion. ' - 

of a few years ago Yet it is ERIC SHORT readily an d easily avaflahle,' One can 'alwasFacfclMB suSi : J 

SC'SPt&.’ISS mmmmmmmmm 

r?eh Ci and” Sn?thc ,r sole f «ason h h Fj nally. the survey , showed educational' sceS?^ 

tefhaJinEoriv^re schooi - faw n S u^Using any t he extent of financial help from half the persons jn'thftSample* 

□ure snobbe^ «P»® available The school other members of the family, as stated that they 

Though this is undoubtedly tee ? laaners have devised per the table. This is obviously considered eoiript^ben^. 
true income cases, it is nottim !f« t rs ? t> ‘ pes + of sc ^” es ; 1 ® ““ ? ^ry important factor inmeet-cation 
general picture. The Private 


without incarring any penalties T ptor ptfended well hemnd Bat what has n0 ‘ been knowfl annual payments or lump sum sidered ' 

other than the tost thereof? sector exienoea wen oeyona ic hmu ; nn»- 


omcr uxmi u«: com umoi.- Etofl| Harrow and a few other “ /‘T e ^ ensi ^ ■ « 
The method which we have sug- well known, names. But very 5. a * I, * a resources. Thi 
gested in the pas*, is to create a little research" has been under- surve - v ,56ows toat 


are these: gifts. The average annual "help above avera^XbBH^aehfinilw: ' - 
The Howard was £730 and lump stun . pay- sChoPL * m 
hat capital; ments averaged. £952, ....... . . : This ^ survey. , 


trust for sale of the house, div- taken to -present a . more Why. do families want private^ up. sucji int«i^®a^;re«ul|^ii 

iding the equitable interest into realistic picture, of the private -???- u r ,ns the fen ¥f y .r t ]“ ,e - ^.education? Heredits^playt an by. no meaais tpor : 

' [educational sector, who uses it amnunt available was ^p or tant part In nearly 50 does it give - : 

and for what reasons. --io.o&s. But thif figure has to p >» r cen t 6 f cases, both parents complete, pictiire. : -Siiice7it. is ... 

The Independent Schools he jeated^withfaution. "when been ptiyately educated, drawn.-. fisrfuaiv^/froiD -clienta . 
Information Service (ISIS) two °P IJt fiv ® ^^ones, 38 per and in only 17,4 per cent had of C. Howard,' ft. awerejfeiws 
years ago inaugurated a pilot ? ai Pf Te had less than neither parent received private .. 

survey in two cities— Man- - 10.000 available ana., a further education... The survey then^fees unkrffl pJSipodrin advance, .,; 
Chester and Bristol — with their cent had no capital at all. asked parents the main reasons A • bnjy - ' 

suburban and adjacent rural The average figure was in- for wanting private education- he obtSDed uby; sampling- aU 

surrounds. These limited results flated from the effect of the over Not unexpectedly, die. answers parent* " 


- '■ ... ■ 

J^EFRGM HENDERSON 



mmmmrw*. 




INTEREST IN\TiSi:ORS 


groups made use of -the indepen- 
dent sector for the education of 
their children. Last week, lead- 
ing school fee specialists C 


farms. 


i of family business and through all these answers is a to ask the qacstioh^^l^e .the ' ' 
In this respect the fear of the State system^ its lack answers anipnbh^LSidrejfui ts. “ 







♦ 

i 


Trust 


Howard and Partners took this I 
exercise quite a bit further by 
producing the first ever profile 
of the modern . • fee-paying 
parent by surveying a sample of 
clients on the books. 

We all know that private 
education Is expensive— the 


Series A ~ LIMITED OFFER 

THE IDEAL GUARANTEED INCOME BOND 

9 (17 . Per Annum tax-free for 4 YEARS payable half-yearly : "-t? 
/lj equivalent to 13^% pa. gross to basic rate taxpayers „ 
' U GIVES YOU FOUR SEPARATE GUARANTEES 


me ii 

9 % 



Income and Growth 
Prospects 

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

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

The new Cabot Preference & p 
Gilt Trust Is designed to take advantage a> 
of these opportunities. n 

The New Cabot Trust 2 

The Cabot Preference & Gilt Trust is b 
designed to provide a high income from a o 
wide selection of preference shares and p 
British Government securities. In order t 
to obtain consistently high income most T 
of the portfolio is invested in preference I 
shares but the. proportions between these I 
holdings and Government securities will C 
be varied at the Managers’ discretion. A 
The mjtial intention is to invest approxi- n 
mately 93 % in preference shares and o 
7 % in gilt edged securities. -- - - - h 

The Case for a Preference J 

and Gilt Trust . r 

Preference shares provide the oppor- ■ 
ttmity of high income as they -have-prior - 1 
claim on both income .and capital before 1 
payment to ordiriarv'charchblcfers. They ■ 
also offer greater stability and protection L 
which enables the Managers ro offer a K 
consistently high income to unit holders, fl 

Government securities also provide B 
high income but interest received from fi 
this source is subject to corporation tax at || 
a disadvantageous rate to unitholders.. K 
when compared with direct investment in r 
these, securities.. In vestm«nt-in gih-fidged - • jh 
securities is accordingly smalh _ 5 

TJic Managers have discretion to I 
vary the proportion and may do so should • | • 
taxation laws change. . j 

Quarterly Income Payments i 

Thure are many investors today who want - 
a high and regular income. Ttascnbutions ( 
■will, therefore, be made once * quarter on | 
February istj Alay ist, August istj | 

T1. A " "" "" ■ 



0/ 

/o 


Henderson Administration cur- 
rently manage funds in excess of £30000. 
including the range of Henderson Unit 
Trusts. 


PER ANNUM 

Estimated, current gross yield 

PAID QUARTERLY 


VThere unit holders require greater 
prospects of capital growth, this can be 
achieved by coupling an investment in the 
new trust with Cabot Extra Income Unit 
Trust which is wholly invested in ordinary 
shares and with exactly the same distri- 
bution 'dates. For further information 
consult your investment adviser or tele- 
phone Peter Pearson Luud at Henderson 
Unit Trust Manag em ent Ltd. 01-388 3623 , 


To Buy Units 

Please remember that any unit mat invest - 
- went should be regarded as long term. 

The price of tatiu and the income 
from them can go down as well as up. 

• To invest in Cabot Preference &* 
Gilt Trust at the current offer price of $t.ip 
simply return the application form below 
zsith your remittance either direct or 
through your professional adviser. This 
offer closes on November 3rd or earlier if 
the offer price varies by more than rV%, 


ADDITIONAL INFORMATION 


Investments in Cabot ^ Preference Sc 

Gilt Trust are managed by Henderson 
Administrations an investment manage- 
ment company established in the City for 
over 40 years. The Managers, therefore, 
• have developed a wide range of contacts 
with stockbrokers and other financial 
institutions over this long period. 


Unus will be available after the offer doses at tbe nor- 
ms! daily price, 

Unit Price; and Yield are published daily in leading 
newspapers. 

Commission of ii?i will t>e paid to recognised agents. 
An initial charge of j?o is induded in die offer price. 
Ak animal charge of I % { pha VAT) Of tbe vahie of the 
tntae is deducted Atm gross income to cover adorn- 
is traewt costs. 

ContracrooceswiD be issued and unit certificates vitlbe 
forwarded wnbiB six weeks of payment. 

To ncDnnlo,cad o» gffonrnntt certificate mvIfaT^ irtft 
the Managers. Payment will normally be made whan 
* oca tiurkiag days. 

Trustee WiPiexss & Glyn’j Bank Limited. 

Managers Henderson Unit Trust .Masuement 
Limited, 11 Austin Friars, London P.Q-N 
(Registered Office). Reg. No. 856*63. 


1 TABLE 1 


I Families reducing expenditure— 

I S2.6 per cent of the sample 

Method of reduction 

% applicable 

Holiday/Travel 

89 

Entertainment . . 

*7 

Home Improvements 

56 

Clothing 

55 

Car 

47 

Smoking/Drinking 

31 

Food 

T5 

TABLE 2 


I Families increasing income — 

I 39.1 per cent of the sample 

Method of increase 

% applicable 

Wife working 

74.1 

Freelance/Second job 

3«.9 

Lodgers 

20.4 

Others 

5J5 

TABLE 3 


Families receiving outside help— 

2 ? per cent of the sample 

Source 

% applicable 

Grandparents 

85.0 

Family Trusts 

2TS 

Godparents 

2-5 

Other relatives 

IS 


The ideal investment for persons of all ages up to 85 years to secure a guaranteed income without 
risks at a time when [merest rates are fluctuating and inflation is stilt at a higij - level. 


1. GUARANTEED PERIOD 


Your Bond is Initially GUARANTEED fora tern) 
of 4 years. 


CONTINUATION OPTION 


GUARANTEE OF INCOME 

You* Bond will provide a GUARANTEED IN- 
COME of Q% p.a. during the initial 4 year 
term. Your income will- be paid half-yearly 


At the end-of the. lnJcfal-4 year.term, the.Corhpany 3 
will be pleased t» p rovide- attractive ternis for the 
continuation of your investment at guaranteed rates 
that reflect market conditions at: that time.. 


comencing six months from the date of issue 
of the Bond. 


3. GUARANTEED RETURN OF CAPITAL 

At the completion of the Initial Guarantee 
. Period above, the Company will provide you 
with a GUARANTEED RETURN of your original 
investment in full plus any uncashed Additions. 

4. GUARANTEED DEATH BENEFIT 


As your Bond Is a Whole of Life Policy, the 
Company will provide a GUARANTEED DEATH 
BENEFIT equal to your original investment, in 
the event of your premature death during, rhe 
initial 4 year term, plus any uncashed Additions, 


taxation 

Under curren legislation. It- fs she. Ideal Insurance 
Company’s- understanding that there i's : no liability 
to tax arising from the- Bon'd for Standard Rate 
taxpayers and those who are not liable to . the 
Investment Income Surcharge. Higher Rate 
taxpayers may have their liability to tax reduced, 
deferred or .apportioned; but are advised to consult 
their insurance Broker or Professional 'Adviser. 

LIMITED OFFER , /-'V ' • 

Rates quoted for your Bond are- made possible by 
the yield obtainable by tbe- )de*l Insurance Cc. 
Ltd. The Company reserves the right- to discontinue 
or revise the terms quoted in 'the light- of future 
investment conditions. 


fr: 


I V 


jj^ Tot HcadersoA Unit Trust Management LttL, Dealing Depty"! 
- s Rayleigh Bd,E[qnon, Brentwood, Essex CM 1 3 lAA. 01-5883623 ! 


Kd&nraKy wish, to buy- — units ia Cabot - 

Prrferra« & Gilt Trust at the fixed price of s 1 . ip SHARE EXCHANGE 
nSnMffiy per unit i minimum Initial ia vestment 1,000 units;. SCHEME 

l,VTc enclose a remittance of £ .. . ..payable to: Oar Share Exchange 

Henderson Unit Trust Mamgeraent Ltd. After the close Scheme piwidea a 
tygPjf of this offer units will be available at the daily quoted price. | avou P^ e . pPpottunity 

& Surname Mr. /Mrs. -Aires Tmst,Fot details please 

' Btooc cStFjSS ' ■ — wk box or telephone 

Christian or Firat NameW __ 

Manager on ~ | 
01 - 5883622 . L 


Address 


A member of the 'Unit 
Trust Association. 


l.'UTt decLue that I am/«e ere not resident outoide the Scheduled TcmtorTS 

and (hat I aaUwe arc not aoqoirins the unite ts the n«nun«4<i) «£ any penon<;y Tim offer is not eaaffiz&I* 
resident outside these Territoriet. so mioenu of ihe Republic 


Si^nacuretYj . 
ill iherc are;oini aij 


so mternu of the Republic 
of Intend. 


Henderson 



utiBNiB Unitlrust Management ™ /I U| 


FTsS/ib 


average level of school fees is 
now £3,032 per annum for 
major hoys boarding schools, 
£1.873 for the other boys board- 
ing and £937 for day pupils, 
with the average for girls’ 
schools being £1,678 boarding 
and £797. day. The Howard 
survey showed that families 
were paying out a yearly 
amount of £1.616 either in fees 
or in school fee plans. Uany 
of Howard’s' clients would be 
saving towards future school 
fees. 

The survey then investigates 
how parents aTe meeting the 
fees and the costs of saving 
towards them, remembering 
that fe& have to be paid out 
of after-tax income and the tax 
relief on life assurance plans is 
at present only J 6 i per cenL 
Well many families are doing 
this by reducing expenditure in 
other ways or increasing income 
or in some cases by both- 
methods. The tables show how 
this is being done. Private 
education is not exclusively for 
the rich. Many families not only 

are prepared to make financial 
sacrifices, they are actually 
making those sacrifices- 

Families can help to meet 


l. A . D P TIQ . NS . IMPORTANT NOTE .- . ■ . ■ - “ 

hI^W 0 ^ou Ce i^n ^g a ^L? 7 o? n i eed i* order’ tk*'- the id«L may offer' this high level 

Sf'i/ JL " £ for «••• -monte- to be/ of income, the Company must keep your money 

GUAl 5 NTES Se AmmoS? m t ent r *■}-*,. fann °. f fully Invested for four years, and for this reason 

CWURANTEED ADDITIONS to the Policy each it will not be possible to cash in your Bond before 

naif-year. t h * Option Date, In 4 years’ .tinTe. 

* The upper age limit is as high • os 85- years. so appfy now vrith confidence * 

.THAT'S' IDEAL - ' . . ' ' 


THE IDEAL INSURANCE CO. LTD. 
PITMASTON,- MOSELEY. BIRMINGHAM, 

&I3 8 NG. (Tel. 021-449 5151) 

I wish to invest in The Ideal Guaranteed Incpme 
Bond for an initial term of 4 years. I am over 
18 yean 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) 
GUARANTEED INCOME FACILITY 

Your Bond income wlil normally be! paid 
yearly by. cheque to the Address shown opposite. 
If you require it paid to your Bank or Building 
Society Account,, please complete the follow- 
ing;-^' ' 


SURNAME (Mr./Mrs./Miss) 
CHRISTIAN NAMES 


THE INCOMf IS TO BE PAID TO MY* 


ADDRES5 


A/c.No. 


NAME OF BANK/BtillDING SOOETr 


YOUR DATE OF BIRTH 

j wish to take advantage of the Guaranteed 
Income facility (delete if necessary).. 


ADDRESS 


AMOUNT OF INITIAL INVESTMENT t.i.. 

(Cheque enclosed) SIGNATURE 

SIGNATURE MIN. INVESTMENT 

THE IDEAL INSURANCE CO. LTD.. - - 1 ' " • S nSripha 

( Regrmred in England No. 26B300) “ • tip' to a .mteimqm 

Registered Office as above. 1." . • . ‘ of.^SBOO,. .- 




BROKERS/AGENl STAMP I 


■ in multiples of £I 0 &. 
' 6 p' to '.a-.mixlmqni 
of £25^00.. - 


/,*. Insddi type of - : u - • •. : .“ -t 

. ..A/C, CURRENT. DEPOSIT. Ere.-, • 


r ~'Y- 







Financial Times Saturday October 28 1978 


YOUR SAVINGS AND INVESTMENTS 3 


PENSION PLANS v .ENDOWMENTS 

•V k'hat >ou set for £10 a month net of Tax Relief* 

mated bcncfiK from a with-profil cudowment policy and 
T -. "jlumary pension rmicrl tuition plan. 


sc or 

ln\r«taicot 

term 

Endowment 

Pension 

tstor 

i ears 

policy 

(capital value) 

5a 

lit 

£2.133 

£2.137 

50 

15 


£6,241) 

. 45 

20 

£6.461 

£11.167 


Tax relief at 17} per cent on cndowmenl policy and at 33 per 
-Dl on pension plan, 
i iyrires provided h?i Equitable Lite. 


Think of 
the 

garden 


iigh- speed saving 
or the over-50s 

... VKING EXTRA contributions voluntary contribution method 
your company pension is the best means of doing it 
lemc is the most tax-efficient The figures in the accompany - 
: y l thod or savins available to ins table *.htm what an inves 
, »st investors. You invest in a tor could expect to receive [root 
:-exempt fund and the con- a leading life company— -Equ it- 
'hut io ns are eligible f.%r tax able Life — from it ^voluntary 
. icf at your top rate. So the contribution scheme compared 
" thcr your tax bracket. the with the alternative method of 
'■»r c efficient is this form nf savir.y through awilh-profit en 

- ^ ring. Thi- method's mlvan- downient contract 

;es are sull not widely apprr- In each case the investor is 
itcd by investors; but now saving £lh a month net of tax. 

* e insurance companies are h'p have assumed he will re 
' irtins a major effort ro puh- reive lax relief of 17 J per cent 

■ ise the idea, particularly on the endowment premiums — 
' long the ov<?r-50s. " the rate applicable from n*- 

Thc maximum benefits that a April — and the relief on the 

• mpany pension .scheme can voluntary contributions is 33 
ovide’are laid down by the P cr cent. The projected pay 
land Revenue. The most im- outs based on tit ecom- 
riant rules are that a maxi- Pony’s current bonus rates. 

'■ ini pension of two- thirds of The difference in return 
al salary can he paid after speaks for itself. Not only is 
ly ten years membership of a tbe investor paying a greater 

- heme: and the maximum fl r0!iS premium to the I.U* c°nv 
; lount of pension you tan take P fl ny for investment. The com 

a tax-free lump sum is pany passing on the benefit or 
owed to anyone with 20 years' investment in a tax-exempt 
"mbership. fund. This makes about 20 per 

~' v But the general practice of «"t difference over ten years 

30 per cent over J5 years and 


T/li 


PENSIONS 

ERIC SHORT 


nployers is to accumulate pen 
on at The rale of J/60lh for whole value of the fund as 


40 per cent over 20 years. 

But there are drawbacks. 
Once an investor has paid the 
contributions the money cannot 
be touched until he retires or 
until his death, if earlier. He 
cannot use it like a building 
society account. The investor 
may not be aleb to take the 

a 


,ch year of sen - ice. so that 
aximum pension can only be 
.itained after 40 years' service. 
..i all except tile youngest mem- 
. .*rs have scope to boost their 
?nsion by paying additional 
-jntTi buttons. 

Many pension schemes mem- 
»rs. however, are much more 
mcerned with the tax-free 
imp commutation than the 
■thsion. One major scheme has 
•ported that more than SO per 
mt of members take the com- 
titation option on retirement, 
ut there is a danger for some 
embers with insufficient 
•rvice. 

Consider Die case or a man 
ced 45 joining the pension 
heme. He will qualify for 20 
..“■ars* service at age 65. that is 
• pension of 20/60ths — one- 
.ird — of final salary. But he is 
lowe dthe maximum i-ommuta- 
on of one-and-a-half times finaJ 
Jaiy. and if he does this hits 
;nsion would be reduced from 
-e already inadequate one- 
^ird to one sixth. 

_ The Government's new rules 
r "guaranteed minimum pen- 
( oils” have been ignored. 

! For member who will not 
taJify for maximum pension, 
ere is a very strong case to 
■ made for making his own 
'vings towards this lump sum 
. -ailable at retirement. And the 


cash sum. It depends very much 
on whether the amount exceeds 
the limits Tor commutation. He 
will have t« take the balance as 
pension 

These schemes are intended 
for regular savings and once 
contributions start they should 
be kept up. It is a Revenue con 
ditidn that contributions should 
be paid for at least five years or 
until ' normal retirement ' if 
earlier. Overall contributions 
are limited to 15 per cent ; of 
salary, including what the mem-: 
ber already pays into The main 
company pension scheme. And 
the scheme has to be established 
by the employer. 

Most employers, even those 
with seif-administered schemes, 
prefer to provide voluntary 
contributions through a life 
company. It is administratively 
simpler and avoids the prob- 
lems of setting up a separate in- 
vestment fund. A bewildering 
variety of schemes is at present 
being marketed. 

Life companies do their best 
to explain hu utthese schemes 
work, but with varying degrees 
of success. Last week’s launch 
by Phoenix Assurance was not- 
able not only because it linked 
the cash return to mortgage 
rales, hut because rbe explana 
tnry booklets are the best I have 
yet seen. 


FAMILY BONDS 

INVEST IN GOVERNMENT 
STOCKS AND EQUITIES 

FREE OF TAX 

A ‘must’ For Every Eligible Husband And Wife 

The Family Assurance Society is 
completely exempt from income tax and 
capital gams tax. because it is a tax-exempt 
Friendly Society This gives 'the Society an 
advantage of about 40?6 over taxed funds. 

Tlie maximum investment allowed is £10 
a month or £120 a year (less tax relief) for 
those aged 4-4 and under, and Cll a month 
or £132 a year >. less tax relief) for those aged 
45 and over By law; it is oniy available to 
family men and women. 

If vou prefer, a lump sum of about 
£1.000 to £1,100 (depending on age) can 
fund your annual investment, at a discount 
oi about 25'"c- 

This is a unique unit-linked investment, 
but unit prices can fall as well as rise. 

However, the Society estimates that 
because the investment is tax-free, the value 
of units will be more than double the 
amount of net premiums paid over ten 
years. So far, it has performed much better 
than this. 

For further details,- please fill in the 
coupon below: 


Julian Gibbs Associates Limited. 

9 Manchester Square. London W1M SAB or 
telephone 01-46/ 4495. 

FTZS 



T4TV 

Home— L lI 


Tax Bab 

Date of Bath 



- 1 


journals and you will quickly have taken nut separate cover well. 

we that you cannot buy garden on them. Remember that the And do not forget to have a 
sheds or greenhouse** for £25 or fabric of such buildings is not look in your garden shed. Your 
£3D apiece as maybe you did insured under your contents ordinarv hand tools mav well 
way back in the early 1960s. policy. Normally, however, as stand you in at £100 or so. and 
Remember also that under a tenant, you can arrange for that is without considering such 
buildings insurance cover is pro- your contents insurers to extend larger items as the mower, 
vided for walls, fences and gates your content* policy to cover whether motorised or not 
(as well as For paths and drives any outbuildings which are garden roller, leaf weeper, and 
which am perhaps less yuscept- your own property. hedge cutter. Start to buy all 

iWe to normally insured perils). whether vou look at vour these new now and even if you 
U halever the materials used in bu n dings or* contents policies 50 carefl,ll >' you will not get 
their construction, these are trees . shrubs and pj^ , n ^ much change out of another 

TIMS IS Uic lime of year when repStP eXPenS ' VC 10 sarden are not normally covered 

gardeners are busy getting non- ^mng them altogether, even ^ 


hardy plants potted up and wlh a mod estly fenced and 
brought indoors nr put »n the 


So. householders with the luxury of 
for example, your geraniums. ? contents ** all risks " policy 


brought indoors nr put »n the tinned uarden vou mav hive ,ar r°» r geraniums. - 

greenhouse. And with inflation ^ u, PP ed - ou ma > have while they are flourishing m insurance you may find that 


bearing heavily on Hie cost of 
plants, gardening equipment, 
sheds and greenhouses no 
householder with any preten- 
sions to having a garden can 
afford to ignore any of these 
items when assessing suras 
insured. So before starling out 
today with the secateurs or 
lighting the bonfire it is worth to add £750 or more to your 


INSURANCE 

JOHN PHILIP 


your flowerbeds.' are not in- insurers have a positive exclu- 
su red. But the moment vou dig s i° n °f plants — so have a look 
them up. pot them up and put at your P° lic >' before valuing 
them in the greenhouse for the your s *°ck and deciding to in- 
winter months, they become, by c l ude lh e appropriate figure in 
normal definition, contents, and sura insured, 

are then insured against the fulJ ” i'** most people you have 
range of perils covered by your cov ?. r on fr against specified 
contents policy perils, remember that these are 

ir . such as fire, storm, theft, and 

If y u use „ our greenhouse so on jj your ca t c hes fire. 


having a look at some of the basic buildings estimate— and if for over-wintering a number of or a tree co ies dow ^ ^ a stonn 
puinis involved. your greenhouse, say. has in- tender or half-hardy plants for smashes your greenhouse 

Start first oF all with your built heating equipment then taking cuttings and so on in assuming you hold both build- 
buildings insurance and remem- you must think in much higher early spring you do need to j nps and* contents insurance you 

her i bat in addition to Ihe main terms. have a look at the price of 3 ] m0 st certainly have a good 

structure of your home your Incidentally, if you are the replacing your stock from a claim fur the replacement of 

policy covers what insurers call tenant occupier of your home. I oca 1 nurse ry and you do need buildings and their contents 

"outbuildings" — separate you may not have any buildings to cou#t this price in your total subject to the adequacy of your 

garages, greehouses. garden insurance at all. or may pariici- sum insured on contents. These sums insured. But if your green- 

sheds and so on. So when you pate with your landlord in the days even a moderately well house heating fails on a 7rosty 

arc calculating what should be insurance that he arranges, filled greenhouse may well night and you lose your stock 

your total sum insured you must Either way you will probably have £150 worth of plants at of plants, this, alas, is a risk 

include a proper amount for have no cover for any green- next spring's replacement prices, that you have to take yourself 
their replacement. Have a look houses or sheds that you your- particularly when you add in and not a loss for which you 
ai any of the weekly gardening self have installed, unless you the price of the flowerpots as -can expect insurers (o pay. 



your tax 


After five budgets in just over two years, do you 
really know if you’re receiving aU the tax concessions 
and allowances you’re entitled tor 

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 Roya! Trust's 
services need never fill in another tax form, and 
can rest assured that they're never E:ke.’y to pay 
the Inland Revenue a penny more than they ewe. 
All assessments will be automatically checked 
and all available reliefs claimed. 

Ring Bill Coid son orPieter kunz on 01-620 S252 (or 
alternatively, return the coupon below). We'll shun you 
how to save yourselfa lot of time and worn: 

And, possibly, a good deal of money as well. 


ROYALTRUST 

The Roya I Trust Company of Canada, 
54Jermyn .Street. London SWlYbNQ. 

Please send details of your sen ices t»y return, 
without obligation. 

Name 



Address. 


| FT2B, 10 j 



HIGH INCOME AND CAPITAL GRO 
DO YOUR PRESENT INVESTMENTS 

OFFER ENOUGH? 


I 


This summer, we talked individually to 200 
company directors, senior executives and self-employed 
people earning between £6,000 and £25,000 a year. 

We wanted to find out what personal investments 
they held; what these investments gave them; and how 
well they matched their expectations. 

The results were alarming. Most of the people we 
questioned were so busy doing their jobs, they simply 
■hHd nothad the time to organise the most effective 
investments fortheirneeds. 

Ourresearch shows clearly that you want your 
capital to grow, with a minimum of tax liability. You want 
to be able to get atyour money fast whenever you need 
iLFrequently, you also want a regular income from it- 
taxfree. 

The majority of people we spoke to, however.had 
money invested in ways that were so heavily taxed that 
thenet income was often negligible. In addition, many 
of the investments also held to seek capital growth 
required considerable skill and a good deal of time, 
which they could not afford, to manage successfully. 

On September 16th, the Financial Times wrote 
that Providence Capitol has "an impressive range of life 
arid pensions confracts" 

One of these is our Maximum Investment Bond 
linked to ourManaged Fund. 

It's an impressive contract 

_ ' We offer them to you as an investment that comes 
as dose as possible to, answering the needs of private 
investors who have anything from £500 to £50,000 or 
more to invest, already invested or on deposit 

HERES^ WHAT IT CAN OFFER. 

1 CAPITAL GROWTH 

The fundamental aim of the Managed Bond is to 
achieve capital growth by giving your money precisely 
the same quality and attention of investment 
management and opportunities provided to those with 
millions of pounds. 

2 TAX-FREE INCOME 

At any time, you can choose to withdraw up to 5°/6 
a year of your initial investment as income entirely free of 
any immediate tax liability. To basic rate tax payers this 
is equivalent to at least 7b% a year. To higher rate tax 
payers, it ca n be equivalent to twice that or more. 

3 INSTANT ACCESS TO YOCIR MONEY 
You can cash-in all or part of your investment 
wheneveryou want, as long as, in the case of partial • 
encashment, your investment does notfall below £500. 

4 Major tax benefits 

At no time will you ever have any capital gains or 
basic rate tax liability. Any liability to higher rate tax or 
investment income surcharge can only arise on 
encashment, on withdrawals above 5% a year or on 
death and only to people then liable to these taxes at 
that lime- All tax liability for higher rate payers may be 
avoided or reduced, therefore, by encashing when your 
otherincome is low. 

5 THE STRENGTH OF PROVIDENCE CAPITOL 
Behind your investment is the strength of 
Providence Capitol, a major life office, which 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 intemational.Gulfri- Western group, 
whose gross assets exceed £2,000,000,000. 

6 INVESTMENT BY BARING BROTHERS 
Baring Brothers is the oldest merchant bank in the- 
City of London. It is acknowledged internationally to be 
one of the leading investment houses in the countiy. It 



manages well over £1,000,000,000 of funds on behalf 
of major institutions and companies, pension funds and 
private individuals, and advises on the management of 
several times this amount again- Barings are Providence 
Capitol’s special fund managers investing your money. 

7 INVESTMENT SPREAD AND FLEXIBILITY 
The essence of our Ma naged Fund is its spread 
and flexibility. It invests your money in a combination of 
no less than five other funds covering property, GK 
equities, international investments, fixed interest and 
gilt-edged stocks and short-term deposits.The balance 
of this investment mix is altered continuously to reflect 
changing market conditions and opportunities. 

This is achieved through day-to-day active 
investment management by Baring Brothers' highly 
informed arid expert fund managers. 

This is how yourinvestment receives the same 
quality of investment service provided to those with 
millions of pounds. 

8 HOW YOCIR MONEY CAN GROW 

The tab! e shows howyour i nvestment 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. 


OTHER INFORMATION 

INVESTMENT CONTROL 

To giveyou control overyourinvestment 
Providence Capitol enables you to move your money 
between funds wheneveryou want There is only a 
small charge made for this important benefit full details 
of which are sent to you as soon as we receive your 
investment 
LOW CHARGES 

Providence Capitol makes one initial charge of5 a & 
plus a rounding adjustment at the time you invest and 
this is represented by the difference between the buying 
(offer) and selling (bid) prices of units in the Managed 
Fund Second, there is an annual management charge, 
maximum 1%, but currently only ? 4°/o, of the selling 
price of units. 

GUARANTEED LIFE COVER 

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. 

FULL INFORMATION 

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 
SHARE EXCHANGE 

For those with existing holdings of stocks and 
shares, Providence Capitol has a Share Exchange Plan 
which enables you to convert these holdings on 
favourable terms into our Managed Bonds. We will send 
you full details on request 

HOWTO INVEST 

Simply fill in the investment Form below and 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 

1 To: I rrvestment Division (Bonds’), Providence Capitol Life — ! 
Assurance Company Limited, FREEPOST. London W128BR. j, 

Jn the Providence Capitol | 


Investment 

period 


Growth of £5,000 investment 
at growth rates of: 



5% 

7«s% 

10% 

5 years 

£6,062 

£6,819 

£7,650 

10 years 

£7.737 

£9.790 

£12320 

15 years 

£9.875 

£14.055 

£19,842 

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 bf units could fall as well as rise or increase at a faster or 
slower rata Over the long term, however. \ye believe thatyou 
can look forward to a sound overall return, on your money. 


I wish to invest £ 

Managed Fund (Minimum £500) and 1 enclose a cheque for 
this amount payable to Providence Capitol Life Assurance 
Company Limited. 

Surname 

5LOG\ CAMTALS PLEASE 
First Names Mr/ Mrs/ Miss’’- — 

Address — — 


Occupation^ 
Date of Birth. 


Are you in good physical and mental health and free from 
the effects of any previous illness or accident? 

If not please give details. 


Do you wish to withdraw regular income YES/NO? 

If so, do you want income pai d once/twice/’three/or four times* 
a year? 

If you wish to with draw less than 5% p.a, please state 
percentage— ! ib(Minimum£5D) 


'delete as applicable- 

signature 

Date 


Please send me details of the Share Exchange Plan □ 

(Please tick), 

(This offer Is not open to residents of the Republic rS Ireland.) 

When you cash-in your Bond, ils vaiue mil be the nunterof 
units told muhjphed b v t to ‘bitf (sdlijiij ) price on the new ;'.*[■ 

weekly valuation day friloaing receiptor your UTilien r>rv-tt nrlr-K^r- 

requesltootfhnn. PROVIEDENCE 

Registered C^ce; Providence House, CAPETOL 

30 (Mtridge Road, London \V128PG. Hf 

Registered No. 943621 England. 

R,^lWn,_J 








Financial Tlnrcs’ Salhirday October 2S '1978 


i ••• ii 








^4ge °f the manipulators 










;The R18 saloon. Renault’s best looking car In years, gained a gold medal in the 1978 inter- 
• national coachwork competition 

[Prizes for good lookers 


,BY STUART MARSHALL 


lit THEORY, one of the attrac- 
tions of a moior show is that a 
potential buyer can make direct 
comparisons botneon all the 
cars of his choice under one 
roof and in the space of an hour 
or- two. in practice, it is not 
quite as easy as it sounds. 

-Attendance at the Motor Show 
ah the National Exhibition 
Centre. Birmingham, has been 
so r great. and the crowds swarm- 
ing over the stands so dense, 
that a serious potential buyer 
might have been better 01 T doing 
the rounds of his local dealers. 
And especially so if he was 
interested in a Ford. 

None of Ford's b«?si selling 
cars was 10 be seen in Birming- 
ham. the result of a spiteful and 
what must m the ion.'. 1 term 
be a potentially well -defeat ins 
■■ blacking “ decision by the 
unions. 

The panel of :in judges for 
the 197S international coach- 
work competition organised 
by the Instil me of British Car- 
riage and Automobile Manufac- 
turers had things rather easier. 
When they did their rounds on 
Press day. the hall may hav? 
been full of rubbish. TV cables 
and the sound of last-minute 
carpentry’, hut at least the cars 
could be seen and examined 
with ease. 

JBCA&I is evpo older than ’he 
industry, havinc heen founded 
in JSS3 Until very recent:?.', 
the vyai hv.ork ccmnetirwn wa« 
open only to British products. 
This year's entries were from 
Western Europe. Soon 1BC.U1 
— some may think belatedly — 
will consider wheilier or not to 
open the contest a: the 1980 
Motor Show to the rest oi the 
world's motor industries. 

There arc live categories for 
cars— saloons, estates, hatch- 

MQTGE CASS 


backs- limousines and sports 
models — plus a couple for motor 
caravans and one for special 
bodywork. Other categories 
which hardly concern the 
motorist are for vehicles 
ranging from mini-buses to 
tractor cabs, juggernaut trailers 
to double-deckers. 

As a motoring correspondent, 
my judgment of a car has 
always been based more on the 
way it goes than the way it 
looks. Sorting out the cars 
most deserving of gold and 
silver awards from exhibits 
standing still or at most re- 
volving on turntables demanded 
new criteria. 

Judging a car objectively 
when it t; out of its element 
is curiously difficult. Taking 
account of general exterior and 
interior design and finish is 
fairly straightforward. But 
general visibility, accessibility 
oi controls and, above all, com- 
fort. These relate more 
realistically to a car in motion, 
run at rest. For example, a 
driving seat that may look mag- 
nificently comfortable in the 
snow .stand could feel like a 
bed of nails after a hard driven 
500 mile?. That I know from 
experience. 

Might it not also be risky to 
award mark? for a neal sunroof 
fitted as standard until one 

knows whether it lets you lalk 
easily 2 f 60 niph or drowns ;he 
radio with wind roar? 

My job. with three oth»r 
industry-uriemed judges "f 
great experience, was to choose 
the best entries in two 

categories — saloons in the 

£3.750 tn £5,330 and £5,350 to 
£0,630 price brackets. After 
hours of i.ving and fro-ing. con- 
>ultation and compromise, we 
were unanimous. To the 


Renault IS and Vauxhall 
Royale. gold medals: and to the 
Fiat Mirafiori Sport. Vauxhali 
Carlton and Rover 2600. silver 
medals. (I am still wondering 
why the Rover was not classified 
as a hatchback). 

Why the Renault 18 and 
Royale for golds? The Renault 
scored above-average for every- 
thing except visibility. It looked 
elegant on the stand, with a 
faultlessly colour matched 
interior, one-piece moulded 
headlining aud a flat-floored 
boot uncluttered by the spare 
wheel. That lives underneath 
in a cradle and can be wound 
dawn by the jack handle with- 
out disturbing the luggage. 

Badges apart, the Royale is 
an Opel Senator, though with 
less power and a lower price. It 
looks in every way an urbane 
carriage for the top executive.: 
though I hope owners won’t, 
have to lift the bonnet too often, i 

It is exceedingly heavy, lacks 

counterbalance and crashes shut 
with a noise that has you look- 
ing for a severed head in a 
basket. 

Of the runners-up. the Fiat 
Mirafiori Sport is an agreeable 
two-door in which frustrated 
boy racers can faotasise on 
routine journeys. 

The Vauxhali Carlton offers 
many of the facilities of the 
Royale at half (he price. And 
the Rover 2600 gained marks 
lor its colossal luggage accom- 
modation and convenient lifting 
tail hut lost some for poor rear- 
ward visibility and. a certain 
lack of front seat head, knee 
and leg room. Does anyone else 
share our feeling that this 
otherwise admirable motor car 
would be improved by a higher 
roofline and deeper windows? 


A STRANGELY bitter-sweet 
season it has been in Britain 
and Europe, but one that at 
least holds out high hopes for 
tbe future. In Seve Ballesteros. 
Nick Faldo, Ken Brown. Howard 
Clark, and Mark Janies a poten- 
tially brilliant nucleus for 
future Ryder Cup teams has 
emerged — and not a moment too 
soon. One can only hope that 
when Europeans are allowed to 
play for our team next Septem- 
ber for the first time at The 
Greenbrier, White Sulphur 
Springs. West Virginia, a resort 
complex course recently re- 
designed by Jack Nicklaus. we 
will at least give a good enough 
account of . ourselves to per- 
suade the Americans to prolong 
the perennially one-sided con- 
test long enough for us to have 
a go at them on home soil in 
1981. 

But a spy. who shall remain 
nameless, but who is American 
and injured bis wrist while 
playing in the recent very suc- 
cessful inaugural European 
Open, warns that he recently 
played tbe new Greenbrier and 
found it to be too tough in 
parts, even for bis tremendous 
laient. 

Rewarded 

Tragic it was that the Open 
Championship was yet again 
marked "For Export.' 1 But if 
any foreigner was to win our 
premier title, thank goodness it 
was Jack Nicklaus. whose un- 
swerving regard for tradition was 
rewarded at St. Andrews by the 
most heart-warming ovation any 
golfer could wish to receive. 
This was the best moment of 
the year for me. although 
Faldos runaway victory at 
Royal Birkdale in the Colgate 
PGA Championship from Brown 
and Clark was not far short of 
magical, despite the paucity of 
the American opposition — wirh 
due respect to Ray Floyd— who 
finished seventh. 

“Unknown" Bobby Wadkins 
won the European Open be- 
cause he alone was unafraid 
along the finishing stretch and 
beyond, while Isao Aoki of 
Japan and Simon Owen of -Yew 
Zealand proved thai Open 
Championship form was mean- 








ii:': 1 


Nicklaus — unswerving regard 
for. tradition 

ingful in fighting out the final 
of the Colgate World Matchpiay 
Championship. This latter event 
is definitely the high-spot of the 
golf spectator's year. But what 
a nonsense it was that as a 
sop to television, the comical Iy 
named Ram Salver should have 
allowed South Africa's Dale 
Hayes, slammed by a record 11 
and 9 by Tom Watson in the 
major event’s first round, to 
have taken borne more 
than his conqueror — the golfer 
of the year in my book. 

Earlier Hayes had joined the 


GOLF 


BEN WRIGHT 


legion of foreign failures on 
the American tour, fleeing that 
continent after playing seven 
tournaments without winning a 
red cent. Nothing could 
better emphasise the gulf that 
exists between the American and 
the European tours than the fact 
that Hayes immediately won 
both the Italian and French 
Open titles. 

Before Hayes, it had been 
Clark who had dominated the 
Iberian peninsula. Having won 
the Portuguese Open from 
Brian Barnes on a Penina 
course that had previously des- 
troyed him. Clark was deprived 
of a remarkable hatrick only by 


the brilliance of Barnes’s clos- 
ing 64 in Barcelona. But Clark's, 
victory in Madrid was the most 
satisfying, in that he left Jose 
Maria Canizares — whose 9 holes 
in 27 shots during the Swiss 
Open was possibly the greatest 
achievement of the season — 
and Ballesteros in his wake. 

But the latter Spanish 
prodig)' brought -the golf world 
to his feet by winning at 
Greensboro. North Carolina — a 
fantastic performance, since he 
was 10 shots behind the leaders, 
with 36 to play. Ballesteros's 
really golden period, however, 
followed bis miserable failure 
at St. Andrews. When Seve won 
the German. Scandinavian and 
Swiss Opens and was joint 
second in the Irish and fourth 
equal in the Benson and 
Fledges, he won £20,33$ in the 
space of five weeks on his way 
to establishing an all-time 
European money- winnings re- 
cord. 

The British won both the ; 
PGA Cup dub professionals', 
match against America and the 
Hennessey Cup aainst the Euro-, 
pean professionals. Club pro- 
fessional Brian Waites of Notts. 
Golf Club then took the Tourna- 
ment Players’ Championship 
thoroughly to embarrass our- 
uewly- emergent young travellers. ! 

Outstanding 

In the amateur ranks. Peter 
aJcGvoy was outstanding as a 
rare successful defending 
British champion. He per- 
formed with distinction in the 
U.S. and British Masters, and 
at Akron. Ohio, in the World 
Series of Golf. But by the time 
he got to Pacific Harbour. Fiji, 
for the Eisenhower Trophy, he 
had gone off the boil. The. 
British were made to look- 
sorry, chiefly because the 
outstanding American ' amateur 
of this and many former years. 
Bobby Clampett. scored 2S7. one 
stroke better than the ex- 
tremely talented Australian pro- 
fessional Gres Norman's 2SS in 
taking the Gflbey's Gin South 
Seas Classic a month earlier. 

Meanwhile. Tommy Horton 
and Neil Coles had soldiered 
on admirably for the veterans, 
but they get no medals from 
me for having taken part in the 
shameful “ strike " at the Dutch 
Open, where they both acted as 
pickets and lost my admiration 
for ever. 


BRIDGE 

E. P. c. cotter 


If a deal turns up at rubber 
bridge -which seems worthy of 
record. I am grateful and feel 
that the time has not been 
wasted. X hope that these two 
hands, which occurred last week, 
will appeal to you. Here is the 
first: 


N 

♦ A 10 6 5 
02 

O 10 7 6 
* A9743 
E* 

♦ J74 

OAQ10965 

093 

*Q5 

S 

+ K9S3 
S?K4 
O A Q J 5 
+ K82 


W 

♦ Q 2 
C?J 873 
OKS42 

* J 10 6 


At game . to North-South I 
dealt in the South seat and bid 
one no trump, to which my 
partner replied with a Stayman 
two clubs. East came in with 
two hearts. 1 said two spades, 
and North's raise to four spades 
concluded the auction. 

West led the three of hearts, 
taken by the Ace, and East 
returned the nine of diamonds. 

After some thought I let this 
run. If the finesse was wrong. 
I had a loser in each suit, and 
my only hope of getting home 
appeared to be an endplay. I 
dismissed the possibility of a 
diamond ruff. I had to assume 
that East had at least two cards 
in the suit— if she had a single- 
ton. I was not going to make 
the contract anyhqw. 

West won with the King, 
returning the'two— I -was thank- 
ful to see East following suit — 
and I won in hand. 

I cashed Ace and King of 
trumps, West dropping the 
Queen, then the heart King and 
Ace and King of clubs. When 
East dropped the Queen, it 
looked as if her hand pattern 
was S- 6 - 2 - 2 . and that she was 
going to be the victim of the 
endplay. 

I made my other two 
j diamonds, on which East dis- 
carded two . hearts, and then 
played a third trump. .-Vs she 
had to win with the Knave. 
East was securely endplayed, 


and her forced heart return 
gave me the ruff discard for 
which I had planned, allowing 
me to dispose of my losing 
dub while dummy ruffed. 

The second hand was far 
simpler, but it has more than 
one point of interest: 

N 

* A 

<5 K654 

OQS76 

*AJ93 

W E 

♦ Q9 ♦TO 4 2 

5710 3 . *T Q .1 8 7 

0 A J 10943 v K5 

+ Q74 +KS62 

S 

♦ K J S f 6 d3 

<5 A92 

02 

*10 5 

Once again sitting in the 

South seat, I dealt and opened 
the bidding with one spade. 
“ What ” you exclaim. " Open 
on eight points ! " Let me 
assure you that no player 
worthy of the name would- tail 
to bid one- spade — the hand is 
far too good to open with a 
pre-emptive bid of three spades. 

West overcalled with two 
diamonds — now that is a bid 
with which one might find 
fault— and my partner doubled 
for penalties. This, of course. 

1 could not stand, so I rebid two 
spades, my partner raised to 
three spades, which was intelli- 
gent. and I went four spades. 

When West led the heart ten, 
I wan on the table, cashed the 
spade Ace, and returned the 
six of diamonds. East played 
low, and the nine won. Now 
West, who had found the best 
lead, instead of continuing with 
his other heart— his partner 
had dropped the eight at trick 
one — made the senseless return 
of a low diamond, which at pairs 
would have been disastrous. 
Ruffing in hand. I cashed the 
trump King, dropping West’s 
Queen, and my Knave drew 
East's remaining trump. 

Ten tricks were now certain, 
but I led ' the club five and 
finessed dummy's nine. East 
won with the King and led the 
Queen of hearts— too late. I 
won with the Ace .and claimed 
the rest of tbe tricks on a 
double squeeze. I did not care 
which defender had the Queen 
of clubs. 

• Mr,. Cotter is the author of 
The Financial Times Book of 
Bridge, which is published by 
Robert Hale at £4.25. 



EUROPE'S LEADING SPECIALIST CAR AUCTION CO. 

VICTORIA & CO. 

INVITE ENTRIES AND BUYERS TO THEIR NEXT 

BUCKINGHAM PALACE ROAD 


J.V. LIKE & SONS 








19/9 


MODELS AVAILABLE 
NOW ! 

LEASING EXPERTS 
3 months Initial Rental 
x 33 payments 

FULL SERVICE 
MAINTENANCE 
& SPARE PARTS 
FACILITIES 

Kensington Car Centre 
181 Warwick Road, 
London W14 
01-370 3152/3/4 

' SELLING > 
OR BUYING? 
CONTACT 


FIRST 

TEL-.01-735 5952 


IMMEDIATE DELIVERY 

NEW JAGUAR 5.3. automatic, 
squadron blue. 

NEW 1AGUAR 3.4. automatic, 
carriage brown, sand doth, 
tinted glass. 

Special Show offer: I only. NEW 
TRIUMPH TR7. Tahiti blue, 
tarcan red. sun roof. £4.438. On 
offer for £4,000. 

Teh Hay on Wye (04972) 404 
Evenings 470 


AV ANTED to rent 
OR BUY 
NEW OR USED 

PETROL 

TANKER 

State size and price. 
Contact Mr. Charles Ryan 

79, Sarsfield Road, Inchicore 
Dublin 10, Ireland. Tel: 781U44 


THIS SPACE 
FOR SALE 


OF CLASSIC AND COLLECTORS CARS ON 
SATURDAY. NOVEMBER 4th at 11 a.m. 

If you havs a fine classic or collectors car allow us to show it to over 2,000 prospective 
purchasers and realise its full value. 

Over 200 cars expected, these will include: 

1950 DAIMLER Drophead by Hooper 1967 MERCEDES 250SL 

(ex. property of King George VI) 1973 JAGUAR VI 2 “ E ” Roadsters 

1957 DAIMLER D18 Laimderlette 1961 DAIMLER Dart, Concours 

inc , property oi Queen Mother) 1964 ASTON MARTIN DB5 

ISpmvofQuecn Mother) }J» B “ attaileti « Mdster 

1952 BENTLEY Mk. VI 1972 FERRARI Dmo 

1955 JAGUAR XK140 Roadster. LHD 1967 JAGUAR “ E ” Type 2 + 2 
1952 BENTLEY Continental * R 9 Type 1955 JAGUAR XK140 Coupe 
1963 JAGUAR Mk. H 3.8, cww 1966 ROVER 3 Litre Coupe, v. low 

1927 MORRIS Cowley 2 Str. Coupe milage 

1931 ROVER Boat Tailed Tourer 1955 BRISTOL 405 

1960 MORGAN +4, New Engine 1977 PANTHER Lima, Modified 

1963 BENTLEY SHI Continental 1958 MGA Drophead, Mint 

1955 ROLLS-ROYCE Silver Wraith 1966 SUNBEAM TIGER, 4.7, LHD 
1967 BENTLEY “T” Type 1960 PORSCHE 356C 

1967 JAGUAR * E ’ Type Roadster 1947 MG TC, Red 

(choice of 4) 1956 DAIMLER Drophead by Baker 

1963 AUSTIN HEALEY 3000 1960 JAGUAR XK150 Coupe 

(choice of 8) 1948 RILEY Monaco, Mint 

1938 DAIMLER Light 20 1924 ESSEX Tourer 

1928 MORRIS COWLEY Tourer 1934 ALVIS Fireflv 

1962 TRIUMPH TR4A 1971 DAIMLER Limousine LHD 

There is still time to consign your car. Be sure to request your entry form today, 
victoria and Co. have a permanent display of classic cars for sale at their showrooms in 
Buckingham Palace Road. 

ENTRY TO THE AUCTION WILL BE BY 
CATALOGUE ONLY 

U.K. £4 OVERSEAS AIRMAIL £5 

(ALSO AVAILABLE AT THE DOOR) 

PLEASE CONTACT US FOR FURTHER INFORMATION 

199 BUCKINGHAM PALACE ROAD, LONDON, S.W.1. 

Telephone 01-730 943S/9. Telex 8S6838. 



TURBO DEALER 

New models from stock plus 
the Turbo. Demonstrators 
available. Always 20 
guaranteed used models in 
stock. Advantageous 

leasing/finance facilities. 


76 mAYBUHV HU WOKING. SURREY 
Woking 

(04862) 65307 + 66663 


ONE ON SATURDAYS i 
MOTORING PAGE j 

AGAIN IN 

MONDAY'S PAPER j 

BOTH FOR , 
JUST £ 126.00 

For full details of ocher sizes 
contact Simon Hicks ! 
01-248 5115 


s ■ This week’s game is a Timznan 

1 AllkH _ »in from Tilburg which 

CHESS illustrates one - of the Dutch 

■ — grandmaster's strengths— a deep- 

LEONARD BARDEN opening knowledge. 

| White; L. Ljubojevic (Yugo- 

■ slavia). Black: J. H. Thuraan 

(Holland). Opening: Pirc 

Defence. 

THE. RECENT elite grandmaster. 1 P-K4, P-Q3: 2 P-Q4, N-KB3: 
tournament af Tilburg, Holland, 3 N-QB3, P-KN3: 4 P-B4. B-N2; 
sponsored by the “Interpolls 1 ’ 5 N-B3. PB4; 6 PxP (the critical 
insurance firm, provided a line is 6 B-N6 cb, B-Q2, 7 P-K3>, 
pointer to the likely contenders Q-R4; 7 B-Q3, QxBP: 8 Q-K2. O-O: 
m the next series or world 9 B-K3, Q-QR4; 10 0-0 (better 10 

C0rap S U H 00 vna i p -KR3 to stop the following pin >, 
will produce a challenger to B-N5; ll Q-B2, BxN; 12 QxB 
Karpov in 1981. Results were N-B3: 13 N-K2’’ (feeble- IT p.rr 

Thnman ^Holland? giyes 50136 attack to compensate 

Sui«) W N-S“«P^3‘ l,e dark 

Germany) and. -Miles (England) PB3 ‘ 

6. Browne (USAi, Hart (Czech a- “Us for a variant of an 

Slovakia) and Spassky (USSR/ aooient book trap. Grandmaster 
France) 5}, Larsen (Denmark) 5, Wubojevic is said not to read 
Ljubojevic . (Yugoslavia) and o? 6 ® 3 hooks, and if so this 
Sosonko (Holland) 4$, Rlbli elementary error is a direct con- 
( Hungary) 4. sequence. 14 B-Bl is not so bad: 

Portisch, one of the strongest LL--BxP; IS BxB, Q-N3 cb: 16 
players in the world never to K_R1 * QxB: 17 QR-NI gives White 
have played for the title, will some play, while otherwise White 
be 44 in 19SI and thus stlU In ^ continue with P-KN4 and 
the runnipg; but he has proved N-N3. 

so accident-prone fa world oham- I4..jq(2)-K4! 15 PxN NxP- 16 
pionship eliminators that the Q-S3, NaB 1 17' 0-07 18 

pressure will probably beat him oScp, QrIki- 19 O.H 4 PJW 

ivmes, in tnai year, are the material loss. ' but nhw RtipW'q 
having 5 "the 'edge^^t^mwent ffSP Pieces take control); 20 

because V^S^mSSSt S ^VhV^RI NmS 
form in major tournaments. JlWflf k tJ 
What must be said, howfever, S- A 

is the great extent to which the <£}iwp? 8 *je h A 

championship procedure. favours r.® Q'^® * n d 

the holder. Obly Fischer among f!15 I ? ed wlthou t waiting 

non-Russians has ever succeeded . j j 

in bucking the system and by sUmdards ' * 

hindsight it appears that the del ^ cle for White. 

effort of doing so cost so much pnsmflN Mn-' ivo 

nervous energy that he has rvaniuw nur. -39 


POSITION No: 239 
BLACK flSnwn} 


never played again. 

For Miles . .or TUxunaq to 
qualify, they have to play 
through the long 1979 igter. 
zona Is and finish in the top- six 
places: then they have to win 
three knock-out matches. 

Spassky in his toe used .to 
complain that this long process 
bled the challenger dry of ideas 
and creative zest ro that he was 
stale by the time he dame fb 
play the championship match. 

Moreover, if the challenger 
manages to achieve' all this and 
beat Karpov at the end of -It, 
there is still a return match 

clause IS months later. »vum-*.r- 

One practical result of this “ WHriErramen) 

test of endurance for any Drindzihashvili v . Ribli, IBM 
potential challenger k that. Umre Amsterdam 1978. Black's last 
have been a number of fine more was B(K2>KBl. Was it 
players who. at their peak, were a -blunder- (b) a deentran- 

sgfuf ? r ( , c> * ssii ss sss 

and Reshevsky. Others— Bron- Bpot 

stein, Smyslov and Tal — reached t ® e ' 651 p a> for Sld cs. 



tbe championship match or even . PROBLEM TSTo 
won the title but lost out to the . ' 9 

return matcb clause. . It is ironic ■ > — ; — g mum 

that the return match possibility 
was in Umbo. at. the tupe-^- 
Fischer v. Spassky— -when It 
would have been most Interest- 
ing. . 

Chess Is virtually unique as a 
game where practically all the 
international play is th the form 
of tournaments but the world 
title is decided by 1 a match , at 
long intervals. Chess grand- 
masters are rarely -at their peak 
for more than a decade , and so 
the opportunities -are too few, it 
is really time the. whole system 
was changed and the -title decided 
by an annual fouritsment Sr " 
perhaps by a two-group tourney : White mate*- in three 'moves! 
with the winners playing a match, against any defence thy Dr E. 
Only so could the holder’s unfair Zeplec, .Observer . 1945) ■■ • * 
advantage, absent in most other . 
compeiitive sport, be eliminated. ' Solutions Page 12 





WHITE( 6 man) 


I 


if * Yi." 


•-V ‘-A’-i- 

i? ws? 






5 

ymp 

S -• 

E V*.;.W-J 


I 





Financial Times Saturday October 28 1978 


BR ' 0 c f 


fRAVEL 



A place of your 
own for winter 


1 ■; 

„ r *-’ . .r. 
' . 6 ' 






0 £.5 $ 


*IY PAUL MARTIN 

.IRE WAS a lime wbea 
a select handful of the. 
-lo-do thought and talked 
,*rmi of a villa holiday. It 
. mused the height of luxury 
was only for the minority, 
ecent years the whole enn- 

• of a villa holiday has 
1 sed enormously and we 
- use the term tu apply lo 
kind of holiday on which. 

,‘e enjnyins the freedom of 
'R your own self -catering 
2. you take advantage of 
isice prices whirii mver air 

• or Jerry transport with 
own ear. 

3ur own villa. sometimes 
a swimming-pool, does not 
; out all that expensive if 
ral of you 1 ravel together. 
:r as a family or as a group 
■lends. 

5L. one nf the bigger 
■ ators, quotes 3 lowest price 
E36 per person for two 
• ts if you drive ynur own car 
your holiday place. In 
sins a seJf-eatenng Win/er 
lay. there arc several poinis 
aosidcr. Even if you cram 
loot with goodies like baked 
is. tinned frui; juice, 
cts of cereal, necessary 

• food and other items more 
•nsivc abroad, the local cost 
vsn? is an important factor. 
5L has prepared a lot of 
jiiials, comparing UK pric-ps 
: those in Spam and the 


.vt Tuesday. British 
ledonian will introduce 
cing 707s on its 
. ig-cstablishcd West African 
istal service. phasing out 
: .smaller One-Elevens 
ich have flown the route 
many years. For over 
■ years, since May HI, 1954, 
Jal and its predecessor 
itish United Airways, has 
A*n this route, beginning 
h Viking 27-seater 
ton-engined aircraft which 
crated via Bordeaux, 

□gier, Agadir. Villa 
■neros (In Spanish Sahara). 
Kar. RohertsGeld (Monrovia) 
d Tokoradi to Banjul and 
to Lagos in Nigeria, 
e Vikings were replaced 
JJi Viscounts in 3957, and 
?n by One-Elevens in 1965. 
dure: Farewell to the 
ie-elevcns. 

AsMcj Aabwnnd 


ite 


HOTELS 

HARROGATEm^ 

( 01 ?) ^umn 
ffiotel 

BRITAIN'S MOST OISTlNGUSIED 
CONFERENCE HOTEL 


EDUCATIONAL 


PENRHOS COLLEGE 

COLWYN BAY, NORTH WALES. 


M conference secnaiv dap I I Independent Boarding and Day School. 300 girls 

Tel: Harrogate 504051 OHU 1 I 


m 




, v; v; 


If only temporarily, a place of your own in the sun. 


is included. 

While the Canaries in general 


Balearic; and. further’ afield, in • * 

Madeira and the Greek Islands. - 

It is also worth remembering . . 

that, the more of you who 

travel ucether, flic, lower the • 

pru.es arc. A nnc-week holiday - '* rX ^ ' • 

in a * wii-bcdrcMim bungalow. 

sleeping live and willt iU own V % 

heated <wijnnnng-pnol. at • • .. r *5 t *. ‘j ;•. • 

Puerto do la Crua in Tenerife. * '• •_' •' /. . - ?:• ~. v ! i 

starts at £94 per person If four ' * '• •-<*»•• .'J ' 4 j 

people book a two-betl roomed ‘^v 

apartment, ihe lowest 14-day . ■ a. \ g2Sr fi5SBm 

price is £11*. if only temporarily, a place of your own in the sun. 

imU'imm consideration Others week's stay, the per person Nearer home. Mcon Villas a wide choice in 31al la. If only 
arc the winter weather access price, with return air travel offer some very comprehensive two of you travel, a tee-day seir- 
lo shops ami whether a food fr *»m Gatwick, transfer to and arrangements at the gleaming catering holiday at Mariners 
hamper is provided Car hire from the villa and including a white hillside town of Mijas, Co?rtatSt. Paul's Bay. where a 
is aim sometimes included as food hamper works out at £140. pleasantly removed from the swimming-pool is provided 
is maid service The brochures They recommend hiring a car Torremelinos complex. With although it is only 100 yards 
are gencrallv prettv clear but for shopping and to see as much flight, villa, hire-car with un- from the sea, is available from 
du chock carefully exactly what as passible of this strangely limited mileage, maid service £116 each. 

is included fascinating island. and a . food hamper provided. I adore the Algarve at any 

j, 5,-w .-ass SfS^SSS 

.sas 'srsmss* s ** **«*««■ « » r ™„, ^ ^ 

landscape and a real feeling of Magic nf Cyprus has introduced Malta remains a consistently ariracHtely round the Luz Bay 
being able to gei away from it some self-catering holidays near popular year-round destination Club at rraia de Luz. These 
all. as my winter spot. Lan- Paphos, the port which dates and Exchange Travel explain in fater J? 
zarnte Villas provide detailed back n> Roman times. If you detail ^ie sharing arrangements. lh*lw« J**jJ*S ” 
plans nf Their villas -and apart- are going that far. it makes Wlth 3 ^ 4 sharing three bed- on d tw el 
munis, including a group nf sense m stay for 14 days. With ™ m u s a * Arvi Cnurt at Ka PP ara S f b “Tte 

some Bn villas set on a hillside return air travel by Cyprus Air- Heights, a group of maisonettes ^ c ; n eC ^,‘ 

north of Arrecife, the capital, ways and transfers between «)ree miles from Vailetta-car ^ f^r^r hire is ^a week. 
Again, with four travelling to- Lanaca airport and your apart- ^ ire J s recommended — the far away- Car hire is £30 a week, 
prther and remembering that a ment. the two-week holiday cosr, l owest per-person two-week cost Finally. I would always settle 
two-week holiday is always based on a party of four, is from ^ u-* gua f an tf ed sunshine, the 

relatively lets expensive than a £155 per person. Medallion Holidays also have u / 1,te wndy beaches and the 

always friendly welcome 1 have 

^ ^ ^ ^ ^ ^ .... ^ :i^ ; I ) iin; 1 










! WF 


JRaf 1 - 


* 150 Rooms all with pb 
- 3 or more Suites 

■ Plenary Con Terence 300 
w 4 Private Rooms x 75 

" Banquet Otalag 30Q 

■ Budget Quotations 
“ 3 Restaurants 

• 11 a.m.iDll p.m. 

Telex; 57922 Olds wan Harrogate 

On# et Britain's 
< PRESTIGE HOTELS 


BURNS HOTEL 

Barkston Gardens 
London SW5 OEN 
NEAR \\T-:ST LONDON 
AIR TERMINAL 
100 rooms, private bath/ 
shower. radio. television, 
English breakfast, restaurant, 
bar — fully licensed. 2 lifts. 
Special terms io companies. 
Details and ilhisl rated 
brochure or request 
Tel: 01-373 3151 or 7981 
Telex; 27SS5 


FOREIGN HOTELS 

AMOSA-— Hotel toen--"-. rienr 01 U«|T 
81 SI 13 77. Ccnlr4l and qulr 1 vt*. f 
N<mc to lilt Ann tfcjttng-rinlc. Frcnthl 
hllchC' Bjr.Can^mg j 

A ROSA Gr.imsi Hold Viluni. till cluV 
1 ntek sJk ■ -holiday* tram S.Fr.575— 
ali ii-.tludrt. indoor Swrimminn Pool. 
indoor Slrailng Rmn. T<. 7a 222. 

AKOSA — Hotel Bella v-sta - *»*. Phone , 

01 041 lB' :J1 2a 'I Swimmlne 

pool. 28* ,17 x a.-ni. fncellrnt kitchen. 
Quiet i tc Transfer to skilih Iree 0< 
iharcc. 

PONTRISINA ‘Grrtomi— The well-1 nown 
holidar resan cl me Enaid.n. mni>t I 
s-liiafon wiin Eccriirn! snow cendiilonk 
healllty mounts n climaie Tourm Othce: . j 
CM 7S04 Poicrctinn. • I 


PERSONAL 


ADDRESSES: 

Caribbean Corny cti on. Herds Square, 
Chester CHI 3JZ. 

ExcltMM Travel Holidays Ltd., Exchange 
Honm. Parker Road. Hostings. East 
Sussex TKM 3UB 

Unarde Villas, Oastslde. Cudham. 
Sevensak*. Kent TN14 70 B. 

Mask of. Cypras. Magic of Sardinia Ltd.. 
tT Shepherds Bush Green, London W12 
IPS. 

MedoUfon- Holidays, 182-184 Edgware 
Rood.. Loudon W2 2DS. 

Mcon Winter Holidays. Braceflne Travel 
Ltd^ 32 High 5inect, PelersfieW, 
Hamgshfre. 

DSL. OSfc House. Broxboome. Herts, 
EMI 7JD. 

Trawl CMh Station Rood, Upmlnster. 

. Eooot.*'," 


LIFE DYNAMICS 

THE HEW WAT 
TO A HAPPIER YOU! 

Seietire has id..Tinii,-d ih. dominance 
nf Alpha u-riVFs m ihi brain. J.JJi* 
Dynamics taps *h* ir power ;q deh'ii 
up a rwv x-iild inr y«i. Ho Long 
Months of Waiting. Remits brpln 
inimediaiely. Lift- DJuamirs ivrh 
nuiues oCcr sclf-masiery wuhoin sell- 
taenfife. Just lj nnnUirK a day h-iII 
rebulSA your >• rsi.r.a'.tiT to wm im- 
braved personal r?la<ionships. banish 
loneliness and ;.'n?u<n. increase self- 
confidrihM. in. -mar.*, lead v 0 u fn a 
richer loy-filim i r®. 

Send for the fascinating FREE FACTS 
Today! 

LIFE DYNAMICS (HG), 

IMA Sloans Street, London, 5WL 


TYPEWWTEBS 



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IMtauaMHalmB BSBIiaDiaa 
fcseiw f iu d n i i il HgSBilflB W Snd farttHay! 
brpdns emw! ktcfednignl aayrten. 
BiarBUSIaBiiifUantnda.BL25fans- 
(Tt A BETTER ESTFSEIft- 


Five entrance scholarships, current value £725 per annum, 
will he offered on the results of examinations held in 
February, 1979, effective from September, 1979. Papers arc 
set for: 

Girls who will be under 32 years on 1st September. 1979. 

Girls who will be under 13 years on 1st September. 1979. 

Girls who will be under 14 years on 1st September, 1979. 

In addition, either one of two Music scholarships of the 
same value may be awarded annually to girls of any age. 
The Isa Clarke Memorial Scholarship is awarded annually 
to a girl joining the sixth form tc study French at Advanced 
Level. The scholarship (£1,200 per annum l is tenable for 
up tu seven lenns. 

Miss V. Hughes. Secretary to the Headmaster, will he 
pleased to send you a copy of the school prospectus, details 
□f the examinations and entry’ forms on requesL 


► ^ GO ALL THE WAY ^ ^ 

COME TO FRANCE AND DISCOVER 

"The Total Approach” to French 
at the INSTITUT DE FRANCA9S 

ON THE FRENCH RIVIERA 

Nrvt 4-*>erk all-day immeraion court* iu to November 3D. Jjninry ). 
and all year. All levrh. Lodging and 2 meals included 
INST ITUT DE FRANCA IS — FT/IE . 2J Are. Gin. Leclere 
- 04230 Villefranche-uir-Mer - Tel: (93) 80.88.41 ' — T! 


COMPANY NOTICE 


Gold Fields 

Notice of Annual General Meeting 

The Annual General Meetina of Consalidatni Gold Fic'ds Limned will bn held 
« ihe DofChr-.i*® Ho>ci (Ballroom Entrance. Part Ldnr. London W1 on 
Tuesday. 2B November 1978 at 11. 3D am. for !h« transaction ol the lollaw,na 
Business: 

1. To recni«e and consider the audited accounts tor Ine year r>-d®d SO June 
1 97E. legrrher with tne recorr o! the Dirtviars. and to declare a nnal 
dividend »i 6 000 So per Ordinary snare payable on 6 December 1978 

2. To re.flKt the following Directors: 

(ai A. Louw 

>bi B. C. Rvan 
•O W. Mason Smith 
<di J. R. A. M. Storar. 

3. Ta rc-JODomt Turaurnids Barton Mayhew & Co as Aud>rars of -he Company 
to lio'd sffiee Iram the conclusion ct fhis M®minn ur.t.i the conclusion of 
tne ne»i Annual General Meeting and to aptnorfie the Directors to fix 
the Auditors' remuneration. 

By Order cf the Board 
P F. G. Roe 
Secretary 
27 October 1973. 

Notes 

Only members holding fully paid Ordinary shares, or their duly appointed 
rcDrcsentatim. are entitled to attend and vote af the meeting. A member so 
entitled may appoint a nrovr. who need not be a member, to attend and vole 
on his tchalf. 

Holders cf share warrants 10 bearer who wish re be present or represented a» 
the meeting may obtain the necessary information regarding the formalities to 
be complied with trom the registered office of fhe Company 

The ic Sister of Directors' interests, together with copies of contracts cf sendee 
between the Director* and the Ccmpanv or any of ns subsidiaries for a 
memorandum o» the term* thereof!, other than contracts expiring or determinable 
within one year without payment ot compensation, will be available tor msoection 
at the registered o*c* ot the Company during normal business hour* until the 
date cf the Annual General Meeting and on that day at the place ot the 
meeting from 11.15 am until its conclusion. 


Consolidated Gold Fields Limited 


«g uooacMt.tohoO'i.EcaR sea 



-5 ffy .v/* 



Af?? -Sifct" 


^ SW&-: 



mm 


'vramr r m 





• 0-i*5WW v »-.»B&iV* •fU’.’r 


MONZA. 

IF YOU’VE GOT 
THE GET-UP, 

WE’VE GOT THE GO. 



MONZA-0- 








Financial Times Saturday October 28 197S 


r&i 

s f 

- ’ ■ j .* 

• i *- * 


PROPERTY 


BY JOE RENNISON 


te- W 7"8 • > v cinema dropped English sub- an Iranian for his 21-year-old 

When prices cease to count . 

r r « a m* m ^ ^ home, what better place to Uve. with the soon to become familiar 

parks, museums, political cry of “ If they got that much, 

BY JOE RENNISON stability, honest people and if ours must be worth more.” 

they were not an efficient legal Likewise, previously any hint 
4 . system to protect the susceptible of a slump and prospective 

THERE HAS BEEN a lot of dis- near as interesting as tnaccu- and sole responsibility for your and Saudi Arabia. Other Euro- foreigner. On a good day in buyers are telling our nego- 

eussion recently about by how rate controversy. tax free capital gain (private) pean and American cities offer Harrods you might bump into tiators that they read in the 

much hnuse prices have in- The year 197S was when massive profits (companies). no reasonable comparison to your neighbour from Tehran, paper that prices were dropping, 

creased in the last year. Was it every' estate agent could get a The „ lacid rea iity that Londtm - Paris P rices are . pr °T All the available luxury As 1978 enters- its final 

15 or 20 per cent or whatever? higher price for your property, replaces the fantasy tells a rata to . cos * of a . m * al , property was snapped up and quarter, the market may have 

In the realm of the really rich because only his firm had a di 3 erent storv much y more in they don t speak English. Lon- still is at ever-increasing prices, lost some of its volatile qualities 

the*e figures are but peanuts, direct line to Sheik Your- k ee Dine with ‘the flows of the don bas ,ts entertainment At Cavendish House, a new but prices continue to rise. 

MiehnHc Srhniman the head money’s suede lined private jet. ifjp D r , n( 4 demand Bumbling and medical care and development in St. John's Wood. There is no overall definite 

of^ Andscombe Sid England The Sheik would not buy ^ a ^ al or whu SiflSnces a rise « rti'l as the financial we sold 45 flats in nine months, percentage increase per 

does' a verv useful exercise each house unless his favourite or faU in th a ket is i» the capital of the world. California historically the selling period property as with the shortage 

conoarin" actual sales agents board was prominently f orce J 0 f iwSonM non reason’ Us 100 far and Arabs donlcome should have been from 18 of properties certain house and 

the niv^us vear or two displayed, no board would slash ' to London for the sun. months to two years. "Those fiats still command substantial 

' v: chows nm-ps the house price in half, another Mr. X may own a thriving The attraction still conunues waiting to buy. rented furnished premiums, others maintain a 







with the nrevlnw vear or two displayed, no board would slash to London tor the sun. months to two years. “Those flats still command substantial 

years As the tab's shows nrues the house price in half, another Mr. X may own a thriving The attraction still conanues waiting to buy. rented furnished premiums, others maintain a 
>n thpVort of catesorv based on agent's sign was the equivalent business. Fords. British Ley- because of other factors. The houses and flats to get the fteel slower rate of growth. Ready 

St John's Wood Hampstead and of selling blight. So in 1978 land and the coal miners strike, 1974 "invaders" were treated of the city and decide on the to move into properties are the 

surrounds mean nothin'- to prices leaped upwards surpass- the pound staggers, inflation is exactly as that. London was a best place to buy. In Mayfair big sellers to both home and 

nntentiai buyers Mr SchiUman ing )hc percentage gains made >n double figures, the possibility place for the foreign to visit we agreed rentals of up to overseas buyers, as while you 

£ interestin'* when in full in 1P76 and 1977. Your local of a three day week looms. Mr. and the English to live (film £50.000 per annum and our may have to put up with 

soate- hear what he ha< to sav agent claimed complete and Ys intention to buy a £200.000 stars, writers and philharmonic furnished apartment still someone else's interior design 

Accurate statistics arc nowhere utter control over the market house iu St. John's Wood or conductors excepted). The averages one £25,000 letting per fit was probably done profes- 

Hampstead is now a distant spending money that came with week.” sionally) you still can move with 

_____ — __» — dream. His business is failing; the buyer changed all that. The Press probahly played the just your furniture without the 

he cannot produce the income London adapted and came nf greatest influence for the forces trials and tribulations of 

HOUSES * to support his purchase and in- age as an international city, of non reason and in turn employing your own builder, the 

nwwa&w? cumbent expenses. If Mr. Y Stores became multi-lingual, influenced the market. The inherent time delays involved 



HOUSES 




• 


Address 

Accom. 

1974 

1977 

1978 

The Marlowes. NWS 

4 

Beds. 

55000 

75000 

125000 

Belsize Rd. NW3 

4 


5G9QQ 

60000 

82000 


Sup 


175000 

450000 





250000 

650000 

900000 

Chalcots Park. NW3 

3/4 

*• 

39000 

50000 

75G0Q 

Meadowbznk, NW3 

5 

.. 

59000 

80000 

110000 

Chalbert St, NWS 

3 


40000 

50000 

70000 

Maryon Mews. N W3 

3 

m 

35900 

40000 

6 SCOO 

Chester Terrace, NW1 

5 


120000 

225000 

330000 

Springfield Rd, NWS 

5 

*9 

110 COO 

150000 

180000 

Rcdington Rd, NW3 

6 


— 

150000 

200000 

Ingram Ave, NW11 

S/6 


— 

220000 

290000 

Bishops Ave. N2 

5/6 

m 

— 

250000 

32CC00 

Winnington Rd, N2 

6 

n 

— 

350000 

475000 

Sheldon Ave, N6 

4 


90000 

110000 

125000 

Somers Cresc, V/2 

4 

.. 

— 

90000 

145030 

Hyde Park St, W2 

4/5 


61500 

— 

130000 

Charles St. W1 

S 


113000 

— 

200000 

Shepherd St, WT 

3 


60000 

— 

125000 

Norfolk Cresc, W2 

3/4 

99 

92500 

125000 

165000 

Sussex Square, W2 

5 

«• 

97500 

160000 

■“ 

FLATS 






Address 

Accom. 

1976 

1977 

1978 

Stockleigh Hall, NW8 

3 

Beds. 

37500 

72500 

120000 

London House. NWS 

3 


5000 

100000 

200000 

North gate, NW3 

4 


65000 

85000 

175000 

Hanover House. NW3 

5 


50000 

850000 

125000 

Wellington Ct. NW8 

3 


45000 

90000 

— 

Birley Lodge, NW3 

2 

99 

— 

55000 

90000 

Ben tin ck Close, NW8 

4 


— 

52500 

75030 

5t. Stephens Cl. NWS 

4/5 


100000 

150000 

200000 

Buttermere Ct. NWS 

2 


— 

42000 

72300 

Pertman Towers, W1 

3 

99 

80000 

— 

16S0G0 

E9 Piccadilly, W1 

3 


— . 

62500 

■00003 

40/41 Wimpole St, W1 

2 


— 

32000 

51000 

Bilton Towers. W1 

2 


— 

56000 

26000 

Carrington Hse, W1 

2 


— 

42500 

6LCC0 

Porchester Gate. W2 

2 

9* 

— 

34000 

60000 

22 St. James 5q. S««i 

2 




36000 

75000 

Wynnstay Gdns. W3 

4 


— 

68 000 

HI 000 

S2 Portland Flace, W1 



_ 

90000 

150000 

Sussex Lodge, W2 

3 


— 

S2500 

115000 

Clifton Place. W2 

2 

•9 

— ■ 

36000 

70000 




The Yeovil -office of Jackson-Stops & Staff and H. TJddy & 
Sons of St. Mawes have received Instructions to sell what 
must be one or the most distinctive properties In St. Mawes in 
south-west Cornwall. Known as Trewithit, it enjoys a superb 
situation with views across the Fal Estuary - to Pendennis 
Head. Accommodation comprises open-plan sitting/dining 
room 29 ft x 26 ft (overall) with outside terraces, large 
kitchen, utility room, study, four bedrooms, two bathrooms 
and dressing rooms Including a master strife and what is 
called a rumpus room. It has a ducted oil-fired central 
heating system. 

There is expected to be a let of Interest in this property 
which should fetch around £120,000. 


to afford his mortgage pay- 
ments. He decides to sell his 


New ways of attacking viruses 


[cnoa 4nnno «cnn is effected P 1 SENSE a profound change in tolerant of virus diseases rather that the whole crop can become as its harmful effects can be frequently renewed, perpetual^ 

0000 225000 330000 the a pprnach t° *'rus diseases in than resistant to them. Toler- unsaleable. suppressed? The explanation flowering carnations for ex- 

oeoo 150000 180000 That was the 1974 situation, plants. Until a few years ago £nce we were cons tan tly While studying some work on both in this instance and in ample, regular virus clearance 

— 150000 200000 I977 - 78 fiaw the successful home all scientific work seemed to be reminded ^ merelv an ahilitv the control of virus diseases in others appears to be a growing may continue to prove both 

— — - — • - grown businessman back in concentrated on the elimination ^ ™ animals scientists at Welles- recognition of the impossibility, practical and profitable. With! 

— 220000 290000 force. A beV y of buyers chasing of virus infections. Old but still *?. * h -v bourne became impressed by the a* present, either of eliminating many others it seems t 0 be * 

— “ggj 35S25 rare properties the market popular varieties of all manner J?* “ ‘ /„* fact that one of the chemicals or even effectively reducing the losing battle and so once agairj 

oom lioooo S being controlled very much by of plants were being cleaned up being used resembled a systemic scale of virus infections. Beet gardeners and farmers, with the» 

5 00 JSooS iSS the force. of reason, in this and given a new^ virus free fungicidTmu^SiSol»S5rin western yellows provides a good approval of at least some, 

.... case economic If there ever (ease of fife and new varieties . e ,. ** * which was already in use horti- illustration of the difficulties scientists, are reassessing thij 

1EAA lonnnn . . . TflCV COUld DSSS entirely un- u “’ u J - l. J T. Inemi noiiori hv .■i-rnc' 


case economic If there ever (ease of fife and new varieties , c ,. „„ which was already in use horti- illustration of me difficulties scientists, are reassessing me 

was a boom year 1977-78 was were being bred which were raltoaly and agricSturaJ^for inrolved. It infects a great actual losses caused by vtruj 

it. immune to the most damaging CUItUraiJy ° J many plants often totaUy un- diseases and are considenng thd 

virus diseases. }°J ery “5 s1 **** p,ant related and including common desirability of growing toleranti 

In the post 1974 period the ‘ . around them. And, of course, weeds such as groundsel, shep- as distinct from resistant; 

battle cry of the front line Great faith was placed on the one corollary of this was that r* A DrYETfclllur* herd’s purse, and wild radish. It varieties as well as seeking? 

vendors was ** find me a rich meristem method of prnpa^a- any treatment that merely uAKUtNINIs . ^ spread by aphids (greenflies) other methods of reducing 

Arab”. This was an anomaly ^ on “f’ 08 3 few “ lls ®. xclsed suppressed the symptoms with- particularly the peach aphid damage to crops. « 

in itself as the majority of over- f r om ^ fast-growing tips of out eliminating the virus was ARTHUR HELLYER which, despite its popular name. could well be that chemi-i 

seas buyers probably came bee _ n e « ua ”y tabod - “ feeds^on a great many plants Jl ^ S 

in addition to peaches, and has p] a y a useful role not nnlv with- 1 

political instability and an ex- u ' atu » e ue«i duu growers at the National Vege- proved an impossiMe pest to lettuce crons but with other; 

change rate that gave them ihe uSeTin^coniunctiSn wfi^merS !. able Re , searc h Station. Welles- the control of a number of eliminate even^ with modern plants . For those who would; 
opportunity to live in one of £!, nrona^tinn ?? rMnrTVtfi] Warwickshire, scientists diseases caused by fungi. They systemic insecticides In fact, care to experiment carbendawm: 

the world’s great cities at bar- p r t j,e risk oft rlniw beine were « x * ,u,IU ™ * new treat ' decided to try this on virus in- with systemics an added difl^ is markele d for commerciar 

gain basement prices. The old 'L ^ ir!tn I npvfllr raei]t for a troublesome virus fected lettuce seedUngs and eultv arises since the aphid gr 0wers fa v BASF of Ipswich’ 

story cf the vendor who found disease of lettuces which does found that in certain treatments must thrust its proboscis into UIlder the trade name Bavistin.’ 

a furoion Kmiar * a,10n anu. Once LOmpieteiJ ‘irUj nrpnicplr that Thp riicoaeA ic »hn mrm-ntr.rr,- k... thp nlant and snfdr nn snmp Ran , - : i 


GARDENING 


ARTHUR HELLYER 


njpiio g lw ^ j^uo*u»v r iai,L 

In the post 1974 period the around them. And, of course, 

battle cry of the front line Great faith was placed on the one corollary of this was that 
vendors was "find me a rich meristem method of prnpaga- any treatment that merely 
Arab". This was an anomalv tion 3 fe w cells excised suppressed the symptoms with- 

in itself as the majority of over- from ll,e fast-growing tips of out eliminating the virus was 
seas buyers probabiy came sh ? 0,s before ^ had been equally taboo, 
from Iran with precognition of infected with virus from more Yet last week at a meeting of 


gain basement prices. The old 
story of. the vendor who found 


must now raise 


bought m the same marker ILiSr a? the^Thavp 2 phyI1 ’ io SU8ar beet - tobacco ero p s that would otherwise inoculate the plant ^th virus Fison . s Corabat Rose Fungicide .! 

i . .. s.. ‘H'TULS i-'J' n as tnese na\e mer . _ j lomsc nmnnn mnnv .u if it hnc pnme frnm an inferrpd . 


age of a situation which still ies havi e he wi i res' mrec to leaves. Lettuces often show tained in the lettuce leaves Is remain healthy 'though infection corporated in powder form in 

exists toda>. f.ondon residen- h pri. tin. vigour. none of these outward symp- not considered in any way a ma ? ** delayed and its scale the peat blocks io which the 

tial property prices multiplied While all this was some on it toms until a week or so before hazard to the consumer. reduced. lettuce seedlings were ®rown' 

by a b).9o or SL.58 are still low seamed like heresy to consider they are due to be cut but then Why. then, this new readiness - wab some veKy \ valuable before being planted PUt.^Both j 

compored io the f(e«eris of Tran the virtues of plants that were the damage develops so rapidly to accept virus infection so long crops that must; in any case, be methods proved- effective. 


« 

■ : .. >! . 
- i? 

■1 




\'J . 4 • J J X(l: 



Peterhead 8 miles Aberdeen 28 miles. 

A Substantial Stone-built House and 
Estate with potential for 
Leisure Development 

2 Reception rooms. 9 Bedrooms. 3 Bath- 
rooms. Oil Central Heating. Garaging. 
Stabling. 2 Cottages. Garden. Woodland. Lake. 
Planning permission applied for hotel and 
extension. 100 Chalets and GoLf Course. 

FOR SALE PRIVATELY 
WITH ABOUT 380 ACRES 

(01684/ID) 

Knight Frarik& Rutley 

8 Charlotte Square Edinburgh EH 2 4DR 
Telephone 031-225 7105 




WEST SUSSEX 

Part of 

THE AHUNDEL ESTATE 

A Valuable Agricultural Investment producing 

£15,370 per annum 

U2G.G0 per acre) 

In all about 5SS.10 ACRES 
For S3le Privately 

Sale Agents: Cl nitons, 74 Grusvenor Street, London WL Tel: 01-491 276S 
The Estate Office London Road, Anmdel. Tel: 882213. 


6/ Order of Trustee* 

W1RE5AL 

VALUABLE AGRICULTURAL INVESTMENT 

83AWPOOL FARM STATION ROAD, 
THURST ASTON, CALDY, WIRRAL. 

TOTAL AREA 224 ACRES or thereabouts 

A mixed Farm with period house, substantial architect designed 
farm buildings, the Old School House and four cottages. 
Let on single Agricultural Tenancy dated February 1. 1932 at 
nominal rent of £376 per annum. 

FREEHOLD 

To be Offered at Auction by 

BEAVAN MAPLES & CO. 

On Wednesday, 22nd November, 1978, at 220 p.m. 

(Subject m Reterwo. Conditions of Sale, and union sold) 

PanJ colon ana Plan available an application to tho Auctiomsrc 
BEAVAN MAPLES & CO., 

25 Castle Street. Liverpool 2. (051-226 7381 A 9941) 


U1 

FH 

O 

F 

F 

5?A 

M 

Cl 


Magnificent villa situated in its own beautiful seven acre grounds, 
superb views to Nice, Cannes and the Mediterranean. The house 
which will accommodate up to 20 people in great comfort, has 10 
bedrooms. 6 bathrooms and impressive living rooms, central heating 
and heated swimming pool. Two additional cottages in the grounds. 
The property is for sale with all its quality furnishing at a 
substantial price. 

For further details please apply: 

MOOR PARK INTERNATIONAL PROPERTIES LIMITED, 
Stock Park, Newby Bridge, Ufverston, Cumbria 
or ’phone for printed details, Newby Bridge (04483) 549. 


LA PACHECA — NEAR MARBELLA, SOUTHERN SPAIN 

Sec in che pe»e «nd cranquilliqr of the countryside only ibout 6 SilometrM in 
ctw Hinteriand behind Mirtxlla. We a-e pleased to announce that thu fint-cJasl 
doirelo potent >1 now commencing phase two. Thu is the ideal location for chose 
seeking die best of both worldi. a rural setting and yet wich-n 20 minutes’ 
arive ol the sophistication of Marbelta and its beaches and eaciting night l.fa. 
this charming Andalucian style village contains excellent facilities such as tennis 
courts, swimm-ng pool and paddle court, all situated in tht etotic communal 
gardens. With local restaurants in the attractive Tillage of Banahavu within 
only a few minutes walk 

/ ■ 3.200 FOB dB.07 SO M ONE BEDROOM STUDIO 
APARTMENTS TO '24.2a I FOR 97 SO SO M 2/3 BEDROOM COMPLEX 
. Enquiries SOLE AGENTS: 9 Milner Street. London. 5.W.3. 

01-581 0218/9/0. Tele* 916087 


COTE D’AZUR 

Between 

GRASSE and CANNES 

2 acres (trees and land) — 
restored farm — 

All amenities — :j bedroms — 
2 bathrooms— 3 reception 
rooms — Sunny — unbroken 
view — Larse swimming pool 
together with pool house— 
Caretaker's lodge — 2 garages 
— Write to: 

iVlATPi AS — 1 av. dp Provence 
— 0600(1 — NICE — FRANCE 
Tef: (93) SI. 58.79. 



ADVERTISING 

Only £2.00 per line ( minimum three linos) 
Return this coupon with details of your 
property together with your cheque and 
publication will take place next Saturday 

CLASSIFIED ADVERTISEMENT DEPARTMENT 
FINANCIAL TIMES 

10 CANNON* STREET, LONDON EC4P 4BY 

Fur further inform ati on contact. Diane Steward 
Tel: 01-248 S2S4 


LUXURY APARTMENTS & 
CENTRAL LINE 

L»yronston» £220 
W,niicad £280 
Chijw^il £400 
per mono 

Overseas and Company enquiries 
invited 

Mr. Ropers: 01-989 8611 
Evening: Southend (0702 ) 520 922 
Stanllll Investment Co_ 

12 Sclsdon Road. Woniteed Ell 


PRIVATE 

ISLAND 

(FOR SALE BY OWNER) 

East Coast 

(Southern Tip Nova Scotia). 

221 ACRES 
SURVEYED 
SAND SURF 

1.200 feet off Mainland. 

3 miles of sheltered beaches. 
Excellent swimming— warmest 
salt wacer.north of Florida. 
Formerly supported three farms. 

$2,500,000 

Write Box 74974 
Financial Times 
10 Cannon Street, EC4P 4BY 



STRATTON a HOLBOROW 
Ourte-ed Surveyors: Chartered Land 
Agena. Lemon Villas. Truro 
Tel: Truro (D872 t 4646/8 
SOUTH CORNWALL 
THE PRIDEAUX ESTATE 
About 3/0 acres. South Coast and 
St. Amtell Bay 2 Miles 
For Sale as a Whole or in 8 Lots 
P? IDEAL! X HOUSE: Viewi to the sea 
oeer otatefuf wooded parkland of S4 
acres. Attractive granite Hannon • 
Home. 3 reception roams. 9 bed- 
rooms. 5 bathrooms, additional rooms 
and arrlts in need of some modernisa- 
tion and red era ration. Suitable far 
prime occupation, institutional use 
or conversion into fiats. 

LITTLE PRIDEAUX FARM: 167 acres, 
attractive old farmhouse, traditional 
ouildings 

THg OLD MANOR: Histone I4ch 

Century buildina (at present subl-ng) 
for conversion. 

••“CAM MODATiON LAND including 
°4 tan of woodland (let to the 
Fartte-v Commission!. 


INVESTMENT FARM Or urn. Far required 
Tr crivaie l rr.es tor lor capital growth. 
0602 524859. 


The newly built: 



HOTEL 

in Bergen, Notway, 

IS UP FOR SALE 

Bergen Hotel was completed in 
1978. It has 72 rooms, all of which 
have a WC, shower/bath and 
telephone. It has 2 conference 
rooms and a grill restaurant The 
hotel is centrally situated, but in a 
secluded spot The hotel is for sale 
and a quick settlement is wanted, 

Bergen has rich traditions in 
tourism and business travel. The; , 
city's travel organization has / - 

worked hard for the expans ibri of 
the city's hotel capasityL it is also- 
expected that the need will - . 
increase according to Bergen's 
development as a centre, for oil : . 
activities north in the North Sea. 

Would interested buyers please . 
contact the solicitors Riis 0 en and / 
Mol land, Strandgaten 18, 

N-5000 Bergen, Norway, 
teleph.: +47 5 21 94 99, 

+ 47 5 21 85 42. 


ANNOUNCEMENT 


DECEMBER lst-3rd 1978 

A very sperLi! RESIDENTIAL WEEKEND AWAV for rverronr Interested in 
•MONEY AND INVESTMENT 

Experts in the Ploaocial irorld ’belp to channel juur I Wn io n a' and inveaUnx . 

lovrardp foot rniure wail- be mg 1 

Spi>3krn ot ' • * ' 

HARRY DROWN 

CAROLE MCHOLLS. ACLL AC1B _ . . 

and Dr: DAVID GARRICK 

A unique occasion to Mremdien your knowledge aT present dd? Tgtotlan, 
IrtvesUnem areas. Pension arranBemeoLs and RwlUi quarts 
Resident ai ibe lovely VvTlATELY BALL HOTEL. B-VNBl/Br 
PLUS the opporwmiy *« Visit siratfnrd SlWkespears Uemonal TlRBTro 
w we " measure for Measure " . 

Pr»M* wrr Person from £»'1iKlistoe Plus MT • • 

1=1111 details of tht* a ini offier gnblects corered Irtm ^ 

R.V.S. Bnterurlfrs. HIKpo Home. Honmd Lana. Mwpbwn, ICbb*-. j 
. or Mapbara HU 81371 . 


fffartfitmag (Sifts 


Christinas 1978 

We invite you to send for our 
For the Pleasure oj 
the Gourmet 

booklet and details of our 
other attractive offers. These 
are ideal for sending to rela- 
tions and friends at home 
and overseas, as well as for 
your own discerning enjoy- 
ment 



DEPT. KT, ORCHARD STREET. 
WORCESTER WRS 3DP 


HAMPERS 

OF GOOD FOOD. & WINES 
Britain's leading packers supply- 
ing the great stores of the world 
and leaders . of industry. 

THE HAMPER PEOPLE LTD. 
Strum pihaw, Norwich 
Tel: 713937 ' 

. Telex-- 975353 Hampers 
. Colour brochure on request 


public notices 


. YrtlWYN HATFIClD COUNCIL aiiic 
“0CMO£O Bill, ®' n lA g ue . 

there ire ESOOOOO.tKJ Bil^itsteMIng. 


lAWSOrrs Cvmss: *0 transoiam. o,_ 
JZto L15D. 12liwiB,n cn!5.SS 
^S5tt £7. Scots nnrWV^S! 

5S- -jh££S?-J^ m S 5P s S e « n ingi: 3ft'-4rt 
£6. Jft-5fT £S 50 end over 2 qo_ uh- 
cotmt- Promot iree ellverr Aw 
Nurtprv Abovne. AberdoencMr* 


TriTTOrr 


THE SCOTTISH 
. AGRICULTURAL 
SECURITIES 
CORP ORAT ION 
LIMITED : 

-71% tie be o lore Stock, 1390/92 

GIVEN that the 
aSGISTERS of the CORPORATION 'S 
ab&VB TOnrtonwf Debennuv Stock wttl 
J* g£SED for TRAjVSFER and 
REGISTRATION" Trora ITIh" to 3 Uth 
November, 19T8, both "days tnciosrvc. 
• B* Order of me Board. 

BL-J.-MeTUax. Secretaro. 
.£ i Palmerston Place. . 

Edlnbuntti EBiraR.- 
Mib •.•ctiAer. lent. 















Ymandal Times Saturday October 28 1978 

XlOW TO SPEND IT 


by Lucia van der Post 




1 v 




_ _ , , • :: .■ t ~ '^'T; \ •• 

r -> #•* - 1 4 * 


':-;v 5 


It's the thought 
that counts 


■ <i 

. /" 

/ 


t i 




'.^ r ‘ 


^ / V i ’ 


, JUb do a range of very elegant travelling accessories 
hey offer in just tiiree exceedingly restrained coiourways 
green with red binding, navy blue with red binding 
< with camel binding. They make marvellous presents .. 
rail be ordered complete ivith monogram, crest or 
.* The range is quite large including such basics as shoe 
.. undry bags, sponge bags, shirt cases, zipped clothes 
and so on. Since I last wore about them they have added 
:n designs to the collection — the barrel bag shown in the 
: aph, a tie case, shoe holder and the item which will 
;Ost interest to women — a bool bag. 
mious produce a very dear full-colour brochure and 
ing can be ordered by mail from them at 24 Maddox 
London Wl. 

> barrel bags are 16 ins (£22.25) or 25 ms (£29.75). 
ng costs an extra 85p per initial. 


PRESENT-GIVING. I'm convinced, is an art and some penple arc 
much better at It than others. The old cliche about it being the 
thought and not the cost that really matters is. like most cliches, 
based on truth, and the present that has obviously taken time 
and thought gives much more pleasure than the hurried purchase 
bought at too great a cost in too Jilllc time. Even quite ordinary 
items like stationery, key-rings, cuff-links, can be transformed 
into something special if enough imagination and care has gone 
into choosing them. 

This week I’ve looked into a whole range of products, some 
expensive, some not, some potentially quite ordinary, some 
special, in the hope that there will be some suggestions to 
answer some of your problems. The one thing they all require 
is some advance planning. You really must order now if you 
want to he sure of them being ready for Christmas. 

