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6EIEML 


s Thorpe Equities looks increasingly 

faces ease; Jz 

' ^ u difficult, says Steel! 


Chrysler African front 
iSTers line leaders 


ease; 

Gilts 
0.15 up 

• EQUITIES eased after Tally- 
ing slightly as dealers raised 
prices, hoping for a revival of 


strike 


open 


By Nick Garnett and Alan Pike BY OUR FOREIGN STAFF 


institutional inquiry ■ with the 
hew Account. The FT indus- 
trial index dosed 0-5 down at 


•GOLD rose to dose -at 
$208jy an increase of $101 on 
the wedc. The - New - York] 


^charge 015 up 

ueri^ *• tew . . • EQUITIES eased after rally- 

ing slightly as dealers raised 

' prices, feeing for a revival of 

Jeremy Thorpe, former Liberal — • 

that or , leader facing a. charge of con* fsTs [~^ 1 3 

r -or to murder Nonuaa (•-••« rr t f i T ..f ~ { 

• the pjJ Scott, has now been further j T- kL unSulal. 

ke i Q ^charged with Inciting David . L.Ji . ‘ MnaTV brfe3L i 
'hiy ^^Hotmes to* murder Scott. ! S1 ?V ■ : ■ r -! 

larker * Mr - Holmes, a former Liberal j \ Una mbvemets • -!j . 

v iu^Partj’ official, is one of Mr. j rH— . ® ore cure - , 

W.v.-r* 1 Thorpe’s . cb-defendants on the ^ - - . - : 

.J 41 ^conspiracy charge but Mr. Thorpe • i 505 ! T\ ^ ; 

r . e Wnaaione -has been -charged ' with ' I' -j _ * 

rj . eiBeth incitement. ... I • - { - — J ■ - j .- 

-, i^er w Tbe office. of . the- Director of ' 1 . — [ - . “ 

Prosecutions said it was 50Q -GEgrug hem}" v l " 1 
ntj to? 1 aware that the. second charge had "“JSfHL a 

Mh . DOt been-' read -to .-Mr.- Thorpe f i . r ^ dr 

: JT* when he appeared' at Jffinehead I — — ; 1 1 , 

court last month "but it did not [495 1 ■ - _ 1 

tbe o. know why. - •; ~ 29 ' 31 

me .® institutional inquiry ■ with the 

aons ^throat wound •• nev t Account. The FT 'Indus-, 
™ • - 1H,U : trial index dosed 0.5 down at 

,a “ ^fcProf. Henry Bedson, head of the. 489.0. 

•nt m bat Birmingham University medical ' 

laboratory in- which Mrs. Janet • GILTS showed more stability, 
Parker contracted smallpox last particularly in the longer end 
. week, is criticaHy ill in hospital of the market. The Government 
.nri^afte-MBK found with a throat securities Index closed 6.15 up 
of X 0 ^ . •••' •: at 70-S4. . 

A-teiTJ Kenya date • sterling rose 6o points to 

'■nen is {j Daniel Aiap Wok acting Presi- dose at $1,9495. The pound's 
i’P up pa. debt of Kenya, has set October 6^trade-weighted index improved 
v^rmnCas the date when Kenya's only to 62.5 (62.4) and tbe dollar's 
‘tbew Vr Political party . wjll_ meet to depredation was unchanged At 
..^.1. choose a successor to Jomo Ken- ay ^ • ;■••• 

iierp. » r yjjtt^ . buried / in Nairobi on ■ 

The be Thursday. • ; * . . •GOLD rose $* to dose -at 

• - r _ 5206f, an increase of $101 on 
aI.T aM OrCheStra Claim the weds. The New York 
>ouc. k The English Sympbonia is going Comes . September settlement . 
ml? io * t0 tbe : Kish Court toi contest an price was 210.90 (205dH>K 
evcjitral : £ll,(H)0biir from theDepartment - 

. ?r«ac of BeaJth'arid Social Security for • -WAIL STREET- rose 251 to : 
i the tir national insurance contributions, close At 879.23. ' 

• reflet The hearing; seen as a teat -case; 7 •. -J 

*** Sctf c . Italy considers { 

. boirfs sale 

r.t inotE GjpSi©S:.|at|€I|* . .. j* TTAL1AN authorities: are con-' 

. i &5n e? Four. members of a South- Londan giderfog ' selling^ medium-ternr 
by ttia : gipsy family were.;giVMi jail^Goyermnent bonds pegged to -a 
2i" jxai i entenecs of up to f our^years' at EoropeaBT curie ncy JinR, as part 
r an L Gloucester for a fortune-telling of a wider reform of vfte. 
... j* and falth-healing racSet tn which counprs --public finames whirii 
r*:,SL a nnmberbf women were victims. co?dd include the introduction of 
1 - ? *®r Two brothers were convicted cf a heavy . lira on the french 
comas fraud*: their mother and one of mqdeL Back Page •• / 

^ - jor blatoaU, cob*. # . dvU . servant s have 

spiracy and deception; used their jower -to block indus- 

lie \- w ’ trial • and economic polity 

■if. jh- £ . ... changes, according to Mr. Jack 

rr,.b[tK ls: Twelve senior army and security Jones, former general secretary 
e officers have been arrested in of. the. Transport and General; 
sn -J Bucharest - following the defec- Workers’ Union, Hack Page 

VtZ S^JttfiSraS '«• wons;,. 

r Jvt ti5 a b West German parliamentary 

■■^SStsssaar^. 

• AV ^i a«k'lA*S«*e mu, ’ ‘ •.UK- AEROSPACE industry ex- 

: s 7: ptss AlflroliGu •«” pects many multi-million pound! 

The European Athletic chainpion- contracts for work -on the air- 
ships in Prague were hied up. flume of the Boeing 757 jet air- 

- ^ when '- the shot . putt . finalists .liner and parts for the. aircraft s 

— ■ "" staged a . five-minute- walk out in Rollsjloyce RB 211-535 engines, 

protest at the disqualification of Page. 4 v . . • 

Britain’s- Geoff. Gapes -f or hayblfi rritunn • trade balance I 

1,5 TCSt inStea<i ^ 
1 ' _ year, a sharp .swing from thej 

ta_i tbinnAr ' previous ' year's £1.145ra .deficit,' 

'T , i ™ neF : aceoriUng'te figUTOS pxrblfched; in 

Dominic-i : Wigan ' tipped - three the. Gqverbsjent’s annual Pink 
■winners, in riuding tbe 14-.1 shot Book. Page 3 
Music By Hand at Sandown^His _ • ..... ' ■ 

Saturday selections are on Page •-ICI has withdrawn ‘ 
t«-T ■ • . . . jposal^ put to manual workers, 

formulated without first taking 
4Prbm.Oiur.RoiTI® into account the Government’s 

incomes^ ^policy- Pa»* 3 

correspondent ^ CLOTHING factory fbrmeriy 

Pope John.- Paul told..representa- . belon^ng to Chester Barrie at 
tiyes of the media . ib- a Vaticab; Wrexham Is likely to dose with 
speech that if St Pkul returned ^ of about 250 jobs, as a 
to the world he would; probably reE ult - of the ■ Receiver’s failure 
become- head ot Renters,;- the to find a new buyer. Page 3 

- 4 . JL.Aa:.ma 1 ' 'vtanif* dmmAV ■ 9 Tlfl 


BY RAY PERMAN, SCOTTISH CORRESPONDENT 

It ivas looking increasingly difficult for the Liberals to contemplate a 
pact with the Tories if Mrs. Margaret Thatcher came out of the election as 
leader of the largest party, Mr. David Steel said yesterday. 

The Libera] leader was speak- itself, if the only hand the Con- “His suggestion is nonsense, 
ing after Mrs. Thatcher had made servatives ore prepared to extend Minority Governments can only 
a personal attack on him and on after an election is in the direc- stmcEle an from riav »n Hav with 
the Lib-Lab pact while she was. tion of Mr. Paisley and Mr. fS oftbStS™ £Z££, 
touring his constituency. p< Sf eU - m . t , rather than deal with the longer- 

“A hunq Parliament with Mrs. Thatcher has commented i erm nuestiorK that affect thi> 
Liberals holding the balance is on tho pact repeatedly during her future ^ our nation 
very likely to be the outcome of Scottish tour and it seems certain „ ^ * 


the. election,” Mr. Steel said. 

u We have proved that a pact 
with Labour can work. There is 
no reason it should not work 
again. ;. 


to be a main part of her election 

. The Tory General Election 
campaign will be based on the 
three themes of reducing 


T important for the taxes, maintaining law and Rrij a in_ 

Uberal Party mot to run away 3nW Bntain. 


“ Wliat are called hung Parlia- 
ments must mean a perpetual 
election fever, as no one is 
certain what is going to happen 
next That is bad for industry, 
bad for commerce and bad for 


^ -No one ,h»,d be in politics.” 

are ready for it and we welcome Mrs. Thatcher added, “unless he 

it. The resolutions for our con- Tnatencr, Tory Party leader, strong beliefs and wanted to 
ference demonstrate we arc toM party workers last night, gee them translated into action, 
ready to accept that" Page 3 and Back Page. ™ 


ready to accept thaL" 

In her speech to party workers, 


“To promote pact politics was 


compoiBn. Mr. Steol said ta SJB*- “M 

Thatcher accused Mr. Steel of welcomed the issue being raised iSSaahM to compromise 

cynicism. He repUed with a so earl* 0 S n tt. #le,y aftenrar .?g ™ 

counter-charge of ambiguity, Mrs. Thatcher accused Mr. ffff* ^° t wer W1 . t ?- a 

The Opposition leader was Steel of suggesting, in effect, that ESahE fr£S! leved in - somcflim 8 
determined tO ! bum her boats weak Government was good very QUiereni - 
with the Liberals but at tho same Government; that a Labour "This would reduce Pariia- 
time was “ cosy ing up H to the Government propped up by meat to a political bazaar where 
Ulster Unionists, he claimed. Liberals was better than a votes had to be bought by doing 
u What a tragic prospect for Government with a good Parlia- deals, regardless of the true 
Notrhern Ireland and for. Britain mentary majority. needs of the people.” 

Britain and France clash 

* : ■" T* , 

over plan for Airbus 


BY LYNTON: McCLAJN AND DAVID CURRY 

FIERCE row broke out . Tbe attack was described as 


A FIERCE row broke out 
between Britain and France 
yesterday over the Government 
dedsioxrto back British Airways’ 
plantiKbuy Boeing airliners and 
not,, for the time ' being, the 
European Airbus. 

- : The nationalised airline was 
accused of ■using “ false informa- 
tion about the Airbus" by 
M. Roger Bcteilie, managing 
director.Qf Airbus Industrie— tbe 
day after BA" was given the go- 
ahead by the- Government to buy 
19 Boeing 757 airliners. 

. The Government announce- 
ment Included ' approval for 
British- Aerospace to join the 
Airbus consortium from January 
1, subject to approval by the 
French^ and West German 
Governments, to help develop the 
new A310 version of the Airbus. 

Rolte-Royce was given the go- 
ahead, to develop the Dash 535 
-version of the RB 211 for use in 
the Boeing 757. 

British Airways had never bad 
the slightest serious discussion 
witbi*. Airbus Industrie, M. 
BeteUl'e said. “It is difficult to- 
be lieve the airline's good faith. 

“ People do not understand 
why it is the only leading airline 
in the EEC, the Middle East and 
the Far. East which has not 
shown an interest in the Air- 
bus." 


astonishing by Mr. Ross Stain ton, 
deputy chairman and chief 
executive of British Airways: 

The airline evaluated and re- 
jected the new Airbus for*the 
time being after talks with Air- 
bus Industrie, including a per- 
sonal meeting with M. Beteille 
on April 19. 

Performance data was given 
and further talks took place on 
June 12 to check this in relation 
to BA’s route needs. A further 
check was made during a July 3 
meeting called to discuss wing 
design. 

Later the airline had talks 
with .Swissair, Lufthansa and Air 
France, which may order 20 of 
the new Airbus aircraft, “to see 
why it looked so good to them," 
Mr. Stainton said last night. - 

“If. M.. Beteille now thinks we 
have the wrong data, it is for 
him to let us know," he said. 

ML Beteille said in Toulouse 
that British Airways “used- a 
falsehood," saying that the 200- 
seat European aircraft was 10 
per cent more expensive than 
the Boeing competition. 

The A310 was not a direct 
competitor to the Boeing 757, a 
fact that could- be checked by 
referring to Eastern Airlines. 

The airline had specifically 
confirmed to Airbus Industrie its 


option for 25 of ihe new A310S, 
while also ordering 21 Boeing 
757s with Rolls-Royce eogines. 

The airline. had earlier placed 
an -order fo-> 2Z of -the larger. 
A300 Airbuses, 

. M. Beteille said the Govern- 
ment go-ahead announced by Mr. 
Eric Varley, Industry Secretary, 
for British Aerospace to join the 
Airbus consortium was “satis- 
factory to everybody" ’ 

But he warned that as the 
agreement was intended to last 
20 years, it could only develop 
in an environment free from 
tension and difficulty. That did 
not exist at the moment, he said. 

Doubt was cast on the new 
partnership by M. Joel lie 
Theule, French Transport , 
Minister. 1 

He did not see how Britisb j 
Aerospace could be allowed to 
acquire 20 per cent of the capital 
of Airbus Industrie if at the 
same time BA persisted in its 
decision to buy the Boeing 757. ; 

Airbus Industrie said last nigbt 
that the launch of the Boeing 757 
and 767, the latter ordered by 
United Airlines of the UB., would 
hold up development of the pro- 
posed joint European transport 
medium-range airliner, the JET, 
in versions with 120 and 160-175 
seats. 


ALL PRODUCTION workers al 
Chrysler’s Dunstable and Luton 
plants went on strike last night 
demanding pay parity with the 
company’s Coventry factories. 

I The stonpaae, which came the 
!day after Peugeot-Citroen an- 
nounced its detailed plans for 
taking over Chrysler’s European 
operations, was described by- 
Mr. George Lacy, managing 
director of Chrysler UK. as a 
“tragic and futile strike." 

Luton, which enjoys tbe best 
industrial relations record in 
Chrysler UK, and Dunstable 
produce vans, trucks and com- 
ponents. Negotiations over the 
parity claim and a series of re- 
lated issues have gone on for 
three months. 

! The Department or Employ- 
I ment and the, Advisory Concilia- 
tion and Arbitration Sen' ice 
have been involved. 

The workers' claim to raise 
their wages under Schedule 11 
of the Employment Protection 
Act is due for hearing by the 
Central Arbitration Committee 
on September 26. 

They decided yesterday, how- 
ever, to embark upon industrial 
action at once. 

Mr. Lacy said there was 
nolhing that Chrysler could or 
would do to break the Govern- 
ment pay policy. Talks on the 
dispute with Mr. Terry Duffy, 
president-elect of the Amalga- 
mated Union cF Enginering 
Workers, are likely during the 
TUC at Brighton next week. 

Leyland hopes 

Leyland Vehicles management 
hopes to start negotiations early 
n ®rt week with local union 
officials at its Bathgate truck and 
tractor complex in Scotland and 
to seek some understanding on 
operation of plant agreements 
and procedures. 

A meeting yesterday between 
national union officials and 
senior company representatives 
was adjourned until the plant- 
level talks have taken place. The 
meeting did not discuss directly 
the strife by 1.500 machinists 
which has shut the plant; 

Union officials told manage- 
ment firmly that industrial prob- 
lems at Bathgate were largely 
caused by poor pay, which the 
unions claim is up to £10 lower 
than in comparable plants in the 
same area. 

The management replied that 
it .bad “no desire or intention 
at the moment" to close the 
plant 

It was emphasised that the 
viability of the plant which has 
been running at 60 per cent of 
production targets, was being 
eroded. 

If the present level of disputes 
continued its market share would 
be so badly affected that the con- 
tinued existence of the plant 
would not be justified. 


: CRITICAL talks to help pave the 
j way for an ull-party conference 
ion' Rhodesia opened in Lusaka 
! yesterday between the leaders of 
I the five African “ front-line " 
i slates . which provide the main 
support for the Patriotic Front 
guerrilla organisation^ 

The meeting opened amid 
controversy over claims that a 
secret meeting took place in 
Lusaka last month attended by 
Mr. Joshua Nkomo. co-leader of 
the Patriotic Front. Mr. Ian 
’ Smith, the Rhodesian Prime 
Minister, Dr. Kenneth . Kaunda, 
the Zambian President and Brig. 
Joe Garba oE Nigeria. 

Mr. Nkomo yesterday dis- 
missed these reports as “ non- 
1 sense" and Dr. Ha un da's ' Press 
1 aide described them ls 
j •• dreams." 

1 However, officials in Dor os 
I Salaam were reported to have 
insisted that the meeting had 
taken place and that Mr. Robert 
Mugabe, co-leader of the 
’Patriotic -Front, had also been 
1 brought into the discussions 
briefly by the Nigerians. 

According to this version, the 
idea .was to offer Mr. Nkomo 
high office in an interim 
Rhodesian administration and 
Mr. Mugabe a similar, though 
lesser, post. . Sir. Mugabe was 
said to have stormed out of the' 
meeting in disgust 

Whatever the truth behind the 
allegations, they could sour the 
atmosphere at the current 
summit: talks held between 
President Kaunda and Mr. Smith 
in September last year reinforced 
tbe mutual suspicions between 
Mr. Nkomo, a close friend of 
President Kaunda, and Mr. 
Mugabe. 

Mr. Mugabe may now feel once 


again that Mr. Nkomo is prepar- 
ing to break, away from tbe 
tenuous two-year Patriotic Front 
alliance >° favour of separate 
negotiations with Salisbury. 

In spite of the controversy, 
some sources here in Lusaka 
were surprisingly optimistic that 
the current summit would lead 
swiftly to an ail-party conference 
as proposed by Dr. David Owen, 
the British Foreign Secretary. 

However, the main opposition 
to such a meeting has come not 
from the Patriotic Front but 
from the Black nationalist groups 
who have now joined Mr. Smith's 
Government in Salisbury. They 
still have to be persuaded that it 
is in their interests to attend 
surh a conference. 

The importance of the Lusaka 
meeting — which Zambian officials 
say they hope will be the fast 
before legal independence in 
Rhodesia — was underlined by the 
fact that all five front-line Presi- 
dents turned up. President 
Agostinbo Me to of Angola and 
Sir Seretsc Khama of Botswana . 
ofien send representatives, leav- 
ing the main talking to President 
Kaunda, President Samora 
Machel of Mozambique and Presi- 
dent Julius Nyerere of Tanzania. 

According to Zambian officials. 
Nigeria will also be represented 
at the talks and renewed pressure 
exerted on Mr. Mugabe and Mr. 
Nkomo to accept the Anglo- 
American peace plan. These 
proposals were first unveiled in 
Salisbury u year ago, to start 
what has become 12 months of 
inconclusive peace diplomacy. 

Senior Zambian officials said 
the summit could well be over 
by this morning but declined to 
forecast the outcome because 

Continued on Back Page 


Bank of America plans 
Swiss franc bond issue 


. BY MARY- CAMPBELL 

bank of America, the 

world's largest commercial bank, 
is to -launch a bond issue de- 
nominated in Swiss francs— its 
first move to raise capital in a 
currency other than dollars. 

The issue is likely to be fol- 
lowed by at least one other 
non-dollar funding operation, in 
D-Marks, though no dates or 
details have been decided. 

The terms of the new SwFr 
SOm issue will include an interest 
rate of 3i per cent — probably 
the lowest seen ever for a 
foreign borrower on this market 
— and a maturity or 15 years. 
Union Bank of Switzerland will 
handle the issue. 

Bank of America's new move 
to .diversify the currencies in 
j which its capital is denominated 
follows similar moves by Citi- 


bank and Chase Manhattan, the 
second and third largest banks in 
the U.S. 

Bank of America will not, 
however, be following them into 
raising dotlar-denominated funds 
in the form of floating rate notes. 
It has a more stable source of 
dollar funds based in tbe New 
York money centre than the 
other two banks, because of its 
retail banking network in 
California. 

Bank of America wants the 
Swiss francs to fund its Swiss 
franc assets, including lending, 
its Zurich branch, and minority 
holdings in various Swiss banks. 

In common with the World 
Bank, it also feels that this is a 
good time to raise funds in Swiss 
francs with interest rates at a 
historical low ‘point and the 
currency -at a. historical peak. 






Schweppes challenges U.S. cola 


Sr 


interiiational news-_ agency and 
seek time- on television. . . 


• NEW SOUTH- WALES Govern- 
ment has discovered- a Dew coal 
deposit wfciefr conid be the 
biggest in Australia. - Page 19 


- deposit vuiica coma m me 
Briefly * * « y biggest in Australia. - Page 19 

- Enough sodium cyanide to. kiR HFriiiiii attendances at the 

« AS.. SESESSSSJKRSS^fiS: 

>e ^ ni Three - coastgnariis,- from ® e : industry’s confidence about.1979 
■ hI .» I 'United Arab-’ Emirates begro pag e . 3 : ... 

k . wijk traihteg at-’ Coastguard. . . ... 

31? school ■Brixham, Devon, on CBMPAHIES ' 

..4 Monday. ■ • • • LEGAL AND GENERAL 

£!■ *j.v |8 Summer visitors -woke . .^np to ■ Assurance Society emerged as 
■068%! seven'inches Qf snow-in .parts of bidder for Glanfleld Securi- 
Wjr central -Yugoslavia. ; _► • . * • ‘ties, the property and Investment 

^ay S ■-Aimite B r” S occ«^ ' ‘ iton.' ■ ' 

punched a referee after being Lyons- and -family. Page it* 
rp sent off was-finetifSOO for assault ^ COMBEN GROUP has in- 

1 L tto at a Blackpool- court.' . '.. ceased its offer for Orme 

& Li,! stewMtfesseT-slKft in London’ 12 in cash. and. shares, jage-ifr 
otf 1 days ago,- flew homd ^aying she-^ - .amk v, the Dutch insurance 
worfd,^ve^p ffyin^ ; . group,.- has increased first-half 

I3$r& TyneJttsed ttiwlerwai seriously .net PwoJJjtsW- per ““^,2 
Oi ( j dama^ Fl;41m this year, rage 

ifEnoMY 

SJ* J° 

I " -■ r - -RifiES .-DesontterjBfwsa*-" 1^ ^ 

l *5]ije * Brit and ; C mii dth ^ ^^g ^ S 286 — 4 

v ^ - if 


BY GHM5TOPHER PARSES 

CADBURY-SCm^WPpES is te st* 
ing its marketing strength 
against the entrenched giant 
companies in tbe $12bn (£&2tm) 
a year soft drinks .business in 
the XLSL 

Schweppes UBA. has launched 
a .ritrus-flavoured drink. Rondo, 
to compete with established 
brands such as Coca-Cola, Dr. 
Pepper 7 and . Pepsi-Cola. Ite 
initial promotional spending is 
$8m (£4.7m) a year,i 
“ It is going to be a hard slog- 
ging match. but we have every 
confidence/ 7 Mr. Basil Collins, 
managing director of the. parent 
company Cadbury-Schweppes, 
saidinLondonyesterday/- 
-“We 'are moving into the big 
10ague. fe . . . ‘ 

Test, marketings of the drink 
had proved remarkably success*, 
ful/ve said.' Market research 
had yielded “slightly frighten- 
ing M results. -In Kansas City 
and other centres, Rondo was 
already outselling Coca Cola, he 
claimed. 


m 


The drink was now available 
in about 10 per cent of the UJS. 
market, and the company aimed 
at 25 per cent coverage by next 
spring apd. eventually, 75 per 
cent coverage 1 

Two years ago the company in- 
creased. its promotional spending 
on its range of “mixers " — tonic, 
dry @higer and bitter lemon — by 
50 per cent. 

Promotional spending per 
bottle of drink sold in the U£. 
-was now higher than Coca-Cola 
“ot any of the big boys.” 

Mr. CoRins said a full report 
on progress would be avail- 
able when Cadbury-Schweppes 
announced - its yearly results 
next Tbsusday.. 

- He also held oat high hopes 
for the success of ithe company's 
move Into the chocodate confec- 
tionerymarketta Kite UJ5. earlier 
this year, wife the purchase of 
Peter Paul 

- This company’s three 
products- were all tin the national 
"top twenty," he dammed. The 


Peter Paul— Cadbury amalgam 
had a 10 per cent share of 
the U£. market, compared with 
38 per cent for Mars, 25 per 
cent for Hershey and 7J per cent 
for Nestle. 

Mr. Coibns insisted that tbe 
purchase of Peter Paul — for 
three tunes its Asset value — was 
“a damned good buy." All the 
products were nationally known 
end Cadbury labels could benefit 
from this. 

Tbe UJ>. side of the Cadbury- 
Schweppes business would he a 
major investment acfea for the 
next two or three years, he said. 
There would probably not be any 
major remittances to the UK. 
during that period. 


■m 






‘..m oc'-l'-v. 


The 
fastest 
way to 
South 


Every evening an SAA 


Li :: H, Africa 




t in New York 
- . I &jpLl 


Trevlau 


Spot SI.9SHW580 SL9MOSMO 

. 1 month 0.4&flL6l dis 0.*l-035 dls 

3 m onth s LiJl-tl* din UB-1.10 dls 

IXmeaflu Ji* <JS4 &<Um 


CONTENTS OF TODAY'S ISSUE 


Overseas news ; - 2 

Home news— general ...... 34 

—labour 

Aris page - 12 


Utonghts of chairman Kahn 
oh ILS. airlines 14 

The big business to charity 


Leader page 

UK Companies 


14 Wall Street 18 

..... 16-17 'Foreign Exchanges 21 


Alining 6’ Farming, raw materials m 19 

Inti. Companies ............... 19 UK stock market 22 


FEATURES 

Powerful support from 
China for .3 Gulf pact 2 

A lesson, for' life 9 

Meandering to Wales 10 


Church'- 
Xpesouttftf 
if ; . Dowty; , 


,a I»5 - — ®rs 

Mphatt ^ Qnfood J47 

enm JackHmiJU^S^y.v3r+- 3-, - Pe^[rAssurimce — 242 _ J. 
Sime Efarijy -. JJjzJrm? 4 ; r> . T^ato Longman —246 _ » 
Vmtzn : £fe<|tiard- A ■ ^ 2 

W* Uv Waffia. «»««■ ifj _ 4 

lot-*®’ Ck>nrincR»tiato. ;r+.^3?A ri: -? Vospw- .- _ 7% 

;Jj, rjj PeBeergD^ ^^ 6^ i .,Cei^^cific Mlnerals 42a * 

S® * ... • 


AtfpfibunieBti — — 

KMl» 

dna h 

Cal lectliH 

CronwonJ. Prate — 
Ecaannk Diary 

E nw r to d— cm -CtoMe. 

Fhumce A Fairtijy.-. . 

’F'rtActsarfc* Sidlcai 
fiHdmimi — i 
GdW 


How tit Spend It_ 

tnaorawa 

Letter* 

Lex ..... 

Mu tf Urn Week — 
Mewrlaa . ; 

PnOtK table. 

Property 

Ttaclns - 


n 


U 

6' 

TV and 

12 

14 

link Tncts 

23 

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aOVERSEAS NEWS 







Electioneering charge in 
W. German spy case 


BY JONATHAN CARR 

RvesT GERMAN authorities In- 
vestigating spying allegations to- 
day searched the Bonn office of a 
parliamentarian belonging to the 
ruling Social Democrat Party 
:tSPDi. They declined to reveal 
the' result. 

Simultaneously. the SIT) 
•accused the opposition of mis- 
using the espionage investigation 
to discredit Government policy at 
home and abroad and thus gain 
an advantage in vital provincial 
elections. 

The search, carried out by 
officials of the Federal Attorney's 
office, followed a brief special 
session of the Bundestag which 
voted to lift the parliamentary 
immunity of the SPD Deputy 
concerned. Dr. Uwe Holtz. 

The vote was unanimous — thus 
with Dr. Holtz himself supporting 
the action and urging that the 
investigation be carried out as 
quickly as possible so that his 
name could be cleared. He has 
been a member of the Bundestag 
since 1972 and is chairman of its 
committee on development aid 
matten;. 

Today’s action comes two day* 
after official word that the per- 


sonal aide of the business mana- 
ger of the SPD, Herr Egon Bahr, 
was also being investigated in 
connection with the spying alle- 
gations. There has been no word 
on the result of this examination 
either. 

The Government itself has 
given little information -— 
has firmly said the affair could 
not justly be compared In im- 
importance with the spy scandal 
which unseated Herr "Willy 
Brandt as Chancellor hi 1974. 

However, -the respected Frank- 
furter Allgemeine Zeltung voiced 
the feelings of many when it said 
in an editorial today that the 
case could hardly be a small one 
If it involved the lifting of the 
immunity of a parliamentarian. 
The truth is that on the basis 
of the slim evidence available so 
far — accompanied by copious 
rumour and parly political snip- 
ing — few know what to think. 

It is accepted that the origin 
of the present investigation lies 
in revelations about spying in 
Bonn on behalf of communist 
intelligence made by a high 
level Romanian official who 


BONN. Sept L 

vanished In Cologne last month. 

Beyond that, nothing seems 
certain. However, a " hot 
political autumn ” had long been 
forecast here, with a crucial elec- 
tion in the state of Hesse next 
month — only the first of a series 
which could upset the balance 
of power in Bonn. 

Herr Bahr has for years been 
a major target.for the opposition 
—ever since he acted as a 
principal arbdtect of Herr 
Brandt's “Ostpolitik” in - 
early 1970’s. The apposition 
accuses him of favouring the 
Communist states too readily and 
of toying with the idea of West 
German withdrawal from NATO 
— suggestions which Herr Bahr 
has recently again dismissed 
ridiculous. 

The opposition now accuses 
Herr Bahr of "warning his aide, 
Herr Joachim Broudre-Groe^er, 
that he was under suspicion 
before authorities could fully 
carry through tbeir iuvestxga 
Hon. Herr Bahr denied this 
saying his aide only learned ol 
the espionage allegations when 
they first appeared this week — in 
the right-wing press. 


as 


fflsQ® 


Anglo American 
Industrial Corporation Limited 


(Incorporated in the Republic of South Africa) 


INTERIM REPORT AND INTERIM DIVIDEND 
Tbe following are the unaudited profits of the corporation and its subsidiaries for 
the six months ended 30th June. 1978. together with the comparative figures for the six 
months ended 30th June. 1977, and the year ended 31st December. 1977. These should 
be read in conjunction with the notes below: 


Group profit before taxation 

Deduct: Taxation and deferred taxation 

Group profit after taxation 

Less: Profit attributable to minority interests 
in subsidiary companies 

Group profit attributable to Anglo American 
Industrial Corporation Limited 

Cost of interim dividend No. 29 of 25 
cents per share ....... 




Half-year 

ended 

30.6.78 

Half-year 

ended 

30 6.77 

Year 

ended 

31.12.77 

ROOO's 

33059 

10 922 

ROOO's 

29547 

11517 

ROOO's 
66 446 
24 392 

22137 

IS 030 

42 054 

621 

589 

1462 

21 516 

17445 

40 592 

6 715 

5 910 


26 861 947 
80.1 
25.0 

26 861 947 
64.9 
22.0 

26 861947 
131.1 
70.0 


Number of shares in issue ... 

Earnings per share cents 

Dividends per share cents 

NOTES: 

L. The Atnic group's profits have increased as a result of Improved results from Boart 
International Limited and Scaw Metals Limited. 

with effect from 1st April, 1978 the chipboard division of Bruynreel Piywoods 
Limited (Bruply) was merged with the chipboard manufacturing interests of the 
Associated Furniture Companies Limited group in a new company. Spankor Limited, 
with each party holding 50 per cent Accordingly, the Amic group results for the 
half-year ended 30th June, 1978 include the operating results of Bruply's chipboard 
division only for the first quarter of 1978. The remaining activities of Bruply 
operated satisfactorily. The increase on 1st May. 1978, in sawn timber prices 
together with the reorganisation currently being undertaken by SA. Forest Invest- 
ments Limited, is leading «w improved results. 

The Amic group’s interest in Mondi Paper Company limited (Mondi) Increased 
to apprOHmatelyMper cent with effect from 1st July, 1978. following the acquisition 
of a further 5440 000 shares at a price of R1.60 a share. Consequently, the results 
. ° r ,“ ls new subsidiary will be consolidated in the Amic group results for the 
half-year ending 31st December, 1978. Mondi has recently negotiated the sale of 
the milting complex, fields and related assets of Melville Sugar Estates for a 
consideration of R7 000 000. s 

It should not be assumed that the results for the year ending 31st December, 1978 
will necessarily be proportionate to those for the first six months of the year 
because revenue from trading operations and investment income does not accrue 
evenly throughout the year. 

Particulars of the group's listed investments are as follows: 


2 . 


3. 



At 

At 

At 


30-6.78 

30.6.77 

31.12.77 

Market value 

ROOO’S 

ROOO’S 

ROOO's 

82 280 

54 571 

65 152 

Bonk cost 

53226 

50 709 

50 324 

Appreciation 

29 054 

3 862 

14S2S 

A The above figures exclude the following: 

•“ — 

~ 

~~ r ' 

(a) Net surplus on realisation of 

Investments 

293 

— 

128 

(b) Profit on sale of land and buildings 

- 


162 

(cl Provisions against loans and 





— 

amounts written off fixed assets, 
unlisted investments and goodwill 
which are considered annually at 

the financial year end, and currency 
adjustments 



875 


’■ ^°5oo? PiU1 at 30th June. i 97Sl amount to 

For and on behalf of the Board 

Interim Dividend No. 29 W. G. Boustted ) directors 

the Lnited Kingdom currency equivalent on 17th October 197S of rnnH l Ir 

1ST, ^ i ri„,fnr 1 H PPrOPri *“ Ao y ™ch 0i: S^ r hoS may howeve^M 

tn be paid in South African currency provided that any such request is received at thS 

sm,aries in jt,haMcsb ^ « ^risraass 

secretaries in Johannesburg and the United Kincdom curparanun s iransxer 

Tbe effective rate of non-resident shareholders' tax is 15 per cent 

By order of the Board 

ANGLO AMERICAN CORPORATION OF SOUTH AFRICA LIMITED 

Secretaries 

per D M. Davidson 
Divisional Secretary 


Transfer Secretaries? 

Consolidated Share Registrars Limited, 
62 Marshall Street, 

Johannesburg 2001 

iP.O. Box €1051 Marshalltown 2107) 

Charter Consolidated Limited, 

P.O. Box 102, Charter House, 

Park Street. Ashford, 

Kent, TN24 8EQ. 


Registered Office: 
44. Main Street, 
Johannesburg 2001 . 

London Offiee: 
40. Holborn Viaduct, 
EC1P LAJ. 

2nd September, 1978. 


Washington 
worried by 
Nicaragua 

By Josvph Mann 

MANAGUA, Sept. L 
THE U.S. GOVERNMENT ts 
reformulating Its policy toward 
Nicaragua in the wake of tike 
Increasing violence and 
steadily worsening political 
situation in the country. 

“ Washington la very con- 
cerned about an incipient dvll 
war," an American official said 
-privately yesterday. The U.S, 
which under " the Carter 
Administration had “ preached 
democracy ” to Nicaragua with- 
out supporting its position 
with, a strong overall policy, 
must change Its tactics, the 
official said. 

The most Hkely option open 
to Washington Is to press for 
mediation between the 
embattled Government of 
General Anastasio Somoza and 
the various Nicaraguan opposi- 
tion {Trees. Potential media- 
tors would be the UJ5. Govern- 
ment Itself, other friendly 
governments or an inter- 
national body such as the 
Organisation of American 
States fOAS). 

Meanwhile, violence con- 
tinned in the .northern town 
of Matagalpa" as the army 
pitted armoured personnel 
carriers and heavily armed 
soldiers against young rebels 
who control most of the city. 
During action yesterday troops 
advanced several times against 
rebel positions hut made no 
progress. 

Youths with pistols, light 
calibre rifles "and [l home made 
bombs held bff ‘greater num- 
bers of National . Guardsmen 
and confined them Jo the areas 
around the town’s main square. 

The army reported one 
soldier killed yesterday and six 
wounded. Rebel losses were 
not known, hat the 100-150 
yonfhs holding tbe town have 
been badly outnumbered since 
Monday. 

In the capital, Ihe anti- 
government general strike 
begun a week ago reached its 
peak strength yesterday. Local 
businessmen estimated that 
SO per cent of commerce ami 
50 per cent of industry had 
been shoe down yesterday. 
They expected the strike to 
gain further momentum. 

Bowei er. public transport, 
hanks and basic services were 
still functioning. Executives 
-.aid they believed the strike 
could continue to grow if it 
manages to last the weekend. 

Scattered violence occurred 
in Managua yesterday and 
several bombs went off last 
night. The city remained 
generally calm. 


Moscow trial 
next week 

By David Satter 

MOSCOW, Sept Z. - 

MR. JAY CRAWFORD, the 
Moscow representative of 
International Harvester, will 
go on trial next Tuesday on 
charges of using $8,500 to buy 
20,000 roubles and six samovars 
from Soviet black market 
operators. 

Mr. Crawford, who was 
dragged from his car on June 
12 at a busy Moscow inter- 
section during a period of 
heightened tension between 
the Soviet Union and the 
told a Press conference that 
he will be one of four defen- 
dants. He said the other three 
did not contest the charges. 

If convicted, Mr. Crawford 
faces a maximum term of 
eight years' imprisonment and 
live years' Internal exile. 


U.S. unemployment rate 


BY JUREK MARTIN, U-S. HXTOR 


the ub. unemployment 
rate feu appreciably to 5.9 per 
cent of the work force in August 
down from 6-2 per cent in the 
previous month. 

Although unemployment has 
become a much, less potent poli- 
tical and economic issue in 
recent months, the Carter 
Administration is likely to draw 
some encouragement from this 
latest reduction. Apart from 
tbe cut in the inflation rate is 
July, there has been little else 
to cheer about In the last few 
months. 

However, the gyrations in the 
jobless rate since early summer 
argue against drawing too many 
conclusions from one month's 
performance. 

In June, the percentage of the 
labour force out of work dropped 
sharply from 6.2 per cent to 5-7 
per cent in ■ July, however, that 


gain was wiped out, suggesting 
that, after a period when there 
had - been ’little change in un- 
employment, " statistical aberra- 
tions may have distorted "the. 
figures in both months. 

Given the growing evdenee of 
a slowdown in economic activity 
after the spring boom, August's 
reduction to unemptoyraeot 
comes as a surprise. In fact the 
increase in " employment in 
August of 160,000 was much 
smaller than the average 
monthly increase for the presid- 
ing 18 months (July of this year 
excepted). 

The major gains were recorded 
by those sectors of tbe cOth- 
m unity who : have found It 
hardest to find work. Unemploy- 
ment among adult women fell in 
August to 6.1 per cent from 6.5 
per cent in July, among all 
blacks and other minorities to 


117 “s°6 

and among a cent 

I** Cent Maek I teenkge unemploy- 

Even black ieews ^ prob- 

The A^urt retturasonM 

ssrsffibS-Sn at iust o,er 

6 With" Mbjgy 

economy to grow ax ternis 
wiSd be insufficient to 

expansion. 


WASHINGTON, g^j 

David Buchan la "* t 
writes: Underlmmg -Ai 
non concern about the 
U.S. deficit • with 
C omme rce Secretary- 
Kreps will lead a- trade 1 
to Tokyo next nionttLnFSJ 
>han Z0D members, 
businessmen. 

Announcement of the mi^ 
tha biggest ewer to JapetH* 
jaws mews that the 
trade deficit wish Japan ce«j5i 
month to up -.feouH& 

Slhn deficit to June. Tfie -uS 
deficit was $S-6bn. . _■*? 

The fall an the doll 
the yen in recent Ww 
help American business 
a greater ' penetration'- 
Japanese market A -gectafiC 

aim of the Kreps nnssitrif^ 
be to necourage Jasjane» h» 
ment in the U-S. 



Begin to set out his objectives 


BY OUR OWN CORRESPONDENT 


IN A TELEVISION and radio 
address to the nation tomorrow 
night, Mr. Man ahem Begin, the 
Prime Minister will outline the 
objectives he is seeking for Israel 
during next week's three-way 
summit at President Jimmy 
Carter's Camp David retreat. 

The main lines of his policies 
are already well enough known 
and there is no outward sign that 
substantial concessions are on 
offer. Only last night the Israeli 
leader proclaimed with pride that 
he had support from three- 
quarters of the Knesset "(Parlia- 
ment) on five key points, 

- These were: Israeli retention 
of East Jerusalem, no return to 
1967 frontiers, no minor rectifi- 
cations of these borders, a 
continued Israeli army presence 
along the river Jordan; and con- 
tinued stationing of Israeli troops 
On the West Bank area. 

Tn the same speech, Mr. Begin 
also turned down a suggestion, 
canvassed In the American Press, 
for "U.S. troops to be posted in 


the West Bank as guardians of 
Israeli, security. 

Government sources reported 
that Mr. Moshe Dayan, the 
Foreign Minister, has been 
exploring the possibility of 
changes in the 26-point Begin 
peace plan to make It more pala- 
table t o President Anwar Sadat. 

One suggested change was 
dropping the requirement for 
Israeli troops in the West Bank 
to retain responsibility for public 
order. . as- well as general security. 
Another was that West Bank and 
Gaza Arabs should be granted a 
larger 'share of self-rule- than at 
first envisaged. 

Ur. Begin has said that he will 
pnt forward “ new formulations " 
to his peace plans. It seemed 
unlikely that he had anything in 
mind that would come near Presi- 
dent Sadat's demand .^of- full 
Israeli withdrawal to 1967 
frontiers. 

One idea that seems to. have 
been quietly dropped, .is Mr. 


TEL AVIV. Sept. 1. 

Begin’s proposal for a partial 
peace agreement with r.gjTJti 
toould an overall pact prove un- 

*wSf«jBl writes In Beirut: 
Syria and the Soviet Union have 
worked out a conjnion strate^ 

to deal with whatever may come 
out of the Camp David talks, 
according to Arab diplomats who 
have been following the talks m 
Moscow by Syrian Foreign 
Minister Abdel Halim Khaddara 
during the past three days. 

Tbe diplomats said Mr. 
Khaddam received fresh 
assurances of Soviet support in 
tbe event of a bilateral agree- 
ment between Egypt and Israel. 
But Moscow was reported to 
have advised restraint by the 
Syrians Ln Lebanon. 

Meanwhile, the 30,000 Syrian 
troops with the Arab peace- 
keeping force in Lebanon and 
Palestinian guerrillas have been 
placed on high alert in anticipa- 
tion of possible Israeli military 
action in Lebanon. 


Protest strikes over Danish coalition 


BY HILARY BARNES 

WIDESPREAD unofficial strikes 
continued today as workers pro- 
tested against the formation of 
Social Democratic-liberal 
coalition Government 

Copenhagen's four largest daily 
newspapers failed to appear, 
refuse collectors in the capital 
went on strike, and postal 
services were disrupted. A big 
demonstration by Copenhagen 
workers was planned for this 
evening outside the Folketing. 

In the Folketing Prime 
Minister Anker Joergensen 
appears to be facing a revolt by 
left-wing members of his Social 
Democratic Group. About six of 
them may be prepared to abstain. 


if not to vote against him, in the 
vote on the Government's 7 ' pro- 
posed increase In Value Added 
Tax from 18 to 20 per emit They 
are 'angry that the Government 
has refused to provide com- 
pensation to socially, .exposed 
groups. .'vo - - 

Meanwhile, the Krone’fell to 
its lower intervention level 
against the DM ark in the Euro- 
pean currency snake, today. 
Dealers said that the .pressure 
was a result of selling from 
abroad and .was not reused by 
domestic fears of a devaluation. 

While most dealers agree that 
at some point an adjustment , of 
the Krone against, the D-Mark 


COPENHAGEN, SepL 1. 

is inevitable, they also feel that 
the new Government will put off 
any change until it is firmly in 
the saddle and will be less sen- 
sitive to the political odium of 
what will be called a devalua- 
tion. 

The executive commitee of the 
TUC confirmed today the TUC’s 
opposition to the formation of 
the coalition and said that the 
conditions on which it was pre- 
pared to accept incomes policy 
restraints no longer exist But 
the committee said it would not 
refuse to attend the Govern- 
ment's planned tripartite dis- 
cussions on incomes policy with 
the employers, the unions and 
the Government 


Earnings increase sharply in France 


BY DAVID CURRY 

THE PURCHASING power of 
French workers rose rapidly in 
the second quarter of this year— 
certainly at a rate which would 
threaten the Governments in- 
comes policy if it continued into 
into tbe second half of the year. 

Nominal hourly wages rose by 
6 per cent in the period April to 
June compared with 2 2 per cent 
in the three earlier months and 
3.3 per cent in April, May and 


June of 1977. Prices rose by 
2.8 per cent over the period of 
the most rapid increase in wages. 

Over die first half as a whole, 
average purchasing power was 
up by 2.45 per cent, whereas tbe 
same period last year saw an 
average rise to the purchasing 
power of the hourly wage of only 
0.65 per cent 

Tbe elections of March 
appeared to have played a role 
in the stepping up of wage 
awards. Companies which held 


PARIS. Sept 1. 

bade from negotiating collective 
agreements before the election 
have now concluded deals with 
the unions. 

These agreements are probably 
more generous" In the wake of 
the renewed confidence following 
the conservative election victory, 
while the minimum wage was 
raised twice in the first half of 
the year in conformity with the 
Government’s promise to im- 
prove purchasing power at tbe 
bottom end of the wages scale. 


Japanese 
investment 
increasing 

By Charles Smith 
| TOKYO, Sept £ 

[ FIXED I NVESTMENT . vfr 

I Japanese industry (taeltaiinj 
‘services and other con-manteaf 
turing sectors) should ihezeafr' 
-by 15 per cent during fiscal yea 

1978 after failing by nearly i> 
per cent in fiscal 1977. - 

This is forecast by the state 
owned Japan Development "Bait 
on the strength of a surrey: g 
investment plans made by bij 
Japanese companies. The soriq 
points out, however, that i 
massive rise in investment hj, 
electric power companies. 
vides the main reason for & 
increase in overall investinaji 
expected during 1978. Drain 

1979 electric power investments 

expected to level off, resulfiugn 
a small decline in overall invest 
meat. , ■ 

The Japan Development Bun 
sends out questionnaires wide i 
year to ail companies in Jajiu 
with capital of over Yen lbn ak 
normally receives replies frm 
about 80 per cent of those qpu 
tioned- The resulting ; dab 
account for roughly one-third # 
all direct investment In- flu 
private sector, the Bad 
estimates. . It believes that per 
ceatage trends shown by 'tor 
surveys are a reliable guide fir 
the whole of industry efe 
though smaller companies an 
not included in the survey. 

In 1977 the JDB found &f 
respondents to its survey sped 
Y7,397bn on fixed investment i 
decline of 3.4 per rent from at 
1976 figure. Within this overall 
total manufacturing investment" 
fell by 112 per cent (the fidii- 
consecutive annual fall) yim 
non-manufacturing .. investment 
(including electric power gerem ■ 
tion) went up "4 per cent. In 18T! 
the Bank forecasts a small rise to 
manufacturing investment and i 
remarkable 27.5 per cent j utnpjn - 
non-manufacturing investmeat 
caused mainly by the boom 
electric power investment TUi 
latter appears to be due to.4 
bunching of investments - in 
nuclear power plants afld, 4n 
nuclear fuel processing. - ^ 

The process will not m 
repeated in 1979 and investmeat 
in the electricity industry- win 
accordingly level off next ye»t 
probably rising by only I P® 
cent or so. 

Other highlights to the JDB 
survey include a 215 per 
rise in investment by airlines 




. 1 K ->■ ' 


\ i i 


PtNvmAL Times, mbiWied d»ilv e**? *2"“ 
dsn ud holidays. U.S. sip m -ri p tlow 
fair frciffeu SSM.no lair mill - per aw*- 
Second class comae paid at New York. "-»• 


CHINA’S MIDDLE EAST POLICY 


A powerful supporter for a Gulf pact 


SINCE THE death of Mao Tse- 
mng and the consolidation of the 
power of his successor, Hua Kou- 
fens, Chinese policy to the 
Middle East has undergone a 
quiet but radical change. Three 
years ago Chinese involvement 
in the area was confined to trade 
and economic projects intended 
lo maintain a low profile but 
healtby bilateral relations with 
a few states. Since the end of 
1976 China has embarked on an 
extensive programme to increase 
contacts with Middle Eastern 
states through open diplomatic 
channels and recently by discreet 
overtures tbrougb intermediaries. 

The reasons for China's newly 
aroused interest is the increased 
Soviet influence in tbe region. 
Chinese alarm at what Peking 
regards as Russian desire to 
reach the Indian Ocean and the 
Middle East's oil -prod tic in g heart- 
land has been heightened by the 
recent coup in Afghanistan and 
the change of government in 
South Yemen, which "drew both 
of these stales closer to the 
Soviet Union. 

The focal point cif Chinese 
attention is the Gulf and in par- 
ticular the stalled negotiations 
of the Gulf security pact which 
was first discussed by regional 
states two years ago. It was 
at that time that Chairman Hua 
embarked on a prolonged and 
intense personal correspondence 
with the Shah of Iran which led 
to the current visit, according 
lo a senior diplomatic source 
close to the Chinese. 

China and Iran- opened 
diplomatic relations in 1971 at 
a time of intensified Iranian 
involvement in third world 
affairs (Iranian interest in the 
Far East and South East Asia 
was reflected in Tran's, participa- 
tion In the International Control 
Commission in Vietnam). Peking 
made further diplomatic inroads 
into the Middle East by opening 
mil relations with Kuwait in 
1972. Until this time Chinese 
interest in Arabia -had been 


confined to project assistance in 
North and South Yemen and 
trade with private business in a 
number of Gulf states including 
Saudi Arabia. Saudi Arabia 
actually banned such trade with 
China in 1972 because commer- 
cial transactions also involved 
the unsolicited arrival in the 
kingdom of voluminous quantities 
of Maoist propaganda, hul 
private trade was resumed 
quietly after the death of .King 
Feisal. 

Relations with Iraq have 
necessarily been influenced hy 
Baghdad's close relations with 
the Soviet Union and could not 
have been helped by tbe siskins 
of the Iraqi-Soviet treaty of 
friendship and co-operation. 
However, Iraq's internal troubles 
and tbe recent execution of a 
number of Communist party 
members in the army have 
changed the picture. 

Iran and Iraq aside, China has 
had diplomatic relations with no 
state in the Gulf other titan 
Kuwait. However, the past few 
years have seen an increase of 
private trade with Oman. The 
Oman Government was pleased 
that China did not even object 
to Oman’s trade office, in Taiwan 
because of the important 
distinction made in Peking 
between Government and private 
commerce. 

With a steady eye on tbe Gulf 
Security Pact China has sent a 
number of visitors to the area 
tins year including tbe Deputy 
Foreign Minister who went to 
Iraq and Kuwait in April, stop- 
ping briefly in Tehran for two 
hours "Of talks on the way. 
Huang Hua. China's Foreign 
Minister came to Iran the follow- 
ing month before going - on to 
Kuwait. Diplomats confirm that 
in both countries he discussed 
the Gulf Security FhcL 

By this time the Chinese . had 
noted Iraq's little remarked 
concern about the increased 
influence of tbe Soviet Union in 


BY MICHAEL T1NGAY IN TEHRAN 

the area resulting from the pro- 
Moscow coup ln Afghanistan in 
April and the change of govern- 
ment in Aden the following 
month. Iraqi official statements 
stressing the need for inde- 
pendence from superpowers had 
been heard some time before the 


CHINA HAS had, and Is con- 
tinuing, with indirect contacts 
with Saudi Arabia through 
intermediaries, Michael Tingay 
re ports. This wan confirmed - 
liy a responsible source In con- 
tact with the Chinese delega- 
tion accompanying Chairman 
Hua who left Tehran yesterday 
for Peking after his State visit 
to Iran. 

Press reports In London and 
Jeddah quoted Saudi diplo- 
mats saying that '‘relations 
with Peking are out of the 
question.” This neither con- 
firmed uor denied that contacts 
bad taken place but was in 
response to reports elsewhere 
about contracts. 

A Rumanian delegation is 
known to have been In Riyadh 
earlier this summer. Rumania 
has no relations with Saudi 
Arabia but Is believed to have 
acted as an Intermediary for 
China .elsewhere In the Arab 
world. 

arrest and executions in 
Baghdad of Communist army 
officers. 

The Guir security pact has 
three aims — external defence 
and protection of the straits of 
Hormuz and the Gulf waters, 
internal security ini the region 
with mutual co-operation and 
assistance and economic co- 
operation. The idea originated in 
Kuwait which was concerned 
with stabilising and settling 
border disputes io the Gulf. 
Kuwait believed that successful 
negotiation of such a pact would 
aectwsarily involve the settling 
Of Iraq's long standing claims on 


Kuwaiti territory. Bahrein sup- 
ported Kuwait's initiative. 

Discussion of the pact in 
November 1976 at the Muscat 
conference of Gulf Foreign Mini- 
sters led to nothing. Iraq openly 
came out against the pact on the 
grounds that intelligence and 
defence secrets might be passed 
to external powers because of 
Iran's membership of CENTO. 
The Gulf Arabs regarded this 
reasoning as spurious arguing 
that outside powers had other 
means of prying than using 
CENTO links with Iran. 
Baghdad's argument could also 
be turned around because of 
Iraq's treaty of friendship and 
co-operation with the Soviet 
Union. Saudi Arabia woe 
cautious fearing the pact 
would involve a military and 
intelligence presence on the 
Arabian mainland of which 
Iran might take advantage. 

.Since then everything has 
changed. Tbe Sheikhdoms were 
highly ttUfermod hy the assassina- 
tion in November 1977 of Saeed 
Gbobbaab, UAE Minister of 
State for Foreign Affairs. Iraq 
has been jolted by the implica- 
tions of Soviet involvement in 
the internal changes of power 
In Afghanistan and South 
Yemen. Saudi .Arabia and Iran 
have cemented a friendship 
based on fear of Soviet and 
Communist expansion from 
within and without. Oman, 
which with Iran is now the 
greatest enthusiast for the pact, 
has .brought a new dimension 
into regional policy by its joint 
communique with China which 
followed uhe Foreign Munster's 
visit to Bekiag in May and may 
be the prelude to the opening 
of fuU diplomatic relations later 
this year. Oman denies thul 
Sitzdi Arabia was hostile to the 
vtet pointing out that Riyadh 
nether praised not raised any 
o&jecliwis; lo the trip. Iraq has 
{tivNi t he strongest possible hint 
of regional goodwill arresting 


& 


an Iranian who allegedly 
feased to involvement in 
week's Abadan cinema 
wtoah killed 337 people rtd 
handing him to toe IrankU? 
while the Chinese visit 
taking place. 

China has responded to 
iopments with the public visit* %. 
already mentioned. It has. j ; 
made overtures recently ; i«| :? 

intermediaries to Bahrein. UAS ‘’1*1 
and Saudi Arabia. It Is le3T®*“ ^ ’ 

from senior Arab diplomats- Tr! 
approaches to UAE and Babri® - 
may have been made throng 
Kuwait or even Iran but ntWl 
interesting is the revelation 
a small delegation to® > 
Romania, which has no relat*®# 
with Saudi Arabia, vis®? ' ■ . 
Riyadh four months ago. 
information originates toW® 
diplomats in Saudi! Arabia but "-. 
a member of Bahrein's cabiM* ■ 
recently gave added credence 
the story confirming in priva® 
that it was not out of the 
tion that overtures .from Cbi#*_ . 
had been made through such i® 
intermediary. „ 

Further confirmation 
China's interest in developtoS "*® 
relations in the .area and'*® • • 
encouraging the Gulf secdfiU v ' 

pact came last night at \ 

banquet speeches in Tehrad.^ " 
the Shah and Chairman - 

The Shab spoke of Iran's 
understanding with the GbiM* 8 :-. * 
that the preservation of - 

security of toe “ Persian Gulf- , • 

and Indian Ocean should be tbf 
sole responsibility of Ehe LittMW 
states, in hag reply to 
address Chauman Hua spoke"* 

China’s, intention “ to extend qw. 
relations with other nation-.; 
warning of China’s total 
tion of “ hegemoniem und esPf®*' 
sioni&m by big powers," he 
Mid pointedly 

affairs of each region stawW J* 
regulated by toe nations .of 1 
regiaa, w . . • . ~i 


i r\t. 


\ i 








LABOUR news 


lf|$©ur policies j Trade balance shows ! Record 




aent 

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£289m surplus 


by Michael blanben 


— r WUU 

Daradisa wn>r^i^h ■ socialJst and convert actual unemploy- 
for disaster ground ment into concealed employment. 

ffijSffSJ? J*® ™»«llfce treating the symptoms 
iK5%^,oK^^L Th ? Ich . er * rather than the disease.- 


■. -- ^T^ PE ^^^ SCOTT 1 s H correspondent 

i)SLZ QUEUES and the u - „ ■ , «_ .J, * * * " . .. * greater than had 6een indicated over a "longer period. This pro- lending rates • i n the "Euro- 

tida . of . . Labour's wi^uT* "j c “ supply affect th e. stati stics previously, according to the latest gramme accounted fur more tnan currency markets. 

and complete ' figures published £l-5bn of the improvement in the The biggest City contribution 
in the Government's annual Pink visible trade balance last year, came as usual front the insurance 
Book. . . ■ from the 1876 deficit of f3.59tm industry. Net earnings of 1809m 

..the Conservative" Part V “leadpr’ „„ ‘ The current account surplus is to a deficit of £1.71bn. were more tha n £i00m better 

saidflast night. - ’ ? ow p H l at ^P 1 "' a Kha . rp However, this contribution was ? a ° lh , c P^vious year and 

. Earlier she had told party tS b? 3 ^i a ?Sd S, ili^ SS thaS from lh S P revious y* ar * deQeit partly offset by the build-up 0 f Jpuble the level recorded in 1975. 
.Wlrere that the Tory GenS £114bD - The estimates pub- Merest, profit and dividend.^ ^dou of me market, the 

ei ! al onv.ed. Government borrowing i^hcd previously indicated that payments due abroad, from £Mm companies. Lloyd's and the 

the surplus was only £165m, while to £367m. and this accounted for brokers, eontirbuted to the im- 

the 1976 deficit was put rather, a large part of the fall in the Pavement, 
lower at £S59m. -surplus on invisibles. The banking sector, however. 

The main .reason for the re- A ta h Ip chows that Mw a ..?5 cline in net earnings 

visions lies in a rather better be f we ^1973 1977 ih/diS from £ ?i 6m >° *®Sm* 
performance last year on the coiu-ibSli^mSdebv North&S 0u:s J d S the Cit >'* the main 
invisibles ; account, compared with T^d "S to^e^ Current iSoSit ronlr,hution - 
Jower figures ^than previously Jas mS^Som a deSof S 


THE TURNROUND in Britain's dramatic improvement in the cause of the narrowing of the. 
{trade balance last year was even trade figures, both last year and margin between burrowing antlj 


came again from 
Tourists and other 


. * -•“**«* viiviea. uovernmeni uumiwinj; 

„y ou i? aRd detailed resulatfons which 
° f i reduc n 5 diverted effort from production 

IS • •5S™ f ?i a ! w aDd “d efficiency had to be reduced, 
order and the defence or „ , * . . . . 

democracy. But in a speech to . . Let us set this dear; rea t 
Young. Conservatives in Glasgow Jobs are created by the skill and 
at- the end of her two-day Scot- enc?r sy of those in industry and 
tish tour she launched a M m“ercc wn° sec a market and 
fierce attack on the- GovenJ sat,sftr 11 The most useful thing 
ment'* industrial record usm„ a government can do u assist and | 

the slogan “Labour isn't work enc( >urase this natural process.; invisible earnings for 1977 are eontHbmlnn?n - 

ing"-X caption on the niust not I P« « just nnder £2bn. This $e SpitaUoconnS^ risen frarS «**«"■ , The 

controversial Conservative adver- n IPt^ e 2 V-^ , w v I sliJJ shows a marked downturn £64 m t0 fushn. net contribution of iravsl to the 

tising poster * l,TE aaver A political philosophy based { from the £2.45bn recorded ln “ K1U " balance of payments went up 

Successful ' private enternrise n P detailed government intcrven-i I9 76. hut nut as great as had N-rrnwin® from £fi27m tu £i.08bn. 

would create jobs in the future regulabon does not turn appeared frqm ^ figures pub- ■ r> i8 rro WI*lg Civil aviation provided a 

not planning agreements she ° r [ lisbed so far. ' The breakdown of the invisible surplus of £--Hm last year in 

said. them. Socialist^ planners so i u 15 likely that the new ,cvi- earnings shows that the City's spite of operational difficulties 

One oF the most important oftea S et it wrong. Idence on invisibles will lead to net overseas 'earnings totalled which meant that overseas earn- 

■ ' Mrs. Thatcher also mocked the ' some upward revision of the £l.75bn. This was a slight fall ings by UK airlines did not grow 

frishtened five" — the. senior I estimates used so far for fn- from the previous year’s cxcep- as rapidly as payments to over- 

visible earnings in the first tional £LS4bn, but well up on seas airlines. But the £3.47bn 

quarter of this year. In recent the £1^25bn recorded in 1975. earned from overseas on sea 

months the - current account Most sources of City income transport was nearly matched by- 
figures have been worked out on increased between the two latest payments abroad, 
the basis of invisible earnings years, but earnings from coin- Consulting engineers increased 
running at’ the equivalent of maditv trading were almost their overseas earnings by 43 
£120m a month. halved at £109m. There was also per cent to £305m, and overseas 

The Pink Book also highlights a sharp decline from £244m to earning - from royalties of £430m 

the -major Contribution made by £76m in the net interest received were £100 in higher than pay- 

Nortb Sea Ail and gas to the by the banks from, overseas be- riumts rtjade abroad; 


turnout 
at Motor 
Cycle 
Show 


By Kenneth Gooding. 

Industrial Correspondent 

RECORD ATTENDANCES at the 
International Motor Cycle Show, 
Earls Court— which ends today- 
have increased the industry's 
confidence about 1979 sales even 
though the statistics for this year 
paint a fairly gloomy picture. 

In the first seven months of 
197S, motor cycle registrations 



tasks of the nest government 
would be to build the economic __ 
conditions in which genuine jobs Ministers reported to have urged 
could be created. . Mr. Callaghan to wait .until next 

“I am not talking about marc spring before culling an election, 
artificial jobs; they may be better “ There argument seems to be: 
than having nothing to do, but Never accept a thrashing today 
what we really want are jobs that if you can put it off until 
not* only create extra work, but tomorrow." 
extra wealth.' It was .hot difficult to see why 

' "Unemployment- can't be they were nervous of feeing the 
reduced for long by • measures .people, she added, ^ - . 


imlKated for 1976. " sltive Stal of £95Sni At visitors t0 Brilain spcm £21Sbn - ‘ feU by l - per . ceot 10 M - 2 7 6 . C ? I °: 

!L,n P °n*l e J?LLLiS' n .J aLmost double ihe £l.lbn spent ipa«?d with the same period last 

year. 

The trade blames the poor 
summer' weather — because sun- 
shine always boosts sales. 

Total two-wheeler registrations 
are bound to fall severely from 
the 256,373 recorded in 1977 
because moped (under 50cc) 
Sales have been badly affected 
by the legislation, introduced last 
July, restricting these machines 
to a maximum speed of 30 mpb. 

This has practically closed the 
market for sports models. 


Registrations 


Weekend flight delays 
of up to 34 hours 

BY LYNTON MeLAIN 

MANCHESTER AND Glasgow Genoa after a 14-hour, 350-mile 
airports are likely, to be among coach journey from Britain. The 
the worst hit this weekend as Journey would -probably take 
passengers face delays of up to loss time. than. that likely to be 
34-frours because of continued spent at UK airports._ 
industrial action by French air- Glasgow airport officials said 
traffic controllers. it was difficult la predict the 

‘ The dispute has cost Thomson n« rtToti ' 

Holidays tSOQ.OOOin areonjmwfe- 3 Vt^aSeSter. rtaff said 
tion, coaches and extra Rights, d^ys ^ould stretch- to more 
But. last night the travel organi- ^ 34 hours. There was still a 
sation aud.:it itiauned to re- backlog of 'aircraft from last 
route holidaymakers for the W eekeml to clear. 

Costa Brava, Spain, to and from Meanwhile, a delegation from i 
northern Italy., the Association • : of. British i 

' Up to 2,000 passengers would Travel Agents mel -French traffic 
-be offered the, ehaiice to fly from controllers in Paris. - ■ 

Radiochemical Centre 
exports increase 5% 

BY DAVID FlSHtOCIC, SCIENCE EDITOR 

THE RADIOCHEMICAL .Centre, Group sales as a whole rose’ by 
the. State-owned company nianu- S2 per cent., although part of the 
factoring radioactive drugs and increase was due to the changed 
chemicals, last year increased status of its U.S. company, from 
exports to S3 per cent of its sales an associate to a wholly-owned 
•which totalled £32.7m. ... subsidiary • called Afaiersham 

In. the previous year exports Corporation, 
accounted for 78 per cent of The Radiochemical Centre 
sales. increased its pre-tax profits from 

Writing in the annual rcport, £4-9m to £6-7m — a 33 per cent 

published today. Sir 'John -Hill, return oh capital employed. 
chairman, pays tribnte to the The dividend for the year is 
"strength and commercial resi- £719,000, payable: to the UK 
lienee* of the overseas market- Atomic .Energy Authority, of 
ipg division, which has produced which it is a wholly-owned sub- 
sales of £27J2m.' sidiary. 


Teesside 



iron’ plant 
on stream 


. By Roy Hodson ; - 

BRITISH STEEL Corporation's 
plans lo make- Iron cheaply 
from imported ore arc near- 
ing completion. One vital stage 
was completed yesterday when 
an ore-pelletising plant which 

has cost £39m was commis- 
mlssioned oil Teesside. 

The processed ore will 
supply Europe’s biggest blast 
furnace, being built at Redcar, 
Teesside- The 10,000-tonnc-a- 
day iron output will bo a major 
factor in British Steel’s pro- 
gramme for reducing produc- 
tion costs at Teesshlc and other 
Northern 'steelworks. 

WUh the commissioning of 
(be- new ore plant, which ean 
, produce 3m tonnes of pellets a 
year, the corporation has spent 
£164in on the Redcar develop- 
ment. 

A 4m-tonne-a-year ore suiter 
plant was commissioned earlier 
In the year, aud a battery or 
dike ovens In May. 

With associated steeimakiug 
and finishing plant the Redear 
site is Britain’s biggest Inte- 
grated steelmatdng investment 





CENTRO DIHRENZE 
PER LA MODA (TAL1ANA 


presents^ 



15 -18 September 1978 

PALAZZO DEGU'AFFARI 
PALAZZO DEI CONGRESS! 

OI-FICIAL 
CO! LECTIONS . 
OF !V?-N'S r7V£J! iON 


^ ■ - ^Adnissfon-foy'lnwtat ion is strictly reserved for 
•>i ’ ; -t;." buyers and the. press. 

Fbr-jn [fdrraticsi, pK^rarifries and list of exhibitors*. j 
Centro di FTren ze p er la Moda ltaliana 
. 109M^a F^enfc50123 Firenze (Italy) 

' V : ?et (£) 55)2B33l/2/3 




Mr. G. Minden 
leaving Aston 
Martin Lagonda 

- By Terry Dodsworth 

MR. GEORGE MINDEN, co- 
ehainnau of Aston • Martin 
Lagonda and one of the - archi- 
tects of the rescue bid for the 
company two years ago, is 
leaving because, of bis expand- 
ing business interests abroad. 

He. -said- yesterday . that his 
hotel - and car dealership busi- 
nesses in Canada were expand- 
ing to such an extent that he 
heeded to devote more time to 
them. 

He is selling ' his shares, 
believed to account for a rela- 
tively small proportion or the 
equity, to the other three 
partners -in the company— Mr. 
Peter Sprague, chairman, Mr. 
Alan Curtis, managing- director, 
and Mr. Denis Flatlier, the 
former chairman of the BRM 
racing concern. 

Mr. Minden, a Canadian, has 
playod a fairly active part in 
Aston Martin Lagonda’s affairs in. 
the . past two years, mainly on the 
design and styling side of the 
business. 

In ibis period, the company 
has broken back into small profits 
of £395.000 post-tax lost year. 


Mining plan approved 
in National Park 

BY OUR NORTHERN CORRESPONDENT 

DRESSER MINERALS Interna- working from a vein up to 100 ft 
tional is to be allowed to mine deep by 40 £t wide over five 
fluorspar in the Peak District -years. 

National Park after a decision The company has taken over a 
yesterday by the Parks Planning plant formerly owned by an 
Control Committee to reverse its Italian company, Giulini. which 
earlier rejection of a company exploited part of the same vein 
application. ■ before withdrawing two years 

There have been negotiations a 8°- 
since the application was turned Part of the opposition has 
down in July. Dresser has agreed stemmed from the dereliction 
to put. up u bond guaranteeing left behind by Giulini. Under 
f ull restoration of the ten-acre the new terms Dresser is 
site to be mined. expected to fill in these workings 

The company originally as-well as its .own pits, 
opposed a bond. It is now under- Dresser, which has invested 
stood to have agreed as a condi- about £4m in taking over the 
tion of the planning permission mine and processing plant,. said 
a guarantee equivalent lo 70p it was pleased with the decision 
per cubic metre of “void" and hop^d to start work “ as soon 
created, totalling an estimated as ^possible." - 

£175,000. Employment at the mine is 

At the committee's insistence likely to be small, but there may 
an inflation element is to be ultimately be 200 people at the 
built in. Negotiations will deride processing plant in ancillary 
the basis for calculating this. work such as transport. 

The application by Dresser has . The park has reversed its 
aroused strong feeling in the decision partly because of the 
Peak • District, with opinion hood, but also because of doubts 
divided. • . as to whether it could sustain 

Opposition came from conser- a refusal at a public inquiry, 
vationists, farmers and some The granting of permission to 
commuter residents against Giulini created a precedent... An 
exploitation of a particularly earlier refusal 10 sanction 1C1 
scenic part of the park. plans to quarry for limestone in 

Support came from some the park was overruled by Mr. 
people in the community most Peter Shore, the environment 
affected, the village. Yonlgreave, Secretary, 
who hope for increased jobs. The In dispute with Mr. Shore 
ore . is widely -U6ed ; in steel, over its draft structure plan, the 
aluminium and chemical manu- authority has been told by him 
facturc, and will go to markets that application's for mineral 
in the UK, Europe and the U.S. extraction must be looked at on 
Dresser is expected to extract their merits without onus on the 
about lm tons of ore by opencast industry to prove n ational need. 

Express plans to launch 
Manchester-based daily 


In the January-July period, 
moped registrations dropped 58 
per cent to 23.S21 on tbe same 
months last year, according to 
I the motor cycle registration 
Information service. 

Scooter registrations, a small 
part of total business, advanced 
3 per cent 10 3 .841 during the 
period. 

Attendance at the show in 
London was yesterday set to pass 
last year's 137,000. 

In the first six days 107,310 
paying members of the public 
turned out and on Monday tbe 
attendance reachead 22.700, the 
bighest ever for one day in the 
recent series of shows. 


Price rise 
sought 
for gases 

By Our Consumer. Affairs 
Correspondent 

AIR PRODUCTS, ihe U.S. manu- 
facturer of industrial gases 
whose European operations are 
based in London: is seeking to 
raise its prices for a range of 
industrial gases by 6 per cent. 

However, the Price Commis- 
sion has derided to investigate 
tbe proposed rises and during 
the three months this is likely 
to take the company cannot raise 
prices unless it can show that its 
profit margins have been hit by 
tbe price freeze. 

Air Products is the second 
largest supplier of industrial 
gases in the UK. after British 
Oxygen. Gases for which Air 
Products is seeking a price rise 
include oxygen, nitrogen, argon, 
bydxogen and carbon dioxide. 

Monopolies 
probe clears 
Armitage 

I ARM1TAGE SHANKS Group’s 
1 monopoly in the home and 


BY JOHN LLOYD 

THE PUBLICATION of a new tion schedule of tbe 1 Daily- 
popular tabloid daily newspaper Express, in order to relieve 
by Express Newspapers now pressure on the Manchester 
seems likely, after successful presses om-e tbe new newspaper 
discussions ' between' Express starts proddetiem: 
management and unions in Alan- Mr. DereK Jameson, editor of 
Chester and London this week. the Daily Express, addressed the 
It is thought likely that -an journalists yesterday and gave 
announcement will be made on them an enthusiastic description 
September 14 or 15, when the of the new. paper's chances of 
Express is mounting a major success. 

presentation to advertisers in Final decision on the 'venture 
the Mayfair Hotel, London. This reals with Mr. Victor Matthews, 
would enable tbe new paper to chairman of the Express Group, 
begin production in October. who is concerned about the 
Mr. Jocelyn Stevens, manag- profitability of the new paper, 
ing director of Express News- The Express management 
papers, was encouraged by the however, has made it clear that 
reception given to tbe plans to union co-operation was the most 
publish a national daily from crucial element affecting that 
Manchester wben he met the decision, and the indications are 
printworkers’ and journalists' that -this will be. forthcoming, 
union leaders in Manchester on Tbe speed of the unnouhee- 
Thursday. meat is partly due to the need 

Further meetings with the which ihe Express sees to- estab- 
unions in London yesterday are lish the new ' paper in the 
also said to have been successful, northern market before the Sun 
The co-operation of printers and begins printing a northern 
journalists in London may be edition in Glasgow, probably 
required to advance the produc- from April.. 


[ of ceramic sanitaryware does not 
; operate against the public 
interest, according to a report by 
tbe Monopolies and Mergers 
Commission. 

The Commission says that, 
while prices of- coloured and 
luxury sanitaryware were higher 
than cost would justify, the com- 
pany was not making ' excessive 
profits. 

It also ruled that there was no 
price -collusion among the major 
manufacturers in the industry. 
This ruling was, however, 
challenged by Mr. Roger Opie in 
a minority report. 

Confidential rebates offered by 
Armitage Shanks to customers 
do not, says the Commission, 
" have any -significant distorting 
j effects upon competition between 
the industry's customers, mainly 
builders’ merchants." 


Judge’s will 

SIR HAROLD DANCKWERTS, of 
Lincolns Inn, London, a former 
Lord Justice of Appeal— and the 
oldest judge in England when he 
retired in 1969 — left £9,526 gross 
(£8,667 net) in his will published 
yesterday. He died in June, 
aged 90. 


pay offer to 
manual workers 

BY PHILIP BASSETT. LABOUR STAFF 

IMPERIAL CHEMICAL Indus- that the proposals v.;nu!d have 
tries yesterday withdrew pay gone lo the meeting if the Wil- 
proposals it had put to its ton craftsmen had cooperated 
manual workers In an attempt to lo aleviate a shortage of in- 
solve- the company's chronic slrument artificers, 
shortage of scientific and tech- It said members of the Amal- 
nical workers which has gamated Union of Engineering 
severely affected its Teesside Workers and tbe Electrical and 
operations. Plumbing Trades Union at 

The proposals, drawn up for Wilton have said that they can- 
formal negotiation with the no ^ implement the co-operation 
company’s eight signatory trade measures, including the resump- 

uoioos only weeks after agreeing j 10 ° . 01 instrument artificer 
a Phase Three settlement, were acceptance of increased 

formulated without firat taking n'obiiity on the site and agree- 
into account considerations- of J“ ent specific, limited and 

Government incomes policy. temporary use of contract rs 

Th risnoiihnnn, "or c>' w on Wilton lnsii'Uiucnt work until 
The Department of Emploj- . ho n h;i _. 

ment has contacted the company ?/?■ cljan ® e3 e “e 6 " 

Paper 1 settin- 6 out 1 FtaU Four® ">'«ee « “ eaferday ttat'th.' 
aed eavi assiancw that an “"“"s had that the 

S m n e « be°ou(side j™ SfiS 

srr 15 
SR?3ff« -ffJtajrJss 

emolovees Shat beSnise of Uie wiU agTee t0 ctH, P erate in the 
SSrpn.Wen.a T would uow tramu, g ot fitte rs aud electricians 

consider “ the steps it sees neces- 10 *>■>»»» 
sary to maintain production " at |- A ®S5 rt !fe , f* 
the affected Wilton plants on forL * d tiie company 10 start a 
TPMsiite ■ p programme of plant closures at 

leessioe. Wilton. A. small ethylene plant 

: Under -the proposals, workers has ‘closed, an ethylene oxide 
in the top scientific and tech- derivative plant is unable to be 
meal grades would have received commissioned, and parts of tbe 
a CT-a-weck rise and those in polyethylene and petroleum 
the grade immediately below an resin, plants arc now shut, 
increase of £5. All manual wor- No workers have yet been 
kers. including ihese two grades, made redundant at Wilton, 
have also been offered consolida- though the company has stopped 
tion of £6.60 pay supplements, ail further recruitment for the 
The company said yesterday site. 


Lorry drivers win 
5% wage rises 

BY NICK GARNETT, LABOUR STAFF 

LORRY DRIVERS in nation- riers, British Road Services and 
alised freight companies have Road Line among other coin- 
been awarded wage rises equiva- punies. together with drivers at 
lent to about 5 per cent by the the Freight Liners part of 
Central Arbitration Committee British Rail, 
in the wake of Phase Three- it »i«; P c driver* nf ih P hpivtect 

private 0 haulage' 118 J ° lrui ^ 153 for a nonnal workin S 

P The award, made under SS 
Schedule 11 of. tbe Employment 

rhc 0teC Ssport fOU a°n^ d cSSwl Su^d^ We ° k ’* was 

Workers’ Union and the National _ ' . . . 

Union of Railwaymen and affects drivers, who in numeri- 

30,000 drivers and vehicle Ml terms were one of the most 
engineers. significant groups to breach 

It has been made in addition Phase Three,- are expected to 
to a 10 per cent annual pay mount a formidable challenge to 
settlement and mirrors the deals the present 5 per cent pay guide- 
of up to 15 per cent negotiated tine. 

by private companies in the The Transport Workers have 
Road Haulage Association dur- fixed their claim for rise of more 
ing the last wage round. than 20 per cent. Petrol tanker 

The committee's award, back- drivers, whose average pay is 
dated to April, covers drivers in about £115 a week, are submit- 
the National Freight Corpora- ting substantial claims to the oil 
tion incorporating National Car- companies. 


Railmen decide to go 
for 35-hour week 

BY OUR LABOUR STAFF 

THE EXECUTIVE of the The union has advised its mem- 
N a tional Union of Railwaymen bers to reduce overtime in an 
decided yesterday to submit a attempt to persuade raanage- 
claim for a 35-hour week to tbe ment to take on extra staff. 
Railway Staffs National Tribunal, This advice has been met with 
the highest tier in the industry's considerable opposition from 


negotiating' structure. 

Tbe tribunal sits under Lord 
McCarthy, the industrial rela- 
tions expert, in bis capacity as 
an independent arbitrator. 

The railways weekly paid staff 
currently work a 40-hour week, 
and salaried staff 38 hours. The 
claim applies to both groups. 

Mr. Sid WcigheH, the NUR 
general secretary, has also 
written to Mr. Peter Parker, 
chairman of British Rail, asking 


large groups of rail workers 


BL pay parity 
move is 
frustrated 


ATTEMPTS TO accelerate pay 

parity, the root cause of the 

for an investigation into why ihe toolroom 

railways cannot recruit sufficient strike at BL SU Fuels Systems 
staff in a number of grades. was yesterday frusU-ated when 
Mr Weiahell’s letter says the national negotiating com- 
there are a number oF grades mlttee for 130,000 manual 
“in which the problem oF workers met in Coventry, 
recruiting and training staff is Although the introduction oE 
acute ' in wbich excessive over- parity is regarded as an impor- 
tinie appears to be the estab- tant means of overcoming 
Usbed practice. frequent disruptive stoppages 

“There are for instance, acute over pay, the meeting got bogged 
shortages in the penuaneni-way down over arguments over the 
grades, of overhead linemen, cut-off points for the 60 “bench- 
signalmen and of certain rail- mark " jobs and the grades they 
men, particularly shunters." should merit. 


Barrie factory closure likely 

BY RHYS DAVID , - 

THE MODERN clothing factory Philip Livesey, of Cooper Bros., higher quality products is met lo hav.c decided that ihe produc- 

There is lion layout would need lo be 



costs could prob- 

d through grant, 

iWWer' to’ find a new Jar Me 'autumn season. being advanced in the trade why aD d' the Receivers pointed out 

buvS Closure is expected over eight ^ a P par ] e * t “ iUal interest * n yesterday that the purchase price 

to ten^L and loral Dmfrt. the P laQt ^ potential buyers has for ihe plant is extremely low. 

.Chester Barnes main factory J® not been taken any further. The factory, wbich is leasehold 

at Crewe, making hand-stitched g* havS tiie nlanr First ' the Wrexham with a rent review in I9S1, is 

suits and other outerwear, was omcia^ bave_ ymted the .plant factory pr0 |i uee3 a SU | t substan- being offered complete with 
sold in May to .the AustinRcrc! to£?in ^reangemente for (ialIy che , m than a Chester equipment for less than six 
group, but, against expectations, registering tne worxers. Barrie, it i* geared to mamifac- figures. Various packages have 

the AVrexham factory, established. During the six months the fae- ture a product which is likely to also been drawn up so that, if 
a. few years ago to make nigh tory has "been in the hands of the have a price tag of 1 more than necessary, the plant could be 
quality machine-produced suits. Receiver, several prospective pur £ioq, Mun$ retailers expect to bought without stodks or work in 
jackets and trousers, has stayed chasers have visited the factory, fo U y a suit* from the manufac- progress. - 
on the market. and the lack of any positive offer. t ur ers which they can sell at less Mr. Nield said that he was still 

Staff were warned recently remains something of a mystery, than £100 after their mark up talking with one company wbich 
that closure was expected, and There is a shortage in. Britain of about 106 per cent has been had shown interest since the 
a few • redundancies are likely of modem clothing factories par- added. closure announcement .Other 

irext week. -Mr. Cyril Nield, ticularly for men’s • suitings, A number of visitors to the proposals would be considered, 

assistant to the receiver, Mr. where much of the demand for 'Wrexham pant are also thought but time was -running out. 


Dockers call off strike 

DOCKERS at Southampton stewards to recommend that the 
decided yesterdav to end an strike should end. 
eight-day strike over safety pro- Mr. Dennis Noddmgs, deputy 
cedures P°rt director at Southampton. 

„ said: ‘This was a needless dis- 
Mr. Ritchie Pearce, chairman p Ule The men have lost wages, 
of the 1.900 dockers shop an ^ p 0r ^- s reputation has 
stewards, said that the strike su (j erw j - 
had ben about safety 'procedures The s5Tikc WllS the latest in a 
'P ^‘der context and not num ber of disputes which have 
f. 1 S* 3 3 a 0Ut s P°te *'f oil on the c(Jgt jj ie p 0rt hundreds of 
latter of a container-moving th ousan ds of pounds. About a 
macoine. dozen container ships were 

The men had also received routed elsewhere, and passen- 
assurances about the future from gers on the liners QE2 and Can- 
thc British Transport Docks berra had to handle their own 
Board. This enabled the shop luggage. 


Scientists’ pay talks fail 


TALKS yesterday on a dispute Technologists, which has led to 
about a productivity bonus a work-to-rule at the company’s 
involving managers and scientists plants in various parts of the 
at Laporte Industries failed to country', arose when Laporte 
reach a settlement Tbe dispute withdrew' an S per cent pro- 
will be referred to the Central ductiviiy bonus. 

Arbitration Committee if further The union had won salary 
talks set for September 11 also increases of 19 per rent up to 
fail. £1,000 a year, at a Central 

The dispute, involving Arbitration Committee hearing 
members of the Association of called by the union under the 
Professional Scientists and Employment Protection Acl 




HOME NEWS 



British aerospace industry 
expects big Boeing deals 


CONTRACTS WORTH many Brothers and Hariand of Belfast of France and Deutsche Airbus 
millions of pounds will become already makes millions of pounds of West Germany (which com- 
available for UK aerasDacc com- in podding RB-211s for Lockheed prises Mes ssrs chmitt* BOlkow- 

« as 

KWS 1 contrat * W.K8&MB f 

SSS&&- Jftawag 

i_ , ra^ilf of tho Govern- systems, advanced avionics (air- the wings. 
ltaAt'* nlan to eet British Aero- borne electronics). hydrauUc British Aerospace said yeflter- 
S s P to£li back n into the and other other equipment, much day that itcould make a signifi- 
Ifuropean AirbS Industrie of which can be bought off-the- caut contribution to Airbus 
Group to help develop the A-310 


UK aerospace companies will be 
kept busy for many years to come 
as a result of the Government’s plan 
to ge t British Aerospace back into 
the European Airbus group. In this 
News Analysis, Michael Donne looks 
at the prospects. 


version of. the Airbus (in addi- 
tion to continuing to build the 
wings for the B-2 and B-4 air- 
buses). the UK will not now 
officially take up Boeing's 
Original offer of risk-shariog 
collaboration on the 757. 

But there is nothing to prevent 
Boeing offering sub-contract 
work to companies in the UK. 

It will need to do so. to ensure 
that it can get enough factory 
capacity, skilled labour aud 
machine tools to keep its two 
big new development pro- 
grammes on the 767 and 757 
airliners up to schedule at a time 

when its production rate on - ; - — 

existing 727, 737 and 747 jets is 
being raised to reach 24 aircraft 

a month bv late 1979. shelf or swiftly adapted for the Industrie as a full partner. " and 

Boeing will spend up to S750m 757. UK Avionics and other com- could help ensure that in this 
in developing the 757, an top of panics can be expected to fight sector of the business it (Airbus 
Si. 5 bn for the 767, and quantity vigorously for these contracts. Industrie) develops into one of 
production will take more cash. Rolls-Royce itself, whose the decisive groups to emerge in 
Much of the development money orders for the 535 engine from the western world during the 
will come from major U.S. risk- British Airways and Eastern will remainder of the century, 
bearing partners, which will now amount to f300m. will have to ' But at Ihe- same time, British 
move in quicklv to fill the gap spend much of this throughout Aerospace' also wants- to see a 
left by the UK Government's UK industry on parts for the much closer interest and effort 
rejection of Boeing's collabora- new engine. by the main elements in UK and 

live offer. Thus, although the Govern- European aviation — manufafr 

Bui there will be enough ment is not interested in risk- turers of airframes, engines and 
direct subcontract work avail- bearing collaboration with Boeing airlines — that would prevent a 
able to keep many UK avionics, on the 757, there is every reason repetition of this summer’s 
metallurgical and other com- to believe that many individual situation when British AlrwayB, 
panies busy for many years, no companies take a different view, Rolls-Royce and British Aero- 
what may amount to a 1.000- and the UK aerospace industry space all took differing views on 
aircraft programme by the end may still get a very big share future activities, 
of this century'. Some UK com- of the 757 work programme. The target date of January 1 
panies may even independently While Inter-governmental dis- for official UK Government 
he prepared to put up risk-hoar- cuss kins continue with the resumption of membership of 
ing cash in order to get a share French and West Germans on Airbus Industrie is intended 
of the business. Britain's plan formally to rejoin mainly to give time for the 

One major contract to be the Airbus Industrie group, the political discussions and the 
awarded is that far “podding” discussions at company level on legal work to be completed. It 
the RB-211 encines for the 757 work-sharing, and detailed design is not likely to prevent these 
—encasing each engine in a and planning for the A-310, are inter-company discussions from 
cowling, with nylons in attach it already well advanced. continuing, 

to the aircrafts wings. Short British Aerospace, Aerospatiale The three .'-companies agree 


still be able to undertake the 
work on the A-310, Including the 
wings, by themselves. 

At the Industrial level, the 
companies also recognise the 
long-term benefit to the A-310 
programme of offering the air- 
craft with a variety of engines — 
the Rolls-Royce RB-211 in its 
Dash 22 version of over 40.000 
lbs thrust as well as the U.S. 
General Electric CF6-45. 

This follows the trend increas- 
ingly adopted by other airframe 
makers of .offering a choice of 
engines, which helps to widen 
the potential market Many air- 
lines world-wide who currently 
have Rolls-Royce engines would 
be more interested in the A-310 
if they could have it with Rolls- 
Royce engines Instead of the GE 
power-plants. 

One argument put forward by 
the French Government is that 
by permitting British Airways 
to buy the 757, while also want- 
ing British Aerospace -to get a 
share of the A-3lO t rthe UK has 
already virtually, stabbed the 
A-310 in the backj * because the 
two aircraft are competitive in 
World markets., • 

This is carrying the argument 
too far. It is true that both air- 
craft are intended for short-to- 
medium ranges, but that is a big 
market with many facets. The 
757 is designed for ranges of up 
to around 1,500 miles, and is a 
narrow-bodied airlin er, aimed at 
replacing the ageing 727 in the 
mid-1980s, whereas tbe A-310 is 
a bigger, heavier, wide-bodied 
airliner with a range of more 
than double that or the 757. 

While the 757 can carry up to 
209 passengers in a high-density 
version, its normal payload is set 
at about 170. whereas the A-310 
is intended to carry 200-plus. 


s -™n electronics, radio and 
an cp came motor dislributore. 

companies and the two ™ . size ^ particular sectors 

The relatively ana „ 0 Ung that food 

comparison ^^^ ^moanics reporting in the opening 
inters and tealile worse than their competitors iggj 

or this year f*™** |b ^ months of 1977. . -%-vw 

reported results i“ .J“ e from the six food mannfad^,; 

The total trading rfroDDed by 8.1 P« cent and thelgffi 
hi the late** °£{npanies was down 10.1 per ceaES, 

figure for ,hc ^£ facture rs’ cumulative profits ^ 

the July survey U ™ iouS >ear while the 18 t*x§£ ( 

marginally ahead or jgj p^ r cent better. " 

companies !*™ r *?* reported an annual increase in 

Industrial the latest table compared with Vttt 

flow of the* figure Is still quite strong, it 

cent in July. 'yhile ^ [low has come in at a a*,' 

second time that Th nct current assets Increased hi T 

TREND OF INDUSTRIAL PROFITS | 
ANALYSIS OF 282 COMPANIES 

. , This covers the results (with" 

The Financial Times gives below the (able of company profits and halance-sneet anaiy-i-- .- d between January 15 
preceding year’s comparison In brackets) of 282 companies whose account year ended in ine i 
and April 14, 1978, whleh published their reporta up Iol the end of July, 19. S. (Figures in auuu.j 


The Strong sectors among Industrial companies with Accounting 
years ending In the opening months of this year, are almost 
exactly those In which companies whose year ended la the 
final three months of 1977 showed weak profits growth. ' 

The total profit of the 210 ixtfhutrial .companies li the 
table below is 7 per cent up on the gross figure- they recorded 
a year ago. A similar survey, published in the Fi n an cial Times 
on July 8, shows -that gross Industrial company profits grew by 
9J2 per cent on a year-on-year basts. The return on Capital 
employed by companies in tbe - Meat survey is virtually 
unchanged at 172 per cent. 

In the July 8 survey, the main contributors to profit growth 
came from companies In the capital goods sector and- the con- 
sumer non-durables area. In tbe present table, the. basis for 
growth ts the companies manufacturing consumer durables. 

Trading profits growth here was up by 17 pel- CNcnt and 
return on capital was well above the ..industrial sector .average . 
at 23£ per cent. Within the durables sector the best perform- 



i 

TnuUog Pre(it« 

' Pznflti 
befc-re lnl. 

Pre-Tkx 

• T4x 

I*rn*l I- 1 ' j 

Dnltnnrv j 

Oxl. dividends 

INDUSTKT 

;N«. n(! 

ft Tax 

Pnftb • 


Dividend' | 

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® 

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(41 

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i-i w-hatiuc 

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0 ). 


flfl) 


Wool-textile 
industry ‘could 
save millions’ 

The wool-textile industry could 
save £5m a year on its annual 
energy bill by more efficient 
energy management, a report 
prepared by WERA, the technical 
centre for the wool-textfle indus- 
try. said yesterday. 

The report is the first on 
various sectors of industry th be 
published by the Industry 
Department’s Energy Unit. . 

Opportunities for energy 
saving vary from reducing 
heat losses from loading bays 
to high-cost projects such as 
heat recovery equipment and 
boiler plant. 

Companies are able to take 
advantage of the Government's 
energy survey scheme, which 
provides a £75 grant to cover 
the cost of a one-day visit by 
an approved consultant, or half 
the cost of an approved extended 
visit. 

Another scheme provides finan- 
cial help for any work done to 
improve buildings or increase 
thermal efficiency of boilers. 


Agreement to lii 
trouser exports 

BY RHYS DAVID ' 

AN AGREEMENT limiting Singa- ceed last year's very high levels, 
pore't rapidly, growing trouser Imports of knitted trousers 
exports to the UK has- wen nego- from Singapore into the UK are 
tiated by the EEC after repre- already covered Ay surveillance 
sentations by the British Govern- licensing— i he UK procedure for 


ment 

The restriction applies to 
cotton, man-made fibre or wool 
trousers for men and women, and 
will limit Singapore to exports 


checking the flow of good*— and 
current licences have now been 
revoked with effect from yester- 
day. 

The Singapore authorities 


of 300,000 garments this year— w jjj administer the quota bv 

SSffSSTC BA’S 

years 1979«J. certificates 

The agreement has been nego- Pressure is also now building 
tiated in response to pressure U P 011 ihe EEC to implement 
from UK textile manufacturers safeguard procedures against 
who have been concerned at the textile imports from a number 
sudden surge over the past two °f other producers, in particular 
years in Singapore's exports. several Mediterranean countries. 

In 1976 exports were only The UK industry remains con- 
16.000 garments, but with impnrts cerned at the high level of 
in the first six months of this imports from Turkey, Spain, 
year already reaching 170,000, Portugal. Greece, Tunisia, Malta 
total deliveries were set to ex- and Cyprus. 



ARBUTHNOT OFFER THE 
LAWSON HIGH YIELD FUND 


Four dividends a year, paid quarterly in March, June, 
September and December. 

■3|f Proven petformisce. Investor- in accumulation units 
launched June 1974 have seen ihcir capital increase by 
I06' 1 . , more than doubling in Iburyeaiv* compared with 
the FT Ordinary Shore India 0(79.3 and the Unit 
Holder Index of JS.9'\. 

■3tr Highly Successful. Fuad already exceeds £1 2 million 
with over S,ooo investors. 

■Sit Designed to give as high an income as possible while 
maintaining stability and minimising risk. Current 
portfolio 6e% Equities and 40‘V Preference Share-. 

Sfc High yield even more attractive because of continued 
dividend constraints. 

This tbnJ reccniK joined the established Arbuthnot 

r 


Group of unit trusts and Arbuthnot Securities Ltd have 
been appointed investment managers. 

'!"he price ofthe units and the income from them may 
30 down as well as up. 

) vur investment should be regarded ^s long term. 

thru*! nrik-r uffrr Mil vptn SeplcrihfF fcfc !*-■ Ml i«l per 

— and 70- tp id prr tin 1 1 lot ifurirnltuluti uMblor l he dally 


lrrcrotir 
rHitf irimirr 

Tiw iw? d»; mlf ? 


?lkii r -fl.'j,ll^ ii [ iV r ,| r j£ (l i i jadumc^oiyriBaittteiiqL^i 

u5iS £!!'* IIH ** ‘ • Th- ronwsl -.lar^*: 

m '*l 'ri^rrulctlod 1M*1 Drs-rmNr. Fm i|.v 
lol-arut V^ 1 


\ \T I <ni 
I- -I, Tl.M 
■.Pi tf'if. 

b '' ^ no '' ,,,f_ kcU- I frJa 1 *jl 
taJ Pa-uif-ro « , jJj-i- 

v.rd Hit - — »S 


l"Tld 1 hp"fif 1 i __ 
LI.. InfHV .*• af-i - .JJ 
r re. •• zr -i - vi* viTtL^Tlt d’aJy 

... - if -■ irrlri-omrifT ' 

U tw iwvti-*v .' tir*^ . IVr .F*a r n--i 

1 - ■ w'lVk ltd*! 

O' JfJilr finvi IjJ. l lrti+-T -i Wlr.^ Ujp* * ^ 1.7 
... r - .--“'flfH'Uqllalld Kt.i*' l.hoSmth'Jll* Curlue- bqavb 
Lii- ner- r- , r tvl'miTa 1 ** -t**i.n 

i-knlmiT? fST , " X * fit iUV ~ iJbui-d ■ * IP £ Tot 1 


.'larj^rr • 



■a tbe I'micd K*np^j 
SipHturr'i • 


>*« V, JO, .«* „ TUnnd 




ARBUTHNOT „„„ S 

LAWSON HIGH Y IELD FUND «a m m m m 


MARGHIENESEPTEMBERDECEMBER 


Council has 
ringroad 
scheme 
for London 

‘By Ian Hargreavts^:^- - \'~ 

Transport Corrtqioadiufit' 

PLANNERS FROM the Greater 
London Council and the Depart- 
ment of Transport have devised 
an £80m scheme to improve the 
orbit flow pF traffic between 
Edgware in north London and 
Orpington, south east of the 
capital. 

This plan, now being circu- 
lated secretly to London 
borough councils and neigh- 
bouring ' county authorities, 
would involve a new bridge east 
of Walton-on-Thames. The 
route runs between the M25 
outer orbital * motorway, now 
under construction,.: and the 
North Circular Road. 

There was embarrassment in 
the GLC at the leaking of the 
proposals yesterday, and the 
Department or Transport at 
first denied any knowledge of 
the scheme before agreeing that 
two Ministry officials had 
worked on the confidential 
report. 

According to a . covering 
letter on the report 'from the 
council’s planning ^and com- 
munications policy Icommittee. 
the study report j*has been 
[■agreed: with “the Defliminent of 
Transport.': 1 . T if 

Miss Shelagh Rnlerts, chair- 
man of the planning|committee, 
said that the reason for confi- 
dentiality was ihei desire to 
avoid creating bligh( or raising 
false expectations abput a series 
of proposals which jnay never 
be adopted. She hoped a full 
council decision on the matter 
would he possible next year. 

The plan, details nfj which run 
to 43 pages, is far from a return 
to the £2bn motorway box plan 
abandoned in 1973. it suggests 
a series of traffic management 
schemes, improvenjents and 
new construction tr; /channel a 
flow of traffic from Edgware 
through Harrow. Notlholt. east 
of Heathrow. Hampton Court, 
Sutton, Croydon and Orpington. 

Disruptive 

It does not provide for a new- 
inner orbital route around tbe 
capital's entire boundary. This 
suggestion is . rejected as being 
too expensive and disruptive. 

Strictly speakiny. *.thc most 
expensive part of to* plan, the 
new bridge and associated spur, 
is not a GLC mailer at all. hut 
the council's planners clearly 
hope. to Influence Surrey County 
Council tn back Ihefr view 
. lr the plans are approved, the 
council will almost certainly seek 
special Government financing for 
certain sections of the route, but 
Miss Roberts think* that the 
council could find the . resources 
without special aid in. the period 
1983-93 if necessary. 

Although the scheme is very 
much a toned-down response to 
previous criticism or grand GLC 
road designs, it will certainly 
provoke considerable opposition. 
Its unofficial publication is well 
timed from the road-^ objectors' 
point of view as a crucial public 
inquiry- into the Swaoley- 
Scvcnoaks section of the M25 


uriuiiNG- 

MATH RIALS 

IS ' 806,229.8 1-0.4 < 163,888.3 ■ 188.09 LC 
!<R075»7.0i] |( 186,338.8 )!( 186. 783 Jl) 

60.1883 

(80.021.7) 

79.571.1 14.4. 17.890.7 j 

(63.419.8' itl5.650.3t| 

CONTRACTING A 

CONSTRUCTION 

7 i 84.648.6 j+19.1. Xfl.066.7 

I (90.69S.Bl > a5. 12B.7i 

12,284.6 
( 10.304 Si 

3,611.1 
». 171.31 

8.413.6 +36.2, 1.954.0 

(6.175.9) '• , il.5H.0i ' 

SLfiCTRIC.VLO • 

iRX ELECT RX- ETC.) 

. 3 1 - 9.440.4- + LI. 0 -7.698.5 

| i8.608.0l 1 (6,065.5) 

,7.247 3 : 
(6,560.0) ■ 

8.008,7 | 5. 137.5 ' * 60.5; 1.226.0 ■ 
. 15.549.3) "j (3.204.0* ! ; (S23.9i . 

ENGFN BERING 1 

32 : 167 829 J3 L | 189»10.» ) 1W.834JB 

{( 161,2 10.5 V +4.1 {{ 1A9.385.3) (115 . 1985S) 

38,801.6 74.617.7 -27.0 aZ.lIO Z ; 

(tf4.947.Oi } (58.778.6. ;■ 18.749.4* • 

MACHINE TOOLE ... 

. . . .: 

3 58.482.0 ; 1 48.579.0 

(46.129.0) ' +29.6} (36^57.0) 

44.254.0 

(30.165.0) 

16D98.0 

(13.784.0) 

27^78.0 ; + 75.6' 4.500. D : 
*15.534.0* 1 >3. 836-0) ; 

MISC- CAPllAO j 

GOODS 

4 ; 11.027.3 I . j 8.78BJ 

I (11.022.6)] - 1 (9.671.2) 

7.088.4. 

(7.705.3) 

9.014.1 

3/H7-3) 

5.065.8 •+ 18.4: 1.830.5 
<4.270.8) ' • <1.599.6' , 

TOTAL CAPITAL ^ „ 
GOODS- 

62 1 477,667.3 i +5-3 373.647.7' 
j(4S3,655.0i| i (35 1,3 87.5 j 

32UL0A- 

[2fl6.916.h) t 

123,361.7 i 193.073.5 h 27.5; 49.591.4 : 
fl39.40O.6i]l 15 1.383. 1- .*42.170.2* ; 


'SOU 7 1+14.3; 96.184.9 | 965.069.5 M7.0' 33s,S7ai 
Sl\ +l 1 (95.7B1.3I 1 , ,905.353.6) - (17.81 


+ 29.5 15.341.3 | B4.489.0 ; 17.B 33.4Tl.fl J 

; <11.506-8. i .70.097.71 f fl8.7i ! 

i. "TM9.il~H.BMA'' ':1 m fiiusir 


17.9 81.689.3 782. 565.8 , 16.6', 88gmt« 

; i63.955.5j ib74.905.7j - (19A 

! 19.4 31.450.0 . 211.6400 : 23.0 

i L9.482.0; : tl92.595.0l (18.Bj i (954016) 

+ 14.4. 4.949.1 
' (3.841.2) 


49.769.9 j 17.7 I 37j86i 

*41,132.5) !<aa.8i| 


RLBCTROMC5 > 

b’AOro A IV; 


7 141.469.9 
113,923.51 


HOUSEHOLD GOODS 


7 j 31,258.5 

! (28,380.8)- 


MOTORS & . • 

COtlPOXBVTS' 


68.096.2 

'(85.107.6) 


l 24J!- 103:W3.0| 94.3D1.3 j 53^40.4 j 58.995.3 -^32.7 13.047.3 
" (5QH66.4) i44.442.8i . . *6.038.0) ! 


99.5 85.341.6 3S5.051.6 { 29.2 ; 180DflJS + 

j <84,441.1) ; (77.Z95.9j 1.(30^66.4) ] (44.442,8. '. , ,6.038.0; ! <6 8.191.2i )3Z7^29.9i j <2503) ja2(U333) ^ 

7.302 4 • 14 587.6 —21.1 3.400.8 '+11.9. 16.658.8 114.914.6 j 31.5 ! '5US7j 

P47 o! 7) [ Iial045.ffi j ' j <3.059.01 1 | (13.308.0v <97.586.7? j <25.8i j (423493} 0 


+ 10.31- 24,480.8 i 21.936.3 

.1 (23.361 Jt> (20,387.1) 


+ 5.4 45.395.0 > 37,654.3 
I <44.473 Jh' (57.969.1) 


18.B91.3 I 22.768.5 -11.S, B.575.9 
(16.480.0) (20.413.8) , i (7.005.5. 


22'.4! 25.370.4 . 258.719.3 17.6.) OT.18M 

; i2Z.694.ll ; (252.924.8)1 (17.6) | <93,6S&4) 


MOTOR 

DlSTRIBl-TORj} 

2 . 1.659.5 
j (1.384.2) 

+ 19.S 

1.450 A i 1.160.1 i 619.6 ! S04.4 +25.4; 207.4 ,+ 11.3! 407.0 11.417.1 

,(1.128.0) | (934Jr,L : (S0a2) | *408.7*' . . <186.3* !' j *330.4, I *9.323.7* 

12.7 i 3J42.t 
(12.1) ) <2ttf£ * 


iaiMi 

+ 17.C 

mibbhmb mmmm 

i«n 


BREWEHIE5 

B • 74.16a 1 +1.8 1 59.265.6 i 46.763 JS.l' B.879.7 , 36.605.3 , + 62.3 9.647.1 +12.7 40.799.7 ; 541.674.7 
- ; (72.893.0i .- . .'<(60.855.0i ! *48.309^(25^18.1) ! (3255 l.Bi > *8.658.7) ' .25,313.4) > (519.141^) 

10.9 • 70,520 
£11.7) > <6fi.wa.7T 

DIETILLEHIEb 

1 WISES 

2 i 3,876.4 
} *3,093.3) 

+ 25.3] 3.439.7 1 3.019 j r j.‘ 732 J2 : 3.282.7 +20.1' 511.7 + 10.8, 2.076.8 i 21.375.2 18.1 ! 8,333.9. 

1 (2.701 -8 > | (2.14lifl> ' (240.9) j ■ 1.901.2* (461.8. | <1.706.6) ; (20.892.2i j (12.91 J (6.861* 

HOTELS ft CATERERS 

1 ; 2.565.0 
it (1.960.0) 

+30.8' 2.204.0 ) 1.938J3 r‘] 870:0 
! (1.729.6) > (l.BBG.Sj. I.; (746.0* 

1.058.0 '<27.0 467.0 !+12.5 

(840.8i I i41S.0i 1 

892.0 f 13.352.0 j 16.5 \ -55KD' 
*590.61 j <9.079.21 | (19.1) j <-4«.fl) . ..' 

LEISURE 

2 ; 40.901.1 
. (37.952.0i 

+ 7.8 ! 19.690.6 ' 17.801 11.847.4 . 6.315.8 i-4.9 4.019.6 +11*7 Z3. 166-8 165.660.8 

! (19*207.6)^ (16.770^8)7(10.779.31 j .6.641.5* • (3.599.1*' : >21.420.0) ' (156.S15.7j 

11.9 ‘ 

£12.3) | (BOMr '. 

roou 

M A X_CF ACTCttl N( ■ 

B ; 202.927^4 :-8.1 1 145.420.5 102. 09 89' 44.434.0 48.360 9 -6.2 15.040.9 i-17.4. 83.544.5 [ 995.860.2 

(220,862.8|i ;l 165.980.7) (120.032.^ (56.0 19.7* , <5 J. 57Z 1. *15.781.9*: ; •82.551.8* *1.026.111.3) 

14.6 j 185.9wi • 
(16.21 laMJSflin- 

FOOD RETAILIhG ... 

5 | 70.297.1 -2.7 i 00,808.2 ! 58.B42L5 \ 20.087.4 • 38.747.2 +34.4. 10.549.4 +H.8 45.957.3 , 378.416.5 
*81,4664) ! (60.847,7) '' (6 1.281 (33.444.1* : *28,829.4, 1 (9.455. 2 1 ' . * <36.55 1.9i | (530.596.5) 

16.8 1 azitr.4 - 

(19vO)|lU.4#l.n: 

NEWSPAPERS AND i IB 41.806.2 .+27.5i 30.340J , 38,fl79Ji' 14,175.9 | 15.876.0 +20.1 3.816.7 .+23.8 19.597.7 ■ 117.610.9 
PLULISHRRS^ , ■ (tf2.778.0) [ . { (34.020^1 \ (93.080.8^ (10^196.5) J <11,556.4* ■ i5.08Z.Zi ’• .15.965.9. | <101.316.7) 

25.8 ) 365003 1 
(23.7) 1 £30.^(t^ . 

PACKAGING ,V-ND 5 * 03.172.1 I+3.9 . 68.61&.1 ; 58.464.8 ,1 JL1B49A I 40.265.5 '+55.U 9.589.0 , 13.6 54.303.5 , 410.506.4 

PIPER* |iB8,60B.Ojl . (B7.914.9l ; ffi8^95.8) f (88.128.0. ; <36.325.7. 1 8.439.2, ; .5a947.4ii360.205.7tj 

T6T7' ; WLSitfl ; ; 
118.2} 1 129.480). 

STDKBS i..? 24,1 486.614.8 , + 14.1. 412.547.2 382.189.7 ' 173.463.0 

, . jl425.677.6i; ■(560.89BAU331.8ia.8i,(l64.l89:4' 

207.902.0, +24.3 73.521.6 .+ 11.7. 185-5S9-1 1.822.226.8 I 22-6 1 46B.B8A6 ■ 
*167.5 10.3 1 .*65.849.9). ■ 148.573 9|.< 1.888.950.81 <21. 6) j(386.90M) 

CLOTHING AND | 15 » 28.854.7 ; + 19.l] 22,301.2 : 18,653.7 j 6.B8Z.5 

FOOTWEAR; | iZ4U95.5> j . ’(18.336.7, ti4,fl68.7) j IB. 199.4) 

11.511.9 +40.8 3.387.6 . + 31.4 13.353.3 130.904.2 ] 17.0 ! 40.82OJ 

*8:175.5) (2.791.3) ,9.463.0) ■ <107.580.61 : (l?.0l j (2a4103) " 

TKXTIJ.BS 

' 

12 

198.006.8 ’+-10.1] 18 L430.2^.M,«S.7 [ 22.325.0 
(200. 248.7 1| j( 145.977.3] 006.3 3 9.0i; (22.905.4) 

5S'i- 7 !i’2 -25.6 24.185.5 +14.5 105.487,0,1.083.405.21 1 1.2 1 437, 41M 
(75.5fl7.0i, : <31.115.5) * 123.674.6,1 1.064.0S2.Z<; H3.7jj(399.6Wll 

TOBACCO 

1 

10.636.0 <+0.4 
t0.628.4i | 

0.580.0 | 9.137,0 | 4,759.0 ; 
*9.044.0* J t8.878.0j j *4.566.5) ! 

4.062.0 -1.8' 732.0 +11.7 3.945.0 ' 32.122.0 | 29.8 >22.8026 , 

i4.125.6i • , <655.5i j <3.760.4) j .<20,936. li 1(43.2] IllB.aflJt . i|# 

TOYS AND OASIBS ...! 

I 

2 

14.094.0 1—12.2 
(I7.068.0jj. j 

11418.0 • 10.5 17.0 < 4.734.0 
a4^83.0) f 13.46 1-Oij (7.383.01.; 

S-^13.0 i— 5.1 1.482.0 n 45.7 6.735.0 ; 72.468.0 \ 16.0 34308*. )/! 

■6.018.0) ■ >1.017.0) • *6.033.0* • .62.015.0! ' (23.5) ’] (30,648#). 


