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> BEDFORD -BRISTOL - HlTCHlN • 

. LUTON -AMPTHULL’ 




No. 27,658 


Saturday September 9 1978 **ia P 


uv 





Wall Street 
UK. Equities 
UK. Gilts 

For our kilesl views and PIMS 
reports u rite lo R.K.Tinjberlake, 
19 Hanover Square, 

London WI A 1 DU 


78/S 



CONTtW»ITAl 5ELUNC PRICES: AUSTRIA W» \*i BRGIXJM Fr 2S; DENMARK Kr S.5; FRANCE Ff 3.0J GERMANY DM 2.0: ITALY L 5Wt NETHERLANDS FI 2J; NORWAY Kr 3.5; PORTUGAL Esc 20; SPAIN Pta «Q; SWEDB4 Kr J.2Sj SWITZERLAND Fr 3.0; EIRE 15p 



NEWS SUMMARY 


6EHERAL 


BUSINESS 


ap *5 

;*.> p ^ ' 

.* 

!(?V t 

■ i ^ 

Of 

>.* Fr * 




over 



attacks PM’s 


survival tactics 


BY RUPERT CORNWELL, LOBBY STAFF 


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T • E Q UITlES moreif , sharply 

Former Liberal leader Mr. higher following Mr; Callaghan's 

The request, thought- to have *? T *® cIose **■ •**?&- of 

been made first by party leader A*. 10 on the week. 

Mr. David Steel'iuid endorsed by ~ *n*r _ 

Liberal parly chairman Lord * GILTS edged higher after a 
Evans of Claughtou, is the latest callous start- overshadowed 
move by the, party to distance 
itself from. JUr. Thorpe* in the 


light of charges he now faces. 

J3y going to Southport, Mr. 
Thorpe may hope to appeal to his 
traditional supporters. His 
attendance would be backed by 
his local North Devon Liberal 
Party. Back Page 


Suspect isolated 


Scbuffi 

2-T.«C&s 


Mrs. Cheryl Hall, 23. who works 
ar the Birmingham hospital 
where smallpox . victim Mrs. 
Jaqet Parker, was first admitted, 
went into isolation rafter deve- 
loping a rash.- A Birmingham 
inquest found that smallpox ex- 
pert Professor. Henry : Bedson 
killed himself after Mrs.. Parker • 
contracted the disease; 



’■■iftir . :: 


Reprisal fear 




^ t\ 

• Liri l: 


by equities. Long-dated ; issues 
dosed with gains extendinfi to 

I- 

As Rhodesian troops hunted _ *l I:’ „ A 

nationalist , guerrillas ’■ who STERLING weakened -by . 10 
mortared UrataU, President points bn the firm tiJS.' dollar 
Kaunda of Zambia confirmed to dose at $1.9365 -($1.9375). 
that he believed Rhodesia was Trade- weighted . depreciation 
planning to attack, his country, T h &<- ,(&£* - 

in ranri«I fnr thi. -,*+**£ improved tO. 62.5 (6221, r 


in reprisal for the missile attack 
nb -an Air. - Rhodesia Viscount..: 

Page 2 


• J U I 
• 


City threatened 


* ;« - 

ii :s 

;• ■' ijsii 
: *!i.- i:i 


r. it:. 


. v « ' 

a:."*. 3 ss 
•.: V :i" I- - 


■' DOLLAR strengthened 
against, most cnmrtrie?- It 
Closed at SwFr t,63flfr: against 
Thursday’s Swrr> • : ; L 61 G 0 . 

As troops and civilians fought jo Against the Deutsche: -lllark it 

floods. Prime Minister Mr. James ^ed t p^jl ^.40 

Callahan sent a message of (Y1M-00). Dollar depr^lation 
sympathy to ihe'flood victims via narrowed to per 
Indian Premier r Mr- • wriuji .• 5 ; , 

Desai. Page 2- 1 . • GOlD .Jell $53 .an onnee to 

• • ■ : ' . . S205J on the firm fcr In. New 

Peace t al K S • . ; • , •*■ Vork Come* September gold 

President Carter. held late night . $1 10 ^ 06 ‘ •/ / . ' 

talks irith ^ EOTtian ncageot '# WALL' STREET surged ahead 

Middle . East peace: summit l 

moved .. towards a - working clo^ng Z8.41 {ligner at 907.74 
weekend..' In " jReirut, Syrian ^afling wholesale prices, 
peacekeeping forces; . pounded . •' - 

Leyland strike 


Mrs. Margaret Thatcher last night accused the Prime Minister of scorning the 
national interest by drifting on aimlessly. His “ broken-haeked Government ” 
was bent on surviving by day-to-day deals with minor jparties, she said. 


As politicians and party only after seeing the contents of would be solved by an election 
workers collected their thoughts the legislative programme for now: Well, some of us look 
after Mr. Callaghan 's surprise the next session. further ahead than that and we 

decision lo avoid an October - Meanwhile Mr Callaghan d® 1 * 1 be,ieve th ai Britain has to 

election, the Opposition leader received an indication last night on in bollo “ sear-" 
insisled that although he had put 0 f support next session from the . She conceded lhat the Prime 
off the day of reckoning, voters three Welsh nationalist MPs, Minister had ihe constitutional 
sooner or later would seize the w ho formally are to decide right to hang on. and even to 
chance to eject Labour from whether to support the Govern- give ihe impression of working 
. . . . . . meot in the crucial Queens. up to an election— “ but no 

\, he 1-'. Government worthy of the name 

Nationalist Parly, whose 11 MPs olavs , n .., r ' a JL W j. h the 

at Westminster offer Mr. Calla- Thalcher attacks Callaghan, electorate '' 1 “ h th 

ghan his most realistic chance Page 3 - - 

of surviving the vital Queen’s Callaghan's struggle to survive,' ■' V 1 ® , Postponement will mean 

Speech division, remained split Pan^ib little let-up in the pre-elecuon 


between Lhose who want to sup- Economic issue-f most be faced. paee: . La i St w ni ^? t ' Cabinet Mini 
port the Government to secure «npk Pn*»e sters^ led by Mr. Denis Healey, 

the devolution referendum as ® acK ra » e the Chancellor, and Mr. Michael 

soon as possible, and those who ■ Foot, the deputy Labour leader, 

wish lo brine about a acncral ...... .. .. coupled a vigorous defence of 

election. 8 * 5K®ch djvision^on ita men^ Mr. , Callaghans decision with a 


division, on its 

After a three-hour meeting the Sj* I* savage onslau g ht on the “vulgar 

SNPs National ExecuUve Cbm-’ dishonesty" and "frenzied 
mittee had still not decided what ^ re * erem * a ura . ®‘ fatuity” of the arguments 
lo do. A statement made dear Mrs. Thalcher said in a tele- expounded in th e current Tory 
there was no question of the vision broadcast that Labour had advertising campaign, 
party entering into any pact lost any claim to enjoy the Mir. Healey conceded that the 
with either major party, formal nation’s confidence. Government's ride over the next 

or otherwise, but would not spell TJie Prime " Minister had few . months would be bumpy 
out the terms on which the claimed that .it was best for “with disappointments as well 
Government might be supported. Britain if the Government as successes." 

Instead, the party reiterated soldiered on. “ But the longer . But he warned that Labour in 
its concern with the un employ- he puts things off tbe worse they office had too often gone to the 
ment situation m Scotland, the w jjj become, and the worse they country too soon after its efforts 
Londoner Sc'uKlTv.nuef. be “ me thE lon S er « “ ke ren ? re Britain's fortune had 


Plessey 
to axe 
1,250 
jobs and 


shut plant 


BY ANDREW TAYLOR 


Shah’s troops 


open fire on 


demonstrators 


BY OUR OWN CORRESPONDENT 


TEHRAN, Sept. S. 


and the continued denial of seif- 


to put them right 11 


government for Scotland. The “Mr. Callaghan said that none 
MPs would decide their attitude of our problems this winter 


began to show results. It would 
not make that mistake this time. 


Continued on Back Page 


U.S. wholesale prices 



Christian - districts 
artillery/ Page 2 


with.-, heavy; 




Court cleared 


threat talks 


The Old Halley secrete trial con- # BL CARS council is meeting 
tinned behind .closed doors 'When - on j|qn3ay to discuss the threat- 
tape recordings-, of . an alleged ened toolmakers^ strike. Back:' 
interview between . a J former 

Army intelligeiice ' corporal and •. GROUP OP TEN industriai- 
two j'ourtoalists were played to isefl countries' meeting in Paris 
the jury. ‘ . were given no hint of possible 

• f-- . • - • .- .- • IMP borrowing plans to support 

Canals, scheme . the U.S. dollar. Back Page 


Killlrtgr studied 


killing'of a 'teenage Boy- fn Ulster 
by two SAS. men; as thi * 


ley lay id 
wait near an arms cache/, . 


Environment Secretory Hr. Peter • BUILDING SOCIETY chiefs 
Shore- approved a" £10ih British will' consider lifting ' mortgage 
Waterways Board scheme; to an- rates at their council meeting is. 
prove the canal network between ' October; possibly to 10 i per cental 
DoncasteE - -and . --Rp!lherh^ to boost receipts^ Back Page 

Pa«e 3. -0 MJNKTRY DF AGRICUL- 

TURE- is confidently expecting a 
. . bumper grain: harvest this year, 

The_Dtrectpr of 'Public Prose cu" exceeding the 17m tonnes bar-, 
tions is _to' atudy' a ~ file- onT the .^ested kist year. Page 15 

_ MASSEY - FERGUSON has, 
reported a S90m net loss for the 
quarter ending .July and has 
warned it will review its worlds 
wide operations. 

«&■ ' ^ES^d 1P aM?5!Si'2?S' •JNIANOWEVENVE tel l«m 

paralysed 30,00d telephone and chanpng. too much anterest on 

telex links . in' a .fresh "sabotage" jRte^- payments of Development 

attempt against Tokyo’s new R» r two years due -tq 

international aiiporC; ‘ ' legislative muddle. Page 15 

:• GRANGES, the Swedish metals 
ttrieny . - - and engineering group, is head- 

Fooher Beetle George Harrison ihg for recovery after disposing 
was married fn secret at Henley- of certain unprofitable operas 
on^Thames Register .‘Office to tions. . Page 17 


Airport vigil 


Olivia Arias.. 


MR. BOBBY LAWRENCE has 


Keitl i MooTl ben appointed chairman of the 
'S^fw.S Verd0S? ’ a Natiotffi Freight Corporation to’ 
post- mortem. Tcyealed. succeed Sir Daniel Pettit, "who" is 

More " -. iSSb : ? ?&;.■ people- veR-^iig.hge'l- 
arrested" 'ffrv.dashes between 
police ‘ -'land. -- ahti-Government f TRADES UNTON CONGRESS 
deinohstratbrs m Karachi. . . -will fight, in the High Court, to 
Darwin waitress , was' ' thrown . uphold its internal procedures 
oiit of an official*. - dmner .f or for resolving inter • union 
' Australian . Premier,;- Malcolm .disputes. .Page 3 
: Fraser," after she- took, a tomattr." - 
off his plate -muT. ate iL - : *r COMPANIES 
-Ricardo .^arnoica, one of the ., C .. A 

world’s greatest goalkeepers,..* ALFRED HERBERT, the State, 
died in Barcelona, .agetT 77'. • v. owned machine tool group, nas 
-U.S. businessman Jay . Crawford, ,-ap bounced a pre-tax deficit 
-given-- a suspended sentence, in £223m for thn first rwlf 
Moscow for currency offences,., against a profit of ImMO m 
left Moscow for the West,; -. ' tlie.sanie 1977 period. Page -Id 


CHIEF PRICE CHANGES YESTERDAY 


) 


4 


fPricefi in' pence unless otherwise Mctal Box — 

.indicated) . . NwThro^uwrtoa Cap. 

-.-RISES: - - . -'C^ve< Paper Mill 

Barclays Bank ..,3® + 10 " Raraj Elec. 

Beecham ^..v...^.,-.— iSO + la ; Samslniry (J.) 

‘ Blue Circle '.::,. :.:.., asff .Hi.B 1 Savoy; A 

Booker McConnell 2?4 + -10 . Tilling- fTJ 

British Sugar ' T32 + 7- -THme Products 

Brown (J.) ; 478 ^.:12 .-. Shell ■ Transport 

Campart B " 115--^ 5; - J-An^id -Utd;-. Develops. 

. Collins f Win.) A.“. + 6 v ^Centi Pacific Minerals 
Distillers'. 207 ■+■ 5 TtTZ . . .. . . - - . . - 

D0W& .297 12.' ,• -FALLS . 

Eastwood "CJ. tB:) ,.. T5S: + ;15 Brittains .-.u...... 

Glaxo 628-+ 13 . -Gibbohs 'Dudicy 

GUS- A' . ..hTv.m'SM #..8:':^ ^ Sb^espeare.tJ.) 

Hawkei* SiddelBy 1 -.':.. 2C4- + -12 •• CRA V 

Hunting: Assoc. Inds. 33S + JI- JJbamm-- 

ICL ..-...--."..—-^ - ^6 ''+■"» 'Nortif^AVest; Mining. ... 
Looker^ 

If L.-HbMii)SS . ^ Hriena -..:.. r ,. 


374 

151 

46 

344 

232 

7S 

1SS 

197 

5S2 

*230 

550 

24S 


-r 10 
+ 4 ■ 
+ . 12 . 
+:- 12 . 

+ * 8 * 

H- 10 
4.30 
■y. so 

: 


21 ! 

7.1 

27! 

SIS 

5S2 

so 

.4+ 

BS0. 

S99 : 




--.1 


-S8.. 


M:. 


BT JUREK MARTIN, US EDITOR 


WASHINGTON, Sept. 8- 


FURTHER EVIDENCE of at could be expected in: the- second reports, 
least temporary abatement of half of the yealr. largely because # Michael Blandcn writes: 
inflationary pressures in the U.S. of lower food prices. The dollar recovered quite 

was provided this morning with The fact that improvement is sharply yesterday , on the en- 
the 'news ’that wholesale prices showing dbes not mean that the couraging U.S. wholesale price 
fell ftactionally last month. Government has abandoned its figures and the previous day's 
- The producer price index for conimitinenr" to ’.produce a news of plans for further support 
finlshied goods, successor to the “ s econd- stage " - antiinflation measures - announced \ by Mr. 
wholesale . price index, dropped programme. BIuementhaL \ 

by- O.'l per cent in Aqgiist, baiting Yesterday the Economic Policy In quiet but steady exchange 
gone up by 05 and 0.7 per cent Group of principal advisers to market dealings the\ U.S. 
respectively in the two previous the President met under the currency moved back above the 
months. This is the first decline chairmanship of Mr! Michael DM 2 level against the West 
in the index since August 197G. Blumenthai, the Treasury Sec- German D-Mark, closing in 
Inevitably, lower food prices retary, to consider a draft plan London at DM 2.0015 against 
were the -principal factor: the drawn up by sub-cabinet . level DM 1.9876 the previous day. 
foods component part of the officials. The dollar picked up against 

index, dropped by 15 per cent, it appears that the favoured the other main strong currencies, 
while, tbe price of food at inter- option of this blueprint is volun- r i? in S to SwFr. 1.63 compared 
mediate and crude stages of pro- tary wage and price guidelines with SwFr. 1.6160 and to Y192.4 
cessing fell by even more. This not unlike those used by Presi- against YW1. 
suggests that continued relief dent Kennedy but backed by The . dollar’s trade-weighted 
from the farm sector is in. store some form of limited sanctions, depreciation, measured at noon 
fOr retail prices in the months Use of actual controls has been New York time by Morgan 
ahead. ruled out, as President Carter Guaranty, narrowed from 8.8 per 

. More encouraging was the fact has said repeatedly, and as his cent to 8.6 per cent 
that the index Tor non-food items anti-inflation counsellor, Mr. The pound kept pace with tbe 
went: up last month by just 0.4 Robert Strauss, reaffirmed today, dollar and so showed gains on 
per , cent— only half the rate in On the wages side, labour and other currencies. It closed in 
July, management would be asked to London 10 points down at SL9365 

The' Carter Administration has limit the size of negotiated Toe trade-weighted index of its 
been -saying for some .months settlements to the rate of lnfla- value against . a basket of 
that a lower rate of inflation tion in the previous year, say currencies rose from 62.2 to 625. 


PLESSEY IS to make 1JS0 
workers redundant, and close 
one of llie two Swindon Fac- 
tories or its loss-making 
Garrard Engineering sub- 
sidiary, which- manufactures 
record changers and turn- 
tables. 

The group blamed a slump 
in world markets for con- 
sumer audio electronic equip- 
ment and low-price Japanese 
competition for the further 
cui al Garrard, w hich has made 
pre-tax losses totalling £9.6m 
since 1973. 

Shop stewards at the 
Swindon-based subsidiary, who 
met management yesterday 
and are due for a further meet- 
ing on Monday, said they were 
“ dumbfounded and des- 
pondent” about the decision. 
The management, however, 
was prepared to examine any 
proposals to save some of the 
jobs. 

Since 1973 tbe workforce at 
Swindon has been axed from 
almost 4,000 to 1JS30. After ihe 
latest cuts there will be only 
580 people working at tbe sur- 
viving factory in Newcastle 
Street 


IRAN LAN army troops today demonstrations, came two hours 
opened fire on anti-government after it was broadcast at 6 a.m. on 
demonstrators in central Tehran, the state-run radio. Soldiers 
soon after the Government had moved in and fired tear gas at a 
imposed martial law in the crowd gathered for a demonstra- 
capjial and in 11 provincial tion in the city centre. The crowd 
cities. broke up into rock-throwing 

Witnesses said that up to 100 mobs, and the troops opened fire, 
people were killed and scores causing heavy casualties, 
more were wounded when troops At one point, a gang r>f 
opened fire with machine guns mostly young Iranians stoned 
and automatic rifles on demon- a Post office near the shooting 
strators gathered at Jaich Square and Reeled old shoes from 
near the National Assembly after residents lo bum in street bon- 
laihng to disperse them with g res 


They shouted " Down with the 
Pahlavi Dynasty,** and several 
said that they wanted “an 


Demand 


Plessey said lhat it is lo axe 
its music centre business as 
well as its lower priced record 
changer and turntable products 
to concentrate on the top 
quality end of the market. The 
decision is expected to reduce 
output by around two-ibtrds. 

The group said that this 
latest cut was due to a slump 
in world demand at a time 
when Japanese manufacturers 
had significantly increased sales 
by maintaining virtually un- 
changed prices— in spite of 
high rates of inflation and the 
Increased value of the yen, 
particularly against the U.S. 
dollar. 

More than half Garrard’s 
sales are in the U.S. 

Last year Garrard made pre- 
tax losses of £5.Lm on sales of 
£2l.4m. In the first three 
months of this year Garrard in- 
curred a pre-tax loss or film. 

Around 600 of the workers 
affected are full-time staff. The 
rest are part-time workers. In 
a letter to employees Garrard 
chairman and Plessey main 
Board directors Mr. W. J. 
Daiziel said that under the 
existing operation there was no 
indication that tbe company 
would be able to increase its 
share of the audio market 

He said that there was no 
practical alternative to the cut- 
back. 

News Analysis, Page 3 


tear gas. 

Police later began to arrest 
moderate opposition figures, 
including lawyers and writers, 
under the wide-ranging martial 
law powers but no immediate 
action was apparently being 
taken against major political and 
religious opposition leaders. 

Despite the tough Armv 
response to unauthorised demon- 
strations early in the day, diplo- 
mats were surprised that the 
military did not crack down 
harder Throughout the day, 
relatively small groups of rioters 
roamed south Tehran, breaking 
windows, setting fire to banks 
and government offices, putting 
up barricades and ligbting bon- 
fires of tyres. 

Troops were not deployed in 
force to prevent this. Instead, 
they rode around In lorries and 
Jeeps, dispersing mobs with gun- 
fire. 

The diplomats said that the 
lack of a major show of strength 
left the way open for further 
demonstrations and violence, 
which could seriously weaken 
tbe Shah's regime. No one is 
writing off the Shah yet, but bis 
ability to rely on his regular 
troops is increasingly being 
questioned. 

It is believed that if the 
present tension continues, the x„ w 

military ™.,ih oitw cniiV IsJatnic government to takfl 



SHAH OF IRAN: 


Ability to rely on troops 
questioned. 


military could either split into 
factions or turn against him. 

The surprise martial law 
announcement follows the week’s 


the Shah’s place. 

This means a government 
dominated by the country’s 


mass demonstrations against the traditional religious leaders, who 
Shah are in the forefront of the 

Although the protests were 2^ 0 £!i 0 j\ “ uvement " 0ne 


deraonsitralor said that the 


mostly peaceful, they were , , , 

taking on an increasingly people were waaang only for a 
virulent anli-Shah character. si sn*1 from the religious leaders 
which the Government said it before launching a full-scale 
could no longer tolerate. ‘ revolution. 

A huge protest march on However, since they are not 
Thursday, in which an estimated armed, their only chance of 
100,000 people took part, openly succeeding in this would be to 
violated a Government ban tun) tbe Army against the Shah, 
imposed the day before on which explains the repeated 
demonstrations. slogans urging “ brother 

Marchers chanted “ Death to soldiers ” to join them, 
the Shah" as troops watched __ _ ______ 

with bayonets fixed- 


Tbe martial law decision put I in New York 

this capital of more than 4m 

people under a military governor 
for the first time in about 25 
years. Curfew is from 9 pm to 
6 am. 

The first test of the announce- 
ment, which Includes a ban on 


Sept. 6 


Preurmi J 


Spot i Sl-tClO-Ojaa 
1 ninurh | 0 .c£v .&3 »li* 
5 mnnlh* I 1.66-t.oO ili* 
12 mnnth* > E. 104 .fCl ilia 


SI. CM 10-0430 
Ci.7Ui.Ml dm I 


| 1.79-1.73 Hi* | 


.11* 


Imps wins battle for Eastwood 


: BY ANDREW TAYLOR 


after Mr. Roy Hatters ley, the 
Prices -Secretary, announced that 


thd.offerwas not tobeaubjected "LET „3*£ * e 


IMPERIAL GROUP has won its man for J. Henry Schroder Wagg» market and substantial shares of 
battle to take over J. B. Cargill's financial advisors, said: the turkey and egg markets. 
Eastwpod, the ^eggs^ and poultry •« we are naturally, sad about this Eastwood, with trade union 
concern. Imps £38m bid was but we ^ aot j eel j t worth support, argued that reference 
made unconditional yesterday paying more than l32p a share.” to - the Monopolies Commission 

Imps now controls more than woald ! c * ve sroup no choice 

but to implement its contingency 

shares and says it wilj com- lay-offs or redun- 

pulsorily. purchase the rest, dancies. 

It is believed that the Office of T* 1 * company emphasised the 
Fair Trading bad favoured a employment guarantees con- 
reference of the bid to the Mono- mined in the Imps offer. 

polies Commission on the The news that the offer had 

ater .anmial"**sal^ of around grounds that it wonid- reduce succeeded boosted Eastwood 

gilb n , competition in the UK poultry shares which climbed 15p to 15Sp 

Cargill which withdrew iQ and egB martet. . yeMr dy while Imps share- 

Offer after the higher bid from The merged companies will ,*5 , - 
Imps, had been hoping for a now control more than 30 per lm periais bid has been 

monopolies reference. A spokes- cent of the UK broiler chicken cleared Page 15 


to a monopolies investigation. 

1' Imps launched its 160 p-a-sbare 
hid.- two months ago, following a 
I32j>a-sha re-bid— worth £3 2m — 
from; Cargill, the U.S. agri- 
cultural merchants which gener- 


CONTENT5 OF TODAY’S ISSUE 


Overseas news ......... 

Home news-general 
- ' — labour , 
rArts and Collecting 1 . 


........ 2 

3, 15 

3 

10-11 


Leader page ^ . 
UK Companies ... 
Mining .............. 

IntL Companies .. 


... 13 
14-15 
... 6 
... 17- 


Wall Street 16 

Foreign Exchanges 10 

Farming, raw. materials ... 17 
UK stock market 20 


Mr: Callaghan’ struggle to 

survive 

Unscrambling the radio 
waves 13 


12 


FEATURES 

Indian floods pose threat to 


economy ..... 2 

World Mock markets 5 

Working at home problems 6 


Alfa turns on power 8 

Ardennes: Forests and hills 8 

The world of dahlias — 8 

American T^Y for UK 10 


... AppahTtasciUji 
a Bridie 

■ 'Cbu* — 

Cflflecilog. 

.'Cmnnrd Puzzle .., 

’UtMMnlc Diary 

^'- Entertainment Guide 
Ptnua. nml Family 
- .FT-A clMrlm Indie* 
*ntit*nlna 

________ 

Alw'tir-SMNd U 


U 

XL 

n 

W-u 

■ lb 
33 . 
U 

b 

20 

. I 

n 

■ 9 


inswaiico 

’ Letters ...~i .... 

Le* 

Man of the Week .... 

m Morion — 

. Property « 

Racing • u 

. Share (■Formation 223 
SC Wuk'i DoaHras 1S-W 

Travel i.. I 

TV and Radio U» 


Taxation ....... 

UnR Trujt* ^ 

Weather 

Wcek*iuf Brirf, .... ■ 

Week in Un, & NY 
-Ymt Savinas St lav. 


7 

21 

2t 

U 

s 

7 


INTERIM STATEMENT 
■mislead 15. 


ANNUAL STATEMENTS 


OFFER FOR SALE 
. ArimUmot America 1 

Allied Membra High 9 

MAC High 13 

sc* lot ngor emr»... 7 


Antal. Tin nf Nigeria 
City dr Lon. Brew. 
Hannon Cold . ... 
Base Lending Rales 
BnlUlnn Sec. Ratos 
Local Amity. Bands 
OK Convert! bias 


S 

2 

15 

20 

19 

19 

19 


.. For latest Store Index .'phone 01*2468026 


ARBUTHNOT 

IN 

AMERICA 


Here’s why you should invest now in the Arbuthnot 
North American and International Fund 


££ Much smaller, but no less successful, has 
11 been the Arbuthnot North American Unit 
Trust , doubling in size to million in the last 

fezD-icceks. It also proudly stands at the head of 
the one-year performance table, zoith a rise of sow, 
12.5 p.c. in The 1 2 months to last Friday , which 
compares with a fall of S.6 p.c. in the 
Dow Jones in the same period. J. s 


pent 

OinJ Odlin. vmin Tdimr^. Ar’il v ;h i’rS 


ir S>Tln,-hcr lo-ft W l-l lull lq-, IbFlb&l Ik.. 

afcrootdm’.^jucbj n.I'^t anrJirJ ui ull 01 si me Ikj J.wm Imlu v^er 
liK un pcr»«1. 


S' VTiiat > more, one or two of those funds ■ 

w® whose portfolios contain a fair share of 
companies other than the leaders have in fact 
done remarkably well over the past Jew weeks. < 

.Uiwr notably, A r but knot . whose North American ] 
and International still tops the one-year * 
performance table, with a gain of 13.4 per cent T 

ez'cn Though around half of the portfolio 1 some 90 
per cent invested directly into the U.S. markets) i 
is composed of mm J 

smaller companies. JJ 


.V Jncntw i .irfx>'U 

’. iMQ.'Ul 1 lit—. Mj) 1 Jib. il't. 


Now- The Right Time to Invert - The Uti'sinck 
market is beginning to rctxner from a depressed level 
similar uj that in the UK. market three years ago. We believe 
the US market still has room for considerable growth wliieh 
is the aim of this fund. 

Arbuthnor - The Right North American Fond - . 
Over 90 " „ of the fund is currently invested in US securities, 
much of it in smaller companies. Unlike the blue chip 
multinationals their growth K not held back bv overseas 
iflterests.operamgin less favourable eondioons or by ialling 
exchange rates . However, we maintain an extreme}?^ flexible 
amt ude and with any improvement in world trade wy would 
increase the fund’s holding in the larger imernauoiul ^ 
trading companies. ■ 

Arbuthnot carry out much in-depth research and, 
constant monitoring, as well as nuking regular visits to 
America, so as to pin pant the areas and industries that 
show die greatest potential for growth. 


Investment wf »hi* fund is parti.iil'. ihnmgh a hack-to* 
Kick loon facility in order to minimise die efieeis ul the 
dollar premium. 

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

Ynur mvestment should K: regarded as long term. 

Fixed price offer for North American and 
International Fund (estimated current gross yield % 
r*„) until 5 pm September 15 th, 197 S at 36 . 3 P (or the 
daily price if lower). ' 


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Safari*? Septe 


OVERSEAS NEWS 


Lebanese 
Christians 
split by 
fighting 

By Ihxan Hijazi 

BEIRUT. Si?pt. S. 

LOCKED IN a fierce confronts- 
tlon with Syrian troops of the 
Arab Peacekeeping Force, the 
Lebanese Christian allumce 
has begun to show M-riou- 
strains. This is re lice ted in 
political divisions, economic 
and social troubles and :< 
worsening or the growing prob- 
lems of displaced people. 

Heavy artillery exchanges 
recurred last night between 
the Syrians and the Christian 
militias in Beirut's .south- 
eastern suburbs. It the 
second large-scale bombard- 
ment there in less than a wevk. 
The number of casualties and 
extent of damage were nut 
immediately known. 

[Reuter quotes a Western corres- 
pondent who spent the night 
in the area as saying the fight- 
ing began when the mi linos 



Citibank move for publicity curb 


BY DAVID LA5CELLES 

fTTIBANK HAS filed a series of that the case constitutes a viola- Into Mr. Edwards' allegations, 
mntmiic with the New York Hon of privacy In that it involves The hank’s demand is made on 
mnuons wuu disclosure of trade secrets. the grounds that such a dcposi- 

bupreme Court seeding curtail tion would violate the lawer- 

nicnt or publicity of evidence Citibank has also asked the c j ient relationship "between Peat- 
relating to a wrongful dismissal court to order Mr. Edwards not Warwick, Mitchell, and Shear- 
suit brought by a former to discuss the case in public or man sterling, - the Wall 

employee. The employee, Mr. with the media. The motion streCt law fijo, who comm is- 
P.nv id 'Edwards, has alleged, in a includes a copy of an agreement S j„ ne d the investigation on Citi- 
si»rips of documents and exhibits signed by Mr. Edwards when he folk's behalf. 
ii>d"ed with the court, that Citi- joined the bank in which he . . 

bank dismissed him after he tried agrees not to divulge. Citibank’s It is common practice for cot- 
m secure an investigation into confidential information. porations to get their lawyers 

‘-omc oF the bank’s foreign The bank's third demand * £ 'STEER £7 iJS sanrti?? 
exchange trading practices. that the court block a request JJjSed^by 2£ law-erSnt 
The bank's main demand is by Mr. Edwards’ lawyers to take fJbSLmshi/ 6 law>er 
I hat all pre-trial hearings and the a deposition against Mr. Walter J - 

trial itself be held in camera, Hanson, senior partner of Peat, Mr, Justice Evans of the New 
and that all documents relating; to Warwick, Mitchell, the account- York Supreme Court is to rule 
the ras-e be sealed. *nie bank mg firm which the bank has on all these motions on Septem- 
bases this demand on the grounds asked to conduct an investigation ber 13. In the meantime, Mr. 


NEW YORK. Sept 3 

Edwards has agreed not to 
discuss Citibank's business prac- 
tices with the media. 

Mr. Edwards’ main allega- 
tions, which were made in' the 
court papers, were related to 
the way that money was trans- 
ferred from Citibank's European 
branches to the Nassau branch 
in order to secure tax 
advantages. 

Citibank has denied Mr. 
Edwards' allegations in .court 
papers of its own, and said it con- 
ducted an internal investigation 
before calling in Eeat, Marwick, 
Mitchell to make an outside 
report The results of this should 
be ready later in the autumn, but 
Citibank has not said whether 
they will be published. 


Arms talks in Moscow ‘useful 9 


BY DAVID SATTER MOSCOW, Sept. S- 

•50 VIET AND U.S. negotiators ment agency, who apparently simplified, the Western diplo- 
hnvp completed two days of came to Moscow to give Soviet mats said. 

rtraiegic arms limitation talks, leaders a look at U.S. proposals The talks have made some pro- 
•vhich Western diplomats said for resolving the outstanding Sffess in narrowing differences on 
~ _ had hpen iiceful as a sten issues. Ike remaining issues.in the last 

opened up on Syrian irtini^jh - - new 1 agree He met Mr. Andrei Gromyko, year. These are believed to be 

with automatic rules and J"* jrds ™acbm. * new aRree ^ Soviet Foreifin Minister. As the Soviet ” Backfire bomber." 
machine guns. He ‘“J- ■ Th ' us team was headed bv a result, the talks due to be held which the Russians do not want 

Inti ‘ then used Mr. Paul Warnke. the chief U.S. by Mr. Gromyko and Mr. Cyrus counted under strategic weapons 
£ Jl - ^rHiUv 1 ‘ SALT negotiator and the head of Vance, the UE. Secretary of ceilings, deployment of new 

nv^».?«riiV n SSrfr?Df Ain nl-i the arms control and disarma- State, on September 17 bad been missile systems and' the effective 
The Christian a.sinci uj .uu | date of the new agreement 

— The 


Rummaneh, the centre *>r itu- 
tension, is almost empty, with 
civilians having abandoned 
their homes and l;*ft Mi«'. 
shattered quarter l«» llm, 
militias. 


IMF strike fear recedes 


respective negotiating 
teams included the Geneva SALT 
delegation chiefs, Ralph Earle 
and Vladymir Semyonov, as well 
as the Soviet and U:S. military 
experts. General John Rowney 


! BY JUREK MARTIN WASHINGTON. SepL S. 

- . I t M vmffv* 1M, x^VMVIikU WWUU Jllfllliw.' 

l Rumma neh*" f orm ontv a small! THE LINGERING threat of cent awarded in a provisional Colonel-General Ivan Belet- 
part or the 300.000 Christian* Strike action by the staff of the settlement in . the spring. This “Jj Warnke wbo wa , ]eavin „ 
who had to re- locate in other International Monetary Fund to was accompanied by a warning . M i5Jw toEv aJShTSrtMSed 
parts “ the country after coincide with the organisation’s that “ strong staff action " would SaS i - n,E? in i he 
heavy flehtin" in their own annual meeting later this month result if the board decided 

heavj fifibtm, »n • A as dispelled here this morning, otherwise. home stretch and the 


agreement could be readv well 


parly, the | ■' 1,1 p oepioniu me ueiay in opposed to increasing what it Meanwhile, Mr. Jav Crawford, 

m pa ra- l ,,nal consideration of their pay sees as already inflated IMF the representative of the CWea-o- 

iinn. ha.>! ’^ a:ni - a ** ced li t0 .. Wff ' t “ nU J salaries. However the suspicion based P firm of International 

problem , J-'toher -3. when the board of hi growing that the U.S. will drop Harvester, left Moscow today 


Mr. Pierre Gemayel. the leader j The J United Slate . s has been before the e'nd of the yrar. 

of the Phalange party. I ;'^| e _ d n ^ r jn^the delay Jn opposed to Increasing what jt Meanwhile. Mr. Jay Crawford, 

principal Christian 
military organisation 

warned that if the prnMen. . , . . 

refugees is not solved before -directors is due to take a den- jt s objections at the October 23 after being convicted vesterday 
the cold weather arrives. an ; sian « n tJie ****** ‘"“ease. meeting. By then Congress, which 0 f black market currency deal- 
all-out flare-up should be; In a generally worded resolu- also takes a dim view of IMF ings. He was given a five-vear 
expected. (tinn, the staff urged the board to and World Bank salaries, will be suspended labour camp sentence 

Businessmen and trade union { approve the proposals putin recess and. hopefully, key Mr. Crawford consistentlv 

leaders in the Christian forward on Wednesday by Mr. items of outstanding legislation, denied his guilt and his arrest 
districts have sounded ihel^vques de La rosier*, the new including the Foreign Aid Bill was seen by U.S. officials as 
alarm about what the v termed ! managing director. This would and approval of the Witteveen retaliation for the arrest of two 
an economic depression if th.-j^ive the staff an additional 3} supplementary financing facility. Soviet United Nations employees 
situation Is not remedied ! P° r cen L 0D l °P of the 34 per will have been enacted into law. in May. 
quickly. | ' 

Conflict was reported to have 
developed between “(101 
and “hawks" in the Christian 
camp, with the doves urging a 
compromise with Pres idem 
Sarkis and the Syrians and the 
hawks reportedly insisting on. 
the continuation or con fren la- r JAPAN'S 
tion and keeping the pot 
boiling until Israel is in a posi- 
tion to come to then' help. 

The trauma has affected Hu* 

Phalange party sennudv. 

There have been unconfirmed 
reports that two prominent 
members of the party leader- 
ship, Mr. Louis Abu Sharaf 


Japanese trade chief for China 


BY CHARLES SMITH, FAR EAST EDITOR 


TOKYO, Sept. S. 


Minister of Inter- A figure of 50m tons has been mobilise the funds. , and tech- 
national Trade and Industry, Mr. mentioned unofficially as a pos- oology needed to esptfnd oil pro- 
Toshio Komoto, leaves Tokyo for Bible target for 1985.' This would duction fast enough to meet 
Peking on Monday for a five-day amount to more than 10 per cent Japanese demand, 
virit which could boost the two of Japan's oil imports - if the Japan hopes to help solve thisi 
countries' trade relations, already current MJT1 projection for oil problem bv extending loins to 
nourishing in the aftermath of imports of around 430m kilolitres China through its export-import 
i he Sinn - Japanese treaty of by the mid-1980s turns out to be bank and bv negotiating an 
peace and friendship. accurate. agreement under which the 

- - _ , . . , Mr. Komoto will try to gain ■ ■ ■ — ■ , ■ Japan National Oil Company 

and Mr. George Saaden. hav k a i m p ross j on 0 f China's plans Japanese and Soviet partners (JNOCl would provide technical 

rncirmarl Frnm 1 hr TV.i rt V ip « , hfiVA cimnlr nQlnral war fn p «Ka i a ■ _ r 


resigned from the party 
because they disapprove of the 
military trend in the parti's 
policy. 


Nicaragua 
protest over 
priest’s arrest 


By Joseph Mann 

MANAGUA. SepL 3. 

A CROWD estimated in the 
thousands poured into the 
streets in tiie city of Massy a 
south of here this morning iw 
protest at the arrest last night 
of a Roman Catholic priest. 
Tensions rose m the cities uf 
Masaya and Esieli as liu* 
Nicaraguan national guard cm- 1 
tinued roundinc up politickin'!.. | 
businessmen and youths and| 


for stepping up oil and coal pro- have struck natural gas for the aid in the development;, of 
duction over the next year and ® n continental China’s offshore fields. S 

of prospects for increasing shelf off the Soviet Far East China has consented 0 in 
Japan's imports above currently * sIai,t ' °f Sakhalin, Renter principle to the suggestion; of 
planned levels. 

The eight-year trade agreement 
signed at a private level early 
this year calls for China's oil 

10 Japan ^ to secure sign a cooperation agreement 

.ibnut 15m tons a year by 198L long-term commitments from with JNOC. 1 

Negotiations on what should China on oil imports before • Chang Tsai-Chien, a deL w 
j happen after 19S1 were originally launching an ambitious invest- chief of the Chinese Aripy’s 
not expected for some time, but ment programme in the special General Staff, arrived today 
Japan now seems in a hurry to cracking facilities needed to a six-day unofficial visit to Ja 
get Chinese agreement to a sharp process China's “ waxy ” oil. The Reuter reports. He is the 
expansion of ail shipments during problem on the Chinese side senior Chinese military office^ 
the first half of tbe 1980s. would appear to be how to visit Japan. 


reports from Tokyo. They an Ex-lra Bank loan, break 
struck oil in their first test ing with il$ previous pqjicy 
dril ling in the same area last which ruled out foreign bo 

Septem ber. ing other than supplier ere 

has also indicated that 


borrow- 
redit. It 
it grill 


Chinese trip 
worries Sofia 


B y Paul Lendvai 

SOFIA, Sept. S. 

carried out a scrips of searches i AMID SIGNS of growing Bnl- 


in homes, schools and oven 
churches. Residents nf (ho two 
provincial cities feared thm 
serious violence could break 
out at any time, leading In a 
■confrontation between police 
and anti-Governmunr pro- 
testers. 

The Government of President 
Anastasio Soinnza said this 
morning that the director nf 
the Salesian school Don bosen 
in Masaya. Father -Tnse ill aria 
Pacheco Vasquez, was a r res led 
and a cache nf arms was dis- 
covered in the parish bouse 
next to the school. 
Eye-witnesses told me that 

several jeeps full nf national 


garian concern and even anger 
over what Sofia calls “ Chinese 
meddling,*' Peking is seeking to 
intensify its economic contacts 
with Yugoslavia and Romania, 
Bulgaria's Balkan neighbours. 

The recent arrival of the 
tThinese Finance Minister. Mr. 
Li Hsien-nien, in Yugoslavia is a 
signal that both China and 
Yugoslavia are determined to 
expand their trade. Contrary to 
rnsy official statements, however, 
trade has if anything fallen 
particularly with regard to 
Yugoslav exports. 

Trade expansion is also to be 
the main topic during the 


guardsmen had 3Uacked ii>e!™a«* official's forthcoming 


Don Bosco school nn 
Wednesday night, phnotins 
hundreds nf round;: into the 
school building and church 
alongside. They also broke 
down twn doors and enlercd 
the school grounds by climbing 
over a Wall. The uuar.-l 
returned last night i<> conduct 
another search and to arrest 
the priest. 

Four pries is and twn students 
were present at the Wednesday 
night raid, the fourth rime ih.it 
soldiers had entered the 
scbool. The raids were 
ostensibly carried out to search 
for arms and young rebels. The 
local source told me that the 
soldiers themselves threw 
houie-uiadc bombs into the 
street as they entered ihc 
school to give the impression 
that they were heing attacked 
from within. Pnests at the 
Don Bosco school were 
reluctant to give their names 
tn tbe Press, saying that they 
had been threatened by 
anonymous callers. 

The school's block-long facade 
was pockmarked with bullet 
holes and the front dnnr had 
been smashed in. Then’ were 
more bulletholcs and broken 
glass inside the building. The 
church alongside aI?o Unre 
dozens of holes made by high- 
powered rifle shots. The 
school's S00 students were nsit 
present during the Wednesday 
night attack and Ibe srimel 
. was later closed by the 
Salesian priests because of the 
frequent raids* 


visit to Romania. 


for 

fan, 

fcrst 

to 


Hong Kong growth hope 


BY RON RICHARDSON 


HONG KONG, SepL t 


HONG KONG'S economy should He also hinted that he 
continue to grow strongly in the Government is dissatisfied v ith 
remainder of 1978 led by higher- the continuing low level of in- 
than-«xpected exports and terest rates in the colony— he 
domestic consumption, according three-month Hong Kong do lar 
to he Financial Secretary, Mr. deposit rate is currently 2.5 ler 
Philip Haddon-Cave in a half- cent — and may seek some \ ay 
yearly economic survey delivered oF more effectively influenc ng 
today. the interest structure. 

• The overall rate of growth of *K? e n,ain b i"' 

the Gross Domestic Product ^ ^ ,r ; 

(GDP) should reach about 10 per ” ld the va!ue °j 

cent, be said, compared with the _ e *j\ l ! rt * n ° tt /eec ed 

forecast 0 f 9 per cent contained !‘ k n e t ly ril !° *^L'-c by about / 
in the 1977-78 budget presented 1 r 9,S com P a red w th 

in Anril the hlld 8et forecast of 5 er 

p ' . cent This is a result of the rin- 

However, changes which have tinued depreciation of the He ng 
taken place in the domestic Kong dollar (on an exptrt- 
economy recently, especially the weighted basis, the tiepreciat on 
sustained high level of domestic is 9.1 per cent since the start of 
demand, caused the Financial 1977) maintaining the comp ti- 
Secretary to be guarded about tiveness of local manufacture rs. 
the longer term economic out- combined with unexpec ed 
look. growth in the workforre 


Total may 
close Dutch 
oil refinery 

By Charles Batchelor 

AMSTERDAM, SepL 8. 

A SECOND European oil 
refinery is faced with closure 
following the decision by 
Occidental Petroleum to shut 
down its Antwerp installation. 
The French group Total may 
be forced to close its Dutch 
refinery in Flushing unless it 
can reach some form of down- 
stream co-operation with a 
chemical company. 

Losses from the 6.5m tonne 
capacity refinery have become 
too lai^e for Total to continue 
operating the refinery in its 
present form, the company 
said. It is currently working 
at two-thirds capacity. 

Opened In 1974, the plant 
supplies products to the Dutch 
marker as well as to West 
Germany and Belgium. 

Total refused to say with 
which company it is seeking 
co-operation. Hoechst Holland 
has a polycondensates plant, at 
Flushing, hut the German- 
owned company plans to shat 
this down in view of the diffi- 
culties of the European 
synthetic fibre market. A com- 
pany spokesman said Hoechst 
had no plans to link with Total. 

A potential partner for the 
refinery is Dow Chemical 
which has a chemical Installa- 
tion In Ternenzen across the 
Westerschelde from Flushing. 
Total and Dow are linked by a 
pipeline through which Total 
supplies naphtha. This con- 
tract is due to expire shortly. 

Shell Nederland said It was 
holding talks with Total, and 
with other refinery operators 
in Holland, over the problem 
of over-capacity in Western 
Europe. These talks have been 
intensified recently. A Shell 
spokesman said it was im- 
possible to say whether these 
talks would lead to any agree- 
ment with Total. 

Refinery over-capacity forced 
British Petroleum to dose its 
Rotterdam installation for two 
months earlier (his year, while 
Shell is considering reducing 
its 26.5m tonne capacity 
refinery — the largest in the 
group — to only 10m tonnes. 


New Portugal 
Government 
“will survive” 

LISBON. Sept 8. 
PORTUGAL’S FORMER Socialist 
Prime Minister, Dr. Mario 
Soares, said today tbe new non- 
party government of Sr. Nobre 
tia Costa would probably survive 
next week's debate on its 
programme. 

In an interview with the left- 
wing weekly O Jomal. Dr. Soares 
said Lhat following contacts with 
other political parties he helreved 
a parliamentary solution to the 
Government crisis would be 
reached within three to four 
months. 

“ All the parties think that it 
is necessary to find a rapid 
solution, because this Govern- 
ment serves neither the country 
nor democracy," he said. Prime 
Minister da Costa's 400-page 
Government programme de- 
livered in Parliament yesterday 
was received with uncharacter- 
istic silence by the 283 deputies. 
The Socialists said the Govern- 
ment had only the support or 
President An tonio Ram at ho 
Eanes. The Conservative Centre 
Democrats (CDS) accused it of 
having an understanding with 
the Left while the Communists 
charged that it had links with 
reactionary parties. 

Reuter 


Zambia ‘will 
blame UK’ 
if Rhodesia 
attacks 

By Our Own Correspondent 

LUSAKA. SepL 8. 

PRESIDENT Kenneth K aim da of 
Zambia said today that he wonld 
not rule out inviting forces from 
outside Africa to help his army 
defend the troubled borders with 
Rhodesia and Namibia. 

The President who has made 
such statements in the past did 
not elaborate. He did, however, 
confirm to a Press conference 
that he believes Rhodesia Is 
planning to attack Zambia in 
reprisal for the shooting down 
of an Air Rhodesia Viscount air- 
craft last weekend. . He said 
Zambia would hold Britain, as 
tiie colonial power. ** entirely 
responsible for any attack on us,” 
from Rhodesia. 

Dr. Kaunda met the Press on 
the eve of a major conference of 
Zambia's sole party, the United 
National Independence Party, 
which seems certain to endorse 
him as sole candidate for Presi- 
dential elections later this year. 

Dr. Kaunda also accused Sir 
Harold Wilson, the former 
British Prime Minister, of com- 
plicity with Rhodesia's white 
minority in the 1965 unilateral 
declaration of independence 
(UDI) and of later knowing that 
British oil companies were break- 
ing sanctions. 

As in the past. Dr. Kaunda said 
he would not rule out further 
meetings with Mr. Ian Smith, the 
Rhodesian Prime- Minister, 
despite the controversy created 
by last month's secret talks in 
Zambia between Mr. Smith and 
Mr. Joshua Nkomo, co-leader of 
the Patriotic Front nationalist 
alliance. 

But Dr. Kaunda made clear 
that the " frontline ” states — 
Angola. Botswana, Mozambique, 
Tanzania and Zambia — had 
agreed not to make contact with 
Mr. Smith anew without prior 
consultation among themselves. 
This agreement did not bind the 
Patriotic Front leaders, he said. 

“ If we have reason to believe 
that Smith is offering something 
genuine we will distribute 
information to the frontline 
countries and if tbe frontline 
countries agree that there is 
something to be said about meet- 
ing Smith this time we will do 
so,” Dr. Kaunda said. 

He appeared to indicate that 
despite the increasingly warlike 
rhetoric, farther negotiations 
were far from impossible. ^ Mr. 
Smith had not, however, 
indicated readiness for. further 
talks, Dr. Kaunda said. 

Renter adds: President 

Kaunda, also accused one of his 
domestic political opponents of 
threatening violence. ■ 

He said that former Vice- 
President Simon Kapwepwe had 
told foreign reporters / lhat 
violence would ensue rf the 
Zambia leader ignored .popular 
sentiment. i 

*’ That threat by Mr. Kapwepwe 
is something the security forces 
are watching.” the. President 
said. / 

Our Salisbury correspondent 
writes: Mozambique-based guer- 
rillas have sbetled the Rhodesian 
border garrison ‘town of U ratal i. 

The intensive seven-minute 
rocket and mortar attack, 
apparently by guerrillas of Mr. 
Robert Mugabe’s Zimbabwe 
African National Liberation 
Army, damaged the civic centre 
and magistrate’s court, as well 
as homes in white suburbs. 

Up to 40 mortar bombs and 
rockets backed by automatic fire 
were blasted into Urn tail, but 
only one man was seriously 
wounded. 


Denmark ’ 15 coalition 
survives first v: 
parliamentary test 



BY HILARY BARNES 

THE NEW “•'S'Sd SESSJ 
of Social Democrat 8 ^nd p ar ife. 
came through its Tdv 

3a&8S "3&?“* H 

ptag u \° 

VAT to per ce Dt - DUI mere 
w^ a revolt by some Social 
Democrats when they o d **g” er Jj| 

suss- i 

pensation in return for the extra 
increase in the tax. 

The strength of the anti- 
gpvernraent vote, which came 
from all other parties in the 
Folketing, showed that the 


COPENHAGEN, - Sept^? 

Government, formed tn the w. 
of generating greater- -paHtja 
stability, cannot count on gewi 
its legislation through oh thefts 
- The Government was 'save 
today only when two member*, 
tbe Christian Peonies’"" Pm 
absented themselves m order , \ 
prevent a Government defoat n 
a tied vote the Government's » 
would not have gone thro»i2^ 
When the Government 
formed. It was expected that ‘ 
could count on at least the 
support of the. Right-Ceot 
parties, but today’s vote's* 
gested that this will not nc& 
sarily be the case. With- aft 
turnout the -Government. j&oii 
normally be able to count on 
votes in the' r 
Folketing. 




German trade unionists ; 
to stand in European poD 


BY JONATHAN CARR 

THREE MAJOR West German 
trades union leaders have said 
they plan to stand as candidates 
for direct elections to the 
European Parliament next year. 

The news seems bound to add 
to public interest here in the 
elections and to help dispel some 
fears that candidates of in- 
sufficient stature will present 
themselves. 

Foremost of the three is Herr 
Heinz Oskar Vetter, head of the 
Deutscbe Gewerkschaftsbund 
(DGB)— the German equivalent 
of Britain's TUC. Tbe others are 
Herr Eugen Loderer, leader of 
the metalworkers union, .IG 
Me tali — with 2.6m members 
often described as the biggest 
union in the Western world — 
and Herr Garl Hauenschiid, head 
of the chemical workers union. 

' All three plan to stand for 
the Social Democrat Party 
(SPDi — a decision promptly 
criticised by tbe political .opposi- 
tion here on grounds that trades 
union leaders should not be 
identified with political parties. 

Explaining his candidature. 
Herr Vetter said he expected- 
that leading figures from the 
employers' side would also stand 
and it was wrong that the trade 
union movement should not be 
represented in the Parliament 

He stressed that in the first 
phase of a directly elected 
assembly, it was essential to 


BONN, SepL S; 

have members with pubbe r 
perience who conltt not easily . 
pushed to one side. 

Considerable interest .’"l 
already been aroused here in t 
direct elections, not sunt 
because of the position of Bert. 
Soviet and East German prute 
about the right _of West fieri 
parliamentarians to be part 
the European assembly has t 
cited an Interest here whi 
might otherwise have been nit 
muted. 

Meanwhile.- in a further si 
of the gradual intensification 
relations between Bonn and fi..' , j . 
Berlin, it was announced: loo.' 1'-’ 
that for tbe first time a' Vf 
German Minister will pay • 
official visit to East Germany--; 

The Building Minister, H-V'/ 
Dieter Haack. will be -making r* 
visit from September 'll to 
and will be having talks with •; 
East German counterpart, H . 
Wolfgang Junker, and with i 
Politburo member, Herr Gun 
Mittag. 

West, German ministers h; 
been in East Germany befon 
but never on an official vr 
Heer Haack’s trip -will thus 
breaking the ice. Gaverxun> 
sources note that building if 
sector hardly open to ideologi 
confrontation— and. one in- wh 
each side has ideas to offer ■; 
other. 






]Mi i 


Xj. *; ■* -V 


Aboriginal leader ta Mel 
Australian uranium plan 


BY PAUL CHEESERIGHT 

THE PROSPECTS for a quick 
start to the development oE 
uranium mines in the Northern 
Territory of Australia brightened 
yesterday when a key Aboriginal 
leader dropped his opposition to 
an agreement covering the terms 
and conditions for the mining 
of the Ranger deposit. 

Mr. GaJarrwuy Yunupingu, 
chairman of the Northern Land 
Council, a statutory body repre- 
senting Aboriginal interests, 
said he would recommend rati- 
fication of the agreement when 
the fall Council meets next week. 
His decision, which overrides a 
refusal to sign earlier this week, 
was made following talks in 
Darwin with Mr. Malcolm 
Fraser, the Australian Prime 
Minister. 


A draft agreement for Ran ' ' 
was worked ohl last . mo , 
between tbe Government.apd 
Northern Land Council. If; 1 v 

agreement is not ratified quid ... 

planned construction of the'tn" T 
will have- to be delayed tr 
next June, because of the com 
wet season. ' 

This in torn would mean t 
uranium would not be.produ 
until 1982. The AustraliairC 
ernment, with control of 20 . 
cent of the world's uraw 
reserves, is anxious to see 1 
duction starting in 1981, t 
producing a year’s extra exr 
revenues. 

Ranger is a joint venture 
tween Peko-Wallsend, EZ in* 
tries and tbe Australian Ato 
Energy Commission. ' 


Indian floods threaten thej economy 

BY P. C. MAHANTi IN CALCUTTA ?- 

FI.O«»DS HAVE traditionally the flood damage during the year n0 less than lhat nf 1977 and it\s trains connecting Calcutta tn the 
T n i JJ,,?.. 2JSJS .X*S lty ° f u aLmos !: 11 * mble lhe avera3e possible that in the final enuftt south via Orissa have had to be 

K paSt ^ ra ' ^ * k 4 .L, L he damay ‘- ma >' be a good dejl cancelled for four days. At the 

montnnnl™- J-™! 19 ? 7 a ws “ considered to be the heavier. The slandin E rice crob moment many North India train 
Z nn hi ^ Hood year u; i recent .Indian in the affected stales has beei services to the capital remain 
tohave^ bee n_ borne out b> the history. But now this years flood badly damaged according tv suspended. Seriously affected by 

damage loolis set to be even officials although no firm figuref alt this has been the coal traffic 


recent devastation. 

Every year, floods cause exlen- more extensive. 


sive damage to property, wreck- 
ing crops and the homes of the 
vast rural community. Out of a 
total of 130ra hectares under tbe 
ploucrh. at least 23 per cent is 
prone to flooding. The most 
vulnerable areas are the Ganga 
and Brahmapuca basins in the 
stales of Uttar Pradesh Bihar, 
West Bengal and Assam aod in 
the eastern state of Orissa. How- 
ever lately the states of Gnjara 
and Rajasthan have also been 
prime flood areas. 


— ^ , . .. ran yet be given as the full furs 

The destruction done by the of the aoods has not abated) 


Troops and civilians are fight- 
ing a grim battle to save 
India's historic city of Alla- 
habad, threatened on three 
sides by rising flood waters 
from the Ganges and Jamuna 
rivers, Reuter reports from 
New DelhL They worked fran- 
tically to close cracks in a 
300-y ear-old embankment built 


by the Mogul Emperor, Akbar, 
to protect the city, where the 
two rivers meet some 300 
miles sonth-easi of the capital. 
New Delhi. Thousands of 
sandbags were also dumped on 
top of the banks to raise their 
height and try to stop flood- 
waters swamping the etty of 
half a million people. 


from West Bengal and Bihar to 
practically a LI parts of the 
country and the already existing 
coal shortage has been con- 
siderably aggravated. 

The small arid medium Indus- 
trial units which have sprung up 
in the northern fringes of Delhi 
[have been badly damaged, the 
jflood waters having harmed 
Stored raw materials and possibly 
machinery. 


' “ I I ~ . . The loss of life— expected to 

. ^ . current floods is already being Disruption to communications, '.be well over tbe 200 reported 

During tiie past ~5 years, the estimated at Rs 3bn in Uttar especially railways has been idead so far— has also dislocated 
average damage to crop and Pradesh alone. West Bengal quite serious with a long stretch economy. Over ,2m people 

o f of rail linesjn the coastal areas 'are affected by the calamity, 

most of them having .Inst their 
homes and cattie. The rehabilita- 


property by flood has been whose western districts 

roughly Rs 2bn <£134m). In Midnapore, Bankura and Murshi- of West Bengal and Orissa 
1D77 this figure rose to an dabad have been affected by the coming under water Floods in 
astronomic Rs ll.Zbn. This worst flood in recent history has the Jumna River are" threatening 
included the damage caused by suffered a damage estimated at bridges on the northern India 
««■ disastrous cyclone In the Rs 50m. In Bihar and Orissa, rail lines connection Delhi to 
cojstal states of Andhra Pradesh the damage must be heavy Uttar Pradesh on the east, and 
dnd Tamiloadu which are not although official estimates have Haryana and Pun jah on the other . 

normally affected by floods. But not yet appeared. Thus it seems side. ;Rs 7bn scheme for flood control 

even making allowance for .that, that the losses this sear will be Several long-distance express^ spread over a five-year period. 


tion will impose consTderable 
strains on the Government and 
economy. The Indian Govern- 
ment has recently announced a 


The City (rf London Brewery 

and Investment Trust Limited 


Coir.nn'ir 

Canid' GOO* Dlir.)t*>; 

-O'., 


Chemicjis FI tod 
Cwmodities Oi Oftcrs W^est 

5.6', Wi 9XC* 70*. 



Retail Price Index 



238 m 



UX9<U^ 


65.4 


•1968 


..i/> ■ '. v : v 

97Z % lllc 


Gross Dividefids per • 

Deferred Stock Unit (Indexed) 

244 

27f 

m 



215 1 




138 

* 

* 

* :’ v v ./ 

.. ♦ • v ' 

-*V-. 

•% 

100 


; <V", "1 '. > 

+ . * 

**• /v 


WH 

vwO V ■. 

"m m <r 




Sm* 

■19? ir 

397$+ 

-197? - 



J. 


? **= 




financial Dmes Actuaries 
AH-Sh are Index.' 


TIOlHi AniMr.* 

14SS 

South Africa 2.V. 
lawn 0.7 
OihfirCoumd' 

06* 




134 


123 

mv 

13S 

100 

206.4 

M01 

t ■ - 







'/, « - ; 


■f - ’ * *3 i 


.1*8, . 

;m$ ■ 

:■ f ■ 





Net Assets per 

Deferred Stock Unit (Indexed) 





.128 r 

100 

106 




> '■■■■. 7. 

mk' 

-r- * I * S 1 






Total Assets at 30th June, 1978: £40.2 million. 


Itiswith pleasure thatl again record an nnnt&L ^ : 
increase in the dividend, this time from 2.40p peC - 
deferred stock unit to2.76p, an increase oriipercent. 
This would indicate in the new year a quarterly 


dividend oro.69p and the Board an ticipates a fuJ' 
increase in tbe final quarter. In my view we mny Jot 
forward to further progress and a satisfactory year, 

Martin Wilkinson, Ch*iT 



A member of tfeToucbe^Retnnant Management Grofl 

Total funds under niahagement exceed £800 million. 

Copies of the Report andAorofcntss can be obtained from The Secretary,. 

The City of London Breij^ W'd lnvestznexit Trust Limited, Winchester House, 

77 London WalL . 



K 

i- 


if — 






; r - _ ^ 





• f *- - 1 : • 


if ■■:•• 


r.'J- 


chairman of 


BY IAN HARGREAVES, TRANSPORT CORRESPONDENT 


MR. ROBERT LAWRENCE has 
been appointed chairman of the 
National Freight Corpora u on to 
succeed Sir Daniel Pettit, who 
retires at the end or this year. 

The appointment of Mr. 
Lawrence, who is a career rail- 
wayman, 4o the chairmanship oi 
the state-owned road transport 
conglomerate is an attempt in 
re-si reugtben links between tbe 
public rail and road operators 

Ties were weakened last month 
with the transfer of Freighr- 
liners. the container company 
owned jointly by .the corporation 
and British Rail, to full railwavtf 
ownership. 

Mr. Lawrence. 62. will ,-on- 
tinue as vice-chairman of British 
Rail. hut will relinquish must of 
the posts he bolds iu various 
railway subsidiaries. 

His name emerged as the 
favoured candidate after a Ioug 
period of consi Ue ration by Mr. 
William Rodgers, the Transport 
Secretary. A number of political 
and trade union candidates were 
put forward. 

Other candidates were the cor- 


Thatcher 

attacks 

election 

bluff 


By Ivor Owen, Parliamentary Staff 

BY REFUSING to call an 
autumn General Election, the 
Prime Minister had ensured that 
Britain's problems would become 
worse and that it would take 
longer to put them right, Mrs. 
Margaret Thatcher the Con- 
servative leader, said last nisbL 
Replying on radio and tele- 
vision to Mr. Callaghan’s “5io 
election " broadcast 24 hours 
earlier, she said: “But 1 believe 
they can be put right once we 
have a Government that has con- 
fidence. 

“ The confidence of the people 
and confidence in people. A 
Government with authority at 
home and with authority 
abroad.’* 

After a hesitant, almost breath- 

Mr. It LAWRENCE Ifned^e Set'S! ?*g2SS| 

Dut forward a ateS %ere Strengthening links Election had been expected as 

Other candidates were the cor- - M.s UCh ponti?li La i > pponenS y “m?* 

porations two most senior execu- has also been on the freight cor- Thatcher condemned th* Prime 
Lives. Mr. Peter Thompson, chief pontion board for the last 10 MhStert “ abSat?efe re &^ 
executive. and Hr. Victor Paine. year.. "luff and eouuter-bU * 

vice-chairman. Mr. Lawrence’s Mr. Rodgers also announced Any Government could aonear 
appointment is intended to in- yesterday that Sir Humphrey t0 W o rk up f™* election PP and 

volve only a two-days -a-wecV Browne. 6.. chairman of the ihen suddenly puncture’ the 

commitment on the understand- British Transport Docks Board, balloon.'' she * said "But no 

ins that greater responsibility has agreed to continue in the Government worth v of tbe name 

passes to Mr. Paige and Mr. post for another year from next W j t h , hc natio ' nal interest 
Thompson. .fn' . , , . genuinely at heart plays that sort 

Mr. Lawrence has considerable Utbcr appointments to the 0 f game with the electorate. 



—'p&k, 

m 


mm 





->•: imm** 

/ T: . :: V p* 


March l Murray 

could he * 
poll day 
on home 
role 



BY ALAN PIKE AND PAULINE CLARK 


By Anthony Moreton, 
Regional Affairs Editor 


fc. 


-%y: . : 

. v . • 

• / 'w\V V 


THE TUC would fight in the was meaningless if women wert 
High Court to uphold its internal forced to slop work to have on 
procedures for resolving inter- wanted children, 
union disputes, Mr. Len Murray, © A call for pressure on th» 

general secretary, promised Government to remove agt 

yesterday. restrictions on the mobility 

The Engineers' and Managers' allowance ami other relevant 

ATT tvniriTTnvc ninht Association. is challenging a TUC payments for disabled puopie 

disputes’ committee decision that The proposal from Mr. Tom 

P? 11 1? « il caonot recruit senior staff at Parker of the National League nl 

for the dev^ubon referenda in GEC Reactor Equipment’s plant the Blind and Disabled -.was 
Scotland and ales. at whetstone, near Leicester, barked by Congress. 

Such a lon 0 run-up would The CJ ■ likely to be heard 9 Mr. Peter Wood, of TASS, the 

ulea'ly appeal to Mr James lhis whllMollar section or the Ajnal- 

But aftcr o la/lL whSJlt botS Mr. Simon Fetch deputy S>™l'd Union or Ewmeerin, 

msffsLz. nf, «a 


they should take in the coming toio congress unaaneenar^iiea - . £ . • E iti " h « ir j 

session it was still not clear that unions should take the •orei.n lorries h> British Load 
what line either tbe ten Scottish rough with the smooth on riis- Services, the buying of IBM 

National 6 Pan/ nr three Plaid Put**’ committee awards. His computers anti or Boeing air- 
National or mree riaiu . j, . . r p e _s vcd ,u e craft, when I'm people were 

Cymru members would take association naa receivca me . . 

when Parliament reassembles on rough witn the rough and saw unemployed, 
n ntn her *4 Q0 S1 § D of the smooth and fell ® . A ,. 'ooiton caning lor 

Their oroblem is compounded R had to take a different view, nationalisation of the Fire Ser- 

wTff S£ ^-SSS Coundlf Mr^Terry Pitrry. genlrw! 

affiliated union front going to nninn^ruinnerf Hu? ° difficult ies 
court, as tlie EMA was doing, K ." 1 . 0 


• .w -- 


mm DC UfftMC MCU/C though there was much against 
mUKC. numt ncwa it in TUC custom and practice. 

ON PAGE 15 1 The TUC was always a very 


Ultra-conservative approach to fashion: Mrs. Margaret 
Tbafcher. the Tory leader nicknamed ~ The Iron Lady ” by 

experience of road transport, freight corporation board an- “ A simple announcement ,h «-?*2« nS ' i ricS J? n f on, £ fc * ID I!!!f'l!l u . a, !l" 0 JI. r there' would "be VnVutunin eiec- • A motion to put pressure nn o Censoring of television pro- 

having been general man3ccr of non need yesterday are Mr. J. S. would have ended the uncer- engineering apprentices. s*ne was MMim 0 me MuilanQ L j on an( j f act t j,at neither the Government to set up out- grammes has increased rapidlv in 
British Rail's former sundries Klein ins. Fellow m .Economic* loinly months ago. Thai's what Group Training Centre at Coventry yesterday. Scotland Act nor the Wales patient abortion clinics in each [he past four years. Mr. Alan 

division, which in 1968 became at Nufli eld College, and Mr. P. H Sir Alec Douglas-Home did iD allows a referendum to be Area Health Authority, to bring Sapper, general secretarv of the 

part of National Freight under Spriddvll. a director of Marks 1964. Mr. Callaghan those not P i et . t j on reverses With those almost the wnrrt record of anv held for at least three months about full implementation of the Association r.f Cinematograph, 

the title Nations Carriers. He and bpencer. Ui do so. but then Mr. Callaghan revPr s e « it hac J j ost ils L .] a j U , ‘ t0 Govcrninent iu the developed after a General Election led to principles of the 1967 Abortion Television and Allied Tech- 

not bir Alec Douglas-Home. eniov the nation's confidence. world, dc'oiic the advantages of consideration of referendum Act. nivians. told delegates. He called 

TSTte-a P - r* ^ J - ”So the Government can only North Sea oil. We are just about dates being given low priority. Dr. Judith Gray, of the Medical „ n the TUC to monitor possible 

B Jf w yi fy '-OntTHSlCQ survive by doing a deal from day bottom of the league on any Now that the Prime Minister Practitioners becuon of the censorship in TV programmes 

■ S BBS iSSlf @ ill Ww dA w Mrs. Thatcher also contrasted to dav with parties whose measure \ ou care to take. That’s has ruled out an election this Association of Scientific, and to consider action to protect 

T » Mr Callaghan's refusal to call a principles are wbollv different no place for Britain.’’ year, the search is on for a date Technical and Managerial Staffs, people whose programmes were 

‘ general election with the from their own. " Mrs. Thatcher questioned how that is both politically and tactic- said that equal pay legislation altered or suppressed, 

decision taken by Mr. Attlee to “That's no way to run a a “broken-backed Government ” allv acceptable, 
r A 1 P fl iw ll 20 t0 the country in October, country, and it’s no way to could defend Britain’s interests The main constraint now is 

IL'L/iS.JiKJ.CLA^Ji.JI w V'M 1951. even when his Labour govern Britain." in a world full of danger. What an Ur ^ e r has to be laid 

Government still had a majority Mrs. Thatcher scoffed at the could it du to strengthen the before both the Commons and 
FINANCIAL TIMES REPORTER 'n U» Commons and four years Prime Minister's denial th3t the free world and to help end the Lords before referenda can 

to run. Government had deliberately set bloodshed in Rhodesia? * >e set in motion. Both Houses 

THE GOVERNMENT has can- Sussex, was opened in December “For Mr. Attlee, the country out to stage a pre-election boom. The ration had a right to have to debate tbe order, and 

celled its plans for the extension IS"’*- came first. . . “Boom? What boom? There choose whether to drift aimlessly iL . . 

of the M23 motorway from The report recommended that She doubted whether either have been more people out of on or whether to move in a new There then has to be a six 
Hoi.Ipv in Snrrev m Min-ham i-, P lznnin 3 should be. done on a Sir Alec or Mr. Attlee would work over the last year than at and positive direction. week Pf rl °d of grace before a 

rhJ r * Hnn rTr nVit^.J F ew A23 relief . road between have accepted Mr. Callaghan’s any time since the war. Since “This time last year Mr. referendum can be beld. 

borough or Merton. HooJey and Little W r oodcote. claim that he wanted to go on 1974. food prices have more than Callaghan said: ’Back us or sack - . 


was no thin" to orevent an Council. Mr. Terry Parry, general 

affiliated union from going to nnhin^utHnrcf Hie^dhficulries 
court, as ilie EMA was doin' 1 Union, outlined the dilnculties 

thouoh ih/ri wafruuch a-ainst that had arisen ,n negotiation* 

it in TUC custom and practice. JJJJJ the o n^cl nf ’ f r r U> ^ 4 -' ' 
r over the union s claim For a 

The TUC was always a very hour week, where “taskmasters 
reluctant litigant, but it would 3re not iht- pav masters." 
fight this case to uphold the © Mr. David Basnott’s vear <>f 
disputes procedures and the 0 ffi C4? as the TUC chairman ended 
trative thought in Whitehall has authority of Congress. > c-ster day. He is succeeded by 

been given to the date for Other business dealt with M r . Tom Jackson, general secre- 
referenda. during the last session of tary of the Union of Post Office 

The strong supposition that Congress yesterday: Workers, 

there would be an autumn elec- • A motion to put pressure on g Censoring of television pro- 
lion and the fact that neither the Government to set up out- grammes has increased rapidly in 
the Scotland Act nor the Wales patient abortion clinics in each (he past four years, Mr. Alan 
Act allows a referendum to be Area Health Authority, to bring Sapper, general secretary of the 


Plans for motorway 
extension cancelled 

FINANCIAL TIMES REPORTER 

THE GOVERNMENT has can- Sussex, was opened in December 
celled its plans for the extension 19"*k 

of the ' M23 motorway from , The . re P° rt recommended that 




closures 


... - - “r .......... ... AVIX. 1UUU !•>».» iuwic mail v. 041 a Jr, I lull miu. uaciv U3 savn. W-V . , 

The decision was announced major junction improvements r.n because it was “best for Britain.” doubled. Tax has more than us.’ Well, nne dav. and it cannot liebateS 

yesterday by Mr. William existing roads and traffic man- 1 The Government had lost its doubled. be put off forever, you will have w ... „ Tl 

Rodgers. Transport Secretary, agement schemes. i majority through a series of by- “This Labour Government has the chance to give your answer.” w i‘“ *' J ‘ ru 


_ THE TUC yesterday approved Ra * penT,at1 * 

Ue bates a motion from the railwaymen Scottish Correspondent 

thi men t shonld introduce a code HOOVER told unions yesterday 

j . „ t0b . --. . if/. j eb .!L es the of practice providing greater that it want', to dose its small 
orders assumm e the Govern- co -opcration amung the factories at Hamilton and Carfin 
meat overcomes any Opposition nationalised industries to over the next six months and 

ID n ni!? D i,^Hi .h Ueen S rT! C u - ensure they buy British where I cut production at Cambuslanc. 
could hardly be completed be- possible. ‘ 'its maia Scottish manufacturing 


and follows the recommenda- A draft scheme and order will 
Hons of a report on a -study by be published soon to remove the 
the transport and environment statutory authority for the 
departments, the GLC and motorway route to Mitcham and 
Surrey County Council. for related road works to Wood- 

The study was commissioned mansrerne. Mr. Rodgers said that 
tn examine problems associated a public inquiry would be held >l 
with rhe end of the motorway at necessary after consideration of 
Hooley where the southern any objections to the new! 
section from Pease Pottage, scheme. 


Brent rejects 1 esco 
plan for superstore 


Pay policy 
‘delays 
£60in canal 


■-V I 

- ?R- 


South 

Yorkshire 





fore November 2 at the earliest. 

This means that referenda 
could not legally be held until 
December 14. 


possible. ' its ma 

The TUC also wants the | centr * 


Government to (ell the ! The company said that ihc 
December 14 National Enterprise Board io .continuing recession in the UK 

It is inconceivable that the *** lhal companies getting and export markets made i| 
Government would hold polls a P“ wi « support the ; necessary tr> reduce output and 

few days before Christmas and nationalised industries. | increase productivity, 

unlikely that it would do so Mr. Charles Turnoek. U announced a 5-point pco- 

assisiant general secretary of I gramme to achieve thoc aims, 
the National Union of Railway- but emphasised Lhal they would 
for waiting for the new electoral! men, said merely taking be reviewed at the end of 

register to come into force in the I industries Info public owner- October, when forecasts of 


BY COLLEEN TQOMEY 


By Rhys David and Lynton McLain 


PLAN'S TO build a 70,000 <?q ft superstore. Tesco could still build GOVERNMENT'S pay |' BUlliiilllilliV 

Tcsco superstore at Neasden, a store if the consultant* decide P ol *cy was delaying a £ 60 ra pro- 
North London, have been the land can be used for com- gramme of urgent canal repairs. 

rejected bv the London Boroueh mercial urpoiises British waterways Board modernisation or this canal fol- 


.• \ ■ f ■ i 
l , - <■> — ’-i.'-si i 

y 3 - _ middle of February because of ship changed no tYing. 

[j ?en, "hurdle 

r 1 ' V J 4 l i Ee„cheii 5i,ient Ub0 " b " fc TASs" Lld: " 

The most immediately attTac- Rri«ch I,C surv,val we r 
Support has come from local J fa en becomes March I, * 


Government would hold polls a Public funds suppo 
few days before Christmas and] nationalised industries, 
unlikely that it would do so 
immediately in the New Year. 

By then, there is a strong case 
for waiting fur the new electoral 


rejected by the London Borough mercial premises. 

of Brent. Instead, the council’s 

development committee is placing 0 „ 

a compulsory purchase order on Oa&Uk SHinH 
the 70-acre site owned by British * .. 

„ , - „ , for council 

The order is being made under 
the Community Land AcL the MIDLAND BANK h 
first tune it has been used on Mr. Trevor Thoma-v, 
such a large site. managers, to tbe Lo 


demand for next year would he 
Mr. Peter Ward, of the engi- available, 
neering onion's white collar In addition to closing the 
section TASS, said: “For our Carfin and Hamilton factories — 
economic survival we must buy which employ a total of 270 


British. 


people — and transferring pro- 


said yesterday after Government lows a vigorous local campaign companies. It is hoped that after St David’s Day. in Wales. 


We have British Rail buy- Auction to Camhuslana. Hoover 

• . ~ . manic Tn p hnunurp fivprhmo ■artn 


The first £5m grant was pro- 


Ironically. the six-week delay 


wants to eliminate overtime and 
reduce output. 

Unions in the plant are con- 
sidering their response. 


F.rimli Rail which had drawn triai v-enire. •■reaier wmaon i w.c - — a..« jwui u-c... v. iuin, JU u ichimvui of ,- rov an(J 0P nnsed at first hi 

rn r rnnoiu ' Council’s service to business and sists with a regrading scheme county Council have striven to of obstructions, allowing 700-lon lhe Government 
a'uo^userinlanninS oeriiiission Industry, for six months f °r qualified eogmeering staff persuade toe Government that barges to reach Mexborough. f t ws £ conceded bv the Gov 

al^ 1 refused planning permission Mr . * Tht>mas . awd rr2, is which would raise the total bulk cargoes from tbe area, n*:.r Doncaster, and 400-ton ones ernm^ni onl? Shen the oressure 

The application which included assistant manager of the bank’s salary bib above pay policy including »oal steel and road to advance to Rotherham. of linw in t ' be Commons forced 

a 1 , r 2£ hl ,rdndllny C0 1 mp,ex Eastcheap branch. limns. stone, would be the basis of a There are links with the Ministers to let certain amSid- 

anci a LOOO-space car park was _1 The money would have been viable traffic. Humber ports. menls hroSgh in ordJr to rn 

rejected _ ^ ^>y _ __ the __ _ comm . itee f _i,, used t0 boost the- work load ol lie Bills tbroush on time S 

because it believed the site would j^OriOiik tO D3V board engineers by as much as 

ne under-usea. .50 per cent. Tbe board wanted __ . _ _ rn-, . 

Pel er Shore. Environment Secre- flOOti SOSSCS salaries Tn^ Ylne^nUi ^greater Ship repair service Test case 

Mr. Leslie Porter Tosco chair- N° BTH NORFOLK fishermen, responsibilities. A ‘ 

man. said vesierda'v: "Wc are whose eqaipnient and boats were up to a quarter of ils 3.300 A SHIP REPAIR and oilfield berths with a quay frontage of Cmiohi' TAI* 

ccrtainlv not civin-' up the idea ” damaged in last year s nooos are employees would be affected, servicing complex, representing 360 metres, a second slip wav of oUlifablli xvfJ. 

If r>r mnuicnp!' nurrhoc ic 1° re c «{ ve , eom pensa tiop j 0 b s would be given to 200 quah- a £2m invesimenL was officially 600 tonnes capacity and a two- 

., ln ij CJ ,h^^ l lrt.?n.ij^intt.nWc u, ^™. ni . Norfolk County council, fi e( j engineers and 200 direct opened in Aberdeen yesterday by ;.i?rc open yard for fabricating 

appioved. the council intends to which has agreed to help them labour staff, a move to which the Mr. Bruce Millan. Secretary fur :nd assembling medium-sized 

push ahead with much of the a ft e r they were refused Govern- Department has not objected. Scotland. oilfield structures. mMWJivvw 

railway plan, including the men t aid. The scheme approved yesler- The complex was built for the The main activities of the com- . 

freight complex and a ttnk road The Government said there day by Mr. Shore is for £10ni John Wood Group. Its principal plvx include ship surveys, FB*Q V^S I 

from Wembley Stadium estate to was no money available for the modernisation of the Sheffield element is a slipway with a damage repairs, voyage repairs, 8.A u. V WJLJLWa. i 3 senior slit 

the North Circular Road. fishermen from an EEC location and South Yorkshire Navigation capacity of 1.600 tonnes, designed refits and modifications, diesel an office u 

The council will also bring in because of damage suffered by between Doncaster and Bother- for the survey and repair of oil- engine overhaul, and fabricating By Arthur Sandies by ballot- 

consultants to decide the best use farmers in East Anglia and tbe ham. field support and supply vessels, and assembling oilfield struc- n P1T ., K * toavg't • so-called 

for the land proposed for the West Country. Tbe decision to support There are also two repair lures. fill 11 - Y i ,naus °T. IS expulsion. 


Cowley stewan 
to be eliamed 


emment only when the pressure | 8 E9 h fl flg^S ^ a a tl 

of time in the Commons forced l,V 
Ministers to let certain amend- 

menls through in order to get DISCIPLINARY charges against mittee will continue with its 
the Bills through on time. Mr. A Jan Thorne I r. the Cowley lovestigation of the members’ 


Test case 
sought for 
thwarted 


ompames pay Hi-fi maker blames loss on Japan 

lli'iflp'P Polls flSf? 7<HE SPECTRE of low-price been to cut output by Iwo thirds and turntable market. Many 

Japanese competition ha-s been by withdrawing from the lower Its products are exported 


the lower Its products are exported 


Mr. A Jan Thorneir, the Cowley investigation of the members' 
shop steward kno\%n us the Alole, conduct. 

and other activists at the Austin As well as covering unruly 
Morris car assembly plant, are behaviour at a committee meet- 
vo go ahead. mg, allegations include assaults 

The Oxford district committee on union officials, misuse of con- 
of the TYanspurt and General fidemial information and pur>a- 
Workers’ Union, which investi- ing policies contrary to Lhe 
gated complaints against them union's official line." 
and recommended punishments. Air. Bobby Fryer, the senioc 
has rejected a plea to drop the shop steward, and several of his 
charges. deputies ar*j among the Cowley 

Mr. Thornett— the man Ley- nine, 
land will not accept as a deputy q Plans to step up production 
senior shop steward at Cowley, at Cowley of the Marina range, 
an office to which he was elected slill the best-selling Ley land car. 
by ballot — is the only one of the are being held up by a spate uf 

». travpt inrt„c»Ttr t- “"W 1 Cowley N,ne 10 faee SU PP’- V Problems 

iir lures. BKITAIN S TRAVEL industry io expulsion. Une cause is the disruption of 

showing signs of alarm _at tbe Some have been recommended Leyland’s supply lines caused by 
■ — prospect of a series of court for removal from office for vary- the recent strike at the radiators 

cases resulting from this ing periods, and others fur plant at Llanelli. 
rVTyR B *-* ■«%*■* TW* summer's airport delays in tbe censure. Another is that the- neighbour- 

ly B J/fi ll^fl II J? ke of to* Fre nch air traffic Most of tbe nine are prom inent j n g Pressed Steel Fisher plant 
LrlaJI. da ^ ute - l , .. .. TGWU stewards and many of Cowley C3nnm supply enough 

M. travel retailers tins week them are delegates to the district body shells to meet the'new pro- 

of -taw off Jananese comoetitinn !“ ln J® ucc “ ■" insurance scheme committee. The unruly behaviour gramme because of engineering 
to There, ne w J a n ura cd vtfdesinns ® tr J ke de,ays ’ , but ,^ e nf “ rae delegates at a meeting changes. These have been 

S increJ , hav f came ,ate last October led to a decision by caused by the earlier decision 


By Arthur Sandies 


The settlement came four losses totalling £9.6 m and has 
weeks before a High Court action made several attempts to put the 
bv DvFed Countv Council against business back on its feet through 
Freeman Fox and Partners and rationalisations. Since I9i3 the 
Sir Alexander Gibb and Partners, labour force al its Swindon plant 
joint consulting engineers which has been steadily reduced from 
designed and supervised the almost 4,000 to 1.S30. Now 1,250 
building of tbe £Um bridge; more jobs are to go. 

Boris | Civil Engineering); and Earlier this year Fie^ey 
Clarke Chapman. announced a £Im first-quarter 

The money was accepted in an pre-tax loss at Garrard a a ome 
out-of-court settlement, the when the subsidiary should . have 
council said. been feeling the benefits of 

Two widows of men working earlier rationalisation. ■ 


NEWS ANALYSIS 

CONSUMER ELECTRONICS 

BY ANDREW TAYLOR 


ihHr Japanese .•omneiitur^ hut oT.’rJ' « IV ^ J 1 rejecteo a local move to stop me neon told it lus been deferred 

that hV cnmDaSv IS Mr ; Vwd Tench is proceedings, the regional com- indefinitely, 

mat. iu. company cannot pressing ahead un behalf of 

r.ompeie on price. several complainants with the 

Some City analysts were say- intention of forcing a test case v^y « » 

mg yesterday that Japanese pro- on the issue. If B chCST'^C pH ISlCfB FBlfktfi'ErC 

duct*, io some cases more ex’pen- At tbe moment the companies i-Vyl dllill iLa'fifiwIlfl'tfcE 3 

sive than their British counter- themselves are showing a 
parts, have gained an edge reluctance to come to court and sttULLaIJ 

because of their reputation for there are indications of out-of- WlSflB|r“ill ShTIKc 

reliability, attractive finish and court settlements. AiJLB 

technical advance. Mr Michael Elton, senior LONG-SERVICE bonuses, worth STRIKE action by 1.000 Coventry 

-iSf SLiSK'*' .‘h?" 1 ,..! SSli ^out ffflO per man,. *re being en;lneer5 has be6D a™**,* 


council said. . been reeling ine - sirap^ complaibt of unfair British Travel Agents and him- ^thheld from thousands of IC! r, 

Two widows of men working earlier rationalisation. . and equipment to be incor- rather stagnant European mar- Japanese competition and point self a lawyer, denies that there workers because of the Govern- for next Fnday jn an alteni Pt 10 
on the bridge when i£ collapsed Plesseys expianauon u> toat pora i e d in other manufacturers’ kets. It says that it has met no out that Garrard will concern is any co-ordinated industry meat's pav policy. secure a wage agreement appar 

eight years ago were awarded a while there has neen a - aud j 0 pr0 cucts. such obstacles in the U.S., in trate on the higher priced end of effort to avoid a test case. On April 6 last vear the com- entiy outside pay guidelines, 

total of 44.500 damages in 1972. wide slump in ", Garrard's view of the state of spite of currency losses as a the market where Japanese com- “Every company makes up its pany announced that, from that The engineers are eraoloved 

investigators said that the eleehmnc '“*° ISi ^ U ' S ' . market , hawev 5r °f the improvement of the petition is most intense. own mind. Clearly any lawyer Sate 3 . 50 1 C 1 ^ares would be h . R en0 ,d^ thl L S 

collapse was caused by a section ncse : manufacturers . na e en appears to be at variance with pound against the dollar. Garrard says that it will con- will try to keep his client out of given to each employee complct- * , Kenoia ’ tfie pfj, * er u . lr,uls ' 

over a concrete pier not being j significantly mcreas^ ^ that oF its mam UK rival. BSR, Last year BSR’s pre-tax profits centrate on the “ Rolls-Rovce ” court if he can.” ing 25 years' service— but because niissi °n company, and this first 


strong enough. 


g revolt, said a union official, 
uid well spark off similar pro- 
$t stoppages in the cily. 

The strike decision came after 


T U -ioaiTwt thi. if dollar. • ““ snoruaii on currency losses, nucea prunis m spire oi ditncul- is a point ai wnicn a oeiay 

JODS Dforcst Mnrp than h-ilf GarrardV sales Although Garrard has suffered There has also been some long- ties at the high-volume, low-price makes a holiday impossible. coin cl be handed out. j Thn r , 

wrRTv Xll levers have in the worst at ffie lower priced end of lerm concern among analysts end of the market But they disagree over where Shares are now selling fori The f r ' k ® ^.on came after 

■ L ifninn nf rnnstruetion TfB and u there that the the market. BSR has dominated about whether lhe lower priced Its scheme is to close its the line might he drawn. II about £4 each. The company now lh « end .of Tour weeks of official 
Trarfpl: and Technicians erouo has been hit hardest that area, even al the expense market will remain secure as BUmsdon factory, near Swindon, there were a test case on the says that it Is impossible to pre- , negotiations. The men have 

«hmit conditions nirticularlv of the cheap end of of Japanese manufacturers. tastes become more expensive. and cnnceoiraie production at issue, whatever was decided, n dirt • when the scheme can he • argued that the 5 per ceni offered 

,Vu!!i~ 4 nwJrnatinn nroipct in fhe turntable and chancer market. BSR says it has 70 per cent Garrard's entry into the music the Newcastle Street plant with might lead to hundreds uf implemented, because it depends | represents a real wage increase 

Liverpool ^ J plessey's latesL response- has of the world’s record changer centre business was an attempt to only 5S0 employees. similar clam* for compensation, on future Government pay policy, j uf only 3J per cent. " 



Ftoancial Times Saturday September 9~ 1978 


PROPERTY 


Within the city walls . . . 


BY JUNE FIELD 


■N SPITE of rival claims from 
Basham, where Canute had a 
-talatial residence, local legend 
nsisLs tli a r it Is Southampton 
A-here in 1016 the King com- 
nanded tiie waves to recede, 
tn any event Southampton can 
■Jrop a variety of distinguished 
names — Henry II met his great 
friend Archbishop Thomas 
A'Becket there in 1163, Henry 
VIH is believed to have had 
frequent assignations with Anne 
Bnlcyn at Tudor House, and 
there is strong evidence that 
the Mr. W. H. to whom Shake- 


speare's .sonnets are dedicated 
was the Ear! of Southampton. 

During the war some 3,500 
homes in Southampton were 
damaged beyond repair, with 
almost 41.000 more in urgent 
need of attention. As the 60,000 
inhabitants who had been evacu- 
ated returned, the housing 
shortage reached a crisis. The 
vear 1954 was the turning point, 
with budding restrictions lifted, 
and borough boundaries ex- 
tended. (The full story is in an 
excellent handbook, 50p plus 20p 
postage from (he Department of 


Leisure Services, Southampton 
City Council; Southampton.) 

An innovation of the 197Q's 
was the budding of homes with- 
in the confines of the old walled 
town. About five years ago a 
small terrace of “ (own houses ” 
on 3 floors was constructed by 
Scandinavian Homes in West- 
gate Street, 2/3 minutes away 
from the Royal Pier and Tower 
Quay. For those who can come 
tn terms with what the hand- 
book calls “ contemporary 
function-orientated design,” 
then the position is eminently 


desirable. Number 13 Wes [gale 
Street is for sale, with gas 
central heating, three bed- 
rooms, two bathrooms, two 
spiral staircases and a 'sitting- 
room which overlooks the hand- 
somely restored Tudor Mer- 
chants House. A secluded patio 
with a wrought-iron gate leads 
to the garage, and the price of 
£27,500 includes carpets and 
Venetian blinds. Further details 
from Geoffrey Cox, partner, 
Fox and Sons, 30/34 London 
Road. Southampton, who will 
also send a folder of properties 
for sale in the area. 


Fox’s, an old established firm 
with 50 offices in the South and 
West of England (the company 
was founded by non-smoker and 
teetotaller Anthony Stoddart 
Fox in 1868), has given its office 
lay-out in Southampton and 


Winchester a new. look Senior 
partner Christopher Cox told 
me that they have found' would- 
be purchasers liked to browse 
around without interruption, 
•* to get the feel of the market 
before committing themselves." 
So in both offices they have 
made a large “walk-in” area 
with display units showing 
property photographs, with 
“take-away” particulars. 

The negotiators are tucked 
discreetly away .at the back of 
the room if you need help. If 
you have a property to sell, ask 
for their scale of dharges card. 
On the sale of freehold and long 
leasehold property, Fox ! s charge 
3 per cent on the first £5,000, 
2.5 per cent on the next £5.000. 
and 2 per cent on the balance of 
the purchase money. ■ 

The Southampton Partner- 


ship, which takes in Bitteme,! 
Totton, Ramsey, Chandler’s I 
Ford, Waterloovtile, Hedge End : 
and Eastleigh, report that house ! 
prices in their area, have! 
increased by 15-20 per cent, ! 
with an inevitable shortage of I 
property on offer. “This is 
largely due to the continued 
slowing down of new house 
starts, particularly in the 
middle to upper price range,” 
says Christopher Cox. “Also 
the majority of houses built 
in the last-few years have been 
for the first time buyer who 
now wants to move on from 
the original basic accommoda- 
tion. This has created exces- 
sive competition for properties 
in tbe middle price ranges, 
while . the increased costs of 
maintenance and running larger 
houses has ' deterred those, in 
the next group from trading-up.” 


CITY OF CARDIFF: 
DINAS CAERDYYD 

TO LEASE 



SITE FOR RESIDENTIAL HOTEL SITUATED 
ON AN INTERCHANBE OF THE CARDIFF 
INNER BY-PASS (EASTERN AVENUE) WITH 
DIRECT LINKS TO M.4. MOTORWAY 


.further particular* obtolnabi* 

City Valuer and Estates Officer. 

Terminal Buildings. WoodStreetCARDlFF. 
Telephone: (0222) 31033— Ext 601. 


Cftjy Op COROfpp 


the finest 

ENGLISH PHEASANT SHOOTING 


HADDOiV LODGE SPORTING ESTATES 


. . . and along the river 


“ ItA AfBLE SHOULD be 
approached by water.” insists 
David Lloyd in the Hump* hi re 
edition of The BHiiciiiipN of 
England. “The ferry from War- 
sash lands on a rough hard, 
amid a fleet oF boats and the old 
village centre is approached by 
a waterside walk." As he .says, 
in its older parts it is an intri- 
cate, engaging place, surpris- 
ingly unselfconscious, consider- 
ing that it has been a yachting 
centre for decades. (The Royal 
Southern Yacht Club, the Royal 
Air Force Yacht Club, and 
Hamble River Yacht Club are 
all at Hamble.) 

There is a delightful story 
that the church at Hamble was 
construe) erl at the same lime 
as the church on rhe opposite 
shore at Fawlcy. There was a 
shortage of carpenter's tools, so 
it is said that whenever a 
hammer was needed, it was flung 
backwards and forwards across 
Southampton Water! 

Waterfront properties are 
naturally in great demand. Reed 
House. Salchell Lane. Hamble, 
has direct river frontage, with 
uninterrupted views of the 
Hamble River, and extensive 
grounds to the Saltings. South- 
ampton is about five miles away 
and the M27 intersection some 
twu miles. 

The house, which is rightly 
described as one of the most 
interesting and luxurious on the 
south coast, was built about 
nine years agn, with five bed- 
rooms and four bathrooms, 
“his" and “hers" dressing-rooms 
attached to the main bedroom 
suite which has a raised dais 
for the bed so that you can 


got the lull benefit of tbe river 
views, a split-level living-room 
with a dramatic carved brick 
fireplace with a stainless steel 
canopy, and room divider units 
incorporating wine store, 
refrigerator, bar, and 16mm 
sound cinema facilities. Add a 
trophy room. Hi-Fi system 
throughout the house, an indoor 
kidney-shaped swimming pool, 
granny flat, and a helicopter 
landing pad. and you will not 
be surprised that the price is 
£145,000. Illustrated brochure 
from Malcolm Veal, Hall Pain 
and Foster. 39, London Road, 
Suiiihamplon. 

Back in Hamble itself, up the 
hill past my ever-expanding but 
favourite Bugle Inn, is Hamble 
Manor, adjoining the Green. 
Once a hotel, this Regency 
house on three floors has been 
sbilfnllv and imaginately added 
-In and converted into 14 luxury- 
apartments. seven of which have 
already been sold. 

The builders, N. R. Trickelt 
(Developments), have done a 
tremendous job in fitting the 
accommodation into the original 
facade, without losing its 
character. As the company told 
me, it would have been a lot 
less costly operation and much 
less trouble to have pulled the 
place down and built from 
scratch! - T The flats are really 
good-sized, and there- has been 
no skimping on the fittings. 
Some of the bathrooms have 
bidets, shower eubicles, comer 
baths with gold-plated taps, and 
the kitchens have quite some of 
the most enviable equipment I 
have seen. One apartment has 



; -rV5 Y *' >;> 


have pleasure in offering a limited selection of some 
of the finest pheasant shooting available in the U.K. 
Double gun days in Norfolk on one of the finest 
estates in the world. 






■■-.A- i--.* 


- Waiter* 

•* kf- 


£V. ' ' . ' A V-' •: * 


some £9.000-worth of equipment 
alone. 

Not only are the basics inclu- 
ded — a wall oven, .separate hobs, 
fridge-freezer. waste-disposal, 
dishwasher, washing-machine, 
but in many cases such addi- 
tional refinements as rotisserte, 
retractable work table with a 
slot for a mixer, a carousel unit 
for your tinned food, electric 
towel dryer, pull-out bottle 
racks, cutting boards, spice rack 
ct al. 

The 3 and 4-hedroom, 2-hath- 

room apartments (most of the j- or conversion — Christs Hospital Almshouses, countryside, about 24 miles from the Al and 

rebe°and dressing ^abte^are founded in 1608 by a clerk of the King's Court 12 miles from Ripon, are for sale through 

from £36,500 to '£56,750. and of Chancery. The original ordinances stipulated Jackson-Stops and Staff, 23 High Petergale, 

most of them ^ have views ^of w j, 0 should live in them, and how they should York, who in view of the' high cost of restbra- 

river’ orf^e^eastern 5 side, or behave. The six individual chambers and tion work needed, anticipate a price between 

distant glimpes to the south to- chapel in 2/3rds of an acre of rolling Dales £10-£15,000. . .* ■ 

ward the Solent: the central 


Single sun days on similar estates but for the man 
who has not mastered the art of double gun shooting. 
Prices on application, only a very limited amount 
available. 

Please contact: 

HADDON LODGE SPORTING ESTATES 
Tel: 0480 57667 


MID NORFOLK 


SUBSTANTIAL REGENCY STYLE COUNTRY HOUSE SET IN 7 * ACRES 
Midway Nortbwich and King* Lynn 

Magnificent Hal/. Music Room. Study, Cardan Room. Dining Room. Kitchen. 
Billiard Room. Ublity. « Bedrooms. 2 Bathrooms, self-contained Wing with 
3 Bad rooms and further Bathroom. Outbuildings with 2 Bedroom Flat, ideal 
for residential and other use. 

FREEHOLD FOR SALE - OFFERS IN THE REGION OF £80.000 INVITED 
Oar Id Bedford Country House Deportment 
The Hollies, 62 London Street. S waff ham - 10760 ■ 2 1 #-55 


Jqx&S°ns 

SOMERSET 


COSTA RICA 


heating is by gas. and there are 
garages and a heated swimming 
pool in the gardens. There is a 
show flat open at most times, 
telephone 042 122 ( Hamble I 
3953. or send for illustrated 
brochure from Fox and Sons 
who have recently taken on the 
marketing. 

The Manor flats don't have 
any mooring rights, but berths 








can usually be rented from r . j 
Rank Marine International if ' 


you get your name down well 
ahead of the season, and berth 
holders can store their boat on 
the open hard free except for 
handling and movement 
charges. 

For a list of berthing 
charges and harbour dues, 
write to the berthing manager. 
Rank Marine. Port Hamble. 




' UJ II £ 

r? sap«ii 
fir SB 3* 


The Mill, Windmill Lade, Nor- 
ton. near . Doncaster. South 
Yorkshire, has been converted 
to a modem home. Henry 
Spencer and Sons, 13 Priory 
Place, Doncaster, are asking for 
offers around £40,000. '• - . 


.. , IM - 1| . 


Within easy reach of the 
Mendip Hills 

A FINE COUNTRY HOUSE 
superbly fitted and modernised, 
and trading as 

A THRIVING HOTEL AND 
RESTAURANT 

10 Bedrooms. 6 with ensuite 
baths or showers. 2 further 
Bathrooms. Cloakrooms, Recep- 
tion Hall. Bar. 3 Fine Reception 
Rooms. Extensive Domestic 
Offices. Wine Cellars. 
Attractive Cottage in the 
Grounds. Staff Flat. Garaging 
and Outbuildings. 

Fuff Central Heating 
Throughout. 

5 ACRES GARDEN including 
TROUT LAKE A PADDOCK 

Substantial Offers are invited 
for the FREEHOLD 


I LAND WHERE FOREIGN 

I INVESTORS ARE MADE 

i GRACIOUSLY WELCOME 

Great investment opportunity 
j in food production in one of 
I world's most fertile and 
< politically stable countries. Five- 
■ hectare ( I2{ acres) iocs for safe. 

Pacific coast, planted avocado, 
] mango, lime. Selling company 
! undertakes maintain, harvest. 
! market produce for absentee 
owners. 

i CASH PRICE U5.S20.000 

lormi availab.e over 12 74411 
j Also further area detuned Papaya 


Very rapid return* • Enquiries to: 

Bax T49S0. Financial Times 
TO Canno" Street. EC4P ^BY or 

Telephone 01-723 5*91 


WORPLESDON— SURREY 
£60,000 


PROPERTY 


ESTATES AND FARMS: INVESTMENTS: SHOOTING: 
COUNTRY PROPERTY: OVERSEAS PROPERTY: 


Apply FOX & SONS. 

. High Street. Wi ncanron 
. . (Tel. (0963 ) 32725 



LANGLEY-TAYLOR 


PHEASANT SHOOTING 
TO LET 

1978/79 2 duys in Sussex 
November 24/25 nr by 
arrangement. Expected bag 
150 per day 


Truly majniRcent House offering 
spacious accommodation in . excellent 
onier. Only minutes walk mam line 
uavon l Waterloo 3D mms.). 3 Kecs.. 
4 Beds.. Cloakroom. 2 Bathroom*. 
Lux. Kitchen, Utility Room. Full Cen- 
tral Heating. Double Garage. \ Acre 
Garden. Fine View*. 


LONDON ■ EDINBURGH CANTERBURY - CHELMSFORD ■ CHESHIRE ■ GRANTHAM 
HARROGATE ■ IPSWICH LE WE S • SALISBURY - SOUTHEN P 


Surrey /Berkshire Border 


EAST NORFOLK 


1897 ACRES 


Adjoining the tec. 9 miles north of Great Yarmouth. Norwich 20 mile* 

THE RESIDENTIAL AGRICULTURAL AND SPORTING 
BURNLEY HALL ESTATE 

including 

The Fine Early Georgian Hall — 4 Reception Room*. & Bed- and 
Droning Rooms. Oil Central Heating. 

Excellent Farm ol 996 Acres including 9 dwellings, grain storage and 
traditional buildings, Woodland, Rough Land and Dunes adjoining the 
lea with Duck Flighting and Detoy Foods. 

Providing tome of the best Wildfowling in England. 

WITH VACANT POSSESSION ON COMPL=“'ON 
(lubtcct to cottage occupancies and small letting) 

AUCTION ON 22nd SEPTEMBER. 197S 
(unless previously sold] 

London Office. Tel. 0 1 -62 q 7282 or 
Ipswich Office. 11 Museum Street. Tel. 0473 214841 


A valuable portfolio of property development offering 
tremendous potential. 

Close to Sleaford town centre producing a mews 
type residential development of 4 cottages and two 
sites for rebuilding. Inn (closed) for refurbishment 
as inn. wine bar/ restaurant or further residential 
property. Full choice to developer. An exciting ar.d 
unusual opportunity in this charming conservation 
area of rural Lincolnshire. 

Full details from agents 


Chobfiam l mile London S6 miles 

Convenient for both M3 and Heathrow Airport 


ATTRACTIVE COUNTRY HOUSE 
DATING FROM QUEEN ANNE PERIOD 


Reception Hall. Cloakroom. 3 Reception Rooms, 

Usual Domestic Offices. 7 Bedrooms, 3 Bathrooms. 

. * Self-eontained Staff Flat. 

Garaging for 3 cars. Outbuildings. Hard TcnnL Court 
Swimming Pool. 

Attractive Garden and Grounds, including 4 Stables, 3 1-addocks. 
Ill all about 13 j ACRES 
FREEHOLD FOR SALE BY PRIVATE TREATY 
Joint Agents: Knight Frank & Rutiey. Tel: 01-628 8171. 


STALKING WITH LODGE 
TO LET 

Inverness. 16th to 23rd 
September. I97S. 3 rifles. 
20/30 stags. Comfortable 
Lodge (centrally hcatedJ. 
.sleeps i Co.Tk. daily help 
and outside staff all provided 
Apply: 13 Hill SU L r >ndpn 
WIXSDL. Tel: 01-629 7282 
Ref. EYW 


THORNTONS-— WOKING 
(04862) 62411 


< k u a 1 
•iiwiu 


COTE D’AZUR 


FREEHOLD 

ACCOMMODATION 

LAND 

52(5 Acres of Prime Arable Land 
With. Vacant Possession 
Adjoining Residential Property 


EXCLUSIVE LUXURY 
VILLA DEVELOPMENTS 

At N«kC ana nca’ Moms-L^ula. 
"lib splendid views of sea and 
mountains. Two programmes, 
second to none, at very competitive 
prices Irom Ff 600 .000 to 


1 .800.000. Special Launching dis- 
count until 3 1 it Oct. together with 
opportunity to ray Free as guests 
of company on inspection visit in 
luxury furnished villa. 

Please contact; 

DR. AMANPUR 
6 M. de Suisie Monte-Carlo 
T.I. Tfl»404Mn3*IO ' 


ESSEX — B1LLERICAY 


500 ACRES 


3 Verulam Buildings, Gray's Inn, London WCIR 5LP 
and 4 Aiholl Place. Penh. Scotland Tel: 01-242 5938 


Billerfeoy Z miles Chelmsford 9 mile*. London 27 miles 
PART OF THE METHLEY ESTATE 
LITTLE BURSTEAD 


• on the outskirts of 
NEWPORT. ISLE OF WIGHT. 

Ri-iiroO- ownor cannot . wait to realise 
obvious potential. Wishes to sell. 
Write Box T.4946. Financial Times. 
f 0. Cannon Street. £C4P 46Y. 


NORTH CORNWALL C? » 4-\ ' . 

PEKfOD FARMHOUSb 

Superb secluded position within l mile ' 

o« th: s«« and » in extensive vidws ^.i.'vVj 
of unspoilt countryside. All modern V'’ / ,f 
amenities combined with ©r-ginal _ 'S • , -*.// 
character. Oil c/h, cloakroom, study, i- ~ 
mod. Hit.. J large reeeptn. rooms. " 

4 (reds., bath. 1 Acre Paddock and • 

orchard. ‘-fj.V *'*.• 

139.500 freehold 

JOHN CL WE BEK 1> SON. • ^ :~-\l . . 

7. Belle Vo*. Ewde. "V/ 

Tel: 3461/2 v 

(Out ol office hours tel: 
vVidemouth Bay SOI) ^ JjVl’Ii. 


comprising 

A SOUND ARABU AND STOCK FARM 


Period Farmhouse with 3 Recaption Rooms. 5 Bedrooms. Domestic 
Offices. Range of Traditional and General Purpose Farmbujldings. 
474 Acres' of Arable and Kaieure Land. 

WUH FULL VACANT POSSESSION 
FOR SALE BY AUCTION AS A WHOLE OR IN THREE LOTS 
(unless previously sold; 

London OKice. Tel. 01.629 72B2. or Chelmsford Office. Tmdaf House. 
Tindal Sauare, Tef. (0245) B46B4. (Ref. IDF532BI 


London Office- 13 HiTIStreel wiXBDi Tel: 01-629 7282 


On the edge of the beautiful Ribble Valley 

READ HALL 

Particularly suitable Tor conversion to offices, etnference 
centre, training school, leisure* use* i subject tn planning 
approval — the Local Authority have indicated that they would 
view such applications sympathetically) 

MAGNIFICENT LARGE GEORGIAN PROPERTY 
set in 20 acres of gardens and parkland within easy reach of 
the national motorway network, via the proposed Gaidar Valley 
M65 Motorway (projected start 1979/SO > yet close to the Forest 
of Bowland. an area of Outstanding Natural Beauty. 

FREEHOLD £125.000 

More land and secondary residences available. 


JOHN D. WOOD 


Davos - Klosters 


WEST SUSSEX 


SWITZERLAND 

FOR SALE 


Hampton & Sons 


t . Hoivarth 
I'cL- & (ri’pon - - 


Al ih»- fool of Uw Souib Dawns, nr, Cbu-hi-si'.-r 

A FINE COUNTRY RESIDENCE 

Enioying lovely views and sr clone* 

4 r>*cep[ion rooms, doainilu oltlcos. 6 rooms and k bathrooms. 

siaff or nursery wine. Erccllcni fiat. Oil-HniJ ccutrol huaiina. 
Lovely Kardrna and grounds wiUi swlmmms jxial. pavilion, tennis court. 

vmHflh t'ouri. Paddock and woodland. About 35 Acres. 

2 attractive detached cotuses. P’nrtticr Taddock and walled garden. 
IN ALL ABOUT Of ACRES. 

Fer sale as a whole or In leu. 

JulDl Agents: 

Daniel Smith Briant Be Dune. 157 Kenqlngioa Lane, Leaden SEU 4 HA. 
81-755 Z29Z 

John D. Weed, 3 5L Ceerge's House, SL Ceorge's Street, Winchester. 
Hanu.- 0W fcJUl or Berko kly Square Office (Ref OCbl) 


If Luxurious Aptitmenn direct from 
*rchi;c<l. NofTMga at approx. 5 


:c<C. Norrgaga it approx. S ; 
possible UP to 75*’;. 

Writ* Box FI 049, Financial Times 
10 Cannon Street, £C4P 4BY 


:J>r ■ 


■e 'A HI. 


I Fiji. S w. Psclkc. 30 acres irerlri;-- '■ " 
! Jjoct lor sale on Taveum is Valuet ’!’• 

£.20.000*. sc'iin# Lts.SOO Write CPC*' r- . “ 


CHetrtHHAU. S parlous fteocncv S-Bett , rax 64a Sum. Fli.. 

flat Ck»e Promenvle £1 S 00 or ex- WIMBLEDON. N M r church, ooll : 

I <h*««o tor prooenv South Coast or- trj«;oo<*t Labour sj*iuo »inole~ -. j: 

• Soam. 0242 869*6 ... . . storev house in Oeautifu* aere •ihe-,, v-.- f- 

■ NORFOLK, rarnr oeai etu Iirl'oa Fo-Mt DinlM tulip nM rnnn> ( 


Soam. 0242 86976 ^ . . 

NORFOLK. Near oeaietul Ihrllord Forest t 
house In acre. Many deilgniiul acriod! 
■enures. Auction 15»h Scot. Thos. Wm. 

I Gore 6 Son. hordon Road. Diss. 
■ Phone 22911. Norfolk. 


ua-den. Su'tc bed. Oreviiaq roorr,v> - • 
Ba'hroom rwo lu'thnr bedrooms ew,/*.** 


bash Two retention ooakc. Vitthe* ’ V 

ut'Mtv and gaiaue. Offers over tSSfWt - 

Tel. 01-946 6790 



Far sale by private treaty. 


- — On the Lincolnshire. Nottmoham- 
shlre border. 

A presuo'Ous house ol Georgian 
cnaracccr In a boautllul parkland 
setting overlooking the Trent va<lc\ . 
Residential or institutional use. Out- 
line piann.no for nurs-no home old 
people's or private hospital 
Extensive receotion rooms, study, 
nursery, cloakroom, domestic offices, 
basement- IW. matter bedroom suit- 
10 mam bedrooms. 5 bathrooms 14 
secondary bedrooms, c.h.. garaging 
s( abler’. Three cottages and modern 
bungalow. 


Arfiruiuii Mieffi, 

Si. -tamer's. Lumluu SW1A jrb. 
Tel. ai-sor: -cjl* 


Qtanrhil Sun- yur- 
1 Winch Icy KllVel. PrealOIl. 
T-U-phens vJKS 


23 BERKELEY SQUARE 
LONDON W1X 6AL 


01-629 9050 


WEST CORNWALL 




ON THE INSTRUCTIONS OF THE RECEIVER 


RIM ON .FINLAVSON 


Two imporlanl freehold residential dc\clopment sites 
for sale by private treaty 



’evidential 

Property 


Full details — coniaci tne asems Beautiful landscaped oardens, ana 
grounds-— In all 66 acres. 



NEWLYN. NR. PENZANCE. 9 acres fanprox.) enjoy- 
ing extensive views over Mount* Bay. This attractive 
site forms a natural extension to recently completed 
development in an area of high demand. 
CAMBORNE/REDRUTH. Two sites available for 
total of 53 units situated in an established residential 
area close to the centre of this important industrial, 
and tourist centre and within easy reach of Truro and 
Falmouth. 

MILLER & CO. 

The Mansion House. Princes Street, Trury TRl 2RF 

Tel: (05572) 4211 " 


BY ABERFELDY PERTHSHIRE 

CUIL. FARMHOUSE 


if At*' 
r&- . SC? 


.ADVERTISING) 


Modernised Farmhouse with expansive views co South over Tay 
Valley. 4 Bedrooms: 2 Bathrooms: Sitting Room; Study: . Large 
Kitchen with pine units and Aga. Oil-fired Central Heating. 
Traditional stone farm buildings on three sides of courtyard behind. 
Grounds extending to approximately 10 acres. 


Only S3.00 per line (minimum three lines) 
Return this coupon with details oi’yottr 
properly together with v* mr cheque and 
j publication will take place next Saturday. 


FEARNAN LOCH TAYSIDE PERTHSIDE 

“THE BUNGALOW” 


Modem Bungalow with magnificent views of Loch Tay. Bedroom: 
Bathroom: Kitchen: Large Living Room and Sun room. One third 
acre with additional Tenth acre at Lochsidc. 


Further particulars and arrangements to view centner: 

RENTON FINLAYSON. ESTATES OFFICE. ABERFELDY. PERTHSHIRE PHIS 200 
Tel: Aberfeldy (03B 72) 234/5 


- w 


“ The other side of the World ” 

20 plots of land suitable for a house and garden in a 
beautiful development in the Sokulu Plantation, Tavenni. 
Fiji islands. There is a golf course, eiub house, tennis courts, 
boat slipway and beaches. Princes range from £20/£30 per 
square uietre on 20 plots still available averaging tS.000/ 
£10.000 per plot. The infra-structure is scheduled to be 
completed in 19S0. 

An excellent investment. Enquiries (o Sole Agents: 9 Milner 
•Street. London 5.W.3. Telephone: 5R1 021S/9/Q. 


TENERIFE 


TUSCANY 


Fumiihcd bungalow, favoured position. 
|jrg« Iggngc, separate dining. 2 Beds. 
K><-- Bath., Pang Fruit and flower 

aarffyns. 


I Beautiful 5-6 room apartment 
for sale in seventeenth century 


isle of Mail 


GRAN CANARIA 


£26,500 or equivalent currency 


palace, with small garden. 
Price £17,000 


Writ e Sex T495J, Financier I imes 
>6 Cannon Street. E C4P dgT 


Writ* Bon T494J. F.nancio/ 

JO Cannon Srryer, £.C4P 4ffT 


A secluded 100 year old dcuelred 
; house in small village 4 mlics from 
Castlesown. Extensive accom. including 
; Granny Flat. 

4 ATHOL STREET. DOUGLAS 
> Tel; 22577 


MORRIS, MARTIN & COLE 


SMALL. NEW BEAUTIFULLY 
FURNISHED LUXURY FLAT 
In exclusive AQUAMAA1NA on 
aath co«t. Perfect climate all year 
eund. Ideal investment ,n Swiss francs. 
4 aymem in awrlirtg ** a very favourable 
sricc. Reply to owner. L. Sll|varsk>dld 
c/o I.B.C. Transport Caneilnert, The 
Barge Walk. Grebure Way. E«t 
-Molcsey. Surrey 


CLASSIFIED ADVERTISEMENT DEPARTMENT 
FINANCIAL TIMES 

10'CAMNOX STREET, LONDON ET4P 4RY 

’ Tor farther ill [ormti i inn coniaci Diane Steward 
' 7 • fcl 01-248 n^84 




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■ SiTiis>, 


Financial Times Saturday September 9 1978 

THE WEEK IN 1 



THE MARKETS 




PKiie . f i 


Norway n : 


* r £V 

,JK<4 


' 1 -U 


IT HAS BEEN a remakable 
week in world equity markets. 
Eight of the major international 
stock exchanges have traded at 
their highest points this year 
and four others are within 
touching distance. 

It is tempting to explain this 
multiple coincidence as the out- 
come of a conspiracy, or per- 
haps. at a time when we hear 
so much of tlie sheep-!ike 
behaviour of fund /nanaaers, of 
an- international epidemic of 
institutional enthusiasm. 

Closer inspection suggests 
that, although local conditions 
vary widely, a number of factors 
are operating simultaneously in 
several markets — the re-rating 
of second-line stocks, cautious 
optimism over inflation, interest 
rates that are low or looking 
to fail (-Wall Street apart i, 
slack Joan demand and conse- 
quently high liquidity. 

The bull phase in the Far 
East has been the most spec- 
tacular. with the Tokyo New SE. 
index up 17 per cent this year 
despite tiie poor performance oC 
a number nT export-oriental «-d 
sectors which are heavily 
weighted in its calculation. 

Investors who concern rated nn 
credit companies: pharmaceuti- 
cals, stores a nft constructions 
would have outperformed the 
index considerably. 

Hong Kong is up over 75 per 
cent since January. This market 


has been very closely linked to 
the boom in property, itself an 
offshoot of the increasing con- 
fidence felt in the colony that 
China is prepared to tolerate 
Hong Kong's existence beyond 
ihe expiry date of the New Ter- 
ritories lease. 

Singapore has put on 55 per 
cent and still looks firm although 
the performance over the past 
six weeks or so, as in Japan, has 
been increasingly irregular. 
Here and in Malaysia higher 
commodity prices have greatly 
increased the liquidity of the 
banking system. 

Hong Kong brokers insist 
their market will not collapse 
as it did five years ago. They 
maintain the growth of joint 
venture business -with the 
Chinese mainland gives the 
market fundamental support 
that was lacking in 1972-73. and 
point to the enormous interest 
in equities now being shown by 
the Chinese community in 
Hong Kong itself and through- 
out South-East Asia. They 
claim the market is consider- 
ably more sophisticated than it 
wap, and at a nominal 40 per 
cent of its historic high of 
1.775, the ITang Seng Index 
does not look overbought by 
Eastern standards on a yield of 
3 to 3.5 and a P/E of around 
16. 

The Tokyo market seems to 


have got used to the strong 
yen, which has affected the 
relative ratings of stocks rather 
than the market as a whole. 
Japanese corporate profits are 
improving and the country’s 
growth rale remains improb- 
ably high. 

The Japanese budget should 
give some stimulus to the 
economy and even if loan 
demand were to pick up il would 
be unlikely to compromise the 
liquidity position of the stock 
market in the near future. 

Swiss industrial stocks have 
offered the foreign investor 
handsome exchange rate gains, 
but have been unable to follow 
other major markets. The West 


A before time. In the first half of 

ZM laet year Id’s profits were 

AM. bounding ahead. However, in 

tire third quarter of last year 
g% « * s* year ICIs profits suffered a 

4r -om 3 -a /yS severe setback . as volume 

C AB S dropped by a dramatic 7 per 

T \ rijfq " ** cent and over the next two 

5 u quarters there was liltie im- 

W* C sUfS WO €* pro Yemeni. 

