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Full text of "Financial Times , 1978, UK, English"

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\ KW> SUMMARY 


%inmi 

Baader 


BUSINESS 


gang 

woman 

held 


down 5; 

Gilts 

unsettled 


• EQUITIES recorded a 5.1 fall 
to 530.4 on the FT ordinary 


Pro!!, a member of the 
: '^.-iaaitcr-MelnhofT gang and one 
>r the world’s most wanted 
: -.tomrn terrorists, trn arrested 
> n London, where .she had been 
■■'instructing for ten months in a 
' ■ -yaraec workshop. 

.. Police picked up PmH, 31. in a 
■" f! . woop on the North London 
Vehicle repair workshop in 
V ,/mchley Road. She was ques- 
r.-.ioned ‘by anti-terrorist squad 
,-lelectives at Paddington and an 
s -Application for extradition is 
ikely at Bow Street court this 
-aoniing. 


Jteraii price rise 
rate continues 
to edge upwards 

BY PETER RIDDELL, ECONOMICS CORRESPONDENT 

The underlying rate of retail price inflation is continuing to edge upwards, but 
all the evidence suggests that there will not be a significant Upsurge in prices 
before the end of this year. 

The available indicators of sr_ r u ~ m ■ '™'" 1 s-^. ■»»*«» '.Vo!llBS> with some csuium since the 
inilauon arc not all puinuoji in I 30 *| II coverage is not directly rornpar- 


8l fltlMEEiTts | ^;fi° r Europsan ms>netari ' 



1975 197 B ven 


iwime high i 

. - i 

. Hmi nn I 


H FT. Industrial 
OrdiiwryliHtex- 

BOBBirnwbnifTsI I' 
giMW Blast I j 

11 12 13 . 14 15 

September 1978 


Ojigep Vlesserschmitt V 

c% SlGS aged 80 index as lhe recenf strong uit- 

.~ ViUy Messerschniitt, the aircraft movement was halted- by 
— * esigner whose 109 was steady end- Account profit-taking. 

. > ierniany’f? most successful •, ... , 

;• -- \econd world war fighter, died • GILTS were unsettled ami 
‘ n Munich aged SO. Messerschmitt drifted lower, with falls of I in 
-ounded his company in 1923 and both shorts and longs. The 
t merged into Messerschmin- Government Securities index 
,. : 7oelko w . B lohm in the late 1960s. cJosed 0 .39 down al 
.Mutuary, Page 2 


the same direction, though even 
the mu«t pessimistic now suggest 
that the 12-mnnth rate of increa.se "■ 
in retail prices should continue in 
single figures until early next 
year. 20 " 

The Department of Employ- 
ment announced yesterday that _* 

the retail price index increased 15 ' 
by O.i per cent to 199.4 (January 
1 1974 loo j in the month in mid- 1Q - 
August, for a rise nf S.O per cent 1U * 
in ihe lust year. This compares 
with a rale of 7.8 per cent last -• 
month and a low uf 7.4 per cent ■" 

in the year to mid-June. 

The increase Is not surprising 0 
and reflects primarily the fact 
thai comparison is wiLh the low 
monthly rises in summer 1977 


Retail Price Index 

- (Except seasonal foods) 


l*ST SIX MONTHS IltCKEASt 
CXJWSSGD STAR ANNUAL KATT 


with some csuium '•rince the 
coverage is nut directly compar- 
able with the reiai! price index. 

Nevertheless. ;hp overall 
picture look* hri^hrcr than 
earlier this, summer and gener- 
ally supports the claim earlier 
this week by Mr. Denis Healey, 
the Chancellor. 

He said that unlit at least 
early 1979 " inflation is likely 
to stay comfortably in single 
figures because a good harvest 
and a strong pound will offset 
the extent to which pay settle- 
ments in the last round went 
beyond the Government's guide- 
lines." 

The' other implication of a 
continued modest rise in prices 
is that with further tax cuts and 
a big rise. in social security and 


U.S. prime 
rates 

reach 9 \% 


Giscard and 
Schmidt settle 

differences 


• -. • STERLING gained 5 points to 

"■ — . ..Summit nope SI. 96/15 and its trade-weighted 

■ 'Connie Minister Bern's press ««** «• «■* <«»• •«“ 
: . idc said he- thought the Gamp do11art depreciation remained 
-Jarid summit would gn on until unchanged at 9.1 per cent 
‘nmorrnw ** to overcome existing • . 

•roblems and widen as much as •GOLD ruse 51 to 6211* In 
rossible the areas of agreement." London. 

. .'he talks had appeared. to dead- 

•• jck late on Thursday but they • WALL STREET was down 

- .■ esuraed yesterday. Page 3 3.83 at 878.22 Jast before the 

dose. 

Smallpox pledge # w building ^ 

-Javtd E ratals. Social Services getting ready, io. extend Uteix 

• secretary, answered union fears operations into other EEC 
- ver the smallpox outbreak by countries, notably Belgium apd 

- • • aring Ihrre would be no “ eover West Germany. Back and Page 13 
..-P” A Government - inquiry is- -- ™ FNrw - -- 

• nder way and- -it may be • pkewch . Government., is 
' allowed by a full public inquiry-, expected to publish next teek 

.. its plans to bring cxances 

rl-an^ooroH largest sieel companies* ; ‘Ust nor 

... ”©rry Q &m Sgeo and Sacilor-Sollac, under State 

.. irittsh Rail's latest cross-Channel control, by converting nutstand- 
' -'overcraft. the Princess Anne, ing loans into direct sharebold- 
’■ ‘.‘'.as forced to tiim back and ings. Page .8 • - 

each between Gap Gris Nez and ^ kiatii«ai #-a« ™„„ i, or tr . 

- -’.alais when gales tore a hole in 

• he craft s skirt The -228 ?i^Sri»kh l ° Gat 

• • or-ni'lrrmi'- nnf J „aU r »| 0c H0XT C60T11T} , 8 LM 3 U SD Vl8S 

■■ ?rttnhrH r ^ rt an ^nnrhpr ^ hOTwraft* official has said. Existing con- 
. witched to another hovercraft. tnas - wmai assure supplies for 

■ , , , . _ . the next 20 years and there were 

Shutto Trametl additional discoveries not yet 
•' Jhahnawaz Bhutto. 19-year-old undpr contra ct. Page 3 
■ "ion of the deposed Pakistan # URANIUM production from 

- eader, elected to go for trial -y, e world’s richest known de- 
vhen he appeared at Horseferry posits in tiie Nortliern Territory 
ioad, London, coun accused of 0 f Australia is expected to come 

a hoax bomb call. His t 0 market in 1981, following 

jolicitor claimed Pakistani agents agreement reached with the 

framed Bhutto. Northern Lands Council, lhe 

” statutory body representing the 

Couple jailed Aboriginals. Page 2 

, ^ white South . African former ... 

{ f \ j zoliceman and his wife were OIL 

w ) : w r • 1 ° tailed for .10 and three years m m .» v 

, , respectively in Pretoria for beat- 1V| 2X8111011 lOWCFS 
• their 15-year-old maid to 

— - — ' ieatb because they suspected her llODCS 

* t,,prt ' • MABATHON OIL has substan- 

... . Mfluie tially lowered its estimates nf oil 

/ V !; I* Heartening news reserves that can be recovered 
; .hjt* Professor Jniw Shiilragford. a fro the southern area of the 
v ^ prominent British heart surgeon. North Sea Brae Field. Back 

, a 1 .) old a conference in Helsinki Pa Be 
■/Yl// L h l re was P rove "jotmection # 0IL pro j uction and purchas- 
U f^/J^erveen heart disease and in negotiations between the 
3eop le s diets nrliiostjje.. Family Narionai I ran, an Oil Company 
. lackgiound might -he more and the consortium of western 
. relevant, he said, producers led by BP have broken 

: • down, and existing agreements 

■ ' will remain in force for the lime 

•neiiy «>> bemg. Page 4 

loshua Nkomo’s guerrillas m ELF-AQUITAINE. the French 
-Tainted 10 South .African array Goverment-controlled oil group 
officers were aboard the Air reports a first half profit dpclinc 
Rhodesia airliner shot down 10 j ro , n FFr 640m to FFr 540ra. 
Jays ago. Page 19 

, llaicolm Oiler bids to break the ' 

- 21S mph British land .speed COMPANIES 

; , . record on Pendine sands, Wales, # ^ ^ ^ jVE1TLE . 

‘tl-phooii Irma lashed south-west ”o rtcS^itpholdfng 

.• Japan, killing ^ve people ..and j n unj^ardan, its West German 
wrecking 1,500 homes.- --- motor ' components subsidiary. 

• • UK weather for -the next 30 days Back Page. Pre-tax profits at 
will be dry but cooler, giving way GKN for the first half of 197S 
to more rain later. Today's fore- were slightly ahead at £42m 
. - r cast; Back Page (£40.8m) on turnover up from 

tnquio- tesan at the Tyrcside 16 

• steelworks where molten metal ^ . 

' killed three men on Thursday. ^ HOWDEN, the Glasgow-based 
.'.■-Two men died when a market engineering company, has won a 
' *■’ . treade wall collapsed To Skeg- S140m order for a power station 
■ ' dess. Lines. . - in Canada. Page 3 


rather than any significant recent rate nf fiB per cent in the child benefits tn November the 
acceleration period to mid-March, the trend growth in living standards should 

Mr. Roy i La tiers ley. the Prices is distorted by the annual hunch- be maintained at around Its 
Secretary. Inst night repeated his ' n 8 of certain increases, notably recent annual rate of 6 in 7 per 
lonu-stnnding prediction that the for local authority rents and cent for the re>t of 1978, 
12-month rate would remain at rates, in April. About a third of retail price 

about R per cent for the rest nf Moreover, a more encouraging index rise in the month tn mid- 
1973 with small monthly fiitctua- trend was indicated by the index August was due to higher 
lions. of rises notified to the Price mortgage interest payments. The 

The best culde tn short-term Commission in the six months rest 1 was ‘caused by higher motor- 
trends is normally the index for to the end of August. This stood ing costs and price rises for 
all items evropt seasonal foods at an annual rate of 4.4 per some food, cigarettes and some 
measured over six months and rent last month, compared with durable household goods, 
expressed at an annual rale. 5.S per cent previously. These rises offset a 4.1 per 

This stood at 9.8 per cent in This index normally reflects cent fall during ihe month in the 
mid-August, up front 9.1 per rises that will appear in shop cost of seasonal foods, whose 
cent in the previous month; prices in three to four months' price is still lower than a year 
Although this is well above the time. But it has to be treated ago. 

Editorial comment Page 14 • Other indicators Page 4 

Wage and price freeze 
announced in Norway 


•* . • \ . 

BY CHRISTINE MOIR - 

THE NORWEGIAN Government 
today announced a freeze on 
wages and prices nntil the end 
of next year. It also banned 
collective bargaining and 
suspended pay increases already 
agreed upon and due to come 
into' effect next year. 

Following aD emergency 
cabinet meeting. Mr. Oddrar 
NordlL Prime Minister of the 
minority Labour Government, 
unveiled details of a tough 
economic package designed to 
cut by half the current 8 to S.5 
per cent rate of growth in tbe 
retail price index. 

Mr. Nordli said that Norway's 
labour: costs- had for several 
years been running above the 
average for OECD countries. It 
was. vita) that they were now 
brought below the average. 

Under the package there will 
be_no wage increases until the 
end of next year and prices will 
bVfrazen at their levels on last 
Tuesday. 

If the measures are approved 
by. Parliament — and the other 
main political parries have 


already signified agreement in 
principle— the retail price index 
should- increase by no more than 
4 per cent rise in the RPI is 
said. This compares with 
estimates of 8 to 8.5 per cent 
for this year and a 9.1 per cent 
rate of increase last year. A 
4 per cent rise i othe RPI is 
anticipated as a result of dearer 
imports. 

Behind the package lies yet 
another dramatic downward 
division in Norway’s projected 
income from oil and gas between 
now and 1081. Originally, the 
state expected to receive snrae 
Kr 70bn (£6.8 bn) from this 
source. Then, in April this year, 
a new estimate of Kr 50bn 
(£4Jbnt was set. Now a further 
Kr IBbn ffl.Tbn) has been cut 
off the estimates. . 

Oil output is lower than 
expected, and delays' in bringing 
new fields-^-especialiy Statfjord 
— on stream have also signific- 
antly increased the cost uf 
producing oil. 

Today's package was intro- 
duced under emergency powers. 
It will be put to the Stort- 
ing (Parliament) when it 


OSLO, Sept. 15. 

reassembles on October 3. 

Two days later. Mr. Per 
Kleppe. the Finance Minister, is 
due to present what is expected 
to be a very tough budget. 

Public expenditure Is expected 
to be severely' curtailed and a 
tight monetary policy may be 
introduced, probably including a 
“ corset " on bank lending.. 

Unemployment — at present 1 
running at about 1.3 per cent — is 
expected to double. Emergency 
unemployment measures will be 
introduced to support a maxi- 
mum of 25.000 jobs. I 

Today, following leaks on j 
Thursday in the Norwegian ! 
Press about the package, the 
Norgesbank (central bank) bad 
to step in to support the kroner 
in currency markets for a time. 
However. Mr. Kleppe said tbat 
there would be “ no devaluation " 
of the kroner. 

Trade union leaders are 
reported to have accepted the 
measures at a meeting with the 
Government, but there are fears 
that the package will provoke 
numerous wildcat strikes. I 

Agreement on Rekstcn | 
payments, Back Page i 


1 By Stewart Fleming 

NEW YORK. Sept. 15 
COMMERCIAL BANK prime 
rales hit their highest level in 
more than three-and-a-half years 
today when Citibank led major 
banks into an increase in the 
prime rale from 9J to 91 per 
cent. 

Bank economists were calling 
the increase predictable in view 
: of tbe continued upward pressure 
jon short-term (merest rates. 

I Their view was underlined by the 
i fact that Citibank, which adjusts 
I its prime according to a 
mathematical formula, raised Ihe 
prime from 9i per cent even 
though the formula did not 
dictate such an increase. 

A bank spokesman said that it 
had moved anyway because the 
Lrend is upwards. 

United States banks last lifted 
the prime — from 9 per cent to 9$ 
per cent — on August 29. In the ! 
meantime the cost of borrowing 
in the U.S.. both to the banks 
themselves and to major com- 
panies, has risen sharply. 

Thus between August 29 and 
yesterday the cost of borrowing 
in the prime commercial paper 
market has risen from 7.88 to 
S-35 per cent for one month, 
and from 8.05 tn 8.40 per cent 
for three months, according tn 
the New York investment bank-; 
ing firm of Salomon Brothers, j 
Commercial paper is an altema-i 
tive to bank loans for large I 
corporations- i 

Interest rates in the prime) 
certificate of deposit . market, j 
where the banks themselves raise] 
funds, have also risen' in this; 
two-week period. For one-month, i 
rates have gone up from 8.15 
to 8.35 per cent and for three 
months, from 8.38 to 8-55 per 
cent. 

These trends will have been 
one factor influencing -the prime 
rate move. In addition, however, 
the money centre banks are 
active in refinancing a significant 

Conti n tied on Bark Page 


BY JONATHAN CARR 

WEST GERMANY and France 
announced today they have 
ironed out several key bilateral 
differences between them over 
the working nf the proposed new 
i European monetary system, due 
tn come into force in the new 
year. 

However, the two sides do not 
yet appear in have reached a 
joint view on what transitional 
arrangements should be made 
for countries which decide not 
to join fully in the system at the 
start. Two possible candidates 
here are Britain and Italy. 

The monetary system, which 
| aims to bring greater exchange 
irate stability in Europe, was lhe 
j central topic in two days or con- 
sultations here helween delega- 
tions led by President Valery Gut- 
card D'Estalng and Chancellor 
Helmut Schmidt. Olher subjects 
discussed included the European 
Airbus scheme— but no decision 
was announced on whether 
Britain should be allowed to par- 
ticipate in tbe project as it 
wishes. 

At a Press conference. Herr 
Schmidt said ironically that he 
regretted to disappoint sceptics 
'who had been harping on the 
existence of problems between 
West Germany and France on 
establishment of the monetary 
scheme. 

The two countries would gn 
into the Community finance 
ministers meeting on Monday— 
at which the monetary system 
will be a key topic— united both 
In their aim and on the strategy 
to attain it. Under the time- 
table approved at the European 
summit meeting in Bremen in 
July, technical work is due to 
be completed by tbe end of next 
month so that Community 
leaders can decide in December 
on establishment of tbe system. 

Herr Schmidt emphasised that 
at slake was not just a number 
of technicalities but a matter of 
prime political and economic 
importance for Europe. The 
transition from fixed tn floating 


AACHEN. Sept. 15. 

exchange rates had weakened 
the Common Market. If this 
process were allowed io continue 
it could threaten the Com- 
munity's very existence. 

Government spokesmen from 
hoth sides said that agreement 
had been reached in three areas: 
Ihe kind of unit to be used at 
the core of the system; interven- 
tion pniicy: and the size and 
scope of the planned new Euro- 
pean monetary fund. 

These matters were covered in 
the document issued after the 
Bremen summit, but detailed 
consideration by experts later led 
to differences nr inierpretation — 
particularly over the base unit. 

West Germany, and olher 
members of the present “ snake *’ 
currency system, favoured a 
fixed yardstick against which the 
movements of the participating 
currencies would be measured. 
France, apparently supported by 
Britain and Italy, seemed to 
prefer a yardstick based on a 
basket of currencies and itself 
continually altering. 

Neither side would reveal 
details today of hmv these — and 
other differences — had been 
resolved.on grounds that they 
did not want to prejudice the 
next round of discussion with 
Community partners. 

However. Bonn Government 
officials privately recalled tbe 
fierce Gentian opposition, not 
least in the Bundesbank, to any 
move towards so flexible a 
monetary system that would 
be too flexible and thus increase 
the inflationary danger. And 
they note that Herr Karl Otto 
Pnehl. vice-president nf the 
Bundesbank, was one of the key 
experts involved in producing 
the solution now agreed ni 
Aachen. 

These same experts are also 
known to have been examining 
overnight the problem ol tran- 
sitional arrangements for 
countries not fully partiepatmg 
in the system riabt away. But 
no agreement was announced. 


Tanzania takes over all 
Lonrho operations today 


£ in New York 


■Sf-r : 5I.V3ft.WM : XI.KjMKSft 

1 mi'Oih ] O.r*j.n.r0 illv ] C'.i39 0.fo ,li- 

3rnonlh*-i t.*»> 1.40 din 1.40- 1.43 <]i« 

52 mi ml hi ; 4.$>M.7S ills b.lft-4.90 


, THE Tanzanian Government is 
to take over the operations of 
Lonrho in Tanzania From today. 
The country gave Lonrho three 
months last June to negotiate 
a Government take-over afler 
i accusing the company of 
r meddling in southern African 
: affairs and of sancti on s-h usting 
’in Rhodesia. 


In Dar es Sa]?am last night 
President Julius Nyerore's Press 
Spcrefarv raid it had become 
clear that Lonrho was refusing 
to negotiate for the handover. 

In London. Lonrho deplored 
the Tanzanian Government's atti- 
tude and said Ihe company 

would have tn have recourse to 
international courts. 


‘Pirates’ pay Levi £255,000 


' BY RHYS DAVK> 

LEVI STRAUSS, the world’s 
biggest jeans producer, is to 
receive $500,000 (£255,000) in 
an on t*of -court settlement in 
Loudon relating to alleged 
pirating of its producis- 
The settlement was described 
hy .Levi as an important break- 
through in its drive to combat 
copying of its products through- 
out. the world. The Loudon 
case, the company said, was key 
Mitigation in stopping wide- 
spread manufacturing and sales 
of copies of Its jeans. 

_• The agreement has been 
-reached -with Notion Manage- 
ment Services, which Levi 
.accused of complicity in a 
scheme to manufacture jeans 
in Taiwan, bearing the Levi 
Strauss name. 

.. Notion and two directors, Mr. 


Barry Newman and Mr. Charles 
Wells, are also entering a sub- 
mission into the High Court 
agreeing lo be bound by a 
broad permanent injunction 
prohibiting litem from manu- 
facturing nr selling jeaus imita- 
tive oF Levi or infringing the 
company's trade marks . and 
copyrights. 

They have also agreed to co- 
operate with Levi hy disclosing 
further information relating to 
the worldwide copying scheme. 

The action was brought 
after the company was in- 
formed that a former em- 
ployee bad joined a 
Taiwanese businessman to set 
bearing Levi's name; 
up a mill to produce Jeans 

Mr. John Hammon, the 
former employee, and Mr. 


Davis Ying, the businessman, 
were named in the UK court 
case hut were noi parties tn 
the British litigation. Both 
have been involved in court 
ca&c» in their own countries, 
arising out of the scheme. 

Other eases are pending In 
Belgium. the . Netherlands. 
Switzerland and Hoag Kong. 

Maurice Irvine writes: In 
San Francisco Levi Strauss 
called the operation “ the most 
sophisticated, . efficient and 
well-disguised of its kind M it 
had ever seen. 

Levi agents . located plants 
making the bogus jeans io 
Taiwan and tracked down ship- 
ments of more than 125.000 
pairs to Switzerland, Belgium 
and the Netherlands. 

News Analysis Page 3 


CONTENTS OF TODAY’S ISSUE 


* Investors who bought income units for 50p 
at the launch in 1969 received this year a return 
of 17'57% gross on their origin^ investment. 

M&G HIGH INCOME FUND 

By investing almost exdusivefy in equities (rafter than 
preference shares or debentures) the M&G High 
Income Fund ensures good prospects of a consistent 
growth ol incomc.Thts means that by accepting a refe- 
tivdjr modest initial yield you may reasonably hope 
that your income ifistribufions mV grow owr Uie years 
and prolfid you from inflation. A hgher starting yield 
tends to reduce the ffiefihood of tuture income growth. 

The Fund aims to provide at income at least 60% 
higher than the return from shares m general and 
capital performance over the years has also been con- 
s'derably better than average. At Ihe latest buy me price 
for income unite of U8‘5p the estimated gross current 
yield is 7*85%. 

Unit Trusts are a long-tenn investment and not 
satiable for money that you may need at short notice. 

The pnee pi units and lhe income from them may 
go down as well as up. 

Prices and yields appear in the F.T. daily. There is 
a charge ol 34 Q t initially and plus VAT annually. 
Distributions are made an 31st January and 31 si July 
net of basic rate tar.. The next distribution date for 
new investors will be 3lsl January. 1975. You can 
buy or sell unds on any business day. Contracts for 
purchases or sales will be due lor settlement 2 or 3 
weeks later. li c ? commission is payable to ac- 
credited agents. Trustee: Clydesdale Bank Limited. 
The Fund is a under-range security and isauthonsed 
by the Secretary of Slate lor Trade. 

MSG is a member of the Unit Trust Association. 

TWO WAYS TO INVEST 

As an attemative, or in adefitron to mrestipg a capital 


and the outstanding management group 

MfeM wasiwaitforit)Nl&C,wbichhad 

W two in the top 10 and no less than fiM M 


WV two in tbe top 10 and no less than 
I five in the top 25 trusts last year ^ 

r— TwmnMVBrS 

I To: M&G GROUP LTD. THREE OUAYS.TOWER Hill. LONDON EC3R 6BQ. I 
| TELEPHONE: 01-626 45S8 This section lobe completed by all applicants. I 

~ ! ■ 

I 5URHAMI 1 1 

I ! U4 IJ ADDR£5S !? 


'POSTCODE 


: 90 f H 5 530920 


■ Comotele this section lo mate a Capital 

1 IB a J„i ..LAM investment (minimum EL0001. 

Do not send any money, tfl to"P*-i <wk unii be «ni iov"i/ sMiwce'eciij tm* 
much you one ano -he -.r-ufc’rnenl dal? lw cwlilcalc v-ill lollo.v vhoritv i 


PLEASE INVEST 


j in INCOME. ACCUMULATION units 


(delete as applicable or Income units will be issued i.of Ihe M&G High 
Income Fund at the price ruling on receipt of this application 
I dftlaieftat lam -io: isMdsnoult'Uc ihj ^ngacm. th: Cfanrn' fc; lands. 
!h“ isle ol SSir pr GibralMi jid 1 am noi icaui'ing (he units ai fne nominee j| any 
Dersc-n 'cudem (lUlvdt- iK^-e TcrMor-w ilf you are unjhie in ma*5 this 
declaration you siioulQ 3 &di» in.ougti a wnh or sloctero-cr j 


CHIEF PRICE CHANCES YESTERDAY 


Arts page 


2 

34 

Leader page 

UK Companies 

16-17 

Wail Street 

Foreign Exchanges 

. 18 

.. 21 

4 

Mining 

fi 

Farminis. raw materials . 

. 19 

13 

inti. Companies 

19 

UK stuck martei 

. 22 


. (Prices in pence unless otherwise 
indicated) 


RISES 

/' iank of Scotland . 

ieroc 

3KN 

■Tambros 

‘ Lovell (V- J ) 

Perry (H.) 

pteasurama 

5toyco 

‘iime Darby 

V'ibropJanr 

Mebens i UK) 

.nans. Plantations . 

Dp F.eer* Dfd 

Peko-Wallsend 


: 298 +. 4 
. -180 + 4 
. 297 + 13 
. 19S '+ 11 
. 09 f 5 
. 137 4- 5 
. 71 + 5 
.42 + 4 
. 132 '+ 7 •• 
. Ipn + "9 

.421) + 2fi 

. 4 SJ + 4 j 
.4557 + 7 
.566 + 20 


FALLS . _■ _. 

t la ntic "Assets - -1$£ 7 , 

ank of Ireland • ■....•-.■458 15:,. 


Barclays Bank „ 

Bell (A.J 

Boots 

Brown. (JO 

Burton A 

- Costain iR.) 

Eagle Star 

European Ferries 

Glaxo 

GETS A 

Haslern ere Estates 

TCI 

Liberty ....• 

Lyon and Lyon .. 
Metal* Bos - 
Drmo Dpvs. 

Oxley Printing .. 
. RFD Group ....... 

Stewart Plastics -.. 
Tavener Ruiicdge 
: United Biscuits .: 
RTZ- . 


.. 362 - 6 
..264 -6 
.. 223 - 12 
.. 484 - 10 
..169-6 
.. 246 - 10 
.. 151 - 4 . 

.. 139 - 4 
.. 635 - J2 
.. 334 - 6 

.. 262 - m 

.. 415 - 5 
.. 175 - 45 
.. 81 “ 6 
372 - 12 
" 311 - 8} 

..69-4 
.. 74-9 
.. 143 - 8 
.. «7-9 
., ST — ' ' 

.. 249 - 7 ' 


J- Lyons and Wilkinson 
Sword have problem- 1 ; ... 14 
The building societies move 
toward); Europe 15 


Amhiimcnts 

■ *rW» 

tarron 

.Chess. . 

CBtkrctlns 

. Cmsword Puzzle ... 
. Etanomic filar? ... 
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The Yorkshire Dales 8 Autumn fashion Cor men ... 10 

The new Audi 80 9 

History of the Thaler 9 Around the Swedish lakes 13 

Territorial dispute in the 

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^ Ffnancial Times Saturday Se^temb^. 16 4978 j | 


OVERSEAS NEWS 


Nicaraguan 
conflict 
threatens 
to spread 


Senate challenge to Carter 
on tax cuts proposal 


Iranian oil 
consortium 
negotiations 
break down 


BY DAVID BUCHAN WASHINGTON'. Sept 15. 

j By Andn>W Whitley 

the SENATE Finance Com- eluding Federal Reserve chair- centre on what hind of a macro- j Septus.. 

*_ .jj Hisn Mr wiiiiam Mil pr have pmnomic stimiilnc the American I lAiiBa DCiTniibN Iran ana ts 


By Joseph Mann " 

MANAGUA. Sept 15. 

NICARAGUA'S CIVIL rebellion, 
now in its third week, has 
caused serious splits among 
Latin American nations. 

8 °'“ "* STcErS? they favoured the middle end 


miitee has said it intends to add man. Mr. William Miller, have economic stimulus the American 
another S2bn in tax cuts to m suggested the social security in- economy is thought to men., 
di vidua Is to the S16.3bn tax relief creases should be postponed. Industrial production ^figures | 
Bill that the House of Represen- . , ... , • . released by the Federal !\eserv* 

Stives has already passed, a Mr. Carter strongly criticised Board today show the economy] 
move thar would make it almost the compos! tion of the tax cuts seems to be holding steady, with 

r i _ r ii in tho TTflllSA Rfll. .irffll 1 flC tuJl rnrll l ntir.n im A S nrtr PI? Tit 111 


major Western 
partners broke 
after 

the search 
term relationship. 


oil-producing 
down today 


Arabs may end rift 
after Camp David 
to challenge Israel 


BY ANTHONY McDERMOTT 


ARAB 


should Mr, Sadat 


regime 


1 i_ » < ... «Vmn fnirnn rnrl the m iHfilP nflfl \nmiet ‘ PIUCIuISZIIq j 5pl" frc t 


Someza Debay le while others 
have offered arms and soldiers 


to S42-S43bn. 


upper income taxpayers and nje August production fiaure.; 
Prpcident Timmv Carter has were no * egalitarian. The because of a small slowdown in', 

te guerrillas trying to topple] J^rated the'need to keep the s2SI“ tr ^5u“ ^edr^* 5 this ^S er rta J 00da °l\T revis«d 
the Somoza Government. If) 1979 budget deficit to “the low ?*hait„,,» W1 r,,* vesterrfav the ? ‘f ht ]i down on the revised 
foreign troops intercede in the forties of billions of dollars " and JJjJjJ* 1 Sf‘ nce comm itte^voted indu fiS - Production 1J ?'; re |*" 
Nicaraguan affair, wbat has so ^ 198O deficit tn “the low Senate n nance Committee voted recorded m June and July. Bur 

far been a civil war could be thirties." in an attempt to shore *0 raise __ , it is still in line witn industrial 

converted into a major up the dollar 
regional conflict ; flationary effects 

The neighbouring countries of!? 


_ v — - - w STATES, anticipatog yesterday 

lengthy negotiations In ] failure at the Camp David nego- meeting m Cairo for taucs wi 
rarch for a new long- ti a tions. are now actively work- Mr. Assad in^Bonn. 

However, : j n g { 0 -,Vards convening a. summit However, 

rference in order to mend decide top—- ... 
its within their ranks and. to tive with Israel, _the_ I 
work out a strategy with which summit would <*£“.*? ^ 

» is t - Spnan sssusss a 

Reflecting the general Arab ^rvTi indications are that the 
(NIOC) said that in the coarse ; attitude towards ;the Camp David overa ’u trend wiU be to shift 
of the past eight months' cneetmgs, a diplomat jnJLondon ° rom inter-Arab in-fighting to 

with- Israel, 


sides will 


between the two 
remain in force. 

A statement Issued hy the 
National Iranian Dll Company 


m balance. But yesterday tne i nriii^ri-ial nrnriuoimn increase 

nrnnne.mn 0 f tile past Cl gilt mODIDS VZUr**" "T* from 

negotiations the two sides had : •Lf*,*;™® 3 ’" " a confrontation 

agreed on “a number of . ! dia*ojTJe of tjree gentlemen, although tins would not mean 
But, it : aifem? three different languages, imme diately going to war. 
not possible (without an interpreter." /, nr=L Egypt’s armed forces 

{-!Tw .i* committee » ^=»SS«*Ci-I iLSEE a " »- * ^ *"* “ d " y 

S b « ry SSsXl s£ 3 s? oT'^7 £-*J offices. 


hv purhinn thp In exemption from next year from « rott -th in the past 1° months of; agreed on a 
etc TrSSrn^em ?"50 to $1,000, as the House had 5? per cent There is some! important issues, 
cts of Government > ready d .nd to wipe out S^toSSir. tbat'lhe rise in| 


countries ot\ borrowing. - _ _ . _ m 

" 2SS!f B SSS a £ ^mifarturer* i for the completion : leader of those states apjmsed~to lack "of spare parts for existing 

?“ k ! mpv «' > long-term ogree- -President Saiati mitiSfeT in and ageing Sonet etimpmen^ 

and a slackening o' -*• . ! *»«••*” going to Jerusalem last and by the change-over and 

led sources say 1 November and continuing .direct gradual absorption of Western 
internal political negotiations with IsraeL' -are material. Second, about 30.000 


^ ^ r I I - — — skasu m s) flpltft nin^ 

Nicaragua to aid the "8,000- > ™c^tv°tkx°inc:reases due to take Arguments over the size of lead to a slowdown in production | 
strong National Guard in put-|gg ect n ex t January- Others, - in- next year's overall tax cuts later this autumn, 
ting down rebels who now hold ' 


the better part of four provin- 
cial capitals, including the 
country’s second largest city. 
Leon. 

At the same time. five 

Venezuelan warplanes and 
four Panamanian helicopters 
have arrived in Costa Rica to 


Bonn accord on Turkish debts 


BY METIN MUNIR 


ANKARA. Sept. 15. 


AGREEMENTS were signed here credits maturing in more than scheduling 
tnrinv for restructuring overdue one year will be repaid over eight Turkey anc 


ment. 