M (/(Ht 


NON-DU&ABLE. In.ZM.B 16^3} ; + 3.2 R9fl4.087.0rl805.860.9i (369.9 ia.9, <41 1.365. 1.' + 15.0 . 141.202. 7 


.(5 15.158. 5<'<5.447, 390.3); (17.5i hl.2» 


CHMIILALS 


5.704^1 [-2.0, 
i5.B18.ll I : 


4,257.6 

(4.883.7) 


8.747.1 

14,299.0) 


1,785.3 1 
'Z.Z5B.21 1 


I. 942 9 

I I. 99Z.B) 


-2.5 


OKFiCB BWl-IPMBVT . 2 


1.255.9 

(902.7) 


1 + 36.9' 


769.6 

1492.21 


721.4 

(406.7) 


393.8 

U76.lt 


324.6 
■ 227.5) 


+ 42.7 


880.5 

.7Z3.5i 

246 8 
1228.6) 


+ 10.6 2.556.0 
i : iZ.229.0l 


25,605.4 

(19,171.1) 


I 16.7 [. 11.41WL 
(24.3) L f9.85S.4t 


. + B.O 


368.0 

■375.6) 


3.436.3 
■ 3.453.4) 


f 22.4 j 
. (14 J) , 


9SJ.T 

(2,393-0) 


SHfl'PtM.1 


i 687.0 .-94.9- -2.668.0 

(11.576.0)1 I (8.419.0) 


MISC. INDLSTRIAL ...I 31 ’■ 495.253.2 :+ 18.6' 3B0.B77.9 
|<417.71B-7) liSBO.SBO.Oj, 


-4.963.0 

(6.385.0) 


4.909.0 -IBO.I 
(6.130.3) ; 


1.037.7. 


- 1.531.0 
■S.47b.0i 


70.134.0 

■93.261.7i 


(9.0) 


! 12.602.0 ■ 
(13.2102) 


308A45.5 138.94 S.B 156.002.9 
(256.359 81 > t32.229.0i < 1 14.612.4) 


36.1 


48.868.6 

■44.902.5) 


: 8.8 


TOTAL 


irdustk: 


laiu (2 

iIALSl p2 


.488.6384' +7.0 ; 1.097. 9 18. BU.609.ZU 1.8; 643.286^ 91b.lb3.u 
2.S244B0.5). .1.MV40S.5| (l.BM.raii.Si I-700 .''i6b.O) i763.C20.2i 


203.286.9 2.276.368.6 1 16.7 747.8654] 
15 61.1 2. 132.707 .4i ,15. 5. ’■ 678.196. 0) 


U0.1 tj7a.bde.fi + 13 0 1.150.647.) 11.027.873.2, 17.2 :3.462.14*1 
j246.635.A. ■979.904.4iiIO.294.fl42.5i .17.5) '■3.0flfi.fi«-7| 


oil. 


1.B72.1 

<1.9B0.1i 


-2,5 


1.304.5 
■ I. 5 OO .61 


1.153.1 
■ 1.299.0) 


269.9 

>227.5. 


878.0 
1 1.065.9. 


— 17.6 


322.9 
■ 203.51 


+ lu.O 


1.038.1 

'.1.092.2) 


IU.Z20.4 

iB.799.7i 


13.6 

(17.li 


3.G10.7 

(2.B94A) 


BANKS 


, 47.286.0 : + 9.2 > 27.595.0 
| .43.32033) j j ( 37.774.0) 


27.S05.O . lb.uOU.U 1Z.595.J 
(27.774.0) 1 (15.454.0) , (12.320.0. 


a - z . ,-12.4 29.42B.U 169.163.0 I 16.3 I 90.9023) 


(3.146.0 


DIsCOCNT HOL'SKf. 
MERCHANT K.lNKSeir. 

3 

23.809.0 

1(21,407.01 

+ ID. 8 

' • (-) 

<-) 

- 

r i 

16.797.0 
. I14.845.U. 

+ 12.4 

b. 798.0 
*4.949.0* 

.17.3 

HiKK PLRCHAbE ... 

a 

• 2.583X1 

; a.eiaoi 

+ 43.7| I.93R0 
; <1.271.0* 

1,409.0 
. (407.0) 

654.0 

*657.0) 

. 7770 

; --213.0) 

+ 464.8 

426.0 

-3B0.0* 

+ 9.3 

INSL'KANCE 

' 

— 

! •• — 

• :: •-). ■ ■ 

..i: 

• ki 

— =• 

! 

f ’ ■’ 

- 

r - t 


INSURANCE BROKE k-i 

i 

* 16.235.0 
i (12.484.0) 

+ 30^1 14,061.0 
'm.Bsaoi 

14,666.0 

1 11.360.0) 

e.97b.O 
*5.054 ,Oi 

, 7 68U.0 
! (6.048.0- 

+ 27.0 

1.401.0 

•1.243.0; 

- 12 7 

INVESTMENT IHL'dTS 

40 

i 116.694.1 
,1.108. 182.3) 

+ 7.9 115.461.2 
(106.981.6) 

9B.365.6 

*86.206.3) 

37.HU7.3 

*34.706.1) 

■ 6B.6H6.5 
(90,904.3) 

-15.3 

54.345.3 

46.405.7. 

- 17.5 


24.571.0* , <153.775.0) j rie.li ' (93 .57f(R 
.*-) !(-4743J».ft 


•2.914.832.0 

4 .2.635.935.0i 


571.0 

I--465.0' 


13 910.0 

'12.812.0i 


13.9 • 7.343.0 
<9.9) , i6.186.0i 


■'guide t< 
int sua 


'r 

V- 


7.015.0 
■ 5.296.0) 


rUUPEKIV 


13 


, 99.548.6 ' —0.3 < 96.S06.8 ' 27.155.2 
4 109,524.3); (106,898.5)' iZ0.660.Bi 


19.904 5 • 7.443.9 
■ 14.072.4) 1 (5.701.5. 


24.903.0 
(15, 578.0) 


60.0 i 6.020.0 

.74.1*! il0.353Al 


4.257.5 

•4.518.0* 


1.943.513.2. 
■ 1.775.22E.D* 


5.9 
1 6.0) 


27^5 41 
’ *89.524.9) 


3U.b 14.750.7 - 41.3 
(10.437.9, 


— b.617.0 1.594.417.9 

- 5.297.4* <1.594.748.8* 


6.1 ! 9.563.7 
*6.7* '<-58.814.1' 


.Ml!? I'. FINANCIAL 


1 ! 


704.6 

(898.9) 


-18.0 


647:0 

(734.3i 


644.9 

(731.8) 


297 9 

(424 . 61 


247.1 

*507.5/ 


-19.6 


104 9 
■60. Ui 


74.8 


200. B 
■ 332.5i 


2.476.2 
■ 2.226.8) 


22.1 
' (33.01 


1.346J 

<1.478.9: 


TOTAL FIR AKCIAL : 70 I 508.430.3 !+ 5.U • iobB.«a7.b 109.721.7 , 80.019.7 .104.2.u.b 
(297,481.9) 1*234.175.4)1(147.1(29.9): i71. 168.0)1,90.011.1- 


16.8 UU.56Z.9 
■ 66.650.*?* 


+ 20.9 56.905.1 *3.748.373.3; 6.9 

■ 30.9'jS. 1) )‘3.554.:BS.S*! ,7.2* '.I-382.KU 


KUBUCKts 


— 1 — - t 


( -) 


TLA 


(-1 


TIN 


f-t 


(--» 


1-> 


MILCELL-tAKUHsi I — 
MIN I, MJi 


■A | {-> 


«• ) 


I t-1 


OYRKMKAS TKAUIM* 


i 3.442.8 +1.0 

: i3.409.8i r 


2.787.4 . 2.6S6..7 : 1.16B.5 


1-i 


1.528.5 


(2.935.7) I (2.846.6) ' <1,263.9) 11.581.7) • ~ 3 '* .55° a. + 15 '° : die??®, 


COUJfODXTZSS: 


3.442.8 ,+ 1.0 
(3.409.2) . 


2.787.4 

(2.980.7) 


Z. 696.7 
(2,849.6) 


1.168.3 

ll.0b5.9i 


: 1.528.6 
(1.581.7) 


.-5.4 


3Hj.b 

■330.B. 


15.0 


NOTES ON COMPILATION OF THE TABLE 



1.761.8 

■1.677.0, 


11.738.7 

*8.2731.1* 




The clauiflcaiion (olKnus closely that information required muter uu Com- 


al iho Inciliuie aod Faentty of Actuaries, 
vrliicfl bas brru Jdotued by xbe 31 oc* 
Exchomso Dally OIRcial Lkt. 

Col. I lilt 1-5 (radios prows plus Intcsi- 
meut and oihnr normal income Dro perry 
bolixuiiuL (o (he (unite) a) year oovered. 
The huurc Is- strnrtr hvforv chargius 
duorerlailon. loan and other uuoraat. 
dliwiora' ■.■moliuuenis and other linnc 
normally shown on tbe orohj and low 
account. Excluded are all exceptional or 
non-rcnirriiui Ki-ms tucb aa. for example, 
capital profits, unless (hr latter arise in 
thr ordinary transaction of business 

N b — Certain companm. iDdudliut 
mcrehani tuuks dunwnt boubos. 
insuraor» and sniooina companlra arc 
cscmpird man HIM- logins dm rail 


CONTRACTS 


names Act. IBM. 

CdL Z sires . profit* before Interest amt 
lautlon that in In sfls profit', after nil 
vlia ran exo-pt loan and other ntiereM, 
bui Ucfarv ib-ducuptf taxauop prnviHOHiN 
and RUuorUy mierrsw. in Die caxe of 
Banks, tin flaare can be shown bvcapsr. 
of noiHUbclosure isuc foreaolnt Dura. 
Riapti). 

Col. 3 cires Pre-Tax Profits that is < d 
say Drums alter all charges mcludliiR 
dehtnrnre am) loan interest hot before 
dodneuna taxation provision and nunnrtiy 
Imi'roots 

Col 4 croups aU corpora 10 taxation 
indudlDK Domlmnit, Colcnial and Knreixn 
iranilltv and tuture ' 


c;K|urtea adjusoiKOLs <0 prcisiHisi COI.'S consurates U» tptal'-l^^ 

A iSSf *■ J£8S*’‘jaS 

nSei-a? 1 --urreDt assets less ‘CtBl*.- 

2-AU prior «*. 1 raeC-«:.i c , na ruiwitay-! .? MCepr W 

n+-nia, uIl.. and Prcturenu- rtivlrtentt* L Fljr wtrdiani --flanks- and diseW* 

. 5g*£ a * mo « rexBMic furoro-tooi W* * 

a-Pn-il-nons Tor s:an and •■molortea . ? J,ance ' s,lee * ,oU1; - • — ' 

peiKhins funds unere this .is u 9 ^orewnis 'tlhi net', riinm ■ 

1 capital employed col. 3 as a nrtrtn»iK 

Cal. 3 ora video an infi ifrdKm * 
jyeram; profliabtllty, - . , 

‘ ttxclodutft m -rcuant 


nunuai charge asainit 


net 1 


'niiinilari! 
revenue. 

Col S jfeUi out Hi-.- nut 
d«W op ■vjuity cupl:a!. 

Crt. ■ Is tin: vupliai iivii'.>r3te<j Intenuilv 
oyer a )■--.•<< trjdms. l or the purpnsrs 
ot eotnnarisan <.<auit- carnincr plus n.-pr... 
rlalion less -JOUil.v cits lrtn-vi-, is ihc 


cost ar <iiv|- 1 

tuiuf*« cl ?J IU,ft m -rcuant flanks, ..dls** 
[ nntisirs. insurances, etc. - 

j 1 No tijftmrfi tdven. , 

I }<• out Mitrem assets are arrlrri 
l al ,tl<> suhlractkin of current UabU®** 
tort orerismn from i-urrein assets 


contract for West’s Prochena 

WESTS PROCtiEtt. Darlington (a turnkey contract, with West's Pro- vision is heine marie tor <h» ..j - 

®ctlns_as manaefric con ■ Sf^MwiiTtiS iSd fl 1 second co Q mpieto E ^n Re ^i^ 


£3m con tract by TfcCs Stonine tractor and responsible tor 


outer orbital opens on Tuesday, j termfrml 


Company for s vinyl chloride design enslneerina’ procureraenl 
monoaier (VCM) sterago facility and construction supervision. It Systems 

to DC! " Inl * rtf fnn UqmI CfiMii.i in 111 . _o. a 


fucifrucs and a 
the storage sphere. 


? U an TcessriSe.^¥his^?? d a storage of VCM in a Irotocs? ^EinStoke °E U placed ?r S 3a^r n n»¥v taken delivj^ - 

1 a& TcfisStde. This is a 5,00f) tonne capacity anhere. Prn. u onrt ah<w “ °f 33 HYDROVANF. twin tool CO®* 


PDP-11 aim LSI-11 mini comp utets. 


Dicoli 


5,000 tonne capacity sphere. Pro- a $50o|oQQ 


order with DIGITAL nriif ^^DROVAJ^E twin tool C®®* 
\L pressors valued at £144,000. - 













i^Timies Sa tur gay ^^tembgr - % 1978 



THE WEEK IN THE MARKETS 



h 


** tel 



^Ul 




£?■ 

ihu 


Th? financial Times Industrial 
Ordinary . Index is back below 
500-afterbreaking through" tho 
harrier some 3i weeks ago. 
Demand throughout the week 
has been" very thin with mark- 
3 ings on Tuesday the lowest for 
2 six WMks. .Clearly the institu- 
*2 tibns ire playing' a waiting game 
~ during the uncertainties over 
the possible election. date. Gilts 
^ were ’equally unsettled in. a 
K I week , that- saw further rises in 
> the Ij.S; prime rates. . 




* ini . „ Red Paper cuts 


$.'***£ * 


a Wi?- 



9, 2i.o“ 

3 19-3. 


•22.3- 


-- -l".*. 

■ 2ST 

-25.6. 


Reed- International, is still 
yielding the surgeon’s knife as 
it sets .about repairing its 
balance sheet. Negotiations are 
now underway to dispose of the 
group’s S7 per cent stake in the 
troubled Toronto based Reed 
Paper. 

So far this year Reed Inter- 
national has sold its joint 
venture interests In British 
Columbia and a 63 per cent 
slake .in Nampak the South 
African packaging operation for 
a total of £66m. . 

It takes no more than a quick 
glance at - Reed's balance sheet 
to discoyer the reasons behind 
this rapid disposal programme. 


LONDON 

ONLOOKER 


^ At. the end of March "this year 
^ the group showed total net bnr- 
rowings of £3S4m compared with 
shareholders funds of £178m. 

Since then the disposal of the 
‘^Nampak stake has released 
£24m specifically ; to repay 
jg foreign currency borrowings. On 
~-top of this Reed has said that 
I9C 


it is to make early repayment 
of £25m $w Fr borrowings. A 
successful sale of "the Canadian 
stake- will further. -ease the 
strain. 

Reed .Paper, which itself had 
debts of around £&0m at the end 
of last year, is in the British 
parent's- books at around foOm 
but this. was before the sale of 
the British -Columbia joint ven- 
ture interests. 

Several major Canadian com- 
panies are -showing an interest 
in the stake, including the coun- 
try’s largest forest products, 
group MacMillan Bloedel but 
Reed stresses that these talks 
are only at the preliminary 
stape. 

The effect of all these dis- 
posals will be to turn Reed from 
largely an. international pulp 
paper and ' packaging company 
into a concern with mainly UK 
based interests while some 
analysts estimate that the next 
balance sheet could show net 
borrowings of perhaps around 
£240m compared with estimates 
shareholders funds of around 
£2 Lam.' 

Rights revival 

It has been-* busy week for 
rights issues. There have been 
four cash calls for amounts 
totalling £35 in, the highest 
weekly figure since the begin- 
ning of May when Rowntree 
Mackintosh asked for £36 ra. 
This spurt of activity lifts the 
August month total to £63m, 
way ahead of the £39m for June 
and July combined. 

But the timing of these offers 
is coincidental and does not 
herald a major upsurge in the 
number of equity issues. BTR, 
raising £24. 1m.- has probably 
been planning a rights since lhe 
£25m acquisition of the U.S. 


company, Worcester Controls, 
last June. It is hardly surpris- 
ing Lhat it held off until the 
holiday season was over, and 
tbe rise in the market since 
early In July has been good 
enough to prompt a number of 
rights issues. The weakness in 
recent days would have little 
bearing. 

Two Other issues from Initial 
Services (£7.6m) and How-den 
Group (£2.4m) appear to have 
been timed so that recent 
buoyant preliminary announce- 
ments have had time to work 
on the market price. In both 
cases the rights offer price 
is similai to the market price 
prior ro preliminary profit an- 
nouncements last month. As Tor 
lhe small Dorada issue the lim- 
ing of that appears to have been 
dominated by the half year 
figures. So this week has been 
a flash in the pan. 

Bunnah down under 

Burmah Oil has sold its re- 
maining Australian hydrocar- 
bons exploration and production 
interests to a local consortium 
for almost £21m. The consor- 
tium. headed hv West Austra- 
lian property man and yachting 
personality. Mr. Allan Bund, 
has agreed to pay £3ra imme- 
diately. £8m in the next three 
months, a further £lm in May 
and the balance will bo handed 
over in November. 3073. The 
consortium will get substantial 
shareholdings . in - three com- 
panies that control 46.6 per 
.cent of the. Cooper Basin oil 
and gas joint 'venture, which 
supplies natural gas to Sydney 
and Adelaide and has proven 
reserves of 3 trillion (million 
million} cubic feel of gas and 
about 314m barrels of oil and 
natural gas liquids. The Bur- 




6- — 


S.E.KHMS HO 


JUNE 


JULY 

1978 


AUGUST 


mnh interest has been on the 
market for some time but the 
sale is regarded more as a tidy- 
ing up operation than as a final 
part of the massive asset dis- 
posal programme the group 
embarked on in 1975-76. The 
funds released by the Cooper 
basin sale will be invested else- 
where within the group. 

Lain g reorganisation 

The market clearly agrees with 
John La mg and Sun lhat the 
sum of its parts is worth more 
than the group as it stand*. 
Since Hay, when Laing first 
announced plans to create 
separately quoted companies for 
its property and construction 
activities, its shares have risen 
by 66 per cent. Trom 133p to 
213p at the close last night. 

The commercial logic of the 
move, although sound, is of less 
immediate relevance than the 


impact of a .split on Laing’s 
investment imago. And the 
success of the reorganisation in 
highlighting the scale of its 
property side — now revalued to 
show barely geared net assets 
of 15Gp a share — has been taken 
as a spur to look more closely 
at the property interests of the 
other major contractors. 

Taylor Woodrow, George 
Wiiupey and Richard Coslain 
all have property businesses 
large enough to warrant a 
separate quotation and in look- 
ing at these shares Laing's trail 
blazing efforts have nut been 
Inst -on the market. Whether 
any . of these groups actually 
follows the Laing route remain's 
to be seen. But Lainq’s move 
can do the sector nothing but 
good as dealers rid<? the good- 
will created by the rediscovery 
of invisible property giants 
among the builders. 


'.JjiS MARKET HIGHLIGHTS OF THE WEEK 


U.K. INDICES 


J 1M. .Bis 

Price 

rda/ 

Change on 
Week ' 

1978 

High 

1978 

Low 


Average Sept, 

week to 1 

FINANCIAL TIMES 

Aug. 

25 

70.62 

72J0 

~ 516.9 
178.1' 
5,420 

Aug. 

18 

70.99 

7254 

_ 517.4 
1954 
5,407 

Ord. Index 

498:0 

-15jI 

5m 

433.4 - 

Poiiticai/ labour uncertainties 

. 2i.fi Exchequer 9{% 1982 

~ £92i 

- i 

£1004 

;. «I4 

U5. interest rate pressures 

; --^British Petroleum 

878 

-30 

926 

.720 

. Bingham report controversy 

'r ??? Brown (j.) 

45& 

—I* 

49$ 

. 231 

Profit-taking 

Govt. Secs. 1039 
Fixed Interest 72.21 

Indust. Ord. SOU 
Gold Mines 179.7 
Dealings mkd. 4,768 

~ Central Pacific Minerals 

425 

-125 ■ 

820 . - 

- "iso 

Australian selling 

!:? Church & Co. 

170 

-21 

19* 

150 

Disappointing interim figures 

:i.t .jConxiric Riotinto 

314 

: +28 

314 • 

148 

Diamond exploration hopes 

3?: ^FNFC Lri. 1992/97 

£30f 

+ 54 : 

£32 

£10 

Speculative demand/thin market 

■ * '• ^ lr G|»n ■ 

*07 

-21 

635 

515 

Market trend 




— -Guthrie : 

. .370 

. -.17 

400 

• 211 

. Bid dentals 

FT ACTUARIES 



i* j Ibstock johnsen 

181 

-H 

197 ; 

125 - 

Adverse Press mention 





, . 0 -Mowat<Wm.) 

- 2* 

+14 

27 

m 

Bid approach 

Capital Gds. 241.05 

24453 

24253 

’*9 5 Pearl Assurance 

242 

-26 

272 

21* 

Disappointing interim results 

Consumer 
( Durahlf 1 776 38 

224 ]3 

220.19 

? ic Raol Electronics . 

316 

-20. 

344 

196 

Selling in unwilling market 




: V _ElU«d Intnl. 

. 158 

+ 8 

164 

102: 

Possible sale of. Reed Paper 

Durable) 216.79 

222.78 


; ■•! "i Scottish Agricultural. 

- -207. 

-13 

225 

190 

Poor interim results 

Ind. Group 22828 


231.41 

7 Sun Alliance 

550 

-34 

606 

* 504 

Interim figures due Wednesday 

500-Share 251.42 

258.36 


;i.i iff Tarmac 

15* 

-14 

174 

124 / 

Broker’s sell recommendation 

Financial Gp. 17Z22 

C3Tj 

mjj 

^ Thorn Bectrical 

378 

—.18 . 

.400 - 

308/ 

Market trend 

Ail-Share 231.03 

237.41 

234.28 

: ’**C ^Vfhessoe . 

44 

— * 

~ r ~97 . 

*4 

Closure of Teesside plant 

Red. Debs. 57.80 

5751 

57.49 


TOP PERFORMING SECTORS IN 

FOUR WEEKS FROM AUGUST 3 


% change 

Electricals 

+ 7.7 

Contracting, Construction 

+4.7 

Office Equipment 

+5.1 

Merchant Banks 

*r4.1 

Lt. Electronics, Radio TV 

J -3.8 

Mechanical Engineering 

+ 3.4 

All-Share index 

-•-0.6 


THE WORST PERFORMERS 
Newspapers, Publishing —2.9 

Investment Trusts —33 

Insurance Brokers —3.7 

Household Goods — 3JB 

Insurance (Composite) —3.9 

Breweries — 4.2 


The luck of the draw 


TRADITIONALLY as New 
York's hot and steamy August 
drew to a close, Wail Street 
gallops towards Labour Day 
weekend like a pack of harts 
to a cooling stream. The pass- 
ing of Labour Day, which falls 
on Monday, promises cooler 
weather hut also a renewal of 
investment activity and as a 
result the stock market is 
usually in a buoyant mood as 
this weekend approaches. This 
is the week when historians 
remind investors that in the 
three trading days before 
Labour Day weekend the Dow 
Jones Induslrial Average has 
gained in every one of the past 
i7 years. 

History however, has been 
stood on its head, this week 
and this month. August has 
been anything but a slack 
monih and ii will be surprising 
if average daily trading volume 
has nut been in the region of 
30 million shares. The rally 
which began last April has 
maintained its momentum 
during the month which has 
seen the Dow repeatedly beat- 
ing at the 900 barrier. Rising 
interest rates, which continued 
this week with an increase in 
banking prime rates to 9.J per 
cent, have not really taken the 
heart out uf the market but 


NEW YORK 


llOOf 


1,000b 



500 


1974 


1975 


1976 


1977 1978 


JOHN WYLES 


they have made it more uneasy 
and this partially accounts lur 
the fact that the market is not 
going into Labour Day weekend 
on a rising curve. 

But there has been at least 
one other source of disturbance 
and this has been the resur- 
gence of speculative fever in 
aambling related stocks. On 
Monday when the Dow sus- 
•ainerf its setback in 

two months’ stocks which are 
already involved in casino 
gaming, or which are thinking 
of starting in casino gaming or 
which have an interest in com- 
panies which arc already in 


casdno gaming were in tremen- 
dous demand. The reason, it 
will be recalled, is that, with 
gaming confined to the state of 
Nevada until the recent 
legalisation or gambling in 
Atlantic City, New Jersey, has 
spread the conviction that not 
only is there a vast investment 
potential in companies already 
established or planning to estab- 
lish themselves in New Jersey 
but also that many uther Stales 
are likely to succumb to the 
lure of higher tax revenues and 
more tourism by legalising 
gambling. 

The people of Florida, where 
the decline of Miami Beacb as 
a tourist haven is a source of 
local concern are to vote on 
legalised gambling on Novem- 
ber 7 and this prospect is 
polishing the attraction of not 
unly gambling stocks but also 
of one of the main carriers into 
Florida. Eastern Airlines. 

While some stockbrokers see 
the extraordinary interest in 
gambling stocks as encouraging 
because it is an indication of 
the return of the individual 
investor to the market, there 
is concern elsewhere. Much of 
the buying is seen to be indiscri- 
minate and lacking in any kind 
of appreciation of the relative 
prospects of the various stocks. 
Mr. Robert Linton, president 
and chief executive of Drexel 
Burnham Lambert sent out an 
internal memo to his salesmen 
this week stressing the need 
to provide customers of “ a 
thorough understanding of the 
risks involved in buying these 
shares.” But AG Becker. 


another leading brokerage 
house, went a step further, 
yesterday to cool some of the 
investment ardour and an- 
nounced That it would require - 
100 per cent of the purchase* 
price of five gaining companies’, 
stocks — Results International! 
Playboy. Ramada Inns. Caesar's 
World, and Bally Manufactur- 
ing. Becker’s previous cash 
requirement had been 50 per- 
cent and the firm offered no 
explanation for its move beyond* 
"our management feels it is in. 
biith our interest and lhat of 
the investing public." 

At least some of this week's 
speculative fervour seems to. 
stem from a report Merrill: 
Lynch issued on the gaming 
industry ten days ago. The" 
report did not recommend any 
stocks, except by implication 
through a list or leading com- 
panies which did not include 
the likes of Caesar's World,.. 
Resorts International or Play- 
boy. Although Merrill Lynch 
stressed the need for discrimina-" 
tion, it arrived at the influential* 
conclusion that (he gaining' 
industry had the potential to; 
be one of the high growth srg- r 
ments of the economy and that. 
“Lhe stocks of some of the 
large companies in the industry 
may be attractive longer term 1 
investments." 

CLOSING PRICES - 



Close 

Change 

Monday 

884.88 

- 10.65 

Tuesday 

88020 

- 4.68 

Wednesday 

880.72 

+ 052 

Thursday 

87652 

- 3.90 

Friday 

879 J3 

+ 257 


:j.t j a 

tfs 

s 

'Kfs 


Breaking down barriers 


Z4 5 



THE EUROPEAN Options Ex- 
change has at last shown signs 
that it:inigbt not be a failure 
after all. - On Monday! this week, 
a record 3,364 contracts were 
recorded, still weir short of the 
7,000 that ’ are r needed before 
breakeven is reached, but pro- 
mi sing nonetheless! 

Tb'e averagfi -.volume this week 


was. 2,000 contracts per day, 
more than double the average 
since the start in April. 

Leading London jobbers, 
Wedd Duriacber and Smith 
Brothers, revealed this week 
that they have applied to the 
London Stock Exchange Council 
for permission to join the EOE 
together as a market maker. 



efo 



J . Many investors jre^eiupgjnore and more confused by the 
bewildering range of unlftrusis otTiiredby .in ever-increasing 
lumber of .management companies. 

- - . - Gartmor'e Fund Managers ltavc just published die second, 
and more comprehensive, edi tion ottheir straightforward guide 
to the complete range ofunit mists and services which they offer. 

As part of a group which manages some £b50 million of 
funds for. periMnivhmds.' iimuancc companies, i nvestment trusts 
. and other corporate and private dicius, they are well placed to 

...• -..-v V..-' ' offer investors the expertise 

.. that is so vital for successful 

_ _ i .- , investment 

Whet her your need 
is for high i ncomc or 
capital growth, you 
should Find our guide 
very helpful. 

Send this coupon 
now to learn more about 
. the range of funds we 
manage, or ring Alan 

When on 01-283 353 1 
- duringworking hours. 



V ..‘^v r .Gaimore jpbnd Managers Ltd. 

r-i— -> a iiDnrJ.ni 


. . 2 Su May Axeltfiidon EC3 A 8BE Teh 01-283 3531 ■ 

I : Heas^sendicopjr of your Guide to Urtit Trusts • J 


framed 


| , Company:- 


Address 1 ^ •' ’ 


A. vij'-.a- 




FT/209/YG - | 


'A , :-; 7- r ' £65(&)QQ,000imderGroupA^ageiiient . j 


They would be the first British 
jobbers to take a seat on the 
EOE and the first British firm 
to become market makers 
(roughly the equivalent of job- 
bers in the ordinary share mar- 
ket) as opposed to publie order 
members (equivalent to 
brokers). Their entry into the 
market would be greatly wel- 
comed by the EOE which at 
present only has seven active 
market makers although about 
another 10 have bought seats. 

OneBritish broker who deals 
in the London traded options 
market, but not on the EOE in 
Amsterdam, said last week that 
he still regarded the EOE as 
“ a dismal failure.” Even if the 
average of 2,000 contracts per 
day could be maintained, that is 
lob far below breakeven after a 
long run in, he said. The 
volume had been boosted of 
late because the underlying 
market in Dutch securities has 


VOLUME OF CONTRACTS ON THE 
EUROPEAN OPTIONS EXCHANGE 
too* 


3,000- 

2£00* 

zpoo- 

vw-, 

ywo- 

500 ■ 



AUGUST 1978 


been so strong. Most of the 
activity has been in options 
based on Dutch securities while 
that in American shares has 
been much more subdued and 
that in British ones non-existent. 

The - Dutch have had to 
accept defeat . over trading 
British options due to technical 
problems and the rivalry of 
London. The British jobbers 
who want to join, the EOE have 
explicitly applied to do so on 
the basis that they will not 
trade there in British options. 

We don’f wptjI to fumpete 
with. ourselves” they said. 

Ai present Americans are not 
able to deal in American 
options on the EOE due to res- 
trictions placed on them by lhe 
Securities and Exchange Com- 
mission. The Amsterdam ‘ad- 
ministrators. hope that a way 
.will.be found to satisfy the SIX 
and they also believe they will 


soon get the all-clear from the 
French and Dutch authorities to 
deal in options based on French 
company shares. 

It has still to be proved tliat 
a really effective options market 
can be created away from the 
country where the underlying 
securities are based. The EOE 
has to overcome the coolness of 
national governments towards 
seeing the kudos go to the 
Dutch Government. And if it 
succeeds, ii may still have to 
compete with locally based 
option markets. 

The EOE is certainly doing 
everything it can ‘to get the 
market moving. Mr. Sc-holten 
said yesterday that he hoped 
“put” options could be intro- 
duced on some securities before 
the end of the year. A “put”’ 
option is a right to sell shares 
at a pre-determ ined price for 
a given period, whereas the 
existing "call” options are a 
right to buy shares at a set 
price. 

The chances of the EOE were 
boosted yesterday with the news 
thaf the General Director of the 
Dutch Tax Office has decided 
lhat traded options listed on the 
EOE are lo be considered as 
securities and the writing of 
covered cal! options will not 
take institutional investors out- 
side the list of authorised in- 
vestments. The EOE expects 
much greater institutional in- 
volvement as a result and more 
attractive option prices. 

Government attitudes to 
options are crucial. to the suc- 
cess of both the London and 
Amsterdam markets. Grieveson 
Grant, which has one of the lar- 
gest private client lists, reckons 
that business in the London 
traded options market would 
multiply three or more times 
if the persona] lax’position was 
resolved favourably. At pre- 
sent it is feared that traded 
options will be treated as wast- 
ing assets, giving rise to a high 
capital gains tax liability. 

The fortunes of the London 
and Amsterdam markets still 
hang in the balance. But the 
stakes are quite different. In 
London the traded options 
market is merely an extension 
or the existing market and has 
involved minimal capita] ex- 
penditure. The Dutch market 
cost several million pounds to 
set up and will leave a lot of 
burnt fingers' if it fails. 

On the other hand, if 
Amsterdam can succeed in 
breaking down the international 
barriers, the reward both in 
terms of monetary gain and 
prestige for the Netherlands as 
an international financial centre 
would be eommensurately great. 



In recent weeks share prices on Wall 
Street have regained the impetus seen 
earlier in the year, despite rising interest 
rates and inflationary expectations. We 
believe that the market is still reasonably 
valued, giving scope for further substantial 
gains over the long term . 

Our reasoning is that, despite the increase 
seen this year, many shares are still selling at 
comparatively low levels in relation to 
companies’ underlying assets and earnings. We 
therefore take the view that share prices are at a 
level where good performance can be expected 
in the long term. 

Furthermore, we believe that Save & 
Prosper United States Growth Fund, with its 
portfolio carefully selected from the growing 
areas-of American industry, is a particularly 
attractive way to invest in the US market. 


UnitedStatesGrowthFund 

US Growth Fund was launched in 1964 
and is now valued at over £37 million. 

By investing in the fund you can obtain a far 
wider spread of investment than you could 
readily obtain on your own behalf, as well as 
benefiting from Save & Prosper’s long 
experience of the US market and currency 
management. 

Past performance 

Since the launch, the fund’s offer price 
has increased by 128%. This compares with a 
rise of 33% in the Standard & Poors Composite 
Index (154% when adjusted for exchange rates 
and investment currency fluctuations). As can 


be seen from these figures, changes in 
exchange rates and in the investment currency 
premium can affect the value of your invest- 
ment as much as stock market fluctuations. 

An investment in this fund should be 
regarded as a long-term one. 

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


About Save &Prosper 

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

At 1st January 1978 the Group 
managed £875 million for some 700,000 
investors. 


Howtoinvest 


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 min imum initial investment is £250. 

On 29th August 1978 the offer price of units 
was 85. 3p giving an estimated gross yield of 
£i.34% p.a. 

If you require any further information on 
the fund, we suggest you consult your 
professional adviser, or contact our Customer 
Services Department at the address given in 
the coupon, below. 

Advisers requiring further details should 
contact Save & Prosper Services on 01-831 7601. 


GENERAL INFORMATION' 

Trust jum-.Tha tio la to provide a portfolio 
invasted in the abone oT US uunpdnirti. Income is 
not a com. iJ station in managing tho fund. 

Units are easy to boy. Unite may normally be 
bougbl and #old on any working day. However, in 
exceptional arcumciaiicee the Managers reserve 
Lhe ritfht u> suspend price quotations pending their 
revaluation. 

And to sell. The Managers will normally buy bock 
units, from reewterad holders, tree of rummiAdon. 
at not less than the bid prii-e calculated on the day 
yuur instructions are reeriinl. in accordance with 
d formula approved by the Department of Trade. 
They may also be itold back through an authorised 
spent who is entitled in charge commi-tsion. 
Paymoot Is normally nude within .even day* of our 
. receiving renounced certificate!*). 

Safeguards. The trust is authorised by the 
Secretary of State fbr Trade, and is a ’widcr-.-unce’ 

i nvestment under the Trustee Investments Act. 19dl. 
The Trustee is Bonk oT Scotland who holds the title 
to the trust's investment* on behalf of the unit- 
holders. 

Charge*. The offer price currently includes an 
initial service charge not exceeding 5%. end a 
rounding adjuminen tool mareding the lower of 1°. 
or 1.2fip. Out of this, cwnmiarfiou of li% (plus VAT 
when applicable) will be paid to banks, stock- 
broken, soUdton. accountants and qualified 
insurance hookers on- applications bearing their 
stamp. In addition, a half-yearly charge, out of 
which Managers’ -expenses and Trumee's fees are 
meL isdnluctadiyaai the inut'fl assets- This charpe 

ii currently _18.75p per £100 on which 8% VAT is 
payable tun tang a total deduction at 20.25p ner£i «i. 
Income. Distributions of not income arc made on 
15th April, each year. These can be reinvested In 
further units If you wuh. 

Managers- Save & Prwpnr Securities Limited fit 
member «f the Unit Train Association). 4 ft rent St. 
Helens. London EC3P JEP, 


Application for a Jump-sum purchase of 

US GROWTH FUND UNITS 

Sava & Prosper Securities. LI ml w d. 4 Great St. Helens, London EC3P 3GP. Tel.; 07-564 8899. 

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

To muchase unit; Masse compleu and iaiu«n this hum, either dlieeily or ih rough vour bant, stockbroker, solicitor, accountant or 
nullified insurance broket, together uuift your remittance. We wiV acknowledge leoeibt ol your application and temmance and 
win nornuUv dcsoaicn a ceroficau lor the units within 1 4 days. Cheques should be made payable ro "Save & Piosper Securities 
Limned". Ttns otter Is nor available to residents of lhe Republic of Ireland. {Unit atnowtr of re mnu/rcej 

Please issue to me United Suiee Si«w|h Fund units lo lhe value of C J calculated at the oiler price 

ruling on receipt ol this application. I Minimum mittil purchase £2SO, £60 (or subeequenr purchases^ A nun) nonce is enclosed. 

Agent's Sump 


Mi/Mrs/M.ss 

Full Namefsi 

BLOCK CAPITALS' PLEASE 
Address 


I declare that I am over IB end am noi lesldenr outside ihe UK or outer Scheduled Tmrhories and that I am not acquiring me 
above units asrhenomlneealinv person resident outside these Tanneries. (If you an unable to make this rwidenilal decta ration i 
it should Be deleted and the form lodged through your UK bank, stockbroker or solicrtor.J 
Signature _ _ Date 

Ensbag Unned States Gtowih rund unHItoidery please tick h««. . | ] ; 

It you would hke dbwbuuons ol income to be reinvested in further I I 

units rdaese dek here. I I j 

If vou would like derails ol the Slum Exchange Plen please itek hue. - 


SAVE & PROSPER GROUP 



1 









I * 


I 3 


FINANCE AND THE FAMILY 


A joint bank account 


No legal responsibility can be 
accepted by the Financial Times 
for the answers given in these 
columns. All inquiries « rill be 
answered by past as soon as 
■possible. 


Not everyone need drive 



BY OUR LEGAL STAFF 


;jp mv and I open a joint national lax-avoidam-r scheme sell the house, since the Deed 

• -hank account, anti one of along the lines you appear lo did not contain what is called 

•• us were to die. would the have m mind. a Certificate or Value the Deed 

I! other he able to continue lo In any event, you .should con- should carry a stamp or £380 

>* draw on the account without rider whether the proposed new on the assumption that the 
•• question? Would the survivor double taxation convention be- market value or the property 

• have to take a will to probate tween Italy and the UK (lo was 119,000 tf i( had been sold 
-• or receive letters of aduilnl- supersede the existing i960 in June 1976. What, please, 

5. ?t ration? convent inn. as amended in arc your view s' 

j: The sunivnr uf tw«» joint 1969) may make artificial If the parties lo the Deed 
V holders of a hank account is arrangements pointless. * lift are still available 

- 'full v entitled to draw on the re-execuic the Deed, the Ccrti- 

-!'■ Recount. Ii is not necessary i 0 a fieate for Value may be added 

•■-•prove a will or have letters of as gOUU l UUl even though this is done after 

administration or the estate of r m 1 lhe Deed was e ** cu,ed - and lh0 

the first m die. if the mandate OJ title addition signed by the parlies a/lHUltV 

is joint and m*t several n.e.. J in the Deed. The Certificate 


moior policy Similarly, while tbet^L- 
THE REGULAR increases in era allow a rather less generous his or her own . g and thus cover for a learner driter.^ 
motor insurance premiums hit discount than : if it is confined for third P? r / t ' 0 comply his or her provisional ij^i 





allowance would be restricted discount which colleague, or one - of 

by the excess over £l la <V .^u ppsi ,i» There is. therefore, children (if they are 


there are pitfalls- property. r irau ^ .nail's 
the may drive. there * nnJC 0 f no cover under the — *•- 
old With the most common type or «u j. 



Tax and an 


■11 .their policies, whereby they ™«™1 preceding this event, taking a . l fr ' L '" tl : “", o hosp iul I. 196(1) or th 
pay the Uni. say. £25 of any No raira premium like y to one s mother-, nJau to^^ 1#ra define3 

claim, thereby earning a worth- b0 charged, since there will ^btr and bustm.^ provided the highway and 

a compulsory excess fin addt- holder in person— prowucu ® - 


both signature- being required i I bavr >omr old deeds from .. wou j d b e a i £20.000 and duty I am receiving an annuity 
proof 0 7 ckaih may he required. J79 “ on rclalin s t° '»> would br payable at 1 per cent from a seif employer coni 

hut a certified rnpr of Hie death property. I understand that rt „ whole value of the under provisions of Flnao 


certificate will suffice for thai. deeds relating to the past properly. 

■— >• - 15 years are alt that arc legally 

required in case of sale. _ 

Could I therefore retain these IflCOHlC Oi 
old documents? •* 

Pre-root deeds may be retained chHdvetl 
?f they do not contain material 

affecting the modem title. My son has invested, by 
Assuming that there is a deed designated accounts. £500 for 
which i.- a good root of title each of his four children in 
in the 19th or 2flth century it accumulating unit trusts, 
is mo:* likely that > '»u can j aj £ afl h( , reclaim on their 


International 
tax avoidance 


I believe I read in your 
columns some time ago that 
an Englishman living abroad 
(in Italy in my case) could 
pay maintenance lu a divorced 
wife, living in England, as a 
' net sum. voluntarily, each 
month. Thus the husband 
would not he able to claim 
allowance against income tax 
paid on his earnings, and the 
divorced wife would not have 
.In pay tax on the maintenance. 
Is this correct? 


contract. 
Finance 

Act 1956. where premiums paid 
were tax free and annuity 
payment* were -taxed as earned 
income. The Inspector of 
Taxes has added this annuity 
payment to dividend and 
Building Society interest for 
surcharge as unearned income 
at 15 per cent. Do you not 


while discount off the premium. 
In some cases, excesses of up 
to £100. or so. arc accepted on 
a voluntary basis. 

Apart from increasing the 
| amount of excess, thereby earn- 
ing a marginally greater dis- 
count. there may not be much 
scope for improvement in that 
direction. 

One can. however, voluntarily 
I restrict the driving of the car. 
so as to earn a Further discount. 


INSURANCE 

PHILIP KNOWLES 


the Road 

a road a s ^ 
any othernwi.£ 

!ir"n^«"e 3 do7sVot involve which the public taifgj 
busint-s ■ .j. c gencr- and includes bridges over pte* 

X re ndered to be’solUiting a road passes." . The unpo^ 
fir hurines* * point 15 ** «“*“■** )S 

Wh fe therefore, one can anee is required not ord JJ- 
iimih the car to somebody else public thoroughfares to wfo, 
= - iof d so rial domestic or pleasure the public at large has a de%£ 
" purposes, there is unlikely to be xfcbt. 

tton to any voluntary excess) any cover under the J^® p ^? 0 Iy There is no easy way. 
in the event of an accident due to some minor emergency determin ing in advance wbefc* 
while he or she is at the wheel, at work, a business ceKea^ue insurance is compu sotv;^- 
If, however, there are one or needs to borrow ones car. nc best adince IS QoI to.Jfc. 

r Kiime tvoc of problem couia c h ai | Ces anywhere where ’th. 


retain the curlier deeds. 


Certificate 
for value 


behalf the tax credit sums 
involved?- (b) If a grandparent of the Taxes Act say-, that 



any a named man. They 


anee brokers are against the « n 

- - . . , . , , idea. 'Thin is unlikely id be ab.. 

treated as earned income of the u 0n Act by pointing out that s0 lelv- because any reduction in tion with her business 

-* nnfiito rv t In llvo AviAnt ti'hlfh I oknui *>U n » rliA *. . * . > . 


l""- Z™5Jl*2*L\ '.™* is unlike^ jo be able to^u^the^ m or -she'ts accompanied ^ 


t h at 1 s 1 1 uat i on would nor be provisional licence: . 
that snuaiion c0nne e- important to make .sure thaf>r ‘ 


My daughter and her husband 
jointly owned the freehold of 


The scope uf caw* V of Schedule the house in which they Hied 
D etc. i> ■such that there it a and in June, 1976. he 


ii.. 




to produce £-00 pa gnts^ U c«u«, « u ‘ uy P uukii. b oui u.av s0 lely- because any reduction in Uon wun ner ous.u™. supervisor at all -tubes-aB*'- 

would income-tax be payable annuitant to the extent to which their statistics show that the premium reduces their com- Usually.- insurers are such a simple operaSl - 

on such a sum and would the it a payable in return for any claims experience of women is raission earnings. They, feel lenient abour those to whom P t ^ ‘ 

parents’ child allowance be amount on which relief is so tetter than that of men. i.. ,i-«. n.. Mr m«v ho lent, simply uu T il ° _“7i-rr.: > '-A 

lost (or reduced)? given.’ 

(a i No: income arising while' jf you have ndt:.ai 

they are minors (and un- you should. _ .... _____ 

risk o f get ting ' t hew o r si of bo t h uSts/irred'to^hcr' his interest married) is taxable as part of \ u notiC e or appeal against the ^ wn average, women, prob- q U enees.^SbmeUme>-if^TO^er Ing the car. therefore. on-«" _ ... 

worlds f«vr tlv«* panic* 1 >o the and ownership bv a Deed of your sons income, under ^g^gment ton the grounds 3<fiy are on the roads less than- motorist wants to borrow the isolated occasi 

hroken marriage. Skilled legal Gift, duly witnessed and bearing section 437 oF the Income and that jt 0 ffe nds aec Uon 226(1) < and thu3 there is ,aiS ca r, he or she vviil point out with a poor 

and fax advice should be suusin a -36*p stamp. She has now been Corporation Taxes Act, IB«0, as an( j n0 fj t » e 0 [ application to chance 

"before embarking «n an inter- advised that if she derided to amended. postpone payment oi the tax seepvs 

overcharged. The statutory womens -awiucaua im«»sw nvncici, mcir ia «m-i .iui u« •‘•■'■■■s *• — 7- . • - •« -a,-,-- 

ume limit for both notices if ally less expensive than those driving other cars only.. under named drivers), but there is much better to 

only 30 days from the date on of men. the third, party section. While, would be no cover if somebody unnecessarily than trv risk the 

the assessment notice, but the If the driving is restricted to therefore, the person borrowing who had been disqualified from car being on the road whim© »*^ • /. 

letter was published — in edited tax. In this situation fassum- inS pp C tor is unlikely 10 object husband and wife, moat tnsur- the car wili be covered under driving should borrow the car. adequate insurance, 

form — on July 22). then man- ing that the shares are regis- l0 j ate notices, provided that 

dating the dividends lo an over- tered in your own name, not in vou ' ^ cj promptly upon receiving j 

__ t 1. J _ 1 rzr n.,mi non jn> rnypl'ino n9tn»vl 


Skilled legal Gift, duly witnessed and bearing section *r3< of the Income and tbat j t 0 fpends section 226tl) 
uiri be siiuaiit a 56*p stamp. She has now been Corporation Taxes Act, IB«0, as an ^ C j f j n0 fj ee 0 f application to 
nn an inter- advised that if she decided 

Tax for a non-resident 


driving record as a “standard” motor:? 


(ana mus uicic ia icoa car, lie or sne vvui poiai -OiH wim a JJUUI Uii-«J S - , . — T ~ vTg*»- x tj. 

? of an accident). Also, it that there i.i cover under his.or should be all right (that is each insurer takes its • 

as though, on average, her own motor policy:- Here,, partly why a discount is allowed If in doubt on any point.^tfev . - , « 
i's -accidents are margin- however, there is cover for if the driving is restricted to suit the insurers m- aqvan^D fr »i a- *» 


In a reply under Tax for 
non-Restdenis (July 12) you 
wrote " Your overseas 
Airidcnds. . . will suffer lax . . 
.(unless they arc mandat f*d lo 
.« bank outside (he UK)." 
Does this mean that if 
T instruct the company 10 
forward my dividends to my 
bank io New Zealand. UK tax 
.will not be deducted ? f am 
_...aon resident in UK and rcsi- 
Hent in NZ and hold a NZ 
“ passport. 


seas bank outside the UK nominee or marking names) adv ice. 

>hould avoid an\ question of you should apply for forms AI 
deduction of UK'iax. Mandat- and A3 to the Inland Revenue . 

my them to an overseas branch Foreign Dividends Office. Lyn- JytQffltCTKlilCC 
(if a UK bank should similarly wood Road. Thames Ditton. 
avoid deduction of UK tax. but Surrey. Great Britain KT7 ODP. 

the bank Exemption Is unlikely to be JpUjrUMzlUo 


you should check with the 

you have in mind, to see what authorised whilst you are aclu- Qur reply of last Saturday under 
formalities Uf any) they re- ally jn the UK. Separation and return to’ UK. in 

quire. As far as any shareholdings which we said that the first 

Un the other hand, if the in UK companies are concerned. £1.500 of maintenance payments 
♦ . _ shares arc on a register main- no doubt you arc aware of The would escape the investment nM _ , tTV . , 

»ou have nnt given us enough vained in the UK (or if the diw- provision ol the NZ-UK double income surcharge, was written ,, ,1, * .Sim *3 

precise details of your overseas dend* are distributed through taxation agreement of June 13. some time ago. Since then by J^ceniiy stricken o> a series or 

- ! shareholdings Tor us to yive you paying agents in The UK), then 1906. (as extended by section Section 2 1 of the Finance Act. jncenaiary nres. eventually- tne 

~;a elearcur answer. Briefly, if inaiidaling the dividends to a BS ( I ) of the Finance Act 1972) 1978. maintenance payments lerr,hed community was re- 

»hc shares arc »*n a register bank outside the UK will prob- and you have probably read have been made wholly exempt * Si,ured W in ^ .„*! 

maintained outside the UK (as ably make no difference to the about the negotiations for an from the surcharge for 197S-7B JO j ns . man . iad Deen 

— ' in t!ic L ‘ a - e uf I be reader whose question of deduction or UK amending protocol recently. onwards. , far c ^ n v i 1^0^ was°ob 1 ai ned 

The young man in question was 
the son of an officer of- the. local 
fire department, a most estim- 
able-man. who had been passed 
over for promotion. His son had 
set out to prove the inefficiency 


ii WHEX BUSINESS conditions *208.875 an ounce and lhe Gold "In these circumstances, bring its net income for the six °f the officer by whom he had 


The ins and outs of arson investigation 

in the United States 


* < 


Fertile ground for rumours 


r»- 



But rhis is uui 10 sa;- that the or not it is caused by tight |, e muc h the same as In the firsl Robert E. Carter. 

1 loin it about to Jail out oi monetary policy, could reduce ha ] f _ Mp r or t*ir’ R hnnu 


a 

from 
American 

don gold *:hare market. In keb lhat the potential for a doubt keeping an eye on the (8.97p) from 12 cents, soap opera. In fact it ia told in 

South Africa an.] ihe U.S.. downward movement much movements of the U.S. economy. .\nd the prospects are sood B serious work with pretentions 

'''dealers were more interested in greater than for a further A slowdown, foreshadowed by for the second half. The '’roup ,0 scholarship and a price to 

the prnspnci uf a tone weekend strong rise. the latest indicators, whether anticipates that net Income "will "latch: Arson Investigation M . by 

-.than in trading shares. - . - — • “ • — " - 

The rumour eircuh'ine M bo! 
the most conviction was that. 

L. th»s week'*nd. Mv Carter 

, Admin’-orji’irtn u-in mr •■».••• a 
.. pa-i-i-** in n-nir-s tb<* dollar. 

- nm iii--i a (•**■■ -inp-'jMp meas- 
hm siunothin** sweeping. 
j» p-i.in -h to make investors 
•: warily. 

Tlie lo-fip nr Mie rea.-fmn was 

_ imoc-^hi.. tm,. hiiiiuin pri.-c ihe bullion market. Industrial 
has been linked in the move- demand remains strong and 
ni-nf Of 'he dollar — one un (here has been nu marked 
3n d tin* other down — and 0"ld growth in western world mine 
sham prrcc< Ivie bc<*n linked production. Earlier this week. 

" ,n th» move men is i»r bullion. Mr. Dennis Etheredgc. the 
The anorceiatimi or ihe dnilar cbainuan of the Gold Dmsioti 


CRIME 

ADRIENNE GLEES ON 


effects on the materials with 
which it comes into contact. Ym 
might think that fire was the 
best way of destroying the 
evidence of crime, but -no! so 
to the trained eye. it appears. 1 
burnt out shambles can— wtlii 
stamina and patience— be nw3* 
to read like an open book I 
decided, after reading litis book 
that arson was a dangerous 
business in every sense of lhe 
word. 

.It's Mr. Carter’s contention 
that insurance companies .10 
America do not put eoOusb 
effort into calching out the 
. countrywide I no injuries). And arsonist, and thal in fact ihey 
where the book is really fasci- may exacerbate the. probJem.bj 
.. nuting is in its 'discussion of the over-insuring property and eon- 
evidence which the fire invesli- tents. He reports th** findings 
gator sifts in the hope of of a grand jury in St. Louis, 
establishing whether or not an that The insurance companies 
arsonist has been at work. rely instead on a general rate 
That evidence might vary increase to cover the loss— esti- 
mated at $634hn in 1975. His 



:■■■ .. T: ■. 


MINING 

PAUL CHEESERIGHT 


the trade deficit and take some "Tcrtainlv the oosium Inoks Fir^ Spence dries’ S out miics wilb bolh rear ,yres 5^’ I row Obvious and straight- mareo at siw-tnn in ia/ 0 . ms 
pressure off the dollar. And health^more so ?han at MIM he cSrn^b«ed Gtoncoe and onI y lu a whcn forward-evidence that furni- book, read selectively, will be 
that would take some of the g 1 neT profits before in Press n some wSys the car ran out of gas and the lure and electrical equipment of interest to those who. a* 

fhmc on Anglo American's gold ™ rdto arv ii era" were excessive]? worthy It "ocs tor wh,te , hot rcar u axk ‘ 1 » n,le «l the has been moved out of a house most closely concerned wi tf 

P^ l «- u „ AW9 2m(£?3 3m tor' the rear Sa.“e^ .into ^ “todVs areon &*** left *" “j lank «« a ** highly this problem-the - 

On the assumption that the * ‘ '.-nniDared^ w^h problem " the chemistry of fire 8 s,r ? am . of burning vapour technical: evidence provided by specialist, the policemaiF^^&gSF?^* 

^remains the most likely the veaf before. AU fh" ^ Into the surrounding the pattern of burning and its presumably, the arsoqfcrt^ 

candidate to lead the interna. , ll0Ugh thc gr * oup has a hi!?h tl]e investigator, and above all- 1 


fl r f’ight duliar-j off the bullion noted. " There are a large nuni- 
Pfivc. ber of people and institutions 

In ihe ■'•'em. i!»o hu'Mitn pne*' who arc interested in maintain- 
ended the week firmly ai my a high price for cold. 


its 


SSTi WIU «prtllu« he in wearisome detil— into the 
ZX ,n ^\T h‘ , main cause of 11, c' fall was a subjecl of interrogation of wit 

™ n in. -rooL clt^ S lowcr ' evel of ana 

finnr >nripntw° U| ^n ■ m, tai.inri for and zin «- T he final grooming and appearance of 

dividend of 6 cents <3.6p) main- lhe interrogator are iraportanr 
remains mimVcui act,v,ly tains the iota! at 9 cents. considerations. Dress should be 

Bui without am dear idea There was a similar story at nQ& ' bu l "7™ 11 "- lnud 

.T^*^«sa= sssjK.’KSsihi u? ^srsisin.' 

ajai jss sesssajsrs Sr, .IS » 

past three years, if is generally year to June slipped lo AS35.7m e' ,dcn « of affluence. . . 
true that groups with substan- (£21.2m). despite a once-and- Ever?’ now and again, how- 
tial precious metals interests f 01 "-* 11 ! sain of -YSI2-4m on thc ever. Mr. Carter enlivens this 
ha\e been doing rather well, re-avrangcmeni of suit and somewhat turgid dissertation 
while those most exposed to aiuiuiniuni interests. from with examples of the more lurid 
the recession in the base metals AS44.6m in thc same period of extremes of human behaviour, 
markets (with the cxeepu'on of , ®‘” There was. for example. Ihe 

uni have found the going lough. The interim dividend was cut 12-year-uld boy who set his tied 
Thc point has been to 3-a ^enis (2.08p) from 4.5 room afire, and rigged the 

emphasised this week by cents last year. But share- evidence to suggest that his 

annual figures from Johannes- holders may feel some relief father was thc 3uiity party: he 
burs Consolidated Investment from ihe group comment that thought that his mother might 
t'f South Africa and MPl j«««l business condition* have be able to get a divorce on the 
Holdings of Australia and half- improved and a better balance strength of that. There were 
yearly results from Union uf niElal supply and demand has the four jolly gentlemen who 

Corporation, the South African b «n achieved on thc interna- went for a ride in.an old and 

mining finance house, and tional markets. battered banger, went, four 


ZOOl 


CENTS 


IOOi 



t DIVIDENDS J 
rPER, SHARE4 

it i.i 11 1 1 


1963 TO 72 74 '76 "73 


- - V 


jmSBOBS 

mmm 

liWSMML 


RAND MILLION 


□ 


400 


MARKET OR 
DIRECTORS' VALUE 
OF I !V VESTMENTS 


t-300 


INCOME ATTRIBUTABLE 
TO ORDINARY SHAREHOLDERS 


mm 


I tte tJU i met i »S«iJMKl 



1958 ’70. 72 74 '76 '78 

^BEFORE EXTRAORDINARY PROVISIONS 


200 


MOO 


Uonzlnc Rioiimo of Australia. 

The most notable feature uf 
lhe Johnnie* figures was the 
provision of R44.4m i£26.5mj. 
lotaiiy to write off il* Namibian 
copper mine. (Jtjihasc. which 
was placed on a care and 
maintenance basis at the begin- 
ning of ihe year. 

Thc net profit before this 
extraordinary item was R44.Sm 
for the year to the end of June, 
compared with R27.Sm in lhe 
previous year. The final divi- 
dend of 13U cents 1 77.7p i brings 
the total payment tor thc year 
to 170 cents, the same as in 
1976-77. 

In tact, the group's invest- 
ment income wa> static and the 
trading profits of its operating 
subsidiaries were only slightly 
more than in 1976-77 at RS.5m. 
but ;hc net icual profits were 
given buoyancy by a surplus on 
the realisation of investments 
and the reversal of amount* 
over-provided in previous year*. 

Union Corpora non. however, 
has had no problems with write- 
offs. The firmness of the bul- 
lion price and thc rise of lhe 
pldtmuni price ha'e helped id 


You cant Ignore 
these figures 

£10.090 invested in October 1971 by: 

Mr A in the FT ordinary share index 

Mr Bf who then follow ed the advice of 
the managers, of our in\ e*>tmcnt serv ice. 

At 1 1th August 1978 the valuations ol each 
investment were 
Mr A £12.5811 
Mr B £27.170 

Mr B'* investment represent an annual compound 
rate of return ofJ5.9Va ol u hich he can draw S°a pa tax 
Eree for 20 years. 

Have you ur your present managers achieved this 
result? 

For detail* of our in'cstirtent service, write in strict 
confidence and without obligation to; 

NBMG 


FfH*\ClAl MJ/MGGMBVr. 

15 Crieff Rood, London SW1S. 





•* 

Fixed Interest 
I Portfolio 
^Management 

Allen Harvey & Ross offer a ranee of 
GILT-EDGED, FIXED INTEREST 
and LIQUID ASSET investment 
management services for 

* Private Clients 

* Companies 

* Overseas Residents 

* Overseas Institutions 

* Building Societies 

* Pension Funds ■ 

For further information please contact 
Michael Lawrence at the address below. 

Allen Harvey & Ross 

_____ Investment Management Ltd. 

" (asubsidian^AllcDHarvcv&RossLciL 

lyfegsils tlie London Discount House) 

I - ^^ Comliill, London EC3V 3PB 

" ~ l f Telephone: 01-623 6314/5. 






J 







^ Times Saturday Septembers 1978 




SAVINGS AND INVESTMENTS 


a ^. *» 

' ■-■a r . C!, S]. 

'ill .. N « 

r^.- Wr . . 

‘C'*V 

a ic "ft;: 

Pr. r" **' ,r 

<! a ,>' 
sS/V 

v ' >4- 

ǣ?ȣ 

1 !cr *?h}..' 

t l? *= 
..,“ an <h 

- "’"•Ptiijp' 

r. , '■ T| o; •. 

•• ' ^Ti ' 
Si -t,. . Mbs 
,. ' ■ Iff,, 

;. 

* r . * . ! -'ini- 

,j . *■>•« 

“ I “■' lift. 

;?■*«* 
f *« fci an 
: .!;. 0n *** 

.SI™ 1 * 

■•* ■'‘«ris {r .. 

«L?, 

. J &*• 
r ■•Kt*. :; Jf , 

cn »-?► 
t,rer? ‘i ft* 

, *- r . »f >fir 
■• ;, sin 10 r 
,n - l«* riy . 
‘•urj-'.t 


frio/i 


• WEEK 8 surprise the waiting time lor some in mind. lies!. that the return ,nstltutl0n 

announcement of an improve- borrowers siretching out as far on ihc so-tailed “granny 

merit jri the terms on various *® Christmas, they weren't in bonds '* comes free of any tax: Nat i onal Sav ings 
National Savirigsi . investments J,,uc ^ 1 a position to attempt and. bOurnd, that the signs point National Sirir 
did' pot please the buildine 1hai anyway - !o an u P tum in the rate of 14th issue 

societies at all- but as'a ..i ail J At , Qr>1 **5« U* umt in inflation in the autumn, It ihat lnd«-link« 

: af it* ■•mu* * o*««u,e the Iudji on holdings of. index- materialises, then the itrannv 

Mhe table suggests, it’s difli- linked retirement - Veriificates bonds will hi* a unod investment. British Sarins 

^ulf lo see why they were so l» HOT (from ThcTfcglnning of ?S Si *** 

Mlh .issue of October, isn’t ^ind the stantml tmns ft? Jioney to ° ,- " F * 

awavt nnrf t-cruficatp* — : invest, the significant feature to Investment 

1Cr ?* S there ' this table is the diffcrenc* mhwm 

ha\cn t been changed at all— INVrCTMPMT helween the rates of relnrn — =r^-. — u — 
we. opportunities Drcsemcii hv INV I HrltW 1 ' . -..-ii-i.i- , u ,. Deposit share* 


your money 


RETURNS AVAILABLE 


lationai Savings Certificates' 
14th issue 

Index-linked retirement issue* 


British Savings Bonds 
National Savings Bank 
Ordinary account 


the opportunities presented by 
National Savings are slifi 
marginally less attractive than 
those . offered by the building 
'societies; at any rate so far as 
basfe-rate taxpayers are con- 


- - 1 / l 4,IC siantiat sums of money to 

•” — t invest, the significant feature to Investment account 

this table is the difference BuHfm^ocictiestt 

INVESTMENT «"™ “0^7^ 

■ mailable through the money Ordinary shares 

■ .ADRIENNE GLEES ON markets— as represented by tlic Term shares 

clearing banks - bfaneh p.— ■ ■ i»nh< 

deposits '-and those now ^ n * ^ 

offered by such homes for Deposit accounts 

ranuies uf the land off in raid humble savings as the building ®* n * branch depositsft 


ADRIENNE GLEE5DN 


Min-/max. 

deposit 


£5^3.000 

£KW7004- 

£S-£1Q,Q0Q 

25p-£10,MH) 

£1 -£50,000 


25p- 

2Sp- 

£1.000- 


Tax position Return % grossed-up 
on interest to basic-rate 

taxpayer 


! Carrying commuters 


4 years 

5 years 

5 yean 

£50 available 
on demand 
1 month 


7 days 
On demand 
3 yean 


Tax free 
Tax free 


First £70 
tax free 
Gross 


Tax paid 
Tax paid 
Tax paid 


» a. • .11 U* tliv laim 4J1L 111 UIIll ilUUIUlt out Jl|g3 4l«3 MIC IJUMUill^ ■ 

:,lcir olher sayings: . after all, societies. Of course the money 

car evidently as the Government keeps on market rates are fixed fur. the 

ihl I"™ , a f c assuring us. the rate of .Inflation tenn «r the investment, while ™. 

. he _ building i> nuw well down inlb single those available through the Local authority depositstt 

soaeucs cannot afford any figures, arift.it *S nussililf* In -nl luillrtinr* vni'inliiw mav Tall l.i.t ■ 


‘IS 0 . 1 , a ‘ ford an >' figures, arid if a possible to pri building societies may fall— but Gilt-edged stockri 
_Sr,t ..5 1 * ? ep V a, i ra{es a btglter immina! return eke- at the moment such a fall looks Exchequer 13% 

—out tnen. with the inflow nf where— in 0 building fucielv sufficiently unlikely in >uggesl Exchequer 12i^t 
funds somewhat limited, their aeinunt. for instance. that the High Street investment Treasu ry 15{% 

liquidity run right down, and However, its worth bearing is by far the belter bcl. * Repayable at det 


£10.000-£25,000 7 days 

3 months 

• 1 year 

£UH »-£25.000 £l0 yun 

£500- ]-S yean 


to basic-rate THOSE OF you who habitually share a car. they don't permit 
taxpayer give the chap down the road a you to make a profit out of the 
lift to the station in the morn- business. What s more. # you 

i n . L lm do go in for making money — or 

1T - ! n& La r e ask h,n ^ — lf >QU adapt your car to carry ?|ore 

With rat J have ^ ^~ 10 make a COn ‘ ihan seven passengena-ur 

1 tr,bu! Uonwwanls the whole cost abandon your job to takcu up 

(E«t i of the journey. But don't gar sharing as a career-^au‘1! 

j assume, if you habitually carry find yourself falling fouk of 

5J, j a carload of commuters, and your insurers. In the interests 

leave still others panting in 0 f a more efficient use of motor 
«i i your wake, that it is worth your vehicles, and a means of supple- 

; while investing in a larger nienting public transporV-the 

vehicle. insurance companies ■ have 

10i) For while the provisions of agreed that private motorists' 

113 the Transport Act 1978, which cover shall remain in force, 

- — — — — — came into force last week, per- even though there are passen- 

mit you to recover your operat- gers being carried for hire— but 

7 -0 ing as well as your petrol costs only if the carrier does-not 

*■44 from those with whom you make a profit. 


7.0 

8.44 

8.875 

JL25 

_I0.75-12_25_ 

8J5-U3 


A bonus builder 










Excheau«> nS. 19S0 — Ki«. „ re AS TaE table on the left indi- 10.05 per cent tax paid— 

Exchequer 12*°' 1992 — Net 1L48 cates, if you want a really good equivalent to 15 per cent gross 

Treasury 15i‘^ / °l998 — — Ner i3(» return on a safe investment, to n hasic-rale taxpayer. \ 

' ST iS e p £ 00 bor,us ,. at tFrom th « beginning of October, your money away for some time, of the scheme at any Urac.tup 

« /e from November 20. ft Rates vary: check on appl. canon. The best you could hope for to £250 in cash: otherwhte by 

^ m hitherto, in terms of flexibility cheque >: and the only snag — 
# and return combined, was pro- insofar as it is a snag — is that 

#\_V /7rr/»/f /»*, /v/y/iM/i/iM-f vided hy National Savings Cer- you can'i put money in likewise: 

v/u/ CUi; L/tf mUilUSF tZul£TlI tificates. from which money can you can't add to your original 

O "*0 be withdrawn at short notice, investment. 

‘ ' # albeit at a considerable sacri- m 

by a discount house Private : 

^ •*'•'*■* fEI/ifUV m e nt Well< for ^ that the 

THE FURROW already more, who may choose to go for —payable gross, quarterly— is Mmplaining'^this 3 wee^ ahmri J)OVtfOilOS' 
ploughed by the discount houses either or capital appre- the object of the exercise. Allen National Savings competition. " 

Kin" and Shaxson and Clive is dati ? n ' ^ 'Merest rates stand Harvey and Ross reckons that 1 one of them has juat come up APOLOGIES ARE due to 


Gilt-edged management 
by a discount house 


Private : 
portfolios \ 



-A 




‘ their competitors, Allen Han ev he ublv lu provide the income have a mind to the needs of j j nl0 a cocked ha r from spurning the portfolio of 

and Rifes Romvnisin- like l he seek ^ r M 7, ,h 3 r et un » ° r approxi- foreign institutional buyers: Sussex Mutual’s Bonusbuilder less than £50.000. they will;, be 

gji ^ mately U! per cent: but they do they reckon that the combina- ; owes something, in its concep- only to happy to take it on: and 

» former companies, tiiar there point out that the ohject of the lion of existing high rates option, to National Savings Cer- trial, in Tact, they place' no 

•ff is a gap in the market for exercise Is. in part, to minimise interest and a prospectively • tificates. in that the bonuses minimum at all on the size of 

i:fi flip manatfcniciir of nrivaic fixed fusses when l he market is bad: stable currency make gilts a • added over the four years of its portfolio they will look after. 

iHj h M and this means that they will, winning combination. 1 life rise progressively as it They do say. though, that the 

;ijj m teres I portfolios, they are if necessary, go liquid— though The charges are as follows: li : approaches maturity. The scale of their fees is such that 

H:i setting out to fill it with the may mean a temporary sacri- per cent initially, and l per cent i bonuses are added to the BSA's it probably wouldn’t be sensible 


A star rising in the East 


ftx of income. 


EVERYONE LOVES a roaring 
bull market. But people often 

forget that the bubble generally tlUNU IVUNU from the mure risky second line 

b Hi? ts ‘ : tiuatuv ' shares ,0 main-line stocks like 

There -is surprising support - TIMOTHY DICKSON Jardine. Matheson. Swire Pacific 

in the City, .however, for the ; • and Hutchinsons. 

tiT 6 B tar i„ n „°" Another stockbroker with a 

WnrJ^r as a Ion ° hfe ycl ' . . - special interest in Hong Kong, 

before it. lights a development funds- \v j Carr agrees that the 

It is surprising because the mental to the future of this marker i« much more firmly 

cuirent boom in tfie Hon S Kong part of the Far East. based ihis time, citing the high 

stock market revives some none Britain's 89-year lease mi the level of activity and the large 
too pleasant memories ; of a simi- \ BW Territories {part of Hong volume of two-wav trading. Carr 

K,,ng) is d,,e tn run nut in 1B97 - is also recommending the 
of 4 e “P^ on * _° ack , m *•*£■ Reccn t capita I istic moves by the ma rket I eaders. 

At that time the local Hang Chinese, however, suggest that Harvcv Black the manager 

5K3S SiS ■*? *?•■*»«*? " f or *",S Fund 

^ thln nlun/od a'ZK " Vc and let liT « *>“ (which in 50 per cent invested 

emt^ftiuO-a Sw SSS * 'fjLL C i 


HONG KONG 


- TIMOTHY DICKSON 


-Tc'. 

V Stt; 

• ' T-. )i - 

*_■(■; ,■ ; r 

-i? :• -j:- 


ciun i*vum introduction of two new ti** °f income. per annum tlieieafter, on the: minimum recommended share fur a man with much less than 

-v sendees <rhe sccond f^rvice is avail- mainland portfolio management; rate, at present 6.7 per cent £20,000 tu ask for their service 

//IPT - able to offshore residents, and is sen-ice: and li per cent initially, i tax paid. If that rate were to — unless he enjoyed a very high 

une 01 . ,,est! ,, K. niain . na ’ 7X1X1 out of The Channel Islands, and i per cent per annum ] remain in force throughout the income, and could set a large 

b asc ^* an d * s available only to Here the minimum investment thereafter, on the Jersey-based j period, then the return on the slice of it apart to boost 'his 

now been placed, and it is advis- I* 10 investor with £10,000 and required is £1,000, and income alternative. I Bonusbuilder would amount to capital. 

ing investors to switch away I — — — : 


ANewUnitTrust 

CHIEFTAIN 

Income & GrowthTrust 


SSS S: • ^ " - J t nng to"*-:*?***- Hong Kong) says half of the : ~ ^ - 

beep tJWvte* pSoL- ^“v^"S al ^dTw!S,”‘t , h'™ ■ "’S run AvV 5 r lace r thc ^- .•ever DESIGNED TO SECURE AGOOD AND GROWING INCOME, 

ing stock iriarket with the foreigners, i an trade with them h.s portfolio policy, however. A k tx-v ,x ,rv ^ , 1 


Hang Seng rising some 65 per doorstep. - .s ip mok mr su.auer. seonnn- 

cent since March and touchine 3V hat further differences d is-. line Chinese-owned companies, 
a five-vear high of almost 700 t‘Aguish the present from the which he believes will benefit 
points last week. past bull phase? " J from the developing Chinese 

This time the pace of growth. .. Stockbrokers Hoace Govett connection, 
has been less spectacular, but stress the liquidity ‘ argument. ’ The Hong Kong market is bis- 
by European standards at least. In 1972-73 die warning signs torically one of the most vola- 


is to look for smaller, second- 


AND SOUND CAPITALGROWTH 

FIRST OFFER CLOSES ON22nd SEPTEMBER, 1978 


The aims of Chieftain Income & Growth Trust 


bv-no' means pedestrian. Could should have been spotted well tile in the world. The small 

it be followed by the S>me sort before the collapse. investor would, therefore, be arelargelyimpliat in its name: to bnng investors bo* 

of crash? Not so, say the Lon- They also point out that Uii.sill-adrised to pur money Into good ^dgrowngmeome and sound capital growth. 


don experts. 


market 


'.1 • •• 
% .. 


Thursday^ .annnuiiccmtfnl of sophisticated and controlled (or she) could aftorcr to lose it. 
a- joint propertj-- venture in the than it w’as live years ago.. However, there are plenty or 
New' Territories, between Mini-- Hnare Guvett feels that much Far East trusts which have 
panies from" mainland China- of the UK institutional money funds with a significant Hong 
and Hong Kong interests, high- designed for Hong. Kong has-Kohg exposure. 


AN OFFER FROM M&G 

RECOVERY FUND 


: rifl&P 1 ’ 

; T £& 



ieh more an individual stock, unless he Initially the gross annual yield is estimated to 
controlled (or she) could afford to lose it. bc7‘5%. 

rs ag0 - r H °wcver, there are Plenty or However, perhaps the most important aspect of 

that much Far East .trusts which have . . _ rj , . Vr ^ _ 

na) money funds with a significant Hong (he trust is that the income denved hom an invest- 
Kong has-Korig exposure. rnent should grow year by yean In addition, the value 

of the units should also increase in the long term. 

This new Chieftain trust would seem therefore 
to be particularly suitable for those requiring a reason- 
able income now; but a laiger income in the future; 
those approaching retirement for example. 

fixed interest investments, like building societies, 
may give you a little more income now ; but inflation 
will rapidly reduce the real value of your income and 
of your capital unless these have an opportunity to 
grow 

That Qtieftain is. capable of sound management 
of a unit trust in which income is an aim js amply 
demonstrated by the record of Qtieftain High Income 
Trust, the best performing trust of its kind in the UK 
since its launch two years ago wiilt a rise more than 
double that of the FT Ordinaty Share Index. 

There is, moreover, another strong reason for 
viewing the new Income & Growth Trust as an 
attractive and appropriately timed investment now. 


Dividend Restraints Easinc 
So Income Prospects Growing 

Wfe refer to an important concession contained 
in the Dividend Act recently passed by PariiamenL 

Under the new Act, successful companies whose 
profits have been growing fast will have the oppor- 
tunity to increase their dividends by more than the 
10% per year previously allowed.^ This can only benefit 
the income and growth potential of the sort of shares 
in which Chieftain will be investing. 

(There is, of course, no dividend control whatr 
cvcron unit trusts.) 


WhyAUnitTrust- 

The problem associated with slocks and shares 
for the individual investor is, of course, that he rarely 
has enough capital to spread his risk, and sufficient 
information to choose with confidence. This is parti- 
cularly true for those seeking a good income^ 

Sit the beauty of a unit trust is that through it 
you invest in a wide portfolio of stocks and shares, 
which is managed for you by full-time professionals. 
Nevertheless it must be stressed that both the income 
derived from units as wefl as the value of the unite 
themselves can go down as well as up. Although you 
can sell your units at any time, the Trust should not 
be regarded as a short term speculative investmenL 
Sour financial adviser will be able to answer any 
questions you may have about the merits of unit mist 
investment. 


Portfolio Balance 

The trust will invest in some forty or fifty different 
stocks and shares in order to minimise risk. 

A- substantial proportion of the trust will be 
invested in a selection of higher jidding companies. 
Within this category the trust managers will take 
particular interest m those companies which fulfil the 
following criteria. 

They will be backed by good assets. They will 
have earnings which appear ukely to increase over 
the years. And yet they will be companies which, for 
the time being, are slighdy out of favour because of 
management difficulties, say or because sentiment 
has turned against the sector. 

A careful selection of companies of this kind can 
result in handsome profits when their shares recover 

As well as these high yidding shares, the trust will 
invest in some moderate yielding larger companies 
with strong earnings, some smaller companies with 
attractive prospects and some commodity shares. 

The aim will be to strike a judicious balance 
between the vety high yielding and the moderate 
yielding shares, in order that the trust enjoys a blend 
of good yield and stable growth. 

Whilst the portfolio may from time to time con- 
tain a small holding of overseas shares when the 
managers consider it appropriate, the bulk of the 
investment will be in the UK. 

S hare Excha nge Scheme ; 

If you wish to realise a part of your portfolio and 
invest in Giieftain Income & Growth Trust, the 
Managers can arrange to sell yoursharcs for you, and 
wilt absorb all the usual costs of the transaction. This 
can give you a worthwhile saving. The minimum 
purchase through the Share Exchange Plan is £500. 
Tick the box in the coupon for fttll details. 

Your Reassurance 

Chieftain Trust Managers Ltd was established in 
September 1976. Its four trusts, dealing in overseas as 
well as UK markets, have already attracted funds 
worth £10 million. This exceptional rate of growth 


has owed much to the considerable support Chieftain 
has received from stockbrokers ana investment 
advisers. » 

The Trustee of Chieftain Income & Growth Trust 
is Midland Bank Trust Company The mam duties of 
the Trustee are to hold the title to the Trusts invest- 
ments, and to check that all purchases made by the 
Trust are in accordance with the Trust Deed; to 
ensure that income is distributed to the unitholders 
properly; and to approve advertising and literature. 

Tax Advantages 

- You can sell your units on any normal working 
day at the prevailing bid price. You will , normally 
receive a cheque within seven working days of receipt 
of your renounced certificate. 

The 1978 finance Act allows that unit trusts will 
pay tax on capital gains at the privileged rate of 
only 10%. 

When you sell units you will receive a tax credit 
of 10% against Capital Gains tax. Therefore on unit 
trusts you should have no tax to pay on profits up 
to £3,000 on sales in any one year; andyour maximum 
liability is limited to 20% of your gaia On sales before 
5th April, 1979 the tax credit is even higher 

Closing Date 

Until 22nd September, units will be available at a 
fixed price of 25p each. Your application will not be 
acknowledged, but you will receive a certificate by 
3rd November 1978. 

fill in the coupon, ortalk to your financial adviser 
without delay 


General Inf ormation 

After 22nd September units will be available at 
the daily quoted price and yield published in most 
newspapers. 

There is an initial management charge of 5% 
included in the price of units. There is also an annual 
charge of %% (plus VAT) which lias been allowed 
For in the quoted yield. 

The Managers will pay the standard rates of 
commission to recognised professional advisers, wbo 
are invited to ring 01-283 3933 for further details of 
Income & Growth and other Giieftain trusts. 

Income is paid net of income tax, but this can be 
reclaimed by non -taxpayers. 

Distributions and a report on the fund are made 
half-yearly on 28th February and 31st August. Units 
bought now qualify for the distribution on 2Sth 
February 1979. This offer is not applicable to Eire. 

The Managers of the Trust are Chieftain Trust 
Managers Ltd, Chieftain House, 11 New Street, 
London EC2M 4TP Telephone 01-283 2632. 

The Directors of Chieftain Trust Managers Ltd 
are R L Batts, M.A. (Chairman); R.J. D. Eats, MA, 
MBA; J. D. Gillett, BSc, L H. A Hazeel, ECLS., 
ALEKTod /-rv 


CHIEFTAIN 

TRUST MANAGERS LIMITED 


I Application Form 

j Fill in the ci nipt n and send a now !n. CliaHt.-ti n Tnii Managci* 

I IJmiial Umiain II Ncv Sui-n, | s<ndiin EQM iTL' 

| I VL wuiikl lik- >o buy Chiuinin Imumc i: Ciuwil, Unit, it, 

ihc*.oliicul£ at 3?p caih. 

1 '.Minimum mr.ia! IwJiliny £2iw- 

i 1 Utt ok lose j lanti jikc payable iu Chic! tain Tnw Maiiaucn 
| Limited ” • 

J ? — i Tick bot 

i I I If you want maximum growth by automatic re-invcAnicni of 

I - net income. 

I I . If you want to know how to buy Chieftain Income & Growth 

! Uniu, on a tegular monthly basis. 

I If you would like details ol our Share Er.changc Plan. 


f/XCt dedans that 1 am 'w an? mcr i“ .ird rwn resident ourcide , 
the UK. i t Scheduled Tbmmrk- and >h.v. 1 am wc arc nut acqumn” l 
the units .11 tmtmnccNi ol ,w> fviy *]'•.> ustd-.n' CHiisnk i1k.- L1.IC. nr i 
Scheduled lemiones. 'll vnu arc unable ('■ sj«n this drdarz'iun n ] 
should he .It leted aniiynur applicant'll lodged ihc >ujjlt an authorised [ 
dqxwuorvl I 

SURNAME - MR 'MRS MlhV | 

RRSTNAMF- S.i IN FUU 

ADDRESS : 1 


SIGNATURE® 

(If there are ioinr applicants all niusi sign and attach names and 
addresses separately i tRcg’d olfice as above. Key'd Nu 740118 j 








i i 


a w S,t»rl»y ^ =ESg ~ I ,|\ l> 


PROPERTY 


The price 



BY JOE RENNISON 


THE RECENTLY- revealed 


In 1953, four Years before the Noroton river and its sur- 

■is a better description— over tne 
identification of Uic 


. ..... shaped Guggenheim Museum f s offering this remarkable 

Consume was jj C i ns erected in New York, property For 31.500,000 and 
pictures brings to Uinul some Lloyd Wright (1809/ 19591 Edward' Care, the Corporation's 
comparisons with domestic designed a house in New chairman makes the point that 
architecture. With the pictures Canaan. Connecticut, for an with the house and its 
the fact that some now are Australian client. The name of picturesque grounds (only one 

shown to be by the artists son the house "Tin-anna" is hour hv road or rail from New 

Lionel will wipe a few noughts Aboriginal For “ running water ’’ York City) the purchaser will 
off the market place price — even and refers to the fact that the acquire the. original Lloyd 
though the pictures themselves Noroton river flows through Wright built-in 'and free stand- 
have not changed one jot or the property's 12 acres of i n g fittings, his fabric designs 
tittle. Can the price of a house woodlands and gardens. and carpet layout and bis 

fluctuate so alarmingly depend- •• Tin-anna ** is a long low important 15-piece dining room 
mg on the identity of the on p. S torev house which is suite. 

architect? Probably not. described in the “ Complete The house, which was added 

What price, for instance. Catalogue of the Architecture to in the Lloyd Wright style. 

Frank Lloyd Wright? He is of Frank Lloyd Wright"' as in 1967. by one of his closest 

hailed as one of the greatest “an intricate intermingling of colleagues, has 16 rooms tin- 
men of the century in his field, the ellipse and square in a four- eluding seven bedrooms with 



The Japanese water garden and arboretum surrounding the house 
and dining room (26 r 18 fl) course of the River Glyroe at interesting and historic features- 



not like his work but it is 
name to conjure with. 


a glass to create a house, swim- intercom system, stereo firing. wa ^ jj 0 or-to-cetiing windows, the 4th Duke of Marlborough. sionsi which has line 15th 


raing pool and pond wedded to The living room (24 x 26 ft) 



Two imposing houses 
South Devon, both dating 
from the early 1900s and hav- 
ing sea and coastal views, are 
being auctioned next montn 
by Bettesworths of Torquay. 
On September 20, Bettes- 
worths will auction “Lc aside, 
five - bedroom, wisteria - clad 
family house in two acres of 
grounds in Thurlestone. a vill- 
age five miles from Rings- 
bridge and almost equi- 
distant (20 miles approxi- 
mately) from Torquay and 
Plymouth. Thurlestone is on 
the South Hams peninsular, 
an area of outstanding natural 
beautv where development is 


to a spacious oval terrace Okomira and Middelmeer also century panelling and beams. . 

(18 x 60 feet) which overlooks planted the grounds with “ such The magnificent Great Hall 

a 40 ft heated swimming pool, a quantity and variety of flora has a superb hammer-beam i&rictir controlled. The house 
In the family room (20 x 30 as to qualify them as a major roof, inglenook fireplace with -fc on j y 15 miles from the A38 

feeti there is a film screen and botanical garden" comments massive oak bressumer, a teak dual carriageway with its 

banquette seating. This room William Slorrer in his-Complete oriel window containing some 

opens on to an attractive Catalogue'. . very' bid heraldic glass. There 

atrium, or patio, with sheltered Would this house have its are four reception rooms, play- 
dining area and- fish pond. value substantially decreased if room, five principal bedrooms, 

The kitchen (14 x 20 feet) it was found that it was in fact, f 0ur bathrooms and dressing - 
includes a soda fountain and a b >' 311 obscure pupil? A little room and four secondary bed- 

charcoal grill in its lavish ma >'he. but not much. rooms and three bathrooms, 

equipment. The master suite in Would the price of the follow- Many of the rooms have. fine. ; 
the bedroom wing has a private iri S change- if it- was discovered beaming, ; ; A.sel/-cpntejped' ; staff 

terrace, a sauna and an observa- that it was not -far that . famous w{n g h*s. ..four robnjfc and i t 

torv equipped with a power m fcdieval architect wrlliani the bathroom.- A; pair .of.- -cottages . 

telescope. Hairy- but by his feeble-minded is .also included in the>sale. . 

In a further wing there is a SVSS^lhe^lSe isVgem The -garden and grounds are 
caretaker’s flat with private J Seauthoiwp does S not of - significant horticultural 
terrace; a workshop and con- _..„.*** P 1 interest with an abundance; and 

necting greenhouse: a car port . r . - variety . of specimen . trees, 

for four cars: and office/guest- Adan ? taith - u!?m 8 shrubs; a rose garden and 

room with a bath and a loggia to purchase a fam in the Home orchards there is a' semi- 
whicJi overlooks the ornamental Counties h instructed Knight tircuJar avemie 0 f limes dating 
pool. fnak « d from early this century when - 

The grounds were landscaped, l®* 11 Crowhur^f Place, Crow- lhp property . was the residence 
in consultation with Lloyd hurst, (If he : so d the Place of {he Ducheis Q f Marlborough.. 

Wright, by Frank Okomira. »" d * r his ori mal number of There is a heated swimming 
designer of the Brooklyn Terence Melhams would that, poo]f te nnis i avvnt an Elizabethan 
Botanical Gardens, and by change the price.) In thi* 5arn a pre .i5 th Century gran- 
Charles filiddeleer. also a well- case, almost certainly not; The stabling and garaging. The 
known landscape architect, agents «re nuoting a price ' in re ' malnder Qf the land forms 


direct access to tbrWlS 
wav at Exeter. Tbe 
was built in 1911, with 
additions. The second- an 
on September 28 Is 
“Li nacre" a beati fully proptp. 
tinned detached house 
magnificent sea and coasti] . 
views. It was built just aH£ 
the First World War. • Tfe- 
sione and iirick property §* * 
grounds of one aere in Ridge*, 
way Road. Torquay, one of tb$ ’ • 
town's best residential ar^f 
was last on the market . 
years ago. On the gronnd. 84cr'. ' 
the main accommodation con- 
sists of a cloakroom, drawing 
room, dining room, breakfast! ■ -, 
rooru and kitchen wlth jil* /l 
boiler room and walk-in 'store# 

On the first floor arc foar.bigjY 
rooms and two bathrooms. : 1 ,/;' 


■ t'/f 


it t f 





do not pay 


SflSS S3* *£ 2 * wW, “ Be 

miles™ from ' etlm^ «5SM to use adhesive 


Tbe property- is sur- ARE ALL only loo familiar Many departments, however. 


Living room of “Thr anna" with built-in furniture by Lloyd Wright 


The main noni which lies London. that look like a crown inside a stamps and problems with -the 

IS feeT below the livin- room Dating from the early 15th . home” a TV screcn - with the words misuse of such stamps led to the 

and terrace (and just nin/feet century. the house is listed JJJJJJJ home ’ council . flat in "Official Paid." that come on application of perforated initials 

below the swimming bath) was Grade l as being of arehilec- Actnn ' buff envelopes from the Inland as a security endorsement, 

njven a loo-foot jer fountain, a lural and historic interest and *“The Architecture of . Frank Revenue and other government Stamps with the initials of the 

waterfall and a 100 foot spill- has manv rare examples of Lloyd Wright — A Complete departments. Behind those Board of Trade tBT) and the 

wav — a transformation which medieval joinery, it stands on Catalogue” by William Allia prosaic bits or stationery lies a Stationery Office (SO) appeared 
i-aii perhaps fairly be compared a half-acre island surrounded Stnrrcr (MIT Press. Cambridge, fascinating story which dates about ISS0 and were the prr 


with the changes made in the by a moat. One of the many Mass., U.S. and London)* 


PROPERTY 


ESTATES AND FARMS: INVESTMENTS: SHOOTING: 
COUNTRY PROPERTY: OVERSEAS PROPERTY: 



BIGHOUSE ESTATE 
MELV1CH. SUTHERLAND 

32..iOU acres 

10 STAGS. 


100 SALMON 
per annum on 
HALLADALE ROD 
FISHINGS 
VALUABLE 
COMMERCIAL NET 
FISHING 
STATIONS 


Ait HI CLL‘V 

AOltKIiI’ 

P. riH -hir- 
• IK - -ji 


2U HINDS, and 
&4 BRACE GROUSE 
3.000 acre STOCK 
REARING FARM 
IN HAND 



..... 

• . . V-fr'Vr ’' 


RENTON K1NLAVSO.N. Chartered Unrreour.'t 

t it jWirn.-tflnM iituc :■< L ‘.<ur Brl'A mko 


*.K DRIDOg 
I-.-t.iic-- ORii-* 
l.n.i.ir Br-iUc 
-■iilii-rlanTl 

■IM. ' ,i>h 


I'lTLOCIinV 
Uaiik Hwr 
^ Mliull HiisiiI 
Piikirhr* 
.-3I-J 


rur.Tb 

PUcr 

Penh 


WORCESTERSHIRE/HEREFORD BORDER 

Tcnbury Wells .5} miles. Kidderminster 14 miles. 
Worcester 19 mile*. 

HILLWOOD FARM, EASTHAM 

A Productive and Arable Stock Farm 

17 century Farmhouse. Two modern Cottages. 
Modern" and Traditional Farmbuildings. 
Two Cottages requiring renovation. 

In ail about 393 Acres 

For sale by auction as a whole on 
September 27th at the Elms Hotel. Abberley. 
Worcestershire at 3.00 p.xn. 

(unless previou&ly soldi 

iTd; MHil > 


Soli t Hurt. N.Ui.VKRO NATHAXSuX. Londuu 
J«inl Aoclionccrs: 

JOHN CLtCC &- CO.. Buck». ■ Tel: iC40a 4711 • 


2nd 


KXHiHT i RUTLEY. London iTcl: H1-6J0 »17l- 

UerJnrd T.-!: 

• ujf.h PHC* 

Knight Frank&Rntley 

20 Hanover Square London W1R 0AH 
Telephone 01-629 8171 Telex 265384 



COTE D'AZUR 

EXCLUSIVE LUXURY 
YILLA DEVELOPMENTS 

A: Nile md near Monte-Ci'lo. 
with splendid views of sea and 
nounums. Two programmes, 
iriond so none. j» very competilive 
Prices From FF600.000 to 
l.flOO.DdD. Special Launching dis- 
count until list Oct. tozathcr with 
opportunity to nap Free u fueir: 
of company on inspection visit in 
luvury furnished villa. 

P/co sc contact: — 

D?.. AMANPUR 
6 Bd. dc Suisse Montc-'Iarlo 
r.i. >nn|)tni)5iip 


TUSCANY 

Beautiful 5-6 room apartmsnt 
for sale in seventeenth century 
palace, with small garden. 

Price £17.000 

Write Bor T 494 f. Financial fi.-nei. 
ID. Cannon Street. EC4P.4BV 


FRiO«»CRTV 

ESTATES & FARMS: INVESTMENTS. 
FISHING. OVERSEAS PROPERTY 
Saturday and Wednesday 
SO.OO ocr single column c.'nttmntre 
C2.00 oer 'me -S line* mimmumJ 
For lurther net ails *eienhone 
OIAIUC STEWARD 01-Z4d 526a 



SAVILLS3 

ABERDEENSHIRE BY FORGUE 

Hentlv 9 m'lei. Turriff 9 miles, Banff IT miles, 
tllon U miles. Aberdeen 3* miles. Oyee Aft port 29 miles 

DESIRABLE COUNTRY HOUSE 

Fu:[y moderms 4 and lundmt n l’iin iti om iftc'tered grounds CAlendi.i; 
to S Acres ll.tKii. 2 Rccapt.o.s Rooms. Master Bedroom Suite. 3 Further 
Bedrooms. ««o nirh Btr^-so-ns :n suit: Modern Kit:hen and Dinln£ Area. 
Uulicy; S:i! Contained 'ji-ojnd fljjr Fiji wirh Kin hen /Dm P.oom. Bed- 
room. Bath-son Full On Fi-ed C;nirji Metcnj. Maun Po'-sies includinj 
pj-tialiy wu".-d garden. 

J. T. SUTHERLAND & COMPANY, 

Bank of Scotland Buildings, 

Bcrchin. Angus. 

Tel: (03562) 2)87. 

SAVILLS. London Office Tel: OT-499 8644 


NORTH NORFOLK 


13 miles Norwich 


DIGNIFIED GEORGIAN COUNTRY HOUSE. IMMACULATELY 
MAINTAINED IN PARKLAND SETTING 

3 Principal Reception Rooms. Sc-ff Sittm/: Roam. Cciia-ace. B Red r oarrs. 

4 Bathrooms. Dressing Room. Full Oil Central Heatint;. Modernised corsage, 
delightful fertna* gardens and weeded grounds with paddocL. 9 Acres. 

O Pen m the region of i°3.0Q0 

SAVILLS. 8/ 1C Uspv f.ih; Strcer No-wi'h T;i <06031 61221 1 

Chartered Surveyors: IRELANDS. 2 Upper King Street, Norwich 
Tel: (0603 ) 610271/7 


IN THE HEART OF THE NEW FOREST 

fJccupicnff cwnpletclu secluded and peaceful rciuna- 
Readily accessible (c« and appr'inmalebj midway 
Li|iMf/mr.%t/r nrdtngbric/ge. 

A Most Interesting Residential Estate 

FRITH A. VI COURT. NR. LYNDHURST 

Skilful suUlc conversions, modernised lo hiyh standard. 

Tu he Sold by Tender in Three Lots. 

LOT 1 — Attractive freehold cottage. 3 bedrooms. 2 bathrooms, 
cloakroom. 3 reception rooms, kitchen. Garaging for 6 care. 
Utility room. Delightful mature garden. 

LOT 2 — Charming cottage ideal for retirement /weekend pur- 
puses. 2 bedrooms, bathroom, lounge/dming room, kitchen/ 
breakfast roc nr. Garage. 

LOT ■} — A delightful cottage with potential for further conver- 
sion. 3 bedrooms, cloakroom, bathroom. lounge /dining room, 
kitchen. Small courtyard, greenhouse, garage. Delightful partly 
walled garden of about half an acre— together with Guest 
Suite of bedroom, bathroom, living room, kitchen/dinlns -*oo«n. 
Workshop with spacious Loft over. 

Tenders lo he received by Tuesday 26th September. 


Fox 



a 


•® M London Hood 3uui.‘;.iiupiofi. Tel 
-.’l-« it ■> v ; Sdiiitniry Sireei. 

Fordi.-i.i'indu . 1. 1 .1,423, jcii‘1 


Qf King & Chasemore 

Chartered Surveyors 

WEST SUSSEX 

Pitching Village, in a lo'd £>! :hi 
South Down* between Ai u .->d;l md 
Worthing. 

SUBSTANTIAL COUNTRY 
RESIDENCE WITH 
2.14 ACRES 

in open count->«id* with panoramic 
views to English Channel F«(mrti 
modernisation Jnd re4«9-ation. 4 
dble beds b»:h- «e? W.«_ 3 -<esn. 
Lichen, util't? 'OCm. CloaVroam 
Staff suite of bed/*,:: nfi r-sn 



v,::h.-n and 


Garage. 


mairooni. (J au;.. 

Garden and Paddock jooui 


2.U acre*. 

AUCTION 5EFT*M8SF 23rh D-saur 
Rj|*lin;t9<i Office L09062 T 3991 I 


SUPERB CASTLE IN AUSTRIA 

70 Miles south of Salzburg; Romantic style: 5 storeys, 
comprising 1.600 square metres 1)7:200 square feeti; Ground 
3.000 square metres (55.000 square feet': suitable for all 
purposes: youth centre, hotel administration centre. 
Asking pnee: £320.000 
Please contact. 

TECTA-PL<\.\, 8000 MUncben 2, Koscntai 3 - 


Grosvenor Hill, Mayfair W.1 

TO RENT 

Npvyly converted building of 3 self-contained Rats 
each comprising 3 rooms, kitchen and bathroom. 

Ideal for company use. 

TO LET AS A WHOLE AT £1LS00 P.A. 
EXCLUSIVE OF RATES 

LEASE ,6 YEARS 

Knight Frank& Rutley 

20 Hanovjer Square London W1R 0AH | 
Telephone 01-629 8171 Telex 265384 j 



NR. SUDBURY. SFK A dcl. 9 n*fu! Mill ANTIBES— I uwn te ntTP T50 yard* Irom 

u — " ' - ' jYjeh m '.mail b,iH .na dcliunrd br 

ftjIStfN*" arcpiteet lor com o loti on *nd - 

-Q JDiprnrnis Tor. sale Ircctrold 

*• *15.000 tor Studios wiin 
Ml I azn »!»d let*- 
■nc <«(i«d Yal jatic a i v: aunt tor hr-.t 
,or own residence 
"Nrile- A«uw'«cra Inrcr- - 
AHrn r Perrauo. 
05659 Antibes. France. 


Home a; consiUc-abie caaracler adtaceni 
to mo Stour Ei toller nr accommodation, j 

1 Set Utmtv. K-t. i»n Cloak d Beds, j 

2 Baths. C. Hts 3 Ga'ign Garden and I 
q . ojtcs ol 2 a:i-e» oners m.itcd in : 
'Mion al C 7 G.OOO Rel &I 27 I. P-.iYnrSI [ 
& Co . S Ca-nara Road. Sugliur, 1 1 ol j 


FINaAL announcement 

TRURO CITY— CORNWALL 

8.52 Acre* fappruv.i Resident i:il Building Land 
with Planning Permission for 27 Units 
Prime position with easj access lo City Centre, schools and 
public transport and bord-ring open cuuntrjside 
A unique opportunity (or development in Ibis 
imporrant tnurist mid commercial centre 

FOR SALK BY AUCTION 
at 3.00 p.m. 

Friday. I5lh September. 197S 
t unless sold privately previously ) 
at the Auctioneer's Offices as heluw 

Awmm.m 

MILLER A CO i, Mauiori Huunc Pntua a Slfwi Truro TR1 2RK Tel ins;;. «il 
SoLn.-»oP«- 

NALDER A S0H, Trit.ir S.TOfi. Trnrn TRl 24 T.. Tri. .u*n:, Mui 


back to the - free M franks of cursors of stamps overprinted . 
the 18th and early 19th eon- with the name or initials of 
luries. The Franking privilege, various departments. 
enjoyed by government officials The first of these stamps' 
and members of both Houses of appeared in 1882 and consist^. 

Parliament, came to an end in of con temporary definitive? 

1840 with the introduction of -overprinted OFFICIAL and ; IR.“* 

Penny Postage. Even tjueen the initials of the Inland 
Victoria surrendered the frank- Revenue. Stamps were ' sfiS- 1 ■ 
ing privilege which monarchs sequentl.v overprinted for usr& 
had enjoyed since the reign of government parcels, the 
Henry Vin. of Works, the War Office, 

The franking system had been Admiralty, the Board of Edi 
grossly abused but some form tion and the Royal Hous 
of free postage was still For a short time after.ther*#: 
required. The • answer was first released in 1882 these 

specially printed envelopes for stamps could be purchased by . .. .. 

the Houses of Parliament and the general public from Sumer '* >i- ' **•'■ 
these, issued in January 1S40, rrr 





STAMPS 

jAMES MACKAY 


constitute the earliest official 
stationery. The Post Office 
originally considered issuing 
adhesive stamps to government 
departments for use on their 
mail. • These stamps were 
identical to the Penny Blacks 
sold to the public, in every set Iluuse, but this practice was 
respect save one. In the. upper f orm stopped. Later., it becanjf 
comers, where the ordinary illegal to possess unused- 
stamps had tiny stars, the amples nf tile stamps and ewn 
official stamps bore the royal llSL ’ d specimens were extremely ^ 
initials VR. Although inscribed elusive, since they wrre.iriosOj 
•* One Penny " it was never confined lo internal correspond- 
intended that they should be once a,ld officials were required 
sold. The scheme was never to deface the stamps and destroy 
implemented and in 1343 the them after use. 

vast biilk of the YR Penny.. Nevertheless leakages of. 
Blacks were destroyed. A few mint and used stamps continued : 
examples were used for can- until 1903 when hfi&iiMVi 
celladnn e.xperimcnis by the ceedinss v/e re . iaken - against! ’ 
Post Office but must of the three persons for stealing and.* 
surviving specimens, in unused dishonestly bundling ofBcifl ' 
condition, came from circulars stamps. All official adhesive 
sent out to all postmasters when stamps were withdrawn fr°® s 

■Wp^S.'--.. 

i'Mi 




Items from the finest collection ever formed of Great Britain's M Official 
Stamps ” which is to be offered for sale as 3)3 lots by Stanley Gibbons 
in London on October 5. The auction is expected to realise at 
least £125.000. 

stamps wore introduced in .May u*? in March as a result ^ 

184U. A few arc known with of this caw. Shortly befnre tilk ^ 
postmarks, though this us-e wa> the 6d Edwardian stamp V 
quite illegal. nverprinicrl fur use by the 

paly one example nr a VR Board of Inland Revenue- ' 
Penny Black is known still Though never ufiiciallv is,su«l 
attached to the envelope yn six specimens are known t" 
which it passed through the exist in post ally used conduit 
post It came to lighi in a and only unc example in mint. 
Peebles lawyer’s office during a condition is believed to be ip 
wartime salvage drive and is private hands. A few example s 
the gems uf the Stanley are known overprinted *' Spevi- 
Gibbons sale of British official men ” and one nf these, cat' - <!. 
stamps on October a. Hs. prob- mated at ri.4U»», is included in ,* 
able- value today is in excess r,f the fnrth-ji:ni!im Gibbons sale- 
£10.000. w-h»ch must br a hand- British eovn rn ment offices ;; 

rfome profit fnim perry m . ?3 n. Ujitrd - nflfcja , Paid- > 

n ^- T w ?_? th, ‘T. l,sed . samples stationery a „d postmarks e«r |, 

rallF 


ar «i"^“ dcd in ,hc »*■ since ami tlase Max c\enr rail? J 

t S °l! r "!!" ;nl s b»ien n.-lecled Hv philatelists { 

nm thi'pnlr r.'ir^ haS K S i a!,lpN Hru " L, ' ( ' r - quit- a few example 
ora tbe Post Office, bu. this nf ihe slRtmnery used bv 

hv rt ' l “ S<! , d - <ir " *»««* » uir B,mni »'■ 

rSK? SSmnt h SC n ' b, ' aas Agriculture. Chan tv Cfinuur 

or rubber stamps bearing ig,-. si on Foreign - Oifles, - 

aai'sr'K „; r fc r 

were Toni m lki ' w « h ^ me W'l • 

These rranks were applieo [,, heftv e.-tiinab- Pnrhaps * c 

mail VLhich then received shnuld he «r,unn G the was>* i 'i 
p e ;. tam ns paper basket mdav. and. pul®?- ?. 





' official 
struck in 


truck in red ink. and this aside those iiHM 1 ? enevelnp*? 1 
racl ce . continues to this t i ; . v vTih . ■ m 5«- 

in.maqy uistances. ‘ v ' :th an *‘? e Io lht * ,r futU - 


appreciatiiin. 

















;*'is 

jrf? 

i V* 

V3,i ** 

' 

' " r «'WL 

:*■ v,£ 

nt.-n uh 7 
" a ^-in 
,* s fJ fc, urw 

^S'hriiojjjj 



CiN FEBRUARY 23 this year. ^ • . * ‘ . ' high. “There are professional?, 

Sandy Lyle recorded a 61 :ri Am C* TfMM&'YMT from all over the world playing, 

tbe first round o£ the Nigerian xjL Ms f Ci/(/L'l^t/»Vj3 MMM/M %sMMM/ Level par gets you about 30th." 

Open. The next day he added says tint his good fricna ■" 

i„ m ♦h„., oci 9 Ki;«friniT -i ™»u/ . , . Martin Poxon. the former 

a W, tnu* estaousmn a new courses, nor indeed by the week- year as a professional, and Ken speaking, is something no other Walker Cup plaver. had quail- 
world record of 1-4 for 36 holes, to-wcck fluctuations ;n form that Brown £9.000 in his second year, game demands of its budding fied for the Carrolls in a play-off . 

| The golfing world rejoiced with every player encounters. with neither of them having stars. Football nurses its teen- which finished un the ninth 

jLyle, for here was the brightest Th ® problem goes deeper cten remotely the same quali- age talents, resting them From extra hole, the implication being 
amateur prospect since Peter ^i 1 thaU and 1 aspect that the fications as Lyle. time to time, even though their that after undergoing that kin-r 

I Oosterhuis proving himself in rea * reason why the -0-year-old Why, then, iias Lyle not so season is limited and their of pressure, no one would have 

i dramatic fashion. **?« ls . bein S gradually far reached at least those levels? “ tournament ” only 90 minutes much left for the actual tuurna- 

r IM i ..i* tK« s uoiner 2 ed >8 the system British i believe the answer is that long each week. raent. 

! mint liv f »rnfn-! solf u j es 10 produce * or faiJ throwing the talented amateur Cricket introduces its players rt is a hard life on the pro- 

~ ~ t0 produce. Us stars,. straight among the professional gradually, through second fcssiunal circuit, fiarlv in Urn 




Traditionally, Russian-made Ladas have 
been bought by motorists seeking a strong 
“4 reliable family saloon at a 

mtmear price. This week the importers, 
Satra- Motors, have moved decidedly tip 
market -with the 1600 ES. In essence, if . is - 
still, the .same Soviet, version of tbe old 
Flat 124.bat equipped to Western executive ' 
standards (hence the description ES) with 
doth seats, more Instruments, stereo tape 
player and radio, alloy wheels and steel- 
beltcd radial tyres and a vinyl roof. 
Whether this will be enough to’ attract 


buyers at £2,999 remains to be seen. The 
1600 ES I tried seemed excessively low 
-geared -and had the kind of steering lorry 
drivers might go on strike over though 
Satra assured me it was not typical. Its 
surfeit of lop gear flexibility would, how- 
ever, -go down well with people who tow 
caravans,- a Job the ordinary Lada 1600 at 
£2,666 would do just a* capably because it 
has the same engine but fewer goodies. 
For those of more basic tastes, the Lada 
1200 and 1300 saloons and estate cars 
continue to be available 


professional, and despite one- i^i e . a? an amateur, scem- 
self, the' thought began io in- j n3 } y had everything. ' In his 
filtrate — - could this be the new last year over four rounds of 
Nick La us'.' stroke play he was completely 

Last week iu the Carrolls Irish dominant. Ho won the Braba- 
Open, Lyle had a 7? iu the first zon Trophy’ by seven shots, the 
round, followed it with an 82 Berkshire Trophy by seven 
and failed to make the cut His s 1101 *- ^ ^ic Scrutton Jug, 
official money winnings this year f warded for the best aggregate 
stand at £2,501.57, placing bim in ^ hc f° 5 ven P‘ fa - 1 ’ 17 s!,01s - 


GOLF 

ROGER PAUL 


teams and county matches, and season. Lyle, then IH. had three 
it is perhaps significant that days ai hume in *ix weeks, a ■ 
Lyle himself has decided not to schedule which would make ■ 
play in the Swiss Open this demands on the toughest of jei- - ■ 
week. setters. 

"I’m going in for a 10,000- The introduction of voting ■- 
mile service," he says. -“In the amateurs ro pro golf needs hr 
last nine holes in the Carrolls, be handled delicately, and it is . 
I stopped trying to score and a. real pity we have nothing 
just tried new ways of hitting resembling the L'.S. college 


54th In the Order. of Merit, and ^ lbe Lythan Trophy, the other lions only works in exceptional the ball. I’d got to the stage system, which prepares ns- 
already the image is a liftle stroke play tournament, cased. It only works if the where I’d have one bad hole and youngsters ideally for the 
tarnished, the ambition dulled. bad ® ecn included in this aggro- amateur concerned has reached not be able io sec a way of pressures of professional spun. 

From looking for a olac* ,n •“ d \ he would have voa mc ? l 4 as *? !I “ golfing. getting the shots back. I In the absence of that, we 
tbeVop SSSte taiiw ; h^ins lt & 24 * 0t *u _ . .. -“PR"? V» ^ale." Should welcome the idea of a- 



the tyre market 


BY STUART MARSHALL 


BEFORE THE end of this year Small bells in the sidewall, car sit too low on the ground 

a battle. will break out. between dose to the rim, stiffen the and upsetting the overall — 1 ,| * 111 * ■■ 

MicheLin and Pirelli .for leader- tyre, sharpening steering gearing. 

ship in car .tyre technology. From response and improving the In the last year I have tried sea watfr and air 

tiie motorlsTs-point of view, it car's stability under very hard four cars on P6 (the Rover unerrinely find the weak noinx 

doesn’t matter which Tirm wins, cornering, Miqhelin’s TRX 3500, Fiat 132-2000, Ford Fiesta STSrinc “SStaToS? 