§ v/r As tiie chemical industry is 

• • - ? ** highly sensitive to slight mo'«- 

mcQis in volume and prices. 
The London market was suf- ICJ has been suffering along 
fering from election jitters with most oE th e other major 
until Mr. Callaghan's surprise world chemical giants. 

' “no election ' statement on However, there are at last 

Thursday Bl ' t £ ,Ll1 ^ ie UJ j lcer ‘ signs uf a modest recovery in 
• tomtit* out of the way. at least snJes voJunic and a sijgbt iirm- 
fnr the moment, a sense of i n * 0 { p robt margins. On pre- 
• relief overtook the market sent form icr shouId be capab!e 

yesterday and by lunchtime the of mak| £500ra in a fa]1 year 

. ... FT 30 Share Index was 9..J against £4S3m last year). This 

P 0, "te htgher before settling a £ar cry {rom the £ 75 o m 

back a point to clu?e at ol«.0 sorue analysts were predicting 
in Points up for the week. 1S monlhj ag(1 but jt is brtt „ 

ICls second quarter results than some of the gloomy predic- 
•• . *hi« week give grounds for t ions at the turn of the .year. 

cautious optimism. Compared p & o announced predictably 

■ with last year profits are 17 had interim results this week 

... .. per cent lower hut they are 24 but raised eyebrows with tlie 

per cent up on the previous accompanying disclosure that 
- quarter and double the outturn Lord Inchcapc, the group's 

in tiie depressed fourth quarter chairman, has also become chief 
. of last year. executive. 

Tt looks as if ICT is over the The official line is that the 
'* j worst in'- -tepns .«f •. the world management move is a reflt’r- 

||-g. chemical recession and it is not tion of Lord Inch cape's and the 

" ; 

wurguideto 
investment success 

‘ Many investors are got iqg more J n d more confused by ihc 

- ! • bewiidexing range ot'unit trusts offered byan ever-inaeasing 

- number of management companies. 

Gartmore Fund Managers have just publi shed die second, 

.. ^ -*.«■; and more comprehensive, edition of their stfaightforwardgukie 

' L L ■*- to die complete rungs ot'unit trusts and scp.-ice.- which they offer. 

; As part ot a group which manages some£u50 uiillion ot 

" • funds tor pension funds, insurance compauies, investment trusts 

’and other corporate and private clients, they jrc well placed to 

. . offer investors the expertise 

..‘~r th.it is so 1 vital for successful 


quartei 

for shares ’T" 

highly 


WORLD 

EXCHANGES 

MARTIN TAYLOR 


German bourses however. have 
moved to eight-year hjghs over 
the past iwi* months. The Com- 
merzbank index reached a high 
nf S33.G on Thursday while the 
J**AZ. at 261.04. was fra i*t ion- 
ally below its week -ago level. 

Much nf the buying interest 
in Germany has neglected the 

board's desire for closer per- 
sonal involvement during a 
difficult period. It was not. the 
company ^ays. a snub for man- 
aging director, Mr. Sandy Mar- 
shall. whn not only retains his 
position but is freed **to super- 
vise and co-ordinate the com- 
pany's operations." 

In his address to shareholders 
l wo months axo Lord Inch cape 
rclcrred to 1977 as a difficult 
year and praised “ the amount 
and quality of management 


LONDON 


ONLOOKER 




effort which contributed to 
securing a pre-tax profit of 
#ome i'43m.” On Wednesday 
the group announced a pre-tax 
profit of £1.12m for th e first 
six months of 197S compared 
with £26.9 m for the same period 
a year ago. The interest charge 
rose by £2.fim to £17m. the bulk 
shipping division went further 
into tiie red and pre-interest 
profits nf the general cargo busi- 
ness slumped from £21. Sin to 
£»m. On the other hand, the 
Bnvis business and the passen- 
ger cruise side have posted 
improved performances. 

Lord Inchcape earlier this 
year sounded warnings about 
the group's half-year figures 
which have been attributed to 
problem- created by the four 
year shipping recession. It insu- 
lated itself from the worst of 
the tanker slump through its 
policy of securing long terra 
charters for much of its fleet. 
As these charters run off it is 
taking on less profitable busi- 
ness and while its diversification 
moves help, non-shipping activi- 
ties are still only a small part 
of overall operations. 


traditional leaders, so that while 
the market is neaT a historical 
high point blue chips such as 
Mannesmann and Siemens, 
alongside the chemical majors 
which have begun to wake up 
, since the publication of first 
half profit figures, are 10 per 
cent or more below record 
levels. 

If the blue chips, which have 
a heavy index weighting, were 
to rally, the FAZ index could 
easily break through its record 
high of 26S. Chemicals are 13 
per cent weighted in this index 
and Mannesmann alone accounts 
for 2.74 per cent. 

The major banks are putting 
their smaller customers into 
the equity market and institu- 
: tional liquidity is high. Rela- 
tive periods of strength on the 
German market this year have 
been largely due to special fac- 
tors such as the dividend tax 
reform of foreign buying, 
especially from the Middle East, 
but the most recent surge 
appears to reflect a better 
fundamental position. 

German industrial orders have 
been picking up and the market 
is quietly optimistic about some 
improvement in GNP. The gyra- 
tions of the exchange market 
have come to be more or less 
accepted by the investment 
community and it would prob- 
ably take a movement of 10 per 
cent in the doilar/mark rate, in 

The market was surprised this 
week when Sun Alliance and 
London Insurance revealed its 
results for the six months to 
the end of -Tune. For they 
reflect the fact that on its 
underwriting. the company 
has been going through a 
very rough patch indeed. After 
an underwriting loss of £10.5m 
half time profits are down from 
£30.4m to £20.7m and the shares 
immediately shed 24p to 534p. 

The worst of Sun Alliance’s 
problems centre on its UK 
household and motor insurance 
business. In respect of the latter 
it has run up against exactly 
the same problems which beset 
its competitors (including 
Phoenix and GRE. which also 
reported this week): a big in- 
crease in the number of claims, 
variously attributed to last 
winter’s dismal weather, and 
the Fact that the petrol price is 
so low in relation to earnings 
that car owners are driving loo 
much for the motor insurers' 
peace of mind. In respect of the < 
former, the problems are more 
intractable. 

i 

Sun goes down 

. Sun Alliance has a large share 
of the UK market for household ] 
insurance,, and has suffered 
accordingly from the vagaries 
of the weather over the past 
three years. First it was subsi- 
dence: then it was floods: then 
it was storms. But coping with 
such a series of exceptions is 
all part of ihe insurers* trade. 

It has been the fact that most 
households are grossly under- i 
insured that has created the , 
real difficulties. 

Meanwhile hopes for the : 
second half rest on some im- 
provement in Europe — and the - 
mercy of the elements. ' 

Growth stocks — nr those com- ■ 
panies whose profits rise at a i 
spectacular rate — are all the ] 
rage in.the stock market And : 
punters see plenty of growth J 


•fUANKFUR' « 8 ^ 

■TOKYO THROUGH U25.- _h0,. g KOUG UP i5 

HAftKETS P. 1 06 • • • 5TC/N E'f ^ 

flumiHOU*- „ loeB D*.,- 

V ,,L «1 70 ..-^ 

PER CUT 0 » 

883397 F1NTIM ° 

A r.iBfiffliTirtift, Ail 


i -.v • ,• 

IM' 

ir : 


either direction, to affect the 
market adversely. 

In France, the euphoria that 
overtook the Paris bourse after 
the Right-wing coalition’s elec- 
i tion victory in March has r un 
into a barrage of rights issues. 
Calls for a total of FFr 122bn 
from Cie Francaise des 
Petioles and St. Gobain Pont a 
Monsson within a week of each 
other have made it difficult for 
the market to advance further. 

The Bourse knows, too, that 
the Government will have to 
borrow substantially more than 
originally expected to meet its 
higher budget deficit, and the 
queue of prospective capital 
increases now stretches out to 
Christmas. Lafarge is prob- 
ably next in tine and MichelLn. 
Ferodo, Mnlra and possibly 
Thomson sub.>idiary Cie Gene- 
rale dr Radioiogie are 
rumoured in he close behind. 

The main damper on the 
French market at the moment, 
however, is the retail price 
index. The autumn will show 

prospects among many of the 
electronics companies. But the 
record of some of the big ones 
is distinctly mixed. 

Ferranti shares, when they 
are listed nn the Slock 
Exchange at the end of Septem- 
ber, are likely to attract a 
considerable amount of buying 
interest. After all it was only 
three years ago that Ferranti 
moved into the casualty ward 
requiring doctoring by HM 
Government. But since then 
taxable profits have climbed to 
£9.1m. And the group's pro- 
posal this week to form a joint 
electrical supply meter manu- 
facturing company with 
Siemens should enhance its 
recent growth record. 

Plessey was in a more 
optimistic mood this week when 
it announced that its order book 
is 25 per cent up on a year ago. 
Could a 14 per cent increase in 
profits be on the cards, perhaps 


U.K. BN DICES 

Average Sept. Si 
week to 8 

FINANCIAL TIMES 
GonTSeo. 7lM~7 f 
Fix ed Int e rest 7 1 . 97 7 2 

Indust. Qrd. 505.2 SC 

Gold Mines 182.5 V 

Dealings mkd. 4.7 63 4, 

FT ACTUARIES 
Capita I CdsT 24L56 241 


whether the price rises that 
were a necessary consequence 
of M» Barre's “ verite des prix '* 
programme have worked out of 
the economy or whether they 
have started a chain reaction. 

Investors have been piling 
into French bonds on the 
gamble that inflation will slow 
over the next quarter, enabling 
a further few basis points to 
come off yields. It seems at the 
moment as though all the 
French financial markets, and 
the exchange rate of the franc 
itself, will hang on the per- 
formance uf retail prices in the 
last quarter. 

Wall Street is a special con- 
valescent case. If the dollar has 
bottomed, and once the institu- 
tional selling orders that seem 
to be preventing the penetration 
of 900 on the DJI have dried up. 
the market may have some- 
where to go. The mood seems to 
be happier, if stiil very cautious. 

Brokers point out that volume 
over the past few days has been 

giving £48m-£50m pre-tax for 
the full year, stockbrokers were 
wondering. Only the group's 
loss-making consumer elec- 
tronics subsidiary Garrard 
remains a problem and here 
operations are being curtailed. 
A massive redundancy pro- 
gramme was announced yester- 
day. 

Decca. on the other hand, 
remains a disappointment. 
Perhaps reflecting a higher 
exposure than the others to the 
consumer end of the electronics 
market, pre-tax profits fofl by 23 
per cent to £ 12.3m in its last 
financial year. Tiie group 
suffered losses in ils television 
and record activities and the 
prospects for the current year 
are far from rosy. 


much higher in the morning, 
when the index has been rising, 
than in the afternoon, when 
fairly thin selling has been 
enough to unnerve the market. 
In time, volume should tell. 

Milan shows potential for 
spectacular growth, particularly 
if the market's present impetus 
can be confirmed by a further 
drop in bank rate. The index 
has come up 22 per cent since 
January and looks to be gather- 
ing speed. 

The Australian exchanges 
have come alive with excitement 
in the mining sector, takeover 
i merest, heavy foreign buying 
and. since the budget, the pros- 
pect that the smaller budget 
deficit may allow interest rates 
to ease. Johannesburg indus- 
trials have benefited from lower 
money rales, tax cuts and pro- 
mising company profits figures. 
Amsterdam is 1 per cent or sn 
below the year's high, but over 
20 per cent up from the lows. 
Canada has shown unusually 
sustained growth. 


Chart Analysis idlers a lech- 
nieal view of some of these 
markets. Tt maintains that Aus- 
tralia is showing the s irons*' ;-*■ 
pattern for future growth and 
lhat there are signs uf mure 
gains to come in the Far East. It 
feels that the German markei 
has a strong partem to it alter a 
long period uf sideways move- 
ment. It is more reserved about, 
the prospect for Wall Street and 
for Ihc Paris Bourse. 

The chart lhat combines all 
the charts, the Capital Inter- 
national world jndt.::. has risen 

17.1 per cent in dollar terms and 

11.1 per cent on 3 local currency 
basis since the beginn'me of thf' 
year. This rise in a single rude:: 
quantifies ihis bull >ear i>ir 
world slock markei s. But ihc 
team that coinpiile.s it in Geneva 
is gently scornful of the idea 
lhat (here is an elegant global 
explanation fur ihe ris<\ The 
World Index may t*xi.%t. but ihe 
World Slock Market still does 
nuL 



jFMAWJi H 

1976 


0 K D J f MAIOJi «,S0HQJ mu 

1977 1978 



Capital G ds. 

Consumer 
(Durable) 

Cons. (Non- 
Pura ble) 
Tnd. Group 
500-Sh are 
Fina ncial Gp. 
All-Share 
Red. Debs. 


How Allied Hambro intend to maintain your standard ofliving: 
the Allied Hambro HighYield Fund. 

We at Med Hambro have been helping people like youprotect your living 
standards for some forty years now. 

Were on your side in ihe fight to preserve the value of your savings m Hie 
face of inflation. 

We. launched our High Yield Fund to deal with it. The investment objective 
was to ach ieve a growing- income which won Id outpace inflation. 

In July 1974 inflation was bad. It looked as if it would getworse.lt did.Hut 
for those original investors the Higii Yield Fund has completely achieved its 
objective. 

Since July 1974 the Retail Price Index has gone up SO’l o.F or the original 
High Yield Fund investors gross income is up 97%'. Dining the sania 
period the FT All-Share Index has gone lip lo4‘>o; but. the offer price of High. 

Yield units is up 216%. 





1 1 733 4 « mImi ri 


MARKET HIGHLIGHTS OF THE WEEK 


Change on 
Week 


tnd. Ord. Index 


BET Oefd. 


BICC 


BH South 


Compton Sons & Webb 


Costa in (R.) 


Downing (G. H.) 

Dowty 


fitch Lovell 


Gtanfield Securi ties 
Goldrei Foucsrd 
Gl 

ici 


Liber ty 

Mountview Estates 


Plessey 


Ratnen (Jewellers) 


Selection Trust 


Western Mining 




f Gamnore Fund Managers Ltd. 1 

j 2 Sl Mary AxeLondon EC3 A SBP. Tel: 01-283 3531 . 

i Please send a copy of your Guide to Unit Trusts I 

I Name: — _ — : — — — I 

[ Company: I 

I AddreSS; -~r T -909.Y — j 

£650,000,000 undo: Group Management j 

MAKE MONEY - 

—WITH A PHONE CALL 

Every Arf msfijr people make money simply by i phone call to a 
| sccKltbrofccr. You could be able to buy or sell sacks and shares ana 

u«4 money more .Wmdiy tb 811 Britain's other two million Investors. 

HOW IS THIS POSSIBLE? 

Simply through a unique 1 2-wec It home course. 

The Arte* Investment, written by professional investor*. ‘ . 

stockbrokers and accountants. Step by step they show you 
tow to make money. 

NO RISK — It costs you nothing 
unless you are satisfied. 

Even without prevjo« know. hew — even wish a capital 
u low h £100 — you could be profitably dealing in stocks 
and shares in 12 weeks* time. 

Send today for FREE details without obligation 

RELIANCE SCHOOL OF INVESTMENT 
FREEPOST 911 
; London SW3 2BR . 


NEW YORK 

JOHN WYLES 


REJUVENATED BY what is 

traditionally regarded as the 
last holiday of summer, the 
Labour Day Weekend, Wall 
Street's army of investors re- 
turned to their desks on Tues- 
day to lead another assault on 
the next psychological hurdle 
for the etock market, the 900 
level of the Dow Jones Indus- 
trial Index. 

On Wednesday and Thursday 
it seemed that perhaps the 
battle would be easily won and 
that those investors who have 
set this mark as a point at which 
to reassess their strategy were 
about to he overwhelmed by the 
collective euphoria which was 
gathering. 

On both days the Index 
passed through the barrier only 
for later profit-taking to erode 
the gains. But this must be con- 
sidered the normal rhythm of 
such events. 'Urns it was no 
surprise to many analysts, 
especially those were focusing 
! their attention on the broader 


stock market indices such as 
the American Stock Exchange 
Composite Index which hit a 
new high on Thursday, that on 
Friday morning another and 
more vigorous assault began. 

Spurred on by the most en- 
couraging inflation news for 
many months, the announce- 
ment that for the first time in 
two years there had been in 
August a monthly decline in 
wholesale prices, the market 
stormed ahead. TTie nuances of 
the news, specifically that the 
bulk of the one month decline 
was due to a fall in consumer 
food prices, was lost in a flurry 
of excitement 

A tougher approach to govern- 
ment spending, a delay in the 
increase in the social security 
tax and a decision not to try 
and press for mandatory wage 
and price controls but merely 
to simplify the existing volun- 
tary guidelines system and be 
a bit more heavy handed when 
it comes to jawboning, is the 
best Wall Street tan hope for. 
Whether it will, if this is the 
plan which emerges, do much, 
for the fight against inflation 
in the short terra, is just an- 
other of the more sophisticated 
economic arguments which in- 
vestors in stocks are determined 


Election uncertainties cleared 


Better- chan-expected results 


Good interim results 


A $5Qm sell-off of assets 


Excellent results-scrip issue 


Bid from Carrington Viyella 


Impressive interim profits 


Demand in thin market 

Hopes of Chinese orders 


Chairman’s encouraging statement 


Bid from Legal and General 


Bid approach 


Nervousness ahead of int. figures 


Satisfactory interim profits 


S peculative bid hopes 

Speculative demand 


Good interim results 


Dividend-boosting rights issue 


8J per cent stake in Amax 


Rumours of Rexby Downs deal 


to ignore for the time being. 
Others include the evidence of 
continuing strength in the hous- 
ing market, car sales and con- 
sumer debt demands. If these 
indicators also suggest that the 
economy is stronger than some 
analysts are prepared to con- 
cede and likely to continue that 
way, then the fight against infla- 
tion will be tougher too and 
interest rates have further to 
rise. Already some analysts who 
are sticking to the forecast that 
interest rates will peak later 
this year are saying that the 
peak will be higher than they 
had been expecting— a prime 
rate of 10 per cent is not out. 

But with investors counting 
profits from this year’s opera- 
tions so far, the amateur inves- 
/tor showing signs of being 
attracted into the market again- 
albeit by an increasingly un- 
healthy speculative fever in 
gambling stocks— and share 
prices stiil cheap in historical 
terms, it wiiJ take some horrify- 
ing political or economic news 
to sink the market now. 

CLOSING PRICES 

Close Change 
Monday public holiday 

Tuesday 884^1 +73B 

Wednesday 895.79 -1-9.18 

Thursday 893.71 -2.08 

Friday 907.74 +14.03 


to your savings is inflation. As in 1974, Hie investment objective of the Allied 
Hambro High Yield Fund is In achieve a growing income that will outpace it. 
lithe Fund is successful in this (andthe Managers have good reason to believe 
it will be), then the Fund should also achieve suUlu useful capital growth, as it 
has since 1974. 

Kemember that the price of units and ihe income Jronr them can go down, 
as well as up^ 

Investment in a unit trust shouldbeivgaoled as long term. 

To invest, simply fill in the coupon and send it to u s with vyur cheque. Your 
units will be allocated at the price ruling when we receive il. 

You will receive an income cheque, twice yearly: on bth April and 
bth October. If you invest now. your first cheque will be sent on 6th April 1979. 
The estimated gross yield on 4th September, when the offer price was 79.1p xd 
Wits 7.7%. 

If youbave any doubts about this offer, any queries about unit trust 
investment or would like further information about- Allied Hambro, seek the 
impartial and expert advice of your professional adviser. 

lake us, he’s on your side. 


t. Th a Trust is authorised by the Secretary of State for Trade and is 
constituted by e» Trust Deed dated 15th July, 197a. It is a “Wulti- 
Range' investment under theTrusiee investments Aa J96t. 

2. Income is distributed hall-yearly on 6th Apni and 6 ih October nr t 
of basic rate lex. investments madcunder Ih isofferdo not qualify tor 
th* October 1378 payment. A helf-yeariy tee ot 3> I6ihs ot 1% (plus 
YA.T) erf Ihe value otthe Fundisdeductedfrofngrossrnconielomcec 
management expenses (including the Trustee's lee). 

3. The Trust Deed empowers the Managers to include an miiiaf 
service charge ot 5% in the otter pnee, out of which is paid a enm- 


miss>nnef1 , « v ?onorder5received!hroughrecarjni-..eiiageni .. 

4. Non mav "»cll all or part of vour unit holding hat V. to the Managers 
nt not lees than the bid pnee. calculated to a formula anproued b7ih* 
Department of Trade, ruling on receipt of yourinstnirpon':. :o-Jv.,i| 
be %ni a cheque in settlement wrthir, seven b urines i days oi receipt 
by Ihe Managers ot vour renounced uml certificate-, 

E. Managers: Allied Investors Trusis Limited |Memfarre!‘.li<’ Unit 
Trust Avocation) Hambro House. Rayleigh RoxL Hutton. Brent- 
wood. Esse- CM13 1AA. Telephone Bramwoud (0-77) 211453. 
Trustee: Midland Bank Trust Company Limited. 


Applications will not be acknowledged, but certificates will be posted within 6 weeks of ressiptofyour application. 


“WE’RE ON VX'R.SIDE’ 1 
1/We require details of your 
Share Exchange Plan 

I Tick here j 


I/We wish to invest |£ 


{minimum £100} 


in Allied Hambro High Yield Fund atthe offer price 
ruling on receipt of this application and enclose a 
cheque payable to Hambros Bank Limited for that 
amount 


To: Allied Investors Trusts Ltd., Hambro House, Rayleigh Rd., Huttonj Brentwood, 
Essex CM131AA. Telephone orders to (01) 588 2851 or Brentwood (0277} 211459. 

REGISTERED IN ENGLAND No. 285988, Registered Office 51 Bishppsgale, London EC2 

(BLOCK CAPITALS PLEASE! 

| TITLE; MR/M RS/MJSS (FIRST FORENAME . joTHER INITIALS 1 


SURNAME 

— -■-« 1 M |, .I—...,. „ | 

HOUSE NO. & STREET j 

TOWN 

COUNTY/POSTALCODE j 


l/Wededaxe that I am Awe are not resident outside thaSchoduledTerritoriu and that I am we are not acquiring the uni: s aslh-: 
nominee IS) of any personal resident ouisideitiijsa lemtcmas fit vow are unable to make thu declaration t; should be deleted and 
the form Judged through your Bank. SxockbrvKer orSohalcz.} I am'e^er the aged 16. 

Signature^) — 

In the cased Joint applicants, all mustsigru 

Date i N i 6 l f ~ 

Allied Hambro HighYield Rmd 

r This ptterbnot available to rnldrntsofthr H'nuS'c'fl’F^rr' 


ns3tt.fr lld vi. j.-’iinLLij : 











6 


Financial Times Satnrday September 9 1978 



FINANCE AND THE FAMILY 


• ih . 


a- 


Setting aside a transfer 


be 


No legal responsibility - eon 
accepted by the ; Financial Times 
for the answers given in these 
columns. A II inquirier will 
answered. by post . as ' soon 
possible. ' 


be 


BY OUR LEGAL STAFF 


My husband has told me that 
he proposes to live apart 
from me. 


The house in which 
we live was left to me hy my 
' father, though my husband 
I has improved it somewhat and 
paid ail the outgoings. What 
l would he my position IT be 
< did leave me and later obtained 
' a divorce ? Could he have 

■ any claim on the house ? If 
i so.' is there any way in the 

meantime whereby I can 
: transfer the house to my 

■ children to protect their 
inheritance ? 

Your husband could make a 
claim to an interest in your 
house, but it is doubtful if such 
a claim would be upheld. If 
you transFer the property to 
escape the jurisdiction of the 
Family Division, that transfer 
may be set aside. However it 
might hp desirable for you to 
consider making a declaration 
of trust: in which case you 
should consult a solicitor. 


and so not be liable for the 
repair cost. It is however un- 
likely that there would be any 
basis for such a claim in the 
fact that the car was in the care 
of the garage— -as nearly all 
garages expressly exclude such 
liability in the terms of their 
contracts. 


Retirement to 
Hong Kong 


Negligence 
of garage 


I am proposing to retire to 
Hong Kong, where as soon as 
I reach age 65. 1 shall be 
entitled to the State pension 
and to one from my firm. 
Could you say how much 
money I can take out, what my 
tax position will he and 
whether I could draw my 
pensions there? 

You van take up to £40,000 out 
of the country. You would be 
liable to UK tax on any income 
drawn from the UK except in 
so far as it were taxed in Hong 
Kong. You could draw your 
pensions in Hong Kong. 


to live there. However, the 
Court has a discretion to make 
an order for possession in. your 
favour if you wish to reside 
there. It would be wise to 
write to the tenant advising her 
that you will wish to live there 
in due course. The Rent Act 
does not prevent transmission 
of a tenancy to a grandchild: it 
is a question of fact in each 
case if the person is a member 
of the tenant's family; but 
grandchildren have been held 
to fall within the term. . 


A noisy 
neighbour 


for the loan but the hs 

authorities have .made no 
allowance for- thfs. r an tax 
relief not be- claimed in these 
circumstances? ' 

What you .have in mind is 
paragraph 17 of. schedule 1 t0 
the Finance Act 1974, as 
amended (for CTD_ by para 
graph 19(2) of schedule 12 to 
the Finance Act 1975. 

To see what the niles are, you 
should ask ydur inspector for 
a copy of the free booklet IRll 
(with an updating supplement) 
and look at section HED on page 
19. 


Mv son has an old car. which 
failed its WOT certificate and 
was left at the garage for the 
necessary work in he done, 
during which time severe Frosts 
cracked the cylinder block. 

The garage is asking for 
payment for repairs to Ihe 
cylinder block, but we contest 
this on the grounds that they 
did not put in anti-freeze when 
installing the new engine and 
that the damage was done while 
the car was in their care. What 
please is your view? 

We think that your son may 
well be able to establish a claim 
in negligence against Ihe garage 
for ils failure to use antifreeze 


Tenancy for 
a grandchild 


I own a house which was given 
to me to retire to. and I have 
let it in the meantime. Now 
the tenant, aged 86, wants to 
have her newly wed grandson 
join her there. Could I ever 
obtain possession when I 
retire, should the grandchildren 
he living there? Can the 
present tenant by-pass a 
generation in this way? 
if you have not yourself 
occupied the house as your 
residence you will not be 
entitled as of right to obtain 
possession of it when you wish 


Next door to my mother’s 
terraced house is an empty 
bouse owned by a man who 
uses U at weekends as a 
workshop. He then is hanging 
and drilling with high-powered 
electric drills, sometimes until 
very late at night Have we 
any redress? 

There are a number of remedies 
open to you. under the law of 
nuisance and statutory control 
of noise, for example. However, 
your best course is probably to 
approach the Environmental 
Officer at your local authority 
and possibly the Planning 
Department there as well. 


An asset 
under land 


Tax relief 
and CCT 


As executor of ray late father's 
will I borrowed some money in 
June 1977 from my bank, to 
pay the estimated capital 
transfer tax on his estate in 
order to obtain probate. On my 
1977-78 tax return I claimed 
relief of income tax on the , 
interest I bad to pay the bank 


In March 1976 I was ‘ 
bequeathed a house, by the 
will of an aunt In which I 
was also appointed (he 
sole executrix. A grant of 
Probate was obtained by 
personal application to a 
District Probate Registry 
and the estate realised and 
distributed among the 
persons entitled to share in 
it, with the exception of 
the formal transfer of the 
house into, my name. - 
As I am now proposing 
to sell the property, 
could you tell me wbat 
legal process, if any, is 
required to give me 
title to sell? 

It is preferable for you to 
execute an assent under hand 
in favour of yourself, as ihe 
distribution which has already 
been made of the rest of the 
estate may preclude you from 
selling as personal represents 
tive. You can obtain a prece 
dent of an ordinary assent 
from any standard precedent 
book e.g. Kelly’s Draftsman. 


Working from home 


Sometime, it is suggested, money-making occupations of in many cases, there is unlikely certain amount of quite expen- 

developments in cnmmtmica- some kind which are run from to be any increase in the rate sive office equipment, including 

linns will take place in the their homes. of premium. In fact, where telephone answering machine 


coming years which could re- 
sult in an increasing number of 
people being able tu work from 
home — instead of commuting 
each day to an office. While 
traditionalists may have their 
doubts, and wonder wheiher 
everybody would have sufficient 
self-discipline to be able to 
operate from home, there are 


INSURANCE 


From the insurance point of somebody is working full-time etc. Whether this is owned out- 

at home, it can be argued that right, leased, or rented from 
the risk is very; »»uch better the Post Office, almost- certainly 
than if the house' was regularly one will be responsible for it. 
left unoccupied for a relatively and it is important to make 
long period during the day. sure that adequate Insurance is 
After all. many of the thefts in force. Sometimes, it. may be 
occur during the latter part of sensible to have rather wider 
the afternoon — from houses cover than applies 'under the 
where the family is at work, normal household policy; some 
shopping, collecting the child- insurers will give all risks cover 

on such equipment— subject to 


PHILIP KNOWLES 


already plenty of people work- 
ing on either a full-time or view, a number of points need ren from school, etc. 


part-tune basis from home, to be watched. Firstly, where Quite apart from the fact that a reasonable excess. A higher 

Apart .-from the increasing working from home is a one or more rooms in a house rate of premium may well have 

numbers of genuine self- materia! fact, the respective in- may be used as an office or to be paid for equipment which 
employed, there are plenty of surers must be advised. For workshop in connection with a \ s taken out of the house, such 
salesmen, taxed on both a instance, in issuing a household business, the contents may be as a portable dictating machine. 
Schedule E and Schedule D insurance policy, insurers do rather different from those etc. 

basis, who work from home. Of not usually expect a business to found in a house used solely, where a large amount! of 
those with full-time jobs, some he carried on from the house, for residential purposes. business equipment is involved, 

also either act as independent That, however, does not neces- Dependent on the degree of | t may be a good plan either to* 

cnnsultanLs, or have part-time sarily make it a worse risk. and. sophistication, there may be a specify it separately, or. at i^ast 





lESTMINSTERBUi 

ASSURANCE 2 


is the time 


'Property' 


There is no substitute for Property direct investments in property is through 
as an investment offering long-term a property’ bond. 


securin' and the capacity to outpace 
inflation. 


An investment in prime commercial 
and industrial property - off ices, shops. 


City ofWestminster Assurance started 
the property bond movement and therefore 
has more experience in tins area than 
anybody else. The Westminster Property 
Bond has also shown the steady growth 


factories and warehouses -is indispensable sought by investors and comfortably 


to anyone who wishes to create a 
fundamentally well-balanced portfolio. 

Such property is essential to the 
industrial and commercial life of the 
country and. as such, it enjoys a unique 
capacity to maintain its real value in spite 
of monetary inflation. 

However, for most investors the only 
way to obtain a well-spread portfolio of 


outperformed the Money Management 
Property Bond Index. 

The Bond also has life insurance cover 
and laluable income benefits to high rate 
tax payers. 

For more information, contact your 
insurance broker or write to us for a free 
cop\ of the latest Annual Report on the 
Westminster Property Fund. 



-•= A SENTRY NSURANCE GROUP COVRVJY 

Sentry House. 56 txadenhall Street, London EC3A2BJ. 


BUILDING AND CIVIL ENGINEERING 

The Building and Civil Engineering page Is published in the 
Financial Tunes every Monday and carries news items relating to 
contracts and important developments in the Construction Industry. 

For details of the advertising space available on the page 
each week, and costs, vou are invited to telephone 
01-248 8000, Ext, 360 or write to: 


THE ADVERTISEMENT DIRECTOR 
Financial Times 
10 Cannon Street 
London EC4P4BY 


to allocate a sum insured tfc it 
which is quite separate fromjthe 
normal contents of the house 
Apart from clarifying the p^si 
lion for the insurers, it is easier 
lo arrive at the amount of 
premium which is an expens^ of 
the business, and can jbe 
charged to the business account. 

The liability sections o 
household policy are part 
larly important. If anybody is 
employed in connection with 


sunt. 

j/j a 

l|eu- 


the business, albeit on 
distinctly part-time basis, i 
a statutory requirement lor 
employer’s liability insurance to 
be in force. This ensures flat, 
if such" an employee should be 
injured as a result of o, 
negligence, compensation dill 
be forthcoming. Don’t jbe 
alarmed by the fact that the 1 iw 
requires this liability to (be 
insured for a minimum of J 
Normally, insurers provide 
cover without any limit of 
liability, and the premium is 
very’ much dependent on Ipe 
risk involved. 

Although it is not a statute •y 
requirement to insure on 's 
liability towards close relatio is 
working for one. it is sensitle 
lo take this precaution, sir :e 
they have the same right |to 
claim for . personal injury 
just the same way that a wdfe 
who is injured in a car driven 
by her husband, due to his 
negligence, can claim againfct 
him. j 

W here the amount if 
employed help is quite sraa 
the household insurers may 
prepared to exiend the thirtl 
party section of the policy, and 
lo provide the statutory certifi- 
cate of insurance, which must 
be displayed where anybody} 
covered by the insurance i 
employed. 

Another point to be borne i 
mind by anyone working from 
home is that the third party 
section of the household policy 
should be extended, so that 
there will be cover for liability 
towards visitors, even though 
they may have called in connec- 
tion with the business. 

Most household policies also 
include a personal liability 
section, to cover one's liability 
for accidents unconnected with 
the house. While such an exten- 
sion normally specifically 
excludes liability' in connection 
with a business, trade or 
vocation, it is worth making 
sure that ihere would be cover 
for an accident for which one 
was liable if; say. one was 
simply on one’s way to a busi- 
ness nice ting. 





AN ARTICLE costing £3.10 and 
reduced to £1.85 in a super- 
market would be a special offer. 
But trying to r offef £135 for an 
article worth £3.10 would 
probably prompt' the retort that 
the discount -is excessive: ' 

If the currency denominations 
are changed and the mind 
stretched to think in billions, 
there is the Standard '' Oil ■ of 
California- Amax 'takeover situa- 
tion in a nutshell. " 

Amax this week rejected over- 
tures from Socal. ' The oil conk 
party's offer values Amax at 
?1.85bn (£954.&n) while. Amax 
calculates its assets as- worth 
more than $3.1bn. A higher and 
more definite offer might be 
forthcoming, in which case Wall 
Street might see another titanic 
takeover struggle. And London 
will not be a mere bystander. 

Selection Trust has 8.3 per 
cent of Amax and its shares 
responded on Thursday with a 
rise of 29p to 495p. Yesterday 
they closed at 500p. 

Socal’s interest in Amax is no 
surprise. Amax bad already 
surrendered to wbat Mr. Ronald 
Fraser of Hudson Bay Mining 
and Smelting once called “the 
lubricating if not lubricious em- 
brace ” of the oil company. 
Socal's stake, bought in 1975, is 
20 per cent 

Cash rich and looking for 
diversification into related fields, 
the major oil groups have 
increasingly turned their atten- 
tion to mineral groups. By any 
standards Amax is a worthwhile 
asset with an income based on 
molybdenum, the so-called space- 
age metal, and interests spread- 
ing through coal, oil and gas to 
base metals and forestry. 

But the oil groups are also 
interested in joint ventures. In 
Australia. Western Mining 
Corporation has already worked 
out a deal with Exxon for the 
Yeelirrie uranium deposiL It 
is now deafeningly whispered 
that another deal with a 
different group will soon be 
announced for the Roxby Downs 
copper-uranium prospecL 
The whispers have helped to 
keep the WMC share price 
strong in a very firm Australian 
mining market. Yesterday it 
was at a year's high of 161p for 
a gain on the week of 18p. 

In the second half of ' the 
week it looked as if the 
market was pausing for breath. 
There had been some profit- 
taking, although the general 
4nne suggested that the bull 
phase still had some way to run. 
One of the reasons for the 
profit-taking was the tinge of 


uncertainty about both diamonds 
and uranium. 

Conzine Riotinto of Austra- 
lia. the Melbourne-based unit of 
the Rio Tlnto-Zinc group and 
the leader of the Ashton 
diamond exploration ..venture, 
produced a report on the latest 
prospects and, with that out of 
the way, the chances of further 
fresh information before next 
month to boost a market living 
on promises diminished. It 
seemed a good time to cash in. 

CRA’s report, although it 
enhanced the group’s reputa- 


MINING 

PAUL CHEESERIGHT 


tion for caution, was generally 
interpreted bullishly. Testing 
of samples had resulted in. the 
recovery of 173 carats of 
diamonds, the largest of which 
was 3:3 carats, but the quality 
of the stones, whether they are 
gem or industrial, was not 
known. 

The diamonds bad, in any 
case, come from near the sur- 
face. So far CRA has con- 
firmed the presence of 26 
kimberlite pipes— the geological 
formation' which could hold 
diamonds— covering ' a. surface 
area of 599 hectares. 

CRA shares started to sag 
on Thursday, falling 12 to 324p, 
and then slipped a further 6p 
to 31Sp yesterday. With them 
they took Northern Mining, a 
junior Ashton partner and one 
of the actively traded small 


diamond stocks. Northern 
Mining fell lOp ori 
and 7p on Friday to finish the 
week at 123p. 

The movement of Australian 
omnium shares, on the other 
hand, has been linked to politi- 
cal movements and whether 
Mr. Malcolm Fraser, the Prime 
-Minister, could persuade the 
Northern Land Council, a statu- 
tory body set up to represent 
Aboriginal interests, formally 
to sign an agreement on the 
conditions for the development 
of the Ranger deposiL . 

The Northern Land Council's 
attitude seemed to be changing 
daily. First it would sign. Then 
it would noL Yesterday Mr. 
Gatiurwuy Yunupingu, the 
Council chairman, was saying 
he would recommend signature, 
following a little persuasion 
from Mr. Fraser. So the Peko- 
Walisend share price steadied 
to 570p. EZ Industries climbed 
to 293p. The two groups are 
the Ranger joint venturers. 

But the final word has prob- 
ably not been spoken. Tbe 
Northern Land Council meets 
next week. The position has 
become complicated because 
Mr. Yunupingu has linked the 
Ranger agreement to a demand 
that tbe Government should 
hold back on the development 
of the Jabiluka deposiL 

The two deposits are near 
each other, but while Ranger is 
simply in an Aboriginal land 
reserve. Jabiluka’s development 
by Pancontinental Mining could 
impinge on sacred ; Aboriginal 


ground. Thus Mr. Yunupingu 
has wanted tbe Government to 
withdraw its permission for 

Pancontinental to extend the 
Arnhem Highway. 

The Government has been 
prepared to pay this price to 
see Ranger construction started 
in the current dry season, only 
a few weeks of which remain. 
Yesterday it agreed with Mr. 
Yunupingu that there should be 
no road construction before a 
final decision is taken on 
whether Jabiluka should be 
mined. 

Ideally the Aboriginals 
would like to see the Nabarlek 
deposit of Queensland Mines 
developed first. It is a small 
deposit and the effects of mining 
on the local environment could 
easily be monitored. With 
Koongarra, owned by Norand a, 
this makes a total of Four 
deposits discovered in tbe Alli- 
gator Rivers Region in areas 
considered geologically best 
suited for uranium. 

These uranium and diamonr. 
developments have diverted the 
market’s attention from Soutt 
African gold shares. Litth 
encouragement was drawn fron 
the latest Internationa 
Monetary Fund bullion auctioi 
where the selling price wa: 
$212.50 an ounce — firmly in tht 
current trading range — because 
the number of bids droppei 
from previous auctions. 


URANIUM DEPOSITS; 
ALLIGATOR RIVERS 


V\N DIEMEN GULF 

•O 

0 


REGION 





eg**** 


Tf* H YV 


r-.Y**. . , , _ . _ 

f ; 'l ‘ y^BARLEK 

:<fr 

/f\\ y;l \? -Mb* . 

f V^L^abiluka-^^ 




4 RAKGER 

*S M - 


^§WifflieABRA 



° — jgtfs — 50 


Major Uranium Deposits 


rate of Greater Pre spertre 
L “ LJ Valm for Uranium 


^gOWCE^«Nee^2«!2jJ«Jj'2POIJTOj«I^MW-S*COJ»«WOWT 



for savers who 


aren't spenders 


If you can put money aside for 2 or 3 years without touching it, 
well pay you more for it. 

We can’t fix the rate of return you get, but we can guarantee 
that your savings will earn 0.5% more than the Share Account rate 
for 2-year Bondshares, and 1.0% more for 3-year Bondshares. 

1% adds up to a very nice bonus for you, and naturally you 
still get the big Building Society security. What could be more 
reassuring? 


• p-. 

'■ <v v y ■■ 


'.TV T. Zr3.?.\r- 


■ mm 


' W '-l- 


i - ~ ,T'V»r- 


-■* ~“T ■r—r’ L - '■T. 


JF * r J 

\ > : ? / ; , • 

• * *. ; / f \ 

■ - " *• ■ » 


V » 


t £ 31? 


£ 


w 

i, 


fi , 


The minimum investment 
is £500, the maximum £15,000 
(£30,000 for joint accounts). 

Interest is paid out at 
6-monthly intervals. 

For further details, call in 
at your nearest Abbey National 
branch. 

Alternatively, fill in the 
coupon and simply enclose your 
cheque. 

Well organise all the 
necessary paperwork for you. 

You just wait for pay-day. 


S 


lb: Dept. B.S.. Abbev National Building Society; 
FREEPOST, Baker Street, London KW1 6YH. 

I/We endose a cheque, numbere d- 

value £ to be invested in Abbey National 


Bondshares for the period indicated. 

2 -YEAR L] 3-Y EAR i i Tick appropriate box 






w ~ 


Current 

Bondshare rates 


When income tax is paid 
atabasicrate of 33%. 


2-year tenri 7.20%p.a. 10.759t-p..T. 


3-year term 7.70%p.a, • lL49%p.n 


I/Vfe understand that myrour interest win be paid out at 
6-monthly intervals, and that the investment cannot be 
■withdrawn earlier than the stipulated period except in. the 
case of my/our deathfsjL 


FUIXNAMEtSy 



ABBEY NATIONAL 
BONDSHARES 










YOUR SAVINGS AND INVESTMENT! 



T f. A , 7 urjous fact that investors who seek a risina come up wiih a sirons recom- 
livlaena controls, however income. mendation that trust managers 

tcrnicious in principle. d<i sc-em 0f course that sort of per- should make hay while the 
n practice to have had remark- isn't likely to be main-. fiscal sun shines— Test it should 

bly little effect — that thev la * DCd fnr ver >’ l° n 3 : i* 1 fact ,je withdrawn. The situation is 
eem. if annhins tn have hnrf Y ? nr,d ’ Mackenzie now reckons lhat investment or unit trusts 

n effect onirl th/l r that ,h « rare wlJI dr °P t0 arountl whi, ' h share. tor units) in 

n effect Quite the contrary to 15 per cent in the closing .ither trusts, must pay capital 

hat desired. This reflection is months of this year, and will gains lax at in per cent on their 
•rumpled by a table produced at this level through 197B. sale— and will, like individual 
y ihc investment trust analyst That still represents an attrae- investors, receive a tax credit nf I 


f stockbrokers Wood, 
lackenzie. which shows (hat 
•hile dividends on the Finan- 
lal Times-Actuaries All-Share 
ndex rose by S.5 per cent per 
nnum over the past 10 years, 
ver the past five years thev 


ADRIENNE GLEESON 


1J per cent to set against 
liability. Unlike other investors, 
they can use the unused part of 
that tax credit — 7 per cent — to 
off-iel against cgt liabilities 
elsewhere. As Laing and Cruick- 
shank say*. it‘« a cheap way for 


a ve risen by 11.5 per cent — and , . , trUi,ls achieve what could be 

ver the past 12 months bv M 1 ’*’ mcrcase in income for .substantial reductions in their 

<>7 per cent ' * n »«"vhiildere— and an increase liability to cyt. 

, , , in real income, loo (at any rate ,, ,, , „ . 

The same (able indicates. Before tax) assuming that the . 1 ‘ ina,, J r - 3 word or thanks is 

ven more interesUngly. u, al rate .tf inflation does not rise ,0 ' Vood - Mackenzie for 
•hile the dividends on the con- again jo fins sort or level taking some of the hard 

iiucnis of the FT- A Investment ' This increase in income is not TI k Df R sl ° s * ins through 
rust Index rose by Hi por fhr* only curious (and agree- i5l m ;S r h . "g™ .. I ?*“ ,ar g 



jt • j® ha« crealcil strong pivwie^ ; j “ 

A victim {■"» «* A warning 

from whom s.nitir Sir* per cent I ^ 

/• of sales miiii', fur n :>iib-dm-.!iin | > 

of success on pensions 

THERE IS 3 curious unanimity sr,me limc ll,1c exercise .v:ll; 

of views enter 0 in u on rhe cnst some io.(iOO). <.,T Managers, -tisoTlILR SOMBRE warning 
Japanese mar kef "Take for have finally bowed m ii. and she*! of potential future harttahip for 
instance, the views »f the inana- units aro «« ,}e Mib-divided at j the self-employed came from 
Si-w of GT Japan and General— Ihc end or this Month. U-gai and Ueneral this week, 

one uf the years best per- j 1 he insurance company is pro- 

formers. according 10 the tables muting its F'etsnnal Retirement 

put out by the magazine \r da Han. but ite jTSjimenu remain 

Planned Savins*-. They are now i v^^i’ n " nc 1 1,: ess f' ,r 

putting a large part of their Legal and General points nut 

portfolio into Japanese retail ® sV J£7 rcci-4 any one who, being self- 

and consumer credit shares. g.ffg employed, neglects to m.ik-* any 

They argue that the export j form uf pension provision, is 

businesses which have made A REMARKABLY similar ! going to end up trying to live 
Japan's name as a bmiin investment policy is i«» be! off the basic old-age pension — 
economy in the West, arc really followed by tin? managers of Ihc- j £17.50 a week for a single per- 
loo volatile for successful invest- new exempt lund launched fasti son. and i'2S 3 week for a mar- 
ment. and that the healthy ion- week: Henderson Japan Exempt |rn:d couple. This is. tin? com- 
oiimer market at home provides Trust. This one is strictly furl panv points out. well below the 
a very much steadier source of pension funds and charities: official subsistence level, 
profits- individual invcsluw who arej Thw ^pa^n n{ Lcss j anri 

This trust is run out of Hon.c fans ..r Haiders. »»'s manag.- j General s is aimed particular iv 
bong, at least in so far as con- ment can ubiain the benefits - hi, lL . t-ollar" workers who 

ccrn.s the df-binns ..n which their Far East ern ex peruse : ar(1 n „ laMv rc . m j-.s in provid- 


A warning 


Up the creek 


instance, the views »f the mana- uniL * He ftun '' 

gers uf GT Japan and General — ,,wn ^ 1 

one of the year's best per- 

fnrmers. according 10 the tables 

put out by ihe magazine 7HT 

planned Savins*-. They are now J y & fly h'Tf&tL 

putting a large* part of their 

portfolio into Japanese Mail ® 

and consumer credit shares. $.§g [fflQ si 

They argue that the export 

businesses which have made A REMARKABLY 


1.4 per cent That r S3In ;;;;" u re "wS* Mackenzie is ~t the •T h r *,; nd «">»»•**. I» term, ^^^wwied Ih 

: how much the managers of only broker |o have spotted l he nf * oth ' ass « hactan ^ an «> P rice - should be compulsorv 
ivestment trusts have reverted iniplicaliuns of this: Laing and And lhe > ve worked out the ^ rea( jj ngi 
* the view that a large part of Cru ick shank's investment trust l“t*I return on investment in The report plots the 


page Department of Trade oth er 


under the Com- 


icir function is to provide for analyst has seen it too, and these companies too. 


g v: : 5 g .] • 


fall of a small 


~ . . . mi_ . 1 1 . ■ • : wuiiw in- u .5iedi uc-di tun gaum- ».h omy o.t uri cem. »eu imgni i 

Birmingham and Midland Cana! They have ,, - , n in and out s j ve anc j seL . onc uy ihar the ask what there could bv iu it ! ’ ^ 


I f*-'"' 3 • 


and tax 




. WORD for the higher-rare 
x payers among you: do for 
»odness sake — or at any rate 
•r the sake of stockbrokers 
^cAnaily Montgomery — have a 
ird think about the tax 
ivanlagcs of National Savings 
rrtificates before you go 
ml ng ynur money into any- 
ing else. Me Anally Mont- 
;imery has pointed out. in 
sponse to last week’s article 
■out Sussex Mutual’s Bonus- 
tilder. that while it’s true that 
e return it offers is very 


. » \ 

’.’ill -J* ' 

4 -. ' 




Carrying Company — set up in — . service provided by Japanese fur charities, jn particular.’ However reluctant to take 

1965 to try and get some com- __ — __ brokers would undoubtedly he which tend to need income nmv. ! 00 problem of providing a 

mercial traffic back on canals better to hnnnurcd occasional Henderson, hmvever. takes the : reasona ^ e ■ < *ta |,dar d or living 

like that above, and “if pos- ruoimwe un» visitors from afar than to pulen- view that it 15 the total rclurn: ror t,1e self-employed in their 

sible, make some money at it." t-MKiaiiNE moir tial rivals on their door step. (capital plus income 1 rather 3 »h«? Guvernment dues at 

By 1976 the enthusiastic ■ - The fund has to some extent than its individual components • I’-'aa* 1 give them generous incen- 

founders had gathered some 436 — ^BSSgaaSBBgBfflB fallen victim n.. it< i,wu sums.*, which should d- term me inslim-: 11 '•'•« 10 provide For it them- 

shareholders who subscribed coiintv roiirK and ihev 5ince the rise in Ihc unit price linnal investment. selves. Full tax relief on pre- 

£22 55- to the company. Mo s[ Ze °S j£v" ',h«r tleWs 1 !» 

of ^ them, admittedly, invested unilcr couri judgment. • s any tax P 2 - V0,: obviously 

sentimental reasons” but Hie The crucial point, however, is ! Increases in sums assured , s is? 

Skinffor t ’ 0 a n" f P th™ m ’o h !d The '^ee,^ IT'S ONE of the wonder, of .he Ifehily tn ho uorlcr^en. 

thn incrfLnfv. .l , u , ‘i i instead condemn them for blind ^ l,L ' assurance business, tiiat Jt This i> the new iimit on sum- 1 Moicom.i the niohJems 
the inspectors that he was look- Tnd a S is perfectly possible for an inch- assured under whole lif-. -ndow- i a5lath ^ 1® making regular pay- 

SEJ? SOme rclurn ,:,n h,s inadequacy as directors of a vidua! to obtain cover aeamst ment and tern assurance puli- ■ our of what might well 

n,m„ n f ik, Dublic com pail v. the risk of death to quite re- vies, which Friends Provident ! •* wildly Huctuaiing income 

It now looks as if none of the markably high sums. Individual announced «\u(h seme increases iaren 1 necessarily insuperahle: 

shareholders can expect any- Perhaps all the shareholders polk . vhoJc , trs probah |v don't in police charges) this uvk. Tf: Legal and General reckons that 

thmg — not so much as their considered their jineslnientsto rea i ise> when they take out you an* aged between 1! and under iLs own plan contribii- 

raoney back. Today the com- be just fun money Th* eover for alini ., V vh,ch exceed 45. the companv will not provide x ' on > van he varied from year 
jPfny has accumulated losses of report does n..t say whether , heir annua , carnin . s anfl/or you with cover against the hsk ; t& year. However difficult it is 

£18,600. even after taking into they were invited to mess about the j r worldly wealth several of death for no to iPO.OOn.'to provide out of income now. 

account a f~.000 surplus on a in the noai^. alona with the -times over, that in fact the in- whereas iN previous ] imir was anyone who is self-employed is 


BUSINESS 

CHRISTINE MOIR 


Furnishing on trust 


nuums would be attractive tn 
any taxpayer, it'i obviously 
extremely attractive to anyone 
who is paying tax at higher 
tales. 

Moreover the Problems 


Hduiv iii uie equation, doesn i ' d 'i V 'jd ua l shareholders since last n 5 >ia,n *- f ro ™ Needless to say. the inspec- holders after paying the pay out up to £60,000 should a obtain cover for up 1o £2«».i)U0. ; should have to face the pros- 

op too iar — to anyone paying N 0vember henceforth to be ■ Arenson de c>ded that no: tors are recommending that the creditors. It is a cautionary tale single individual walk care- Such are the effects of inflation, pect of continuing at it until 


c at over 50 per cent National ,„ ade avai!aWe t0 those who , sho ^ d Secretary of btate use his indeed, 

rings Certificates are stiU a hold the equity through a unit dtoSit- thhi powers to wind the company up. 

Jier buy. Very me: although or investment trust. So if you been carried o^er with ^ 7 “ n n ° h0pe l J at ! ! s 

f* Rnnnc.huihl<»r ofTf-rc a nrnn. hanoen to be in search of bed- “f" °7/_ wltJ ? « e fortunes will improve, despite 


lessly under a bus, is not one O tempera, o merer, . . . 


I they drop. 


- • - ,i,. •* \— ^„ *• — - — - * ....... .... djiuwtru ineir 

-sr" mb: taxpayer. I. your 1 * ^ Ski n* Che <0U ’ say ‘ a bedroon ' suile ^t-jfor canals and canal boats to 

.igtnal rate xs higher, then ^00) could be con-, override commercial considera- 

u !1 have some tax to pay. and ! at,?st re P ort from >our unit or siderab j v lll0re . Arenson savs' tions” 

ur return will be diminished. I ;'" st ™ e,lt 11 \ a " a ^ r * w *** there has been no evidence of! As proof they note that the 
-:e to see stockbrokers watch- • v ”;‘ be .*‘ shjres abuse so far. Uioueh the scheme; directors, a former audit clerk 

; returns on National Savings ft sure in Uieir portfolios. has produced a fair amount of and a former schoolteacher, did 

closely — and prepared to If they do. you can obtain a business. However, rhe company , not prepare accounts or hold 
nd up and say so when they 15 per cent discount by placing reserves the right to change its; any shareholders’ meetings for 
nk the: _ 're getting less than y our order direct with the com- tactics should the wide boys try nine years, despite warnings by 
:ir due desserts. pany (Lincoln House. Coin ey to take advantage. " Uhe company's solicitors and 



means 


Why all equities? 


\KLNG A Will is hardly the length, and grow at different understand that it makes no there is no will, or that the one 
jatest fun most people can speeds. difference for capital transfer they have is inappropriate? 

aginc. It usually seems The husband who takes full tax purposes whether the The answer may be a deed of 

r > nlly morbid — but th* main advantage of the Capital husband’s estate was left to his family arrangement. This 

•fpT.ison why we shirk the task Transfer Tax relief permitting widow absolutely, or whether somewhat obscure procedure 

• .that living rakes up so much free passage of his wealth to his she was left only a life interest, has been made considerably 


,-i • uiir time and energies tnat 

re is little enough left for 
'~ r tnned dying. 

This is a pity, because the 
Andard advice nowadays must 
£SsTJ*“ that we should all make 

%Hs. and that we should 
' A ’examine them at least every 
.. -g “rd year to see whether any 
& era lions are necessary. The 
gle most common reason why 
may be advisable to do some 
(Inn king can be understood 


DAVID WAINMAN 


If one follows this line of easier and more certain by the 
argument, one is led towards Finance Act 1978. The concept 
the concept of equalising is that the beneficiaries can 
estates. Husband leaves to agree between themselx-es what 
widow sufficient so that her provisions they would have liked 
estate is equal to the balance have found in the will — and 
nf his own— and he leaves that their agreement is regarded as 
balance to the children. How- constituting dispositions by the 
ever, a moment's thought will deceased himself. , 

shnu.' thaf thi« seldom a satis- ^he term deed of family 


Schlesingers’ Extra Income Trust offers one 
of the highest returns currently available from a 
unit trust invested only in ordinary shares. 

A still higher yield could be obtained by 
including some fixed interest investments, but such 
investments cannot increase their dividends and 
also have less potential for capital gnmth. 

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


era lions are necessary, ltie show that this is seldom a satis- ine ,enH , ni 

gle most common reason why widow, may simply be storing f actor y aDSWer it may he all agreement ” was written into 
may bp advisable to do some up trouble for her. Having ri „ hl for a 75_year-old husband. thc ‘■' a P ilal g^ns legislation in 
(hulking can be understood acquired his assets on top of w £ wife is five vears Q ] der 1»S5. That provision makes it 
•st clearly if we recognise her own, she may find that thc than * clear that Lhe re-sharing of the 

r predicament as being on the aggregate tax payable on her But for the younger husband. assels does noX need t0 be 
: enr of a dilemma, but that death is disproportionately t - m vital consideration is iooked at as a disposal by one 
i-e horn*; are of uneven, higher. It is essential that wc Th-if nf matino fh , t hU beneficiary to another. The 

~\\ widow would have enough to f n, - v capital gains tax acquis i- 
live on were he to fall imme- tlon J s f th « °f ^ eventuai 
_ __ -.--a—-— diatelv under the proverbial reagent the deceaseds dis- 

■ H fWICgn stoold'bappe’u wten’ht WbenTapM^sfer ta* was 

Wt MP¥iaCP 

H ^ orobsblv lets in '“ ‘V Prions. What 

% CAPITAL GAIN- than realistic to imagine' tl,at deL-'are \ nf''ad).ii'ni S 

JOHNSON CLNRS. + 63 % SS 5 S"S,W ■„» SS S^^haJSb.™ 

' S IRANON +85% STffi every^peuny '’given as it l S in writing it 


WE ADVISED 


% CAPITAL GAIN* 

+63% 

+85% 

+237% 

+243% 


Gains calculated at date of “sell" recommendation or at 
Sept. Szh close, as applicable. Dco/ing cons are excluded as 
arc dividends etc. accruing. 

Based on this performance, the Private Investor's Lector is 
indisputably worth many times its modest/annual subscription 
for its share recommendations alone. Tn fact *t is far m ° re 
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. 

Ta: The Private Investor’s Letter Dept-. 1PU. 

13 Golden Square, London W.l. 
please send me by return post details of the FREE TRIAL 
offer for the Private Investor's Letter. 

rJ41 "* CAPITALS PLEASE 


her - in her late husband’s will. 


will suffice. If it takes the form 


• » -,v 

: is 

MH * 


Or phone 01 -597* 7337 

(24-hour answering service) 


The untimely death of the ?™ 

breadwinner is something we rf ’ , t . . evooti tha 

. Jr.u iF they do not take go lo swell tne 

try t injure ^ . rcsiduar\ - estate, only those dis- 

loflatinn continues w h hUj t .,aimin 3 need be pities to the 
abatement widows will almost a e " ment . B ut where thc 
certainly have need » mure r ^ pient ^ l0 lai;e assct or 

than half the total asst s - assets not as residuary legatee. 

The °^? er ae . . be should also be a pany. 

dvuaraic effects must be under- 1 

stood and constantly watched is The arrangement must he 
the pension position. This is “ade within two years of death. 

neither the time nor the place and * *! J* ** * ™ wnl ' 

for more than the briefest ?ng of the will l (or of the law -of 
glance at what might be the intestacy) if it is notified to the 
position. Death in service fre- Revenue within a further six 
quently provides a lump sum months, with an election that it 
benefit for Die widow of be given tax effect signed by all 
between two and four times those who are party to it. The 
salary. Less often does it pro- election must also be signed by 
vide an adequate pension; if executors if more tax 
I the trustees quantify a realistic becomes payable as a result of 
i pension bv reference to 40 it— but the only occasion when 
I years’ service, and salary level they are allowed to withhold 
| at 65. then it stands to reason consent is when they have in- 
I that R widow’s two-thirds pen* sufficient funds to pay that lax. 
! sion, if ii is based on her We have seen that the deed 
[ husband’s much shorter service does not need to be a deed. The. 
* and Jower salary level at death, parties to it do not need Ip be 
I may be more a gesture ol good- members of the family. And 
I will than an adequate provision, finally, it matters not whether 
I So ihc message must be that the administration of the estate 
J wills should be marie and kept had been completed before 
| up l«t dale. But what dn the those parties came to their 


By careful selection ot sound stocks including 
attractive recovery situations and ‘well-researched 
regional equities, Schlesingers* /' T 7 I 7 

Extra Income Trust provides :i HEgr 

particularly high equity-based yield ©C$U' 

from a diversified portfolio of DOtS 

mainly smaller companies. However, 
the growing relative - attraction of . S*' - 

ordinary shares with very high yields IHCC 

suggests that such yields may not be C 

available to new investors indefinitely. ^ 

We therefore recommend immediate 
investment at the current, .high rate JJ Jj 

of return to gain the potential of capital > 

appreciation- ; .«|k 

Since the Trust’s inception in IMay 
1977, the unit price has risen 3^.4°,'. im'dthe Jwpp?** j 
FT Actuaries All-share Index 26.6%. 


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




portfolio reports snd valuations, invitations to 
meetings and investment/financial planning advice 
it required. You should regard your investment as 
long-term. 

Quarterly dividends 

An investment of j‘500, based nn the current 
estimated gross yield. i> expected to produce V44 
gross income per year, «»r / jci net of basic rate 
tax: and an investment «»f £2.500 is expected 
to produce i'225 evo.-s ur / 1 49 net per year ; 
payments arc made quarterly. 

Payments arc made «.m A larch ist, June 1st. 
Sept, t st and Dec. ist, starting December 197S for 
new investors. 

A fixed price offer 

!?ding I n its arc on offer at thc fixed 

qWa price 1 if 1 p for investments 

. received by September 20th. The offer 

li TOr will close hefi'i re- September 20th if 

I OF the actual « >ffer price varies by more 

8!T!!CS than 2 .1"., from the fixed price. In this 

g| event units will be available at thc 

price then ruling. 

Kl member that the price of units, 

and the inc nnc from them, may go down as 
well as up. 

Schlesingers manage over £100 million of 
private, institutional, and pension funds. 


f t h :*«rv \! 

FIMb-a unique service f |, ] r st 

Minimum investment in the fund is ^ f ^ ^ f V j h 
^500. Investors of £2.500 nr more will ^ j / > ' 1 j 

receive Schlesingers’ Personal Jnve.stment 
Management Sendee (PI A 1 S). including 

rT\. : Schlc^instfr’] ’ruse Mai jsificri Lt«l. t 140 aonth Htrccr, **"" 

I I ! ', l’*l //ii tinrl Evening Tit. J lurking l OJQh) "vihJ 

I . 1 . - f v,lj 

I wish to in vest r v>uh. 

| {minimum £500) & J 

I in the isehlesingcr Extra LnaimcTrustat the fixed price of 33.jp. tjp.mrs. 

p -- first im' 

I lwish to have mr dividends re-invested 

L— 

1 T would likt.- further information, including details of 

8 Share Exchange 

Simiiiii 


Graeral Information 

1 r 1 in.csi, u‘l ihc coupon providcil. '.pplti jiiw « ill hr 
.« I. .iunJ .1-. J lit %end • 'Hi .1 JlI 1 licit hrir-hurt' tl ihcaim lim-. 
1 *. >.riir. .itL- uii! 'vl <Li>iu r in: iJli» 1 tlt. I Tin-, will hr^i.iiljOk liter 

ih- .rfir lin-L- .•! nr. ni;*:cJ in ;m -l.nl . pro.s.Thu- mini mum 
' invcsimi-r.i in the Fund it . £=,«>■ Thc Cnii Price jnJ vilIJ .rc 

I'ji'l:* ‘ivJ d.i'l* 111 lcj'-lirc ->c- -p i/'l— l. Tn Sell Min* . .Iinpl- T.;n:rn ■••■ur 

.. r 1 1 , i’i. .ij.pri .,'/*.»* -■'* 1 . , "!htn..iI ii; iSic l..|i j-., nifiii v ni.Hii 

'• iilini - ■ !.■ . ■ 'ii t. • • i". mr ill. r..'ii>>uiwLJ . vruiii.'ic. Commission 

1 i* . il[lirp.i:d /■•■.■■■•tU'i-'J .i-.'tni'. Charge-,: unnal lIij/l-c ni ^ lr ". 

1 in. Ill'll J 1-1 ill. r I ! 'li'irj. .'t .Ml JJ 1 iu.i] T -nr «•! I" - 'Jjlu- \ 
n: :ln ■.•line 1.1: 1 1.-- 1 i.iJ - liii'u- :ri-»i sn*. inci.:ni- Imv jrJs ..dnmi— 

1 rjlr- riT i 1 TfiMyi"' ili’i Ifni ...I iii Auililurs: 

I\X. i in ni.. Mm '<!' I ■ '.MiiniifiLTL: S !ili,.inL'cr Irn-i 'il.iMgcr; 

I 1 J in ! I.iii..'.,! “■:i* l.'in Jnp \V .1 KcLn.-icrvil in hni'l.n,! \... u.T.-.fj. 
Member^ »-,r |j. u . L'nii Tru.-f Avsnciaijon. J’lii, i-.ilcr i* iimi .naibhlci'i 
fL-.idLnv- nl ibi. I’ipj!’li' I* cl JI11!. 


I di • i.,r^ 1I1 ii I .ii-, ii.'i r. 1 I'Ui «kI'* liic Si ln- 1 iilcd I'crrifiinc' jnd iliai 
_ _ I an: nm .. ■ gin nn. - ;h' un:'' n- •mi'nr- jn; - per-.nn n^iilcni nui*-iilcihr 

I iTniriHi-. 1 1 1* -. ■■■: itl un.iM: imiu.iIi thiMiLvl.iniinn. ii sii'iiifd he i 1 clci' , d jh>! 

iln? I -h-HjU r'iLn 'u Ii-Jl'-.I 'Iiimul'Ii jrur I'.K iunk Mrirllirol-rr 

" r s v ’!iniiirl, Mum:: ijun-'i I”. rt. - ni*"e.l !«i'. j-.t'u'jRisdoiiinarcJ mih limr initub 
v ill he -ill epic ii. 


Nirnsmc 

MP.'MRS MIS'. 


— IP(.' 1 CK LCTTIK l-UV-El 


D.ne _ . 


1 1 SuniiiuTc 

A cheque is enclosed in remind dci*. mndc payable to Midland Bank Ltd. Omhenseoi j; tf -nc.Tpp!kjr.un jllmuu^n.i 


'Vu ^ 

' ■' ' a'- * /. • *'ii 
• ' - : K ' ± 'l-- . V 



(^,4-hour answering^semcei jl survivors do if they find that arrausemenL 




LEISURE 



IT NEVER doesto-pass up the — FWYH v £*■ -y ^ Lane, bream have a sweet tooth. 

chance to get on the river and. ■ m If /HifT /l f Ml a MM\J1¥t(M "'If' MPMMMaftt due to their habit Of living in . 

business taking me past the m Maw* wM/M M . C MM Ar rf Ijfc If' # wS^a MM rivers into which the effluent of 

Test one August afternoon. I -• JL. a? ■. sugar beet factories runs. 

ff 1 Sac 6 ! and this tune it fook the fly hooked it looks like going into performed as quietly and painless for ^ This is a fascinating hook, and 

rf Mything was dom g . It was a t away i the weed or round some obstruc- efficiently as possible. mat eh anghng has a spritely account of a 

most unpromising situation, d a 3 tion. With a strong cast like Infect playing is hardly the which entails catching, weiehi g pretty esoteric subject a most ■, 

cool and rather bright, as much . nnk tb e worst Saturn happen word for it You have the fish and then returning the i fish so £ ntertaining read, even for * 

***-«£ ns^nrt ^nn ^saw lS {oT the' hook to come out of at the end of the line, and you that in the courae of the^awn ^^hennaa. But Mr. Lane 

very little fly of any -sort on r ?^ n for . „ its mouth are tiring it out so that it can the same fish could be taken a TQUSt jj ave a very understanding 

HJJSS SEZZimm But if the line breaks the be -netted without trouble. A number of tUBMiod I “i j™ wife, or else a Urge outhouse in 


of Match Fishing to Win, Billy 
T -ariP, bream have a sweet tooth- 
due to their habit of living in . 
rivers into which the effluent of 
sugar beet factories runs. 

This is a fascinating book, and 
has a spritely account of a 


l.mp flv ffnnWhnntaH in -tsui u. ine line oreaiu. uic oe -aenea wilqoui uruuoie. a uuiuuei: wue, wi sue * »>6» m 

the car. Quite a large fish was the discomforrnf this that was for quite a time, if It well fuss -about this but the ™**s..S5fafmwe so than in game ba ^ Q for ^ ose who ^ ^ 


iuaa r " order far more so than lusw* a1sq fQr ^ Qse who me to rat 

are quite simple. Just keep fi 9 y, ir , g a nd the preparations ^ feh catch, and take 

the 2 /ae tight at all times, so ^ application strenuous- _ advantage of the free fi&bihg 
that if it is swimming away it Take for instance this recipe aro und our lengthy coast line 
is pulling against the check of for ' gozzers. a ^ altic ci ea 2 ' How to Improve Your Sea Fish- 
the reel, and if it jumps out of appetising maggot "tor o ing b y Melvyn BagnaU is a very 
the water drop the point of fee fishing bn the Witbam. injj practical manuaL Match Fish- 


splashing about, there is no “^kmg it feed » awkwardly- are quite simple. Just keep ; fighj and the preparations feh ^ catch, and take 

other word to describe its ’ CICUIMr the line tight at all times, so and^’pUcation strenuous. advantage of the free fi&Mhg 

actions. ■HpII’ FISHING that if it is swimming away it Take for instance this around our lengthy coast line 

1 Cr f l P t d _°^ rn T 5? 01 LiarSd tical bait to one taken JOHN CHERRINGTON is pulling against the check of for - gozzers. a parti How to Improve Your Sea Pish- 

^L i s .muss b"va w n ssssass *. **.-.»« * « »-* «.« <* "j? * *? ***** w 

0 P r^a t U t wL C f,aLg°L , L a S SSU!taSJS ,, jS,iSSg “tS to ay ootbiog of . rod Smartly otherwise the extra are bred id »e “7 i( ^ 

an ungainly fashion. I was using catch strong fish, which these len gth of cast as well and I strain on the line could break wood pigeons «P°w^ J® “ ?,“i r ^ e v^r Sea ™t\ma 
a very small pheasant tail, with most certainly are, with tackle think it inflicts an unnecessary tt or cause the fly to become 12 days before the match. The fetprwc /aurSea 
which I covered it several times, which is far '4»o. light. discomfort on the fish in unstuck, fo fact I floa t re«Uy must be dark because only Bog^L Bom jwb- 

and seemed to have put it down. I normally use casts of 5 lb consequence. To me the whole enjoy playing fish at all. One eoser gy will apparently * ® ’ 

So I walked the rest of the beat breaking strain, which with essence ot fishing, is to put of these days my disenchant- ■ . ■ . once hatdied the fc 

Dinant without seeing the sign of a fish, modern nylon is_ quite thin the fly where the fish is rising, ment to fishing - . ' ated w itfe among Ypnr Wnrt - rnrf f . 

and when I got back it was at it enough to deceive the fish. But and see it take place. Playing with barbless flie., and just 8 ®J zers Demerara sugar Hab 

JH A jl again. So I then put on a rather it is also strong enough to the fish in is by contrast just keeping a score of the rises, other things pe 7 r fir.is. Spain msfcswits. aoi. us. iat 

A V fa 0 Wi MS 0 V IST'iMWMtMt big thick bodied pheasant tail, check it decisively iE once an executioner’s- job, to be This would be even more beca u se according to tne autnor sro a*. 

JTMM wS jLM.mm'MMMrm M wMw "7 |« jr flower. Many nf thynt obtained ButT this is by no means the always fraught with danger. The 


AFTER this year’s apology for Lavaux SL Anne. I did not 
a summer, let us hope that SL particularly care for a room in 
Luke takes pity on us with which every piece of furniture, 
some autumn sunshine before including a wall mirror, was 
winter finally sets in. decorated with stags’ antlers 

Autumn is an ideal time to conservation and 

visit the varied countryside of ^ ^ la are imaginative 

the Belgian Ardennes and I * „ 


A at {*nfiMttMP most ef their ordere at summer end of the matter. As long as public beomes bewildered, many 

jOL O'* i/fatflKV' and early autumn. flower shows there are numerous small firms new varieties start well but 

and by well produced catalogues producing dahlias it will be in Qm de ve l0 p fauits and quickly . AUAI CAUATm TIH UINFS 

m mustiated m ^ e o^ te ™ f ti^ c i h n VSt disappear from “ d AMALGAMATED TIM llltt 

Customers either ordered at almost every dahlia nursery- more worth introductions are UlfiPIllA flMI lUNfUft LIMITED 

_ — # shows and waited up to nine man has either been personally overlooked in the crush. It has l||r nBUCtflH \IiULUIilOO/ UmllCII 

a A /y am 1 w /y rt months for delivery, which engaged in breeding new happened to many ‘ flowers 

The 1 U I 6001037 displays are lmaginative L/UflltMH implies a good deal of en- varieties or has handled the besides th e dah i ia and i some Extracts from the Chairman’s Statement • 

wass^frSd' to SS?tha? the and informative. There is a ■ . thusiasm and forerfght, or they novelties. of a ? speciah^breeder ^ ^ ^ it.wbuid not extracts iron. 

comprehensive ci>liectio„ %2X>*JE£?£S2 «- • ^ V .’MEr'SM!! 

feat relative ly few British hoh- of stuffed birds and ammals, t0 have far-reaching effects, and wife no certainty as to as a modestly profitable hobby, breeding stopped for a few years ad, US ted profit ofj 

t ym £:: s S.eA, infiudi ' ! ’ a " fi “ S ^ productonof dahUas « lust when, the rWWs ^ is n0 compmMe to give fie vntertv pabiic a ^”- h c ' il ~, ^ -- 

hire at Y^t feerHs no very evH-looking wild boar. The rooted cuttings is declining in would arrive or what condition stimulu t0 ^ the m tuber chance to recover its breath and ^ 3 ^ subsidiary. AJtho UE h there was a reduction in income iron 

si TEiK k* mmk awfiM= saiatar * 

s r“ p rr ssrtrts? - “;r™ u p Sd b ^d o s p a " ^<r fiethewho !^ ha ”^ eff^p 

St “ nS£r "iSr “e Ourthe aadcomplet^y rK — «» lespatci^d direct onlLmLyandp^nSt “ f « **-*““ ^ ^ dividend paid o„ 27 April .778. brine, the total for th. year . 

three provinces of Namur, after fee war, is fee main n u rse p r to customer by post ‘ ^ t0 promos gales. So side by m the early stages Of a 2-8062p per sha . 

Luxembourg and Liege, a kind tourist centre in Luxembourg wt \ e reas pot tubers are sola _ side with the reduction in fee breeding programme when new Aj 5 j, are holders will be aware, the Company has. during the year 

of amalgam of the New Forest. Province. Dominated by the pnmaniy m shops and garoen uAKI/CNIrlu numbers of dahlia nurseries we species are being crossed for negotiated the sale of m further 20 per cent, of its holding in Amal 
the Downs and fee wilder parts castle perched high above the centres. It is fee familiar story are a i re ady witnessing a reduc- fee first time. As they ears go gamated Tin Mines of Nigeria' Limited (ATMN) in accordance with th 

of Wales. • town, it bursts at fee seams in ® n “ P ail , or ^ er , ARTHUR HBX.YER tion in the number of new by breeders settle doWn into a Nigerian Enterprises Promotion Decree 1977. The sale of these sharej 

Incidentally the Belgian Pro- high summer. Inevitably there ^ ing killed by Wgh postal dahlias 'Mavhe one would not — principally to the Nigerian Mining Corporation, was duly complete' 


AMALGAMATED TIN MINES 
<0F NIGERIA (HOLDINGS) LIMITED 

Extracts from the Chairman’s Statement 

* 

Profits after tax for the year were £371,234 compared with .ai 


GARDENING 

ARTHUR HELLYER 


vince of Luxembourg covers a is a preponderance of souvenir 


charges coupled wife declining 


a few well-tried kinds and rely that cimnge roe wnoie .«» in'”” final dividend of Ifl062p per share which, together with th. 
oJ tanmarit? tdnwu mS ° f 3 plant ”” *** USUStUT '"“rim dividend paid on 27 April 1978, brings the total for the year t. 
to prom 0 rLes d P &, “deTy occur in the early stages of a 2 m 2p per .hare. 

side with the reduction in fee breeding programme when new Aj shareholders will be aware, the Company has. during the. year 
numbers of dahlia nurseries we species are being crossed for negotiated the sale of a further 20 per cent, of its holding in Amal 
are already witnessing a reduc- fee first time. As they ears go gamated Tin Mines of Nigeria' Limited (ATMN) in accordance with th 
tion in fee number of new b y breeders settle dortm into a Nigerian Enterprises Promotion Decree 1977. The sale of these shares 

j^ m a zsZ£ nuane whicb ’*** m a "Sr. 

guess X his fro ^ a ca spe 0 f yj e same, or .margl- company of that corporation. I am pleased to say that assurances hav 

tion Of tne excellent Ucillil pharsMariclSns hv fkv Nlinffrian Mininc C nmnnrinn that rhil ComMnv wi- 


expatnate 


*“;L" nrpa than the r.rand- dim, . n H reelaiirante many of delivery services. Dahlia «««“** dahlia 01 uie samc ’ or.marsi- company of that corporation, ram pleased to say tnat assurances nav 

Duchy ^e? crossing overolght d£> doJi™ tte^lSer! «««*• are hisWy vulnerable arti ficklly smaU • 7 befog grown feat to be held “Uf *&***, ctoctenstfos been given by^the Mining ^rauo^thac th« Com pany w,- 

on the Townsend Thorensen However, the Grand Hotel des ^nc^feey^^eS in ^ ots . tnn sfeuck cut- jointly by fee National Dahlia mdA often the aw^and fee ^ djac J cha ° ^^ement^nd dividend policj 

ferry from Felixstowe to Zee- Ardennes remains open until s ^ f . e 27JCJ tings the summer befoi they Society and the Royal Hortl- publicity go to anything- feat is ^ the exi ® ing rf ghts of employees, whether expatriate c 

brugge and, using fee ring November 15. r 10 f / r are to be sold. This Involves cultural Society in the latter’s a little more novel than fee Nigerian, will be fully safeguarded, 

road around Brussels, it is only whii* dririnw through this con “f SI \ 0311 De slo [e<* mr more 6 p ace and greater capital ^mien at Wisley. Surrey, but averase irresnective of its true ' 

a three hours drive to Namur. i OM iu ami ««mtnreirin months in any reasonably cool expenditure, and the trade has ov pn u pr _ :» wnu ]j „ PPTn that . The Company’s total cash resources in Nigeria and the Unite 

with fee Meuse Valiev a de- and peaceful countryside, and dr y pi ace feat is also com- majn i v ; n fu e hanfic q f eTen ii iere n f garden value. ; ICrngdom amount to approximately £1700.000. Remittance of the pre 

lightful prelude to the {JL? P !, eXsly r ^ rost proo£ *** s0 . ^ fairly iSgf producer? mosUy ^tries'are^rom Ln^eurs This So !t may not bc ceeds from the recent ale of 20 per- ant. of ATMN is still awake 

Ardennes DroDer . last major cam- ldea i f or packing in polythene Continental based." The v have ® ntnes f 1 * “vli? 18 A -„- that for a time we shall not b« meanwhile your board has been considering the possibilities eithc 

Aruennes proper. paign of fee second World War bags, with or without display heen rtrtribSted to retafl 6w l n0t . necessa y! y “flr any rfS iLs ®F making a capiul repayment (as was done following the sale of A 

The sun was actually shining was fought here. The bloodiest ca^s depicting the colourand . £hnl P «l l dechne m quaI,ty but r ooe need 1 ^ ^ P* r «nt- of ATMN. in 1976) or of using the available ash for inves 

when I visiter the gardens of battle of all was fee defence of character of the flowers feev JljHfHic woncler s how many of fee every year- but instead will be ment in a suitable company or. project consistent with the Company 

Annevoie, a few miles south of Bastogne. will nmrtnco and ™rhan« snmp cliaimeIs ®° bas bee “ varieties that receive awards able to rely on the wholesale present business. Further investigations are being made and a repo 


lightful prelude to fee 
Ardennes proper. 

The sun was actually shining 


when I visile! the _ gardens of battle of all was* the defence of ^ScteToffeel Bowe^ thUy c^Slls a^S^Me^hSn wonc!ers how many of the every year- but instead wiU be ment ir 
t nne ™L 3 f T mll “ s ? ultl ? f Basto^ne. vriU nrnrtnti- and oirhana same 1 IS varieties that receive awards able te rely on the wholesale present 


Namur. The chateau has been in 
fee de Montpellier family since 


TRAVEL 

PAUL MARTIN 


The Bastogne His 
Museum, built alongside 


unit nrnrinhe inA noi-hane enmo •_ « — j.. ~ — ' , vaneues mat receive awcuua a oie io reiy on tue waoie5aie present Dusmess. rurtner investigations are oemg maue . 

Historical brief cultural direettau? .^eusTf^nto^ wta “ “> n “ ntra ? e 0ntlie '» i " >“ mld ' “ “ practi “ b,c ' 

ideandin This change in marketing. aa< j uttle need for expensive T JS- iS “ production of varieties that production of tin concentrate during the year ended 31 


March 197 


-uuseum, uuui drangsiue aim irrt utoe i«?ea xur expensive CV py,, nno with nr hnv from one ^ — — ■» . — — * rrooucnon 01 tin ton«iiu«e outmg j enucu iwn-n 

the same star shape as the methods is already having a .’display at shows or even more y they know, from long experi- amounted to 2JB10 tamer compared with 27.17 tonnes during t 

* : — “ I affoM mi «Vi B nnmW> — «•« — * anoLaer. gQce „j ye satisfactiou. previous year, this fall in output being accompanied by an increase 


American Memorial crowning I profound effect on the number^ costly catalogues. Since the 


used rfiirimr thp mmnaion with cuttmgs have aiwavs oeen any demand for them r i the aoiy tor tne oezier. mass oreea- >“ 1 - ■■■ 

in the centre, a most imagina- mainl y concern of relatively customer can buy ' when he ing of flowers, with all its special field though probably conTpared with ****•?” f .^ t?b? atisfaSore. 

tive audio-visual interpreting an sraaU Arms, mostly family busi- likes and inspr the quality of attendant bally-hoo, essential if most of- the present generation ^wSlcoftniWte .market continued to contribute to these overall prof , 

illuminated map of the area and “esses specialising in this one the plants before purchasing, it is to be made to pay, is of gardeners have never heard will i “ out sales amounting to H 0 tonnes. 


illuminated man of thp area and “esses specialising in this one the plants before purchasing, it is to be made to pay, 

the 17th century when th, gar- graphically deleting each sta™ 

dens were originally laid out (.c the battle 0 1 

with a canal, lake and count- ln . 

less fountains all fed by natural ^ C 0 P 1J>lete . 1 contras ^ _ aild 


springs. The grounds are open £ nl >’ 3 few . ““m »w«r from 
daily until November IsL Bastogne. is the beauttful 


beautiful 


Profondeville, a deligdttul 

village on the banks of the ^ S ”"?. 15 “Mre 

Meuse and quite near Annevoie. ' M i® aild , con f rts > r ! 

is Belgium’s main water sld-ing P e t Id . airttOSt st3rk 

centre and the trout at the ^ tenor. There are a movable 
attractive riverside La Rheto- altar and an infant Jesus who 
riqe restaurant were the fresh- ^ an ^ *•** . off ‘ us mother’s 
est I have ever tasted. * 3 P Chnstmas and laid, in 

strictly controlled with camp- ?® ni00 f J° d S3 < 2Sii 

ing and caravan sites well ?*] JJjf °i? ei f-hp d 503 J 1 

screened from the road. One nF ^t uar ® Auberge de 

the most imaginative schemes ^ vac ^^ r, . e * 3 most attractive, 

is the Domaine Valery Cousin sma ! hotel renowned for its . . ^a mwM| 

at Chevetogne where an entire CUISine - »_ ^.'v» 

estate was purchased by the Prices are high in Belgium , ‘ r 7’^- v 

provincial authorities. The but lunch at fee Hotel d'Onroge 

camping and caravan areas ore in the old. historic town of 

well sited and there are facili- Stavelot, in the Province of FAMILY CARS with better than 
ties for lake and river fishing, Liege, was both reasonable and average handling and road- 
fnr trrbeques, a sports com- a delight wife the loca* speci- holding inevitably spark off 
P le * and acres of grounds for ality, Rognons h la Liegeoise. demands for more, power. When 
walking. The roa{J from stavelot Alfa Romeo brought the front 

I spent the first night at the which takes in part of the Fran- dr ^ e Alfasud to Britain over 

E25?? 16 H ? tCt I f f f yette ** corcharops circuit, leads on to flve ***** a ?°* lt ri »S Uy 

Rochefort, a pleasant town and Robertvilie, a small village on acclaimed the best-handling 

A Ofinri Pnntra from inhiok _ ° v " ■ >i • n . j «. 








oi garoeners nave never ne.aru wilh touI 5a ,„ amounting to. 110 . tonnes. 

_ . , ' .Production -4 of tin concentrate during the first four months of t 

Only a week or so ag 0 ,,-I^aw present- financial, year amounted to 572 tonnes compared with -71 
a marvellous display of /Bishop tonnes By the end of July last year.. Columbite output on the odi 
of Llandaff. in my opinion the hand showed a considerable' improvement over the same period increa 
most handsome pintle-leaved fto^-63 xoiu.es to 118 tonnes. 

dahlia that has ever been ' The average tin metal prke for the year to date has been approi. 
raised. its . • lively ' Crimson mately- £6388 per tonne, whilst the price of columbite has forth 
flowers are just' fee right strengthened by about 5 per cent. Providing these general levels a 
colour for its deep beetroot red maintained the mining operations should continue to show a saosfacto 
leaves and it- is of medium levet of profitabilfty. . " DAUIU .. 

height and so requires little or ABDUL RAHIM. A> 

no staking. It- is said to be a '*•* Chalrrm 

persistent carrier of virus 1 September 1978 •• 

disease but it -never shows any • =s 

adverse symptoms. I suppose Copies of the foil statement, together with the annual report or 
if ail varieties had a similar accounts, are obtainable from 40 Holbarn Viaduct. London EC1P 1A 
tolerance virus would cease to 
be Of importance to dahlia 
growers. 


■ ' *2- • *V 

ir-* 'w* - m f ’iV ;- 


acclaimed 


best-handling 


explore fee 'area 1 ™™ WhlCh 10 ^ Iake of the same name, with famil y saIoon o£ 


discreet camping and caravan- 1 or ewen at an 7 P«c e - 


Before moving on next day nmg sites along its shores. I owners soon began urging Alfa 
f othe Province of Luxembourg, addresses: Bci*i an NatioD.i T onri« Romeo t0 en,ar ^ e its 3 ust under 
I bad visited the quite remark- gffic?. « Haymarkei, London swiy «rb. 13 . litre flat-four engine so they 
able Hunting Museum at lLoSTwir ilb.*’ 127 R<?scnl wouldn’t have to row their next 

Alfasud along with fee gear 

TRAVEL I lever, especially when carrying 

a full load. Citroen, it may be 


More 

beef 

MOTORING 

STUART MARSHALL 


Small World 
chalet parties 

— get it together 

This winter. q« it together. Make up 
a cnalct skiing oartv with Small World 
now. In Austria, the Italian Dolomites 
or inouveau this vearj France. 

Besides the company ol skiers you like. 
F7fl c XS *. ’t" ° ,n . er Alohn features. 
Like tne leaner of the oartv cams 
commission of between E6 end £15 a 
person, depending on the sisc of the 
Dirty. 

Could 3JJ so to the Jfd ot the party, 
or all to kpurscll 'deserved:) WhKh- 
ever wav. It makes Small World's small 
cost even smaller. Ski through our 
brochure now 

SMALL WORLD 

A Giiricif street. London. VYC2 
01-240 IU3 IdMIetsi 
01-836 7838 I hotels) 

ABTAI AITOfATOL 488B 


FAMrLY CARS with better than 71 /f end the gearbox of my test car 

average handling and road- clatters loudly in neutraL 

holding inevitably spark off ■*- I-' Surprisingly, increasing fee 

demands for more’power. When engine’s size and power has 

Alfa Romeo brought the front f made fee Alfasud less refined 

drive Alfasud to Britain over fl£/£Sj than I renumber. There is 

five nan ago, it was rightly t,vv f enough clamour at motorway 

acclaimed the best-handUng cruising speeds to demand a tot 

family saloon of modest price — of volume on the radio. The 

or even at any price. And . I[ d ® 15 an ^. the . *®”J® 

owners soon began urging Alfa _ tyres . on **" t w , ld<? ri01 f 

MOTORING S?S 

S" Sr S — — 

Alfasud along wife fee gear would undoubtedly cut down the 

lever, especially when carrying road Doise and might even] 

a lull load. Citroen, it may be improve the handling and road- 

1 R ELAND CAR HOLIDAYS In cattles and | remembered, faced a stinuar aero foil spoiler on fee boot Id. holding a little, though the Sudl 
cT^o^sw^ llC 7 B o m ?t-^ 5 c S?fr customer reaction over fee GS. It has to be rubberv or it mil ht still excells as a driver’s car and 
YO o U U r“”w*^°i^^<, Y °^.,yPS S Alfa’s answer came in two damage fee back window wlen in sheer delight on a winding, 
oSuS’affhSK c£ e .T 33 Sa swtx Part®- First » tbe 3 r left ^ engine you are loading up with luggake. hilly road. . 

PAjfl£‘_ AMgro<DAM.' . wu mu and fi?ve the four-door The plush upholstered seits town, the Sud Ti is 

?i B m U c°ol' saIoon five-speed gearbox fit me yery com{ortab]y ald unternperamental. remaining 

swix 7 bq. oi-iss 8511. from the warmed-up Ti model, there is ample hip lee and hSd flesabIe to to ird or even fourth 

Now they have put a 1.3 litre room for ^ npo ' nl „ lin fPf ^ r down to 20 mph. The steering 

cnoriCM UATCI e engine into the family saloon Even fee longest-lecEed shoiid that is so fihar P l - v responsive at 

FOREIG N HOTELS and enlarged it to 1.5 litres be able to find an idS? dSg speed is light when parking and 

Switzerland, arosa. how vaisana. capacity for the two-door Ti and position after adiuctine ^ le * s sood. Fresh air 

SOTii fee latest Sprint. Just to com- and steering wheeL ^ rSr yentilation is effective, provid- 

4 tennis courts. plicate matters, fee Ti can also scats are not easily reached?- II3 . g J the vcrt,calI y ? ,n ged rear 

be liad wife a 3.3 litre engine, why can’t the front ones slide y indow s are opened a crack to 

Sadly, hard driving family forward when fee backrests ate !" cre f ase the e 3 rtn *«7 r effect “ d 

men will ask in vain for a 1.5 tilted’.’— and Jack kneeroom for J?" 

Utre Alfasud four-door saloon, adults. ■ what looks like _ the traffic 


In town, the 
unternperamental. 


Sud Ti is 
remaining 


4 tennis courts. 


CLUBS 


eve. log. Resent street. 7M 05S7. a u here Aiiasua loUT-aoor saioon. adults. ; 

Floor 1 2.4 S r “ This is not on offer, for the This, • I suspect; will not 


by what looks like the traffic 
indicator switch — is on slow 


PERSONAL 


ST. KATHARINE’S DOCK 


rioor antno n^a, ana MS atva I ^ fc ’“ VJ t Will fWL >. AA J 

01 John,,v Hwkawwtt 4 FrHswfc - 1 time being at any rate. It could bother fee typical Ti owner at Sp l ed ‘ , h nn 

be fee best Alfasud of all. com- all because it is not fee sort -nf e^ectedly J55 hL After a foirW 
bining spirited performance car bought to carry four adult* SJsMB mile trto to Faio- 
wife more space for people and regularly It will appeal most borough air show from my 


For that very special occasion I 

• PROMOTIONS, LUNCHEONS. COCKTAIL PARTIES. ETC. ' 
aboard 

The Thames Sailing Barge “ Jock " 

Moored alongside the Tower Hotel. 

Call end tee u*. or ring: David Herrin 1 1, 01-488 1553 
Thames Sailing Barge Jock.” Sc. Katharine** Haven, Tower Bridge, El. 


luggage toan ^toer Ti or Sprint to fee driver home.%.35 gailons brimmed fee 

and it should sell at a lower ® 0 “™s fee disappearance of] tank— a consumption of 31 mpg, 


VIVITAR LENSES 

Cemeras, Flash Gum. Enlargers and 
Photo Acccuonci. Urtnvilled jeocIu, 
the bett pritot at the world’s 
largest ipccialht 

EURO FOTO CENTRE 

Hl 2 h Road. Cowley 
Uxbridge. Middx. 

West Drajrton 48224 


— - — — - .. , , — tanK — a consumption oi oi mpg, 

Price. the old Mini-Cooper. The Sudl cIaijn of 2S 7 mpg ^ 

s « toe Altod range now T»L5 f “t~-Alfa claim a topi nrtan condi tions seems reason- 

consists of fee Super 1.3 four- *Pe«J of 106 mph— and quick ^ able< pr0 viding fee temptation 

door at £3,100: the Ti two-door ““ the mark, reaching 60 mpQ'fQ outrun fee competition is 

with 1-3 or 1.5 litre engines at from a standstill in just under resisted 
£3,350 and £3.500 respectively; 12 seconds. So eager is the b 

and fee delicious 1.5 Sprint at engine feat it pays tq keep an that "! flier S 

£4,300. These prices include eye on fee rev counter because £? Iv "SV* niw 

weds nomc-Bai or gmaji nowc?*' Anv- 12 months after-sales cover and the needle comes up to the 5 Dec j a ijv zinc treated sheet steel 

for normal parts 5,750 rpm cautionary Une RS m 

ec!? 4 by 7 ”■ ,0 - c - nnon **"-■ neded i n sen icing fe e cars for «pWly at 45 mph in second. 65 }?ve tfos wi f be only Itoie ran 

“»»,*«» mll f T „ . . * aPd 85 “ ph i!1 «T 

At the moment I am driving fourth. tha , he boo , , tour year . 

8 ^ L . ^ QQ ^ S elegantly The shift calls for a firm hand, old Sud won’t come away in the 

exmttng in sflver metallic pamt especially between second and owner's hand, a melancholy 

aJr third: toe clutch pedal has an experience that befeU one 
dam at the front and a rubbery extravagantly long movement; reader of this column. 


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art galleries 


OMeLl fiAU£R | iS> Fine Bntisn and 
42. AlMDirte Strset PieeaOiily. W.l. 


OLD MAklSRS- Mono** to FrlOar 10-s. AnUBOne. Maxwell. Blood, Qa*W"B 

•j ~ , ■ — — oerlo. Mamret rater- Protft. Brie.' 

SLOANE sriOErr'CAUillieS; ISS. siamte Bvnu ? MMWSKV. JobO NUU. .CW 
5t_ wv Modcro > Balntlnss. sculotBres P*»* r Wood. Malcolm Drummond. «rf 

5!&a*5te Frr - ,o *** 

lO.QtvsiO^ 10410-1.00. 


i 







Financial Times Saturday September 9 197S 


TO SPEND IT 


<*Tr\ 


n*? 


by Lucia van der Post 


MIHES 

U« 11 J 


DON'T expect Mitchel 
Nugent's jewellery to he everv- 


| AAl T i«tft Simply ‘Extravagant part The 

emphasis, as she says herself, 
is on inf ormality. "Your friends 
*:■. Y. / Tfll" have come to see you. not to 

■ ivrJL give marks for the excellence or 

t* • x otherwise of your cooking, or 

write notes on the wine for 
UlVlllid The GoodFood Guide.” 

- At a party to launch the book 

THE major casualty of the con- a vast crowd were V?I 7 amiably 
tinual rises in the cost of food fcd on foDd which rame CSL ‘ lu 
- . ./Y Is entertaining at home. Since Slvelv fr0 ® 1116 Cheap and Not 

: sharing a meal with friends is SQ Cheap sections and Quite 

i one of life’s great pleasures it d Vicious it was, loo. 

’ seems sad that most people are A - fresh tomato and 
now able to do it less and less mozzarella salad to start with, 

• often. Any book that helps followed by Pancake Pie ( much 

propagate the notion that ,ess stodgy than it sounds, 
entertaining can still be done consisting as it does of layers of 

without breaking the bank and thinnest of pancakes, nicely- 

that deliciousnes?. doesn't have flavoured minced meat and 

to be equaled with expensive topped with sour cream) and 

gets a big welcome from me. ’ finishing with the freshest of 

. \ Fru Leith, justifiably famous Puddings — Green Summer 

for founding both her own ** ears ( pears cooked in a mint 

restaurant. Leilh.-?. and her own and lime-flavoured syrup), 
cookery school, ban just brought Almost all the recipes sound 
— | out a book dedicated io con- marvellous. I shall certainly be 

viviality. Called simply. Conking trying a lot of them myself and 
!«., f° r Friends., it is dhided into if you want lo see more of your 

three main sections — Cheap, friends but want to do it as 
*“* Not so Cheap, and, for high effortlessly and painlessly as 
\ a iy days and holidays. And Simply possible. Cooking For Friends 

} U ffijj!’ Extravagant. will help you do just that. Nugent's jewellery to be everv- 

t What is heartening is that X Published by Hamlyn in two body's cup or tea. Everything 
: C r . , am at leas-f a.c a t ha cn-d to the weeks’ time, with some excel- be does has so distinctive a style 
w 1 food m the Cheap section as b-nr drawings by Robin Laurie, that most people react very’ 

that to be found in the And it is £6.95. strongly lo it. All of us In this 

office happened to love It. It 

— has about it something of the 

strength of feeling that is to be 
found in primitive art. He is 

^MdlUL ill *«» has tauglit sewing, art and the art or A j* Central 

Interior Decoration m the U.^ South Wr|ca Mm ^ 
as well as American patchwork Christian Europe and ir you 
UdLlCIA Quilting in Britain. She reckons took riosc|v at ^ sina!K finely 

she's i aught some 1200 women carved heads that adorn mok 
: .... THE interest cf readers in and Quite a few men in her of his pieces, their influence is 
patchwork seems to continue r ’ me - clear. 

with unabated enthusiasm — She likes to make the work »■. h , N _ .. nr{mi . r : lv _ 

: ■ *>me like buvms ir. utters seem « •»« » s sculptor und tkf mos^arrSung 

- eager to doit themselves. Those P°»ible >nd she find* lots of jbo||t his j fwc jj erv 

• of you who are not sufficiently Jf r _ pu ( S a * much^fb/^the detail and skill that 

experienced or confident lo be jLj. * *“/* ,I°“5 h * 0 J l * e goes into the carving of the 

■ able to embark on patchwork JJJfcnc? 11 for .n-Jttiiidse litUe hei,ds - B « aos< ‘ ■« 

on your own might Hke to know " interested hfioinin" in *“ frora which tastings ore 

patcWA being nm .1 2i, earIy h|atory o£ patchwork as Although he nses primitive art 
Cha k Farm Road. London, wel , as techniques and attarns as his inspirabon he manages to 
. - VW1 - and during which each student “» 11 ™ * “"st sophisticated 

Chalk Farm is an interesting designs and makes a patchwork • *, 7?f,„ 0WS ., 0 ,,. pre ??i*' s 
part of London, surrounded by cushion cover— could join the ic cnmI«^L 8< ?mh^iuh^H 

scruffy but very up-and-coming basic three-day course. The price 3 

. - tor. some would say. up-and- is £12-00 and there are three 
• come) antique sbnps or which starting dales coming up- 

•• 21 Antiques the home of the September 11. September 19 and Everything he does He makes 
patchwork classes and run by October 3 ( tuition held between HJmself. He canes the wax. 
the came oer*;i>n who runs the 11 a m - an<i 1 P- m - during alt *he castings (in order lo 

clawes is one of the most courses). Alternatively, there's Iea ™ to do this properly he 
desirable an owning course starting on 10011 a three-month course in 

October 2 (from 6.30 to Centrifugal Casting at the Sir 
Joen Zinm Lask is an g, 3 o p, m .). Write to Joen Zinni Johl » Cs| ss School of Art), he 
American who has a degree in Lask for further information at n, * >on ts “d he threads. He is 
Clothing and Textile Design 21 Antiques. 21 Chalk Farm wide, - v travelled, from his 
. ' frora the Carnegie Institute of Road, London, N.W.l. 



MANY'S THE lime I've .left 
something to conk un the stmc 
and forgotten oil about it until 
a nastj’ smell of burning served 
to remind me of what might 
have been. The obvious 
answer is a new little device, 
very like the automatic timers 
on cookers, but in this case 
attached to a rope so that it can 
be worn round the neck, allow- 
ing one to get on with some- 
thing else without fear of 
forgetfulness. Made by ihe 
French firm of Terraillon it is 


an at tractive- looking gadget and 
makes a marvellous small 
present. There is a choice of 
iwn colour-combinations— ivory 
with a black cord or orange with 
an ivory cord. It is in many 
good-class kitchen departments 
like Sc-lfridges now. and in 
Harrods by the- middle of next 
week. It is £5.95. If you want 
to buy it by mail you can buy 
it for £ 6.11 inclusive of postage 
and packing from Terraillon, 
Sittingbnurne Industrial Park. 
Sittingboume. Kent. 




Golden Gargoyles 




■ l -Vr *',*] 


native America thruu^h almost 
even cnniincut nicluding 
Africa and the Fhi‘;pr»ii:c.s. Nuw 
he lives in a collate in Wales 
where he Iiupcs i« 'settle and 
make a living as a jew filer. 

Electrum Gallery. 2i. South 
Moltun Street, London. W.l„ 
who have made a name for 
themselves o\t-r the years for 
their eye and instinct for hij:h 
quality modern jeweller}, were 
so excited hv Vugont's jewellery 
that they are se Fling rise entire 
collection. Everything 1 he has 
spent (he last two years making 
will he in die gallery and on 
sale there frnir. Monday on- 
wards. His price are no! cheap 
— the man hours span in mak- 
ing each piece ar.ri the fact that 
he uses only the highest quality 
materials (mainly IS carat gold, 
for instance) means they can- 
not be cheap. 

Photographed and sketched 
here is a small collect :»n of his 
work. Above is a stunning mer- 
maid belt huvblo — a great 
mermaid set in a silver sea and 
holding a moonsimte in one 
hand — £230. 

Drawn right are a necklace 
and a pair of ear-rings. Look 
closely at the cvcU’ac'* and see 
the quality of workmanship in 
the little satyr faces that adorn 
It — each of them 5s in IS carat 
gold and set hctvvec,. fhn*i are 
cultured black pearls, (very 
rare and brjuitwid). as well as 
amethyst and agate. £756. The 
earrings too, are of IS carat 
gold ami are ■=»■>£ with tour- 
malines. £520. 


r\~ 



mm 



r\ 

<u\ 


) 




^k) 







mmd 


— -a 



Scare the muggers 



v -■ it / 

r : 



TALKING ahout " personal 
hazard alarms " sounds rather 
alarmist until one actually looks 
at the increase in the numbers 
of muggings and personal 
attacks thai now take place 
daily. Gradually more and 
more incidents involving people 
known to me personally have 
come to my notice and I cannot 
believe that my friends and 
acquaintances are an unrepre- 
sentative lot. It really is now 
a problem and certainly when 
my children travel alone at 
night, which most young people 
have to do at some time or 
another. I'm never at ease 


until they're home. 

A device that could help give 
them some added protection is 
one of these so-called “ personal 
hazard alarms." About the size 
of a cigarette lighter. 4 inches 
by J inches in diameter, it can 
be easily carried and if in 
danger, its owner simply 
presses the activator which then 
emits an ear-spliltinc shriek of 
up to 110 decibels — this is 
usually enough to frighten off 
most attackers. 

It costs £2.50 <nr £3.00 with a 
neck pouch) and can be bought 
direct from Elgon Lid.. 69, 
Silvertown Way. London, E16. 


" 


light 


• . . • • : - fi y . • 


VASES used to be synonymous 
with all those very expensive 
cut-crystal containers one was 
given as weddingrpresents 
which seemed to- be designed 
for tortuous arrangements of 
gladioli, chrysanthemums, irises 
and all thnse other rather 
formal flowers beloved of 
flower-arrangers. Those sorts of 
rases never seemed to fit into 
my rather informal household 
and yet I love nothing more 
than great hunches of flowers 
everywhere. 


Simply perfect 


The answer used to be jugs 
but nowadays there are some 
new splendid designs of vases 
in which a group of daisies or 
some cottage roses would not 
look out of place. Habitat pion- 
eered the simple vase, or flower- 
container, with their very 1 


plain but flattering cylinders in 
either plasticror plain coloured 
porcelain. 

Frank Thrower of Darlington 
Glass has recently provided the 
lover of large flowers with an 
equally nsable design — a group 
of three different styles of large 


glass cnoiainers, all made by 
hand. These containers would 
look good whether placed on 
the floor ami filled with 
branches, dried flowers nr tail 
cut flowers nr nn a liajl r-hesr 
or enfrancr table. They differ 
little in height ifrom 2S cm tn 
29 cm) but there are three dif- 
ferent styles and four colours 
— smoke, amber, green, jet black 
as well as clear ^lass. Prices 
are from £6.95 tn £S.5rt and they 
are available from most Dart- 
ingTnn Glass stockists. 


LIVING dose to a large and 
lovely common as I do. I am 
beginning to feel more and 
more guilty at my slothful ways. 
You can hardly walk on the 
common nowadays for joggers 
and those who aren't jogging are 
cycling. I haven't yet been made 
to feel so guilty that I’ve joined 
them hnt the day ean't he far 
off. One thing that might tempt 
is the range of Bickerton light- 
weight bikes. 

Firstly, I like the fact that 
they are so light — the lightest 
neighs only 20 lb, the heaviest 
3P lb (the Microbike 1 wrote 
about a few months ago weighs 
ab«ui 27 lb and most folding 
bikes weigh between 38-42 Ibi. 

Then I like the fact that it 
folds up easily so that it can he 
slung into the back of the car — 
when folded it measures only 
20 inches by 30 inches by 10 
inches. This means that an 
entire family could transport in 
an ordinary car enough bikes 
for everybody to have one when 
on holiday or away for the 
week-end. It also means that 
people living in small flats or 
houses or even boats could stow 
a bicycle away with the greatest 
of ease. It tikes only about 40 
seconds to fold np. 

ThP bikes are all made from 
a very strong rust-proof 
aluminium alloy and have many 
special design points, like top 
quality racing transmission, an 
easy method of changing the 


l% sA , v * 



mmm 




yfSp.** ’ • 

■ .a.* 


: /. • V i#|„‘ • . 

. ■. vM'f -V • ' 

-. .'i T ?.»/■ - 

. . sv*. . 


















height so that a child or an 
adult can comfortably ride the 
same model (at different 
times!) The chain is nickel- 
plated so it doesn't have to be 
oiled. 

The Bickerton is also the only 
portable folding bike that bas 
passed the very tough American 
safety standards — though the 
version that is exported lo 
America has some special 
features the basic design and 
construction is common to all 


models. The extra features like 
the safety top lube and the 
chainguard can he bought in 
Britain as optional extras. 

If you’re interested in an 
excellent, light, strong and 
compact hike you should 
certainly look at tin- Dickon on 
range. There is a viudcc **f live 
speed, three speed or single 
speed machines, as well as a 
new touring bike. On sale at 
most good sports departments 
(like those in Harrods and 


Li M whites 3ntl from Bela Bikes, 
275. West End Lane. London 
NWfi) the prices of (he models 
vary from £It9 for thr single 
speed model t« £149 Tor the 
five-speed version. The prices 
include the dual-pnrpose carry- 
ing bag (i.e. it can lie used for 
holding ihe folded bikp or as a 
shopping hag) and VAT. If you 
have difficulty in tracking down 
suppliers contact: Vulcan Light- 
ing and Leisure, Moorsom 
Street, Birmingham. B6 4 NX. 


After the Burberry — the Burbrolly 


^ SOMETHING seems to have 
happened to manufacturers of 
umbrellas. For years they were 
very utilitarian objects. Mostly 
_^lhey were so anonymous that 
once lost on a bus or tube any 
hope of proper identification to 
WS distinguish it from its fellows 
was a lost cause. Nowadays, 
however, I keep coming upon 
umbrellas that are either such 
fun or so elegant that I long 




to own them and would cer- 
tainly cherish them enough to 
make sure not to lose them on 
the tube. 

Burberry s, who are already 
famous for one of the most 
classic contributions to the 
problem of keeping people djty,- 
bave now decided to complete 
the job by offering their own, 
distinctive umbrella— they call 
it the BnrbroUy and no doubt 
it will become as famous in its 
own right as its distinguished 
predecessor. 

The umbrella has a curved, 
polished wood handle and. a 
black silk tassel. It is in dark 
beige nylon, and the distinctive 
Barbery motif has been used 
as a border in the famous Bur- 
berry check colours of brack, 
red and white. 

It is available now from Bur- 
berry’s in the Haymarket and 
at 165, Regent Street, London, 
W.1 only for £28.00. Unfor- 
tunately it cannot be sold by 
noil; 






// , 


/ / 


\\ 











"Financial Times BaturSay September ^ 197$ . L * ' 



Educating the heart Susa’s Transformations Eastern 


I Failed , to listen to The badu Braysbaw's play-. 

/ the. Cdmeliias by Terence Jmjestifjatiyf iRadia % beptemDer English Music Theatre are 
odper when it was first broad- 4). This turn «> out lo De an in- .gravely mounting a new work 
fst in 1974 and I ara therefore genious apocryphal exercise w American composer 

tking the- opportunity to catch which Mr. Braysnaw posited a Conrad Susa at the Young Vie— * 
. k with this four-part adaptation murder among the mem here or three performances concluding 
F Dumas jils's novel now being Garrick's troupe at Drury tane nought, Saturday. Transforma- 
? pea ted on Radio 4. starting during a performance of uses nine poems by 

»st Sunday. It is radio’s equiva- Macbeth. Banquo dies: so at tile Anne Sexton which are sophisti- 
*nl oF a good read and amply same time does the actor playing cations of Grimm fairy tales. To 
dstifies its re-run in Ian the part. Several or his fellow (he extent that it depends on 
otterell's smooth production. Thespians have strong reasons production and on teamwork by 
■umas had the luck given to few far desiring his demise and the singers who can also dance and 
Writers tp light upon one oF those Doctor brings his knowledge oE mime, with a small orchestra 
tiaracters who demands to be the human heart, of the play's (eight players, including'the cori- 
csurrected endlessly in every text and of the logistics of the ductor. of several instruments), 

tedium known to man. I suppose production to bear on the this is the kind of new work 

(er contemporary counterpart is mystery. It all turns cleverly this company is there to do. 
Sherwood's Sallv Bowles who on the identity of the Third q- he q Ua iity is another matter 
-as also taken originally from Murderer— the one who appears 0n Thursday Transformations, in 
eal. life, put into a work oF without previously having been s pite o£ a well-rehearsed, often 
etion. then translated into brieFed by Macbeth and who has i Q „ ea j 0Lls production by Roger 
raraa, film, and finally set to always puzzled commentators, w ilHamSi did not justify the 
lusic. Just as Miss Bowles has Mr. McKern huffed and puffed claimS made for j t across the 
• een interpreted with great his way through the part of the Atlantic . Mr. Susa, a theatre 

uccess by talents as different Great c . ros |f? Y ,I 3 h musician of wide experience, 

rom eacn other as those of Judi Sherlock Holmes, in Edward de describes it as “an 

lench and Liza Minnelli, so Souza's Bozzv he found a chirpy 

largueritc has proved an inspira- pushing kind of Dr. Watson. — — — ^ “ “ ““ “ “ ““ 
ion to both Edwige Feuilierc Full marks for the backstage __ 

nd Garbo in our own time, not atmosphere and coffee - house IVIUSIw 

a mention countless sopranos, chat. The routine of a standard 
' n a sense Marguerite and Sally whodunnit kept me guessing - RONALD CRICHTON 

re variants of the same until rhe end so Brian Miller’s • 

production. 

' One more worthwhile repeat 

_____ ^tue in , T h ii rS ( tI n V s *^p ri100 " entertainment." but it made a 

RADIO Theatre Slot Put Dmcn to Expen- thin effect . What mostly comes 

^ r ^ nson - across from the poems is a sort . 


•-fP 



RADIO 


. . | , , j - , aLtllca L I U 1 U LUC uuuu^ H OVi V - 

i ANTHONY CURTIS originally broadcast two years Df listing, deflating, deadpan 

J? w 11 — Of ^ l ZT£ °r 

haracter and it will be interest- educa ted to an advanced le"ri «*Plicit «n German (and other) 

• Dg lo see whether any heroine in the dortine-i of colleagues faiiy tales does not, on this sbow : 

■ n a work of fiction written since The period from the time he ing - 1100111,1 t0 much more 111111 

he war will have anything like wrote h i s letter of application to an occasional jab in the ribs. 

■ s long an innings. I cannot off- the moment he sent his letter of Though one of the singers for 

land think of one even to put resignation was full of comedy at least Part of the time repre- 
orward as a candidate. but the best bits were his Mittv- sents Anne Sexton herself, the .. 

In this radio version the ailing like fantasies which radio can lines are spread out between 

■ocotte was played by Sarah re-create so neatly. They nunc- three women soloists and five 

1 iadel in suitably caressing voice, tuated the painful realism of his rnen - Some of the action is 

t opened after her untimely attempts to cope with querulous rolled, some reported, in de- 

' leatji from consumption with a language teachers and instructors iiberately anachronistic settings 

ale of her property by auction in making lamp-shades and soft - —“Iron Hans" as- a game of • - •-• •• 

it which the young Duma* — i" toys. His involvement with the Badminton. “Rapunzel" as- a Michael Buiman 

tamest-sounding .John Rye— iady who specialised in Current beach scene. Most of the second 

i u rebases her copy of Manon Affairs promised more than it and last act is done in evening 

scscaut inscribed by Armand fulfilled. Geoffrey Beevers was dress. During the nastier bits of 

J iuval — Gary Bond in his pre- the accident prone auto- “Hansel and Gretel." while the Mr. Susa's score shows a 
luevara days. This leads to hiographer whose Irish landlord witch is preparing to cook and practised hand" with incidental 

Juntas meeting, and becoming (John Rowe) told him as he eat the. children (arid of course music required to keep "in its 

in intimate friend of her lover, left to put it ail down to experi- is pushqd.into her own oven" place. The scoring is light clear, 

vho tells him the whole harrow- once. Dangerous advice to give the singers stuff themselves with often pretty, the vocal .writing 

□g story of their relationship, to a writer. canapes and drinks. • mostly graceful, sometimes tax- 

rhis first episode underlined her 

ove of pleasure with scenes in _ . , ______ _______ _____ ■ 

ter box at the ballet and theatre THEATRES THIS WEEK « . . AND NEXT 

Snnomlc* J\J*n!ZSL. w ^tF***. Wednesday '/Thursday. directed by its author, John 



It 'was a delight to revisit 
Edinburgh's Usher Hall,* which 
s tiii seems an ■ orchestral venue 
superior to any we have in 
London. The sound is ripe and 
clear, the reverberance-trme 
ideal;- scarcely any part of the 
house seems less favoured than 
another. On Wednesday the 
Staatskapelle of Dresden glowed 
there (it was their second concert 
In the Festival), with a cultivated, 
human warmth poles apart from 
the clinically pure tones of the 
Chicago Symphony, who were to 
be the next visitors. The 
Dresdeners are jealous of their 
distinguished history— since 1548 
Schlitz, ■ Weber, Wagner and 
Richard Strauss have conducted 
them — and they do not allow 
their tradition to become 
Schlamperei, the smug laziness 
for which Mahler thought “tradi- 
tion " was prone to be an excuse. 
Many of their members teach 
budding players, ensuring a real 
continuity between generations. 

It was a -traditional pro- 
gramme they offered, but not, a 
conventional one. Mozart's 
second violin concerto . K. 211, is 
not often heard, and Reger’s 
Variations and Fugue on a 
Theme of Mozart still less. The 
theme in question is that of the 
variation-movement of ' the 
familiar A major Sonata Tor 
piano, K.33I; Reger did not tap 
the variations themselves for 
material, and his Fague .is on 
counter-subjects of bis:', own 
devising. The Fugue is perhaps 
routinely resourceful, but the 


variations ascend 

level of invention and fantosy 

which belies academzc 

reputation. The effect is of a 
painter lavishing tender inspira- 
tions on the P 
inamorata, that being Mozarfs 
theme: it appears m ever more 
lovingly modelled chromatic, 
curves, as if Reger were trying 
to capture just what he found so 
affecting in it. The conductor,. 
Herbert Blorastedt. insisted on 
the firm shapes of the variations, 
preserving the music fro™ 
glutinousness, and the Staats-. 


MUSIC 

DAVID MURRAY 


kapelle rendered it with stained- 
transl ucence — _ warmly 
satnx&ted colours, distinct . but 
harmonious. 

in the Mozart concertoi 
Vladimir Splvakoy was the 
notably stylish soloist He is an 
18th-century specialist, and the 
Dresden strings matched bis dry 
delicacy to admiration. In the 
Rondeau, taken surprisingly fast,, 
■there were skittery moments; but 
everv movement was enhanced 
by the bird-tike sweetness of 
Spivakov's tone above the stave. 
Beethoven's Fourth Symphony, 
which began the concert, dis- 
played all the orchestra’s virtues 


framed within , Blomateclt*f 
strictly classical reading-— silkS"' 
strings, liquid woodwind*. ; 
ensemble, mellow brass which 
adds heightened sonority without ' 
glare. The broad, dynamic range . 
they, offered in the first move-? 
raent, • with no suspicion of-', 
forcing at either end, was as .. 
Impressive as the .effect of 
. breathless speed they created in 
' the Finale, not by rushiug bat by 
taiitiy elegant articulation'.' " 
The young Hungarian pianist 
Zoltan Kocsis, had appeared with 
the ! Staatakepelle in . their, first 
concert and on Thursday morn- 
ing he gave a solo recital in the - 
Freemasons'- Ha IL The " pro- 
gramme was not quite the one 
first advertised, nor even . the 
one assumed by the printed pro- 
gramme notes, but at least it ful- 
filled- The promise of -a special 
Bart ok survey: most of his piano 
music; Idiosyncratically folk-, 
based, from 1913 to 1920. Kocsis 
was whimsically eloquent with 
the tunes, nervy and brittle with 
Che rhythms, too generous with 
the pedal for the good of the 
musical, texture in this resonant 
little ball. Bartok's daring experi- 
ments in piano, writing wereless. 
vividly re-created than the ethnic, 
stamp of his materia], a rich lode:-, 
which be mined with superb 
disdain for the conventional 
treatments which made leaden 
alloys from it Kocsis’s Budapest 
training makes him a fine Bart ok 
exponent, but more of the 
master's flintines6 ought to be * 
heard through his playing. 






f7i.VrV i 'S 


ft / =v ' 


Thin pickings from the Fall 


Michael Bulman and SheHa Brand 


iLnnm^l S ), n r eJ iFr^!i?5io inrf BRISTOL. OLD VIC — The Sea- Vwlnesday/Thursday. directed bv its author, John 

tanandVi* instant l 2 !S 2 ?o.T! 