Well-informed 

the serious . _ .... 

crisis in Iran adversely ; looking towards the mediating of Syria’s forces are bogged down 
affected the chances of reach- ; efforts of Saudi Arabia to produce in Lebanon, 
ing agreement. Oil is an : a summit. Tne Arab states intend to press 

emotive issue for ordinary } The Arab world has . two for action by the UN to get Israel 


Rican territory. 

Costa Rica, which has no army, 
navy or air force, is frequently 
used by guerrillas as a base 
for launching attacks against 
Nicaragua. Over the past two 
days, the Nicaraguan Army has 
repelled three guerrilla offen- 
sives initiating in Costa Rica. 

The Government of Costa Rica, 
headed by President Rodrigo 
Carazo Odio. has protested that 
Nicaraguan troops have 
violated its territory 
repeatedly, even killing some 
civilians. 

Venezuela's President Carlos 
Andres Perez has been a strong 
foe of the Somoza Government 
and has called for foreign 
diplomatic intervention in 
order to stop the bloodshed. 

A report reaching Nicaragua 
yesterday said that in Panama 
1.500 civilians bad volunteered 
to fight against Gen. Somoza. 

Cuba, which in the last decade 
was the target of attacks from 
anti-Castro exiles who 
launched the Bay of Pigs and 
other offensives from 


statp-totfaie loans and DM 48om signed by the director of the an OECD total of S1.4bn. 
state guaranteed debts to Turkish Treasury, and the head A Soviet trade delegation under 

German suppliers. Under the of the West German Ministry of Deputy Trade Minister Mr. Ivan 
| agreement, the former will carry Finance department which Girishin arrived i^k-ara 10- 


accord between 

. and the OECD. , _ _ . __ __ _ 

Turkish debts of about _ DM 650m years while the term for debts Similar agreements have beeni which began last Saturday, j unified position, 
♦n We-?t • Germanv Turkey’s with maturities of less than one signed with Norway. Austria.] apparently failed to overcome 
hio^ect tradin a partaer vear will be six .years. Belgium and Sweden, and the , the major stumbling block 

m OD e- o v German deal brings the total of I encountered in early August 

1 1 . . 1 1 -j -I-.- . _ iisil Sm nut 1 ira.:- tn fia Tmn’c 


help the country defend itself! today f°t . res ^ r V ct M r '°S_?y e J^ ue 
against repeated Nicaraguan 
military incursions into Costa 


Iranians, and according to one i options on how to face tie out- to withdraw from Arab territory 
source “what might hate been ;come of the Camp David talk*-- occupied in 1967, and to have the 
possible three to four months ] to widen the split between basic resolution 242 of that year 
ago was not possible now." ’ supporters and opponents' of Mr redefined so that it does not 
The latest round of talks, ; Sadat or to move towards a refer to the Palestinians just as 

a. “the refugee problem." They 

The anti-Sadat Arabs^the intend also to call for -a 'return 
“steadfastness" front— -comjiosed to the Geneva peace conference, 
of Syria, Libya, Algeria, South including the PLO. 


Of the total. DM 165m was The three agreements were rescheduled debts, to $350 .Sm out | This is believed to be Iran’s ; Yemen and the Palestine Libera- King Hussein of Jordan was 

. . , 1 T..I sn- . , , .. j: 1 <L. rifnn nl ei <nn I iiu-ictanMi nn « <* RinCt faTnitmi > (in. On-mictinn /flT m ' ^ I mcfa,il,v ,1 Minna >lfi 


insistence cm a “ most favoured ;tjon Organisation (FLO)-Hare quoted yesterday as saying he 
nation” clause, which would .due .to meet in Damascus on could not. accept an Israeli 
give Iran the same benefits as {Wednesday. But they are military presence on the West 
those likely to be achieved {expected to decide in favour , of Bank of the Jordan except for a 



Ranger uranium mine go-ahead] 


.ALL 


BY PAUL CHEESER1GHT 

OBSTACLES have been Aboriginal leaders. The Govern- Cabinet meeting called to discuss 


Nicaragua, has trained many allowin. 


cleared for the development of ment had made it clear that a strike by about 10.000 dockers, 
the world’s richest known con- uranium development in the which had closed All major ports, 
centration of uranium resources. Northern Territory would not go The Employment and Indus- 
in the Northern Territory of Aus- ahead without Aboriginal trfal ReiatjJn/Jnnfcster. Mr. Tony 
tralia. approval. - Street, announced the decision 

Mr. Malcolm Fraser, the Aus- The agreement now to be rati- , the dockers agreed 

tralian Prime Minister, said in fied provides for the Aboriginals {J d *J turn t0 vJJSiThe strike be- 
Canberra yesterday that the to receive a 4.2o per cent royally ” r 'g re days ago. when some 
Northern Lands Council, a statu- on uranium sales and sets the * mbers of Waterside Won- 
tory body representing the environmental conditions for the . . federation vere 5 t 0 od 

interests of Aboriginals. ha d development of RajS"- ®“t it ^ Qym b dispute, in voiv- 
agreed to ratify an agreement establishes a precedent for sub- main tenance men in Mel- 


the Ranger project to gd operations b ? other com- uvo" container 

to TSSTdES i Pr Sruction of the mme by the Norihern Te?rW° m Sj£ terminals - ’ 
the Somoza Government. | j°»° l venture memhers. Peko- deposits. At Wednesday’s Cabinet meet- 

Meanwhile, two Red Cross 1 Wallsend. EZ Industries and the Australia holds about 20 per j n g Mr. Street argued success- 
workers were shot dead vester- 1 Australian Atomic Energy Cora- cent of the worlds known fulty that the Government should 
dav outside the eitv of Leon i mission, is expected to start uranium reserves and will -be a stay out of the kharf dispute and 

bv' Natioaal Guardsmen. The . before the onset of the imminent source of supply for Europq and a jj ow j t t 0 b e settled by negotia- 

Somoza Government, which ; wet season, allowing the first Japan. * tj 0 n But Ministers favouring a 

imposed a nation-wide state of i production to come to market by Laurie Oakes writes from Can- tougher line against militant 

1981. berra: The Australian Govern- unions insisted on the establish- 

The decision of the Northern ment has appointed a special ment of a committee to oversee 

Lands Council brings to an end committee of Ministers to deal industrial relations policy. The 

three weeks of uncertainty and with industrial relations’ prob- waterfront strike had immobil- 

National Guard commandos usina ( follows the intervention of Mr. lems. The committee was estab- ised more than 100 ships, and 
armour and air suoport are j Fraser, who bad talks with lished on Wednesday at a held up at least ASlOOm of cargo, 
attempting to dislodge rebels I = , 


siege and Press censorship on 
Wednesday, has blocked access 
to the cities where fighting is 
going on. 


Earlier this week, NIOC ] from bilateral negotiations with pany he would feel very badly 
spoke optimistically of pro- ( Israel. if Egypt accepted any agreement 

gress in certain unspecified i It is significant that President at tie Camp David summit to 
areas: but this statement was ! Hafez Assad said in Boon Q q keep Israeli troops on the West 
somewhat misleading, conceal- j Thursday that, while hef was Bank. 

ing the basic divide tvbicb i unwilling to meet • Mr.-; Sadat L. Daniel adds from Tel AVi v: 
separates the two sides — even 1 personally after Camp David, he Ur. Moshe Dayan, Israeli’s 
though the talks themselves ! would be ready to attends recon- Foreign Minister, Was originally 
are understood to have been idliation summit with -1& Sadat scheduled to return home yester- 
con elected in a constructive ! if he renewed suggestions for the dav because of the planned 
and rriendlv atmosphere. ; convening of a Geneva, peace arrival in Israel tomorrow night 
Relations 'between NIOC and 'Conference. This would notably of Italian Foreign Minister 
the 14-member Western con- {reintroduce the Soviet Union as Arnaldo ForlanL But he will be 
sortiem led bv. BP, known as la co-chairman. remaining in the UB..for the 

Iranian Oil Participants, will I Prince Saud al Feraat .the time being, . . 

therefore continue to he i Foreign Minister of Saudi Arabia Uncertainty prevails m Israel 
governed bv the 1973 Sales- j which has been playing a key as to when the £amp David sum 


France 

‘prepares 

steel 

rescue plai 



By David White 

PARIS, Sept 

A RESCUE plan which i 
bring France's n biggest 
making companies under 
control is reported to be. 
for presentation by the Gc 
ment next week. - _ Undei 
reported plan, draws' up' 
lengthy talks with creditor 
industry leaders, the Goverr 
.would convert some of 
industry’s outstanding loan- 
direct shareholdings^ givihi 
majority in the- giant Usino 
Sacilor-Sollac steel groups. 

The transfer of control. - 
would probably bring chan; 
top management, would be 
as an interim measure, ic „ 

the possibility open foi | . ? ? i 

State's participation to be .fl f > ? 1 3 ' < 
off when the worst of the'.'lj { ’ 
crisis is over. 

The reported iplao. edi] 
with proposals in anoth : 

France’s most crisis- af 
Industrial sectors, under 
control of the main ship 
business in Marseilles woi 
assumed by local governnu 
The plan for the ban 
Terrin group, in which, 
redundancies were anno 
last week, by a team of off 
appointed receivers, was 
seated by the Socialist ina; 

Marseilles, ; M.- Gaston De 
and approved by the city c 
despite the abstention o 
minority Communist facth 
According to M. Defferr 
French Goveriiment has 
assurances of financial si 
similar to those offered t 
last prospective bidder 
Gilbert ^Foufnier, whose 
posais were turned down 
shoDfloor ballot 
The steel industry pi 
believed to entail furthe 
backs involving between 
and' 20,000 jobs. 


Purchase Agreement, technic- 
ally in force for another 15 
years but which has been a 
dead letter on some of its key 
provisions since 1975. 


Slow growth in 
West Germany 


role in setting up a summit, flew mit conference win break up. 


Bank forecasts no change 
in 1978 Swiss surplus 


By Adrian Dicks ' 

BONN, Sept. 15. 

WEST ' GERMANY'S gross 
national product (GNP) rose i SU rnius 
only 2.8 per cent in real terms ; a ecbrdln 
during the first six months of 
1978, compared with its level 

j a—— M r t nrr 


BY jOHN WICKS 


ZURICH, Sept 15. 


from the cities of Leon. 
Cbinandega. Esteli and j 
Diriamba. The Government’s 
strategy so far has been to 
concentrate reinforcements 
and fire power on one city, i 
then moving on to another 
trouble spot. 

More than 36 truckloads of rein- 
forcements arrived in Leon 
yesterday in aid of the array 
garrison isolated in the centre 
of the city. 

Opposition political leaders are 
awaiting a “major policy shift" 
from Washington which could 
pressure General Somoza into 
quitting and making way for a 
coalition Government. So far, 
however, the U.S. Government 
has been unable to decide on 
a positive eourse of action 
whieh might ease hostilities in 
Nicaragua. 

Communications between the 
Central American republic and 
the resr of the world 
deteriorated yesterday. Telex 
and international news agency 
lines were cut 

Reuter reports: National Guards 
backed by helicopters attacked 
Leon, and engaged in heavy 
fighting with Sandinist guer- 
rillas, who had controlled it 
until yesterday. Eyewitnesses 
spoke of guerrilla and civilian 
casualties. Thousands of In- 
habitants are said to have fled 
Leon. 


Basque win in constitution vote 


BY DAVID GARDNER 


MADRID, SepL 15. 


THE THREAT of a Basque boy- It has since been locked in fruit- next' week, and he approved by 
cort of tbe new Spanish constitu- less negotiations with the a joint committee elected by 
tion temporarily receded last Government, which is concerned both Senate and Congress, 
night after the surprise approval that FNV rejection of the con- A senior UCD parliamentary 
by the Senate constitutional com- stitution could lead to increased spokesman has already given 
mission of an amendment reeog- instability in the Basque country, notice that bis party will try to 
□ising the Basque country’s The prospect of PNV rejec- reverse the vote, while Socialist, 
historic rights. tion increased on Wednesday Communist and even Catalan 

The amendment, put forward when the governing Union of support for the Basque 
by the Bqsaue Nationalist Party the Democratic Centre- (UCD) nationalists has been' principally 
iPNV) ; was passed after lengthy broke with the consensus and out of anger at the UCD’s 
confusion during which the introduced three surprise amend- unilateral rupture of the parlia- 
Government and Opposition ments, which would ' reinforce mentary consensus, 
initially voted erroneously for central government control over • The 6trike among Barcelona 
each other s motion. the future autonomous terri- pump attendants— called by tbe 

But while tbe mistake was tories. anarcho-syndicalist National Con- 

being corrected, a Catalan Sena- The PNV executive was draft- federation of Labour on Septem- 
tor persuaded three Senators by ing a steim warning to the her 2 — took a serious turn 
royal appointment on the com- Government last night when the yesterday with the Arrest of 71 
mission to make their invalun- news of their success in .the strikers who were occupying a 
tary switch or vote permanent. Senate reached them. But their service station. The strike is 
This pushed through the Basque jubilation may ‘ be short-lived, opposed by the Socialist and 
amendment by a margin of one. since the amendment has to pass Communist-led unions, 1 as well 
Devolution has proved the tiie plenary session of the Senate as by local authorities. . 
thorniest question in the consti- — 

_U,g. ma Fl t hdhifaan Angola’s stake in Gulf offshoot 

agreement 


broad agreement between the 

m nj£ r nmj THE ANGOLAN State oil com- informed of this vet.' We have 

.. T 5® withdrew pany Sonangol will take a 51 per been negotiating off and on since 

Jiff? ceT,t stake ^ . the Gulf 0iI the beginning of the tfear” 
texf'tobe pasped to the^enate 1 £ or P or ?. tfo11 subsidiary Cabinda Aogop said provisions of the 


Joint investment opportunity 
in the 

automotive exhaust business 


Large international firm with 1,500 retail 
dealers across U.S. and Canada is estab- 
lishing a retail dealer network for auto- 
motive exhaust repair throughout the 
U.K. and is seeking an active partner to 
work with. Principals only. 


Please call September 72-17 for appointment 
Hr. V. LoscaJzo, pres, at Intercontinental Hotel 
Tel: 01-409 3131 


COMPANY NOTICES 


OJC BAZAARS (1929) LIMITED 
ffncorporaied In if w RepuMfc of South Africa } 
NOTICE TO PKEFERB4CE SHAREHOLDERS 


NOTICE IS HEREBY GIVEN chat the u_ndcmicnU0M<i hiU-jrurly dividends have 


deflated payable on the 29th September. 1978. in the currency 


of die Republic of South Africa, to all holders of the respactiva cUues at 
ikam rtjiieewl in the books of the Company at the close of business on the 
Id) Sepeeosber. 1578. . 

6% First Cumulative Preference Shares. Dividend No. 8B—3X 
s% Third Cumulative Preference Shares. Dividend No. 70 — 21 =, 

Tbe otuai apn-retidem shanhoiden' ta* of 15% will be deducted where 

■Billf hit 

The reghutri of members will be closed in Johannesburg ]n d London from 
tfw to 17th September. IV78. both day* inclusive, for the purpose of 

the payment of the above dividend! 

By Order o! the Board. 

J. B. PARNAU. 

„ , _ . Secretary. 

of a EritfSlb* ( Hril sweuel Rebars Limited, 

se ”~‘ txrnfffa. 

53iA«f«L 1 97 8 - 


;BD£ 

Gulf Oil, the national news new law ensure thaiSonangdl 
agency Angop reported. will dominate oil exploration in 

It said a takeover decree Angola, 
authorised by Angolan President Gulf Oil owns 100 per cent oF 
Agostinbo Neto was based on a Cabinda Gulf Oil. The Cabinda 
new law regulating activities of operation was cloied from 
oil companies in Angola. December 1975 until March 1976 

In Pittsburgh, a spokesman for during the conflict ''bi Angola. 
Gulf said “we’ve not been Reuter 


during the same period of 1977, 
federal statistical . office 


the federal 
reported today. 

If this rate remains un- 
changed in the second half. 


THIS TEAR should see :-no portfolio Investments. Xn 2977, 
marked change in (he 'Stoss net capital earnings" had been 
on current account, SwFr fi.Q3bn. 

I to a forecast of the • The International Federation 
! Union Bank of Switzerland. In of Chemical, Energy and Genera! 
• 1977, the surplus totalled Workers’ Unions (ICEF), in 
I SwFr S.27bn, rather below the Geneva has called, on affiliated 
[record figure of SwFr S.42bn trade unions to boycott the 
! reported for 1976. transfer of oil refinery products 

! The hank says that on the. to Belgium during tiie . oil 
basis of results for tile first seven workers strike there. . The 


1978 will bring the ^ West i months, the trade deficit in 1978 boycott: would" cover supplies by 


Germany economy scarcely any 
acceleration from the dis- 
appointing 2.4 per cent 
achieved in 1977. 

Count Otto Larabsdorff, the 
Economics Minister, predicted 
last January that 1978 as a 
whole would see a growth rate 
of about 3.5 per cent, though 
he warned that the target was 
ambitious. It has been imoaey 
clear ever since the first l^tahiiii 


should be rather less tbao the surf ace. tankers and rail. 

SwFr IJSSbn booked for last year. The Federation says it called 
, while the SwFr 2.74bn tourism on Mr. Annand Hammer, chair- 
, surplus in the balance of pay- man of Occidental Petroleum, 

! ments will at best be repeated, for discussions at international 
j • At the same time, a further level, a similar cable having 
• slight rise in net capital revenue been sent by the '.Belgian 
j is anticipated for this year, since regional labour department 
! capital exports are increasing representative. “The company 
| wh£le the - volume of foreign ignored even receipt of the cahle 
in Switzerland has —as. was to be expected,” ICEF 

Mr. Charles 


ciear ever since ine j stabilised or slightly declined due secretary-general, 

quarters widespread Indnsmm , t0 ^ res trictions on non-resident Levinson, said in a Press release, 
stoppages that estimates would ! 


have to be lowered. 


Lisbon parties 
seek formula 


By Our Own Correspondent 
LISBON. Sept. 15 
LEADERS of Portugal’s four 
political parties will spend the 
week-end reflecting on possible 
solutions to the latest Govern- 
ment crisis, following the 
Parliamentary defeat of Prime 
Minister Alfredo Nobre da 
Costa’s 17-day-old administra- 
tion. 

Socialists, Communists. Con- 
servatives and Social Demo- 
crats are expected to meet 
President Antonio Ramalho 
Eanes separately early next 
wreek, as a newround of talks 


Dispute over Dutch Bill 


BY OUR OWN CORRESPONDENT AMSTERDAM; Sept 14. 


THE DUTCH Cabinet's draft -The CDA argues that it should 
Bill, governing Industrial demo- be sufficient, as is proposed in 
craey. has run into difficulties in the draft Bill, that a director can 
Parliament. The essential part — call a meeting with .the works' 
which centres on the degree of council whenever he wants, 
independence of the work's Premier Dries van Agt, 
council — has caused an itn- Christian Democrat, is under 
expected rift between the Chris- very strong pressure from bis 
tian Democrat-dominated Cabinet smaller coalition partner, tbe 
and the Christian Democratic right-wing liberal. WD party, not 
Party in Parliament. to give in to his party's demands. 

The Cabinet has insisted that The WD party fears that the 
the director should be present new- works’ council will have- too 
during any work's council meet- much independence .in .future, 
ing when important decisions are while it also wants to restrict 
due to he taken, or when impor- trade union influence on the 
tant subjects are discussed. But c0unc3 members. In the present 


begins to find a relatively per- jthe Christian Democratic Party system of industrial democracy. 


marten t solution to the latest 
difficulties. 

The Socialists and Conserra- 


fCDAi does not want the direc- which is due to be revamped, all 
] tor to be present thus falling in works council meetings are 
line with the demands of the chaired by the company director. 


ives hinted that they might j Dutch trade union movement and Last night and today the 


find some sort of workable 
Parliamentary formula 


j the Socialist opposition 


i tPVDA). 


party Christian Democrats had still not 
. been able to reach a compromise. 


TERRITORIAL DISPUTE IN THE BALKANS 


Passion still roused over Macedonia 


BY PAUL LENDVAl RECENTLY IN BLAG OEYG RAO 


A RENEWED verbal flare-up offered to go immediately to the Yugoslavs has remained the What they do on their own 

over Macedonia shows that the Belgrade to sign a joint declare- same." he added. territory, is bheir business" 

disputed area is still a powder tion with Marshal Tito about the As to the Yueoslav accusations n,rt ■ 

keg in the Balkans, splitting renunciation of territorial claims 0 f violatin* lira UN iffiarter and man offices do not. 

bellow Slavs and Communists and tbe inviolability of frontiers. , h Helsinki agreement bv not s * m P le 

and affecting the East-West Bulgarian officials ate angry- 2® J S , “ of fhe ^* s ^ on „ about the , 1956 census - 

balance of power. that what they regarebas a con- Macedonia n minority the I hfcHi C l ear L. in tiiose 

Between 1912 and 1944, dilatory offer has not only been Minister drily remarked “We a^rpronf^t^riftn ^ e ^S rS ? ip SQU ® ht 
Bulgaria was involved in two Ignored but even used for a .^SJB'whS men? wfffi ^ Yugos £*?**%?*£ 

Balkan wars and two world wara further ^ escalation rfjMne; ^ mp]y does nDt exisV The immt IrTthe 2ase ^the^bo?- 



Heavy losses 


U sin or, the largest i 
producer with an annual • 
of about 7m tonnes, is con’ 
by the Denain Nord-Est L 
holding company, while S 
Soilac is part of the \V 
Sidelor group; Usinor 
reported a continuation 
heavy losses this year, staxr 
first-half shortfall before d> 
atiori of FFr 587ra (£70nt 
Sadlor group, concentre! 
Lorraine, saw its net Iosset 
than treble last year 
staggering FFr 2-Shn (£27* 

At the beginning of tiu 
the Government earmark ■ • 
extra FFr 500m in loans f 
two • groups; having s 
pumped in FFr 1.3bn last : , ■ . 


i r 


The Government’s Jates- 
as yet unconfirmed, is bi 
to ' entail conversion P 
FFr lObn which has been 1 
the -State soft loan agent 
Social and Economic Di 
ment Fund, into so-called 
tidpating loans." a w 
created device which won) 
the State effective voting e 
Payments to service 
Government loans would 1 
ponded for the time beln 
State would also bear the I 
of interest and amortisatif 
On . FFr 13bn worth of 
issued over the last few ye 
the Groupemerit de lln* 
Siderurigique ; (GIS), a 
raising concern representi 
industry as a whole. This 
ance reflects the Govern 
concern not to upset coni 
jn the domestic capital tt 
A partial moratorium 


pected on the companies' r 1 


ig medium- and short-tern 
debt, which is estimated ! 
further FFr lfllra. 

Between, them, the Stat 
the banks, themselves l 
nationalised, would prov 
boost to 4 the steel comi 
threadbard resources by 
Ing new equity capital. - 


* l 


i 

— . s. 


Designer of 
Messerschmi 
fighter dies 


Congress of Berlin tbe same genocide." In 1956 the, Bulgarian the y a so hold that the donian Se ^ Mac «- Insight into the passions that 

year. Macedonia, ruled for census in this region revealed "J Maced^niang in Yugoslaria stiU envelop a seemingly merely 

530 years by the Ottoman 179,000 ethnic- Macedonians; in Bu^ri^s and oot T ^? y ¥ ^ er Bul e* r ia is a historical dispute. 

Empire, was divided in 1913. 1965: their number was given as t most loyal ally of the Soviets, thW positions of the two sides 

mainly between Serbia and 1,500 and by 1975 a cen«i» failed , . . ' the Yugoslavs hint that over Macedonia appear to be 

Greece. Bulgaria was allotted a to produce any Macedonians at Macedonia is a geographic Bulgarian pretensions" or irreconcilable. A few days after 
mere 10 per cent some 6500 all. term and nothing more, says expansionist dreams " are rh air man Hua Kua-Fe tig's recent 

sq km, which constitute today Bulgarian Deputy Foreign Mr. Asen Angclnv, the chairman sponsored or at the very least JiSt to L Yugoslavla. President 

wbat is officially called the Minister, Mr. Boris Zvetko*. told of the Blageovgrad regional com- encouraged by Moscow. But zhiv&O* toured; the area, for the 

Blagoevgrad district tFirin the Financial Times that -after niittee for culture. “ Macedonia is western diplomats in Sofia second- time within 10 ‘weeks, 

Macedonia). World War n Yugoslavia wanted in reality Bulgarian territory and caution that the situation is an( f -told party Offidais that 

Yugoslavia and Bulgaria to incorporate the Pirin remon. the so-called Macedonian J! ore , cora P‘ ox the r; hina was fanning the, flames of 



Bulgarian party leader and_ head tinues to exist. Though they pure Bulgarian stock into Serbs ‘lectuais. scholars and officials Where'-twye 
of State, Mr, Todor Zhivkov, never say it officially, aim of —and now into Macedonians! that the visitor gains a real (U^peawd^t®’ 





i 


ozuans 


By Michael Donne 

DR. WILLY MESSERSCH 
designer of tbe 109. one o 
many's most successful 
aircraft of the Second - 

War, died in hospital in ft 
yesterday — the an ni versa] - 
the Battle of Britain in wbi 
fighters were only nai 
defeated by the RAF wi 
Spitfires and Hurricanes, 
was 80. 

The aircraft com pan; 
founded in 1925 at Bambe 
Bavaria, became one of the 
famous names in Genuai 
world aviation. The nam 
vives today, as part of the 
serschm i tt-Boelko w-Bl ohm 
cem. still making . 

aircraft, such as the Angle 
Gennan-Il ali an Tornado. '»J| Jp.^ 

Messer schmitt was hoi, . ' s iH i j 

chairman of MRB. I t . 4- 

He began bis aviation. ■ ij ; 4 . 

designing and building gJ ’ * 
turning to light piston-en. ’ * \s | 
aircraft in the late 1920s. v . H 

famous 109 fighter— over - . f f 
of which were built befor ' J { ?*s, • 

during the Second World * i f f5 
emerged in 1935 and was q;i», ** * L 

established as the premier - r* 
bat aircraft of the newly-ci, v.f | I r r - 
Luftwaffe. It won several > ' ?. £ \j 

national racing and 'Si. * 
trophies in 1937. 1 v iZl v - “ 

Dr. Messerschmitfs t. J « 

tually became* t£e Me-362T V " * * OK ^ 
into operational service in ^ L. 

summer of 1944. just ahe 
the RAF's Gloster Meteor, 
opening a new era in aeria. 
fare, but too late to turn th- 
of the war. 

After tbe war. Dr. M- 
sebmitt was held in custoc 
the Allies for rwo years, an 
was exonerated by an Augi 
court, which said that he 
b«»n compelled to build mi! 
aircraft for the Luftwaffe as • 
his wifi. 


1 



JfOMJNCML Tons. pgbiUM dafhr a w 
2fS* U S. mtaertodao* ; 

gif fldohM ssef.on Ui -flliiiw ■ 

omt pnutQ pejff tt Ham Hack 


L 









-. « f— 
'Ni 


Financial Times Saturday September .16.. 1978 

HOME NEWS 

N. Sea gas will supply l 
for more than 20 years 


ts. 


<rvv 


r'fv'ri’ 



PY KEVIN DONE. ENERGY CORRESPONDENT 


NATURAL GAS supplies for (he 
l : K are assured into the next 
century, .Mr. George ScnfL deputy 
chairman of North West Gas. 
.said yesterday. 

Contracts between British Gas 
and North Sea producers win 
cover supplies for more than the 
next 'JO years. Further gas has 
been discovered lhat .js not yet 
under contract. 

Mr. ScotL addressing the quar- 
terly meeting -of- the North West 
Industrial Development Associa- 
tion in Manchester yesterday, 
said: “Some of the worlds big- 
gest discoveries have been made 
in the secondary phase of 
exploration, a stage not yet 
reached offshore in Britain. 

H Ex-ploratioa of the British 


continental shelf is still at a 
relatively early itage. and t large 

areas remain unexplored." 

British Gas has just completed 
the final .well in the present stnae 
of its appraisal nf the gaa held 
in Morecumbe Bay. 

Oilfield 

The rig. Offshore - .Mercury, 
has moved fo Cardigan Bay In 
drill a well before going to drill 
the firrt well tn the English 
Channel. 

0 British Gas will he bringing 
on stream its Wytch Farm on- 
shore oil field in Dorset in 
November. 

The Ga* Corporation is m the 
final stage.- of building a pipe- 
line to lake the- oil tbc-^hort 


distance tn storage tanks and a | 
rail terminal at Furzebrook. 
From ihcre the oil will he moved 1 
to British Petroleum's refinery at 
LUndarcy, West Glamorgan. 

Briilsh Gas and British 
Petroleum both have a 50 per 
cent interest in Ihe field, which 
is expected to provide about 
16.000 barrels of oil a day at 
peak production. 

About £tim has so far hcen 
invested in developing the field.! 
which is expected to have a life! 
of 15 to 'JO years. 

British Gas will shortly apply 
to Dorset County Council for 
permission to drill more explora- 
tory wells in the Wylch Farm 
area m appraise additional finds! 
made at a deeper level. 


Heron plans for U.S. business 


IJ- .. ! 

iQHg 


• r- 


BY TERRY DODSWORTH 

HERON CORPORATION, the 
private company headed by Mr. 
Gerald Ronson. plans to open an 
office in New York in January as 
the first step in a drive to 
develop a suhstatnail base ln-the 
US. over the next ten years. 

No specific plans nave yet 
been drawn up for developing 
the business but Mr. Rnnsnn say? 
he might look at some property 
ventures and wholesaling busi- 
nesses. "I am not aiming to get 
into a hjg lahour area.” 

Mr. Ronson intends tn spend 
one week a month developing- 
ihe U S. activities, which he 
would like tn see providing about 
one-third nf (hr company's husi- 
ne.-s hy the mid 1980s. The aim 
is a ha lanced snread of activity 
between the UK. U.S. and the 
Continent. 

Hernn, which claims tn he 
Britain** second largest private 
company, announced its involve- 
ment l art week in a £150ni deve- 
lopment plan for a riverside site 
on .the South Bank in London. 

The company has expanded 
rapidly jn Tecent years, with a 
property portfolio which 
stretches throughout Europe, and 
a number of other trading activi- 
ties- 

It is the majority shareholder 
in the quoted Heron Motor 
Group, owns the Suzuki UK 
motorcycle franchise, runs the 
Heron service station business, 
and is building up a consumer 


products group an the basis of recently moved into insurance] 
the Ingersoi! watchmaking and through the acquisition of ihej 
distribution company which it National insurance and 
recently nought. It also has a Guarantee Corporation, 
housebuilding division, and has Man of (hr Week. Back Page 

More moves to simplify 
and explain taxes 


BY MICHAEL BLANDEN 

FURTHER MOVES to simplify 
and explain taxes are being 
undertaken by the Government. 
Mr. Robert Sheldon, Financial 
Secretary to the Treasury, said 
last night 

He added that the income tax 
system had been designed for 
the better-off, but its scope had 
increased in post-war years so 
that more than . S5 per cent of 
the working population paid in- 
come tax 

“To very many of these tax- 
payers the tax system Is a 
mystery as unfathomable as 
Einstein's theory of relativity." 

He fold the Chartered Institute 
of Public Finance and Account- 
ancy new towns weekend school, 
at Padgate College^.. Warrington, 
that complexity was unavoidable 
in dealing with the tax- affairs of 
many businesses and of indivi- 
dual taxpayers with, several 
sources of income. ’• 


Howden wins £62m 
power station order 


"BY MAX WILKINSON 

HOWDEN. the Glasgow-based 
engineering company, yesterday 
announced a C5*140tn f£B2ml 
power station order in Canada, 
the first since it broke its con- 
nection with C. . A. Parsons of 
Newcastle, now part of Northern 
Engineering Industries. 

At the time of the break with 
Parsons. Howden said that it was 
teaming up with the Swiss elec- 
trical group. Brown. Boveri for 
collaboration on turbine genera- 
tor design and manufacture. 

Brown Boveri will have a 
substantial, slice of the new 


Canadian business which, under 
the previous arrangement, would 
have gone to Parsons. 

The order placed with Howden 
Canada, is for four. BOO MW tur- 
bine generator sets for Ontario 
Hydro. The units are destined 
for Darlington nuclear power 
station at Lake Ontario. 

Two 200 MW sets are to he 
supplied to a coal-fired station 
In North ‘Ontario. The total 
value of the contract is CS360m 
(£159m) of which Howden 
Canada's share is C$140m. The; 
work will be spread over 1980 
to 1988. ! 


Bids end for Liverpool 
vandal-damaged flats 


Designer' 
liter & 


FINANCIAL TIMES REPORTER 

BEDDING CLOSED yesterday 
for the three blocks of corpora- 
tion fiats in Evertoo. Liverpool, 
known as "The Piggeries” be- 
cause of the damage caused by 
vandalism. 

Liverpool Corporation said that 
150 inquiries had been received 
from properly developers and 
private individuals. Of those. 
40 had resulted to hids. nf which 
im were under serious, scrutiny. 

The Mocks, known as the 
Haigh. Canterbury and Crosbie 


Heights, were offered to any de- 
veloper who would improve and 
manage them. 

No developments are expected 
until next week at the earliest, as 
the Liberal leaders nf the City 
Council have been attending the 
■Party conference. 