Hie car-buyer will offers similar advantages. Ford Ghia and BMW '7331) and just Corrosion takes hold. Current 

ha f. jDSt TOX “ * e « ra » ad * "*■- on TRX. S5S5T 

and Wlli be available at extra cost These supertyres, 60 or 65 per develop. 

pn ail GL a™* Ghia Granadas cent as high as they arc wide. All too often the skipper finds 
Irttf not jus! on “>*■ *W«y really do make good cars handle himself with a flat hatter and 

comfort nde Granada GLS. which succeeds better and feel safer. no engine after promising to 

Thhrtn' i. frTn i Rt lhe ausler el>' trimmed *:S" Unfortunately, their mtroduc- take the Family out. When 

^ I0Wf profire s *JP® r ‘ model. To get TRX. however, tion also makes the whole busi- most manoeuvres were carried 

tyTfiS ATC* Of COUXSC. rsdisls. vnn h a I'n In I^n. JtOi ti C^» np« nf nnrlaivtanHma a I Anf unrioi* coil u mntnt- time 


>1 . • — - auuifuiius ntu.is suinuwntrri'. ine prauiJfc *»t Lne suDurct 

round^ fn XiSSia n'„ lance ’ and f 5 lh ‘ s v;as whcre he Lyle has in dozeT,s of L >’ ,e has found ^ al 'be Ii should add to n»r limited" 

S Ireland , ° T"-®"? 8 co ? ipete as a prCh e \ e ? ls arouad the world— in courses are tougher on the pro- -tore nr knowlcdcr and «mM 

Sanation " Thnv r^nnm fii » ("essional. the sign* could not Africa, tne Argentine. Spain, fessioual circuit, with pins in well prevent tlu.se lew proivu-i..- 

™f,nta.ri have beenmore favourable. trance and Italy s0 far this year tighter positions and the rough ous talents thai we U-. our-sese-' 

*L5L the d ’ fferent - -e aU. Jjjmes had —and this, in ihe most strenu- grown-in and up. He also says burning thems.-lv.* «.|ii 'b-.-fnrt^ 

in class between the two won nearly -E1U.0O0 m his rookie ous of sports, psychologically that standards are e.vtremely ther have bareiv start cd 


: That rundown feeling 

reliably. Something more is 

to keep the two 70-ampere-hour been using two n e**' forms of originally for rigorous trucking needed. For ocean crossi n^s • 


replace 


• a lsj„ n -i v ih 0 c-;-* tOTMiu ckeu Uiws I uta ucen iiiLicnacu uy me 

Michdin, who are so tight- ..f ?" ,y tne rial laz-^uuu, SOj it said no thjng about re- great variety of electrically 

lipped about new’ developments moulded tyres, downgraded new powered "goodies” that boat- 

icte that they make tbe Kremlin look JJ™ 1 ..rSJJSl!; j tyres or •• seconds,” which are owners now find it necessary to 

v'-h like Liberty Hall, won't say how r 16 . 0pe ^„ a V w C a subject to themselves. take to sea with them. Tape 


ROr HODSON 


while left neglected and under- necessary about once a year, cannot be heard more than 15 
charged for long periods in wet it would be possible’ to from the yacht. Jt can put 
yacht bilges. keep one of these Yarta bat- hfe into a dead battery within 

Both the Varta and the Free- teries “dry” on a boat for a couple of hours. 


• • v-h like Liberty Hall, won't say how “ . p , a subject tD themselves. take to sea with them. Tape Both the Varta and the Free- teries “dry” on a boat for a couple or nour>. 

::n:* H# m it is- done. Pirelli, on the other s>aab Turbo. There wiu also be it i s rea iiy no exaggeration players, 'fridges, portable tele- faults- The root cause was that dom batteries overcome most of several years as an emergency To keep the batteries charged 

■: : is. hand, cheerfully explain that ^ lzes Ford to say that tyre buying today visions, radio-telephones, even 'he batteries — a bargain, I had the objections that one makes power supply to be aclivated between sailing weekends I am 

■■ :’«i -r.-j;- they have, put 'a belt of nylon" Fiesta. When P6 is offered as- ij n o task for the amateur. The deep freezers on some of the thought, from a South London against lead-acid batteries by when needed. now using a windmill charger. 

• on top of the' steel wire under- ®n optional extra .the price best way through the jungle is bigger yachts, all take a toll vmr battery supplier — were not means of particularly high The internal construction of Apart from giving one a sense 

■ 87 tread belts.. This shrinks as it difference should be much less to go to a specialist There are of the batteries. It is hot un- proving sufficiently robust to quality construction. This both batteries is to higher of PL-ologieal superiority this 

S3k warms up and tightens down Ford charge for Miehelin’s about 2,500 of them in the usual to find that the electrical stand up to marine conditions. A approach enables them i to pack a standards than conventional car « a most useful device. It gives 

on to the steel- ones,- keeping supertyre on the. Granada. The National Tyre Distributors equipment carried demands a secondary" problem was that the lot of power for their weight, batteries. An important benefit a tiny trickle charge, never more 
.. ".. - ; ~them precisely in place under reason is that TRX - needs a Association. Competition en- power store well beyond the barter motor on the engine Then, their sturdy internal f rom t h e yachtsman's view-point t *| ian one-quarier amp. but 

. . stress and allowing them to be special Wheel whereas P6 goes sures their pricing is keen, capacity of the accumulators was worn and would not spin construction enables them to j 3 t hai the Freedom and Varta P lent 5' t0 tivo big batteries 

made of thinner urir* That- in on a standard wheel, thonoh nf manv are elaborately eon inner! fitted hv the builders. when the voltage across the bat- withstand the knocks and some- u a i.,« m - ae m..»k isi-ai- cheerful while the boat is not 


‘ made of thinner wire. That in on a standard wheel, though of many are elaborately equipped fitted by the builders. when the voltage across the bat- withstand the knocks and some- batteries are much less likely * 

. s turn means the Pirelli P6 tyre one inch bigger diameter. And and all- of them do at least i I was plagued by battery teries was low. times v.ild motion of a yacht at t0 j ose their char°es through * 

^ rides more'' softly and shock that fs necessaiy to prevent the hhoW* What they are talking trouble ‘for two cruising A replacement starter motor sea. The Freedom battery ilUernaI dischar^ins if they are ; 

%„1. absorbentiy over rwigb roads, squatter lyres from making the about. {seasons. In spite of every effort was fitted and this year I have — which was designed unused ior° weeks or ‘ 


MOTOR CARS 


otion of a yacht at t0 j ose t b e j r C h a r°es through in use " mstallation is ihp 
Freedom battery inlernal disch argins if they are ^ro^aiye “ark V made by 
was lcf ^ ior wcck3 .r ^ 

months. j n i,, n - ~ 


7.? :p* it 
•."ol ’"w. 
. ifj •: U 

• y 


LATHAMS 1 - EAS,NGAND 


CONTRACT HIRE 


A NATIONWIDE VEHICLE SERVICE 
TO BUSINESS USERS 

IMMEDIATE DELIVERY OF MOST BRTRSH AND IMPORTED 
OARS AND LIGHT COMMERCIAL VEHICLES: 
Tailored contracts 1-3 years with and without maintenance. 
Your existing fleet purchased If required. 

Phma write or. tel: (0533) 5M1I W. F. Scmnsoo (Gen. RecC Mmr.) 
LATHAMS (LEICESTER) LTD.. M3 BELGRAVE GATE. LEICESTER 
A member of the INCH CAPE Group of Cora pin in 


Victorian 

train ' ssw sss^ on,y ,n , Ln,iea sr sf:r™ 

lions Inc. of New York, a The two later books 4 antmi- through some of the more ^ lask and that aI1 joinls and at o ; noar mastheari t0 ca - lC h 
- . ^ f I - paperback house whose speci- pate the interests of the dubious and dingy hotels, connecti()ns are clean and the best of the wind, it is verv 

VfinnPVK ality is the reprinting in far- Edwardian-Georgian detective through offices and back streets sound . Secondly, the charging neat. From the deck it looks 

9 UUUK,! O simile of a hup range of novel that came into exigence of Pans m the period of General „ must be d enDugh l0 rather ]ike a tin of baked heans 

" . Victoriana including books on in the early 20th century- Boulanger. I do not .know if fc eep ^ batteries up. spinning round. 

GRAHAM GREENE began magic, Lewis Carroll, optical according to E. F. Bleiler, who Summon ever read this book: 

collecting Victorian crime illusions, and classic crime has written an introduction to probably not, but if he did he — = — ~ 

stories at the end of the war. fiction. They are distributed ihe Dover reprint. But he feels would surely acknowledge its - - 

"In those early days .. . .” he in the UK by Constable, and I that “they are much inferior author as one of his literary alaal 

wrote, “ when there were fewer am always singing their praises to The Passenger jrom Scotland forebears. =H ^ 1 C \ lllllPl 

collectors in tbe field, a happy in these paperback articles. I Yard” Who was H. F. Wood? Even gjg \ \\ liRl 

hunting ground was Foyle’s shall continue to do so for as Having now read it myself. I Mr. Bleiler is not completely \ \\ \ HHWm 

second-hand bookshelves. I long as they publish books that can only say it is a book you sure about that. In his introduo- ss= \ \\ \|P1*** nw 18, ^ 

wouldn't like to say how many send the pulse racing in antici- can inhabit for a day or two tion he mentions two Woods he §pn \ l \ 

of the books now.listed . . ■ pated delight. with complete absorption. The was not. before concluding he ssss \ tV.,^ 

listed, that is, in the catalogue One such is The Passenger sentences may be a bit long, was Harry Freeman Wood, a L-J ^^ 0 t 00 00 ^ 0>1 '^ ~c 

of the collection he formed wn'th the prose a trifle ornate for newspaper man born in Brad- 

Dorothy Glover. Victorian today's taste, but this is more ford in 1850. Certainly a sur- 

Defective Fiction, published by DAPFDRACKS than made up for by the range * bltte u r “ the Comn* 01 ' ^ ' 

the Bodley Head in 1966— ntrERDnvna lhe characterisation, the sar- book about the debt eminent „ — J 
were discovered there at ANTHONY CURTK donic wit the real it)' of the politicians owe to journalists 

pricea-Iower than five -shillings." . Parisian background, and the. supports this view;. ’ Tlie bent ■ -. 

There is still a chance that a =^^==g=Sia=SSasa .- - tiiiexpectednejs.- of the develop- of Woods fiction indicates that 

Keawh'-alntiff the Charina Cross ment It sta ns on the. night mail he was a cosmopolitan traveller = ==g^= 


1 . " A MlUhU Ha-Morv 1,1 d » a ™«l eT " “ d P^SS int« » 

A reliable battery install a- „„ *h D j bc i. »- „,; n ,) C 

prints of Conan Doyle and his the first editon of 1689. They with the help of his ambitious t ion is. however, only half the ahn “J ,A m„h if a-!r- 

modem plagiarists, there is a do not, though. list Wood's third young assistant, Toppin. and battle to ensure a boat's power rap 

f. CaohiS Fmim f n nnjrl final ilotpi'tiT'p dnrr T h .» ai-oni pn.nnflnHnn fmm fho t— -rt ..i l_i, _ r .1 HIv 1 VI l \ . 




TURBO DEALER 

New models from stock plus 
the Turbo. Demonstrators 
available. Always 2& 
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stock. Advantageous, 
leasing/finance facilities. 

I KK REEDER LTD 

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Wo kins ". 

(04862) 65307 + 66663 J 

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immaculate coadltion. 

Phone 041-221 0055 


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280SE 1977 

White- with blue trim,: electric 
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rests etc. 13,000 miles. As new. 
• . £12.750 

: 7IU 4747 


THIS SPACE 
FOR SALE 


ONE ON 

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mot6ring page 


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. .n M irt 


■ Hlliril'J*! ivTiTI "■ the collection he formed with 
RifeMllISaiUl Dorothy Glover. Victorian 
Dcfeciiiie Fiction, published by 
>|ou«r«Kxr?cfln the Bodley Head in 1966— 
iSaoorFonattttOBtaes ■*_ p # ^ ere discovered there at 
r prices lower than five shillings." 

• n!?* There is still a chance that a 

mwmm «|wm« search ''along the Charing Cross 


PAPERBACKS 

ANTHONY CURTK 


Grow«^_ 


-SrfSSsSSSSJSp 


ROLLS-ROYCE 
SILVER SHADOW 

First registered November 
,1972. Under 60.000 miles. Pur- 
chased second hand for use of 
Chairman daring eight week 
visit to Europe. The Chairman 
has now returned io Hong 
Kong and the car is available 
for sale ai £15.750 ono. 

Contact Jan Gill (PA to HD). 
Eastern Advisory Services Ltd, 
35-37 Grosvenor Gardens, 
London S.W.l. 01S2S 7000 


a few pounds to spare. and who have" a copy of ite sequel'. The he conduct,- the Investigation of a railway journey for his 
5 = ^ntpnr merely with re- Englishmow of the Rue Cain, in from his headquarters in Paris craft. 


is not content merely with re- Englishman 


Lessons 




/f they say, was that two boys, 
C' aged nine and sis, were float- 

: ing off the crowded beach in 

THE EERIE whizzing followed a little inflatable dinghy. Bob- 
by . tiiyo loud bangs clearly ting into one of. the windy 
startled many people on holiday patches the dinghy began to 
in Lyme Regis for the first time, be pushed out to sea and the 
But when they have stayed in nine-year-old, who learned to 
this West Dorset resort for a s^-im earlier this year, jumped 


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280 SE 

Dirk :Blue with Blue Tex trim. 
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'ftteohoneDavy Jacobs 


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The freehold property provides 
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modem leases F.R- A J- “ 
tenants Including Brent Walker 
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£37,100 per annum subject to 
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gaps in the high laud. The sun to potter about on the open to spot them waving a good 

is shining more often than not. sea in a small plastic inflal- three miles offshore. 

It is a fine seaside day. able, without wearing a life- Goodness knows how many 

in the nett room *»0-vear-old jacket even though the offshore heedless seafarers are saved 
sSSeSw ' bTS was strong enough for from the consequences of their 

son Jonathon a?e nank- °«r IS ft wooden sailing boat folly each year either by luck 

Mark’S wet suit id aq^a- Da^pring. which is built like or the admirable rescue ser- 
Ed p«paSi “ drive a Blackpool landlady, to heel rices. But the fact that the 
to Qiarnmutii. *Wbat happened. O'er to the SDmntea in the majority are so spared is no 

they say, was that two boys, 

civ At present the talk here is 


EDUCATION 

MICHAEL DIXON 


of need for more stringent : 
official regulation., such as a ban 
on the seaside use of small 
inflatable craft, if not altogether, 
at least without the wearing of 
life-jackets and the carrying of 
a grapnel anchor and 60 ft of 
line. To my mind, however. 


i “u Vj- ■■ naa noi oecu wugm mat. wneu ^ xe treatment of symptoms. 

. So they come running from now safe the wjjr « > m trouble at sea. the last thing The ^ use 0 f that small boy's 

all directions, reaching the 706- and I since -»n appeal has been on£? should over do is io leave dea^ ues in the ignorance of 
year-old harbour around the 5?™ llold of ooe s boat - Uie thousands who are accus- 

^ ..time as .the ta men fve s JU MA « be ^ But the same killing ig nor- romed to treat the sea as a 
summoned by the rockets to a nee is not confined to children, benign plaything, instead of as 

launch the inshore lifeboat. The emotion prevailing (as over the past' four years Day- the constantly unpredictable 

It last went out about tiro £ write) in this Lyme Regis spring alone has towed back to and tireless adversary that it 

and a-half hours ago. Now look- household at the moment is a harbour half a dozen boatloads really is. And the best public 
ing eastward across the bay, I nurture of sadness, anger and of holidaymakers who had gone device we have for overcoming 
can see a Royal Navy Wessex wonder, we are sad because out t0 sea -with, plainly, no ignorance is the education 
helicopter circling a couple of a young life has been lost and it j €a 0 f its dangers. The latest system. Surely, before the 
hundred feet up. Below it the nnfliy that it should have been was a hired motorboat contain- bulk of youngsters once again 
lifeboat and one or two other allowed to e-xpose iteelf to such ing a gO-year-old couple and flock to the coast on holiday, 
craft are moving slowly back- J nsk. The wonder is that tbdr two small grandchildren, ail our schools should arrange 
wards and forward a few hun- dea^s like this among holiday- hut neither life-jackets, oars, to spend part of the last few 
dred yards off the beach of i^ers— it m the first we know nor distress signals. When weeks of the summer term 
Channoutb some three miles of . 1 ? tne area “Jj* year ~ d0 their motor failed they were Instilling a proper respect for 
distant, lurching occasionally as aot “PP® 11 ™> re o™* - left drifting helplessly in tbe the sea into their pupils. They, 

they are hit by the fresh off- That poor child was far from strong tide towards Portland then, might be able to educate 

shore wind gustins through , the only one allowed this day until one of my' sons chanced their parents. 


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10 


financial Times Saturday September 2 l 978 

: r •■■■ . • 




LEISURE/FASfflON 




All change for Autumn 


BY LUCIA VAN DER POST 


f g tjruWHvvv-r 





V ■ ** 

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t- <**■ 



This military-style dress (note the padded shoulders) complete with matching 
covered “Sam Browne” belt sums up the new autumn look. From main 
branches of Wallis shops, the dress comes in beige, lilac and wine and is £25.95. 


. WELL. THERE’S no point in 
beating about the bush. The 
hews from Paris . is bad. -Just 
as we’ve all gut our layered look 
together, just as our wardrobes 
are bulging at the seams with 
skirls that tone with waistcoats 
that 2u with broad-shouldered 
■ jackets that are snftened by 
frilly blouses, the designers 
have decreed, wnuldn't >’°u 
know, that the look now is 
straight and narrow. And what’s 
more the verdict was unanimous. 

Speaking personally, it’s not 
just the clothes I’m worried 
about, it's the shape. Straight 
and narrow I have never been 
and I don't think my prospects 
or making it this time round are 
any better. The bulletins from 
Paris inform me that designers 
have decreed that women “ will 
have shoulders, bosoms, a waist, 
rounded hips and. lung shapely 
legs this winter." Where. T 
would like to know', can we buy 
them and how much? 

While the news for women 
is bad. the men are in for a 
lovely lime. The fashionable 
lady 'is going to be this utterly 
desirable shape and then she's 
•going to be “chic, well turned- 
out and sophisticated “ during 
the day. At night lean you 
wail?» she's going to be a 
'■ vamp, ultra-feminine and fun- 
loving.” ■ i r 

Certanily what ris nice and 
what J would think almost all 
women will welcome i?> that the 
naive peasant look is out and a 
much more knowing, more 
sophisticated look is coming to 
take its place. Anything that 
smacks of the ethuic nr the 
pastoral won't do. Lines are 
much sharper with the general 
shape being rather like an in- 
verted triangle, starting with 
broad-shoulders, often in rather 
military style, and tapering to 
slim skirts or narrnw-ankled 
trousers. The narrov;er skirt 
tfor which, it goes without say- 
ing, hips will need lo be 
narrower, too) is a bit shorter, 
stopping somewhere between 
the knee and mid-calf. 

Colours too are a-chauging. 
Whereas last year we were all 
tuned in to soft camels, creams 
and rusts, this year there is a 
great deal of heathery purple, 
plum and aubergine about. 
Black is back and very smart. 
Hair at the Paris shows was 
much less wild and much neater 
than for years. Hats of all sorts 
were shown — from tiny beanies 


to very glamorous p ill-boxes. 

Leather is the material’ of the 
year though this time it’s much, 
much softer and gone, you'll be 
pleased to hear, is the Nazi 
storm-trooper look su fashion- 
able in modish circles last year. 

Short bools are already to be 
seen in all the best shoe-shops 
and the one indispensable 
accessory this year is a ” Sam 
Browne “ belt. If. like most of 
us-, you have in your wardrobe 
a fairly new tweed hacking 
jacket, some soft frilly blouses 
and a couple of full skirts, there 
is not a great deal you can do. 
Smock dxesses can be worn 
belted with the said “Sam 
Browne ” belt. Shoulders can be 
padded. Team the backing jacket 
with a straight skirt and the 
same belt. Don’t whatever ynu 
do. wear . lace peeping below 
your skirts. 

For evening you can. hardly 



This' . short boot by Rayne, 
■rejoicing : \n\ the name of 
“ Mayfair.” , sums up the- new 
season look. In brown calf 
only it is £39 from all Bayne 
shops. . 


do better than to find a little 
black dress, the more it hugs you 
and the narrower it is the better. 
All tho glamorous touches from 
the . thirties are ■ back — little 
veill . aigrettes. . combs and 
baroque jewels can. be worn in 
the hair, gloves and fox furs, 
muffs and glittery, jewellery 
were all part of the great Paris 
fashion show. 



• J.” V ■i*. : v -7 • ’ if 

• :• 3 . ■■?•*». - • 

y }../ : . & 

-v y > v-^vv;-.: 


Though generally a less clut- 
tered look is coming in most of 
us will still have plenty’ of last 
year's separates In our ward- 
robe. The drawing on the left 
shows you how they can now 
be put together. Team your 
full skirt with the softest most 
feathery, most laclly-coliared 
sweater you can find— -this one 
from Miss Self ridge has frilly 
draws triug cuffs, neck and waist 
and cmucs in white, hyacinth 
or rose (£19.95). If you’re 
young enough flatfish shoes and 
socks will still' look good. Ou 
the right in the drawing is an- 
other way of using separates — 
the full skirt Is worn over 
trousers and the waistcoat has 
a distinctly hand-knitted look to 


it. It is large, with droppq 
shoulders and chunk}' woefe 
buttons but the whole effect 1 
softened by the iace-triunag 
frilly blouse. Everything 
Miss Self ridge' branches. 
Above, is the lacy look b 
sweaters by a very exclusive* 
signer — Courreges. who ope* 
his own London boutique at IS 
New Bond Street, London, 1V.L 
today. More famous for it 
rather sporty look, Conrrege 
with his new collection iu> 
shown himself well in tune wttt 
the softer, more feminine loo! 
of today. The jumper come 
in black or white. 100 per tat 
acrylic, and is £42.00. Tto 
wool/nylon white sldrt L> 
£73.00- 


Meandering in 
mid Wales 


- f r'.v 


THE RIVERS Severn and Wye 
are each born as a marshy 
trickle within a couple of miles 
of each other in the middle of 
a bleak moorland high up in 
mid-Wales. When they next 
meet, the Severn is some 200 
miles older, and the Wye has 
found a very different route in- 
deed to Chepstow near which it 
joins its old neighbour for the 
last few miles into the Eristul 
Channel. 

But it is about their common 
birthplace and iis surroundings 
that I wani lo write now. for it 
is an area through which many 
pass and rather few linger. The 
sea ami all its anracrions arc 
sul) a lew mountainous miles 
away. A whirligig of sinuous 
roads infiltrate secluded, 
sparsely inhabited valleys, 
sometimes wandering beside 
twisting reservoirs whose 
waters eventually How out 
through the taps of Birming- 
ham. Submerged beneath one 
of them is l lie house where the 
19-year-old Shelley brought his 
young wife Harriet in 1910. 


It's an area for sightseeing 
and scenery, where England 
merges into Wales rather more 
gently than it does at times 
elsewhere, and where you cross 
and re-cross Offa’s Dyke with 
rather less awareness of the 
long term side-effects imposed 
by that remarkable boundary of 
Mercia’s 8th century king. 

Our visit was in mid-winter, 
in a rented cottage in the upper 
Severn Valley. Llanidloes, the 
first iroall town on the young 
Severn, was our oearest shop- 
ping centre, and a pleasant one. 
But. in fact, we reviclualled just 
as often at Rhayader on ihe 
young Wye t major livestock 
market on Wednesdays), cross- 
ing. the mountains by one of the 
less obvious labyrinthine little 
roads and wallowing in fine 
scenery in the- process. Thus we 
came upon the somewhat frag- 
mentary but beautifully sited 
ruins of l-’ih century Abbey 
Cwrahir. traditionally ihe burial 
place of Llyweiyn, last of the 
Welsh princes: and. only a few 
miles to the north-east on the 
main . A483. the lonely little 
church of Llananno, most un- 




j- ‘ 




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Powis castle 


Rhayader High Street 

expectedly sheltering a glorious .1 

1 6th century caned rood •’* 

screen. 

One day we devoted to Hafren 
Forest Hafren being the Welsh - *• 

name for the Severn. This i» 

Forestry Commission land, 
rather less military in the 
arrangement of some of its over 
13 million trees than some and. 
through it. half a dozen marked 
walking trails of 3-8 miles in 
length are easy to follow, pro- 
viding you are suitably shod, the 
longest being to the source nf 
the Severn itself. All the walks 
start from a car park on an un- 
classified road between Llanid- 
loes and Stayltille. 

We spent another couple of 
days bunting castles. The first 
took us west to the coast, 
approaching :t initially via a 
minor mountain road down on 
to Machynlleth. This small 
market town has a curiously, 
comfortable Victorian look 
abuut it. though it has strong 
associations with one of Wales' •■nhaiKvrl by caravan Mies, tom the land, continuously in- 

most romantic and enigmatic Aberystwyth. There’s not much hub i led since the 13th century- 
figures, Owain Clyndwr (Owen left of Aberystwyth's I3lh Thu interior is notable for a 
Gjendower tu us). In ihe early century castle by the sea, but splendid series of iuth-I9th 
15th century, his fierce and Wales' oldest university n, much century' rooms and furnishings 

in evidence. All in al>, it’s a nice and the formal gardens laid out 
— — ■ — ■ hllle place, combining beach in the ISth century have been 

and river estuary and mountains, little altered since. 

Little-train enthusiasts will also A tew miles to the south 
find here thp sum surviving there's yet another castle at 

s lean i-o per at ed line in the Montgomery, though the views 
British Rail network, nearly 12 from its rocky perch are more 
miles ol narrow jauge linking impressive than the rather 
Aberystwyth with Devil's Bridge scanty ruins. With its strategic 
,,, . the f VaIt ‘ of Rheidol. We situation, this has been the site 

MiLLLssful stratus against the fuhowed a similar route by road n ; Neolithic. Iron Age and 

frSi. , li, r'" ? nrI ' vry *»usfc-ins U *' 3S ' Roman fortifications as well, but 

th **r? ,n » u , p of a , 1,urr °wing into a ,-teep uuuded , IOW the note town clustered 

MachvSh h THn„*>h thl r anyu r n n l ° whcre 3 uf about its sleep market place Is 

th , r L ' rn ’ ' ed b > thrL,,J mainly Georgian and very pretty 

welsh t\estmin 3 ier was of bridges. The lowest and earliest j s i m . 

short duration, it even appointed was probably built by the Off as Dvke whose 1G7 miles 

,n -j-7— « ta 

Parliament House in the main ... , ' , passes just to the east of bath 

street is said to be where the VVe “wther narrow Montgomery ami Welshpool 

meetings were held. cause railway while -castle-- and. beyond it. rise the hills of 

From here wc more ur less |)bnting ro the east, the Simile Shropshire. The Severn winds 
followed ’ ' ' ’ 

turnin 

along the coast, not always . 

— ^ V.ert of \\ elshpnril. Powis Castie. tiie sey. 

Yw»r weekend s: Auxuia 27.25. Boia'um one mile south of Welshpool. Further" Information: Whies 
S:S: v :, iii closed at tlie tune, but by Tuurist Board. Llanuaff, Cardiff 

Soarcc: Tinmu Coon. ail accoum.i one of the finest Cl''a 2 Vi, 


TRAVEL 

SYLVIA NICKELS 


Jin nerc wc mnre ur iesj ... , . , , . -, V . j 

4 -ed the river Dovey then " elshpaol and Llanfair Light circuitously round to avoid 
n n SUU [h by a “B"' road linking • Uaniair them before heading aoulh. now 

r the coast not a I wave L'acrcinmn with bvlfacii. just an English river on its way lo 


Top value for fuchsias 


WHAT MARVELLOUSLY good 
value fuchsias are. It is true 
that in this inclement summer 
they started to flower outdoors 
a little later than usual, but by 
July they were getting into their 
stride and are now at the 
height of their loveliness which 
will continue at much the same 
level throughout September and, 
with luck, will not be finally 
extinguished until late October. 
In an unheated glasshouse the 
display can extend over five 
months and, given enough arti- 
ficial heat to maintain a mini- 
mum 13 deg. C. for maybe 
another two months beyond 
that. It would be hard to think 
of many other plants that could 
equal this continuity and cer- 
tainly none that arc also as ca*y 
to grow. 

For fuchsias will thrive in a7T‘ 
soils that are reasonably well 
fed" and are never allowed to 
become really dry For long. They 
grow almost equally well in sun 
or shade, but flower more freely 
in good light and, under glass, 
only require the lightest of 
shading in summer to protect 
their leaves and flowers from 
scorching. 

Fuchsias are also among the 
easiest of plants to propagate, 
since cuttings will root at any 
period during which the plants 
are growing and that depends 
mainly' on the temperature 
available since, if it never falls 
below about 10 deg. C. the 
plants retain l heir leaves even 
in winter and are never entirely 
at rest. 

At substantially lower tem- 
peratures fuchsias drop their 
leaves and, if it freezes at all 
hard, they lose their stems as 
well, hut usually the roots re- 
main alive to sprout again in 
the spring. This is what makes 
it rather misleading to divide 
fuchsias into ” hardy " and 
“tender" varieties, for it de- 
pends so much upon just where 
one draws the line. For my 
part, with the -exception of ub- 
viously tender hybrids derived 
from sue!) species as Fuchsia 
triphyiia and F. fulureux. I 
would try any variety outdoors, 
giving it the most sheltered 
place available to begin with 
and protecting from Novcmher 
to March with a fairly good 
layer of peat or peat and soil. 
In sheltered town gardens and 
patios I doubt that there are 
any fuchsias which cannot be 
brought through an average 
British winter without too much 
difficulty. 

And then, as a second line nf 
defence I would take a few 
cuttings and overwinter ihem 
as small rooted plants on a 
sunny window ledge or in any 
other reasonably light and frost- 
proof place. To succeed with 
Fuchsia cuttings is the simplest 
thing in the world since any 


GARDENING 

ARTHUR HELLYER 


fairly firm shoot will form roots, varieties. There is a live!}. 

It is better if it is not flowering British Fuchsia Society, largefc 
but if.it does have a few flower amateur in membership, arid J 
buds and it is difficult at the great deal of exchange varieties 
moment to find any young shoots goes on between enthusiasts. 1 
that have not, they can be daresay it is partly becatisc w 
picked off and it will make no this that the big nurseryfflfl’ 
difference to their ability to are not much attracted b) 
form roots. fuchsias. I must confess Uh’ 

Cuttings about 5 to 7 cm long most of my best plants }W 
are best, severed just below a come to me by exchange or as 
leaf stalk, with the bottom straightforward gifts from oilier 
leaves removed and the tips, if fuchsia growers. _ They are i 
very soft, nipped out. The base generous lot and anyway wiu 
of each cutting can be dipped “isses two or three small shiiflU 
in water and then in hormone from plants that grow w 
rooting powder but even this is heartily, 
not essential. Cuttings will M J' must spectacular fuchsias 
actually root if stood in shallow’ outdoors are Brilliant and Santa 
water but it is better to insert Cruz, both with large flowers 
them in some kind of cutting ver F freely produced. Brilliant 

combines scarlet and that 
special glowing magenta that s 
peculiar to fuchsias. It mates 
a big. bold plant with upstand 
ing stems, is entirely hardjNliN 
has been around for jmSfe l^ 11 . 

10U years yet remains a/cri®' ["i 
parativejy little grown: variety 
‘ - Santa Cruz is much' hior? 

modem, an American creatio®-" 
mixture. I use equal parts soil, certainly less hardy than 
sand and peat but vermiculite. Brilliant though well able to 
perlite or anything that is both survive some frost It h* 
porous and absorbent will do wonderfully luscious flowers in 
equally welL I put five or six which flared scarlet sepals cow 
cuttings around the edge of a bine with dusky crimson petals 
To mm pot and slip a polythene folded around one another ^ 
bag over this, securing it around an amply pleated skirt. LiX r 
the pot with an elastic band. Brilliant it is missing fro® 
Provided the rooting mixture is many of the lists and from ih e 
made thoroughly wet before the extensive hardv fuchsia trial is 
pot goes into the bag it is the RHS gardens at Wisley. 
unlikely that any more water Citation is rose and white, If* 
will be required until the single flowers very large a® 
cuttings are routed but just to beautiful. Swingtime is red 
be absolutely safe I stand the white and double, and J**' 
pots on moist sand, peat, soil or Sharon is in two shades of 
one of the useful, plastic fibre and has very’ long sepals, 
mats that are sold for green- At the other extreme are liny 
house staging. Then, if the tots such as Tom Thumb and 
compost in the poLs does begin Lady Thumb, one rose n a “ 
to get dry. it will draw up more purple, the other rose and 
moisture from the standing white, but otherwise identical in 
ground by capillary attraction, their neat bushy habit and snufl 
Cui lings arc usually starting leaves to match the sm*H 
to make roots by th c second or flowers. Bon Accorde is uui^ 
third week and soon after that in holding its little -purple 
white rooUeLs will begin to push white flowers erect so that fhtf 
out through thc drainage holes, look right up at one, ariv 
By that time the bags should Bouquet is another small ra 
have been removed and the cut- fuchsia with dark leaves _ }* ( 
tings can be tipped out care- match its dark red and viol * 1 1 
fully and putted singly in small flowers. 

pots in any guod soil or peat There are also fuchsias grbwo • 
based patting mixture. Keep it more for their variegated teayc 8 
nice and spongy so that plenty than for their flowers, most 

of moisture is retained without them forms of the very 
aeration being impaired and in Fuchsia magellanica gradlid- ^ ■ 

? Y®*£ g"* S™* .M** P° ls , wiI1 I suspect, is the best varied 
*?u fU K ° f p f5° ls K f Qd 1Ittle P^ts fuchsia I have yet seen, ■ 

will be well able lo survive a fuchsia trial at Wisley 
wlnu* in any frost-proof place, the name of Sharpitor, so W 
The following spring they can sumablv it has emue frm»^ 
p outside and one can begin National Trust 
£ -W.SE 7552 W,Xb theIr name overlooking the Sal*)** : 
JifihST -1 dCr CS ° Wn COn ' estuar X ^ Devon; I hope ' 

• .udi^. one is doing something abfljfl. 

^inst nurserymen, with the propagating and dlstrUiuH^ 
fuchsia this very- fine plant With ahW?.! 
7, a , ly while leaves for- Udo m»t.yu9 K ! 
s? a has .yet found ft? way.v&ft- 
uf commerce. . 


ditiDOi 

nun 

exception of the 
socialists.' who are 
small one man firms, 
pitifully. . restricted range 












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IF YOU. can’t afford the- price 
of . true -solid wood, made by 
craftsmen-^ and exquisitely 
hand, then -the. 
rustic, horse iy look need not be 
beyond' you/ You can always 
put it together yourself. Grove- 
wood produce a range of self- 
assembly Kitchen units which 
somehow manage to have some- 
thing of an. authentic farmhouse 
air about them. 

Grovewood have been in the 
self-assembly market for .some 
time but the new Traditional 
Town and Country version : of 
their self-assembly lines has a 
distinctly solid country look 


Many -readers may remember 
that earlier in the year I wrote 
about Alf Martensson’s solid 
maple wood di ning-tables. Alf 
Martens son is ah American who 
has retained a belief that all 
truly .fine furniture should be 
made from solid woods and, 
being an American, maple is to 
him one of the most beautiful 
woods arotand. . • There: was . a 
huge response to these tables, 
many readers, finding them just 
the sort of thing they had hoped 
to find for years but until they 
discovered him, had despaired 
of finding. • : 

So successful did this initial 
venture prove that now he has 
expanded into developing more 
solid, fine, simple furniture- 
like the kitchen work island 
unit featured here and, ou a 
smaller scale, the solid maple 
chopping boards. 

Most people caa conjure up a 
vision - of. the old-fashioned 
kitchen and in it was always a : 
central work table at which the 
cook or the woman of the house- 
hold did the true kitchen work 
— the rolling nut. of pastry, the 
chopping of the vegetables and 
so on. - Almost all modern 
kitchens seemed to have Ignored 
this marvellously useful piece of 
equipment. Alf Martensson 
discovered that there was a big 
demand for this kind of unit— 
besides serving as a hard-wear- 
ing functional work-surface it 
can also double as a dividing- 
unit between eating and kitchen 
area. 


Getting the 
Habitat 

1 ALWAYS know when 
summer's over and autumn 
begins- 1 that's when the new 
Habitat catalogue is launched. 
This ■ Saturday . . sees the new 
catalogue oh sale in all Habitat 
stores, majbr stationers or it 
can be bought by post from P.O. 
Bos 25, Hithercroft Road, 
Wallingford, Oxon for 5Qp. If 
people baulk at paying 50p for 
what is, after . all. a . sales 
catalogue, they may do well to 
look, at the number of colour 
photographs and then I think 
they will realise That 50p is-nof 
much,. 

I always like io keep Habitat 
catalogues, hot Just because I 
may> actually use' them- for buy- 
ing, but because - they seem lo 
sum-up so much of the took and 
essence' of- a certain . life-style-. 

This : year’s catalogue, has 
much of the well-known Habitat 
merchandise— the simple sofas. 


about it. • Though the insides 
of the units are in melamine, all 
the. surfaces T except the work- 
ing surface which is of Classic 
Onysi -a remarkably marble-like 
laminate topi that show- are of 
wood. There are solid timber 
d^ors and matching end-panels. 
The 'usual range of standard 
units are - available, which 
should be able io be adapted to 
most kitchens. Base units are 
made in two “front to back” 
sires (BOO ram and 500mm) — 
this means that the .800 mm size 
could be used in most situations 
and to fit in with most modem 
appliances while the 500 mm 


size is useful where space is 
more limited. Floor units come 
in 300 nun. 500 mm. 600 mm 
and 1,000 inni lengths. Wall 
units are higher -than is usual 
and have two adjustable shelves 
and a built-in light pelmet. 

The range has been designed 
to accommodate over 40 differ- 
ent fridges, freezers, hobs and 
ovens from leading manufac- 
turers. Most kitchen manufac- 
turers these days manage to 
produce ranges that are 
practical and functional — what 
1 like about the Grovewood 
self-assembly range is that it 
offers that plus ingredient that 


is so difficult to find — that of a 
great pleasiugncss of appear- 
ance. 

In the photograph, above, we 
give something of an idea of 
what the range looks like. 
Those who want to sec it can 
find it from September 9 at C. P- 
Hart and Sons. Arch 213. 
Newham Terrace. Hercules 
Road, London SEl or they can 
write to Grovewood Products 
Ltd., Tipton, West Midlands, 
DY4 7UZ for a brochure. If 
you can’t wait to write there is 
a dial-a-brochure line — 021-557 
9149. The brochure will list all 
the possible permutations of 
size and style as well as prices. 


JOHN PRIZEMAN is an archi- 
tect well known for the skill 
with which he can transform 
the most apparently hopeless 
dark hole into a kitchen full of 
charm and tbc case with which 
he appears to conjure space 
out of otherwise hopelessly 
cramped conditions. Dealing 
with kitchens over the years he 
came to despair of being able 
to prescribe for his clients the 
kind of simple but pleasing 
collection of cabinets that most 
of them had in their minds' eye. 

Finally, driven by necessity, 
he has now designed and started 
to arrange the production in 
small numbers of his own 
designs. “I was really driven 
to it.” he tells me,” by my 
frustrations with existing 
ranges. 1 did nor want anything 
over-exotic. 1 don’t like systems 
that are instantly recognisable, 
the way the Fiesta car. or the 
Audi 2000 is. I want a kitchen 
th 2 t is fuM of cabinets that 
seem comfortable and neces- 
sary "and practical so that they 


have the air of a comfortble, 
old jacket that you like wearing. 
The range is based on simplicity 
and I've used a small firm in 
Battersea to make them for me 
—I think it’s only by using 
small firms that you can keep 
costs down and quality up. 

“ I think the needs in a 
kitchen are very simple— Jots of 
cupboard^ an impregnable work- 
surface, some marble for rolling 
out pastry and woud surfaces 
for chopping on. I also think a 
kitchen should go on looking 
better with the years — it should 
begin to look lived in and .should 
mature, whereas most kitchens 
begin to look very seedy after 
several years. The* plastic lami- 
nate starts to peel off and the 
polyester chips and they look 
generally second-hand. I’ve tried 
to design a complete system — 
the Camilla Storage range and 
the Oriel tiles, which if used 
together, should wear well and 
improve with age.” 

The Camilla storage system is 


primarily aimed at kitchens but 
it can be used as a complete 
storage system in bedrooms, 
spare rooms or studies (see 
drawing below). The sides and 
back are made from white 
mel ami ne faced chipboard 
wbile the door frames and 
drawer fronts arc in solid 
mahogany, oak, pine or walnut 
(the woods of traditional 
English furniture) with a 
waxed lacquer finish. 

All the door panels are in 
polyrey melamine laminate in 
white, antelope, gentian blue, 
green or paprika. The melamine 
wood veneers match the door 
frames or you could have clear 
or smoked glass or mirrors. The 
handles look best, in my view, 
as simple white china knobs but 
you could also have brass or 
turned wood. 

The whole effect is one of the 
utmost simplicity' and yet those 
who own the units are delighted 
with them. In the picture is an 
existing kitchen, one of those 


miraculously created out of a 

dank hole by John Prizeman, 
whose owners are absolutely 
delighted both with the plan- 
ning of the kitchen itself and 
the units in themselves. “I par- 
ticularly like to see the kitchen 
as I come in through the front 
door.” says the wunian of the 
house, “everything is so finely 
finished it looks like a drawing. 
The solid frames can take plenty 
of knocks and somehow, 
although the space is limited, 
there is somewhere to put every- 
thing.” 

At the moment these units are 
only available to order and 
orders take six weeks. They can 
be seen at the new Coexistence 
shop at 2 Conduit Buildings, 
Floral Street Covent Garden, 
London, W-C.2. Prices are 
extremely reasonable, starting 
at £25.00 for an open shallow 
cupboard measuring 600mm by 
300mm by 100mm. Coexistence 
will send leaflets listing sizes 
and prices of the complete 
range. 





Like . everything that Alt 
Martensson does, it is made 
from solid maple. 2 in thick. 
This means, everything, includ- 
ing the drawers, is made front ' 
solid wood. Maple is particu- 
larly good wood for- these 
purposes and not only does it 
look a whole lot better than any 
plastic snrface, it also forms a 
proper working surface. You 
can chop on it, roll but pastry 
on it and then just wipe it off 
.with a damp, cloth. The wood is 
fioished in edible vegetable oil 
and from time to time, after it 
has been scrubbed to keep it 
dean, it should be polished up 
with vegetable oil. rather in the 
way that one treats a salad 
bowl. 

The kitchen island unit is 30 
in- .by 48 in and -38. in high, 
which after much experimenting 
with numerous cooks has Droved 
to be the optimum height. If 
you want a kitchen island unit, 
it is £195 and delivery is free 


the. cquutiy-style kitchenware, 
the rush matting,- the bentwood 
chairs, the bistro glasses— that 
many . of us have , come to 
depend upon to furnish large 
portions of our houses. There 
is, however, a subtle change of 
tone or emphasis— I detect a 
slight waning of the tiny floral 
rustic prints and a shift to more 
graphic or geometric style well 
illustrated by the three items 
below. There is the new Graph 
bedlinen which in turn comple- 
ments the hew lights (see the 
pendant light shade below), 
wallpaper arid fabrics. 

Lovers of Marxmekko's inimit- 
ably colourful style will be 
happy to know that Habitat is 
reintroducing some of her 
designs, in particular the charm- 
ing Happy Poppy bedlinen. 

Finally, for those who have 
mastered making their own 
bread and need new culinary 
fields to conquer, you can now 
buy your very own pasta maker. 
For £18.95 you can have freshly? 
made pasta every day— very 
good for the bank balance, not 
so good for .the figure. 









within a • five mile radius of 
Kings Cross. After that 
carriage is charged at normal 
rates, ; 

The solid maple chopping 
blocks come in several ■ sizes 
from 8 in square at - £5.50 
up to 18 in by 18 in. for £12.50. 

If you really hanker after the 
solid wood look throughout the 
kitchen Alf Martensson also 
prodaces kitchen worktops all 
made in sizes to fit standard 
kitchen unit tops. These work- 
tops are all made from solid 
2 ins maple wood. They can be 
fixed by screws and brackets if 
you wish but alternatively, 
as they are so heavy, they do lie 
in. .position and so can just be 
placed where wanted. If you 
would like a solid maple work- 



- i 


i 



! J i.-.l -J- 1—1 ..X. 


ing surface going right up to 
the sink they will cut out a sink- 
unit shape as well. Charges for 
these worktops are £20 a 
running foot. 

Alf Martensson runs his work- 
shop at Building K, Albion 
Yard, Baife Street, London, 
Nl 9 ED. which is just next 
door to Kings Cross station and 
is open- from Monday to Satur- 
day, 9.15 to 6.30. For those who 
live out of London, a stamped 
address envelope will ensure a 
copy of their detailed brochure. 


Service with a smile 


IF YOU ask most buyers of 
household equipment what their 
most frequent complaints are, 
I'm certain that you'd find that 
servicing was top of the list 
.Rumbelows a chain of some 
400. shops selling electrical 
goods through England and 
North Wales, have realised what 
a- worry servicing is to most 
potential buyers and have de- 
cided that it is in their own 
interest to put potential 
customer's minds at rest so last 


week they launched what they 
call their “Buyer’s Bond.” 

First and most' important 
in my view, they will guarantee 
the servicing of any appliance 
bought in any of their stores for 
its whole working life. They 
hope that the manufacturer will 
do the servicing but if he 
should go out of business or fail 
to do it they offer a double 
guarantee that they will organ- 
ise it themselves. 


Autumn flavours 


September brings mists and mellow fruitfulness. The vivid 
scarlet of. summer strawberries and. red currants gives way to 
more sombre hues. Green-gold and purple predominate: grapes, 
damsons, greengages, plums, melons, blackberries, aubergines, 
peppers and mushrooms- are all at their best. 

Suggested menus: 



Mushroom cocottes 
.Boeuf 5 la mode. 
Courgettes and basil salad, 
; and French bread 
Plum pie 


Hot ratatouille with 
French bread 

Raised chicken and ham pie 
Mixed green salad - 
Blackberry meringue 


mushroom cocottes 



This delicious and simple dish 
is really no more than creamed 
mushrooms on toast given a 
party face. The croutons can 
be rooked ahead and kept warm 
in the oven; the mushrooms 
need to be cooked just before 
serving but this takes no more 
than ten minutes so it is a per- 
fectly practical dish for enter- 
taining. 

To serve 88, wipe fib button 
or small cap mushrooms— don't 
peel them on any account or 
you will lose half the flavour— 
-and trim stalks level with caps. 
Cook in about 2 oz foaming 
butter over medium-high heat 
for 5-7 minuter Use- a large 


saute pan so the mushrooms 
are as nearly as possible in a 
single layer and shake the pan 
vigorously quite regularly to 
prevent sticking. Season well 
with freshly ground coriander, 
salt and pepper. Pour on .3-4 
fl oz cream and increase heat 
to very high so the cream 
bubbles up and reduces. Con- 
tinue cooking for 2-3 minutes, 
shaking the pan to. coat the 
mushrooms evenly with cream. 
Turn into wanned coeotte 
dishes lined with a few diced 
croutons of .garlic-flavoured 
fried bread. Top each with a 
few more erdutons and serve 
immediately. 


TO GO with his Camilla V. 

storage (complete range drawn \ / 

above), John Prizeman has \. / 

designed a range of stunningly / 

simple tiles. They are made ^ 
from natural .clay and have a ^ y ■ ■ 

lovely rough non-slip glaze. 

These designs all hare that / \ 

hand-made look as if each has s' 

been individually painted by # 

hand. The range all links ^ 

together so that any combina- U . - ... — 

tiona of the tiles can be used , 

together. The slightly sandy 

colour of the glaze can then 

be decorated with blue, red. 

dark greet?, light green or black 

or alternatively the tiles can be ^ 

white printed with blue. The - ^ 

tiles themselves make the per- ' ^ 

feet working surface, though in 

the kitchens that John Prizeman 

designs, he always specifies a 

marble surface for rolling 

pastry and a wooden one for — 

chopping (tiles tend to cause 

the knives to blunt). 

The tiles, too, can be seen in Kenneth Clark Pottery, 10a, 
the kitchen in situ at Coexist- c . Pnr . n , 

enre. 2. Conduit Buildings. , Dr - v f “ *“•?■ C °J e Ga '^ 

Flora 1 Street, Covent Garden. London, 1VC2. and cost £li.50 
London. WC2. They are made per square yard or £20.83 per 
for John Prizeman by the square metre. 


BY PHILIPPA DAVENPORT 


BLACKBERRY MERINGUE 

One of the most heady scents cook them any longer but 
in the world I think is black- switch off the heat and leave the 
berries gently wanned until covered pan where it is for a 
their juices flow. ' To cook further five minutes or so: this 
blackberries, put them in ■ a way the fruit will continue to 
shallow pan soothe fruit is as warm and soften without any 
near as possible in a single danger of disintegration, 
layer. Sprinkle with vanilla Cooked blackberries are 
sugar — I allow about 5 oz for delicious served while still 
1 4 lb fruit — and two to three warm — you need only a jug 
teaspoons fresh lemon juice, of thick, cold cream to accom- 
Tkis magically seems to im- pany them. But the ingredients 
prove the flavour of both hard can be stretched that much 
under-ripe and watery over-ripe further and look very pretty 
fruit if you pile the blackberries into 

Cover the pan, shake it to individual glasses. Sprinkle 
distribute the sugar evenly and broken up meringues between 
place over low hoat for five to layers, pour the syrup over 
eight minutes until the sugar them and top with whipped 
has completely dissolved and cream into which you have 
the juices are flowing. Do not stirred a little yoghurt. 

COURGETTES AND 
BASIL SALAD 

Courgettes make an excellent Cool for five minutes, turn into 
and unusual salad if the vege- a bowl and sprinkle generously 
tables areyoungand tender I J™ fresh 
cut them into slices about i m leaye ^ mMr This salad 
thick and steam them for five keeps well for two to three days 
minutes — so they retain their jf covered and refrigerated so 
colour and. still have bite to it is worth making quite a big 
them but are not too chewy, batch while you are at it. 








-oX®” 

vfy 

7v\ 7?\ 




Take afresh look at Platinum 











f 


12 


Financial Times Saturday September 2 1978 


arts 


JE ; — 


A pinch of Salt 


THEATRES THIS WEEK 
. . . AND NEXT 


Cav and Pag revived 


There is the horrible— the 
really disquieting — prevalence of 
cranks wherever Socialists are 
gathered together. One some- 
times gets the impression that the 
piere words * Socialism ' and 
* Communism ’ draw towards 
them with magnetic force every 
fruit< juice drinker. nudist, 
sandal - wearer, sex-maniac, 
Quaker. * Nature Cure ’ quack, 
pacifist and feminist in England." 
It was George Orwell who wrote 
that in 1937. D. A. N. Jones 
took the passage as his opening 
gambit in Dictatorship of t he 
Prigs -(Radio 4, August 30), an 
hour-long feature in which he 
mounted a dazzling defence of 
thes ‘Prigs, moving an army of 
piec es' across the board in some 
strange and arresting alignments. 

'Mr. Jones's theme was the 
idealistic soil out- of which Eng- 
lish socialism grew in the 18S0s 


RADIO 

ANTHONY CURTIS 


az>d.l890s. People like Beatrice 
and Sidney Webb were both 
“fact-minded and high-minded." 
and it was the high-minded side 
of the movement this programme 
documented, exemplified by two 
specimens of crankiness at its 
most dedicated: Edward Carpen- 
ter, lapsed clergyman, simple- 
lifer, vegetarian. “ open ’* homo- 
sexual. author of The Indetermi- 
nate Sex (1908), and Henry' Salt, 
simple-lifer. versifier. wir. 
Shelleyman. biographer of Janies 
Thomson, and champion of the 
rights of animals. 

These two men. friends of a 
kind, were associated with Shaw 
in founding the Fellowship or the 
New Life out of whose members' 
visionary fervour ■'.lie severely 
practical Fabian Society 
emerged. Today, when manv of 
the attitudes which Carpenter 
and Salt promoted with eccentric 
courage may be adopted publicly 
without friction or sacrifice, they 
are both belatedly coming into 
their own as founding fathers of 
the alternative society; and are 
attracting a certain amount of 
scholarly attention from 
academics and social workers. 

The radio feature is an ideal 
form in which to re-create the 
world inhabited by such men, 
near enough in time to be 
capable of living recall. Mr. 
Jones used radio’s resources to 
the full. He narrated the show 
himself and kept a fine poise 
between being either too solemn 
or too funny about his heroes. 
If he could not quite manage to 
give us the recorded voices ot 
either Carpenter or Salt, he 
achieved a good second best in 
those of several people close to 
them. 



theatre upstairs — A 

Prayer for my Daughter. Savage 
yet poetic piece by new American 
writer about New York cops 
working over two murder sus- 
pects. Reviewed Tuesday. 
SALISBURY— Under the Green- 
wood Tree. Among the Hardy 
celebrations, this warm, affec- 
tionate adaptation by Patrick 
Garland is strongly recom- 
mended. Reviewed . Tuesday/ 
Wednesday. 

i ARTS — Ruffled Feathers. Demi- 
petillani. post-Coward lunchtime 
comedy. Reviewed Thursday. 


HER MAJESTY'S— The Match- 
maker. Somewhat under- 
produced and under-cast produc- 
tion of Thornton Wilder's play 
that became Hello. Dolly/ 
Reviewed Thursday /Friday.' 

* * ★ 


Prospect’s postponed premiere of 
The Rivals will now be on Mon- 
day at the Old Vic. Tuesday, 
Middleton’s The Changeling 
opens at the Riverside Studios. 
Hammersmith. New production 
of Shaw’s Misalliance at the Hay- 
market, Leicester on Wednesday; 
and a new production of his The 
Philanderer at the Olivier on 
Thursday. 


Singers by the score 


To Listen to 45 singers each 
give a half-hour's recital in the 
space of three days was an 
j experience sometimes pJeasur- 
; able, occasionally depressing, but 
[rarely if ever boring. The 53 
] entrants for the second Benson 
and Hedges Gold Award for Con- 
cert Singers— eight overseas 
competitors sent tapes — were 
contesting for 16 places in the 
second stage of the Award, to be 


George Bernard Shaw 

At the age oF 75 Salt married Briggs on the early Fabians' 
his housekeeper Catherine, a outlook, Benny Green on Shawij-., 'snane maltines in 
police officer’s daughter, aged 37. as an interpreter of the working- The i^ es for the first 

Catherine Salt still lives in class. Sheila Rowbotham ttaOwS 

Brighton where she talked gaily Carpenter and women. Br >Sid i ereli rP eter Pears an d 
to Mr. Jones remembering many Brophy on the crank us the only | jSney E wm;* timber Sfother 


conversations about literature begetter of social change. Hav ‘ Q 3 ; distinEUished’ musicians will 
and painting among Salt's persuaded these admirers of the f pa nel for ■ 
cronies and their friendliness to cranks to come to the mi cio-jJS" ™ e pan * 1 _ me 


oh repertory, apart from a ban 
on chunks of opera or oratorio, 
but many competitors included 
songs by Mozart or Rakh- 
marmvov. the composers featured 


her. Lord Brockway. now in phone I felt that Mr. Jones ; f .' . . 

his nineties, knew Carpenter, slightly missed a trick in not ask- ; varied programmes chosen by 
Shaw and H. G. Wells; he spoke ins. say. Dame Rebecca West to [the singers (aged, between 15 and 
oF Carpenter's extraordinarily give us her observations on 351 helped to keep concentration 
relaxed presence (something Carpenter and Co. But whereas keenly focused — even if not all 
which also struck E. M. Forster, most features rely all tool lhe voices heard were equally 
according to P. N. Furbanki. heavily on printed material read j secure. No restriction^ was placed 
Dame Marsaret Cole, president aloud by actors, this programme 
of the Fabian Society, knew the was rich in the living voice 
Webbs and she spoke interest- whose very pauses and hesita- 
ingiv about them (“. . . they lions can be so eloquent 

simply didn't care what people s indeed was anoUier feature. I rn^thiTvearis KT^dlSI 
thought of them . . - Nicholas vninae School (Radio 4. ! r/ s “epson ana Hedges 

Ppisp thp son of Edward Pease Ine tillage ncnooi (Radio Festival Several sonranos onted 
reuse, tne son oi toward reuse, August 29). which took as its 

b< s spgffffijKL KiPS & 

Sydney Ol'vllr (MUjIn Ifo'S retest one ition , of Moart '4 ^ePflvely 

i nrd Olivier)- and as a first- over Bntani at ’ the rate 01 °“fi simple song. Rakhmaninov s 

sSft?™ ~ .u 

ideas about educaMon. Mr. Jones S"'"* “ pr “° 

lound relevan^ extracts from he ca „ „ u , iL spMk eloquently ofi SuccKsful candidlltes _ uke 


Festival. Several sopranos opted 
for “ Das Veilchen ** but it was 
a baritone (Andrew Knight) who 
offered the subtlest interpreta- 


archives to add to these fascinat- ^ benefits to pupils of small- 1 ! . . 

mg first-hand accounts, record- ness; and we also heard educa .jtwo just mentioned, proved 


mgs of Shaw. Bertrand Russell. |ion j sts spea k n f the dangers ia ’ equally stylish in. say. Purcell 

and Russell s first, wife, the prftu ,inf. ehil* in a tinv oeer- • •ti>e majority choice for an open- 

American Alice Pearsall-Smlth inevitably the programme »"S group). Schubert. Debussy 

who spoke nf the inspiration “ as f nconc ] US ive but it revealed and Granados. But some of the 

which she and Carpenter a odliis lhe immcnse good . wl u and . unsuccessful entrants impressed 
disciples drew from Walt Whit- ... . .. ... ^ with one or other of their songs, 

man. ability mat lies within those. For instance. Marilyn Minns 

Apart from these primary 0,eak draughty \ictonan huild- (soprano) gave an idiomatic 
sources there was a full com pie- mgs with their ancient, often account of Debussy’s Trois Chan- 
meat of secondary ones: Asa outside lavatories. imrjt de Bilitw,- Jeremy Spencer 


Jackman (countertenor) made; 
much of Betty Roe's settings of 
Herrick, Noble Numbers; Jacque-1 
line Currie (mezzo) showed a, 1 
good understanding of Schu-i 
m ana’s Frauenliebe und-Leben: 
and Ann -JTewison displayed a 
fine contralto voice in Purcell's 
Jfqd Bess and Vaughan Wil- 
iiams’s Silent Noctn. 

Brian Parsons (tenor) chose 
Butterworth’s Songs from A 
Shropshire Lad; Carole Leatherby 
(mezzo) included Lennox Berke- 
ley’s settings of Five Poems by 
W. JFL Auden; Mark Rowlinson 
(baritone) made a respectable 
shot af . 'Fanrfi’s- L’ Horizon 
chhneriqmz, and: -EJafne r Pearce 
(soprano) Introduced some fear- 
somely difficult settings by James 
Ellis' of Rilke poems. Liszt’s 
Petrarch Sonnets and Brahms's 
Zigeunerlieder over - extended 
their performers, but Deborah 
StaJman (soprano) phrased two 
Mendelssohn songs with nice 
simplicity and John Maclellan 
(tenor) put his heart into “My 
love is like a red, red rose." 

There was much garbled Ger- 
man and even more fractured 
French, not to mention some 
English-sounding Russian and 
unidiomatic English. A few of 
the hardy souls who sang 
Britten's Folksong arrangements 
in front of Peter Pears escaped 
unscathed, but most were sunk 
by. the mental comparison; while 
to attempt "The Nurse’s Song" 
from A Cham of Lullabies in 
the presence of Nancy Evans, the 
cycle's dedicatee and first in- 
terpreter. smacked of presump- 
tion. But the tact and courtesy 
of both judges remained 
exemplary. I should also like to 
pay tribute to the official pianists, 
Graham Johnson and Graham 
Barber, who tackled music from 
Monteverdi to Messiaen with un- 
failing skill. 


Nearly every opera-goer 
prefers one of the heavenly 
operatic twins to the other;' 
some like Caoalleria nurtxed ha 
the better of the two; my own 
preference is for Pagliacd, but 
it waq not only — or even mainly 
— favouritism that made me ' 
enjoy Leoncavallo's Clowns 
rather more than Mascagni’s 
Rustic Chivalry at the revival 
of the English National Opera's 
double bill at the Coliseum on 
Thursday night. For one thing' 
the staging, updated to an un- 
specified post-second-world-war 
period,, and set in a non- 
representational village square 
— the same village for both 
works— favours Pag; for another, 
the very un-Italian look of John 
Blatchley's production (designed 
by Anneca Stubbs) does more 
harm to Can. 


In the seven years since the 
productions were new. a great 
deal of tinkering has been done 
to them, and the worst 
anomalies have been removed or 
tidied up, but in the process- 
spontaneity has been lost— at 
least it has in Cav. Rita Hunter, 


OPERA 



who sang Santuzza in 1971, 
returns to the role and by her 
eloquent, - committed singing 
very nearly manages . to ' restore 
the lost excitement. There are 
about three quite - superb 
minutes, as Santuzza .in her 
jealousy reveals to Alfio that his 
wife Lola is deceiving him wiflj. 
Turiddu. when the opera blazes 
spectacularly, with Miss Hunter, 
and John Gibbs, the admirable 
Alfio, striking sparks off each 
other like Roman candles. 


- Loma Haywood aml Nialf Murray in c Pagliacd ’ 


Lucia, excellently sung, -eschews 
-any overt emotion altogether. 
.The chorus produces a splendid 
body . of sound in the. Easter 
Hymn, but religious fervour is 
somewhat lacking 1 . Ian Reid con- 
ducts tastefully, out taste is not 
really an important Ingredient 
of Mascagni's score. . 


villainy . shot through with black 
humour,- is familiar and welcome. 
So is Lorna Haywood's passionate 
Nedda, a blend of fatalism and 
expectancy. 


ELIZABETH FORBES 


For the rest, the performance 
of Car does not rise above the 
routine. Derek Blackwell can- 
not disguise the fact - that 
Turiddu is the nastiest male 
chauvinist in all opera, far worse 
than Lieutenant Pinkerton in 
Madama Butterfly. Sbetagh 
Squires, an attractive .but genteel 
Lola, would he more at. home in 
Surrey than in Sicily, while Jean 
MacPhail’s austere Mamma 


With Pag things-go very much 
better; after ah immensely- slow 
beginning to the Prologife, that 
causes the horns some ; dis- 
comfort Howard Williams' digs 
down into the music and-prppels 
it forward with, real urgency (it 
occurs to me that the two con- 
ductors might- be temperament- 
ally happier if they swapped 
operas). Then Derek Hammond 
Stroud appears before-the curtain 
and the drama has began; Mr. 
Hammond Stroud's Torno, bis 


Miss Haywood sings her duet 
with Silvio— the properly youth- 
fat- looking and ' sounding NiaLl 
Murray-jwith a searing -intensity 
that is never allowed to spoil 
the Yocal line.' Tom Swift's Canio 
improves at -every repetition; . 
Mr. Swift now walks the tight- 
rope between pathos and maudlin 
self-pity with extraordinary pre- 
cision... Ashton. Smith makes a 
likeable Beppe. The chorus reacts 
much more. genuinely id Pagliacci 
than they do : „ in ' Catwllerto 
rusticana; consequently the cite 
crepaacy between setting and 
work -no longer matters in- the 
slightest.' . 



t Indicates programme in 
black and while. 


12.10 am News and Weather for 
Scotland. 

Northern Ireland — 5.05-3.1 3 pm 
Scoreboard. 3.40-3.45 Northern 
Ireland News. 12.10 am News and 
Weather for Northern Ireland. 


BBC 1 


BBC 2 


&55 am Ragtime. 9.10 Scooby 
Doo. 9.30 Why Don't You . . .? 
9.55 Cut and Thrust. 1050 
Weather. 10.25 Cricket: Gillette 
Cup Final: Somerset v Sussex. 
IZ.45 pm Grandstand: Football 
Focus (12.50); Rugby Union 
from New Zealand (l.loi: New 
Zealand v Australia: Cricket 
<1.25. 2.30) Gillette Cup Final: 
Burghley Horse Trials (2.00, 
4.15) Cross-country section; 
European Athletics Champion- 
ships (2^0, 4.15, 5.10j; 4.40 
Final Score. 

5.15 Tom and Jerry. 

SM News. 

5.40 Sport/ Regional News. 

5.45 Dr. Who. 

6J0 European Athletics 
Championships. 

&45 Saturday Night at the 
Movies: “The Sheepman," 
starring Glenn Ford and 
Shirley MacLaine. 

SJQ Seaside Special from Jersey 
starring Peters and Lee. 
fijMLStarsky and Hutch. 

9.50 News. 

10-00 Match of the Day Special. 

11.10 Parkinson. 

All regions as BBC 1 except at 
the following times: 

Wales — 12.10 am News and 
Weather for Wales. 

Scotland- — 4.55-5.15 pm Score- 
Board. 5A0-5.45 Scoreboard. 10.00 
McCalmans. KL30-11.10 Sportscene. 


7.40 am Open University. 

t2-50 pm Saturday Cinema: 
“Johnny Concho," starring 
Frank Sinatra, 

4.15 Cricket: Gillette Cup FinaL 

7 JO News aud Sport. 

7.40 Festival of Festivals: Aix- 
en-Provence: “Alcina," by 
Handel. 

9 JO Francois Truffaut Season: 
" L' Argent de Poehe." 

1L35 News on 2. 

11.40 Cricket: Gillette Cup Final 
(highlights). 

f 12.10 am Midnight Movie; “20.000 
Years in Sing Sing.” star- 
ring Spencer Tracy and 
Bette Davis. 


West Germany, and World 
Aerobatic Diving Champion- 
ships from Fort Lauderdale. 
Florida: 3.50 Half-time Soccer 
Round-up: 4.00 Wrestling; 4.50 
Results Service. 

5.05 News. 

5.15 The Masterspv. 

6.00 Athletics. 

7.00 Robert Bedford on the Out- 
law Trail. 

3.00 3—2—1. 

9.00 “Man at the Top " (part 1) 
starring Kenneth Haigb 

and Nanette Newman. 

10.00 News. 

10.15 " Man at the Top," (part 2). 

11.00 Police Five. 

IL10 Look Here. 

11.55 Revolver. 

12.40 am Close — A speech by one 
of Shakespeare's kings 
read by Michael Burrell. 

All IBA regions as London 
except at the following times: 


CHANNEL 


TYNE TEES 


lZia pm Puffin'? Fla 114» Me and 
Mr. Thorne. I2.no The Electric Theatre 
Show. 


GRAMPIAN 


W5 aun Lucan. 1045 Clapperboard 
Special IMS Saturday Stamina FUm: 
••One nf Our Spies is Mlestiw." marring 
Robert Vaughn and David McCall tun. 
1L00 pm Within These Walls. 1X00 
Epilogue. 


ULSTER 


9J5 am Scene on Saturdar tnrlndlriK 
Binhdar Greetings and Captain Scarlet 
and lhe Mystcnms. 10.05 The -White Stone. 
1040 Sesame Street. 11.00 pm Revolver. 
1X45 Reflections. 


10-00 am Sainrdas- Morning Movie: 
"Journey to The Centre nf the Earth. - * 
starring Par Bonne and James Mason. 
1140 Sesame Street 1045 pm Sports 
Resoles. 11 00 Revolver. 


GRANADA 


WESTWARD 


040 am Sesame Sireej. 1X25 The Flint- 
slows. 1045 Saturday Matinee: “The 
Hiite Run Red.'* biartlng Dan Duryea. 
ID 45 pm Revolver. 11.40 GibbsvlUc. 


1045 am Survu-aL 1040 Look and See. 
11.90 (Jus Honeybun'5 Birthdays. 1145 
Code ' R-' 11.00 am Me and Ur. Thome. 
12.00 The Electric Theatre Show i Oliver 
Roedi. 1240 am Faith tor Lite. 


ANGLIA 


HTV 


YORKSHIRE 


including tun Racing Bulletin. IJK As 
Hadjo 1. lOJE Tnny Brandon iS> Includ- 
ing 1M2 Cricket: News of the Gillette 
Cup from Lord's. 1202 pm Cricket: More 
news from Lard's- 124B Two‘b Best tS>. 
LSI Cricket r Further news'. UE Offbeat 
with Braden tS>. ' 140-740 Sport <m 3: 
Gillette Cup Special #140. S M, 345. 3.05, 

3.43. 3.35. 4 30. 5.45» Sussex v. Somerset: 
Football League Special (140. 245. 3.95, 

3.43. 4.42, 5.08. 5.45 1 : Athletics n.30. 3.00, 

3.43. 043 from Prague): Racing from 
Sandmen Park ,LS0, 243. 2.55'; Nows, 
of U.S. Open Tennis Championships' and 
Swiss Open Coif. 540 Sports Report: 
Classified Football checks at LOO and 

5.43. j6A3 Cross-Channel Motoring Infor- 
mation. 742 The Impressionists. 740 
Sports Desk. 7» Radio 2 Tap Tunes tSL 
045 Eric HH1 <S>. 140 CDbert and 
Sullivan at The Rond Albert Hall <5) 
with the BBC Concert Orchestra. 940 
Saturday Night with the BBC Radio 
Orchestra <S1. U42 Sports Desk. 1U5 
Ray Moore vriih The Late Show (S» 
(ndudine 12(0 News. 240242 am Kews 


«S1. UL55 Sounds Interesting (S>. 1L® 
News. 1140-11.55 Tomgttt's ' Schubert 
Song on record ri92Ti. 

VHF— 4.(0-840 am Open University. 
BID With MW. 1ILS Beethoven Qoartets 
(S). 1145 Debussy and Dupart piano 
reclta) (S). 11 JS BBC Scottish Symphony 
Orchestra (St. 148 pm With MW. 


140 News: weather, traffic, shosatnju 
■ports news. 145 The London. Gardener.. 
■40 Saturday Scene- 1140 me Robbia 
Vincent Saturday. Show. 240 pm Bob 
PowqJ with London Country. 441 Mario rt* 
BtUKrtr With Qm Up. 548 Guideline, 
540-Gnc As Radio 2. 


LONDON 


9 90 am Undersea World or CarMiTi 

Nemo. 940 The N-St * Pho-.. 1140 

Tarzarj. 7.00 pm Bac-r tc. ih: Lar.d. 740 
Gambit. U.80 R-. 11.15 .1: the End 
Of the Day. 


8.50 am The Saturday Banana 
with Bill Oddie. pan 1. 9.00 

Sesame Street. 9.J5 The Saturday 
Banana, part 2. 10.15 The .Monkees. 
10.45 The 5alurday Banana, part 
3. 11.30 Space l»!i. 

IZJ0 pm World of Sport: 12J5 
I lead l ill--. T.15 Sews from ITN; 
1.20 The IT) 1 Seven — 1.30. 2.00, 
and 3.00 from Sandown; 
3-43. 2J5 and 2.45 from 
Ihirsk; 3.10 International 
Sports Special — Cycling: 
World Championships from 


ATV 


745 am Old House. New Home. 10.15 
Batman. 1140 Beach combers. 1240 Las- 
sw. MJ5 pm Rwolvvr. 

HTV Cyrnm/Wales — As HTV General 
S -rvicc cKtfpt: 545 pm Gartoontlme. 540- 
to Sion a Sion. U45-UJ5 Eridgcnd Cen- 
tenary Sevens. 


RADIO 3 464m, Stereo & VHF 


910 am This Sporting Land. 1045 
Extraordinary. 1140 Code R. 1L00 pm 
Revolver. 1L«5 The Bob Newturt Slum-. 


RADIO I 


247m 


945 am Home Produeed. 9.30 S-7Sar*.e 
Brr.vt 1040 ATV Saturday "omli; Pi.r- 
iuns Show. 1045 ” Blue Mind- r at St. 
Tmuan's.” siarm« Corse Oi'v ar.i 
Alistair Sim. 1245 p« Tfcv Super Serial 
9.D0 Saturday Cir.ema: "The Esvcjt.oser." 
Eiarnng Joan Collins. 1045 Saturday 
Cinema iconuniiedi. XL 20 Ruvolvcr. 


SCOTTISH 


11.35 am The Bionic Wennn. 1140 pm 
Re roller. 1145 Laic CalJ. 


SOUTHERN 


(5) Stereophonic broadcast 
J Medium Wave 

5.00 am As Radio 3. 846 Eft Stewart 
with Junior Choice ih) InciodlRS 842 
Cross-Cbanoel hlotortng Inform ad on. 1040 
Peter Powell. 141 pm Rock On rS>. 
2 30 Paul Gambaccint rs<. 541 It's Rock 
o' Roll 'S>. 640 In Concert: Gallagher 
and Lyle <S>. 740-242 am As Radio 3. 


BORDER 


IL2S am Tarzan. U00 pm Revolver. 


1140 am Tarim, met pm Regional 
Woadier FuKcisr. IX 00 Revolver. 1245 
Southern News. 1150 Havoc. 


RADIO 2 I.SOOm and VHF 


540 am News Summary. 542 Tom 
Edwards with The Early Show iS> 


755 am Weather. L00 News. 845 
Aubade >St. 9.00 News. 9.05 Stereo 
Rok-asc fSi. J344S Cricket: ClDexie Cop 
Final: Sussex v. Somerset. 1.80 Neva. 
145 Heritage. 140 Poolenc and Mozart. 
iSi. 240 Woman of Action: Mai Zetterting 
chooses records 'St. 335 Male of the 
Masters (5). 540 Jazz Record Requests 
1 5). 5AS London SlnTonletta Concern, 
part 1: Holloway. Mozart (S>. 640 

Painting lb dase-Up: Poussin's ‘Story of. 
Phocian ’ ftaik by Sir Anthony Blum). 
635 London Stafoaletta. pan 2: Hamil t on, 
Weill ISI. Z30 Proms 78. pan 1: 
Uenddssotin. Ravel tS>. AJ8 The Garden 
In September (talk by .Graham Smart 
Thomas i. 850 Proms IS, part 3: Mussorg- 
sky fSi. 945 Peter Warlock (talk by 
Frederick Tomlinson t. 1045 Music or 
Warlock iSi. IDAS Handel: Sonata In C 


RADIO 4 

434m, 330m. 285ra and VHF 
630 am News. 642 Farming Today. 
650 Tours - Faithfully. .635 Weaiber; 
programme news; 740.' News. 740 On 
Your Farm.. 740 Today’s Papers. 745 
Yarns Faithfully. 750 It’s a Bargain. 
735 Weather,, programme news. 840 
News. 840 Spurt on 4. ■ 840 Today's 
Papers, 845 Tour do Farce? 835 Party 
Political Broadcast by 'be Liberal Parti. 
940 News. 945 International Assignment. 
930 Talking Law. 955 News Stand. 1045 
Dally Service. ' 3030 Pick of ' the Week- 
IUS Tbtte lor Verse. 1230 Science Now, 
2240 News. 32.SB pm A Bar lor Nothing 
IS). 1227 The News Quiz (Si. 1235 
Weather; programme news. 140 News. 
145 Miles of London: Through London 
Sir Bernard Miles <S>. 248 Bookshelf. 
240 TMrtr-lflmm Theatre, uo News. 
345 Does He Take Sugar? 335 Music of 
tbc Mamero (ax Radio. 3). 5.00 Kaleido- 
scope Encore. 530- A Liule Night. 
Exposure is). .535 weaihert programme 
news. 640 News. 645 Desert island 
Discs. 630 With Great Pleasure: Reginald 
M aud Ba g and 'Us 1 wtffi 1 present hvburtte 
poetry .and' nose (Bt. 730 Cod's Candi- 
da Le: Portrait «F POPS John Pitt 140 
These Yen Have Loved (S). 830 Saturday- 
Night Theatre rS). 958 Weather. 1S40 
News. 1445 A Word In Edgeways. 1140 
Lighten Our Darkness. 2145 News. 1133 
The Uttfargeoables <S). 


London Broadcasting 

2Glm and 97J VHF 


5A «n Morning Music. *40 A.M-> 
weekend news, reviews, features, sports. 
1040 JeUytons. 140 pm Saturday Spurt. 
640 After Sts. 630 -Hugh and Yon with 
Hugh wmiams. 7.00 Ceet Mala— music, 
information, interviews In Hindustani. 
840 Saturday Music. 940 Nightline. 
140 am Night Extra. 


Capital Radio 

194m and 95a VHF 

6M am Adrian Love’s Breakfast Show 
(SI. . 940 Cspilal Countdown with Mike 
Snti* (S). 2240 Kenney Everett fSX 
&00 pm Afternoon Delight with Duncan 
Johnson (Si. 640 Greg Edwards's Saul 
Spectrum . (Si. 940 Nicky Borne's 
Mummy's Chan (S>. U4Q Mike Alien's 
American Dream iS». 12.00 Mike Allen's 
Backseat Boogie (Si. 240 am Ian David- 
sun's Night Flight iSi. 


CHESS SOLUTIONS 
Solution to Position No. 231 


BBC Radio London 

206nr and 94a VHF 

540 am As Radio 2. 732 Good Fishing. 


(bj. J&rrJM&L.. ~Tbe “gaaje-weiK 

1 P-B67' N-S4T 2" Pxp, ExP; 3 
BxR, PxB! when White’s other 
bishop is trapped and Black has 
two pieces for a rook. 

Sotatlon to Problem No. 231 ' 
1 B-QBS (threat 2 N-Q4), PxN; 

2 N-N3, or if N-B6; 2 N-B6. or 
if JR-Q6; 2 KR-Bl, or 1/ RsR; 
2 QxR. Traps are 1 B-K5? P-QB4 
or 1 B-B6? PxN or 1 B-K3? N-B6. 


Tr 


entertainment 

GUIDE 


THEATRES 


THEATRES 


CC — Those theatres accept ccrain credit 
cards bv telephone or at the Box OBice. 


OPERA & BALLET 

COLISEUM 


S2SS 


Credit cards 01-240 

rations 01-tfSG 3161 

ENGLISH NATIONAL OPERA : 
TonWH and Toe. neat at 7 JO: Caoallerla . 
RmtlcanaiPaulkacd- Wed. next at 7.30 1 
produefon o 1 The Consul (tniij 


AMBASADORS. CC. 01-836 1171. 
NiSfiOy a: S.OO. Matifpees Tu«. 2.43. 

Saturdays at 5 and S. 

PATRICK CARGILL and TONY ANHALT 
m SLEUTH 

The We- id-Fa rnous Th-.llsr 
Bv ANTHONY SHAFFER 
Seeing the iriar again is (n tact an 
utter and total tar." Pun cn. Seat a rices 
L2.00 and £4.40. O' finer and top-erke 
Mai £7.so. 


OUCH £55. 836 BI4J. Mcr. ts Tnu-i. 

Evenrngs 8.00. Fri. Sat. 6.:S a.TC 9.30. 
OH! CALCUTTA! 

■'The nudilv it kiuhning.'' Da:iv Mi;. 
9m Senunanal Year 


THEATRES 

LONDON PALLADIUM. 01-457 7373. 
S«C7iVTj9er a. Fo* One Wcex Only. 
THt MAX BVGRAVB5 SHOW 


THEATRES 


DUKE OF YORK'S. CC. B1-S36 5122. 

,fnc - 


replaces scheduled Derf ol Carmen i. For! 
farther details ring 01-240 5250. Thur. j 
next at 7.30: Seven Deadly. SJB “ . . . a ! 


brilliant ENO oroduction Sun. Times, 
with Giarnii Sehleehl. Fri. next at. 7 30: . 
La Bobeme. 1 04 balcony seats a rail, from 
10.00 on day of perl. 


APOLLO 01-4 57 2663. Evenings 8.00. 
Mats. Thurs. 3.00. SaL S.OO and 8.00. 
DONALD SINDeN 

"Art or sf the fear.’ " ..Evening Standard. 
'• IS SUPERB." n.d.W. 

SHUT YOUR EVE5 AND 
THINX OF ENGLAND 
"Wlchedlv tunny." Times. 


•• FAN T AS. 

COOSRCLL 
"'BURSTING WITH ENJOYMENT." D. Tel. 
Prices £2 lo IS. Bm seats £3. :--hcur 
b-Hfjr-. mow at Bor Office Mon -Tnu-i. 
Fn Mat. ail veae. £2 SO. Ergs. S.iS. Fn. 
and SaL 5.30 and 3-30. 


LONDON PALLADIUM. 01-437 7373. 
Sea:. 26. For One Week Only. 
LENA MAKTELL 

MICHAEL BENTiraE. WAYNE KING 


FORTUNE. 356 2233. Ets. S. Tnurs. 2. 
5aturuav 5.00 and 8.00 
Muriel Pavlo-r as Ml 55 MAKPLE in 
MURDER AT THE VICARAGE 
FOURTH GREAT YEAR 


GARRICK THEATRE. CC. 01-B36 4601. 


ROYAL FESTIVAL HALL. 928 5191.1 
Ers 7.30. Mat. Sals. 3.00 
LONDON FESTIVAL BALLSY 
Last Two Pcrfs: SWAN LAKE. TcnJav: , 
■IU. Johnson. Tonight: TcrabuSL Bart. [ 
Mon. Until 5o*4- 8 Muted Bill 


THEATRES 


ASTORIA THEATRE. CC. Charing Cross 
Road. 01-734 4291. Mgn.-Thurs. B p.m. 
Fri. and Sat. 6.00 and 8.45. (Buffet rood 
ava laMe.i 
ELVI5 

•* Infert.ous. aweaJlng. loot itanwmg and 
neart-ttiwniilng.' Observer. Seats £2.00- 
£5 OO. Hail-hour bciore show best aavil- 

ablc scats 53.00. Mon.-Thurs. and Fri. 
6 D-n pert onl-. 

BEST MUSICAL OF THE YEAR 
EVENING STANDARD AWARD 


TIMOTHY WEST. GEMMA JONES. 

. MICHAEL. KITCHEN 
In HA POLO PINTERS 
THE HOMECOMING 
- BRILLIANT A TAUT AND EXCEL- 
LENTLY ACTED PRODUCTION." D. Tel. 
-AN INEXHAUSTIBLY RICH WORK." 
Guardian. " NOT TO BE MISSED." Times 


LYRIC THEATRE. 01-457 3686. Evgs. 8.0. 
Ma: Thur*. 3-0. SaL 5.0 and 8230. 

JOAN FRANK 

PLOWRIGHT FINLAY 

_ FILUMENA 
hr Edna. -cd de Fill 000 
D- reeled by FRANCO ZEFFIRELLI 
•-■TOTAL TRIUMPH." Ev. News. “AN 
EVENT TO TREASURE. * D. M,r. “ MAY 
IT FILL THE LYRIC FOR A HUNDRED 
YEARS." Sunda. Times. 


OLD VIC 926 7616 

PROSPECT AT THE OLD VIC. 
Ber-I Reid and Anthonv Quavlc In 
THE RIVALS 

Sheridan's comedy, wim jimes Aubrey. 
Isla Blair, s enneth Gilbert. Carol Gillies. 
Matthew Gmrme**. Mel Martin. Trevor 
Martin. Christopher Ncjme. 

Opens Scot. 4. 7.00. Preview* Today 7.30. 


1 PALACE. CC. 01-437 6834. 

i Mon.-Thurs. 0.0. Fri. & Sat. 6 & 0.40. 

, JESUS CHRIST SUPERSTAR ^ 

I by Tim Rke and Andrew Lloyd-Webber. 


MAY FAIR. 629 3036. A<r con«J. Eva. 3.0. 
Sat. 5. S3 and 8.30. Wed. Mat. 3.00. 
WELSH NATIONAL THEATRE CO. 

. THOMAS'S 

UNDER MILK WOOD 


PHOENIX. 01-836 2294. Evenings at B.1S. 
Mats. Wed. 3.0. Saturdays G OO 8, 8.40. 
"TIM BROOKE TAYLOR. GRAEME 
GARDEN nuke us laugh.'' Daily Mall. 
THE UNVARNISHED TRUTH 
Tne Hit Comedy by Ravce Rvton. 

" LAUGH. WHY I THOUGHT I WOULD 
HAVE DIED. 1 ' Sunday Times. "SHEER 
DELIGHT." Erg. Standard. "GLORIOUS 
CONTINUOUS LAUGHTER." Times. 


GLOBE THEATRE. 01-437 7*92. 

Eve* 8.15 Wed 3.0 5jr 6.30 B.4G. 


A DELPHI THEATRE. CC. 01-B36 7 
LAST7 WEEKS. MUST END OCT 


Ergsl .7.3^^ MBtSv JThurS. 3 ; 0._^Sat. 


IRENE IRENE IRENE 
THE BEST MUSICAL 
Of :976. 1977 and 1973* 
IRENE IRENE IRENE 
-LONDON'S BEST NIGHT OUT 
Saadav PeooK. 

CREDIT CARO BOOKINGS 856 


61 T. . 

-. 4 . 

4.0. ■ 


CAMBRIDGE. CC. 836 6056. Mon. SO 
Thur*. S.OO. F 7 _.and Sat. 5.4S and 8.30. 
IPI TOMBI 


EvCit.ng Black African Musical 
” Packed »'ih variety Daily Ml 


BENJAMIN WHIT ROW 
ALAN AYCKBOURN'S New Corned* 
YEN TIMES TABLE 

" TOM must Sc tne naopiesr laugnter- 
maker in London - O Tel ' Ar. rre*.*7. 
Ihly e-ilOvable cremnu.' Sunday Time*. 


Sear cr.ee* L2.QO-E5.aO 
THIRD GREAT YEAR I 

Dinner and 1oe-Br,'e sea-.s £B 7S Inel.- 


GREENWICH THEATRE. C’ -238 773S 
WILLIAM DOUGLAS-HOME'S 
NEWEST PLAY 
THE EDITOR REGRETS 
E.rmngi a.QC. Saturda.s 5 a.*d 5. 


MERMAID. 248 7656. Restaurant 248 
2835. Evening* 7.30 and 9.15. 
EVERY GOOD BOY 

DESERVES FAVOUR 

A p'av for drtor* and orchestra bv TOM 
STOPPARD A ANDRE PREVIN. Seat* £4. 
£3 an 9 £2. “ NO ONE WHO LOVES 

THE ENGLISH LANGUAGE AND THJ 
HIGHEST COMIC ART CAN P05SIBLY 
MISS THIS PLAY.' s rimes. 'At last 
a -neaningful jno t.riil.ani and serious 
Political Blav" Cli*e Barnes NY Post. 
MUST END SEPTEMBER 30 


'.PRINCE EDWARD. CC. 'lermeriy Casino), 
i 01-437 6877. Performances This Week, 
j Evgs. 8.0. Mat. Thur. 3.0. SaL 3.0. S.O. 
1 EVITA 

. by Tim Rice and Andrew Lloyd-Webber. 
| Directed br Harold Prince. 


ALBERT. 836 3878. CredU card tofcg*. 
83* 1071-3 from 8.30 am Party rates 
Mon.. Tuc*.. wed. and Fri. 7.45 om. 


CHICHESTER 0243813121 

Today a! 7.00. Seal. S i 6 at 7.00. I 
LOOK AFTER LULU I 

Tonight A Seat 4 at 7.00 i 

THE ASPERN PAPERS 


Thur*. and Sat. 4.30 and _8.00 . 

L THOUSAND N T,h«S B Vy|LCOME IS I 


OLIVER _ , 

.. MIRACULOUS MUSICAL “ FI" Times, i 

WKh RQY HUDD Md JOAN TURNER 
”C0NS1D£R YOURSELF LUCKY TO BE 
/ij i i TO SEE IT AGAIN." Daily Mirror. , 


.1 nWYCM- B36 6404. Info 836 5332 
Folly air candltioned . 

- ROYAL SHAKESPEARE COMPANY 


Today 2.00 and '"Y.’So" 'lost 2 wilt., 
MMdbvre? THE DANCE OP DEATH . 
" meraeS as a wonderful piece of worv " ; 

■nSrSe. With: Shake «narn - * AS YOU I 
£Ke 2 fT (front Tueii. RSC. also at THE 
WAREHOUSE (see under W . 


COMEDY. 01-930 2571!, 

Evgl. Mon. -Fri S DO. Sat. 5 00 and 8.30. 
Mat. Thur*. 3.00 
EDV/ARD WOODWARD 
BARBARA JEFFORD In 
THE DARK HORSE 
br Rosemary Anne S>**g<i 
EveeHcnf family entertainment anyone 
of any age is Ilhelr to enlov." S Tel. 

Damned good tn-aire." Sun. Time*. 
“ Amornsan* II love Gdn. ■■ A laugh 
a nrinute " D. Tel. "' Opoortumtm bril. 
I.jnf/v seized hr ftryf-rafe east. A mast 
attracting and entertaining evening." E.N. 


HAYMARKET. 930 9832 Evgs B.OO 
Wednesday 2 3.0 Saturday 4.30 ar.s E DO 
PAUL 5COFIEL3 
harry Andrews 

ELEANOR 8.RON TREVOR PtACOCt 
and IRENE HAM DL r. 

A FAMILY 

A nrr play b* RQnalD HARVIOOD 
Directed br CASPER WRZDE 
" An admirable Olay, hgnest well cce- 
ceived. properiv ported out freshly and 
nroogly. wrifien rieniy sar's'.-na. Pam 
Scofield at hi* best." B. Ler.n. 5 T -net. 


NATIONAL THEATRE 928 2252 

OLIVIER idoen stage Today 2.45 and i 
7.30 Mon. 7.30 THE CHERRY ORCHARD] 


PRINCE OF WALES. CC. 01-930 8681. 
LAST 6 WEEKS. MUST END OCT. 7. 
Ergs. 8 . 0 . Saturdays S 30 and 3-45. 
THE HILARIOUS 
BROADWAY COMEDY MUSICAL 
„ I LOVE MY WIFI 
Starring ROBIN ASK WITH 
CREDIT CARD BOOKINGS 930 0846. 


I.W mm. mi LNLHKT UHUIAKU 

Cr Ch evnev i-an*. hy Michael Frayn. 
LYTTELTON Imoscrmurr, :uge>' Today 
1 and 7 45. Man. 7 45 {low price arc- 
v'ewsi THE PHILANDERER by Bernard 


CRITERION. 930 1 = 16. CC. 036 ;071-Z. 
E>g*. 3-0. Sa:. 5.30. 3.30 Thurs. 3.0. 
NOW IN ITS SECOND YEAR 
LESLIE PHILUPS 
■n SIX OF One 

A HALF DOZEN HILARIOUS YEARS 

•• Verr •jnrv Sun. Tel 


*** stopped 0 !- 336 =,5i : 

DIBIT LINEN 

« Hilarious , - . se* *t Sunday Times 
MemJar to Tminoav 8JO. Friday anc • 
Saturday at 7-00 a«d 9-i5. 


DRURY LANE. 0f-aJ6 8108. Mon. to 
Sai. B.00. MMiiiejs Wed. a.*d Sat. 3.00.! 
A CHORUS LINE 

A rare deva*!at»>g. IdVOUS asfonisliing 1 
stunner," Sut. Times. 3:<s GREAT YEAR, I 


HER MAJESTY-S. CC. 01-950 6606 
Evgs. 8.0. Matinees Thur. 8 Sat. 3.0 i 
- INSTANT ENCHANTMENT " Ob*erver . 

THE MATCHMAKER 
A Comedy of Tii onion Wilder. ■ fr goes 
down vfijb a deter* rd roar of delisn:,' 
□. Tri. Mr a limited season until Ctt. 14. . 
"Hello Dally *a nice to have «ou r>a<v. ■ 
O. Mall. ■' A Masterpiece " Time*. I 
•' The man m# wanted a glass of bLSb'r ■ 
and a loopin' snow r-tret nave nag ,u*r ' 
this in mind " D.T 

JEANNETTA COCHRANE. 01-242 764=., 
National Yotjtti Theatre. A rev* glav br ; 
Peter TcritOr? SOLDIER BOY. LasS P«-(. 

Tom oh t 7 JD 


Sl av.. 

COTTESLOE 'small aud-toflum:. Prom 
Seasen. E.es 8 La*- eerf Tonight THE 
PA55ION. Wed. nev| Lark Rise. 

Many evceiton? cheap Mats all 3 theatre; 
£i* Car pars. Restaurant 

928 2033. Credit C a rc] 3kas . 92 s 30S2. 
Air Condit'amng. 


QUEEN 5. Credit Cards. _ 01-734 1166. 

Evgs. B.OO. Wed. 3.00. Sar. 3 00. B5D. 
ROY DOTRICE GEORGE CHAKIRIS 
RICHARD VERNON JAMES VILLIERS 
THE PASSION OF DRACULA 
" DAZZLING '■ E. Stan. " THRILL INGLY 
EROTIC. ' Obs. - HIDEOUSLY ENJOY- 

AB, C AMh rrUMIUf TSDSnD " C 


ABLE AND GENUINE TERROR.” S. 
Time*. " GOOD CLEAN GORY FUN." 
S. Mir. ■' MOST SCENICALLY SPECTA- 
CULAR SHOW IN TOWN." Punch. 


PICCADILLY. From 7 Sc am. 437 4506. 
Ires.: card 1 836 'On. Mor -Thur. a. 
F*.. & Sat S a 3.13. A-r cond. " Doirt- 
njt'vg **'!■’ “Crr.flriijd dust; and humour 
rr BROADWAY STM." D. E»P. 
SYLYia MILES 

*■ »c*erinv..0eriCYm«nirs." D. MuL 


KING'S ROAD THEATRE. 21-322 "48 a. 
Men. 13 Thurs. 9 0. Fn.. S4L 7.23. 9.33. 


THE ROCKY HORROR SHOW 
DON'T OREAM It. SEE IT 


b« TENNESSEE WILLIAMS 
* Wi'h Ley magic " F.nanciJl Tories. 
T.-.e.'c tv* hardl* be«*r a more satisfying 

mr-ni-ig .n the West Eng . . . the BEST 

COMIC wRlTjNft in LONDON.-' 

■'5c* running l-Je an r.eefne Currert. ■ 
"DIVINE INSPIRATION — 
AUDACITY OF H!5 HUMOUR — 
HYPNOTIC EFFECT " D. Mall. 


RAYMONO REVUEBAR. CC. 01-734 1S93 
A: 7 am. 9 Dm. 11 pm. Opens Suns. 
PAUL RAYMOND presents 
TNE FESTIVAL OF EROTICA 
Fullv air-conditioned 
_ 21st SENSATIONAL YEAR * 
REGENT -Ovforvj Clrcusl. 01-537 9B62-S- 
Ergs. B.30. Man. Fri. and Sat. 6.00. 
TAKE THE FAMILY TO 
THE GREAT AMERICAN 
BACKSTAGE MUSICAL 
" A little Icvfel." Financial Timed. 
"Smart s*«ii shear" Daily Eturess. 
"So ■njgrabta." Sunday Times. 

" Lyrics have more elegance 
than these tor EVITA 
. music more bite 

than th#l lor ANNIE." Sandav Tdewaoh. 
Credit Card boq kings Seats from £2- 


THEATRES 

RIVERSIDE STUDIOS. (01-T4B 3354). 

Previews 29 AH0.-3 Sep. 7-30 PPL. THE 
CHANGELING. IX rector PETER GILL. 

THEATRES 

THEATmE. UPSTAIRS. 730 25S4. En 7.30 
w PRAYER FOR MY DAUGHTER 
by Thomas Babe. “extraordinary nchnedh 
end complexity." Guardian. 

ROUNDHOUSE DOWNSTAIRS. 01-267 

2564. Notional Youth. Theatre In 
PETTICOAT REBELLION. Evs. 7.30. 


ROYAL COURT. 730 1745. Air Cond. 
From Sept. 6. ev*. at 8. . 

Nlcgl Williamson In John Osborne^ 
INADMISSIBLE EVIDENCE 

ROYALTY, credit Card*. 01-405 8004. 
Monday -Thursday Evening 860. Friday 

5 .30 and 8.45. Saturday 3.00 and B.OO. 
London critic* vote BILLY DANIELS hi 
BUBBLING BROWN SUGAR 

Best Musical of 1977 

Tel. Bookings accepted. Motor eredlr 

cards. Restaurant Reservations 01-405 
2418. 

VICTORIA PALACE. 

01-828 -4735-6. 01-834 3517. 
STRATFORD JOHNS 

SHEILA HANCOCK 

ANNIE 

Eke nlogs 7.50. Mats. Wed. and SaL 2.4 S. 

SADLER'S WELLS THEATRE. Rosebery 
Avenue. EC1 1837 1672). LAST TWO 
PERF5„ Today at 2.30 and Tonight 
at 7 JO. 

CHANGE OF PROGRAMME 
MARCEL MARCEAU 
■' SHOULD NOT BE M15SED." Obs. 
Until Seet. 9 Pico Pena's Flamenco Co. 

WAREHOUSE.' Don mar Thvatfr. Coven 1 
Garden 836 6808., Roval ShakHpeare 
• Company toptoM 8.00 Peter Flannery's 
SAVAGE AMUSEMENT “a striking and 
vibrant Piece of theatre " S. Expires!. Afh 
seatt £1 .80. Adv. . bks. Aktwych. 
Student standby £1. 

SAVOY THEATRE. 01-836 8888. 

Credit fJriK 734 4772. Tom Conti in 
WHOSE LIFE IS IT ANYWAY? 
with JANE ASHER 

"A MOMENTOUS PLAY. 1 URGE YOU 
TO SEE IT." Guardian. 

Evgs. at 8.0. Fri. and 54L S.4S A S.4S. 

WHITEHALL. CC. 01-930 6602-7785: 
E*«S. Bjfl. Fri. and SaL 6.4S and 9.00. 
Paul Raymond present* the SenouionbI 
Sex- Revue of the Centunr 

DEEP THROAT 

7th GREAT MONTH . . .. 

SHAFTESBURY. CC. 01-836 6S96. 

01-836 4255. Half-Price Previews from 
September 7. Oonns September 13. 
TEAENCE STAMP 

DRACULA 

With DEREK GODFREY 

WINDMILL THEATRE. CC. 01-437 63 V2. 
Tvrice Ntgbtly S l.aiKj >0.0. 
il Sunday 6.0 and 8.0. . • ■ - 
. . Raul raymwjkd praswits. . , 

THE EROTIC EXPERIENCE OF THE ■ 

• . - MODERN ERA • 

“ Takes to unureoedented limits what la 
permtoilble on our ttagf " Era- News. 
THIRD GREAT YEAR . . 

SHAW. 01-388 1394. National Youth 
Theatre In a new play by Peter Tcrsen. 
ENGLAND MY OWN 

Last Perf Tonight 7.30. 

WYHDHAMS. 01-836 3028. Credit Cord 
Bra*. B36 1071 from 8-30 um Mtx*- 
Tbur. 8.0- Fri. and Sat. 5.15 and 8.30. 
"ENORMOUSLY KICK- . - 

•V VERY. FUNNY." Evening Not* 

Mary O Mailer i imiib-lffi comedy ■ 
ONCE A CATHOLIC .. 

“^Supreme comedy on vex and ruHofon." 
Dali- Tgleorrah. 

-- .** MAKES.,, YOU SHAKE WITH- ;. 
LAUGHTER." Guardian.. 


ST. MARTIN'S. CC. 01-836 1443. Evgs. 
8.00, Matinee Tne, 2.43. Sots. S and 8. 
AGATHA CHRISTIE'S 

THE MOUSETRAP 

WORLD'S LONGEST- EVER RUN 

2EOl YEAR 

YOUNG VIC. ' ' ' ' R2flr6363> 

7. 8. 9 sept - Eve*. 7.4S . . 

r TRANSFORMATIONS - . 

> : an .Opera fry Cetmaa Suu, ' 

YOUNG vie. 928 6363- Opens IT Sent, 
tor.. 2 ' weeks only. PETER BROOK'S 
famous Pane - proqifcttan of Aifrod 
Jarre's farce DBU do French). Eras. 7 AS 
ItSk Sept 7,18). AB S«t£ .£^50 tT7 
Sope. ^ t 

TALK OP THE TOWN. C C 0 1-734 8051 
Air Conditioned from 8 DuunB-DaDClng 
9.30 SUPER REVIEW 

RAZZLE DAZZLE 

At 11 PETER GORDCNO 


CINEMAS 


IS 2, Shaftesbury Ave. 836 8861. 
Sep. Parts- All Sens Bookable. 

i ^ >ACB cSywey fUi. 70mm 
?i rn - * SdfL 1 JO; 4.33. 7.S5. Late 
S*Wf Toolgbt 11.05; 

J vk ; 4 Sun. 2 . DO. Sjo. 
8 JO. Late show Tow Wit 11.20. 


‘sefMHaL *s?b&s*Sr*i& 


S'E. 1 «*LA MONTES ^t. 2.1 oT^ 4 S6~ »0. 


8 JO, 11.00. ENDS WED 

1, 1 J. 4. Oxford Street (nw. 
Tattenbjim Court Rd. Tube). 63B 0310. 
K A gOB^CIrlldren halLorfce. 

POINT (A). Fall stereo- 
Phomc Sou nd- P ipp*. j j) S . s.30. gHET 
RmSvhre SS* THE SONG 

trSind^Tl 5*5? SAME **>• Stereophonic 

tAj - ptob*- 

B - 2 °- 8jSO - 11 O-m. . 

OM. THE WAITER5 IU). ProtB- 
8 JO. Late thaw II pan. 

GOES TO 

MONTE CARLO RJ). _Progs1 _ 3 Q. SAD. 
“fS... 1^05. Lite Show THE TEXAS 
CHAIN-SAW MASSACRE OC-GLCl 11 pm. 



r,,- 1 rn,‘ ,UAP rU HI ’,£!7* E 52SZ) 

SJ". .“hi* MBn.-Frl. All pertf. bkMe. 
Satiind Sun.- except Late Night Shew! 



; CEICRSTKR SOU ARE. <930 GUI) 

OP TNS PINK PAfftur 




Hu! 


- — 

— D - fA1 - 2^?; ^ 




KH ■ Mow.-hi,.. s.gn, 7.J 
*:W. 4,15. 7ASm Stiff.- a.OO. 7. 




Sea tA3 

Se»t» triple. .Lied bar. 


2.45. 6.1 S. 
ML 11A5. 


-”n. mss- ^ s ssaa - 

AN rx) 

sES^ojp!' 3j0r *iOp!aJB-iJtfsbow 


r^rescrrsrxsxsssSJf^g. 




cFx 


a* 






■ \ 

j 






fading up the 


Wattle®# up for this vear. 
th«t JasWm my point, of view, 
thBf&JP*.J.ve not imett two per 
the. Fringe has to 

gSfSgjSf* Tf*- n K 0t Sax shprl of 

Sgtt^tsms. It s been suggested, 
jrivoloqsly; that this 
tictocss. has- a religious origin. 
If-iffie^Protestant and Catholic 
Chi)¥“*s had not both made 
STjehaeteRUined efforts to secure 
Lhi^xafty of the Edinburgh 
people.: there, would only have 
as many parish halls, 
anc^tfce. Fringe could never 
hirve swollen.. to its present size. 

^ W Umversity 0 f Southern 
Califopia, whom I briefly men* 
- ' ? ld y aot iri a 

parish, ball' :but in Pocfobelin 
Town flail, some wav from the 
centre of-,: the city. Thev have 
flown in a company of 43. with 
a $taff (ff nrae under the in- 
defatigable Professor John 
Blankenchfp, and they offer no 
fewer than ll productions, in- 
cluding modern American drama 
hy_ Mamet Babe. Albee and 
O NbiU.' three' musicals, a produc- 
tion \of Brecht’s Seven' Deadly 
Sins apd a reyue.-_ . 

‘Naturally, it is Sondheim’s 
FoUi^-thar attracts the most 
custom. When I saw it. it -had 
not quife^ettled down in the big. 
echoing'&uaitoriiim. and the first 


Into the twentieth century 


quarter-hour seemed dreadfully 
slow. The' male leads were not 
singing -very well. But ft . soon 
got np steam, or.-l ;grcw. used to 
iU and Follies is anyway a willy, 
sophisticated show that is bound 
to give pleasure. Some of the 
dance numbers are particularly 
good. 

Music, of a different kind in 
Helen Comp Home, which is a 
iaz/ musical about the Trojan 
War. no truer to history than 
Edward Bond’s The Woman hut 
rather more immediately appeal- 
ing. Written by Jeremy James 


EDINBURGH 


B, A. YOUNG 


Taylor and composed by David 
Nield, it is. played liy. a company 
of hoys from schools . in -London 
and the borne counties. They 
raise their unbroken voices in a 
dozen solo and concerted Hum- 
bert with tremendous zest and 
though it is a sinister thing that 
they should be so adept at imitat- 
ing pop-singers behind . micro? 
phones. . which -_r suppose, their 
generation believes is what sing- 


ing no the stage consists nf. at 
■c^si they do it very nicely. They 
seemed to be enjoying themselves 
ax much as Wc were, though they 
look in have heon trailed pretty 
firmly in rehearsal, Mr. Taylor in 
ccmmand. 

One more visit to the Traverse, 
for David Pownali’s Litingstoue 
and Sechele: This is a must 
imaginative .play, based pre- 
sumably on the few pagts in 
Livingstone’s Knlobenq diary 
that deal with the conversion 
and apostasy of Scchclc 1. the 
chief of the Rakwena. in 1$4S. 
Mr. Pownall is on SecheleN side: 
Livingstone resolutely refused to 
understand, even listen to. 
Sechete’s problems. In the play 
we see only one of Sechcle’s 
wives, here called Moko. though 
Livingstone calls her Mnkokong. 
She .is the only one the chief 
to vqs, but not being his first wife, 
she has to be sent away when he 
is baptised. U is because she 
came back to hint after, and had 
a son. that Livingstone turned 
Scchcle away from communion. 

Mr Pownall turns I be Tswana 
speech into fluent modern Eng- 
lish. so that the subtleties of this 
fascinating relationship— Sechclc 
seems to have loved Livingstone 
30 d his wife us much as he loved 
God — are presented clearly and 
comprehensibly. The acting 


injf 

iad-rffc 

of tauika; 
i 

prnpedrje 
*. joundfflj j 
searing ag 
•Ilo'.ved r | 
on: Su'ifi’ifj 
vv.7 *« 
’A jlrS Qti 

ilia* 2.-4^ 

(Vv.Tdiiisj 

S:ni:h ai 

i rhfirji; 
i!!el“niPij 
:n Ccc 
.‘v’j-fctlr fc 

■e" neha;. 
• icaittrs c 




Margo Lee Upham and dance ensemble in 44 Follies ” 


under Peter Lictuenfalds dtrcc-. Two institutions, one public, 
lion is vivid and moving. .Ioe jth _ olheT private that can 
Maxell displays onlv too well relSi upon to ?ut 

hJliert S a r wav JS hv Pr his^ oref-imfs themselves out to some purpose 
nffiSunn 'fn? by hi h wi?^r ^H at Festival time, are the Scottish 
S2 Jnm h hi 5 r 1 £! Council and the Fine Art 

foSLgli™ S u^ iff 

u nfunkmi: i Sf„ E u6 down AtSStedl/th? 

Livingstone (John Shed deni ilphow at the Council’s Charlotte 
an. his side remains selfish andgq uaro headquarters is pitched 
pigheaded, oftlerinp fcll the; mo dcstly low: hut. though the 
water in the drought-stricken : show u small, its scope is 
village for his pregnant wife, remarkably extensive, embracing 
calmly preparing to move on to | no | e5S than a mUienium 
Lake Ngarai when the Bakwena » between ■ the first and the latest 
prove infertile territory. Muriel | WDr f Bulgarian Icons sound 
Odunton plays the faithful, joy-! fairly recondite, but the event 
loving Moko. and Mary Living-] proves rich, surprising, and 
stone, a basic Scottish housewife; abo ve a iL accessible, the work 
despite her lire-time in Africa, I arranged sensibly by subject to 
is played by Ann Scott-Joncs. f accommodate an easy reading. 
The Edinburgh Fringe is the j with : certain individual pieces 

title of a history of that extra- asserting themsctresi naturally 
ordinary phenomenon by I among their neighbours by their 
Alistair Moffat of the kYinge^ physical presence and painterly 
Society. It is a little weak on; quality- The stronger works tend 
the early years (not enough I to be those from the earlier een- 
referem-es seems to have been j tunes, for. from the 17th. century 
made to Jim Haynes, perhaps ' on, the handling becomes tighter, 
because he was going round theS r “ or ? considered, more artificial, 
world ol tho nmol, but becomes |£ e 

increasingly well documented asi ^ je t, perhaps most charming 
the years go by. It is published 1 0 f a u, the little group of ironven- 
by Johnston and Bacon, which is . tional paintings of the Forty 
part of Cassell's; al £5.95. I Martyrs of Sebaste dates entirely 

from this later period. The 
show neatly points not merely 
i the longevity but the enduring 
vitality of the Byzantine tradi- 
ition. A large, earlier work, a 
mosaic of the Virgin and Child, 
circa 1300. remains for me. how- 
ever. the most memorable or all 
these images. 

The Councils major efforts, 
though, bear fruit elsewhere. 
The old Fruit Market, just 
behind the Waverley Station, is 
chock full of an exhaustive 
retrospective display of the work 
of the great French photo- 
grapher. Henri Cartier-Bresson. 

< There is almost too much to 
I take in at first, for the show is 
densely hung, tier upon tier, and 
the consistent format offers 
Httfe relief: there is nothing for 
! it but to plough on. .And the 
material itself is oddly fugitive, 
deceptively common-place, bard 
to pin down. We sense that at 
i its heart is to be found a stale- 
' raenf on the human condition of 
uncommon profundity: but the 
artist is so elliptical in his 
! approach that we can only get 
near by following his example, 
i We too must creep up on the 
work, to let it reveal itself. 
There is little violence in the 
work, indeed little enough 
action: Cartier-Bresson freezes 
instead the moment of observa- 
tion. of identification, of self- 
, recognition, and bis great gift, 
that amounts to genius, is to 





•*jsr '« ♦ V^. 

- ... .. ; , . .. ; ;/ii . 





a w*a. t />* ,v“ . >£X ^ . i. i JM n +4* ; a JL.- * 

Charles Rennie Mackintosh * Blanc Antoine ’ 



make us recognise those 
moment* for ourselve*. through 
the things be show- us. Wc 
look out on the world and con- 
sider wh3i we .see: and Cartier- 
Bresson .catches us ai.ii. crowds 
at a funeral, a man at bis desk, 
pigs in their sly. old men by a 
screen, the observers observed. 
His . eye is kind but unsenti- 
mental. his opportunism amaz- 
ing. This humane archive, now 
the property of the V and A. 
moves on to Newcastle once the 
Festival is over. 


EDINBURGH 

WILLIAM PACKER 


There is more photography 
elsewhere, a tiny show of Paul 
Strand's beautiful Hebridean 
photographs at the new Stills 
Gallery, a Council subsidised 
enterprise up on the High Street, 
and a group show by young 
Scottish photographers that 
forms part of the Council's 
ambitious survey of recent 
Scottish work now filling the 
Edinburgh College of Art. Print- 
making too is represented there, 
but •i«-*®markably. painting and 
scurp«**» m »o rather better effect. 

Th« je'itic Cordelia Oliver 
chose die painting, calling the 
result “Painters in Parallel." 


thus neatly absolving herself 
from the need to elicit theme or 
even coherency from the muss 
of material. But her choice is 
never less than interesting, much 
of the work very* good indeed, 
giving one Englishman, at least. 
n salutary reminder that Scottish 
Art is distinctive and perfectly 
able to stand up on its own 
account, for all that it has been 
inclined to obscure itself in a 
proud and unnecessary pro- 
vincialism: siu-h artists as 

William Johnstone. Joan 
Eardley. Alan Davie and Robert 
Colquhnun need no special plead- 
ing. James Cowie's work should 
he far better known than in fact 
it is. a considerable surprise. 