If you want to give a smalt but individual present the 
cheapest idea I have come across are some badges that can 
be bought from Sylvia’s of 25 Beauchamp Place, London SW3. 

According to Sylvia “children — actors— the glitterati of 
Beauchamp Place love them.” The badges cost only £1.00 each 
and they can be printed with a colour photograph or any 
message that you fancy on them. Naturally, at that price they 
are just round tin badges, about 2\ inches in diameter: but 
they are fun. You can send a photograph or the message to 
Sylvia's and they will be dealt with by mail of, alternatively 
they can be done while you wait. Some people ask for logos, 
letterheads, others like loving messages. They could be a good 
addition to a Christmas stocking. 


Cyril Came and Son, 105 Wentworth Avenue, London N3 
do several of the usual personalised items (track-suits, towels 
etc) but have recently introduced a nightdress rase which looks 
quite pretty. In red. royal blue, green or brown velvet they 
cost £6-50 each, including up to seven letters to form a name or 
word or message (you can order extra letters, to a maviTnnm 
of 15, for ldp each). Orders take about three weeks. 

Stephanie Roberts dues very beautiful batik w'ork on silk 
and can produce scarves that are very distinguished and very 
individual. She can make scarves of any and every colour except 
black and you can order them with a name in one corner or 
with the name used as the motif going right round the whole 
scarf. 

There are several sizes. 24 ins square (£5.50), 27 jus square 
t £7 .50 ) , 32 ins square l£9.5U>, 26 ins square (£11.50) and finally 
the long one is £6.50. The silk is very fine, the batik work 
exquisite and you can virtually ask for your own coiourways or 
design. Write to her at Wood Gate Cottage, Rothley, Leicester- 
shire. 

Finally, if you're planning a splendid buffet party round 
about Christmas time or are going to be a house-guest in some- 
body else’s home, a large pork or game pie with a name or 
message on it could make a fine centrepiece for the groaning 
sideboard. Harrods Charcuterie Department organises this 
speciality at an extra cost of £3 for the message (Merry Christmas 
or whatever else you like). The pies roust be large— 13 lb, 201b 
or 30 Jb. Pork pies are 81p per pound, game pies £2.05 per 
pound. 



'■Vv t 








ipWtA'JWi'.-* 




m. 


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V 



vsi,' # ,• L?racoa- m 

■% - -- -it-X-i— 









***... * *:;<»<.- . .. 

A head of Emma by Frances Baruch ■ 


r- if:* *•')' v 

ri <***•/ ' 


2 present for a child might be a pillow- 
th his or her name in the white balloon 
just beside the mother rabbit Small 
n particularly seem to love anything 
specially theirs and at £4.95 for a good- 
JOlyester cotton pillowcase, it makes a 


U 3 

?• \'4 


lovely present The basic coiouriog cao be 
either pink or bine: up to a maximum of 12 
letters con be printed in the space. Orders will 
take about 10 days. Available from the linen 
department at Harrods of Knightsbridge, 
London SW1. 


Z i* \ 

- - • 


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i t 


i- m 




VJTY 


irm 


s,’ :^Qr « 

S AM* AGfltE-- • 

. .v, 

'wliMj* Zr- 
:*rnV«i .•JWSpWfc *■ » 



KALEIDOSCOPE. the 

Christmas Gift Ideas Book. 
P.O. Box 19, Swindon. SN1 
SAX is a mail order catalogue 
packed full of rather good 
Ideas for unusual presents. 
It offers one of the nicest of 
simple carafes that I’ve seen 
— with an engraving done 
not on to the carafe itself 
but on to a leather band which 
surrounds it The carafe Itself 
holds one litre and on to the 
leather- band they engrave 
Vino di Casa Smith (or Brown 
or whatever) all for £5.95. 
There are also simple goblets 
at £3.99 each (including one 
initial) as well as tankards 


(£6.95 each with one initial) 
and whisky tumblers (£3.99 
each). 

A clipboard i n smokey 
aery lie can be monograms) ed 
with initials of your choice 
for £3.95. The initials are in 
silver foil and there’s a clip 
at the side for a pen as well. 
If yon know a golf fanatic 
Kaleidoscope can also provide 
a pair of hallmarked sterling 
silver ball-markers engraved 
with up to four initials 
apiece. They are supplied 
fn a little leather carrying 
case. • The silver markers arc 
£7.50. If he’s really upstage 
you could buy them in 9 carat 
gold for £29-95. 


3 

-SSt 




■M-'jikir*.- 

-- . - v ... 



Portraits by Care! Weight left and by Jeffery Courtney right, both represented by- the New -Grafton 

Gallery 


ROSE ELLIOTT is a mine of inventive ideas: she customised 
her 3 CV car for her degree show at Art College and it was 
such a wow that she still gets orders for people who want a 
very special one-off finish to their car. She loves working 
in quilted and padded satin which she often prints with her 
own rather special flowery designs. She has now devised a 
series of special white polyester satin hot waler-hottle covers 
and these can be ordered with any special Dame or theme in 
green, yellow, fuchsia, purple or blue. The price varies between 
£17 and £25. depending upon the amount of work involved, 
and the cover is supplied with a hot-water bottle. 

There is a standard design which is only £10 and incorporates 
the single word "Hotty” — these are fun and can be bought 
either direct from Rose Elliott or from Christopher Strangeways, 
502 King's Road, London SW10. 

Special orders can be made to Fitzroy Frag (the name of 
Rose Elliott's company). Box 404, 4 Reckitt Road, London W4. 
When ordering you should include your phone number as 
Rose Elliott may like to consult you about colours or 'other 
details. She will also send a list of different types of script, 
flowers or whatever else you would like included in the design. 

Orders should take up to three weeks. 


. - J,ED drinks are, in my 
jnite an expensive way 
ling drinks as a present 
i the other hand, it docs 
t look as if you have 
tome trouble and haven’t 
shed into your nearest 
' ncc on Christmas Eve. 

: ,!s are selling bottles of 
’’ lampagne, imported by 
/ ider Dunn and Co., with 
in to whieh any name can 
orporated. The bottle 
15.75. Inclusive of the 
ig of tbc label, and they 
\l Tange to send it by post 
-. .85 extra. 


IF YOU’D like a totally 
individual piece of tapestry or 
needlework it is now possible to' 
have any picture of your 
choice whether child, house, 
dog or cat, printed on to canvas 
ready for it to be sewn to make 
a picture, cushion or chair 
cover. All you have to do is 
provide a photograph and 
ask for the size and type of 
tapestry canvas you’d like. 

You must specify whether it is 
to be 11 ins. by 14ins. or 
16ins. by 20ins. and whether 
you’d like it upright or 
horizontal. There is a choice of 
four different sorts of canvas 
(12 holes to the inch is the 
most popular). The Needle- 
woman Shop of Regent Street 
can give advice about choosing. 

D. H. Evans of 


Oxford Street and Bentalls of 
Kiogsion-uponrThames also 
offer the service. It looks to me 
quite difficult to do in that 
although the full-colour 
photograph 'Is printed on to the 
canvas there are no absolute 
directions over which colours 
to put where and bringing 
human features to life is not 
easy. 

The price is £15.75 for the 
smaller size. £19.75 for the 
larger and those who can’t get 
along to either of the shops 
personally could send a print to: 
Kinetic. Needlecraft, 

60, Holmes dale Road. 
Teddington, Middlesex. 

Delivery is about four weeks. 
Make sure that the print you 
send is clear; jf necessary 
cut out irrelevant details in 
the background. 










'Ml 


IF YOU know a racing man (or 
woman) you can now order, a 
collection of jewellery in 18- 
carat gold and enamel which 
incorporates whatever racing 
colours- you choose. The 
jewellery is quite, restrained and 
most of it is suitable for men 
or women (except, I think, for 
the pendant and the earrings 
which I can’t quite see on a 
man). The designs are all, 
naturally enough, on racing 
themes, and I suppose on the 
assumption that racing circles 
are well-heeled, the prices are 
not low. On the other hand 18- 
carat gold and hand-enamelling 
don’t come cheap. 

You can order a pillbox with" 
a hand-enamelled, jockey shirt 
and cap (in whatever racing 
colours you choose) for £525. a 
tie-slide for £325. The lowest 
price is £105 for a- tic-tack while 
cufflinks are £285 and the most 
elaborate pillbox is £950. 


.v '’"’AS# ■ *-V • ,’ ; v elaborate pillbox is £950. 

Delivery takes about seven 
• - M: weeks and they, can be ordered 

v ' ' *' v v - ■: V V ViT.-'-.i from Mappin and Webb, 

uodia. Wl. 



MOST of us tend to think that 
commissioning portraits or 
sculptures is the province of 
the very rich or of grand com- 
panies which want to honour 
their distinguished presidents. 
Not many people realise that 
it is easier, less daunting and 
Jess expensive than they might 
imagine to have carried out 
either a portrait or a sculpture 
of either themselves or some- 
body they are fond of. 

The most reasonable method 
that I know of (unless you have 
access to an Impecunious and 
talented future Augustus John) 
is through two organisations 
that specialise in sifting both 
artists and potential clients, 
thus eliminating all the embar- 
rassment of being face to face 
with an individual. 

The National Portraiture 
Association. Leicester House, 
47 Park Hill Road, Croydon. 
Surrey, is a registered charity 
which uses its funds to support 
scholarships and it has thus 
persuaded about 50 distin- 
guished artists to contribute 
their services, at reduced fees, 
in order to benefit the charity. 
To the ordinary member of the 
public this provides access to 
the work of an artist of great 


• If you want something really 
special in the way of lettering, 
whether on glass or on stone 
or even on Perspex, then David 
Kindersley is one of this 
country's most sensitive letter- 
ing artists. In the past he has 
designed gravestones, com- 
memorative plaques, alphabets, 
exhibition pieces, glass bowls 
and medals. He is not the man 
if all you want is an initial on 
a glass but for really 
beautiful lettering, exquisitely 
worked and placed, contact 
David Kmdersley’s Workshop, 
152 Victoria Road, Cambridge. 


standing at prices well below 
their normal market value. 

The fees charged have varied 
very little since I last wrote 
about the association nearly 
four years ago and the method 
for initiating a commission is 
much the same. Anybody inter- 
ested in having a portrait done 
should write to the association,, 
at the address given above, 
enclosing a 9p stamp, and they 
will then receive a brochure 
listing all the fees and the 
different mediums available 
(chalk, pastels, oils and so on). 
From the illustrations enclosed 
in the brochure the potential 
client chooses the kind of style 
that most suits his taste and 
from there he can proceed with 
a commission. Prices start as 
low as £25 for a drawing and go 
on up to £375 for a large oil.' If 
you live over 100 miles from 
London you may have to pay a 
travel surcharge. 

The New Grafton Gallery at 
42 Old Bond Street, London Wl 
has a stable of IS portrait 
painters and six sculptors, all of 
whom will undertake individual 
commissions. They include some 
very illustrious names like 
Michael Noakes (almost every 
member of the Royal Family 
seems to have sat for him). 


Ruskin Spear and Rupert 
Shepherd, as well as younger, 
less established and conse^ 
quently less expensive artists. 

There is a permanent exhibi- 
tion of the work of these artists 
and prices start at £200 and £300 
and go up to about £3,000 for 
the big names. 

The only artist of whom X 
have personal experience is 
Frances Baruch who has just 
completed a head of my 
daughter (photographed above). 
Years ago now she did my 
father’s head and it is generally 
accepted by friends and family 
to be much the finest head he’s 
had done — many artists have 
tried (and some very famous 
ones) but none, in our view, 
produced anything as fine as 
did Frances Baruch. 

She works from home at 16 
Clifton Hill, London. NWS, and 
she works very quickly — she 
likes between four and six 
sittings, arranged very close 
together. She has most recently 
sculpted one of Sir Georg Solti's 
children and many other 
eminent people besides. She 
charges about £300 per head 
but that includes the finished 
caste mounted on a wooden 
base. 


ABOVE 
YOU A 



cnossiM 


★ 


P*' . ■ CAR PETfct AKERS ■ ! j 
* EST18Q3 'I 


A lasting tradition. 


ALMOST all good-class 
stationery shops and department 
stores have an excellent 
selection of writing-paper with 
initials incorporated somewhere 
into the design. Paperchase 
shops are a good source of 
highrquality stationery and 
have a month-watering 
selection of monogrammed 
and plain paper of* all sorts. 

Harrods, too, have a good 
stationery department and this 
pack of 15 monogrammed note 
cards, each In cream and navy 
border with gold letter, is 
accompanied by cream 
envelopes lined with navy 
bine. The pack is £4JJ5 and 
Harrods currently has all 
letters except U and Z in 
stock. They will also send by 
post for 55p extra. 




The Yeoman gate illustrated is 
one of our range of craftsman 
made timber gates, constructed 
to give prolonged service. 
Other attractive designs are 
also available for the garden 
or farm. 


Sond 7p far a brochure or vtait m u Blddenden. Mr. F. T. Moors. 
British Gitas & Timber Limited. Blddenden, Kent ^ 

Telephone: Blddenden (0580) 291 55S U 


LEATHER CAPTAIN’S CHAIR 
DIRECT FROM MANUFACTURER 

The eteganl Captain's Chair is now available at only 
! n L~ yM 7~* t ,east £10D Wow s»rc price. 
- ‘-.h 8 ” 1 " a " t,aU,! fl " 1Sh lM»her wUh 
hono polished Mild mamjflany sallery ^ |p~. 

Swl»e l alid tilt Ktlon. SmvetS through 3GD*. Ute 
*} ■ 2tl - OMtfc. 2 tk width. Height 21 .- Bln, -3ft. 
Avt, table in antique shades ot green, red tan or dark 
raw lor order lorm. colour samples aiu 
Waflet Denvery tr«r U.K: Mainland appro,. dTSS 
Limited ofier at this prke. weei*. 

«-«_ MfWABD HOUSE. 30-21 HIGH 
STREET, LEWES. SUSSEX. Til: LEWES 77T5I. 


RTY 


CAPTAIN'S ' 
CHAIR IN HIDE 


) 







A t local level 


Backing the Bar Mil ZV all Purcell mid others 


Peter Witt says thiu when the 

Both the BBC and the Indepen- with local bigwigs in which the BBC Local Radio avoids coo- "sn^on 

dent Broadcasting: Authority are station has emerged bloody but tinuous music shows though it J' , V™ 'I, -f, er the 

sounding two ir not three cheers unbowed. by no means rules out record Llace nshtl and was told by 

this week. They have both been Deraarc ation lines and union requests and disc shows with Mr. Rosenthal's agent to “find 

f iven the go-ahead by the Home reji ti*icitons are less rigid than in " dedications. U tries to leave som p d ne Peter Witt.” The 
ecretary for nine more local ^vetwork. Everyone tends to do nausic-on-ta: p to lLtl. It has. resu j taQl raus i C3 | opens at the 
radio stations, in °* everything. No bossy studio hred « race of live Hcr Maj&st vs nn Tuesday nijbr. 

the Government s intention to managers to a p P ease. Studio Piano-sirurummg musicians who prT , duC4fd by Mr. Witt, lyrics by 
EKSS-* 10 ® 1 rad, H w °“LI2 assistants, a bottom-rung post, respond to requests for nostalgic Black and music hy Jute 
the \Vhite Paper which succeeded operate tape or grams. even numbers from a large and loyal StyDei who wrote the scores for 
the Annan Report. Frequencies . p ^ p dd following of senior citizens. and Fu „ nil Girl. The 

' V Miu (hence this is an invalwWe^av »*»«* minority groups are given d /S or is Martin Charnin. 

to be cleared but as soon a» this ^ business but it is mor ® generous slots of tune responsible for the smash-hit 

can be done work on them will * h °d to eettakrS on> The ^an they are on Network. In .Si* 
ef-ii-T The ftret fmir «atmns the »er> naru 10 get laKen ou>. me , . . _ ..,--1,1,. 


start. The first four stations the ,7” Nottingham they have a weekly 

BBC will open are at Barrow. »*«»" is » Jnendl " » ^ > Hindi ud at 


Musicals, of course, are the 




S^VbSJ all n?nTItaaons sa Jon mT^ger accused in «h0P kind where vigorous hors^ S^plus a 20 per cent over: 

aTtoe a”r iri9S0 ^d ?9Sl add' the supermiket by a listener ^ n d ‘° 8 ; ^J^BB^Gocal F IL l The overcall means that a 
ine the barbed caveat — sn long with a reaction either positive do ™?' At Oxford the BBC Loca hacker is committed to an over- 

tosKSW* 


■me BBC Singers and St. be achieved. Three Force 
John's have been associated for anthems and the Funeral Sc 
a few musical seasons now, gen- traces (all dating from the co 
orally mixing ancient and mod- poser's early twenties or befor - 
ern with fine artistry but, one were preceded by music from t 
gathers, not too good a response previous generation with whi 
at the box office. Their new he would have been famil. 
winter season looks more modest though it was not directly -i 
at first glance: four concerts fluential. Henry Lxwes Hu 
under- the title “Purcell and the. shepherd swains "• showed w, 
English Tradition” confined that concern for Just accen. 
almost entirely to English reli- which Milton praised in h . 
eious music of the 50 year period Lawes was content to let Vj 

words speak for themselv 

■ without harmonic pointing or^j 

markable melodic inspiration., ■ 
UHCir bone Jesu," by Christopher C* 

U31lw bons. looks back to the old pi- 

phonic ihanner, the vocal li? J 

ANTHONY HICKS Imitative, the mood unvarying 

devotional. George Jeffries' v: j 
fine “A music strange ” foHow 4 
inspiring the Singers to the 

from the Restoration to Queen g ,™£ ' 
Anne. Yet the scope is ambitious, Ef* . 


for the music in this category --- - . 

is vast in quantity and broad in One or two minor mode 1 nr- 
variety. Purcell's anthems alone tions in the Jeffries bar, 
number over 60, of which per- dimmed the contrast betw* 
haps a dozen are passably well these preparatory pieces and;, 
known, while the comparable restless harmonies of the f- ■ 

I work of his contemporaries is, Purcell group, especially ' 
with certain ubiquitous creep- anthem “ Behold, now praise ; * 
j tions, rarely heard. The devisor Lord,” where • the chrom; 
of the series, Peter Holman, has shifting bas scant justification : 
not only aimed to give a repre- the neutral text. After the ini 
sentative selection of this re per- val we heard in the Fun^ 
torv, but has also attempted to Sentences (“Man that is b; 
present the PnrcelUan items in of a woman ” and so on) r 
roughly chronological order and Purcell soon found a way of l . 
set them against the works of nessing his harmonic resotf , 


tor John Poole. 


THEATRE 

MICHAEL COVEN EY 


I find that most people I talk ment to place children in fostcr- 

to agree that local radio is a care with some useful results. 

Good Thing (especially if they la Nottingham they are encaged 

live out of London in an area RADIO on variou s multi-racial projects, 

served by a local station], but w In Derby they have ventured 

many are puzzled as to why Anthony ri irttS abroad to broadcast programmes 

there have to be two separate from their twin town in 

systems of local radio competing __________________ Germany. Osnabrfick, where 

with each other. Why not. the several officials seem to speak 

argument sometimes goes, leave near-perfect English. 

o - t0 T I"! ,npprf Rrainme-chanfie is a common and It is to people in their thirties 

it wS have been disastrous to S^tifying happening. -Sm™ “ortaSR^smSS and £ ec ? 1U5e °. f doing onlv average 

have done that. Havms spent Much of the time the station is H US, ? eSS 1X1 M^hester during 

part of last week on a l.gh.en- pumping out routine information ^cal Radio on the four-wcek iry-oui and some 


ment to plaee children in foster- circumstances. In this case. Mr. 

care with some useful results.) 

In Nottingham they are engaged 
on various multi-racial projects. 

In Derby they have ventured 
abroad to broadcast programmes 
from their twin town in 
Germany. Osnabrfick, where 
several officials seem to speak 
neat^perfect English. 

It is to people in their thirties Wit t has called on the overcall 
and above to whom these P r °* because of dome onlv average 




Lcomnl Puri 

A scene from “ The Bar Mitzvah Boy ” which opens next week at 
the Ha /market Theatre: left to right, Harry Towb, Ray C. Davis, 
Joyce Blair and Leonie Cosman. 


competition between the two can be covered in depth. 1 
systems. The first priority’ is to doubt if any of the big stones 
give evervone the benefit of which made the headlines m 
some form* of local radio. What Derby last Friday when I was 
the BBC alms to offer is the piere rated more than a few 
choice between listening to one inches in the national Press but 
of five services, four of them they were all of major lraport- 
Network (Radios 1 to 41 and one ance to this community: a protest 
Local (though you may in addi- at the tipping of industrial waste 
tion be able to “ eavesdrop " on in Morton, a campaign to encour- 
other people's local stations, as a 3, e international companies to 
some Londoners can now also offices in Derby launched by 
receive Radio Medway). Lord George-Brown, formerly 


CHESS SOLUTIONS 
Solntion to Position No. 239 


w up as a proaucer. ms nisi necoras tnvesiea u-±.uuu in oiuy iu w <k»u- — b «»» » 

show’ was Billy, the Drury Lane and were about to come in with ciated with this show. It's one of TH Fil I VfcS THIS WEEK ... 1 

musical starring Michael Craw- the same on Bar Mitzvah Boy at the most beautiful shows I’ve 

ford tbat ran for two and a-balf the stage when the plan was to ever seen and I mast invest in ANn NCYT 

years, paid off its costs in seven do just a stage play with music, the American production.” liCAl 

months and made a lot of money But, when the show became a The Broadway production will J 

c" •JUiuuuii ill riraiuvu 4, v. w«r especially for the star. Billy full-blown musical. CBS doubled open In a year’s time after play- 1 OLD VIC — Kina tear. Anthony directed by Kenneth Chub, at: 

,ul (a) Plav went 1 P-K5? PxP’ lyrist Don Black was on a up to £50.000 and the music pub- ing for several weeks in Toronto. Quayle, a tough old Lear, should dishonesty in human relat: 

lrt ' <jd»d vvd'i 1 Orta nn«.4nn' 2 I ier cent - pre-profits and. Ushers Carlin Music (who are It will have an all-American cast not be missed. Reviewed Wed- ships. Reviewed Friday. 

L ’ sl « w ' i. 1 ^ nost-proflt. a 2* per cent royalty, printing the scorel matched that and a Sim budget That money nesday/Thursday. Downstairs at the Ro^ 

ste P-K4; 5 BxB (if the knight The comparative figures for with another £50.000. A group of is already arranged. ica — Science Fictions Ingenious House. Jesse and m the Rat! 

ur- moves, B-B4 wins the queen), Michael Crawford were per what Mr. Witt describes as “old Mr. Witt would never contem- work in a thin rather naive SF Oaeen is about Jesse Jan? 

to PkN: 6 Q-B3, R-K6; 7 Q-N2.< PxN cent and 10 per cent, while Mr. professional contacts in Switzer- plate doing an all-English story by Shared Experience OP™ 3 Monday. Tuesday. 1 

by an d Black won with his extra 1 V L ! I’ S J ,e . r ? B l a * e wn ' from ,3n J d ”^ as a,so PH 1 u P P fS'SSS musfcaI a ° d was appalled at the Reviewed Wednesday /Thursday Brit , is 5 r 


Local radio recruits people hooligans out of the pubs at S eslea 4 n-iw: a ‘jiv-tv-. | S usual here. 100 oer cent of such as the TV boxing promoter, Boy. He considers that we lack “ , . 0K cnaracters in me comes to the Duke of York s fr- 

from other areas like journalism nkeston during the fair, a reli- P-K4; 6 Q-Q2, PxN: 7 P-QN4? the outlay, but 125 per cent. Jarvis Astaire, and Cyril Levan, not only good dancers, but also A1I ? a Battenoury murder case Hampstead. Thursday, the Cot? 

and teaching and it also has gious crusade in Greater Derby hut this fails to Rx.\" while Once we go into profits on rhat The rest are mostly Americans, good choreographers and orcbes- “*kes t™ 1 *- loe with another book adap 

working for it people with great tnr an American evangelist, the 7 v^p n-N 5» is also verv -rood basifi ' lhev divided 60/40 in The smallest individual contri- trators. There are no stars in Reviewed Thursday/Friday. j? iC World Turned Up*; 

experience in Network who now possible transfer of the midfield fnr R . n _,. ‘ ’ “ favour of the backers. Someone button is £l,041.75p, the largest Bor Mifzroli Boy. It is an ICA— Red Earth. Lunchthne hour Daunt. ! 

prefer the local scene There i« player Gerrv Daly to Leeds It Diac,v - who has bought a unit at, say, £25.000. ensemble show. Could that be a about South African politics, set Outside central London, ths 

a headc air about the studios was a good morning for the Solution to Problem No. 239 £R ’ 2 ® 0 ’ ran ex P ect J -- P er cent - 7116 original television play mistake? “I don’t think so at in dockyard exporting oranges, a reThe Beam's Stratogem at t 
which you sense as you enter, a newsroom which does also send , XRS KK - orP °f the . Profits” has been serened three times all,” says Mr._ Witt “though, of Renewed Thursday. Churchill. Bromley; The Foods 

feeling of David and Goliath stories through to Network and _ \ K ™ L ( °« vJi En .3 I,sh t *<?atncal producers, by the BBC. a fact that may have course, m this business, we all GARRICK— Deathrcp. DevUUh’y Apprentices, a new play at : 

with the ancient Mark I equip- occasions I! v finds its wires hum- " - N ‘^ 3 and 3 P_M,: 2 B_N6 on the wh °le. are loatn to talk hindered more than helped the make mistakes at some time or ingenious comedy thriller, the Theatre Royal. Stratford. E 

ment as the sline and pebbles mine when a big national storv K-B5: 3 R-B4 mate, or 2 ... K- about how their shows are musical's cause. Mr. Witt is other. The best one I ever made safest recommendation since the latest antics of The Petr. 

Battles have been fou"ht here breaks io the area. ' Q4; 3 N-K7 mate. financed, but not so Mr . \\ itt. He aware that many British Jews, was as an agent Would you Sleuth. Reviewed Friday. Show at Oval House, Kenni- 

Baines na%e ueeo iou*ni nere orea^ me area. w, a finds the Sochfty of u'est End charmed as they were by the believe I turned down Barbra BUSH— Loved. Hypnotic play bv ton: and vet another product 

Managers a somewhat parochial piece, felt that the light thrown Streisand?" Olwen Wymark, excellently of The Qumgelina at BrisloL 


i l ¥ i , 


r .'*5 i ' 


have drme lhat. Havmu Much of the time the station is ’.r": T u ae wnn !ir V m rndnuiowr ## composers who most influenced onant pv^ro^inn nf thpwoJ ' 

&olLrof T some e BBC loca^radTo' Sbou^the' wmSm!* xSate*™!!- ils greatest support, leaving the difficStyVlth S’desiJL S ° me organisation. He was recenUy on a Jewish North London com- S^eTnflu^d^v^t 01 Wt ° ^ b « whence came the style in. ; 

nation? Usten(n>* B fo "samSlS dStin" b DbnnSS' 'w^th ’ fr«*“ de,l,m audience” to TLB. p et er Mntt was a Jeirish elected to their number, but only munity was not as favourable as carae I ° fl “ ence > d by lL pst place? Not from Matt; 

1 1 though there are many vana- refugee from Nazi Germany alter a long fight and the com- it might have been. When Jarvis Mr. Holman’s success in this Locke, four of whose wd : 

after becoming the nation's pletion of the statutory’ three Astaire sent in his cheque for second aim must be judged completed the programme, 

junior tennis champion. He West End productions with um- £6,250, he wrote a note to Mr. when the sene'; is complete, manner is plainer, but Puij 

went to America and became an brelia managements ('Billy was Witt saying “I hope you won’t From the first coqgert. “Purcell did learn from his. the use 

ha"nrf mom 11 ^r^cTmen'ted petition to BBC radio in the international sbo whirs ; ness agent “covered" by H. M. Tenoent, get me into trouble with my and his immediate predecessors” enlivening melodic fragments ’ 

oand wagon aion^.. fuocnon m giving a tragmen tea SQn of Radj0 Trent bolh for 30 years numbering among the other two by Eddie friends in the Jewish com- (Thursday, respectably atten- the Integration of orches- ; 

It will be several years before communiy a sense 01 mexmi.. statlons have a considerable his clients Charles Bover. Steve Kulukundist. jnunity.” Mr. Witt gave him ail j ded). one could immediately con- interludes with the main v' ; 

every one in the UK has the The time when Local Radio respect f or . and closely monitor. McQueen. Jason Ro bards. Lauren Mr. Win prefers to have pro- the appropriate assurances and, elude that the primary aim will sections. ’■ 

choice at local level between seriously challenges its Network eac jj other's programmes. For Bacall and Eli Wallach. He sold fessional money in his shows after last Saturday night’s pre- • . 


!< 



f Indiratcs programme in 
black and white 

BBC 1 

9.10 am Take Another Look. 940 
Multi-coloured Swap Shop. 124S 
pm Weather. 

1240 Grans land: Football Focus 
(12.35): Speedway * l.Oj 

British League Riders Cham- 
pionship; Racing from New- 
bury 1 1.20. L50. 22.0. 2.50): 
Boxing (1.40. 2.10) flyweight 
bout between Charlie Magri 
and Claudio Tanda 1 high- 
lights): Motor Sport 12.40, 
3.251 The Texaco RaUysprint: 
World Gymnastics Champion- 
ships t-3.10); Rugby League 
(3.50) Esso Yorkshire Cup 
Final; Bradford Northern v 
York; 4.4« Final Score. 

5.10 Tom and Jerry. 

5-20 News. 

5JM1 Sport Regional News. 

5235 Grease Day U.S.A. 

0.25 Dr. Who. 

6 jO Larry Graysons Genera- 
tion Game. 

7A5 All Creatures Great and 
Small. 

9.35 Little and Large. 

9.05 Starsky and Hutch. 

9.55 News. 

in.05 Match of the Day. 

11.05 Parkinson. 

.\ll Regions as BBC1 except at 
the following times: 

Wales — 8.45 am Take Another 
Look. 9.10-9.30 Wir I Chi. 5J0-5J5 
pm Sports 'News for Wales. 12.05 
am News and Weather for Wales. 

Scotland — 1.55-5.10 pm Score- 
board. 5.30-5.25 Scoreboard. 10.03 
Sportscene. 10.35-11.05 Scotch and 
Wry. 12.05 am News and Weather 
for Scotland. 


Northern Ireland: 3.10-3.30 pm 
Rugby; 197S Inter-Pro Series: 
Ulster v Connacht. 5.00-5.10 Score- 
board. 5.30-5.35 Northern Ireland 
News. 12.05 am News and 
Weather for Northern Ireland. 

BBC 2 

j3.05 pm Saturday Cinema: "The 
Delicate Delinquent" star- 
ring Jerry Lewis. 

4.40 Horizon. 

5JW Play Sport. 

5^5 Network. 

625 The Old Grey Wliistie Test. 

7.05 News and Sport. 

7J0 My Music. 

7.45 In Performance: An Even- 
ing with The Royal Ballet, 
part I: Elite Syncopations; 
Four Schumann Pieces. 

9.00 News on 2. 

9.05 In Performance part 2: La 
Fille Mai Gardee; The 
Sleeping Beauty: Tweedle- 
dum and Tweedledee: 
Monotones II; Brahms 
Waltzes; Romeo and Juliet. 

10.03 Francois Truffaut Season: 
“Day for Night" starring 
Jacqueline BisseL 
712-00 Midnight Movie: “Murder 
She Said" starring 
Margaret Rutherford. 

LONDON 

KjO am The Saturday Banana 
with Bill Oddie. part 1. 9.90 

Sesame Street. 9.45 The Saturday 
Banana part 2. 10.15 The Monkees. 
10.45 The Saturday Banana, part 
3. 1 120 Tarzan. 

1220 pm World of Sport: 12.35 
Headline: 1.13 News; 1.20 The 
TTV Six— l JO. 2.00 and 2.35 
from Stratford: 1.43. 2.20 and 
2.5o from Doncaster: 3.10 
International Sports Special — 
Motor Cycling from Brands 
Hatch: 3.50 Half-time Soccer 


Roand-up; 4.0(1 Wrestling; 4.50 
Results Service. 

5.05 News. 

5.15 Cartoon Time. 

5J0 Happy Days. 

6.00 Mind Your Language. 

6.30 The Incredible Hulk. 

7JS Bruce Forsyth's Big Night. 

9.25 The Professionals. 

1025 News. 

1040 World Gymnastics Cham- 
pionships. 

11.40 Saturday Night People. 

12.25 am Another Bouquet. 

1J5 Close: Elizabeth Barrett 
Browning poem read by 
Katherine CorneU- 

AD LBA Regions as London 
except at the following times: 

4NGLIA 

MB am The Bubblies. 9JB Cartoon 
Tuna. S.20 The Next Weak Show. 5.15 wn 
How the Wen was Won. L55 Mind Your 
L-anguajca. US mm At (be End of the 
Day. 

A TV 

BJ0 m Play GUtar IT. 9JS Make it 
CounL lfl.05 The Lost island. 1A-3Q Ttswaa. 
505 pm -Spldertnan. SJ0 The Blnmc 
Woman. US Doctor On the Go. 6-55 Mind 
Your Language. IM0 Saturdar Cinema: 
- DjlUnger ’’ starring Lawrence Tleraey 
and Edmund Lowe. 

BORDER 

MS am How the West was Won. 6 .55 
Mind Your Language. 11.40 RaEerty. " 


tXLOO Saturday Mattmu- Sabu in 
” Elephant Bor ’’ 505 pm Hftw the Wes: 
was Woo. 6-H Mind Your Lanpaa^e. 
ULBB The Late Film. Angle Dickinson In 
•• The Resurrection of Zachary Wheeler.” 

HT\’ 

B.OO am Doctor: 9 JO Ten oa Satuniay. 
9.4S Lassie. 10J5 BaimaO tP t. H. ID JO 
Tlswas. 10-15 Baunan -Pt 5. 1L33 Pop 
Spot. 11 J5 Ten on Saturday.’ 1140 Star 
Maidens 12JU) pm Popeye. 12J0 Ten on 
Saturday. 5J5 How the Wes was Won. 
L5S Mind Your LaotiuaEC- M-NS Bamahy 
Jonos. 

HTV Cymra /Wales — AS HTV General 
Service excvpi : — 6.55-7 25 pm Sion a hian. 
UMblUS am Saturday RuKby. 

SCOTTISH 

9J5 am Adveocures in Rainbow 
Country. UJ0 The Bionic Woman. 5J5 pm 
How the West w.,s W«:. ’• 1 nf V. r 

Language. 1LC0 Late Call. U-95 Streets 
of San Francisco. 


CHANNEL 


12JI pm Puffin’s Plat Dee. 5.15 
Cartoon Tune. 530 The Lite and Times 
nf Gnzly Adams. 6JD Happy Days. 7JV 
Sale of the Century. 11.40 Bachman 
Turner Overdrive. 

GRAMPIAN 

4.00 am Scene on Saturdar including 
Birthday GreeUQga and The Secret. Livet. 
of Waldo Kilty 9 JO Sesame SireeL 10 JO 
The Beachcombers. lLOO Utti« 1130 
Joe <*!. 12J» The Moakect. 5.15 pm How 
the Wes: . vtu Woo. foltowcd by Aren 
Weather Forecast, Highland League and 
Shinty Results. 5-55 Mind Your Language. 
12.25 am Reflections 


GRANADA 


9.30 Make it Count. 1IL00 Sesame Street. 


SOUTHERN 

9JD am Tarzan. U 30 Logan's Run. 
12-27 'tm RcsJcnal Weaiher Forcca-st. 
5J5 How the West was Won. 5J5 Mind 
Your Language. 123 am Southern News. 

TYNE TEES 

9.00 am Lyn's Look-in. 94S The Sut 
Million Dollar Man. 9JS0 The Gene 
Machine. 1015 Lm's Look-In 10.2 5 Satur- 
day Morn ms Film—- Ten Tall Men." 
starring Bun Lancaster. 12J5 pm Lyn’s 
Loot: -in. 515 How the West was Won. fcS5 
Mind Your Language. 1140 Baroaby 
JooeS. 1Z.40 am EdI'iOkuc. 

ULSTER 

10-00 am Saturday Morning Matinee: 
" Curtain CHI at Cactus Creek.” starring 
Donald O’Connor. Gale Storm. Walter 
Brennan and Vincent Price. I1J0 Sesame 
Street. 5.00 pm Sports H< «il!' S 15 Hw 
the West was Won. 6J5 Mind Your 
Language. 

WESTWARD 

9.0S am The Last of ihe Curlews. 9.S0 
L'niamed World. 1DJ20 Saturday Morning 
PlClure Show- ■■ l.ui 10 ' 1135 Car.-.-fcin- 

time. 11-55 Look and See 1200 Rolf Hams 
Show. 12-25 pm Gus Honey bun's Birth- 
day-. 5.15 CariiMqiim*.’ 5- , 0 The Ufe jod 
Ttm^ of Grtaly Adams. 6J0 Happy 
D.irs. 6J5 Sale of rh< Century. M-® 
Baehman Turner Dvcrdrive. 12.® am 
Faith for Life. 


YORKSHIRE 

9J0 am The Amazing Chjn and the 
Chan Clan. 9 JO Space Ghost and Dlno 
Boy HUS The Paper Lads. 11 JO six 
Million Dollar Man. 515 pm Row the 
West was Won. L55 Mind Your Language. 
1L® Quincy. 

RADIO 1 247m 

(S) Stereophonic broadcast 
l Medium Wave 

550 am As Radio " Ed Stewart 
with Junior CJimce iS». 10.0 Peter PdwcIL 
131 pm Rock On 'S*. 2J0 Paul 

Gimbacdnt tSi. 5J1 Ir'a Rock 'S' Ron 
-Si 630 in Concert fSi. 7J0-2J2 am As 
Radio 2. 

RADIO 2 1 - 50 °ni and VHF 

5JM am News Summary. 5.02 Tom 
Edwards is< including. 8.03 Racing 
Bulletin. 8.06 A a Radio J. UL02 Tony 
Brandon iS>. 12JE pm Two's Best 1 S 1 . 
L 1 I 2 rile iN’eWi Un.lUnlieS iS* J-30-5O5 
Sport oo 2: Football League Special OJO, 
2 00. 225. 3 JO. MS. 255. 4J2ti Racing 
from Doncaster 'L30. 215, 250); Rugby 
Special HJO. 200, 225, 3.00. 450,; Cricket 
1 U 0 . 20o> Preview of the England v 
South Australian County XI match: 5.00 
Sports Report: Classified Football checks 
at 5 -90 and 5 AS god Rugby Round-up at 

5- 25. 6X5 European Poo Jury. 7.02 Best 

the R 1 .-t.- 0 rd. 7.30 Radio s Top Tunes (S'. 

8J5 Laurie Holloway plays the piano (S). 
8J0 The Don Lusher Bib Band in Band 
Parade <S>. 9J0 Saturday Night with the 
BBC Radio Orchestra isi. 12.02 Sports 
Desk. 1210 Ray Moore with The Late 
Show 'S'. Including 1200 News. 2XO- 2X2 
am Nenfs Summary. 

R ADIO 3 404 ra. Stereo & VHF 

TJ5 am Weather. 8X0 News. 1 05 
Anbade < 5 ■. 9X0 News. 9X5 Record 
Review Includtni; But! dins a Library (Si. 
UU5 Stereo Release ol music by Haydn. 
Holst 1 Si. 1250 Vlshnerakaya and 
Rostropovice song recital, part 1: Rmufty- 
Korsafcov. TdwJhorsRy <S>. 1215 pm 

Interval Reading. 1230 Recital, pan I: 
Glinka, Prokofiev. 200 News 1X5 Barak 
and Mozart Violin and piano recital (Si. 
210 Man of Action John Drummond 
chooses records < S 1 . 22S BBC Northern 
Symphony Orchestra Schumann, Brahms 
'Si. 4X5 Music for organ 1 S 1 . 5X0 Jam 
Record Requests ■$■. 5X5 Critics' Forum. 

6- 35 The Classical Cottar (S'. 7J5 Debussy 
and Ravel concert (Si. 8X5 Personal 
View by Denis Donogboe 8J0 Wexford 
Festival 19TF: " Tied and " Music-drama 
in a prologue and two Acts by d'Albertz 


Prologue and Act I tSi. 18X5 Small 
Places. Devilish Gossip, interview with 
John Cbeever. 18J0 Tiefland Act 2 (S'. 
11-25 Eugec d ’Albert, piano recital. 1245 
News. 1UM1B Tonight's Schubert Song 
<S>. 

RADIO 4 

434m. 330m, 2S5n and VHF 
830 am News. 6J2 Farming Today. 
6-50 Yours Faithfully. 6 55 Weather,, pro- 
gramme news. 7XB News. 7 JO Oh Your 
Farm. 7X0 Today’s Papers. 7X5 Yours 
Faithfully. 7JB It’s a' Bargain. 75S 
Weather, programme news. 8X0 News. 
838 Sport On 4 8X5 Today's Papers. 
8X0 A City Waft. 9X8 News. «X5 Inter- 
national Assignment. 9 JO Talking Politics. 
9-55 News Stand. 10 J5 Dally Service. 1BJ0 
Pick of the Week (Si. 122B Time for 
Verse. 1230 Wildlife 1255 Splegl on 
.Saturday with Fritz Spiegl. 12X8 News. 
1202 pm A Bar For Nothing with Johnny 
Monts (SI. 1227 The Jason Explanation 
of Crime <S). 1255 weather, pro gramm e 
news. 1X0 News- U5 Any Questions? 
2-80 Bookshelf. 230 Sanuday-Afternoon 
Theatre fSi. 3 3B Does He Take Sugar? 
*-00 That Most Despicable Ran. OX5 
Enquire Within. 5X0 Kaleidoscope Encore. 
5-38 Week Ending (Si. 535 Weaiher. 
programme news. 8X0 News. 635 Desen 
island Discs. 8X0 Stop The Week wtth 
Robert Robinson. 7 JO These You Have . 
Loved IS) 830 Saturday- Night Theatre 1 
(K>. 9X8 Weather. HUM News. 1835 A 
Wont in Edgeways. 1208 Lighten Onr ■ 
Darkness. 1135 News. 1233 The \ 
Dnfotgettables (SI 

BBC Radio London 

206m and 94 J VHF 
5X0 am As Radio 2 732 Good Pishing. 
8X0 News: weather, traffic, shopp i ng, 
sporu n-vrs 835 The tn-Hon nirrten»c. 
830 Saturday Scene. 1038 Sportscene,. 
1230 The Robbie Vincent Saturday Straw. 
2X0 pm Bob Powel with London Country. 
830 Marjorie BDbow with Close Up. 5X0 
Sounds Good. 630-Clom: As Radio 2 

London Broadcasting 

261m and 97.3 VHF 
5X0 am MornJBU Music. 6X0 A.M.: 1 
weekend news, reviews, features, sports. 1 
10X0 JeDybone. 1 X 0 pm Saturday Sport, l 
6X0 .After Six. 638 Hugh And Yon with 1 
Hugh Williams. 7X0 Gecf M*i»— mirric, 1 
Information. Interviews in Hindustani . 1 
8X0 Saturday Music. M0 NlgfatllneL 1 £0 1 
am Night Extra. I 







George Coulouris In “The Birds 
Fall Down "1 BBC2, Sunday 

SATURDAY Both evenings this 
weekend belong entirely to 
BBC2. Tonight's main offering 
is a pot pourri from the Royal 

TV RATINGS 

(w/e Oct. 22) 

UK Tap 20 (Hemet viewing w) 

1 Morecamta and Wire (Thamet) 18.70 

2 Coroaatfan Street (Mon.) (Gran.) 17.70 

3 Robin’s Hart (Thames) ; la. 68 

4 SWeeney fThamcsJ 3 BX 3 

5 Larry Grayson (BBC) IB .15 

5 All Creatures Great & ShvaU (BBC) 18.15 
T3*l (YaqrtaO 18.05 

8 Gears* and MIMred (Thames) ._ 14.80 

9 Com nation Street (Wad.) (GnmJ 14X5 

U Mastermind (BBC) 14.15 

11 Crossroad* (Wed.) CATV) J4.H 

12 Crossroads (Tuns) _ uxs 

12 Crossroads (Thor*.) 53.33 

12 Rap Trade (LWT) 13 X 5 

15 Mbced BIas*hi»s (LWT) 13X0 

16 The Saint (ATV) lira 

18 UWa (LWT) 13.75 


WEEKEND 

CHOICE 

Ballet In Performance which ? 
dudes, the best comedy anywht. 
on television this week; Way, 
Sleep in. “Elite Syncopation, 
which fe danced to Scott Jop“. 

. rags, and ’ features costup r J 
which alone justify the prict * 
a colour TV. 

SUNDAY. You can forget T‘ 
World About Us which is 5 ' 
another fihn'abont penguins at 
sea lions, and not even a ve^, 
good one apart from the openif 
sequence. The rest of the eve V 
ing looks better, the first episoi;- 
Of The Birds Fall Doii * % 
(Edwardiana again) then one S 
those attractive off-beat pro- 
grammes Alice At The Orient*' 
about The Oriental Club's aide ; 
retainer; and at 9J25 a sate 11 i : 
relay with stereo sound on Rad'i 
3 of Beethoven's Ninth from Li 
Angeles.— CLD. !? 

" - 1 s 

18 CrasfrMdy (Noa J (ATV) 13.' 

19 Fantasy Maud (ITV) 13 ; : 

19 Eonamdala Farm (Thors.) 

(Torts.) 13J f 
Figures com oiled by Audits of Gre: • 
Britain for the- Jolnr • Industrial Comm It 1 1 ■ 
tor Television Advertising Rcseax. • 

iJICTARj. 1 : 

its. Top 10 (NePien Ratings) ' 

1 World Sarios (BasebaH) (NBC) .. 35 
Z Little Home (drama) XHBO .... 28 1 
3 Charlie’s Angnls (drama) (ABC) ~f, ' 

• Like Mom Like Me (drama) (CBS) Zfr : 

. 5 Alt Ip The Family (remedy) 

-(CBS) 35,i > 

8 Mark and Mindy (comedy) (ABC) 2S.- ; 

7 Alice (comedy) (CBS) *3,5 ! 

8 Threes Company (comedy) (ABO MX : 

9 88 Mhmtes (news) (CBS) ... 2C7 
U Lawenw aad Sfrirtey (comedy) -■ 

A Neuron rating is net a^nanurtcil! 
WlaL ».i 


ENTERTA8N?^ENT 


THEATRES 


THEATRES 


THEATRES 


THEATRES 


ALMOST FREE THEATRE. Tcf 4B5 62Z5. 

ywHimar Luncume the ballad or wilfred 11 

UlUIUBl Frenk Marcus. Directed b> Paul 

j Marcus M or-. -Sal. l.is rm. 

CC — Th-s<- ihMtrw accept certain rredit I . ... 

Caros bv telrshcnie ar at the Box Office, i AMBASSADORS. CC 01-336 1171. 


DRURY LANE. CC. OI-B35 3108. Men. HER MAJESTY’S. 


,M II ASS A DORS CC 01-336 1171. 

_ „ . . . 3.00. Tu-f. 2. a 5. Sal. 5.00 A 8.00 

OPERA & BALLET James bolam I 

COLISEUM. Credit cords. 01-240 S2SB. ” A ^'’Ek'atTn'Vi'nkn ' PT ‘ 

Reservat.ons 01-036 3161. IN G :l t iS 

ENGLISH NATIONAL OPERA ,N tJJ'.l™ ™2ii ,LER 

Ton’I. Wed and Fri next 7 SO The Tales ■..raru/T^o.i^Tt 

of Hoffmann. Tue 7.00 Don Carlos ■ - wiLL ^ *blin iwn m!Si - : 

“Could casilv turn <n;o a cull ... the , wil l run and run. G uardian. 

tninkina man's grand opera" E« standard APOLLO r«* ni.av safts i... a nn 
Thur 7.30 lotanthe 104 balcony seal* A bStr°T Sz 3 OO Saf VtM and 9 00 
a»ail. for all serfs from 10.00 on da* ol Paul DanemaIn. lana MORRIS 00 ' 

DENNIS RAMSDEN 

COVENT GARDEN. CC. 240 106E. CARMEL McSH&aDY 

l Gardened a rqe Credit Cards 336 65031., SHUT YOUR EYES AND 

THE ROYAL BALLET THINK Of ENGLAND 

Ton'!, and Frl. 7.30 M avert Inn. Mon. “ WICKEDLY FUNNY." Tln«. 11 Very 


id Sat. 8 . 00 . Matinee Wed. and Sat. 3.00. 1 
A CHORUS LINE | 

■' A rare, devastating lovcu*. ostonitning 
Stunner." S. Times. 3rd GREAT YEAR. 


01-930 6605. 


Prevs. evngi. 7.30. iMat. Sat. at 3.00.) 
Owens Dct. n at 7 . 00 . 

BAR MITZVAH BOY 

The new musical. 


DUCHESS. 336 8243. Mon. W Thur,. j W ! 

Evenings 0 .00 *&&&*#■ * wSif? ^ I 

-The nudlt^ a TSinnl^"' Dallv Mall. DQ N'1 DREAM IT. SEE IT. 


COVENT GARDEN. CC. 240 1 0SE. I C 

l Gardens hjrqe Credit Cards 836 6S03I. . SH! 

THE ROYAL BALLET T 

Toot, and Frl. 7.30 MavertliKi. Mon. “WICKEDI 
7.30 Serenade. A Mon Lb In I he Coun- . verv fumtv 
trv. Facade. Thur. 7. JO The Sleeping 
Beauty. I ARTS THEA 

THE ROYAL OPERA | 


treat untenainment." Now. 


Wed. 7 30 CoM fan turtle. ES Arnuhi 
str.t avail for all pens, from 10 a.m. 

cm dir of pe rf. 

SADLER'S WELLS THEATRE Rosett erv 
Ave. ECl. 337 1672. 


AHT5 THEATRE. 01-336 2T32. 

TOM STOPPARD'S 
DIRTY LINEN 

" H.iarlau* . . »e sundav Times. 
Monday la Thurvdar 3.30. Friday and 
Saturday a: 7.00 and 9.15. 


ECl. 837 1672. 'ASTORIA THEATRE. CC- CharHmi Crofv 

ENGLISH MUSIC THEATRE Road. T34 429t. Mon.-Thul? 8 XO^!?? 

oe»t Tor. - ! 30 Henie » vaudeville ■ Frl. and Sal. 6.00 and 3.A5. 


LA CUBANA Cneao seats available. 


THEATRES 


BEST MUSICAL OF THE YEAR 
CLVIS 

EVENING STANDARD AWARD 


Wed. and Frl. 7.45 pm. Thurs. and Sat. 
4.30 and 3 OO. 

A THOUSAND TIMES WELCOME IS 
LIONEL BART'S 
OLIVER 

- MIRACULOUS MUSIC Ai_‘- Fin. Times. I 
with ROY HUDD and GILLIAN BURNS | 


BILLIE WHITELAW 
T. P. McKENNA In 
MOLLY 

DV SIMON GRAY 
INTENSELY MOVING." f.. News. 


ALDWYCH. B36 6404. Info. 336 S332. ‘ LESLIE PHILLIPS 

ROYAL SHAKfiSPEARE COMPANY ill ' In SIX OF ONE 

reoertiWrc Tadav_2.00 * 7.30. - . . . and a HALF-DOZEN LAUGHS 

AS YOU LIKE IT A MINUTE." 

"An even, no el rare enchantment. SECOND "HILARIOUS*' YEAR 

S. Tel. MUi CORIQLANUS *55*1 «« LAST 2 WEEKS- 

Mon - Middleton A Rowlev I THE CH ATV- . — 

GCLING (nwl per>. 1, Nor.l RSC also at f CRITERION. 930 3216. Crodii card hooic- 


7HE WAREHOUSE 'Vf under W ) ■ j in4 g 

ALMOST FREE TOE ATM. 5-19 Tr,u ?' 

Sirem W 1. TH. 385 62Z0. * Tn 

MUSICIANS PLAT THEATRE at 8.30 pm I J 

26 Oct.-I 1 Nov. EPISODES. Tnr; S«on \ F 

O'Kvne Enywnfcte at tl.BO om Srdesnc"" j 

bv Mart.h Raphael iiate Deensj. • 


no 836 1071. fMffl No». 7 Mon. to 
rhur*. S Fn. and Sat. SIS a S.30. 
TranUeri from Han-pilnad Theatre 
■•THE MOST HILARIOUS - PLAY 
FOR YEARS." Financial TVittem. 

GLOO JOO 
Bt Michael Huytirg* 


OH1 CALCUTTA! 

"The nudltv is stunning." Daily Mall. 
9tti Sensational Year 

DUKE OF YORK'S. CC 336 5122. 
Red, price prevs. Mon. to Fr.. S nm. 
Sais. 5.30 and 8.30. i : -heur petore Ihcrw 
nest avail, scats £ 2 X 0 . Ooens Nor. 1 at 
8 Ptn. Sobs. Evgs. 8 em Frl. and Sat. 
5.30 and 8.30. 

TOM FELICITY 

COURTENAY KENDAL 

CLOUD5 

A Comedy By MICHAEL FRAY N. 

FORTUNE. 836 2238. Eves 8 . Thurs. 3. 
Saturdays 5.00 ana 9.00. 

Muriel Pavlaw as MISS MARPLE In 
MURDER AT THE VICARAGE 
FOURTH GREAT Y LAP 

GARRICK. CC. 336 4601. £*SS 8.00.' 
Wed. 3.00. Sab- 3.30. B.30. 

DENIS QUILLEY .n IRA LEVIN'S [ 
DEATHTRAP , 

A new Thriller Directed bv 

MICHAEL BLAKE MORE , 

“YEPY INGENIOUS. VERV FUNNY ; 
VERY ESCITING.” F. -Tiroes. 



PHOENIX THEATRE. CC. 01-836 2294. 
OPENING NOVEMBER 8 ttl 
DIANA RIGG. JOHN THAW m 
NIGHT AND DAY 
A Now Plav bv TOM STOPPARD 
Directed bv PETER WOOD 


- . „„ CAMBRIDGE. CC. 83* 6056. Mon. to 

ADELPHI THEATRE. CC. 01-838 T01I-1 Thur. 8.00 Frl. Sat. 5 45 and 8.30. 
OPENING NOVEMBER 9. IPI TOMBt 


Reduced Price Previews Oct 3! IO Nov. j EXCITING BLACK AFRICAN MUSICAL 
B at 7.30. Also S at N ov. 4 at 4.00 pJ". "Pulsating Musical." E. News. 

BEYOND j Seat prices E2 OO.IS.SO. 

THE RAINBOW Dinner and top-once Seat £9.S Wtcl. 

An Encnantind New Musical , FOURTH GREAT YEAR 

BOX OFFICE NOW OPEN , TRANSFERS TO WHITEHALL THEATRE 

Credit Car d Boofcin ns 01-836 761 1. j DECEMBER B lh 

ALBERY. 836 3373 cc^lros. ^36 COMEDY. CC. 01-930 2579. EvpJ. 3.00 

Jrorn 8.30 a M-_P»rtyralvS Mon.. TiK».. , Thun. 3.00. Sals. 5.TS and F,30. 
Wed. and Fn. a.45 pm. Thurs. and Sat- -SPLENDID ACTING." E. Standard. 



GREENWICH THEATRE. 01-8SB 7735. I 
Evenings 8.00. Mat. Sat. 2X0 
AN AUDIENCE CALLED EDOUARD I 
bv David Pownall. 

'■ A Theatrical coup." Tiroes. *’ Surortse , 
and deflBht." D. Tel. •• Fascmatinc . . . | 
extraordlnarr eveninq." E.N 


MAYFAIR. 629 3036. Evs. a .00. Sat. 

s -5?..?.". c 3 - 3 0- Wea. Mao. 3-00. 

WELSH NATIONAL THEACHE CO. l-nruir ™ um nnoa 

□ VLAN THOMAS'S 
.. . _ . UNDER MILK WOOD 

* oe I rant. Gdn. jo.n.us No». 9 for 
Ihc 25 rh Anniaci Sir, Pa, tv. Shcw-Buflel. 

Win e Lie. 

"A T .1S?? L THEATRE. 9ZB 2252. 

OLIVIER loocn stag:-. TDdar 2 AS and 
(•JSrJKS^ 7 ia MACBETH. 

LYTTELTON .arosccniurn SUS* 1 ' Today 
3 and 7.45 THE PHILANDERER bv 
h haw. Mon 7.45 Plunder. 

COTTESLOE -small au.j.raiTu'n ,. Tanghi 
3 ™ E WORLD TURNED 
I UPSIDE DOWN nv Keith Dewhursi from 
Cnristcuher Mil's boe-l ' perhaps r.at suit- 
able for children., 

! Many excellent cnevo sears all 3 meaires 
4a* of peri. Car tarv Restaurant 7 2d 

fc!>33. C redit card h jok.nps 928 3052. 

, OLD VIC. ~ 928 781 6. 

PROSPECT AT THE OLD VIC 
i .. , Tcday 2 30 

* Margaret Court-., a, ctntnonv Quart* in 
•. ^ THE RIVALS , 

: » ,v 1 rl gi" , ' coroedv «i;n Jjme> Aubrev j 
Isia Blair. Kennetn Gllnert Carol Gulin, j 
Matthew Gumnors Mol Mart.n Trevor ! bv Tim R« 

. Martin Chris: j=tier Nejmc. > Oirec 

■ lie _ runniest Mrs. Muladroo I have ; 

seen The Cuara an -aar. Guavle's 5 r | prince OF WALES. 930 B6B1. Credit 
I TSIS? n * — * wonderful performance. Tnv cord g30 0 B46. tl wceta only 

j Times. I uclorr New Yorh. OpeiB 7 Nov. ipre- 

I Tooa, 7 30 I Nov. 61. 

Aatbonr Gua.le as , ALAN AYCKBOURN'S ima¥h-hH comedy 

1 _ , KING LEAR | BEDROOM FARCY 

! omv 12 Longer perlormances : •"If you don t lauoh. sue me." D. Exp. 

NebOdv «t|h an, respect for the theatre j A National Theatre production, 
would want to m.ss Mr. Osavlc's Lear " | 



Financial Times. 


MAYMARKET. 01-930 9832. Evas. 3.00. ^£^Sfe,__I87 G9E9. 


NOW BOOKI JJG F(» CHRISTMAS * N0 | CRITERION.' Van 3216. CC. B 3 B 1071-3- 
------ ' NOW IN ITS SECOND YEAR 


LESLIE PHILLIPS 
in SIX OF ONE 

. . and a HALF-DOZEN LAUGHS 
A MINUTE." 

SECOND "HILARIOUS" YEAR 
LAST 2 WEEKS- 


Mats. Wed. 2.30. Sits. 4.30 and 8 . 00 . 
GERALDINE McEWAN. 

CLIVE FRANCIS. 

NIGEL STOCK. _ 

PETER PAUL | 

BOWLES HARDWICK 

and FENCLLA FIELDING 
LOOK AFTER LULU 
trv Noel Cowaro 
wltn GARY RAYMOND. 

LYRIC THEATRE. CC 01-4J7 3886. , 
Evs. 8-00. Thurs. 3.00. Sat. 5-00. 8.30. ; 
JOAN FRANK 

PLOWRIGHT ^ FINLAY 

n LUMEN A 

bv Eduardo de Filippo __ . , 
Directed by FRANCO ZEFFEREU.1 
■■ TOTAL TRIUMPH." Ev. New*. " AN I 
EVENT TO TREASURE.” D. Mr. ’• MAT ; 
IT FILL THE LYRIC FOR A HUNDRED | 
YEARS.'' Sunday Tlm«- I 


DIRECTS BECKETT. Krapp's Last Tape 
and Endgame. lues.- Sun. 8.00 pm. 


‘QUEEN'S. Credit Card*. 01 - 734 1166. 
BECKETT ' E ’' 9 ’ a. 00 . Wed. 3.00. Sot. 5.00. 8-30, 


GEORGE CHAKRIb. ROT DOTH ICE. 
RICHARD VERNON. JAMES VILLIERS 

THE PASSION OF DRACULA 

C C. DI-437 SB 34. r " DAZZLING." £. Stan. " MOST 5CENIC- 

Mon.-Thurv. 8.00. Fr.. and SaL 6.00 and ALLY SPECTACULAR SHOW IN TOWN. - 

1 ... .. 3 40. _ Punch. "THEATRE AT ITS MOST 

1 _ ^ J“ us CHRIST SUPERSTAR MAGICAL.’’ Time* Lit. Sup. 

■ __?» ~-n Rite 3 -id Andrew Lloid-Wcbbcr. , 

i PALLADIUM. Ec^ 01-437 73*3. ; RAYMOND REVUBAR. CC. 01-734 1593. 
TuKdlv Ns,, ij !OI - j days onl r. At 7 sm. 9 pro. 11 pm. Open Sun. 

_M*RY O'HARA PAUL RAYMOND present* 

SWIN ®. L I,IJ. ,M WAIIUE SMITHIRS THE FESTIVAL OF EROTICA 

' BO OKIN G NOW OPEN . Fully air enPdltlened 

PALLADIUM. CC. oi:437 ~ 7 3 73. 2,st SENSATIONAL YEAR 

Opening Dec. 20 tor a Season ' " “ * — 

_ .... DANNY LA RUT (ROYAL COURT, 730 1745. Evfld. B.OO. 

“ Merry " Widow Twanhcw In | 54 t. 5.00 and 8.30. Must end Nov. 4. 


_ ,. ^ OA *i N ? LA RUT 
*» M*?rr> *4 idovt Twjnlcev in 

ALADDIN 

ALFRED MARKS is gBENEZER 
Dlfy^ WATLVNG Br„ n MARSHALL 
_ . and WAYNE SLEEP 

Preview December 19 at 7M. 


THEATRES 

ROYALTY. CC. 01-405 8004. 

Mendav-ThuredPY evenings B.OO. Friday 
5.30 and 0.45. Saturdays 3.00 and 8 . 00 . 

London Cr tries' vote 
BUBBLING BROWN SUGAR 
Bast Musical of 1977 
Tel. boo Kings, accented. Major credit 
cards. Restaurant res, 01-405 2418. 

I SADLER'S WELLS THEATRE. Rosebery 
Are.. ECT. B37 1672. 

ENGLISH MU5IC THEATRE - 
Last Z perfs. Ton't 7.30 ReMlnI's 
CINDERELLA. "A brilliant show of 
musical fireworks." Tmi. Tom or 7.30 
Henze's vaudeville LA CUBANA. Cheap 
seats available day of perf. 


SAVOY THEATRE. 01-836 8888 . 

Credit cards 734 4772. Tom Conti III 
_ 'WHOSE UFE IS IT ANYWAY? 
by Brian Clark. "A MOMENTOUS PLAY. 
P URGE YOU TO SEE IT.’’ Guardian! 
Evgs. at B.OO. Fri. 6 Sat. S.45 and 8X5. 

SHAFTESBURY. CC. 01-836 659B-7. 
01-836 4255. Evqv 8.15. Sat. 5X0 i 

TERENCE STAMP In 
EDWARD GOREY'5 
DRACULA 

.. wfth DERE \ GODFREY 
"ABSOLUTELY STUNNING," 

. LAST 2 WEEKS. EN DS NOV. A. 

SHAFTESBURY. CC. 836 CS96-7. 

B36 425S. Opens Dec. 20 until Jan. 13. 
JANE ASHEFL^GEL^PATRlCK In 

Dally 2 6 6X5. Prices £5. £4. £3, £2. 
Reduced prices on Dec. 20, 21, 22, Jan. 
8 . 9. 10. 11. 13- Postal and telephone 
bookings acceoted now 

! STRAND. 01-836 2660. Evenings 8 . 00 . 

Mai. ™»'V«?-Og ic Sj SA ^o and 8.30. 

umpu&BJSBnnum*- 

OVER 3X00 PERFORMANC ES 

ST. MARTIN'S. CC. 01-836 1443. 
Ergs. 8.00. Matinees Tues. 24S. Satt. 
5.00 and B.OO. 

AGATHA CHRISTIE’S 

THE MOUSETRAP 

WORLD'S LONGEST EVER RUN 

Z61TI tear 

TALK OF THE TOWN. CC- OI. 734 . SCSI. 
Air-conditioned. From B.OO. Olnlnir 
Dancing 9 JO. SUPERB REVUE 

RAZZLE nay * 1 F 
at 11.00 PETER GORDENO 
Front Mon.; MATT MONRO ' 

TMJATRG UPSTAIRS. 730 2S54. Mob. » 

Thur. 7.30. Frl. and Sat. 5.15 and 0.1S. 
Travers Th. Prod, of THE SLAB Boys 
tor John Byrne. 


THEATRES 

VICTORIA PALACE. CC. 828 4735-6. 

STRATFORD JOHNS 
SHEILA HANCOCK 

ANNIE 

Evgs. 7 JO. Mats. Wed. and Sat. 2X5. 
•’SLOCK BUSTING. 

SMASH HIT MUSICAL." D. Mart. 

WAREHOUSE. Don mar Street Covent 
Garden. Box Office 636 8000. seats avail- 
able. Ton't B.OO for " Pare 'Alldn's 
AAR ■‘Pete Affcfn's playing Is as en- 
joyable as his . dfaiogua-' Times. Adv- 
Wns. Aldwvch. 


CINEMAS . V' 

ABC 1 * 2 SHAFTESBURY AV. 836 B661 ; 
Sen Peris. ALL SEATS BKBLE. v 

1: DEATH ON THE NILE iAI 
y k '.^. n . d - S , a ?- 2JO ' *-*0 B Jo Late sbopr 
Tonlotit tl-10^ . - • 

2z DEATH ON THE NILE CAI ' ’ . 

Today 2 . 00 . 5.00 ( 8 XD dcrf 5aM Out).' 


WESTMINSTER, 


01-834 .0263. 


UNtA- NOVEMBER 18 
Tues .-Frl. 7 AS. Wed. & Sat. 3.00 
A MUSICAL ENTERTAINMENT . 
LOVE ALL _ 

THE BUNNY AUSTIN' STORY 


C 55£°t < x stroeL W.i, « 


WHITEHALL. CC. 01-930 '66B2-77GS. 
Evgs. BJO: Fri. and Sat ft.45 and 3.00. 
Paul Raymond urese nt t ttiv SvmatJonaf 
Sex Re vue of Ue Century 
DEEP THROAT 

■Takes to . onpreredented llmfta what la 
to EMK Montmartre. Paris. . 
MUST END DECEMBER 2 


WINDMILL THBATBS-.ee. Q1r*37_6312. 
Twice Nlphlty B-U9 and 10X0.: 

Son. B.OO and 8X0 * 

PAUL RAYMOND presents 

™ BOT So!s(!%f EoF ™ ,r 

•Takes to U no resented limits what, is 


LEICESTER SQUARE THEATRE 
- It?* ®OUND_pF MUSIC tUl. 


MICOL WILLIAMSON 
••a virtuoso pe yf onnance." D. t-i 
INADMISSIBLE EVIDENCE 
•• Trv* is one dt the few great plan of 
the tentury." D. Mall. 



YOUNG VIC STUDIO. 928 6363. Ton't. 
B. DAL. Young VIC Co- .In Terence Greer’s 
■ BALLROOM. TuM. A Wed. B p.m. 
Theatre In Education adaptation of 
Shaw’s PYCMAUOH. . 


& M 

i, C .-s 


X r*>. 

r* A' " 

: i i ■' - 















financial Times Sa turday- October ”2S 197S 


OLLECTING 


cording 

Hoyle 



JNE FIELD 

. DO NOT pjay at whist, 
las. what a sad old age 
,‘c preparing for your- 
-• retorted Talleyrand, on 
vproariied fur his addic- 

■ cards. 

. 'Same itself is variously 
as deriving from 
t 'trump), ruff and 
i. It was also known as 
an illusion la the sweep- 
of tho cards, which in 
•came whist, because of 
ilanty to hist, be still. 

# to the eoncentration 
for the game. In 

■ H's» time it was known 
;ilent game, suitable for 
reams' hall. Edmond 
(1672-1760), is credited 

first real whist-kid, 
r supporting himself by 
4 the game. His Short 

• On the Game of Y.'hini. 
drew up for his pupils, 
in 1 742, laid down the 

t the game. aud. with 
s. was accepted by whist 


players for oror a century. 
Hoyle also published rules for 
various game?:, and the phrase 
“ accord tap to Hoyle," was 
recorded for posterity; 

Card players moved on to 
bridge in the late 1 9th century, 
when it appeared in England 
as biritch or Russian whist. 
Lord Brougham is said to have 
introduced it to the London 
clubs from the South of France 
About 1S94. and some five years 
later a woman's magazine re- 
ferred to "Bridge, a kind of 
three-handed whist, to which the 
Prince or "Wales, the Duke of 
Devonshire and other distin- 
guished people, are devoted.” 

Todays devotees not only 
play cards, but collect them, 
whether by tbe pack, or just 
jokers, jacks and duty aces. In- 
terest has grown in this rela- 
tively new collecting category 
with the recent entry into the 
field of Stanley Gibbons, the 
stamp people. They keep a stock 
of cards for sale, and hold regu- 
lar auctions. In the next one. on 
Wednesday, November 22. there 
is a rare "Popish Plot" pack, 
cl 679. printed by Robert 
Walton. The sequence begins 
«m the ace of hearts with “The 
Plot first Hatcht at Rome by 


the Pope and Cardinalls," and 
ends of the four of dubs wiih 
'■Tlie 'frvall or Sir (I. Wakeman 
and 3 Benedictine Monks." on 
which there ].•> an eslimaied 
value of fSbiJ. Another political 
selection. 12 cards only, is From 
the rare "Rump Parliament " 
pack. rlGRI. designed by Francis 
Barlow which satirises what hap- 
pened tinder Cromwell and tiie 
Commonwealth (estimate £120). 

There u plenty for the 
mmlosi collector ion. such as 
Marian'* WhKt-Pokcr. a Ger- 
man pack c 1926. 52 cards’ plus 
a Joker and 29 conjuring cards 
£25. and an 1895 Happy Fami- 
lies for around £12 which re- 
grettably has Mr. Tiny Tong 
the Chinaman missing 1 : a snap 
game of 40 beautifully-coloured 
cards or urotesque characters 
estimated at £8, and a Japanese 
"English" pack with a Thai duty 
stamp on every card, which has 
all the court curds facing in the 
opposite direction lo the usual, 
and suit signs to the right of 
their heads, £5. 

This is the attraction of col- 
lect Iftg playing cards, says Kath- 
leen Wowk. playing card ad- 
viser at Gibbons. "There is such 
an immense variety of themes, 
designs, and printing proces- 


ses to choose from." Gibbon 
are publishing a useful basic 
guide on November iu. Collect 

cup English f'liijjm»i Cards by 

Sylvia Mann, founder member 
and first president of tiie Play 
mg Card Society, which is an 
excellent introduction in the his 
Tory of cards, with a run-clou- 
on the duty paid un i-ard 
whirh is a green help in dating 
The hook is 75p. as is ihc 
auction catalogue, post fret 
from Miss Wuwfc. Stanley 
Gibbons. 395, Strand. London 
YVC2. Gibbons has a mailing 
list of 500 collectors who receive 
free illustrated stock lists of the 
cards in their showroom, which 
are well worth having as expert 
documentation of what to look 
out for. Another buying .source 
is Kendal" Playing Card Sale*. 
3, Oakhawk House, Skids mergh 
Cumbria. For details of the 
Playing Card Society, send sac 
to Anthony Beale. JS8. Sheen 
Lane. East Sheen. London 
SW14. If you want a copy of 
Hoyle, then “ Hoyle's Games lm 
proved," revised 1779. is in the 
Gibbons' auction with an esti- 
mate of £30, and Hoijle's 
il/odem Encj/clnpedio of Card 
Guinea, Robert Hale, 1976. £3.75, 
should still be in the bookshops. 


oils of 
npire 


A r -s - 




■es in our gardens and 
us were wondering 


EAR 1953 was a great 
ih" pnllecior Gf Modern 
§. Tn quiiie Irnm a mar- 
;cr writing in the Stamp 
i>‘ Annual of 1954: 
i modest start ihe pace 
cally hot towards ihc 
SS ?J;- and winter: new sets to 
"'■'*nd seemed as thick as 

and 

he money was going tn 
.-.-om. More, some of us 
. -n wondering where the 
was going to after we 
md it . . If yon buy 
ose stamps which you 
• are going to show a 
ou may dt> very well 
financial point nr view, 
a every other standpoint 
ilectiun will be a thing 
>r. If you buy everything 
icars. on the other hand, 
i he certain that you 
to make a profit over- 



untlerslandahlc why 
write under a 
•ym. Il would be a brave 
ess man who would put 
name to a piece which, 
idsight. he would rather 
Writing under the nom 
*e nf Philalelia. he posed 
-torical question regard- 


ing the expenditure of 3s 3Jd 
on British Coronation covers, 
"Gan anyone, m the foreseeable 
future, count on a profit from 
these cm-prsV The latest 
edition uf Stanley Gibbons' 
popular paperback Collect 
British Stamp, (95p> pots a 
price nf £19 on this FDC and 
£J5 scents to be about the aver- 
age realisation in auction These 
days — a docent appreciation on 
an original outlay of about lap. 

F'bilafpJia. reviewing same 
nf the new issues of 1953, stated 
that "three sets stand out as 
virtual certainties in the Appre- 
ciation Stakes . . . the issues 
for Southern Rhodesia, Nyasa- 
land and Northern Rhodesia," 
which were due to be replaced 
at the end of June. 1954, by the 
federal series of Central Africa. 
I have to admit that I actually 
acted on this tip and to raise 
the £9 then required tn pur- 
chase these sets . I sold my col- 
lection nf German unmounted 
mint issues front 1948 to 1954. 
Today, tlie latest edition of 
Gibbons' Elizabethan Catalogue 
(£8-50> prices these three sets 
at a total of £71) — rather less 
than Ihe current price of one 
West German set of four charity 
stamps issued in 1951 with a 
total face value of 84pf (less 
than two shillings at the then 
rate of exchange). 

In 1953 stamps of tbe Nazi 
period were still a glut on the 
market and interest in the post- 
war issues— even in Germany 


ittself — was minimal since the 
great economic miracle was still 
around the comer. In the posl- 
Coronatinn euphoria in Britain, 
when the last of rationing dis- 
appeared and the Empire 
seemed as solid as ever, one can 
understand the tremendous 
enthusiasm for the now roiomai 
stamps, still tastefully engraved 
by Bradbury Wilkinson. De La 
Rue and Waterlnw. Photo- 
gravure by Harrison and Sons 


STAMPS 

JAMES MACK AT 


was virtually confined to British 
stamps, in monochrome at that. 

Today the picture is so dif- 
ferent as to be unrecognisable. 
Waterlow dropped out years ago 
and even Bradbury and Dc La 
Rue have had to come to terms 
with multicolour photogravure. 
The spate of new issues in 1955 
seems like a mere trickle com- 
pared with the current output 
which apparently demands that 
even the smallest of the residual 
colonies produces at least six 
new sets each year and an en- 
tirely new definitive every 
fourth year. In 1953 it was 
customary for collectors to take 
all the new issues of every 
Commonwealth country and 
most of the demand for the 


TffSBJ - 
$ ’ 


stamps of India and Pakistan 
came from Britain. Nowadays 
few people can afford to collect 
everything indiscriminately and 
the usual practice is to con rim 
irate un the stamps most readily 
available (that is. Great Britain 
and the offshore islands] and 
select »ne ur two Commonwealth 
countries at most. 

N everth cl ess. Com mon wea 1th 
stamps continue m be ihe back- 
bone ot the British trade and 
the appearance of the new 
Elizabethan Catalogue, now in 
its lath edition, is the high- 
point of the philatelic ralcndar. 
The 1979 gargantuan, with 
almost 1.300 pages, is a far cry 
from tlie first slim volume. 
Today it lists over 26,000 stamps 
issued in the past quarter 
century — a fact which conceals 
the true position that the 
Commonwealth accounts for 
well over a third of the total 
world output of 6,000 stamps 
each year. 

The special feature of this 
catalogue is jL<? attention to 
errors and varieties, more than 
6,000 being listed and priced. 
In ibis respect the sections 
dealing with Britain, Canada. 
Malaysia and some of tlie 
Pacific islands have been 
thoroughly revised. The Omni- 
bus Table includes a detailed 
survey of all the issues for the 
Silver Jubilee and 1977 Royal 
Visit, and most of this year's 
Coronation Anniversary sets axe 
listed in the addenda. 


■■■Hit 5 *' r 


■ ;'f : 





^ , la 


If your idea of the High Life is to serve 
elegant dinners with the minimum of fuss, 
wed like to drawyour attention to our 
Wild Strawberry cookware.What you cook 
in,you serve from.What your guests admire 
foritsstyle^yom 

prac,kdl “ 5 *~ Wedgwood 


Souffle Dish-6. 0" £735 Flan Dish-775* £725 Ramekin 
(Set ofFour)-3J25'' £5.85 Casserole, round-2.]pt £12.50 
These are just some of the many varied items available 
in Wild Strawberry Cookware. 


Josiah Wedgwood & Sons Limited 
Barlaston.Stoke-on-Treiu, Staffordshire STI2 9ES 
34 WigmorvSireer, London W1H OHli 



ART GALLERIES 


I CRANE KALMAN GALLERIES, 178. 
Bromplon Road, 5.W.3. Outstanding 
British works ol art. Barbara Heswenii. 
L. 5. Lowry. Henry Moore. Ben Nicna’- 
son. Graham Sutherland. William Scots. 
Matnew Smith, etc. ALSO works Or 
European ana American Artlm. Mon.-Frl 
10-6. Sat 10-4. 01-534 7566. CRANE 

ARTS. 321. King's Read. 5.W.3. 01-562 
5657. Native Art from 18th-20th cent. 
aiio voung artists or unusual vision and 
talent 


LUMLCY CAZALET. 24. Dames St- W.l. 
01-4 99 5055. ROBERT BATES — Recent 
Watercolours. Until Nov. .10. 


■*&£** 


BLOND PINE ART. 33. 5ackvllle St.. W.l. 
01-437 1230. BRITISH WOO DC ITT 5 

1900-1940. Until 18 November. Mon- 
Frl. 10-6; Sats. 10-1. 


JDUN (36100) JNDRE 
FRANCE 

srfetes, Evd. Roosevelt 
Tel: (54) 21.04.02 

o-.iig >|K eapaor-onl 

ALAIN RENNER— 
ammisiarre Priseur. 
TANT AUCTION SALE 
day November 5th 1978 

it 2J0 pjn. 

n century FrencJi furniture, 
porcelain. Ifiih. 17 th. I&th 
Old Muter drawings. Painc- 
arglliore. Important cheat of 
_ jy Nicolas Petit, 
a collection of Pierre Maine 

of Treasure of the Emperor 
an lit and President Thiers 


5LOANE STREET GALLERY. Recent 
Sculptures by ALEXANDER >n Slone. 
Ml rote, Broiue and Silver- 16th Ocl.- 
301 h Nor. Mon-FrJ. 10-5.30. Sat. 10-2. 


RICHARD GREEN 

u» (Si ^ 

oo-i? so V8L' 


D»Iv 10-00-6.00 
Saturday 10 


tf-'Ltv,*..*'' J ‘ . » 


BOY MILES. 6. Duke Street. St. James's 
SIR ALFRED 


London. SW1. SIR ALFRED EAST The 
Forgotten Genius. An Exhibition ol 
Landscapes. Gallery Hours: Monday lo 
Friday 10-5. 


RICHARD GREEN GALLERY. 44. Dover 
Street. W.l. 01-491 3277. ANNUAL 
EXHIBITION OF SPORTING PAINTINGS. 
Daily 10-00-6.00. Sats. 1 0.00-12 JO. 
Opens • November 1 . 


RICHARD GREEN AND FRANK Y. SABIN. 

4. New Bend street. W.l. 01-499 5487. 
ANNUAL EXHIBITION OF OLD ENGLI5H 
SPORTING PRINTS. Dally 1D.00-6.00. 
Sats. 10-00-12. .10. Coen* November 1. 


BROWSE * DARBY, IB. Cork St.. W.l. 
ANTHONY EYTON. Recent Paintings and 
Drawings. 


FINE ART SOCIETY. 145. New Band St.. 

W 1 01-620 5116. MAXWELL ARM- 

FIELD. 


1 


1 FURNEAUX GALLERY at Wimbledon 
presents an exhibition at new Minting* 
hv PETER NEW COMBE from Oct. 24 to 
Nov. 10 at the Atodre Gallery. 74. 
S. Aud ley Street, London, W.l. 10-30 to 
| 5 dally (except Sats. 8 Suns.i Late 
opening to 8 om each Tuca. Tel. 029 
2280. 



44 Dover Sirmt 
London W1X4JQ 
01-493 7997 '491 J277 


mm 

r;r v 


7-24 
November 


George Stubbs A.ftA. 11724-1806) 

Mare and toals m a rocky 
landscape 
• Signed and daled 1771 
Canvas: 21 X.2& in&./53.5 \t 71 ems 

Annual Exhibition of Sporting Paintings 

Fully il hisnni wl caratoguo croc indud.ng posidpo 


'SUSAN 5W ALE'S. SALOME, field hour nr 


. Harms 63,. Queen 1 * Grow, N.W.8. 1 
01-680 3600. 


13 



cane 


precoliBTibksn art 
reproductions 


DISCOVER THE 
LEGENDARY 
TREASURES 
FROM THE 
LAND OF 
"EL DORADO" 
AT 



FROM NOVEMBER 78 



BOGOTA MEDELLIN 
CALI CARTAGENA 


LOS ANGELES MIAMI 
DALLAS 


LONDON HAMBURG 
CARACAS 


HARMERS 

1NT E1VNATIONAL 


SIXTY YEARS AT AUCTION 



To n' Job rale our 
Diamond Jutnnice ra 


NOVE.MBER 8 

wv arv holdins a special sale of 

RARITIES OF THE WORLD 

a sale or ooly 107 Iols bu: u-ith a 
viial value or over £iVi.pOi>— a 
s-rt.-ciion of superb philaielie 
aft-Tinci u'Hh first class isvcstmeni 
po'eni.al unclulina ihe rare 
"nussiiu: Vlrjun" illosiraied # 


De-luxe souvenir catalogue £2 


HARMERS o/LONDON 


STAMP AUCTIONEERS LIMITED 
41 NEW BOND STREET. LONDON W|A -EH. TEL 0I490SH 


8 Kjfn^ Streep 
Stjzmes's 

London 

SW1Y6QX 



Tel: 01-839 9<tf0 
Telex 916429 
Telegrams 

CHRI5TE\RT 


EXPERIENCE AND EXPERTISE . . . 355 

JL 



i 


Worth German peicter tauknrd 
27th Century, 7} ms ( 1ft Jt cm I high 
Sale, Thursday. November ISih 


The opportunity to find examples of 17th Century pewter 
both from England and the Continent has always been 
very rare, much of It was melted down or given away to 
tinkers for solder during the eighteenth century Examples 
dating prior to 1650 are particularly hard to find. 

The elegantly proportioned tankard illustrated above is 
German dating from the latter part of the 17th Century; 
it is by an unknown maker, the luuch having been worn 
away, but similar in style ro a tankard by Antoine Fuessel 
in the Musee des .Arts Dccnratifs. Strasbourg. The engraved 
decoration of foliage and thistles is tyf.Jcal of pewter 
engraving, a style commonly referred to as ‘wriggled work ', 
although this practice appears more often nn Continental 
pieces, it is not uncommon on English pewter of this 
dale, hut the English lend to prefer the simplicity of 
elegant style rather than elaborate decoration. 

This tankard is included in a sale at Christie's in London 
on \6th November; in addition, a fine collection of Swiss 
pewter will he sold on the same date in Geneva. For 
iu formation on both these sales and For advice nn further 
sales of pewter and metalwork, please contact Dcrraot 
Chichester at the above address. 


AGNEW 


FRAGONARD DRAWINGS 

for Orlando Furioso 


Opening 31 October 


43 Old Bond Street. 
London, W1 


Cables : Resemble, London, Wl 
Tfl ; 01-8M 61IC 


Mon.-Frl. 9.30-3 10 p m. 
Thuw. until TOO p.m. 



Boodle andl)mtl)ome sJeS 


179S 


The Liverpool 
Cathedral Goblet 


Liverpool Cathedral 


To commemorate the completion of 
Liverpool Cathedral, the Appeal Fund 
has commissioned a beautifully pro- 
portioned sterling silver goblet, each one 
bearing the British Kalhnaric for 197S 
standings inches (13cm) high and weighing 
5.2 ounces troy (157.5 grammes). These 
goblet* arc now’ available from Boodle and 
Dumhorne, the old established Liverpool 
Silversmiths. 

One side of the goblet carries a detailed 
engraving of the Cathedral and the other 
is inscribed with the Coat of Arms of the 
Dean and Chapter. Hie interior is plated 
with pure gold. A knop with, an ancient 
Celtic design leads to the foot of the goblet 
.which is inscribed "Liverpool Cathedral 
3978" and this whole exquisite Htampla of 
the silversmiths' art comes complete in a 
velvet lined presentation case. 

The goblets arc priced at £129 each 
(including VAX and Insured poaage) 
and a proportion of tbe proceeds of each 
sale will be donated to the Cathedral Funds 
• which are still short of the total target sum 
required. 



Liverpool Cathedral is the largest 
Anglican church in England, and one of 
the four largest churches in Europe. 

Representing the life's work of one of 
this century's most outstanding architects. 
Sir Giles Gilbert Scott, it contains the 
work of an army of skilled traditional 
craftsmen, and bas been financed, stage 
■by stage over three quartos of a century, 
by the donations, large and smallj of 
thousands of private individuals. 

It says much for his remarkable, abilities, 
that Giles Gilbert Scott was barely 21 
years of age when, he was- appointed 
Architect for tins great budding in 1903. 
In the years that followed, he was to refine 
and modify his designs many times— a 
course made posable by the stage-by-stage 
nature of the Cathedral's construction, 
and one very much in keeping with the 
living Gothic tradition within which the 
Cathedral was conceived. Throughout its 
growth, the Cathedral has provided a 
focus for many txaditipfial crafts -wood, 
carving; metal woriring; embroidery— and 
has been in effect a school of stone- 

masonry for the whole country. 

Work on the Cathedral has progressed 
continuously through tbe reigns of five 
British Monarcfas. The Foundation Stone 
was laid on July 19th, 1904 by King Edward 
VTC, and the Lady Chapel wag completed 
in 1910. On Ju ly 19th, 192^ with the com- 


pletion of the Choir, the Cathedral was 
consecrated at a great service attended by 
King George V and Queen Mary. The. 
years between 1925 and 1942 saw the 
building of the great Vestey Tower- which, 
rises 347 feet above street level. 

It is largely thanks to the donations of 
thousands of individuals in the diocese 
that Liverpool Cathedral -one of this 
century's most remarkable nndmakings 
and one of Europe's most beautiful -places 
of worship - now- -approaches its long- 
awaited completion. 


fnlasesead mef* - ) Cathedral Gobict^^J 


I 


I enclose my cheque for 
£ 


Name 


I 


I 


Address 


I 


I 


Postcode 


Tel: 


I tamW™ 

Bowfle md Dmfome 

S 35 Lord Street, Liverpool L2 9SO 
Tel: OS 1-227 2525 

52 Eastgate Street, Chester CHI 1ES 
' Td: Chester 26566 


I 


i 


L m casgHii 

._ T 


l 













1- i 


FINANCIAL TIMES 

BRACKEN' HOUSE, CANNON STREET, LONDON EC4P 4BY 
Telegrams: Flnantimo. London PS4. Tel**; 885541/i &83S97 
Telephone: 01-248 8000 


Saturday October :2S 1978 



• PAY POLICIES do not impress 
financial markets, but they do 
appeal to voters; price re- 
straints may or may not pacify 
trade unions, but they frighten 
equity investors. The evidence 
that either of these approaches 
can of itself check inflation is 
totally unconvincing, but most 
.officials with experience of 
fighting inflation believe that 
wage-price policies do help to 
mak e monetary restraint work 
constructively — checking prices 
rather than real growth; but 
monetary restraint drives up in- 
terest rates, and that again is 
bad for markets. During any 
serious engagement in the fight 
against inflation, the investor 
tends to have a miserable time. 

British policy 

These themes have been 
vividly illustrated un both sides 
of the Atlantic during the past 
week. The public tends in 
think that mil.-tuun is caused 
by rismg prices f the exact 
reverse of the truth), and bulh 
President Carter and Mr. 
Callaghan have won popular 
support for what are seen as 
courageous stands on costs and 
prices. However, although the 
President seems to be mode il mg 
his policies on those of Mr. 
Callaghan (or stilt more closely 
on those of Sir. Edward Heath) 
there is one vital difference. 

In Britain, incomes policy is 
an adjunct to a firmly stated, 
though perhaps not entirely con- 
vincing policy of monetary re- 
straint. In the U.S.. monetary- 
growth targets have been largely 
exceeded, and the more signifi- 
cant and larger growth of dom- 
estic credit is not a policy con- 
cern at all — ii is not even 
measured statistically. As a re- 
sult, the market has condemned 
U.S. policy out of hand, and the 
decline of the dollar has only 
accelerated since it was an- 
nounced. The British policy mix 
seems to be regarded as reason- 
ably convincing as a weapon 
aeninst inflation; the pound has 
been relatively strong for 3 year, 
and in spite of rising money 
market interest rates. Ion? term 
government stocks have held 
recent, admittedly small gains. 
The doubts are first whether the 
policies can be made to stick, 
both in terms of wage increases 
and monetary control, and 
second, about their impact on 
profits. 

The outcome of the wage 
argument cannot be judged at 
this stage, though the Govern- 
ment insistence on a low norm 
may have helped to spread the 
relative realism reflected in the 
Luton vote: the markets are 
becoming rather more optimistic 
on this score. However, reports 


of TVC demands for tighter 
price controls m order lu secure 
some restraint have naturally 
alarmed the equity market, and 
the idea has been condemned 
out of band by the Cnnfedera- 
non of British Industry. We can 
only repeat that any attempt to 
use the Price ComoiUsinn as a 
kind of counter-terror to balance 
the monopoly power of trade 
unions would be completely 
misguided, though a more 
vigorous policy against mono- 
polies and lesser concentrations 
uf market power might he 
useful. 

What is more to the poigt. any 
such controls on the competitive 
sector will be redundant as long 
as monetary policy remains 
effective enough to sustain the 
exchange value of sterling. 
Parity as a result of the dollar's 
extreme weakness, sterling has 
recovered somewhat even on the 
broad effective exchange rate 
measure. Foreign competition, 
including potential U.S. compe- 
tition. is a very effective 
restraint on any effort to re- 
cover rising costs from cus- 
tomers as is shown by the gap 
between wage cost and price 
increases. Worries about profit 
margins are not likely to vanish 
even ir the Government totally 
rejects the TUC’s demands on 
price controls, or more probably 
agrees to almost entirely cos- 
metic measures. The one 
comfort for the investor is that 
the squeeze implied by a strong 
pound has not proved nearly as 
demoralising as the threat 
implied to Wall Street by a weak 
dollar. 

Unpleasant 

The fact which has emerged 
clearly from recent experience 
is that there is no mix of 
policies which will effectively 
reduce rhe going rale of infla- 
tion which does not have initi- 
ally unpleasant effects. The 
more comforting long-range les- 
son is that once such measures 
have done their work, the with- 
drawal symptoms are followed 
by improved well-being. Smokers 
and drinkers know the problem, 
and the temptation lo comince 
oneself that it would really be 
much easier to an on as one is. 
But. at least. Mr. Callaghan's 
determination to follow if he 
can the harder but more re- 
warding course may have been 
strengthened by the votes at 
Luton and, possibly. Berwick. 

Everyone would . be much 
more confident of the outcome, 
however, if the Americans had 
also embarked on a convincing 
policy. The flood of dollars, 
which has been going into Ger- 
many, Japan and Switzerland, 
and seeping into our own money 
supply, could wash away the 
foundations of the most deter- 
mined policies if it is not soon 
checked. 


THE U.S. AND THE FALLING DOLLAR 


financial i lines isatuiuay uclobef '£> lM# 

BY JUREK MARTIN, U.S. Editor^ 



Carter’s resort 
o economic witchcraft 


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O NE MIGHT be excused 
for concluding from the 
reaction of rhe foreign 
exchange markets to President 
Carter’s anti-inflation package 
of Tuesday night that the U.S. 
economy was either already on 
its knees or wandering aimlessly 
in some fool's paradise. For a 
Briton, or an Italian, the 
familiarity of the President’s 
rhetoric and proposals, plus the 
inevitability of the market 
response, recalled the bad aid 
days. 

The difference, of course, is 
that the U.S. is hardly the sickly 
patient so typical of those times, 
it is now well into the fourth 
year of a sustained and vigorous 
economic expansion: industrial 
production has been increasing 
steadily, with only a few signs 
that capacity ceilings are being 
reached: mure people are in 
work than ever before and they 
are affluent and able to afford 
S65.00U for a typical new house: 
the declining value of the dollar 
seems to impinge little on their 
consciousness and is merely 
something to be clucked over 
as they drive to -work in one 
of the family cars. 

People frown much more 
these days about Inflation, but 
their disposable income is still 
large enough to give them a 
sense of freedom and. in any 
case, credit is freely available. 
The country’ has not endured 
serious social upheaval for eight 
years and has not been fighting 
a war overseas for nearly six. 
There are. indeed, ample 
reasons for a degree of compla- 
cency. 

And yet. on Tuesday night. 
President Carter, who is usually 
more guilty of understatement 
than hyperbole, found it neces- 
sary to evoke the spirit of 
Dunkirk and to slap "volun- 
tary ” wage and price guidelines 
on the economy. 

As Milton Friedman said 
seven years ago. when President 
Nixon went two stages beyond 
President Carter and imposed a 
wage and price freeze, if 75 per 
cent of the people believe in 
witchcraft it is difficult for the 
President not to practise witch- 
craft 

There is general agreement 
that Mr. Carter's sorcery has its 
tools iu the Vietnam war. in so 
many ways the watershed of 
modern American history. All 
the subsequent failures of 
economic policy, especially the 
waverings between emphasis on 
unemployment and/or inflation, 
have their beginnings in the 
paddy fields around Saigon. The 
1960s had been, simultaneously, 
among America's most pros- 
perous and creative times. They 
were also Don-inflationary until 
President Johnson overruled his 
economic’ advisers and decreed 
that the country could afford 
both guns and butter without, 
until too late, a tax increase. 
Demand was excessive, unem- 
ployment dropped to a 15-year 
low and. critically, between 
1966 and 1969. the rate of infla- 
tion rose from two per cent per 
annum to over six per cent. 
Successive polio* changes 


US ECONOMIC INDICATORS 


130 

T2G 

110 

100 

90 

80 

70 


60fc 


50 


1975=100 

index of / 

HOURLY 
EARNINGS // 

v/ 

M a 


A** 

/ 

J 


Index of 

J CONSUMER 

^ PRICES - 

1 l—l 1 — ! — i — i — 

- 1 1 1 


«67’68 ’70 '72 ’74 ’76 ’78 

f <«.*■:« i*r 


SSn 


FEDERAL BUDGET 



30 




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1967 ’68 ’70 ’72 ’74 ’78 '78 



6 

8 - 

10 - 


12 


L-L-L^J-LJ— l-U-U 


1967 *68 ‘70 ’72 ”» *76 *78 


since then have produced only 
temporary improvements. Presi- 
dent Nixon eventually despaired 
of liis gradualist approach 
during his first two years — 
which produced increased un- 
employment. little abatement of 
inflation and a mild recession 
in 1970 — and almost g rutting Iv 
imposed a mandatory wage and 
price freeze in August. 1971. 
using the authority' that had 
been presented to him. unasked, 
by Congress a year earlier. He 
simultaneously - devalued the 
dollar. 