When the decision was made 
la offer the blocks for sale. Mr. 
Trevor Jones, council leader, 
said* he was prepared to sec them, 
go for £1 a time to save the 
£900,000 it would take to de- 
molish them. 






•• •: : i:. ■: * 








If that is the way you feel, maybe you 
should turn to Providence Capitol’s major 
announcement in the business pages of 
this papec 


Rut. for the majority of tav- 
: payer? whose sources of income 
. wore few and whose affairs 
I were relatively uncomplicated. 

I " ihc ami must be to increase 
their understanding of the 
: income tax system". 

Some steps had been taken, 

[ including replacement of child 
, tax allowances by non-taxable 
: child benefits and the decision 

. to allow life "assurance 

premiums to be paid net of lax. 

One part of the lax syslem 
’ which had received attention was 
; the tax treatment nf husband 
’ and wife. The Government 

hoped to publish next year a 
1 Green Paper on the taxation of 
’ the family. 

Explanatory leaflets, designed 
for greater comprehension. 

’ should he avai labie hy the end 
f of the year and ihe Inland 
■ Revenue had revised the format 
I of the n tax form, by far the 
most commonly used. 

FT gives 
£ 50,000 
: loan to 
! consultancy 

Financial Times Reporter 
[ THE FINANCIAL TIMES has 
P ! lent £50.000 lo a leading inter- 
| national telecommunications con- 
, [ sultancy, Conumini cations 

( I Studies and Plan trine. 

I Since it was formed in 1976, 
i the consultancy has worked for a 
j wide, range of clients in Europe 

> and North America, including 
I governments, telephone- adminis- 
trations (such as ihc British Post 
Office), and Jorge industrial 
companies. 

It employs 22 full-lime consul- 
tants, and its turnover for the 
year ending in October will be 
abont £280,000. 

The loan will help finance the 
consultancy's expected business 
growth. . 

. . In exchange for the loan. 

I whose level will be reviewed 
annually, the consult fancy will 
keep FT management in constant 
: touch- with developments in tele- 

> communications technology and 
1 applications. 

Cutlery makers 
; to hold 
‘peace talks’ 

.Financial Times Reporter 
THE TWO sidps in the Sheffield 
cutlery industry dispute are 
expected to hold their first mept- 
mg shortly fo see if common 
ground can bp established on the 
issues which divide them — 
principally hnw the industry can 
survive in the face of high 
imports. 

: -Tbe ■ Cutlery and Silverware 
Association has accepted an 
invitation to direct talks with 
the recently-established Federa- 
tion nf British Cutlery Manufac- 
turers. 

To atari the talks. Mr. Brian 
VJrier. Cutl*>rv and Silverware 
Association President, will moot 
Mr. -John Price, the federation's 
president, under an independent 
ebahraan tn draw up an agenda. 
Then there will bp a further 
meeting with others from each 
tide present. 

. Farnborough 
organiser dies 

THE DEPUTY director of the. 
Society nf British Aerospace 
■Companies and nrgunisf-r of the 
past-four Farnborough air shows. 
Mr. Blaise “ Bill " Mugford, died 
■yeSteday after a long illness. 

.Mr. Mugford, aged 55. retired 
iroiQ. the RAF as a Group 
Captain- He was on duty during 
the Farnborougb show that ended 
last weekend. 

Sales record 

SALES nf West Yorkshire Co- 
operative Society in ihe first half 
of this year reached a new high 
of -£22.8ni. an increase in real 
term* of £3m on the same period 
a year ago. A sales increase of 
30 per cent was achieved. The 
society has spent £4m in (he 
:past four years on development: 
two big ■ stores will be opened 
next year. 


Asbestos 

dust 

found in 

Commons 

roof 

BY PHILIP RAWSTORNE 

THE HOUSE of Commons 
ventilation system mid ihe 
roof space over the chamber 
have hcen contaminated by 
asbestos dust. 

Recent tests had shown small 
amounts dust in (he chamber 
itself, hot levels had not 
reached danger point, the 
Department of the Environ- 
ment said yesterday. 

MPs and olbcrs working in 
the Commons were informed 
yesterday that inspections had 
revealed that (he sealing of 
blue asbestos sheeting, used 
as insulation In the roof space 
of the chamber, was unsatis- 
factory. 

The asbestos had been re- 
sealed, and the roof space, 
which serves as an extract duel, 
was being dccontaminaled. 
Workmen employed on Ihe 
task were fully proieeicd 
against the health risks. 

White asbestos linings in the 
Commons ventilation ducts, 
which service most nf the 
House, including the chamber, 
were being replaced with 
asbestos-free material. 

“ Tests have indicated no 
significant risk in the House 
of Commons beyond Ihe actual 
roof-spacr,” (he Department of 
the Environment said. 

Plans were being prepared 
for the removal of the blue 
asbestos but this would be " a 
major operation, requiring 
careful planning " and was un- 
likely tn be carried nut before 
the summer recess next year. 
Tests were continuing to 
ensure that health conditions 
in (he Commons remained 
satisfactory. 


e NEWS ANALYSIS— IMITATION JEANS 


makes it the de 
form of flattery 



PIRATING n F design* is some- 
thing to which lex nles have 
always been prone. But while 
it is often nioi,*i; .-i nuisance, it 
ran noractiines h<. sufficiently 
‘erious la imikc ihe big inler- 
n.itional org.-iima lions which 
now control inui-h or ihe textile 
industry -hit hack. 

This was evident from a court 
case in London rhis week invok- 
ing the jeans manufacturer Levi 
Strauss. 

In a settlement which Levi is 
certain -to regard as a major 
victory in its bjttte tn protect its 
name. Nntlnn Management 
Services is to njy $500,000 and is 
accepting a coin order prohibit- 
ing Ihe manufa* lure nr sale of 
jeans imitating Levi products or 
infringing Us irailo marks. 


Copies 


Other -case* are pending in 
Belgium. ihc Netherlands. 
Switzerland and Hong Kong. 

In the cast- n.iw .-ellled m 
London, the company got wind nf 
a much bigger operation. Notion 
was accused Uy Levi of conspir- 
ing with John Hanimnn. a 
former production assistant at 
the company" • El Paso plant and 
n_ Taiwan bu>i newsman Mr. Davis 
Ying in the manufacture and sale 
of imitiitlon I.e\i\ produced by 
a company named Lev* Straus’s 
and Co. Df Taiwan. 

In the event, ihe factory in 
Taiwan was raided and a number 
of fakes seized while others were 
also recovered m Europe before 
very many had reached the 
market- 

Although nipped in the bud. is 
was — according to Levi Strauss, 
which has grown to be ihe 
biggest clot Inn- company in the 
world on the back of the jeans 
boom — the nmd sophisticated 
operation thev had enme across. 


BY RHYS DAVID 


It is a judgment which follows 
a long period or detective work 
hy Levi, carried out hv a cor- 
porate security department 
piaffed, it is rumoured, by Ex- 
U.S. Secrei Service men. Federal 
Bureau of int obligation and even 
British Intelligence agents, which 
costs (he company more than 
$509,000 a yea r. 

Most nf the time the team is 
involved in tracking down fairly 
small-scale operations, passing off 
relatively poor copies of Levi 
products. 

All the leading jeans com- S 
panies copyright not only tbeir 
names hut different styles of 
stitching, and in particular ihe 
all important stitched symbols 
which usually appear on the back 
pockets sueh as Wranglers* W. 

Jeans have been an obvious 
target for the counterfeiters for 
a number of reasons. The boom 
has gone on much longer than 
anyone expected with total sales 
in 10 leading European countries 
climbing from 3$ra pairs in 1970 
lo more than 170m pairs last 
year. v- 

Tolal sales in the UK are likely 
to be about -10ni-40n] pairs this 
year, giving jeans a bigger share 
of ihe market than conventional 
trousers and creating a market 
worth £350 di at retail values. 

The established companies 
have had difficulty bringing in 
sufficient capacity to meet 
demand, so that ihq genuine 
article from top names such as 
Levi has been in short supply. 

At the same time competition 
among jeans retailers — as h stroll 

dawn London's Oxlord Street or latest Feminine Fit jeans 
any provincial shopping precincts , , ...... 

will suggest — is intense so th 3 t a ^.v Levi have two cleverlj 
ready-made market for a cheaper placed darts at the back to 
but not-sn-cenuine article exists. gj vc a sno ™ fi( . The material 

For the big U.S. groups that f : . _ 

suffer pirating, such as Levi and ,s a new ‘ d < ’ nim called Dura 
Wrangler, more than mere hiss Pins. 


of husmess is involved, however. 
The big companies place con- 
siderable emphasis on quality 
control, so that a guarantee oq 
wearing and washing properties 
can be given io the buyer. 

Ir becomes difficult in persuade 
people when they- subsequently 
return sub-standard merchandise 
with a bogus Levi name on it 
that H has been made by a 
counterfeiter. 

Though the biggest anrl-.-hest- 
organised attempt to sell raise 
Levi's has come lo naught, il is 
unlikely the company will now 
relax its vigilance. 

As the jeans hQnni -has pro- 
gressed. the position nf the big 
groups has if any thine been 
strengthened, making them pven 
more of a target for imitators. 


Fabrics 


The higger groups have the 
resource;- needed to widen their 
product range into olhor types of 
leisure clothing such as shirts, 
5 1 rm sons and shoes, and have 
also been able to introduce other 
jeans fabrics such as corduroy 
and canvas alongside denim. 

Altogether there arc an esti- 
mated 70 brand, names in the 
UK compel ing in a husiness 
whic his increasingly likely to 
demand continued fashion 
change, high making up stan- 
dards and high advertising 
expend tin re. 

In markets ail around the 
world Levi's will clearly he hop- 
ing lhai ite settlement reached 
in London wit] deter all but fair 
competition in what is likely to 
remain a keenly contested 
business. 

Wnuid-be counterfeiters are 
now loft tn ponder that in 
husiness at any rate, imitation 
may he the dearest rather than 
the sincerest form of flattery - 


An incentive 
to all directors earning 
over, 



The question is, what 
incentive is there for a man 
earning a lot of money? 

Sav £12,000 a year. 

Or £25,000. Or even £100,000. 
Because the more money 
he and his company earn, the more 
the Inland Revenue award themselves. 
Well, there is an incentive. 

One that allows you to receive 
a sizeable Income when you retire, taxed 
only as earned income. 

One that allows you to receive a tax free 
cash sum of up to !!■■: times your final salary 
when you retire. 

One that allows your company to pay for 
you. And all contributions rank for full 
corporation tax relief. 

The incentive is called the National 
Provident Institution Capital Pension Plan. 

Whether you're 3 years or 33 years from 
retirement NPI’s plan can give you and your 
key personnel an incentive that won’t be taken 
away by the Inland Revenue. 

So instead of giving yourself a rise, 
build yourself a future. Get a copy 
of NPFs booklet “Capital Pension Plan* 
from your broker or write to 
Barry Gillman, National Provident 
Institution, 48 Gracechurch Street" "" 
London EC3V0BB. 

Whichever way you do it, it’s free. 


4 


• •■•Financial Times Saturday September 18yl97& 


HOME NEWS 


LABOUR NEWS 



Company 
can turn 
bone into 
food 


Recovery may not peter 
out towards year-end 


BY MICHAEL BLANDEN 

THE OUTLOOK for continued 


Ulster 
factory 
to make 


. llll _ J The main pointer is given by buoyant picture with a fall frnnii 

! economic growth appears slightly the composite index: of longer the high level recorded in -time. r 
I more encouraging. according to leading indicators, which looks A more cautious view also is 1 ; 
i figures published yesterday by ahead on average for just over a suggested by the index of shorter ■ 
I the Central Statistical Office. year.' This index rose last month leading indicators, which P 0 *™ 54 ; 
! Cyclical indicators, designed to after showing a steady downward about six months ahead. The | 
i provide advance warning of turn- trend for nine successive months, fall recorded in June was main- ; 


car 



By David Fishlock, Science Editor , pa i nt)5 j n t jj e economy, sre The index has to be treated tained in July, 'although again; AN ULSTER company. Texxon 


CHEMICAL PROCESSING 
methods for converting fresh 
animal bones profitably into 
ingredients of foods and drugs 
have been demonstrated by a 
Bedfordshire company. Lensfield 
Products. 

First indications from food 
manufacturing trials on bone 
products are that the market may 
be “very large indeed." says Dr. 
Alan Jobling. managing director 
of Lensfield Products, an associ- 
ate company of C. and T. Harris, 
of Caine, the pork pie makers 
and a division of FMC, the group 
financing the project. 

The Wolfson Foundation ha? 
made a grant of nearly £50.000 
to the School of Chemical Engi- 
neering at Bath University m 
design a continuous process for 
bone conversion from techniques 

already demonstrated hy the 
company. The work will include 
construction of a pilot plant. 

The new technology converts 
fresh bone into products three or 
four times more valuable than 
those produced by rendering 
down fnr non-Fnnd uses the 8-12 
per cent of live animal weight 
which constitutes bone. 

The basis of the new process 
Is separating hone into three 
streams— edible fat protein and 
bone phosphate — each of which 
promises to find a profitable 
market. The protein and phos- 
phate emerse as dry. stable and 
almost sterile powders. 

Ahout one-sixth of the weight 
of raw hone is protein. As pro- 
tein powder, it is easily recon- 
stituted by adding water, says 
Dr. Jobling, into a relatively 
inexpensive protein the chemical 
composition of which is close to 
lean meat. 

Trials suggest that it can be 
added to meat products such as 
pies and sausages. 


rather more optimistic for the with some reservations. 


r-. ult ., 1I1V _ 1VI1 since only two or the five curi.-i'tuents! Engineering International, is to 

lonner term than in earlier only two of the four economic were available: These we re new -start making car components m 
months. Figures have to be variables which contribute were car registrations, which fell 1 a former bottling plant outsioe 

treated with some caution, available. These were the Finan- sharply, and hire purchase new | Be! fast with the prospect or 

because for longer periods they cial Times-Acluaries 500-share credit extended, which was aoom so jobs, 

are heavily reliant on the per- index, which showed a very sharp slightly down. ■ , s 

formance of *-ie stock market. rise, and the short-term interest The strong rise in retr.il satos ' ?" d , ^ 

Nevertheless, thev seem to sup- rate — used in inverted form— continued to raise the level ofjlnar sa-encm* division o. iJ 
the rather more hopeful which Tell. the index of coincident mdi- . Chestcrfie.d, a subsidiar> oTTube 

which has been gaining Another of the components, cators in July-, although ine in- investments. 


. port 
• view 


ground that the recover* may the level of housing starts, is dex of manufacturing brfiduction With help from the Northern 
W ' -ards the end of available only up to July, but was unchanged from the : Ireland Department of Core- 


! not peter out towards 
this year. 


this showed a rather less previous month. 


EEC fishing policy talks 
stalled by election prospects 


• BY OUR ABERDEEN CORRESPONDENT 

i COMMON MARKET countries this month or next. “We do Town House blew 
stalled during the last round of them on their merits. 1 don't smashed the rear windscreen of 
^negotiations Tor a Common think a settlement which ignored a car he had just left. He mo! 

■ Fisheries Policy because thev conservation is a settlement that trawler owners, inshore fishing 
Relieved that a British general we can .subscribe to." men. unions on both the catch- 

i election was imminent and. along The Minister narrowly avoided ing and processing side. 

■with it. a change in government, an accident in Aberdeen 
'Mr. John Sllkin. Minister of & plate-glass window in the 
; Agriculture and Fisheries, said 
: in Aberdeen yesterday. 


and 


and 


merce. the company has leased 
| a 5(1.000 square feet factory near 
! Dunmurry, into which -the manu- 
; factunng piant from Chesterfield 
. will be moved. 

Radiators 

TT Chesterfield i? one nf The 
lenders in the field of acoustic 
engineering, and its products in- 
clude a full range of engine 
• silencers Texxotl will also manu- 
facture radiators for cars, trucks 
and heavy industrial engines. 

The company said yesterday 
that a large part of its produc- 
tion would be exported. 

It would also be caoablc of 
producing radiators suitable for 

be 


when visited a marine biology research ; jhe sports cars which are in he 
city's station during his one^da \ visit. ^ UI L a ' a , n ^‘ v plant at Diinrr.urry 

° ■ nr Mr Tnhn flref r.mm 


British Caledonian in 
£3m cargo flights deal 


by Mr. John DeLorean. a for- 
mer General Motors executive, 
fr hoppd to 'he in ft position to 
bid for a contract. 


Cook's Tours 
may start 
incentive wave 


By James McDonald 

Services • T HOS1. AS COOK, the 


Midland 


id East 
no 

real threat’ 
to West 

By Sue Cameron 

PETROCHEMICAL DEVELOP- 
MENT in Middle Eastern oil 
producing countries will not 
pose any real, long-term threat 
to producers m Western Europe 
and tbe U.S.. Mr. Ernst Werner, 
managing director of the Royal 
Dutch/Shell group, said yester- 
day. 

Mr. Werner, speaking to the 
Technological Club at Delft in 
Holland, predicted that bv 1990 
there would only -he a modest- 
sized petrochemical industry in 
the Middle East — the region 
would not become the focus of 
world petrochemical production 
as some commentators had 
suggested. He said feedstock 
prices and the lack of technical 
expertise in the Middle East 
would combine to act as a brake 
on any large-scale petrochemical 
development. 

Impact 

“ r am sure that In the next 20 
to 30 years wp will spr the con- 
struction nf mure petrochemical 
complexes in the oil producing 
countries of the world, in 
particular in the Middle Easi." 
Mr. Werner said. “ I do not 
believe, however, that their 
impact on the petrochemical 
industry of the rest of the world 
will he great. 

“One reason for thinking that 
development in most of the nil 
producing countries will be 
rather modest is because of their 
lack of the necessary infra- 
structure and technical culture. 
There is a real problem in the 
personnel area because the 
supply of highly trained super- 
visory engineers, skilled trades- 
men and plant operators is not 
over-abundant in any country and 
particularly not in rapidly 

expanding countries such as 
those of the Middle East. 

"It is often claimed that the 
higher construction costs in the 
oil producing countries can be 
offset by the availability nf cheap 
feedstock such as associated gas. 
In practice. however. this 
associated gas is only a cheap 
feedstock If it is sold to the 
chemical industry at prices lower 
than its alternative value as a 
hydrocarbon io energy nr auto- 
motive markets. In this sense it 
would be more accurate to speak 
of' subsidised rather than cheap 
feedstocks." 

Distributed 

Mr. Werner said that at the 
beginning nf the next century 
the location of world petro- 
chemical production would bo 
much the same as it is today with 
Western Europe having ahout 30 
per cent of production capacity, 
the U-S. 25 per cent. the. Eastern 
Bloc countries 25 per cent. Japan 
10 per cent and the other 10 per 
cent distributed around the rest 
of the world. 

He said that over the next 25 
vears the volume growth of 
demand for petrochemicals and 
plastics would “decline sharply” 
although overall, the Industry 
would probably maintain a 
slightly higher growth rate than 
industry in general. Mr. Werner 
said that if there. were a general 
annual industrial growth rate nf 
about 3- pec« cent in Western 
Europe in- the 1980s then -tb.e 
petrochemical industry would 
nrohahlv have an annual growth 
rate of' 4 to 5 per cent. This 
would still ' be highly sig- 
nificant.** 


Progress towards a satisfactory 
' settlement had been lost during 
the uncertainty over a general 
election, but talks to be held 
later m the autumn might pro- 

dU F?shK^ !tS ‘ talks ^resume **' in IML - tbe UK- based international has a turnover nf flOm a year. 

RruSeS’im Sentem tfer ™ 5 and fregiht-forwarding and air ser- and assets or nearly £lm. The 

R us.ei. p _ and group> has sl?De( j a fa m group has just been reorganised. 

■“ Rpfprrin* to the Prime Minis- contract with British Caledonian and now comprises two main 

terTrteriston not to have an Airways for the exclusive use , companies. IML Air Semcw 

|l n, r t L irtinrh Miri “Tt three Caledonian Boeing 707 (UK > and IML Air Services . # , . — - 

Imav rimalifv a few nroMpms in “H? 0 weekly between the (Inti, with a smaller third com- ® ank travel agency subsidiary. ;? 
ifhe ZSdL Of some of mv UK and Lagos. Nigeria. pany. IML Leasing.' ! n J^? U " C t e ne ‘; t ,nceal f v « ? e V 

1 * This deal, announced yesier- The group primarily provides fnr travellers using tneir 

nnf day by Mr. Andrew Walters, an import and export fregiht- se Ll? cw - _ , 

rn 
the 
its 

As too* at there was m their Ulv ror me exclusive use w senemes. ~*injer- ann «.uu- n „hinhMi * /ear 

i minds, a kind of possibiht? or CL ** aircraft for 16 jet." whereby shippers specially Although incentives to 

(probability of an October Elec- ®W«*J motnh JP*. “ «**S® African and premia! dionis have been 

,'tion. I noticed a certain reluc- IML. founded six year* ago a« Gulf area-, will be civcn an offereri ln th ^ travel trade 
tance to gel to grips with the International Messengers, now improved, faster service. - 1 

issues, but I believe that will be 


colleagues in 
14 The next 


Europe, 
few months. 



aver now. 


$99 Texas-London fare 


; organisers helieve that Cook's 
i offer may start a series of sales 
J promotion schemes bv other 
‘ agencies ' . 

A promotion cnmpanv 

BRITISH CALEDONIAN Air- London-Houston. route. Return employed by Cook this vear 
a special S9fl flights an? at regular prices. suggested giving customers a'bae 

London from The special flights will carry of holiday items worth up to 

confirmed reservations and will » £30. 


Conservation 

Britain had started to regain wav js Qfferi n C 
lost ground with the unilateral on |_w a y farc to 
conservation measures taken in Hou ^ n „ Te J as 

S?lkin t0 P m' te the h end n o S f October ^ offer *“*• for ool y one include full "meal Srvices.T The I 
H5 week . for one flight a day, current lowest fare is SI39 for . 


the negotiations .would have 
people trying hard to find a 
settlement 


the 


Clean air film 


for one flight .. _ 

beglhning October 31. Standby seats. The fare -is sub-; 

rriemeniL The fare N beja 8 used t0 to clearance by the Civil 

Much time had been spent in 5™? glVeil premiere 

e past 18 months_tr>ing to con- ducUon of Jumbo Jels an ^ Civil A\iation Authority. a FILM puMicising ine work 

[of the^ Alkali and Clean Air 
; Inspectorate has been given its 
first showing In Manchester hy 
! tlie Health and Safety Executive, 
in sales throughout is discussing two options with j Tho 22-mmme film. The fifcv 
by workers; a four-day week or -.is a Canvas, was shot *m location 

in Greater Manchester. Mersey 


Short-time for 350 


vince Britain's EEC partners that 
: a satisfactory fishing settlement 
i was vital fbr Britain. 

! “They seemed to regard ir as 
though we were after another A DROP 
' ton of cod or herring ... but that Europe is the reason given 

; seemed to He their attitude: Grove Cranes for seeking to put dosing one week m five.. 


‘ Give them another thusand tons 350 employees in Oxford and The'company. part of Walter .side and the bordprs of Derbv- 
and they will be happy V Bicester on short-time working. Kidde Corporation, a U.S. group, i shire and Yorkshire. Ir uses 

i Mr. Silkin would not be drawn Overseas sales have fallen sub- makes hydraulic cranes. It saidjL. S. Lowry's paintings io the 
on the scope or timing of any stantially this year and left the that only in the United Kingdom 'City’ of Salford collection ro 
conservation measures, except to company with large stocks. It is and Germany had sales been up i emphasise tbe effects of air 
I hint that more may be in store to eut production by a fifth and to expectations. pollution. 


N ini an workers 

decide to 
continue strike 

BY NICK GARNETT. LABOUR STAFF 


Seamen 

submit 


A MASS meeting of 900 werirere local officials of all the unions 
from the central production plat- involved. A further ma^s meet- 
form m the North Sea's Ximan. ing is expected to be called on 
field decided yesterday to con- Wednesday. . . 

tinue a week-long strike wbidi ' ‘ The men are employed »ys-*» ... t - 

has hailed construction work.. • Offshore and Balfour Kt^Wek- tnne amd “-SL,? 

Unless the dispute is resbtwd.The stewerds sny the dispute is, overtime, eurreutl, ,t the 
relatively quickly, production over changes 


THE National Union of' S« 
men yesterday submitted 
claim for substantially Jt 
creased basic- pay, improve 
overtime rales and more leav 
for Its 32.000 members. 

Although the ckthn iaclod« 
no specific figures on wag 
rates, . tlie union ii- seekln 


the . unions are ; 

from the Heather field, whieh is seeking in them cl^rer | 

due to start very soon -and., is an atteinp tn make^hem c»a«r | 

dependent on the Ninian .plai- » nd less upen t0 UUamierpre “ i 
form, could be delayed. :. ,-r-^ ri , n . thP operator for the) 
The men, 500 of whom were i.-s man gnid. says the dispute is j - 
flown off the platform last week- over pavnients for periods whent 
end when the strike began, are me n were on strike during j 
engaged on completion work on oar ii er construction work on the 
the installation. ..■_ •••. J platform. ■ • ’ 

Shoo stewards said after ves- Production from the Heather 
‘erday's mcetins that the strike field is dependent" nn construe- ( 
would continue pending a meet- tin n work, still to ne completed, 
mg io London «f national aiid on a pipeline the two fields share. 


Post Office peace 
plan for engineers 


and a quarter, and dirabl 
time at weekehds. Extra the 
is being sought. -particularly i 
compensatory leave for wcei 
end working. 

The General . Conndl' ..( 
British Shipping told tbe nnie 
yesterday, that its respont 
would pay close attention t 
pay policy and. would be co 
strained . by the . severe' 
depressed financial state i 
thn industry. 

Settlement is due In Januar 


BY OUR LABOUR STAFF 

SENIOR OFFICIALS of The Post dmnixbmit the UK. 

.Office Engineering Union said There have also been liegttaa- 
yesterday that the outcome - nf tions with management- -bn the 
branch meetings throughimt. the wa> the scheme would be applied 
c-inntry appeared .to Srbow. that tn some of the smaller groups _ 
prnansals for settling ibe ^Jis- .with the union'*; membership, in-j Workers- 
pute over z shorter working' week! eluding those working in sup- f Leader* of (he 32 men fro 
be accepted by a special con- plie.*. transport and on ■ cable [ g^ T p ue ^ Systems delivered 
ference of union delegates today! ships- j letter to union headqnarte 

If the proposals, based on i2§- The proposals involve offset- j i B -Birmingham yeslerda 
‘ “ — ‘ — — J "“ s reporting “with' regret'' th 


men 


stay out 

By Our Midlands Corresponds 

RENEWED efforts to find - 
peace formula for the six-wet 
unofficial strike by 32 reb 
toolmakers at BL Cars will 
made on Monday, by the Am* 
g a mated Union of Engineerli 


hour-cut in the engineers' tine the cast nf reducing -hours 
sent 40-hour week, axe rejected by changed working practices. ' 
the union and the Post Office These Include staggered start- 
cduIg find themselves in a very ing and finishing and an eigbt- 
awfcward position and nine-day fortnight -for some 

The unien's execurtve. would engineers, 
then decide if it sbauid.step up There is also a clawback pr»r 
iadiistria-: action and. seek vision which would offset any 
further further meetings -wth cost to the Post Office, above the 
the Post Office . •; * no-cost target, against payments 

Last month, the union ..lifted made under an existing produc- 
some of jts most severe sane- tlvity scheme. 1 

tions. unp'teea during -the tfis- The union said yesterday 'that 
pate, following a provisional most opposition tn the scheme 
agreement on the proposals had resulted from the-lack of a 
which are b^ed on the report of firm commitment from the Post 
Lord McCarthy. •«’ • Office on a 354toUr week, which- 

It is stiii retusing to commis- was the original claim. 
sion new exchanges, however. ' There also appear bo be more 
Since the provisional accept- engineers who would prefer to] 
ance. members of tbe executive ..work a reduced number of days" 
have bean explaining the /pro- than would he allowed under the 
nasals to about 40 mass meetings proposals. 


Welsh 



warning 


REPORTS RY OUR POLITICAL STAFF 



Higher taxation sought 
on inflationary pay deals 


DESPITE misgivings expressed economic freedom, urged dele* 
by many delegates, the Liberal gates not to carry on "union 
assembly voted yesterday to levy bashing.''' 

additional taxation on inflation- It should be remembered, he 
ary wage settlements and to said, that many of the 20 and 25 
retain a statutory incomes policy, per cent wage increases obtained 
A new formula for keeping |, n 1®"® were collusive deals 
wage increases in line with between management and unions, 
increases in productivity— stemming frrun the pressures 
designed to maintain the ratio created by earlier rigid control 
nf labour costs to added value ° ver P 3 ^ bargaining. 


in paeb enterprise — was aLso " " 

approved. 

At one point in the debate, the 
party leadership clearly feared 
that the backing for a statutory 
incomes' policy expressed by 
Liberal MPs since 1967 was in 
danger of being undermined. 

This brought Mr. Stephen Ross. 

MP for the Isle nf Wight, to the 
rostrum to underline The 
electoral value of keeping the 
Liberal Party's distinctive posi- 
tion of being the only major 
party consistently to have 
advocated a statutory incomes 
policy.. 

For heaven's sake don't take 


Mr. Tony Paterson, from 
Finchley, stated that an advance 
commitment to a statutory 
incomes policy simply pro- 
voked eonfronlation. 

An attempt should be made 
to secure trades union coopera- 
tion in keeping wage settlements 
at a responsible level. Only If 
this failed should a statutory 
policy he introduced. 

“This has worked very well 
in the last couple of years," he 
said. 



Baroness Si-ear 


Regular referendums rejected 


Free trade 6 sacred 
cowVmaintained 

A RESOLUTION calling for intro- an immediate cut in the working 
duction of selective . import week to 35-hours where this could 
controls to help combat unfair be achieved without significantly 
foreign irade competition was raising unit ccMs. An attempt to 
defeated heavily. delete the reference to unit costs 

Reasserting the traditional was rejected. narrowly by 256-235 
Liberal position as the party of votes. 

free trade, delegates voted over- resolution also demanded 

wheiminsly for extension uf /air an t 0 regular overtime work- 
trading agreements and enforce- j n g_ a general reduction id over- 
mem of existing legislation tl n lp an d the introduction nf a 
against dumping. statutory national minimum 

After a long debate on tinent- wa ., e 
pUiymenl. the assembly approved £ wanted increased monitoring 
a motion, condemning the Labour n f company employment records 
Government for its “ cynical coin- t0 counter job discrimination 
p latency ” over the level of l.fim gainst ethnic minorities. How- 
unemployed, and pulling forward ever a demand for a job quota 
The strategy on which the m favour of ethnic 

Liberals will fight the nest minorities was defeated 
general election. _ Another section asserting thal 

But it took six votes nefore new technology would mean that 
delegates unscram hied the long conventional employment would 
resolution and decided which ntJ | ong er be essential was thrown 
10 retain ol|l voles to 18S. 

The imal motion included opening the debate. Mr. Uaiid 
incentives for work sharing and p eilha n gou . MP ror Truro, and 

the party's deputy spokesman on 


BY ROBIN REEVES, WELSH CORRESPONDENT 

THE WALES TUG yesterday for. a Welsh economic develop- 
stepped up pressure for greater tnent .council to. provide a forum 
economic planning by publishing industrial and economic 
an outline industrial strategy for planning.. • , 

the Principality. *1 says something of a planning 

.. -h,« ih n m k. vacuum exists at central Govern- 

In IrmTl ment 3IuL Welsh 0ffide leveL But 
Gu.ernmen-. attempt to provide wlJat is i^^ng is not so much an 

any fora- of eeonnmic plan for updated , plan, but a planning 

i\®; e . s ' xz r f process. This should be recog- 

W ales: the way ahead, pub- ^ a major obstacle to tbe 

lisned over ten >ears ago. regeneration of commercial and 

The Wales- TUG is now calling industrial sectors. 

• -It warns that Wales needs lo 
create and consolidate at least 
83,000 jobs in the short-term, and 
in - the longer term, find an 
additional 180,000-200,000 jobs or 
12.500 jobs a year between now 
arid-i9?i, jf full employment is to 
achieved. 1 

• Welsh unemployment' is the 
worst for 40 years with. <he 
numbers oul of work in August 
totalling 101,00 — 9.4 per cent nf 
tiie .working population. 

- Specific proposals In the draft 
TUC strategy include: targetting 
of . high grokth industries for 
special aid, with a view to their 
employment and future market 
potential: greater emphasis on 
-securing planning agreements 
with specific regional investment 
commitments: greater regional 
edge -to be built into Government 
selective assistance: and a wider 
differentia! helween official aid 
to development area and special 
development areas. 


‘they could net accept a recot 
nzendatfen for a a immedla 
return to work. 

Mr. Ken Cure, secretary >' 
the Birmingham East Distil 
Committee, which earlier tfe 
week lifted expulsion orde 
against tbe 32, said the bh 
would review - the sitnath 
again on Monday. 

The strike leaders iu 
agreed to meet Mr. Cure be£o 
the meeting to re-exptore ti 
implications of their action.: 


Crippling 


-The district committr 
scheduled to meet on Tfaut 
day, is unlikely to risk tr- 
action 'which - might lead -- 
another confrontation with t - 
SU men, . 