The story, one oF the great S|c"ry. R CO^HEsS!!S UndU^reon-and^ - It OP^on Tiies- 

romantic cliches of all time, con- Rover, An enjoyable revival of Reviewed Thursday/Fridav. On the same night in Man- 

wffV 0 i° , one m lts spe lbis ,on e ignored Restoration LYTTELTON — The Fhilan- Chester;- at the Royal Exchange, 
on a 4 for more at ^ “ m . ed - v }>? M . rB - A l>hra Bebn. derer: More GBS. this time taking David Storey returns to the stuJf 

on ‘ *■ vJf m °re o£ ‘he same. Reviewed Monday. a wise and witty look at the New- after a lone absence with his 

SIljrd : v st 3nd-by of RIVERSIDE STUDIOS— The Woman . Dmsdale Landen plays play. Sisters. On SuncGiy: at the 

radio drama and ..features. Dr. Changeling: Peter Gill has de- the Shavian character in a jolly Riverside an Australian play Thu 
^ r fu lvert m X 18611 3 beautifully spoken and evening. Reviewed Friday. . . Bastard, pom the Bush Starts a 
{“* P, e C!?“7^ r . r / dthe [ ^ he volce dramatic version of this great The event of next week is the run on Sundays, and on Monday 
but it felt ld%e the-whole person horror story. Brian Cox Is an revival of Inadmissible Evidence Lark Rise is revived at the 
—of Leo McKern in Richard effective villain. Reviewed at the Royal Court which is Cottesloe - 


ing (long lines of cantilena for 
Rapunzel and her too. too loving 
Mother Go then, but as far as 
ideas or substance goes he pro- 
vides starvation diet. - 
Since the lines are shared out, 
the singers' names were not given 
against the characters. Identifica- 
tion was not easy, but I think 
Sheila Brandy took, the Anne 
Sexton role, including the pro- 
logue. The other . ladles were 
Brenda McLean and Angela 
Moran; the men were Michael 
Bui man. .Philip Griffithe, Paul 
WhjLtmarsh, Christopher Blades 
and 'Richard Suart. The level was 
competent if unexciting. Nicholas 
Kraemer conducted:, he and his 
players were placed behind the 
singers but the ensemble was 
good. Bernard Cuts haw was .the 
designer, not over-stretched. ’ 


Anyone whn thinks that British TTV and BBC are always on the 
television makes too much fuss lookout for imported material 
about its autumn schedules: which is good undemanding 
should spare a moment of audience fodder and which 
sympathy for our American comes from a stable that 
cousins. At this time of year .occasionally offers a Roots, "Wash- 
American viewers are caught*oip ington Behind Closed Doors or 
in the full fury of the big annual even a Holocaust, 
ratings battle that Is a crucial UK buyers are likely to find 
part of the constant war between pretty thin pickings in the basic 
CBS, NBC and ABC. programmes for the Fall of 7S, 

The autumn is traditionally which major on banality. How- 
the time when each of the chui- ever, watch for U.K. interest in 
nels unveils • its new ^sbowvthe following: The American 
although normally these., have Girls, a CBS series which looks 
been offered in “pilot " form like a me-too of Charlie’s Angels 
during the preceding months in ‘ - 
order to test initial consumer 

reaction. Over the next few- -vd ri/ICIAM 
weeks the new shows will fightlt I LLLf I3IUR 

out in the Nielson lists, tB be „ 

unceremoniously dumped,- , jf ARTHUR SANDL£S 

things do not go well. At stake ' 

Is each network’s collection of . ■ . 

'franchisees, some of whomnhixM (Farrah Faweett-MajoTs is back 
be tempted to move to andtfihr by the way for a few episodes) ; 
supplier ff their own is not offer- Battles tar G atactica, of Star 
ing the audience grabbing goods. Wars ilk. this ABC series might 
U.S. networks own only a few. of instead hit our cinema screens; 
the stations which transmit their, Vegas, from ABC and centred on 
material. -."Vti, policeman in Las Vegas (in fact 

The interest of all this to the -alreday booked by ITV); and 
British viewer is that some of FUfing High, a story based on 
the shows ..are . likely to be .three very very American air 
bought by UK television; Both, -stewardesses ..with wind-blown 



T Indicates programme in 
Mack and white. 

BBC 1 

i.55 am Ragtime. 9.10 Scooby 
Doo. 935 Why Don't You . . .? 
10.00 Cut and Thrust. 1035 "And 
Now Miguel." starring Guy Stock- 
well. tll-5S Charlie Chaplin in 
“The . Pawnshop." J2.28 pm 
Weather. 

12.30 Grandstand: Football Focus 
(12.35): Boxing (1.00): Modern 
Pentathlon (1.20) The First 
Ladies' World Cup; Racing 
from Chester t'1.40. 2.10, 2.40, 
3.10): Rallycro&s from Lydden 
Circuit (1.55. 235, 4.05); 

Athletics (2.35, 325, 4.30) 

‘Great Britain v.. Finland; 4.40 
Final Score. 

5.10 News. 

5.20 Sport/Rogional News. 

525 Noe) Edmonds Lucky 
Numbers. 

S20 Dr. Who. 

6.45 Saturday Night at the 
Movies: Master of the 

World," starring Vincent 
Price. 

8.20 Seaside Special from Wey- 
mouth. starring John 
Inmao. 

9.10 Starsky and Hutch. 

10.00 News. 

10.10 Match of the Day. 

11.10 Parkinson. 

All Regions as BBC-1 except at 
the following times; — 

Wales— 12.10 am News and 
Weather for Wale. 1 . 

Scotland — 1.55-5.10 pm Score- 
board. 5-20-5.25 Scoreboard. 
10.10 Sportscene. 10.40-11.10 
McCalman.s. 12.10 am News and 
Weather for Scotland. 


Northern Ireland— 5.00-5.10 pm 
Scoreboard. 5.20-3.25 Northern 
Ireland News. 12.10 am News and 
Weather for Northern Ireland. 

BBC 2 

*.40 am -1 .55 pm Open Univer- 
sity. 

3.00 Saturday Cinema: “ Ceasar 
and Cleopatra," starring 
Vivien Leigh and Claude 
Rains. 

5.05 Horizon. 

5.55 Something in the Wind. 

6.45 Network. 

7.15 News and Sport. . 

7JJ0 Live from the Proms — 
Part 1: Mozart, Britten. 
8.05 Discussion. 825 Con- 
cert — Part 2: Shostakovich. 
(Simultaneous with Radio 
3 stereo.) 

9.40 Jack High. 

tlO.10 Francois Truffaut Season: 
*' Les Quatre Cents Coups," 
starring Jean-Pierre LeaucL 
1143 News on 2. 

+11-50 Midnight Movies: "Chain 
Lightning." starring Hum- 
phrey Bogart. 


LONDON 


8.50 am The Saturday Banana 
with Bill Oddie, part 1. 9.00 

Sesame Street. 9.45 The Saturday 
Banana, part 2. 10.15 The 

Monkees. 10.45 The Saturday 
Banana, part 3. 1120 Tarzan. 

1230 pm World of Sport 12.35 

Headline: 1.15 News from 

ITN; (.20 The TTV Seven— 
1.30, 2.00. 2.30 and 3.00 from 
Rtpon; 1.45, 2.15 and 2.45 from 

Lingfleld: 3.10 International 

Sports Special: Speedway— 
The Golden Jubilee World 
Final from Wembley Stadium; 
3.50 Half-time Soccer Round- 
Up; 4.00 Wrestling: 4.50 

Results Service. 


5.05 News. 

5.15 Happy Days. 

5.45 Mr. and Mrs. 

6.15 The Life and Times of 
Grizzly Adams. 

7.15 The Masterspy. 

8.00 " How the West was Won." 
starring James Arness 
(film made specially for 
television). 

9.45 News. 

10.00 Saturday Drama. 

H.00 Saturday Night People.' 

11.45 Another Bouquet 

12.45 TWii ‘ Close — Dorothy Tutin 
reads from Jane Austen’s 
The History of England. 

All IBA Regions as London 
except at the following times:— 

ANGLIA 

top ant Cartoon Tim*. 9J5 The Buh- 
blles. 'UD-Xbe "Next Week -Shot*. 1139 
Taman. 5.45 pm GambiL 1I_45 Havoc. 
1235 «m Al the . End of the Day. 

A TV" 

9 85 am Home Produced. V38 Focus bn 
Soccer. 10.05 The Lon Island. 10.30 
Tbm'as. 535 pm The Life and Times 
of Grizzly Adams. 535 The Masterspy. 
TJ0 Mr. and Mrs. 730. Father Dear 
Father. ll.OO Dionne Warwick Id Concert. 

BORDER 

5 15 pm Mr. and Mrs. 5LC Laverne and 
Shlrfer. 6.15 The Bionic Woman. 1LO0 
Quinn-. 

CHANNEL 

12.18 pm Puffin's PI a a ice. 535 The 
Life and Times of Grizzly Adams. 605 
Happy Days. Ms Bachs lo the Land. 
8S0 The Suspense Film: "A Prize of 
Gold." 1 1. 00 The Cedar Tree. 

6rampl\n 

035 am Scene on Saturday Including 
nlnbday « reeling and Dynomutt, The 
Dog Wonder. 10.05 The White Slone, M30 
Sesame Street. 11.30 space 1999. 545pm 
Mr. and Mrs. followed by Area Weather 
Forecast and Highland League Results. 
SJB Happy oars 11.00 The Rag Trade. 
U30 Reflections. U35 Danger in Paradise. 


GRANADA . Happy Days. MS Backs to the Land. 

SireS "lim^.^d^a.l^ SSS WldrnS”a^ 

oMbe lnd2.“*SSlt SSfpwmSS *£% L ^° The ^ ^ 

Louis Jourdan. 545 pm Mr. and Mr! Fa,th for L “ c - 

5 45 Happy Days. *15 The Bionic WomaiJ. YORKSHIRE 

11.80 Celebrity Concert-^ Intwr Sanpunliea- am 1 m, an j, (h _ 

Paul WUUarns. 72M the Lafe FDni- rhao 9 mL 1 

•• cunn ■■ Etarrtn a rrai- cw-ns ! £ nan Gian, sjs Mystery Island. 1045 

Gunn, starring CfaV Stevens. < Kstraordlnary- • HJ« Code R. 545 pm 

4 Mr and Mm. 5.45 Backs to the Land. 
HIV ] *45 tiio Bionic Woman. 11.00 Quincy- 

9.15 am Cartoon Hme. 18.15 BamiaO. _ . _ _ _ _ 

UJ0 Beach combers. 12J0 Lassie 545 pm RADIO 1 247m 

Woody Woodpecker Show. 5.45 Lavcn® (SI Stereophonic broadcast 

and Shirley. *45 Six’ MUIloo Dollar Man. # 1 Medium Wavo^ 


1LB0 Sport West Soedai. 


538 am As Radio 2. 8.06 Ed Stewart 


HIV Cymrn /Wales— As HTV General wlih .Junior i^oice iS) including 832 
Sorvjec except: *45 pm Happy. -Days. Crtws-Channui Motoring Information. 10.00 
M5-745 Stan and Sian. 1100 Danger, in J»ci er .Pq He lL 131 pm Rock On (Si. 
Paradise. _ 230 Paul Cambaccfnl ^S). 531 Ifa Rot* 

■ - , ■ v -. • ■ -’. V Roll with Pror<?ssor .Longhair 4SI. 

SCOTTISH ■ : *30 Io^ Concert vSi. 730J32 am As 

• 11 30 am The Bionic- Woman. 5.15 wii RadlD 2 ' 

Mr. and M ra. 5.4S Tbe S«g Trade. lL» RADIO 2 hSOOm and VUP 
LaioC.lL 1LB5 Qoincy. ■ . JJt am Nett Summary. i82 Tom 

cmmiCDM • Edwards with the Early Show' (Si inelutP 

jUU 1 HjbJtviN : WK B.03 Riiclng Bulletin. 8JM As Radio- 1.‘ 

1237 Pm Reslomd Weather Forecast. WJH Toiy Brandoo.'S', 1232 pm Two's 
545 The Masterspy. *30 Lavrmc and if 1 ’ 1 02 Offbeat with Braden (Si. 
Shirley. *J» The Life and Times or J,- 3 ”* 5 . s J» n „ on -■ foot ban Lcagve. 
Grizzly Adams 730 Mr. and Mrs. U . 45 JL 1 - 3 ®- 3 - 20 - L50. Athle- 

SouUtern News. 1138 Havoc. ■>«* 1 1-30. 2.00, 2.20. Z.aOi from Crystal 

. Palace: Britain v Finland): Racing from 
TVNP tcec Llnglk-ld n.30. 1. 10. 3.44: Motor Racing, 

«■ ■ t slL A Monza Grand Priz and Tennis. U.5. Open: 

9.08 am uyn's Look In. 9JI5 Spaio 1909. 830 Spons Report with classified hwiball 
18.00 ClapperhoanL Special. 1030 Lm'3 checks at 3.00 and 3.45. *33 Cross- 

Look In. WAS Saturday Morning Film: Channel Motoring TnlbnuaUotL *34 
*' The spy in the C.rcen Hal.” 1245 pm Europe 78. 732 The ImprcsshmlsUs. 730 
Lyn's Look In. 545 Mr. and Mrs. 5.4 S Radio 2 Top Tune* iS). 8.00 BBC Radio 
Backs 10 (he Land. *45 The Ku Million Orchestra on Bnunlvruy. part 1 (Sil . tun 
Dollar Man. ILOO Barnaby Jones. 1230 am Talk by Sieve Raw_ 9.00 Concert, pan 2. 
Epilogue. 1832 UTih British Open Brass Bond 

Championships iS». ZL02 Sports Desk. 
Ill STFR ' UJL0 Rar Moore with The Laic Show iSi 

- Including 12.00 News 200232 am News 

1030 am Saturday Morning Movie: Summair. ” 

" Alunsier Go Home/' 1130 Sesame 

Street. 530 pm Sports Bcsults. 545 The D*n|Q a 464m, Stereo & VHF 
Fllmstones -S.4S Mr. and Aire. 2130 ‘ 

Hoaan's Heroes. * nl Weather. 830 News, 8.05 

'. Aubade is.. 9.00 News. 935 Record 

WCCTWADn Review 1S1. 1045 Sicreo Release (Si. 

ntjlVvAKU 1145 A BcvUioven Recital by Glkrla. part 

9.05 am Code * R.' 935 Survival. 1848,1 1S1. 1230 In Short ilaiki. 1248 pm A 
Saturday Morning Picture Show: " Captain Bcciboven RecitaL pan 2 1S1. L08 News. 
Nemo and The Underwater City." ' 1135 135 Heniagc. 140 Beethoven and Franck 
Look and See. 1200 Focus on Soccer, violin and piano recital fS>. 2 20 Woman 
1225 pm CDS Honcyban's Blnhdays. 545 of Action: Mary Warnock chooses records 

Tht Life and Times of Grizzly Adams. (S>. 335 Music of the Masters (Si. 538 


Jazz Record Request* (S', ~5J& The Mind 
of Nietzsche 'talk bv Professor J. P. 
Stern 1 . *45 Music in. Our Time <5»- 
1J0 Proms 78 1 simultaneous with BBC-2 
television', part 1: Mozart. BrlnenrtSi. 
835 -Gennadi Rozhdestvensky: (Interview 
and discussion j. S-25-Proma TB. part 2; 
ShosUkovlch. 9.45 InterpreUlions on 
Record: Bach’s WeB-tattpered .■'Clavier. 
10JSS Sound Interesting t$>- 12*5 News. 
1 1. 9 IH135 Tonight's Schubert Sons. 

Radio 3 . VHF Oaly— *30438 am Open 
Uatverelty. /‘ -v ,* ■ 

RADIO 4 

434m, 330m, Z8Sni and VHF 
639 am News. US Panning Today. 
*38 Tours Faithfully. _ .*35. Weather;, pro- 
gramme neVra. 7J» News. 7.18 On Toor 
Farm. 730 Today’s Papers. 7.® Yours 
Faithfully. 738 If*. * Bargain. 7JB 
Weather: programme jwws. 8 88 News. 
848 Sport on- 4. M» Today's Papers. 
L4S Tour de Farce? *35 Party Political 


Broadcast hr the Conservative Party. 1 
938 News. 935 International AssUpmrent 
930 Conference Special: Tbe TUC’sl 
Annual Con f eren ce . 955 News Stand., 
1015 Duffir. Service. 2830 Pick of the' 
Week. U~28 Time itor Verse. 11-30 Science , 
Now: The British Association. I2JJ8 Hews. 1 
1232 pm A Bar for Nothing 1 S 1 . 1227 
The VcfiB.--Qato <Sl. 12.S5 : Westber 
programme news. 130 News. 115 The 
Ultimate lHh’ Brte^ The history of Gien- 
e agios GoV. Course. 200 Bookshelf. 230 
TMrty-Mlnme Theatre. 330 News. . >35 
Does He Take Sugar 335 Music of the 
Masters las Radio 35. 530 Kalektaa- 
scope Encore. £30 A Little Night Ex- 
posure 1 Si. 535 Weather: programme 
news. *38 News. *45 Desert Wand 
Discs: *38 With Great Pleasure (S>. 730 
These You Have Loved fS). 830 Saturday 
Night Theatre IS). 938 Weather. MOB 
News. 1045 A Word in Edgeways. U.00 
Lighten OUT Darkness. 1L15 Neva. 1133 
The UafUTgettabtec (5). 


hairstyles and wrap-around 
smiles — a modest piece of early 
evening Yurie 

Much more interesting is the- 
rich world of specials. British . 
television companies have been 
working on an impressive list of 
documentaries and drama series 
and their U.S. counterparts 
seems to have been following a . — 
similar pattern. 

NBC has a four hour dramati- -• 
sation of Huxley's Brore Neio 
World, NBC is planning six 
hours of A Man Called Intrepid, 
with Michael York, and ABC bas 
a six hour series planned about as 
Eisenhower's Second World War 
years, with Lee Remick as his 
ebauffeuse. 

For those British cinema in- 
- d us try people who think that 
films oh TV hit the cinema 
audience itself it is interesting to 
note that American television 
relies heavily on not so old films 
and yet American cinema attend- 
ance is booming. This autumn 
such recent films as The Sting. 
Network. The Pink Panther 
Strikes Again, One Flew Over 
the Cuckoo's Nest and Airport 
*77 will ail be on the American 
small screen. 


CHESS SOLUTIONS 

Solution to Position No. 232 
• (b) is best The game went jilt 
1 K-Nl» B-B3; 2 N-K4! Q-R2 ch flf| 
(not RxR? 3 NxB cb and ■ 

4- QxQ); 3 N-B5 beating off the _ 
attack and eventually winning 
tin material, (a) loses to 1 .*« 
K-N27.R-Q6! 2 QxR(3), RxN db: qfrfj 
(c) loses to 1 N-K3? B-B3; 2 
N-B5, QxQ ch, and (d) loses to * j 5 

1 Q-K3? B-B3 threatening B4}6. j « = 

Solution to Problem No. 232 • 

1 N-B7. If l . - - BxN; 2 P-R7 
and 3 P-R8(N). If 1 . . . K-R2; !ji* 

2 Q-B6, PxQ; 3 B-B5. If 1 . . . ajn 
KxN; 2 Q-R5 ch, P-N3; 3 Q-B3. [fy 


3»:r? * I 5 

* 

u -S3B $ -5 ft-p . 


j 


sSes^f^a 



WEEKEND CHOICE 


Felicity Kendal: ITV Sunday 9 JO 


This : Saturday is clearly a 
night for watching ITV; at last 
they seem to have come up with 
a schedule which does not 
pander . to the lowest common 
denominator of. low-brow taste, 
yet “ entertainment" is still the- 
watchword. ... 

Thanks to the feminist move- 
ment, a -new American import 
How The West Was Won, recog- 
nises that women pioneered as 
well as- men. A . new set of 
Saturday night plays opens with 
Hugh Whitemore’s Losing Her, 
starring, the always watchable 
George Cole. And later on 
Saturday . Night People, which 
has been jsneak previewed in 
London, starts : supplying Its 


“journalism with laughs’’ . ■ 
nationally. \- 

The earlier part of Sunday | 

evening belongs to the BBC. A. 
new Seition Blake, series starts^ 
on BBC 1. and The World AboHt^^- 
Us on BBC 2 promises— at 
—a look at skate-boarding which 
is not condescending. 

Later -on it looks liketinothm*' 


ITV night; Felicity Keadalig^ 
(rapidly.- becoming' . pver^ ' 
exposed) On Wings of Song, and 
then an hour-long look at thin 
Edinburgh Festival which might 
also, by now, seem overdohe**?^ 
But this film is by Tony PalinerS^^ 
whose work is never unintere&*^' 
ing — CJ). 


CC — These theatres accept certain credit 
cards bv telephone or at the Bok Office. 

OPERA & BALLET 

COLISEUM. Credit cards 0I-Z4D 5258 
Reservations 01-816 3161 
ENGLISH NATIONAL OPERA 
Tonight Tim. and Taar a: 7.30 
Cavallcn* Rustiianx.Pasliacci. Wed. >C 
7 SO La Boheme Frl. at 7.30 Seven 
Deadly Sin-, " . a brilliant ENO preduc- 
ticn " Sun. Timet, with Gianni Sclitcchl. 
1 04 balconv umu avail lor ail perl*, 
from 10.00 an d*v ol peri. 


THEATRES 

A DELPHI THEATRE. CC. Ot-B3G 7611. 
LAST 6 WEEKS MUST END OCT 14. 
Eves. 7.30. M*U. Thun. 3.00. Sat. 4.00. 
[RENE IRENE IRENE 
THE BEST MUSICAL 
o! 1976. 1 977 and 1978 
IRENE IRENE IRENE 
■•LONDON’S BEST NIGHT OUT.” 
Sundav Peooie. 

CREDIT CARD BOOKINGS B36 76T1. 


THEATRES 

APOLLO. 01-437 2663. Evenings 8.00. 
Mats. Thun. 3.00. Sar. 5.00 and 8.DO. 

DONALD SI IT DEN 

"Actor of me year." Evcnmg Standard. 
■■ 15 SUPERB." N.o.W. 

SHUT YOUR EYES AND 
THINK OF ENGLAND 
" Wickedly tunny.” Times. 


ASTORIA THEATRE. CC. Channg Cross 
atoad. 01-734 4201 Mon.Thur. B p.m. 
Frl. and Sat. 6.00 and 8.45 QBuHet food 
awiIgbJcl 
ELVIS 

" IniecUOus. appealing. feg|-siampmg and 
heart -Ihumplna." Observer Seats £2.00- 
Lfi 00. Half-hour before shov, best 
are liable seats £3.00. Mon.-Thurs. and 
Fri G o.m. pert. only. 

BEST MUSICAL OF THE YEAR 
EVENING STANDARD AWARD 


CAMBRIDGE. CC- 836 6056. Mon. to 
Thurs. 8,00. Fn. and Sat. 5.45 and 8.30. 

Exciting Black African Musical 
Seat prices £2.00 -£S 00. 

Packed with variety." Daily Mirror. 
THIRD GREAT YEAR 
Dinner and top-price *eats £8.75 tncl. 


CHICHESTER. C243 81312 

Today at 2.00 September 13 at 7.00. 

THE ASPERN PAPERS 
Tonight. September 11 & 12 w 7.00. 

LOOK AFTER LULU 



vxnmxiTs mi nt gudi 


THEATRES 

DUKE OF YORK'S. CC. 01-436 SI 22. 
" FANTASTIC " 

GO OS PELL 

'■ BURSTING WITH ENJOYMENT.” D.Tcl- 
Prices £2 to £3. Best seats £3 halt-hour 
before .show at Box Othcc Mon.-Thurs. 
Frl. Mat. all seats £2.50. E«bs. 8.15. Fri. 
and Sat. 5.30 and 8.30. Umtied Season. 
Must end October 14. 


FORTUNE. 836 2238. Eros. S. Thurs. 3. 
Saturday 5.00 and 8.00- _ 

Murid Pavlow as MISS MAftPLE m 
MURDER AT THE VICARAGE 

FOURTH GREAT YEAR 


COMEDY _ , 01-930 2578 

Evev Mon.-Frl. 8.00. Sal. 5.00 and B.30. 

Mat. Thurs 3 00. 

EDWARD WOODWARD 
BARBARA JEFPORD in 
THE DARK HORSE 
by Rosemary Anne Sisson 
" Excellent family entertainment anyone 
of any age is likely to enjoy it." S Tel. 
" Damned good theatre." Sunday Times. 
" Americans will loyc it." Gdn. " A laugh 
a minute." □. Tel. “ Opportunities bril- 
liantly seleed by first-rate cast. A most 
attractive and entertaining evening " C.N. 
tnataat oonftrmed credit card teleph o ne 
Bookings accepted. 


CRITERION. 930 3216. CC. 836 1071-3. 
Evgs. 8.00. Sat. 5 -JO. 8.30. Thurs. 3.00. 
NOW IN ITS SECOND YEAR 
LESLIE PHILLIPS 
In SIX OF ONE 

... and a HALF-A-DOZEN LAUGHS 
A MINUTE. 

SECOND - HILARIOUS ” YEAR 
'• Very funny," Sun. Tef. 


THEATRES 

LONDON PALLADIUM. 01-4 37 7373- 

Sept. 25. For One Week Only. 

LENA MARTELL 

MICHAEL BENTIHE. WAYNE KING 


LYRIC THEATRE. 01-437 36BS £vS- 8.00. 
Mat. Thurs. 3.00. Sat. S 00 and 8.30. 

JOan FRANK 

PLOWRIGHT FINLAY 

FILUMENA 

bv Eduardo de Flllipoo 
.. T R l T r SV* c< UP. ¥ ... F lSA'1. CO _ ZEFFIRELLI 
TOTAL TRIUMPH. By. News. "AN 
EVENT TO TREASURE." D. M,r. -MAY 
,T F,LL vI 1 2l e L - VR 'C FOR a HUMORED 
YEARS. Sunday Times. 


MAYFAIR. 629 3036. A.r t0 nd EvS. 8.00 
Sat. 5.30 and 8.30. Wed. Mat, 3.00. 
RWaH NATIONAL THEATRE CO. 

DYLAN THOMAS'S . 

UNDER MILK WOOD 


****»% Resiaurant 2A8 

"3S. Evenings 7.30 and 9.1S, 
EVERY GOOD BOY 
, , . DESERVES FAVOUR 

A P tay lor actors and orchestra by TOM 
STOP PAR □ & ANDRE PREVIN. Seate £4. 

*2. "NO ONE WHOLOVES 
THE ENG LISH LANGUAGE AND THE 

Ml » THIS PLAY, S Times. «■ At bfr 
Lo2S? h J9l' i 1 -*?? brilliant and aerkius 
pom,e 2l,,S?Ti — C , i*e Barnes, n Y. Pom 
MUST END SEPTEMBER 30 


NATIONAL THEATRE - ■ 428 2452 

2 4S flnd 

tji™. _Mon. 7.45 Tho Philandorw. 

eudltonuml- Prom 
5eauin. Eves. 6. iTuc. n«s»t at 71 LARK 

eiSli saa!l_v Ocwxorst from 

Flora Thompson's book. 

cheap scats all 3 ihoatres 
tin r^u > Ca !l P^r, ResMurant • 92B 
2033. Credit e»rd bookings 928 5032. 


OLD VIC 9>2S ?S )6 

PROSPECT AY THE OLD VIC 
Anthony Outvie in 
^ . THE RIVALS 

SlJ'Sfj’T jCOmedv. With James Aubrey. 
HLSJi! r V K 5 n,M!llh G .'i b r n - Carol GHIles. 

KSSSuT* r-SH'JI!!*??- ^. c1 Martin TrevOr 
Martin. Chrlstooh-r Nrame. Today at 
2 30 and 7 So. 


THEATRES 

PICCADILLY. From 8.30 a.m. 437 4506. 
Credit Card'-. 836 1071. Mon.-ThurT. 8. 

Fri. A. Sal. 5 8.16. Air cond. 

" DomfrtBtlno nith unfettered gimp and 
Humour, the BROADWAY STAR.'* O. Exp. 
SYLVIA MILES 

■■ Towering performance." Daily Mall. 
V1EUX CARRE 
bv TENNESSE WILLIAM5 
■■Works like magic." Financial Times. 
-■ There has hardly been a more tatishnng 
evening In the West End . . ■ tfte BEST 
COMIC WRITING IN LONDON." Ot». 
" 5ek rumnns HLe an electric current." 
Ftn. Times. "DIVINE INSPIRATION — 
'.AUDACITY OF HIS HUMOUR — 

• HYNOTIC EFFECT." D. fyUll. 


THEATRES 

REGENT (Oicford Circus). 01-637 9662-3. 
Eos. 8. 30. Mats. Frl. and Sal. 6.0D. 
TAKE THE FAMILY TO' 
roc GREAT AMERICAN 

. "A MEWF FM^T.mes. 
Smart swell show " Daily Exorau. 
Sq enjoyable." Sunday Times. 

“ Lvr’cs have more ■ nfeoance 
efun those for gVITA. 

Wian that Ear*AS!fl | I E?"*S WU V Telegraph. 
Credit Caro Bookings — Seats ,rom £2. 









mm 




■ ■ 




rat 

ps 







RIVERSIDE STUDIOS. 

Tonight 
. THE CHAL 


Tonight 7 Dm 
THE CHALLENGING 
Director PETER GILL 


01-748 3364. 


VAUDEVILLE- 836 9988. CC. Evgs. 8.00. 
Mat. Tues... 2.45. Sat. 5-00 and 8.00, 
Dinah SHERIDAN. Dulcle GRAY 
A . MURDER IS ANNOUNCED . 

The newest whoflumt by Agatha Christie. 
" Re-enter Aaitba Cnrtstlo with another 
whodunit bit. Agatha Christie is stalking 
the West .End yet' again with another 
of her ftendlSfilY Ingenious murder 
mysteries." -FeW* Barker. E»enloB News. 

Year's run ftiusr end Sept. 30. 
Limited season. October 2-Oeeember 2. 
AN EVENING WITH. DAVE ALLEN 



ROUNDHOUSE DOWNSTAIRS. 01-267 
2564. NaHtxMl Youth. Theatre In 
PftfTICOAT K EWELL ION, Eves. 7.30. 


ROYAL COURT. 730 1745. Alr-Cpnd. 
Prevs. Ton’t. A Mon. at 8. Opens Tues. 
at 7.00 Subs, tut at 8.00. 
NICOL WILLIAMSON In 
JOHN OSBORNE-S 
INADMISSIBLE EVIDENCE 


ROYALTY. Credit Cards. 01-405 






PRINCE COWARD. CC. (Formerly Casino) 
01-457 6B77. Evening B.O. Matinees 

Thur, and Sat. at 3.0. 

EV1TA 

by Tim Rice and Andrew Ltovd-Wc&ber. 
Directed bv Harold Prince. 


PRINCE OF WALES. CC. 01-93D 8681. 
LAST 5 WEEKS MUST END OCT 7. 
Evgs. 8.00. _ Saturdays S.30 and 8.45. 
THE HILAR fOUS 

BROADWAY COMEDY MUSICAL 
I LOVE MY WIFE 
Starring ROBIN ASKWITN 
CREDIT CARD BOOKINGS 9J0 0846. 










5HAFTE&BURY. CC. 01-836 6596.7. 
D1-B36 4255. HalF.prici! Previews from 
Tonight. En. 8.15. sal. 5.00 and 8. SO. 
Opens Sept. 13. 7.00. 

TERENCE STAMP In 
DRAG U LA 

with DEREK GODFREY 


STRAND, 01-836 2660. Everdnai 8 00. 
Mat. Thurs. 3.00 Saturdays 5 JO and B 30 
NO SEX PLEASE— : 

WE'RE BRITISH 

LONDON'S LONGEST LAUGH- 
OVER 3 000 PERFORMANCES 



























Financial 'Times Saturday September” (Tl?)?#' 


arts/collecting 







Early Music Festival 



are 


k£m 


' i> ■ rhe Early Music Centre is no Lhe harpsichordist Colin Tilney. t -nn-, 

. # more than a couple of converted Mr Rogers has a repulaiioo as . ■ *L • 7“ areas nf endeavour at 81 holes each and Ihe cele- put him in a competition where 359 years ago this week that 

■&&■<;& terraced houses in Princedale one of the finest exponents of this xn which we take on the brations went on long into the he is not worried about the the Pilgrim Fathers left for a 

jt; p.oafl, London Wll but it nro- ^P er . toire « bu ^ we rarely hear Americans there are lew at Atlantic. opposition and he is a different new life in America. 

r ■ .,:aa* t- .... ^ hlm in favourable circumstances which we are so spectacularly Now. in the unlikely eur- man. He holds course records They didn't take their clubs 


per/o rm"nce nd a nd fi ?mdTer^ rses buried StV^nsemMc'in which rSTSwiiJ* S .° 1F ' ? yd " nf a . cres of Cornish at half-a-dozen clubs and once wit'hUiem — it wm another* 274 

in early music. Even mg classes. SuncUe vofc ef «Hso b tend lb r e Curlls farmand ' anoth f *'?* profes- went round Hollinvetl. hi s home vears befl)re , uIf be o an in 

children's sessions, concert tw.h.v IZL., Cu PT a l of lhem ■« foregone Mnnal team, with only four of course, in 63. A™,rin-hi.. tW tumnon 


'mSsffifSm 

gS^K - 


went round uoiunweti. m s nome ve ars before golf began in 

ennurens sessions, concert o n Thursday, however, he was ^rl^'inns nnTtS'.l tu""”, wr ‘ ,,n ’ nu " u, “'- luur w course ’ in 63 ‘ America— but their successors 

weekend conwentiom and unrestrained by the presence or SK® ° ?"* rc - maimng> are To an>™ who knows the have since established a 

(as Trout tins [autumn j ihne full- other voices, and the results were them even had to admit doing battle again. terrors of that course. 63 is as supremacy which has been 

scjle professional courses on the niost exciting. Exceptionally our weaKness and allow the Con- Perhaps the must fervent is near impossible as dammit. "It almost total This week it is 

hit ne * ible ; at 'K samc lime bDent u l ° ! 0,n ,nandheJ P us. Brian Wales, the Nottingham- w* s a bit unfortunate,” says hci^ challcn-ed Tnd.he Great 

bv t'h i v- f a r « n N V k hi sH ?h violently forceful, his voice is In the light Of that, the cur- shire professional, who has Wales. "I was playing ihe Britain and Ireland side -mt off 

institution. tfra^i^oMhe^ari^lTtlTvMtury ° M l> ir hm ^ 05 * aI, h5hed a record by playing captain of the Nottinghamshire tll a marvellous start in the 

<*« year tbe-Centre promoted PlymoSSf ZT Zn Inyone^on"" H * M, « nf *""**«■ 

n f P earl v 'mu si c ^in ^ he* WS "mo re S Ur S °SS but make5 littJ f c *»“- During V qualifying went" round in 69 played the BuUer and David Hm«h 

HzH- ihnS h -reat fun it S2 the more Mr rS-cJI SSuSb c,ub ^ Tn ^onal of Great competition to find the side he best golf uf his life, and still V«M¥ vent three up. after 

cr»u nle red* 1 the ^iUcism that *S SSh t!? emot.nns Jf his leS Britain and Ireland are playing said, perfectly seriously, that he lust."° f«* p hoI f, s ’ "■>«• lh ? Americans 

content was too lightweight. This —as in Luigi Rossi's obsessive their counterparts from the U.S. would rather scrape into the So Wales can play a bit. and tS' ror^nPri 

year's Festival, which has been Gciosin chc n poco n peco— Ihe in the «:rfh PGA Cup match, last place in the team every when that skill is allied io ?u . , . 10 * ine - re \ a]nen 

running all this week at St he manages to focus his even though the early history time and win nothing in the memratinn if bernmes a Fortnid- , al , eaa ta 1116 turn and ' ery 

1 . I .W 1 - i threat,, fnru,ai-rl haim In,. . .h.l tha fvr.nl... ~ n , r ,i I* 1 - pildllOll It OCCIJIUVS it IUrillH! shnrtlv a Ftoru.-a rrtc r,.,n ietui'nrf 


■ w ,W 


foment was loo lightweight. This — as in Luigi 
year's Festival, which has been Gcfosin che n ] 
running alt this week at St more he mana 




Dignity of Man , the. events little-known treasures - . the 
have been carefully planned intense tragedy of Sigismondo 
m reflect the individual's d'India's Orpheus lament, which 
development within the hier- matches ariythine of Monteverdi, 
arehy or the created world, thus Claudio Saracini's quirky little 
rellectina the Centre's intention dissonant melodies. and'Cesti's 
to study music against iix philo- amusing send-up of the whole 


GOLF 

ROGER PAUL 


and is perhaps the reason why " yl siaDtl T " , . in Eehind them Brian Wates and 
hn has niavpd in sri manv ra i s,n 3 ceremnnj and hear and Mike Ingham went in the 


■*? ^ nave r,cen carefully planned jntensc tragedy of Sigismondo WVLr hp h ‘ D , aved in Sfl manv raising ceremnnj ana near an<1 M j ke j n gham wenl io the 

J *■ reflect the individual’s d'India's Orpheus lament, which Rogpb paih matches P ' * Gnd Savc Queen being turn jn a iwo-under-par 34 and 

,.-i -■■■ % fl-elopment within the h.er- matches any thine of Monteverdi. ROGER PAUL WateV savs there is a marvel- p,ayed * il sc,lds 5hivers dov ’' n were six up. They began with a 

■ . ghij nichj of tne created world, thus Claudio Saracim $ quirkv little — ‘ ,u Q tiie spine. To hear your name hirriie three when Wakes holed 

«Blr rellecting Ihe Centres intention dissonant melodies, and Cestfs mSBSSSSSBSSSm lo r Us . sp,m aina "» the meDlber: > announced r.n the first lee as Fmm TL* \h „ J! h!l 

i. JV Wfir' '< ^ IO SI Uily music against its philo- amusing send-up of the whole of the team. "I suppose we are “V»vin" r? r ? rm Jn and l . u V e \ d ■ th i h 

MSl st" ' : 3 snphK:,i background. Whether fashionable laste lor solo song, started in 1973 with a 13-3 all failed Ryder Cup men, af ? ? JV ftr Gr “u ^ ourth J > he Americans Eruee 

lbr g rst onnccri represented the .4xpettnte> ndesso renin. a defeat, followed bv an 111-41 least in our own minds, and : re [ 3,1d ■ - .- ,? l “* lPere s no Mimmerhays and Dave Barber. 

Jean Harlow infant, mewling and puking in Caldara motet from 1712 made a and two 91-6-1 losses " have never looked like playing feeIm ® “kc it. three-putted. 

the nurse's arms, may be somewhat anachronistic end to It is -the 'l 977 result which for our country at the top level. Plymouth is of course a <; reat Britain and Ireland 

o - ran^T' flSt *2252** S? 2?* ^ !» vwy t ^V. kn - ,t ^ ves r,se rhe optimism. Last That only makes us the more strangely appropriate place to went three up at the sixth with 

frn jn * ^ ^TF t nhofv Usance a iS*»?rS >' ear our c,ub Professionals went determined not to let the side stage a match where the routine a birdie four and four up at the 

C S fl ' fill V court' s nd^ chamber muiif to of \he fore«3 ton^Mr t0 ^ Vast and I«*unou* golf down now that we have got this of an old enemy is required. Ii seventh. Their success story 

rnnight'V'final cMcert.^aeVs St l^^rshad'^ccessDilly^^oiitei reso « of Mission Hills, Cali- chance.” was hero that Sir Francis Drake continued when they won ihe 

John Passion, conducted by or at least put to good use. Id forma, and there, in totally Wates is recognised through- insisted on putting out before eighth and ninlh holes with 

The shifts of Taste are uncer- them for granted, seeing them Andrew Parrott with an original- the rest of the evening. But ali en surroundings, became the out golf as a marvellous com- going off to deal with the Ingham hitting a huge tee shot 

(ain ihingp. hard for the social simply as a function of the instrument orchestra — a per- throughout the recital the first Britiih professional golf petitor who never believed in Spaniards — how our tournament at the eighth and getting home 

seismologist to predict, often not si mhos and films they served, formance which, though un- articulation was brilliant, the team ever to come away from himself sufficiently to succeed professionals could use him with a four iron second at the 

much for i heir ,li reel urn as ior rather lhan for their intrinsic ^-asonji. should be oF unusual characterisations well conceived America undefeated. They tied consistently on the tour. But nowadays— and it was from here 511-vard ninth, 

their sli'cnglh. The cult of Art <|iialiiy The photographers were interest. and pungent!}' delivered and the 


io juuu.v music against ns pnuo- amusing send-up or the whole w i ntavinn r„, r™„ V \ ■ r, 

;s -T ■''•■■SI snphical background. Whether fashionable laste lor solo song, started in 1973 with a 13-3 failed Ryder Cup men, af ?„?”•: f r Grea t Brilarn and fourth the Americans. B ruce 

lhr first concert represented the Axpettntef ndesso rnnin. a defeat, followed bv an 111-41 least in our own minds, and J re ai1 u - - - we* 1 , uieres no Summerhays and Dave Barber, 

infant, mewling and puking in Caldara motet from 17 12 made a and two 91-6 3 . losses " have never looked like playing * eel|n g iik*? it. three-putted, 

the nurse's arms, may be somewhat anachronistic end to it if -the ‘l977 result which for our country at the top level. Plymouth is of course a (; reat Britain and Ireland 
'"SKTff* iSS 2L 3 4 , hHd ? e -, n i very t i? ht : kn . h gives rise to rhe optimism. Last That only makes us the more strangely appropriate place to went three lip at s5xlh wil)l 

Jl"* y f threue!T d renaissance ■‘nneSSS’fn^iS^f year our dub professionals went determined not to let the side stage a match where the routine a birdie four and four up at the 

Ur ESS? ' i.d SS„ Z™?™ loZ'Z'^r ,^ WE » ^ «« >■* *•»«!»• A r: n .rr ^ we have got lhis ;.L an “l d »««»» 


P'-t-u began not as serious mere sludiu functionaries, and Thursday night's roncert was Vft vai quality was picrcinely 
reappranal, but. like throe <»f all but anonymous. a re -ii.il nf JialTan baroque musir diieel. 

Viclnnana and Art Nouveau Th^i this is nu longer cnlirrlv by the tenor Nigel Rogers and NICHOLAS KENYON 

l Z r V' lt ' a „\ a S,,nK '': h; ‘ l Sllf - irue ,s largelv due to -John 
wnnsv. even K «hal. who has' made Ihe Holly- 

m,^L h ivor.d Si iirjni Portrait his parliaj- Tr>. g~* g /t 

sijyed, first to cnj ,,; « Jar province, tracing ihe archive §3 4 S* 1/6 (L* 1/m -m m m n ^rv 

! 0 rt v i ,w hlI '? Wwfn i "Mlcnal. ond re-examining ih- IrPTPV P H fill T1J Sk$k 

years ihe Art, Archllecluie and L -; (r eers r»f the jiliotographers -M- B wmM/mM/m ww *3l3 

concerned. And. in publishing ** 


TV RATINGS 

w/e Sept. 3 


ART DECO 


WILLIAM PACKER 


Tif'sign. the Music. Fashions, and 


hi' 7' u in« of d™o r nT, r «ei°^h h ,i . TI, h E '■"‘ er part ° r . rhis , “:' pk * h ™“5 h lh ' ^ r *i“ 1 ™ d p™« t SZS ('5S!, 

such men as George Hurrell. nns hrr, light an exceptional piece passion and the occasional 7 . t.«. Maun (atv> 

Whiter Schafpr and Ernest of dancing to enhance a some- noe| 5ance to the beloved, dances 7 . Miss uk cbbo 

Kachriich were considerablp wha* workaday Festival Ballet th® piece with sucb finesse, such *. Airport ibbc) 


joyous clarity of technique — pure lit. what’s on Next (Thames) u.7» 


UK Top 20. Homes »iewm s (m) If. News at Ten (Wed.) (ITN) 10.75 

1. Bless This House (ITV) 15.80 20. Spearhead (SonUiera) 10.55 

2. Ammo Murder (ITV) 13.30 I- mures compiled bv Audits of Gr*a< 

3. Coronation street (Wed.) (Gran.) UgS Pniaut (or the .(atm Industrial Cnraimittc 

<. SUnkir and Hutch (BBC) 13.15 for Teler uuon AdvertiAna Research 

5. Crossroads (Tubs.) (ATV) 12.75 iJICTARi. 

5. Crossroads (Thurs.) (ATV) 12.48 U.S. TOP TEN (Nielsen ratings) 

T. Tony Hatch (ATV) 12.10 1. Flying High (comedy) (CBS) 2SJ 

7. Miss UK (BBC) 12.18 2. Three's Company (comedy) (ABC) Z3J 

9. Airport (BBC) 11.88 3. Lavrrne and Shirley (comedy) 


Grace 

and 

fervour 


eluded Nicholas M'ano$trocht. a 
leather who had let his school 
in Camberwell go to pot on 
account of his obsession with 
cricket, which he played pvo- 
fcssionall.v under tJic pseudonym 
of N. Felix. His manual Fcltr 
on the Bat is a cricket classic: 
there are several copies in 
Phillips' sale. The fine illustra- 
tions. lithographed in blue and 
yellow, were provided by the 


ariisis. who more than deserved programme. joyous clarity of technique — pure it. whaf* on Next (Thames) 11.70 (abo 22.3 WITHLN very recent memory young G. F. Watts. This first 

crilical rehabilitauon. No ' Thll ' . ... BournonWIIe in aesthetic as in u. crwaroads (fm.) (atv> ujo * “V"*'* An ”w < r«T B> <ABC> ^ there u ' as 9 disconcerting man era of professional cricket also 

^„ n r™i p^?^ r3 l v K Kes.iva^ H^fl'peter Sch.ufuss un'- -'rgi, - .“ S3 li ST S3’ ££! SJ W A“ ““f '» ■ tr |? B n <, °7 1!,s T"™" , b ' S , r 

i^rmrl'thPir mH- C leashed several different sorts of „ ia. m«« wanted (bbo uas t. Happy Days <c««nedy) (ABC) .. im middle of Portnbclln Road ever)' tbecause so mercilessly pirated ) 

%• ' / wurK * , iiglwnin'' in that child's ”uide to H< ? P u, ' s off marvels of is. Atwetics (Tues.> (itv> 11.10 8 . New Maverick (nimi (abc) MA Saturday morning, roaring Imid of cricketing prims. Mason. 

l wcnly-onc choice items irom ic - — — - - 


prnmincni among them. ' pi ' about the <ho- S - the T ara»"«Que posturings that f*e *o exactly with the music 

But one particular genre has foom^ wCn Ihcfr presence and are >' l?t <‘ jired of its interpreters, that they might be part of the 

been for too long not ignored [?T' ^ aiSmenCd bv the That ,deaM > - il needs 10 be dD °e s £ ore ; ln u a r0cketin S c,rcu 1 ! t of 

.™u,. but nnt taken «riou,ly. Ci.u« .ndiSJSSi^f Z * ani Wise. tto A He 

The images of the great Holly- t, me. Tliese old wirelesses. Failing either of Those 2 t»5 'him i2S iS.hSf. «S2 


^ tor myself. I used to admire to Frith's Derby Day. 

eroyaon jazz sessions such a forthright technique. At the height of the Victorian 

though it is not certain that it age, cricket went international. 
Every Tuesday night the Jazz The venue opened this week always had the desired effect. The first English team toured 


wnod Stars ’of the ' lime °are clbfnets and drlsiJg'^tabfA -eniuie? I wjf settle°for Pe?er T ° lake him , eve ” “ gher i, ther J Cen ^ e So . ciet > ' wi ' 1 b | wi J Do ° We'ller's Major Surgery. Confronted by the louder sort of 

familiar io us still, images often ser>-e to remind us of that old SchLufuss a the more so are arrow - v ,eaps th « ■« buoyed weekly gigs at the Red Deer, and next week the Stan Tracey eccentric. English people are in- 

nf ao iconic singularity and but important rule: never throw because' he is absolutely ca-'t up by a strong and consistent -79, Brighton Road, Croydon, Quartet will play. dined to scuttle away or at least 

power: and yet we loo easily take anything a wav SsMvpc \o ? n f of energy. It is classical Surrey (2o yards south of the September 19 ihe Red Deer pret cnd they haven't noticed 

' treww n? pSSTi.bV.S Jfn a d C,n? 0°f jSurTe aSt Sch5u?u r S a s U ^ ^ Croydon .^f 8arage . K . . _ Sbeph ?^ anything: and I suspect that 



him for the Ethel M. Dellery of 
ihe character (to which Nureyev. 
on the other hand, brings a 
glossy sexual allure which is 
exactly righi). Rut Schaufu«.s. 
bending and swooping dutiful Iv 


dined to scuttle away or at least 
pretend they haven't noticed 
anything: and 1 suspect that 


COLLECTING 

JANET MARSH 


CLEMENT CRISP 


'four a week. 


LEONARD BARDEN 


Spink offer the best prices and immediate cash for good 
quality oils, watercolours and drawings, by English artists. 
I?pink also sell pictures on , + 


conuius&nm. 


pressed here before the tourna- concedes the centre: more logical 
ment. that reform in the chanr m p.K4>: 12 NxP. P-KN3: 13 QR- 

chess es. *ss. .» 

LEONARD BARDEN EaDk'Masfe^S^'/^dJSlS N-N3 .'q-N 3. ’lS E-K 5 ' Idrivin- 

ship places in the championship awa.v and exchanging the king's 
to talented juniors from the defenders before . attacking in 
national squad who rank highly earnest), N-Q2; 19 BxB. KxB; 20 

THE BRITISH championship at fo^their age. P-KR4, P-QR4; 21 P-R5, P-K4; 22 

Ayr last month was won by J. S. Tta p new champion, Jonathan B-B4! 

Speeiman with SA' out of 11, Speelman. used to be a talented Counterina Rlack\ niannp.) 
followed by .a. XMestel and H. J. but inconsistent attacking player. p.R^^ben there w oul/mimw 
Plaskett S. P. E. Littlewood and In the Ust year bis game has ^ N-Q2 Q -^^^4 Sireatem 
S. Webb 7t. The tournament and matured, he qualified as an in- .15 r ^ d- >a CVH 
the accompanying British Chess lenianonal master and brilliantly ]n - lw " *“ d th - 

Federation congress were hath defeated the great Larsen at . N-B3, P-Ro cnl 'the 

successfully sponsored bv Grieve- Lone Pmc. final attack begins, with Blacks 

«on Grant "the first :Wa stock- Speelman is a mathematician, development too retarded for 
hrnkin? firm ha? SDonsnred a and most of the other leading successful defence). KxP; 24 


£1.40 for non-members. 


POSITION No. 232 
BLACK! 9 men) 


i«iunr| 

■w \mmmm 


up With such a public cnllevtor. -America and producer! another 
If he is still cl leering, he’ll wickering classic. Lilleyw hue's 
have his field dav on Sepiemher ^niilhJi cricketer r. Trip: and 
IS when Phillips hold ihe first in 1861 a lcam 

of what they intend will be a Australia and brought hack 
regular series of sales of £11 -000 m profits. 

“Cricketana'’ — a coinage for The English t_,ounly ^Cham- 
which the auctioneers must ap- Pionship dates from JS#3: the 
parently be held responsible. *>■*** Test Match was played in 
Apart from occasional broad- 1877: and the last quarter _ of 
side woodcuts of rural players. ^i ie century saw cricket defini- 
there are no cricket collectables tively established as the 
dating much before the end of Englishman s national sport, 
the eighteenth century, when Much of Phillips’ ’‘Crie- 
the sport began to attract the ketana ” dates from this gold°n 
attention of painters and print- age: many items inevitably 
makers. Two of the best-known celebrate the most Eminem of 
early prints, interestingly Victorian cricketers. Dr. W. G. 
enough, both feature w’onien Grace. A coalport " Century <<f 
cricketers. Golet's "Miss Wicket Centuries” plate commemorates 
and Miss Trigger" shows a the Doctor's annus nurabi'is of 


King Street, St James’s, London «S\Y 1 . Telephone oi-Q^o 78 SS 




broking firm has sponsored a ana most ot tnc otne 
national championsnip in any finishers work in some 
game or sport. fi*' d - , .. , , 

The prize fund went down tn rlalnrfS 

eighth place, and Grievc-son championship featured 

Grant’s support had a directly 

beneficial effect n n the quality de „ f f? e ^ iL'Lff' V»L 


WHITE(IOmen) -trigger miuws a uie uoctors annus nuraums 01 

and most of the other leading successful defence). KxP; 24 Evans v. Fcdorowicz. Lone voung iady in a vail b cribboned 1S95. w'hen in May he scojed 

finLshers work in some numerate ^ X P K-N2: 25 Q-E4. N-R4 (allows Pidc 1978. While (to move) holding tlic asymmetrical 1.000 runs, and hit Ins llKhh 

field. an obvious sacrifice, hut if Q-B2: has two knights for a rook bui knife-shaped bat of the period, century. Grace's portrait is sur- 

One of the best games of the Q‘Q^- i-s hard 10 meet): 26 is threatened with R-B3 winning Rowlandson'.s coveted "Rural rounded by radial inscriptions 
championship featured a classic “T . Q' B: L : ihe queen. Should he defend by Sport, or a Cricket Match Extra- detailing all the single, double 


... and Hricvcson cnampionsnip leaiuren a classic i,-yo. jj. me queen. Should he derma oy span, or a U'lCKut Match txtra- detailing all the single, double 

port had a directly attack against a weakened king's w K -NJ: ^ B-Qo\ (a. l K-N2. (hi 1 K-Nl. (v) 1 ordinary” shows two rival teams a nd treble centuries of |i;s 

f Pf [ nn ihp riuaiitv defences. It is easier to under- 1 ^ ' p- ^ rest is eas) but >in N-K3, *»r (d) 1 Q-K3^ of utout women with their skirts career 

mr n n in? nuam> 3Iand and emulale such play than enjov able king hunl). R-Kl; 30 Ui - 11,1 - l - arecr - 


^ ,0 

1 -- .... 

. / .. V 

V. .. 


■V- 



|V 

J/' •• : r 

- . - - - 

. ‘ 

- - ' •' . 

. ‘ * * - *. a '* 

♦ v • ■ ■ 

H|UV ., . - ■ 

ss *. 

•. 5” - ■■•••• 

. ' - 

•w 

■y-* : . 

- * 


PROBLEM No. 232 
BLACK 13 men) 


fn 3 ri JO ; 1 ^ hJln U 1 n ] the black kiiig chased round the fh. K-B3; 36 R-B5 chT K-N3; 37 
board till mate. . ^Q. KxR:3S Q-B 6 , R-KS ch: 39 


tans. The good proportion of 



mtercsttng names and w ai P- H> Clarke. Opening: P'rencb Q-Q 6 ch, B-B3: 42 NxP. RxN; 43 

mri? i'm^ISTlhSiiJnn Defence (Grieveson Grant Q-QS ch. K-B4: 44 Q-Q4 male. 
seonaMn one recent champion- British Championship 197S>. ^ _ . . . 

ship the best scores were only Th? openilIR moves were 1 • En 2 land has won the gold 
seven points. P-K4, P-K3; 2 P*Q4, P-Q4: 3 N-Q-\ medals at the world under-26 

The fighting, aggressive styles Ps p : 4 N s p f 5 NKB3, B- cfiess championship in Mexico 

shown in the leading games and g b.q 3 _ KN-B3; 7 NxN ch, beating both USSR and U.S. 
the good results of /he younger b.\N; S Q-K2. Q-K2. Mesiel. Speelman. Taulbut and 

players were interlinked. Only Black is trying 10 improve on Goodman, all university students 
two of the first nine finishers arc 3 system which is reputedlv or recent gradual es. defeated the 
aged under 30. eight of rhe difficult Tor Black after the Russians, fielding two grand 
top 18 are under 23; 18-year-old normal S . . . 0-0: 9 B-KJ34 fol- masters, by 3-1 jn Lhc decisive 
Plaskett was joint second and | u wed by 0-0-0. Instead. Black match. This is England's first- 
13-yearold Nigel Short shared keeps the optioo of castling on "victory in a world ream 

tenth place. ihe same sidp as White. event and confirms our growing 

This sweeping success for tbe 9 0-0. P-B4: 10 B-K3. 0-0: 11 challenge to east European chess 
young reinforces my view, ex- P-B3. PxP (around he.re Black supremacy. 



immodestly lucked up around Among Phillips’ more esoteric 
their waists. offerings is a little book pub- 

Cricket has always been a Jished in 1897 in an edition of 
creditably non-sexist game. At on j v 25. called “Canoairtai of 
1 match played at Hilton, Cricket, by an Old Cnckerer." 
Dorset, in 1848. the rules were j t j_, itself u curiosity, recording 
amended to allow the ball to he sue f| notable marches as those 
caught in a lady* dress: and p| a j-cd between Deaf and Dumb, 
throughout Victorias reign Between Handsome Men and 
matches between Single tt omen (July Men. between a ream 
and Married Women nr Mai rons Heaw With Sin and a nn flier 
and Maids were played without a Lishf ' Wllh Honesiy. and He- 
(hought or immodesty- Mme tW ecn a man and a dog an, I a 
that when ladies teams raced one . arme( , man and ^ son . 
men. the men felt some hand i- j; ames h a ve also been placed *n 
cap was appropriate, and there f hats on i( . p on he GoorjwJn 
are records of games played be- Sand ^ 3nd on hopseback . 
tween 11 men ami 23 women. . ,, 

nr U-horn main.- ^b L ' i )ri S Often Pf«V , d 


WHITE (5 men) [are records of games played be 

White mates in three moves, tween 11 men and 23 women 


lhc same side as White. event and confirms our growing against any defence (by or where the male* wielded f , 5,. .. , rrid-ator" 

9 0-0. P-B4: 10 B-K3. 0-0: 11 challenge to east European chess G. Heatlicoiei. broomhandlcs. pic): -axe.- or *. a 


Solutions Page 10 




.■ ■ <e '’ 
si.. - . r ' 

.A- .. ,* ^ 


BRIDGE 


E. P. C. COTTER 




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ART GALLERIES 


■CRANE KALMAN GALLERY • 178- 

Bromp-.on Sosa. 5 w i 

Dr It ran «orLS 0/ 

L. S. Lawn. H?nrv Moan’ Ben NjChOI* 
son Graham Sutherland. 

Mrfihcw Smith, elf. ALSO "OfU •»* 
European and Amentan won.-pr^ 

10-6. Sat. 10-d. 01-S84 c ~tt>5 CRANE 
ARTS. 321, K-nflS Rd*f. SJV.3. 01-35 Z 
3857. Native Art Irom 
t Alsc roung artists of unusual ‘•'-•on a"0 
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AND THE WEAKNESS OF THE 
U.S. DOLLAR 

■This transcript from the Journal erf Commerce 
written by our Director of Research is available 
For uout copy, rmo or write to : — 


World Trade Centre • l/oudon El 9AA 
Telephone: 0I4S8 32-12 


whips, allowing the ladies con- "“JJ* Players have neen 
ventional bats i ' l,led from c ° n,s,on wllh ,J,ie 

The historv of Enclish crick el ™°l hcr ' , from , fall,n -. upon 

; this. South made a forcing re- meant that East had the Knave, At love all West dealt and divides into dear phase®. The ST pSl ,rym . faUin 3 from c,,ffs 

sponse of three hearts, and the and a double squeeze was cer- bid one weak no trump, which game probablv originated in ' v ,en following the ball, and 
BRIDGE opener rebid three no trumps, tain. Declarer played his last was passed round to South, who sheep-rearing areas which pro- from snakebite. Momlity 

a response which should indi- trump, and the squeeze started competed with two hearts and vided dose-cropped turf (on among passing fauna— buds and 
E. P. C. COTTER cate only a dnublelon heart. t«» operate. West had to keep his eventually played in four which ihe ball was perhaps rod e n t-s tersely — has been evi-n 

South now bid four no trumps, spade, so he was forced to dis- hearts, doubled by East. literally "bowled"), and the ?lL . atcr - 

which in view of the forcing card a club. The spade eight, no ’.Vest led the club King, "wicket” nf ihe sheep-pen gale. Lames have been interrupted 

situation is conventional, asking longer needed, was thrown from which was allowed to win, and in the last quarter of ihe *}■««* irruption on m ,he pi Uh 

FN MY FIRST band from rub- for Aces - Norths reply of five dummy, and now ^asl was West switched to the diamond eighteenth ceniurv. h«»w.-ver. The f ‘ f n,,K ** itQ:ils - hares and 

her hridop the declarer showed s P ddes was heartening, and under pressure. Forced to keep King. South w«, n with dummy’s Hamhledon Cluh/with iis gene- hounds and a runaway hore-e 

that he *had thp skip to make s °u f h asked again with five no his master diamond, he too had Ace and at once ruffed a dia- ration of great plaverv cave ;<nt1 c;m: and ;,t Darnngtpn in 

Ihe o ra nd slam on which he rrumps - Nprth ’ s response of six in lei go a duh, the declarer mond. new and scientific standards io 1890 P»V ^ as f°PP e(J - ,,0 | ^ r ; 

had set hi= si f, hLs: diamonds promised the one cashed Ace. King of club?, and She saw that this was no time the gamp. Late in the century Pp singly, by the .spectacle of 

_ missing King, so South bid the nine was good for his thir- fur drawing trumps — the vital the MCC was founded, and weas *sls crossing the wteket. 

seven hearts. teenth trick. thing was to avoid losing to the Thomas Lord opened hi> tirsi Ba,,s have been hit into the 

^ ' 6 , . When W 7 cst led the spade Now f or a hand p!aved bv spade Queen. Now she played a cricket ground, which moved batsmans pantaloons, ihe um- 

f in J 11 *" and J umn *y appeared. Kj x i Markus in the Rottman's c,ub t0 Ace, ruffed a dia- (turf and ain from Dorset f ire * Pocket and the batsman’s 

: \ K a O South was disappointed with p airs Championship- mnnd ,n hand » nd a club in Square to St. John’s Wood in ba JL Iin,p "’ ^ 

^ ‘l £ 7 “ what he saw. There were 12 top dummy, 180g. The Old Cricketer also recalls 

w A o ' tricks, and any hope of making "" A fourth diamond was led. By the Regency, cricket had sorae notable examples of fi e ld- 

* t inn’* * n 7 *i a tbirteenth depended on a N. which caused East a problem, become a not 'always very At Tunbridge Weils in 

r , r o y "* o si 3“ squeeze. But what type of * A J 10 6 If he ruffed low, it would cost reputable wagering game, much 1835 a fielder leapt on to a by- 

Jy s j tn 4 3 s( J ueeze was not ^ et cte ar - V 10 8 him a trump trick; if he ruffed on a level with prize fighting stander's horse to follow a hall. 

*rin = «T i ,1 c 0 Winning the lead with his * A S 7 6 2 the declarer would dis- and cock matches. Professional and at Leyton in 1363 an arm* 


the grand slam on which he 
had set his sights: 


N. 

* A 8 6 3 

l a v 9 2 South was disappointed with Paifs Charnpion'shi^: " 

k 7 what he saw. There were 12 top 

* A b ' F tricks, and any hope of making - 

A 7 if.' 0 4 * n 7 '1 a lilirteenth depended on a N. 

r# b o 9 4 g 4 0“ squeeze. But what type of * A J 10 6 

: E c- 1 1! 4 7 squeeze was not yet clear. 10 8 

a r in ; 9 Winning the lead with his * A 8 7 6 2 

11 3 “ c ^ Kip S- Uie declarer drew trumps + A 4 

* K in three rounds, throwing a club W. 

‘(v a k n q - 5 from tjie tabIe - West also dis_ * 9 7 4 * C, 

.1. c c ^ ’ ‘ carded a. chib. South now cashed f v ,12 ri T 

vi ft q 4 the s P adc Ace and raffed a c K Q 9 3 0 j 

spade, and when East’s Queen * K Q J 8. * J 

’ “ “ dropped, it seemed that West S. 

North deait at game to North,- was left with the ten. Now came • K 5 3 

South and hid one no trump. Ace. King of diarponds, a dia- A 9 7 6 4 3 

His J6 point.? included one mond was ruffed in hand, and A 4 

Knave, hut the fact that he had the- Queen fell from West. * 9 6 2 

three Aces compensated for If that was a true card, it 


IV'. - 

• J 10 9 4 
9 6 2 

•> Q 7 5 

* J 10 5 2 


E. 

* Q 7 2 
” S 4 3 

0 J 10 4 3 

* Q 6 3 


N. 

* A J 10 6 
10 8 

O A 8 7 6 2 
+ A 4 


4 K a 

t A K Q 9 7 5 
v S 6 
+ K 9 4 


card a low spade. He decided cricket only really got under less Essex man called WnIJrer. 
E. to discard a dub, and South way however after 1846 when "ho was also reckoned a fair 

* Q S 2 ruffed. William Clarke, a Nottingham hat, caught mil ihe hatsmn. 

n K Q 5 Now South made the key play bricklayer who had married the Physical handicaps haw nn 
0 J 10 5 —a low heart— which was won widow landlady of the Trent occasion proved more mom- 

* 10 7 5 3 by West's Knave. West returned Bridge Inn. established his Ail- venienL In a game at Walworth 

a trump lo the Queen and Ace. England Team. Clarke had only in the '80$. the batsman’? 

but now South could see the one eye, which makes his wooden leg Tell off and v.n* 

4 3 way dear. She cashed the spade prowess as the best slow bowler promptly used hy the fielder m 

King, crossed in dummy's Ace. of the time the more remark- pm down ihe wicket. Hardly 
anti led lhc established diamond able. cricket, maybe, hut at lea .4 

-- fnr a spade discard. Clarke's AU-England team in- colourful cricketana. 






FINANCIAL TIM ES 

* BRACKEN HOUSE, CANNON STREET, LONDON EC4F 4BT 
Telegrams; Finantinio, London PS4, Telex: 886341/2, 8S3897 
Telephone: 01-248 $000 

Saturday September 9 1978 


Can 


Financial Times Saturday September rpW 



After the 


BY MALCOLM RUTHERFORD, Political Editor 


M R JAMES CALLAGHAN 
seems to have seriously 
miscalculated, even 
though, as I wrote yesterday, 
by going to the country now he 
could, have been by no means 
certain of a Labour victory. 
There was a risk either way. 
The choice of an autumn elec- 
tion carried with it the pos- 
sibility of defeat. The decision 
to stay on means that the Gov- 
ernment could yet be forced to 
face the electorate at a time 
not of its own choosing, and 
even if it avoids that hazard, 
the defeat could be still greater 
In the end. It was because the 
latter risk was judged to be so 
much bigger that nearly every- 
one thought that Mr. Callaghan 
would decide to go now. 

As it turned out, the Prime 
Minister was warned off by the 
opinion polls. As Mr. Robert 
Worcester, the Government’s 
pollster and head of MORI, 
admitted on television on 
Thursday evening the ad- 
vice he had given was that 
the Labour Party might have 
just squeaked home, but not 
with an overall majority. Thus 
it would have been “perhaps 
foolish ” to have taken the risk. 
It remains to be seen whether 
the prospects will ever look any 
better between now and 
November next year, the last 
possible month for the election. 

It must be assumed that the 
Government hopes to hang on 
at least until late February, 
for it is in the middle of that 
month that the new electoral 
register comes into effect A 
new register is of more help 
to Labour than to the Tories 
because it gives a fairly up-to- 
date record of whete potential 
supporters are. The Tories 
have always been much more 
efficient than Labour at keeping 
track of voters who have 
moved and persuading them to 
vote by post According to 
most estimates, an election held 
shortly after a new register 
was introduced could give the 
Labour Party perhaps eight 
seats that otherwise it would 
have lost That kind of advant- 
age is certainly worth having. 

Two questions, however, 
immediately arise. The first is: 
can the Government survive in 
Parliament long enough to 
maintain the option of late 
February or later? And the 
second is: even if it can, what 
are the chances of its improving 
its standing in the country to 
tbe point where it can win a 
general election? Obviously 
there can be no definitive 
answers at this stage, but there 
can be some calculations. 

It seems likely that there will- 
be one crucial vote when 
Parliament resumes in Novem- 
ber. It will come on the Queen's 
Speech. If the Government sur- 
vives that, barring the unfore- 
seen and the unforeseeable it 
should almost certainly survive 
until February. But will it? 
The outcome seems to lie in 
what it can do to attract the 
Scottish and Welsh Nationalists, 
of whom there are 11 and three 
respectively. If the Govern- 
ment can secure their support 


non-event 


THE PRIME MINISTER has 
chosen to give us a possibly 
brief reprieve from election 
jitters, at the cost of an indeter- 
minate sentence to political 
uncertainty. Yesterday the 
market, which has grown quite 
attached to minority rule under 
Mr. Callaghan, chose to cele- 
brate the immediate effect and 
ignore the longer-term implica- 
tions. This was probably not so 
much a political judgment as a 
technical twitch: the financial 
institutions had been piling up 
Funds awaiting the outcome of 
an election, and decided to 
commit some of this money. The 
outlook for the longer term is 
hardly one to celebrate. 


Treading water 

A good deal oF morning-after 
comment has suggested that the 
Government simply hopes to 
tread water for a session, 
occupying Parliament tor a 
little anodynp legislation in 
favour of happiness and against 
misery, while the skeletons now 
on display are decently re- 
buried, and the electorate learns 
to be grateful Tor a better stan- 
dard of living. 

Unfortunately, however. Lhe 
world does not wait for govern- 
ments in need of time. Even if 
we escape externa] dangers 
such as could be set off by a 
failure at Camp David, for ex- 
ample. there are some import- 
ant matters on the agenda 
which cannot be put off. In 
chronological order they are the 
wage question, the arrange- 
ments for closer European 
monetary union, and future 
plans for public spending. In 
addition there could, on past 
form, be a budget at any point 
in the timetable. 

Mr. Callaghan may well regard 
the wages dilemma as a strong 
argument for staying on. His 
hope is that the unions will 
hesitate to push their opposition 
to the 5 per cent norm to the 
extremes of militancy when 
they are aware that every major 
challenge brings Mrs. Thatcher 
nearer, to No. 10. This is a 
plain gamble, and the TUCs 
new chairman. Mr. Tom Jack- 
son, has already admitted the 
painful implications for union 
leaders, who are not sure how 
far their members will follow 
any statesmanlike lead. 

If the gamble succeeds, and 
settlements are reasonably 
moderate, then sterling and 
interest rates win benefit, and 
Mr. Callaghan will campaign as 
the man who has proved that 
even without a majority, he can 
fight infiation. The awkward 
results of tight restraint — 
shortages uf skilled labour and 
fights over . differentials — will 
remain for the next government 
to tackle. If the gamble fails, 
and wages explode that govern- 
ment will be led by Mrs. 
Thatcher. 


However, if there is some- 
thing to be said for leading 
from weakness on the wages 
question, there is everything to 
be said against taking long-term 
decisions in au atmosphere of 
perpetual electioneering. A 
lame-duck government has little 
power to win the concession 
which Britain has rightly sought 
to make a new European 
monetary system workable in 
the long term — notably a better 
balance in Lite EEC Budget, 
now weighing heavily on the 
invisible account Mr. Callaghan 
needs membership of the new 
monetary union as visible proof 
of statesmanship, but the terms 
may be rather unfavourable. 

More important, the next 
weeks— and months, if Mr. 
Callaghan has his way— will be 
a severe test of the Govern- 
ment's fiscal and monetary 
statesmanship. The dilemma is 
familiar: whether to persist with 
the policies which have so 
improved our outlook in the 1 
last two years, or try to buy 
popularity now and pay later. 


Temptations 

The public spending review 
will see the main battles. The 
TUC has already made it clear 
Lhat it wants higher spending, 
and unemployment is in any 
case likely to be a persistent 
problem: and departmental 
ministers are a spending lobby 
in themselves. In the longer 
haul, as the CBI has reminded, 
there is everything to be gained 
by tight restraint A govern- 
ment trying to come up from 
behind may be unable to afford 
a long view, whatever Mr. 
Callaghan and Mr. Healey may 
privately believe. 

The temptation to overspend 
is particularly great in a five- 
year plan. This year’s White' 
Paper an public spending! 
showed relatively modest , 
growth in detailed programmes, 
but a large contingency reserve. 
The Cabinet has already pre-, 
empted most of lhat reserve for ! 
lhe current year, and is bound) 
to approach the money provided j 
for future years with itchy 
fingers. This is a sure recipe' 
for long-term trouble. 

There will be similar 
pressures towards laxity in 
monetary and budget policy, 
though the banking and retail 
figures show that the private 
sector is now making the run-i 
ning, and needs a clear track. 
And even if the Government 
holds the central ground, with 
responsible budgets and 
restrained monetary targets, 
every industrial and regional 
crisis will argue for expensive 
concessions oh the fringes. In a 
tight situation, whatever the 
Government does to please 
voters is likely to alarm tbe 
markets. We face an uneasy 
winter. 


for the Queen’s Speech, and > 
assuming that Labour’s own 
ranks hold firm, that is suffi- 
cient for an Overall majority. 

The question therefore is how 
much does the Government have 
to offer in order to get it ’ 

All the talk so far has been 
of a promise to .hold the 
referendums on the proposed 
Scottish and Welsh Assemblies 
before the general election. Yet 
the more one thinks about that, 
the more one doubts whether it 
is enough. In the first place, 
even Mrs, Thatcher is now 
committed to holding tire 
referendums. if there is a Tory 
victory, so the Nationalists are 
not in fact being offered any- 
thing new. Again, it is scarcely 
credible that a new Labour \r£-. 
Government would go back on 
its own commitment to the 
referendums merely because 
the Nationalists had refused to 
do a deal now. That is not only 
a point of honour: it is also a 
political calculation. Nothing 
would be more likely to re- 
kindle nationalist fervour than 
a decision in Westminster to 
renege on ' the ■ offer of 
devolution. 


Not least, there is the ques- 
tion of why the Nationalists 
should accept referendums on 
the present electoral regis- 
ter in order to allow the 
Government to go to the 
country on the new register The 



James Callaghan: the Prime Minister 
may have waited too long. 


Donald. Stewart: Commons leader of 
the Scots Nats and- the man in the 
.- middle. 


Margaret Thatcher: (he Tory leader 
can count on Liberal votes against 
the Government 


country on the new rerister The prospect of an early remote. By economic, and cussed in public, yet negotia- reappear. The revised figures 
next Spring. It should not be general election must seem just social instinct the Unionists are tions are going on and the for retail spending in July were 
forgotten that there is a 40 per as unappealing to many Tories, and the only political planned timetable is that ft up by more than 6 per cent in 
cent clause in the devolution Scottish Nationalist MPs as it deal that would attract them should start going into effect real terms on a year before, yet 
legislation which requires a did to Mr. Callaghan: perhaps would involve the Government frojn January 1. A section of again the increased demand is 
large majority in favour before half of them stand to lose their going back on power-s h a r ing, the Labour Party is likely to be being reflected more in the rise 
the Assemblies enn come into seats to the Tories. It is there- Although one must learn- to be agaxnst it on any terms. One -in imports than in-any stepping- 
belng. fore possible that fear of an surprised by nothing in politics, wonders whether a minority up of domestic production. The 

For all those reasons it is early poll coupled with an that seems unlikely. It is thus Government : kept in power by calls for cute-in public expendi-^ > 
Drobable ttat S^Scottish enticing Government offer could with the Nationalists that Mr. the Nattonalists and continually ture to makeway for the growth^- 
Nationaiists^ecSny wS^k ^ow a deal to be done. Callaghan must stand W falL IjoWng over its electoral of the private wctor-always an.^^ 

It should be said. Hidden- .... shoulder would be in any post- alarm signal for the Labour. 


tS tX** ‘there a^SarfTo^ ^adequately to handle sucli Part^ve beg^. 


a separate Scottish oil ftmd and tally, that there appears to be ^ Governjnent does survive in matters, 
a revision of the 40 ner cent DO Way in which a Similar will . 


a revision of the 40. per cent no way in which a similar p , 1 .ii atw wl t W hat will it do and 
clause have already been men- calculation could apply to the h OW w Ul it fare in the country ? 

.1 j i ,,n. r d.kk, if* Ctcol ... . * 


atters. __ On top of that there is. 

Overshadowing everything is unemployment which refuses, f 


kind which require legislation. 


seek to drive the hardest pos- about the need for an October -j^ e Gover nmen t could Actually having t0 “HP 1 ® 01 ? 11 * SJf 11 fatnre - 

sible bargain, and it is not election for the party to be seen g j ve a fay- impression : of 5 per cent policy °n pay. The Mr ^ 


Michael Foot, the deputy 


T sj y - — — ~ — % > — kiyc O. JL UUpi UwiMVi* . . - _ , , . . 1 in n ,| J, UlW MV pitlj 

certain that the Government any longer to be keeping tbe activity without having tb;$all 5 ym 1 ? al V1 . ew ls ,.. h * wJ - I l * t leader of the Labour Party, re- 
could deliver while maintaining Government in office. Equally, too often for Parliamentary^ , .J™? 1 ]? “Rely event, jerked on Thursday evening 


total unity in Labour ranks. the chances of the Government port. Bui 
There is one faetor which doing a deal with the Ulster a u sorts 
could help the Government. Unionists must be considered months < 


BATTLE LINES IN THE COMMONS 


FOR THE GOVERNMENT 



Labour 

306 


Scot. Labour 

2 

JTO 

Soc. Dam. Labour ; 

1 

Independent* 

i J 


AGAINST THE GOVERNMENT 



* Conservatives 

282 

- 

Liberals 

13 

IN THE MIDDLE 



Scot. Nationalists ’ 

n 


Unionists 

10 

24 

Plaid Cymru 

3 


Vacant (both previously Labour) 


2 

Speaker and three officers 


4 

TOTAL 


635 


• HI.F. Maguire from Ulster, a freqaera abterrtea 


months or so look like being “^Ti the country at a time when the 

altogether more difficult to deaLr£j£;J™^ economic situation was rela- 

with than the last six. In sood was an example of 

ticiriar, £ number of decisions its courage. Another way of 

will be taken either in a ^ putting that, however, is that 

which will further alienate part the decision was foolhardy, 

of the Labour Party Or, Jf e One of the reasons why 

alternatively, in a way to cull fiS I1T ?^n S Lab ‘ ,ut could “ ot count on vic " 

maximum electoral advantage, rJt tory this autumn was that it 

in which case they will rarely That would^r^t have been quite not j, e sure 0 f getting 

be real decisions at all. > S enoa S h of its ov?n supporters to 

To take foreign policy first. new m 2Kw ^ ^ Next spring the new 
It might be just possible to over- ... '■ ' electoral register might help, 

look Rhodesia in the sense that Nor can the question of wages but one wonders whether the 
while it is important and might earnings be separated from Government will be able to do 
be coming to a bead, the two tiie economy overall. Mr. anything between now and then 
big parties have always been Callaghan told the Trades Union much ‘ to inspire the Party 
internally divided on it and Congress • en Tuesday that activists. The mood of the . 
successive governments have inflation $ould not go back into Labour Movement could yel 
usually managed to find a con- double figures this year, but the turn distinctly sour, and at the 
sensus of a kind in the end. fact that be put it in that way same time it is difficult to see 
(Certainly both parties seem to means that he is well aware that where the Government can gr 
be implicated in the findings of it could be different in 1979. to find new voters. In retrospeel 
the Bingham Report:) But there Even if one accepts that the October or even May 1978 might 
is also the proposed European present consumer boom was not well seem like lost opportune 
Monetary Fund. That too is inspired for political reasons, ties. Mr. Callaghan’s chances ol 
clearly very important indeed, many, of the old familiar warn- getting to the church on time 
It has not yet been properly dis- ing signs are beginning to may have disappeared for good 


m 

mm 




Letters to the Editor 

* t travel 

Telephone manners co mm 


Front Mr. B. Q. H. Griffiths 

Sir. — An incoming telephone 
call, however welcome it may he. 
is essentially an intrusion. As 
such l feel sure you will acreo 
that the caller should at loast .be 
on lhe oiher end of the line to 
inflict (he intrusion personally. 
It is bad enough to hold on to 
one’s phone while a secretary at 
the other i-nd having said “ 1 
have So-and-So for you " pro- 
ceeds to search for So-and-So, blit 
it can he 20 times as bad for the 
operator uf a 20-line switchboard 
who is thus instructed to “Hold 
On ” while a growing queue of 
iocomin'c calls awaiis attention. 

The Post Office is the sole 
gainer from the practice of 
having secretaries place tele- 
phone calls and whether it is in- 
dulged in for reasons of self- 
aggrandisement or mere thought- 
lessness I feel sure it is a habit 
which should he dropped nation- 
ally and immediately. 

In my office w« have forbidden 
lhe practice Tor as long as I can 
remember. 

R. 0. It. Griffiths. 

101. Derhfi House, 
h'svlinnye Flags. Liverpool. 


i ravel to Gatwick. The writer 
commented that perhaps someone 
could operate a service from 
South Wales to Gatwick. It may 
interest Mr. Scott to know that 
Air Wales bold a licence to 
operate a scheduled service From 
Swansea to Gatwick. We intend to 
commence this service in tbe 
Spring of 1979 on a twice daily 
Monday to Friday basis. Air 
Wales have identified the need 
for a regular service to Gatwick 
to serve South Wales travellers to 
London as well as those wishing 
to connect with the ever increas- 
ing number of international 
departures out of Gatwick. 
Captain J. H. Evans, 

Air Wales 

Cardiff Wales Airport. 


Overseas supplies 


Schedule D tax 


From Mr. Ancrnm F. Em ns 

Sir. — With reference to the 
letter " Schedule D taxpayers," 
August 31. 1978. To be equitable, 
comparison between Schedule D 
and Schedule E taxpayers during 
periods of inflation must take 
into account that the former 
must retain pari of their earn- 
ings unspent to finance them- 
selves and tbeir staff, whereas 
the employee does not have this 
economic requirement. 

Existing stock rulM is 
Revenue r/cosnilion of this 
problem: the type of relief needs 
to be extended to the total cash 
requirement. 

Ancriun F. Evans. 

8. Ecclesltm Square. SWl. 


From Mr. Ron Manxfield 

Sir. — I can beat tbe record 
claimed by Mr. Verstaqe (August 
19) by a wide margin. 

Last week 1 received urgently 
needed materials seven months 
after notifying the manufac- 
turer that these items bad been 
supplied incorrectly in the 
original consignment, which it- 
self was delivered four months 
late. 

Unfortunately this is not an 
isolated case and I could quote 
several other instances where the 
delay has been five or six 
months. 

Ron Mansfield. 

P.O. Box 4265. Abu Dhabi. 
United Arab Emirates. 


life any easier. I have often seen 
the initials AAH and I always 
thought that was for Amal- 
gamated African Hotels— until 1 
learnt that company had been 
taken over — so now I have no 
idea what it means or wbat the 
company does. Sometimes the 
company report gives a hint — 
BQC International talks of 
alloys and metals, so BOC could 
be "British Overseas Cables — 
except of course that its British 
Oxygen. Most times, when you 
write about a company you put 
the full company . name in 
brackets after the initials— but 
may I ask you to make sure that 
you do it aheaps. and if possible 
make a reference to what the 
company does, if this is not 
indicated by its name? 

I. F. Reddifaough. 

Residence Panoramic. 

Ch. du Faux-Blanc 20 E, 

1009 Pul lu- Lausanne, 

Switzerland. 


Numbers game 


From Mr. T. Alex Vfainu: right. 

Sir. — What a nice clear round 
equation — 1 . 000.000 more unem- 
ployed under a Socialist Govern- 
ment and £1.000.000 from the 
TUC towards the Socialist ejec- 
tion fund. The audacity of tbe 
Socialists is breathtaking, tbe 
action of the TUC In granting the 
cash criminal. 

T. A. Walnwright 
S, Hermitage Drive, 

T icy ford, Berks. 


Revenue repayment 


Name of the game 


Wales to Gatwick 


From the Director of Operations. 
Air Wales . . . „ 

Sir. — i read with interest A. H. 
Scott's letter (September 5) on 


From Mr. 1. F. Reddiiiough 
Sir. — Your Lombard column of 
August 29 informs us that British 
Ley land has now become BL. 
Does this help the investor or 
improve the image of the com- 
pany? No doubt some wag has 
already said that BL stands for 
Bloody Loa f er , but sa rcasm 
apart, with the problems attached 
to investing today, to hide the 
identity of the company behind 
anonymous initials, is not making 


From Mr. S. P. Best. 

Sir. — In the considerable cor- 
respondence which has taken 
place concerning alleged late- 
paying of income-tax by the self- 
employed, scant attention has 
been . given to. the scandalous 
delays which frequently charac- 
terise Lhe repayment of tax 
(whether in error wrongly cal- 
culated or improperly demanded) 
by the Revenue. In many wavs 
that is much more serious than 
any alleged delay in payment by 
the self-employed, who indeed, as 
some of your correspondents 


have pointed out, still bave to 
pay tax every year, and at what 
is often a penal level without 
the concessions afforded to a 
limited company. 

One of the Treasury Ministers 
recently defended on television, 
in very unconvincing terms, the 
decision of Government not to 
extend to the soli -employed pie 
concessions made to smaller 
limited companies. The reason 
is not far to seek, because, of 
course, the tears shed by Govern- 
ment (in anticipation of an early 
general election) on behalf of 
the self-employed are merely 
crocodile tears. Whether their 
likely successors will show a 
proper concern for tbe sell- 
employed remains a moot point 

That the services of the 
privately practising solicitor 
should be available to ail,, what- 
ever tbeir means, is beyond 
doubt. However, the Govern- 
ment. intent upon creating a 
proliferation of new law centres 
throughout tbe country, is 
busily stripping the legal aid 
fund to provide subsidies For 
such centres (currently, subsi- 
dies provided to existing law 
centres range up to £57.000 per 
annum, per centre from central 
and local government sources, 
and from the Commission for 
Racial Equality) whereas the 
solicitor private practitioner has 
to fund himself without any of 
tbe new tax concessions granted 
to the smaller limited company. 
The Government complains that 
there are too few solicitors in 
certain areas, but is plainly in- 
tent upon ensuring, for party 
political motives, that that situa- 
tion remains constant 

The Idea that there is nothing 
better to do with your money 
than to give it to any Govern- 
ment so that it might spend It 
on your behalf, srems from the 
bureaucratic attitude which, as 
Jo Grimond correctly pointed 
out yesterday, pervades Parlia- 
ment. large sections of industry 
and the social sen-ices. He com- 
plained that tbe bureaucratic 
attitude “eats away at produe- 

ti.-.n it Mu, , .. 


sympathy for the view, recently readers credit for being able to 
expressed, that Mr. Grimond is recognise it as such without it 
tbe best Prime Minister which being set out in rhyming 
this country never had. couplets. Incidentally in which 

S. P. Best. fornx Campion present 

g?’ Church Road, .Nancie M. Plimmer. 

Tunbridge Wells.. .Station Road, 

Great Ayton. 

Middlesbrough. 


As long as it’s black 

From Mr. J. F. Woods. 


WE RE RICH! 

JOIN US! 


Verse and worse 


Sir, — Reading your letters on 
the machines saving manpower 
subject reminds me of a story 
I once heard about Henry Ford. 
He was demonstrating to a Union 
official a new machine that 
would replace tbe work of a 
number of men, and said to the 
Union man "And it won’t come 
out on strike.” The official said 
“Yes. but how many Ford cars 
will it buy? 

J. F. Woods. 

“ Linkstffood," 

Fliers lie Lane, 

BexhlU-on-Sea, Sussex. 


From Mrs. Joyce W estrope. 

Sir, — Surely everybody knows 

The difference of verse and 
prose 

The former must at least show 
rhyme 

While prose need hot at any 
time! ' 

Joyce Westrope, 

Grove House, 

15, Glen Way. Watford. 


Author’s reply 


Confused Muse 


From Mr. John Weatherhead. 

Sir. — Two letters printed 
September 2 were less than fair 
to you. I reckoned; why don’t 
you jump to your defence? It 
is by no means an offence to 
print a piece of verse a* prose, 
in fact it's quite a change for 
those of us who daily scan your 
pages for light relief from 
spiralling wages and all the 
dreary bits of news which never 
manage to amuse. The humour 
may be more oblique but surely 
can't be classed as weak. 

John Weatherhead. 

87.. Darnick Road. 

Sutton Coldfield, 

West Midlands. 


Pr os and cons 


tion. it kills initiative and it is 
very bad for the buman race." 
The corporatists of the Rl«»ht and 
Left would certainly not agree, 
but as a party-political inde- 
pendent I have considerable 


From Mrs. Nancie M. Plimmer. 

Sir,— Abo ut the letter headed 
“Secretaries” and the replies. 
Please will you settle as argu- 
ment here. My husband agreer 
with Mr. Norman Frisby — I say 
that the editor who chose to pub- 
lish Mr. Campion's letter knew 
it was in rhyme but gave his 


From Mr. Bernard Campion 
Sir, — While L am duly grateful 
tu those good people who wrote 
(September 2» m praise of my 
prosaically poetical piece about 
Secretaries. I must In fairness to 
the Financial Times point out 
that my pearl was presented 
precisely as 1 bad submitted it — 
and as I wanted It . to be. Many 
people nowadays avoid "verses" 
in any form like the plague (not 
without good reason. I’m afraid), 
and in order that they do not 
misguidedty ignore my own 
admittedly excellent verse 1 
camouflage it as prose, so that by 
Lhe time the reader realises he 
has been conned into reading 
“ poetry ” be is too absorbed by 
the context to abandon his 
struggle. Not that there is any- 
thing new in the idea, of course 
For decades the daily papers 
and women's magazines have 
heen producing their “ Fragrant 
Minutes" in this genre. “Patience 
Strong” is perhaps the main sur- 
viving exponent in this medium 
— though another reader (writing 
10 me direct) has kindly com- 
pared my genius with that of 
nnotber celebrity In the busi- 
ness, WHhchnina Stitch, who 
died in 1936. 

Bernard Campion. 

34 Treveneague Gardens, 
ftlanadon, Plymouth, Devon. 


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t 


■financial Times Saturday September .9 1978 





the radio waves 


.c«r 


■ 1 




by david fishlock, science editor 

BritiS Asso^atinr^fftr ' a!* 6 estiinates * CdU - 1( *. ba . v '* as development of a substantial offered by vets, frozen food security and defence. The rated but at power levels much 

5 moment” * MwS ‘ta ^ "W* S~«»S "«* *«- »l«m™ - «en uidernkers. problem here is by no moons hl<her „„„ inlemstionn! regu- 

yardstick sciem-P h a - a *l‘ V operatm S- ^ev, on a which can show hand- And Tor the past tea years radio only a domestic one. During the i at j ons iiat*. nr nurtiv ri„ m . i 

emer»e at last Frnw b t h Un 10 Tbe P robIem * s rooted ifl lb(1 so,ne returns for its customers. telephone services have been last year, for example, the . ,, p . ** | 

or “loomv nrr, ffl 0in era ' aws of physics and the way the Take ihe police, says Professor available to private car owners Russians— followed by the U.S. e ‘ r c ,R ' eds rec * u,re - 
Vprv ° few of tv. 0&n0st3tatlon p- eject ro-magnetic spectrum be- Gosling. Its workforce is little in Britain: a service which has — have begun to commission Such breaches of inter- 

‘j’. h f J^per* this haves. There is a well-defined greater than it was in the 1920s. grown steadily in spite of its extremely powerful new trans- national convention tend to - 

■pfalprf disaster if ‘■window” in the electro- although the amount of crime high cost. mitters. believed by experts To force neighbours also tu "shout 

dnn ‘ thic nr that ° r *° a P ban " magnetj c spectrum of frequen- has increased len-fold. The Then there arc possibilities be over-the-horizon radars louder.” But for the listener it ™ 
rinn Rnt thwv . C0Urs ? of . ac ‘ CM* at which radio waves can reason why the police have been scarcely scratched yet in designed to detect enemy mis- simply means more spurious 

non. rsuxinere was one id which be transmitted. On ooe side the able to keep pace with the Britain. A Midlands bus riles at the moment of launch, signals each side of the band- 

tne speaker , left some of his frame is drawn by the physical width allocated — more jumbling i 

audience with a sense of size of the transmitting aerial. of transmissions. If mruunc I 

not, for the subject— a which below 10 kilohertz be- ■ today could be persuaded io 1 

a relatively new one — but For comes far too big to contem- f ^ reduce th,- power or his trans- * 

the terms in which he addressed plate. J lsfei?frfft | mission, reception would imme- 

diately improve. 

Until the lasr year or so the 
British Government was pretty 


a __ 

" A 


his wanting. 


On the other side the frame 


— 0 

; 4 — ! 

Si 1 


k£w 


Police com munical ions: just one of (he many new strains 
being imposed on ilu- radio spectrum 


Hadto UKler 

RafliO 4 in 
Aberdeen Carlisle 


200 

Radio 1 in Bournemouth 


unenlhusiastic about taking anv f,ru,, " s, " s Ua - Vj? \ «bey believe, of electronic ci.inpmi eni circuits, 
aetion in avoid a -cneeirurn wuu!d ht ‘ t " adapt the tech- Jia- ulD-el Ml- earlier expensive 

famine." An unpublished report Pi <, “ c h kl, " wn » single s.Uo- drawtork nf SSE system... fur 
in 1975 bv a Home Office official, taml tawdamm* IbSEl w the which a nshtcr technical .specth- 
Mr. James Warden, examined reumreoient! of land canon has in be v.rnlen. 

thtf. race Fr -a m.inr ..eo mubllp laillll. Blllh PlllJlpS A ,-,ill<cn-llv: i< nuu.- .-|i-vf>lnn- 


Mflz 

Vhl/FM 


Radio 1/2 
88 SO 


RarffO 4 /Scotland 
Cymru/ Ulster 


BBC Radio’s new frequencies 
for November 23 

100 104 


such transmission. To relieve ' d prr.rp^r... mdinn'c * ■ — - 

existing congestion it favoured ? aborfl|nri p S * t hc Universitv [ ? k<?s hL ' an frnni ,he rait , that 
more sharing of wavebands, and nf R „ fh h fh h * lhe regulatory side of the Home 

more skilful use of frequency “LSJ £' l \Z Ohice has begun to acki.-w ledge 


allocations by better trained succeMfullJ demonstrated their lh ? 1 thelV ls a pn,bl,?m - and lo 
operators. Given such restric- 1atest • l(i | ea '«. , lh ‘ cnnfr-renee take tht ‘ te, - finaln " i ‘-' al unluriuns 
tions. it concluded, any need' n arfirt wrtimsly: and also from a report 

*? aTe^St^teins^ ar ‘ Southaniptbn '* 


M 
jS? Is 


Js&g&a* 


iT r? »?S >r *i^ I c 'i am t,os,m Si « drawn by the transparency or Long -X — until the lasr vear or so ihu bt ‘ ” s ,lupusc< un 1 hr ra,,l ° s » ,, ' clr,,w ' 

who h<^ds tl\e School of Elec- the atmosphere lo radio wav e.=;, m 2000. isoo , 20 o British Government was pretty 

tn cal Engineering at the Uni- which above 20 gigahertz (20m unenthusiastic about takin° anv P raniis,in S ways, ihey believe, uf elect mnie eiunpmieni circuits, 

versi^of Bath, is unrepea tantiy kilohertz) becomes too opaque a-fc, UMr action in avoid a "snecln.ni wuu!d ht> 1,1 adapf thtl t^h- ha- ul^ei Mi- earlier expensive 

a technologist who believes in for efficient transmission.' ^ m R famine.” An unpublished reoort n,que as single side- drawback nf SSB systems, b.r 

technological solutions. His The radio band of the electro- Tynwid* N.MMd f imm hWk Aberdeen Carlisle in 1975 bv a Home Office official band broadens! ing tSSBi to the which a tighter technical sptcifi- 

worries are with the. radio spec- magnetic spectrum is therefore ^ I ■. J ' !' Mr .lame* Warden examined spei ’ ,Kc rwjuiremenls of land canon has lo be written. 

^”sss&S s.*x r T - Z — — 1600 

aa — 

is finite, and the limits to wfi£ sourT th^ ^YZcZe fully BBC Radio’s HOW frequencies suih 1V h-2nsmi«io n eX To n6 ra!ieve f !an d d rj *? i . n ll ? e VK) wuhin^iT "hJ 

can be very precisely defined, utilised. It is very strongly the Unuam u A . QZ exi^tin® ennoestion ii favnnred and prr,ressor ^^lings own [ake h art frnm ,| ie fa t t h a t 

His message is that ‘•spectrum view of Professor Gosling, and | -J*-*. <**»/»** for November 23 laboratn u rios al the the Home 

pollution —the way in which wc of the manufacturers of mobile 88 90 92 ? a 96 100 104 more skilful" use of frequ'enev of , Bath , bel,eve ,, lhL ‘>' bav J Office has begun to ackm.wledxe 

abuse our airwaves-is produc- radio systems such as Pare Vhf/FM ~ Z ! anoratinX br better Sed LTacked f ' hl \ P rnhlem ■ , B J* lh thor there is a problem, and to 

mg a crisis more acute than Telecommunications (Philips). , Rad.oa . nJra™" 5 r.L**™ l ™2Ei ««*BMIy dt-monstraied then- , akp rht . fei . iinnln! . i( . a i ^.h.ru.ns 

those- of energy and material KadiomobiJe (Smiths Indus- V - ,■■■■■ ' Sit concludedan/n^ed kl - ,h€ “ Co " r f enc . c sermnslv: and alsufrum 3 report 

resources. Hi s resolution is a tries) and Internationa] Aeradio , . Iec hnolo'’ical rnulH he ? a S‘° Rece,vers an<i Assnc| - ,.r ih^ Federal C«-mmunicatiun 

technological one-more ad- (British Airways), that we are o«,n n n?rf fir It ? e a « , h-IIrI ated Systems ar Soul ham pi un * • „ .he U S Larhe? 

vanced systems for radio recep- already uncomfortably, close to growth nf crime, and in popula- operator wanted to use mobile So powerful are the Russian pos p nea Ior 21 , ast 3 aeLaae - this summer. And a third lhls str.>n-K supoortin^ 

tion. saturating the radio spectrum, t ion, road traffic, etc., is through radio in his fleet, to re-route transmissions. From deep in the The radio manufacturers system. using a different c ‘ xtl , n , l{ jo n .iT SSB intn the 

In November the BBC— as it One important reason for this tbc ‘ introduction of radio— the buses to- points where the Urals, that they are proving were understandably aggrieved- approach, was demonstrated by yHF ‘ , uhf bands fnr land 

keeps advising radio listeners is the growth in demand not Perhaps a £20m investment customers were queueing, highly destructive to short-wave It had even been argued that Marconi. mobile radm 

and inviting them to help publi- onlv for radio broadcasts— the nationwide— first into vehicles The Home Office, to protect radio reception all round the more transmissions cnuld be The Bath University svsiein 

eise— is changing the frequen- European Broadcasting Union and then for the man on the against overcongestion, re- world. Large portions of the squeezed in by reducing the has been developed first" wim “"V® , n “ l ahull [ 

ties of most of its radio pro- has recentlv called for a sub- b <*at- stricted his licence to the radio’s short waves on these frequen- bandwidth allocated, and tnlerat- Home Office '■ranis from its , r ‘ , means a inT 

grammes. One reason is the stantial increase in the ailoca- Or take private radio services use in emergencies only. But ties are already unusable, says ing the poorer quality of trans- Directorate ».f ’Telecom in un l<-a- de,al,cd >el hy . !hc i rad . in 

recognition tiiat Radio 4 is tion of radio bandwidth for by commercial companies, if the Government is seriously Professor Gosling. mission this must entail. Bur tions. and more recentlv with » SIwn compan k-s to deveiup me 

the mast popular programme broadcasting— but also for pri- According to Professor Gosling, interested in improving public Another reason is the refusal as Professor Gosling points out: funds from the Wolf son Founds- n '' lv t'-ihniqucs mm broadcaM- 
among car radio listeners: the rate radio systems, above all for commercial delivery services road services and wooing people of some countries to observe in- ” Just listen to the average taxi tion fa condition of which is mss anc receiving systems, rnr 

change will allow them to re- mobile radio. Broadcasting can show economies of the order away from the private par. terna tion ally allocated frequen- radio— if reception gut much that the results are made Freely H M ; rs 11 ma - v niean s crappina 

main tuned to the same Fre- authorities at least have the of 20 per cent from lower fuel radio affords more technological eies for broadcasts. The most worse it would be no use at all. 1 ” available- to industry). Where ,m in open the way for 

quency on long drives. But alternative possibility of using costs and belter vehicle utilisa- promise than more fancy ideas flagrant. example is provided by The technologists propose a bandwidth* of 12.5 kilohertz, nr n1 .' ,,e .conservation - conscious 

another is simply radio conges- cable systems to protect their lion by introducing radio. Many, for “rapid transit” Albania, which uses a very qu j le different solution: one mn -"C are allocated for trails- s - vslems - out Hie outcome couirl 

tion — difficulties arising from transmissions from interference such as taxi, messenger and But there are other reasons powerful 1 2JIW ) transmitter to they believe could open up mission today, professor Gosling be ni,ub wider uw of an 

the increasing use of radio by overcrowding. Users of commercial delivery services, for spectrum congestion, the broadcast on a frequency which enough additional capacity in believes that his equipment economically proven method 


iff ihe Federal Cum muni cation 
Commission in the U.S. earlier 


Change will not c«»me about 
rivernighr. It means a lot of 


dio affords more technological eies for broadcasts. The most worse it would be no use at all.” available- to industry). Where ipvcsI,m,,,,!i 1,1 npcrl lhL * wa >'. f ‘ ,r 

omise than more fancy ideas flagrant, example is provided by The technologists propose a bandwidth, of 12.5 kilohertz, nr n e fonsc-rvatiun - conscious 

* “rapid transit" Albania, which uses a very quite different solution: one more are allocated for trans- p Menis - B,,r (hr nuinmie cou ,f t 

But there are other reasons powerful 1 2JIW ) transmitter to they believe could open up mission today, professor Gosling be much wider uw of an 

r spectrum congestion, the broadcast on a frequency which enough additional capacity in believes that his equipment economically proven method 


bands and the way transmissions mobile radio can be given no are already wholly dependent on most obvious of which is the it has not been allocated. The the radio spectrum to service needs channels only 5 kilohertz of communication. and 
are. jumbled together on the such protection. Overcongestion, radio. It is spreading to less growing demands upon radio Saudis arc starting up a new growth and developments for wide. Technics! ingenuity simultaneously improving 
dial. By November, the BBC the manufacturers say, is cramp- obvious services such as those for aviation activities, national transmitter on a frequency alio- 20-30 years. One of the most together with the failin'* costs standard, of radio reception 


sighs of relief at the end of TO-DAt Prime Minister goes to j?AAnr»mio Telecommunicatum <*nd Plumbing 

their “A* levels and this week B^rnoraJ for annual week-end .LCODOiniC UiaFV Union industrial conference, 
the floral skirled and smartly VLSlt t0 lhe Q ueen - " Goodricks College University, 

tailored butterflies came to- MONJJAV — European Central Church House. Westminster l until Vork. 

sether for a celebratory drink. Bankers begin two-day monthly September 1 ~>). THURSDAY' — tiakini-e of pay- 

Thank priorinocc ewerohodv’*: meeting in Basle. August provi- TMPi: „,v . u , „ ^ mcnLs current account and over- 

t e 2l S sional figures for wholesale price TUEWJA) -Liberal Party- con- W as trade figures (August), 

exam results were sausfactoiy- index and also retail sales, fcreme opens Southport rhea re t : K banks' asst- is and liabilities 

Indeed, half the class Of eight Central Government financial ‘ un . tl !. September lal. Building and the money stock (mid- 


Weekend 

Brief 


Little 
Suit larger 

A bank which expands its 
branch network by a tenth in a 
year is pretty rare among the 
British institutions these days. 
But when you start from a base 
as small, in terms of branch 
coverage, as Coutts the recent 
expansion programme looks 
quite dramatic. 

The latest opening, in 
London's Kensington High 
Street, brought the group’s 
total branch network to 11. if 
you count the several branches 
operating from its Strand offices 
as a single unit. This may not 
seem very adventurous. But for 
a bank which after a history 
lasting 286 years bas kept itself 
consciously apart from the ex- 
tension of financial services on 



guest at the reunion in a pub K ' Mr David ‘ EnnS ?'? British Insti- ^ P nd quarter niuras for UK. 

near Welw>n Garden City. Secretary for Social Services. lure Mjnagenwnt ,mnua! hanking ser lor: linancina of the 

Robin, Julie and Clare were opens British Pharmaceutical re P° rt - Central Government Borrowing 

engaged in earnest conversation Conference, Warwick University. WEDNESDAY — Index nf Indus- Requirement: ami money stock, 
with Pierre our French teacher Mr - Stanley Clinton Davis. Pariia- trial Production (July pro- FRIDAY— Usable sit-el production 

when I rani pin Paiil whn had menlar F Undersecretary of Stale v-sionall. Mr. Denis Healey. (A ucu.it). Retail prices index 

when I came in. Paul, wno naa for Trade, opens Cnmmonweatth Chancellor tff the Exchequer. lAuxusn. Cyeiical indicators For 

always been late for class, had Air Transport Council meeting, addresses Electrical Electronic ihe UK economy (August), 

not vet arrived. When he did 


-lx.' 1 

; • . : 

;-V - - ' : • ■ : ' - 


Coutts and Co. chairman, David Money-Coutts: Expansive mood. 


turn up. half an hour after the 
appointed tinm. he was told in 
no uncertain terms to leave his 
motor cycling gear outside the 
pub! 

In July we had all undergone 
the gruelling experience of 
swotting for and finally sitting 
a 7i hour written French exam, 
split into three parts, and an 
oral. We had supported and en- 
couraged one another and been 
Ten* Kirk supported and encouraged by 
our teacher. 


Sll 




7„ B ,C 5 7T For two of us nothing much 

consciously apart from the ex- ■ , , h d Pipr .. p wil f nfl nn 

tension of financial services on In any case, the bank will have have more than 40 years ex- courtesy of one of Covent . v* . “ , ■ * ‘1 

a national scale adopted as other things on its mind in the perience. Garden's own sponsors. Coramer- Li',.."* nli j Lin !SnVtrf 

policy by the other cleariug next few months. For five years. The search for etra disease- cial Union. Commercial Union ^ ciiiih frt!-” 

banks, the events of the past two it has been engaged in an ex- resistant trees began in Holland is providing Scottish Opera with Da “‘ e rounu aamsoury s 

or three years represent a major tensive reconstruction of its around 1930. In the 1950s the £35.000 which it needs tn ,^' ar ® 

development. famous offices in the Strand, several strains bad been grown mount a new revival of the r 1 ? 

Coutts, with its frock-coated with their pepperpot facade, and successfully and resisted the famous drama of betrayal and “ 1 ^ n n ° rae on y 

managers— the pockets in the has been living in a number of plague. But then disaster revenge, and is thoroughly ; u t L. 1 ., e _ 8 " d „ 

tails of those coats. I am told, offices. Towards the end of this struck. The previously unknown pleased with its investment. meant rad t c h 3 p 

can be put to many useful pur- year. Coutts hopes that it will “aggressive” strain of the It represents the insurance a "° . sac cnan fi e lor ine 
Jposes — has deliberately re- at last be possible to bring its diesease attacked and the re- company's first formal venture h hprrim* 

stricted itself to a particular head office operations hack into searchers were back more or into sponsorship of a company J ° rJa-hi if * ■» i ci 

sector of the market. It was the rebuilt Strand premises. Jess where thev started. But at based outside Londoo, though r* 0 , te “C nin S hospital bne 

taken over by the old National least they had a considerable hs cash has in the past helped nao aireaay coped with Rie 

.Provincial Bank in 1920. and is bank of breeding material with to send the Royal Opera and problems or a geriatric ward, 

[[now owned by National West- KlIQffV which to work and the con- the London Philharmonic seen a fellow student faint at 

Ununster after rhe 19(f8 merger. 9 fidence from knowing that if Orchestra on tour— both to the her hrst sight of somebody 

HBut it retains its own seat in they couid beat the killer once North of England and the elses blood, dealt with a bed- 

jilhe Bankers’ Clearing House prUUIpSII they could in all probability States. Commercial Union con- pan and come to the firm con- 

and concentrates independently Brave efforts are being made beat it again. centrales on sponsoring music elusion that. despile her 

and successfully in providing a to bring back the «?lni to *pite m^in difficult> with ihe lbes,e cJa >’ i - although requests cleverness and academic 


T^nd theoutstandinRmanaoement group 
was (wah for it l M&G, which had __ A 


In the past few years, the bank f ew . vears and the relentless Ul ^ t h rPe years old before company used to specialise. Robin had found jobs together 
has been spreading ils wings. spre ad of Dutch elm disease definitive tests can be carried .-T b ® “ P .S? I1 SS fSS at British Airways’ West 

The Kensington opening i nt0 even the inhospitable onL P ls . , h filet r &c . ol “ sn London Terminal. They were 

uilowed the new branch in northeTn regions, the face nf There are no short cuts, and ,„ e _ presently undergoing a com- 

Srnmpton Road in London in Britain has been Mr B urdekin pointed out that sStlanri P prehensive traij,in 2 course. 

ip. In both cases, the bank irre v e rsibly altered. we would probably have to wait Opera wa. born Sid swemtoS wh, ^ h app ^ red 10 be be,n S 

rhose up-and-coming areas Forest ry Commission experts a further 2u years or so before present -e'minenw on the tide eonduct ' d b - v a computer, pro- 

u tractive to Uic _ right kind of who are attempting to develop » reasonably resistant" trees of Scottish nationalism Putting Summed by someone with a 

' ncrSn r pfifPd n i?m the tranSer varie £ es of ^ ^ rt i»S were available for planting, money into Scotland's' cultural Se P S r e F ^ “■ 

?r l sist the rava .? es 0£ the f n fn Tbe °- of course, there would be development was a convenient t . If something wrong 

hlSplinTK nS “aggressive strain of Dutch the furUier , on . wail for the way for companies to demon- l he computer flashes up, • Oh 

^d-ease say that by the time to malure tnW full- strete that their hearts were in dear - >'° u bave a bad 

L, no f their work is finished there will blo ^ * |ms the right place, without coming memorj\ or ‘Oh. no. no. no. 

square— which aIso be , ,p f d .J” be no place for the elm in the he Porest n- Commission down too firmly on cither side that wont do ."said Clare. “It 

. eh eve the pressure on the stiff eountryside. and t}1 WO rkinK around the of the political fence. drives you mad after a bit" 

it the existing °ffi ces - Most elms, before the disease .. h plans for giving While the Link uow formed But the sensation was Paul. 

RecenLy. Coutts has a-so swept away their foliage and _ intricate and with Commercial Union un- His h fl> mg Paul, who smiled his 

sunched a campaign to sawj - ers finished the frh, i .- detective rtorv.” Mr. dnubiedlv reflects Scottish apologies when he habitually 
ncrease the proportion of ts grew j n hedgerows. But the Burdekin ^said •• We want lo Opera’s eminence, it probably turned up twenty minutes late 
lUxiDvss d ®"f hedgerows themselves arc still ' j. difficult lo reflects, as well, the way that for every lesson. He had scored 

ra ¥h« disappearing — although not J* eta. that tide of nationalism has two As and a B and was soon 

ank Snorts ihat its idverfiv <iuile 50 ra P !dly as th . ey d,d the disease is so powerfuliv rect,ded - Commercial Union, off to university. Meanwhile he 
*ank reports that its adterts- ^ the arable farming in- dls . ‘ P ca “ it's true, is fairly heavily repre- was at the bakery, wrapping 

ng campaign achieved sign.- ^ ab0||t stri pping Its ^ ablisb f d - Bul * c can s enled in Scotland-therc are and packing sliced bread. “It's I 

Sieh fieIds for cultivation with giant two offices in Scottish Opera’s all the same, you know” he 

"f f machines. Fresh ^ LS Home city. Glasgow. But it whispered eonfidentiy. “The 

- /he objective of stepp^ tiiU. vor Mr Davit j Burdekin. a prove useful has just allied couldn - t in any sense be d6 . st uff that costs 22p is the same 

pnt te nf bn f!,p tnS Courts ^is Forestry Commission researcher “ Britain . from ,bc U, :^ R ; scribed as a Scottish company, as the 28p bread. We just put 

atlsfied wS ffJSSS so ** ^hen the tree breeding Coventry MP. Mr. William NeveTtheIess , ^ opera it in d.fTerent wrappem." He 

atisfied with th p o WOfk was over — and he was Wilson drew on the „ood\u11 panv - s arTlstic director. Sir smiled disarmingly. 

em„n ha« also ventured diking in terms of 20 to 30 stemming from Coventry s Jai]ies Gibson, has welcomed He was getting £7S a week 
jwHtattm of saplings 'twinning” with Volgograd tMs spons0 rship in the most on the night shift, he said, as he 
ecentlv its onlv branch outside rai g bt begin again. “But the and has been sent a box of enthusiastic terms— and there stood up lo buy his round, 
■nndon > was iif Eton But in elm will probably be a tree for reputedly disease-resistant elm are planSi once the five per . There was consternation ail 
Q7K it nnonpH » hrant-h in special applications such as seeds. These will be planted formances in Glasgow are over, round the table. The nurse was 
irUtni and earlier this vear set parks or gardens rather than in in the spring, Mr. Burdekin said t0 take the new production on getting only £20 and the polen- 
.n a rpm-esentative office in rural situations." he said. Some and then he would have to tour— south of the Border. tial British Airways executives 

iowich Mi h«ve been farmers, he conceded, might be wait the three years before £3S . , admitted to £4.60 family 

successful, but it appears that prepared to replant the elm in applyrag his tests for allowance and Pierre looked 

Ihe bank’s plans for further copses or the remaining hedge- resistance. CJaSS thoughtful. There was soimr- 

mitcirio rho mpfrn- rows. ■ • thing wrong somewhere. 


^Investors who bought income units for 50p n was : vv ‘ ’ . ’ i.,, fi. an j 

at the launch in 1969 received this year a return fij WW two m the top 10 and no less 
of 17*57% gross on their original inveslment. § five in the top 2n trusts Iasi >'^ RnAP(# .... S | 

m&s h&m 9ncome nm® 

By investing almost exclusively in equities (rather lhan ■ a vv v ¥>. A ¥ a B ® BK VfcS I R 

preference shares or debentures) the M&G High ■ To MRU GROUP' ID THRFF OH'i'S TO'.VtP H'll I ONDON EC3P 6B0 _ 
Income firnd ensures good prospects of a consistent g TELEFIIQII 1 . •'»: r- 'o -ST-Kf- This section (o be completed bjraJI applicants. I 
growthoiincome.This means lhat by accepting a rela- ■— ■ 

lively modest initial yield you may reasonably hope | - ' 1 — ■ 

lhal your income distributions will grow over Ihe years _ . urwsani I 

and proteef you from inflation. A higher starting yield | ,T 4 * fl[ , r , n ... ■ 

lends lo reduce Ihe likelihood ol future income growth. - I 

The Fund aims lo provide an income at least 60*V 1. • — K 

higher than the return Iron shares m general and ■ | 

capital performance over Ihe years has also been con- ■ f ,. rM gfl ! H c , W ',V' -J. _ 

siderably belter than average. At the latest buying price ■ ' ' - • 1 - : — — 1 - — 1 1 

tor income units ot 115'3p the estimated gross current ■ ~ ~ . 'Z^ Z ■ I 

ytetd is fr05%. g B 3 I ■ 1 1 a m K ti EG i iB tom P lste this seethm to make a Capital g I 

Unit Trusts arc a BuiglPrm inveslmeul and not “ Bi l l B. L jj. h . l, ► Ai . /t Investment (nunimwi Cl. 000|. _ 

suitehle Inr money th.il yon may need at short iiolu e. I 00 JJ® 1 anv n . l Jj rfie l J ' M ' r ,.' ■ 

The price ol units and the income ir om them rrnv _ "' ,1, ' l ,- — 1 ■ 

go down as well jS up | PLEASE INVEST : F in INCOME Afb'iJMULATION unit- I 

Prices and yields appeal in ( lhe F T. iiily Thete iu (cfeJele a: appli- al*> or ln:nme umis will be issued) ol ihe MSG High I 
a charge ol 3»"- initially and Plus VAT annually, g income Fund al 'he- price rulmgco receipt olihis^pplicjiinr;. 

Di si ribulions are made nn Ji si January and j 1st July . lOetiaie ..i .. ,.<• r.. ' h.i. m. .-, wm fl 

net ol hanc wte ta> The nexl distribution dnte lor R r - .-i r ,.-r - .i r- .. ^ * 

new imeslors -vill be ilsl January: 1979 You can ■ 'V. II1 ' ' | 

ouy or wll umls on any businexr- day Contracts lor * " ' " : ‘ ‘ ' ‘ '' ’ ’ _ 

purchases nr :ales will t>e due tor relde.menl - or 3 B Q 

weeks later, ti"-- cumimssion is payable lo a-.- “ ■ „ 

] ^ u , nd J -ecuri.y and i * aulhoti ..ed L*J 1 fr -1 7 ■§ Policy by paying monthly premiums Irununum tit a momhi g 

b/iheGecreiarycii^iaieiOfTrddfi. | » ■ r __ ■ 

M&G n « member ol lhe Ural Trust Ass ociation. _ | WISH TO INVEST K J ear h monlh in ihe M&G High Income Fund. | 

TWO WJkY5 TO INVEST ■ 1 enclose my cheque lor lhe lirsi monthly payment, made payable lo 

fc » « » MUCH D M« l apMI | f “ * .« ml J 

sum,youcan start a Regular Investment Pbu lirougl .^,(-.,.1 .icm.t,. ■ j.:. I 

a fife assurance poficywflh bene fits Jinked io the M&G S. > ■•'i.'iFr-' >.'»n pah ui w,-. j 

Ifigh Income Fund lor as little as CI2 a month. 81% ■ .... ^ ’ ~T. S 

to 94% (depending on your starting age) is mvesled, J >*•&* ■ DlJ, - r lf *' -I”’ 1 -nu.i- wn.« . 

except in the tint two years when an adtfitional 20 per * 1 

cent is retained lo meet setting-up expenses. ■ — - _ 

On a 120 Plan, lac relict al pteseni rales ca.n bong I _ - v -- -«•' " ,K :i -‘ a 

down your net monthly cost to only tlG 70. in mos; * n veu c.mn:.i jirii f:r; i -i' - n-. - t^uwivr r- awe it ami <rn n i: ■ 

cases appreciatty less than the monttdy purchase ol I bedaraiion PftBi 1 1 s>.*' v< ^ u.i nt ^ nw i m joi swani fi 

I,n,k nn «mrr Fvhili hu Mgfl Tm-l tA--iprinrp) I M B ,,CI l,f,m ,h ‘> 1 1 Kl '- r '' ' h “ 1 '’ u, "‘- 1,1 nj| '" 'fl 1 *'' 1 . 

unil s on your Denali Oy M6U iru-t > ^urjice) l u. rfll n , :l ^ ■.O'Vl- C.r puraa:-. Dri 1 .1'. Iinl ■ n (Af> IP dVM:>.in I 

Regular investment ol this type means that the in&vi- R cmx.^1 j . .• Lr- ?.i, u. uv nr*?! mi • -mi", .:r«i :h.n nn d«>i* r ^i 8 

table Huciualions n< the price ol units gives you a pov- m»h-;h‘T.(w”. jit I'cai-.n 'nr pi-.miuin'. ^.i: w.- him r, y mvM?n by ■ 


“ post corn *0 j hs 53QQie " -j: ■ 

| ■ IM11 

g R^ii'h-Fn B')^r r l"S Complete Ihii iection to make i Capital R 
* B ~l 1 1 i ~i ii. _~i - 1 A Investment (minimwi £1,000). _ 

I Do not seod »nv money — ■ n -rc •■■n l- >:• ->-.r vh*w H 

riUCSl tfHU 1 * 4 * III. I !* 1 | M 'f>? Jj!*' If? -vr.illi Zi'i. A'lll la «lli M*- -.RiMrll I p 

I PLEASE INVEST [z " in INCOME ACCUMULATION units I 

I (delete a; applic-rNe or ln:nme umis will be issued) oi lhe M&G High | 
income Fund at me- r-rn e rulrn; co receipt ol this ^pplicjiinr;. 