Short-term 

impact 

Tbe freeze, predictably, had 
some short-term impact: In 1971 
and 1972 tbe consumer price 
index, which had risen by 5.5 
per cent the year before, went 
up by only 3.4 per cent each 
year. But at the same time both 
fiscal and monetary policies con- 
tinued to be expansionary, in 
good measure because Mr. 
Nixon was determined to have 
the economy moving in the right 
direction again in 1972 so as lo 
ensure his re-election. Gross 
domestic product, up by 2.S per 
cent in 1971, climbed a further 
5.8 per cent in 1972— but at the 
cost of seeing the budget deficit 
rise from under $3bn in J97t» 
to over S23bn in both the next 
two years. 

Monetary policy was similarly 
accommodating. Indeed. if 
there is one way to make Mr. 
Arthur Burns, then chairman 
of the Federal Reserve, see red 
today it is to imply that he was 
party to what is often construed 
now as the calculated Nixonian 
attempt to manipulate the 
economy to serve his own 
political needs. 

The renewed surge in infla- 
tion after 1972 may be ascribed 
to a number of causes: the 
freeze was being relaxed 
through the Phase Two and 


Three controls and there was 
pent-up expectation about the 
end of restrictions: the dollar 
depreciation of 1971-73 had its 
impact on domestic price levels: 
both monetary and fiscal stances 
began to create excess demand 
again. And. on top of all this, 
world commodity prices 
doubled between 1972 and 1974. 
while the oil exporting nations 
quadrupled oil prices between 
1973 and 1974. 

The external factor bedevilled 
all nations, but it subjected the 
U.S. to unprecedented inflation 
in post-war times. In 1974 the 
consumer price index rose by 
over 12 per cent — and this 
occurred at a time when, 
because of the Watergate 
traumas, the country was to 
all intents and purposes leader- 
less. Dr. Burns, who in a sense 
was the economic government 
at the time, applied his own 
cure for the inflationary virus: 
a tight money policy that 
helped bring on the worst reces- 
sion since the Great Depression. 

President Ford’s answer was 
the faintly amusing " whip 
inflation now” public relations 
programme. In fact it was the 
recession which brought tbe 
inflation rate down from over 
12 per cent to under 5 per cent 
in two years (aided by greater 
stability in the raw materials 
markets). But again, the seeds 
of future troubles were being 
sown. When be left office Mr. 
Ford bequeathed to his succes- 
sor a budget deficit which had 
soared to $66bn, although per- 
haps this was n at an outlandish 
sum. given the need to bring 
the country out of a recession 
(unemployment, after all, had 
exceeded 9 per cent and the 
President was running for 
re-election). 

President Carter, though he 
inherited an economy which by 
all international standards was 
doing rather well, was none the- 
less saddled with the persistent 


budgetary problem. He. too. was 
both pa rtly responsible for — 
and hamstrung by — the pre- 
vailing political morality. All 
the polls said that unemploy- 
ment was the nation's .number- 
one problem and he bad been 
elected on promises to rectify 
the situation. Fiscal conserva- 
tive though he was supposed to 
be. be put into effect policies 
that were not unsuccessful. 
Since he became president and 
in spite of a record increase in 
the labour force, the jobless 
rate has fallen to the six per 
cent range, as much, maybe 
better, than could have been 
reasonably expected. 

But this was at a considerable 
cost even if tbe numbers did 
not immediately show it 
Although the cost of living 
edged up only a bit in 1977 
largely because of food and fuel 
factors, the underlying rate of 
inflation was not apparently 
much changed. Mr. Carter made 
a token gesture in April last 
year when he introduced a mild 
deceleration programme but 
nobody took it seriously. 

What is being taken seriously 
now, with the benefit of hind- 
sight are the perceived errors 
and omissions of the last 18 
months. Mr. Carter dearly does 
not deserve all the blame, and 
responsibility must’ be shared 
with the Congress, the Federal 
Reserve, acquisitive special 
interest groups and. as for as 
the decline in the dollar is 
concerned, the eccentric logic 
of the foreign exchange mar- 
kets. 

But the litany, fair and un- 
fair. is nonetheless long. 
Although Mr. Carter came to 
office promising to balance the 
bu-get by 1981, his first year 
deficit was designed to be little 
under that left to him by Presi- 
dent Ford and was inappropri- 
ately large for this stage of an 
economic expansion (state and 
local budgets, intriguingly, 
enjoyed a sizeable partially off- 


setting surplus). The President 
acquiesced when Congress 
dramatically increased social 
security taxes, bearing both on 
inflation and productivity: he 
worked out with organised 
labour a sharply higher mini- 
mum wage; he signed a farm 
bill which set aside substantial 
crop acreage and helped push 
up food, prices; he moved only 
belatedly to protect the value of 
the dollar; for excellent tactical, 
but, from an anti-inflationary 
standpoint, dubious economic 
reasons, he negotiated import 
restrictions on a variety of 
cheaper foreign products; he 
helped negotiate an expensive 
settlement to the coal strike; 
seeking to avoid congressional 
confrontations in order to get 
his energy Bill through. 

Fed’s control 
less firm 

Meanwhile, the Federal 
Reserve continued to pursue 
a monetary policy that became 
more expansive once Dr. Burns 
had been replaced early this 
year by Mr. G. William Miller. 
The hew chairman made posi- 
tively Bu ruffian anti-inflationary 
statements' at the outset, but 
the Fed’s control of the mone- 
tary aggregates was much less 
firm. Even Dr. Burns had met 
difficulty in putting in the reins. 

The basic money supply (Ml) 
has grown at an annual 
rate by -about 12 per cent 
over tbe past two month*, by 
over 10 per cent in the past 
six months and by over 8 per 
cent in the past year, in con- 
trast with the Fed's two-month 
target of 4-8 per cent and the 
annual goals of 4-6.5 per cent 
Increases in interest rates were 
periodically greeted with politi- 
cal outrage and some criticisms 
from the Administration itself. 
Everybody agrees that innova- 
tions in the use of money have 


made the Fed’s job much 
harder, bat that hardly could 
disguise the direction of tbe 
numbers. With the federal 
government’s borrowing needs 
rising and the Fed creating 
more money, the excess nf 
dollars, particularly overseas, 
became embarrassing. 

The U.S. was also the victim 
of its own relative success.. It 
emerged from the 1974-75 global 
recession more quickly than 
most of its major trading 
partners. Thus the S9bn trade 
surplus of 1975 was transformed 
into a S9bn deficit the next year 
and to S26bn in 1977: for the 
first nine months of this year 
it has exceeded $22bn. The 
divergence of international 
growth rates' was clearly a 
prime cause, as was the in- 
exhaustible U-S. appetite for 
foreign oil and the appreciation 
of tbe dollar in 1975-76. But 
the deficit served to increase 
the volume of dollars sloshing 
round the world. Trends now, 
it is generally agreed, are 
moving in tbe other direction 
but not before the damage was 
done. 

. The tr.S. bas hardly been 
helped by its own decline in 
productivity. From 1950 to 
1968, non-farm productivity in 
the private sector expanded by 
an average of 2.6 per cent a 
year; over the past decade this 
ha$ dropped to a meagre 1.4 
per cent, thus contributing tu 
tiie decline in American inter- 
national competitivity. Again, 
the factors are complex — the 
changing composition of the 
workforce, decline in spending 
on research and development, 
generally lower rates of capital 
investment, the impact of the 
oil price rise, and the negative 
impacts of additional (and often 
socially desirable) Government 
regulations. But in the past year 
both the social security tax 
increases and the rise in the 
minimum wage have clearly 
added to the deterioration. 

Wage rate Increases over the; 
last decade, apart from the; 
bulge in 1974, have been re-; 
markably constant, generally; 
averaging about 7 per cent per 
annum. In the first eighr month?" 
of this year, however, average 
hourly earnings have . risen a- 
closer to 9 per cent. The majo'. 
difference over the period ha 
been the greater prevalence oj 
cost-of-living escalators in raajc 
contracts. In 1970, less than 
quarter of workers were covere. , 
by escalator clauses; today ih» 
figure is 60 per cent, thus tenir 
ing to increase the speed with 
which inflation spreads through 
the economy and perpetuating 
inflation- once it become- 
established. ■ 

All these— and a few otije* 
factors besides — combined to ill 
duce President Carter to engage 
m witchcraft on Tuesday nighf, . 
What he did, in effect, was. to '■ 
address the fiscal 'problem; but 
economists, neo-Keynesian and t 
monetarists alike, a'gree how ‘ 
that the monetary house has to * 
be put in order. And that con- »> 
doskm has a very familiar ring 
to it. - 


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Letters to the Editor 


Double Glazing 

From 31 r. S. Corah 
Sir,— The Government is 
rightly concerned with the sav- 
ing of energy and give encourage- 
ment. advice arid finance to 
assist in achieving that aim. 

Tbe Department of Industry 
Is offering grants in certain cir- 
cumstances which include double 
glazing, but under current legis- 
lation double glazing, being part 
of a building, is not normally 
allowed by the Inland Revenue 
as qualifying for capital allow- 
ances, although it does qualify 
for industrial buildings allow- 
ance if the building itself Is an 
industrial building or an hotel. 

Would it not be reasonable in 
the public interest, for this 
anomaly to be removed by the 
Revenue and its policy be 
brought into line with that of 
the Department of Trade. 

S. Corob. 

7. Hill Street. 

Mayfair. IV J. 

Cheaper 

From the Chief Passenger 
Manager, 

British Railirays Board. 

Sir, — Your report luctohcr 24) 
of new cheap fares to be intro- 
duced by British Caledon lau Ue- 
i ween Gatwick and Glasgow and 
Edinburgh, compares them with 
second "class single rail fares 
between London and Scotland 
and suggests only a small differ- 
ential. This is not. however, a 
fair basis of comparison. A truer 
basis would be a comparison 
with our own “Big City Saver” 
fares between London and Scot- 
land. On this basis, for the 
return Journey, rail is do less 
than £25 cheaper. 

Peter Keen. 

gfla , Marylebone Road, i VlYl. 

Steel 

From the Chairman. 

British Iron and Steel 
Consumer, s’ Council 
Sir. — Under the headline “ UK 
steel consumers reject EEC 
fixed prices” (October 23). Roy 
Hodson wrote of the British 
Iron and Steel Consumers' 
Council pivina ** tacit support " 
to an Alleged “consumers’ 
revolt ” by buyers from a 


number of big British steel users 
who were said to be “ no longer 
prepared to pay EEC minimum 
prices." 

I should like to make it clear 
that there has been no change 
in the council's attitude to tbe 
Commission’s steel measures. 
We continue to accept the need 
for them, on a temporary basis 
and subject to certain safeguards 
of consu mers’ interests. 

When last July British Steel 
Corporation sought to raise its 
prices in line with the newly in- 
creased guidance prices and other 
EEC producers did not do so. 
we expressed our concern about 
the damaging consequences for 
our members’ competitiveness 
both to BSC aod subsequently 
to the Commission. Both market 
forces' and the elements of flexi- 
bility in the system have sub- 
sequently helped to limit the 
scale of the problem. To 
describe our action as a 
“ rejection of EEC fixed prices” 
or “ tacit support for a con- 
sumers’ revolt" Is highly mis- 
leading. We seek to deal with 
ihe steel producers and tbe EEC 
Commission on a basis of mutual 
understanding and respect for 
each others’ interests. Articles 
such as Roy Hudson’s only do 
damage to that aim. 

(Sir) Richard Marsh. 

IS. Bertcyn Road. 

Richmond. Snrren. 


which already possess a good 
basic range of services and facili- 
ties. This will help ensure that, 
wherever possible, existing vil- 
lage schools, shops, etc. are re- 
tained. In other villages, addi- 
tional housing provision in the 
form of Infilling will be en- 
couraged and the county council 
would expect that the type of 
house being built would more 
adequately meet the needs of 
local residents, particularly 
younger couples. At tbe same 
time the establishment of rural 
industries, already a success due 
to the county council’s efforts 
with the development commis- 
sion. will help arrest depopula- 
tion. 

What the county council is not 
prepared to accept is wholesale 
development in rural areas. The 
council is mindful of the- im- 
portance of agriculture in North 
Yorkshire with the consequent 
need to protect productive 
agricultural land, as well as the 
attractive environment and 
character of the county. 

Such an approach is to my 
mind tbe best balance to be 
struck between conflicting de- 
mands and if has received 
widespread support from resi- 
dents of this county. 

P. Jacnnelii. 

27. Foreshore Rood. 

Scarbo rough 


wider usage than I believe was 
originally intended. 

We have recently concluded 
that a small business as presently 
discussed, is “a substantially in- 
dependent owner-managed enter- 
prise employing less than 50 
people.” We should like this 
definition to gain wide currency 
and to be used by government- 
financial institutions" and others 
when considering policy and any 
other factors Which* impinge 
upon this important sector of 
industry. 

Incidentally the average size of 
business represented by the 
TSBC is one with 24 employees. 
It is this size of company, rather 
than one with 200 employees, 
which should be in the minds 
of the small firm policy makers. 
After all. it is this size of busi- 
ness which still makes up the 
vast majority of all enterprises 
in the country. 

B H. Whitfield. 

92. Grange Road. 

Middlesbrough Clercland. 


Yorkshire 

From the Chairman. County 
Planning Committee. N. 
Yorkshire Countu Council 

Sir, — There bas recently been 
some comment concerning tbe 
decline of villages in North 
Yorkshire. 

North Yorkshire County' 
Council bas. since its inception, 
been particularly concerned with 
tbe problems of rural areas, 
particularly in the upland areas 
of the county. The county 
council’s planning policies ex- 
pressed in the “ Structure plan ” 
continue this effort and a careful 
reading of this document will 
indicate tbe proposed concentra- 
tion Df a greater proportion of 
development, investment and 
support towards settlements iu 
the less attractive rural areas. 

Accordingly, it is proposed to 
concentrate the major part of 
pew development in villages 


Companies 


From the Giairman 
Teesside Small Business Club 

Sir.— The letter from Mr. 
Owen smith (October IS) again 
brings to your readers' attention 
tbe lack of any widely accepted 
definition of what is a - small 
company.” Until government, 
the banks and all others with an 
interest in the well-being of 
small businesses agree on what 
exactly they mean w ben referring 
to “small companies.'' then mis- 
understandings will be inevitable. 
Such misunderstandings will 
continually give rise to confused 
debate and inappropriate 
policies. 

The Bolton Committee used a 
variety of definitions accord ins 
to activity, ranging from under 
200 employees (or manufacturing 
firms to five vehicles or less for 
transport firms. Unfortunately 
the 200 employee definition has 
gained more currency and a 


Petrol 

From Mr. R. Sandhurst 

Sir. — With reference to ynur 
article “A sensible tax reform" 
(October 23> in connection with 
the case for abolishing the 
annual road fund tax on cars, 
there appear to be other pnints 
i hat ytm have not mentioned. 

If the abolition of the tax 
extends to vans as well as cars, 
this will result in an increase m 
price of other goods or services 
where delivery 'is concerned. We 
may expect, for example, an 
increase in the cost of postace 
and parcels, doctor's fees when 
attending a patient at home, 
removal firms using small vans 
will charge more. 

There wiil be quibbles over 
what constitutes a van. So far as 
removal expenses are concerned 
these already are high enough 
to make many people wonder 
whether they can afford to move 
or not. when considered with 
legal expenses, etc., quite apart 
from young people with mort- 
jaasss in mind. I am considering 
retiring in a year or so to East 
Anglia. Lines, or Norfolk. A 
recent quote from a famous firm 
of repute was over £200— not 
perhaps unreasonable in tbe-'e 
days of chronic inflation. If the 
road tax abolition covers removal 


firms, I can see the cost of 
removal being doubled at least. 

Again, if it is abolished in 
favour of cars and vans, sooner or 
l3ter it will be urged that it be 
abolished on coaches and buses 
as well. The cry will be raised 
in certain quarters, or “Why 
sbouid the car owner be 
penalised and tbe bus passenger 
exempted from paying?” 

The cost of building repairs 
will certainly go up. Not every 
job requires the use of a lony. 
and wbere a van is used, this wiil 
be added to the bill. 

You mention that “Rural com- 
munities . . . might feel hardly 
done by.” They will indeed. A 
friend of mine, a GP in N. Nor- 
folk covers a large area, and tbe 
village in which he lives has one 
bus a week. Car-less residents 
depend upon lifts to the nearest 
market town, and upon tbe local 
shop, and two travelling shops, 
for groceries, etc. If and when 
the road tax is abolished, it will 
become dearer to live in the 
country than in the town so far 
as certain Items are concerned, 
tea. sugar, etc. Newspapers will 
also increase in price. 

If the road fund tax is 
abolished on private C3«. and 
vans, then l can foresee an 
increase in the number of three- 
wheelers on the road, and per- 
haps a return of the light bubble 
car. For many people these 
would be the ideal vehicle, any- 
way. and I. for one would cer- 
tainly return to the road again. 
R. F. Songhurst. 

3. Y etc Tree Cottages, 
handling. 

Maidstone. Kent. 


midnight fand veiy much later 
in practice) merely represents 
an hour extra at the end of the 
day. Tbe period of quiet within 
a large radius of London Airport 
is already brief enough for those 
of us who need to sleep and it 
would be as foolish for anyone 
to accept the word of the aviation 
lobby as to the quietness of thCir 
newer jets as If was to accept 
it in the case of Concorde.' I 
would therefore, suggest that tbe 
Government to whom Mr. Draper 
addresses bis remarks does 
exactly tbe opposite of what he 
proposes and institute a properly 
enforced curfew from 11 pm to 
7 am. 

I do not think that the' 
productivity savings of £2m per 
annum which Mr. Draper quotes 
have any significance in relation 
to the added discomfort that 
extended night operations would 
cause to local residents and I 
cannot believe on the basis of 
several years’ employment 
within British Airways that its 
organisation »9 so efficient that 
savings of this magnitude cannot 
be achieved without further In- 
convenience to tbe general 
public. 

D. J. M. Lowe" 

Parktrood Avenue, 

Esher, Surrey. 


Noise 

From Mr. D. J. M. Lcnce. 

Sir. — I would like to protest 
vigorously about the deliberate 
misuse of the English language 
made by Mr. Jerry Draper to his 
remarks to the Air Transport 
Research Forum in Washington 
(October 24). 

The word “night" means to 
most people when they are in 
hed trying to get to sleep, and 
that is well before 11.30 pm so 
far as most of us are concerned. 
It is the ultimate in special 
pleading »o suggest that jets 
living until half-an-bour past 


Bonds 

From Mr. M. Griffiths. 

'Str, — Notwithstanding Mr. 
Greenslade’s enthusiasm (Octo- 
ber IS) for single premium 
bonds, any high rate taxpayer 
considering investing in rhpm 
should bear in mind that capital 
gains made through a bond are. 
more or less, taxed as in corne- 
al belt that the- tax can be 
deferred so long as one Is pre- 
pared to take no greater income 
than 3 per cent per annum ^iid 
to leave tbe capital untouched. 
Given the present disparity 
between rates of tax on invest- 
ment income and capital gains 
high rate taxpayers should treat 
any recommendation ’to buy a 
single premium bond with the 
very greatest caution. 

Mark Griffiths. 

GriJJitfw and Armour. 

161. Derby House, 

Exchange Flags. 

Liverpool. 



some 
And now 



tell me ife 




unearned income: 

It’s a sad fact of life that the income from the capital you 
carefully saved in order to have a little extra when you retired 
is classed by the tax-people as '‘unearned! 

.. What inflation is doing to that capital now is an even *■ 
saddfr fact of life. -S 

Well we at Allied Harnbro understand: were on your 7 
side in the fight to preserve what you've built for retirement. 

We ve been helping people like you protect your capini_: 
and savings against inflation for some forty years now* - "=>■ 

(Indeed, we were one of the pioneers of the unit trust 
•movement) .,«■»} 

And the records show we've had more than our fair * u "~ 
share of suecessJUUed Harnbro trusts have achieved oonsi^EJ, J . 
above average performance. _ ■ [ * ho ** 

While wed like you to join our 98,000 unitholders, w 

t i imciAMfinl nw J ' ■ _ .1 ■ . " r •' 


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professional advisee 

' If he thinks weVe the right unit- trust group ferv d g23 
perhaps we can al together and help you, and jxnir savi^aSS 
fight back against inflation. . - i.os. 

Sothat,coTOel99Q,youllstfllhave wmethmgsuh' 
there whenyou reallyneed it. ‘ 

Allied Hambrd 

_ > “WE'RE ON YOUR SIDE7 

AUJDI ajLMUO W'igll aBHDfj&tTLUOQg; EM *,£ 






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Fiiiaudaj Times Saturday October 2S 1978 


15 


e Price Commission seeks a new 



BY DAVID CHURCHILL, Consu mer Affairs Correspondent 


.E THE Government and This move has coincided with 
are currently locked in trade union demands for the 
* about possible moves to Commission to adopt a more 
:.thcn price control power* rigorous approach 10 keeping 
um for some measure of Price rises in check. The 
psirsmt industrialist* arc Government, in the curreut 
- i£ increasingly worried spare t'f lop- level talks with the 
■. the new direction the TUC, i£ trying to. find out how 
CoiiinussiMfi is taking in Jar it ran salvage it* 5 per cent 

• y criticising Iho efficiency pay guidelines by providing die 
ri.-' fi i.i r eiuaponccs and iri- TL'l" with evidence of tougher 

. ?s. actirity on the prices from to 

• . week the Commission rostra in inflation. 

ly criticised companies in However, rougher price ^n- 
. ad haulage industry for in- l , r,,Is * wmiId require legislation, 
it practices which had led (,1Ve0 l ^ e weight of Parlia- 
v;r costs and charges. This ^entary and bu-mess opposi- 
. e*i last week’s comment by tiqn * nev ' - legislation would 
ummi.ssiou on the Roval Probably prove extremely diffi- 
.-•n Tableware company for ™ ,r for the Government to push 
' .loitage of management throu^i in the present Parha- 
•* and resources " mem. The question is now far 

r r- 

"^r M ,.£d t o1he Pnco “<* “ “ **on**m lo 
‘iici nn' 5 Commission to scrutinise pnee 

rtae more closely- or whether 
* T .l ! ^ lhe Government will have to 

«'»r or abandon the present 

i-_.ri.r r ‘ rni, ° safeguard regulations. These 

inaccurate Other coin- r ^ hr011ffht * 

-TZ 0f K yS 1 romudorable pressure when toe 

, the Cora- 19T7 Price commission BiU was 
- °{. £5^ suing through Parliament, allow 
pnre rise* as Star most companies to introduce 
icr -tactics. must now be intrr ; TO prtc0 ris es pending a 
nng whether their mao- Commission investigation- 

p i rr ™ aDces Y; U Mr. R °y Hattersley, who as 
ri - sacked in public. Prices Secretary is directly 
se v*'i reports are not responsible for price controls, 
•d lorayc l»y the Commss- is believed to be willing; to see 
mr the first results of a some watering down of the safe- 
rate attempt by Mr. guards in order to give tile 
s ivilham-.. the chatnnan. Commission power to restrain 
is colleagues on lit*- price increases during the rtatu- 

ission to broaden its role tory three months' investigation. 
tkizy’ searchingly at what He could also give the Com- 
. Mders are the inefficient mission more discretionary 
■ mcompetitjve aspects of powers when applying the sa/e- 
a industry'. guards, as opposed' to abiding by 

Commission, which has the existing strictly defined 

• rome to terms with being financial criteria. 

2 to restrain most price But such changes would stiH 
autified to it. has now de- require Parliamentary approval 
: to make its presence felt — and already the mere hint 
i way. of weakening the safeguards 


ha* brought swiff and bitter 
comments from the Retail Con- 
sortium and the CBI. 

Sir .lobn Methven. director 
general of the CBI. is firmly 
against any tightening of price 
controls: "With the level of 
profitability of British industry 
at oof-ihird of. what it was ll> 
year* aao. if prices are screwt-d 
down even further It will mean- 
less investment. Je*s expansion, 
less growth and fewer jobs." 

Sir John believes that there Is 
no economic justification for 
price cimlrol at any time but 
acknowledges that the only pos- 
sible political iustitieation for it 
would he a quid pro quo for 
pay controls. But since there is 
now no effective pay policy all 
price controls should be re- 
moved. he argues. 

Mr. Charles Williams would in 
part appear lo agree with Sir 
John’s view. He argues that the 
old concept of controlling in- 
dividual prices by allowing only 
certain cost increases to be 
passed on was * impossible lo 
sustain mainly because it intro- 
duced loo many economic 
distortions into the economic 
system." 

The new Price Commission, 
set up in 1977 to replace the 
old one, was a political gesture 
to the unions to pay for their 
continued wage restraint With 
a sleady downward trend in the 
inflation rale, the improvement 
of sterling, and signs of an end 
to the economic recession, the 
new price controls were not 
framed as a crisis measure to 
beep prices down at all costs. 
And, unlike the previous Com- 
mission. the new body was 
given a great deal of dis- 
cretionary power to carry out 
its investigations but little 
actual power of enforcement 

Instead of mechanistic price 
controls, the new Commission 
was asked under section two of 
the 19' < Act. to take account 


■■‘XT'' 



Charles Williams (left) — heads what be feels could now’ 
be called “ the Commission for Market Imperfection ’’ — 
and Roy Hattersley, Prices Secretary. 


of all matters relevant to price 
restraint “ so far as that appears 
to the Commission to be con- 
sistent with the making of 
adequate profits by efficient 
suppliers of goods and services." 
The matters referred to were 
set out in several criteria, in- 
cluding the need to have 
regard to the effect of price 
resiraint in exports on the 
balance of payments. The 
important criteria, however, are 
the need to moke adequate real 
rclurns on capital employed, 
including the effect of inflation 
on assets, and the need to 
recover costs incurred after 
taking into account the effects 
or absence of competition 
Under the Price Commission 
Act, aJ) manufacturing com- 
panies with a turnover in excess 
of £15tn t£l2m in the case of 
service companies) have to give 
the Commission 28 days' notice 
of a price rise. The Commis- 


sion, at its regular weekly 
meetings, can then decide 
whether or not a proposed rise 
should be investigated lurther. 
IF it docs decide to investigate, 
the existing price is frozen for 
three months while a team of 
Commission official with help 
from, a large accountancy firm, 
carry out the investigation. The 
company, however, can appeal 
to the Commission to allow part 
or ail of its price rise through 
under the .safeguard regulations. 
There are three of these regula- 
tions and their terms are com- 
plex andf arbitrary. The main 
one allows prices to rise if pro- 
fit margins would otherwise fall 
below 3 per cent for a product 
or range of products. 

The CBI. which was largely 
responsible for getting these 
safeguards into the Act, points 
out that even sn they do not 
give as much protection as the 
safeguards under the previous 


Price Code. In addition. The It is also clear that Mr. 
CBI stresses that in no Commis- Williams sees the Commission's 
sion investigation has it been function to improve efficiency 
yet shown Thai the safe-juards as essentially a lung-term role: 
were unnecessary and in no *' We are creating something 
case has any subsequent action which no olher industrial 
been taken by the Commission economy of the size of the UK 
in cininJcract the effects «f has and. although we are only 
granting the safeguard price taking our fir«=i. fallerinj? steps 
rises. along the path, we must look 

After toe three months, the ahead ro a long-term- pro- 
Commivsion then sends Its gramme." He also believes the 
report and recommendations to Commission will areunuilato a 
the Prices Secretary. The Com- S^eaf deal of knowledge of 
mission can recommend a delay corporate standards which will 
for a further eight months in enable the Commission to set 
implementing toe rise which. “ benchmarks ** for judging 
iT the Prices Secretary agrees, Whether a company is efficient 
would effectively mean freezing and competitive, 
the price for a year. Such benchmarks as have M- 

Out of 25 companies notifying r * ady . emerged over the past 
price rises to toe Commission £ ear lnc, H de 3 L j s like of un, ‘ 
in its first year of operation. {0 ™ P n 5?* whlch f ™ ke no 
ending last Julv 31, all but five acc< V ,m •J.J* cost of delivering 
received an interim price rise, lo dlfferen t points: a pre- 

Onjy nine of the 19 investiga- I ertnt ? for , m " re information 
tions completed .n that year in- the shopper about toe 
voLved any form of restriction fbfferem prices available fdis- 
«n the companies and this was W>ums for paying cash, tor e\- 
often just an agreement to delav ompte* 1 and a belief that corn- 
further price rises for a number |* ame ^ sh °V M °' u automatical ly 
of mu nth* be allowed to subsidise ineffi- 

_ . cient operations by high profits 

The Commission can also point made jn „ rher di ;. isifin , \ vh ^ re 

ro over 100 companies which TOIT)pelitioD is less 
have either withdrawn or modi- While the Commission „ M U- 
hed proposed price rises after v j 0lls | y genuine in its desire to 
toe Commission had intimated it iinpn)re cerate efficiency, in- 


intended to Investigate them. 


dustrialists are unhappy at ihe 


But while the ability of toe arbitrariness and unprcdtc-iabil- 
Commission to have any real iry of the way in which the 
effect on toe inflation rate has Commission is an a r king man* 
been sererely limited, the stral- aeement. One company des- 
egy adopted by the Commission rribed the Com mission's report 
— with toe full backing of Mr. on it as a “ travesty " or what 
Hatter-ley— has been to trj- to the company had explained n« 
promote price restraint through the Commission's investigators, 
greater efficiency and comped- It is felt ihat the Commission’s 
dun. “We are simply using the policy of using “ normal 
apparatus of price control in business judgment " in inve*- 
order to run a quite new kind tieating companies begs toe 
of policy.” poinLs out Mr. question about whose judgement 
Williams. He feels the Commis- is best. 

sion could more aptly be re- Jn addition, toe speed at which 
named Ihe “ Commission for the Commission must work — it 
Market Imperfection. r ’ has to complete it's reports 


within three months which 
means in effect that toe work 
has to he completed within two 
month's to allow time for draft- 
ing — must obviously lead to 
superficial and possibly over- 
hasrv judgments. The Mono- 
polies and Mergers Commission 
— which al-*o comments on 
matters of competition and 
efficiency — takes years rather 
than months to make its deliber- 
ations on such contentious 
issues. 

In the immediate future, how- 
ever. there is the question-mark 
over the Commission's attitude 
towards pay restraint. 

In a carefully worded state- 
ment recently, Mr. Williams 
made clear that the Commission 
would scrutinise very closely 
any attempt io pass "on large 
pay settlements in the form of 
higher prices. He was going as 
Far as he could in public to em- 
phasise his support for pay res- 
traint. But other Commission 
members were less enthusiastic 
about (he Cnmmisinn adopting 
ion aggressive a stance and in 
any way appearing to be moni- 
toring wage deals on behalf of 
the Government. 

But iC. as seems likely,' toe 
scruples of some Commission 
members are set aside in toe 
cause <»f political understanding 
with the unions over pay. the 
Commission may not necessarily 
have to abandon its concern 
uvi-r efficiency and competition. 

If Labour i* returned to 
power ai the next election ir 
sfvins increasingly likely rhat 
the Commission will be merged 
wit It the Monopolies Commission 
to act at a mure active investi- 
gatory arm in improving indust- 
rial competition. 

But if the Conservatives form 
rhe next Government then there 
seems little likelihood of the 
Price Commission remaining in 
any form. 



between their past and present 
dicta is an old game. Certainly 
he did write a paper in the mid- 
1950s calling for the regulation 
of energy prices — with which 
he now disagrees. But his ' 
writings at Cornell, as chairman 
of toe Mew York Public Service 
Commission which regulates 
telephone and electricity ser- 
- “g vices from 1973-77. and at the 

CAB, show a strong preference " 
for toe play of free market 
itCl forces untrammelled by Gov- 

M no. , M S C and price «™»™« Interference. 

Alfred Kahn commented President Carter, for on6, 
hefure President Carter sees n0 inconsistency _ making 
tied him on Wednesday a . man his anti-inflation , 

-ad the new anti-inflation chief. In 'fais Tuesday .night 
unine. He is already being television speech to the country, ' 
fd by the American press President was of the ' 

Inflation Czar.” But the opinion that " of all the wea- 
r chairman of the Civil P 005 against inflation, competi- 
auriis Board will dearly 11011 * most powerful ” 
e handing down decrees 
‘ iness and labour. Mfllfllljr 

61-year-old Kahn has ”*«»»“& 

i in and out of govern- p.:. _ . . , _ 

all his leaching life at cXperi&flCB off 111 the last two or feel deprived. We will have whole point of the impart track 

1, where he has held ,, three years, claiming now to be turned toe American people is toat it doesn’t go anywhere, 

s economics posts, but ■ t ' AKI '» month a small the second biggest registrar into a nation of Olympics Any train sent down it is des- 

ii the last 16 months has Sruup of people made toe move offering services to companies, addicts. NBC will be hailed as lined to end its journey in a 

rved himself a national from Lo “ don down to Bristol behind only the active Uoyds the presenter of toe most spectacular collision when it 

tion as the root and p ^ rt , a continuing process Bank operation in Worthing. creative sports coverage ever reaches the end of the line. 

i reformer of the CAB. JJ S'JJJJJj 11 52SltoLi 0 «L« l |! 1 Fof thoS€ ]obs which do not and he reco ? ni “ ed 38 All these railway fascinations 

he has. in his own words, - absolutely have to be in London, unquestioned leader in network are provided by toe Transporta 

the airline industry 'Jff are 3 number of benefits sports.” tion Test Centre, a 

f its hot house of govern- *7T__ in moving elsewhere. The most Whether NBC will be toe investment 



Khan: From air way* to grass roots. 


J2- with V0, toe bS ? ere are a , nun ? ber ° f benefits sports." tion Test Centre, a $100m 

‘ - — - overseaS Bec^mes ooeraSns 10 nioving elsewhere The most Whether NBC will be toe investment to improve the 

protection and coddling . mUS-STth mtESzESi obvious Is toe much lower cost force that turns toe U.S. toward standards of U.S. - rail travel 

/to the fresh air of free f rh»n«»«vw<«i- whip** tc P 1 * 0115 ® 8 ^ *h e provinces — Moscuw remains to be seen, which is now spending $25m a 
tilive enterprise." Kahn hLndt'd to^S comnleted hv **? *""“■«* moved out Since 1960 when CBS covered year d firing trains, crashing 

.s he is not now about T _ binfT » 1f ,t a i nf .L° ndon rants were about the Olympics in Squaw Valley them, setting them on fire, and 

a WUU (li thp\T iwak ai\rt uvnd a Istob .u — „ v.. v. : i : . 


next spring 


-sSt* 


m 


at their peak and saved a large there has been increased sports conducting other experiments to 
amount as a result. coverage in the U.S. World- a.vsist Ihe travelling public. 

When Nat West was consider- wide sports interest is already Conceived in the early 1970s 
jJ transition to mandatory jhp'hYp ' 'hank* 'arp 'nVrripinatine* 1Dg lts „ moves » ft examined very documented with lbn viewers this super Hornby set was 
rice policy.” he told re- !!! ,„ Jf SSS R carefully a considerable number for the Soccer World Cup in to provide toe 


age his free market spots 120 jobs out o£ 
n ^ fr ^ . The switch is part ■ of a 

continuing process, in which all ing its move g, ft examined very documented with lbn viewers this 


i at the White House on J® Snewhi ^toto ? alternative towns coming Argentina and 1.5bn viewers American aspirations for trans- 

poimment. toe Xawr and to rnTm- wavs ? 0WD ^ \ short ^ 01 ? T foT the Montreal Olympics NBC portion in the future. Raii- 

-i starts with one advan- more a” ractive pforinis The four vtoich turned out to be t! he is predicting that 2.5bn will ways-t rains running on tracks 

** , ver HU predecessor. He woridwtoe 

4yij k ?drSoTin»itio^ ?? f eratl0 ^ wl!1 - r TiS " l *l e i^™»r^raSment not to 

> Robert Strauss has held exacted to^oc^upy the^new JjjJj N b^j »- s Wen ittic d n ^ hours o£ Programing— nine became criss-crossed with con 

. -Anril hilt also Comes in ...hi,- wu,lc x>arcjajs secuea 


answers lo 


Olympics that is — were considered old 
hat at that time. The Colorado 
The coverage is actually 150 d L * s,? rt (sorry prairie) quickly 


"April, but aLso comes in tower when it is ready, out of D - th 
r ^ chairman of toe Council * ■ — ■ — - =- Bournemoutli. 


00 hours a day. NBC president of crete lr °ugh transport ways, 
sports division Cbe&ter Simmons ti ni ‘a r ^J°' or . lest tracks, in 


said that NBC will cover 21 verted T guideways. and the 
different sports showing 12,000 Uke - 
athletes in 202 events in live 
cities — Moscow, Leningrad, 


A world recession, the oil 
P r 've hike, and America's grow* 
Kiev, Minsk, and Tallinn on the in" dependence upon expensive 




a total international staff in the 
r? e . and Pnce sta * ,1,t 3'- UK of nearly 3,600. 

#V ?4! Ka J ln Ws, puts him in Nevertheless, so far the bank Roll 
» £ » ■<-; of reviewing all Govern- ^as already succeeded in 

ft / pt ? licio£ and regulations j-eJocating 576 jobs within the ffomo . 

:fjsh up costs and fuel m- international division, spread in §3H1C5 , , - . 

i% Thl * f ppea s , t0 the c °j a variety of centres including ^ *_i M Ta„ P hPd Baitic where the yachting will be J J?P 01 ^ 5 have changed all 

economics professor and Manchesteri Birmingham and d NahWil heI<L Ru&sia ^ be open t0 an thaL The Pue 5 ° fr, entre 15 sUM 

ist specialist m him. Leeds And pe 0ple who ™d__ estimated 240.000 . western testing a rocket-like machine 

ig arms or companies and down t0 Bri5tol win j 0 j n an t^thP visifors 2o - 00 ° of them cailed toe ' linear induction 

to moderate their wage we li^stabtished group American. ">oior research machine. After 

..ice rises will, Kahn canr of NatWest employees in a Oljmpta m 19«0. As be i n? wound up down the track 

idmics. not be his forte— num ber of divisions/ Ariodfe head °. f nvaJ by jet engines it can touch more 

crtainly was of Strauss, a j s oOC 0 { advantages ne ws an d sports said later |\66pi|?$£ than 250 mph which is a world 

, a! operator with long ex- of ranil j n g ^ organisation of *. n “ . romparaoje 10 having record for a wheeled vehicle 

. ■ ce who has wanted to give t h e si/e of a clearing bank that th l exc J uslve n sms to an inter- t running on steel rails. But that 
, ' i anti-inflation duties to ^j) ere ^ fewer problems in nat,onaI nws event. j S the last of the futuristic prn- 

• more time to the final or g an isi a g SU ch a move. Nobody Now many months before toe AS BEFITS the land of oppor- jects toat the director Ed 
of^lbe GATT trade talks. nee ds to be forced to go with Olympics NBC is laughing with tunity America has come up Matthews has on his books. 

ILS. trade negotiator. tf?p change, and in the past a 80 per cent of the advertising with toe very job for those of What America wants now is 
Kahn proved no mean considerable number of sold to the tune of S135m. that °s who will nor be weaned more reliability and efficiency 

/ ■ ist while at the CAB. employees have elected not tu is an average of S65.000 per 30 from toe delight* of playing from its creaking conventional 

finding it effective to go move. They can quite easily second spoL Levi Strauss, trains. railway system, 

he hostile heads of rhe he absorbed in other jobs McDonalds, Burger King. Toyota Outside Pueblo. Colorado, in From nest year the Trans- 

■s to approach, on TV. within the group. and MUIcr Beer jumped right what visitors call the deserL porta tion Center will be devot- 

md in the press, toe bene- Nevertheless, the bank has in to be the biggest advertisers, but locals prefer to be known ing its entire efforts lo making 

greater competition for 0 * er the past five years or so ^RC was aware at toe outset os pn,lrie< the Federal Govern- old-fashinned railways run 
ir travelling public at re jocated a total of over 1,300 it woq m havc t0 ment has provided a full-sized berter by improving track 

The same tactics might j 0 j, s in various parts of its America’s Olvmpics conscious- train set design and by getting more out 

plied with some success organisation, and of Those a total ness Th Syrian hacked the Six bundre d grown men are of conventional electric ioco- 

t wage and price rises of 4 gj staff actually moved. One fund camDa j EO t0 T, ave happily engaged night and day motives. 

Teach the guidelines. 0 f the biggest operations now pub i ic JL e at hietes beltiD ” engines, trucks and In the newly austere climate 

n has apparently little or functioning out of Bristol is the ^ n . ^ he ig gg oiy^pjcg advanced commuter vehicles of the l r .S. the feeling is that 
luencc in toe shaping of insurance services division. This don .. Moscow thev end round a series of circular track conventional trains have a lot 

mti-inflation programme moved down there rather over jug-g Already vnnnp Amerir-orw: layotos- The trains don’t nf mileage left in them before 

he will now have to five years ago, having previously _ il__ d at nuest af actiially go anywhere. They R and D is again switched to 

ister. , The White House been Jn premises in Old Broad v i ctory at Moscow But toev charge round endlessly, miles airbearing vehicles, magnetic 
ieen preparing it since Street in the City, and under , t d = f t „ y from anywhere, while those levitation, and other revolu- 

But he sees a lot of the leadership of Mr. Byron m t y u. privileged lo be in charge work lion ary ideas. The boffins at the 

In toe novel “ tax Crittenden has grown to be what Spprt worid the Sunday after- the switches in a futuristic centre have a file marked 
*" proposal, designed lo js believed to be the biggest noon ma g azin e style programme control centre. There are 60 "people movers” for these 

! workers that comply personal insurance, broking 15 now featuring more and miles of track to play on. ideas. It is not likely to be 

the 7 per cent standard business in toe country. more sports oriented segments. If toe railway buff should tire opened before toe 1980s. 

Jiey will not lose out if About four years ago. another In^a memo Alan Baker, head of of the six-mile diameter stati- 


on goes above that. Work- important group, the bankas NBC-TV sport? publicity said dard test track (here are always yi Kilters' 

hrough toe tax system registrar’s department, went to to his boss Mr, Bukeyser “if opportunities for thrills and '- ,UUL 
require fewer bureau- Bristol from its previous we plan and execute nur artivi- spills on toe fast track — smaller 
and fewer regulations. premises in toe NatWest build- ties well we will have made the- and with wicked curves. If 
toin" economists, especi-ing in Hnlborh — affectionately games so familiar to the viewers even that should pall there is 
airlv prolific authors like known within the hank as the that anyone missing so much as toe impact track— surely toe 
out on inconsistencies Holbom Empire. This too has half an hour of coverage will ultimate in trainsmanship. The 


David Buchan. 
Michael Blanden, 
Caroline Hyde 
and Roy Hodson 


SUNDAY — Mr. Airey Neave. MP. 
and Mr. Reg Prentice, MP, address 
Young Conservatives conference, 
tlarlowe Rooms. Station Road, 
side up. 

MONDAY— Trades Union Congress 
—Labour Party liaison committee 
meeting. Congress House. London. 
Prime Minister presents Engineer- 
ing Industries Training Board 
awards. Royal Lancaster Hotel, 
London. Royal College of Nursing 
statement afler talks with Mr. 
David EnnaK. Social Services Sec- 
retary. Statement by .Association 
of Metropolitan Authorities on 
Local Government and Economic 
Recovery report. British Rad cuts 
buffet car food and drink prices. 


Economic Diary 

Sir Mark Turner, chairman of Rio 
Tinlo Zinc, is main speaker at 
American Metal Market's annual 
forum. London. 

TUESDAY — Deputation from 
Labour Parly National Executive 
Committee meets Dr. David Owen. 
Foreign Secretary, and Mr. 
Michael Foot, Lord Prusitfpni. to 
disru.ss fund.- for European Par- 
liament elections. Confederal ion 
of British Industry Industrial 
Trends Survey for October. Mr. 
Len Murray. TUC general secre- 
tary. at National Union nf Town- 
women's Guilds conference on 
multi-racial society. YMCA. 
Russell -Street London. 
WEDNESDAY— Stale Opr nine of 


Parliament — Queen's Speech 
followed by debates. National 
Economic Development Council 
meeting. London. British Oxygen 
pay falks resume. Trustee Savings 
Bank to launch credit card 
scheme. .Mr. Edward Heath. MP, 
at International Chamber of Com- 
merce dinner. Quaglino’s, London. 
Cutlery and silverware industry 
statement on future prospects. 
THURSDAY— UK Official Statistic* 
(October). Capital issues and 
redemptions (October). Associa- 
tion or District Councils— survey 
of life in rural areas. 

FRIDAY— Sir John Methven. CBr 
dtrccinr-generaL at Cake and 
Biscuit .Alliance annual luncheon. 


I 

s 

I 


m 

p- 

s 


CRAK3MOUNT HIGH INCOME TRUST 



esflmofed gross annual yield 


paid quarterly, plus cepifai growth 
prospects from all-equffy irsvestmenf. 


Although political and econo mi r unewtitin- 
tiesare aJTectinp current im’estment 
ttentiment. ihe managers believe that the aim 
of CniigmoimtHiRh Income Trust is realistic: 
to provide UK investors with a high and 
growing income together wit h long-term 
capital appreciation. 

To achieve this dual benefit of a good 
income paid frequent ly, and the prospect of 
profiting from capital growth as markets 
improve, the managers will invest in both large 
and small capitalisation compuuU-s in an 
all-equitj'Pi»ttlbli< ». 

Management is by Cmigmount Unit Tmst 
Managers, whose execu tict* directors, througlx 
a widespread network. of profesrional advisers, 
have immediate and conmrehensive infor- 
mation on tlie UK market, economic trends 
and company pi rformnnct*. Tltcv* also have 
long cspeaence in fund management in 
the UK. 

The trust was launched at the beginning nf 
October 1978 at a price of 50p n unit The offer 
price of unite on 25th October was SLOOp and 
the estimated gross yidd was 9.28%. 

You should remember that the price of 
unite and the income from them can gn down 
as tvd] as up. 

You should regerd \T>ur investment as a 
Iong-iermonc. 



How to invest 

Mom'.'iii b'i> - uniisi'miniirrjm initial im'^tmpnt 
£I.i«*nh> i nmplt-tinc iln'appli'.atit.n A mm beMw 
and sen'iiru u will i yi.mr cln -que f> <r On- an munt 
\x>u wi'-il I to i nvt-i. Yi*u will he all< ■-•uti.'d unite at the 
)>riceniling «lu.-n ourdjTiJk-aii.in Ls m-eii id. U'e 
will Ni.-rni >i iu n n>m nn.i nui* wii bin a few days telling 
;.^iu l lie numlvraml price ijfujiiisiiiloratcii \bu cap. 
nf.mially ro>.-ci u> receive tin- cerulicaic within a 
mufltll of pun-1 fbi.-. 

Other information 

Disiributii >n co' net incooiowill bf- made 
quart L-riy. mi die last day tifFirhniaiy. Mnv. August; 
and .Wiinber. Tlit firei disiribution will be on 
ihih FehruiuyliiTH. 

L’i ti ts may t>e I oiiglit nnd wild at the prevailing 
nfliTiind bid pric>.^ and which arc published, 

ever,- iiij in Imdi nc now f-papers under numidl 
cinuinsiaiio'.-s. 

The offer price uf unite includes an ini dal charge 
nf.V An: i nnu.il •nanugeineni « juirgeof-n'oi+l AT; 
of liar value (J i he Intel is deduct fJ fmui the gn «s 
inouiK'. 

To sell w ur uni I s. simply return your rerfificsite 
enieitcd nn the hat. k. Ytiu will furtive your money 
not Ijo.rtlun 7 d.i> r >:uti rtheS|,.«rk Exchange 
.-lirounr Dny relevunl tu the period during w hich the 
unite:irt'M>ld. 

Th-^ inare»jement company is C'raimunint Unit 
Tru-l Managers. ,i imnib^rol tlicl'nii Trusi 
AsMiinjcn. Conunissiun of }>«'%, will be puid to 
n.v> rru-'C*! .Tjonis. TI a. Bank i il'So ■< lani 
The Mound. Edinburgh in tlje Trust .a . 

Rerisiored OlTie*- i'rnicrnounr 1 . nit Tntit 
^ Tunugen- 1 Jnm» tl i.rhFI- «.ir. i-L .N laninV Hou^e, 
Jiibi. Marlin s-lo-G mid, Ljntim ffc.'L-l 4EIL 



^ APPUCATOM FORM 

JJ lbs Ofsigmonnl Cidt TVwtMnnmsn* limbed. SflOFtwier I sine, lomfnnECWOHH. Tel: (1 1-6069262. 

g Registered in Rngbuid. Re^. nn I Will. 


1 .- fiailMBBai initial irWT-Jtiru.nf 

£t.OW>rijrim-f?iUi]trctinCiaj|3ih'ii&i HighinoinwTnKtut 
Uw price airm on receipt oiMite application. You will 
receives contract note within a few days showing tin* 
number of unitii and t h»- price nJettM to this appheodon. 


BLOCK CAPITALS 


TSistNamea 


I ;\Vf do’Li r-‘ ■ hat 1 am. n < • .ire not nei.I.-m cuasidettM 
S'hrdnlcTiT.-mtoRK. :>nd tiim I anenvuri- nulnrqainng 
til" uni M j > the re irm ntii . i ofn nyi enmH s I residenr outside 

I I ■■ wi>Trfrriioriv-.' l/\ Uu.-.dau!eraTinn 
a sh'witl be JfiriaiGtoi !h. lotlgaj thrviakymtrBani. 
StOPhbniK** or 5e.'iciMei lam.-ni an-nverte. 
iForjnmt apfimilvon. a/.'partxs rhnUdugn.) 

Signs hmi'si 


Addresa 


Date 


FTA280 


Thusoiia- lamiai'aiaibit :u ri\vdinuo?incIUjHii>lutf ^ 



ili ;*2-> 


vu:. 


16 


Financial Times Saturday October 28 197S 



DIVIDENDS ANNOUNCED 


BIDS AND DEALS 


City gets DCM apology 
orer wrong forecasts 


INTERNATIONAL toy makers would. they staled, be entirely this round in a respectable 

Dunhee-Combex-Marx jvsierd-iy conviatible with a full yenr profit. situation." 

apologised to city institutions for ;«* the interim ficures are not of The directors said that they had , 

•* misjudging iu- forecasts” for tbomselxes relevant to the fell taken note of the fall in ihe share whiitin«rtnn Ene 

the venr year's performance. In future, price before the announcement _ s 

Prior to las: xxcek's shock DOM is likely lo report a loss .n of the 

announcement of a £2 9fim loss in the first half of every year, they of the 

the first half the company vns add ?ri any shares in DCM since January 

forecasting :> year "in kcepnil After the meeting. Mr. I. Shul- l. 197S. . . ■ , 

with FTie croup's past profits per- man. I»ii3ncial director, emphasised Mr. Beecham. referring lo 3 visit t xona 10.02 IS <3p 'or WiT. , a 
formancc." The directors have that the company s reporting pro- to the company by a number of fori. n. 1 1 Gross throughout, 

since admitted that 1H75» profits ccdure< were good and did not institutions just before the 

will be much Joxver than 19TT's need changing. It had been the announeemem of the interim 

£6.43ra pre-tav. forecasting machinery that h3d results, said that no information 

At a specially called meeting "tme xvronc. he stated. was disclosed with regard to the 

with 32 institutional shareholders. The directors had earlier interim losses. Hitchin Harrison, 
the directors revealed that the announced that measures had f^e brokers who organised the 





Date 

Co ire- 

Total 

Total 


Ctarrcnt 

of spondiny 

tar 

la*t 


payment 

pay men 1 

div. 

year 

year 

AxTshirr Metal ...■ 

...int. 

1.71 

Dec. 15 

1 03 



3.51 

Bam bergers 

...int. 

out 

Feb. 23 

0.82 



4^S 

Berec 

...InL 

12 

Jan. 10 

1.05 

— 

4-33£ 

British Inx - . TsL . .. 

...int. 

2.43 

Dec. 18 

2_2 

— 

4.S5 

Burgess Products 


2.5 

Dee. 8 

2.33 

33 

233 

Clayton Son 

...ini. 

1 -3-4*1 

-tan. S 

1.19 



3-39 

Construction Hldgs. 


7.04 

Jan. 26 

6.33 

7.94 

6J5 

Elecn 


1 19 

— 

i.nn 

1.W 

1.74 

Francis Inds. 

...int. 

125 

•Ian. 4 

n.96 



3JS7 

Ktnta Kciias Tin . 

.inL 

50 ij 

Dec. R 

30 



175 

John Laing 

...ini. 

H 

— 

1.23 

— 

3.12 

Minster Assets .... 

...inL 

i.n 

Dec. 29 

l-5i 

— 

3j2 

Pbotax 

...Ini. 

1.2 

Dec. 18 

1.2 

— 

2.72 i 

Scot- Ontario lnv. . 

...inL 

0.73 

Dec. 11 

O.liO* 



2.95* 

Silkolene 

...int. 

lkS4i 

-Ian. 4 

It. /a 

— 

2.19 

United Real Prop. 



4.38 

Nov. 30 

3.9 

b.li.i 

5.15 

Whittington Eng. . 

...int. 

1.68 

Dec. 15 

1.65 

— 

4.43 

Dividends shoxvn pence per share 

net except where otherwise stated. 


3 


Barrow Hepburn could 
sell profit centre 




figures but that no member Dividends shown pence per share net except where otherwise stated, business to British 
Board had brought or sold • Equivalent after alloxx mg for scrip issue. * On rap.tal Sucts i in xvhich it h 
.m ,n DCM since January increased by rights and or acquisition issues, f Includes deferred °7,J ; sl ? ' " 


final of O.tHBUp. ' § Not comparable oxxing to reconstruction. Add.- SlL'L- , 

nmiawn «ut 7 : Additional 0.0484 p. •* Additional 0.033 p JJJJ 1 e^me^ from ^i s^ectality Products ' 

chemicals, machinery manufactur- 
Log and racrch3nting divisions. 

Alter a somexvhat poor showing 
in the last full year owing to the 
recession in the textile Industry, 
the chemicals side had begun to 


A PRELIMINARY offer has been Barrow has rarely been out or completion on Januaiy 1. 18*9. 
made for the chemical division of the news in the past 12 months. Group profits in I0»u are ti- 
the much.-buffeied Barrow Hep- its auditors, Mann Judd, have re- pected to exceed £400.(HMI and na 
bum group, it was announced signed. Mr. Richard Odey. the company will be well placed to 
yesterday. chief executive left the company make further acquisitions. 

Since last year when it hived off following the reductiori In the hide 
the major part of rts tanning business. And the NEB has been 
It Tanners Pro- criticised both for its option over 
has a half share 10 per cent of the company and 
Nations f Enterprise its partnership in British Turners 


DAILY MAIL TRUST 
REDUCES ASSOC D. 
newspapers STAKE 


BRAUGHTON 


group had atxxays budgeted for been taken lo correct this, in- visit, had assured him that no 
a first half loss. Admitting thai chiding augmenting the company s institution had sold any shares 
their forecast mg credibility had financial staff in London and in through them. 

been ■■ denied." they said that thr- *j.s However, following criticism of 

with hinrisirhi. it would have been M r - Richard Beecham Joint the visl , the co mpnn.v undertook 
better to have given a general managing director, said the coni- no( lo arran r. e similar visits at 
indication of the budgeted loss pany s bankers had personally such a liint jn lhe f uture . he 
at the annual meeting on August assured him of continuing confi- -,rf,i ec i 
10 dcnce in DCM. 

Elaborating on the U.S. prob- 


Reaclion 



The Dally Mail and General 
Trust has reduced its holding in 
error hup . r^rirorc Associated Newspapers from just 
j i cKLUNu ALyLUKfcb over 50 per cent to 49 95 per cent. 
AriTTflN vmPn The small adjustment means 

ACIIUN VJUtU that foe TrufiI controlled by the 

Bra ugh ton Sterling. 3 London- Rothermere family, relinquishes 
show a much better than expected based Investment group con- technical control over Associated 
improvement. By August xvhen trolled by Mr. John Pashley has Newspapers. However. Lord 
the interim figures were published, recently completed the acqulsi- Rothermere remains as chairman 
Professor Roland Smith, the chair- tion of Action Video. of both tbe Trust and of Asso- 

man, claimed r hat the chemicals Action Video is one of- the dated Newspapers, 
side was producing nearly half the leading independent comprehen- A statement from the trust ye*<- 
group profits. The previous year give video systems companies in terday said the adjustment had 
it had contributed only 22 per cent Europe with substantial Middle been made so that the pnrtfnlio 
IMPROVED TAXABLE earnings debit of £56,000 (gain £17.000) left ■*, the trading leveL East contracts. of the trust could be handled 


i. 

■i . 


Overseas boost 
for Berec 


the RKMtlnR x^as overseas up from £0.57m to £7.4Bm the attributable sum almost 
Lhan compensated for a unchanged at 6.0Stn t£6.02m)'. 
decline in the contribution The tax charge was based on 


If Barrow does sell off its chemi- Profits well in excess of £200.000 “with greater freedom." However, 
cal business, therefore, the com- are expected for AV in 1979 and Mr. Geoffrey Howell, secretary of 
pany’s even smaller sue will high- the company is well placed to the trust, would make no com- 


associates, down 
,000 lo £94.000. for 
- . ip. formerly Every 

We fullxr a"ccep"t"\hat "our choice scribed as ' rotten to the core." P£M’» eq ‘‘‘^^ h \ h ,?i Company; (Holdings), the batten’ 

ve fully accept mat u c . currently ahead or the budget happy enough with the explana- and e ngm eerin g concern, in the 

at the time of acquisition. J‘ on »- . 26 weeks to August 26. lUTS. 

lhe I r .S. operation — the miscalculation had shaken up 


from ED19. now SSAP* 15. and compare- itehl all the more the £4m deficit take advantage of theespected merit on the reasons for the 


Berec tlve figures restated. 
Ready 


Half-year 


of language to describe Die *'a» 
altered situation was inadequate." set 


k even, or per- management sufficiently to £3] 6,000 higher at £11.14m on total '1'“'.'.“': 

small profit, for a ' ert them to the dangers in tune. external sales abend from £SS.79m overseas 

Another described the meeting , 0 f H 7 3Sra . The UK surplus was Associates . ... 


The directors insisted hoxxevjr. Overall, 
that the half-year result in iso la- expected to break 
tion was not of paramount haps contribute a 

irr- -‘^"wcreVi ji Mr^ltae'ta m-ei ^Turning to Schuco in Germany. as ''satisfactory.” and (hat the ma jntained at El. 58m i £nL34m i. r 
our origlnalbuslne-plan. another los>makcr. he said that company had ansxxcred all the Mr . L w Orchard. Die chair- ... 

"Indeed had x«e known budgeted losses for the full year questions man. says lhe group Is extending to imaqrttk* 

nrenselv the hnlf-vear ta«« at ihe wtll ' be exceeded. Hoxxexer, he « esterday. analysts nr the «>' r* manufacturing and marketing 

\GM x\e xvr-uld still hr.ve denied iha: the company hnd any sector »xere forecasting that the operations both at home and 

bu | get intention of selling it at present, company jwould profits^ of ovor.-eas m all product areas in 


xx e 

endorsed our 



IPiS 

1977 


mo 

raw 

Ercmal Mies 


SS.791 

Domestic 

17.1IK 

41.161 

Overseas 

M 224 

51.630 

Pre-tax profit 

11,139 

inifft 

Domesnc .. 

3.592 

3.311 

overseas ... 

7.-K1 

6.373 

Associates . ... 

W 

706 

C'K" tax 

z.-yir 

2.r» 

Overseas 

1 -W3 

1 3K1 

.Vei nroBi 

fi-SM 

6 321 

To minorities 

726 

.715 

Kvtranrtllnanr ikbtt . 

iS 

•17 

Aiirihmablv . 

6.0&-I 

6.023 


expected as a result of the boom in video in the 1980s. change. 

"serious irregularities" which are Braughton has also agreed It is not, however, thought that 
— - being investigated in tbe hide terms for the acquisition of a the change will have any stcnifi- 
dealing subsidiary Schrader Mit- substantial Manchester company, cant effect on the running or 
• -- details of which will be given on Associated hiewss apers. 


I': i 


full year 


■ credit. 


based nr the order’ intake that Schuco had just launched rx>n 
was then forecast." sucee~*fnl products and he <ixv ful * >' ejr 

A significant half year loss no reason "why xxe cannot bring 


between £3.5m and £4.5m for the 
Sec Lex 


satisfy groxving demand world- a comment 
wide Tor its existing and proposed 9 Lommcux. 
products. 


Newman Inds package to fund 
£8im Dutch acquisition 




h 


Minster Assets down £720,000 


JN A major move costing £8 5m and a pre-tax profit of JE2.4m. Net working out a lot more expensive 

P cr ® c * “De rim . figures are un- pjewman Industries Is going tangible assets, adjusted for a re- than it looked when Nexx man took 

So far in the current year the inspiring. The zinc carbon battery ahead with its option to acquire valuation of plant and machinery it _ first tak _ Qn a nro -rata basis 

company has made caoifai spend- .yhich accounts for lhe ,h e 68.7;? per cent of Dutcb-based are put at £8.5m. Prior to the re- ,_ r J, arB to hive -ftne un 

ing of £6J2m, more lhan double bulk or its sales, is groxnng very Avdel international N.V. that it valuation net assets were £5m. P ^f r f^nt h, hur'’rliis is 

the Km for the same period of sloxvly and it has become difficult does not already own. Newman has arranged a sale h^etirrenrv^ove- 

last year, and at half time capital to preserve margins and increase To finance the deal Newman has and lease back of certain of 1 
commitments stood at 19 .7m market share At home Berec s arranged a placing of preference Avdel’s assets which in future “ e H ^ SSLSSLFSLJIZ 

(£fi.4m). prices were held down by the shares and a hefty rights issue will reduce profits by £450,00. and accumulaled profits at Avdej. 

WITH THE contribution from its The sale of British Midland Air-of new names whom they can External sales comprised Pnce Commi^iion a n d m Germany of ordinaiy shares. Newman is forecasting pre-tax “ . ? 

whollv-nxvned subsidiary Robert ways xxas completed in August accept on their syndicates next £37.1 lm (£34.16m) in the home s ^ ltzer ’ and ”J} as f ^ ced a ^ February, Mr. Alan profits for tbe current year end- mLyT m «? ^on-.iix? 

Bradford tHoldinast down from and there will be no contribution year. market and £60.22 m t£54.63m) ^RnKive «®; Bartlett chairman of Newman, f ng December 31 of £5m mclud- fompan^hjgh^ jovel^of^borro^ 

£3 5fim ro 0.0 lm at the pre-tax from this source in 1978. Although The half year profits 
level. Minster Assets report? a this clearly means that earnings surance brokers broadly 
decline in profit for the first half par share will be lower than in last year at £.100,000 
or 1078 of £720,000 to 1-1.03 m. 1077 the board feels able to fore- and this position should 

Investment in coni'- from Min«ier cast a final dividend or not less taint-d at the year end. 

Jnsnrancr Group ixa* held at than 2.2p net per 25p share. 


Group ... . . 

ia.Sm (£3.S5mi but underwrit- against 2p for last year. 

ing nnd expenses produced an Together with the net inter im of InVil , 1rni . m in04<n .. 
increased deficit of tt.Mm l.t«p tl.«»>»pi noxx announced this i,-nti.-rx»-r:i me ih-ik-ii* . 
I £984.0110 1. Brad vi lie. i he mdus i rial would make a total of -«.Sp or Linytj-i upd.n-ra.ns 



lsrr ijffiosp ( t n'otp) 


p«h» £ 788.843 (£701.170). In addition and silver oxide batteries— will be ing manufacturer, Avdel, 

.1.SJ7 there i«= a deferred final pavni^nt attacking entrenched competition, assist in cancer research. 

of on.isfio routing a further A 5 per cent price increase from Newman is raising £3.5m from a 


stibsifii.irv fell from SClKim profit more rompared with last years IirHireiwx hmkm: . 
into a ro'jwn loss. " For 1077 profit was a record gjjj; el,;t 

Except in one area the interim £7.ti!un including £1.4. m from nr%( | V11 | 0 In „ ...'"..I 


°-4 

•jv, 

Stl 


6p. 

Guinness Mahon is arranging 
the placing and underwriting the 


was struck af f er cur- 


rency losses on ox’prsnas loans 
even with the rental costs of 


Lit .9-15 r £28 909). 


a further A a percent price increase irnm newman is raising £3.am rrom a Y”. r„" T‘T n r.W..' £450,000 from now on. Avd.-l is 

I-is; year's Se member will take some of the placing of 10! percent Cumulative Lnd still coming in with a basic profit 


to: swnnd interim of h.MOTnwai na id uressure off Berec's UK margins Preference shares at par with in- of around £2 4m. now the loan's 

in — e. 01 - £2P.04m in the second half but last year's stitutions and other investors, and Hrrtrterwick btirlme urumbar. 


Pro-lax profit 
months took Tax 


- Inv.-?im-nl 


ficures mask a favourable under- Llriiish Midland, 
jvinc trend of trading throughout Tax for the six 

the group, the directors comment. £1.7.iin U'i.SWH leaving croup net CnLnm J 

The exception is the oversea? surplus at EiJSm « XI Aim, for ■» 

underwriting experience of ^rnings per -op share or hntdm^ bank ms aiui tssuing bous.- a..Slv: 

Minster Insurance. As it is nox* i-.^np ). Jr . u-i -:l.. i-.ss h..-ad oner «pen*ra. 

apparent that in the current year The directors at Robert Bradford . Prolli. 
no improvement can be anlict- also state that because of the 
pated in thi- area and a sub- nature of the business, their com- • comment 
slantial provision has been made pany s results should not be taken Thc J . hoal of Minster's Moroccan 
in the half-year figures. Vigorous as giving a reliable indication r.t ^^ n ^ ra j insurance business con- 
steps arc bein^ taken to improvv the full year's results, lhe group ,, nue!i lr) haunt its profit figures, 
performance where i his lies is developing in all helds of its La5 , vcar t h c group provided 
xxitbin The directors control. activities and prospects for the £7,Ki.otip to cover closure costs 

In the IK there was •*:iti?- year look satisfactory. of tile business it closed three 

factory gron lb in premium income The result « of the Lloyd s under 
for The insurance group par- xxririn 
ticuhrJ.x in the lire and accident do not 


m from rorord 
t £16 15ml. 
The 


profit 


a further £4.1m from a rights 


, pre-tax profit of £25.4m looks 

The net surplus x»a* bettor at unlikely to be exceeded by much issue of £5.55m ordinary shares on 
l'i-tn £H87m i £6.52 ml after rax of in 1978-79. The shares yield a per the basis or two-for-five at 74p 
jifi £4.27 m t£4.3m). An extraordinary cent at I44p. . - . . 


each. Bank borroivings will finance 
the rest of the deal. 


CGF to expand on 
construction side 

rnc.i.c nr rhr i invri < imrtr-r. , . „ Consolidated Gold Fields, the project. The ore is high 

- r agencies for the half-year ‘‘•'i 0 ' Hnd In . curre " 1 ^ 1 London-based minerals, industrial but is in small quantities. 

r inr-imte mv nrr.visinn' Tnr :I [\ ,r !^ er and finance group. i< ex peering Yesterday the shares wi 

t include .m> provisinri ror £3.,o.(«K>. The oxersuas activities what Lort i Fn 0 || of Hale the 2p at ISOp 
com mission receivable in re- xrin«i rxr 1 . inemoineA lAtSci. - 

Utd. Real 


, .. , . have been repaid. If Newman had 

An extraordmary genpra! meet- consolidated Avdel fully, pre-tax 
log t* called for November 13. profits this year would be oxer 
a £7m. On the other side the capita! 

9 v#o mints'll raised to finance the deni will cost 

Again shareholders in Newman close to £800,000 iu dividends next 
in the market Newman's shares are presented with a rights issue, year. On the enlarged capital, pro- 

held steady at 9lp. This time it is to fund an acquisi- fits of £7m indicate an ex-rights 

Jn the year ended last June tion which wi!) transform the com- p/e of around 5] while The yield 

Avdel had a turnover of £26m pany. However acquiring Avdel is will' be nearly 105 per cent. 


Baird offer for Dawson lapses 




V G.-=£ 

.. 



In the life "department lhe level 'heir syndicates should produce explained by timing or fee income. »r^ii kin " >e3 f ashio n 

oF nexv business ccin’.inue!. to be good results overall. and thc position .should he ? 7. 

encouraging. The marine and The number or names on their reversed in the full year. British 

aviation department will be syndicates continues to rise. This .Midland Airways was sold in 


Property 


with good 
re«ulN from the const ruction 
materials interests and with gold 

closing" i heir” 197 .V accounts a t the has. however resulted m an in- August but no' cnnirlburlon hat VJ n Jun^Gold rl^ollTlDC 

end of this year and both expect creasmsly compel. tire market and been InMtd In FiJ^^ad net profit ?f £3^.5m 060111105 

Sp 1 3.55 P last year I and. -i-ainst I25m the previous year 0 ^- CROSS rental and service 
c share* selling at <Wn the and nrt! ‘ p income down from £2. 67m to 

compared xvwi S.nip in 19i6-n. £2.5-1m. pre-tax revenue of United 

For the future. Gold Fields is Real Property Trust feU from 


William Baird ' yesterday ing a further 3.37 per cent of immediate resumption of frill:* 
ere u _ decide* not to extend its £3Qm the ordinaiy shares and 11^ per with John Hag gas, the Yorkshire 

cash and share bid for the out- cent ' of the “A" shares. Docu- yarn spinner, on the mergar pro* 

standing shares of D a ™„ Imer- , n , JlSd S '' elTO ' "."t-S 

... acceptances will be returned. Baird made its biq. 
national and. consequently, its During the course of the offer, Montagu said it would !>«>-. £ 
offers hare lapsed. interests associated with Dawson necessary to see where the £ . H 

Baird, which owned 283 per acquired 545,000 Dawson shares Dawson share price settled m the - v 

cent of Dawson’s ordinary shares at pricM Tanging between 193}p post-bid market Dawson would 

° Z ■ and l95 P- also »* waiUng for some indica- ? - . 

and 3a per cent or its A class Samuel Montagu, Dawson's tion from Baird as to whether . . 

non-voting shares prior to the financial advisor, said last night or not it intended in remain ; , r — 

offer, received acceptances cover- that there were no plans for an Daxvson's major shareholder. 


tn report a profit The open years unless there is a significant growth The annual d 
are feeline lhe effects of were in the volume of economically lea-q 3.Sp t3.5 
competition because of over- viable business they shall have ro xvlth the share* selling at <Wp 
capacity. restrict substantially the number prospective yield is 9.7 per cent. 


B. Priests’ terms value Warne at £7fm r ^ 




New John Laing on growth path 


seeking to expand it-, construction £i.»m to £1.6m in the year to April TRUE TO its intention of diversify- Priest shares plus 30p cash for only about 40 per cent of the corn- 

materials buxine-? in Europe and 5. 1973. ing within the engineering field, every four Warne) amounts to bined profits of the two companies 

the LLS rhrouch Amey Hoadswne Tas far the period rook £0.85 m Benjamin Priest, the. Birmingham 7 3p, 20p higher than Wane’s price but the offer meant that Its share- 

and interested in the acquisition compared with n.Olm. leaving drop forger and industrial fastener at suspension. Preference share holders could keep 45 per cent of 

«r -.peoial-ised manufacturing con- the net balance at £758,272 against manufacturer, has emerged as the holders are to pet 80p in cash. the joint equity as well as cash, 
ceros. In the mining sector. £884.702. The final dixidend per agreed bidder for its fellow West Priest's financial advisors, . Hie two companies, which are 


3 > 


ii.-.-A 
i? > 



; sV 

f. -:5 
A 


slruCtcd John Laing & Sun, 
forecast in excess of last year's 
116.02m at full time-. 


Turquand writes to Sime 
Darby holders for support 


suspended their shares on Thurs- who accept this alternative will different products. Priest has 

day — value Warne at £7.48m, receive a total of Sap per Warne estimated that half year profits 

slightly more than stated net share. ... to September will be not less Lhan 

tangible assets for Warne last Yesterday Wame's advisers. HD1 £945,000 (£550,000). - 

year. Samuel, said that the offer was 

Based on a share price of 88p fair. On projected profits for 1978 ' 
for Priest, the mixed offer (three Warne was likely to -contribute 


expect I ha 1 net pro 

cist ion of £2 .■1.1m c£1.8m). Tax perty rental income fur the year 
took EJ.SSm t£3.7.>mt and minvri- in December 31. 197 S. will exceed 
ties £I70,lino mill Tor an attri- the forecast of 11.65m in scheme 
Thc scheme of arrangement for huiablt* surplus of £J.4lm of arrangement circular, 
the reconMruciion of the group i£.l.32m 1 . Developmem surplus for half- 

hecamc effective yesterday vitn For the nexv company. Laing year arises mainly from sale of 
the company s property interests Properties. taxable earnings one substantial dex'dopment. (t 
splitting off to Torm a separately climbed to £2. 95m i£i.44nn for is not cnxisagcd lliat there will 

quoted entity under the name of the halT-year with net property be any significant addition m this 

Laing Properties. rental income lower at £i.S1m surplus during the second hair or Fir^Eastei 

Lafn- 'S spill? nr d ihe d d'edmo°m 1 iSmlSd Earn'* ''Soi'.OM liss “kJmxmfthe directors expect ^" ,,un J n2 h firm Turquand. Barton missal which were allegedly Siren 

the UK cnnslruct ion markers and P ro,it xx;.s no in- in pay a dividend in June 1979 n ® privately. Turquand 

the romnctitinn encountered in vome from listed investment rom- of not less than 1.75p for the h l h ^ coniroxersial letter to claims that these reasons were 

ovc rsca ^ ore; r!u?on« n 1 urn over rose P3 rei1 «'th IlH.tKKl last time and period up to the end or 1978. shareholders of State Darby on not the same as the reason which 

£43ni ro *C32m. including the intere^nofarmbumble Takentogether "iththc proper- Tu ^ a . > f k k h „ vaTttat Turouand P hJs C jnf month * “ding September 30. the shareholders o£ Manx Line ‘^ireVdTb^' aria Don 

share or associates. H44 jaPIHlfiSwi. "? H ^^areJioWere ‘&TZ 1«S. from Interuattanal Timber under which a_ new Isle of Man 

As forecast the net interim Net property rental income for Properties, the total , 

dividend is lp and on the basis the half-year of £1 .Sim xxas after period xxould therefore amount to as auditors or the group at the mooted replacemenL 

of current expectations, the charging the appropriate part of 2.75p. ACM on November 17. It might 


3 *3 


1 w 

f .s - M 


Turquand. Youngs and Co., the include revelations of two reasons 
?m arm of the British for Turquand’s proposed dis- 


Inti Timber forecasts 
£3.5m midway profit 


B & G Shipping 
to take 85% 
of Air Anglia 


British . and Commonwealth 
_ Shipping Company has agreed in 

for the six agreement has been reached with JufiSi^fo^bJSt ‘S tSl* ° £ 


[i A ?-i 
1 1 ^ 
S.Z! 


, arrauvn 

rn 'Laing to overrule the board of Sim ^ f Snioretioil ‘a^e 1 MttmaTed' Vo 'be ^Vdi^'of FisherxvW Toquhe Airways? Bristo^HeUcoDterJ^nd 

for the Darby and re-appoint Turquand “ d Co -. not less than £3.5m. a 14 per cent control of Manx. SJSJJJ. 




rise on the comparable' period. Manx Line owns “ Manx Viking ” ^r^Alr ArS'ta^ ic ^bffpnd^ 3 !^ 
The forecast is contained In the which operates the first cargo/ 2* ^ ,s mterided ,n 


due next week 


In a 
company 


rather quiet week for niarcinally in front in Iht* third Internatinnal xx'hen its results for the group's currency exposure and 

new*, interim results quarter. Il is due to report its the first six months of 1978 are borrowings as veil as cutting back 

from the pulp, paper and packag- fi^ rp s on Thursday anr' 

<»? »roup Reeu .n.,n, a ,i. n a. 5”nSi l^dhlT" m 51 r' 


. ..... cutting 

and the reported on Tuesday. Forecasts thc minorities figure, 
stunates is ranee from £41m lo £4tim with In line with other mensxvear 



Clifford 
Dairies 
higher 


l ne- forecast ts com. a me a in ine which operaies tee nrsr cargo/ “ encourage the maintunanra 
formal offer document from, JTC passenger ro-ro service ^between jmproSnt >f the air^Snsport 


tember 30 improved by nearly 25 
EXCLUDING results from County per cent to £912,000 on an increase 
Group, acquired in in turnover of 12 per cent to 
_ Clifford's Dairies expan- £21. 6m. 

Other points nf interest include the group earned «.Sm before the most common estimate tar The on T uesda v^At ^ he " ha 1 fxvay "si age ded pre-tax earnings for the first In order to reduce the expense 

maiden interim fi"uros rrom currency adjustments to take the six months. £42m. i s again only profits xxerc up bv more than a half of IDiR from £42o,000 to of the offer the share capita of 

maiden m rrini - - nine-month total to J&.Im. Sales marsfnafiv up on fusi year's third and the directors reported £481.900 on the back of a £56.000 Bamberger* is to be reorganised 

Cartiers Su P^ rfo4,< 1 |^ , i c _ i ’ '"lump “laried to pick up in the L19.4m. But the City is expecting then that the raic of turnover increase In the share of associates’ and an EGM has been called for 

E ^i'u!i?nn« pe r m niil el fmm " John lh, . Ptl 1 u ® rlcr , hut margins are Slit! a considerable improvement in the gain— IS per cent— had continued profit to £90,000. Group sales were November 20 for approval, 

preliminary results from John hein .. severely squeezed. Thc quality of thc earning., it 11 look- mto the second half Tleownrth £lJS7m up at £12 12m. International's cash and share 

InSr xvith rrustro^d plans For « ren » l1 *. nf an for a strong performance by has been having some 1 success The company's trading position offer, which shareholders are 

nawson Imcn f d = ff 10 '“l* particularly from the l b npcntinn* end for some with new. more fashionable, lines continues to be maintained and recommended to accept by rhe 

1 uaxson inter p.-dy and the group has been reduction in th.- Canadian losses. ?nri then* has also hecn rhe bene- the directors look forward to the Bambergers’ board, values Bam- 
natl0nal . spending heavily on advertising The sale of Namnnk and Reed fit nf the easing of controls tar benefit* rrom the combined bergers' at around £7 6m, or 80p 

After a x-ery had first six months and promotion in keep its sales Consolidated Industries -,vil! effcci crcdii card customers Analysts operations or the enlarged group. “*r each Bamberners ordinary 

in xx-hich its resulss slipped xx'ell figures up. the second ■ -- - 

behind those of the previous y 
Hoover is expected to get Us 


detailing its bid for a smaller Douglas, Isle of Man and Heysbam, sendees currently being provided 
timber group Bamberger* xriiich Lancs. reeionallv in the UK ** 

was sent to Bambergere share- The consideration payable Is not The directors of Air An el la 
holders yesterday. . . expected to require an announce- welcomed the move yesterday 

The document also contains ment by "Fisher to its shareholders saying that they would benefit 

h u f t ea £ resU i^t« Under ^ St0Ck Exchange Usth7 E fronT the str^n^boftbe iSrge 

which show pre-tax profits for the agreement. • transport group ^ 

six-month period ending Sep- B p ' 


mr/- 

■ *■: - 







Far East attractions 




half 


. ... ... Save and. Prosper, Britain's trusts through a life assurance 

. - figures rather arc general!' agreed ihat profits County Dairies profit from July 1 s harc- is at a sizeable dis- biggest unit trust, is the latest contract, because of the tax relief 

year. In quantity terms, analyst.-, are than the fir-t and "ill benrii; ihe fur the vear it ill be around Lira will be Included in Clifford's full- count to Bambereers' stated net group to sing the praises Of the ayaifaWe. , Its Regular Investment 
nose not expecting a lm from Reed quality nf earning- hv reducing lEi^mi' lime total. Last year tbe group assets of Wp a share in the pro- Far East as a growth area for a minimum monthly 

lifted the surplus from £642,000 fo ™ a balance shee t. investors. Its new. South East offers the oppor- 






r*<iinn«nr 

FINAL DIVIDENDS 


Audm r'idrtllx . 

Eldchwcrod Mon on anti Sont • Roltii 
Bern- Tru-rt Comnany 
Equily lununv TrnM 
B.n-Jtior iFurwiiiin- Trades • 

Hop won & >.t • anti Son 

Linroad 

l.ondoo EMMWIirniWIH 

t.ov*- rxvm.- and To. 

Mo<S Eiuinnnn; ilrono . . . 

?1V fan 

.-.oriti Mian' to 'Vcur 'i--* rnrpoi-aijoi 
stoUu-ri and P«t . 

VJ«-r Toior»«wti 

Unliort CiUr Mi*rrhni»s 


INTERIM DIVIDENDS 

Mhed Jriib Banks 

.\QUi1W.UIIin* .‘Hti A'sm-ni' it i.iirnpjni- 

xvana OroiiP ■ ■ 

Garab'-rs ^'ori-. 

Brali.s '.lotin- acmwi.iii-C Compamrs 
r art lor* Siijv-rfoutis 

Paxirs and N'' M »»iian t!«lil:n:x 

Cioitrn Invosimonr Truii 

Kkv'ro I'nmnnn- r.ix 

iiodlay (Andrew K. 1 xlruop 


Anniiimre. 

niiuixnd ■ 

mi -in 

Uxi p-ar 

doc 

Ini 

Final 

Tn-srlav 

VII 

2 1 

Motidac 

0 Siss 

Ml 

1rida> 

Nil 

0 >73 

xx edii'-sdajr 

1 6 

5.!»* 

Tuesday 

All 

1 <1 

Tu.-af»Hr 

<» W9i 

1 .5 

Tuesdur 

i n 

1 n 

Tuesnav 

Mil 

I sr.i 

Tuesday 

1 6.7 

.1. 

Fr|«t«T 

n -=-.73 

s Hi 

,'ton l «; 

O.T 

1 271 

Tm«*mJ»' 

1 ft 

1 7 

T*iMewJay 

; ns 

7 IPX? 

Trida- 

l 4 

: 1 

Thiirs«iajf 

n «u 

n :v:« 

\veiin>-s>lay 

l *I.’S 

.3 »-7"> 

rrid.iy 

ii 123 

1 0 

Tuesday 

n 3 

«. 

Tuesday 

n.mSM 

n 3 si 

Tu--J*i 

1 2 

1 >ifi1 

Wwlnesiiay 

— 

— 

Tburnilny 

•: ci;i 

i s*s»2 

Thursday 

i » 

.1 1 

Thlirwl aV 

■ i 

2 iiila* 

Thursday 

o;:g 

1.17 


Thi« o-ar 
Ini 


0'i"r.i nt 


Ml 


MT 
: PS 
Ml 

i» rr 


i^raic Shippm= rnmp^ii-. 
'■-narilian IniM-im. ni TTiki . 
I. on-ion Tn:« Company 
xia;lin*o»-0<-pny . . 

I' |T!» n»n<| no ? -ui xvhnTnn 


AniMuniv- 

nr-iM 

■In*- 

T'M.ijr 

Thnrotij,- 
■ dni-vlajr 
Ttiur^dav 
’l*'*nla' 


ni* nVnrl id-* 
l.asi >*-nr Thia 'f«r 


to a record £966.000. _The offer document points up of reg^ savings ta „ ny 


in the 


Fin^l 
4 fl 

1.9.X 


1.ZT* 


Ml 
I «'* 


■ 'nri-r-o T«i (niB-E'shl lnrcsini*-m Trust T>mr^f|.-iT 
Pnli-marl- Inl.-m.xl-onal .... 

rrinHarJ Ss-n-|is-« Gmiw dn. -Vta; 

P.-.-1 lnl*-rril>.inil Twita; 

Push and TnmpL in-) Croup i-rlrtn\ 

?,r " and Pntiiwr I ink«*d lnvti« Trti«i T»tiir>day 


S'-n-llsh |i-*ri-ihl» Tru-t 

sl-iini, <*nrn<i< r, 

CfhimTI- fl'irrrfwr 
l nu-d Kio^^ni prop,— - *' r.nipa 
V'i-i» t-'orb lm*«ni -rt Trusi 
VMir|.o <R ■? and < 


Monda* 

«■ rtn.*Hliy 
l-Prfj »■ - * 

Ttnip<*d.ij- 
r ndax 
Frid.i- 


1..-HT1 

0 -*«:x i .a:-.* 
sfliMfiT :.n 

1 Wti- l.-M.’X 

t'.STM n. n ’)<r. 
X (.Ml 1X1-13 
n S73 l fl'i 

3B4 j.io- 

9 11333 n !“S 

n n «'S 

“ ~y> ~ “I 


First half profit was struck the complementary aspects of the Asia Fun< J; comes Qae of . si* trusts or 

after depreciation on leaseholds, two timber group’s businesses. on offer this week, wlfl conceo- managed bond, 

plant and vehicles of £169.000 The two groups af ter the merger trate on Hong Kong, Singapore Providence Capitol Tif- 

t£139.00U) and on freehold build- I vou,d fon " a c0 ?JK ny w '7 h a and . other economies,!!! areas Assurance ts prtndnc out that 

inas of £42,000' mil). Interest turnover of over £ 170m and net adjoining the South China Sea. most people do not have the time 

charges were lower at £5.000 tangible assets of nearly £o0m. Save and Prosper Is also promot- to manage their investments 
(£23.900). Montague L. Meyer, the UK’s Ing its Property Fund. effectively and that this needs 

Tax. in accordance with $SAP largest timber group, has interests, j^gj, income funds are again *P be done by professionals. The 
15 on deferred tax, amounted to * n both companies. It has recently betne heavily promoted with Cart- Pr ov»dence Capitol Managed Bund 

£187,009 (£183,000 adjusted) leav- built up a 3 per cent stake in mor | and Cralgmont pointing to '*Wt as little 

inc a net balance of £294.000 Bambergere and bas about IS per t x, e .advantages of backing hleb- 35 ■ Ea0 ® to receive professional 

l £242.000). There was an extra- “"I of International Timber’s ^ ncomo equities; Cabot and “*“«C«“tent -in a fund covering 

ordinary credit this time of There has been specula- schlesinger point to the higher - , , _ a n ^. ojereeas equities; pro- 




I?*' -^-.-*,-41- 
i v 


_.V4 ;*<■ 
zyfZ -. V- 

. ' r *, - 


a r 


INTERIM PICUNES 
PnnO >;*irihrop 

Haccas I.T ■ 
lloov-.-r .. . 

^Iiirl4 H*il4i»ia« 

xi'alk.-r ^ml sr.-ilT RnMiint 


£44.000. 

SHARE STAKES 


tion that perhaps a counter bid starting yields obtainable from .^fT? y ' _^ e< ^ 1 _ * rrterest - Bilta and 
might emerge but Mr. John Meyer -investing in preference shares and 2J*k,J in *jb the m^nagere varying 
«w yesterday that he was keep- gfle/ - K ... . the mix to maximise the return. 




i'nti ,j- 
T ,1 >ti j,- 
•looUa:’-; 

1har*,|a'-’ 

'•V'llnusfljr 

r nriav 


Gmnbnmk SccurlUcs n,. ; |» s hi. ,w.ion> ,„d ptart - „ Hmbre , ^ JSSS&', ,0 ! 

^ U. n _-D_ 1 _,v:.k guaranteed nran» v. 


ffou.wum. xtiiauy Jlwr». ,f [o jwdy tb. bid to m™, care- income 




■ Pii-Kf-Kb dain-fi HT pnir* s 'fnn- i idn>S'>i tn- any m'^ura — na Iszv. 
S'-i.iixkI loicrun *ti» in- nti - inrlu4:n; ond mrtrim dixndend. {Quartern flgutfts. 


tnierLm dr-'idenl vlll b.? announced unb bnal. 


East Lancashire Paper Group (5.1 fully over the weekend, 
percent). “we like our 

Anglo Scottish Investment International." 

Trust: Standard Life Assurance 
Company has increased its hold- 
ing to 2,010.510 shares (6.15 per 
cent). 


He added 


investment In *** been in business three years' Runted ! at the end, 

investment in ^ ranfe as almost an, offenng =’- 


. _ _ old Stager in the Far East. Bo“As*yiefdlrS 

MANX ^ Ilfi? BUYS The M and <1 Grotm fe Mtat&w over fom-years.°H! ? h^f SSf 
MANX LINt out to investors the tax efficteocy payers shook! check their 

James Fisher announces that of making 'regii&r savings ffi Vtrnt before- taking out the' bonifeT • ' 


;-c 

;J 


K 


V*. 


-7s^r- 




S X 





°ent r 


I |v HnawsTaT Times Saturday October 28 197ST 

^ foliar Land U.S. 

^ ction settled 


SUMMARY OF THE WEEK’S COMPANY NEWS 


V. * >' 1 
7 3 r i 


IHOLTjERS of Dollar Land 
. ts voiwl in favour of Hi? 

£■150.000 (lilt of court 
' ent or ns 10 year U.S. 
----at tie at yesterday's annual 
' - 5- 

".AGST, oKpccted to bo l he 
. ■ nf a tinr.! show-down 
’ ’;ji| □ pm and anti Board 
L, rs, proved to be a sedate 
'Ij.. Mr. Hu?.h Br-rki'ii. Hu- 
tu an. had warned itaat be 
. ’j rcriuD if shareholders 
•. ’o ratify the si-ttlcmcnt he 
•“lunered out with the Atlas 
• of shareholder? sertLnu 
"■■■ claiming a total of S3.9m 
1 )■ In the event, bis st-itle- 
; chomp went through ua- 
- i and n counter move to 
. ' .. i number of directors 
_lo materialise. 

• the settlement the 
emerges with not assets 
a share and usable lax 
- in its Canadian and U.S. 
arts. 

iissing a call for liquida- 
’ the group by Mr. Hugh 

• ••sun, a former chairman, 
"ackull said that: he stood 

the meeting as " a salvage 
ir not a coroner” and that 
jes In have resolved the 
inq minor litigation prob- 

• . a time to gn for requoJO- 
' *t the shares within 12 


ia cka»* n. 


* s ■ */ 


iSjjr-Jt 1 . Nash S< 

I ^ I M i !fth ir,ect froni 

A " * 111 111 ilsiancimg 
■'ll in ;Ls a si 


F. NASH BUYS 
! MINORITY 

. Nash Secnrlrle* acquired 
ATecr from October l. 1978. 
ilsum ding 51 per cent in- 
in iLs osioeiaie. The Little 
■irk Cum pany, for an aegre- 
Dnsldc ration of £142.000. 
transaction completes the 
mine, announced by NarJt 


is months ago. of dealing with 
its minority slakes by either 
acquiring the outside interests in 
the companies concerned' or dis- 
posing of the holdings. 

LMB manufacture? facing and 
engineering bncke. at works in 
.Somerset and Sooth Wales. A* at 
September 39, 1978, net tangible 
assets were £559,000 and the pre- 
tax profits for the period ended 
on ihat daie were £81.000. It is 
cinecied that the pre-tax profits 
for the year ending September 
30. 1973. will be in the region of 

£30.000. 

The ron^lderaTion is being satis- 
fied by the pjymenf of £42.000 in 
cash and the isuc of 142.766 new 
ordinary shares of Sop each in 
Nash. 

Burgess 

Products 

advances 

FOLLOWING A tum round from a 
loss or £19,331 to a profit of 
£347,105 at halfway, pre-tax profits 
of Burgess Products Company 
(Holdings) for the year to July 
29, 1973. show a £268,142 advance 
at £30.269. Turnover for the 
period rose from £17.04ni to 
£19. 14m. 

Earnings per 25p share are 
shown to have risen from 4.7p to 
lD.fip and the total dividend is 
raised from 2J273p to 3.5p with a 
final payment or 2.5p net. ' 

Tlic group's UK properties were 
professionally valued at July 23. 
The consolidated balance-sheet 
includes the revalued amount 
together v.ith I he not surplus on 
revaluation of £439.000 winch has 
been added to reserves. 


rUROPEAN OPTIONS EXCHANGE 


Take-over bids and mergers 

A cash and shares hid has been made by Whitecroft for 
Randalls .Group, a wholesale distributor to the building trade. 
The offer, which bas been accepted by the Randalls hoard, puts 
a value nf £2 ,8m on the group. Randalls shareholders are being 
offered one Whitecraft ordinary plus 114p in cash for every two 
Randalls. Although directors and other shareholders have 
pledged acceptances in respect of 32.1 per cent of the equity, 
the proposed merger is still not cut and dried as Ferguson 
Industrial Holdings, owners of a 2437 per cent holding in 
Randalls, has yet to make a decision on whether or not to accept 
the oiler. Whitecroft views the amalgamation as a logical 
extension of its existing building and engineering supplies 
division. Randalls’ business is concentrated in the southern part 
of England and Wales, while Whitecroft's operations are mainly 
in the North. 

Talbcx. the industrial group with soap, aerosol and hair- 
dressing interests, has won approval from shareholders to proceed 
with a bid for the Birmingham hospital equipment and building 
materials supplier Hoskins and Horton. 

The South African Government has agreed, to a scheme 
which will allow Tate and Lyle to receive £10.5m in sterling from 
the sale of its half-share in African Products to the South African 
based Anglo American Industrial. 

Following three years battling for control of Germany’s 
leading clutch manufacturer Sachs AG, Guest Keen finally gave 
up its takeover ambitions by selling its 23 per cent Sachs share- 
holding to the German Commerzbank for an undisclosed sum. 

Louis C. Edwards, the Manchester-based meat group, has 
received certain pruposals regarding the future development of 
the business, but stress that these do not include a general offer 
for Ute company. 

Other items of interest included Metal Box's disposal of its 
14.2 per cent holding in the Australian-based Container far 
£4.5m to Continental Group and the purchase by United Biscuits 
for £4.4m of the outstanding shares of Associated Restaurants 
not already owned. 

_ Value of Price Value Final 

Company bid per Market before of bid AecTc-e 

bid for shar e** price** bid (£m'8i** Bidder date 

Price* In pence mless otherwise Indicated. 

Alida Packaging 145* 143 108 4.63 Rock ware Gp. i/u 

Bamberger* 7U«S 82 SS 7.85 Inti. Timber — 


Company 
bid for 


BonserEng. 

8 oo rue & 
Hollingsworth 
Comp l on Soils Sc 
W ebb 

Gusto magic 
Goldrel Lcueard 
M id hurts Vtniies 

Midland 

Kdbi-.iionzl 
Midland 
Educational 
Midland 
Educational 
Mow at <\V ) 

New York 3c 
Gartmore 
Plantation Hldgs. 
K and alls 
Tridam Group 
Printers 
Tridanl Group 
Printers 
Warwick Eng. 


Value or Price Value 

bid per Market before of bid 
share** price** bid (£ m 's)** 

Prices in pence mtcxi otherwise indicated. 


Bidder 


Final. 

Accl’ce 

date 


INTERIM STATEMENTS 


45* 

44 

36 

2.70 

Kaye Organ. 

— 

2S5* 

230 

317 

1L28 

Raybeck 

— 

74 

74 

73 

12.56 

Van tons 

* _ 

21 

15 

19* 

1-10 

Mooioya In vs. 


103* 

100 

78 

2.39 

N thin. Foods 

— 

48* 

47; 

47 

3.60 

M‘ Were Id have — 

21255 

240 

ISO 

2.97 

Londato Univ. 