■' After : day-long talks the 
-was a glimmer -of .hope Ja 
night that a crippling stri!. 
threatened by toolmakers 
the- Chrysler car plants 
Coventry would not take plat ' 

Both sides -preferred to mar 
no comment on the pay eta! 
discussions,- except to confle-.. 
that, on Monday, convene, 
representing 'the 360 toolroa 
engineers would report, back i 
their discussions to ski 
Stewards.' 

The meeting would .then 1 
asked to decide whether 
could recommend -to ti- 
membership tbe acceptance 
a proposed self-financing ince " 
tive scheme on a trial basis. 

This, it is thought by son 
could give the toolroo 
engineers the additional £3 
week they have been seeWn 

Concern at the assurane . 
given to - trade . onions "i 
Peugeot-CItroen about the pt 
posed takeover of Chrysler l 
was expressed yesterday v. ' 
delegates to the first autoiu ' 
tire industry conferent: 
staged by tbe Association 
Scientific, Technical ai 
Managerial Staffs. 

Delegates argued that tl 
obligation of the French eo 
cern to abide by the plannl: 
agreement drawn up vt'itli tl 
trade unions by Chrysler w . 
essentially short term. 

Mr. Clive Jenkins, gener 
secretary of ASTMS. called fS 
the Government to set up . 

“ crash task-force ” to produ 1 - 
a plan for tbe antomoti 1 -". 
industry. ’. 


our clothes away.” he appealed. 

Mr. Ross argued that the — n 

Liberals were the only party to TO THE obvious relief of the ment . not i.o he sidetracked into *irp- 

offer an honest incomes policy, in bulk of the Parliamentary wing Although the resolution sus- porting a referenda on PR. after 

sharp contrast to the Govern- of the .party, the Liberal jested a number nr safeguards having decided already that ns 

ment. which was operating a Assembly yesterday rejected by — including the establishment or introduction must form -the basis and political extremism is ihe 

statutory policy under the pre- «-«, tn non 9 «,oih.tinn ¥* independent 1 -oramisBion on of any new pact made by the norm, then just cany- on a .s WP 

tence that it was non-statutory. lifii-™ , nr h* Th,? Precise question pnt to the Parlianientary Liberal Party. are now.” 

He w m™,!, jupBorted by of S 7, IS. Ho feorod that roferebdamigh. 


employment. lam has led Hie 
Labour Govern ment over the 
current figure of 1 Bin un- 
employed. The people of Britain 

wanted work:- 

" If you want to erealp a 
society where violence, vandalism 


Britain’s tStirotion. 


be used as u sborl-tenn tome for 


He thought that the real cost 
nf unemployment in Rriiam 
could reach £&hn a year. By 
19S5. unless present trends were 

' ■ . -tl counteracted, there could be 4in 

cogent and welW (jr 3m .* ilhout jf)hs . ne 

Proposing the inlroducunn of 


Mr. John Pardoe, the Ltiieral ° ^uoihuumu. credited Government resorting 

spokesman on economic'affalrs. This retreat, from referenda to manipulation and rigging or. . . tii m >Ec 

“Don’t move swav from what politics overturned earber policy referenda issues to obtain a now * t *“ |,,u ** 

has been one nf our most socially decisions, including that taken lease of life. Nut even a 

responsible and ttunomically h F the special assembly in Dr. Peter Kclway. of Hexham, argued speech from Miss Enid 

necessary resolutions over a January this year, which. insisted maintained that referenda ■ were Lake man. the 

number nf years.” she said. ^ al t b p Liberal Party should a dangerous and self-defcatinc advocate uf electoral refonu. was Alr 

Lady Seear stressed that a demand a referendum on pro- device, particularly in the hands able to turn the tide. c -'"f n ^ 1 ' 

return th free collective bargain- P n rt1nnal repreaentatton. nf an unscrupulous Government Shi’ contended lhal l here was ' . . . • t J ie 

ing would bring with it either a The vote also relnforred the S^ng through a difficult period, hi tie likelihood of PR being in- Klxr , a ara!vt,c 

return to roaring inflation or the new Liberal electoral strategy Recalling that Mrs. Margaret trodured. sn long as lhe initiative 

need to introduce rigid control adopted on Thursday, making Thatcher. the Conservative resled with the House of Com- 


long-standlng .selective import coniroLs. Mr 


solutions were needed. 

Describing free irude as the 
Liberals' "<a ered cow.” he said 


INVESTORS ! 



HIGH 


of the' money supply, leading to the introduction of a Bill dis- leader, favoured referenda to -test mons. whose members were . . . .. ... 

still higher unemployment. carding the traditional first-past- public opinion, he demanded: mainly concerned ahout the effect believed in ir should 
Mr. vjv Bingham, prospective -the-poat electoral system in *' Why should the puhlic be asked of such a- change on their own ask themselves whether the 
Liberal candidate for Harel favour of proportional represen- to get Maggie off the hook, if seats. Japanese were rea'Iy opftratmg 

Grove, who argued that a statu- tation a pre-condition for any they are foolish enough to elect Referenda, subiect to proper trade agreements for car?, 
tory incomes policy conflicted new pact with a minority her?” safeguards, ensured chat the It was nonsense to support that 

ll com - — • - - - 


with the Liberal commitment to Labour or Conservative Govern- Ur, Keheay uoged ti y* «geenrib4y people h*d tbe ward. 


tbay were. A ■ oounier atteck 


Here's how it's done ! 

The .following t»bie is a comprehemiva, nan -selective list of the 
results -of recent ''sell’' recommcndanons made on the high fliers' 

' share list, just one of the many valuable -features included in each 
..month's: Private fnvestor's Letter. - 

HIGH FLIERS’ SHARE LISTi PAST PROFITS TAKEN* 

Share . % Capital gain 

f£xY 'Biscuits J ' 95'L 

L,' Lipton & Co 32 n i, 

London A Overseas Freighter* 29 e r ' 

Palter-. Timber .— 79 e „ 

H/.'Bramnier & Co. -. ,ri.25fj 

Grind lays Bank -r237> 

.Vyftiam. Boulton Group — ll** 

pork .Farms '■ -?■ 92" i 

Neepsend j ' — 26'^ 

Tilbe^ - — 1.9? ; . 

T-anAae -:.:— - 4- 29 c ,. 

Hall Enfiineenng Holdings -{- JL\ 

‘"Dealing costs are excluded, as are dividends etc. accruing. 

Based on.' this performance. The Private Investor's Letter H 
.in.djyw.tabfY worth many times its modest annual subscription for 
■itj’sJiare. recommendations alone. In fact it is far more than a 
list'of: share tips; it is a. comprehensive, succinct, reliable guide . 
Far! tiie 's'erip'u* /and would-be serious) private investor. 

For 'details of a FREE-TIUAL offer, write or telephone now. 

Vto fnvate Investor’s Ltriw. Dept. IPV, 

Ijj (sialden Square. 1, Lwdon,.W.I. 


ri 


Jt 


t- 


{ 


mjZJ UiUi.mtibr return, post .details of the FREE TRIAL offer fw. Ths 

• • prtwtO^m^tDr s Letter. 

• 

’ (Centals plsase) 



jrjjy iii*‘ h£i> 







Financial Times Saturday September 16 1978 

THE WEEK IN THE MARKETS 


f ^ 




Where 
will it 
all end? 


■ _ Actuaries 

ALL-SHARE INDEX 


j. ,l,f A FALL in the stock market of 
-/ r ‘ s V, V Thursday's magnitude raises 
gome serious questions about' 
. - "t ^ the durability of the spring and 

■ ^ > summer rally whose trading 
/••: L‘V breadth has brought out the fat 
. . //'.cigars on W 3 ll Street and 
_ 1 i banished, for the moment, talk 

•ir//. of defensive marriages between 
: /->-/* financially ailing brokerage 
- '//-&/■■ houses. The Dow Jones Indus- 
trial Average has not fallen by 
more than 12.56 points since 
. ‘ "■ the first trading day of the year. 

. /.‘“'ry January 3. when it was beating 
a path down to the cyclical low 
‘‘1 'T in February of. 742. This week's 
.■/' / beliyflop occurred, moreover, 

/■•(•.'■just four trading sessions after 

■ .’j '• i ■ the Dow put on more than 14 

‘ points last Friday to sail clearly 
and cleanly past the magical 
900 barrier. 

The puzzle which is pre- 
T * occupying analysts at the 
| i |u 'moment is whether we are see- 
^ ill i n S some defensive profit taking 
^ which does little damage to the 
broad strength exhibited by all 
'A* r stock exchanges in the past five 
.{IX ft# months, or is the investment 


Equities poised to breach 550 and 
some activity in the gilt market 

With the buyers back in force ihe first time the weekly ward to the introduction of five talks were off. both announced Courtaulds’ bid of four of Its 
again in a market still very average of contracts per day new series on Monday. They are mid-term results on Thursday, shares for every' seven Compton 
short of stock, the Financial exceeded 1,000. Previously the Boots, EML RTZ, Imperial The figures make interesting shares is worth around £11.9m 
Times Industrial Ordinary Index 1.000 level had only been Group and British Oxygen. reading, with Northern Engin- and compares with a cash and 
quickly hit a new peak for 1978 breached on three trading days > eering industries reporting a 34 shares bid l worth flOm] 

on Monday. Thereafter equities in four months of operation. Decision time ' per cent pre-tax advance while already on the tabic from 

breezed along anticipating -n, e stock market has Tension mountinE as -ts-es. Babcock and Wilcox profits were Carrington Vyella. 

SS Piously been the main short- dav? ’ meet*™ of mino?f* ™ ]y 6 P er rent u *>- T „ h « e The offer from Courtaulds has 

SK* hSSS*^^ “1' t " d .hireWlder, in Pearson Long- ™ "£* Ow backing of, Compton 


Mooey supply 6 S uro S . And , erm sp i r , helped £“ 3, e fbareholdlr, in Pearson Lon? however, are somewhat mislead- the b.ckins o Compton 

o™ SSS oTTSe fftbe Holiday seoson.^ut more S m an drawsne^r fpofthemeef! '»*■ « f «■» ,™ grease di ^,„?s whoW already seen 

claiL followiJnX cBI renort S T mS that ? e ing will decide whether S. Pear- came from acquisitions whereas off an approach from another 

on TwSta ! at Slim s m SS tl 7 ded ° p ?° ns raarkct is son. the parent company con- excephonal payments at Bab- lextila group Vantona. 

on niesaay ot claims m tne a ^ v gaming acceptance. The s-*]]:.,., mo npr rpnt „r p p - r - nn cods including a previous over- _ , .... , . 

region of 20-25 per cent, stock Exchange made a nrnfir wOlUng M .6 per cent of Pearson _ EOvi#1#n on redundancy nay- But for the Vantona approach 


sta\ 



P • ■* ' -k. , .1 

I'ienuUSliV 

■ sgisssisaBl 

iinsTi 

Fiiuisidutnuiuiiiiuuiiiamiiieiiiiii 

I ■MMjjjljjlPJ Ujmm naiimiiiimimn 

if iyo7i t y[??yiac i 'i yi <»»»i 

iiiuiiiuti iitiitftnnMnmrnXfHWre^kii iniii ill 

iiniiuimuiiufmiimiiiuuiiiiiiiiiHiiimiiiiii 


MARKET HIGHLIGHTS OF THE WEEK 


region of 20-25 per cent. St o C ,. Ex chan 3 e made a nrofit i S j---. provision on redundancy pav- But for the vantona approacn 

equities had chalked up a gain orl f or the first nme P this Lon S man * WJ B succeed in its ^ boosted the mmiiarabie —made after the group acquired 
of 18i points by Thursday. Z&tl* has been doSg eren S ° Ut peT± “vXSfiSESl a 9 per cent stake in Compton 

E\ on gilts stirred their better this month. t c Pearson ^ roin ca mps. meanwhile, it seems unlikely thatLourt- 

extended slumber with both tap _ . .. . . 1,351 Jui y Pearson fh . th 011 Kiji aulds would have considered a 

stocks operative on Thursday— But the ieve of institutional announced terms offering one ^fler makfno /imrests bid ■* th * 5 stage, although it 

the first time since the middle a chvipr is still disappointing of its shares plus 30p in cash — . ,7. , t r says that Compton has long 


the first time since tnc middle , .. " u< »» b«ai» piua ou P m — . c _.,r. . t F says that Compton nas long 

nf August. But by the end of and the taxdis incentives to per- or the equivalent in loan stock onemSoM been thought of as a potential 

Hie MinifiA. sonal investors remain consider- L ot ?‘ operations. In particular. "aut.t* 


the week equities were suffer- s 0 " 3 * investors remain consider- 
ing from a bout of profit-taking ab ^ e - niain buyers of 

while there was no foUow- option® tended to be seri- 

through in gilts. ous private investors who have 

got round the tax problem 
yv - either by being overseas resi- 

vJptlOn Jeve V.. dents or by having dealing com- 

The Stock Exchange’s Traded Paniei. The biggest writers are 


LONDON 


ONLOOKER 


Babcock’s diversification policy 
is really bearina fruit with the 


takeover candidate. 

AH the majors involved in the 


highly successful ACCO subsi- recent bid moves appear to have 
diary this time turning in an been particularly excited by 


outstanding performance. 

Although boiler making only 
broke even this time, heavy 


Compton’s export potential, 
which would benefit from the 
extra financial muscle a larger 
group could proride. In the 


Change on 
Week 


Ind. Ord. Ind ex 

Gold Mines Index 

; ' 1f Bell (M 

.... . , . . optimism which has created this [ r~ ~: r — 

• - strength now on the wane. The — - - — — ^ 

jury is still out and the runes Caypets inti. 

'r are difficult to read. On the one Compton Sons & Webb 
•: • I.*'.; hand technical interpretations Croda Inti. 

' of the market point to a surpris- De Beers Defd. 

'• ' ■ /. inglv good muscle tone. £j— r 

■ Analysts of this school lean 

’■ - ..heavily on market cycles. Mr. Hom * Charrn 

- --cL Robert Ritter, of Rothschild Leslie 

Unterberg Towbin, has focused M. L. Hldgs. 
on price earnings ratios for the 14 ^^ 

’ : ^industrial averages and draws rr~n~~ 

attention to the fact that the - 

multiple reached a . 15-year low p - & °- Pefd - 

. v at the end of 1974, a recovery 5GB ^ 

! . - ' high of around 13 times earn- Stewart Phutics 

V'ings in March, 1978, and a test Tnwt ^ 

' low at as tln.es earnines l^ 

;; rn March. He sees a nse from ; — — — 

; "f the current level of around 10 W!H “ Fafaer 

-times earnings to around 1L5 

■ a year and a possible approach 
to the last recovery high of 

■ " ~ 13 times earnings some time 

next year. Mr. Ritter is cheered 
by the relative absence of 
:*. : voIativity in the market and 
.J’ ..the emergence of a number of 
'..”:;stock groups, such as air trans- 
.. . 'port, cosmetics, drugs and semi- 
, . -“conductors, after long periods 

/in the bargain basement. 

1/.’ ; However, this optimistic view 

... -needs to be balanced by a re- 

• minder of some factors which 
. have produced the markers 

-• apparent strength. In July, it 
-• will be recalled, the market be- 
came infected by a view that 
; short term interest rates were 
: // at or near their peak. Subse- 
_ 7 '.,:quent increases in interest rates 
•" • /.'showed this to be ill founded 
but they have not taken much 
/..heart out of the market, partly 

• /'because -they were seen as a 

• , t Jiecessary prop for the sickly 
/’ : /dollar and partly as a means of 

curbing inflation. H ^ 

But this does not mean, to say H Sa 1 

. that the market will continue j 

/to take a benign view .of rising . 

- - ’interest rates although, its in- 

clination may still lean in that 

• direction. 

/ The Federal Reserve Board’s .. 

: tightening of the -credit screw . Jost how well have 

"^sssssSrt 

.. -in its target for the .Federal matched tbo F.T. Actimj 


to morale. 

Dealers are now lookin. 


U.K. INDICES 


Average 
week to' 

FINANCIAL 
Govt. Secs. 


year — ex pec is to export 
uniforms worth £5m. 

Courtaulds view of the situa- 


up with a higher bid. 


week, breaking volume records share * ™ s vra,ues Pearson '* P ] ,a f* 'f 1 achieved sales of £l8.5m last 

three days in succession. For ^“ de ? piTe ,ast weeks boost Longman’s shares at 267p each „,^ P . Pa ; year — expects to export 

to morale. . compared with 194p in the uniforms worth £5m. 

Dealers are now looking for- mar fe P , nrio , tn aonroach stanons - ,n “ e lp $0s. ^ . .. , 

hm ^ h marxet prior to me approacn. „ Courtaulds view of the situa- 

However it became apparent tion appears to have been that 

" a couple of weeks ago that "J 1 h rf-55S! whiJe il was ha PP>' for 

II K institutional opposition was 31 7 * e ^ , Lnapman C ompton to remain independent 

U-K- INDICES mounting to the deal-nnt in ** «? no t prepared to sec the 

- principle but on price. When J*. " S?I company absorbed by a major 

Economic news inspires demand Average Sept. Sept. Sept, shareholders meet on Tuesday InStton rivaL lX now has t0 be seen 

— week to IS 8 1 s. Pearson will not use its vote , “S 1 n r ° whether Carrington will come 

Rone rbulhon pnee _ so it will only take 3^m votes- J he linut / d wo f k 00 Gateshead up WJth a hlgJ , er b]d . 

Direct ors' cautious statement FINANCIAL 25 per cenl the minority* — to 15 going to need new work from 

Interim statement disappoints Govt Secs. 70 70 43 70.30 block Pearson's move. other sources. At any rate-pros- 

~Fore<astof improved 7esults h^T 7 197~7i 97 ~tS Four institutions have taken look reasonable for NEIs T OP PERFORMING SECTORS IN 

Coum-cr-hi^Trwr/ Courtaulds ^ J«to^71.9 7 _71.97__72JT Thc Iead j n opposing S. Pearson, turbine side and the shares arc FOliR WEEKS pqoM AUG. 17. 

-Co unter-b.d f'^ Courgmlds Indus t. Ord. 5 30^ 505J1 500 Thcv account for 14m votes and supported by a probable 25 per «y c . _ 

Excell ent int. figs./scrip iss ue Gold Mines 1 82J 7823 179.7 claim that at least' another lm cent increase in the dividend. . To I 

Pr ess comme nt/heav y U3. bu ying Dea |ings mkd. 6,053 4,768 4,768 votes are backing them. Brokers feel pre-tax profits * lo? 

Reksten loan guarantee extended " “ The fund managers claim that for the year could reach £39ra- c . 3 . _l« i 

Increased interim profitt FT ACTUARIES the terms undervalue Pearson £4!m r£32.3ml at Babcock and IvJ 

Longman and that S. Pearson's around £33m (£25.2m> at NEL Wines and Spirits 

_ hKg ased final dh rjdend Capita l Gds. 2S3 X7 242J6 241 J5 timing is opportune. S. Pearson Packaging and Paper +7A 

Hopes of UA d efen ce contract Consumer ’ says it will not better the offer FOCUS Ott Compton News papers, Publishing + 6.1 

Rumours of diamond find (Durable) 224.69 217.43 216.38 while it stresses the logic TT , _ All-Share Index +3.7 

Higher interim earning Cons. (Non- behind the bid an dat the same ™ c- , n ^ an , U i? Ct ^!L . 

RgcowT, h,p» teRPjAM the accusations / n|1 P / m! , S “ S eCT t” d J*™ “ THE WORST PERFORMERS 

In vestment recomm endati on l ntJ L Gr ?!?B — PP the textile world as Courtaulds Discount Houses +0.9 

Second-half profits setback ^DIMtare 262^0_252^2_25M2 ^ f r » '•» this week became the latest Insurance (Composite) +0.2 

Increased Wtd~ tariffs Financia l Gp. 176^2 171 J2 172J2 ^ ‘ iac UUti textile major to enter tlie battle Investment Trusts -0.6 

Ali-Shai-e 240.15 231.76 2373)3 The two British boiler making for control of a company which insurance Broken -0.7 

, Red Debs ' 57 74 57 J3 CT 80 com P anie s which earlier this expects to make pre-tax profits Insurance (Ufe) -IS 

Disappointing half-yearly profits ■ ’ summer announced that merger of only £2m in the current year. Hire Purchase —2.0 


FT ACTUARIES 


Consumer 

(Durable) 

Cons. (Non- 
Durab le) 

Ind. Gr oup 
500-Share 


AH-Share_ 
Red. Debs. 


Wines and Spirits 
Packaging and Paper 
Newspapers, Publishing 

All-Share Index 


% Change 
+9.6 
+93 
+8.1 
+73 
+7 JO 
+6.1 

+3.7 


THE WORST PERFORMERS 

count Houses +0.9 

irance (Composite) +0.2 

fstment Trusts — OA 

irance Brokers —0.7 

irance (Life) —13 

: Purchase —2.0 




-■Funds Rate (the charge on in- 


Jnst how well have your savings and investments done p” 
in the past ten years? , ■ ■ 

Have you stayed ahead of inflation, have you even •( 

matched tbo F.T. Actuaries All-Share Index? ■ 

If youhaven't then perhaps you should take a close ■ 


terbank loans) was taken pretty [ look at Midland Drayton Commodity & General Unit Tmst. [ 

* A deeade of success | 

This trust was launched exactly ten years ago, in « 

S^Jtember 1968, to provide a way tor the ordinary investor | 
to buy into commodity shares with the prospect for | 

capital growth. . • ' , ,, s 

- Unitholders who invested then, aim have held on to | 

their units, have more than trebled their money. At a 

14th Septendjer 1978 the offer price of unite had risen by 3 

227%, compared with a rise of only 43% in the I 

F.T. Actuaries All-Share Index 3 rul an Increase of 202% in J 
neatly in themarkef s stride this the Retail Price Index over the sume period. | 

week until at least three fac- The trust also aims to produce an average level of , 

tors conspired on Thursday to income and since the launch ther e has been a significant | 
trie^er a wave of sellin®. increase in income distributions. I 

8 wave oi wimi e The fimd is invested in over 60 companies which S 

, One was the conspicuous and produce, process or trade in e^-ential commodities, and 



/;> 

—Close 

.Change 


Monday 

907.74 

unchanged 


Tuesday 

906.44 

— 7 JO 


... .Wednesday 

899.60 

- 6^4 


Thursday 

887dl4 

-1256 


week until at least three fac- 
tors conspired on Thursday to 
Strigger a wave of selling. 

| One was the conspicuous and 
penewed weakness of the dollar. 

[the other was anxiety about the Portfolio Management, 
{possible outcome of the Camp At the offer price o 
David summit and the third was estimated gross yield w: 
economists’ predictions that Growth brosoeci 


-jTHj « 1 +:■ A «j ■*; fucU-tTsi i l i? -4*1 


JTULUUUU lUOJMgClUCUUR . 

At the offer pnee of 81 .Sp on 1 4th September, the 
estimated gross yield was £4.67% P- 8 / 


Application Form 

To: Midland Bank Group UnitTnwt 
Mnoogensi Limited, Courtwood House, - 
SUver Street Head, Sheffield, Si 3RD. 
Tel. 0742-79842 

Xrg. Olfirr 27)32 Poultry, London EC2P 2BX. 
Heft. No. 933357. ELisland. 

IAVe enclose a (minirmm 

SS? 

for investment in Distribution Units □ 
Accumulation Units □ i tick which i 
of Midland Drayton Comaiodit>' & General 
Unit Trust at the price ruling on the day you 
receive this order. 

(For your guidance, the offer pricts on 
Thursday. Nth Scpirmher, !97Stcere: 
Distribution Units Sl.b'p, Accumulation 
Units 94. 3p.) 

Surname (Mr., Mrs.. Miss) 


Foruanntos in full 



Growth prospects 

With the crowing demand for raw materials from 







rnrTTT 









i3mT1 



THf! 







tw 






offer considerable scope for long-term capital gains, and 
the good performance demonstrated above supports this. 

We believe that orospects for growth still exist, but the 
risks are higher than.' with some other investments ami 
these units must be regarded ns a. long-term investment. 

The price of units and thc incoma from them cam go 

down as well as up, ’ 

. To buy units simply fiu in the coupon arul return it 

to us. or band it in flt any branch of Midland Bank, 
Clvdesdale Bank or Northern Bank. 




bicnaturc 


ilnUxaiut offainlavpUeanlt.aamutsifTti 

Please send me defoils of your Share 
Excbaniro Scheme □Savings Plan □ 
(tick if this applies) 


Commodity GBenera! i 


The new Schlesinger Monthly 
Income Portfolio is specially designed 
for investors who require a high and 
reliable income on a regular monthly 
basis, with these unique and convenient 
advantages':- 

* Regular income - your income will 
be paid on the ist of every month. 

* Convenient payments - income is 
paid direct into your bank account. 

■Jr A high return - the portfolio is based 
on three successful and high yielding 
Schlesinger trusts. 

High income 

The Monthly Income Portfolio is j p 

invested equally in three established, high M©| 

yielding Schlesinger trusts : the Preference miMnfhli 

and Gilt Trust with 87% invested in mOll^ni 

preference shares and 13°,, in Gilts, hp(r)Ql 

currently yielding the Extra Income ■ ICIfJO ] 

T rust, wholly invested in equities, yielding VO LIT AY( 

S-9 5“,, ; an d the Income Trust with a balanced + U 
portfolio of preference shares, high yielding ( 
equities, and investment trust income shares, v 
yields 9.2%. Equal investment in each through thc 
Monthly Income Portfolio ort'ers 10" per 
annum. Based on these yields, £2,000 is expected 
to produce gross annual income of £ 200 or net 
monthly payments ranging between £13 and £9, 
after basic rate tax. An investment of £5,000 will 
provide gross annual income of £500 or net 
monthly payments of between £33 and £24. 

A well diversified portfolio 

Through these three trusts you will be 
investing in over 300 securities, providing not only 
a substantial spread of risk but also a useful spread 
of investment— currently: Gilts.}",,, high yielding 
Equities 46°.^, Preference shares 34" „, income 


To: Schlesinger Trust Managers Ltd.. J40 South Street, 

{ Dorking, Surrey. 

TrVrirrti/ and Evening Ansaphone Tel. Dorking (ojo6) 86441 

I I wish to invest V~r 

| (minimum £2,000) & ■ 

I in the Schlesinger Monthly Income Portfolio at the prices ruling, 

J spread equally between the three trusts* on receipt of my cheque. 

I ’Preference and Gilt Trust, Extra Income Trust, Income Trust. 

| 1 would like further information, including details of j - I 

| Share Exchange. L_J 

I A cheque is enclosed jn remittance, made payable to Midland Bank Ltd. 


Regular 

monthly income 
helps you plan 
your expenditure. 


shares of Dual Capital Investment Trusts 15",’, cash 
You should regard your investment as long-term. 

The potential for growth of 
capital and income 

Current high yields may not last indefinitely; if they 
fall, existing investors in die Monthly Income Portfolio 
should obtain worthwhile capital growth whilst preserving 
this high level of income. The equity holdings should 
provide increasing income in thc future. 

Remember that the price of your units and the income 
from them may go dou n as well as up. 

Benefits for the larger investor 

Minimum investment is £2,000, but investors of 
£5,000 and over w ill receive; — 

~ At least £24 monthly income net of 

. A basic rate tax, based on the current 

Il 3 r j estimated gross yields of the three trusts. 


8 


£ The Schlesinger PIMS service. The 

unique Schlesinger Personal Investment 
| ^ ianagement Service includes monthly 

investment reports and trust valuations, 
re. invitations to meet the investment 
managers and invcstment/tinancial 
y planning advice if required. 

Schlesingers manage over £100 million of 
private, institutional, and pension funds. 

General Information 

To In vest, uw il« ci.«jpan provided and units will be allocated at • 
1 he prices rulinp on receipt of j our i hciiuc. Cunrrjii notes will be sent 
b> centra and wnlinna iiAUt-d uilhin i> ua;li ,. The ' iddi abu\c 

arc hased ,,n tin- current ■■rfi-r pn v e< of ;i. ip for! I k tairj Inconic 
'Ikw, ia.f.p iitr thc IVcfcrciivc Jc riiH’l nu.t and 44.jp lor the Incoraa 
TniBt. vour first income payment will be Iki wren 5 and 0 weeks 
after your imoimcnr. At the moirieni Ilicoc in\ ml inq by Wednesday, 
September 10 « ill receive their fin* payment un November 1, 
otherwiM on December 1. Thc I'nii Prices jnd yield, are published 
daily in leadmi; iiv" -I'jpcr.. To Sell unit-, aiinply tit urn your 
lertilic-.ite* appropriately ■■nilwtyvl on the back — payment i> normally 
nude within 7 Jj '5 i-l’ our Te-’v-ivino the renounced certificate. 
Charges: An initial cliarue of s' J n « included in ilia rcapectivi: offer . 
prices or the three 1 nm A charce .ir an annu.il rate of ; ( + VAT) of 

tlie value uf the fund* diduered from uTosa income luwardn 
administrative expenses. Commission i-l 1 ! ”, will Liu paid lorecognuod 
acenu. Trustevs: .Midland Hank -Trust Ci ..Kid. Auditors: Peat. 
Marwick. Mitchell & V". Managers: richlct-inner Truat .Managers 
Ml Hanover Square. London W.i. Keci-icred in I-lnpland. Nn. ci 3 ! 855 . 
Members of the Unit Trust Association. ' 11 ns offer L Wt 
availabie » resident b .if the Kepublic of Ireland. 


I detlure that I am m* resident nut side tla.-Svheiluled Territories and that 
I atn omaiquiriru! the un:i- .ls j numinee ul'.mj" perwm re-ident outside the 
:m tones, f If you .ireunal-le tn mjlic this devLiratiun, it should be deleted and 
this application form should tlicr. be lodcetl tiiruu^h your I.'.K. bank, stockbroker 
or soltotcj). Minors cannot be rctTalend, but accuunu dcsijmjtcd with their ininain. 
will be accepted. 


Surname - , 
(Silt SIHU’MlaS) 

First names 


Sicnaturr 

tin the case of a joint 


(block letters FLEAS*) 
— - (la full) 


all niuat aten.) 





















FINANCE AND THE FAMILY 


*xhin 


Stamp duty 


BY OUR LEGAL STAFF 

Referring to your item 
headed Stamp duty and 
. leasehold flat (July 22). 

I bought In 1974 a 99-ycar 
lease on a flat for £17,750. 
the ground rent for the 
first 10 years being £ 100 , 
for the nest 10, £200. and 
for the rest of the lease 
£300. This was franked by 
the Inland Revenue in 1976 
and I paid £55.75 in 
stamp duty. A little later, I 
heard from my solicitors 
that owing to the fact that the 
average rent exceeded 
£150 a year the stamp duty 
should have been £355, 
and apologising for their 
error. Is this correct? As 
It was their mistake, are they 
not liable to make up the 
difference? If I decide to 
dispose of the property, 
can I alter the price to 
avoid the 2 per cent stamp 
duty, assuming it Is payable? 


No legal responsibility con 1 
accepted by the • Financial Times 

for the 'answers given in these 
columns. All inquiries will be' 
answered by post as soon os 
possible. 


rent under the lease was nego- qualify for the premium. How* being entitled under the Lease- Tfifpupaf /im are flickering 

liable with the landlord and you ever, since your investments hold Reform Act 1967 you would in speculative 

were advised -by your solicitor seem from your letter to have be obliged to hold the freehold - whose' erratic 

to agree a higher ground rent been made before that date, it as trustee in the same way as ICSOCV tinued over 

than you need have done. As would be worth your while to you hold or held the leasehold. ° ^ _ dominating tf 

it is unlikely that you would ask your bank to apply to the It is arguable that the co-lessee Referring to your item Interest m j n j n g sector. 