We have known for some time 
that a lot of very good sculpture 
is being done in Scotland, and. 
though it is swamped somewhat 
by all the painting, the examples 
that Robert Breen has chosen to 
show here reinforce the point. 
Ainslie Yule. Bill Scott and Jake 
Kerapsall are particularly worth 
noticing, rather more so. ! ant 
afraid, than my space allows. 

And so at last to the private 
sector, to the Fine Art Society, 
which is showing a magnificent 
group of . water-colou rs by 
Charles Rennie Mackintosh, an 
architect and designer of inter- 
national importance and real 
influence, but one long under- 
valued at home i even* today his 
native city. Glasgow, appears to 


Ijc not iiiui’-kcrn on saving a' 
major example of his work, ihe 
interior uf the Willow Tea 
Rooms on Sauchieholl Street). 
.Markin lush was. moreover, that 
bird srj rare in modern times., 
an architr-i-i who was also a true' 
artist, and il is this asuect of him 
lhal is shown lu us jn Edinburgh. 
Leaving aside a .small group of 
decorative works that can only 
be called Glaswegian Fey. tve 
see only his flower drawings and 
his landscapes, the flowers, loo. 
pushed Instinctively towards a 
decorative end. hut remaining 
spare, direct and efficiently 
descriptive. the landscape 
studies standing in the great 
tradition of British topograph-, 
leal water-colouv painting. His 
choice of subject-matter reflects 
his professional pre-occupation, . 
naturall> enough, hut never In 
a purely technical manner: ; 
rather he >ccs the architecture 
living and working in and with 
the landscape, true m its ruin- 
ation. never an imposition., 
whether in Ruskinian detail, as 
in the earlier work, ur later, on 
a broader, bolder scale. These 
paintings reveal much about 
Mackintosh's creative sensibility, 
explaining why it is. though 
indirectly, that his architecture 
should remain so lively and . 
influential, indeed so truly 
modern, all of fifty years aHer 
his death. 


- sis-- c 

-; 5 

!is> ft; 
at? 
^ .Si.-. US’; 
i.p 


icastin? . _ 

i:m IT .IS NOT really surprising that 
"“'J*. there appears to be a strong 
• ■' ?r.‘ bull market in antique teddy 
' u bears. Margaret Hutchings’ The 
a Book °f. the Teddy Beer (Mills 

- :: and Boon), and Peter Bull’s 
is - Book of- Teddy Bears (Cassell) 

have both come out. in revised 
editions, and over the^past few 
i months there have '...been 

llniacdW articles in two collectors’ raaga- 
. .. i;ii ; zines on arctopWles (from tiie 
v- Greek, arctic, bear, and p hilos, 
y friend or layer}. ..... 

- ‘ Shirley Temple’s vintage bear 

■ -y" that appeared with her jin the- 


COLLECTING 


iSi'.i-ID 


JUNE FIELD 


‘ y-v';,- film Captain- January fetched 
, r ; -i* P 1 over £200 at auction-some time 
J -'ck back, and A. A. Milne’s Bear 
; of Very Little Brain,’' and Sir 
■V-- V-Oj, j 0 hn Betjeman’s Archibald 
V. jj; - -'f Ormsby-Gore have long heeen 
-Si- immortalised in print. V Long 
r:' i L r : j words bother me,” said Pooh, 
■ ^ ^ while the Poet Laureate wrote 
in his autobiography in verse: 

- as K5cd lo icatt for hours to 

& . . ?: see him more , ' ‘ . 

Conriticcd 1 hat he could 
breathe.,, r _ 

As' Ihe old. lady in John 
i ; ; jJ '> Patrick's play. The, Curious 
Savage, remarked of her ursine 
companion: ^ It won’t shed, lay 
■ eggs or bark. And to the best 

l . my knowledge it r s nn vexed 

■ y‘0 by sex. : It . couldn’t’ be less 

: f rniiTilP.” : ‘ 


r trouble.’ 


. -To true arctophtles of course, 
a bear is neither a doll’ nor a 
toy. : Colonel Bob Henderson, 
who runs, the British: branch of 
the charity organisation. The 
Good Bears of the World (for 
details, s. a.e- from 17, Bamton 
Gardens. Edinburgh), declares: 
“The bear functions as a 
powerful symbol that provides 
satisfaction for a psychological 
need, giving solace and enjoy- 
ment to people of all ages. So 
much so. that jt takes U right 
out of the classification of a 
soft toy.’’ The Colonel has some 
400 bears, one of the miniature 
variety travelling as a mascot 
throughout the : North-West 
European Campaign when they 
served s together on General 
Montgomery’s staff. 

The wooJly'bruins first found 
their way into the Edwardian 
jui^enalia scene through a car- 
toon. by- Gifford Berryman, who 
drew a picture in the ’Washing- 
ton Star of November 1902 of 
Theodore Roosevelt refusing to 
shoot a small bear on a hunting 
expedition. The President had 
gone to settle a minor boundary 
dispute between Mississippi and 
its neighbour Louisiana, by 
drawing a line between the 
states. In the simple but his- 
toric cartoon, the President, 
gun iri hand, turned his bad? 
on the small bear, holding up 
his : hand to indicate that he 
cbufrF not harm' such a small, 
defenceless creature. The little 
hear became a symbolic signa- 
ture for the. President over the 
years, as well as the inspiration 
for a commercial venture. 

The story goes that a Russian 
immigrant, Morris Michtom, pro- 



Pre-FIrst. World War teddy bear with bumped baek and shoe- 
button eyes, in Carol Ann Stanton's collection, on display at 
the- First- International Dolt and Miniature Fair at the 
’ Kensington Hilton Hotel on Sunday, September 10. 


CHESS 


LEONARD BARDEN 


’vr:.- .yl^iONE OF ihe most pleasant 
regular events on the British 
' ■ 3j chess calendar is the biennial 
Robert • Silk Young Masters 
tournament, held in the ball of 
$L Botolph’s as part of the City 
of London Festival and spon- 
sored by Property Equity and 
»';v Life Assurance. 

■jZj-S*"-'. i I The winner qualifies for a 
fellowship award of a study tour 
of -Russia or Eastern Europe to 
gain international experience. 

The Robert Silk organisation, 
along with Jim Slater and the 
Slater Foundation, was the first 
to recognise .the . world class 
potential of British juniors and 
give them backing, and the 
results of former award holders, 
who include Hartsion. Stean, 
Nunn and Beilin, show tbat the 
tournament has -an impressive 
track record in hClpiDg promis- 
I ing talent 

I • As a bonus for tins year's 

{ event, the number of competitors 

I was expand?* from eight to 10 
^4? | so that the young contenders 
could meet veterans of the 
Eggj&r J European circuit and the home 
' 1 players would have the chance to 

I qualify for an international 
t Ehn*, ' master norm. This proved an 
lnv at I in8 P' re fi innovation as the 
i»hZ f British champion. George 


,J ■/ 
. c 3N i- e V' 

.Vi* 1 


ART GALLERIES 


AC*;, 'St 3rt»5I*wS J2j i 05i,®Ly?SSf- Summer t 1 ™ 

tO.OO-SJQ. -sat.- 70.Qp-t-.0B. ; . iTOJncJ seuware. ,-Atto seuwure^n 


ind' internattowl • old masi — .. 

TO.OtKSJO. Sat.- 70.00-t.00. i inssjnd Scul^ire. , -AlioKulBlure'n 

•-> T unit ABt. 35. SatfcvMK. W-t- mmSjvs Wlnchcsrrr 

^ 0V43r ”23O. ANTHONY Pelr«- 

, .s--, X, EtciHnss - IMS-78, am Sunimj; 

* , ,\u* • f stuw :JoclutHn4 fforKs • Dy . * . ' ■ T 

>V.. Ardluoae. Mdswell Btond, Davifl- Bom- - caliZRIKS. Fine **} 

be rs,- Meraaror FWef-Piout. Er^ G'jl. ° ( - r ^ lcft modern „ 1 bS- 5 t, , n es 

T-V,f * ** {■' . Benura MenlMkv. . jojin N»ah. Cbr*J*^ PKyiem Srnlsb- MARITIME FICTURES- 
r J . Dbcr Wood. MalcoiinOnnnmowl. Mon^- a2 . Aibenuric Stnret. PlendMiy. W.t- 

• ; "y. FH, 10-6. Sais.-'IOJ. _ ■ 

. u:. ’ <■ 


’jf; 

■J ’’.'.ij'FlNE ART. SOCIETY.' 148.. New BOlHl H 

^ st?6. summer- exhibi 


N*f.> I.v. 

^.S*' 


appeals 


A W^lauMMBS . now sondlna ftH t 


; 1l |- 

‘. . 'V 1 evn.' t»9.;«wW5»Wfc-7S4 .assK a u i 

• Carte- ge-T®SS^*srtiir..--pHw.-^P««“ a *l | frir 

■■£•& ■ ;;:vv - - -t 


OfificeSteAyailaUe 
for 98,700 sq. ft. net 
Detailed Hanning 
Consent 
Central Location, 
Pleasant Wateiade 
Position. 

: earmarking. 

I For details contact Sole 
Agents: , 

E ; ; ;:jaFStoxsg . 

, MBetkrieySquare 

: BriatotBSeiHU T«t2B8«_^ 


prietor of a small candy store 
in Brooklyn, whose wife also 
made and sold toys, had the 
brilliant idea of making a copy 
of the animal, with movable 
limbs and button eyes, and call- 
ing it Teddy's Bear. H sold 
immediately', and the enterpris- 
ing Mr. Michtom (after check- 
ing with Mr. Roosevelt that it 
was OK to use his name) took 
the Idea to a Mr. Schoon maker, 
buyer for Butler Brothers, a 
large wholesale toy andjiovelly 
firm who said they would take 
a$ many bears as could be made. 
Mr., Michtom formed himself 
into a company which eventu- 
ally became the Ideal Toy Cor- 
poration. now one of the biggest 
toy manufacturers in the U.S. 

Around the same lime. 
Margaret Steiff nf the firm nf 
Steiff. founded in Germany in 
the ]8S0s. was experimenting 
| with jointed bear-toys made of 
plush. A model was exhibited 
'at the Leipzig Fair in 1903, and 
; serious production started a 
year later. The animal was 
j originally marketed -as "‘Friend 
Petz”— the name Teddy would 
have meant nothing in Germany 
— its trademark Knopf ijn Ohr, 
button-in-ear. Steiff is said to 
have: produced 12.000 toy bears 
in 1904, and in 1907 a million 
.went from Germany to America 
alone. 

The craze for teddy bears 
sparked off various jokes such 
as: !*If Theodore is President 
of; the United States with his 
clinhes on, what is he with 
his -clothes off? A “Teddy 


Bare;’’ The British version was BRIDGE 

that King Edward Vll’s friend €. P. C COTTER 

Lily Langtry preferred her 
Teddy, bare. 

Carol Ann Stanton, who hasj 

collected bears all her life, told jn THIS deal from a recent 
me that one of the easiest ways j pairs event the South player 
lo identify a pre-first world war| m ade 12 tricks for a large share 
bear is by the hump on its! of ihe match points: 

back. “ Humps went nut nfj — — 

fashion in 1908, although the! _ ™ 

traditlnnal-style teddy bears j ‘ " - 

made today at the modem Steiff ! 5.? j 

factory do have humps. Old . ^ j!* 

teddies usually have large feet! * a y & 4 

and shoe-button eyes/’ 


K 9 4 
* A Q 5 4 


id shoe-button eyes." . L T J' . . 

Her collection includes some “ « % % \ 
PpIpi*” hears, made hv the' - Q S 7 4 - 


“Peter” bears, made by the | r > a 
Gebriider Silssengutt factory)^ J 

tin Nenclarll near flnhttrti “ 


- . E 

13 ♦ K 

i 2 o J fi 

5 Q IQ 8 7 6 2 

dn Neusladti near Coburg, 30 . * ^ ^ ® " 

Thuringia; between 1925 and 
192R. They were found com- * \ n ' 

pleie in their original boxes 7 ** ® 

among unsold'stock In a closed- . ^ li .' s R 

down toy shop some two years ' 1X1 1U ” 

ago and are extremely ferocious with North-South vulnerable, 
looking, .their open mouths North dealt and bid one dub. 
revealing sharp carved wooden I East made a weak jump overcail 
teeth and their glass or wooden i of two diamonds, which in my 
eyes (sometimes bright orange) opinion has nothing to recoin- 
roll from side to side rather- like mend it, and South made a 
“ flirtie-eyed " dolls. Sputnik double. To this North 

Miss Stanton sometimes sells replied with two hearts, and 
old bears, but is really a doll South went straight to three no 
dealer, with a Doll Centre at trumps. 

Gray’s Antique. Market in Davies West led the diamond single- 
Street, W.l. She is also organis- ton, which was taken by the 
ing the First International Doll Knave. With- nine tricks on 
and Miniature -Fair at the top, the declarer was on the 
Kensington • Hilton ■ Hotel, look out for oyertricks. In view 
.Holland Park Avenue. W.U. on of East's pre-emptive bid. which 
Sunday, September 10, where 1 suggested shortage in the major 
there .will be a. special' display j suits. South cashed her Ace of 
of bears in the to-be-expectedj spades, and waVdolighted to see 
picnic setting, so go down there .j the King fall, oh, her right 


Botterill. played in assured stjle 
to gain the coveted title. The 
overall tournament winner. Jon 
Speelntan, is already qualified as 
an LM. 

Final scores in the Robert Silk 
Young Masters were Speelman 
1 England 1 61. Botterill (Wales) 
6. Krai dm an (Israeli and Wade 
(England 1 5. Goodman (Eng- 
land) 41. Plaskett (England) and 
Silva (Portugal) 4. Hodgson and 
Paul Littlewood (both England) 
3i. Durao (Portugal) 21. 

.Much of the credit for the 
tournament’s success is due to 
Donald Silk, son of Robert and 
chairman of the sponsors, whose 
interest extends to giving the 
young competitors lunch in the 
Guildhall, showing them round 
the City, being present most day s 
of the competition, and conduct- 
ing the award ceremony. 

Such personal involvement is 
rare among sponsors of sports 
events and helps create tjie 
civilised country house 
atmosphere which has always 
typified this tournament. 

Besides Speelman's first place 
at age 21. there were good per- 
formances in individual games 
from the young British players: 
thus James Plaskett. at IS. 
defeated grandmaster Kraidman 
while Julian Hodgson, at 14. 
beat both Portuguese inter- 
national masters. 

However, the principal bene- 
fits of hard experience in such 
tournaments often enme later: 
and il is significant that Sped- 
man. Plaskett and Littlewood 
were all among the leaders in 

Now there seemed to be every 
chance of operating a major 
suit squeeze against West, but 
first a trick must be surren- 
dered in order to rectify the 
count, that is. to correct the 
timing of the squeeze. 

Therefore, the declarer led 
the six of spades. West covered 
with the eight, and was allowed 
to win. Her switch to the nine 
of clubs made It easy for South, 
who proceeded »o run off Four 
tricks In the suit, discarding a 
heart from hand. At the same 
time West was forced to part 
with a spade and a heart. 

Now the declarer cashed 
dummy's spade Queen — the 
Vienna Coup — followed by the 
King of diamonds, and a 
diamond to the Ace caught 
West in an automatic squeeze 
from which there was no 
escape, fn actual play she un- 
guarded hearts, and the 
declarer made Ace. King, and 
nine for a total of 12 tricks. 

The second deal was rather 
an odd affair: 

— . 

♦ S3 
10 3 

A 9 6 2 

♦ A K 9 8 3 

W E 

♦ K Q 7 6 4 2 A'—. 

n J S 5 4 * K Q 7 2 

J •:* Q 10 4 3 

♦ J 5 * Q 10 6 4 2 . 

S . 

♦ A J 10 9 5 

” A 9 fi 

'• K 8 7 5 

♦ 7 


the Grieveson Grant British 
Championship at Ayr. Speelman. 
previously ao imaginative but 
inconsistent player, has now 
become one of the most formid- 
able masters in the country, us 
evidenced by this week's game. 

While: J. S. Speelman. Black: 
J. Durao (Portugal 1. Opening: 
Giuoco Piano (Robert Silk 
197S). 

1 P-K4. P M: 2 N-KB3. N-QB3: 
3 B-B4, B-B4: 4 P-B3. QK2 
(though reputedly solid, ibis 
defence is less active than (tic 
natural N-B3): 5 P-Q4. B-N3: 
6 04). P-Q3: 7 P-QR4. P-QR3; 8 
P-R3. N-B3: 9 R-Kl. 04): 10 
P-QN4. K-Rl: II R-R2 (improv- 
ing on the book B-R3). PxPV 
winning a pawn hut 1 conceding 
White Lite centre: correct 
strategy is stronepoim defence 
by N-KNl and P-B3i: 12 PR5. 
B-R2: 13 PxP. NxNP: 14 QR-K2. 
N-Nl: 15 P-Q5. P-QB4: 16 P-K5 
( already positionally decisive, 
for if PxP: 17 NnP. Q-Q3: 18 
B-B4). Q-Ql; 17 P-K6. QxP: 18 
N-N5. N-R3; 19 PxP. B-F4; 20 
R-KS. B-KJV3 ( to slop a back row 
mate); 21 Q-K2 (threat 22 RxQR. 
RxR: 23 Q-K8 ch). Q-R5: 22 
RxQR, RxR; 23 Q-K7! (now thpre 
is no defence). Q-B7: 24 Q-KS 
ch. RxQ: 25 RxR c-li. Resigns. 

Only in one respect was iherp 
a disappointment on the Robert 
Silk event: the - daily publicity 
for the City of London Festival 
gave scarcely a mention. One 
hopes that the Festival uulbori-- 
ties will do better for the 19S0 
tournament and encourage 
tourists and City chess enthusi- 
asts to watch our leading young 
players in action. 

East, the dealer at game to 
East-West, passed, and South 
hid one spade. After a pass 
from West. North replied with 
one no trump, which seems 
strange to us. but was. no 
doubt, part of the system em- 
ployed. and now East came to 
life with a second-round double. 
South with his minimum 
passed. West bid two hearts, 
and North gave .a conservative 
raise lo two spades — South's 
bid of one spade, of course, 
showed a five-card suit — be- 
cause he felt that East's double 
indicated a bad spade break. 
North’s bid was followed by 
three passes, and West cor- 
rectly decided to lead the six 
of trumps. 

Winning with the nine, the 
declarer crossed to dummy's 
club Ace. and led back the ten 
of hearts. East did not have 
the courage to follow with the 
two. but put up his Queen, and 
the declarer ducked. When the 
diamond three was returned. 
South won with his King, 
cashed his Ace of hearts, and 
ruffed a heart on the table- He 
cashed the club King and led 
the three, which he ruffed with 
his ten of spades. West over- 
ruffing with the Queen. 

To the ninth trick West led 
the heart Knave, which South 
ruffed with his five of spades, 
returning a low diamond. West, 
who had oniy trumps in his 
hand, had to ruff and return a 
spade, allowing South to make 
Ace and Knave. For making 
nine tricks. North-South re- 
ceived over 90 per cent of the 
match points. 


POSITION No. 231 
BLACK(12men) 



WHITE! 13 men) 


Ribli v Tiinmun. IBM Amster- 
dam 1973. A grand master mis- 
calculation m this position 
decided firsi prize in onr of the 
inosi important tournaments of 
ihe year White (to move) is 
a doubled pawn up: should he 
play (ail P-B6 ur « b 1 1 B-KN3? 


PROBLEM No. 231 


BLACK crimen) 


__ 1 


WHITE ISmen) 

White males in two moves, 
against any defence iby R. E. 
Burger. U.S.i. The- FIDE Prob- . 
Jem. Congress lakes place in Can- 
Icrbury ibis weekend, sponsored 
by. Lloyds Bank whose chairman 
Sir Jeremy Morse is a well-known 
cum poser 

A principal eveni at Ihe con- 
gress is Ihe world problem 
solving championship for teams 
uf two. and today's problem -• 
dimes from the tournament lo 
si-lcci I lie England team. The 
two team members were the only 
competitors to find the answer, 
in under live minutes— time your 
own solution for comparison. 

Solutions. Page 12 


TV Top 20 


L'.s. TOP TEN (Nielsu Ratlnu) 

1 Three's Company (Comedy) 

(ABC) .... a p 

J Quincey M.E. (Drama) (NBC). 23.7 

3- Lavcmc ft Shirley (Comedy), 

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Carter Ceuntnr (Comedy) (ABC) ■ 33.$ 

^ M Jt.S.K. (Comedy) 23 0 

6. Alice (Comedy) (CBS) - 22 7 

7 Rockford Files (Drama) (NBC) g.t 
S One Day at a Time (Comedy) 

(CBS) _ . ia.'s 

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10- All in the Family 'comedy) 

(ces) . . . . ao.T 

A Nk-iscii Minis, >■« tint a i.'imerkal iulal. 






14 


Financial Times Saturday Septemfierr^i^ 


FINANCJALTIMES 

Wii Mani i felWHMi, CANNON STREET* LONDON EC4P 4ST 
Fbmdhao, London PS4. Telex: 886341/2, S83897 
Telephone: 9M48 8009 


Saturday September 2 1978 


Something 

stirring 


THE MARKET has now been 
sunk in torpor for two weeks, 
with prices drifting down in 
very light trading — a combina- 
tion of election uncertainty, 
post-holiday indecision, and a 
pretty flat economic outlook. 
However, it would be a mistake 
to assume that because there 
are few obvious dramas in pro- 
gress, nothing is changing. On 
the contrary, three very signifi- 
cant developments are becom- 
■ ing apparent. First, home in- 
dustry is beginning to feel the 
benefit of the large rise in 
retail sales which has gone on 
'through the summer. Second, 
there has been a marked 
change of international strategy 
in the exchange markets. 
Thirdly. UK management is be- 
ginning to square up to disorder 
on the shopfloor. 

None of these developments 
is easy to interpret, but perhaps 
the rise in output which has 
been reported by the Confedera- 
tion of British Industry has the 
clearest meaning. Such is the 
general reluctance to believe 
that anything good ever hap- 
pens in the UK economy that 
some market men have already 
commented that industry seems 
to be getting on to the bus just 
as it is stopping. While it is 
true that the effect of higher 
demand has taken a distres- 
singly long time to work 
through to the factories, this is 
pessimism for its own sake. 

A high level 

First, while it is true that the 
sharp rate of increase in con- 
sumer sales cannot be sustained 
for long, they should remain at 
the present higher level, and 
indeed go on rising more gently, 
for the forseeable future. This 
is what matters for outpnt; for 
it seems likely that the cause 
of the delay can be read in the 
unexpectedly high level of 
stocks— especially retail stocks 
— which have been reported 
through the summer. 

If this analysis is correct, and 
the sluggish response of orders 
has been as much due to goods 
in the pipeline as to a surge of 
successful import competition, 
then the rise in output, though 
not dramatic, should be sus- 
tained. and this would clearly 
be good news. It promises pro- 
ductivity higher than could 
otherwise be achieved: this 
could mean not only less infla- 
tion. but consequently rather 
higher demand in real terms 
than has been forecast. 

These effects are not likely 
to be dramatic, but even a rise 
in output and productivity of a 
single percentage point above 
recent forecasts would improve 
the growth rate very signifi- 
cantly. 

The drama surrounding the 


dollar is much more difficult 
to interpret The only dear 
facts are that the fluctuations of 
the dollar in recent weeks have 
been partly due to the absence 
of the very heavy central banks 
support which was provided 
earlier in the year — a distinct 
policy change which probably 
originates from the July econo- 
mic summit The second strik- 
ing fact is that the pressures, 
though sudden, have not snow- 
balled into a market crisis. 
Without a supply of central 
hank finance, speculation seems 
to have its limits. 

There is also one clear con- 
clusion which the market has 
been quick to draw: if the U.S. 
is thrown back on its ovgp re * 
sources to defend the dollar, in- 
terest rates in New York are 
likely to rise, a process which 
has already begun. This pros- 
pect has already depressed Wail 
Street and short-dated gilts in 
London. 


Weaker link 

However, the reaction in 
London may be a habitual twitch 
from the past. When exchange 
rates were fixed, or intervention 
was heavy, there was a close 
relation between interest rates 
in different markets: but in 
theory, a nearly clean float 
should weaken this link. If 
exchange rates are allowed to 
move more or less freely, 
interest rate policy can be based 
on home conditions: and home 
conditions, according to leading 
bankers in London, probably 
promise a drift down in interest 
rates. 

It remains to be seen, of 
course, how far this relationship 
works out in practice how 
quickly the U.S. authorities 
respond to the challenge which 
self-sufficiency in financial terms 
poses to them, and how trade 
responds to exchange rate 
changes which are Likelier to be 
sharper from day to day (though 
possibly less dramatic from 
month to month) than in the 
past. This, unlike the rise in 
home output is a highly 
ambiguous development but it 
is a significant change whose 
consequences need to be 
watched. 

Finally, there are the first 
signs of resistance to unnilv 
elements on the shop floor. This 
week has seen the tough 
remarks of Mr. Michaei 
Edwardes and the refusal of 
Leyland to re-open its Bathgate 
plant until some better rules 
are agreed, and the blunt refusal 
of the chairman of Peugeot to 
offer any job guarantees for 
Chrysler UK unrelated to pro- 
ductive performance. In the 
short run. such a change of 
attitudes threatens disruption: 
in the long run, it could prove 
cheap at the price. 



broom in U.S. 



BY DAVID BUCHAN. IN WASHINGTON 

T HE LAST merger that the London route in 1969 precisely a formidable figure. He is the been the principal ^insti- 
Civii Aeronautics Board, so that it could compete with first economist to head the CAB gator of the ope n sloes pro- 
SrhnSTSS States Am’s transatlantic axis since its creation in 1938, and PWal that the U.S. will put to 

t .^ e . ^ )Ddy . from New York. He points oat has brought to the Board a the. West German Government 

ihe u.S. airline industry, naa ro ^ at present an crusading zeal for the welfare next month. Under this, air- 

pronounce upon was srx years applicant for ^ New York- of the air traveller together lines of each country would be 
ago. Now Mr. Alfred Aann, Amsten3ani * 5 ^ . whe re the with sharply defined theoretical able to fly to any point in the 
chairman of tteCA&wUnlr Qnly incamib&at American air- and practical Views on how other. Mr. Kafan hopes that this 
has three major merger pro- ^ at ^ moiMnt is Pao Am. industries should and should not sort of agreement with other 
SgS Southed North Central and Southern are be regulated. No wonder he countries will, both by example 

rtf competing with each other for approves of Sir Freddie Laker, and possible diversion of traffic, 
s°ine30domesti<froute awards, .Sir. Kahn, who published a two- lett Bntam-stm . *e most 
Pp^AmeriSn fo? Nattonal Air- and Mr. Kahn says that under volume work on The Economics important single country desti- 

bis guidance theBoard would of Regulation in 1970 while he nation for US. airiines^to shed 
Inc?' an^uncld ve^terday for almost certainly be disposed to was still an economics professor g radu ally its more protectionist 
Pm* Am niter than ffisa allow that competition. at Cornel) University (where he attitudes. 

^os^rtiv? partne“ the bids The merger proposals come at says he win return if things In three areas -domestic 
have equal standing in the 
CAB's eyes. Two other airlines. 

Continental and Western, also 
announced yesterday their in- 
tention to ' join hands. To 
Mr. Kahn, this spate of pro- 
posed mergers is clearly the 
airlines* defensive response to 
his moves to “turn this no- 
longer infant industry out of its 
hot house of government pro- 
tection and coddling, and into 
the fresb air of free competi- 
tive enterprise.” 

In allowing both TXI and -Pan 
Am to buy up to 25 per cent of 
National’s stock, before their 
bids have been ruled on. the 
CAB is not pre-judging tbe out- 
come. Both airlines could be 
forced to divest themselves of 
their National holdings, should 
the board rule against them. 

Yesterday the Department of 
Justice said that it had filed a 
petition to intervene in the 
three merger cases before the 
CAB, Although the Department 
has not reached any con- 
clusions on the proposed trans- 
actions, it is concerned about 



* ,= re cities— Oakland was ally prices, e*< 

15 anunder- mergers from anti-tnist^S?- 

is still and permitted U.S- air&g* 
} lsed «fcS? L buttheXAB hopes take part in the -infenSaJ* , 

££m£fa ™u35e preced^IATAair cut* Ms I*® 

it win sei 1 . . _ • regards as foolish the a haw. 

Kahn rejects ^rUin other US. fej* 

ma ny airlines menfe suiil 33 the 


Mr. 

expressed 


by 


STS--’ competition «*n 
prove desmicttve- . CAB out of international iw 
rather implauab * Jhf mM» 



Mr. Alfred Kahn (left), the CAB’s chair man, who has taken the stand, that it is now 'time for 
government coddling of the airlines to end. Hr. William SeawelL Pan Aim's president (right), has 
been pressing the rase for a merger with National * 


°f countless ****%££* But Mr. Kahn also pofe* 

S°nnatelv Served simply that each of the five remalaj 
te no CAB to. roles he outlines for. 

» he gays However, could equally well be' cars* 
gff STi, dso Xred by the out by auotter go*^ 
aiSirS pilots Association, agency. In that case, he.^ 
which* argues Sat greater com- he woidd be quite happ^ 
Setitio^WiU endanger safety tbe CAB to -pot up it. .Sbittfer 
ndes (which are enforced by and close down. Some G* 
fez. Federal Aviation gressmen are of the same tie* 
Authority). The emergence of In considering the airline * 
a number of financially shaky regulation bill tins year, > 
and over-extended airline com- House of Representatives a *. 
Sanies, the association main- tion sub-committee has appm^ 
ST win not necessarily a bill that would among * 1 * 

increase long-term employment things end the ^seris***. 

for its members. by e ®? of 198— In Tithe 

.. respects the deregulation bffi 
The coronary to that has -now passed the 

alrlines 5 Tprin g senate goes much further fa 

the House committee ML’ f 
them more ieew^to en provides for a greater 

i*S es. But £f automatic entry for cSrt£ 

ax^ues that oa » nev nutes > ****£» 

-j?* if tte • Clines to market charter fii^ 

n abandon directly to the publie^ins teaser 

5g5-.S feSs rewtrs 
sr ae aaa "-f 

As for charters, the . CAB 
earlier this month passed a 
series of regulations that make 
rules for charters really very 
little different from those for 


Big jump 
in profits 

Many but not ail U.S. air- 


a bad time for Mr. Kahn, just get too hot for him in Washing- fares, scheduled route awards, 
. . . . W 4 ,pn his push for more ton), has also served on regula- and charter flight rules— the 

their possible anti-competitive competition in the industry tory commissions for New York CAB has taken " -specific 
effects - was getting under way: utility companies. measures* which some -of Mr. 

He certainly does not His views on the airiine indus- Kahn’s critics woold argue 
want any more formal merger try square closely with those of exceed the Board's '‘authority 
plans to cope with and in that President Carter, who has in under the 1958 Federal Aviation 
context his remarks should be broader terms argued that air- Act (which revised the original 
seen as an unsuccessful attempt Hne deregulation is a valuable Act of 1938). One orjiri Kahn's 
lim»s fear the chili wind that to discourage the discussions be- part of his anti-inflation policy, first moves was td; announce 
Mr Kahn is louring In fTd tween Continental and Western I? fact, moves towards deregular that the CAB would look 
none of the a iS’ involred ^ any others who might be tion were cautiously started favourably on any applicant for 
in thP imZrJUtMr thinking along the same lines, under President Ford’s choice a new domestic route which 

posals is aitin- finlnciallv 11 cann ®t be assumed that the as CAB chairman, Mr. John promised a fare lower than that 
Ex-OT maior U S airline «ceoi Tuhn - S on t*» cases in Robson. But Mr. Robson was not offered by earners , already 
fnr M "htf^ ™ hand, which the CAB hopes to prepared to move ahead of Con- serving the route.'-/. .:. 

Inn by next March, will go gress In this field. As a result Its second important move on 

, p! 0 f s . s . tnke against the bidding airlines. Mr. the reforms he proposed got the fare front was. to propose 

reported a big jump of Profits Kahn influence on his almost nowhere. earlier tins year that airlines 

■,. s f C0 £ , quarIe J of tpJS five-member Board is consider- It was probably fortunate for be allowed a wide 'degree of 
Kahn reckons that abIe ^* 5 . .< j for one w ,-y insist the British government that Mr. flexibility in sotting domestic, 
rr o , P rofits — » r fJ°™ that the merging parties argue Kahn did not come to the CAB, fares without having to get 
u.b-hollm Ust year— should be Tery persuasively that the which also regulates the con- formal CAB approval. Last 
U.S.^i OOra~U.S.$800m in 1978. mergers will bring substantial ditions under which foreign Friday it passed regulations to 
But the CAB. which for the first benefits.” Pan Am’s president, carriers enter the U.S.. before let airlines cut their standard 
SMidd yeare of :ts existence Mr. William Seawell, sought to last June. In that month the coach fares by up to 50 per 
held the industry s hand and do precisely that last week second Bermuda air service cent, or up to 70 per cent on 
warded off unwelcome competi- before a Senate Aviation sub- agreement between the U.S. and off-peak flights, and to raise 
non. has in the past two or committee. He argued that the UK was signed. BIr. Kahn them by 5-10 per cent for 
three years moved far to more efficient links between therefore had very little influ- limited periods of the* year. This 
encourage lower fares, to egg his own airline’s International ence on the U.S. position in of itself will not simplify the 
the airlines on to iDvade each routes and National’s wide those negotiations. But he — complexity of the present 
other‘s traditional routes and domestic network in the South and indeed others in the discount fare structure, but it 
to liberalise charter flight could well lead to lower fares. Administration and Congress — will make the CAB’s task of 
rules. Hence many airlines now something close lo Mr. Kahn’s regards Bermuda II as exces- administering it easier, 
obviously see their future safety heart. The CAB has in the sively restrictive on questions The third innovation has 
in closer combinations. recent past been sympathetic of limiting capacity and routes, been the attempt to speed up 

The immediate reaction of to Pan Am’s complaint that and out of line with the Carter the time-consuming process of 
Mr. Kahn, who since he came it is being squeezed out of many Administration's new inter- awarding new routes, by allow- 
to the CAB in June 1977 has international routes with, no national aviation policy. ing any airline that is fit and 

stood the board's role . on its proper home base to fall back Mr. Kahn says that his main willing to start up a service, 

head, is that the proposed on. But Mr. Seawell said bis concern now is to prevent The landmark case here is the 
mergers 3re a clear threat lo airline simply cannot afford to Britain from • malting **un- CAB’s proposal made in late 
existing and potential cumpeti- wait for the CAB to hand it reasonably restrictive interpre- May to allow any airline that 
tion. He argues that the CAB domestic routes piecemeal. tations ” of Bermuda n. CAB so desires to fly to Oakland 

awarded National its Miami to The airlines free in Mr. Kahn officials claim that the Board Airport in California from any 


scheduled flights. 


Deregulation 

prospects 


There is a good chance tint 



, 7TI Its effect on services tb-finull 1 . 

minimum stay zrom the , Knt - k/t./ 1 .: ■ 

= a- 

The basic Kahn philosophy is d 


members earn much less than 


But for the time being si 
least, deregulation is all til? 
rage at the CAB. With another 


SrS 5 ne «e«tives) 1 houid unmindful that many^of its> 
do P so much of the industry's 

management for it Less regu- J" the Second, Mr. Kato 

lation will mean less paperwork ^ ants t 0 6 ^ 11 a hroad lepi 
for the airlines and greater framework for deregulation that 

iSpe ?or “ to plan^tSeJ ■«» » 

operations more efficiently and GAB - Otherwise, a new char 
more economically. “ I would ™an *PPomted by a different 
have the board out of both rhe eastiy reverse 

licensing and pricing business, the Kahn reforms. 

After all, no one needs a govern- 
ment licence to make shoes or 
St60l 11 

These functions have been retirement of a CAB briari 
really the board’s raison d'etre, member expected shortly, it is 
But Mr. Kahn sees residual roles considered likely that by too 
for the CAB: undertaking liti- start of next year President 
gatinn in the courts, admin is- Carter could have as many's* 
tering the federal subsidies for four of his appointees on the 
uneconomic services to isolated board, 
parts of the country ($75m was Some airlines are learning U 
paid out last year for this), live with the new era- Bis 
consumer protection, anti-trust initial, almost monolithic oppo- 
enforcement, and a role in in- si tion to the CAB reforms has 
ternationaj negotiations. begun to break up. Mr. Kabn 

He argues that “the more says that while some airlines, 
you dispense with regulation, such as National and TWA (bt 
the more you need to enforce alone the foreign airlines), still 
anti-trust considerations.” This, remain hostile' to what he t‘ 
he says, is all the more neces- doing, others, notably United 
sary because the system of CAB Airlines which, with its vast 
regulation has been fundament- domestic base, stands to gaia 
ally in conflict with anti-trust from more competition, . now 
laws. The CAB has tradition- openly support him. 


s.. 



*«' * . . 


Letters to the Editor 


One mans meat . . . 

From Councillor Peter Crojl 

Sir, — The letter from tbe 
Director-General of t^e National 
Chamber of Trade, opposing Sun- 
day trading » August 31 1 is onr 
of the nastier pieces or 
economic Liberalism to appear 
in your paper lately. IVhat pur- 
pose could be served by consult- 
ing his members, as be wishes, 
beyond assisting them to impuse 
their views on the minority that 
may be willing m cpi-n on Sun- 
days? Anri if ihe restrictions 
were abolished. v\b::t damage will 
be done to any r,f liioin beyond 
the normal economic penalties 
for slackness and failure to meet 
demand'.' If ihcy do not wish to 
open on Sundays, they need not 
do so. If they do so wish, and 
customers are willing 10 patro- 
nise them, it is not for the 
Government, the local authority, 
the church, or Mr. Secrevs 
association to stand :□ their way. 
P. Croft. 

Town Hall. 

Ealing, li'J. 

... another 9 s 
pois(s)on 

From the Press Ojjicer. 

National Federation 0 } 

Meat Traders 

Sir, — Despite tbe anomalies in 
current Sunday trading legisla- 
tion. there can be no logical 
argument for any extension of 
Sunday trading in the food 
sector. 

It is intolerable, m a society 
wherein the majority enjoy in- 
creasingly lengthy holidays, 
unions are seeking an ever 
shorter working week and the 
welfare bloc is busying itself 
with better utilisation of leisure, 
that any sector should be ex- 
pected to sacrifice its only “day 
off” for no valid reason. 

There can be very few families 
in the UK which cannot con- 
veniently do their shopping 
during the 50-odd hours spread 
over six weekdays, and it is 
surely absurd to devise legisla- 
tion Which cuuid involve those 
who already work long hours in 

adding yet more every week, a 
Situation which would seriously 
affect smaller businesses par- 
ticularly. 

The absurdity wouid be that 
no more would be sold, similar 
sales would merely be spread 


over seven days and if large 
organisations employ staff for 
Sunday trading, tbe consumer 
will have to pay. So will the 
tax payer! If. indeed, shops, 
stalls and markets open for an 
extra day. public aufbnritici. 
trading standards officers and 
presumably other consumer pro- 
tection officials will need 
reinforcement to police them 
satisfactorily, at public expense. 

The vast majority of cus- 
tomers, particularly those who 
favour traditional tradesmen, 
genuinely want them to enjoy 
what leisure lime remains after 
they have completed their 
governmental work of Torm fi'l- 
mg for PAYE. MS. VAT, inter 
alia. 

L. A T. Moss. 

29. LinfcJu.'Jd Loire, 
ffediiift. Surrey. 


Tenant farmers 

From the mnnagiruj director. 
Fountain Fanning. 

Sir. — Mr. J. P. Pickering 
(August 31 1 once again muddies 
the stream by deliberately con- 
fusing the hopes and expecta- 
tions of landowners with the 
justifiable economic needs of 
tenant fanners. 

Tbe tenant farmer. like every 
other businessman, is seeking a 
fair return on his investment 
(which dues noL of course, in- 
clude the value of the land on 
which he uperatest. This cer- 
tainly will not be achieved tinder 
the current system of operation 
of the Green Pound. 

The consumer an; mars a hie to 
tolerate and accept price 
increases, albeit reluctantly, at 
least in line with inflation, m 
respect of the majority of bis 
purchases but not where it con- 
cerns food. 

-Mr. Pickering points our. quite 
rightly, that “the role of farm- 
ing is to .serve the public." hut 
surely even he, as a practising 
vet. expects a fair reward for 
such service? 

My letter (August 24 » to which 
Mr. Pickering objects, suggested 
that the answer must lie in in- 
creasing the productivity and 
efficiency of industry so that 
higher wages can be earned. 
Anthony Rosen. 

Jfoor Hatches. West Amer&arit, 
Salisbury, Wills. 


A ditch in time 

From Mr. J. H. Millar. 

Sir. — You published on August 
24 a letter from Mrs. R. Epps 00 
hedging and ditching. 

You may be glad to hear that 
iu the United States a naan was 
watching a large road-making 
machine, which was digging up a 
road at one c-nd and re-surfacing 
the road at the other. It was 
driven by nne man. 

The bystander approached the 
foreman sand said: “Why, in view 
of the large cumbers of unem- 
ployed. do you use such a large 
labour-saving machine?” 

Tbe foreman's answer is a 
classi.-. He said: “ Why, bless 
you. sir! I could put hundreds 
nf men 10 work digging up the 
road with teaspoons, but the tax- 
payers would not go for it." 

J. H. Millar. 

■ff>, Arenac Hector Otto . 

Monaco. 

From Mr. V. J. Hewer. 

Sir, — While acknowledging 
and appreciating the sentiments 
expressed by your correspondent 
Mrs. K. Epps on August 24. a 
story which my father used to 
tell came -o mind: 

Three men were watching an 
excavator — a new invention at 
the lime — digging foundations 
for a bousing site. 

■* That's progress,” said the 
first. 

"So it's nnt." said the second. 
“ That cnRjcany could employ 
hundreds of men using shovels 
to do the job." 

"Or perhaps millions of men 
using teaspoons?" inquired the 
third. 

X. .1. Hewer. 

f>. Herrin 171 close. 

Brotnrnrarc. Wore*. 


general becomes tbe particular 
when neighbouring motor 
mowers, etc., begin their 
cacaphonic pincer movement. 

There is convincing evidence 
that most of us take too little 
exercise for our ovn good, but 
we still allow ourgelves ro be 
brainwashed by manufacturers 
into seeking powered aid where- 
ever possible. Often, though 
accomplished more rapidly, the 
task is rendered less pleasant 
and garden tools, particularly, 
ensure a regular supply of band 
and foot injuries. 

Clearly such tools. must not be 
tmircrsally condemned and to 
the ageing and infirm can mean 
the difference between coping 
with a beloved garden and fail- 
ing ro do so. What I deplore is 
the oft-repealed sight of a young 
person using a powered machine 
to cut but a few square yards 
of grass. The answer to grass 
control is the Ginge — this light- 
weight sidewheei 16-inch cut 
machine can be pushed by a 
child, and lawns up to half an 
acre can be cut as rapidly as by 
a motorised machine. It cuts 
stalks that front roller mowers 
leave, has no exhaust fumes and 
maintenance problems arc 
minimal. 

Weedeaters. and -their vicious 
attachments are. in 'my’ opinion, 
little more than dangerous 
gimmicks. 

Leave your poner tools in the 
shed and you might soon become 
fit enough to use a bicycle 
iostead of a motor car for short 
journeys — but that’s a different 
story. 

M. J. Brown. 

Hill Road. 

Wellington. Oxford. 


will not give all the figures here, 
but the following averages for 
the sectors considered illustrates 
my point 

(Income + 
Capital Gain) 
“ 5 

Building societlp.s ... £IIL3 

• Shares £106.0 

(Income) unit trusts £92.6 
Investment trusts ... £35.7 

So the answer to the conclud- 
ing question in the article ** And 
consider: had you needed every 
last penny from your building 
society investment at the start 
of 1973. where on earth would’ 
you be by now? ” >«: tetter off. 

Calculations of Ibis sort always 
depend very much on tbe period 
considered, but 1073 lo 1977 
would tend to favour equities 
compared with say a five year 
period from 1972 to 1976. And 
thn calculations would show 
equities, including unit and in- 
vestment trusts, in' an even worse 
light if allowance had been 
made for the withdrawal of 
capital to supplement income or 
the saving of huiiding society in- 
come to build capital. 

The only thing that has saved 
me from being a seller of 
equities and an investor in build- 
ing societies as a result of 
Adrienne Giecson's article is that 
the numbers are different again 
for higher rale <*<iuities. Al- 
though, in truth, equities are 
just more interesting! 

S. B. Reed. 

19a. Hamilton Court, 

S. Po Shan Road. 

Hong Kong . 

Cakes and hygiene 

F roirr Mr. Adrian T. Lamb. 

Sir. — Having seen bow care- 


fully and hygienically our cheese, 
for example, is now presented to 
us (in most places at least), it 
strikes me as appalling that con- 
fectionery and sweetstuffs should 
be carried oa uncovered trays 
from a busy, dusty street into 
the shop . where they are then 
displayed without cover. Further^ 
more, in the vast majority of 
shops the cakes, etc., are lovingly 
handled by an assistant who then 
handles the money. The people 
who insist we have made progress 
should take a look at the above. 
Adrian T. Lamb, 

44. Portland Road. 

Stoncyoate, Leicester. 


A noisy drain 

From Mr. Colin Franklin. 

Sir,— Passengers going home 
via “The Drain” (Waterloo-City 
Line) are now being assailed by 
a stentorian voice, fully ampli- 
fied by loulspeaker, instructing 
us to “Hurry along please.' 
“Move down the car” and to 
“ Mind Iho doors,” etc. 

As it is inconceivable that any 
of us willingly delays our depar- 
ture one minute longer than is 
necessary, wouid it not be pos- 
sible to dispose with this luir 
wanted and very noisy advice, 
which is fulling on increasingly 
deafened cars? It might even go 
a little way towards alleviating 
the staff vihorlugc elsewhere 
which seems to be BR’s current 
inexcuse for bad service. 

Colin Franklin, 
i. MaorgaU:, EC 2. 


Equities and income ^ 


Power to your elbow 

From Dr. M. J. Brtncn 

Sir,— i often enjoy Arthur 
Hel Iyer’s kr-ow led gable garden- 
-•ng articles, hut I da wish that he 
would ho more restrained in his 
advocacy of power tools, particu- 
larly when these arc noisy and 
dangerous. 

The loss o; rurai peace to 
motor transport and i.lher “joys 
of modern living " K bad 
enough, but each week-end the 


From Dr. Stuart Reed. 

Sir,— I write in relation to an 
article in the August 12 edition 
under the heading income trends, 
it set out to prove the point that 
if you wanted to invest for long 
term income you bad better in* 
vest in equities and. as an equitv 
disciple ray-self, I was very re- 
ceptive to the theme. But in 
fact the article proved quite the 
opposite, at least on the basis of 
the figures provided. This is 
clear if an additional column is 
calculated to show flic average, 
over the five year period, of in- 
come and capital appreciation. I 


verse aversion 


From Ms. Marjorie Crocker 
Sir, — May I. through your kind 
aegis, address the following to 
one of your correspondents 
(August 26)? 

1 thought. Mr. Campion 
Your poem was champion. 
But intrigued much l was 
aud this is because. 

it was set nut as prose. 

Is obvious vt?r$e too terse. 

Or rhyme too sublime 
for the Financial Tunes? 
Marjorie Crocker. 

70. Townsend Lane, 

Harpenden, Herts; 


From Air. iYorman Frisby. 

Sir, — 

Poor Mr. Campion’s clever 
letter* 

Seems to have rather got tbe 
better 

Of subs on the Financial 
Times 

Who don’t — it seems — know 
prose. From rhymes. 

* Letter headed " Secretaries." 

August 2fi. 

Norman. Frisby, . 

S. LnwcrfaUt Way. 

Shawcloug b Park, 

Rochdale, Lancs. 


WE RE RICH! 

JOIN US! 


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We have joined forces with Peter Welham 
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arj, 

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b 


~.'-W;vf ;VV. 


Jtaies Saturday 


• 2 I97S 


; -"v 




turns 



13 


BY JOHN BRENNAN 


Prices 

1 


* 


urp* 

the i 
el 

& et t»_ 




wife rvL* 

■*>n. Aj 
11 


?*-ai3 0 ' 

r ,e fit* J. 

! aes ^ 

« 2 *i 

•utup A 

»wn Pl £? 

5 5 ft 

3 SS? 

,e cab?! 
,f W8£ ? 

?“*“ fan* 

en *y & 

^sieaujj, 

; Wbnc; to 

!l l0Ur fe 

nus on aS 

5. ••» 

Suhn 

speets 

5ood ^ 
W* a ^ 
end of* 

- 1 ® 

^mbei; »j 

*Wi«S h. 
.*n their ij 

;• &•«* 
ulauoo j 

= ‘ l - “It pjj|; 

? have l^j 

The Ci!. 
at rain;.- a. 
cuid be &. 
Second, ft 
it re .• 5*1 
- Senate 
his ttoan: 
v.sc. a mi 
? d bv a £ 
iH «•<!!!• 

.I'nj*. 

■m h!s; e 

\B Via: 
f a CAB 
Cifra -bos 
kr.y :biu 
t : «:h 

iWV? 2;E 
ip?3JK!3. 

nj j.’? •?£ 

: r“W K 
; nioHlsk 

CAR refe 
a*- 5- 

:Ie iOD-'f 
:’.aJ 

•i;n ::n>- 
- ia ;, -* t 

. nou^V 
J 

\ iiss* 1 
c^oseo* 


conjure 

op^^^^se of local worthies 
-naninwgto®'- throa^r ; ■ second 
had ,dothes in hack streets. 
Bat fr ta e past few years there 
.~hWjbfe®B ■ a silent revolution In 
thl& traditi Qnally amateur busi- 
I’aew ‘ • 

^.fibupi ient rent-free on an ad 
■-WSSi remain the backbone 
. - i<rf 4»e:-cnanty shop movement. 
~r Jftaigtafo income is an 
^jna eaangj y competitive mar- 
y-; ?g r . natloiiaj charities 
jtegun. to shed the sift 
j^fc’tJumWe sale image by dS 
.' <3*s3iis orf permanent. 

■ceganergeUy rented and pro- 
r.fesaonally managed shops. With 
over 1,000 permanent or semi- 
permanent charity shops around 
the country, and with perhaps 
twice. that number of temporary 
sales outlets made available on 
an -occasional- basis, these 
chains : now rival the major 
stores, groups in size. 

No one knows exactly how 
much of the £lbn a year income 
attracted by Britain's 123.000 
registered charities comes from 
retail sales. The Charity Com- 
missi oners keep no records of 
sales, and few individual chari- 
ties break-down the returns 
from t he ir shops and from other 
locally organised fund raising 
activities. But a fair estimate 
of the shop turnover can be 
made on the basis, of Mr. Peter 
FaJush’s detailed analysis of 
charities' income in the May 
1977 . edition of National West- 
minster Bank’s Review. 

Mi Faliish _ shows that, in 
1975, private,. non-profit mal-in-* 
bodies earned a not £i83m from 
trading and- services. He esti- 
mated that around half of that 
money went to charities, and 
that the- net income, would be 
around a - third of the gnus 
turnover figure. On that basis, 
their turnover from shops and 
services must L approach . £15Qm, 


and it would bd reasonable to 
assume that shops contribute a 
thirte en- pertiaps more.: That 
nukes them e major business by 
any standards. ... 

A £50m business 1 ' rarely 
spring from nowhere. But 
charity shops, as a refinement 
of the ageless jumble sale, just 
happened:- V.. / 

In the late 1940s : abd early 
1950s a few of the larger chari- 
- ties began to opera te-pCrmane n t 
sales outlets as an adjunct to 
Uieir administrative offices. - in 
a few cases they-.were be- 
queathed freehold •' shops. But 
for the must part it w?s local 
volunteers who noticed empty 
shops, sought out landlords, and 
persuaded them to . allow the 
space to hr used for fund rais- 
ing. 

From n landlord’s point of 
new a -charity, even^ pm paying 
a concessionaiy rent, or no rent 
at all. was a far better bet than ^ 
leaving a temporarily vacant ^ thar?e 

shop' unowupiedl ';As charities for 1 ^ ese s ,ops ' 
were- willing to move in on on . Practice, many authorities 
informal basis, - without any interpreted the 1967 Act gener- 
security of tenure, the landlord OUbJ >'- allowing charities their 
could do bis Kt for charily P® r cent concession as a 
without worrying about anv risht, and making, further dis>- 
eventual eviction battles. " cretionary rate reductions, often 
- . up to 100 per cent.. That conces- 

Tatoh nnnfrn sion ' 311 d wIlh il 0Tie 01 the 

X OWU centre main supports of the growing 

As countless town centres be- charity shop movement, was 
came the target for post-war successfully challenged in the 
redevelopment schemes there courtl! * 
were .plenty of temporarily Birmingham City Council 
empty .shops for . keen eyed tested the charities’ right to the 
charity . workers to spot and rate concession and after a pro- 
plenty. of landlords' willing to traded legal wrangle the council 
oblige- won its case ; r It had identified 

Local authorities tended to an ambiguity in the 1967 Act 
folTow the example of landlords which undermined charities’ 
by waiving rate charges. In special status, and which 
1967 this growing acceptance of threatened to force an hmmsdi- 
rate concessions was recognised ato contraction in the number of 
in the .General Rato Act, which charity shops. Without tho 
included ' provisions allowing certainly of a rate reduction few 
local authorities in England, charities courd afford to take up 
Scotland and Wales to waive the offer of free or coneesMonsry 



retail space. The charities 
reacted by forming a Parlia- 
mentary lobby under Oxfam's 
leadership to bring pressure to 
bear on the Government to 
amend the 1967 Act. 

In 1976 the lobby’s efforts won 
the Government over and it gave 
its full backing to the Rating 
(Chanty Shops) Act. It 
amended the earlier legislation 
to make it clear that the 50 per 
cent rate concession is to be 
made to shops, "used wholly 
or mainly for the sale of goods 
donated to a charity,” where, 
“the proceeds of the sale . . . 
arc applied far the purposes of 
the charity ...” That is where 
the law stands now. 

Gxfam leads the way In the 
current movement towards a 
more commercially run shop 
business. 

The charity, which opened its 
first shop in 1948. now pays a 
professional property manage- 
ment staff of four to run a 


national chain of 580 bhops. Of 
these. 65 operate in free accom- 
modation. Another 65 freehold 
shops arc owned outright by the 
charity and 45u are rented on a 
range of commercial leases, a 
few on a concessionary basis, 
but the vast majority on 
straightforward open market 
rents. 

It was in the mid-1970s that 
Oxfam took the decision to turn 
from increasing the numbers oF 
its shops iu improving the 
quality of its sales space. To 
make the most efficient use of 
its volunteers’ time, and to 
attract customers willing to pay 
realistic prices, the charity 
abandoned the traditionally 
rather shabby gift shop to move 
up-market. It felt that its shops 
should be rc-aaouably well fitted 
and decorated, and this meant 
turning down offers of very 
short - term accommodation 
where its limited resources 
could be wasted. 


In comparison with any com- temporary to permanent shops, 
mercial shop business, Oxfam Now, all but five of its 100 shops 
runs its giant shop chain on a are permanent and .rammer- 
very frayed shoe string. An cially rented, 
average or only £4 a square foot The Society feels although 
is allocated to shop-fitting, less permanent shops are its fn.ost 
than a tenth o: the money that expensive form of fund raising 
would be spent fitting out a the investment in shops is 
prime West End store. Manage- justified by the more regular 
ment costs are also strictly ran- income they generate, and 
tained. Instead of the sizeable because they overcome a situa- 
iicadquarters and regional staff lion most dispiriting for local 
that would be needed to run an volunteers, where they have 
equivalent sized commercial worked lo build up a tern- 
business. Oxfanfe four-man poraiy shop's trade only to have 
property team can fall back on their efforts quashed by a land- 
the voluntary help of a national lord's notice to quit, 
network of 150 chartered sur- Help The Aged, which runs 
veyors, who give their profes- no shops, two of which are 
atonal help with local acquisi- freehold and 22 of which are 
tions. rent reviews and other on commercial leases, has also 
property management jobs. begun to move away from sbort- 
To improve retail service in life accommodation as competi- 
line with improvements in the tion for space increases. Like 
took of its shops the charity's the Spastics Society, Help The 
vdunteer shop assistants are Aged backs up its volunteer 
now given short training shop helpers with paid sales 
sessions covering courses in staff on a ratio of one profes- 
mcrchandismg, layout and siooal to three volunteers, 
window d .splay. The expansion of permanent 

,' v,th . 3 ia f3 e, y unpaid staff shops i* in part a 

and donated good* supple- reaction t0 increasing prob i ems 

minted by craft work from its in finding suitable temporary 

- ?- ne . ratl0Q5 ,n accommodation. But The Save 
Third Morid. wis more profes- Cb ji dren Fund, which is 
sional retail approach clearly at .rivelv addin-* m its *Ui 

mi ^“irssiss; E 52 «* 

rented shops that would turn a ■jjjjj* 

stores group green with envy. ?£ bt ^ ®' er 

The charity as a whole aims to 100 sn ° ps ,n tl ? e 9 hns L m3S 
make £5 net income from every ?«« on ^ ““J**"* fo , r *** 
£1 it spends, and in its shops. t f r ?^ rat ^ a "‘?' fay0 “r, le , ttings - 
which ■■encrate a net £2.5m a And Mar On Warn stifi takes on 
year, sales margins of SU to 90 f em P° rar J’ space to add to 
per cent over ail expenses are ! TS t 4 permanent shops where 
considered normal. local fund-raising groups feel 

Oxfam is only the most sire- ^ at 11 ,s a Profitable proposx- 
abl.? example of a move towards 0on * 

a more professional approach to Action In Distress tends not 
retail management that is to turn down the offer of any 
gathering pace within the shop. But it too has begun the 
charity shop movement. In the move towards more professional 
last five years the Spastics retailing with its New to You 
Society has made the move from shops, launched in August. 


AJTi is shop fitting and im* 
proving the merchandise iu the 
six permanent shops in Its 56- 
shop chain and is introducing 
a voucher system into the 
modernised shops which allows 
donors of goods to buy other 
goods in the shop up to 50 per 
cent of the value of the 
estimated re-saie value of their 
contributions. 

This increased competition in 
charity retailing has convinced 
a number of leading charities 
to stay out of the shop market. 
The RSPCA and the National 
Society for Mentally Handi- 
capped Children, for example, 
do not feel that they hare the 
organisational weight la break 
into the shop field. Both prefer 
the more traditional fund- 
raising methods and the use of 
mail order catalogues for direct 
selling. 


Cut throat 


Competition between charities 
has also brought out some of 
the more cut-ihroat aspects of 
tiie commercial retailing busi- 
ness. And in the case of the 
Royal Society for Prevention 
of Cruelly to Children its 
current experiments with 
permanent shops are being kept 
firmly under wraps. Here, 
competition seems to have bred 
a truly commercial respect for 
business secret s. 

One common fear of charity 
organisers when talking of the 
spread of professional retailing 
techniques within the chari ty 
shop movement is that the move 
might alienate local volunteers, 
and appear too commercial for 
its supporters. But in the fight 
for funds, charities cannot 
afford to ignore modern busi- 
ness methods. The success of 
the permanent charity shop 
ensures that professional 
charity retailing is here to stay. 



r.sti** 

^‘lares 

*::1. 

=:or^;; 
Es sfJ 

jtsv2»® 


■■is** 

!t~ 

!>«* 

■srtP 



Weekend 

Brief 



Spanish 


Beside the 
seaside 

WHAT USES . 375,000 : lamp ; 
bulbs, and 75 miles of cable, 

•weighs nearly .700 tonnes and 
takes . 80 men. including -five - 
artists and 45 craftsmen all year • _ . , tyrrw im 

To build? Answer*'. Blackpool ' - .End ofxeason life-^aycr 

tin^t S night , hy I raSb Md "whicbever way it goes. ft is just to 15 glorious days in France I 
vision peilon^ireTenyWogan, ^ conferences, like tiie could not afford to pay FFr45 
■m feSSS SS ^ reason and (nearly £6) for a bottie of wine, 

another great Blackpool attrac- “*s.ycar Labours daegates are “Vous n’avcz pas de vin dc 
tion, the Miss England, contest.’ du * to throng .the hotels, bars Toaison? ” I Inquired timidly 
It is the forty-sixth time the . « d other facilities in October, and saw his watery blue eyes 
lights— the foremost manrmade K SSSS\3^ SU narr ° W ‘ '' You that in a 
attraction intheworld accord- such as this..-..” He 

ing to the . far from -modest tile town with at brat a gestured round the small room 
claims , put forward bv the victory celebration some time as -words failed him. snatched 
local council — have brightened ^ter, and at worst a wait until up the wine list and stalked off. 
Blackpool’s front but there has JW* '. r realised that he was not 

' .■ . .*. apologising for the size of his 

VlYG l2 establishment but indicating to 

this ignorant foreigner that he 

lliffarariPP would not dream of stocking 

nillCiCilbC such a vulgar item as “vin 

the beaches deserted by all but WHILE THE . Common Market niai ? on " 
the hardy and. hoteliers have machinery tries, with 1 varying - Bloomer number one. But 
had a difficult time filling their degrees of success. . to ensure some people never learn, 

rooms. In a normal season there t h we ay eat the same kind Mellowed by Audibert’s excel- 

are always people who decide ^ ausage. drink the same kind lent food and the half bottle of 
at the last minute to try their of j,^ 0 and have on i v frozen wine which we eventually com- 
luck at finding accommodation chicken, it has drawn the line, promised over, 1 ventured tD 
when the sun shines. This year, me rcifQlly at trying to iron out ask-- another foolish question, 
as in. all seaside resorts, it is differences in temperament On the verge of being a cheese 


riot police at regular intervals. 

The Square itself, empty ex- 
cept for a giant Tricolour 
draped over the central monu- flUGuGS 

ment. was guarded by a score ^ nTTTFTt t took mv rat 
of policemen. The housewives THE OTHER d«i I took my cat 

who found themselves greatly to . the vet The waiting room 
inconvenienced by the crowd was crowded with people hold- 
barriers remained in good ing their pets, mostly dogs (the 
humour as they negotiated a Spaniards prefer dogs to cats), 
route round them to buy their There was no formal queue but 
bread and meat. I: reacted in the way which had 

A policeman, cleanly shaven become an ingrained habit after 
and smiling, giving the lie to ai mos t a year in Spain. 


customer.” 

Whatever the answer the 
Spanish seem to have evolved 
an eminently sensible system 
for what after all is a daily 
need. The English queue relies 
upon respect for the individual 
and the sole sanction of moral 
disapproval (“it’s not on”) if 
someone queue barges. When 
respect for the individual 
decreases and moral disap- 
proval holds less weight the 
system is easily abused. 


Economic Diarv 


the popular image of the ** flic ' 


who is last," i said looking Contributors: 

Rhys David 
Pat Walker 
Robert Graham 


probably been no season in 
which!- they-, have -been more 
warinly welcomed by local 
bosiness. The cold - weather 
Throughout. The summer has left 


only those with bookings that among its peoples. * addict. I thought I might buy 

have come. and. only., the something of what 1 was eating 

proprietors of indoor leisure ^ " As _ I • L t" 'take home. So. I asked 

centres who are sho.winfi any tbroi^ Franra myj^mg tiia t ^dibert what it was called. His 
increase in takings, of roPbr was shar P and incoherent. 

AH:' pf . whteb .in the View fiE P uffed P ut his cheeks and 

Blackpool Corporation makes being ina. foreign country ^ as *- blew: tbrougb' his mouth beEore 
The lights at. an estimated co'st reimormi. ; talang refuge in the curtained- 

of £475,000 a bargain. The Auajbert, for example, is a off sanctuary from where he 
town reckons to 1 take £1 50m Norman with the ISioman been bringing the food, 

during a season^ ^in" revenue and aquiline -feutures and their from there, clearly and 

£50m of this comes id the nine- reputed head for business wnn ^ixtUbly, came his sentiments, 
week period when the lights runs, a small, very select .passed on either to his wife or 
will be in operation-^a time restaurant in the shadow I’l tfcejj cook, about bis one and 
when manv other resorts are Satot - Madou In the beauhrul on |y customer, 
retiring^ 'into' their winter shells, and; andenteijy of ■ -Never had he met such 

This year the displays— 25 per v. hole is toiallj ignorance. His disdain for me 

cent new each year— have had menu ^splayed onwde, tioo absiolute and even extended 

to be much more extensively medieval b^^ng whose upper tQ countins ^ my paynient 

built than in the past because wooden storey touis^ 1 (admittedly in JO franc notes 

of the damage . caused by: cobbled sdwt. the red — d odd coins> under ray n0 se 

flooding - at the end of last and wbite cWtaft ' < No ™» not befbre r couId leave . 
season when the Fylde coast French) curtains, and the . 

was swept by gales. The bulk subtle,, -magie smell escaping You will excuse me, but I 
of thT rast wm- fall oa local from inside. . ha « . had some unpleasant 

ratepayers but around £115.000 But fhe door appeared to fbrmvexlL 

" eweefti- to come from locked and is. disappointed, I he opened the door ^r -redt. 

subscriptions from businesses was about to move off, a window ’*** f Sil hhn 

■to - -the- town’s niuminstmns u,n^ Anna nnAii nhnve mv head "by * smiica ana wisnra mm 

appeal fund. 

The money has made it Pekinese to tier oreas 

possible to deck out the town’s her assurances that I had only 


ill umin ations was flung open above: my head . . . . . _ 

promenade .with more than 500 to. push hard to gam entry ame W • 

scenic designs 1 and 60 large. 'Inside, standing in the dead . . 
tableaux, totalling ..more than centre of the restaurant enUrely - » . 

100 000 "sq. ft la . surface area, dominating the dark, heavy riGiHIGr 5 

The’ systems electricity demand Norinan furniture, was Audi- - 

is' put at arouHd,.3,000 kW'aud. bert, his features^ and WalkdOOtlt 

total consumption- will reach viyeur*s paunch thrown into . 

about S50 000 'uorts. -hut the. relief by tight from low voltaye THETLAGS were flj'ing and the 

town’s : electrical services lanterns. , band was playing. Everything 

department, which runs the “Bonsoir, MadamoiselJe, 1 ' His under the bright : blue 

illuminations, dtsmisses-as carp* greeting, though flattering, was mandy sky ^ looked ” ea ^ 1 _ a ^ 

ing.the criticism that electricity cool,, almost indifferent even «• J* hftmm 

is being wasted.-. all: off- though I was. his first and only bdds had teen weeded, the town 
peak and would tet beireq'uired cizstomet of the evening- Some- Square had been wept and the 
for other purposed; . even -if it what unnerved I sat down i and^ ^ buildings had been -]g v “ * 
wra not beinsr offset Iw- ibe vast drooled over the menu, noting dousing, if not a pk of Pajnt- 
sums ofinoney vAibli . .risitbrs out -of the corner of my eye The small 
will-leave in.the pockets of total Audiberfs thin untidy hair, hla P°h u ^bM 
tradespeople. -- . : :•/ ill-fittiiig grey slacks, hiff ing to meet its Prime Minister. 

TheSter of vlcbm$BtleU cardigan .and carpet slippers. . Immaculately umfomed 
oated is iumarouPd-Sm. from-' Alongside the menu was the policemen, their ^shirts and belts 
•SffiwB'W ' and I decided that, shining whiter .to in any com- 

ati- since this was my lMtmghfJn.n^a^ seemed to °»tmrafcer 
T.. jft M hIv , 'weiwimR if! after' the’" France I would wash down iny the. townsfolk ten to one.roiice 

ezofe motor cycHsts roared rouiid the 

poor to i»d SSKSTiwS 2 






with a day’s growth of beard, a r0 om. A middle-aged 

Gauloise hanging from the side woman holdins a Dach . 

SL hl |Jn™H ,, mp a SUIld 00 hW Chest which had 

ner. mformed me pohtely that been corse tted for a cantilever 
Monsieur _!e President de effect pointed decisively at a 
Conseil was comin 0 . vouth holding back an impatient 

“Ah, Giscard d Estaing I Alsatian. “He is.” she said 
said eagerly. authoritatively. There was a 

“ Non,” he explained gently, general nod of agreement frvn 
M. Raymond Barre, the Prime those presen L 
Minister, was coming to open a My p j ace in queue had 
new dam, make a speech and b een established. It was now in- 
have lunch with, among others, yiolate because 1 the next person 
the Mayor, who bad been one of w jj 0 carae jmo the room would 
his students- at -the Faculty of as j. ^ same question, and if I 
Law in Caen. d j d HOt notice, 0 r was too timid, 

By midday the Square lad. there would always be someone 
filled as far as it could, with (usually a bossy middle-aged 
a vast empty space in the woman) to identify me. 
middle jealously guarded ^ system rarely breaks 
by the tehee. Later it was to down, is very democratic be- 
be crowded with Anciens Com- CRUSe eople wil , areue - lf 
battants. equivalent to members necessary t0 es tabUsh w^ho is 
of the British Legion, I sup- last, and seems to be applied in 
posed, and other local worthies. aQ extraordinary number of cir- 
Meanwhije the khaki clad cumstances where one has to 
soldier bund was practising queue. This Spanish art of 
American military music along- queueing (and I call it an art 
side the Last Post and the stir- because certainly in the bigger 
ring notes of the Marseillaise, cities it is remarkably refined) 
Other officers, bearing enor- i s 0 ne of the features of daily 
mous bouquets, bustled into the life I still notice most as 
Square and a guard of honour foreigner here. I still notice 
in light blue trousers and black this along with the high propor- 
tunics marched in smartly and tion of men who wear tie-pins, 
were promptly stood at ease. A the number of young women 
bishop in a cream cassock and V ho smokean.the street and the 
purple cummerbund swept in, Spanish approach to round- 
flanked by chattering women. about; design (the roundabout 
41 Voila M. le Pape” whis- i s bisected for through traffic 
pered, a joker. and lights placed at every con- 

The ancient man beside me, ceivable point to regulate dr- 
. dressed in his best suit and bat, culating cars). 

’ wanted to know, first, if I was a j was brought up on the 
student and, second, if I was idea (and probably the pre- 
English. He did not like stu- judice) that the queue was an 
denis but he did like the Anglo-Saxon* phenomenon, the 
English. So I was OK pi oduct of cold Northern climes. 

Suddenly a fleet of fast cars Protestantism and a sense of 
tore in from a side street and soda] discipline, 
stopped with a squeal of-brakes Yet iD Spaifl the cuJnira] in . 
A . reporters and fl ue nces are Latin, French and 

*£*£££!; “T* 1 “VS Arab. The weather, though cer- 
S” S T i * Sh n n tainly not as perfect as many 
ftra crowd tooke¥sSwaSi an En 3 lishman might expect 
« Ah iTSSS’ (there were even flurries of 

t i^hmwh mJ soow in the mountains in the 

It disappeared and ten ^ ^ fw d , . f 

minutes later, preceded by a ^ j StoSJ’ Sues of 

pTiinff 10 have absorbed “y of to* 

5S??5’ ethics of Protestantism, reraain- 

.TL2L.SL in 3 the most fervently Roman 

CathoMc «««“tiT in Europe. It 
•n? vi2. aPPme f 0,111 p ^ op e would be idle to pretend that 

° „ ■ ... „ • , , a sense of social disciDline 

He was quickly swallowed by 4 tro „^p m . !de ™ P 

the mass of photographers so T , y . , „ . , 

that the rest of us, able to see I^ave asked several Spaniards 
nothing, could only assume that ^ howthe b ^} 1 of 
the wreath had been duly laid. in * has f ^ “P- The majonti' 
But at laiit he emerged, smiling anweralnng the following lines: 
and relaxed, for his bain de *’ Well you see we Spaniards are 
loule— his walkabout a hot-blunded anarchic people 

The next morning stories and and ^ vve d * dn r bave d u 6 ues 
pictures of M. Barre’s dav out and °“ r JP lace l P iT thcre 
in Normandy appeared in the he chaos.” Big depart- 
Frencb papers. He was pre- ment sto res where for instance 
sented, naturally enough, as the at certain toters you pull 
Prime Minister going about his tickets from a machine for a 
normal daily duties,. But the Pto in the queue, or the banks, 
most telling quote was in which issue tickets with the 
Ffgaro. Roughly translated, check and then call the 
M! Barre, who has often been customer by flashing a light 
the target for loud and sudden above the cashier’s booth with 
protest about the French the number when the turn is 
economy and unemployment, due, give similar but more 
was saying, and surely smiting condescending replies. u The 
as he did so: * They (the Press) Spaniards are not like the 
were hoping for trouble and British. They don’t know how 
excitement and I took them on to he orderly* so we have to make 
a quiet tour of the Normandy them orderly. We do this to 
countryside.’^ .avoid a crush and protect the 


• l : 


SUNDAY- — Mr. Len Murray speaks 
on eve of TL‘C Conference, 
Brighton. 

MONDAY— UK official reserves 
(August). Capital Issues and re- 
demptions (August). TUC Con- 
ference opens. Public sector 
borrowing requirement and de- 
tails of local authority borrowing 
(2nd qlr). 

TUESDAY — Prime Minister speaks 
at TUC Conference. Mr. Denis 
Healey. Chancellor of the Ex- 
chequer, addresses Fabian Society 
meeting. Queens Hotel, Brighton. 
UK banks’ eligible liabilities, re- 
serve assets, reserve ratios and 
special deposits (mid-August). 
London clearing banks' monthly 
statement (raid- August). Hire 
purchase and other instalment 


credit business (July). Retail 
sales (July final I. 

WEDNESDAY— UK balance of 
payments (2nd qtr). Construction 
output (2nd qtr). Housing starts 
and completions (July). 
THURSDAY — Provisional figures 
of vehicle production (August). 
Survey oF short-term . export 
prospects (12th Survey— July). 
FRIDAY— -Meeting of Building 
Societies .Association and Govern- 
ment delegates to discuss mort- 
gage rates and the new national 
savings package. National In- 
come and Expenditure (1867-77) 
Elue Book. Company liquidity 
survey (2nd qtr). 

SATURDAY — Prime Minister 
makes annual week end visit lo 
Queen at Balmoral 



Target's new Fund invests primarily in stocks considered to be 
in ’’Special Situations”. The aim of the Fund will be to provide capita! 
growth, with rising income an important but secondary consideration. 


What is a "Special Situation" ? 

The term is usually applied by 
Investment managers to a share which 
they believe is affected temporarily by 
special factors, or has potential not 
adequately reflected in the current 
market price. Examples include : 

.if Recovery situations 
4f Bid situations 

fr Market situations (i.e. where the 
share price is temporarily depressed 
by a large sale) 

ff Asset situations (i.e. where the 
asset value is far in excess of the 
market capitalisation). 

Selection of Situations 

In addition to the general examples 
given. Target believes there are likely to 
be particular opportunities at present of 
finding special situations amongst : 

■tt smaller public companies - with a 
market capitalisation of £1 m to£l Om. . 
■st shares with a dividend not less than 
twice covered by latest earnings. 
"Special Situations" will not 
necessarily be confined to U.K. 
investments although the overseas 
content is unlikely to exceed 20%. 
Investmentfylanaaement 
Target and its investment managers, 
Dawnay, Day & Co., Ltd are both part 
of a merchant banking group which 


-■participates directly in the management 
of industrial and commercial companies 
and has long experience of investment 
in smaller public companies and other 
"Special Situation" stocks. The invest- 
ment managers will also encourage 
regional stockbrokers to contribute 
their specialised local knowledge in 
-selectinq suitable investments. 

Your investment 

Target recommends that because of 
the above average risks but greater 
potential rewards of special situations, 
this Fund is suitable for only a part of 
your capital. The wide spread of 
investments in the Fund will help lo 
reduce these risks. 

Your investment should be regarded 
as long term. 

Income 

As a result of the reorganisation of the 
portfolio the yield is anticipated to rise 
to 7°o over the next year to eighteen 
months, a level which for - higher rate 
and basic rate taxpayers .will assist in 
maintaining a worthwhile investment 
return. The estimated gross annual yield 
is currently 4 3%. Automatic reinvestment 
of income facilities are available. 

. You should bear in mind that the 
price of units and the income from them 
can go down as well as up. 


7h- Fund, fcmi-ily Ccyw CM Fund, 
was il - .-. approval at 

mmiciltiorsgn 19J.1 Jwn», J873. 
APPLICATIONS jrii chroun will no? br 
j-^npuiicdqiid sui cftiii'itjm wWl be Kit 

42 dsr,n u f ,h* clo!* at me win. 
YOU MAY SELL >GU3 UNITS « Jity nn.c 
.v. a puce nw lev. ifcan war cilcularod bv 
Cicojfiuwfn ct TiatJ- friwl'»ion&.-PbVfiiOT 

Willi .Bit niiT.I-- AITtllll 1 Cl OVA Oi mcipl 

Wr ie<wunc«J cltnIiu:. . TBc puce oi unite 
•■na v*Hl me Quotea itaiW : a iiie KjtiOn.il 
Pm*. AM INITIAL Cri*SC-£ of S; 3 15 


iciviucoa in fte ulc ptvc* o‘ Tue 

Moiwtjws will- wv commission o! I 10 
cuflllflcd jgena. THE MANAGERS r^w.-vc 
iTo right 50 ctoflo 2 m oKe: Befuv t-e ca:c 
r-taina il ine o|ia; price voi.oc tv nun- nun 
2»?s. After tiw closu of uw offoi units will tyt 
available si Pie dally price. ItiCOMt fcs r . 
:a* ai bflsic rate will be distnBuivd on 3i>r 
Mutch and 20lh SL-ptembci. Units boupht 
iww wall qualify for Th-s pavfti v nt on 
Martli. 1074 An ae.r-uji chains <•: 
o! tha valuu of- ino Puna pfej VA.I. vs 
deduct'd from ute Qiocf incoma of thu Fumt. 


MAHAijSRSt !«<]«£ T’t.-.* T.'anncts 

Lm.itrd iA M-mbt' ff St.-s Uni; TiujJ 

A-tt-j-siotiur..- 

DIRECT0RS ; 

A P. VV. Simv-n. T D , F.C^ . ;Ci-aiiir-ji.) ; 

I G.Sart-p.-ir 1 J.P 1 Gcn»:al Mjnaqvt ■ 

Rt. Hi-r.. LuiU AiDo.'I. P C.. T *•. l'.L . 
T.C.3!uuk-. F.Cj 1 .H 1 . 1 . Cats ac M ' 

A. B, Cn.nc-IIM . E. S u.LICrtC' W.3.6.; 
J.ri.Pattisii«n,.V.A.. 

M.E.C.Pilnce. Mj4.. F.C F. 
Talepriar.c:0'-SMT5:a 


OFFER OF UNITS AT22.5PXD EACH UNTIL ,8th SEPTEMBER 1978 

Current estimated gross annual yield 4.88*/£ 

TARGET TRUST MANAGERS UNITED, DEPT T.O.. TARGET HOUSE. GATEHOUSE ROAD. AVLESBURY^UCXS HmTkbT 

f/V.'i- rrieb [ 'jin Tflrggt- So'pcial Situations- Fund l<We declare that I am{we arc riot rusldenl outciderho Scheduled 

iain.es: I £ | units ai2 2 ^Draper ubUlminintum Temiories and I ami we ere not acepnnng ihe units -as. the 

iniiul halcfino £3001 and enelose nomineeis) of any personlsl resident oulsiae these tern ton es. 

' “ ' - iTrua Mananars Lid. "This offer is not available to residents of the Repudlie of Ireland. 

Thisoffer closes on the .Bth SepMinbcr197S 


a cheque made payable toTargotTrust Managers Lid. 

Until lufihwrr.otise pkaflo reinvest all Income in lunher units. [OtJete if net reauMh 


SJs«ituio{s)_ 


J3ate_ 


I 

I 

I 


NameCs) in full Wj h M.i. Min) 
Afld!«s 


M — irmUleanis must Sign and atlnh naitm^aMnssesstparatafy. _ 

WHITE 13 BLOCK UTTERS— TOE CEBTIF1CATE WILL BE KKFARE0 FROM THIS FORM. FT'2/8 G 


I 

L. 


Please le*. rrtt have dexajls of Tmki's Mommy locotae-Sehame Q 5»ie Betlunge Scheme Q “emwy Savinas Scheme □ 

RcgisteiM ui Endlimf No. 94 7546 ar 7-9 B warns Smith ri^s, Lonaeo £C<A1 £U. 


Iota! Ft.f.d? endor management in tno Target Group t'1 2 0.000.000- 




I 1 


16 


gmSMiMI 




COMPANY NEWS + 


Desoutter Brothers down £0.27m midway 


ALTHOUGH TURNOVER rose 
from JES.45m to £9.2Sm taxable 
profit or Desoutter Frotbers 
(Holdings) dipped from £J.S7m to 
£l,6m in the six months ended 
June 30. 1978. 

Directors say that they have 


DIVIDENDS ANNOUNCED 


just started to see an upturn ... 
overseas ordering which together Deborah Serwecs 

w 

factory UK sales 


Current 

payment 

Amalg. Tin mines Nigeria 1.81 


Date Cor ro- 
of spomlmg 
navment div. 
Oct. 21 


verseas ordering wmc n ------ ^ - . 

vlth a continuation of the satis- JJ}f 

actory UK sates should enable [■ JL *t Jlneth iteisira lilt 
the company to at least maintain ] g 


me company w ai ....... ....... - 

second half profits at a similar Le'Bh Milts 
those of the first half. 
last year profit jumped Parker Timber 


level 
For alt 


int 


George Spencer mu 


2.41 

2.48 

0.75f 

12 

5.13 

5.3 

6.08 

(1.76 


Oct. 27 
OcL 30 
Sept. 27 
Nov. 1 


Oct. 17 


2.31 

2.4* 

225 

1 

4.61 

5 

5.43 

0.75 


Total 
for 
year 
2. St 
3.73 


5.15 

6.08 


Total 

last 

year 

2.51 
3J5S* 

3.52 
02 
1 

4.61 

924 

5.45 

2.4G 


Dividends shown pence per share net except where otherwise stated. 

•Equivalent after allowing for scrip issue. 7 On capital 
increased by rights and/or acquisition issues. Z Gross throughout and 
Ln lieu of last year's final. 


from £2. 56m to £3.57m. 

In March it was reported that 
the level of orders received by the 
precision mechanical engineering 
group was above the average for 
1977. However, inflated costs and 
a limited scope for price increases 
• were expected to prohibit a similar 

SJlfftaUCT ° [ tUn, ° VCr al ' d tor roughly 70 per cont 

After tax of £831.000 t £971.000). of total group volume and a new 
net profit came out at £768,000 warehouse ^ office comply to 
compared with £896.000 pro- be opened shortly in uerraany 
viously should spur growth in Europe. 

The interim dividend is stepped Meanwhile. UK demand for the 
up from 2 Jap net per 25p share group's wide range of hand tools 
to 2 475u. Last time a 3.27p final has been good and Desoutter's 
was paid. product diversity should provide 

Thev say the level of orders a cushion against future fluctua- 
received in the first sis months lions. The shares fell 4p to 134p WITH ITS Indian loss down from 
of 197S proved less buoyant than where they stand on a prospective £863.000 to £750,000 and UK profits 
was apparent in the early part p / e of 7Jt and a yield of 7.0 per £20,000 lower at £35,000 the pro- 
of that period. Consequently, as cent, 
most or its products are sold from 
stock, the company traded less 
profitably than in its record year, 

1977. Foreign distributors and its 
own overseas selling companies 


Titaghur 
Jute loss 
reduced 


generally reported reductions in 
stock levels and these outlets art* 
now reporting increased orders 
from their customers. 

• comment 

Desoutter's 


Parker 

Timber 

lower 


tax loss at Titaghur Jute Factory 
Company came out at £715.000 
compared with .£808,000 last time 
in the December 31, 1977, half 
year. 

Preference and ordinary divi- NET PROFIT of ; William Nash, 


Tn the meantime, application has 
been prepared and will soon be 
submitted to the Indian Govern- 
ment for approval in principle of 
the amalgamation of the Indian 
undertakings of -the Sterling Jute 
Mil! companies with the groups 
subsidiary Angus Company. 

Directors say continuing diffi- 
culties with -erratic and 
inadequate - power supplies, 
coupled with adverse trading con- 
ditions caused by exorbitant raw 
jute prices, made profitable work- 
ing impossible throughout the 
first six months of 2977-78. 

Although trading conditions 
improved slightly during the 
period, despite a . late-season 
scramble for the balance of the 
mediocre I97T-T8 'raw jute crop, 
the withdrawal of the export sub- 
sidy on hessians, from April 1, 
1978, and the continuance of com- 
plete chaos in power supply 
facilities — except for a brief spell 
in January and again in June — 
have resulted in the Indian mills 
incurring further losses in. the 
second half of 1977-78. 


William 
Nash up 
at midway 


BIDS AND DEALS 


impressive 


dends. last paid in 1972, are again specialist paper maker, improved 
omitted and directors say second from £149,000 to £202,000 in the 
half results from India will be no h , f a tn Jn i_ s ig7S bu , 

_ previous year. Last year the UK fits in the second Sts' months, 

profits AETER FALLING from £1.74m to contributed a £94,736 profit They say the re&ulte • for the 


growth since the abortive bid al halfway pre-tax profit 

from Compair now seems to haw of parte,. Timber Group ended 

pnna inln ppi'pnw Following last «■> '< v. ", mro .... J.. luab 


gone into reverse, f ollowing last the March 31 1978. 
year’s static second half, taxable £2.74m to £2 .3m. 


There is no tax charge and the first six months were slightly 
____ »uss per £1 share is shown at 50-8p better than Anticipated but second 

^Turnover I 57 ' 51 ”- all last year a £2.01m haI£ profits win be below those 
Turnover w recorded and the com- nflW ^ eported< as C03ts , n 

a highly competitive market are 
likely to adversely affect the level 
of profitability. 

Turnoer for the half year was 
£5. 04 m compared with £5. 54m. The 
interim dividend Is stepped up 


profits have slipped 14 per cent advanced fronTfai-Ofim tP~£OMn. {S*,*’ niut four now reported, as rising costs 

m the first six months this tunc The resu lt is after depreciation n mv rtanta alkSS 

and the company docs not expect „ r £616.653 i£315,544» and interest >ears no SI 5 at xbmu. 
to make up the shortfall in the charges of £307576 (£333.969). Tax Directors say there has been 
current period. The chief prob- takes £1.19m (£I.41m) leaving net little progress since the last ACM 

leni. after the company’s initial profit at Il.lm against £1.32m last either in the UK or India with 

optimism, has been destocking by time. reorganisation plans. Various 

overseas distributors: volume is Earnings per 25p share are matters are under discussion and 
little changed and margins have shown at 18.3p compared with 22p, negotiation in both countries and from 5p to a.5p-— last years total 

fallen back from 22 per cent to while the dividend is lifted from draft documents from solicitors was 9.24p ne ‘ profit 

17.2 per cent. Overseas sales 5.445p net to O.OSp. are awaited. amounted to £294,000. 


Acquisitions boost Hyman first half 

INCLUDING RESULTS of Draka increased by a three-for-ten rights The cost of maintaining the meeting of GaM (Dundee) were 
Foam for the first time, taxable issue. The interim dividend is group’s position in the UK for told of the directors optimism 

profit of I. and J. Hyman jumped 0.75p net and directors intend ladies’ knitwear not sold under that the current year would show 

from £152,102 to £805,267 in the paying a 2.SSp gross total for the own-brand names has become a modest profit 
first half of 1978, to exceed by year, in line with the' rights issue onerous and the group will leave 

some £133,000 the total profit forecast. Last year a single this market at the end of the a v jr«n 

reported last year. 0.196625p net dividend was paid, current year. I £|lfTrl Im/Illlc 

Mr. P. Buckley, the chairman, A one-for-one scrip issue is The remainder of the group has B j CIHM If 1 111 ^ 
says that while It is too early to proposed, and at the meeting to good order books and is expecting ^ 

predict results for all of 3978, he approve the capital increase a better second half but the de- ; n 

will be disappointed if the holders will also vote on changes eision to withdraw from knitwear I ||| 

progress in the first half is not to the group's articles of associa- will involve terminal kisses. ^ 

matched by similar growth in the lion. Thereafter the group will ^ J 1 

second half. Mr. Buckley says the improve- operate from a healthier base and CPOAHfl tlO I T 

Turnover in the period surepd meat In the first half is a reflec- the resources released will be llflll. 

from £2.96m to £7.6m and after tion in part of recent acquisitions used to encourage and expand . SECOND-HALF downturn left 

lax of £427.328 (£79,100). minority made by the plastic foam more profitable activities, the nre . tas Bro Ht« of Leigh Mills Co. 

interests of £4.856 <£3.S8«j and convenor. directors say. £136.586 lower ar£15&293 for the 

estarordinary profits of £132,090. Turnover for the -half year ^ April 30, 1978. At the 

attributable profit emerged, ^ amounted to £6.02m against JJJJ,” ad v^ from 

£504,973 against £69.136 last time. VnftllD D l 1 £j-nm 

The extraordinary item relates to VX • kJ If' V-l 1' V VI. 
the surplus on the disposal of ^ 

Draka Foam’s holding of Hyman £' 

shares * Half-year IlFSl Hall P The halLjear results also in- from^isaim 

»« imt elude £2R.(M10 (xul) provision for Turnover dedmed ^m Of4in 

S'-sr::= 323 MSS profit CUt SMA &?££= 

Sow MAKER OF “Vedonis" knitwear, phfs on ' Se *Je^f * property. Tn {^^rerrSdtitfof SSthSuSV 

V~T*, n P .[° a ' George Spencer reports pre-tax amount of £18.000 (£94,000) K from deferred tax of G4/,6S3 l ml). 

t» wsIct isiIm profits well down at £80,000 for retained. The company operates as a 

Tax- 427.M* 79. 1 00 the half year ended July 1. 1978, worsted manufacturer. 

Net nroni 3T HiT! compared with £304.000 in the nnu;if i pp 

Tn minarirtra ......... ^ same period last year. The result DUTVMABtR RF ACKWOOn 

SSaSS" saJ’Sr! mjm tnkes in trading losses or £223.000 C T. Bowring has subscribed a 

inunSm* dividend 1 rs-iK - in . respect or ladies' knitwear further £3m capital to its credit MORTON 

Retained 43UM 2S5u*« made under contract in the UK. finance and leasing subsidiary, 

♦Relates jo invest morn in Fcathertrrd However a temporary employ- Bow maker. Results of Blackwood Morton 

and somerwl. -Lorporailon tax and ibe _ en , su bsidy a T £126.000 received and Sons (Holdings) for the year 

KS3 1 " “ r'SS’ .. ih7 bLS caird (Dundee) y, iten 

Earnings per 3p share arc restricted these losses to £99,000, delayed due to industrial action 

shown at 3.67p tOJlp) on capital the directors say. .Shareholders at the annual by clerical staff. 



Cool reception for 
new Orme terms 

BY JAMES BARTHOLOMEW 

Com ben Group has taken off |t. ; We ^ areconcerned to do whatj 
the gloves In its fight to acquire is in the best interests of Orme 
fellow housebuilder, Orme De- sn areholders^ - ' : 

velopments. ^3r. WhitfleW said he had 

as well as increasing its offer always wanted a casb offer:, and 
for Orme to 59 Jp per share in the underwritten level of- 57p was 
cash and shares, or 37p all cash, 

it has asked detailed questions which Comben had earlier sug- 
about Saint Phan, the mifring and gested to nun. . 
building company which holds a Mr. Whitfield and Mr. Tanner 
22 per cent stake in Orme and are . also the object of same 
which quickly rejected Comben’s questioning by Mr. Roydun. 
revised offer yesterday. ' Among the . three questions, Mr. 

Mr Donald Smith, chairman of Roydou asks whether they should 
Orme, also indicated yesterday not have arranged; for Onne 
that that he did not approve the shareholders to receive a' similar 
revised terms. “Quite frankly I offer which the pair tad got for 
think they are wasting their time the 22 per cent stake they sold to 
with tills bid.“ he said. Saint Piran. 

Later in the evening, however, Bin ' Whitfield said yesterday 
the full Board of Orme formally that It was now evident that he 
announced that it was considering and Mr. Tanner bad acted well in 
the revised terms and would be the interests' of Oruie share- 
writing to shareholders with holders since they had succeeded 
advice on what action to take. in sparking an offer at a'higher 
In his second offer document, price. 

Mr. L. Roydon, chairman of Com- ^Ir. Roy don also asks some 
ben takes a much more combative pointed questions about the- per- 
line than be did in his first. He f or mance of Orme,' making the 
says Piran has a “penchant for document one of the moat ’out- 
dealing in blocks of shares” and spoken in recent years. 

Asks! “What sort of deal is Piran * rpvisMl terms arg 

intending to do with its holding oStanTESS plu?192p ln cash 
In Orme • j or every six shares of Orme. This 

He notes that since January, ^ 5p per share ln cash above the 
1975. “there have been at least 10 or igmal' offer. At Comhen's 
changes in the members of the dosing, price yesterday of 33p, -the 
board of Piran including, within 0 g er jg worth 59J>p per share of 
the last three months, the orme, which closed yesterday, at 




managing director, the financial 531^ up 30 
controller, and Mr. D. Smith, your ha& rtvlsed Ib 

new chairman. . , forecast and now expects to pay 

“Do not such repeated board dividends for lHTS .af an: annual 
changes bode ill for Orme share- rate of 2267p per share, or 33 per 
holders?” he inquires. cent above the rate for the 

ASfWSWrgC previoui equivalent peTjofl; 
overs .and Mergers when Piran . 0 

STWSJ®! 4 was Compton & 

STS & Webb suspended 

part of St. Piran." „ •• 

“Dft von want your comoany Shares of Compton Sons and 
to £ under the effective coStro^ Uhm 

of a. com pans* in which this sort fBCtuitr. were suspended _ yester- 
of action can hannen™ niYRoy. day at the company’s request just 
°in ssh 0?nSI shareholders: seven days after the company 
® *2* X™ IzSSS announced that bid talks with 

Comben has evidently analysed Vantona. the Manchester-based 
the shareholders register of Piran group had broken down, 

ind Dow allggw tt.t w Awutt nmSSTthStJt 

-3, some 43 percent of Piran s nothing about the suspen- 

shares were revered in the , and thaf it tad not reuevred 
names of overseas holders, rnclud- cnrrmton 

’ niu « da * Compton'i shares 
Luxembourg. Pniisma flUu ttic e n « A d*in— thp nmmpncmii 

P, rE.rt, Who « , thp.ftr.lan “pSdon ^7^1 

shareholders of Piran potential bidder was waiting in 

Mr. Roydon poses seven ques- ( wings, 
tions is all before saying to Orme Vantona currently holds a 9.1 
shareholders: Arc you content ppj. cem stake in Compton. The 
that effective control of your attraction to Vantona. of a take- 
company ^should be in the hands over was that it would have taken 
of Piran ? " the group into a new area of the 

Mr. V. E. Skinner, secretary of textile industry. But the group 
SL Piran, last night declined to mid that bid talks had failed 
answer any of the questions or because it had been unable to 
comment in any way except to agree a price for the remaining 
confirm that St. Piran did not shares. 

intend to accept the revised offer. At the suspension . price 
But other significant holders of Comnton is valued at around 
Orme stares. Mr. Peter Whitfield £7.3m. Last year, pre-tax profits 
and Mr. ' Bob Tanner, who still fell from £2.4m tn £i.8m on a sales 
have 5 per cent between them, drop of £650,000 to £1&5ra. In its 
did not reject the offer out of last accounts Compton showed 
hand. Mr. Whitfield said yester- shareholders’ funds of almost £8m 
day: “We will certainly consider excluding deferred-tax of £L8ra. 


Sir AJastair PiUdngton 

Pilkington chief names 
retirement date 

BY ANDREW TAYLOR 

- piikinoinn inventor earned £33m pre-tax . profit from 

OI s ' 5 .»«^S <£ 

SfeSss j&ttr&ssrs-tst 

chairman of PUKingt that he tad always intend** 



^.^oldere at PilWogtSS's glass is floated on mofien 

to shareholders at r & He annnbitod 


- tin— in 1952. He was appointed 

A ite Ts S d be‘ replaced by Mr. to the Board three years later. . 
Antony Pilkington, who has been It was not until 1939 that the 
with the group for 19 years and first glasss using _the float teeb- 
te currently chairman of the nique was produced com memafly. 
European flat glass division. Mr. Later developments have metaded 
Pilkineton is 43 and a member of the electro-float process to pro- 
the original Pilkington family duce coloured glass, 
which founded the SL Helens- Pi kmgton has granted Ucencei 
based company in 1S2U. to use the float process to glass 

Ste Alastair is only a distant manufacturers fn countries rang, 
relation to the Pilkington family ing Tram the USSR ani 
but has had a dramatic impact on Czechoslovakia, to Japan and -On 
the group through his float glass U.&. bir Alastair uas Rmgh ted for 
process which is widely used by his services to exports in 1970. 
glass manufacturers around the At yesterda/s AGM Sir Alastair 
world under licence to Pilkington. said that: Overall trading comb- 
The first licence was granted in tions seem to be improvtiig 
1962. and over the last five, years slightiy. although demand is stft 
the group has received £120m in low in many countries in which 
royalties and technical fees from we operate. So far this year wc 
the process. Last year the group are on budget. ' 


BCCI loan reserve 


Bank of America, a major and closely controlled since they 
shareholder in Bank or Credit and contain highly sensitive, prifi. 
Commerce International, stated leged, and confidential inlorma- 
yesterday its “present opinion tion." 

that BCCl's loan reserve has been B of A . said in its state men t 
established in accordance with that it supported “ the increa* 
prudent risk management ingly tighter administrative con- 
practices.” trols which BCCI has- adopted" 

The bank was responding to a It insisted that the points raised 
recent affidavit filed in a U.S. in the affidavit had tad nothing 
court. This cited an audit report to do with B of A’s decision to 
on BCCI prepared by B of A reduce and eventually sell its 
which was critical of BCCl’s BCCI shareholdings. The reason 
management and loan policies, for this decision related only “is 
ln its statement yesterday Ganges in .market conditions, 
B of A said that the points made particularly in the Middle Bast, 
in the affidavit "appear to be which make it appropriate for 
taken from B of A credit review both institutions— the bank and 
files.** It added that such review BCCI— to discontinue the relation- 
files are “ analytical, conservative, ship.” 


m ,s" 


Institutions unhappy with Legal & General is 
Pearson Longman price Glanfield suitor 


*> !■*. : l i i 


BY CHRISTINE MO« 


BY CHRISTINE MOM 


Results due next week 


Next week’s list of companies to that the company’s nnnounce- event this is the group's slackest has increased by roughly 4-6 per 
makin.* orofit announcements menl that it will consolidate Sohio season and w ilh the bulk of the cent but advertising costs and 
L nc c ,hn onliro inrtiit. tier the first lime! from January group’s profits falling in the reduced margins could shed 

stretches acro.s the entire indus- 1 and there j_ s overall ennfusinn. second half taxable profits ol some of this gain. After last 

trial spectrum, including many Nevertheless. their estimates between £15m and £I8m for the year's poor showing on the soft 

market leaders. Interim results croup tin? attributable outcome year are looked for, compared drinks side, some recovery 
art? due from Imperial Chemical at between £I29m-£l42ni. cuing a w ilh £34.2m. There are hopes that should be possible Xhough poor 
lndnslriev British Petroleum, first half proUte figure of between the dividend will be maintained, weather and the threat o£ tied 
Peninsular and Orioniai steam 12 an d £220m. This compares Estimate}, of BICC half year pre- house arrangemenib won’t help, 
reninsuia 11 "J with £2543m last time adjusted tax profit-?, due on Tue-iday, In the grocery tlifision Price 

Navigation Cum pan?. BICC and fnr jtdi 9. Second quarter profits range from £27m-£2Sm (£23Jim) Commission antipathy to the tea 

Cadbury Schweppes, while Pie&>e> ^■ ron , the Forties Field should with forecasts for the year trade has had an adverse effect 

nririt nn0UnCe lls “ r5t fi Ulirlcr show- an impnyvcmeni over the between £53m and £33m i£47j»nu. though this could be balanced 

pr0l,lf first three months ;is Ihe number Much uf the current debate sur- by the impact of higher con- 

ICl’s results are usually judged of barrels produced per day has rounds the longer term impact or burner spending. Overseas. 

as an economic indicator, so its risen: also the continuing TaJJ in recent management changes but Australian profits are already 

first half profits, expected on the value of the. dollar will have for the moment trading prospects 10 per cent down but the U.S. 
Thursday, will arouse keen cut refining costs in Europe look a little better. Balfour Beatty picture should prove more 

interest. Generally, prices cal- (including the UK » and given a will probably lead the pmflls positive. For the -full year pro- 

t hough siill unsatisfactory) have hnnst to margins. However, (be growth with contract completions visional estimates range from 

been better and volume h.is been substantial exchange gains of the coming through overseas-. Some i5L’m-£53m (£4Sm). 

inching ahead. However the mar- first quarter will not bu repealed benefit will also he felt from the \i vestcrday'.s annual meeting, 
ket is still weak and there is no in the second. absence this Limp of £2m in ptessey's chairman. Sir John 

certain ty liiat this can be main- Forecasts for 1* ,V Os interim dusitrc costs at Scottish Cables, (jjark. gave no clue to the /ini- 
tamed inrough to ihc end of this re!sU j^ due on Wednesday arc v hile the consequent transfer of pany - s first quarter results, which 
year Nevertheless, .second quarter qu | le wide- ran- ing ii> the market. v °rk lo Wreitam should boost arc du e out on Tuesday. Tt is no 
profits will show an improvement individual brokers arc preferring prohb! there. First lime contn- secret that trading been pretty 
over the first three months and not ( 0 b c mo precise about the billions from Dorman bmith and dull . however, with' the order 
p?-n VSlS a i' C (i f Si re , C ' l Tu-" between fi wrei{ fnr there are many Brothers will help the position slack in both home and 

-l->0m and _14Urn. This will gi\c imponderables to be set against industrial side but the important overseas market.-?. Although the 
n „j rC M-o J‘'r ure »i at lhp gloomy warnings from the overeeas interests (more than half Joshes at Garrard will have been 

I 2 ' 1 -,?! ^STnoliy « J 1 c 5u l " company. A typic:d forecast gives . tota J profits last year) are reduced, it could still be in the 
pared with 13 Wm b«t time. The P & 0 tax - H bf,- profits of between Mcrfjr to be hit by 


currency rtlc i to June 0 f around £Im 


movements of sterling suggest £^ n] an j i'.lm excluding ship sale movements, particularly in Aus- f or (be period. Overall, analysts 
will be little exchange profit Tl lc group could have _ _ are expectiug profits of between 


that there 
adjustment in the second quarter 
compared with the £7m loss in the 
first three months. 

BP's decision In adopt EDtJl 


The group 

been trading at n loss in the first Cadbury Schweppes has JElJm and £12m for the three- 
four months. Freiqbt rates in both already hinted that interim month period, compared with 
dry cargo and bulk markets have profits, due on Thursday, are not £12.4m restated. 
been more volatile than usual, and likely to be much different from Other results to note are 


has created a certain amount of the group is having difficulty in the £IS.7m recorded last time, interims from Blackwood Hodge, 


caution among analysts forecast- 
ing second quarter results, which 
are due out next Thursday. Add 


replacing long-term charter Estimates are therefore grouped Guardian Royal Exchange, Richard 
business with charter business aroum! £19m. Confectionery Co-.tain. with finals -from Decca 
anything like as profitable. In auy volume (in line with the sector) and Guinness Peat. - 



Announce- 

Dl\-idi. lid ID 



.VmiwiK* 

Pi 


Conipaii;- 

iiivni 

i.asi j'.-.ir 'Ihir- rear 

Ci-mujnv • 

nirm 




due 

tut. 

Hn.iI 

tm. 


.Iim 

Ir.r. 

I'ldat Ui 

FINAL DIVIDENDS 





Hnri;nn Mrl-mds . ... . .. . ... 

TUc'dav 

O 01335 

2JJ5TH1 

A»J PmjK-ru-5 

.. 

i : 

? 

I 3 

ImrxrMl Ch- mical Induwn<*s . . . ... 

Thursday 

P.n 

T.jiaJt 

Aysjrn IW'-WW"! 1 ! 

... Taur^day 

— 

7 O 

— 

I .K. 1 mins! rial Ir.fvSt/nentS 

W'-iliii-sday 

1.1 

t^i . 

Fnmli Electric Tra-tioo Co 

. . Thursjjy 


% 

i.i*i 

la Has il.d-.urd* 

TiiLSduy 

f'9l?S 

oj m 



. .’.Tonda.v 

i. 1 r,-. 

1 _!J"i 

ii :*25 

lojitdijn .*• Kuro?v an '...-oup 

Thupjl.iy 

Ml 


«»pM1ll iF.l 

.. Till v| »jr 

— 


— 

M«-»at l li*s|lP> (trmin . . 

Monday 

i ; 

2.5116 

Cray CW-rronu."* 

... t rida: 

11 1 

•i.v: 

0.11 

'lurri? /. W*».y Wall P-iprr. 

Tiii.sdas 

1 71 

U6 

niwi .... . - 

. TU-vdav 

r i« 

i.fii -'ij 


V «n,i*iil s.-vJ Kunnu llolduws - 

WviJii. sday 

i 10.9 

IJ9T2 

niolom.v Inv. ... ... 

. . Tu."?i ir 

I T-.J 



Surllll .<"*1 Pi .i.-o?!. . 

Tu.sd.iy 

o ;» 

i.0sa» 

F»orranra Tro>fv aM Trs>nyp«n . 

. .. Mnrtlii'' 



0 *i 

r*'r- * itti.tfn 

Tu-.-sda: 

1 Cs 

3J4 

Viicwilloo 

. . Muml.1'- 

■ ■ 

1* l !■ 

1 1 

Puunsiil.ir i ur-r-.ul Sleotn %.i%iKUlimi .. 

Wydn.-*lav 

■Ml 


UultifKSs pear 

.... Wvvluisdjy 

• .» 


1-3 

.\«urarc: Co 

(Vrdii.-niay 


.77 

Sjritlc «.».• ijonjon Cmna 

.... TQV'dar 

U-4 

'.Wt 

ii. i 

Pitlu/1 croup .... 

Monday 

i.unaoti 

t.(WB3 

We5i ot Eo.laml Tru>t 

.... Monday 

B.ij 

•.7713 

n.do 

tTovidi at r inaniiat Group 

Tuesday 

« KI33 







Rv»<n«s Uwmicals - 

Monday 








Rotor!' 

W'-dru-jdav 



INTERIM DIVIDENDS 





no-* ion tto;cl> 

Wt-diwsUay 




... Thtirsda? 




Stakisptar- • Jovpb • anti Co. -. — - 

Prtday 



BICC - 

.... TnfSday 

-3-1 



sharoa War, . 

Ttaorsdd}' 

O.MJ 

l .ms 


.... Tuesday 

l>.>K«7 

l.IWUS 


Sharp- and Fisher 

Thursday 



Bdush Pcirolctun Co - 

... Thursday 




sun .vihanc- and LoRdoa Insurance 

Wednesday 

10.0 

10.151 


.... Fnday 


u.r 


Trade indvmmty Co 

Tuesday 

■■1.07153 

iKSSO 


.... Thursday 

ij 95 

00145 


Travis L Amutd — 

Wntnusda;- 

O.Wlo 

3,1259 


Monday 

Z.j 

ti.ii 


Uasou l-Uiancv Corporation .. 

Wodncsda? 

(I.6C3 

I.CS 


.... Thursday 




Wbiiun^hani ilVm • <KttUs.* - ....... 

Toc^d.-iy 




.... Tftursid*.*' 




tlt.i and Son .... 

Thursday 

O.a 



... WrdflHSda? 

I'.J-j 








.... Ttiunday 


1 -’13 


INTERIM FIGURES ONLY 





. . Monday 

0SR3 



Exwufvx ClotJhs 

Tucfdjy 




.« TooisdJy 


r.l 


Mu!"; ■ M. i i Sun 

TfcursTa* 




. Thursday 

! - 



Pl-sai^y 

Til'Jdir; 




. Monday 

1.7.' 

a.Ll 


Puyal Bank uf i^madn 

TiiursCay; 




.... Thurbdar 


i.t.jwn 


Scoirish Ea^oni l7i*-:5tjncr.; Tni.n 

Monday 



C.inntmn Ro'ni Cvtuf>K- Asatmuicp 

. WY(tm:.«4 

j ; : » 

diiiji 


* D(r!i;-iuv Mioun R-t o ne. p.?r share airi adju 

tel Hr sd;- 


H-.cnerUi Ceramic Hoidicis 

m* ivcdotauuy 


1m 



quiirter. 



The price S. Pearson and Son basis of PL’s current profits Legal and General Assurance Staffordshire, has purchased- -tte 
is offering the minority holders which have been depressed by Society emerged yesterday -as the capital of Wilshere Deacon ed 

of Pearson Longman in its plan strikes. And that is wrong.” bidder for Glanfield Securities, the Company, insurance brofcers, ttf 

to mop up the outstanding 36.4 The outcome ofthe institutions’ property and investment com- Leicester. ' 
per cent of the equity, is not decisions will not be known until pany controlied by Sir Jack Lyons The acquisition will enable AH*- 
finding favour with some iustitu- the day of the special meeting. an <* «« family, the founders of shere Deacon - to provide.'-.Hdi 

tional shareholders. None of them has a significantly tngl giant retail group UDS. extended and more comprehessto 

Yesterday, a spokesman for one large holding. PL confirmed The deal; which ts entirely for service for its clients iu tfle Set 
Institution confirmed that he yesterday that the largest indi- shares, will mean that the Lyons Midlands. ' Vx-. 

would be voting against the pro- viduai stake was just over 1 per family ends up with a 2 per cent ' 

posed merger at the meeting cent. stake in Legal and General and ■ 

of PL’s shareholders on Sept- „.j.i u n lhe assurance company gets a 

ember 19. SiiKfS mixed £8m PorUolio including a 

At least three other invest- per cent stake in UDS. 

ment managers have also said ^er^-ent The terms are 23 L and G shares . . 

they will vole “ no” and o further 2f-£SSfSL2 ' ,5 ^! for every' 10 Glanfield, which agreement of July 1977 under 
four have not yet made up their 1 va lues Glanfield at 384p per share S hlch 1 a *? P er cent intere^ in 

minds but acree with the dis- *H^° n *,^l around n o_thirds of against a suspension price of 305p. Grimsby Caravans was acquired. 

jpnrpiM' vIpw tVint thp nripo Icinn UlOSO SHaTK. Prpfpi-pnrp charahnMan: not fn, . . But tprtt^ld-HnrrPv has Wild the 



BUTTERFIELD - 
HARVEY 

In accordance with the terms of 



Berners’ view that the price is' too 
low. 