— 

150* 

240 

120 

2.10 

Pentos 21/11 

235? | 

240 

230 

3.29 

A. Preedy 



22j* 

50 

27 

0.225 

Jenth 

— 

47* 

46 

46 

3.76 

Brfcomfn 



64*5 

67 

64 

12 89 

Malti-Purpose 

— 

HOiSf 

108 

98 

2£1 

Whiteeroft 

— 

S5* 

100 

55 

3.72 

Argus Press 

1/11 

100* 

100 

84 

4J33 

Starwest Inv. : 

14/11 

41* 

40 

40 

2.46 

Mr. N. Gidney 



Company 
Assoc. Leisure 


Half-year 

to 

Sept. ID 


Pre-tax profit 
(£000) 


Booth IntnL June 30 
Border Breweries Aug. Si 
Burrell June 30 

Crowther (J.) June 30 
Down 1 brae liidgs. June 30 
Fidelity Radio Sept. 30 
Gallaher Sept. 30f 

Geers G ross J unc 30 

Grant Bros. July 29 

Green bank IndL June 30 
Uopkinsuo* Hldgs. July 2S 
Hoverinebam Grp. June 30 
LOIeshall July 1 

Lindsay & Wins. June 30 
Mine! Llldgs. June SO 
More (PFerrall June 30 
Moihercare Sept. 29 

Nathan (B. & 1.) June 20 


• All cash offer. 1 Cash alternative. $ Partial bid. 5 For capital 
not already neld. ' Combned market capitalisation. 1 Date on which 
scheme is espected to become operative. •• Based on 26/10/78. 
ft At suspension, ti Estimated. g§ Shares and casb. Sf Based on 
27/10/78. 


PRELIMINARY RESULTS 


4.63 RockwareGp. l/u 
7.85 Inti. Timber — 


Company 

Assam Trading 
City Aberdeen 
Ductile Steels 
Ellis & McHardy 
Fairview Estates 
Gomme Hldgs. 
Highland DHL 
Lawrence (W.) 
McKechnie Bros. 
Myddleton Hotels 
Patterson Zoch. 
Pearce (C. B.) 
Poehins 
Pressac 
Simpson (S.) 
Smart (J.) 

Talhex 

Walker* Homer 


Yeartp 
Mar. 31 
June 30 
July 1 
July 31 
June 20 
July 28 
Aug. 31 
June 30 
July 31 
June 30 
May 31 
May 31 
.May 31 
July 3] 
July 31 
July 31 
July 31 
July 31 


Pre-tax profit 
(£ 000 ) 

2361 (2,054) 
236 USSi 
5,1 10 (5,730) 
283 (2351 

2.130 (2,128) 
1.330 12,0901 
4.076 (3*354) 

1.130 (1,340) 
15^351 (15,785) 

570 (433) 

19.4-81 (18271) 
812 (805) 

703 1562) 

1.013 (661) 

1,910 (1.650) 
1.290 (1,720) 
573 (426) 

230 (44) 


Earnings* 
pe r share (p) 
106.6 (902t 

12.1 (9.0) 

23.5 (42.7) 

12.5 (13.0) 

27.8 (19.4) 

4.0 17.7)- 

15.7 (11.9) 

12.6 (13.8) 

15.5 1 1S.0) 

24.1 (2S.8) 
57 3 (54.0) 

33.7 (30.S) 

25.9 1222) 

14.6 16-5) 


Dividends* 
per share (p) 
7.5 (2294) 

4.52 (4.053) 
5.412 ( 5.049) 
3.041 (2.723) 
6207 (5.64S) 
3277 ( 3.023) 
3224 ( 2.SS7) 
7296 (6.5) 

5.53 (4.95) 
6jR6 (4.65) 

8.0 (7.0) 

3.784 (3.389) 
5.15 (4.612) 

5.001 (2.6SS) 

4262 13.812) 
2.02S (1.C88) 
0.55 (0275) 

0 9 (0-9) 


Moihercare Sept. 29 

Nathan (B. & I.) June 50 
Peerage of B'ham June 30 
PMA liidgs. Sept. 30 

Press (Win.) June 30 

Rnnciman ( Wltr.) June 30 
Scott & Roberts., n Aug. 25 
Sheepbrdge Engrg. Sepl 30 
Splllers July 29 

Telephone Ren tails June 30 
Tozer Kerasley June 30 
Twinlock Sept 1 

Un iflex Hldgs. J uly 31 

Wire & Plastics June 30 
Wnrmalds. Walker Aug. 25 
Youghii Garnets June 30 


2,850 

1,030 

632 

S36L 

201 

4S5§ 

SB 

122 

233 
630 

35,700 

133 

6 

826 

2.130 
2,420 

126 

77 

S.422 

no 

7,015 

236 

126 

160 

5.130 
192 
312 

1,990 

6,009 

4.998 

2.900 

404 

234 
149 

I4L 


(1.690) 

(362) 

(932) 

(977) 

(636) 

(495) 

(405) 

(24) 

(218) 

(490) 

(33200) 

(63) 

(6I1L 

(1.1&0) 

(1.700) 

(1,555) 

(56) 

(52) 

(7262) 

(407) 

(6.423) 

(1901 

1348) 

( 10 ) 

(4.030) 

(1.0S0) 

(125) 

(2.302) 

(6.026) 

(4.494) 

(1.610) 

(SI) 

(170) 

(163) 

(3)L 

(421) 


Interim dividends* 
per share (p) 

1.5 (12) 

1.75 (1.0) 

1.9511 (1.7) 

2.5 (2.5) 

1.507 (1.4S5) 

1.02 (0.961 

Nil (0.43) 

Nil (Nil) * 
0.75 (0.7) 

1.443 ( 1293) 

— I— ) 

L5 10.815) 

1.52 ( 122) 

0.65 (0.589) 

1.5 (125) 

0 687 (0.55) 


(2.063) 

(0.89) 

(1.018) 

(1.0) 

(0.75) 

(Nil) 

(0.4) 

(2.5) 

(0.914) 

(2.0) 

(0225) 

(1.536) 

(0225) 

(Nil) 

(Nil) 

(02) 

(Nil) 

(2.045) 


Tough* 1 rinmets June 30 1.020L (421) Nil (2.045) 

(Figures in parentheses are for corresponding period.) 
Dividends shown net except where otherwise stated. 

* Adjusted for any intervening scrip issue, t Nine months. 
£ Including special dividend due to change in tax rate. § Estimated. 
LLoss. 

Offers for sale, placings and introductions 

Camra (Real Ale) Inrs.: Offer of 150.000 £1 shares at U5p. 
Arncliffe Holdings: Placing of 1.3m ordinary lOp shares at 42Ap. 

Scrip Issues 

Rootbam Engineers: One for one ordinary. 

Highland Distillers: One for one ordinary. 

Lawrence (Walter): One for four ordinary. 


■f Mail 


- s«ria> | 

Juu ' 

Vo'. 1 Un 

Ajir. 

Vn. 1 «mi j 

July 

Vrt . ; |jw( 

J SrnA 

. ; P.570J 

4 

6.70 


' _ . 



;P.3fi9.50 

: r.27.60i 

19 

2 : 

— 





■F,J£8 

( F.30 

11 

1 20 

32 

; 3 : 

12 

5.60 


p.sj.ao! 

20 

0.90 1 

’ 4 j 

1.90 , 




1 19 ' 

. : p.35| 



77 

. 1 

14 

2.10 

1 »» 

i r. 78.9 3 


— 

2 

• 4.50 ' 


_ 

If. 74 50 

650 


— 

3 

10sa 



I658U 

S6CM 

10 

3 ' 

2 

4I 2 . 




1 

£70j 

4 

SB 

2 

21* 

_ 1 


1 .. 

660 



5 

' 3i f 



[?831 f 

7.32.50' 

1 

5 . 

— 

1 

— 


IF.35J0 

r.3S| 

20 

3.80 : 



J 

r 



1 ’ 

P.37.60! 

6 

2.30 j 

7 

4 ) 

— j 

— 

1 .. 

F.40I 

14 

L.30 

14 

- 2.50 

5 . 

4.10 

1 

p.4s; 

_ 

— 

11 

1.60 ' 





1 • „ 

1 8280 

3 

8J 4 - 




_ 

_ 

*2711, 

1 85001 

6 

3 

— 

— 

4 . 

12 


U F. 153.50] 

36 

9 



! - 1 

f 


iF.13l.SO 

U F. 142.90 

97 

6 



1 — • 

. 



1 

M K.lsOl 

17 

4.40 

31 

! 6 l - 

— 

— 

1 

1 A F. 152.40; 

34 

3 . 

— 

— 

— . 



w r.iboJ 

2 

2.50 1 

3B 

4.50 ! 

7 

8 


VI F. 161.90; 

36 

1.70 

— 

- 

- 

— 


W K.170 

25 

1.50 1 

59 

, 2.70 : 

■69 i 

5 


VI F.171.40! 

29 

1.10 | 

- 


— ■ 

— 


u F.iai* 

6 

0.80 , 

— 

: - j 

— 1 


i' .. 

U F. 190.50 

7 

0.60 ] 

— 


- 1 

— 


F.ioa.eo 

Z 

4.50 ■ 


— > 

— 1 


■F.106.30 

K.lio. 

— 

— ! 

2 

: 7.50 . 

“ 

— 

1 

F.lie.flO; 

14 

1.10 ' 

— 

— 


— 


F.120, 


— 

1 

3^0 ; 

- I 

— 


I F.25- 

35 

1.60 • 

72 

i 2-80 

38 

3-30 

•P. 24.80 

.] F.27.6U 

181 

o.eo , 

153 

: 1.60 . 

15 . 

2.50 


..I F.30' 

45 

0.40 : 

72 

0.90 * 

.90 

1.30 

J 446** 

L*» MOi 

10 

81,-- 

— 

i — • • 

. | 

— 

D 650' 

' 

— 

11 

■ 9J,- 

- 



r mo 

15 

6.60 ■ 




— i 

— 

F.122JK1 

V ISO' 

73 

1.90 : 

— 

— , 



1 

P. 140 

10 • 

0.50 

15 

• 1.70 1 

5 j 

5 


S45 

_ 1 

— 

1 

i »?■ 


— 

IS21S, 

1 F.120, 

Sin*. 

10 , 5.80 

Mm 

^.U6UO 

*601 

{ 

- 1 

l 


- 1 



,S67S« -• 

1 ; •• 

*70* 

OTA I. VI Hi MF 

IS COM H \CTF 

1 S j. 

7 4i 

1703 


£2.3m from 
Leslie & 
Godwin 


9 With net assets at half time O 11 * 

higher at £929m, against £7.97m N^TTlOll riCP 

at March 31. year end. the per DlliaU IloC 

share value advanced 6.9p to 62 p -■— < m 

in the six months, including full n't/ 8-< 1*0 IIOIO 
dollar premium of 6p (3 5p). Lf Y JL 1 uliLlO 

A net interim .dividend of 0.4p _ v _ 

(0.3p) has already been declared. T nrilicf 1*1 CkC 

The company bas taken up addl- AUU It oil 1 Vo 
tional loans to invest in foreign 

iq ~ currency bonds Issued by EEC THE modest pre-tax profit, 
agencies with permission to repay prorement from £634.000 


trial disputes in other customers’ 
companies in the Midlands. 

On prospects for the second 
she months the directors say that 
further profit growth is being 
delayed due mainly to the present 
strike at Ford, and this makes 
forecasting difficult. 

First half earnings per 25p 
share are given at 73p (7.2p) 
m- and the net interim dividend is 
to rtenned up from own to I25p a* 


» 0 -i; 0 ajjciiuica wmi jjci uiiaaiuii iu repay prureniem irwm ukh.uw lO 'irnreu iv Minn •> ""J a 1 

over five years with sterling pur- £695.000 at Francis Industries, a cost of £91.016 (£69.492). Last 

miderwritineaBent rennrtR rtasw at the ofl,ciaI rate of engineer, in the first half of 1978 year’s total payment was 3.37p 

change. At September 30 the was mainly due to market condi- from profits of £1.61m. 


... nrnfitc. nf n«i- ‘ Ill ^chiciiiuci on IIIC ,* da Uldimy HUC 1U UlurKBl COOUI- 

° f £Z - 33m * amounts borrowed and invested tions in the UK which depressed 

Wlin z-i.Q-n 1 . In tki. M n« / r i net — \ -1 i 


In this way totaled S3.9m (£1.9Sm). demand for containers 


Group sales totalled £1425m 


Profit includes interest and The geographical distribution paints and petrochemical pro- 
™ cr inenme^ of £560.000 of the company’s portfolio shows ducts. 

(£758,000) and share of associates’ in percentages: France 31.8 per Additionally the automotive 
00.000). Tax cent: Germany 34.1: Netherlands businesses suffered from the Ford 


oil, (£l3m) and tax for the half year 


mica I pro- took £165.000 (£157,000) leaving 
the net balance at £530.000 
automotive (£477.090). 

m the Ford Fiexire s have been restated to 


profits £361.000 (£100,000). Tax cent: Germany 34.1: Netherlands businesses suffered from the Ford Figures have been restated to 

to . ok . , £ l-21m (£L17m) and to.l: Switzerland 82- Belgium and HaJewood strike in March, from exclude United Lift Company 

minorities 17200 (£84.000 >, touv- Luxembourg 12; UK ll.l; U.S. Ihe closure of the BriUsh Leyland which was «old during the second 

ong the available balance at Xl.llm 122. TR7 line at Speke and from indus- hal/ of 19*7. 

(£1.17m). p "— — - r 

Stated enmlngs per lOp share p~ - ■ ■■ ■ 1 ■ ■■ - . 

are 5.66p (5.96p) and the interim PhOlflY TinW 

dividend, as known, is increased ■* 

irom 12S33326p to I202777p net. / _ . -\ • . 

4.5193W6p from profiti^of £4.01 m. ( eVIC ) Estates Property improving 


. *0 


CLIVE INVESTMENTS LIMITED 
loyal Exchange Ave.. London EC3V 3LU. Tel.: 01-283 1101. 
adex Guide as at October 24, 1978 (Base 100 at M.1.77) - 

Clive Fixed Interest Capital 12921 

Clive Fixed Interest Income 113.88 

+ 1* - , r r - - 

LEN HARVEY & ROSS INVESTMENT MANAGEMENT LTD. 
45 CornhilL- London EC3V 3PB. Tel.: 01-623 6314. 

Index Guide as at October 26, 1978 

Capital Fixed Interest Portfolio 100.02 

. Income Fixed Interest Portfolio 100.01 


Improvement 
for Scottish 
European Inv. 

Recovery in the Continental 
stock markets, which has 
gathered momentum in the past 
six months, was chiefly respon- 
sible for a rise in after tax 
revenue at Scottish European 
Investment Company from 
£139.000 lo £156.000 for the half- 
year to September 30, 1978. Gross 
income was maintained at 
£527,000. compared with £521,000 
last time. 

There are, at last, signs that the 
German economy is beginning to 
respond favourably to refiationary 
measures which improves the out- 
look for 4979. the directors say. 
For 1 1977-78 after tax revenue was 
£255,781. . 


Estates Property 
Investment CompanyLimited 

Results for the year ended 30th April 1978 



1978 

3977 


£000 

£000 

Gross -rental income 

2,425 

2.005 

Net property income 

2.006 

L5S6 

Surplus available for distribution ... 

524 

227 

Dividends net 

2J59p 

I. Op 





A MONTH 


AND LET YOUR MONEY 

:h^‘KE ; j^.CM^E'!MONEY‘::pO^A^®HANC5.E. 


ar Investment Plans with fife assurance provide 
■ 4 the most cost-effective methods yet devised of 
nutating a few thousands pounds. For every £ you 
through the M&G Regular Investment Plan you vriQ 
ie to claim lfiip nt tax refief, provided yon payi tax 
st at the basic rale and not more than one-stxtt of 
income is used for He assurance premiums. 

- its offer enables you to start a Ran through a ife 
-a nee policy with benefits linked to whichever 
Fund you choose. On a £20 Plan, tax relief at 
nt rales can brmg down your net monthly cost to 
£16-70, in most cases appreciably Jess than the 
My purchase of units on your behalf by M&G Trust 
jrance) lid. Anyone over the age of 18 can join the 
and there is no maxiaBnn age firraLThe immnuim 
2 per month. 

he future value of your Plan will depend on tne 
dment performance over the yeare of the Fund you 
se. A man of 35. for example, who started paying: 
a month into a Plan linked to M&G Recovery In 
1971 (when the Plan was first used in conjunction 
this Fund), would have secured units of 
/*nd of September 1978 for a net urfiav of £1.505. 
Fund has been the best-performing M&G unit trust 
rent years and its exceptional performance may well 
be repeated, it does, however, demo nstrate now 


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

Investors should regard unit trusts as a long-term 
investment and not suitable for money needed at short 
notice .and should remember that the price ol units may 
£0 down as well as up. 

Regular investment of this type means that you can 
lake 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 


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 in 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 morethan 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. 

..and the outstandinR management 

kjgroup was (wail for it) M&G, which had — ' 

9 two in the top 10 and no less ■ 


fo: M&G GROUP LTD. THREE QUAYS. ■ than five in the top 25 mtotoat 
•i TOWER HILL, LONDON EC3R bBQ. B Sunday teleobaph 

•• TELEPHONE: 01- 626 4588. 

I WISH TO INVEST in l eaefi month (minimum £12) m an assurance policy wan 

□enefits Imked to the Fund of my choice. (Circle the Fund oi your choice ) j, »rios* m cheque 
gw first moaiMy payment, payable to MSG Trust (Assurance) Ltd. I under stand that Bus 
SiSi^SSy^vIsiwialand that the company will not assume nsk until tormai notification 
of acceptance has been issued. 


f -K-. .re- 


statement by the Chairman, Mr. C. N. Knight: 

The Accounts for the year show a gratifying 20 per cent, 
increase in gross rents, the whole of which increase, 
amounting to £420.000, has been carried through to net 
property income. With some relatively small reduction 
in the interest charges it bas therefore, been possible, 
despite the inevitably higher tax charge, to produce a 
Group surplus for the year of £524.000, wb>ch is nearly 
£300,000 more than the previous year. This represents 
earnings per share of 3.58p but, to the great disappoint- 
ment of my Board colleagues and myself, we are permitted, 
under existing Treasury regulations applicable to this 
year of account, to recommend a total distribution of 
barely two-thirds of the available sum: otherwise it bad 
been our intention to recommend substantially more. 
However, as the law stands at present, the regulations 
applicable to our year 1978/9 will permit of a different 
basis of calculation so that, with the prospect of a further 
increase in our rental Income arising largely from rent 
reviews there is, quite apart from the alleviation of the 
Belgian interest burden, the prospect of a larger dividend 
distribution to 1979. 

In Brussels, the leasing contract for the E.E.C. Conference 
Centre to be built on our site was eventually concluded 
to July last; the final documentation of our business 
involving the Belgian authorities and our partners in the 
joint enterprise in which we shall remain as minor 
participants, is now at an advanced stage; indeed, I feel 
confident that the patience which it has been necessary 
to exercise for so long will be rewarded very soon. 
Inevitably, E.E.C. procedures have been long, while otber 
detailed discussions have necessitated unceasing activity 
for many months. However, with goodwill un all sides, 
we have now reached a stage when there is every 
indication of imminent completion. 

In our traditional field of industrial estate development 
and investment we have a good deal on band. A fully 
pre-let development at Sittingbournc involving some 

60.000 square feet of space is now almost completed and 
the rent will be coining on stream before the end of our 
current year. In Manchester, complete redevelopment of 
an old site is in progress and will produce a total of about 

55.000 square feet in attractively sized units. In addition, 
we have at the moment another and much larger 
development in negotiation, of which approximately half, 
representing 100,000 square feet will be pre-let. 

The year 1977/8 has produced c measure of recovery well 
up to our best expectations: 1 anticipate further improve- 
ment in the current year and provided that national 
economic conditions do not deteriorate. I see no reason 
why 1979/80 should not continue the firm upward trend. 


Photax now 
improving 
after fall 

Described- by the directors as 
disappointing, pre-tax profits of 
Photax (London) fell from 
£152,000 to £108,000 in the six 
months to June 30, 1978. 

The directors explain the sales 
for the period increased by some 
7 per cent from £1.73m to £1.8Rm. 
but currency changes and higher 
overheads continued to affect 
profit margins. 

However, sales have improved 
considerably in the three months 
since the end of June, reports Mr. 
E. Jacobs, chairman. Turnover is 
up by a (bird compared with the 
corresponding period and he 
anticipates that this improvement 
will be maintained for the rest of 
the year. If this is the case then 
profits should not be lesR than the 
£232.000 for 1977, he adds. 

The interim dividend per 25p 
share is held at lJ2p net at a cost 
of 122.800. Last year’s total pay- 
ment was 2.72p. 




Evayfortni^tthelnvetorsllcriew 
bnngsspeaalittviewson spcrialisr 
P*^^ subjects. Intelligent comment and 

poMlive advice on investment, shares, | 

com modi ties and personal finance. J j 

The currentissnc contains: !j 

Acriricalviewoftocraarkctbyalcading professional. ji 

BP-targct of an unholy allianc e between Owen and Benn? j| 

Secure your regularcopyot'dielm-estorsRes'iewfTom leading | 
bookstalls, or complete thu coupon NOWand you are entitled J 

to 3 m ornhs tree subscription. | 

1 nvesrors Re view. 100 FIcrt Street, LondonEC4YlQE. 1 

Name j 

Address J 

Postal Code . 

Pic Ait | 

CD Please invoice me tor 12 months subscription from 19th January j 
1970 at the above address. | 

CD I enclose a cheque tor 9 for my 12 months subscription { 

commencing l?rh January 1979. i 

2 understand th ji I will receive the Investors Review free of ! 

charge for three months, sra rung October 27th. | 


Guaranteed Bonus Bonds 
from one of 

Europe’s largest insurance 

companies 

I f /j/ Maturity of Bond 

III ) J J IBB At the end oF4 years your capital will he repaid In fhIL 

I \ \ ■ 1 '■— " J / HD H /f i if I hMVprvfaponnWp rjvmc hHnrrnFTanvl If Id 


13 p.a. 
f tax free 

for 4 } 7 ears. 


i&rMmi') 


13.4% 


equivalent to p.a. 

Copies of the complete Report cud Accounts man be obtained otywc tn ha^ir rafp tavnaVPrS 

from the Secretaries. W. H Stentiford & Co.. IQ PDMl- 

1. Love Lane, London EC3V 7 JJ. . , 

These Guaranteed Bonus Bonds are single premium 

— — - - 1 -I endowment policies for a term of 4 years, issued by the 

— imimiii mr ~ London branch of Generali - one of Europe's largest 

insurance groups with assets in excess of US S4.S00 
____ - ■ mmimii* , . million. The company has had an office In London for 

THE SCOTTISH AunlClILTURAL oi'erSOyearsandtoiaytheUiLbranchhasassetsof 

over C70 million. 

SECURITIES CORPORATION 

I IBIITEn investment yields obtainable today. Invest £1.000 or 

LI Ml I tU nuxe in these Bonus Bonds and you are guaranteed an. 

annual bonus of 9% for 4 years. Bonuses will be 

_ _ declared annually on the armiversary date of your 

INTERIM STATEMENT FOR SHAREHOLDERS Bond and are free tax if you pay tax at the basicrate. 

For such Investors the bonds give a return of 13.4% 
During the half-year to 30th September. 1978, £899,100 of gross. 

• Heritable Loans were completed. At 30th September, 1978, o 1TrrRTlf 7 pr Onfirm 
further Loans totalling £509,800 had been approved by the 

Directors and awaited completion. ? receive an annual In coroe yon may romenderyom 


51WNAME 
•I rw fl*iDWWss 


FS 531028 , 


OCC UPATION : PATEOLMEH^ 

NAME AND ADDRESS OF USUAL DOCTOR (lo whom reference may be made) 


Pleasr nrrlr Ihe 
I uwJ «:leei«i 
(l( no Fund rs seleded 
yuKir piemufli ud 
auUHlwUcjBv be 
invested ui Ihp M&T. 

Managed Bond Fund.) 

MANAGED BOND 
GENERAL 
HGH INCOME 
RECOVERY 
AMERICAN 
AUSTRALASIAN 
FAR EASTERN 


Are you an existing MAG t»lan holder? VbS/TIo | 


rray tcqwe (AvpmmaioiUid(>o^tMmiswaaa^ 

SIGNATURE — .. . 

Retort In Eftgand Wo. I0«M9 ReE- Office aa abowcThfa offer b i** rt to 


THE M&G GROUP 


THE SCOTTISH AGRICULTURAL 
SECURITIES CORPORATION 


INTERIM STATEMENT FOR SHAREHOLDERS 


Surrender Option 

Tb receive an annual In coroe yon may snrrenderyonr 
bonuses for casli. IT you wish to do this you siwuld 


lil M h 


J Reductions totalling £357.284 were made in the principal indicate an the application form. If the bonuses are 
| £*+ amounts of Loans during the balf-yeaiv of which £208,555 accvnnulaled. the value of a Bond of £1,000 after 4i 
m represented capital repayments as provided for in the Loan vcarswillheLl -ill 58 

I Agreements and £14B,7’J» special reductions and repayments. 

1 total ■“““*«? Utms o^tondieg at 30th September, ifyou die during tbetennortfieBond. the fuDaindnnt 
•J* 197S, was £14 ,d*> 9.557. ofyour investBKnt will be paid to your estate together 

• - whit the accumulated bonuses. 


Maturity of Bond 

At the end of 4 years your capital will be repaid In fijIL 
Beca use of ihe ven- fa vou raHe terms being offered.lt is 
not possible to accept requests for eady enrashmwir. 

Taxation 1 

If you are liable for tax only at the basic rota 
throughout the tenn oT this Bond, there will be no 
additional liability on the annual bonuses that are 
cashed or on theioial proceeds on maturity. If different 
conditions apply to you. then your liability for tax will 
probably be alferted. and details are available from the 
Company on request. 

How to Invest 

To apply for these Bonds yon should complete the 
application form below and send it together with your 
cheque made payable to Generali 
The minimum investment is £1.000, and the 
maximum £50.001 1, 

There is a minimum age limit of 18 years and a 
ma rimnin oT SO yea rs. 

iV.fi. This efkr is neuntriltible tfl mtdems irtthr Irish ffrpvh ft- Thf 
infannutien unnamed in Our odwntsemaa S based iqm our- 

ii i of Ov prt'vm tnbndRnvnuelinvanlPractieeml 

u/ipnihc basic rale of tax at 

Tins fllftv is strictly limned and may far withdrawn or tfcf terms 
revised at any time. 

^ GeneraH 

i 117 Fenchur di Street London F CSM 5DY * 

! I wish to invest I £ Sin „ I 


1 wish to invest JJ- J in a Generafi 

Gnaranteed Bonus Bond and enclose my cheque fixlhis 
sum. I am a residenr of the United Kingdom and 
nndetstand that tins application shall form the badsefa 

contract between me and the Company. 

FUU. NAME (BLOCK IrtTOtSpleaec) 


□ PtiQM bdka^ n^ih an X If you wl* to snmanfcr jots' 

bonus® fcc cash. ■ 




GENERAU J 

IT 28.30 y 












WORLD STOCK MARKETS 


Early 8 

INVESTMENT DOLLAR 
PREMIUM 

S2.60 to £1— 70i<% <713%) 
Effective 2.0630 351% 

FURTHER LOSSES hit Wan 
Street in moderately active trad- 
ing yesterday as the outlook for 
interest rates remained blsak 
and the Government reported 
that price increases accelerated. 

■ By 1 pm the Dow Jones 
Industrial Average dropped 
another S.06 to S13.06, making a 
fail of 2195 on the week, while 


Closing prices and market 
reports were not available 
for this edition. 

die NYSE AH Common Index, at 
SS2D7, shed 51 cents on the day 

and S1.79 on -the week. Declines 
led advances by about a three-lo- 
o'ne majority, while the trading 
volume expanded 3.73m shares to 
23. 3 Dm compared with 1 pm 
yesterday. 

Federal Resserve dealings in 
Government Securities appeared 
to confirm ili« apparent target rale 
on Federal Funds is 9} per cent. 
More major banks, including Citi- 
bank. raised their prime rates to 
1C! per cent and further increases 
are expected. 

. The Labor Department said 
Consumer Prices rose 0.8 per cent 
in September, compared with an 


9 


fan on Wan St. 


[ Oet. I 


ffi 

8: 




0.6 per cent August rise, prompt- 
ing some more dollar selling. 

A number of “ Glamours* 1 and 
Blue Chips that had been restat- 
ing downside pressure early m 
the session turned lower. 

Boeing slipped another $$ to 
$o6;, despite its large order 
fnr aircraft. MeDrmnell-Dooglas 
climbed Sj to £27$ on higher third 
quarter earnings. 

Ford Motor eased SJ to $42, 
despite improved third quarter 
profits. Mobil raised its dividend 
but still lost Si to §66. 

Gold shares declined despite 
record gold bullion prices. 

THE AMERICAN SB Market 
Value Index fell 2.30 to 144.03, 
making a drop of S.3I on the 
week. Trading volume expanded 
SSK.OOO shares to 3.45m. 

AUSTRALIA— Generally lower, 
with selected Mines and leading 
Induct Hale featuring losses. 

A.H.C. ro=e 24 cents to AS1.S6 
on Bank of NSW*s. down 24 cents 
to AS7.44. partial takeover offer. 
The Bank’s 37 per cent lift in 

annual profit to A$72.9m failed to 
inspire investors who widely 
e-vnected a bonus issued 

Mnst Uraniums rose, with 
Panconticentnl 50 cents ahead at 
ASH. 50. B.fl. South were up 9 
cents to AS1.52 on North Broken 
Bill's interest in pursuing its 
merger proposal with its Collins 
House sister group. 


TOKYO— Prices rose sharply on 
sustained selective buying. 
Volume 600m (470m) shares. 

Shares with anticipated gaud 
earnings prospects led the mar 
ket, including Cotton Spinners, 
Chemicals, Shippings and Phar- 
maceuticals. 

HONG KONG— Mixed with 
slightly firmer bias. on Exchange 
Banks Association Interest Rata 
sub Committee to raise Best Lend- 
ing Rate to 7:25 per cent. 

JOHANNESBURG— Gold shares 
mixed with firmer bias in thin 
trading. 

Mining Financials selectively 
higher. Platinums few cents 
easier. Coppers steady. 

Industrials quietly mixed. 

PARIS — Lower in nervous 
trading, undermined by continuing 
slide of dollar, labour unrest hi 
France and a Statistics Institute 
survey which said Industrialists 
expect French output to “ flatten “ 
over coming months. 

All sectors lower except Oils and 
Printing which eased only mar gin, 
ally. . 

-Schneider up over Frs 2 on 
higher first half year profits. 

Foreign shares also lower, 
except Canadians which were 
mixed. Golds recovered some 
ground. Coppers eased. 

GERMANY — Generally firmer 
in quiet trading. 

Deutsche Bank gained DM 3- 


Xn Engineerings, Demag shed 
DM 1, despite higher turnover 
and incoming orders in first nine 
months. 

Bond Market Public Authority 
issues showed gains of up to 
5 Pfennigs and losses of up to 
25 Pfennigs. Regulating Authori- 
ties bought nominal DU ' S.6m of 
stoc k. 

SWITZERLAND— Steady in quiet 
trading. 

Credit Suisse and Swiss Bank 
Corporation hardly reacted to 
.tbeir lower balance sheet totals 
in third quarter. 

Financials, Insurances and ! 

Industrials fluctuated narrowly. 

BRUSSELS — Mostly lower in 
quiet trading. 

UK, German, Dutch. U.S. and I vmor.Tei.4Te 
French shares also lower. Gold 
Mines mostly higher. 

CANADA — lower levels de- 
veloped in active mid-day trading, 
with the Toronto Composite 
Index off 2.1 to L229A Only 
Utilities, up 1.03 at 1S7J7, moved 
against the general trend. 

The Gold Share Index dipped 
36.8 to 1,542.7, Oil and Gas 83 
to 1,520.8, Metals and Minerals 1-8 
to 1,0843, Banks 1.01 to 291.62 
and Papers 0.22 to 145.54. 

Placer Development rose S ? to 
825$ on higher nine months earn- 
ings, Pacific Petroleum put on $£ 
to $S9| on a raised dividend. 






3348 
2 

fllSg 
15 

26ift 

417a 
30 
45 
ZOlg 
46% 

KtCffrCo — j 323* 

LtaWnry Trana^J 525* 
32Bs 
2338 




H.Y.SJE. ALL COMlOli 


Indices 


NEW YOKK-dow joses 


■!].!{: 197: eiinceiampllar'n 

. iw. . )"i. . n c t. ; ( w-r. , Oct. . On. _ - — — 

j 2fi J 25 f W ; as : 20 ■ 12 ; HleU ; bur ; Hiz* Lew 

i ' I 

Industrial?#: 831.12 850.21; HS2JS 853.66 8 £6.01 946-41. -07.74 1 7«c.lS J 1D&7.7R 41.22 
■ | • 1 i fe.Hli | <Sii2i illjl'ISi! C,'7:52) 

HimBdi-'i 87.S4, 87.51 87.61 87.54 97.71) ■‘8.72 SD.0E I 86.73 ' — ; — 

11 | ' ; 1 *4 'll HH.7» ! 

Trio •port._.i 217.52 221.81 222.54 224.73225.88l 228.67, 361.43 • 19-.9I • Z73.8B I 12.23 

I ' ! : : I : '?■*) ! i»:I» ■ CiiZltti I (c.T.-aa 

Urlntw-™..! 100.47, 101 95 IOI.TSi 102.17102.30 103.181 llO.tf | 101.79 ■ 185.5/ I 10.58 

I | ill (Sill i ,"24/ 10) j/3M/6yii(2£fM3 

Trarinu wi. > r ' . i I i 

■XOTt 31,980 9I.5W 29.880] 56.056 4S.E7(r 51,960 _ — _ _ 


Oct. 

Oct. 

Oct. 

Oct. 

| 1978- 

36 

26 

94 

2S 

High 

| low 

56.481 

i 

64.34j 

55.71 

54.79 

1 

60.38 

llL8j 

48.97 

(6/3l 


Rises and Palls 

1 On. 26 | Oct. 25 | Oct- 1 


Iwra» traded 1,801 I 1.809 1,896 

JUe« 160 I 623 i 650 


Xew Lnwv~.__| — 


MONTREAL 


Industrial 

Combined 


! I l | 1 

On. i l**. 1 Oct. ; Oct. — «. 

Sfi I a ] at I 25 High 

204.05 20439 204.08) 203.14| 222.14 ilLlCS 
SHMOl 201.85; 210.54' 203.431 226JS1 112/10) 


162 -so as® 

170.152 iW/Ii 


TORONTO Composite 1251.51 1251-8! 1228.B{ 1226.7 1652.7 <12/10> { 998.2 icO/1) 


JOHANNESBURG 

Gold 
Inal or trial 


254.9| 246J> 244JJ Njl. 
27E^| 271.9 272.1 Ns. 


272.0 rl4«l 
275 A (28-H9 


185.0 (33/4) 
1S4.9 (1 5/3) 


On* I Pre- I 1978 j 1978 
27 [ vkm I Hiffti J Low 


• Rn«f»nf lades changed Irem 4nj». 2* 
D-jl. SO 

7n>l. div. yield X ■- — 


• CMr'i hi?h 855.41 low 816.61 
-•* 1*1 2^ ‘ 'Y«*ar fppira'i 
5.48 6.49 


STANDARD AND POORS 

• „ j,. 1 , [ I | | IFF J^ine* Compiiam 

| «>•::. Ort. ■ Oct. [ Oct. Oct. On. i : ; 

| 26 ] £5 | 24 j 23 [ «fl > 19 j H.^li j l*w | Uian | Low 


t luiiuein* ■' 106.55 107.9? 103JD8 UMJI 108.58 110.07. lb. 71 1 iSj2 ' 154.64 I 5.53 
1 I I ; -U9. j ic.'ii .(Urliii) ‘SO-hStl 

i 96JJ5 97.5V 97.4* 98. iB-' 97.95, 98.53 1D6.-9B 86.80 ; 125.65 • 4.40 
j Compos He ; . i j | . : (L2.9. | l*;5» miittj ilAttt 


Auscralia'^ii MOAOj 
Belgium tl) 97.40 J 
Denmark '** 9A64 j 
Trance (Ml 79.1 j 
Germanyttl J 84L20 j 
Holland (tl) 81.5 1 
Hong Kong 673 j 1 j 
Italy md] 7L81 j 
Japan (o); 437.63 ■ 
Singapore (A)| 393A8 


540.79 566. 78 
I f2Zt9) 
97.40 1 10L16 
| (SiS) 
90.48 9eA5 
(l*/b> 

80.6 35A 
[4; 10) 

040.501 b6A8 

liifl.ioi ; 

82.7 j 95.1 

(llAO I 
671.731107.70, 
i HA) ! 
73.00] «2-o2 

, i&i9i : 

434.71 : 459.73 1 
<30/101 j 
392 J8 4U.rO' 
i (0*9) I 


*.' ■!. 25 | O't. 15 ; Oil. 11 [ l'cnr viO <i»]*prms.i 


Ind «l:c. ripM B 
1*i-i. H t 

Lnfia Gw. tV.lM llf*l 


5.09 j 4.93 

9.05 | 9.34 

8.67 • 8.63 


Indices and base dates (all base values 
100 except NYSE AH Caramon — 50 
Standards add Poors — 10 and Toronto 
300—1.000. tbe last named based on 10731. 
? Excluding bonds. : 4*0 Jndmunals. 
5400 industrials. 40 Utilities. 40 Finance 
and 20 Transport. E Sydney AH Ordinary, 
1 ; Belgian SE 31/12/63. “ Copenhagen be 
I / l '73. it Paris Bourse 1961. it Commerz- 


27 -vious High i Low 

Spain «aj 96.01 ~fl&\ i io.7c tf7jfr 
_ . I9ai (17'3i 

S Woden (cn 3f3.Ifi 2G6A5 40b.tt 525.74 

(4,151 lo.l: 

SWit erldf'W 267 A 267 J 523.7 2tl>. 

I tU-gl 

bank Dec. 1553. H Amsterdam industrial 
1570. rn Bans Sens Bank 31/T/&4. j|u Bama 
Commerciale Italians 1972. a COkjo 
New SE 4/1/88. 6 Straits Times 1966 
c Closed, d Madrid SB 38/12-77 c Sl<x* 
holm lodastrlal 1/1/58. t Swiss Bank 
Corporation, u Unavailable. 

THURSDAY’S ACTIVE STOCKS 

Chanse 

Stocks Closing on 

_ . traded price day 

Boetas . — 337.608 37: -2* 

Texaco 323,500 z~k — 

Union Carbide 28L800 ZT5 - * 

Polaroid — 269.900 4*1 -2* 

ITT 244J00 27 i - £ 

Eastman Kodak ... 22SJ00 5&i — S 

Amer. TeL & Tel *34.100 615 — i 

Southern CaL Ede. 217.100 241 -1 

Pan Am Air. 211,280 7/ — 6 

Occidental Petrlm. 285,300 ibj — i 


IS 



MurcbiUlDanKin 
f 1««4. ->t.irei> 


37a 

505 4 


0*4 

25Sb 

31S, 

93, | 

! 

103s 



mzm 


wsfftSKm 


W rr tiffi 


387 S I 283s 


F.T. CROSSWORD PUZZLE No. 3,808 RACING 


A prize of tt trill be given to each of the senders of the first 
three correct solutions opened. Solutions must be received bji 
next Thursday, marked Crossicord in the top left-hand corner of 
die envelope , and addressed to the Financial Times, 10. Cannon 
Street, London, EC4P 4BY. Winners and solution will be given 
next Saturday. 


BY DOMINIC WIGAN 


Address 


Northern Baby has 
chance in Futurity 



U!W 






Put Am WonlAirl 


Elis 1 221b 


■C If II <■■1! 









eat? 

zcl« 

5714 

H 

bOlg 

43U 
60 - 
8 b I 4 
371$ 
0 i a 

613a 

f>37 a 

- 

lOr, 

28 

.641)) 
- 7 
11 »B 

Z9M 

88 

267 a 

5? t b 





* i n ■ y. ' 







GERMANY ♦ 


'■■Mi- 




mbhS 

«■■■■■■■■■«■ 

■li 11 JI PVI 

\ -Vx'-V ; _■ 



m*'; 


ACROSS 

1 Exam results to which 
students incline f5. 4) 

6 Snake one caught in jelly (5) 

9 Silver takes first-class direc- 
tion once more (5j 

10 Bloomer by the elusive Sir 
Percy (9) 

11 Flakes out before girl in 
opera (4. 61 

12 Crazy to stifle article (4) 

14 Got up in prison blushing f7) 

15 Sorry for shortcomings of a 
phony newsman (7) 

17 Decline musical arrangement 
(7) 

19 Discussnoa group remains 
subject to amendment (7) 

20 Forwards at Twickenham get 
ready for holiday (41 

32 Witchcraft (10) 

23 Fancy having to spell things 
□ut (9) 

26 Engineers’ turn to respond 
(5) 

27 Cold in active state (5> 

28 Democratic leader going to 
eastern town sounds dimmer 
in car (3. 6) 

DOWN 

1 Tea so upset by disorder (5) 

2 Dissector of a nuclear 
scientist (9) 

3 Bird for a beach-boy (4, 6) 

4 Suggested one member told a 
story (7) 


SOLUTION AND WINNERS OF 
PUZZLE No. &802 

Following are the winners of 
last Saturday’s prize puzzle: 

Mr. J. H. Ash, “ Northside," 
Coberley, Cheltenham, Glos. 

Mr. P. Haddon, 89, Onslow 
Square, London SW7 3LT. 

Mr. L M. Harding, “ Langley,'’ 
Main Street G Lilian e, E- 




5 Modify a way of painting (7) 

6 Tip monkey to vote (4) 

7 Creature in police car (5) 

8 Drop in and the Queen will be 
in Scots town (9) 

13 To beg lift from warder may 
be torture (10) 

14 He says pin may be made end- 
lessly laborious (9) 

16 Beggar to restore I find 
impossible (9) 

18 Georgia has right to win floral 
tribute (7) 

19 Football team promoted to 
keep things heated (5, 2) 

21 Hold firmly to third-rate 
source of light (5) 

23 Boat for king to engrave (5) 

24 Boy in jug has to get by (4) 


THE ONE-MILE William Hill 
Futurity, which a few years 
basck, and under a different title, 
used to be won almost invariably 
by a top-class performer, has 
lost much of its cachet In recent 
seasons. It is to be hoped that 
today’s renewal will not be 
another tame affair after wins 
by Take Your Place, Sporting 
Yankee and Dactylographer. 

It Is doubtful if the 11-runner 
field contains a staying classic 
prospect of the potential of Irish 
River or More Light, hut 
Lyphard’s Wish, Northern Baby 
and Warmington should ensure 
a competitive affair. 

Lyphard’s Wish, at about 9 to 4, 
looks nowhere near “value" in 
spite of his undeniable claims 

DONCASTER 

1.45— Disco Volante 

2.20 — Emperor’s Shadow 

2.55 — Northern Baby*« 

3.30 — Chokwaro 

4.00— Bold Owl 

4JJ0 — One Asma . 

NEWBURY 

2.00 — Perambulate®* 

3.00 — Remezzo 

3.30 — Never Say Guy* 

after successive triumphs in a 
minor race at Yarmouth, New- 
market's Limekilns Stakes and 
the Intercraft Solano Stakes, 
and a game third in Ascot’s 
Royal Lodge. 

He was beaten strictly on 
merit when finishing just over 
a length behind Era-Mana-Mou 
over tbe distance of today's race 
at Ascot and although that 
form might prove better than it 
appears on paper, it hardly 
seems to warrant the Cecil colt’s 
being made such a firm favourite 
here. 


Warmington, too. seems far 
from generously priced, with a 
top quote of 4 to 1- He was 
an impressive winner of Ayr's 
Heronslea Stakes and the 
Fitzroy House Stakes at 
Newmarket where he beat 
Golden River more cleverly than 
the neck margin would suggest 

The Hindley colt then had his 
timdtatioDS exposed with a con- 
clusive defeat at the hands of 
TTomos and More Light in the 
William Hill Dewhurst 

A better propositon should be 
an each-way interest in France’s 
Northern Baby, who, contrary 
to some reports, has been work- 
ing with great zest. 

This bay Northern Dancer 
colt from Francois Boutin’s dmico. 

strong Lamorlaye stable won bis 
only race and seems certain to 
give Lester PiggotL who 
partnered him in impressive 
work on Tuesday, a fine ride. 

The event is unusually open 
and if there is to be a surprise, 

I believe that it will be caused 
either by Bolide, who looks par- 
ticularly well in himself at 
present or by Millville, from 
Peter Waiwyn’s stable, which has 
sent oat the past two winners of 
the race. 

-Tumping fields remain badly 
affected by the unsuitably fast 
conditions for the sport and at 
Newbury the Hermitage Chase 
line-up has been reduced to 
three: Party Line, Parkhouse, 
and Perambulate. 

I shall be more than a little 
surprised if the course specialist 
Perambulate, making the long 
trip from David Barons's Devon 
stable, does not come out on top. 

In a fricky race for the Group 
3 St Simon Stakes. Remezzo i’s 
just preferred to Obraztsovy. 


'St?:! 


Solution to Puzzle No. 3,807 sfain ¥ 


r-tHE&lEdf lASiHJSHKHSISEI 

m-m -‘x m ■ ^ m n 

EiEE00ffl*,E!3!IH0n0ffi 
ET 0: J II : .0 E' H E 
arassBciES : EnEsnra 
K-m .Fi ■ e 
0 mam asEDEE 

r • fn- : b n a- h • 
SEEESEEQE1B 0HEE 
S'V;-v a B 0 -Rtf D 
EEEEEOh .'EEnaOEEIE 
5 - G3 - 0 ’E E -E a Pi 
EMHEEBEEv ES0EQE 



&EEH BHH.v EEnOEEGl 

n a e o^a g q n 

HQBDO . GHnnnEQHB 
a b an n n n □ 
onn!3 nansa cqqeq 

n-'fl"- r n •.*.* n 

£30003 DQBHE3E3BQI 

• q *n 0 n □ a 

□nnQHBnsa 

□ • a n an 
□aoHD nnp ierghbe 
OE inannuE 
QEaaanasa scnEn 

□ a 0 - a a e q 0 
: snaaBasI 


.AsIbiuI . 

Banco Bilbao 

Banco Atianrico tl.OMl 

Banco Central 

Banco Exterior 

Banco General 

Banco Granada 0.000 1 

Banco Hlspano 

Banco lnd. Cat a.OODl 
B. Ind. MedEterraneo . 

Banco Madrid 

Banco Popdar 

Banco Santander f250) 
Banco UnmUo a.M0)„ 

Banco Vizcaya 

Hjhi 1 * ZaragOEano 

Baatnmioa 

Banos Anddncia 
Batwocfe WDcox 

ac 

Dranadu 

nunotantf ..... 

E. I Aragonftsas 
Espanola Zinc 
ESwt Rio Timo 
Fecsa < 1.0001 

fenosa q.OQO) 

Gal. Prorlados 

Grano Volnvraoz 14BB> 


123 - 1 

237 - 4 

239 — 

305 -9 

272 - 8 

253 - a 

1W — 

2 sr ~ 4 

182 — 

1 * — 

221 — 

225 - 6 

346 — 

308 — 

2S5 - 5 

252 — 

1(8 — 

1« — 

29 — 

82 — 

245 -2 

73 +2 

44 — 

1» — 

SJ - LSD 

64 - 1 

52 — 

58 - 2 

US — 


Hldrola 

Ihrrduero 

Olarra 

Papth-rns Beuoldas 

Pniroljh-r 

Petrokos 

Sarrio Pa patera .... 

Snlacc 

Soeeftaa 

Tclernolca 

Torras Rostench 

Tutiaccx 

Union Elec. 

BRAZIL 


U -toiler 27 

Acesttn 

Uaa.odo Brasil... 
Bniu-o luu PA‘.._ 
Iteico MlneiraOP 
LiTW Amer. OP,. 
Petiotna PP.„„. 

Pirelli OP 

aoura UnuOP„. 

Ump : } 

Val« Hm LVkv PI'! 


72.75 - 2J0 

82 - 

98 - 2 

38 - 

«0 - 

185 -3 

37 — 

65 — 

327 — 

80 + 8.25 

79 +2 

«LS0 - 2.80 

55J0 + ISO 


- Div. * 


0 87 I — O.64I0. 12l 15.79 
188 +0jrap.l6i8.61 
1.44 +0.12 J.37SS.B9 
1.01 —03)4(0.08)7,92 

o.t‘5 L. ,l0JH)|6.6S 

2.1S —0.0^0.13)6.04 

1 S3 —aa^J. 161 12.05 


vHiOP J 133 —a07jJ.16il2.05 

j»Om,OP„. 2.28 -fljnla.22t9.& 1 

6 SO !+0J»!JJ«>;4.7 

** LWr P1‘l 1.^5 : : i.lb ! 17.1 . 

Turnover Cri06.8ra. votnmo ALitn 
Source: Rio d» Janeiro SE.. 


NOTES: Overseas Prices exdutie s premium. Belgian (Dvidpods are after 
wlthholdins tax. 

9 DM30 den ran. unless otfiere-ise staled. ¥ Piaes. 5D0 dtnom. unless oUwrwtfe 
Slated. A Kr 100 denom. unless oibcrwiso stated. ® Ftt 500 dtnom. Unless 
otherwise stated. 7 Ten SO denom. unless otherwise stated, e Pnce at time of 
suspensloti. a Florins, b ScMlUnts. c Cents- d Dividend alter peadi&s Hlthts 
and/or a.iip lesne. e Par share. I Franca. <* Gross dtv. %. u Aasurded dividend ' 
after scrip and/or rights issue, k After local taxes. m% tax free. « Francs, 
including Unilac tfiv. p Nora, q Share spilt a Dlv. and yield esdnde special 
payment t Indicated dlv. a tJnafBdal trading. V Minority holders only. V Merger 
pendtoc. ‘Asked. tBId. {Traded, t Seller, z Assumed, xr Ex rlSUX Xd Ex 
dividend, xc Ex scrip iasttc. xaEx alL a interim Increaaed. 





































































N ri ,kNAl l(t\M H\-AN< IU AND COM I'.VNY NKWS 


ij4 . ' - 
■ * , . ■ • • 

, :: : 


LTV reduces its deficit 
Respite furnace closure 


OUR FINANCIAL STAFF 


Currency 
swings cut 
Swiss bank 
assets 


BANK OF NEW SOUTH WALES 


A$1 11m bid to increase AGC stake 


BY JAMES FORTH 


SYDNEY, OcL 27. 


- moved closer towards the reduced its net operating deficit stemming from the effect of- ... 

;• -even noict in the third from Sl8.6ra, or S1.42 a share, lo higher raw raarenftl coals. I By Our Financial Staff 

. .er, clashing ns losses con- 52-Tni, or 32 cents.' Sales The aerospace activities of- 

1 Ira ’ Q* r S V 14 a tD ^ 83.R7bn against LTV produced an Income during; TWO OF Switzerland's three 


THE BANK New Sou ih Wales profit tncladed a shift in funds reserves disclosed was altTihut- tn A SI. on units of this occurred 

has made an ASJiJin <S132m) from liquid assets as statutory able Asl6.4ni to the savings bank before the partial takeover was 

bid to increase its stake in its reserve deoosiLs to trading bank and AS60Am to the remaining finalised the terms would be 

□nance company offshoot, loan- — giving better interest bankmc operations. three Wales shares for every five 


Australian Guarantee Corpora- rates — and satisfactory qrnwth The directors said ihsr these AGC. Shareholders may offer 
tion by '-3^8 per cent to 76 1> per in savinss bank deposits, with figures should be considered in more than 50 per cent of their 


■ diirinp '‘•’'"nnnf **"•*£. 7 quarter of neM \ oar- , . . . , months. cillns mmidary 

“* I . r, [* K . " nj-riod *hcn tho l.ykess nine monthly results influences as the reasnn 

try p njoyed a « per cent Meat and food product opera- reflected this dilution or the red | ’ 

, • , Th( ‘ shutdown also in- lions turned in loss of S4.1m ink. dropping lo $17.03m. or I Operating profits also came 

?d Janos and Lauabhn’s after 56.7m a year ago. The main S2.63 a share, frum last year's rtow ?. mi* * ,rsl n,n * 

reason was consumer resistance Pl75 4iii, 0 r S19 79. Revenues in- 1 P 011 !?* - 15?. 00 


r i he full nine monihv LTV m certain hrand.-d reiail products creased 'to SL46bn from SI 35bn flgure-i— rcfieciing both 
. — . tightening ni interest mai 


Operating profits also came |o 7 o * 
down daring the first nine r L.» nt 
months — the bank gave no [ Jihof th\ 
figures — reflecling both a rhJ 


previous year Af.f... at present 
53.2 per cent owned by the 
Wales, contributed AS 19 Sin or 


tpendintrc and good support assets of AS11.46bn. 40 per cent interest. 11 was not 

nm overseas operations con- 'the offer to AGC holders is for until 1972 lhat its stake crept 
nued. AGC total income for 50 per cent or tbeir existing over 50 per cent. The finance 

v year ra-e from AS6l9m to shareholdings. The Wales’ direc- companies? have outperformed 

S73Sm. tors said that they believed the t j,e banks in recent years; 

The Wales' directors have P urcbase would further parT |y as a re*uli of the mone- 


rr dI °d ks ! Pan Am confident CAB 

Our Own Correspondent wiii approve National deal' 

NEW YURh. lirt 27. BY OUR FINANCIAL 5TAFF 

^•hlch 1 fwSiT?"®? t-Tc,' PAV AMERICAN World Airlines If the proposal is rejected, then 

wS'V; ’S 5 K ..1 it: fsu^J! «*« ^ «.n *.« «»• 


The assets level was. ] 
ever, in spite of its fall 


Iram , • Wales, contributed AS 19 Sin or lifted the dividend parent from l ary ‘controls on the banks. AGC 

” me i37J per cent nf total earnings. 30 cents a share to 32 cents helw v epn * he . ,Hn . S rou .PS- b “* has been the outstanding 

-e ‘nn ,n recent > ears the earnings which is strongly covered by performer. 

? no i growth of the financier has out- earning share, which rose . t J , ^, i " d ^P e n " dent n;,lure " AC.C is the only finance com- 

liphieitinc nF interest mareint ' stripped that nf the parent’s from 76 cents to 107 cents. T hl ,is.r ii .1™ ■h-.rw -n ih P P an - V backed by an Australian 

; hott , hener'm fhe kites? vear ,pati of mra ' olher banks and b3sed on ,he markpt P rice oF nib^h-vf^ 

Jit IB i - } f', , at revealed inner reserves which AS7.5S a share before «he ^ her .i have all been acquit ed 

« « h ‘ AfiC yesterday reported a 194 f, ari pr el -inu>ly not been dis- announcemenL The oiter values b > l bl? banks, but there has 


irnina- ri share, which rose 1 n*'l ure AC.C is the only finance com- 

W '■ onts “ 107 «" w - Wwartt tbm *in m .te yX-TSS ■vhirh" trtif«I }3 
The Waies also followed the bank Tor every 10 AGC shares. ,rad t>> 1 b " k .- h h v!-.« i n. 

ad of several other banks and based on the market price of °p ,he ',^1 ° " ,e j 

vealed inner reserves which AS7.5S a share before the " ,he f* have all been acquited 

d previously not been dis- announcemenL The offer values P- v lbl? banks, but there has 


Our Own Correipondent 
NEW YURh. i.rt 27 


ner pern nn un ihe SwFr 53 Thn J , ___ r . o :| n previously nm oeen ais- announcemenL ine oner vsiuen “■ — 

ES infi 2! [per cent mcroase in earning *o f | 0sC , d Thjs f o]ltiwod a recent AGC '■■hares ar A62.27. compared been a long standing arrange- 
..... The bank’s tmaMenrilnp » AS44.5m. The U ales hanking announcement bv the treasurer, with a market price of A j; 1.60 men! that the Wales would not 


vear The bank’s total lendimr . announcement pv me treasurer, wrtn a marset price oi .-vs>i.ou — 

d dnrafstir airl fore ™ I activities showed an earnings in- Mr. John Howard that the banks before the news, and a net asset Sp Jhai far with AGC. 
borrowers in ihe ihird quarter d m ° ! ' 1 "*** per een1, af would be required in give greater backing of A61.33 a share. The dircnnrs nf AGC wi 

^rrowvrs in me imro quaner j A549 Jm. disclosure, starting wiih their The Wales' Board also meet on Monday to consider tb 


rose by SwFr 97m <u SwFr 
2i.4bn. 


At Credit Suisse, ihr change 


lAS49^m. disclosure, slarting With their The Wales' Board also meet on Monday tn consider the 

I The directors said that the results fur ihe first half of 197R- announced plans to split the bid and are expected to appoint 
; main reasons for the increased J979. The AS7fi7m of additional bank's shares from AS2.00 units independent advisers. 


EOE activity rises to new peak 


n!r. 0 ^ d ■VL-° r ,he firsl gxeculire vice president, finance covered by arrangements already | mn , IM 1 
•quarters o. this :• car . aad developmcnL said in London, made with 21 US. banks. 

trase us m lo.ik for a third - »> flr ' ei 

ciitjvp record vear — lie quarter 

Steady growth at Aetna ““ 

3 ih are on sales of Sl.Sbn. ' ^ rs.^Hi 

Bolls said that capital , 
liap over the next fiv-r yi*ar< ’ 


Without ihe monetary 
ipuci, assets would have risen 


BY JAMES BARTHOLOMEW 


CSBP bid hits 
Wesfarmers 


by over SwFr 2bn during the TURNOVER ON Amsterdam's, new high represents a fun da men- The EOE has calculated the 
quarter. The bank's total European Options Exchange j a | j n c.. . . in mieresi. a spokes- value of the underlying shares 
lending rose by SwFr 217m to reached a new high this week. man vesterdav nointed out that represented by options exercised 
SivFr _1.9hn in the period, breaking through the level of .. ' ... hi „v , n in the Iasi week of the October 


By Our Own Car respondent 

SYDNEY. Oct. 27 


BY DAVID LASCELLES 


NEW YORK. Oet. 27. 


Credit M. «Id fiat its IW S» week 'Tor' the ^ -w ^ j ~r was ^ 
franc Income from inter- (first time. A total nf 10.805 con- un dertviS markofs ° shares was DF1 12.5 m (SR.Bm ) nf Kcglern AMT* 

national operations was affec- J tracts were made in the week depre eri - R mark* ». and ^ of American shares I j w * w,2' 


■ ■Mf. Lilt Iiv* I IMI II-JI' ... 1 nmiooaj liucrununs was anec- . irauia ncic kiuuc III lilt auu UJUI ui .-IIIITTI II dll jiioii." , | r |L> ' 

i total aboui Slbn. cum- ' AETNA, the largest U.S. life- and than the very favourable gains; tiHi by currency swings, with I ended on Thursday, compared The new high in turnover is $2.4m. This i.s the first time ; wa * P ar "y rcspunaiuie lor vye.- 

1 with ?fi08m m the five-' CJ.Mu.lt> voinpuny and the first to i n fi rsl twl> q Uar ^ frs n f this carniiics power also ilampeneil ‘ with the previuu* high of 9.935 still well below the initial target such a figure has been available , {n -*l 13 M Farmers Lo-operau e 

period ended fhis vear. -report this quarter, boasted net ycjr Wi(h carmnils uu ->i npr l hv pressure on (merest differ- (contracts achieved in Ihe last of 7.000 contracts a day which on either the Amsterdam or the , sunenng a cirup in earmngs tor 

■ the first nine months of earning* from operanons id ' f p “ p h er ] mfiiiN aurt bv the munclarv week of Aiiciim. the EOE wanted to reach within London traded options market, jlhe jear «•' June J,™™ 

year. Mead earned ^3.78 a n 132.1m. equivalent tn- 83.44 a r , ;h f „ sh defence nieasuves brought In The imm^rfiaie cause of the a year uf the ooeninu in April The British traded upturns Aj.£fi* m lo A81.95in_ t US!>-3m». 

on sales of ?l 7bn. com-; share — an increase of 7 per cent b ! bv the Swiss authorities. vnt -rr anpeared in he the expiry The EOE now recognises that market in London has suffered a J Wesfarmers firsl tried io j.ain 


-cries on Friday this* target will not be reached fall m turnover in the last four \ control of the state's fertiliser 
n 2.500 contracts and i« hoping to achieve un aver- weeks, parity because the Inland maker. GSBP and Fanners late 



•• Profits continued in improve. in reflecting growth in premium in- 

the third quarter, hut as antici- come uf 17 per cent, and a 28 p.'rl «■«" 

patetl 3 t a mnre moderate rate cent gain in investment income. I pconoiI,ic •dtualion. with oper- 


strenglh had developed sati.v- 
fili'turll} III view of (he difficult 


Rut ihe EOF believes th:*t the turnover in the ncsl six months, transactions in the market. 


mmodity OFFER 40.1 
ist BID 38.1 


uble OFFER 66.0 
tion Trust BID 63.0 


of $1.3Un fur the first nine; in the same quarter last year. Mr. Filer added that business I » n !f u ?* ,f t S ha, \ .'ir" 'before las» when 2.500 contracts and i« hoping to achieve un aver- weeks, partly hecause the Inland maker. GSBP and Farmers late 

is of 1977. Revenue was S2.43bn. up from growth cunlinues strong, with; b “ r ' -'’ on *v* ™ 0,l ' e Y l ‘ r - b -J’ * l,p ; uero mad*-. Turnover remained age' of 2.000 cnntracis per day Revenue has ruled thal pension last year. 

S2.f)3un. '. revenues up 18 pnr rent in the j*™**’*' ' high in the following week— in its first year. This would funds will be liable lo Capital AOer strong opposition Wes- 

Mr. John Filer, chairman, said: first nine months to S7.1bn. (a s dealers opened r.jw postnnns. still need a substantial boost to Gains Tax on most of their farmers was recently given 

“ Profits continued u» improve. in reflecting growth in premium in- vl. ...i_ IT Rut ihe EOF believes th:*t the turnover in the ncsl six months, transactions in the market. auihnri.saiiun bv the Trade Prac- 

ihc third quarter, but as antici- come of 17 per coni, and a 28 p.'r JSSSlc wlih Z- tic *s Commission io acquire con- 

pated at a mnre moderate rate cent gam m investment income. H v • nri Y • v • j troi of CSBP. reversing an earlier 

r, f T . , . Philips sells shares m Turkish interestS|^ 3 ir t,r,^ tlieefffCU 

Setback tor Kennecott BY CHARLES Batchelor AMSTERDAM. Oct. 27. S& 

BY JOHN WYLES NEW YORK. Oct. 27. | PebblC Keach deal THE TURKISH industrial and peered to lead to a considerable This co-operatinn is the flv«T . associated with the proposed 

KENNEC0TT Copper had an the third quarter, against LOS ANGELES, Oct. 2G. banking consuruum. Haei Omer Erowth nf busmes.s. it said. ,!*[., ‘ he in , « rwult ^^'dfvidend to shared- 

unexpecied third quarter loss S 171.2 m la>1 year But instead! i Sabanci and Akbank. ha.s taken Philip? manufactures 'amps and tl iti/ d Th! holders have beenhe'd at 10 Der 

nnwcun inr nf marker nrnrer-tmnv earn.- Tu-eniieih rMhira.Fiw Film i a minority share i if two Turkish accessuries. elass. radios, eramo- electronics. Philips said. The holders nave oeen oe.d at iu per 


Setback for Kennecott * 


ating costs having remained 
wilhiu budgeted amuunls. 


Philips sells shares in Turkish interests! 


BY JOHN WYLES NEW YORK. Oct. 27. ; 

KENNECOTT Copper had an the third quarter, aflainst 
I unexpected third quarter Ions St71.2r.i la>l year But instead j 


Pebble Beach deal 


LOS ANGELES, Oct. 2G. 


Commodity & Gensia! 
Management Co Ltd 
8 St George's Street 
Douglas Isle of Mao 
Tel: 0624 4682 


quarter and nine months losses year. , . - . — 

despite ihe acquisition of Car- The group would have shown terms, a Fox subsidiary will Tuns ^ b,,, P s r'waret. wniie e j U ded supply contracts for pro- 

bnrundura and an improved a slight profit from continum? acquire Pebble Beach by Akbank has taken a ta per cent f eS siona) manufacturinc equip l.ft. 


renmr Drain i.uiuviduvii ini ~ . oe rmn 

871m, says Ecu ter. Under the of both Turk Philips Sanayi and light projects. It recently con- 


mary producer customers. 


market for copper. 


i operations but for foreign ex- exchanging S42.50 in cash for sbare in both companies. 


Index Limited 01-351 3466. Three month Platinum 179.8-182.3 


Sales, inflated substantially change losses totalling S3£m.| each common share and 844-41 This pooling of Philips elec- production of television tubes 


ment and knowhow for the local 251 Lamont Boad, London SW10 OHS. 


by the incorporation of Ca^ .Nine-month sales were S1.36bn.j in cash for each preferred ] Ironies ■•expertise with a well and military mobile radio equip- 


I horunriuoL- stood at S455Jlai in against- S6S3.1m. 


established local group is ex- ment. 


1. Tax-free trading on commodity futures. 

2. The commodity futures market for the smaller investor. 


jMMGDITIES/Review of tho week 

£inc producer price raised 


MARKET REPOSTS 


hut *hen casraa back in dose on the late Badness atmc— Wheat: Not. JSjUKiM. FIITURFS 

Kerb at £mi. Turumter: S.WS tonnes. Jan. SO 60-90.20. March Ki»-8?.40. Mar '* L/LSL VUl URCa 

. 9S 10-94^5. Sales: 117 Inhi. Barley: Mrff. LONDON— Dull and featureless. Bache" 

.1 | , i , '.9 90-79.30. Jan. S?^9-82^.’5. March SI.90- puaonrf. 

Alumm m] B.in... |r-f-^r, p.m. »+*>r ?«jo. May S7JD-S6J*. Sales: ltc lots. ipence perbrln. 


U.S. Markets 


-Y OUR COMMODITIES STAFF 


•AL PRICES rose on ihe mju 
• ; «m markets this week, 
itc the downward pressure 
ed by the sharp fall in the 
■ of the dollar against 
me. 360 

.itinum surged to yet another 
-d and tin. too. reached peak 
•s in London and Penang 
ad prices also advanced 340! 
rely and there were more 
jst increases in copper, 
r and zinc. 

•wever. the European pro- 
r price of rlnc was raised 0,_ 
8017a to S720 a tonne by 
leading producers to enm- 
ate for the reduced value 
ie dollar. The bulk nf zinc 300 
lies are sold at the producer , 


n prices rose steadily in 
.ysia. with the Penang 
;et moving up from SMI .970 
cul above SM2.000 for the 



WCClV Alumm i*i] 11 -F-r, poji. *+or M50. May S7JD-S6J9. Salc« 1 C lots. ipence per kilo • 

o i cr urT lie 1 OOWbI I — |PiK*»rjal I — IMPORTED— waca I : C1VRS No. 1. Hi 

tSAofc. IfllllALo : • 1 wrci-nt. Xov.-Dw. TlUmn 1 . neller*. \u«ii»ti»n esterd.vV-f- ur 

, . . _ £ £ ! i s. Dark Northern Sprms Nn. 2. U per GisuvUtMlI Close . — ; P.-ne 

• U COPPER— Onloily e«lar. Forward H r /-i 1 — ! - cent. Ort. ISfi. Not. £35.30. Dee. £57. { 

•niCAfS ,,,er ? , moved “PJ* m ike Pre- J muiulu.: 602-.6 I-4.5 1 600.5-1-4 iranshinmetu East Coa-i. seUer. U.S. < 

marker <mi ns (o Easi Eotow.id detwriC. Hard winter 1J; per ceni. Nov. £SS.Ti Oi.-iulx-r BS4.D-&B.D — 

■ WllJVlJ. H (merer, renewed u-oakiwss la the nn~i& Doc. rtv. 30 quoted. EEC pratfeh nnou-ncd. U*wmiU*...E28.M1.0 1 - 

War cooped vi-lih Ton-carts nfonty a .loruhis^ree DOTt^ IW1. 0L^ k, Mb|m . rl s -French. Oct. £102.30. Not. BSB.O.iB.O - 

modest dnclmij in sioilcn saw the arice «-'• S M l 5 # l £«■» Dec. £M3 0 n. iranshlpmenl Ea't Jte.v S3B.B-40.0 , - 

ease back in £7M before a rally hi ihe 60 ^:;.,. Kert i. Cw:. 'flier S. African Wh.te Noe Dec. .|„| T bMJMS.O I 2 — 

alicmoon saw forward twtol dose at SSEi.. laSL £«■♦ m-h-t. s. Ain cun Y»llo w \m,qm iM.d-er .. .JKS.M 0.0 - 

producers' favour. The plan is *"*■ »aoo immc ™ ^ ^ ^ , , h _ ga.iMfi.o 

to base contracts either on a ^ rwrrf WT SILVER ja^rch^*. , ” fci 

monthly average Metal Exchange COPPKKi onirW I rnomusl , — SrJ%rr u . as BsK , , 3p an nur , cf bm-cr HCCA-Lncaunn w-farro ^nnt pn.-B.. SvoiiFY 11 GREASY 'ivrrier^ 0 Onv 


Gold, silver 
hit ‘highs’ 
as $ falls 


price or a daily price plus a t £ £ 

premium. * Winters! I 

Nearby coffee prices fell by ua*i«........ ; 744..5 -s 

more than £50 a uuuc u one iS35ftj%S 5 J 
stage this week, but the January Cathodaa 


Cnofflianl ; — srlvrr was Used I.3p an nonce Invtr H CCA— Local inn ex-farm vvit pn-'es. "L,'^ 0 sllfir ! NEW YORK. Oct. 27. 

“ — ^"vSSSl SSSS^I&ili X. b,.L C.H,lri«; j PHKar.US METALS r.11,.,1 ,han»!v tn 

! tf 1? a SLi* , «25r s, L-Jic ' rw iSv-ub Dec - "«•*- 3iP.a. Ul> ws.0. n: March ! dos. in hiMnric hich around for aold 


_ equivalents or the fixitw level' were - UK inmucary cu-eHic.em Inr the weec 

4t*' c ~ 4 — Spoi fill. 5c. op 0.4c: rhree-monlh *C5 4c. from On. 20 will ri.*c ro 137. 

/bd-P -4.2B m u_; c: ^LX-mODlti 6S9.Sc. up 0.«e; and 

■■ rj-monrh mS.bc, itp o.9c. The racial UIIROITU 
' opened ai ?94i-2»5ip ' 01T^>B8-r ’ and Hnscrt I\ v l»D CIV 


position ended only £37 lower AJ»»h 731 . 5 . 2 . 5 - 4 . 75 ; 730 . 5 - 1.5 -ta ar ■jvn-stsip •onr-Mstn 'and ciowd at ctpadier oMr,-- m 

al £1,424 a tonne. ™;j *'|i ™J;- 5 - 2 ->■» «i«. ■WMfc'- "! 

Under a compromise formula i .s. eas *69-7 i.ozs .! . r „ _ ’ p“' 

reached at an International Cof- AmalKamated MctoJ TradinB renoned 1 ' EH r.t ,;jsi. cent? (buyer. 

5ff Oration meeuns early w '■ — 

this Lion -1 IT was agreed that a us. 63 CaUmOra. three months 1733.3 " “ 22 m rr«n. . | Preiious YiMeri 


j 0 I ■«,- 355.0. .155 9. 2Sfi.B"3ja.n. 5: May 3 HB..k j jnd ji ltf.--ui^.ii:iPrau hi^hs in silver on 

3*1 0. .1H{>.5^li3).b. 4; July 3*5 j. 363.9. 3wj.ll- j a«ns(u. Commission llnn^ huyinc 
Sfij j. 3: Oct. JfiS.n. 349.0. .WS.0.36S.0. 1- , prompted by conci-rn al ihe rnDiinuin? 
Dec. 370 fl. :(7nj. Tfl.n.,370.6. 7: 41 arch j dr,jin>- .if rh,- U.S. dollar, coppi-r dosed 

J'lj. 373 S. 373.5-37S.4. 2. Tntal sales: , hish.-r on sprculaurL- and Iisbi arbnrape 
on the Lor. don 31 Inis. | buy me. (’oenj rlos.'d hiph^r on mixed 

mreresi tbrouBh- n : CommiSMCm Hous.- and trade hiiylne 


oui th- - day. dost ns ou;et. Lewis and MF AT / VFGFTA Bf FS ■ foupled wiih m.inufactiir>T support. Susar 
prat reported a Malaysian codown once **■*-*-»■ | i nin-i,.? i was Hrmer -on local sihon corerlnc and 

nf IM .353 1 cents 1 buyer. Novemberi. MEAT COMMISSION— Arerase (alsmcfc I industrial oruv llxina Rsrhe rnnnm 


' I w»6 Hrnu*r -on kvd) shon roveiim: and 

MEAT COMMISSION— AreraBe laisincfc I industrial oner (Ixins. Bache roports. 
prices i! represent attre marfceis on Oct.f _ , .. _ „ 

37 CB— Caiile M.3IO per kg l.w. •-0. - .'4>. Cocoa— Dec. I-#J» 'iTf.-sfli. ..Inreli its nn 


. 295.2p —1.3 293.1], -2 fi 


Ni*. I Prvtipus YesteHivv Business OK— Sheep 133 6o per Ke.esr d.c.w. HaXi. ! II s . ?' 1 " ^ a J _ llI,} •■■"a. SepL 

K.-s..-. ! CM** «'lroe lv.ue GB— Pics 47.1P per kc.l.iv. i-BK. I-Clo. Dc£. l.-.ao. Sales. Sll lots. 


MAY JUH JUl »UG SEP OCT 


cent below the average level for winters, three mouths neij. *a. m. 3 . _ . 

the 20 days either side of thal M - M-3- e - M-S - lme— tb™ 

mpptinn . TIN— Stlphtly easier. The n*e in rbe or« Mormiw 

„ __a Kah.BflH >a hum P«jana martcl saw forward standard <£-“ -■ 

Prodncers are believed to nave mciai edse up w rr.esa on the prr- w..-. 'C. Aft< 
been supporting the market to morkel. Bm rorecanrs of an Increase .'.40 9.3M.fi ■» 
ensure 1 rhis averace nrice f* warehouse sinrira hrowhi 0111 some Kerb- Three 
iri fixed as hieh as Doesfble ^The "'Twws Belirne which dinn-mned the pure M l “>•' 
axe “ as JUffh a® possible, ine 10 j- jjj, He<tee burins and pncina dot- mrA A 
counting period runs out on chases then poshed forward roctaJ up 10 lULUA 


• ttd- . .. £2. 7D ES.ro 82.99-S5.0G 9S.25 

LME— IqrnoverTJS 121 7 1 lots of 1P.090 J "P • 63.7p-e5.S5 BUb-63. 90 


England and Wales— t'jtile numbers up. Coffee— "iv rumrai-i- d->. ISIho-L.VjM 
ll.U per «iit. averac-. - pnee 65 Up ,149 25, . Mareh JL'.Ou-HJ.JS .I39.SS- ..Mar 
• .9:14-: Slwp up 19.1 iwr ,-^ni jvrr.w I i !W .[ S ..5 July i3ij>3-i:«'..nn, sept. l:C.!W 
nmp ■ +3S, : PW BP WI Bjr rem-.iK-c. i29».|:ii.oo. Marek omiuoied Sali-e. 
av-rane fi7.lp «— O.Si. Scotland — Gaille . [ OJ ^ 


Viii-Jiir 75.GD.7fi.6i 75.40- 13.46' 7fi.G5-7a.4fi COVENT GARDEN ■ price* in «!erun3 79.40. Xoh-v It fiOO Un*. 

Jv-eepi ; 77.65- 17.7i. 77.50-7735,' 7/.65-i7.60 j«. r pacKact- unleM siau-di— Imparted Cotton— v o -- D..i- 69 4.- ■,» '-n .hK, 
_ Produce: UmotB-ltaten: IM- lids new \ lan . h 72 ■.'0.72.4.7 ,71.65. Mir 74 m .ioly 


?ase this week, ivevenneiess 

dard grade cash tin gained *-™w ® ,n £ * * IU *‘‘ ^ ,0 "ne on Wednesday. Increased 1 

.5 on the week lo close at week. • Pnces. thoUf.ii. held p ro d U cer selling, from Africn j High' 


producer selling, from Africa I High Gnude £ 


He.- 

. 1957-0-58.0 

-14.26 1968.0-50.0 

H>it-Ii .. 

. 19/4.0-75.0 

!-SB.0Q 1386 £-70.0 

}biv .. . ... 

.. I396.D-2B.0 

-29.50 2021 J- 1996 

July 

..2UOOJWI2.il 

-24.M 2022.0-10.0 


. 1999.D-Z0.il 

,-10.00 2015.0-1996 

I*»x-.. ■ - 

1977.6-78.0 

:-10.0a 1978.0 75.0 

Men-li.. 

. 1350.8-56.0 



pound liramlpy 0 054, lifl. Lnrd IKt#v fl.iM ] *Lard— inn*r .23 uo., NV 

Ku-ures Clo-ted 1«p up to 4rtp rtnwn per o.fl i. Cut - * Urans- Pipp.n aoill.l2. prup.- .i.-ain 2S 7S rr..if„d i».t| i railed ■ 


Ypini'm' 


. Hu-. TUI-.. 

t I'RT ! 


II. Hie 


9ntidc«— Per 2S-lfc a 3H 0 CO. Turnips— i ;in utv cii. Mnn h iWS.Jo. May <S99.3o' 
P-t > lh .inii Parsnips— rvr 2SB» 0-W ilulT :n ^ 2n . s a |->. 3o<MQ Ioir 

S T„TU l !l , , r C #2J^^"£ llanov and Haman bullion seal 687 SO 

pounil Knit 0 4->U 45. Coro Cobs— F..nh 


nc values on the Metal ir was announced ibar the the marker remained basically jim-e monies ’das. to. so. ■ Lurrcc [SSSX izst^ss ^ oio iMKZioa 

hance were lifted bv the terms of supply contracts would steady, with the Fall due entirely lead-fitoiw. Forward nu-iai held .After _w«jiu tow iW* L" 0 ™!™ ne-emher!: luioo-sbls - 
- ' iucers* move to raise" their be changed next year in the to. the weakness of the dollar. ^ Soirs: n'.iM.' lou Vr in' toter*.- ' 


;EKLY PRICE CHANGES 


aminut 


lwilne»i. 
l.L.tjl. . 


« , 

unodltiM 


i jirii.-e- -t.'h'ae ■ 
■per t^nne on 
un-es-. 'week- 
•taied . 

Tear 

>1(0 

£94.25 

—1.75 

£34.0 

1 £96.76 

-ass ! 


r<ip, £91.5 •■‘■U.b j 

£91 

. £S.37o 

< i 

£6.000 

82.S26 

i— 75.0 j 

M.Q25 

| SL875 

j-s.o ; 

SEJ0D 

! swa 

■oU.O i 

8490 

| \ 

1 , 

£b47 

i £326 

1 - : 

£866 

j S636 

'425.0 ! 

' , 

3425 

i • 

: 9«10 

1 

833h- 

; 3290 

4 - 10 . 0 ; 

filti^ 

' C2JC9 

1—12.0 

££.441 

£I,f7 £ .J .-12 fc 

£2.050. 

£l.«SA 

-J7.0 . 

£1.628 


. Lat«»i. - 

IlFlPflU I 


I 81 B 

i“ w -v9 |VU gO< 

. per 10 tine ; no 
uinew : week- . 
Maud | 

T»r 

1 LffO 

High 

I>»w 

jr?io " — : 

£660 

£710 

£WO 


* Y««:- .OD uTiPO tonnes. - 

. SSteTn tawaas of mlT? n,>rai»i Dr.-*el Bnrimam reported In tte aiwr- 

Susi in warrhm^: l 25SSK SUGAR 

(b» fall wan ibousiu u have teen wr. £•>**«» 

rtont- and epod irado rappan lifted rte m^bTnii^tet a.S^a^ at lhc LONDON DAILY PRICE -raw wear, 

prirt io £40< on the mormon Kerb, with only lOtower on fteday* m £1DT.*H> 'niil.Wi a tnnne ell fnr Oct.. N-iv 

. good tonnage rewt<*d. In the aflrmoon ^ ... shipment White vnjar daib’ one* wa* 

; ihr mart: rl remained firm arrth fnrword iMWitai'-i a( uts.oo iiiismi. 

. maul Bnally SAW on ihe late Kerb. Turn- <*oirpFE L'Ium? ' + or ' Bn-anero aperuna prices were around kerb levels. 

over: IS.275 tonnes. ' ‘ — — — . P«iu* but qootaitons slowly improved over the 

- ... il per lu □ ue daj in moderate trading irondltion.*. 

i o-m- (+ *wf p.m. + nr 1 C. i^armtenw reponc-d 


Offlciol j — . InuffiL-iil — NoveDi'-er ... 151 1- 1514 — Ifi.Q' 1520- lbOO . 


I Free Mortal cj-t. ..- $1,040*0 -+ 10 A $9S0ifc0 . SJ.OJ6 ' ante itnonite' "l Wt ^6 ni*K£ 

£91 j £80.75 1 initousny (B9^Ti ■; Hl.ffib J — [ fiSLlhU 1 £LAe j £1^59 Neit inmiri 4 n 5 5 * a i — ' 

£lifa , £39.5 j Free S2.b60rt^ S2.475 J fiilab JiTs.'iiSrt] *36.; 


£6.0tx‘ £3.903 | Sffwire Ban. j £74S^ . ! +5.B J £GE6.b 1 £778^j£6l2 < 


; Jaoturv . 

I £ 1 £ £ . Uareh .. . 

Ua»h ' 424.5-5.5 — 8 >125.5-6.5 +3. fi Uav 

3 monlbi-.J 406-9 .-6.73] 406-.5 . + 2.5 Jitlv 

tfert.iimnn — B j — i rieMemter 

Spot.! — j *36.35 1 NiH'pml<+ . 


1423*1425 — 10.6 1428-1407 j 

1324-1525:— 11.0! 133O-1S09 Prf «. .Tnifcdiy > Previ.m* BusmeM 
12B3-I29B — 5.5 >1265-1270 IVmm. • I'kw*. t 'Ium* Unoe 
1253-126* -8.5 ' 1254- 1258 

1220-1226 — 1.5 .1220-1210 . 

1192 1 1ST; — 5-0 1197 £ p.-r ronu- 

! Dor J 12.90- 13.10- 1 15010. 14.00; 14.25- lLM 


K imtb. Do. Dtb ::::.• xSS&pS B;m SSU JWtW ^SS^SJnS/9 ^ m 5 m iss: s^-!Wtj«'SKftSSiM 

I'tJbtl 5Lb7b Chsb C4tbodoD.^....i £731 j+5.25 £670J I £77.0 £8Q2JS mree rrwmiis rtTO K ^S Ut ,co l"* lca,or Pn«s for Oct. 2B lU.S. - 

i monlli Do. £7bl.7B i+i».7b K6UU.75 DTte.n ! £6 14.75b CaSh fSv three monlhs £4DS 09 cents Dcr pound!: Colombian Mfk) -lu“... . 120. 53-2fl.45l 121. SB-21. 2S 21. 00- 19.40 

5910 1 Sd32.5 Quid per iw..._ 8354^75 +8^6 «160.H6 jfa».U» S«UL kSST E&h MSU tilrw mnta , 17050. OTIMls unwashed D*r IS'la'S'&m ommSB'&w S 

£770 I 8587 U«rt Cub fi ..... £*2B .+S8J3 £35L5 j £*3d^. iSTJb^q £ 4 >ij. M,' QO.ri. M. 89.5. Arabica-* to4.M ■samei; other mild ISi'Sao'S !5a'on"S'IS‘® 6 «w m ,B 0 Mn-elv'- 

£3to : £3bo 3 minute J X408J3 J+84^1 £367.i7fo£418JS ZINC— Steady. Fonvnrd metal mirrored AraWe^ I5t»..n flSLSr#: Bobtma^ JCA -Uan-h .. 127 .bO-28 J0. l29.W.a0.6ll| 150.00 

5*40 ; S49S t Nleiiel . I ^ I i ite roovememB m lead with ihe price Sales': I.lSu tS.tUS) Ipis ul Jfl tonnes. .i.etninm 

Free Uackui-.i.f.ib.l SL76/88 :-0.02b . S1.80C.U) S4JI ; 6J-7Jo rising to Eas on the twc-markei before I'ann. . Daily average laO.4. T-|l . amJ e t-reGru-rr pru-e for 

i Pluiauiupwiy. -. I 8142 I — £84.-990) | £1*2 \ £SS commit nil tn din in ite t-hnrs follow) ns iisn.n-*. pranulau-d basis white ->uu-jr was SCibj LW 

SSJ0 ' S-'7?.5 Freo filarlei per n?) £179.3 1+bJ BS0JB) I £179.3 i £96.4 m mdlcaribiM of a fairly heavy fnrrvase in a llWC 'same, a lonoe for kmme trade and “ 

Sola , 5334 ... ., Clw .. vi-amps j . iiM,m iiu, . ■**>;. *. thnehs: Ttereaiter the pnee rcrovered UIV4*‘ ileajn mrj.oUi fnr export. LivERPOO 

76lNi - > ' Lila with forward m*.-ial Onallv Lli.9 nn the LONDON FUTURES iG4FTAI — The WHITE SUGAR— i l. e ..rrfer huyer. mcni i^le- a 

, silver pi a - ji.— j,’, 5?*^ : voi • '-vt'iri l ’ ,M ' Tnnmrcr: 4.WHI tonnes. niarKn nponisj l dp higher, wiih wheiu -.elk-r. mL-inws. sales'. Kelt. 1154... ;ilt.iU. un: the pu>l 


l *"* ! Soyabeans — \ov 717-715; i70na». Jan.' 

rfitt-JSR .n»'. March rw;.rt»i. May 744 

FINANCIAL TIMES ; j 41 '- Au « s». 707. 

_ . Nflv, tflsni 

UaL .7' M.i. '6|M..m7 .»*. • t“— ». , f ! fiSoyabean Meal — T)r~ 195.06-187 DO ' 

— 1 — I , ia«.:n>. j in. UK vsipc.ai . ik.io.. March 

r6o 52 'eS.S-a; < 3.74 5 236 16 | iw» 6C- IB* IW Mav I97 0v.i94.0u July 107.5A- 

< Hose: "iUl'y“r iw = iuoT 1 ,01 ^ An-- iv. nu-iMmi. Scot, iw.no. 

: ,ai nn n,-'. m no 

REUTERS Soyabean Oil— Do. Cfi.n 0 . 2 fi.tl ,23.501.- 

Jvn ?r, lu-.'fi '■* r.'»:in» March 2K.i5-2t.lH. 

Ilin.27 IJCL £6 I ll.aai .. «».« fi«i Hr Mar 2*. 9.126 1». In!} 7.1 Aus 25.50- 

- - — — — | — 23 SS. S'-nr ?5 2(1-23.111. Oet. 24 75-24.93 ■ 

1526.5 1631.0! 1495.8 1 1484.9 D-- >4 47-24.57 

i Base: Seo'emfier IS. 1BiI = lfl0«' , ,T ‘ '' :in - 3 ^ Slareh 

° i^)-9 Tli '4 al i May D.S64I BS. July 10.00- - 

DOW JONES I ton.1 Sep, IOI5 n t f io.23-10.27. Jap, 

_ _ _ _ j 9 sa hid. March 16 4U-I0.40. Sale*: ”.M0 . 

Dow ."Ix-V." , ■«.£,■ : Mail'll' 1 Smi ' ,0, * I 

|nn<w j -6 < at». uu-' Tin~,rf nominal ■ 7 lfi-755 nominal'. 

; ' ; * Wheal — Der. 365-?34> .150' March 5575- 

Tpe „..;ih7 78 3h6. 21:377 71' *-55.91 j "“p 'MS* 1 May 551. July XUi-334. Sept. 
VuMire-l >95.33 >98.52,377 36 52B 37 ’ 1 ‘- . Dec 34J. 

i Iterace int ..nV.w. — irwfi i hl\\IPF,G. rtci. ++Ryc^-Oct. 104.00 

i.4v era Re i9s-»-.».3b-inii) uiw.-s) hid,. \nv. ins .Ki bid ,'samei. 

Mnnnvc Dec KK.nn h,d Mar m so. July no.so. 

muuur s> [ ttOau— net «:iii .57 nn hi-ii tin; ss.on 

. ~ r r * i T . W — — I 'sa-CT!. March is a<K'-d May 7S.5* 

... j 'j J- ! ‘»M. iUmilU;'roi i asberf. July TV. SO j-iped 

Mn.j.U - ■ " . ; gh j IB- | -wi j fl Barley — Or: 79 5u ,79 iMJ hid'. Dec. 

Uinn., . :9B3.4laB5.5 IaS6 8^54.2 j ' ?£± b Ji'tlv ' ' » Z 

i Decern her SI. 1831 = 100' , BFI««i**-,fc-i M«i h„| .-."-.h.m hidi. 

-■ — J|\nv. .v, fin Hilled .293 011, Den.-. 278.2(1 


DOW JONES 


Dow . Uk-i. 
inn<» i '-.7 


L'i.u ; Muni li[ i twi 

-6 . if- 


I- uu, re-!>95.33 >98.52:377 36 52B37 
I AteraRe 1924-23-26= infl') 


MOODY’S 


| M l. I Mi. .U,uilii;Ve<ii 
5li*i-l('- 1 '-'7 ; 2S j -iijii | -ten 


.we Lmn nn. 1 963.41 ^85.5 ,336. 2 Kfi4.g 
i December si. mfsToo'' 


Silver pm “T™!' 

6 uiiKiLba per «..." L? 

r. ft m .137 


iiaws I — slotws iSlK.n f *!2Iii 

SUciJti. i-l.ls 27Lhp ! 3oa.ln , JWlp 
AK.Sp i-L4 275p : 3».70| ' . afcUp 


LIVERPOOL 


3M.70) ‘ . 2Pi'h, J 

r, L,-; - ' nur, | - .1, i ... 


OL COTTON -Spur and -.hip- 1 * w'JjJi, ^ 00 ownnal. 

a lu.'iiviicd u. tnnne.-. faring- w -!nT^ 'l'\ “"r 

,1 fnr ihe woeV in s.Wi i«mio. I'*" 1K • l«*jn •. 


*lv inrnnvpr ftu» v-ar ! 'T-warehouso 

ui-s 'innparod »uli 'he I flU n,.„ .nn I)™ . -ft 3 • >l * r ,rn r 

ur:_ter demand 'A i "22L m 'Z?. 


..... ...ft... nil renew'd micro.! 1 V!? Prim A V J ,r K? ££ 

13 «t 1 44.. '<i Total wlev 1«1 (mi »lSTi In varl-in.5 African. Middle Eaflcm and j J' -Vvm* n ^ 3 -Ji 

HONG KONG: Sugar fuioret-Hricea J-alin American mvI«. y. ». Ta«er»J» s' nnn^ ILSli '’S..I 1 * ba !%? fj 

.(nod 41. M .......I- .in the .h ren..M(¥t. VOTHMISC, 3.11011 DILshcl IfllS. 1 Ss' pST 


ii I’wri 

- N". .1 L 

*r i Raw, 

•loua Vi. i 

'Quality, kilo .• 
>;>wini kiln... . 


£li8 — . 

S3.C' 

£107 -LO 

£lhd — 

lnOn . — 
tip - . 


£196 £lsti ; £17, 

hifcO-70, StsP 1 »h2u 

£93 £114 i £61 

£l«. ; i'lifO , £172 

Infill ; IfOp ; 1-fp 

98p ‘ fOp 


I Grains 

Barley - 

Home Kofnte# .... 

1 M».re 


; • i - CTK.5' 
CC.Se, -0.15 i £*e.Tb 


5 month U 558- .5 -6 367-0 

> mem — 357 -— S.S' — * .... • ..y. ■ 

i'rlin.iveli- - '•33.6A.h WHE# 


• — — sained 4li in rtfl tiuiiil- nn ihe wt-efc ih rcpuKCd. 

BARLfiv Buhl irarttiM. Cli’.-mc vri-.-v- HONG KONG: Cotton future* — Prices 


irny ounce fnr .*n or nuns "f 99 n per 
rent poniy ddrvereri NV. ■ Ccwis per 


Morsme: Cash Ctofl.S; three months 
(3M 3. 67, «f. 88. es.i. Kerb; Three 


A^yV + or VrotjnteW + nr SSreTfu K 


tip - 4' ' »P 1 Mp irreach.WTmlo*. 

vv M p. 27Jp till - :2Wp IHir> ,jS3lnlnii i 0'iplt l| f»i ' 'AmencanL 

s Unturned: -*KomlnaL fMadMMcar, 


-Aiueruani. ; — •( £5S.£5 CK.iRlO 


months r«7.3. SR. A7. 


U'nlli 

d.we 

.— 

••lc«e 

•— 


88.00 

— 0 . 1 b. 

79.50 

—0.19 


00.30 

-o.ra. 

82.25 

-0,75 

Mar... 

92.50 

;-q.M 

84.50 

-ojm 

May... 

94.90 


86.80 

• — 0 . 2 s 


*h™ amp a my »» in new seasons "ni*ns. vnin sains o up coniract m u„n. 

£ 1 *.5r“VEJP D =L Jf «“ o e « Mb *r STS? Zn iSfcK 


, tn ?iZ lv L.™ afiet ' !*:•••• Mw Clwin* pnce» yesterday were ChlcaEo. Tnledu S, iQu^atrt Almi 

AlKJHfr M?. Turnover: 31 Im i m. u-nis per pnandi: Dec 'S.l.VSB.lR. March « Ccm R p™ 69 Iti iSl m store.' 

international fiogar Amemeat IU.S. 7B 06»7H 80 . MaF aiKmoted. July unquoted. Cents per "4 Ih biiihel -i C-ms per 
c«wa wr pound i fob ami cowed Canh. Get nnauaiMl. Week's htgh-lov: Dec. & ih hurtei ex -warehouse'. «( Cw» per 


I^My 9 » B*«J1. March 78.&M8.W. Turnover: j« lb htisbel es-wareteuae. 1W8 8w80l . 
iflSii 93 lots f at. ] oiB. til S.C per tonne. 


■ ! 
i 


■ t 











:h 


s' MA 


PF 
ied tf 
ation 
an f* 
jer c 
con- 
asai 
.* on 
Gent 
e fo; 
ation 
13 th' 
Mi 
had 
rches 
elf. i 
F: 
ia V» 
<? Pr 
Haro 
n soi 
bscqi 
the 
not 
ors 
acted 
d a 
rial/ 1 
e Pn 
car 
lurol- 
a I CO 
the 
nt « 

Cl 1 * 
1 0« 
ttwi 
ii r h 
e Pr 
ic o 
d tot 
ant 
cil 
ist t 
; Es 
re 

ietti 
i in 


[■ 
I - 

f 


20 


British funds (to2> 

2'jpc Anns. 19.*, /jadoj 

apt ornisli Tr ins w it Sju, 6S*» H la 


1 J LrIK Treasure »*k 1*®t ft7U® "in# I, | 


2tae.C0M. Stic 20-S® 

Oons. Ln. 32/,,® ' ; ® I, 

3 ; ;pt Convan. Ln. 34 ij IA 
'At* tvenequer l»* ig 3 £ ioii,a 


Hoc Treasure **fc. i?<j* 97 -^0 
1 Sue Treasure ML. 1990 lOStf >t !?« 
1 4 pc Treasury stk 1992 104-59-enths* 

I.".* 

Sx Treasury Conv. stir. 19A0 97ii|* 


This week’s SE dealings 



-MOO 


Monday, October 23 
Friday, October 20 


4^W. 

«i15Q 


Financial Times Saturday «ct#er 



any snare ut dean m yesterday. TTk latter can be dhtflBfntttJtfl to 


Si4BC txeht-qucr Mk. 1982 90 i'i-o i‘» • British Cat SptGld.Mk. 1990-95 44 "i B 
loac Eacjicpuer St, 1983 94 H* -’a® ii»' ft 
*s '-I* 90 «: 41 k- 90<.'int u Nc 

TO',oe Ekcheouer 1995 86 1. 