™ -n 

rtSTSSite?' in CT “e basis that the lmtfor Iheir approvaMo^tbemraiogo 

are Sicterm^ otiTSie “n afford to lose all. if. Ms ^“““L^f^'rjoj-osi 

in speculative diamond stocks, timing is wrong. K 

whose erratic advance, has am- This is « ot to t&fcVWa; 

tinued over the past week, tomorrow the stocks will towards the development of „■ 
dominating the whole of r the necessarily be worth nothing, major nuclei; fnel, industry. : 


not have sought the best terms Bank of England for a ruling, has no interest in either lease* on legacy (August 15), your 


■Indeed some stocks may haye^a ^ ^ Sasitetchewan, , Ess 


possible from your landlord in 
any event we doubt if such a 

claim would lie. On resale the %^O wm OWflCwS OJ 
stamp duty must still be pay- 
able at 2 per cent on the ' ItOUSC 
premium: that will of course 

be payable by the purchaser. In 1959 a man and 1 signet 


• purchase of a newly bu 

UUUIITVUIS Out of the total initial 

— £3,030, £2,675 was prov 

for premiums &££!££?££ 

I have had several periods expense of maiutenau 

when I lived abroad, but meantime and nothing 

since 1973 have been living 1969 1 bought the freel 

In the UK. Between 1967 and under the trims of the 


In 1959 a man and I signed to his contributi 
a 999 year lease for the tion of the pure 

purchase of a newly built house, f or the freehold. 
Out of the total initial cost of 
£3,030. £2,675 was provided by Tnilnv m 
me. Four years later, he left, x * n 

having paid very little of the ///?✓»// merit a 

expense of maintenance UXSi-umciHy 

meantime and nothing since. In My wife and it 
1969 1 bought the freehold transfer £2,000 * 


— ^ — " .MJUOWU — i Kofni-fl ' 7 , KJSCS 

The Australian market has Considerable way to ij; Minerals h^s/beea; sufficient* 
hold or freehold; bat if he d/d jo suggestion that sueh interest generally been firm for some the market goes over me. top. encouraged; - by the.- uranfuc 

fact contribute some £350 to the should be at the rate of 4 months, helped by reduced in- . But the way V* . values air "tbe T Midwest Lafc 

purchase of the leasehold then cent bas railsed surprise at fiation in Australia itself; the. behaves depends m uirge depoait t0 announce develoj 
he would have an equivalent ^ ^ which x WTit€ , atmosphere of political stability extent on the vwwr uu . ny me ment pf a $200m mine jiefbr 
interest (one-ninth approx/* . ,, the country conveys and -the professional snare aeaiere, jag^ The co- venturers Inwha 

mately) In the freehold, subject level of liquidity of Australian whose activities arc > *««ht by t0 ^ a potentiaHy^ 

to his contributing that propor- reference books. Could you gi financial institutions. brokers to be the domuiant - ect are Numac Ott and'Ga 

tion of the purchase price paid us further details on the Qf a g0od dea j *ftbe force ,n 2 t and Bow Valley fadn^tries. 

for the freehold. authority on which yon rely for ^vestment has gone iuto-stocks They will doubtless wsh to .. 

rp.j J the figure of 4 rather than -uraniums, coals, base metal take their profits when the boom. •_"?“> a tSJS? SS 

Tailor made 5 percent? miners— offering the hope of is taken over -by differ , h 


“ recent giSSTS 


1971. one of the periods 
when abroad, I acquired 
some S15.000 of UJ3. 
securities. Can I expect at 


As the amount of stamp duty f later sta f e to claim the 
which was in fact payable was investment premium on 
the higher amount (£355) these. 


Leashold Reform Act in my 
own name. The man now 
contends be Is a co-owner under 
the terms of the lease and that 
he is also co-owner of the 
freehold. Has he any right to 
the freeholder any interest 


J_ . Reference books such as returns as me -.new pudih- 

OOCUmentS -Williams and Mortimer on «“*«f is sector recovers from toat th 

Bly wife and i' each wish to . Executors Administrators and re, ' esSAO ■ discovei 

transfer £2,000 of our house to probate give 4 per cent as the - • outside 

onr son each year, so as to interest payable. However the __ T f thf 

avoid capital transfer tax^ current edition was published MINING " SO mucl 

Can you please refer me to a before the amendment to Order “ 

precedent and let me have the 44 Rule 19 of the Rules of the PAUL CHEESERKSHT I™ " ! 

address of the adjudicator of Supreme Court. Nevertheless T . ‘ ■■7 

stamps? the Rule itself is expressed to 

As each transaction is best con- apply only " where the Court „ . . _ . v ■■■ “ * , ^ 1 

ducted by documents which are directs an account. Thus, while entnusiasm nas been fw . dia; 1969-il- 
" tailor-made ” we cannot it is unlikely that the Court tnohds ana .this- was ■•■ never , _ 


miners— offering the hope of Jlkeiy s«nario ^ is by Stonda«i -On ■ (GU^riiff 

returns as the - -.new publ withdraw as soon has raised SlOOm from a 

materials sector recovers from tnat they wiu wiuinraw as soon Rani? nf rsmnu- * 

recession But the- real as the public is stimulated by a ““y* 1 

re.ess.oa. i>ut , ^ riicrnverv by any company re-open and expand the Kltsau 

■ • onrside the Ashton venture. - molybdenum mine in Bri& 

MINING ", y S0 “K be" c Se^ 

PAUL CHEESERKSHT f^ionalszthe mark* kUj 

- • . y very well on a diet of rumputo] aa ^f maintain dividend payment 

and expectations— just as it. did.. dBr ing:ihe current year to Jun, 
in the Poseidon boom days of in ,1977-78 total payments we: „ 
enthusiasm has been : fee: - dia- 1969-71. - • SO cents. <47.8p). 


which >nu ultimately paid it Since April 1976. the author i- therein? "tailor-made” we cannot it is unlikely that the Court “J in I ydney 

would not have been appro- ties have withdrawn the There is a rule that requires suggest a precedent. A deed would disapprove an executors m ®ron»y yrater 

priate for you to refuse to pay facilities for foreign currency a trustee who obtains a benefit may be presented for adjudica- payment of 5 per cent, there ^ sessionl^lm 

the balance when asked for it securities owned by immi- by virtue of his position as tion at teh office of The Comp* seems to be no direct authority “ e . We ^ ern 
in 1976; nor can you ask the grants. residents returning trustee to account for it. If trailer of Stamps at Bush for payment at that rate vAere s&ares ^ 

■ solicitor to reimburse you from employment abroad and therefore you acquired the -free- House. London ttC.. or at no proceedings have oeen 250 000 shares in Lfesnard 


TIN OUTPUTS COMPARED 


unless the amount of the ground residents with exemption to hold by using your position as certain main pest offices 


commenced. Qy bands. The reason _* 

? 1 was a rumour, partly confinheid, . ' " 

. - . , ... „ that one large gam had feen Am® 1 - ot Nigeria (On) — 

for ■ financial contribution so found at AeiT prospe rt on t b e Amai. of Nigeria (celnmbrte) ... 

that we make a profit out of Lennard sj Te r in Westwn Aokara v— 

our good neignbourbness. The \ustraiia. Ayer Hitam 

provisos in the undertaking are ' Tb e boom in diamond nWfee Berfunta/ — .. 


SINCE THE BEGINNING of TB T • f W Tf 

the month a new Act of Par- /V 0 #f tlfllMV PfElf 
liament applies to the use that 1 ¥ Vl/k mJxJwrn V V %-s 

many motorists make oE their 

cars. I refer to the Transport da y s are usually set out in the exclusions and liffl 
Act, 1978. which received Royal m otor insurance certificates that to permit car sha 
Assent just before Parliament H - e a jj have ro have, rather than ment, but not for 
rase fnr the summer recess, and ^ hasic policies to which those i*hj S undertakic 
in particular to section which TOrtiiirat « relate. pubUdty in the r 

opens the legal/ insurance doors _ .... * .1. , -i i 

to a greater degree of car Car sharing has become more at the start of th 

sharing. and more a feature or our daily to ensure that poll 

Long established road traffic !lv «- . and . arguably govern- full y aware o£ the 

law— first embodied, I think, in mental and insurance recogru- 

stabile in 1930 — provided that a non of this fact had become 

vehicle ibe it car, van, minibus overdue. So many motorists, for INSURANCE 
or whatever) cannot be used for fhe best of reasons, were break- ww 

the carriage of passengers for la ^*> theory at JOHN PHHJP 

hire or reward unless the user least the risk of pro- 

holds a public service vehicle f^cunon and punishment for 
licence. Paralleling this law licensing and insurance offences, 
insurers have always provided t h* t il was tune that the law j nsurance rights. 


Au&, July, 
1978 1978 . 

tonnes tonnes 


Total 
to date 
(months) 
..tonnes 


for ■ financial - contribution 


** a " •rnr.ii.io *w : ^ . However anvone burin® a cutioa for US “S rar wilhoul venture, which has found dia- « ™ g 

Sti h h P 116 . undertaking was given new motor bSance uniicvthk insurance but haring insurers moods but not neceaaafllyin 

ccrtihcates relate. publicity in the national Press d ^ ^ ‘ refuse him protection in time commercial quantities, aB J iSLoAtoi-”"*" ’! 

Car sharing has berame more at the start of th^month^ but ^ ^ ® S «r shar- of trouble. patties which have claims hearty ( > .™ ' J 

and more a feature or our daily P t hei? new^gS/ in - P^haps stuck on by The new Act, and, therefore, and further rtiU to c om panies *SZZZ"Z?ZZ L™ ' ^8 

lives, and arguably govern- y endorsement, or actually incor- insurers’ undertaking, apply w-.o are just searching , for KamnHKpg & 

mental and insurance recogru- “ porated in policy wording: here only to England and Wales and diamonds anywhere. Kent (FDIS) 9 

Most of the exploration yen- KiUJnghalJ .............. J.... 


m so much depends on the size of Scotland: they do not apply in Most of the exploration yen- KiUJn^halJ ......... .... ; 

^ existing stocks of policies with Northern Ireland, the Isle of tores will come to nothing. .The K* 1118 Kellns 

the “ old " wordings and on the Man or the various Channel chances of success in r any l ^ a ™? ar ; - 

rapidity with which particular islands. minerals exploration venture El n 

insurers can get printing done to- wh t « nrprn7npnt 3nd in . are tradJ tionaBy low arid are tSuic 

cope wnth changes of this kind. W& t 2° Terainent “ lower still for diamondsL 1 :3!fae Pengkllen 

As private motorists we can surers are anxious to avoid is po j nt ^ that the chance 1 of long- Petaiing 

motor now ffioney from our giving the green light to a term returns on a stnaH 'dia- ? a,1 2I a11 


f 

153 

572 

(4) 

783 

\ 

' 26 . 

lift 

(4) 

63 

97 

lift ; 

207 

(2) 

283 

17ft- 

-157 v 

-327- 

(2)-. 

233 

422 

419 

2,552 

(4) 

2.65S 

- s 


>199} 

(6) 

: 203 

. 

1 

194 

(6) 

•- 185 

n 

107} 

856} 

(7) 

-781 

22 

34 

211 

(3) 

20f 

54 

85 

440 

(5) 

42T 

1 

21 

. 173 

(7) 

IM 

• -1- 

N3- 

' ■ 2 

(7) 

4 

. 157* 


L5SU 

(11) 

167: 

18 

»i 

140} 

(8) 

21: 

29 

32 

167 

(5) 

205 

1 

< 

102} 

(11) 

43* 

, 6 J 

22} 

495 

m> 

SSL- 

' % 

. 1 

500} 

02) 

6Si 

3ft 

17 

105 

(5) 

it: - 

27 

• 24 

104 

(4) 

30! 

308 

272 

580 

(2) 

471 


1 

1,463 

<U) 

IfiX 


big — use for the carriage nf pas- n eighbourly car sharing on a documentation, as renewals example, the need tn replace ably it seems that some will major' mining house - >-.with Southern Malayan ’ — 


sengers for hire or reward, use re sular basis: 


come round during the course tyres and battery .and the need slip through the meshes in the! diverse sources of revenue. 


for hire or reward, use for In the summer British motor of 1979: but because of the . time to have insurance? bul we must net that the new Act has Thus a personal commitment 

hiring: often these exclusions insurers told the government it' takes for individual insurers not make a business of using created, at least in the early to the Australian diamond. boom 

are described by insurers as that they would give an under* to organise charges of this kind, our cars to carry passengers, stages, while we all set used can only be made on the hope 

“limitations of use," and nowa- taking to interpret their hiring no one with a motor policy re- nor must we pitch our requests to the new law.. that the share values of the 


Tanjnng 


10 


97* 

(U) 

is 

121 

136 

L212 

(10) 

1J3& 

69 

* 99 

165 

(2) 

it 

24 

35 . 

123 

(5) 

9 

89 

160 : 

849 

(5) 

89 

333 

105 

499 

(5) 

43- 

125 

148 

SSI 

(a) 

72 

192 

ITS. 

"370 

(2) 

34 

203 

193 . 

852 

(5) 

75- 

16} 

25} 

139} 

(7) 

16 

40 

47, 

87 

(2) 

8 

187 

214 

1,621 

(8> 

145 


* Figures Include low-grade material. {Not yet available, 
puts are shown in metric tonnes of tfn concentrates. ' 




-• .V;;-4 : ; ; : ' 


• - 


if **“'{• y'.c' : S- > ■.■if ■ ' '• ..—j;,— -"■*» ■, ^ *• ' £ 

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V.\- : •> '• •$ X 

:;<&X 

•o r j j • > , v , ••••• '*• '1 J • ; ' "-7 •' ?-• \ 

^ * $ £?*:■ ; ; fiC' ^ v\ J 






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iih 




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& P O V >5 < * ‘ f * ' f* •/ . \ .LS m .e ; ♦ t *.**<✓ ...... r < . ' \ a \ •* * N * • * ' ' < 

£ ,ti- f : + ; 'X v. r * '* / i '-'.rX ' ' '• 

I 





tv. ' r X *' :XXv. ;■ ly* X’XX: A 

^ - "v" X 

— : x:v> ; ^ % -:v 



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i j r r t ? 
L ' ? 




WNag 





T1 

it] 

ft] 


1! 

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Jg 


liofl 


StSuTeTiiBItt 


1. INFLATION. 

2. TAXATION. 

To fight inflation, savers and investors want the best 
investment management. 

To fight taxation they want tax-free investment gains 
and preferably, tax relief on their investment to boost it 
from the outset 

To secure these ideals to the maximum possible and 
to combine them in the most effective ways.you need 
considerable experience and ability- and the full approval 
of the Inland Revenue. 

for private individuals alone, this is not possible. 

It is, however; what Providence Capitol already pro- 
vides to thousands of people, with that added degree of “ 
security-end responsibility that an established life office - 
accords. ^ . . . t . 

In practice, the results can be dramatic Here are 


FORTHOSE WITH CAPITAL. 

Many people invest capital in order to generate 
regular income. Providence Capitol can produce such 
income with no immediate tax liability, and build the value 
of your capital. 

Other investors want maximum ca pita I growth. 

So, Providence Capitol gives you investment management 
acknowledged to be of the highest quality and taxadvan- 
tages normally out of the reach of individuals. AndLyou 
can cash-in all or part erf your investment with no penalty 

FORTHOSE WTIHOOT CAPITAl- 

lf you have no capital, we can create ittax-effidendy 
from regular saving. In the process you can gain tax relief 
on contributions which can mean that we actually invest 
more on your behalf than you effectively contribute; 

FOR THE SELF-EMPLOYED. 

If you are self-employed, we have the means to’ cut 
yoiir personal tax bill very substantially and guarantee 
a large tax-free cash sum and a high income, taxed orily 
as earned not unearned irioome* for whenyou retire. 


FOR DIRECTORS AND KEY 
EXECUTIVES. 

If you are a company director, we can do the same; 
but your company can pay all the cost on your behalf. 
This plan can also be used at your choice as a major 
incentive and tax-effective form of remuneration for your 
key employees. . 

THE STRENGTH 
OF PROVIDENCE CAPITOL. 

Providence Capitol is an established life office with 
total assets of well over £70,000,000. It is part of the inter- 
national Gulf + Vyfestem Group, whose gross assets 
exceed £2,000,000.000. And its stated purpose is to 
provide the most tax’-effective answers possible to the 
savings and investment needs of private individuals today 

Vde can.only show what we could do for you when 
yougetin touch. ' 

The point is, ft. could be worth your while to find out 

more. Simply complete and send the coupoa No stamp 
is needed Wfe pay postage. 


'Pi -Td Peter Oliver, Managing Director, - -- • 
f Providence Capftoi Life Assurance Gompany Lini/ted, • 
j "FREEPOST, London W12 8BR 

I T am a company employee/setf-employed/a company 

rectoo'5>artner(delete as appropriate). I am kjterested 

_ l-particularty in: * 


creating tax-free inc ome fro m capital 

* L:~ —I building my capital i — .7...^ — j creating tax-free capita 

I EZO creating tax-free capital and income for when 1 retin 
J-Pieasesend me d_etaiis yathout obligation. « 

f Ni^Mr/Mrs/Mbas ■ : 

1 ;gs^rf>r y— — - ■ ■- — 1 


l" v^i‘> - y-S* 1 - -' ^ 


RROV1I 








“j ■ • 


Financial Times Saturday. September 16 I97S 


YOUR SAVINGS AND INVESTMENTS 


I 







■n«; 



in performance 


TALK TO any unit trust fund 
manager about the significance 
of performance figures, and 
you’ll come across a curiously 
ambivalent attitude. One and 
all. in theory they deprecate the 
figures, arguing that short-term 
performance, in particular, 
should never be used as a guide 
la excellence. One and all, in 
practice they crow when their 
own funds make the upper 
echelons of the anil trust per- 
formance tables. So what is the 
Innocent unitholder to make of 
them? 

I don't, myself, think that 
there’s any point in pretending 
that performance— and relative 
performance — is not important. 
Performance is exactly what 
unitholders are looking for, 
whether it's indicated by growth 
in capital or by improvements in 
income. And the best way for 
the unitholder to determine 
whether his own fund managers 

Menage 
a trois 

IT IS becoming fashionable 
these days far unit trust groups 
to tie in with life assurance 
companies, and., this week two 
further decisions on co-habita- 
tion were announced. The main 
benefit accruing from such link- 
ups are that life policyholders 
are offered a wider range of 
funds from which to moke their 
choice of investment (and that 
could be a dubious advantage), 
while unitholders who wish to 
make regular savings can 
obtain tax relief-, on theit 
outlay. 

AMEV Life Assurance has 
entered into agreement with 
Framlington Unit Management, 
to use their Income, Inter- 
national, and American and 
General Trusts as investment 
links for both single and 
regular premium investment. 

Framlington already has a 
link-up with one life company 
—British National— in respect 
of its Capital Trust: this is an 
arrangement which has. existed , 
for many years. British 
National seems quite content 
with the new .menaflc-d-irois, 
but anyone entering into a 
Framlinglon-linked life contract 
ought to check which partner is 
involved. 

Britannia 

unites 

MEANWHILE BRITANNIA \ 
Trust Management, the old : 
Slater Walker unit trust group, i 
has lost little time in seeking 
out a new partner. But rtie 
management, in complete con- i 


are making a mess of matters is 
lo take a look at how their com- 
petitors have been doing. 

That said, I ibink that the per- 
formance tables should be taken 
with a certain amount of caution 
and a healthy pinch of salt, m 
particular, those . which show 
performance over a period uf 
months should not be used as 


INVESTMENT 

ADRIENNE GLSESON 


anything but the most general 
of guides, for the figures can be 
distorted by all sort? Of factors. 

What the short term figures 
will show you is which markets 
have been doing well: the Far 
East so far this year* for ex- 
ample. But it wouldn't be worth 
your while to switch from one 


Far East fund to another on tliCt 
strength of its position on the 
ladder. f 

Longer term there is more 
sense to be had from the per- 
formance tables. They wil, for in- 
stance. tell you what funds 
tend to be consistently good 
performers (that’s easy — income 
funds and, to a lesser extent 
the commodity share funds). 
They'll also give you a good ! 
idea of which groups run eon-j 
sistently good portfolios. You I 
won't necessarily make your 
fortune out of that informa- 
tion — after all. good 
longer-term performers tend to 
miss the heights, as well as the 
depths, in between. Bui al least 
you shouldn't lose your money, 
either. 

Tliu.se of you who would like) 
— despite these warning;; — lo 
keep an eye on the relative per- 
formance of unit trusts, will find 
that tlie figures are correlated 
on a regular basis by two maga- 
zines: Planned Savings (Wool- 
ten Publications, 150/152 
Caledonian Road, London. N1 
3RD), and Money Management 
(Subscription offices: PO. Box 
113. Bracken House, 10, Cannon 
Street, London, ECiP JBY). 


Of minor interest 


IT IS, I suppose, a little early 
in the year for most of us to 
start thinking about Christmas 
presents. Not. however, for 
doting grandparents and god- 
parents who have the means to 
lake advantage of coming 
changes in the system of tax 
I allowances.. 

J As from the start of the next 
tax year— April fi — child relief 
is lo be phased out: and child 
benefit is being stepped up lo 
£4 per week per child to 
compensate. In most cases 
that isn't likely to mean 
much more than that some 
of the Tamily income is 
! beirfg redistributed from the 
wage earner and taxpayer tn 
whoever stays- at home to look 
after tiie children. But in one 
respect it could be extremely 
advantageous — to children on 
whom would-be benefactors are 
keen to lavish money. 

At the moment, if a child's 
income rises above £500 a year, 
its parents' child allowance 
(£100 a year for children under 
11. £1X5 for those under 16. and 


trast to past Slater. Walker | IT Tf g* 

policy, is thinking small this \ g—ff afkl/ 9 
rime. It has linked up with the -*■-» m lit- 
Family Insurance ' Society, a | ^ 

friendly society in the Planned j /f „ _ 

Savings Life Assurance Group. I 
Investment through'a friendly 

society enables investors to get WHEN IS a. racehorse not a 
the usual lax reliefs on regular j racehorse? When it's, a hoard- 
life assurance premiums: and i mg. according to M. N. Russell, 
the underlying funds are tax j M. N. Russell is a firm of tinan- 
free too. The principal draw- via I advisers who earlier this 
back lu this form of investment [week announced ■ a scheme for 
is that there is a very low limit companies to ruu racehorses 
on the aniuunl that can be put and set the costs off against 
in — premiums are limited to a corporation lax. 
maximum of £10 per month for Theoretically, if a horse can 
investors aged 44 nr less, and j lie shown io exist and perform 
£11 per month . for : older ,en l i rely for publicity purposes, 
investors. But husband and j it is no different from an 
wife can each invest separately i advertising poster or a 
up to the Lr maximum. 'sponsored racing car, both of 

The other drawback to invest- [Which are chargeable against a 
ment through a friendly society I company’s tax. So if you are 
is that their investment policy I the managing director of 
is controlled by the Trustee Act j Worldwide Holdings Inc, why 
1961. This means that at least i not buy a horse, cal! it Loss- 
50 per cent of the funds must leader after your internationally 
be put into "narrower range” known consumer goods range 
investment*, such as gilts- or and wait for the television 

local authority stocks. cameras (BBC. sometimes) to 

pan the paddock?. 

j nr • jr ‘ Ah, hut . . . it will not do 

§4 IPIPWfsK l«> So down lu the start quite 

m. n as fast as thjs For as fanners 

• j - know to their cost, horses are 

TlV flVI fsPftT livestock, not capital goods, and 

j/f their p„ robase cannot be 

IF YOU- hold a life assurance allowed against tax. This is 
policy with Friends Provident, where M. N. Russell come in. 
or think that you might do so Russell propose to set up a 
at some point, do not let last subsidiary company, with you 
week's announcement " of ion the Board, but with the 
int-reares iu the limits on caver : equity wholly owned by them, 
deter you. It is cover extended They could then— through a 
without automatic recourse to a reputable bloodstock agent, as 
medical which .has - been Lossleader cannot just be any 
increased— to £60,000.. in the old - hflfk— buy a horse and 
case of applicants of 44 or lease it -to you for, say, a year, 
under, less for those who are There' is a little snag here, 
older. The company will extend though. . Under Jockey Club 
much higher cover if you want rules, British racehorses, once 
it, but in that case you will named, are named for life. So 
have to have a medical. you could not buv a tried and 


» - “ < ■ " ‘ ■ 



£165 for those of is and more 
who are still dependent) is 
reduced, £ for £ of the excess. 
That is, , parents have to pay 
more tax if their child's income 
is in excess nf £500 u year. Well, 
as from April next, as the law 
now siands. a child's income — 
providing that it doesn't come 
from it4. parents. or from pro- 
perty that's settled by its 
parents— can rise sky-high, and 
it won’t, make a ha-porih's 
difference lo what its parenrs 

have to pay in tax. The child 
itself, of course, becomes liable, 
as soon as its income rises above 
the threshold at which basic 
rate tax -is payable — at present 
£985 a year. But the cliild itself 
is liable already. 

What this means is that a 

grandparent, say. nr a god- 
parent. or other doling admirer, 
will be able lu settle property 
on that child without doing 
anything dreadful to its parents' 
tax allowances. Assuming that 
the gifts are made within the 
Capital Transfer Tax exemp- 
tions— £2,000 per annum per 


4. - ‘ 


- AtV 



donor, and you can carry one 
year forward— it won't do any- 
thing dreadful to the trans- 
feror's tax position, either. The 
workings of Capital Transfer 
Tax are «.uch that it always 
makes more sense (in tax 
terms) to transfer capital to a 
child than to its parent* tthe 
next taxable transfer is likely 
to be Turthcr into the future). 
As the law now stands, as from 
□ext April there will be an 
income incentive to give the 
child the money, too. 


Setting 
it aside 

OF PARTICULAR interest at 
this week's launch of Providence 
Capitol Life (the old Slater 
Walker Insurance) were the 
findings of the research done by 
the company inio investment 
altitudes among the directors of 
small companies and the suc- 
cessful self-employed. 

In all 193 such individuals, 
almost all of them men, were 
interviewed last month. They 
were asked in particular what 
were their current investment 

TAX EFFECTIVE 

ERIC SHORT 


Policies for personal investment: 
directors and the self-employed 

Current Investments held 


Life Assurance 
Pension schemes 
Building Society 
Property 

Stocks and shares 
Bank accounts 
Unit trusts 
Linked life 
Gilt-edged 
Others 

Which investment is 
considered most secure? 


Out of 
pocket 


• r '■t&'&b'c-'***? 






Friends 

provident 


, iT! 

tested performer — like Shirley 
Heights, above — and change its 
name to Lossleader by deed 
poll. The best thing to do is 
to go to the autumn sales and 
buy an unnamed yearling. Sup- 
posing your iea6e started in 


BUSINESS 

MARTIN TAYLOR 


November, and ran a year, you 
could reasonably expect to see 
the horse run. six times or so 
between July and October as a 
two-year-old. 

Now let us suppose it is 
November again, and the lease 
has expired. If the horse lias 
been successful you might want 
to buy it, lax-deductible or not. 
Perhaps, having leased it for 
a year, you could take it. over 
at a knock-down price? No. In 
that case the Revenue would 
consider your leasing as a hire 


.* . feti- ’ ' ' ' ’ 1 *' 

purchase and you would find 
yourself paying a good deal of 
your tax relief back. 

Let us look at the cost of 
this operation. If you went for 
a yearling with an initial market 
value of £30.01)1). you would pay 
a monthly £3,413.17 for a one- 
year lease, including training, 
insurance, anil so on. This 
works out ai a gross £40,958.04. 
or a net £19,659.86 after allow- 
ing for the lax saved. On tup 
of this you pay AINR a manage- 
ment fee cl £40 a month, so 
the total net outlay for the year 
is over £2U.0UU, not counting 
the cost of the Worldwide Hold- 
ing’s marquee behind the Silver 
Ring. • 

Any prize money the horse 
may win while it is leased is 
yours. Bur what is in all this 
for MNR? They get a once-and- 
fnr-all commission from the 
bloodstock agent to whom they 
send your business, and the 
monthly management fee. And 
they end up with a thorough- 
bred horse 


WITH A new term starting this 
week at the independent 
schouls, most mums are prob- 
ably heaving sighs of relief at 
the peace ihat has descended cm 
the household. Most dads, in 
cuntrast. arc likely tu be groan- 
ing at the increase in this year’s 
,-chuoJ fees. Xu average is yet 
available, but lu per cent plus 
seems to be the order of the 
day. 

The only adequate method nf 
meeting the expense of school 
fees is tu start saving well in. 
advance, if possible from the 
day your child is bum. The 
specialist insurance brokers who 
operate in this Held have pro- 
duced sume excellent literature 
on the subject. Now a general 
leaflet has been produced by the 
Independent Schools Informa- 
tion Service. 

It is entitled “School Fees — 
Some Ways of Meeting the 
Coil." and it sets out in very- 
general terms how one can use 
capital and save out of income 
tu help meet fees when they 
become due. As an introduction 
to this most important aspect 
of private schooling the leaflet 
is very useful. However, it 
points out that parcuts need 
expert financial help in 
arranging their affairs, and it 
urges them tn consult with one 
of the specialists once they have 
decided on private schooling. 

I If parents want information 
, on this subject, or on any other 
1 aspect of private education, 
they should contact the lnde- 
i pendent Schools Information 
Sendee, 26 C.axton Street. 
London SW1H URG. 


holdings, how secure they con- 
sidered various types of invest- 
ment to be, and how tax effec- 
tive they thought they were. 
The answers are shown along- 
side. 

“ Safe as houses ” is still held 
to be a good maxim by many 
of these investors. They well 
represent the gut feeling that, 
while other forms of invest- 
ment may come and go. land is 
there for ever. 

The investigation also revealed 
j a considerable depth of ignor- 
I ance concerning both pensions 
land iinked-iifc a-^u ranee. The 

• low rating given to pensions on 
[grounds of security contrasts 
' strikingly will) Hie high rating 

• given to life assurance: in fact 
'both products come from life 
I companies. .And it is a reveln- 
; tion of a sad state of ignorance. 

that life assurance should be 
, given a higher tax-effeciive 
i rating than pensions by both 


Property 32 

Life Assurance 29 

Building society 12 

Gilt-edged 11 

Pensions 11 

Linked life 2 

Stocks and shares 1 

Unit trusts 1 

Which investment is 
considered most tax effective? 


Life assurance 
Pensions 
Property 
Bnilding Society 
Linked life 
GUt-edged 
Stocks and shares 
Unit trusts 


directors and the self-employed. 
Life assurance premiums qualify 
for lax relief at half the basic 
rate, while pension contribu- 
tions qualify for relief in full, 
at the investor's top tax rate. 
Those interviewed, by and large, 
also failed io appreciate that 
linked-Iife assurance has the 
same tax advantages as tradi- 
tional forms of life assurance. 


rt 


High 




Chieftain 

High Income TRust 

SINCE ITS LAUNCH, THE UK5 
BEST PERFORMING HIGH INCOME TRUST 


recommended! 


Leeds ‘High Return’ Shares for guaranteed 
higher interest over 2 or 3 years. 




ESTIMATED 

CURREJT 

GROWTH 

YIELD 


If you've got a lump sum to invest of between 
£1,000 and £15,000 (up to £30,000 for joint 
investors) and are prepared to leave itin the Leeds 
for 2 or 3 years, then the special ‘High Return’ 
Shares are one of the best possible high-interest 
securities available to you. Whatever happens 
■to interest rates, whether they go up or down, the 
Leeds Permanent Building Society will guarantee— 
unconditionally— that your ‘High Return’ shares 


YOUR 

INVESTMENT 

CHOOSE . 

CAPITAL GROWTH | 

OR MONTHLY 
INCOME 


2 yea y 12Tr, \ 

3 pun 7-7US- 1 

ZjewsUGi | 

i r.iii-" 


Basic rate (33% ) income tax paid by Society. 

£1,000 

£1,152 

£1,254 

£6.00 

£6.42 

£5,000 

£5,760 

£6,272 

£30.00 

£32.09 

£20,000 

£23,039 

£25,088 

£120.00 

£128.34 

Extra' value of 
each additional 
£100 invested 

£115 

£125' 

£0.60 

£0.64 


Interest however you want it ! 

, . What’s more, we will send you a cheque for tne 
interest twice a year, or alternatively, we will pay it 
: direct to your bank account, either monthly or half- 
yearly. Or you can leave it with us to be 
compounded half-yearly and paid to you with your 
capital at the end of the two or three year term. . 

' Check the chart arid you’ll see what we mean. 

So get the most from your money with Leeds 
. 'High Return’ Shares— you’ll begetting much more 
than just guaranteed high interest— you’ll be 
putting the friendliness and security of one of 
Britain’s biggest building societies behind your 
savings. reasons enough to make anyone smile! 


I Assumingcurreni interestrates continue. j 

will always earn you more, than the rate on Paid-up 
Shares. If you are a basic rate 
income tax payer, your savings ' 
can earn you, oh current rates, 

.the equivalent of 11.49% p.a, 
gross on a 3-year term. - 



SHARES 


- For more details of 'High Return Shared, are! an application 
Jorm. post off this coupon today to: Mr.- EL S, Germaine. 

Assistant General Manager. Leeds Permanent Building 
Society, Permanent House, The Headrow, Leeds LSI INS. 


Address 


r*V 

- 

,V". -•<<;> 


1 J 


It T i i r . t li i 

1 T M 


BUILDING SOGKTY .1“ — ~ 

Saythe Leeds’ andyou’re smiling 


! 


Chieftain High Income Unit Trust aims to bring you immediate 
high income combined with prospects of good capital growth. 

Since the launch of theTrustin September 197$ the offer price of 
units has increased by 93.2%. In. the same period, the FT Ordinary 
Share Index has risen by 51 0%. During this time, the Trust has 
out-performed all other UK authorised high yielding unit trusts. 

Over theyears we shall seek to ensure thattheincome you receive 
grows. Furthermore, while a high income is the main purpose of the 
Trust, it is an historical fact that high income unit trusts have often 
been some of the best vehicles for capital growth. 

We believe that, in die long term, the potential forgrowthofboth 
income andcapital will give you a significantly better total return than 
a fixed interest investment such as a gilt-edged security or a fixed 
capital investment such as a building society. 

Although you can sell your units at any time, unit trusts should, 
not be regarded as a short-term speculative investment, and we would 
like to emphasise that the price of units, and the income from them, 
can go down as well as up. 