Each of them stressed yester- 
day that the matter was purely 
one or investment decision.- No 
principle was involved and there 


Preference shareholders get four Buttertield-Harvey has. paid the 
,, . , L and G shares for every nine. second instalment of the con- 

McKECHINIE DEAL In total L and G will be issuing sideratiou amounting to £80,943 w 
u;itu rtriUMrc 4-8m new sbares for the purchase. tl1 * allotment of 53^50 ordinary 

Wllrl : LltllNlNIa. .which -will increase ■ rtkV:. own shares at 76p per-. share and the 

McKechnle Brothers has pur-’O&^ary capital- by around. per bala tree .of £40,473 in cash, 
was no question or setting up chased from James H: Dennis a'tent and itis oolvency margin by 

special committees of the institu- con trolling Interest (SO per cent 6 per ccbL . NORMAND cat F 

tions protection committees. of the shares in La Comubia SA Since L and Gs year end iwwnniiD oaix 
"I feel that the merger terms, for £332.000, of which 1250,000 has solvency margin was 60 per cent For £140,000 cash Norwaro 
are not sufficiently generous to been paid on account. The price widening the capital base was not Electrical Holdings has sow 
the minority holders," he said, is subject to adjustment when a prime reason for the move. Thomas Walker and Son to a 
‘A number nr us believe that the accounts for the year ending Glanfield has a clean mixed port- Birmingham-based private coo- 

■ *- * - * • — — " * - .... whjph in ari/iiHrtn fhn. rim.' nam- VhalnU Vnirinanrin/r 



February 

_ . ..jlkcr earned 

through a greater premium.” copper sulphate and copper based House, a modern office block in profits before tax of £28,000 and 

We also think- that Pearson fungicides at its works in Leeds, and a mixed equity, fixed had net tangible assets of £lS5j)W 

interest and cash portfolio. at that date. 

.The bid is already a technical 
v shut out." The Lyons family uiorDCivcc 
controls just over 60 per cent of nAKuKtAVta 
the ordiiwry shares and virtually Hargreaves Industrial Services* 
ail the preference shares. Already a subsidiary of Hargreaves Gra“? 

family interests representing has acquired Bulk Waste Disposal 

5L94 per cent of the ordinary and Company, from the Maurice James 

9a per cent or the preference have Group. 

given Irrevocable undertakings to The company trades as a solid 
accept. waste disposal contractor W 

Durham and Tees side from a bag? 
MORGAN TNS1CF at HarlepooL It will be integrated 

mSdc into Hargreaves Clearwaste Set- 

Dnuikc.no vices which provides solid an® 

.... .... . , , — Morgan and Company Insurance liquid waste disposal services a* 

of children s activity product.^ and others (Bernard Sunlcy Brokers, Newcastle-under-Lyme, well as oil recovery. 


has worked out its price on the Bordeaux. 

Letraset acquires 
Salter group 

With the purchase of the pursuant to recent rights issue. 
Thomas Softer group of companies Percentage of equity capital in 
based at Glenrothes in Scotland, which member is interested is 
Letraset Interna tional is round- therefore confirmed as 17.4 per 
ing out its investment in the field cent Similarly J. H. Robertson 



Tehidy /South Crofty 


following the acquisition of Family Settlement) has taken up 
J. and L. Randall earlier in the 3,129,358 ordinary shares and is 
year. confirmed as interested in 17.7 per 

The consideration is wholly In cent of equity, 
cash, and is being paid In two Cattle's (Holdings) — W. Beech, 

instalments. An amount of director, sold 30,00(1 shares at 33Sp _ 

£*©.".000 has been paid and a on August 29. ' directors of Tehidy iMIoerals 

further £308.000 is due on Scpiem- Trust Houses Forte— Kuwait r ® ceivc , compensation 

brr 1, 737*1. This will vary , word- Investment Office has a^Time ™ ■J=ff? n I 5 r . l 2 ? i ° f £ hould 
mg to a pre-de term inert formula in 5,045,000 shares <5.01 por cent) «P . w € 5_fil d “srecd takeover 

related to the current year’s Lawrie Plantation HoldinsL^I S “ al £ Crofly be approved by 

performance. Audited accounts Jorchaut Holdings has bou-ht shareholders on September IS. 
for the Sailor Group show net jsjoo shares. Jorchaut and sub, ^ compensation proposal, 
approximately Ilm at j a tei. now hold 1,223,549 shares -^hich applies to all directors 
entt-ltii.. . (48 per cent). except the managing director, is 

baiter is best known for itx CaaDie and Chemical Products oa i flte formal offer 
chemistry sc h«. microscopes and —Norwich Union Insurance croup documcnt.- 
etcctronic.s kits and has recently Holds 3,702^79 shares (5.021 per A>uth Crofty. which is 65 
launched a new model building cent). 1 

kit known as Linka. It has 


per wnicn is »a per 

cent owned by Saint Piran, is offer- 
a Carr's Milling Industries— Hey- ing five of its shares for every 
gates has recently bought 13,000 four shares in Tehidy, but there 
shares and with associate com- Is an alternative scheme under 
pa uies holds 656£00 (13JL3 per which Saint Piran will buy back 

In order to maintain the un- ce S^'*' , , ^ .. .. , any shares i Issued 

closed status of Thames Plywood Gen S??_ ConsMidated Invest* m connection vmh the offer for 

Manufacturers, Bankfield Property !” e,lt Trost— Pearl Assurance has S6p. ■. , 

Associates has sold 25,000 shares. „te*M0O T 1 ™ j s JS? a,raten ‘ to putting a 

- - shares to 1,472,500 (7.938 per value of Top on each Tehidy share 

cent). and values.the company at £2.05m. 

Initial Services— London and Yesterday. Tehidy shares closed 
Manchester Assurance holds at 68p and those of South Crofty 
109,000 5JI5 per cent preference atS7p. 

shares (2723 per cent). The document dlwteses that 

, Blackman and Conrad — D. Tohidy’s mineral rlghte, most of 

Blackwood Hodge— J. H. Robert- Alderman, chairman, on August which have been leased to South 
ton and others (Mary Sunley 24 bought 3,000 shares, . on Crofty. have a value of £l^Sm U ,u v 

tak?° «P August 25 20, ooo shares and on The leasw are the main asset of 
U33,i 16 ordinary jdiares Issued Aus ust 30 a, 000 shares. the company, although Iasi year directors resourcc * 


significant export business. 

THAMES PLYWOOD 


Bankfield now holds 1,531,920 
shares which, with directors' hold- 
ings of 10.354 shares, amounts to 
1,542.274 (64J2R per cent). 


SHARE STAKES 


it bought the Delabole -.sW 11 
quarrj' which j s now runnoS 
profitably. 

The Tehidy directors are rect® 1 ’ 
mending the offer to the sharp- 
holders and have accepted 01 
respect of their own hofdfflej 
which make up 12.6 per cent # 
tite capital. Saint Piran aireadT 
holds 25.S per cent of Tehidy; ' 

NORWEST HOLST 

Documents relating to tn* 
cancellation of Norwest Holst- Wg 
stock and the purchase £ 
development property in Lee® 
for £l.65m have been posted WJ 
sbarelioldenr. Approval is beW 
sought for the schemes at an E® 1 
on September IS. ; • 

Norwest is offering to buy 
cancellation the whole of 
outstanding 7 per cent convert;®! « 
u.uecured loan stock 1984 at £ly 
for every £100 of loan stock ht*» 
The proposed property . P^‘ 

chase is at 97-121 Vicar LaW; 
Leeds, with the consideration W 
cash. ■ 

Both the loan stock and proP*S 
deals .will be made out ol.tK 
















4 1978 




nes 


ft 

? J ttatC 

i v e 

he 5anZ 

'wtafjj 

t " a - 
* ww? 

,Ji im us 

:„} ht C ; 

it S 0ni ®Bt 
1,1 ' h «ti» 

,P ro «a w . 

■a»;^ 

'■i^niei 1*. 
^MtSS | t . 
‘ rounirk; 
’• . VSSB 
' Jspac ^ 
"'*- knuh* 

%■*» «■• m 

AOM Vir.^. 
d!1 »ndni; t 
he ItDpQ. 
’ demand „ 
urine, in , 
far ihii $~ 


rolled Sim. 

ienciutt r 
idenda! 5* 

in Vs tie 
?d “the k 
minrstrjw 
11 hai as; 
the point: 
Ivd hade 
f A'.- tecs 
or.aJiv / 
»-!■. The t 

relaiM rt 
jrkt.-[ one. 
iH- Midi: 

j-jprppsi 
;— the » : 
:ir.u: ike*: 


:lld 


Times Satarfay September 2 197 S 



OF THE WEEK’S COMPANY NEWS 



A?* 

'iJS 

J* 


and mergers . 

Tns ? of ao «PtaiMsefi and Strategic baying by 
feSj en Assw^atca Bntiwetii* vidbSri in its efforts 
for £Mm. Associated Engineer- 
ISS 5 m0rt thin 50 p«f cent of Ffoidrive and has 
# Th ®‘ statement -followed the 

S8?n&S£ t * M LSS er on August 25 «**£ came less than a 
. thft rtvai Wter, indicated it was 
^^^™i? n if^ are ' CXcJuQg? : Tilling accepted defeat 
»*a^iraed7all acceptances to itsoffer. 

*** its oil and exploratlon 

‘ g*”* 5n Australia in a deal- worth' £20.8m. 

group s ^^reholdings in three Quoted 

58 £ 8 ?' ESSE*. ***** in th « Cooper. Basin, South 
interests are being. bought out by a group 
^^^^S ^y Boarf Corporation and Endeavour Resources. 

c ? ntro1 <* Tridaat Group .Printers,'- the 
newspaper publishing group based in' Surrey, 

Holdings, a private 
^ Tnd ^P_t , S chairman Mr. Remo Dipre, has 
'tSIStonitaS ? 0m fi3p to ^ per share, andwet instant 
SSSIS 11 ?^ torea&to on-the ground* that the 
fl^^e^\Ai^ nad< S“ te * The tfrwtw*' rejection of the 
SSmlHpi 2™ claimed support ot^O per cent of the 
^cgddere. was based on the fact that Tridant bad entered a 

S2J7 P , *5? lts P ro spects far outweighed the bM. The 
Sj^SSi fUrther "^W**** by Thursday’s announcement 
SiVfi 8 JV* currency taking place which could lead to another 

LndeVJdJnt"^ “** «■» “■*«■ of tto mm**. 

• A . 4 ® roup of Shareholders in Oliver Kbc is mustering 
HESS 11 ! 1 ? ^ e Pi?P« ed merger with Manchester Garages. Mr. 
ti^ rry i'^ Ce Dt ®* ac fc* , °od in Gwent, who is leading the opposi- 
non, last weekend circularised shareholders ownfng 10,000 or 


more shares and now claims verbal support for his attempt to 
defeat the proposed, merger from shareholders representing nearly 
10 per cent of the equity. 

Dison's Photographic has pulled out of its £lSm retail 
business in Holland and Belgium with the admission that the 
operation had not produced a reasonable return and that profit- 
ability was worsening. The company has sold the entire Dutch 
subsidiary, which rah 64 shops in Holland and a further 10 con- 
cessions in Belgium, to Holland's largest retail chain. Vroom and 
Dreesmann Nederland. V and D is paying 12.63m for the Dutch 
chain and will assume responsibility for loan capital of £'i.9m 
owed by the subsidiary of the group. 

A near-30 per cent stake in Nelson David, the Welsh-based 
motor distributor, has been acquired by Convey, a new private 
company. 


Company 
bid for 


V alue of Price Value 

bid per Market before of bid 
share** price** bid (£m’s)T* 


Final 
Acc't’cc 
Bidder date 


Company 


Half-year 

to 


pre-tas: profit 

<£D00) 


Interim divide®^ 

per share tyv“ 


Weston -Evans 




156 


110 8.4 


Wcstoa-Evans 


156 


156 


133 S.4 


JTham & Midland 
Counties Tst — 
Johnson and 

... , Firth Brown — 

* All cash offer. * Cash alternative. } Partial bid. S For capital 
not already odd, * Combined market capitalisation. Date on which 
scheme is expected to become operative. s * Based on Z 1. 8. 78. 
ff At suspension. I; Estimated, ss Shares and cash. V Based on 
l.'S 78. 


PRELIMINARY RESULTS 


Company 


Year to 


Pre-tax profit 

<£000j 


Earnings 1 
per share i p) 


Dividends* 
per share (p) 


Value of Price Value 

Company bid per Market before of bid 
bid lor share** 1 price** bid l £m‘a j * • 


Final 
AccTcc 
Bidder date 


Bonser Eng. 
Cornereroft 

Cross le> Building 
Products 
Custamagie 
Eastwood (J. BA 
Eastwood (J. 8.) 
Fluldrive Eng. 
Hen shall (W.) 
Lyons (J.) 

Ormp Devpts. 
Prarson Longman 
Tehldy Minerals 

Triduut Group 
Printers 
Wades DeptmL 
Stores 

Wades DeptmL 
Stores NVV A 


Prices In peace wiitss etheheUe Indicated. 


43* 

42 

36 

2.58 • 

Kaye Or"an. 



83* 

63 

aG 

1.G2 

Armstrong 

Equipment 

— 

105* 

104 

64 

7.07 

Bu water 

_ 

21* 

16 

194 

1.10 

Mooloyu Ins's. 


132* 

J42 

90 

31.33 

Cargill 

— 

160* 

142 

125 

38.22 

Imperial Grp. 

15/0 

92 

no* 

92 

6.32 

As&Ofd. Eng. 



20* 

211 

- IS 

0.50 

Borhoumc 

_ 

154 

132 

97 

60.52 

Allied Drews. 


30!Ǥ 

5 2i 
2ol 

•IS 

10.59 

Combcn Grp. 



194 

IftSJSS S. Pearson 

■ 

68 

<2 

2.13 

South Crody 

— 

80* 

so.t 

55 

3.5U 

Starwcsl lnv. 

— 

102;* 

98 

63 

2.11 

Assoc. Dairies 

— 

9S” 

!IS 

60 

2.56 

Assoc. Dairies 

__ 


Abwood Machines 
Ccntrovineial 
Crouch Group 
Francis {G. K.) Gp. 
Fraser Ansbacher 
Grippe rods Hldgs. 
LJnfood 
Mills & Alien 
Stoddard HoidgS- 
Sobnnie Hldgs. 


Mar. 31 
Mar. 25 
Mar. 31 
Mar. 31 
Mar. 31 
Apr. SO 
Apr. 29 
June 30 
May 31 
Feb. 28 


42 

US) 

J.O 


0.375 

10.25) 

2IHL 

(259) 

— 

t2.ll 

Nil 

(Nil) 

449 

1406) 

5.6 

|5.7> 

2.975 

12.723) 

229 

(241) 

3.2 

(5.5) 

3.95 

1'l.Jul l 

14 

(1.1I2IL 

— 

l — l 

Nil 

(NU) 


First Castle Secs. Aug. 5 - 
KCAIntf. June 30 

Ladbrake July4 

Lovell (G.F.) Apr. 29 
Macfarlonc Group June 30 
Mttbws. Wrightson June 3D 
Mix concrete May 31 
Nu -Swift June 30 

Pearl Assurance June 30 
Queens Moat Uses. July 1G 
Quick ( IL and J.) J une 30 
Robinson (Ttans.) June *50 
Scot. Agriculture June 30 
Slouch Estates June 30 
Small & Tldmas June 30 
Thurgar Bardex June T7 
Weir Group July 23 .... 

i Figures in parentheses are for corresponding period ! 

Dividends shown net except where otherwise slated. 

* Adjusted for any intervening scrip issue, t Gross. L La-s, 


103 

(45) 

1.005 

(0.495) 

1.406 

(636) 

Nil 

10.1) 

13^00 

(10,930) 

3.S 

i3.b) 

11 s 

(62) 

2.0 

(Mill 

527 

(304) 

2.1 

(1.813) 

Li iO 

(3.383) 

3.595 

lo.22' 

626 

(476i 

1.42S 

1 1 .227 1 

551 

(514) 

0.725 

lOOfik. 

1.J70L 

I220JL 

3.85 

( 3,85 1 - 

136 

1101) 

0.25 

(0.135) 

069 

(450) 

H.SS 

tOL8f<; 

291 

1364) 

ojits 

1 0.737 1 

1,100 

(2.000) 

0.1) 

1 5.0 1 : 

3,790 

|3.146i 

tn 

r 0.7.1 1 

127 

|17)L 

l.l 

(1.0) 

222 

(S4) 

0.3 

(O^'i 

4,520 

(4,530) 

1.864 

I1.CJW) 


373 

5.160 

4.975 

70S 

64 


(229) 
f 5.S10 > 
(2.62$) 
aon> 

1117) 


12.5 
24 S 
37.2 

4.4 

1.4 


i $.91 
(JS-Oj 
1 23.9) 
( 8 . 2 ) 
( 1 . 6 ) 


4.64t (3.5S»t 
9.397 (8.485 • 
5.0 I Nil I 
1.53 11.32) 

l.TS 11.665) 


- INTERIM STATEMENTS 


Company 


Half-year 

to 


Pre-tax profit 
(£ 000 ) 


Interim dividends* 
per share ip j 


Amott 
BBA Group 
Boustead 
B rammer (H.\ 
Bridgewater tst. 
Britan ufa Arrow 
Cenient-Roadston 
Church Si Co. 


July 8 

722 

(60S) 

5.0 

(4.01 

June 30 

3,7111 

13.120) 

U.S7S 

<0.798 

June 30 

14,210 

( 12_2 oDj 

0.7 

(0.7) 

June 30 

2.530 

1 2.000 1 

1.8 

( 1.4) 

June 30 

4(5 

1 297 1 

4.3 

1 -4.0 ) 

June 30 

3SL 

1 2^.19 iL 

Nil 

1 MI 1 

July 12 

SJ)30 

(6.620) 

1.52 

*1.1" ) 

June SO 

837 

(Uadi 

1.0 

1 0.7) 

June 30 

3.601 

12.056! 

1.3 

il.]) 


Offers for sale, placings and introductions 

Treasury* Stock: £67.38m 9J per cent Treasury Stock 1981. _ 

Scrip Issues 

Marshalls Halifax: One 10 per cent Cumulative Preference for- six 
Ordinary. 

Warren Plantations: One-for-one. 

■■■■■MBnnBMMaaHUHUMHHMHHHBBda 

Rights Issues 

I5TR: One-for-sevL-n at L!S5p. “ 

Dorado: One-for-three at 65p. 

Houden Group: One-for-Four at 65p. 

Initial Services: On e-for-fuur at 74p. 


SHOULD I SELL 
MY SHARES HOW? 

Gone arc the., days ■ when a " sound portfolio" of- shares, could 
jusv.be. bought and forgotten.- 1874 proved that! Today's Investor' 
bias to be Jert.' -Buying tomorrow*; favourites* at- today’s prices.- 
And. of course, remembering when to sell them. Before the 
next " }974." That’s why the FLEET STREET LETTER. Britain's 
oldest newsletter, emphasises the importance of knowing when 
to sell. ... . -*•- 

The only way to be sure the FLEET STREET LETTER is right 
for you is to study a copy and judge for yourself. So, just complete 
and return the attached coupon* and we will send you a FREE 
COPY. Phis a. list of ail our company analysb recommendations 
over the last year, and how they have performed. Phis a detailed 
analysis of F S L r s latest ideas — two companies which most other 
investors have not yet discovered. 

And all that without any further obligation whatsoever. 


HH. 

I rreosc teno me a rncc copy- or tjl wiuiouc aougauan. . FT], 


| To: FLEET STRST LETTER. 80 . Fleet Streep London fiC 4 T 

| Name .....m....^..' 

I Address * 

I ' 

I - •• • 

I Please send me o FREE copy, of FSL without obligation. . 


UNIT TRUSTS 


Preaching the virtues 
of varied markets 

Chieftain Fund Managers . ceie- Noi that' the new fund is tp 
brated their second birthday this concentrate -on growth In income 
week with the' launch or another alone: growth in capital is an 
fund. This, the fifth in Chief- object too. Whether the two can 
tain’s stable, looks ai first sight be comfortably reconciled really 
to be something of a throwback remains to be seen. It has to be 
to an earlier and less highly said that most af the successful 
specialised age. for il is called performers of recent years have 
Chieftain Income and Growth. Jn not attempted it — though they 
fact the thinking behind it i>i might have achieved it in- 
sharper than the title would advertently ias in rhe case of 
indicate. some of the high income funds). 

Chieftain argues that its very Qne or the roost successful of 
successful High Income Fund has. growth trusts, M and G’s Recovery 
perforce, to invest in the shares fund, has never made any senoas 
of a relatively limited range of attempt to produce an income 
companies; and that while these worth having, and at the moment 
companies offer an impressive it yields only just over 4 per cent, 
level of immediate Income, it is An undiluted concentration on 
not necessarily a level that will recovery 'stocks has nevertheless 
rise. By lowering the yield served investors in this fund cx- 
threshold somewhat — the new fund tremely well, 
is expected to yield 7.5 per cent — For those w ho are more 

Ihey argue that' the range of interested in income now'. Arbuth- 
sbares from which a choice can not is th» week drawing attention 

to the Lawson High Yield Fund, 
the units jn which are selling on 
ah estimated current gross yield 
of 11.3 per cent. With 60 per cent 
of the portfolio invested in 
equities there is provision for 
some income growth in this, the 
biggest of the funds that came 
under Arbulhnot's management 
when they took over Freddie 
Lawson’s stable of trusts a couple 
of months back. 

Arbuthnot’s growth alternative 
this week is its Far Eastern and 


be made will be considerably 
extended, providing the oppor- 
tunity to pick shares which will 
proride more rapidly increasing 
income. 


*MS .. 

_.l *c 

* V. J -V 

r ^X - ,|l ‘ 
'S" iC \r/- 

v ‘ : \Y it-* 

.pi 1 - 1 - ■ 
**?• 


ty ■ i- 

' - 

^j!f P • 

•r<k 

itf ■>* 

,i.c j ; r 
. r 

ne • 

?w 

- 

■ 

H ? : 

" .its 



canmspire awe, 
envy or, in this case, confidence. 

It’s a name with: a reputation for accepting 
only the best, and maintaining the highest 
standar ds. An assurance for the wine-buyer 


carefully shipped. 

A very good wine reasonably priced. 


In other words, a name such as ours can 
sometimes be ail the guarantee you need. 

■ Because when it says Bouchard- Arne on 
the lab el, it says a lot for the wine. 



iBiifgundy specialists and shippers of fine zame 
• STREET, EONDONSWl 


APPOINTMENTS 


Showerings Vine Products Board post 


Mr. D. S. Todd has been have been appointed non-execu- 
ap pointed a director of SHOTVER- live director^ of the LITTLE- 
iNGS VINE PRODUCTS AND WOODS ORGANISATION. Mrs. 
WHITEWAY’S. a member of the E. Bryce. Mr. M. A. Jarvis and Mr. 
Allied Breweries Group. Mr. Todd A. W. Raliey have been made diw- 
js chief executive of Vine Pro- sionai directors, 
ducts, of Kiugatan Upon Thames. * 

+ 

Mr. John Doran, executive 
director, materials management. 

DOWTY MINING EQUIPMENT, 
lias been appointed commercial 
director of that company. 

★ 

Mr. Ronald L. Cash, pres iously 
administrative manager of the 
NATfONAL ASSOCIATION OF 
STEEL STOCKHOLDERS, has 
been appointed secretary. 

* 

Mr. L. H. Jarman has joined 
the Board of NORTH BROKEN 
HfT.i, HOLDINGS as a non-execu- 
tive director. He is at present 
managing director of Dunlop 
Australia. 

•* 

Mr. R. J. L. Bramble is to take 
over as chairman of CHANDLER 
HARGREAVES WHITTALL AND 
CO. on January 1 in place of Mr. 

A* D. Tennant, who is retiring 
fr'om that position at the end of 
this year but will remain a non- 
executive director. Mr. Tennant 


Mr. J. B. Bias has been 
appointed sales director and Mr. 
I. O’Connell, director, product 
deielopmenu of PROCTER AND 
GAMBLE. They succeed 31 r. 
R. W. Franchi and Mr. D. A. 
DeLuHunl, vho arc taking up 
positions with Procter and Gamble 
in the IS. 

* 

Mr. Brian Guy. northern area 
manager of MILLER BUCKLEY 


in succession to Mr. T. R. Grieve, ordination and integration of tlic 
Folio m Lng the acquisition of new product policies and intp:'- 
Collins Halden and Co., Mr. YY. J- national marketing activities ol 
Reid; the chairman, has been those companies 
made deputy chairman of Hogs * 

Robin. son (Scotland) and a direc- j BIW>V and Soils h;is j nc reaped 
tor of HpSS F.obtnson Limited. j ls investment in the laboratory 
Mr. A. G. Sauadere. mana in, pro d U cts company Sterilin to 2U il 
director of Hops Robinson (Scot- 1 m f lV0 further Bitby 
land), also becomes managing ^ minees have been appointed j.. 
director of Col ms Halden Mr. , hc sterilin Board. They are .Mr. 
(>. HamUtun joins the Board oT §. \v. Bowman, company secretary. 
Lolhns Halden and .Mr. D. Mackie and Dr r , ^ pl , y . gener-.i 
and Mr. .V Drew become directors nianager or Henry Cooke Con- 
of Hogg Robinson (Scotland). verier.. Mr. J. 31111s. works 
. , director of subsidiary Mold 

wKErA’vn p,as ^ cs - has al >° i°‘ ned Bt,ard 

MESTLAND .UIRCRAFT last alaj, 0 f jj, e parent company, 
has been appointed to the Boards 
of Westland Engineers. FPT * 


CONSTRUCTION^ has been Industries. Saunders-Rot- Develop- Mr. Ken Coblcy has been 

menus, and Westland EMG iSAl. anpoinled deputy chairman i.f 
He vi'iii be responsible, as assistant FORWARD TECHNOLOGY IN- 
chief executive (special develop- DUSTRIES and Mr. Richard Sinitll, 
ments) to the chief executive of group financial controller, has 
Westland Aircraft for the co- been appointed a. director. 


appointed a director of the com 
pany. 

★ 

Mr. Robin Smith has been 
appointed to the Board of 
S. RUSSELL AND SONS with 
special responsibility for business 
planning and finance. He is at 
present commerciaHinancial con- 
troller for the engineering and 
foundries division of the B. Eltioti 
Group, of which Russells is a 
member. He is also acting 
managing director of Adams Bros, 
and Burnley, another member 


International Fund, whose port- Thomas and Mr. B. J. Warburton 
folio reflects that bulllsness about 
Hong Kong which we discuss 
more fully on page 7: in -fact the 
managers have taken heavy profits 
in the U.S» and moved the money 
to Hong Kopg, within the last two 
weeks. • The portfolio is' now 
28 per rent invested in the 
'States, and 40 per cent in Hong 
Kong: so if the Hang Seng carries 
on up this trust is going to be a 
striking beneficiary. 

There's an interesting spread of 
views at the moment about the 
virtues of various, overseas 
markets. In fact, of the other 
two trusts on offer this. week, 
one — Save and Prosper’s United 
States Growth Fund— is preaching 
the longer-term virtues of invest- 
ment on the other side of the 
Atlantic fits managers say that 
companies in the U.S. are still 
undervalued in terms of earnings 
and assets), while the managers 
of the other, Barclays Unicorn 
Australia, point out that if 
Australian shares were a good 
buy before the recent budget, 
they have become a very much 
better buy since. 


will also become chairman of firm. 

Chandler Hargreaves W hi Wall * 

(Underwriting Agencies) on Mr . T . L F . Ro> j c . chairman of 
January L Hogg Robinson Limited, part of 

the Hogg Robinson Group, has 
Mr. G. A. Grcenougli. 31 r. H. A. been appointed chairman of 

HOGG ROBINSON i SCOTLAND 1 


CLIVE INVESTMENTS LIMITED 
I Royal Exchange Ave.. London EC3Y 3LU. Tel.: 01-2S3 1101. 
Index Guide as at August 30, 1978 (Base 100 ul 14.1.77) 

Clive Fixed Interest Capital 129.4U 

Clive Fixed Interest Income 114.12 


ALLEN HARVEY & ROSS INVESTMENT MANAGEMENT LTD. 
45 CornhilL London EC3V 3PB. Tel: 01-623 6314 

Index Guide as at September 2. 1978 

Capital Fixed Interest Portfolio lOn.OO 

Income Fixed Interest Portfolio IGO.lMi 


First half 
loss for 
Inch Kenneth 

AFTIIR ESTATE and overhead 
expenses of £1,332,091 the taxable 
loss of Inch .Kenneth Kajang 
Rubber was £75,777 in the June 30, 
1978, half year. Last lime there 
was a £72,711 profit. 

Directors say the figures include 
unusual expenditure covering the 
transfer of the company's resi- 
dence to Malaysia and therefore 
are not indicative of the antici- 
pated results for the full year. 

A Ip gross interim- dividend Is 
to be paid in lieu of last year's 
final because of the Malaysian tax 
position, and when directors can 
make a reliable • forecast for the 
197S profit and the tax liability 
for 1979 they will consider pay- 
ment of a further interim dividend 
for 1978. • 

Sentinel Ins. 
growth 

Yearly premium income of Sen- 
tinel Insurance rose by 88 per 
cent in the year to the end of 
March, says chairman Mr. C. J. 
Ettinger In his annual report. New 
annual premiums amounted to 
£301.000 (1360,000 in 1976). bring- 
ing total yearly premium income 
to 1142m. 

Even though the life assets in- 
vested in equities almost doubled 
to £2.73m, the rate of business 
earned on the insurance fund 
during the year amounted to 12.04 
per cent, which the chairman 
describes as “very satisfactory.” 

MIDLAND BANK 
STATISTICS 

Statistics compiled by Midland 
Bank show that the amount of 
new' money" raised in the UK 
by the issue of marketable securi- 
ties in August was SW-Sm. a con- 
siderable drop on the July total 
of fl&SJm. 

In the first eight months of 
this year, £6S4.6m has been raised 
compared with ©43.8m in the 
same perod of J977. 

Over two-thirds of the August 
iota! was accounted for by public 
bodies. .... 


AUSTRALIA ISMAKING 
THE MOST CF HER 
RESOURCES. ARE YOU? 


W e suggested a couple of months ago that there was 
money xo be made in Australia. Since then a good many 
commentators have jumped on the bandwagon, and a 
good many investors have taken a stake in the country 
through our Unicom Australia T rust. 

By doing so, they’ve taken a stake in the country’s 
vast store of natural resources.The land and sea are 
yielding new strikes of copper, silver, zinc, diamonds, 
oil and gas, and the country is rich in uranium. 

Our enthusiasm for investing down-under was 
reinforced a week or two ago when the Australian 
Budget was announced. It sets out to cut back inflation 
and to Boost company profits.The miningand energy ’ 
sectors m particiiLar stand to gain from the new 
measures. 

With the government determined to attract 
investment and at the same rime exploit natural 
resources, Australian prospects look good. 

And as the largest unit trust special is ing; in 
Australia, the prospects for Unicom Australia look just 
as rosy. 

Thetrust*s aim is to obtain long term capital 
growth by investin g in a spread of Australian companies 
and some British companies with Australian interests. 
Mining and energy-related stocksmake up the bulk of 
the portfolio. 

Its performance over the first seven months of this 
yearhas pushed it into iithplaceoutof 355 unit trusts, 
according to Planned Savings Magazine. 

So perhaps it’s time you began to exploit your own 
resources a little more vigorously. 

You can invest in Unicom Australia Trust with a 


lump sum of £250 or more. Or, if you wish to invest on a 
regular basis with tax relief, you can make a monthly 
payment of £10.30 or more. Please fill in the 
subscription form below. 

You should remember that the price of unite and 
the income from them can go down as well as up. 

You should regard your investment as long term. 

There are two types of unit : 

Income Units : distributions are paid half yearly on 
1st February and 1st August after tax at the basicraie. 

Accumulation Units : the after-tax income 
attributed to these units is automatically retained within 
the Trust to increase their value. As there is no initial 
service charge when income is re-invested this way it 
provides an economical method ofinvesting. 

The price difference reflects the accumulated income. 

The offer prices which can change daily, were 84.gp 
per accumulation unit and 66.9 p perincome unit on 
1st September, 197S with an estimated gross yield of 
1 .68 k ; op.a.Thefiist payment to new investors in income 
units will be on 1st February, 1979. 

Any branch ofBarclay s Bank can give further 
information and advice. 

Prices and yield appear daily in the Financial Times and 
other national newspapers.The offer prices include the initial 
management charge of 5 Vo and there is a half-yearly charge of 
"itf *'’nj plus VAT. Commission at 1 ] " u is paid to authorised 
agents, but not in respect of Barclay card purchases. You can ■ 
sell back units on any business day at the bid price rtiUng when 
your instructions arrive. Payment will normally be made 
within seven days of receipt of the renounced certificates. 

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


BARCLAYS UNICORN AUSTRALIA TRUST 


r~ 


To: Barclays Unicom Limited, 35a Romford Road, London E79JB. 

Surname (Mr., Mrs. or Aliss) 

Address 


■Forenames iafull. 


Lump Sttm Investment 


1/ We wish to invest 
(Minimum £250) 


in mcomc/acammlatios* units of Unicorn Australia Trust 
and enclose a cheque for this amount. 

* Delete zslacheocrisnot applicable . 


Jfyou M&U purchase thaetaiiu through your Bardayazrd account phase 
fill myoitr Bar daycard number here. 


1 I 


s Regular in v estm ent with Life Assurance and Tax R elief . 

I If you want details of the Barclays Lilc Assured Savings ; ■ 

^ Plan, invetimgftam £10.30 per month, please tickhcre. • j mw m 1 mi 

Registered Office: 54 Lombard Street, London EC3P 3AH. Registered is England No. 589407. Ultimate holding company Barclays Bank Limited* 


I/Weunderstand that units will bebought forme' us at the offer price rulingon the day of receipt of this application. A contract noteskaxbig : hs 
■taar.ber of units purchased will be tail to Certificate szriH bepostedzsithmsixaeehs. I/We declare thatlana/wc are not resident outside the 

Scheduled Territories nor acquiring the units as the nominee's) of any Person(s) resident outside those Territories. If you arc unable to make 
this declaration, it should be deleted and the farm lodged through your bankj stockbroker or any other authorised depositary. In the case af joint 
applications aU must sign. This offer is not caaUable to residents cf the Republic of Ireland. 


Signed- 


—Date 









I I 


f 


IS 


Financial Times Saturday 


WORLD STOCK MARKETS 


Narrow gains on Wall St. 


licar-tcrni credit tightening. The 91..i lo 
fed has pushed up nhort-lerm of a m 
rales in recent weeks and major 
banks raised their prime rate I 
in the point to n * Per cent this week, 
active A drop in U.S. unemployment 
trading" on Wall Street yesterday, to August to 5.k per cent from 

prior to the Labor Day holiday «- P e f f *? 1 ,)l ,ru ?j „ let r^Vin n 
• on Mondnv. it easier loe the Administration 

The Dow Industrial Average l n defend more conservative 
gained 2.51 to $79.3:1. reducing its economic policies. 

Jns« on the week to 18.20. The The Lasiito Group was beaitly 
vtvp aii Common Index at traded and sharply lower follow- quiet trading. 

NVhE AU Common the d^- ins " rumour that the Stock UK stocks Mile changed Ger- 

ihc Exchange would raise its margin mans steady to higher, Dutch and 

- - - j; -ns steady. U-S. and 

lower. Gold Mines fell 
the London fixing. 

Analysts attributed the lirnunc Dr E. ueno 33 ; to s:ai. Harrans SWITZERLAND— Mixed. with 

better tone for some of the 3 "; to MG3! S2 to SWf 4 . and firmer undertone on selective 

back Golden Nugget &)J to S34t on the demand. 


IN \'EST.TIENT DOLLAR 
PREMIWI 

S*.«0 to £ 1 — 88 % 190-1%) 
Effective SUI495— 41% (42*%) 
NARROW GAINS were 
majority in moderately 


■ 858.54. rose 19 cents on 
" htit was still off HS cents on 


1704.7, following reports and Industrials mixed- Banks and 
jor oil and gas find. Communications mostly un- 
Tfae Gold Index also posted a changed- . 

record gain of 106.3 ■ to 1G7Q.1. A.US 1 kAUA^-FLbi &od score, 
Metals and Minerals moved up with Resource stocks including 
• 23 .K to 1047.$. Coals. Uraniums and Oils lead 

PARIS— Higher, but trading was mg the advance. 


Carr Boyd gained 8 cents to 


subdued. lx „., nil[ „ „ 

Foods. Stores. Constructions. UDt& Northern Mining 10 cents 
Engineerings, Rubbers and Metals IQ jvsi.70. North West Mining 4 


rose. 

BR USSELS — mostly 


lower in 


week, while rises led Tails by $43- requirement on certain issues to Canadians 

lo -635. Trad ina volume expanded *■» ncr ceju. wEnn t 

t shares to 35 11 m. Caesar s World sank S'J^toSKH. hack on U 

'"in a i«n an rihnifri the lirnunc I><* E. Webb S3J to s31!._ Ha r rail's SWITZE1 


to a 
Blue 


Chips which pulled - 

the face of persistent Antonyan _*>t. 


in Casino-related 


recently 
speculation 
issues. 

" There was also some encourage- 
ment from the drop rn Money 
.Supply figures released on Thurs- 
day which could case pressures 
-on the Federal Reserve for any 

: FRIDAY’S' ACTIVE STOCKS 

i 

'IrKrn^ nn 


Hamadsi Inns 
. 'Pally MU. 

> Tlnrer lirouo . 
“ Pju Am Mr 
' I'ai-saf'- World 
Del. E. WYbb .. 

. Buiiol 

Helnfe-' Ini' ■ 

lUrrali * 

il-AL . . 


Siui k* 
irjd'.'l 
o l ,4.-.'lM 
Pi.l SA* 
TV. Hill 
Mrt TOO 

iiit mi-' 
<1)1.41X1 
toil ’jni) 
.Sll I'll* 
-TO “III* 


prh». 
1 1 : 


-<• 

-4: 

t; 


Boeing further advanced $l!j to 
$731 on its large airliner order. 
British Airways estimated the l!' 
jets it ordered v. ill cost S400m. 
Eastern Airlines, up $2 lo *>l-U- 
has ordered 21 aircraft. 

THE AMERICAN SE Market Value 
index rose 2.38 to 170.70— a record 
high for the second day in a row 
— making a rise of 2.81 on the 
week. 

CANADA — Further -harp 3 a ins 
were scored in active trading, with 
the Toronio I'nmpo.sile Index 
rising S**” '■*. 0 — a record 

-inele ih nd its highe-l 

inlra-da 1 ■■■ March 15. 

1974. 


Bunks firmed slightly. 
AMSTERDAM — Mixed trend. 
Trading in Stevln and Volfcer 


cents to 57 cents ’ and AJkane 
cents to 35 cents. 

TOKYO— Higher with active 
selective buying spread over a 
wide front, despite increased 
profit-taking. Volume 450m 
(34flmi shares. . 

Pharmaceuticals led on cheap 
buying by major Investment 
Trust- Fuji-Sawa Pharmaceutical 
rose Y70 to 1570 and Banyu 
Pharmaceutical Y57 to SOS. 
Textiles. Paper-Pulps. Foods, 


suspended ahead of details on Oils, and Petrochemical also rose. 


proposed merger due next week. 
Amey firmed FIs 3.50 to 92.0 on 
34 per cent rise in net profit Other 
insurances firmed in line. 

State Loans steady. 

MILAN— Mixed iu quiet trading. 

Financials also generally lower. 

Bonds mixed in quiet business. 

OSLO— Industrials weaker. Bank- 
ing. Insurances and Shippings 
irregular. 

VIENNA — UtLlc changed in 

moderate trading. 

COPENHAGEN — Mixed in 
moderate turnover. Insurances 


The uil Index jumped and Shippings lower. Commodities interim results. 


Public Works issues mixed on 
late profit-taking. Electricals and 
Vehicles generally lower. 

HONG KONG — Firm in very 
active trading, with Hang Seng 
Index rising 16.81 to 694.43. 

JOHANNESBURG— Col d s gener- 
ally easier in thin trading, ahead 
of Settlers Day long weekend. 

Platinums little changed, other 
Metals and Minerals slightly firmer 
in slack dealings. 

Industrials qnietly mixed. Union 
Steel of South Africa gained 
7 cents to 30 cents followin, 


Indices 


K T-RJE. a T.T. GMOjOS 


Ris<* xnd Fails 

; Sept. 1 |Au£- 31 Aug. 30 


NEW YORK- now jokes 


.'Will. 

I 


v«a. -Vug. 
51 - 3u 


Auk. 

a I Hi ah 


til la 


5S.54 


A«C. 

.-1 


liia. Vun. 


•\na. 


58.35 58.48 58.5S 58.28 

.SMB> 


I *9.U 
. ■ lb » 


i; i Biali L ' 1 


H;a' 


luuiei Lrvtert • 1.902 

Rises ! 843 

k'xlw ; 635 

i'O-.+Mfttttri ! 424 

Nfn.Hidi' ' — ' 

Now Uav* • ■- ■ 


1.873 1.876 
636 I 802 
[ 672 

1 402 

708 
5B2 


837 

400 


In.lii-innl ... 87!. SS 876.82 880.75 880.78 8S4.BB 895.53 r00.ll' : /42.I2 

■ H e ' ii'.' 

H 65.06 89.08 85.02 88.15 85.2V. 85.06 liAr ' -6.fi 

■ , ■« 1 ill n 

2ol.BI 247.85 "48.27 247.7b 248.78 252.08 253.41 • 18 .51 

.24 e. . id 1. 

107.21 106.66 106.45 106.16 106.09 (06^9 1 10.5-* ' 102.44 

■i 1 1 i'U 1*1 


TrniKpmi... 
l.'lilil \«» 


1651.1b 4 1.7? 
11 1.7a- 7 >1£. 


, J 7r.6S 13.i4 
UJT9' i i 
; <65.5: 10.58 

';j 4.54.i. J e.4,;ji 


K0KTRLAL 


aju. 


\u 

31 


A Uf. I Aug. 

So ' 29 j High 


Licw 


In.lu-tn*' 
( 


204.80' 196.65' 157.45! 13o.J6 
211.68. 207.74) 585.61! 204.44 


204.80 1 1/91 
211.69 (1/91 


lb/ .SJ tll.21 
170.82130.)) 


VnininE v. 
.. ■><)■*> 


35. 1 10 33.850 37.750 33.780 51.760 56. ISO - - 


TQB 0 ST 0 <■ mu- in, I2S5.B I2H.2- ttlS.r,1.m.9 1255.8 (1ft ' -»3.2 Ji 

J0HARHESBDRG 


259.2 

265.7 


253-9 

262.3 


254.9 

262.5 


245A 

26a.4 


H/L'ir i-i lniif\ ih»iici*l li'-m AiteiM -4 


Ind. ill v . yield % 

Aua. ^ ' 

Aui:. 1- ; 

A uu. 11 

■ Kmi ng+ *(.|oiv 

5.26 

5.24 , 

s.ho 

4.25 

STANDARD AND FOOSS 

, 

1378 

;"-ini+ 

1 .31 , 

;v » * 2$ 

3o 1 • 

H'iiii | liHi - kJtitli l. ,, w 

; Indii.lrrai*- IM.88 114.32 

•i.umpxre 105.68- 103.25 

1 14.65 114.91 

103.47. 103.55 

116.1/ 116.27 

105.96 104.90 

1 te.Sd is.jZ . ’*4.1,4 *.32 

.■:* .. ' .rl*l Il l.C' Jdi:.-.-! 

105.08 ' . Br.*: ' If 3.8: MO 

>17 *■ t n i, . II.I --3 , 1 



. Aus. 

A us ' 5 

Au-J. 16 . 

le«i -ten +|iis>-*.- 

Ind di». vieM % 

4 76 

4.69 

70 

4.59 

InH. F h Unn-.i 

• 9.89 

10.02 

9.99 

9.86 

1i<U(l,i>i. Unnd t i+id 

8.42 

8.37 

8.54 

7.55 


»«T4. 

i 


I 're- i l*r 
1 lams ' B'ati 


Mr 



Belgium •£• 95.05 
Denmark''* - . 
France -rn HJs 
Germanrtit Wi.i 
Holland •»{. 91.S 



946.35 

441. IS 

Spain ul- 


/Mi : 

fl.?' 


' iji.i«- i 

»1.4.i 

Sweden >*' 


• i;:i 

iij 3i 

1 

97.71 

Hr.v; 


Swit -jerl'd' 


• Lv+. 

lb 


ii2 

/:'.: 

4 /.»• 
i* ki 
■ -ua 

Indices and 

. + £ 


1 M eatx'pi 


fc) ' 597.97 
252.0 ’ 2SS.5 


<us.cc : 

a».Dt 

•ss r: ; 


£5,1 1 
iSC-4> 


19. 

-S-i 


il It. 
IrjO 
l« 41 


Hoae Kong 534.45 67AE? 694.45 ■' itiA 4 
^ ,rr- i 9 'll* ]. 

Italy '.I ti.66 *?& 

Japan o' A L.-.-6 sSlS 

Singapore — 3 J-t. 


Uc.ll 
21 e 
Ijj.cl 


JC3.Q 

.••9.|t 


• k I. 
-•^-4. a 
.4 |i • 


•NYSE All Common — 50 
SibndardB and Poors — 10 and Toromo 
500—1.000. Che Iasi named bastd 00 1973 1. 
■ Kidodms bonds. 1 480 lodostnala 
4 400 IbduMriais. 49 UU11:i«s. 49 I'lnance 
and 20 Transporu '.Sydney All Ordinary. 
~ BtLpisn SB Jl'ti’65. •* CopcDliaSi'n SE 
L'U'7- ** Para Boone 196V r: Commerz- 
bank Dee- I0.VI 5; Amsterdam luduaiiul 
1070. '.* Hans Sem; Bank 31/7 (H. T! Banca 
Cummereialc ItaJuna 187 , . > . a Tokyo 
Ncv. SE 4 ‘1 5s. b Strain Tunc. -1066- 
.• Closed, d Madrid SE 30 11*77. eSturii- 
tK.ilro InduilrUl 1/1 aS. /SwLB Bank 
CiTonraduo. <t Unavailable. 


F.T. CROSSWORD PUZZLE No. 3.760 

.1 pri^c of £o tcill be given to cadi of Vie senders o/ the first 
three correct solutions opened. Solutions must be received b i/ 
-next Thursdau. marked Crossword in the top left-hand corner of 
the envelope, and addressed to the Financial Times. W. Cannon 
- Street . London. EC4P 4BY. Winners und solution Kill be pit en 
Zn ext Saturday. 
v 

5 >VuMte 

J; 

Address 



ACROSS 

l Moniii oriental catalogue 
referred to writer <8i 
3 Fresh start by moior club as 
ui.roar emerges 1 6 » 

; 9 Soldiers agree in the mind i$i 
ID Majestic tune of year (G> 

12 Watch doe using beauty aid 
fo, til 

; 13 Put off in pari of seaside 
terminal i5i 

14 Rcvululiun causing break at 


T Royal follower lakes care of 
ancient city row iS) 

8 Day flag appears over West- 
end writer like Swift iSi 
II War prisoners turn up in 
_ exchange (4 1 
13 Were soldiers once punished 
with ruyb> forward practice? 
i4. 5i 

17 Receiver wiLh sound enclosed 
( 6 . 2 ) 

IS Mub cullies up about cuai'se 
carriage iSi 

of 


Lords (4) 

16 Pair, timugli not first vla*?s. -0 Engrave and lliut sort 
is indebted to Scots leader thing with hydrogen (4i 
Tor skill i7> 21 Possibly it's a man of endur- 

19 Listeners complaint i3-4i mg quaJiiy r 7 • 

2i Decline lo offend before king 32 Fools scout leader with 
(4 1 estimate f 6 > 

24 Wn> able to chill ouuide 23 Ascent arranged to suit bats- 
bend in pipe t5) man's position ( 6 1 

23 Has a go at finding oppor- 26 Basket does credit to fish (5) 


(unity to take chair (7. 2i 
..27 Hilda shattered by a bloouicr 

28 Score one less i$> 

29 Chap returning to Cathedral 
city that is . . . < 6 » 

30 . . . not in the nurtb-west 
where caller is disconcerted 
(Si 

DOWN 

- I Count lakes pain-killer trti 

2 Archdeacon always seen in 
ihin topcoat <B> 

3 .Article in lake is a fish i5t 
. 4 Jerusalem's captor made cold 

dish fashionable 1 7 » 

6 Tidy figure at lower level 
losing one pan of fight to. 4) 


SOLUTION TO PUZZLE 
No. 3.759 


qqqbsej aanoanan 
□ 

:n 
n 
□ 

□ 
n 
□ 

□ 


nnnnBESBBQa bbqq 



SOLUTION AND WINNERS 
OF PUZZLE No. 3.753 

' Following are Hie winners of 
iast Saturday's prize puzle: 

• Mrs. E. A. Keeler. 42 Slone- 
gallows. Taunton. Somerset. 

; Mrs. L. McHugh. Bank House. 
Preesall, Lancashire. 

Mr. P. C. R. Pugh, 65. Upper 
Marsh Road. Warminster, Wilt- 
shire. 


lo\ /isicslslsU) 

onon t mM 

iclcfa/Wl.e-rejrt 


a 

£ 

o 

oil 

P\ 

7 


BnBHSEIEQE REHDE 

h n 
SHE 
H H H 

IBS EE 

H B.7. : 

BE HOE 

Li U □ 

S3E5BE3D- ECQ 

Bans 
SQ SnnQQHQ 
Q H m HO _ 
□snaQEDE aenan 

n O Q D Q 

qqb -Hsnagi 


RACING 


BY DOMINIC WIGAN 


Injured Whitstead 
misses St. Leger 

THE ST. LEGER second finding the winner is not likely 
favourite. Whitstead. a 4-1 chance to be easy. It would pay 
behind the even money market backers to take a chance with 
leader. He de Bourbon, in yes- the cx-Irish colt. Beggar's Bridge 


NEW YORK 

Sl «k \ 6 r 


Abbott 

AgdreHognpli.. 
AMO* Wfi A Ctk] 
Air products. | 

V U-xn 4 I nm^nhi n? 
r r . r . 

Aileg, Lodloiu.... 
Allegbeoy Power 
AJUvd (Aonled. 

Allied Smkk 

Allis Ctulmers ... 
■UtAX- 


AxnmdA Hes* ! 

Amer. Airlioes.^1 

Amor. Bmnda I 

Ajner^nwJcsat .. I 
Aniar. 


Ainer. Cy*nzJdi(lJ 
Amer. Dim. Tel J 
Amer. Ulett^'uni 
.Amer. BxyretB.., 
A but. Home Prod] 
Amer. ilnilnl.., 
Amer. Motors..., 
,Vmer. .\&t. GuJ 
Amer. Suodud.l 

.Amur. Wore*. 

.Vtncr.Tel. A Tel 

Ameteb 

iVilK 

AJUP .] 

Amper ...... ..... m.] 

Aochor Si 
Aabcurer Bo- 

.Vraico bteeL I 

AaiA 

An 01 ora Oil...... 

Asaroo i 

Ashland Ull.. 

AtL KidifleW-...- 
Auto Dali 
A VC.... ; 

AiCD......w I 

Avon Producia I 

Balt. Gas Elect.. ..[ 

Bank America.... 

Banken Tr. A.Y. r 
Barber Oil....... _j 

Baxter T raven Or. 
Beatrice Food..... 

Becton Dtokeiuo ol 

BeU A HuiveU * 

Bendls ! 

HunguctCona ‘B'l 
BetBkbem riieeL 
Black h Ueclrer..! 

Boeing 

Boiue 1 ,-iffTinilffi | 

Bardezi 

Bvq* Winur 

Bcuiff Lul 

Bcsbuan 

Bristol Sly era.....' 

UTetADrilK...., 
BK«kaay Glasi_[ 
Braxurnicl 

Bocyrua Erie....J 
Bul/jra Wauii.. . 
Burlin^Lou Mho. 
Burrougb..... 
CaTnpbeUM>up....[ 

IlmnaAimit Pns-tfir’ f 

Canal Baodolph.. 
Carnation .......... 

Carrier A G eneral] 
Carter Rat. ley ....! 

Uaterpl liar Tractaj 

CUt... .. — ...1 

Ceiauese Corpe... 
Central k O.VV..J 

Certain teed 1 

Ce»ena Aircraft.... 
Chase iUuhatun’ 
Caumrioal ak.XV.i 
ChtnhUli Pund.1 
Lliettie bystem... ! 
,<o Bridge... 


Cinerama. 

Ctno. AiUauron..^ 

Citicorp. 

Cities bgrvice 

Chy lnvo»ting^., 
Cleveland Cliffs .. 1 

CuraCola — 

Palm 


Colgate 

Coifins 


AikannJ 


SS7 8 

29 
425 ( 
294S 
31U 
45JS 
18®4 
18s» 
3838 
27ae 

374« 

464 

284 

17*4 

504* 

59 

*14* 

314 

348* 

238s 

36 
314 

30 
6*8 

444 

52 

365* 

604s 

354 

193* 

37 

17 Ta 
304 
26 
314 
276s 
174 
154 
384 
5 U* 
324 
135s 
3278 
594 
874 
27** 
374 
274 
475* 
274 
384 
225s 
404 
47i 
23 
204s 
734l| 
324. 
295* 
324 
164 
14** 
364 

174 

32 

174 

194 

8** 

43 

86 

374 

204 

114 

291* 

124 

194 

604 

584 

411* 

164 

214 

444 

335* 

404 

254 

30 

571* 

114 

45* 

36 

265* 

SO 

174 

60 

45 

21 

124 

294 

244 

194 




lerdays lists, will muss the race. 

Ryan Price reports lhat his 
fast improving colt has knocked 
Ihe knee on his near fore and 
will be on the easy list 
least tea days. 


— particularly if there is a strong 
market move for him. 

Beggar’s Bridge, a representa- 
tive of Fulke Wahvyn’s Saxon 
for at House stable, better known for 
its high-class chasers, ran well 
raiddle- 


[t has not been established against such talented 
how the Injurv occurred, but it distance performers as Icelandic 
seems likely that it happened in 
bis box. WTutstead will now be 


5 AND OWN 

JJ0— Vfrifeu" 

2.00— Llewellyn ' " * 
2^0— Beggar's Bridge* 

3.00 — Emilia 

3.35 — Heather's Girl 
4.10 — Waited 

TH1RSK 

2.13 — Blue Promise 

2. -13 — Epilogue 

3. J3 — Graf Mellemlch 


and Exdircctory when trained by 
Liam Browne in Ireland this 
spring. 

Off the course for more than 
three months after bis transfer 
lo Lsmbouru. the L inacre three- 
year-old then surprised a good 
many racegoers when getting the 
better of the well-fancied Das- 
man over a mile at Brighton last 
month. 

The triple Oaks winner. Fair 
Salinia. sprang a -0-1 surprise a 
year ago when ploughing through 
the tnud to open ber account at 
the first time of asking in the 
.and It < 


Guncia Stakes 


could well 


prepared for the ” Arc. und be that her stable mate. Viribus. 
seems almost certain to come up will do the trick this time for 
against Alleged, who will be Michael Stout e. 
partnered by Lester Piggott in This Sir Gaylord- bay. a re- 
a serious work-out in Ireland spectable eighth of 14 behind 
this afternoon. Arizona Pic at Yarmouth iast 

In contrast to yesterday's fine month when be appeared to have 
card, featuring the lnlereraft plenty of scope for improvement 
Solario Stakes. Sandown has a will know a good deal more of 
drab-looking programme today, what is required today. I take 
The seven-race card featuring him to give veteran Frankie 
u deservedly small turnout of Durr. 00c of the most forceful 
runners is made up uf three riders of two-year-olds, his 31st 
handicaps, a two-y car-old event success of the campaign, 
for juveniles which had not run Although Bruce Hobbs has 
before August 2. a selling race, several well-fancied runners at 
a match and a ruile-and-a-quarter Thirsk. Geoff Lewis remains in 
event for three-year-old a which the South primarily to ride Sir 
have not won a prize valued Kenneth Butt’s Llewellyn in the 
£2.01)0. Sportsman Club Handicap. The 

Although only seven line up combination looks like providing 
for the afternoon's feature event, the answer, if they can get the 
the Bonsoir Pyjama Trophy, better of the consistent Topbird. 




• I .rVJ. 

■ 5.PM0- 


SPAIN * 

September 1 

Alla Ld 

Brfnco Bilbao 
Binco A:ljn:ii.Q 
Banco CcVAl 
Bantu Eswner 
Banco U.-Jerai 
Banco Grauadj 
ia:ion iiitpavu 
Banco Ind. Cav 
U ind Mcd:Vrn».A 
B.inco P4;civ _ . 
Bantu SaiilaLd. r -2'i) • 
Banco l-njU'Jv - 1 
Banco VimJj 
E ancu /.ara^azor.q .. . 
Ranl.il IV o*i 

Dainii CtUlUi- j 

BaUc-atA' Wil-:o* 

Cli 

Drafcador . . 
lniuoband . . 

E. I. *ra*or..-irfS 

Espaania Zlnu 

Kxpl. li.o 

rc-csa -I.Ofl'i. 

I' _'iiusj ■ : Tiiju ■ 

Gal. Prcciadua 
Grnpo Vilazqucs 
Uidrula 




Per .enl 

125 

303 

8 J 

A3 

m 

2X3 

150 

258 

183 

199 

2S1 

323 

2 H 

258 

234 

152 

280 

!* 

BO 
258 
71 
51 
101 
».» 
«■ .75 
68 
77 
165 
7850 


- T 

- 2 

- 6 


— a 

— 6 


- 3 
+ 1 
+ B.7S 


+ 8.25 


- A25 


Itwrducro 

OilRI 

PapLLrafc Rciaudas ... 

Pciro'jbcr 

Pcirolco* ... 

Sumo Papalera 

Sulao: 

SoscSks ..... 

Tolclorcca 

Torrab HusteDcO 

Tobacvx 

luiun R!,*c 


112 

5t 

S 2 « 

283 


- 2 


— 1 
+ X 


127 

12 — 

91 +2 

9530 - 330 
71 -2S - 8.75 


BRAZIL 


>cl*.l 




ill ,ri. 


— 1 1* v. 


.K.-ru i.il' .... 
I'HIK'.i d'.i liurli.. • 
IJ»IIC” llrV I’N . 
Be 9.' UmeiraOl'. 
L.-a- \iner. dP. 
IVirv.m* |'p .. .. 

*■*« ■ 1 

■■ -ins* 1 . r 1 . >.■ 1 * ... 
L 1111 . I'E 

\al» lfl. . |l.. -,, 1*1 


1.00 .4-031 J.liltSJU 
1.87 •+OJJ 6 - .lt'S35 

l.*e J. a i 26.81 

1.26 l+O.O !, 1 . - 4.34 
3.60 i+0.04Q.20i5.!)5 
2.38 I— O.M; a. I4p.46 

l.a2 I ! J.lt-18J2 

2.7B i Jffc 731 

b.OO I +0.02; J.2::*.16 
1.21 -41.74.0 18 1437 


Turnover: CrKJia. I’oftnnc WAm. 
Suoror; Rja dc Janeiro SE. 


MOTES : Overwas 
'a-iibholdi.v :*s. 

♦ D’.i ju J-noni. mlv. r^lic srolcd. 

Mated. 4 . K_r 19 ij dcivtt. u.-Jl's; aUcra-isc 


Slices cxciude S srcnUtu. Gclfua dividends are .after 

88 PtasAou denom. unless otheraise 
-- sia:*o. OFr&CN denom. uoii»s 
othcra a;- sated ' Vm jti derwra. uiu-.-ss oitiinrtee staled, s Price at pair of 
nBW-nsun. n Floras. bScMHinas. r Cents. JDIwfcnd alter pending rudits 
and U7 i«nr.- cPcr share. I Franc;. aCros div. fc vsamiad dhidond 
J 7" CT ' I 1 ™ 1 -’- s A*' ,er toraJ laxos. m c t ^ tnc. n Francs. 

iBi’.ndiUK l a‘la -2 d:»- o Scm. c Share sstil. s Div. ami m,.m » elude special 
parm-nt. r in-lRaiisd dir. otcoflieia; :hk)ju. e Minority holders, only- y Merger 
! Traded. : Seller. ; AiaDranL x.- Ex right* xdLx 
su Lx ail a Inicrjn xuce lacrcascd. 


pcnd'Jig. 
dll :d: 114. 


Ju d. Bid 
1C Lx ilT.B .asue. 


Lioluuibta Uaa..,..: 
L'olaoibia Pal... 
Ci'm.IaoOoArt-\m 
CorabiMtt'in Eng. 413* 
Combo alon Kq... 154 

C" en'seth Hdlvn.l 27 4 
c'niVshofi h«l 24 
Comnu b*terIU«. 42 
Computer Sciepc. 164 

Coun Life liu 394 

Coiine 225a 

C'uaEdloou SY... 254 

Comal Fuml« 244 

Consul XatCrax... 404 
Cuoaomer Piraoi 233* 
Coal inert 6 l Grp. 324 
CuoilaraUI OiL.1 284 
i.'ooLtnental TeJej’ 164 

Control IHu 41 

Cooper indu* j 494 


35Tg 

29 
425* 
294 
304 
454 
19 
184 
384 
274 
355* 
444 
284 
171b 
507s 

< 584 
424 
3158 
344 
234 

36 

304 

28Vg 

64 

457b. 

52 

37 
6 O 4 
354 
187b 

374 

177a 

30 03 
254 
307a 
27 
175* 

144 
384 
511s 
314 
134 
33 
584 
274 
274 
374 
274 
474 
274 
384 
227 8 
41 
45s 
234 
204 
704 
32 <8 
294 
324 
164 
144 
384 
17 
824 
1B4 
187$ 
85* 
424 
844 
374 
19* 
114 
304 
124 
196a 
60 
687 b 
414 
164 
214 
444 
334 
404 
2B4 
297a 
574 
114 
41* 
364 
264 
50>s 
167 8 
61 
45 
205a 
124 
27* 
26 
194 
414 
145| 
274 
24 
41sa 
16 
384 
224 
234 
244 
404 
24 

317a 

284 

164 

414 

494 


Stock 


T 


Corning Gian, 
CPCInt' 


rntdoomlj 


Oraae._., 

Craetan Hn- 

CwraZaUettiertii 
Cnmmtau 
.Curtiss TV; 

Dub ; 

X4rt Industries. J 

Deere 

Del Mcsite-....._'! 
Dettonn 
Dentaply Inter— 
Detroit Edison— . 

r M.iwnnilribim,* 

nui.phrvisft ■■■■■■ 

DigU* Kqalp. ,. 

Disney I'WsJt) — 

Dover CurpiL 

Qv« Chemical-.. 
liniu—.. — 

Dresser..— 

Dupurt — 

Sarto Pitcher 

East Airltateu I 

Eastman KwlitJ 
Eaton 1 

E. C. A G. ....... 

El Paso Aat_ tiasj 

Ultra -.| 

Km ciso nETecnii- 
HmfcQAlrFr'lgfati 
Kxntart . 

E. M.1 — ! 

Engelhard—.—... 

fisustrk — | 

fthj' 

Exxon - 

Palrehild CameraJ 
Fed. Dept, tironsei 
Flnaitoiu.* Tyre,..: 
Fst. XaU Boston. 

Fieri Van 1 

Fiintlma.. 

Florida fVner.—i 
Fluor. 1 

F. M.C I 

Ford Motor 

Forrmus* ilcL... 

Fu 1 bore. 

F ranklin Hint J 

I'mpost MtnfTs.il 

Fruchauf 
Foqus Inds | 




60 
52 
35 ' 
284 
36H 

394 

I7ia 

29 s * ! 
474 
334 
394 
144 
21 
165» 
274 
184 
52 

434 
49 
274 
274 
424 
1264 
234 
14»* 
63 7g 
394 

304 

177 B 

344 

367 S 

274 

T* 

ISg 

22 

49 /a 

37 

38** j 

124 

314 

224 

364 

31*a 

38a 8 

25s a 

444 

224 

364 

. 101 * 

274 

324 

124 


604 

514 

344 

.284 

364 

38 

164 

294 

464 

334 

sa 

274 

194 

504 

43 

494 

274 

274 

424 

126 

234 

14 

63 

40 

297 a 

174* 

344 

374 

274 

397a 

27 a 

944* 

294 

22 

494 

564 

58 

124 

314 

224 

354 

314 

384 

257a 

44 
224 
374 

27?a 

324 

ISi* 


GA.P. 1 

t raiUlMrt 

Seo-Amer. Int.. 

G.AJf-S 

Geo. Cabin. 

Gen. JtyuAmiew- 
Gen. Electrics-.. I . 

Gen. Praia.. -527 b 
G eneral Mins. ...j 31 ' 
General Uutors-L 624 
Gen. Pub. LtU...| 17v a 
Gen. Signal. ...... 

Gen. TelAiloet... 

Gen-Tj-re 

Gcnewm - 

Geotgia Paciitc...! 

GeUy Oil ! 


18*6 

474 

107a 

304 

204 

S- 


31 

304 

304 

64 

31 

40 


Gillette — —.1 311* 

Uoudrtcb U. F....J 192* 
Goudyear Tire.... 174 

Gould-.'..- —I 334 

Grace IV JL. 274 

Grt. Allan PsoTea 7 4 
Grt. North lroa_ 264 

Gntybound 134 

Gull ii TV astern.. 154 

tiultOU 244 

HaUburtoo- 744 

Hanna Mining... 3 Bog 
Hamlschleger. ... 206a 

Han-WLorpu ! 67 

Helna H. J J 421* 

Heubem — | 274 1 

Rewio Packard... | 88a* 
Hwllday Inns— £44 

Homeettke. 374 

Honeywell 69 

Hoover 134 

Hu*p-Corvt Amer 41.g 
H uuston AiLOib 26 •» 
HunUPh AiClim 146* 

Hutton <H.K.t 314 

1-U. Industries.- 31 

L\A 444 

IngenollJUnd.... 534 

Inland Jileel 3 IP* 

tnallco 154 

LBR • 

Itnl. FUroura ..,.. 1 25 j 
IttU. Rarrtater.J 43** I 
lari. Mini Ohemi 414 
tatL MulriKoods- 204 

Inca— I lt >4 

LaiLPsper. j 454 

IPG 1 37 

Int. Rcrtiricr. 144 
1m. Tel. 4. Tel.... 324 ‘ 

ion Beef. I 384 

1 C Ineruatiunal..: 124 ! 
Jim Waller ..! 324 I 


14 
484 
107a 
30)2 
204 
854 
544 
- 33*2 
306a 
624 
"18 
31 i a 
304 
294 

64 

314 

40 

314 

193* 

17 

333* 

274 

74 

264 

133* 

165* 

244 

73 

387* 

227 S 

674 

424 

27 

884 
23 Tg 
374 
674 
134 
4 la* 
264 
144- 
214 
314 
444 
587a 
374 
164 


Stock 


John* HuiciUft.. 
Jotumon Johnson 
Johnson GohLroL 
JoyMamilactur'g 
K. Mar Cum. ..._ 
KalsecAJ am] n I' m 
Raiser Industrie* 
Kaiser Steel ...... 

Kay : 

KeoneoiCt..- 

Kacr McGee..--. 
RhMe Walter..... 
Kimberly Olerit- 

KupperS 

Kraft.-.— I 

Kroger Oo 

Lena way Tranal . J 

Lori Bsraasa_ I 

IdbbyOic. Fori 4 

gsrifc"! 

Utton iodust 

Lockheed Aucrift 
Cone Star Indus*. 
U>n*; Island UdJ 
J^Htisiana land . . . 
LuhrUoL.. 

Luoky Stores- L 

L'koY’unnet'viiJ 

MaoMlUan -J 

SUc*R. H — — j 

Ura. Hanovea*— 

Mapco — — ... 

Marathon OIL.— . 
Marine Midland..! 
llarahalt Fluid— I 


Sept- 


323* 

85 

274 

345* 

274 

35 

24 

294 

12 

244 

494 

364 

474 

227 G 

464 

344 

385 a 

34)2 

264 

35 

50 

264 

324 

244 

194 

234 

453* 

174 

104 

Hi* 

4263 

383* 

333* 

474 

15Ss 

22Se 


Au*. 

31 


Hay JDept. Stores! 264 

viii ‘ «i. 


293.5 1291.87 
254 
43v a 
413* 
204 
164 
444 
363* 
144 
324 
384 
12 • 
324 


MCA 

McDermott. | 

MuDonneU Dead 
1U.G raw . HI ill - 

linKuri 

Merck...—.- 

Merrill I^yuub : 

M«a PcixoLeem.., 

MGM I 

MinnMlngAMirt 
MoMICorp... .-..J 
MunianU*. i 

Mur gtn J , MI|| * 

Uubif<Olf... MlM< .„! 

Morphy Oil ! 

Nabisco.-... j 
.Valeo Chemical*.! 
National ikn 

Nat. DiatUiora-. • 

. Vet. Service UxL 
i .National Steet-.J 

Natomra.-.. 

NCK. ! 

Neptune Imp. ! 

Neir 'England EL 
Nfi*l England TeL 
Niagara MubawL 
Niagara Share.—., 
>. w Industries. > 
-NorfulkAWfthCern' 
North Nat. Gas.-.l 
Nth n: States Pwr, 
Nthw.cet Air hue* 
Nthweat Bancorp' 
.Norton Simps-..) 
Occidental Petrol: 
Ogtfnp Mather.... I 

Ohio Edisvo 1 

Olln-..— i 

Overseas 6 bi(a>.. 
umM- Coming-. 

Uvslliillls»» 1 «. 

PariSd Gas. 

Paciftc Lighting.. I 
Pan -Pwr. k Llg.. 
PanAmWotd All' 
Parker Ha nnifi n. 

Peabody Idil 

Pen.Pw.AL. | 

PaoayrJ.C ! 

Peanroii ; 

People* Drug ' 

Peoples Gas. \ 

Pepclco...... 

Perfcfp Rbacr...... 

Pot. — . I 

Pliier 

I%dps Dudgc | 

Philadelphia file.' 
Pfiirlft M*»rl*— I 
PlilIUpu i'etm'mJ 

PUrinuy -J 

Pitney Bowes:....' 

Ptturton i 

Plesaey Ud ADRl 


584 
254 I 
574 ! 
254 | 
564 


614 , 
214 
337a 
473* ; 

il*' 

567a : 
504 : 
484 ; 
477* I 
26 I 

29 i 
204 ! 

2 lTg : 

174 ■ 
324 
48 | 

i 

264 
237 6 f 
334 j 
144 
114 
837a ; 
26 
36 

264 | 
324 
264 ! 
197 tf j 
214 
264 I 
174 i 
164 I 
28 : 
344 1 
224 I 
244 
19 
214 
64 

30 jb 
298b 
2l5g 
384 
294 
134 
35 

313* 

274 

541* 

35) B 

22 

177 8 

714 

3258 

46 

26 

224 

194 


313* 

844 

277g 

344 

28 

3S4 

94 

SB 

134 

S3** 

49** 

36&a 

474 

224 

463* 

345a 

384 

344 

265a 

35 

494 

254 

324 

244 

194 

23)* 

446g 

173* 

104 

H4 

434 

394 

344 

475 8 

154 

22*8 

264 
58 •& 

25 
J7Ja 
25* t 
5458 
604 
2 iaa 

333* 

524 

62 

66 

56 

49-'* 

48*« 

474 

264 

294 

20 

2170 

174 

324 

46U 

634 

264 ‘ 

24 

343* 

144 

1158 

224 

26 
354 
263* 
313* 
265g 
194* 
20S B 

264 

177, 

16 

284 
344 
224 
24L 
18 .'a 
217 8 


Stock 


1 Sept-- 

i J 


Aug. 

31 


Revlon... . '' 

Reynold* Mettla 

Reynolds B. J- 

ItLcb'aon Morrell. 
jBuckwoll Inter— 

Rohm i B**« 

Koval Dutch. [ 



IturaToffa.— --- 
Ryder System-— 
Safeway Stores, « 
SuJoeMlaeral*- 
Sc. H^taPkoer- 

Santa re tads 

Saul lnv*rf - 

Saxon lri‘ - 

SotaliLc Brewtng- 
Srfduroberger-. 

SUM - 

6caa Paper. 

ScorU Mrg---— -j 
Suudd^r Duo-Lap. 

Sea Container , 

deanrant ■' 

Searle <0 J*-' 

Srare ItvebucV — I 
SBDCO 

Shell Oil 

St,*!! Transport— ] 

Signal— > 

Slgn*rie Corp— •- 
Slmpiiricy Frt— 

Sintpir.—. 

South KJine 

f svlitrvo - I 

1 Southdown 

Suu thorn CaL Bu-j 

• Southern Go 

| Seim. Not. Ke — -1 
I Southern Ikeiiiu; 

1 southern Kin Iway; 

| SonthUnd j 

I s'tv't Ban* bares. j 
( Sperry Hutch-... 1 

Siwrry Hand ! 

Soui) ! 

1 Slandand BramL 
! sul.OilUaliforoja 

| Sto. CHI ludiana.! 

I std. Oil Ohio 

( Stauff Chemical.. I 

| Storllos Drug I 

Studetakcr. | 

I Sun Co 

I dunaUaed. Y 634 

I SjUtCN..-— V I 321* 

I Technicolor. [ 13 

I Tektrouin I 44 

1 Tcledyue 105 

| Telex 81* 

jTeDevo ! 304 

■ Teeoru Petroleurnl 10 Ig 
] 3 'eiacu [ 246a 

Tewugu II— ....... .' 

Tcmlv Paktera...j 
TeSJla Inal'ui j 

feus Oil A Gna-< 

1‘evaa L tlbiie* ...I 

Iinica Ins ; 

Time* Mirror J 

TUnkcn — j 

Trane.— | 

Trans m erica. j 

Traasco. ‘ 

Trans l' aloe- 1 

,1 ran-nay iulr’a-j 
| Train. 11 orld Air.! 

Travelers [ 

Trl CuncUienlal..; 


5573 

317a 

5S 

294 

341& 

354 

63Tg 

154 

lira 

28ia 
43*2 
28 
324 
35 fl 
77* 
6)a 
134 
894 
80** 3 
163* 
23 • 
84 

286a 

244 

144 

234 

43** 

344 

444 

654 

377a 

12 

194 

964 

4 

49 

26 

16fiB 

354 > 

3i7 S ; 
54** ! 

31411 
27 I 

21 i 

464 

33 ■ 

284 

447 8 

496a j 

364 | 

464 

17** 1 

647 S 

444 


20 ** 

384 

867 3 

274 

214 

484 

34 
524 
444 
181* 
206* 

35 
£54 
28 
374 


564 

324' 

58 

294 

344 

354 

827 b 

151 B 

18 

88 

434 

277 S 

324 

354 

74 

64 

124 

884 

214 

164 

224 

84 

S 84 

345* 

14 

234 

4170 

344 

444 

554 

384 

134 

194 

95/a 

4 

444 

264 

154 

35 

314 

537 8 

314 
264 
. 21 
j 464 
1 324 
! 28** 
44 
49 

I 36** 

! 464 
j 184 
6473 

444 

I 534 
! 334 
I 12 ** 

I 434 
I 102 
I 84 
| 304 
■ 104 
; 244 
204 
I 384 
854. 
274 


m 

■Wool worth..—.. 

Wyly 

Xerox—.— 
Zapata......—.. 

Zenith Radio— _l 
G.S.Treaa.fiSldSOi 
C5T>w«i£rM5| fWla'I 
G.S. IXLdny bfila-j “ ' 





CANADA 

Abitttn Paper-'- 17 

Agttieo Eagle 64 

* hran * lumlni nml 36)* 

Altrema Steel 234 

Aabestoa .... 745 

Bank of Montmil 27 r a 
Bank .Nova Soria 21*8 
Doric Kesouroeo- 4 .G 0 
BeU Telephone ...I 591* 

Bow Valley lad J, 42 

BP Canada. 184 

Vtucau — — 17lf 

Brin co i 7^0* 

Cslsaiy Power... 397s 
CttiTtflow MJoea— 154, 

C anada Oement- 11 
Ij _V)V T*n t 115a 
Un.Imn Bk tk’in 28Tfl 

Canada Indnrt.... 824a 
Con, Pacldc — — 234 

Can. PbtiUic Inv. 23** 

I Coo. Soper Oil — 1 684 
I CarUng O'Keefe.. I 4.70 
Ca»iar Ari<estos.| 10 

Ohicttain— ! 

Com Incm -._ — ~- 
\ Cons, tie Chun* — j 
| Consumer tr**— 
j Oomdra Kesourewj 

! CoStain. — . — 

I Daoa Devel. 

, Denison Mines... 

Doia ^Itaw 

I Dome Petroleum: 

! Domirton Bridge |26Ji I ifiu 

| Domter | M 1 

I Dupuat- ! 

I Falt-un-'jje Nickel.! 
j t*or>l Motor Can. 


Gv Qatar — . 

G is otyel’w knife . 1 
Gull Oil Canada. 
Han- kerSW-Can. 

Ho lHim Pr 

Home Oil '.V _.. 
Huilsun Bay Mug 
Hudson Bay.-.- . 
HudwsOU&Gu 

LUs 

Imsaco 

Imperial Ol I— — 
Uum 


194 J 194 


I Triton Ol! & Gas. [ 

I TRW ! 

2ittb CcDtaiy Fox, 

U.AJ* 1 

LARGO ■ 

-- « l : Gl I 

224 j Lrtlevcr I 

37*4 1 Gulin cr N V J 

Union Bancorp...! 

I Caiim LRTbide-...| 
L'nlun Comnuuve. 
LTnloo Oil C«Jif...| 

1 Union Pacific i 


304 

274 


394 

134 

35 

3iv a 


PolaroHl 

Potomev £)»-..... 

PPG IndustriemJ. -29 
P rotor Gambte-.l 87 
Pub Ser Elect—; 

Putman— 

Pores 

Ouaier Gale i 

Rapid American. 
Eaytbwm..... 

QUA — 

Kopnl'llie Steel...' 
KenOrti Iflll ; 


534 • 

147, | 


234 
444 
19 4 
37 
I47g 
58 
32*4 
24 4 
1104 


262a 

54s* 

354 

22 

i77 8 

714 

324 

44ig 

26 

223b 

194 

527 8 
147 8 
281* 
87 1 3 
23*8 
434 
19 
27 
15 
514 
324 
2453 
1124 


6*3 

41 
37** 

42 
254 
204 
40 
59*4 
27 


IndaU • 4 16 

Inland NaUGmai.; 115g 
b,,? I Ini'p. v Pipe Line! 167g 

Saif ! KfiAer Bwuiwal 16 

an 4 1 U*uri FUl LorpJ BSg 
t Lublaw C 001 . •B'.l 4^5 
j Memil'n BloedL. ‘ 23 
j ’Mawey PerpfitKi'nj 13 
: McIntyre.. — — | 254 

Moure Girpa [ 35*e 

Moua tains LaceRs] 3.45 
Noranda Mines...] 327g 
N'omeii Knergj--.l 174 
N'llrn. Telecom...} 364 
A nmm- Oil Jc Gaol 83*e 
Oakwocd Petri' m j 4.6b 
Pacific Copper IL; L9Q 


514 
44*8 
lStg 
2038 
34** 
34, a 
26** 
37*s 


64 
404 
384 
394 
2578 
1978 
43 ) B 
594 
26** 


4058 I 407a 

an< 1 irtt 


104 , 
49** 
534 1 


L a troy* I ] ?4 ; 

United Brands.. . 134 ! 
US Bancorp. — ! 334 

US Gypsum 304 I 

US Siiuc— ...} 28), I 

Us Steel ... 261s j 

US Technologies.- 48 7 B 1 
LV lndn-,Lries....| 22 « 

Virginia BlecL ...; 14' a , 
Wa^pven 284 • 

, lVarner-Cumfrin . 56 4 I 
j Warner- Lambert! 284 
Waste- Hui'meni, 31 

Wells-Fitrao- ; 324. \ 

; Western Bancorp! 42*, J 
) Western X. Amer! 357 g I 
'•Western Cmvn ... 1 207a • 

I Westlngb'se Eleej 227g [ 

! Wcsiaco '....I 29 ■ 

i Weyerhaeuser—^ 30 . 

Whirlpool j 22** , 

| White Lon. Tnd-i 224 | 
William Co —, — •.[ 21*« 1 
1 Wuconrin E»ert-.i 284 ' 


104 

49** 

524 

74 
127a 
33 4 
304 
284 
264 
47 t 8 


Pacific Petroleum] 7** 
Pan. Ua. Pot'm.) 36 
Pfitino 17 . 
Peonies Dep t S- 5.62 
Place Can. A Oili 2-05 
PlacecDevelopmtL 264 
Pon-erCorporal'n! 194 

Price- -....-I 18 

Quebec Sturaeom 2.20 

Hanger Oil — . 174 

iteed Sienhoase- , 114 
Rh>i ‘ 


m...— ...| 38Sg 

J Royal 32k. of Can.' 335* 

; Royal Treat. ...\ tl9 

i Sceptre A’aearoni 84 
! SeearaniB— .....I . 28 
' Sbeu Canada— I 15 
217, } Sherri tt G. Mines] 63* 
14*a i Slebens O. G-.-. * c '- 
28 | Slmtaon 

54ig j Steel of Canada.. 

28 Sg i Steep Rock Iron. 

(Texaco Canada— 

Toronto Dom.Bk.1 
} TrensCan Pipfllm 
i Trans Mount Opr 

| Trirec - - 

: Union Gas 

L‘td.6iscoemadai 
| Welker Hiram— 

■ Weet Coast Trans' — 
i Wareou Geo ! 1971s t 


304 

324 

424 

35S* 

214 

224 

284 

294 

22*4 

214 

21 

28*e 


a 


t Bid. tAflced, ITrartA 
I Hmr xtodc. 




GERMANY ♦ 


Sept. I 


Pace , + or Dtr.fTU. 
Dm. !—!%[% 


Miuii uurnun I 

DalmlerB-iu 319 i+OJ 

Dvgu>sa -.} 265 1-0.7 

DcinaS — 169 + 1 

Dent ache Bank — 302.1^0.9 


A KG J 85 1+03 —I _ 

AUiaux Vcrsich .J 494.5 + 2.5 31^ I 3.2 

BMW | 227 +3 ,28.Mi 6.2 

BASF- 140.8,+ 1.0 1 18.76. 6.7 

Bayer ! 143.5+0.6 ;18.79 6.6 

Bayer- Hypo- ! 289 Ul 28.12, 4.9 

Bayer VcrelnahlLl 330 —1 I 181 2.7 

GihalnCXod. icrta 142 L - — 

Com lucrsfaenL. .... 230 t 0.8 26^BIU 

Conti Gummi , 79.4...—.. — — i 

Daimler Betu— ..! 319 i+OJ 28.121 4.4 
‘ 17 3.2 

17 4.1 
28.12 4.7 

Drc+dacr Bank. ...I 243.8|+ 1.3 ;28.I2 5.7 

Dj ckerhoff Zenu.: 194.9 -.! 9.3« 2.4 

OuLcLuftnung | 217 [-2 J 12 | 2.8 

HapagLlcTyd. 118.5 ... ;14.04 5M 

Harpener 268.0 +0.5 *16.72? 9.1 

Huechsi 137.5,+ 1.0 18.75, 6.8 

HocK-h— I 49.8—0.l! - j — 

Horten 165.6 + <V-5 9.36 1 24) 

Kali uud isalr-...., 153 — 0.5 14.M 4.6 
333 ,i-4 !23 j4*; 3.6 
242 +3 : 18.72- 5.9 

94.5 — . - 

186 -4.5 '18.76 5.0 
105J-1.4) — I - 

265 1-28 ‘ 

1.598 a 8 25 •' 7.8 

109 —1.5 , 9.36 4.3 


Karoatlt. L 

h'aufhuf. ■ 

Kkcknt-r DMIOO.. 

KHD ' 

Krepp j 

LlUdv - ;• 

Uunrnhrau ICO., j 
Luf limns* 

MAN - j 

Manor >mann,..-. 

MeiaJJgw 

Muncheuer Ruck .1 
N evk or maun, 
Preusaac DM lOOj 
IllielnWen. Bl«c.[ 
Scarring 
bicrocni. 

Sod Zuektr J 

Thykseo A.G— 
Vart* 


PARIS 


Sept. 1 


Price 

rrs. 


+■ 


738.0 


+ 2.1 


-1 
+ 1.0 
-9 
- 8.9 
+20 


KenlC 4 r 

Atnque Uccri'r> +24 
tn UfiuKic.. 323.1 

■iquname. j 520 

BIO 1 470.11 

doHTRi*er 856 

ii.s. h . Gervav-. . 620 

Uartcfoui 1 1.72 J 

UG.IS. - S/S + 1 

L'.I.T. Alcatrl 1.046 1-8 

CM Baucnirc— .... 400.1! - 1.8 
UlubMe-Uter— 406.8 + 1.0 

CheditUran. fr'ec 120 

Ucu*.« Loire. 98. 

Duinw...... 645 , 

Fr. 1*1 role* I 120 . 7 .- 2.8 

Geu. Ucrtdeiita lej 205.3; 

Iraeui ....... 

Jacques Baev*. 


DJ+.'Yui. 


4)» 0.6 
dl.lb' 5.0 


le.n 


dll.2Sl 5.1 


1 iF: 


la.it 

42 
40.51 
/& 
31-fc 
7o. bt 
12 

12 


54./b| 
14. H 
8 at 


3.1 


2.9 

4.9 
7.8 

4.4 

8.4 


AUSTRALIA 


3epl.l 


|+ " 

An at a I — 
— _l 


ACM ILIA cental... — ' 

.Vnm Austin ltn 

* M A UL SI 

Afniwl kvptoratK-n 

Ampol Petiole am..—- J 

Asmc. Mineral* 

Pntp Patvr SI— i 

Arrec.jUno. Industrie*..—.! 
Airtt.Fdanrlarim Invert. ...I 


7 . 4 I A.N.l 


3.0 
2.7 

10.0 

5.3 

11.3 

4.0 


t0.71 
tO-Sb 
■ 2 . 12 
:i-so 

>0.85 
1L30 
f 1.42 

n .86 

tl-io 

+L&9 
tO. 60 
tO. 72 
tO.33 
tl.26 


AudUnco. — — j 

Aunt OH A Go*. .1 

Uamtro Greek OnJd — 

Bine-Metal Ind— ! 

Uuutarinvllle Copper — ' fl-67 

Brambtea Industrie* . Tl.flS 

Broken BUI Proprterarv...., t8.18 

62 A +04), 5.7, ®-^Ju ir ftI^LnIt^"*Brew"*rT -” 1 tL79 

35 
18 
70 
6 


:+a.o 

1 — 

i r::: 

^—0-03 
| +0.64 
1 + 0.0 1 
I-QJJ5 

j-tolin 

U*Ll6 

Lobs 

+£m 
+ 0 . 02 !"’ 
'♦OJK 1 
*+ 0.01 


TOKYO 5 


!» 


Si 


3ept - 1 


i 'Prices 1 + or 
Ten - 


Asairi Glass.— ...j 328 

Canon 435 

Ueriu— 1 810 

Uhinon..— 1 420 

Dei Nippon Print; 560 

Fu£ Photo 1 513 

Hitachi — J 231 

Honda Motors / 520 

House Pood- ! 1,200 

C. I ton 240 

I lu-Yokado -1.840 

Jacea 715 

i-A-L- -2320 

Kan mu BlocLPcy.1.200 
Xuniataa. 




VEDA ) 

Vcrein- Jt WeseBki 
Volkswagen I 


204.5; — 2.5 ' 12 

178J 17.U 

252 

593 H 
166 
134.: 

182.6' — , — . 
277^1+5.3 ;2t.n 
294 +1.7 26 
266 +2 , 

118 -03 17.W 
194 +5' 17.10 
131.2 +1.2 9.361 
296 1+2 I IB 
237xr ' 25 


U-.-et Benuerecv 531 {+1T 

M-.fluiuc* |42.5(0i+ 1.5 

lAitiisi^. - 

. l*etblnev...— ! 

4.7 ( Penuxl.Uirard. ...I 
Prtiarot +. k mm.., 
t'lailaln. .... 

Kwii'/Ji*dinjimc.i 

tterfmiie — ; 

llhonr 1‘woienc... 

1. In+em 

>kil BeSlIHI.... 

)ue - | 

I nrmcc’iukjue.... 

l hiun—m Hrethli .) 

Uatmir..— .— 


2.9 

4.8 

2.0 

1.5 


6.9 

S.l 

2.7 


29.94] 5.2 
7.2 


4.6 

3.0 

63 


BRUSSELS/LUXEMBOURG 


lz.t: 2.4 
a 2.1 
183.1, + 3.8 l-.ta 11.1 
89^ +0.2 J 7.5 0,4 
273.5; + 7.5 1 10 2.8 

487 ,— 2 17.23 3.7 

204.5,+ LO' - I - 
430 >2 ' 27 • 6.3 
ba2 1-4 ! 30 [ &,2 
lD«.ff+ 1.2 ■ 


82.0! + 0 . 1 ; - | - 


STOCKHOLM 


1 Div.r 


trepl . 1 j Prne , + ur J’n.’Yid, 


Fra. i — i Net , 


Arted 2,495 

Beriut “«'• 2.180 

UJI.U. L'emunt ...IL211 

CuckcrUl I 456 

EBK.-J 2.290 

Bird tube! I 6.800 

Pal,ri<iDB Nat 2,770 

G.B. luni>Bm....'2,B65 

Gnacrt .'1,314 

GBLiBnls L; >1.660 

Roliukon — '2.460 

Intercom — .'A, 745 

KicdietUnk .7.000 

La Boyalo Beige- 6,260 

Pan HUdiag '2.930 

Putnifim...- 3,816 

nuc. Gen. Banquc 3.046 
Sw Oen BeIfii4uo2D35 

HoQua 13^30 

noli ay. 2.455 

Traolun Bled 2,670 

UCB ...>1.100 

L'n Min. <Dl£n ....) 774 
Virille Muntafrite 1.885 

SWITZERLAND ® 


tf 6 

—3 

li. 

rfg 

1+2 

10 


j — 

;Z16 

;100 

177 

.430 

;170 

>160 

86 


10 
+ 10 
+ 60 

+5S‘ 

+s 

1-20 


5.3 

8.3 

?!? 

6.3 
6.1 
6.6 
6.5 


tuu. 51 

Pric+ 

Hn.'iie 

+ ’» 

D,v. 
hr. | i 

Nwtwhi lnteniau<«Mi. . .. 
.VjflhUmfcre b'dinc-.^-' 

VGA Vi(Kl.3Ui... 
Ails LAvaUiKrii.1 
j V^ILV (Kr.oOi-.., 
A 1 U s*C-ujx*rf k rl+ 

21 3 
145 
92 
126 

+3 

+2 

—2 

-1 

0.0 f 2.6 

O 1 3.4 
6 5.6 
8 i 4.7 

cn seareh.- 

Ptuuee: Uonctem^.^ 

Hcckltt A CailinHIl 

1 IIS 

Vsiiiiis 1 194 

'--Clil/lin* j 231 

Kiivl'IuvBVKrrt; 145 
i fc.i itf'ini ‘k'f k rp ! 141 

+4 

+4 

rl 

-1 

W ' 3.5 
5.75 3.0 
10 | 4.4 
6.3 ! 4.3 
o ' 4.5 

doutbUiHl Mining 

4v*rir* tspl'3railr«i-- 

IiXtti ,S) 

II allvn* 

Jiesuni Mime- ic.'c+nia... 


164 410.5 
170 I 6.9 
142 | 8.3 
,290 | 4.1 
[s28S 6.2 

,52. SB 2.7 


,206 

140 

216 


1170 


+4 50 

+ 26 — 


6.7 

6.8 
6.7 


ASllri 0.6 


S*-[*. 1 


Price * + .»r I Div.:TI«L 

I — 1 5 


Aluminium .—...1.185 


6 
10 
22 
22 
22 
16 
.10 

Ri-tTman ttUm*.'65,128 1 — 1Z7BillXD| 


Cilia Uei^yFr.lin! 1.025 i— 10 
Du. l*art Leu.- 760 I — 15 

Du. 1!cg 570 1+3 

Credit Suiif. 2,290 +10 

blo/trowau 11.950 |-+20 

Fincher rCi+irgei .j 620 


Do. (.Small) -6.525 —76 

Tnuufoud B -.,3.900 -26 

J i-i, loll (»V, KUJ J 1,560 

Nestle (Fr. UXTi ...<3,430 —10 

De. 8 eg 2,200 

Ucrlikou B ' P^ibOl *2,866 + 6 S 
FlrelUdlPfF.lOOi: 290 +1 

Lauder 1 Pr. 260) - 3.676 —45 

Do. Part Carla _[ 423 +2 

eHiInmikr Ck FWO; 285 

iulrar Ct 'TrJCOil 300 -3 
Sn-iseair ''tV. 3&0i 812 — 4 

Birin. Una ifrJOOl 389 ,3 

bn iaaiJM ■ Kr^iCO 4.826 

Union Bank 3.260 !*35 

Zurich Uu — 11.900 f +50 


110 

20 

21 

+96.6 

*n.7 

16 

15 

26 

26 

12 

14 

10 

to 

14 

eo 

44 


SA 

3D 

2.1 

2.9 
3D 

3.5 

2.6 

4.0 
1.7 

1.7 
2.6 
1.4 
2 D 

3.9 
1.3 

6.1 
ID 

3.1 

4.2 

4.7 

4.3 
8.6 

9.1 

3.1 
131 



305 


Kiser-u 

103 

+3 , 4 • 3.9 

■ i r* fleet- ftreei.... 

61.0—0.51 — : 

rlsn.i leirenUeu,. 

388 


Uara"on 

115 


Mu Ucb lA*nr*to. 

67 


jsn.inl A.B. 

260 

+3 1* 75; 2.2 

.K.F. •«' Kr..... 

75-5 


iksail Knikikis 

177 

6 4.5 

I'andatlk ‘V KrtC 

723 

—0.5 6 6.8 

Ifddcbolm. - 

66 

+ 4 I*- | 

V'o>ro iKr. bO)-.„ 

83.5 

-1.0 1 6 | 7-2 

COPENHAGEN * 



Price 

+or:D,^TTia: 

8 cpL 1 

Kroner 

te 

J? 

1 

■ 

1421c 

1 

Dknskc Bank 

128** 


East A*l*t.le C-e .. 

163** 

! 12 7.4 


Fimuubaakes 


For. Pa(+r. ... 

Ban>ielsb+nL 

U.N’ib'u H.(Kr30> 


134 

377 *) 1 

90**| + «* 

129*e' 

277 


13 

12 


12 

12 


9.7 

3.2 


8.5 


| Nunl KrIhtI 

Ollc:sl+tc 

Privslbsuk ......... 

1 'nilaiisok 

iMipfa. Bercasun... 
tsuperfoft....... 

193** 

117 ; + E 

1341*: 

141V 

408**, + 14* 
183 - 2 i, 

12 6.2 

— 9.0 

11 1 7.7 

12 ; 2.9 
12 i 6.6 

MILAN 

Sapl. 1 

Price | + or 
Lire , — 

P'*. Tld. 
Lire • 

AjVIC 

108 !— 1 


Kxstogi 

667 i-10 


Flrt. 

2.040'+ 16 


Du.Prlv 

1.640. + 10 


Flnnliiar .. . 

17 9. Of 

- 1 

Usli+raent 

14.300+260 


lulsldur^ 

331 |—4 


Medlubsura- 

35,900—95 

1.200 3.3 

llimtcdisini— 

185.5+2.0 


OU) cud Priv...„. 

1.156 |—34 

, — _ 

IWII i Cu.. 

1,750 -r 1 

130 7.7 

Pirelli 

946 i+16 

80 a _ 4 

Hate VIbcum 

945 +16 

i 1 



L<*irtnc Hiotintn 

L’xslaiii Aualra'.w 

Du 11 lui< KuWer tSi; 

hsi.OB ; : 

KHw-"»„ini, - 

Hndeansur Kpikm.-ees....- .. 

LA iiMir+net 

Urn. Prn/niiv Tm« 

Hainrvsicv - - 

Huoker 

ICI AunonJla ■ 

liiter-Cnpj+i 1 

leiroinza In+uarie* ! 

+"UCb (Dar to*.. - ■ 

Len uard Oil - ■ 

Mrials Kxi Jqniitnii 

HIM Hofilmj, : 

Mr or Brnforium— 


320 

Kubota. 1 380 

Kyoto- Cera rale ...'3,610 
r ...... Malaushhalnd...' 714 

'-0317 Mitanbishi Bank.! 279 
. _____ Mltaublalii Hw.-y| 124 

.- 0.01 Mitsubishi lA-rp.. 442 

•■O.Db Mitsui A Co 309 

+0.08 V.iisukostn— 1 586 

■ • _ j Nipjam Denso,..,. 1.380 

1 180 ’ -jb* I Whin pan.. 765 

f 1.50 J V ““ MuTtin, 734 

t0.c 2 UhOl • Wuiieer. 1,560 

T 2.03 _n 02 ' >*oy« blectrir 242 

*n’iw FnefW> . 966 

AhtscUu.... 1. 150 

.'lu 5 ' 1.500 


+2 
+ 2 


[-10 
+ 1 


'-5 

+30 


+40 
+ 25 


+ 10 
[-1 


-1° 


73.62 


tO. 31 
13.10 
' LcB 
'2.32 
tO.tO 
t 2^0 
to. IS 
tl.19 
• 1.08 
:J.36 
t0.36 


|-2 | 
1+6 1 

i:«j 

i:?-; 

;+io 1 
(—i . 
j — 5 
!+io 1 


■-ojb: 

- 0.01 


:+o.oi 


+7.i?a 


1—20 ; 

Taishu Manne-.... 235 ;L..— .i 


AMSTERDAM 

Sept. 1 1 


*2.65 

tO.65 

*1.58 

tl.B5. 

tO. 15 

t0.51 

tl.c9 

t2.94 

r0.78 

rU.33 

*0.48 

tl.93 

10.87 

1 1.69 

*1.67 


Takeila Chemitml.- 420 

TOK 2.060 

Teijin • 117 

Tukyo Marin*...... 489 

Tokyo Elect Pun 'r'1.110 
Tokyo dsn ! y._., 327 

To ray. | J 47 

135 
849 


1+9 

f — 10 | 

1+2 1 

1+3 

i— J 


ti35 ;+1L0b ' TL-l'it* Corp — .' 


Div.'IM* 

* 1 * 

14 

2.1 

12 

L4 

85 

L5 

1 20 

2.4 

18 

1 A 

lb 

13 

12 

Zb 

18 , 

IV 

35 1 

Lb 

18 i 

SL* 

30 ! 

Oil 

13 

as 

10 , 

42 

1 18 

LB 

15 < 

2-7 

55 

05 

20 1 

1 1.4 

10 

l.B 

12 1 

.42 

13, 

1.5 

14' 

3J 

20 ; 

L7 

15 1 

-05 

12 

0.8 

16; 

U 

48 

u 

12 2JS 

30 

12 

* 0 , 

02 

40] 

1J 

It • 

U 

15 

LB 

30 .-0.7 

10 

42 

11 

1.1 

8 

kb 

12 

LB 

10 

3.4 

10 

3.7 

20 J 

12 


f 


i 


+ 0.01 

;+fl.oi 

40.04 


-O.hii 


Source 

VIENNA 

L'lklto Securities, Totjo 

Sept. 1 

j I 'rice 

1 <* 

TJ 

-f- &r : DiVrAt- 
- i % 1 

CrtilUADriAlt... 

..i 242 

i io i 5-5 

1 ernimferr 

..j 275 

-5 1 »T ; 32 

■'Sete.-M 

.. 630 

-1 I 38 7.6 

:cm|ierit 

-.1 87 


bteyr Daimler . 

..( 224 

-*■6 i 8 j;32 

' eit Magnpyt . 

-! 228 

-1 ' 10 ,4.4 


— 1 JOHANNESBURG 


Abvhl'FL. 20, ■ 

Alezn 1 FI. 20i I 

AkjamUtiLiTl.luO 
AMKV !PL ICO.. . I 
AoirDhanh (FLO), 

BQenkort _.l 

BokaWrsf m(F.I0)i 
Bnbrm Teturode. 


Price ’ + or -Div. MINES 

Fla. ' — 1 ~ [ -ins I d American Coron. .. 

*777^ _ 1 Cruncr ConaoUdaio^J , 

*”'? 6 ' =28 • 4.9 1 East Dneftmtcm 

.55.1+0.3 — 1 _ 


. — . Elsburg 

375^ T 1.0 '.K2J6- 7.5 Harmony . 

92.0 -2.5! 50 j 6.4 Kinross — 

81^ -0.1 'A2S5 5 ; 5 Koof 3-- 

J0L2 — 0 . 8 . 26 5.2 * Rnstcnbur* pladnum — 

1 30.9 +0.1 884 6.4 1 st - Helena 

_76 ;+ 1 ■ 26 , 6.B Swihvaal io.a> 

Swto' £L=0.| 311.5' 27 Cold Fields SA - ZZ :5 "■* 

149.0 +3^1 37 Jj 5J) I Donw Corooraiion *38 


GurComl st' Fl.lfii. 
Glaisl Brocade* FL 
He'neken (FL 26 j 1 
Hnogoretu < PLOO|i 
Hunter D.fFi.WW : 
JC.UM.tFI. lOji..' 

IoL. Duller (Uu,. 
Xaardcn (VI. lJ.,j 
Net-Ved los[Fldin : 
NedCi«lBk'FI3Xr 
Sed MidBfcfFi -jor h 

Oce iFLao, ; 

Ogcoi 

Van Oinuu+on. 
IWibo^itFdaJ;..; 
| Philip* 1 Fl. lo...... 

j lljnSctilvriFUoii 
Bobecu |Z1.bO; — ‘ 

I Jlolinco I 

i Uorenhi (FLaU)..^ 

! IL'yal Dutchil'l2D 

j tslarenborg ‘ 

aierin G rp t F LSS) 1 ! 
Toicyo I'ac.H U1 s.fI 
UjJlk'iernfL20i.,.| 
Viking Bes. 'ilLiNi 
Weitl.UtrJlypbL[ 


68 .a.; 94 ^ 

4J.0-0.8 j 20 ' 4-.6 

111.0+1.3' 14 13.0 
40.1' — 0.1 ■ — . _ 

26.5] ! 12 J 4.s 

153.B-l.6l B ! 5 2 
50.0..- ' 19 : 7.6 

iiltZ?;? 1 ’Is 3 ! f t 1 ^ Bowiw*"":;:;:;:;::: 
62 : 2 . 7 ... .! 21 ; VI' v " autm - ,15 - 75 

210.5— 22 I 5.2 1 - INDUSTRIALS 

AEC1 — 

10.10 

-130 

_ ; cs.i Invceunenu ^f oo 

!7 ' r o Currie Finance 0.00 

. ' I 1 Edgars Coneeiidalod inv. ‘ZM 

177.5 V 24 R' + o' Kdsara Stores - *31.W 

143 ' ” “i‘ _ , 7,3 • Pedcrale VoUcsbolcBglnes... LS 7 

123.9:::"""”! -« »' creatermans Stores tilO 


178.0- 2.5 
34.4+0.3 

150.0 -3^ 
44.2—1.8 
28.6 

86 . 0 — Oi 


De Beers Deferred 

Blyroornttztcbr ....... 

Free Statu Gednid 

President Brand - — 

Preadent Stcyn - 

Suilomein 

Wcikom 

W j .st Drlcfotuein 


I» 1 Antio-Awer. loduauial 

6.6 Bar i Qh . Ban(1 



-I* 


-ftW 



*M*MLSa«l»S==E= II 


42.0 +0.5 90.20! 1.1 
395.0 +23 33 I 4.1 



itenien Sank- 

Umrbhm : 

(JferttfrtOk- | 

ho? Rma. - . '• 

lu* Htkameu . 
N - x*kHy»lwKr-i. 
^inrennnd — 


Premier MBlhjg S616 

Pretoria Cement 2-40 

Proles BoMtnss ‘ 1.45 

RaimI Mines Properties 

Rembrandt Group 

Reico 

sappi 


Breweries 


.2J3 

3.63 

0.4) 

5iJ 

t4.63, 

L47 

2J.3S 

1.19 




+t 6 j 

- 1 ^ 


i B "e' 


Securities Rand SILS. O.TGi . 
(Discount of 33.7%) 


224.0 -2.5 ! 12 
93.75. + 1.25. 7 


4.2 ! 

7-51 







Times Saturday Ssptp mlyr % 1978 




INTERNATIONAL financial and company -news 



if 
m §W 



nse 
at German 



O A 


coal discovery in 

New South Wales 


i 

A : . 

:-■■■: % 
jtC: V.| 

S': 


Amev lifts first 
half profits 

BY CHARLES BATCHELOR AMSTERDAM, Sept. 1. 

• m6 S x has disKWeretfs a new coal basin. The deposits could weH b'e lo'tai'iead" tira7 of four'Yo five ! IVREA, Sept. 1. : ” ELP , E £ P** 1 - 1 ’. JF ine a^uisi- come rose 18 per cent to FI 720m 

cent rise in external sale* deposit which could prove w be valued at "thousands of millions \i>ars is expected before any ! r>l rvFTTl h-is -ciirw-cfiiiiv mn l ! Ion Time Holdings, the Dutch while non-life premium income 
•WM* “asSKTtor ?he in Aubirafo., rivalling o/ dollars" a B black coal" ?hc mine could begin production. Mr j Su^ i L&n U | Sm? StSaJ i m-'S 6 ! ■JT-Sf 'SirSfc K S 

^ter the 1 lhc ^neruti^ 1 and 0 *! odiltHal Srf S h!?ve to* e^idor lSSr 1 }ncrease la . l, J dl <-'d earlier this; 31 per cent to FI 43 in (&19m) for FI 60m. The compass activi- 

, me. nna. was luaue. im, j,eneruuon and industrial uses, would have lo consider w nether isiiinmcr, with stron" Da**ticioa- tim n-iir icr’c in thu ttc •• an*"*iom>fi ” 

istatn'c DAnartmpnr or Mines npar Both ctonminn »v- n | n »*i nn ; tc *ir * l ™ n * parucipa* . tile first naif of 197S. tl« ID the U.h. dC’-tlOpett 


BY: OUR OWN CORRESPONDENT 


r By Our-Fm»ndal Staff t 

MANNfiSMANN, the West Ger-^ 

: ™* *- *««•*>- Wife* Core 


SYDNEY. SepL 1. 


rn- similar lo that of the Sydney allocate mining priorities. A: 


Olivetti 
rights fully 
subscribed 

By Our Own Correspondent 
IVREA. Sept. 1. 


ft:.,' 


w vr._ 

e ar.. 

:, -*n 

C-,!_ 


Ou„ 

"^vs. 


•«»**» 




ul 

i?-. 

& 

K'i 

lo 6 :' 1 ' 



19 

i 

$120m bid’ 
for Medusa 
accepted 

By David Us colics 

NEW YORK. Sent. i. 


MEDUSA CORPORATION, The 
cement-maker which- is the 
object of its fifth take over offer 

,, , ,, , -. i in less than a vear. last nicht 

company con- well while progress elsewhere d iD p^pi* a gSm 

*“ n0rn3al - ibid from 1 Crane Company, tbe 

emerge just 15 * The Amsterdam Stock j maker of industrial valves. 

..us^nterini div!: Crane., already a large share- 

pe f, sl J? re , D ° **J e Adriaan Volker. two construction : c*Lh M fork's °7 qoooS 

_ . - - - 1 capital a* increased tb> 10 per nrnnn . w hiph are hnlriinp mt-raerl® 6 ® ,n ca5 ° for up t0 ,00iW 9 

office equipment group last April, j cent) by the recent rights issue, gg!^ JJJpJJJJ-JJ 8 EJ2EI shares so as to bring its total 


fflc c raL|g; iii - 5S 

“* u» B..ich was lecently L. ^ bj ho t din ® eomnanwl tSSISro*. The imnrovement is ^ e ®, ir T , h „ v . acquired under an exchange for 

istances or lbe surface." forced to abandon its attempt to .“if no| iins company -tiv due to th« icoulsition of ”“ ,,w 

■ rail links to Newcastle takeover Coal and Allied Indus- ! CIR. **«* now enters the Holdings ^ '*? *nS5n2 

lh ® find as star’-up costs fries after inten-enlion by , the i i S> r“if, a e ! and bunking arm rf Time Inc. 


climbed to ’S 9 -” ^ oer” cent'Yrw^ jRrannae. within open cut 

52 per cenL i The Minister, for Mines and mining distances 

The companv sa id without ! H ?' l,s - 531(1 *? at ^ carb > 

■ 11 preliminary indications were that enhance 


shallow of Australia which 


[side the Olivetti family. Pirelli. 
Mediobanca and other major! 


the two *uid they would Issue a i 
statement next week. [ 

A merger would create the 
which took effect at the begin- largest construction company m 


nine of (his year. 


If the effect Holland and ope of the largest 
in Europe. The two croups had a ! 


Crane voting preferred and con- 
vertible preferred stock. 

Due to the competition for 
Medusa. Crane was forced ; to 
increase its original offer of §47. 


The exact sue of the Breeza be drilled before a reliable esti 


Vr; l0 ^ :: 

■£? 6KJ 

** i26_ ; 

• •• 2 T.S 

• •■■■ 14 - ‘ 

••••: S i 


•« 4 t. £. .. 


Peak EOE turnover 

The Euronpan nntinnc F.ni,,.. j discovery will not be known until mate of the find's worth can be 
exDeienS , : furti *er drilling is completed, made. 

.e\ pen enced a record turnover in cunii. ,i.i. rh.it tiu> Th* ,, ...in 


4 u „,, st ~~v — .', 2 %^; Results to date Indicate that the Tbe department said u will owned gracing land, is easily [ shareholders have not so far, 

** ‘ onxraets ; find could be an extension of the lake another two years lo assess accessible and close to the Werrisi CODlribu{cd - 1 

Private investors took up over , 
L23bn worth of shares and other j 
major shareholders are likely; 
to put up more funds. 



A - .. 

• -la. 


in 

S’- 

« I 
*■% & : 

»I' 

• ■ lit'; 1 


u h r 

is. 


rnmnanHl ,u„ . iJiuq vuuiu ui: aa caiciibhhi wi wv ubc jnuuht iwu vcdib iu accuoai urn anu tiu» 

>f”SSai iS^n?. Reuter?lpomi H,mter artiil as s,rueture te after which the (iovernnunt will Creek rail centre, 
from Amsterdam!’ ! 

The EOE said the turnover! 

.was aided by firm prices of the i 
underlying shares on the Bourse > 
and greater Interest and famili-; 
arity of options generally. The I 
EOE also expects the govern-: 


Dunlop Estates cuts dividend 


BY WONG SULONG 


KUALA LUMPUR, SepL 1. 


Flakt earnings ease 


BY JOHN WALKER STOCKHOLM. Sept. 1. 

r» , ^ I M- SU S! CC . ss r 0 ^ funding. , PRE-TAX profit of Svensk Flakt, proved sales, but has met with 
° v.i S * “ rs - r years, was; the Swedish industrial, venti la- fierce competition. Managing 

- - oanking consortium ;tion and pollution control group director Mr Ben»t Bora says 

'tnrimtffb thn icrtm I J:. j n t'-on /or- r v r- _ i 


If completed, the merger will 
produce a broadly diversified 
concern with sales of some 
S1.75bn a year. Crane's bid 
! represents a premium of around 
j20 per cent over Medusa's share 
price valuation in tbe stock 
market. 