- e j - • [n 

Northern Ireland 6':PC Eftthar, ilk. 19? A. 
i 1960 92": '21*101 7uCE«cM*r. «k. 


1982-34 74-; '24101 


10'rK Exchequer Stk, 1937 Bfi® 1 . u . -- --- 

ISPg.jErcl'Muw Stt. 199B gs. 1 ,*® ),« 3 3bc Redemption *lk 1966-96 4S‘,® T 

iZac^Enthooiier Stic. 1999-2002 95im® 

120< "Excheducr Stk. 2013-17 3? VO 


mid. Stock Exchange securlUes ore Quoted In pounds and fractions of pounds 
or In pence amt fractwu of pence. 

The list below giyes the prices ol which bargains done by members of 
The Stuck Exchange have been recorded in Tne Stock Exchange Dally 
Official List Members are not obliged to mark bargains, except in special 


. the flyt camot, the r e for e, be regarded os a complete recent of 
.. which business has been done- Bin-gams ore rec ord ed ■» the Wuctnl 
List op to 2.15 p.m. only, not iittr.trtradmt up be Included *n the fbUawfns 
day's Official UtL No mdlcatfop ts available as to wbetbrr o barsabi represents 
a sale or purchase by members o> Uw public. Markinas are mi necessarily 
In -order of axecutttb. and only on* bargain hi any one security at any onu 
urice is recorded. 


CORPORATIONS (37) 

FK«t OF SJAMr* DUI Y 
London Cntv. Sot 23 '23J0». _Soc 8D/j 


fiUK'taMoHNl J992 98.;® >7 „ .. j London tn.v^ oot j 

wJ^hcflucr AiiK. 19941 ■ ? ■■ ‘s , - | f|a nf, 79 ’a Do lRBh-nf 

'ITi-STr* S,k ' 1981 ^0% /O iis) 10i. 6« 96^ 


1 Kama Ins at Special Pnii't A Bantams rent* wiih or between non-rnemnerv ♦ Rirsains done jirevious day. 1 Kanearos done with /aembers *■' a recognised Stock 
ExWiaiixe. Jft Uanuina dune for delayer] nrlivury nr “ on Diiylna-ln.*' ?A— SAustralian: >B— SBabam iaa; EC— SCaaadlan; JflK — S H oQg Kong. EJ— 8Ja m a b ra n: Mia— 
SHalayan: SMe — ibiuucan; £NZ— sNew Zealand: 15— SSinKanore: SUS— HJniled Slates: SV,'t— IWesi Indian. 


13pe Eacheouer Stk. 19B0 102 \® <- 
S'jpc Funding Ln. 1978-80 9d< IB o 1,0 

i«® ii® *(« ij !» 

5>pc Funding Ln. 1987-91 


64 -.0 


Cpn o» London b'iPt 95’-4 '26 101. 6 :pc 
8 j 1- ■ 2 S 1 01. 7‘iDC 87 -V 9 -4 PC 8a ", 
I -25101. 


I0 :pc hds. Reg- ■23i5i79) 100 1 <26>10) 

9.10C 80S. Reg. (30151791 lOOii. ( 251101 
10 iPC Bds. Hog. 130/5179) 

9 ’■« MS. Reg. t6fol79> WV 31-64UH 
iftjs 

10-ipc Bdi. Reg- H3rGi79} 99 a 


|pc Funding Ln. 1993 61V ,«?***! n?.^ i9C 6 |n“,V 

6'_:K Funding Ln. 1985-87 77V® n v * 91 **"-bs 10u^- 


Ctr. London 6-4PC bi r .rs-10.- 7'^ic 89(< [ JgW BPS. Re 9- ‘”>'179) 99‘in i25/10) 


• 1 i i 1985 56-1® 

3^p r . .Funding S«k. 1999-2004 'Reg ) i 


SVpe Funding StH. 19BZ8-B84 B3'>.'® ' Oath {Cit» Q'l 1 * 4P* 9 4 I* 4, 10l 

2 |® 3'» '} 3 «, 2L‘u. j',, • b.ii.iinp i-.* *■» •:# ,<■: U '. M , „ 

6'ipc Treasure Ln. 1995-48 BOV f« i- . Birirtinnham Di»l- vnet. l2-;oc 1D3UO 

| -i*.: . Blackourn S-.uc 26 1 ! <25 10) 

7’.PC Treasury Ln. 1985-88 81V® i-„«- Bristol -C.tr Bit '50« 102.. 24-10) 

2 -0 f, i-ir. V 2 !'• flr(s:cl CPS. 7 jPC _69 (25.101 

7 '.Pr Treasury Ln. 2012-15 65':® •-. 

■ £6' IQ) 

flue Treasury Ln. 2002-06 66V V i - n 
3 .pr Treasury Ln. i^9--9u 51 «® :C 'i.. 1 


B. k JOBS BdS. RCB 1 18)7r79j 99 I25M0J 
OcT. l2‘« Bd< - R«9. ilrfl'79) iZ3;10l 

rl; 11 ® 6 Bfls - R °0- 1818179) 49>n 23110) 

9 .pc BdS. Reg. i29/a/79) SBL'i, ,2 4 /10J 
9‘ipe Bds. Reg. t5f9i79) 9B'*i> <26il OJ 
10 '«c Bds. Reg. rl9J9'79) 98 '-V* 

I3iwc Bds. Reg. i16>6162) 100'.- 


8 -PC Treasury Ln. 1980-32 91 1 


>:0 


Camecn 9rs 9b f2S Ifll 
Camden iL0"don Boro.) 12 .-pc 1985 
99., Do. •!** at £99'4 Hl £50 pp.i 
49'J <2 J- I O' 

Carcntr Cur Cntl. line 92': (28 90) 


PUBLIC BOARDS (19) 

FREE OF STAMP DUTY 
Agricultural Mart. Corp. di-ucDb. 1961-91 
53. Da. 1977-82 79 1:. Sac 1959-89 
bO iZA lOi. Bpe 1979-83 75V i24 Ifli. 
5>:PCDb. 1930-85 76 >23 10i. 5 -« 

1993-95 SOU. B'bPCDto. I9S5-90 62 U 
.23 ;0). 7 'HPCDU. 1981-84 81 *23 10). 


8' PC Itev or, L„. 1384-86 BB Vtt 


Durtarton Cnrv Cnd. 9-ySc 91. *.3 10. 7-VocDS. 1991 93 66 ;24'1Qi. S'-gcDb 
Edinourgn :Citr o»- D(M- «-ncl. Var. Ra.e f 1983-86 »!■;. iD.BcOb. 83 '2'e.lDr. 

'll- 25 dcI 97-. <-3 191 . Finance lor Inaustry ISucLn. 100*4 IZS »0> 

- , Edinourgh Cp". 6 :p» ■ M ' ■ ] 2* iQ) , Mnirooolltar W]r. 3 bcA 26-1*, 3dcB 2 Tv 

8‘*pc Treasury In. 1397 75u.® :»® 4 1«„® ' Glasgow 9V»: 93. .2B-1pi . .z&.iio:. S'-ec 88<< 

.. 5V. -. ClQ-jceslerahire Cnrr. Cncl. SVpc : 92 -4 NflrBi East Lines Wtr. 61-PC 77 VS t26>10i 

?S BSSK & Wltil C 2?W *** C 0iK E,eclr, dtv 5:oc 1977-79 

9^'Wurv Ln. T 9 99 80V® V 1 BO«, SSuc I T-PC^^lTl 0^ ^ ^ 21 

12« Treasury Ln. 1983 99«..:0 V® -4T® Hertlwdahlre Cnlf ChCl. 5VnC Mb 

.16 101. s :ot 7B‘.3 rtmt. 6-v 74 ’ji COiVDTONW EALTH GO\T&. (9) 

Islington IZVuc 98> a « .2610). 12 ,oc I REGISTERED AND INSCRIBED STOCKS 


12 ; :pc Treasury Ln. 1993 101® V.® i» ■ 


.Australia (Com with.) 5i;oc 1976-79 99 n. 


Aouascutum Assoc, A (Set 4&<; 
Aronson >A.i iHldes.i nopi 79 i24H0i 
A rgus Press Hlpgs. 49 «2a 10> 
Armitage Shanks Gp i25p) 72 >a 
Armstrono Eaupt. HOri 64 ‘-® 5 
ArncISc HlddS. New LI Op) 46 
Ash and Lacy C5n< 142® >26 lOi 
Ashton Brothers iHldsi.) 6>-ucDb. 

Ik® 


Apglo-Switt Hldgs. (25oi 32 (26-101 Casket (S.i cHlugs.) riOp) 33 '24. 10). | French Kler H/dgS. f25oi 35 A>: 

Applcyard Gp. of Cos. USoi 93® 1 ‘4 ! New MOo) 23 i24M0) lO.ZSecPt. T05 j Fnedland Doggart Grp. (25 p) 100 US J 1 01 

UE'IQj ,'CaRles INIdgs.) ;iop) 35^ 6'-® 4 1 

■ Caustan tsif-josephi 5ans iibp) Z5':® ; H— TI 

-,j. 10) 1 

Cavcnharn S.lsiCIStP'. aS tZ 4 , 1 0 ). 7toc ( CEC-Eiliott-Aotijm^lon fifcpcDb 1981-86 
istFI. 4 8 >X4), lb). lQpclUP] gd®. 9 -Vpc 74® u ® 1 

Ln. b9 *23,10). ICpcLh. 71 ■; -.25 10) 1 G£| imernatiORal (20p> 87 • ■ 

CAvydawr ind. «26ol 3*c «2&1li> I Gallaber 6pcbn 1983-65 70 (24/10) 

! Cdcstlon Inds, ,5pl il >; 1 . &adeytoro BfiMier -5u) o 

65® )Js* ,0c . ££!*" L SW : ii- ; Gartord-Lilley Irms. [5pj 16 (24M0J 

I Lement-Roaostone Hldgs. Uau) 1060 2® . Ganiar Scctolair i25o) 106 «24.'l0i. New 

Assoc. Biscuit Mnfrs. fZOal 77® 7 5. ; rrn?i-Tl Ihrm.nnn real IS js I 0nr« ’ J2Spl 105 I26,'l0» 

6ocDh. 77*; i2b 10*. 61-pcLri. 04 : : 2 sneerwood i5a> M-.-O. lOncPf. canon Engineering * I Op) 33 

IJlbTU) Mia .«4.i <«■.« ‘ Oli» tF»Mk Lj.* i25ul M tl 

Assoc. Book Publishers >20o) 230 Ccnlr * 1 . 

ASSOC; British Ertflg M2 '^11 7-> *25. 1 01 r «;£L, WaL'rin 
Assoc. British Foods (So) 72® 3 pSSSUEiS^r 

Db. 73V® aa. S-.-pcLn. ££ V t2 i 10.. _ .-FSssKSS 4,- ;W -, 26.10; 


Chamberlain 

AMOC. communications A ir5oi"il8 17 .at ,nf 

Assoc. Dairies (Zbpi 240® 38 42 1 

Assoc Electrical injK. BocDb. 78U® 71.-® : Cfanoc Ware® UOp» 15. l2ocP.d. «.Od, 
6VPCD0 64*: *26 101 i.lnii 

Assoc. Engineering <25pi 1121-ft 

Assoc — ‘ 

Assoc. 

Assoc. 



I Channel Tunnel Inn. i5P) 73 (24:10) 


(26:19:. TVocLn. 64 (24)10*- /iiPCLn. 
65v (23/101 Floating Rate Unv Cap. 
FMKCS 1986 99V 8:: 9=« 

General EoginomiPe iRaocldlei (lOo) -14*5 
24-101 



Audio Fidelity 'lOp* 33 2:- I .op yun s^n. u, . 

Audluuwiic HIdas. tlOP) 22. 12 dcPI. 12': 1 Chureh £0. f2a*J -77 
Ault Wiborg uSpJ 41 >; 

Aurora Hldgs. USd) 87 6 


L ._ n _ ... Glass. Giorer Grp. (So* 26 124/10) 

1 <C?e«neri-} Hides- 12555; .32 >24 1 0 ) ' GIjko Grp. 7-Vpiin. iSOpi 31);® • 

'Clarks NKkollS Coombs (ZSoi 61® . Gfaxo Hldgs. (50P» 5500 B® 49-0 521 

rurka .T-. 1 mat 26 r2S 101 <5 3. 7*«cLn. 116J«i 16 



&&*?::** ; 3 

Wto ** *** «w 127 

U6.10) HUM , [25o) 64*; U6.IO1 

a'Stowi’v 

<26101 

tSS! e Mna‘r 

L^ W |«1US^I03 9 3*74 >:« »8 lfL.17. 

L 7 ^Sd!n/ 71 ‘2 *.*4f10W 6‘sMlLn ■ I2fi 

Lriu «!* UOpi 65g UftTflk 

L a? ‘f!li. 40 7mw?fra 

L fi2rf*h Sfll- eSdLn. 500- 8PCLP. 800 V 

gg%,. 7 yviicLn. 66U £* 



. 7ft*pcm. 63'4-lW|li. , 

Rdonce Kjti C*mr L OQo} 

RrilonT Motor LSbT - TG ,»'* 1 L-. - , . . 

ROW1 P.B.WJL-- tZ5®> IDO..- 

JltltOM 1ST®: -L •' •'< u 

ReffinkU -tlOo) Ti9 JS-l. . ;■ f "-C^ -■ - 

Berwick asp) « — / 

RuStmer* L25P) SB. N*w-(2So ) CE . 5 -c-'J -- 

RerettBC Chomk^s. — 

Rtxmsre USLW 57 


' 


Ricardo Eoabrearx .09271 USp). 339* W, I' . 

1 26(1 nj ... j v* 

RW»w® WalUugtoo iMW- B* 7*00*2,-+?-' 


.... . . . _ . 

at (24/10)' ■■■ ■.-.■ , 

Nldiank (1007- 2t ®.j2ttr10j. - TjoteDt*. 
RkbanNom Wwtsartk..«5ap} 

Rbr-iOJ Ne« Sla f25/10>- > 


Rohorts Adwnt «3jd 10^ 


SOB;. Foods- lis&b 


RbbWOb fT.) CZ5p) 79 jOSriOT. . 


mfi Furniture Centres (lOii' l 36®. 8® B 
M.K. Electric Hldgs. <25w ZTOO I-T Ifl 

«i HW96. <«»' >K 90 'Z*'0> 

M a earth vs Pharmaoeottcal KOp* 105® 

fmic O*. (2Sp. -17 «*.n« 

JJSaT® -Hr> 4M UfrTO. - ‘ ' 

McK«tmre Brothers USpi 92 I2S.IO) . 
MarluntBSh (John* 41-ocH. 35';M • : 


Mackintosh '-John- 
MrNovil Gro, -ZOPI 32 ifiv.lVi 
Srnon D«uK> Grp. f25p» 74 C ' 
MSSt. south™ *0. 136® 8. New 
t2£p! 129 *26;10» 


Rockware GP- USJM T 2 A T IZVtOt . . ... 
Roas-.RoTce Motors HMJK (Z5pF.T^Ai r < 

RewU HHtaL tSp) 32® », . 

RouMx (GBl (TOpr 3« <20iT«) • 

RoteprfM raopv-sr-® - V-Vr" ■" . 

Rothman intnf.: t-(l2igt-te . j.; 4 . r:'- 

Rotorlt H0W S6® US (26tWl.rSk9tff.^. 

»I> rawioi • ■£: : -Lj, ,' • 

RdwHmm cwxtructid'S ■ Gpl OOto. ZT- -.' 

•-fZS/10) " ; . . . '.'i "l 5 --.-' 

ft c e ntre* Mackbitosb >5<tol 3B6® •; '.^V, 

SOWtod -Hotsto (2Sat T49® - ... . '-... ,1 i 

Royarworcestsr .OS®l *67. S'*. . . 

Rqycrf Gp. iZSP) 42bS ,l<® X ■ , - . 

ftuberoM <25pi 44®:- * 


Rugby Ponland Cement OS/ai M® VflflL -T--'- 
6bcLn. 60*^. • 7i«(.f».-62,L23nO) • 


RusseU «A.t fiopi 90 (2510) - .. 

Rusion' MoTtaby *6o«3b dSflOt — . 

Ry*<» 0.1 HldBB fSp> T2*r r .v . • . < 


su stom ruw ii *sj»Wd, urVw. 

44® 'Zb.VQt 


MaKir.son-benny i23p) S2»:0 2. dOocPT. | <s„. kHm>» 168 7® (26,10) 


3 -e: Treasur * MW. 1977-tO t?cs-- 9S'i 


3 :ac Treasury id 1979-al (Reg 1 

59'-4® ' *4® - *m 

Ssi Treasury srh 1986-89 

’iC- '- V >4 •• "l- -IS 

S :r: Treasury «w. 2003-12 iRco 


■ 2d 10 

Northumberland County 93V® 
Norwich Cor 3 pc 20-: -24.10' 
Salford Con 5>:PC 63 : >25 lO> 
South Tyneside 'Met. Borough- 
.99':® 


12Vpc 1 


FOREIGN STOCKS (3) 

COUPONS PAYABLE IN LONDON 


BICC ISOPI 134® 3® 50 2870 33 
S:.-pcDb. 77 '4. 7ucDb- 70 *4 ' 

BL iSOpi ZO;® 30 20 Z 20: 

BLMC 6pcLn _37".j &. 123. IQ.. 7..-pcLn 


47 i® 8 ; ::. BpcLFl.48 8>: (24 10-. 'Tvptj Comben Gra. -10a 
Ln. 51 49t : riopl 32 1 C26 .0 


123 10^ 

Mana9Mie*ri Aaency. Music (lOoj 95® S 
Mandere iHldgs.) ITStO 104® 3 
Manganese Broeu* Hldgs. <25 p) 67: 
Manor Natl. Gro. Motors Uoo) 31. New 

LZOP) 320 1 2. New 1 0'; pc PI. 103 .3:. 

1 2ncL_n. 97 72 

Maple iHId9»-l LIOP) 23, 8<»cPt. 46 

MapainVeob 6 bcP1. 45® 

MSks*Spen«r i25«] 83 ii® 1 3 3 31*' 2*2 
Marloy C25P> <3 2 

;iJSmm3i c.«"di^Mo« »>=• >.• 

IMarshad* -Halifax* tfBpJ ISA®. jDpcPf. 

i 'uA/vcrsal i25p! »46 

!K2mn. Alberti Hid**- C20BJ 86 

; taSsSt*" *s? 226 

Martbnair Intel. *20p) 230(24. 10) 

. Massey-Ferguson n.p.y. 6,0® _ - 

_ _ . MatUncws (Bernard) mp) IbS S4.&10). 

Collins -Will Son* Hldgs-: 2Sol US Grand M«roocl,tart-50B) 136::® 6:® 8 ; « l Tfe in, 

(25101. ore A (N-vtg.) (25p: 142 V 9 7-: 9-s. War-ants 4i; !28. 10> ) mjy Hassell -.2Spj SZ <26 101 
L26 10' _ _ 8 »cL.-.. 95 LZAitOl. _ tueU 97 i Maynards 4-2»cPf. 20- 


I Reg i 6 5 <4® 


S «5< Treasury s-l 19?2 87 ":k : 
9 , PC Treasury stk. 19.13 £9'-Q 


Scuthend-on-Sca Borough Counc-i 12 dc - Chinese 4i;ac 1898 18 C24;iO). Spc 

96 ;V =6 10- , ’92S 15 >24*10). 5DC tvll -German 

Soutnwjn tpn. 1 1 '.D-: 94 (24 10" 12 ;pc fssuei IB '26101. 5 pc Hukusno Rlys. 

'I p.i 97 4. 12',-pc f|*s at £99 -nc. , 'German Iss.i Drum. Bds. 2S i26.101 

£10 od.i 81, Ireland 'Rea. at) 9VPC3t. 78 'J <24 101 

Stockport 'Met. Boroughi 72*4DC 93 - Russian 4oc 1867-691 £5 :• (26 101. Spc 

7 906 'New Cpn.i £4 I24.-T0I 


34 >25104 New 725 1 Oi. 7 Opel- n. TOO V 

7'ipcin 64: Drattar. Warehouses 'Z5«) 104 

I BOC Inti. (25u* 66'.'« 7><® 7 B 7<r 7 2-8 d< ! Co-named Eralish Stem Gre. Great Unl*ersal_ Stores _i25p*_ 306 C26‘10'. 

ZndPN 29® tZB.IOi. 9PcTonnageDb 1990 !’?■ ..L XF*- 54 9 jncUns la 

d2'J (25.10, 

i BPB Inds. i SOP) 246® 4® B 
83V <2510) 


10<4DcDb. 


9 :P5 Treasury stk. 1980 97"i® 


24 1C* 

Sunderland Con. S'.-oc 87 
Sun-ey Court/ 8pc 92-. <24 70- 
Swansea Can 9 ' 4 pc 9S i;5ic- 


i,. Swansea ton gi 4 pc ys esio- 

^ Treasury stk. 1931 96'..® 5"„® ! JKg.,?*8S. .Vat*^. 

•.gp^Treasure Mk 6 i\l2 SSV ...» V WM 


7 0 -y. Treasury stk 1979 >03' 

SO .iw. T>e*sur# sis. 1999 BS'-k !i 
7 1 -ue Trjisunr stir. 79T9 IDO": 
■.•7-:ac Treasury stk. 1931 99 i.. 


SHORT DATED BONO-. 
FREE OF STAMP DUT1 
6Voe Brf*. Reg. ,22 1 1 781 99-*. 
pc Bds. Reg. -29 ii 781 99: 


■ 25 10i 


San Paulo 'State ol) 7 >:pc 74 
Uruguay 3 *:pc 93 (23'10) 

Beech am Fm. bv g.’ipcBds. 1992 110'- 
11 '* -V I: (26.101 

There Int. Finance Toe Bds. 102 V 3 *- V 
4 S >; V (26.10) 


BPM Hldgs. A i2Spi 65® (26'10>. N-Vtg 
B (25p> 67 126.101 

BSG Inti. IlOO) 41 1-® V® ao -a 1 V =:■ 
12'JPCLn. 100 
B9R 'TOpi 840 5* 3 


A Ord -ZSP' 2970 300 299 8.. 5-VPCLn. 
70 : [26 10) - 39. eiipeLR. . 45 :: 

i Comet Rarf-smsion Services C5oi 140 1 GteeitfteltS MitleCA HQpl 52 W 1 <261101, 
37 5 (25 10i ; 10-cP'. tOZV i2610) 

Com Fey Pm S'jPClUMt.Db 73® 5 Green's Econom'ser Gp, >25 p) 66 

ComnAIr (25a* 37..-® 3c Gresham (na-jc (R0.Z5) 93 >24 10) 

Comet on 'J-l Scms Y/ebb ‘Hldgs 1 lZOp) Grlaoerrods. Hldgs. (lOp) 62 

Concercric llQal 40 :0 <26 101 


Group Lotus Car Comp. (10 d> 4S<2 
G®. (Sd> 29 (24,10) 


CORPORATION STOCKS— 
FOREIGN 

i Kiel* (City Of) (Murt. Elec. Tram) sscLn 



5 8 


New 


APPOINTMENTS 


Bailey >C7 H.l llbpi 7V® *7" 1 

Baird Williaml 161 Z 79 a& TO' I £ ora !’ l2 ,?° 5 3 S * ,« .. 

1 1 pc t r«. ~6|' r<j ? 947' tot 95J ! K i* B 'y'» 0,1 t,K - Tram > SoelLn 'Baker Perkins Hldgs. (50o* 117 (26 I0> •' “rel Le^re GP 'lOm .13 14 

,S, Sv« 7 101.952 1 Ji- ,26 ,01 Bakers Household Stores (Leeds' ftOn> 42 Cosalt *25pl 64 (26 10- 

_l* ' 840 10 701 9 7F 131 • si. Petersburg (C'ty oil 4‘:pcBd 1913 £8 (25 10, Costain (RJdiardl iZSoi 24 2® 40 2 38 

10- ! Baldwin <H. J.i nop) 9 (23:101 • Cou -if reside Prop. iSpl 43 , 

■ B2 80 1. 6.25PCPI JB ChurtauMs 1250- lit® l*-0 '-7 16 1*. , Ha"W Holdings iaOo) 15a CZ3>10> 

1 TpcDb 70 VO IV 1 7'iocDh. 66 5V 1 Haima ;10 p) 39®. 1 1vcPI, 108® 

23-10). 5'rocLn 47>> ’26 >0'. 6'itc Halstead (James) (Holdings) dOp) 29 


UK RAILWAYS (— I 


H.T.V. Grpup cen.vtg. I2SP) 120 19 
. Haden Carrier (2Sp) HO® 12% . 

'Heggas [joluil ttooi 162® 54'- 
■ Mail Engineer -rrg (Holdtass) I50n> 105 I 

1 (26(10) 

; Had .Matthewl (2SP) 229 C25'10) 

UbHiaa U-H'wir •SJ’i r%\ ICt fTtll 


•27 10' 

Canad-an pacific *IC5J £I2'« (2& 101. j Barnfords^20n* 

Bank Bridge Grp. (Sol 3V® (26 10- 


\vhfi hae TPsiZTlPrt from fhP Board I Onlar.o and Quebec Riy“ socDb. 40 124.101 SjSre coral °Sd's C ?Z 00 ) 6^ (24 10 . 
of which he has hcen chairman) BANKS flOOl ^ Bargei (25o) 31 'i _ 

for 31 years. 


Group Ci plain HiiJTh Pandas, a 
riifpct'ir :»nd former manacin^ 
direclor of REDIFFUS10N, ha.c 

hepn appninretl chairman. He .. R . .. r _ I ArtMithnot Latham Holdings 1 60 (24‘10i 

succeeds Sir Juhn SpcilPOr W’ills. ■>» .If: A- Bateson and Mr. L. S. I Ausiraua New Zealand Bug. Group IA*T1 

Maihie*son have been appointed ‘.“.J? ^ _ 

f directors of C. E. HEATH AND 


Ln. SI': 
(26110) 


• 25 10). 7' PCLn. 

T-'iDcLn 56'::® 


Allan Harvey Ross 315 (26110) 

Allied Irish Banks (2 Sp) 227® 7 5 8 9 
Arbuthnot Latham Holdings 160 (24*10 


SINGAPORE STOCK 
EXCHANGE 


ciei . 77 


drt. :-7 


Industrial*: 

B<v. !«. 

Erri'ien-t 
Brenten-iBh- 
Dillilnp. .. 


■-'Irhll'T rs-l'c 
Tinm- HnL. 

Hr-rh*>< 
I' !> 1 1 it* 

I III V Uk 


F.4--, 


,;.ri' 

st.«4 

*.*«d 11" willies .... 
Fm-er Ncais I-.*:-- |-ni-|..r- 

Hd (kt„ l ItfMUn-fti.. 

Hume lie).. ! '■>. IVinm Jm-I. 
In. rirejy- . 1 >- Hubbers 

Metav l!r->». ;c-.Vi»d Hnm l.uHnna 


* ► ? 
?F? 


r). vr. 


M«l»v fi-nii. ; 4>« 


3!pf.H-< *>ina 
Uv'.l tiin.KL 
Pan Kie'.-tru.- 
H--r.m--n i.'i- 


? ■»:* 
r, . 

'.71 

ilfil 


f)illll|- K-lHlr 
KemlWis I 


:..**;« a 
.?>! 

4 42 


Tins 


R-thm»n.. .. ij.2dmll \>i : m'. Am. 1 


Sim;:.. 

^ime I lerhv . 
0*1-1 **Mn*(*- 
Sln»i|***irnm 
Srmitsitmi- 
(i »7^i Ltd.... • 


HprniniAi.. . _ 
.<.74«) l\BmF-Hr . . . [ 


f.K 


7.71 


■=.-0 


Kn-hm .. ! 
fr'irn IViak.' — 
l"-*i*tiiiij' I m. 

'Ufirt-niiH |.„, I 

Tnn»/,nhH»r.l 2.70 


Bank of Ireland Stk. 433® 25® ZOn 5 2 
30 2 8 lOocCnvJubord.Lp. 1991-96 


CO. (HOME). Mr. J. W. Hutchinson I aJ*® o^Montrea, (csz t 3 -, ^ ,»,h. 


becomes a _ _ 

HEATH AND CO. ftl.K.i. Other 

appointment* from November 1 1 bmE Si sJSiun^^Go.n^’io.^stk^zae® 


. _ _ mm or naonu-rai k-i» rzjiro* 

director of C. E. Bank o t NSW iLdn. Reg.l lAS2i 610 
) r.n rriKi nthoe ;23'ioi 


are: Mr. G. R. Barden as a director 
of C. E. HEATH AND CO. 
f AVIATION): and Mr. G. R. 


Barclays Bank 334:® 430 40 35 4: 7 
8 3. SUpcLn. 1986-93 68® 7 V 
Barclays Bk. Inti. 7i : ptCap.Ln. 19B6-0t 
efr'; :24M0> 


Barden. Mr. G. M. Chichester and I Brown ‘simp i^y Holdings 265 70 ( 2 s<i 0 ) 

Imperial Bk. ol Commerce (C12) 


Mr. R. E. Norton as directors of c Jus 24 v® 

C. E HEATH AX'D CO. Cater Ryder Co 267 (24(101 
( AVIATION REINSURANCE ^lufjiaiVoVYaVfwiioi*- 01 Com ' stk> 


BROKING). 


I Citicorp Shs. or Cam -Stk. (USS4) t7V 
I24,'10) 


, __ _ __ , Clive Discount Hold Inns (20p) 75® 6 

GR.ANTRIGHT FOUNDATIONS l -«»rto 


has been formed within the 
firantrisht Group and the Board,, 

of the new company consists of [ G^'" r rci An *N5n(Mrai f o-Koum irs 


Commercral Bk. nl Australia (Ldn. Reg.l 
f?' ’Ol 1 . 9 s® Prf.Stk. (dec) (Ldn.ReS.l 


Mr Miles Baird ichnirmanV. Mr. rtfnriy , 

John Sheehan (manasiflS dim-- o.ilert Bros Discoum ’loiocLn 7? >24i()i 


lori. Mr. John Price. Mr. .Michael 15’® ’ '2^i(P 

U'ilmore and Mr. Arthur Newton. w.^V® SB ‘ ® 5 3 4 Zw 


E2'-( paid> £15. 


, Hjwbw £1 0 with 
MASS£\ -FERGI'SfjV has ap- 1 H'Ii Simuel Grp. >25oi S8'r® 7® 7 


sits «i j- ss ■sj.sii'fift 

He ■■■ ■ ... 


,82 6 4 80 


will be responsible for sales k mT 1 shil^n"". 2 on^lb ,2 A 0 !fl. 53 ® 
m territories where the companj' K/cinwort Benson. Lorsdai« 2 Sn* 


company 


Lorsdale 25n> 90 


is represented by a distributor. Wure^un,^ ^ s s 0 , 7 i'i? Lrt 87 

50 4a 






.19*1*- 





Mlniler AiKMS 25D' 59'- 26 lOi 
N«8»l Com. Bk. Grp *25 dI 72 
Z A d- J} Au»trala5ia iAM) 211 i2S;i0i 


Barker and DoD«m Gra. CDpi 12 '<® 13 V 
6 VpcLn. 42V '24 10* 

Barlow Rand (R0.10- Z05® 

Barr >A. G.l <25p> 7B *251 0 1 

Barr and Wallace Arnold Tst I25P> I61t. 

A N.Vtg.) (ZSd) 156 
Barrett Devptl. flOoi 1060 6 
Barrow Hepburn Gra (Z5pi 38. IZpcLn. 
78 (23 ID' 

Barton and Sons i25a> 63® 

'Geo.' Hldgs. (25al 120 
Bath and Portland Grp. (25o> 61 
Baileys o>- Yorkshire tlOn) B9 
Beatson Clark <25p) 190 
Brsitl'e 'James) A iReu-vrq.i <25o) ISO 
Beaufort! Grn. MOpi 54 (25>l10i 
Beazer 'C H.l (Htdqs.i (10»* 560 
Beckman (A.) f'Oai 77 (23/10* 

Bnecham Gra. (75pi 651 i® 73® 53 9 80 
SS 4 1 7 50. 6orUns.LR. 79V® (2E 101. 
8:1am Gra riOPi 63® 4® f 4 
6 '-DcUns.Ln. 77:® (26-10. 

Bclgraw IBiaikheath) (2 Sdi 37® (26 1Q> 
B?Ilalr Cosmetics MOpi 23g (25 10i 
B»mrose Coro. (25p) 79® - 

Benford Concrete Machinery (topi 52 1 
■ 23 10* 

Benn Bros. IOpcW. 7 02*j 723 -1 O' 

B entails MOM 40 r2B*T0l 


Bcree Grp *25oi 142t T 
Uns in. 90 726 10) 

^560*8*6 f5 ‘ an<1 WJ * 2S01 159® 60® 
Ber.slords (25 p) 65 . 


Ceunaulds Kn-twear 6'>pcpb. 66->® To 
Courtnev. Poe* r Hldgs 1 iZOpi 65 (23-10) 
Courts 'Furnishers' Non V. A ore. (25a) 
112 11 

Cowan do Grout rtOo' 66 7- 1 0 ':Oc 103 
Covrie fT-' I5p) 42 
Cradley Printing (TOdl 190 
Cray Electronics <1 Op) 34 (2610) 

Crellon Hldgs. itOp 
12oc (tOp) 17® 

Crnr Nicholson (topi 


6 % ' Harmiscrnc (12 »1 35=: (2GiI0) 

Haaipsac Industries (So) IP'aO 


Hanger Investments HOp) 49-? 

Hanunex Ccraoratlen rASO-25) 660 
.26 tO) 

Hansen Trust (25a) 1 26'-® 6. &i>pcCnv. 

Ln. 1988-93 76 ;® 6 7 
Hardy Ca. (Furr.lsnersl A Ord. (resnL 
rig.) £253) 3SV (24M0) 

Hargreaves Group (20a) 5B0 (25110) 


Mean Bros. M ' 0B iL u ??e H l 7, S t d« 

Meal Trade ,- j 1 Sb5 W® 

SSlfflorifiii'V «•» '»»=• 1*‘I . 

Mcpzies 'John; iHiwS' Uapi. ISu SB 
Metal Box 320® 1o 40 2 1 8-'* 12: 15 
28. 60CUns«.Ln. 91 (24 10k TOijoeUitS. 

M L ewi W Bilf urerseas 3.67SocPI. 47 'j 
MeUl Closure Grp- 2S0 102 «'26/TO( 
MCtairas nldgs^i top) 54 144. 1U> 

Meyw* r Montague L.) ' 25rt 86*1 (26i1 0). 

7:;PCPld. 130PI IS 124(101 
Mkne'ifl Tyre 670 i»« , _• 

Midland Laucailoial lS0p, 2J5« 2* 
Midland Inds. (5pi 42>r2® (26 JOi 
Miner .p.l rTextllcfl) •TOdi 4b (23(10). 
ipcPi no-: (23*10) 

, Milter 1 scanie* • Hiogs. (lOpi 14® . 

r M.nmg supplies Llupi 110 t28>10T 
'Minty (2 So, 120 1 126. TO' 

Mkc-ieii s-etts ore. UpO' 44'; S': (26/10). 

4‘-pcJndP(. 33':® i.'a. 1 0) _ . 

Mikxeii samers M Op) ,E>Oi; 60 tZO'IOV 
Madcru Engineers Bristol ( Hldgs. 1 (25ai 65 
■25 10 

Mole ;M.) sen l20p« 38® 

,u.ms <25p> 13b (2b/ 10) 

Monk (A.I lisp) 10T.J 126.10) 

Monsanto 6ocDri). 86 126-10)- SpcGtd- 
Ln. 110 i2S'10i 

Monttort HCmnlng MUlu (2Sp:75® : 


> 16'- 16 l25'1Dr - Harr;* Sheldon Grcad (25p) 4B 

16. ib 12s (pftj.ipj rHidgs.) raOD) 62® (26(10) 

, TB I Harrison Sons (2Sot 67 (23/101 


Croda Food Ingredients' Gp S6':: «26 101 ' r ViJ Q i 10 “IS 0 **, 

.. (10bi™8® 7<- 7 (Z6*10). DW. ! H iE , 5P B * CrosfteW ZSH !«. . SiQBftPf. 


Credi tnt, _ . 

Otd. HOd) 33® 2 14 3 
Crenlte Go. r25o) 39 
Crosby House Gp- 120:0 87 7 s. 


Tnxerntl. (23 p) £4 


70 Pc 1 


I S3;® 

1 Hartle Machinery 
(25.10) 

„ Hanweiis Group (25P) 100® 9® 700 

Crosby Soring Jnterlers'ilOPi 1S»s «26*10» ! ”15*^ Slddelev tz ^P> 231® S® 

Crouch Go. i35b 1 71ft 1 ffs.-lQ) ° T ‘ 7, * ocDb - 1WT-;92 &8-« 

Hawkins Tipson (Z5pl 72 5 (26110) 


Bentmii lnds._ : 2Sp. «»•,«**■ uanoD oafcwn M 

z 3. bnctny. j Dartmouth Invs. i5p> 20 1 


Crouch Gp. i25d) 71® 

Crown Zellerbach Corp. 21V 

^Bdwa rdl *fHo"?dl ngs) j S5.P ' <M TK"^ 

CrestaMHIdos.) (5oi 3 S . : 0 4l : I ^ 

Cullen’s Stores (20oi 136 4. A Ncm V. • H*wtm (Sp) 12)a * * |SOW - 

cSS? G^re bridge Hldgs. (25p. 25® M j “»« 

Currys (25p) 188T 6: 6 ! BSftlSSUSPft 9Blff " 

. 1 Hc'cny ol IradoA >1Qo) 241.® 

Dale Electric Intcfnatl. (10o> 160 — - — — “ - - ‘ 

Danish Bacon A 107 


baatciw Saateht nojri UO.. New 
Ud (2b, 10) . . - * “ 

Sabab umber OOpi -37*r V2&IP/ .- 
saga Hoitda-rs UOpi 762® -4 
SaiPSbury %J.r tft** 

Samuel lb. 1 *j2W .184®- 76 ytBHdiv 

bpcPl. o 4S»a < 2 SriOKj . , 'aApCTStOg. . .6b®. .. 

SaradetMn Ftlni ServIcf^GOpi 90 i*-'-* -• 
Sanderson Keyset U 5Z4>l«i. . 

Pt. 42 i24.-10ir - it 

Sanderson Murray; etderi-tfKjkt*^ uOto* ~st 

SanohuiM Market! «g.(7 0j>£**i26hB 1 ' 

Sanger <J. f.* <10® 7 . ; 

Saxgers taO. U&PI «t (2 • .»• 

Seville Gordon (J ) Grd. kWw 3Ttj® 2<y® 

'Saw h«c| A (10p« r T4 S (2S/tO» 

Scan* Go.. ilSPi -lOb'T® -*® . .. . - • 


Scolumberger (AlSIk £54 -t 

ScboMs sGT. «.» 


.. . <43o» (24001 ’ .* 

Scott »Pd flobcrtson (250t-.4b - • *• 

scottrsk AtV'Cdllurat.lntfs. 392 (2il0) .. 
acottiEh mo Universal liRHa (260? V24® 


Scottish Epgllsb *M European Textiles (20tH - 

Scottish- Homes Invest. (25p) 24i» (23 101 " . 
acotosb. TeNwisign- N-vtg. a oopi 70®. 
sears . Eos- xVpcDb. 7Z l24>10>' • 
sears' HRtgy «5o* 38-; 8- T.ijpcPt, -SJ-* 
(23.10] 1 • ■ ' ' *'• 

See linear Gip. (l5») 128® (2bri0;^. Biinc 
w. siB uehoL- - . . 

Security Service*: (?5|l) 732 30 tZB'tm; A ' 
(N-VIO <- iZSsi 128 (26/10.* 

SnUncaurt <5p» 27V® k B« B. •'9 , «DCj.u. 
76i*®.. • -^Ty * 

S*mar Eng. Grp. riOpi 25 i24 101. ' “ .. , . 
Serck >2501640 ij«. r .,... y . 

Shakespeare (Joseph) <£p) 291* (23701 
Sharna Ware tZOP- 1 38® 50’ (26'10i ' i. 
Sharpe mod -FIs her (25b' 47 «6- lOl 


Shaw Carpets (lop) 73® 2® 3 .1:* 

— >.*126:50) 


Monument Secs. (TOdi 6'* 
Mere tl-Fcrrall (ir 


- Opi 66, Mhx2ndPf. 102 

Morgan Crucible (25| 


68 I 


-_pj f2Si*® 6® 

Morgan Edwards M Op) 73 
Morraii lAbey (25p> 46 St- 123.-70) . 
Morris and Blakev Wall Papers t2Se) 111 
(23 KM. A (Non-Vtg.) CZ5PJ 89® 
Mornson -wm.l Supermarkets (1O0) 87 
Moss Bros. '2 Op) 128 (26/101 - 
Moss Engineering Grp. >25pi 7< (UilO) 
Moss 1 Robert! (IOdi 35 
Mothercare MOpi 156® 2 4 5 
Mount Charlotte Investment* (10a) 21 h® 

2 1 2 '; 

M twice* -IOdi 14 <2&'10t 
Mowat <Wm.) and Sons (10p) -52® 3 2 
50 -26*10> 

Mowlem (John 1 (Z5oi 113: 747 126 TO! 
Muirhead (2 5a) 19a 200 
Mvdd>eton Hotels Warrants to Sob. 1354. 
(24101 

Mvson Grp. ilOo) 554 (26110) 


Shaw (Trano*) 6'^pcLre. 81-'_ 

Shecpbrldg* En«- (2 Sd) GB]*'.t26.riO) 

Shennzn iSamori* itppi :2V .• 

Siahn* -frnfi tS0o> 92i> 2 .... 

5tebx. Gorman .Hldgs (25P' 21* (24 TOI ' : • 

Silentmshi- Hldgs. II Op. (05® *- *126: 101 ' • - 

silhouette (London). UOp) 70 JE I2ilO-. A 7 - 
I2DPI -50 >23 101 • 

Sllverthorne Grp-ilOp' 22 (2610* - 
5hnon Eng i2SP' 2650 4. ■ . 

Rmgson _(Su) A (25o) -112-. L23 10). 5bC '_;- 

SI rtiar i25o» 91® B8- 9 •’- : 

60(1 Grp.' (2Sp> 7QT7% XT:.' +%pcP1. 1^4 . 

a«.18i 

5ketciilev iZSpi 129 B *• 1-7. ’* - 

Sllngsbv (H C.i i25»* 42 <21 707 . ■-*/”. 
Smith and- Nephew Associated (IOdi 68b ■ . 

B 7tj. BocLn. 139' fZd'TO 1 — - ~ - ■ r ~t- 

.Smith tW. HJ A (50P) -748. _ 5VP«Ln.. - r 
38 (24; 10) 

Smithy Industries (SOP) 204* '(26/10). ■ 
-TUmcDb. B8U (25-10). . 7l<0CL«: .98. " 

(24110) - ■ •- •— . - 

Snumt. Oeffersod) Group (50M ' 195® - 

| sJhi-anie (HWssJ (TOo) 37® (26*10). bV" 
CIOol 2fl:>® 30® (26 10) 

S’J'-iE'JSE' Uw.* ■ Wxtmaenr .. .000) v J*. •: > 

• (26/1 pi 

Somportex Hldgs- (25n) 6B-; .'. .- V- > 

nj'S. ^ :* * r -' r : 

Soot hern Constractfomr^ Sen -*b " 

Spear ^ antt laricSdd (otnL ? t2So) *. t3*i, 


Serwkb S TiJ>po r2Spl 701* (25 1O1 


Beslob^g (2501 1.59® 6 4' 


F.l r Hldgs. - . (5p* 23* 


Bibbv f J.i 266 

' Q-j: least (25pi 531:8 h 3 


Birmtd . _ 

Birmingham Mint (25gi 123® 2t® 

B -2S°”a' Slore * A Nol, - v * ,iSv> 
BU:fc [A. and C.i <2 Spi 150 f2SH0. 
Black Caging ion (SOo) 92® 90 2 87 
Black (Peter. Hldfts. ;25o> 190 
Blackman Conrad ,*20pi 20% .25 !0» 


9B® 


Davies Newman (25pi I3l*(26 10i 
Davis (Godfrey) (2Spi 97'- (26 101 

U»yy Lap. (Zuo! 142® 1. New (25 d) . 

140® 4 S (26.10) I Hepwortn Ceramic Hldgs. 75o1 820 7Sf® 

Dawson internatl. (25p) 193'.-® SB 9 90. ! 97 2. 1D «ocDS. 05 (26*711) 

A N-V i2JSpi 188® 4. 4.20CDO. 96 [ Hepwortn >j.1 i|Ool 70 i26/10) 


(il io;' Ncw T2pcCnv.Pl’ 1979-86 222 

Henderson (P.C.) Grout (I Op) 93 (2510) 
HchYS i*0p/ 723 4 

Hereher -FurLture Trades) A (10o) 26. 

W(P1. 55 >25i1Q) 


<25-101 

Do Beers Iwii. (R2- 43® (26 10* 
De La Rue <2Sp> 423® 20® 15 2 
Dr Vere Hotels (25p) '67 
Deanson (10 p 1 39 (24,10) 
Oebenhams (25pi 85':® 7%0 6 8. 

Ln. SB': (24.10.. 7UpcLn. 5*> 
Deci* (25Pi 455 (25.10'. 

F B 


Hcrtnan Smith -1 Op) 12® 

I Heron Motor i25p) lie:® 9 
Hes«»r ;25nl 81 80 2 
Hewdcn-Stuart Plant ilOoi 73® 


1 Hewitt ij.r jSn) "25 1 23: 10)' 

ood Williams i50p) 149 <231101 


zf ioi I Hieing' Pentecost ;§5S) ioSo 


Della ^Metal (ZSp) .71 


US iuj 10 


B ' , ' k " 8 n “ d i „ 1 o MIdtlS ' 1 fZ5 P' ' Deninly 'SpcLn. 79>? 8 ( 23*10' 
SUPe0°;iBI10l. g»e! StamuinB f50p._1_52.IZ 


10'. A .250) ^j^-TjWNCh^mgs.) -SOP, 2,4 ,S 16 

UTb^ J-M/r, 1 !!?,^ 1 ,2Srt 72i ,26,,0J * 8DCLn - « ; 


N— O— P 


NCR 4ocLn. a7 


NS5 Newsagents HOp) IDS t26i70i. Sue 
P» 98 i24*'“ 


■10* 


Nash Ij. F.l securities »25pl 73® 
n a mi an (B. and I.) (250) 630 >3 
National Carbonising (lOo) 36 <26/10) 
Necsiers >2api 43 |24.’10) 

Neepscnd <25pi 43 2: 

Nagi-etti and Zambra <2Sp> 88® - 
Ncni (James) Hldgs- (25m 87':® 9 — 

Nelson David (5 p> 9 (26.10) 

New Equipment 1IO0) 25'j. (2S-"*0) . 
Newafthill 162 <24 10i 
Newircid and Burton Hldgs.. (2Soi 66 
125 10* 

Newman 125 pi _90':i lij. 90 


Newman -Tonka C25p) 67® ' -6 
Newmark (Louis) i23p» 265 (24/10). - 
Nows l MM. I25pl 259® 5 


Spear (J. W.» som <25p) 220 L (Zfi'IO) 
■Case (250) 28 '« r23‘io? 


Speedwell Gear ... ... 

-Spencer dark- Metal led. (20p> 33':® 
(26/10#' ■ , * . 

*ffrv?ga ****•’+ 5 n =*. 

Splcw-Sareo. Eng, (ZSp) 165.8- - - 'V - 
Sonirrel Horn - - - - 

Staftord-fure 
Staftcx Tirtnl. 

stag Furniture tl5»L 137® 9 (26 *10) S’ ■ 


I (T2la» 40ie- (23110) 

Potter N^^G?5p) 152® . f 

SreCte (RedT^MwSLaSi* 1 (TOp^jiSs 7 ® - y 


NorenM Jtsp* 101 ij (24> lot 

34- 


Blariewdod Hodge 1 
25 «.-® *» r26riOL 

Blaqded Naakei (Hides. • (2So< 243 L 
i26!0l 

Bluebird Coirfectlonery Hldgs. (33 d) 84 
(26,101 

' * 263 4 5- 7dcDB. CStt 

72'; (25 10). lOLpc 
— . 6Upc(Jns Ln. 43 

S S £, &*-*=*-**■ O0.. 2510 J ttWhiSaM 19':* 

S? a 4S®S- 4*^8- : ■i , ««®SSS5fc a 3 * 3 4 

“3*:PcLn. 1QO;0 


IJUl-ffiffi!" iSfe? 

Roval Bk. Canada • tC2i i9'„® I 


Un o.i Discount London 320® 108 1Z6/IO1 
W.mrust 1200) 71 (Z3M0. ' “ 


»nt/ 






•*‘^1- («/*' 1 frr\ 




BREWERIES (122) 

I A iV e0 ■'•wer.es CSpi 82® 1 • 1 1 2: 
J’-Fg 37*. Cl 101. a'.DCDb. 74 
5- 'Of- 6UpcDb. 1907-92 62 124,10). 
■26*^01 73,4 l23,1 ° l * 7l «0CDb- OS's# 
I Amalgamated Distilled Products <lOoi 30 

UO 10' 

B ?i s .J : i!i rr,n Bf <,n ' 2 Sp> 1 60 1. 3 UocDb. 
'987-92 45'. (23 1 0) IkacDb 1 977^79 
®7,L_'4S 10). a-.pcDb. 1987-93 so: 
■>6,101. 7'.piLn. 94 14 2 i2S 10) 

I Baas .Charring ion Brewers 7>>pcLn. 60 V 

I lifl'iQl 

Belha«en Brewery Grp. >25pi 42 
Bril (Arrhuri ard Sons i5Qp'> 24 8 
Boddmgion Breweries i25nl 95® 

I Bordej^^Brcwerlcs fWre.Njmi (25o) 36 

iBrcwn iMatthcwi i25p> 118 >24.10' 
Buckley’s Breweries -25 p 1 4 s 
' Bulmer 1H.P.1 Hldgs i25p' 139 -25 101. 
9':pcPi. 100 (25.101 
Citv ol London Brewery and Inv Tst. Pfd. 
136', i'23i10>. Did. (2Sni 62® 


:26H0) 

Ballon Trvtlld Mills (5 di 11 v (24.no) 
Bond street Fabrics flop) 50 
Soaker McConnell (50n) 280 2 6 
Boosev and Hawkns (25p) 170 


Bool (Henry) and Son* <50pl 116® 
_ — ^ H , dwSi> {25pl 5B 


Booth (Int . __ 

Boots (33dI 190 2 3 1. 6pcLn. 79i? 

■23 10). 7-<4PcLn. 66 126IO1 
BorUtwick . (Thomas) and Sons (50o) 58® 
60® 

Boulton and Paul 58® 60® 

Boulton fttm.i (Grp.) (lOu> 22 ■, 

Bourne and Holllneswenh (25o) 325 

(25 *-10) 

Bo water Can 183® 5® 3 2 5 4 37. a':DC 
Pt. 43 5 124 10) 7ocLn. 82 
Bo waters Newfoundland 4'-ocPf. 30 
fZS'10). 

Bowthorpe Hldgs- <10p1 6B® : El 8 S t a 
Brabv Leslie MOpI 730 
Braetow's Stores (R0.4O) 44 (25-10) 
Brady Intnl. A (25p) 57® 80 4* 

107 Ntw 
Brasway (10»i 52 (2610) 

Brestfon ang Cloud Hill L.me World (2So) 
95® (26 10) 

iBremmer (2So> SI 134 IQt 


^ (23 10' 

Dcrrltran (10p< 25':® (26*10) 

D’-euner Ere 5 p>P(. S'. '45 10) 
Dcwhurst Partner IlOo' is (23,10). A 
-N-V (lOp) 14 1« (26.10) _ . 

D".r.h> : Dent t„«pt 20®. 7ocLn 
42 (24. 101 

Diamond Stylus Mijw MOg. 16® «S 10» 
Dickinson Robinson (ZSp) 120 1. 7’. oc 

Ln. 68 (25 10> 

Dinkle Heel (5 p) 14® 

Diploma invs (Z5 pi 184 

Dixon (OsvidlJ (25pi 117 (25*10) 

Dixons Photo. IlOo) 1320 
Dobson Park Inds. 102:» 

Oorada Hltfas. -.2So: 71® (26 10i 
Downing Mills (5ot 30® 29 *0 
Dowmcbrae Hings- (10o) 32 30': (25 101 
Down.no (G. H.l. [50p 129 (24 10) 

Downs Sur9«al dOo) 47 'j . 

Dowry Group (SOu) 265® 5 7 4 6. 6l;SC I 


H^hams 1 ZSp) 52* 


i25p) 52*: *24! 10) 
poucal <ioai 37 


HigngKe OoUcal .10 01 37 
Hraftland Electronics i20d) 40»«s is 3 


Hillards 1 tool 2140 
Hiltons Footwear -2 OP) 107 i23;10i 
H pBnung iS.J i2Sp) 84 a*H0). 12pcLn. 

103 1 : '26,10/ 

Holden -A.) .25o) 75 
Ho'liS -25oJ 71 

Holt LiovO inti. ■ top) 165 -0 5 
Home Cnarei ilOoJ 234 izsilO) 

Hcmlray >250) 40® 

H 287o" 80* * Z8 ° ,36 '' 0 '* A 
M^okinsore’ Hldgs. i50sl IQS 
H prison Midlands 'Sol 121 
House a l Fraser (25®' 145® 6® 7 B 


(25p) 


Norlolk Capital Grn. iSp) 

Normand Electrical - Hldgs. . .(20P) «» 


North British Steel Grp. ‘Hldgs- J (25n) 
40. (26.10) 


6pcLn. 490. B'rOCLn. 6S-Vi 


Ln. 84. 7ocLn. 267 (25 101 
Drake Scull Hldgs- (ZSp) 36'; 

Dreamland Elec A opl lances (IOdi 35:; 
Dubiller (5p) 23 I: & 

Ductile Steels iasp) 130 (25 101 
Dufay Bitu mastic (10 p) 20t 3> >: (26 10) 
lO'-jpcLn. 100 (24 IO) 


PI. SEt9, 

•24-IOt 

House of L erase C5n 62 i2SI10' 
Ho»erlr.gham Go. >25 p> 92 B 6. Heu.-vtu. 
27S:® >26 10i 


Clark' I Matthew! and 5 ms "fida* 1 IZSoi 1 SlEJ! ''°c> 192® 3 1 


Beat the market 
with professional 


136 

Cqurane 6pcDP. 81. 6*.Dc2nriDb 
•24110' SncZrtdDb. 68 i34|I0i. 6 ,PCLn. 
50 -24(101. lO'-ncLn. BS- 
Dijtilleri (50 p1 190 1.® 2 1‘- 1 2-.i 3. 
7l.pcLn. 61'- 2 10 SpcLn. 80- 


Brent Walker '5p) S5*'6 
6 s I Brrckliausc Dudley (lOp) 50® 

Bridgend Processes (5 pi 9<> 3'; 9\- ijs.'io) 
Bridon r25p) 1050. lOi.ocDb. B2 <2>’I01. 

“ ’Pf l-D, *o » 

BrtdPorl -Gundrv (HI 00s 1 rZIJP) 35 (24> 10) 


Gretnall V'-'--y I25pi 116 1«: IS. 8pc [ Brleht (John) Grp. (25 p> 341. <26101 
PI B9: 1 26.-1 OF Briurav Grp. iSp) 81. 


weekly advice. 

. ^InvBstofsOirbnide News Letter brings you through the 
posieacn Wednesday recommended shares to buy jius other firm 


investment advice on maritets, sectors and other areas and subjects 
of vital importance to the successful investor. 


Each year the average performance of the News Letter's shard 
recommendations is far superior to that of the market generally, with, 
for example, the News Letter s 1977 recommendations (as detailed 
In a comprehensive follow-up table appearing in the News Letter on 
July 19) showing an average gain of 54,5% against a comparabte 
&3% on the FT index (fuU details win giadiy be supplied on request). 

You may have missed these and other opportunities 
spoffighled by the iC News Letter, but by subscribing now to Britain’s 
leading investment news tetter, now in its 33rd year of pubBca don, 
you can make sure that you do not miss them in future Its editor. 
Peter Doye, who drew attention to the buying opportunities available 
at the end of 1974, when the FT index was around the 150 mart; and 
talked then of it recoven ng to 500 and possibly 800 on the next buH 
market believes a time of fresh opportunities has arrived and that 
equities now probably offer better value for money than any other 


Greune K. , ,_.DI 300: SOO (26*10 
Guinness . A.I i3SP" 152 3 1 50 7 '.o-Ln, 

671;: >26 IO-. lOpcLn 78® (26 101 
HamJvs H«>isam* '2 5 p> 1 80 (26*1 0» 
Highland DistHlerirs i20p> 155® Z 
InUil Distiller* Vintners O l :ecLn. 71'; 
25.10' 

Invergordo" Dlsllllrr* iHIpps.i (ZSdi 153® 
49 5< 'Z6.'10l 

Irish Distillers Go. (25Pi 194® 3® , 

Z6't0i 

Marslo" Thompson Evented 
ncDb 52 «J3H0i 
Scottish Newcastle Breweries 
1'S S'sPClstOb. 75®. 6oc1stDb. 65=: 
23H0-. G'^cIstDb. 80V '; -24 ID- 
South African Breweries (R0.20< 67 'j* 
Tomii.f Distillers '25pi 121 
Truman Limiled 4ocDb 1980-B5 64 ■* 54 

*4® 

Vaus Breweries i25ol _. 

Waincv Mann and Truman 
30'. 125(101. 6oc0b. 

. 7>,pcDb. 62 'j® 

Whitbread 


Bristol Evening Post 136 126'! 01 
British Aluminium 848. DO Ord. 862® 
56® 8® (26:10) 6«ePI. 46® (26*101^* 

B n»rtpi A 4aSft J "» T ,‘{ ,MtC A sot / r * S] - 6 pc 

*.nd Pf . 49 l . ia lft. 7ocLn. 74| : (21 10} 

Briiiih American Tobacco lm.su. lOpcLn. 


Howard Wyndham iZOP' 3 d 29 >Zj lOi, 
A (20pi 24 1 24 10i. JBocLn. T 03 .23 10* 
Howard Machinery i25p' 30 
Howard Shuttering i Hldgs.) New iiopi 
202® <26 1 D i 

Howard Tcncns Services iZSpi 25 -•« 
Howpen Gp. (25a- 85®. Ord '25a > 851; 

Hudson's Bay 5pcPt. 1 1»|« >26 ID' 

Hunt/ng Assoc, indusu '25oi 292 
'«.* '*»■■ s»; taw iui i Huntleigh Gp. >100. 174 

SB?-:'. 1 * ®&$i. 7 Ss? Hvman "■ J -' fSp ' 26 ,M10 ' 


North IM. P.l (1QP) 23. 4.2PCP1. 427 
Northern Eng'g- Indus. (25p>. 728® 9 8- 
8.25Pf. 100. B-SUnaCd-Ln. 694* V®: 

<26 10) 

Northern Foods <Z5c) 102.- 6.23pcUnscd, 
Us. 121 1*6.101 

Noithern Goldsmiths i25ol 65 '26 10' 
Norton Wright Gp. IIOpi 253 i24r-70' 
Norton *w. E-) (Hldgs.) (5pl 51 >t®. New 
(Sd> 31 •:« I •-.••■ ' ' ' 

Norvlc Seri. (10 d» 1 7 Ij - 
Nor west Hoi* (25pl 89 (28 101. 
Unscd-Ln. 

Nottingham Mnfg. (2Sp) 1341; 

Nova < Jersey i Knit (20pt 38 1 24/70) 

Nam Industrf B Shs. of D.Kr.1 00.500. 

1 000 and 4.000 each £32 32.13 i24;io> 
Hut din Peacock (lOo) 03® 2 126H0) 
Nu-swiN Indus- iSp) 29 


SUrtrtt* ' Engineer /OB . Gnup (2©p) tja^. 
vpp\ 

Stavoiev Inn. '290 88' -•'• :-V" 

Stead and Simown (2Sn) 66 (2B<9). *- r 
Steel Bros. Hidfls. <25o1 197. TpcLp. S3®- • r 

C2& fDJ . mf •% • - - 

Sterdrv* (2Sp| 1620. 6?4PC0fa. . i 


Group 19® 


Steii 


7BC} 


Ocean wusons (Holdings) (20a) . 83® 


(76.10) 
ix Gfi 


Oirex Graun U0 p' 107® 

Ogllvy Mather Inter nd. imc.5bs.SUSi> 1S'» 


Dunbee-Combex-Mani.'IOpi 103® 4 100 
'j (24 10) 


Dundanlan (2 Op) -45 2 . __ 

Dun lord Elliott B-'ipeDb. 667 
Duntlill (A.I 110 b' 381 s [26 lOi 


6'iPCDb E5S. 7pcDb. 64 1. 

Duple Intnl. (5o) 20ii 1 b 1 26M0) 

Dir oort r25pi 66'- 7 
Dare pipe lnte'.(25p1 147 (28*101 
Dutton- Fore' haw Group (25pl 45’- 4 
OweV Group (1001 12i;C (26 10) 

D-*nn (J. J.) (25P1 71 (ZS'IO). A (23D) 
70 


, wy.i.T "-*« 

! '251101 

Olives Paper Mill (20p> 45 7 (24.-10) 
Qrme ttelpt. (J0p> 5SO <Z6't0i 
Ovenstone Inv. >R0. 12 'a i 21 
°lT8 0w!n <23p1 'll 3- 8pc.Unscd.Ln. 
Oxley Printing GP i25p) 61 


I — J — K 


ICI J75;» 4:0 8Q 78 81 9 81. 5«P1. 

46. : '24i101. 5';pc Uns.Ln. 44® S'n> 

7 LpeLn. 63 h* 40 2o 


4U 


E — F 


iopc 


t»reon>iin s noM 26'-® 9‘i 
JSJ JJ £* r AiKlign Group riOp> 49 
8 f2^'im‘”* B, " l05n,ph ThcJ ' r es (12'-pi 60® 


<2 5u> 79 rdarioT ’”™**"* * 

I l r .'! jl !l,° r .* I ¥ J,n 8 (25 pi 26 
i20d< 64 5 »;**- 6>«« Tract. Old. (25p) 115* l 
Icrnh 


5 76 


British Enkalon >25p) 14 1. 

“S'iVSd? 01 ?? 12501 ,9S ® • 1 «■ 

BriliS Nori«S,„^k' , 0 n p‘7*B4 2 ??5 ??;■• 8 

121 2 20 l 8 N.5lL h rjclrt ,l ^l c 9f? ,or "»' a n J25p) 52 1. 

j ?1^Jg 

5h Si 


Vhit2sr«^d A i2Spi 9R 9 7 1 7 5 1 iQb Briish Suo^r Coro r^nm < « • 

liS?, 57':* 6H 


■ 25 101 11 ncLn. 151 _ 

Whitbread Investment _ i25d> 93 (26-10). 
. 5 -jpcDb. 1 980-85 721;® 

Wolyerhamn'T- mj Dudley Breweries t2Soi 
2240 2 (26*101 

Youri and Co s. Brewery 9pcPf. 101 
(24*101 


CANA US AND DOCKS fl) 

1 Bristol Channel Ship Repairers >iop) 6 ■< 
'24 10' 

I Manchester 5hlo Canal 289 (25 JOj. 5pt 
1 Pi 39 '24 lOi 

! Mersey Docks and Harbour Comb. Units 
371;® 


investment assets or major alternatives. 


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COMMERCIAL (2777) 
A— R 


»25d1 


_ RanagntarnvrianeaBasubgoXier.lenclosa 
II □ C2a00 (orone yOar(C3ZOOa(nnni( ixrtskJ" UK) PncfUdW ISlng Wretot 
g OW5^1ora®XiWiWtnal3uOW4atoW7ro^T'a8i 
P DI^BaaQ Invoice for E2aoc/C15,0flido!c(ea34pproon8W) 

| (PjOCK LETTERS PLEASE) 


TCNL31 


9 


WriMra/Mss. 


1 


Addres®. 


A.A.H. i ZSp) 101N® 2® fJEMOl 
A R Eltetronlc Products Group 
127: (26:101 
A£ Cats l&oi 40 (23 10V 
AGB Rcsrarch (10m 106. Nnw dooi 
*» 1 S'- 16 '7 -23-igi 
A.PV. Hldgs. 1*5001 228 6 r26-10> 7'«nc 
IslMt.Db. 69® 6 7 9 '26 10> 

A Aron son i Bros. ■ 1 Dpi 69® 6 7 9 (26 IQ* 
New >1 Qoi 72 <24-101 
A bo rrom Invests. <R0.30’ 98 7 '23 10i 
A nore r; n Construction Group i25ni 86 
1 24 10) 

Ahwon-* Machine Tools iSm iai*,« is 
UO-I D > 

*L5 0, B1 A f2v“oi 99 ® 100 M Bot y BS «- 

| Adams Gibbon 12 5c 71® 

I Adda Internatl. i 10 d» 51 i- 50 b 
; Advance Laundries 1IO01 28 
!Adwe«t Greno (25m 3oa 10 i24 ini. apt 
1 Unsec.L". 184 (24.i0i 
A i e i8 n <2s"oi Gcf,e, ' al •"stremenis (ZSm 
! African Lakes Con. 2657 


I 


-PoslcodB- 


■ Ts MARKETING DEPT. INVESTORS CHR0NK3LE 1CNL 3l FR0EPOST. LONDON EC«8 40J 
P RBfl.Addra3B;Gr»iya1okoPteca.FBtterLane.LandonEC4AlNaftesNa90569a 


AJrttK Industries '20m 53:- 3 <26 TO' 

*ss; sTOio? ' 25b5 “ 6 ' aKM - 

Alcan Aluminium 7US31 jl® i26'ini 
Alcan Aluminium (UKi 148 
Aievanders Hldas. iSpi IB 17*, (23 lOi 
A i5m 16 1 26 10« * v 

, Ari'utt Industries i25o> 220 
Ailcbonc Sons 1 1 Op' 29® 6 I2G-10> Tot 
Unsec-Ln- 41 (26 10 


| British Tmf Product* <lQai q2 rrK.im 
British VIM (2SjM 116 15 
gttttami (25p) fz'-* (26 I0» 
BWkhouse I25n. 65:, (24TQ, 


Brocks Group of Companicj 1 ] (j D » 7 t® 
Broken H HI Proprietary (A521 ssn* s 

HOP) 32 124; 101 
B3MB ftftVo, BurMU 01 Mayfair (TOo 


Brooke Bond Liable >25m 49:.® g a:, 9*< 

60’-;25m") LB ' 51 ' ; iM:,0> - 7 ^ oeL "'* 


Brooke Tool Engineering 
40® 


'Hidgs.l L25n) 


Brwherhood (Peler) (&o B > 1091,1® u);® 
Brawn and Jackson (20pi 374 (26(10) 

^Sio) 80 ** 1 ^ 1 fJ5DI 57 -® 7 6 

Brown Brothers Corporation i,0d> 27-'a- 
B-:ncLn. 67'.- (26 101 
Brwn (John) 4240 6. 6';pc0b. 68b* *»« 
Brown I N.) 1 “ — 


E C. Cases (TOO) 10 (23.10) 

EMI 1— rsoo) ISO:® 1 3 2 3:. 

Ln. 94i ; 

E.R.F •inn—' 1 '25o» 120 (26 10). 

PI 103 (26 70) 

East Lancashire Paper Group (25 bi 67® 7 
Eastern Produce (Hldps.l (50pl 87 (24 10} 
Eastwood (J. B.1 (Sp) 15B r23-10) 
Edwards (L. C.I (Manchester) (5p| 19:. 
IB 1 : T9 

Elb'rt (lOp) 16® 

Ficco Hidm. 'iflsi 48 (26 mi 
Electrical indstrlel 5e<» <25ni Bi 
Eleftroft»""H— - *s nDa> 293 2. New 
295 i 72 

Electronic «e -25o> 22 1; 

Electronic Renta's Group iiom 125® 1.® 


2 >1 ■* BocLn. 68 b 7 - > 71 8*» 

* 10“«ocLn. 85 U® 4‘« 5 

Imperial Gp. i25di 31 5: 2'; 2 I. 4ocLn. 
EBb® <26 101. S.'apcLn. 72'. >26 7 01. 
6 9p>.Ln 51 -a -25.10- -.£>ocLn. 551, 

■25 10'. TD.SpeLn. 80 US 80® SO 791*. 
CncLn. 70® 69 
Inco A NPV lO-'a® 

1CL 4380 7 B 5 41 
I DC Go. )20 pi 134® 5 
"si 'i 5D ’ 58':® 7’z 7 8 b. 7'*ncLn. 
63.;® -26*10' 

IbMod- Johnsen (25m 17a 7': 6 
lllingworlh Morris IZOpi 31. A iNon-vtO.' 
<20 di 30 

lngall Inds. HOP' 30® 

Inpram -H . jidd' 10 'ZS/IOi 
Initial Services i25p) 89b New (25pi 
M*" 0 21 I#l flpeUnsecd.Ln. 65':® 


Elllotl (8.1 (25ol 747® -2610) 

Elliott (E.J (2901 35 4b (24.-1 Ol 

E»M* Ever.srd (2501 94 

F1HX Goldstein 'Hldos.i IS01 28 

Bison Pobblns 1250* 88 24 IO) 

Eljw-tk-Hoiwrr (Spi 20 19 

Emms (Theodornl nopi 62ft r25'J0' 

Envlre Store* -Bradtardi ?3ei 1T7« 8 3® 


.ji. 

Inti. Bus. Mach. -VU55- 179 7 
Inti. Standard Elec. 5>:ocUnsecd.Ll>. 684,® 
*7 (2a *01 

Inti Store-, 7':DcUnsecd-Ln 58 (24 10l 
*"M Tirv.besr- '250- 129'j 8. lOpcUnseed. 
Ln. 142 ■; 12310' 

Inn Thomson Cons. Shs. 262® 3® 60 58. 
PI Shs. (2&p) 205 10 6 
Im-ercsa ^Grp. (50oj 640 5'j. 4 2oc2nd 


OO01 IB ; ®IJ.B. Hldgs. net' 61 '* (Z3.I0i. IQpcPt. 

•« V'. ; ‘ ... . ; 10 1--:® -ii® r26.io> 


Ennland *J. E.i Sons (Wrlfirotom l3o , 
24'- (25. 1 Q 1 

EnpUsh^ ^Overseas invests, nopi 26 4 1- 

Ennl:*h Card Clothinp BocPt 50 (sa-fOi 
Ennllsh China Clavi <25p' RQ® 79 1. 

7 PCLn. 57 •* 

inqli 


J C E.5. *2501 23 (23,10) 
Jacks W.1 i2Sp> 23'. (25/101 


y.:_H; B __( 5 35® ._ 1 Ooc P1_. _! 03 b 


Jamaica Sugar Ests. (25pi 111, 125/10) 
* -J.I Grn. 1 26a 1 51 50' 


J 'me* (J.. 

James (M.J Inds I20pi 13 b 124*10' 
Jamesons Chocolates C10P) 70® (2611 0) 


E 3Sa, “•fflSbi ?' ?* 7r - 8 i JirWtij .1 ^2501 ISO <24. 10- 

‘ti.;** B '*PcDh. Jentlnue Hldgs C25p) 31 (2610* 

_72M ixan 01. zpcem. 71 . johnsqn Firih Brawn (25p1 69® 7D 7-’ 68. 

New (25oi 70s® 69® 71. U.QSocPf. 


Frith rZ5m TOIbO 
Esmark »nt -5US1' SUS27 ikio, 

Tr34iB Transoon (I2'»i TS3® 

Eucafyptin Pufo Mills iZSoi SB 

Eoropean ForHes .*75ai 125.* 31 26 5 61, 

Eureitticnn Intnl. fiOn) 186 4 2 

E»a Inds -2501 104 

Evered Hldgs. *»5oi 26 1. (2i.loi 

Evode Hides. rtOoi 41 

Ewer - Geo re-' - MOoi ia ,1 

Fv.Mlibur jgwtHlerv 1531 lg?. 

Exchange. J.«Hegrenh iHldns.- csaai <agi. 


Tfl 126-10' 

Esecviev Clothes «Z0m 48 
Eanandod Metaf (25 p, 76-- S s 


EHug-SS 60 15 

2r?3P_ ! <2Sp> 45 4 <26 J0> . .. FalrefOMh ConstrucTfnn 


7471- (23 101. lOpcUnsc-cd.Ln. 92 'rid. 
1 locUnsecd.Ln. 79'* (Z6n0| 

Johnson Grono Oeanew (25ol 1061® 50 

4© i; 3V2 

J S«lfoi Matthcr 4SS * 7I<DC 0*»- 60*1 

Johnson; Richards 'H. R.i (25p) 90 1 


Jon*.-) lEdwards) fCntretrs.) Hop) 151- 
Jones (Ermsti (Jewellers) (lOp- - 


.267101 - — - Dl 15V 3 

Jones Stroud (Hldflt.1 «5 p) 106. lOocPf. 

103 


PM A (Hldgs.) (25m 64 3 

£ ?rt*a* Knoll A. '25p> 121 (26*10) 

Parker Timber Gp. l25p) 110 <25.10) 

ssw^oV 76 <23nQi 

gss fa6 ' t0, 

Pauls Whites (25pi 115® 14 

tssr& r \2i , 1 itr 1503 6a ® 

Peak inv. ITOP) 9 

Pearson Longman C25p> 21B®.- 8ocLn 

^SlVS 8 "*®* Son QS0I 224 J s. 9pcLn 
93®. 1Qi;pcCPUns.Ln. 102® ppw 
P eeler- Hatters lev L25pi 192® 4 
Pennine Motor Group (lopi 13b 124(10) 
PentUnd Inds. «0p) 22b (24- - 10> 

Penios ri Op) 9SJ 6 : 

Perk In* Elmer 4pcUL 1QQ (23-io< . 

P «?io l i HaroW> Motors ,a5pl 1,5 

904 1 4: 88 80 2 

Peters Stores VlOM. 41 i26rtOi. 

Petrocon Group nZbol SZ 
SC! ["»■ Lamm 1FI.IO1 pB60® 42 
Phillips Patents (Hidos.; (25 dI 17 (26/10) 
Phoenix Timber fZ5o) 144 
Phatex (London) (25o) 40 
Photo- Me International i5Dp) 348 

vV/m.} nop) 17. A (10n> BL. 

GBjI Ol 

Pilfclitgtqn Bros. 303 29a 7 B 9 301 

7 t ?^6’.10 , ^' b,O W01 ** 5wpc2ndOb 

P'MardGroup CZ5 p) 51. BijpcPt. T03 
■26,101 

Plaxton's (Scarborough) (25p) 98 UifOl 
Pleasurema. (So) 71 (26*70) 

i’ 091 *® 1Dl ® 13 A1 141 


Stephen (Alex.) <1pl J2®' 1 (26 IfliV ?** -> 
Sterfleg lpd»- 5*^JCPt 301 v- . T 

«ewart nasties (2Sp) ISO 5 v... . - 

Stirling Knitting (2to» 32 (25.101 - , 

StOC koala HUm. (25p) 62 (25.101 
StMdard-{2Spl>34®. A N-V «3p1 31®;. 

- W6* 'O? _ 

Sconewil (25ot116 (34-105 *" •' * ’ 

Store- Platt Inds. U5p) 106® #. SiJPtPt 

Stottwrt Pitt 235 (23) >0' * ' - 

Streeters Godalmiog dOpl. 24 ..^ 

«Tong Fishy , (23c0 67 78% ^). ,. - - 

Stroud Riley Drannnofitf (29P) Sib « 
(2a> ••••,'*• *- . ' * 

Stuyte HWa. (top) 16 061.,- . . 

Stylo Shoes <25p) 74$. (26:10) : -v 
Sumner (Francis) (lOp) 14®, 12: .«« 11 

So o>rle Ctotbes (iOoi 31* U»KD , - 

Sow* Groop (lOo) 56 i r. .-. « 

Suter Electrical tso- 25ft- - * 

Swan Hunter 153 50 ■ : ‘■■T r 
Svltone (25p) 147 (25T01 


• T— Uf^V- - 

TACR (TOPI 26. - 40ptPf® ,- 

Talbex (5pi 77I5S U - “ . ■ 

Tarmac (50 p) - 138 . '40.' ^-SliPcP f . 5* 
'23, IO}. ■ 61«pcDb. 79«S-9Jr-W**> ^UP« 


Ln. 67U (25-10) • . 

Tate Lyte 168® 9 7 ♦*« .K. *.,Si»fDII, 
68®. 7'iPCLn. 56® 128-1 0)> : -- TSpcLn. 
IDS'] (25.-1 Oi 


Taylor Pallfttcr (25P190® - 

■"402® 397J .8- ' 


PhjSu -10PJ 97,'rfl I 126*101 


ymarfc. Incnl. ^lOo^^sa 125/10} 


Porials Hldgs. >2_ r 

P 7? S (24ilO» S,Jn,,eHand NeW * MO * r& C25p} 
Ponmir iiSp) 9 124.10) . . 

Powell Duflryn (50 pi 1B7 8. dlrPCPT. 18 
Enplneering G5oi 7o® as® 

Pre*dy_ (Alfred) Sonn QSW BSG - *b 


I25.il O) 


Pras J William) Son 


B V«J. n (Spi 29',' 9D) 30 , ^ bi: ' A NO "- 
Burn Pulp and Paper i25o) 94® (Z6H0) 
Burco Dean >25 dI 74 (26,101 
BurflPts Products (HldBs.i (ZSp) 48® 52. 

A Non- via. - 25pi 45* g >, 

Burndene investment 'Sp) 15 (25'10i 
Burnet, and H«llams»lre Hiaps. A Non- 
Vte. (2 So) 222 (25.101 
Burns Anderson HOP' 55'.» 

Surreij rjp, ig 

Burrauam Machines 5';peLn. 9B (23-101 
Button Grp, (50pi 193 '25/101. A Non- 
V19. SO pi 170 1. Warrants m tub. 44Jj. 
9>jpcLn. 69:« '261101 
Butlm's 6';pcDD. 68':® r.® 

Bulteriteid Hnvnr i25p) 75® 


G-D 


u, 


Allnn (Edopri Balfour (2Snl 53® 2 S-, 
Allied CCUald* Go. HOn) 70 


'"deattM's (lQpi ZB': (26/10) 
Cabtetorm Grp. 80 <t® 809 80 
tanbury Schweppes, >25pi S7® 7 6 
3-tePI 41'.-. 9ncLn 71'a® ■ 

Caltyns (50qJ 102 4 rSETOi ' 
ca-'d IDund 'ei *250) 23 
rfhSr^ 4 * P . obr ' A L! 0di 59''® fZfc'lO-r 
(23J10I ^ ewi, *‘ :250l 46S 

Callender »Gep- 


X_5hoe»i25n) 76® 5 4 (26,-1 QJ. 7>]pcOb. 
71® rZ6 10 ) 

Kalamazoo (IQp) 37ii 6>a 

Kenning Motor Group (25P) 73 (26/10)' 


! Kent l George) 6pcDb. 58. 7 VpcOto. &7U 


Falrcloueh Construction Graim liSnl 65® j (2S.-10* 

IfSl!? .i5S. ?S_ , 3. I,,, 0J _ i Kwaha^ jli}*!^ Som’^Sp.^ _h 


Fattvlew Estates HOd) 1 36 7. Ts ssncOb. 


Farmer IS. W.l Group CSo) 139'* an 
Fameii Electronics »20n) 374yo s:« 6:® 
69 3 


Feb Inti. flOoi 30 (25/f O) 

Federated .Land Bldg. i2Sp) SO': 49 (j 
Feede* '7 Op) 31 2 (2G/10) 

Fenner «J H \ < Hldgs J <2 Sul 15S 6 


Ferguson Industl. Hid os '25P) 122® 
" ““ ffOp) 37S© 50 6 80 


'24/10). 


_ ore. 

3.50PC2nd 


126(10). 

PC international flOoi 35',® 


LR. 

10htgcl.il. 79 


5. 


IPbKLA. 757® 7 6 | | W„0«1W; 


t a cat , BLA <fog, iiss ut spas 


Warrants 94 

H d '£* Ontenwnr (20ui SB (23'lo> 
a '"9„ Uohni and Son (JSn) 20;# « 
IJS (26I1W 


6pcDb. 84b. 


Lajrd Grp 1^1^ I25nj. 19' 


IVS-fo) 



I All you nBed to make rnonev in lhe siockmarket is one good invest- ■ 
msnt idea. And that’s just what Ven:ure Opinion giv« subscribers.... I 


Allied Ipjulatnrs (25pi 65 'dt' 'j® 31* 3 4 
Allied Plant Gp. '10p> IB 1 *® ': >I6-10» 
Allied Polymer Go lOpeUnscd.Ln. 93'.- 
Allied Retailers ilOo) 985 6 i26 foi 
9 -«ncPf. 106 4 124 101 
Allied Suoplltre E-apcUnscd.Ln. 491 
Allied Textile Cos- *25 p) 14G 
Ato'nc wns 'Sol 7** -ft 3* 1 
Alpine Skill Drinks flop' 155® >261101 


Ferranti New 
5hs. (50p) 283pm 
pr. 36*.-® (26/10) 

Ferfleman iB.) Sans dOnl 29 
Fidelity Radio 11 Dp) 85® 6 (26/10) 

Findlay 1 A R.) Group (2 So) 45 (26/10) 

Fine Art Dcvpts. f5ni S3 1 : 

FfnUn U.l <10o) 35 >26M0) 

Flntav (Jas.) <2501 97 
Fisher Hi Group 'Spi 9>: 124/101 
Ftaons SIB® 24 20 2 5 5. " ’ 

6- ecDb 52‘*® <4® 

Fitch Lovell (20p) 65® 4 3 
Fltzwllton i25p] 50 124/101 
Fletrher ig,) Builders 'OncUns.Ln. 65 
*23/ IQ) , 

Camteft? r B M * 1 ,,0b! 25 t26 10»[ Flijht^eiuVinte ^Hrdos.j^iasB) 55 ]^^ 1 ^ j 79'* (ZSTgr - . swart. 414 (25/10) . 

Camiorn Eno. ilOo] 66« 7 5 6 7 <26/10) (26.10) ® 67 Laiham (Jamesi 100(25:10'. anew nos. i *•*“'* R tdgway 1250) 79 rauiai 

, i« D f^' 2 Oo) 100 97 i2B 10). 8>20pl 96 I Fedenj iSOD) GS '231101. 10ocCnv.Pt. ,«610l . opckt. . , — » awioi 

1 23S'< J « <23>10) La urence m Scott (25m 107® 

1 Fogarty (S.) >25p> 162 iZfi/101. 10w>es Hi"!**. 5 r “ 

! Pi. 109 '25/101 v * PS 

I Fo’kcs (J;) Hc(o 'SPI 26®. Nov-VTO. '5 p) 

' _ 2« ■ 7':ocCnv. Uns.Ln, 96i ; : '26/1 01 
PM. »■"* CP” ^8peCny Ln. 72i* 

(24/101. 7'ipcCmr Ln. 86 (Z5I10) 


Kitchen 'Robert TpyJor) 'IDp: 

Knott Milt Holdings HOp) 21® 

K«d« international , GlSp» 139®. 6 B 


(24/10) 


Kwik-Flt (Tyres and Exhausts! 


itfps. nopj 

*e Discount Group dOPl 84® 3® 


L/—M 


L.C.P. Holding . (25p, 92 06/10 ) 
l.k. industrial Inyeabnents (25oi 37 


Lake ana Elliot raspi 53 
-ambert Hownrth Group OOP' §5 (26*101 
Lamonr Hold./ws flOp) 19:* (2%flo> m 
Lane (Percy Grsun (10p> 45® 


8>t 9t, BU v,t 
a-U?® 

Freswe Hld«. (Ida) 102®. .lOJgeH.-, 

_ldo. (2E 10J -. . 

Prestige Gi^m> OS «n 178 80 . 

Prince of Wales Ho tela as®) 871 . . 
Proprietorp of Hav*» Wharf fa* IT OVIth 
Provincial Laonortes. ( 5 p) 14 »i 
ily. pd.) 129.1*; . . ■ ■ 

PuHftiM ifi. J.i (So 1 104 3 • 

Pro Hldgs. OSp) 82 3 5 
Pve camtHdOgg 40 flZJ/iO). 


■12pOjD. 


Q— R — S 


Qnean* Moat Hoossn (Sp) 41 h 
Qirtoe ®i. J.) Group (lOo) 42 (26(10) 


RFO Group PI Op) 74 

Raul Peoroda (250) 318 20 2 16 21 
R8gfo Renwtt wwas.1 6tpcui. 1079-84 

'3h*P W 

garioe Engtneerlng Inds. IlOo) 15^ C23yl£» 
(tetner Textiles (Spi 94* 

aSp* 1122* 99® 5 

*4** VSPI 246 9 8 Sit 3. 5 *SK 

Ln.. 43 (23/10). BpeLn. 026(1 Oi. 


’ McrteumTl (250) S21- 3. 

WIP- lUP'fti,. ' « 

fisjssuvae 

SoCLn. 791, QG/igi 

Ratdlffe Inds. /2SP1 86* 

Ratcliffs <Gt. BvldOe) (25 bV 79 QGiitn 

Rvtners (JwrelliStlOw 64M)5® 

52; li iij 3. tauocw. 


^ U: 
P) 65tu® 3. 


.1091, (26/10) 
gcMfCOJ Inti. ISp) 43V 


Industries (Hldgs.' <50pi 113® 1 S r ^ 135 

?|t; <2^§?- Ml - V*"* 1 - fpSf. C 4W2!5 S /l P 0 , ) 4a0 ® 80 731 6 S8 7 


Taylor Woodrow r25p.’ 

Tenbitt .10pr 9:: (2T10) ... 

TetefuSaji'flp) A N-V,l5n) 

.37 (23.10) - ■ -- "V 

Telephone Rentals' <2ipt 139®. '8- 7 • 
(26/10). _ . 
Tenneco 10pcLi_T39 (2B/10>- ■’ * 

Tesco Stores (5« 53 4 3V • 

Thermal Syndicate (25p; - 100 (26-10)..- ■ 

Thomson Organ. 4 72pcPT. SIB ^2^1^°'- 
S BSpcPf. 61* (26/107- ai.7ptW.-l»«? 

60':® (26 10*.- -SiincDbrT -74V®- 
7 upcLm 64 (25101 > ' ' . . 

Thorn Elec. (nd.i25P1.3S0® 3® K J 6-4 *- 
50.- SpcLa. 102® 

Thurgar Bsrdex <10 p> 19 (26/10) , . ... 

Tilbury Contracting Gp. 290 -(26 101 - 
Tilling ITbomas) (20pi 120V. ' 5-25pc 

61 4G® 2S® (26/107, 8PCDK 7*, (24.10'- 
8'incLn.. 677 • . ■'•>.••• 

Time Products HOp) 183 .(26/10). New 
Otd. nOp> Z8® 6- 
Tcmklns (F.H.i «5 p1 24 (24/10) 

Tootal -25p) 44-:®r 9 *: 6. SdcM. SB . 
(25,101. 64*pcDb. 85 V. 7‘<pcDb. 70 U 
125I1Q>. 7>«hCLn. 631 . 

Too thill |R.W.( (25 n) 46 

Towles riOPiSO (2611(1) .- - T :. 

Toye (ZSp) 67 (25/107- •’ • - ■ •** 

Tcra*r Kentsiey . and Mllibotvn • (Hldgs-) • •. 
•|20p> 55 3% 3 4. BotLn.. 94 ;® (26/10) 
Trala/gar Hooxc (20pi 172® 11®. 14® 13V 
14 12*.|. ■ 7ocDb. 48. 74/10). SpcLn. - 
59b». 9>»CLn. 68V-i24nO). . . 

Transpareae Paper -(25pi 68V • • - . 

Transport Dvfpmnt. Gp. (250) 71 It 
(2EH0I . . . 

Tranwood Gp. 15p> 3R2. ' „ 

Tre forest SHfc Printers 6pcPf. 3®V (25(107 . 
Trirovllie (lOp) 86 - 

Trldant Gp. Printers (23p)'4KU*ft 100* 4®^ . 
Trident Teievts'an A Non V. MOpt. 52h* 

Triplex-^omKjriu* Gp. t25Ps 97® 

Tout KwM Forte (25P) 235® 5 6-5- 
Ob. War. £23 ): 6-ZSpcOb. bZ'^S spp. , 
BJSpcDb. IMS-90.6' u >25/10). 7-ZSpc 
Ob. 65* -126/10). 9-IPCLh. 67 (2S/10) 
Tube ln*.-370®-i: 701 14 70 2. S^ccLn. 

52 (25/101.. _9pcLn. J5V * 6VPCU1. 90 
126/10)- 

Tuime Hldgs. B (500) 300- -• ■ 

Turner and Newa/1 -173® 4 11 2. 

lO.lDCLm- 79ij- 123110) ■ 

Turner (W. «: E.) CIOPJ. 40 (25/101 

Turriff Corn. OSp) 86® • 

Tyson [CMtractOdM (lOp) -27 (28/70) 


inM Group OSW 731®fi® 4.'] life. New 
Ord. (2501 "761* (25.10)- 
UDS Go. (25 P) 92 1 2I«. J ■yPcDb S7>* 


(23/10) . 
lK(a"liTternl. <2Spi TST 


SpcGtcLLq. 1382 911} 


UK< 

USMC • internl- 

aeiwi 

UU Textiles /10p» 41*. 4 (24/10) 

Ulster Tetevsn. N-V A (ZSp) 67® • . . 

K 1 ®" 1 ' J, 1 **- U&) 101 (25/10) . 

Uni Bex Hides, (TOpj 71 2 <26/10) 
Unlsa*e,G3nJ.7 , HB.1i 7 0 2. 5pcPf. 47V 

fg/ing. sipcDb. ar osno). evpeLnl 

U £i ll 9K'.fi SB, e ^ 4a fi 3 0 40 2 38. 4pcDb. 

P? ?i* E , W/IOhiSw.- 

gS^ 44 as, ? m - '*aPCLn. 60h® Il 1 

Unliwer INV) Sub-Stas. <Flt2) 


7 6 


-OSp) 60s 76 V® 


(26/10) : ' Q3 ^* 

Union Intern). BpcPf. 41 (28)10). 7pcPf. 

CJnl tech <10p) .1. 

United Biscuits <1 
. .U® 7»B . 

H n Ji*S «0p) 101 (24/10) ■ 

a SS *?^ M f T V’” n * «S® .(26/10) 

U||U*3 Class 7'<pcl>b. 72® Gtfi/ld) 

Kjjg guwpteft (Hldos.) (5rt 271: - - 
11 W ' pcwioipws .(25 b) 2S2 (2410) 
“ap* HlS" 2^ &76 17 
United Spring Steel' Gp-. CJOfi) 50 


. ^ 3S 10 > 

IttaMOl ,H,tf **** ,200i 5S * 2® SO 3 

j Canning (W.l -ZSp) 69 (2&rt0l 

j6? e i2mi’0i a5Bl 153 Z l25f101 ’ ,l *P eLr *- 
I Cap/an Profile Grn. noo) 117 
1 Capper- Nell 1 (ion) M 
Capitals 'Sal 40 


Amal Metal Can. 308 (26/10 
.55'< (ZS 10i 


5 JocPf. ! &W7J n SgJlL 0 -liS*wflL 


every month. One top investment idea, tho roughly 'researched and 
fully explaincd-See for yourself how it works. Send today for a free 
copy of our latest issue. It could start you on the road to regular 
stocKinarfcet profits. n n uMa w [ j 



Car'-'n Eng Greuo - 2Sn} TS* S 

Amaf. Power Eng'5. »25m 139® 6 B ; flllSS ftS* L SS T « re .-0 c ?_' 53*.2 TO 


7ij 


.J 


83tUnsr«4 Lit. 40'*® 

Amber nay Hldgs rtOn> SI 
Anchor Chemical r2So' 71 '24.101 
Andeison Strathclyde <25a) 66’ 

7‘ipcUnsCd.Ln. 64'; I26.I01 
A noiia T(«ievi5ieti Go. Non.rtg. A t25n» 
R7 '231101 

Anglo- Auer Iran Avhalt i25p) 56 (26710). 
4PCW.M I2&1Q) 


Carttan Inai; TSsiT' 220 "Prs oil ’’ 

rS79i-iW , *w’ sow 810 a® 3 41, 
carr (John) * Doncaster]- (Z5o) 47 

C SO l "2S.I01 ,,, ' e,, “ ,2So;i ST ® *' 6 ** P< - 


SO '2S-I0I 

c usTi6>* l r Mjle s,tKW «"esm..ftiss s> 

S ll t2!^_5 , * I '£r f 28oi lnu 7 -2 81 1 O' 

C 5$t« ,t - f'Op) 761* S 6 


Fora <m.i nop) si® 

‘ ' Com. US12) r.JOh 


23110) 
New nop) 104 


(Z5M0) 

. — .. ... . iupj saw 
Fnrn Motor Com. US1 
Formlmter nopi I02i. 
i36)10) 

Forte Hldgs- G.lncDb, 60%® 51 . 

Fortnum Mason 850® 

Forward Technology Ines. »50 d1 1 V7 r 
8ocCnv.UiK.Ln. 73® 4* 126/101 B * 

Fuseeo Minseo (25o) 1499 
Foster Bros. Clothing (2Sp> 160® SO GO 

•^-wrcrfSss, "******■- 
30 "* -.»■ 7 ‘:« 
Freemans 1 London swgi USpi 265® 60 


2 1 


L * 5 S Jretfuscrln Group rsOoi 153 
, £ 86 * 1 0’. JocWd I50PI 22 i 
Leadenhall Sterling (25m 130 
Leadcrtlirib <Hiags.' HO 01 32® 

R 5 ** 4Qij 40 <26'1 0) 

JS. iFobelli HOB' 45»* (24*10? 
Lebus iRarris) asp 42® 4 
Lee Retrianransn ' 2 Spi 79 -25 / 101 
L« l Arthur 1 Sons (121301 22 », ( 24:101 
M* Cooow Group (25oi ISO 7B i ft,*. 
J-<teds P'sl Deers Finishers <25gt 711 % 
Leigh imertete ( 5*1 | Z3 " T, 'i 

Lennon* Grono HOP) 33* S« 2 
Leo Group HOp* 2430 3 
Lcsnev Products -Spi sai-a Gi.m om 
Restricted Vie 'Sni 74 7?^ 1 0 >'® 9 ®- 
Lctraset internal! ( 1 Q 0 > 137 ®% 7 . 
te gSIL 1 V* 1 *L « wio« 

te^iSL' 1 KrsaaasK* & 


Un)t«J Wre Go. (25p> 54 

in- HOp) 12h .05770) * 


Uneenrome JrarVi 


FINANCE FOR INDUSTRY TERM DJEnPOSITS . , 

yZT “inteii 0 ^^ 5,000 ac ^« d ^ ' fixed terms of Sid 

SedSrS ;Rat^ 


Terms (years) 3 
Intertat % 11 


„ f , ' S* ’ 15 : : 7 • ■ ■ S • ' ^ v 20 ; 'V-; 

114 U.i - 12*. ,.121 ..12i ^ 

anmunts on request, ^Deposits lo arid further- 

UmSed.^91 wSrKf ii Ch !f f Bluance .for liufaffitTr. 