- Investment Prospects 

The funds of Chieftain High Income Trust are invested in high 
yielding stocks and shares. Our policy is that by farthe greater part of 
die Trust's funds is invested in high yielding ordinary shares. 
Holdings of preference shares will not exceed 20% More than this 
■would, we believe, restrict opportunities for growth 

In order to minimise risk, the portfolio is spread over about 100 
UK companies.- Our investment managers monitor the progress of 
these companies very carefully - as the Trusts performance to date 

deariyshows - 

Although the finandal situation of the country has improved 
considerably over die last two years, share prices are still at an 
historically low level relative to company earnings. However we. 
believe that, amongst other factors, the wealth generated by North 
Sea oil will aida continuing long-term recovery in the UK's economy 

This should provide ample scope for improvements in com pany 
profits and business confidence,- and in turn this will allow further 
increases in the value of shares, and of Chieftain High Income Units 
and the income they provide. 

Share Exchange Scheme 

If you wish to realise a part of your portfolio and invest in 
Chieftain High Income Trust, the Managers can arrange to sell your 
present shares for you, and will absorb all the usual expenses of die 
transaction. This can give you a worthwhile saving. The minimum 
purchase through the Share Exchange Plan is £500. Tick the box in 
the coupon for details. 


You cant ignore 
these figures 

£10,000 invested in October I97I by: 

Mr A in the FT ordinary share index 
MrB who then followed the advice oF 
the managers of our investment service. 

At 1 1 th August 1978 the valuations of each 
investment we re 
Mr A £12.580 
MrB £27,170 

Mr B’s investment represents an annual compound 
rate of return of 15,9% of which be can draw 5% pa tax 
free for 20 year>. 

Have you or your present managers achieved this 
result? 

For details of our investment service, write in strict 
confidence and without obligation to: 

^Tm Iff/^ FtNANOALMANAGatWr 
ru JDIVMjr 15 Crieff Road, London SW18. 


■foUR Reassurance 

Chieftain Managers Ltd. was established in September 1975. Its 
five trusts, dealing in overseas as well as U.K. markets, have already 
attracted funds worth over £.10 million. This exceptional rate of 
growth has owed much to the considerable support Chieftain has 
received from stockbrokers and investment advisers. 

The Trustee of Chieftain High Income Trust is Midland Bank 
Trust Company. 

Tax Advantages 

You can sell your units on any normal working day at the 
prevailing bid price. You " ill normally receive a cheque within seven 
working days of receipt of your renounced certificate. 

The J 978 Finance Bill proposes that unit trusts, will pay tax on 
capital gains at the privileged rate of only 10%. 

When you sell units it is proposed that you will receive a tax credit 
of 10% against Capital Cains Tax. The Managers interpret this to 
mean that on unit trusts you should have no tax to pay on profits up to 
£3,000 on sales in any one year, and your maximum liability is limited 
to 20% of your gain. Of. sales before 5th April 1979 rhe tax creditwill 
be even higher if the proposa Is become law 

General Information 

Foryourguidance.theofferpriceof Chieftain High Income on 14 
September 1978 was 48. 3 p, to give an estimated current gross yield of 
8.60% p.a. 

The quoted price and yield is published daily in most 
newspapers. 

Chieftain High Income Units were first offered on 6th 
September 1976 at25p each. 

There isan initial management charge of 5% included in die price 
of units. There is also an annual charge of %% (plus VAT) which has 
been allowed for in the quoted yield. 

Income is paid net of income tax, but this can be reclaimed by 
non -taxpayers. 

Distributions and a report on the fund are made half-yearfy on 
31st May and 30th November. Units bought now first qualify for 
distribution on 30th November 1 978 . 

This offer is not applicable to Eire. /j©§TY 

The Managers of theTrust are vSg Wgg r 

Chieftain Trust Managers Umited, _ 

“ n E Q^ NewStrKt ' QhHEFIAIN 

Telephone: 01-283 2632. trust manage » s limiteii 


l Fill in 


Application Form 


Fill in dil* coupon and send it to Orieftain That Managers Limited. Odeftahi House 

1 1 New Street London EC 2 M -iTR 

l/Dfe would hire «nl«iyfi».^TaTn High (m-»>wlln!frtnrf»^iigliirnff 
at the ament offer price. (Minimum initial holding £250) 

I.We enclose a remittance, pavable w CNeftaln Trust Manapere Limited 

Tick box. D If yon wantpadmum growth by mtomatk: re-i n rcs tn i en t of net rncana 

D If yon want to knowhow to buy Chieftain High Income UmBon a 
regular monthly baste 

O If yoo would like details of okt Share Exchange Pbn. 

T/TO declare that I am/we *re over t8 and not resident onfedde the UK or Sdheddled 
Territories and that I am h*c are not acquiring die units as norainetfs) of any penooW resident 
outside die UK or Scheduled Dmtortes .1 If you are unable to sign thlededaretjon it should 
be deleted and your application lodged through an wihotiscd depository) 

aiWA.MH(MWMRS;MlSS) 

msTMAMESiwnni. 


srcN/rruRES> - 

'dnKKAtUOMTMUQWrUU 


I 

a - I 

[«fuucruuMKrecN^CT^»a9euouKsassnuure>niaftiiaMW9*t HcoMt mb { 


■ 





1X>I' 


Financial Times Saturday September 18 1978- [1 • 


PROPERTY 


A* 

■ iiU 1 - 


Something different 
in the dales 


BY JUNE HELD 


GOOD ROAD links have made 
the Yorkshire Dales accessible 
to various centres. Birmingham 
is only three hours away' from 
Sedbergh by the M6, the trans- 
Pennine motorway now puts 
Hull within a similar journey 
time from Wharfdale, and the 
Leeds-Bradford airport is some 
10 miles from Harrogate, gate- 
way to the Yorkshire moors and 
plains, hills and dales. 

*• Yet it is still possible to find 
solitude, if not silence, among 
the lonely fells,” insists 
Geoffrey Wright in an 
evocative new study. The York- 
shire Dales (David and Charles 
£4.50). He refers to the uplands 
.as “the last wilderness areas 
of England, with days of quiet- 
ness, though not of silence, for 
the air is haunted by the sounds 
of the bills . . 

If you want to live in the 
peace of the Yorkshire Dales 
you can take your pick from 
interesting properties such as 
coachman's cottage, ancient 
barn, period farmhouse and 
Georgian mansion. There is a 
good selection, for although 
sales are steady, and there is 
always a good demand for some- 
thing unusual, “ a natural 
buoyancy in the market has 
been subdued by a shortage of 
mortgage finance,” admits Mr. 
T. P. Blenkin, manager of 
Jackson - Stops and Staff. 23, 
Petergate, York. “This is par- 
ticularly affecting the lower end 
of the scale. In the £40,000- 
£60,000 range, funding has, 
paradoxically, been less of a 
problem, and properties especi- 
ally when supported by land, 
have moved well." 

Their list of places for sale 
includes Christ’s Hospital Alms- 
houses, six individual chambers 
and a chapel, a listed group of 
buildings of Jacobean origin 
founded in 1608 by a clerk of 
the King's Court of Chancery. 
Set in rolling Dales countryside, 
about 2J miles from the Al, and 
12 miles from Ripon, they con- 
tain a wealth of original timbers 
and panelling. But they are a 
project for the courageous, as 
they have- not been lived in for 
nine years, and there is a 
nasty looking hole in the roof. 
In view of the likely high cost 


of restoration, Jackson-Stops 
and Staff are anticipating a 
price between £10,000 and 
£15.000. 

Well modernised cottages in 
the R re dale area are always in 
demand. Riseborough Cottage, 
Martoa. gets its name from the 
nearby Manor which was 
destroyed by fire some years 
ago. The reconstructed Jaco- 
bean oak staircase and a cabinet 
were rescued from the original 
house. The 4-acre gardens 
stretch down to the River 
Severn, a tributary of the Rye. 
Fishing rights for trout and 
grayling run with the property, 
and wiil pass to the purchaser. 
Jackson-Stops and Staff are 
inviting offers in the region of 
£3S.OOO. 

Dacre, Son and Hartley, with 
eight offices in Yorkshire, have 
a wide spread of property too. 
I Partner Andrew Hartley who 
runs the furniture and fine arts 
department, lives in a converted 
corn mill near Grassinuton.) 
The firm produces an excellent 
monthly Property Guide, in 
newspaper format, obtainable 
free from Mr. W. J. Horsley, 
Dacre, Son and Hartley, 1-5 The 
Grove, Ilkley, West Yorkshire. 

The current 32-page issue 
includes bow-fronted terrace 
houses in Ripon for first time 
buyers from around £5,995, and 
purpose-built flats from £13,750 
within walking distance of the 
Market Square. Coachman’s 
Cottage, in a tranquil spot at 
Sharow, near Ripon, is about 
four miles from the Al, with 
links to the A19, and accessible 
for West Yorkshire Industrial 
Estate or Teeside. In need of 
renovation, it was formerly one 
of two service cottages with 
stables: there are three bed- 
rooms and bathroom, plus ex- 
tensive garaging for conversion 
to further living space. £17,500. 

Apartments in character 
buildings sell quickly. The six 
luxury units made in Whitehall 
Lodge, Harrogate, in a secluded 
section of the Stray, are all 
sold subject to contract Par- 
ticularly attractive, too, are 
cottage-style apartments in a 
converted mill at Riverside 
Walk in Malhatndaie, on the 
banks of the River Aire, where 
four apartments are on offer at 



Heath Hall, in Heath, an outstanding example 
of the 18th century Anglo-Palladian style by 
John Carr, architect responsible Tor Harewoodr 
House and York Assize Courts. Set in 14 acres 
of parkland, three miles from Wakefield, the 
house has been restored to its former glory- 
after over 50 years of neglect. The accommo- 
dation Indudes seven bedrooms, three bath- 


rooms, pins two pavilions, one of which has 
been converted to four service apartments. 
The joint agents, Dacre, Son and Hartley, 1-5 
Tlie Grove, Hkley, West Yorkshire, and Hum- 
berts. 6 and 8 Lincoln's Inn Fields, London 
WC2, who will send an illustrated brochure* 
are Inviting offers of about £200,000. 


£10-118,500 according to size. 

Converted farmhouses sell 
well and Pembroke Lodge, a 
17th century farmhouse in level 
pastureland at Beamsley, in the 
prettiest part of Wharfdale, sold 
at the asking price of £75.000. 
New houses are often built in 
the old-style, such as Toft Cot- 
tage, Giggleswick, near Settle, 
built in 1975 along classic lines. 
Within walking distance of 
Giggleswick Public School, with 
splendid views across the Ribble 
Valley, novel touches are the 
front porch which incorporates 
former church' mullions, and a" 
stone well and old grindstone, 
plus an ornamental pool fed by 
a stream. Price £48,500. 

Heath Hall, an outstanding 
18th century house in 14 acres, 
in Heath, claimed as the setting 
of Oliver Goldsmith's 41 Lost 
Village." three miles from 
Wakefield, is the property par 
excellence of the area. Listed 
in the rare Grade I category, 
it was designed by John Carr, 
who was also responsible for 
Harewood House and York 
Assize Courts. Built m the 
1750s for John Sraythe of the 
West Riding family of wool 
staplers, it fell into a decline 
during the 1914-18 war. even- 
tually becoming semi-derelict 
It was bought by Mr. and Mrs. 
Muir M. Oddie in 1959, and 
painstakingly restored to its 
former glory- 

Mr. Oddie died in February, 
and the house is for sale at 
about £200.000 through Dacre, 
Son and Hartley’s Ilkley office. 


and Humbert’s, 6 and 8 
Lincoln's Inn' Fields, London, 
WC2. Either agent will send a 
brochure and booklet detailing 
the history of the house and its 
splendidly restored accommoda- 
tion, which includes seven bed- 1 
rooms and three bathrooms, 
stable block, cgach houses and 
two pavilions, one of which is 
converted into- four service 
apartments. ■ 

The three-mile stretch from 
ThWaite to Keld. in upper 
Swaledale, has been called the 
** quintessence - . of Dales 
scenery.” BlacS Howe. Keld, is 
a restored .three-bedroomed 
stone and slate cottage, plus a 
barn and dairy, with magni- 
ficent views over Black Scan: 
and Great Shtmner Fell. Strutt 
and Parker,.. Princes House, 13 
Princes Square, Harrogate, 
expect the price to be in excess 
Of £30,000. \ 

In South Yorkshire, Henry 
Spencer and Sons, 13 Priory 
Place, Doncaster produce a 
useful weekly “Homes For 
Sale" list which is circulated 
free to over 3,000 serious house 
hunters in the area of their ten 
offices. Write to Christopher 
Carter for a copy. 

Of particular interest cur- 
rently is The.. Mill, Windmill 
Lane, Norton. near Doncaster, a 
fully modernised five-bedroom 
house attached to the old wind- 
mill.and SouthiFarmhouse, Old 
Skellow, with .-similar accom- 


modation plus a tennis court; 
both in the £40,000 range. j 

The .. impressive “ looking! 
Tickton Grange, near Beverley, | 
10 miles from Hull and the 
almost complete Humber 
Bridge, in the old East Riding 
of Yorkshire, is largely of 
Georgian origins- although there 
was an earlier dwelling on the: 
site. A Tudor window was dis-| 
covered during alterations. J 
There is also supposed to be a 
link with the nearby Means 
Abbey, the 11th century Cister-i 
■cian Foundation. The accom- 
modation is extensive — six bed-! 
rooms, three, large living rooms 
in the main house, and a four-! 
room stiff fiat and east wing; 
with five further rooms, plus 
stables, stares, conservatory, etc. 
The joint agents, Henry Spencer 
and Jackson-Stops and Staff are 
expecting that the property will, 
fetch about £70.000. 

In the early 1970's, many of 
the old barns in the countryside ! 
were snapped up for conversion. 
Now it is not so easy to find 
one in the rough, or to get plan- 
ning permission for change of 
use. Spencer’s have a barn on a 
34-acre- site at Brough, hear 
Hope, which is really ‘Derby- 
shire, about 30 minutes drive 
from Sheffield. There is ontiine 
planning permission for conver- 
sion. and offers of £9.000 are 
being asked through their 
Sheffield office (telephone 
Sheffield 70171). The nearby 
farmhouse can be bought for 
around £25.000. 


THIS HAS BEEN an excellent 
year for -fruit and many , of the 
brandies of the apple rtrees in 
my orchard are bowed down 
to The ground with; the 'weight 
of the fruit jfiey carry. ...A few*: 
including Beauty of Batik; have 
already, been picked, more mS 
be ready to harvest some.time 
this month bat the- bulk will 
remain on the trees.' .'until 
October to gain size and reach 
maturity. ' 

Apples, and to a lesser degree 
pears, are almost unique among 
fruits in having two stages of 
ripeness, the first when the 
fruits are ready to - part irom 
the tree and the second when 
they are fit to eat - WjfJrimost 
fruits there is no such division. 
Strawberries, ra spberri es,’ cur- 
rants of all kinds, gooseberries, 
plums, cherries, peaches nec- 
tarines and apricots .are all fit 
for use directly they are ready 
for picking and . can only be 
kept for any length of June by 
some artificial method of-preser- 
vatioR such as freezing, bottling 
or canning. ■ 

This double period afrtpen- 
ing does not apply -to all; vari- 
eties of apple and pear- : The 
early ripening ones are-sit^their 
peak directly they are ready to 
pick and though they .can be 
kept for a week or so they do 
not improve and quieklybecome 
mealy and unpalatable, .it is the 
| late ripening varieties which 
hare the two stages and! the 
longer they are -prepared, to 
! hang on the' trees the .-more 
j likely are they to require weeks, 
or even months, to complete 
their ripening to the point at 
i which they become good' eating. 
Cox’s Orange Pippin, which is 
a mid season appie.j-eafiy for- 
picking in early October has 
little nf its rich ’ and sugary 
flavour then and is-not a tits best 
until November or eariy Decem- 
ber. With care it can be- kept- 
in good condition .until, early 
January or eves later -hut to 
have it in the spring it i«r_neces- 
sary to use special -methods of 
storage which delay the normaJ 
ripening nrocess. By contrast 
Srermer Pippin, a.n- apple.whirh 
„wffl remain on the tree.lhirough- 
nut November eves .when .all 
the leaves .have fallen; is not 
fit to eat until February -and’ 
will keep without diffictd&jmfil 
May— by which time iit has 
creatly improved in flavour and 
juiciness. 7 ' ■ 


' so how does one know when 
to harvest apples arid pears and 
how long, if at all. to.storelbem? 
The answer to the first question 
is simple, to the second a. little 
more difficult. Apples and pears 
Sd be gathered directly 
they part readily from the trees. 
At this time of year a layer of 
corky cells is being formed 
where the fruit stalk joins the 
branch or spur. When de- 
layer is complete it will separate 
fruit from tree and so the fruit 
will fall to the ground. Even 
before this stage is reached a 
high wind will bring down .many 
of the half separated fruits and 
so normally the crop is harves- 
ted a week or so before it would 
fall naturally. The easiest test 
is to grasp a typical friiit in the 


gardening 

ARTHUR HELLYER 


palm of the hand and lift at the 
same time pressing -down on 
the stalk with the thumb. If 
if parts readily arid cleanly it 
is ready for picking but ; if if 
has to be dragged off. leaving 
a broken stem behind or bring- 
ing part of the twig or spur 
with it, a little more lime must 
be allowed for the corky layer 
to form. 

The time at which the fruit 
will he at Its best for eating 
is partly determined by. variety 
partly by the . method of stor- 
ing. Most fruit catalogues give 
the normal season of use for 
each variety. Thus apple Cox’s- 
Orange Pippin will probably be. 
described as for November- 
Decemher use, Bramleys~5«d-- 
ling as for use from November 
to March. Laxton’s Superb as 
January to March- and Sturmer 
Pippin as Mareh to May. These; 
are only indications of what 
may be expected under average 
storage conditions and may be 

considerably extended by special; 
methods such as gas storage. 
The only way to he quite certain 
that each variety is used when., 
it is at its peak is to observe 
it closely,, smellim? the fruits 
from time to time since sf ripen- 
ing fruit gives off a distinctive 
and pleasant- aroma,, and if 


necessary actually: sampling 0 . ? f 

or tWo typical fruits^ -~ •' f H * 

' Apples keep best in a cr . ; . 

rather znoist atmosphere- whe- .' ■ ' 

as pears prefer .one that ' 
slightly drier ^and warmer. T 
ideal apple - store is a shed " 
cellar with a beaten: garth fit 
but pears keep, well-in a ri» • 
that is not ip, constant a' 

For much the same reas 
apples are best packed: in bto 
that will contain, three or fc 
layers whereas pears' are bet 
spread out in single layers. 

It might be supposed tb 
since apples like .moist air, 
would be a good- idea to sh 
them in polythene bags but t 
is overdoing it and is likely 
cause sweating and early dec 
If polythene bags are used ti 
should be perforated to an 
some circulation of air. 
better plan is to wrap the fri 
individually in newspaper, 
only drawback to this being j 
it makes- it. mpre difficult 
spot any that are decaying 
nperiing prematurely. ' 

No-attempt should be m. 
to store any fruits that 
blemished. Small spots i 
bruises which appear union - 
tarit when the fruit is harves 
will quickly spread in st 
and in a few weeks the wt 
fruit . will ' be rotting. r 
danger is th'at the decay • 
pass' on ‘ to other fruits t 
were previously sound. 

. . It is desirable to segref 
the varieties according to 
rtime'at .which they are expet 
to ripen. This precaution 
necessary because the vap 
given off by ripening fruits 
hasten the ripening of ol 
fruits that are exposed ;to 
so if late varieties are.str 
close to earlier varieties 1 
may not keep as long 
expected. 

" Friiit growers who wish^ 

produce the maximum am^A r* p, 

of sMn colour in apples 

care to experiment with V y ■ w * ^ 1 ]r 

old-fashioned method. 

picked- fruits are laid 

grass beneath the trees fo 

week or so to complete- /■; 

colouring process as they vi <.. W • 

in nature. But do not ft>: 

that they will be exposed 

.all their; natural enemies ine » ^ ^ - 

ing birds, mice, wasps and si t £ 1 

Unless precautions are take! % j £ 

keep all . at bay there may 5 

few sound fruits left hcrw'i ' ^ 

well they ares coloured; 






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



LONDON - EDINBURGH - CANTERBURY - CHELMSFORD - CHESHIRE - GRANTHAM 
HARROGATE - IPSWICH - LEWES -SALISBURY - SOUTHEND 


AUCTION REMINDER 


MID-ESSEX 


465 ACRES 


Ctu-frasforri 1*4 mUn. Liverpool Street V minuies. 

OUTSTANDING RESIDENTIAL ARABLE & PIG FARM 

Well equipped highly productive [arm with excellent modem pig unit used 
Tor high quality bacon production. 

Grade U M.A.F.F. Classification. 

Attractive Period Farmhouse. 3 Further Cartages. 2 sets of farm buildings. 
AUCTION on 22nd SEPTEMBER, 1973 
Farm Agency Dept. Chelmsford Office," Tmdal Rouse, TJndal Square 
Tel: iD245r 84634 or London Office, Tel: Dl-629 7282 (Ref. 2AE5K!li 

NORTH YORKSHIRE WOLDS 747 acres 

Maltpo 10 miles 

AN OUTSTANDING AGRICULTURAL INVESTMENT 

comprising: Two Attractive Amble /Stock Holdings 

let and Producing £11,820 p.a. 

FOR SALE BY TENDER 

Joint Agents: Messrs. G. M. V. Winn and Co.. Aldby Park. Stamford Bridge. 
York. Tel: i0759i Tl^98 and Srrurt and Parker. Farm Agency Dept., 
Harrogate Office, IT Princes Square. Tel: 104231 $1274 and Chelmsford Office 
TlndaJ House, Tlndal Square. Tel: 10245 > Men. 

SUSSEX 

BETWEEN HORSHAM AND CRAWLEY 

Gatwlck .Airport 9 miles 

AN OUTSTANDING MODERN RESIDENTIAL SCHOOL 

2 Dormitories ifor 23 »eds>; 8 Separate Bedrooms; 3 Communal Bathrooms. 
Staff AccommftdnUun: Sick Ban Evcelleni nonv'sn.- Quarters. 
Classrooms and offices: Assembly Hall/Gymnaslnm. Swimming Pool and 
Peddling Pool together with CHARMING QUEEN ANNE HOUSE 
4 Pnnnp.il Bedrooms .'t Bathrooms. 4 Reception Room*. 4 further Bi drooms. 
Study and Domestic Quarters. Oil Central Heating to both School and House. 
Good separate Modernised Staff Quarters. Garaging and ample parking 
space. Pleasant gardens and playing field. 

ABOUT 6J ACRES 

Lewes Offices. 201 High Street. Tel: <079161 S411. (Ri?r. BAC1SM1 


London Office: 13 Hill Street wix 8DL Tel: 01-629 7282 


AGRICULTURAL INVESTMENT 

250 ACRES ARABLE AND GRASS FARM 
SOUTH NORTHUMBERLAND 
FREEHOLD AS LET 

FOR SALE BY TENDER BY 1st NOVEMBER, 1978 

Brochure from: 

HINDMARSH AND PARTNERS, FB.I.C.S., 

107 Northumberland Street Newcastle upon Tyne, NE1 7AP. 
Tel: (0632) 610051. 


S If you wish to buy— sell — rent or have 

| REAL ESTATE | 

5 managed in the 

I PRINCIPALITY OF MONACO | 

I Write to.-— J 

AGED! £ 

26 bis Bd< Princess Charlotte, Monte-Carlo n 

Principality of Monaco & 

Tel. (93 ) 50 66 00— Telex 479 417 MC S 

Documentation sent free on request. g 


VVV\ NXV ->»»■>»» '»VS\ >\V\' 



ESSEX 

Clacton-ortrSea. Colchester 16 miles 

A Large Convalescent Home 
in Attractive Grounds 
with Entrance Lodge and 
Gardener’s Cottage 

21,000 sq. ft. of floor area suitable for use 
as a Religious, Educational, or Institutional 
Establishment, Hospital, Nursing Home or 
Hotel (subject to Planning Consent). 

For Sale Freehold with about 4J Acres 

(88749/RG) 

Knight Firank&Rutley 

20 Hanover Square London W1R 0AH 
Telephone 01-629 8171 Telex 265384 


By Order of the Joint Liquidators 

FOR SALE 

THE M0STYN HOTEL 

EASTBOURNE EAST SUSSEX 

In premier position close to sea front and theatres. 

98 bedrooms. 26 Bathrooms. Two Fiats. 
Lounges. Dining Room and Auxiliary Rcioms. 

For Full Details 
“ Apply Joint Sole Agents 


■ Stiles Horton Ledger 


18, Gild rod ge Road, 
Eastbourne 
Eastbourne 34244 


J.TREVOR 


58, Grosvenor Street, 
London WIX ODD 
01-629 8151 


REAL ESTATE 
FOR SALE 

USA— GOOD FARMLAND 1250 Ha’s. 

Presently dry-land Wheat and Barley. Permits 
for nine wells to irrigate. Financing possible. 

MAX HINRICHS SEEDS 
Route 2, Box 606 
Pullman, WA 99163 
Tel: '(509) 567.3861 
- or 567.6141 


. CHANNEL ISLANDS 

Delightful Country Hotel 

Offering peace, quiet and relaxation. Ideally situated adjacent tb Golf Course, 
safe, uncrowded beaches arid magnificent bays. The perfect spot for Spring or 
Summer holidays- Registered for 27 plus children. Open all the year round. 
Residents’, Bar Lounge. Games Room. Owner's integral ground-floor accommodattfifri: 
One Acre Site. Excellent Potential. £105,000— SALE BY SHARE TRANSFER, 
r . . ’ inquiries to sole agents: ,•••-’ 

BECK & DEANE (ESTATE AGENTS) LTD, • 

14 Waterloo St, St. Helier. Telephone! .0534^72356... 



BY ABERFELDY PERTHSHIRE 

CUIL FARMHOUSE 

Modernised Farmhouse with expansive views to South over Tay , 
Yalley. 4 Bedrooms; 2 Bathrooms; Sitting Room; Study; Large y 
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. 


FEARNAN LOCH TAYSIDE PERTHSHIRE 

“THE BUNGALOW" 

Modem Bungalow with magnificent -«iews of Loch Tay. Bedroom; i 
Bathroom;' Kitchen; Large Living Room and Sunroom. One third 
acre with additional Tenth acre at Lochs ids. 


.Farther particular* and arrangements to new cutset: 

RENTON .F1NLAYSON, ESTATES OFFICE, ABERFELDY. PERTHSHIRE PHIS 2DD 
Tel: Aberfeldy fOBfl 72} 234/S 


. '^. (ontpi/ta jnfrmitidiuil J^ropc/ths 


PUERTOLUZ— MENORCA’S FIRST YACHTING VILLAGE 

The " Frenciiman's Cove ’* of Menorca is In the romantic setrkng of ihe most 
attractive landscape to be found an the unspoiled island of Menorca. 

The 1st phase of Ihe development which is near: ns completion has exceUem 
sheltered moorUiBs wiihln a few yards of one’s front door. Close lo some of 
the finest nntln beaches in the Mcdnerranean vrherc .sea baihiqa la Ideal for 
children. The "Menorcan styled aroanments are cons t r u cted -to huhest 
specifications with fully equipped kitchens. Interior design cn-sulle. Good 
golfing facilities. Inspection flights available now. 

.- Prices from 05,000 

Enquiries SOLE AGENTS: 9 Milner Street. London, S.WJ 
• 01-531 0218/9/10. Tele* 910037 


CARMARTHEN BAY VILLAGE 


6 villas on bearit view with all conveniences, sleep 6. Car 
shops, heated .swi m ming pool. Offers invited. 


ace. Licensed chib. 
PP*T toi 


Mrs. F. E. Harding, Prunis, Waltham St. LawreAce, 
Near Reading, Berkshire RGIO OHY. 

Tel; Shuriock Row (073 58T) 317 


BETWEEN - - 
TORQUAY/SHALDON 

In a coastal preservation area of oat* 
(landing natural beauty. Uniquely sited 
totally secluded MODERN BUNGA- 
LOW of 2,500 sq ft in 4 acres, 
commanding some of the most 
spectacular un views to be found "in 
the West. Dining had. lounge, 3 bed. 
rooms. 4 bathrooms, large games rm. 
(suitable granny mite). Full C-H. 3 
ear p>r 30c . imming oool 

FREEHOLD £85,000 

PetO'ls from Sols' Agents: 

BETTES WORTHS 
29/30 Fleet St., Torquay 
Tel: (0803) 28171 


BETWEEN 

HASTINGS/RYE 

Superbly converted bam 

in secluded south facing position 
enjoying magnificent, views to die sea. 
Eivc bedrooms, two bathrooms, mag. 
nificerrt drawing room . with balcony, 
sitting room, two kitchens, cloaks/ 
shower, central bearing: Stabling far 
seven, further buildings including Dutch 
barn, approx. 64 acres pasture land. 
To be offered ' for so/s Jry Auction 
. 24rt November 1978 

‘ f unless previously sold I 

BURTEN5HAW WALKER 

• 28 High Street.- flattie, tel: 2237 


- IRELAND., CO. CORK 

• . Yougfial Sea-front 

jtecmtJy renovated semi-detached soHd 
old house of gyeat character directly 
overlooking Youghal Stand. 5 bedims. 
(w.h.b/., 2 bdirnts, large kitchen (oil- 
fired Aga), drawing room, -noreroom. 
doafcroora. Also: self-contained bate-- 
menf flat. Gardens front and back. 
Price £30,000: Telephone Youghal 227 B 


CUMBRIA 

Outstanding yet manageable Period 
Mansion House set in approximately 3 
acres. Smiles Mfr. 3 ent room ..study. 
Breed kicchem. central heating, 5 bed- 
rooms, 3 bathrooms 12 en suite), 
studio. .Castellated tower. , 
Further detoffi- 
Tri. GRAY III GG &S8 or 
GRANGE-0 VER-SAND5 403d evenings 


■18 FLASK WALK 
HAMPSTEAD VILLA 

A well modernised Imle Geor 
terraced Turn* lnaaedimely adja 
all arnenttteaL ' 3/4 bedrooms. 1 t 
roomy, cnrrasce/naircase halL d 
room. dooWe recrpUon room, cot 
valors, Btted breakfasting Wtc 
Fun *aa C-H. and tned PMlo exr 
Offers m the region of 3Z6.QM ins 
for Freeh old prior to propowd Aut 
on 4df October neat. 

* Owner's Acems as b«dow. 


• PrifftaUBary Teuder Annmmcww 

; "HIGHCIATE N.6 

A DETACHED MANOR HOUSC 
Standiflg in about- U Acres t 
from age to Hampstead U» 
taring Kenwood. Offering «w 
6.400 -sq. fL of Floor 'Area and 
ISM having been • granted Warn 
Partaisrioo for Reflevehwnem t 

Nine . Houses. . • 

, ' 'FHKEHOU) FOR SALE 

Owner's Agents: 


Hampton & Son: 


ZZ Hentt Street, 2 YB 
Tel: m-ra 8222/2253 



Chartered surveyors 

.WEST SUSSEX 

Horahoffl -6 mile* 

A Charming Late Georgian Com r 
House' in Sedodcd Position with fi 
views surroundod by farmland w 
appraoc. I0J acres. 

Drawing room, dining room, study, 
.beds. 4. baths, large . kitchen, « 
sitting room., cellar. Oil.c.h. He* 
svrhnming pool. 5 tables, farm bvlldin 
Granary converted to 4-car garage » 
studio. Large paddock, orchard H 
gardens extending to approx. 1 01 ac 
in all. 

FOR 5 ALE FREEHOLD 
Details: 

Horsham Office f0403) 44441 
WEST SUSSEX COAST 

Angmarlag on Sea station 1 mile- 
Substantial - Family - ResMeoca 
Character providing a home and 
income aa at present divided to fo 
several letting units. Developmi 
potential and consents for Nam 1 
Hom e division and S cot ta ge unit* 
Mefci Moose and 2 Prime Boildi 
Sites. Offers invited in region 
£80,0011 Freehold. 

Dr toffs: 

Eaat Preston Office (09062 ) 3202 t 
Fox A Sons, 4 firoadmark Parade 
Rnstington - Tel: (090621 73131 


8ESIDEHTIAL PROPERTY A0VERTIS1M6 

X£i,Only £ 2 . OO per linci. (mMiinanm three Uries)- | 
coupon -Wttii details of your property 
vfitb' yaur cheque 'and publication wiH take* place neori.. 

■ • j. • . __ _ . : .. ; y j 


. . classified Advertising departments?: “■ 
4^ANGtAL;TTSQS.;io. cannon street,' ecsf; 4B? 
W- telepJMme 01-248 8000,- ext: 390 j. ’;* 















. • 


Financial Times Sa turday September -16 1978 

MOTORING/GOLF 


‘rv-T 


5 Red sales 
% to the 

-. _ e 

§ fun set 

? ?. * 

■i2’ BY STUART MARSHALL 


CAN A CAR'S paintwork affect 
the way it is driven? The 
' professor Audi hired to advise 
• them on colour schemes for tiie 
big Audi 100 said it could. On 
, no account, he warned, must the 
cars be painted red. They would 
' make the drivers feel aggres- 
' sive. 

That was two years ago. The 
new Audi 80 which made its 
, debut this week looks so similar 
lo the 100 that it is difficult to 
lell them a pan unless they are 
; actually parked alongside one 
: another. Yet the Audi 80 GLE 
I cruised on the autobahn at 
over 100 mph a few days ago 
. was finished in gleaming red. 