■ I dec I. iic !■..■■ i«.-. ■ ni .< >■'• 'ii.r. .i ih-i'iMin ..'r-.’-. R 

rr>. I... Ml fi- . I >ni 1.1 - - r .• .I :li,.....pr.n,.-,.j4,,^ ■ 

_ .1 ... • . i •. ■ !• >1: .i»i in ithV- lit.. | 

■ ii.,,-, ,i-; -.b i i’ , ! , m ui*. « •:« .i B 


R F"^ . ft 1 J t VCompleM this section if you wi^r io start a Life Assurance 
| holier by payinp, monthly prernums Irtinimurn tit a monthi | 

. I WISH TO INVEST 1C ! m h monlh in flu* M&G High Income Fund. | 

8 I enclose mv cheque lor lhe lirst monthly payment, made payable la 


R I enclose my cheque tar the lirsi monthly payment, made payable lo 

I M&G Trust (Assurance I United. R 

i ■ .(ii i" ti.ii r t. >: i ■ .•..■w.i' - - >.> .■:•■! wiiv a-u nat - 

■ ,V ■ nr: ; r.'.l Ii..- i.l ,m n“il.<!i. Ii. j..y. M 

5.ii'\ , iFA ,, iiH DAI I >.il 

J HAMi i- J Dili: Ilf i:.. i .i- ••nu, r- nni:*i. ■ 


vriV .v'l not 

•j 


:.nlii--i t>-. :r.. 

Wf it anu (ynP-iilli 


I bedaralion PARI 1 1 iin l.:-: Si." V 1 'hv U.-i nt r,-,. verier l xr.i m goon hmMi ^»n* 
Tree. Irnm liij.-jcr 1h,n 1 h .r.<- ■! < b.1'* .‘in—, nr ruim i-nei.ri.ir. i’i.i I 

I riii rnji ni .iiiv JM.’.iiiinu'-. '.onrl'. or ?u: juiv. Drl I ii" uni ■ n,’jC“ ip avMb-in 

c«Cpl j-- j Lr- r. 1 , 1 . 1 . iv •.* nfiri nn "'nl"- Ih.n rm bn.i" r il 

m» l-l-_- hr. c v”. Ip *r.-rrf1f liCjlri ' np. pr-.-riniim'. /.-Ii W.- m^l hy (m-,011 <-r by 




m a renresenlative office in nrrai si (nations, ne saiu. <« “jv coui— auui 

S havf bJ farmers, he conceded, might be wait lhe three years before 
successful, but it appears that prepared to replant the elm in applynig his tests for 

|he bank’s plans for further copses or the remaining hed^t- resistance. Cl2SS 

expansion outside the metro- rows. r .. A 

Solis may be moved more back- Breeding work ^ e “ DdCKIIIS Ol /8 

Stage far a while, it is felt that advanced til Holland, the UA ® 

iie big conurbations, where the and the USSR- Br ’ t,sb '' f ” rk ^ gfOUD Jtudem 

8..^, nin„rino hanirc arp wirfpiv considered that rather than *«tart a “r student 


. , B .Ir.- 1. 1-- -|i 1 1. J-. vtiivn <r ■ iiwlv lo inUir-iii ■■ li*c f- -jni-nr nl Ibn brnpi'iCJ] 

aging, because your premium is used to buy mure units _ n ,.„ u •in; in ,;iiuM i~- lo Ilu ifflo'jP'.v ii! ri.-.ili.uUi •niPimiilinn ;>'u iltiiulri 

when the price is low and Ipwer when il is high You also R iinJur-e it a , t jrtu:* !.■ *■>? «n«> t tir i 

gel Hecorer throughout file period o( at teasl 1 SO times , lhl _ 

your monthly payment, if your age al entry is 54 or R u: .,1.1 !r.i! l » -eccr: Uiv s Cj: i„ir.ir. '.nn, oi pukty I «»..< w 

under, an element ol life cover is also provided lor ■ proven mv Mbr •*iT l /:m.’t.?n tijc-jirpan.- a.-,- require 

higher ages, up lo 75 You are normally entitled lo claim ■ i P^ irncn ^ !|, r i.i:hr.. iwm is a«*iti , e i-a f AJwts: > 
la> relief al cuneni rates ot £16 50 lor each E10D paid ■ 

II you cash in or slop your payments dunng lhe firsl BstGKAiiftc 

four years there is ? penalty, and the lax authorities 1 om* 
require us lo makea dedudion. so you should nolcon- J b« 1sU , :i0 nfMuia*-* 

iider (he Plan lor less lhan live years. Fjiiii ■ t r( m l - p— nj ii ■ nnn ■ ■■ im 

M&G is a member oi Ihe tile Offatt Associalion. 8^1 d u I jg y -T*l I ! 



iolis may be moved more back- Breeding work »* udbAlKIg Of lO Contributors: 

^ R /ig fnf a while, it is felt that advanced ui Holland, the u.a. ni t 

L^bi- conurbations, where the and the USSR- British workets MAun Tb * metamorphosis of the Michael Blanden, 

lajor clearing banks are widely considered that rather than _ start & student is an interesting Christopher Parkes, 

Presented, mav not be appro- up their own project they should Covent Garden’s .production pbenomenum. Six weeks aeo the Adrienne Gleeson 

r?aw 6 for a bai^: Qf CouS’ throw in (heir hand and re- of BigoJetto is shortly to be-jeaned enrysahdes b ^ ^ajienne Uieeson 

'h ^ra cter sources with the Dutch, who have a new competitor — farewell to one another wilh and Pat Walker 








*•14 . 


: r A*i 

financial Times- sattirday .SgptemTjerf^TO?^ -- -H- 


. I 


COMPANY NE WS + CO. 


Alfred Herbert loss reaches £2i 

FOLLOWING THE warning in May 
that a loss seemed unavoidable TtYl/l 

for Alfred Herbert in 1975, the Ul Y I 

■State owned machine tool "roup 
has announced a pre-tax delicti nf 
£2.23m for the first six months. 

The Rrotip, which was rescued v an|J (j_ mack .. 

from collapse in 1974-73 with a Bracken Mines 

Government injection of £23m i^mains 

cash, achieved a profit nf £4.'5liCJill) f ri|V Electronic . 
in the first half or 1977 hut ran Kinross Mines .... 
into losses of £l>7g,llUfl in the t^.^ie Gold Mines 

second hair. ••• : 

Sir John Buckley, chairman, st. Helena Gold .. 
describes the result as a “serious Shakespeare . 

setback" utter Ihe promise of wiiikrihaak Mines 

recovery indicated by the group’s Dividend* shown pence per share net except where otherwise staled. 

■ ifter allowing: for scrip Issue. x **“ s *"‘ 



LMS makes 
to nearly £9.5m 


Current 
payment 
int. 2 

24t 

0.7 
0.96 
3^t 

Mt 
1.17 

not 

0.72 
76J 


int. 


int. 


Da le 

Corrc- 

Total 

Total 

of spending 

for 

last 

payment 

div. 

year 

vcar 

— 

2 

_ 

4.0 

Nov. io 

12 

44 

25 

Oct. 21 

0.7 



1.5 

Dec. S 

0.82 

1.47 

1.32 

Nov. 10 

22 

55 

34 

Nov. 10 

3 

21 

3 

— 

0.SS 

1.67 

1.25 

Nov. 10 

55 

lao 

115 

Oct. 5 

0.72 

— 

1.92 

Nov. 10 

47 

129 

86 


FOR THE year ended March 31. debt s. It wfit keep a 27 per cent 

1978, profits before tax of London interest in Carlton but has indi- 

Merchant Securities 'increased cared its intention of .conceatrat- 

from £fi.07m to £9.4Sm, on higher ing oh its traditional property 

provision for tha ’ outrtandin? turnover of £95. 19m against activities for the principal source 

balance of an old claim on the g&llm. of long term growth. Its earnings 

Ministry of Defence arising from First half profits bad risen from therefore, are in the process of 
canceHation in 1971- of a ' major jc.65m to £4.Wm and the directors a major metamorphosis. Cash 
project. said then it was expected that flow appears to be the manage. 

The directors say -this claim is results for the Full year would ment catch cry so the change, 
still being rigorously pursued but show that the improved profita- while it is likely to result in re- 
consider it prudent to make this bility was maintained in the duced profits initially, could, bring 
provision in view of the con- second six months of the year. benefits in the future io share- 
side mb le lapse of time since ■ Tax charge Tor the year is holders. On a historical basis the 

neuoiiatiaria recommenced. £2.78m (£L65m) giving earnings shares at I30p are selling on a 

The year was a period in which per 25p share of S.lp against p / e 0 f 15.3 and a yield of 2 per 
the actions taken to adjust 10 an s.iip, A final dividend of L1674p cent _ 
unsettled business climate raises the total from 1.25p to 
produced results that show a 1.6«74p. 

welcome improvement in profits. Based on a 52 per cent tax 
the directors say. charge, earnings are 5.5lp (3.62p) 

These results have' reversed the and on the total issued capital. 


position in (he past two' years. ' '* 'Equivalent after allowing for scrip {**“*- J On capital d bv last year’s 7 64 D against 4.82p. 

Corrective action being taken will increased by nshisS and/or acquisition issues. J>otiLh African cents accoun tj. - in d. when coupled with The directors are also proposing 


ihrouvln-'iii. 


not become effect ive umil ihe end 
of ihc year so losses will continue 
into the second half. 

Tn addition substantia) redun- , .... , r 

dingy csls put ai between £2m P 16 S'!!,/ i h « d »S 

and £2..»m will be incurred in ' l,n ; k , 2 1 ' n '„ rf 2? \ 

connection with the ren rum i>n lion believed to be t he e nd of _a jon~ 



this plant unless nc^Uia lions 1,;| * run 5 
proceeded smoothly and quickly g s,r ,lul 

on these redundancies. “ r,,w 

Sir John points out that the w° nom 


Cray 
ahead at 
£0.61m 


the improvement: -in orders, a scrip issue in capital shares on 
demonstrate the more healthy the basis of one for every 4S.5159. 
state of the group's, affairs. The capital is also to be increased 
Mr. W. K. Haines, the chairman, by the creation of GOm shares of 
is retiring oh completion of the 25p and a scrip issue of 59,897.628 

AGSf on October 24. He will ordinary is to be distributed PLAINLY OWING to severe 

remain as a consultant to Cray among- holders of both ordinary competition taxable profit ’^ol 

S .SriSSh?? 3 C0ni,nu '? c and Capital shares. Abbey Panels feU from £207,730 

reidUnnship with the group. Mr. ikt-S ubmi to £149.250 in the six months to 


Downturn 
for Abbey 
Panels 


B- A. Solomon has agreed to 
succeed Mr. Haines. 


vavs that lack of FOLLOWING 


v„., r Turnover 

wr.w iwa.7T proni 

THE first half in- Turnam-r 


Coventry plant has been central .. lhut i “ lles 


lh m the" world and home crease from £209,700 to £213-000. £■« before i» W.W «.» ClbJJubk-"' .!! !-" - -i 

jrnies tiu-s little encouraee- profits before tax of Cray N 4 Dr ^ h| — • eh ra ordinary dubus 

that sales will greatly Electronics improved to £605,711 Extraordinary dibit".!!!” raigia 511.299 2J* ;, .g pro . fil 

~ improve in tile short term. In in the year ended April .TO, 197S Dividends —a. itvew mi.iw S'lCl;!!?* 

u’i* S May he said that unless conditions compared with £441.706 in the Forward _l.tt».27i skc.us Fo ™'* rd 

,m - dOd It IS here that tni bulk n nuii«.|inn racniircac nf nm-iniK war Tlirni/l.'r amounted 

A. & C. Black 


3.42p (3.T9p) on increased capital. 
Find Hair__ a final dividend of 0.950 lp makes 
197s JJ” a tola! of 1.400 Ip compared with 


to 

onhe^lnss has occurred* 11 OnieThe production resources of previous year. Turnover amounted 

rl'5 L S , the company would have to be to £9. Int against £8.37m. 

live vanarit? ^ reb ed to adjusted to demand. This riep. After tax of £266.237 (£156.7701 
demand St fortune? or the the chairman says, can no longer earnings per share are shown at 
group as a whole should Mart to lll? a'o'dva. 
improve. 

Sir John says there has been 
a reorganisation nr m a nan? me lit T uni.iv.-r 
and Ihe Board of Ihe parent coni- Trailing i« K 
pany, Herbert, has been sireng- s f*J , . r : i '„? f 
thened by the addition of three i’, ’ !. 
non-cxccmivc directors. Lcn hciarc tax .. . 

Exnl.nining the selback the 

chairman points 1o three main N'-l loss .... 
causes — low demand, increased n ' RI - 

costs and compulsory wage See Lex 


tone iWKi March 31, 197S. 

35-IS4 Sj.iw Turnover for the period was 

9,475 UOT 

■J.7%3 
6,192 
2.12“ 

314 
4.2.M 
940 
11*44 


comment 


■:wn 

26.1M 

1.227 

217 

1.444 

7M 

2,225 

» 

CXu 


jiS £ 172m against £1.67m. and after 
JlJTs tax or £78.000 (£109,000), net 

l .vir, profit was £71^50 (£98.739). 

2.SS3 Directors say they are looking 
-!hs for better results in the second 
"to half with a good proportion 
ss 2 s coming from the company's efforts 
over the past two and a half 
years in export markets. 

, ... . .As already announced a steady 

On the face of it London Mer- j „ net 2 - p share | oterim 

chant Securities full year pet- to be paid. Last year a 1^4p final 
formance is impressive. But its was on profits of £433,924. 

a result is completely underpinned certain directors have .waived 

.... From turnover of £L17m against by the fine figures of Carlton interim payments on 140.000 

ai!™ 1.32p previously- £l.09m. pm/its of A. and C Black Industries. Since the year end shares. ' . . , V 

:»R4 In April, direclors had forecast 1 publisher), rose slighliv from f.MS has decided to sell the bulk The groups activities include 

s a fi na i payment of « IU2 p prior to £135.000 to £138.000 in. the first of its 79 per cent stake in Carl- the prefabncations of sheet metal 

Capital for Industry 1 formerly six months nf 1978 before tax of ion and use roughly half the units, pi ess work, machining and 


unchanged 


+££ Spey Investments) taking a enn- £72.000 compared with £70.000. 
139 trolling interest or over 70 per The interim dividend is main- 
1297 cent. ' tained at 2p — last year’s total ua« 

Extraordinary Hems of £.15.545 4.Up from pre-tax profits of 
(£30.299) for the year include full £314,000. 


proceeds to retire short term tool making. 


Brittains slumps to £0.21m at midterm 


First half profit collapse 
at Joseph Shakespeare 


ALTHOUGH TUH MOVER rose of the hiatus and dislocation satisfactory contributions and Hie final dividend, 

from £I3.8 }>iii lo £lfi.4:im. pre-las caused by (he refurbishing continue to expand their activities, interim, is unchanged, 

profit of Brittains slumped from programme, resulted in a trading Following a satisfactory first 
£407.000 in £205,00(1 in the June loss at Chcddielon, for the first half, there are good prospects for 
30. 1978 half year. time of £97,000. future expansion in the insurance 

Direclors say proiiiahdiiy was Performance is expected to an( * w °rid freight operations, 
adversely affected by ihe re fur- j m pr,ive gradually in the period n rommunt 

hishing programme and ihe per- . lhe;jd and lhe company should 9 LUinmem. 

formance at Brittains Paper, and h t . emerging Trom this difficull The change in group structure 

Ihe lack of contribulhin from itie situation by Ihe end of the since last year with the sale of 

civil engineering division. Group .stcond half, but will show a Brittains-Regal and the purchase 


like 


profitability is still largely de- 
pendent uu the economy, they 
say. 

On the basis of the current 
group order position some benefits 
are expected to accrue in the 
second half from the completed 
stages of the capital spending pro- 
gramme at Gheddleioti and a 
reasonable upturn in the public- 
sect nr. 

They expect the second half to 
show some improvement over the 
first six months. 

The result for the half is after 
bank, and other short u-rtn in- 
terest of £2ii7.0(HI ( ElSX.lMIU ) , and 
attributable profit is £2«3.t>w). kiM 



Half jvar 


ISiX 

ia«7 


sr ii 

row 


1S.I2S 

13.SKS 


9.272 

«y.v: 

fijaiK-s. Mrh' i-nuuK-afte. 

3.H7S 

s.ttfn 

«'ivi1 ■•iMiivvriii'4 

S.7iT 

4.n;s 

II.iul.v.'i- 

1.307 

1.U9 

liijMiraiuv hrokuiK . . . 

45 

31 

TraibiiK prolil 

«99 



I HU 

x:k 

1'IJMIK. In: ll» •.'IMIliciTR. 

1-U 

w 

'.'ml 1-II4HUI raw 

tu 

131 

IIiiuIj'-i- 

7- 

a 

lusiirjiite Itnjkinu 

-V 

9 

lm. tral 

494 

475 

ProTH bfWorc tax 

205 

407 

Tu inliionl 

— 

103 

Ailnl'ilijlilc 


30- 


— 



■ irjtiijry iIhmI'-imN 

9.1 

7b 

pr.ii Mt . ilmiii'iiii, 

49 

7 

Tu r' , M , r\c. , i . .. . 

t ].«#>*. 

70 

2lrt 

With civil engineering, after a 

very slow start in 

ihe 

e:u-ly 

lumtihM. Kcnmac incurred a 


f he \ COLL.4PSE in first half pre-tax has now installed sufficient heavy 
profit from £420.000 to £83.000 is forging capacity to . meet 
reported by Joseph Shakespeare anticipated levels of demand from 
1 and Co. for the June TO, 1978 these sectors. provid^J -some 

Benlox sees egw*.**8t 

“ “ Mr lank Shakestjeare the P Iace - The b° ard has decided to 

uYrm i S ,hVt S5? he re concentrate production -of heavier 
chairman, forgings at Shifnal and to ceato 

port?d w shereholdere eariy Oils production at ynOaohigL- The 
year he did not think the reduc- ^ jorily of W Ulenhall employees 
tion in demand apparent at the win ^ off?red continuity of^ cm- 

• , arn , , tlDlc would develop . ,oto .*Y5 piovmem at ShifnaJ, and directors 

interpret, but the AFTBR ALLOWING for losses of severest recession experienced m are the . nl0VB wiff lead 

** , I" 0 , 6 ’ £14U,1S9 against 1134333 on dis- more than 20 years. to useful operating economics. . 

s i 1 ' J,nU »L, continued operations Bcnlnv Many of the industries served The result is subject -to tax of 

In w 1 Jta W«l* has turned in a net by the group— which makes £43 .ooo (£2)8,000). wittr net profit 

i:m Srilv JS Brhtllni piwr hSsmel’ de,icil t,f E 113779 for lhc - vcar for2in ^ and P. ar, f. [or . lh , e coming out at £40.000 (£202,000). 

rpfrh h?n ended February 28.' 197S. com- automobile and other industries- The interim dividend is held -at . 
iJrSS ^ r d Mm f MffPrt n- P ar *' d wilh “49.947. faced H,,h 3 suhstanlial decline in o,7i5p. Last year a l-2089p net p*r 

SSSfiSr’S* JZ JSSSSt. Ml loss-makirjfl „p.™ ti 0„ S hpve *StSSf' 


of Wolvercote from the OGP 
makes the half-time resui la- 
difficult in 


improving 

trend 


plastics division are down to reduction in overheads secured PS lower tu rnover he says 
£152.000 from £178.000 on a following recent management th f“.‘, ou *L t . ur !lS.'^5’ 

comparable basis — here too changes, the directors report 

manufac- J. Jo>lin (Contractor?! con 


Until these stock adjustments 
. have been completed, the board 


“ ™ com pen 1 ion neiween manui.it- j. imbiukimi?. Mnnn , niwtirt u-tinn the com. 

* ^ turers has been intense and tinues 10 give (hem Considerable o£n^5W«£l will rwSw 

M ts margins squeezed. The Kenmac conlidcnce Tor the future and i„flt« “ ®* H,u reco ^ . 

4rt 7 civil engineering ouiflt should ihcv are confident lhat the group t0 , 


start 10 pick up orders again but will at least make a profit in the .® rd .? i r 4r J?, t ® 1 ^JEj! - h f £ 

these will nol show through in current year. ,!? «?!» ■ r«r^™^'rnp th*2 

results unlit 1079. Excluding Turnover from continuing unable to pive a forecast for the 

for 1977-78 amounted *econd half of 1978. 

(£I.9:im J and irom The chairman says the Old Hill 


sells almusl operations 


Robinson 

Brothers 

decline 


The interim dividend i- un- 
changed at l>.7|i net per 25p -hare. 

Last lime a 0.8ji filial was paid uu 

total profits of £liltl.lHM). lliunins. ixcumac Iinuncu a i-h.u»ih-i> III uic a«»u IM mainrilv or 

Mr. K. U. iMk-hlord. Ihe chair- trading loss of fiitUMMi in the first into account the loss of discontinued operations- : to pre w majoniy oi . v ... 

man. says the planned machine hair which is the first loss since Brittains- Regal, a heavy exporter 171.. l«i f 2.43 nil. . Ihe pretax ,ts ^ 0 ' Jucl ^ made E? been so “ Brothers f Ryders ^reen- 
improvement programme at acquisition. In line with earlier the group has probably pushed profit from continuing operations ” , ; „ „ ^ m h t » made P ubl, c in June— amounier! 

- i 1 - * - - ^ came to £4.818 against £3.534. operating profitably, although at !0 no7 . 0 oo in the half year ended 

The net loss per 20p share le6s th an per cent cpacitv for j u j y . i, lays compared with 


PROFITS before Tax of Robin- 


Cheddleton is now proceeding and forecasts, the amount of contracts its export proportion or sales up came to I4.S 18 against ITA54. 
various stages are experlcd to lie for tender is now increasing and a little. The immediate earnings 


various stages are experlcd to lw for lender is now increasing and a little. The immediate earnings The net loss per J0p share ' lT ‘ , r“„ , p v : « Ju '7 compared wiin 

completed bv the end of the this will benefit both Kcnmac and prospects are unexcilins and the amounts tn i5.3p tl3.3p)— there g*® 5 * 1 ^ £S3S.0(H) in the same period last 

year! A combination or slack Brittains Tunnelling. Builders, shares fell 4Jp tn 21 Ip. where is again no dividend, the last „, r ,® J ye V‘ u '.k , 

demand and the adverse impact Supplies and Plant have made they yield J0.S per cent assuming being fl.75p m respect nf 1974-75. •' h , 1 , J 1 , , In th 5 prospectus, Ibe directors 


Results due next week 


Next week is a "busy period for time will be higher. On the £18m, against a restated £16im. forecasting only a marginal 
company results. The list includes trading front shipping losses The underlying trading perform- increase on last year’s first half 
Guest Keen and Net Ur folds and should be lower after the reduc- ance has apparently been healthy profits Of -EL .45m. with a similar 

Burniah Oil, and a wide range or ii„ n in size of both the charter bflt the comparable period bene- trend for the full 12 months. Thr 

other large companies such as :uk] tanker Heels. Meanwhile, fitted from a £lni writeback of interim announcement is due out 
Reckilt and Oilman. Turner :md industrial inlereMs should per- redundancy payments and the on Tuesday. 

Newall, Babcock ami Wilcox and r<inn si lillle heller and, because inclusion of £2m profits from the Turner and New all's disappoint- 
Thnmas Tilling. tl r dullai'-dehuiiiiiiali-d charter *«■*¥. ,AJV., ‘ r| , ■ .J? rP s ' .Jf/. 1 , 11 " tng results in Ihe second half of 

GK\s intermt prufils. due on paymeiils. the .stronger |*uund wmitc AGLU, wiucn cunu-iouu-s j ;isl yi , ar JJV t . x|jecti . ( | l0 y, c re . 



demand has been Hal. UK motor 
production may be well up hut 


Even 


Wilburn liking into & oTt'hTlin™ '.SSSt'^iw ^"filn’b.'tt d P 'S 

anTtami) .Vrel.i'ivi-ly^n.iV.Y port' to?k ^t Storey should 'J?‘b5'!uS 

Jvrjrsz s i? z r?4as 

tractor market is weak and Ihe ,,u ‘ mi reuse. Altlmu^h not yet • • - cal-), which has already reported 

important tin GKN) conmiercial bui.yani, the UK conM ruction In- 1S a ^ lirst hair proliis only marginally 

vehicle sector is by no means dtislry has bottomed out and this _.“ d Fjj. higher. Vehicle components will 

buoyant. There arc some sivns wd] help buildera merehaniing. i 9,S ' h }l 0 hc stronger in line with others 

that the second half may be better building mule rials and electrical « <*■*. in the automotive sector. Analysts 

and full year estimates currently wliolesalms while other activities * a vj rnee na rit ^ menfod^o f i,re ^recasiing just over £20m 

range (ram Hnn-lMm itWSmi. ^ SSb %£&£ * ty f?^ t £^Er'L aa * muva 

. !-■** .war Burniah OH made its ‘‘ifV. shmvhv- helu-r resX in « row,h - Tradinc in Eu<0 » >e Cvn ' '&*•**«' for vear - 

fir.st pre-tax profit since 1974 and J. .1,7- ,- rtr nn-inii«s tr lioues to be dull, especially in Other results to note are 

further recovery should be seen ’v", . ■ ’ * n )i France, where price controls have interims from Bow .tier. Tricentral, 

in the current year. Interim 1 hmis -re totwh hjjd Ihejr j„ . N<irC) rsB. Willi- F.-^er. Carpels Inter- 

profits are due on Wednesday and ® n !, . . u . Jj % trst Ameriea there should- he some iiaiimml. Bridnn. I.cad Industries, 

estimates are in the £4ni-£7m halfT pnitils— tan. »n vveam sqay— 5rott -th from the leisure activities Prudential Assurance. Northern 

range t£l.Tm loss), with figures oi around aganiM last although groceries w ill be under Engineering. Booker McConnell, 

of £12m-£l5m (£3.tim) thought time, rising to about irwm lor the pressure from stiff competition. C.rodn International. Rritish Ley- 

possible for the year. Below the fu!l >' ear »4 3,, - 5,m '- The Australian contribution has [and and Rolls-Royce Motors, with 

line, however, the coni pa nv is still Eslimalcs nf Babcock and already hcen announced, show mg finals from Harrisons Malaysian 
likely In .show a loss at the half- Wilcox's lirst half profits, due on profits up by a fifth for the first Estates. Dalgety and Arthur B’cll 

way stage: the lax charge this Wednesday, vary from £l6tn to half. For Ihe group, analysis are and Sons 

Comoanv 

Fishcr <Jafiiosi and Sims 

Uui-st Keen and Neululolds 

Rixbcratt incrsmu-m "Yu«i 
Hichsaio Onucal and lndastrtal Co. 

Homo Charm . — . 

Ilomi* Cduiuios Ni-wsuanors 

Himrtc-ich Group 

Jooi-« i.V a.i Sbtiwan . . . 

Jourdao iTbwouxi 

L* j« Indu-irw-s Croup .... .. 

Ulk-ltjt and Co 

Lyon and Lron .... — 

Masoolia Group 1 Mould Inc** 

Momfnrt iKuiiiin? Mit^> ! 

NoM>- and Luod . 

Nonth-m Enslnm'nns In-ltt-tne- 

Oliver <G«<orKei • |-«n»u ran 

«v*W PrinluiB Group 

Prudand lodusuii-s 

Ppqios 

Pnoet* ol Waii-s notolv .............. 

Pcrrocon Croup .. . 

Orud-mnal Assurance- Co. 

Rci-kllt and Co’ man . 

Rlt-nards and Walim-pon indusin>-s 
BoUs-R'iyec Motor Holdings 

S«-hrodcrs ...... . 

Steel lev Co. 

Tit arsis SuloPitr aod Copper Co 

T 1 nine rntotna&i 

TrtccnrrPi 

Turner and Mi-trail 

Wilkes tJamesi 

Williams and James tEoTlneerst ... 

Willis Faber 

Winch more lorcytmcnl Tnisi 

Wlnstod Estalcs — 

INTERIM FIGURES ONLY 

Alexanders Holrtum*: .. 

Iti-nowa lacontoraied . 

Royal Dutch- Shell Tran-rnnri 

Ryad <L.t Holdlnss . 

Sbaw iJ-raitcisi and Co 



Aunniinits- 

Divlrt'-nd »p 

1* 

Ci.iiiuany 

iiiont 

Lasi year This roar 

due 

lm. 

Pinal 

uu. 

PINAL DIVIDENDS 

lustra lean ami lutcniatioual Trust 

W.'du.’vdar 


5.i 


n.’ll ».\nhut» aiKl Suns 

Thursda) 

— 


3.409119 

Strait Tin jrut IV oil ram 

Thursday 

1.23 


— 

Kniish Vinrtmc ludusm-s 

Thursday 

Nil 

0 5138 

Nil 


W.dm-alar 




Dalitfty 

Thursrtar 

.vitoi 

4 4 'ITS 

15 407 

Dnuslas ' Ruin M.i Molriillfic 

XIon.Tuy 

n.sniH 


d.ssiij 

•H.-nd.-von tnv i--« kj.-jii Trust 

Moiwi.iy 




llj<c«s i-irirm. 

To. -May 




.lohnsnn jnil Kmh liiwn 

ThutSdaT 




Kvnnrdy Snialr 

Til, art ay 




Ms>ujrds 

W.-rtih-Mlay 

1.4 


1.54 

.Mnran •''hri»i..|.|i. r . t'.rnun 

Tu.-srtay 

2 RMMa 

• 


Jii«ttnrdi.nir,. Pn'K-ii.y Itotd'nsA 

Tu-sday 

1.15 


l.Sli.7 

Si. wari Plu*ll>s 

M.turtjy 




Tor Inv'-Minn-iit Trit»i 

Monday 

1.9.3 



Tranord Park E'ia«..s . .. 

luirvlay 

1 54:11 



Walker ' Jas i ColdtnriU) and stlvursniiih 

U.-dn.sdiJ 

1.0 

1.13131 

1.0 

INTERIM DIVIDENDS 

.4*trtvrsnn»' RuhN.r C«. . 

.Ifnndav 




A si bury and MadcK-r .HoldinftKi 

T uosday 




Rsbcnok and Witto* 

Widn.-sday 




Ranna C.iiisolldiit 'd Indusim-s 

Tuesday 

0.47917 



Hanon and Son* 

Tui*«Jay 

1.0 

1.T53SS 


RiTWH k Timoo 

Wcdm-sdar 

U.S 



IV*' nlvll 

W^n’.'tday 

.ViUlShl 



RIl'irraK-rt En^lii'^.rlnR 

ThurvdaJ 

n 31H6T 



Black and Kddinuttm 

Wislm-srtay 

i tram 1 : 



Booker McConnell 

Tbursdar 

:u 



Bovraior Corpuraiu.il 

M nnda v 

4.n 



Rn 0,1 on and Cloud Hill Lioir Works . ... 

Fnrtay 

1.125 




Thiirsnay 

«■! 

3.843 


British Mohair Spinners 

Tiuwljy 

o :i3 

i.nm 


P-ntiJi Syplwn lndu<irics 

Tui'vlay 

] 0 



Rniish Vila Co 

Thursday 

0 SfiriST 



BSR 

Muudas 

1 .'41153 

1 507 


Buftnah nn Or 

\\ ..dm-mlay 

Nil 



fiirurU tiiioniaoonal 

WiMtm^das - 

IK 

Nil 


Tory 'Horaiv* 

Thursday 

•3137 



Trivia int.’rnalioaal - 

TUursrtav 

0 IHWJ3P 

i. hums 


Crvii'-h 'D'»rok* 

Thursday 

1.1557 



Danish Kaeon Co 

TUrs»1as 


1 3M 


nuuoo Forshaif Group 

Thursday 




F. C. C.’VfJ 1 - 

Muoday 

— 

Ml 


Klhar Indusinal . 

Wi ills ~|a> 




j-;* rfrd ami Holdma 

M.R"1yy 




i armei *S. W.» Ormip - - 

Tutrailiiy 

— 

5.051 



Aiwisinci- 

DivhIi nd in»* 

mcm 

La-1 

yi'-ir Thl.s 

■luc 

Ini. 

Final li 

Munrtar 

0 735 

II 77 

f rid iv 

s . .ih; 

in 079 

Thursrtsv 

II 7« 

: n 

Mun-Uy 

U.V51 

j id; 

Thursilay 

1 29 

■! ::M 

Mnnhy 

i 

3 2 j 

Thurd.1) 

I 17 

l.ls 

W-rim-srtjy 

1 nr. 


"linrMai 

niss 

1 .s-WS.7 

Thursday 

3 n 

4 77 

F raia- 

u 73 

2 l.!7.> ' 

Thursday 

m 3 

1.:. 

Thurs.lay 

ii sc7j*4 i 

W.'rto. via;' 

11.975 

5.713 

Tlmrsrta: 

II .'2| 

u :.t» 

W-du. srt.ij 

2 .n 

4 n 

Thin vis s 

l»..5f 

1.29 

Tluirvdy 

1 075-7 

1 4V23 

ilunrlav 

0.211 • 

i» 431 

Tu.^dav 

1.432 

2 S4U473 

t-'rul.i\ 

— 

•1 s'i^CI 


W .-.In-'sdi;- 

: 1314 

.7 TNOI 

Thurs.la; 

2 Vi 

4 lflfc 

Toa-Ubv 

I Ml 

ii A4.3 

Thursday 

1 4s23 

3.B299 

Friday 

l.F-4 

2.4.372 . 

Thuis-ln v 

•i n 

>.44 III 

W. rttu.‘rt-iy 

2 411.7437. 

9KSIR. 

IVurtlte-sdav 

4 ut 

fi.l*? 

W. -d nr »tl a jr 

3 ii 

2 113 

Monday 

U i;b 

0 IM 

WMlrsda* 

4 ■■ 

n 097.335 

Thurvl.ty 

1 . Is 3 

5.393 

F rtdas 

n.!i9 

1 4."Rii75 

Tu.-fc.iay 

•2 S73 

fi. 1 2.7 

Monday 

H 7.3 

2 4h 

Thur.dav 

0.412.7 

O.sfil'267 


5 ratty 

Tu-^i it 

ThnraJ.y 

TltMiv 

l-riri.i'- 


* Dtvlrteml- shnn-1 


n-t p-nr- prr -iliare amt .14111 !<-rl Cur a n - m:«rvPiiiiLL 
Issnr ‘ lix-iddiiuf secoml mierim u( *i*u. 1 Kt«tea>: mi t nm o) r.ito. 


a Mine monibs. 


rip 
' Grass 


sinn in the agricultural tractor 0 f the' group. special/sed 
industry, also suffered through chemicals maker, forecast pre- 
continued Jack of demand from la x profits for the year of not 
the commercial vehicle sector. | rss than £1.4m and a net dividend 
These factors combined to reduce of 2.5p per share, 
output to the point at which Turnover for the first haif 
operating losses have been made, amounts to £5.89m against £4.59m. 
However, the factory at SbifnI Tax charge is £135,1)00 (nil), 

Africa’s growth potential 
burns out for Inchcape 

j AFRICA, one of the croup's Mr. F. E. Barlow-La wsnn. the 
tradilionaf areas of operation, was chairman, says in his annual re 
proving most disappointing for port. 

Inchcape and Co. With all the However, since the end of July, 
problems that face the company renewed turmofi in the foreign 
in the region iL was unlikely that exchange market makes it difficult 
it would return to the level of to provide a meaningful forecast 
profits achieved there in earlier of results for the current year, he 
years. Lord Inchcape, the chair- says. 

man. told the annual meeting For the year ended March 31. 
yesterday. _ 1978. pre-tax profits amounted to 

By contrast hc expected better £381.564, against £394,002, nn turn- 
results in the Far East. Politic- over of £4.19m (£3.S2m). Earnings 
ally optimism was arising from per ordinary share were 3.74p 
China's more forward looking (3.83p) and 7.48p (7.66p) on the 
policies and the reeling that Hong ordinary A restricted volin 
Kong bad a real part to play in shares. 

China's development. Also with During the year considerable 
the dollar weaker and the yen capital was spent in renewing the 
not as strong as predicted exports motor vehicle Reel and in im- 
from Japan continued to grow proving plant and equipment This 
and the advantages to Japanese w>as financed entirely oul of re- 
industry of lower priced raw laineri reserves and should assisi 
materials were becoming evident. j n improving efficiency in the 
he said. future, says the chairman. 

In South East Asia, as the out- 
come of political and other con- 
siderations. there had been a deal 
of housekeeping Tor the group to 
do bur the chairman believed that 
in Lime the company could da 
much better there than it had 
in recent years. 

In Australia, after a shaky 
period, the group was now on to 

3 firm basis but there was , 1W uv<ivun >w> 

unlikely to be any spectacular year*" Is'*’ more 'than'' ordinarily 
advance, while in the Middle East difficult to predict. Sir Geoffrey 
growth had Rattened out. The Kitchen, the chairman of United 
UK was now one of the group’s British Securities Trust says in 
biggest profit earners and had hts annual statement. But u u, 
proved to be a most successful hoped the pattern of regular 
diversification away from the dividend increases will be con- 
more traditional areas. Lord llnued. 

Inchcape commented. .As previously reported pre-tax 

Lo 'd Inchcape said his appoint- profit for the year to June TO. 
mem as executive chairman and 1978 rose from £Lu7m to £TJi4m 
chief executive of the P and O and dividend payments increased 
Company would hot affect his from T.Urop to 4_44p. 
responsibilities for the inchcape At balance sheet date invest- 
group. He said the new post mems were sbawn at cost at 

would mean chat he would be £30. J3m, compared with £20.9501. 

spending more lime at P and O, while at market_ or directors' 
but it would not mean that he valuations at £75.S7m. against 

would spend any less time at £09.B3tn previously. Of the total. 

Inchcape. listed UK investment accounted 

He said hi? bad pursued- a f° r £47.14in (£41.96ai) and invest- 
dcli berate policy or delegation menu listed overseas £26. lm 
over the years and the change (£25 .36m}. 

from non-executive chairman Current assets, were £2. 83m 
wnulrj not alter this. (£1.95m) including, bank balances 

Loi- d Inchcape is Man of the nf 12 - 7f " against £l-44m, and 
Week, on back page. current liabilities were £l.S7m 

I £2. 19m.). 

Sir Geoffrey says that the can- 
cellation of the 25 per cent 
surrender rule nn proceeds from 
the sale of foreign investments 
and Ihe reduction in capita] gains 
tax on investment trusts from 17 
The current year has opened per cent to 10 per cent were both 
satisfactorily for lUignd-Pelep&b welcomed. 

with turnover and profits in the Prudential Assurance Company 
first four monlhs ahead, of the owned 9.86 per cent of xliares at 
correvpunding period Iasi year, July 31. 



Orme Board is split 
—St. Piran can 



BY JAMES BARTHOLOMEW 


a MAinniTY of the Board ©f it is now allowed. Last night . 
Oe^&wtopments. the house- Saint Piran wrote to Orme share- , 


. .... pnmuany, yesterday holders encouraging them to 

£"W*"S ^commend revised reject the new Coraben offer. 
tJJeSler temw from fe,low Saint Piran drew attention to 


take-over ier Cpoup . Bat what it believes is the superior 

^Wfstill bein" resisted by profit history of itself and its 
J*J d Jmj, reholder Saint Pl«n housebuilding subsidiary, Milbury 
ulc'w npr cent of the to that of the Comben group. - 


of Barclay; 
advisers ~u 


RIX DISSIDENTS 
WANT MEETING 
WITH BOARD 

The dissident shareholders- r 


SJliftv and i?no^pera»«ed and Mr. Fireman 

hu v more. Merchant Bank, tumaa ,ir 

? Th?^I»vised ferms incorporate Comben, said yesterday tfaa- 
Lw^-mJement announced on comparisons of profit, performaao 
1 whereby- five, wereof limited value when the 
5^:?“ ,hares plus 192P cash offer was underwritten in cash 
for every Six shares But in any case he would bi 
nt^r-ml^This offer was under- Interested to know how thi 
Sii2«%t 57p cash per Orme comparisons woujd look i 
vRluins the company at Milbury used the same con surra 
nfm ' tivc accounting policies o - 

' Tn addition Comben . is now Comben. particularly in reiatiot 
willlmf to let Orme shareholders to treatment of goodwill, 
told on to what was earlier 
announced as a final dividend- of 
l.Sp per share but whtchtos now 
been declared as a special interim 

The new cash terms have been 
rirarnmended by 6 members of Oliver Hix are to seek a meetw 
tteoffer and” its three representa- 'with the Board and -it* financit 
Twiner and Mr. Peter Whitfield, advisers. Banns Brothers, prior t. 
The vin tend to accept in 'respect the special shareholders' meettn 
of their 62 per cent: holding, to - approve the merger wit 
Orme’s financial advisers. Charier- Manchester Garages, 
house Japhet is also recommend- Following a meeting in Waff 
in^the terms. But Saint Piran, yesterday. Mr. Harry Wakely, wh 
which bought its 22 per cent stake is spearheading the attack on th 
at 55p per share, is still against merger, claimed the support r 
the offer an dits three representa- 44 per cent of Hix S shareholder 
fives on the Orme Board were . He and bis supporters say titf* 
disaentinR voices. Rix has not yet persuaded thei 

The disagreement in the Otnie that the company's future as a ' 
Boardroom has persuaded the City Independent would be prejudice > 
Panel on Take-overs and Mergers by lack of investment funds. The 
that Sain Piran sbould no longer will be asking the Board to lr 
be regarded as acting In conceit more details of the company..: * 
with Mr. Whitfield " and Mr. investment needs and prosper 
Tanner. So Saint Piran is now before, shareholders prior tn see 
free to buy Orme shares up. to. the Ing their approval nf the merge 
combined level previously held by . Objections to the merger t 
these three parties without longer, appear- to be. only on ft - 
triggering a bid. Oliver Rix side. Apparently 

This level is not The normal 29.& ginger croup has also been esta 
per cent since the Panel made lished among shareholders - 
Saint Piran sell shares to reduce Manchester Garages. Their cox 
the combined stake to just over plaint is said to be. based on ti 
28 per cent after Saint Piran fact that after the conversion, 
mistakenly went over the 30 per the loan stock offered exclusive . 
pent trigger level. • to. Oliver - Rix’s shareboldei 

Saint Piran still appears to Manchester Garage win lose i 
want to make a fight of it and predominance in the joi 
will -probably buy the extra- shares company, 

Preussag picks up - 
17% block of AMC 


vU; *- 


5 \ 




v. 


"-4 <' 


close. 1 1|5 i- 


The Board of Amalgamated might he developed more - , A — 

Metal Corporation has been -in- hence the agreement for thebinjH 1 
formed that . Norddeiitsche . In the year ended March > w L*-* - 
Affinerie has decided la accept 1978 Darley produced pre-i 
the: offer by -Preussag , AG. in profits of £238,009. Wet tangil - 
respect of its. holding of Lll4,313 assets at that date, including 
AMC shares (17.73 per cent}: property revaluation, were so' 

’ The directors oF AMC (except- £3m. 

ing only those .connected- with the " Mr.:P. D: Nicholson, chairman 
Patino group). and AMCs financial Vaux, who has joined the Box . 
advisers^ -Morgan - Grenfell, . con- of- Darley, says the brewery 
fin qe to consider that minority Thorne has a long tradition wh: . 
holders -should not accept" the it is jiiaohed to continue, and 
offer’, of Patino- and Preussag believes there is scope for 
shares; In th&light of their views development similar to that bei’ 
of flie medlum-ierm prospects for achieved with S. H. Ward 
the company, they also - consider Sheffield. . 
that minority holders’ -interests Vaux is enjoying an excellf 
will -be best served by not accept- trading year helped, not only b; 

ing' the cash offer. . . * strong performance in Engli 

Accord mg iy, the’se directors beer sales,’ but also by a vcr>' go- 
continue ; to recommend share- sumirier's trading in Swall'" 
holders to retain their ordinary Hotels. 

.snares m AMC and to take no - - - - 


V* 


action with regard to the docu- 
ments sent to 4hem. This they 
intend to do in respect of ’their' 
own : beneficial shareholdings 
aggregating 4,300 AMC ordinary 
shares. ^ 


Utd. British 
Securities 
dividend hopes 

The outlook for the cur rum 


Good start by 
Bogod-Pelepah 


POWELL DUFFRYN 
GROUP - 

. The Bournemouth timber a 
building supply company 
Edward Vfgar has been acquii- . 
by Tagarts. the Eastleigh-bat. 
timber importers, buiidc 
merchants and joinery manuf - • . 
turers. 

Tagarts has taken over 


VAUX ACQUIRING 
THORNE BREWER . 

Agreement has been reached 

whereby Vaux Breweries- is to business anc 1 goodwill of Edw^, 
acquire all the capital of W. M. Vigar, including the existing stt 
Darley, brewers, of Thorne, near and has taken a 25-year lease 
Doncaster. ■ ’ the - company’s premises ' ' 

Consideration for the 50,000 Jameson Road. Bournemouth. ; 
ordinary shares will be £3m, pay- will continue to trade under 
able at- the discretion of Parley’s present name. - 

shareholders, either In cash or Tagarts already has depots - - 
shares or a combination of both. Eastleigh, Basingstoke, Winches 
Completion is to take place by ? n d Wools! on, Southampton. . 

October 4. Vaux will also pur- is a division of PD Timber. - . 
chase the 50,000 K per cent {42 per member ot the Powell Duffi ^ 
cent plus tax credit) at par in «roup. 

Darley’s beers include IPA, light PATENT PARA *• - - 

and dark ales. It has had dose The offer by Consolidated PI 
trading finks with Vaux for a tations lor Patani Para PlanlaU- 
number of years and some weeks hes become wholly unconditio- 
ago suggested the. reiatioinship and remains open. v. ■"?' */ 


UNIT TRUSTS 




; r; r*» 

1 C C\ 





Income now or much %lt 
more income later 

A little of the recent history them, however, are how be 
of the unit trust movement is suggested afresh is. one answer*, 
encapsulated in three of the the problem of inflation: ?yi| s-. 

•rusts on. offer this week. Go indeed, the track record in e . 

back a year, and it was the extra case suggests lhai the claim 
high!. Income trusts which, were over a period, not un justif 
all the rage: yields were well Gross inebme on Allied Hamb 
into double figures, and portfolios fund has increased by 97 per c» 
were very substantially composed since launch, as against an 80 'J; 
of preference shares — which are cent rise in the “ 
all very well if you Warn imme- And original 
diate income, but not so .-good if G’s fund are 
you’re going to want still more of well over 
income later to compensate for investment. 

Wehft to t°mes*«ie sank in: and . 111 contrast, Schlesinger’s E* 
the next stase in the development 'neome J>i«l concentrates on j- 
of the high income trusi was v «ding thp highest possible mat 
ihe emereence of ihc exira in- nov V from a portfolio entn. 
come but aU-equIty-^or'substan- mies,ed m. equities: and the re 
tially cqdrty— portfolio; Only Jthe yi£f,d of i ust under fl per ci 
trouble with the extra Income hchlw»nntr*s fund managers pt|. 
all-oqulty portfolio , was that, io °ut. and with jusuce. thal 
obtain' the yield required, it was M potential for growth in 
.sometimes necessary to put a income and capital in this p 
part of ihe .portfolio into com- folio: we shall have to wan u 
panics which had Rone ex-growth, the trust is a little older tit 
nrnr* recent Iv still we have aniy Punched in May 1977) 

the equity -average, but still a In contrast. Arbuthnot's -Nc. ■ 
long way short of the real high American and International F* ^ 
flyers^ -The argument has been is strictly for those who i*', 
that, wtlh rather more flexibility growth m capital: the yield ■r l ./ 
in respect of the yield on which negligible, Arbuthnot's manai 
they rnlgW buy, fund managers have decided that the U.S. mat 
could afford to pick our shares still offer? good longer u r -. 
which :bad not merely income opportunities, and they are bs-^ u .-. 
now, but the prospect of much ins their judgment: despite 
more income taler, to recommend option to invest elsewhere, ove' 
them. per cent of the Fund is currek.’-t.. 

Two 'Of f nn offer this invesied in U.S. shares. On V" > 
week ihtisfia**' this Hne of think- argument that - smaller compai . 
ing. Not Jfiat either of them are grow faster — and. that their i»\ 
new funds:. Allied HamiiroS High seas subsidiaries have recei \ 

Yield Ranff'tos going since been holding .the big boys h n. 
the mfijdlp oT 1974. while M and —the weight nf the iwrtfnl ir 
G's Fund first saw towards small domestic «•. -. 

he ligfiTdf w in I960. Both of primes, too. ’ Y . 


t 'i.’r 


■ ATI 






m ***** 


F--. 



'■I:-. 

; r<-.V 


i: n 


,v( 


; i ‘ ~ 


Financial Times Saturday ' September 9 "1978 



15 


SUMMARY OF THE WEEK’S COMPANY NEWS 


Take-over bids and mergers 

Carri *‘St on Vlyella has emerged as the new bidder for 
j. Compton Sons and Webb whose shares were suspended last 
week at 43p. The offer comprises four Carrington shares plus 30p 
cash for every three Compton shares. Carrington informed 
Compton on August 31 that it intended making an offer fnr the 
ordinary shares and the following day Compton asked the Stock 
Exchange to subtend dealings so that discussions could' take plate. 
This occurred exactly a week after it was announced that bid talk*, 
with Vantona had broken down because of lack of agreement on 
terms. 

Starwest Investment; the private company headed by Tridant 
Groups chairman Mr. Remo Dipre, has finally won the acceptance 
of the independent directors of Tridant for its revised bid of Sop 
per share. The bid had been bitterly contesctd by the independent 
dirctors who called Mr. Dipre’s first offer of 63p opportunist ami 
not in the best Interests of shareholders. The new offer represents 
an increase of 60 per cent over the market price of Trident’s shares 
prior to the first bid and this consideration now appears to have 
outweighed the earlier grounds for rejection which were profit:, 
recovery and the property potential of the Kingston site. 

The Australian Government has blocked Brooke Bond Liebig’s 
£20im bid for Busheil’s Investments. Australia’s largest tea com- 
pany. just three months after announcing a relaxation of the ruies 
governing foreign investment in the country. The proposed 
merger has been rejected under the 1975 Foreign Takeovers Act 
beca use it was thought to be contrary to the national interest. 

Several more institutional fund managers have joined the 
group which believes that the offer by S. Pearson and Son for the 
minority of Pearson Longman is inadequate. Their view is that 
Pearson ought to have offered a larger premium to entice minority 
shareholders to let themselves be taken out of a company in which 
they had long-term confidence. The critical question is whether 
the dissidents will be able to muster the 3.75m shares needed to 
defeat the bid when the vote is taken. 

Georgian estate sold 

BY JOHN BRENNAN, PROPERTY CORRESPONDENT 


Goode Dan-ant and Murray has come to the rescue of its 
publicly quoted subsidiary. Rawlings Bros* by making a lOp per 
share offer for each of the 1.7m shares not already owned. 

Reynolds Metals has sold its 49 per cent shareholding in 
British Aluminium for £45m. Tube Investments has bought a 
block of lm shares for £7.75m, but the major part of the Reynolds 
stake h3s heen placed with numerous financial institutions. 

Goldrei Foueard is in talks with an unnamed parly which may 
lead to aji offer being made for the company. 


INTEREST STATEMENTS 


Company 


Half-year 

to 


V-.ilueof Price Value Final 

Company bid per Market before of bid AccTce 

bid for share** price** bid (£m's)** Bidder date 


Prices in pence unless pUtcrwisc indicated. 


Bonder Eng. 

43* 

42 

36 

2.58 

Kaye Organ. 



Compton Sons 
a ad IVcbb 

5S*?§ 

55 

43 

9.99 

Carrington 

Viyclla 


Corncrcroft 

Crossley Building 

65* 

65 

56 

1.62 

Armstrong 

Equipment 

— 

Products 

105* 

1M 

64 

7.07 

Bo water 

_ 

Cnstomagic 

Wades Dcplnit. 

21* 

16 

m 

1.10 

Mooloya lnvs. 

— 

Stores N/V A 

9&* 

96 

60 

3.56 

Assoc. Dairies 

— 

East-wood U. II.) 

132* 

143 

90 

31.53 

Cargill 



I-’Iuidrfve Eng. 

WIJ 

Pi 

92 

629 

Assocd. Eng. 



(•lanfield Secs. 

373 

365 

305 

7.69 

Legal & GenL 



Lyons IJ.) 

156 

334 

97 

61.31 

Allied Brews. 



Muwat (W.) 

o-j 1 * 

32 

27 

0225 

Jenth 

— 

Orme Itevpis. 

59 in 

5o+t 

4$ 

102H 

Combcn Grp. 

IS/ 9 

Pearson Longman 

232*2 

236 

194 

103.9 

S. Pearson 



Teh id y Minerals 
Tridant Group 

71 

70 

73 

2.09 

South Crofty 

— 

Printers 

Wades UepimL 

S3* 

S2I 

55 

3.72 

Starwest Inv. 

— 

Slores 

1021* 

9S 

63 

2.11 

Assoc. Dairies 



Weston-Evans 

124 j* 

1-54 

110 

S.4 

B~ham A: Midland 
Counties Tst- — 

’•Veston-Evans 

15.SI 

154 

133 

8.5 

Johnson and 



S75 


Firth Brown 15/a 

• All cash offer, t Cash alternative, t Partial bid. $ For capital 
not already held. 1j Combined market capitalisation. |l Date on which 
scheme is expected t«> become operative. ** Based on 7/9 '78. 
T+ At suspension. f+ Estimated. §g Shares and cash, flfl Based on 
S 9 '78. 


Abel Moira II June no 

BICC June 30 

Blackwood Hodge .J une 30 
BJ*. -June 30 

Cdbry. Sc{iwepp es j un y 3 Q 

CoUiiis (Wm.) June 25 

Cornell Dresses J u ne 3U 
Cosalt July 2 

Costain (Richard) June 30 
Dares Estates June 30 
DcwhfrsttJ.&j.) J U | 3 .j4 
Executes June- 30 

E1S June 30 

Falrbairn Lawson June SO 
Garner Scotblair JulySl 
Gibbons Dudley June 30 

GRE June 30 

Hall (R.& H.) June 30 
Hepworth Ceramic June 30 
JCI June 30 

IAtJ. June 30 

he. Has July i 

UK. tndl. lnvs. June 30 
London & Europn. June 3U 

Metal Closures j une 30 
Morgan Crucible July 2 
Morris & Blakey June 30 
My son Group June 30 
Newbold & Burton June 30 
Nnrdin & I'eacock July 1 
Ofrex June 3U 

P. & 0. June 30 

Phoenix Assuee. June 30 

Plttard June 30 

Plcssey June 30 

Portals Hides. June 30 

Provident Financf. June 30 

Revcrtex June 30 

Rotork June 30 

Rowtos Hotels j une 30 

Sharpe & Fisher .Tune 30 
Sun Alliance June 30 
Travis & Arnold June 30 
Wagon Finance June 30 
WhTltlngbani Apr. 30 3* 

Wilson Coon.. Hv June 30 1.550 


Pre-tax profit 
(£000) 


Interim dividends* 


Company 


Year la 


Pre-tax profit 

( £000 1 


Earning 1 
per share tpi 


Dividends'* 
per share tp) 


177 

(2931 

0.576 

(0.576) 

Armilage & Rftdes. Mar. 31 

:m 

1 120 1 

5.5 

( 2.3 1 

2.365 

(2.15) 

27.972 

(23.825 ) 

2.5 

(2.25) 

Bertram Rubber 

Mar. 31 

586 

Ifi.jl) 

6.9 

(7.1 1 

:) .1 

i 3.1) 

8.602 

(7,647) 

0.968 

(0.SH71 

BE. T. 

Mar. 31 

67.042 

(.“."..'ill'') 

17.(1 

1 13.4) 

5.78 

(JVlii.XI 

120.00U 

(109,500) 

7^795 

(15.981 > 

Ceniurs 

Apr. 29 

520 

1 223 1 

/..1 

(2.6) 

2-201 

<2.0251 

18,500 

(18.700) 

0.95 

(0.95) 

Cashed ($.) 

June 30 

1.170 

l790» 

11.4 

l».«) 

2.15 

(1.95) 

1.230 

4 1 ,030 1 

2.086 

(2.086) 

Dccca 

Mar. 31 

12J5IJ4 

ns.sssi 

*/-, ■? 

(35.4) 

11. SOCIl U.634) 

46 

C 57 i 

Nil 

(Nil) 

Esperanza 

Mar. 31 

3.030 

( 3.3-ju > 

12.0 

(23.3) 

5.642 

15.052) 

1.304 

(1.255) 

1.0 

IU-S07) - 

Fitzwilton 

June 30 

J.JilO 

1 5S 1 > L 

4 ' 

r — 1 

4.0 

(3.21!) 

18.220 

(11.520) 

2575 

(2.306) 

Group Lotus 

Dec. 31 

.->.»< 

f 77 » 

4.7 

(0.5) 

Nil 

(Nil. 

141 

(Pill 

0.23 

(Nil) 

Guinness Peat 

Apr. 30 

11.07U 

(9.(170 1 

24.:; 

(20.1 » 

10.25 

( 9.952 1 

604 

(505) 

0.5 

(0.45) 

Dfovitex 

Feb. 28 

1U1 

( 24 1 

0.8 

l — I 

11.55 

(Nil) 

S3 

(32) 

1.0 

(Nil) 

Reardon Smilh 

Mar. 31 

12.370L i5ti0i 

— 

( — ) 

0.1 

(1.623) 

$i5 

(l)fi2! 

1.072 

(0.975) 

Saville Gordon 

Apr.3U 

753 

( 024 > 

3.3 

(4 0) 

1. 020 

( 1.455) 

747 

I72H 

2.0 

(1.0) 

Wades Stores 

Apr. 3U 

1.020 

( S7li » 

8.(1 

( TO, 

2.20 

(2.002) 

573 

1502) 

2.0 

(1.751 

Zellers 

Mar. 31 

j,w: 

iGiinl 

7.3 

1 4.2 1 


(1.10-2) 


1400) 


0.743 10.686) 


29,300 

(26,300) 

4.658 

(4.235) 

1.280 

(1.1401 

OAST 

(0.487) 

14.880 

(12.807) 

1.75 

(1.55) 

251,000 

(309.000) 

10.0 

(0.0) 

15,700 

VIS. OOO) 

1.675 

11.5) 

253 

(212) 

1.014 

(0.908) 

165 

062) 

1.45 

(1.3) 

357 

033) 

0.5 

(Nil) 

2.470- 

(2.520) 

1.9 

(1.7) 

6.001) 

(6.050) 

3.686 

(3.072) 

1KI 

(117) 

1.75 

(1.75) 

(Nil) 

729 

(432 iL 

1.23 

219 

(162) 

1.338 

(1.19S) 

1.500 

(1.520) 

0.87 • 

(0.79) 

2,460 

(1.680) 

1.18 

(1.067) 

1,123 

(26.909) 

3.0 

(3.0) 

2.S00L 

( 300 ) L 

5.27 

14.578) 

580 

(1,1401 

12»5f 

(1.102) 

12,41 Of 

(12,390)+ 


(— > 

4,111 

(3.510) 

3.85 

1 3.5) 

4,080 

1 3.090) 

1.801 

(1.613) 

1.810 

(1.570) 

3.17 

(1.171 

1.450 

1 1.400) 

0.65 

(0.585) 

454 

(361) 

2.744 

(2.457) 

425 

(315) 

0.7 

(0.56) 

20,700 

(30.400) 

11.0 

(10.0) 

2.1S0 

(1.990) 

(1.773 

(0.692) 

1.3U7 

(816) 

0.R25 

(0.625) 


( 129 iL 
( 1,180) 


1.4S1 


1 Nil) 
UJM7) 


(Fi'-jurcs in parentheses arc for corresponding period) 
Dividends shown net except where otherwise stated. 

• Adjusted for, 3ny intervening scrip issue, f Including 0.025p 
special dividend due to change in tax rate. + First quarter. ? Gross. 
1! Including tuisgp special dividend due to change in tax rate. L Loss. 


Offers for safe, pfacings and introductions 

Bournemouth Borough: £5m Variable Rate Reedemable Slock 
1983 at £99£- per cent. 

Howard and Wyndham: f jm IS per cent Unsecured Luan Stock 
1976.&1 at par. 

Scrip Issues 

Ferranti: NEB stake to he reduced from 50 per cent voting shares 
and Hi l per cent non-voting shares tu straight half share 
after one-for-une scrip issue and share sale to Ferranti 
holders. 

Provincial Laundries: £1 nominal 12 per cent Convertible Un- 
secured Luan Stock 39S6/8S for eleven ordinary. 


Rights Issues 

BPC: Three-fnr-teii at 4-1 p. 

HD! and Smith: Une-f ur-seven at 75p plus £0 nominal 14 per cent. 
First Mortgage Debenture Stuck 2nUd/2003 for eleven 
ordinary. 

Rainers t Jewellers): One-for-len at -pip. 


THE LLOYD Baker Estate, 95 
Georgian houses near Sadler's 
Wells Theatre, has been sold 10 
tbe London Borough of Islington 
for just over £lJ25m. 

The trustees of the Lloyd 
Baker Settled Estates, advised 
by Chestertons. decided to sell 
the property to the counc-il in 
spite of a u significantly " higher 
offer for tbe houses from a 
private property company. 

The sale recognises the result 
of a ballot by the estate's tenants 


association. That showed that 
most residents favoured a sale 
to the council rather than 
housing associations or private 
property dealers. 

The council is to renovate the 
properties extensively. They 
bring in I3S.500 a year in rent. 

A rolling programme ul 
renovation work should prevent 
the break-up of the existing com- 
munity and the council is pre- 
pared to consider offers from 
long leaseholders to buy their 
homes. 


SHOULD I SELL 



Gone ore the days when a 'sound 
portfolio' of shares could just be bought 
and forgotten. 1974proved that! 
Todays investor has to be alert. Buying 
tomorrow s favourites ert lodays prices. 
And, of course, remembering when to 
sell (hem. Before the next "1974.' Thofs 
why the Fleet 5treet Letter, Britain's’ 
oldest newsletter, emphasises the 
importance of knowing when toset 
The only wayto be sure Ihe Fleet 
Street Letter is right for you is to study a 


copy and judge for yourself. So, just 
complete and return Hie attached 
coupon, and we will send you O free 
copy. Plus o list of all our company 
analysis recommendations over the 
last year. Plus o detailed analysis of 
f S L's latest ideas - hvo companies 
which most other investors have not 
yet discovered. 

And all that without any further 
obligation whatsoever. 


To© much interest 
charged on late 
tax payments 


BY DAVID FREUD 

THE Inland Revenue has been 
charging 100 much interest on 
late payments of development 
land tax for the last two years 
because of a legislative muddle. 

The rate charged — 9 per cent — 
has been in line with that for 
other tuxes. . However, the 
Revenue bas established that the 
rale, fixed by statutory instru- 
ment in 3974, does not apply to 
Development Land Tax, which 
was enacted in 1978. 

Accordingly, the interest rate 
used in Development Land Tax 
transactions, in both directions. 
Should have been 6 per cent 
The Revenue said that it was 
pc jins* back any excess to tax- 
payers. tosether with interest at 
6 per cent. No steps would be 


taken to recover any excess paid 
to taxpayers. 

The confusion seems to have 
arisen because in the Develop- 
ment Land Tax Act of 1976 the 
rate of interest was set by 
reference to the 1970 Taxes 
Management Act The 1974 
instrument raised the rate as it 
applied to existing taxes but 
obviously would not have 
referred to a tax that did not yet 
exist. 

• The instrument was not an 
emendation of the 1970 Act so 
technically, the original rate still 
applies in the single instance 
of the development land tax. 
The Government is likely to 
arrange the removal of the 
anomaly. 



Please send me a FREE copy of FSL without obligation 
Name 


Address. 


Post to: Fleet Street Letter, 80 Fleet Street, London EC4Y 1 JH. 

FT.F.E T STREET LETTER— LL 


HAMPTON 
GOLD MININ 1 
AREAS 


"Acquisition of Wuitex Machine Co. Limited 
extends foundations on which the Group is being 

bunt." . 

James Ley, 

Chairman. 

NICKEL MINING 
ROYALTIES 

Income related to realised values rather than profits 
provides a hedge against inflation. Rights extend 
to 2009. 

COALMINING 

Great Row Colliery operating under licence from N . C. b . 
maintains satisfactory record. 


EQUIPMENT 

Worldwide plans for increasing coal production 
offer good prospects for Wuitex. 

NORTH SEA 

Exploration well to spud in shortly upon Block 20/ 7. 


Investigation of mining opportunities in Australia 
currently in hand. 


Profit after tax for year to 31st March 1978 amounted 
to £342,210 giving earnings per share of 8.2p (1S77 
7.0p). 

Substantial increase in earnings per share expected in 
current year following acquisition of Wuitex. 

Dividend of 3.5p a share for year to 31st March 1979 
on increased capita! has received Treasury approval. 


Copies of Report and Accounts available from 
The Secretary, Hampton Gold Mining Areas Limited, 
1 Vintners' Place, London EC4V3DP. 


EUROPEAN OPTIONS EXCHANGE 


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1,236 


TWO YEARS ago, in a much- 
criticised decision, the Govern- 
ment announced that Tate and 
Lyle’s bid for Manbre and Garton 
would not be referred to the 
Monopolies Commission. 

That the merger would signi- 
ficantly reduce competition was 
uot in dispute: the new group 
would have a monopoly of cane 
sugar refining, more than half ; 
white sugar market and between 
a third and a half of the market 
for starches and glucose products. 

The Office of Fair Trading and 
the Secretary of State for Prices 
and Consumer Protection, then 
Mrs. Shirley Williams, argued 
strongly that it should be 
referred tu the Commission, but 
they were over-ruled oa employ- 
ment grounds. It was felt that the 
two companies acting together 
would be heller able to cope with 
tbe inevitable rationalisation of 
the cape refining industry. 

Yesterday came another 
merger ruling that will be even 
more disappointing than the 
Manbre and Garton case to 
advocates of a strong competition 
policy. The Government bas 
decided not to refer to the 
Monopolies Commission Imperial 
Group’s bid for J. B. Eastwood, 
the U.K.’s largest egg ana 
poultry concern. 

Impact 

The story began in June, when 
Eastwood received a take-over 
offer from Cargill, of tbe U.S., 
one of tbe world’s largest grain 
merchants. Since Cargill did not 
compete directly against East- 
wood. that bid, which the 
Eastwood directors accepted, 
would almost certainly have been 
cleared by the Government. 

However, when Imperial Group 
stepped in a few weeks later with 
a higher offer, a reference to the 
Monopolies Commission wa$ an 
obvious possibility. 

Between them, Eastwood and 
Imperial account for more than 
30 per cent of the oven-ready 
poultry market. They have about 


GEOFFREY OWEN 
examines official 
attitudes to mergers 
and competition 

18-20 per cent of the egg business, 
although that might understate 
the impact of the merger on 
competition. 

One effect of the deal will 
preiumably be to re-establish 
Eastwood's membership of the 
Goldenlav consortium, an egg 
marketing organisation which, as 
an agricultural co-operative, is 
exempt from the Restrictive 
Trade Practices Act. 

Eastwood left Golden lay a few 
years ago to pursue an indepen- 
dent course, but with that giant 
back in the fold, Goldenlay will 
account for 35 per cent of the 
market and an even higher pro- 
portion of sales to supermarkets 
and grocery stores. 

In turkey meat, the combina- 
tion of Eastwood and Imperial 
will have a market share, a few 
percentage points behind that of 
the leader. Bernard Matthews, 
which has about 20 per cent.Since 
Matthews is a specialist and most 
of the others In the field are 
small companies, it is arguble 
that tbe financial strength of 
Imperial-Eastwood will alter the 
nature of competition in that 
sector. 

Against the evidence of in- 
creasing concentration. East- 
wood, supported by tbe agricul- 
tural workers’ union, argued 
that employment would be at 
risk unless the merger was 
approved quickly. 

The egg and poultry business, 
which is highly cyclical, has been 
going through a difficult time. 
Eastwood has suggested that, 
with financial backing from Im- 
perial. it could avoid otherwise 
necessary redundancies. 

Those who wanted the East- 
wood bid referred to the com- 
mission noted that a conse- 
quence of Imperial's financial 
support, enabling Eastwood to 
avoid cuts in production and in 


employment, might simply be to 
create difficulties for smaller 
companies and thus to cause 
redundancies elsewhere in the 
industry. But it was the danger 
of immediate lay-offs in East- 
wood that apparently carried 
most weight with Ministers. 

The conflict between competi- 
tion policy and employment pre- 
servation is not new. in Lonrho's 
bid for Dunford and Elliott, the 
Sheffield steelmaker, reference 
to the commission was rejected 
apparently because of Dunfurd’> 
financial weakness which, it was 
thought, might become critical 
during the commission's inquiry. 



Stronger 


What makes the Eastwood 
decision rather mure surprising 
is that it seems to conflict with 
the slated desire on Hie pari of 
several Ministers to lake a tough- 
er line against mergers that re- 
duce competition. 

Thai was the the me of the 
consultative document on mono- 
polies and mergers policy pub- 
lished in May. In a foreword Mr. 
Roy Hatterstey. Prices Secretary, 
wrote: “ Competition policy 

needs to distinguish between 
mergers carried uui as a delib- 
erate attempt to improve indus- 
trial performance and those 
which do little more than 
destroy or inhibit competition.” 

The next important merger 
derision for the Government is 
on Allied Breweries' bid for 
Lyons, but there Hie effect on 
competition is much less clearly 
defined. It may be argued thal 
since Lyons in most of its 
markets competes against much 
bigger and stronger concerns, 
the merger with Allied will tend 
to increase competition in those 
markets. 

The Eastwood decision pro- 
vides no clue to the outcome «if 
the Government's deliberations 
on Allied and Lyons, except to 
the extent thal it -Imws that 
Ministers arc still prepared, in 
certain circumstances, to allow 
very large companies to expand 
by acquisition. 


BY MAURICE SAMUELSON 

ALFRED DUjYHILL. the tobacco 
company, lias acquired Col ling- 
wood. the privately-owned. Ifil- 
.vear-oW London jewellers and 
silversmiths, with :t shop in 
Conduit Street, and a jewellery 
department at Harrods. Dimbill 
already owns Si mm ends in 
Burlington Arcade. 

Dunhill. a subsidiary of Roth- 
mans International since lSMio, 
says that it wll not use the 
Collingwood shops as a eunduit 
fur its own products, which range 
from expensive lighters and 
pipes to pens and toiletries. 

The deal — i'1.4m for SO per 
cent of Cnllingwood's ordinary 
shares — was solely to *' broaden 
its financial base." 

Dunhill is no stranger to tbe 
business, having sold jewellery- 
in ns shops since the 1920‘s. 

In spite of the Rothmans take- 
over 15 years ago, family tradi- 
tion remains strong. Mary Dun 
hill, the 72-year-old president, is 
the daughter of the Alfred Dun- 
hill who founded the company. 
Her nephew, Richard, is the 
chairman. 

In the same spirit. Colling- 
wood will be allowed to retain 
its distinct character aDd its 
present m an agent eni. 

Last year Dunhill. which had 
a £52m turnover, bought Mont- 
bianc. ihe old-established Vest 
German pen company, founded 
in 1907 — the sjme year as Dun- 
bill was founded. 


Boustead Limited 

OVERSEAS TRADERS 



Rdf) ear 
aided soil* 

Juiir hfjf 

Wj ifyear 
ended wh 
Jme iQ-? 

Zeoo'i 

Year ended 
Jlil Dei. 

w: 

Soto’s 

Turnover 

14,210 

12,247 

25,041 

Pre-tax profit 

920 

82b 

l,S8b 

Attributable profit before 
extraordinary items 

306 

1 66 

57f 

taxnings per bhare 

2.67P 

I-45P 

5-O^p 

Dividend per share 

°*7°P 

O. 7 op 

I.50p 


Boustead limited is an overseas trader that has 
grown considerably in recent years, and now 
functions as a broadly based international group 
with interests in tbe Far East, Australasia and the 
United Kingdom. 

Pofgfr jrp.’ v the Ir.ienrn Sfeiemer.l : — • 

4- Profit before tax up 11%. 

Earnings pci share increased by 84%. 

Ji A worthwhile increase in profitability is anticipated 
for the whole year. 


Copies of:hc Interim Report available from The 
Secretary, Boustead Limited, 14/15 Conduit Street, 
London WiR gTG. 



s* 


Launch date 
for new 
credit card 

Financial Times Reporter 

THE TRUSTEE Savings Bank 
credit card scheme. Trust Card, 
will be launched on November 1, 
as the bank announced last 
January. 

Unlike the Access card, which 
was sent unsolicited to bank 
customers, the Trust Card will 
be available on application. It 
will be accepted in the UK and 
abroad wherever Barclaycard is 
taken. 

Tbe bank has Sm. customers, 
but some depositors are aged 
under IS. Local branch 111 a n- 
aeers will select card holders. 
Although’ credit rating might be 
£1.1)00. the bank said yesterday 
that the normal rating would be 
between £200 and £250. 

The organisation expects to 
launch an advertising campaign 
for its new service next year. 


Work hours cut 
‘would put UK 
in Losers’ Club’ 

MR. GEORGE McWATTERS. 
chairman of the Ward Whire 
Group yesterday told the British 
Junior Chambers of Commerce 
Golden Jubilee conference in 
Northampton that a 35 : hour week 
was “ as isood as applying for life 
membership of the Losers Club.” 
He was introducing a debate on 
Britain’s lack of industrial growth 
and the country's failure to take 
advantage of EEC membership. 

“To ease unemployment, a 
shorter working week is being 
urged, with 35 hours as the stan- 
dard, of course for the same pay 
as before. How can we possibly 
compete internationally if we are 
in be faced with a 35-hour week? j 
It is a good as applying for life 
membership of the Losers Club." 



to 1 



Z*i 
2 . * 


A LEASE was signed in Liver- 
pool yesterday by Mrs. Ruth 
Dean, tbe Lord Mayor, and Mr. 
David Jones, chairman of 
Development Association Train- 
ing Services, for a three-acre site 
on the Kirkby Industrial Estate. 

A 25.000-sq ft building cm the 
estate has been started, and half 
this area will be devoted 
immediately to training brick- 
layers. 

Mr. Jones and Mr. Ken Good- 
year. the managing director, said 
the development would employ- 
28 full-time staff and 162 trainees 
between 16 and 19. 

These hricklayer apprentices 
will be recruited from un- 
employed in the Kirkby area. 

Traditional building or facing 
by brick was becoming more 
important in place of the con- 
crete of recent years, said Mr. 
Jones. 

"We have got to ensure a 
suitable number of bricklayers. 
We will produce them by the 
trainee scheme, and it is up to 


the local authorities ar.d private 
enterprise to produce the 
buildings." 

The Kirkby programme should 
be finished by the end of the 
year. 

Merseyside was receiving 
inquiries for more than I'm sq ft 
of small factories a year. The 
city council's programme would 
be fully let by the New Year, so 
there was “ splendid scope" for 
the private sector to start build- 
ing now for letting next year. 

Good development ■'tie- and 
mortgage assistance of up to 75 
per cent of the buildina*' costs 
for repayment over -0 t-i 25 
years, -were on offer uy tilt- 
council. 

Apart from stimulation for 
investment after Ihe disco* cries 
of natural gas in the lrkh Sea. 
there was a growing confidence 
in Liverpool. 

The Brick Development 
Association, which is associated 
■with the trainee scheme, repre- 
sents 80 per cent of the brick 
industry. 


Financial Times Reporter _ 

MICROWAVE OVEN -manufac- 
turers and importers, dissatisfied 
with the “ one-sided " coverage 
given to .their products on a 
recent 'television programme, 
have demanded an investigation 
land the right to make a pro- 
gramme showing their side of the 
story. 

The recently-formed Microwave 
Oven Association has written to 
ithe Independent Broadcasting 
! Association to complain about the 
.World In Action programme and 
yesterday was told that an 
■ ini estimation is under way. 

Tbe association is concerned 
that consumers have panicked 
needlessly over the possible 
: dangers of microwave ovens 
' Technical advisors from the 
. association arc compiling in- 
formation on microwaves which 
■will be released shortly in con- 
1 sumcr organisations. heailh 
officials and the public. 

; The domestic microwave oven 
has not made a great impact in 
: the UK but Toshiba, one of the 
main producers, claiming about 
60 per cent of the microwave 
; market in Britain, estimates that 
|2bout 55,000 microwave ovens 
I will be suiU this year. 



BY MAURICE SAMUELSON 

MR. RAM! UNGAR, BL's agent 
in Israel, said yesterday that his 
Government was behaving in a 
manner "no different from the 
Arab boycott office ” towards the 
proposed supply by BL, fnrmerly 
British Leyland, of 150 buses tu 
Israel. 

He was commenting on the 
conditions attached by Israel to 
a contract between BL and Egged, 
the inter-urban bus service, for 
150 'buses, worth about £6Jm, 
with an option to supply more. 


Mr. Meir Amir, Transport 
Minister, and Mr. Daniel 
Halperin, Finance Ministry 
adviser on Arab boycott affairs, 
have said they will not sanction 
the deal without proof that F*L 
has reversed its position on the 
boycott. 

\ 

Rebound 

The Israel Government heavily 
subsidises Egged and will have 
to finance the deal. Some of its 
terras might present BL with 


difficulties since they would 
infringe the Arab boycott rules. 

Mr. Ungar said lhat by lajing 
down stringent terms for JBL. Ihe 
Israel Finance Ministry would 
create an adverse impression 
among foreign companies and 
assist the boycott instead of 

weakening it. 

BL said that it war- adopting 
an entirely commercial altitude 
towards Ihe contract with Egged, 
and believed that the situation 
might be cleared in a few weeks. 


Financial Times .Saturday- Septeaafcr J9 197S 




WORLD STOCK MARKETS 


Dow index jumps 14 to 907 


NEW YORK 


\*¥~ j.y- 


1 •' • - S(*£«. 

Stock - I . 6 ' 






INVESTMENT DOLLAR 
PREMIUM 

S2.60 to £1—833% .(91-1%) 
Effective I.IW65— 43*% (425%) 
SHARP AND widespread gains 
' developed in active trading on 
l Wall Street yesterday, sending 
i the Dow Jones Industrial Average 
decisively through the 800 barrier, 
spurred by a drop in both the 
' Basic Money Supply and August 
Wholesale Prices. 

I The Industrial Average shot up 
14.03 to 007.74, making an 
I advance of 28.41 in the holiday 
i shortened week, and its highest 
' level in more than a year. The 
last time it dosed higher was on 
July 26, 1977. when it finished the 
session at 90S.1S. The NYSE .411 
Common Index, at Sfi0.24, rose 74 
cents on the day and $1.70 on the 
week, and at its best level since 
October 12. 1973. Rises led falls 
by nearly a three-to-one majority. 

Heavy buy mu was inspired by 
surprise drops in Wholesale Prices 


FRIDAY'S ACTIVE STOCKS 


Stucki 

traded 

Pan Am. Airv 

t'ln-ine 

tf'i 

on 

dav 

Ramada Inna 

U.'.^iin 

11 

— 4 

Amax 

4ix;.:ioii 

•V4 

+ i 

FinMion«- Tir» 

rui.mii 

i : 

— 

General Electric . 

nar.Tnn 

AM 


Pacific rias El . 

.141.SI111 

2Jt 

— ft 

Orndental Perrlm. 

XU.IH1II 

311* 

— ft 

T*.'*arri 

2ia.:itoi 

24! 


Vemll Lrnch ... . 

31® 'Jiwl 

241 


McDernwt 

nuj.inw 

Z+; 



and in ihe UJ5. Money Supply. 

The Government reported that 
Producer prices of finished goods 
dropped by 0.1 per cent m August 

the fir<t decline in two years. 

Analysts had looked for another 
rise— possibly a sharp one. 

After the close, on Thursday, 
the Federal Reserve reported that 
the Basic U.S. Money Supply fell 
by SiObn in the latest statement 
week. The report • surprised 
Money Market specialists who had 
looked for a rise. 

Adinc to the cood news. the 
dollar rose sharply against all 
major currencies in Europe. 

IEM moved up S4J to $3033, 
General Motors SH to $66, Du 
Pont $23 to S13I l- Polaroid S2l 
to S59J. McDonald's^ $IJ to $55i 
and Disney SI! to $45. 

Volume leader Pan American 
Airways climbed $• to S10J— it 
agreed to acquire National Air- 
lines for $41 a share, or about 
$35nm National added SI at $341. 

A max tacked on $1 at S50* in 
heavy trading— it rehuffed a bid 
bv Standard 0:1 «f California to 
acquire the SO per cent or Amax 
it doesn't yet own. Socal. which 
reported a new North Sea oil well, 
rose $» to $4S. 

THE AMERICAN SE Market Value 
Index advanced 3.15 to 175.1.1 — its 
higgesL one-day rise since Us 
inception m .September 1971. 
Volume of 7.8$m shares was ihe 


heaviest since 8.55m traded 

February 20, 1976. 

CANADA — Prices closed sharply 
higher in active trading as surging 
Oil and Gas issues sent the 
Toronto Composite Index up a 
record 25.5 to 1280.4— its highest 
level since November 9, 1973. 

The Metals and Minerals Index, 
up 36.7 to 1100.9, posted the 
largest gain since December 22, 
1976, and Oil and Gas. up 72.9 to 
1740.9, had Its largest advance 
since July 8, 1977. 

PARIS— Sharply higher In 
active trading, with Institutional 
investors very prominent. All 
sectors moved up, with Peugeot- 
Citroen rising Fr 17.5 to 487.5. 

In Foreign shares, Americans 
steady. Coppers higher. Germans 
and Oils resistant, Canadians 
mixed, Golds weakened. 

TOKYO— Sharply lower after 
late profit-taking pared initial 
gains. Volume 250m (300m) 

shores. 

Pharmaceuticals and Foods led 
the fall on heavy profit-taking, 
with taken Chemical falling Y250 
in 2,870, Dainippon Pharmaceutical 
Y60 to 790 and Fujiya Confec- 
tionery Y50 to 615. 

Public Works. Steels. Machines, 
Real Estates and Department 
Stores all lower on profit-takmg 
and other selling. 

Oils firmed, with Nippon Oil 
rising Yll to 6S0 and Maruzen Oil 
Y13 to 1G2. 


G ERMANY— Again higher. BU I 
major Chemicals little' changed. 

Bond market mostly quiet, with 
Public Authority issues showing 
gains of up to 40 -pfennigs and 
losses of up to 30 pfennigs. Regu- 
lating Authorities sold a nominal 
DM 3.7m worth of stock, foreign 
Mark Loans well maintained. 


AUSTRALIA — Mixed with 
support for Banks and leading 
Industrials but a . setback for 
Uraniums and Diamonds. 

Uraniums declined on reports 
Northern Land Council may 
refuse to sign Ranger Agreement 
unless Federal Government 
blocks Pancontinental's Jabiluka 
project Pan continental dropped 
SA1 to 15.80. Peko fell 10 cents 
to 6.50 and Kathleen Investments 
lost 5 cents to 2 jos. 


SWITZERLAND— Mainly steady 
with some late profit taking 
evident. 

Banks pared initial gains. 
Insurances and leading Industrials 
mixed. 

Domestic and Foreign Bonds 
steady in light trading. 

BRUSSELS— Mostly higher in 
lively trading. 

U.K. and French stocks higher, 
Germans lower, Dutch and U-S- 
mvxed. Gold Mines fell. 


Abbott Latft. 

Addreamrraph... 
Aetna Life £ C*a 
Air twwiuci* . 

A lean Aluminium 

.Mu*.. 

AJleg. Ludlum..., 
Allegheny Fmrerl 
AHUM Cbemksl.' 

Allied Store* [ 

Allis Chalmers.... 

A MAX 

Vra Brads Hess..,. 
A mer. Airlines— 
Airier. Brands..,. 
Amer-Broadca s t- 

Aioer. Can- 

Ajner. Cyauamld 
A mer. Diet. Tel.. 
A mer. Klect-POw 
Amor. Express-.. 
Amer-B nine Prod 
Auer. Mtdicsl-. 
A mer. Motors 
Arner. Nat. Gae_ 
Amer. Standard. 
.Verier. Stores-.... 
Amcr.TaL A Tel. 

Aeneas k. 

AUF 

.AMP 

A rapes ..... 

Andbor Hoekine. 
Aulteuser Busch. 

.Vrmco Steel 

A.S_\ 

Aramera Oil .. 


Corning Glass..,..' 
CPC IntVn.’tkm*]. 

Crane ~..J 

('mien Nat 
Uitm-nZellertaieh 
Cnmmhra Engine; 
Curtin W right-.; 


651* 61»s 


54i- I 53 
361a i 3GS* 


361a 1 36<a 
201* | 287 8 

36 la 361* 

40l 9 39ia 

17U - 17V 


Ubutt 

Halt Indurtrw*.. 

Ueert 

Dei Monte ..... 

Deltona — 

DentapJy Inter..: 
Detroit Edison.-.. 
Uluvml SbamrL 
Dictaphone.—- 

Dlfftta Eq*dp 

Disney l Walt) — 

Dover Corps 

Dow Chemical—. 

Drain 

•Drawer. - 

liupcml- — — - 

Bogle Pitcher—.. 
East Airlines.— 
Eastman Kodak.. 
Eaton ~_ 


Johns Manville.. 
Jotmaou Johnacn 
Johnson Contrel, 
‘Itrlltauhctui^H - 
K.3UrC*p- — 
KalaerAtanuni’m 
Kaiser Industries 
Kaiser Steel 

Kennecott.— u. 

Kerr AlL-Oee.— ■ 

Kiride-Walter.^. . 
-Kimberly Cleric., 

Koppera.. 

Kraft.. 

Krogw Co. 

LmmrayTnusL,., 

Cert Strauss. 

Libby Ow. Ford. 


E^ynoW* 

Reynolds B- J. "158 


Wooiwwth- 1 217, 1 ggJ, 


S3KIMJ 30 

Rockwell Inter... 33 
jtojjniiHaas .| 3668 1 


Ijcvrt Dntch_...«] 63% 


Vfyly • ?>4- 6i* 

Xerox.-..-——-* 611, .COlf 

Zapata. lfiV I6S* 

Zenith Radio-..— : 18 1* ; IB 
lfjs.Treaa.4Si® W* «5 
tISTrefta4iX76i£» t 81S* tfllia 
U.S.90-d*y bills..] 7.63%| 7.94% 


HONG KONG — Mixed in mode- 
rately active trading.' 


Indices 


S.Y.S.E. ALL COMMON 


MEW YORK-ixw jonzs 


■ i i 

eepi. Sept. \ Sept. Sept.j- 


Risss and Falla 

I Sept.. 8^ Sept. 7 ; -tor*. 6 


S*[»«. St-i'i . Sept. | | »pt. \iiu- 


i-Xpce cnnpiiat*' 


60.2‘T 59. B0, 59.44' 58.8 1! 60-24 \ 48.5/ 

i ] ! i i&.Hi t6;3) 


Issues traded. 1.983 I 1,905 1 1.S43 

Rises - 1.141 877 ‘ 1.123 

Falls 429 1 610 433 


HikIi j 

!<«' 

[ Hitfh • 

tom 

907.74 ; 

/ 42. 12 

: 1051.70 

41.22 

1 |/.4| 


-•'Hi 1. 75)' 

■Si7ii2i 


86. 72 


— 

1 .1.1. ( 

ili.it | 

! 270.58 l 


2CI.49 ■ 

198.21 ! 


13.?* 

, ■vr.'i 

.4 1> : 

: a '2.1*3) : 

1' 1 1 ,}Z| 


Falls 

I nc banged - 

New High" 

New Lien. 


- — - I - 


UONTttEAL 


s*pi. sn*: ; Sei"t. j Seri- ' 
8 7 6 1 


Industrial 

Combined 


204 JO Ili9l 
211.69 ilj9) 


162.80 1 UnJi 
170.62 >3uiOi 


TORONTO C<*njpa»itri 1230.41 1254.2' 1255.71.256.51 1260.4 foA) 


Tisdinc ml. I ' i 

000 ■*? .41.170 <0. 530 4 2.700, i2.170iJ5.HDiJ5.8M, ~ | - 


J0HAHHESBURG 

Gi'ld 

Industrial 


249.6 I 259.6 261.9 262.1 
2E5.2 265.7 m.8 264.9 


• Bseirnf lodes changed from Augii-t 24 


272.0 (14 B) 
265.8(610) 


185.0 <y- 4» 
184.9 ilc. -A j 


Ind. dir. yield 


• Sept. 1 Aug. 2b : Aug. 18 j (Year ago apprnxi 
I jTm j SJ56 ; 5.24 J 5.16 


• bet*. | Pre- | 19J8 , 1978 

' 8 VIOUS | Hisli [ Ion 


I Sept. Pre. . 197B 197d 
| 8 rtctu High L-ra 


Assn." 

Ashland Oil 

Alt. Kithlield 

Autn Date Pro.... 

A VC | 

Arni 

Avi>n PminLis...' 
Halt. (r« 
dank America-..' 
Banker* Tr. 2i.Y.j 

Barber »"iil j 

Baxter Traeeoor.i 

Beatrice Food | 

Bet-ton Dickenson 
Bell Jt Howell.. — 

Uendix I 

Benguet Cons ‘B'| 
Bethlehem Steel. 
Black A Decker;. | 

Boning. —j 

Huiue Cascade [ 

Borden 

Botg Warner— .... 

Bran iff I at 

Brascan ‘A’ ' 

Bnstol Jlyera | 

B Pet A Unt 
Hrockway Ulasa-1 

I Brunswick 

Bucyrub Erie I 

Bulova Waurb ' 

Horlingtxm A tiin.i 

Burrougb 

■.'arapbellSoup.,.. 
ChdmIud Pacific. 
Canal Randolph.. 

Carnation 

Carrier A General 
Caller Hawley.... 
Caterpillar Tract* 
CBS 


E. G. £ G 

El Paso Nat. Cas 

Hire 

Emerson ETettric 
Emery AirFr' igbt 

Emtart - j 

BJl.f I 

Engelhard..——; 

Esmarfa — ' 

Ethyl 1 

Exxon 

Faitchlid Camera I 
Fed. Deri. Stores; 
Firestone Tyre.... 
Fat. Nat. Boston. 

Flexj Van 

Flinikntc 

FUiru<a Power....' 
Plunr. 



F.M.C I 

Ford Motor- ' 

Fnreruost Jlok....i 

Fpd*«n — j 

Franklin Mint 
Freepost Mineral; 

Fruebauf 

Fuqua Ind*.— ..j 


265a i Z6>: 

46k 45k 

22k [ 226* 
38 386s 

lQJa ! 11 
283a- 1 28! a 
32 ij 323* 
133* 13 k 


May Dept, atonal 

MCA.". 

McDermott ; 

McDonnell Done 

Mi-Gravr Hill 

Alenu.irex j 

Merck — ...'.J 

MemH Lynclj 
Mm PetKileum.. 

Ufaitt 

MinnJkllngkMfg 

Mobil Corp. 

Monsanto 

Morgan J. P. 

Motorola 

Murphy Oil—.... 
Nabueo— 

Nafav Chemicals. 
National Can 


IBfB.-- }|S 

BusaTnpi.^-- “JO 
Ryder »y»te« — ■ 
.SaTewav store*... 

Su Joe Mineral*-, 

St. W**i» Ffcper— fsfs 
Santa Fe lnd*-— 36*a 
daul Ineest- 4J4 

daxcm Inda ;J 1 > 

SchUta Brewing- 13 

dciiluinbwgw— . 

bcm — ago 

Scott Paper 17k 

Scot, U Mrg-~ “i* 
Seudder Dno-CaH *** 

Sew Container— SJk 

SfSSixr.: S3 

Sears Roebuck — 2«k 

8EDCO £*« 

Shell OIL 

Shell Transport— 448g 
Signal — 68l( 

SlgoodaCarp. — 377e 

ShnpUoity Pat.... 13 k 

Singer — . 13 

Smith Kline....— 1100 

sriitron — — I 4 

Southdown J 42>4 

mouther a Cal. Bd^_ -'SDig 

f«utlrern Co l 15k 

Mlm. Not. Be — ! 34i< 


CANADA 


.. SopL 7 
AbltibiEnper— ... | lfli, 
Acmeo Eagle— I *»k 

AkranAJumininin 381a 

AlgomaSteel 1 24k 

Asbestos | 45k 

Bank of Montreal 231? 
jtenktforaacotW 813* 
Baslu Besouzca*.. 14.00 


1 Tetebbone 
r Valley tot 


HP Canada— — - 

Brascan — ... 

Brlnco- 

Calgary Power— 
Camflow Alines— 
Pupiqi* Cement- 
Oanads NW ton. 
Can.linpBb Oom 
Canada Ind rat—. 

Gan. fttdflc 

Can. Pacific I or. 
Can. Super Oil... 
Carling O' Keefe.. 
Caasiar Asbestos. 


■southern Pacific. 3 IBs 
SoutbernHallwiyi 56 k 

^.-tulLiaod 1 32k 

ji'w't fianafaaret. 28 

sperry Hutch . 22k 

n perry Rand—... 47»a 

■Squib — — 337 b 

Standand Brand. 88k 
Md.UilCain'amia 48 
Sin. Oil Indians. 82k 

Std. Ull Ohio. 377g' 

Scantr Chemical.. 40lg 
Sterling Drug—.. 18k 

Studebaker 66k 

Sun Co — 463* 

SiuiBtntnd -.- 52 

Syritex — 36 

Technicolor 13 k 

Itektrooix — ... 45k 

Teledyne 1143* 

Telex - 9 

Ten pco 3Uk 


G.A.F 

Ciannert — 

Den. Amer. Int.... 

OA.TA • 

Gen. Cable 

Gen. Dynamics-' 
lira. Eleetrica... 

lien. Fcads • 

General Mills 

General Midora..' 
lira. Fuh. Util.... 

Iren. Signal ' 

Gen. lel.Eleci— • 
Gen. Tyre. — 

Genestx - 

Georgia Pacific.. 
Getty Oil 


CelaneseConni... 
Central A S.W....1 

Certalnteed. 

Cewma Aircraft ... 
Chase Manhattan 
Cfaeinical BV.XY. 
Chesdbtgh P-TOd. 


Anstiallartl. 


8TAJTDABD AJTD POORS 


Belgium <H 


rSeri- ■ Sew. 1 Sepl. I Sept- ! Seri- ! Aug. .■ 

! . r • 7 • u > b .' I I 5 1 I 


197e JEinre Conipllnt'n 
High"! Low • High I l<m 


Denmark (** 


France Ctt* 


‘Industrial- 118.48 116.88 116.85 115. 52 114.88; 114.58: 118.48 ‘ «B.s2 [ 1M.E4 ! 5.52 

; . ! 1 rS-'ti It.il j(11r|'7oi f5G<*(32l 


; • , i ivistl t* i i|; i«jj iJV'Ciufal 

t Composite 1 106.79 105.42 105.58. 104.45; 105.63! 105.20. 106.79 ■ 86.80 | 126.86 | 4.40 

i i ' I i • i6.»i ifi.Ji rtll.bbii i .lni.-AQi 


Germany (tt; 
Holland it«i 



1 .'Wpr. fi 

1 Ana. a 1 | 

Ihj;. 

Rj£'i Upp'i'T.r 

Ind .tir. riehi ^ 

• 4.67 

4.7b | 

+.t>9 

4.53 

Ind. TiE Hill" 

! 10.08 

9.69 j 

10.02 

| 9,71 

Ling Gov. Bi'Dil yield 

! a.37 

! 8.42 j 

8.37 

1 7.54 


Hong; Kobe? 
Italy till 


Japan (a> 


Singapore 4U.50.4ii.is 

iw 


Spain (<0.102.73 102.91 LHj.ic j M.& 
(9,1 j) > 1 17/5; 

Sweden ICI 3W^3 283H0 40BJJ8 i S2&.74 
<4 /Ft (3/1 ■ 

Switaarl’dir 2E9.« 289.7 323.7 ! 279.0 

! 114,-2) | ,25,4) 

Tndicea and base dates (all base “values 
100 except NYSE AH' Common — 50 
Standards and Poors— 10 and Toronto 
300—1,000, tbe last named baaed on 1975 ■ 
t Excluding bauds. MOB Industrials 
i 400 Industrials. 40 Utilities. 40 Finance 
and 20 Transport, f Sydney Ml Ordinary 
II Belgian SB 3 L/ 12 <63. ” Copenhagen SE 
1M/73 r+ Parre Bourse 1961. tt Cora men- 
hank Dec- 1953. M Amsterdam Industrial 
1979. tf Hans Sens Bank 31^7/64. HI! Banca 
Comm er dale I tails na 1973. «i Tokyo 
Now SE til/U. 0 strain, Tim«& 1966. 
r Closed. A Madrid SE 30/12/77. e Stock- 
holm Industrial 1/1/59. ISwlst Bank 
Cornorallon. u Unavailable. 


Cbas(iiet>yutein,.. k 
Chicago Bridge... 

Chrysler 

Cinerama- 

Cine. UiburoiL,,.. 

Cituorp 

Cities Service..... 
CI15 Investuig.... 
Cleveland Cliffs- 

OmuCoIh 

Colgate Palm 

ColUus Aik man.. 
Colnrabls Gas — 
Columbia. Piet.... 
Cora.InsCo-ofAin 
Combustion Eng. 
CumtuMon Eq.. 
C-'m'ulb Edlsua. 
C'm'w'tbOilKef. 
Comm. Sateriite. 
Computer Siienc. 

Conn GUetos 

Comae. 

Con Edl»on NY... 

Consul Foods. 

Consul Nat Gas... 
Consumer Power 
Continental Grp. 
Continental Oil.. 
Continental Tele 

lV.nl n,l Us la. 

CMt>i«r Iralfia^.... 


F.T. CROSSWORD PUZZLE No. 3,766 


A pri*e of £5 will be given to each of the senders of the first 
three correct solutions opened. Solutions must be received b|# 
nert Thursday, marked Crosstvord in the top left-hand comer of 
the envelope, and addressed to the Financial Times, to. Cannon 
Street. London, EC4P 4 BY. Winners and solution will be given 
next Saturday. 


RACING 


BY DARE WIGAN 


Name . 
Address 



Rymer looks likely 
winner at Chester 


Gillette 1 

Goodrich B. 7 .. J 
Goodyear Tire....! 

(JouJd 1 

Grace W.H s 

Grt. Allan PaeTea, 
Grt. North Irou.J 

Greyboimd J 

Gull A Western.; 

Gull Oil i 

Ualiburton. — | 

Hanna Mining..^ 
Haro web leg er. ...| 

Harris. LVvrpn 

Heinz H. J 7 . 

Ueuboui — 


Nat. JMatUlera-j 
Nat. demce Ind. 1 
NatUmal Steel..... 

NatCiduu— i: 

NCR— -J 

Neptune Imp. I 

New Engtand HI.- 
New England Tel' 
Niagara Mobawlr 

Niagara Share ! 

N. L. Industries. 1 
NorfoUAWmiem 1 
Niirtli Nat. Gas^.i 
A'thn.Slana Pw^- 
Ntbwest Airlines 
Ntbwest Bancorp 
Norton bimou..J 
Occidenral Petroil 
Ctailvy Mather — 
Ohio Edison — ... 
OUn— 


Chief tam—— .. 

Com in cw 

Cons. Bath unt... 
Unuuroer Gas.... 
Cmeka Hbpiuto 

Cmiam— 

Daon Devei 

Denison Mmes... 

Horn Mines. j 

Dome Petroleum; 
Dominion Bridge. 

Dumter. ...... 

Dupont |- 

Faleon'geNlekel.; 
Ford Motor Can.f 


GenHar^:...— ... i 
GlantYel'wkniTeJ 
Guit Oil Canada.; 
Hue kerSIri.Can.l 


Hoi Linger — .| 

Home Oil *A* ..— i 


Hewle Packard...; 

Holiday Inns } 

Romeatake. — j 

Honeywell I 

Hoover I 

Hnap-Cun'. Amen 
Hounton Nat.Ga-j 
HuatlPb.AiChoi; 
Hurt i'n iE.K.i— . 
I.C. Induunea ... 

INA i 

Ingeraoll Kami..... 

Inland Steel ! 

LhhUcu — 1 


Overseas ' Ships., , | 

Uwene Ulajria. ., 

ftnnflc Gas. 

Pafffic . 

Pan Pwr. & Ltg u 
PanAm Word Air 
PkrLer Hannifin. 

Peabody. Inti 

Pen. Pw. ft L. 

Penny. J.C 

PennroU — .... 

Peoples Drug—.. 

Peoples Gas- 

IVpwp — .. 


Tewo Petroleum] 

Texaco — 

Teaasgutf —..I 

lexa% Eastern - I 

1'exaa Insi'm 

LexM Oil & Gas.. 
Texas Utilities — 
Times Ins . — .... 

Times Mirror. 

j'lmken 

Trane 

Tranamenca. ] 

Tranaco- 

I'rans Union....— 
J'ran-frav Intr'n. 
Vraua World Air. 

Travelers 

Tn Continental- 


Hudson Bar Mug! 

Hudson Bay: 1 

Hudson Oil ft GssJ 

Imaseo..— ..— ! 

Imperial Oil ; 

Ineo - ■ 


Indai J 16<* 

Inlan d Nat. Gas. J 115* 
int'puv- Pipe Line] 17k 
Kaner Resource*' 16 
Laun Tin. Corp..[ at: 
luhlas Cum. 'B'J 4.35 
Mctnli'n Bi.jedi-.l 23J* 
5lasrey Ferguson! 12k 
McIntyre...— ..[ 2s k 

Moore Corpn I 36 

MountolnbtatcBs) 3.50 


Noranda Mines...] 34k 


Perkin Hlmer | 

Pfizer-—...; | 

Plietpc Dodge— . .. 
Phi bide Irina Elc, 

PUiUp'MoTTlS 1 

PfaUUpaPetro'm.i 
Pilsbuiy ........... J 

Pitney Bowes.... ,j 

Ptoaion - 

Plewwy Ltd ADRl 


PrtUra Oil ft Gas. 

TRW 

20th Century Fdi 

Uj\.U - 

LARCO 

UGI - 

Cni lever. 

Cut lever NV 

Cuhin Bancorp... 
Union Carbide— 

IJmoo Commence 
Uniuo Oil 11*01... 
Limoo Pacific—.. 


Moreen Enezgy...] 17k 
Ntbn. Telecom... I 37 k 
NumacOil ft.GtuI 29k 
Oafewoed PeuH'mi 4.60 
Paclflc Copper M. j 1.84 


PhcHhsPetroleam, 38 J SlsZ^.-h't 
Pan. Can. Pet' mi 4uk 1 b9i mJv 
mind 18 

u. — r> < I ». *ie , s nkr.’V^ 


Patino 18 I ■ 17LgrqJ./ 

Peoples Dept. E.J 5.76 -1 MffTSf 
Place Can. ft OilJ 2.Q4 2.1: • ■ 


PfecerDeveJopnit 26k- 
PowerCorrmial'n 19k 

Price...- 18k 

Quebec Sturgeon 2.03 


43o* 

43 

1 IBH 305J7 

15i 2 

15 

Ural. Flavour* 

241: 

43 

41 

IntL Harve-ter— 1 

436« 

33 

33 

lull. XI in AC- hem' 

40 

238e 

25fe 

Inti. AToltif nod a..' 

ZUr 

25 

244* 

Inco ! 

1712 

394s 

591* 

inti. Paper. ! 

485s 

23 

254* 

IPG ...S. 

37S* 

3H5b 

327 B 

Ini. Kecillier 

151* 

30 

29 >4 

Int. Tel. ft Tel... ! 

331* 

16 

I6I3 

Inna Beel ' 

38J, 

43 7g 

423* 

IU Inmiatipnal..' 

12 

49l>4 

49Sa 

Jini Walter 

53lz 


Polaroid...— 

Fotoraec Slet.— 
PPG IndUhUiev.. ■ 
Protor Gamble.^ 
Pub o er Elect— 

Pulman 

Pure* 

Quaker Oats... 

KapUl American. 

KT".:: . 

Hepubllic Steel... 
Keaortv Inti | 


UniroyaJ 

United Brand* 
US Bancorp— _... 

US Gypsum 

Ua Shoe„..... 

US Sceei 

Ua Technologies. 
L"V Industries.::. 
Virginia Elect.... 

Walgreen........:.. 

W'arnra^Coinmn . 
Warner- tombert 
Waste- Man’ment 

Welth-FaTgo 

Western Bancorp 
Western N. Amer 
Western Union— 
Weatmgb’se Elec 

Wesvaeo..— 

Weyerbaeoaer.... 
Wblrlpuol— . 
White Con. Ind.. 
William Co....— 
WTaconsin Elect.. 


KaugerOU J lBSfl 

Heeu-btenhcwM.j li5* 


Royal Bk.ot Can 1 34 
Ko^al Tnist:...— .1 119 


Sceptre K'auureo*; 76s 7’- 

Seagrams 29 k 2b’ ' 

abraJ Canada— J lSk 14 - 


sbeU Canada. — lSk 14-‘ 

SberrtUG. Mines 71« 7 

alebena u. G...... 36k 36 

aim peon ........... . 6k - .6- 

ateet ol Canada.. 2bk -86 

Steep Hock Irou.. 3.50 3.F 

Texaco Canada.... 48k 47. 

Taron la Do in. BkJ 21 2u 

TransCan PipoLn 175* 17 

Trans Mount Opr 87g 8 


Trtaw — ! tl51» . 15. 


Union Gas j 12 12 

Utd.oiaedeMjiMSi -ek - a— . 

Walker Hiram.... 37k 37 
>Vbk Coast Trend lfck 
WraUraGw..-...! 195» I9‘*!rr- ” 


tBW. J Asked. * Traded. '*,v , ' *' 

fl New stock. "* ' ’ - 


GERMANY ♦ 


AUSTRALIA 


TOKYO If 




THERE ARE four meetings on 
the flat this afternoon, but 
winners are not readily dis- 
cernible. Provided he shows a 
vestige of his old form the 
seven-year-old Rymer ought to 
be capable of putting paid to his 
younger opponents in round nine 


LBVGFIELD 

2.15— Hard Attack 
2.45 — King of Spain** 

3.15 — Sollmeiia 
4.13— Lily Marlene 

CARLISLE 
3. DO— Ma re h) ng ' O □ 
4.30— Buckram 


CHESTER 
1.45— Atoka 
2.15— Rymer*** 
3J5— Crested Grebe 


ACROSS 

1 Second travel journal to he 
in arrears i7 ) 

5 4{ gallon cask to follow duck 
IT l 

9 Said awkward situation is 
complete (5) 

10 Dismissed trendy request to 
spill the beans (3. 4. 3) 

11 Trips once arranged by 
policeman (3» 

12 Magistrates in good form (5) 

13 Colours of regiment «5) 

13 Cosmetician called in to settle 
quarrel with husband t4-2, 3) 

18 Co flat out to consent to 
female having rent (3. 3. 3) 

IS Agitated male put about (3.2) 

21 Assailed by second-class 
oriental party i5» 

23 What tennis player has on 
foni pump 1 5. 4» 

25 Louk out cry frnm country tn 
a director (4, 5i 

26 Silky fluff c ha nerd lasr 
month hv i he French (5 > 

27 One inonih with Pole is 
enough for surgical sterility 
(71 

2S Race in stages newsman 
broadcast i7i 

DOWN 

1 Acknowledge applause 
Heather gives attacking 
batsman (7/ 

2 Eye lines on which black bird 
stands (5, 4> 

3 Remain upset for example 
by lord (5) 


4 Pleasure seeker makes first- 
class watchman 1 4-5 7 

5 Parent puis head right fai 

6 Cleaner to have at one's 
flngur tips ... (4, 51 

7 .. . since bird grew pale (5) 

S Lock willing to become 

attached (5, 2) 

14 Cry to take off rents (4, 5> 

16 Guarded Neath from being 
repressed (4, 5) 

17 Competitive bolesmanship of 
course <5, 4) 

15 Bloomer giving highball to 
Lamb (7) 

20 Before having to submit 
clerical stipend (7) 

22 Burn tips wrong two keys (5 > 

23 A large number gels about 
on board to water plant (5) 

24 Complete addition with a 
pound (5> 

Solution to Puzzle No. 3,765 


RIPON 
1.30 — Ellidiana 
2.00— New Lane* 


of the Crown Plus Two apprentice 
championship at Chester. 

After aJi, In the first of his two 
races this season, the valuable 
Wesibury Stakes at Sandown in 
April, he finished a respectable 
third to Hot Grove and Paico. 

Although be did not make 
much of an impact when he 
travelled to Germany to compete 
in a group two event at Baden- 
Baden. the fact that Mr. Herbert 
Blagrove. his owner, and WUIiam 
Hastings- Bass, his trainer, con- 
sidered it worth sending him is 


significant. He will be well ridden 
by Stuart Young. 

At first sight Crested Grebe 
may seem to have an almost 
insuperable task for a three-year- 
old with 10 st in the Belgrave 
Handicap, but he is of better 
class than the others. It would 
not be a surprise if this colt' by 
Blakeney were to lead aU the 
way as he did when scoring over 
course and distance here from 
Arapaho in May. 

At Lingfield, although there 
are plenty of runners for the 
P.T.S. Racing Nursery Handicap, 

I shall nuf uppose King uf Spain, 
a convincing winner of his last; 
three races. 

Solimena. an impressive winner 
on his first appearance at 
Sandown in July, but a complete 
flop at Yarmouth the following 
month, can go some way to I 
redeeming his reputation in the! 
Manor House Stakes. 

And. although there is nothing 
between Sal amis, Roman Star 
and Lily Marlene in the Leather- j 
head Stakes judged on their 1 
running at Kempton last month, j 
Lily Marlene is likely to have' 
improved the most since. j 

New Lane, one the fastest two- 
year-olds in the North last 
season, reverted to sprinting at ; 
the York Ebor meeting and ran 
well from a poor position in the 
draw when third to Absolom add 
Perse polis in the Wykehaim 
Handicap. 

The colt bas been installed as 
one of the ante-post favourites 
for the Burmah-Castrol Ayr Gold 
Cup for which he will incur no 
penalty if. as expected, be wins 
round cigbt of the Go Racing in 
Yorkshire Trainers' Trophy at 
RJpon this afternoon. 


Price l + or 
Dm. — 


Price j + ori DIv.lt'M. 
Pro. - Fra. I % 


Aunt. 8 I — . 


•Prices -f-or Dlr.j 
6ept.fi • Yen - % 


AEG 81-61.-0.3 - 

Alliauz Vpnrich... 605 1 + 8 31-2 

BMW BZ7.8J + 2.3 B8.08 

BASF„ 140.41+0.4 18.76 

Bayer. 142.2 ia76 

Buyer-Hypo 2 92 +2 20-12 

Bayer Veretnabk. 335 +7 18 

Cibalot.Ned. wtti 163 +4 — 


Commerzbank- j 

Conti Giimml.....| 


231 +1 26.66 

77.6 +0.1 — 


Daimler Benz 322.BJ+2.3 28.19 

Uetcnwa 267.5-' — . 17 

Uenwu 167.8j+1.3 17 

Deuteclje took ...' 309.3! +2.0 12& 12 
Dretolner Hank....| 246.51 +2.5 |B8.12 


Dyvkerbnff Zcmu 185 |-3 9.36 

Gutcboffouiiti ElB.Qj + 2.8 12 


Uapu; Llonl 119.51+ 1.0 114.04 

Harpener lb* +3 ,«I6.72 

HoecliM 158.5 1 JUUp 

Hc«+cb 49.3+0.2 - 

Honen j 174.0. + 0.5 9.3b 

Kali uud Saij Ia4.5! +4.3 1 14.04 

Kaj-yla.li 353.0 + It .O 143.44 

Kautbof 243. 5. + 1.0 18.72 

Kin.* □ er DM to). 95.7 —0.8 — 

KHU 185.tr, + 0.5 18.76 

Krupri. 111.5 — 

Unde 271.0+2.5 25 

laiucnltnui 100... 1.395 +5 25 

Uii than mi 110^1 + 0^ 9.36 

MAN 206.6,-0.5 12 

Mauneeinjuin 177.1 + 1.4 17.IB 4.E 

Memn^es 238.0 +2.0 10 Ui 

Uuncnener Buck. 580 18 l.t 

Neritermnnn Ib3.7 +1.4 — — 

Preuraajt DM 100 134 +1 — 

Khedn West. Elec. 182.6+0.1 25 

■wJienng 275 1 28.12 

Siemens 301.0i + 2.9| 23 

suil Zucker z~9 +a ;29.b4 

l'liyswai A.G 118.7 +0.2 |17.1B 


AO I a iw.ic 

301.0i + 2^ ! 23 

w a-9 +o j29.b4 

\-G ...... 118.7 +0.2 1 17.10 


Itente 

ArnqueUccnl't'e. 

Air Llqmde 

Aquitaine 

BIC 

BauyRiMte 

Gerrtas.... 

C«rrefour..._ 

L'.G.E. 

C.l.T. AkHtel,.._. 
Cie Bancalre....^. 

CluiiM alnej 

Credit Com. Fr’« 

Creupot E/iirc 

Duran 

Fr. Knrolto 

lion. Occtiloola le. 

I mein l 

Jacifiien Bnref 

Laiance 

I.’tireal 

U^mnil 

i/aiaxM Plreuix.., 
ItU-belln 

.VIcci HenneNje.v.j 

linuliuex 

PHnijaa 

Pecbine.F 

Peruod-Kicard .... 
PeuMCDCCitnva.. 

Poclatn 

Barilo Technique. 
Knlnalr .......... 

Bbone Poulenc ... 

St. Gofialn. 

Bkla HnMqrnol 

nuez .... 

Tei em eca tuque.... 
rtit^nbon Brandi. 
I'rimT 


. 7317 — U.8 I 
433 +1. 

. 342 +18 I 
. 347 +7 ' 

. 517 +25 
. o51 —o 
. 652 + 20 
. 1,742 +42 
. 393 +13 
.1,040 +83 
. 393 +a 
431 +18 

p 122 

93.8—1.1 
. 664 +12 

189.5 +-0.5 

. 228.0)+ 13.3 
OH.7—J.1 
.1 189 , + 9 
.1 2w7.1>+O.S 
I 740 1+10 
.11.346 +15 

S8J US? 
1.307 1 + 27 
a 48 i + lb 
142 ialj+l.a 
184 1+4 
93.91 + 1.0 

276.01 + 2.5 

487.5 + 17.5 

EL-t +2 
447 +13 

573 +14 

11 6.2 +3.2 
155.8+8.3 

1.71. +20 

*98 +10 

625 +25 
235.9 +6.4 
22.9+0.8 


419 u.o 
21. IS 4.8 
ISA 4.8 
28.25 4.8 
15.ab 2.7 
42 4.9 

40.6 7.4 
! 76 4.3 

31.6 8.0 
7GA0 7.4 

U 1.0 
lUb 2.6 
12 9.9 


34.76 5.1 
14.16 10.9 
8.2bi 3.6 
: 5.7i 9.i 


10.77 8.1 
16.97 S.X 
3b.7b 1 9 
39.: 6.8 
3VI.U 2.S 
12.6 2.3 
3 2.1 

la .95 10.8 
7.3 3.0 
10 H.i 
17.26 3.5 


27 b.l 
30 5.3 

9 7.7 

14-65 9.3 
39 2.2 

26.5 0.6 

26.6 3.1 
IB. 16 6.4 


STOCKHOLM 


Frit* I 01 1 Dl*. |li 
Krmi, I — I ivr. ; 


BRUSSELS/LUXEMBOURG 


Dlv. 

Price +tar Frs- lid. 
Pra. — Net % 


SPAIN » 


EHHHnESBH SSHSG3S 
ra Cl E Ci ' ' m (9 Q 

h s s m . . ±a -m a 

SiaSSSSBB 0QHH0E 
B (S G E' S B.'-S D 
. snsaaBEiraBa 
H b e a h h n s 
naHrassaspiB _ 
m b a 0 B3 Q S B 
naSGJHB EEaS533HS5 

m a a -s a 

gaaana EnnsranHci 
rasa ss s n 0 


SOLUTION AND WINNERS 
OF PUZZLE No. 3.760 

Following are the winners of 

ast Saturday's prize puzzle: 

Mr. B. Atkinson. S. Alanton 
ftoad- Hilchin. Herts. 

Miss L. M. Pam. la West- 
murne Mansions. West bourne 
Jrosccnt, Southainptcin S012 
IUW. 

•Mrs. M. Pancheri, 7. Syca- 
nore Close, Long Crendou, 
Aylesbury. 


n a n a et d 

□QDQEK3 HQ QHHElQEi 

a □ a no a q d 
aaBonanEJn . aasaQia 
Q Q D ".-0 3 n D 
Dana aaanQDD 
3 0 □ Q'-Q H 

QQQ0 SQQ nnaa 
□ a no n o H 
S00Q0 aaaassaDB 
a h o a a non 
aaaann aananaan 
ana a a □ a 
rntmuan HBtaBnHHB 


Si-pte'Diber 8 1 

Wand 

riancn BiibdO . . .. 

Hanro AilaniliM r i ,lHI<l ■ 
Biini-o Cfiwrjl 

Banco Exterior 

Banco nem.-ral 
Banco Granada 1 1.000) 

Baiien Uispano 

1 Banco Ind. Cat. « i.npn ■ 
B Ind. Mediterranto . 

Banco Popular 

Banco Santander I’Cifli 
Banco UrqtUJO 1 1.000 > 

Banco Vizcasa 

Banco zaragozano ..... 