* R< ^, d ' l ^oh. SEl . BXP; (01-928- 78^; - 

wS t PWable to “Bank of Rnsian& a/e FH.” - 


nm I, . I : ~~x ~ — k-v>m«& .,,i»4ij|*-0]( •jSu 

nr.i is tne holding. comjpMy-for/IcaPCtaiid* 


- r-r- rj?~. - -'LjVT- 








■^Finatoriaf Tnnes Saturday OctbHer 2S 1978 


.'#!'<er n Del SB 'Z 61 CJ 
•■l am. (Rw sa tZA,lBi 


1 Hail* iuj»sh* lDi, CU-IQi 


_.!Sp» 50*-® £0 
• ' LW». ‘2i9i 12J 


Mctori ?«cLn..ti .Q'.ioi , 
• . Soc-PtCro iJci " ,jfi 

• . -nt Hts-ja. .'Sis. •.-J7«5 .;6 >rj; 

L e ' l*- 1 7 S. SscMcn.wom.P*. JbB 


. ... BrivtM Pip faster* Tat. rJbl 41 ' 

tnairth Asm. Amor- 530 125,10) Drayton Fram'd 1 Inv. Til. (3£pi 101* 1 . ' "“»"«“•* 

tfsfcmc Hmk (23p> 384 (24(10) 90 89. 4ijpc 28Jj | nc. Coni" *1*. iSUSi) 32 >21/ ID). 

Ex.Ljnei r10B) 14 (70101 . OlMl*«St Cap, 303 . B ‘ K S“5i 

!sasjaj^;riK*{.,. . ■ BBawsairsw^i*. sjs^'sJa.'TB-'Jf&B ™ * 

■JRrfs «. «. *™ »- «- ‘s m anfftvausiff 


MfewIIaneow («7> ! fUZET JSSftlaW 

Am« ■no. Com. M*. iSUSTi 32 ,23/1 oj. a 6 B*r 2 SUn V '* “ 

**» 51 assures. «« .= 410 , 

Charter Con so, iRna.) C5 b) 1450 2® 2 "Art* . Jonn 1 1 .jews? 


Common BrotHa-s f£Gs' -42 , Swire Pw A 'iu • 

f 3E!f*?l^ , K y 3400 8 » '0 - 5«Pf tSS iniriifflBifi t5* 

260 (25 1 tn Iwnton Ouwr lii- 

GrslB sow -is ijsi | wen&d Mreu* 1 37 




IbB . <) :kui. SO (2410) 

Finns* 125nl 20 -ij 126(10) 
>25 Cr-iiham Lnv (23p) 61 


57 (25.10; 

English a Int. Tit i.*5pi 02 
(nglKh A Nm York Tit. i25n> 71*;® 


jaert* ijonn M >20»i 37 I 

London. Oversea* Freighters CUD’ 33® Si- 
1 26,TO> * 

Lvlr Sh'opcrj A >2 Sd) 123 >24.101 ! 


OCTOBER 78 
Agnm Micas. 120 
AmfUar Tel. mQ Tel 


ra6 ' 10 ’- ®w » SSn-VSM M t^SsErST 

iwirlf.. ,25p> 175 i2fi>lDi t 5pciA*«n Dr* Bk. s^pc 1 


Enollsh A Nm York Tjl. I250» 71 la® G&v«r Yin >25ql 175 I26'1D> wrr n *-K?T « N JKl , b*" I ««■ »*. Ja K t! 

Lnpliili A Scottish Inv. (25ol 76® "anuKonn Tin tSbpi 300 '26.1 0> I ■ *£,*. "K.- ®;,3« 7e 60 B *>t® 5 •>*. 6 i AlBcrton Aininwiy b4® 

faulty Contort Inv. Tit 109(231101. DM. I Rk> Tlnto-Z'itc Corn. (Roo.i i25m 246 1 I Bm.S b (i^tk ,, . , r Austral. an 0-1 Gas 43 a 

'MP* 143 lafillOl ... 4 5 2. . Qrri (Bearer) i25pi J4B. ; R 5i%'“ , 1 Q ,^irS 1 h ' s0= ‘ 30 *2 3 IO>. A r 50p> Bocmp £41 <«o 

tRUltv Income Triut (00P> 21 £ >25H0i AccumuUtlnp O rtf. t2Sol 240. 3 5 k I __ Bo«ain«.lle t, coper 121 


I50PI 143 (26(10) . • 

CRUItv Income Trsut (OOP) 216 i25P10i 
Estate Outlet inv. Tsr. (25m 79<; 124 10) 
F. A C. EuiPlmn t25p) 52 
Family Inv. Tit. i2Sm 100 


1938 USi 5£‘iO 
9 


B Cufti Pf. iReg.1 41 <25.101. 
bSU® 

5aunl Piran |25P) BO 1 79 


First Sccitlih Ameiiun Tn. (25pi B4<t 5 1 Selection Tst. (25 p) 454® 6® 64 2 


1 25(101 3i;K Mb 
First Union Gen. In 
124TD) 


Tit. (0.251 4Sli 


Silver mines ■ <2 lap) 33 7 6 «25il0) 

South Crafty (lOpl 63® 5. New Ora 
(I Op) 6s 


F »a'SS ? C. 01 ""*-' Tlt " IJ5P> 1730 Southern Klnta Con. (Ml Bertiae UMQ.5D) I 

SO 69 7 B'j 70 sji 128' lO) Mo 

Fmul.ntni i2Si>i 3B« B. CDP. L25PI 53® sou I hern Mala van Tin Drop. (Mi Bemad w “' 

6. 7. Japan Inv. Ttl. ilSol 1B4 (2611 01 . flMI 1 330 (2SllO> *Z 

.W V’, 1 '- /n, 61 ” 1 65 ®' LDn ’'' Tank, Con. iniesi. (SOpi 168 Wil 

^jS'raf’Trei^^Wrt* «25p. 108 M *' iVa '* Bert, “ “ M ” An, 


' Pns.fapnt' Fiiart.il Gp. |£'5P’I 101® 1 


I 5 t.;t G-a ■ Ida i 35 ® £ vv , _ I Bowhaush i 25 d» 271 124 ( 10 )' 

■ '• jne -^Se. 97 24, 1 CJ .5* Gecrpe Assets ilflpi 12's (26,-IQi 

' C7. -133. 17® • 5-sul B Ft heal Lit. (JUS1) p4i 

■ '• ■=•■■- , '-J— bj 76-.0 7 s. 7-:ac . _*■ * *2' 


enera: Scottish T=t. .2Snl 87® >261101 Rhodes) BO fll 

enoral SipLk holders inv. Tst. *12';pi 116 J “™ ol “ '*» 

laiBPw Sioukhalrters' Tti i25pi 93 I Botswana ft ST (Pu2i 21 I26M0) 
lendevon inv. TiC I25P* 97 (ZSil O'. | Minerals Re* our cm Corp. iSBDl.401 175 


RutKiman iVini'ii i 2 i-s 63 55 

TEA (2> 

Assam- Booars Hldas. 260 >26'10> 
Assam Invents 96 

Camellia invests iiQn- 312 126 id. 

empire Plaicatiori Invests. <10pi 
■ 23 1 O' 

Moran Tea Nlogs. 335 >34, 10. 
Wvrien Plantations Hiags >2531 
1 Z 61 IO 1 

Wlll.ainsan Tea Hides. 163 

TRAMWAYS AND OMNIBUS 
Anglo- Argentine Trams -tpcTrdDb. 
>25l10i 

Tpllpale Hidpi. 110 (24. 10> 

WATERWORKS (12) 


[Cheung Kong US* 3.04 

! Confine Rio Tlnto Z76® TO 

S iR 3SS6 

DIO Mines KalflBOflie 720 
Hvlchlun Whampoa 92 
ICf r Australia) 187 
Int area £40 

Jerome Mention 255 2! 

Keniron 35 

Kentucky ut.lltlei £l 3 <i 

IlCulIm Malaysia fill; 

MlEMl Metals 35® 1 
. New Metal 4t® 

1 North Flinders >20cl 6 
{ Pc ICO Wall send 4740 
1 Prntea Hidas. 74 
I Scudder Duovest 5750 45 
- Sea Containers £1 IS 
1 Sthrn. Callfarnla Edison £17U 
> Swire Props. USS O.B3)v 
; Target Pets. .1 5c) 15 :® 


Canadian Suoer.v 0-1 £33’a® 1 PriXea Hidas. 74 

'Capital Intnl. Fund £120 Scudder Duovest 5750 45 

CiDa Geifl* 7GKCnv. £91-‘.0 2® Se* Containers £1 3S 

Lit 248 'Sthrn. Callfarnla Edison £17 

Dresdner Bk. fc 94 iS • fiwire Props. USS 0.B3-‘. 

! Euraca.m 5 upc 1937 USS 56-20® __ , Taroet Pets, rise* 151® 

„■ Hutch. ton Wnampoa Bl^e 2-cO. JijoePi- Tri Continental USS iBoi.® 

1 14 J,® Western Queen 23® 

J Hawker Smeelev Canada A 435® 

1 ~ Jarfl|r.e P MalhcscSl 276 B 5 4 j RULE 163 (2) (a) 

: Maru°«V ,e Food’ us* 2 l24 5-27 Applications granted f 

. Metals Ea. 26tj bargains in securities 

Myers Em a or -t 136® __ C..I 

•I enolak int.*'. 73 ® n * n > StOCK tXCt 

; Otter Ev 32® 

ISS OCTOBER 23 


| OCTOBER 21 

. All England LvWn Tennis Grnd. tsouos.'.- : 
I i£3Z4 dj.Q, C3 650. 3550 .' 

, Aston V„Ja FC £15 

■ Camoridae inlt !■: '< ■ 

. Came'ea .' list 7’. 

j Carr s Milling Jnas. 7<:dCLs. C40DC - -- 
I Channel Hotels anj Props. 27 4 3 
1 Clair mate 20 - ' . 

[Clyde PeirDfoutn 109 '. '•. 

[ Computer am) Svsiems Eiipnfl- 150 
I Dollar Land Hlds*. 44 3‘: 
j Dalsowe'ia Hides 3< 

. EiChem Hidas Slk- 50P 69 B 
. GRA Prop Trust 14 . 131. 

.Kcilack Hidas. 42 1 

(KeilMk Hides Cnv.sub.Uar.Lii. ( 2 nd 5e-s.) 

4! 

KiiiKb Hides. I4t: 14 

jMin.no irv. Cjrr-n £“ 5-: 1 2 

1 NJilonw-de Lv.vUiV 10 9 
: New Court Njlurvl fiuaOurcet 13 : 1v IS 
I Ncrion V.lli«T-. Tr.umpn 7 

; Oldham Bre.'.er-, nr 

! Queen St War-?ti.su3e -Hlaas . 1 3 


Pnnr onti nenal £BS 


Applications granted for specific : si 45 

bargains in securities not listed ! w-rtoeste. Len.yon Tst. 2 > 
on any Stock Exchange. j OCTOBER 23 

Arnittm ■*? [Aston Vila FC '£Si El S': 

ULlUOKK — < ■ Braarlarr.-* Ir.vv. PP.745 


5m tv Bros >2Sp> 60® 


n.-s Cr= .2VP! 97 F. 14 ;pcPf. SIwi'm Credit Ge. flOPl 25 {2Slt0) f r£, 

•' , S’ock Eiri.anoe £4.Z5Rcd.AM (Reg.l 52 [ £7i 

- iBurejrdl * 7Bl ZS’^» •. Gp. iRO.20, 52 121'tDl . O,, 

. ‘ r -= r 'S howia.-d Me,,. Sf.- e< . worm. Camins. up 790 <23'l0> . Gr; 


WD. OS'; 120 1 hi waiiKlr colliery I5t)pi 29 

Genmurray (nv. TU. iZ5pi 77® (Z6,10i Zambia Copper Invest. (s&DO.Zaj sUSO.21 
Globe Inv. Tit. r25R< 115;® 15. ApcDb. [Z5'1D1 


We .d.-*s A I OP. SZO . 1bo:6ub.Un K d Ld. 153 1 <26 10. ' 

ThC^-.asv uifl Sen '2 5m 31 • ‘ Fin Con i25p) 41 Is i25.10> ■ Hvmbrpi Inv. -Tst. tZ5j»> 103® Anglo American Gold Investments -RU Newcastle Gateshead ?K S9a 3 BorPt . ADCD or 

> . . 4 o. », u- M * n Sland Tit. iZSpi Si’s* ( 2 * 110 * I [J‘« iPM.p. | n ,. Tst. (Z5 p.> )79 >E50p 125/10) 333 5»:Db. 3J® " a.BDcrt. ; OCTOBER 25 

la— M?n fci'^sn ' v t i^ a e* r ‘ lnv . MOti' 2 124:lO'pm ; ' Hlflsj. A '25pi 76 BIshupsgalL Plalingm IR0 10> Iddo I Horiti Surrey 3 85pc 34 <23i0i. SbcDp [Alliance Ql Devd. 20- 

!sii V& V« “i.in* I Yule cans -lop. ES (25.10) industrial I Gj" -.T* .25pi i53® 4tj® 2 •*« ®hrvPOraHtoM Wd Mjn.no tRO 25. , SPCD “' ' Arnw.Mn Tel. ISi Tm.’ 5U56TA 

/•If ' ln**rnAfi 4 ^ ^US4 50® 4 5S® lO^» VUSA S5 i RickiAifiSMtmn VJxbrieqt S 5pcOrd. 32. ‘ finglQ Un<lM 222. 

G/VS (8> i wirinU iS Brjckpn MJm?% iRQ.QOj SUS1002 1006 . 7«Pf. 19B5 >£10 pts j 9 ■ Bouffaut itv Ccowzr 12BC 79 * 

lllianee and Dublin Consumers' Gas Cods.' Ob Sl'A HiTo, 3 *®" 4BfDo ' Z3 ' , ^ !0C BitBelStontem Gold Mining irii iU«1 1 •« 5. Staffordshire 3 SkH. 33 iZSTO) , Cheung Korg ZDC 9 

Oro. 92 vonswrurrs (-* «»<. . , wo at .1-3 10) Consolidated Murchison tRO.IOI 2ISP Sunderland S- Shields 4 S5Pf 73?* Cons BaihuFu £2C « 

i;jc. >al Cont.r.emal Gas Assae. Cap. 3*4® 5 '*ptDo. to® Doelkjaaf Gold Mining iRO.ZD) »U5«-30 w ,« Hampshire B all .- 33-101 SISpcPT ! Eastman Rsdav Edits 

tB 7+ I25> 10k 7pc Investment Trust of Guernsey <5Qni 170 I2S/10) ;go (23<'10i. 3.S5p:P* 350 «zs 101 E,vor Cor on £331? 

l». 155 »*S 10) . investoi-. C-Ipital 1st irspi 7?I. 7UPC Oow ntcutein Gold Mining (R1 1 VUS3.94 I 5-uDb 33 i23ilOi 0 • Hang Seng Bark 1U53F 

IVSm.\NCE (146) . ' ! ja D rSi^ 8 jagan ,„v. Tst. , 25 p. 165 - “zl’.O. B<Wd,MK>0rt »U 5 5.M ( York WaterwoH., 4 9 pe 40 .26 101 j JJ®" E£S5 

179 . 2 * 101 ] Lii D «r,?, n n w, ssid' R,J M^. t23 .^} : special list 

'UO.-n. IbJ w • {“ • , J5n» 4 8 1 «L|cin M* ^ ... _ K Mai! £17 % * 


Conn Til. i2Spi 57»iO 9 B 7 fct. : Gazrann hib 


BS 125 <0i 5-PCUncec Ln. 94 
gvcf European Tsr iZSpi 66® 5 
range Tsl i25p> 77® SpcPt. 39 .25'10 
■ eat Northern lnv. Tst .Z5 pi 10D® 99 
reenlriar Invest iZEp. 97 'ZB.'IOi 
aardian l„v. Tst. >Z5 p> 79-9 7- 7 


SouU) African (43) 


Bournemouth Du: 1 SncOrd 3S- >2dTai ! Rornntro USs 64 . . .... 

Colne Valley BpcP* JOO !. (23 10* I Slav Elec Comm. Queensland 10-SlDC 
East Anglian Z.BpeP* 27 -25 ID) 3,B5nt 1 I9Y0-95 £S2 

PI 35® 1 5w.re Pat. B 230 

East 5uirey 4 .ZpcPI 63 i26 101 ^--Irc Proa;- USS 0.9B® 

East worceslersn.re 2 5p;P* 24 - >24-101 • mvas Gull £13-'.® | 

Evsrv S-SDCOrd. 32 6i-pcDb 74 f 26 ' 10 i'T>. Continental £1210 


■ 26 10i 

I Hvmbroi Iny. -Tst. (25J» 103® 


CMl C0rO fH0 501 560 [ Lee valley 3. r-pcOrd *32-®. 2 SpcPt W-islern Queen IB 

» ! ft. *— *• **« ' 4 ,5S55.T. s 5 £ -.2V 

3 43. 2 | Mir! -Sussex S.SocPI. 1978-79 36 I 


. J. Ml ■ -.’Sol t1>.® 

d Giav. i-jp 69 60 

•s .2So) ’If 5 ID *23.101 

0 D ; 1 0u. 29 

1 ISO- I » -ZC 10'. lira tsp- 
I Pufchcjt-nas ij 3 ) rji, 

y» 'ISd> 117® 

AETK-aie; .17o: 25"* S 
u. *2£n lli 
-Jirtj-. jb. ZG— 

Enqrrirnr - 3 Oww.'-nr l?5?l 

t Prodi.cri EO IZtlTOl 

nowie B. 1 i-y a^e S.g--ai -J ,n 

: ,-s co 

j A.icrar; ,i25o> 37 l.’.K'.r. 

3 13. 

a Tclrv:-.. -..i c n.-r-vii. >i3o! 

B- -:*) si i n: isi 
s oil. 4-z . :: ic 

F.e '.a>.ra'-:» 'll- iJS '2*12>. 


GAS ( 8 ) 

A n I, l'' c £-. Antf Dublin Csnsumen- Gas Cons. 


I ASSOC cap. 364® I ' bSS*B £. Mira® ^ 

\ t? fss^isW’- tB M {3S,, ° l - ^'Ksasr'cJar, 

INSl.Tt\NCE (146) . ■ iny. Tst. i 25 pi i 65 - 

Guw.hs -C. f.. Ultii 1IM IS *V .1)4 io> ■ 


303 1006 | 7 pc PI. 19BS '£10 no , 9 ' Boueauv'liV’CcBPer 12BO 7® 30 

IR1. iUSTU. 5. Staffordshire i S«w. 33 i2570) , Cheung Korg 203 9 

10) 215P J Sunderland S Shields « SSPf 73>* Cons Bathurst £2C-» 

West Hampshire B 415 OZ'IOi 3 ISpcPf. EJstmin Kodak £41), 

290 0*101. 3-S5p.;P>. 350 «23 10'. E.vor Corpn E35>* 

S-vDO 33 i?3i10i ' Hang Seng Bar. 1U533 


i susio so; 


10 r-‘ .(.-■-•* 
250- 7i . 

Wi-r ■ i' 

h.m a.-- h ' 
.r> 4 Tr-pt 


' 1 2 :-2 10. 


■ . ‘■acuro Biui. iiori.n-* Kuscrve Fund 

^; .e A 2nS-,V , i= F ; e 3 ^ a 2 L ' ,e **“' ^ T : f‘ .SVjV^Vio) 

2,4 ,s - tS ’saw a-i's 

^:-^c Ll f c i^p ? ; £?[ T- 5 6 M^xa 2 ^ 6 ,'* 5 * 101 


Cl 11 70 . 24'10i ----- i K!, (O) *US2 2S 150r 40 . j OfTflPCR ,c i> . 

1 I20P) 2.- .26 lOl i Eivtourp Gold M.nina >R1) 93 ’ <29-’t|)l UI.IUbt.K -b |„) 

G-j r:rr.ore i50di 75-® DilBi’Ffte State Geduld Wines IRO SB, Russia 3tH 1 *rir.s<a.j:a«,a n Plv 1 
rrou .1 Tsl -2 Co I t 111 .23-lni • WHO'. n735 ti4 103 Sl.-v.art and Wight Ora. p’30 

mu i25u- 55 >2 3 10i ! Free State Smplaai Cold M>n.ng >R1> 

il'vi* i25n> ID4« i SU5115 12510) i OCTOBER 2.7 

■n-:i.il . 25pi J 1 7 >j4ioi. 5 dc Gene* a I Mining and Finance Cc.rp. (R2. | 

Iiirlvite ( 2 'jpj 41'. -Gold 'Fields Of South Africa iR0.25>! OCTOBER 24 

rciia.nl Secs. i’5») 145 3. W5 JO) , Rivol' Cinemas Un. J2'p: 

74ii IZ3.10* t Ciltf F;<*ldb Prcperw iR0.i)2 G 2 i2,6 TO 1 • 

' Did ' ZSpi 100'.® 2 I Gtpotvlei Pioprlnijiy Mines >R0 25> 100- nprnpcn -ah ... 

lual Inc ilOp' 207 123 10).. .25 10' Uk-l »»*•£.« -d lAJ 

116® iZC'IOj Harmony Gold Mining iRO.SOl 313 i25'10> ' Ur.lrnygl 4'.pcDn £24 

Second Dual me. ilopf 74. i Haj-tK*sH£>nteiii Gold Mining iRli USilS'a. 

? 91'_f 26 .LV _ I .26 10) 1 Dill 17 Tiin rv\ a 


Te-ip.' -1 »i Z" • 

toDo ’ t 5 -•I .i 

Jjr^-i 1-p- r;rj>*. 

.Hid M >. '.iSd' 
n kU'tn 177;® 4 ; 


*-i.i j .s-rs .;».s- t;j 
.'.•-; r-»; v! Ca-JI' 


1 26 <0. Mere 
PCl-1 

'26-1C:. j-,-,- 


1 IT- :eH lrvif.f.. :2D9f 195® s* h r,i n ° iS °“/L !"«• -|10 

f-'i>;-rs. (Yrichtson Hidas (20a) 176 . \? aa - ,| 9. D ’ > T 6vi i2C10 
. -r;L.- 7 41 . 0 . --0 >26 1 0 1 , •*"<• G Strlond Dual 

V.-{ H'lss 20a. 174® 2 J 3 .Cap .4m jqi. !u , 


5-vDC 33 i?3i10i ‘ Hang Seng Bark 1US3F 

Vark Waterworks 4 9pr 40 .26 101 J ilShO *Png Hut: SU546SI::® S't.O 

Hong Is eng Wharvos £74 54 S 

SPECIAL LIST 1 Jardinn' Matneten 251 ® 

^ . . . K. Mai! £17'« 

Business dime m secuntipR quoted Rui.m waiarsa so’: 

in the Monthly Supplement. SSScSSr. c= in a® 

I Metal Et. 29 .O S9 

OCroBER 27 ; S™, •VSS* 17?" 

: Oath- age Set* 1300 

OCIOBKR 26 in) Pe.rohra £74'. 

Russia 3 PC iTrir. vaunt. an Plv 1 1S82 £8 f." *' fS^ui 0 ® 31 5 c . 

and Wight Dm. n’«n - 3* ** _ p ’ e,B - e- 5 . J - 


■•Jr-:-:'; £i'*. Xo’J ■«/. -Zap) J? 
rr.Qjr -Hsldfi;* 2»p 62. 23sc 


in-. -:f '5 t(r* 1 <0 

r> ip) 76 - "® R 4 


RULE 1SS (1) (e) 


1 Sw.re Patine C cuSJ.il .0 
Sw.re Pr;si. 1 US 0 t7: ; e60 j 
, T'mer Or 7 
Tai Sh.m 2S-, 

US Steel £16 *1 
Wheeiitk M .ra»» ® 51 * 
Wpcidcae Pr-*i 6 3 
Yukon Core 14a 

OCTOBER 21 

Airipe* Corai £ 1 ? i® 

Argo lnv. 14S 

Soupa 1 . lie C 9 E 34 ' 1270 


Bamains marked in aecu riltes * gSSSSS Um^V^rl'T® t ’ 0 ’ 4 
tvhirit are (|ii''led ur loind on nn ccnwmcri Gj* sus 1 «--... c 
overseas Stuck Exchange. j Canary Row*, a sum '..:® 


OCTI'BL'R 27 


iro-ijs* <: ir' 54® 
-4 7aei- 


.-Hue.'Mf. 253? 213 -^4 15 . 
idlnn: E- °.i 35i'> 4?jl> 


-)>rl:l.r>|; ' '£'■ 4f. > ; 

r.r'iu.-j 6.-- Lnrvsisrt' 


Ai and, London incur, sis ti.ppon Fund Sterling nop) 435 7 rrg.' 

("-t;- Sui .Lr. 99 uanh Atianiir Scc>. ,’ 30 . h* I’b.-i 

-V I"* s Fe&e* ' 2 £e 1 243 5 - ?'.>prLn 10.1 100 -26 10 . 

)\ VESTMENT TRUSTS (282) • N Lu rh a9'‘.2* n io' wn ™' l2!io ' ; 

A 6 «ide»ii T»t i25d> 1390 20 i 37 is. 4(>c , Morthncii induct. Improvement Tit. 

HI (261Q. 

*-.’11 lnv". lUOpi 6 B 23*10) I Nnilhnr.. 5»ui. Tit .ZGDi 127- |J4 I0 

A>|"-i I..v >’5a: 113 126.10: I Oil Aside IiimI til. i 2 i« «*• 


' 1U • ‘).-> .1 s«l-»v 2 53'. 

: i 2 r • j- 

r.v.-;.i Fo'-t i;.i 


• '6 )-■ 

n.jn ;A. J ' .H;.; 
v 

•57.-’. )£l 

-..• Ct. 2 

j'.-l 

: •» ■•'■■. • 'h;‘( -3i' 
17 ffh.,r?:t 'r Zu — 

■■ 1C- 


131 9-.S4 . A>.-i<!£>*>r. lnv >25n (31 USMOi 

Settimd'e C»>:i(u Reg Inv. .1 
U’.P 53 S3 ICC 13-. Wm.lt. 21 426 1 0 1 

*:.yr. t< ALeglk :25ai 93® 7- 7 ISO 
fcl e . o d le: , pi cs _ Gen Tit ,, Sp) 6 , 6 , 

•2£:>s u& Amtrslia- Inti Ti; i5O0' 98 't 

air.,.r.>- i„ v Tui >25p> 57# 126,10. 

/• 'S’'. 29 Gi.ndpvc-Ile Tvl. 1 139® S® 

39r*er Soi-lhcm Slkhlar* ilOo) 56- 6 
C-nmor TK. i2St» 2S‘>} (24 TOi. . 


Tit. 83 fruudent Brand Gold M;n:n B t«a*M> . 1R ,® 

2410. Preyident St'evn Gold Mining .R3 50. J Capital U’i 9 9 05 

usual. o?3S 739 .24‘tD' . Hong Kora Land 166. o 5 := 

P.ind Mmec Pro pert iM p93-‘* USSf 40 , HOtVeri S9 

‘ Randiomeln Eils GId> Mg W.^aiersr-nd , HutjhKor! Whatnpsa 90. . 

1 8 fl 1 77 iR?i nlOSO U&V|4l|S0 *2 «2b 10* I U5t I - /*/ 

.pi 30G4 • nuctpnp.. r g Platinum Hidgc > rq 1 01 j j, ,i ne MUhelon 238 
7'.pc) U5S1.F7® n107* 4 6 Sew. ft?-.- 

nt !l« HeU'na.GDld Mlnei 'Rl- ; SUSiQ .. , Jp , Johnisn C47*t 

5* I Sonfh.jal Halpingu iRO 50* 1US6 95 n4H0 M >. anrl Metilc 2 3J 7 
:. l :.V. rwl 1 124M Oi „„ ,r.m ■ Ntmn Mng 900 

!>* 'O', ciilfbi.lcln GoW Mining iRQ SOt %US4 40® Dl| _ r ^ iq 

’/A'UC Investments IRILE-^’S J 'li.d-mceilcr 25® 

Fi5< 46S , umon Corporation {R0E>*> P-^l® Ph'liot C-’blri lag 


or pur at ion (ROS'i) P 5 XI® 


| yi .h.ia, 'union Lorpui«i».i vl““ , Ph'liot C.’hlri tag 

iRDPiney Tst >2Co. 87.26 10 .. 4 '.pc Lit j v RcM? E^Jploral'liS 'MIMng ®:R 0 .S 01 ) gjjHl. ‘■ C ^?^.p , t 7 tl 3 

I ««edincDr.o in ..*, 1 TM. Inc. >250) 53'; ‘ V "nttr^D^l ' Gc l a° Mining (RU 0196':® I Siemc-hi U51 :.1 J 
I t23 10). Cjp . 25p, 79'-® (1 ■ 26- 10. 1 unirlnnimm Gold Mining fRD 901 47i. ; 


I Calgary Pov.ef A S(JS3i '..;® 

• Claude Nr;r. Light -13 5 9 
. Co«;'": R o Tin;: 27T 
Dcm n 41 Store- £9 -;® 

j Pnmtvr v ] * .. 

■ Ex*on Corpn £34 NO 

Gjn.-ril F;ce, £22 > 

Gold M r, vc ...I h'j.g-.orl.e 59 7 
Hudon'i Bav 0<. a>.d Gay £23 .io 
Menu Knm Lar.i 1791.0 9 
Jirdme 2570 

hulim Mai’<ii.. 5". 

J L. am M O.' 4? 

, Lend Lejve Zr'-zr,. 2300 
New Metal M nr, 62 
1 T3.I S*Jrrn M’S) * 7 ’Cr 
1 Pfl'liO Marr.y iAiv'ril‘4- 493 
' Rcrento £4 3* 

|i'!*|ieei>", LS37 
| Wheeloc) Marred A S'-.. E 4 V 

j OCTOBER 23 

: Aetna L.ie £26 
Amea: Prti 6S‘ 

J AuiL Oil Gj, 52 
I Bougainv lle C:ppm 113® 2B 6 
Sr-dt* 0*1 Men 63 
1 Canadian Merrill £.11- 


K £3500 

Beaver Grp. BocLn. £90 
Cambridge Instrunvent non) Z-*« 

Channel Hotel* ana Prop*. 23 

Clalrmace 22 

Dollar Land Hldga. 43 

Eidridne Pope A 225 

GRA Prop Tst. 14 13 -* -j k 13 12’, 

hihw Men £2 5 

Grendon Tst. UpeLn. £7 

■ Hartley Baird 2 

'Joinings Bids. 86 
' Kellock Hld»s nptPf 30 

■ >c uirtk Hiajt. Mi- 14 134 ; 

Mining lnv. Con. 65 4 3 2 1 > 60 59 
Nation*. ide Leisure 9 ■* 

Narth sea Assets 700 675 
- Norton villiers Triumph 7 
I Oldham Brewery B2 SO 79 8 

1 PMPA Insurance 3* 

: *'.ie»n St. V.-arehouse 'Hldits-i 3 
I Southern Counties Hotels rSourhamptOnl 

Trascon 6 pcPc. 9- 
Uionate invs- iso 
Westward TV A 28 
Wynnstav Prarv. 330 

OCTOBER 26 
! Beer bay Gas 15 

j Cambridge inpiiument lip. 2-. «* 2 

Cambridge instrument '10p> 21* >2 
I Cedar Hidas SscPI. 44 

■ CNOe Pelioleum 112 8 
iGPt Prop. Til. 13'. - >* 11 
1 Grendon Tit. 1 lacL— L3 7': 

Guernsey Gas Litht New 30 
Je n ninps Bros. 3£ 

K check Hln^, Crv Ln. <141 serC.l 41 
Ke.—'iare OH E-piarntion 23 
Kunlfk Hid*-. 14 
L.IC 4 uard Ai-.urance 26 
M ning fnvt Cpn 53 
NK-.V.' Comouters 171 
i Ndtics«id5 Lnsure 3'.* 

I N-arton Vill.ers Sriumph 7 
■Oldham Eats. 127 6 

■ Suvah Hicnheidv 52 

' nueen Street Warehouse IHldgs-l 3 
'Stead and Sinosnn 4-pcDes. £31 
I Tokyo Tut S.A. £27'* 

I Ura_:ate Int*- 1 52 50 

nu Oil 114 , „ „„ 

1 We5M( Wale* Authority SDcRd. £75 
| Winchester Lanacn Tst. 3 

i OCTOBER 25 

' Cambridge IdM 2'. I* 1 377 1 375 1 
I ilOo' 2 *» •: 1 

; Cimra .Real Alei lnv New 11? 15 

• C“dir Hldos 17 

• Channel Hctc's >" i Prop 29 5 

. Channel Islanas Communitarons 'TV1 3S 

■ Chide Pclroienm 112 

| OoUar Lind Hidgs 43 
j Fui'rr Sm.th and Turner A 315 
•GRA Prua. Tst IV* 

I K«|!o<L Hloas. HocRedPref. *1 30 

, CarlutVii.Li.su 1st itntli 42 
1 Cnv.Sub V»r Ln Si*. '2nd Wrlesi 42 
Hunch HldSn- 14; 13- 
Mininq Iny Corpn 57 6 2 
Nanonwide Le-*ure 9 • 

New Court N.v ncSburlO* 13'le 13 , 

rudham Brewery 7! 

Qrjeen 51 Wjrehouie Hldd! ' 3'« — 

Stylo Barratt Shoes 7 acPrl 46 
TPG Inv 4 

1 U hired Foer.div Ins B 73- 3 
' (J rugate lnv 146 . 

Wood Street Mil. 18 17 b 


" 1 Camhr.age Inslrumert IlOp' 3 ZV 
i Ceaar Hidas 16 „ __ _ 

I Channel Hotel*, and Props. 2. 5 
I Civac Petroleum 106 _ _ 

1 Dawson iW. M 1 'Hides J SO-** sO 7 

Dollar Land .Hidgs.i 4u 
'ild-ioce Pope A 
) GRA Prao. Tsl. 14 13, 

1 Kun.ck Hides. 14- 14 13-: 
iKun.;) Hides New 14 
1 Mar 1 and Overseas ln«. A 15 
Mining lnv Can. 5-t 
‘ Nailar.Mide LC sure 10 9 
I Norm Sea Assets 30C 

) Oldham Biccr. 81 

PMPA Insurant? 34 S 
Siar Onshore Se*u:el >18 
' TwlniosV 21 : 

. Urogale In** 142 : 

1 Woaamii! Props. 

' RILE 16:5 (3) 

Barcnink marked Fnr apprnvpfl'. 
companies ongsipod solely in . 
mineral csplnration. 

OCTOBER -6 
Cancca ko.Sj-:' - !9 7 ; 

Gas ana CH Acreage 3S 4 ______ 

. SietKnS *UK1 300 296 5 S4 I 50 T? . 

I 6 5 4 

I OCTOBER 25 

CCP North 5«a £■ I '■ . 

Canneccj RC'a.-ric- 3c'; o 
Sieber.s -uk ■ J . 2 f 4 

j OCTOBER 24 

1 tandivca Resour:. -. 37 6 ■ 

, CfuH 0.1 £4'. 

, S.cbens >UK • 322 79 li- 
j ERRATA BUSINESS DONE 

■ C&m Etthangc Co O>o. -hou.d aise nave-. 

been mark 2200 1$C >2S Ifi- 
I E'l.S and Geid'-'.n Hldns . O-d Stk.- 
I should have read SS'.O ‘ 2D7t!> 

I Bcw a > NL Cr r-he-.a <->-•: neve been - 
ii>,wi*c ID ■:) lC'< - 

Staq Furr. --j re Hi, 1 *t> Did should havY,; 

I been ir.ark*n 7 39 ® 2 D iQ' 


| OCTOBER 25 

.CCP N?f :n Sea £12 
Cluh Oil £4 

I Siaae.-ii iun > 3:9 2 

' On'ORER 20 

' CCP North Set £12 '. 

1 Siebens 'UK' 225 2'3 

KHR.VI A 

1 9rc TreaS-rr Cr.t.SSL >9aD in: uld also 
■ have been marled 97'. ''3 10' ; 

• If.il ■'•-piUnS.Ln 1325-93 should not 
hjve been marti'e" *?•! >25 10* 

1 Mere o Fen all Ord. C 7<T should have been 
i f.*® i2£ 101 

Un.lete* -N ** 1 Q> I SubSh*. US* 24.70 
Should lllv.' B.-en £24 - 0 *2f 10' 

Zambia C.-npei 1 .y. -nould have read 
US-, on •;» : O' 

I K'i i>.*niii i|.-> 'km-fc r-irlmufM 


t* * 1 0). Cap .25D, 70>'« 0 *26-10. i VlTklonteUl Gold Mining IRD 901 47'i; 

Rolhscn-ld Inv. st Tsl. '£0®. 192® 89 ■ sUSO 65 (23/101 , [ 

_S-SseRed.Pi 32 >2£.*10> _ > vogelstrulibuli Metal Holdings IR0 02 1 ;) | 


ioi-irern biuniars modi S6>; 6 I cSroujrfl i...... .it*. in in. rrM 1 .:'.?. — — — 1 

ar^Amerw^fen^hl^fili,' ia..i«,i Ti «' ‘- s *'' |J6 ia'-'S'aSc WelLom Com Mining tRO 50) 3US4.20 1 

3ri!i«.i Ami»riCi«n G«r». '.2 SD< 400 (26f10l ( Pf 3BV 41 • 1 2110* '25j10> 

Sl!; ,% P ziPT** ‘c 5 - 3 .* S 3,! a ScWtliti Ainvr Invest iSOoi SC^nti S 1 - 5 Wrsi DridOfliciir Gold MlmnB j 

*sVjV*"“V n 1 j ih inS' ft" lilf’ias'ioi? 6 ' 1 * 1 * i ^Ssp^gA^lVTo'i 1 " ThpipV. 62 i2 t yiO' ,U ' Wrtt 5 R?nd ConsoHdated Mine* fRIl 736' 

** ‘ 2 * .S.!?; .X**- .'AS!*' J »?> Hf-iSi .. I Scottish Cn»k lnw*ii Tu A .25n> 158 .2jiiD. 


6 :.V*°-VTLn “o?. '>is 0 i 3 . 51 !a * 10 '' ' 4 ‘>w: r *S3‘10*. 6 '>ncl n £2 '25 ID< 

Cr-.'.h 1... -4: '. 4. *£>) t’uS,“*5s, 73. B l2Sg. | 1 i6 ‘=* 

' ELECTRIC JjtiilT (5 ) £*^., ljr . cm Sew. . 25 g, BB® [■ ie -W v i;- ,25p ' 5,90 ,; ® 

/J.I0-* ti.’C 4 4es.;* AO. *-f ’‘f.g, f oViT • i?** 51 ' ' 2 . S ** 1M **.'$rotti9h Morrgage Tct. *25p» tl3® 1)« 

. 5*1- Kv *( £4 I2i ;■)• ‘ C ', 9 L*4' {25B ‘ " ,22 °- B ;5c , * ; .sh Nat gnal Til. >2Ep. 149 

s VV. iA*. TRUSTS (S*.*) & W* M. «>. 107® %>'"£ ,V * s - 

. : ,nn hi I s -2c, 20S .2-' so. r4d.-r Ih"r*> .2 = B- , 640 rStiMtlsti Uld lnv .ZSbl TB« 9® a 71; 

lr--n r.-.m '7- r . I L • 2 » 10) . (Tier Kt. A5?nc? I25p- S3'< . 1*3* •'i*' Western lnv. ,Z5P> 931;. 6 (2Spl 


. .-.niligis _2c •) 203 .2-' •it. 
ir,.,P ri-..r... .7';r. li ' 2 » 10 ) 

.Aiv.r n'..' lit, cO'. 1 24 10' 

T *■•:■: * 'BP. 9 (23 10'. 10 .-PC 

'•>' ■ D ' 

;,n ACr.:ui; u rsl ' 1A0 SO. Ill 

. ■ !•• "."St. -20S1 52 (24 10 1 
Of.ilHO'j: SM*,|rtl S--A.-P! 41 

J 

late Prop G-n In,'. 7 . 

a Ar'Qvr MUJ3S i2Cpi 13 "4 ' . 
2 3 ‘26 10. *„gcP' 61 ;1 

,r Con . '-1)2 1 1 1:3 I** *01 

•OuM Gr,sup .'2 So. f-2 GIjpcLn. 

n.c ■ Fiuart.ure de Sm-y >NF1D0i- 

• 23 10. 


■ Pi SB- 41 i23 TO' I .'25)101 

i Scottish Aiuvr inveii iSOoi 33‘.-® S- 5 I Wrsl Drielonienr Gold Mining ("*•] 
J 5(0ftlih Mercantile Inv.-sl. A Non-vlq. | n2130® ) 

■ .25pi 94 -23 10' 7-piPf. 52 123-10' Went Rend Consolidated Mine* fRll 

I Scottish C ■<•*>> Invesi Tu A i25b< 158 J .23MDi , , tBn - 

■ ' >23'10',. 6'*ncLn 52 '25 10' Wesiern Areas Gold Mining (RU **0 _ 

•Sc?tlish Eastern invest Tst i2Sni 1 36-® 1 1S4® 6D* (26<I0) . 

i 5>r® S i 4. i Western Deed Levels IR2) MJ511 '» : *» 

Scottish Ihv. Tsl C25p> 99® l;® 101-® Wnstern Hdldliips rRO.SO) 01930 | 

■ 93- 5h:Dh '3 Wmkelnaak Mines (Rl) 3USB.10 125 10'- 

"Srottish Morigage Tst. '2Spi 113® 11® w!cw5 toward Nigel tRQ.251 £5 >24 10) 

.' IB*' Zandpan Gold Mining IR1) SUS3.10 1 

;5c9”'ih Nat gnai Til. .2£p. 149 “ ^ ,,, , J , , 

Iseof'iib No'ihe.n ir.v Tct • *Sh. io!® 2i. West African ( — ) 

j Seft'.sn Omaria im 7Sm 67® 10 , 

iscottlsh Uld lnv i25m 78® 9® B 7«: H- a> "»U (24 10 [ 

iScDUish western inv. ( 25 b> 93i;. 6 i2Sp' Diamuud (IB) i 

teond Alliance Tst (25m 185'-® 4- Anglp-Amencain Invent. Tst. iRO.SO. 38i*®! 




ifency y Mom^and : Gol.d^'Market||^^ 


IjsiIO) 50 UK MONEY MARKET 


EXCHANGES AND BULLION 



(,,3 ° „ I TB-9A • a 1 tvi j Further ini erven! ion by ihe record I2.U per cent fn«ui I-.V per 

w®£5 isSip)* Pica iTi nil I Swiss - N ' a,i ° nai Bank a,,d the cem - 

i SUS3.10 , Jvlac; HI U1I1 laic Germ«n _ Humlesbf.nk i ihe Fomard aU>rlin S also lost 

( — j dollar fairlj hte.idy m llie foreign r. rount |_ with ihe three-month 

I Bank of Kid; kind Minimum supply in the London money mar- ^ xc ^ : ‘ n J i0 discount against the dollar widen- 

8) I Lending Rate 10 per cent kel and the authorities gave f erl 4 Sir offer m Fo?d in " lo °- ,a cent fr,,,n °- 4 * ctn, ‘ 

»«. (5in cr l»7«) mglerule »B»t.nce .by burlnc,. „. orkprs and in 3 ic y a ,f 0 „ s from the The dollar fell to DM 1.7MJ 

■M'LW!-, The Tr e asurv hill rate rose by f hlSl Jnd ■ Treasury bill tender that Mini- against the D-mark but dosed 

i!'s« ius 6?56® ! 0.3247 per cent to 10.2K46 per cent D «r l il2I , i*5nhIl?i»I muni Lending Rale may rise in unchanged at DM l.ifiOO. while 

I at yesterday's tender, indicating a J’ 1 ."** 1 r „?lhI IC r/.i.iv*?i5 0 « , iV V tJie near fuVure - The pound }.*Jf l ! ?- currency also i-howod 

i I Minimum tending Rate or 11 per Ji 1 « £?, 'J* * rl J2? n,[' p P ene d ot S2.0370-2.05S5 and rose J}‘ ! p change in terms of the 

nog. tsb (cem under ihe market related Plus balances, but this, was out- to S2.0H 5-2.0725 as the dollar lost fran c- closing at SwFr 

‘•to*, gpinp j formula terminaied at the end of JSSlSf the « r .® und in tar, y tradln*. Sterling with SwFr 

• Mav tha minimum arponiort hiii revenue p.iynjenLs to the yeti to a low point of S2 0570- t.aObi) on Thursday. Trading was 

•* 7 0pcPf 5 S'i i was iS; ^ompared iith 197 51^ Exchequer over Government dis- *2.0380 in* the aftemoo^ and fairly active, but not as heavy as 
^vioubly: an5 bTds aJ tSaf levVi STSJ'ii, SSSS 1 SS^tS £' osed - f » ftU of tbe prev.ous day. 

5>, were met as to about 44 per cent takl ‘° p 18 ° n Ihe day ‘ touched a high point of 

) 124/10), 6« I The faQOin bills attracted bids of ly J ^ The pound’s index, as ealeu- S236-236i in nervous trading. 


C- i-iei- Tdk Agency 12Sb‘ S3< ■ w * 5 ' <rfn ,BV ' ' Z5 °' * 3 '-- B l2Sp 

Jo" ■>! nCC:nt ’'**?' 279 **' •Swb'icl Alliance Tst (25m IBS';® 4': 

f ** D ' 77 -° a,! ® »• ^Tt S r%sp. 15 ,MM8 ’ 

Cc.cn. al 5*0- '2Sai 257® * j SLbrthBWm .In* T«. .2Sp» 97.j® 

C.-irnm Market Trust dm T4 '24101 . 7 Techiwrtgv lnv Tsl. r 25 n> iqi 
C^' itlipiual Indul. Trusr *250) ISAM* ■lj»'**i ,, « ®? r ,n ‘ T*l >26p) 95 iMHOi 


| A ngf a- America! n HivMI. I«. iitu-au. 

i Qo Beers Consd. Mines Old. tReg.i •**' 
1U.S5.43® P36D9 58 SUS.5.42 p3 
4 61 53 (Br.l rRO OS) p4a5® 1US6 
P42S 6 7 1U.S.6 52 

OIL (174) 

Hvnish-Bomeo Fm. Void (lOpi 1SB 
BrltbH Pel. B74® 6® 84® 70 6 
s«; 6( 78 fib. BPClStM. TO®. 9* 
Pi. 761* 6 ik D eb 91® .1 , 

Burnell 0» 71 'j® 2*’* *5® 70l®1 
1*. 2- 2 70 3. 7WW. 49® BpcPT 
(26-101. 7-pcUnsec.Ln. 67®. . 

- Unsec.Ln 59 (26 10) 


Bank of Mnqiund Minimum 
Lending Rate 10 per cent 
(since June. IH7R) 


:g5-;w&.5 sr.^,, ^3 -I 2 - 10 I Brmsh SC<S; Til - ,25pl ,24,s * /s ^ 10> ' airs Z5 upof Treasury bilb. " lat^ bj" the “B^rdf EngbJd before dosing aVmlhifTMi 

■ a" r TrUM <25a; 200 i u x ,lrfl Gen. Tst. corp. (=sp) IBS® ^Xni^Vasm 37 ® 7 b I were allorted. Next week £350m Discount houses paid up to 9} eased to 62 S from 6S.0, 8 after of ** on lhe da - v * 

, c jr r: i il ,nvm ‘ aSD ' 1" s ')H^8S SSS^- fiav 370 ® ™ * 4 I will be on offer, replacing maturi- per cent for secured call loans, touching 63.1 at noon. The 

D-i-w c*.: TM. (2spi 142 (26 t o> I U [z5^o) 7 und isusi) 690 ® 0 D *>,^° I '|. P ^ ’cpn. i“uso.2o. is® ties or £400ra. and dosing balances were taken dollar's depredation, on Morgan 

■ T8 ' : IDi : — , 1 ? 25 m '!& ( 26 / 10 ) oii^tiSin. .Hidas.) nom toe* Day-to-day credit was in short at 9-9J per cent. Guaranty figures, widened to a « 


i -.bust 

•:r.pi m 


(top. 20 -.25 10) 
Hieoi (i; ;p; 


5pc 38- IZ3 10) 


Vantage Sets. MOp) 13 (25/10) [26/10i . 

i Vtklng Resources Tsl (25p; B3- (26/10) Oil Ixpin. iHIdaO «10pi 196® 

I West Coast and lews Reg. lnv. Tst. > Premier Contd. '5p) I6ij® .*« 15. 
I warrants to sub. for Qid 


LOCAL AUTHORITY BONDS 


cm Reg. 
tr Qid. 33 


Am hern v 

- {U , h;ithot.i’ hir.nhcr in 

imrcnific.cOK.i 

i-fc.i Al.'.’l - .1 <6226 20::2;:2l 

(ford nil'74 29577i 

lev i02.'”2 St;*lt 

•i.*Tcy tU.il 54S lui.i.i / 

chc^er 'U6! 2.:n.‘J377) 

o H'iflJ.t 5;, '.I i 

t?it t04"7 4.i)JI 

ell 45511 

iri*i i '*1 —IT!*. "ii2di 

hurt iu"22 24205' 

- hmd 1 0702 4!!4."tl» 

kin t 'JS-‘2 5u5u*>l 


Annual 

cro.-s Interest Minimum Life of 
inrercbt payable sum bond 


warrflno u iuo. for urn. 

Wlntcf bottom Tst. (250J 209 (26/101 

w t^p, ,n B v 6 atw 29 90 1 90,; - B 'HiaBTr'-w m ,m 

yKoSmSm^S! 1 . 1 t* 7 «! 87.) (23. 10). It2 tuWl.*44.. fSStIO) _ 7pC«. Oil 
warrants to Sub. for Ord. 16 (26/101 Tf^acp ti»|. Financial Cmn 53 W '23 id> Oct. .-7 

UNIT TRUSTS (7) Ultramar I2«» 2 51. 7p«Pt 1378 ^6.10. 

M. and G. American and Gen. Fund Inc. PROPERTY (136) b'.S. S 

M. im) G. ‘cemDouncf Growth Fund Units Alftad London H0p' 6Z'a®. 6pcUtued.l.n. ' 5 
IIS. BCD (2fi:lOi 85 iZBIp) iiinliwr 

M. and 0. Dividend Fund Inc. limes 1260 AHiUft London iZSpi 224 i25'T0}- 10i;pc |,« r 

M. and G. Extra Yield Fund !uc. Units isiDb. 81 ■*« 123 101 . Uxni'.b k 

90® ■> Anui. Stores (Sn) 70'.; V. •: l{ , 

M. and G. General Trust Fund Inc. Units ■ Aeax Proos. HOW 28o i25'10) 1. . 

192 9 (24-10). At turn. Unit* 279A i Anui* SOCS. i5pl 2 1 - I", ill. I-*.*. 

(23i 10) I Argvte Sees. 12ncDb 79 U -inn. I',-,. 

M and G. High Income Fund Inc. Units ! Amdale Prop T»t. SJ i H iga io» |. ln , 

410 1 14. ■ . Arrnuc Close <200' 79«i® 81 u- 

M and G. Magnum Fund. Int. Units ) Bamolon Hlogs. BUpeUnsw.Ln. 53 12*. ini . " -n- 

229.3® Bampton Prop. Gp. 7 '» 0 cUn*cd.Ln. 54i>® ' I n-n. hi r. 


In». Tst. I Prnmier Consd. 'Sp) iSij® »« )5.> 

126)10) I NrtrHandsrhe Petroleum . «stb a «rol f~ 
(26)10) Royal. OutLl. Petroleum .1120) 41.50® 42 


Guaranty figures, widened to a 


GOLD 


THE POUND SPOT 


OTHER MARKETS 


b'.S. S 812,2 887B-2.072S 2.0635-2.0635 

■ 'amuluin 3 . 101 4 2.4316 2.4470 '2.4228-2.4250 
WittUli-r 61- S.34-S. t .9 . 3.96-5.S6 


a 

Knie U«uw 


Veil 

\n-lrui ■s.-fi 
wiri Fr. 


M. and G. Midland and Gen. Tic. Fund (26.10) . fnoli.li k r fir 8.63-3.B4 8.59.- S.eDl 

lot. Units 185.9 (24110) I Bank and Commd HUWs. HOpi S>< (241101 ; y sttavv \ Si J? 

M. and G. Recovery Fund Actum. Units Buflwai Hidpv. ilSpi 66® •>* 5'i J . , _ . m",.'/ 3 ™ 1 t« 

95.2(23/10) Berkeley Hnmbro • 2 5 pi 135 4 \n-mn -.-l. 4-. 26 SO 26 M 26. LO 2b. SO 

MINFS ■■'‘“i 'Feccy' '25o) 179* i26)10i P F 1 • --Ml'S-Hi •' i-J0 5.il 

MllNIsa Bradlord Prop. TM. i25bi 258 i26)10) J 

Luvtnlnn (»T\ British Land IZSPI 43 2's. ISpcUnscd- ” ' 

AUbixiUMa IL£7 I_ n _ 10&l; ,23.101. l2pcUnKd.Ln. 171 Uelgi.T" rate In for rtifttrenihle francs. 

Hampton Gold fSp) 11 at (25)10) , __ I Fin a nn. if franc 39.38-j9.40. 

.1JM Hldq*. (SAD. 501 1B2 Canltxl Countir* i25p> 55 _ , 

North Broken Hill Hidas. UA0.50I 106® Contral O'M. 7i.peisiOb- 6H:® 126)10). j 

Paring a Mining Exnltn. ifipi 25 (36)10) Cemrovlrdil l*l£ ( 20 m 9a 89- ( 2 S 101 ! LONDON MONEY RATES 

Western Mng. Cpn. tSAO.Mi SUS1 B2t® I Chaddesley Inv. i25pi 50 ! 


61- J.34-i- c .9 . 3.96-S.S6 Areentiua Fen '< 1.856-1.860 ■ 896.66 -901.60] \uutna 36.60-87.40 

6 '57.08-67.60 57.06-57.16 A intralia Ikiflar..-j 1.7447 1.7A97, 0.8457 0.B4B1 Uel(v{mzi... K 60.50 61.50 

a 18.11 10.17 >10.12-10.13 Fintatnl ilerdkg....) 7 90 7 92 3.8310 3.83301 Denmark.- 10.0510.20 

3 3.62 4.67 S.tSj-S.Ki HiaziM 19 40 19.88 'Fiam* 8.36-8.44 

18 99 68-H) 60 83.7ii-tD.29 ti"n-L lue- bniv ■ 71. £38-73. S94 34 83-35.07 li.rm.env I 3.63-3.73 

6 140 211-140 70 1 40-25- 140.65 Hmijj ki.iie IL.tlnr. 9.76" 9.7812 4.72B0 4.7330' llnly | 1630-1680 

10>; 1.642-1.647 1.642;. 1.643 • linn KImI 142 148 70.40 70.65 :.le(«u 368 378 

7 9.81 9.67 - 3.84. d.F5; Kuwait Pinnnklr,. 0.543 J.563 0. 26645- 0. 26CB0 !\ rt bet lands 5.95 4.05 

9l;i 9.15 9.41 . B.Sfe B.37; lanemlniirij Fntpi- 57.25-57.35 27 b7-27.70 I.Npi wgp.... M . M J 9.75-9.85 

fii_ 8.53-3.64 B.SSi S.eDi .IlntaV'.in IWtsr.... 4.7Bf( 4.40 2.1245 2.1265 l'or1i>Ral i 88-104 

i'? 5b5-i75 : 3b8*L 37 Ca .NewZenlan.1 Dnllat 1. 1 9 18 1.8988 0.9170 0.92D4f'p.in | 144i 2 .148l£ 

4-. 26 5 0 26 80 26. LO 2b. SO Arabia Hire -.69 6.75 3.2bOO-3.Bb50i-.wilzerlaaii 3.10-5.20 

I . I.OBiS.ISj 


S243j'-E46*t Z r. 


3.84, d.FS; 
E.36-; B.2); 
8.63: S.eD; 
3b84 ilCA 
26.L0 26.60 
3.10 3. II 


Nnc*)"') li'llw.... 4.36l;-4.37ij 2. 1 155 2. 1 165 l'nil»l Stale* 2.060-2.0700 

“•■ml- Mrinn ({ami 1.7b6B 1 8135 0. E 660- 0.87B0iV,is.» lnv® 41.43 


Kaie Elreo far Arseni In* is free rut 


LONDON MONEY RATES 


1® 29 E 30 


BUILDING SOCIETY RATES 


iffy '■-.iiinii.il 

in Thnfr 

uni-.- 

:fia fLi-iino i Thauer... 

(l lord jnd Dudley 

igwdter 

-to‘i .ind West 

,io.' Kconnmic 

antiia 

nle> - 

(JUT 

holiL- 

Isea 

Ilcnham «•' GlouceMer ... 

2 cnM Rfscsicy .... 

• of London 

entry Efonenm; 

entry Provident 

byshire 

eway 

trdtan 

ifax 

irt of England 

irt.s of Oak & Enfield ... 

idon 

idcrsficld & Bradford ... 

minjtinn Spa 

d.-i Permanent 

.■e>fer 


idou Goldhawk 

ton Muwbraj 

Isbires 

minsion 

:ional Counties 

.ionwide 

veasile Permanent 

. .v Cross 

rthero Rock ... 

rA : icfi -• 

sley i .'■•■ 

rkham Mutual 

-tmah 

•ncipaiity Builds. Society 

igressive 

iperty Owners 

ivinciai 

pton 

ssex Mutual .... 

wn and Country 

tolwich 


Deposit 

Share 

Sub'pn 

Rale 

AucnU. 

Shares 

«.45'?T. 

6-70 % 

7.05% 

7.00% 

7.50% 

— 

li.4S% 

6-70% 

7.05% 

H -i-Vo 

6-70% 

7.93% 

B-I.VV, 

6.70% 

7.95% 

fi-15% 

6.70% 

8.50% 

b.-io**;, 

6.70% 

7 95% 

•> 45 'V* 

6.70 % 

7.93% 

fi.45«n 

6.70 % 

7.95% 

RiS'T. 

6.70% 

7.95% 

G.45 D i, 

7.23% 

6-25% 

6.00% 

*H-S0% 

7.50% 

B.43% 

6.70% 

7.95% 

fi.45% 

6.70% 

7.93% 

0 45% 

7.05% 

8.25% 

B.70% 

7.00% 

7.95% 

«.4.t'7, 

6.70% 

7.95% 

fi.43% 

6.70% 

8.70% 

K.4a% 

670% 

7.20% 

*•48% 

B.70% 

7.95% 

6.45% 

6.35% 

7.20% 

li.45% 

6.70% 

7.93% 

H.-Jn*!, 

6.70% 

7.95% 

G.4o r o 

6.95% 

S.45% 


7.20% 

— 

B.45*,. 

fi-70% 

7.95% 

B 33% 

6.80% 

9.26% 


6.70% 

7.95% 

F.4.t'V. 

6.70% 

7.95% 

*.45% 

B.70% 

8.15% 

6.45% 

6.05% 

8.20% 

G.55% 

6^0% 

7.93% 

fi.45% 

B.70% 

7.95% 

7.25% 

7.50% 

— 

fi.70% 

7.00% 

8.00% 

H-45% 

6.70% 

7.P5% 

B-45% 

6.70% 

8.00% 

7.23% 

7.50% 

— 

fi.43% 

6.70% 

7.95% 

6.45% 

6.70% 

S.20% 

6.45% 

6.70% 

750% 

6.75'^ 

7.25% 

— 

6.45% 

6.70% 

7.05% 

fi-4n% 

6.70% 

7J5% 

0.70% 

6.95% 

7.95% . 

«.45% 

7.20% 

8.45% 

6.45% - 

6.70% 

7.95% 

6:45% 

6.70% 

7.95% 

M5% 

7.00% 

Z.~9% 


6.70% *10.00% 
6.70% 7J93% 


•Term Shares 
7.7QX 3 yrs., 7.20% 2 yrs. 

7.70% 3-4 yrs., 7.20% 2 >ts., (».9.'i?r, 1 yr.' 
7.70% 3-» yrs.. 7 .20 ft 2 yrs.. fi.95% 1 yr. 
7.70% 3 yrs., 7.20*5 2 yrs., min. f500 
7.90% 21 yrs., 7.45% 2 yrs. 

6.05% 3 months’ notice 

7.70% 3 yrs., 7.20% 2 yrs., min. £500 

7.70% 3 yrs.. 7.20% 2 yrs. 

— • 7% over £5.1)00 

7.45% min. £500 6 months' notice 
7.70% 3 yrsb, 7^0% 2 jts. i£5D0-£la.0U0| 

S. 3fl% 3 yrs.. 7.55% 1 yr.. min. £5.000 
8.04% 3 its., increment share— min. 1500 
7.70% 3 yrs, min.. 750% 3 mths.* notice 
7.05% 3 yrs.. 6.05% 2 yrs. 

— up to 7.20% 3 months* notice 
7.70% 3yrs. t 7.20% 2jr.<t.. min.£500-£15.000 
7.65% 3 months' notice. X1.U00 min. 
7.70% 3 yrs.. 7.20% 2 yrs. 

7.70% 3 yrs., 7.20% 3 months’ notice 
8.20% 4 yrs., 7.05% S y rjf .. 7.70% 2 yrs. 
7.70% « months 
7.70% 3 yrs., 7.20% 2 yrs. 

7.55% 2 yrs,, S.00%" 1 yr. 

T. 70% 3 yrs., 7.20% 2 yrs., mm. £1.000 
7.70% 3 yrs., 7.20% 2 yr*., 6.05% 3 mihs. 
7.R0% 3 yrs.. 7.30% 2 yrs.. min. £1.000 
7.95% 3yrs„ 7.70 2yrs., 7.45 lyr.min-El.000 
7.33% 2 yrs., min., £2,000 . 

7.70% 3 yrs., 7.20% 2 yrs.. min. £230 

7.45% 3 months, min. £1,000 
7.70% 3-4 yrs., 7.20% 2 jts.. min. £500 
8.00% 3 yrs., 7.70% 2 yrs. 

7.70% 3 jts™ 7.20% 2 yrs., min. £100 
7.70% 3 yrs„ 7,45% 2 yrs.. min. £500 
7.70% 3 yrs.. 7.20% 2 yrs., nun. £500 

7.70% 3 yrs., 7.45% S-yrl'y., 6.95% 3 mihs. 
7.70% 3-4 yrs-, 7.30% 2 yrs., min. £500 
755% Syps., 7.70%2yrs.. 7.45%Dmths.not. 
7,85% 3 rathe. noL,5.70% to limited cos. 
7.70% S4 yrs., 7120% 2 yrs. 

7.70% 3yrs. t 7.20%2yrs., 6.95% 3m ths.no t. 
8.05% 3 *>ts., 7.75% 2 yrs., 7.50% 1 yr. 
7.70% 3 yrs., 7^0% 2 yrs. . * Max, £250 
7.20% 2 yrs., 7.70% 3 yrs. 


I CfiarlWDod Alliance Hide*. 7i.-pcUntcd.LTi. . .. 

• 5Qpi 22’ a i23,' 1 0) MmIiur 

Church bury Ems. i25b> 325 i24*10) Ud.ST fetlifteati 

City Offices (2Spl 67i.® (2S 10 ) . 1 * 7 - u! l i., ra ti 

Comoca Hides- ( 2 Dpi 114 -2610) 1 ‘ >e, ” H 

Conlrpt Securities HOp» 37is1 Nt 5i»r _ 

Coro EHtitmae ciopI .zss 7 j — 

Country New Town tIDp) 30® — 

County and DIM. MOpl 114® . ; |„.|,.-c.. — , 9V1Q 

.zRo" ComMnca ^ BivPCIsiDb. 84® lOie ll3i * 9^-10* 

Dwbn Hldps. (2Sa) 111® 11 li%.. un-iitl lli;-i-lt)is j IUI 4 lOfig 

Dares Eit. (TOPI 20 ® H.-^-lOTs | Iff)* 10;* 

Dorrmgtnn lnv. nQpi__58i;_J2Siip>. r-i* nuuiib'~. 11,’,-lUs . lllg-HU 


■nterliuK 1 

t'eilifteate 1 interbank 

ul -icinsil 1 


Antbority 

depemilv 


LocaJ AuUj.I I'liMDue 
. negriHebJe I Hone? 
bond* DeucMta 


»a ,-10 - 

Btg-lO’g lOU-U’S? 
- 10ia lOifi 
10 >*- 10 T* . lUlg IQ -4 


I [IiuOjUDI ; 

I Company 1 market • 
! Dppnaii* 1 .lepovit 

Blg-lOUl 81|-9)j 

1014 


I kliBiblg } 

Treasury I Bank >’rne'[Yade 
Bill*® Bui*® | Bills® 


G»W Bn I ion (a fine; j — 

ounce ; 

Tins* $254-234)4 '2543-236* "=-' 

Openin K S232i-2Sii r iS2S5-253J -J7-1 

Alumina fixing S 234. IS S253-SC - 

•Cl l*.H6i .C11i-060il iV* 

Afieramni flxlng..... SS24.SD S233-7D 

„ . .CII5.J28, iC 113-447) I 

Gnlrl Ooin> 

ilninevllcaliy — 

Krugerrand S24J-24S S243j-2463l 1"^ 

.. . .Cl l7M!ti.. .£1174-1113) -- - 

.'a» Anreroletis ..... S8B-70 

.l'S2:-3i;i .IC32J-533) TU 

Old S66-67 

.431-32.. ,.C3li-42iJ 

U 0 I 1 I (.V-uii., ; • — - 

.Interna c Inna Hr... — — ■ — j- 

Krugerrand .' '242 244 St 42-24 « _I 

.±-M7; l8:- IC1163-1I73) : -s 

New Snvereijvu* Sklj-tS" $64-66 T. 

•Cat* -ali- iCaO-;-31li ~- 

OM swiierei/jn*. >t4; 66i l*85-6i ~-~il 

•Cil-42. .C5li-52;j 

Sluhs^lw. Y3H-JI7 saii-iis , 

SlOhaglK H 137 172 S 162- 167 | 

fa kofile*. — -SlUo-Ka - 1110-116 


.C3li-62ij 


iCaO-:-31ii 
j*86-s; 
'C5i;-5:;j 
$513-316 , 

S 162- 167 I 
>110 116 | 


MUM. Corp. iS 0 p> 37'«® Bl» 51® \iiir 11, v 11 If ■ lllg-lll* 

7*ri 6 -*. 1 2pcLn. 82® >26)10) ib,.,—. ii-, m, 111 . 111 . 

Estates & Gen. lnv. i20p) 19 <26 101 f Helen 1 I 1 i*. s*'® *1*4 


101 * I 0 I 4 - low- 104 ! 
10 ,„ 10 -.% . 

lo^-iojg 1 iu»j ( 
' 1 1 1 n - 1 1 ,v i 


T— CURRENCY MOVEMENTS 


Bank of Morgan 
England Guaranty 
index changes 


*i,i-iu«a J JlH iU;* IU»(-lU>a. CUlg 1U*« LtJ« 11 lUig iUii-LUJfi LU3-4 I 111; SlnrluiR 62.92 

M* nuililbv^. 11,,.11*R . 11 lg-11 14 lOVlOIi lOlr-KP* lrtl — — ■ llls-ll.V 113* U.K. dollar".".. 79.69 

Nuir iu-.i"li*.. 11,-,. Ill) ■' llid-in* - : lOrj-iii* lli* _ I _ ! _ > _ — Canadian dollar 78.58 

<>iirv«ii- 11,.: U'8 11*» U** : Ida 11 lOia-HU 1134 — I — - — ( — ! — Austrian sriuUinc ... J 48-58 

Estates Prop. In*. i26pi' 7 io2^ 7*,cc fiO Iw.-vchi-. - 1 — 1 l r a 1 — — ~~ — . — — ■ — Bt-lBUn franc llb.19 -+J6.4 

Gregf Porifand 'SOdI 212® 14® l.o-.al Juihoruy and finance house:, neven days' no:icc. others seven darn' fixed. • Lnnser-lerm loeal amborliT marisage Deui^-he ' l MnTlt " i5l!ss +42.6 

>26)10) rail-6 niumiiaib ibivi- years I7-12J per ncni: lour yaars 121-12; p.'r u-enr; fiv, yrars I22-121 per cent. «♦> Bank bill rales in fable Swiss franc “ 207.70 +M.9 

SJ®’ l *;' *rvp. 'lOpi 38') B i26;10) sir huvDM rales (or prlwe paper. Buylns rale lor fanr-tmuith hank bills 11-1H Per cent: four-momb trade bills lit per cent. Guilder 124.51 +2BA 

hIiS. pjnL 1 Jss_, yi c 1 .. Approkimaie sefline rales for nne-monlh Treason- Bins 9i p--r ceni: and rvo-njouth IN per i+nt; tfircc-monUi lOi per cenL French franc 180.39 — 5.9 

Hammered) 1 Prop. * ln» Tst. A f25nl Approitiinaie si-UInc rate for one-tnomh bank bills 101 per cem: [w-n-mnnth in5ii-l07j6 per cem: and ihree-momh 18;O0ii] b per Lira 5187 -48.9 

C1B >26,iai ' ernt: one-manro trade bills ID! p»-r tent: ro-o-motiUi TOJ per ctm: .md al«» rhree-munih mi per i.-m. Yen 158.42 +56.1 

Haalemere Estates MOp) 244 40 (ZGiiO*- j Finance House Base Rales .published by lhe Financ- ITousi .WMV.iatiiVi' $d P»-r --mi rrom Onoher 1 197S. Clearino Bank Bavrt nn trade "weislin->1 chances Itnni 
internTroonn Prou MMn .met ivc a* ° eiM ‘ h R '“? ,f ? r s,aoI, m ?*- , « »' “ven days' notitvi s-T per i-.nl. Clearing Bank Bau Raws fnr lending IB per cem. Wash melon aarr.-ttti-nf Drtember. 1PT1 
tanoi . } j Treasury Bill*: Average u-nder rams of diseuunt 18.2S4S per cvnL. lEi-mt nf Kimbitul lnd..-*-ino.. 

Land Sec. Iny. Tat. (SOp> 227 » a® 4® 

5 7, 4. 6 pc 354. (26(101. 6I.PC 78' 

■ 25710). 71.PC 60 >25 10>. 8';»e 65'.*. ; * 

?a^. d? 74 ’ 144tt 10DC EURO-CURRENCY INTEREST RATES 

Law Land (20p| 46. 7>.pcDb. 6B-: i23MO). 

Lonrtn & Provincial °SfiDp Ctmrcs iHIdps-J , - i I Lnuadisn ' IVesl Gcnnan [ I 

fl Op) 122 'M--* sterling U.S. Dollar 1 Dollar Dutch Guilder ' Swim Fmiw Mark Franco Franc I Italian Lira Asian S I JtiLaneae Yen 

London County Freehold & Leasehold 6'.pe . : — — , ... . ■ 

London Shop* Prop . (2Sp) 77 1- i23>1Dt tsilit-iT lent 9ii-10 • 9-9U 814-914 Big 9 1 -; \ per if 2<8 3 6 K-?ts 12 16 -2,'* — 4y e 

L?nt(jn Hldgs. IZOPJ 126® iAj‘lOi i ibcr 10l 5 IOJ11 j 91(j95« 81*914 ' 6*4 1U’ 4 [ |®>*4 2'ts 3lg ; 6)g 7'a | 14 16 9-„ 9* i -.i-li:; 


l.o-.ul authority and finance houses seven days' no:icc. oitu-rs seven days' fixed. * Longer-lerm local amborliT marisage DcuiMihe Mark ” 
vb nitiuiiull)' (htvt- years 12-121 per cent: lour years 121-12; per cent; fiv,- yrars 121-121 per cem. + Bank bill rales in fable Swiss franc 


Based nn irade wcisim d changes (ram 


tSiiMii rein 

*, tlevV »titi*-p- 


sterling 

L.S. Dollar i 

Lnuadmi 

Unilir 

91-10 

9-9'* 

81,-91* 

10 f? 107a 

i 91,95* 


11 1 1 ->2 

1 9,1. 9 Vi 

fl.t 9;;- ! 

llv* 12i, 

10^* 11 

lo lUK j 

121* 13f« 

j US* 101* 

10 10^ j 

L3I S 135, 

101, 101: 

10 105* 1 


» rxni Th ' - fiHowliUf nominal rales were quoted for London dollar '.-e-rlificaies of drpo ill: one monib 8.60-9.70 per cent: rhree moniba lB.jO-10 AO per cent: six months lLlS. 
!^S'iol . 8 £In. im iliiiD. »•» per c-.-m: one year 1I.13-U.25 per cent. 

tv Security lnv. fit. tsom 116 IB Luns-turm EnrodnUar deposits: Two yeais 10MB! per cem: Hirer years 20;-l0I per ,cnt: fnnr IIMW per cent: five years K-1B1 per c,-m nominal dosing rales 
Oi. New (SOui 11 s 15 e26H0i- Sbon-urm r.in-s are call for sierUng, V^. dollars and Canadian dull are. iwo-day cal for guilders and Kwlss francs. Aslan rales for closing ran-s m Smcapore. 


MePC f25p) T37L-® 6. 8pc 39'; >26)10'. U..nfl> 11 lUs I 9,* 9 

lass ! 

Gr °- tf2SB ' 12B 5 ‘ > ii"- V'T : 13 is 13 Js . 10U 1 

Nolfon raspj 47* 8 126)101 Z 

PncIuv Prop. i25di 62 Thi- following nominal rales were 0 

Property Reversionary lnv. Core. A CSSpi «: «LT,, 1 ilti « 

326 i25'10i. DoeUi. 134 i24tiDi l*- 20 P 1 ^ *---ni. one year ii.ia-u.2S per 
Property Security lnv. r*t. ISOoi 116 ts I.uns-tt-rm EnrodnUar deposits: Two 
1 CGMO 1 . New (SOui 116 15 c 26)10>- Sbon-iirm r.in-i are call for sierUne. 
BpcPI. 79 <26.' ID) - 

Raglan Properlv Tst. >9p, 4'. 

Renahan Props. -2Bpi 20 '26110' — — - - 

Regional Proos. '2Spl 70 f2S/10l ¥T V f’flW Wt DJTUI 

Repls Prop. Hldgs. e<;PCLn. M 2', '25,-101 1 l/Ull V AllVlIDJ 

Ru*n TompK'n* Grp I25p) 111* r2Ei10l 
Samuel Preps. r2 an) 81 ■: 1 

Scottish Meirppolitan Prop. rZOoi 104®| 

■ 26110'- 9pcLn. 157* 8® 7 0 
Second city Preps. 1 fOp, 47:® 6';® ! 

sieuoh EsialQS (25p< 1160. IOpcLI. I 

,168* B 6 HO 1 

5 lock Conversion & Inv. Tsf. .JSp’ 276® 7' __ , . 

Town^prv Props. iiopi^izAe^ isi^n* . xvame and dl'SCnpliOTl 

Town Centre Seca/'2Sn) 74'. ,26110) ‘ ‘ 1 

IMn aJm^fSTe^/VaSSrag. »':nc A^ociated Paper 9}pc Cv. 85-90 
Uld.' Seal ftwerty tm. rjsp, 30 s f23(i0' Bank of Ireland lOpc Cv. 91-96 

Wins) ord Inv. I20o> J&OljT® Hit* - — ■ — 

webb utaephi (Spi ish® i- ^ BrilLsii Land 12pc Cv. 2002 

Westminster Country Props. QSp) 23'a® — , 

«J33!5’ Es«t« f 2 Sp. 42 ® < 23 / 10 . Englisi) Property 6jpc Cv. 9fr08 

RUBBER (19) English Property 12pc Cv. 00-05 

Aberipyle Plantations (Bp) B ?-»« (25(1 O' '• 

A nolo- Indonesian I25DI 102* H8DbOn Trust 6-lpC Cv. SS-93 

Chersonese IFM51 Eats, nooi 54 i- — — — — - 


Dutch Guilder ' Svih Franc 

Big 91; ( per I 4 

6^4 IU '4 [ |»i *4 

IU 101* , 

9. '8 11 •+ In >• 

W-VI; j .. 

8is8.it : 


Franco Franc 1 Italian Lira 


fSi’lk 
6-s 7'a 
/ 7*4 
8^4 9 
IU-KH 4 
10 (fill* 


15 18 
14 16 

14 lg 15l S 
tu lb 
151* 16i* 

16 17 


B 59 - 1/44 
10,-;- IO;; 
111; 1I-H 
111; Uh- 


| JtiiaBw Yen 

- Z,'v — 4-r' e 

• 58-1 l 

; Z5s 3 ) 

*14 3?b 


UJC. CONVERTIBLE STOCKS 27/10/78 


Statistic* provided bp 
data STREAM International 


Name and di'scription 



Con- 

Flat 

1 Fremiumt 

Bed. 

f£za.) price 

Terms* dates 

yield 

yield Current Ranget 


Income 


[Cheap(-r) 

RearC-)0 


Eqn.5Conv.JI Diff.d Current 


Webb Utaeph) <5 pi IS);® i : ^ Bril hill Land I2pc Cv. 2002 

Wm minster Counirv Prow. C2Sp> 2 B'jto - — ■■ 

JSSm Estates ( 25 P 1 42® <23/10. Engliaii Property 6jpc Cv. 9fr08 

RUBBER (]9) English Property 12pc Cv. (KHio 

I Aberipyle Plantations (Bp) 8 7-»« <25(10i T“T7 

1 Anolo-lndoneslan I25DI 102 * Hanson Trust 6-lpc Cv. SS-93 

Chersonase (FMSi Etts. HQpi 54 i- — — — _ 

C io 2 l < 26 fi l "“* J "“ ,10 '*’ 44 *: W4rtBM Hewden-Sinirt ?pu Cv. 1005 

Dunlop Plantation* SpcPf. 47 '26i10> p!... .... a — nn " " 

CuUirie 3480 2 * 5 3. 3 92SpcPf. 43 SiOUgh E-NtatO-H iOpc Ct*. Si -90 

, Harrisons MaUvslan Eils. 1 1 Qp< 115 ■ 1 — - ■ — — — - -— — 

Hhihunds Lowlands fiertiao nMflc.soi 113 Thorn ElOctric opc CV 90-94 

KUklA Lumpur Kaponp Bertiad (TMal) 74 1 — — — — — — 

Lrt*sT Sumatra Plantations iIOpi IT® *rog** r - K&rasley Spc C.v. 1981 

Maicdie invests, dopi 77 r29<ioi Ultramar 7pc net R.CVPfd, 

Malaysia Rubber M Dpi' 93 i25HP* — — — — — 

Muar River, Rubber MDDij 58N 9 3 (23;10> WilkilldOn Match lOOL* CC. 83*98 
Plantation HldO»- Cl Op' 87* nuMiiaiu hvh-ii au n*- w. «« 

".»To5* n ° B ‘ T17 *- iopcL". 120 . Nufubcr oi ordinary sburcs mw which 


-10 lo 2 5.2 

- 7 to :{ llT 

1 >0 20 O .Q 

- 9 lo -4 7.7 

-200 iq 56 kT 

~ 1 10 8 R A 

-30 10 1 0.4 

5 10 1 6 32.4^ 

' - 7 to 3 5 .Q~ 

1 10 13 7.0 

5 (n 19 O.Q 

24 to 3S 2fl.l 


4.6 

— 0-5 

- 0.5 

4.S 

- 3.1 

M 

?i 

+ 

90.2 

62.2 

+43.6 

0.0 

- 8.S 

- 2.3 

44.5 

28.5 

-19.0 

6.0 

- 3.:: 

-10.8 

3.4 

- J.5 

+ 5.0 


13;{ -14.6 


♦Ratej: normally variable in line with changes in ordinary share rales. 


.25 10. ' „ * Number oi ordlukp 1 sUnfc* iQU which £100 nominal of cooveniblc sunk is convcrtihlc. tThc csira co« of lovcuunem in couvertibk esiVv-sscd u per e«ni or Um - 

Sun*.; Krtan Rubber Cst. IIOpi 89>i 90 4-o« uf the iHpilOf m the ronvettlble atoch, t Three-ounih ranee. 3 Income on number of ordinary shares imp which £100 nominal of converiiblc sioeF Is convertible. * 

* 24 10> T*l*s income. e*WTSaed in omar. is summed from orosent lime until imome tm ordinary nharcs Is zreaier than incMne nn nuo ruintnal ol convertible or the final £ 

' SHIPPING (50) conversion dale whichever Is earner. Income Is afcwmcd to araw at 10 prr L-enf prr anotim and ja or.weui valued ai 13 per cent per annum. income on iioc of • 

CMnman weal th ShiMim. .in.i 2 us comwnibte. Income is mmmcd until cOBvendm and ptwni valued ar i; per cent per annum. (JThti Is Income of lhe ronivnmie less- income of ihe underlsms cquiro - 

T s r wpresti'd as orr cr-m oi ih. ; value nf ihe underiyme «,u.ir- 0 The dlfferctwe fwiwaeii ihr premium and tans “ffX arre^ TSoi ceni of Si vahie 2 


Caleb oma lnv.. (25 b- 253. iosAPt. S3 4-' 
-•26.101. fipcDb. 70i;® .'up 


underly me nqulfv. -r » sn Indk’ation nf raladw* cheapo ess. - * ir -an uidluatlm nf -reluiva dearneoa- 



.U. . 


22 


■F-maneial Times Saturday October 2S 1978. ■ 



Wages situation still governs uncertain equities and 
30-share index closes 17 lower on week at 483.2 


Account Deal ins Dates 
Option 

'First Dcclara- Las'! Account 
Healing lions Dealing? Day 
Oct. 16 Oct. 26 Oct. 27 Not. 7 
Oct 30 Not. 9 Nor. 10 Nov . 21 
Nn\. 13 ,No\. 23 Nov. 24 ' Dec. 3 


" ** New lime " dealing* may lake olaee 
from aja a.m. two business days earlier. 


Equity mark cl- v. ere tonkins 
rattjed and -till lackinc in con- 
fidence ye-terday. the Iasi d:.y of 
the forinighliv rr^dins Accouni. 
inslilulional investor? continued 
to avail ;* clearer understand in:: 
nf the pay situation. horh at 
Government and company level*. 

a factor which cuniinucd to 

inhibit trade. Pro ft'*- ion a I imere-t 
also .subsided since most short- 
term posiiion^ had been termi- 
nated the previous day. 

Occasional soiling from small 
public holders nude Hll impres- 
sion on -cnlimem and loadiiu 
Industrials drifted a penny or two 
lower on assumptions l hat week- 
end Press could only be bearish. 
Siivc the market was said to be 
adequately -upplied with stock, 
the pro? poets- (or nvM week 
appear l n br none loo Uriah i. 

Any favourable respond- to i lie 
results of i he Berwick and 
ronlefract by-elections v«n 
countered by ili«- continued slide 
nn Wall Si reel .md ri?e in L.S 
inleresi rates particularly the 
Fatter, because nf the likely 
influence on L'K rale*. However, 
new? of t lie sharply increased 
lerni* nn Ihi* week's offering oT 
Treasury hills caused little fresh 
concern in the equity section, 
although if unsettled British 
Fund*- of a -liorier maturity. 

The FT 311 - share index rallied 
from the pm calculation, when 
ii was down 2 . 9 . to close 13 off on 

ha lance at 4 M .2 for a toss of !7 
potnt-c on the week; the iasl time 
it was at this level was July 26 . 
Bargain* marked continued to 
illustrate the general business 
apathy, iota Him: 4 . 870 . while the 
rt.nl v average fnr the week was 
4 ,- 591 . 

Gilt-edged securities - initially 
regained Thursday's losses through' 
a general mark-up. The shorts 
seemed set fair, thank* to a small 
demand, but became unsettled by 
the inflationary implications of 
ihc laic?l Ford wage offer and 
turned distinctly dull after this 
week's Treasury bill indications. 
The earlv sains in this sector was 
thus transformed into falls ex- 
icndinu to ,. but the longer issues 
held improvements of a similar 
amount. 


Yesterday'? SR conversion factor 
v:i. 0 . 739 R (Q 741 tii. 

Quite a brisk biumrs.* de- 
veloped m Traded Options and 
total contracts of 7-111 were the 
tiighe.*: for the week. Land Secu 
riiics attracted a fair amount of 
attention and recorded 133 trade*; 
the interim statement is due on 
November 14 . ICI and GKC re- 
corded I ii.l and 90 deals respec- 
tively. 

Press comment hmhliuhtme the 
investment hi tractions of investing 
m Irish companies created 
renewed imer-.-*t in Allied Irish. <i 
better ai Kftin. and Rank of 
Ireland. 10 higher at 440 p. other 
Banks were usually quiet and little 
changed, bu! tosses of 4 were seen 
m Barclays. - 13 Hp. and Lloyds. 236 p. 
Anion; i»i-i.rc».-a? issues. Rank nf 
New South Wale? fell 25 ro 5 Top 
despite the increased profits and 
share-slim in ins proposals. In 
Discounts. Alexanders eased ti in 
24 Op. while losses of 7 were seen 
hi Cater Ryder. 25 Rp. and Union. 
.inSp 

Aiming Insurance brokers. 
.Minot reacted 5 to t 7 lp folio wins 
Press comriient on the interim 
result?, vial thews Wrighlson were 
lowered 5 to ITfip. while small 
.sotliiw: clipped 7 from C. F.. Heath 
.11 24 . 1 p. 

Press comment on a broker's cir- 
cular failed to srir up much 
enthusiasm for Breweries which 
fluctuated narrowly before clnsins 
with iinlr all-ration. Elsewhere. 
Irish Distiller? responded to Press 
wmrm-ni with an improvement of 
.1 in ]p 3 

Si ;> tidin': 3 iirzher ahead of the 
interim report reconstruct inn 
scheme aiuinunccmenb*. John 
La ins A hardened afresh to close 
ii up at 2 ll! ‘p- the companies 
resulting from the company's 
property hive-off. Lain- Proper- 
ties j*nd Laipq l>n?l ruction. start 
tia-tin^ separately on Monday 
with dealings in the former 
expected to commence at around 
125 p. and in the latter at about 
SSp. Other Building descrin lions 
were inclined easier. Receni 
hiuh-flyer Brown and Jackson 
encountered end-account prnfit- 
tiikin? and dipf-cd IS to 230 p. In 
Timbers. Phoenix shed 6 at 144 p. 
while BamberL'crs eased a penny 
lo Sip in re«non«e to the interim 
results contained in the* formal 
offer document from Interna tnm.il 
Timber. 


dividend on Monday, finished un- 
changed at S 3 p. after S 2 p. Mother- 
cure. dull of late on the interim 
results, were unaltered at 154 p. 
but 14 lower nn the week. Else- 
where. Time Products again came 
on offer and 1 o?i 4 more to iSftp. 
while- flume Charm eased 7 lo 
22 Sp. James Walker shed 6 io 
IllOp. with the non-vntinc shares 
3 t lower at Blip. In Shoes. K and 
Ward White both eased 3 to 73 p 
and HSp respectively.’ 

Electricals were cene rally 
easier where chanced. Berer 
closed a penny off at I 44 p follow - 
inc the interini results. white 
Comet Radluvisiun. I. 17 p. and 
L'niird ScienlMiv. 3 t 2 p. lost 


at lhp followin': recent sirenarh 
prompted by the announcemcni 
i hai the company had received 
certain proposals regarding us 
development 

Prince of Wales Hotel? enn- 
rinueri firmly, rising 8 for a two- 
day i m prove men i of 13 r *> -'Oo 
nn small speculative buy in" »n a 
resrricted market. 


Investment? which held at 3 K 5 p, and Nottingham Manufacturing 3 
h gain on the week of 15 . to 135 p. 


Metal Box lower 

Continuing fears or increased 
L'.S. competition prompted fresh 
seltin-j of Metal Rnx which fell 
away further to close 12 cheaper 
at 3 Hip. while Beeeham. down . 
more .it d 33 p. continued to reflect 
worries about future profits on 


Oils move narrowly 

( 'll leaders moved within narrow 
limits and fln.il quotations were 
little altered on balance. British 
Petroleum drifted off 3 few- pence 
before closinc a net 4 up at STlip. 
w hile Shell ended a shade o/T at 
3 i» 4 p. after 3 fi 2 p. Among the more 
speculative issues, Siehens (U-K.) 
rallied 4 to 278 p. down 4 b on the 
week. 


to 135 p. 

Poor week for Golds 


FT-Actuaries indices 


corrected figure? for eight group and sub-sections Actuaries 
indices arc shown in today’s display for October 23 to October 

2 G inclusive. 

The indices concerned are. Capital flood?. Engineering * ■ on- 
tractors. Mechanical Engineering. Consumer Goods fNnn- 
Durahlc). Breweries Industrial Group. .>«« Group and All-share. 
The errors arose on October 19 and the indices for that day 


and October 20 . no 

longer cl ih played, are 

as follows 

Group 

Oct. Itt 

Oct. 20 

Group 

Oct. IS 

1 

24 D. 4 S 

242.42 

22 

22 fi.fi l 

5 

;!7X. Hi 


4 U 

225.31 

ti 

i on. 04 

I 91 . 4 K 

50 

240 .J 2 

21 

si:ui 

214.74 

9 D 

227 2S 


Oi-t. 20 

227.42 

251.07 

228.99 


On October 19 and 20 . the Stores index was also incorrecL the 
amended figures being 202.48 on both days. 


Acmiiy in the investment cur- 
rency wjs again reasonable, bur 
an early recovery in rales lacked 
substance and the premium, after 
trading up to Til per cent, reacted 
I” end a net !', pnint* down ai 
TUI per cent, after 601 per cent. 


IO traded narrowly and closed 
a penny cheaper at 37 #p. but 
Flsons resisted the -.'eiicra'I trend 
and firmed 3 lo 327 p. Profit- 
taklns left H'nlstenlinlmc Bn-M 1 
7 lower at 275 p and Akzo Iom ittO 
at 9 Sflp on investment currency 
premium influences. 


Leading Stores steady 


Leading Store? held close- in 
overnight level.* after a small 
trade. Marks and Spencer, ex 


apiere. Si ill relied ing recent trad- 
ing news. Pelbnw eased 4 to ssp 
For a Ins.? nn the week of 35 . 
Other dull sputa included Kamel! 
Electronics. ‘J easier »l 3 i»Sp. 

Movements in ihe Main Engin- 
eer m 3 s were limited to a few 
pence either way. Follow ilia ihe 
offer from Benjamin Priest for 
Warne Wright a t nd Rowland, 
dealings resumed in both com- 
panies: Warne Wright closed hi 
fiiiji and B. Priest at Slip com- 
pared with the respective suspen- 
sion price? of Slip and Slipi. 
Burgess Produces responded :o 
good annual results wnh a rise 
or 3 to 3 l)|>. bul Francis Indust- 
ries fell 5 io ii 7 p on the warning 
on second-half i rad me which 
accompanied the interim results, 
utlicr dull spots included .'.mal- 
gamated l*i»»i-r. down 8 ::I 134 p. 
and Marlwnair. which fell 7 fur- 
ther to 2 lap. Bras way w-re 
noteworthy for a loss of 4 io 32 p. 

In quiet Funds. Associated 
Dairies moved up 4 io 242 p in 
belated response lo the chairman'* 
optimistic statemenf at the .innu.il 
meeting, white Ruwmree .Mackin- 
tosh. 39011 . and Bat levs of York- 
shire, Pop. put on 5 apiece. Clif- 
ford's Dairies closed withuut 
alteration at 5 sp following a satis. 
Taciory interim report, bul Louis 
C. Edwards finished a shade easier 


its American drug sales Outside 
the leaders. Hoskins anil Horton 
advanced ii to 1 7 Si ■ fr.llnv ing new? 
that Tidbex. J lower at 17 ;p. hsd 
won shareholders' approval to hid 
for the former. In contrast. Henry 
Bool were again weak nn the halT- 
yearlv los.= and reacted IS further 
to HI 2 p for a two-da v fa II “B. 
Ri'ckitt and Oilman remained on 
offer at 473 p. down S. H uni me 
Associated became a heller 
market ami rallied 20 to 3 U 5 P- 

Reriitced interim earnings left 
Pluifax fl^mdon) 2 cheaper at 3 Sp. 
I'liinsey and Hawke? gave up ti 
more for a two-day fall of II at 
] 07 p in continued response to the 
mid-term returns and gloomy 
statement. 

Among Garages and 
bulurs. Dnruriii rallied : 

.im .1 Duttiin Korshuw 2 
Elsewhere. Lucas eased 3 
pence in :j|np in common 
the other leaders. 

Properties encountered a 
balanced trade and closed at. nr 
near overnight level? Peachey 
shed 2. to Sip on news of prob- 
lems with the proposed sale lo 
HV p t grove Securities, of the Park 
Vt'est complex. A little two-way 
business Ivfl Town and City j up 
31 I 3 jp and. in .similar circum- 
stances. Intvrciimpeun improv’d 
1 in ;is_:p. An adverse Pre?* nien- 
lion failed to unseHie W'arnfnrd 


Harrisons and Crosfields, 18 
easier at 532 p. provided the only 
noteworthy movement in lack- 
iusrre Overseas Traders. 

Inve.siment Trusts, a busier 
market over the last couple of 
days, became quieter and closed 
with another fairly lengthy list 
of falls on small public selling in 
unwilling marker. Rothschild 
Investment slipped C lo ! 90 p. 
while losses of arnund 4 were seen 
in Atlantic Assets. 97 p. and Wiian 
Investment B. 85 p. Oversea-* issues 
were once again widely lower rc- 
floning dollar-nremium influ- 
ences. Massmutuol Mortsaae 
flro impd 113 to 85 op. w hile Rohecn 
Unishcd 1 £ pninis easier ai £ 54 :. 
Sue? Finance II points off at £ 47 * 
and f'huUenge Corporation 7 down 
at imp 

Proceeding? »n the Shipping sec- 
tion were enlivened by a late 
flurry nf speculative inlerest in 
Cnntmnn Brim, which rallied Trom 
the offlcial closing level of 14 Sp in 
aficr-hour? trading !o finish 5 
better on the day at 158 p on re- 
viled bid speculation; ir was 
announced on Tuesday that Mr. 
G A Common's plan to acquire 
the British and Commonwealth 
slake had fallen through. 

Following news that Win. Baird 
had lapsed its offer. Dawson In- 
ternational closed 11 lower at 
192 ?n. aftpr ISfln. and the **V 
sh.ires a shade off at lS 7 Ip. after 
IS.Ip Hope.? that (he original 
merger plan? with Dawson will 
now io ahead ieff J. Hagens 121 
higher at 177 ! .p-. after being down 
ro 1 5 Hp at onp stage. Wm. Baird 
ended 1 |. to the good at 177 tp. 
Other Textiles were inclined 
easier. Allied reacting 4 to 14 Sp 


South African Gold share? 
ended an uninspiring week on a 
*HchUy firmer note with the Gold 
Mines' index 1.3 better at 143 . 3 . 
although still 10.8 lower over the 
longer period. 

The bullion price slipped .o 
cents to S 2 S 4.375 per ounce leaving 
ir SfiJ higher over the week, re- 
flecting the continued steep 
decline or the dollar following 
disappointment with President 
Carter's latest anti-inflation 
package. 

The major influence in the poor 
performance of Golds over the 
wotk was ihe sharp fall in tne 
investment currency premium, 
which aLso reflected the weak 
dollar. 

Yesterday modest buying of 
Golds saw price? edge higher at 
the outset. Thereafter, they 
ailracted little interest 

South African Financials also 
losi ground throughout the week. 
De Beers were particularly weak; 
although unchanged yesterday at 
35 fip the shares registered' a 42 
fall over the five-day period 

Platinum? were barely steady 
yesterday but losses over the 
week were cushioned to shme 
extent by the continuing sharp 
advance in the free market 
platinum price. 

Australians were again quietly 
easier reflecting the further 
decline? in overnight home 
markets. 

A lone firm simt was provided 
by BH South, which hardened 3 
to lisp: last month North Broken 
Hill proposed a merger with the 
companv- bur this was rejected by 
BH South. 

Jn Irish Canadians. Nnrthgale 
dropped 20 more to 315 p owing 
to Canadian selling. 

Elsewhere- Afrikander Lease 
save up 5 to 205 p for a loss of 
35 on the week following the 
chairman’s remark? at the annual 
meeting on Thursday that talks 
with the South African Govern- 
ment. regarding the -establish- 
ment of a mine, were likely to 
continue for some time. 


| FINANCIAL TIMES STOCK INDICES J 

1 -7 



tVt. 