What. 1 asked Audi manage- 
' ment. was the explanation ? 
■Hod the theory been exploded ? 
The answer was short, even 
enigmatic. The professor, taid 
the top man from Audi, is for 
us not working any more. . . . 

Whether red paint does act on 
drivers like red rags are sup- 
posed to act on bulls Z really 
cannot say. I’ve never experi- 
enced overwhelming urges to 
cur up the competition when 
driving my own scarier Marina 
1.3 estate, but perhaps that is 
nothing to do with the colour. 
But I can say that the feeling I 
got from the red Audi 80 GLE 
was of comfort and relaxation 
at cruising speeds one dare not 
even think about in speed- 
limited Britain. Not once did I 
even want to shake my fist at 
my fellow road users. 

The GLE, which has a fuel- 
injected, 1.6-litre engine de- 
veloping 110 horsepower, is the 
fastest of the new Audi 80s with 
a top speed of 113 mph and a 
0-62 mph acceleration time of 
slightly over ten seconds. Alter- 









The new Audi 80. Family resemblance to the bigger 100 model is striking. 


native engines are a L3 litre 
developing 55 horsepower, and 
two-carburetter versions nf the 
1.6 litre producing 75 and 85 
horsepower respectively. Only 
the GLE needs four-star fuel; 
the others run on two-star. 

All the engines are currently 
used in other Audi "and .Volks- 
wagen cars. A diesel Audi 80 
is in prospect and Audi foresee 
the rime cuming when 50 ppr 
cent of their production will he 
diesel-powered in offset ever- 
increasing fuel prices. 

Mechanically, the new Audi 
80 has a great deal in common 
with the existing model, which 
is a very cloii! relative to the 
Volkswagen Pascal. It seems 
unlikely that the 1.3-engmed 
Audi SO will he coining to 
Britain hecau.se Audi as a 
marque i* being moved up- 
market nf Volkswagen. And that 
is. why there won’t be an Audi 
SO estate car any inure. In 
Germany, the estate car is not 
the status symiujl it is some- 
times thought tu he here. Its 
connotations are of small busi- 
ness. not broad acres. 

I tried ail Lhc new cars — the 
1.3 L. an automatic LS with 75 
horsepower engine and an 85 
horsepower GLS with manual 
transmission as well as the most 
powerful GLE They all im- 
pressed with the excellence of 


their ride over every kind of 
road surface. Steering is quick 
and light, with a compact turn- 
ing circle. There is almost no 
tyre rumble. 

Refinement is a strong point. 
The engines arc so smooth run- 
ning that one is tempted to 
over-exploit iheir willingness to 
spin up io high speeds. Even 
ai the red-lined 7,000 revolu- 
tions per minute, the GLE was 
ri"l ai all strident. If anything, 
it was quieter cruising at 100 
mph than it was at between 85 
mph and 90 mph. 

The less powerful cars are 
correspondingly lower ge-ared. 
All pull nicely in third or top 
in traffic and the light Tooted 
can see how they are saving on 
fuel at a glance. Next to the 
petrol gauge is the economcter; 
the harder and more wastefully 
you are driving, the higher up 
tiie scale the needle moves. 

The body is a four-door 
saloon, subily wedge shaped so 
that the boot is exceptionally 
deep but the rear window line 
is not so high that it makes 
reversing difficult Big. wide 
opening doors make getting in 
and out easy. Visibility is ex- 
cellent and the doth seats most 
comfortable. As in the Audi 
loti, the bottom safety belt 
anchorages are fixed to the seat 
Whatever their height, driver 


and front passenger can cluuk- 
ciick equally comfortably. 

Instrumentation is easily 
seen and even the 1.3 has a rev. 
counter. AH switches are dis- 
posed on either side of the 
instrument panel, a sensible 
idea pioneered by. Citroen with 
the CX and followed by Fiat 
with the Ritmo. 

The new Audi 80 will be seen 
at the Motor Show at the NEC. 
Birmingham, next month and 
will go on sale in Britain early 
in the new year. Prices are un- 
known, but are likely to show 
only a modest increase on those 
of the present model. 

The fuel injected GLE will 
arrive a little later than tiie 
carburetter models. Ultra low 
profile. 60 series Pirelli P6 
tyres will be an optional extra. 
Two-door saloons will go into 
production next March. No one 
actually said so, but a succes- 
sor to that elegant car. the 
former Audi 100 coupe, is 
clearly in prospect. It will be 
based on Audi 80 mechanicals 
but with a five-speed gearbox. 

VW-Audi think the new SO 
will bring about an even 
balance between sales of their 
top models, the 100, and the 80. 
At present the 100 outsells the 
80 here by nearly two to one. 
Who says there is no money 
abnut? 


A dream 
course in 
paradise 

MY PERSONAL search for the 
ultimate golfing paradise ended 
earlier this meek soon after 
arrival here at Pacific Harbour 
Golf and Country Club to cover 
the Gilhey’s Gin-sponsored 
South Seas Classic, the first 
event carrying Order of Merit 
points on the £im Australian 
tour, and the only major tour 
tournament played outside that 
continent. 

A labour or love that by next 
February- will have been 
diligently pursued for a quarter 
of a century has taken your 
fortunate correspondent to 
many idyllic golfing locations. 
Of those that spring 
immediately to mind, Pevero 
on the Costa Smeralda in 
Sardinia and Prineeville at 
Hanalei on the most remote 
Hawaiian island of Kauai must 
rank high nn my list of the 
top ten new get-away-from-it-all 
holiday resort complexes. 

But Pacific Harbour goes 
immediately to the top of the 

list for a variety of good reasons. 
Ironically, all three courses are 
the brainchildren of Robeit 
Trent Jones, both Senior and 
Junior, Bobby Junior with 
Prineeville and this magnificent 
venture outpointing his 


ftfOTOR -CARS 


EUROPE’S LEADING SPECIALIST CAR AUCTION CO. 




- INVITE ENTRIES AND BUYERS TO THEIR NEXT 

BUCKINGHAM PALACE ROAD 




COINS 

JAMES MACKAY 


PORTUGUESE exploration of 
the African coast and the dis- 
covery of the sea route to the 
Indies transformed one of the 
poorest countries in Europe into 
the richest in the 15th century. 
The gold of Africa and the 
Orient found ils way quickly 
from Lisbon to Antwerp, then 
the great bullion market of 
Europe. The Portuguese ex- 
changed gold for silver which 
was in gr-? 2 t demand in the 
East and this stimulated the 
revival of silver-mining in 
central Europe. This coincided 
with the invention of techniques 
for refining silver and the dis- 
covery of new deposits in 
Bohemia and the Tyrol. It has 
been estimated that the output 
of silver in central Europe in- 
creased five-fold between 1450 
and -1530. - 

Hitherto European coinage 
was dominated by gold, but now 
there was a decided swing to- 
wards silver. In 1486 Archduke 
Sigismund of Tyrol began strik- 
ing a silver coin of the same 
value as the gold florin or 
gulden. This guldengroschen 
was the prototype of the 
numerous large silver coins 


ON SATURDAY SEPT. 23rd at 11a.m. 

If j'ou have a fine post war sports car allow us to show it to over 2,000 prospective pur- 
chasers and realise its full value. 


Entries will include 100 sports cars. 

1963 AUSTIN HEALEY 3000 
1976 LAMBORGHINI URRACO 
1973 FERRARI D1NO 246GT. 

1956 JAGUAR XK140 Coupe 
1946 MG TA Green 

1973 ALFA ROMEO MONTREAL 

1952 LVT SPECIAL 

1961 DAIMLER DART B.R.G. 

1964 JAGUAR “ E ” TYPE 2+2 

1953 BENTLEY MK6 

1973 ASTON MARTIN V8 

1954 TRIUMPH TR2 
1976 SPARTAN V8 

1967 AUSTIN HEALEY 3000 

1957 ROLLS-ROYCE SCI L.H.D. 

1969 RELIANT SCIMITAR 

1974 MUSTANG GH3A II 
1964 ALFA ROMEO SPYDER 

1970 MARCOS 3 LITRE 


Some early consignments include: 

> 1958 LOTUS ELITE 

1954 SUNBEAM ALPINE 
1949 MGTD CONCOURS 

1967 TRIUMPH TR4A 
1973 BMW 3.0 CSI 

1965 BENTLEY Continental 

1955 AUSTIN HEALEY 100/6 

1960 DAIMLER DART Red 

1968 LOTUS ELAN S4 

1957 BUCKLER Sports 
1965 PORSCHE 356C 

1970 JAGUAR “E” Type Special 
1959 JAGUAR XK15 Drophcad 
1965 PORSCHE 911 Coupe 

1958 JAGUAR XK150 Coupe 

• 1967 JENSEN INTERCEPTER FF 

1958 AUSTIN HEALEY SPRITE 
1949 BRISTOL 400 Airflow 

1961 MORGAN +4 Coupe 


' ^ .jjjsi' 


i r : . 


There is still time to consign your car. Be sure to request your entry form today. Pros- 
pective bidders must register prior to the auction and leave a refundable £100 deposit to 
obtain a bidders card. 

Victoria and Co. have a permanent display of- cars for sale at their showrooms in Bucking- 
ham Palace Road. 

ENTRY TO THE AUCTION WILL BE BY 
CATALOGUE ONLY 
U.K. £4 OVERSEAS AIRMAIL £5 

PLEASE CONTACT US FOR FURTHER INFORMATION 

199 BUCKINGHAM PALACE ROAD, LONDON, S.W.1. 

Telephone 01-730 9438/9. Telex 886838. 


CHESS 


LEONARD BARDEN 


BRITAIN'S YOUNG chessplayers 
scored two encouraging successes 
late last mouLh in important 
European tournaments. John 
Nunn's victory at age 23 in the 
traditional Tungsram inter- 
national at Budapest was a re- 
markable achievement by an 
amateur — Nunn is a mathematics 
tutor at Oriel College. Oxford — 
against the East European pro- 
fessionals. 

Very few Westerners have ever 
gone to a major event in 
Eastern Europe and won. and to 
crown the result Nunn’s score of 
10 points from 15 games 
qualified him as Britain's fourth 
grandmaster after Miles. Keene 
and Stcun. His first grandmaster 
norm came in London at last 
year's Lord John Masters. 

The Tungsram event, spon- 
sored by Hungary's leading 
manufacturers of light filaments, 
always has a powerful entry, and 
Nunn finished ahead of. seven 
grandmasters. The full result was 
Nunn (England) in. Csom 
(Hungary! 9J, Adorjun PHun- 
gary) and Kuzmin (USSR! 9. 
Vadasz (Hungary! and Medxus 
(U.S.) Si. Malich (East Ger- 
many) and Jansa (Czech) S, 
Barczay and Groszpeter (both 


BRIDGE 

E. P. C. COTTER 


IN TODAY’S two deals from the 
Open .Pairs at the recent Olym- 
piad. the declarers had to dig 
deep foe the tricks which were 
needed tn fulfil their contracts. 
Here is the first : 

N. 

♦ K.T7 0 
. 3-T42 

vK82 
+ AJ6 


renowned father by two to one. 

In terms of sheer invention, 
innovation and constructional 
genius, Pevero and Pacific 
Harbour arc poles apart, 
literally as completely different 
as two golf courses could be in 
terms of their sellings. While 
Pevero was hewn out of barren 
rock, with its 18 ribbons nf 
, cultivated grass created as a 
[ unique basis in a singularly 
. rugged landscape, Pacific 
[ Harbour could not possibly be 
. lusher or more beautifully 
I verdant The whole wonderful 
. development has been carved 
: out of a reclaimed swamp that 
■ meanders between the ocean 
, and the jungle-strewn tropical 
rain forests set on precipitous 
1 hills that loom dark and for- 
. bidding on the outward halt of 
| the course. The inward nine 
, holes are far less imposing 
, since they are set in the largely 
t fiat swampland interlaced by 
irrigation ditches and a network 
, of artificially created canals. 

I But with the almost ever 
present breezes constantly 
: changing direction they pose 
their own different problems. 
The myriad colours of the 
tropical trees, shrubs and 
flowers now make the whole 
area a riot of colour. But those 
who saw the site before it was 
reclaimed and construction 
began were unanimous in their 
opinion that everyone concerned 
with the development had to 
be raving mad. 

Now they are rightly 
acclaimed as men of genius 
and Pacific Harbour, put on the 

struck all over Europe in the 
161 h and 17th centuries. By 
1500 guldengroschen and their 
equivalents were being minted 
in Hungary, Austria and Swit- 
zerland. 

In 1519 Stephen. Count of 
Schlick, in northern Bohemia 
took up an option from the 
Imperial Court to strike coins in 
his territoiy where some of the 
richest seams of sliver had 
recently been discovered. Soon 
the silver coinage of Schlick was 
as plentiful in circulation as the 
Saxon pieces. They were nick- 
named Joachimsthalers. after 
the silver mines and minting 
house at Joachimsthal (Jachy- 
mov) in the Erzgebirge moun- 
tains. Eventually this was 
shortened to thaler or taier and 
came to be applied to almost any 
silver coin of this size and 
weight— even retrospectively to 
coins which had been in circula- 
tion long before the Schlick 
mint was in operation. 

Ironically, the success of the 
Schlick family was their un- 
doing. Ferdinand I of Habsburg 
ascended the throne of Bohemia 
in~1526 and two years laler the 
Joachimsthal mines were the 
subject of a royal takeover. 
Under Habsburg control 
Joachimstbal's output was 
greatly increased and by 1533 : 
had surpassed the combined out- < 
put nf ail the silver mines in i 
Salzburg and the Tyrol. This 
encouraged the issue of similar 
coins in many of the 


Hungary) 71. Ree (Holland) and 
Lukiics (Hungary) 7. F. 
Portisch (Hungary) 6$. Regan 
(U.S.) 51, Fernandez (Cuba) 5, ; 
Hardicsay (Hungary) 3j. 

One of John Nunn's favourite 
openings is the Tarrasch DeEence 1 
to the Queen’s Gambit, where ; 
Black takes on a weak isolated 
queen's pawn but has active 
piece play. 

White: L. Vadasz (Hungary). ' 
B1ack : J. D. M. Nunn (England). ■ 
Opening: Queen’s Gambit. Tar- 
rasch Defence. > 

1 N-KB3. P-Q4; 2 P-B4. P-K3; 3 ' 
P-KN3, P-QB4; 4 B-N2, N-QB3; 5 
0-0, N-B3; 6 PxP, PxP; 7 P-Q4, 
R-K2; 8 N-B3. 0-0; 9 B-N5, PxP; 10 
KNxP, P-KR3; 11 B-K3. R-Kl; 12 
NxN, PxN: 13 Q-R4 (a new idea, 
to put early pressure on Black’s 
weakened pawns j. B-Q2; 14 Q-B2, 
Q-BI! (the best counter, probing 
lor counterplay against the white 
king); 15 KR-Q1, B-KR6: 16 B-Rl? 
(White should play 16 N-R4), 
N-N5: 17 B-Q2. Q-K3: IS B-Kl, 
QR-QJ; 19 P-K4, Q-B3: 20 PxP? 
(overlooking the threat: White 
lias lo admit his mistake on 
move 16 and play 20 B-N2>, 
N-K0! 21 Q-R4, NxR; 22 RxN, 
PxP; 23 NxP. Q-K3; 24 B-E5 
(wilh knight and pawn for rook. 
White appears lo be still in the ( 
game, but liis back rank is * 
weak), B-QB4! *25 Q-B2 (25 ExR, , 
Q-KS ch). B-N3; 26 NxB. Q-B4! j 
27 RxR. RxR; 2S Resigns. a 

An elegant finish. If 28 Q-R4, r 
QxQB! or 28 R-K4. QxKB or 28 I 
QxQ, R-Q8 ch. s 


GOLF 

BEN WRIGHT 

Sept 15. 


golfing map by the foresight 
of the sponsors nf the South 
Seas Classic, will be the venue 
next month of both the world 
amateur team championships, 
the Eisenhower Trophy for men 
and the Espirito Santo Trophy 
for women. 

The hundreds of golfers 
involved are going to have an 
unforgettable experience in 
every way. If there is a more 
pleasant race than the Fijians, 
Z have yet to encounter it: a 
veritable nation of smilers 
whose unfailing politeness and 
good humour will do much to 
heal the wounds that this big 
golf course will inevitably 
inflict on even the most profi- 
cient and experienced players. 
Tears are going to be shed here 
in plenty, make no mistake. And 
18-hole scores in three figures 
will be .commonplace. 

The outward half will cause 
so much agony one can only 
hope that some nf the medicine 
distilled by this week's sponsor, 
which has been on sale near 
the 10th tee because the club- 
house is a quarter of a mile 
away, will be left over for next 
month’s protagonists. 

The ditches and canals will 
cause most of the grief, since 
they intervene at practically 
every hole. The bill for the 
timber alone required to pro- 



principalities, bishoprics and 
free cities of the Holy Roman 
Empire. Among the first to 
issue such thalers were the 
Elector of Brandenburg, the 
bishop of Wurzburg and the 
imperial city of Lfibeck but by 
1550 thalers were being pro- 
duced in the name of every 
petty princeling. 

A state of monetary chaos 
existed in the Holy Roman 
Empire throughout the 16th 
and 17th centuries, compounded 
by the series of quasi-religious 
wars which reached its peak in 
the Thirty Years War (161848). 
The Holy Roman Empire tried 
vainly to bring some order out 
of confusion by establishing 10 
regions or circles whose 
monetary authorities could more 
easily control the movement of 
coinage and regulate the size, 
weight and fineness. Prussia, 
Bohemia and Hungary, however, 
remained aloof from this 


The other fine British result 
last month came from Tony 
Miles, who at the annual “wine 
tournament ” at Montilla in 
Spain tied for second prize with 
Gligoric, Hort and Bellon wilh 
6 out of 9, and won his individual 
game against Boris Spassky, who 
was half a point in front. 

White: Tony Miles (England). 
Black: .Boris Spassky (Soviet 
Union). Opening: Queen's Indian 
Defence. 

1 P-Q4, N-KB3; 2 P-QB4, P-K3; 
3 N-KB3. P-QN3; 4 B-B4. B-N2; 

POSITION No. 233 
BLACK (9 men) 



vide hundreds of red, yellow 
and white stakes to define water 
and lateral water hazards and 
out of bounds must have been 
enormous. One of my few 
criticisms of the course is that 
too much of the water is classed 
as out of bounds. It would be 
much fairer if the stakes were 
placed beyond the water, since 
■ most of the jungle there is 
1 impenetrable in any case. 

1 The sixth, seventh and eighth 
’ holes will prove to be a verit* 
| able disaster area. Double 
figures will frequently be 
writen on the cards at the 548- 
1 yard sixth, perhaps the toughest, 

1 definitely the most claustropho- 
bic. and certainly the second 
most beautiful par five I have 
ever seen, excelled in this 
department only by the 15th at 
1 Harbour Town links on Hilton 
Head Island off the shores of 
South Carolina. 

The entire hoie, as is the case 
with the almost equally difficult 
seventh of 430 yards, is bounded 
by water. But the sixth is visibly 
more menacing because it 
swings left down a narrow valley 
flanked by those steep, dark 
satanic hills. The tee shot is 
fearsome because it must be hit 
nn to an island inhabited on 
the left by a large bunker. A 
lateral water hazard from tee to 
green on the right is connected 
lo the out of bounds canal on 
the left by two water hazards 
that create the island. Bunkers 
left and right on the “mainland” 
beyond further complicate 
matters and two more, one on 
each flank, make a small green 
no easy target. 

arrangement, and other 
countries, such as Denmark and 
Sweden, which struck thalers 
or dalers of their own, were not 
involved with imperial edicts at 
all. 

The best known of all the 
thalers are those bearing the 
profile of the Empress Maria 
Theresa, dated 17S0. which were 
introduced to the Middle East 
two centuries ago and became 
so papular that they have en- 
dured to this day. 

The thaler, as legal tender, 
came to the end of its career 
in 1872 when following the 
establishment of the German 
Empire under the hegemony of 
Prussia, the mark of 100 
pfennigs became the monetary 
unit. One of the last thalers 
to he minted was the Victory 
Thaler of 1871 celebrating the 
Franco-German War. In fact, 
if not in name, the thaler sur- 
vived in the large commemora- 
tive coins in denominations of 
2, 3 or 5 marks, struck by no 
fewer than 25 kingdoms, 
principalities, duchies and 
cities of the Reich from 1873 
to World War I. - 

Glendining’s sale of English 
and foreign coins on September 
20 contains over 40 lots of 
thalers, dalers, daalders. and 
other ancestors of the dollar. 
Typical of the florid design of 
these coins is the thaler of 
Archbishop Johan Ernst of 
Salzburg, 1692, which is 
illustrated here. 


5 P-K3, B-K2; 6 P-KR3, 04); 7 
N-B3, P-Q4; 8 PxP, PXP; 9 B-Q3. 
P-B4: 10 (M). N-B3; 11 N-K5. P-B5 
12 B-B2, P-QR3: 13 P-KN4, 

P-QN4; 14 P-N5, N-Kl; 15 Q-N4, 
P-N3; 16 QR-Q1, N-N2; 17 P-KR4, 
B-N5? (badly weakening his 
kings defences; a sound plan is 
P-N5 followed by P-B3); IS N-Q7, 
B-Bl: 19 NxQP! K-Rl (BxN; 20 
QxBl; 20 N5-B6, R-R2; 21 P-Q5, 
N-K2; 22 B-K5! RxN; 23 P-R5I 
RxP; 24 Q-B4, RxR; 25 RxR, 
Q-R4 (Q-N3: 26 P-RB): 26 N-K8I 
P-B3; 27 PxP. K-Nl (NxN; 28 
P-B7 ch): 28 NxN, Resigns. 

Black's game is in ruins. Spass- 
ky is the strongest opponent Tony 
Miles has ever beaten — so far. 

PROBLEM No. 233 
BLACKC6 men) 




WATERLOO 

CARRIAGE 

ENGLAND’S LARGEST LANCIA DEALER 

'38 48 7 HF CUT St‘1 Telephone 01 : '92‘8 1 92?' ' TELEX 9'I7033 : 



EDUCATIONAL 


[SPANISH INSTITUTE. 102. Eaten souarc. | 
S.W. 1 . Term sUrts on 2nd October. All I 
idvel courses In Soanbh tenouas* end 
Culture. Shorthand.- Audiovisual aids. 
"A" Lc*d lull time Post-crjduate 
course. "Espafla Cont«nporan«r». ■'Spanish 
CommcrcMi course. Full details 01-275 
I4B5. ; 


V. 

*5 

n q ip fi 3 
:■ Q 9 4 3 
* Q 8 4 3 


E. 

♦ Q 43 
V A S» 8 7 5 
•: Jin 
*K92 


CLUBS 


EVE. IBS. R event Street. T34 0557 A la 
Enrt- or All-m Menu. Thiee spectacular 
Floor. Shows ID 45. 12 45 *"d 1 45 and 
mush: of Johnny Hawhnsworth A Friends. 


♦ A 109 8 2 

K 

A 7 6 5 

*107 5 

West dealt at a love score and 
passed- North opened tiie 
btddinv with one dub. East said 
one heart, a typical overcall at 


match points, and South bid one 
spade. West jumped to four 
hearts, a deliberate overbid 
designed lo stampede tiie 
opponents into taking the wrong 
decision. As he had opened on 
a bare minimum. North passed 
in spite of his good spade sup- 
port, but South decided to com- 
pete with four spades, which 
became the final contract. 

West’s lead of the heart three 
was won by the Ace, and the 
declarer's King dropped. Pros- 
pects for making the contract 
were not bright, for in addi- 
tion to one loser in each red 
suit there were two club losers, 
and the trump Queen had to be 
picked up. 

East switched to the Knave of 
diamonds, which South won 
with the King on the table. 
Placing West with spade short- 
age in view nf his pre-emptive 
heart raise. South cashed the 
spade King, unblocking the eight 
in hand, and then ran the six 
from the table. When this held, 
he drew East’s Queen with the 
Ace, and returned the five of 
diamonds. West put up his 
nine, but East had to overtake 


WHITE (9 men) 

Spassky v. Korchnui. USSR 
Championship 1961. Taken from 
“ Korchnoi's 400 Best Games ” 
(Batsford) this diagram shows 
Korchnoi (Black, to movei wilh 
a positional edge but Spassky 
ready to simplify by P-QR4. 
Puzzle — find Black's best move 
and the tactical idea behind it. 


with the ten, which was just 
what the declarer had hoped 
for. 

As a dub lead seemed un- 
attractive. East decided to 
return a heart. Instead of ruff- 
ing, the declarer discarded one 
of his losing clubs, and West 
won with the Queen. Now the 
Knave of hearts was established, 
and would provide a home for 
South’s second club loser. 

In the second hand. East dealt 
willi both sides vulnerable : 

N. 

* J S3 
*53 

■' K 9 6 4 

+ KJ9S6 

W. E. 

* Q 7 4 2 * K 5 

* 10 8 72 l '; A Q J 5 4 

-17 a g 5 

*10 7 5 +AQ32 

S. 

♦ A 10 9 6 
K 9 6 

••• A Q 10 3 2 

+ 4 

East bid one heart. Smith 
doubled, Wesl raised to two 
hearts, and North came in with 
three clubs. After a pass from 



— 

— 

U 

r“ 

r 


■■■ 

■■■ 

■■■ 

■ 

■■■■ 

unmm 

mmn 


u 


□ 

Wl 

1 

UTE 

□ 
3 IT 

□ 

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■ 

r 5 


White mates in four moves at 
latest, against any defence (by 
W. A. Shinkmao). 

Solutions, Page 12 


the opener South said three 
diamonds. North raised to five 
diamonds, East doubled, and all 
passed. 

West led the two of hearts 
which was taken by Uie Ace, 
and East returned the Queen, 
which was hardly a dynamic 
defence. There must bo a good 
case - for leading the King of 
spades. As the cards lie, this 
defeats the contract. 

Winning trick twn with the 
heart King, declarer at once led 
his singleton club, finessing 
dummy’s eight. When this drew 
the Queen, the situation was 
more hopeful. Now, too late, 
East decided to lead the spade 
King. The declarer won, drew 
two rounds of trumps with Ace 
and King, and led the club 
King. This was covered by East 
and ruffed in hand. 

Now a heart was ruffed on the 
table, and the Knave of clubs 
was cashed. When the club ten 
dropped from West, the 
declarer's problems were over, 
because dummy's other tw ; i> 
dubs were masters and would 
caier for his two remaining 
spade losers, 





. nw» sMgjg .lift 


CAKEERS/F ASHTON 


Why the small village 
schools have to go 


Autumn 


changes 


BY MICHAEL DIXON 


AT THE crest of the hill mid* 
way between Strines in Cheshire 
and New Mills in Derbyshire 
stands a small, stone building. 
When last I entered, it was a 
thriving village school of some 
50 children. 

In its eastern half gentle Miss 
Gee taught all the five to seven- 
year-olds in an ample, friendly 
room with big French windows. 
At the age of eight, the pupils 
moved into the more sombre 
western room where until they 
were 11 they were instructed 
by the formidable head. Miss 
Whitworth. Despite or perhaps 
because of her sternness — to 
which the memory of occasion- 
ally stinging palms still testifies 
— Miss Whitworth is one of just 
four teachers in the whole of my 
formal education who taught me 
something which is of practical 
use to me today. 

Whether that building in 
Hague Bar works as a school 
today, 37 years after my leaving 
it, I do not know. But even if 
it does, there must be heavy 
odds that like numerous other 
small village schools maintained 
through local authorities, it will 
soon be shut as the numbers of 
pupils fall in train of the 
declining birth rate. Since my 
two years at Hague Bar were 
largely happy as well as 
valuable, 1 have some reason 
for endorsing the movement 
against the closure of such 
schools, which over the past few 
weeks has brought protest both 
verbal and active. 

The economic case for these 
closures no doubt seems strong 
from the point of view of educa- 
tion planners in central and 
local government As Thackeray 
said, however: ** We have but to 
change the point of view, and 
the greatest action looks mean." 

An example is the action by 
many authorities this year to 
shorten their schools* summer 
holiday by a week, adding a 
compensating week to the 
Christmas break, so as to 
economise on the cost of heat- 
ing and lighting. In national 
terms, of course, the result will 
be steeply increased use of 
energy as the cost is transferred 
.to and multiplied among tax- 
paying households and com- 
panies who rely on married- 
women workers. 

This example of cynical 
official concern with depart- 


mental, as opposed to pnblic, 
budgets gives warning against 
easy acceptance of any measure 
represented by governmental 
interests as an " economy.” And 
although I am persuaded that 
the decisions to close small 
schools are generally free from 
such official self-serving, the 
economic calculations which 
argue for the closures can 
hardly have taken account of 
all the extra “ costs ** which will 
be imposed on children and 
parents affected. Even, for 
instance, if local authorities pay 
for special transport to take 
every former village-school 
pupil and teacher to some 
larger central establishment 
(which I doubt that they will) 
the families involved will 
surely suffer considerable addi- 
tional inconvenience, not least 
from the lengthening of their 
working day. 

In dwelling on such inconveni- 
ence and extra personal expense 
as arguments against the 
closures, however, I am well 
aware that the bulk of the 
parents and teachers now pro- 
testing will think that I have 
missed the point. Their anxiety 
is not about the nuisance and 
pin-money costs of the decision, 
but against what they see as the 
consequent “educational losses ” 
These include the transfer of 
pupils generally from small to 
large classes, and from the 
intimate educational community 
of a village to the more im- 
personal collective of a town. 

But I have not missed the 
point, because I do not believe 
that these changes which are so 
widely thought to be educational 
losses, are justified as such by 
the evidence. 

It seems to me that the high 
value publicly set on small 
classes and intimate communi- 
ties such as Hague Bar, follows 
from a mistaken, romantic view 
of education as some ideal 
commodity, divinely devised so 
that the more of it everybody 
has, the better we all shall be. 
In reality, education is not like 
that at 'all. 

It is a set of practices carried 
on by fallible human beings, a 
small proportion of whom are 
good at their job. and another 
small proportion bad. with the 
dominant proportion tending 
towards the merely average. 
Moreover, while education may 


or may not endow its customers 
with benefits such as a sensitive 
appreciation of “ community.” 
its main effect on children's 
lives is the increasingly import- 
ant one of determining their life 
prospects according to their 
attainment in academic 
examinations. 

That kind of attainment is 
clearly an inappropriate 
criterion in most cases for 
selecting youngsters for a good, 
bad. or even no job at ali But 
the fact is that examination 
passes are being used more and 
more rigidly to determine 
career prospects. And for as 
long as they are used in this 
way, academic attainment will 
be what counts most in a child’s 
education. 

Now. it is well known in the 
teaching and associated profes- 
sions that despite the emotional 
appeal and comfort of small 
classes, numerous research 
studies have failed to connect 
them with improved academic 
attainment. If anything, the 
balance of evidence seems to be 
in favour of large classes. The 
most obvious inference is that 
the main influence over attain- 
ment is the skill of the teacher, 
and that good teachers tend to 
be given larger classes. I see no 
reason to believe that simple 
transfer from a small to a large 
school must make a good 
teacher mediocre, or nice versa. 

What is more important to the 
argument about the closures, 
and less well known to the 
educational profession, is that 
the recent survey of primary 
schools’ performance to be pub- 
lished soon by the Department 
of Education and Science, has 
produced evidence which seems 
to be actively against the preser- 
vation of the village variety run 
on Hague Bar lines. 

The survey— which incident- 
ally has found all but 3 or 4 per 
cent of the schools to be con- 
centrating on teaching the 
Three Rs — shows that attain- 
ment among children at estab- 
lishments like Miss Whitworth's 
where different age groups are 
all taught together, is markedly 
inferior to that of their counter- 
parts taught in one-year age 
bands. The important educa- 
tional evidence therefore seems 
in favour of the closing of the 
small village schools. 


BY ARTHUR SAN DLES 


THREE WORDS sum up fashion a g { 
for this autumn — tweed, cord hig 
and leather. Over the next few ro a 
weeks as the shops get into their jnc 
full autumn and winter selling em 
pace you will see an increasing lei! 
amount of all three and I 
although the fabrics sound, and col 
often are, casual the mood is ml 
one of close attention to detail cet 
and style. sor 

Denim ha$ largely dis- jj? 
appeared from the fashion .end rr~ 
of the business, in spite of its 1X16 
massive continued sales in the 
High Street. Cord has moved ^ 
in to take its place as the basic l. 
jeans material and you are ; 
likely to find cord used in ' 
jackets and even shirrs. Colours 
are traditional autumnal, with 
lots of beige, rust and, here and 
there, some greys. 

The mood at the moment Is 
one of revolt against the “ who 
cares ” attitudes of the past few 
years. We may be taking a \ 
teetering step towards a return ;• 
to those days when what you • 
wore to a particular occasion ■ 
really mattered- 

The nicest change is surely 
to shirts. The highly tailored ■ 
crisp styles of the early seven- 
ties are giving way to softer s 
lines and softer fabrics {Viyella- : 
style). Buttons and tabs are [ 
reappearing on collars. 
Designers have shied right away 
from the vivid starkness of a . 
couple of years ago and gone : 
instead for the more muted 
tones. Ties, too, are subtler, less s 
abrasive. 