(.,!£ 1{ 


?-■ 
ii ‘ 
2iv. 
aji" 
j.4i: 
Jr.: 

•• '■-«» 23 i, - 

iS;- 


laid;. 


such that a 

formed to guarantee the issue i dTpVd ^“sKribm^llST.Bmr Yor that he expects" the 'better 
ment decision that investment - THE DROUGHT of the past two a 2 per cent price rise, rubber growth, profits at Boustead]^ ^SrS 1 offered sl/deXn^ : 

institutions can operate through: years has taken heavy toll of sales reached 32.6m ringgits, 1.8m Holdings Berhad. showed only a f derti who now controls IS oar 1 rii-liw 1 ' f° become evtdent 

SS Tfie com. ^ iiSSSfL K? dc?lin° ^ « TS 

positive Influence IUOa today reports that Its after- :s ggL,tl nFthrTIK thi its StaLn ! -^ bn “^ul and 20 per cent of; Group sales for the first half whole "is unavoidable." 

- ^ noueoce - ■ tax profits for" the first balT^ ^ of SS*®' ^ r °J a JtJSS- SLiSS 1 MsfiikS p,anla0M j voting rights, has embarked on a .amount to SKrlJbn (S300m) © P. K. Banken intends to 

^ t - »*- » '. • i*** S** r have 43^ per Jig i^vsia^d nresS BouStcail reSorts pretax ! £ ro ^ miffe t0 cu i and ^ compared with SKr927m: Order establish a subsidiary in London 

Carlsberg in Malaysia !Cent 10 5 - 7m ringgitr (§2.4$m> J* the secnnH 3 ha?f^ were* ^more nrSuwert* 'virtmdlv at 6 54 m 1 ? tructur ^' s l° up dcb * L pm ? , intake for the six months in the form of a licensed securi- 
CARLSBERG BFRHAH I “* is t-uttin -3 iX * ,nlwim ^ eScourl-iS® ^ with indicatioS? s ° on a amounted SKrl.Sbn {S400m), lies dealer by the end of 1978. 

se^ biStest t iS- :dend 10 S rent from lft *** ??riw?Tnpnw iem Tlhe 3 S si! tS* cent i medium term Ioan 111 l,re - Showing a n increase of 20 per The Swedish Government has 

SiSli lUBMMtJIu nSi® 11 - Sil p!lm haS Stver ii riSi 3 £ rinLits. Half vear I Drastic cutbacks have been cent over the 1977 first half, been requested to grant the 

cent Vise in profits for the first; Paint Oil. the company’s most added the full year’s results were turnover for the group 'was ! a P°°“. nce, | a ! K lo ^2 aa, i In3 J ‘“ b ‘iqKrt r Jh«* 1 i 4 !“fiOmi Une im t0t ri[fm ' iriTi^not take dennsks 1 subsidiary of Courtaulds of the 

half of this year, and is declar-f boportam crop, has been worst not expected to approach last 4S.Km ringgits, up 21 per , lb 5 l ' S ’ 5 ii Areen 1 Uoa ! IkSowS ih? c n» inw S S?^*rant credits neither^m it ' tr * K * bas been aK i ulred b >' tbe 

mg a scrip issue of yne for two^it Output fell 45 per cent to year's record of 16in ringgits. The group's 55 percent owned I a “ d and . ?. c f lll "S set onjSKrL.Sbn at the same time lasL wr e U -I 1 ; Cemay S.A. group of France for 

to capitalise sis million Ringgits i 10.208 tonnes, and the price far A revaluation of the company's subsidiary. Malakoff, suffered a I ^ e ^ „ d f bt , in . “ bld br,n 3 the j Se Th M -mric th-»» ,n nt t S npnSIf^re to^he nhVained ” * ’ ri '“ "" K 

from reserves and retained earn-! the crop feU hy. 11 per cent, assets has been completed, and sharp sethack with pretax profits ; *» r0U P back 1010 P roflt - nf Frira Bank nf° Eneland d 

mgs. Wong ,Su long writes from j Cocoa rose by ! 9 per cent to 625 subject to approval from the falling by 34 per cent toj Although no dividend isi°* ^ dlvlMOns “ ,ive shown im- from tne Hank of r.ngiana. 

Ku^tta Lumpur. ) tonnes, but a 13 per cent fall in Malaysian authorities, any sur- 3.55m ringgits. Output of palm i expected to be paid for 1978, for 


Berglas Kiener 
sold for $2.6m 

PARIS. Sept. 1. 

BERGLAS Kiener. a French 


j«’V. 

a* : 

— . .. 

n - 

iL 1.. 

Si;-. 

4 O '. 


•'-•via 

a 1 :-- 


i#> 



w 


2J8.: 

- 

n-. 


n« 


SS3s 




-is 

*4-«e» 


- . . 

26 - 


15 • 

'l'-t. 

fk. 

- 4 








prpj 


flWW 


2 : i‘;t 

«< 

. .. 


. .. . 

a . 


The company is also proposing ; price did much to neutralise the plus arising from revaluation is oil fell bv 40 per cent to 12.551 
to raise its authorised capital { higher output^ Only rubber to be reflected in the capital tonnes while rubber production 


from 15m to 50m Ringgits. 


'llzti E( 

I-. ^ 

12 

.... 

: sn t la 
: xw so. 


The First Viking 
Commodity Trusts 


Commodity OFFER 36, 5x(2 
Tnist BID 34.7 

Double OFFER 70.0 
Optkm Trust BID 71.8 


Coimmidity.& Gsoeral 
Mans gem wit Co Ltd . 
SStBcarsp’s Street 
Douglas Isle of Man 
-ToIs:fllSZ4468Z- 



iu^u^i vuspuu . IM VC I A 

•turned in a slightly better resuJL reserves. 
Output felt marginally, hut with © After 


two years 


declined 
of strong 7.06m lb. 


by 6 per cent to 


Winsor recovery continues 


BY RON RICHARDSON 


HONG KONG. Sept. 1. 


Oftex in Indonesia 

CALTEX. of the U.S., will con- 
tinue working in Indonesia for 

PROFITS AT the textile group The group, - which has a | another 30 years after its recent 
Winsor Industrial Corporation substantial part of its operations] work contract with the state oil 
continued their recovery in the based in the Portuguese colony loS^Stex ^as^btNm exploring 

ldatei aCt fieure slightly rising profit trend shown 


of HK$66-16m. 


■WARDCA-re COMMODITY FUND 
>t 3 !k July. 1978, £10^9. £10.72 
WFC MANAGERS LIMITED • 
AO. Bax 73 

. St HcKar. J«nty. 05J4 20591/3 ’ 
Next deifing 29cta September, 1*78 


at the half-way stage. Its diver- 
sifled textile operations have 
enabled Winsor to avoid many of 
the problems of labour shortage 
and overseas market restrictions 
affecting some segments of the 
Hong Kong textile and clothing 
Industry:- ■ 


and producing oil from a con 
cession area in the central 
Sumatera province of Rlau for 
almost 60 years, and is producing 
about 50 per cent of the country's 
total production of about 1.7m 
barrels per day. The new contract 
with Caltex will be based on the 
production-sharing basis with a 
profit split of 85 to 15 per cent 
in favour of Pertamimu 
AP-DJ 


the fourth year running, Olivetti 1 
shares have been rising on the 
bourse, which has been buoyed 
up by a new wave of investor 
confidence in recent weeks. 


Hokoku Marine 
recovery 

HOKOKU Marine Products Com- 
pany reports a Y324m net profit 
for the half year ended July 31, 
compared to a Y492m loss a year 
earlier. Sales during the period 
were Y32.77Sbn, against 
Y34.097bn. The company fore- 
casts a net profit for the whole 
of the current year of about 
Y500m on sales of Y73bn. That 
would compare with a net loss 
of Y29m on sales of Y7(L978bn. 
AP-DJ 


Nylex sees better second half 

BY OUR OWN CORRESPONDENT SYDNEY. Sept. 2. 

THE PLASTICS and chemicals areas in the second half.” 
group Nylex Corporation hit The directors said that the 
trouble in the six months to result includes losses associated 
June 30. with profit down from £ itb the closure of the group's 
SA958.000 to SA56S.OOO despite a Singapore operation and a fall 
16.4 per cent sales lift. in . The profit contrbuiion 

But the directors have held the of associate companies in Aus- 

dividend steady at 1 cent a share, ^A^sinru^ niv , Q:i ^" d * fr0TD 
and say that the outlook far the SA743.000 to 9>.0M. Last year 
second half is good. “Most lhan doubl ? d Profit 

areas of the group have started ^ per , ce P t 3 um P. t0 

the second half with imnroved SA3 - <,m interim earnings 
results? 0 A iiniinSrl S ?hS *™n 1S4.000 to 843.000. 

trend should lead to a marked 
increase in contributions by our 
associate companies and a 
higher return from the Nylex 
operating group which tradi- 
tionally benefits from higher 
seasonal demand in consumer 


FFr 11.5m or $2.6m. The sub- 
sidiary. which is mainly con- 
cerned with woollens, had been 
in liquidation since last May. 
The new parent company in- 
tends to spend around FFr 30m 
to “get Berglas Kiener going 
again.'' 

Cernay said that eventually, 
Berglas would employ 2,000 wor- 
kers and have an annual turn- 
over of FFr 300m. Cemay 's 
announcement that initially it 
will keep on only 320 of the 
company's present workforce of 
500 has been described as “un- 
acceptable ” by French unions. 

The sale by Courtaulds was 
first mooted in January. In tbe 
two years to 1976, the former 
subsidiary lost FFr 24m. 

AP-DJ 


I.G. Index Limited 01-351 3466. Three Month Tin 68336891 
29 Lamont Road, London SW10 OHS. 

2. Tax-free trading on commodity futures. 

2. Tbe commodity futures market for the smaller investor. 




+ = ; 

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455 

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- 

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515 

— ^ - 

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— * 

522 


.223 

-:3 - 

oaa 

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725 

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a 20 


,2lnI 

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520 

’ 


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442 


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■r.T~: T 


GOMMODITIES/Iteview of the week 

worries boost cocoa 



5§ ^ ; 

. 5 : 

;}s ■}-’ 


:G 

iiHE* 


BY OUR COMMODITIES STAFF 

LONDON COCOA futures dosed 
. last night at their highest levels 
. for several months as growing 
•" concern over crop prospects in 
. producing countries encouraged 
widespread bpying. The upsurge, 
which has accelerated in the past 
few days, has now added over 
£160 a tonne to nearby prices in 
less than a fortnight. 

November delivery cocoa ended 
ihe week £117 higher at £1.909.5 
a tonne following a £20 rise yes- 
terday. Dealers attributed this 
to concern over supply prospects 
fur the coming season, particu- 
larly in West Africa where a 
long spell of' overcast weather 
has hindered pod-setting. The 
. Brazilian crop is also thought to 
be down on last year.. 

These worries were highlighted 
this, week In a report published 
by Holed, the London .trade 
house, which forecast that world 
- production in The 1978-79 season 
■would be 70,000 to 110,000 tonnes 
below the 1977/78 total of 1.47m 
tonnes. The rise was also 
encouraged by increased buying 
from Continental manufacturers, 
although. tViU: slackened off some- 
what yesterday. 

Tbe rise in coffee values con- 
tinued this week although there 
is still considerable uncertainty 
about the amount of damage 
done to the Brazilian crop by 
last month's frost. The Brazilian 
Coffee Institute Is sticking to ibs 
estimate that EL2m bags (60 kilos 
each! of coffee beans were lost 
while the U.S. Department of 
Agriculture puts the damage at 
only 15m bags. On Monday, 
dealers appeared to be favouring 
the lower end of. this range and 
November . futures fell £20 a 
* tonne. But prices have dace 



16001 


JIIHIL 
Mwm 
HIRES 


APft WW JIM 


AUG SEP 


recovered and following a £40 
rise yesterday 1 , November coffee 
ended the week £50 higher at 
£1,528 a tonne. . 

World sugar prices moved up 
sharply yesterday in response to 
a forecast by London merchants 
E. D. and F. Man- that production 
and consumption could be in 
balance during the coming 
marketing year (1978/79) and 
might even" show a modest deficit. 
This would, compare with a 7m 
tonnes surplus in the year just 
ended. Man expects production 
to drop by 3m tonnes, the first 
fall in eight years, and consump- 
tion to rise by 3.5m tonnes. This 
would lead to higher prices. 

The London daily raws price 
rose £3 to £97. The December 
position on tbe London futures 
market ended tbe week £3.975 up 
at £100.125 a tonne. 

Tin prices on the London 
Metal Exchange yesterday dosed 
at their highest levels this year, 
following further sharp rises. 


Standard grade cash metal rose 
£122.50 a tonne on the day and 
closed at £6,937.50*— a gain of 
£240. a tonne over lbe week 
Three months standard grade 
rose £165 a tonne on the week 
lo ■ £6,847.50. High-grade tin 
prices were affected by forecasts 
of a drop in LME warehouse 
stocks, increases in the Eastern 
price ajfd good U.S. demand. 

On the other hand. Copper fell 
during the week in spite of 
further disturbing news from 
major mining areas in Peru and 
Chile. 

Yesterday the Chilean Govern- 
ment declared *’ a state of siege “ 
and the suspension of constitu- 
tional guarantees in northern El 
Iriia Province in an attempt to 
end the conflict with miners in 
the area. And in New. York 
Asarco announced that it would 
not.be shipping any copper from 
Ilo refinery in. Peru to European 
customers in September. Ship- 
ments were reduced 50 per cent 
ip August. 

Southern Peru Copper Cor- 
poration said very few workers 
were returning to work at the 
Toqnepala mine and Ilo refinery 
despite a government order end- 
ing, the strike. 

This news pushed copper up 
about £10 a tonne in London, but 
on the week cash wirebars lost 
£6.75 a tonne and cathodes fell 
£7.75. Three month wirebars 
nlosed £8.50 a tonne down at 
£755.25 and forward cathodes 
were £9 a tonne lower at 746.50 

Advances in copper rings 
helped boost lead prices, with 
cash metal ending the week with 
a gain of £6^5 a tonne at £343.50. 
Cash zinc was £2.75 a tonne up 
at £32L50. 


WEEKLY PRICE CHANGES 


htim> 


, jtt'sej 

| per toon* ] cm ] 
unlaw LweWfl 


1978 


lew 


■ r 

600'. - J 


-s-N 


High j Inw 

l •. .. 


1 Latent | 1 


t 1978 

1 price" I'b’jgr 1 

Tear 

1 “ 1 

■per tuuue • rai 1 

a»» 

4 . ! 

I umle*" iwrek I 


1 High J lanv 

! doled | ' 


! 


5SE&WL.. -i £600 '. 1 - ; JKH2 J 0580 j -*» 

J^SI*rfc«cJJ.JSL0T5j9S +10.0<8W3SMp $U€0 Sfcb 

jSSSSSSSZ f - jsjeoJ XUXO i £1.BC5 
Ftoe rttoHBiVHaO tea I ■— jSK.T0O.73ft _64«5 . 


Copper. 
rRsfi TVs 


*£.135 




f -' 1 * 

■ ‘ .■ ’r 

y 9 

/■ 'V. 

.. b 

V? 

. 

'• d’ilf 


Q«bB "Wire Ban ... 
j uiibt* Do. Do. — 

1 Mb Orthodej 

j m*Dtb Do. j— 

field pBTTtf. i ?tSM.*76*MLtr 

J«d Cub j. j i3tt.tr 

3 mon ttwi - £548.75^ 

Xlwtrt 4 • 1 -“ 

F'reeilMietc.Lf.lb.i SL80H3 hftul 
I'latlaom per 01 . .... D 130 4 

Free Ibu&st perflif £1^4 : 1-L6 

QuicksUrer i760m.), 

3-tLrar pwor_. 

6 rnottUw'per vz— 

Tin dAwwa'iu. 

4. inomJi 
Tunngtan Ind. _ 

Wol&nrn <2SJ)4lb.) r | 

Zinc cub 


£74L5 : -6.76 I I £778^ - j £312 

£7K25 .-Bj £672.76 4S98.7& I tSW.7& 
£730.75 -7.75 } £& tO - ,£77i6 1 KSS&Ja 
£706.5 ,-9.0- £663.75 • im 1 1*10.75 

J ” *■ 1 SI46.I3&. teWSTb 6156.125 
£314Jj [ £364.75' £27 o£p 
£ 316.75 | £3fi8£a 1 £290 JSS 
vcyjffi jjeange 

JS7-Kltti} £133 jJ- 1 BX 
iX3 A ; £140.1 | £96.4 

PUOW iSIj2.a_ ^61215 


5 months «*^j « 

Protjucm^^^M 


Grains ; , _ 

Bptoe Fuumi.— ■! ‘ £81.7,. 

-.--....I 

FraftCb y P-3 Yellow j 

t&nwaosi) CM* 


‘Sf-lVa 

«9U8p *3M. 


a - WMO.Or '£6, 


■TM l+lffi 


9140/44 | + l£ 

£32L5 '+2-75 , 
£388£76:+M86( -gg*?6 


So.7; wwe, 
nflCLfi .1*025 


■mMp 

JWTIp- 


£8. 2C.5 


IMS0 
,76 


Bffl.T&jx 260p 

..-5H.9M 26i3n 
a».«7^; aim 

8134JS i SW4J4 


£7L6 


: . 


Siiaj) 


Smu> 


gga fl L 6 iyvp-?* 
ts© 7.76 
H5W 


£87.76 j £70X6 
£H5Q.75l£»A 


Wheat ! 

>». 1 HcilJSpnD S . : £9L 
Am. U»fl 

trtntrr ..' ■ J . 
Eui.*.51ilMufilne«'cwp; £29,6 

awo 

Pfpper. wliiu* 52 #d7o 

Week j. &LBJ6 

Daconnt/ Plitlip ' c* 1 - •• 

Liuwnt, Cruilo 

Kabo Msle.reu J £575 ' 

B& w Uf 

Uul.m«PbUlpr i iiK , »)*j 
St^bfins i.L'.aj...] I»«3 

S^nodities !•:• 

Cm* bhlpmeno-"! ij-Jg,, 

CofbeFutnre+ hpv, i,l,62h^ 
j J ouoii Iiidrs-....— ■ 74.6e 

Om, i^Kunut £64o 

JuteUABW Cert* 

MubburillP. — ^7.7fip 

StgoFrari- | £17S, 

iflMt'Xo.SL | SffiO 

Wfci • 

Ten -j “ 

(pftioi Ulu- . n «• 

Woolior 7V*rp.i *78 j> ft 


- • £70.90 


£83.6 


- I £92 


S2.776 

152,120 

SAib 

X0«7 

£302 

$435 


:-5jj , 
1+10.0 . 
:+i.e- f 
-ioD 


£WJ3 j 

! £91.3, £91 
j £106 j £9l£b 

1 tt.UlX* i^SXD 
} S3. jftj, K.,076 
I SS.4od $1,575 

S7E5 j 

1 £7M S&S7 
! £3W ' £256 
! 5640 : $W3 


- J Kill | S4E8 • S37SO> 

3i 1 5208 1 $313 j $23* 


Lllj 


, £ 2.449 • £ 2,155 

+ 117.0 £2^8d.76'£2^32.6 
+60J3 > £2.498 £1.9624; 

1+1.10 I S2.2C. ' ! 74.Se. 
— £780 

, - 1 -8417 

^ ? ^ 

Sbfcb 
£106 
£190 
IKjp 


ft Ilo 


+«n 


£760 

S4t» 

W.'ftp 

£190 

£114 

£U« 

lEOp 


, £1.511 

teUKi. 
£1^92 
61£6c. 
D505 
$437 
40Jm • 
£177 
$580 
£81 
£172 
127 li 


l£»p • H 8 p • 60p 

27flp feilo i393kliop!387pftIlp 


t iinqnfrtart; . * NoToutkL o UadflW»car* 


Dec. ffi.SWC.M, March S3.SM4.DO. May IMPORTED— Wheat: CWffS No. 1. 12} 
unaumed. July 63 JO. Business: Dec. per reni.. Seat. 01,00. Tilbury. U.S. Dark 
4E.2i-61.65. March 63. M. Sales: 50 (471 NorUjern SprUu Nu. 2, 14 per cen!.. Sepi. 

loi*- Fl-5. Ocl. BL7S. Nov. SJ.75. transhipment 

COTTOM— UverPMl. Spot and shipment East Coasi. sellers. U.S. Hart Wloier 
sales amopnied to 253 tonnes, bnngtng ordinary unquoted. Australian wheat un- 


MARKET REPORTS 

BASF ■ MFTAT.S tom for the vm* 10 MS acamst =79 

U/4 ' 5L tonnes, reports F. W. Taitcrsalls. Further 

COPPER— Firmer on the, London Metal demand broucht additional offtake In 
Exchange with forward metal EURUm at American-type varieties. 

■T73A-XT32. alfpplflK to .CTJ9.S and then Cff Vfft 
sainuiz ground to a high of FTSiS, helped JL.IV 

•w * Cnnl ”’ '*Z** a i, silver was Used 05p an ounce lower 

squaring adm of a itwe of st^e ftr ^ dellreiy la the Mm baHlao 
ft Ihe main CWfcan mlnUw province. The market ycsicrtay at 284.4 b. VJ&. cent 
Hose on the _ Kerb _wu _£ !SL T he net eotdralerus of the fixing levels were: 
fall on ihe week was £SA Turnover. LMOO ^ bi.»c. down LSc; threo-month 563.1 c. 


WOOL FUTURES 

The market was dull and featureless, 
Bache reports. 

■ Pence per kilo* 


Quoted. EEC Feed wheat untainted. •' Uo1 

Maize: U.S ./French first-half Sept, hrwv 

! 00.50. second-half 1MJ25. Ocl. IU0.73, — — 

Tllburj". Mdkrs. S. African White SepL- 

Oct. 5S.30. Glasgow. S. African Yelli.w Uet- *vr ...«. 

SeBL-OfL 59.60. Glasgow. scUefi. Utwiulw... 

Barley: EEC Feed Canadian unquoted. Muivti 

HGCA— Location ex-farm spot prices. Slav 1 


nUntu lYesitMTl.v's -f- t-r; fitimtiem 
HvWonll Clcme • — J Doue 


tonnes. 

COPPBB"; *JT. =-For{ p3u 

Official • — UnolBdai 


£ | £ 

Wins bars I 

Gn-b ....J /36.6-7 + 8A 
’ nwmh>.74ti HJ v7.7i| 
•‘etjl'ni’ot, #37 "t+8.5i 

Cathodes | 1 1 

Ca-h 728.5-7-1-121 

s moai1>...| 742.5-3 +11 i 
•ettl'm'nt; 727 i+I2 
U.S. r«in« .1 — 


down lDc: six -month 513.3c. down 0J*c: 


13.0- 41.0 

10.0- 44.0 - 
11-0-46.0 

. W.0-17J|t 

Other milllns wheal; Norfolk 64 00. Feed Jmv h4&.B-«5j • 

barley: Norfolk 7LS0. Devon n.SO. (Hl-ipUt B4S.D-B2.il 

The UK monetary coefficient for the December ...B4ti.®52JB 
week beginning September 4 will remain 1 1 





and closed at SSSLl-SSfUp rsa&SSUc). 


and 12-month 506.Bc. down O.Sc. The ttn«*anaed. 

metal opened at 2B32-2S4A> <»ljhS3ci RUBBER 

SLIGHTLY EASIER opening on the 
London physical market. Good interest 
throughout the day, dosing on a umet 
Dole. Lewis ft Peal reported a Malaysian 
go-down price id 241J cents a kilo (buyer. 
September). F 


SILVER 

T*r 

Ln>y re. 

Bulltoa 

fixing 

pricing 

+• orl L.M.B. 

— j close 

• 1 

+ or 

ti|Wl. ...... 

3ioomhii_ 
Bm'mthB.. 
U months 

• 

Z84|. 

ZSO.Bp 

W04p 

dlA|. 

-0.9 S85.6i. 

— O.B 3B2.35P 

r-OJ - 

— 0.7 1 — 

+1.49 

i-1-26 


So. 1 
K.s.3. 


Yesterday's- Preriiuii- 
C'loie Close 


Huai oesi 
■tone 


7 . Oct ; 66.20-68.30. 58.00-58.60, 

Nov — J 58.76-59^0, 58.80-5BJB. 
U..-t- Dee; 5PJ5-B9.05 59.00-59 JO 


Amalgamated Metal Trading reported LME— Tut uover 294 < 203* lots of IP. 800 

lhai in the morning cash wirebars traded on. Morning: Three months 2»U>, I. 
at £737.5. 37, three months £75t, 50.5, 30, LC, L5. L0. 1.3. U. St. LX. Kerbs: Three 
49. 49.3.00. Cathodea: three months £742, raontba 291.1. 1.3, L4 1.3. Afternoon: 

43. Kerbs: Wirebars. three months £730-3, Three months 292. 9L8. L9. 92. 2.2. 92. Jw, '* lr | SJ‘JHI-2 
30. SI. Afternoon: Wirebars, three 2.4. Kerbs: Three months 292.3, 3.L 2.4, Apr-Jne tt.15-66^ 63.M |5.1D: 63JMB.10 
month 3 £753. 385. 34, 3C5, 55. 555. KcTbs: 2.1. 92. 

Wlrelwra. three months £7545, 55J, 55, COCOA 

.- TIN— Sharply higher again MUowlng Jo aedve dWdltions the market was 
Ihe rise ItL-fMtaog after : the .local boll- reported t »‘ the industry an d valu es 
day. Forward sraodard meial . opened dosed finuly- reports GUI and DuSus. 
firmer at £*5« and thereafter moved ’-^■Ye B g Sy , a;>w T 


COCOA 


OIom I — 


Done 


ahead following c ha rtist and nopp-loss 
taring, forecasts of a fall In warehouse 

wocks and good overnight DJI. demand. .. : . 

The trend cootfnned later whb forward hajOContrP >. . f .... 

oicr: tonnes. March ,+ 26.0 1809 Js - 1874 


Sales: 0 t0> bus of 1.500 kilos. 
SYDNEY GREASY— Close tm order 
buyer, seller, business, sales i— Micron 
contract: Oct. Wa.S-Wfi.O. 345^342.5. 1* 
Dev. 352.0-553.5. 354.0-3S10. 8: March 
3&L5-3GLD. 382^-382.0. 1£: May 365.5-388.5 
35.5-35.3. 5: July 37D.537L0. 370.5J70-S. 1: 
Ocl. 372J2-273.0. ml. nil: Dec. 273.2-875.5, 
ml. nil: March 37&3-3S9.Q. nil. nil. Sales. 
42. 

NEW ZEALAND CROSSBREDS— Close 
i in order buyer, seller, business, sales:: 
Dec. 150.5-82.0. nlL nU: March 182.585.0. 
nil. nil: Mas 164.045.5. 84.5, 5: July 
] 82.0-55. B. ml. nil; Oct. ISS.tVSS.O, nff. iril: 
Dec. iss.o-ss.o. nU. nil; March 189.0-01.0. 
nlL tiU- Sales: 5. 

MEAT/ VEGETABLES 

Jv-Sept. 64.B0-64.S0 64.6M4.70 65.10^4.75 *££ He ' BLD - ,!a mnl PnWS 

ft+-Du- 66.40-66-5S 88^ 66.^86.70 MEAT COMMISSION— Average fautock 

Jen-Mat W.DO-MJO 57-8557^ - prices at representative markets on Sep- 

Apr-Jnej 89.6568.80 68.50-69^5 70.00 tembar L C^. canJo S9.79D ht te-Lw. 

■ i-O.Wi: If.K. sheep las.op per 

Sa.est-d.c-w. i -*-0.71; G.B. piaa W.Sp per 
fcs-l.w. i+OJi. . England and Wak*— : 
Cattle numbers tm 36.3 per cent average 
price G9.75p 4+0.14C Sheep numbers op 
32.0 per cent, average price 139.4p 
i+0.7»: Pig numbers up 27.8 per cent. 

+0.9i. Scotlend— 


TIN 


iv.ni- 

Offldnl 


High 

Until.. 


Unit...... 

' uioutht.l 
■ieUlevn’i 

jtandardl 

vtlll 

s meat I is. 

'lAlk'ni't.! 

-irauui E..J 
New Ynrki 


Grade c 


4- or 

P-TTT. 

Unotfldfl 

C 

c 

+7S 

6035-45 

+60 

6860-80 

+ 7B 

— 


6 BIO £0| 
6 B2u 30 
cMO 


6905-15'+ 75 £986-40 


Sales; 247 >213 1 lots of 15 tonnes. 

Physical closins prices ibuj'em were: 

Spot 37.75p iSS-Oi; OCL 59 ^5p 158.0); 

Nor. 59.75p 'Si 1 . 

SOYABEAN MEAL 

The market opened unchanged m line overage price G4.9P 
with Chicago drifting lower towards the Cattle numbers up 6.2 per cent, average 
end of the mnmtng . Yet It- picked up twice TO-tCp <-0.31 •; Sheep numbers up 


£ 

+ 1S6 
+35 


+1294 


finish unchanged to SOp higher. 
SNW Commodities. 


reports 


llone 


1 *617.50 .+ 10 


F ,_ — — - — i ■ — — - — — — - trilu yj me unit iiuqj - Id At' IliVRVU Ulf 

or May.. I1882.U-88.0 '->-27.5 1884.0-1B70 afler im^h due to Chicago's steadiness to *1 pw ren:. averajw price ISO.Sp 

**“""** i.«i«in<.'u.i — - - - cOVENT GARDEN t prices In sturUng 

per package except where otherwise 
fluted i. Imparted produce: Lem a 
Italian: luo/120'a new crop 5.S0-6.B0: 
Sparna: Boxes 5^0-G.30. trays 2.40. 
OraBge»— S. African: Valencia Laic L20- 
SJO: Brazilian : Valencia Late 3.S0-3.S): 
« Caltfornlon; Valencia Late 12 163 4J»- 

Ooiuher. — ..114.3 114.7 -0.10114^0-113^0 dJfli. Grapefruit— S. African: 2J.72 3.20- 

Decemtar 116.2 116.6 +0.40 1UL5U-1 lb JO 4.3J: Jaffa; 40's 4.00; Californian: Marsh 

Frimiwy 117.6 11BJ r 0.60 1TS.D0-117.50 Svtdlo^s 64 3.CH. 36 3.S0: Jama lean: 27 64 

A|en 1 16 J- 120.9 + 0.30 — 2.7W.0fl. Tangerines— Brazilian: Per box 


July. „.|1660J-60.5 +2S.2& 1B74J- H&6 

-■sept, -...1 1030-30.11 +22.5 1045JMBSB 

Dec. 16 18.0-16.0 +21.0 1821 ■■ -1010 

Sales: 6J84 ( 8,721} lots or 10 tonnes, 
teternghma! Corea Organisation (U.S. 
cents per pound) — Daily price August 31 : 
150.96 U53J4’. Indicator prices Septem- 
ber l: 15-dar average 152.74 (l3Z.4li: 


. tudeniny + ■ 

j L'lose : — 

Icpertonu*: 


CTJS 10|+ + 7B B i 68 ^ 50 > 56 average U2J7 <132.13.. 

:8ia05 1+58 f I 


COFFEE 

ROBUSTAS opened £20 higher as Com- 118J 120.0- 2 118.50-113.00 ijA-r.-ik). 

Murnlnu’ Standard, cash £5.900. 10. 05. nrls'ilan Hou-c short -covering prompied A««jm — -119.0 1J8-D — 1.&0119 J0-11BJM English prodace: Potatoes— Per 25 kilos 

w hSSSlta BUGS.. rESg“Sr U Chartist buying. Drexoi Burntam LaXrt OeW.*r....„. 119.0 150.0-3 ■ 1 18.60- 1 tflJM ^ , C -?t 

Sale^: 59 <42 > lots of 100 tonnes. 

SUGAR 


three — __ 

Slandnnl. cash 16.900, three months £6.800, reports. The mariict tailed to faQixv 
05. High Grade, cash £8.965. Afternoon: through, however, and only pro-weekend 
Standard, cash I8JH9, 35. throe months book-squaring kopt afternoon vahiee 
fa.f-05. 10. 20. 25. 38, 49. 59, 70, 53. 60. 55, buoyant, with final lends £30 10 £40 
», 31, 50. Kerbs: Standard, three months Usher tm balance. 

£6 £50. 45, 50. 55, 60. 85, 80. .50, oa, 58. 55. 


tray 


1.20. Webbs 1,<W. Cucumbers— Per 
12’24's new crop i.GO-S.OO. Ms 
Per pound 0.28-0.50. Apples— Per pound 
Grenadier 0.D3-O.U4. Lord Derby 0.06. 


LEAD — Gained pond, mainly in sym- 
pathy with copper. Forward metal 
traded within narrow limits, opening ar 
£348.5 and edging up tu dose at £349 


COFFEE 


TeMtertny'hj ; 

I Ctr+f, ! + or 

. £1 per tonne ! \ 


Buslnep 

Done 


f^Scru^’ GMrfw Cave' 0.07. Eramlw tMA 
iPi.UJ t£M.0u> a tOllDC: Ctf fur ScpL-Od. f™,-— 0(K.nt" Ttiluman's OOft-O'O 

« te wi 10 . riofoo 1 daUy Dricc was Whwer Pcartnains o.os- 0 . 12 . ‘ fWs 
fixed at ilCC.&O ■ £101 -OO ■ . —per pound Dr. Jules D.0S-0.I2. ViiUtams 

rWn? D |rfiJ 9.15. Plums-Fw pound Laytons 0.06. 

Betle; 0.10. Gears u.OG. Perfhores O.tW. 

>™-~- _p- — — — - — VlMurla* O-TM.l 3. DamsaiM— Pit pound 

vrilh warehouse Stocks expecied lO show i«ptemMr..l 1570-78 + 44 .&I 1565-1S56 U-1S- Tatnaioes— Per 12-Ib English 1.50- 

Uitlc change over the weefc. Turnover ?tf rember-l 2526-27 1+39.5, 1550-1600 ^2!“ Cahtagi^-Pcr cralc 1.00 Cricry- 

Caufinowers— Per 12 
Runner Bean*— Per 
pound Stick 0.10-0,12. Peas— Per pound 
n.Dfl. Bectrvtt— Per 2S-lb 0.70. Carrets— 
Per 25-lb 0.60-0.30. Capsicums — Per puund 
0.18-0-9. Caurgettcs— Per pound 8.06. 
OuhMB— Per hag 1.20-1 ia Swedes— Per 
2Mb fl.30-0.6D. Turnips— Per 25-lb 1.60- 
2.B0. Parsnips— P ot 25-lb 1.50-2 .00. 
Sprnuts— Per pound 0.11-0J2. 


4.680 Lu dues. 


LEAD 


a. to. 
Ortfi-iai 


] 4 --° r junXu.! + -° r 


B .1 * -B £ 

a . 341.6-2 +2 Jo! 543+4 , + S 

outin J 346. -.76 +1_87r 34B.5-8 i+4.6 
seU'tu'trt. 342 i + 2^ — i ...... 

I’.-, tip* j - ] ! 331.35 f 


s:: mm pniuEm ? ssjst a a-s sb sf r 

July- 1301-06 +I3J lBlB-lilO j 

it P*ra | W“, 1WM0 .+5 j 1295-1260 p^. ^enlay'i' Preriouo 

r 1 IVimin. Clew J Lire* 

c'i>iui. i ! 


Business 

Done 


Morning: Cash 1340.5. -ti.5. 43; rhreo 
months £M7J>. 47. 4&5. 48.75. Kerbs: 
Three n maths £347,- .\fiemoon: Cash 
EMM ihtve months £S46. 47.5, 4 Sa 
K erb: Three rnornhs £319, 4 Sa 
ZINC— M oved ahead hi Qtriot trading, 
reaeriing the tJnunitiu of copper and lead. 


Salcu 2,624 f3J23) lots of S tonnes. 

ICO Indlutor prices for August 31 i U.S. ., • 

cenlt' per found i: Colombian Mild *‘ W ^J*™* 

Arabicas 163.00 (1S3J9); unwashed *-»i*t 93.15 S3J0 95.60 B.6S 1 ?8 .K-sg.75 

•Vrablcas 350-00 (stunt?; «her mild Dev is: 37.SO-97.K10Q.25-k7.B0 

Ara&lcas 355.33 tsomei; Rntm^rfts ica JUiwu .' i07.15 07J‘51O4.u0-fl4.10 K7.&0-04J10 
3976 14166 isatheM Robust as IC.V 1953 51jiv.... l l>a.75 10.95 1 fiJJ-B7.IHIll.25 6J5 
141255 liamc'. Dally average 348.3" .\iur—JH4.90 ls.00 111. D ll.Ut 115.25 11. tO 

f samel. Uet ! (18^1-16.75 114.55-14.76118.98-14^0 

GRAINS Dv. ...J 122.00- 22. 60 117.5j-I6.2j 12 i. 00 

LONDON FUTURES 'GAFTA1— The 


INDICES 


5aWs: 4.000 f 1 JftSl » loti (<t 50 tonnes. 
Tate and Lyk- n-refinery price for 


Forward mo nil traded within a. unai nf 

fi: f opmiiw at CCB and riSta uw «»" Tate and I un es-rufineir price for 

,, PM; Sirli warchoage ‘fhtSrfS marfetl upened 30p 3onrer nn wheat and granulated bans white s>ugar was C3«.S5 

S Si bS! SfSS M ihe^g; Shjww »«l -d gtad ««mei a. tonne f-r home unde and 

Ttir^tw r™, SSk ■ 00 106 weeK " v-jlnmc saw toying anppurt ou the dips 7157.00 '£1 o4.0h> fnr esuon. 

rnrn over i — j I iso which rallied Sic martet to clow steady In ler national Sugar Agreement *,U.S. 


KINO 


a.m. 

Ofiteitl 


H-orl U.U). it+or up un the day. Elzrlcy saw very cents per pound rob and unwed Carib- 

CneffaM — hide trade but- nearby boring interest bean pom— Prices for Augnvt si: Dally 

increased values to dose lM8p up. On 7.32 rrjn: U4ay average 72:0 i7.I3i. 


tWh.„..J 330.5-1 i+1.6| 
S nmatta JS27.75-B.2SH-U7 
V meat. ...I d2I j+ 1 . 6 | 
Pnm.we-ll — i 


u | lads of InieresL however, dlatanta dosed 

(3BT.25-,7B;+I.W »18p lower, AcH reports. 

328.78.9j+2J5S j BARLEY 


89 J 51 


U'QEfa 


Testerrtay’f + ar Testertair'rj + « 
clceo — | ctoid I — 


j+ 0 . 15 ! 


Uarnlng: (lash J32I. M.B; three months 

1323, 2fL23. 2SJ, 28. Kerb: Three months __ 

028. ' Afternoon: Cub 73SL3; three 
months 0^.5. 21 38.S, 50. Kerb: Three 
monihs SXS. 2k5- 29. £“• 

• Cents per pound, ism per picul. ■"“* 

Oil . urcvlous unofficial clnse. . 

rnnrrniV Business d MIC— Wheat: Sept. S4.lj-64^l. 

LUlJUn Kov. Sfl.3frS7.15, Jan. S9^frS9.». March . .. 

HONG KONG-^Raw cotton futures 92.0frfl2.50. Maf S4J0-9L95. Sales: 214 74.5frH.9fl. best small plaice 74^frH45: 

nufhet prices' sained about US points lots. Barley; Sept TS.lfr13.2a. >‘ov. S03- larse skinned dogBah a.M. medium £fl.3ft: 

on the week in modest trading. Friday's 80.75. Jan. 83-25*83-35. March Si. 70-85 JW, large lemon solt-s TSJjfl. nti-dluni 7fl.M: 

close icenfs per pound:;' Ocl inutuoted. w»y 65.59 oal>. Saks: 39 iou. rockGsb E.OfrS^O; sal the £l.Gfr£2.40. 


8d.TS. 

86.90 

89.70 

92.30 

94.80 


7$JS 

80.60 

83.56 

BB. 9 S 

£ 8.60 


tzz 

;+SS 

;+OrOf< 


EEC IMPORT LEVIES— The following 
Import levies for white and raw sugar 
arc effccilve for SepL 1 In units of 
account per 100 SJtos nrltb previous in 
Drackcisi. While nigar i denatured and 
non-dens lured » 27.04 t samei. Raw sugar 
22.12 122.791. 

* 

GRIMSBY FISH— Supply moderate and 
demand vary seed. Prices per slow ai 
ship’ll side * unprocessed': Shelf cod 
J3J»-£fl.30. codlings ffi.B-24.00: large ' 
haddock £5.M-£5jfl. medium haddock 
£4.0fr£4jn>, small haddock £S.9fr£3ja: 
largo plaice WJfl-fj.iiO. medium plaice 


FINANCIAL TIMES 


StlL 1 ‘\ii». 31 'llimih in' • V*"* 1 vj" 
250.67 248.54 1 235.66 i 340.05 


(Base: fitly 1. 1 932=100) 

REUTER'S 

Sept 1 ; Am. 31 ivJiituii H«ij feme- 

1467.8 ' 146 ljj 1429,8 ] 149a'o 
(Base: September 18. iESl = lMl 

DOW JONES 


ihiw 

S<^>t. j \ 

<• . ] UtHllIl 

-ysr 

June- 

1 1 

31 ! !•■*• 

Vjl* 




■*' ■•■■je ■*»aa w iu.ua *fJO.^<lif iw.au 

F-rt.iir~i375.6B 374.11 343-62 327-40 
(Average 192445-267 100) 

MOODY'S 




tw-W- j A>iv.i3iuiil(<iV>pti 

'*li ' ai j agrt [ w 


-I ■» r.»»|.nt» !94QA 93 8.9'8l4.9 B3S-5 
(Deoemtar- 8T. IKT=|Mi 


U.S. (Markets 


Sharp rally 
in metals 
and grains 

NEW YORK. Sept. 1. 

GOLD rallied lo close five cents firmer 
and Influenced the tone of ail the metal 
markets. Silver doi an seven cents an 
ounce and platinum was also strong. 
Copper followed the London market 
higher and Influenced ati base metals. 
Coffee waa very taroos due lo heavy frost 
losses In BraziL Wheat boomed, advancing 
four cents a bushd In Chicago. Soybeans 
and cocoa were firm, our staff reports. 
Corea— Sept. 162.00 <IB1.30i, Dec. 161.05 
160.301. March 157.25. May 155.U. July 
151 JO. SepL 14SP0. Dec. 245.95 setUemeiUs. 
Sates: 961. 

Coffee— - C '■ Contract: Sent. 160^0- 
161 .110 i£57.Tji. Dec. .153^0-193.75 llaLSIi. 
March t-H.n-143.00. May 240.1)0-40^0. July 
38.50 bid. Sept. 1 56.36 Md. SepL 15&38 bid. 
Dec. 135.00 bid. Sates: S35 lots. 

Capper— Sept. 65.S5 i63.40i. Oct. 64.45 
64.00 >, Nov. 65.05. Dec. to.©, Jan. 66.10. 
March 67.10. May 67.95. July 6S.©( Sept. 
GO£>. Dev. “70.60. Jan. 71.00. Jan. 7L0U. 
March 71.73. May 72.40. July 73.15 setzic- 
mvnts. Sales; 9.000 lots. 

- Cotton— Na. 2: Oct. 6X65 163.70', Dec. 
65.6frG5.B7 i«3.77>. March 67.45-87J50. May 
6S.1frCK.15. July 6S.34-6s.35. OcL 65.Sfr65J5. 
Dec. ©.05. Sales: 4.050. 

•Grid— Sept. filO.» <=05.90*, Oct. S1XS0 
1207.60 \ NOV. 214.00. Dec. 2t5j0, Feb. 
21&S0. April 222JM. June 225.70, Aug. 
229.20. OCL 232.70. Dec. 236.20, Feb. 239.70. 
April 243J0. June 246.00 setUtmenls. 
Sales: 15.000 lou. 

T Lard— Chicago loose unavailable 
isemei. NY prime steam 27.62 traded 
29.0a traded i . 

XMalzc— Sept. 2233-213} t2l4*». Dec. 2222- 
!22i i2221i, March 2312-232. May 237, July 
2391-240. Sept. 2412- 

•Platiaum — OcL 262.10-26X20 <259.4<lt, 

Jan. 264^0-265.26 'ML60i. April 267.00, 
July 288.W-270.00. Ocl. 272^0-272^0. Jax 
2.0.40-275^0, April •». 40-276.60. Salci: 
rei lots. 

■SUver- SepL 3H.30 f547.«fli. Oct. 55S.IO 
<551.50 >. NOV. itc^o. Dec, CM.SO. Jan. 
57OJ0. March 57.1 .SO. May 5S7.30. July 
506.50. Sept. 605.50. Dec. Glt^d. .I nn 
624.30. March 833 .SO. Mar 64X30. July 
652Ji6 settlements. Sales: 9.000 lots. Bandy 
and Uarman spot bullion 552.00. 

Swatoans— SepL fo^-5551 iR55i». Nov. 
644-645 ( 640'. Jnn. 6501-6491, March 6S7i- 
b3H. May 6604-661. July 86W-651. Aug. 655-1 
IlSoyaboaa Meal— Sept. 16&40-168J» 
<169“0'. Ocl 169.50-169.70 <170.20i. Dec. 
I7L50-17L60. Jan. 172.5(1. Match 174.39- 
74^0. May 175.6frl7a.5fl, JtKl' IT&aO-lTgm, 
Aug. 177.Ufrl77.50. 

Soyabean Oil— Sent W.35-M.85 lauili. 
OCL 25.35-25.45 . 34.961. Dec. 24.45-2C40. 
Jan. 24.0fr23.B5. March 25. 70-23.65. May 
2350-23.40. July 23.13-23J0. ABB. 22.05. . 

Sanr-No. ll: Sept. 7.70-7.71 i7.3Sl, Jan. 
S.OO-S-20 fijfii. March S.4S-S.47. May 8.65- 
S.B7. July SJK-5.96. S«DL 9.1fr9.12, 0«. 
»5|fr9J2. Jan. BJ5-9.75, Salvo: 7.850 lots. 
Tin— filj.0fr620.00 nom. .607.50 nom . 
••Wheat— Sept. S391 133541. Dec. 5=JL 
534 f!SiH>. March 3291-329;. May 326-3251 
July 3111-All 1, SepL 214. 

^W^'JPEC. Sepi. I. tfRye — Oct. 00,40 
bid r90.SU bid i. Nov. W.49 asked 1 91.30 
noni.i Dec. M.M, May Mj». July 63.00 
traded. 

floats— O cl 71.00 »7J.jo bldi. Dve. 71.00 
naked (71.40 asked - .. March TWJo asked. 
May 71.30 asked- July 71.78 ashed. 

ttfiariey— O cl 69.70 (TO’Ol, Met n.40 
bid in.50 aEkudl. March 71.30 arted. May 
71.40 bid. July 71.30 asked. 

SSFlJujreed—OcL M7.» bid (247.00 bldi. 
** p - 247.00 aaked (347.00 asked I. D«. 

..■wneat— BCWRS 13 per cent protein 
conicm ar st. Lawrence 170.12 nso.24> 

AU cents per pound cs-warrt«ti,e 
unless otherwise staled. "Ss per troy 
mmee— lOfrounce lots. + ChJcago We 
?s ycr 106 lbs— Dem. of an. pri^u^ 
vluas day. Prime steam fob NY talk 
tank cars, t Cents per 56- lb bushel «• 
warehouse, S.OOfrtafibel lots, s 3a pev 
troy ounce fur 5frta units of 99.9 -per 
cent portly delivered NY. ' Cents per 
trny ounce u-warehonse. '! New *• ft 
contract in Ss a short |o n for talk lots 
nf too start tons delivered fob cars 
Chicago. Toledo. St. Louis and Alton. 
" ? nls W* Mulb b “S*ld in shore, 
r Ccntw per 24-lb bushel, ft Cents per 
«8-4b bushel ejr-warehetwe. S! Cems ner 
56-lb bushel ex-warehouse, l.Oflfrbushel 
lots, "i ic per tonne. 


Financial Times Saturday September 2 3S7S' ”2 

financial j-a in*«t cjp. cum 'Uu-aR*- 

F Tnrinpie MarTnnm Cm 


-CiU 

"Plea to Plessey board 

V Friday SwiMifedr I 4,922 } Wednewfar, August » 4736 I Frida/, -August 25 ” 

-n 9 j 9 M 1 j+ Thursday, August 31 *’’*’*! 5,045 1 Tuesday, August 2? <,348 | Thursday, August 2* 

AVI f|A IlllAO I ffl AH Q TI AH C tkiuMo ream. Bh^nUrt «■*»«* ad also ihe bust mettm dir to, tb. W"k don ta ><* Kn ‘~- Tta UBw 

till UUliliL'rfil tlUll^lllUllS ^fLTT^L. -«■ * m 

JET — . ^d Arn-t nrf a, folly paid lad stack 090 fully prices u which business has bees daac. Bir9i« afe . r rTTl- J 

BY tOHM LLOTD ^ ^ ^ ^ - ^ 

. x, ^ So , r ZsEF £, ^TcT^oSf S'Erfifi. 

A PU5SSEY shareholder has Industrialist®. £1.516 to fee trade uajoa p^ion Junds, about Momters ara a« owiscd » mark fcwvaiu. except ta social wi« is rear**. 

Lfcrf the contort B«rd to OmtoreoOve^ £.000 *., po^ibiUty o£ oootraoObg - fc-J— A^g- ■ g5 ^ t » J -^aeTf-B£ 4 S ^&^ ?S^aSB 5 tSJSJTt^ g-»' 

consider ways in which share- ^ udies Conservative party's Since almost ail company poll- smIlu-m: 3M»-raexi(sn; »NZ-«Nevr Zoiaad-. ss-*sin*apore: ws-sumtai si*u». xm-awest j«uw». .. 

holders could “contract out” of .. think * tank. - * British United lical donaiions went to the Con- rrittsh funds m .Midland 3 sa«# sot® 2 s «: k ss ,so. , go«b m wu «m w j=^H- ,» hSSSS .fft 

the payment of donations to industrialists acts as a channel servative Party or to Kight-wing => BRITISH FUNDS (S10) ! * 19 WiffiLi #58. ^ m i. 

political nartjes or organisatios for funds from British industry organisations, it seemed reason- 2 -,pcAnns. 21 ' 4 ®. moiwo a. r-i *sus 2 .sdi 355 •* ■»**«= ■ l i«Hi^ lc £«m5ifp* So 2 £ ‘.tp ?*' 37 •, E, «£fc ,n- ' See3 ‘ l ‘~ s0 

TriilLw £ the Couser^tive l^rty. able that trade union investment -7™« 197 »-* 8 «■ * 1 ^VS? c»V ; ' S±mK4) ‘fi 9 #! is*** «*• * 

^ Sir **» O"* chSnan cf should be separated from such i CSS ^^ 2 %.^^® j ^/FFSiS 8 ® ^ ' 

of the Rojai Arsenal uo pj esseVt M u| that the reasons donations. 3: : pc c»™mon Ln. ici ^ , , ; 700 w 3 : 73 -s. wmta. 9 b t3i;ai. f - 2 7voCny.uos.wu - 14 »® s 

operative Society’s pension run a whv pi esse y gave political coo- Mr. Balfe said .that there tT >- 10,J * ** * 4 ^gg5„ s |?vl Ts ‘ toeUns - Ln - ,9 ® ; E^TocKHWM.'iOBiiizts '. InSn L%. ‘rlterti^otiSii 

which holds about 5.000 shares Jributioos were well known. Ho wouJd be difficulties in doing so. bcid^.se- i«t »»i«* eiaso ,M * ■ SSSB^KrtM*;. _ i B . r ?o& m dw 810 138 Ncw iA2L.nww« ^s P i 100 

in, Plessey, made the request wonW ensure that Mr. Balfe's but pointed out that the Co- ajt Itt ivas si * * *».. j |S4S r &*JSS n *27V < 3* £? ^ ! gSKJ'g&u? £2& i&W ‘ B1S.HBS cSST&'f 

yesterday at the company s requcst w*as considered by the operative movement had mSTi- ls« W - •- uS^finSK London sis . 31.51 

annual general meeting. Board. tuted such a system, by which aw r „ WSrePSSS? 3 | SSSSS'&^gaVA** “ ,,B> . tSSSf 

In fee past year. Plessey has Later, Mr. Balfe. said feat he members could contact out of s ' , BREWERIES <130) 1 g^3?noo) 7 aaw sjnriees a'cetrato 

given poMcal conrrfeutions of had had jnformal. talks^ ^tb any donations to the Labour ?*, si 1 restJft * 4 - - *-s A >'|?t23 l! %.. <2S 7 , V5£ 203 SM-lSSSi 


This week’s SE dealings 


4726 | Friday, August 25 
4,348 I Thursday, August 


(Brice Is recorded. 


. 4.897 

was 

be distnaabbeS ^ 


•tFt&ntiT*** Cwi - W ^ : 

lotemL P»*"t l2So>77. 

irternl. Wpr« ‘ 

InWiTl. Timber CS7 CMtot -TSd^^;.- 

IQpcCiw.UnsXn. 149 '29.3J ? »W.' 

t^ex G.-P. 'SOol 681 <C V .. 

j j. Hidos. dpoj- 6S9 csitsi; •ijVn.r: : 

iJ. H* 8.1 tSP) 3ttSjs 6 * 

lames OoM) Gw. 50 


Johnson Gro- Cleaner* C2 Sb 1 10S* 
mmnt-rs of * WcOSflised f»e* i^l'hUn MaCfrey 4SH« 6970.5 

c n< K0M: SJ— SJamaican: -Sla— jSfJnsan-nWiarda iH. RJ TUeS C3p] 


‘ Slme Dora, London > -r PCPT. 710 •.* i Hrattv’ leoa A r2Sol 52 [30 ml 

| Standard Chartered *27* 30* 27. iS: lP e , ISRam Millar c£5l ClOrt iS 


; BOfrtlrorpe HUBS. MOo) 621 S 
Brabr Leslie dopj 810 C$1'8). 
' lOpJ 84 


ElliSu trip, reterlwrotiaii .l“P' 11 

ni’r aestfSaiS-gj if 

El son Roohlns C A Sp ,% S 31 


BL lOOt 

j«nes -A- A.l Shipman CWp) 144A ^1. 
j5nS !Ernc50 CJeweOersI iieJatifi 
J gV-. Now Ord. C10»V14* ,,7 » 

jourdan i Thomas) <lOp) 44* 4 
in. if Sno« >2S»i 7S 8 7iawOel»72U<jib 
Kalamazoo 'lO»i \7_ 

j Kenning Motor Group «So> 777i*i 8**^. • 

a* i km* -M. p i hop) 37 rsiiai ■-•■£ 

Kershaw i A > Sons -So) 10J* CSl:Sl -v ' 
KOde IntcroaUooal C2Sp) 1-36 4 s CSl-M - 
~<S ScSik-Fit rtyres Eahaustsv. Holdings : 

\A have Discount Group (lop) as j 


given poltiral contributions of bad had informal talks with any donations to the Labour *|g? !?£££; l?L , 1 i 9 w 3 ^JS!a‘ , *M - *us aiiw bwws. izsp) a«>s u <wb* | gjcnj 

S6,0» to British United other pension funds, including Party. ^ ^ , 4 >J3^dS«^ ^ 

IO'ipc Cached. Stfc. 1997 86:* 6 Sis (2*.'*5. 8pcymcca.Ln. S3 '- <29 8 > j grldg 

* '|l, ' BiM ChatTlnflUjn (25p» 1630 32 1. ?pc , Bnao 


_ _ « T J II— 12pc Cached. SOc. 1339.2002 ^fy. *d.J ! (30/8). BUpcDh. 1977-79 97 1.12 9)8 L gnsiDi tv^qirn 

H ank endows Chair Judge calls ^ j£& s* , M «oo= «= * ^rSS 

LLOYDS BANK is endowing the appointed to the post He sue- f OJ - retllTIl ’!% 4 xcheo - 1992 *“ “ AV 

chair of rural estate manage ceeds Mr. P. A. Tucker, who h« jfe* 1 &. SgSSVW tiSSL Usm tare* *• 8 ?* 

nfent at the Royal Agncultural retired. j JicAi^linA ifpd ■ eSieoT stk. i 9 so ioi'.»* ^* rsi.-si. 9 ipcP!. gri «3i;B» SSSSJ-eiMm 

College. Cirencester. Gloucester- The independent college pro- tO OlSClpllllC • Ln - •» - ^' 8 -. osp» ee 

shire with a seven-year coven- rides more than two-thirds of r s^oq Funding Ln. 1937-91 64'* *s : »a s 5^T ,sh ei ?4'^rr 

lm7d donation. rallnge-trained .ntrnnte to the AN APPE.M. Conn Judg* y«ter- s.= c.. m . u.. „„ „« -fo*,* V4l„a |«~T^ 

Mr. John Young, wbo has been rural side of the estate manage- day called for a. return » discip- m.fhm w. laas-ar aow* ? 9 , ob. bsi aiiau d^tS;® 7 

in charge of the agricultural meat profession, and the rural line in a hid to deal. with young su- i 999-3004 .Roa - 1 sfi->* D«vdIJ{S rt u. fl 4L^ T f25pt a ^9s £ > 3 aa» ' Srltlsb ffi 

development and advisory; ser- estate management department | toughs and increased -^me. s &fr%*** stk. i«M 4 bz^»* s«* ^ ai ri^^ 0 S. a «^*v:IpSS£ e S g^‘ 40 1 

vice at the National Agricultural is its largest section, with 320 of Without actually using the 2 * 33 : lp. ssm* itpeunKcd.Ln. s?* shoe 

Centre, Stoneleigh, has been the total 700 students. word. Lord Justice Lawton ad- «g£ ;««• L L„ n ; iSUK u 9 «m:w b ^S. StNm 

vocated the services system of i, -■• , _ ,. M omm mm usoi 300 * rsi;*i eritisn siw 

-« * mdrimimi of 7^cpr Trcaa. tn. 2012-15 64 t* -® *-i* , Galnnms **.i _'fSo» 159* 5 4. 7!<PC -riMsh Srsher 


12 pc trchM. SI*. 1994 SB’d* '4 ’« 

12pc taichM. SOt, 1999-2002 W. MJ 

lUc' Exci«. Stfc. 1 999-2002 <655 pff.l 
S4U,» > <291.8) 


BrlcthoiiM- Dudley «10P) SO* 1* 48 
Brldpcral Prace&ses (5ft) 101 
Brt Con i25p) 104S 


LLOYDS BANK is endowing the appointed to the post He suc- 
ebair of rural estate manage- ceeds Mr. P. A. Tucker, who has 


12pc «4£«M. Stk, 2013-17 97 - «S* 7* 7 Bell fA.) iSOdJ 270 
I2lpe Exchea. Stk. 1992 931 «i* 7|» BoddlngXon* Brcvn. f2Sp» 104 C29.8) 
v: Sf Border Brem. (Wrexham) i2SpJ 89* 


«... CherrlnoWn c25o) 1630 3 2 1. 7 pc ancon iasp) 104» 

PI 56 rj'41,. 3UpcDb 1977-79 95i- Bright U J Graua (25p) 301* <31181 
(30.'B). B UpcOD. 3 1^77^79 971 (29|SC KSS! *■* J 

SlocOb. 1 937-92 69 -It (29(81. 4>-:«Ln. British AhunlniiW j i 890 (29^8r ■ 

421 (31 .’81. 7-1, peu meed. Ui. 621 (31,-ffi 8ritl«i-|Jun«rto»ji Tobacco SocW. 40*. 
Belhavcfl Brrwy. Grp. (2Sft> 49 8 -*83!**L 1 ^pcUws-Lii. 7S1< 


Empire Store* <8r|g , « l J^ 2 |g LCP Holdings t25p) _921® 2» 1 

Ena ton Mastics '^.b* 1 *K iiflal 18* 171« IRC injernatlonal 1 109) 36.4-1 . - 

Energy SwnM tlcctronlcs fitw ^WT Holdings A- Ord. iNon-v.) (25 p) . 

Eneltoh &MMIM Ii'' : .29rsi iiSi? croup ntol lTr e. bo 79 '! - 

*V« 12SJ S ^2,«r 9 (2S ? ^‘: *"- 

umecd-U i- C -. DB t977-82 841 Price Outenvear < 20 p) 59 ^ 

i, ^w. ‘vs^ r,? t« «»«’ tsg-fia m 

I 391,. Ep£m Hldas tSpi 17 f,21p) 14B I -a 1 1**4 flrnuD tlL) 88* 71 90 ' . . .•-> . 


shire with a seven-i"ear coven- rides more than two-thirds of 5 ^ Funding Ln. 1957 -gi 64'* 1 : »a , a I Si bm^tho a izen Tos 4 s 4 

lnt?d donation * college-trained entrants to the AX APPEAL Court judge yester- spe Funmn, Ln. 1993 ir«* ^ -, 2 V42ad J 

Mr. John Young, wbo has been rural side of the estate manage- day called for a return to discip- u laas-ar aoi;* ssi ovau * 

in charge of ihe agricultural meat profession, and the rural j line in a fad to de al.wrth youug |u? n 999 ^ 00 * .r=3-> ss.>* ggjffi' I bh^ 4 j?i 

I Stk. 1982-84 82 ~ i*9 SW* D ^ st ?‘ or | 


» S^E r 7° 6 ^fe: E^^a^V^spori 

Srlbsb A men cio Tobacco Inn. IOpcUos. e ***®\_ c_— r _ f -s 0 > 12 s:* 9* 81 B , ■ Percy) Gp. ‘ (Oft) 33* 

Ln. 781 «31I8». lowpeunson. 841* furwJn Ferries (.sp ‘4 <y LaSortc Indus. .Hldos.) >»S0p» 118 

66 WV s 4* bKS tSp' s 2i'A» i . , ' j A -i 




W.'ew. t$h£r(2Sp; 871* 7 j BHri^ 7 N£rthTw, PC ?50pl 77 a7 OMI) 

mtsh (J. A»> f25p* 19S | ■ r iu#ii PrJrt&fiQ CovV f2So> &2Gk 2. 

Hors (SOPI 19M 2 SO !• T Wt 90 % l prf WuiuiESb. MlCSUA Be 


Centre, Stoneieigb, has been the total 700 students. 


2 1. SlpcUnsetd.Ln. 421- 7 :;pcUc-jctd. 

| wrtnour actually using uie - = V 3 3; Ui. lhpeUn«ed.Li». 87* b^o, shoe Cpr 7pcOb. 87* 

word. Lord Justice Lawton ad- la tmlWaPir^U G SS^ ,U *wS£uSb 5K1 si * A *'**'■ c ™- 

| vocated the services system of &. -■« *»; ,, ^ croeno King czs^.* m» rsi.-Bt enti^n suw Cnn. -30o. 122 

“jankers ” with a maximum of Tr *“- tn ‘ ‘ , L I l^^JrUT* 0 ' 1590 s > 7!<pc 

14 days’ ^teitiion astiw best 1 1 W8Sns V Sk?lB 96 8 ^ 

Sn!l5? IWe'^eB-. Ln. 1980-82 RM ^ 143 SS& ®' 

' TfeW^eads at fee annua -1 “Ts ^ ** ~ 79 

conference, of fee I ncorpor- fcSlffSScJWl^iao** as* a el^t^SSuiXSl 

Schools at Cambridge, that he 9 : jgg h I om * ,kl P.'^lisr* C c ?, s 2,' 130 B^2nj*cksoo<aoo» i§s^ oam 

« not ns>u«i -Bra to ,’,f« T SSi. , S,. , a^ 0 ? C ^ “ vS^hJITi?' *'** ES! EST^gS" 53 


British Shoe Cpn. 7pcOb. 87* 
Brifrin Steam SpecteKtos Grp. 


British Sugar Cvn. >SOoi 122 
British Syphon industries <20n) 591* 
British T»r Products nOol-61*. . 
British Via .'35a i 96 8 <31(8! 
Brittams_i2Sp) 2S ■ 



Grp. i30tri 94 1 


Fashion Genenu »"*• 47 ®, 

Federated Land Bldg. *25p> 47.; 

Ferranti 3.502«<tfT. M’s «SrB« 
Ferry Ptokerlno^Grp. ■ 1“"' 
Ferueman >*.i Sons «10*> L -| - 

Fidelity Radio stop) MiSUBi 


S* 95 rioeiiry ihbw 0 , 

M rfomi Forge <2SPJ 52* lO ‘31 8)^ 

”<•"« bs^ e s5«ilS'|»;» '=. 

1 Ch E Flnlan Uonm i1Dp> ^7*_>31(0i 


Yi&mWBWMlVSS, ev Sw , ‘° # • 3, ' ai - 


19(8) Lcsncr P'Ods. iSm Ba* s® 4 
. Letraset Imcrntl. < 10 p) 133 ■: 

Le» C Ser»iM G p. (25 p) 811 2. Nw ( 26 pi 
5 1 - 6 . Seconder. v*B to si* tor f Oft, 

3 Of. fi'iOCPf. 451. 8lPCUlMCd4.IL 62L ' 
Lcyland Paint Wail paper i25p) 84-1 OQ' 8 ,- 
Ler's Foundries <25P> 67* ^ * 

Liberty (25pi 177 (3V&J. Non_VtsL ac .) 
166* - 
^ Llden ■ HldflS.1 ttOpi 20 
:® Llllev iF. J. C.» iZSpi 77* 9* - 
Lincroit Kilgovr Gp. aop* 55* 

N4W | Llndvstries 12SDI 145. SpcPC. 3 TI (25 8 ; 


Truman 7itorivj. 
Vatnc (2Spl 122 


I Brooks Watson Grcap <»o» 39 <S«8) 
<*^81 ] Brotherhood (Peter) (SOoi 123 
Brown Jackson <20p> 195 <2SW). 

I Brown Bowrt Kept C2St» S3 
Brow n Bros. OCci 25'r • . . i 


fra !n&.r?BSgSH5B; a* 2 £* 

FMher (Albert) Grp. <5 p) 111 (30(8) 


Lister rzsp) 50* 


iW 


7 

‘firs 

L 

For many elderly people, going into a “Home 5 * 
seems like the end ot* the world. 

Nevertheless, our headline is a typical quotation 
from one of our residents’ letters. 

The Distressed Gentlefolk’s Aid Association runs 
a particular type of Home for a particular type of person. 
Not just what is implied by the ‘Gentlefolk.’ in our title 
but anyone, man or woman, who will ‘ht-in’ with our 
other residents. 

We have 13 Homes in alL Some Residential, some 
foil Nursing Homes. Anyone who needs a Home but who 
lacks the necessary financial resources can applv to the 
DGAA for help. 

Places are short, because money is short. Your 
donation is urgently required. And please, do remember 
the DGAA when making out your Will. 

DISTRESSED GENTLEFOLK’S 
AID ASSOCIATION 

VICARAGE GATE BOUSE. VICARAGE GATE, 

KENSINGTON LONDON W3 4AQ 

6< HeIp them grow old with dignity” 


The Howard League for Penal 
Reform said last night that the 
facts were against Lord Justice 
Lawton. The number of young 
adults sent to prisons, borstals 
and detention centres had more 
than doubled in the past 27 
years and only part of the 
increase was accounted for by 
the rise in the number of con- 
victions. 


Intercom sales 
increase 53% 


91 :'® ■•» 1 . 1 90*1-1. 9 - :ftC 98 -3 

'(>»* 4 »*■ 9*<PC 96Dt# » J*. 

lore 85 '1 6>S 5!Jl lO'nje 1979 

109N* •«. -i>- Do. 1999 88 •* N i- 


iumjn Groio iSOpi ITS* 3 2 . A non-mg. 
C50pi 170* 89 70 68 . WvrwrtrA 40 
r 30 8 ) 


5 « J .* * '“■ I Mtrtn Docks Harbour Combined Units T , ,v. eg-. , 30 , ai 

10 ^ 1879: 29:*' 301 291 131(81. 31dcDb. 1974- |)«"'L 1 Vd*U?tov (3So> BO S'. 

«» • ’* J*- l 1984 61 '■* 131 8). • 31dcDb. 38 129, ’B). d HArTe » <25 °' 80 S-. 


L\ DUST RIAL (3911) 


Bril. Elec. 3':PC 9 S*m* («* 1 N >i«- 4>tPC 

961 W 10 Si. Li. t, 

Brit Gac 3 pc 45'. 6 It ’» It 
No-in Scotland Hydro-Elec. 3 lac 921 
>29 81 

Nrthrn. IretaJid Si^ocFxCbeo.SU. 92. 7 PC 
Excbeo.Stft. 781 9 
3 pc Re**emp*ion srk. 43 i. 

CORPORATIONS (55) 

MIlc *Jt KiAHr ii.,1 


A^4.H. (25p) 109* 

A<ia Roteatch «1UP) 130 


CH Industrials {lOpI 33 21 <31/81 Frwtdi KJor HW0S. 

CabhHonn Group (Sp) 711 

CaByns >500) 106. fiipPCPT. 46 (30Cai. ( 

tOpcPf. 98 _ - 

Cafcubread Robey (lOpi 62 C3W8L A GCI Int. r20o> 88 
ClOpi S9 C31;81 ' . ■ G.M.P. Grp. 10 :pCI 

Caledonian Cinema* (2501 420 (3(X&> G.R. Hlog*. IQ'iOt 


Francis Parker tflOpi 18. 7!iPCLi». 59* 

Freeman* (2Sp) 367 

Freeman* '25m 367 _ _ . 

FrencJi KJor HWgs. -2SP1 37 1* 6 a 


G.HJ». Grp. lO tPCPf. 99 1.23 8) 
G.R. Htog*. 10';pcPf. 98 (29,3) 
G.R. (Hldoyiin^pcPI. 99 <29 Bi 


Lovell 'Y. J.) (Hldos.) (25p) SB 
Lot* Bonar i50d) 188. 12U>cui. 114 * 
•31(8) 

! Low .We.) i20p) -105 <31(R> 

I Lowland Drapery Hldgs. >25 p) 56* W 
,31 ifi) 

Lucas 318:* 21 * 3 IS:. 7 ‘/PcLn. 711. 
(31-3). 10-'.PCLn. 85U® ElDCLn. 123 

(29,0) 

Lyon Lyon '25o> 37 12918) 

Lyons U-i 133* 3 1 2 Si 

Mr 1 FuraltaTc Cenb-cs <10a> 133: 

M. K. Electric Hldgs. i25d) 222 1 3 13 2S 
M. L. HldSS. '25pJ 175* (31(8) 

M. Y. Dart (1 Op) 70 


3 pc Redem^io-. 'srk. 45V* 1 . AbiidSn 'iSp) 97* HJS^Jffe.'ftSS^aSfWliB 1 

CORPORATIONS (55) ^JSSLtt <**> 

London Ortyf 21 pq * ItU (SI.Vl* 3pc_ 23J. ^oa ®ntwni? *'18o> 471 8 (SO«> Ca^-NrtM lC aO?“ 80 * 5 ?Bt 2 °^ 

9 j’2&4 3 wf- , b.*b* 1*45^7 A^rbSuwtal' Gen. Instrument* (2SPJ 88* 


GaiHtord Brindley iSp> 61 xQ 7* 60U|a 1 \ Macarttrys Pbarinaceiicicals 17 Op) 10511 3 

Gates a Frank G.i asm sii:* McCorquodBle 298 (31)8). SGpcLa. S3* 

Geers Gross «10i» 440 3 VP 111 ’» j .3118) 

Gelfer (A and J Ci'im 741 (oD.B) _ _ Mac lea” (H.) <2S») 45 3U81 


Gelfer (A and J ti'to* 741 (oD.B) Maeka” (H.) Ole) 45 (31/8) 

General Electric i2Stn 3041* 7® 4 S 6 7 1 McKecbnle Broriier* i2So) 97 **• 

8. 4ocLn. 901. (30.81. 6acLn. 197b.-: 1 ) Macktonon ot Scotland (25 p) 48 Oi/8) 


70*4 6*>C 96'b* U. Wtot 6tfi,*l 8. 4';pc». 32 (30,6) 


esvp. 7Gpc(-n. 82 1. 7Vpcin 6 £(.® MacLeilan (P. and W.) ri*Op) 23 (29/8) 

\ (31/8). Floating Rate 99'.® *a* 1 * H McNeill f25p) 40® i31IB) 

•a „ Macpliersoi) rp i> asp) 7 To. V^tortJL' 

General Engineering <Rz«hi;!*ei flOpi 15 571 ,® 13118) 

Magnet Southerns i25p) 222 . SOApcPr. 
General Motor* Cpn. <SUSM> 4SU 65 >31(8) 

Geuetner H'dss. A OSpi 165* 4. lObCLn. Malllnson-Dennv <25p1 51 
11 SO <31-81 ; Management Aoency Music DOp) 87® 7.. . _ 

Gtobcn* Dudley - 2 S 01 80, _ _ 1 Manchester Garages HOoJ 34 fSIrll) 

Gibbons tStanlwyi tot. « 2 5c 1 1 95 81 Manners (Hldgs) v2Sp) 99 
Gibbs. Dandy A rt©*» 36 <30-8). SiPcOb. 1 Manganese Bronte Hldgs. <25p> 76 
55 i <31 ®i . Mann Eger ton SO ( 2 S. 8 -. SnpUnsAn. M^* 

Gleves Gro. <25p) 93® ! rsi(a> 

Sill Dulfui I Gro . -sun 150® 49 8 .Maple (Hldgs.' no?) 21 U®. GlsePl. W 
&itspur (TOpl 65 j. S-j Marchwiel <2 £di 7 54. 9ocPf. 931® 3 

«■£*? rildqs i-tap) 83 | Marks and Soenoer i 2 Sp) 651® V:t9 21 * 

Gtati GJoycr Grp. *S/>i 22 f31;5» • 5 t 4 7 r. /new tZBo* S 6.4 Z W " 

GUko Gra. 7-‘4f>cLft. 'i5r€D> 334) M^r1' v y (X5pl 7 qa g * 4 

^^ 50 ?in 6 . 09 ?° B ® 100 7 a *:m 3& nSSWriiV *® ' — 

Ciw.n 7 ii5n He 1 Marshall Cavendish <10D) 5 01® 50 

GUWon IMJJ (Conn.) (10 p) 41® 40 , Marshall (Thomaw (Loxtoy) CZSrj 47. .A 

GkOStOP iW. and J.) <2Spi 58 1 u » £ 111/ 1 CSal 134® 5 4 2 

71 - 10 7 - 1QW * Marshalls \j ( 5?^r=£)1 80^9/87 


>, (31/8). Floating Rate 99'.® 1® lo'l 

General Engineering (RiddtBH ClOpi 15 

3a'8t 


Thorn-Ericsson. 

SINGAPORE STOCK EXCHANGE 


Industrials Sra 

a»vK O.iO .Tlm> 

Hnu,«»J cn. 


SraitftTrvl'o, F-lO 
Times Puis. ; 

Perhnri, 3 2c 


BwsldariBb'i' 3.’6 ,V. EusiDwr*, ITS 


Dunbarton Crvtv. Cnci 3 — ' gnu,, I Alpine Hldgs *5t) 75 C* a lestion Indus. 'So* 32 

Edinburgh >CJty) Dia. Cnil. Variable Rate > '53 Cemeirt-Roatatonc HJdas. '25d* - U 

98-16 8 M ,,9 i Ml COn ■ 3 9 - S * P - Central and 5h0«wooc I ‘Sp' 22^3. 

Edinburgh Cpn. 6 ',bc 93^,6 nm 3 .!- 4 rnf?rT ? r. „ >ic.i inn a , -»° l 32 :. lOpcPT. 97 - 1 . I OocLn. 

Oaaoovr 21 tetao.nshm uoupuduC a .non I JJJJi!*?: niTmJnP'tl n !?.* 58 9 (29/3i r 

Gasgnw 9 * 4 PC 91 u <31 8 . ' jnH,.o r.l 11 I« 0 . P ,1n», 7 - Central Manufacturing and Trading C 

GlDucrstershlro Cnty. Cncl. 5'.dC 82^ 1 V£SL 'JfflSC!! , ,I2 ?'ta°S, a. 'IOp- 56 . . 

r-q.«i - Anchor %.nemKai I25b> 10 fSl fl 1 rmir<i w.orui TGucLn. 99', 

Gramalan Regional Cncl. 10 '.oc 93 t z 0 i A jt^*t , L6 S,ri,h ' :h ' < ‘* f " :5 “ l 6 * : * - New Centreway iSOpi 2*3® 300* 
Greenwich 'Lond. Bora, ofi 1 1 ’tot 94'r® 5 . a« 5?« AmS, .ran . uM i. ,= ,, 0 CfarnoerUIr Group C25pr 50 I31.3' 

Hampshire Cnty. Cncl. 9 -.pc 9B>.® . i!Si2'S21« K M{Itof S f»M xa 5 ?io 5 ni t29 M Luamberia-n PIkpps MObi 46 51 » 

TOR^fiibcS*, Cncl - S ‘ DC 91 ’♦ i t«ja« ys 1 .-’“s 12pcPM - 

Huntingdon Peterboro. Cntr. 9i-ac 91 Cos - A ,5bI Channel Tunnel Inrest. f5oi 63 4 ( 

p ftTS n ii 8 S t 1 a ,, ;- 1 fif c ,oou {30ai - "An®. Gm. r 2 sp) 7 ,:::® 3 : osar 0 ” HWS8 - 8ptL0 - 

Cftc,i ~ ,,V “ 19SS - BJ **'< Armstrong Enu/ptoent HH 62® 2 S'g™ 0 7 ,? 5 », 124 6 2 5 : 

Lanartsiilrc CC 5 -of 1977-79 93®. 60 c ^ ' S1 ' 81 ChriTu^ W-loS W 

i*7.i-sn <ta ar.ei- , 07 ^. 7 * w, r.n ju ** Dr *v. v'jprpi. 60 ,irw>, «n 


Gt5pl 134® 5 4 X 
So) ISO (29(8) 


. Martin (Albert) Hldgs. < 20 pT 98® 

* M4rtln-euck 05pj 61© - - 

i Martin The Newsagent CSpi 20 ® OSOm 


ICriestion Indus. *Sp> 32 , OojnnjC Hldgs. 125p) 68 ®.. SApcPf. 68 ' M^rjir lrSirSapT 205 

[ Cement- Roadstonc H kl 2 S, (25* 1 • ^20 t | .(3118) | Matthews (Bernard) ('Z 5 P' 167® 8 

4PJ- j Central and Shcenwod ;Sp» 32*: ■ 3. New [ Gocdman Bros. Stockman >5p> 121. i29 S( ! “» «»?»« (&( 16 4 U 1 ,« 

I ,J[M;PT - *T -. I DocEn. S . Gacswii, iRj Sons (EngsJ (1 Op/ 17® l Maynard* (25pi 145 (3178) 


■ iupcpt. sr-l- 11 /pci.n. WWJIII IRJ Sons UngsJ (10 

Central Manufacturing and Trading Group Gouun ’ Broa. U0p> 56 '318) 

1 1 0p* 56 , . Gouob Cooper >20p) 78* 6® 

Central Wagon 7 VgcUi. 99 P, Gram Wan Hldgs. *2 So, 69® 

Cemreway iSOpi Z93* 300* -31- 8' Granada Gp. A (25p: 114 ‘1 13 


SSSS’V.gS'.itf ft ’" 1 

Memmore Mnfg” (W) 15 IB <30/9 flg* 
PI. (50 p. 23 (30 8- 


j «•.* Aasro- Nicholas' 5 UpcPf. 41 :? (31/3) 

a *»•_ saw 01 Assnc. RI.ruM Mrrtrs. iZOdi 75. 10’-J 


J J ChriittBl ■ iMtU. ■ ilOor 121 Greater mans Store* (RO^Ot 170. a MidUnd Icidl-^isS'^Vs'YsS'B* * 

. 41 !} 131/3) ris?- 1 52 ■29 E' , j , e , Miller iF.) (Text lies) floor 46 

|20D» 75. lO'-AcLn. S22SPJ??fio« iMorlis 3 4 2s. Do. 45'* Miller (Stanley! Hldgs. IOp) 1C 

c K* b ni? I* 11 BocLn efi> Grlpperrodj H/Oss. UDoJ 66 Minty (25p> 99t® loot® 

f20pi 2S0 eK^S h 0 ,2d T rJ^5si| , 1 , 72 7 S 3*? 6 * S r °“P Lota* Car ItOpt 45 4 *j Mitchell Cotts Grp. 2SpJ 44- 13 

ISO) rz. 6’:pc0b. Choreh and Co. (25 p 17Z 5 3 « 277 79 8 80. <31 -8* 

i (29/81. T'.ucCnv. SlSeP 6 * wirkn Ms * Vrtl On^ibs (25p) 72 ^.^^ Ln.. 82 O] bl Mitchell Sown MOp) 59 (STfl 

c NICUOII* ana Loom Gunn (A.) (Hldgs.) 10'apcLn. 81® (31 8) Mixconcrete iHIdos.) (25p| 73' 

M« 89 5 21 8 7 '-"-Bl 31;# . Moiln* (25pl 148® 9 

- 6 ““- 79 '- '• sEwsnssv sat^vsa.Hi*^ 

w , 0 . 7 .. wl0 . ^J£®AP;?gffTiSS ' 77 a, ‘ v - ** M .,.„ ■=», 

^Fflkn 2 !? ’^a-nvi. 6po "- sra^S’waa.ri.w „„ 

P. -25b' 185® 3 2 . 43. 6 ,PCLn |3. 1 ^ pc 5 LJ1 - Hall CM.) C25 d) 243 .29/81 More O Ter rail nap) SO (30 

W 5.* SEiSShA* ~4~» >«-r. M0« 0. HjU S-W .« 0«C W 00. sLj ^ g.SVuS,. ,= 

114 (30 B> S3 rwrIHMir (Hldas.) A N.-V. (25p) HMbb (IQpt 33. New OOpi 42 U u -® 1 . 39i;. 6 'M.ocLn. d_3._ _ 


Midland Educational (50R> 1 
Midland IndS. (5pr 45 (30,8> 
Miller iF.) (Textiles' CIOoi i 


Hume lnri.... : 

I debts pe 


2.17 'Winn, Jnci*.| 


! Mslsv Brew.; tc-35 Barn Limsna 22.10 
i \Islay CcmI. — Dnnlp trtsle 4-56 


Lirerpool Coro. 3'-o« 1968-78 akk link' Pnbltahar 

l^oc 1976.78 99»,:0. 9.-.PC 1W0-84 VSetaM^SSSl 

Malririnre Cero. S«74-A1 R3:-« 74';©. 7l;pcLn. 2 


) (Textiles' (lOoi 46 OMJ 
anlcyi Hldgs. IOp) 18 (29/8) 


M«. Bx.-im: 
'.rpVL/iin.HL; 
Hbn Klei-trtc* 
IfalMOA'O Lij., 
Hot h man — ■ 

— Krapu - 

IAM • 

0 -i-. • 

2A Tins 

4.72 ..\Ualral. Am. 

4.20 

Shell 

i5.06 Hvrjuuul 

ts^o 

lime D*rlhr.. 

s.Tt lutnii«r. 


-aim Storage! 

2.06 iKuc/mJ 



ytraitA-'tnre! 

22b L i«(f Ptrak. 

— 

swritoTinieii 

l'eti'.ma Hu. 

t7.S0 

' L9ICI Ltd 

72\J -u(-rxnrnC|»_ 

j.44 

! 

TriQKkuliHsr. 

— 


5 'roc 1976.78 99'",. : 0. 9 . PC 1980-84 

9Sl« 

Maidstore Ccro. 6 ’.pc 1979-81 6S‘® 

3V«' 

St. Helens IV aPC 1935 99 
S'ndwell 13oc 1932 102 
South Tynesid- 12 .DC 1986 9*! 1 .® 9'a 
5 o ut ham Dim Com. 6 or 19fll 34 » 
Scurfw.d-on-Sea Council 1 2pc ify. ad.' 
1967 87 V Do. (C*£ od.i 44ri /; -30.'8i 


Lh ' ’M - 7 :PtUl ‘ ” <7S ' 8 '- "'.ocCnr. 
A«rrc Dories i2Sd) 234® 89 5 ZJ 8 7 


I 


INVESTORS! 



w 


Sourbwart Crp. 6J-oc 1933-86 78'*® Ti. , _ 

.11 upq 1984-85 99'- '30*» n &P ‘ 1K * 5 2 ‘ 

Stockport 12’tPC 1985 99 6 '29-fil 

SiracftciriJe Rcg.rrvri cctmal Vartobtt* -b? , ia : l,n a, :oc 

(10.312SOCI 99 .31 3i _ 1,4 130 8 > 

*5gtf* l,d C0 ™‘ »*-' 197M1 **< A -IS pi 

T?i5T Wea?°C? C lil| 4 ?g|6 9 ®B>-M' 8 ’ A^Jd” C^aoS'z 5n.°^ S?-? 1 *’ 

Walsall Com- M 1977-79 99 OTll (to.^i® 6^ 9 '“ 

SHORT PATIO BONOS At'djplronu: Hm gs (Jtfp r 19 trv ’•? 

FREE OF STAMP DUTY '31.8). ITpcPf. tlOpi 14* 13‘s® 13'« 

2,M ,31 81 g\T , ^, B , c .?5o r . 2 i?i 5 i 9 3 4 ° Q9 ' a ’ 

•«i5?i?n« Vgv A KSS, ,t> *** raso) too 1 '. 

rm' II'! I t“f xl11 'Tpront <l0o» it , ol/B' 

99'-,. .308) Au^rranM Security <HW«.i non) 95:® 

9 UpcBd.Peg. 100 i308- Auiomotivo Products f25p> 751,®. 9ocPi I Coral Leisure GP. »I0d) 7JJ *! » ^ 4»a 

PIUUP on ibnC »' 9”; f3i'B' ** 1 I Cory 'Horaicl r^oi 23 i!0:9j 

CUAAUa If# Arana Grp. (5a I 45 ., a.t, , Cosalt (25 pi 74® 4 3 10-SoePf. 99 '31 Si 

FREE OF STAMP DUTY . Are-y* (25n) »27ffl 4® a S CoStaln iRIchardi ,25pl 227® 30 2 29. 

Agricultural Mon. Can S»OS. 1959-89 J A,on * ubt>cr *'<* 1 < « ' S':Pc8Pf. 

I 61 fa V. S'. 6-jKDb. 63-4: 7'mcDo. 81®. ! *a T i 


n,: I.'i imi 1 bl... . Mitchell Somers nop) SB (5118) 

Gunn (A.) (Hldgs.) 10'aPcLa. 81® (3i a» Mixconcrete i Hldos.1 (25p| 73® 9 

.... , . Moiln* (Z5P» 148® 9 

HAT Group 11 Op, 39> 40 Monk (A.. *2501 90® _ 

HTV Group NV (2Spi i jo Monsanto 6GpcLn. 531*® Si® <31/8. 5pe 


^JKiPpatnrfi i2Sol 70® 70 69'". oPcPt. H*9tii (J.» ftOpT til® 20 

i? , Bt* 6 "- »:» wrs?a wi?*.? " 7 » 

cShett. DKkewon. Pcaico inter. MOo) 94 H^laro. Slaigh and Chcstcn (:0p> 36® 6 
Cantos (WHHapii (Hldgs.) A N.-V. (25 p) 1S - 1 N «^ r »°*» 42U,,;® 


Ln. tl5<?« 

Montfort 'Knitting MHIS 1 (25p1 87* K9 
Montgomerie 7pcLn 69® (31/8) 


Monument Secs riOp) 71- 
More O’Ferraii non) 80 (SO'BL 


Mnrr's Biakcy wall Papers <2Sm 78ii 
f30'Bi 

Morrison 1 WJ .1 SuporiP/rts. C10P> 81® 
Moss Bros. '2Doj 340® 1® 

«ms (Robert (IOpi 32® 4S 01/8) 

Motltcrcare. 'lObi 158 
Maoirt Char tone lev. flop) 20>s 20 
Mowat rif/nt.) Son* ClOp) 23 6 130(81 
Mo-ilt-m i.ichn) (25o) 129® 31® 
Mulrhead *25 p 137 6 fZKB) 

Mysan Grp. (IOp) 68® 


core Allman Intcrntl. «5p> 68® 6 : ;® 


_ _ Harrisons and Crasfield 300^ £5:, e * i 

A i ;«'‘sSi , ”Hi®i.; j no* «s:®-g5 0 5 8£vi£ x ' £i - Cipr ' I 30 = : NSS rai/w 

Automotive Products (25o) 751 , 0 . o^pi Coral Leisure. Go. MOo) 104 4: 6 5 41* ijjffi** 11 * *08® 9® 10 f3t/8», NMJgnal Caroonlslng nflpi 38 


"SS oL IT., Group (25pl 236® (■ Needier* -25a 40, 3018 

1 81 1 mm ■!? 7 8 9 ® 5 40 34 • 7i«KDb. 69'< Ncepsend ' 2 Sdi a jo 3 ;. (j]»i 

z9 ‘ \ H^itfns and Tipjen ,25m -4 - 31.3, . 

Tnc WjjiS 7 ^RJ^'L-Oraup 'Sp- _ : 0.; (31 3i , Neil 4 Spencer Hides. riOpi 


2amora CSp) 79 80 «a 9vc 
W-* nji, 1 29,-8'. SncPf. V : 


S(} i 


Metrosolitai 


Here's how it's done! 

The following table is a comprehensive, non-selective list of the 
results of recent "sell" recommendations made on the high fliers' 
share fist, just one of the many valuable features included in each 
month's Private Investor's Letter: 

HIGH FLIERS' SHARE LIST: PAST PROFITS TAKEN* 

Share % Capita] gain 

Fox’s Biscuits 95 °' 

L. Lipton & Co. -!- 32?, 

London & Overseas Freighted 4 - 29;j 

Parker Timber 79 ^ 

H. S rammer & Co. 4 . 2S°i 

Grindiays Bank 237 t'o 

William Boulton Group 22 : ?i 

Perk Farms 4 . 929 ' 

Neepsend - 1 - 26 S 

Talbex -f. 19 c' 

Tarmac -I- 29 c i, 

Hall Engineering Holdings ~ 22^ 

* Dealing costs are excluded, as are dividends, etc. accruing. 

Based on this performance, the Private Investor's Letter is indisput- 
ably worth many times its modest annual subscription for its share 
recommendations alone. In fact it is far more than a list of share 
tips: it is a comprehensive, succinct, reliable guide for the serious 
{and would-be serious) private investor. 

For details of a FREE TRIAL offer, write or telephone now. 


ScRClSh Agrcul. 14?-.DD. 105'.:® G1/« * 804 r!££i . 1 Iff?' « V s. 3 * 

do iggo-iDOJ 4 a;ffl 7 '.DCLJrc.Ln. Crofla inKrmi. •lupi 56.; s-: 
CO;1DIO,N MT.\LTH GOV'TS. f*> 1 80C 'rw. itspi erw* s?3p * 7 * 7 CrwMe Go. '25m ao: w® f3:;ai 
Dtrm«n ! 4.5Sp #*>,. sO>: (29 Bl Z.BeSndPf, 36 : CrosOy Spring I men Or 5 lOpcP. BBS <3i;e 

REGISTERED ANO INSCRIBED STOCKS 5',pcDb. 75® '31'B,. 9 pc Tcnug, Ob Crouch 1 Derek 1 «J0b) 110 


REGISTERED ANO INSCRIBED STOCKS 
AuSlraJG s:*3C _ Rco w SOr. 1975-78 
1 01 _Sl-S4thcO Do. 1977-80 931*. Do. 


5',p-Db. 75® <31 '3,. 9 pc Tonnage Do ' 1 Crouch 'Otreki • JOB) 110 
i|90 84U •; (29*». n <:«c TorrSe Do. Crouch Groop (2 5p) 67 '30’Bi 
*S»:® I Croum Houw (25pi bl 1 131 81 . 7 ;pc 


: 4 .J30'8) 6uc Roo. Sk. 8PB Indin. rS0o> 247® 1®. 7i.pctlrrs.Lrr. | p '- ~. a '31. S» 

,^•..’^81-83 80‘*- 148(31.8) Cr**ciLi*c (Hldgs.1 'bp' 31^* 

on MV ■71^ 5?M Hldgs- A '25 b> 55® ill S< Cullen s Stores U0P» 148. A '2 


Heron Motor Group rzsnl ITS: 
HcStair (250) 99 107 TOO 
Howden-Stturt Plan* CIO pi 64® s 
Her wo od Williams Grouo iSOo) 1 < 
Hlcklng P,riTCCOSt 150D) 109 ' 2 ‘ 


NoriolV Caoltal Giis. *3 pi 37 (31,81 

*?<sva» nsB Sl0B Grp- ’n 1 ^' 1 SSp ’ 


1 . 7 :PC Hlcklng Pentecost 
I Hickson Wotoh (/• 
I Hlcld Bros. (Sol 1 
00) 146 H1B9* Hill f25o) 8 
I H/ghams 7pcDb. 5 


COUPONS PAYABLE IN LONDON ■ 431:0 

Bulgarian 7n:Lr. 8 . 7 - i8cLn. 8 1 : <29'8) Bambcrgcri '25pi 57 
Chinese 5DcRcoraGoidLn 1913 ‘Lond. I«.i ■ S am J»«I i s * ore ? f’OP 1 ’24® JO® 
14 131-31. SpcPrgrgGoidLn. 1913 ■ Iw. i 8 a nk Bridge -aP 1 7 ® 3 
'« Vraiwf ) 14 ?3VB) SpcGoidUi. 1912 g*[9« <25p) 32 /29.1 
14 >31/8- Baker Dob a cm : low 15® 15 Ui, 

IroJi'i? (Rep. 011 4 :-s:NatlOiaiLn. 39.60 ■ B i nd i*0.1O) ilb:® 9 

<29.'8i I Barr fA. G.< (25u< 31 (29,81 

Japan 4oc5Mi Ln. igi© (EnlJ SUS 8 l 0 i 8 arr Wallace Arnold 1st. '25 p* 
>29'6v 6orf.5lg.Ln. 730 - 2 » 8 i A iNan-Vcg.i ( 2 ip» -. 2 ' 

Mamcnro .SocLn. 2Z (50 - S. , Barren Oe*ctoomcncs OTffp' ’(3® 

Babcock Nedcrlud 7ocCn..9iJs. 'WSHE) _12 
123'* 3 4 .'; , 3 TB' I Barrow Hco bum 'ZSpi 29 SO. 

Sancp De La Nation Argentina Fftg. Rate' Ln. 77'-, 

MOW '1US95> | Sal tO" i.2Spi 60 130 d 

Shell mtr. finance NV z -ocNotes 96 I Sauett 'Geo.. Hldgs. i»bi 136 
.Thorn Ihtl. Finance 7acBes- 102-’* 3 1 * '7j Bath Portland (2bpl 71®. 7 ;p 

4 'a 'a i; 1 3 1 ’2, ■ 61 (30 8 '. 

UK. RAILWAYS (41 ■*?&! °* Yorkihrc :,0Bi 6S *' 

Canadian Pacific ISCS, 1 a 1 . lil S>. <« f 2 5pi 190 <318' 


Oavy I nil. (25P> 277® ” ' Cn..Ui»5.Ln_101 

Dawson Inti. (25pi 147* 9J 6 - ' HoWcn rA.l Sons i25p) 72® 

De La Rue >)s«i aaaa 570 52 3 1 en ' Hollas Group 'Sol 62 

°r?% c MaU,,s ina R “Uuranis (3 Sp. -.11] iuiwfi ? 1 ' M ' M 

Deanson 'Hides' . lOd' 37® 1 '25*1 *4® '31 8 ' > 


Monti ray '2Sa1 Aae, ,31 91 

Hoover trspi 268®. a ' 2 »n- in; 30 


W«ar. ;w e.< tsff.07i 
^!SiSfi 1 S %■sV^p 1 ,^i M^8, 
Tf5SGf»t M8!,! - 7531 ,2S 8 

Nardm Pe«tock :' 0 d, 88 ® 7 6 
Nu-Sn-if: Inps. ,_i 0 , 28':® 

SJMJJ Wibons I Hldgs. ■ ■ 20pi 99 
Occ-Van Dw Grlnicn Finance 9fcLn. 1 M 

°!^« l a E| e-lro B, c Mash.nes «25pj US ». 

0/-C* Group r20o- 96 :31'8> 

Oto Swan Haie HJrrjnatC' dQP' 30 '.SI** 


I Do whilst fl. J.I 'Hldgs.) HOP' 63* 9 


BANKS (17S) 

Ale, adders O '— . 2630 
Allen Haivev a"d Ross 3 : 0 # 

Allied Irish Bancs < 253 , 215 17 
Arbutiiro: ut.iam Hldgs. 1 53 
: Nr ** Zealand Bka. Grp (5A1 

! 29a® Ba 

Rh Ireland 4DE® 400 


AntsfaQasia ‘Chl'il aollua SpcPf. 41 40 ! Beiam Group <1Qp' 65 ! ln *ests. i25P' 202® 200 1 'a 2 ij 

Costa Rica 43 >31(8) , Brilair Cosmetics tlOd' )9.: (SD.'B 1 ' - fs1 ! 

banks (its) m " ,,bc " • ,ob ' 4, '- w :8»B35¥uSja%jg^v* 1 

ftKfBSSrPS* I ° :B t 100 r30-8> 

? K2. K . a ,*:s ’ Here.- Gioud . 2 So) 1 SG® 4 . lOocPr 7 ! S!*! 1 "? Mills ;Sp) 29® iSl. 8 ) 


I — J — K 

6 :ocDb. TO';* 


! P S!?Pr n A 1 - 5 ®'! 'W 23* 2 

9PCUrrs.Ln. 93 lO'.'OJ. 
ISO's? bo -®- lo ripcCnv.Uns.Ln. 98k 

'*! ; otS^S? , L?L 0,r . n,ln ' , !! i,o ^ ‘IDol 60® 60 
Pegler-Hottcri lev '25a, trim 63J 
1 Pentos 'IOpi lot p ' 

! Perkm-E Inner 4 0 cCnv.Uns.Ur. 98'; f3H8) 
£ c 'fv iH-l Motors 1 23e) 128* (31 Bl 
1 SS. :tW, n Hlt L Ba . IOpcP!. 102® 100 (31/8) 


I Bentalis 'lOoi Jbs 
fierce Gioud >2Sd) i 56® 4. lOocPr. 7 
j Bens' ora '.5. W.i f25p< 1 62® l 60 

1 Beraev Trmpo (25pl 62® 

| Best and Mav OOP' 6 1 (29 8< 


I 33pm : nariA^Bjn til “ 

19k. NSW (Lot- Res.. -SA 2 > 566 '29'8i ! , SR ' J ’ a,,d 5001 -SO®. 


” i — ■ " - i ii . il Bk. Scotland 260® 78 


To : The Private Investor's Letter. Dept. 1 PT, 

13 Golden Square. London W.I. 

Please send me by return post details of the FREE TRIAL offer for the Private 
Investor's Letter. 


t »!":*» *31 jS» j Biddle Hldgs. OSpi 100 1 

l S k * p^OC 1 Arid 250® .8 I Billam ij,j ilQa) dl is) Si i Du lay hill 

] B ? r . c y v ? ? k , 3 ir? a* 8 .)®, 488* sre f8 3 ; Bird and Co. (Afrual r25oi 15 : Ounbcc-Co 

j r- 7 5 4 *. PJ v® S5.S. B'apeLn .1 lb! Birrnid Qujkasi (2iip. 53 7 ;ocUirscc.Ln. ' gui'fa'i'un 

■ '■ i bl (23 S' . Dunlorg L 


f 60 3 goycBbrae H tops, hop) 31® i3i:S) 
Bownlna ic H.) >50 p) 250 
Downs Surgical' IOp) 47® S*# 7 
iDowr. .50p» 271® 68 7 6 70 69 s. 

f ?PCKn. J73v 

Dra'C. Scull Hldgs. i25b) 32 >31 8 > i 
SlUKDb- I ^^","50^"' *"»''*"«= » 0 P> «® ! 
I Duel lie Steels 'Z9pi 113® >20 14 
i Dufay BriumaStlt >10p) 350 4 U 1 


, I CL 379 2S 8 . 6 rocOb. 70';* 

I IOC Grouo r 20 ui '.:q 
I Ml -ZEo) 64® 1 Z 
l IMrock Jdhnsen '25o> 183* r 
liiingwcrtn Msrrj ; 20 p- 32* 2 . 

31 L 1 (50 6 i 
Imgseo A 23 : 'TI B' 


1 o£^r, P e. Bafcc/tos 55 1 31 .'81 
S5:EIi- S5, ?r cs '’Ob' 49 (3ii8i 
Purrocon Group .I2Le) 66 i29.'. 
Finance S'.PCCnv.Ln. 57 
l ^ rn ? 1 HldO.rFI.10) 98. 
A ••'I,!* * Phoonix Tlintw 1 25 d) 140 

-=0» wcicle-- 'Wm .1 A OOP) lOn *30 
i Hla V : - OOP) 107 129)81 


I Barela rs BK 
I Brown ihuli 
J Cater Rvdrr 


Dunhlll I A.) 1 1 Op' 330 
Dunlop HldBS. 'SOW 74-:® 6 . « 
6 '.. 4'-. S <PCp|. 44* 4. GADCOb. 

‘29/8). SocLn. OS <31/31 
Duple latrrnatloiiBr iSpl 1 9'^® 200 
Dooare (25pr 72’;® i. 2 
Duraptoc /ii»mat/ona| .25p) 154® 


Name 


Address 


CAPITALS PLEASE 


Or phone 01-597 7337 (24-hour answering service). 


I GrtS^Ari^uJ^.-sp, 51 ".Efts NOa *‘« 2Sa 3 * 

SBSSffBSPJisPsyiff&Ai “istm cont “ tjem «" o5B » 7s® 

I Kf.7 1 t M < ? Sd ,V ’83 8.'utJ circle Inert. 2 as® 6 4 8 7. 7pcDb 

I 9ac0b * 

1 ,5? *7 “ t 4 W uw i > l‘ rjspj SO fSl’S) 

iiS 10 T‘iM r ^ C0 1 8 iund;II.PcrrncgliD P Hldgs. (25p) B4® 

1 Kevser Ullm.nn Htog;. ■£sp' t 47® (31 8 ) - 

• [BMrdman nc.O.* Inwi. (5pl 20 L® 19*0 

I ^ B * n * on Lonsdale 'ZSp) 104 _20** 

I , ;30i8 Kcdycote Intnl. flfipl 7)i« 

j Lloyds Bank 2530 7|® a 65 2 S73 60 ! Bolton Textile MUI'5o. 131;: 

• ■ ‘win W - ii, ?i | EoHd street Fabrics "op) 52 *31181 

J Marcanr Sacaribcs tZ5p; 123® S Booksr McConntii (5 Dd) 289 8 


E— F 

E. c Casas nog) 15'n ( 31,-51 


Eat EirtC4#Mre P4PW <25pJ 59W® 60 
East Midland Allied Press A (230) 6T> 
■ 31 (8) 

Eastern Produce MdsU 10 (*pcLh. iflo® 
(51/8) 


FINANCE FOR INDUSTRY TERM DEPOSITS 

Deposits of £1.000-^5.000 accepted for fixed terms of 900 
years, interest paid gross, half-yearly. Rates for deposits 
received, sot later than 22.9.78. 

Terms (years) 3 4 5 9789 'M' 

Interest % 10J 11 li$ nj ui ^ 12 13fc. 

ser amounts on request. Deposits to and furfeer 
Brfw^anw from The Chief Cashier. Finance for Industry. 

91 Water 1 DO Road, Loadoo 5E1 8XP (01-923 7S22. . 
l&t. ITT). Oi^rues payable to “Bank of England, a/c FFL" 
FFI w the holding company for ICFC and FCI. 


t jyzil 









1012 , Intriyufoo— n r 

Jtft; iw T*t. t ... _ „ 

6utDb. 1979-22 baO. KSCOn .S <10.8.. 


3 :I 6 I^cn" unt-LV.. VffuTindh i e“ . Bargains door in swurilie* quoted 
" In the Monthly Supplement. 


rK“V 2 ^ -fa * 

Bs-A*i2? • - 3 ** HU*-: Head a 3*«i -IB®-- '- fi' ‘' ern Bparo Mint nop/ 80 78” 

FuHmSth£ j a* - ■ -Stiff. OSSS* Mw 3 .t 2 JsaTus 3 _.li.ei ffiHSEJ **»' «.«•- .23pi oo • 

K* MWgxT lisaiia ® la *• ' 7ppUnict.*. 8 *: S. SmUbvLu. 87 : I w~,i?3!? 0 “i': h - lp s ' 0 —l -Mb) W . a 

• *.*• .*• . ' XttaUov 0 *pl 2999 1 *. 7oeUJU-Ln. :.igi.. *T7 Cj!i ,2Z.p> ju 5 . a 

.q-r^s ' •.:«8K®r,«ejs«r.... • 

Mw *»i 4 <5*> i4« so *-• i 3V0- • 


. Wc*i|*nrl .. 

iWtsuikhj.T. -?o P r itis-f'-a' 

JS2: wjrd Tt iL-irmcr. C ■ IDs] ID-.- •. 

I w£ Sl “ a ?i , ,.°E ,t * '*!&ni < J ® - 3 1 j&i 

, w«Ii „L / ; ,i: ^£ l ‘f ,ftlshe ' s ,10 ni is 2 : 

,WW!i,n al ,2So, 4 ^ I23.3J 


■1 ** ,nlern * !l ’" 1 - 1 ISflB * 103 ' 5?“' ,, 5' J30 ? 8 C 

1 Bankers in*«r [JSpi *;» m 8 > • 

; Berry Trust f2£p, VO':* 2 
j BiinopMirie Tmtl IZSUI lBodi >11 1 > 
j Bwrtnr and Soutncrn storknaiacrt il0o> 

| 60'.- 

! nrirfieiMiiri i>i»r»: iioa. b'i 133.61 
British Ametit 4 rt jrtfl General ( 2 hpl 42 ; 

Brllltii A '.MIS 1 250' 79'. • 

Dr'ciih Empire set unties Gni.. i5r>i 1 1 *:# 


Winkclhaak iRI> 720 
Wifxntertrana niqh rq 2 S 52 tM Ci 

West African (2) 

; Antal- 7 in- Nigeria mioci i , icp, 26 

: Biwsh. ilOPJ 5 !Jt ei * 

' Gold and B*S*> Hhji ii; , j . ,g , il g 



21 

I 'ctT*® Uotpn Com. H £3 BO. Do, Cam. 
i Wheel oc i: Mar don a 56'; 

..is ® ' i Caw Uns Ln tSB <? ’ In the Monthly Supplement, i RULE 163 ( 2 ) (a) 

* Lj~ Land i 20 o> . . . **r .... „ 

Londo.r county Frwho.'d LeaMi«wd ProM. Mil'THMDEIt j (2) : Applicaiiuus granted for KpecoK 

London shop Vrow-'^f lirf* 25 o> 70 *555? P* J,|,C Tru « soeistoh. 1069-/9 1 burgnins in securities not listed 

ME PC iJSdi liO# 1 40 BntDc i&. 

SOCUirt.Lii 7o'.S 79 >a1'3;. 5BCCnv. 

Uiiv.Ln 105 ■ 31 E> 

Vaal Recta Exoln ’".ftc"5i”'»nea«- * Midh«. •.[ White Hicgs. >10 p.> 40 i2D.II 

vca«r^« .«?. •24o"§"S;^“ <> ‘® 59 ' : August aa ft) 

,«> — » 

^s£HS j^aSS- r... 3~rr R ^ E 1M <11 «e> 

9S -' 3, ' B •- flep.Bnal proprrt e-. A 25a) E! 

Ruts TcJT.al. - t Crf'.a 2 is' 124* 

Samuel Prc ri'rtij : -75a' C2 ; . . . 

Scottish p-soe.-t, 20 c) toi. i oserheub mock hxchonge 

Pp:.n. 1932-5= :=a 


£96 

AUGUST 31 (2) 

Barton Sor.s Gw Cum PI a39ir 


AUGUST 29 (Nil! 


on any Slock Exchange 
I SEPTEMBER 1 * : 

j Blylh Greene jeuraain 185 4 
Castletown Brewery 4 -.ocPI 35 
Channel Hotels Praps. 27 6 , ’• B 
CUirmace 21 

Clyde Pet 124 * 

Companij ae Eiecmcioad da la fra w a rts 
! dc Buenos ' Aires 4 *7 

□art* Valiev Light Railway 35 


: Bargains marked in securities i nS l l ! J d r fl 6 Lj p^ Bf rt 
' S1 Bl » hifh are quoted or listed on ao • FuirirSmicn T-jrncr a 


Serena C>t. !?ai ■iS-3 

Slauih Eslutr-i "25a 116* 17 1001. fi 

■9J7-95 172 ■Z'j SI 

Stock _Can»<*liar in». 7 -jis <2iei 2S2 S 
Diamond (2-0 .Sun>r .Elnara l>vHv'i:e<-; Tfj 5 - ; 2 ie; 

^31 , B^ n,<,r ' ,n ‘' fi: ' ,,a • 5a ■ J To£n Ci!. _ Pr e..'.CBl 12.0 12 

' v& 'rS?*™ 1 ' 74 ™ ^ T=e r . 

T.-*narr D a . E-.i^iii -2 S 3 . *3S 4 iS' &■ Geid M>nes o! Kalgaorhc 5S 
Ur. tea K.nqj ■» P =- 1 1 -27=' 24 HawJ.ee Siadelev Canada A SIS 

Uni-«d P-a‘ P-rre-.v T'-.-t - 2 Sh' 2«5 Hcu q gonj Land 22G 


SEPTEMBER I 

' Ampgl E>. 100- 

Aui:ia:<jn o>: and Gac 60 

Scac.i Pea. 50 

b-.cjn pitk.nspn VUS37', 

2 ju juinvilie Ccpoer 1 129 
Ccniiia) Pacihc Minerals aao* 
Consirc Rio Tin:a 3120 
G 2 lutr.Tr.es 2690 
1 fcuJcji.onr Resources 25 
FOSU-- WlKClCi Cprp. 224-. 


\- 


Wa-r.- 
War ... 

Weed 'jn-.fpi|i >En: "6 1 32 T ~ 

Wi-vri nite- PiaDe>>> G - oua -20n 
6 ■ 

w wen ;£ t ■ y f ins) 


.’a-r.-r E'.’atit 4r:rf>g. 25a *4t ■ = I H • Hultftisen W ha in ana I!3 jj 
tur.lo a In, -it-* -ill :2 Ct> - 72-i 7 (29 3> . Jarp.iw Malhusn 279 81 

Kui.m Miilavsu 51 
250 Wetat E. 12 1 

No.-1>.erii M.III.1Q 124 3 
• Narih We-st Mln.no 46 
.Oil Search 13;; 

Pei <3 Wd'isend 5350 
Plscc G.’S and or; 1IC 

Berta -ii Cor.ia tup. MO .5.-. Stan- -a Drl e: California SUS43'a 

53i ^ w ' ,r-MS ® L * 0 S | 

Graed cW": V.' KIMS top 1,1.30 8. SSIf* E«*« * u 2f.l 70 » 

Gatbr.e Cgrpn 1730 67 9 73 Si ?££?■ P p2S. .'A 150 - 97 

H ahlara- T ‘ lQ ■ "« NilmnwiGe 107 

-tn L * c ' Ml3 - c '• Trade and Industrial Atccaianc* 1100 

111 01 'T.-ans World Airlines LI9-. 


RUBBER (IT) 


. !■«>«« Motor Group i5bJ V.-O . 