Oct. 

0 - 5 . 


- 


-£i ; & 

a ■ 

£« 

25 

3 U : 

MtB 

1 GotTrumaot 

69.47 69.36 

6938 

69.63 

59.55 

69 - 69 , 

77.62 


71 . 02 ; 71.03 

71.10 

71.54 

71.26 

71 . 26 '. 

79.65 



483 2- ABB -4 

4 B 9.7 

496.5 

49 S .6 

SOO^I 

509.3 



. 149 . 3 ! 148 0 

149.2 

149.1 

153.1 

160 . 1 . 

1403 



' 110 4 - 109.8 

108-4 

107.5 

109 . 9 . 

115.5 

10 S /9 

or*. l>is. YipiiJ 

5.63 5 SB 

5.51 

5.45 

5.45 

5 . 40 ' 

5.26 

tfarEiass.T'M*. >nii ■■■* 

, 15.52 1553 

15.34 

IS. 16 

15 . 19 , 

15 - 04 ; 

15.63 

HiK Rniio -nrti 

8.51 8 53 

B 62 

8.73 

8.72 

8 . 80 ' 

9 10 

Iltuingi nwrlel 

4.870 4.8 IB 

4.400 

4.472 

4.396 

4.2501 

3.208 

Knmtv iiimraw £m , 

- 89.53 

75.15 

49.57 

sa.oa 

72 . 25 . 110.21 | 

E lUtlr turnin' 

— * 17.065 

14 595 11.065 

14.425 

14.178 18,435 1 

" 

10 am isa .2 i; err *‘3 ■>. 

N>mi 1 * 

. 7 . ! pm 4 E J. 





2 tim 4 *: ♦> A pm Wa 






Latest >“dox n-Mt 

8826 . 







rnraaranos - teat. 

* Xtl =5 2 S. 





IKS 

[nit. Ord- I 7 .rt 5 . 


Itlncs 12 1 

m ex* 

mo inflcTc sLaricd 

June. 19 HL SS Activity Jnly-Occ 


HIGHS 

AND LOWS 

S.E- ACTIVITY j 

— - — — 


cnitAVMT 


- 

1 








04 . 



Hial. 

Ui* Huh 

l>.yt 



27 

26 

|>itY L. S*.’... 

/U.ab 

oo. /U 137.4 

49 . IB 

— Llativ 

15 U; 

12 B .1 


U.ll 

»£:»?» (^*t St 

'O 

I n-lmiriuli .. i 

170 J 

183.4 


dl.Z 7 

70 . 7 S 1 &U .4 

= 0.55 

ir- '-illative.. 

38.41 

30.0 


t£»/U 

ic.ri -ler-lMi 

e L-iai 

Cdlai 



110 J- 

109.7 


635.6 

435.4 o 49 .n 

49.4 






.14 9 , 

.i-sr ' I 4 y i 7 / 






G.ji.f lime* 

M O.B 

lauia 442.1 

«a .5 

?-lArArenae, 

147 .l! 

149.4 


• H<ei 



t o-JurJ rials ...' 

162 . 1 ; 

1 SS .0 


133.5 

90.3 357.1 

54.5 

tfpeculstive.. 

36 . 0 ! 

37.4 

K\-? pm.-. 

.!« 6 . 

ile/fli i 5 . 4 -. 4 t 


Inm 


104 . Si 

101.7 


1079 

TB l.V- 
nd Me 
ced to 


JST 

3 . 

XKE 


C*i *■ raj 
ing in 
m iu<t 
“rccar. 
mean? 
>y the 
at? he? 
■dated 
L-j' 

Jirr o 
.' *o- 


•; ;cs- 
. h^d 
tfnlio 
nrt'cd 

«WFe!\ 

ary nf 
ycom- 
: the 


t ih.it 
Icrufi- 

jj or 


Distri- 
to 45 p 
10 45 p. 
a few 
v. ith 


OPTIONS 


DEALING DATES 
First Last Lasl For 

Deal- Deal- Dcclara- Seltlc- 

iugs ings tion ment 

Oii. 24 Nov. 6 Jan. 25 Feb. 6 
Nov. 7 Nov. 211 Feb. 8 Feh. 2(1 
Nov. 21 Dec. 4 Fch .22 Mar. 6 
Fnr me indication* see end of 
Share Information Service 
Slock favoured for the call 
were English Property. Tcsco, 

l : DT, Miucorp, ('oitrlauhls. 
CharLerhall. BP, Status Discount, 


Lad broke, Westland, Lihanon. 
Bctlway, New Throgmorton War- 
rants. Body cote, Slebens Oil 
(UK). Leboff FobeL Premier 
Consolidated Oil, Law Land, and 
John Haggas. Puts were done in 
Plesscy and ICL while doubles 
were arranged in English Pro- 
perty. Beltway, Shell Transport. 
Burton Warrants, Amber Day. 
Premier Consolidated Oil. Town 
and City Properties and New 
Throgmorton Warrants. 


LONDON TRADED OPTIONS 




innusi-r 


4 pm 

•lair 




Ks'luio 

Oi»-iuj.. 


l..'irrtinu 


Cln«raK 


Kqnitv 

r>| 4 iim 


•■CT<»r 

Vnl. 

HTrr 

Vn!. 

nffer j 

Vol. 

rinse 

BP 

750 

'■ 145 

6 

' 

r - 



87 lp 

HP 

850 

67 

- . 

85 

2 

110 

— 


._,.n* Gi.lii 

160 

29 

a 

37 

— 

39 

— 

17 Bp 

LIlQl t.."il 

160 

14 

25 

22 

— 

28 


_ 

■ i<lls Imlll 

200 

6 

60 

■ 10 


17 ' 

1 


cminauxii 

120 

6 i; 

15 

10 

— 

13 

- 

ii 7 p 

■ .'•■niTauld* 

130 

3 

4 

7 

— 

9 ■ 

4 

1 

GKi: 

280 

48 

2 

. 56 

— 

-- 



3 lap 

Lib'J 

300 

31 

1 

41 


50 



CiKC 

330 

13 

11 

23 

20 

33 

— 


ubc 

360 

4 i; 

46 

' 11 

19 

. — . 

— 

• •• ; 

:mi"l M**t. 

110 


4 

9 i* 

32 

13 

__ 

108 p 

C, rstul Mel. 

120 

4 

26 

6 

4 

ek>. 

10 

tl 1 

330 

62 

5 

65 





379 p < 

IL’I 

360 

33 

12 

41 


52 




tL I 

390 

15 

16 

21 


33 

— 


IU 

440 

6 

24 

n»j 

46 

20 

— 



240 

5 ’-; 

100 

13 

— 

18 


225 i> 

lAII-t SC* *. 

260 

2 

5 

6 

30 


.. 


Mark* a >|* 

70 

IS:* 

- 

17 

3 

19 

6 

K 2 p 

SHrK* 4 *i r .. 

80 

7 

2 

11 

— . 

14 


Mark* 4 -ip. 

90 

3 :- 

69 

6 ‘L 

— 

10 

4 


Mark'' 4 Sp. 

100 

1 


. 4 

3 

-- 

— 


•he:* 

550 

36 

2 

52 


63 


562 P 

Tuta's 



443 


159 


25 



Vnti 

nt!*r 

K'J m*rv 

Mas 



HIM. lull. 

70 

3 ;, 


4 

25 

71 ;. 


67 p 

Bril' lull. 

eo 

i 

. . 

Hi 

25 

7 ’.; 


M«'tt 

180 ’ 

16 


22 

19 

31 

L 

19 Ip 

• 1 .- 1 * 

v <00 

4 

18 

12 


19 


B<»<t* 

220 

, !; 

_ 

S<- 

5 

10 1 2 

3 

„ 


240 


— . 

2 

- 

41 -i 

1 

isip 

KM! 

160 

5 

__ . 

Cl 

I 

17 



InM'L-nal 1 .-^ 

80 

31 ; 

" 5 

6 tr 

— 

7 lj 

8 

VZp 

m t. 

220 

25 

4 

37 

— 

47 

_ 

245 p 

TiHHl* 


i 

27 


75 


10 



msi ve 
a In'd- 


<K as 


z. 

I 

.t 


3 

...t= 

ield 


RISES AND FALLS 

Yesterday 


Brill Funri? 

Carp ns. Dgminlan and Foreign Bonds 
industrials 

Financial and Prop. 

Oils 

Plantations 

Mine* 

Recent Issue* 


Uo Oown Samn 
3* 31 U 

15 <15 

543 BJ 7 

202 275 

? 21 

8 22 

3 * M 

7 22 


On the week 

Up Down $a«m 
101 164 115 

20 M a* 

UM 1.332 

ISO 058 L 4 U 

1 U U W 

21 » VI 

U 7 325 258 

25 50 in 


Total* 


270 843 1.293 


1.258 4.182 6.611 


ACTIVE STOCKS 


YESTERDAY- 

NO. 

Pcnnmina- of Closing 
lion marks price ip) 

.. 25 p " ‘ 

.. 25 p 
.... £1 
.... II 
-ip 
25 p 
RO .03 


Stock 
Fat* Dcfd ... . 
Beccham . . 
BP 

Burmah Oil ... 
Prp*s flVm.i . 
Shell Transport 
Dp Beer* Dcfd. 

GEC 

ICI 

Metal Box . 
Plesscy 

Barclay? Bank 
Dunlop 

GKN 

Tube lnv* 


250 

H 53 

K 7 fi 


Chan;" 
on day 


1978 

high 

.104 

743 

9 ’Jfi 

■S 9 


197 R 

low 

no-. 


Jap 

£1 

II 

50 p 

II 

.V)p 

£1 

£1 


28 

3 H 4 

■ 15 fi 

.118 

.179 

.lift 

111 

33 « 

70 

2 K 5 

372 


- u 

- 1 


-f t 
- 1 
-12 
— 2 

- 4 


- 1 
- 2 


1502 

4 SS 

.140 

421 

3 S 4 

123 

las 

•Hi 

298 

436 


The fihnrr {j. 7 i ,jt active stocks is based on the number of 
rrrnrrtcrl iiczicrditij in j/jc Offinnl List and under Rule H 7 . 1 i I.) 
rcpi’ixfuced roduii in Stock Exchange dealings. . 


£ SI 

583 

720 

42 

17 

4 S 4 

283 

213 

128 

2 SS 

87 

296 

69 

248 

116 

bargains 
# ci and 


ON THE WEEK — 


Stock 


Pcnomina 

tion 


EF . . 

£1 

37 

!* 7 fi 

Shpll Transport. . 

25 p 

33 

5 fi 4 

ICI 

£1 

32 

370 

Becrham 

2 jp 

■IS 

fi.VJ 

GEC 

2 . 1 p 

■12 

31 R 

Bat? Dofd ... . 

2 . 1 p 

41 

250 

Marks & Spcncor 

2 - 1 P 

41 

S 3 

Di?iillcr? 

riOp 

40 

103 

RTZ . . 

25 p 

3 R 

24 fi 

Barclay^ Pank 

£1 

SS 

fmic 

Grd. Melrupoliian 

50 p 

34 

ins 

NatWest 

It 

33 

2 «S 

Plesscy 

■ifln 

32 

in 

Rank Org 

2 .".p 

32 

247 

Boots 

2 .ip 

3 CI 

191 


No. 

of CInsing Change 
marks price tp) on week 


-24 

-« 

- 13 
-28 

- 8 


- 4 


— 14 
- 8 

- i 

- 4 

- 9 

- !) 
— 8 


1978 

high 

926 

«12 

421 

74.1 

340 

304 

94 

213 

263 

.166 

T21 

298 

125 

296 

2.17 


1978 

low 

72 n 

484 

32 S 

383 

233 


■m; 


67 1 
16-1 
164 
296 
87 
250 
ST 
226 
1 S 4 


BASE LENDING RATES 


A B X. Bank 

Allied Irish Banks Ltd. 
American Express Bk. 

Amro Bank 

A P Bank Ltd 

Henry Anshacher ...... 

Banco dc Bilbao 

Bank of Credit & Cmce. 

Bank of Cyprus 

Bank or N.S.W 

Banquc Beige Ltd. ... 

Ranque du Rhone 

Barclays Bank 

Barnett Christie Ltd. .. 
Bremar Holdings Ltd 
Brit. Bank of Mid. East 

■ Brown Shipley .. • • 
Canada Penn't Trust--- 

Cayzer Lid 

Cedar Holdings 

■ Charterhouse Japhet... 

Choulartons 

C. E. Coates 

Consolidated Credits .. 

• Co-operative Bank..,--' 
Corinthian Securities 

Credit L.vonnais 

Duncan Lavrie 

The Cyprus Popular Bk. 

F.agil Trust 

English Transcnnt. 
First Nat. Fin. Corp. ... 
-First Nat. Spc.s. Ltd.'.-- 

■ Antony Gibhs 

Greyhound Guaranty... ^ 

Grind lays Bank 

■ Guinness .Mahon 

■ Hambrns Ranh 


10 °Ti 

10 *V, 
10 % 
10 % 
10 °i, 
10 % 
10 *•?, 
m •’o 

w % 
10 <r n 
10 % 
10 ' R?. 

10 "T. 

11 °r, 

ti % 

I u % 
10 % 
10 % 
10 % 
10 i°- n 
10 % 
10 % 
m % 
io % 
’in % 

10 * 7 . 
10 % 
10 

in 

to % 

II °n 

lli^i 

11 °r, 
10 % 
in °n 

in % 
in °T, 
io % 


Hill Skmuel ?10 

C. Hndre & Co -10 

Julian S. Hodge 11 

Hongkong & Shanghai 10 
Industrial Bk. of Scot. 10 

Keyser UUmann 10 

Knows ley & Co. Ltd.... 12 

Lloyds Bank 10 

London Mercantile ... 10 
Edward Manson & Co. 1 1 
Midland Bank 10 


Samuel Montagu 

Morgan Grenfell 

National Westminster 
Norwich General Trust 

P. S. Rcfson & Co 

Russminster 

Royal Bk. Canada Trust 10 
Schlesinger Limited ... 10 

E. S. Schwab 11 

Security Trust Co. Ltd. 11 


)' r n 

% 

% 


% 


Shenley Trust 
Standard Chartered ... 

Trade Dev. Bank 

.Trustee Savings Bank 
TweiUieth Century Bk. 
United Bank of Kuwait 
Whfieaivay Luidlaw . . 
Williams &. fjlyn'.s ... 
Yorkshire Bank 


7 . 


IT. 


■ M.’mb»rs nf Ui? A.-.D'IRs Houns 

* may ~r,. i-monilt deposits 


- Isiar depon's oa sorar nf £in Opfl 
^nd uartur us io fii.iwn zi*r. 

snd Ci-sr £ 3 s .?^ , 3 *«'v 

; Call d-.-eostu o*cr !I. 0»0 7 “.. 

5 Dcm«=i deaww 


NEW HIGHS AND LOWS FOR 1978 


the rotlOMing r.ccuritic* auocoo in ihc 
Snare Inlormjlion Service ve:tertUv 
attained new Hiqhi ana Lows lor 1978 . 


NEW HIGHS (8) 

STORES | 1 « 

S-embera 

ENGINEERING 111 
Warne Wright 

FOODS tli 
Battevt o+ Yorkshire 

HOTELS til 

Prince of Wain 

INDUSTRIALS |21 

Ha mil Dome United Guaiantne 

PROPERTY <li 
Westminster & Counlr, 

OVERSEAS TRADERS >H 

Sou stead 


NEW LOWS toll 


BRITISH FUNDS < 7 > 

Treos Tt: : oc 1979 Exchar. B,i v. 198 : 
Tress 1 1 -dc 1981 Treas 12 dc 1983 
Trca*. Unt 1982 Trea*. 9 t 4 p C 1963 
E>ChOr. 9 IiPC 1 982 

AMERICANS CTO I 
American Eaoreu Esmar>. 

Asarco Norton Simnn 

Chrysler T«,aco 

Colt Inas. U S Steel 

ContinentaC Oil Zjaala 


CANADIANS ( 1 < 

Hudson s Bay 

BUILDINGS < 4 . 

HlflO'J & Hill Marcsanel 

MCNeill Crouo Mailer 

CHEMICALS 14 ) 

Aiqmace Inas Fi-.on-. 

C 16 A Gciq, 8 dc Lciah inteiests 

Cn». 1991-84 

ELECTRICALS HI 

Motorola 

ENGINEERING (21 

ConinAir T..-X ABraS'in* 

. INDUSTRIALS CIO* 

Salh A Portland Monument See*. 

9 a -ter Travenot Mvsen 

Boot iH.i Pctrocon 

Hanson Trust 6 :oc Snrrlish Mate'* 
Cn» 1988-93 Irani. Union Fin. 

Hestair 

INSURANOCE iSI 
U'«» ic E.» nova! In*. 

Ho»dcn tA.) 

NEWSPAPERS 111 
Inrl Thomason 

_ TRUSTS ( 3 > 

M G 2 na Dual tnc ReaOrooL 
Proqress Secs lnv 

OILS 121 

Civde Petrol Sce*;r» Re*. 

TEAS I 1 J 

As'.am Inr*. 

MINES i 2 > 

Messma Cons Murth. 


RECENT ISSUES 


EQUITIES 


Is«ue | it 

Pn.r - — JS- 
p: < “ Hiyli 


lHii 


gf-*-k 






A 2 U F.P. - 
101 • F.H. 28(11 
" r.y. Z4 ii 
F.P. 


i«p 


Anirillly BM(>. 

47 

4, ;v 


Fumtnti New... 

. 375 -6 

.o*i 

.Ml; 

.Vlnnnr Nm Urp. 

yii.I 1 * 32 . 1 ; 

l “ 

ivo 

■•'ialilni'i- 

117 


-. 2.56 2 .+ 8.1 7 .S 
11 . 918 . 39 j 9 
■in; 1 . 3 . 10.0 tl.l 
— - - 0.9 


FIXED INTEREST STOCKS 




1 ST? 




<£. -fi Hi«b 


L 395 ) 

IO,. 


£ 100 . 

£99 


F.P- - 
— LS 10 
£10 4 1 

ull — 

F.P. 1)12 u:p 
£25 29 9 


99 s a 

Kp 

lose 


10 


f VsrwNr IH-.t 

AMLnr-mv 12i » ..in I'd 

Un*i.il Watem.-rV- >•, Prt 19 - j. 
I|..i...- |«)»t .-ii. >7 . 

IVOp Haln.a ll, I^••r. . 

Hill .* 'inltli !•» l-i |)>I 



mi 

- 


iiiiM,. Hi uaLi.n* Li*".l « L*y>ii 


£ lOO 

r.i*. 

6 12 

kill; 




£ 99 1; 

v.e. 

— 

■ri is 

"*• Hi .v Uiri-w '■ 



if 

nIJ 


•X 




£ 971 * 

£10 

— 

S!« 





K.P. 

— 

!•.•>' 




£99 ^ 

nu 

10 1 

•* 

.' ?HlllMI>kl..ilV- >*'-i 




v.e. 

17 11 

ft': 




£ 97 i* 

£10 

26 1 

' -% 1 

■ 41 - r KmIH Wnii'i i* F’i 

1 . 1 *-. 



MM 
13 ^ 
10 
3 prr 
. 109 tr 

25 

2 ‘aM" 

. lOOi: 
9814 
SSpni 
9 la - 
120 ■ 
a 

103 p 
9 ii 


“RIGHTS" OFFERS 


l-sne =“ 
PlM =\ 
p: - - 


L'miuuv. 


Htal. U 


i.V.-inl + "r 
t'ni** — 
!■: 


30 |. 
55 
44 
12 
r 13 
265 
too 
65 
38 
42 

sao 

155 

25 

12 


7 1 1 24 11 
30-8 24 11 
89 9 10 1 
18 It. 30 II 
219 3 11 

8.10 17 11 

1.10 3 11 

6 10 10 11 

I'.P. 23 10 14 1 1 
K.l*. 6. 10 ill 

C.l'. 25.9 8 1 1 

M 8. 1 1 8 12 

r.r. 9 io 6 ii 

K.P, 27 1 U 17 11 


Ml 

IM*. 

K.P. 

F.P. 

P.P. 

F.P. 

I’.P. 

K.P 


: C||||| v-n.-jr 

,i ,[ 

col-- -I 

Ir lit 

4“ | 


K«r 


■* If 1 
n.-; 

It 


tin 

Hm.-k-s-.*- H 
Bnt:-,, I'riiit i 
■* 1 1 .- n“* W 
IliiM. .. . 
lU'j-li 
lllll«_l Jill 'h 

••4 I I . ■ n • I. Ill r. 
c.- Pn • « I. 

* - l!»ilnli— ■ I, -in 

It*.- U.I., * . .. 

^ipn- I'ni.w l'n-n., i 

W ™r-r.-i: 

tc- 1 *.rt af.|*., r . 


I.J. .I 


'■SP- 1 * 


3 Spit 
61 
51 i; 
15 
139 
313 
101 
85 
62 
54 
325 
27 t»n 
39 
14 


^ I 


-nail* ia*t i. 


Hei> , mt>a , i , n. ‘ -a ‘ ■- -,,T '---.in- -rm .i ,'aini, in'* a rtaiir-- 

.M*e.i ..T. jr—un-'d- **t|irtai» n s*’-<itn-n d;tn-.,rt u .n .tom , *„.*.„* 

«ve» har--» ■M' -1 ' 1 '"* - *‘"f * , * I’tvin-rm ,n>l viem oa*on .in nm 0 ao.-r'|. 

.. ninoi nfllriai A-lintato- inr I 9 J 9 u '.-»«* ‘ ► *...in,ar 1 ■ Tny rr ^JlmU 

• It c-. (l «e.,..n .*l -hare- tint Iinwranltity rnr < 1 tv:n-nn or -anKina n n ,»' for -e*TTI.-w 

1 ivmo-.n* i Pla-’ini ar.’d" I" UiiOllC r>- He.n-e .ih—. nth-rivi*- niitrarod 1 1 **iior 
■n to'idw 'inoron in nnlrt-r* nt nrhinarr -haro* .. ,„ 1Mir 

n: •*•», -I Cianli-atinn {» FJein:rnn«irnfl 7 ^ 1 *. ;n r •„ ,. lth r e nrE ant>a 

nn i' ‘ ■ inm*!ri- ^ l-vi^n t f ^rnrap r^^rnicp 

0 mr 'tilStr.-iard 

* Wnh 


FT-ACTUARIES SHARE INDICES 

These indices are the joint cozr^ilation of the Financial Times, the Institute of Actuaries and the Faculty of Actuaries 



KQurrv 

(IROirps 

Fri.. Oct 2 

7 , 1978 

Thurr 

OfL 

■Jh’ 

j Wed 

1 «.kt 

! as 

i 

Tues 

«.VL 

24 

Mon, 

OcL 

23 

Year 

uan 



Highs and Lows Index 


f .J 

and 

StTJ -SECTIONS 

in’* in ptenlWa -h.iu 
Imher .4 CirlL. p*T «lHin 

liiri-*? 

No. 

Dn>? 

1 Vr..V 

Em 

Earuaa 

(Max. 

Gross 

Div 

i.AiT 
Jl SI**- 

Est 

PE 

Ratio 

iNeti 

Index 

No. 

Index 

No. 

Index 

No. 

Index 

No. 

Index 

No. 

Hi 

1978 

nh | 

i 

9 tnc<* 

Compllauoti 

Hish j Ltr* 

1 

CAPITAL GOODS f 171 1 

235.46 

-03 

16.48 

532 

8.34 

236 23 

239.27 

24167 

241 % 

Z 1687 

256 28 

1149 ' 

16895 

« 23 > 

25628 il 4 978 ) 

50.71 1 13,12 74 ) 

2 

Building Materials (27 

205.17 

+01 

17 23 

5.52 

7.98 

205.04 

20856 

21 L 08 

210.65 

20822 

226.68 

i 2 Z 3 > 

16630 

t 3 - 3 i 

233.64 ‘ 2 / 572 } 

4427 0102 / 74 ) 

3 

• imbacUfi: i.oOiRiKtioni^- . 

368 61 

-03 

18.80 

4.30 

7 73 

37036 

374 37 

37886 

37823 

353 58 

41951 

049 . 

28935 

cfe 3 i 

41931 114 , 978 ) 

71.48 ( 2 / 1274 ) 

4 

ElectricaNi Hi 

543.52 

- 0.2 

1335 

3 41 

1035 

544.40 

54646 

555.08 

557 82 

46905 

583.72 

0810 . 

404.47 

i 27 . 

583.72 ilC 107 ui 

8471 I 25 6 62 J 

n 

Ciqfineennf Cantra-lorM I 4 i 

36717 

-06 

18.07 

5.93 

7.50 

369.55 

37839 

379.48 

38278 

29911 

384.53 

cl 8 ' 9 i 

270.95 

( 63 ) 

3 W .53 1 12 9 . 7 ? 

6>39 ( 2 T 75 ) 

r 

Mechanical Enjinpcnair-T^' 

184.71 

-0 5 

18.10 

592 

7.41 

185.67 

189 27 

190.70 

190.65 

166.08 

204.75 

i 14 ' 9 i 

14987 

■2 3 ) 

3 W .3 ( 1 J I 75 ) 

45.43 i 6 /l/ 75 i 

8 

MelaU and Metal f umuii Id 1 
CONSUMER GOODS 

16636 

- 0.5 

16.06 

8.59 

8.63 

167.22 

16882 

168 % 

16894 

16323 

182.91 

fl 8 ' 9 i 

154 22 

. 27-21 

18291 il*£/?' 7 B» 

4965 ( 5175 ) 

11 

IDUR.YBLEN 53 ) 

208.44 

— 

16.50 

5 10 

8.46 

20844 

21239 

21479 

214 77 

211.50 

22635 

( 13 ' 9 ; 

171.63 

■ 33 ! 

227 73 ia- 4.721 

3839 ( 6375 ) 

12 

Li □wtronics Ratn.TVd 8 i 

253.18 

— 

14.54 

403 

9.65 

253.07 

25845 

26289 

263.14 

254 52 

280.21 

03-91 

20901 

(3 3 i 

28021 03 . 9 : 73 ) 

4285 031274 ) 

13 

1 lousehold Goods ( 12 i . 

183 24 

-06 

16 26 

6.21 

6.47 

18438 

185.93 

185 79 

185.27 

197 42 

1 %.J 7 

04 9 i 

16054 

( 63 . 

263.22 it. 572 ) 

63.92 07 . 1274 ) 

14 

Mctors and L*utn hulor* ' 2 a 1 
CONSUMER GOODS 

126.22 

+ 0.1 

19.75 

6.56 

7.05 

12613 

12818 

12893 

12879 

12817 

13565 

( 22 ffi 

104.68 

( 23 . 

17059 ( 15169 ) 

19.91 ( 60.751 

21 

lNON-mJKYBLE> G 721 

207 04 

- 0.2 


5.99 

8.40 

208.23 

210.88 

21336 

213.10 

21 L 38 

22823 

( 14 ' 9 i 

179 46 

<2 3 > 

22823 114 978 ) 

6 L 41 03/12741 

22 

Breweries 1 14 i 

226 % 

+ 0.2 

14.74 

635 

933 

22653 

229.90 

23354 

230.73 

22807 

241.57 

iff' 5 i 

. 204.04 

c 27 ; 2 . 

23187 i 2 & 1172 ) 

6947 030274 ) 

23 

Wines and Spiriis< 6 i 

274.07 

+ 0.4 

15.53 

5.25 

9 61 

27294 

277.34 

28236 

279.93 

25144 

30124 

il 49 i 

229.85 

• 2 ' 3 > 

3 C 1.24 04 / 9 / 78 ) 

7 R 88 ( 13 , 1274 ) 

24 

EnlenaiuaenL i aering i I 7 i. 

261.91 

-01 

13.98 

6.72 

10.43 

26217 

264.67 

27016 

27801 

26611 

Z 8 L 53 

il 49 l 

239.62 

( 2 / 3 * 

32999 . 1212 ; 72 ) 

54.83 i 9 /L 75 i ■ 

25 

Food Mamtiariuriaci I 9 i 

204.45 

+ 0.1 

1892 

5.34 

6.99 

204.28 

206 J 9 

20759 

20637 

21222 

223.85 

04,-91 

175.37 

127-21 

223.85 04978 ) 

59.67 011274 ) 

26 

Food Retailing lioi— 

223.03 

-01 

13.52 

462 

10.30 

223 J 8 

225.83 

22836 

22930 

24136 

237.92 

« 14 . 9 > 

17653 

» 3 . 3 i 

2 * 4.41 ( 2710 - 77 ) 

54.25 02 / 1274 ) 

32 

^'ea^pape^^ Publish! wf Ii- 

387 08 

ph 

20.42 

6.25 

6.92 

390.10 

394.80 

397.01 

39553 

344.35 

421 75 

• 14 / 9 ) 

269.59 

( 23 l 

421.75 ( 149 / 78 ) 

55.08 < 6/1751 . 

:li 

Parirapinj* and Paper 1 15 > . 

137 92 

-u 

18.68 

7.77 

705 

13952 

14 L 14 

144.71 

144.62 

140.00 

155.65 

ll 4 / 9 i 

11911 

( 1 V 2 . 

155.65 04 , 978 ) 

43.46 iW 75 ) 

;m 

St ores 1 46 1 — 

19339 

- 0.4 

11.84 

4.86 

12.20 

19432 

197 53 

19951 

200.04 

20337 

21634 

il 3 ' 9 ) 

16517 

i 2 / 3 i 

21854 03978 ) 

52.63 160 / 75 ) - 

35 

Textiles! 25 1 

179.61 

-0 6 

18.54 

8.09 

7.00 

180.67 

16 L 01 

18331 

183.15 

17935 

19190 

02 / 5 . 

16085 

( 2 /Ji 

235.72 ( 170 , 67 ) 

6266 0202 / 74 ) 

kj 

Tobaccos i 3 i 

23206 

— 

23.72 


4.99 

23215 

23529 

23590 

236.90 

226.67 

26630 

123/81 

21438 

05 - 2 i 

339.16 ( 2 / 8 / 72 ) 

9434 03 / 6 / 62 ) 


Toys and Games iff'... 

10289 

- 1.4 


6.24 

531 

10430 

10631 

10751 

10535 

117.56 

12521 

049 ) 

93.79 

l 27 , 2 i 

135 72 0 fri/ 70 l 

20.92 ( 6 / 1 / 75 ) 

J 

OTHER GROUPS 1 99 J 

201.07 

- 0.4 

15.59 

6.04 

8.27 

20 L 87 

205.08 

207.43 

206.92 

203.78 

22334 

04 / 9 ) 

173.08 

133 ) 

22324 ( 14 - 9 . 78 ) 

5863 ( 6 / 175 ) ■’ 


Chemicals (I 9 i 

28637 

-02 

iwroii 

6.61 

8.13 

28692 

P 2 I 3 

295.09 

29332 

277 .% 

31538 

04 .f 9 l 

' 23 R 69 

( 23 . 

31528 ( 149 / 7 ® 

7120 ( 1 /I 2 i 741 


HiamorniDcal PrwincL- ( 7 ' 

255.06 

-LO 

11.17 

4.06 

10.98 

257.71 

26245 

264.78 

263-85 

0.00 

29113 

04 / 9 i 

228-41 

( 3 'Ji 

291; 13 ( 1497 ® 

22841 ( 3 / 3 / 7 ® 

|A 

t tf fice Equ i pment iffi 

129 92 



5.87 

6.38 

13024 

13325 

13548 

13345 

131.23 

150.75 

03.-91 

11748 

( 3 . 3 . 

24606 0972 ) 

4534 120 - 75 ) 


Shipping ilDi 

416.22 

Hjn 

1493 

7.26 

ff 55 

417 53 

42157 

42458 

42534 

467.01 

48301 

it'll 

396.09 

( 67 i 

539.68 08 / 577 ) 

90.80 ( 29 > 6 ' 62 ) 


Miscellaneous 1 57 ).... 

21591 

p^i 

PhtNl 

vm 

7.64 

21645 

220.00 


22294 


23656 

04 .- 9 ) 

178 47 

( 3 t' 3 i 

25883 l 2 .‘ 5 / 72 j 

6039 (67751 • 

49 

INDUSTRIAL GROIT l«Jl 

EEEJ 


E 352 I 

Mil 

oai 


EfEJl 


E 353 I 


241.43 

il 49 i 

18602 

■sai 

24 L 43 049 . 7 ® 

59.01 ( 130274 ) 

51 

Oils i 5 i 

EzEll 


EB 3 I 

till 

WEB 

E 33 I 

E 5 S 3 I 



■+WI-'U 

523 J 2 

( 23 ‘ 8 i 

41738 

Wf*n\ 


8723 ( 29 / 5 / 62 . - 

59 

500 Sn.VRE INDEX... 

F^rai 

PHI 

ESEai 

MM 

wm\ 

E 33 I 

E 33 I 


RfRl 

••iWI 


mm 

205.42 

( 2 .-?) 


63.49 030274 ) 

HI 

HNAM'IALliSniTiINi 

161.84 

ehi 

~ 


— 

162691 

164.06 

164.941 


172.84 

179.39 

t 9 / 8 i 

15385 

• 27 ' 2 . 

241 41 01472 ) 

55.88 0302 ( 74 ) ■ 

62 

Banksiffi 

185 39 


25 18 

6.32 

5.96 


187.33 

RifjPlI 


179.54 

20436 

i 23 . 1 i 

371.58 

( 272 ) 

288 J 2 1207 . 72 i 

6244 ( 1202 - 74 ) ’ 

63 

Discount 1 louses • IOi 

208 67 

- 0.6 

— 

8.43 

— 


21036 

21015 

trrn 

23 L 88 

228 33 

i 4 li 

185.20 

( 13 ' 4 i- 

293 D ( 2 S 7 ?. 

81.40 1 10 , 1274 1 ’ 

64 

Hire Purchasei 5 ; 

149 08 

— 

16.34 

533 

8.08 


1 S 007 

15245 

15419 

M 3 1 

170.55 

02 / 1 . 

13652 

07 . 4 . 

433 74 ( 4 , 5 . 72 . 

38.83 111 / 1274 ) 

S 5 

Insurance! LifeiciO'. 

128 00 

ELLfi 

— 

7.34 

— 


129 97 

13241 

13222 

155.91 

157.59 

( 98 i 

1 T 4 97 

. 17 - 4 ) 

194.46 1153 , 72 / 

44.88 ( 2 /L 75 ) - 

66 

Insurant cii.’iKnxunieii?' . 

118 67 

-0 2 

— 

7 39 

— 

118 92 

120.11 

121.01 

12124 

146.58 

143.46 

dull 

11823 

■ 7 ’ 7 i 

161 72 mO 77 i 

43 .% > 130274 ) 

Ld 

Insurance Broken- ilOi 

321.27 

-13 

14.77 

5.15 

9 69 

325 53 

329.64 

33136 

33222 

31980 

372.27 

<ll«i 


i& 2 i 

37227 01878 ) 

65.86 il 60274 ) ■ 

68 

Merchant Bankscl 4 i. 

79 25 

-08 

— 

614 

— 

79 91 

81.47 

8143 

8157 


87 48 

( 159 ) 


i 27 . 2 i 

278.57 0 5 727 

3121 ( 70 , 75 )’ 

69 

Property i;i] i 

254.91 


3 41 

M . i 

49.95 

254.75 

25816 

25962 

259 73 

Z 33.97 

268 78 

. 219 ) 


. 14 .- 4 . 

35740 1 . 91173 ) 


70 

Miscellaneous!") 

107 30 

Bill 

23.44 

BLJ 

5.52 

107.58 

10871 

109.33 

Tiaai 

5231 

117 64 

( 23/81 

99.61 

Ym\ 

303.18 08 / 57 ® 

33.29 070274 ) 

71 

Ini estment Trusts 1 50 1 

209 91 

- 1.0 

— 

4.99 

— 

21201 

215.94 

21816 

iLidl 

203.87 

243.92 

E¥ 3 I 

17648 

Bsl 

iWLlHl&i’il 


R 1 

Mining Financec 4 j ... 

10749 

u 2 j 

16 . 9 B 

6.62 

7.18 

106.83 

107 58 

10874 


97 83 


1 139 i 

8539 

( 63 ) 


6631 < 30 / 9 , 74 i ’ 

91 

Overseas Traders 1 19 k 

315 88 

- 0.9 

15.70 

7 32 

_ 7.99 

318 86 _ 

32143 

3 S .73 

326 10 X 

287.87 

337 68 

i 8 r 9 i 

262.26 

c 2 / 3 i 

MSI 

97 37 i 6 L 75 , 

99 | 

4 lir.SH. 4 RE INDEXlOT 

j™ 

'- 0 . 3 'T 

- ! 5 631 

— r 

222 52 " 

22532 

227461 

ZZ 75 IT 

ZZL 64 | 



19115 

r 

i 23 > 

24230 ( 14978 T 

61 92 ' 1302 , 74 ) 


j 

4 d 

art 

ed 


-v. ■ 


iia 

ay 

■iflt 

16 


4 J«(- 




J 


P- 


•! i 


KIXKn JNTKRKST PRICE INDICES 


Prtn?h 'Invernnicnt 


CnderSye.TT.- . , 

5- 15 tear? 

tiver l.ivear* .... 
Irredoonuble? . 
All . 



v<l ndj 
Tiida, 


X'i adj 
IDT 8 
10 date 


7 n 
761 
1226 
1332 
955 


FIXED INTEREST 
YIELDS 

Er. ikm. A*. Grass Red. 


10 


Low 

Coupon.* 


a years . 
15 years . 
25 years . 


.Medium 

Voupoas 


5 yearn. 
15 year* 
25 years 


Hi£h 

Coupon.? 


a year?.. 
13 years . 
25 -years . 


Irredeemables. 


Krt . 
nn. 
. —7 


925 

U.U 

It* 


1129 

12 * 

1235 


12.31 

1293 

1104 


ILffl 


Thurs. 

net. 

ZH" 


922 
11 14 
11.97 


1227 

12 J 5 

12.35 


1226 

12.95 

1306 


1179 


Year 

acn 

appnn 


634 

936 

10.13 


899 

1020 

10.43 


915 

ni 3 

1121 ' 


1009 . 


■J 4 
•7 3 


mm 


Hichs 


Laws- 


3 . 


925 <27101 
1132 >5 61 
1216 rliioi 


1231 .I 6 KJ 1 
12 53 i 56 < 
12.65 ( 66 > 


1236 1 16 10 ) 
1310 H 610 > 
1343 i 5 61 


1215 ( 28 % 


705 < 31 i 
942 (3 ‘ 1 ) 

9.74 an 


, - .1 


930 < 3-31 
10 . IB ( 3 , 1 1 
10.34 i 31 ' 


967 f 3 .lt 
1113 Gl» 
1126 0 , 1 ) 


980 43 fli 


Kn. th-t. ST, 


I i I , .1 

■Thar. W«d.'Titw.'Jlwi.' Fn. Thur. ] Wrd. 
In'lev Yield: Orl. IM. ' Old. • IJrl. j Oi-l. 

'•u. % . 36 1 36 ; 34 23 JO : 19 \ 18 . 


; ¥mr 
"BO 


1971 


Slni'O 

Com pUtlUan 


ii 1 - 


Hiab? 




Hlsli» 


15 20-yr. Red. Deb. & Loans (15) 

16 Investment Trust Profs. 115) 

"7 Corn], and I ndl. Prefs. ( 20 ) 


M-69 tlfi 03 66.68 58.68 66 69 56-B3 88.6S : 66.68 ,56.88 

51.27 11.57 51.42 51.8! :SI.S7 61.48 5U7 51.28 51.24 

72.04 12.37 72.09 73.08.72.12 ’73.12 71-96 72.03 73-0$ 


6 SJI 

56.68 

78.68 


63.67 iliS.'ti 

57.71 illili 

78.80 • It'll 


Lows 


I it ' 4 ,'w, I 1 fi’ 2 ? 57.01 | 3 ( 1 / 7 S» 

s&sll^.sssa !S53?l8|>Jjj 


56 

.50. . . 

*9.40 


j'.? 


Section or Groan 
Pharmaceutical Products 
Other Groups 
Overseas Traders 
Engineering Contractor? 
Mechanical Engineer in q 
Wines and Salrll* 

Toy* and Carnes 
BBIw Eaulamert 


Base Dale 
30/12. T7 
31/12.74 
31.1274 
31-12 TI 
31*12 TI 
14 1 Th 
IMK 
18*1 Til 


Bak value 
261.77 

43. 75 
100.00 
15JJ4 

153-33 

144.76 

1 J 5 .T 2 

128.20 


Soctign or Group 
Industrial Group 
M* cel tone out Financial 
Food Manufacturing 
Food Retailing 
insurance Broker* 
Mitring Finance 
All aiher . 

* RodfllRMIflll VlBld. 


Base Data - 
jj/ii.ni , 
31 . 12,' 70 
• 22 / 12/67 
29 / 12/67 . 
21 . 02/67 

2 i--u.fr 

IB.' 4 ' 6 ? 

A ir« Of I hr 


Base value 
128 J 0 
128.06 ‘ 
1 UL 13 

110.13 

- 96JT 
. loo n 
iwuo . 

const Hw"h is 


ovaUatih;' Tram Uu^PubUfl*,, Tlm ^ 

. Bvadten Hetite. Cantu** Street. Lndon. m pritt 
lJo. tor vast 22i». A fortnlohily renni <4 group asd 
sufagecilo? indices. dtvWmid iricWs ml ewnlnao flsores 
sinre 1KO, with -dnarteriy high* omf Tow* of - uta 
Imlloo. h oWn'nnblc fnpn FT Business Bntarprfjes, 
10. BoH Cntmt. Lendfai. ECO, ai fgg Mr ' BWyi 


■Ul 


A 

:f 

i 

f 


h> 




-liar 

fJ 











































































^financial Times Satnrday October 28 1978 


23 


AUTHORISED UNIT TRUSTS 


Unit Tea. Mngra. Ltd. (■> 

' .e Hr u >c Rd.. A> leobwv. OfflB -MH t 


3* l . .( 
■u u -e : 

KJ-4J 1 

48? . J 
79 ft -0 4 


ipiroi . J3J « 
rn—r . 41 d 
. v Trt l m C 'Ml 
•n 1st m a 
Pres. TiLlhta 

Hambro Groups CaKgl 

Mso. Il'j'wn. Hr+nl»-r»re. rue: 
Si or hnvir+ood .tcrr sil-iM 
Fundi 

. - — Jfc7 a 

Fund . Iffi.O 
* . . 13*1 

inti ruM ’wa 

-piiji; ims 

■\ind [!D8 6 
Vie Fd ...*122.6 
'ends 


Pramflngton Unit .Wet. Ltd. ml .Minster Fond Managers Ltd. Previn rinf Life Inv. Co. Lid V Save £.- Prosper ronlinued 

S-T Ireland Yard. FT4K '.lij; 0I-231SB71 MuttierHso Arthur Sl tL"4. 0:«!3IWO a&.flwhApufiaM. E-CiL 01-247tSV.TJ ScOtbilS Securities Ltd ¥ 



n<a-fl2 
69<? -2 cl 
»K -0.Y. 
3722 -3jJ 
WSil — S.2* 
216 2- -0 31 

1512c,' -a jl 


Antncin ... 'M 0 

IS CuNuHTrf. -.'1352 

!n»utncT-l [1132 

*1* lBtGrm.ThFd._ma* 

4 °7 1WACCUCI IH74 

Friends’ Provdt. L'nit Tr. M fis.f 
*■ ri JuniEn.irwkhic dWGMrtS 

Friend-Fioe Cl* >44 1 4731 -311 4 61 

Do. Accum. . .. iS7J 61 Jj -6l| 4 61 


Stt 

U5 


Prolific I'm w. [S3 9 

High [nenrw . ...|U41 


W-L.I 


3M 

727 


Sr<ibita . . 

ScoUidd 

PmdL Portfolio Mngrs. JUtLP laHbycl sSFiS'Gth- , 

MSKT.SS? us i “T “ !« Jg& tsLV* 7^fcY2“S ,t Tst - 

SchlesJnaer Trust Mngra. Ltd. taXz) 


•36 3 
,51 S 
(SBB 
(KSO 


S. TT- o 140. south suecLDorLoa .bomimmi 

TboStfc Excha ng e. hCSN IMP U1OTP4177 Am Exeicpr . _ .006 n 7i6 - D B 1M 


l«7 G.T. Unit Managers Ltd.? 

SI? :h. Finsbury Cl :eua ECSH TDD 


'1 Fi-. 
me.. . 


<751 
is" l 
MO 2 

ul Fnad* 
nil . I2S1 
rad Mi 

merica. MS 9 
emfttt . 127 4 
Fund* 

<o‘i Fd ...are 

?0»Fd Mb 4 

4,1* J99J 

& '“(11. 141 4 

Furpinr' 159 0 
r Co • 9,2423 


78 3! -3 ft 
72 0c? -dJi 
«0! -oil 

fJ3r?S| 

«3f-?.Sl 


4 76 

4 56 

5 65 
4 92 

set 

6 88 
698 

5*5 
1 91 
2.15 
1U 


<!T Cap l-.c... 

Be Are . . ! 

<j i Inr Fd 

fil IS 6 -irn . -1220 
0 7 Japi.nA-r.t'i. 192 2 


. . -[Hal 
J re- -lltsi 
■in . ;U?fl 
— r -..6iiri. i522 
OG- Pint- L'x Fd - Il44 S 
0 5 IV : Fond. . .163 & 
krl Frmr VUrFd.. 157 8 

G. & A. Trust taNfti 

fl. K J\ !* ;£ii rid . fcronraiod 

0 4V . 336 



HlltMmOrLlfi 138.9 40* — i 

Kacmpt flrl 1. IS05 UMSid ... 

MLA Unit Trust Mgentht. Ltd. 

Old Queen STirre. SW11| 6JG 0103073S3. 

MLAl'aiu. . _ 1464 4UU| l 368 
Murray Johnstone U.T. MgaLV (a> . 

ita Hope Street ciiwiow. 02 SL'H Micaiasn Qu liter Management Co. Ltd.¥ 

MJ European MB 860( —..| 280 

Ot*ljn» Dny Friday. 

Mutual Unit Trust Managers? (aHg> y""*ani income 
n^aruai ^^h*UAw-E«H7BU. mwb Reliance L'nit Mere. Ltd.* 

MuniullpJ ri U V . 71 § 7 ^jJ~o! 3 709 Belr wire Use/ lonUMdse Uefli K« 

Mutual Star- Chip- M4 1 47fl -02 6.64 OmwlnnKy Td.. 71.« 763. 

Mutual High Yhi- |S79 62j3 -0j| *73 ‘ fit ? 

, w National and Commercial !?? « ,?« I 

no 31, Sf. Andrpvr Square. EdiBbarshffll-5Mmsi Ridgefield Management Ltd. 

7J* Inrom^Urt 18 .11614 16741 I 5 64 3840. Kennedy St . Manchester 116I atiBWI 

•V«um rnlo" . 221 2 2»« .. . f.M Rldscfleld tnt t T.llOLO 1020' .; 2 63 

!«; Ocl U ..-..H294 134.2 . .1 3K7 Ridgaflcld 1 nccun*- 47 104B 1 .1 904 

*77-527300 ' ArCliJB. I nits* Il5>6 364.41 . ... J 3*7 , _ „ 1 

M9I-8JI 462 National Provident Inv, Mngrs. Ltd.? Rothschild As«i Management «gi 

7S4l.«.aU>hnuaeRri Ayle>bu-v 02S8MM1 13l rhrdPMd* ELC5 

-Obi 3 38 ‘ jpimltW 24 . [106 7 


39 SI -0 7- 
55 tj -0$ 
63?. -3 3 
267 1' 1 


408 
736 
4 58 
219 


Target Tst. Mgrs iScotlaud) laHbi 

:a A: hoi Crrxrpm. Ed c J. fOl.B298fi212| 
Targes \WS Fj?!c;25 7 25 5' -OH 7.03 

TarswT.h^Ie !4l 4 445! T SJ1 

Eara Income Fd - ;tBS 65 II -0 I| 9 B9 


545ia 


1 526 


916 —3 0| 
120 4 -J-5! 
173 5 - 3 1 
129 7 —7 1 
97 0 -rOV 
1520 .. 
1714 *24 


1U 

J Mi 

a so 
: to 
1 10 
3W 


Quadrant i>n Fd .(108 7 1X3 Jwl 

s-1135 4 13461 


500 

756 


OTK 12271 
I 5 41 
1 558 
I 558 


Am. Exeicpr 
Am. Cnr*ca - .261 

E \empl With 41d . 126 4 
Lx*mrtt Kti Ldre. .1264 
Extra me T« 
IncunvBisa 

Inc. !0*. Vd.-Ul 

Tnml flro«»h . 

Ini TW ,1'itlt* 

Market Lradere 
■Nil Yield'- ' 

Pref hCihTnw 


jaf 

28 3 
233 
27 0 

ill TB (32 0 
.. K Grin. Ac.--m.i223 
1 K.rtnhKisr 119 8 


Properj Shore* 
Special Sit Tss _ 


21 7id -D 8| 
282-0 5, 

32 73 
45 T. -3 5 
34 7i -0 4 
50 9j -0 7 
282 ~0Z 
30 6l -0 ? 
»42 -0.1 

25 fid -*01 
29 jj ., 

34 43-0i 
24 2^ -0 l] 
21 3 -0 1 


3.60 Transatlantic and Gen. Secs. Co.? 
IS 8180 N nr London Rd ChriruforuOStaiiei 
I-S BartncanfiCT 35 . '771 
52 ■Acstanfmu: ...IU56 
2iS Uarb.tra Oct 23 .,90 7 
Ruckm. iict 28 . -.,812 


1194 
2 15 
2 16 
5.86 
586 


r-.-*™-., V -a u 48- I.rarf-rhuirh S« , ECSP3HH 111^33434) 

Hart more Fund Managers ? laMgl VPir.ihinTM 1472 503) 

01-283 3-131 * Arrant I'nllsr* „.[S77 61 4 


J. Henry Schroder Wagg & Co. Ltd.? 


» Unit Trust Managers Ltd. lESSiS® 1 *' 


not Securities Ltd. ibhci 
S: Ijgdim FC4K IBV 0;.Z3G52fll 


75 IB -1 5 
62J -DJ 
169J -1 3 
273 -0 1 
43 6C -0.1 
661 -03 
ODD -16 
14 7D -BUB 
96 5c -0 6 
34 2-01 


010 

337 

337 

840 

0.45 

Ofil 

719 

343 

530 

094 


'615 

. - - InmoieFiind . 1744 

BiirehM.rA'IMlWA *23 0231 Ina Accnt-ns. 13 76 

VI . 1536 57 nu* 4 82 ln 'l KtrmplFd 801 

V ..Hull TV , Ate I 1319 

her l-nit Mgmt. Ca Lid. ,. w , . „ ^ 

LtxavTiv oi^zsfErre *'ihl»s f.Autpn>> l m( Tst. Mgs. Lid., 

hlyFund 1175 185j . 920 2.i'r«iirriik't7i uid.leu».)T'» 0I.38841I1 

A «-. Incontr* ,43 8 
iU.Ui Gru*:h>* ,40 S 
,41A G Far Eji‘ \lh 0 
llpalino *.'u 


NPUrwiia Trust V lliiJ 119 9 b 4 
uViriun Inner' Il42 0 150 M . . 

"rnm un Clrt. 38. New (foaling Nor 30. 
-Pn.cj. nn urt 18 Nesl dealinc No*. 1. 
National Westminster? In) 

181. l. heapvid*. ET7V 8EI-. 01-018 8000. 



q:?s| 

s| :rJ 1'3 ! 

n-~n 112 ? 


2 86 
7 21 


r.-ipuali Arcum 
fjj ra In* - 
Financial ... . 

lirtruih in* . . 
InrooM* . . 

['on (olio Int. Fd. 
t'nlvrrvnl Fdidi 



■ AcrumJ - 

Income On. 24 

i \crum L"niU>- - 
General Ocr 23 - . 

-Arrum L’llllSi 
FuropeOcl. tfl 

■ Arciim. L'nita’. 
■PnAChaFdOcLW 
-Spec Ex. Cet. 10 . 

■ Fteroren Sep* 10 


,1291 
201 9 
299 9 
660 
109 8 
33 3 
,37 6 
1766 
2864 
2162 


110 51 
133.71 
209 2 
310 7 
91 

1143 
35 lif 
393 
1B2 0 
2952 
222 9rt 


01-240 1M34 
2J5 
2JS 
6 74 
6 74 
39S 
395 
280 
IN 
423 
344 
474 


eld . . J48 B 

i. mil- -.178 1 
jrar Fd <110 7 


52 5! 


7541 ' ! 10 59 r _, 

119 ll -0 li 10.4J GOV I 

uhA H K 
M^5 ■ 

42 a -a.i 



Govett (John i? 

London Wall E r z 

Cki 20 11395 

IX- Ate urn I'rk (167 7 . .... 

New dealing day Noe. 3. 


To, Grievesoq Management Ca Ltd. 


99 C, mha R) S: . EC2P 2ES. 
Rnrlaan Oct. 25- [227.9 
i-Vcrum I'oibi. ...12392 
Eaig RYiLOct 26. )l*3 3 

(ArmoL (,'niiKi 217.9 

Farieov Oct 24 . -. 236.7 

i.VCum CaiLn 246* 

r.rtu-hrtr fici 27.. 87 7 

» W Um I'nire 91 1 

Lb. 4 Bmli On. 25 172 8 
.Accuic T un*' 1765 


227. 

25B# ..... 

292 88 

7?H7 - . 

2477* ^.J in 

94.1 -6.7) 

761 
800 


497 

IS 


348 

348 

3*3 

383 


Rothschild & Lowndes Mgrat. tai 

iil 8o.ithtnr.Lune. Ldn , E*M fl'.^!2fl4A , '6 

Neu-ri £v«npi- (£129* 137 Oca I 3 57 

rnco* oa fki 1H New doalinc \*h 15 - 

-Fur iii nrmp; hindr onlv 

Rowan Unit Trust >lngt. Ltd.? lai Scottish Equitable Fnd. Mere. Ltd.? 

Clf> Galr Hie . FiiLatmry S<i . 1X7. iV.-WH 1066 atSl AndlWiSq Mlnbursh 031SS691O1 
American tin. 26 . 630 M Dxdl | 125 Income Unit* ■ -1509 Mftj 1 eat 

NEL Trust Managers Ltd.? t«Kg) 5«r“:l£; S £S ^ ?S “"tUi. S,\moSL- ,S “ 

^‘^r Cuor1 - D,rt, ll£i urrc Vi 3j d 0JI fw M SSVfottS 1 : SI Ul Jig Sebag CM> Tst. Slanagers Ltd.? u) 

VelSSihchlM IS 4 sHI-ol 7 77 «Arcum Unit.. ... 1024 107 a| 4 20 ^ B« W.WrUbiT, H«. E r 4 

Norwich Union. Insurance Group Ih) Royal Tst. Can. Fd. Mgre. Ltd. Scnag income Fi'.jsi i ki 

0603 =2200 W. Jermyn Street. sw.i 01-6398252 Security Selection Ltd. 

ss Sffifd jjfJ ?12 iM»u»o*iiitoin.uu.wcR 

Prices «i Ocl 13. Nat 4*a»n g 31. 

Save & Prosper Group 
4. Gmi St. Helena. London EC3P SEP 
88-73 Queen St.. Edmbuisfa FR2 4VT 
Dealings tor 01-594 8890 or 031-226 7351 

Save & Prosper Securities Ltd.? 

Ialmullaud Foods 


lAccam L’itiu- 
««len Ort 24 . 
lArcnm. 5!(!iu- . 
Marlboro Oer 24 
iAcvu.il L’cts- 
I'.Vl Cw). Oct 24 
•Arcum. r. nlt»i 
Van 'H> On 24 
'■aau T it Ocr a 
■Arinin. I.'niu . 
WickT On. 2fi 
•.Vccuci L'nit*- . 
WickCm On — 
Vn-um 


Tyndall Managers Ltd.? 

IK-CaaiuCFBnHL RnVol 

Stt 

1346 
184 B 

:us 
1616 
'KiO 
.284 6 
,i064 
1344 



OFFSHORE AND 
OVERSEAS FUNDS 


Kfiirln Jina. U(r»« luj • 

’ under L'entrul AsieL-. MneL Ltd. 

Jilt under “apdirex S.v 


■Alexander Fund 

|37. rue Notre Dame. ijrseinnMrs 
AJeiunder Kun<l .1 SLS6.B5 ! -I — 

N« value tXiober 2.1 King & shjUfi0n „ an _ 

Alien Harve* & Ross Inv. Mgt. (C.I.l iCFannCiAoix. Ft Heller. Jersey IWB4I1374I 
l.ilbanMi'mi SL HeUrr.jET Cl tB3*-7374l Valley H*e. SI Frter Pott Ornrj-. KV481V Z4TOB 
AHR Gilt Bde-FU_ (£1021 U221 11.93 iSTSSSSSJSiiVlfSr' ‘ 1-0 ,08?4! ^ 


[Arbuthnot Securities fC.I.l Limited 
FO ROi284. St Heller. Jersey. 053472177 
Cep Ttf Uerwjy. , |1170 133 01 . _| 4 43 

‘ | 1*00 


Next dekllnc dauf November - 
[navtSci-s Tst . ,|99 101[ ... 

Nf.il deal.nii dele Ociotcr 30 

Foil fiJctl Titt-u" 1 1 [111 1181 | 318 

Nesi dealing date Xiyrniber 9. 

Australian Selection Fund N\' 

Mai+rt fippnrtuninc* t o Irish Young * 
Ciuthwaitv 127. Ke.11 St . Sidiiev 
L*SSI Share* I jrsi53 ' I I — 
Sul a;se« value October 20 

2 4$ [Bank of America IntenuUional S-V. 

7 TJ Hiiakiirf Rival. UiiemtuMirg 1 ,1) 

814 (Vhdlnvew Inroine IF.allWS U7k5|-0 W1 7 22 
6 42 j Fnies ai Cki 3v Next *uU dole No* 1. 

4 33 jBanque Bruxelles Lambert 
4*3 ,2. Rue Pe Id Regcncr R 10u) Brupxela 
8)5 'n*ma Fundi F 11899 1 9581 -101 787 


GlB Fund iJnwi .118 36 
til It Tru-4 <1 >■ M ■ - 103 9 
(Tilt Fntt tiurrnieyt923 
lotL rmt See* Tsi 
Kirs Sterling ..IC1&21 
Fires InU 


'tm-i - 


Klelnwort Benson Limited 

Sa Fracbnrch St- EC3 
Enrlnvert La. F 
iiiitnite< Inc . 

IHiAucum. . 

KBFarEanFd - 
KBlntl Fund .. 

KD Japan Fund 
K3 lr N (Twix >d 
Signer Bermuda 


1 1.157 1 

-7 

165 7 

699a 


US24 

S7U 


SVSI3B4 


SUS1146 


5VSA2 4T 


SVS13 0* 
SU&5 08 


11980 

20 901 

-cuo 


Ol-CSSCWO 
3.0« 
4J3 
4 35 
1 45 
2.00 

0 SB 
066 

1 78 
813 


bhi(on(Lip\l - 

-KB -tr! at. London paying agents rah. 

l.loyds Bk. 1 C.I.l ITT Mere. 

P O Box I ELI Si ilelirr. Jetrry 0334 27SR1 
Lloyd* TH O *eo« |60B 64 0>4 1 121 

Next dealing dale November IS. 


Income 'i,. r 25 
■Acmrx I’r.u • 
Capital Oct 
• A.am 'JniL. 
Lv.-mpi vrr.23 
lAccum tiiiL> 
1m Earn (jet ra 
(Aeeuia (.'r.ltii 
Prel Oct. 25 


Norwich Union Insurant 
TasM 0 1 i« 1,0 Dov 4- Norvleli. KRl 3NG. 
iftB — j 1« ■ G r°"PTs Fd. 1159.3 37 


Pearl Trust Manager* Ltd. (aHgVz) 

232 Hi Eh Hotbom.WClV 7BB 01-4058441 


Pearl Growth Fd.._.p4 1 


01-0004483 AcaueL'ntic .. 


IS? 


-0 li 



-DJ 


485 

4*5 

7M7 

4*9 

4*9 


Cap&aL 


Unit Tst. Mg*. Ltd.? (aHct 
Hoi bom ULTV7NL. 012316233 

•»S-Fund-- 185 7 9l2i . | 523 
Aal Uci 26. Next si:b. dov Noe 2. 

6 Unicorn Lid.? tancagi 

Jo 252Somtord Rd. E7 0133455*4 


Pearl Ine - 

Pearl l'nit Ttt [339 

= lAccimj. Uoilf;. __)465 — , 

PeUcan Units Admin. Ltd. (gKX) 

2H 81 Fountain SI, Manchester 061-2385083 
Fdirao Dnita..— .. |B6 6 9J.lM( -0.«| 5*1 
Perpetual Unit Trust Mngntf.? (a) rtdi.firbwUi. 

48 Hart St. Henley on Tbemca D4S120M8 la cwl ai tncomr Fund 

„ . , , PpwioaiapGth.. .. [43* 47? 4 346 High-Yield 153 8 

Guardian Royal Ex. Unit Mgrs. Ltd. Piccadilly Unit Trust feMb) 

Royal EacliBJifir LT3P3DN 0I-6288OH AtXotiy Clbba Ueii Tnut .Hanaxm Ltd. 

3 Frederick** Plwe. Old Jewre. EC2R BHD. 

01-308 4111 
I'.Mra Im otif 


lAccura t'niw. 

01-2363000 ?*■ TastlrSI- EdinbOfTb 

S _0 31 4U 5 CW Jnc'jct.K . jlft.* 

is S&SAa» -Mi 

D»| CtJtWAcC. . ,24 5 «rt - S , |SS SB::, fi 
L'ttvl Cut T4i lac — 121 4 *2g....l L26 Extra Inc. Growth ‘ 

Stewart Unit TsL Managers Ltd. fa> - r -— 

45. Owriecte Sq.. Edtnhn rah. 031 -22* 3271 


108 81 
2SUH 
137 2 
19421 
179 61 
169 81 
263 t 
2992! 
112 
142 


Lloyds Bank Inti. Geneva. 

PO Box 418 1211 tieneve 11 -SxvitrerlanrO 


1249 »»- 

1* 49 


_ . . Pacific. ^0.4 

Do IniL income... . 401 
,_, I » I ~S !0 Do 1 0( Man Ttt ..(456 
179 « I -900 , no Manx Mutual . Z7.0 


149.B 
181 6| 


160 

170 


MrncLIul il'oulF 
IJojd-.lnl Inc 


•rntM 

xtsssb 


Jit Ml 
.14 St 


oaf, - j *| sis 

Barclays Unicorn Int. ICb. Is.) Lid. 

I LhaniiiiCro-j St. Heller Jr*y OSH 73741 

077232241 nieriKLx Inrome 146 7 4VU . .1 1210 

8 20 I niilulIurTruvi .IP.VllU Had I 180 
8 20 UolboruiTniM ISV-CCIC ICB] I 8 25 

* 21 ~ 

Barclays Unicom Int. <1. 0. Man) Ltd. Management International Ltd. 
foa 1 Thftnidf St . IXvugla*, 1 e. M 0024 «Sfi Bunk of Pcrmudu Building. Bermuda 

iu Vblcorn Auu Ext 152 1 5611 ’ 

35-7 

75 7 

4i2o 820 

49 J -DJ 900 
29.lJ .1 LOO 


180 

6-50 


Canterbury ikt 20 |SI.&0> 


I -I - 


-Si 


TScetmrt American Fund 
Standard Units — Wf 

Aecnta. Onto f65 I 

Withdrawal Cmta 
-Funrart British Cwiui Fnad 

Standard ..-11414 154JI 4 07 

Aceutn. L'olta I. .-Jl651 279.« ... J 4 07 

DeallnE tTucj. & Fn. ‘Wed. 

Sun ADlnnee Fund IMogL Ltd. 


I 

J s 11 1 

I 527 Bishnpsgate Commodity Scr. Ltd. 

0272 32241 1 p <1. Box -Lb Dougifvl. 1 o M 063MS811 

SS ARMAC-DcLS .Ill-Sax 


M Si G Group 

Three Qua, r Tower Hill FX3R GBO 014736 4588 
AllunUr OcL 24 . . SI’SIB J CT . 


393 
474 
Ul 
20 0 


LagiijjardhiliTii 19*5 


954-02] 443 


Henderson A dsn 1 n strati on V fakcKg) 


Prrm-et t T Admin . s Icigh Rud. KirtluiL Small Co’s Kd . - . 



31 31 -1 0i 
7821 -7 1; 
61fJ -1 6t 

71 S -0 21 
114*4 -?fij 

30 73 *c ]’ 

67 u -0 y 
B3e( -X4f 

34 -01 

45.5 -0.^ 

943 -aS 

1555 


1 48 
1«W 
190 
4 54 
622 
C 52 
497 
5*1 
6 02 
*15 
616 
473 


EredKOod Es-*x 
l K. J omU 
'-abm Rcroverv- 
Cjp Crt.ath Inc 
<**p Gri'iir*h.Trr 
Income & Audit 


147 7 
!46 7 
47 8 
:3<0 


0277217238 Capital Fund .... 

Int Krna t Akkets 
eh i PnvnieFuiirt 
1 Aecumltr. Fund 
291 • TerbixiJugj Fund 
624 


- I 


High Income ruadx 
High income 165 0 

(.‘aooi r.uraloi 159 3 
CttMMPrcf IfcGiM. ]48S 
Sector Fund* 

Financial 6 1T1* 126 0 

Oil&.Vai Rea 129.1 
Intcraai hmal 
CabbI . .. 

Internationa: . .. — 
wid. Wide ■)«. 27. .175 1 
Orereeaa Funda 

Australian- B94 

Ear ape as— M63 

N. Am. — 135 8 

Cabot Am Src W5X 

Exempt Fund* 
rapanExempf-^ggl 


i:sl 


M» -0( 
5^4™ -0 ; 


Far Fjui Fn 
American Fund 
754 ; Practical InvraL Co. Ltd?' tyke) 


291 

31.6 

-03 

396 

Ol 

>0.3 

44 J 

480 

— 0J 

*6.0 

50.8 

-0 3 

355 

387 

-*« 

650 

70S 

-04 

614 

66 9u 

-0 4 

284 

Ml 

-0 7 

1214 

23 4 

-0 7 


1050 

630 

E7B 

$,®a 
550 
5JD 
5 SB 
130 
320 


Bl(5 Income Fundi 

High Del urn [680 

Inrooe {43 0 

L'JC. Fan da 

UK Equity ]43fi 

Oveneaa Fnndam 


5784-0.31 7.40 Sun AH iuccHk, RorAam 

.•SSafKLIS? 1 Sh-j 

9 30 Target Tst, Mngnt. Ltd.? (aHg) 


High Ir.c Priority . 665 
International...-. 267 
Special Sits. 353 


TSB Unit Trusts tyl 

3L Chantry Way. Andover. Hnu 
, Dealings 10 0364 634.72-3 

ihUSE General. ... (45 i 

(biDo Accnra . . 


94.1-0.1 686 
«5l -Oil 9 81 
saw -D3 
17.21 --0 2 
21«-P2 
71 S -0 4 
2*3 -0.7 

3T.7J -02 


040904141 ‘S’ TJ® Income 


7311 -D.4I 
462! -Oil 


386 

369 


47 01 ...| 506 


.1 1 . Gresham St EC 2 


834 

1200 


•H. Rloairutiurj Sq WCIASRA 
PratlieolOri 25 1154.8 1M 54 
Acrum Units |223 } 237 4 


Europe .90 6 

Japan - 1205 f 

S ELAmaCvvih Fd M6 7 

vs — M 5 

•r:[Sf 

. 1 68 9 


97 41-0 01 3.17 t.JL 

5021 -0 2 1 50 AD,, < 

6931-1 a| 058 large 


Sector Funda 

Commodiiv 
IvnergJ' 

Finanrinl Secs 
01-8S38G83 High- Minimum Funds 
. | 421 Select Iniernui . (243 9 
.. • I 4.21 Seioct Income |53.7 


83 4) -0 51 
-15 
74 Ol -0 7 


336 

189 

338 


■861 

133.0 


H sent. 29 Nest Nib day <vt_ 31 
cry- — 145 J 4901 -0J( 573 

(wFuud- 1166 12611-0.31 5.14 

idcTst. - 488 52 E) -0.9* 222 

dine.- .. 610 63*3-1.41 524 

n (71 0 74*3 -V4 524 

Brothers & Co. LUL? faXx) 

nhallSt.EC* 01-588 2K30 

V. 11055 1932} 409 

n. BM6 242.41 4.09 

,Y«t sub (to Nor. a iOSSSHKl- 58-IHSi 

igate ftogressive M HIU Samuel Unit TsL Mgrat (a) 

45Bcocfa St .EC2P2LX , OI-0S88OU 

ITU British Treat — 1158 3 160 61 -031 551 

tgilnil Trust }5* 375 -0.S 

IBi Dollar Tnut—.. 71 1 76Ju -1.7 

1 di Capital Trust— (286 30.6 -0-2 

(hi Financial TruoL 881 945 b -05 

<bi Income Trust . I26.7 28 6a -1.0 

517 55.3 - 0 2 

Ml 333 -01 


5SH:rl 


■Oet24._ 

rSJniiT'iai 

Ort 17. 1203 8 
t rub. da) "Uet 



148 


375 

231 


306 

2*8 

4.99 

530 

7.20 

539 


790 


Fund Managers (a) (ci , ----- 

mom 

S3S 5“ lnleL * '■w* 1 

43 3 461 354 lLChnstopberSlnteLEC*. 01-2477243 

1470 153 8 546 InteL im Fund .. {875 94 SI .. „l 635 

174 186re 413 

— ,?99 *51 J 413 Key Fund Manager* Ltd. (aMgl 

' TuCV Pncei CM - 72lUlDc5L EC5V8JE. 01*007070: 

KerEnerqv laFd.. 

Key Equity & Gen. 

9Kre Exempt Fvl 
Key income Fund 
Key Fixed Ini Fd. 

Key Small Co * Fd 


Inc 1... 

- .11 

»«!,_ .. 

' 18-19. 

iia Trust Management (akg) 

1 Wall Buildings London Wall. 
X3M90L 0] -6380478 0470 


re 

Ind 

*i> 


I Secs .. 
.•noral .. 

' r n*i'h 
:• -oh . . 

- rihares- 

•Ine .. • 

r. 

.. >ericHn_ 

■ oil - — 
Share®. 


769 

64 1 

437 

227 

Mi 

902 

043 

730 

636 

463 

370 

819 

376 

25 9 

5436 

14 7 


ange 

rsj- 


T.m? 


82.7 -04 4*3 

60.5,-01 371 

63 7 -0 1 453 

90 4 —0 1 465 

42 4 -01 3 98 

3292 -0 3 722 

4JJ -02 948 
244 -0.1 2 96 

69.5 -0.4 4 62 
97.0 -*2 8 

90.6 -0.4 
775B -02 
604aC -0 6 

49 B -0) 

»*L +0 6 
SC IS -1 ? 

40 4 -0 2 
27* -0.7 
5604 -37 
25 Bd -Ol 
458 -0 1 
•36.3 -05 
347^-03 


1799 

SO 

-Oil 

724 

770! 

-02 

175* 

1065 


£55 

910 

IfE? 

60.8 

646 

-^6 

109.7 

116 7 


IS 

545 

931 

w 


IS 

763 

2J0 

387 

484 
212 
3 97 
259 
4.95 
453 
255 


1)2 3 

itish Life Office Ltd? fa) 

Hte~ Tonbridge Wells. Kl (BE! 22271 

s.§ 

472m . -] 944 
dealing Noretnber 8. 

Shipley & Co. Ltd.? 
lUDdere CL EC2 01-600 8330 

Jet. 17.— 1223 2 548 01 ....I 468 

•n.17 282.6 305.9) J 4 68 


Klein wort Benson Unit Maaagere? 
2ft FenchurcbSu S C 3. 

KB l'nit Fd. Inc. . 1877 

«KB UnilFcLAc jll.D 

KB. Fd. Inv. Tsu . 

KB Pd. In Tel Act 
KBS mlrC n'aFdlnc 
KB Sra.ros.F(LAi-c 
High YId FtLlne . 

High Yld Fd Ace. 

LAC Unit Trust Management Ltd? 
The Slock Eehange. EC2N 1HP 01-38* 28M 
LicC Inc. Fd. - ._ 1145 5 150 01. 83* 

LAf loll i Gen Fd 1103 8 107l| ... .1 195 

Lawson Secs. Lid.? faKci 

37. Queen'* St . London EC*R I BY 01-2385281 


01-8238000 
525 
525 
425 
4.15 
684 
604 
821 
821 



— 1 Life [512 

red*. ...HO 7 
■nd*. — j®4 1 
Oa. .25. Next d 


rnaw far 


rrinn..-. 

romc 

tne . 


434 -0.il 5 76 

493 -0 5 576 

612 .... 264 

680 .... 264 

424 .... 176 

23.9 050 

24.4 050 

Deal «Moa. *Tue». itWrd Thuro. 

Legal & General Tyndall Fund? 

laCuiyngeRomLBrtstBL 0272: 

Dls. Ocl 11 1632 66 Bj . . [ „ 

(Aecam l : niui ..!«)•. 84*) . .4 4 60 

Nest sub ttaj November 15. 


ftRan Material* MO* 
Ji A+rum l.nitti .. 45 7 
•Growth Fund — 157* 
•'Aceutn Tnltn 163.0 
♦IfSUl and A'liranLgJJ 

l American Fd 1222 

b Aceutn Unitti (23 J 


igi 

{348 

478 
371 
29 9 

e; 

kt 

12Z.0 
162 2 


36 9J-03 
20 On -0.11 
5fl7 -ni| 
395c -fl.l 
32 Sn -oa 
2 ltc -aii 

25.8 . 

JB.7 -0 5 
63 In -Ol 
234 . 

648 


461 
521 
5.87 
SB7 
9.67 
337 
4 42 
322 
4.43 
607 
457 


Leonine Administration Lid 
S-DakeSL. London VIM 6JP. 014885091 

LeoDuW. .. -..tfl 7 86.01 . . { 4*0 

Leo AemoL .... tf93 94l| . ...| 420 

Lloyds Bk. Unit TsL. Mngrs. Ltd? (a) 
Registrar' c Dept., Gonng-by-bea, 

Won hlng. West Suuex 01-623 1280 


Balanced [51-5 

Do lAccum >- .. 70 B 

Worldwide tiwth. . 52.9 
Do (Acfiuni - .. 663 
P. Bar 51 122 J 

Extra Income. . 637 

Do.iAcciun.i- 71 5 


■cl 10. .. . 

Lite Unit Tst Mngrs. Ltd-? 

. t. r«icr* Rhr. Hcru 
Dial .138.6 
vccum . 47 7 

ist . 33 6 133 

ccutn [*S.l 

I antes I Mngt Ltd.? 

-Dad St , ETON 1BQ 01-5004)10 

SU :::::) 4 rS 

on Ocl 18 Next dealing Nov. 1. 

Unit Fd Mgrs, Ltd? take) 

1 (MM. Newcastle upon-Tme 211© 

!69 4 71.9x5 J 3 85 

n l'nit* -IBS .4 87.?.. -3 3. 85 

VidW |42* 45 3W . — j 

n.Cni la -.155 4 57* J 

ul deal lop dote No* ember !. 
fs Official InvesL Fd? 

1 Wall. EC2N 1DB. 
cl. 17. J13718 . 

Ct 17 127247 — | . _ 

1. Only available to fleg. Cbaritiea. Extra J leW. 

lerhoase Japhec see James Finlay f^eSw™ „!™" 

in Trust Managers Ltd? farfg) ffiSlm Twi '. 

. EC2M4TH 01-2832832 (Acrum I'nilsi . 

1 kjil98 215] -0hl 187 Oeneral . 

me M26 459cd -0.3 9 02 > Aceum. I'nltii 

onallsL. ki«239 25^-03 276 

Brcu. TstUSB 289tj -62 430 

iwthTsL. B3.7 253-011 7 35 




761. 
56 H 

8923 
125.0 
674, 
76 1 


-05^ 

-0.6J 

-Oj 


456 

456 

243 

3.43 

622 

622 

771 

7.71 


842 

842 


rration Funds MgL Ltd? (a) 

-y I-ane. WCSA I HE 01-2420262 
uad (46 2 485) ... . I 3 95 


Lloyd’s Life Unit Tst. Mngrs. Ltd. 
72-00. Calaboose Rd., Aylesbury 0296504! 
EquiD-Accum .. .g67.6 1764| I 3*2 

M & G Group? fyXeVz) 

Three Quay*. Tower Bill. EC3R 6BQ 01C0 4588 
Suo nlM Stock Bcchange Coalings. 

M41 4701 -L5 2*1 

«3 481 -IS 3*1 

51 6 55. S -ifi L70 

192 8 56.2 -11 1.70 

S 3 B9 5 -tt5 4 73 

7 92.3 -0.5 4.73 

1132 122 8 -L9 3.B3 

662 70 J -0.6 320 

702 74* -0? 7 98 

123 8 1343 -L8 7*1 

234.6 2545 -3.4 7*1 

517 553 -0J 3.48 

52.9 56» -0* 3.48 

885 94 in -13 831 

127 7 1294 -li 831 

60S M.B -02 239 

67 2 7L6 -42 239 

63 6 68 4 -1.1 4 B5 

77 8 B3.6 -1 3 4*5 

174 4 1893 -2.4 - 5.77 

271 2 2943 -3.E 5.77 

1096 1166 -13 a 20 

1843 . 1963 -13 8.20 

175 4 1868 -22 2*1 

1770 1885 -2.2 2.21 

2145 238.6 -1.1 4*9 

270 7 2910 -22 439 

15* 1973a -13 666 

41 3345 — ? 1 666 

953 -1.4 3.91 

982 -15 391 

195J -2.4 5*3 

2963 -3.7 5.83 

187.6 -2.0 431 

238.61 -26 421 


American 

•Aceum. I'ntoi 

Australasian 

1 Ae cum . I nitsi. ... 

iTimmnrtjij' 

'Acrum. I'aiui. . 
Compound G rowth. 
Conversion Growrbl 
Conversion lac. . - 

Dividend 

01-58*1815 (Aceum. L’oiUI 

— I J 681 Europeans— — . 

— I .. J — f Acrum. L'alU).. _ 


High Income - 
lArcum. I'm i*i. 
Japan 

lArcum. L' nitsi 
Magnum . . 
■ Aceum Lulls' 
Midland 

•.Acrum Calls, . 

Recover 1 ' .. .- 
Aceum t.'mtsi . 


Second Gen. — - lljj f 
■ Aceum Cmui [273 J 




er.Fd. 

snui'l 

b-DisL 


yo_ 


Smaller lou. — ■ HZ9£ 

(Aceum L'nusi — 1222 0 
Speclallted Fnada 
Treat Of 

gScid l- 25 iiSHSS’fe 

50 J| .TJ 9 DO Charild. OcL 24 



■oil tan Fund Managers. 

L-cet, London SW1X9EJ. 01 -233 BSD 
la.Gih.Fd.llB5 119) -D5| 4*7 

JrFd. . ..J495 525^ -0.1] 1LB0 

onnt Unit TsL Mgrs. Ltd.. 
aLane,ECSVflBli. 01-C06028Z 

Sam— .S&i 

UHighlnc.lSg 

9 1 Unit TsL Mgrs. lid (aKg) Pmu.Zx.DeL S3.-. 
sCres, Edinburgh 3. 031-atf 4081 Manulife Management Ltd 

564 603 -it) i OO SLOBorsrtWny.Sfereaag*. 0TO5610I 

:«;7 49 1 .iq J.M Growth Units. [543 57.2J -15| 444 

' St S3 -oil I” Mayflower Management Co. Ltd. 

.. . — 14-18 Greahnni SL. BU2V TAl r - OL8M80M 

ronary Unit Ftrnd Managers income on 24 noaa U4S A 835 

leldSUECSMTAL. 01-6384485 General Od 24 

ct 27 [178 7 190.71-1031 505 Intcnul. Oct 24 1 

Winchester Fnad MngL Ltd Mercury Fund Managers Ltd 
j- EC5 01-8085167 30.GrmJuunSt_EC2P2EB. 

&8&M 1 83=1 58 “ ' 


Merc. Oen Ocl 2S-. 1995 
Act Us.Cct.ai..- 2M0 
Merc Ini Oct 55 »l 
Aec. I Ls. 'Jo. 39 . . . 745 


***«***•» 


& Dudley TsL MngnmL Ltd 
gton SL. S W 1. 01-4037551 

ndley TiL.(7LI 76 4[ | 381 

Far Efptius Securities Ltd 
se Abbey Gait Trust Mngrs. 

& Law Un. Tr. M-? (aMWurtu) HKWW 

on RdL, High Wycombe. MM33S77 Do. Ac eum. (82-4 

Law 165.7 6931-0.? 438 

Finley Unit Trust MngL Ltd 
« Nile Street. Glasgow. 0tl3M\321 



•imeRMt'L 
• .'mu 


Income— 


ii 


S44 


EnraFnL.(27.C 


,<nto— .— 
■FdJrt.T*. 

*a Oct 23. 


31.7 
S00 

■ P4J 

Next dealing Nov 



2.88 

2*8 

837 

229 

*29 

424 

434 


Accm I'uv Sept 

Midland Bank Group _ . 

Unit Trust Managers Ltd? fa) 

Court wood House. Silver StrMJ. Head 

76?-0*| 5.09 
88.71 -fiuJ 

„ ad 3] 

Capitol — B6.2 

Do. Aceum. — -—.(20-“ 

Income -)Pf 

Do. Aceum |6IT 


Imoraxtlotul ~(4LJ 

Do. Aceum )44 7 


High Yield. 


1. 


Do. Ancmn — 68? 

Eqntiy EWMpt*— »«■? 

D ^wwat's5e£"iftNen daatiat ai- 


282 -0.4 

30* -at 
S7.2 -W 
' 661 -S3 
45J -0.7 
483 -0J 
67.9n -93 

PBS 


CORAt INDEX: Close 479-494 


INSURANCE BASE RATES 

Property Growth.... — — 1W4% 

Van brugh Guaranteed : J 1 ^ 

tAddresa shown under ituorancv and Property Bunn Table 


Targe* Commoriny 
1‘areif Financial . 
Target Fquto 
Targrt Ex Oct 25 
♦Do Arc Tnila. 
Target till: FSnd 
Targe 1 Growth 
Target PariiicFd 
Do ki'im Units 
Targri In» 

Tgt Pr Del 25. 

Tgt Inc 
Tei. Prof. - 
TgL Special Sits 


38 B 
59 o 
37 9 
217 8 
295 a 
U6 6 
2*3 
282 
313 
121 
161 5 
.213 
UJ 
209 


Dealings. D20S 5941 


41 7| 

-01 

3 58 

MU 

-0 > 

4 52 

<0 8 

-04 

610 

229 3. 


659 

31L4 


659 

122 2^ 


300 


-01 

462 

70 3 


072 

33 7| 

-0 7 

0 72 

74 5 

-o: 

339 

170 0nf[ 


4 59 

30 4,3 

-DA 

B 67 

141k 


1210 

22 3 

-01 

459 


ibi Da Aceum. . 
T5B Scottish ... . 
>b>Do Acrum. 


lister Bank? tai 
Waring S: reel. Bella*: 

1 h>l' Inter Gronth 37 5 



823* 15231 
40 31 -0 I' S 28 


6|9 Unit Trust Account & tfgmt. Ltd 

01-dZ)46>l 
| 439 


Kina William Si L('4K£»IR 
Friar* Kae. Fund :ib7 0 
Wielertirih I nd 132 8 
Do Aceum 138 5 

Wider Growth Fund 
KingWilliamSi EC4R9AP. 
Income L'ciia . 32 8 

.Accum Units 385 


176 M 
34 6^ 
406 


439 
4 39 


34 6s 



Abbey Life Assurance Co. Lid 
1-3 81 Paul's CTiurehyardRCL 01-& 
3971 | 

_ JQ2 

PropwtyFd. 111583 1562 “I 

169.1 

984 

1405 

1305 
138.6 ..... 
1443 .... 

38.2 

1194 

1177 


Crown Life Assurance Co. Ltd? Upyds Life Assurance 


Property aw. 

Selective Fund.. . 
.Convertible Fund . 
Hnfoney Fund.. 

SFTop. Fd. Scr. 4. . . 
f Man. Fd Rer.4 . 

VEqultyFASer 4 ,j362 
VConv Fd Scr 4 
YMomyFd. Ser 4 
Price* at lid. 29 


133.4 

123.9 

,1316 

1370 


1139 

JllIB . 

Valuation normaDi Toe*. 


Albany Life Assurance Co. Ltd 
131-Old Burlington Si . w,i. 

YEqirilv Fd Acv 
VFiaenlnt Arc 
iOGId. MnnwPrt. Ac 
Mnll Mon.Fd Actn 
•Finn Fd Are . . 

SM'pieJnv Are - 
Equity Pen Fd Ate 
Fined I PWi.Apc 
GT riJMon Pen. Are. 
lull Mn PnFdAci- 
Pfup IVhj4cc . _ 

M' pie Inv Pen Ac* 


AMfiV Life Assurance Ltd? 

Alms Ht»,. Alma Rd..Retgnle. Rngnle4a]0l 


1200 5 

2110 



Ml 7 

1991 



1162 

1222 




1122 

318.0 

d m 


110 5 

1165 



1723 

1815 


_ 

2390 

2516 




1005 

1903 



1325 

139.5 


• a 

1196 

1258 



— 

1263 

1329 


— 

215.0 

224 2| 



— 


Mang’d Fund Ace. _ 
Stans? Fd. Incm... 

Mangd Fd. InIL 

Equity Fd. Ac c. . 
Equity Fd. Incm... 

Equity Fd I nil 

Propeaty Fd Acc - 
Privenj.' Fd. Incm. 
Property Fdlalt. 
Inv Tst. Fd. Aec .. 
Im.Ta Fd. Incm . 
Inr. Tat. Kd. I nil .. 
Ftvedliu 7 ii Acc 
Fad Int Fd Incm. 
IntcrXFd Acc . 
InteFI.Fdlncm, .. 

SsatK,.: 

Dial. Fd Incm. „ 
L'rownBrt Inv 'A . 



1107 

— L0J 

lTn\ ■ 

1085! 

—0.9 

► 1,11 

109.0 

-1.0 

; jCJM 

1024 

-1.1 

95A 

1I»6 

-1.0 

964 

1014 

-to 

95.7 

100.7 


95.7 

100.7 


946 

995 

+0.1 

1016 

106 9 

-16 

989 

104.1 

-16 

1003 

1055 

-1 7 

1003 

1055 

+02 

991 

1045 

+0 2 

1161 

1222 

-29 

1161 

1222 

-2 9 

974 

1025 


951 

1001 

+01 

1027 

1081 

-0 7 

1687 

— 



6*7 MUt.Gt.SCTf. 30 — 140607 

— OpA'ATrOrtJ* - 1444 152 oj 

— Op B'A'EqLOcLSS.^ 139 4 
v ™ Op.VA'Hy Oet2&>. 1563 
626 Op5’A'ManOct28- 1564 
626 OpA-ATfeptOcUe 123 5 

London Indemnity &Gnl. I as. Co. Ltd — 


1468 

164* 

1647 

1300 


838 

604 

60« 

604 

1130 

1130 


1*20. The Factory. Reading 58351 1. 

Monev Manager [34.4 37 0[ —041 — 

MM Flexible. ... [Ml 32-4[ -0 j| - 

Fixed interen 34 4 Jb4| — 


4 g; The London & Manchester Ass. Gp.W 


995 

9.95 

8299 


Win&lade Park. Exeter 
I'op Growth Fund 
•Flex. Exempt Fd 
•Exempt Prop. Fd 
•EicpL lav. Tst Fd 
flexible Fund . 

Inv Treat FUnd. — . 


Crusader Insurance Co. Ltd. . 

Vincula Hours, Tower PI . EC3 nifl-6Bn;i| ETS 1F lS7?L2 , . , Sii' * 

lilh Prop Ore 3. . |73S 83 2[ .. I 


24 0 

-09 

140 5 

+ 01 

959 

♦0 6 

159 Q 

-12 

117 7 

-0 7 

142 9 


855 

♦0 5 

1011 

40U 


Eagle Star Insur/Mldland Assur. 

1 ThrendnerdTe Si . EH! HI-MW 1212 

Eagle: Mid I'm in. .(53 6 556|-01| 613 

Equity & Law Life Ass. Soc. Ltd.? ... . 

AmerKham R«ad HighMyiximhe 04943X177 2?^2] 


Gtd Depodi Fd 
M & r. Group? 

Three Quay*. Tower Hill £nn RPQ 
AmericanFdJBd 

■ ■oav cepcndY. 

Equity Bond" . 

Ex YieldKd Bd • 


Rqyal Insurance Group 

New Hall Place. Liverpool. 031 2274422 

Royal Shield Fd„ IMS. 9 1M3| | — 

Save & Prosper Group? 

4. GlSUfelea'r. Lndn. EC3P SEP. 01-554 8809 

Bol Inv. Fd 1298 137.41 -0.91 — 

Property Fd.* 160 4 1699 .. j — 

Gilt Fa 124 2 130.8 +07) — 

Deposit Fdt 125 5 132.2 

Comp Pent Fd 1 . 210 6 2217 

EqDilyFpnhFrt .. .135 5 195 8 

Prop Pen* Fit- . 232 8 245 7 

flll» Penx Fd . _ 95.1 1002 

DepmPetu.Fdt . 101.4 1063 

-Price* nn iMober ^4 
WFceklr dealing.*.. 

Schroder Life Group? 

Enterpmw House. Port* mouth 


-0.9 - 

*02 I 


A.MEV Managed.... 1 

.VMEV Mad. •«’.... 

AMEV Money Kd-. 
A MF.V Equity Fd. 
AMEV Fixed Int.„ 
AMky P rop Fd a., 
AMEVMrdPen Fd 
AMEV McAIVn-B'l 
Flex (plan 
AMEVfFratolngiaa 

American [J 

Income — p 

Int Growth |! 


152.61 

1248 

1K4 
969 
104.5 
111 1 
1112 
104*) 


EquitvKd . . pi«2 120 2f-0 5| 
Property Fd - 
Fixed lmertM K 
fTttl Depifc.lt Fd .... 

Mixed Fd [1121 

General Portfolio Life Ins. C. Ltd.? 
60 Bartholomew it . Waltham Cro»x w\3iB7i 


11142 

120 21 

(09 6 

1153 

1089 

1141 

100 7 

1061 

hui 

117 9 


(507 

533 


1200 

1261 


1418 

1491 


»4 

929 


170 9 



1976 

— 


107.4 

112 9 

♦0 4 

1025 

107 S 


iU 

642 


1429 

149 0 

-2b 

2C5 


-3 6 

1654 

173 7 


no 

74 7 


_5. "IVt 

26 - 

-Ort 


wS -ul - 

91 0| -2.lt - 


W’-J.:. .1 = 


Portfolio Fund 
PoTrioliol'npftBl 

Gresham Life Ans.-Soc. Ltd. 

2 Prinre of Woles Rd . B month 0B03 7874U Proper*' Pen 


Famil; 81 «5" 

Gill Bond— . 

Intcrnatnl Bond” 

Japan Kd Bd \ 

Managed Bd.*— 

Pom. Pension—. . 

Property. Bd.*-. .. 

RoiwervFd. Hd ■ 

Prices nn "fire 

Merchant Investors Assurance? 

Leon H-c 3S3Hlgh«.Crnj-rfnn. ni^M917l 
Proreri;- 


Equity I 
Equity 4 . 

Fixed Int 4 
Managed 4 

Money* 
i.hereeiu4 
Property* 

~u>em KftSCwn Sees 4 
* W4SW BS Fen Cup B 
B K Pen Are- 8 
MnBd Pen Cap B 
Wnol Pen -Ire B , 
F Ini Pen Cap Bl 
•F Int. Pen Are 
Money Pen Cap 
Monej Pen Act- H 
Prop Pen Cap B . 
Prop Pen Are B. 


2396 


070527733 



2275 

2394 


1386 

14fc.l)J 


1356 

142 


109 2 

1151 


W3 

955 


159 4 

167.8 


1216 

128.0 


1237 

1299 


1360 

M2 8 


208 9 

220.0 


2511 

264 4 

B 

[®64 

101 6 

HI 

(98 1 

1935 


969 

1021 


986 

1038 


102 5 

1080 


104 2 

1097 


.. .. . JSTS2B3! 

CAVRHO-Ort 2... ftitKC ' 1J 
COUNT**Oet 2 — lL2-«65 21., 

Originally iMued at *510 and **£L0O- 

Bridge Management Ud. 

P.O. Box 308. Grand Carman. Cayman la. 

S' baa hi Ocl 2 | Y17A76 | [ — 

n P O. Eos wo. Bona Kong 

Nippon Fd.Ort.25 |SLXU2 OJ2J | 0.71 

Britannia Tst Msgmt (CD Ltd. 

30 Bath su -Si. Heller. Jersey. 053473114 

Sterling Deoamlnaud Fds. 

Growth In vena •— * 

Inuil. Fd 
lerxey En«rc> Tsi 
I'aivsl STA. Sty 
High Int StltTvl 


Au»» Ex.x‘ire.23 
GldEx AccOcL25 

Island ... 

i.xcrum I’nitsi. . _ 


,i'.'S24a 274 

[ll'rUSl DJI 

1317 14L7« -IS 

1*9 B 2041 -2J 


DU 

nu 


Samuel Montagu Ldn. Agts. 

114. Old Broad Su, EC2 01-583 6486 


.4 poUoFd CVL2S _ IS F42 1 

JapfretticLie HKH« 3 

Ilf Group ocl la.-Jirma • 
117 Jersey Oct B _.. £548 
1 17 JsyO's Oct 11.... U1J0 


1+0J5I 


-Odd 


410 

D*? 

1.99 

070 


37.2 
88 J 
,1196 
US 18 

15).% 



.. Dollar DnuMWi nMi-4 F4v 
Unix. I ST-n. |SC!u42 STffl-0051 8 80 

Ini High Inr Ts . (xl'MIS in-U0;l 8 B0 


Murray. Johnstone flnr. Adviser) 
ISa.HopcSt .Glasgow. C2 041-2215531 

* Hope St Kd .. . | 5US4253 I . .. | — 

* Murray Fund . .! SD512.42 I J — 

NAV Cvutber 15. 

Negri S.A. 

ia» Koule-arrt Rtw.M. Ijixemhoura 
XAV •■cl 20 ... I 51' >13 05 I .. -4 — 


Keg it Lid. 

Banl. of Bermuda Rids* 
NXVlVl 1.4 .'£9 01 


Hinxlxvn, Frmdn. 

- I ... I - 


Value fM L 27 :.>M dealing iN't 'M 
Brown Shipley Tst. Co. (Jersey) Ltd. 

PO Box sm. St Heller. 1er»r> U534 747T7 
Sterling Bond I'd |£9<n 10 011 11175 

Butterfield Management Co. Ltd. 

P u. Boa lea. Hamilton Benruda 
Buttress Equity pl'.-74S 2571 . 1 153 

Bunro* Income [SC^IV 2K1 ,.| 7 87 

Pnres at Dei ft N'oxi mb to' Nov. £ 

Capdirex SA 

POBcxlTB. liencvb >]nquirt«i- 01*0670701 

Fon*elex [FWJ45 147U . .. I 310 

Boadnelex [FnlUiS UMS) j — 

Capital International SA. 

37 rue Notre Damn. Luxembourg. 