BanknnioD 

Barms And a I ori a 

Babcock wilcox 

C1C 

Drasados 

Iranratunlf 

E. 1. ,lnutuina£ - 

Esnanola Zinc 

Expl Bla Tinlo 

Fecsa «1.U0"> 

Fcoons i 1. min, 

Gal. Pr-ciadiw .. 

urnno Velazquez unoi 


Per cent 
128 
309 
M3 
325 
378 
28S 
150 
265 
186 
200 
260 
328 
269 
260 


Hidrola 

Uterduero 

“larra 

Pdi>*l»r.ix Reim,>1as 
Pc»rnlihi*r . , 

Petroleum 
Sarnu PjtwK-ra 

Smace 

SoKl+wa 

TvH+omra 

Torras Hostench 

Tubacc* 

I'iimui Bloc 


78.25 - 0.7S 

8b - 0.50 

112 +1 

5fl JO - 1 SO 

Lffl _ 

206 +1 

« — 1 

45 — 

127 — 

89 - 2 

87 - 1 

« -130 

72 JO - 0.75 


Art-ed 2,390 

Herbert "H" ZMO 

C.H.K. Cement... l.i*30 

Coehertll 477 

2.1:95 

blectrobell 6,900 

Ptabrtque Nat..,.. 2.830 
G.H. Inno-Hni... 2.330 

Uevaert 1.420 

UbLlUrui Id -1.055 

rfuliiikeii '2.600 

luLciti'in -II. <95 

Krelieirenb i7.100 

to ku.vnie BeiKeJa.no 

Pan Hiihlluc k,630 

; Pclii'hn* La .800 

lien. 8aiiqin*a.u9S 
v (im Ueiglum 2. 35 

3DIIIM. 0.2UU 

x'Iim ^.-,35 

i ruction Kieid.... d.530 

IlCB ...1,290 

j hi II lu. Ilitoi....] 784 
V tel lie M on I iic 1,885 


116 5.2 
100 8.Z 


177 7.7 
430 6.2 
17U 6.0 

150 6.5 
86 6.4 

164i 10.5 
17U 6.5 

142 7.9 

IZ9. +. i 
»2fib a.3 
. Sz.bb c. . 
13 U ! +.fc 
ZsS ( n.. 

14. j 6.9 
,<Sl3 ... 

\Zlul a. 6 
170 1-6.7 


Aga An iKr-30|... 
Alla tove8{lvi60) 
At> 8.\ iKr^Oi — 
A t ImbCopcoC Kra> 

Bllieruri 

Uofora 

Canlo. 

Ceiluioea 

Wect'luz'B'fh'rSO 

Hncaaufl'B'lKibO) 

Heaeite 

Tugerti* 

GranKO* itreei 

da nd letba n ben ... 

Marabou + 

.Mo Och Dora ilo.. 
-n2.Julk 'B‘ Kr». 

-.K.K.'B' Ki> 

-•kanil fclnuWild*.. 
liwI'Hlr'Ui Krt*' 

li+ripiinlnt 

V.iivi iKi. 60i 


6.6 2.6 
b 3.4 

5 3.1 

6 5.0 
4 b.Q 

Ji* 3.4 
5.76 3.0 
10 4.0 
6.3 4.a 
6 4.6 
9.6 3.1 
4 3.9 


ACM I L.T2& rent*).;... 

Amw Australia 

.VMAT1L 5 1— 

Am pa I Bxpkmtion^.^ 

Ampol Potrolearn 

Assoc. Minerals..-.™.... 

Assoc. Piilp-Pkper Si 

A kmc. Goa. Industries.. 
Aiut. Foaadatloa Invest.^ 

A m lim ro 

AiistL OB A Gs* 

Bamhm Grtcb Gold. — .... 

uiue SleraJlnd 

Hmupunvlllc Copper 

Urn ml lie* Iralnutries 

Hrokm Hlil "Profirieterv.... 

Kb ■’Toutlr .i- 

Carltnn Unlterl Brewery.... 

«..>KiSl)~ 

Cix-kteirn Cemoat 

Cuieo lO. J.) 

LfO-'. GMKM6 A u« 

CunuinerfRIi 

Lonzinc Huxrntu 

Ccsisin AiMralim. 

Dunlop Robber (fill 

BsCOK 

, Klder^nntb 

Kories vourKewurces.. ...... 

K.Z. loduiitri® — 

<ietu Property Tntra 

Hainusleff 

H coker 

1C I Australia-., — 

Inter-Copper 

J Mining* Industrie’) .... 

Junes (Davldl.— 

ton Hard Ull... 

Metals Erpkmirion. 

M I M. Homing* 

Myei Bmpwimn 

News 

■Vi-.boiaa laientailonai 

iNortb Hrokw U’> iln«s (50. ) 
i JaltDrii we—————— - »••»■ 

un )>ean-ta 

Jitw Jfapturaiiuo .... 

Piuueer Coa rete. 

He* kin ft C cm man 

ri. L. yitricb — — 

■ouihuuKlMmlnij 

3|«ikos Haptorarirai 

Tooth tSj 

Waiuxia — 

Western Mining W'-eob) 
IVanionrha ..................... 


Asnhf Glass 342 1 — 5 

Canon 4+2 -l 

Oulo 808 +2 . 

Uhlooa. 415 —IS 

Uni Nippon Print 860 -9 

Fuji Photo 550 —7 

Hitachi 228 -1 

Honda Motors.™ 610 ~3 

House Food 1,200 — 10 

C. ltoh. 200 -20 

Ito-Tokado^ 1,760 +10 

Junes - 765 —10 

JAJw 12.920 -5 

Kansu Btert-Pw.i 1,230 +20 
Komatan.....~.. u .l 325 ~4 

Kubota i 281.1 | 

Kyoto-Ceramic ...13.660 |+20 I 
.Matsushita Ind... I 7i5 i— 3 
Mjtaubwbi HsnliJ 281 +1 j 

Uitsubtubi Heavy! 123 i 

UOsublslu Corp.j 440 I— 9 I 

UOuji k lii. 314 \-Z \ 

ITitMukoshi.... ■ 980 5 • 




Uibmko>bi j 980 |--5 

Nippon Densu-™' 1.4 20 —30 
Nippun abinpan.a 757 .—11 
Nissan Mown' — 749 +11 

ttoiuser 1.690 —10 

3an.vo Eleetrlc....! 243 +3 
deUeui Prelab.... 945 —1 

Sbiaetdo...., 1.3O0 +30 

aony >../!, 610 

Taadio Marins^... 232 —1 
1'nJteda Chemical. 410 +-13 

TDK™ 2.080 J + 20 

Celjln Ii6 1—3 

Col^o Marine 487 j 

Tokyo BieeaPuw'rj 1,120 —10 

Tofcyoaiaj*yo a25 i— 1 

1'oray— — .... 142 ! +l 

Corp 134 |-1 

Toyota Motor > 846 J + 1_ 

Scarce Nlkko Secorlilea 


VIENNA 


Fncu i J- or I On 4 

4 - * 


Creditanstalt 342 } 10 

Permooaer 271 9* 

631 -1 38 

jem perit — o7 ! — 

Tteyr Daunier..., 230 -1 I 8» 

Yfi Muneslt .... 235 I 10 


16 4.1 

8 6.7 


AMSTERDAM 


■J- or [Dlv. lYld. 
— . % ' « 


3.76 2.2 
4.4b B.2 
8 4.6 

5 7.2 

•/— I - 
I 6 ! 7.1 


Ahold tFU W) • 117.6+1.7 s28 

Akao tF'. 2U1 i ^34.5;-0 Jt — 

AiuemBnJriPi.ltXK Mu ........ MM& 

VMbViFI. 10) — ! 89.SnJ — 0.7 5u . 


V iiii-iii sink (Fi.BOii 


83.&+0.5 J.V2U 
99.5 - .7 | 26 


' _ : ' 1 UnkK West nut. iOi; 1-6 +3 


COPENHAGEN * 


UnkxWcst nut.^Ji: 1+6 +3 | 82i] 
riulinn I'ettrnste^ 7^.3—0.1:261 
Ki*.-vior V-iF^oOi, 31u . ...... flSk 


Price 1+ii'r'i D'iv.";YM. 
Kroner | — ■ •, % ' » 


+ 3 BRAZIL 


SWITZERLAND * 


rnee | + .ir:l.ru/l 
Cnir I _ ju>v 


Price l + or| Dlv.iTld. 

Pre- - * S 


A«>i la 0 1* • 1.00 1 + O.t 2l 12112.M 

Uancu lin brasil...| I.B7 j4.1J.lBiJ.lb 8 66 
Banco Iran PN ..J 1.+4 1 + O.i 4 J.37 2B.B8 
Bciuo HiBtmuW l.a3 ! + .u.lj.CJ8lo.50 
tow- Amer. OP..I 3.65 1 + 0.06 1.41/ 3.47 
Petri*™. PP_.„. 2.44 j + O.Obl J. 13 8 J12 

P'reiii -! 1.65 | 7J ..ieJib.ja 

I ...10.22 7 86 

Cnili Pt ! o 72 '-jJ JS6 4.37 

Hln Ihn-T 1 !', I T- 1 r\ ,a< „ ei 


emiDi I nniJP.. 

Cniji PE 

V*le Hi-' IhwcPI 


liolhsteP I-i 121 — O. .7 .IB 1 14.87 
Volume T7i7m 

.source: Klo do Jaraelro SE. 


NOTES: Overseas cnees exclude I premium, Belnian divujeims are aTer 
vrllbbuliluu: tax. 


6 Dll.'m denim, unleiu attiLTwisc staled. • Ptab.iW denom unless otfterwlae 
siau-d 4, Kr.IDU donnm._ unlow otherwise •siaied 6 +rs 3110 tipnom. tmks5« 
nilKTVi'ise staled. r Ven Jt denom. unless otherwise stored. 5 Price al tune of 
suvoi-osion. a Horuis. b Schillings. c Cents. d Dividend artcr Dcnduu: nshts 
and-'or stnp owe. e per share. I Francs. 0 Cross div. %. h amuimkI dividend 
after serin anri/or rishw issue, h Airer Inca! taxes, m % tax frer n Franca, 
including Umlae div. n Nom. q Share split, s Div. and yi tt u exclude speaal 
parmi'm. e Indlcatwl dir. u Unofficial tradlnc. n Minority holders only, u Hpreer 
pcndiDB. • Asted. t Bid. i Traded. 1 Seller. ? .\s8tnnci!. sr Ex nshta. xd Ex 
dividend, xc Ex scrip toiue. xa Ex all- a interim since increased. 


AJuminium — 1.170 

UBC ’A' 1,606 

Ciha Gouty Fr J00 ®90 
Do. PaxtCert. V46 

Do. Kqr. 6t9 

LTedtc bums...... 2,340 

Klret rowatt 1.9 BO 

l6M.-h« iGfrjqtej . 606 

rMtinao PtCerts. o7 GUO 

llo. >om*ii) .n,760 

luleriunf B 3, to O ! 

leinuit (Fr. liAli .. L : 98 1 

Nosite 1 t'r. 1001 . „!o.4 10 

Lie. Kra ,.,...12.* SO 

. terltbull 8lF_£Ol 2.c45 
I’liciiicilHil'.liWi *»>9 
-wulur iFr. aayi .. 3.WA) 
Ui'. Fart Um«,. h 30 
xutndler Cl FHM bW 
ulm-U (Fr.lOli 301 
lUiMir iFr. osC; .810 
hw Bux iKr.100 392 
so l»nKej (Fr450i[4 973 , 
Union Hank.— ...,3,290 ' 
dunrb Ins ‘18,360 


a 3.4, 
10 3.1 1 
22 2.2 1 
22 2.9 
22 9.1* 

16 0.4 
10 2.a 
» 4.1 

me 1.6 
11*1 1.6 
2U 2.0 
21 1.3 

nte.3 6,5 

i'idb.S a.8 
1 13 1.. 


AiiitniMlmukeil.... 

Uaiiske Bank 

L>xJ \el«rw to.. 
FinauidMuuan — . 

Bryiotcrier 

for. faplr.. ........ 

Uairlelibtok 

Cr. VUi'nH.lKrB 
NopI Kibel,,— , 
Ollcrabnc....— 

Prlvatbank ...... 

ProvunOiiualL ...... 

fHiph. Bereaaen. 
ou perfi j* 


142 ij +1* II 7.7 
128U ] 12 U.n 


lo3ia + J t 12 7.3 

l331e— 13 9.i 

. 366 —1 12 3-3 

90‘s +'« — — 

. 129 12 8.6 

) 286 + 6 12 3.B 

. 196 +1 12 b.a 

. 119ta +1 — — 

. 1331* _ 9.0 

. . 140A* - 11 7.9 

. 4061* + >a 12 3.0 

. 1814* +M 12 6.6 


Price 1 + or Dlv.'Vhil 
tons — Lire ( % 


.. la J a.O 
..I BO I 1.6 


-. 30 3.1 

-I 18 4.3 


14 I 4.7 
UI I 4.3 


AN It, 

Bn -Hi;i 

Flat 

Un.Hni 

r iu -M er 

(Uk-cineut... 
IU‘m«er ...... 

MeiiitouiiiH.. 

iluuie*iii*?ti.. 


-110 1-5 | 
674.5 1 — 8.5 
2,216 1 43 
1 750' +23 
186 .-I 


Kuiim.S.V. Bearer 
Mirtinn r*MF >4J1j 
Itimhi drwjelei. r I, 
He'uckeu (F<- •*»' 
Hii-^i.ivhm iFi^Oi; 
UuuierD.iFl.iUJli 
h'.l-JI. iFl. m. 

, Iul. Holler (iah 
iliurilw <Fl. HU.. 

I NetNedtowF'-fiJ 
NedCredBk(FL20 
Ned MWHUPLMn 
W(FUW} 

I U J^nl.. . 

Van oraraeroa.— 
PHahoed(F^W— 
FhjUpsJR- J8l ; — 

RjnftefaVeffFtlOO 

HobecoiF*^^— ■ 
Muluco (F1M7 — 

, l£i.«rento<Fl-0^-" 

; Ib-val DntctHWW 

, ruitonWirK 

■■tev 10 &tlT ifLISUi 
lohVii pac.MWJ.5 

CiiiievetAFtaoij.. 

' mine KW-VlUEi 


190.3 +0.8 ! 37.S 


68J .. 94.S 

+2.5 -^.1 20 

111.0 + 0.61 14 


.40.3j-U.3 : - 
24 .8* +0.5 Id 

tol.6; i 8 

48.61—0.9 i 19 
51.0>+0.5I 12.5 
iiUM^aa; 48 
61.4+0.4 21 
222.71—5.3 1 SS , 

177.9 i 36 

34.3 —0.3 23 

149 —2 _ 

44+1 — 

iw.9 +0.1 17 

82.7 -0.6 - 

179.9 +U.+ A268 

146.1. + 0.6 — 

144.01. s9_3 

137.1. — Ai./s 


[1MJ +0.3,— *1^1 

UI) J ai.a+o.s I 

Plih lUto+U.B I 
Ftm 61.4j+0.4 
nj/Ot 312.71— 3.3 { 


JOHANNESBURG 

_ „ MINES 

Sept. 8 

Anglo American Corp a. . 
Charter Consolidated ... . 
East Driefootein ........... 

Ersborg 

Harmony ' ' 

KJool 

KuatetUmrz Pljlinura . 

Si. Helena ‘ 

Southidjl ... ; 

Cold Helds SA 

Union corporation _] 

Of Bvers Deferred .... 
Biyvooruiuichi 

East Rand Ply 

*■ rw stale CenuLd 

President Brand 

President Stem 

StiUontein 

I Widkam 

I West Driefontein ....^ „ 

I Wvsujrn UoUlnss. 

Western Deep 


Rand + 
6.00 

3.77 4 

14J0 - 

3.U 7 - 
B80 

10.73 - 

I. .I* - 
lafiu ~ 

9*0 

r.iu 

J. .0 


rrusiduin Brand li.B 

President Stem Tli.oS 

StlUomem j.U 

s!f3 

Jve&i Dricfontein 43 J 0 

Wustern UoUknss. uu^u 

Western Deep 15.13 

INDUSTRIALS 

AECI 3.2T 

Anglo- Amer. industrial ... 1033 

Barlow Rand ajp 

CNA Invcsuncnu 933 

Currie Finance -rfljtS 

Do Beers Industrial tl 2 ^S 

Edgars CoosoUdaied lnv. 2.70 

Edgars Stores t3l-5» 

EverReady SA .. -2.8 

Greatermans Micrres .... s.|3 


U7.1— u2 a*./5 

-aeB.6 1 — l.urao 
113.5—0.0 1 27*1 

IO-.9 JSU^} 

140.7 — 0.2 J 4K.H 
4 1.8 * 0.2 itfU.SlH 


Gturdtan Assurance "«SA> 3J7 


loOi 6.8 
lau, B.6 


H'm ._ ro-.HjptAl 408.0+7.71 S3 

OSLO ' : 


16,4601+250 600; i.U 


376,5! + 7.5 - . - 

58.590; +400 1.2Qo! 3.1 


2.6 

Olivetti I'triv... 

... 1.266 

-25 

2.0 

FlrelH 4 Up..... 

... 1-930 

+ JO 

3.0 

l^reMI Spa 

... 969 

+ 9 

1.8 

unu V'Iktob.... 

.. 1,026 

+ 13 


I3J 6.7 
80 8.3 


ifc>iTe«ajKd-.-^. ■ 

C roll thank- 


atnrfliiiMnrf .„ 


fn . 1 *■ u , 

r»i "iei J - 

Ull ^ 

YS7 

J01 !+l 

9 

8J8 

- ao , + 3 



1j 3 i-I 

11 

3.9 

?B0 *21* 1 20 

7.1 

112 ... 

11 

9.8 

239.0+3.5 

12 

40 

I0O.0. 

7 

7AJ 



UoletU |.M 

UTA iflj 

McCarthy Rodway LU + 

NedBank j,n . J 

UK Baa oars .... 7 Mi 

Proniter Milting 8.8 

Pretoria Cetm-nx 

Proiea Hotdmis l.ta 

Ha* Minn Properties .. 2.41 

Hi:i .randi Group .. 3.37 

Kelco 0 43 

Sage HoMlnes ...._ si.Sfl 

SAPPI 2.2: . J 

C. C. Smith Sugar 4.93 

SA Breweries 14“ 

J war Oats and ,Vati. Mlg. jijm ■» 

! Udimc - 1.17 

Securities Rand $U,S. 0-Jfi 
; (Discount of SSillfs) 


MU 


u 


L 


-■BL 



Phianeial Times Saturday September 9 ‘ 1978 T 



'fW 






Union Oil to 
sell stake 
in Maruzen 

8y Richard Hanson 

Tokyo, sept. s. 

JTARUZEN OIL has agreed to 



expects to 
in 1979 


BY WiLUAM DULLFORCE STOCKHOLM, Sept. S. 

GRANGES, the Swedish inolals after depreciation was pulled st ruction of the NYBY stainless 



of Granges' hold- 
factories and the 
sale of real estate helped pro- 


wound up 

By David White 


. i^Maruzen 00 The^^arc^ermK? ‘ for the Jlrst half e Nel , fiDancia l charges climbed duce an extraordinary income of 

lent to about 20 G per *cent of • nr P ]|"^aS sKr f °138m <831 Im? SKr 1 - ni , lri SKl ' 131 '"■ a* the SKr 71m. which reduced the first 

' outstanding sbaresandl” worl h !% ■ *3 qk? Si durhic thefir S "’Y P lo< * up SKt M5m in new na ‘ f loss vo SKr ^re tax, 
around SaSm at today's stocf , i \z1i 5 M? iK ffbnlharml !T edlu,n . Jnrl ^ns-tenu loans and appropriations. a reduction I 

market close * slocK : ,K,lf o* IKt. Mr Bo Aurabams- d . jnng lhe perio(1 The bori . fJVf - of over SKr 250m compared with 

‘ Maruzen’s sharp pppo m ih<*[ SOn ’ mi,na ? ]ns 1 ^ rcctc ' r - in? rerjuirenient is expected to The first six months of last year. 

Tok^l?ock ,] SS gained Ik™ hK* o !* , th * The S3,£? " f ** *«l -"«* min- 

YI5 to a new hieh fit? The vet r 1 L m SK SOOm In 1977 S se ? t 0T,d ha ' f Wl } h new debt C0I T »"* operations is estimated To 

«T sid! faa. .i» a wtool ° ^ ve -^ i,eved th « a « uums ** 


buy back arrangement." MaVu- 1 fo1-ccaer , ^ a r^Ls^Will%hnw S t Cr ,SS m ,. - SI<r 35fU00m a year. Another 

7Sn said the shares will hp i iqto 1,65 S W , U,L ‘ end of 19,S Oranges cash dram, the shipping licet, 

repurchased ax a reasonable Fhxr half turnover should shJi have about .Skr 30C»m which Inn SKr 194m last year, is 

price, with companies affili-ied'SKV *!»„ iSBMmf fnchirfin* . n hnu,< ? asielii lnvesiments now hems eliminated. Of the 
with il like Kansai Oi andl-^L J2S dur >"F i h e first hair amounted 13 vessels owned by Granges al 

members of The Sanwa Bank 1 1 tiff froin stock to the ^ In SKr <9m and are expected to the beginning of the year only 

business group absorb in- them i r r =s I ° i d loUl at, out SKr 210m for the three remain with three more 

Sanwa is a large shareholder' f? ran ^ cs ^^5 and m nine opera- year ax 3 whole, but a large part under charter. The sale r.f The 
and tfaruzen’s main Han l- ° The * r i 0 - n> V Thjs T , C0 ”J P ? r T f n _ ^' lth Wl,l ll l » financed from 3 state ships is not reflected in ihehaif- 
transaction is expected to b'e com-! r ' ,bn - Thc operalms loss credit facility lor lhe recon- year figures, 
pleted either by the end of this 


ockums in Government talks 


year or next March. 

Maruzen’s purchase of the 
shares from Union Oil, winch 
supplies roughly half of its nil 
needs, will leave the company 
nearly 100 per ceDt domestically , 

owned, and perhaps qualify it t BY OUR OWN CORRESPONDENT STOCKHOLM. Sepr. S. 

for special concessions and other ! 

assistance from the Japanese i l u J!r S a !! °{_ Kockurn'. Mr situation to the minister with the Orders for a roll on/rnli off 
Government. The liquidation of !» j S " H u .-° Hatlenb.org, confirmed hope, it is understood, of prevent- vessel and three Healing cement- 
Union Oil’s stock position won't \ he recently discussed ing the government proposing in handling terminals enahted the 

change its business connections J S' - “ * * i s ^ l ., e ^! e Bill any action which could company la withdraw redun- 

with "Maruzen. according to a ! ™ ,n,ster ,°f -ndustry, the condi- discriminate against his coin- dancy notices For 900 employees 
Maruzen spokesman. I lions and framework for the ship- pany. this summer but lhe nianage- 

Union Oil pumped funds into I.. 1 .! J *‘\! u r e v~ c L lv !." .. V ,b - e . end *'/ May the inent has now started talks with 

Maruzen in 3 
Japanese com pa 

from a shortage of capital annin , . — -- 

cost of const ructin- rpfinprv 1 * r,!S? release from the company evaluation of assets and the pro- unless more work is found for 
facilities. Id the inrilalSSS! st * , * d .. ,h:,t Ih ? n,arke 5 visions made for losses. To con- 


umped funds into ! rj 11,1 !i ,n ’.. RfOUPs future aciivi- At the end of May the inent has now started talks with 
1963 when thei l i- es ' ™* denied that ne had Kockums* shareholders approved the unions about the Tale of 
ianv was sufferne iw lst !! ,s<:ed k sta, c takeover or the the 1977 accounts despite the some 2,000 employees, who will 
ge of capital and (bard-pressed shipyard, but a auditors' reservatioas about the become redundant next spring. 


the yard. 


Union Oil’s sham of Maruzen ! * a * 5l |!^ very depressed and “ the firm to current market prices, it The Swedish government has 
fl to ahrmt Vi 1 ! in, r. 1,,a, *s are rapidly shrink- was >toied. the claims would guaranteed about SKr 2Jbn of 


to?" ^ have had to he wriiton down by the debt Kockums has 

The Government is due to smuu SKr LIbn ($250mi. Since shouldered, in order in refinance 


the initial stages 
lare of Maruzen ‘s 
capital amounted to about 331 
per cent. I 

The agreement to soil rh-t t ne '■•overnraenr is aue ro sniue »Kr Llbn (523(Jnii. Since shouldered, in order in refinance 
shares mav have been influenced i Ub i , i B,t a . n f ^ ; J 1 !*' 1° <bpn lho shipping .situation and its credits to shipowners. In 

bv the uoor hn<;inf»«;«; r l . Parliament later this month. This ihe second-hand market for June the blale guaranteed a 
Maruzen has nnsted reeeniu. i« ^ il1 9 0Ver the remaining major vessels have not improved. 9200m credit facilit 
the vear whi'-h ended March 3 1 ^ wedl ? 11 - v , a . rds ' now • gathered m Kockums has also not found a hy Skandinaviska 
net ‘profit p'lunecd to Y?Mm : 5 v ?,"f- ksi Varv ' ,be state snip- purchaser for the two large LNG Banken and its turopo! 

from V5 1SSbn SSS fell ciVihTu-i bu,td,n = Mnywny Mr Haller- tankers it is building on its own affiliates to finance the g, 
TToni Ya.ioijDn. s»aie.s fell sugntly borg clanhed Kockums critical account. — — - 


by 1.3 per cent to Y977.364bn. 


carriers. 



Commodity OFFER 57.7 
Trdst BID 35.8 

Double OFFER 73.0 
Option Trust BID 69.0 


Commodity & General 
Management Co Ltd 
8 St George's Street 
Douglas isle of Man 
Tel: 0624 466* 



BY OUR FINANCIAL STAFF 


Jardine Securities i Schering shares change hands 

JARDINB SECURITIES. the i ** » 

listed investment associate of 
Jardine, Matheson and Co., in- 

hv M ff » *^?ip7» Ve i U ^KW i A '-’ ERMA - Nf businessman resi- In 1977 Scheriog made net 

:^rho e ™ aP t0 , ft H T u„J?? I denr in Switzerland. Mr. Herman profits of DM tifim on sales of 
t^lOmi rn tbe JJ °r ^rages. has sold a 12 per cent DM 2.1 bn. The company is the 
writes Ron Richardson from , .shareholding in West Germany's leading manufacturer in Ger- 
Hong kong. .. 1 1 fourth largest chemical group, many of pharmaceuticals, and 

Sthenn " AG - claims to have a dominant share 

asset \ a lue of Jardine Securities, The parcel of shares, which has of the world market for oral 
on June 30 was HKS 90 /m. i ^ current stock market value of contraceptives. 

SSOm. was sold to Deutsche • Union Bank of Switzerland 
Bank. The transaction rook place expects to report slightly lower 
with the knowledge of Sobering, earnings for 1978 than last year, 
and the bank has already placed chairman Philippe de Week 
a portion of the shares with reported to Reuter. He gave no 
institutions. Deutsche Bank will specific detail : first half earnings 
eventually re-sell the entire were running below those of 
holding. the same period of 1977. 


WARDGATE COMMODITY FUND 
.at 31st July. 1978. £10.29. £10.72 
WCF MANAGERS LIMITED 
P.O. Bix 73 

St. HHirr. Jeney - 0534 20591/3 
Want dealing 29th September. 1 0*3 


PARIS. Sept. S. 

A TEAM of receivers which has 
for five months been seeking a 
solution for the leading Mar- 
seille ship n-pair group. Terrln 

today announced that the 13 
companies which comprise the 
group would be wound up. 

The receivers’ conclusion, pre- 
sented tii the Marseilles cu minor - 
rial tribunal. foHnv.s the rejec- 
tion by en’Tiloyi.-es of a takeover 
plan by \t. Gilbert Fournier, 
chairman of a \ormandy ship 
business. Chan tiers du Havre. 
The plan involved 700 redun- 
dancies. 

The fir>c victims of today's 
decision were over 1.000 em- 
ployees uf Suciete ProvencaJe tics 
Ateliers Terri n iSPATl. the 
pivot of ihe group, who were told 
they were being made redund- 
ant. Tbe group employs 4.000 and 
a large number of sub-contrac- 
tors in the region depend on it. 

The iitiuid-jiion oF Terrin is 
expected to bring bitter protests 
from labour ursanisations. Other 
repair yards, some of which 
have had orders cancelled 
because id uncertainty over the 
labour situation, are pxnected to 
close in the wake of Terrin. 

M. Gjstu-j Dcfferre. Socialist 
mayor of Marseille, warned 
yesterday of lhe possibility of a 
general strike in the port. 
France'.; largest and number-two 
in Europe, which he said would 
cast Fr 225m to Fr 450m in a 
month ro S100m). 

Prospects for an agreed selile- 
mnt at Terrin have deteriorated 
rapidly in recent weeks. Last 
month the chairman of SPAT. 
M. Guy Peres, resigned, and -a as 
followed nr the new chairman 
of lhe holding company, 
Somegr-t. XT. Pierre Blum. 

The crisis was precipitated in 
April. when the company 
warned that it would not be 
able to pay i hat monih's salaries 
in full Strike act inn led to 
Terrin filing for bankruptcy. 

Various interests have held 
held talks on the future of the 
loss-making yards, including 
M. Akram Ojjeh. the Saudi 
financier who bought the liner 
“France." and British ship 
repairers 

About 35.000 jobs in the 
Marseille region — 15 per cent 
of industrial jobs in Provence 
and the Cue d'Azur — depend 
on shipbuilding and ship repair- 
ing- 

The decision on Terrin fol- 
lowed the announcement in July 
thsrt l,30u of the 6.000 workers 
at -the nearby La Cintat ship- 
yards. i on trolled by Arab 
.interests, would be mack* redun 
idani; 


Investment sale 
BH South 



BY JAMES FORTH 

BH SOUTH, the mining and 
investment group, intends to 
raise AS50m over the next three 
.months through the sale of some 
! of us major investments, to help 
[overcome serious liquidity prob- 
I lems. South has a substantial 
| investment portfolio in listed and 
. unlisted, companies, which were 
I showrt in the 1977 accounts at 
.YM92in. 

Thu holdings in listed com- 
panies include 2.1m shares in 
Associated Pulp and Paper Mills. 
7m Beach Petroleum, 2 4m EZ 
Industries. 829,000 Western 
Mining Corporation and 572.000 
North Broken Hill. The listed 
portfolio had a hook value of 
AS 10m but the current market 
value Is around A819m. 

The biggest investments are in 
unlislcd companies and include 
1 12.45m shares in the aluminium 
I group. Alcoa of Australia, or 
1 16? per cent of the equity, 60 per 
(cent of Electrolytic Refining and 
i Smelting. 20 per cent of Kembla 
(Coal and Coke. 19.4 per cent of 
Metal Manufacturers. and 
12.5 per eent of Commonwealth 
Aircraft Corporation. 

Man;, of these unlisted invest- 
ments ’are also held by associated 
companies, known generally as 
Lhe Col lin« House Group, which 
includes Western Mining Cor- 
do ration and North BH. The 
latter company has been buying 
shares recently in BH South. 

The unlisted investments were 
shown in South's 1977 accounts 
at a cost of A$153.6ra. 


SYDNEY, Sept. S. 

The major cause of the group's 
difficulties has been its phosphate 
mining operations in Queensland, 
which have run up losses of more 
than AS20m in the past two 
years, although it has also in- 
curred tax losses uf more than 
ASl.Tm from its Collar copper- 
zinc operations in New South 
Wales. The directors have been 
seeking to sell an equity in the 
phosphate venture fur some lime 
but have been unsuccessful. 
Moreover, ihe prospects for con- 
tributing tu this venture in the 
near future are not encouraging. 

The directors have therefore 
started selling pari of the listed 
and unlisted portfolio. 

The proceeds from ihe sales 
will be applied in substantially 
reducing consortium loans and 
other group liabilities associated 
wilh the development of the 
phosphate venture and the pro- 
vision uf infrastructure in North- 
west Queensland. Production of 
phosphate rock was terminated 
on June 30 this year. The direc- 
tors said that the major reduc- 
tions in group liabilities and 
i me rest payments was being 
undertaken in lhe long-term 
interests uf Ihe group. 

South began seeking : partner 
for the phosphate operation in 
1977. c«nd was prepared to olfer 
a 30 per cent to 40 uer cent stake 
in the project. The mine was 
closed after the Government 
rejected requests for aid to 
enable it tu slay in product ion. 


SoCal-Amax 



Gain at Carlton United 


BY OUR OWN CORRESPONDENT 


SYDNEY. Sept. S. 


CARLTON • and United to the Government. The aggre- 

B row cries. Australia's largest gate pre-tax profit of the Austra- 
brewery group.. has increased its lian brewing companies during 
dividend from 12 cents a share this period was A 8574m. 
to 12.5 cents, after raising earn- Jt was important to note that 
jngs by 15 per cent, from national beer consumption was 
A SI 7.4 m to AS20.0m (USS23m) only just showing an indication 
in the year to June 30. of returning to the 1975 volume. 

The higher earnings were fact, the volume sold in Ihe 


By David Lascelks 

NEW YORK. Sc pi. S 
THE FEDERAL Trade Com- 
mission confirmed inday that 
an anti-lrus! iim-siigaiion 
it opened into the 1975 
acquisition iiy Standard Oil of 
California LSocal) of 20 per 
cent «f A max. the large 
minerals and natural resources 
concern, was still “open and 

active," 

Yesterday. A max announced 
that it had rejected a bid by 
Suva I — at $l.S5hn, one uf the 
largest ever seen — lo increase 
its slake l« ltm per cent, partly 
on the ground (hut it would 
presen r anti-trust problems. 
Sneal parried with a statement 
that lhe FTC had r.ol raised 
any objei-ti<;ii tu t?ie original 

purchase. 

An KTC spokesman said to- 
day that it was iuu early to 
determine whether Socal's new 
move would make any dif- 
ference to the investigation. 

Wall St ret reacted to Socal's 
S57 a share offer hy pushing 
Am ax tip $4 lo over S50. though 
it is still far from clear what 
Socal's next mine will he. The 
company indicated last night 
(hat it was considering a lie ma- 
in os. without elaborating 
further. But ihe general belief 
is ihat neither Sucal nor Amux 
will want ;he matter to rest 
now that So cal has shown its 
hand. 


realised on a sales increase of >'«ar to June was r.nt> 3.5 peri PennsjUanla P.ant 
onlv 8.2 per cent, from A$452m font hisher than in 1975. “In j Bank, li declined 

to " AS4H9m. Moreover, the view of this minor rale or - 

directors hit out at lhe recent recovery — quite recent and 


EAS settles claims 

K 1 1 mpcm i American Banking 
Cnrpii ration tI£Al>) has settled 
sevi-rat n" the law suits brought 
against it by h^:.f:s seeking re- 
covery on loans to a Greek 
shipping group, the Odocotronis 
Group, reports Stewart Flem- 
ing from New York. The hanks 
sought recovery un the ground? 
that in sydicating Tuans for the 
shipping group SCAB misrepre- 
sented the shipping companies' 
pusifinu. The suits, tiled in 
tPTIi, raised key issues on Ihe 
role of a lead bank in syndi- 
cated lending. FAB said it has 
settled r«nr of the suits, involv- 
ing American National Bank 
and Trust of New Jersey. 
l : nhcri Virginia Bank. First 
ink and Fidelity 
t<> comment 
un j lie details of f fir sett lenient. 



said I UV CUM Cl mm... I nuw h- ■— T . j posats lo sell lu Hongkong and 

peeled to raise almost ASlbn belieted. howetei. that the Lari- shanghai Banking Curporatinn. 


posals to sell lu Hongkong and 


from tbe excise tax on beer ton group was well placed tu] controlling interest in the 

alone. maintain the favoured position ■ Buffalo. Now York-based bank 

The excise rate had doubled it had won within the nationall bolding company, reports AP-DJ 

since 1975 and now accounted for market. \ from New York. 

62 per cent uf the price of. 
packaged beer and 76 per cent 
of hulk beer prices. 

The directors said thar between 
July. 1972 and June. 1978 beer 
drinkers paid AS3.5Khn in excise 


I.G. Index Limited 0l-:i5l «4Cti. One month Gold 2 ho; -207 { 
29 Lament Road. London SWlfl (HIS. 

1. Tax-free trading on cum modify fu hires. 

2. The commodity futures market fur the smaller investor. 


CQMMQDITiES/Revssw of file week 

Tin climbs to ‘high’ for year 


BY OUR COMMODITIES STAFF 

riN' PRICES climbed to new 
■highs” for the year this week. 
Standard grade cash tin closed 
it £7.035 a tonne last night, up 
137.50 on the week and its 
lighest price since last Decem- 
ber when tin values reached 
■ecord levels. 

The rise was fuelled by coo- 
in ued trade buying interest 
hat was sufficiently strong to 
•PFset rumours of passible fur- 
her moves in lhe U.S. to secure 
nockpiie tin releases. 

Al the same time, a decline in 
locks held in London Metal 
Exchange warehouses, and fore- 
■asts of a further fall creating 
i shortage of supplies, helped 
most tbe market. 

Values were also higher in 
ifaJaysia, where the Straits tin 
>rice has been lifted by a 
laucity of supplies and lengthen- 
ng delivery period. This is 
Utributed partly lo more tin 
>eing sold through channels 
niter than the daily Straits 
narket. 

Copper prices lost ground this 
veek. although rallying yester- 
lay on expectations of a strike 
•v International Nickel miners 
n Canada. The company is an 
mportant producer of copper. 

Cash wirebars. however, at 
735.25 a tonne were still £6225 
own on the week, despite an- 
ithcr fail in LME warehouse 
locks and predictions a 
urther decline. 

An unofficial railway strike 
n Zambia was settled before 
upper shipments were affected 
iirecUy, but a retutn to work, 
ly miners in Peru appears lo 
iave been accompanied by 
lashes with Government troops 


800, 


£ per tOfiiw 



600 


MAR APR MAY Jlt» JUl XOB S 


and calls for further stoppages. 

Cocoa prices traded above 
£2.000 n tonne on the London 
futures market this week for the 
first time stoce April. Last 
night the December position 
dosed £103 up on the week at 
f2.012.5 a tonne. 

The renewed rise in prices 
reflects increasing concern about 
crop prospects in West Africa 
and Brazil. Official backing was 
provided for market rumours of 
a setback in Brazil when Ccplac 
predicted in Rio de Janeiro that 
tbe forthcoming main crop would 
fail below 1.2m 60-kilu bags com- 
pared with 1.89m bags last 
season. 

Continued buying interest 
from consumers and speculators, 
especially chartists, has also 
helped push market prices 
higher. Some dealers feel that 
the rise may have been over- 
done now. though, and are 
expecting a technical reaction at 
least. 


There was a strong rally in 
the world sugar market over the 
week. The London Daily Price 
for raw sugar was raised by £5 
to £102 a tonne and there was a 
further advance on the futures 
market yesterday afternoon. The 
December position closed at 
£106.6 a tonne — £6.50 ahead on 
tbe week. 

Reports of buying by China 
and higher prices paid at selling 
tenders gave a firm undertone. 
In addition, the removal of tbe 
controversial escalation clause 
in the proposed U S. sugar Bill 
raised hopes that the way might 
soon be cleared for U.S. ratifica- 
tion of tbe International Sugar 
Agreement. 

F. O. Licht. sugar statistician, 
in his first estimate of European 
beet production in 1978-79, pre- 
dicted a fall of more than 1.4m 
tonnes, mainly in the EEC 
countries, to 29m tonnes. 11 
correct. this could reduce 
heavily-subsidised EEC exports 
to the world market bv about 
lm tonnes. 

In contrast to cocoa and sugar, 
coffee prices fell steadily, as the 
danger of frost damage in Brazil 
faded. 

Natural rubber prices reached 
new highs for the year. The No. 1 
RSS spot price in London gained 
L_75p toa9.50p a kilo. 

It was reported from Zurich 
yesterday that producing and 
consuming countries have agreed 
a working draft for 3n interna 
tional natural rubber agreement. 
This will provide the basis for 
negotiation* to be held in Geneva 
from November 13 to December 
IS. 


WEEKLY PRICE CHARSES 


Lure-l, t _ i 
liiwr- i'-liV 1 
?rinnuo "ii | 
imlw. • 1CMK i 
i-utfii ; ! 


tuts 


l'mr 

»i;r. 


High 


Li-vr 


ioluin ' J + 30 4B80 ; £710 | 

itartet i-.i.f. -■ S1.076ri& j - :?3»10« : 
iihq-ismo-' : — 

52450,500 — ?2.«CO-i60: Si.«i5 ! i‘_Lv 


«MEO 


I 1 

pnvt- ■f t»'u* 
l»r li.nne "ii 
ume- wret 
-tfire.1 j 


t O; 


Y'ur 


Hi K h 


- ! 
iTTre Bars....^ 
« Un. Un,:.... 

'•avtiodes 

ih Jsl 

ier u/. — ....... 

Aah i ... 


£735.25 j 
£7«.23 -7 

£7ao.w ;-e 


£677.5 \ £778.5 , £612 
£€yi25 . £788.7? ■ JKH.7& 
£773.a ;£«»2.o 
£Sii.S I : JLi.-ia.75 


5ae!375 : -3.S l SW6Jua;S2HJ75. Siet-.lii 




£32S 


[nrkefc.i.f.lb. SJ^0/B3 i — * , 
iuu per 02. ...i £130 ! — I 

liuki-t per«; £134.65 u.»5 

silver i76ltis.), Si25i3U i — 

im-ux. 28S.25T 1 1 — 0-7i» 

ii tbs J*r uz...| 290.2C<[> [—OH' 

«li ! £7.U3ti +97.5| 

sttis £6.937.6 •+» , 

:U-n Ind s!o7.£® +3.nEj 

im (210*1 1 >- 1 J I — 

«sh 

ii i5 ■“DalSPi 

jeer* I 


EEC • t 1 “ 

FutuK* ' £SC'^5 |— 0.4o 

.wy<?it»«; i 

lADiericau/ £I 0 O.b j — 


, , £Z.£m> 

Sl.Ss6-fi.lt S2J> 


£97-102-0: £133.0 
£Ei.4 I £W0. 1 


£364.76, £275.25 
£369.2c. ; £ BHJtt 
£2;5ffi 
! 81.775 
i £96 
£9ij.a 


*115.20 1*1£LC . *122.5 
266Af>|i aB.TSf,. 2 oO|i 

3W.36ii 3US.-I&p| Osl op 

J*£50. £7AB5. i £5. 

X-6.M7.cl £>.717.5 
- 1 S 137 .62 Si34-24 

9163-158; tfl/iar ■ rfliL'.o 
£305 j- £»a.5 
£312.25 I £340.6 \1Z61 .76 
ti00 j S6S5 i 55a0 


£71.5 j £27.75! £70.10 


Wheat , 

A-. I li «-1 »|.nuj;. ; C JZ 
.In*. H»t.I . ! 

Wimer ihn.V 132.26 
FJaB.MillHiBUtewtfwjO £c‘aP 
Spices l , . 

*1 l|l\■e^ ,...07 1 • JLo.'Vi 

t'rpiAT. white....! * 2.600 

U!«i'k 1 ?l,7t0 

Oils !' 

(ueiMt.iiifliiiili i'«ij - SS 20 

ti rviuii'liiat 6 S J £698 

Ltar^t-L I'nrta. £327 

Palm UiMj-au 5615 

Seeds ! 

Oipnii Pljilipplnwi.J 5M5 
SaiVAlu^llil I.CjSii-H ’ ?263 

Other 


I 


£106,76 j £M.r. 


-rt 


i'.r.'.J 

— ' £5.0X' 

— ' 

_ | S2.1CO 

- Iuj | J-455 
• , *i>47 

3 ! £203 

: ; 


£.te.5 £«.? 


£9L5 

£1U? 


£CT.3 


■inl'lli 

Other . 
Conunoaities , 

.rtipiiaiiK.. 

n- |«o. 

i-nirml'iirurw Aii. 

t. lru1*r\.. 

Ue~. V'.i’>mn 

JutrUABW L-rrti- 

IIilOLfi- — 

Sasu t-'-ai'l 

Si-*i A-- ' L 

Tn|iif»* A'*''- 1 1 

1.* KiiFatlcri kit**... 

■ 1 'iiunl U» 

ft-.mlliinW-tt'lirjv 


£2.1157.6 

£2.01£j 

£1.437* 

Wi 

*•463 

W*Or. 

£t?t 

£1-32 

£ir,c 

lXd 

Tip 

278,. iitu- 


4 -eb 


1 

-tu?.: 
+ lui 
.S3 

i - 

1 — 

1 _ 

it-75 


P.'l:- 

an 


1 i-’.noo. £3,900 
i ??.*£.' Sl:75 
i S2.45C-I 51.575 

: S-120 ; f-Y-i 
£i~i SPjfY 
Sm? £i«i 
*640 . *403 


5646 5372.: 

S513 ; 5244 


£2.1 '*1 £1.511 


il',474, 

,£i lliLOUl.t 

ill.sii- 1 - 


171.302.; 

tlASK 

el.:c 

74.A-. 

riXua'. 

ttiea 

. ill?.* 

: 

>417 

>4<* 

Stoi 

X-.7-7 

r'.<.7 :.'•■ 

4h.Sp 

L'Ac' 

ill'*. 

Alt. 


veto 

v2j7i 

£l« 

; £i it 

1 Ac! 

£ls*d 


1 r!?> 


1 

; »sj|* 


• *c. 

■ fiik. 

239j* ^* 



I Uhqqoiml '* MomlasL a Madasascar, 


MET REPORTS 

BASE METALS 

COPPER — Si catty -on Uic Londna 
Exchans^- in ih^ cspvi'l.-ilion of * MnKt; 
j! T.ito. For.:-Jrt metal vzr!<.il 3i 174« 
and aooJ Uuyias jI ihis level (nnned ih- 
baio of ihe day's trading ran?>; rouh-i 
-:*t aim sn-fldr ami the once closed on 
the Kerb ai £T*! 5. The net lail bn the 
w«V was £7. Tnmov.vr T3.176 lonm-s. 

UiPPhK 


SILVER 


Silver ma. fised 7 tin un uuih'e laser 
Or sour deliver; IK lllL ' Irin-lon hullivii 
marlei yemurdev al 2S3.-.-.»p US. «nf 
Oiuivjferts or ihe fisliivs levels were: 
M id .’49 6c. dr-’.vn ? u: lliree-ninnih 559 1C. 
d«.v-n !•>■: six-<immli 570 3c. down 1 <e: 
ami i.'-ninnih 59.1 re. down 1.4c. The 
Tin mi opened ai 2 S 2 !- 26 ::ip > f-CT-.viilc ■ and 
et..-c1 ai =5l4-:8-.'!i. i.wVMhjci. 


Sorghum: U.S .’AnwHline. Sent. HiHI 
(jiiuicil irulMtUIMIh-m Itasi Coast. 

Barley and Oats: unmioK-d. 

HCCA — l. r>. -ai inn ex-farm spol prkvv 
Other milling wheat: Norfolk Dte.UO. Feed 
wheat: Norfolk Devon £T».»i. Feed 

faarli-y : Norlnlk r72.«i. Devon £7! IM. 

l ! K moncurv nM*lfh.-k*iil for week from 
Scpi. 11 is wpfrtid lo remain urn-ha nsed. 


RUBBER 


Wire bare 

CfL-n 

5 nu Kirlift 
9rtti-iii"m 

Cathodes 


^elt rill’ll l 


*.n<. 

Olli.-lal 


I'.lll. '7+T 

L'nuCi'-nl • — 

A 

A i 

il 

A 

’ 73S-.5 

-r .5 ' 

735-. 5 

-6.5 

746 .5 

-1 ; 

748 .5 

t4.25 

.733.5 

■r.5 . 

— 


.-723-5 

-,2b' 

725 7 

+ 7.5 

,736.5 7.5-2.25 

740-1 


723.5 

—.5 . 




624 

-0.5 

63-66 



Ainaicamai. d .ir<rfal Tradlps r^pon.-d 
lltai in ihe momirn? caih wirebars traded 
at ITT-.. :M.r. itir<-— months 1745. 45.5. Hi 
47. 41. j. 46. 43-5 46. Cathodes cash £72.7.5. 
Kerb: tt in-hars. three uionih# 1746.5. 
Alter noon. Win-bars, cash £75ti. .15. tbn-e 
mom ha i7-->. 45 5. -tu. 49.3. 49. 45.5. Kerb: 
Wirebars tftn-e months X749. 49 j. 50. 50.5. 

TIM— Liuic changed in subdilud Iradins. 
The East was lunbi-r ovemutbl and for- 
wjr-J metal to Loudon traded at U.vV 
:rf.955 hi-forc h'.-dse wiling caused a sl-p 
io U.Vi'i. But thi-re was a recovery and 
lhe close on tbe Kerb was £6.940. Thu 
net yaln on the week was £9t). Turnover 
C.onn tunn<:-s. 

I .s.iii. - rj- it p.m. + or 
TIN j Ufflvrnl J — • UnuitN-inl' — 

; a 

+ 7.5 


Hifh Grade * '• £ 

•.VI 7030-40 —25 .7030 40 

i m .iiiti-. 695Q-70 -22.5 6955-65 
Setlb-ni’l.' 7040 | — 50; — 

standard- 

i a -h 7030 40 —20 '7030-40 

i m. •mils, 6950-40 -2.5. 6935-40 
Srllh'iiit. 7040 .— 20 — 

■5in*HK K„ :*IU45 . rlO — 

At" Y.*rh' 624 -^0.6 — 


MIA I.U IfulliHii ..| L.M.K. "+ -ir 
l«rr Dung . — c|.>-e ] — 

f.-\ —-. ' f*nee • 

Si«4 2B5.25p -2.15S07.9Of ^5.65 

.i Mcii' hi ,.290.20|i -2.402S8.83f j-i.JO 
f i.....n!i«-. -297.851. '-2.55- - 

413.50m '-S »5 — j 

LME— Turnover 122 i297i lots of 1»«M 
uie. Morning;. Cash KM. Tnrw monilis 
2 .«u. 90.1. fld 90.2. Kerbs Ttinv moolhs 
i'Ki. .\fiernoon: Thr-.t- monihs M.l. Mi. 

vh. t+.S Kerbs - . Three monihs 2*-'.2. 
U S- *.I. E2. -i J. 

COCOA 

WUei Open iil ylcadv. bur rhen easi-d 
s’l^hil'- m nervous i-nnditibns. In'fM 
ii .vs renewed In the afTermxin. Itnwhr. 
ar.d prices etused sieadilv ru-ar the 
- liLShs.' Gill and Duff us reported. 

Vcin-iiiiy-' + ■» jiu- me!-. 

•. i 11 VIA l. inse — III .ill I 

N...,il iiuir'l 

>eiu 2015.015 0 -*25 50 2015.0 I9JS 

I in 20 12.0.15.0 -26.00 20 15.0- lS«5 

;l«iv.i 1956.0-56.5 ♦ 17 0 0 200S.O 1977 

Wav 7582.0-84.0 4-1C.7S J.-90.O68.Q 

Jniv 1 358. U 64. U 

.n fi IS32.5 55.i> 

|w ttW.tt t5.fl 


STEADIER npciiiiig on the Loudon 
ph>sn.-al marker Good denu'id ihroiiKh- 
uu< 111 .- d.t> . v losing firm. Lews and Peal 
r-pnnd » Milaysian co-down price of 
£4:- Cents • buyer. Oct. • compared with 244 
o nis al llie la >1 close. 


X-i. I * I'rriiMim Yenieolny'ii Bu«ine*» 
l:j».4. • Un* 1 Chi V Wiilie 


i ci.... 59.80 60.00 

\..v 60 80-61.10 

> I - liis i0.7£ 61 15 
•I hi v|m- v2.95-t5.0il 

-lejic 64.9D«4.^5 

.1 1 - -i*| .1 56.50 66 j5 
'■.-ill., 68.05 60.10 
Jn.i-Mn. 69.6uE3.iO 
tfr-JiH 7155-71.45 


59.0+59.25 60 00 
60.00 60.2U — 

G0.00 60 2d 61.05 80.95 
r2.30c2.55 t3.15t2.60 
64.20-t4.25 t5.2u 64. :5 
c5 iO-bb.90 t6.7d bc.,46 
o7.4> 67.C0 >-8.30 (8.05 
h3 15 69.50 7D.M-b3.5i 
70.7J 70 75 71.6J-7I.30 


r tO.OO 1555.0 43.0 
-10.25 1930.0 25.0 

-IS.5B t“l3.0-\695 

>.jlc-s: S.l f .9 1 7.1. Mi Isis uf in tnnn-.-s- 
Iniernaiional Cocoa Organisation i U.S. 
o-nis p<jr pound— Daily pnev Sepi. ~: 
J.-.7W i IC.1.S0I. Irdn-Jior orrees Sc-pl. 6 
la-tfpy at c-rarc- lSS.iS ■•154.39-: iLNtiv 
jierayc Iao.4u 1 154 70'. 


S.-il.-s- 4:1 ..'jm Juls uf 13 tonnes aud l 
mil' lot uf 3 imiih-K 

I'hvM.-ul dosing prices i1>ny< ns ■ cvc-ri-: 
i|.« Vljap ■ 5S 23 ■ : L>ti. 611.25 p 
Jiu - .. MI.75P • bUi. 

SOYABEAN MEAL 

The nurlci opem-d 00p lower, basts 
Dec . du-- tu a sltkhily easier Ctncagv 
elose. SiVVV Cummodiiies reported. Lack 
ul selling ynppon and commrrctsl slion- 
coverinc inJiTfsf improved values by it 
before ChicaKH re-o pencil, put with li^. 
nurhpft fj/linc io hold initial increases, 
l.ulidnn drilled dmva in clou- near the 
day-s " lows.” 


l iHinlai | 4" "i j duijnriK 

IW ' — Ikiiir 


Momum: Slandand. casb £7.i>60. 50, 
three monihs U>.9.M' 55. 40. 30. Kerb: 
Mjndard. Uiree munihy £6.a«. 25. 20. 23. 
A'lc-nuon- Standard, cash 17.030. three 
moil ills £S,HS. 40. .15 40. Kerb: Standard, 
thn-i- moiiibs fe.ffi5. «. 45. 45 45. «0. 

LEAD— Firmer in auiei trading and 
mainly reflecting the rise in copper. For- 
ward metal opened at £541.; aud there- 
after moved narrowly to close at £347 on 
the late Kerb wiui wan-house moots 
e* peeled to show a in odor ale decline 
n-.rr ibe w c-ek during which forward meial 
has eased around £3.5. Turnover. 5.050 
tonnes. 

| V 1 11 V ;+ ' -t ' V- n >. + «<l 

Otll'-ill . — - tnumrial - 


COFFEE 

R0SUSTAS contuiuc-d their dow nir'-nd 
in ih-. iniinuuK, with vuIudic nnmlU |i ,, or. 
In the afieruMn th- marfei jgain moved 
lower as New Ywt cas^d. bui Charust 
Ions linuidaiion vaj well matched by 
irad? ihon<overlng. At ihe close, values 
were °*T the "lows- - , hut £’:o down on 
balance. Drawl E-nroham r- ported. 

• Vr*lrnb.»V. I 

l w»™ . ^L- + - \ L '7Z? 

J £ jur tonne 


li|*i I ■ nine 

111.70 12.4 -0.40 1 12. (D 

Imemiei .... J 15.2J 19.5 -0.30 ■ 16.20 15.00 

Ke'mmr ;M7.0J 17.1 -O.30 117.80 

\inn.... '1 17.50 18.1' — O.BO — 

■fuiie 117.5U-19.5 — 1.50 — 

A'lK'i'l I16.C-0 21.0 - 0.75 

ivuei 1 11.00-2 1.0 — 1.0b — 

Safi's: ill vs! i lots uf 100 tonnes. 


Sheep up 2t.l JA.-r cvul. jvvnge ]J!.\p 

itI.Oi. 

COVENT CARDEN .pri.vs in si. rluu 
per package unk-vi Maii-i!'— Imported 
produce: Lemons— lull jit lisrljns new 
crop b:av-«v.50: Spamn Trays 5.MK-..U0 
Oranges — S. Afrn-Jii: V:ilc-ni la Laic 4..:ii' 
5"ai" Krazihan: Val'-mu l.iiT-.- ,i on-:: •>«. 
Grapefruit— S. Afruan. 27. ii 1 :i.:4i 4 :!5: 
l'oiniuu-an- 4 Tu-5 7u: rnuuayan: 4.JU- 
4. no. Tangerines— Kr:i.- ilian. Her bus 
2 mi- 2.90. Apples— I n-mh: N-u t rui 
Cnlili-il Delll-inils I'fliri ; 2 a 2 . 1 II-J..VI: 4Ulb 
7«.00: PonuKUrsc - : OnMen tieiic imiu ner 
pound o.io. Pears— French: fiuyot CMh 
bos 5 ."41. Wiiliaras -i fill ■> l.-xandrines wi. 
Pac-k bain's Triumph ". i4>: Per rionnd 
Italian: Guy or J.14. U'llliam- 0.K-P.1S 
Peaches— Italian: tlali- 1 . trays t.Sn-auu. 
dlher varieties T . r 'i>-i.!Ni: French' l -H. 
Crapes— Per pound Gy pros- Aluliun.— 

I. avdllee 0 25. Tbonuiwn n-:n. Ffos.ikl u.Ju 
Sultana 0.22: Kivuc-h: Altibuiin l^ivatL-r- 
n.-JP: per 5 kilos tialian: P -cma I s*i -2 UH. 
i.'ardmal 3 50. Plums— 1 1 .« lull : per pnund 
•vianlev 6 . 12 . vJiam Pniii-i IKK Hun- 
garian: StrilTers 1 " 1 h 1 Bananas— 
Jamaican: Per pmind fl 15 Avocados — 
Kenya: Kucrt.- H -24c S iiM s. African- 
I-'ui-rti- 3.SIK4 in. Capsicums— Dutch- fvr 
5 kilos .1 IM 

English produce: Pollutes— P--t "53 kilns 

I 26-]. 50. Lettuces— tv-r 12 ronml 6 M. 
Cos 1.00. Weiihy i ini. Cucumbers— Her 
IfjJ- 12 '24S ltk-w 1 -run >1 'U-l nu. Mush- 
rooms — Her pound 11 ."aWLfin Apples — H-r 
pound Grrnadn-r 11.04. I.iirl Derby n iir. 
Hraml.-y n.u;.|l.i|P. pic r.r.-r;- II ur.-ii l‘J 
Tydi-inan's 111 i 4 . 1 i. 1 P: iVinler T'eariirains 
0 nfi-u re.. Pears — I 'er iw.iiipI Dr. Jiili-s 

II #5. Williams 0 I* Plums— P-r rs-uml 
Itelln Olu. P'-rslinrrs v.ffi".. Vitloriaf. ntci- 

II . in. Dam5eu— Hi-r i.i.iiihI 11 li. Tomatoes 
—Per ICIb English 2.20 " 4u Cabbages— 
Per c-raie n.sn. Celery— V'.-r h- ad " 
Cauliflowers— Per 12 l.un-ula l.2u-l »4i. 
Runner Beans— Per pound Si i<-k 0 tuv-il t« 
Beetroot- Per 2SIb ft.fih Carrots— p..-r 
2«lb OJO-O S8. Capsicums— P-r pound « jm. 
Courgettes — Per pound c oy-'i hi Onions— 
Per hue 1.70-1.96. Pick I- ir- 2 'hi. Swedes— 
Per 2Mb 0.66-0.71) Turnips— Per 2Slu 
1 . 66-1 CO. Parsnips— P-r S»lh 1.2H-1.TH. 
Sprouts— P>>r pnund 0.i>i Cobnuts— P-r 
IHNIIKt Kent 0.40, Corn Cobs— Li.u-h 0 nfi 
0.0> 

WOOL FUTURES 

LONDON- Again easii-r in ibm tradirix 
Bacb- report'll. 

tPcoce pr r V ilo • 


SUGAR 


-fj.Kiui-rt _. 
Nlll.lIIOT.... 

.Innnno 

Aim. Ii .-j 

Mnv 

J ul ! 


1553 41 —23.0, 1560- 1530 
Id36 39 -26.5. 1470 1425 
156T69 — 25. V 1392- 1*44 
1295 IS —32.0 1527 1280 
1250 65 - 23. D 128S-»24D 
1226 40 —31.5 1-J5S-1230 


1 £ | £ 1 C ■ 

i-sl. .. . ..;J38.75-9 +1.6;; 539 40 ,-3.75 . 121030 -29.5 12451225 

o nu -ii ih--.. ,344.5 .75 +1.3:'. 345-5 --5.5 J 

Mi'i'.'iii.i 339 tI. 5 - 
■. >l-.i.- - 1331.33 . 


Morning: Cash £329. 367.75. three monihs 
i7H4..i. 43. 44 j Kerb: Throe months 
CI44S. 4S. Afternoon: ihn.e mouths PJ-V 
is 3. 44.75. 45. 45.25. 45 j. Kerb: Tlir-.-t- 
nvunh; i: .'fi. 47. 47.5. 

ZINC— QuieUy steady wilh forward 
met a! hoWmK m the £T 22 -iMj ransi- ihe 
V.'floic day. closinc on lhe Kerb at £34.?. 
The nel fall on Ibe week was £5.125. 
Turnvv-? "..oM tonnes. 


Sal— v J.3I7 <2.11*7 1 luLs uf 5 liitin-s. 

ICO Indicator pnccs fur S-pr 1 ' U.S. 
einii wr pound'*. OMainhun MvW 
iraM-. js 18JOO <i«L5o<: Unwosh-d 
.'.ran 'us 15.7.00 i<univi: nihcr null 
.\rabiv<*' ISS.SC; (150.54'. K'jUua'.vs I''-'- 
I 'IT 1, H * 75 Il«^5.: Kobu-la, UJA I5»* 
14il 2-'- ■ J 46.73 1. DallA avL-raue .9 
1 1.30.541. 

ARABIC AS— Cldie: Ocl I77.ta-1M.M4. 
untradiii: remainder umHwicd. Nu salts. 


LONDON DAILY PRICE irav ritcan 
Hoc 00 lame a lonne of fur Seni.-Qn. 
shlpmeni. V.line snyar daily price was 
fixed ji £167.06 1 same 1 . 

I- ini trades were a round kerb levels, 
bm bin-m quickly nredominaied and 
jirii.-cs gained too noims during the up-n- 
iiic. Later, r-puri ihai China bad pur- 
chased anuibvr 12.000 ions lifted prices 
anoilier U d urine the murning. C. 
1 -".jrnikiH- r**n<«ried. During lhe offer- 
nu«n. ihe markei consolidaied ji ihe 
higher levels 


An -irp* inn 


+ "I, 


LreftMv’ B'isO 

• w 


1 «• ■! 

1 lel'Jier 

iin*i.-S31.0 

-i.O 


Ileevinlirr ... 

234 .u 38. u 

— 4.0 

— 

Xlarefl 

2ff7.6 39.0 

--3.0 

238.0 

Mac 

23B.D 40.0 

-5.5 

253.0 

Julv 

233.1*41.6 

-4.0 

— 






f ir- -emlier ... [241.0 44.U 
MaivU .{S4L0-4* ,0 

—4.5 

_ 

—4.5 

— 

Sales; j . 

mil kits or 1 Sin 

.**. 


'(leal : 

IV-I. !Yestr-r>lai *s) I'reviiam . Hn-nn 

•.null.' t — 1 1 . 1 .++ ' fii»ii- 


/ 1 xr 


h.ih. 

i * Uic ini 


— 1 L'niifbclnl. — GRAINS 


. £ - £ I 4.' I £ 

! 313.&-4 ,-2.8i 314-5 1-1.5 

incnittf,. 322-5-3 ,—2.5 323.5-4 1—1.5 

.4'inriii • . ; 314 -2.75 — ; 

Print. wc-t- — ■ 29.31' -• 

Naming: Cash 14.5. H _ thro* 
months i32s.5. 25. 24. 23.3. ii. 22. 23. 
Kerb: Three months £311. 22.5. Al'ernoon: 
Three mocihs £322.3. 21. 22.3. 24. Kerb: 
Three aiaoilis £124. 24.5! " • 

* Cent* per doiiwj. : LM per pica), 
fin orenens unr.fticiJl close. 


WHEAT , BARLEY 

ArtlPtitoi V + r-r ’Yeeichbi.t 'r + i*r 
XI 'nt it dun.- : — 


■I"*- — 


85.35 

-0 55 

78.55 

—0.50 

87.15 

' ,—0.55; 

80.25 

--0.16 

90.00 

-0.25 

82.95 

i— 0-25 

92.40 

—0.25 

89.40 

- 0.20 

Sty.05 

— O .;0 

S7.B5 

■-U .20 


COTTON 


LIVERPOOL COTTOM-Spot and ship- 
nun; sales amDonm to 21s larmcs. bnnu- 
n? the torsi for the week to 2.107 toaiics 
— th" hishefl weekly level since lhe cod 
M April. Lam the total was SOS 

rcmiics. Dealing? persisted id a wide 
vanny of siyleg. with North and Scmih 
Arm n. an predwnnlalitig, F. Vf. Tat Ursa II 
rc-pored. 

HONG KONG — Call on futures. Prices 
•iStd abnui 110 points on tire week in 
modest iradmg. -Yptivrdw'a cipse iccnis 
Oer Ibi: «»«. UBAUnted. Dee. «1.MMH.?6. 
March *^.t»-fi L2j, May unaumed. Jniv 
Bwiuwed. Week's hish-luir. Dei. M.iV 
al.flii. March 64,40-6^.70. Turnover: 70 
lots 


-Ian. 
JI ar. 


Business done: Wheat— S-p: S1.33.Sj. '£5. 
XfV. i7 m-57 .W, Jan. DII.0n-.v9.9T.. Mac* 
L'J.jd-S'-Ma. May aj.lU-P'.Ot' Sales: 241 
Barley— 5t-pt. 7v4'i-r» '""v 

SW.1U. Jan. S3. 60-92. W. March 95 48-3540. 
Mai .'7 'iSTjia. Sales: fis !uis. 

IMPORTED— Wheat: C1VK5 Mo. «W 
t::4 rv-r cent. Sep;, taano. Tilhurr. seller. 
L’.S Part Nonhem Spnuc \o Two 14 pur 
o-nt. Sun. IS2.73. on. &.155. \ov i>4 3 b. 
iranstiii'ment East Cobsi cullers. L.S. 
Hard WintiT Ordinary. Sep!. tX2.75. 0'1_ 
is2Jl 1 ranshipmciii East Coasi. EEC 
Milan- 161 per cent prolcin. S-pt. .50 
r.ier I'.is.jO quoiedi Eau Coast, rirm-r 
EEH .'>Pd Ausiralian. Arc-niinc and Soviet 
jraO' -J unqiiuK-u 

KatK'< l:.S. French S»-pl. nw .VS. ftrt. 
. r l*H ml- IrdiBhiMmin Easi fuas:. sellers. 
S. Afri'jn While s<*nr. ou. L5S M tikut- 
enw S. African Yellow S*-pl.;On. £59 

Classnw. 


£ |vr T.'iiiic 

1 hi 104.75 Q4.M- 105.50-03.60 105.50411.23 

I v.- 106.60 06.75 105.50 05.60 107.71-05.26 

Mur-li . 113.40-15.50' 112.45- 12.50 1 13. 75- 10 JO 
Mhv ....-1 16.26-16.50:115.50-15.76 1 16.65- 13.75 

A "g 1 20.50 20. 70' 1 19.40- 19.55 120.50-18 .00 

t’.-l 123.75-24 l DO l 12r.50-22.75 125.50 21.50 

!»-• J27.60 28.001126. 15 S6. 40 - 

Sales: 5.029 *4.979' lets of 30 lonncs." 
Tate and Lyle ex-reBnery price for 
granulated Oasis while sugar was £284.95 
is^mi-i a tonne fur home trade and 
£ 162.00 (Same 1 lor capon 
iDiemaUenal Sugar Agreement; U.S. 
c-ciiLs per pound fob and slowed Canhbuun 
port— Prices for Sept. 7: Daily 5.00 t7.75*. 
l.rdny a ve race 7.36 17.3U. 

HONG KONG— 5u«ar futures. Prices 
g. tint'd .LV6H points on lhe week m more 
adivi- rrading Yesterdar s t-losi* teems 
p.-r Ibi: Her. 7.99-s.O!. Jsn. S.4>-fi..1ft. 
March 5.7.1-5.75. Mav s.lC-S 95. July 9 11- 
-4 13. Sep! . 9 "41-9 .12. Ww-K'S hiRh-lnw; 
'.HI. 5.ILI7 6S March S.77-K 4'». May 9.97- 
lo:. July WtWvW. No pl 918-9.11. Turn- 
over: t£ leu *::j> 

MEAT/VEGETABEES 

MEAT COMMISSION— A veraRe faiStOck 
pni >.-s ai represcniu 1 ive markets op 
Scpi.-mbcr S. CB cattle G6.44P Per 1-R.l.w. 
1-128'. UK sheep 1.19.5 uer lea osr.d.r.w. 
i-rti«>. GB pias hi.3u pur fcg.l w. i+2.5i. 
England and Wales— i.'ji lie numbers down 
10.2 p« r cent . average pnee bS.Up ( — 1.50*; 
Sheer down 2.3 p*.-r cent, average 146.1 p 
• -*-0 7 «: PlsS up 29.2 per dint, averace 
67::p 14 - 2 . 5 '. Scot land— Lai;le dnwn 72! 
per c.-ni, average 70.02p un change 1 ; 


SYDNEY CREA5Y ou '.r<ler lir-vr*. 
seller. tHisincKS. sjii'S* — Micron Cootraei: 
WI. -133. 5. .IW j. 346 p-SHi il. 47: P'-e. -74*1.7, 
349.7. 349.5-.V4S S. ;|| ; March :. "V d. 
3.>.o-:tifi0. 59: Mar ivij. ::.’4*5. :a:i 5- 
:u9.u. 1.7: July 362 1 7*3 i :««-.>?:« !>■: 
(let. »,4. Vato.s. 1 , five. '.'.71 .6. 

WSr.fl. 371.3-371 II. 13: Mar. li '.7.' j. 177.11. 
ungraded. Tala I sales- l-f lels. 

NEW ZEALAND CRDSSBRED5-T--irt> d 
dearer across the hn.ird iiiilov. me over- 
seas advices, n.uhe rpt»»ri« 1 un 

order bin >r. seller: all urn r.t*J**! • Dei. 
191-0. 184.0: March 184 1 * I-*. Mj*‘ 

15.7.0. IVs.O: July ls.76 I5>.ll: Mi-1. 1-1 Ii. 
Iff! 6: Iiw6. 1X7.11 : March 157.6 

188 0. Sale-:: nil inis ■ 1 '. 


FINANCIAL TIMES 

-r|,I. 8 | 4 p|. 'i; 111 41th «"... Yene MU-- 

«L07 ’351.31 i 239.77 ' 1*40.78 
• Base: July !. 1 9.7: = I no ■ 

REUTERS 

^epr. 3 • Sej.i. 7 :'l"iiiii Ymi 

WB8.2 1479.0 , 1436 7~ 1492.9 
• Base: September' Is'. m::i=l«i* 

DOW JONES 

Ikiiv j >k|.i. ."tent. | VI- 111 I 1 ' Veil 
■I'Uie* j ft • 7 1 Hgn - 


383 03 383.12 362 44 367.43 

FiinirMiA <6 88 378 07:361.54523.69 
• Average J924-2a-J6— I ini' 


MOODY’S 

1 1 'l . 1 *>riii. M"iilli Vie 




rj*ie fTimini i_937.9937.fi 520.8 530. 1 
December St. IMI=tW> 


E y; 


7.71 70- 15 
:• • ?.!a*vh 1 
.i-v <i s>c pi. ]•: 

■■ji'-a :,15 I 
1.2*:.-. Met. c 
. ■•'■■ 2 '. .lan re 
-lul.. V. :». 
Mjreh !' 


Copper and 
sugar 1 
coffee falls 

■:i.w\*h«v: a-:.!.: 

r-Ki >. I * ll.T Tl . -'■» c-j -eil .--r. sr.i-c-.llal 

ll.IUIil.il lull Ii.iJI.ih III, J . OI.-.TJUIV-.- llh 

s-ik- i-rii-c uni- s. * ,*.'c ".1 ci.i--.| in g ns: 
iiui*-. '-'ul-.h r rallu ij mi Lou.iniMui: ilo 
ihori-ot i.riric- ami ir.vl* i«i; i:u. iTumi 
h.v '-vw l.iiiul.j .if ai.MlII r ii.-i jSI. 

;i: I ...lie siiu-l-^ taiil-.L uui-.il Lui:-<l. 
■in reii--<"i.' si* ■ ul. 1:11 1 li',-i.<1ji'6i!. ..-I 
shsjr g.mi' ■! .'ii ru:i"i:ir- ir. \r. l.hln 
bur in.-, la. ii.- r- .or:. >i 

Cccaa~a.i l. 171 ti • 1 Tl ■»'»• Deg. lu 
• luinn., vf ir. h ir.jM, if.-v ifiM. J 
1.".**.*.'. 3-i*». I JT .'i*. Is • 11499 . Sal 
"4! lull, 

Cfllfeu — * "-iir.i..l. 
lebta., I 1 ". - , 144 b ' l-C 
Ij.- IM July VI'I "" 

Ji* .“1 LI'.'-. Ill im-I.',. 'J. 

Copper — 3* pi. 1 . : :i* ■ 

A->»7>. '■■».. >4»m L>- .' 

March M'.w Mjj 1.7 4 > 

■Si, mi, De . 7'i un. .Ijii ’ 

J r.' . 1.7.7. .lul. 7.-.41 S.i'i-i. f.ntiii 
Cauoit~ ... -J I'd. It! JM-IA.11 i Cl 
I'’ - * - *4f ■'l*-l-l 1.1 'f-7 ' I .. ,'iljrh M'j fT.'epi 

May cl 1«_. July ;v..> ihi. >m. i..vmm. 
Do- 1 . ■..'•7-1.7 r-|l. .'•mIc-'- 4.27« t.’li.-i 

‘Gold — V 1 . 1 . -O'. 'in • Jli", UU I 1 1 
-’" v - ^ I'.. 7"': W'. D" . --IH.2U I 

-1 lITil 21" Tu .1 1:111 .'In 16. . 

7". l.'h/vi. li. . i;;u.4ii i- v -ri. **• 
.'.uni : '.I 4u. June j4i.i*u. iul- s; •> 
lor. 

ILard — >.lllca,n Inns.- ji IS -Jn.fm.. 
prim-. ;r. :-iri jf j.7 1 rad.-j 
iMawe— i. i'i, .-ij; . 2 I.S-, 1 •- .. . 2 j;; 
-'-I.'- .-*i'*:*:i 27! : - 2 : 1 :. .May 257:. . 

:4».. s, Ml. 

SPIatinum— 'ul. j‘." .Tu-jw -;u , ji.n 

rn - , i.I.'mi- 1"J. 6 i-y. Anil " 21 .! 

Jniv 2<i7. ■. "ii. J7*t wi-27*i ;6 .Iju 
1J4.1U April II*. 6u.;77 |p Cjj,*- ; ~oi> . 

_* Silver— 3-14. ,74 i> i.u|7sn. ii t :. n 
o4:..ill' 7i.76.lill Li.... iA4.nr*. . 

"7 -u. Jan. 777.41. 7-t^r- ti '•.■u.m' ; 
"4.:u. .fill. .7;. :. ai. M , juj jp f'c . W 
-lan I'lii"". M.iicli '.."ill'll. M.iy ..j- 
l ulv ■> w ,'U. Salc.s: II'.inii leic. Hardy 

Harman l"illii"> sprii :.|J j-u ;■> 

Soybeans— s. pt. 1 : 49 - 1 . 47 , ifi4.;:.' : 
'■47-MI* '. Jail I.--I ?-I.ir.-h" fnii;. 

I.r M.::--'i4!, Jill’ 'in ‘-nil J.. VIU VyaJ 
Soyabean Meal— S- ;.t. tTn.-.u-i; 

"7 70. **cl. 1711 'm-ITIi ,:i* 'Ii,\..n.. [ 

", iiui'iJ. r .u .Iju. it: jii-iriA'j M; 
LT.I.&o t|jy J7*..ilii-i:„ ;i|. July 17- ml- 7 71 
Aug ITT 

Soyabean Oil— S-M ao •'-J».S** •-'*• 

35 4 W. ■ J.7.I., '. Ii.. . JJ Cl.i. 
Jail. Mill. :.t..r.-h J : ; 

"ly 1 :.j7'. ,\u.. . 

Sugar — .Xo. 11 11 . ; 

7"..- 1.11 iT.M*.. \S.ir-. Ii 

ulv u t7-!*.:u. mj.i a ...: .9 so mm. 

Jj-i ui"|ii":-d S.,|. .• 4 upe lu;,. 

Till— i;.'"-ii.' • nulii <b.'ii-n.'7 Hum 
"Wheal— ,.|. 

,-n:.. tijr-.n j.i ! . iu>’ . 11 ; 

•»ii'-- :I4' >ep:. :: 1 7 . 

IWWIpij. S--I-. :• tl-Ryc— ... 1 

hni tu hui. -:,u p*.jii 1.1 <i I'lj.io 

Dec Mt.sn bill, r.iay f_t II j..V:. ,3 

Oa.iii1. 

ltOais— i»-i 7ii.n* bid uTp.Pfi bid'. 

”u 4u hiii i*'.:i*m i':d .. 11 j r«li 7u.ni »-•!. 
7u.jii bid -lilts- Tu 70 ind 
EtEarley — "< «.% i,u i h , yu ^idt. 
a^cii-n Oil 1 76. M) 1 . Al arch 7i.:u 
•May 72.06 .uf:..], July 71..7H f.u 
SSFIaitsced — 1 u-i. ji- in hid 1 _-jy >_.j 
■'««. U^.ttt JmJ . Mi.. Tu hie- • Lii. v. 2 
Mav J7.: lU djki d. July .Till ml. 

'’Wheat— SLlVu." ix» r.r cut pi 
cmneill u! .Sr. La. ■.■relic.- 171.74 1 ',71."- 

’!! r. ms per rwind ex-u ar, j 
un'.-vt mhi-ru is-, s-au ,|. • -: s p .. r 

nun. — mn-MUin e |<ik " t.hif.vuu 
Ss |*er I'll 1 lbs— De L'T Ilf s 

••'iuiis Uj.v. Hriiim ti. jm j«Y 
lank care f eim &■ r 1 .- 11 . bush. 
K’dre|iuu«.'. -i.iiiiu-iiiKh. I jr.ij,. 

• uurii.s* rnr ill - (.7 units nf 2 r< f i 
i-eni puriiy d-lrc- r-,| ,\y. ■ ... niy 
irt'" iiUJjt'c • •. '.1 ar'-liuu;,, '' ,'7i V-. 

■mir.iel in u ‘-nv’i lun bir liuli: 

1 K'.j slmrt tr.fi*. diii.cml lub 

■Thie.iyu I'i'l. iln. St. L'.'irc ;i!:i; 

- r rrjK p..r hir.li- 1 m i 

• '"c-ois |" r 21 Ih huh.;. - -Vnr.-s 
is Ih hit ,ii-.-l c.vm nri liiiiiv 2-- • - tit " 
■**eib hush;. 1 . r.-war.-h'iiif- . !.60"4i 
'vis. *.•■ jC p> r lonn..-. 


r. 1-2 :.mi 
. : iin-.-y. 1 

: 'U-. <1 7 
■ •■. 7l.i 


COPRA— I1iil<pnin> - j.ir t-in,-.? r.* 
m*rn Kurup-.- 2 ii puns. St-,-.! -uu. Jlis 
r-.seil.rt. 



financial Times Saturday SeptemUerff 1978 

rinanutu „ ,«»> bb o 7JI. .SoeLa. u 


BRITISH FUNDS (570) 

Z*iPC Anns. T9*i® i7j9i 
■ 3«s ®nt. Transport 64 in® u 4 ».* i; h 
2 :aKCons. SJK. 20 i,® '■* “i* i« 
4pcCoru. Ln. 32>k0 <4 >u, ■*» 


BnKttvrd com. g7?®t4;9, 

Brighton Corp. &:P* fZji, (7IB) 


Brighton corp. , 6 2 >i (719) 


Camden Coro. 6 >s** 
£99'iOC> 50'- *S|J» 


flrP* '■S 1 "'- Ln. 3 f l i u iq® : i* *» Coventry Coro. 6 Pt- bJ, 

ti>4pe Excncquer Ln. io7‘w* Dunbarton county .‘-“y'VSJ® 

3eC dXEheauer NIL. 1 I Hh.»n )■ ■. pTi'ct.-IX. ran «: pC V 8 w® 


cS»cV; ciu*Jl ££ ,«& 

Coventry Coro. 6P»- JT;,, gi-pc 94 1 . 


This week's SE dealings 


LBWfie f»p> BB B 70. SPCLn..l98t 
IGlwtOn CM- J.‘ |C0 ". LStSrt? Um»er*.|l l2Soi 86 I| 7 (4/« 

,w. j.. £%•!&, afflPwsr , <H , B»f.i i 3 »n 07 - 

Glover M»w iat. 11. SpgOnsecU. HUS" pi.* Grow (500)192 


over Maw ■ 1Q> 
vnwcd (25p( ' 1A 


j9> c ^ lnw „ issgpwar'.H'w.i 

11 . 6 p<On sec 0 . Group CSOe) . 192. 


3«c exchequer Stk. i9tji ab-i 6 ® n u z >i 'u> Edinburgh Coro. 6 M»< s 8 ”® 

|K Exchequer Stk. 1963 31', 2 l*,, «”• 9 ^Ja' S«.PC «'* M»» 

«!& IS XSr ffi:'*- - E«2» c— 

London dorousiH. 11 ,« 

9i;Pt Exchequer 5J>. SHSij. fii’ia M.mnfhiVU count* Council S 1 *** ®Jf-2 

10pc Exchequer Sik. 94 a ’>i„ MiJtHtrdsnire Count* Council 5'*K 91 *• 

10 ‘U»c Exchequer Slk B 6 * r?!4l &•%« 79’; 

10‘ipc Exchequer Stk. 06 '.® t,£, \ urai. * i04'ib 

1 2 pi Exchequer Stk. 1998 99® a*,® 9': k Islington Coro. ” Tl . pjRod. SWa * 
1JK Exchequer Stk. 1999-2002 9S"ln® Ken-wwon 
i7'9i Ken* .CounSv St CourtC11 

line F.rhnaiir* Siv_ ilu at £Sfioc. US Lanark Alie . County 


Friday, September 8 5,181 I Wednesday, September 4 4.931 I Monday, Saptember A - .. ~r“~ 4.J04 ’ =/ 

Thursday. September 7 4,554 I Tuesday, September 5 -■■* 4J70 . 1 Friday, September 1 

•nw list below ream.. .1. ytmenUrt m-ridtu* eod ah. the W«t «arW-9* **-e «ek any sha« -« d.«U in aOPterday. The latter » MMM ter gg^S: „ 

mm date (In parentheses). t IgS^&p. A .C2SP> 1- 


' ' ' 20';® T: (719, 

4 4.»4 gsrA: S§ss- jaw 37 ■ 

1 — 41922 Sss? 


Low. Bonar Group tsooi . 1 92 

K'^r 3 4. SWLE TM, 
LvoK. IjflMSS. ffKDb. 72== 
7 t«poCn. B7=j Mffl ... 


MFI Furniture Centres IIDo) US-;® 9 5 

M B .K* 0 EhKtric HldBS. i25p) 225 e g t 


the date (In parentheses). 


Ml." Hldgs. J25p) 200 
M.v, Dart ‘IOpi 6S ®. 


I2pc Exchequer Stk. tlu. at £96 pc. £5S . -;=;i '7i'«l . 

Dd.i S4 M j. IS.9I JE.Ji.'iiUuBon-Tme Cpn - B'-ncContBed. 

UK Exchequer Slk. 2013-17 97’,.* * HO ifi b - 

U'tK Exchequer ME. 1992 Sev^t *'-* | Coubt, t6 ‘*> 

' VoF wT*™ si “- ,994 97% “ : * ; p s;. H B j d 79 M^ 9 ' 

^lA^ExCheSSystiVlMaS^i'iui South 97!, 4 |5;91. 

'supe FOB. Ln. I97B-S0 91",.® «ie “w Southend-O'i-Sea 

!stx»U Ln. 1907-91 b £ ., , 

' 6 ^K F FQ 9 Ln L.. t >, ^ “ SSSiSfSta’IcKtnSf Council 99”., IB9J 


UK Exchequer Slk. 2013-17 97'..*, _ 

U'!BC Exchequer ilk. 1992 90*..* 11 »• „!® 7 JL ;2«ia 


The number of dcoHnss marked In udi section Mltm the name of **• 
section. Unless a therm be denoted shares are £1 faUy.paM and sttek SUM fn»y 
paid. Stock Exchnoge socnriUes are tgueted I® pounds and fraettons (f p«mda 
or in pence and fractions of pence. 

The list below gives tin prim at which bargains done by nsombent af 
Tlw Stock Exchange Have bent recorded hi The Slock Exchange Paibr 

Official List. Members an not obliged to mark bargains, except in special 


cases, and the list cannot there I ore. bn regarded as a complete record af 
prices at which business has been dam*. Bargains ant recorded in rhe Official 
List up 2J5 p.m. only, hut laic transactions can bo Included ia the FWiMrtns 
day's Official Usl Ns Indication ts available. as to wbother a barsato reansous 
a sale or purchase by members of the public. Markings are nat necessarily 


M^E«K*?..«y itSizssr* mry °* tars,ta ta w "• "** * mm 'assrussa^ i- 17 I (tgasrwa 4 ^ « 

ains, except la special prlc * B •*“"«- . . Osp) .sl 2 ^*.^ 9 ® 52 re-9 •- S^tncUnscd.^ ,S |37 ^ } ^ 

. 1 . Bantams done precloos day. 5 Barmins done with members of a recognMed Stock Ln* m'i 5 t 9 jf 8 1 i P cWg^aSuS , 7 6 * (7l9i. MfglJolU^fouo'wovWlngsj HQo) ' 
DeLween non-memorrs. C n_,D,h.Mi.n- tr'—trinirlunL SHK— aHnnu Knnei U— Linauimn; sMx_ Gnsmtleld Millet** llup .?,af 


Bf Ta? tgsp&aB ipu 

S .lifraSR- 1^7551?: ,c,3rem * r ” “ 7 * 

S SL?? ,! £v.Ln^ • ttSStT/** - MiKKlinle, BnOL I25p) 100. lOpeU, 

N CrStonVareholiWS^IS^gB, 522 6 . A McNeVff Groutf lZSp) 41 1519) 

*J2AS[ W 1- " ,Donaltl) 72 

• JOt 3 :. 7 PC«P»-_?X *®? Ln . G 7 t 4 « {7191 Southerns OSp) 22 s 2 


9 a - * 

12IJK Exchequer Stk. 1994 97*1.:* 9”.a 

100 99 > 

12'ipc ExCheouer Stk. 103 i,® i>.* 

,13k ExclKKiuer Stk. 103' a * '-iu® 


i Banixuts at Special Prices. A Bantalna <lon C wnb or bviween mm-iDmben. * *?"*"- sPahamSn- SC-SCsnadlau- SHK-SHoac Kuna: SJ— SJamaican: SM 
ETchauittt. Jf. Bantalns daw for delayed deliwry ur "no buynw-tn." SA-SAU^ r-Haii. SB-SBabamtan. EC-w.aiLiiujn. smv-cmuint mu*, sj-ajamxuain. ms 

SMalasan; SMu— *Mexluni: SNZ— SNew ZcxUod; SS— SSUtEapore; SUS— SUnhrd Staled- swi— maian- 


t,-12.'E4 90 <5.9> 


Boddmgion Breweries l2Sp) 102 


! Anderson StritMlvde t25oi BB «>:■ Do. [ Central Sheerwood CSol 36 si,. New (Spl 


JOt 3t. Z^frA-unMCd.Ln. 67 L® <7191 Mamit, Southerns lZ5p) 2 ZS Z 
_M 1 . M .ISlBL.BiyVfggr 44i^b B <7/91. Magnolia Grouo {Mouldings} H0p> 108® 
uicemeid i7j91 

^ lOpcP f-.M ^,.,. ^ nsoi 70 <W9> Mallinsoh-Dennv i2So) SS. B'jXDb. 77 

GrjBocJrod? l W?*(10P? P 4 763 fiQ _ . _ 7J nSooSSUt Agency. Muoic HOol 36* 
Grow Lotus Car tlJJK 2 70 69 7 6 8 71 <7ig> • _ „ .. 


WIi.Mreid lO'ipcSilg.Bds. 1990 90L 1 i Border Breweries iWrexnam) (ZSP) 


UK RAILWAYS (3) 


17 9) 

Brown rMaithewl <Z5p. 123 17 9< 
Bucklev's Brewery i25o< 49 


«U4l sheerwnod «ol 36 Stj. New (Sp) Grouo Lotus Car HOF* 69 7 6 8 71 V 7 iq>^ - 

s 6 « New 64 Bi- <Si9>. 7LocLn. 64i, (4i9i rStraPsKta'" Tramno" .iob« cm. CoesT Keen N* n J < i , “* , ‘a-M | 70 2 & bNnKhestcr Garages 5 pcp 1 . 34 r«7) 

A s n 3 " a I«s^ i<,0n ^ Noi " vta A ’ =s cSSi^ tl'oJ. zw 3 ^ l,0,>! 56lj A-. wg«" t 85iia&d SS* (II--K ' S«lfSrs _ 

,7 ' 9 ' wjw«a «o.,pcDb. 86 > s ««> as^a 


33 lv f4f9i ufrnrrcwmr «sop» xeu 

Anolb-Traoxyaal Indus. .1 ROJO. 137 i7'9l K“"SS!ffi" SlS^=* 2 rfSk. ^ni 71 , 9 .'. 


west Keen ” W-i® 2 

2 . 6 J.K U nsecd .Ln.Of® 

Gqm Keen NcttlefO>05i i f 
72S wai 9,. «Oi,PcDb. BI 


3‘jpc FdS- Stk. 36*4® '4 
iS'.K Fd9. Slk. 83'. •» * 4 : »■ 

S'.pc Trcas. Ln. b3' ® BO'.-^J® 3t- *» 
7 l^K Treas Ln. 1965-DS fit';® ", 2 1 , 

I ■ ib r , 1 '4 24 , „r 

' ?'ipc Treas Ln sb'u, 

OK Treai. Ln. 66 k m® ;® 7* # 'i 
I S'.PC Treai. Ln. St T i»* "n* •■» *-'i« 
i ot i. .. 


ItSmcird* Vbmnil Council 99-., 15-9} 
T.ne »*«« v-wun.. Council U PC Red 

VbSmII CPU S'4K«ed 95"* '*«■ »'*« 


Canadian Pacific .VCSi SUS 201 - £13. 4k 
P crp.Com Db. 32 _ 

New Brimswick Rlwv. Pny.4pcC». 30 1 
1 7.9. 


Warlu* COP. 7 *-l>cReO 73 

SHORT DATED EONDS 
FREE OF STAMP DUTY 
b ior ill -10:78. 99 : '*: , 


FOREIGN RAILWAYS (1) 

Antofagasta 'Chilli and Bolivia 24<i (7F9 
SocPf. *0 '7'9> 

RANKS (164) 


ra^^sTfiMTSitoTii*. 9 -pcpi. mmm icw. « c « .«■« .as ; Mon . vlB . asm 131 

Burton wood Brewery <ZS« ,70 .9 9. 5 n Z Lh’og^Wares «10 p. 22., 2. T2ocPfd. <10., J-TV. Grouo Non 

Cameron tJ.W.I b>4ixDb. BOt. I7J9I „ Ariel Ml «2S0» 38 4,1 5 9* Channel Tunnel Inv. (5o» 660 t7i9i ' Maden Carrier «2Sol 1-B QO 

City of London Brewery. |ov_ Tst. W- Arlington Motor Hldgs. <25pi 118(5.9! cnemring iSoi 71 f4i9r Mangas ijotmi ,ia 5f w „ 1 l .“op. 119 

i2Sp» 67 Armltage Shanks i25pi 71 2 1 -.tilorlde Grp. t25pi 126 B 7 Hall Engineering irtldgs-' r4?q, 


■ 2 Spl 67 Armltage Shanks <25pi 73 2 1 

Clark (Matthew} iHIdgs-i l25p) 158 '7 9> Armstrong EaUDt. dOpi 64>i® 5 4.3 
Cauraae ai.pcDb. 19E1-B7 5E <S9l. Ash Laty I25 d* ,42 f7i9i 
BocOD. B, >5 91. BJ.pcZndDb. S7 1 ! Aspro- Nicholas S'.KPf. 42 1 <719* 
1591. .SpcZndDb 69'. . _ Assoc. Biscuit Manu. ( 20 o> SAD 2 


BANKS (164) .glSnSA -Vdo* J 202 ®° 6 r 1 1*! 2 7 °g., 6 200 

oS^^e^nd^Sk, 75 17 m g!fr 10 -^n.»1 : :« 

Alien Harvey Rom 308 i7)9) Green all Whider I25pt 135. 8 KPf- »5: 

Allied Irish Banks (25p, 220 71 - 7liocDb 67 1 , ifiiOi 

Arbuthnot Latham Holdings 157's Bi, Greine Klnpt25p. 303 


Armltage Shanks iZSpi 73 2 l >.nlorlde Grp. tZSpi 126 B 7 

Armstrong EqUDt. <10pi 64 1,® 5 4.3 Christies Into! flop >123 1 (7l9> 

Ash Lacy I25p* ,42 <7.9* Christie- Tyler UOol BZ (7191 

Aspro-Nlcholas S'.KPf. 42t (719* ThristV Bros. i25p> 49 IS.*9I 

Assoc. Biscuit Manu. ( 20 ot SAD 2 1 . Chrysler UK 5t:PcDb. 67'. 

3.6SKPI. 39 <4i9i. 7 'jpcDb. 6 G® <7,31. Chubb Son iZOpi ,37 8 . New . (ZOO) 

6 >:PCLn. 8 S I . T9 17i; 15i«tO list® tT ' . “ 


* Mann Eoerton gHunmiUi. iwyi 

Grouo Non-VIB. U5 pJ ^1® 30 Mjrte Jo^Hldgs J HOol 20®. 104* 

:»mer .=Sol 1 |B | Q £ ot tJS^TS&SSr'tJff, IS* 

'tohni .ion' I*’. ,19 X t B 90l| 2. New «Sp> _87i ;® jg 


«*•! Engineering ?7i9i 

SiS-S'nssr’c?™!-"^ “ ,sra > 

Halms moot 43 ® 4 25L* 


90 1 BB 92 901, 11- 89. 7DcPf. SS'I 
f5/9l. TOpcW- .87 14?.i 


Austral.. New Zealand Banking oai , Guinness USp, 1 59® 62 1 3 BO. T'-of-n 


121-pc Troas. Ln. 101 '. *, •» 

* 12 . '-pc Trexs. Ln. 1992 102 "i<i 3>. 3 
, 1 2 '<OC Treat Ln. 1995 ,05 
1 V,K Trcas. Ln. ,997 inSk® u„ -*■ 

1 5 *. pc Treai. Ln. 1993 ,10';® "i« 

1 4 1 - pc TreM Ln. 1 J I '«0 «® 12 I. 
1 S'«PC_Treax. Ln. IZO'i® l'.*® ,4'. IE.* 

15';k Treas Ln 1,7 it® *« 

2';pc Treasury stk. I9 *i-». _ 

Soc Treasury Sis. 'in' 23 - *7 9* 

Sac Treasury Stk 1979 95">, -*4 - *.« 
3K Treasur, Slk. 1982 »4J'« • I.. 5 . 


* Ipc . 6,6 79* 99-. 14 9' 
9 -PC .20'6 79* 99'- 


IS 6 5M1 103': <6.-9» 


Bink Lwn.l . U.K I 160 ,'1^’ 180 <T,B) 

Bank Of Ireland 410 .6(91- 7PCLn. 59 L Highland (20P| 152 
tag, Invergordon tZSn. 146 7 


Ban! Montreal iSC2l 14'.®. Sue wwrts, [ Irish I25p1 1 GBQ 


llstiilers >500, 202® fit 8 4 7 S', 6 200 fii-peLn. 85 19 17>; 15U:G lull® 17 - 

1. yxP CLn. SS 1 .® gi9i. 10.5KLH. si-:® assk. Book Pub. <2001 252 3 (5 91 Church rZ5pl 171® 1 (719) 

.t. Ass«. British Foods .Spl 75 6’tKDb. city Hotels Gp. iZOo! 13, 
y. JKnS? e cy. 2S .5 , .B? 3S - ■ tbw 75 4-1. (4/9,. SijpeLn. 21 '3. 7';PcLn. clay 1 Richard, (2 5p> 91 *5f9) 

£* ■ 7 tfi2? b f -,S ’iS? 1 1387-2002 281.- Clarke iT.1 UDp. 26 '4 St 

Ss K i3 fl 5p , , 2 1 S ^® S °6 3 2 1 3 80. 7'4KL0. ^SSSPfi - ^ 7 * 50 53 1 * S SSE CU» 

Sa^SSff^ <7,9> SSSSUHhgJtfirtl 81 , C URordf J DaTr l« ; 9 ( 2 Sp. 59 Or 

KTWi?®? ,'1*2' 14 ® 7 Assoc. Lelswi* S (S t pji‘B7'.'®;_8J-’* .8 . _ CMtn £m'! , ’a' iZSpT' 


Mar lev t25pi 8 ,® 2. BbPcDb. 67® f7.®, 
Marline Industries H0p» 30 


. Halms HOP, 43® * , nDp , 25L* Marling Industries ' ('to, 30 _ 

Halstead Oomeg ' {4 ^12^ Marshall Cavendish dOol 50 <6-9. • 

- H5S2?'iniSwknS .Soil 4*i. *><*> MarvhaH (Thomas, a Oxley. A (25 p,.* 6 «, 

S B S S.B3T !&55 139 “a bffiSri.. (Halifax* (2Sg)_13B_ 6 (7/9, 

few. jsa 


. ..J&rshalls {Halifax* (25 p) I3B 6 <7») 
A Marshairs Un.rarsal I25i>i 162® 

Martin-Black {25m 65 _ • 

b. Martin The Newsagent <25o* 234 f7«9i 
MartonaJr IntematT. (2Dp> 208 «S,'9i 
May Hassell «25p) 73® (71 9 1 
Maynards (25** 143S *7l9, 


320 3® 30® 1 30 1 


Macallan-Glenllvct <25e) 375 (7'9> 


Bank New Souili Wales (Lardon Reg.) I Macdonald Martin tSDoi 505 (719 


PUBLIC BOARDS (14) 

FREE OF STAMP DUTY 
AuriL-uttui-.il Mori cpn. 5ocDh. 1959-E9 
6 , ■ 69. S'«Db. 1 980-85 75 iS/9' 
B-.PC0B 64 '7 9. 7 '.KOb. 19B1-B4 

> 11 . , 4 , 9 1 9:0. Du 19EI-83 92 Da. 

19ET-3& 841- lO'-pv-Db. 82ui*-9f 


595® 

Bank Nova Suotia iS'.r. I4'9) 

Bank Scotland iGov.i 288 2 6 9 7 5 
Barclays Bank Ord 347® 6 ® S3 5 So: 


Wartton —Thompson * Evershed t25o* 76 Assoc Sprayers ilOpi 56 


Assoc F.sneries [25P* 4Si* tb.3* Coalite Chemical Prods. t25p. BO f^rr« ipnium yn .519* 

Assoc. Leisure t5oi BT'^ 81;® 8 Coates Bros. A t25e) 75 .(6(9) Harrison Sons * 4.501 70 5J» 

Assoc. Newspapers Group (2Sp* 18* 5 coals Pa to ns (ZSp. 70S?® 1 70*1 l'j-701. Ha ryiso n <T. C-' 1 - 5 ?.. . j, j, - l4 . 

Assoc. Paper Industries (25p* 59 (4J9I. “ScLn. 5 Zi-. 7 »*peLn. 621, {7(9* Harrisons Crosheld 65>n® ^ 3 

SKzS « Cuhen ' A., (20 p, 160 I7'9>. A OOP) u^l «? « 8 ^l a5pl 21 C 


Mears Bros- Hldgs. <25pi IBt, (6*9, 
Medmlnster Uflpi 26 9 (4.'9i 
Medina t5p> B 

BliPC Mehrille Dundas Whitson 1250) 44 
Mem more Manu. (So. 15 
g, Menzles (J.* (Holdings! (25o) 185 

Metal Box 35B® 73 4 2. 4.9KPI. -53 

a 62 "irai- lOktpcLn. 86':® 

Meta, Closures Grouo (2Sp* 109 8 1® 
(7/91. fipcDb. 72 1-'i (519, 

Metal Industries 3 J u>cPf- ?8 i% 8 * 


(5'9l. TpcLn. 53 (4.9i 
Scottish Newcastle IZOp) 69 Bi,. 7 s-ocPf- 


Assoc. Tele. Corp. A <25pl 1174 19 Coie rR. n_, C25pi 132 «7'9) 
,7 IB 16 _ rniiori Dickenson Pearce Int 


f7,9) 

Hartwells Group (25M 2 ® 62 


3 ;oc Treasury Stk. 1977-80 53’*® '■* | Dover Harbour Board 4 .pc2ndDh. 54 ra'9> 
J’fpc "Treasury Stk. 1979-81 89'; % 'a ’ 3PCL " ’° 2 ‘'‘ “ *‘ - 

S 5f. ,^ 6 ,986 - 39 '* ,B S '‘ Mddw a ; W.”r 4 8 oard 3 PC 29 (5 9, 

S^roc Treasury Stk. 2008-12 47*.* 7® Mrlrqcoj.tan WJ.r Bboard Met-^Water 3 k 

Bunt ’Treasury Stk 1982 91',- •> Noiineru Ireland Elcc 5ervice 5';pc 

9 '-pc Treasury Stk. 1983 91 1.® 2'i..J 1-.a 1977-79 96':-- 


Barclays 
Brown S 
Can. Im 
Cater R' 
Cltlcolo 
Clive Dl 


Collett Dickenson Pearce Intern**. flOp) l ?|5' IC g r G ? i ‘ JlJ | , , e .oePL ,, 45® 
Cohnero 9 'invests-. 12 5 o i 35 '} . HSK^-PSS? «rouD *Sp? 1 1 


' f ?£S, h -$ mbMner '’OA*. 1 , 0 * 1 ,:® Hpcupsir ' «■ .''fflK AU«^ rF“'TL B ^rVi 0 p» lot 

^r d .A^^ il Hqte ne 1 ^ pJ S5 ® a 6 w a ° s , rh n,Kon riud,i ’' Brewwrte ,2Sp ' TEHOwafT: 1 P ” 5 

arn , iv* , si dl £Uui a ?5 , 5 p: 3 is^3 9 ’ tt,nrBsg* A <SOo) i6M - 9DC 

Hambros Shs. (25 p, 180®. 7pcSubord. ii 

H^ll' Samuel ^Irouo^USp* 93. Warrants B ANDDOOCS ^"hl^af ^dl^’fzSp, 43 ,5-9* 

to sub. lor Ord. P3OO0 Bristol Channel Ship Repaired |10P> 6 ,. 4 . B 20 17 Z5 

M 5S?S n "*iS?“i , !? h l l 4 E o tB i ir tH,U ■ 50, mSSmms- Shi® socPf. 39 (6^, “ll 5f W "*• ■ ” 


Aurora Holdings i25pt 94 
Austin fF> rLevtemi ( 1 0 p» 107 


9'J»: Treasury Slk. 1 980 9B - ' .» 9'- 9 
9 '-PC Treasury 5tk. 1 9B1 97 ■- 3i> I 


Purt w T London Auth*. 1PC A 20® >7(9'. 
6 PC 37 i4 9' 


„„ 17191. BpCPf. 207 (B/9* 

V^bJIo'i Brewery A CSOp, ,69®. 9*« 

PI. 93'j 2 '; 17 9) Averys '*5p* 1861:® 5® 4® 


' aa , B COMMONWEAl-TiT GOATT?. (7) 

10PC Treasury Stk ,992 Obi. *» is. REGISTERED AND INSCRIBED STOCKS 

1 ?, : * t Trealur * S,k - 1979 1D0 ’ *-■* "■* Australia (Commonwealth at* S':k 1976-79 

10*'pe Treasury Stk. 1999 8 a'. ?7. 15 9'. Do tWI-M 821- ■V 6 k 

1 l>*pc Treasury Slk. 1979 10, " 19-7.30 9ri- >6 9i. Do. ,98,-83 

1 , ijpc Treasury Stk. ,98, 10D 1 '™ ,'(» 20‘: *4191 ,qc 3E‘- (5.91 

T 100 59-G-Sths East Africa High Commission iRIvs Hrbrs.i 

1T’,K Treasury Stk. ,991 98'.® 7" »® 5 -oc 75 tB9i , 

i ■„ s 1 . 8 Jamaica Gk 30 - 16 9*. ( 'iK 9S. 8 '-uc 

,2k Treasury Stk. ,995 97'i»« U "i« 81 'e (6 9) 

'■•rv *- New Zealand V : pc 73 :* 3 «7 9>. 4pc 

IXk Treasury Stk. ,990 ,0b® >v 99'>« <- >7 9' Ek 93U*. 7 '«pc 67. 

, 4 oc Treasury S*k. 198 2 1 07 ,® ’‘iv 71 or e 2 j. 17.91 

9oc Treasury Stk Cny.Sik. ,930 990 tj va 'uljnd 6 PC 33‘ 

fli'ir® 9 H". 9 7 . Baths Southern Rhodesia 2"pc 57* 3 17 9J. 4pc 


C°S“ A,lmS l%r*atr. (So* 690 C7fW. HMM 
: 7 ,:PcUnsee.Ln. 77'a. BSE£2^2rthSr - ?0' 


iohtt&jKixr . Srfgss'«as.^af vz .* bessStsjks s»» «• 


MJtchall Cotts Group (25o> 401.' T3ocLn. 
94i® ■7/9! . 


Ln. 1986 651.- (4191 
Hill Samuel Group (25pl 93. Warrants 
to sub. lor Ord. P300® 

Hongkong Shanqhal Ekp. Con (HK2.50, 
339,® 41® 38 9 40 2 36 


Avon Rubber 216® 17 ,4 _ ... . 

Ayrshire Metal Products i2Sp, 41 15'9* 


cSUlt”25pf70 5 69. 1W*ft 99 <719). HerbUr4^rBrodks (25P» 3® <Si9* Morgan {Hri,127. 


Kevser Ullmann Holdings (25p) 48 (7/9). Mjirsev °“ :k f B W, rhoM { 

King Shaaon <20pj 5B i4'9> « >”'■ ,a y^S? - 7 “' B9 

Klein wort Benson Lonsdale I25P) ,05® 17(9). 55-pcOb. 74 (3 9) 

(7/91 . „ 

Lloyds Bank 267® 70 5 3 7. 7> : pcCnv. A — B 

Subaru .Ln. ,984 9, ■ 

Mercury Securities (2Sn) ,23® 5 AwA.H. I25P 1 ,09®. 9.9 _ 


HertMfrger Brooks 

Hestalr (25P* 9B 


Hcwdun Tcuin Plant (IOpi M 5 t : 5 
Hwwood S Wiliams (50p, ,52® 2. BpcCnv j 




Ln. 210 CT.-g* 

Hlcklng. Pentecost (50p) tOS 

UlrL... kii.lyh r SuOJ 2 


A (Non-Vtg) ( 2 SP, 7911 ® 80® (7.91 
Morrlsrin IWm.) SurwrmarVi^s MOol 90 
Moss Eng. Group <25 p* 67® (7(91 
Moss ( Robert* n 0 o, 34 S 
Mdthercare « 10 o) ,56 4 (7-9J 
Mount Charlotte Invest*. flOo, 22 
Movttnc <iop) J 6 ® 


SpoLn. 46 7. 7 l4PCLn. 




Hickson Welch (Hldgs., r SOP) 218 
Hie Id Bros. (5P, 12 *7/9, 


Variable Rate Treasury Slk. 1981 95 ai i w , 57 jjg, a -pc ,977-UZ 56 (4 s j. Do. 

.. 6 91 J 1987.92* 41®' 


Variable Rate Treasury Stk 1982 94', 

S'-Cc* 1 War Loan 3- ,.. - - FOREIGN STOCKS (5) 

Brhlsh Elertrmlv 3* orfltri Slk ,970-79 COUPONS PAYABLE IN LONDON 
95 (a •: *:*. 41-oc Gtd Slk . 1974-79 Chinese 4 i-kG: LaSds IE9S (Eng. I»s.. 

^ .. M® SpcGoldBdk ,325 II*. 5pcGo(d 

British Gas Siv-r.'i, 5tk 1990-9;. 46 1 - Ln , 91 s iLon Ks.i 12 (7 9. 5 k 

North C Scotland Hydro- Elect >ic Brd. Tient.m Pukow Rlv L« iLon. IsS.i 18. 

• 'A 9! Lung-Tslng-U-Hai SpcRIv Ln. ,913 14* 


Courts {Furnishersi A f25pi 1,6 (W91 
Cowan de Groot 1 TOP* 72 
Cowie 1 T .1 iSp, 

Cradlirv Printing H0»> 18 17 1 * <5»* 
Cray Electronics flDPi 2« <T:9 


Nat.onal and Commercial Bank Group (25pi Aberdeen Construction Grodp (25 pi 97® 
76 'j® 8 G 7 i 7 i9l 


1 2 1'PCLn, 10, iGI9i 
B5R (TOpr 10? ■: 


Crellon Hldgs. '10o> 16. ,2pCP: 
CreSf wVbOlson MOn' 82 BO <5. ‘9* 


UpcPtpg.Pfd. Hinton* ( Amos‘"SonV ri OW MJ7:g, 

HoffnunS (5.» •'25PI 76 5. AJSpcPf. 44® 

S3 4«I. , 2 KUns.Ln. 93© .* 

5 «® Holla* C50l 63 (419, 

Hoilli Bros E.S.A. (25P) S5 
Holt Uovd Int. (IOp, ,69® 1 

Home Charm MOoi 193 2 1 __ 

Home Counties Newspapers (25pi 87 
Hoover (25p> 28B. A «5pl 286 7 1 

149® Hop k ins on s Hldgs. <50 pi ,14 1 

Horizon Midland* iSC Ill's 1, 'H 1 ; I 


Hiltons Footwear I20o> 98 9 < 7 L 9 I 


N jT. h ', r ? H . ,re, * nd 6 ' :DC E * thcuu * r s ' 1 '- Greek 6or Public Works 5tlg. Ln 1928 

N.?) rja ic q. 

3-r Rcrt-moyia , i 4|k 19P6 An 44 '. Iwland .ReP 0,1 9 \o; 9, -96 80 ' 

U K fS-yvar 3 .prBdk.iR“9. 99 - ,00 JJOJ „ 4 B eSlln.Lii. 19,0 SU55Z5 (7 9i. . 
,&s ' BpcStlg Ln ,993-83 70‘; *6 9' 1 


IiVIT- BANK (1) I R'O d? Janeiro 7 prttlq.Ln. 1927 43 (7'9i 

San Paulo (State ofi Coflee Institute 7 '_K 
FREE OF STAMP DUTY B ds 1956 7 D , 719 , 

5k Stk ,977-32 83 Babcock Nederland 7p-:Bds. 1992 1 23-'a 

CORPORATIONS (42) Be.jcnam* Fin 9 ' BV 6 'iOcBdl. ,991 llgi] 

FREE OF STAMP DUTY - . e . 0 , 

L m‘l 0n si T‘, V g 7 3 ’ 0 1 2 | 7 ‘ 5 'nr^oaz 5 ^ Ll °f as Eur oh nance NV Floating Rate Notes 

Oil 1 ®. 5 >.* 0 C 1 97 y- 8 I n/'j. 5 *:BC 1902 - 0-3 lqifT inn l «. fero. 

. 7 7 5 rt?i. < 7 6 ,, ipc 5 6 «f : - 4 O 0 |'f%» 6BC 93 '“® "“® Thorn Int Finance 7p:Bdi. 1988 
Corp. of London S'.pc 99 f 7 .'9i 6 '-oc 1 '* * ; * K '•* '* ’ 7iB ‘ 

| 4 -K wsT a i fl 3‘-pc'?07 ?t;K 89 ,5 ' 91 * STERLING FOREIGN 

Greater London 6 'jpc 64 -®.‘ 7 ’ 4 oc B*r. CURRENCY BONDS 


Schrod-rs 440 

5>me Darby London (,Qp) 26,® 
Smith St. Aubvn (Hldgs.) (25dl 


10 i.-pcUnsec.Ln. too (&9i 
Aeronautical General Instrument* t 2 So 
100. 4',-pcPf. 29 (7 91 


Toronlo- Dominion Bank <tC1* IZ' 1 !* IS Si Alron Aluminium Til hi ley 
IVilnruat'fzOp) It®' “* Lon00n 307t ® t9,;9) Alginate Industries U i2Sp*_ 1 fioi- i 7 .9> 


, a^f^M^ehoid Stmes (Leeds* (,0 p* 46 ^7 ^ Bpi<|>e Hldflu ^ 

" D ' ssterssBgfri^iV* 4H? {z5bj 2,00 ,3 - 45 

tocDb. Bam fords «20oi 31 (SiS*, >v' 9 > 

MMoifciOR* 14’* 15'; 15. Dale Electric International UOp) 172® 
9. . Bariow‘ l Rand '?r!l 1 oV 24 W* "* ^ ^ Bacon A, 1 _ 1 T_© • fc 


NCR Ld. 4pcLn. 92 3 16,9) 

N5S Newsagents 9oePf. 90® (7 9, 

Nash fj. F ) Securities i 2 to» 116 t4-9) 
Nathan IB. I.) (25D) 51'? «5i9' 

National Carbonising ill OP) 39 
Neediers ( 2 So, 41® (719, 

Neeosend ( 25o, 45',® 

Negrettl Zambra (25 p) 82® 80® (7 9, 
New 9ocPf. (t.p.l , IBt (6,9). New Sm 
pf. lbbom fS91 


uard Bridge Hldgs. (25 p, 22lj hboso of Frasor '25pi 166® 70 1 68 9. Nwl fencer Hldgs. (10®, 122 15:9) 

■ 4 = , nn* IT At-iirM ac <’»d , f. S2 *7i9i. 6 pctn. 50 Men, James Hldgs. (2Sp) 100 99 

25P) 210® 13. feliPCPi. 45 8 t <oc B5 NeIso ^ Dawli l5pJ g..^ l7;w 


u2225 J 0, uu L ' r SiSm 2 ?70o^ 2 5 l 9 Z i6. , 9, , 8 nc 1 Equlnment flOp, ,8 tA'g, 
Howard Wyndham (20o» 29 terai. ,apc Newarthlll aupcPf. 64 1- (SI9> 


Ln. 104® 

Howard Machinery >25pi S3 4 


Thorn Int Finance 7p.:Bd*. 1988 102*4 3 
*.- 4 s i. •- -7/9. 


9 -pc 97 ... 13 -pe 107 i7;9i dH-nuuru runoiuis 

Greater London B'jpc 64 7',k B9 '- riTRRFNC'V RONDS 

( 5 f«i. 91 -K 92*- ,L. ,21 0 C , 0 , 1 . \.UIWU.IYV -1 DUITU 8 

(7.'9i. , 2 <;K 1983 101 <6 g.. ,3>-pC CiUtOtP Overseas Fin. tOpcSUg.BdS. 93 

, 03 lj i. > i5/9' 

Aberdeen Corp So-: 66 iSi9i | GesMtnvr Hide. 1 , pcBtlg.Bds. 93': (5'9, 

Barnei Carp, v-p c 36:- t5i9i ; Rawntree Mackiniosh Int. lO'.pcStlg.Bd*. 

Birmingham Curp. 7-1 >dc BB'i ISl9>. 9 >-k 1983 ,00-'- '< (S'9i 

95 Total Oil Marine 9 ■« pcStlo. Notes due 


RDPurooiou AiieDone sons (ion* 21 , 12 ® 9 

BKEWE-KlEb O3o) Allen (Edgar* Balfour i2Sp< 57® 1 

Allied Breweries i25di 87': 6'a S'- 6 7 CoMolds Gp. ■ 1 Op) 76 

5. ai.pcDb. 1975-80 89ij 14 Si. 41-PC Allied Farm Foods 8pcOb. ®1 2 (6.9 
Db 1979-84 72J*. 5'-»cDb. 75. 6pcDb. Allied Insulators (25p) 6,- 3 1 
77'- 14.9). 71-orDb. 67 rS 9,. S'-PCLn Allied Retailers UOpi 89® 93. 9ocf 
37'-® Allied Suppliers GocUnscd-Ln. 62'. 