Tima'ProouHl (10n. 176 .ZliBi 
TomKins ,T. M.l '5p. 22 O 2 


: Wsoehead AJ I Sana '25-31 961. I! 


J.Tra Ruate. "lip, (•? .31 B- 
K nta H.V a-. 1 2 ; B~. 

Kuala Lurnpii' Kea«r-C Be. Gad iMl.l 
625 

Lancer SuRiarra P-ar-ali&n, 'Do 170S 
Piantat-on h*-W- ,| J? 1 -4 

Remb.s Rubber ‘ip. :2 
Singapore Para 93 29 s’ 


. - r, - ! V/nadl.miM and Rinor, ’ Hainii.nc. ri 3 -pi Edinhurah Invrn Tsi. Did 2S5? 7 

., Tomirfwofts.CarpeU <2Sp- il. . . • • jq rsn «* i Elect ri! and General Iiivhi. .2Sn. ri..a 

Rentobll Group OOpi 73 ‘. : <ji B»' ‘ ^5***! 4' * f 5 S : B' f«W J* l sa | V/solworfn if. W . . ; r-n r.r. • r a d j r M , aa; '* 

( Gnwp I25PI 4S * CS1.SI --I .PCDB. bB . S . 7 -,p«tn. 6, « --1.B1 , Mi nhur <T ■ Soni .AKnor.i >1D«. 36! I E 2 0l iJ- h SJ ia Ne “> Tom Trust ,2Sp. 7S- O 

■ Snamor Grovo (2531 - 1 AQO 77 :Ti-t|t - ,TOve iZSpl 6 fi rai'Bi 1 6 7 ^ 7 

' ***** CO. Engineer? H95?i iSSp) -£96 T ?{K MiHWurn THItMvi C20oj ■ , R?ti , Grotr/i- 6 pcr.h 71 '.11:8; I EnoliW and Sulllw Invesi. .’jp. jj© 


^•rn !lLSt 


.-j 1 * .:hi ia 
5 ■ 3'wat! 
it 3- 

2Sn; r r. 
: l=' a -3i- 

*’ ?2t. ?* 

•f 2 ;: ifc 

• j ; 

!•>■' rar 

= !=rii=c'l 

‘i- is! 

• Cs- 81 Bl 

at -* ; 'a 
i !!:.:str 

c 

LI S' rjy C 

if tU3 111 

• -55 .Di 

.... 13: •• -i: 

-.'_q3s-^sa 

'•-So 'i'l I 

; S n. 


' -1 1*1 XT 
1 j*r * 

:• -i'* 1 

15 J. £*- 

2;tj 

J'K- 

: \l - 

.*%;* 

' jS «S| 

. :C3* 'E 

s -i ; .r 

V: rs 

■■ .o' 33 S- 

= 1 i: 
Pa3C-! *■* 

-.r. •:* fl 


ii-r 


'.I : .. i. 


-: l! ‘ 
. .. » ‘ 


. 7 . 1 *; 


a --S 



J' > 
...V 


-r -Vi 0 ;- f < 

> 


•- .^2- 



13 


672. S.-nrlMP- 
W. 60 

511*114 Humana SorCuTi.p! 

Texaco Imeniat.anal F.r.nc.ai CoTJorat.on 
■ ipcLn 5b 1 : 

Tri'eiiroi -JJSoJ i?n l : 2 
UKramar C5PI 2420 27--S s: 9 4C 38. 
7pi.PI 142C 

PROPERTY (12!) 

i Alliance Property 7 . B i:Ob 73--0 i 3 ’.Bi 
, ^7 . Alliance Property Hidgs 73 .. 

— TrBt.. ill.'*.'!, bl'iicai <ni' ”■■■ ■ *.<r;-.eT= u>=us io> art. >jio. t rui.o.m™ ms gnv I 2 BP> sso Cap 1 AMied London Prous .10pi 60 i <29 8 

actv.nson iTnomaij son TZSpl B9C VuL° r>p ?n 1 riTnic nrtrr r.» Shi. .25m 60 p , Allnit! London Prop, .259.232 27-79 8 . 

"Bckw*n> Gp. 12 So) 142 . ! X S ’V® “ s’ioo ■ ELECTRIC LIGHT (I) )GT japan i25ol 1390 90o -41 -II. I Amalgamated Start. . 53 , g.. . 113 ) 

Motor-. HldPS. .1250. 97'.*' | a T' 7 > 7 sieLn *\ls . *rV,' ' SBCD ® B.a'can ". 1u>. .JOl>, Geoeral Cnnul.tfated -ISO' 37 1 AreWe Secs 10 - kDIj 69-. :30 I. 12 o; 

I t 8 ■ y j.- i.iy .n i, , e, n □_ Calcutta lle.tr".- 72 I Gt'ierjl Funds <2Sp> 176 <31.S> I Ob- 77 1 * 

*■»"« HMps. A >25p. 40« <31-8} HT TS^TI^a « V.i3i n dV- . 6 9U ~ . .... ........ ....... ,„. v 1 General Inseslars T,us:r?s i25|," 111 . AJCiuie Close i20r' 79 

Reag.il Hldps. <501 1B : J* TuIikelHIdoi 8 ■ 7»5-r>' •» tli a. MAANC1AI. (SI) ,Gi.ncr*l tUe.tis .1 1 25 Pi 940 3 ui, 8 i I Bollway Hides; iZSpi 70‘ ; O 70 I 

SS»e 2ii tunl 1,0pl 45 " tSSS NwiJl 179*7* M* 79 8 7 6 - 8 ! Ame< AsxM.di.4n -lbpj J.u ..» o. ' G^’on'^of’ThLn ’l**' JSSSJ no , 7 ' « ,3Sp '- 139 

Korapnnr r200' 40 _ •__• . y .-*Ll. 9T An_ia-Lb.it<i. dial In, tin. u. 19. J.63 ' _Wjrfant3 06 I S' 1 **!-- . V . - --1 i ’ 1 -S _ J_C 

Roto 
■31 _ 

Rov-ntn 
Row ton 

Royal 
Rovco 
Ruben 
Rugby 
SpcLr 
Russell 
Ryan 
5 am 
Pf. 

SGB . „ 

saatoir 5 uum nop) 166 .31 a 
Saba n Timber (20p) 39 :* >81,1} 

Satu Vlalidays i?Dp. 162 

Samsbary 'J.) i 2 Sp 216* 22 * 15 17- 

Samuei 


TEA (I) 

H d*y 


5670 iffl 4* iio 72, jj 52C 7n 6S S' 

?--3- -Ji V •*?>»-• 8 -r.,.. T.. H36S «» 3*9 

«a .9.. re Carroll. a In jests : :p JOB' uj.ar.oiii ar.s 

Empire Pla-.tat.r-.s an* in.eMt 'l.f 29 pjaano “cons. 73 

. ! Pratib Hidgs. 


AUGUST 31 

Amaol Pets 73 ;* 

Atlantic R.thMltf £33 
Br.atie o.i 116 is. new 68 
i Canadian Superior Oil £.57 ■ 
i Honda £21Ce 

! Libert, LiIC ASIoc ol Al.-.ca 6700 7 p: 

. Cn. .aed. Cum. Pi. 4S‘,0 
, Northern TeiecominuiiicatieM L23't;S 
Nylcu dS 

Oat Bridge Se.s. 156 


Method Russel 225 -29.3 . 7ptLn 53 ; Ramada n iflvt." 92S 
..'29 B , __ Sc.Casl US -0 46 

NovLeara Tua Hidst iSOr. 745 '29 9) TeOI'vs 1190 
Warren Piani.tijn, .2LP- 2174. 13 Trane Co. £32 j 

■SI 9' | Y.'OMpjidc Pets 70 

WiHm. 1 . sen Tea H-Bjl W ',0 !■ 

Tollgaic Hominy; -HI. *'0 <318' 

SHIPPING (41) 

Bnt arj Co-n-n-.fisc ji'.y 5'ieo.ns 'SCb. 

279® SO 

Caledos.a ii'.eits 2£=- 24 9® 

Commcn E"b-I ,.-• 50-. 123® 

Fu-ness. IV-r , Zli-9 - 

jacoD-, i J c.-.n 1 ■ 2 2; 33 ...... 

Candan ar.p OtPilU F-eonrer* -2ip- 314 ; Hill Mirerals 5 
SS'.p -1‘ Z Pantcnt. -.entjl £13-‘x 

0;ran Trar.sscrt c -. c 7r-4.r.g -259 1160 Robe River 56 

13 . ■ 4 ; 1 a 14 5anl*. 143 


. . 315 70 

G.R.A. Prop. Trull IS 1 . 15 r" 

Gale iG i £135 150 45 
Grendon Trust IlDsSub.Ln. £4*a 

■ Home Brewery 285 

: Irish Press 25Q 1 

. Jenn.ngs 8rg;herl New 23 
Jersey Gas 78 7 "* >• 

Kcl loci' Hldps. 40 39. _ Hoc Red. W. 80 
1 Cniiub.Var.Ln. .1st Serieci 40 JJ2 
Cn.Sub Var In. .2nd Seres) 41 39 

■ Kunick Hldqs. Hr New I 1; 

Lc RiCnes Stores 4 25 

l London Cremallon 39 fl 
' Mining Invest. Corp. 40 • 40 .. 

■ Nationwide L?lsure 12 11 •: 11 
; Norton Vla.cn Triumph 3‘; 4 

j Oldham Brener j 70 ' 

.Oldham Estates 130 
, Ouvah Hiqhlields 50 
I P.M P A insurance 35 

• Pet. Royalties or Ireland IRC , _ r' 

'Queen St. Warehouse iHIOIJS.i 3-; S 

f Star onshore Services l!l 2t "i 1 

! Twin lock 19. , _ ' 

Vanmn International Secs. Cao. Grown 
47’; . 

AUGUST 31 ^ 

Burroiigti ij i n? S t 

Cambridge Instrument 1'* 1 13 2atM M 

Cesar Hiegs. 13 n 

Darllno Fu.m Units .SAli 155 U5IS.0* * 

i Dolwwclla Hidgs. 25 4 v* 

PnDinn Tools Nartn Sea B 400 
1 Genera! Cevlsn -Hide* • s 

■ Guei-.ise, Gas Light OpeLnitk-. £98 00 
J.'tscl Trust 7stPl 4 

I North Sea As sc: £8 , 6 _ 

: St. Austell Brewery Spc lstPn. 32 m . 
Southern Newsnapcrs 230 28 t 

! AUGUST 30 

All England La.vn Tennis Ground SbODbO. « 

. £3 100 

. Aston Villa f C £18 , il. 

• Cunn>nghamy anc T. V/ Thwa.tes 4psi»v 

. Mors Perp.Day II _ r 

I Isle d) Man Asso: Inv 7acRcd.P1. 50 

' Lifeguard Assurance 28 .. 

( Nutnalis -Caterers. 7ocNon-CumPf. as 
I Rangers f C. 700 
TwinlSCk: 12 j>cLp £7bij 
l United Vrumens Homes 6pcPl- 25 . 


A l GUST 30 

A E ana C I 1820 
B.P Canada £10**: 

Cur Bare Minerals 36 
Lib* Gaigy aUDcConv. £90 ", 
Cbir-s G. J.- 1830 
Computer 5c,eiKes £*. 2 ‘« 
Haoma Gold 64? 

Haw Par 74 


AUGUST 29 


150 



Urllgver (25pi 5609 bo H 4 7 39 1 63. ' Jy A 5 Jp) 338 
4PC06. 99 '298* £ .pcOfi 72': '29 fl' 1 Qulgi-;, 20 b 300 296 7 5 4.8LKP' 50:9 

St^cUnsecd-Ln 45 (£9 l 8>. 7'*KUnseul 1 

Ln. 62 ft, " Daw'll. D-. □•oup >Z6pi 4D-; 

Union Inti. 43 ; fcd>iibui'gn Indininsl Hbldmas 


i *■ 2 -:Pl 11 


1930 B99 9a9V89^ S NnJ i'lSSpi 191* U*d W B!*t | it?\.11Ja*».» C25p‘ B*9. 8 pc Ob. j E;c5ra' It. test men! Trust iiw 1219 



100 99 130.81 


IcSttS^SIp . ' 75 * 1 * w • SB4 '«■ :• uSSSJSte f .1 mV 

scan.sb Agnc. iTiui 213*. 


! HOI'jncs-hr Belrsgings Trust £19 l . ___ 

I Ex-Latid; ISOBI iSij® . I Keystone .SOoi 147 

•First Ndtianui Finance Curjaratlon «lOpi : lake View, i25pi IDO 
»PC . . 10 . o . nc.5ub.Ln. 1991-97 2=.* 9-:*' 4pa«. 125 « 

1 *uO 10 II) 2:g 9 - 3D. 9 :pc5ub.Ln | Lancashire London «25o) 39 

• 19C2 44 6 iliO; • L*aa tnv. TsL Income (20o ST'.O 

iFitsrpy InwrssmcnL JS5B* -3 _ . ..3.8' 

Gaodr Cur.ai.l Murray Group i5bi 22 ) London Cart more rSOpi 78-. 129 8' 

London Holy rood ;25pi T24* 1 


Inuesnnent Trust 01 Guernsey i50p) l«r. ■ -* 3 L a ... __ ^ Folkestone 4 9ec <:95S ls!Le 

>29,81 * Daejw Hlda* no-:* 91 . b 9 b Mid-Kent S.Sp: Cans Ord. J* 

IniMlors Caoitai .25Bi 57 , *8aerlny98.3... Mltl Sautrern 9a:P'. 131 SO S' 

Jarytlne Japan I25 d) 180* 1- 79- 1 El'Sl.sli Prcperty Cpn 50oi 39-7 9 8 1Q3 - - .29 6- 

Jersey External Pin.Ren.Pf -Ipi iflg ,jo bi rni!5 ,,, ri?..v 1 u.‘ , 5S* Lr -„ a ®_ 6 . Newcastle Galeshca; 4.02iscPi 

Jersey General 257 i2T h' * Estates. General In. jJOb- 23 t 2- 3. North Surrey 5 *25s; PI 7 

| Jos KldOS. <25p> 50 i29'8i , E«al3I_ Prcaerrv l.-.y Tiol 1010 .31 8. j. lK Db. 27 .308, 

Jove Capital *2pl 6 -j 7 Grrat Portland (stales iOS' 3Qb9 7 ill B- South StanordSt re Jbh 8 4’ 

Green R.i Prooert.es 1Co< 350 4.2pcPt. 66 30 6 1 

Hammerson Property In, Tit A 2 Sp> > West Hrmosn.-e e 446 .303 
SIS* 170 JWest Kent 12 : pc3b 

HaUtmere Esuirs >lCp. 764 B >31 8- Pd 1 25 1 <79 3' 




45D .30 Si -Haw Par London i9'.o .»« 

jardmy Matheson 7' pc 1990 £15>:* 
lOacPI ' Metramar Minerals 11 
Mourt Lyell 290 

4 29 8 . , Myer-. Empor.gn 136* 7 
•29. 8-. Oiler E, 44 

• Pansontineulal £14 •• 

50 Bl. ' Selangor Coconuts 124 
. Tj. Cneung 42>. 

Timer Di> £ 

£95 ,oi — £25 Waltons 76 

‘ Western Queen 72 


! Aran Energy tl 2 
! Arsenal FC £170 
Baxter -W H i 135 
| Ecclesiastic: Ins 4ac?l 220 
! Fioiutn Oi! P oe H'ag» • 150 
; Gale 'George- £150 45 2 
, Mid-K.es: Water SpcPerp Db £2 0 
; Sayov Hvar? TpcRed Pf. 30 . 

Soencer .Isaac and Co. i Aberdeen! 59 
Tm.su: ci, SpcPi 2 
; Urot'tc lr>ys 1!S 
I WeetabU A 62 

j RULE 163 (3) 

I r.arRajus marked for approved 
! companies engaged mlely in 
j mineral exploration 

AUGUST SI 

Slebens -U.K 1 390 57 6 4 2 SO 71 

7 6 4 

AUGUST SO 

CCP North Sra Assoo. til, ■ 

Sieaens <UK1 38E 5412 80 7* 641 
70 66 60 SB 6 

AUGUST 29 

C.C P North Sea Assocs. £1 1 ‘a 

dull Oil £4 

SieBenS ■ U.K *. 360 54 

AUGUST 25 

Gas «nd O.I Acreage 93 _ 

S.ebens *U K l 364 60 S3 6 
• Bj Jt-rliijy y||.i: liit' .IFrt £.<i'haiMM 

i!niiiiri|. 


5-apeP* 63 


"57 :.ai‘ tji’aT" ■ '**■ j-*otLn. i valor Co- -J5P) 54 5 2. 

Scc:tish Univrrsal (25p| 121 ill ■ _ ... .. 

Ecart'sli. Cnghth Euro Tmu.le* IZDoi 62 Vartan* Group '.2301 1240 
(30(8 1 ■ - - ■ TO,, “. ““ Vecli* Store Groan fTOp*. 38* 

Scotiisn Heritable <25p'i 43 -.a tjl *■ .Vibrealant Holnmps ?25 pi 1 BO® 4 
srotl.ih Tine A rlOp) 64 jji.pj . V eters 197 8 5- 5pcP*. iTax Free to 

hears £2501 39® Cu® 8 V 9 : 30 p! SI. SpcLn. 90® :» • 

: Victor Products (WaUaend) .2Sp: 24S 40 Kirahu ildo. 22* ■3113' 

Sfl:- uniat • Lamoa Sort. iSOoi 33.S® ‘i® 


i,i 0 ) London Hoivrood ;25P' 124® 1 

: G-esnam tnveslmunl Trust 'J5nl 65 iioai London Lomond i25a) 79 
.Gnm-jhuw.- Holdings < 20 p) 31 | London Provincial ' 2 ip. 1 IB • 

Hjmbro 7 Mi-. i (75 p 1 33 ;29 Bi London Suathclyde i25m 44 " >31i8i 

. H jiiicla*' "A 'ini 9'. I2U Bi London Atlantic .25o> 67 

' Incbcjoc 39S® 8 5 3 7. 12 ':P:Ln. 02® London Inv Tat. Sd" Z j 

i Hid C. Cnmm Fhtancc Corn. S'tncDh ' London Merchant Securities iJSm :i 
' 300. 7'iPcADb 19 B 9-92 64*: 4; i3H8i.i Capital '25p. 1 18® 

I 7"“; O iia IJ-IU bl-® 60-: 10 .PC : London Prudent . »1 , 2 SP' 84 



Scbers Intm. nop)' 38 fSO.I 
r. 271* > s 4i 


b Jinc^urt 'Sp 


(29 

Senior Eng. iIOpj 284 9* 9 [31 8) 
aero; i2Spj 90® i,S ■- 
Shasexpeant tjaaophi IS 
Sharru 


g-uPCLc. 72 391: (2913) 



• Vim rtDpt 20 (29 81 
■ Vinton Group 2 On) 204 
1 V'sepg?' Dejrglppp,* 


!*“n! 2 “£p) S 85 'SoBi ! Lo«Sw S?ottich "Fuince n Com 'flop. 41 
5 -54 C3V51 M 3 7iCH* Fin-mse Til. i20pi 46 

. 220 !* It* 14* 1 M H iKflK'VAIlM InS: S 8 p»‘* 1 «* S*. Cum. 

. , n ,'h: 'ifji * suo) 72® 19 


, Lloyds Scoiiish i20oi 98 
-London f ureoean Gro. H0o» SO j29.Bi 


5heepbridB» <25p' 68'- 
S heft, eld RetMuhmapt (25a< h9n 
Sherman (Samuel) (JOp) 13 -^^ 
Sidian inds. C50p) 91 
S' fb s Giinnan iiSpi ids* 200* 
L'lentnignt nopi It 
SiNertHorne nOol IS* 

S.mpp Eng. i2Spi 273;* 
bao Croup ljL5p> 9+H 5 


V:r*-Te* '20 p; 
V« 9 er BSn) 
1*12 


W— ' V— z 


'ifil 1 sun) 72® 34 
Mercantile Hidgs. HOP) 


W JtibAona Holdings .n Op; 65 
Wadding ton (John! '2Spi 225 ® - 
, Wade -Potteries (10p< SI. iCncPt. 93 
I Wadnam Stringer nop. 49- .0 9 SC 


: Mooroaic 

tsri8i 

NMC Inv .'12 ;BI 17 1 JWB 1 
I Parambo -lOoi 14 ij i-Ji'Bi 
i Park Place I , HOP* 36 *29'fli 
. Provident Financial Gro. -25P 
7 Pc PI. 79 (29 81 


110 


5 4 (7 


j Walker Homer 5p! 12 :® .. -' Rcsehauch <25ni 2D5 (ZS'Si 

IwaJker'aM StaB Holdings :bo» 26 '31)81 l.si. George Assets flow 14 i29i|i 
'Walker ijamcs) Goldsmith 5H*ersnntn 1 smie Oarbv Hldos. nopi 1'230 17 «3i:8> 
I2SP) 112* '31 8 ). Nor... V. Ofd. <25 p) I Stn.ili Bros .25n. 64 . 30.8. 

10*® 3 Si I31'8J ■ - Slack E.chanou 7 'iPcOb. 62 131'Si 


..,-lllev (25o) 124 * 

Small U.i (25 di 32 i29;8< 
smart ^£1 flop) 44 (30/fl* 

Smith •DavId’V. tHid« r®20p.“ 7*" (31,8) 1 Wird'-GcddsTone I25p> 98® 9 ® 31 fl) 
Smith CW; W ."Hldjvl (SOo* 174 3. 5 : 50 c -Wmrd Ho'dings ilOpl S9'e (31 8 ) 

Uns.LiY-. 39-- til:Si 'Ward <Tho*. .W.i . 2 Spi 77®.- • Ti.pcLn 

smllh Whitworth fSp! 14 f; ; 74® S 


Wallis FJih.cn Group (lOpI 213®. 131.8* ! y^Vec^Gro - . .iR 0 2 b'i '66 _i jl /81 


OoT.inlons Tst i25p 
■ 39;* 40 59 


40':® »';;* 


London Trust DM i25Pl 111 
M and G Dual Tsi. Capital 5ns. -lOp. 
' 19# 

Mercantile (25o« 42 '* *«. a vpcCnv. 
Do 79 :?9 3> 

Merchants (25oi 79' ■« i; (31 8 i 
Monks i»P' 52 1318i 
Montagu Boston 'tapi 60*: 131 B> 

New Throgmorton Tst Inc. Shs. (25 p) 19'«. 
Cap Ln 132*. Warrants to Purchase £1 
Cro-tii. 27® 6 'y 'j V. 5U 
New York Ganmore (25oi 40'-; ;3i 8 > 
Nineteen Twenpr. Eight i25pi 71 
Mipoon Fund Sterling nOpl 395 
North Atlantic Securities I25P) 99® 6 
North British Canadian Invest. >2 So; 70 
(31. 81 

Northern Ameman T*l. C2Soi 107:; 5pc 
Uny.Ln. 98 ;« i31 B 
Northern - - 

OU 

, Owwnh 
! Per. Dane 


UK MONEY MARKET 

Rise in bill rate 


Bask of Eagland Minimum 
Lending Ratr 10 per cent 


moderate amount 
bills to soak up 


EXCHANGES AND BULLION 

Condition* in the foreign me- .Sterling opened at 5154^-1.9435 
change market were generally and cased to S1J9410 during the 
quiet ahead of the weekend with morning before recovering ro 
the U.S. dollar looking slightly 31.H430 around lunchtime. Lare.r 
of Treasurv softl -‘ 1 ' overall against most major trading saw the dollar lose ground- 
the surplus cu,Ten ci«"*- The U.S. currency and the pound closed at $1.9490- 


S7' n ‘‘h4 l"iluKS- LMc 186* 3.. ' 7 ‘jpcUiis. l.VVard White _ Grow CSp: 100® 99V 9 ! 

Ln. 93'; C29 8> - • . (SI 8). lO'-cncPt. 210®. BncLn. 102; 

Smurht tJeHorson) (25pi. 202® / . . . . tSl'W L 

Sobranio i>HdB9.i (TOp* 2S' .'3o fly • : / Wwdfe-.'BarriariD Co -,i Op) 26;® 7'i fl j plmnetul. 

Soiitncrs' Law Stationery Hoc. iaOoi 60 - SWarlM QUtm . Holdings') j&m '25 530-8) j '29.81 
Sommervjlle [Wm| r25p. 58 (29. - ft : VVlrn*.. Wright Rowland - :1 On' 58';® j 

5otnohy P*rke Bcrnet [25pl 275 3. 9 -sue • (3118) 

JUniL^ L Warner Holiday 6:uxPt, SI:. .SI 8.' 

Sound Oifiu&fO^ r 5 p' 43; 3 i.SIfli ; Warwick Engineering ! quest -20 p; 3b 

S ?« h Sf n Constnistioiig XHtdBs-i «P» 81 L Wassall U. W,* tSp) 8 -3081 
US. 6) - .r . ' . WMwivtl Gina 'Sol 54- 

Souinrrns-Evani 72>o (31 8* ■_ IwSmMste iHldgsj i25pi IDO® . 

sparrow tO W.I- f-Mpi 98 J31- 8! I VuShii^ OSpi ^8S* t31(81 


Wagon Finance Corp i25pi 41 
W««rp Solwilon- 4_nd pev .12001 23 


CaltO ( 2 'o'p* 3* 129 8 ) 

. . GAS (7) 

Co4tinu"MiI 378 'J. 


SDCLn ,184 



SPf»r jAcktan trxnl <2&n 138 ■ f witiati Pfi/Ho tHh>i 5> U 0 .'flJ 

Srcnrer Clark Metal Indusu. ;20p- 30 ■* Wat»en iR. K.) ilOp) 99 


insl;r.\nce aw) 

I Bowr.no 1C. T.) i2Sd) 113 12 Ui 
SocLn, IDS* 1 0pcLn. 167® B* 

! Brlunnn: Auurancr I5pi 17D , ... 

97 aso ztr" **» ”■ 6!;bc 

I2c;?y 8 . i^saar* ,nt,u ^ lnyM,i s o ‘ db - ^ 

iWn-.'ROMi cIpi^IS 6 J 7PyLn. 3 B4*l iS££"j^ “L . ***[ 


LOCAL AUTHORITY BOND TABLE 


Authority 

(telephone number in 
parcjuhesesji 

Barnsley Metro. 10226. 2092321 

-Knowbley t051 548 8555) : 

Poole (02013 3131) 

Poole (02913 5151) ... 

Redbridge (01-478 3020) 

Thurrock (0375 5122) 

Thurrock -t 0373 5122) 

W rekin . (0952 395051) 


Annual 

gross Interest Minimum Lift* of 
interest payable. sum bond- 


% 

11 

9-year: 

£ Year 

250 5-7 

11* 

i-jear 

1,000 n-7 

m 

i-year 

500 5 

Hi 

i-year 

500 

fi-; 

lli 

4-year 

20(1 

5 ” 

n 

i-ycar 

non 

4 

10} 

• 3-yeaT 

300 

ill 

Hw 

1.000 

j-6 


Liojai 

Harnbro Utc 12 5 pi 268 70 89 
Hualh (C. 8 > i70di 270 3 .S1,8| 

HOPS Rooinvw IZ5P> 205 
How<h>h i.Aleiandgr) (lop. 148® 7. New 
HDPJ .145 

Lcsai ' Genera I (Sol 165® 4 5 
London Manchester (5p> 156 IV3 4 
London U nitre. I20pi 179 
Matthews Wrlfrhtson Hidgs. - 2 Op. 2 D 2 ® 2 
Mire: Hldps i2Dp1 2029 
Moran (Christopher., 20oj 5 T ® 6 
Peat' Assurance bul 237 :;® 8 .® 42: 
s a ... 


Rolhsehiid**invest* Tu’^isooi 20 ?. 3-5»r . suppl\ in I he London money ' . trade \« eighfed average depreeia- 

markel and the authorities sold a Rates in the table belli w are ,| on u as unchanged at U.I per 

nominal in sonic cases. cent. 

THE POUND SPOT 


Sept. 2. Aug. 51 


1 04 i 


93 

Scottish Mercantile Invest i25pi 
130'S. . A Non-VVi. ( 2 Spj 99 Sent. 1 

Scottish Cities Invest. Tst 6 'ipcUns.Ln. I 1 
84 131 'Bl | 

Scottish Eastern Invest. T*r. i 2 Spl 147 1-7 

6-< a ' 1 s 

Scpulsh Ins. Tst, i25p) 106 'j 9 5,® 5-- tpim.lMn S 

j 5eort*n , MariDJ0e Tst. I25P1 1X0 1 1 

Scottish National Tsi. "25pl 159 Ib-Uiinii I. 

* Scoiiish Onurla Inv ,25P) 73';® iSl'B) Dam- It K 

Scottish United Investors (25p) 82>;S -■ J |l- Mailt 

f ’ ScoHuSh weslern inv. i2Sp' 103 >:® l*s 2 l**-n Ks*'. 

. 8 1 25b) .98'; 100 iSliSI .... 1 i|»in. IVh- 


Rsllt 

nii^-.' Itav'« 
■i. ] "'f.trt.1 


1 I.-H* 


OTHER MARKETS 


7:s 1.1410- I.91US 1.9490 I .-840 
9 2.21*1 l.iM J.244J 2.2453 
41 ; 4.l7.'.-4.20', 4 . 17 ; 4.21: 

F 60.78 bl.LO dO.SO 60.90 

9 IO.bS ID. 74 10.72 18.74 

3 8.84, 5.87, 5.S6 5.17 

U 87. M 08 . 75 BB.0O s8.5O 


!W|4. I 


IT 

N'rte Itaie* 


Phoenix Assurance )25pl 246. B (Reg 

PrutfMtlVl ViuM'.&p, 158® 50 8 7 5 ! 5w! Northern Inv. Tst. >25n) 97 Xn u 

3sl3*.*££i 'ion'*.’!?*. .-I ? KK T, 1 ' Securities Tst. ol Scotland i25P) 2020 20D ! F'iwiii'Ii F>. 

Spa 
2 

Stcr 
Sun 
Sun 
Trade 

W»n.l Fcber (25 pi 270 3 

INVESTMENT TRUSTS (24-1 ) 

Aberdeen Trust <zjjpi 1471 .® 5 
Acot u. Securities '»B» 95'.: 6<«; 

A. Isa invest. (25 pi 111 12 
Alliance Invex: i2Sp< iM 4; 

All lance' Tiust i25p> 234-: 4 3. 5'.pcDh. 

71 T 


\r-i-nlitiB IV—.. . 1.614 1.618 t28 U30 i.kustrw 

Su«ll*lia iinltnr l.pfrSS i.r»-S5 J.B6B8 . .Bp99'I<pI«Iiiiii 

V: 11 1» ii. 1 Ue-'Lkp.... 7 95-7.97 4. 693 * 4.L950 .IVdimhiL 

Ili*.-il t nirti'ii . . 56.C8 47.08 Its.: 0 19.00 F'minv 

Iiimr l»ra>-nnia. .. 7D.971 72.709 5r.4O 37.30 'liernnny 

H.nn h.ni'i n..;:*r, 9 16 U 18i: 4.7170 4.1 22C Hale 

Iran itul lo3 139 c8 71 -in|®n 

Kiinait lliimi Kl*- 0.525 Usi5 3.2 690 •...L , '45 \pllivrlanil 

IjixeiiiUnii” Ptain' 60 80 r 0.90 1 512151.24 \nruat 



104 

j TncMmonon Trust 425 p ) 81 1.- B-ain-fc" j p,.j elaD r- |(. is. tor coorenible franc-x. 
Tw iw Tst Cap. '2 Sp» 1T3 j K.uanrt*] franc K2.WMH.iO. 

Trans-Oceank Tsi. i25pi 1 86 >51 I 

TrW« n T"c^ , ?wp»,M .29.81. cap i LONDON MONEY RATES 

i5S°ft= 6 7|i,. 



Rate Riven for Ament Ina la tree rate. 


(■•■Ii! BuUu-ni 1 * line 
i.uiU'r' 

n.uw 8208 i - 208 ; 5207^.28*4 

iil^ninc F207£-20B; S207)-S08i 

Mnmiiw uxing... . >208.10 ‘5207.80 

.£■ 107.016. , Cli G.l 12, 
Aneriiixm niiiie... 5208.00 s2QR_7B 

■L' 106.908- .£107.45»* 

ti.il.l l.on« 

■luiiM^licallv 

k'niKHnaml 5214 216 8214 2 It 

■ciuSiiiBi, 

Vex -IniritifM,,,. h5!»-6U 5siA 58y 

•CAtkaie’ .£291-86*1 ■ 

DM .Miiemijiii SGI'M S60 -e2 

>X.29i-i9i) * 

I a i'll I (.'■• 111 '. 

internal innaJ I <r 

hmaermn.l >214,-2)6* S2I4-2IE 

•all 1u ill. .Cllyi llUl 

>en KVnereixui >58-80 

- L* j iCi . 

' in .>.\riyigni ...;.. sfil-fci 

•£ii: 42: 

SAi hn^it-H >31u al3 

SI-j Knifler All 3 ItE 

5? Kh'-law S Hi 116 


>b/L-3<i 

; .i-244D|, 
>S0-b2 
',L2Bj-i6y 
SiuBf-aliSi 
5161: 1544 

'Hi*- no* 


BUILDING SOCIETY RATES 


Deposit 
Mate . 
S.45% 
7.00% 
6.43% 
6.45% 
6.43% 
6.45% 
6.45% 
6.43% 
6.45% 


Abbey National ;.... 

Aid lo Thrift . 

Alliance ; 

Anglia Hastings & Thanet... 

Bradford and Bingley 

. Bridgwater 

Bristol and West. 

Bristol Economic 

Britannia 

Burnley • 6.45% 

Cardiff fiA3% 

Catholic. — 

Chelsea i...: 

Cheltenham & Gloucester ... 

Citizens Regency- ..., 

City of London 

Coven ITV Economic 

Coventry Provident 

Derbyshire 

Claieway -i 

Guardian 

Halifax - 

Heart of Englind 

Hearts of Oak St Eniieid .... 

Hendon ; — 

Huddersfield £ Bradford :.. 

Leaminsroji Spa 

JLccds Permanent; 

Leicester 

Liverpool 

London -Gnldhawk - 

Melton Mowbray 

Midshires.— 

Momington 

.National Counties 

Nationwide v'‘- 

Nawcastle Permanent 
New Cross ....... 

Northern Bock 

Norvudi . 

Paisley . ......... 

■ Peckham Mutual 

Portman. 

Principality Build^. Society 
Progressive ; ' 

Property .Owners -~-v 

Provincial ' 

Skiptonr 


• - Share 
AccnisJ- 
6.70%’ 

6.70% 
6.70% 
6.70% 
B.70% 
6.70% 

. 6.70% 
-6.70% 
6.70% 
7.23% 
6.00% #650% 
6/43% ' 6.70% 


Sub'pn 

Shared. '*Tcrm Shares 

7.93% 7.7(1%, S 3 'fh., -7^0% 2 >r>. 


7.95% 
755% 
755% 
SA5% 
7.95% 
74)5% 

Su&i|ea : Mutual ■ ....... ‘ r<U5% . 7.00% S.75% 

Town wmT Country \ 8,45%, 8 . 70 %' +10-00% 

Woolwieb.r-i' 6.70% 7.95% 


6.43% 
6.45% 
6.70% 
6.45% 
6.45 % 
6.45% 
6.45% 
6.45% 
6.45% 
■fi.43% 
6.45% 
6.70% 
6.45% 
6.53% 
6.45% 
6.45% 
6.45% 
6.45% 
8J5% 
6.45% 
7^5% 
S.70% 
6.45% 
6.45% 
7iZ5% 
645% 
6.45% 
6.45% 
6.75% 
6.45% 
6.45% 
6.70% 
6.45% 
M3% 
:6.45%. 


6.70% 

7.05% 

7.00% 

6.70% 

6.70% 

6.70% 

6.70% 

6.95% 

6.70% 

6.70% 

6.95% 

7.20% 

6.70% 

6i>0% 

6.70% 

6.70% 

8.70% 

6.95% 

6B0% 

6.70% 
7.50% 
7.00% 
fi.70% 
6.70% 
7.50% 
6.70% 
6.70% 
6.70% 
7.25% 
6.70 % 
6.70% 
6J5% 
7210% 
6.70% 
6.70% 


7.03% 
7.93% 
7.93% 
S.50% 
7.05% 
7.95% 
7.93% 
7.95% 
S2i5% 
7.50% 
7.93% 
7 95% 
S.2J% 
-7.95% 
7.05% 
S.70% 
7J0% 

7.95% 

7^0% 

7.95% 

7.95% 

S.45% 

7.95% 

9416% 

7.93% 

7.95% 

SJ5% 

SJ0% 

7.95% 

7.95% 

8 . 00 %. 

7.95% 

S.00% 

7.95% 

8.20% 

7.20% 


7.70% 3 j is.. 7.20% 2 yr<.>r,.H5% 1 yr. 
7.70% 3-1 yrs., 7.20% U > r> . 6.9.1",. 1 yr- 
7.70% :i yrs. - , 7.20% 2 yrs.. min. 1200 
7-90% -ii yrs.. 7.45% 2 yrs. 

6:93% 2 months' nolit-e 

7.70%, 2 yr.H^ 7.20% 2 >rs„ rain. 1500 

7.70% 3 yrs.. 7.20% 2 yrs. 

— • 7% over 13,00(1 

7.45% min. £300 6 months' notice 
7.70% :: >rs., 7JM% 2 yrs. (£30O>£) 5.000) 
S.30% -J jrs., mm. £5.00» 

7.92% 2 s rs.; increment sharp — min. £500 • 
7.70% :: yrs. min.. 7.20% 3 niths.' notice 
72J3% :: yrs.. 6.93% 2 yrs. 

. — lip to 7.20% 3 months’ nor ice 

7.70% 2 yrs.j 72!fl% 2yrx.. min.£500*Il 5,000 

7.65% 3 months’ notice. £1,000 min. 
7.70% a yrfc, 7.20%, 2 yr** 

7.70%, 3 yrs.. 7iU% 3 months’ notice 
8^0% 4 yrs.. 7.93% 3 yrs.. 7.70% 2 yrs,. 
7.70% 6 monihs 
7:70% 3 yrs.; 7.20% 2 }M. 

7.55% 2 yrs.. 8.25% 1 yr. 

7.70% 3 yrs.. 7.20% 2 yrs.. nun. £1.000 
7.70% 2 yrs., 7.20% )'■> . 6-&j% 6 mlhs. 

7.80% H >rs., 7.30% 2 yr.s.. min. £1,1)00 

7.55% 2 yrs., min. £2,000 

7.70% •" yrs., 7^0% 2 yr.s. min. £250 

7.45",', 3 momhs. niin. 11.0(H) 

7.70%> 3-4 yrs., 7^0% 2 yrs., mm. £500 
S.no% o yrs., 7.70%. 2 yrs. ‘ 

7.70% 3 yrs., 7.2U% 2 jrs, min. 1100 
7.70% 3 yrs., 7.45% 2 yrs., min. £500 
7.70% 3. yrs., 7.20% 2 yrs.. nun. £500 

7.70% z yrs., 7.45% J-yrJy.,' 6.95% 3 mlh- 
7.70%, 3-4 yrs., 7.20% 2 yrs.. min. 1500 
7.95% Hyrs., 7.70%2yrs., 7.45%3mlli9.m)i. 
7.63% 3 mlhs. not, 5.70% In limited eo?; 
7.70% 34 yrs.. 7.20% 2 yrs. 

7 70% 3jTfL,7.20%2yrs., 6.95% 3mihs.nui. 
S.05% 3 yrs., 7.75% 2 yrs., 7.50% I yr. 
7.70% ,3 yrs., 720% 2 yrs. *Max. £250 
7.20% 2 yrs n 7.70% 3 yrs. 


p .Rate«y normally variable in line with, changes in ordinary share roles. 


TriHiM* corw. *25p. ^147 
Tyneside IBV. T« '25 p» 121 '31 8 ) 

United BrltlWi S«i. TV. USD' 13 j 1 7 

United* 81*1** C*"- T «- COrtMi. < 2 Soi 199 
United States Deb. Cnn- i2Spi 97 6',- 
i flSpcPl. 42 (29 '9) 

»lk(. " 


-lerlbic j 

>ei>(. t (.ertiriane | lm*ri«nk 

Mi- "f'lei.un . 


Local 

Aiitk<ril\ 

<le|jijMl>' 


Ijioi, A nth. 
upfi'jinl.ie 


Firuiire 

UvilM- 
I ,rj 


C'.iinpam 
I lelvn.lt* 


Ulbuunl 

mxiki'i Trenaiiry 
■ le|*u.ll Hills® 


hi 4 ; i hie • 

Hank 1‘meTrt.le 
I It, I im® 


v7k7ri5T R ei,OUrtesJT«.‘ ■ 2 5 pi 92 :'3>.8' 
Whan Invest. i25bi 9b S. B .25oi 94 
sSCnv.Db. 680 (31 8 ) . I 

Veoman Inv. T»t. i2Spi 187® S _ c I 

Yorkshire Laneashire Inv. Tst. i2Spi- l* . 
'Z9i8i 

Young Cox. Inv. TW. 87 
17® 


Ihrllliflil ... 

( i itgt « liiithi-.. 

; ( •My- "f 
| i Hays iMx-f.. 
I'm- in ..nil, . . 

| W.i lill'lllll. ■ • 

Wi-nts. To *ub- : 


1 'ix ni"„lli',.. 

UNIT TRUSTS 1 (2)-- \ \iu- iummi,s. 

m ann G American Gen. Fno. income SS-: I Jibe tear ... . 

,31 iBi Accum. Units 9s,>29 8l I lo.-irth 

M and G Conimodilv Gen. Fnd Income oz ...... . — 

2918) I.ru-*I aiMli-irifv and OuatiL-e li.iurt 


_ 

2 8 >« 


— 


— 

7.?B 

3-8 

— 

— 


— 



81,-8'a 

— 


- 

61m 

- 

— 

— 


7T 

8 8 Tr 

8 r Z 9 


8 -; 

9'n 


% f i- 



_ 

9.x 

8 

9.. 


1 9'v Bii 

9'4 

9*7 

Pit 

gi. B : 

. B.vt.) 

9,-.. *:* 

9*b 

s-9.j 

. 9, 

9.4 


914 t -1 

9?e 

9?' 


9 gt.. 

9 

9,.i 9.. 

9ia 

9.; 

«: 

9 c 

9i, 

9', sir. 

9'-. 

■9-^ 


W-9 <4 

9,; 


9->* 

91; 


k^l 

9Sfi 9'e 

9-Vl? 

9.-3 

.10 

.■a- 

— 


gjf yii 

10 

9-j 

• 9. 

t« 'l ‘ 


9.t IO 

lU'i 

■ 

• -V 


— 

— 

9 14 


10 

10 

9^4 1C 1 , 


31* 

— 

— 


— . 

— 




IQsii-IOm 



— 

— 

**■ 

— 

— 

— 


CURRENCY RATES 


August 31 


Special European 
Drawing Unit of 
Rights A count 


SutIjiic 

L'^. dollar 

i.'aiiadipn dollar .. 
Auxinan xchllllOR 
Belgian (rant- .... 


, . , — - — -even Oat-' n«®.'. 'iT*i. ■ itt.-i die- tied • l.-intw-iorm local amharnr morifiaae camsh krone .... 

M and G Dividend Fnd. income ,|.i.ni.i.uii ibrin- ji-w l!Mli iwr v-rnl Imir '-'.ar. JiS-ll. |..-r ... m tiar' 12-LfJ pt-r com. ® Monk bill rale-. ,n m-uiBchc Mart . 

M 3 and G Extra Yield Fnp. Income 9S 70 1 table arc bn'-in* rare rnr prim*; naner. Burins rare- fur Tnar-iii"b:l» besk bill- k'n, per wni: Iiuir-iiniDih trade MIL> Oi Per ■ umider 

m and G Far Eastern Gen. Fnd. income ivn' , „ ... j French Iranc 

- 67 1 • 3 1)8) . \pvr<'Sini."e <ellins rare- inr "iu-iunDlli TreJ %ur> lull' s*-'.- p:r ."(•; am. iii>ein,-inth per cent: and ilirce-muurn Lir« 

M ana G Gene>*l T«. Fnd Income TBZ.B | ^, v> ^,, y Pr ^ cn i. Approx iniuie juUiqb raic I>,r nniMUauili ha.iL bill '• i- r ' i».'t tivi":i ''j'llll :*'i* per inn: and Ihree- Yen 

J 29 '"’ B-cav-r, Fnd income sfl-:® I inuniii s5;„-b ■. per cnni OQi'-,nunUi iradc hills 9: per era:: n. ■ m-inrh a ; j«r ,-r«:: and aU> ihn-i-mumli 9: per ceni. .Nnruesiao krone 
1 3 7|Bi Finance Hause Base Rates ipublt'lied bv ri, t F ‘.nam <• Hmu-'- A* •■■■ H* o*-r *e,K Inin, Sepi ember 1. ‘.ST^ Clearing p.,-aein 

MINES |! 

Australian (6) 

Hampton Gold Mining Areas (5oi 12BO] 

^ « Higgs. lS AD 50, 205. EURO-CURRENCY INTEREST RATES 

Nortt, BMbM Mil HldPS. IS * 0.50 . 1 1 M 
19 


___ H'lU--- A- .'.Hull ■ Hi j.t 

| Bank Depgfir Rates ,i«r xmad 'ihiv x 'even dar 1 -' nmne* «-7 prr «m. Clearing Bank Base Rates /»r lemJuu 10 per ivn. Fui-diod krona 


D4AGX4 
1.270*1 
1.M283 
18.2381 
39.7795 
7.00534 
232M 
2.738*0 
5.53184 
10UL44 
241.708 
*.*54*0 
93, *544 
5. *3922 


! Troakury Bill,: A v ■.■race lender rmei. uf di.M.->iuni 9.040b per wul. 

,1 


Svi88 Franc 2.0647* 


0.M497* 

L29230 

1.0721 

18.4HT 

48A322 

7.11317 

2MU* 

2.TS515 

5.624*2 

107888 

RUN 

8.75329 

45A2S8 

5.72971 

2J1799 


Skjil. 1 


North Kalpurli (5 AO. J<J > la® (81‘fl) 

Paring* Mining Exploration iSoi 25i. 

We s. tern Mining Cpn. (SAD. 50* 138® 43 ( 

1 131 8 '..« •• .... | Sflint-I trim.. . 

Miscellaneous (55) vdae'* mun 

AIMAX Inc. IMJSII 321.'® [ Ml null .. . 

derail Tin and Wgiiram ijSpi 5» (31 *) t CJ,ree 
aurma Mln»»_i17>:P, 12 . t . = . -»,* mieuhn . . 


literllnu 


L'aiiaditn 

lAjIlai 


U. 


l.r. I*i. liar ’ liiilcll 1 mid lei ■ h« ,u Franc 


10-11 
10-11 
10i a Use 
Ilk llkfi 
111* . 12 la 
11*1 JZlR 


8:, 91; 
8 <4 9'4 

8,^-8 < 
9;. ».k 
gip-91- 

914 9ar 


814 ^ 11 ; 
En* a-,, 
81 m g:, 

8:.- 9 ., 

9 ir. 9> 

9,. 9... 


5:=-&Ja 
5-a 5Jf 
H;S 
ale 
p-bU 
olq 63= 


>4 -1m 
1,-lj 

ilk 

-4- 

1 .: i.j 

iu Us 


•L l.ieriiuin 
Marti 

dJg-SjlM 

P5g.aJ>- 

a,', 

3i> S», 


French Franc ! Italian Lira 


-lipaneae Ten 


/ ' ii • 2 ' 4 

Via ti: 
bl 4 r I-.. 
iSh/. 0 ! S 
»i|-ul; 

9 ■; lU'c 


A. 

Ul 2 14 Ig 
13 14 
131:14)2 
14-15 
14>4 151* 


Bln-asa 

a.“ 

b'lfl 9 

®.-9 A 

9'4 948 


1 :'rii 
*»?-•■» 
2:..-3,i 
3>«-35e 


5 a tii tics provided by '■ 
data STREAM Internal lone) • 


Charter Conse. tRcg.i '25 p' 144® 6 7 S' 
canid bald Field* i!Sg* 190® »6® 9 7 6. •»ne t«T 

7',pcLn. 60 flUptLn. 68 . )* 

c.mar T7n" t Mine& d (2 E 5Pi i40i29,8i P ■ Tlie roll-in ir.i- nnrtunal rait— were quoted (nr Lonilun dnllar ceriificalei uf dcp-oil: One monrn S.Jj-S.35 per i-g:,:: ilirtv month-' 9.TO-S.SO per t-cm: xut month> S.05-I.0B 

caornn Conu. >2sp> 315 (io.’fli I per cent: on" -oar 9 l&9 *3 per cent 

Malar*" Tin Dredging .Bertiad' (»M1, 450 < ]jm>t-(prin E'irndiillar Crj-fiMis it" tear* 9i-9: per win: three »wr> 91-92 POr emu: fnur ;oarf 9 r j|(,B"i» in-: coni: five years 92-91 per rent on min a) uloyihfi ralea. 

13018) ,[ Mkiri-ienii raiek are evil (or kicrlmc. U S. dnllarx and Canadian dnUari: two da:-x' nouiv :q- Guilders and Suite (ranev Axian-raiex arc elnrfni! rales in Smaapara. 

Rio Tmto-Zlin: Cpn (Reg.i (25m 235 3 2, 

30 1. Old. i0r.j (25p) 242®. Accum. | - — — - - ■ — — 

'25 pi 235® 30;. 6>4PCLn. 64'! 

SSjlSraS,^"’' ;UJL CONVERTIBLE STOCKS 1/9/78 

Southern kima Co«m 1. Bertiad . iSMOTSO' ; 

(230 (30 Bl I 

Southern Malayan Tin Dredging Berhag 
■ 1) 33D 25 (29.8> 

Sungel Bek, Mi.im Maursia Berhari (*M1i 
230 i29?B) 

Tantang Tin Dredging «15oi 87 (20 8, 

Rhudesian (8) 

Botswana RST (P|)2| 22 
Falcon Minn. (25oi 176* 4 
Minerals end Resources Con. (SBD1.40'. 

183 

Northchart iqvcyi. I5p) 15® 

Rhoar-.lan Cnn. M&jpi IB 131,8) 
anganyika Contesslons iSpi 169® 9 
iSI Bl 

Wankie Colliery (50 d< 38® 

Zambia Copper Invests. iSBDO.24, 14' 

ME* RHOD. AND £. AFRICAN 

South African (27) 


Cons. Murchison mo. 


UIHMII RVWVRWVll Lilli Ml, 

fast Dajraa |R1) 626 (31:8) 
tut One (RI > PB40 <31 /B) 


5® (31 8] 


Eiu Rand Cons. HDp) 2. 
Lisburn (R1> SUS1.72® 
Free State Dew). (R0.SC 

M* 


wl. (Rtt.SOl 11)51 .22 
Geduld (R0.50) pi 840:* 


i 

•4 ii. 

Size 

(Sid.) 

Current 
price | 


Con- 

version. 

dales 

Flat 

yield 

Red. 

yield 

Premiumt 

Income 

Cheap(+) 

Dear(-)«> 

Name and description 

Terms* 

Current 

RaneeJ 

Equ.§ 

Conv.fi 

Difftf 

Current 

i 

j Alcan Alu-nnium 9 pc Cr 2)0-04 0.000 

145.UU 

100.0 

Tli-Sfi 

61 

3.7 







j Associated Paper 9ipc Cv. S5-90 

1.40 

1 15.00 

20D.U 

76-70 

8.4 

6.0 

- 4.2 

-10 io 2 

5.2 

4.6 

- 0.5 + S.7 

j Bank or Ireland lOpc Cv. OI-flB 

8.22 

1SS.IKJ 

47.6 

77-79 

5.3 

2.0 

- 3.7 

- 4 lo I 

11.0 

4.7 

- 3.3 + 0.4 

i British Lund 12pc Cv. 2002 

7.T1 

ICS. 00 

333.2 

SO-97 

7.3 

6.6 

14.5 

11 tu 25 

0.0 

94.5 

64.4 

1 +40.9 

i English Pmperiy Ui-pc Cv. 9S-03 

8.07 

XT. 00 

234.0 

76-79 

i .7 

7.9 

- 5.9 

-11 fo -4 

S.5 

3J» 

- 5.7 

+ OJ 

i English Properly 12pc Cv. 00-05 15i’I 

SS.00 

150.0 

76-S4 

14.6 

14.7 

45.1 

24 (u 53 

31.1 

49.6 

31.2 — 13.0 

[Hanson Trust 'filpc.Cv. 86*92 

4.51 

81.00 

57.1 

i6S0 

S.O 

S.7 

5.8 

- 0 lo 12 

8.4 

5.9 

- 3J - 9.0 

Howden-Siuan 7pe Cv. 1SB5 

6.07 

360.00 

564.5 

75-79 

1.9 


- IJ 

-34 lo —2 

9.3 

3.3 

- 1.6 r 0.3 

i Pentos l5pf Cv. 19S5 

2.03 

255.00 

166.7 

76452 

9.8 

K.O 

- 8.8 

-12 lo 2 

43.4 

42.9 

- 0.3 

+ S.5 

Slough Estates lOpe Cv. S7-90 

5.50 

1B3.00 

125.0 

7SUB7 

6.2 

2.2 

9.6 

3 to 16 

34.0 

54.1 

13.5 

+ 3.9 

Towr. Kemsley Spc Cv. 1081 

7253 

09.00 

133.9 

74*79 

S.3 

9.4 

9.1 

4 lo 14 

7.4 

' 7.6 

0.3 

- S& 

Wilkinson Match IOpe Cv. 83-OS 11.10 

96.00 

40.0 

76-&J 

10.6 

10.7 

3S.7 

24 10 40 

29.1 

■17,$ 

12.6 

i -20.1 


rlouilond Lx. (R0.051 p220* 
rootvIN Prop. iftD-iS) SU51.70Z® 
.,armpnv^<R0.50i p 395 
Jahannesburg, Cons (R2i ISLi* - 
It loot 1R1J iUSfi.Sft 
Leslie. iRO.faS) oBJ® 131 *8) 
l I banco iRti 06*5 

Lvdenburg Plat. |R0.12' : 1 *7® (31.8) 
Marlmslr Cons. ■R9.25I-70 <29 Si 
Middlt Wits, (RQ-2S) 190 (39(9) 


■Number of oMIntry gbarn into ivhidt flOu nominal ol oonvcrtlb!® aovR is rtH'cttlhk. -The i-Aira nsi n( invesunriH tn canrembli esprt-ss'-d as per ccni of ibe‘ 
J<a»i of tin.- tiQii'fy m the uanrernbl" slock. . Tbroc-tnonift mnni- ; lucotiii nn numbL-r of ordinary sharu.; inio which ilui nominal of comcniMc slock is cuort-rnhlp. 
This income, uipri^ncd in dcucc. ls sunuued from wiaL-nl Linic until un.onji ou ordlnur) shan-s is ucaier than UKomc on riuO uuuimu! p| convcnlblo or ihe flaai. 
| comcrvlon date kdildicvcr is earlier Income is a«iiiin>-d to ktow ai lEi c»;r ix-ni per annum and is prcsuni ralucd .u U per cvni ut-r annum. r income oh noo of* 
j i-nniiTtlblc Income Is summed linitl .on version and pns.m valued ai 12 per icnr per annum This is imnnie. of ilw nuiicnibl- lux- ini-oiin- nf ihi- uniierlyliu equirs- 
| rx proved as Pvr vein nf ihr- raiuf nf ihe undc-rtynu loanr. ■' The diiTcri-ncc bi-uii-m (he nn-mium and income diflurniic eapn-sard ax p-t ii-ni of Hie value of* 
undcririns rauilr. -r :s an uiduaiinn of relative t-hi-aoiu.-sh. - in an indn.ailnn of relmivc di-arn.-v 


U.. 



FTnanciar ihuw 



STOCK K.XCHANGK REPORT 


Enthusiasm for equities shows no sign of improving 
and 30-share index ends week 15.4 down at 498.0 


Arcounl Healing 
Opt ion 

: .'.-•First Declare- Last Account 
pealing* lions Dealings Day 
„Aujc. 21 Aug. 3! Sep. 1 Sep. 12 

Sep. 1 Sep. 14 Sep. 13 Sep. 2fi 

Sep. 18 Sep. 28 Sep. 20 Ocl. 10 

* " New time *' tfeallnqi may lJ*c Placr 

Tram 1J0 a.m. two business days earlier. 

• Investors continued t« hold 
hack in stock markets vesterda.v 
ai the end of the shortened holi 
■day trading- Account. Tlie period 
■proved to hr disappointing foi 
most traders because only eight 
trading days ago the market 
reached its peak for the year 
Since then. enthusiasm has 
evaporated unexpectedly and the 
FT Industrial Ordinary share 
index has fallen hack through .MW. 
losmc over -■*' points, or 4.fi per 
eenl. from Hie August 22 high. 

Most of ihe setback ha* 
stemmed front uncertainty 
created bv the lack nf any guide 
as in ihe Cove rn men i‘* general 
elec! ion mien linns and by the 
escalating labour troubles at 
British Ley land. A more recent 
adverse influence has arrived in 
the shape of the decision refer 
the Bingham rcnori on alleged 
Rhodesian sanction-breaking lo 
the Director of Public Prosecu- 
tions 

»w> items resulted in the odd 
firm feature yesterday and 
interest rie»o|nped in selected 
situation stocks, bin Hip overall 
volume of business in Ihi 
industrial «eciions remained 
nathcteially small. In ihe hnpr 
ihal the new Account Mould brine 
about a revival nr institutional 
inquiry, dealers tentatively raised 
prices after the nTirisl olo«e and 
thi« accounted for the slight raltv 
in the 30-share index from !.!• 
Hn«\ n a'i iho 3 pm e°lcut-itinii lo a 
net loss of A..t a l the linal enunl 
or 408.0. 

The riehui or Pmrhin llennv as 
a trader in nilr-eri.ged securities 
coincided with a more -lahle 
tendency, more noticeable al i lie 
longer end or the nrrket Ilian 
among the shorts. The former 
rallied i hprnrc rasing on rite 
higher mi crest rate on this week's 
offerings nr Tmjmiry bills anil 
rinsing a maximum or t hetier. 
Still checked bv C.S. mleresl rale 
pres'urc.s. v bich are JikcJv to 
pnstnnno ritrthcr she aviited cut 
in Minimum Lending Rale, the 
shorter maturities settled only 
marginally higher. 

(.'.or pot at ini is failed in henelii 
from the recovery in ihe mair 
Funds and stayed at overnight 
levels, but the actions of a lone 
buyer lifted Southern Rhodesian 
2* per cent iHGj-70 by 2 points lo 
152. 

f’nlrrifia! investors in L'.S 
■tecurilics deferred making fresh 
roniniitments and a fresh down 
turn developed in ihe investment 
currency premium. f*n institu- 
tional and arbitrage offerings, the 
rate react eel laic to RR per cenl 
for a In-.s of 21 potnls. Ye.-ler- 
dav's SR conversion factor wa- 
ft 7086 10 70.111. 

**n!.v 37.1 mntrarK were com. 
plemd in the Traded Options 


mark'd making the week's daily absence of bid developments left 
average. 4ii4 m the Iowpm .-since the Burlon firdinary 6 low cr al lifip 
beginning of July. and the A a penny off al 109p. 


insurances dull 

insurances ended the week and 
Account on u dull note. Stiff 
reflecting Wednesday’s disappoint- 
ing interim figure*. Pearl lost ft 
more lo 242p for a decline on the 
week of 20. Hambru Life 
cheapened .1 to 3H-ip. while Intw 
details or Ihe group's agreed bin 
for Gian field Securities ieft lAfgal 
and General a couple of pence 
lower at t63p. Further sinaff 
offerings, ahead of next Wednes- 
day's interim results prompted a 
further decline of S to 330p in 
Sun Alliance. Royals relinquished 
•i m 27Gp. Comment no Un- first- 
half results brought about a 
reaction of 2 to I97p in Matthews 
Wrightson. 

Up 3? points the previous day 
on reports that the group may- 
soon be m n position to resume 
imere.M payment on the loan. 
KMC !'? per cem 1902-97 
rerreoted It to £301. afier-OO. 
foilnwing llu- managing director's 
reported denial Elsewhere. Lhr 
hanking sector was idle and 
featureless 

Breweries were nni helped by 
news of the pour production 
figures for July, hut prices were 
only slightly easier. where 
changed. 

Building- recorded Ihe 
occasional bright -.pot. Taylor 
Woodrow firmed Ml to 4355 p and 
(Jco. Winipey closed 11 dearer af 
a. Ip. alter OTp. Scattered demand 
ahead of next Thursday's interim 
results left F. Costal n fi higher 
at B32p. but J. Laing "A " down 
13 'at 213p. encountered profit- 
taking after the previous day's 
laic improvement in response to 
the reconstruction scheme. t>rmc 
Developments rose 2 m .13 ' p on 
the rejected bid. worth around 
.V.llp per share, from Coni ben 
Group, unaltered at 32p. On the 
other hand. BPB gave up 3 to 
2<0p and British Dredging 2 in 
27p. Parker Timber gave up 2 
jo 1iii5}i following the preliminary- 
results. 

K'.l traded quietly and closed a 
penny firmer at 3V4p after moving 
between extremely narrow limits: 
the interim results are due next 
Thursday. Elsewhere in Chemi- 
cals. Hickson and Welch hardened 
3 to 21. "ip and FL-ous were 
similarly better at '373p. 

Wallis good 

Wallis, up 12 at a 137b high of 
227|>, were an isolated firm 
feature in otherwise quietly duff 
Stores mi buying ahead of the 
shares going ex the llirce-for-onc 
scrip iAu« on .Monday. Church, 
however, fell 10. more lo 17l)p un 
further con*-i deration of the dis- 
appointing interim results, while 
falls of around 5 were seen in 
Currys. 2l«7p. Free mans. 370p. 
Home Charm. 18Up. and 11. Samuel 
A. lS2p. uf the leaders. BritLsh 
Home dipped 4 lo 200|» and 
Molhcrcarc softened 2 in l-Wp 
Furl her profit -lak inc in ihe 


Among idle and featureless 
Electricals, MK lost another 4 to 
220p. Louis' Xetmiark eased 3 lo 
■»40p. while Bowthurpe. 62p. and 
Kwtaflex f.;B. 43p. gave up 2 
apiece. 

.Small irregular price movements 
were the order of the day in the 
Engineering leaders after a 
lethargic trade. John Grown 
softened 2 more lo 45fip Tor a 
decline on the week nT Ifi- Tubes 
also gave up 2. at 4lflp but 
Hawker edged forward 2 lo 23Sp 
and Vickers hardened a penny to 


at the annual meeting and ahead 
of next Monday's 100 |H.*r eciU 
scrip-issue,- . Pilklngiun improved 
3 to 025p, while Buwuter edged 
forward 3 to 198|>: the latter's 
interim results are due on Septem- 
ber 11. Turner and Nevvull. _on 
the other hand, dipped 3 to 17tip 
and Mclal-Box gave up 4 to 302 p. 
Secondary issues were featured by 
a rise of 5 to 501 p in I. and J. 
Hyman in response 10 the sharply 
higher lirsl-hulf profits and pro- 
posed 100 per cem scrip-issue. 
Still reflecting comment cn the 
first -quarter figures. Johnson 
Matt hey improved another 5 to 
4>i5p. while In ter- City found 
support at J3Ap, up I'. National 


H F.T. INDUSTRIAL 
soot ORDINARY INDEX 


l!HSp. Elsewhere, renewed specu- 
lative support lifted J. and H. B. 
Jackson 3 to Slip. Desouttcr dipped 
4 to I34p in reaction lo the lower 
interim earnings. 

Profit-taking m fhe absence of 
compensation' lerm- From the 
Government brought about a Call 
of 4 to 2 Hip in Vospcr. 

Lin food turned weak in Foods 
with a reaction of 11 to I47p 
following Press comment on the 
company's prospects: the com- 
pany’s announcement of a Board- 
room reorganisation made little 
impression on «cn‘imeni. Publicity 
given to Ihe formal offer docu- 
ments issued by Allied Birwerle* 
in connecl’on with the proposed 
merger with J. Lyons created :i 
fair amount of interest in the 
In*icr which closed it better at 
]35p. Cnllen’x Stores nttractert 
fresh speculative “iimnn. the 
ordinary ri-ing .1 to 15Q|> and the 
A fi to I4ffp. 

loufbroke renum/M dull. Jo«mg 
2 more to ITfip for a M-u-dav los- 
of 3 following the interim report. 

Hyman please 

Interest in the miscellaneous 
Industrial leader-, on the last duv 
of the Account "us minimal unj 
subsequently prices stayed clone 
to ihe overnight levels. Htiwevei. 
following the chairman's statement 


Carbonising gave-up .1 to 37p and 
recent favourite Hunting Associ- 
ated receded a similar amount >o 
310p. Dealings in -Compton Sons 
and Webb. 43p. iverc suspended 
at Ihe company's request pending 
un announcement'. The group was 
recently involved in unsuccessful 
bid discussions with Yantona. 

•Scattered losses in the Leisure 
sector included. Barr ami Wallace 
Arnold Trust “A' I28p. Goosey 
and Hawkes. 173p. and LMT, 134p. 
all down a few pence. 

Significant -movements "ere Few 
and far between in Motors and 
Distributors. British Ley land 
re Heeled growing concern »>'.ei tlie 
company's labour proWcuna "Hh 
a fail or 3 to 20p. while Dvwl.v. a 
firm market or late on the pi as- 
pect of lucrative mining equip- 
ment orders from China, shed 
ro 2UUp. Wilmul-Brecden ca-ed 
2 lo i}7ip. Volvo edged forward 
lu £13* ‘on the profits forecast 
which accompanied The half-yearly 
report. British Car Auction were 
active and 2d harder at 4Sip. " hile 
small buying in a re*t rieied 
market lifted Western Motor li lo 
SOp. 

Pearson and Longman c-imc on 
offer at 240P. down ». following a 
Press report casing doubts about 
the outcome or the bid from S- 
Pearson Associated Book eased 


5 to. 24Sp while isaalchi and 
Suatchl were also dull at itibp- 
down 4, but WnlniuuKb5 firmed 3 
tn a peak for the year of 102p. 

Scattered selling "as . again 
evident in the Property see toe. 
Adverse Pres-s mention prompted 
renewed dullness in Dacian 
which gave up another 4 to 105p. 
Bradford remained on offer at 
243p. down 3. while R. Green were 
noteworthy for a similar reaction 
to 33] p. Against the trend, buying 
interest was shown in Stock Con- 
version, up S at 2tH)p. while 
demand revived for West minster. 
2f higher at a peak for the year 
of 2U]p awaiting new-s of a possible 
acquisition. 

Oils uncertain 

Overshudowed to n certain 
extent by the Bingham report 
controversy, leading Oil shares 
iraded on an uncertain nole. 
Nevertheless, much oT the day's 
business was confined tn end- 
Account bonk squaring and both 
British Petroleum. S7Sp. and Shell. 
308 p. closed without alteration 
after showing modest losses. 
Elsewhere. Guruiah continued to 
reflecl ihe sale of its remaining 
Australian oil and aas exploration 
interests and hardened a penny 
further Tu S2p. In contrast, 
Slebens (L.K.). at 378p. gave up 
10 nf the recent speculative 
advance. 

Against the easier trend or 
Overseas Traders. Sime Darby 
rose 4 to I2lp. 

Investment Trust ended the 
week with another lengthy list of 
falls as n result of small selling in 
an unwilling market, . London and 
Holy-rood fell G to 121p. -while 
numerous losses - of 4 included 
Cishopsgatc Trust, I32p. Witah 
Investment, flap, and United 
British Securities 134p.- Alliance 
investment reacted 3 to lOSp a- 
did Hnmbro Trust, at 102p. In 
Financials. Haw Par reflected Fat 
Eastern demand with a rise of 3 
to o 1 978 peak or 7Sp. Dalgcty. 
however, gave up :■ like amount 
at 2D5p on small ■‘elling in front 
nf next Thursday's preliminary 
figures. 

Shippings closed firmly with 
Furness Withy finishing 2 harder 
at 235p and British and Cumniun- 
wratlh 5 to the good at 282p. 
Eliewhere. Mersey Docks -Units 
hardened 21 to 33 Ip in front of 
.Monday'* interim report. 

Stoddard “A" featured Textiles 
with n reaction of 5 to 31 p an 
further confide ration of the pre- 
liminary. figures. 1-eigh Mills 
reflected disappoininient with the 
results with a Tall of a penny to 
ISp. while George Spencer lost a 
like uinnunt al 41 p un the first- 
half profits .setback. Calrd 
(Dundee), however, edged for- 
ward a penuy lo -17p on the 
chairman's optimism al (he 
annual meeting. BAT Indusrries 
Deferred; 3 belter at 278p. pro-' 
v idee! ihe only movement uf nole 
in Tobaccos 

Among Smith Africans. Rex 


True form "A” finished 5 cheaper 
at 175p ort the profits setback. 

Easier Golds ' 

A further decline in the -invest- 
ment dollar premium' more than 
offset the firmness of the bullion 

t iricc. which closed 75 cents 
letter at S20SJ573 per ounce — a 
week's gain of SI0.50 — and left 
Gold shares lower on the day in 
sterling terms: - in U.S. dollai 
prices, they remained steady tu 
a shade firmer. _ 

Trading in Gold shares wav 
more brisk than of late . with 
some good two-way institutional 
business reported. . 

Vague rumours that a dollar 
support package is in the offing 
prompted pood American demand 
in the laic after-hours trade and 
prices closed a good deal above 
their lowest. 

Nevertheless the drbp in the 
premium k-n heavyweights up to 
i easier as in Randfonteio. £3S. 
President Brand, £10 and Western 
Holdings, £20;. The Gold Mines 
index fell 3.1 to 1S0JL reducing 
the rise on the week to 4.3. 

After losing ground . early in 
the week owing, to profit-taking 
and raik that a large line of shares 
was overhanging the* market. Dc 
Beers staged' a strong rally ■ re- 
tted ing L'.S, demand: yesterday 
they rose <$ more to close at 432p, 
a rise of 10 on the week,. 

Australians also moved' ahfad 
smartly towards the end' of the 
week in' line with the trend In 
down-bnder markets. 

Diamond exploration stocks 
continued to lead the- way --with 
Conzinc Riot into .... persistently 
bought and finally- another -T 
better at a 1975 high (iT 3I4p— a 
week's"! Im’provement oL 28— and 
Northern Mining 4 harder a('I24p. 
ex the ono-for-eight at .ASJ.I3 
rights issue. 

Other diamond slocks to move 
up included HRomRvGold and 
North West Mining, both' .3, firmer 
a i Gfip and 45 p respeetWely. and 
Western Queen - harder at 25p 
Elsewhere in AustraHanv. speru- 
laiive buying lifted Metals Ex- 
ploration a further 2 lo 32p. hu: 
the Rundle oil shale partners 
came in for continued 'bvernighi 
selling in Australia.- Central 
Pacific dropped 2o mure fo 423p 
— a Tal] on lhr work of 173p — 
while Southern Pdcffie . fell a 
Turther 10 lo IS5p. 

North East visit 
bv Australians 

FORTY industrialisls from 
mincrai-rich Western .Australia 
are to. visit the Northeast next 
month as guests of Ihe North of 
England Development Council. 

The council aisa .decided yes- 
terday la hold two seminars in 
Japan, one at Osaka and the 
other in Tokyo, later this monih. 
in the hope of attracting invest- 
ment lo the North East. • 



OPTIONS 5 } 

i»F \I.ING 1)\TES in British Land. Talbex^nfe; 

DEALING w-w For mark. John Uing. Coral 

F, r> , L^M Nellie- Burmah Oil. Spiller^ 

Heat- Deal- DeUara bei e organisation.-^; 

ins , mgs uon ^ Lonrilo ^ 

Aug. 30 beji. 1 1 n*. ’ ,q Clark. A put was dbae'.'n 

Sep. 12 Sep- 2 j Bee. • De • » L onr h„, while doubles > here 

Sep. 26 Gel. fi Dee. < Jan. fl arrang(!d in BrtUsh: . jS 

lor rule indivntioas ;.ee ciid oj Siebens Oil • (UJLh '"Ptra 

Share Information Sen-tee National Finance fli per cent 
Monev was given for the call 1992-97. and Burmah OIL JT 

LONDON TRADED OPTIONS . ? : 


nr 

HI 

nr 

ur 

Ul’ 

..,111. I Illt-I- 

1. , •■■■. t I'l" 1 
L.i«m. L 
LmIi- I-- — 

t t-ii..L-i-> 

M-li-.l 

Linn I<-ir 

* 

i. •■■■■i un •' 

- « ntrlMij.il* 

li IA 
OK. 

I.H.- 
OH 
i. hi 
1.5.1' 

4.. 1T|.I Mel . 

VI--I. 

■ alMlI.I Mel . 1 

II I 

in 1 

•L'l 

iu 

Ij.1l* 1 ■“ -. . 

[*l»l -p -• ' 
I ..<• ' -01^. : 
l#**> ' 

VI >|L. \ -J 
Vt.rL- \ TM- 
Vl.rl. - .1 1 . 

Murk. A -I-. 
— In- 1 | 

ll*'! . 

he ' 


lbij - 

101. - - - l 

7? - - j 

bl ’ 

A7 ' '. — I 

35 

(ro - a.'-' : 

18 — . . 

ilia ’ 

a — . 

70 ' - • ; 

49 j - i 

50 i 15 

IB ! - i 

bl • • — 


ACTIVE STOCKS 

YESTERDAY- 


NEW HIGHS AND LOWS FOR 197S 


Stork 

MJT 

BP 

-Sheil Transport 
Rurmah Oil 
Do Beers Dcrd. ... 
l.aing i-l.) A 
RATs Dcrd. . 
Barclays Rank 
Hawker Siddcle; 
Wimpey iG.i 
R oot- 

Row atcr 

EMI 

r ft h. Defrf. 
Unilever . . 


Denomina- 
tion 
... £1 
. £1 
t 25p 
£1 

... R» »3 
. 25 p 
2j|i 
£1 

lev 23 n 
. 25p 

23p 
... £1 
.... 5ll|i 
. £1 
2--.P 


«f 'Closing 

marks price ipi 


Change 
on day 
V- 1 


I he ahnre hsi -*i urfier -rm.-k« i* buscil >o» i hr unit l 
recorded iiaucnlnu in the Olhcuil List uud imdei Rule 
r<-j.i.i(|«ivd :"d<i;r :n Siorlt Oehunpe dcuhuu-- 

ON THE WEEK— 


227 

2911 

HKi 

fill 

154 

163 

130 

SSJ 

47H 

httrim'H? 

> i i'f mill 


The toilotvini) securities nuolc.i in W" 
Slurr Intarmatlon Service ''e«rw'«ar 
All a tar 0 HI9W jno Low tor 1976. 

NKW HIGHS (35 J 

rOREION BONDS til 
anio»*a«sta socPt. 

BUILDINGS <21 

Down 1 ns -G. H.l M*rsliilts .Hmil#.} 

STORES »6> , 

Bolton TO. Me S-JodU Store. 

Cooe Snort. jtc*. - Da. iSncri. 

Rum*; Tejtlllw W#Hn 

ENGINEERING <61 

Asn ann Laev FinsiOer . .. „ , 

Car;|o EnB. UllM" • J H B I 

Edbro Sa.iIlB 'Gor-doni 

FOODS f 11 

Ox S M.llms 

INDUSTRIALS >4’ 

OtnFieH"e< Inier-Cilii 

Hvirun ■ I ana J.t S«lrB Psciht 
INSURANCE <l> 

Enma .UK. 

MOTORS •«) 

H*r;nt>:.; 

PAPER «1> 

Wirn.co jhs 


PFOPERTV >S) 

Uld Real Proper! » vVasUninster 

SHIPPING »1l 
F.Shc. -J < TEXTILES «*» 

Rrttfl:/ Fashions Shaw C<rort> 

TRUSTS <3) 

h.iw na- X e< lack Con.'.Ln. 

Burmah Maanal MeNIS. 

OVERSEAS TRADERS III 
Trticr Kcmllcr 3l*cC». 

MINES HI 

r.onsitv. RioImKo 

NEW 1-0 'VS («) 

LOANS <l) 
ltFC 7 .OkADh 9I-9-I 

AMERICANS ill , 
Colt I no: Genera' Ei-'llne 

ENGINEERING *1» 

WIICV53- 

MOTORS >1) 


FT-ACTOARIES SHARE INDICES ? 

These indices are the joint compilation of.the Financial Times, the Institute of Actuaries and the Faculty of Actuaries 


EQUITY 

GROUPS 

and 


Fri., Sept. 1, Iff?? 



Highs and Lows Index 


WIICV53" 
Tori rr.tlir 
Rvnonian W 


SHIPPING li) 


Stock 

iri 

RP 

Shell Tran ‘purl 
relay- Bank 
GEU 

Rank Hr- 
H\T- Unfd 
Dl-lilk’l*-. 
rip Beer- Pcfd. 
L'nilevrr .. .. 
R*J« : lull. 
Rccehdtn 
Bools 

. .. 

iff'S A 


Pci a< i|iunj 

Sinn 

£1 

£1 

l 2->p 

It 

. 3'»l» 

•jr.ii 
. 2f*i» 

51.1 1> 
Cll ll.'i 

. . 2 . 1)1 
... 'J-'ip 
.. 25 p 
Kip 
2-‘P 


No. 

of Closm: Cli; 
marks price (j> 1 on-. 


RECENT ISSUES 


214.40 -02 
262.43 1 -03 
178.58 
129.79 1 -0.2 


EQUITIES 



RISES AND FALLS 

Ycsterdav 


■riti*h Blind* 

CerFcrationi. Onn*. and Fireivn Band* 
■nrtui:rlali 

Financial and Property 
Oil, 

oiamailan 

Mines 

Rctcni iKtie, 


lie Down Sam' 
MTU 


tin the week 

Up Down Same 
*5 1M 95 
IS 58 184 

575 2.057 3.5W 
126 1.057 857 

15 54 M 

11 J7 76 
152 1M 144 
U * 102 

4*6 i.bU 5.10* 


FIXED INTEREST STOCKS 



SUB-SECTIONS index D*>* 

No. Ctaie* 

rtdiri.. in iwcrnlhnwit ‘he* ^ 

numhpr nf Mocks per -cctlnn. 


CAPITAL GOODS <1701 

2 Guilding Material si 27 1 

3 runiractinj,ConstnrtJon (27i 

4 Electricals fl 4) 

5 En«in«:7n::i.'ontncIiir<il4i 
8 Mwbamcil Ln^meerinuT^' 

8 .’tol-aadMifalFanninplF . 

CONSUMER GOODS 

11 iDt/RrlBLE) (52l 

12 D EleclrooiK RadipTY<l5> 

13 Household Goods 1 12). 

14 Motors and Duuibutonii25i 
CONSUMER GOODS 

21 (NON-DURABLEl 1175* 

22 Breweries 1 14 1 

23 Wine* and SpIritsiS) 

24 En:enaiDniHii.Caienncl7i. 

25 Food Man ufac luring (2 1 r 

26 Food Retailing 1 15i. 

32 Newspapers. PuWishiiici’Jt 

33 Packaging and Paper ( 15i.. 

Stores (40) 

Textiles 1 25 1 

Tobaccos i3) 

37 Tqv-s and Games 161... 

41 OTHER GROUPS (B8> 

42 Chemicals (18 1 . - 

43 PharraacaiUcaJ PruduclsiTu 

44 Off! ce Equ i pment 16) 

45 Shipping 1 10) 

46 MiscelIaneousi561... 


IMICSTSIALGROUP («5* 


Cnwl Km 
Div. 

YhMS 
(ACT 

«ar.- 


Index Index Index Index Index 
No Nn No. No No 



Since' 

Compilation : 
High ..... I Um„ 


5.16 8.50 240.18 241.52 24293 245.63 

5.23 8.42 21527 21873 220.94 22297 

J.92 8 23 395.87 395 J2 397 95 39981 

3.53 10.10 52359 521.32 524.16 532.93 
5.94 7.32 350.11 356 10 35846 

5 67 7.79 192.29 193 56 194 35 

8.12 8.41 174.15 175 95 3764ft 1 178 15 


4.93 8.5 1 234.86 236.75 239.47. 223.1 7 

3.89 9.75 263.14 265.46 270.33 Z75.10 

6.33 8.29 178.70 181 18 182.83 184 49 

6.31 7.09 130.00 131.03 131.49 133 76 

8.81 214.94 217.13 219.11 22115 

9.04 230.39 231.44 233.23 

9.61 275.03 278.16 282.75 

9.41 263.35 265.97 26622 

7.27 210.87 215.47 21515 

4.72 10.02 220.38 223.32 224.54 

3.22 13.80 392.76 39617 39886 

7.23 7 43 146.97 147 87 148.24 

4.47 13.73 203.37 205.49 207.73 

7.04 177.95 17637 180.33 

7 50 5.38 25239 256.11 259.19 

5.47 6.02 11642 119.41 119.95 

5.61 644 209.56 211.60 212.63 

6 12 8.03 295 33 299 22 29619 

3.71 11.84 274 94 277.02 277.58 

5.35 7.02 142.15 142 52 14646 

7.42 7.03 412.72 414.54 41SJ5 

6.06 600 222 46 225.37 227.18 




243 95 

i22 8) 

22668 

<22 8. 

413 64 

<22'Si 

515.03 

■22 3. 

?tr* 87 

(23 a- 

198 68 

.22 8. 

IS164 

>22 81 

22633 

>22 81 

27914 

.22 Si 

189.08 

•14'8i 

135 65 

(?c 81 

- 225 49 

<22.3) 1 

2«I 57 

<8 5i 

286 43 

i22'8i 

275.26 

1 22.8i 

22260 

<22 0. 

234 18 

• 21 S> 

417 65 

• 267) 

151. 12 

■lOBi 

21622 

(22 8) 

19190 

«12'5» 

266 50 

.23 8> 

122 26 

(23 3) 

217 J? 

i2J'B' 

307 49 

(22 ff. 

283 95 

*22 8> 

146 46 

)296i 

483 01 

<61i 

233 68 

•W* 

236.3) 



.228 78) 
>2.5.721 
122-678) 
i22’678) 
i23'878i 
f22.'B'78) 
(22678) 


5671(1312W 
44.27.tlll2jft 
7L46 ll'EW 
84.71 )25rW2> : 
64J9 )21«! 
45.43. 

4935' IfrlW 


227 78 .21-4,72) 3639 >61© 
279.14 122 8 78> 4285 iD'ETD 
263 22 14.5/72) 63.92 II7-T27*) 
170.59 <151/691 19.91 

2260B (16&'72l 61.41 llllW. 
281 87 1 28 1172) 69.47 flJ'HJ 
288.43 122/8778) 7688 Il3/1?«. 
329 99 112 12/72) 54.83 )9(lft 
222 60 122,678) 59.67 IUM« 
244 43 (27 10/77). 5415 M/EW 
417.65 i2677Bj 55.08.. 

151.12 ilO'UTfl) 43.46. flfW . 
216.22 (22(678) , a63'l6l£- 
-235 72 1171)67.) BJ&OMB*' 
339 16 iZ'B/72i 94J4 UJ.6® 
135 72)16:1-70) 20.92 )61™ 
217 33 i23:678) 5663, i6*» 
307 49 i?2'8/78) TLM-'d'BS 
283 95 (226781 22641 <3|iJ 
246 06 *WlZl 4534 tW? 1 
539.68 Il8 5'77) 

5a 83 <2'5:72» 


60.39^72 


23681 <22:6781 


BASE LENDING RATES 


A E.\ Bank 

Allied Irish Ba-rks Ltd. 

American Express Bk. 

Amrn Bank 

A P Bank I..:d .... 
Henry Am-h.-iclicr 

Banco dc Bil’»a>.» 

Rank of Grertu 2: Cmcc. 

Bank nf i'yprU' 

Rank of N.S.W 

Ranq uc Beige Ltd 
R.Tn<iue du Rh-mc . . . 
Barela vs Bank .... 
Barncn Cbrisijc Lid. 
Rrcmar Holdings Lid. 
Bril. Bank u) Mid. East 

• Rrnw n Shipley .. . 
Canada Pcrin't Tru-t 
<I:« pile! «: A- f Fin. Lid 

Hayrer Lid 

Cedar Huldinj* 

• ChaiTerlmu-r Japhei 

Chou l;iri (in- 

• ' E. Ildidi- . . 

Coqsnlidaled Credits... 
Co-opora live Bank 
Corimhi.Tn Securities 
Credit Lyonmu- 

The Cyprus Popular Gk 
Punean Ltiwrir .. . 
Ea- = -iI Tru.-t . . 

English Trnnsronl. 
First Nat. Pin Cnrp . . 
Ftr-t Nat Sees. Ltd. 

• Anion.' Obi*? . . 
Greyhound Guaranty 

Cnndiiiv^ R;mi: ;■ 

• Oumnp— Mah rt n 


Haiiibni: Bank in «„ 

H 1 li Samuel ;lli *7, 

C. Iloare & Co. . .. .viQ 
Julian S. Hod=e .... 11 % 
llon^kun? & Shanghai Hi •);, 
Industrial Bk. os s'eul. 10 
Kt-yser ULinann .... 10 % 
Knif.' sic;- k Cn. Ltd .. VI ", 

Lhr-ds Bilik . ill 

Lundun Mercantile .. JO 
Edward 'I in-tijn Cn. 1 1 '. -T, 

Midland Rank in"^, 

Samuel Montagu hi *v, 

Mvraan tirenfeli .... 10 '7, 
.VaLiona) Westminster in % 
Xur-rich Ceiieral Trnsl 10 *7, 
I*. S. Kef.-'eii & tin. ... to *•/, 

liu-,aniins:(*r 10 

Knjal Bk. Canada Trust 10 •*;, 
Schlesmj:*-.r Limited .. 10 ^ 

10. S. Schwab ll-’V, 

See ii n l y Tru.-l Cn. Lid. ll 'V, 
Shenley Trust 11 «;■ 

Si.-mrlard Chartered ■ in «7, 
Trade Dc'\ Bank 10 '7, 
Trustee Sari flu* Bank 10 «T, 
Tventiolh Centui.v Bk. 11 % 

United Bank or Kuwait m 
Wh:tea*vay I^iidlnw . 101 "fi 

Williams 2. CSyn's ... to *V, 
Yorkshire Bank . .... |fj »V. 

hi :h>» \.--'pun< H<>ust.'s 

Couiniie-- 

• -*!:*> d'-P’i'.'.'- ■ 1 inoRili Jcnuails 


10,. - 

15 10 


let* .v*itii-.'ii*-tiit L". ».t.tn- l*n 


t4p. - l 

(.p..* (.1- 


■jj-.-. 

Swl« Pit •>'iU”uaiit V hi li.li if.ci' 


98(£ -•« 

* ■ r.r. 

a 9 


i.nlfl ii- III: 1'iti, 


98': 

SOS*. 1 .)■ 

- 

1. 

•(■l Luitt-.ni 1 »r, lir.(». I.*.-.. )■•■:* . 


99:< . 

CllJu 

lo It 

CiJi 

rt'li U-. Lf..* v K,-l. !*. 


bcii . . 

• • t-.l*. 

lo 9 

mr 

•• .Jt.ll m A Jl'ifr -it-.l lj~ l*i, i 


9b ... 

■ * ( .1*. 

,*9 9 

H: 

>.'ejs’n -Lr-1.1" 1 HI*-’ ‘.■•1- |i. ,; , IV 


9B .. . 

• • r.J*. 

Ii9 9 

*i* 

«i|i K.IJ.I . !•.>- f 11, n. l*iv-l. . 


98(. - 1 


•JU 

"** ; r 

y£ tii.-i .Vmo'ui vv-,1,1 |i it^i. 1*1,1. 

1.410. . 

9» 

• - 1.1*. 

^9 9 

!>.*.' 

•• 'i it. I). HpMim- k'—, 


IOO 

ia9i ; K.I-. 

-- 

flJ; 

"hWi hvu.uiKl .il an>) i-iielviY Var. lia 


99U 



- r- 




IJU;- N. 

7 £? 

-1) 

lit. >Lsrrlli Uiitl Ad-.iil-Td ? s Liit. J*r 


18i- ... 

;l... i.i* 


rj : 

*• \. -1ll11t.il p | vii V 11,. Uni,. lJt-i. i •: 


9tf i 

■ iiis- r.r 

1 9 


. ill. 1*11.111111 1-sv, L'ltitt. I*i~i. 


99|— >? 

• • r. »*. 

J9 a 

- ti- 

■-.1 Ibihvl I’rpl. 


99, . 

• ■ 1 .r 

1; !f 


U M-rt-iLJ;., l.„i„ |*„i 


9* - 1 

■ - r.r. 

to 1# 


"S-lmfl-t Purl- 17, r n>. t V*.- e 

■-vf. .. 

9U 

. 1 


J- 

■-.1 il*iii If.r. lOtlt- I!*.-.. I-*-...' 


99 Jt - 

S99 < ).1‘. 


'All- 

+1: . TimlhtMiii- V I.'ni— l.w.1 


09 1, . 

-ad-. : r. 



- ' s - VV«:i.|.--.tt|t - Vai.si.ti. Ilf 


OV4.1 . 



<1 

RIGHTS" OFFERS 




61 FINANCIAL GROUP) IOC) .. 

62 Banks* 6) 

63 Discount Houses (JO) 

64 Hire Furr base 1 5> .. .. 
63 Insurance) Life! (10). 

Insurance 1 CofflposUe*)7i. 

67 Insurance Brokers 1 10) 

68 Merchant Bnnksi 14). 

69 Property <31 ) 

70 Miscellaneous’?)... 


71 

Ht 

PI 


Ml 


33.60 
-0.5 j - 
+0 2 3.24 
’22.51 


54.36 

5.75 


4.58 32.40 
6.76 7.27 
6.81 823 


5.35 


FINED INTEREST PRICE INDICES 


1 n . Un> '» \rf dtlj 
bnti-n Cmernmcnt !>cpi chance To-do 1 
1 


162 06 164.06 
145 77 147.85 
132.15 134.22 
354 48 354.76 
85.59 66.02 
25694 
114.21 


234.79 

10782 

332.59 


fixed interest 

YIELDS 

Hr 1, ml Gro" R*-I 


260.64 

■ 228. 

179 39 

<9 81 

204 36 

■23 li 

22S 33 

cl b 

170 55 

il2'li 

157 59 

.0 6. 

143 46 

/ft 1> 

372 37 

ill.S. 

8645 

<2? 8- 

263 67 

■22 3i 

227.6*1 

>23 3) 



n 00 (27 2i 
210.0? (144) 


241.41 (11 4 72) 
283.32 120 7.72, 
293.13 (Z5'72i 
43374 <4 572i 
194.46 (15 3.72) 
161.72 i610'77) 
37227 (ll’S'78) 
278.57 (1:5,72) 
357.40 (9 1173) 
303 J 8 ilS-5.721 


245.74 >25 4 72) 
175 90 (28 4 69i 
335.42 1 25.1J.78i 


39 56 i22-8'78) 


63.49 (Ddjg 
55.88 i!312® 
614411MJ2 • 
81-40 l»fe£ 
3683 (&&*■ 

44.86 

.43.96 liyg 

65.86 06^ . 

3m 2S- 

56.01 

jnMjm a- 

7X63 ID22' 
6633 f Wffj 


I’rn.-i 
!'• < - 


aO r.i 

118 


llO ♦.! 
lOO f.l 


• • 1 ip-in iui.1 li'tauiti B:— 

»'-* -^ttltfc *?1 

W t 24 11 *1 1 1 l(.B>i(tii>ii-i K.-l^r .. 

Irjj’it l'j|ttit I. Iiultli . . ..." 

l> c |tlll It’I-lll MKlifllvl, H.iJk*. i .. 

10.6 'il B •*— iVV m.i. 

119 2710 i|-iii i.-ii-itt I*- . -,-r\ .ix- . 

i!l IB +‘t^ II) : - a rnii^iii l*jui nt-r» u lit- .. . . 

ZO 1 8 9 li f-. SiiU^uri- '|T>i.L,iiiBti . 

14 b DO )?■• • 1?1 lunlv-cil.. 

23 8 221) r.'l 111 w I I,. I.ti ii.l'faLPI 

18 u 13 9 I..J ». V-trtt.1,,^., H^t..;. • . 


M..11) • + .. 
IV!... — 


lit.n 
3A -2 
7o 

15pm 

99 -I 

5*21>11> - 

111 . 

b5 

153 -I 
121 

9b -S 


: -*!:«> ui.P’i'.'.'- • ' !t>om 

;j . 

T-t. 1 c ilt DP*.-!} -»i. >«(i:-. 

<nn djiiI'.t r * • . ujt u> i^;. Ann 7. 
>iul 7«tT S'- 

i.Kii di-ref.:- a-t-r n ■.'■m : 
r'vn.airi -iri I-ti -K" t--. 


Ii'-nu:n“j)i«n 'W' iis'Mdv l#i» t|^‘ >vi (l-*rfliii. iiL.i- .« -J^iiti, .jiiiv it 
•MsvA u.-ti-L- 1.(11“ .jMIM) 1 _ li -VyuMlici) (]l» ■•!, -ni 4-m . . L [a „ | imjCJBl •Ir.ltljlltl 
«• "-<■(-• “tirn»i| fcl > , mvini-un ^mi »iein um uii un^uwln- 

t.( t-dst - :-i|litHl*.s I..J Iff.'. utlnhi ■ • Uiiri-- ■m>I!>u-u *. cn»ei Sil-IM - 

-.-i ■■■sit— )!«-: imi WN rn ruin. tiiiM^nn u m ,( V fit r<t«i r i- 

■7 1 vide ’.4i 1 r . urtf '*• fiini., !■' ►■-it-.t. iHH. ... tiy». p-.|., . ( J -n>fT 

•w :►•«.( n>u. n r IP l-, ll [.!*rt .K .tr4,». d n, , -news'- “Ire,«i 

- -a- n. chsI' 41- .tt'itin r, uin-.-r.nip i- n rt«i nri.*» « lt-nvrrT.„^fl Is«im ii 

-;.-i 1 "«■ -r .it uun . ' i.s-,— 

■t '..n- •’••o-*' B i-f—r« mi MJH j, • # HTMIiwmi 

’i Diri-j-crfirt « , :i"ii -n' iin»-r* % vvna -vcr.-ania. 



Section or Groun BascOau 

PharmsEeuilui H.12.-7T 

Other GrwiD» J1 12 TO 

Overseas Traders • J14M4 

Englnrerlnq Cnmraclam 3112-71 
Mechanical Enqhteerlng 31 12«T1 
Winn and Sniriti , H/l in 
Toys and Garner 16-170 

OUtce Eaultmeat II I- 7S 


Base Valin 
2»l.n 

6J.7S 

IPB.W 

15)84 

15)D 

U1.76 

1J5.T? 

12S.it 


Secuon or Croup 
Indmirial GratiD 
liUcelUnooin Plnanrlol 
Fond Muiu)«iBuriin 

Food Reiaulm 
Intnrancc Cralrnn 
Mhdim Finance 

All Other 

' ffcdcnnKinn yiedl. 


Base Dote 
31-12(70 
11 11 70' 
24. l?'67 . 

34'12 vr 
24(12-67 
11.4 M 
A list of Ihn 


Base Vaiuc 
1 2a. a 

123JM 
111.13* 
Hit; . 

4(«.ft7 

in*) m 
im 00 

fWiHlswn It 


( J on ' Uw WJMM. nw pmaaclri ^3 

1 iTu Cannon SlrteL Lniidnn. 

* (onnighitir renmi «f vJbS’. 

yields qnd eanrtM> TJI- 
? ,,h iMrlerl* hislw ami 
i 0 d •J "Wawablr from ft Bminen 
la ' "J 1 ' Cnuru Londnn. EC4. at CM per c »* r 

iu r J '^ e . Cf l 40C . C: TriBvhfoa *■* 

- ,0 Avaotiaied ConKtiualcarloav. 


























































































Fihaaeial Tunis Saturday. September 2 1978 




rr 




AUTHORISED UNIT TRUSTS 



23 



55 3! -04!' 

Allied Hnobri) GrotipV la» jg) 

_ llMLf flK itf' HlUlflU BKlUtOod. Cima 

oi-an asi or Rrwt yowu rmsa 
IW«*rd finis ‘ 

Mlled i*. , . _•. ,[UL 4 

Rrll.ladb Fond M 0 


activi 


A btmygspito l.^-^l.4 - AOS- C^SlSL..-:.--..^l4r *ei3 , ... 140 KwmT.ix^Sl RL*, ,1211 • 1 4 M PraUliv Lull-. .. 148 7 Alt', .(Ml 102 whim. . .- ,»H 

.safcsiwda. a!:s| a gsh&»r--\as. -m . . a ^ 111 “ 4 —- -» . »* 1 -'• « «asi-. si 

Friend*’. Provdt. Cult Jr. Mgrs.V w^n- S i*'« ® J,J «« ol x f 07 ™ Hoiw^r.- tusrsH ... w«s *«**- * » v ' 

Pixlwm£Bi,Vwrkiiw. KMMVtt* " - "** * ia 1 3M Prudent nI . ;IJ30 1«1 Oi - 1 R *17 

u0‘ rwo • -45 1 -§?} JM IWolnal Unit Trust Managert* laHgt „ 

... • • |,J_ oi-fiW48oa fto,h(,r Management To. Udv 

m, ... v.T. talrnUU^tTD Ufl.4- Mutual Sis. Plus JS14 55 rt .mi tj* ThrSfit iNrhaniV.WJN HIP ■Hdti'.Mir: 

4fi**8« 310 JSr.U.lrt.ffClhrW.Et’SMTbU . 0J«KW31 M“}"J|j« Trt 73 1 77.ll-D.tt IK Mmj.inU |112S 11? t- . *82 

■ W -u?, 3JO - Mjr-l.ll 340 J! u . ,,,a ! 441 sa.wl-o.5 on <j*wdruni liirutni- rlKS 1166. 

sEE-Stt 1« Mutual HibDYM 161.6 6*11 -6 4| 6 3 

377. In 130 .. . 

W|H {3 |$“ National and CommercJqJ 
j&f .an ?' Sl Xl, ** v Edinburch IQI MCOIM 

tuaaj .-. { is? , " r ®nH».Vfjs.sa . 1168.? 174 « 1 sn 

*0« 1 720 ' 'com l ull*-. 238? nail 324 

1 * . * ai*t MW 34 . .1454 156 fll 3» 

■Arcum Lnlia.. |i7io mu . | 115 


*14 -!f 
S6O1- -fl... 

Mil 9i 
Wl.f . 
140 l.r . 


1% 
716 
44* 
1W 
6 76 


Target Tsr. Mgr*. iScotlandt laiibi 

19 Ntn^l C rp".i rr.t I'c:r. '} «i: 3X>B6?: 3 

r»MP» sm-r v:..j|c.26 4 Jill -oil 168 

l.irgri 7n: !l. -aso 052 i? ssi 

F‘U J lr: omc ! ■! ,69 I 64 3i7 -2 2] 1604 


OFFSHORE AND 
OVERSEAS FUNDS 


•• Urn- SC|S 13 


Trades Union L'nit Tst. Managers? 
Nrblesinger TntM tio-rj, u,j. t a » t Xl :w »<i«iwi»hh ts« 2 uioaauM 

iMj smith Strrri i’-r, ...... -.uCrt.W-A! rlL ' f '“if : • :il " 58 14 -0 9; 5 32 


FI on * Ind Dni.tss 4 
Allied L'aBUuI^^.ptl 


-fl.lt -SJl iJupl*..- 

soaf-o?! 4M Uu -V.H. . (1001 

. Ill) £■ in- OT.Im.M Ln. .-.116*4 

JJimhto Fund _• .S«A J'.iWLfi -ni}-.aRI «:T U.S fcuen. - M7J 

«r>i new.Es.rd [mi 2 
«.T,9nn.ruoii._ iiiot 
•vT.f'wir ¥«*-,« .15*4 


funds. 

Hich Yield ra. p>3.4 „ 

H.Ch locos*. . . .Ali ' TJhd-Hii 6.72 
Bq UK CP*- «#3-D3f fc1« 


74. la* -14; 7 74 


‘ 71 


Reliance Unit Mgr*. Ud.V 
RriianvL-Hir Tonbrirf^ Ml M i«r:22ri 
luniMd ‘72 9 77 2; .4 83 

'fTt.Vr*. 454 5M 

1 OA r 


ScUordel In,. 


« Bl -ill 5iD 





■ntrniMlnad Toads 

international* 

rarifcr fund ... 
■Serr iR.vmeruM ;. 
*. “I V Euunei?„_. 
Special Ui Funds . 
MTUlUffCO sFi . 
2nd Sadr ( osFd 
RcweiySit- 
«H JSUl X 1 ."4o 
JnersejLX Eonunau 

E>in. Mnlr. to 



G.- & .V Trust III (Jgl 

a. Kojieitr nii Brenr»w7 .um siraoii 
M« -36 7' -Oj! 482 

Gwtnwre Fand Managers .? taHgl 


v « . - , RldRefieid Management Lid. 

tonal Froiident lav. Mogrs. Ltd.? j4+j Kenned: Muntite-tcr .jui UK 
M <:ruie«-huMi6t..tV.IPali|l OMCa-tWl nirfsefieW 7i:t I.T >]04 0 131 01 2 54 


mu t-jcnmi 

V.idmrt lli|ih 3 - Irt 
l .emiu Ulrx 
r.iirj lui Tit 
IncuirirUi-t . ■ 

IiK Hd.-U I 
Inin) iir.iHtt, 

In- T-l Unit' 

V|arlr4 I ruler. 
•N.lV.cW 
JTid Ei.: It Trust 
JTopfrt> Shnre- .. 
<p«-.'U.I irt T-i 

I K ',r»h x.x urn [23 2 
,nh Dm 1 2a - 


S3 7 
|p>; 
27 5 
27 6 
!32 6 
;4fl4 
!Ot 

!s: 4 

,27 7 
30 7 
24 4 
22 4 
29 2 
79 6 


2* 4; - 1) li 2 70 
31 4! - 2 : 1 7D 

28 9; 31 741 

78 *> -a: 3.17 

374.C -0 2 603 

<3 4; -C 3i 1 29 
31 T - 0 3 • 

r>.i 7 4c 


Transatlantic and Gen. Secs. Co.? 

91 99 ?■-«*“ I.umivr. R<1 v.felm-tpfd IKiSj 3 iflil 


15 8 0 3 
24 8! C4 
33 Ci -0?) 
3161 | 

Z4*l . 
30 j -O'. 
31 9 -9-1 
24 4; -*.*] 
714: -a ;1 


295 
400 
4 27 

13 13 
200 
725 
«M 
480 


?16 
’1235 
89« 
83 5 
1054 
3314 
- ;1*13 


7 -4 Mart AiaJECSABBI' 
■ ■ ■ American Til .: . J31 8 
filTC-4tT»t .Arr 1 1601 _ 


W.T -iaitt-0« US tuMwcurPitire . UVl 18JJ-1* 247 -Pn.-r-, 

ID MIJ . . liS-tU! .-4B EMralnriwT*- »S 272[..CJ 840 

SitE!.*. M3i -DJJ If, for fj-t-Tmn .43 0 44.ll.iCN 0S7 .... 

-38*31 -l3 4 U KiifclmomrTii.. 408 644ol-flr; IM ^WlOB 

.; W.* asafl-ool. ui .-k. 

M57. 


rti-2833jjl 
JlJj-OJI 001 
64*dj -0.4] 387 


\-t»i Mr i t, Tn ... 

• ln-uni Lnlis," 

Sf'lij-.Bn Tran 

■ A. . um UnJfi _ _ 

r. on Abcui! 3l Next dealing Xrp. 
nn August '32. Neat dralln* wpi 0 


Tit ...(49 7 «« 

»■* W.» 64 JU 

ran 158 2 143.11 

»>- (1452 153 H 


Rldsrltrld llnvi'e I960 


105 fll 


4 11 J. Henrx Schroder Wagg & to. Ixd.W 


Rothschild Asset Management tgi 

■JK 6U 1 tBXRhnuiC ltd Ic-bur. UJ&-J 'J 




■and. 

ain K. l.ijpj,: 

s r>iil.-rs% L 

in '-‘aijV 

j «nii* 

1 <Uij 
•a nee 1, _■ 

Burmaii iji , 

“iONs^ 


Anderson Unit Trust Managers Ltd. 

198 Fnwhurch -St UdMtiAA aatCCM ■-■ i®u T-! ■ 4rr . i«3 

AndcrwaL.T. |«3 ■ . 6ftD . _ I IB 

Aasbacher Unit Mgtnt. Co. Ud. - 
fNoWrSU ECZV-U V 07-CSCIK 

lsc.M«wfit>I1jra» Tl»D . l*Uol-5iH 4 02 

4 AriMtihnot Securities Ud. (gifci 

''o^Oacwi'SiUMdan EC*R 18Y ' 'uldtMlss: 

Ealn. Incwnw fd .IXliO: ; U* 

.... - 45 

63 
68 

2 


65*_ 

-94l 
ISiR'S 
9891-0 
3871 -0 


5.91 

284 

54* 

095 


National Westminslcrria) 


rheapurte KC3\ HEt. 01406 Qrutn 


161. 

‘.apiLil 1 Acrum 
Extra I nr . .. 

KlRalli-ial 
l.rpu-th t,n . . . 

Iih gmr 


Titbbs fAnUmyl Unit Td. MffN Ltd. 

3 Fnrdenefc’vrt tU MB4:n Mi’nlcliolm frt 

ixi4i.lMlW.-A> »«6l : 7 SO 6<s.l<l- _ . 

>■ Ai>.iirDwir.Tt .Ml 43 9- 
ia.% U for East* ..(2*9 29 7m 

‘ Uralina ’Tuea nW«L 


i 

I 038 


«l 

38 1 

at 


729] -0? 

■la-* 4 ! 

95 U -06 

76 71 -0M 

64 il -0 


* 35 
751 
SJl 
SOI 
6J6 
117 
7 28 


N 1. Equrlj Kurd 
Mi - En.pRc-Tii 
N i.'.lnrnaK Kmul 
M lull, fit i|iu- 
N 1 Inti I'd < * re. 
NC Nnillr ti«’ Fit 


.178.1 
Hit 
156.1 
974 
94 1 
158 7 


1I1«| 
t21 0< 


-o::| 
v a! 


1 JJ l iic.ip-.ldr K I. J 
1 apitdl lilCUil'J? Illi) 
. \irum ■ ;11J a 

■^4* lnroWi>usus-t J* |2« l 


12, 
: *J 


mg -ti, 2 

165 0( - 0 ’’j 615 


9»W 

135 l! -0'<r 
168 9m -1 ll 


148 
148 
4 67 


Scrum l ml- 
'Srnrut V* 1 4> 

. \rrnm 1 'ml.- - 
1'UK.pe SUJU'.T'.M 
.AiVitm I'P’I- 1 
■ l»nii. bal'd \«i!> 
Fs Auiiuv 1 

■K-ru.crj iUK 1 


299 4 
91 3 
1148 
129 
16 4 
177 7 
2d4 6 
1798 0 
-..-mpi 


117 41 
141 9< 
2088' 
no 2' ... 

w i • 

318 
35 a ( 

M 7[ 

IB) LiC .. 

272 ;? 
nmm 

1‘iRiii unii 


f»l SVUHSl 
• 274 

. : 12 * 


666 
666 
J lb 
33* 
725 
228 
4 25 
3 71 
<67 


B#rV,C.in .Su; .11. 

■ s«tm.Ln!L • 

Barb Ext! Xu; T> 
Uwkii sue 2i 

. Xr-ruUI I'nifci 
I'vlenoSept : 

' Xrrun l r.u-.- 
x'uiuMri. .xusbii 30 ,55 1 

Aivupi t ii [-, ,604 

l.Irr ,\u.-ui< 29. . 57 7 
, Si-run t rila. '74 1 
Ma:]btfiu.\uir.a> '55 3 
. Vrrts 63 7 

Vaa tjuih. Auk 20 'S3 J 
■Vtusi tr-Lv . 661 
Van'll' Aug 28. . 74 9 
'■ anj! T«~ \u ri 00 |*4 5 
. Xc.Tira Ln:c, • ;<»3 
Wuk r Au; .11 .. >44 

■ Xi-ruiu Lr. I* . >7? 8 

Wn-k U- : . _ [TCI 
l» wiun. !B8 4 


84 7: 

13331 > 

•no; 
ui! . 
I09IN . . 
143 ^ - I « 
172.7 1 - -4 0' 
5881 
644: 

614- 

78 S' 

it. i; 

66 9 - ... 

5*M 

69.7; 

71.1 | 

490 

50 & | 

M3; 

•17' 

73.51 -i*: 

M2i -£2! 


514 

114 

4 S3 

& 

5 41 
542 
685 

6 BS 

4 13 
*13 
263 

2 63 
316 

3 26 

7 76 

5 9? 
598 
*67 

4 67 
794 
79< 


Huh Inc Fuml *ZO 

fi.Vrum L'Dlr* 04.7 

wamtuiui »; 

i^ernram-aVund 742 

1 VmiA L'Mfc.1 373 

(-aiXUIFwm tU 

■onunodto Furd 613 

- 1 Arvum. Units’ 88 8 

/■lOVWVrHlL'i *07 

•; Fialil'rupFd. 119 

* Manti Fund — {39.* 

, ' Xitdb!. L’aiU-, <6 7 

1 UreHih Ford J5.I 

I 1 xcrum. Units ■ Ot 

1 Smaller Ca'a Kd »S 

• iMl.rd 29.6 
; •n*'.Wdn.1.Ulx i . T 2 5 

3>tVlSaF<L 979 

N -Uncr. A Int Kd 3S4> 



Govett (JohoUt 
-1 01! 1033 -77. London Wall. E •: 2 

-o.?f * 

-0 

-0 

.--I 1158 

us * Griereao Management Co. Lid. 


tll6885C!i> 


N'CL Trust Manager) Iid.¥ laKgl 
Miitou Cnutt- Dorkmc SuriT'. 

5rl4ir . . . 164 3 67 61 

Nrl-itarlitsMn, £ 


^ !»!.. 532*1 -S3 803 

3 saasa.'Si -M"i is st*?®-- • rr"* «~* ■*»-. i S 2 ?©' 

}g - , Neal dealing daj SOM. B fu lki«4 Non.uh\RI SNU . OWKI233W MsrlmAus.au 


Rothschild & Lowndes Mgmi. ta 

SI sutiliiit- Lane [/In 1X4 “I MS -UK 

Mm* 1 t Exempt . 1(3)70 mo] . 1 < ir Scottish liqntUhlc Fad. Mgrs. Lld.V 
ITlrci nn Aup |J Next dealing *47-1 28 St Andre*--. S>1 r.,|irbu;^h QJl njd 

Inrwmc Emu . 152 5 55* 1 *05 

.■on Rowan Wait Trust Mure Ltd.¥ta> L, ‘iLiV„ K ^°v.« n 1 495 

4.25 fllytiolell-e Ito-lniri Sij FJ.-J PI1U6 |i«! ’ ' 


Txndall Managers I.td.¥ 

IS uiV'Ct Read Rnunl 
IiinuiWAus iXl. . ;I05 6 


Amerii Am. 31 
Km-umim Aua 30 


IroupTsI Kd 


(366 7 38311 -1*1 4 97 1 Sreum l ulls' 


172 0 
1*3 O 
86 2 

106 2 


90 H 

mn 


356 

356 


<47 aacmUodiSl .EC21*2DS 
1 4 97 Bamiu|ta>n.\kix 30 IS23 8 
4 97- mrnra Units' . .Ml 
7 76 BintHYd An* 31. lMI 
IM r .unai l'n.n . -gif* 
?M rndeai. xoc 23 . ,2235 
753 1 Xrr-um Ur.itx. fflH" 
Z53 Cractrwr Setn I- : 1B1 1 
* 0) • Xcruir. Vwt ■ ilOS 0 
319 LrAUr-.li Xuc 30-j719 
ti-ijm Unit*. . .175 6 . 