Capital InL Fund-_| $L'K19.46 |_ ] — 

Central Assets Management Ltd. - _ 

PO Box B0. St Helier. Jersey. (Enq. 014067870. Da Enmnoed Bd Jl|92* 

Pent. Assets Cap. ..103740 137.441 +0*41 — DaEm.97,02Bd._|l68A 

KcyMlex Japan KT4.7& ~ | _T’| — 

Rothschild Asset Management <CX> 
01-2488000 P.O.Box 58. St JuliansCL Guernsey. 0491 38331 


Phoenix International 

ro R« 77. Si Freer Pnrt. Guerntey 
lnver-DollaJ Fund VS2.34 2551 . \ — 

Quest Fund Mngmnt. (Jersey) Ltd. 

PO Box 104 St Helier. Jerse;. 0SM27441 
Ouesr55tlc.FxdJnt.ia5 B 90 61 _. I 12.00 

yuest InuT Secs tsVSO 40J a™.. 5.00 

Quest Inti Bd ttfRIU S.972f ] 9*0 

Price id Oct. 25. Next dealing Nov. 1 

Richmond Life Ass. Ltd. 

48. Athol street. Douclaa. LOlM. 
fx/Tbe SI Ivor Trust 1111* 1 

Eichroond-Td-Bd. -1119.4 12 

DaPInUnumBd. ..|167 7 17 

100 
177 



Charterhouse Japhet 
1. Patera oner Row. EC4. 

rmcoTS 


Adlropo 

AdJ verba 


Fandait 

Fundi*- - 
Emperor Fund 
HiNpimo 


[ASS 30 

DK32J0 

rmiMW 

5339 

Ihscd 


KujeauH 
Jto3*4ua 
2Z3-01O| 

<441 


474 Q-C.Eq.Fr. Sept 29. [553 58.M 2.76 

441 O CJnaFd. Ort. 2. .. 162 2 172 5 679 

4*8 0.ilIntl.FdT 5129 U7 . _.. 1.2* 

5*5 OCSmCoFdSeptSB. 1523 162*a .... 3.11 

— O.C Commodity*. _ 1469 158.4 ..... 4.07 

274 aC. IHr.GomdU'.T 1529.03 30 SQ . ... 0 65 

*Pricx» on Ocl 13 Next dealing Oct. 31. 

T Price- un Oct 23 Next dealing Nov. 7. 


PO Box ts64. Bk of Bermuda Bid.. Bermuda. 
P.evwrxe \sw?Lx FM |IUni? US7(*C08( - 
Price un Ocl. 24 Next dealing Oct. 3U 


Scottish Widows' Group 

PO Bnx M2. Ertin March nil IS 5BV n31*5r.8nOP 


For Arrow Life .\murance see 
Provide* ce Capital Life Assurance 


Barclays Life Assur. Co. Ltd. 


C.L Cacti Fund 
Gii. Equity Fund 


CL. Inti. Fund ... 
OL Ppry Fnnd . 


ne.4 

1031 

1097 

215J 

1130 

118.1 

1098 

I15J 

|9B2 

103' 


25C Romford Rd,E 7 

Raretaybonrtx* — 
Equity 

GUtedEed.. ._ 

Proparty 

International 

Mnufled. 




Da Initial 


1281 

1349 


129 7 

126i 

-fli 

1092 

1151 

+BJ 

neo 

1151 


S6.4 

9t( 

-7 1 

1102 

U6J 

-01 

IM 5 

1055 


1019 

107’ 


983 



969 

1021 


93.7 



1029 

108.* 


988 

1041 


te value October 30 


Growth & Sec. Life Ass. Soc. Ltd.? 
01-5343544 W«r Bonk. Braj^-ThWK Berk* «QB34284 
Flexible Finance I 1 1.07& 

LaadbankSccs . 54*1 

LtmdbankScF. ArcllBl 121 
G Super Fd. J {7 982 


rtt.* v, 


Equ'i? _ 

Eqniix-pem 
Mmwy Mwrket. - 
Money Mkl Pens 
DepiMDt . 

Deposit Pens . - 
Managed . . .... 

Manuged Ponv 

IntLEqtiPy. . - 
Inti.Maiuiged . .. 


1582 

+01 

1664 

40 1 

. 597 

-2) 

1720 

-65 

1432 

+01 

1865 

♦ 0.2 

130 9 

+01 

1445 

+02 

107 3 

-19 

14L2 

-21 

957 

-55 

974 

-} w 


Inv Fly Sertex 1 
Inv Fix Sen ex 2 
Invd. taxh fVt :a) 

g LlAccOre.20 
.Et Inr ,VcL20, 

Mat Pci, ix-t 20. 

Solar Life Assurance Limited 


1083 
1022 
99 6 
142 2 
13*7 
273 8 


108 3| 
107.bl 
104®! 
1483) 
144 6] 
273 3 


NEL Pensions. Ltd. 

Milton Court. Dorkins. Sumy 

Guardian Royal Exchange NelexEq. Cap -.|J?3 80 91 

Royal Exchange. EC 3 01 2837107 Nd^SSn^cS'. }l| mS" Z01 

Property Bonds — H87 6 195.*! ■ I — Nrlr* Man. Aee 6fcfl 7S.3| 

Hambro Life Assurance Limited? NrtSliSincV??^ Bf Isa 

7 Old Park lone. London. Of 1 01-4000031 Nri Mxd. Fd. Cap. |49 4 51.9 

Fixed InL Dep-. 


Beehive Life Assur. Co. Ltd.? 

71. LwabardSL-ECl 
fllk. Horst Ort. 2. „ | 133 70 


Eonltr — 

Property. . , 
Managed Cap 

Managed Acc 

01-45231268 Oversea* 

| | _ Gilt Edged . . _ — 


Canada Life Assurance Co. 


Amonran Acc 

Pen T LDep Cap- 
Pbu.F I.Dep Aee 
^ P»m. Propi Cao 


Ret ml Fed Sept. 7.1 1261 


34 High SL. Fetters Bor. Horn PB*r 31122 pSv Prop A cf 
Eqiyti«hFdOrta -.| 633 I ... . I - Pm, Man Cap 

| .....J — Pan Man. Acc .... _ 
Pen.tiiliEdACttp 

Cannon Atsurance Ltd.? pHLBScap.T* 

1. Olympic Wy. Wembley HA90NB 01 002887G Pen. B S Are " 


Equity Unto 

Property L'nltx 

Equity Bood/Exuc.. 
Plop BtntVIbtmi 
Bat Bd. 'Exec’CnlL 

Depcu-lt Band 

Equity Aceum. 
Property Anna . 

Mued. Acrum 

2nd Equity _____ 
2nd Property ___ 
2nd Msnufied.___ 

2ndl*rpoml.~ 

' 'GIIU___ 


C17.44 
QOAI 
0139 
03.72 
E1S»Z 
U30 
1*1 
13*5 

1353 


SndGIl: 

2mL American „....! 
2nd Eq. Pen&tAcc. . 
ZndPrpJ’enaiAce. 


2nd Med PenMAcch033 


2nd DepPenai-Acc 
2nd Gilt PenWAce 
CndAroPmnti'Afe. 

LAESI.F 69 0 

L&ES.IF-2 ft?* 

Current 


12.26 

14.52 

1420 

119.6 


, 17 

U73 

99.5 

po* 


744 

9B3 

1126 


1016 

914 

770 


100.2 
113 8) 

104. 0) 
119.2 
1093 
107 5 
967 
815 
415 
295 


-0241 

-*'ii - 

-0.05 — 
'-3 — 

-1.7 - 


value uct 

Capital Life Assurance? 

Contston House, Chapel Ash Winn 
KcyliwaAFIL.. J.j 10503 | 

Ptacetnakcrliiv.Pd..| 107 41 


-0* 

4*'l 

-1.7 

-03 


Tim. D_AJ'. Cop ... 
Ftea.DAJ'.Acv- — 


127.3 

1340 


1871 

1971 


130 0 

179 C 


1469 

154) 

. .. 

1822 

1911 


1265 

1332 


125.7 

1324 


94.2 

99.2 


1295 



1527 

160.8 


2087 

219 7 


2716 

285S 


2144 

225 7 


2789 

293 6 


1297 

127 J 


1285 

1353 


1261 

1325 


1451 

152.6 


103 6 

- .. 

1060 



__ Nel M«1 Fd. Are is 53 l4] . 

Next Sub day November 25 

~ SW Pensions Management Ltd. 

— 48. Gracreliun-h SL. EC3P3HH 01423 4200 Properii'Vund 


Solar Ma n.njre! S 
bolar Property 5. 

Solar Equ;,v S. 

Solar FxrL Inl.S 
Sol nr Car !i fc .. 

SolerlwLS . .. 

Solar Managed P 
Solar Proporty I* 

Solar Equltv t 
Solar Fxd.JnLP 
Solar Ca-3 P 
Solar lull V 

Sun Alliance Fnnd Mangmt. Ltd. 

Sue A limn re House. HorsJiam 040364141 
ExpFd.lnLOre.ll 1 1153 2 16131 . | - 

InL Bn tire. 24 | £12*1 | j - 

Sun Alliance Linked Life Ins. Ltd. 

Sun Alliance Hmise. Uorxluun P40364UI 


NfiTT 

01 2- 

135 4 

-B * 

1205 


177 6 

-04 

122 8 

-0 3 

106.5 

+o: 

953 

-3U 

1349 

-04 

1200 


1771 

-0 4 

? 

+01* 

1082 

401 

95J2J 

-3.(H 


Mattaced Fund . .. |157 2 1U7] 

Price* LVt 5 Next dealing N 


I - 
ov I 


New Zealand Ins. Co. (U.K.I Ltd.? 
Maitland Hour*. Sculhead SSI 2JS 0TD2B2»5& 


Equfe Fund . . .[1291 

FixedlnterrotFU . Il062 
3163 

90 4 
HO 4 


lmernaareval Fd. 
Ivprwli Fund . .. 
Managed Fund 


135.91 -0 T\ 
11 LS i-0 2l 


1225 


101 31 -0 1 
103 6/ 


1163 




♦0? _ 


Kiwi Key Inv Flan 
StkiIICO'. Fd 
Torhnoloi^; Fd 
Extra Inc rd. . 
Atocncjn rd 
Fur East fd . 

• Tilt Edtrrei Fd. 
Con. rieproll rd - 


1585 

fef 

11158 

085.2 

M2 


163 4 


102 9 

-0.3 

1151 

*0.3 

100S 

-OJ 

969 

-31 

1219 

-2A 

1107 

+0.1 

1035 



Hearts of Oak Benefit Society 
15-17. Tavistock Place. WCTHBbM 01-387 5020 Managrel FMr d 
HtartaolOto P 72 39 3| - I - fgggVS* . . 

HIJi Samuel Life Assur. LliL? fii.’ SS^ .VrJPd"* 1 '' - 
NLA Twr. Addlseombe Rd. Croy 01-8864356 jjifjE„, t (V t iaHI 


Norwich Union Insurance Group? Man pundinc 
PO Box 4. Norolch .VRI .INti. 060322200 x,an Fund Acc 


Sun Life of Canada Ltd. 

2. 3. 4. Co-k.-.-pur SL. AW1 Y 5EH 01 930 MOO 

Maple Li. tinh.. . | 206 6 | .j - 

Maple Ll Mungil [ 1368 I . J — 

Maple U Ecjty . 1343 l . . [ - 

Pcrsnl Pn. f d . j 210 0 I I ■ ~ 

Target Life Assurance Ca Ltd. 

Target Hern*. Gatehcniye Rd. A 1 lexbury 
Bucks 


Ayfe-buiy 10206' SMI 


- [2172 
0527 

153.1 

1530 

107.8 


•Prope r ty Uni m 

Proporty5eries A. 
Managed Unto™ 
Managed Seri ea A. 
Managed SorieeC- 

MoneyUnJU 

Money Series A. 

Flxedlnl. Sot. A_ . 

Equity Series A 

Pas Managed Cap- 
Pits. Managed Acc. 
Pns.GtewJ.Cnp 

PiuG'ItvdAcr . 

Pens Equity Cap ..{1072 


16L2 

1051 

uaa 

967 

93.3 

1226 

990 

93* 

92.6 

1460 

,155.6 

1068 

1139 


090228511 

■d = 


Pen* Equity Acc.. 
Pm.F*d-IntCap . . 
rns.Fvd.1nL Acc . 
reus Prop. Cap 
Pens. Prop .u-c .. . 


108 8 

960 

,97.4 

tf64 

978 


16931 
110.7 

172 6 -151 
1019 -Offl - 

983 — 0 9| 
1291 
1042 

98.0 

476 -I 1 
1537 
1636 
112.4 
119 « 

1119 
UA6 
1011 
102.6 
1013 
1030 


140.11 


-01, 

-131 

+01 


161.0] *0.4 
m.« vOir 


220 6 

Phoenix Assurance Ca Ltd. 


Prop Fd. Inc. . _ . 
Prop FtL Act „ .. 
Prop Fd. Inv. . .. . 
Fixed Int Fd. Inc. 

DepFd. Inc 

Ret Plan 


Ac Pen 

Rot.PIanCap Pen .. 
Man. Pen. Fd. Acc . 

«.KineWitoamSt_EC4P4HR 014080878 


3 ■ ■ I - 


Wealth Ass U8- 1 

F.b'r fh.Affl ] 822 

EbT.Pfc.EqE 179 7 83 

Prop, equity A Life Ass. Ca? 

1 10. Trawl ml StrtwL WIHCAS 01 486D85* 

R. Siiv rrop Bd. . | 185 9 I . . . I — 

Do Equity Bd . _| 77.1 I . . .1 — 

Flax Money Bd.. ! 1501 J . . | — 


[971 

1QU 



320.1 

>79 4, 


— 

122.9 

xiaa 


— 

1440 


— 

1110 

_ 


— 

1008 

1061 


— 

968 

1019 


— 

717 

779 

-0.4 

— 

59 J 

64-3 

-03 

— 

1271 

133 B 


— 

1155 

1216 


_ 

1318 

■mf 


— 

123.0 

1295 


— 

155.4 

163.6 


— 

1545 

1622, 



954 

100 9 


_ 

96J 

1P14. 



958 

1008 


— 

955 

100 5 




Cbarterhanse Magna Gp.? 

Stephetiaan Roe. Brunei Centre. -Blrtchley, 
Milton KcyneeO8O8041272 


aatteg-Ri 

Chrthse. Managed- B4* 


Ctartbse Equity^, J 
Magna Bid. Soc 

Macau Managed 


39.2 


Mr... 


P4 9 569( 

1343 
151.8 


-1JI 


Imperial Life Ass. Ca at Canada 
Imperial House. Guildlord. 

Gft.FdOct.27 . - 175 b B22I -1 W 
Pens Fd- Ocl 27 — IM.C 7F.41 -0 3 

. l’nit tanked Porttolio 

Managed Fund [963 lfll.aj -0 71 

FlsreTlnt.Fd ... N63 asi.g+o^ 

Secure Cap Fd. ....I?7.6 102.M -v0 jJ 

Equity Fund .[1010 1063{ +0^1 


Irish Life Assurance Ca Ltd. 
11. Flwbtuy Squar«LEC2. 

^ Blue Shn. Ort. *7_.{77.2 8L 

Criy of Westminster Assnr. Ca Ltd. Managed Fund — [237.1 249. 

Exetapt-Man. Fd._|lU.O ^^[6 

L9 212. 


Properly Growth A war. Ca Ltd.? 
Irtra Houm:. Croidan. CR9 H.V oi+5«w* 
TTwrenj Fund . 

Property Fund ■ A, 

Aflrirultural Fund 

.\Srir pund'A' 

Abbey Nar Fund . 

,:as Abbr. Nat Fd 'A, 

— Investment Fund. 

— Investment rd (A> 

Equip Fund 
— Equity Fund 1 A, 

- Money Fund. - 

— Money Fund fA« _ 

— Actuarial Fund .- I 

Gilt-edged Fund — 

GiitrEMged Fd. .A' 

01*288253 •Retire AnnuVty ._ 

5 qq *Twim* fi Ann O' 


ranrateedHotuas, e wtdwborae 
Croydro CB02JA. 


8SS3MK=K 

Equity Fund _[63.1 


. . ...and Fmd — SI. 9 

Money FUnd 1255 

Gin Fund as 


F ertorm Unto, 


Pl'LA Fuad 1710 

Pcts MngiL Cop. _ 1243 
rens.iIntd.Acb_ 138.8 
Pens. Money Cap _ (7.6 
PmtM. Money Ace .. (9* 

Penn. Equity Cap... 553 

Pena. Equity Acc... 57* 

Fund currently c oned to new i nenL 


2184 



ofuu Prop Mod. Octl — f 
Prop. Mod. Gth. n 


Proa. Growth P«* 

Aliw-r 


City of Westminster As* nr. Soc. Ltd. 

Telephone 01-684 9884 

First Unit* — 1 1323 m? 4 - 

Property Unto [54* S6 7j ‘.....l — 


Commercial Union Group 

SL Hein's. LUntowbnft. EC3. 
Vr. An Ac.0rt.38_ I 58.77 
Do. Annuity Uu — [ 18*3 


King & Sbaxson Ltd. 

32. Corn hill. ECS. 

Bond Fd. Exempt ..(102.07 10339|-0*1| — 
Next dealing data Nov I 

Langhatn Life Assurance Ca Ltd. 

Longham Ha, Holmbroob Dr. XW4. 01 2035211 
Langham -A* Plan... |67.0 7051 .... | — 

•Prop Bood \U32 152*1 - 

Winp iSPt Mao Fd|770 810| I — 

Legal & General tUnlt Assnr.) Ltd. 

KJngSMOud House, Kugswood. Tadwortfa 
Surrey KT20BEU ^ Bujjh H<b 

Do 'Acciim. [ . ®46 

Equity Initial — ..[1244 

T»a AccilOl (127 9 

Fixed Initial 11172 

Do Accum . ... [1206 

Inti. Inula! — .teS 

Do Accum. 1968 

01-3837800 Managed Initial.. -Ul9S 

Po A ream [1229 

Property Initial _.._|U)0 ? 


..'(her AC I'll 

•All Weather Cap . 
•Uv. Fd. Ll4- -. 
Pan»l on Fd. Its... 
Com. Pen*. Fd ... 
Cnx Fn-; '-op- UL 
01-023 5433 ixw.vFd ... 

Van. Pens Cap IT 
Prop Pesv* Fd . 
Prop.PenaCap Ito- 
Bdga Soc PAtxlt 
Bldi 


1817 

..m 


7800 


1377 


157 5 

688 

-0* 

684 

-04 

1763 

-07 

125? 

-or 

1«5 

+02 

142.6 

+0: 

1176 

1226 


1226 


1BS.2 


1473 


an.t A Annolb 

es Li 

1383 145.4 

1287 1353 


1450 


1331 


1512 

1353 


1515 


1385 


150 5 


1353 


134.9 


122 4 



Confedcratioa Life Insurance Ca . Exempt cash mn. ..waa 
50. Cltmn eery Lone. WC2A1HEL Dl-2420282 KSn 


Do. Aecvutv... .!.„110J.l 
Legal A Geuarol (Unit Pe rn, to nal 
103-51 


•Equity Fund.. 

•Managed F\u>dL— 
•PiPFund.... 
Pxnol. fen. 


S 738 18231 

9u Sum 

C213 

m 


Bqnlty Pen«lofl..M 1 
Property Pen* Jon J 




1996 

207* 

H91 

Mil 


Bil :::: 


Exempt Eqty.lalL . 1»0 

Do Aceum — r 13Z-I 

Exempt Fixed felt U53 
Da Accum.—. .... U*5 
Exempt tfogd. Inte. 129.9 

Do. Aceum. 1335 

Exempt Prop. InIL ■ JU. 
Do. Accum— . — 100.9 



fc. S(y. rep.UL.| 

Providence Capitol Life Ass. Ca Ltd. 
30. Uxbndxe Road. TV 12 8PG 01-749SU1 

Sol Mst Fd Cap— [ 
sei MM.Fd. Sid | 

Pension Equl* 

Pentior Fxd.I.. 

Iictohii Fd lap 
Depot it Fd.Acc.- . 

Equity Fd '.ap 
Equity Fd Arc . . 

Ftd. InL Lap 

FtdlnLAcc •• 

Intnl Cap . • - 

intni Acc . . 

ManacedFd Cop 

Managed Fd Arc. . 


Gill Pen.Fd.Gap . . 

Prop. Pen. Fii Am 
Prop Penjcd-Cap. 
nuar Pnn.Fd Acc 
Guar Pen. Fd. Cap 
DA.PCT.Fd Acc 
D.AFen.FdCap 

Trandnternationai Life Ins. Ca Ud. 

2 Bream Bldg* .EC4 INV m-wunar 

fTuItpInve-l, Fd. . |149« 157 

VTuIlpMkucd. Fd.. 1382 124 

•Mon Bond Fd - ... 122 2 J2B 
Man. Pen. Fd. Cap ll26 3 132 

Man Pen Fd Are .1134 9 141 . 

T’Jnrd Inv Fd Iiwlhoa.8 M&l: 
fMnfid Im Fd ttccfiOl 6 106 r 

Trident Life Assurance Ca Ltd.? 
Rciuladr House. Gloucester 0452 36641 

[124 7 13? If I - 

Property... — I 
Equity Amen cap .. 

UK. Equity Fund . 

Hich Ytelo 

Gut Edged ... _ 

Money-— 

International. .... 

Fiscal 

Growth Cap — 

Growth Acc. 

P«®s Mngd. Cop. _ 

Peon. Mngd. Are. —[1246 
Pens. Gtdl>ep£ap 
PensGuL IiepAee. . 

Pena.fW Cap . — 

Pans Piy Acc — .. 

TrdL Bond . 

-Tnfi. G.I Bond | 978 

■Cash value foe £100 premium. 

Tyndall Assarance/Fensions? 


[124 7 

1321 


148 0 

1567 


1514 

U03 


80. b 

654 

-1.0 

11L2 

1171 

♦0.1 

1417 

150D 


1222 

1295 


124 8 

U1S 


99.7 

105.6 

—06 

1285 

136.1 


1268 

1343 

_ — . 

131.9 

139.7 


1386 

125.6 


1246 

132.0 


103.9 

non 


1091 

1156 


1154 

1222 


1212 

1284 


369 _ 

389 



I* Cany nge Rood. Bristol 


881 

931 



1061 

Ull 




13L6 

135 7 


__ 

118 8 

1225 




*74 

500 




474 

500 


__ 

454 

479 




454 

479; 



477 

I?- 3 




477 



_ _ 

462 

483 




*62 

48L7 



064 

489 



46.9 

48* 


__ 

476 

501 



476 

501 


— 


3- Way Oct. 26 

Equity Ort- 26 

Bond Ort. Z& 

PropenyCNLM .. 
DqpOMtOct 26. . 
a W« Pn Safe 10. 
G'Moi. Inv Ore. 36 . 
Mn Pn 3-W Oct 3 
Do. Equity ore 2- . 

Do. Bond Ort. 2 

Do. Prop. Ocl 2 . 


1271 
170.9 
167 5 
1089 
U0D 
1521 
784 
1782 
280 4 
1812 
898 


027232241 

I - 


u«L 


1063 

141.1 

1450 

123.4 

1248 


Provincial Life Assurance Ca Ltd- 
222.BishOPSfiOtc.LC*. 0b«7 

Pror Managed Fd 
Proir.Co*hFd. — 

Gilt Fund 20-.— . 


Vanbrugh Life Assn ranee 
41-13 Maddox St .Ldn .WIR9LA 

Managed Fd IM87 156. 

EqnUrFd.- 239.7 252 

Inml. Fund 956 

Fixed Intern P?.. . 1674 

Property Fd- 14&1 

CfehFund 128.9 



BH :: : 


1129 1 

. jll6.fi 

- Propeni-Fm^ ■ - 


U nd..—.— 


_.hfi9 


ujja 

10631 


Prudential Pensions Linthed4> 



CornhiD lomnnce-CA Ltd. 

32.C0r4I1IQ.LC*. . 01-0283410 

Cop Feb Sept IS- 11308 
'GSSpec s«rt. 15- .MS 
MntithFd On 30 Q79S 


»|R* ■= j r:j ~ 

rt 20 \ms 189 o( —65[ - 


Credit & Commerce Insurance 

iJO.RegMlSL loaton.wiRSFE 01^3871161 Tl. Lombard St.. ECS 
CfcCKned-Fd. (122.9 U0*| —1 — Exempt - [WJ 


Vaxtbrngb Pensions Limited 

4 1-43 Maddox SL, Ldn. WIR8LA 01-4934823 

Managed .... 100 j 

Eqttln- 1064 

FIxad-InHtresL. — 98 6 
Property.... - — .J99.fi 
Guaranteed me 'Iru. Bare Botes table. 

flM«8222 welfare Insurance O Ltd.? 

WinsUrie Park. Exeter 0302-53155 

Mooeynaire-Fd -I 1078 I-0 5J 

„ . , For tocher funds, plrw rtfrr to The London & 

.. . Bdiancf* Mutual Maaebefter Group 

Life Assur. Ca of Pennsylvania Tiwtnd#r 0823222?! Windsor Life Assur. Ca Ltd. 

S3S53T -fc -JK -ll, i« “‘Tf 68 1181 1 2051 i “ 

LACopumu 197 4 1 0131 I ttothficbitd Asset Manasrabent tHei#v.pj«* ._.p«q .. 77<B 

Uejds Bk. Unit Tst. Mngrs. siKwithlfisLane.Wiidon.EC4 01^284356 FuSraSaScIft'SH 

*JC Prop, - : 3206^_ izan i - ReLASnSm"." I 
104 Juj „„.[ JJ7 Next bub. to December 28. Fkx lav. Growth . 


Legal * General Proa Fd. MerS;!^ ».im . - 

11.QuaeBncttr1aSi-EC4.V4TP 01.34BW78 pffl,InL Cci 10 U9 20 J9.4B . .. - 

LBrCPraKd Ort 4.(987- 1053I I - Prep Fd Nov 18 . (£27.74 28601 . I — 

Next sab day No* . I 


earn 


22 00 
45 M 

USB U14 


Royal Trust tCIi Fd. Mgt. Ltd. 

PO Bov 194 Roval Tit Hw.. J re vrv. OKU 37441 
R T Int 1 Fd [R'Sffi] 1023) . [300 
R.T Infl ,J«q .Fd 86 0 . 92.M . | 3.21 

Prices ni Oct. a Next dealiue 0«. 31. 

Save & Prosper International 
Dealing IP 

ST Broad St. SI Helier .terse}- 0.434- 3P591 
l'-4. DallardeaMnlnalrd Fund* 


Clive Investments (Jersey) Ltd. 

r O Box 330. St He] Ire. Jersey 0634 3T3W1 

Jtimfdlj^.RS 9 m| . ' I Is 00 Rothschild Assel ”"«* 'Seniwda* 
Corn hill Ins. (Guernsey) Ltd. 

PCI Bo* 1ST St Peer Port. Guernsey- 
Intnl Man Fd .. (177 0 192*1 ... -[ — 

Delta Group 

Be* 3012. Nassau Bahamas. 

IH-tte int fH-t 18 |H S.H 21t| ....) — 

Dentscher Investment-Trust 
Iwilji-h2ft',i Hu-tx-rtisreS I (IfiuOO Frankfurt 
roncentro |DM2SN 222M I - 

Ini RCTtrenon-1- |n<46730 M4O|-0Zn — 

Dreyfus intercontinental Inv. Fd. 

PU Ho* VCTI2. N.1S5BU. Bahunxc. 

NAV 16*1 IM iSLJOSV liH( I 

Emson & Dudley TsLMffUrsy.Lld. 

PO Bo* 73 St Keller. Jrrrey osw 30581 

EDICT . 1126.9 U49| . . | 3.00 

The English Association 

4 Fore Street. ElT. Ol-MSTMl 

Enjt Ah* Hteriinc" |£50 41 5042j [ . 

Wardno’o «’m Fd-KJO.44 10 B7i 1 - 
■'ml dealt nr Nov I "Nexi dealmc Oct 

Eurobond Holdings N.V. 

lUndelrkodc 24. Willemstad. Curacan 
I ac don Aren (i : Intel is CfcriMopher ft . EC2. 

Tel. 01-847 7243. Telex: 8814408. . 

NAV per share Ort 2T SFSaOJW 

F. & C. MgnL Ltd. Inv, Advisers 
1-2. 1 jureuco Puuntney Hill. EC4ROBA. 

I)I-(C3 4080 

Cent Fd Of ». 18 | 5l‘S6 15 I I — 

Fidelity Mg rat. A Res. (Bda.) Ltd. 

PO Box «JH. Hamilton. Bermuda 
Fidcllir Am Aw 
Fidelil} Int Fluid.. 

Fidel it v Poe. FcL 
Fidelity Wrld Fd 


31 


Iilr. Ftd Int **t 

9 2) 

979 


7J5 

Inlemal tir "i ... . 

80S 

8 74 



FarEartern*; 

55 81 

6014 



Nurih American*?. 

370 

400 



Sew! 

1572 

1718 


— 

ftrellDR-draMm noted Funds 




Channel CnpltiiM> 

37 8 

250 41 

-2 51 

231 

Channel MnnCk9 

1515 

159 ti 

-1 J 

508 

CoOBDPd—t 

1366 

M3.a 



St PepcKlt . . 

100 8 

100 9i 

♦03 

03 

Sl Fixed”*: .. . 

114.5 

121 1| 

+0b| 

1197 

■Pni'Ph «n Oct. 'S\ •*Orf 


-■Ort 

26 


turn non. Bermuda 
. | SVS25.00 I - 

H saw -n z 

■I JUS14 55 -D M . - 


Scfalecinger International Mngt Ltd. 
42 LoMoneS? bt HfOier Jertqy 0534 73588 

fi.AJ L. 

S A O.L.. 

Gilt Fd. 

Inti. Fd Jerwy. , 

InuiI.'Fd.Lxmbrg 
-For East Fund . 

-Next «ub to' Grtober’29. 

Schroder Life Group 
EnlcrpriM House. Portsmouth. 



I Biernotloaal Fnnd* 
CEqutty 
SEquilj , 

Fidelity Mgmt. Research (Jersey ) Ltd. sri^edfevSreL' 


1 = 


Woterlun Hse . Don S( . St Holier. Jemej- 
0W4 2750 1 

SenefAt1ntnl.il. . [C361 1-0 

Senes B 'Pactllr). InO.lO 
Sene* D'Am.A**,.{U627 

First Viking Commodity Trusts 
IB George » Si. Douglas. loM 
OffiM 4d32 Ldn Agt« Ehmhar *r Co. IjH 
Ul. Pall Mail. London StV 17 5JH 
Pq. VI k r m Tq . [38 J 
Kq Vk DblCvTsi |5 0 

Fleming Japan Fnnd S.A. 

37. rue Nuirc-Patne. Lnxemhpum 
Firming ure. 24 | 5CK67 55 I 

Free World Fnnd Ltd. 

Satterfield Bldg.. Hamilton. Bermuda 
NAV Sept 29 . l SUS196J25 | ..' 1 — 

G.T. Management Ltd. 

Par): >)(«.. 10 Fuwbiuy Cirrur. London EC2. 
To I OH-BB 8131. TLX 888100 


1119 

119 0[ . — 

142.8 

1519 .. - 

139J 

1481 - 

1061 

U2.B . . — 

127.1 

135 2 .... — 

124.1 

132.01 . — 


40 li 
66 0| 


Ulanured 
fi Man aged 


J. Henry; Schroder Wagg & Ca Ltd. 

120.Cheapsldc.ELa 01-5884000 

HienpJOcL 25 ... | SCSJL62 j. (2 50 
Tritolcar Sept. 30 U/SI37 08 _ 

Arion Fd.Orl Id -|IICIU SSxJ | 241 

91 


pi .930 7857 DariincFd nre.28 p.\202 
I 240 Japan >d Ort 19 E.S9DI 


4 65 


I - 


M. 


470 

041 


Sentry Assurance International Ltd. 
P.Ct Box 326. Hamilion 5. Bermuda 
Managed Fund .151*52X6 JS5[ . . | — 

Singer & Friedlander Ldn. Agents 
20. Cannon St ET4 01-3489048 

Dekafonds [DM2692 2S4H .. I 5 99 

I 3L'S4J.sa 1 . .1 


Tokyo Tst Ore 2 


SUS4J.50 


1.49 


B.1S14J7 

Ufi 


£9.4? 

948 


SUSS 2* 

556 


308 

329 


SUS5876it 

. .. 

3380 

353 60 


snoia 

ll®* 1 


U631 

1761 


SlAIBOO 

- 


SUS14.80 

4011 

5US692 

-026 

892 

930 

-0 ll 

SI'S 1766 

-012 


uni 



LBS 
13 40 
1*9 


Stronghold Management Limited 

P>.> Bin 316. St Holier. Jensqy. D534-7148B 

Commodity Ttmi ..[96.75 102 B4J . . | — 


Snriuvest (Jersey! Ltd. (xl 
0 77 Queen> Hv» Don Rd-SL Helier. J*j\ 033427340 
085 American lndTn..lt6.M 694j~0Jffl _ 
L67 Copper Trust Jgl.47 lL7M-0.ni. 


113 Jap Index Tst 


1189 12.12 


London Agents lor 
Anchor 'B' Unto 
Anchor Gilt Edge.. 

.Anchor lift. Fd 

Anchor In. Jsy Tst 
Bon} 1 Poe Fa . . . 

BenyPacbtrlc 

vl.T Ado Fit 

:i.T am a Mrrllmt. 
ti T Anhiralla Fd . 

Vj T Bund Fund 
T Irell.ir Kd 
GT. Hlr iftrlR.Fd 
IT PaviltcKd. . 

; T riiiiipp.De Fd 

Gartraore Invest. Ltd. Ldn. Agts. 

I °’■ ;3Q;^53, Tokyo Pacific Holdings N.V. 

I.KB Hutch, -on hS^IO llarvoort Rd. H Kona S1nnj‘8«iwnl r 0 xv Cunu-xn 

hk 6 Pac l" Tq (tides®*; 45m < nr 

pun f a .. tojiatJ a. 

N. .American Trt. OPSHM U 

Inti [kuMl Fund . BCSIliSI Ul 


1 45 TSB Unit Trust Managers (C.L) Ltd. 
_ Rasa* clip Rd. St Saviour, lemy. 033473404 
0 88 Jcrtcj-Kund .. _.|501 5271. | 4*5 

Guernsey Fund . ISO 1 52.71 . | 4 55 

k-I 2, No " ■ 


Pnces un Oct 


Next sub to Nov. I. 


NAV per >haro Ort 24 5US73J19 


Oar, more iiminn, Xa{t Iji 
PO. Box 32, Dougins loM 
Hjrnnow Int). Inc Bl 7 23 Lid J 

.anroorelnlL Grth[74* 79.6} . ... 


Tokyo Pacific Hidgs. (Seaboard) N.V. 

lntimls Manacemcnl Co N V . Curacao. 

NAV per shore Oct 24 SL'533 62. 


370 

1% 


Hambro Pacific Fnnd MgmL Ltd. 

2110. I'onnaught Centre. Hong Konfi 
Far East DcL 25 — .ISHI3646 CSS .. J - 

Japan Fund [SUnUfi nhl-MUEj — 

Hambros Bank (Guernsey) LtdJ 
Hambros Fd. Mgrs. (C.I.) Ltd. 

pa 811x86. Gocrnrey 

C.I. Fund 151 5 16] 

Intnl Rond SUS 109.41 112.' 

InL Equity SU5 11.62 XL 1 

InL Kifi< 'A' SCSI 06 ll 

InL Svpr. -B' SCSlllB 1 

Price* nn Ort 25. Next dcsllnf Not. I. 

Henderson Baring Fund Mgrs. Ltd. 

80S. Gammon House. Hong Kong. 

Japan Fd. Orl ST- |STSN« B 
Porlfte Kd - Ore 25. SCS1O.07I 
BondFd.*OctJ». .. I fit.' 510 845 . 

■Exclusive of an> prelim rnarep* 

Hill-SamueJ A Ca (Gnernseyl Lid. 

LoFebv ro St . Peter Port Guernsey. L I 
ilaeroseyTst 11503 160*1 -0 31 3 69 

HiU Samuel Overseas Fnnd S~A- 
37. Rue Noroe-Dame Luvemhourn 

Ifl'flM 1121 -0.«H - 


0624 33011 
ii in 

2*0 Tyndall Group 

PD- Bex 1*50 Haul (ton i. Benaodo. 2-2780 


O seas Ocl. 25.. . 
(Aceum. Cniut .. .. 
3 Way Inf. Oct IS 
2 New SL.SL Heller 

TOFSLOrt.28 

, Aceum Shares, 

American OcL 26... 


SUS123 

UM 

.Irish* 

SB 

.[SL'fiK 

2W| 

. £750 

8101 

. £12 00 

12.95 

BIS 

B7J 

. BIS 

870 

Si 

980 

910 

980 

2212 

2346 

3132 

332.0 

185.8 

1080 


1432 


6 00 


8E343733in 


n-H _= 


200 


1N00J. ACC. Uts.,. 

Gtit Fund o« 25. .[1B5.B uasi ;:::::[ 11.11 

(Accum. Shares! . 1 1 1 

Vlrtorv House, nouxlas. Isle of Xu 062424111. 
Managed Urt 18 T1346 1418] ' 

LT«L Intnl Mngmnt. (C.Ij Ltd. 

14. Mulcareor StroeL Sl Holier. Jenwr 

V I a Fund . . . FJSIOSM iUB|e4 1? 75* 

United States TsL Inti. Adv. Ca 
14. Rue Aldnneer. Luxembourg 

V * TM Inv Fnd | SUK10 60 | 

Net awn October 25 

S. G. Warburg £ Co. LUL 


I 0.94 


International Pacific Inv. Mngt Ltd. to Grouham struct Etc: 


PO Box R337. «. PlU M. Sidney. Au-J 
Jnvclm Equltj Tst |SA2J4 Z46|-0(C| — 

JJELT. Managers Ijerseyi Ud. 

PO Box W8 Channel HoUMLJeroev. 0534 73073 
Jersey Extra). Tst. J191.0 20401 [ — 

As re Sepc 20. Next sub. dar Ort. 31. 

Jardine Fleming & Ca Ltd. 

40ih Fluor. Connaught. Centre. Hong Kong 



JarrflnaEMU Trt... HKS333.70 
JardtnoJ'pn-Fd* . HKM1833 

Jordlncti.EA 5US19.98 

Jartttne FlemJnt .. HKSU.48 
Intl.Pac.SecsJliKj. HKSU.09 

Da, Accum.) UKS1554 ^ .. , 

NAV oa .14 Equivalent s£rsa&4i 
Next tub- Oct. 31 


2*0 
0*0 
! 70 


Conv Bd. Oct*6 SVS951 

SUS17 23 

&£&£*£[ uJBPht. 

MorcMn>MklOctl8.gUL06 10.07] 

Warburg Invest. Mngt. Jrsy. Ltd. 
l-Cburing CTosfcSL Heller, ify.CI 0534737(1 , 
CMFUd Swjt28...B\B1341 Vt 

MetetoTre.jtlct. ta. grata J3J 

tmtoci 13 _ ...Kaifl u. 

Tsrrud.on i*.. JSui il< 

World Wide Growth Management 

JOa. Boulevard Rival. Luxembourg 
Worldwide, Ctit Fd] 5US16H J-0(|J[ - 


NOTES 


Pncre. dn m* include 5 premium, except where indicated 9. and are in pence unless otherwise 
indicated A teld* % .shnwn In lost column) allow for all fnsyine espenwc ■ Offered ptlr*c 
.include all expense* b To-day’s priori c Yield based on oflerpritv d E-t) muled g Tw-da*’* 
openi ng pnee h Dtstribunoe free of C.K taxes, p Periodic premium Insoradco plans. » Slneie 
premium insurance j Ottered price Include* all except agmi » cemmlMiflh. 

ouerea price 1 pc hi dtp all expetues If btwchi chrouuh managers, s Prev Suus d*j- 5 price. 
Net of lu oo realised capital Mins un!er< Indicated b}*« 9 fluernwy grofi#. t Suspended. 

. _ . ♦ tidd before Jersey tax- T Ex subalusion. - 




■ Planning and 
Compensation 


Knight Frank&Rutiey 


S1K> IUj 
isir. ."pr 


97.: 
ItO, 

87” 

57. C 
111 ' 
oa;. 

85-; e 
lir- 1-34 
%-> 04 
w>- : - 3<?: 
tWL 90 
W 1 ! S3 


.■lansonfi.i Sip 
Mereun ?er> . 
330 Midland! I 

ns noTis'sKirci 

£831; DainVitC-w 

5$ 

172 S'atBk Au«=* S V 
66 Vat Com >irp. . 
250 NalWeM.£l 
iWirnder^F! 
Secrcmbe MCli 
SnMhSt )uh . 

sumifdniarsEl 
Trade Dei. si 50 
Union insef 1 


efls.Fjr'oS? 


3 A 7 351 


Rcrlcnil I^p ... . J 70 n 

66 
195 

158 


BendixCam S 


Trc-a-an ;o»- (!K.' 


mwJTrrtrLSlij 


Chrysler S6*< 


61'‘: 1+*- i 5 Us 


+=: 12 Si 


K.i-hd n-*!r:IL31 

\ui trs: 


53 
33 
33 
33 
15 
IS; 
3l£ 
84 
25 

13 

: 12 
10 
47 
173 
30 
103 
84 99 

46 23 

36 13 

% 150 
36 73 

57 28 

!i 
162 

14 
84 
■WP; 
124 

17 
L90 136 
65 152; 

26 15 

25 15 

672; W; 
36 221; 

SO 
81 
244 
32 
62 
10 
*152 


fl?33l Drfo'ijp 


BronfsOersp? 


‘8 

f 

26 

35 

36 
61 

IX - 135 81 

165 140 
53 4 1042; 85 

2.9| 72 43 38 

92 27 16 

32>2 
15 

45 
31 

46 

£109 E82 
135 66 

*25 5 

12 


LbteUiUn 


Trade Su 


AND 


WrtakLlOp... 
Bare! i.L. Fr. 100 
Brent .iViltojti. 


i-i; 


riafurer-Vv hit 


253 157 
48 31 


*Q5IS2G N BONDS & RAILS 


IKS 

inch fiiw 


I 17 \ainl..’n<j.i!, - K- 

} £■ 5- .7..- : . 

«!? 

-'5° '-MriB-.V.-.- 4- •!>.•. 
46 '.r*v) "[-■ i.. 
it 

40 Ik up Mixed A»s . 


pisttiyaas 


I C-Tumjvnde ip . 
OtKjlef Bide - 
Crouch i 
CrourJuJrwip^ 
ChtjjL'^ Red \L 
Dwmju<j.H.5Cp 


5ff 66 
1 0.^13.^202 

22 5_I;137 
4.3 24|l56 
29} 4.51104 
23^3 7.0 
2J =333.0 
-1—363 
26 74j 59 
44, 5.K 69 
9 ft 161 63 
hX 24 1C2 
M.2J 97 
3.9pld 28 
73) 24 5 9 
-J- au 

2 3 3.9 1" 
45i 4.4 

! 21 Li_£ 

51173 
25 156 
3.C 92 
3.6121 
- 37.0 
4.7 B3 
73 * 

as:S 

m Uis 

2ft 5.4^ 9.7 
3.0 SM 9.2 
4^ 4.71 79 
0JS *a:- 
- [ -1 9.1 

ilr'i 5 

2 ft 43?2S.a 


IMiFJLi 


mRdRinr 


srCosTlOpi 


82 
24 
108 

64 JVtalkenJaij 
62 
11 >2 
74 


-009 
41; _ 

3'; 17.25 
6 1622 
4 1508 


87 
225 
282 
62 
180 
52 
62 

256 M IW.Z3 


51r 39} 53 


FINANCIAL TIMES 

_ . . f “ ACKEN HOUSE. 10. CANNON STREET. LONDON EC4P 4BY 

™«: £di tonal SS38S7. Advortia^enta: 885033. t^Z^ZSL. Load* PSA 

Telephone; 01-248 8000. 

For Share Index and Business News Summary in London. Birmingham, 

Liverpool and Manchester. TeL 246 8026 
INTERNATIONAL AND BRITISH OFFICES 


EDITORIAL OFFICES' 

Ams.leniarn: P.O. Bos 1=D6. Amsterdam-C. 

Te It-* 1=171 Tel: 240 ST.r. 

Eimungham: (loorco House, fiennie Road. 
Telex 338650 Tel n=l~JM 0922 

Penn; Prcsshaits 1M04 Heussaliee 2- JO. 

Telex 8868642 TeL 210039 
Knissels' 30 Rile Ducalr, 

Telex 23283 Tel; 512-9037 
farm; Pi) Rox 2040. 

Tel H38S10 

I'tibJin: 8 PltzwiDiani Square. 

Trie* 6414 Tel; 785321 
Edinburgh- .T7 Gwrge Kirccl. 

Telex 72484 Tel; 031-226 4120 
Frankfurt; Im Sachsen lager 13. 

Telex. 416283 Tel: 55573(1 
Johannesburg FA Box 2128 
Telex fl-£E57 Tel: 838-7545 
Lisbon. Prnca da Alegria 58- ID. Lisbon 2. 
Telex 12533 Tel: 3G2 

Madrid Espronceda 32. Madrid 3. 

Tel: 441 6772 


Manchester- Queen's House, Queen Street- 
Telex 866813 Tel. 001404 B3Sl 
Moscow: Sadovo-Samotechnaya 12-24. Art. ix_ 
Telex TWO Tel: 200 2748 15- 

Plant. N.Y. R»ift 
Telex 66390 TeJ- i212j 541 jtw«i 

Paris: 38 Rnc du Sen Her. 75002. 

Telex 220044 Tel; 23857.43 

”^*253 484B Avcnida Pre *' 418-10. 

v,a dc, l a Merced* 55. 

Telex 61032 Tel; 67B 3314 

Tehran: P.O. Box 11-1879 
Telex 213930 Td: 882898 

T l r , ^ r -J>’ ihon KelM < Sbimbiw 

Bunding. 1-9-5 Otemacbi. Chiyoda-ku, 

Tolex J 27104 Tel: 241 2S20 

Washington: 2nd Floor. 1325 EL Street. 

N.W.. Washington D.C. 20004 
Tele* 440340 Tel: 1202) 347 8876 


Sahah Timber I0p. 
Sharped Fisher. 
Smart ij il(lp .. 
Southern Con. 5p 
Streeier* K>p . 
TantBP.iijp. 
TatlnrTli»dnjw. 
Wmny Cfc£i_._ 
Tra.ip&.Amfild 
Tunnel B50p... 

6} L^BMiIriDup. 

) a-tis Slone Idp 

55 Fibrrolpiit 

32 Karri Rldss.inp. 
35 WamngiOT . .. 
9S Jatls Blake.. .. 
12 jjs'thricl Prods 

56 iKenerri Bros . 
40 WtatJinEsiSn... 

WTtiTjh'mliijp- 


710 
84 
84 
87 
591 
82 

[362 196 
104 86 

55 39 

305 253 
740 456 
50 33 

43 33 

42 33 


130 

Chlondotlrn .. I 119 
i1ifftnd& Snell Sp 
C«me£R.Seiv .ip. 
CntrEnnaui' lup 
CrellonH)}! .. 
Da^iimi %TE 
DaleHa.1 lt)p 

Decca . 

Da'.V 

Derritran lOp 
Ueshun:') [up 
tWUdlBiltJl .ip 
DrearaLinri lOp . 

■ UihilierVi 
EMI?0n._ . 

DaSj'a* ViT. h; 

Elert'cempi Wp 
Flectron.r .tu t 
Eler Rental . ii.ip 
ELkt'. -er.s ;iip 
EiKDUrennlin. iup 1&? 
Faniell Qe*> j)p 368 
Fidelin Rad jnp gq 
Hen.-ud Tf-.'h sip us 
CEC _ " 318 
Highland El20p 43 
Jones Stroud . 107 

KodelnL 137 

LJtirenceSciXJ-. 107 

UcReCrie, 74 

(MJxQectnc. 

Motorola S3 

Muirhead... 

N ewma n Luis 

Vevonark Louis. 
Nonrand E]. 2 (hi 
|fWan-E3aw4a:_ 
PethcwHlrifl f(ip 
Philips Fin. 

Philips Lp F10._ 

FSIroHrdg'i. 2 flhi. 

Da'A'Mp 90 

Pw«sej-a 0 p 111 

I 0 n inn 


58 
57 
90 73 

62 491 

151 117 
93 55 

66 53 

83 62 

68 44 

70i 2 60 
33 171; 

29 21 

97 1; 79*; 
40 27 

251; 
65 
198 
691? 


.TBsmlofli 


lim-Sarco. 


aylor P&Uister 


onfciiis F.EL5p. 


ADVERTISEMENT OFFICES 

nMd ‘ *T$sr&s i - ™ suwt 

Teie^484' W«4S 1MI ® 

Frankfurt: Im Saebsenlager 13. Pirii- in u..- a., c.u 

Telex 18283 Tel: 554887 A-le^&^oL^^O?® 2, 

^iBTISsSS H ° USe ' ThC * auL ~* a! - Building. WMI. Tehitanda, 

TcL »i* i-hij-oda-ku. Telex J 27104 Tel: 295 4050 

- . , . .. ''fprseai- advcrli^enienl represen tat i«w in 

i.cfilral and South Amenra. Africa, ihe Middle EasL Asia and the Far East 

For frmher details, ploa^e conuict' 

. f ne. Qvcrsoas Advertisement Department 
»msiiicial Times. Bracken House, 10. Cannou^treeL London EC4P 4BY 


SUBSCRIPTIONS 





SnS;'" hom 



Burrell op .... 
i^ltssQpeUnp. - 
Calalin. . 

foB'eCniRIW 

r. 

M i faille iTiem 

59 i.uaies Bra 

57 Ho'.V.W. . 

19 Ouy.IInraceiflp 

3 ? i.mdalnLiOp .. 57 

30 7 Lroda Ini Deld 33 

16 uislalalenp 31 } 

69 EllipiEierarri. % 

4t EnaJi.tn Hafirs 65 

36 Farm Fetri .. 77 

Fwnms£! .... 327 

56 tlksn. « elth jOp 215 


IS 
5 
9 
S 
.3 

A |ll5 105 
E58 180 
p8 104 
pU 68 
WO 225 
1165 148 
I 65 46 

52** 331. 
172 108 
71 38 

43 K 
146 111 
8U 5U 
45 25 

,27*2 19: 
100 
115 
197 
163 

1 


^-24 J « u 


First L'astle lOp 
Fitt»iTion „- 
netriloC.Lft- 


French Thfia. lOp 
FrtedUuidDat_ 


62 
-- 25 
5 . 86 

c ^ J» 72 

5.11 73 12S 

3.8.161 58 

3-7L5.1 72. 
2.7110.4 42 






















































































































































































;-j!-:5K-7-«-v'.-x.-r 


| liyin , 'iF2 , r 


8 Imp ‘.apl (JWl 
2 Infill !'.J- ipp. 


Ifi |.'-!r!ii K. 


Mm 


H}|Jj IM 




167 
98 
96 

Cmrfl**it Idp .] 113 
Grampian " A" Jpp [ 39 
65 •• 

119 
38 

120 

29 

136 

% 

9 
240 
38 

71 

72 

164 tC 
70a 
53 


Lands**- yty 

' ar 


Regional Prop 


ro Hi 


Uta.-terTrj..T. 
City 4 ■. ..mi lm 


118 
61 
91.. 

% 

! -la iYrrklisilerlO^I 50 


Oo >1 


} 23j ^3; 6s!.&-, 


5 II ?« 9 Dj 


Kwnnyt . 

ilMi..F HM|. 

Hi- I HilIC . . 

ii-.J-.HMHlI,*. 
Ui»“. . 
r:.<.r.Tu — ti 


■l.ni.m i itf-icr I 31 

l It 1 1 » 


cmIia: : 1M . 

r.r;- 

n:.i'.--n.Ti 

s. wisrSu-rje' j; 
< H'Tiljd'!* . 

‘v»i l. I ■. ir.,~ 

, Mw.'Hea. .. . 

*i* _n on.;- . 

u> »• :;-\ 

s"-:n:r ■r./.-t 
U- V V 
.‘..‘•.■m.rU.veivii 

i .’Sdr-iuius'il K>p 
r.ilr.na^L A Jhi 
[.-■ 1 1’ ntH/Tn"l«|i.| 
ISlTl'KI'S "A .- 
, {‘"urii-Met - | 
Nur!iA‘.v,-i|- .ft;.; 
Kiltlih- lr.il toy \ 
jN‘|.r -.lO* _, 
SI l|7l-*' | 

siwPr. i 
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M-II- i-nCL- . ; 
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M..Q ri-nuljfi' | 

S'ft-IIi.1 . . I 

'.iir.f ; !K*:! 

!►•*!»> I. 

Sri.nc.'-.il HI-*- 


{HitlmFntihaw 


Si.inierT- • i'ip. j 13 1 .- 

.''ml »-r. inp .35 

-iji. im c : [60 .. Jiioc 

v~M Mi: ‘•-Yl S75 -125 010 
'•v.itr.n.iri. 147 -3 lift:* 


IK.I0W . 

£;.!:■« Sp _ 

T'.-' l m I":- 

f hs»el sir*! 

IL Tne : ir. C-r 
Tlar i Millin’ . 
T;|iim.T inr . . 
T>..i;:ill R » - _ 

T.v.r 

Tral.J.'ar i L 2ll p 
! Tkaiutn L'SJJ . 
Transport SWr... 
Tjuimnndty 5p 
Turriff 4 Vw il 
Turner ■Jura. 5p 
ITiOInll . - . 
l s nCTfnlAd--i*'*- 
I 'niflcv H'p — 
Unilever 

■ lfn\ X V FI 12 _ 

I'lri Carrier*.] Op 
United (ias In*_ 
r Guarantee-Dp. 

I norhnime. 

Valor 

VinerelOp 

i inUn Grp. V®p- 
V Ribbon.' lOp . 

Wad* Prtis 10p . 

Waller S Irar Ip.- 
WaiurfurnSp — 

Wauhani's 

WXMNI H k. lOpJ- - 
Wedgwood - 
U'e* in Hoard ITsp 
WTrefc MRS!! 

WMtoh fi tape! 

While Child A H 
Whiter riil I 
Wnnel*) ESS# _ 

Wilkes i J » - 

Wilkuif Mnrhell .42 
iSilksn U'lrhil. 177 
r« litprCm. _ £90 

WlliwnsiJ.' 46 

Wills. iGeorgei - 5B« 

WiIhbi Walloon^. 

Winn Inds ZOp - 

V. TtwTnomasi- 

W. mdASwtsap . 

WViodi \ithuripp 
W.MdHHl/— 


l^tiXernrcCirp: 


ollMtiWiUum. 


I rmnl fi TO- m 


nrj »; 


:! 


KeiTffor* 

But PnnOni! 
Km mum; lira 
h. K.'im-.Vi 


BmooiFferryi 


INSURANCE 


Pownneif T.i_ 
BrvntoaD &t lup - 

BnlaiKcSp.. _ 
CWieine«l \mll- 
Crunm l.*mon 

Eagle Star 

EduiS'irti IcrkT- 
EniL3VK9Vai' . 
Equit>'A lfl»5p 
lien. ViTidesl — 

cre:...'.. — 

Hanaro li/e — 
HealhtCJEiaip. 

Ho^eHoblnsOn— 

Howden ■ V lOp. 
Lwalit'ifliap- 
Les.i'sivnj.lOp 

U)na.Haii. 5 p .. 

LmEfac Unites 33? 


arrhbtyEst. 


nnini«t Wp. 


tnl 


It.- L.-f.l 
Equip ir:< 


I lit) I-fcil-r 

I'ura-l'i. 


TEXTILES 


Alliotl Textile... 
VkinsBrK. , 
Bealct-il "Jip. .. 

B-^kram .\. top. 

BI*kTM"Kl Mori 
Hnmlsi Fab Hip 
BrifihliJohm.. . 
Hruiay lira ap._ 
Pm Enkalon 
Cm i Midi air .. 
Bulmrr L'dp JOp 
1 'aird‘Uumlee! . 
Carpet.* Ini 30n 
CnrratnVlvelb 
Cm.lro Inrt .. . 
CoaL-.P3imi.-i . ._ 

Orroli ... 

CnunanW- 
OnT’.PebffiT 
C wither i J 1 — 
riauionlnU 
Ho -A'_ 
[n«aiDj\idi r _- 
Ea-Jy ;C ■ & M. lOp 
Fcolerflobn' ... 
HaecuUMOp.. 
Hicimig Til :«p 
Hleld Bras 5p._ 
HiuJionis.. ... 
KnljidrpSp.. . 
Honrfri?'. . . 

WqwmJiM'J'p 
Lw -.V30p . 
Insraraill ildp 
Jenm»;'Hld;si. 
LevdjiLhefs, .. 

Leigh MilU 

Inwiii .. 

Li4i*r — 

Lj-lcs<s/2lip 

Marks} Huih - 
Uorfiinnon S 1 * 0(0 
Mar.imViaip . 
MillenF iJflp.— 
SlraufuuT — 

Sri».g Manls ■ . 
NwaJenprSOp. 
Parkland '.V...- 
Pickles.W.iiL'u 
Uo.-.VWlOp 
nadleyla-lnaib 
RrtiuiwKnliap. 
Richards Ito 
Riunripn Reed . 
SEF.T20p 
Scot Rnherifim- 
fteWen Inc. iup .. 
ShawCarpfls IDp . 
Shiloh Spinners. 
I'vJ'.wladsiiOp.. 

Sirdar — . 

Small 6Ti dims _ 
Sn.VtscesaUan. 
DaPrtr. L1200- 
SpewerfCeoiu. 
SoddfirdA-_.. 
5noudJfflejHrd_ 
TcnhConeuIaia. 

T6xf’rdJi?r.l0p. 

Toxnkinsoni—— 
Tcwal — ^ .... 

TowYM 

Traftord Carpets 
rrirorille H)p__ 
Viia-Tei20p — 
Ynis.FmeW.3Dp. 
Ymjghal — 


-t* 2 4* 

. 3 31 

-ll r *1.88 
-1 7.67 

& 
-n 2 rti4o 
-i: r*i4o 
3 73 
.... :oi 

2 £4 

»15: *0 76 
. . 724 

0 76 

306 

... . *.Sb 
.... iL3 17 
-«* 1.50 
-i* 150 
.... dl 31 
.... M2 82 
.. . Iil5? 
+1 dl 29 

-1 dl’6 

4.99 

1 13 35 

+' : 167 
... 13 76 

HI 62 

.. .. t3.W 
-5 T3 29 

-1 di23 

::::: 

rd4 00 

H3 55 

-1 1105 
-2 d4 49 
-2 1.84 
+>2 t2.78 
..„. 153 

2J5 

>.... L66 
...... 6.11 

d3.15 

t2.D3 


t2J 

-1 dU3 

LS2 

+1 1A7 

L01 

...... 381 

tz - 76 

::::: » 

L85 

+1 +2.08 


Bangladesh 


TOBACCOS 

BATJnds. 283 . — U3.21 

Do Defd. 250 - 

DunhillfA-UOp- 388 &85 

Impend 8Uj 5.75 

Rrthnwns I3jp_ 61b -ts 2.07 
SieoBseaHAlfp- 59 t2.D 

USTS, FINANCE, U 

.Investment Trusts 


1*0 Capital tl 


156 
57 
115 
174 
95 
102 
94 
25b 
98 +1 

_®*Hj 


3.11 
t538 
i2.39 

2.M ( 1' 
h4 82 L 
20 L 


58 +2 

104 

213 -2 
115itf -1 

196*d 

58 

78 

41b 

40b 

96 -1 

41b 

158 -1 

45 

78 

38 

150 ..... 

126 -2 
56 ... 

97 -3b 

61m -t} 

W 

• 55ai 

1>4 

187 

&± 


239 1 

4S.T3 1 
4.B6 1. 

305 1 

7.Z1 1 

»4J 1 
«43 
457 


265 ♦ q 65 59 54 

295'r 10 15 4 4 SI 

96 -1 7 11 3 7 10 8 

2Sb ... *2 01 -16 118 
332 .... hi 5 - 6 7 

220 13.5 2 6 9 2 

335 «r .15 0 >67 

26 *n 75 3 2 10 4 

118 I|7 44 4 9 9 4 

162 -1 12 S 42115 

Lanka 

I 215 | |5 58 j 151 >? 

rica 

| 605 ( ' I 50 7M 4> |1C5 

I 165 J .... | tl3.2 | 2 4| : 


LL RAND 

373 *19 - - - 

317 +1 - - - 

£.30 b +>s «J350c 2 5 69 
121 . iQlK- 67 6 4 

IN RAND 

68 *4 Q44,- <t ?87 

23b *b n;?0c 1»2 50 8 
314 .. Fi.V - 9 5 

% +1 r6.*f 18 12 b 

278 -4 Q3S«- > 218 

50 . U21«- > 25 1 

81 +1 fyAoc ID 44.3 

60 - - 
03 Q25e 0 4 34 7 

530 -2 (fl29c > 14.5 

43 *1 - - - 

ST RAND 

297 (*2 Ii76?r I 16(13 3 
785 *25 Q170c 18I1Z.8 


I +5 Q50r- 
a +9 t?}78c 
i +3 - 

7 «»45c 

lb *k Q250c 


.. 01 00c 

-U Q21c 
+1 1Q22c 
+<4 tS&ISc 


Z10 Q12r 2.0) 6.5 

£16 *4 Q31Sc * 124; 

311 43 tQ55e 2810 61 
m 43 «h: 0.5 4.5: 

883 49 oESc 4> t 

719 -11 030c « 6 § 

719 49 Ql90c ♦ 15.B 

199-4 - ~ _ 

294 42 Q65c * 14.5 

£19>* 4> s Q415c 4> 13.3 


Managers of 
Commercial Property 


6KD1 


M I V. IHJ;. 5-' 

NtrU'IM.i! HV 
N'<*rih ? Hiil Jth 
Mh Kakurli 


■ •••■■I o'- 


NOTES 

lull*" niheml'i- inrtii-alnil. prim Jnil n. r tin nh-nil' Jrr >n 
prnri- and rt.-niimt'iylian". jtr sr.p I.-imu'nl mu* iwrnmr.* 
ratios jnil nnm arr h».i-d on ian-a annual r<-purisan>l."<«M*'x 
xml whrn* |MF'iiMi* arr ujwlti'il un h.>l' .i.iili Itrun'. M i.ii* 
i*«lrul3lrd un the bmb nl nri rti'li iliuli'm. Itj* hrti J •■Kiisi't 
indirair IB pet usii nr imwi' rtil!i'i>in-> <1 • .■!■ tila'ci* un -nil- 
dislnhult'in. ••■iifis arr IhmsI chi "nu 1 .nu: • ' .|is;r>r(itin- 
\ irlilh air ha^nn on niidtll*- prim jr. an|>l*.t.'<l I- II 'i nr 

H pi-r ft-nl and allim l.ir > alan- nl .Si lanl .li.-rl* til mu. .mil 
riehi» vrurlhr. niih ih-nununaiinr ■ mln-r 1 'ian -.li'ihni: ate 
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•• Recent issues ” and “ Rights ” Page 22 

This service is availahle to even- Conran} dealt in on 
Slock Exchanges throughout the United Kingdom for a 
fee of £480 per annum for each security 


REGIONAL MARKETS 

The fpllrwrinc is a selection i'f La .iirion quotations el 'hares 
previously listed only In regional nvirl.el' iTii-c* of Itf-h 
issues. miiM nr whivfi rire iiol nfli.-ially lued hi Loudon, 
are us quoted on the Irish cn-h.imiv. 


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fit . nli-i nfl I-n IT r.-l ill- la 

is*' nn l.ilml .innii'il 
hit l ..i -"I mi | •— . ■ • in - imr's 


INCE 


Finance, Land, etc. 


.\krtn-tt Smither a 
3r7wnrT*t lOp. 


Authtwyli*. 3>p. 
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1895 L9 61 
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SinrlitlliWm 112 


ram.p-b-nn.ft; £?i ~: t , 

Allinnrpr'ia-. 91m . ... 

Amnti . . . 375 .... 

r;irroil,nj , 9S . .. 

■'Inmi.-ilkin 89 ti . . . 

r'nncraiel'rorts 130 

Hei u>iii tilde-.' 49 

Ins fnrp 190 

JrhhR.ip... 105 

■I riinl i 56«B -2 

Sun I -a, i in ... 35—1 

TMti .... 200 

Ihudnre 88 ... . 


OPTIONS 

3-month Call Rates 


DIAMOND AND PLATINUM 


£38 . .. QMOc 1.11 9.4 
106 -2 W2e Q.E 52 

356 3.3 8.8 

£10 ...... QfflOc 12.6 

75« -2 Q6.&: « 5.4 
107«! -l Q8c 4 4.5 


CENTRAL AFRICAN 


% :::::: » 

»«: qoc + iw 

W2 IK- — — ~ 


Ipiluslrjjls 

A Brw 
A V I'eim.-nt ... 

HSR. 

Bulico-k . . 
Ban-lai-: Bonk. 

Mceciiam 

Boots Unit! . _ 

Bum ilers 

B.AT 

BmishCnygeo 

Brrru-n.j • . . . 

Burton- V. . 
Cwll'Ui}'' 

rpurtiitilds . 
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r.|:t ,n 

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& 

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16 LJavctx Bank.. 
24 ''Lilt-.-' . . 

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20 Ttfonrho . . . 

12 Ijio.iNlndi- 

5 l*-nnsiJ i 

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7 *. LI 

11 Nat Wi-d Ibnk 
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37 VS n Hl«l . 

18 I’ie-.M-} 

40 H H M . . ■ 
9 Rant tiru A .. 
20 Heed lritnl . . 
IB Spillers . ... 

22 Ttf-4.-a 

20 Them 

12 Trust Houses . 


20 Tuhfcinie*>t. 

I 6 Uinlpier . . 
,20 WM lirapery. 
i 8 Virk or. 

3 Wrm|«rirtlli..„ 
17 

14 Vm penv 
Z_ Bril l.mi.l . . 
« Cnu i 'ounlies. 
« E.P . .. . 

* liuppuropt-tnn 

l^iidStn . .. . 

25 MF.n- 

±° ITrirliej 

ir.ipvp-i I'nifis.. 
J® TmitifciTIy... 


10 Kni kMnilyum.. 
§ HumirilM >il ... 
a ■ Thtri kvliall. . 

5 Sin-11 

18 ITiramar 

| Z MineK 
4 I'hanm'anr .1 
“ (’un.s tkild 
15 ItioT Kin.- 1 


A selection <if Oplloiu imriori t.- c |. t -n on the 
Loudon Stock Exchange Report pa^c 
























































































































26 


The City of London 
property specialists 

Hampton & Sons 

01-236 7831 


FINA NCIA LTTMES 


Saturday October 28 1978 


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[for savers 


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MAN OF THE WEEK 


Unlikely 

socialist 

hero 

BY RAY PERMAN 


"WHILE THE other candidates 
crowded round the returning 
officer's table as the count at the 
Berwick and East Lothian by- 
election neared its close early 
yesterday morning, Labour man 
John Home Robertson wandered 
awkwardly around the back of 
the room. He already knew he 
had won, but was not sure 
whether he should be pushing 
himself forward or waiting to be 
summoned to the platform. 

The tall, slightly balding 30- 
year-old farmer conducted his 
campaign in much the same way. 
He was always brimming with 
enthusiasm, but sometimes not 
too sure what he was supposed 
to be doing or saying. 

Parly officials became ex- 
asperated at bis difficulties in 
mastering his brief and his in- 
ability to hide an obvious lack 
of knowledge of parly or Govern- 
ment policies. Confronted with 
a question on sanctions against 
employers, he could only answer: 
“ Gosh.” 

Asked which aspects of 
Government policies he dis- 


Commerzbank buys D elf ®“L 

GKN’s Sachs stake inint film 


THE LEX COLUMN 


BY GUY HAWT1N 

COMMERZBANK. West Ger- 
many's third largest commercial 
bank, confirmed today that it is 
buying Kuest, Keen and Nettle- 
fold's stake in the Sachs engineer- 
ing group. It is not, however, 
planning to retain all the equity 
it has acquired, and plans to 
introduce Sachs shares to West 
German stock exchanges fairly 
soon. 

The bank refused to say how 
much it was paying for GKN’s 
24.9S per cent stake in the Sachs 
concern, the bolding company 
for Fichtel and Sachs, which 
dominates the West German 
automotive clutch market It 
confirmed that 3 price had been 
agreed with GKN, which bought 
its original stake for DM 110m 
(at the time worth £23.9ml. 

In the deal, the Commerzbank 
is to acquire from the Sachs 
family, which holds the remain- 
ing 75.02 per cent in the group, 
a further 0.03 per cent of the 
shares. That will give the bank 
a blocking minority interest. 

Although the Sachs family will 
retain its majority interest in 
jthe enginerlng concern, the 
j bank’s decision to introduce tbe 
shares to the Stock Exchange 
indicates that there will be a 


significant change in the way in 
which the group will be run. 
The bank’s participation is 
almost certain to lead to an in- 
fusion 0 f new blood, certainly at 
supervisory Board level. 

GKN’s decision to sell its shares 
follows the Federal Supreme 
court's decision last February to 
refuse it permission to acquire 
a majority interest In the group. 
When GKN decided not to fight 
the case further, it is understood 
to have made clear to the 
Commerzbank, which played an 
important role in putting the 
original deal together, that it 
was not interested in a minority 
participation. 

The British group’s bid to 
buy a majority stake in the 
German concern started in 
November. 1975, when it an- 
nounced an agrement with the 
Sachs family to acquire its full 
stake for DM 330m. Six months 
later the West German cartel 
office vetoed Uic plan and there 
followed two years of appeal and 
counter-appeal. 

In spite of the litigation, GKN 
in 1976 bought the largest pro- 
portion it could obtain without 
official approval. 


FRANKFURT, Oct. 27. 

Later attempts to increase con- 
trol failed when the German 
authorities argued that competi- 
tion in the German automotive 
parts market, diminished by the 
dominant position that the Sachs 
family concern had buiit up, 
would he further discouraged by 
a merger with GKN. Last June, 
after another unsuccessful 
attempt, GKN said: “ We do oot 
think it is worth pursuing the 
application any more.” 

Mr. Trevor Holdsworth. GKN’s 
deputy chairman and managing 
director, said yesterday: ** We 
were not interested in bolding 
on to a 25 per cent stake in 
Sachs purely on an investment 
basis.” He added that GKN has 
received a “ satisfactory price in 
DM terms.” although he declined j 
to disclose "the actual figure. Cer- 
tain conditions have to be satis- 
fied before the deal is completed.! 
chietiy the cartel office's approval j 
of the disposal. j 

Commerzbank’s announcement j 
that it will introduce the Sachs; 
shares to the stock exchange I 
accords with the current policy 
of the big banks, which runs 
against acquisition of major 
stakes in the country's leading 
companies. 



UK to put up to £250m 
into Airbus Industrie 


BY MICHAEL DONNE, AEROSPACE CORRESPONDENT 


. -’ism. 



John Home Robertson 
Trying to jind the political line 

agreed with : “I'd rather nut go 
into detail." 

On the European Monetary 
System : "I’d take the Govern- 
ment line.”— "The Government 
doesn't yet have a line." 

“ Well, when tfiev get one. I’ll 
lake that.” 

Frequently, out of shyness as 
much us ignorance, he would 
look away rrom his questioner 
to Dr. Gavin Strang, tbe junior 
Agriculture Minister, who was 
constant! v at his elbow. 

Yet it would be wrong to think 
that this most unlikely of 
Socialist heroes — bora the son 
of landowners (‘'unfor- 
tunately"* and educated at 
Ampleforlh — was out of sym- 
pathy with his party or his elec- 
torate. 

" l became a Socialist” he 
says at the second lime of asking 
and after some prompting from 
Dr. Strang. “ because I looked 
around and saw a lot of things 
wrong with society.” At about 
the same time he decided to 
farm himself a family estate 
near the English border rather 
than living off the rent os his 
parents had dune. 

He ina.v lack even the elemen- 
tary political skills oF scif- 
ussu ranee and nimble footwork, 1 
but the miners, factory workers, 
farm labourers and fishermen 
who make up Lahour's lank and 
file in the constituency, prize 
openness, loyalty and hard work 
more. They closed ranks around 
him. At a meeting earlier in 
the campaign a boisterous 
heckler was allowed his fun at 
the expense of two Cabinet 
Ministers. But when tiic candi- 
date rose- to speak, the man was 
hustled from tbe hail. 

After tbe count when the 
extent of his triumph became 
known there was a rapturous 
welcome and Mr. Home Robert- 
son can feel certain that his 
portrait will go up in Tranent 
Labour Club beside Keir Hardie 
and the late Professor John 
Mackintosh, his predecessor as 
local MP and the man who 
brought him into politics. The 
size of the victory w»- un- 
expected. Only once before 
during the life of this Parlia- 
ment. at Hamilton, has a Labour 
candidate increased the majority. 

Conservatives have been 
blaming the intervention of Mr. 
Heath for their failure to take 
-the scat, which on paper should 
have been easily wi mi able and 
which they held from February 
to October. 1974. But the Tory 
share of the vote actually im- 
proved compared to the last 
General Election. It was the 
Nationalist and Liberal votes 
which crumbled. 

The Scottish National Party 
fought a badly misjudged cam- 
paign. changing its candidate at 
the last minute amid a Hurry of 
resignations from its own sup- 
porters. using only the candi- 
date's Christian name when she 
was completely unknown In ihe 
constituency and making a 
personal attack on Mr. Home 
Robertson’s privileged back- 
ground which rebounded badly. 

In deepest Berwickshire the 
fact that he went to public school, 
and owns SUM) acres appears to 
have attracted mure voters loan 
H( repelled. 


BRITAIN WILL invest up to 
£250m by 19S3 in the European 
Airbus Industrie group. Yester- 
day the Government accepted 
this week's Franco-German agree- 
ment that Britain can join the 
croup to help to develop the new 
A-310 aircraft 

The agreement is to be em- 
bodied in a tripartite treaty, with 
an industrial agreement -between 
the companies concerned, and 
the UK will invest £25m as its 
initial contribution to Airbus 
Industrie assets, including work 
in progress, as at January l, 1979. 

The investment of £250m by 
19S3 includes the initial Corn to 
be paid when the treaty is signed, 
and a £50ni grant to British Aero- 
space to cover Airbus Industrie 
costs, under Section 45 of the 
Aircraft and Shipbuilding Indus- 
tries Nationalisation Act. 

Further investment may 
become ’necessary after 19S3 but 
will be considered in the light 
of circumstances. Britain's 20 
per cent stake in Airbus Indus- 
trie might also be enlarged, 
depending on the size of any 
other programmes the group 
decide to undertake. 

The Department of Industry 
said yesterday that British Aero- 
space would participate fully in 
the development and production 
of the 200-seat A-310 derivative 


of the A-300 Airbus while con- 
tinuing to build the wings for the 
latter. It would have equal vot- 
ing richts with France and West 
Germany. 

The precise nature of the UK’s 
contribution to the A-310 is to 
be worked out at a meeting of the 
industrial partners next week, 
including British Aerospace, 
Aerospatiale and Deutsche Air- 
bus (Messershemitt-Bolkow- 

Blohm and VFW-Fokker). 

It is expected, however, that 
the meeting will cunflnn lhat the 
UK will work on rhe wings. The 
full programme, including A-300 
and A-310 work, should safeguard 
upwards of 7.000 jobs throughout 
British Aerospace. 

UK equipment companies will 
be able to bid for sub-contracts, 
while eventually, if an airline 
customer requires it. the Rolls- 
Royce RB-211 engine might he 
used instead of tbe existing U.S. 
General Electric CF6-I5. 

The UK will also share in any 
future civil aircraft Airbus Indus- 
trie may decide to develop, such 
as the prospective 130-160-sea ter 
Joint European Transport (JETl 
project. 

British Airways told the 
Government that if it ever needs 
a 260-seater aircraft beyond its 
presently planned Reel (which 
includes the Boeing 757 w-ith 


Rolls-Royce RB-211 engines), it 
believes the A-310 to be “the 
aircraft which would best meet 
such new needs.” 

It is lhat assurance that finally 
overcame original French ob- 
jections to the UK's joining Air- 
bus Industries without bringing 
in a formal British Airways: 
commitment to the A-3W. 

British Aerospace made clear 
yesterday lhat where at any: 
time it saw a clash of interest' 
between the existing B-2 and B-4 
versions of the A-300 and any! 
competitive aircraft fitted with! 
British engines, it would noli 
vote in Airbus Industries. 

However, even that "hypo- 
thetical limitation ” of voting 
rights would cease on receipt, 
of a letter of intent from British 
Airways for any Airbus Indus- 
trie aircraft, and wnuld end 
when 150 A-300s have been sold. 

Mr. Bernard Lath tire, presi- 
dent of Airbus Industrie, said! 
“We have always been happy 1 
with the work done by our! 
British associates (on A-300! 
wings) and have long hoped that I 
they would rejoin us as real 
partners. With this agreement, 
the whole European areosnace 
industry is now assembled within 
Airbus Industrie in the same 
risk-sharing venture.” 


joint film 
venture 

BY ARTHUR SANDLES 

BRITAIN'S rival show business 
brothers. Lord Grade and Lord 
Delfont, are going into rare 
commercial co-operation in a 
joint company for the distribu- 
tion of films in North America. 
Film products from Lord 
Grade’s Associated Communica- 
tions Corporation and Lord 
Del/ont's wing of EMI, its film 
and theatre division, will be 
marketed under one banner. 
Associated Film Distributors. 

Although both companies 
have been ambitions in their 
film production in recent years, 
neither has so far hit tbe Star 
Wars or Grease jackpot. At 
the moment EMI is trying to 
improve its fortunes with Death, 
on the Nile, while ACC has had 
disappointing results with such 
films as Medasa Touch • and 
Voyage of tbe Damned. 

The make-up of the new com- 
pany suggests that it is ACC 
which is going to make tbe 
management pace. Lord Grade 
is chairman of the company 
and Lord Delfont deputy chair- 
man, Mr. Martin Starger, presi- 
dent of ACCs Marble Arch 
productions, becomes president 
of tbe new company, and 
another American. Mr. Leo 
Greenfield, is executive vice- 
president. 

All EMI and ACC produc- 
tions will go into the new dis- 
tribution company, but only for 
the LiJS. and Canada. 

Among the dozen or so films 
to be made over the next 18 
months by the company is a 
new Moppets film which will 
come front the ACC stable. 
EMI said last night that it 
would not be increasing film 
in vestment above the present 
£15m revolving funds, which 
meant production of about 
three major pictures a year. 

Hope for 
Norway’s 
Volvo deal 

By Fay Gjester 


Equities get that 
sinking feeling 


Losses force 
Courtaulds to 
cut 560 jobs 

By Rhys David 

COURTAULDS. the textile group, 
is to axe 360 jobs at its S penny- 
moor. Cr». Durham, acrylic spin- 
ning plant because of poor 
trading conditions and heavy 
losses. 

The plan was announced 
yesterday to employees and trade 
union representatives at the 
plant, which employs 1,832 
people and was first opened in 
1969. 

At present it is working four 
shifts a day on a 16S-hour-per- 
week basis. To bring output into 
line with demand it is now pro- 
posed to go down to three shifts 
and a 120-hour working week. 

The plant, which was extended 
in 1970 and again in 1973, pro- 
cesses fibre produced at Cour- 
taulds' Grimsby acrylic plant for 
use by the knitwear and other 
textile sectors. 

CourLaulds said yesterday that 
the market for tbe Spennymoor 
plant’s products had contracted 
due to changes in fashion and 
cheap imports. Spennymoor bad 
been operating at a heavy loss 
for some time and there was no 
prospect of any improvement. 


nriusn .-vero'-pace. . . . , V ... -r nqr.il Her ‘*7 

UK equipment companies will thetical limitaiion of voting vouv. uci. 

be able to bid for sub-contracts, rights would cease on receipt. THE Prime Ministers of Norway 
while eventual I v. if an airline of a letter of intent from British and Sweden said tonight that 
customer requires it. the Rolls- Airways for any Airbus Indus- they had achieved a breafc- 
Rovce RB-211 engine might he trie aircraft, and would end through during 10 hours of 
used instead of the existing U.S. when 150 A-300s have been sold, talks here today about Norway’s 
General Electric CF6-15. Mr. Bernard Lathitre, prest- plan to buy a 40 per cent stake 

The UK will also share in any dent of Airbus Industrie, said fin Volvo, 
future civil aircraft Airbus Indus- “We have always been happy j Th e Norwegian and Swedish 
trie may decide to develop, such with the work done by our . Ministers of Industrv, Finance 
as the prospective 130-160-sea ter British associates (on A-300. an d Energy took part in the 
Joint European Transport (JET) wings) and have long hoped That I negotiations, as did Air. Per 
project. -they would rejoin us as real Gviienhammar, Volvo's manag- 

British Airways told the partners. With this agreement. in ' g director. 

Government that if it ever needs the whole European areosnace M f ri Nnrrili the Nm-wp 
a 200-seater aircraft beyond its industry is now assembled within ojan ’ Plim p Mmister and Mr 
presently planned Reel (which Airbus Industrie in the same a. nilstein Sweden’s Premier’ 
include, Ihe Boeing 757 with mR-sharin- ven.ur," were u^imnl tt go taJodt 

tails about the results so far, 
9 9 but said that they expected to 

Sir Fred Pontm retires the final agreement by Decem- 

# _ her S. , 

net nhoirmon O VPQT AQTIV Meanwhile, negotiations will 
dS Lila.ll illall a. YCal Caliy continue at civil servant level 

v and another top-level meeting 

BY MARTIN TAYLOR will take place before Decem- 

SIR FRED PONTIN will give up week but will retain a consult- Neither Mr. Nordli nor Mr. 
the chairmanship of Pontin s. ancy. Ul! stein would say which aspects 

the holiday camp and leisure Air. Nicholas, Coral. Coral’s 0 f the proposed * deal bad pre- 

company. on March 31 next year, chairman said : “In accepting sented the greatest difficulty, 

a year earlier than laid down in Sir Fred’s resignation. I and my 'Subjects under discussion in- 
the terms of his company's colleagcs wish in place on record j eluded how Norway might receive 

merger with Coral Leisure our admiration fur his lifetime's a share of the taxes that the new 

earlier this year. He will also achievements and uur uppreeia-j Norwegian-Swedish Volvo will 
! leave Coral’s Board. tion of his successful efforts to-nav: how much enmnensatinn 


The financial markets ended 
the week oh a nervous note. 
Equities continued to. drift 
lower and the sharp jump In the 
rate at the weekly Treasury bin 
tender injected tresh 
uncertainty into the money 
markets. If the old formula was 
still operative Minimum Lend- 
ing Rate would have been raised 
half a point to il per cent and 
even though it is now considered 
largely irrelevant the money 
markets are coining round to 
the idea that interest rates are 
stabilising at their current 
higher levels. . If three month 
interbank rates continue above 
11 per cent for much longer t£e 
clearing banks are likely to 
raise their base rates in sym- 
pathy. 

Whereas before the weekend 
both the Chancellor of the 
Exchequer and the Governor of 
the Bank of England had been 
trying to sopthe the gilt-edged 
market’s nerves it was becoming 
apparent early this week that 
the level of interest rates was 
no longer in their hands. 
American banks have . been 
posting 10} per cent prime rates 
and following President. Carter’s 
abortive measures to prop up 
tbe dollar last Tuesday, the 
feeling is that U.S. rates can 
only move higher. Against this 
background the gilt-edged 
market has held up remarkably 
well, particularly at the long* 
end, where yields - are still 
hovering around the 13 per 
cent mark. The increasing level 
of institutional liquidity is 
obviously providing some 
psychological support but the 
strength of sterling has also 
helped. 

Given the uncertainty in the 
foreign exchange markets at 
present, tbe authorities appear 
to be letting the exchange rate 
take the strain rather than in- 
tervene heavily to stop the 
pound appreciating. At least 
this prevents the inflows upset- 
ting the official money supply 
targets but It does pose a threat 
to company profits and this is 
probably one of the reasons why 
the equity market has been wilt- 
ing- ' 

The FT Industrial Ordinary 


Index fefi 12 to 4832 


share index is now well over 50 
points off its September peak 
and the FT All-share index is 
8.4 per cent lower. However, 
in common with the gilt-edged 
market it is events across the 
Atlantic which hold the key. 
Wall Street has continued to 
head downhill this, week and 
until the U.S. interest rate pic- 
ture has been clarified both 
gilts and equities are going to 
continue to take their cue from 
New York. 

Guest Keen 

Guest Keen and Nettlefold's 
sale of its 25 per cent holding 
in Sachs AG comes at a time 
when the group is making 
vigorous efforts to shake off its 
image as the sprawling giant of 
the UK engineering industry. 
The investment was producing 
very reasonable returns— it 
could have contributed £6m or 
more to associate company 
income last year. But having 
been barred from outright con- 
trol by tbe German courts, 
GKN has opted to take a profit 
in DM terms of, perhaps, 10 or. 
15 per cent on the. purchase 
price of DM 110m. 

The emphasis of overseas 
expansion 'now switched to the 
U.S., where by 1980 the group 
will be capable of manufactur- 
ing annually 500,000 sets of con- 
stant velocity joints for front 
wheel drive cars. That figure 
could well rise if. projections 
that half the cars produced in 
the U.S. by I9S5 will have front 
wheel drive are anywhere near 
the mark. The current propor- 
tion is tiny. This is an area 
where GKN has a technological 
lead around the world, and talks 
are continuing with the major 
U.S. assemblers. 

Simultaneously the group is 
cutting back on those low tech- 
nology businesses where it has 
no proprietary products and 
profits have been bard to come 
by in recent years. These in- 
clude fasteners, precision forg- 
ing. bumpers, plastics and other 
parts of the general and civil 


engineering group which last 
year produced profits of just 
£14m before finance costs on 
sales of £485m. 

The impact of these changes, 
which follow from a revamped 
management structure, could 
take years to show up in earn- 
ings. And with labour unrest in 
the motor industry plus the con- 
tinuing depression in- steel — 
where the group has made major 
investments . in recent years — 
the short-term outlook is not 
too bright Long-term funds, 
however, could start to think 
about locking up an historic 
dividend yield of 9 per cent 

Dunbee-Combex-Marx 

Dun bee - Combex - Marx has 
gone out of its way to reassure 
shareholders . following the dis- 
closure of interim losses of 
£2J3m last week. Tbe main 
points to emerge from yester- 
day’s meeting with institutional 
representatives were that gear- 
ing should not be a particular 
problem, while action has been 
taken to trim back the loss- 
making Marx activities in the 
Tf.S. The DCM Board is frankly 
admitting that it was over- 
optimistic in forecasting 1978 
profits in. keeping with the 
group’s, . past performance — 
principally because Marx sales 
are likely to be S15m-$20m less 
than budget. 

DCBTs forecast is that total 
debt as a percentage . of -share- 
holders* funds may well be 
lower at the end of this year 
but should, in any case, not he 
materially different At Decem- 
ber 31 last year total borrowings 
(including deferred acquisition 
payments) amounted to £18.9m 
— or just over 82 per cent of 
shareholders’ funds. Given that 
the pro-forma end-December 
balance sheet issued at time of 
the Aurora acquisition shows 
borrowings in excess of net 
worth the forecast year end 
gearing would represent a sub- 
stantial improvement over all— - 
assuming there arc no altera- 
tions to asset book values. As 
for the future, it now seems that 
DCM will concentrate on exist- 
ing businesses for the next 
couple of years. But after that 
more acquisitions could follow. 



% 


paid quarterly 
plus 


capital growth prospects. 




UK TODAY 

MAINLY dry with fog patches. 
Some rain in north. 

London. N. S. E. W England, 
E. Anglia. Cent. S.. Midlands. 
N.. S. Wales. Channel Islands 


resign as managing director in Coral Leisure group.” ja long-term oil supply agreement 

1979 but it was intended that he Sir Fred should receive a lump with Norway, 
should stay as chairman for an sum to capitalise his salary] Mr. Nordli said that the chief 
additional 12 months. until March, 19SG and five years' difficulty was a balanced agree- 

Coral Leisure said that Sir consultancy fees. merit. 

Fred had decided tc relinquish — — 

all his directorships in Coral 

and Pontin’s “in view of the Continued from Paee 1 

progress already made in ° 

facilitating integration of the t T O • 

consumer pnees 

Brown, who has been catering per cent in the current calendar is SJhn under the last official 
director of the Pontin group^ for year. estimate made in the summer, 

over 30 years, and Miss A. C. S. a Mr. Jody Powell, presidential Stewart Fleming adds from 
Miller, who was also closely Press Secretary’, agreed that the New York: Most major U.S. 
associated with Sir Fred as a latest figures were '' certainly not hanks have raised their prime 
director of Pontin s. will both very encouraging.” lending rate (the rate they charge 

rettre tram the board on pension He added that they demon- to their best customers) to 10} 
^ the end of March ... strated the need for maximum co- per cent following the lead set 
Mr. Peter Hopper the head of operation with the President's earlier in the week by Chemical 
Pontin s overseas leaves next voluntary wage and price guide- 3nd Chase Manhattan banks of 

lines and said that the Admin is- New York. 

itration was encouraged by the Among the banks announcing 
expressions of support for the similar increases were Bank of 
programme from business and America, the country’s largest 
labour leaders. bank, the number two — Citibank. 

Mainly dry. fog patches, sunny the Admin is- and a leading mid^vestern bank, 

suells si... isivrrr inUF-fitFi tr:,l, on also reported tins morn- Continental Illinois. 

Lakes Vo,?' uf ilan Borierl' »"? u,at Federal Budget The inflation-rate news further 

Edinburgh S \V " Si-mlanri' deficit in the fiscal year which undermined investor confidence 
/»*"•. ended last month smminipd to on Wall Street. Share nriees 



Fixed interest 


offer greater 


security and often 
capital growth 


prospects. 


Mainly dry. fog patches, sunny 


Glasgow. N. Ireland 


BUSINESS CENTRES 


Mainlv drv.' "siinnv intervals — down from the S66bn had another bad day with tbe 

developin'’ Max isr i59Fj of l,ltf Previous fiscal year. Dow Jones industrial index 

Highlands Mnrav" Finii ’ The Administration also fore- closing 15.07 points lower at 
%i ... r. .... . . that vosir KOi n» lirinp'no the rierline For 


Amstnlni. 

Aibi-n-; 

Care -.-Iona 

Ikiriil 

hvlia-T 

Ek-lurado 

Ka-rUn 

Bimu&Rl. 

Bristol 

Bru&vl;; 

Budapest 

r. Aires 

CJiru 

Cardiff 

ChiiMKil 

Onlfiiin- 

CopRhaaff. 

Dublin 

Edintirit! 

l-ranklun 

(m'U.-vu 

iJUsaniv 

Helsinki 

il. Koitf 

Jn'biirK 

Lisbuii 

Lnntliin 

Luxenibr?. 


Yiiar 
niut-dar 
*•: ! F 
C !I £ 
i; 19 OB 
S OT fi? 

s it r-J 

C 12. S3 
K 10 .‘ill 
c » 4e 
s i; in 
s 14 57 
V 14 37 
K 9 -If. 
S 2‘! 7:i 
S 34 93 
R !*. 39 
S 10 a'i 
r 7 43 
P 7 43 
S IK HI 
C 14 ST 
Ill -VI 
S 12 34 
IT 14 37 
y 4i 
R 2!» f| 
»■ 21 TO 
S 1- W 
■' 13 
r s 4b 


Madrid 

■ Manchsir. 
IMrltHiume 
; ilUan 

■ Alonln-.it 
: Mo*.-i)ie 

. Munir h 
, Newcuile 
: Now York 
I ' Ala 
Pans 
; P-.-rUi 
, Prague 
, Pryklavifc 
Km di: J o 
R>.>nii- 
1 sin^apor-? 
Stockholm 
, Straslire. 
Sidney 
'Tehran 
T*4 At iv 
Tokyo 
: Turning 
; Vicuna 
waivin' 
"urn h 


Vd.iv 
roid-<!.iy 
-c. *!■ 
t is *4 
1 : 11 32 
H 14 57 
C 14 57 
S 13 M 
C U 32 
7 45 
C 14 37 
C 13 G3 
S 9 43 
C l:l 35 
S 20 IP 
F $ 411 
r. 4 3B 
S 2S tT! 
s i; rci 
S 29 VS 
C G ti 
V in =U 
.S ■-’9 S4 
S 23 T« 
.S 24 7.7 
C 21) H3 
il 3 41 
t- 10 59 
r ►; 4;; 

r 1C 3» 


N. Scotland’ Scottish Islands casls lhat lhe current ti scal year 806.05. bring'ng the decline For 
Mainly drv.* cloudy Max HC-l deBcl1 wou,ti bl? $3SJS»bn. which the week to 32.97 points. 

14C (52F-57F). 



Someffin in^or^'^ in Continued from Page 1 

— H °vT RESORTS ~ Tory rift opened 


(mnunum £500) 


AJJC‘10 

Algiers 

BurrlLr 

Blackpool 

Bordeaux 

KOUlOKW' 

Casiiblnca. 

Cam Town 

Corfu 

PuhrovniK 

Faro 

Romw 

Funchal 

Gibraltar 

fjurrusv? 

Innsbruck 

I :,|an 
l<>:.inbiil 
5— Sunny. 


Vdar | 
mid-day' 

*C 

S 19 Sii' J'-rsi-y 
S 22 T2,Ui> Pirns. 
C 1 ! 35. Locarno 

C 13 55; Major.; a 
K 17 r.n.Malasa 
r. 14 37; Malta 
S il 72, Xanl.-i 
S 21 TU Nil.' 

C 15 55[Nli.iHI.1 
S 12 54 tipono 
S 22 72; Rhode:. 

K 1-7 39i Salzburg 
t 22 rjtTanai'T 
r 20 b> | Tf ni-nfo 
C 13 sO Tunis 
I- 9 js! Valencia 
C 14 57 1 Venn.’ • 

R 11 

f- — t- .nr. C— Clvudy. 


V«fc,y 
mid day 

'C *F 

C 13 .59 
F 21 7l 
■ • 12 54 

s i-: t:i 
S 21 TU 
l< IV Ah 
1- 12 54 
.H 19 h« 
I- 22 72 
S 2n r,- 
S 20 n- 
1 N 4! 
S 25 77 

!• 1* KJ 

r 2d GS 
S 13 70 


lie support for Mr. Callaghans 
pay policy, but a more logical 
explanation was the collapse of 
the Nationalist vote which went 
over to Labour. 

The indications are that in- 
comes policy was far less of an 
issue in the by-election than 
devolution and Labour clearly 
benefited from piloting legisla- 
tion through Parliament on 
devolution. 

Mr. Callaghan will road the 
by-election r.vvsn •_•«:. oartietiLirlv 
al Berwick, as justification for 


avoiding the gamble of an 
autumn election and soldiering 
on inin next year. But the major 

question remains the success of 
his counter-inflation policy 
through ihe winter. 

The Government is now— with 

its allies — in a minority of six 
a.-ainst all other parties. Tiiere 
is one by-election outstanding, at 
C lithe roe, following the death 
on Thursday of Mr. Da rid 
Walder. llie Conservative MP. 
Mr. Walrier. aged 49. had, a 
majority uf nearly 7,000. 


I in the ScMe&inecr Preference and Gilt Trust at the 
fixed price of ^ 5 p xd. ' ^ 

| I wish to have my dividends re-invested j j 

| I would like further information, including details- 1 j 
■ of Share Exchange scheme. ! I 


Sumai.iC ,i . 1 

(Hft23BS)A1ISi) 
First names. ’ 


-(BLOCK EEROS Pixasl) | 
■ -(In full) J 






Resisured si i he Post OBku. Primed hv Sl dement'; Press for and. muaisbed 
hy Bw Financial Times LUL. WjirtplL- House, CftmwR Street.- London. EC4P 
* -is . fr life. FJbwcwT Times Ltd J IJ7*