Amalsamaled Distilled Products t,0o) 34 6*xpcUitKd.Ln. 52® ■- _ 

Bass Charrinpton i25ni 165® 6 70 69 8 7 Alpine Hrdgs. (5pi 75® 3 L 
5. 4pcPf. 31 <: tT.'Bi. 3i«pcDb. 1987-92 Alpine Soft Drinks HOP) 154 2 


Alginate Industries iZSpt 2 H 0 i- i7-9* Barlow Rand 1 RO.IO 1 243 'b'ui oamsn oacon « ihb novrard Ttnon, 

Afida Packaging Grouo (TOD* 100® 1 “ 9* Barr and Wallace Arnold Tst. (ZSol 131 Dartnourh ,r 7hC3ityTi«»t* Po*»d>in Gp- <i3o' 79 f JO ' 

All-bonr Sons (IOp, 2812 ® 9 I51i A flIWi f25s! ,33 Danes Metcalle MOB, Sfl.f?'*) Hudson s Bay ,4ii«® 14 13 

Allen (Edgar* Balfour i 2 Spi 57® 1 Barratt Developments (,0pi 114® 17 IS Davie* Newman Hldgs. (25p) 12 B (619) Hulett'S (RH 108 'f/®* 

Alied Colloids Gp. UOp) 76 Barrow Hepburn Grp. \75oi 30 12 ®cLn. Davis (Godfrey) 12591 1 0 D 1 :® (719) Humphries Hldgs. <25pi 12>i 

Allied Farm Foods SncDb ®1 2 (6-9i 78 > 6 , 9 , Daw Internirtional I25 p) 273 Hunt Moseroo (MlddJetooi 1 


Newbofd Burton Hldgs. C25u, 59® B 
Newman Inds. (25a, 88 9t 


979-84 72ky. S'-pcDb. 75 . BpcDo! Allied Insulators (25p) SI- 3 t Barton Sons r25e: TT-'t (7(9, Dawson International (25 p, 147 50. A Hunting Assoc. Industs. '25PI 330 

4.9). 7bpcDbr S' rS 91. 5 'iBCLn Allied Retailers UOp, 89® 95. 9oePf 93 BasSt ^Seo.l Hldgs. [2Sp' 1370 40 39 Ord. Non-Vto (25o, 147 Huntlelgh Gp. (IOpi ,4,® ,719, 

Allied Suppliers GocUnccd.Ln. «Zi» .5 91. Bathand Portland Gro. I25pi 69® 71. De Ui Rue f25e> 483 75 10 5 1 Hyman ,1. J.i (So, 53 h 4 2'j 


fiSpcUhKd.Ln. 52® - - 


Batkp^nf^ Yorkshire lOocPf. 102 *4 9) 
Batson. Clark i2Sp! 194 


4414.9*. Si-pcDb. , 987-92 69 < i4-9i. I Amaf. Indusis. !0.6pcZndPr. 93':® '7 9- Beattie' • James) A <2Spi 129 7 


De Vcrc Hotels Restaurants (25p) 167 
Dr-benhams (25p, 96 6 : 8 7 5. S-joc 
Z ndDb. ,979-83 8 , (7 9*. 71-PCDb. 63 '< 


I — J — K 


4 >:ocLn. 4, 1619'. 7'40CLn. 621: (6 9, Amal. Metal Cdn. 328. 5.4 kP<. 55*:® rH ilOnt aq® (7i9, 

Bass Chamngton Brewers 7'«KLn. 60 - *.®. SkPI. 43b® 3® , , m D i si ri 9 i 

I Be haven Brewery Gro. i25ol 5, Amal. Power Eng'q. i25p, 160 5JS!S«i , f*n» 9 

Bell 'Arthur! l50o, 269 (7.9) Ancnor Chemical (25p, 76 (5|9) SSchlm (2sS! 718 ® II® 16 ® IS 25 7 


6 9i. ' 6 : -pcLn. 59. 7'«DCLo. 2002-07 ICL 374® 43® 3® 65 80 2. SflcDb. 1975- I ft' 


i?*T 70 B 47 9> Wiehcis FJ. N.) tYlmto, i25o* 210 r69, 
l 1 - 3 , Norcros (25 p) 105 2*1 «* 3. 7>4PCUnsec.Ln 

719, 82U ,, , S;9 , 

- 1 Normand Electrical Hld9S. C 20 p, 4B t« 7 9 

Norsk Hydro AS. CNKRSO) SU^.45 • 
North British Steel Group iHWgv) (25o 
C.aL IflVE. 37 ■ 


66(4 9'. ItpeCnvLn. 1993-9B ,07® H J 1980 90 '6*9' , & *i!™ B^SpcIhf 97^/1* 100 'j 2 «7;9 

leccu (25o) 453 (7'9I A C25o) 440® (Ml (25pl 62‘: 3-2 3':. JijpeLn. 63 r7f9( Northent FoMs (25 pi , OS® 11® 11 U 
3 35: 47 S. ZSpc-Pf. (2 Sp 1 44- (4f9) I IbStock jgiuiwn (25PI , 8 t® 2®. . 8 12 13. 6Z5pcLn. ,27':® a® 33 

Iclipn Co. I, Op) 27 1719, llUngwonn Morris ( 20 pi 32 (619). A Norton iW.E .1 'Holdings* 'Sp, 46 


Del sen Co. (IOp) 27 (719, 


APPOINTMENTS 


Cray Electronics new c hairm an 


Mr. W. R. R. Haiii(*s is |«i retire 
an chairman of CRAY ELEC- 
TRONICS after the . annual 
meeting an October 24. to devote 
more attention to his other 
business interests. He will 
remain a consultant. Mr. H. A. 
Solomon- a director or ihe uroup 
and chairman of Capital fur 
Industry, the industrial holdic'4 
company of the Grin (Hays Rank 
Group, will succeed Mr. Haines. 


from the hen inning of next year, 
Mr. D. C- Bonrdon and Mr. F. G. 
Wood will become general mana- 
gers; Mr. J. L. Savage, assistant 
general manager and actuary 
(overseas); and Mr. R. H. Rawiin- 
son. deputy group pensions 
manager. 

4r 


Mr. It. J. W. iiulnaan !■:*< been 
appointed to the Board of 
PETTERS LTD, u< production 
director and Mr. R. 31. KiLseil has 
joined the Board of PETTER 
REFRIGERATION as finance 
director. The parent concern is 
Hawker Siddcley 
* 

Mr. W. G. Hasiam is tu re- 
linquish his position as chief 
general manager of the 
PRUDENTLAL ASSURANCE 
COMPANY on December I»I and 
from January 1 he will lake over 
as chief executive of the 
PRUDENTIAL GROUP OF COM- 
PANIES. At the same time Mr. 
D. S. Craigen will succeed Air. 
Hasiam as chief xenerai manager 
of Prudential Assurance. Also 


Air.- Hugh Russell has been 
appointed sales and marketing 
director and Mr. Peter Cartwright, 
technical director, of SECURI- 
VISlOiN. 

* 


Bcechwood Construction (IOpi 28 
Bciam (IOpi 65 
Bvlgraie (25pi 31 (6/9) 

Hellalr Cosmetics UOpi 21 
Bemnwe (25p) 76 5 (5/9) 

^vwwr J. _ Bentard C^CTLtt 3 MaciSnery OOP* 46 t7.9* 

new chairman msc-^r 

Bvrlsford rzSpi 160<D 60 58 61 X 
Berwick Tlmpo t25pi 62i : ® 

Best May nopl 64 t6;9i 

European region, and Mr. W. F. shaw, at present joint managing b m ° b ^ 1 lop) 1 62 ^® 3 ® < 7 . 9 , 

O Meant. regional manager, director. Federation General ow* (5 p* 27>; 

personnel, of that region based in Insurance Company will join Engiownn, (zsp. 53 14 , 9 * 

London. Orion as managing director 5! l,a "l 'I°"? 4a ® , 

* t Folkestone,, becoming a director "m** Qualeasr ,25 °' 60 1 S9 - 7 JpcLn ’ 

Mr. Peter Jackson is the new of the company. Mr. F. O. Jiftc.", ■?, 

secretary of the MECHANCAL Vogeleiuang. general manager. BtMkEdwKi' tsoo* 112 ri-iS 
HANDLING ENGINEERS’ ASSO- international division, Nat ion ale- Black ip.i izsp) 166 isi9> 

C1ATI0N. Nederlanden, who has been filling 2!“!‘f!L H i t I on 


Norvic Secs. (IOp, 19 


Derlfend Stamping [S0 p> 1S8 (S/9, 69(i ID'-pcLn. B6' a _(bf9i 

Dvwutter Brother* (Holdlnas* (25p) 135® Imperial Foods 6*-pcDh. 65*4® ^(9i 

tr;9j S.aapcPf. S3': (619, Imperial Gp. -2Spi 841* S_ [j 6 **. > 

Dowhurst Dent [20ol 17 (7/9, _ BS(4. S'aPtLn. 73- 6.9 dcLii 5 

D'CUnso.-i Robinson Group (259) 134 3 2. (4'gi.- 10.5ocLn. 85U ■, 5. 8pcl 

7JiDri.n. ,956-91 671- (7(9i 

Oip!omj H TnUswnenCs 4 USp, 205® 10 Ingham a roe) (HI ■ >_ < 1 0 P) * M'S) 


Nottingnam Brick (50 dJ 302 5 'S/9> 
Nottingham Manuf. i2S9) 129 8. 6>;KLn 

Nova {Jersey 1 Knit {20 pi 38® 

Nurdln Peacock (IOp) 88 90 
Nu-Sw(ft Inds. (Sb) JO l]® 30 


Imoerial Gp. '2Spi 841* 5 ij 6 4pcLn. Q K BMi - ars (lg2 g) (RO.SOi 430 (5/9 
89 >4. S'apcLn. 73- 6.9pcLn. 54 m t Ocean Wilsons iHoldings) (20p, 100 
(digv 10-SocLn. 85«4 >i 5. BpcLfl. 74 Oce-Van Der drtntm Finance 9pcStlg.-Q® 

i7rg i ids® 


ms B! 

Olives Pa 


ectronle Machines t25p, 122* 

rp CZOp, 107 6 

’aper Mills QOp, 47 64 


Dixons Photographic (IOp, ,42® 3® Ingram (Harold) (IOp) 35® 6 gbwss ^JP*( Mills OOP) 

D^SOn^Park Indust. (IOp) 112 *.1S« S ,m‘ ^Siw'ort.® K 83K 


Doradk Hidas. I25p, 7£ C7'9(. New Ord 
>2501 5 - 

Douglas 'Robert M.i Hldgs. (25pi 103® ■ 

Douiton 8 'joc Unscd.Ln. 64** (4,9) 


foter-Clty 'investment Grouo <20p, 141*® 2 

Internal fa nxl Business Machines Corp. 


(SUS5) 211 : 


Parker Knoll C25p, 120 <7/9i. A Ngp , 


Nederlanden, who has been filling oiackct 1 Hutton s^kLk. 73 <7»»> 

th:.t nner m nn .-.n-.nirC Blackman _ Conrad (20 B . 19-; (6,9 


Dawns Surgical UOpi 48 
Dowtv Gp. 1 50oi 284 95 7 4 3. 7 

Unscd Ln. 2751 *7 9» 

Drake Scull Hldps. (25 pi 32':® 2 
Dtwirnland £l« A naif antes UOpi 35': 


7 pc I ^fyeresk Group CSOp) 69 1 ! 


IH HoWInos lOpcPf. 97® 
Jacks <WllilamW25o) W 


Whltei (2Sn, ,26® 9 8 : « 


1'atricia Cuniheur . has heen 
appointed by the BARBICAN 
ARTS AND ' CONFERENCE 
CENTRE as its first conference 
vales director. She has worked at 
1 he Centre since 197.". The 
Barbican -is now taking conference 
bookings for its purpose-built 
facilities from January, 1981. 

* 

Mr. Ken Durant has been 
appointed works director and 
Mr. Kevin Walker, sales director, 
on the Board of B. AND R. 
RELAYS. 

i*r 

The ROYAL TRUST COMPANY, 
Montreal, has appointed Mr. 
R. W. C Toye as comptroller. 


Dr. Brinsley Sheridan has 
re-joined the London office of 
CHEM SYSTEMS INTER- 
NATIONAL as a director, with 
primary responsibility for 
market in/,' and management of 
techno-economic studies. He was 
previously manager of corporate 
planning and development for 
the Petrochemicals Industries 
Company of Kuwait 
★ 


50) 34® >j 51; 
Companies (2Spl 


Pearce r.C-H., fZSpi 190 16 / 9 ) 

1 Pearson Longman «25oi 239®. 5':ocLi 
43 <5)9*. 6 ViDCLn. 56 C5.'9' 

Pearson tS.* (25o* 222® 4 6 5, 9nct» 
93W. IDLVXU. *0i. 17 9/. IOIjkLi 
I 9*s *7/9i 


14,; Peerage of Birmingham (10p« 57® (7 fi 
Peg ter, Ha Renter i25p> 168 i7/9i 
Peotfand Ind. ( 10 p» 24 i7/9*_ 


Sodrcoie Inter. (25pi 72 
Bollon Textile (Sot 13>; '5/91 


r T. . r* 4 _ , . Bond Street Fabrics (IOpi 31 '1 (6:91. 7»4Pc 2 u [? PlP ? tP ,! 'nt* <25q* 156 

for Brook Crompton Parkinson Ln. 63 Dunan-Forshaw gp. ( 2 Soi 50 >s 1 

■iAs Mntnrc a inemher t % f thA Hawbair Bonier Eng. ( 20 d 1 421; (69I Dukes >J.( iHIdgvl <26 b» S5'«* (•: 

ies Moiors, a memoer 01 me nawRer Booker McConnell isdp, 274® 7 : 82 aa. Dv»nn u- J.i asoi u. mi a i25o 


Jameson* Chocolates ' luo, vz Peotfend ind. (IOpi 24 t 7/9* 

Jentique Hkhn. (2Sp) 30'i _ „ PentOS (IOpi 111® 10* 13 B 

s n'u *(7i9, Porr if 'Harold, Motors i25p* 12 4* 8 

Johnson and Barno tl 2'aP* I0i* (7 ib, Ptillhis Finance SVocLn. 56'r t 7 i9i 

J L«" i on,* n- 1 , lSLn Br 7a n (ll? > - 70 *■' - W PhniM Lamps HldV- Ifl.lOi u980® 
A "- 90 /5S) ,061- 8 ' Phillips Patents (Hldgs.' (25 p* 19 <4/9l 

m2SS.£^Sbo? nfiu 8 Phoenix Timber (2Sp* 143 5 

J J ohSMS^(tu°^ 7 l', Tile. (250) Mimilllf 


99® 9 

Jones lA.) 6l^Pf 41® 


Siddeiey Group has establishod ^gpr, 45>:® 


whoHy-owned subsidiary B S? .iVgT"* ,S0B, 137# - 


Jones iA.A.L Shipman *25o) 148® 
Jones (Ernest* New < 100 , 153 
Jones. Stroud (Htngs.) aSo, BS® 9 
Jourdan (Titoniau flOo, 42® 


Mr n J u,,rUhim hoe Mon ralled MOTEUBS ELECTRJ.QUES SBSJJ . M ‘W * ,2 , Sp i 5 , 6 n 'lo 9 '. ^ 

Mr. D. J. Markham has been uawker SIDDELEY SA it, Parie sTuniv’^? A.J. * 3 <?d f-.?-. cases mop) ,Ah (7 9, 


Jourdan (Thomasj 


appointed " MmS BANK 


Gl^UP representative in Teheran new French company will ji^U-t,, rsoo, as® 9 7 a 

succeeding* 1 Mr. L A worthy, who J BCTwTngTrf P^S 

has retired from lhA hank or ine complete range Ot Bowater ; Coro. , 96 ® . 5 ® 5_7 9 6 8 3 1. 


has retired from the bank. 
•k 


SpeUnscd.ln. 38*« *4'9). 7ocUnscd.Lni Kelsey lnd-(2Sp, 105 (4/9, 
63 (5 9*. T'rocUnscd.Ln. 59 (7^9*. aijoe Kennedy Smale (IOp, 4, 


Unscd.Ln. 68'i i4/9*. BiRxUnscd.Conv. Kenning Motor Grp. i25p* 78*jt® 6 9. piy S a (IOpi 87 "»5/9, 


Pickles (William, A N.-V. UOp* Bi 
Pllklqgton Brothers 317 IS 5 8. Do. N e- 
ord! 308® 6® 10® 5® aj) 10 1-v. 
Pltnov Bowes ShocLn. 73 f7i9) « 

PI turd Gp. (25p» 54 (7/9,. BbocPL 
92 J r® (7/9* 

Plastic Constructions (IOp* 3b® 

Plaxton's (Scarborough* .(25fl, 92 (7.9) 
Pleasuring (5 p* 55 (7«9* 

Plesscr (50p) 110® 7t® 9® IB 9ij 12 1 
,4 13 10 1 57 TUpcDb. 62 U (6 1* 


SocLn. 102*1 


industrial and fractional-horse- B^ffio P ^. 4 ^idin 7 gf L .",op I, , 9 ®6,% a ! 7,i “aw M "- 1 ' 25o, 3 f7 ' 9 ’- 10bcPT Im^T 


] SpcLn. 64*3® 4® (7/9, 


. . j uowinorp- Holdings UOp, 6, '»® 3 3B'-® 

power motors and control gear. *(gbv Leslie UOpi 90. New «10 d) 85 East Midland Allied Press ■ 2 So, 65 ( 5 / 9 1 
It will TrenL-iHo pvntvnl Cl, nnrt-f t n . A (Ltd. Vlq.) IZSnl 61 fS/ll 


Pochln's (25PI 167® 6 <7/9, 
Polly Peck (Hldas-i (IOp, 8'r__ 
Portals Hldgs. (25 pi 238 <6/9, 


GOLD 


development of the group.' ■ of the French ojieratiw,. Mr. fglSsSS '. kS /l®g2 18 fUS g33mb% a® 6 L-M 

* Richard Hams, who has heen area 83 ,« ?* .. , co . ewi* McHarov usoi §4 5 lj M ■ 

Mr William J‘ Rau his been sales executive \nr several years. srJSSJr&JS .alS B, 1 o* ^SStMtSSS^Si mV® LR C c P ‘m , ?" 1 ?ur? 5 ^® 9S 6 7 

mi, pointed chairman of STVFLEX has beun a rpcinted director and B as“® rtV, ,04Q 5 ? ® * ,7,91 ' 1 ° , 'P <D '» Emoire sion-s (Bradtordi «25 p, 171 69 a lwt midoj.j P A <2501 154 

INTERNATIONAL foHowbiV ^^ie “nS*"®. ° r ». tlM * r”*!" 8®’ oS^eo ‘"zs^,.® 2 ^, 37 ’SP 1 ,? 1 * l2S o, «B( . 4 / 9 , . wSSBteSb/lm is ll 

retirement nr Mr. Irwin N. JBeltow gjff ““^llrfte “ri. -HV’ai 6r “ s "‘- ”” I™ JSSriS!"."tSK IVf 

from the Board. ® e Jf _ ** x - McC.hie, Br ,„ sh 5 vS,» _ Boc „ 4M) Engtand ije, Son* ivnigm., f»o, 27 (* 19 , , 17 . ,e 


Juw5i!E.Ze 0 ?nd , BJ”2Sp) 'm® * P 4JbSp° U SS' I W 3 

KOde m9, ‘ SS i S * P> 2l 

Krai! Productions UOp, ,1 , 1 nSi f 

KwlW.Fit (Tyres. Exftjusts, Hides. HOol p5?“oO®(7*9i ° 

Kw.® sieve Discount (IOpi 69 90 Pri^Ss ° riiousWal 1 6 |H 

Kynoch (G-. G.) 5':pcPf. 36 <7 9, ry^o?” ,naultT ‘ al M 


,L.C. P. Hides. (2Sp* 95 _ 

LRC_ Int UOp* 4b® 6 7 


WHO’S BUYING 45,000 
KRUGERRANDS EACH WEEK? 


president directeur general, Mr. . 


British American Tob^rro 5p«Pf. 400. 
2K2"‘*&'pP». 51® (7/9,. 7KUns.L(l. 

75'-® C7.9i 


wPf England «JE) Son* (Wlgin., f5ol 27 (4i9, 

iHUntie' Eng. Overseas Inv*. (IOp; 27 8 i4.’9) 
/KUns-Ld. Enq _ Care( c , ottling (Z5p , gS 5 


Ladbroke Grp. MOo) ISO;® ■-:* 77 5 S. 
. Wrntts tb Sub. 90 16 9*. BncLn. 65 i5 9) 
Ladies Pride Outerwear (20pj 60® 

LAing I John) )25pl 216 18. A <25o, 218 


Powell Duftryn I50pi 210® 6 7 10. 0< 

aijocPr. i5d«i it 
Preedy (Allred, i25p, 83 (5i'9i 
Press (William) (5pi 2B 9 7u 
Prcssac Hldgs. *10p* 101 2 <5/91. 10-St 
Pt. 100® (7i9, 

Prestlgo Gro. '25 pi 164 (6/Si 
P rimrose Industrial Hldgs- IR0.10, 6 
f79i 

Prince oT Wales Hotels (25oi 54 (4/9) 
Pritchard Services Grp (5o* 40V V 15;' 
Prop*, of Hay's Wharf 144® 5 
Pullman *R. and J i (5o, 98® (7/3*. 7 pcP 
iZOo' ,0 (5 9' 

Pro Hldgs. <25n> 83® 


-Q — R — R 


Queens Moat Houses 'Spi 41_>: 4 


The Germans and Swiss alone are currently 
buying this amount each week and for some very 
sound reasons. 

The success of the recent I AtF. Gold Auctions 
and die tact that mined output is now below 
industrial demand could point to an important turn 
round in die gold marker. 

Furrh ermore. Krugerrands are currently at a very 
low' premium of about 3% over their gold content 
In times of heavy demand this premium has been as 
high as 32% and, in our opinion, the next major 
upward price movement in gold will be accompanied 
by a widening of the 'Kruger Premium^ This, then, 
could be an outstanding opportunity for investors to 
move into the gold market ahead of any iiirtherrise 
in the “Kruger Pr emium ’ 

Aldiough the stock markets are considerably 
higher than a year ago, theWorld is still in a period 
of economic uncertainty-arid investors could well be 
advised to hold up to 15 u /u of their portfolio in 
gold coins. 

, M. L. Doxford (Bui lion) Ltd. offers a professional 

j^proach to dealing. This includes highly 
* competitive prices and a Limit Order Service 
which enables investors to set predetermined prices 
i atwbichto buy or selL 

J We also deal in New Sovereigns, Silver Bars and 

Platinum Ingots. The minimum investment is £500. 

Forftillest details of our services, kindly 
forward the coupon below or rin g our dealers on 
<81)3397788. 


■- VI7 I llminau J r, u 75'-® ( 7 .'9i Enq. CXri, doming IZSP, 90 a Einot I23DI 46® 

The ORION INSURANCE COM- and Mr * G B Vf , . ih 1 i 1 ;q* er,c i^. T, * l ? iCCCI J nr ' } E B t?. 1 ? .ffir ,2So) B1ft 80 2 ’■ 7I,PC u^L H m‘ , M’* G . r c«* ,s,-9> 

PANY has mad9 the following . Brlllsh Bvnxol Carb!" n (TOo,' is® 1 Eno." Elec. 5<:ocDb. 84 |4.'9». 5 '-ocDb. umc i Percy I ' Gp. ? MOpJ 54 (5/9) 

appointments from Sentember IK; 71 *2o l ?. h i Cjr AucHon croup oooi so 49 ® r7J; ts | 9> - , 6>.KDb. 72J, (5/9). 7 kdo. Uporre indust , im midgs.) isop) 121 

Mr. Leslie Sage, a director of the Mr. J. Den u is Kay bo u Id has S52;* h °(«i9ing 1250 , 26 Epicure Hidgs. «5p) 17 Laurence^scmi 1 103 ' | ncPf - 77-1 16,91 

company and at present general been appointed a director of B V6a h ii , ‘r 7 - , T |^*fkl^® d iB lZ5,,, ,1D ® 134 Trade Tran4POrt 12 ,nl 1304 Layvregrw;* *water5 <25 p> 104 iS/9) 

manager (London), will become HAMWORTHY ENGINEERING, a British Enkaioni alp,' «e® <7(9, Euro. Fcrfrt* izsoi , 291 ,® si® s ‘1 2 >; LeJd indusSe^ Gp. isop, 155 ® 

managing: director (London, with member of the Powell Duffryn 7 ® 9 12 s,or ” ,2S,,> 207 ® 5 ® Eurothcem hm.hm 19633 . 

responsibility for London-market Group. He continues as general Moy'r Soinnws .2501 siij 2 fSJj! d Hiii? ,, l''loi , 2 , 7 ?' KSS2 (HarrisM 2 sp)^ 41 : ^ s ® 3 

operations and for financial manager of the combustion divi- eSS. .*s®i 7# sV,. s:. Evode Hiigs. rzoo, sb i7i9) ® 

matters. Mr. Michael Burton- sioo. -if •«»*. T '•«£"- ss «/9, ' »!2 , .!SSii2L ,: R«» , itSJ!^S tS 'firn x * 


Lairu Cm. (25 pI 92,. 6'*pcDb. 72 l 5 / 9 iJOu>ch (H. ind J-> Grp. (,0p, 42 fS-'S 


Trust 

Schroder 

Mass 


4 JpcW. 40* " 7 *.kLS.' 55 «/9* Ewer !G) ''OP, 34,;®. N«w «10p) 341® 

! ^'^-.Shoo Coro 5--PCPI. 44 «7I9). Excal.burjp-rcltery 'So) l 7 ** '* <7/9> 

51 • *7.'9J. 7pt Ln. 64'- '6/91 _1 1 .S pcP.» . , 1 V3 1--J7 1 ?' 

British Stvjm SoMlalitles Group (200, 96 Eypandod Moral (Z5p, 85 


LK Refrigeration i25o) 34® 6 
Leo i Arthur! Sons. 1,2'jOi 22*i® 

Lee Coouw Go. (25 oi 140® 

Leech (William, (Bios.) (2Doi 93 (4/9» 


RCF Hldgs. ,25pl 38 

RFD Grp. MOoi 78>; _ . . J! 

Racal Electronics (ZSp* 131® 6® 44 1 ■*./' 
36 40 38 4B 6 7 3 
Radio flentals (Hldgs ) S'-ocLn. 43> '51 
Ra*r*e Eng. Inds. riDoi 13 121; i5'9, 

Samar Textiles (Sp, ,2 
-Randalls Gro i25pi 73 
Ranh Org. (25oi 284® 3® 80, 9 2 6 8 
90 882 4. El.pcPf. 48. SpcZndF 

64 1- (4'9*. S'iPCLn. 48^ (4;9v. SpcL 
66'; '6 9). 10 ‘sdcLn S2i; 

Ranks Ho*ls McDougall <25oi 57® 6'-® 7 
7 8 1 :. bucAPf. 4B (5(9) 6 ':ncLn. 66V 

■ 'Win. 66-i i5'9*. 8"»KLn. 691 17" 


Leeds Dirt. Dyers Fmlrtcr* «25p> 67 (7/91 ! Rahsome Hodminn Pollard I25 pi 64. £i 


BritJSU s“phof*h5js!*?"oo] 2 60 iS’9) FMC (25pi 66 '7(9'. 545pcPf. S4® r7;9. Caravan _P»(lc«' Tfoo) 104 6 (7. 

British Vending iSds. « IOp) 3) -■ FPA Construe (<on Grp. (2So) 15 14‘s «5'9, New « IOp) 108!® 

British Vila iZSo* ,02 ’ Falrbq.rii Lawson (25pi 76 2. Lennon* Gp. ilOp* 36® 7® - 

Brittains i25d* 24'-7 10 -KDfa 83:-® Falrelough Constfurtlon Grp. {-.5p) 73® Lqp Gp. -rtOpi 250 (4i9i 

1.7/9} u. n.v 2 3 21* J: ir , . „ Leonov Prods. 1501 89 7 

Brochhou'-o *25p) 69 :-® Fairdale Tertlles (5pl 4.4 A Non. v Letraset Internal- <10p) 142 fit 1 

BrocM Grp. of Companies (IOpi 67 6 8 _'5 p, 24*.- i4?9) n*i. }- e,, c* (5 b) T3H 

(6(9i Falrvlew Estates (IOp, 1 18. l3.B5PcDeto Lewis's Invert. Tsl. fi'tocDb 631- (4;9 

Broken Hill Proprietary (SA2i 705® 5 3t ,99 1 Lex Sendee Go. *25o, 64 SU 4i r . N 

Bronx Eng. Hldgs. (lOo* 30 (7/9, farm Hidas- *250* 6* (Fy. od., r25p) 86 'j -V 4/. S. New (2: 

■rooir St. Bureau of Mart-air non, BS Famed Eleclronles J20PI 75 b - a Second Scries writs, 33w 


Leigh interests (Sp, 156 
Leisure Caravan Park* no® 104 6 (7:9 
New <10 p> 1081® 

Lennon* Gp. (IOp* 36® 7® - 


1.7/9) 

Brockhou'-e t25p> 69=;® 

Broc>* Grp. of Companies (IOpi 67 6 8 
<6f9i 

Broken Hill Proprietary <JA2i 705® 5 3t 
Bronx Eng. Hldgs. (10o, 30': (7?9> 

Brook St. Bureau of Mayfair ilOpi 05 
Brooke Bond Liebig <25pi 47® 6® 7<: 6 8 


Ln. 821.- 1 6 9< 

Ransomes Sim. and Jefferies ,58®. 3Li 
lITMt.Dh 92 (5.9i 
Fritdms fGt. Britain. (25o) 87 
Ratters (Jewellers' ilOpi 71® 3® E 6 
Ravheck UOp* 561;® 9': lO'.pel’ 

102 1 

Readlcut Intnl (5oi 4)'-*. a'-ocUnseti 
Ln 73 1« ' i (4 9i 


Lex Service- Go. (Z5o, 64 Sii 4i r . New | Mixed Concrete (25r* ,526 3': 

‘Fy. od-> (2Ep, 86', -*4 4/. S. New (25p) 


irooir 31. Bureau of Martair ■ l On* 05 nnra- uwj™. o 0. Second series wrrts. saw R 5S. ,l !I 1 eSL'n?'* s i I , a ® Z? ,1°. 

Irorte Bond Liebig (25pi 47® 6® 7>: E 8 Frt Internal V Iona I A *4.9, Lcyfand Paint -Wallpaper i25o) 84 'j® (7:9, - 7 ? - 9, 5p * :P - 1 - *i*J*° b {?** '*'■ 

7 6':. SLKDb. 75U 14(9 1. 7«Ln. 56 Federated Land and Building i2Sp) 46';® Ler . s FQlindr1es C Spi 65 (4/9) 52!SE? 0 .o^? P sb5 9 ^ 90 : 1 1 

(4/9) 7 6*? *7/9) Llbcrtv (ZSul 2D SO- Non-vta CZ5 d!I IAS <25oi 167 58 

Irooks Watson Grp. f20p1 40 <5 r 9» Feeder M&l 12 C[J»9) iftc 9 SocPf. 97 i6/9) Hecn 5. n ,n ^l- ^Opl SB 1 :® B 

iSSSrSSS'.lfiHE! SS25 1 lit «'*» 11BIM) uSw mSSljViaw iJtSW. Reed Aust." Gp. (25p) 9T (6/9.. A .25, 


BrotAs Watson Grp. (20p, 40 <5'9* Feeder MOpi 32 (4/9, 

Brerherhoud (Peien (SOo* 124 (6/9* Fenner (J. H.) (Hldgs.] I i25«0 1 6^ 

Brown and Jackson (20pi 190® 200 <7/9* Ferguson Industrial Hidas «s 
Brown and Tawse (25o* 132! 28 Ferry Pickering Grp. .IOp* t 

Brown Bros. Core. (,0o, 2SH (7.9) Fertleman (B.J HOo, 28 *S(9l 

Brown (John* 468® 72 B 4 FldeUtY Radio «10p, 83® 1® 

Brownlee and Co. <25e> 66 (5‘9* Findlay (Andrew R.J Gro. >2 

B rontons (Musselburgh* (25oi 106 (5/9* Fine Art Developments (So) 

Bryant Hldns. (25ei 51 Finlay i James i25pi ,10. 

Bulgln (A. F.l A.Non.V. (Spl 280 B (7i9l 1,0® 10 11 

Bollough (ZOpi 163 , (419' Firth (G M.I (Metals, (IOp 

Bulmcr and Lumb (HldQi i (20pi 621* (7(9i Fisher -Alberti Gro. l5u, 11. 

Bunal Pulp ana Paper (2Sp> 101 >- Fisons 383 78 5.. 6K . 

Burro Dean <25pl 73 i 7 /9) .SkpcLn. 44 

Burgess Prods. (Hldgs.* i25pi 45® BO Fuel* Lovell '2qo> 63® s J 6 
(7,91 Fltswllton '25o» 50 .... , 

Burndene Inv. (5p* 17 (6 9* Hexello Castors and Wheel 

Burnett and Ha/ldinihire Hldgs. (25p( 201 J4»( _ . „ 

(5:9,. A Non.V. (25p) 203 (6i9* Flight Refuelling (H/dgs.1 i25' 

Burns AnderKwi IlOpi 45 (S/9i. IlncLn. Fluldrive Engineering -JOu, 9{ 
ng i5;9i Fodcns i50P* 5B. , OpcPJ. 2 

Burroughs Machines BKDO. 71 (6(9I. fE-, (2 Sp, 154®. 10'.- 


to M. LDoxford (Bullion) LttL, 

W Sl James's Sum, London SW1 A IEF. 




J. Henry Schroder Wagg & Co. Limited., is one of 
Britain’s largest and most respected Merchant Banks. Our 
experience and skills in world stock markets are such 
that many Jeading companies and institutions entrust us 
-with the investment of substantial sums of money on 
their behalf. 

Private investors can also benefit from our expertise 

by investing in our Unit Trusts. There are four Funds: 

SCHRODER CAPITAL FUND. 

Inv estm ent objective— capital growth. 

SCHRODER INCOME FUND. 

Inv estm ent o bjecti ve-income growth. 

SCHRODER EUROPE FUND. 

Investment objective- to participate in the steady 

growth of well-managed European economies. 

SCHRODER GENERAL FUND. 

Investment objective -a balanced fund seeking 

income and capital growths 

To find our more about having Schroder Wagg manage your 
investments, please write to: M c M. Smith, Schroder Wagg Unit Trusts, 
4aSLManiniLane.Loncion.WC2N 4EJ or telephone: 01-240 3<J24. 


FITzwMton <250* 50 


London. Midland Inrts (25 p) 97 


Rrcd Inter nil. 173 6 8 70 69 71 2 66 1 
7UPCDb. 67 ’i B (5 Si. 5>:p<UnKd.Li 
37*.* 8® i7 : 91 7<;ncUnsecf.Ln. 199( 
2001 56';. T Opc Unscd.Ln. 73 
Reed Pub. Hldgs. 3: ; pcDB. 59 (419*. 6'-.e 
Db. 70 >4 9). 4l : ocUnscd.ln. 30 '4.'9 
9ncUnvcd.Ln. 62'jl t7'9i 
Reliance Knitwear Gp. r20oi 49 <5:9* 
Relyon PB'JYS i25o} 90 (6.9i 
Ronrjld 138® 9 3 
Renta*. I, Go. 1*001 72* r 
Remv.ck Go. (25o) 46 <4, '9* 


Burroughs Machines 
3 -jpcLn. 140® (7/91 


OCUnicd.Ln. 90 <6 9' 


Burton Grp. 1 50p) ,92®. A.Non.V. (50PI FcdM* * John* Hclo i5ot 291;. Non V 
181® 6 3 Warrants to sub. for 1 A ^<5ol 2> i6i9* 


Non V 471 f7'9i 
Butterfield Harvey (25pi 65>x 


Ford Intnl CJOHal Coron. 6lKln. 81 80<; | 
.7/91 

fortnum and Mason 7peP f - 50 ■- (4.9, 
Forward Tech no! oar Inrtusfrm (50oi 137! 
Fosei.0 MlniCp <250* 181 3 80 2- 5 Luc 

Pr 46 (7-9, 

Foster Bros. Clothing (25p1 151 
Foster (John* <25 d) 4 2>; (4'9, 

FotfirraMl and Harvey (25pl 102S 


FINANCE FOR INDUSTRY TERM DEPOSITS 


c:H. Ji iSi u ?.J B lV, 1 33 , ti(9. ,5 ' ^, SOS s£.'MRr-!H 

gsar n s.^» t 4s , , 7 2^. 56. b# 9 

='l 9, l g f°- 3'*K,StPf. 39C 9ncLn, ' ? fP., »>® 

rlhit ISQDI 109 Freemans (London SW9, (25pi 385 95 90 

cSSSTikSSSri < C25P* 20 (6.-9I French Kler Hldgs (2Spl 39 BI, j 

CakeOrcad. Robey A (IOpi 41':. 8':PcLn. 

64 (5/9 ■ _ G H 

Caledonian Associated Cinemas (25oi 500 room os in. 

r-amtord Em. ilOoi 73 l 1 ! 2': 69>, «l inw. (ZDp< 33. IOPI 

Campari (ZOO) 123. B <20ol 112 GT* ■ M 1 B- S (25pi ,27 (6 

Cam rex (Hldgs.) (2 0p> SO 3 1 p9 C5*9* 

Canning iw.i i25o> 68® 9 17/91 Gain, ord Brindley (5o) i 


Deposits, of £1.000-rJ5,D00 accepted for fixed, teruis of 3-1U 
years. Interest paid grass, half-yearly. Rates for deposits 
received not later than 22.9.7S. 


GEI ,ntl. <Z0p» 93. lOPCLn. 72*i 14/91 ] 

GR i Hldgs. j i25pi 127 (6(9i. New (ZSp} 
129 (5(9* I 

Gain, ord Brindley (5 p) 61 <6;9i , 


Cantors >20m 45 (6-9i. ANon.vlo. (20pi I Garton Eng. (IOpi BB (5/9) 


Please funvartl without obli^tjua Jl-uHs nf your bullion sen ices. ® 


Address 


^Schroder Wagg 

UNIT TRUSTS Ir ^^ 


42 15*9, 

cape Inds. (25pl 129 <7|9> 

Caolan ProhL- Gro. JIOpi US. 
Capper-Nelll (10o> 92 90 ij 1 H 
Capseal* «5 p* 451; i 7 .-9* 
caravans IntiU. i 20 pi 81 (; 

Onto Eng. Grp. (25o* 70 [6-9i _ 
Carless Cape, Leonard UOpi 35 >6(9 
Carlton Inds. 1250* 230 >5(9* 
Carpet, mini- (SOpi 60is 60 1 


Cartons i IOp, 12 

Geers Gross ilOoi 43® 4® (7.9> 

Golfer (A. and J.i (20pi 40 1 (5.‘9, 

Gen. * Electric Company Shs. 'JUS; 50) 
5US54 9* «4'9I 


Terms (years) 3 4 9 fi 7 S 9 10 

Interest % 10} 11 11} ll| nj 12 12} 

Rates for larger amounts on request. Deposits lo and further 
information from The Chief Cashier. Finance for Industry 
Limited, .91 Waterloo Road. London SE1 SXP f01-92S TSl^J. 
Ext. 177). • Cheques payable to “ Bank of England, a/c FFI.” 
FFI is the holding company for ICFC and FCI. 


Gen. Electric i25_pi 312* 13® 18 20 17 19 

careio £ng. Grp. (25pi 7C (6-91 ie ll IS g 12 2l. 6prLn 1976-B1 86 

Cat ess Gape, Leonard 'IOP, 35 i6(9» (7/9,. Do. 1979-B4 7SM (7/9i. 7'-pc 

Carlton Inds. I25P* 230 <5/91 Ln. 64. 7 LpcLn. 6S'i (6.-9I. FI Dating 

Carpet, Intnl. (50m 60ij 60 1 o... Cap. Notes '* *■' 

3 ‘I. S S' ‘ 7;9 ‘ t»“ ElSSr.* ' cStriS? C 4 «? Cpn. 5 : ; bc 

Carrington Vlvplu iZW Sh'.V 7 : o SlIg.fDottar Ln 9ft 


CLIVE INVESTMENTS LIMITED 


Gait's Milling Inds. <2Sot ftS 
Carters Superimxjs. i20ol 77 


1 Roval: Exchange Ave., London EC3V 3LU. Tel.; 01-2S3 1101. 
Index ffoide “ a* Angus* 30, 1978 (Base 100 at H.1.77) 

Clive F«*0 Interest Capital 129.40 

Clive Fixed Interest Income 114.11’ 


Member of Tee UniiTrust Association. 
Ko: applicable to Eire, 


j^^Tt ileehwieXo: 


; L<* 75® . 

CAmroaot. Hlrtas *250' 14 3 '7'? 
Crieitlon I"d', i5p* 32 i5i9* 


Glass and Metal Hldns. ilOn, B, I7 5i 
Glass Glover Grp. 'Sp- 21 >• 

GZ4XO Grp. T-ibcLP f50p, 32“ 3> 'T.9* 


Cemcfit- Roadstoni* Hldgs. (25 p, 106®. New Glaxo Hldns (50p, 615® 18® 25 8 7 0 3. 
■ 25p> >05 C,9> 7';PtLn. TSt =j 


ALLEN BAKVEY & ROSS INVESTMENT MANAGEMENT LTD. 
43 Corniult'London EC3V 3PB. Tel: 01-fi33 G314 

*■* . f3 , u . ,rfe » September 7. 1078 

CJP*W‘ f. 1 * 0 ! interest Portfolit, mu. on 

Iijcome i «ed Interest Portfolio lOO.OQ 


MJ, 


L 


Financial Times Saturday September 9 197S 

MOltoi?n HUM*.' izOd 



19 


Dp. lis fS/9- 

B£hES2 n r5>22? ' a5 i" ,33 ® 5 

Rooinson [Thomas i San <25n> Ts *4 rat • 
»“*«« Croup ( 2 spj 143 4 3 W,9} 

nil , 1 MotBf * M0MI<t94«SB) 100 
»*• -7.9J. A 
ROMnlf H Old, no; ( 5p ) , 9 ,.* 

Rofoflar 'Groat BriOiht {log} 4ao 
B2 >!® 4 3 ,rt V f ^ , * ,, ° n i | B Ora p 2 i 3B ) 
Roierfe 9 ':ccPT. gao 2 o* so 41 . 

Mackintosh i£Od» 4240 77-5 

R«*l Wofuswr [ 2 S p, 1&3 * 7 ? T 5 

Bono Group ( 25 P) 341 . a 
fl-focrafo (Z 5 n< -w rril ' 

Rusbv Portland Cement . 3 p di A 

Su*s*l lAlninderlT lOnl T? jSlnl* 9 
Bran (L i HCdi^s 75? t * 6 V" 9j 

SIJi Sm !«?» 2 "-- ’■ =*■*<*■ 

5GB Gram (25pj 171® J 
*•■*2** Saatchi ( 1 Dpi 1 700 .7:9) 

Sitiih Tiintwr nopi 3 bu f 7 fl| 

Mojtdav t 2 tSf,’ iYoU&V 


59.-® i) __ 

Trafalgar Home 1 2 Op), UM J* 1 :® 2 'j 
3 4 Z't. 7 : 4XPf- S4 (6/9). 7ptUns«t,n. 
49 15/9). 9‘.-PCUMW.Ln. 72 * >7.9). lo>. 
PCUnsec.Ln. 76 Wf9J _ 

Tran sc a rent Paper fttJSD 67 B (&.9i 
• fansoon Dcrat Gib, (25p» S» 

Travis Arnold i25oi 1740 5 
rrlunnUe (IQd) 70* 

Trident Television A Non-vto. 56 
JrkJws <25o. 95- __ , , 

Triple* Foundries Cm 1 25s' 1(11 <7 9} 
Trust Houses forts >25p» 2240 ID 29 0 
5 7. Oot.wrnts, 22 i«'9». 9 lpcUnset.|.n. 
721. <7i9j 

Tube In*. 40T9 4* 10 6 7 2 8 . S‘ oc 
Unsec, Ln. 96/- 
Tunnel Hldgs. B faOrt 294 


EfflRSSW Ests -. ,so » 3 503 

Arrow HlCos. i25p) 189 IT'S 17 
V? a 6 '.pcPI. 63«e 3; 'as 

Chartcrttsg. Cro. i25o) 62 4 
Corinthian Hldgi. iIOpJ 27 
Di *‘Jv Mall Gen. Trst. .SOpi 340 <7i9>- A 
iSOol 3*8® 43 30 . SocPt. (SOPI IBI: 

” 7 “ 1A l »- 

Oawna* Day Greue (250) 4H-9 

EdMM|tn*run Infls. HICPS. .12' di 1 1 '1 16 , 9’ 

Elcclr.i Inv. Trsf. «25p» 121 3 

E*-lands 1 1 0 p* 14;* I7 9i 

E , olcr.iiion ispl 25 ■ 4 "9 1 

FC Finance <25 di 630 

Fin. In*; Trst. (TOP) IB 1 ; 

FlrM Hut. hln. Cora ilOM 3'«. 9«;oc 

Suboro.Uns Ln. 32 •: 2 ‘a 3 1 
Goose Currant Murray Grp. >5ni 239 '*0 
Grcsherrg ins Trst. l2So.< 67* 


'EFtiIBS? 177 6 0 7 : 9 ’■ ««Unsee. 

** " ,79 - '•"iizcss 

_ -'6 ton. i25p> 77 14191 , i , BKLn 69i : . 12';IXLn 91 ■: .4 9i 


Trsons (Contractors' OOP* 29 *6 9) 

Tvraefc (W. A.» (10p) 229 (7'fli 

UBM Group (25nl 74 1 ; I 4 
UD5 Grp. I25P> 931:9 101 2 3 1'*. T'.ot 


1 • 2 S P’ 7250 29 a 32 TO ■ . Ln - 55:' C7»9> 
7UoeJ«MtQ.Delj. 6 fc , 7 ^, | U.U. Text lies CIOpi Si : 9 

55 (7/9) ' 7y} - Unicorn Indus- *2501 106* 5 

Samuel CH.) (2Sp. 186 ( 6 ' 9 ). New A ( ZSo , 


Sflndffnin f CcD. G.i sons F2 ^ai p?a 
SantthUTSt Marketing 1 10o) 35 S r7*q| 7 9J 
Sanger (J. E.» (I Op) 34 5 7,9> 

Sanpdra Group (25c; 87* «.* 6 sw~.m 
ST; ? : <7191. 7-,pePf. jgi. t 7 fg, 5 ’ TOCpf ' 
Savllle Gordon 11 i Qroiio i|( 1 b, si, 
Savoy Hotel A oU nSSwft 
Sum Group <2 od) 106 5 15191 

H’iSTSrnffi- - ..us.. 

Scolcros 1 2 So) 75 15 9) 

Scon Robertson f 2 So> 48 .4 a. 

5COtlllh Aprlcultiiral 203 1 9 

i co U-*f? y. n,v *rL4i 1 2 So 1 1369 30 ' T 

Hom " «*«*» » V 20 ** 1 *: 

Scottish Television '.IOdi 60 b 
S ears Hldoi. <2Spi 41 .> 2 ” • t 
S ecurieor (25p, 12 , .4 9 ;. ~ A lISo; t 24 

S "“; ; r ) a , “^ ,25p ‘ 722 ‘519). a 

"rrsMft ' 27 e '* 8 7 -- *<«u«5 
a V£Z&ESXr&£%' 28 7J< B ’* '5,s.. 

5*"* C25p) Mi: 91 

snaknpearc /Josepni <sd< 31 :» rs 9. 

S.iarna Ware raopv ii 6 «-s I 7 >* ,2 9 , 
Sharpe Fisher <25o. <8 

Ca r, «® OOP' 66 * SO SM 7^ ■ k 
Shaw (Franc is 1 r20pi 26 i 6 ' 9 > ° 

Sheeobridge Engineer, na » 25 p, 73 
Shefteld Brick *25p» 4 t 

S fcn ,nd 4 0 9 Sr rr9( f5 ° P ' 89 77 9> ' 7i:pc 

s.rte Gorman Hldgs. l25o. 206* 
Slemfsen. Hunter fiDol 6 To r 7 a, 
SI'entnight Hldgs HOpl 90 
5. kofene Lubricants MOp. S 5 5 . 9 ) 
S.itertharr.e (10 p1 191. 1431 
Simon Epaineering iJSpi 27 g 
S.ntjr {25sl 70 1 ' 

600 Group f25oi‘ 95* 4* .7 01 
Sketchier (ZSo) t26* s 
| m »J! ‘John C, Tfdmas »25 p> 40 


Un.tl« Hidga. (10p) 54 (4/9. 

Unigaie (25pi 709 60':9 71 70 2 EOi 
69. S'iCCDD. 60». 5ccLn. 44 u*. 6 ';oc 
Ln. 1991-96 54U 4t. 6 lzpcin. 1992-97 
,691-9 17,0; 

Unigata I25PJ 70* 601-0 71 70 Z 70H 
74 6 92 87. 4pcOb- 90V* U9 l-*t 
(7‘9>. 7J.pcLn 6 V, 2k 

Un.ierer NV SuUsliB Z63 
Union fnier 6 ocPf. 39J *j t7.B*. 7pePt, S2 
(4)9) 

Union Steel Corp- lot S. Africa* (RO.SO) 

20: 

Unnert mop. 151 

United Biscuits <35p. 91* 90* 3 1 

Unrteo Carriers (lOpl 94 

United City Merchants nop) 7* 

United Em. Indus 11 Dpi SB (4. S'. 

United Gcl: Indus ( 2 Soi 06 T; <7 91 . 

ICitpcLn. 71 :. BKLn.ES: . 

United Guarantee (HUMS.. (5pi 22 ib.g> , 
United Newspapers <25pi 3^0 B7 >7 Si 

United Scientific HldpS. «2Spi 369 
United Spring and Steel Grp <10o> 29.k ■; 
C5.‘9> 

Unned Wire Grp. i25pi 66 5 )4.9i 
Unocnrome Idler. ( 10 o, I3‘: i 6 9" 

Upton (E.; Sons A.Non.V. (2Spi 26 (S'9, 

Valor <2Sp) 55 

Vantona Group i20p) 122* i7/9’ 

Vlbroolanr Hurts. <25o) 164* 

V,c)ers 202® 4 2 5 7 ** 3. EpcPI. 

51 (4 '9.1. 6 ptLn 90 U Ml 9* 

Victor Products 'Wall! “ 

Victoria Carpel Hldos 
Vmers ■loot 19 .519* 

Vln-en Group >2Ppl 155. New Ore. (ZOoi 
155 

Viscose Development (2 Spi 66 (4!9» 

Voider i2Sd) 208 TO .6.9; 


Ind. Comm. Finance Corpn. 5i.>pcDb 81 . 
6i.oc0b, 78<- •5r9i- 7<.PcADh. 1969-92 
64'? 1419). 7 l-pcADb. 1991-94 61 '5 91. 

9PCADP. 74 1 ? i7;9i. llpCLn. 94 '5(9) 
Internes Invest, lit. "27 9 
Investment (25PI 18 U i7 9i 
Kwahu i IO di 21 
Lamps Sees. <SOpl 33'; i4.‘9' 

Llovts Scotnsb ( 2 CP 1 96': 8 
London Associated Inv. Tit. nOo* 8 7 
(7 9) 

London Europe ah Gp. MOP) 32 1 
London Scortlsh Flnanco Corpn. MOP* 42 
1419, 

haanvon Finance Tst. «20o) 48* 

Martin «B. P.l (So> 49 i5)9' 

Mills Allen Ihtcrnat. (50 p) 172 3 (7 IS) . 

Cum. Red. Pf. isopi 71! t7,'3) 

Moorpatc Mercantile Hldgs. iIOp) 14 >7r9i 
Parombe <10p> II ■- 
Park Place Invests, OOP) 36 ,6 9' 
Provident Financial Group (25P) 111* 15 
17. 7 PC PI 31 1419) 

Rasenauqh i 2 SpI 209 '4|9i 
St. Georoc Assets ilOpl 13*- (5 91 
Sime Darpy Hldgs. ilOpl 123* 5 
Smith Bros, (25 pi 65 
Unisec Gp. >R 0 20 ) 600 
United Dominions T»'. ,25 p' 41* 4* 4 
5. 3.1 5ncsrdCum.pt- 33 >6,9, 

Wjnon Finance Cnran. <25pj 4S 
West PI England Tst <25p. 56=- (£'9> 

HAS M) 

Imperial ContinentHi Gas Ass. Cap. 3840 
6 2 7 5 

INSURANCE (1SS) 



Smith tD.i <20 d* 80 

S To* H ‘ J ,50d * 175 (?•' 9 1 B IlOpl I .. , , 7 ' 91 , 

_29* i#)9>. 7'.-pcLn. 64 1 . (5191 I Gsldstone 1 


Smiths inds. tSOp; 191I.* 200 196 A™- 5K Jf0 Hldgs. MOd) 36* S <7(9) 

Ln. nil; (S.-9) ■* 196 ‘ W Ward iTbos. W.l >25 p* 75* 6‘- 7 

5-nurtit (25pi 199* 7® fi* 6 9'rPcDb. 74 >4 SI. IlijpcLn. 81 '7 ■ J'9>. 

Solicitors' Law Stationary Sacierv r-n. I I'lHUl. 7% 4>- (5!9> 

ss:- I7.-9) 5oaety (-.Opi I ward while Group >25 pI 104 3 .;. 

Sommer»ille i25p, ss- i.SSocPI. 23 ® i 7 '9). 8 pcLn. 101® iv.gi 

Sothebv Parke Bernei rs'sni d, „ I S ,r5le (Bernard) hop) 29® 1 - 

Pt. 97* B “ crnp ‘ W®. 9 'UK , Waring. G II lew iHIdgs.) i25pi 121 18 


Ln 90><.M;9« j BrvntiMH Beard ikioo«.' hop, 37* I7i9> 

WalrseiKil -25 p» 2 JO® | Br. tannic Assurance l5p» 170 l4 9» 

tidgs. <2Spl 2. I Commercial Union Assurance i2£o) 14B':® 

53 50 2 4 

Eagle Sl.v Insur. I25pi *4 10 6* 6 9 7 8 
Ecclesiastical incut ance Olfccc (06: U 
Enma Finance lU.K.i 130 ES "9i 
Eovitv and Law Life Assce Ssc. (Spi 1760 

General Accident Fire and Lite Assur. 

(2Sai 22 3 2 1. 7 *jPCLn. 64 L 

GuardMh R oval Exchange Assurance (25 O' 
244 2 3 7pCLn r.S'.O 
Hambro Life Assurance (250 ■ 364* 70 65 

Heatn iC. E • *20pi 280* 79® 85 2 
Nooo Robinson Grp. (2 Sol 209 
Hewper. 1 Alci.-inden Grp HOP 1 1S1 3 
New (lOOi 146* 8* SI SO 
Legal General i5pt 163 
London Manchester l5p» 1 35® *ti 9i 
L onaon United Invests '20s> 182 75 
Matthews Wrightson '2 Op) 200® 195* 5 

■» i7lQi 


W— V— z 

W Ribbons Holdings (10p> 66 (7:9) 
W.G.I. (25p) 124 .619) 
wadarngton ijonn) i25e) 224® 3* <7;9i 
Wad ham Stringer M Op* 499 50>:« 2 1; 

'Walker. Homer tSp( 1S»: 

Walker tC.. W.l Hldgs. >2EP) 128 '5'9« 
Walker 'James) Goldsmith S'lver-.milh 
i25p| 120. Non V. Ord. i2Sp) 113* 10 
Waller iThomjsl i5p) 11-10 ; I6l9) 
Wallis Fashkm Group New Ord. IlOpl 68 


25o) 99 i7.'9; 


iassTcSsw— ,sp ‘ 7, =® 

5oear Jackson i25pi 142 

Swncer Clark Metal rods. (20p) 31*, w., : 

Sceneer X G . (2Sdi 4 1 16 9. 

5 n.ll#r* i2api iSij s 71 - S . 6: 7 a 
SpcPI. 4, (4/9.. 7pcPb. 8i‘i5<»j 7 
Sp.r4k-S.rco Engineering (25pi 166 9 


419) 

Warne. WrraM. Rowland MOP) 54* <7.9; 
Warner Hoi. Jays 6'4xPf. 43* 

Warrington rThoc , i25p< 59 (7 9' 
Waterford Glass iSp) 57 
Watshams i25p) 2B8 '7I9< 

Watson Philia tlOol 60 
Watson ,ft. Kelvin. HOP) 103* '7!9i 
Watts Blake fleame >25p) 122 ® 

Wsarra Grouo MOd* 29 


itaScx inier. Ears yl. 

Stakis MOo) 35 B - KL ". 35 i4r9i Wehsters Publications i£p. 

Starder i5d; isi 'Wedgwood i2So' 121® 5 

I! * 

oS" 30 m *7^ * ‘ 2 iB ' 4 0-1 ^ 

3tee) Brothers 1250 J 235 

a», as?- 72 °* 

&U 9 «5g n f. ^sV^' 31 ,4;9J 

,25bj 31 

IfStW^tt'^sl^.??^ 17 

Streeters Godaiming (lOnt 26 <5191 
Strong Fisher 12 S 01 63 (5/91 
Sturla Hldos. HOpl 15i ; ® 15 17 / 9 ) 

Stvio Shoes i25n> 6Si ; * 

Sunlight Serv. Grp. HOn) 30'- (4/oi 
,1 °P 1 52 1519* 

Sutcliffe. Speak man New i25p) 63 tS/9) 

Swan Hunter Grp. 153® 14 


57 » a ® ' s 


Swan 111 Sons 245® 

Syl« IH) .25BI 94 17.9) 

Svltona (2 So) 152 '- 1419* 



Uns.Ln. 106 (619) 

Tate Leeds .Z5a» 77 .619) 

I a uL ar Woodrow >25p) 458® 62 60 
Trhbnt Grp. HOpi 9 i 7 .9) 

T 153 C M| t 9) 21 SD ' 152a> 4 3 ‘ ! - Shs - *Z5P> 
T-le«uslon (5pi 37® 6 (7 9). A (Non.V.) 
*5p> 36® >7191 

Telephone Rentals '25PI 144* 7 
Tern-Consulate >Z5 p) 71® 

T ? a i?„ S i or *S. ,SB * 50 '.-® 1® 2'- SO'; 2 1 

3 50 H; 3H 

Je* Abrasives HOP) 57 i*i9> 

Te» lured Jersey HOpj 31 f6'9i 
Fherma* Syndicate i25p; 1D1 .5.9)' 
Thomson Oryn. i25p) 263 
Thom Electrical Inds. <25n> 378# 81® 

60 6 7 4 9. SpcUhsec.Ln. 112® 12 


7:9) 


1719 

Mine' r 20p' 206 <6'9> 

Morjn .'Christooneri I20P) 61# 2 
Pnart iSp. 242 6 
PSoen'X ,25o> 247® 8* 50 49 
Fr-jv.deni L,«e i2 5d> 142 
Prudential (So' 160® 60 2 1 
Reiuge .So, 142: 17 S) 

Royal (25 m 3651® 70.2 5 S 
Sedewirk Fprbcs HOP' J68 72 
Ste„nouse ,2Sp< l OB; 

Sun A'lianre London 532® 4J« SO 2® 8 
SO 4* 40: 6,-nrLn 72 : ;® 

'un ».,to iSp! 107 s: 

Trade Indemnity ,25 p) ISO ‘.5 9* 

Will,*. Fiber iZSo. 2 BO® 77® go 

INAT.STMENT TRUSTS (IS6> 


Thorpe IF. w.l I IOpi 77 
Thurgar Bardex MOd) 18 

..Milling tfil i 626 207 


.6.9) 

_ 18 (519) 

Tiner Oan Nat. Milling (R 1 i 6 ^. . 
T.jsurv Contracting Gra 308 l7;9) 
rmin^lTlibma,. (JOo. ,38-; 8 9V, 5U„ 

Time Products MODI 192 
• oatnur Jute Factory 9 iS/9i 
T omkins [F. H.) (5pl 24 1* 

Tomkin*on< Caroels (25 d) 63 
Tnofa! i25pi 48'«® 50d!; 49': 50 1 
(|aPcDeh 69® r7'9). 7i.iDCUnsoc.Ln. 65: 


Ahrrp.-r n invest i25p) SB -4 9' 

Aberdrep Tst. '25n- 146® 7 i?;9i 
Ai):j Invest Tst. '253' 114 

Weir'Group "(zipi'l 2llrtb se 6 5 ; 41'ii.nrc Invest. ‘250. 10B 1619 . 6ocW. 

Wellco Hldos rSr) 29 J6 -6 9i 

Wrt^nag Engineering Con. ,2Sg. 54® ':f W 

w asr&ffffr Hld,B - ANtm - vta - ,2Sai ! vs S5 

We«inghouse Brake Signal <2 Spi 59i : 8 9 1 5 mertcan Tsr. 25oi 4S|.-® '7 J 
West land Aircraft -25ol 41 39b (Anglo American Secs. Cora. 25oi 103 -O. 

... _ - - *- ' JocLn. 99 

Aiglo-Scoitish ln»o«. TsL (25pi 47 ‘<® 
(7 9' 

Asndown Invest. Tst. i25o. 155® '7.9i 
Atlantic Assets Tsr. i2Sd' 109 
Atlas Elrctrir and Geh. Tst. 25p, €4 
Aus*.t*'ian and Into!. Tst, *.50oi 103 2<t 
2 (5 9" 

Bankers Invest. TV. (25P> 590 (7)91 
Berry Tst. IZSpl 74'r* 40 I®. 4LPCLn. 
105 '7'5' 

8Isnopsgaic Tst. «25pi 135 '5.9* 

Bcro-r and Southern Stkhldrs. Tst, (10P> 

Bridgewater Invest. TV. t!0»l 6 |7'9' 
British American and Gen Tsl. «-5pi 42'- 
8rnHh Assets Tst. i25p> Bi. 5ocLn. 1a5 

-£'9 1 

British Emolre Secs, and Gen. Tsl. iSm 

a-l|is"h Inds. and Gen. Ts:. SacDId. 1250 

a/itilh Invest. TSt. USD' 168 _ 
Broaostone invest. Tst. ..Op, 16o 3. 4i;oe 
Ln 102 .5'9 

Br.regrt Invest. (50ei 82 '4>9' 

Caledonian Tst. <25oi 85 4i-. 8 C5 d> 


Westward Television CNon-Vtg (IDp; 30:; 
Whart Mill Furnishers HOpi 22 
Whessoe <25p> 75 4 

Wheway Wilson tNidgs.l HOpl 19 i?>9i 
W hite Child Benev l25p) 89 i7'9i 
Wh'ichousc (Geo.) kEnglnecrtng) <50 d* 
96® 101® <7/0/ 

Whitt lev iB. S. W.l iZSai 28 i7l9) 
Whittmgham (Wm.) (Hldgs.) (12>:P* 37® 6 
1 7(9* 

Wh 1 1 worth Electric • Hldgs.) (5p> 22® 
Wholesale Fitting* t20o' 220 
W.Qfalt iHonrv) Son i 2 Sp. 248 
Wiggins Construct O0n‘ 33't® 

Wloglna Teane 6 Voc2ridDo, 76 (7(9) 

Wilkins Mitchell <25 p) 44 

Wilkinson Match 178. S>:ecPf. 40: 1719). 

TOncLn. 92:m 3# »7IS) 

Williams James <E"prs.J l25o» 96 
Wllmot-Breeden (H)dns.i (25 di 69 
Wilson Bros. >20Pi 43'* 

Wll'nn i Connelly i Hldgs. (250) UO® 5 

Wilson Walton Engng. OOP) 41® <7 9, 
Wftmnev 'George' I25pi S 6 >dP 8 : 7 i* 

Wralt | Electric Tods (kldgs.i i25di 94* 

Wood Hall Tsl. <2501 94 <7 9l 
Wood CS. W.i Grain <20p< 46 7 
Woodhause Rixson (Hldas.i H2 iOi 2*:?* 
Woorworth IF. W.l I25p» 67';® 7 6 'r 5 

Yarrow (SOpi 302® 298 

Yn*k Trailer Hlags. HOpi 52 3. IOpcF' 

Yorkshyepmmlcali (25ol 99 100. New 

'w5dj 1 00 

Zellers Groan i5pi S6 Ij <7 9i 

ELECTRIC LIGHT 

5^1 h ( Columbia Elect. 4'iocBos iCIIOO) 
Cf^ulU Electric Supply Coran. U. 531. 01 

lb/91 

Nigerian Electrteltv Sopoly Corpn. 215 
l4'9* 

FINANCIAL TRUSTS (94) 

Atcroyd Smlthers ,25o) 210 ® 10 »7l9) 
Armour Trst. HOP* 9 
Aus tin Aarcl. iSAO.50) 107® 10 
BET Omnibus Servs. 5':DcRt5 2 nriP(. 41® 
Blthoesgate Pptv. Gen. Inv. si,® 1719) 


Grretfriar (25a) B9-*« 100 
Gresham House (2 Soi 59 10 ,‘Sj 
G roup Investors (2 So) 65 
Guard, an t25p, BI® 2 (7/9* 

Hambros (25pi 103>-®. 6 UPcDh. 72 
Hill <25p) ISO® 88 r7.9i 41-pcOb. 7S3i 
i6'9'. 4 >:pcLn, 96 4t iT/9) 

Hume A (2Sp) 801®. 6 pcPI. 73 15)9) 
Industrial General (25 d, 57 6 i«. SiyocDb. 

46. SljPCOb. 651- (4>9t 
International tZ5o> 77;- iS‘9» 
l"ve-.*ing in Success Ecuilies (259> 164 
1* -9> 

Invoilors Cjptfdl (Z5pi B5':. 5 'jKPI. 
42': (7/9< 

Jjrdlne Japan 1:501 1 BI Z 15 9» 

Jerse* Eslyrnal Ho) 1S6*- 
Jcr-jjy General 255 C7i9)' 

Jc-vc Caoilnl i2pi 8 
Keystone tSOo, 145 14-9, 

Lake View >25 p> 9C>1< 9 <7 9i 
Law Dcbenlure {J5 B ) loei; i5-9) 

Lc VsMona; Invst TiusC 1253) 35® 

London. Hj'yrood Trust i25o) 121 i6!9) 
London. Lircraoal Trusr HOoi 27 i 6 'B> 
London, provincial Trus: i25dj 118 *7(9) 
SscCh. 63 14.91 

Londnn. Si - at hcly Of Tius: i25o) 45 6 <5)31 
London Im-sJ. Trust 'SpJ 3l« 

London iwlerxnjni Secs. ( 2 Sd) 12B 9. 

Cap. (250; 125 <7i91 
London Trust Did. <2Soi 109 i7(9). 
3 'PCOf 2B I5»9). BpcLb. 122:,. 3 (4(9) 
” Dual Trust Cap. (IOdi Il7ij 19 

M.G. Second Dual Trust Income llOp) 
PA 1 ) 17:9 • 

Mercantile Invst. Trust (2Sol 421 - sv. 

■S'iPCOb. 77.; i6I9i 
Merchant Trust '25p) 77 <7191 
Monks Invst. Trust (25oi 51 50-‘i (519) 
Montagu Boston Invst. Trust (IO 01 64. 
Warrants to sub. 34 
Moorside Trust iZ5o< 106 (5)9) 

New Throgmorton Trust Cao Ln, 141® 
s« 7 50 3 1!; 8'-: 9: 49 6'j. Warrants 

New York. Gartmore Invst. Trust i25o; 

'978 Invst. Trust i25p) 71 16191 
North American Trust i25p) 103 2i-pe 
Deb El |69). 50CLn. 96b t6'9) 

Dll and Associated Investment Irust ,2Sp) 
60 -8-9; 

Per.tl^nd Invesimeni Trust 2 Sol 1 26 
|7(9. 

Raeburn Investment Trust i25o) 132 5pe 
Pi. 39 i7l9i. 4 ';ocLn. 1D0/» (4 9) 

River and Mercantile Trust i25ol 179 
'6;9J 

Hiv^r Plate Gen Inv. Tst. Did (25p) 153 
■fi'9) 

Rntcto iRO'Tordaniv.h BelegCingscanior- 
fum N.V ■ lEr., ifl.SOi SU5B2®. Sub- 
5hs. (Reg. In me name 01 Nat. Pro». 
Bank 'Nominee: ') iFI 5' hOSo 2 
Romner Trust I25 oi 97. 4-aocLn. 97 (6/9' 
Rolhsch.To Irvcsiment TrusI 'SOp' 211. 

S.SecPI 35': 6 rocLn. 70 i5 9) 

51. Andrew Trust (25 b) 12T (5i9< 

Save and prosner Inv. Tst. Caoual Shi. 
lOp; 61 (4 9> 

Scottish American Invest. Co. (E-Op) 95 
3 '? 4 'a 

Sconisn Eastern Investment Trust i2So) 
149 

Scottish lr,v. TSI. I25 p' 106 
Sceinsh Mori Tsl. i2Sp' 119 20. S'«pcPf. 
40‘- <7 '9, 

Scoilish National Tst. «25o) I5E>; >719, 
Scottish Northern Inv. Tst i25p' 112 
Siotlish Ontario Inv. i25p> 74 
Scolnsh Urd. Investors >2 Sp) 82. SocPf. 
571- ,6191 

Scottish Western inv. i25b' 101'-® 1 1719) 
second Alliance Tit. '25pi 201'; '7 9' 
Second Gi Northern Inv. Tst. i25pi 93 1 -® 
3® 4 

Securities Tst Scotland I25n' 198 iSI9) 
5'zewe'i European irv Tst. HOoi 77 i5i9i 
Sl-r'ing TrusI -2 Sp' 186 «6I9' 

Stockholders Inv Tst .25a) 102 i7/9i 
T emple Bar Inv. Tst (25 bi 99 1 ; 4 
Throgmorten Tru*t (Isoi 80 8'’0C 

Uns Ln 127- 17 9> 

Tor InveM 125D1 83 <4 9'. EPCPf 4S9 

.'7-91 

rrmune i25P» 75 

Tr-Dlevesi 'SOp, 62® *7 9) Cap 159 
Trustee Coro I25 pi 146 17 9) 

Tvnes'de i25pi 116 16 9> 

United 6riti*h tZSP> 150 510 1. 4<;PcDb. 
72® 17 9) 

United stains Dh. i25di 97 SpcUns.Ln. 
102 ; (7 9> 

United 4latec True* HUSH B2S |7.'9) 
V-k-ng Resources (25pl 91'; 

Wemvss J09 u 9' 

W'tan •'25P' 97 
Woman r2SP' 186 
OrFshlre i.gnrashnc i25pi 34 
Young Comoatles 85 <5 9< 


Dacian Hldgs, f25b) 108® 8 '- 
I Dare? ,«Opi 16 «7T9. 1 
' PSon S^Praa™-*'- ” °?i .^4 9 1 

M*: ‘ ‘ 


E' 
ERS. 


-q CPn., (50pi 39';® 40ij# 

b.TPCUr&cc.Ln. 86 (4'9> 
s . y w al invests. (ZOpi 22 1 ? 

EStS. Fit»P. Invest. i23p» 103 
E*4H5 ol Leeds (25bt 101 (-* 93 ( 7 |9) 

Fjre Oaks Inveiti. ,25 pi 5 
GJvntiekj Sets. i25p, 365 iS'Bi 

lloi 212 *1 "? Ei:i ‘ ts ° D ' 2I ^ l3 - N<? ** 
Green id.' Prgos ■ loot 36 '» ry.g i 
Greene oai Proos. rspi bi. * 

,^E^ e Rr£ £s fc bi £. ,M *ft- DI >. 15 9i 
ou'lohan prop 6P(Pl 41'.*® 17 9> 

Haws Props .’Spi 76® 179 , 

M i 6 m ^° rS ° n P,oa ’ lnv ' lil - A t2iB ' 

"wfwIfSI El » i n M 0D ‘ ?b 2 ® r'iL 1 0 '«Dl 
jaaQ 1 *?* l 9t ** 9 ‘- V'tPcUnscc.Ln. 

■ I a‘ l ^ e ra^l! 1 " P, ?f- H, °«- () 0 p> is® 

Lara imrpMors Ubpi 42 

,97l, - 8i oZ 14/9 «. BijpcLn. 

P- *?«;q 0 ■‘‘..ft* lJ * CLn IdS ■ 17(91. 6 'aBt 

Ln. 159. IOdclh. 155 m Bi 

LOW 1 *IW (2001 44 ® 1 H 

j-» f» 1 PrbPv. lOocDb. BO-Y (4-91 

^JuTimo ?r0¥ - ShOD C * ntrti lH,aai " 

, -"“7_ Sn K ^ooertr Tst. ( 2 Spi 70 C5,9l 

6 'jpctn. 85 i7/9» 

Lynun Hldgs. {20pi 124 ® ( 7 / 9 ) 

U “ t ®, 3 2 9*pclstDb. 76 
(5l9i, bPvLn. 5 / ( 6 / 9 ). sgcLn, 108 
RtcKay Secs (20pi 260 ( 6 /Si 
Mldhara White Hldgs. CIOpi 411 , 
Mourrtvww Estates ( 5p ) 7Bh 
MuCKlow CA. and J.» Grp. (25?) ISO® 29: 
*•* 

Peachey Prooerrv Coro. '25p> 81® 

,m - corB - * 

Hkio. and Inv. Tst. 4kpcft. 35: 

prworrjr Partncr^jips New U5p. 1 1 3 ( 6 ) 9 ) 
prop. Sec. Inv. tsOpt 16b 
Raglan Prop. ts PI 4 ), 

Ragallan i25pi 14< 7 15,91 
Regional A I2 5pl rg , l5 , g , 

"jJlj Prop. Hldss. S ■apeUnsCd.LA. 60'j 

RU>n Tompkins GP. '25p> 123 14 9) 
uTiUel i2u> 94.-® fii* 

Scott)*? Meirop i'zopi 108. _ 


London Ovorseas Freighters fT5pl 30’:® 
'a® 1 1; '7:0. 

Lyle Shipping <25pi 119 i5;9i 
Ocean Transport Trading (25c IG'*® 18': 
19 '! 20 10 

Peninsular Oriental Steam Navigation 5pC 
P*d. 85':® 91 92': 90 88 '.- 9t; 9 8 
Rearaon Smith Line (SOpi faO® 501# 64 
(7 9i. A No.-.-vrg. (5 Qdi 290 5(0 9 

■ 7 9- 

Runclman 'W.> >25D‘ 64* 9 71 2 

WATERWORKS f2) 

Bristol Waterworks T.SkPI. 34 '4 (4,-g). 

2-BpcPi. 27 14 '9'. epcCons.Db 27 (4 9' 
CaniDriMo Yair 7pcDu. <2 IS 9< 

Eastbourne wrrwyr 9pcPi 102 tJ-9i . 

liurr Water 3 5ocCons. 51 1 ? IS.-9,. 3 Spr 1 

Pf. 34 '. 14 8 ). 3-OCDa. 23 I4.9i. 5 DC 

Db. 34I : (69 1 lOocDb. 1992-94 79'. 
16 9i 10-'OCDn. 1994-96 82 14 9i 
Lee Valiev V7at«*r 3.5ocOrj. 33 I5-9i 
M id-Ke"! Water ;.sPc rtmlv. Sot) 34 

■ 5 - 9 , 

Mid Southern Water 3.5PC *tmly. 5pd 
S3'- .4 Si. 1 J'.pcDb. 1O0 ‘7 9. 

North Surrey Water 5 4Z5 p:PI. 74-'* |7'9' 
Pommouf Water 3 See irmly, boci 33 
(7/9i. 3ocDb. 19 .7 9' 

5 Staffordshire WW 7',peDa. 63 
Sunderiand S. Shields Water 7-’jcrDb- 
62 'a® 17'9> 

SPECUL LIST 

Bargains done In securities quoted 
In the Monthly Supplement 

SEPTEMBER S (Nil) 
SEPTEMBER 7 (Nil) 
SEPTEMBER 6 (2) 

Aa»oc. Fisheries 6PcCum.Pt. 26# 


.SEPTEMBER 5 (Nil) 
SEPTEMBER ■*' (Nil) 

RULE 163 (1) (c) 


Llndo AG i DM50* £100 _ 

Little Long Lac Mines 166# 

Metal Ea. 35® 6 
Mid Ease Mines 55 
Mvor Emporium 159 
Nicholas Ini. 73 
Oacoridge 157# 

Pcl:o WaiicLha 56C® 

Place Gil and Gas 1300 
Protea Hldgs, 77 
Santos 110 

southern Pacific Props. 11--*® 

Tarnet Po:. zj# 1 ■:* 3 

Theiss HlCns. 297 

Tam Bill .Mines 33 

Trans Wor.e Airiovrs ilJSZfltv'P - 

Un.ro VS 1 Hlng*. 53S 

V-iltan Minor jls l 2* 

Western Queen 26 

SEPTEMBER 6 

A meric- n Tel. S let. MJSbS 

dlLW ('ll!) I n(J i.-; ,» 

Ciba Geigv SocCcnv. £91® 

Denny’s Mr. £23'.} 

Euro. Coal & stem Comn. 9-vo: 03® 
fcura. im. Bank 9 '.DC 1988 97 ' j® 
Futurity Oil 16® 

Geld Mlnr-s ol Kalouric 56® 

Hewlett Packard £.610 
B.l fi.C. £11 I'm® 

Kulim Mai: r -.-IS 50 1; 

New Meiai wnes b’a 
New v.-erlo h* 45J.-1 
Norm*™ Mining 130* 60 70 
Oudermes'cr Grp. 319 
ottsnoie oil 14 
Pan American 553 
Petrolaiift 24 h.® 

Santa Fc Ini. 1US37 
Shaw Bras Hang Kong 93',® 4® 
Southern Pacific Pel*. '50C( 17S 
Swire Pan he A 170 3'? 

Svnie* Corp. TUS35A 

Thomav Nai,or.w,ae Trars 107 

Tokyo Pe:.ic itt%52® 

Western Mmmg Corp SUS2.0G® 


SEPTEMBER 5 

Alliance Oil Dcr 20# 17 
darling O'heclc 2 95 
Citia Guy, -"jpcConv. £97 
Cosraln g> Canada Cam. 8*5* 
Crane Cn Common. £26'- 
Oaon Dcreidoment Coro. 763 
Eastern Airline! £1 * 1 


157 B'j (7 9T' 9pcUnco.Ln. _ . 

sacond c.t> na D . 4 3 ,79, I Bargains marked in securities ] 'Eastern Kotiai *US64 ,1 

Slouaf?. EMs._ i25o»_i2_o® 1 ib 20':. j which are quoted or Iklci on an | HudVen k Bjv h CMJ lt Gas“ *u'si9:: : 

overseas Stock Exchange. 


lOpCUnscu.Ln. lo39 6* 

S*** 1 COnvers , p n Inv. (2 di 264. S' ; oc 
Unsco.Ln. 62 

Swilev rBernarm Inv i2Spi 281® 4 2 
lr ? , * n ,T ltv P '°3S («0 d> 121-© J. i. ij. 
14pcUnscd.Ln. 90 
Town Centre Secs. (25p> 71 (5 9) 

TraBOrd Pari Esis. i25pl 135® V! 

United Kingdom i2Ss) 24t-® 5 41 - 
utd. Rul »:5p| 302 
Warner Est. Hides (25oj 1S1 
«i?PCUMCd.Ln. SJ 50 '3 (4 9. 

Webb 1 Jose on 1 rsp) 17 

Weitmlnster Prop. Go. t20o< 28® 8 (a 7': 

RUBBER (14) 

Anglo- Indonesian con. i2Sp> 94 *7l9i 
aerum Conva hop) 114 (719) 

Cast+efte'd >hlang> HOpi 2940 .7 ’9) 
cpnsd. P'antai.ons HOP) 50i.-e 1,. Wrtns. 
to sob J 170 '7»9i 
DUfloo Plantations 6pcPt. 44'* 

Gurnrie Cpn. 3 sq 

Hsmsons Malavstan Ests. <l0p> 122® 20 
London Sumatra Plantations iIOdi 17fl© 
71 60 75 

Muar River Ror. HOpl 51 <7I9> 

Plantation Hldos. ■ I Op) 74 1 ? 9 * 

S im9el Krlan Rbr Ests. HOD) 82® i7J9i 

TEA (3) 

Adam Investment* 113 ; r7/9) 

Camdla investments HOp) 295® 

Lawrle Plantation Hides. 325 1 
warren Plantations Hides. '25o> 217: 21 
i7-9i 

Wltfiimson Tea hioos. 160: (7 9i 

TRAiUlVAVS 

Anglo- Argentine (rams iSp) 14 (7 9 ). 4 or 
5rdDb. 70.- (7r9i 


78: 17 *1* 

iannoian Foreign Inv. T«t. '2Sp» 115® 
Lap'lal National TM. «2So« 13! 

Ca-dn*! Inv Tst. D«d *25o' 1 .4 
Car'iol Inv. Tst. iZSdi 120 
Ceoar Mv. Tst. «25 pi 67'; if 9i. atscP*. 
42 <4 9< 

Cnannei Islands Inter. Im. Tst. Cat 
Cnarter Tst. Aoencv «25»' S70 .» ■ 

Cilv CmL Inv. Tsr. I»c. OSoi 29':®. 


Ci!v 7 *ore.gn Invest <25 


Tst. Cap. 625 
7 9i 
Cap 


61# 

,. £Sg 4,® 


9. 






1 

LOCAL AUTHORITY BONO TABLE 

Authority 

Annual 

gross 

Interest Minimum Life of 

f number in 

imprest 

payable 

sum 

bond 

parentheses J 

Barnsley Metro. (0226 203233) 

% 

U4 

4 -year 

£ 

250 

Year 

5-7 

Knowsley f 051 548 65S5) 

IH 

4-year 

1.000 

5-7 

Redbridge (01*478 3(ttO) 

Hi 

1-year 

200 

5-7 

Thurrock (0375 5122) 

11 

1-year 

300 

4 

Thurrock (0375 5122) 

io; 

4-year 

300 

3 

IVreftin (0f»S2 505051) 

Hi 

i-year 

1.000 

5-6 


— . I25P* t 

Ilaverhcuse Inv. Tsl. iSOd 
U nion Invests. il9p> 6 ‘: • 

C'vjewrte invest '25o« , 

Cont.* Industrial Tst. (250) 203* s® 
v.rrsrer.l Japan inv tsl 'SOo- 205®. 

Warrants 10 sub. 96 14 9. 

Dana* Invest Tsr Cao. MOd) 5*1 
Debenture Con. t25pl 67® 

Dominion Gen. Tst. CS3< 208® r7 9* 
Drayton Commercial invest. ISo* 132 
i7.9«. 6 'aocUnsec Ln. 104 16 9. 

Drayton Consd. I2EDI 15* '7,9>. 2 8 pC 
PI. 31 f7'9'. SpcPT. 3a': *7-9'. S'jsc 
D b. 63 '» 14 9'. 6>;DCAUnscd4.n. 119® 
Drayton Far Eastern ,25ol A4-; '5 9' 

, Drayton Premier Inv. CSpl 198 3. 5 PC 

I Pt. 38'j 16 9'. 4crDb. 91 '7 9' 
Dualvest Inc.Shs. <50p* 62 <7/9 ■. Cap Shs- 

Dundee Londcn 25 p> o 6 ! : 7 »6-9) 
Edinburgh Amcr. Assets 125s) 129# ZQ>. 

■7 9). 8 pcSub.Ln. 260* 

Edinburgh Mr. Did. 237® 7 l?'9) 

Electric Gen. Inv (250! 791* CTI91 
English Inlemll (25b) 87® i7 9'. Did. 

7ocUnsCd.Ln. 105 1 T 191 
English New York i25s' 78 
English Sccttish Inv. '25 p' 78'a >5.9) 
Eaulty Consort Inv. 1 T £, 17 i6<9) 

E*fate Duties Inv. i25o; 82 
F and C Eorotr-jst i25pi 50 •; (4 9i 
First Scottish American i25P' IOZ'i 1 'j. 
SpcUnscd.Ln. 94 •; 

Foreign Colonial Mv. <25PI 179/;® 80®. 

4 D< Do. £9® C 9. , 

Fund invest Cao.Sns. i250) 68 . 

G. T. laoan Inv. f25oi 191 -'a (5,9) 
Gen. ronsd Inv. (25o* S3 17(91 
General Funds <25p» 175 <5 9,. Cnv. ( 10 o> 
140 (4J9, 

General Scortlsh (ZSpi 91 
General Stockholders ilZ’.’P) 1201 ® r7 - 9». 
5>:0CPf. 401rt <7-9) 

Glasgow Stockholder* I2S»' 10 ?t «€ 9> 
Glenoevon (2Sp* 104© <7,91. War. to suO. 

8i, (7tSi 

Glenmurrav '25 p* 79';® D 9'. Do. B 75® 
Globe (25pi 125 6 5'r 4';. 4ocOb. 

S9A* 90 <6,9>. 5'jPCLn 100 : 1 ': 

Covert European (25pi 6 S 
Grange (25pi 80 ,4 9i 
Great Northern (25o1 107 •; 


UNIT TRUSTS (5) 

M G American Income 56 7. Do. Accum. 
56 .-7 9; 

M.G. Dividend 133.6 US'] <6.’9' 

M G Eurooean General 54.2® {7:91 
MG. E« tra Veld 92 <4 9) 

M.G. High Income 114.20 114 

MINES 

Australian (6) 

’AIM H'dgs. ISAO SO I 2D7 (S.'S* 

North Sroken Hill Hldgs. ISAO 50) 122® 
17 9) 

Ncrih Kalgurii (SA0.30> 15® 

Paringa Mining and Exploration (Sol 30 
<7 9) 

Western Mining Con. ($AO.SO< 1 57® 8 

Miscclleaneons (86) 

AMAX Inc. i’ll. ,SUS1. 3B*f 7U 
Asarcc, Inc. Sns. £11 '4 16 9i 
Aver Hiiam l,n Dreoging Malaysia Bert, ad 
M- 270 (5 9) 

deralt Tin and Woltram (25oi Sfi S »b(9) 
Charter Cor-.o. (Rea 1 i2Sp, 147® 5* 9i;0 
52 2 1. SocLr.. 62 ,7 9, 

--.’SO Gala Fields (25oi 185® 7 3 9 5 6. 
6 'jpcLn. SB 15.9). BUPcLn. 68*1 »« 9i 
Geevor Tin Mines (ZSpi 145 a 
■ on* HvorauliC Tin HOp- 80 tfi/9, 

Malayan 7,fl Oredg.ng iBerhad) ISM 1 ' 445 
16 9< 

-“rnskalen tlflpi 75 (4.9) 

Renong Tin Dredn'ng 1 IO 01 68 (7 9i 
R'C Tm:o-2inc Cpn. (Refl.> i250< 250 46 
7 4 S S 3 6. Ord. Or.) i25a* 2S3 
Accum. i25p» 244 5. 6 .-jocUi. 64 15 9i 
saint p.ran (2Sp. 63 2 
Selection Tst. fl5o> 402© 500© 2* 


SHIPPING (45) 

Brit. Cirmwi'h Snipping >50p> 285 (7 9. 
Caledonia In-est* i25o' 251 .6 9i. 60 c 

Db- 71 (4 9. 

Common Brcs. .5031 127 1 15 9, 

Fufnes Wiiny 239 

Grafg Shipping 115 i4I9i 

Islo ol Man Steam Packet 150 (4'9i 

Jerno* .J I,. <20pi 36': 


SEPTEMBER 8 


Amsnl Pels 72 1-® 7 
Anglo Alpha Ccmenl 70 
Au-lralUM Uil Ga: 62 
Annie U'd. Cnn ;q 6 
Soiigainnille 1330 
Bamboo Creel 240 
B»arn ph 
BP Canada 1 1 ' 1 * 

Conz/ac Rio Tmfo 315 
Cheune Kona 222 -»S01’i: 

Hong Kong Kowloon Whorl 520 
Hutcbinson Whorca 114'- 
Haw Par Bros. BSO 
Hill 50 Gold IS© 

Hong Kono Land 225 19- *9 
Jardine Matheson 305 6 7 
Lennard OH 32* 

Meiramai 19® 

Marden A ES S': 2 
Metal Ei. 36 

Wm* Py. • ’R "a: 

Magnet Metal 31 
Norm WPS! Mm.no 46© 

Otter Ex. 46* 6 
Paclhc COPPrr 60 
Pan Continental £13'x 
Pah.mq Cent 79 
Rorcmo CUSS? 1 -© 

Seitasi 35 

Swire Pat 17S 7 5>j 

Clh-n* Ni.-kri is 

Swire ProPS 69': 70 

s/ho* n 1 M in ■■ A 641;© 5't 

Moors, oe Burmah 72© 

SEPTEMBER 7 

1 Bridge 011 1 M 
Cons Rio Tln'.o 520 3 
C'larnonn Seamrtcj. »US23 - 
Endeavour Oil 25 
Floriaa Gas £19'-® 

Hong Kong Lann 221 -© 2-; 
/arsine Japan ta»® 
larsine Sec*. I48i- 
Lcnnard ®<l 33© 

■ en-i 1 r»a<e v*- »" ajM< 1 1 


Intcrnanonii Paper »U5JE 
L.-ilec Invest men' *9 
Manner Molt 53© 2 

M'lMiOld Min , .14 Menu. £J5 - 
New Moun; Mines ‘USil'i'' 
Power Corp Canaria Com. £12 
Polaroid Corn SU554 
Rollins Inc £15 
Timor Oil 5 
Volkswagen ; 7 © 

Wheeiecr Marvtme 'B' 6'i 
Western Our-rn 26© 

WoodsiOc Pc- 74 

SEPTEMBER 4 

Bndoe Ol! 11 a 

Bri:.*h Conir.>ileO O'l US cenisi 12 
Ch-omans Ore J?© • 

Colonial Sugei s»nr»ry 7 81® 
Falcan Sndoo rtnke' £16*; 

Grace 6r:s 183 

Haoma Gefa Mine* 65® 65>.'- 
Land Lease Corp New 105 
Oil Search 12 
Pnl'P Morn* S60: 

Shun Tjir £n-v— 1 > rise* 58'-® 

S-eman* 'US 140 

S-oraop TcrimjIMr 24 

Tonoa-i Grcuo 140 
Whee'orv £9 

Woo' won* ■ F. W.i Cum. «USZT*< 


Rl'LE Ifi.a (2> fa) 

Appliratinii^ Rranted for spppiilr 
bargains in securities nuf listed 
on any Stock brhangc. 

SEPTEMBER 8 

All ,'ngianrl Lawn Tpnnir. ‘.59Dn 1991- 

1965 1 '.324 oa>di ±2.500 450 
Aran Fnnrgv 105 
Asmn Vila CO ±1? : : 

Cambrldgi* fn:irum.;n( Ord. ilpi 21, 2 

Camoriflcc in^s, im-nt Ord. HOP' 2*j '• 
Caxrleiown Er.-wery 21* 

Cedar 17 

GRA Proa Trust 1 S»j 'j IS *4*- 


H»rtley B.i'rd 1? 

KeiTOCk Ord. (IGO) 4! 40 
K el lock Cnv.lrrd. Sub, Var, rate Un, L 
list Series) 39 

Keliock Cnv. Irrd Sub. Var. rate Uni. L 
(2"d Series) jo 
K- in'?k ”rd. (lOel ll 
Kunltk Crd. rlOoi in,I paid! I -s lx 
i-c Riches Stores J9S 
w jrTiridalc- iRaioh) M3 
Mining Invesimcn: fen. 39 
Nntiinwide ttnyit 13': I2'i 
nmw Compuier: 1S6 5 
Norton Villerj Triumph 5 3'- 
Oldham B C w Ord. (5 b 1 69 8 
Ouinam Erewnrv GorUns. Ln £t0 
PIl moton Rarc^Onrs.' 32 
(: A-jttnll Ell ewer V Spc 1 s'Cuni Pt. 33 

rvaciworin 4pr.Mtu.Dd. ±30'f 

SEPTEMBER 7 

S'jrrough ' James) 120 19 17 
Ikiirmacc 24 
Clyde Petroleum 120 
Darling Fund -Unil* SAIi 152 I SC 
Dc GruLhv lArrsn.im/ gpCACum.Prl. IDO 
5 Deid. £20 
Dollar Land 19 18 
Gaip 'George) £IS0 45 
Grgndon Trait 1 tp:Sub,UiS. £7': 6 3 
Home Brewery 29J 90 
Jennings Bra-.iicrs 70 
Jenev Electricity ipcDcbs. £6? 

Jersev Gas SO. 4 ':ocZndD«is.. £65 
Jer*u, iSiaics on 6';pr Housing Ln. £79 
Jerser N«« Waterworks 3SD. 7*jpcMtg. 

Deb* £90 
Mallows iDavldi 48 
Mid-Ken Water s -scPero.Dct. £23 
Mmch Norton 175 

SEPTEMBER 6 

Arsenal F.C £t64 160 _ __ 

Cevlgn ana Indian Planters 4.2»cCum.Pl. 

Cunnlngnams ana 1- and W. Thwaitos 4 pc 
IstMig Pgrp pb £ 20 -'a 
Dunpen Angus Ice Rmk 175 
EMr pq.; Pope A 205 

r. enmare on kval. Ji 2 

Dcvan H ghholct 50 
Queen St. Warehouse 1 

.SEPTEMBER 5 

Cedar Hldgs SocReo Cn.-.Pt. '.£1 ' 43 2 
CramDhorn 30D 

Kurn:L 11 ?ij 

I 3iiih.i m EjJai:. 5 1J5 
PM P A Insurant '.5 
Our c-ri? P.m Ranqcr> F.C. I Q 
Poon PjCl- tJO 
Southern Newspapers Z30 S'* 

SEPTEMBER 4 

Blvlh Greene jourdam and Ce- Lid 11. ZK 
Conr.Cum.pi £1 • 1 50 4S 
Eurrcunn .Jame*. Ltd. 1*8 15 
Da ike. >n iCevfon. g 
Fuller Smith and Turner A 110 
Bivlh Greene Jourcwm '85 
Jessei Trust ■- ■- 7 oeCum.pi. 4 
Man ■ and Overseas inv. Tit. A 15 
Oldham Estate? 126 
V.klnq 011 122 
Winchester London Trust 1 

RULE 163 (3> 

Barcains marked for approred 
<■« ni panics engaged solely lo 
mineral cxploratioD. 

SEPTEMBER 7 

* ii.u oil jt* win 

Siebens Oil Ga) lUKt 372 70 63 6 4 


SEPTEMBER 6 

Huh Oil £4 

SEPTEMBER 5 

C r.p North Sea Assdcs. £11 - 4 
Gas ..no Oil Atraagc 94 
Siebtns 0,1 and G is ,Uk, 37o 

SEPTEMBER 4 

jit-hen* Oil ana Gas lU-K.) 334 380 78 
70 6542 

SEPTEMBER I 

, S'ebers O'l ano Gas ,U a.) 592 ES 5 
, > ftij pL*rntl.'..-,u-in «l l),." ilrrCta E jr-httnOP 
I iJninrlii 



UK MONEY MARKET 

Fall in bill rate 


70 00© 65* 505® 492* 500 2 4 «9S 
south Crtjt-v HOp. 530 8 


uth Africa iRO.25* 13i- 
U5S^5® (7.9) 
IR 21 " ol 600 © 


BUILDING SOCIETY RATES 

Deposit Share Sub’pn 

Rate Accnts. Shares *Terni Shares 

Abbey National 6.45% 6.70% 7.95% 7.70% 3 yrs., 7J0% 2 yrs. 

.Aid to Thrift 7.00% 7.50% — — 

Alliance 6.45% 6.70% 7.95% 7.70% 3 yrs., 7.20% 2 yrs., 6.95% 1 yr. 

Anglia Hastings & Tbanet... 6.45% 6.70% 7.95% 7.70% 3-4 yrs.. 7.20% 2 yrs., 6.95% 1 yr. 

Bradford and Bingley 6.45% 6.70% 7.95% 7.70% 3 yrs.. 7.20% 2 yrs.. min. £200 

Bridgwater 6.45% 6.70% S.50% ■ 7.90% 2$ yrs.. 7.45% 2 yrs. 

Bristol and West 6.45% G.70% 7.95% — 

Bristol Economic 6.45% 6.70% 7.95% 6.95% 3 months’ notice 

Britannia 6.45% 6.70% 7.95% 7.70% 3 yrs.. 7.20% 2 yrs., min. £500 

Burnley 6.45% 6.70% 7.95% 7.70% 3 yrs.. 7.20% 2 yrs. 

Cardiff 6.43% 7.25% 8.25% — 

Catholic 6.00% *6.80% .7.50% — *7% over £5.000 

Chelsea 6.45% 6.70% 7.95% 7.45% min. £500 6 months’ notice 

Cheltenham & Gloucester ... 6.45% 6.70% 7.95% 7.70% 3 yrs, 720% 2 yrs. (£500-£15,000) 

Citizens Regency 6.43% 7.05% 8.25% 8.30% 3 yrs., min. £5.000 

City of London 6.70% 7.00% 7.95% 7 02%, 3 yrs.. increment share— min. £500 

Coventry Economic 6.45% 6.70% 7.05% 7.70% 3 yrs. min.. 7.20% 3 mlbs.’ notice 

Coventry Provident 6.45% 6.70% 8.70% 7.95% 3 yrs., 6.95% 2 yrs. 

Derbyshire 6.45% 6.70% 7.20% — up to 7.20% 3 months' notice 

Gateway 6.45% 6.70% 7.95% 7.70% 3yrs., 7.20% 2yrs.. min. £500-1 15.000 

Guardian 6.45% 6.95% 7.20% 7.65% 3 months’ notice. £1.000 min. 

Halifax «.45% 6.70% 7.95% 7.79% 3 yrs.. 7.20% 2 yrs. 

Heart of England 6.45% 6-70% 7.95% 7.70% 3 yrs., 7.20% 3 months’ nonce 

Heart* of Oak & Enfield ... 6.45% 6 95% S.45% S.20% 4 yrs.. 7.95% 3 >rs„ 7.70% 2 yrs. 

Hendon 6.70% 7.20% — 7.70% 6 month* 

Huddersfield & Bradford ... 6.45% 6.70% 7.95% 7.70% 3 yrs., 7.20% 2 yrs. 

Leamington Spa 6^o% O.SQ% 9-26% 7.55% 2 yrs., 8.00% l yr. 

Leeds Permanent 6.45% 6.70% 7.95% 7.70% 3 yrs., 7.20% 2 yrs.. min £1.000 

Leicester 6.45% 6.70% 7.95% 7.70% 3 yrs.. 7.20% 2 yrs.. 6.95% 3 raths. 

Liverpool 6.45% 6.70% 8.1*': V, 7.80% 3 jts., 7.30% 2 yrs., min. £1,000 

London Goldhawk 6.45% 6.95% S.20% — ■ 

Melton Mowbray 6.55% 0.80% 7.95% 7.55% 2 yrs.. min. £2.000 

Midshires 6.45% 6.70% 7.95% 7.70% 3 yrs.. 7.20% 2 yrs.. min. £250 

Momlngton 7.25% 7.50% — 

National Counties 6.70% 7.00% 8.00% 7.45% S months, min. £1.000 

Nationwide 6.45% 6.70% 7.95% 7.70% 3-1 yrs., 730% 2 yrs.. min. £500 

Newcastle Permanent 6.45% &70% 8.00% S.00% 3 yrs.. 7.70% 2 yrs. 

New Cross 7.25% 7.50% — 

Northern Rock 6.45% 6.70% 7.95% 7.70% 3 yr*, 7.20% 2 yrs.. min. £100 

Norwich 6.45% 6.70% 8.20% 7.70% 3 yrs., 7.45% 2 yrs.. min. £500 

Paisley 6.45% 6.711% 730% 7.70% 3 yrs., 7.20% 2 yrs.. min. £500 

Peckham Mutual 6.75% 7.25% — 

Foreman 6.45% 6.70% 7.95% 7.70% 3 yrs., 7.45% f-yrly.. 6.95% 3 mths. 

Principality Bui Idg. Society 6.45% 670% 7.95% 7.70% 3-1 yrs, 7.20% 2 yrs.. min. £500 

Progressive 6.70% fi.95% 7.85% 7.95% 3ye&, 7.70%2yrs.. 7.45%3niths.noL 

Property Owners 6.45% 7.20% 8.45% 7.65% 3 mlhs.no!.. 5.70% to I imlled cos. 

Provincial 6-45% 6.70% 7.95% 7.70% 3-4- yrs.. 7^0% 2 yrs. 

Skip ton 6.45% .6.70% 7.95% 7.70% 3yrs.. i.20%2jts.. IL&5% 3mihs not. 

Sussex Mutual 6.45% 7.00% S.75% 8.03% 3 yrs., 7.75% 2 yrs.. 7.50% 1 >r. 

Town and Country 6.45% .6.70% *10.00% 7.70% 3 yrs., 7.20% 2 yrs. 4MK. £250 

Woolwich : 6.45% . C70% 7.95% 7^0% 2 yrs., 7.70% 3 yrs. 

* Rates normally variable in line with changes in ordinary, share rates. 


: a ■ ,, _... -VUII, ^ ' U' v ,,vv c 

^5o< 3- .. - «t h-F • ] ^Klrta Conso Bemap iJMO.SOi 

Tank! Como. Invests. <ECo) 180 1 
Tronon Mines Malaysia Berhad (SMt< 245 

Rhodesian (J) 

Botswana R5T <**u2i 15 .6-9, 

Clone and Pbpenlv Geld («2«:0' £0 f7 S, 
Mineral and Resource* Con. IS8DI 40) 

169: 17.91 

Roan Consd. Mires E (K4) 65® i 7 /9» 
•niankie Colliery <50o> 56': *4/S) 

Zambia Cesser Invests. 1 *800.24) 14:© 

Sooth African <2I) 

Anglo American icai (R0.50) JUS9-46 

Anfjo ^American Corp. s. Atrkai (RO.IOi 

Ang-d American Gold Inv. IR 1 ) 17 
J *nopssa:e Plat. iRP. 1 Q) 99 7 ( 5 , 9 ) 
B^jvcru^aicbt Gold Mining IROJS) 

Brackeii "'Mines. <R0.90i 97® r7.’9) 
Buftylstoniein wold »« 1 1 SUS 12 > 4 « 
CNd^d.ie (Trans.) Collieries (RO.SO) 1E8 

Consolidated Murchison (RO.IOi 255 (6 9* 
Oje.Lraai uofd iRu.20) 39 
Door,. . jntei n Gold iRI ■ 539© 

Ojffaat 1 Rotdeccort D*ep IRI) SUS5.9 

Sasi Drletonrein Gold IRI) 808 VUS10.9O 

l-i 5 S a-{ ! t 01 ! 5 - .ri 0 ®' 20 'SO) 

'S* 9 ) Rjnd Co b Uranium iRO.SOi p397 
Eunosrand Gold. lRO .201 252® 
F r 7 e 9 J SUt< &tluld Mln « (RO.SO) ol BSE 
Free State Saaipiaas Gold IRI) 85© (7.'9i 
General Miii.nji F. nance 1 R 2 ) 18 '4'9i 

■y. Fields So — 

«4i9j 

Harmony Gold ■ RO.SO) SU5S 55® 

Hart oeesrontu? Gold (R 1 

Johannesburg Cons. inv. 

157S »7'9i 

5 j"3“r B ii n i us ^-5.° |5,9J 

JtlOOi Gold iRI- 640© i7 9) 

L’banon Go'a R1) 0573 i6,9> 

Lcrame Gold 'RIj iia (5’9i 
Lvdenburg .’lit. IRO Td-t 6 Su (5'9) 
Mancvale Cons. 1 RO .251 ?b «7 9i 
, ,^5 n# 'Transvaal) Dev (RO.SO) 84 

•'JgWIe Wiiv;aiersrand iV/Jt.) (R 0 . 2 S) 190 

N 1*?B wl,v “ Jtersr a n «l Areas (RO.SO) 
President Brand Gold ■ RO.SO) SUS13** 1 - 
Sfevn Gold IRO.SD? SUSli:* ’ 
Rand Mines Proos iRIi 140 1719) 
Rantfronteln E«* Gold (R2) SUSSZ'j 14 , 9 ) 
Rusrjnburg Put Hold! no < IRO 10' n98® 
S(. Helena Gold Mit\es rati 927 >5-9> 

Sent rust Beperfc iRO.TOi 205 |6;9) 

suso A ao'i 6 n /9 L i and *"* t ' p,or * ,kK ’ <R0 - 351 
Snuthvaai Hldgs. >R0.50i SUS7.95 (4/9i 
S Vg.g7 K n °° ,a Mln "i9 IRO.SOi SU54.05 

^ ^R1ro a ^40 C 0 O,, .6/9. Lan,, ,n0 Earioratlon 

■J.C investments iRIi 260S© 

■Jmon Coraorafon (R0.6'<) 31 6 
V SUSra> & Eap'oratlon and Mining (RO.SOi 
VlaMontcIn Gold Mining (R0.90I 49 t5'9i 
"^a^DrhffonMD Gold Minlra (R?! 

“JJ", R 4hd CODA Mines (R») SUS1.SE 

Cm®, Mining (R1» 2010 
western Deep Levels tu2i pass (4'9i 
Holdings (RO.SO' 2US27H at 
Wlnirelhaak Mines «Rlt SUS10.60 IS Ji 
ZandPan Gold Minina ,P1I Jig ( g, gj 

West African (I) 

A .Ttlp”2i^ 0 /69) M,ne ‘ “ Ni0Wl * <”'«»•* 

eisichl Tin HOpi St* 

(4fl. anfl Baic Wet ** Ml n e * (i* :, p) 10 

Diamond (22) 

*££*"«**» lovest. T«. (PQ.50) 44.', 

^n 6 ® 40S*S2 D t®', ,, a-’^«» 

Do. CBr.i (R0.05I 522 7 4 <7(9» 

OIL 080) 

Fcwn. Svi«j. ,J0o) 164 
8nt. P:lm. B98® 90t® 90 I J RB ann 

886 96 861 94 3 flScIsTpi! 67 '*l 8 , 7 ?o? 
9oc2naPL 76. SocDo. 91-s# i«* ani, 
Surman Oil 850 6© Sw S*S 4 ? 

J '-641 Itt : 4 3 6 7 '.DCPt. 5 o 

53*® i/i :pCU "*- L ". “• B^Uns.l ° 
Centur* O'ls Gp, iIObj 60 m 59 :. 17 , 0 , 
Ch-rterha;! .So; 24«j® v ' , a ‘ 


EXCHANGES AND GOLD 

Although activity in yesterday's New York. Tlie Japanese yen was 
foreign eschanse market was easier at Y182.40 compared WTth 

N»")lr wl-N. «- 

Bank or England Minimum discount houses were paving made vaJuBb,e cams a S ainst most at noon in New York, the dollar's 
Lending Rale 10 per cent around 8* per cent for secured oia J ar currencies. Recent com- trade weighted average depreci- 

(since June 8, 1978) call • loans at the start before menis about the TJ..S. auihoriiies* ation improved to S.6 per cent 

Thy TrABo.ro hill rate fell hv closing balances were taken intention to implement further from 8.8 per cent, 

n nte T»r rwiinmi rm'f between 7 per cent and Si per support measures for the dollar Sterling opened at S!.9.»55- 

St wsrerriav-c tender p The renl - Banks brought forward were filed as one reason behind 1.9365 and fell on a firmer dollar 

mhltmum accepted bid balances moderately below target its improvement. There was also 10 SI. 9335. The dollar reached its 

£07.77 compared wi ‘ 
previous week and 

cent The 00 rn^b\ 1 1 «T offered* and ^ced with the usual Friday 

allotted attracted bids of 'grease in the note circulation, the close m London. the dollar firmer and the 

£1, 043.03m and all bills offered In the interbank marker, oier- Against the Swiss franc it rose ,lh tnt f,cllar r, rmer and the 

were allotted. Next week a "'Sht loans opened at S}-8; per 
further £30Dm will be on offer, cent and traded for most of the 

replacing a similar amount of day at per cem before falling c-uuii.aieu *im 1 nui-Miay s duw s nd - v showed an imnrovernem 10 
man, rides. «*y <o 4-6 per cep, fair,, tar. of S,, Fr ,.6, 60. The Wev, German a 0 " n BZ™ 1 10 

i?M rk -.0015 f f™m DM h T.WT r r.nd d0 "“ r ' S 

vas quoted a, DM -00.10 taler in aoi’oTi 



a fall of just 10 points. However 


J!rhh5 P®»nd maintaining its overniglu 
^ S ;i nr!,m !n3 m«L the Bank of England's cal- 

l.boMi fll PD.IKI jnd piij-aTifin of it« i nHp iipi n hrprl 

compared with Thursday's close , c n Ji ° fihnw L * HiJr'J 


'.ince aeam nouscs managea iw . ."w ivii in iiunar lerras 10 r . , fiS ij ch->rnlv cn ill 

balance without official help and Rates »« the table below are DM 2.0*315 from DM 1.W575 and strength and closed 88} aa oonce 

nominal in «im* rau>6 „oc nimrari nil -■ nn^n i.iar in SLreiic.ui «iiiu uineu * e 4 «m.e 


THE POUND SPOT 

"iisnar 


bey*- 8 


rttw-j 

% 


Doy'a 

tjprwd 


tiJi.S j )A,;I.38S5-1..4 j 6 
LVnuvIiu Si 9 

6 


60.MMil.1b 


(j uiMor 
beicwn F. 

L'iiiIfIi K. 

U-Mark 
F,.ti. Kw. ! 

-IRii. Fe*. 

r.ir« 

.Si-WL-n. El. 

Krt-n./l, Fr. I 91* j 8.44A-8.4«f 
S»rti!liKrJ 6i*i d.60-fl.6o 
V«I ! 5's! lb /-SIS 

Au-irik slcli! 4J 3 27.S0 28.1-5 
wmh. i I ’ 3.12-5.17 


OTHER MARKETS 


GOLD 


Close 


.9360-1.3370 


Sepi. 8 


L 

N"lc I.-mo- 


Araeut.ua |.c24-1.628 poa.626 l 4C.6 2 Aurtra. 

Zl'jTzrt. 1 ."J?*"- f? 4 Ait-lralla LA-'llnr 1 I." ' " ' ' ‘ " 


Fintanrt Markkn ”!! 


a brari.cm^n..:::: 

v I LoDt-d-UB^ I 5,87 4 -g.to* llm.’lmm 

’5 h^km^u^v: 

% il4B.B>- \tt.60 iMS.bO- WS’SO )mi, |( B | ...... 

'? l -i Kinrai! I'lVVdl'Ki'i! O.idS-ki.9: 

1 • J°;J 7 'J U '2 a i 10 - 20 *- 10 -* 1 - fairer, Im".- 6c. 85 60.9 

1 b.43^.47 -- - - 

9.62-4. tS 
472 474 
27.9Ct:8.M 
3.15 ». 16 


Wniav-bi iKillar 

.V(it c'A'Rli'il)"l'al 
»41tfll \ Ml 'll! 1,'l.VBl 
6 ni'.g|<iir l>',ar... 
fS»nT !■ ,\ 1 1 1 , II INri'l 


Ot-Ju l.iSH'jf 

7.9450-1.9550. 4.1030-».lt)5(j!Uvniiwrk 

o5.97-a6.97 1c.l 75 19.U91 if'iauii' 

70.909-7i(.646 oo.6I7-37.514 ICernumi 

9.19-9 21 , 4.753«l-4/i55. 'Itaii 

lo3 J39 I o8. 681-/1. ( 7 B.li| 4 u 

b I .e'ttl-..27ba,\Llli>r&ii.>i- .. 

95 J3 1.4 Z3-o 1.474 ,.\.. r «i,v 

4.45-4.461? I 4.&L)15.J.303L.t\,itllLtll 

1.9o72-L-Lh 62, 0.yri3/.0.9o34' i«in 

6.09-6.49 o.2=98 0.051-* ,4ti ii. 

4.5«li*-4.o6 i 2. a 496-2.2 305 ' nil,- 1 Stale-.. 
1.6637- 1. 6966] 0.65910.67561 C*»-i*. ... . 


i;?.50-2t.5O 
62.6J-6a.&0 
10.36-10.70 
e.41-6.51 
S.TU-i.SO 
1690 It 30 
o iO-odJ 
4.15-4.c5 
ID. 15-10.25 
C4-93 
141I-.145 
o.l' '-3.20 
1 .931; 1.641 1 

o£.0.-4 l.i^O 


BelRND rate Is for converUble froiu-s. 
Flnai'ciaJ franc S2.SM2 W. 


Bate civen (nr Arcwirina Ik rt<**» rare. 


LONDON MONEY RATES 


.Tej-J ■ B 
l-i 

'tenuiK 
CtfriltcRte 
■ u deik*ii 

iDIrttMIlL 

ii<ii 

Alii lint ll\ 
'fo|<4|l.- 

l/-n- Autb. 

i«l-f 

' 

Hi »ll rf 

Ilf, 

in. -null h.i^.--i 

(.'•■ni(<snt iiitrhei 1 rt-t-m i l.'iuk 

IH**"- ' »»-|-*tail • billed* ' Hn;--'. 

■■nuf Inuic 

. iii, 

i.UemU.'hi 


4-9J, 

_ 



9-9ij 1 7 9 | _ 

_ 

■law U'-ilu.-*.. 

— 


BSn-Bi, 


— 




1 ilar- ot 

— 

— 

- 


— 

9i(j ; - ! 



i .inv- nu'iee.. 


8r 8 .9 

b J i 

- 

9 




vine ni'Uiiu .... 

9I fc 9 

9-»!« 

a- 8-9 

9«5-9S 

9l fc -9SE 

&sa 1 blf.-Bij • t';. : 

9 6- 

lu-n rryuilh:... 


a.;- y,..- 


1 1< 9ii 

»■’» 

=* ' B.‘ 2: . - 1 ; s 


I brew m,<nib . 


Sf-K.a 

9'4-9,‘. 

b.l« -9'2 

91-j-lO 

9ib 1 m : 9-..* S;.. ,5, S) . 


■IX III' 'lltb 



PSa-9j4 

VSB 9>p 

97 3 IOI 4 

— j — ! ’ <r-s 

1U 

Nine '"■•utb-.. 


Bri 


v:n, 9'*c 




Hue voar 


®K ! 9 a- 

10 

Sfi lu 

101; 

— f — ! _ : _ 

- 

i wo vwr» 



u 

“ 

— 

— 1 — i — — 

— 


Local aoTboilty and finance houses seven days’ notice, mhers seven days fixed. •Longor-ierai local our horny ninrcaa? 
rate nominally three years lli-114 oer cenr: lour years 12-121 per cem; five tears 123-121 oer cem -|, Sauk imi rai-* -n 
an? bu ying r ates for prune paper. Buying rates Tor four-momh bank bills 9i-9H»r* ivr cent: four-month trade t.illj o; per tenr. 

ApoiuJdmate sening rates for onc.momh Treasury bills Si per cent: and iwo-momh 5111 * 4 ^ 4 ; per i-:ni; ihrsv mo.nih 
per cent. Apprnxlmaie selling rale for ooe-raooih bank bills klS^41lj* Per rent; nvu-month 9 i.i*-»i k per fen:; and ijirec- 
month 91 per cent. One-momh trade bills 9j per mii: 'wu-monili 94 per cem: and also ibrae-wnih 9: per cm. 

Finance House Base Rales ' published by ihe Finance Houses Association' 10 per rent from September 1 . is;s. Clearing 
Bank Deposft Rates rfor small suras at seven days' notice) 6 -T per cenL Clearing Bank Base Rates for leudinu -0 per cent. 
Treasury Bills: Average tender rales of disco uni 8.&271 per coni. 


scpi. S | 

Sfpr. 7 

tiohl Oullinn la ho ,*, 1 i 

• 

•■IIIIW 1 


1 l rt i"» 'FV05-!05j 

$ 210 ;-!iu 

I'ls-ainu 'SSDU-SOB: 1 

>5 11; -2 12' 

.'l-TDini: hviTi; <!0S.6D U-210.B5 

lClu7.5:2j . 

, £103.0451 

Ailerii,-u« fi-.lnn— '$205. SO ! 

>210.60 

<L106.2aai i 

i:w 8 .eo 2 ) - 

U-*l 1 "iiif 1 


• l'-in..-ti,-allv 


kni-i-miri '*214; -2 IS! ■ 

« 2 is-s;d 

CUD,- 111 . ' 

•ill 12 ;- 11341 

Vcn .-,,V,IVI^T|1 .-a-bl 

>60,-t2; 

•« l-.- 2 > 

•4»L-a2;i 

m.l SucreiKus Sc 0 ; t 2 i 

¥ 6 l-bJ 


Lali-irii 

‘"•'d 1 


"■luniHiii'iMlIv 


Knu-ciwu-i $21 1-215 

>217-219 i 

'CI09-1 IOi ,■ 

±.■112-115) 1 

snverc«ii» >: 6 - 59- |. 

S57-59 


r29;-Mii 

'.' 1,1 S«i-.“X-IL-U> Stfl t 2 : 

‘tl- 6 i 


>-J K»'il." >50S.-;QS. : 

*50S:-41U 

w 15?;- Iblj IM61-U4 

>? h-.-lr- >106 .- 1 ' 

“111-114 

CURRENCY RATES 

Special 

European 

September 7 Drawing 

Unit of 

Rights 

Account 

Sir-rlliw QAStuXS 

0.666911 

dollar 2.25SS5 

U3955 

CatiaHiin .foliar X.45844 

1.49068 

A"-,<n.]» ^ nil'inc .. 18J051 

L3-S438 

E^l^isn franc 3«J8J8 

40.4533 

Ldiii--' KT'IUI- 6.96472 

7.08052 


2J6650 

Gulller 2.742M 

2.78362 

Kreuch ironc 5J2584 

5.61736 

Lira 1058 .22 

1CT5.5G 

Wi 2HUZS 

246.554 

Mnneeglau krone ... 6.67923 

6.78462 

Pi-Si'd 93 ST15 

95A060 

Svolish vrona 5 £3313 

5.73115 

S’eiss franr 2.05387 

2.09212 


EURO-CURRENCY INTEREST RATES 


Sep*. £ 

Sterlioe 

U.S. Dollar 

Cffiubliou 

L 6 -IIRI 

I 1 

1 Dwtcttb ill tfci' ' 

fftrisK Fra O'" 

Will 'lVrnwii 1 
Jierk 

tbb»n term...... 

I2lp.l3 

0 ) 1-012 

BIb-9H 

1 4'*-5 


3y 5).- 

7 Whv ' n>.>ti«c 

12 l»- 12 S 8 

8)a^S3 

9i a 9'i 

4ra-5 j 

I«-±B 

5 J*,.;. , ; 

M.-mti 

11 7g- 123g 

8 Js 8 S H 

Byi'S,:. 

4*, -5 1 

' ia-k 

sjir-j.; [ 

Tliivc "K-iHlis.. 

117a- 12JB 

8 , 1 - 8 :, 

9 9W 

1 5VSv ' 


S'-. -5 . 

**»v KH'lillir 

11 7 B 1238 

9-9 '< 

9,„-9„, 

I 6-61* i 

i-i 'h 

3J |.57 ft 

'.'« yri> r - — .■ . 

1173-12* 

9.-.-9.V. 

9. '..-9 :■* 

1 Eiielp 1 

IIh'.Ij 



iiAi, 


I ;rs 


•i«iwnr‘e Vcn 


7‘: 71* 
7---71; 
7 .3 

6': S'j 

6 ' . 9 y 

9 \ Id 


711 

i l's-12'i 
11S-.-I2I-J 

1 1 : i- 12 : : 

12:-. 13'-. 

13-14 


85f-8i' 

ei;8ia 

-9, . 
S,; -9... 


•■**! -2-< 
ii-3)'' 
lif-Hj 
- 2 .'.; 

2 

3ki 


^^91- ,i;^ utDb - 8i,; «»«• sot 
Hunting Petriieum Sen,. (2So> 90 

^SWit’iUb? 1 31 30 ”• 1 0, *c2nd Pt. 

Lnnn Scot- Marine Oil i25ol 136 9 i6f9l 

a 5P5-W8T ,10rt " 8 - 

On Exploration HOoi 200 i6/9) 

Premier Cons. Oilfield* 150 ; 17 ® 18 17 
Roval Dutch Petroleum NV 46 >» (7 9i 
Snell Transport Trading i25pi S71® an 
77 AS 3 7fi 6 4; 9 : 82. CBr.i l25ni 
533. 7pe2ndPt. 61 

Tricentrtl ,Z5o< 177® 6® 8 7. Onl 
(Foreign Heidi i25pi 174 © 

uSW 2579 44 1 Sl TxPfa - 

PROPERTY (134) 

Alliance Prop. Holdings 9 i*dcD 0 72i : t 
AM ‘Vd London Prop, HOpi 62® (7(9) 
init London Rron. i2£oi 226 (7/9i 
Amalgamated Stores (Sot 9)4 
AOU'S Securities iSo.i 20'* <7.’9i 
Argvie Securities I2pcDo.‘ 7E4. 