UI.40S4433 Pearl Trust Managers Ltd. (aiigKzt 


Sebag Unit Tst. Managers Lid. 9 iai 


.-mb* t Income Kd !32 1 33 6) -05[ 810 

Securlt* Selection Ijd. 


\i -um Ur. -I*. . . 
J in lui Aus JO 
1 \ccun L'ruii- 
Eirimpt Ads 3u . . 
■Vcup) I'lillg. .. 
Int Ears Miy '6. 1 . 
■ Vi-rum Unit.- 

Prd \Ufi iii . . . 

Vi-rum L'lrh 




.. - Royal Tal. Can. Kd. Mgn. Ud. 

“ V H,£h ,,ul, "' r " t»M5 T*ai OI -IWrBMl Ji Jem,, n bLTCT J> IV 1 Ml dSOIffif 

ViB 2S5 C-UIUIKI J72 3 76 31 . 1« 

via Jlf .Inenmcld _ 719 75 91 I 741 

jj Jl I Jgn Prii <*- at xuc 31 ’-eii "leilin: acpi-rmher li 
51 <| f 4 B0 

n Save & Prosper Group 

34* Fclican l nits Adxnin. Ud. lg«xi 4. i.reai -.i (latent tendon tx3l* lEr 
3 0* SI KcunlHinM vt.ini-ho-.ler 1/5 1 U30 Mas <671 ifuri-u m lUimhurrn Ml! 1NX 

Dexlli.s- lu OI :&t HSU nr U31 7X.I 


Ite.vrl'iron-rhFit 
v> rum I. Illt- 
l-r*rl Im 
I'Ciirl 1. <ui Tm 
< vt-cutn 1 nil-.. 


II 

*37 2 

40 2 


097 

Pt'Buv.vti lu-uitn H-e Et.t ii;£6 Wi *>"oi'.jp vug - x 
734 Setaa fjipdui id ;3|i 368; -0*: 154 s-SioiXui'ai 

liMdoa Wall orane 
Vapilal '.roiitt . :4*1 

IVI9 Linrnln .liil l .. Mi Vt.^: *i;43» ACA-O t^l^TnlTiiIX.-Xl'b !}St 

I. n’ I til h T-l W. 25 5 27 J! i 2 17 Da .Ltum ... 4*4 

Un.l t Ini 122 2 237; [ 217 


971| -0 4j 4 76 


im Gnardbd Rnjal Kx. Cajt Mgrs. Ud. ' Jcl,ran '- n,,! 

Archway U«it TW. Mg*. Ltd* iMHel “* 47 W Loil Tn,st **■*«■» lBi 

3'7 HichHolborn WCtVTJtL OIR3t8C33 «Hnnx* llcnlrjon ThantOi 04SISQMI 01111-1 . . 

ATcbwajr Fund — JS8.9 ■ > M*( . _ j 553 Henderson Admio&tnuioo* laMdKgl T peiualup Lth. .J445 *77j . .) 300 r fc 

!McoiatAu*u«M..S»4twlLdai!m^emtiari tr Xdmlb.. 5 !boiei|d>Rwd HMton .. ' 11 

_ , . , , . 8rc9Utt«d-i«i<u. U277 2J725S Piccadilly L 


Save & Prosper Scvti lilies Ltd 9 


Barclays Unicom Ltd. (aXgmel ' : 

Uniw>«a25tRumIondR<L#T, , Cl **455*4 A^jatrwrtWcc ^ 


t-rueora Aotonca... 154 

Do. Amt. Arc_ 7*3 

Do. Alta*. Inc 117 

no. capital... - Si: 

Tto. EUtaMTa l)#i 

Pa. Ertra income - 742 

no. Flnannol Ml 

Do 100 nut 

Ite.xteneral 35.4 

Do. ilruvTA Arc (55 

I >0. income Tal *9 7 

■Do Prl Ana. 1 Ta . 145.1 



1 79 Lap. (,'roHtt Arc. 

1*9 ImwwiAUMi 

Hlfh Imw Foadm 
Hica Incupic . 164 0 

CatxH Crua Inc . -In* 
Hector Fonda 
financial A nf. .26 4 

Oil A Sal. Ilet K9* 

lateral toeol 

lofwt . . 192 7 

lnleraaiioi'hl . L384 

Wld. Wide Kept 4 .179 2 


2-,? 

*345 36.74-03) 567 rM 


lJ 3 -OR 7?5 lapMalfomi 


.'Bit TVnsl loHbl 

AntaOj Gibb* 1 alt Trun Xnipn Ud. 

Plare! VU Jewrj Ecrs 8Hb 

nWI ^ 1 1 1 

t'Jira liKumc I 

fimnll Ci.', frt 1 


EM 


28 J] -0-21 5 05 

3154-0-y.- 



rntoa at Aucuwir.Wwb.d*, Scpramber 

Tlo Rero*.«rr . . . (45.7 
Do Trance Fund. 1H1 
Do.mdaWcTst.— 52.3 

R'UUn.FdLac 6»* - 64 

Do Acrum 702 74. 


47 7] -ON 7 9b 
41.1; ] 168 

«J1 


Ini Enn 6 Aivb 
rrtiaie I'umt 

Vrrurollr Fund.. . 

■2 54 Tech noloy fund 
l-urEu-dd 
.1 me nr in fun-l 


129A. 

3Z6te 


. 9 Jfi 

Hoa 441 

-1 

6.00 

447 

' 492 

-oi 

!.» 

490 ■ 

937 

■ I C 

350 

364 

39.2a 


450 

655 

71 2 

-0 2 

270 

127 

677 


IN 

•597 

v M7 

-04 

OH 

B6 5 

28 7 

150 


1185 

Ini 

lacTcaslac laramc Fund 
HiB'i- Yield tS5 4 

High Income Fuads 
High nntuim 
lnrnmc 
U.K. fond* 

UKEqmlv . . i960 

Oirnpii ruadiiTi 
Furoiw. . M4 7 

Japan , .. .1106 4 

US.. |77 5 

her lor Fund* 

• 'ummr.ii’ii |*ia 

filers* J>2 1 

I inaru 1*1 Sci • .175 2 


^.0 4, 
77 21 -0 

6 D 11 -0 4| 


Stewart Unit Tsi. Managers Ltd. (ai 

4.'.,xhjM-jilc Si| t’lirn.m.1, VJI SMJ27! 
t Strain Vmrrii *■ 1 und 
Slj:«d.inJ L'n Is |Hi 73 0! 

Vi ruin I'l’iti . :7t 7 78 7' 

Withdrawal f mi-- 'Hi 51 4| 

■Venn (niiit Lapiui Fuad 
SijnJjn 1 . ! 144 2 im 5; 

Worn l'nit' '1517 1794| 

Ltealir.. *1 r, 

2 os San Ulioncc Fund Mngl. Ltd. 

san .vilionrc II-: . Ili-r ,- u j- MU36IK.' 


135 


<00 

<-M 


■b.T^hiter.erul 
•«i-i» u 
in TfcH 

.?• Do AiCuPl 
T-iErrotliili 
'ti-Du. .vmo... 


ter.i-ral 'Al i 
ii-cuin .... [60 • 
Irj-umc . .A! 4 


fcB? VttJ 


Fiji Eq T-.| ,\u 


Ittelnmll; 


ucS ‘>2317 
rff '135 3 


2*61] 

112.01 -C 7| 


388 
3 29 


W -na -JS » KSLSi yr L ”‘- v ■“*' 


lister Baokv ia> 
Waripj Street Belt*.! 
ibiUlaierUraovh ..388 



Aleiaiirier Fund 

,t? ui«- Nwtjc D«mc Luxcn-'icuis 
\!e ituidei I und . ' 5l'.b7.(0 ' -I — ■ 

101 j et value Auj ,h' 

Allen Hand}' & Rosa Inv, Mgt. 1L.I.1 
I. LhorinsLruu. M Hclir-r Ji\ 1 I t>5a4-7aT4| 
AI1H till; Wk I'll .^0 00 1002: .1)2 15 

Arbuthnot Securities IC.I > Limited 

’O Hot ‘Jftt Si UeUej JeriL-' (e'CH 72177 

ap T-- Jersev ■ . [lll.B 13J® ,483 

Vm dcdlinc rt«e Seuii-mhcr I? 

Co- lt>cxi TW .. .IlM 7M ' J2M 

Next riooltne date bep-.TBOcr 4 
tujl il-il T»i. t ! 11228 129 (M '2 90 

Neil dealing dale ^epumlicr 14 

Australian Selection Fund NV 
Uarkot Uitpunaniues r c Irivh \ouns & 
Uulhuuitm 127 he'll S! iLiev 

1‘sll hfiarea ! Sl'Sl 65 ' ; . * — 

Net A»aCt 1 Blue Aueud 34. 

Bank of America International S.A. 

Boulevard Tluja! LaxembourC i>.D 
uidime.r Income. miIU17 ISJRI'O’b' 747 
Pncc.i *1 Xuol.-I HI Seal >ub dale September 
fi 

Banque Bruxelles Lambert 

3 Rue Ije I* Rrsrcu-e B !0(K Brairflv 
Jtcr.L* I'uml LF . 11917 1 976 1 -2\ 7 72 

Barclays Unicorn InL iCh, lS-1 I -id- 

1 1 hm-f n51.ro.> at Helier Jm DSM73741 
Ov eraros I pcemc 146.6 493J -021 1210 

Ur.nlolUeTrai4 . t'sUC uf-9!!)3.70- 

L Cl bond Trust . ... ISlSUlti 12240) . ... 1 800 
■iulijeci 10 fee and olibholiunj Lue> 

Barclays Unicom InL <1. 0. Mani Ltd. 
Thomiu 5: Duufibu. 1 v M otC4 4S5G 


Kevsrln Mngt.. Jcno Ijd. 

FMfcmJ* Sr I lei if r J.-rwi UtK Ot-OWTCTU, 


t ■■nM.-li'i 
IrtHitl'i-Irt 
Ki-'wlrv Irl'l . 
Ki ; . M-Iev l-'iimpc 
Japan Gth. Fund 
Ki.-i.-.-Ivv J^rxi.i 
L*-ni \-.n- 1 up 


jr r.l S98 
1-11834 

IL7.09 

[L3B4 
f.'Jtr 
£15 57 


-:ii6i2 


1«M 

7*W 

n<3 

17 05 


King & ShaAbon Mgrs. 

1 ■'It.iHinr'.'ixi.-.'. St Hi-lirr Jersej ■ 
'• alley fj-* . S; FMcr Port, urn 1 
I Thumi- Sireel Lhiu;l*i i U M 
• -ill Fund :nw 1*8 1? 9 141 

Villi Trjitd oM 1 1 103 2 135 9if 

(•lit Kftrt DUrTnpeyiiO 52 953] 

Inti Coil Wl Ts 
K.*>l S'rrlmr. . .10806 18.20 

Fi:sl lntl |S1S6 93 1 87 8!' 

Klein wort Benson Limited 

ell Il-nrh'irr!) M tX'3 


Karew Iwt Y 
C'icm.-cv Inv. ... 

Di< .tci-um 

KB Fa: La.-: I d 
h'BInil Fund 
KB Japan Furnl 
KB IS Dwth. Fd . 
Niunts Berm-jda 
*1. nifimil. i nvi . 


I 1 123 
679 719 

MB Mffl 

! 5L S13 08 
5US32 59 
5L'S3C59 
SI'S 12 38 
5U5S29 
19 65 20 70 


-031 - 
-0 0.’! - 


KOI 1 7374 1 
■0451 ■ 247M 
r0«!4'*8?6 
( 12 OE 

17 00 
■ .17 00 


01-83 BOnO 
112 
193 
393 
lji 
386 
065 
072 
170 
BZ1 


U nlt-um .Vast til 

Im Vila Mm 

Du lirtr. PuciIil- 
Du Ictl lai-otne.. . 
Do I of Man Tvt .. 
Im Mana Mutual . 



158 

150 

800 

880 

1*0 


'KB u:t ii< Loadun paviug ajems onl;-. 

Lloyds Bk. iC.I.l ITT Mgrs. 

IMi B*.x lys S- Holier Jew*; P534 =77.61 
LluviiiT-5 ]62 6 654! j 065 

dcalm* dale Sepl 15 

Lloyds International Mgmnt. S.A. 

7 R.u- flii Rnonc P.0 Box 170 1=11 Gcnn* 11 
Llmdiliit Ormrih I-F349 0 178 501 . | 150 

Uo.mLIi:i lm-«nc.isT2W5 Jlljs! ..| 6.40 

M 6 G Group 

Three i}l. s h Tfiuw »!*!! FOR 6EQ 0I4W IS08 


f matK-uit it r» il* 5 
lm A. ruin ... 20* 
MiaMlK Priofit- .66 4 
fnlernatinnul :31 9 

IWKUl bit: _ . . ,3* 1 


TSB foil Trusts (yi 

21 ihinlp tt|( VEidoirr Ha.vu. 0264 6=188] 
lMalUl2> lp_'J3W 0433 3 


Bishapsgate Commodity Ser. Ltd. 

PU Box 42 Doufilai I o.M IWMCU91; 

VRVLVi -.VUH 7 |5t*S9U ME! I 

t-.AXRlID'VVUC 7 U 047 mil 
AOl Af ”\us . ,£2 432 7 5MJ i 1 23 

vriGinallv i—ueii ai -J10 and •“£! **■» 

Bridge Management Ltd. 

P'.i Sni 508 Grand Caiman iginun 7» 

V btnht sept I . . . : T17022 l-J^I - 

- PC' Hox 2»j Ito-lj Koac 
ipponVd AugSO IRaTDfl R3H . . I D77 

Britannia Tst. Mngmt. iC!> Ltd. 
JOBulhbl.St HUtcr.Jenei 0£H7J1M 

Stcrlinx Ocuonlaaled Fdo. 


Arliuliv Vue 2f 
.Va-1 L.\ A uc 30 
<«ld6Lx.V.-c Vug 30 
Ibl^mt 

Ac™ Unilt > 


il: :315 

Sl'iJJi 

SLS1IE 

U6 9 
193 6 


SSI 


12 . 
145 7| -3 
206.01 -1 


4379 
13 29 


Samuel Montagu Ldn. Agts. 

114 '.'M Um^.JS: . K : 

\pullu F it Au - JO KF4605 
-tarte-i Vue I> f‘-t|5133* 

lltlirp Vue =3 ni.'-Ii K 

llTJ,.r-,-i \uu £i 15 66 
1 IT Jer- vO - Vug IS £12 18 1281] 


SO Ml -120 

m ••• 

fc, |^-l]28 


PI 5886464 
375 
0.89 
188 
068 


m 

138 2 
£2.38 
96. D 


39 91-0 
4428 -D 


e=S?3 : JUI 

*i7rf-aa so* 


... . ... r.irseu tirnmmliQ 

•aSul>-01 447 Tu7CM Moan. UI 


96 4i -0 2 ; 
11*4 -I 


831) 


-0 I| 

0 ’i 


im A uiir*! u a 

4 H HSfflK"' 

I 91 
4.74 


FarEam . 
NAiaErpt- 




435 *0 M 
47 5 -0.1 
417U -1.1] 
455 -0.4 

-o*i 


Practical Invest. Co. Ltd.V tyilcl. 

7*7 44 niuamsh'irv Sq tV» I.VSILV in 023 HOW Ilisk-Miaimuoi Funds 
5 07 PTartical .Vuu » 11472 17711 [ 3 47 Selrrl Interne 12*7 5 

*- An um Lulls J23M 290 3) J 3 97 velert lurume (55 2 

I 


«? oe ■ i •] 

aid 


377 

1.72 


UI 

1JS9 


Baring Brothers * Co. IXdAf («Kx | 

KS. Leaden haU 5c. R.t'R 

Straiten Tst |1IU 

Do. Aeciun. .._.b3L0 

- Next sub. day Sertemoar 13 


Bill S*ancf Unit TiL Mgro.f la) 

01430801 


458w/»suBapaut 
*S-®3 “M IS ihiBrtUvhTnitt . . U54 0 
2415ld ? 92| 4J0 <fi .jBirrrWH“. ._ J8J 
IE’ Dollar Trant. 834 

_. . • _ . . _ - i&i C apital Tract.. .33 8 

Bi-vhopsxmte Progressive MgmL Co.D ibinoancuiTnuL 86 
0 8l|4top3gale. EC5. 013838=80 fWloeoaol^uu.. -W« 

B'cataPr.** Aag JK>. .1395.9 . 288 7; I 323 

Arr. Uta.**Am.3a..pWJ 24BS ....I JR 

iseaRl I aad ; »*^ww 

Next sub day "Septenit>«r s "Septwjiber 12 15 ctunnopber Btrert E.L2 
„ . . ■ - - - hue! Id* PVind — {92 8 . 

Bridge Fund ManagersfUKct 
Kinr WHUam St. EC4R9AR 01-0=34031 Key Faa ^ Managers Ltd. UHg) 


(bl Security Trusts [534 

(tfUleb Yield Tat_.J55 


370.3 -on 
. du -oJ 
S9J -0.H 
. 3S.C -0.4 
1823 

-0 7. 

■ad 


5.38 

240 

271 

<54 

451 

724 

524 

7.7S 


' 01-3477343) 
99.tt-Q.9l 6 


Amenran It Coa4..pi.6 28 M -0B] 

Income* SSJ - - 602) 

Capitol tnc.t-.™:~. < 0.5 42 W 

Do. Arc.r H5 47.4} 

EiemptT 1460 156 id 

Interna bic.r 11.1 ' 1$3 

Do .vcr.t 201 - ZlS 


134 5a.MllkSuEt2V.8JE. 

5 97 : KeyCaersv lut’d U5 

2 86 -Kt-jr Equity ft Gen.. .[71 4 
-286 OKcyKaetnlttFd. . |36S.9 
A49 Key Inrorae Fnod._ 

3i» - 

3 JO 


Key FianJ lBL FO...WLZ 
Key SnaU eo'k Fd . }106 A 


Klein wort Benson Unit Managers? 


i. J idM in iunwin.__ 

in Rl .lOK IniratTutSliare*^. **5 

Minerals. — 0.4 

Nat High Inc 16.1 

New l^oue .-... M4 

Nonfa .vnoriean.. »f 

Prolnaionol. S45.0 

Proporty Shonn 14.4 

Jihteld ' <77 

AiUi>niU(eJ2. H5 


: :.cic . 


01 OH 0478 0479 ® >5S , . , “2iJ r “='- 

“ “ 


1*22 


Deal ut0 -Turn fWnl JThur*. Price* .Sue 
3091. Sept J . 

_ ' ■ - • 30.Fenebuw-hSr.Erj 

Britannia Trnoi Management fa) fgl KR.Unitid.Tm- .«96 
3 London Wall Buildincs. Umhw Wail. ' ' 6S8' CniiFiI.tr {3354 

London ECSM94L 

Aueu~...... .. . [772 

i>piiol Arc .... 57 4 

totnmft Ind ,.i_ UJ 
rammodiO’.^.....: 84 j 

Do mcstlt 48.6 
Kiteapu. . U93 

Kura income 1404 

Urouth^. |S6.1 

liw hGrawtlt. — -[775 


OI4087D7D 
85.61 -0r51 
73.9 -0.4] 

17971 

rrii-o4 

' 55-tt' -A 

lUlJ -07) 


itt 

4JB 

343 
849 
11 93 
558 



KB Sra.tj*vI'dJtrv.)49 4 
Rich VM Fd. I DC -M8.0 
KiCbMd Fd-Acr |484 


'974*1 - 


it 

51 ll 


<11-628 BOOd 


522 

5JZ2 


398 

619 


4JJ 
3« 

L & C Unit Trust Management U<L4fj 
272 - The tfiorh Fchonje. EC2N tHP.. Dl 588 2800 

440 LAC lac Fd 11452 -149.708 . I 7 53 

?J2 LAC lntl h Gen Fd .109.0 112 M . . | 13V 


6 39 
645 
643 


8 95 . Lawson Secs. Ltd. VfaHO 
?5? 37 (p>een'»bL. London KC4R IBY 
*Raw.Jdatrmtv. .DM . «| 

7*5 JbAceiun. Cnltsf- 
-S ’Uruwth Fond- . 

I jj “tAcenm-L'tiltai 

4.48 


Lniv Ener(y- 

The British Life-Office Ltd.V ta) . 

llr 1 lance Hse_ TnabridfiC Wells KL 008222271 

Bl. 8 riUdiUfau--.f 324 SAW - 02 ! 548 

51 0 55 .il -71 3 -B 


EL Balanced* . 

BL Dividend* |BJ - 48.4| '.'.J 94» 

-rnce# Aus. 30. Nest doaHnp Sept. & 

Brawn Shipley * Ca.- Ud.9 

Mngr>- Founder* Ct_ ECS 
BS UnlioABf. ».-|Z2*4 MU* 

Do iCCl ABfi.28 ~&85» 3 Q7.' 

Oraoic Trnuul i 

Financial.— 

Uenend — 

Growth Acnun_ 

Growth live me 
Hiph Income 1300 

I to _Sin 

lm 

Ov . . _ 

reiformaBce. 

Reweiy 


t Hi lit and WafTani-r 

lAment-anFd. y 

it vmunUnJU' 

“Huh YmU -• V 

'tVAnan U tilts’ 


632 

652 


01=309861) 
-161 
*11 .. 

260 
2M 
174 
050 
050 
1134 
3134 
Fri 


463 

483 


li 


o 

6 49.' 

_ . 4 7#6i_ 

Deal. JHitm- Tner «w»d rrhun 

Legal & General Tyndall FundV 

18 Crny nee Hoad Bristol . (KT=3=S4lj 

Dt*Ans:lfl_. 1612 668) ... 

(AcntmTL’nfNi.. .1794 MCf .. 

. r - New «ub. day >-ep* VI 

Leonine Administration Ltd. 

ZDdke St. London WIMBJP . 01486 5991 

01400 saatL low dim.. ._. - TO* • > 271 -o«i *75 

irt . I '4*7 Led iVerunu [860 90S-tJ5{ 4 58 

JU 4*7 uciyda.Bk.Unit TaL Mngn*. Ud.¥ lai 
434 Rectitror'* Dept Gorlnt-b^Sea. 
s 13 Worflunp. West Sussex 014=3 1381 

588 Firsl iBal ncd.i .B38 56 91-0.3 

5.00 DcktAccam ) 172.4 783 -o a 

431 Jvcond'Cap.1... .»7 689 -02 

340 Uo iAcnun.1... . ..[7Z3 766 -02 

- 4.25- Thud iliwease u - ...B7 0 935-04 

3.06 De. iAcrunt i. . ' — rX20 1 128.D -0 6 

421 Fourth ifMnc-1 ..-.'{82V 675 -03 

6.02 Do-tAccom.1— ......171.6 7A9I-C.3 

AS& Lloyd's Life Unit Trt. Mugrs. Ltd. 
Canada Lite Unit TsU Mngrs. Lfd-V T^ao itetebunve R«u Ayicsbuiy omw 
2d Hizh St, Potter* Bar. Heru. P. Bar 51 1=3 Equity Acciuil , — J1892 178 Jf .. .. | 377 

SS^S?££.-i::B|. « * « G T p¥ i s :, Mc ‘!!i 

Do. Inc. Disl B4J ; ' 36j| ..771 ' 752 Ttefw Qaayt.. Tower H11U EC3R 6BQ. 01838 4588 

Do.lnc.A(eanu-^^j48J 47JJ eOJ) 7.52 5 oe ^alw Sine tjix ch«Dgr_Ocab nji. ^ ^ 


Esmpt- AacuO. 10... 



426 

426 

2.05 

2JH 

sin 

753 

7.53 


: si Capri (James) Mugt Itif 


Income — *AiA..WS~ m "92-71 . t 7tt 
;; Prl coo on Au<mt l8..Neu decline Sept, a 

:r ' -i\ Carifol Unit FiL . Signs. IMJf falfc) 

Mi I bum House Newcosite-upon-Tyne 

i I’oriioi..' — : 

Do. Aecuoa. Units 




- — i - 

' • * 



-..1 767 
-> 7.67 


rAceum-Unlut — ISJ6 

lOu.uld Broad SU.SC2N1BC. -• 01-588 8010 ,')SSSfui!feV;Z:H.0 
Orrilal ._-i._[9Z.0.:. «4} — 1 : 5M ; cS^dlt?^7~, D 5 

lArrum Unw> W0 

Com pound Grawth. U51 
Catovemop Growth 708 
Co»vcr*io0 Inc. — itl 

Dividend 134.4 

(AenuiL Unhal— — 2368 
European-^— -- — SU 
LAceum. Uniui — BJ 
Ertm Yield 90.7 

iAecam.UnltS< 1212 

FarEasterp.. - - 6*3 
lAceutc. Units!. . 711 

Fund at Inv-Ttl* . 67.8 

<. Occam. Units i — ." 29AS 
Hish Income — J 1085 
lAccam. Unite 1 - - 182 4 
Japan Income — - 1761 
t .Areata. Units' 177-7 

o:a “z3? BBftawr. .■&! 

i0 * Midland IW.6 

rAcmim. Unitbi 310 6 

Recovery — ■ .— p.l 

(Acrum. Li nils) *00 

Second Gen 1*72 

iAccmn. Lntt*'--- ■*»? 

Special — _ 177 6 

■Acctua.Umiai 12256 


Do. HVch Yield .145 5 

Da Accnm. Unit;-. 1568 „ 

Next deeliac data -September 8 
Charities Official InveaL Fd8 

77 London Wall. BC2N ID8- 
' Income -August 1S_ 1142-17 — ) J 631 

Acrum. Aufitet 13.427666 .~ | — 

ft-nauth. Only available to Box- Chanties. 

C'harterhonse japhei? 
l. Paicrnottnr Bow. EC a 

CJ. IntsnufL: ( 252 

. Acrum Unite 

i CJ. I neon 
, CJ.Eura.Fln. 

‘'Acrum. Unite. 

1,CJ Fd. Inv. Tst. 

Vrrum. Units 

; Prices AUflUt.eD. 



288 

.-786 

489 

4.09 

US 

8.9S 


•: i* 


S«l detUsf September 8. 

■‘I Chieftain Trust 'Manager* Ltd-VfaKg) ^g|^*** IUa * 


578 -04 
409 a +D3| 
. -. 6U +0Jf 
868d -051 
94J -OJf 

12*8 -og 
7*8 -oa 
738a -OH 
1353 -IS 
2569 -2JJ 
. 8*4 
565 . ._ 

. 968 —071 
1291 -UB 
615 -oJ 
T5.7 ,-0 4] 


722 -08 4.46 
883 -0 7 44* 

144.4 -1J 
3023 -M 
1585 -0 9 
19*3 -18 
1875 -06 
1893 -08 
2*160 -3.0 
384.9 -1.7 
3998 -0.9 
3308 —1.5 
918 -09 
958 -0.9 
203.1 -1.7l 

-if 


1.71 
166 
186 
608 
4.0* 
347 
383 
759 
755 
755 
295 
295 
7 9* 
7 

1 *5 
1SS 


5 5* 
55* 
8.02 
*82 
1K3 
1.83 
392 
592 
649 
649 
409 
409 
4 67 
4 67 
396 
39* 


1 1 New 5UEC2M 4TT*. 


.- j y Vraericon 

- i Hifib Inrocne. 

-J luimtorioiialTst-. 




::;:* n*3te Itasree. TK42M 
Inca. Growth TsL.. 


2S.0 



lArcnmUiittsi-- 

^ a-'jasssja?- 

. ! 295 i Ac com. Unitst . — ■ 

«89 peoa Ex Vug 29 - 

MahuUfr Management Ltd. 

■I- Confederation Funds MgL Ud.9 iai . St urarpe's ww'.Sie>enacc. 04385610 

j , 50 Lhaacerv Lone WdAlHE - 01-2420282 Gwrth Lulls -155« M*)-l*) J07 

^ Growth Fund -|*J0 4ttl) - .. .) 1.9T 


'7:' Cosmopolitan Fund Managers. 

i Pont Struct London BW1X8E7. 01.385 88 =8 
rtranopol n-GULfd. [18.7 
Data book Fd (485 


Mayflower Management Co. Ltd. 

j+iacrefrhamSt.taravT.u' oi-mmt 
Income Aup. 80 ...{U3 4 117 3rtl . 1 748 

General Au£ 30.. . JTLJ 75.1 


Crescent Unit TsL Mgrs. Ltd. faKg) 


U| ^ kssstwk: m asa m IS 

Mercury Fond Managers Ud. 

30. Gresham St ■ ETZPSEJL . 0 1 -WO 435 : 



- 

•‘■."reSiHl^tDtel — 

iJSSiteirfei- 

Discretionary Unit Fand Managers. 
BloofieM SL. SCSI TAL. 0MS8«S5 
S' ii« Income IMJt-ltt A87 


aao 

m 2 

7U. 
765 

4.81. McrtExUii&r*— 2J3.7 
196 Afjm-Uti JalyJH. . 2838 


*JS 
• 15 
264 
2.64 
*32 
4.32 


Midland' Bank Croup. ' 

Unit Trust Managers UtLV fa) 
Caurtinwd House. bil«« Street. He*d ___ 
TeL 0742 7884: 


Sheffield 51 3RD. 

Ji's. F. Winchester Fttntf-HngL Ltd, 8ST5!ft*^-p« - 

-“^).)WJewty.EC2 • 01400=167 Growth. - -M* 

i 1 ) imcwinehoner^jui -j *.7J DoAcmn.-..-- 

^ .uwtwh'w-o'rt^id*. r n% j. ; i i« gSSSss^r Si 

^'ij Eirison * Hadley TSL Mngmni. Ltd. SI 

- /m VKnctwVt^.-i.W.i - • ’014897351 lnunutlaMl J*? 

>««aatt Dndliy TWIW.I - ; 7A2L ...J. 3« Do Aeram 51 1 

SqnHy & Law Un.'Tr. ailf (aKDWe'w* S2 

uncrahom Rd.: Hl«h Wj'wwnb* ,0»V 33377 p^Acepnr" , |W1 




4.90 
490 
2.78 
277 
2 98 

in 
6 19 
6.19 

2.17 
2 17 
777 
777 
5 49 
5«9 


■ • .fruity . ‘74^ 3,95 •• >Pnee» aiJoly.JV Nest deal I Hi Aucurt 31 


CORAL Oosc ASfrSOI 


s 

p |J« - f 
' b-T^ v"j p' 


lr*' 


XNSI1RANCE BASE RATES 

tp po por ty Growih-^—^ ...»•■■-■■ — -(..-itf* 0 * 

* tVacbraghfewranlscd. 


9°i> 


tAddrew 8h0W>t : under insurance BRd Property .Bend Tab)* 


282 3| -DC] 


-pjl 


Turwt Fine in -I a I 
TarcM Lijuif. 

3 2! Tetri Ev Vue 30 
0 10 4Ua Vit Unit' . 
138 Tur^n Gill Fund 
Tjryrl liroavli . 
Tarccl t"H 
lii Krint t'n»N 
Tortri In. 

T-* Pi V'i; 3u 
."A ln<- 
T.:i Prcl 
Tal Wrt-I i.il Sir- 

I 


3 65 
i :i 
7 91 

2m 
7 08 


LH^lmc- ijUMSSMl 
*2.71 -C.L! 1 37 

4i J -Si s 9j Unit Trust Account & Mgmt. Lid. 

•»** 614 KincWlll-.ambt 6c41invlt 01 -6=34951 

Friars Ilte Fund. . [161 8 177 0] . ( 4 34 

Older firth Fnd 32 3 34 ^ j 5 96 

to Airun 57 3 29Ji .. 1 3 96 



Wieler Growth Fund 
Kir.g William 51 EX'tRS.vR 
In romeU nU- ..'325 
Vi-mjm. Lints. [37 3 


0IC=3 49>: 
34 0] J 396 
39 3i . 1 396 


INSURANCE AND PROPERTY BONDS 


Abbey Lite Assurance Co. Ltd. 

I-3S- Paul h L'hurcbyant. EC4. 012*80111 


Equiit'Knnd.. 
EaultyArr . .. 
Property Fd 
Properly An- 
selmlvcluntf .. 
Convertltilc Kuiui . 
OSIoncv I und . . 

0pr«ip Fil Srr 4 
F.vtan Pd Ser 4. . 
fEiiuHy Fd Srr 4 
et'unv FU Ser t 
VJloney Fd Ser 4 , 
Prices ai vj* 


PK 

1501 

nsLa 

mi 

1321 
122. 1 
hz*.* 
1387 


Crown life Assurance C'u. Ltd.V Lloyds Lite Assurance 

Crcvm Lite Hx.. nothing Gl=1 ISW dou&MU TO. ill non S< F.'7=.'. 4'1\ 


rurMlai 


Albany Lite Assurance Co. Ltd. 
H.OIdBurlinfi'imSt HI. 


VGqum Fd 4 
-VFiscdlm. Va 
ffltd MuncvFii xc 
find Mwi.Frf Axm 
ffA’p Fd Ait 
•W plclnr. Vrr. . 
Eouii.i Pen Fd 8w 
Fixed IPcn.Aii 
5Td.Mun.Pen Vic. 
Inti Un PnFdArc 
Pron.Pen.Aci 
M'We ' ~ 


1994 
,1410 
115.3 
1135 

93 

f a r 

78 
90 

ISO* 

[1209 

. ,1241 

Inv Pen Vec [211 8 


41.4 .... -. Manc'd Fund Arc - 

31.7 — ManfdFd.lncm. . 

1511 _ Mans'll Fd Ir.il .. 

IMS — Fnmtv FU Arc 

388 J . — F«nilt> Fd I ncm. 

13* 1 — Fan Hi- Fd lntl . . 

129 3 — Properly Fd Arc... 

USJ — Property Fd litem 

1461 .- Properly Fd Init 

395 .Int T*l FA.Vcc . 

1188 - bit Tsr Fd In* m 

116 71 • Int T« Fd Inn . 

Valuation normally Fixed Int Ft! Vit 
1 »d InL. Fd tuvnv 
Inie/ 1 Fd Arr 
truer i Fd Intm 
Money FU Vr< . .. 

OMOTSWC Momn K.l Im-m 
Di-a td lncm .. 
r'njwnBn low 

Crusader Insurance Co. Ud. 

Vincula 1 1 im vc. Toni r IT .FV3 tU fUSBffcll 
fi»h IVpp Vug ■ ..|72 1 *121 | - 

Easrk* Star Tnsur/.Midbod Assur. 
I.TlircadnecdleM HC2 
Racte Mid CniU. |54B 


106.2 

1117 

-0 

- 

1062 

1117 

-0_i 

621 

104.8 

110 3 

-U.S 


1301 

10)3 

-0) 


:osi 

105 .J 

-fl 7 

560 

99 j 

IMS 

-13 


si 

1009] 

-0.: 

_ 

95.9 

1009 

-0 1 

807 

950 

99 9 

-0 

_ 

157 4 

115 0 

■17 

553 

107 4 

1131 

-12 


1064 

1114 

-1 5 


986 

1D37 

.0? 

12 53 

986 

303 7 

-Ol 

117 3 

123 4 

-onl 

3 91 

117 5 

123 4 

-08 


«67 

1017 


9 50 

967 

101 7 


1070 

112 6 

-01 

827 

163 I 

— 




Mil Gth iuit 81 
Up! 5’A‘Pr Aug 31 
UptS'.VRqi Auc.ll 
iimS'.VRv Auy.3l 
rjm.i.vstui \ucji 
U pt£*A'Dpt VugSl 

laindoD Indemnity & HnL Ins. Co. Ltd. 
1 6£i. The Forbun • Rwdins 31031 1 

UJ] -0 5] - 

si'jl 



Schroder Lite Group* 
Cnturprine House. PnrMmiuth 
Rquriv .'oi =0 I M5.7 


0705=7733 


Mmn Muiaeer 34 6 
M M Flexible 7 

Fixed latera>i . .. 134 6 ... 

The London & .Manchester Ass. Gp.0 pJ^ni-3 \Tic=»' [15S* 
Wip^lailePurt t-.r^cf PSK-SlMjj BS Pn.CpB Vufc =0 [1224 


Fnuily ; Vug 2P .1233.0 
LT|uil}'2Aoc.29 ..0272 
Fixed In! Aug 20. 139.0 
FIxedlntB Au= 29. 1494 
Ini UL tug 29 . .137 0 
K&S Gilt -Vue. 20. . 143 6 
K 6 Sr Aug. -JO . D21 4 
.Uncd-Rlv AugJ28 . (137 3 
MaaoncdSAag 29 151.0 
VIooih Aug. 20 .. 10*4 

MoDey3.Viic.S9 ...118 6 


.in finiwih Fund 

Cllev E\emr>! Frt . 
eF.vempi I'rnp F»t 


242 9 
143 4 
M2 
163 5 
1216 
1517 
IU4 
1004 


r 1 


AMKV Life Assurance U«L¥ 

Vlma lice. Alma Rti Brigioc HWBaleAOW 

ASIEV Manured 1451 

VJ!RV'Mcd?B . 1206 

AMtV lltaiey Fd. 105 9 
A.VIEV Kquliy Kd. U6 6 
,VMRV Fixed Im 92 5 
AltEV Prop Frl . 911 

.4 HUY Med Pen Fd 103.2 


01.5881212 pen Pei»Mt>n 
56BJ-01] 803 i nnv Iiftm.il 

Equity & Law Life Ass. Soc. Ud.V nSm.^wnte' 
.Vnicnbsiii Ros.tL High Bj-cumbe 04IH 33377 Fnnill} »J Bd ■ 


A.V7EY tfed-Pen a 
FlesipUo.. .. 


103 6 
1011 


152 9] 
127 0 
1115 
122 9 
97* 
103 4 
1087 
1091 
106.5 


Fr,uil> Kd . 
Property Fd. . 
Fixed imcreat F. . 
Gtd Dcpo-, 11 Kd 
MUi-dKd 


\ - 


01-7408111 


Arrow Life Assurance 
.10. 1- xbrtdce Road. W 12 
SeI.MCFdCp.Unt IB7.6 92 6( . . I - 

Sel.Mk.FdSt.L_m... 104.5 llfl.tt .1 - 

PeaMortFdEu 1135.6 139 M .. 

Pen M*d.yd— FI-. J11B.7 12Z.il - 


Barclays Lite Assur. Co. Ud. 

27C Hamford'Rd.. E 7 OI 334S&H 


1196 125 « -0 5 

1875 115.11 

1091 114 S -0 ? 

loo c ios2 

mo 11891-0 9 

General Portfolio Lite Ins. C. UcLV . 

00 Barth olDm-u l'i UuUhair l'n-» - HXJI971 J l iF a “ *'£ W.' 
PortfiiliiiFiinU.. _ I 147.6 I . i - 

Portfolio l apiraJ . f*2 J 4441 | — 

Gresham Life Ass. Soc. Ltd. 

2 Prince of Wales KU . B'mnuih fCJCC 767653 


mp 

oZxpr ln« T-J FU 
Klrvilile Fund 

lm Tran! Fund . .... 

rnopertj Fund | Ml | -9 

• :rd ttepunitKd . I 1004 | -01 

.M & G Groups’ 

Torre iftir.iv f..*rr IM! F'. Ill CBv UMEC 4S8» 

* 4 h 

m 

2000 . . 

1067 1121 -0 3 

,113* 116 £ 

S 155.0 -l tt - 

160 0 2601 

37 2 

m 

159.2 
"Aug 31 


BSPr.VvcB.Vui! 29.133 9 
MnPnCpB Vug 28 . 2078 
MnPn.WBAu/s.29 248 4 
F td Ini Pen CapB 97 2 
rxdlnt Pn.ArcB . 98 2 
Prop Pen v«pB 961 
Prop Pen Are B 972 
Money rc*i <‘ap B >961 
Money Ten Arc. H 97 4 
in.ervea.<4 |%2 


2454 
133.9 
1464* 
357 2 
144 3 
1465 
127 7 
144 6 
1539 
1142 
1248 
167.2 
164 b 
1285 

140.6 
2189 

261.6 
1824 
1035 
1013 
1024 
301.5 
103 6 
1013 


n my ■ 

’risi 
156 5 


'Irowth In* si 

loud Fd. 

Jeroey Energy Tit . 

L'njvjL 5TM S'.g. . 

High Int.Stlfi.Ta 
lA Dollar DwnnalMied Fds 
Lnixv-I ST*... .1515561 593]-304| 

InCHigb Ini Tst . |97B 3l*tH]-9.0;l 


1494 
2 51 
i99.0d 


-l 
-0 1. 
-KU 


300 
1 00 
t 50 
1 00 
12 00 


900 


Murray. Johnstone ilnv. Adviser) 

!63 Hope A; *'iia>cou »'8 <341-221 55=1 

■H.tm-F: Kd ; SI £*051 |-0>t[ - 

■Murray l ur.d | SUS1187 }-0 3l| — 

■V\l' Aug -am 31. 

Negit S.A. 

10a Br-uteiard B<x ai Luxembours 
N.VV Augu-.t :e .1 SC'Sll 99 j | - 


Value bepi 1 .Vest dealing September 1 

Brown Shipley Tst. Co. (Jersey) Ltd. 
r Bov aKL St Holier ferae (1534 74777 
Sterling Bund Kd l£997 1001 at ..[11 70 

Butterfield Management Co- Ltd. 

P u Box KB Hamrltun Bermuda 
Bulfreaa buuity |!US3«5 2 53i . ! 1 65 

iluiinexslnrunie .. Ill SI 91 IMi ! 7 39 

Pnre> ai vugurt 7 Next .ub day ben ll. 

Capital International S.A. 

37 rue Nutro-Damo Luxembourg. 

•.'ariial lm Fund.. ( SLS1924 | .1 — 

Charterhouse Japhei 

1 Puinrnoatcr Row. EC* 

Adiropa |DMJ0» 

Adlioriia _ . , 

Fondak - 

Fondls 

Emperor Fund . 

Hlspano 


Negit Ud. 

Bank nf Pcrmuia Bldg; 
NAV Aug 11 116 88 


Haim linn. Ermda 

- I I - 


Phoenix International 

ID Bov 77 s: Kcicr Pnr! Duernyei' 

Inter tMlar Fund 162 44 2 64| . . ,| — 

Quest Fund Mngmnt. (Jersey) Ltd. 
Pl< Box IW.xt Helier Jwney 053427441 
CJUMt Silc.F'xd Ini 195 6 10171 .1- 

wue>l Ini !HT- !s< *478 I»g . - 

uuotimi Hd Is'stri inn 1 - 
Prireal Vugiut.'il \«r»r dnjlmg Sepfemb*- 6 

Richmond Lite Ass- Ltd. 

48 Albol Street . Duufilao. t v> M 



01 -=40 3999 


4 74 
446 
4«3 

504 


• xVThc Sib or Tru **. 
Richmond F.onilO? 
Do riainnueCd. . 
Do Gold Bri . 

Do Em 07 02 Bd . 


1080 
178.2 
1265 
1112 8 
165 2 



881 

Clive Investments I Jersey I Ltd. 

PO. Box 3=6*6 Hdior Jeraev 0»34 JTjdl 
Clive Gill Kd <C 1 * 19.77 Atlas .. I 1100 
(.TlreGik Fd ..J974 97M - •! 1100 

Com hill ins. iGuernseyl Ud. 

PO Bux 157 SL Peter Pori. Gucnteev 
ItrtnL Man Fd . ._.J1T75 1W0] *9.01 - 

Delta Group 

FU Box 3012 Nmmu. Bahamav 

fella Inv Aug. 24 I11S2J9 230| 4 - 

Deutschrr Investment-Trust 
Pmataeh 2885 Biebergan-o S-lOCPOd Frankfurt 
::oimnira., _ .. . ipioon nuj-BIfl 



Rothschild Asset Management (C.I.) 
PO Box 58 S: Julians Cl. Gucnuey. 0681 28331 
OC.Eq Fr Aug 31 . 
i.'.C.Inr Kd Sept I 
•JC lntl Fd f . . 

OC SmCaFriVufPl 
OC Commooiiv 
U C. Dir CoDidu r 

■Prlrei on Auput „ ... 

IPm-ca on Vugu* 21 Next dealing Sept. 7. 

Royal Trust iCli Fd. Mgt. Ltd. 

P D Box IM Royal Tit K->e . Jcrsev 0534=7441 
RT.Ini lFri . W'9978 11411 I 3 00 
JIT Inn iJw i Fd no 990] I 321 

Pruev at Aug 20 Next dealing September 5 S 


-11. Next dealing Sept- 2K 


Int Renienlunds ]l>X6l 14 


1-0401 - 


Save & Prosper International 
Dr-ali rig to 

37 Broad Si Si Holier. Jen*-* 


0334-30501 


r.th hrnd 
Inirruritul Bund” 
M-vniiRep Pd ■■• 
Propcrt; M— 

C‘. VtefrfFd Rd- 
Re-in vr? K >1 r il ■ 
Anw-n. ,-..i f d Rif 


62 2] 
■•■■•eniwiiiier I 


Scottish Widows' Group 
PD Buy B 02 Edinburgh EH I03BU. ntJl-®30IKiO 


Im PI* . Series 1 . 
Ini Pf.. NenraS - 
Ir.vA'oiihSep; t 
F.-.llAer Vug 30 
F.xCUni* Aus TO 
Mad Pen Aug an 


1110.1 
1839 
909 
1458 
142 3 
[278 9 


uo.u - 3 : 
104.9 - 3 ' 

mi -os - 

152 tt -1 Tj — 
148 2? -IV, - 
27591 


5 5[ - 


it L losIi Fund ... 
u L Eiiuiu Fund- . 
t- L GIB Fund... . 
fiL lntl. Fund . . 
G.L PptJ Fund 


976 
114 2 
113.1 

124 8 

975 


102 7| 
J20.r, 
J19 1 

Ik 


Prti-r. on • Vug 3fi 
Merchant Investors AssurancrV 
twin ll«v 233 Ki;l> bl . Uruy don 
Property . 

Proprrsy l’em 


K9111D 
Equity Pern . 
Mon*." Hanoi 
Sunr. MW i'«* 
Depoul 
Drposil Pens 


Bnreloibondu* . 

Equity . . 

iJiF-cdeed 

Property .. . . 
Managed — — i- . 

Moray 

Man Pcno_Vcnim. . 
Do initial . . . _ 
GiltEdcFena act. 
Do inltlaJ . 


130.0 

123 0 

110J 

1089 

1135 

99.6 

103 0 

999 

974 

&4 4. 


1J6 B -1-3 
129-3-7 4 
1363-3.1 
114.3 


U9J 

10*9 

10851 


105.2} -1.3, 
1086 


99.4 

107tt 

103) 


-0.4 

-3.2 


Growth & Sec. Life Ass. Soc. UtL¥ . .. 

H rtr Bank. Bra; -on-Thamra Berks D02B342BI y n^:' 

Flrxible Finance l CUB58 . .1 - 
LamfliMh-Seea. .. ) 5431 .[ - In Mansr»d 

Land bank Sex Acc.1162 1193 . I _ 1.... " . ... 

Super F'd .1 £7910 . .) — NtL Pensions Ltd. 

Guardian Royal Exchange Miu«*n Court. OorKint^um-} 


Rprol Earhangc. EC.9 

Property Banda _ . |]*4 6 192.3 . I — 

Hambro Life Assurance Limited 9 
row Park Line. London. WI '01-4900101 


Oi-sciTie [Volcx Eq.tap 
111 2S&.HJ7 yjptex-KjJ Art ill* 
Se'rt Mnnry t ap 
Nelrv Mon An 
Me* '7th InrCap 


l>84 

,U15 

53.9 


Money Peas. Are ..[1016 

Da Initial )97 9 . 

' turrmi mu' value September 

Beehive Life Assur. Co. LltLtt 
71. Lombard St EC3 01^231286 

Blk- Hone.. Sept. 1. 1 13485 j . .. | - 

Canada Lite Assurance Co. 

2-6 High SL Pouen Bar. Hens PBar 31122 
EqfyfitbFd.Sepl.4 I >14 J+1J}.- 


Retnn. Fed. Aug- ' 


1338 


1- ixed Int Dep 

tqgii> 

Property 

Managed Cap . . 
Managed Art .. 

Oicrseu. ... 

Gilt Edged . . 
American Ace . . 
Pen F.l Dep Cop 
Pen F.l Deo Arc . 
Pen Prop Cap . 

Pen Prop AA ... 
Pen Alan Cap 
Pen Mnn Vre .. 
Pen. Gill Edg .Cap. 
Fcn.G1HF.dg Ace 


126 3 
1903 
R&4B 
'1488 

183 2 
1287 
1254 

184 2 
1287 
1511 

2169 
280 7 
1238 
129 8 


Canooo Assurance Ltd.¥ 

. Ob roptcWy. Wembley KAG0NB 0I-WSBB76 


Pen. B.S. Cap 11264 


rrvpwiy l hub- - 

EtputyBeod/Rver. 
Prop- Bond 1 Ei ce .. 

BaL Bd.’Exor, l-'nlt 
DepMKBbmf- ...... 

Equity Acrum. 
ProportFAeeuin.. ■ 
Majid Arrum . . 

Snd&uitr 

2nd Property 

2 fid tUfctefc «C.^_ .... 

sissr:. 

Eq p«iv ace . 
Peo»Aee. 

Pens Aec| 

_ Pm. Aer, 

Gib Poos'Ace. 

LfcKSXF .. 

L6ESJF2 |280 

Current 



,rJ 4 

14 32( t60t| 


143« 


108.02 
£10.78 

02.04 
0333 
0351 
1222 
187 
02.99 

3 653 
992 IMA 

1062 11Z.4 

1006 10651 

976 103J} 

90.7 96M 

1016 1073 

1185 1169] 

1033 i ms 

U0 3 106T 

909 962 

39.5 4IB 
30.S 


rOKj 


1367] -*0J, 
-0^ 


-o: 1 

I 


-0 5] 


Pen Ace. 
Pen D.A F Can 
Pen. P AT .Vci : 


1438 


103 0 
1052 


1330 
2004 
173.5 
155.1 
192.0 
135 5 
1321 
1097 
1355 
ISU 
2175 
201 4 
2284 
2955 

1367 

3?:i 


NricxCthinc Vrr 155 5 


Art Mxd Fd lap 
N« Mxd I'd A. 


W! 

Nl 



Solar Lite Assurance Limited 

10 Ely Hlare I <«idnn F. ll |*» 8TT 01 2-TJ JSOS 
Solar Managed .9 . 

Solar iropert; *i 
Solar Equity b 

0! riOBB17| '-■Mar K*.d int S . 

Solar Cash* 

_ Sularlnti S 
_ :«*lnr Mana.-rd P . 

Solar Property P 
Solar Equip P 
_ •itilarFxd Im P . . 

SolarUa«b P . . . 

_ Solar lntl P 

- Sun Alliance Fund Mangxnl. Ltd. 

J. Sun.Vtlionie Kouve llurrham (H03G4I4I 

Ex p.Fd1nt Aug 0.111562 162 81. I - 

Int Pn.Aug SB ..| L1443 1 .J _ 

-3011 

- Sun Alliance Linited Life Ins. Ltd. 


1314 

138 4 

-321 


111 0 

U9.q 


_ 

1714 

1WS 

-IB 


116 6 

122N 

-0.2l 



1010 

107.3 

-oa 



102 2 


-ca 



131.0 

J37 

-os 



112 7 

118.7] 

[ 


171 D 

180 1 

-D« 



U6J 

122.5 

-OJfl 



1008 

107 3t 




1022 

108 6] 

-0.8 

- 


sun Vlliante HmiaC Horsluun 


.Next Sun day September =5 
NPI Pensions Management Ltd. 
ta Dnu-irhun-h >L EUIP3HH - 01C3 4JOU 

Managed Fund . 1158 5 1651] [ - 

Pnf« Kepi 1 Next dealing On 2. 
New Zealand Ins. Co. (U.K.) Ltd.V 

Maitland Huu-e r'l-nil fund SSI ‘ilS 07326C9S6 


Equily Fund . 
rixedlmerntFd 
Property Fund . 
ImernationaJ Fd 
Deposit Fund . 
Managed Fund. 


,1289 
,1068 
IXL1 
187 3 
W77 



Drej-fus Intereontincata) Inv. Fd. 
I'D Box Nsnil N'ouou. Bahama-- 
NAV August 31 tc-1MS155« -17591- . I — 

Etnson & Dudley TsLMgt. Jr*>'. Ltd. 
P'.' Bux73 Si Holier Janet OKHiiWM 

EDICT . . 133LD 13951 . . | 3M 

Eurobond Holdings N.V. 

Handdykodc 24. Willemstad. Curacao 
Uoadaa .VaenK Intel U Christopher 51- ECS. 
Tel. 01-24* 7I4S. Telex.- 8814408 

NAV per share September l Sl'SSOW 

F. & C. Mgmt. Ltd. Inv. Advisers 
1 a. t-ournneu Pountney' HUI. ECVR OB.V. 

PI -0=3 4G0O 


umw-uniniiiiuipi rum- 

f xd Ini 19 33 4 891 

natnr-1 79* B54 

huaorn-J 51 40 5557 

li Anwnran’X 4 08 4 42 

s-“ [l5 57 17 02 


15 Uoliar-deBNiilnaird Fund* 

Dir Fxd Int 
Internal Gr - 
FarEaaoni' 

North. 

Sepro" 

Steriing-dramdiuicrf Food* 
i. hunel Capital* . 2*5 9 258 * -1 

Channel Island** 151 8 159 A -1 , 

Coromod-”t 1276 134 *1 *05' 

rSi Dep-rtlt 1008 

St Fixed— t 114 3 120.4. 

■Prices un August 3ft "Autuif 30 ■•'August 

tiniunl otter jvkrrkly Dealings 

Scblesinger International Mngt. Ltd. 
41 LaMnneSl S( Holier Jcnet 053473588. 


731 


IS 

825 

1150 


Cent Fd Aug 33 1 SUS629 


I - 


Fidelity MgmL St Res. (Bda.) Ltd. 
PO Box 670. Hamilton. Bermuda 
F-.iielit] Am .Vox 
Fidelity Int Fund 
Fidelity Par.Fd... 

Fidelity IV rid Fd .. 

Fidelity MgTut. Research (Jersey) Ud. 
M merlooHy? Don 5L.SL Heller. Jersey 
0534 27361 


on- tiormuaa 
3US30.17 I | - 
SUS2611 ,-0*2[ - 

JUS55.8* I 1 
5CS17J20 f-00j[ - 


Series A’intnl 
Senea B ■ Pacific 
5*nc« D -.Vm 


(451 
CMO 
120 73 


Sun Life of Canada iL'.K.) Ltd. 

=. 3. 6 Coc'wqoir Si_ SWIY 5HH Di5Q(l54<J0 
Maple li.Grtt). [ 213.6 

Maple tj. Mangd 3382 

Maple Lt.E^x . 137.0 


Per*nl 


211 8 


Kimi Key Inv Plan 

1506 

155J 


Small Co h Kd 

XO0.8 

1061 

-1 3 

rivhnolum Fd. . 
Exiralnc Fd 

112 7 
98.0 

118.6 

1032 

Americon'Kd 

U4 9 

120 9 


Far La-4 Fds 

1223 

1287 

*2 1 

Gilt Uiitd Fd 

104 4 

109 9 

•♦P.l 

Con Dvpor.it Fri 

975 

102 6 

•D.l 


Heart)): of Oah Benefit Society .. 

15. rr T»« iwock Place wetH 0SM 01*187 5030 4 Voranch VHI 3NG 

Huns oi Dak - |37 2 » 51 . :.l — Managed i urai l?103 

Hill Samuel Lite Amur. Ltd. 97 

NLA T»t. Addin: pm be Rd . Cray 01 4B6 1355 t!' xed Ini F und . 


alue August 31. 

Capital Life Assurance* 

Collision Hmi oe. Chapel Ash w ton O00SSB511 
Key Invest Fd -..-I 10677 j..|_ 

Pacemaker lav Fd .} 106 06 I .... ! - 

Charterhouse Magna Gp.¥ 


♦Propcrtj L'nit* 
Prupery Mrle* A 
Moxiofied Units 
Manogicd Series V 

Managed Seri ev l 
M oney Unite. . 
Money Series V 
Fixed Int Ser A 
Equity Series A . . 
Pax. Manured Lap. 
Pns. Managed Ace.. 
Pna. GToed. Cap . .. 

Pns GTeed Ar>- 

Pens Equity Cap.- 
Pen* Equity Are .. 

Pna Fsd lnt Cap_ 

Pas FidlM-Acr.. 
Pent Prop. Cap . 


1359 4 
1043 
173.8 
ID2.1 
998 
1216 
983 
>93 1 
950 
1471 
1563 

1064 
1131 

1065 
1078 

§! 

Pens Ptopl Air (972 

Imperial Life As*. Co. of Canada • 
Imperial Houw. Guildford. 71253 

Grt F'd. Sept I _ ,,[75« 



.0 J' 


Target Lite Assurance Co. LltL 
Torso; House. Gatehouse Rd, Aylesbury. 
Burti Aylesbury - 0296' 5941 

Mlta Fund ini' . . 

Man Fund Ace ... 

Prop Fd. (nr .. . 

Prop. Kd Arc. . . . 

Trop. Fit Ini . 

Fixed lot. Fd Inc. 

D-p. Fd Are In-- . 

Hrt Plan Ar Pen 
RL-LPlaaCap.Pen . _ 

Hot Flanllan.Vrt ..{131.6 
Ret J*lo.iy|an.Cap . [1203 
’lilt Prn Aeo 
Gill Pon Cap. 


Norwich Union Insurance GroupT 

0GU322200 

. . _ 229 M -0J1 - 

Equity Fund. . |3M3 37B.2 -llj 

F'ropenyiund . ,130 9 1377 

Fixed Ini Fund . 1153 2 161 2 

Deposit Fund . 1066 112.2 

•Nor i 'r. it Aug lj I 223 8 
Phoenix .Assurance Co. Ltd. 

4 5. King ml iiiiant m P'.APiHTt 01-6=65870 Transinternatvimal Lite Ins. Co. LltL 



v.miltli V.<» . . .11166 122^ 

Eb .- Ph \vv 83 1 

LOT Wi bq.E 1811 854] 

Prop. Equity & Life Ass. Co.¥ 

119 Crawford etrmd W1H2V8. 01-4860857 

H Silk Prop. Bd . | 184.6 

Do Equity Bd . 794 

FlearVlnncj Bd ! 1514 

Property Growth Assar. Co. Lld.V 


A z 

V 

1-48608! 

t-i : 


01-W56497I 


2 Broom Bldg.- EC4IM 
Tulip InnKB Fd . 1152 6 
Tullp.Maugd Fd " 

Man. Bond Fd . 

Man Pen Fd i.'-ap 
Mon Pen Fd Vcr 
Maned Inv Fdl cl I 1035 
Mngdlnv Fd-Vcc [1039 


Trident Lite Assurance Co. Lld.V 


i .1121.1 
. . 1255 
»p 129 7 
rr 1381 
:ii tnx4 


_ Leon House Croydnn CRB ILU 01-0800606 Repslade Houre. Gloucester 


Siepheiteon Hk, Brunei Centre. BlrtchJey. Peu.FUStK.1 . (101 


ISliUio Eryoeu 
."hrthse Energy .. 
i;nt<h«. Money 
.'hrfjue Managed - 
Lhrthse. Equity 
Magna BkL Soc.. _ 
stag a u managed 


393 4131 

094 31 « 

42. 

■P7fl 39-tt 

1316 
150 6 


, . ... S2:iSI_ 

1=72 L'mt Lmked Pordolin 

_ Managed Fund .. ..197 9 103tt -1 5] - 

_ Flxedl nt Fd W6 7 fll-5 -.5il - 

d B 


60IOA1S72 


City of Westminster Assar. Co. Ud. 

Ringaead House. 6 Wbiiehonut Rnad. 
Croydon CR03J.V 


Secure Cap Fd .'.[969 
Equity Fund . ... |U0fl 
Irish Life Assurance Ca Ltd. 

! I. Finsbury Squat* 

BlueChp. »«pi I . ..179 2 
Managed Fund .. 1238 3 
Exempt Man Fd US 


Property F und 
Prop^ri. 1 - l-'und - A- 
Agricultural Fund 
Agile. Fundt A i. ... 
Abbey NaL Fund. - 
Ahber Not Fd ..V- 
Inveximem Fund 
Iniestmem Fd -.V ■ 
Equity Fund.. 
Eqoil} Vund‘A> . 
Money Fund 
Money Fundi A’ 
AetuMrial Fund 
ifilt-cdcei.' Fund 


West Prop Fund. 
Managed Fund - 

EqulteFund 

Farmland Fund.. 
Money Fuad . . . 
Gill Fund. - .. 
PC LA Fund. „. . 

Pens- Snfid. Cap 

Peas Mngd, .Ace. .. 
Pen* Moan? Cap. 
Peas- Money Act - 
Prttf- E<T»ily Cap- 
Peas Equity Arc. 

Fund rurremly c 
Perforin Units. ... 


liiS 

»! 
124 S 
625 
1712 
1118 9 
jl24l 
[47.4 
M95 - 
588 
1*1 4 


UI-OBHaSM Gill-FdgcdFdi 
1341 1 5 08 •HcLLW.Annulir 


247 7] 


01-684 PEtH. Prop. Mud. SepL L.[1C1 

(42 — 

1914 , 

64.7 —0.6) 

8LI 
131.0 

65.7 «0Jl 
174.6 
1261 . 

130 6 . 

492 . 

52.1 ... , 

61.0 -0.^ 

64 tt -0-1 

osed id new i meal men I 
2184 I 


115 « 
191.fi 
210.41 


_ 61mm cd Ann'ty 


1899 
183 2 
769.2 
7625 
155.4 
1552 
69.8 
695 
IM 9 
179 0 
1419 
1411 
115 9 
1231 
1236 
IB 7 
1475 


t _ 


.10 
-1 D 
-15 

*02 


Managed . . 

Gid Mg’! — 

Property 


|128 6 
148 8 
[15L3 


045236541 


— Equity American -g*L7 


f All W'ciUherfap 
Wn» Fd.L'te. .. 

- _ , PenwonFri ll? 
01 8E3WK f.'qn* . Pens Fd 
103 321-010] - vox Pn-_ i. ap L 


Prop (irntb Penxlau & Annuities Lid 
All. W riter Ac i ujl^* M2.5( 


City WestmiDBter Awsar- 'Soc. Ltd- 

Telephone 01-65+ 060+ 

First Chita. _[123 3 131 51 ....[ - 

Property Unite. _ t5*J I - 


Prop Mod Gift .. .11999 
King St Shaxton Ud. 

52. ComhUI tC* 

Bond Kd Exempt 110197 101)Z|-OlOj _ im rn=. xap 
Sral dealing date sftt- 6 Von Pen* Fd. 

Laugh mo Lite Assurance Co. Ltd. Prop PenlVtT L t 
Laugh sin H* Holmbraok Dr. NW4 Ol-XaSli) Prop Petat an v:* 
LgDghaio'A Plan. .1651 U6j ... ' - Bdrt iSoe Prn l L 

VProp Hand Ml 8 1511. .[ - BldfiSoc.Cap.Li.. 

Wisp bPt Hu Fd ms.7 tf« . I - 

Legal £ General (Unit Assur.) Ud 222 Sisbapsgote fi.ji 
K ingstruod !Touse. Kiugwoud TadupniL Proi .ManacpdFd ;1G? 
MUrrev KT206EV ‘ Burgh Hrrnh 5Ua8 Prw Cash Fd ’1856 

"FundM 1377 


1422 

131.4 

1490 

131.7 

1487 

1362 

1482 

134.3 

1328 

1212 


ms 


— IK £t»ii| Fund 
Hiob Vield — - 

— r.ih Edged — 

— Money - 

— Imornaljofiil . 

Fiscal-. 

Growth Lap— . - 

— Growth Acc. . ... 
Pens Mngd Cap 
Peas Mngd \f 
Peus.Gld.0e-p.Cap 

— PetiiGld.DejxAw 

— Pen? 13V vap .. 
rens.lty At 
T rdl Bond -™... . 
■Trdi G I Bond 


,134 b 
142.4 
122 9 
124.0 
-1075 
1300 
1276 
1322 
119 7 
1254 
p03« 
1084 
315 4 

ft209 

371 

99.2 


116.21 
157 U 

1M -3 • 1 

91.9 -0*1 
12Lfl -D-3T 
isott 
1302 
330 6 
2-13-91 -D 5] 
137.7 
133.1 
1408 
1267 
132.1. 

109.6 

^ii 


Provincial Life Assurance Ca Ltd. 


•tush value (nr LJ00 pretruum. 

Tyndall A&surance/PensionsV 
18 CaityngcHoad 
3-Wav August 31 
Equity AuglUtSI 


Deposit Vug. 31 ■ 
3-ttu} Itm Jul; 3ft 
O senalr.i Aug. 31 


Coonnercial Union Group 
St Heien'tx I.Undnrabuil.ECH. 
VrAnAcUl Sept 1 5996 

Do Annuity Cu | 1900 


k ar.lt InltlaL 

Da Acrum 

Equity Initial 

.... f — Do. Accum. 

- Fused lalUal- 

Da Accum. . - ... 
Hill Inn 111 .. . .. 
Do. Aremu, _ .. 

81 -as 7500 Managed Ittluhl... 


till = 


Do Acrum .... . . 
Property InlUai [996 


Do Ap'UlU. . _ 


102.4 


183 
134 , 

m 

mil 

114 5 
1286 
IJltt 
105.ll 
101 tt 


•O.i 

- 1.1 

-0 

-0<t] 

-C2 
•fl.I 
-C " 
-O 


Property Fund , 
Equity Fund . . 
Fxd fr.t Fund- 


[967 

w 


1294 
1113 
124.1 
1919 
114 2 
lOLtt 


U1-2+T0533 Ufl.PnB W Aug. I 


-0* 


Hniaol 

0=7232241 

! 1272 




176 3 


_ 


1676 




1058 

, a 

nr - 


1289 


_ 


148 0 

. 

_ 


84 D 




1742 




27)8 


*. 


1800 

"" 



870 


- 


Prudential Pensions Limited^ 


Hnlbon: hara E.*jvaNR. 


“ Do Prop A'Jfi 

- Vanbrugh Lite Assurance 

- 4l-43MhddnSl.Ldn utRBIA. 

Manufiml Fd. ■ . -151 1 


«c.:j 

.\*5 ■) 

FLrat Mking Commodity Trusts 

n_St v-ecrar jhl DoucUa. l .o.M 
na=4 4682 Ldn Agts loin bar & Co Ud 
Till Mall London SW175JH O1-B30765T 
faVTLCm.Trf .B«7 365*1 J 2.60 

Fst v k.DblOpTst . |710 76.fl I 4 00 

Fleming Japan Fund S.A. 

37. rue N urn- Dame. Luxembourg 
Fleming Augu«3l | sr562 75 | .. 1 — 

Free World Fund Ltd. 

Bulteriie'd Bldg.. Hamilton'. Bermuda 
NAV July 31 | SL SI 90.79 | .. .1 - 

G.T. Management Ltd. 

Port Ht. 18 Finsbury Circus Lnndoc LTi! 
Tel Dl-028 8131 TLX- 886100 
London Agents lor 
Anehor'B Calls- .t 
Anchor Gilt Edge [ 

Aurhorlnt Fd . . . f 
Anchor In Jsv. Ts L 
Berry Pa,- Fd . ... I 
Beny P»r Slrlg . . fc 
G.T Ail- Fd. _ 

GT Vaia Scerliofi. w 


SA IU (81 86 

SAUL n.95 0 97 

•JittFd .. . «24 226* 

lntl Fd. Jersey [114 120 

IfitnJ Fd Lxnihrfi. [Vll 68 12.30 -002, 

■Far East Fund. 107j . 

■Nut sub day September 6 


Schroder Lite Group 
Enterprise Hni>v Punvnnuih 
International Funds 
C Equity .. . 1189 12641 

SEquitv. . 142 4 351.4 

EFjied (nterest . 1J97 148( 

iFixed I mere* l . 1063 113.8 

i Man ajod . . 131 6 148 0 

SMonaged . 324 1 133 0 


• 43 
464 
12.17 
306 


07n5 2T733 


J- Henry Schroder Wagg & Co. Ltd. 
120. Cheapbide EC 2 01-68840M 

fiSStvf^ai 1 ***» ! - 011i 231 

Asianfd Aug.?) 

ParlirurFnd . . 

Japan Fd Aug =4 




, IS22J* 
[SA198 
lit 57 99 


01-61 
57 1-011) 

arj .1 

2.1Oj-001| 
. . 


2-38 

4.90 

047 


G.T Bond Fund . 
ti.T Dollar Fd 
G T PartficFd 


iLS: 15 212] 

&T7 983-0 01 

1 Si 14 S«U 
a 2 32 3 «D 

51 S53 W 
B1M 335 TO 
'IteUW 1158 
1653 177? 

5USU7B i-OCil 
SI 37 J4 J-D01 
Li1l«S -*M 


193 
12 92 
1 93 
242 

0 74 
090 
152 

1 13 
540 
065 
095 


Sentry Assurance international Ltd. 

T*u Bex 32ii Hanuliui 6 Bermuda 
Managed Fund . . |Sl'MCU 20tt . — 

Singer & Fried lander Ldn. Agents 

2u. '-'an non Si . tC4 ilt-249 0648 

Dckafonds . |l«267« 21 ffl* 0.191 6 02 

TnliynTut Scitf 1 .1 fl'S 40.00 l*aW( 155 

Stronghold Management Limited 
I" •J Bov 313. SL Holier Jers-c; Oi.-4-TI4flO 
Conunadny Trust [SO 13 94 87] .J - 


Surinveqt (Jrrsey) Ltd. lx) 
liueviu Hie Dnn Rd 3! HeJler.J 
Vmcncon IndTq . h'792 
CO! -per Trust [£11.37 

Jap Index Tit JL12 56 


053427349 


llfcfj-D III ; 
11 7*1-0 lj{ _ 


Garlnwre Invest. Ltd. Ldn. Agis. 

ist Maiy Axe London. LC3 OI MBai'Jl 

Goruiare Fund Mtegt 'Far East) Ltd 
J30S IluXThiuno Ilae 10 Harcuurt Rd H Kune 
HE* Par V Trt. KPE*n| IjH-JJ--? 1H 
JjtMoFd ..pL'SlSteTg UM5d . I 060 

N Amcnean Ta — ursuus 13*53 1 1.50 

lntl Bond Fund... .piNUZJ llftcj . 1 5 70 

Gortmoee Imnmtnl MngL Ltd. 

P«» Pox32 Dougteh to>L 002423911 

Gael noire lull Inc 23 4 2491 I MOO 

uonmorcluil Grth|65 7 69.M | 160 

Hambro Pacific Fund Mgrat. Ltd. 
2110 Con an light Centre. Hung Konfi 
Far Ea»t Aug. 31 .18105.72 ]|U J - 

Japan fund libMJJ — 

Bambros Bank (Guemseyi LU U 
Hsusbros Fd. Mgrs. (C.I.) Ud. 

P.0 Box 88. Gucraxcy MSI =8521 


K t Fund . . . 156 3 

’nial. Bond Si's m 13 
PL Equity JL 1 6 12-33 
lnl *ja. A' JCS 1.05 
mt Sig.< -E 5 UVl 24 


IUlS 3 70 

131471 8 56 

mil lm 

LOtt 8 50 

LJSh 1 50 

Price* on August 3t) Neat dealing Se pteuiber 
6 

Henderson Baring Fund Mgr*. Ltd. 
6M GammoB Hou=c. Hong Kong 
jpium Kd AUfi.30. JILS22 53 23 M 1 

Bonne Hrf>a Bond rd Sept SLM0.S& 
■uduyne of an:- prelim ehar^cn 

HilI<Santuei & Co. (Guernsey) Ltd. 

8 LeFebirc SI, Petur Port Gucru^. C.I 
GumirtjTiit 1163.9 175 4] 3.41 

Hill Samuel Overseas Fuad S.A. 

Rue rioLre-Dome Luxembourg 

Btssn 3 5|-i) M| - 


TSB tail Trust Managers iC.I.l Ltd. 
HauuteilvR-i.St '>unour..»ervei QU4 734M 
■1*1*49 Fund |50 7 S3 4nS 1 4.49 

om-nuev Fuml .. JS0 7 53 4n| | 449 

Prices on August 30 Next rub day September 
6 

Tokyo Pacific Holdings N.V. 

Intimis Managemc.11 Co N V Curacao 
NAV per shore August =G SL'irt0.45 

Tokyo Pacific Illdgs- (Seahoardi N.V. 
Intimi:- Managenn-nl i*u V V Curacao 
NAV per nharc Auitud 28 IL'SSl XI 

Tyndall Group 

P.O. Box ISSD Hamilton 2. Bermuda, 2-2750 

Gii'ractoAuc.W ..Bl-Sl a 

1 Arrum. Unit- 1 .RxM97 
3-W'aylnt Aug 17 (514777 
SNrwSl . St. Ilrltrr. Jmcv 0534 3733IQ 

■KIKM. \us.3l lioaa 8751 600 

■ )ivum SnariH-i C12 95 15 90 

•XiTUTli-an Xug 21 93 5 100.0 7 00 

> An-um K-hare-.i . 935 100.0 

J MV.V Kd. Aug. 30 2174 m b 6 83 

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nil; Fund Au; 30 . lose 1BSB .. Jill 

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Managed Aug IT ]135.4 142.h , 

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H. Muli-a*4cr hlrerf. Si Helier. JerMri 
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United Slates Tst. Inti. Adv. Ca 
14 Hue 4ldrmger Luxembourg 
l i Tm Ini Fnd .i 513J2 (-0 031 0.88 

Net aSAPls August 31 


— Fquit Fd 


167,9 176 3 


187 4 1971 


4096 


77.8 11.6 


77.8 81 


WJ 


2066 


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staffed Mnfid.Pn. . 

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frop^iiyPenjaon 

ComhUI Insurance Co. Ltd. 

U. ComhiiJ E'c 3 01-0285410 

Cop F*b Aug. 15 .. [1365 — [ .. . | — 

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Credit & Commerce Insurance 
l=aBtH!«l-«.LOflde" tt 5R5FE. 0M39?O$1 
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Exempt Prop. Inu 
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World Wide Growth Managements 

I'M Buuic-ari Nnral I uxpmNiurs 
H'nrlduide Mb Kd| Sl'S16 79 I-0.S1I - 


NOTES 


orptnlum cvcqK whereindtrati-d I* und are in tVftiM urlexs Mheraise 

Lrtl5*.all l4*t column- a le* lor all liu: me C.\i*.-rv»-.- a Ul/erv>l pnr« 

rocluiK oil expends * Today * prlp« r 1 leid based on offer pile* 0 Estimated t To- dm > 



t lieid btiuro Jerntt Ua. t EX'fUiiiim&iuii. 


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% 
184 
0.9)1143 
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47*2 35 
102' 74 
82 68 
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P 

87 



Planning and 
Compensation 

Knight Frank&Rutley 


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me. 

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4.77 1 

4.06 1 

340 1. 

25 4 

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1393 
147 
203 
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274 1 

3.81 1 

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itS*iensi»ii)£l. 






COPPER 

| 70 [Messina ROJO | 86 I — l*Q30e| 19! t 

MISCELLANEOUS 



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29.6 

111" 


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TEAS 

' India and Bangladesh 





S 




m 


EASTERN RAND 


m 



NOTES 


Unless scherwise Indicated. prfra and M dhrtdsada am la 
pence and detwniiiations arc z sp. BaftnW price/earnlnjc* 
rail** and coven are bated on latest annul reports and nemutn 
ind. where possible, are updated on half-ycarty figure*. HBs am 
calcabld an the teat* of net dbtribWtMi; hr a c hete d rigirri 
indicate II per cent, or mere dlRnton If calculated m “nit* 
AstrihuHsn. Cavers are baaed on •‘martimmr d dri lwi k B. 
TMdp are baaed on ndddle prices, arc gross. adjusted to ACT of 
M per cent, and aQaw hr nhe of declared distributions and 
tistu. Securities with denominations other than sterling am 
looted inclusive af the Investment dollar premlam. j 

a Sterling denominated securities which include investment i 
dollar premium. 

• “Tap" Stock. 

■ Highs and Lows marked thus have hen adjusted to allow. 

for rights issues for cosh. 
f Interim since Increased or r esu m ed. 
t Interim since reduced, passed or deterred. 

U Tax-tree to non-residents on application. 

I Figure* or report awaited, 
tt Unlisted security. 

* Price at time of suspension, 

I I ndicated dividend after pending scrip and/or rights Usual 
cover relates to previous dividends or fo reca s ts 

♦ Merger hid or reorganisation in progress. 1 

4 Not comparable. 

I Same interim: reduced final and/or reduced earnhigi ■ 
Indicated. 

f Forecast dividend; cover on earnings updated by latest 
Interim ststananL 

r Cover allows far conversion af shares not now ranking for 
dividends or ranking only for restricted dividend. 

X Cover does not allow for shares which may also rank for , 
dividend at a future date. No P/S redo usually provided. 

P Excluding a final dividend declaration. • 

P Regional price. * i 

II No par valve. , 

a Tax free, b Figures based on prospectus or other official 
estimate, e Corns, d Dividend rate paid or payable on part 
of capital; cover based on dividend on fan capital, 
r Redemption yield, f Flat yield, g Assumed dividend and 
yield, h Assumed dividend and yield after scrip issue. 

) Payment from capital sources, k Kenya- m Interim higher 
than previous total, n Rights issue pencil og n Earnings 
basod on preliminary figures, s Dividend and yield exclude a 
special payment, t Indicated dividend-' cover relates to 
previous dividend. VIZ ratio based on latest annual 
earnings, n Forecast dividend: cover based on previous year's 
turnings, v Tax fret? op to 3Dp in Uw £. w Yield allows foe 
currency clause, y Dividend and yield baaed on merger tanas. 

i Dividend and yield Include a special payment: Cover doeanot 

— [ — apply to special payment. A Net dividend and yield. V 

— I — Preference dividend passed or deferred. C Ca n adia n E Issue 
? M 55 price F Dividend and yield hosed on prospectus or other 
6 71 65 oHtekU estimates for IBTSMMX. G Assumed dividend and yield 

* after pending scrip andfor rights issue. H Dividend and yield 
based oo prospectus or other official re tl am wa far 
LPTST9. K Figures based on prospectus- or other official 
esLimuea for 1978, M Dividend and yield baaed on prospectus 
13115 4 or other official estimates far 1B7& N Dividend and yield 
js _ based on prospectus or other official estimates for. 1778. P a 
7 a Figures based on prospectus or other official estimate* far 
fit in ? 1B78-T9. Q Gross. T Figures assumed. Z Dividend total to 
i r tt date, tf Yield based on assumption Treasury BID Sate stays 
£| 2 ^ nnc hanged uadi maturity of stock 

L0 52J Abbreviatloiic riex dividend: a ex scrip Issue; rex rights: mag 

— — all; d ex capital distribution. 

0.4 29.6 : : 

I 7 ] I 0 “Recent Issocs" and “Rights” Page 28 

This service is available to evety Company dealt in oa 
Slock Ex cha n ges Hutwgfaoirt the United Kht gdom far a 
* fec 01 V s fuuam for each security 


a. 

tc[ L0| 6.9 


DIAMOND AND PLATINUM 


107 70 


London Bnrk. 


Rank Wc. ‘A* 


r. 

? 


- 6 . 




























































































































































































26 


i 


i 


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■ 1 




Firework * 
Displays 





JM\ <f vMIV-'aN'V .OCt'ASiOV - AVyiVtiFKI?-" 


Saturday September 2 1978 


.** T.Jrphonc;S73&7i3 2891. 


MAN OF THE WEEK 


Europe’s 
hand at 
the wheel 

BY DAVID CURRY 


THE TRIM YOUNG MAN with 
the classical good looks and 
diffident nia oner who tapped the 
microphone was obviously an 
aide from the public relations 
department preparing the stage 
for the entry of his chief. The 
chatter continued unabated 
among the journalists. 

The young man cleared his 
throat, sat down and in a soft 
voice, as if even these words 
were deeply considered before 
being spoken, wished a general 
good morning to the assembly. 

M. Jean-Paul Parayre, at 41 the 
head of Peugeot-Citroen. and 
bidding to make his group the 
biggest in Europe by buying the 
British, French and Spanish 
manufacturing and sales sub- 



Jean-Paul Parayre 

Picked out by talent-spotter 
Pompidou 

sidiarics of Chrysler, was ready 
to begin his Press conference. 

It was a typical entry from 
Jean-Paui Parayre. Parachuted 
into an old-established group 
four years ago over the heads 
of long-time senior managers, he 
has established his position by 
quiet, reflective behaviour and 
deliberation in speech and 
action. The whizz-kid image with 
which he is endowed in the 
Press, the precocious competence 
which brought him a meteoric 
rise through the senior civil 
service, are not part of his busi- 
ness persona. Peugeot still with 
the whiff of provinciality about 
it, controlled by the nth aenera-{ 
lion of the Peugeot family (the 
enterprise began in 1S10 as a 
steelmaker), with an intense 
pride In traditional engineering 
skills, would have been imperme- 
able to the deliberate aggres- 
sion of a man on the make. 

Parayre’s physical trimness is 
no accident: he is a keep-fit 
enthusiast, preferring to leave 
the office early for two hours 
tennis and then returning rather 
than become soggy over a long 
afternoon in the office. 

Even for one of the elite 
products of the French education 
system — a graduate oE both the 
Ecole Polytechnique and the 
Ecoie Rationale de Ponts et 
Chaussees— : Parayre has turned 
in a spectacular performance. 
Picked out by that great talent- 
spolter President Pompidou, by 
his early 30s- be was head of 
one of the most powerful of 
French Government departments 
“the Directorate of Metallur- 
gical, mechanical and Electrical 
Industries-rwhicb is virtually 
the overlord of French industry. 

He was one of what became 
known as Pompidou's “Four 
Musketeers ” — the officials 
charged with the job of pre- 
paring French industry* for 
“ le defi America in " — a pro 
occupation then as now. Signi- 
ficantly. the logic behind 'the 
PeugeoL-Citroen-Cbrysler merger 
is precisely Parayre's belief 
that European industry must 
acquire the dimension to 
compete with American and 
Japanese giants. During Lhis 
time Parayre doubled as one 
of the Government representa- 
tives on the Board of the 
state-owned Renault company 
before in 1974 leaving the civil 
service to make his entree — 
clearly Government backed — at 
Peugeot. 

These were exciting days. His 
rapid move from director with- 
out portfolio to planning head 
for Automobiles Peugeot to 
director of the car division of 

Peugeot-Citroen coincided with 
the Peugeot absorption of 
Citroen. 

Thirteen months after becom- 
ing in June 19n the head of the 
three-man riding directory of 
the Peugeot-Citroen holding com- 
pany he was able to announce 
the coup de theatre of the agree- 
ment to take over the Euro- 
pean interests of Chrysler to 
create a group capable of pro- 
ducing some 2.3m vehicles a year 
employing 230,000 people and 
with a turnover of $11.5bn. 

But Jean-Paul Parayre is no 
absolute ruler. Peugeot has a 
collegiate management. Parayre's 
partners in the riding triumvirate 
are not there to make up the 
numbers: Gerard de Pins, 

another Polytechnicien. in Ins 

time the youngest Air Marshal in 
France and Pierre Peugeot, a 
member of the family which still 
controls over 40 per cent of the 
equity, are substantial figures, 
and decisions go by majority 
among the three. 


Jack Jones attacks 
Civil Service power 

BY CHRISTIAN TYIER, LABOUR EDITOR 

SENIOR CIVIL SERVANTS have Furthermore, .civil servants time when Whitehall is feeling 
used their power to block had sometimes watered down particularly sensitive. . 
industrial and economic policy legislative proposals at the draft- A special group has been set 
changes, says Mr. Jack Jones, ing stage. An example of that up to monitor public criticism, 
funner general secretary of the was the Advisory Conciliation and to reply by writing to news- 
Transport and General Workers' and Arbitration Service, of which paper editors if it is felt that the 
Union. he is a member. . service has been unfairly treated. 

Mr. .Tones, reviewing the «• ACAS has become a Civil Yesterday toe *UC RonouaMd 
orogress of the social contract Service depar tmen t when the a new ,ru hauve on the inaus'triai 
between Labour and the unions intention was to have a com- strategy, a product of the social 
on the eve of his last TUC. p i e tely independent service that contract era in which oyil ser 
said Ministers sometimes lacked was practi cal ly based, using the have been involved, p t 

the experience of industry or the experience of employers and which has disappointed union 
“ political clout ” to see policies trade unions.” leaders by its lack of momentum, 

throusb , u . .. Ten local conferences are 

He S fears that the Labour Mwprbv Planned for shop stewards 

Party is not attracting MPs of P ££ ttt r t0 discuss various industries 

the right calbire. Like many JJL ^ C examined by tripartite sector 

other union leaders he believes demand for ““P 011 restrictions, ^rfung parties at national level, 
the unions should do more * , The aim of the conferences is 

to encourage officials with IHCOHICS role to encourage shop stewards to 

experience of working life at the As architect of the social con- press employers, at company^or 
grass roots to make a 

in politics. policy objectives Mr. Jones has ““J™ 88 of sectQr worKmg 

Of the power of cavil servants considerable exnerience of Parti® 5 - 
he said: “It’s getting across lo.“2 ^SSSdt wIU^GoverSeat ^ ^ con£ * reiI £ e » on the 
influential civil servants that is ?w,artaiHnK iUl Gtn ' erament textile, clothing and footwear 
so important, because the real TT- . . industries, will be on September 

power is very much with the His pronouncements have been 21 in Leicester. Hr. Eric Varley, 

permanent official.” closely scrutinised in Whitehall. th e industry Secretary, will 

An example was Lord Planning of incomes policy was address it 
Armstrong, former head of the almost entirely geared to- his -The TUC 'has-'- issued 200.000 
Civil S service, who, Mr. Jones reactions. ■ copies: of a special:; TUC news- 

said, was at one time virtually Mr. Jones's attack on the power paper for distribution among the 
running the country. of the Civil Service comes at' a unions. 


Tories are 
concerned 
on law 
and order 


By John Hunt 

LAW AND ORDER will be the 
chief concern of the Tory rank 
and file at the coming General 
Election, closely followed by the 
economic situation, the need for 
cuts in .income tax and the high 
rate of unemployment 
. This is clear from details re- 
leased by Conservative Central 
Office of the motions received for 
the Party's annual conference 
which is scheduled for October 
10 . 

If a General Election is de- 
clared before then, the confer- 
ence will not take place. 

Motions submitted on the need 
to protect citizens against law- 
lessness total 190. Economic 
policy with 112 motions, is the 
second priority. 

In spite of the misgivings of 
some Labour Ministers, the im- 
petus towards an October elec- 
tion— probably on October 5— 
continued yesterday. 

A large number of Tory 
speeches were due to be made 
over the weekend and Sir Keith 
Joseph, Tory Industry spokes- 
man. issued a statement attack- 
ing the Prime Minister for de- 
fending the use of subsidies to 
create jobs and contain unem- 
ployment. 

Sir Keith said that this merely 
displaced jobs in other firms 
and had to be paid for by higher 
taxation, higher borrowing or 
printing more money. 

Mr. Merlyn Rees, Home Secre- 
tary, who remains unconvinced 
that next montb is the best time 
for a General Election, said last 
night that the present Parlia- 
ment did not end until October, 
2979. 

But whenever the election 
came, he said. Labour's appeal 
to the electorate should not be a 
narrow one. In particular, it 
should have an attractive pro- 
gramme for the rural areas. 


Continued from Page 1 

African 

many “elements” remained to be 
tied together. 

The talks are being held in 
President Kaunda's secluded and 
heavily-guarded lodge outside 
Lusaka and little information on 
their progress is expected to be 
made public. However, the ‘aim 
of the meeting seems clear: to 
persuade the guerrillas to adopt 
a conciliatory position which the. 
U.S. and Britain can use to hire! 
Mr. Smith and his allies iQ the 
Salisbury executive council to all- 
party talks. 

Both Mr. Mugabe and Mr. 
Kkomo have expressed willing- 
ness to attend such a meeting, 
but Mr. Mugabe’s demand that 
the Rhodesian armed forces be 
dismantled and replaced by the 
guerrillas has been rejected by 
Mr. Smith. 

There is intense speculation 
in Lusaka that Nigeria is offer- 
ing to play a key role in the pro- 
posed United Nations peace- 
keeping force in Rhodesia — a 
central part of Anglo-American 
proposals — so that the guerrillas 
will feel they can soften their 
demands. 

Our Salisbury Correspondent 
adds: In one of his most bitter 
attacks on Britain and the U.S.. 
Mr. Smith accused the Western 
powers of supporting Black 
nationalist guerrillas and siding 
up with Russia and Cuba to 
undermine Rhodesia’s bi-racial 
transitional Government. Open- 
ing the annual Salisbury agri- 
cultural show. Mr. Smith urged 
the White minority to stay and 
fight for their country, declar- 
ing that the alternative was 
“chaos, corruption and a rever- 
sion to barbarism.” 

Mr. Smith, who was enthusi- 
astically applauded by the 
mainly White crowd of 5,000, 
pledged that the transitional 
Government would press on with 
its domestic plan, for majority 
rule by the end of the year, 


Shorter hours will 
be top of TUC list 

BY OUR LABOUR EDITOR 

DELEGATES to the Trades of the impact of technological 
Union Congress next week will change, especially of micro- 
be urged to make a shorter processors which are seen by 
working week their top priority many unions as a welcome de- 
in the winter wage round, in an velopment only if other jobs are 
effort to combat rising unem- found for those displaced, 
ployment. Union leaders, believe that the 

This is the culmination of a shorter week will be secured in 
campaign conceived several many wage settlements despite 
years ago but which has only employers’ resistance and minis- 
cotne to life this year. lerial concern that it would cost 

The General Council of the more than the country can afford 
TUC - decided yesterday to sup- and damage Britain's competi- 
port a motion combining ten tiveness. 

motions on the agenda dealing Tbe other main decision of the 
with hours and unemployment General Council yesterday, 
A 35-hour week without loss of meeting to consider next week's 
pay is the main element along agenda, was to oppose a move by 
with earlier retirement longer the General and Municipal 
holidays and a cut in the amount Workers to change the way in 
of overtime. Tbe motion will which the council itself is 
be introduced by the Transport elected. 

Workers and seconded by The idea of automatic and 
NALGO, the .local government proportional representation for 
union. unions of over 100.000 members. 

The threat to jobs will be the the spreading of the rest of the 
main preoccupation of union seats among smaller unions and 
leaders at this congress, apart the scrapping of trade groups 
from tbe necessity of a Labour (the present constituency 
victory in the General Election arrangement) was rejected in 
expected next month. It has principle by the council earlier 
been fuelled by grim forecasts this year. 


BASF considers 
two sites in UK 


BY KEVIN DONE 

BASF, ONE of the world's 
largest chemicals companies, 
is considering two areas of the 
UK for establishing a major 
new manufacturing site. 

The locations chosen are 
Humberside in northern Eng- 
land and Grangemouth on the 
Firth of Forth — but the com- 
pany said yesterday that any 
decision to develop in the UK 
would not be taken Imme- 
diately. ■ 

- The pin-pointing of sites for 
possible expansion has formed, 
part of a medium-term strategy 
report prepared for the main 
Board of BASF, one of the 
“ big three West German 
chemical companies. 

The company is considering 
locations for a third European 
manufacturing site in addition 
to Ludwigsbafen, West Ger- 
many*. and Antwerp, Holland. 

It has looked at other, loca- 
tions in the UK as well as sites 
in the South of France, 
northern Germany and Nor- 
way. 


The study group put its find- 
ings to the BASF main board 
earlier this year. 

However, Mr. Walter Haack. 
managing director of BASF 
UK, said yesterday that so far 
no go-ahead had been given 
for the purchase of a site any- 
where. No projects had been 
earmarked specifically for the 
UK. 

• BASF has manufacturing 
plants in many parts of the 
world but it has little presence 
in the UK apart fftfta a small 
unit making binding agents for 
dyestuffs. This plant repre- 
sents only about 1 per cent 
of the group's turnover In the 
UK, which is otherwise 
accounted for by im ports from 
West Germany. 

The UK has been studied as 
a location for expansion by 
all the major West German 
chemical groups, including 
Hoechsf, Bayer and Veba. 
However, so far none of their 
ideas have gone beyond the 
planning stage. 


New state oil post 

> 

for Lord Croham 

BY KEVIN DONE, ENERGY CORRESPONDENT 

LORD CROHAM, formerly Sir appointment only runs to the 
Douglas Allen, has been end of the year, but this could be 
appointed a part-time deputy extended, given the Goveru- 
chainnan of the British National ment’s difficulty in finding either 
Oil Corporation. a successor or a full-time deputy. 

The appointment, which car- ^ Energy Department said 

^mooo PoS? 1 t£w > vaMnL abOUt ? Mlerda y that thetfStion of a 

successor to Lord Kearton would 
Lord Croham was permanent ^ considered at the “appro- 
secretary at the Treasury from or fati» time " 

1963 to 1974, and Head of tbe p *“ te ' ^ . 

Home Civil Service and Per- Tt stressed that Lord Crobam s 
man cut Secretary at the Civil appointment did notrale out the 
Service Department until be appointment of a* full-time 
retired in:1977. deputy chairman or another 

He will spend about two days part-time deputy, 
a week on his new job at the The job of full-time deputy 
State oil corporation and will chairman carries a salary of 
continue in his other role as £34.950 which wiU rise to £33,000 
adviser to the Bank of England with implementation of the 
on relations with industry and awards by the ton salary review 
Government. board. 

His appointment by Mr. a full-time deputy chairman 
Anthony Wedgwood Bean, would almost certainly have to 

Energy Secretary , 6 til I leaves a be appointed from within the 
gap near the top of BNOC. Lord oil industry, but there appear to 
Kearton, the cnairman, has car- be few candidates <& sufficient 
ned out the functions of a chief stature. 

pscutiTe in the absence of a Lord Croham said yesterday 
full-time deputy chairman. that bis mam work'would bo in 
Lord Kearton s own three-year finance 'and administration. 


Euro-fink 
bond pl an 
in Italian 
reforms 


• BY PAUL BETTS 

ROME, Sept. 1. 

THE ITALIAN authorities, are 
considering selling medhim-term 
Government bonds pegged to a 
European currency unit as part 
of a wider reform of the coun- 
try’s public finances which 
could also eventually include 
the introduction of a “ heavy 
lira.” on the French model. 

The currency charge, which 
would see the present 1.000 lira 
unit changed to one new lira 
would represent “the crowning 
of the country’s efforts to regain 
stability." according to Sig. 
Filippo Maria Pandolfl, the 
Treasury Minister. 

He stressed, however, that the 
adoption of both the “ heavy 
lira ’’ and externally-linked.] 
medium-term bonds ' largely 
depended on the swift implemen- 
tation'' of . the ’ Governments 
1979 -SI economic recovery plan. 

The Government has sub- 
mitted the broad details of this 
package to the political parties 
directly supporting the minority 
Christian Democrat administra- 
tion of Sig. Giulio Andreotti. 

Among its main points-are the 
gradual reduction of the infla- 
tion rate to single figures, over- 
all cuts in public expenditure 
through a revision of the coun- 
try’s pension and social welfare 
systems increased fiscal revenue, 
and a thorough overhaul of pub- 
lic administration. 

In a decision which reflects a 
feeling that the underlying infla- 
tion rate Is coming down, the 
Central Bank's discount rate was 
cut to 10.5 per cent tonight. 

Cut rates 

The reduction from 1Z.5 per 
cent is regarded as tangible 
evidence of tbe Government's 
intention to promote a recovery 
in Italy’s flagging industrial 
production. It is expected to be 
followed by a cut in commercial 
bank leading rates, noW at 16 
per cent for prime borrowers. 

The Government also intends 
to promote a series of invest- 
ments to create 500,000 new jobs 
in the next three years. This 
target is generally regarded here 
as optimistic. 

Sig. Andreotti is due to meet 
representatives of the main' poli 
tical parties and trade union 
leaders in an attempt to secure 
Parliamentary approval for- the 
programme and - for next years 
provisional Budget by the end 
of this month. 

In October, an International 
Monetary Fund team is expected 
in Rome to finalise a new U.S. 
$lbn standby facility for Italy. 

Meanwhile, Sig. Pandolfi has 
told tiie EEC that Italy is ready 
to repay Sl.lbn in outstanding 
EEC loans ahead of schedule. 


Weather 


UK TODAY ' 
CLOUDY, cool, some rain. 

London, E. Anglia, SJS-, Cent N. 
England, E. Midlands • 
Cloudy, 60me rain. Max. 16C 
(61F). 

Cent S., S.W. England, W. Mid- 
lands, Channel Is* S. Wales 
Cloudy,- sunny intervals, cooL 
Max. 16C; (61F). • , 

N. Wales, N.W. England, Lakes, 
I. of Man • 

Cloudy, sunny intervals, some 
rain likely. Max. 15C (59F). 
NJE. England, Borders, . Edin- 
burgh, Dundee 

Cloudy, some rain.' Max. 14C 
(57F). 

Aberdeen. Moray Firth, W. Scot- 
land, Glasgow, Cent Highlands, 
Argyll, N. Ireland 
Cloudy, some rain. Max. 15C 
(59F). 

N.E. Scotland. Orkney, Shetland 
Cloudy, some rain, cool. Max. 
12C (54F). 

Outlook: Cloudy, some rain. 


BUSINESS CENTRES 




Yday 



Vday 


Midday 


Mtddas 



•c 

•F 



"C 

»F 

Amstrdm 

F 

16 

61 

Lore mb nr 

C 

16 

5t 

Athens 

S 

aj 

H2 

Madrid 

s 

29 

84 

Barcelona 

V 

S3 

n 

Manebestr 

p 

15 

55 

Be Inn 

s 

=8 

£2 

Melbourne 

s 

IB 

64 

Belfast 

c 

13 

55 

Milan 

s 

n*> 

.72 

Bclsratle 

c 

17 

63 

Momroai 

s 

re 

n 

Berlin 

V 

H 

57 

Moscow 

c 

21 

711 


c 

13 

W 

Munich 

R 

9 

4S 

Bntssds 

c 

13 

55 

New York 

S 

19 

67 

Bodapost 

I' 

14 

57 

Oslo 

c 

17 

82 

B. Aires 

c 

11 

53 


« 



Cairo 

s 

r. 

M 

Perth 

s 

29 

6S 

CartlCf 

V 

IS 

58 

Prague 

F 

33 

53 

Chicago 

s 

31 

Tit 

Reykjavik 

S 

21 

52 

COiWEC 

R 

13 

W 

Rio dc J’o 

s 

26 

8ft 


R 

12 

54 

Rome 

s 


7T 

Dublin 

c 

14 

57 

Sinsanore 

s 

29 

85 

RUUnhrgh 

c 

14 

!i7 

Stockholm 

R 

33 

55 

^ranJrftzrt 

K 

12 

54 

Sydney 

R 

IX 

U 

Geneva 

C 

IS 

56 

Tehran 

S 

31 

90 

Dlasgotr 

y 

14 



S 

2S 

82 

Helsinki 

c 

15 

59 

Tokyo 

C 

24 

53 

J. Kong 

s 

39 

S7 

Toronto 

S 

19 

67 

JoTwrs 

s 

12 

54 

Vienna 

R 

14 

57 

-IStKrt! 

c 

24 


Warsaw 

r 


S3 

Load on 

u 

14 

5ff 

Zurich 

c 

11 

ta 


HOLIDAY RESORTS 




Vday 



r«lay 


WMday 


Midday 



■G 

•F 



•c 

°F 

Uacdo 

S 

28 

73 


C 

17 

S3 

Alders 

F 

34 

S3 

Las Ptnu 

s 

24 

73 

EHarrltz 

S 

23 

73 

Locarno 

c 

19 

68 

Bordeaux 

s 

22 

72 

Malaga 

s 

32 

96 

9oulocBe 

V 

17 

S3 

Malta 

s 

=8 

82 


s 

25 

77 

Nairobi 

c 

3G 

62 

2aoc T>i. 

K 

14 

K 

Naples 

s 

22 

72 

DobronUk 

s 

2t» 

M 

Nice 

s 

24 

75 

"are 

s 

S3 

73 

Nicosia 

s 

29 

84 

•Iturnoe 

s 

24 

75 

Oporto 

u 

21 

70 

jibraJtar 

s 

27 

M 

Rhodes 

s 

29 

54 

Guernsey 

c 

16 

61 

Salzburg 

c 

13 

B5 

nrsbrucJc 

c 

12 

54 

Tanalcr 

K 

24 

75 

nvomess 

R 

12 

54 

Tenerife 

S 

24 

75 

Istaobuj 

y 

21 

70 

Venice 

V 

20 

65 

— Sunny. 

F— Fair. 

R— Rain. 

C— Cloudy. 


THE LEX COLUMN 





The cliche - that the market 
dislikes nothing so much as un- 
certainty has been borne out by 
the performance of equities as 
the time draws - near . for. a 
decision on the date of the 
general election. The FT. . 30 
share index has fallen each' day 
this week, and is .now almost 5 
per cent . off the 1978 peak 
reached on August 22. Nerves 
could continue to be stretched 
for a few weeks yet Next week 
brings the Trades Union Con- 
gress which rarely -has any 
comforting message for the City. 
There -will follow a period of 
ten days or so during which Mr. 
Callaghan's final decision on, 
first. October 5 aqd . then 
October 12 will have to be taken 
one way or the other. If both 
these dates are misseiF-then it 
will VRppear as . 'though the. 
“fearfifi .five ” in the Cabinet 
wiR'^k^e^haaiheir i^ay aatfd the 
elect^jfcWl havqto lfepht bdek 
to/ the spring. £ : : 

What the City is; afrmd/df is 
that a, strongly based govern- 
ment of either complexion may 
take . power in October. A 
Labour Government backed by a 
large Parliamentary . -majority 
and showing an almost inevit- 
able shift leftwards - In - its 
policies would scarcely -be the 
City’s choice. Nor wooida large 
Conservative victory bier' received 
with enthusiasm either,- since 
in most investors’ eyes.it would 
be followed by a period of con? 
frontation with the unions. 
Much more acceptable would be 
a small majority for either party 
or a hung parliament'. . 

Whether this is a wholly 
realistic political analysis may 
be open to some doubt — to a 
large extent fund managers arc 
probably just seizing an excuse 
to let their liquidity accumulate. 
Meanwhile there are other 
factors operating to encourage 
short term caution.. Chief 
among these is the hardening, 
of money market interest rates 
which has caused hopes of. an 
early cut in Minimum Lending 
Rate to dwindle further. * This 
week’s further rise in U.S. 
interest rates has led operators 
in the money markets, like the 
discount- houses, to abandon 
some of their speculative posi- 
tions so that the yield curve 
is beginning to feature a more 
normal gap between short and 
longer terms. 


Pinchin’s pitch 

Brokers queued up on the 
floor of the Stock Exchange 
yesterday morning for a rare 
opportunity to transact business 
with a new jobber in the gilt- 


Index fell 0.5 to 



qfiged market, Pinchih -Denny. 
In the past decade, after all, tite 
pattern has been for the jobbing 
fraternity to abandon the tricky 
market in Government stocks: 
bade in 1972 Smith Bros., pulled 
out after an expensive three- 
month foray which resulted in 
losses of close on £400.000, while 
the longer established firm- of 
Francis and Praed withdrew at 
about the same time. Since then 
the big institutional business in 
gilt-edged has been' split 
between Wedd Durlacher and 
Akroyd and Smithers while four 
other small jobbing firms have 
handled the more specialised, 
private dient type of busine®. 

The great increase in the size 
of the gilt-edged market since 
1975. however, with the Gov- 
ernment pumping out between 
£5bn and £7bn net of new gilt- 
edged each year, has once again 
made the market an increasingly 
attractive jobbing proposition— 
Akroyd in particular have, at 
times, made huge profits. So 
after a year of planning Finchin 
have now taken the plunge. 

~ But to begin with Pinchln 
are not attempting to compete 
with the two gilt-edged jobbing 
giants. At this stage they are 
only making prices in £100,000 
of stock, and although there are 
plans to raise this limit to 
£250,000 after a fortnight they 
will still not be in the same 
league . as -Wedd or Akroyd 
which - commonly deal in 
upwards of flm. Pinchin are 
talking in terms of a two or 
three-year learning period to 
gain experience and build up 
the team before making any 
attempt to turn the Big Two into 
the Big Three. Meantime they 
are taking a place among the 
small jobbers. 

' Pinchin had .tentatively 


-- 

:r § 

planned to open their gih/bjl 
AQQ A on October 1, but deefifed 
‘*yo.v br jj,g the date forward.* haa®. 
to avoid , being plunged 
Into , the turmoil of a 
election. Certainly . 
was a quiet day ideal for dipjfc, 
a toe into the water. Still,. og 
was a stream of. small hargflg 
and an atm ospherer-accord® 
to Pinchin— -of “-the most aing 
ing g GodwiU.” . .. /■• !' 

Invisibles . 

The narrowing of the majgft 
between borrowing and lending 
rates in the Eurb-cum?^ 
market was; the chief- xeaaa 
for a reversal last year fe 
the upward march of the City 
of London’s invisible ea rning? 
The annual . Pink . : Boek 
on the balance of payments 
shows that While the ihcoja^.:* 
financial services— chfeflyT^ [ 
or commission :iflcpme^iM 
a new high of '£1.37bn, tltirLnr* 
total contribution to the batara 
of payments fell' to £L7Ka 
from £LS4bb. ■ - • - ' - 

Banks contributed to the' tie . 
in service income, caroiBg ' r 
£293m against £243in last year, 
but because of the adverse/ shift 
in interest differentials their 
overall contribution wa$ dam' 
from £416m . to £254m. " \ * ' 
The mainstay of the City's 
earnings remained the insur- 
ance sector. Lloyd’s contributed 
£379m, the big insurance con-' 
panies £34 5m- and the brokets 
£185m. All three contributes 
grew, although not at the beady 
pace of the previous year. The .. 
£155m contributed by the Battir 
Exchange may come as a sur- 
prise to some. This figure bn 
been static, however, over the 
past three years because of the - 
depressed state of the shipping 
market The Baltic Exchange's 
contribution multiplied fin 
times between 1972 and 197i 
on the back of soaring freight' 
rates. 

The disappointments of-, tbe 
year were the Commodity.' 
houses and the Stock Exchange' 
membership. Commodity earn- 
ings were halved to £10fen- 
be cause t)f slack trading volume . 
on the London Comhmdity 
Exchange and falling prices'in 
the cocoa, coffee and : sugar 
markets. The Stock Exchange^' 
contribution has hoveredaroidd 
£20m for the past fivo yeto. 
The unattractiveness of British 
securities to foreign inveaors . 
is the problem here. compleriiejv 
ted by the Stock Exchange’s 
inability — largely because of “ 
exchange controls — to become, 
a force in the interna ttohal* 
capital markets. *. _ 


w- 

ecof 

pilC i 



Invest in 

Arbuthnot’s 
Eastern Fund 


£ 3 


innn 

expanding econonw 


Potenddcaphalgiowth 

^ Iwtfxrjywvould rod* haoevour American exposure in a modified form, you nushl 

amndar Asbiahnot Extern and International Fund instead. Tldsfund is 38 per cem mnatk m 
m U.S * 27 per cent ui i/rm? Kong, and almost 20 per cent elscndtcre in the Pacific basin : there 
is some exposttre ro the Australian market, too. A spread like that means that movement in any one 
market mil be diluted : but of course, if most of them go together— and the eastern markets hare a 
tendency to an tust that— then Tin* sfhrT* ^7/ A.- JvmM.fr. 1 .. a a. 


The objeci is sustained 

growth of capital 

of PbrtfoHo 

Ai oj Itw 1 tidi Aimux 1 0T J 

The Arbuthnot Eastern 5: 
International Fond invests in those : 
countries whose economies ate 
already expanding -principally the 
USA, Hoog Kong and Japon-and 
in those countries that will be the 
first to benefit from an increase in 
world trade. 

The majority cf che pan&Co is 
invested in imennsional companies 
paruqdarlythwcwhkbwin benefit from . 
die rapidly expanding Far Eastern 

Middle Eastern economics. 

. USA as Australia 3 

Hongkong 27 UK 7 

Japan 10 Cash 1 

Singapore 3 TOO 

whbThcUmriioUer Index of jiS.5^ \ 
and the Woddlnde: of 5.9^ Since 
tbe relanndi of this fimd on 29th March 

3977 the mats have increased -0/ 

-andtbc Unitholder lodes by 49^’.’ 

_ ..TheAlanagEis bdiwc that the FnaJ. 
islwlljjatalftfaaitirTOmlwJ 
growth in the foreseeable future. 

Proven performance | 

j Experienced, 

j professionaJ manage ment 


— exceptionally wdL .' Thcfimdfc managed by Arbtnhnoc 

In theyeareaded-iscjohr j97S,icfaa$. • SocanDcg, * snblidiay of Arbtahaot 

j,bownm increase of3i.5%» compared Tjdani.wtachbas ctaeconncaions 


.VdrilQ&C OlCTiQj. 

ltn«imTan=%A3SEs:mJfcJj7i 

iriih banks and other professional 
advisers in ibe Far Eak. • 

TTiBniieniationalcsiaicnDO . ' . 

ffluuansc; risks in an investoientarea .V 
vrtuchis hazardnm for fe hcM OBtf l '. 
Investor. 

The price of imire anil rig - inr rm g 
from them, may go down as well as i 
Y our investment ahonldbei 
as longterm. 

. .. *I^l»r »»oflcgriirEMt«ni«ia 

Jrrtff mHwwl innj 1 — i u. 

wro dmtiiiirai 3r<c** uV MlO.tyil 

rnr- tPdaJn m u>[-.Lai <±a_ eaj'^JlKnsiDl 

T --11 ** oatefnlua i. d-yaot^ tu- 

-T. 

1 H*: M 'Plmrgh -■ -- Uwitonc amt. 

xm xj w iskIu Mrmtai u dm UfiAl notil w- ff i i rV ii* 
■PLmitMl < .■ 


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HONGKONG JAPAN AMERICA 


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ARBUTHNOT^,- 

EASTERNS INTERNATIONA L. FUND «» ■ 

Jtestrarcd at Un Port Office. Printed br si. Ocnuait’i p~.ee w 
liy the Financial Times Lid... Rraskca Bo aw. 

Q T&£> i-iDanoai Times Licu igrg 



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