Avenue Close <20 p> 79 
Brtumom FrcoertiM >2Spl 82 (4(9;. Bbc 
L n. 62 ,'4*9> 

Beilwav Holdings (25o> 72-:® 5® 2 # 

Beri-cley Hamu-o Proo. t25pi 132 
Elltan IP . 1 (2591 186® 

Bradford Prop Trusi i 2 Sm 250 (7/9) 
BrtV'Sh Lino '.25p' 44i- 7 51 * ISocisi 
Dfc. 105'- 14.91 1 2pcLn. 175 <6<9i 

Br'MOn Esfote (25o) 105® 4® (719) 
capita) and Counties Prop. 12591 5S (7/9i 
9'jOCLn. 75 ,S'9- 
Carrington InvesL (50o< 94® 
Ce«!rovi(ie,al Estate* CSDpi 'S': 
Cicaesler Inveu. (25oi 55 3 
Cbesicrdeld Proo. i2Sp) 545 <4'9) 

Chown Secs. ‘5o) IS (7(9) 

(laitMnin Estate* I25p> 315 IS19J 
C'tv Offices '25p. 611- i7 9i 
Comoro Hldgs ' 20 d> 12D 
Central Secs '10pr 31': '4'9l 
Corn Eichango < ICp, ia4 (7 9i 
Counrry Hen Town Props. 'TOpl 26 (7 9) 
County DlsL Props, it Op. 102 


The foUownR nominal rales vc.ru quoted for London dollar l-lDiIiivI' s of dec ttsii- One ni"inl: 5- 4 , 1 - - .^1 ^ r 
y.TO-H.t* per cem: one year 9^31» per wm. 

Lnns-term eurodollar deposus: lu-n rears T:h,41k oer tent: three wears - 1 !-9* otr uni: 'our v >•.,:* ari^-S^th oer .-■•■nT: live 
Short-form rates are call for Fieri me. U.S. dollars ann Canadian ilnllars: nen daw nmuc ir.r B'liid.-rs <nd ?«■!.-« (r.incs 


mr-e mrunhs s.'i^S.73 per cent; fix monfov 


*j-s O'n-yuir. uer corn niimm.il cloiiny r,<ie. 
Avian are clnvna dries In Smcaonre. 


UJC CONVERTIBLE STOCKS S/9/Z8 


Statistics praoded by 
data STREAM International 


: 

Size 

(£m.) 

Current 

price 


Con- 

Flat 

Red. 

yield 

Prcmiumt' 

Income j 

Cheapf-r) 
Deari— » 

Name and description 

Terms* 

dates 

yield 

Current | 

Rantei 

E qu.g 

Conv.fl 

DUf.'? 

Current 

Associated Paper 9|pc Cv. 854)0 

1.40 

114.00 

200.0 

7r>-7y 

S.4 . 

7.1 

- 5.S 

-10 to 2 

5.2 

4.6 

- D.5 

+ 5.3 

Bank of Ireland 10pc Cv. 91-06 

8.22 

188.00 

47.6 

77-79 

5.3 

2.0 

- 3.0 

- 4 io 1 

1LI 

4.7 

- 3.3 

- 03 

British Land 12pc Cv. 2002 

7.71 

173.00 

333.3 

80-97 

7.1 

6.4 

14.1 

1 ro 24 

0.0 

94.7 

627? 

+4S.4 

English Property 6jpc Cv. 9S-03 

8.07 

87.1)0 

234.0 

76-79 

7.7 

, ji 

- 71 

-11 to —4 

S.5 

3J 

— 3.6 

+ 1.4 

English Property I2pc Cv. 00-05 15.31 

86.0H 

150.0 

76-84 

14 7 

14.7 

43 3 

—200 io 45 

31.2 

49.7 

30.9 

-12.4 

Hanson Trust 6|pc Cv. 88-93 

4.51 

80.00 

57.1 

76-80 

8.1 

8.9 

1.4 

- 0 in 12 

8.4 

5.9 

- 3.1 

- 4.6 

Hewden-Stuart 7pc Cv. 1995 

0.04 

360.00 

564.5 

75-79 

1.9 


- 0 4 

-30 (0 -0 

9.3 

■> *1 
M.1# 

- 1.6 

- 1-3 

Penlos 15pc Cv. 1985 

1.03 

ll>7.50 

166.7 

76*82 

91 

4.5 

- s.e 

— 12 io -1 

43 5 

4-5.0 

- 0.3 

+ S.4 

.Slough Estates 10pc Cv. 87*90 

5150 

16600 

125.0 

7N-S7 

6.1 

2.0 

11 h 

5 to 16 

32.7 

54 2 

14.4 

+ 2.S 

Tozer. Kemsley Spe Cv. 1981 

7.33 

99.0D 

153.9 

74-79 

SS 

9 4 

9 ! 

2 ID 14 

74 

7.7 

0.3 

- S.3 

W'ilkinson Hatch lOpc Cv. 83 98 11.10 

94.00 

40.0 

Tfi-s;; 

10.9 

III) 

35 x 

24 10 40 

29.1 

37.9 

12.7 

— 23.2 


* umber o( ordinary shares into wtos-fi fJM nonwnal of uiiirvriibS.- hun* is ciwn ruble t Tfn -tira •»*' u> .nv -rmcir m vuiivcrli^!- i-Mirny-rd p,.-r uw ul ihe 

losi of the couitj m tin- eonvertlbk- *ioek 1 Thn-v-manih rjpfcu. 1 lnmme on number of ordinary shares min wbltb )' 1 5 r ‘ noniinai ol itinvriibl,- Moek is oj n i-,-rtiblc 

This income, expressed in pence, is summed from pr-Avnl lime until iru-onie on ordinary share!. N tr.-yirr ih:ir, m..*)m- "« t:ou RomiuaL at convert vbu* or <),<• linii 

conversion doic ybtebwcr Is earlk-r. Income is ansum.-d w firow ai lu prr tern per annum and ir. pr^or vuIikc a' 17 P'.r «nr p.-r annum. : Ineum- un ilftfl of 

lomertlble. Income k summed until conversion and pres. -nr valued at 12 per cenr per annum. ^ TTii<; is mairn.- n. ih - conferriaic !'-ss ineom- of ih- undiriimc eou.'v 
expressed as per cent of the value ol ihe underlyuiK equity. C- Thy Uiflmmce berv.-.-.-n Uw Dr.-mnuu :.nd iraom* e.\pr issed as wr wm uf ibe ^10 “ or 

underlying «jmiy. + Is an Indleaiion of relatftre chcapnesv. - is an mdlcauon of relative rfedrncss. 




20 


; . Kendal Tiroes Saturday September 9- 1978 


STOCK EXCHANGE REPORT 


Revived institutional demand gives equities a 

Share index up 8.3 at 517.0 for rise of 19 points on week 



I Account Dealing Dales were particularly popular, reco 
j Option ing 346 deals. 

•First . Declara- Last Account „ CpnlDr 

. Dealings Hons Dealings Day JBaUKS nriuei ■ 

1 Aug. 21 Aug. 31 Sep 1 Sep. 12 The major clearing banks made 
. Sep. 4 Sep. 14 Sep. 15 Sep. 26 progress '«* the geaeral trend. 
1 Sep. 18 Sep. 28 Sep. 29 Oct- 10 Barclays dosed 10 dearer at 3oSp, 

i • ■■ Hew time ” dealings may take place *0^3640 NatWest. 

I Iran 9J0 a.m. two business days earlier, did Midland, to 364p. naiW«BU 

1 Th f P hiS e Mini ^ er,s decision Solute encour- 
, not to hold an autumn General “S by Press cogent. Alex- 
• Election resounded in stock ®6“ ay ,io D and. Allen Harvey 
markets yesterday. Fully aware ®“2 e ^r% p f 0p pu t on 3 and 5 
of a huild-up in potential invest- ^{^'while Seccorabe 
went funds during the past few rose 10 to 230p 

■weeks of political uncertainty. Maisnau < f Gains in the 


issue, Ratners hardened a penny 
more to 7?p, after 79p, while S. 
Casket appreciated 3 to 73p on 
further consideration of the 
excellent annual results and pro- 
posed 100 per cent scrip-issue. 

Plessey extended the recent 
advance witn a rise of 4 to llSp 
for a gam on the week of 12, 
partly attributable to this week's 
of better-than-expected first- 
quarter figures. Cray Electronics 
rose 3 to 29p on the increased 
earnings, while Thorn Electrical 
finished 2 harder at 382p, after 
388 p, despite the chairman's 
warning about current sales at 


to 13Sp on news that the proposed 
merger with Imps is not to be re- 
ferred to the Monopolies Com- 
mission; Cargill, the other rival 
bidder, has withdrawn from the 
situation. J. Sainsbmy advanced 
12 to 232p, while Northern Foods 
113p, and Bluebird Confectionery- 
70p, put on 5 apiece. British Sugar 
resected Press comment with a 
ripe of 7 to 132p and revived 
speculative buying after the re- 
cently announced bid talks lifted 
GoJdrei Foucard 5 further to a 
1978 peak of 90p. Tesco hardened 
14 to 53p as did RHM, to 5Sp. 
Hotels and Caterers contributed 


leading industrials snarptf mgner Sedgwick Fortes ending that much 
at the outset feeling that Mr. » n , nr i c f Heath 

Callaghan's surprise “manoeuvre 7 a L ’ 

had removed one of the markets Ln?™Vhv the EEC Com- 

s r ^r* at *— ■ for -ss-™ ■'& as, 

some monuis. levied by certain countries on 

The enhanced opening levels imported drink encouraged 
failed la deter some sizeable demand for Distilleries, which 
institutional demand and. with dosed with some sizeable gains. 
dealers finding it difficult to Dj s mfers were prominent at 207 p, 
i acquire stock, initial gains in most up 5 while Highland, 150p, and 
leaders were extended further. A ^cn, put on 4 and 6 
However, the bulk of the day's respectively Among Breweries, 
business was completed during the Vanx c | oset | 6 hishec at 132p fol- 
moming session and the FT 30- j 0W j n «r news of the purchase of 
share index, which touched its M Dariey for £3m. 
best of the day at noon with a Aft ^ r an initial flurry of 
rise of 9.3. drifted hack on lack j nt ecest in Buildings, business 
of sustained support and some petered out. Fresh consideration 
profit-taking to close 8.3 higher on of Thursday's interim results left 
balance at 517.0. Nevertheless, Richard Costain 4 to the good at 
the final tone was fully ticru. 2-S4p a „ ain 0 f 22 on the week. 

Numerous gains were recorded while others to _ be supported 
in secondary issues, the overall included Taylor Woodrow, a simi- 
improvements being reflected in lar amount higher at 462p, and 
the 5-1 majority of rises ever Marchwiei, B up at lBOp. Follow- 
fails in FT-quoterl Industrials and ing an investment recommenda- 
the advance of 1.5 per cent to tion. FPA Construction added 2 
256.00 in the FT-Actuaries Ail- to ISp. but ahead of Monday's 
Share index. Among the sectors, annual results, Robert M. Douglas 
Distillery issues recorded some eased sli£bfly to 102p. Buyers 
useful gains, buying interest being came for Brown and Jackson, 
stimulated by the EEC Commis- which put on 6 to 2U2p, and Ley- 
sion's moves to change the J? nd ** a, " , 1 * up at S8)p. In 
existing drinks tax. £ e ™ e 2H' fil “ c Circlc^held a gain of 

. , . . , $ at 296p. Tunnel B impnwed 4 

Overshadowed to a certain t0 2 02p and RMC hardened 4 

. extent by the events in the more to I54p for a rise of 12 on 
equity market and by the current ^ week 

problems connected with Govern- ia r0S e t0 415p before drifting 

meat fundins, British t upas t» ac fc j n ^h e j ater dealings to close 

passed another quiet session. a net 5 up at 4iop. Flsons traded 

Nonetheless, after a cautious between 3S0p and 390p prior to 

start, long-dated issues gradually settling unchanged on balance at 

edged higher in the absence of jgjp. 

any selling and final quotations 

closed with gains extending to fifrinpc hifrhar 

l. The fall in this week's trea- ‘ 3tf,res> fllguer 

sury bill rate was of little benefit Stores took the previous day’s 

to the shorts, but here also the advance a useful stage further. 

trend was to slightly higher Gussies A advanced 8 more to 

levels. 324p and British Horae added 4 to 

Dull early conditions in the *" a h f ile 5”?L sh IK 
investment currency market onn o°n 

cleared when buyers gradually secondary 2 issues ateosLtv «ood 
became more forceful and the .5ES 

■■w ii iiim 1 1 • j r m aai __ _ . support unren rc-suitco in s&ins 

^ Ha w 9 °hL P .I of 10 being established by 

a Sco d nr b Freenlalls * 390 p. and Midland 

VoftorH-fv-f Educatfonal, I20p, while renewed 

investment demand lifted Time 
factor, was 0.<<Ui (0.»022). Products 8 to 197p. Speculative 

For only the third time since bid hopes continued to push both 
dealings in Traded Options started Jas Walker and Liberty forward; 
on April 21. over 1.000 contracts the former firmed 2 more to 124p 
were completed. Yesterday's total and the latter 5 further to 205p, 
reached 1,083, 16G fewer than the making respective rises on the 
record figure recorded on July 18. week oE 11 and 28. -After Thurs- 
Reflecting Thursday’s satisfactory day's late rise in response to the 
interim profits performance. ICI proposed dividend-boosting rights 



the annual meeting. Eurothenn 
were supported at 195p. up 7. 
while small buying in thin 
markets left improvements of 
around 13 in Racal Electronics 
344p, Wholesale Fittings. 227p.and 
Faruell Electronics, 37Sp. 

Buyers returned for the 
Engineering leaders, John Brown 
putting on 12 to 478p and Hawker 
a like amount to 264p. GKN. 
however. remained unsettled 
ahead of next Friday’s Interim 
figures and reacted from an 
initially higher level of 273p to 
close unchanged on the day at 
268p. Elswehere, buying ahead of 
nest Wednesday's first-half figures 
lifted Northern Engineering 4i to 
123p. while fresh speculative 
support helped M.L. Holdings 
put on 11 more to 195 p. 
Ductile Steels added 6 to 121p 
and Manganese Bronze improved 
4 to SQp. British Aluminium 
returned to the market following 
Thursday’s placing of Reynold 
MetaJ’s 49 per cent shareholding 
with various institutions at 775p 
per share; opening at around SlOp 
the shares touched 820p before 
closing at 800p. By way of 
contrast. Joseph Shakespeare lost 
4 late to 27ip, reacting to news 
of the interim profits setback. 

J. B. Eastwood stood out in 
Foods with an improvement of 15 


their share of firm spots with 
Savoy Hotel A closing 5 better at 
7Sp and Trust Houses Forte 7 to 
the good at 225>p. 

Bowater dull 

Institutional buyers returned to 
the market yesterday for the 
miscellaneous Industrial leaders 
and prices moved sharply lusher. 
Beecham rose 15 to 730p, Glaxo 13 
to 628p and Metal Box 10 to 37-Jp. 
Rcckitt and Column, interim 
figures due on Tuesday, pm on 9 
to 514p, but Bowater, ahead of 
Monday's first-half figures, eased 
2 to 195p. Of the many secondary 
features. 1CL were notable for a 
rise of 10 to 386p following news 
of new computer, orders worth 
£13m. while favourable comment 
ahead of next Wednesday's in- 
terim results lifted Thomas Tilling 

6 to 138p. Investment buying in a 
thin market left ■ . Hunting 
Associated 11 dearer at 33Sp, 
Siebe Gorman added 5 at 2I2p. 
after 216p, and Vinten advanced 

7 to 156p. Brittains, on the other 
hand, fell 4} to 21-lp following 
the sharply reduced Interim earn- 
ings and Wilson Walton gave up 
2 to 41p on adverse comment. 
Further consideration of the 
disappointing interim figures 


prompted a fresb fall of 4 to 73p 
in Gibbons Dudley. 

Campari issues performed- well 
in a restricted market, the 
Ordinary finning 4 to 124 p and 
the B 5 to 115p. In Televisions, 
Scottish A were 3 better at 69p. 

Motors Components - moved 
hizher despite the worsening 
labour situation at British' Ley- 
land. Dowty rose 12 to 297p for 
a gain on the week of 31 on con- 
tinuing speculation about possible 
Chinese orders for mining 
equipment. Rises of S were 
recorded by Automotive Pro- 
ducts, 80p, and Jonas Wood- 
head, 99p, but Abbey Panels eased 
2 to 52p on the first-half profits 
setback. Confirmation of record 
trading last month drew fresh 
attention, to Distributors and 
Garages which closed with wide- 
spread gains after a lively trade. 
Lex Service ended 1} harder at 
84Jp, after 86ip, following a brisk 
turnover fuelled hy Press com- 
ment. Dutton-Forshaw edged for- 
ward 2 to 513p in anticipation 
of next Thursday's results, while 
Tate of Leeds, S4p, and Lookers, 
66p. put on 6 and 7 respectively. 

William Collins. In Publishers, 
finned 6 to 146p and the A a like 
amount to 145p in response to the 
higher interim profits and en- 
couraging statement Elsewhere, 
Olives Paper HOI rose 4 to 46 p, 
after 47p on favourable Press 
mention. 

Properties improved, where 
changed, although trade became 
inconsistent after initial buying 
interest and the leaders drifted 
back from higher levels to end 
virtually unchanged. Selected 
secondary issues, however, held 
their ground. Mounlview Estates 
encountered renewed speculative 
support and rose 4 more to a 
high for the year oE 80p, a gain 
of 21 on the week.. Great Port- 
land Estates revived with an 
advance of 4 to 212p, while 
R. Green, 3$ip, and Town Centre, 
73p, hardened 25 and 1£ respec- 
tively. Property and Reversion- 
ary A rose 5 to 325p, but Belt- 
way Holdings shed 2} to Tip. 

BP quiet 

Digesting Thursday’s interim 
results and statement on pros- 
pects. British Petroleum passed 
a quiet session and remained at 
B90p. Shell, however, moved up 
10 to 582 p. while Burmah re- 
sponded to farther small buying 
and added a penny more at S6p. 
Tricentrol. awaiting' Monday’s 
interiih results, improved 4 to 
180p. 

Investment Trusts dosed on a 
firm note following a slightly 
improved business. Still reflecting 
the recent publication of its asset 
value. New Throgmorton Capital 
advanced 10 further to 151p. Dual- 
vest Capita] rose 5 to 226p. while 
FTJGIT. 57 p, and Capital and 
National. 134p, put on 4 apiece. 
Against the trend, Jnrdine 
Securities fell 8 to 142p. In 


Financials, London Merchant 
Securities hardened 4 to 130p on 
the increased earnings and capital 
proposals. Also wanted were Yale 
Catto, 2 firmer at 83p. and Part 
Place Investments. 4 better at 38p. 

Shippings were little changed. 
P and O Deferred, 89 p, held the 
recent Improvement on the 
interim report, while small buying 
in front of Monday’s interim 
figures left James Fisher 5. higher 
at I78p. 

Among Textiles, CaJrd (Dundee) 
hardened S to 23p and JWcoviile 
rose 6 to 76 p. 

Assam Investments -were on 
offer in Teas, losing 3 to 107p for 
a two-day fall of 8 on the pre- 
limmaiy results. 

Golds down again 

Reports that the U.S. Treasury 
Secretary is to announce further 
measures to support the dollar 
saw the bullion price extend its 
overnight U.S. decline and fall 
S5.75 more to $205,375 per ounce 
— a two-day loss of $7.75 and a 
drop of $6 on the week-end 
brought further pressure on 
South African Gold shares. 

Golds were additionally weak- 
ened by fears of an escalation of 
-the war m and around Rhodesia 
and slight disappointment over 
the amount of gold bid for at 
last Wednesday’s International 
Monetary Fund gold auction. • 

Yesterday share prices came in 
for sustained Cape selling 
throughout the morning and 
early afternoon and eased further 
in the after-hours trade as 
American offerings found buyers 
reluctant •" 

The Gold Mines index conse- 
quently dipped 62 more to 175 J. 
for a two-day fall of UR,- pro* 
during a week’s Joss of 7jL 

Financials were featured by the 
heavy turnover in Selection 
Trust, which rose 5 more to 500p 
■ — a week’s improvement of 50 — 
reflecting the renewed strength 
of A max following Thursday’s 
rejection of a merger proposal 
from Standard Oil of California. 
Charier, which holds 253 -per 
cent of Selection Trust were 
unaltered at I54p but remained 7 
better on the week. 

After moving ahead rapidly at 
the start of the week in front of 
the latest progress report from the 
Ashton diamond venture. .'Austra- 
lian diamond stocks came under 
sustained profit-taking in the 
latter part of the week, nnnxtm- 
Riotinto reached a year’s high of 
336p oo Wednesday but fell back 
to close 6 lower on balance yester- 
day at 3lSp. while Northern 
Mining dropped 7 more to I23p. 

The Bundle oil shale partners 
attracted s strong Australian 
demand; Central Pacific climbed 
50 more to 550p and Southern 
Pacific 15 to 200p. 

Elsewhere Canada's Anglo 
United Development jumped 30 
to 230p; drilling is expected to 
begin soon at the company’s 
uranium prospect in Donegal 



, 7184 j 71.74! 71 

— — t I = „«, J 

Taunt rift! Ordinary— 

Quid. 

‘ Orf- Dir. YwM 

r/B KMln (nct-K’b..— ■ 

Dealing* raarfswd- ®* 

Bqnjly pictpwE " 1 

Equity 1 _ _ 

71 5 , 75 . u 5IV.V. Moon 518-ft. .1 pm 517-1. 

j 0 am 517-3- 517 j). 3 pm 316.4. 


Gold 


HIGHS AND LOWS . S.E. ACIIVITY 



1978 



Sept, 

6*1*. '. 

. — ] 

Blgh 

lAW 

High | 

•Low | 


8 

.7 - 

Govt. Sec*-- 

Fixed fat— 

tint. Orrt..... 

Gold Minen. i 

76.58 
(Oil) 
81.27 
| 19/ U 

1 623.2 
i (22/31 
| 206.6 

66.79 

70.76 

vsm 

433.4 
(2/S) 

130.5 

127.4 
(9/1/361 

150.4 
(28/1 1/47) j 

549.2 
(14/9/77) 

442.3 

49:1a : 
(3/1/7&) ! 
50.33 
(3/1/75) 

49.4 
(26/6/40) 

43.5 

— Dally 

Gilt- 

Industries .... 
Spccnlatice - 
Totals 1 

A wraRB 

Gitt-Ed^ed 

lndi»trwbi...| 

Bpecnfatlire... 

122.7 . 

202.5 i 
38.1 

117^ 

135.2 

177.7 
35.7 

108.5 

141.9 
168.3 

27^ 

103.7 

157.9 ' 
173.3 ; 

34.8 
107. B : 









OPTIONS 

DEALING DATES included Thomson Organisation* 

First Last Last For Tesco, ERF, Northern Mining, 

Deal- Deal- Declare- Settle- Sirdar, Howard Team, Headlong 
inn* ings tion jment Group Lotus, Vinten, Rio Tinto- 

Aut30 Sep. 11 Nov. 23 Dec. 5 Zinc, Blackman and Conrad; 
Sct 12 Sep. 25 Dec 7 Dec 19 Town *nd City Properties and 
Sen. 26 Oct. 9 Dec .7 Jan. 9 Otter -Exploration. A put was 
For rate indications see end of done in Ladbroke, while doubles 
Share Information Service were arranged in Maple and New 
- Stocks favoured for the call Throgmorton Warrants. 


LONDON TRADED OPTIONS 


October 


January 


April 


Ofdo.-n 

Es'rvioe 

pete* 

CInilllj- 

offer 

Ynl. 

Closing 

offer 

w- 

Cloning 

offer 

Vol. 

Equity . 
close 

■ 


mm 

wsm 



163 ' 

_ 




894p 

BP 

800 

98 

— 

122 

3 

748 




850 

48 

5 

86 

r- 

80 

— 


BP 

900 

26 

25 

63 

' — 

108 



BP 

950 

10 

3 

31 


50 

— 

„ 


140 

14ia 

— 

161: 

6 

22 

— 

131p 


160 

2ij 

40 

- Bij 

10 

• 12 is 

— 



180 

1 

— 


• 3 

6 

6 

ti 


160 

32 

— 

33 

~ 

40 


lB7p 

Con*. Guld 

180 

17 


21 

14 

29 

— 

» 


200 

51 2 

3 

IV* 

_ 

IB 

— 



100 

23 

— 

22i S 

" - — " 

— 

— 

lisp 


110 

15 

2 ■ - 

Mia 

— 

16 ia 

' 

- •« 


120 

5k! 

15 

f 

3 

15 

— • 

„ 


130 

3 

19 

& 1 : 


9 

— - 


ow: 

220 

99 

15 

104 

. 

- 

— 

316p 

..GEC 

240 

79 

• 

B6 

— 

90 

— 


GKC 

260 

59 



‘ 67 

— 

73 

2 

M ' * 

OEG 

280 

-39 

44 

51 


57 

- 


GEC 

300 

.23 

7 

36 

• 1 

43 

j- 


GGC 

330 

712 

65 

191 a 

13 

27 

11 

* 


100 

18ia 

-35 

23 la 


241« 


11 6p 


110 

10 

45 

16 

18 

17 

— 



180 

5 

88 

-81a 

43 

11 



IGI 

330 

83 

25 

84 

9 

-86 

— 

410p 

ICI 

360 

53 

10 

53 . 

65 

63 

. -5- 

„ 

ICI 

390 

24 ’ 

•44 ' 

35 

6 

43 

5 


ICI 

420 

8 

116 

21 - 

32 

24 

29 

241p 


180 

63 

— 

65 • 

' 

69 

- 


200 

44 

12 - 

47 

— 

S Z 




220 

24 

40 

291a 

3 

35 

— 

M 


240 

S 

23 -- 

-.16 . 

17 

23 

— 

„ 


60 

31 

•s— ’ 

31 

— 

33 

— 

89p 


70 

21 

•- 

-21 ■ 

— 

26 

— 

M 

Marks A b|>. 

80 

12 

. 5' 

141 Z 

14 

16 

5 

• « — 


90 

5 

38 

8 

. 4 

101s 

9 


+'be/l 

500 

83 

1 

85 

— 

102 

— 

58Jp 

Shell 

560 

36 

' 

45 

14 

65 

— 

M 

Shell 

600 

94 

19 

23 

— 

40 

— 

fl 

T«al» 



743 - 


277 -. 

■*) ■ 

72 



RISES AND FALLS 



Yesterday 

On the week 


Up 

Down Sam a 

Up 

Down Same 

British Funds 

H 

1 

22 

137 

IN 130 

Carons. Dnm. and Farcign Bands .. 

2 

— 

60 

55 

14 241 

Industrials 

673 

126 

737 

2.262 

Ll» 4,393 

Financial and Prqp 

. 2W 

26 

ICS 

845 

401 1,276 

Oils 

12 

1 

20 

58 

33 84 

Plantations 

3 

8 

20 

13 

27 110 

Mines 

15 

T9 

33 

218 

201 221 

Recent Issues 

13 

2 

22 

52 

21 141 

Total* 

. Lore 

238 

UD0 

3-475 

1,945 6J06 


ACTIVE STOCKS 

YESTERDAY- 


NO. 

Denomtoa* of Closing 
tion marks price (p) 


IS 

12 

JO 


410 
115 
3ppra 


Change 
on day 
+ 5 
+ 4 
+ 4 


197S 

high 

414 

115 


1978 

low 

328 

87 

42pm 


Stock 

ICI £L 

Plessey 50p 

BTR ''New*' nil/pd. 

BP II 

GEC 25p 

Racal Electronics 25p 

Rank Org 2op 

Shell Transport... 23p 

Gus A 25p 

BATs Defd 25p 

B1CC 50p 

Barclays Bank ... II 

Boots 25p 

Distillers 50p 

Grand Met. ...... 50p 

The ubore list of actire sloriM is based on the number of bargains 
recorded yesterday in the Official list and wider Rule 163(1 ) (e). 
* Premium. 

ON THE WEEK- 

no. 


10 

sun 


926 

720 

10 

316 

+ 4 

317 

233 

1(1 

344 

+ 12 

344 

1W« 

10 

2SS 

+ 6 

201 

226 

10 

382 

+ 10 

R(>2 

484 

0 

324 

+ S 

32li 

256 

s 

280 


304 

227 

R 

138 

+ I 

138 

99 

s 

33S 

+ 11) 

368 

296 

s 

233 

+ 4 

234 

184 

ft 

207 

+ 5 

208 

163 

8 

115 

+ 1 

121 

87 


Denomina- 

oC 

Closing 

Change 

1978 

1978 

Stock 

tion 

marks price (p) 

on week 

high 

I(V. 

ICI 

£1 

1 t 

410 

+ ia 

414 

328 

BP 

11 

r» 4 

SOU 

+ 12 

926 

720 

Shell Transport... 

25p 

34 

582 

+ 14 

602 

484 

BATs Defd 

25 p 

4S 

280 

+ 2 

304 

227 

De Beers Defd 

R0.05 

45 

437 

+ 5 

464 

285 

Distillers 

50p 

45 

297 

+ 15 

208 

163 

GEC 

25p 

45 

316 

+ 10 

317 

233 

Plessey 

5Qp 

45 

113 

+ 12 

115 

87 

Beecham 

25p 

44 

730 

+26 

730 

583 

BICC 

5dp 

43 

138 

+15 

13S 

99 

BTR “New" 

ni)/pd. 

42 

55pm 

+13 

55pm 

42pm 

Burmah Oil 

£1 

41 

86 

+ 4 

86 

42 

Marks & Spencer 

-op 

40 

90 

+ 6 

93 

674 

Boots 

2jp 

39 

233 

+11 

234 

1S4 

P. & O. Defd 

£1 

39 

89 

+ 31 

118 

831 


BASE LENDING RATES 


A.B.N. Bank 10 VJ 

Allied Irish Banks Ltd. 10 % 
American Express Bk. 10 % 

Amrq Bank 10 % 

A P Bank Ltd 10 % 

Henry Ansbacher IP <Y, 

Banco do Bilbao 10 % 

Bank of Credit & Cmce. 10 ^ 

Bank of Cyprus 10 % 

Bank of N.S.W 10 % 

Banque Boise Ltd. ... 10 % 

Banque du Rhone 101% 

Barclays Bank 10’% 

Barnett Christie Ltd.... li % 
Breruar Holdings Ltd. 11 % 
Brit Bank of Mid. East 10 % 

I Brown Shipley 30 % 

Canada Perm't Trust 10 
Capitol C & C Fin. Ltd. 10 % 

Cayrer Ltd. 10 % 

Cedar Holdings 10 

I Charterhouse Japhet... 10 % 

Choulartons 10 % 

C. E. Coates 10 

Consolidated Credits... 10 «r, 

Co-operative Bank *10 % 

Corinthian Securities 10 % 

Credit Lyonnais 10 % 

The Cyprus Popular Bk 10 % 

Duncan Lawric 10 % 

Eagil Trust 10 % 

English Trunscont. ... 11 "n 
First Nat. Fin. Corp,„. llja^ 
First Nat. Secs. Ltd. ... 11 % 

I Antony Gibbs 10 % 

Greyhound Guaranty... 10 % 

Griudhiys Bank +10 % 

Guinness Mahon 10 & 


■ Hambros Bank 10 % 

■ Hill Samuel S1Q % 

C. Hoare & Co tlO % 

Julian S. Hodge 11 % 

Hongkong & Shanghai 10 % 
Industrial Bk. of Scot. 10 % 

Keyser Ullinanu 10 % 

Knowsley & Co. Lid. ... 12 *7, 

Lloyds Bank 10 % 

London Mercantile ... 10 % 
Edward Manson & Co. 11*% 
Midland Bank 10 % 

■ Samuel Montagu 10 % 

■ Morgan Grenfell 10 % 

National Westminster 10 % 
Norwich General Trust 10 % 
P. S. Refson fie Co. ... 10 % 

Rossminster 10 % 

Royal Bk. Canada Trust 10 % 
Schleslngcr Limited ... 10 % 

E. S. Schwab lli% 

Security Trust Co. Ltd. 11 % 

Sbenley Trust 11 % 

Standard Chartered ... 10 % 

Trade Dev. Bank 10 % 

Trustee Savings Bank 10 % 
Twentieth Century Bk. 11 % 
United Bank of Kuwait 10 % 
Whlteaway Laidlaw ... 104% 
Williams & Glyo's ... 10 % 
Yorkshire Bank 10 % 

0 Members ol Uw Aco-pww Houses 
Comitiinep. 

r 7-day deposits 7<". 1-mnnth deposits 
7i%. 

t 7-dajr deposits on eviju nr '1D.DIW 
and under up io £23.000 7Jtt, 
and over OS.OTO 

t Call deposits . over 2UHM 7<5. 

1 Demand and deposits 71ft- 


NEW HIGHS AND LOWS FOR 1978 


The followlnp securities Quoted in th« 
Share Inlormatlon Service vesterrty 
attained new Highs and Lows lor 1978. 

NEW HIGHS (133) 

COMMONWEALTH AND 
AFRICAN LOANS (1) 
AMERICANS (1) 

BANKS (2) 

BEERS (41 
BUILDINGS (10) 

CHEMICALS (4) 

DRAPERY AND STORES C9> 
ELECTRICALS (S) 
ENGINEERING (181 
FOODS (X) 

HOTELS (11 
INDUSTRIALS (33) 

LEISURE (3) 

MOTORS (2) 


NEWSPAPERS (31 
PAPER AND PRINTING (3) 
PROPERTY (B) 
SHIPBUILDERS (1) 
SHIPPING (1) 

SHOES (21 
TEXTILES (SI 
TRUSTS (9) 

OUS (1) 

OVERSEAS TRADERS (21 
MINES (1) 

NEW LOWS (4) 

ENGINEERING (1) 
Shakespeare (1-1 

INDUSTRIALS (2) 
Bnttalns Wilson Walton 

OVERSEAS TRADERS (1) 
Nigerian Elec. 


FT-ACTUARIES SHARE INDICES 

These indices are the joint compilation of the Financial Times, the Institute of Actuaries and the Faculty of Actuaries 


RECENT ISSUES 


EQUITIES 


B 

isJlifi: 1973 ! 

Slock ! f ^ or 

i ~ 


15 | - i High 

j ^ | 


99 

K.P. ; 91,8 ol ' 

a f 

Cartiers 78 ( + 1 

iNi 2.4 1 d.l! 4.7J 7.0 

f 5 

r.P. ■ - I 121 .,; 

« 

Kid r»,V .....1 101; 


55 

, 84/6! 94 ; 

S3 i 

dun tine P«r. Service*! SO , + 3 

4.651 3.0) 7.81 6.3 

115 

F.P. 8,9; 1M f 
I 1 1 

tie i 

I ones (K.) iJew’Lra/ 10p|158 | + 1 

35.5] Z.l 5.413.8 

i i 1 • ■ 


FIXED INTEREST STOCKS 


= V 


c z 

Jj* 


£J- 


1378 


HStsb I law 


I w I 


Stock 


f i+ 
if “ 


i 

i 


io P| - 
t.t*. 

f.f. 

BSSHaj K.V. 
E10O |£50 
y.p. 
f.p. 
FJ. 
F.P. 
F.P. 
F.P. 

y.p. 


£100 
£99 It 


13/10, 

B/9 

15/12 

15/9 

29/9 

189/9 

7/9 

29/9 

37ll 


fP — 


W>2PI 
991 gi 

100 
otifll 
9B ' 
* 

93iri 

98S8 

100 

99ig 
78 j 
en 


13p, AudlotroQlc lZ% Coor- I'rt 

98 " ' *■ 


tte 

994, 

eoi 4 


i 14ri|-f>a 

Blnnlogharo V&r Jiiue W4»... i g9i a +ig 


+>4 


+1* 


lOOp 

RlUv. 

*I00P 


F.P. 
p.r. 
F.P. 
F.P. 
; r.P. 
I F.P. 
£99->i|F.P. 
899 F.P. 


I 79 | 121 ; 

! 1.9 ■ 101 p I 
;29|9 lOtip I 
1 13/9 : 96 | 
Jib -9 | 99 | 
I _ j 891-1 
I — * v fl; 


UsSyus IO55 "! 9B1» 

Camden V«r. Bale 3«<1. 1925 agjj 

Oo. by* Hot. 19© ! 504, 

lOeul ml i •sbei-rwtjod 10J Prpf. J gg 

98 Cmeby Sprin- InieHore 10» Prel ,, '98 

87p IE.K.F. tO^Cnm. Prel '!b9*P 

98 |Eart Ana-. a Wats' 1% Hod. Prof. 1355. 9tj 

tfcUiG. K. Holnin. a Pref Ijpg 

| Howard A W>-udb>m 18% Vn*. Ln. 101 

99l4;Keusintfli>ii ami lut-n-ea Vor. Hate. 19do.,_ 991a! 

78 Latham Jainc* 8% Cum. Pnef~ 78 

co ‘ M.xiloys 12% Partly Ccmv. Cdb. Lu. 'E 6-'&8 88 ... 

Ho JXcarettl and /ambra 9% Cuv. Pn?l [ HBH-t- 1 ! 

X ■ irtinin piyn Var. Bate Ket. 1985. 99ral 

- 93ji| I’ll mail IW; Cimi. Pr»-t... "| gg™j 

Sbip.ltavl-w.-k 101“ Cum. Prel i .ii'lOlir'+Tk 

91 ;it.Anrk9** Cum. Prcl 1 96 j+1 

bOlc.sr-Uiehvrtrke BerudSi^Cum. Pr*.( ' gg ‘+J 

$jlfi •'tmtbclyilr Var. Hate I9S..._ ggi, J 

'UafeWaniti-wurtli Variable 13S5 ...” ggi 4 j 


41 RIGHTS” OFFERS 



Laiezi 

Benunc. 

Dale 


1378 


BicO ( Low 


Stock 


19/9:27/10 


30.-8124/11 


21(9 


3(11 


i pm 
Sspm 
40 
74 

18 pm 
. 20pm 
— i3l« put 


4pm 

«r 

OT 

It pm 

20pm 

Mpm 


lAatonwn Btct 

B.TJL 


Bank ot M'^ntrea/ 

Blackwood Htelee 

Chubb.. 


C'Uwint- 

Pnce 

Pt 


+■ ,1f 


Spml + 1 


SS^m 
71 

18pm 
2 Upm 
Bleptn 

Ml proi 
iSJpoi +? 

ir \ :::: 

Bdia^Ua 
liu | — 
87um,+ I 

122 t 

99 1 + 4 


C'ie. BY. Petroled ””! 

D«aaria 

— [.Nil pm XII |an Globw and H wMUJt 

— !l 2 $pml lOpm -laltla) demon. 

— i Bpmj tpmjttKuaiuk Hidga... 

10.9' 21/9- 9d | 79 ILrtvt, (Wm.j 

11/9 27/10 EepmlEZgi-m! Lex St-rVK-* ' 

21/B 19 { til ] IU4 J Property Partm-raluin 

— | — b9|iut fc5]HnlKlotnl.. Hue ') ' 

25/8- 22,9' Ua II» iH iiihiiti? JYii'-ht-.b.* CYCmlMlr 

18fl' 18,9' »rg , ftj lY.wkrft.re CIkiiiwk! .....I 


+4 
— 1 
-I 
+2 


Kemmciauun one usually last du igi dealing iree 0 i stuno Quiy n Kiaurai 
Dssefl on wosiicOUB estimate o Assurneq olsidcnfl am u horecas divMleiHV 

cner hiiHd ua Brenoiis vuui-s earmnsa. » DivWenn ana meM has« m dto»Sbs 
oi oUmt oftkaal esU males lor 1379. q Gnaa. i Kiguna assunteo. 

TO1 P 0 *™ hit dWdMHl or rantane onb fSr«mSS 

df leoocr. tt Hnena \o aouitrs « omxnarp chnns as a M richht » re ibdibu 

(w of captoJiMClim. ft mxtimum ten Her Dfte, K ReUomNfuted. n Tned to 
em aeam with nwismdsatton mnter or take-over. Htl imrwiucooii HlsTOd 
to termer mfoence holders. ■ AIIWdkw IrtTers (or faHy-paWlTo 
or naittopiM alUmnEia letora. * With warrams. • swBwoai 


EQUITY 

GROUPS 

and 

SUB-SECTIONS 

Figures In parentheses show 
number at stocks per section. 

Fri., Sept. 8, 1978 

IBS 

Wed.. 

SepL 

6 

Tues. 

Sept 

3 

Mon, 

Sept 

4- 

Year 

ago 

'«"*■> 

Index 

No. 

Day’s 

“S’ 

E SL 

Tidd*, 

(Max.) 

Corp- 

TnjPi 

Cross 
Dlv. 
ViddS 
l ACT 
a33%i 

EsL 

P/E 

Ratio 

(Net) 

Corp.- 

T»2S 

Index 

No. 

Index 

No. 

Index 

NO. 

Index 

No. 

Index 

No. 


CAPITAL GOODS 1170) 

247.66 

+1.7 

15.64 

1771 

a76 

24331 

24248 

24104 

237.59 

219.B6 


Building Materials (27) 

22035 

+2.0 

15.95 

5.09 

8.65 

21615 

215.26 

214.68 

21221 

197.11 


COTtrartin&Constmction (27) 

41021 

+12 

16.98 

3.78 

8.55 

405.40 

404.17 

40290 


33821 


Electricals (14) 

545D1 

+L5 

13.29 

3.40 

10.40 

53676 

53238 

528.71 

514.76 

455.94 

5 

Engineering Cootractoji 04) . 

356.70 

+13 


5.84 

7.48 

35L17 

348.91 

34611 

34424 

32600 

6 

MetKanical Eagineering72).. 

199.90 

+23 

16.46 

5.44 

&11 

195.48 

194.48 

19263 

190J2 

18171 

8 

3fe(a(s sod Uebl Famag, Mi--. 

174.42 

+0.8 

16.14 

8.15 

8.44 

173.09 

274.06 

173.86 

173.14 

170.82 


CONSUMER GOODS 











11 

( DURABLE) (S2) - 

221.07 

+13 

15.85 

4.79 

8.78 

217.72 

27.69 

217.52 

213.17 

20844 

12 

U. Qeetronicfi, Radii) T\‘ 1 15). 

271.41 

+1,9 

13.87 

3.77 

tVLIJ 

26634 

26677 

26689 

26a71 

253.01 

13 

Household Goods 021- 

18236 

+0.8 

1650 

620 

8.35 

18L09 

16087 

178.65 

17624 

18024 

14 

Motors and Distributors (2S)_ 

133.42 

+1,1 

tLE 

614 

7.33 

13L95 

13L60 

131.55 

12910 

12685 


CONSUMER GOODS 











21 

(N0N-DURABLE) <1751 

2222b 

+L6 

14.72 

5.43 

9.17 

21665 

2738 

216.51 

21244 

20176 

22 

Breweries (14) — 

235.93 

+1.4 

14.71 

5.95 

935 

23277 

231.66 

229.68 

22699 

210.77 

23 

Wioes and Spirits (6) 

29424 

+2.4 

14.48 


RiKj] 

287.40 

28232 

Z7727 

27028 

23876 

24 

Entertainment, Catering ( 17). 

267.99 

+13 

15.15 

649 

9.64 

264.48 

263.05 

262.06 

25539 

250.32 

25 

Food Manufacturing CU) 

21933 

+2.4 

17.30 

5.05 

7.63 

214.33 

21274 

21259 

209.69 

20303 

26 

Food Retailing (151— 

231.40 

+2.7 

13.12 

4.46 

1036 

22525 

224.06 

22262 

218.79 

213.74 

32 

Newspapers, Pnhlidiuigi 13). 

398.74 

+0.4 


3.19 

14.01 

39738 

397.25 

39337 

39136 

345/14 

33 

Packaging and Paper (15J— 

148185 

-0.1 

17.48 

7.14 

732 

149.02 

149.61 

14929 

14633 

14236 

34 

Stores (40) 

212.95 

+1.7 

iwl 

4.25 

14.45 

20931 

206.64 

20634 

20132 

189.76 

35 

Textiles (251._ 

18236 

+1.7 

17.99 

739 

724 

17938 

278.43 

17838 

27625 

17535 

36 

Tobaccos (3) 

253,78 

+0.7 

2269 

7.39 

5.46 

25214 

254.71 

253.73 

249.13 

23869 

37 

Toys and Games (6) .. 

119.41 

+21 

18.98 

535 

616 

11695 

117.09 

117.23 

11674 

113.76 

41 

OTHER GROUPS (98) 

21723 

+1,7 


5.43 

KT'Tl 

21333 


21148 

20835 

20691 

42 

Chemicals (19) 

307.02 

+12 

14.83 

5.90 

679 

303.45 

300.97 

299.87 

295.10 

28736 

43 

Pharmaceutical Prodnris(7i . 

28435 

+20 

H'l’fi 

339 

1226 

27891 

277.67 

277.43 

274.01 

0.00 

44 

Office Equipment (6) 

146.84 

+29 

1639 

5.18 

7.23 

14486 

144.05 

14276 

140.66 

129.61 

45 

Shipping (10)— 

426.70 

+24 

1437 

7.14 

R77 

420.75 


42026 

42035 

523.08 

46 

Miscellaneous (561— 

230.43 

+21 

1601 

5.87 

628 

22539 

224.43 

223.94 

229.91 

20738 




cs 


wm 

E3 

E3E3 

FvT^I 

FTT^l 

FT1 

EZ^II 

■"n 

Oils (5) 


nn 





Eiza 


f.+fl 

biiiil 

r 7 ! 

500 SHARE INDEX... 


ess 

tlfrR 

M'M 

E3 

EgEI 

E53 



KitHl 

61 

FINANCIAL GR0l/P(m_ 

174.03 

+13 


m 



17L78 

17203 


(77TTI 

164JZ7 

62 

Bante(61. ._ 

19634 

+22 

23.85 

*->7 

629 

19189 

194.05 

19222 

188.48 

17896 

63 

Discount Houses (10) 

21237 

+83 



tst 

— 

2UJ8 

210.66 


21028 

209*3 

64 

Hire Purchase (5) 

16337 

+28 

14.91 

5.04 

8.85 

16035 

26244 


158.83 


65 

Instuan ce (Life) (10) . 

14521 

+13 



627 

— 

14330 

144.73 

143.99 

14177 


66 

J osurai re (Composite) iT)_ 

13035 

+83 




— 

12934 

12834 

13136 

12868 

13484 

67 

Insurance Brokers (10) 

359.06 

+13 

13.19 

4.42 

10-85 

354.41 

355.83 

35321 

34721 


68 

Merchant Banks (14). 

85.73 

+21 

— 

5.64 

— 

84.83 

84.85 

8432 

.8437 

jCjni 

IS 

Property (311 

26132 

+0.8 

329 

2.87 

5269 

259.18 

25730 

25726 

25339 

r 

EU 

Miscellaneous (7t — 

11424 

+1.1 

2212 

7.31 

5.85 

11385 

11247 

11254 


Licrtll 

71 


228.53 

+21 

3.05 

432 

3281 

225.94 

22533 

224.77 

22324 

187.99 

81 

■ (, (fl -j W?* i ’ -i -i l m 

110.91 

+26 

15.91 

642 

7.65 

309.15 

207.59 

EM3I 

104.68 

101.04 

91 

M •i?-' -r - vL 1 1 iQ 

337.68 

+1.8 

14.77 

662 

8.48 

331.86 

32977 

328.86 

32732 

29214 

99| 

ALL-SHABE INDEX (673),. | 

236.00 

+1.5 

— 

5.19 

~ 

23234 J 

23182 

231.08 

22738 

219.32 


Highs and tows Index 


1878 


High 


Low 


24&V 

226.68 

413-M 

545.01 

3W.87 

199.90 

18164 


(22/8) 

122/8) 

mt 

mm 

m 

(22/8) 


226.33 (22/8)1 
279J4 (22/8) 
189.08 G4/9 
135.65 (22/8) 


225.49 
24157 
294.24 
Z75.26 
222.60 
.234.18 
417.65 
151J2 
216.22 
39L90 
26650 
122.26 
21733 

307.49 
28435 
14684 
483.01 
233.68 


( 22 / 8 ) 
(8/5) 
(8/9) 
( 22 / 8 ) 
( 22 / 8 ) 
iU/8) 
(267) 
00 / 8 ) 
( 22 / 8 ) 
021 5) 
(23/8) 

1 2m 

(23/8) 

(22/8) 

(8/9) 

'(8/9) 

(60) 

(lOW 


23681 (22/81 


523.72 (23/8) 


260.64 (22/8) 


17939 

20436 

22833 

17035 

15739 

143.46 

37221 

86.45 

26337 

117.64 


(9/8) 
03/1) 
(4/1) 
( 12 / 1 ) 
(9/8) 
(61) 
02/8) 
(23/8) 
(22m. 
(23 m 


243.9 2 
21236 
33738 


am 

<im 

(8/9l 


23936 (22/8) 


288.95 (213) 

16630 (3/3) 

28935 (6/3) 

404.47 (2/3) 

270.95 (6® 
149.87 (2 13) 
15422 (2712) 

17333 dm 

209.01 0/37 

16034 (6/3) 

10438 (2/3) 


179.46 

204.04 

22935 

219.62 

17537 

17633 

26939 

11931 

16517 

16035 

214.88 

93.79 

173.08 
238.69 
228.41 
117.48 

396.09 
17647 


(2/3) 

(27/2) 

(2/3) 

(213) 

(2212) 

m 

(213) 

(15/2) 

(2/3) 

(2/3) 

(15/2) 

(27/2) 

(3/3) 

(2/3) 

(3/3) 

(3/31 

m 

(3.3) 


18602 (2J3> 


417.98 (2/31 


205.42 (2/3) 


15335 

i7L58 

185J0 

13652 

124.97 

11623 

3012) 

7100 

21083 

99.61 


17648 

85.39 

26126 


(Z7/2) 

(27/2) 

0314) 

0214) 

07/4) 

(7/7) 

( 6 / 2 ) 

(27/2) 

(14/41 

(27)2) 


<6/31 

(6/3) 

(2/3) 


19115 1 2/3) 


Siocti . 
f ^piyiirtk ni . 

High t Low 


24695 

23364 

413.64 

545.01 

364.87 

199.90 

18164 


(22/8/78) 

(2/5/72) 

(22/8/78) 

(8/9/78) 

(23/8/78) 

(8/9/78) 

(22/878) 


227.78 (21/4/72) 
27914 (22/8/7® 
26322 (4/5/72) 
17059 05/1/69) 

22608 06/8/72) 
28187 (28/11/72) 
29424 (8/9/78) 
329.99 02/12/72) 
22260 (22/8/78) 
244.41 (27/10/77) 
417^5 (26/7/78) 
15112 00/8/78) 
21622 (22/8/78) 

235.72 07/1/67) 
339.16 (2/8/72) 

135.72 06/1/70) 
217J3 (23/8/78) 
307.49 (22/8/78) 
284.55 (8/9/78) 
24606 (1/9/721 
539.68(185/77) 
25683 (2/5/72) 


5671 (13/12/7- 
4427(31/12/7 
7148 (2/12/7' 
84.71 (25/6/61 
6439 01/75 
45.43 (60115 

49.65 (6/3/75 

3639 (6/1/75 
*2^ 0302/7 
63.92 (17/12/7 

19.91 (6/3/7S 

6141 (13/12/i 
69.47 03/12/1 
7688 (13/12/T 
5433 (9/1/7! 
5967 01/12/1 
5425 CLU12T 
55D8 (60/7! ' 
43.46 (6/1/7! 
52i3 (6/1/7! 

62.66 (11/12/ , 
9434 03/W • 

20.92 (6/1/7 
5663 (6/3/7. . 
7120 (1/12/1 

(22641 (3/3/7- 
4534 (2/117 
90.80 (29/6/1 
6039 (6/7/7 • 


236.81(22/8(78) 


54320 (15/9/77) 


26664 (22/8/78) 


2414101/4/72) 
28832(20/7/72) 
29333 05/72) 
433.74 (4/5/72) 
194.46(35/3/72) 
161.72 (6/10(77) 
37227 01/8/78) 
27657 (1/5/721 
357.40 19/1173) 
303.18 q 8/5/72) 


245.79 (25/4/72) 

175.90 (28/4/69) 

337.68 (8/9/78) 


239.56 (22/8/78) 


59.0103/0 


8723 (29/S A 


63.49 03/12/ 


5538 03/12/ 

62.44 (12/12 . ‘ 

8140 (10/12/ 
3683 0102/ 
44.38 01/7 

43.96 03/121 
65.86 06021., 
3121 (7/1/7 
56.01 (20/4/> 
33.20 (17/12r, 


7163 03fl2i ' 
6631 (30 IV ' 
9737 (M 


6192 03/12 


FIXED INTEREST PRICE INDICES 


British Government 


UoderSreus— 

5- 15 years 

Over IS years — 
Irredeemable*. 
All stocks 


Fri. 

Sept 

8 


204.95 

11530 

12132 

127.46 

11326 


Day'* 

change 


+038 

+037 

+6.40 

+0.76 

4028 


xd add- 
To-day 


029 


0.04 


kdaefi. 

1978 
to date 


670 

739 

936 

9.02 

784 


FIXED INTEREST 
YIELDS 

Br. Govt. Av. Gross Red-. 

, Fri- 
Sept. 

.'. 8 

Thor., 

Sept. 

7 • 

Year 

ago 

(approx.) 

1878 

Highs Lows ' 

1 

2 

3 

low 5 years.—— 

Coupons 15 years.—-- 

25 years 

8.83 

10.89 

1139 

834 

10.95 

3136 

622 

3034 

3134 

9.05 (6/6) 
3332 (5/61 
3196 (5/6) 

7.05 (3/1) 

932 (3/1) ' 

9.34 am. ■ , 

4 

5 

6 

Medium 5 years— 

Coupons 15 years.—— 

25 yean. 

2L63 

32.09 

win 

1134 

1234 

3215 

930 

3129 

13.64 

1191 (4/7) 

' 3233 am 
3245 (6/61 

930 (3/D - 
3038. 0/D • . 
1034 am 

7 

8 
9 

High 5 years.;—-— 

CouponB 15 years.,. — -- 

25 years..— — 

3135 

12.61 

1233 

3136 

17 

3235 

9.77 

1240 

32.48 

11.96 (5/7) . 
33.01 (5/61 

13.43 <5ffl 

947 am- ■ 

1133 (3/D 

3126 (3/D f 

10 

IrredcemnhlM .......r" 

1138 

33.66 

30.97 

3235 (28/6) 

980 00 


Prl. dept. 8 


J Index! Yield 
No. | % 


iHi.it. j 


TiW". Im.iii. 

Fri. 

1 aunt. 

St'l-L 

Scpt-ltM-pt. 

Ser-r. 

1 7 1 

e i 

-b i * 

i 1 


31 


Wed. 


Yw t. 
J- 

jappnni . 


1978 


dluue 

Ci,m|iilaUi>o 


Higlis 


La»a 


Hl 2 hn 


Lu ws ' 


il 

iaOyr.-Red. Deb. & Loans (19) ...| 61.81 ;tl244:674l |W.B4 167.04 
Investment Trust Praia. (35) ... 61.58 ! lB.B4l5l.3B |51.M bi.M 
Co ml. and Indl. Prefa. (20) . .. I 70.74 | 12.91,70.74 iro.B 6 <70.66 

167.83 157.73 {57.80 1 ' .&S7 S??' ! 1 

61.69 (•61.60/51.14 IbiA7 4TJ-21 l»/Jl 

711.68 1 70.84 170.67 170:75 17 L88 78.80 (ti; 2. 

56.37 I4»7i 
50.77 G»//i 
69.SQ i3uiT, 


115.43 pif]0,*5l I 37.01 (3-' 
114.41 il3 I 54.45 t«lt- 
114.96 (7/lU.Mi 147.67 ift 


PRarauKHitlcai Products 38/12/77 

other Groups • 31/12/74 

Ovonoas Traders 31/12/74 

Engineer! rr 3 Contranurs 31/12/71 

Mechanical Engtaerbo 31/22/73 

Wises and Spirits 16/1/70 

Tuts and Gaines 140/19 

Office E*trtpwcnt 26/1/79 


ZH.77 

63.75 

Ubin 

JSiJ» 

144. 76 
US. 72 
12820 


iDdiimiBl Grstcp 
MbttllmMK Financial 
Food Mantdactaring 
Food ReUiiiUB 
Imatrauco Brokers 
MIums Finance 
All Other 

t RedemoUap y)dd. 


31/12/70 
31/12/79 
29/12/67 
29/12/6 T 
»/U/bJ 
24/12/67 
10/4/42 


QUO 

13613 
-33613 
’ 9667 
-M68Q 
UL99 


A Ibt ef fln,^(ngpws 


nuuse, cannm Street. London, bia. i- 
13p. ter pest 22p. A wtaWnbr recard of aro*8» 
SubsecUon Indices, dlvldand yidds and earnings fl9. 
wneo 1962, with ouartcrir Piste and Hw "7 
Indices, h ofataiaable from FT Buslu e s* Enurpr, 
w. Bolt Court, London, EC4, at £40 per tm- . 


• Corected. 


L 


< -MM 




( 


• -j .- 

y ,. 


■ 































































































K 


Financial Times Saturday. September.# 1978 


AUTHORISED UNIT TRUST; 


, Abbey Uaft Tst. Mgrs. Ud. (a) 

T^ac, Gatehouse Ra.. Ayunibuiy. oa 

■SSfiftSjj 1 

. fiquitM P*»8- TrtjnU 75 S *2.1 


I I ' ' " " | ' — : — — 11 ' " - 

la) Fnunlington Unit JWgt. Ltd. fa> Minsipr Fond Managers Lid. ProiincialIJfelnf.ro. Ud.V 'save Si Prosper 

USB65M1 s “. Ireland Yarik E» -Ml SDH.' ©MMBOML ”"«*« Hif-, Arthur St .eca. ftl-IEUiBti ■■+!» n.«i«,p.g J i.. tr; .sTA'Ai Scolbit* Securili,.., Lltl.v 

-SI! 5 58 K^SwS»"ji..|3wT M4.S:.V| Ij3 J^h UllUi.S 7.W JjSlSid '”T. !s ; 5 'J.\l 

;ti ill aKa'^ElH fi|=j IS! ^.^SIS,^ ,,, ;^ 10T ™l>r»dI.I-.r,(olio>ln B r s .Lld.»«,,bH C J^!«S^' £6 =5“* 



Ji7|.-r.-[ 719 
si - 1 ‘i aar 
. a «: si * jr 


* Allied Baatbro Group* w ( K) 

RambroHje.. Hutton. Brentwood Esm-t 
385* or Brentwood i0277> 211-Ud 

' iabaod Fn<Uf 

Allied 1st— ....... — [70S 75 Adi +1N 

Pbil im9» Fund — UO 72.71 i 

',7rtfa.*lw 404 '•SZl+Ofll 

‘ - .Bw t * Ind. Der 171 359.7 +0 8 

tllMCnlUl 777. B3 x] * 1 <| 

_ - naabro Fund. 138-1 127 01 J 

. Umbra Act. Fd. .... 130.4 ' 139 ij 

Hume FuO 

Bifib Yield FA. — 174.9 M lal ,q w 

girh Income U9A 7*.lal +1 il 

iTh. eq. idc | 5ii 443, oil 


357 iM.At-cuu. Ibu 139.<l — -J 2.05 

Jul 

' Friends' Provdt, Unit Tr. Mgrs.V 

?‘<*ham Riul Imrlonil WM5M5 


1 >Td Queen Stro^i, ,<jn']Ji Mil. , in XkiTXo. Pn,d! - Fort folio Mnjjrs. Ltd.V imibHC) >>**«- ^ ft 1 !'* } ??5 ■■j .. . ' 1.99 

an.\ I'mu. [46 6 910) . . .1 347 IWIhow U-n-.B-HNSMl •■) .T*i-t,-e«' * Au’iJ ! il< s : ',, 6 7? 

u _ _ ■ ‘ inn 9flAAI_.rJ a ... I rue. +- '• " , * "-*' '■ •* 


Target Tsi. Ware. (Scotland) taKlil A lev under Fund 
'** Uholi recent Erlin.i mi -2318*71/2 ST. Hlr N..trc Imiw. Lii'.inllniuri!. 

T..r^Hi Amur Eiiple|39 9 321) -0 21 143 Alf-.„intli-r Fun.! I I I — 

1% lire.-: Tii 'stir fill 44 3-0 4 5 45 .*.»! ..,«l .olut- A-|il.-.nlrfr " 

Raitj lDc>>aie hV| .. |W4 64 9d|-r03j 9.94 

fc't* ™ . , ... _ Allen Man «*> «. Homs lnv. M»Jt. iT.r.J 

r, Trades Union 1'ntt Tst. Managerji* , ril . lM tr..n r r. j.,- r .l'm-m: 


KesrveleK Mufti.. Jersey I .id. 

Si]:... ii-i Mr] I IT. Jerse\..ihni: 01 ^087070} 
JT-JW 1 «fc| 1 — . 


Jti-:iilM-|.-\ . . 

I--; ■rl.n Sul 'I 

i-|. I- nr •!“.• 
K>'t »*l.. . 


FrJonrfi pro*. L't5 
L^.Acru m. . _ , 


V.™;EJ E|:!3 


fil ^' T ‘ l ' ni f Maoajjers Ltd.* 

4.B4 le - Finsbury Circii'.R.'ZMVUD 010480131 

4.4« nr.flote |915 984} *1 Jl 3J0 

4.09 Ito Are _ [ll2.0 1M.U...J 330 

4 47 «T.ln,- Frf.li|,.._ IM.9 I79.4d *I.« <» 


MhuIu 4 FtnO 
MterAMiaul — ,_l 

Celtic Fund ........ 1 

^d-Ot America-. 1 
,'[*1 75^4- E4*nipt» — f 
'1 lewdaHat FuiUU 

iBi]lirC«.'a Fd. 

MSnir.ra-iFd. . 
stewery Sit* .. — 

4 el Hht.tcnhy.- 
Scnm Eemlngi. 

' etpt-Smtr. Co'o™^ 


It 19[ 4.13 ti.T. I.' S * «fen 152J 

•j T. J BMn & i> 3 _. HbB 
I ,0 Bl 7 £A *?£ F -* Fd— 1412 

LjiI Zlf Inr 1 Fund. _ 254 4 
[-0.7] 4.I7 C.T. F«ur Ydf.l.d..-. 54 9 

I <ttll c - * A. Trust ta) fR> 
-0 3[ 1S5 5 -^ a vleich Rd. Bnenltouwl 

rOy 113 C, <t - 1353 

t 0 4 1.44 „ „ J 


r rdW 1«4( — 

fr-llsU IN.I ... — 

. 17 It T 93 — 

1.372 400 . .. _ 

£15 57 1705 — 

£136.34 1 1 003 — 


0534 1 73741 
24TM 
■n«4i4»s 
. | 12 00 
. . 12 DO 

U.QO 


■I ■■■■i - 


Gan more Fund 'Managers * l»Hg> 

4Z.H -D4 437 2.S! Mary A»e. EC3A8BP. 01-2833 

+03I 4J7 •= , *™eneanT«.,-.3aj 34.71 +B.JI O. 

1075+1.7 503 British Tu tAte-i-ElB iS.W-rOd 2 

47J -0.5 4 M lommud.te- Share. R73.4 .Utg+Zfl 2. 
UB +1.4 4J4 Ertra income TsJ_ 25.8 27.« +0J) 8. 

•2M.0 +2.r _ — * 


TCW.ilatrhoUM: Ril . .\l lesbury. 

N i.'.Eomly Fund . 102 9 194 5) +2 

NT Enio Re». Tsi 2175 12501-0 

M 1. . income L-'uinl.. 1583 IbStl *2 
N r Inti. Fd. {Ini- 1 95 2 J012i ' 

?: C. Inl). Kd I Air 1 9b 4 102 

N.Ll aipllr curs Fd UU 171 7i 


JOlJut -0 i 
102 a -o l 

171 7cfl +L5 


‘ NL ' 5> ® ,,r Cor * ta|1£L3 i7i 7i^ +Ly| iJi E^r^sipi.;-. 
!ai Rothschild & Lowndeb .Ugmt. ta) jhi! » F d a’u - ; .v. 

llOtMl enfin. Si Swillim- Line. Lrfn.. Ee'4. ul+SL+i 'Mpei Bx rtUinul I 

”3+0.8! 4H New r-| Erentp:.... 10370 MS Of . ; 4 17 . 

76 0| —1.11 7Jfc Prices oo .Sup. 15. tituilm- i«pt. 15. u "; 


■ W. 5»lr. GO'S ™tfW7.0 • 26Q.0) +2.0J 4 f,\ iriFarEwrnin_K1.7 *4J£0.1 05 

Hnjh Income T.vt. _ »1 7 S63n +0 7 Si 

' UKfrrsou Unit Trust Managers Ud. iSSXiKg rS-M v WA 3* SE 

M Fenrhnreh St EC3M SAA BCSPSll Inti. Rxenpi pj .. M2 7 UB9 +0.8 53! 

indermoti U.T. 156 3 «.7] j 3 Ba mlnU Th fAee.»_.(M.4 39lJ -0.1 09 

tnsbachcr Unit Mgmt. Co. Ltd. Cibbs (Antony) Unit Tst. Hgs. Ltd. ru _ 

NohleSL,OCaV73A- 01^38378. 3 ‘ ^ ' r * dprlck,s Fl.. 0, d Jewiy.ETS. 01-5884111 Universal Fdtdi ”ltl9 

BC. Monthly Fund |110 0 110 0* J 90 2 la.'^'.Oro^hn' |5 b n S “-'I *" N EL Trust Mans K, 

IrlmHiHltfeiiritiMlM < w . laiA. G. Jfur Rut* ..lZ7 7 30M 1 «»■» Milu.ll l ourl. riorkinK.S 

trbutbnot Srcunnes Ltd. (axe) EieaJins Tue*. TTWei Nelstar its 9 

^7, Queen SL London ET4R1 BY 01-23* SC«I „ . Nelw «r Ht*h Inc. .. BLt 

+0.2) 1071 Govett Uobn)* Norwich Union lot 

+01| *99 77. Lcrndnn Wall. K-C 2. 01-588 5(00 p rj fm* 4 -siopw.eh ks 


Ixtra Income Fd 109 0 

(isblnc Rind CL2 

(.Inna Umlsi... 58.9 
U*94 WdrwLUls.* 56.7 
‘reference Fund.. . 24A* 

Acciun. Uni C11 17.7 

'npitnl Fund 

'esunedi^FuDd .. 61 3 

Ircnm/Unitsi 88 A 

JOS WdrwLU.i — 53.7 

InAProp.FA US 

.teats Fond 110 

tecum. Uni la 1. W8 

joMh Fend 36 9 

beam. Uniui M7 

metier Co’s Fd 29A 

• astern ft inti. Fd.. 29 4 
ISWdrel.Uto.i_.. 22.4 

ereign Fd. . 179 

i. Amer. & InL Fd. 33.7 


1173 +0 
45.4ol +0 
63ae +o, 
61 On -0 
26 1 . 
40 6 +0 
»9 .. 
fce.7 ... 
96 0 ... 
504 ... 
SO Oh . 
441 +0 
517 *0 
39? +0 
47.6 + 0 
314 -0 
316* . . 
2*.1« .... 
1053 .... 
363 .... 


1 v-ci.ni. UnltM_... [2234 23161 . I SJ3 Ridcelieliiini Lrr.ilU+O 111 Dj ... .1 2 

■‘-‘apt. Sepi 138 6 143 M 3 55 Ridgefield Incnmr.lW.D 203 0{ . ...I 9 

«S77)2?raoD 1 An 'um.X. , nll*i.. . . (169 8 176 51 .. . | 3J5 „ . .... , 

37-91 TO .81 43s National Provident lnv. Haers. Ltd v KoUiSChUd Asset ManaKement ir) 

„ - . BH _. «■ urwechureh 5L. E. -JP31«n 01-623 4WO tTr™ Fund”' u 'T° v 

W V W*9** N pj t:ih llnT^i IA7 4 F9 ai i e ^ | ..£jl |l, f> Fund . 1C*. 9 It* 5j ■»+ » } 

IfflfsSSSS'Bf, J|- y Of.^S.'fcSf.Bl iS3:SS £ 

sj:;s i£ KaSraEiv-RS! *s ^-.si i 

1864 +2 2 2.77 AUcnH .11 New de+lins Sepl 58. v (■' 1%; 2m tU UL3 17 ? 51 +L6 4 

27.7 +0J 122 THce* on SepL 6. Nest dealm* iwpu 5u. t -° r * ta 171 4 

63n :°7 85o ^ at ' on *f Westnunst^rvta) Rothschild & Lowodeb JUgmt. ta) 

*l3 +0 1 5 77 J8I. iTlMpsid*. EC2V 8 EL'. 01-dO* 8DSn. Si Swillim- Line. Ldn.. Ec'4. U1+JL+1+: 

609+021 2 72 ^*Plt«lf4ceiiJn.i._.to9.7 749] +0.8 4 06 Ne#'(~f Even:?:.. .1037 0 14S 0) . ; a 

SSa -S'? 0 91 tetei-" »3 39 S Xoi lit Pr,CM 00 Am * 15 - '■ l '“ Uei,lin:: *“ PL 1! 

UMZS.1M w 1 ”::--::.. Ui <11^? 1% Row « l!nit ™ 

„ {’onfoliolnv. Fd 74 6 79 6 +15 4 97 Ci«j GnJc H;e . (■ uPhury Sq.. £' ■= 01 «* II 

ra 0l4n4llt Universal Fdidi _. 61 9 6651— 220 Amorc+nhej'i.l... 730 760] ... 9 

S| :*"• 450 NEL Trust Mauagera LtrLV (aHg) SgnVi'eid^rfV sZ^ 0 ^sSy+bs 7 

Sin 0J0 MilUinl'oijrl. liorkinK. Surrey. Mil >.lnun t : ml'< 19.9 H3 l\ *n.i. 7 

Wed. Nelstar... 165 9 6931+111 4 14 Merlin i'rpl B .. ..JS& 7 90 thfl ... 3 

Nelti ar High Inc. .. BL.6 54 3nC +9 7| 7 02 lAei-um ». nilii 105.9 111^)... 3. 


9.13 VK'.rtb.liie 


M^rii^-rn ,4-pi 0 .153 5 
• ln um I'miii 161 6 
Yji: iiulh Srpl i. plE 
i.Wun I'nil-i . . 64 4 


I y mu I . . 
- ■■! i.ilur .\ii|;i: 1 24. 


lA.ruHi L'nibii— 

I'.eneralSifpr «.. 
1 icpum L'nil.j. 


0 91 Financial 363 

Grille! h lnv 91 5 

td Income 39.4 

...i pertfoliolne. Pd 746 


34 b| -0 4 2 

^ 2] -0.3) 2 3» 
257 id ] 4 25 


“61 i.'.cruni ! nils. 
j 33 \MvKl.i Sejii.g 
■? " Do At rum 


jjj Tvndali Managers Lid.* 

171 1H.( omngeKojd iTiMol. 

4 67 Income %>p( G . 1103 2 20 

• .Afeuni DmL'.i . 190 5 20 


679 "" 323 Banli of America international S.A. 

77 d !'!!. 7 94 as ]!.wl..iuiii ]:.• ai i.,i viiih. .,..r n 

"Si ■ - i I! H’ldiutm: In.une.' |‘J.-1U:7 IL'MJ -9 *nf 747 

ME :.. IU i'nm 11 mi< ..-m -u*. dule 7e|4. 13. 

?ii iV» 7 8? Kaiuiur Rnis+lU^ lmniipti 

B5 6 +2 4 7.81 j |<„c He la K. li Hsu l.nKfvlb 

„ Kmla Hnnd I.F . IJ419 1978| -31 772 


Fiirm-i. r 1 .ua. 1. 1 1.135 

■.ui'ia-.e*. Inc . . 67 9 71' 


tii-i&pamo 
+ U 3.08 


Hi* »«int:i 
KB r'jr I'.l-i III 
K HI nil Pun* I 
r.H Jni’.-ih riiml 
K B I ■« ilv.'h !il 
Sigiirl hi rii'M-!.. 

•I mf.od. J'M- . 


83 C SC t 

Sl'.-!3 0a 
ll 'M2 62 
Si 'NS047 
Si MJ IS 
1ISS25 
19 80 20.K 


32241 Hare lajjj Unit-urn Int. it h. Ik.i l.td. . , „ 

;; j « D hur, « ■•'r*‘» - . Hel.-r. Jr, v rta4 7374 1 L '“> ' L ' ^ 15.” 1 0 '“ 

• nivT+'.liinniic ,..H'l 495 -0.2 12 00 

I in. I.illjr Tni.-I s.-li® su J 3 6*7- 

i.niie<uiiiru-4, . |: » sin SB . 162 44f ... .] 800 LEovils International Mgmnt. S.A. 


- K M a> l u-. J miduii iiig jgen i v only. 

i.loyds Bk. (C.i.) L7T 3: grs. 

»■ v B^.. ITS. S- Hell. - J.?r — > 0KM 279flT 


337 PuB"*5II.BelInr- 
3J7 Subag i7apii.il r‘-l 


- -A .- IlKito SiKO 
■5 sall-i.si 3 42 


SS ShlrSepi.8 (15L7 I 

8 99 Do. Accum. Unit _ |lB2 4 1 

J2-5J Men dealing day Sepe 

“M „ . 

447 r,ne '‘ eson Management 

A 97 M ‘Ire^hnm 4 t . EC 2P2DS. 

407 EamnetnnSepL«_|218 8 2 

2 81 1 tecum Umu>i 240 2 2 

2 50 Step (I.YdSepI 7. 1878 1 

i50 (Accum. L'nltsi _216 0 2 

244 Redes v Sep] r . 2345 2 

!H cAccum. Union .... 242 8 2 

3 92 CrnchKir. Sepco 1035 1 

170 1 Accum Units’. ... 107 S 1 

120 UetBrsli Sept. G 77.8 

155 tAccuUL Ueitoi 765 


Pearl Crmh Fd_ .03 2 27lJ--0 9| a. 

01-6084433 Aceum Units 29.9 322^ +0 J 4.46 

457 ^ertlnc 345 37 2/ +0.5) 685 

I 457 Pearl UiuiTrt 383 41_3 -0 *1 4 67 

7J8 'Accum. L’nltsi .. J494 532/ +1 Df 4.67 

"..._ 758 Pelican Units Admin. Ltd. igRx) 

— 34} «I Fountain 5 l. Uanchrsler 08K SSMU 


3Z2 ] +d hi 4.46 Save & Prosper Group Charlene S m . •. 'Gi-2^6327j 

37 2j +0.5i 685 4, Great SL Helen*: L-indun E>*7IP TIEP tSieml Mnh<n r>. i<* 

2V3"‘?S 2iJ 68-73 Queen Si Edinburgh EH2 IV. Standnrd I'm" 747* 1 335 

+J *9 *** Pe«linits I" Al-554 nh£<9 or 031 21K 7tl Areum liall* !75 4 S-lsi!.". I — 

1*0. IRRX) s ave * Prosper Securities Ltd.* wubdra-al Un.t. iss ? 5J7| . — j _ 

Mi agJWS lnlernal tonal hundB •mcwMS BnilM • a P ,**- mod 

99I)+D9| 465 r-.nji.] 139 6 4“ tl j D 4| +88 Ofandetjl.. . . • . J. l 7 IfJOti J 4 12 

Mngmt.V <a> Tt'u “I:"" “ ! g 4 29’ 3 +S a\ 5 It *«“■• u,uL ' llr ■ -1 

•s (H8 12 «« Unic Grenth |?4J 79 +0.9) 2.31 ' e " i ^ 

arrt .. I V19 Inooxine In rame Fund 551:11 tIi S t - L-*' 


+3i| 7 85 ini Scj.f rt (168 0 

:«ndo» Wall r.niup 
‘i » 1 + ‘ '-P'lal Growth 85 4 

)1 K,. rJVjj-3 \ HI .tri'um . . 89 5 

. .. j 217 Emth Inr Growth 40 8 

I 2 17 let Avl um 47 4 

S Ltd. 'at FniaucialPFity... lb 2 
..-1 Du. Accum 20 8 

'•! _'632.l .4,}.h| ni . pnoni}*.. 67 6 
InlertaliHnnl .... _ 32 6 
.... * j 33 Sit» 138 8 


9131 +0 9) 
957 +1 1 


7 m ".subjeui i.t ic. :.ml uithhulding iub 

4 69 

4 69 Barclays Unicom InL H. O. Mam LlfL 

}125 ^ Thi.«ni48iM . I | dii^]j*. > I.uJiL ■Irfiii 

522 LniiornAiw hi: 56 3 60 6)... 150 

5 22 I*** .‘um Min •• 17 5 40 4 1 50 

8.80 Du Gnr Pm-ilic 69 7 75 0 .. . 

Du [nil limjiue 40 5 43 6 8 00 

... iv. I m Man Tm .. i 46 1 496 -0J 8 90 

5 ^ Lto M+ns Mutual . 273 29 6cfl 1.4C 


Lloyds international Mgmnt. S.A. 

7 Kce a phutio I'm Bm !7B. 121 1 Geneva II 
l.lM,,|..|r.i Gm-.tli I.-.I-74J i 365 81 .. .) 1 50 
l.r>.> J.- f 11L Income |si797 5 3M fl| ( 6 50 


2 50 M i: C Group 

.- Three yu j. ■' T«rr H:i! v 7.R 5B1J 01-42S 4588 

BOO All^nlic-epi |JI S325 3 55) . I — 


509 *04 919 Bishopsgale Commodiiy Ser. Ltd. 

'S? 55} Pi.) Bn«4L*. li-jUli I u M. iWJ + LMll 

si-? 15 - 

37.2 +0.5 4* 


A'.I.nlif'iT.i •• 
.\ii 4 Ft S’.pi H 
■•ME' +»«• M' *. 
I •■[jnd 

■ .'.ecu ml ItlLM 


lii^ *0 1 43 22 

206 B| +0.1 43.22 


.1 II J+.+ .’Ut • .V.1U >131! ... — 

•'A.VRHU".SVm ■: £L865 L130I-OS1 +- 

M>fNT-5>|4 4 [i2 407 2 547I-0 3) L2 


■5ue*J at -$lu and 


Pelican Unit* J72 J 99!) +D9| 4 65 r “pjl«| ..._ P9 6 

2 82 Perpetual Unit Trust Mngmt.V fa) ITU*!. ..K74 

48 Han 5L_ Henley on Thames 040128848 Unj* Growth 1743 

3JBO P petuaJGp Gth ....(44 6 475) [ 3. 12 Inereasinjc Xncens* Fuad 

lid. PiccadtiJy Unit Trust falfbl Hlah-Yieid [57.6 


TSB Unit TTusw lyt 

2:,V.'hanLr>' W»w, Ando’cr. Hants. 0264 82186 
[/onlines to 0364 83427-3 
ib’TSB 1 tone rol... .1487 52.11-111 3.63 


1 Guardian RoyaJ Ex. llnlt Mgrs. Ltd. Piccadilly Unit Trust (aXbl Hleh- Yield [57.6 

vrchway Unit TsL Mgs. Ltd.tf faMd ^1 Eachance. ErSPaDh. - OI-OSSWII A » u «' tlw* I’nit Tnnl Hawn L«d. n J« h Income Fuad* 

'J7,Hifb Uolboru, WC1V7NL. 01-831 8233. 'aaiGnnrdh ill Tst _)97J J013«d + Lfl< 4J4 3. Frederic t's Place. Old Jewry. EC2H 8HD. K? 

rchwoy Fund... H5 9411 I s« „ 01508 4111 income r * J ' 

Wee* at Sepl. 7. Nert nib. day Sept. U. Henderson AdmicstratiouV faXcRg! Extre Income 130 J 337dl +0 4 9 50 l '- K - ^““1* 

l*remier LT Admin. 5 t laslelctl Rood Hutton. 2®** Vt s Fd.._. ..*2.4 46 4 + 0.6 4.60 UK Equity H6.6 

^ S H * Wc) • :a77S17S5a SfSif stiiA- mo :85 l% »i i 

ftKtfir“SiSrS S5S +g2f U£ 5SSS«=ri8S 4 JS «C= 

o AuM.Acc 80A 87.3 -o.b L64 i-“P- Gniwrh ACC . . (49 8 5301 +0.9| 256 Technoloer Fund.. U65 7ail+12 3A0 

e.AuLlnc. 63 6 *8 8 +05 1A4 imrwneiA 

n. Capital 71.5 77 Jn +1.3 413 Kish Incon 

d. Exempt Tut IUJ 133 0 -7 2 57s Hish Intern 

o. Extra Income .. 29.9 * 325 +0 4 7 69 Cabot Extra 


o. Evtra Income . .129.9 ' 325 +0 4 7 69 Cabol Ewra Inc. 

O. Financial (65 5 70.8 +0.7 C 6b Sec ur Funds 

0.500 [795 85.9 m - 1 0 558 Financial &- 1TU_ ,. 

o General 0*5 37.1 +06 56* Oil £ Nat Res 

o Growth Acc — . to4 4 48.0 -09 3 87 Intcmailarud ■ 

p. Income Tin . — [90.7 98.0w +0 9 5 72 ijobot.. . 

TffcTtt A'lto-Tat J345.1 1S27| ... 5 20 International 

rice* nt Aiifust 3L Next tub. day September Wld Wide Sept -t._ 


l +n a 1 17 cap. Growth Inc _ 149.1 
87 3) -0t> 164 Cap.uruwrh Acc . .1498 

tt K +05 164 & Asieto - -P5.6 

+1.3 413 Tliah Income Funds 

-ZJ 57B Hmhlnrwnn 165.0 

+0 4 7 69 Cabol Ealra Inc. — |M 0* 

+0.7 * 6b Secur Funds 

-10 558 F1nnncial*-1TU-..|26 8 

+ 06 564 Oil & Nai Res [3B.2- 

1-0 9 3 87 Inlernaliaaiil * 

+0 9 5.72 ijobot 193.8 

— 5 20 International ..[394 


JTIfb Income Funds 


33 7ofl +-0 4 4 50 UR. Fnndi 

46 4 + 0.6 4.60 UK Equity H6.6 

511 +05 420 Overseas Fandsizi 

54 4 -1-0.4 270 Europe 1911 

415M +il.B 4.00 Japan [105 9 

lb 4 -2D U» U.S 179 5 


61« 2) a 81 Sjn Alliance R'*> . : . .r. 'i.-.x. 1H1.3 6i 14 

Btp.Eq.T3L A UK 5 7 246 11.. I J Bl 

-a«a.ini tm rrhcFanilcFd . !::+: IMil-l.s, 32) 

U3RH21 l u Target Tst. Ltd.*.- Cahgl 


...) +J2 <b>TSB itoneral... .W87 

ibiftn. Accum. 62 7 

UL ihi TKEtncoBMp. b37 

ikii-tciui ‘ hl Uo. Accum. S* * 

, ^ « TSB Scmtiih 91 4 

; .1 < PJJ ibiLw. Accum. 97.9 


<b>TSS General... . 

ibi Dn. A ccum 

1V.1 TKE Income ..._ 


47 0 +14 
67. B +1.2 
70 7 -I 3 
97 2 -0.8 
104.1 +-0B 


„ lBt Bridge Management Lid. 

” I'.U. Ihix MB. Grand fat man. i'hi-TUh.1 !s. 

3.U N'Tiluwhl Sepl I. . i '.17021 | ) — 


Samuel .llociagu Ldn. Agt s. 

1 U I>ld Hruad S; Fl 1 UVr-88 6404. 

.1 pullu I'd Si-p: R. KF44 45 49 35 -0 65 J» 

J a] 4e»i An; 31 S Kill a » 44 0SB 

llTCrpNHPi « . 51 +11 H 1271 +0.1: 186 

1 17 Jrrs>.+ Aug 11 t5 6*. 6 19 . . 0 68 

1 17jcrs>i< sAufi.lfl £11.75 1236) — 


363 S fl 0, 5?. 5 ® 0 - „„| 1 Murrav. Johnstone llnv. Adviser) 

NwnFd bp 4. P.'93B HBl .[0.76 , fJS Hll ^p, .Ml -221 552 

Britannia Tsi. Mngznt. (Cl) l.td. I Il'Sl® ?7 i ..li.J “ 

3Uhalb.SuSl Ilclk-r.JvircV. U534 73174 *.NAV Aucuxl 31. 


3i.GrubamSt L.l 

50 ltd +111 4 78 TareetConuncili ; i 
au.icn +i_i| ore t jnec Flnanc 14 1 |t 


•*” '= ! 'Ci Ulster BanicV la) 

I'l-.+lmas' utSG r-S+ 1 Wannit Street. Belfast. 
LAK* 'I 41= fb'UIsltr Growth. -|39 9 


m 4T r mw l + j 

256 Accumltr. Fund .-170 2 7b « -1m 

256 Technology Fund., bb-0 722) +1 2 

549 Far Ejm Fd Ull SS.bl -Oil 

-Amencan Fuad . [27.1 29<p +0l| 

Practical Invest. Co. Ltd.* fyMe) 


97.9 -0 1 

113 4 +0 1 
85 4 +d: 


Seel or Tuntfc 


sgaxM as 

9991+121 248 
42 li +Q 4l 147 
BS5) +09| 4JT7 


3.01 PraMirnlSepi G ...|162 0 
194 Accum. UnJu [229.1 


AMncan Fund . [27.1 Xf'Si +Sl| “JS SS^.ZTTTfnn 

Practical Invest. Co. LtiLp fyMe) Financial Sera [76.8 82.5) +o.?| 

44. Blooeubury Sq. WCIA 2RA 01-823 BR3R RlRb-Mintanura Fandb 

— I 4 05 Select lorernai 1275.1 290 Jf +1.71 

4 4.05 Select Income [57 J b0.4|-0 8[ 


... Target Equity. 
i'S Tar«:E*,?«7't ^ 

Tarflel Gill Fund 
Tarcel fijnowt r . 

3 57 Tarcel Inti 
165 ivlteio-. Units. 
2.58 Target In' — .. 
Tijl Pr SepLd .. 

+ 04 TKL toe 

7 ™ Tci Pref. 

TlISbM^iISiL. . 


+:-J[-04 j 
t-4 .. .. 4 

433I+II 5 

225 £ «. 

TCt’ « t> 

122 4[ . 3 

52 0c -a S 4 
3'.zn -01 2 

3=6-021 2 
37 0) +0 4| 3 


+SIfltSS 2"3£ Britannia Tst. Mngxnt. (Cl) l.td. 

104.1) -0 8) 2^3 30 Bath ,; u g, Uflkr. J.-ircy. «534 

Strrllas UrnamiiuK+l Fds. 

™,_ ,r~,, Growth Inves] ... 1375 40.51 + i P| 

„ —a 3 f?+ 1 Inlnl. Fd 93 1 1«J 7^ + 0 fl 

42M+0.7) 4.97 Jersey Eneif - T'.l 136 9 148* -l* 


Unit Trust Account St Mgmt. Ltd. 

b£8 Kjrc.'ALlliajaS*. B.4R&AR. 01-423 AS 

3GD FnarsH’e. Fund .|1650 174.0[ . ...| 4.* 


t I'nnal ST«t Sif . '244 !5R+0D 

It. Ltd. Hifih Ini sun T-l j*a 0 99 M .. .. 

014034851 US. Hollar ttoBOminaled Fdb. 

| cm I'anillM .. [II 1 -5 7i 6031-01 

•" 4SS ini HitblnLTq.. . i-t il.97 lMd .. .. 


+0 4 4 08 Wieier Growth Fund. 

. '■ 7.90 Kinif W] IIi um SI EC4R OAR 

j 11 74 Income L'tnto. 1317 

—U 2) 4G3 Accum. Units [37 j 


01-4334051 

174.0] . ...| 

1 4.44 

33.4d 

455 

39-fl i 

455 

01-033-185) 

33 4«* .... 1 

455 

393 

455 


a Recovery 

O Trustee Fund . . 
t>. Wld wide Tst..... 

TOLlBj'd.lnc 

0. Accum 


ry. 160 4971.... 5 

Fond . 1233 1333 +2 7 * 

d Tst..... 54 0 58 4 +OS 1 

Lne 685 717 -15 4. 

71.7 12.0 +1 7 4. 


, Overseas Funds 

Au+tralton .1416 4*5) +0 3 232 

European 45 1 482 +0J 305 

UW FarEaU 87.1 93.2* -0.2 3 71 

J -52 Japan Exempt 100.0 . «... 340 

9-59 NJUn 441 *72 16* 

N -Am. Expt.SepL 1. 1333 133.9+05 25b 

X) Cahctt.Amor.SnL Co. [616 64.8 +05 125 


Value Srpt. & N-.-ct Ucaln.c Sepicoibci' ]!. 
jmjiai Brown ShipU-y Tst. Co. (Jersey) Ltd. 

. I *55 P.D.Bo*S33.>'.I.Heli. r.l-rse’. 063-17+777. 
..] 455 SIciIiqe Bono Fii .[(997 1C OOuJ .. .. | 11 70 

— Butterfield Management Co. Ltd. 

a I’M. Bus 106. Huroil:->n. Kirmuda. 


Negic S.A. 

^50 ]<».. I.o-iIl -. aru Jlu.al. Luacmbourc 

108 hA‘. a*jw.l 1 SLS1201 | J — 

1202 

Neftit Ltd. 

9 00 Bulk fit R'.-rmiJda Rlds.n.. Uamilldti. Brando. 
.N.-U i»|.i. [£ 6 31 — — 


Phoenix International 
m But 77. hL Peier Port, Guero+ey. 

Inter- tml l=r Fund |V2 4b 266| .] — | 

1 

Quest Fund MngmnL (Jersey I Ltd. 
J'O B’ltlW. Si H rlie r. Jersey. 0654 27441 


INSURANCE AND PROPERTY . BONDS. mMMj&W "?■ 

1‘rice ai biviambcr d. ■”■■1 draJios September, 


. _ . . . . , M .Mn-Expl. Sept 1.1133 3 138 « +05^ 25b 

uiug Brothers & Co. Ltd.V fa Ha) cahot-AmorSuLCo. [61 6 64.q +05j 125 

1. Leaden hall Sufi C3 01-MSatW nit , .... 

rattan Tn. [154 2 19T0rt . ....1 4M H,tI Samne I Unit Tst. Mgrs.t fa) 

j. Accum... [2310 241 oef. [ 4.20 4f. Deer h 5 l. Ei 72P ZLX O1-0C8AOI l 

Next sub. day September 13. ib< Bntuh Truitt. .. 163 9 175.4[ +-35i 507 

, »«iIlU'ITru« 400 42.8) +04[ Z72 

i*hops3ate Progressive Mgmt. Co.tp if-DoU-rTYusi. _. K5 

Bisboptsale. 01-awasm wl* 

5qu«jtalf5:W 8H :\::: £8 ®5KSB?!g£i“ g-J 

SSSSSK?-^.* 7 ?u 3: :: IS! 

rmub-doy -September IS. —September 12. [ntel V (aMei 


Abbey Life Assurance Co. Ltd. 


Crown Life Assurance Co. Ltd.f Lloyds Life Ar.:::.-_z*:c 


1-3 Sl Paul's Churchyard, BC4. 01-348SII I I'rovn Ufe H»e.. Woking. UU21 1XW WIW VJ33 jo. U '|i(tan Si . Fj.l 


p* sale. E.C2. 01-5888269 

T — Au gJWfl 95.9 208.71 J 3JH 

i-Aue-M. PWJ 24851 [ 3.21 

!LSept5-...p5 0 196 9x4 .. .. [ 2 02 

)Sapl5*...|2D5.2 218*] . ..I 2.02 

b day -September IS. —September 12. 


ibl Inrome Trust .... [23.7 
IhiSecurttyTrutl . [55.* 
IblRIpb Yield T sl_ 13JL6 

Intel: ¥ laHg) 

15. Chrl emptier Street. E.Ci 
Intel. lnv. Fund |925 


+0J 2-6* 
+05 441 

I +1.7 453 


Equity Fund 385 40 6 +0 7 _ Man* d Fund Aec . 1081 

Equity Acc 33 3 351 -0.6 — Mane'd Fd. Inrra ... 108 1 

Mu P™Perii'Fd 150 7 150 7 .. .. — Maac'd Fd. Ina ... 106 7 

507 P»P*n. w act . 15* 9 165 2 .. — Equity Fd Ace 1025 

1 7+ 5elecure Fund 9*2 992 +11 — Equip. Fd. Ir.rm..-.. 1025 

5 M CmtveniWe Fund 132 J 139J . ... — Equip Kd. Inlr 1016 

4 41 Pj*o«yFh«<l 123 8 129 5 .... — P7t.pen» Fd. Acc, “6 5 

453 «Top Fd Ser 4. . 128.9 1355 ... — Pmperty Fd. Incm. 965 

FMan Fd Ser 4 1368 144.1 . — Frap+rty Fd IniL... 9S 4 

PEquIcyFd Ser 4.. S6.8 388 -O.b — ln+ T-' Fd Acc. .. 109.2 

•Cnnv.Fii.Scr.4_. 1129 1189 .... — lav Tst Fd. In cm. .. Iff? 2 

•Money Fd. Ser. 4.. 1110 136.9 ■ — lnv.TSd. Fd Iml ... 1M 2 

Fnces ai Sept. 5. Valuation norma ty Tuesday. F ixcd Ini Fd Acc. . 99.3 

Fad InL Fd Incm. . 99 d^ 

Albany Life Assurance Co. Ltd- Inier !' Fdltom.I". 118 7 
31. Md ButIidrioii Sl V 1. 01 -+.TT SUB Monej- Fd. Acc - 965 


ridge Fond Managers* a He) !SiS!! < !S^?U Ci 9951 Life Assam 

BC William SLEC4R OAR UJ-6234B61 J “ P * 4 si.0*d BurtiBOoB SL V , 

per lean 4. Gen. t_ 127.0 M5I . ... 152 Key Fund Managers LUL (aHg> oEquityFd. ac^_ [1975 

StrilnS ” “ dll 5g ES.MilJcSL EC2V8JE 0l-»«7070 JSi^S '"L^SFoi" 

iisi”— S;, m'ii ::::: \t Hftl 39? ^K5Kii l,a * 

Sl -- ) : S ift’ ”MaJ IS 

jllne -Tub* t Woi rThnra. Prices SeDt a 6. KeyFtoedtnt Fd._ 58.7 62.3 ._.7t 12.7* 

* iM^TWott-CTnurs-Hicmi sept 3.0. Kcy Smalic<> . aF[i _[S e , 0 IImJa-uJ 5.48 GTiitohl^Aca 

ri tannin Trust Management fa) (g) raeinwort »*■»» Unit Managers^ ProtLPisnjwxh*. . 

Oatidon Wall Buildio**. London Walt. =P n F ^. nc .?ST ,, t St ' B: ' C3 ' 01-6238000 M pIeInvTe nj tcc 


iS'3^'3 PEqut^ FdSer 4 ilpbs" 

S'alni 7 7s •Cnnv.Fil.Scr.4-. [5 2 9 
33.9| +0-5) 7.75 yuonej. F d. Ser. A.. |lll0 


Man ad Fund Act-.. 1081 
Manc'd Fd. Inrm ... 108 1 
Manc'd Fd. Imt ... 1067 

EquttyFd Ace 1025 

Equip Fd. Inrm 1025 

Equip Kd. loir 1016 

Property Kd. Arc, “6 5 
Pmperty Fd. Incm.. 9(5 
Property Fd fniL... 95 4 
lnv T-i Fd Acc. .. 109.2 
lav Tst Kd. Incm... 109 2 
lnr. Tst Fd Inn ... 108 2 


1137 

■7-.1 

1137 


1173 


107 fl 

*1 

107 H 

■*T 

106 9 

—1 

1015 

+0 

3015 

+0 

1004 



Mlluiih ScpLd . ‘ - ,. — » 

uS^A-EutsSt 7 - “ Equity 2 ipL "2316 

oSs-AMibsfptT.'i+is :f»! : .. “ 

London I adrzni ! • -. k ‘; f.r.L T=s. Co. Ud. a - J 

1H-30 The Forhur? . I.c- 50151 1. Mm;d ni t s+^t' n " X3*> B 

Monev Manager . ■;.• j 33 . ■ — Vjnu;cd 2Sept. 8 1505 

MM Flexible . ''.!i 33 i +0 li — M..ney SepL 8. ... 10ft5 

Fixed I merer L.. 7 J*.(] . J — Monej' 3 Sept S..__ 1187 

. . , _ rTr.|«rtv Sept 8. _ 158-4 

The London e r^r.t*i»23^r Ass. Gp.'t* F>openy3Kept 1565 
Winslade Part. Fv-t s r. uWJ-52’55 S&fftSSV }&i 

■.'op Growth Fl-i d . 2'T' I -3 D‘ — Mai 

«Fles. Exempt F .1 * MCS -2 9)- SESSSftfSl.^ 


r.p-^7i|:-- r 

+?« - 


Schroder Life GronpV 
Enterprise Haute. Portsmouth. 


Equity .Sepl 
Equity 2 Sep 


5.79 OptS'A'Maa -Sep: 7 
— i.’pta'A'Dpt Sept r . 


li' - 155 7 . — 

.ks ::•+?! 

■— ? ^.s; . ... - 


UkutllnL3;+epcS 
InL Ul Sepl 6. ... 


•Fd them.... 96 8 


•Prop. Fd -Acc 
“’'pie lnv. Ac 


lnv. Acc 
Peo.Fd Acc 


20.FtnchurrfaSLE.C3. 


adon ECSM SQL 01+J3804TIWJ47I 

»«* — 1802 86^ +15] 462 

piul Acc — 992 63 7 +0.9 352 

mm a tod 624 A7.1rf +1 5 420 

mmodi:y_ — 8*5 90.7 +02 462 

, - memc- *2.ffl 452 -1.0 3 84 

WW - - - — 1205 1264 +L0 6B5 

"tra Income *13 44.5a +0.4 882 

r Eton 24 9 26.84 -0.1 2 69 

saneiai See? 689 742 +0.9 430 

Id 6 General 104.7 1125 -33 255 

JWtb 99.0 95 7 +1 7 351 

r & Growth 79.3 85J +11 6.77 

T Growth 71.1 765 +0.4 ZOi 

■ert Tst Shares- 50 0 53.8 +0 6 329 

. . .. neralK.. 926 4SJ -1.4 2.84 

.(.Hijclitnc 89 5 963 +1.7 7.54 

wI*um.._ 392 42 1 +0 6 426 

— -*rti American 523 344+0.2 1.64 

rfewiDuai- — — 5665 584.0 +LL2 4 23 

sperty Shares _. 14.7 15.9 m +0 2 2.58 

:«ld._. *91 52fia +0 8 4.05 

,tuj Change 333 35 ta +0 l 4 65 

1+Ensrgy 34.4 37.0 m + 0.1 239 


arafts? BMSte 

u^to^ ill KB Fd. Inv. Tats.. 

J* KB-F<UrtTXJAcr 
»+j£i5] JfS KBSmlrCosFdlnc 
Sdllfa 5« KB Sm.Cc*.FdAvc 
HlafaY1d.Fd.lnc- 
High Vld. F*1 Acc 


01-6238000 
....J 522 

...J 512 


Prop. Perigee. 

M'ple lnv Pen-Arc 


m 

209 


3149 +17 
114 9 +1.8 

113.8 +lh 
1942 -r02 
10*2 +62 
lT«.f +0.7 

124.9 +<jj 

1018 

1C18 .. . 
1141 +12 


2*3 9] — 

133.1 .... — 
■1464 . .. — 


T.c 16-30 Ttie ForSur? <•'. . l, c -sCi511. 
_ Monev Manager . , ’3*' 

_ MM Flexible . ''I > 31 i 

1239 Fixed ImereiL. 7 j*.(J 


Capital International S.A. 

37 rue Xnirclijnv. Luii'nihuunf. 

■.'aplioi Int Fund ..J $U:>19.29 j. 1 — 

Charterhouse Japbet 
I . KoirrniKier Ro« . LC4 01-3+8 3M 

Adtropa )Dj.?3(l 90 rtfj+310 4 6 

Adi verba .... r* '.MOW 51 *0 +0.1 j 44; 

Fundak P'JH 10 33 SO .. 4 9: 

| Fnndis IriVISM 3JB -0.1C 501 

Emnervtr Fund .. . til 55 C 35! .. — 

Hiapasu..._ I'AsMH CH ... 2* 


+‘.«i 7 «jT Maimuoi 
+ 3i-J iK Dr, Hold F -1 
+0.1u] 4 43 LH, En, 


Richmdnd Life Ass. Ltd. 

+8 .+ tin *1 Street. HivuKlus LM M. 
i'.TheSih+rTnisi 107 10« 

?> ivhraonvi B«n<i trr 1718 lfii 

Ihj KLtiniiai Bd 137 0 13: 

Df Cold Fd 313 8 11« 

Uu Bm iTT.KPil. . 165.4 17' 


». ■ 0424 33014 

109 71-1 31 _ 
188 2 -0 2 10.75 
133 5-12) — 
11981 -1.M - 
1741 .....J UJ5 


Crown Brt. Inv.'A'— (lii 8 — | ....“] — ttExpr^frt^T^. Fd J iT^'s 

Crusader Insurance Co. Lid. inJf^TrtStPhac*. 1+57 

Vincula House. Tower n,SC3 01 -6268031 Pmperty F^ind . . | 3*2 

GUl Prop. Sept. S-.I72.6 8M| [ — Gut Deposit Fd. . . , 1PC 5 

Eagle Star Ins ur/KJ dland Ass nr. M &-G Gr9a?*7 

1. Thread needle Sl EC 3. 01-5865212 S '‘ 3R6B ' i 

EailaObd. L'nlto „ (56 J 584[+lo| 586 ^iSon-. ■ IM.9 [ 


Z KacJeOUd. Unit*-- [565 58.4[+10| 586 


425 AMETV Life Assurance Ltd.97 Amersfaom Road. High w, 

425 Alma Her, Ainu Rd . Reipatn. Rebate 4OT0L KquityFd.. IlgJ 


Eqnity & Law Life Ass. Soc. Ltd.U fVposit- |11«3 12! 

Amersham Road. High Wj combe 0484 33377 F*mi& w5o«- Z. :!«?« ~ 


S3 “ I t;2 AMFV Managed 

1 1.3— J j-s JSSvSSSww 

5U1 .—J 6.4S AMEV Equity Fd 


1517; - 

127.W — 

111 - 6 ) — 

022-75 — 


12*71+711 _ 
1132) • 1 — 

ns? +o.d - 


is L t C Unit Trnsl Management Ltd.V Xmev KS^W 

255 Ttw Stock Erhange. BC2.V 1HP. 01-568 2800 ASffiVMcZlVO.Fd. 

3.61 LLCInc.Fd. [1452 1495M -02( 854 AKEV Ned.IVa B 

6.77 L&C Inti Si Gen Fd .pOSB U22j -o3f 131 FIwipUn...___ 


1493rf -01 

oua -o: 


8S 4 AMEV Mcd-IVaBIlOlb 
151 Flex i plan — . .[loOl 


Equity Fd... 123 3 129 7- +7! _ FaraiC'SW. . 1*7 9 

FropertyFd. 107 6 113 2) . _ liihRond— .. U*? 1 

Fixed Ir:erer+ F. . 10*7 nS4. +0.o — Intent* mi Bead" foil 4 

Ctrl Depoeil Fd ... 100 0 105.3.. _ M*n,ued Id/” . .. WJ 5 

Mixed Fd U43 i»31+0fl! - p-„~Vt> Hd;- ! Sc l 

General Portfolio Life las. C. LttLV UJJUh ad.-" Hi 

80 BarliitJoniew Ct. Waltham Cross. WX3IB71 Axnenc. n :-M Ed.- . 5&.B 

ForUnlio Fund.—.. | 147.6 J - ... I - 

Ponfolio Capita) -K23 «.4f ! _ ****• ur * 


B-SPn-CpB Sept. B- 122.6 
^77 MPflAccaSepta.. mi 

“4 S) — MnPnCpB Sep! «. 2063 21 

— MaPnAccB Sept. 8 246 7 25 

?t| — Fvd tot Pea. Cap B 968 iff 

— KtdtoLPnAcc.B-.97 9 ID. 

fSJ — Krup Pen. Cep B 963 10 

- prop. Fen Acc.B... 973 IB 

“£t “ Money Pen. Cap. B 964 10 

— Mcaej-Pen Acc. ts 973 10: 

Ov««»sA %.0 00' 

Scehish Widows' Group 


Clive investments (Jersey) Ltd. 

P G. Box 320. St Hvl icr. Jvrac;. 0T3* 3TJdl . 
Clite '.ill Fit .C I.« [980 9B4[ .. .. [ 11 00 

Clive Gdl F<L*Jjj.i K .77 9.81] | 1130 

Corahill Ins. I C uexn&r-y i Ltd. 

Pm Bax 157. Sl. PeUT Pott. ‘.ii+mri-V 
JninLMan. Fd. [1773 193 01 | — 

Delta Group 

PO. Bax 3012. Nas.au. Bahama*! 

Delta lnv. Sept. 7... IStSLll 231) l— ' 


- Rothschild Asset Management iC.I.p 
-dS |>n McM St .'uliai.M Guern+vx. 0481 28331 
i>t k« Ft Aui! Jl 157 4 60 M. [2 68 

«i*' Inv.Kd Sc-pl l 161 S 171 9 ... 6 81 

Ml. H C Inti Fd l . 6138 1*3 120 


tv no ‘VSmi'or dAug.il .11540 }U8d .. . 
1160 OC I'ntnniudKv.. U3 0 152 W . 

Of Dlr.i'unullyt 627 71 3937) 


•pnevii im aui X\ Ni-xt dealinc Sci* I* 
IPru-ea ua Siptomber 7. Next dealing 
bvplumfaer 2L 


Koval Trust iCIi Fd. Mgt. Ltd. 

TO Bov UK, Rival I si. H^e., Jersey. 0534 2744 1 

KTfnilFil IU 69 a* Jl 471 | 3 00 

RT toll ill. ‘Fd 1*3 0 WOl . .1 321 

J*nves at Svpt. 5. Neal Ut-alini* September IS. 


— Pt> Box OuC, EdtoburphEHieSBU. 031-8558000 Cuncentra - 


Deutscber Investment-Trust 

I'ortiach 2685 Bieber^ojxse s-iotkiou Fr+nkfurL Save & Prosper International 


1171 . . 
15»2 +1.1 

InEi 

«’ lfl . .. 

77 i 


z lnv Ply Series I 11L5 1115 +1.* 

Z to' Fly Sene* 2.-.. 1M2 110.0 *1 * 

_ In't-athKepuB - 990 104.1 +0.1 

_ Ex'. tAcc Sept d . 1451 152.0 

z E'UUnt Sept d. _ 1*20 148 1 -01 

_ JIpl Ken. Sept 5 ... 27 1 0 278.0 -0.9 


_ | Ini Renicniond*.- [1*5168.30 


22)01 I — 
7BS9j+0 4fl| — 


c-lutnew Ct. Waltham Crwss. WX3IB7I Amenc. n l-M Ed.' . [56.B 59jd — 

> Fund.—.. | 147.6 [....[ _ Japan FiLd* ..|«!9 Woj | — 

k Capital ... (423 J _ Pr>ee. er, -Sept e ■'Sd7* “ — SepL tX 


_ iiolar Life Assurance limited 


I Dreyfus Intercontinental lnv. Fd. 

P.U Bus N3712. r.'a*-.**. Balient+i. 

NAV SepLS .|5lito71 ;7n| | _ 

Emson & Dudley Tst.Mgt.Jrsj.Ltd. 
P". But TJ.SL Heller. Jer»ej 0534 2055 


to-a line ti- 

'.IT Bri.jd M lidier. Jersvy 
V S. Dallar deaMnlnatrd Fundi 
Ulr Fid 111 **: . (930 9 87 

in'ereai iir‘; ... 17 94 859 

For Eastum*! |5356 '57 95 

Nvrih A men van's (406 *39 

Kepru”: .. .. !15M 17.2b) 


It" 12 Ely Place taindun E CJN8TT. 012142 2005 Ellli'T .1127.9 

Nolar ManafiedS.. [1335 1«0 W +L1| — 


3J9 Lawson Secs. Lid. VfaHc) 

3-55 3T. Queen's St., Lnndon EC4R I BY. 01230 5281 


i'lZ tRaw. Materials ...V0 1 
XU f Accum. Udiisi ... *5 7 
Xj? ■Grc.vnh Fund,. . .. 60.7 

2 ™ *iAccnra. Unit") 6b 9 

an* rtilili and Warrant 39.6 
.'S JAmencan Fd.. .... 253 

, u S Accum Units) 263 

"High Yield *5 4 

**lAci um. Units) _ 65.1 


— _ Arrow Life Assurance 
'.,m 30. Uxbridge Road. W !*J. 

J'j7 Scl MJtrdCpUnL .[911 

2 jo SeUntFdSi.Dm .0087 1 

250 Pen.Med Fd-Zq .1131 8 1 

17? Pen.Mgd.Fd.— F.l... 1183 J 


Gresham Life Ass. Soc. Ltd. 


Merchant Investors Ars=.-jmce*T 


S-'-iar Propeny S_ 1130 
£< I ar Equity S. — 17n3 
SuIj.” FxJ InL 5. ,|ll 7.6 


Barclays Life Ask or. Co. Ltd- 


LUe Offiee Ltd.? fa) D*nJ *3it«. *Tu«^'tt Wed! iTburii.' ‘ +- FrL 
llance Hue, TujDbridReWeUs.Kt.tW2 22271 x „_„, „ - 

British Ufe IS*.* 57 61 +o.9j 532 *^8 aI * General Tyndall Fund* 

Salcnccd- 151.6 54JJ I 511 I8K»nynge Road, Bn*«oL (H723 

THvxdcad* K6.0 48.1} ....J 909 Ui*. Aur 16 16? 2 ' 6b >) .... ) 

•pncea Sept 8. Mert OMltnc Sepl. 13. (Accum. Units) 79.4 84.0) .) 


U37 2S2 Romford RiL E.7. 


__0WB Shipley & Co. U±f 
~ gr*.. Founders CL ECS 01-4K 

Unite Sept 5 — . (K4.7 2*164 | 

iCC.iSept.5i. — {204 4 3Cs2) J 

Mltlr Trtnii laV lei 

. lencial 1X3 38 5ad{ +05[ 

nero). -..-poo ZLJt +52 

■ iwth Accum [493 525 +Q.9i 

«th Income [59 4 418 +0.0) 

-n Inaiw . . lift B 515a +0J| 

U [22.3 23.7 + 0.d 

lex 086 28 9 +05 

irrenj Sj 223 ..) 

- iormance 16Z6 67.6 +0 Bl 

wvory_ ...[253 2*5 +03) 

apt August 10 . 163.5 6* | 


6i +Q 9j 5J+ oATgai ex ucnrnu lynoau ronn? uut-exKted 111 i 

Jj J 531 18 ttonynife Road, BnvtnL (C7232241 K^opcay — — 189.1 

Uis.Aug i« 16? 2 6b«) .... ) *63 S^25* d “ SV “ Guardian Royal Esc 

n Sept 13. (Accum-umlrs) 1794 84.^ J 4.1 3 fSSSfcSM+Z MLS 106.7 " ” = »2«l EseBmiw. tCJ. 

Next sub. day Sept 13. Do to iO — 98.3 - 103 5 . ... — Properly Bonds ...-U6* 6 

Leonine Administration Ltd. TktfiSSSm^Z »:? *98 9 ” ” ~ Hambro Life Aesur 

1 DuteSLLondoH WIM8JP. 07-MSSIWl Money Pen*. Acc. -. 101 7 1071... — 7 Old Park Lane. Lnndon 1 

Leo AcmimZZZ'. J ll.S) +l'| 4.26 ^ •CufTeeMinit value Sejwmber “ Iw o 

Lloyds Bt Unit Tst. Miigrs. Ltd.V (a) 5SE Sfc= JS5 

Retlatrar’s l*ept.. Coring- by-Sea. Beehive Life ASSBT. Co. LllLV Managed .«icc 1832 

Worthing, We* Sussex. 01-823 1288 71. Lombard St , EC3. 0i-«23 1288 i iiersea-. - .. 12B.8 

First (BalDud.i [Ml 593| +13) 412 BUt Horse.Sept l-| 134.25 | | — r - ill Edged 1257 

Po.i Accum i .(75 3 81 5 +1* 4J2 Amencnn.Acc 1053 

Second iCap.t 158 5 t29 +0*196_, . , _ Pen F.L Pep. Cap .128 7 

Do i Accum. i ms Isa +i.o L96 Canada life Assurance Co. Pen FLDep.Acc. 15X1 

Third .Ineom*. W» WA +14 5-59 z +| oIrB Sl Pollen Bar. Hena. PRar 51122 £S' 52K SrS 

fry 'Accum i . , „ 1 1«- 1 . B 330 4 -*■] ^ 5™ FVitvAthPd Com / | 41 * r 1 *7®P 3CC..™.. U7 B 

Fourth iENtoc.1 (641 68 9 +0.9 736 Re^FOd I fi i I Z ton- Man Cap 214.7 

Do f Accum . 73.1 78 5 -+ 1 6) 73* «*tntt. Fed. Sept | 126 1 l I - Pen Man. Arc £783 

Pen ■3iliEdC.<-=p — 122.5 

Lloyd’s Life Uuit Tst. Mngrs. Ltd- Caiwon Assurance L«L¥ S" -lihE*. A«..h29| 

72^0 tiatcltoUM Hd Aylesbury 0280 9M 1 j , Olympic Wy- Wem bley HaDON'B 01-B028876 Pen'. B S acc. ZZ . 145.0 


“S. •-FrL Barclay bonds* 130 fr 

md* c3tSuprtZZ”r mo 

eB5==8S3 


- Mono .*.!« ton » . 

- Growth 8t Sec. Life Ass. Soc. Ltd.V ^eporit. .... 

ul -534 'aM4 Welr Bank. Bray +m-Tba met rerks 002B3+285 jSwye-J *T". ZZ 
, * M4 Flexible Finance.. £LC67 | j _ ManafwJ Pens 




Land hank Sees. — | 5*64 J j — jfili! EquIljZ..' ]. .„) Ill* 

Land Sank Sr*. Acc 1173 120 6)—... — Inti Montised. I 10E.G 

(1.6 S. Super Fd. — ] £7.982 ) 4 — 

Guardian Royai Exchange 

Ro*»l Exchange. E.CJ. 01-MC7107 Ne | 

*.»^ |£6.9 

Pro perry Bonds — llBo 6 192ZI | — XelusEi * cum...|lK4 I 

Hambro Ufe Assurance Limited v 1 

70ld Park Lane. Lind on W1 Ol'Uka'XOl Nor«\ f.''r [r-.r'.ip..fei3.9 
Fixed Int Dep. — p26.4 133.51 . ... I - 2*1*2 !?•-.? 7 *Z e -E-f ; 

Eqmty 1M.D 200^ 1 - iSJKwhS £2"Si 


iml. Equity— 

InU ilonuse-l [ 


oi-roowan Administration Ltd. 

I 4 69 IDukeSL London WIM8JP. n 

Z“ \ 4.69 Leo Dint 183 7 85 0| + 

H " Leo Accum BZ3 93.o| +: 


Uan.Pcn53tccum. _ 10L3 

Do Initial 9B3 

GiltEduPena-Acc.- 96.9 

Do. buna) 95.9 

Money Pen*. Acc. _. VU 7 


m^sestai UoiveyPemTAcc.-" 

85 0 +1.21 4 66 Do. Initial — 

93.0| +1 Z| 4.26 ‘Current unn 


^ ™ r 2?:r * iff 1M» itotohou« Hd . Ay 

'ttoiLArruaZ-jm'? 5l3+oif *33 Eq idly Accum. [169, 

5ii “ & ® G ™ upv a 0 :, ,, 

Three Quar^. Tower Hill. 

pel (James) Hfuet. LttLy . s «’ "i«> stock &i*wi» JDe«lix 

Old Broad StBTN 1BQ 01-588 Mil D ^umfun-isZZ » 3 ^ 

^itaL — — (86.9 925+3 [ 538 AiiRlralasian 587 

owe JH3.a WW ._ 737 ■ Accum l nits' 59.9 

rjeer on Sept & Next dealing Kept 19). t'ooimodii}' - U.I 


^ Lloyds Bk. Unit Tst. Mngrs. Ltd.V (a) 
au Registrar’s L*ept.. Ooring-by-Ses. 
g WerOimt Wc< Sussex. 01-623 1281 

931 First lEtalnvd.i [55 1 593|+13[ 412 

338 Do. i Accum ■ ,)75 3 SIS+I^ *32 


+0 6 ] — 
+o3 _ 
-0?i — 

+ 14 — 

- 

+~ii - 


polar toll. V 1040 


140.6) +13 
1190 

185 6 +3 7 
125 8 +0.5 

107* 

1105 +06 
140.2 +L1 
118.7 . . 
185.1 +24 
1235 +05 
107 2 

1103 +0.6 


ii+ua+ivuki SlcrllnK-deamnlnaicd Knuds 
• , rS, xnarnelCapitolp U520 .2653) + 

I I 3-00 Channel l-.landiW 1155 5 163 7^ + 


Eurobond Holdings N.V. 

Handi-lkkode 24. Willenw+m/ '.'urar.in 
londoa Aceala: Inlet !S Chriuophcr r>(_ EC2. 
Tel. 01 247 72«. Telex- B8I4406 

NAV per shure September b I'JSSOBO. 

F. & C. Mgmt- Ltd. lnv. Advisers 
1-2. Laurence Pcuntnry Hill, cC4E OBA. 

01-C3 4880 

Cent. Fd Aug 30... | 5VS&46 | .. . [ — 


+3.8, 237 
+2 5 4.74 

L'l+nmod *"5 . *1297 1366^+2^: - 

♦SLUepaMS 3000 0 25 

K: Fixed* “r. -Ill* 5 12 ljJ .... 1150 

■Knees »n Auguat .10 "Sept 6 ‘‘‘AUCUat 3L 
llmlioi oiler. sUeekiy Dualingo. 


San Alliance Fond M a n g m l. Ltd. Fidelity Mgmt. & Res. tBuaj Ltd. 


Sun .Alliance House. Horsham. 
E*P Kd Ini Auc.0-1056 2 162.! 

ICL^nJJeptO— { £14.17 


0403 64141 P.O Box 87U. Hamilton. Bermuda. 


1 :: '.J = 


01-4090031 Nole\C.*r lr.erap„fcj.o 56.7) . 

| Nele.x *Il!" Inr Aee..|5S3 53 4, ... 

■il ... i — Ne , jttd.yc , ap_tel £5.6| .... 

R ! Z J-elMxd Kd Are -|<91 51. 6| .. . 

3 [ _ . -cAt Sub. day September — . 


r. 5311 

I - 

32CC -0 3 — 


ME E 

Be e 


__ San Alliance Linked Life Ini. Ltd. 


Fidelity Am. Asa. 
F'idelily Int Fund.. 

i Fidelity Put Fd 

Fidelity WridFd., 


Sl'S30 17 | — 

5U526 85 +0.741 -- 

VJSM57 ..} — 

SUS17.61 -0 0?) — 


Sen Alliance House. Horsham 040364 141 Fidelity Mgmt. Research ije.rsev) L«L 

FraedintcrwlFd” ; 107.2 fflSM Z- Don St. St. Holier. W 

toiereuMionalFd;'-' MS 6 mg -03 - fcnmlBiPWdLcT'l UJH i"" 3i 1 Z 

B££Ste*=8b Sl3+i3z tszvstfza au I = 


Schlesiager Inleraalional Mngt. Ltdi 
41. LxMfrHea'L.Sl. Hclier, Jcrsej 0534 73588. 

S.A I L [85 9E 8.66 

S.A 0 L. — 8 95 IM . 4 5® 

OlUFd.. ._ ....22 5 22 7K +01 1211 

totl Kd Jersey- ... 117 123 .. 299 

lotnl Fd Lxmbnt . II $1117 ”« +001 — 

•FnrEaat Fund .... 104 110| ... 2.73 

■Next sub. day September 13. 

Schroder Life Group 

Lnterprixe House Ponamouth. 070527733 

International Fuad* 


199.91 +21) - 

112V+0J — ■ 

117 o| ....71 _ 
214.41-031 — 



119 0 

126 5 

5 Equity . . 

143 2 

J52J 

frixej Inir^fl .. 

179 2 

348.(1 

S Fis«J Interest. . . 

1064 

3131 

sManJCed. 

1314 

139 7 

SMonuged ... 

124 5 

132.4] 


— NPI Pensions Maoagefnen: L4d. 


Sen Life of Cauda fU.K.) Ltd. 


+0.* 338 Do. 1 Accum 1 .{75 3 

+05 4 22 Second iCap., [53 5 

3 04 Do 1 Accum. 1 733 

+0 0 4 21 Third (Income) 890 

+03 600 Ok Mrrum 1 121.8 

455 Fourth lENIrr.l 641 

I«o. 1 Accum 73.1 


— 48. tiracc'iurch M_ EC3P2HH. t>i-C2342i« 2.3.4.C«>ckxpurSt,SWlY5BH 


Manae" Fund ...,|15S3 ' 165 1| .. J - 
Price.'- f<pt 1. Nert dealing C-ct 2 

New ZeaSaad Ins. C&. fU.K.1 LAd_V 

Maitland Hnuto, Southend SSI 2JS 07U1S2803 
Kiwi Kci lnv. Plsn.jlSc.b 15531 1 _ 


Maple unnh. 
Maple LI Mahgd. ... 

Maple LT. Eqly 

Pcrsnt PtL Fd 


First Viking Commodity Trusts J. Henry Sc. 

8. 51 t'.eorf e'a SL D*'Ui!lar. I ■■ M. I2n.«'heapFide. 

01-6303400 0«4 4BK. Lto AflV* Dunb.ir i LO. Ud. thcnJSepl d. . 
+041 — S3. Pall Mall. London SWIT5J1I 01830707 TnJilswJulv 3 

J — PS. Vik Cm Tst .137 7 35 flu) +1 31 2.50 .L.ianKd.5epi.‘ 

.._..[ — . 6ittA LDbl Op Tst. |690 73 J| | *.10 ParluicKnd 


Boyd’s Life Unit Tst. Mngrs. Ltd. cxoboo Assamnee Ud.¥ 


_ Kiwi Ke> In . Plnn.|15C.6 
. . . — Small 10V F_ _ .(i35r 

Technoloc. 1 )■ d llfij 

— Extra toe Kd *1915 


VB3 l -J 3 74 Equity Unit*. 


7 j| M & G Group? (yKrihu ST^Bo^icT 02 08 

Three Quay<. Tower Bill. EC3B 8BQ. 01828 4588 Prep. Bond/Exec.-. 0353 
■See also Slock Ex chance Dealing. BaL BdJKxec/UnJt. £3331 
American -. 1541 57.td +0 1[ 1?* DewwitBond <1123 


01M 183.0 883x51 ._ . I 737 1 Accum Vnit** 59.9 

race* on Sept. 8. Next dealing Sept. 19). Commodity U.I 

i Actum. Units) M3 

rliol Unit FtL Mgrs. Ltd.V laKcl Compound Growth. 115 6 
bum Houie.Newcasiie-up.iii Tree 21185 eXSSSS IHZ™? 6^4 

+inl [72.1 74.6) .. .. [ 3.30 Irtvidrnd. . 125.8 

Accum. Units —[106.7 112jj +u| 3RD , Accum. UmtoL. .. 2584 


Accum II aits. 


h Income « 4 

traasiooalTiL- itffll 

le Resrc*. Tst 28.4 

uwsetliTd... 2SO 


■V. 3-32 Dividend 125.8 

+U| 3RD 1 Accum. Unitoi 2384 

, European 570 

‘ ” LAccum. Llnltsi, 53-2 

...«.{ 7.95 Extrn Yield.. M7 

T **>■ (Accum Uniui 122.8 

14* For Eastern 459 

m Aaniatx l Accum. Unit*) 72 9 

01-S88 iai5 Fllfid oI lnv tWs4 ,__ kJ a 

.... I 6 Z» i.Aceum Unitsi B2Q 

■■ I . — General .... U06 


95.1 -3 3 
125.* +0’ 
75.3 +03 
73.9k* -0J 
1365 -02 
258.7 - 0* 


Htdh Yield. 1*4 6 JJJJ j ^9| LAccum Unitsi 53-2 96 

ArcumUmla.-PS^ 58.M -_[ 7.95 Extrn Yield- 88 7 945 

Next dealing dale Semrmber 2D. (Accum Uniui 122.8 129. 

ari ties Official Invest- Fdifr Far Eastern --gj tuz 

xoidon WalL ECSN JDB. 01^88 1915 J£?fel S a 71 

ome August 15 [14217 — .... | 6 28 ,.Aceum Uniui B2« 87 

um Miptt 15. 1276 66 — | .. I - General 1205 196, 

■paulh Only available to Reg Cbantle*. (Accum. Unitsi 28L0 304 

_ . „ . _ , High Income 188.7 US. 

- Charterhouse Japbet see James Finlay. (Accum. Units 1 182.9 394. 

. . . Japan income ..1179 189 

ieflain Trust Mana gers Ltd.VfsKg) .1 Accum. Unit*) 1793 191. 

Jew St EC2M 4TP 01-3332R32 Rasnum gJ-S *44* 

-T 1 . mi oai r«r lAreum. Units) 2895 308 

erncan Vx*24 7 »6 ... L53 midland 186.6 IM. 

^}5SS*.+--- n4c jq? °' 5-2 -(Accum Uniui 5019 329 

!raWooaiT«_k*>31 291 .... +90 184 94 

lc .5ZI.TZr s? P 1 ' " 01 (Accum. Uni U.I 9L2 97 

a. Growth Tot. -.{ 253 .... 7.50 Second Gen. 187.8 203 

, . _ . ...... (Accum. Unitsi 2853 309 

afedemUoa Fuads Mgt. UdJf la) special 1773 1B9.» 

runreryLaae, WC2A 1HE 01-24SUK! lAccnni. Umtai [22S.7 2*0 

wth Fund )4S5 47 5[ ...._[ 3 99 Speclali*ed Fuada 

. Trustee 1 157.6 166. 

wawpeUtaa MT "£***__ ffiferVi 5 *' 


96^ +0.2^ 3.03 


945a .. . 
129.9 .... 
702 b + 0. 
77.6 +0. 
714 +0 
873 +0 
196.0 +0 


304.* +05 
115.8 -0.2 


+01 455 

+0.3 455 
+o3 5.M 


I Equity Unit*. [1813 - -0.01 — 

Property Unit* Elan — .... — 

Equity Sond/E*oc.. £27 08 12 78 -0.01 — 

1388 I Prep. BowUExec. -10353 143Z .... — 

14J0 — 

176 | Deposit Bond (112 J 118.8 — 

1.76 ) Equity Accum.. , — 1 129 — — 

174 | Property Accum. —[£12.99 — ...... — 

1.74 I II nad. Accum. I L663 — 

105.7 — 

112-4 — 

3065 — 

103.4 — 

96J. . . — 

103 9 +02 — 

108.7 — 

116.9 — 

109.9 — 

1063 — 

96.6 .. . — 

103.9 +0.2 — 

42-5 ... — 

Mil — 

Current value September 7. 


8.05 Capital Life Assurance* poa.Fxd Jm. Ac eZ 

8 0S Conlatou Borne, Chapel Aoh Wton OMC 38911 g™P C»P — 

1®7 KninM M 1 tun 1 I — re***. Prop, acc — 


Fen. D.A.F Cap ( 1010 .. — 

Pen. DAP. A+c J 1052 I J _ 

Hearts of Oak Benefit Society 
15-17. Tavlsuct Place, WClHStSM 01-3875030 
Hearts ol 'Dak |J72 39J).._1 — 

Hill SamaeL Life Ass nr. LUL9 
iVLVTwr. AddiacombeRd, Oor. 01-0864355 
OPrupeRV Units — 150 4 167.4).... _ 

rYopei-tj- Series A .. 104 J 109.4 — 

Managed Unit*. _ 1745 1838 — 

Managed Series a. 103 0 108 5 — 

Managed Series C- 99.8 105 1 — 

Monej- Units. .....1217 12*2 — 

Money Series A. — 98.4 103 6 . — 

Fixed Im. Ser. A 93.4 984 -0 1 — 

Equity Series 4 - 772 103.0 +0.1 — 

Ptu Managed Cap- 147.1 154.9 .... — 

Pcs. Managed Arc.. 1563 UU — 

Pa*. iTtewa. Cap . . 18& 4 1120 — 

Pn* deed. Arc.. 1133 1193 . — — . 

Peua. Equity Cap.... 1065 1122 — 

Pens. Equity acc— . 107 8 1135 — 

Pns.FxdJiu.Cap 94C 99J — 


AmencJ-i I'd -J117.4 

For East Fc <1257 

c.lU Ed-'*-J FJ M45 

Cod liepojil Fd— J97J 


1315 +:.^ — 
1245 +3 ti _ 
1072 +!-?{ — 
122.L +D’J — 
li2.3 -0 4 — 

115 0 +01 — 

1026f . . : — 


Norwich Union Insurance Group? im fa 7 i 

POB01 ichNRlBNj. ■ >8.7352200 1*<P Fd Acc Inc 

.Kand.-.d rur.u 1221* 2T*JI+’?l _ Ref Plan Ac. Pen 


Target Life Assurance Co. Ltd. 
Taruvt House, Calcbouae R4. Aylesbury. 
Bucks .Ajriesbury (OGBSi 3041 

4', an Kundlnc [932 104.0) .... — 

.Man Fund Acc 1222 128.6 — 

Prop. Fd. Inc — U03 116.1 +fl.T — 

I*T»p. Fd. Acc. . _ 142.0 +2.0 — 

Prop. FA lnv 109.0 — — 

Kiircd Ini Fd. Inc. 10L< 106.7 — 


Fleming Japan Fund S.A. 

T7. mar Nocre-liamc. Luxcmb-nirg 
Firming Scpt-C ( SUS6S 5o | J 

Free World Fund Lid. 

| Butterfield Bldg- Hamilton. Ui.-nr.ud 7. 
NAV Aug. 31 I SUS194.91 [ | 


J. Renrt Schroder Wagg A Co. Ltd. 

12(1. Chcapside. E C2. 01-588 4000 

L hen S Sepl d.. WJ >12 68 | 229 

Trualccu- Jul; 31 5UK133 01 — 

2.50 -A»ihd Kd. Sepl. 4 . :i*S22tt 3J2 ..._. US 

4.10 Darling Kno . 5.42 02 2.1* J 4.81 

Japan K4 Sepl. 7.. . St'S8« *02 j 0.44 


Japan Kd. Sepl. 7.. .Jll'S8« *02| .] 0.44 

Sentry Asscnuice Interaatidnal Ltd. 
P ‘J. Bax 328. Hamilton 5, Bermuda 
Managed Fund. - [51S23J5 Z5J>1+M15| — 


Managed r u r.o [2214 2. r 3.J[+:7J — Ref Plan Ac. Pen . 7S2 

Equity V u.d . Q67.4 33b ft +4 1 — grt-PlaoCap Pen- - M.6 

Proper!) ton OJZ1 139.i« .. .. — to-t-PlanUatvAcc U16 

Fixed Int Fund. _ 154.1 15221+121 — R«il«*nMnn.'.ap.- 120 2 

Deport' Fum - - IK, 7 1125 1 . I — ■;?* * — 

♦Nor Unls.VJ*: 15 J 223 0 .. .{ — o.llPenAap 123.4 


z G.T. Management Lid. 

— i‘ a !* H *iL- 18 Finsbury Cirrus. London ECU. 

— TeJ 0J-U2S 8I3L TLX: tMSIUO 

— London Agents fur 

— Anchor -trim 1 Is—. ISKsl 07 l’,i . . . J 3 89 

— Anchor Gill Edge ..K983 S S9l+t 011 12 C4 


Singer 3c Fnedlazzdrr Ldn. Agents 
20. Car. non SL 8C4. 01-248 BG1« 

Di-kalono. ]bU2s75 «»)... ,J 6 02 

Tokj-o 751 SepL 1 .. | Sl'.S.-IO.OO | ...._[ L55 


Phoentr Assurance Co. Lid. 

4-5. K r--: v.ilLr.m St. Ei'+P+HF. 01 -S20 387*3 

Weahh .lv ,117 0 UijJ .... [ — 

Eb'r.I’h-.i- . — £31 1 . .. 1 — 

Eh'r PP-Eq E (ai 1 C54[ .. . j — 

Prop. E^uit) & Life Asu. Co.O 
1 10. Craw-fur.- Street, WlH2\S. 01-iaS(»5T 

R Silk fT.*l^ Ld — I . 104.6 { I _ 

Do F-quto Bd [ 794 [ .... I — 

— • m-ylWI -| -- 


“?* V. f-S; Key Invest. Fd I 10627 I .. I — 

^0 2 xw Pncem ^ rlE *- Fd - l 1 1 - 

308 4 +OJ 3« 

9790 las 6 K c1lar twhonBe Magna Gp.V 
lit In-. 4 06 Staphenaon Hse. Brunei .Centre, Bletrhley. 
971 IU MUtoo Kejnes 6016412*5 

2038 +0 2 4.68 Chnfue&karxy 139J 4L3 — 

109 b +0 * 4 68 Ombie. Money Z9.4 31 0 — .. — 

B9.IM +0 2 4 01 Chrahse. Managed- J0J 42.0 . — — 

2*0 4 +0.2 4 01 Chrthae. Equim - 37.0 395 — 

^ ^ Uagna Rid. Sec. . — U3.4 - 

iuK- n -ii & 14 “«8»4 Managed— 130-6 ■ - 


Pns.FxdJni.Cap— |9*C 99JI — 

Pna.Kxd JoLAcc — »5 9 10X.M — 

Pena. Prop Cap [96.1 301.2] | — 

Fern. Prop. Acc (975 102.4] | — 

Imperial Life Ass. Ce. of Canada 

Imperial House, Guildford. 712 

Gtt. Fd. Sept. U [765 83J3i +1.0| — 

Pena. Fd. Sepc 8 — |7B.S 77 « +oi| — 


oi -£26 3876 ’2V aB sinternaiIonaI Life Ins. Co. Ltd. 

....1 2B.'cimBI(igLEC4INV. 01-40U-IS7 

! — Tulip InvesL Kd >1505 13831 — 

.. . _ Tulip Maogd Fd... 119.5 125 7 . . — 

Stan. Bond Fd _. . 123 7 330 2 — 

0.4? Man. Pen. Fd Cap . 227.7 1344 — 

01 -4850857 Man. Pen Fd Acr. .136.0 1*3.1 .... — 

1 Mengd In Fd 1ml- 202.0 1 073 — 

| Mngd-lav.KiLAcv— 1025 107.R ....( — 


Stronghold Management Limited 
3 89 PO Sox 315. Sf H el u-r. Jersey. 053+714® 


— Anchor Ir.l Fd .hi :x23 Si*! ... . 
— Anchor in Jiy. Tst . 30.7 32 “* . . . 

Hrrry Pac Fd. Sf. : £i55 D) 

1 BeriyFacSirlg J39M 34*2* ... 

CO. Ltd, ijT Asia Fd.__ SIIIOIM Ui* . .. 

01-4038-107 Jj T. Amj Sterling .1x16 96 JOifl 
1 __ G T Bund Fund .. | 51-S1373 -UiW 

| >JT Dollar Fd I Sl S79J -i 

I i! T Pacific Fd Sl'alb-33 i-CJM. 


9B9]+tDJ 12 C4 Commodio Trust _.J9021 94.96) 4 — 


Flex Money Ud ...| 151 j | .... ] — 

Property Growth Assur. Co. 


Trident Life Assurance Co. IMLV 


— Leon H*’u*e. , -'ro)'doa. CHb ILU 

— properly Ft.i-1 — 1E7 2 

Property F un J : A 1 13* 6 

« Agricultural Fund 778.7 

71255 Ap-ic. Kunil; \> 773 6 

Anbey T-sl rur.d . 15* S 


•6UI Street. London SWLX9EJ. 01235B52J. char dd. bept 5— r jl52-5 15*jd 

525*^.135 S»9 SB SSSKSKst-.® M ::d >5 " 

■went Unit Tst. Mgrs. Lid. UHg) ManuLife Management Lid. _ Bl' 

Stt£E'*SET -w*S flff BWfflir- S& 

!:KoS.“zS.i 49 .|tS .4 Mayflower Management Co. Ltd. wi^|dZ_Z;lm 7 J 

; Rescrina Kj* 45jj +0-7 4H l«18 Gresham St. EC2V 7AU. 01-6068^3 ton*. Mngrt. c, p . ... 118.9 

..Tokyo 549 26.fl..._. UK. rma ~ Aur M mi a u7M 7.« tonillngd Acc. m 1 


Pena. Fd. Sept- 8 — I7B.B 77 0 
V'ivL Linked Portlolu 

Mojutecd Fund 985 1035 

Fixed Lnt Fd @7.0 102.1 

Secure Cap. Fd. [970 102.] 

Equity Fuad. |lfllJ2 1065 


:g| S.Si 5^:z: = — \m* ur+sj+l 

U0 6 H - lrish UIe Assorance Co. Ltd. 

+03J 614 1M-6 -| I - „. nB(hBrT>WMIfcBa . oi- 

+0-5 6 14 Blue Ghp. Sepl. 8 — LB02 8441 *L' 

3 5« CSty ti Westminster Assnr. Co. Lid. Managed Fund 236 6 249 oj +1. 

-- 7U Rlnxsiemd Keiise. 8 Whlrehnrae Rood. S*Y~ iJS? id ?3 “ 

5 50 Croydon ot«A 9«»4. Mod. Sew. 1 1E1 19LN — 

s Won Pmn v.i.h Um U3I . J _ Prop. Mod. Gto _ 199 9 210 . 4 ...., 


+d hJ AbbeyNot rl iA._ 

lareilt'inl F un.l — 

4-nrj Invesunroi Fd i.ti. 

3 +051 _ EquiC Fund .... . 

R+01 — Equm Funo. M ._ 

~ Money Fund - — 

* ^ Money Fntid'.V-. - 

Ltd. Attuar-.al Kurd — I 

, , Gili^-dced Fund ...I 

01-6288253 Gtil-Ed.cd I'J - A*.} 

4| +LW 5 00 ORcluv Annuity _| 

■M +1 JJ — Olmmud.. *.nr.'U J 


•.Tokyo [24.9 26.7[ ..._.[ L96 tncoa^Augao [111* — 

tXleral Auc. 30 171 3 75.1i^ .. . 

.ere ti or ary Unit Fuad Managers mreraaiL Aug. ai* —146.7 49Jaq . .. 
ilomTirirf st, EC2M 7AL Oi-Offl4«s Merc ary Kaad Managers Lid. 
■ income [1774 U9.2) .... | 8 30 Grenh-m St , ET2P 2FH. 01 

r- Winchester Fund StngL Lid. fK3 Z 


1 ns 

Z&jli sa \ 3 ." BSSSEftl:- Sl ' 


64 2 - 

19L4 . — 

66.4 +0 9 -+ 
81 8 — 

131 B — 

66 0 + 0.2 — 

1745 - 

125.1 — 

uoij ... . — 

49.B — 

521 . — 

62.7 +0.9 — 

65.4 +0 W — 


30. Greahnm St , ET2P 2CM. 
Merc. Ucn. Sepl. tf...|195 2 
ACC. Uw. Sept. C ...-R58.4 


0I-8Q62I67 Merc. Ini. Aug 30 " 


207 71 . .. 
374.W .... 
73.« 


-•* - Pen*. Equity C*D - [39.6 627} +0.g — 

d. Pen*. Equity Arc. - .1672 6S.4j+Om — 

01-6004K*- 2M.4** * Ocoeral aJnit Assnr.) Ltd. 

I ?-« PBrtonlUnlL ‘ * ’• ‘ Kiagreood . Rout*. Ktogswuod. Tndwurth. ' X'.h'f 'il 1 VTA 

2.6J City «f Westminster Assur. Soc. Ltd. cKhlfnliS'^ii. Ns a l M09] H **. , ( li ^ 58 " *V 

8 25S"**®. .... , SWgrajzrfo SSaJr Bfe* "ev> 


Wa * * , S ^ n *** z: 

52.Cornhdl.EC3. 01-623 W33 font' TVns Kd 

Bond Fd Exempt- [30239 103 73J+010] — *Str. P.f * +r l'L| 
Ne*i -lealinK date Scpt_ 30. 5‘.au. 1'cPx.F-: • 

, . .-»» - llaa Puh'-* il 

inngham Life Assurance Co. Lid. -Prop rvn- he 
Langlum Hv Holmhroot lir, NW4 . 01-203 j 2H {Top CeMt*. ap L’ - .' 

isssrsss Plan - 1 }L“a ,s fl I - 52E£f • 


Pro* urav'h l*rn*i«ai & Annuities Lid. 
All W'lBet Ac. V-u UOJ 146.44 . 
9AlHVd.lt*.-." up 129.0 135.6 . . 

9ln>' F.i , 143J .. .. 

Petbsif-ti Ki L b 13L3 

font' IVn.i Kd 1505 

'"nr. K.i- * +r I't IK 4 

5tau. IVKx. F'- - 154 2 ... 

Man Pc"'- * -'P I'i 149.6 


ui^JCioaos HcusJflde House, Gloucester 045 

_ Uncased [126 6 1541 ....- 

_ Gld »fgcl . . 148.7 1575 ... 

_ Property. . 1513 160-2 . . . 

_ EquiV.'Atnencsa .. W6 56 C +0 2 
_ 1' K. Equity Fund.. 1186 125.6 +Z0 

_ Hi, :h Yield 3417 15B0 

+ 0 91 _ U.U Edged 122.8 130.1 

ZoV - Monej 124.1 130 7 . . 

.i'j, „ loierncUonai 1093 1164) +0.5 

r • 3 _ Fiscal 128 6 136J3 ... 

Tn- — Growth Cap 125.3 132 7 . 

+0 2 — Growth Acc 129.8 1375 

_ Fen* Mngd.i’ap.. . 1197 126.7 1 

+04 — Pens Mngd Acc... .12S 4 132.1 

J4 1 _ toUJ.Gld Dtp.Cap. MJ4 109 6 

_ p+u., Gid Dcp .Acc . 1084 1148 ... 

_ Pt-fif Pply Cap ... 115 4 1212 .. .. , 

I Pen* Pty Ace..... . 120.9 128 J 

1 Lid. Tril Bond .... 375 395 .. .. | 

- I — *Trdl. U.I. Sued ...|990 — . .| 

■ - 1 — *Ou.h value lor £100 premium. 


073 Su tin vest (Jersey) Lid. Ixi 
0 89 Quevn* Hj«. Dm. R d Sl Hclier. Jny. 0»«2TJ4a 
American Ind Tn iifi 10 0 271+0011 — 

Copp+r Tms .. Ul Jl 1137^ J — 
Jap. index TrL (£1137 ll.ei|-IUW) — 

094 

TSB Unit Trust Managers iC.I.) Lid. 
Ba;uiellc Rd . Sl. Saviour. Jersey 0534 7MIH 

Jerwri Fund . .. . [«* 0 5261 1 4 56 

Gucrn-*) F kind - |« 0 52.6) | 4 56 

ICung J Ticca, an Sepl. 0. Nest sub. day Sept. 12. 


tS’m ■'"I — G art more Invent. LitL Ltin. A)1U. Ua^mellc P.d .St-Saviuu 

}S«gj 1 2. St. Mary Aac. loindon. t'*.^). *k'-2X:.5 r J»l Jerw.-.* Fund . ...IM1 

'' "* ~~ G art mere Knud MngL - Far Vtoati l.;d Gucrn-*.i Fund - K9 0 

loda Huiehiton Hiu-. 10 Hurtourt 7ld, ii Itong 1 Ticca oa bcpL 6. Nts 
e CO. LttLV HK* toic.U.Tu.- |5H6«Die 45*51 ... I 199 

0152 W541 pi M: » uls “i im Tok >'° Holdings N.V. 

1341 1 — Inti. Bund Fund. .... |ll 7>UJ1£ MTjsJ .. j 5.70 InU mi ■■ Kianaremenl Cw. N V , Curacao. 

}?Z'5 — Gnrunare Incraiment Magi. Ltd. NAV per share Sepc 4 SUS72.1I 

Sfl 2 ~ *; ° **“' '■ c - logins 1 4,51. JCZi -HOI I 

J - G^retoU-Gmitf? 69.3 .....l *2-» 7°^'° 7 aCltiC EIdgS - ' Se * board > K.V. 

~ Intinui Munac^menl Co. II V.. Curacao. 

1307 ""I’ — Hambro Pacific Fund Mgmi. Ltd. -‘•■ vv i‘ cr a “' s 

lun +0.5 — 21 10. Cunnaughl Centre Hum: Kun* _ 

136- ... — Far East Sept 7. .. IHK1XJ9 17J7[ | — TjndaJI Group 

g*; • — Jj par. Fund. [5l'S9»7 4.^+0 14 — P.t*. Bux 1256 llomlllwa 


9 Prop. Bond . . 
Wisp i'SPi Man 


— Provincial Life Asscraoc; Co. lad 


si Winchester -111 8 20 J3 j 4.73 Arc. Ifts. Sept 6 .. OTt 79.31 — 2» Telepbopg 0I-8S4 9864 ? K, 2 , ““ ■ ■ • — 

/inch'er O'aeasjifl.l _ ** ( J.« 24^ ;.. J ^Umix . jUS J 3J1| j - JBSflSEllzfSK m $1 Z 

, _ - Property Umta fHi . **■$ — -I — Fixed Initial (1176 323.8 +0* — 


«on & Dudley Tst. Mafamt. Lid. WWUaB i Banb Group 
iriington st. s.w.i . oi-»9755i Trust Managers Ltd.V fai 

os DudIayTBL.[72A 76.4J +L3[ 3J4 ^ OUWi Silver StreeL Head. 

_ - - _ w, „ SneBieM.Sl 3RD. TW'tfMS 

llty & Law Ut Tr. M.^ (aXbKcKi) ConiJiiotliiy tGcn..|744 B0.1I -o; 

trshamBd., Hifih Wycombe. 048433377 Oo. Accum. 85 7 923 -fl-3 

7s.i] I 1A gn^~z.zz; 8 8 :S.S 

oes Pinlay Unit Trust Hurt. Ltd. 

?.Wi«.WleStre«.<aaasw». 04120*1321 income S5A 59.7a +0.7 

InterpaiT— BS2 27.4[ ... . 2.08 Do. Accum 69.0 .696 +08 

us. Unus 29.7 3L3 2JI8 Imentnarknal.. 49 J 53J +0-- 

, LcKKinie 318 38S 736 Do. Accum. 5T 6 56-7 +01 

Sum. Fin. Z75 Jo3 4 09 Hi «h Yield 667 710 +0.6 

mb. U nits - 32.2 34 91 ....- 4JI9 DoAvcmn..- 70.7 75.5 +®6 

Fdlnr.Ta 30.2 32.71 3.95 Equity Exempt- leal iKl 

um.OtHiy- . -5*6 37U ... JH Dc Accum.'.—. 108-1 134 M - 

e* An £ua 30. .Nm dealing September 0. ’Price* at Aug. J . Next dealing s*pt 


Do AtcUtS llfl.h 

I.* Ul Commercial Union Group ’ itfiSSStfr™: WJ 

T.iStlnwe Sl Helen's. l.Undersha/LECa. oi -S3 ,500 Managed Initial 1243 

Ttl'im.iwra V,.-.-., C a I «u l_awt _ Tkn aci-um 177* 


Prepcrt- . L ni:d — 96.7 
EquiU l-’util - 111.S 
Kcil.Iru Tun 9t7 


— Tyodall .Lssurxnce/PpnslomiV 
“ 111. (- jarecc Head, bnctol tC 

_ 3-WsyVjA.T 1275 

Equity 5»rin. 7. .._. 175.6 

_ Bund Sepl 7 167.1 

ITopertySepLT _ ropert* Sept- ... 

_ J n?po>lt Kept. 7- -- 129.0 

■■■ „ , 3-vfuj Pen July 20- 148.0 

lO. lid H'sea-slni SqiLl . 15 0 

0 ."Ouvn itotoO-W \u K . I... 174.2 

0..-S7U53 |JM Eqmiy aub. , . 2718 

I — Du Bund .4U)!. I . ._ 1800 

-J T*o. Prop Auk I-...- 87 0 


— — Bambroo Esnk iGueruuyi LULi 

— Hambros Fd, Mgrs. iC.i.) Ltd. 

I'.O. Box 06 . Gucj-haa' IraC- 1 --h5- 

Z C.I Fund.. . . J520 1&» *[ 3 70 

- _ Inlnl Bind SVK 10841 111 7U . . . BM 

_ InL F.qutty SV ^ 12 45 ILSS 15(1 

_ InL Svgs • V SUS 105 1 oa 8 50 

J[n - lnl S.-to. -L JCS 125 IM 

J*rice» un Seftt \rat de.ihnK Sept )J. 

nwtn -r.ua 1 Henderson Baring Kund Mgre,. Lid. 

. . WB- Gun inn ,n Hunt,-. llunK K--ni- 

— . — Japan Ki I Sr pi. 0 ...122 96 23 V5J + D J9| — 

— Bannf Henri Bmtil Fd. S-tx. d Sl'Sl.Ul-:. 

•• — 'Lkdxutc ul >>i)) prelim xliargo. 


1. Lei -N.w i-cr ihwe SepL 4 5USSU4 

l6: j _ Tyndail Group 

01-tj — P.t*. Bux ISM Hmnlllini 3, Bermuda. 5-2780 

'Jt-crseiisSrpt.fl _..K> £1» LJ1J J 600 

(Accum Unit*.. - II SI 99 ri« ...J — 

j a-Wa.-InLAuc.IT . JlUS:77 19u| J - 

1 un 1. “MSS I rNewSL.St.HeHer.JcTSicy 953437331(3 

3 70 TmFSLS.uh .7 . .. tS 20 88M .. .. 6.00 

' BM • Accum. Shansi* . £13.10 14.03 — 

l iS -American Sepl 7. 94 0 1M5 1 . 200 

irt • Accum ■‘hares-i -W0 100 5 .. .. — • 

Jrrae;. hMS+itt 7.. 213 4 2264) 696 

it '-Nun J Ac*. Luc. 3CJD 320 3... - - 

ScJA W- .;,UFundCepi 7 105 8 3078^ .. 113 

. (Ai-cuiB >har*'i.> 1004 lttjoj . , — 

rs.. Liu. victeo' IIpukt. Duuelaa. Uleaf Mau.08!4S4llL 
yiau-Kca Aug IT 135 a 1426j I — 


9534 37331(3 
.. 6.00 


Ulti. into). rdngnmL (C.I.) Lid. 

*J*ilcaflivr Street. St Helier, Jeroev. 

IM H. Kuud i<l‘SU257 1MJS[ f 7.92 


Ml :.”.j = 

r b9|+i.4 - 
121 S| .. j - 


HlU-SamucI & Co. (Guernscv ) LUL U.I h. Kuud ill's 11157 1MJ51 !) 

u LcKt-bvrc Sl., J'cirr Purl liucrnae.. l 1 

Uuemret Tsi 1163 4 1754|+i5l 3*5 United Stales Tst. Inti. A dv. Co. 


127 0 +0 J — 
114 1 -U3 — 

1153 -0.4 _ 
130.4 +L3 — 
134 3 +1J — 


Vfinbrugh Life Assurance 

41-43 Maddux St., Ldn. WlftflLA. 
Managed Fd. [153 1 . 14L.S 


u .„ „ , . i* Hue AMnajvr, Li*, mbourc 

Hill Samuel Oversea 5 Fund S_A. L S.TaLltt.Fnd .1 5"F11J6 |t 0.07) 087 
j". flue Nui ns- Dante. l.uvcaiUiurr. Nwt asocto Sepl. 7. 

JllSSJf 21I|-3C‘| - 

International Pacific Inr. Kngt. Ui 

ID Boa 11257. 58. Pill M bytlnev. va « lid SeuL" 5U59 71 

J j - - clin Eqmy Is. | J. 4234 245|-fl£»fl — F.n* Iol Sepr. 7 . SUS7.58 

<i r Sl S Ft] A uk 3 1 . S US7J8 

J.E.T. Managers ijervet') Ltd. MrerEbdFtlScpid-. K SOX ltl 

I'U B« UH.R.oaITtf' H*«.Jrr%eit«:(4 27441 t 

J«re> KaintLTa |197.o 209 01 | — Warburg Invest. Mngt. J 

I At at AUijUjt 31. 2 »cli auL. 1L11 Sepl. ihi. l.»'BariR{Crus.k,St Holier. Jw- C 


„.-La_ 01-4M4&J8 

PnidenUni Prasioas Liiciiedlt Manured Fd-- [153 1 . 16L2J +i.o| — 

llulborn Hare. KCINSNU 01-400:+222 f I i ll, 1 n L Fl1 . — JS2 * 4B — 

FjiiiIt Frl An m 16 1£2? 1A f|ii i Jnin'.rDnri . Jwj 214.0 ... — 

y?d'inL A^/v. 8 IP %k \ ::: .. = ?g? S2 :8f — 

PrepFd Aur :«~»US ansi I - S3 ” = 

Eeliaucr SI'Jinsi 

TunbnoK*-' Kent ^ oftft! 2237i Vanbrugh Pensions Limited 

ReLfTur. *>•'- ■! <033 i - 4i-i,l!e»dd«K St.Ldii. WiHOLa Di-4»4023 

Kotbsobiltf Asset Manageoest Munuccd... izoio 106.9J+101 — 

S bwl,n.ntL'. a c.Und on .EC4. 0:4=84238 ^IniCKd ShY Ms| S3 - 

* v ‘- "TSrii-b .-eUpwSSftm 4 ~ •.-■ w5 - 

Royal lasnrance Group GuaNnreed iri 'In*. Bate Ha tea' table. 

.New Hail Place Lrvemopl. .IM 227 «5B 

R.iyai Shield to -11445 iKL5[ [- tfrlfiire Insurance Co. Ltd.W - 


1. Accum. 53 6 56-7 +0 1 2* 

gh Yield 66 7 71 0 +0.6 7J 

lAivuin. 70.7 7 5.5 +C-6 7 S 

luity Exempt- loal 1K1 *2 

) Accum.*.... 108-1 mil - .5* 

Prices at Aug. 1 . Next dealing SeP*- * a - 


346 +5J 2i94 SO. Cruneeiy Lane. WCIA IHE. 

5.7a +0.7I 602 dEqnlty Fund [167.9 176 3 

69 6 +0 8 6.02 vManaced Fund.- ■ 187 9 197J 

53 j +0.1 2.U ePlrFund 4096 

56.7 +0 1 2-S5 Pinal. Pen. Mhcd_.. 77.8 91. b 

71 0 +0.6 7JS8 StaBfid IfestiA ... 77 J 8L6 

5K T. IS ISi - 

J41 . 549 Equity Penrirto ... . 2505 

aline SepL 28- Property Peuiou- 1405 


re I D- Evrenpt I'aaHlnil . [975 1017 

0I-243C3S2 Do. Accum.. 996 304 91 . . 

_ Exempt Eqiy. IniL.. Ul 6 138 6 ,-.. 

_ Ik-. AccUW*. ^..^.13*5 141.6 .. 

"" E\e*npt Fixed Imt 1142 120.1 

_ Do Accum .. 1168 3230 ... . 

_ Exempt Mngd IniL 12T 9 134 7 

__ Do, accubl .. 130.8 1377 . ... 

Eiempt Prop. IniL. 97 5 10271 - . 

Z‘ — • Do. Accum. 199.6 104 91 


CORAL INDEX: Close 515*520 


insurance base rates 

fPropetty Growth — — ~ — — 105 * % 

tVanbrugh Guaranteed — — 

t Address shown under Inonraned aod Property Bond Table. 


I Corahill Insurance Co. Ltd. 
SZCqruMUE.CJ. 0!*38S4JQ 

aC^a-iStW "■ ir:| - 

SlnGLhFd Aug 20 -.1183.0 193.0i - — 

Credit & Commerce Insurance 

120. Resent 5t. London WiRfFE 03-4397081 
GJcCMBgd.Fi 1 1220 * !». 0) — J — 


Legal & General Prop. f<L Mgrs. Lid save & Proper Gronpv 

IT. Queen Victona5L,Ei.'4N4T7* 0I-24BW78 4 RtPi-Helta'S. Ladn., Ed? 2EP 01-sf 


New Hall Plan. L-vernor-!. 
R-iy#I Shield ru —11445 


4l-L1K»ddoi SL.Ldii. WIHOLA D 1-438 4M 

Manured... (101 0 106.91+101 — 

K.qully . . .-1113 IUi(+:.4 - 

Fixed iniem. .... 96.2 103g+0.4| — 

Krjpertj.... ..985 1U7 )....| — 

Luaronreed s+e 'Ins. Base Kalca' table. 


Warburg Invest. Mngt. Jrsy. Lid. 

l.i nan rj Crus.k. St llolter.Jtf iTI 0634 73741 


Jardine Fleming & Co. Ltd. 

*6lh Flour ConnuuKhi *.'ont re. H"u>; K-miJ 


UniFVp.Fd. ,<epL S[973 10171 [ — 

164)0 ' Me*!, sub. day OcL i 

Z Life Assur. Co. of Pennsylvania 


Btd.toA.Vd .. 
Property Vd * 
Gilt Fd - 


- Welfare Insurance C-o. UdV 

Winslade Park Ex«er 0382-52155 

554 68W Monej-maitor Fd _| 108.2 I . . I — 

t _ k'qt other (vtod*- . pi+oM refer u> Ttn LBodon a 

' j Manchester Group. 


ur«1ineL:.mT-4 JfKS375 52 

Jordinr J pq Kd.-.. HltJ390 07 

Jar.1l no SKA . . 51 '621.32 

J ar.ii nt Firm InL HKS1242 

JnU Pat 6'ws.ilnc k IIKS15 01 

Do. ■ Accum < . HK15.15 

NAV Au,’ 31. ■Kquivalcni S 6S2.o4. 
Nexi vub St-jtt 13 


I'MFLtd AuiL'JI -IS1SU33 b'aS) .. . — 
CMTLsil Aufi 31 613 57 34 ID . .. — 

n( ? SJvi#l*TsL Aui;.)" 13222 1253.... -- 

TMTAugusriil li'UJO 11 M — 

T-lITUd.Aug.il ..{£3140 uuj - 

1.40 

- World Wide Growth Man eg emeu i<t> 

Z too. Lnuh-.'arJ Ktn-al. l-UXvHbtiUrfi 

Wurlil'AitlL- Gib Fd{ ;i.'bl7.06 |-D.W| — 


NOTES 



Knee* no net include S preirium, caccnt where indicatrn + and are la |»nre unless ptheru t<4 
™H9 indicated. Yielrla % tshoun in lisi c.-lumti' all«w (nr all huviag capen.scs a ijtfered prices 

— include all e.xpenf+r b Tft-dnv « prices c 1 icld tioseti on offer price d EalitnMed. g To-dat'i 
_ '<i«*mne price, h DiriributiMifrcco! i.'.K !«•«•"* 0 fi nod-c prcmit:m in ntranee plans t Single 

— premium insurance * Cdfcrcd pn« include* ^i! fi.ttenses r>ccpt acenfc cmnmisxtnn 

— ‘ t'flcrcd price inclildi*! all Openset ii h**uchi through nur*»s«.-i-. 1 Prpviou-. dav 1 cirt 

— r ACC « Ua on rcaliaetl cuptial cuinx unlcs* indicated h» 4> f Guernsey gross, a SuaoeadreL 

♦ Vsela bdore Jeracy a*. 1 Ea-subtLiiaua. . 




Lirjnaneiar Times Saturday September^ 1978 


■ BRITISH FUNDS 


wrc • 

Sigh La w 


Stack 


1+ Tield 

| — J la*. I Rrf- 


55 
77 
88 
. 91 
« 
!160 

J? 

97 


305, 

97 

*97% 

*04“ 

961; 

0031, 

93* 

& 

106ft 

£9 l 

gii 

&• 

a 

A 

®i 

03414 

1001, 

■ 

f 

.89S 

68% 

% 

A 

A 

%% 

jjy 

13 OS 

72% 

1201. 

•128% 

114% 

*89% 

1C6% 

■*517; 

95 

■114% 

901; 

131% 

117% 

.50 

115% 

98% 

88% 

72i* 

135% 

99% 

90% 

96% 

55% 

%k 

7§ 

97% 

37%! 

37% 

39% 

-28% 

Sf 


gft 

93% 

105% 

a? 

w* 

iW4 


(lives up to Five Years) 

lOlftrt U-34 ' 

IWti 3-}3 

96 ft* +ft 442 
IMft 1042 

?5ft 


+.‘. 


“Shorts" 

1101 ,i [Treasury 1 1 7W- 

943* Treasury 3pc*83 

95% EI«fnr4 , *pe74-7S — 

99% Treasury ifa* T9tt.. 

94-% Electric 3itfc 7S-7S — . 

96,1 Treasury Spc 19»» — 

97% Treasury Sjpc'Sttti — 

TreaMir* $ti>- T7-80_ 
FundingApcTMfttt-. 

Exchequer 13pc iWctd 
Treasury 1 l%pe IflBItt 
Treasury 3%pc IOTML 
Treasury 3%pc 1981# _ 

EmIlP,jwIB81 

iBtch.9%pc 1981 

E«H3pciy8I— . _ 

Treas Variable *81#_ 

Exch UUipc 19814* 

91% TT*is£hpcTM2ti 

82% Trea.'-ury3pc‘82tt 

106 1 * Treasury Mpc TOt — 

94% Treas. Variable ■8W- 

89% Treasury 8ftnc 82 

9U, EttfiSftpclSBS 

89t Exch. 8%pc 1982 

79% cjcii3pc'83 

100% Treasure 12pc 1983**.. 

8?ft tTteamiyff*pc‘83 

Five to Fifteen Years 

93 Exch. lilpc 1983* 

803* Funding 5>3K *82-848 
86% Treasury BtzpcW-aStt. 

77% Funding 6%pc *85-87**.. 

79% Treasury 7%pc *8888** , 

60% Transport 3pc "7B8B — 

64% Treasury 5pc *8688. — 

101% Treasury 13pc 1990£_ 

77% Treasury 8% 87 90g.. — 

92% Treasury 1 Iftpc 1591 — 

63% Fundi ng 5% pc *87-91*1- 
981? Treasury 12ipc sett— 

84% Treasury I0pc 19K 

97i* [Each. 12% pc 32 

Over Fifteen Years 

96% [Treasury Ujrr *9Sft„ 

60% FtabilnsOpc lfiSOtt---, 

1041; Treasury 17ft pc I&safcd 
•110% Treasure K%ae "90? _ 

97-% ferh. I2%pe I9£H 

76% Treasury Up-: *91tt 

93 !*rea«ur.- I2oc "85 

43% Gas3pc*9& 

82% Exch. 10%p- IS9S .— 

985,; Treasury ISftpc 'SStt _ 

•76^, TreasnrySpcTC/flftH- 
1141; Treasury I5%pc "98ff - 
101% Exchequer lJUprUStf, 

42% Rfde*cpUon3pc 19S&86— 

’16Q‘i Treasury V7tt . 

85 Exchequer HU jpc 1907. 

74% Treasury F*pt ISOTtt . 

60 Treasury <?*pc *9>»tt . 

117 Treas. La's* *961* 

93% Exch. I2pc 1988— — 

77% Treasur- 0^p>; I99EdT_ 

83ft Treasuiy 10 %pc 1999 — 

54% Exi-h. Up? ’9M2£5ipd»_| 

343* Funding 3»ii>; 9004 .. 
b6% Treasury toe 0206**- 
•46-, Treasury 5%pc "08- 12». 
b2i-i Treasury 7ftpc*I2- 15#- 

93lg Each. 12pc *13-17 


Undated 


30% (Connlilpc.. 

® 

2Jh 

193* 

1?% 


War I/un 3%prtt 

.dev 3%pc "61 An — 
Treasury 3pc8>Aft — 

'CrtLwlsSl'JK 

(Treasury 2%pc. 


32% 

3© 

23ftd 

20%xd 

19ftrt 


1255 
9.65 

>1289 
1296 1 
1260 
1141 
12.48, 
6.64 
12.00 
12.64 
1154 , 
.13.14 I 
1339 
681 
1275 
1213 
11.63 

10.99 i 
13.07 

1256 
1193 

17 7S l 
12=6 
967 
1183 
1161 

11.99 

1257 


12.48 

1142 

1005 

1259 

1217 

1257 


1222 


INTERNATIONAL BANK 

| 82% |Spc Stock "77-82 | 82% | | 605 | 1052 

CORPORATION LOANS 


98-’* 

94% 

107 

112 

973* 

94 

102 % 

A 

S 

87% 

70% 

78 

26% 

93% 

106% 


933* 

887* 

100 % 

lOOJ* 

901; 

90** 

90% 

25’* 

89 

**% 

841; 

761; 

s* 

94/* 

100 % 


BvnnTinn 9*«pe T£8I _ 

ftnitol T’lfrc 7S£1 

|CLC’.13%pc'Bl 

lw, Djjx- 1083..* — 

l i>lasca»0 , 4Pc‘8O82 — 
Heru.5i*w'»«J. — 
Liverpool 0'*pc TlfJK .. 

Do Sftpelned 

Lon.'.orp.S'.prWB. 

LCC.ffpc 76-79 

Do 5%pc 77-3I 

[•6 ->J)C "El-Si.—. 

lK).Si^e"3587 

DoKipc 1890 

Do %**'■» Aft 

Hidds. 5>*pc 1980.. . . 
NeamastfeBftpc 7881). 
i Warwick 12%% i960 — 


943* 

89% 

101 

100 % 

92% 

92 

£* 

89a 

96%rf 

87<*xd 

80 

70 

68% 

23%d 

93a! 

uS - 


978 

Zlt 

1237 

1244 

10.03 

571 

10.49 

1356 

10.32 

623 

6.29 

6.94 

8.01 

1195 

12.99 

564 

956 

1225 


1L49 

22.69 

1213 

1235 

1163 

10.45 

1144 

1141 

998 

10.52, 

10 34 

11 IB 

ion 

1029 

11.08 

1136 


eornmn & African loans 


85% 

W; 

P7% 

•951; 

70 

% 


54% 

•90J; 

3? 1 * 

154 

*>% 


307% 

110 

314% 

G5 

81% 

99 

9°% 

301% 

71% 

71% 

64% 

SI% 


42% 

82% 

96% 

92 

31% 

91 

50 

77 


5 5% 
80% 
27% 
107 
87 


101 

102 

1021; 

79% 

n\ 

89% 

901; 

40% 

u2% 

hi 

73 

68 


lust .v jx- 7T-8U.- 

D* 5<tfe*8ISC 

N7.4PC-678. 

Do gpcisai 

,Pa?0cms 

Srtr. .\rnca 9*;pc *7981 . 
Sh Bhod ^'jpe 65-70 - 
Do.6pc"788I 


56 

79 



5.87 


6.65 


4.06 


642 

+% 

922 

1036 


— 


1073 

1152 

9.93 

10.85 

llJ4h 

12.73^ 


LOANS 

Public Board and Ind- 


.\(Tis-llLSpc"5M8_. 
Alrtr. lDt^aa-94 — 

Met-T.tr.SpcB" 

l'SMi.*9pclE*L .... 
!)■}. ailiwut Warrants . 


61 

2T& 

145 

91 


Financial 


FFI 13pc 1081 

Do Urn "?. 

Da Kty ffl — 

It'Fi. Deb 
'Do. iPipcIib 9:44. . . 
I*i la- Ijl'SH 
It I Ip: T/xv-i Ln 88 . 
Do U *p*.- In* La*» . 
Do*n*p.-ADeb.-W-Si. 
Do 7%nr.\ Db *91-0;..- 

Da?W V '01-84 

rn3'tpcLn.*K07 


102 % 

106 

103?; 

81%;i 

7fil> 

91% 

* 

65 

61%af 

74m 

72xd 



8.32 


1288 


12.47 


633 


10.18 


1272 


1384 


13.26 


6.75 


8.19 


1171 


1201 


1251 


1155 


1179 


1216 


1233 


1154^8 

J3»B7 


1256 


11.85 

13.10 

1251 

U.00 

11.60 

12 50 
1240 
1270 
13.20 

13 CO 
12.90 
1280 


iia 

High lam 


24 

4i 

«J8 

415 

54 


37 

:3 

• 4 ?, 

UEO 

4u 

4A 

40 


Slock 

AmnlarastaTHy 

iv Spc Pref 

It ilea n Mived 

icnnan Yoc.^jk. 

I'jreexTp,. \jj ... 

IlnfF'lS.iUt) ,'isr. _ 
IkHpClEwdASS.- 


INDS & 

Price 

+ «r| 

£ 

— | 

24 


41 


98 


411 


52 


50 

|iNti 

42 



KM. 

r*w 


0.10 

1690 

1604 

15.05 


FT » SHARE INFORMATION SERVICE 


HR 

High Low 


BONDS & RAILS— Cont 


197* 

Ifigh Urn 


42 

65 

82% 

7» 

|265 

bC% 

140 

75p 


Stock 

Hung *24 As* — - 

.Icelan-iW.'pi-itvW 
SlrelandT^ Tll-83 
Do9%pc*9IK— • 
iJapn-rpc WA.*-. 

nr.8cH.*8J« 

Peru Ass Apr 

.. S.M 1 Oar >SW — 
94%”* [Turin tor I3PI __ 
DVolfliinn 0;p-- >984. 

94 lL : naciuyy;pc 


Price 

+ or 

JHv. 1 

£ 


Cress 

50 


4% 

66 



- 83 
80xd 


35 ; 

390 



72 


6 

140 



3 

94P; 


% 

DM91 


6% 

9 7 


3% 


Red. 

Y Mi 

559 

3270 

1260. 

11.84 

3070 
217 
867 
952 
880 
3.60 • 


■ Li S. 5 & DM prices exclude inv. $ premium 

AMERICANS 


10T8 

High Ip w 


2V. 

60% 

36?* 

r*s> : ! 

24% 

155, 

24% 

19J* 

:-3l; 

231; 

12% 

14 

65% 

51 

42% 

| 

S" 

2 $ 

18% 

32% 

26. 

2S% 

47% 

32% 

261; 

40 

ID* 

19% 

32% 

41% 

251* 

44% 

24% 

&* 

998p 

# 

41% 

23% 

Ts 

331; 

^% 

[161 

975p 

22 

40 

Si 

i? 

4 ?% 

975p 

1V 2 


13% 

UfH; 

22 

21% 

11 

S 


AMFKCom K - 

Amu St — 

.American Express . 
Arner Medic. 1m.— 
'.Asarcoluc 

_ _ Eater liunl ran- Si. 
ll 7 j| Barnes Gro So-r— 
Bendirt'orp.SS — 

Eetk Seed *3 

Erowu'gFer clffj 
Brunswick rarpn - 


625p 


■"il^teurreuKfc- i.'erp. S5 


SO; 

28% 

32% 


[TBSS250. 
C KC V: 


._ . Oatcrptllarti 

17% Chare MTttrCS115„ 


13% 
765p 
13»; 
733 p 
14% 
12% 
27 

W 

20% 

20's 

22 

17% 

28% 

670p 

11% 

Wi 

5f 

a* 

750p 

171 

34 

735d 

705p 

13 

20 

¥ 

Hi 

15% 

iP 

14% 

255p 

181 


17% 

11%. 

385p 


Sock 


ASA_ 


iCherehrougttS! — 

(Chrysler W* 

[Citicorp 54 

iCrtylr.c.SLS 

Dp CmPrf BSl- 

JColgateP.Sl 

koKbd*.Sl 

Coat.UlirK'HSlO— 

kbutOilSS 

KrcomTetLKi ... 
(Culler- Hammer S5. 
lE>um Crp S050 — 

Firestone Tire 0 — 

First Chicago 

Fluor Carp S% — 
iFordttotorJcl — 

■ATO 

toen.HeoU2% 

[GilletieSl — 

Honeywell 5150 — 

HuttoaEF. 

LB.W Corps 

lngersoU-SS 

IntSnseaFtCwi SI 
L l T . bternationalll 
EairerAl.S; .. - 
HanL Kan USS7 60 
Morgan ■ JF1 ttOU 
Horton S-Jtunlar SI 
OTOBS-1H.J312?.. 
Quaker Oats l'S$5. 

, Reliance SiS 

(Rep. N Y Corp.Si_ 
RexnortiSA 

Ricbdsn-iLTil51% 

BauliRFiV. 

- ISheUUlSl 

ll'JSSngeri>10i 

J2%^wnyR3ndS50- 

1 C% mtwtnr.51% 

18% fTenneco..-. 1 

131 Dm IWUSk 01-05 
505p JTeoraPl L"S30.1ffi_ 

— Ih'jfexacoSaS 

22VntDeInc. 

' . Iltattamenea SL._ 
21% flitd Tech. 5US5— 


I’ESeelSL 

Wnoi™ih.«.S3i; 

Xerox Corp. SI 

Xonicslnc 10c 


" ‘itfyZapilJ Corp 25c _. 



+ or] 

"Drr. 


£ 

— 

Gres 

C»T 

19ft 

-ft 

80c 



60% 


5% 

— 

36ft 03 

*3»- 

$1.75 

— 

26+ a 

-ft 

$1.40 

— 

.21 7 £ 

-% 

30c 

— 

11 

+% 

40c 

— 

' 2^d 


64c 

90c 

“ 

30%xd 

+ 1 * 

S7 2B 

— 

171;*d 

lift 

-h 

SLOT 

— 

-ft 

50c 

— 

13 

+ft 

70c 

— 

62ft 

-1% 

SLOO 

— 


-i 

$240 

$250 


Si 

+% 

SL80 

$220 


iff- 


94c 

— 

867gjS 

+3 

-% 

SLOO 

$1.06 

— 

13 


$100 

— 

21% 


$2 



15% 

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FINANCIAL TIMES 

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ADVERTISEMENT OFFICES 

Sirminsham- ReacRC House. George Road. 

Telex 336650 Tel. 0Z1-+14 0922 
Edinburgh 37 George Street. 

Telex 72484 Tel 031-228 4139 
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Telex 16263 Tel: 554667 
Z*srd<: Permanent House, The Keadrow. 
Tel: 0532 4549G9 * 


Mancheslpr: QnccnV House. Queen Street. 

Telex 665813 Tel 06! -IS4 9381 
Ncur York 75 Ro*. kc:’cllcr l’la:n N.V, 10019 
Telex 23S409 Tel. lVI2i +13 8300 
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Telox 220044 Tel 23rUUiUl 
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Chls-od^-ku. Telc-X J 27IIK Tel: 295 4050 


flxenreas adtwrtiscment represeniaiives in 
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.■ For further details. plea-'C contact 

Overseas Advertisement Department 
Financial Times, Bracken House. 10, Cannon Streoi. London Ef 4r 4Ei 


17620 Id Aberdeen CoasL 


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West brick Prods. 
Wettem Bros - . 
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CHEMICALS, PLASTICS 


*£ll%[600 


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162 

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CDflordtChiai 

Cohen iAi 20p. 

lOwcentricl^ZI 
h**W.Sre£20p_ 
I Cooper rFr 10p_ 
[Cooper Inds. Wp. 
}C<BBe*tre«20?. 
Croniteihmp — 

Crows House 

CanxntosWM— 
DanbGowencn 
Dartmtfa Inv. 5p_ 
DwA Het'A'JOp 

Davy InL 

DelsocMp. 

Delta Metal _ 
DsnrisJi lta^, 
DeritendSOp 

npo^rHar 

DmnnebraelOp 
DrakeiScttlL— 
DectRe Steels— 
Import. 
EdnroCHldgsL— 
ECintt(B.l 

b y AmUM. 

Eralndrctries— 

Br pwwted l*e»r 

Farmer (S.W.1— 
Pinsuter lire 500 
Firth (GSQlOp— 

FlnidriwaQp 

FcdkesBon/r^) 

Pranas tods 

GH teniJOp— 
Gattec - 


Granges K1Q0__ 
GreenbaniclOpL- 

Green's Eroa. 

GiN.fi 
: Hs^PtedsatM 
HadenCamer_ 
Ball frig. SDp — 
HaQ Matthew— 

FbDite50p 

Hampjoo 5p_ 
HsrtfeJ^y— 

BawkarStd. 

HaiiSmith— _ 
HoohinsoiisSOpJ 
BowzdliKhyJ 

Bowden Gmqi_ 
Hantkloscrop 5p 

facbnJ&HB&g 
: JenblQine£~ 
Johnson* Firth. 

: Jones GnraplOp. 

tmes Shipman- 
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Lanei^RtUOp. 
Lee(Atflmr)12%, 
Ley’s Foundries- 

Linread 

Lloyd (FAX 
Lodir(T)5p — 

Do.'A'Sk 

London A Midl'd. 
Ml. fhldmpi 

Macgan Bronze^. 


— 74 +1 


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Mtninf Snn lOpj 

UtcheUSonU^ 
UoJethD20p — 4 
Moiins— 

.■veepseno: — _i 

NeslUlas) Hdgs 4 

Newman Tonics, 
Northern Eng— 
Norton iW E.i5p. 
Peg)erBatn*T_ 
Porter Chad 30p. 

Pratt iB 

Priest (Ben/_. 
j Prertfll'tocS^SB 
R.CF.Hnldines. 
Rarne Eag'g 10p. 
RHP. 

R*asoa«Siin.£l 
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[RatcliffsiG.Ri— 
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[R'dmnffnanlOp 

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SavilleG.ilOpif. 
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Serek 

ShakespTeJ.Sp. 
Shaw Francis 20p_j 
Sheepbridee — 

Smon Eng's 

600 Group — . — 
Smith iwnitisp.. 
Spear & Jackson . 
Spencer Ok. 20p 
Spenrer Gears 5pJ 

Spirax-Sarco 1 

Spooner tods — 
Startrite20p — 
Stavdeytods.£l. 
Stone-PlaO — . 
Stothert I: Pttt£l 
SykesiHeBryi — 

rarelOp 

Taylor Pallister.. 
rpcaienrit_._ 

Tex. Abras. IOp... 
Thrsen Dmio — 
Tomkiiis F.H.5p. 
Trlple»Fdries_ 
Tube Invests. £l_ 

rurriff 

20% INzDciiWAJJOp. 
26 Lld.En^g IOp.. I 
UliSpruu IOp. 
Uli wire Group 

Vickers £1_ 

Victor Products. 

WGJ 

Wadbn50p 

Waeoo lob usti'l. 
WaUteriC.&W.i. 
WardiTW. 
WsneffnehtiPp J 
WranckEiK.®p 
27*2 Weeks Assoc.iOp 
103 Weir Group- — 
42 Wellman Engjf- 
28 WBrooSpg Hip.. 

29% Wrailand 

79 We5!"»&ans20p.. 

. Whessoe 

UtenyffteLlOp. 
WhltehouseSOp. 
WU liains fW’rr— 
Wlmsi James*. 
Wolf Elect Tools 
WolsiyHuches- 
Wtwell Fcfr IOp 
WoodlSW.)20p_ 
WVseRixn 12%p 


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3.4 83 4.0 
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22 98 7.1 
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1.8 66108 

23 7.9 83. 

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27 5.5 98 
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169 
86 
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[Northern Foods. 
NtndinFKlOp- 
Pantir'P.llOp — 
Pi-keiWJ'iJOp - 
Rakusen Grpiop 
RH.M. ----- 
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[Rowntree M-aup. 
Simsbury (J.> — 

iSpiuere. — - — - 
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Adda im. IOp- - 
Boreirf iFrllW- 
BreniWalkerip. 
73% City Hotels 20p- 
148 Del ere Hotels- 

]0. Epicure 5p 

Grand MetaOp— 
Knrsaal iM’lLciS 
ladbroke IOp — 
Ml Chari otic I Dp 
MyddleloniOp— 
Norfolk Cap 5p— 
North Of. F.'JDp. 
Prince of Wales. 
Queen sU>Ml 5p. 
Rowtna Hotels— ! 
Sarey-A'IOp — 
Stakis'Reoi 10p- 
Swaa Eyac Int 5p_ 
Trust H Forte .. i 
Sanw Bail. '.VMp. 
Wheeler s IOp— ■ 


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122 
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4.4 U 4.6 
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3.4 6.7 68 
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6.4 38 

64 5.4 

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43 60 


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Bonks ("Sidney Ci 
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BamA-G.i 

Barrow Milling . 
BaS5ett>Oui . . 
Bailey* Vork top 
i Renminp 

BlbbyiJ i£l . ... 
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Do.-A-N.Ve _ 
l Bluebird Cocu ._ 
Brit. Sueur Sup.. 
BnL Vend'e lOp- 

BroDke Bond 

Cadbury Scb" ns . 

Carr'slbiling 

Clifford Dairies 

Do -A“N iV 

Cuilensaop 

Da-A-SOp 

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Eastwood GBiSp_ 
Bchr'dalou.C6p.. 
E^land 1 J. Ei 5p 

FUirerTAlspI L 
Fitch Lose)! 2Dp. 
GtassGtorcrSp . 
GoWrw Fuucard. 
Ilulev'd’sP30p 
KJlard-. IOp . . _ 
Hintanl»_iJOp.. 

, Kraft S15Q 

KwihSnve IPp . 
Lenoonsftt. IOp 
Lufood HWhs.._ 
Lbekmods— i 
LwelLllLEj— ' 


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236 

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73 68 
_ 401 
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19.1 4.9 
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85 49 
33 82 

3.9 5.0 
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3.1 88 
41 6.7 
55 4.1 
25 82 
88 3.9 

7.9 |835 

6.1 47 

5.0 65 
61 S3 
4.4 354 
4.4 35.6 
8.8 4.9 

32 4 
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8.0 63 

95 * 
8.8 120 

96 20.7 
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AGB Research — 
AjKBsm Bros. Wp, 

Abbey Ltd 

Uirf,inds.20p- 

g «Hldn.5p. 

. MetiJtDj-, 
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mniAitOp. 
dConms'A*. 

Assspr^yerel^-l 55% 
ir Assoc. TeL ‘A 
AostiaPltieyllOp- 
Aum Rubber O. 

B BA Group — 

BXT.Defd. 

BOCtotnL- 

Bra 

BairrilWnml — 

Barnet ill 

Bar lira Rd. RIOc. 

Farrow Heobm 
Bath 6 PortlaiuL 
BaxterTravenoL 
Beatson Clark — 

Beech am 

• Beil sir Cos. 10p_ 

'. Ben tuna 

Bensfords 

Berwkk Timpo - 

Be«oheli_.. 

Biddle Hhto— 
Bifurcated Eag- 
. BillamiJJlOp — 

Black Arrow SOp. 
BlaekfPIHldW- 

Bodyeotetoll 

BogodPeL*A*IOp_ 
BookerldcC.SOp. 

Boot (Hcnry|50p. 

Boots 

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BowaterD 

BrabyL^ielOp. 

Brady Inds “A . 
Braam»iH.>20p_ 

Bridfcfid Proc. 5p. 

Bridoa 

‘ Hndport-GMp— 

BB4EA - 

BtitCureT.ntjp- 
BnL Steel Const. 

Brit Syphon 20p. 

1 British vita 

> Brittmm — 

B. H. Prop. SA2_ 

Break SLBr. IOp. 

Brooks W«L 20p_ 

- Brown Bar. Kent 
BauttansfMussL 

Burro Dean, 

BurudeneSp— 
Bunis.AHfs'n (<to~ 
C.H.IWHS 10p_ 
Camres20p— 

Canning fW 1 — _ 

Cape IsduMries~ . 
Caplan Prof. IOp. . 
Cararam TnL 20p 
CariMn tods — . ! 

C a woods — , ! 

Cdestiontod.5p 
. Central Wg. IOp. 

18 Cent Sheered Sp* 

180 CentrewaySOp- 
44 CbimberlitnGp. 

36 dumhlaaPli IOp. 

.17 Chance Wares lOp. 

18 PcCeiCumPLlDp- 
65 iTtriiie-T.10p_ 

70 CbridiestoLiOp 

106 ’ Chubb 20p : 

58 Clarke (Clement) 

103 Cde(HJL). 

25 CmplnWehbZOp. 

£2Dt; Court Grp. SI.— : 

33 ConL Station's IOp. 

53 Cope AilmanSp. 

27 CopydexlOp 

40% Cosait 

55 rwotsyPbpeajp- 
58 CmrandeCrt. IOp.. 

140 Crenn (J.i60p — ! 

64 Crest NichmlOp. 

125 CtosbjHou9e£l. 

5% Crosby Sprig IOp. 

Uffi Davi®&ywma. 

230 DeLaRae- — < 

68 Denbyware 

£80 Denl*ply9peCx3HI i 
16 Diamond StMOp 
6 DinkieHeelSp-. 

128 Dtpiamalnrs — : 

67 Dobson Park JOp 
63 Dom Hides. IOp... 

£24% Dow Corp US$1 — : 

30 Downs Surfl IOp 
27>; Dufay Bltum. IOp 
122 Dunbee Com. IOp , 

28 Dnndocian2Dp- 
.12 Duple InL ap — : 

93 Dura pipe - . 

8% DwAGrouplDp. 

23 DykesiJ.i 

54 Dyson tf.RJ.i — 

49 . Do.'A* 

12 g C. Cases 1 Dp — 

80 Eastern PrtdsOp- 
220 Elbar Inds. 50p— : 

12% Qbief5p_ 

39% EtefOlOjx 

36 Elect lad. 5a_ 

15 EJIioaf*b*ral9fu 
69 Elsoa& Robbins. 

17 ElswickH*per5p 
£18% EmhartCrep 51_ 1 
11 EmrewSmlQp 1 
20% Eng It Over's IOp 
72 Eng China Clays 
122 Esperanto 12%p.- 
99 EutoFottIk ... I 
31 Erode Hldgs.a)p 
20% Ewer George IOp 

90 Esld [ 

53 Faittsire Lawson. 

28 FcedextOp 

127 Fenner (J.tLi — [ 

87 Feiguwolnd.— I 
24 FcrtJemanSDp— 

25 Findlay 1AJI.1 — 

37 First Castle IOp - 

39 Fiawiium 

48 . Fleiedo C. 6 W_ 

53 FocartyiE.1 : 

128 FosecoMinsep-. I 
81 FrthertillRairty- . t 
185 Franklin HinllL. I 
61 French Tb os IOp 

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L49 GcSctner'A .. 3 
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80 Gicsti Group 

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65 GommeHids. 

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84 Granada 'A' 1 

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18 GnncbdlGp Sn. 

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17 Karalbone I2j>„ 

81 HanunexCp CSc. 

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65 Harris 'Ph. 1 30p._ 

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173 

70 

£l?*i 

•=0 

£70 

v»o 

i»?i 

70 

































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4.3 







































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3-! Jn I3JW o3J 1* 





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MTlTH 




















■ AiQ 









4.1 

1.7 


4.1 


4.4 


1.7 


70 

470 

■B0 

705 


:-’o 


200 
111 
10=1 1 fi’a 
32f> |22C 

i =j* 


3cA 


OVERSEAS TSAE'EEIc 


!840 

»470 


to 


W15S 
4^30.91275 
2031107 
27.0 


ID 
12 

ti 1 

2 L 

2. 9(47.4 


8-7] 


3.91253 


5’ 

6.4 

11.0 

J.2 

6? 

lUj 

S| 

4 K 
3 5! 
4.5i 

y 

5.6j 

M 

9.1 


1W 6ft 


b'i 

0.6 

1L9 


50.6 [1 30 
I - llbS 
47.2 J£6? 

~ "97 
JSJJ^45 
30 
19 
73 


J344 
254 
22(55 4 


35 

24.2 225 
<> I M 


30J 


U3S 


17.5 
23.0 
■12 6 

£2 

123.4 

2L1 

23.0 

LL2 


JS75t 

Fisk hr] 

jioi ! 75 

d5 

,w 

'155 • 


2L6 

57.1 

3=0 

3*.f 

33.9 


37.4 

?5J 

!30.0 

s:a 
262 
24 5 
132 

164 


240 


k-7* 

P50 

61 


72 



Aroicai L'.te= .. 

319 


1.7 57 

: : f 

) 7 

" % 

79 

60 

\-jt :.rr: M . 

110 


10 S'' 

2 I 

IP 

4: c 


“n 

LruwmiS.8. 1 * • 

1£1 

j.J 

tV-» IT 



hi 


45 

r-:rrTK,.,7‘|v.‘.T7 

5C 

rl 

t.-r 


=<■ = 

'TC.i 



t'j-urie.-.'i ■ lV>r 

59=, 

-li 

1” 


" r - 

6 


fiT-.l 

Fiiljv'icaf-. 

III 

-f 

t5.C 


C7 

4S 



CtHtruTeJ.... 

163 


!»■' 4' 

i- 

••r, 



■ZiA 

ol Mhn £!"i. 

ib* 

■ 

w!I*. 


ii 

1“ 7 


225 

Hro n*. C-ns Lj. 

553 

i-25 

C-'T.U 


rU; 

+0 7 


6r> 

i.’-'ffnuLr ... 

T7-.ii 

-2 

4 


ai *• 

6 


3«0 

L'l-.fiLateil 





S.7 

f a 


71 

. . . 

Z5(4 

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LJ.0 

■- > 



4 


9 





-- 






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w 


^ “•? 


= 4? 

•34' 


LIU 




~ £- 


= 17 

if.li 


?)*> 

r«5e=i.anC;- *! 



li <C 

“i 


5 

1W 

63 

f ‘ > . r. ’..-tfre '3>x, 

.120 

t£ 


_ ' 

•=4 

in 


IbS 

Wflt 7> h. 1C? . 

17 c 


i~ ol 

7 5 


>.!) 


1*1 

rift • v 

•75 

-IC 

■J 92 

7 5 

t 7 

?.o 


27 

5an»er-1.t i <0p 

Z u 


?a«3 

\ ~ 


3.6 


4=> 

L-rufticsr.S.i . 

5=;£= 


*'•— 


— 

— 


44 

L-iroe Darby -«*r-i 

X3b 

t? 

hi 72 

5 3 

7 1 

30.2 


175 

?:«] Pr >. . . . 

IV 


fct.'l 

r ." 

<■2 

LIO 


y. 

Tr:er Dew. sap 

cl 

+2 

3 i5 

■* —■ 

7.7 

:5.7. 


£87 

Dc Rr-.Cr.-. V. 

£99 

... 


■■■i 5 

'3.4 

_ 


41 

1/ Ci*7 Hen- !'.p 

n 

■rl 

ofatv 

mU 

i 6 

35 


41 

Do. lGp.-La.13p 

69 



JfA i. 

!2M 

— 



Us 

CC 


'.mal Niceria ... . 

Hilam SMI 

LV-i-altTm 

be 17m [21 Si! 

■reeior .. . 

'Jcld i 82M 12*2? . 

1 -.•pen; Cons 

Knbehnn^ . 


TINS 

27 
385 


Idn'l^p 

JamarUji 

•iamu'inr.qjMOM 

ijll’njha!? _ . 
M-Js- r.TOf.njSMi 

.-.Vahanc.. 

Poa.-i a*en i<=a 

?«>a liar SMI* 

rteci r !■_•". 

I'duihi'ri-'.'tv iOp. . 
'Siti. - * Kina’ SJWSi 
S'hn Mr-la- an JMl _ 


SMI 


55 

275 

245 

10 

315 

220 

W 

8 

79n J 
640 
455 

78 
76 

270 

62xd 

57 

225 a! 

325 

215 

79 
90 
90 

250 


COPPER 

50 1 80 1-5 |se»c| 1.91 i 


?5 Ljremin 

, '• (r-urmc. Miner lTijj. 
1315 !f'.ai.Hftrh !0c — 


SeJSBEIlS AND &ISAL 3 

+ eri Wv. 


LANEOU 

s 

5 * - L 4 

-1 - 

13 . ... 

■90 

245 -5 

ESSE 

365 +10 



243 +6 

9 5 2.8 

50 -1 



305 -7 

-w. 

70 

<.135 6 

155 

Q7c 2.9| 


J- 

5.7 

2> f 

2.2 


J2 

% 
52 
,ia» 

I 

89 
5<s- 

E'6 m 


.p 

21 1 

65 

56=i 

41=2 

29 

69 

36 


Slreft 

Aatilr-L-vi.mt .‘a . 

iSeaamCosf JOp 
BinJ.Airifa'.__ 

Era-dvrail K<p 

'isslebeld iOr- 


IChMWMMlOi! w. 
Cwnj.Pizati ’(ir._ 
GraniCeaEnl 10? 

Gcthneil 

,*Birrni=2i l~ : fip. 
ISshlenri,F2»V .. 
KmlaKretonsaSL 
t+Kjbm;i^_... . 
bin. Sumatra 1C? . 

MtlaloK JtS! 

i-iiiarFj'erKn 
niMtfinaKidri if? 
Sdafivi Erian IOp.. 


Pr;re 

95 
175 
16 
5£ 
243 
47 
51 
20 
S:s5 
Uj. 
115 
C-3 . 

51 l 
18® , 
70 1 


12 ?a 
5.55 

2.73 

fi 3.- 

ii.h 
hOsC 
O.f- 
15.3 
*4 0c 
--0 6: 
vl2=f 
Q!1 jv 
, Lm 
i| ,, '*J5e 


52 |-i JO.--"* 
iial 
nL52 


75 

52 i-i 


rii !- 

r - f-r* i 


rJOTES 



3b 
i.c 

E. 4 4 


^ i |f--:r‘Ssrii»5. ■:•!«% are bcued on -nrntaamo’' dlaeribattoo. 
5-** fk :j!os nr- C a c'.dcUe prieea. are gnus, adjoi+ed 10 ACT of 
5.C 'V. -*t re;*u i.id iltaw lor 'alnr of declared dlan+bailoiu and 
rir="» Sirorrirws *ri:h tlrnom.Euii!oa.i ocher ibu utcrUns ore 
iq-wiec: sa lies!. e oi ihe ia'oiexent dollar premium. 


i ll : = 

191 -.4 


TEAS? 

fesia ms S-ss^sses'h 


25 a i-t 


.*£3 

125 


Hlgf 


2l: 

r?o5 

12.2 


+ Se«9 
!!£:■ 


A 

icin.6 


IS 

LC 

i? 

2.1 

l.ll 

2.1 

1.0 

LI 

Lft 

1.0 

LO, 

0. 91 

I 

121 

i3 

Lffl 

Lffl 

2.01 

4> 

1. _ 
e« 

1.M 

20| 

Til 

a 

ii 
4= , 

ill 

d> 

101 

1.9! 

i 


24.5 
33.8 
rr 1 

Filers 

3 

4.8! 

II 


Ab 

70.4 


175 

230 

A*ssnr-rosrs:- - 
Acrara Frontier £ I . 

305 


49 A5 
h!6 SO 

UK 

.Assimlnvs.fi ... 

1=7 

-a 

t li 

20=i 

Lmnitvrian-.slG?- 

29 


jlo: 

VS 

U'-rrePi’WCl . 

3Z£rt 

-2 

hi5 

ISO 

Idi Letai Rus.^c-1 V. . 

223 


IL) DJ 

3e0 

Msrats £1 

360 


1531 

‘U 

Riasio Tu-ig' JOp - 



6r‘i H 

l-i 

■Aarren Plants 


+r 

l*-.Ev 

133 

rWillijnsonil— 

13s 


5.14 


En i"gra 


t. fiiriir.c ...Tiinaird iecur.tici which include invertmeoi 
dft'icir prenuun. 
b I t:r’ Tap“ St-wt 
?{=' * j ' " f1 " 1 ■*='• - ,n ? Lf*A rntrired thus hare been adjusted to allow 
f nl 7 . : f-r r •>.*• for canr>. 

*■"= *• ‘ j- inienir. ir.ee ir.creared or r*<umcd. 

.'nicnm .-ir.ee rcst-jcTd. pavacri <*r deferred. 

,'r: IXc-free :o non-ro-.ident* on application. 

? r jT report jwaicod. 

•: ».'r:t.-:« d /ccunt;'. 

. i*r*”T a* lime 'it fusponsion. 

i :ioi:-*isd c-vider.J .-.fter pemtins "rip and'w rights isnsa: 
■ j ••<* '' relai'i lo previous divadendf or farecaa^.. 

1 • re- b;d or raor.-antsalion in proems, 
a-: r. .. :cirp.-.ratle. 

£s=w intend: reduced final a.-id.or reduced earnings 

.r.t.uiieti. 

di-ioenc; cover on commas updated by latest 
Miti.tn-. siiMtneni 

A*’ Vn l- '-' ier allows for ((.Dirrswn of share* cot now ranktas lor 
J S| P X ■ ii* idendr cr rnnticf; only for rweritfed dividend. 

Jl j -.1 Cj.v: i«j not n!lo« lor '.hares which may also rank Inr 
*r.j| 0.0 1 r-i-adenrt 3 futcre date. No PF ratio usually prondedi 

I • Lr.-.l'iaini: a Lnai dividend declaration, 
ir BTCIoltai pr-ce. 

II ‘.o pir laluc 


tVi 


2.7} 

45 c.;- 


.■M. [225 [123 |LuH'i^ j £L j 213 l j 5 JC J L5j 3.5 :a Ta* tree, b r isurc5 bused on prospectus or other official 

ST-S I • Jc“.:i:. , te. c Cents, d Dividend rale paid or payable, on part 

IJ rics 


iZO 359 ISsoits i: [ 61-j [ [5B.:fi 6l::2i-2-4 .yru.Tcd civide 

185 130 '.Fji6l*ia:« 275 !-5,13JS! 2.4jUJ V v?£. '?>? 

■f- ; jr. ur Trtui. s I*. 


LSI 

6T ... 

5.2=13 h 
18.6 


ii 

ll 

3.4( 

7.« 

lLZJ 

F fl 

16.9 

4J| 

0.7 

42 

■+ T 

10.7 

■1.6 

s? 

511 

7 -* 

5-5| 

46 

n 61 
151 

?! 


72. 


C SPTEEAL i SAND 


_ «2 jieo 
20 : 1-0 2« 
S*H I® 


33.5 

13.1 

El 

!?.6 

55.2 
'36.7 

■g? 

,24.3 
37 J 
37.0 
4L3 
33.4 
34 1 
513 
48.B 

F 

4M 

3L7 

15Jt 

42.6 
33.9 
X95 

248 

333 

50.3 

1?1 
14 4 

l7=> 

1L4 

■Fi! 

428 

142 

3L0 

A 

280 

2L0 

26.8 

29.4 

&F? 

721 

26.4 
M6 

40.4 


105 

57 

416 

|152 

w 

f fc9 
% 

ti 


445 

£11=4 

ica 

401 

I9Z0 

too 

153 

at 

057 

r52 

602 

5?0 

n.77 s 

,2=3 

£2=B 2 

,241 

970 

2b8 


;in 

£20- 

121 

i5o 


aof L 

£10?a 

240 

371 

£2P« 


P-irtwnr-aTifll ...: 
Esd !ter,i fro Rl. 
£r ,1 *ptan(iJniiinE-^.F2 | 


76-'j 


T4i>: r^LTi'J Hi 


J-« 

1 9 
-IV 


125 l-i 


EAffEISN PJEJ® 


57=i 

’Bracken Sft*. — .J 9F=: 


tQ2.il- j 

13 




235 

KRGC.fo'if'. — i ?P9 

-5 

FvSSc 

JK 

'.n^uleiiO':. .1 179 

-6 

IQl^c 

t 7i 

ranre^ BI I 3o? 


+’534* 

ab 

Le4:e55c.. - ! bl 


tf+sc 

52 

.'■line-.- Ij f P35_... 1 73=’ 


rW6e 

57 

3.Afr.rani/i.:T-...| -17 


— 

31 


-1 

Q25e 

517 

V.’mkeL'iaii R0 — i 743 

-LZ 

iWc 

71 

Wil.M £ elS>:— £7 

— =2 



c.l-iUf- co> -tr La^-ed on dividend on full capital. 

;.-ie!d. f Flat yield, c Assumed dividend and 
h A.--: used civider.d and *ield liter scrip issue. 

' aourcer. L Kenya, m Inicrim higher 
Richis issue ponding q Earnings 
ha-cionprc’isanao-fiir-res. s Dividend and ;iold exclude a 
pn.'-rr.'.-nl 1 Indicated dividend: eo-.er relates to 

iff.... '<-.•:•• cl-ldcnd. r.'X ratio besed on latest nnnuaL 
, ri.—.i o r .iiMcost dividend, cover based on previous year'i 
•lm-.nr-. Tax ire'.- up !*« .tOp In ttw £ w Yield allows for 
; rsrrenc y rlav-r. y Dividend andjield based nn merger lernts. 

• J D-r i .nd nrd ricld ireiude □ i-pccud payment: Cover does not 

j _ | !/ 11 're.-c..il payment. A Set dlindend and yield. B 

fajjMf.J * rj r r. ■•• w nre "V i-.iivi p.iised or def-'iTed. C C+ncdlan. K 1*«ub 

J — a\ •• . y p i-idcfiii and yield h.i'-ed r-n pr9«iw>ctu.s or other 

TV.JJCI It o— , ,.i, l ri*i tniniuci '.or iaTBJir G Arruned dividend and yield 
■■::•■:: l-i -Sice "npandior tight' issue h Chndend and yield 
., . .-in r'esr+vtut or other nfficinl eMimnic* for 
:"••!+< f'. r ::L.n.- : : based on prospectus or other official 
fo- l”fi M rhvidcnd and yield based on prospectus 
•- o-h r ji csltrnate: for fPTf N Dividend and yield 
-.j ■- ynipulJ-. ar V-hcrr otliciat C'li males ler 197U 1* 
-i;r:-. r_.'td <*~ pro'pectus or other offirial estimates for 

*-ldend total to 
Rate stays 


,■3,; i l --..-i srv. r_.'tc <*» prospectus or other oifinal esti 
1 2I1L£ (’.rt'-T-- t> !:n.- T Kiisiwr aii.umecL Z Divider 
UJ 52 ii ••: •"* V.-Kf h.ufd nn as.surop:i>>n Treasury Bill , 
L2* L 13 :u-.e!W''S'- - d *>r.:il =ta*uniy ol stock. 


ICi 


0 • ■ 


-■n-. sn lii-.trlend: Res scrip isiuc; «r es rights; a e* 
..1 pita I dis-J-ibution. 


— ' *■ 7-->rEtit Issues " sad “ Rights ” Page 20 


FAR WEST BAND 


233 Bhic-tr 25 

374 

-5 

754 BuHe!s..._ 

517 

-22 

TIN rjtttkraal . 


tJ 

214 EwmfenieiaP-i — 


-Ui 

539 Eaa lute Rl 

en 

-22 

153 ZUnsLrand.liirU . 

2-2 

-3 

7Z ELL J." c. rii — . 

1 ZA 

-5 

B90 Banebe.vi?.: . 

f " “1^ 

-ii 

403 Kotif ikiiii.-il 

605 

-2l 

432 Lihjnor.Rl 

532 

-28 

1419 Sinthrial f-?-; 


-13 

206 Stiff oiil? in ih 


-9 


£'■=■' t 

-V 




£16% n'.Crieril 



152 Wectiii.L-ja.iHl. 

194 

-5 

5E9 f.'esernrtepHL-. 

. S’" 

-n 

lt-3 Zamiusait;—^.. 

224 



_ r_ * 

<• J 9 . 6 ; 

L7j bS I 


LC 4 4 
<• :i.4 

■p 1 -m 
- v in* 
2-51 r-: 

2.*i *-.c 

321 ' £ 
$ | 73 


;' r r:=* vrvice is c-Ttiable lo every Company dealt in on 
*2b3e ? * 111.') E^rtaasw throngbon: the L’aited Kingdom fswa 

G-7Cc= r JlP B j fee of £w! per .'inaum for each security- 

V*'- 1 - 

'Viic 

r^T-5fa- 
iXSCe 
aHOc 
Q lfWo 
Q21c 
W22c 
1®25c 
k'gfc 
Ci-75c 
+Q13c 

Qxi.X 


UEGI&NMj RM 1 EETS 


•.-ii. 


C’.F.E. 


23.S 

24.4 


1 .0: 

ex 
34 6.3124.9 


Finance, Land, etc. 


242 

12 

W 

25 

1=0 


~ l 69 
23.2 iri^i, 
29 0 Ki4 ‘ 

yfa 

? : 9p« 

^■3= 48 


MS2.X 


•H’ 2 

28 

,180 

19 

24 

34 

31 


2PB 

b 

26=2 

14=2 

•103 

56 

no=i 

1221 

27*2 

24 
31 
5B 
3o 
1£ 

22 

,190 

16 

9Ji 

25 
7=i 


(AlrffdSnitbers 

.ArmsirTaiOp. 

.ychoriiylnv.ai^. 

Britannia Anw. 

(ChaLleacfiCrpil 

CJidi+eriouseG? 
TtfnDiDaaMkL 2p 

Itelset>'£l 

JtevreayDav 

i+DoIosTClla.^ . 
Elio. Ind'LjSip. 
ElOrolfininslOf 1 -' 
ErJone House .. 

£& Lands 10^ 

F-vpIreatimtUSp. 

FisO!sn&Gea.Sp. 

FinaEfeilud ICp 

Fiurov invest 

KajabroTnist^- 

H>njlnnTrr ij 


210 

9 

54 

13 
256 

64 

£13=2 

313 

41=2 

25 

11 

60 

■3M 

14 
25 

125 

8 * 

31 

20=4 


5.6)12.1} 2 2 
6.5 


I “ 


•12.5c 

t3.41 

W25 

+1194 

ti.o; 


dl.OO 
192 
1.2 
0 50 
501 
1.02 

Z03 


fa sl 

*s 

3.6 

65 

191 

9= 


80 

119 

30 

60 

.6.7 

93 


■5 

12.0 

.liS 

C.1 

* 

3.4 
8.1 

20.4 

8.6 


J 75 (Free '.‘.*f >7V- ,v,- 

307 


01 ?c 


£iS 

-V. 

tvCiCe 

[ 59 iFSSuwatuaiU. 

35 

-Ji 


774 iHarourv^ir. 

>D- 

-i*' 

Q55: 

ct. ’.Lendl? Si . ... 

i*r> 

-1 


•7 % lr*re- Eranl -5f __ 

954 

SZ;-- 

:v*-'0r 

552 He* Jte:T,v-_... 

P.50 

-59 

+C25v 

703 M hf ur.jp.: . _ 

s« 





-i 



190 W?i cnrr:V«.- 

315 

-9 


I13= 3 — 

I2&=; 

-1 

histt 


Mlou-ir.fi is a selection of London quotations of shares 
rce-fusly !if ’.id nub in reelonal markets. Prices of Irish 
..-.-ji., .roost of which are not officially listed in London. 
, ■ i toted **a th-i Irish exchange. 

?j2»Lllar:-|' n v.25p. 

4= iLl.ljizt'-rr i'-’.r-Cp 

^:W^ cilcy " 

:f.,-"-..-se 


4 “I ?h 
0 5; 3: 


r.U'ii'i- Bre= ~ 


sd i.i n- , i: , .foi ilop : ;>- 
i rl I - * 1 1 "in si.'h bi 
-- • * | ire : J - ■■ i=c 


19! 

1 


25 


Sheff Reh-shnit. 

63 



-3 

SinriaUiWmj... 

105 

— 

Sta 

520 


IRISH 


TJ 


Conv. E r; ’80.22 

£°2l t 


ti 

-»-l 

.JUlianrcGas .... 

U 


27 


.•u-non 

36D 


S2tU 


Carroll iP J j.. 

1041, 

+4=2 

11 

.... 

Clondalkin 

se« 

115 


Concrete Prods . 

lfid 


77 


Hciton imdus.) 

<8 



I£2 


In-.. Corp _... 

160 




Irish 3opes 

130 


bi 


Jacob 

63 

.... 

1=C 


Su-.bc.trn 

33d 


20 

45 


T.MC, 

I'mdarc 

172 

110 

+2 


L' 2i'<ANCS3 


710 

57.2 

£204, 

950 

159 

10 * 

454 

£20‘ 2 

£16% 

£18 

235 

40 

1«7 

15E 

£114, 

58 
510 
'57 

59 
1S7 
90 

£15 
278 
330 ; 
70 


424 l.'.Dc .'ji rej| v*t. I 
2^ •Aicln isr*: iik* .{ 
£14‘<! Arj. Aac-ilir.: 


621 

Ill9 

163 

m 

£307. 

£30 

iisa 

22 

12 b 

95 

I860 

£0 

375 

161 

25 


rti 

1£2 

235 

40 


[An? Vaaiffc. 

CbaKerCph; 

Cans-GiiiiFiiid! ... 
Esit a.nd Con. Ita 

Gm. “joint' K ... . 
Gobi Fkla= SA Sr .. 
JoTrjrs Csns. S2_. 

Middic T7ti2ai; 

MfarorpL^p 

MiourcoStlL'! 41 _ 

.■itw7<!lf>f>c 

Panr.o w FI; 5 — 
■Rarai Liiiicaa if.. - . 

WeainaTrv.t 

'KoMnih Ii?". ._ ..[ 
-lil'.'-rrr:*-- £!dt „ . ( 

|Taai¥vV.ii.6^“......l 

j 

IT •j.i-.Ld-F.l I 

l' r ln\ertRi - ..j 

U'MRi 'orn; S5>: j 
\occL '2=;c 


695 [-10 j^iCel :«•[ 5.2 
3CS |-f. [Pro:.-! 2 OH 2 

— 'S 


£1 ?s 5 

SbS 

234 

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Cruising means 




MAN OF THE WEEK 


A firmer 
hand on 
the helm 

BY IAN HARGREAVES 


KENNETH James William 
Mackaj is a copybook earl- At 
60 he has behind him Eton. 
Trinity, the Lancers and a 
business career of solid eminence 
in the former colonies and in 
the City. His bobbies, be lists 
impeccably as shooting, stalking, 
hunting and fishing. 

But yesterday Lord Inchcape 
was more than a little indignant 
about the fuss caused in certain 
quarters oF the City by the news 
that after fire years as non- 
executive chairman of P & O, 
he is establishing his presence 
on the bridge more firmly by 
becoming chief executive as well. 

Partly his indignation repre- 
sents a shy and quiet man's 
straightforward dts/ike of fuss. 
But he also insists that the quest 
for wider motives behind the 
change is unnecessary, almost 
one might say impertinent. 

" I just feel that for a company 
and an industry which is 
generally depressed and facing 
great difficulties that a non- 
executive role is unsuitable for 
the chairman," he says. 

There may, he adds, be some 
minor management reorganisa- 
tion as P & 0 adapts to his own 
increased presence alongside the 
continued presence of Mr. Sandy 
Marshall as managing director, 
but no further changes are 
planned in the membership of 
the board or the structure of the 
company. 

The City, naturally, has not 
been short of more colourful 
conjectures. According to these 
theories. Lord Inchcape has beeD 



Leyland talks called over 
toolmakers’ strike threat 


BY NICK. GARNETT, LABOUR STAFF 


AN EMERGENCY meeting of the 
BL Cars Council, the highest tier 
in the company’s participation 
structure, bas been hurriedly con- 
vened for Monday to discuss the 
implications for Leyland of the 
threatened toolmakers’ strike. 

Management decided to 
arrange the meeting late last 
night after the series of ta-lks 
this week between union officials 
and striking toolmakers at. SEJ 
Fuel Systems, broke down yester- 
day in some disarray. 

Expulsion 

Leaders of the 32 toolmakers, 
who are seeking a £7 a week pay 
increase to bring them to the 
level of toolmakers at the Rover 
plant in SolihulL. said last night 
that they would 6till appear at an 
Amalgamated Union of Engineer- 
ing Workers district committee 
meeting in Birmingham on Tues- 
day, to which they have been 
summoned. 

The talks this week, however, 
have made virtually no pro- 


gress towards settling their pay 
parity dispute. If that remains 
the position, the strikers will 
again refuse a union Instruction 
to return to work and notices of 
expulsion from the union, ratified 
by the national executive, will 
take effect. 

In that event, BL's unofficial 
toolroom action committee, led 
by Mr. Roy Fraser, has 
threatened to call out all BL’s 
3.000 toolmakers in a repetition 
of the highly damaging month- 
long toolroom strike last year 
which cost the company about 
f 150 m. 

The only alteration to that 
timetable, other than through 
farther negotiations between 
management and union officials, 
could possibly occur in the pro- 
cessing of the expulsions. If the 
men appealed, any executive 
ruling that they remained in the 
union uadi the appeal, was heard, 
would defer the ultimate decision 
until an appeal court hearing in 
October. 


The meeting yesterday, which 
involved the SU toolmakers. Mr. 
Ken Cure, the Birmingham East 
district secretary, and Mr. Bill 
Jordan, the onion's divisional 
organiser ended in bitter accusa- 
tions. 

Mr. George ~ Regan, the SO 
strike leader said they were no 
nearer finding common ground 
with the company and that sug- 
gestions that they were made a 
'’special case” had foundered. 
He was still hopeful that full- 
time officials would continue 
negotiations with- die company. 

Mr. Cure said that oo Thurs- 
day the strike leaders had agreed 
not to oppose a return- to-work 
recommenadtion that would have 
been made to a meeting of the 
32. The leaders had subse- 
quently reversed .that decisioo. 

Suspended 

In the group’s other major 
trouble spot Leyland Vehicles 
has told shop stewards at its 


Bathgate truck and' tractor plant 
In Scotland that the transfer of 
production there from the com- 
pany’s Albion factory was being 
suspended indefinitely or until it 
was felt necessary that the trans- 
fer should go ahead. 

Integration of . production 
between the two plants is quite 
advanced Although the company 
says that the suspension 
been caused by delavs in 
creasing gearbox production 
Albion, part of the integration 
scheme, it is thought that the 
poor labour relations record 
Bathgate has influenced 
decision. 

Shop stewards representing 
1.500 striking machinists at Bath 
gate .are trying to call a mass 
meeting on Tuesday. Senior shop 
stewards throughout the plant 
have also been called to a meet- 
ing on Mooday and there are 
attempts to convene another set 
of talks between management 
and national union officials 
discuss the Bathgate problems. 


THE LEX COLUMN 


has 

in- 

at 


at 

the 


to 


LORD INCHCAPE 
So hidden motives behind the 
change 

manoeuvred in by the institu 
lions to stop the rot in P & O's 
profits, bas reasserted himself to 
quell internal boardroom 
wrangling, or is plotting the 
once-mooted convergence of the 
inchcape Group and P & O. 

Lord Inchcape gives the 
hypotheses short shrift. He also 
says that he has not changed his 
views about the usefulness of 
non-executive directors either as 
a result of his experience at 
P & 0 or at Burrnah Oil, where 
he and three other nonexecutive 
directors resigned when the com- 
pany’s huge financial problems 
became apparent. 

In what has been a trying 
week, he also had to re-assure 
stockholders at the annual meet- 
ing yesterday of the Inchcape 
Group, of which he is also exe- 
cutive chairman, that his new 
job at P & O would not mean 
him neglecting Inchcape and the 
£L6bn of business its myriad of 
trading companies carried out 
last year. He does expect, how- 
ever. to be spending more time 
in the piece of Leadenhall Street 
owned by P & 0 than the near- 
by bit of Sl Mary Axe owned 
by Inchcape. 


Tussle 


This week’s events are not, of 
course, the first time ihat Lord 
Inchcape has moved firmly and 
publicly in response to a crisis 
in contrast to his preferred style 
of delegation and devolution^ 

Inchcape became chairman of 
P & O after one of the most 
celebrated take-over tussles in 
recent years, when the shipping 
company first beat off an 
approach by Bovis and then 
within two years bought out the 
property and banking group. 

The question of the moment 
is, he accepts, how P & O is to 
deal with the shipping crisis 
which slashed the group’s first 
half pre-tax profits from £26.9m 
to £l.lm. 

He discloses no instant 
changes of policy, but agrees 
that tbe British shipping indus- 
try is unlikely to regain the size 
and status it enjoyed prior to 
the slump. Does that mean more 
diversification for P & O out of 
ships? For the moment. Inchcape 
i3 not saying, but is hurt that 
some newspaper? and commenta- 
tors have in the past few days 
dubbed hiro a " non-shipping 
man " in contrast to . Mr. 
Marshall. 

Perhaps the chairman and 
chief executive of the Peninsular 
□ nd Oriental Steam Navigation 
Company can at least win 
acceptance of that point, 


Awkward economic issues 
must now be faced 

BY PETER RIDDELL, ECONOMICS CORRESPONDENT 

THE GOVERNMENT faces a tinue or to reduce tbe 8 to 12 tfve politically In view of both 
series of politically awkward per cent target for the growth the strength of anti-EEC feeling 
decisions within tbe next few of Sterling M3, the broadly within the Labour Party and of 
weeks on major economic issues, defined money supply, during the reservations 4n Whitehall 
including the future level of 1978-79. about how such a plan might 

public spending and the pro- The public spending issue will work. . 

posed EEC currency stabilisation have to be resolved first. Officials Officials have been working 
scheme. have been working on a series during the summer on detailed 

Until Mr. Callaghan’s an- of options within tbe overall options— most recently at the 
nouncement on Thursday, limit so that Mr Joel Barnett, EEC Monetary Committee an 
Ministers had hoped to leave the Chief Secretary, can report Wednesday — but several 
decisions on such potentially back to the Cabinet within the important features are un- 
divisive topics until after an next few weeks. (This exercise resolved. In spite of the practical 
election. The main items of suggested difficulties the Prime Minister 

The key economic decisions extra expenditure are a new bas been strongly committed to 
within the Dext couple of maintenance grant for those in tbe plan. 

months are: full-time education between 16 Decisions on domestic mone- 

1— Public spending. The and 18, a special benefit for those tary policy will be watched most 

Cabinet agreed in July to retain on short-time work, and expan- closely by the market When the 
the 2 per cent overall limit on sion of capital investment on system of rolling .six monthly 
tbe annual growth of the volume certain environmental pro- monetary targets was announced 
of public spending set out In grammes. in the April Budget Mr. Healey 

last January’s White Paper, but It is uncertain whether there said: “If events have moved as 
Ministers deferred decisions on will be any shortfall in the esti- I would hope on counter mfla- 
the distribution between pro- mates on other programmes to tion policy, it would be appro- 
grammes. allow for these items, or whether priate to consider in the autumn 

2 — EEC currency stabilisation, there will have to be cuts else- whether to reduce it (the tjarget 
Following the Bremen summit in where. One problem is that de- range).” Since then the Govern- 
earJy July a timetable was cisions taken in the April budge! meet has introduced a credit 
agreed for implementation early to raise child and other social squeeze package. 

next year requiring decisions by security benefits have already The review of the monetary 
Finance Ministers in the next committed about half the H.5bn targets is unlikely to be Under- 
two months and by Heads of contingency reserve for 1979-80 taken until after the completion 
Government in early December. and there is a reluctance to com- of the autumn forecasting round 

3 — Domestic monetary policy. much more before the start in the Treasury next month and 

Decisions will have to be taken *h e financial year. any announcement may not be 

this autumn on whether to con- Th e currency stabilisation made until after Parliament 

scheme is potentially more sensi- reassembles. 


Weather 


UK TODAY 

RATHER cloudy with occasional 
showers and rain later. 

London, East Anglia, Cent. S. 
and S.E. England, Midlands, 
Channel Islands 
Mostly dry. bright or sunny 
spells. Max. 19C (66F1. 

S.W. England 
Mostly dry. Sunny intervals, 
increasing cloud later. Max. 19C 
(66F|. 

E„ NJS. and CcnL N. England 
Mainly dry. Bright or sunny 
intervals. Max. 18C (64F). 
Wales, N.W. England, 

Lake District, Isle of Man 
Mostly dry. Increasing clou-d 
and some rain. Max. 17C or ISC 
(63F or 84F). 

Borders, Edinburgh, Dundee and 
Aberdeen, Moray Firth, NX. 

Scotland , 

Scattered showers. Bright or 
sunny Intervals. Max. 17C (63F>. 
S.W. Scotland, Glasgow, 
Cent Highlands. Argyll, 
N.W. Scotland, Ireland 
Rather cloudy, occasional 
showers. Max. 16C (61F). 

Orkney and Shetland 
Cloudy. Occasional rain or 
showers. Max. 15C f59F). 

Outlook: Some rain, cooler 
temperatures. 


BUSINESS CENTRES 




Y'day 



Y'day 


midday 


middnv 



»c 

•F 



•r. 

*F 

Ainnr dm. 

F 

W 

64 

Ltmcmb'a; 

C 

17 

63 

Athens 

F 

-o 

63 

Madrid 

S 

20 

54 

Bahrain 

S 

.15 

95 

Manchsir. 

C 

17 

W 

Barcelona 

S 

26 

79 

Melbourne 

R 

11 

32 

Beirut 

s 

29 

94 

Milan 

S 

26 

TO 

Belfast 

R 

15 

59 

Montreal 

s 

11 

59 

Beljtrado 

V 

21 

TO 

Munich 

R 

15 

59 

Berlin 

s 

17 

KT 

N’ewcaKilc 

C 

IS 

64 

Rrmalun. 

c 

IS 

64 

Krw York 

C 

11 

TO 

Bristol 

c 

IS 

84 

Oslo 

C 

12 

54 

Brussels 

F 

20 

68 

Paris 

c 

19 

66 

Rud.ipesr 

S 

iS 

64 

Freese 

s 

17 

63 

B Aires 

s 

20 

e> 

Reykjavik 

c 

12 

34 

Cairo 

s 

56 

96 

Rio de J'o 

c 

29 

64 

Cardiff 

r 

IS 

64 

Rome 

s 

25 

77 

Chlcajuj 

s 

26 

TO 

Singapore 

R 

27 

61 

Colocne 

c 

2§ 

BS 

Stockholm 

F 

15 

59 

Copnbagn. 

s 

15 

59 

Sirasbrs. 

C 

21 

70 

Dublin 

c 

20 

68 

Sydney 

R 

14 

57 

Edlnbrsh- 

0 

ir 

63 

Tehran 

S 

51 

63 

RtfPeva 

F 

w 

72 

Tel Aviv 

s 

33 

89 

Glaucaw 

c 

u 

SI 

Tokyo 

s 

35 

78 

Helsinki 

c 

14 

57 

Toronto 

c 

16 

59 

H. Kong 

s 

16 

70 

Vienna 

s 

23 

72 

Jo’bon 

s 

22 

72 

Warsaw 

R 

16 

55 

Lisbon 

s 

28 

03 

Zurich 

S 

IS 

98 

London 

c 

17 

63 






HOLIDAY RESORTS 


Ajaccio 
Algiers • 
Biarritz 
Blackpool 
Bordeaux 
Boulogne 
Cape To. 
Corfu 
Dubrovnik c 
Faro 
Florence 
Funchal 

Gibraltar 
Guernsey 
innsbmrK 
Inverness 
I at Man 
Istanbul 


3 24 73 
$ 20 .54 
C K 72 
C 17 83 

c 21 n 

C 17 63 
S 19 M 
C St 73 
12 72 

s "A w 

S IS 73 
S 24 73 
S 26 79 
R 13 » 
F 13 53 
i; 13 59 
C 13 59 
R 22 72 


Jersey 


R 18 01 


Us Pirns. 5 56 TO 
Locarno S 24 75 


Majorca 

MalaKu 

Malta 

Nairobi 

Naples 

Nlcr 

Oporlo 

Rhodes 

Salzburg 

Tunsier 

Tenerife 

Tunis 

Valencia 

Venice 


S 27 91 
S 29 Pi 
F 20 TO 
S 25 77 
F 24 75 
F 24 T5 
S 23 TO 
F 27 81 
R U 37 
S 14 82 
C 21 TO 
F 17 61 
S SO IF 
S 22 72 


F— Fair. S— Sunny, R— Rain? C— dandy. 


Thorpe could defy 
Liberal leader 

BY ELINOR GOODMAN 

MR. JEREMY THORPE, MP for The view among MPs was that 
North Devon, is expected to defy Mr. Thorpe's presence might be 
a request from tbe Liberal Party embarrassing and would deflect 
to stay away from next week's , the key economic 

party conference in Southport- oi^Thureday. ^ debates due 
The request, believed to have Mr. Thorpe, who last year, 
been made first by Mr. David aft® 1 * bad resigned as party 

raMwssjsm h 


light 


of the serious crlntaal h ? may hope 

8e st h el te ht h workerSl w ho C have °tiS$tSoMny 

Mr. Steel is thought to have supported him 

told Mr. Thorpe that he did not His attendance would be snp- 
want him at the conference ported by his local party, which 
while m form mg him last week, has remained loval to him 
that he intended taking away his throughout. Yesterday Mr 
foreign affairs portfolio. Two Charles Vasrgers. chairrnan of the 
days ago. Lord Evans wrote to North Devon Liberal Party, said 
Mr. Thorpe suggesting that his he knew of no reason wbv Mr. 
attendance at the assembly Thorpe should not attend. Every- 
would be In neither his nor his one was innocent until proved 
party’s interest guilty. 


IMF waits 
on U.S. 
decision 
about loan 

By David White 

PARIS, Sept 8. 

NO FURTHER hint of plans by 
the U-S- for International 
Monetary Fund borrowings in 
order to snpport the dollar 
emerged from a meeting of 
deputies of the Group of Ten 
leading industrialised countries 
here today. 

Renewal of the General 
Arrangements to Borrow 
(GAB) was the main Item on 
the agenda, bat delegates said 
that there was no discussion of 
a U.S. borrowing which would 
draw on GAB funds. 

The group of depntles 
approved a report on the future 
of the GAB. The report is 
understood to recommend that 
it be continued at its present 
level of about 6.2 bn special 
drawing rights (SDRs) or close 
to S7bn (£3-6bn). 

Tbe report was drawn up at 
the request of (be Group of Ten 
Ministers at tber meeting in 
Mexico in April and will be 
presented to the Ministers’ 
next meeting in Washington 
this month, just before the 
International Monetary Fund’s 
annual conference. 

Mr. Anthony Solomon, chief 
UjS. representative at to-day’s 
meeting, said that no derision 
had been taken on whether to 
draw on IMF funds as part of 
the measures to snpport the 
dollar which were promised 
yesterday by Mr. Michael 
Blnmenthal, Treasury Secre- 
tary. 

It is generally presumed 
that, if (he UjS. were to decide 
to draw on Its unconditional 
credit available at the IMF 
(4bn SDRs).’ this would re- 
quire an increase in the 
amount committed to the GAB. 

U.S. officials at tbe meeting 
claimed to^lay, however, that 
there woold not necessarily be 
any problem in finding funds. 
This, they said, would depend 
on the size of the drawings 
and Hie currency mix involved. 

The GAB commitments were 
renewed in October, 1975, for 
five years, but require con- 
firmation following (be recent 
changes in IMF rules. The 
sire of the fund, except for a 
unilateral increase in Japan’s 
contribution, has not changed 
since It was set up in 1962. 

The recommendation being 
made to the Ministers’ meeting 
is that if should be renewed 
without any increase in com- 
mitments — the West Germans 
in particular being Intent on 
restraining the level of Inter- 
national liquidity. 

Clearly, any proposal to 
boost the GAB at tbe present 
stage would automatically be 
interpreted as heralding its 
activation by the U5. 

Tbe amount that would be 
available from the GAB. should 
the UJS. apply to -borrow from 
(he IMF. without sapping (he 
latter’s supply of hard curren- 
cies, is not clear. Tbe GAB 
was severely depleted by 
Britain^ 2.56bn SDR borrow- 
ing at the end of 1976 and by 
Italy's subsequent drawing of 
300m SDRs, although UB. 
officials pointed out that these 
horowings were being rapidly 
paid back. The Americans’ own 
contribution to the GAB is 
J2 bn. 


Continued from Page 1 

Scornful Thatcher 

The Government was deter- speculation, 
mined to prove that inflation was • An opinion poll on tbe Prime 

“kJI *?„?. V* e '“*"**** “no autumn election” 
foundation had been laid for announcement showed Britain to 
unemployment to fail steadily. be split down the middle? 

Despite this enthusiastic . 

endorsement, the wisdom of the . . P®" 1 earned out by 

Prime Minister's decision against ~£j T n,0 ‘? Research Centre for 
an autumn poll was cast in doubt 1TN said , “* al while 42 per cent 
by many Labour MPs who (eel agreed- with Mr. Callaghan's deci- 
that be may have let slip the *J OQ . *3 per cent disagreed with 
party’s best chance of victory. Another 15 per cent did not 

While senior Transport House kP0W - ' 

organisers were putting a brave 
face ou the anticlimax, Mr. Tom 
Jackson, the new TtJC chairman 
said in Brighton that he was dis- 
appointed by the postponement 

He spoke of the risk of con- 
frontation over the five per cent 
Phase Four guideline in the 
coming mouths. 

Conservative leaders insisted BUILDING SOCIETY chiefs have been under growing pres- 
that, despite the false start rejected calls for an increase in sure to boost their net receipts 
their poster and cinema cam- the cost of home loans at their by making investment rates more 
paigns would continue, although monthly council meeting yester- competitive. 

Central Office has used Its quota day. But they are expected tb The problem of attracting more 
of party political television consider an increase seriouslv at investment money, which is now 
broadcasts for this year. their next meeting in October, coniine to societies at the rate 

Lord Thomeycroft. the Tory A number of the leading Of £200m a month, was 
chairman, promised “vigorous societies favour a single sharp accentuated last week by 
and energetic activity” to Con- increase in rates, from 93 to 10} increases in returns on National 
servative workers yesterday. The per cent, rather than two small Savings investments, 
raw nnn_51 eilt j” 1 “5JSf? es ’ The societies’ council is press- 

i With. .prospective home-buyers ing on with informal- lobbying 
r£nT r ¥ ls * ,w * House— before Mr. increasingly facing disappoint- of the Government to relax re- 
Lai tagnan ended the election raent, the movement’s directors strictions on home leading. 


Dearer home loans still 
likely later this year 

BY JOHN BRENNAN. PROPERTY CORRESPONDENT 



4T\ * 

:■*!?* 
*■* * 


Traditionally the stock market 
hates uncertainty, which oh the 
face of it makes it a little hard 
to explain why share prices, 
jumped yesterday after Mr. Cal- 
laghan’s decision to leave the . 
nation in election limbo for 
even longer. We are now appar-. 
entiy condemned to months of 
knife-edge Commons divisions, 
and unceasing political specula-, 
tion. Perhaps the most convinc- 
ing explanation of the strength 
of equities — the F-T. 30-Share 
Index is up 19 points on . the 
week— is that fund managers 
are being forced off the fence. 
Many were prepared to let their 
liquidity build up during. a 
General Election campaign. But 
with the poll postponed 
indefinitely they no longer have 
a plausible excuse for remain- 
ing inactive. 

At a deeper level -the argu- 
ment is going on between the 
bulls, who believe that a 
tattered Government clinging to 
power will have to follow 
neutral economic poB tries, and 
the bears, who fear' that the 
consumer boom will now be 
stretched out far longer than 
is safe. 

Guinness Peat 

The disclosure this week that 
Guinness Peat has been forced 
to limit its 1977-78 dividend 
increase to just over 2 per cent 
per share at the gross level (or 
3 per cent net) only goes to 
show what a minefield dividend 
controls can be. In last year’s 
preliminary statement GP 
announced that, as a result of 
its acquisition of .London 
Electrical and General Trust, 
it had obtained permission to 
increase the dividend per share 
by 20 per cent There was no 
reference to the restriction^this 
would impose on this year’s 
ment. 

Since it became clear en 
Thursday that the standard TO 
per cent dividend increase was 
not possible GP bas. by all 
accounts, been inundated with 
inquiries. And yesterday it 
circulated a three-page state- 
ment to brokers, explaining how 
the dividend restriction worked. 

It turns out that GP never had 
Treasury permission for an ex- 
ceptional dividend rise. What 
happened was that in making 
an acquisition it issued shares 
which did not rank for the 
1976-77 interim payment This 
left it with spare dividend pay- 
ing potential within the Trea- 
sury guidelines and this was 
used to boost tbe final. But for 


KT-ACTtiABIBS 

all- SHARE 
INDEX 



1904 


1978 


r ft 3 fra S17 0 raised in the rights issue fc- 1 

Index rose oj to - than three years ago. Withi 

Garrard decision now tafc 
and with ~ profits elSewhr 
likeiy to pick up. iater in t* 
year, Plessey may well be o' 
sidering whether the time v 
soon be ripe for anoti , 
approach to shareholders. 

Alfred Herbert 

At the end of last year AJf' 
Herbert's stocks and worts' 
progress amounted to £3lj 
In the first six months of 
current year it has achle 1 . 
sales of only £26. 4m (£26.7 
and probably now holds sto 
valued at more than £45m. 
other words, Alfred Herbert 
been keeping a significant i 
portion of its 5.000 workfr 
employed in producing mack 
tools for stock. ■ It now 
enough stocks for possibly •• 
months’, sales; compared wit 
more normal level of six mon.;- 
Last year Herbert, one of"' 
NEB’s hotter potatoes, mad- 
pre-tax loss of £236.000. So 
this year losses amount to £2 
and there is at least £2m n 
to come below the line. ( 
now is the group cutting bad 
its staff costs with the deri 
to make 700 Coventry emplo 
redundant Herbert says i 
also taking steps to deal - 
its uncommercial stock posi’ 
Compe titors , currently enjo 
an ' upturn in orders 
deliveries, fear this will inv 
dumping a large quantity 
machine tools on the UK ma: 

Imps /Eastwood 

Imperial Group has rece 
the all-clear to take over 1 
wood at a time when the lr 
is facing its worst trading p 
since the year to March ^ . 
In January this year the I ' 
wood board was forecasting 
pre-tax profits for 1978 w 
be between £6m and £9JJm. 
even the lowest of these fi; 
turned out to be overoptin 
when Eastwood reported p- 
of only £5m. against £8.8i . . 
1977. An earlier than eSept*- 
downturn in egg prices, 
depressed margins on po 
meat, were cited as the 
factors behind the shor 
Since March tbe egg slum? 
continued; and— though i 
has been some recove rj 
poultry— it seems likely 
Eastwood has been making ... 
all losses in recent months.' " 
losses so far this year wi 
treated as pre-acquisition i= 
Imps accounts— but it still 
as though Imps is finding 
takeover more expensive tfc 
first thought ■ . . ... 


! M f i 


1977-78 the new shares ranked 
for the interim and .this ab- 
sorbed part of the normal 10 
per cent allowable increase in 
tiie payout 

: In retrospect, the company 
ought to have -warned share- 
holders last year that they 
would not be entitled to auto- 
matic 10 per cent growth this 
time. But maybe GP hoped tee 
problem would be covered by a 
rights issue, or another take- 
over. or tbe ending of controls. 

Plessey 

' Last Tuesday Plessey an- 
nounced that first quarter 
losses of Elm at Garrard had 
been a major factor in prevent- 
ing the group from showing any 
profits growth for the period. 
But it was yesterday before the 
group announced major redun- 
dancies at Garrard, in a move 
to concentrate activities at the 
upper end of the market." 

The news of derisive action 
was taken quite well by the 
stock market,' though the 4p 
rise in the share price to il5p 
also owed something to the 
general strength of the market. 
Elimination of Garrard’s cur- 
rent losses would add some 1 
thing Hke 8 per- cent to 
Plessdy's overall earnings. But 
there, will be big redundancy 
coste to be borne, continuing 
the recent pattern at the group 
which in the past two years his 
already provided* over £27m, 
before tax relief, in extraordi- 
nary items to cover closure 
costs (mostly in telecommuni- 
cations). 

Reducing Plessey’s labour 
force is involving a major finan- 
cial investment Funzrily 
enough, that £27 m is almost 



Union Corporation Group 

Bracken Mines Limited 

Kinross Mines Limited 

Leslie Gold Mines Limited 

St. Helena Gold Mines Limited 

Winkelhaak Mines Limited 

DECLARATION OF DIVIDENDS 

T. Dividends have been declared payable to members registered in the books of the under- 
mentioned companies at the. dose of business on 22nd September, 1978. 

2. The dividends are payable In South African currency. Members with payment address?* 
in southern Africa will be paid from the Registered Office and the warrants will be draw 
in South African currency. Members with payment addresses elsewhere will be paid fro it 

- the London Transfer Office- atis*. warrants will be drawn in United Kingdom currency; thi 
dace for determining the rate of exchange at which South African currency will be con 
verted, into United Kingdom currency will be 17th October, 1978. Such members may 
however, elect to be paid in South African currency, provided that any such request i: 
received at either the Registered -Office or the London Transfer Office on or before 22n< 
September. 1978. Warrants will be posted from the Registered Office and London Transfe 
Office on or about 9th November. 1978. 

3. The register; of members of- the companies will be closed from 25th to 29th September 
1978 both days inclusive. 

4. Payments will be made subject to conditions which can be inspected at the Registers 
Office or London Transfer Office of the Companies. 


Company 

(each of which is incorporated in the 
Republic of South Africa ) 

Dividend 

amount per share /stock unit 
(S.A. currency) 

Bracken Hines Limited '• 


Kinross Mines Limited 


Leslie Gold Mines Limited 

14 cents 

St. Helena Gold Mines Limited 

110 cents 

Winkelhaak Mines limited 

76 cents 


London Transfer Office: 
Granby Registration Services. 
Granby House, 

95 Southwark Street. 

London, SE1 OJA. 


Per pro. UNION CORPORATION (U.K.) LIMITEC 

London Secretari* 
L. W. Humphrie 
Princes House 
.95 Gresham -Street 
London. EC2V 7BS 
Bth September. 197' 


ncsuucrcd at the Post Office; Jr St. Clcmcnrs Pnas top and DiAli^hMT 
t>s ‘he Financial Toms UsL. \5fcidcen Ho Us-. Cannon srwt. toodoik E«P 4 BvI 
’ a >7 © The Financial Turns i-m, isri 




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