All this is not just fashion 
fancy, as the lovable Tommy : 
Nutter, who has just signed to 'y l 
do 1979 collections for Austin 
Reed f Cue shops) says: “ There L \ 
are more major innovations in . 
men’s clothes than there have * *'■ 
been in a decade. After a 
period of more than JO years of ■. ■ 
widening things the force of 4 . 
fashion gravity will begin to v ‘ •. - 
reverse.” 

Ebony in London’s South . - 
Molton Street is one of the 
best places in the world for 
getting a glimpse . of clothing , 
several paces ahead of the •• 
crowd. Much of the stock may j 
be a little extreme for every- • 
day City use but for evening ;• 
wear Ebony’s shirt ’range takes ) ” \ 
some resisting, as - does the £ 


knitwear (all hand-done so be 
prepared for price shocks). You 
might even emerge wfth some 
silk-lined leather trousers for 
£150. 

Ebony and Mr. Nutter are a 
bit in advance of the bulk of 
tie goods which axe likely to 
be on show at the MAB Inter- 
national Menswear Fair. The 
Fair opens this week-end for the 
trade and gives high street re- 
tailers a chance to stock np 
for next spring. It is a bread- 
and-butter working show, not 
high fashion. If the advance 
material is any indication the 
industry clearly thinks that the 
emphasis in 1979 will still be on 
leisure wear. The Fair, which 
I hope to review in a later 
column, is usually a sound re- 
minder that the fantasies of 
central London and Paris take 
some time to echo out, and that 
by the time they do some sense . 
has normally been knocked into 
them. 



The shirts above, in gentle, soft fabrics, come 
from Peter Hoyle, South Molten Street, and 
range In price from £21 t»£2£S0. Peter Hoyle 
is an ideal shop for anyone looking for helpful 
guidance towards style rather than trendiness. 
Hoyle himself is a chunky six-foot plus and 
sympathetic towards those who do not have 
model proportions. 

The St Laurent salt (below left) Is from 


him. It is in wool with lambswool, with cord 
trim and a cord waistcoat and costs £168. The . , U * 
casual outfit on the right comes from peter V|C* jl i 4 
Brown branches up and down the cormtrv. lil» 


casual outfit on the right comes from Peter V] 
Brown branches up and down the cotufixy; ill 
The jacket costs £25.95. The cord, trousers ‘ 
come complete with ■ cord braces — £14.99. 
Peter Brown has tweed suits from £49.99 and 
Harris tweed from £110. 














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The spoken word 



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At Rockwell International, we’re in the 
business of putting technology to work. 
And our technology has made us a leader 
in the business of communications. 

The voice of every NASA astronaut 
has been heard via Rockwell-Collins equip- 
ment Our capabilities include making 
small HF sets and designingand building 
entire national microwave systems 


incorporating satellites and computers. 
Most western airliners carry our avionics, 
and our air traffic control systems are widely 
used. All this is Rockwell technology at work. 

And when it comes to the written 
word, you'll find that many major 
newspapers and other publications are 
printed on our Rockwell-Goss presses. 

High technology communications is 


a major part of our business. But we also 
apply the same standards to our other 
activities-automotive, power tools, energy, 
micro-electronics, industrial sewing 
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And of course, the spoken and 
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Rockwell International. Putting 
technology to work-for you. 


tf you would tike to know more about 
us, please write to The Communications 
Director; Rockwell International Limited, 
Rockwell House, 23 Grafton Street, 
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THE TROUBLE with much of 
do-it-yourself is that those who 
advocate it become carried away 
by tbe technique and tbe excite- 
ment of the “ doing " so that 
often the actual desirability of 
the end product seen is to get 
lost along the way. a book that 
manages to combine a sense of 
fun and taste with instructions 
as to how j r ou might achieve 
some bright ideas yourself, is 
therefore very welcome. 

Bright Ideas for the Home 
manages to do just that. It is 
the brainchild of a Danish 
couple. Per Dalsgaard and 
Elisabeth Erichsen, who were 
driven, to making their own 
furniture not only because most 
of what they saw* in the 
shops was too expensive but 
primarily because they couldn’t 
actually find anything they 
wanted to buy. Per Dalssaard 
therefore set about making 
furniture for himself. He 
bought himself an old sewing- 
machine and, using a minimum 


of tools (a hammer, a saw. a 
brace) he furnished the house 
with such style and . panache 
that friends began to want 
some. too. Magazines began to 
ask for pictures and finally, a 
publisher wanted a book: 

The book is basically very 
young in spirit. You won’t find 
in it approximations of Empire 
chairs, or grand Jacobean tables 
or dinky little occasional tables. 
What you will find are bold and 
colourful ideas, many of them 
very simple (like the trestle 
table) others only a little more 
complicated. 

What makes this book so 
special is its freshness of 
approach. Just the ideas for 
perking up a deck-chair are sn 
ingenious and so numerous that 
I long to get cracking on our 
own. Whatever your mood there 
will bo some kind of deck-chair 
cover to suit it. 

The ideas range from tbe larEo 
and ■ money-saving (like the 


four-poster bed) to the small 
and charming (many of which 
would make useful and tiitully 
original Christmas presents). 
For those who can't brine them- 
selves to tackle the realty big 
items, there are instructions and 
suggestions for making a stripey 
rucksack fyou wouldn’t see 
many others like that), child- 
ren's oilcloth tidies, some of 
w-hich are so attractive they 
double as wall-decorations. 
There, are bulletin display 
boards and a whole host of in- 
genious suggestions for using 
enrk (our photograph, above 
left, shows some of them). 

But if you really want to 
save money or want to tackle 
the weightier pieces of furni- 
ture, then the authors make it 
seem easy and fun. I have not, 
I have to admit, had time to 
tackle (he making of anything 
myself, but they do seem to 
have such attractive ideas that 
it 1 were in need of a sofa, or 
a chair, or an attractive dining- 


table. I might well turn to them 
for advice. 

They offer something like 
four different table designs, 
several different chairs and 
sofas (some of which are photo- 
graphed, above, right), ranging 
from the really young and in- 
formal to designs that are 
rather more classic. 

On the whole they suggest in- 
expensive materials like chip- 
board and foam rubber but the 
results are far from cheap look- 
ing. because they are trans- 
formed by wir and taste and 
that indefinable ingredient of 
style. So, whether you actually 
need to furnish a new house, or 
just want a few ideas on how 
to make over an old dcck-cbair. 
whether you want to learn how 
to make some original presents 
or contrive a dining-table for 
next-to-nothing, this book will 
have something for you. 

It is published by Macmillan 
and costs £5.95. 


Bar one 

MOST bars, whether designed 
for offices or home, look awful. 
There's something about the 
idea of designing a bar that 
seems to corrupt most designers’ 
sense of taste. Nonetheless a 
unit that prettily and efficiently 
houses drinks, ice, mixers and 
the like is obviously a great 
asset — too many journeys to 
fetch all the required 
ingredients aren’t conducive to 
•connected conversation and 
putting your guests at ease. 

I liked this mobile drinks unit 
because it seems to’ me to do 
everything that a mobile bar 
unit should and look good as 
well. 

Called Igloo, it is made from 


Perennial pans 

SAUCEPANS HAVE become so 
expensive that really good ones 
are almost like heirlooms — and 
cost just about as much. A 
good, simple range that is not 
too expensive hut is nonetheless 
sturdy and long-lasting is David 
Mellor’s own range of heavy- 


white, black or brawn AB5 
plastic and runs on castors so as 
to make it easy to move around 
within the distance allowed by 
the flex. 

Inside is a fully' insulated 
refrigerator where wine, spirits, 
soft drinks and mixers can be 
chilled, an ice-making box and 
some non-re frigerated space for 
bottles and glasses with a slide 
out shelf. 

It is designed and made in Italy 
but in this country is distributed 
by Mines and West, Downley. 
High Wycombe, Bucks. It is 
meant primarily for offices but 
I think it could be. equally useful 
at home. Find it in office and 
contract furniture suppliers or 
contact Mines and West’ for 
stockists. It is £195, exclusive 
of VAT. 


gauge aluminium saucepans. 
They were first designed by him 
way back in 1969 V to coincide 
with the opening of his shop at 
4, Sloan e Square, London, SWl. 

In the early days quantities 
were rather small but the 
demand proved great enough to 
warrant organising production: 
on a larger scale at Russell 



Rimes,- who now not only make 
them in greater numbers but 
also have increased tbe range of 
sizes. 

All pans are of heavy-gauge, 
top-quality aluminium, with 
thick machined bases to ensure 
ah- even distribution of heat. 
The handles and knobs are of 
English ash. Sizes start at a 
6 - in diameter milk pan for 


£10.25. then there are three 
shallow saucepans with lids, 
6 in, 7 in and 8 in for £11.85, 
£12.27 and £13.39 respectively. 
Finally there are three deep 
saucepans with lids, 6 in. 7 in 
and 8 in at £11.85, £12.94 and 
£14.05 respectively. All ■ are, 
of course, available at David 
Mellor who will post for £1.50 
extra per pan. 


Eace up 
to Autumn 


ALTHOUGH you may not be 
wearing 'much make-up now— a 
bare minimum of cosmetics 
looks fine on a lightly tanned 
skin — there always comes a 
moment. when the darker tones 
of autumn clothes end e fading 
tan call for a fresh palette of 
makeup colours. This autumn 
sees an even greater change 
than usual. The. pretty young 
girt of .spring has grown into 
a gJ amorous woman and a 
much,- . much more striking 
make-up is called for. With the 
more muffled clothes of autumn, 
with all the burgundies, clarets 
and blackcurrant colours, a 
stronger, but hot heavier, face 
will be essential. 

Hair, too. is more dressed up 
this autumn: there’s nothing 
natural looking about the 
intricate braids, plaits and 
twists. that are the newest way 
of dressing hair for parties this 
winter. As anyone knows who 
has worn the tightly permed 
“ coupe sauvage " hairdo, 
stylised hair doesn r look right 
with a barely made-up face: a 
more ■ dramatic make-up is 
needed, to balance and com- 
plement 

O Don't be sby of colour 

Eyes are a good place to start 
They are a focal point which are 
often neglected. If you have 
been wearing very littie or only 
a muted brown shadow, try 
experimenting with the more 
vibrant colours like grey-green, 
real blue, violet plum and 
aubergine. And for evening, 
try colour blending, mixing un- 
expected tones together such as 
blue with pink, green with 
yellow, olive with apricot and 
turquoise with heather and 
violet. Estee Lauder's automatic 
creme eyeshadows are excellent 
for blending and come in the 
new autumn colours. Burnished 
Burgundy being one of the out- 
standing new ones. 

Be sure to take your shadow 
colours right round the eye. 
smudging them softly close to 
the bottom lashes and team 
them with matching coloured 
eyeliner, kohl pencil and 
mascara in green, violet, and 
sapphire blue. Mary Quant, 
Orlane and Princess Galitzine 
all do excellent coloured kohl 
pencils while good coloured 
mascaras are produced by Estee 
Lauder (Desert Blue and 
Tropical Green) and Orlane 
(navy, grey /green, dark green 
or blue). Charles of the Rltz 
(blue and mauve) and Elizabeth 
Arden (Burgundy and navy). 

• Accept new ideas 

Don’t cling to the idea that 
pink and peach foundations are 
the only colours for your skin: 
these shades always tend to hot 
up and go orangey and will not 
help to give the cool, pale com- 
plexion tone which is the right 
look just now. 

Choose a biscuit beige foun- 



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dation: it may not look very 
promising in the bottle but it 
will give you the required pale 
and interesting look and you 
can always add a glow to the 
skin afterwards. Charles of the 
Ritz Yen do me Ritz Mat. Eliza- 
beth Arden's Beige No. 1 Liquid 
Foundation or Estee Lauder's 
Bare Beige Tender makeup are 
all foundations that are just 
right for autumn. 

Don't be afraid to expert* 
ment: otherwise you will be like 
those people who always com- 
plain that as soon as they find 
a cosmetic they like it Is dis- 
continued. 

It is true that manufacturers 
do change their ranges, discon- 
tinuing slow sellers and experi- 
menting with new colours and 
presentations. But they do 
their best to give the customer 
what she wants and also what 
will not only perform better 
but will be appropriate to the 
whole fashion image. 

For instance, most modem 
blushers go on much more 
smoothly and last better than 
the old style cream rouges which 
they replaced. Today's powder 
blushers fluff on easily and stay 
put all day. 

Old-style cream eyeshadows 
used to melt and go into little 
lines in the crease of the eye. 
Now manufacturers have 
developed water-based eye 
glosses that dry on contact with 
the warmth of the skin: they 
no longer melt on your lids but 
blend easily with other shadows 
to give a soft effect. 


• Play op your lips 

Bright red Hollywood lips are 
bank in style, particularly for 
parties this winter, think of any 
of the movie queens like Jean 
Harlow. Joan Crawford and Rita 
Hayworth and don’t be half- 
hearted in your choice of colour. 
A strong mouth in a deep shade 
of lipstiek looks right with the 
new clothes and hair, helps to 
brighten the face and make skin 
tones look clearer. 

The shape of the new mouth 
is rounded: bow lips and angular 
shapes are out. Be sure to 
remember to ^ take the colour 
right into the corners of the 
mouth and use a lip brush to 
give a good contour, or outline 
lips first with a pigment-toned 
brown pink or freckled coloured 
pencil. 

If you’ve always avoided 
strong colours because you’ve 
found that they have tended to 
look hard, try using a clear, 
frosted gloss over the top: 
being light reflecting, these 
glosses have a softening effect. 
A trick used by make-up artists 
is worth trying: put a touch of 
white highlighter above the 
middle of the top lip to give 
definition to the shape. 

JOAN PRICE 




Try it out 

Any reader who is a bit 
colours can ask any Estte 
Lauder consultant at any of the 
over 3U0 stores selling Estee 
Lauder products to give her a 
three-minute make-up, using 
these colours. All the consult- 
ants are trained to do this. It 
is quite free, does not involve 
a complete cleanse and re- 
make-up— it is more designed 
to add the new colours to the 
face and to show how they 
should be applied. 

Any readers who wants to see 
how perfectly the new Estee 
Lauder colours enhance and 
complete the autumn look can 
go along to any of the fashion 
shows that Jaeger will be hold- 
ing at their Regent Street 
branch from October 3 to 
October 7. The shows are 
entirely free, start at 11.30 and 
2.30 each day and will feature 
the Jaeger autumn fashion col- 
lection. Estee Lauder will do the 
make-up for the models and will 
have consultants available on 
the first floor to provide advice 
and a three-minute make-up, but 
you Mill not he able to buy tbe 
products at the same time. 







] m*en/iert' 


Apples and pears are on tbe market already, but they keep well 
and wfll be with us for many months to come — tbe mainstays of 
the fruit scene throughout winter. So it seems sensible not to 
start using them just yet but to concentrate instead on using 
blackberries and the plum family. Their season is more fleeting; 
.they Mill probably have disappeared from tbe shops by October. 

FARMHOUSE CRUMBLE- serves 4*6 


BAKED GREENGAGES— serves 4 


Sharply flavoured, wine coloured 
jfein&bns make an excellent 
crumble and their juiciness is 
■nicely offset by this crunchy 
nutty topping. 

-1 & lb damsons, the Juice of 
-half a lemon, 4 tablespoons 
soft brown sugar. 1 teaspoon 
allspice, 1 oz butter cat Into 
dkc. For the topping: 6 oz 
<who]ewheat flour, J lb butter, 
i - lb Demcrara sugar, 2 oz 
- finely chopped hazelnuts 
Squeeze ‘the lemon juice, into a 
‘pie dish. stir in the sugar and 
allspice and add the butter. 


Wipe tbe fruit dean, prick it 
to prevent bursting during cook- 
ing. and add to the dish. Cut, 
then rub the fat into the flour, 
and stir in the sugar and nuts. 
The mixture will look like 
damp brown breadcrumbs. 

Pile the crumble over the 
fruit, mounding k nicely in the 
centre and packing it down 
lightly. Bake for 45 minutes in 
an oven heated to 375F gas 
mark 5, turning the heat up to 
400F gas mark 6. for the lost 
few minutes if you want a really 
crunchy topping; 


Be sure to use real green- 
gages for best results-— not the 
yellow plums some green- 
grocers encourage one to believe 
to be greengages. 

6-8 greengages, 3 oz unsalted 
butter, the zest of a large 
orange, 1 teaspoon ground 
cinnamon, 4 slices currant 
loaf (NB not malt bread — 
the texture ]$ too dense), 3-4 
tablespoons brown sugar, 4 
tablespoons cream 
Soften the butter and mash 
the orange zest and cinnamon 
into it. Use some of the mixture 
to grease a baking tray 
generously or shallow oven- 


proof dish. Spread each slice 
of bread generously with more 
of The butter and place, bultered 
side up, on the greased tray or 
dish. Halve and stone the fruit 
and arrange cut side up on the 
bread. Fill the stone cavities 
with remaining spiced butter 
and sprinkle tbe sugar over the 
tap. 

Cover with foil and bake at 
375 F gas mark 5 for about 30 
minutes until the bread is 
golden and crisp and the fruit 
very tender and deliciously 
impregnated with sugar butter 
and spices. Pour on the chilled 
cream and serve immediately. 


BRAMBLE FOA Mserves 6*8 


ike in time 


I CANNOT think or a household 
I've visited that doesn't own a 
clock which leads me to assume 
that almost everybody must be 
involved in buying clocks at 
some time in Their lives. On 
the whole clocks seem to vary 
very liule— I have a personal 
prejudice in favour of old ones 
but for those whose taste runs 
to the modern there are some 
very acceptable, though not very 
exciting designs around. 

For those who like to feel 
that their clods is special, Noel 
Sweeney of Swindon specialises 
in entirely hand-made bracket 
clocks. and because he makes 
and sells them himself he claims 
that they are between i and $ 
of the price that a normal 
retailer would charge. 

The clocks are approximately 
14 ins high by 81 ins wide, the 
mechanism is German, and is 
guaranteed for- a year, arid all 
tbs fittings, like the door knob. 


the carrying, handle and th'e- 

"h luges are in brass. It ha* what 
is;- commonly described as a 
Westminster chime (like Big 
Ben) arid a JilUe window at 
each side through which the 
striking' mechanism can be, 
viewed! 

Because all the clocks are 
made personally by Mr: 
Sweeney, delivery depends upon 
how many orders he has in 
hand at the time. On average it; 
takes him about three weeks toj 
make a dock. There is a choice] 
of Yugoslavian pine or English 
mahogany and the price is £190: 
for the pine, £210 for the| 
mahogany. ; 

If you would like to see 8 1 
dock before ordering, anyi 
reader is welcome to view one at 
Mr. Sweeney's own homo 3*.®* 
Gibbs. Close, Coringham, Swin- 
don, Wiltshire, to which address, 
any enquiries -should be direct 
ted.. ... . J 


This is a foamy light mousse 
mixture with delicious fruity 
flavour. It looks best, I think, 
served in Individual glasses or 
small bowls although you can, of 
course, serve it in one large 
muffle dish. An accompanying 
jug of pouring cream seems to 
me quite unnecessary. 

Xi lb blackberries, 5-6 oz ms- 
ter . sugar. 2 tablespoons lemon 

jnice, J teaspoon ground cin- 
namon. 4 teaspoons 'gelatine 
powder, ■} pint double cream, 

2 large egg whites 
Wash the blackberries, put 
them in a shallow pan and add 
the lemon juice. Sprinkle on the 
sugar and cinnamon. Cover and 
shake to distribute the sugar 
evenly. Cook over gentle heat 


for 10-15 minutes until the 
blackberries are very soft 
indeed. 

Turn into a liquidiser and 
blend to reduce To a puree, then 
rub through a sieve to extract 
the pips. Soak the gelatine in 
3 fl. oz cold water for 5 minutes, 
then dissolve over low heat 
Thoroughly blend the gelatine, 
into the fruit puree and 
refrigerate for 23 minutes until 
quite cool. 

Whip the cream softly and 
fold it Into the mixture, then 
refrigerate again until quite 
cold. Whisk the egg whites until 
stiff, fold in the bramble cream, 
spoon into glasses, bowls or a 
dish, cover and refrigerate until 
set. 


SPICED PLUM PUDDING— serves 4-4 

This is not a heavy Christmassy sugar towards the end of cook- 
affair but an autumnal version ing time because it tends to 
of summer pudding: cheap, easy toughen the skins of the fruit, 
and delicious. Stoning the fruit Line the base and the sides 
is important or the pudding is of a H-2 pint pudding basin 



difficult to slice easily. with the crustless bread. Remove 

tbe spice bag from the cooked 
2 lb plums. 4 or 5 cloves, 4 fruit, squeezing it well to 

inch cinnamon stick, 1 large extract maximum flavour. Pack 
oransc. about 3 oz each soft the fruit into the bread-lined 
brown sugar and caster basin: using a slotted spoon 
sugar, about 8 slices day-old ensures a high proportion of 
white bread. fruit to liquid goes into the 

pudding. Cover with a bread 
Halve and stone the plums. lid. top with a plate that fits 
Put them into a saucepan and the h 2 sin neatly, weigh down 
add the finely grated orange and chill for several hours. 
zesL Break the cinnamon into Run a palette knife between 
2 or 3 pieces, tie up in butter the bread and basin sides to 
muslin with the cloves and add loosen the pudding, and invert 
to the pan. Pour on the orange onto a serving dish. Baste the 
juice. Cover and stew or bake pudding with the reserved 
in an oven heated to 325F gas juices so the bread is well 

mark 3 until the fruit is quite tinted all over, and serve any 

tender. It is best to add the leftovers in a sauce-boat 


2 lb plums. 4 or 5 cloves, 4 
inch cinnamon stick. 1 large 
orancc. about 3 oz eacb soft 
brown sugar and caster 
.sugar, about 8 slices day-old 

white bread. 


SO many readers write In wanting to know K Philippa 
Davenport has collected all her recipes together into one book 
that I thought they might like to know that just a few of her 
. recipes are printed in a fascinating new cookery book. Food For 
Our Times, published this week by Hodder and Stoughton. Tbe 
book is introduced bjTBelia Smith, or the Evening Standard, 
’ and there is hardly a cookery writer of note who has not 
contributed to it. from Robert Carrier to Elizabeth David. 

. . . The idea behind Food For Out Times was that a cookery 
book ^nutating of recipes from our leading cookery writers 


could make two valuable contributions to society. Firstly, by 
offering economical Ideas for using food so that those who 
use the book will themselves come to approach food in a less 
extravagant, more thoughtful way and secondly, mueh of the 
money raised by the book sales will go to help Oxfam's work 
overseas, in particular that section of their work that is con- 
cerned with the. production of food in the Third World. 

Not all the recipes seem to me very economical bnt there 
are plenty that are. I shall certainly be trying out several of the 
ideas, in particular, Philippa Davenport's Nutty Cabbage and 
Very Fishy Stew. The book is on sale now for £4.95, 


Legs eleven 

FOR autumn and winter parties 
the little black dress is coming 
back in a big way. The little 
black dress, however, needs a 
little dressing-up if it is to look 
as sophisticated and as 
glamorous as it's meant to. 
Lovely lights are, I think, an 
essential accessory and just in 
time both Mary Quant and 
Christian Dior have brought out 
some stunning tights. 

Photographed, above, are 
Mary Quant’s Dotty tights (I 
cant tell you where to find the 
legs!). Though Mary Quant first 
introduced them over here ten 
years ago the demand for them 
has now come full circle and 
here they are in black, pink, 
moleskin or mint-fondant. They 
sell for about £1.30 a pair and 
are available from a large selec- 
tion of stores, including Self- 
rldges, Kendal Milne. Man- 
chester, Rack hams of Birming- 
ham and all branches of Lewis's. 
You can also buy them front 
Fenwick? of Bond Street and 
they will post for 3Pp p + p 
extra (or 5Qp p+p for six 
pairs). v 


While Mary Quant's tights 
have regular dots, the Christian 
Diot tights have irregular 
groups of dots. They are 
wonderfully fine and come in 
black or cream for £2.95. 

They can be found at 
Christian Dior. 9 Conduit Street, 
London. Wl. Harrods, Dickins 
and Jones, Kendal Milne, Man- 
chester. Rackharas of Birming- 
ham, James Beattie Group and 
many other large department 
stores throughout the country. 
Fenwicks of Bond Street also 
sell them and will post for 30p 
p+p extra per pair or 50p 
P+P extra for six pairs. 


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12 


Times satord^ Septmfer € iri9lre ‘ . V f 


ARTS/LEISURE 


J// the news fit to act 


While New York approaches 
its fifth week without new* 
papers, it now has a iVw Licmp 
iVezrspaper. a 90-minute drama- 
tisation of almost 40 news stories 
playing off Broadway in 42nd 
Street. Inspired by the federally- 
sponsored Litring Newspaper of 
1935, George Ferencz and com- 
pany planned it long before the 
current strike made it mnre 
topical than had been antici- 
pated. 

Violent stories are already 
dramatic, and it took only the 
attention of the company's 10 
fine actnrs to bring them out. 
There is the story of Bonnie 
Garland, the Yale student who 
was killed by her boyfriend while 
he was a juest in the Garland 
house. Bobby Halpem is shot 
by two men in a i-lothins shop. 
Several scenes later the shop 
owner and thr police discus' the 
shooting while a neiahbour 
describes Haloern as a local hern 
to the kids he teaches h"w to 
hoK. Toward the end of the 
evening. Hajpem comes out in a 
wheelchair in say he does not 
know who shot h*m or who »•"»! d 
shoot him and he will not give 


in to his debilitating injuries- 
The dilemma of the American 
Civil Liberties Union is drama- 
tised as a lecture by the ACLU 
head and an audience hostile to 
its defence of Nazis’ right to 
march in a Jewish suburb of 


THEATRE 


FRANK UPSfUS 


Chicago. Both sides of the issue 
are eloquently stated, as they are 
in the debate aroused by Solz- 
henitsin's Harvard commence- 
ment speech castigating the 
United S"s»tp« for its moral 
turpitude. Various responses a r e 
recited intermittently throu^h- 
oir the e’-ening. 2 nd then, in the 
clhuav. Seb'henitsyn's spee-.-h is 
recited individually and in 
unison by the cast. 

Senators’ luxurious life style is 
satirised with one fat-bellied old 
patriot being carried around as 
a housekeeper enumerates his 
perks: jangland killings are 


parodied! as a fashion show of 
the latest in chains, blood-stained 
shirts and concrete shoes to be 
found dead in. A series of welt- 
executed cartoons takes side 
swipes at the president, the 
Middle East conflict. Africa nnd 
Inflation, but the point of view 
is sometimes less clear than the 
quality of the drawing. 

On the serious side, there are 
beautiful recitations of letters 
by the Son of Sam killer. David 
Berkowitz, showing his sincerity 
and mental instability in 1974; 
the letter of a convict awaiting 
execution in Alabama asking that 
he be killed in an operation so 
his organs can he donated to 
those heeding them: the speech 
of the woman organising domes- 
tic workers into a union. 

The show 'is fast-paced, and 
even with familiar stories, 
reveals new details, nr at least 
ones that did nut come out in 
the original news. The produc 
firm does not intend to supple- 
ment local news coverage durios 
the present strike, though Lord 
knows we need something more 
than the present crop of local 
and out-of-town substitutes. 


Small Ads at the Young Vic 


Small Ads at the Young 
Vic Studio j£ by a 22-yea r-oid 
Julian Garner. You will there- 
fore not be surprised in hear 
that it it about cruelty and 
violence by teenagers, and that 
the writing combines acute 
observation with an almost total 
lack of imagination. Today's 
young English writers only write 
about one another, ringing the 
changes on a handful of sexual, 
rir.lon: and/or political situa- 
tions, with dialogue that shows 


THEATRE 

B. A. YOUNG 


merzo-forre when he is singing 
Gilbert and Sullivan preparatory 
to getting into bed wiih his girl 
Mo!, contains a remarkable 
ranee of fooling. 

Two beastly teenagers, who 
spend ihoir empty days torment- 
ing people in the park and 
destroying the flower-beds, are 
only 'ton' sharply realised hy 
Philip Crnskin and Karin 
Bossick. Miss Bossick has the 
best of it. as her part is less of 
a crude stereotype. Mei is played 
hy Annette Badland, who has an 
enviable talent for making 
excess weight look attractive; 
and the park-keeper, who (being 


a figure representing discipline) 
is naturally given fascislie 
tendencies by Mr. Garner, is 
played by Michael Sommerville. 
Mr." Sommerville has only becu 
in this country from Australia 
for four years, and possibly does 
not realise how " ti ” his pro- 
nunciation is. 

Mr. Gamer is not beyond hope. 
Anyone who can write a scene as 
funny as Douglas and Mel 
preparing for bed has got a bit 
of a gift. Let me implore him 
to concentrate on nmfcinp things 
up in his future plays, not just 
rearranging the the ready-mades. 
And let him hope for directors 
as good as Antonia Bird. 


no ambition beyond flat realism. 
They should all have a text above 
their writing-tables reminding 
them that Congreve wrote The 
Old Bachelor at 22, The Double 
Dealer at 23. Lore Jot Love, at 
25; Marlowe wrote Tamburlaine 
at 23; Sheridan wrote The Rivals 
at 24. 

Let me now turn briskly about 
and recommend anyone who 
cares for this kind of writing to 
catch .Small Ads. Under the 
skilled direction of Antonia Bird, 
it is performed about as well as 
such a piece could possibly hone 
for. Outstanding is Robert 
Loncden as Douglas, a young 
man who has picked up a girl 
through the post. He is a man 
who takes what enmes without 
thinking much about it. yet half- 
hashfitl when it comes to making 
decisions. The movements of his 
fingers, his hands, his arms, are 
astonishingly expressive, and his 
voice, though it only ries above 


Anglo-American actors 


The indefatigable Ed Berman 
i«i at it again. This week he 
announced the formation of a 
new' theatre group, the British 
American Repertory Company, 
consist ins of half British and 
half American actors and devoted 
to ton ring both countries for 
10 months of the year. 


BARC needed the support of 
the actors unions in the U.S. 
and the UK. but with their bless- 
ing the project gets underway 
next spring with an English 
provincial tour taking in 
Taunton. Nottingham and 
Cardiff among others, followed 
by autumn in the U.S. starting 
at Boston. But the main achieve- 
ment of BARC is not its forma- 
tion but its repertoire— it win 
present the world premiere of 
a now play by Toni Stoppard. 

The company will be 20 strong, 
plus directors, administrators. 


etc., and is aimed at total com- 
munity theatre — school children 
during the day tn adults at night. 
In theatres the first season 
carries three works — Stoppard's 
Dirty Linen; the new Stoppard; 
and another play from a leading 
British or American playwright. 
For colleges and schools there 
wilt be -performances of 10 to 25- 
minute versions of Shakespeare 
adapted by such authors as 
Stoppard again. James Saunders, 
and Frank Marcus. Young 
children get their own produc- 
tions through Prof. Gogg's 
Troupe. 

All the actors receive the same 
wages, there is no star billing, 
and recruits must show an 
interest in educational and 
social developments. BARC aims 
to meet three-quarters of its 
expenses through the box office 
but Is courting industry for the 
remainder. 



ook and lyrics 


It is not every week when you 
can hear both Alan Jay Lerner 
and Tennessee 'Williams live cn 
BBC radio. The streetcar roan 
with a ' comforting gravelly 
Southern voice made a most 
appealing castaway on Roy 
Plom ley’s desert ’island. His 
records were - sandwiched be- 
tween some raw mealy chunks 
of autobiography. He has to 
write for long hours every day 
otherwise he feels guilty. I know 
how be feels. To date he is 
three plays ahead of production. 
Musical tastes range from the 
Beatles to Danny Bo>. 

Carrt\ : currently pla>mg here, 
drew on his own experience — a 
Portrait nf the artist a* a young 
Bohemian in New Orleans. Wiih 
a wry throaty- chuckle nc 
he now maintains a precarious 
balance between propriety and 
Bohemia. He spokes wish detach- 
ment of a sister' who^c --'hizo- 
phenia gave him -the con? of 


they were 1 do not think be 
would have been nearly as 
successful with PygmcUtm which 
penetrates so many English 
institutions and social distinc- 
tions if be were not a public 
school, boy — and a co-ed to boot 
— at heart. 

From school to university in 
the last of that enjoyable series 
With Great Pleasure (Radio 4 
September 9) in which a cele- 
brity' is given a free hand to 
choose what is to be read. The 
anthologist was Dr. J. L M. 
Stewart of Christ Curch whose 
choice of prose and verse all 


fare of the novel was the talking- 
point. in Brian Redhead's late 
night discussion slot, A Word hi 
Edgeways (Radio 4. September 
9) v/ttb John Vaizey. Hilary Spur-' 
ling and Malcolm Bradbury. The 
modem novel proved to be-, a 
topic which this able trio Found 
strangely hard to come to terms 
with. After the usual ritual 

announcement of the -death oT 
the novel which turned out,. like 
that of the Liberal Party, to have 
been - much exaggerated, - the 
coffin -was wheeled away prptty 
smartly, allowing 3fr. . Bradbury 
to make some pertinent points. 


RADIO 


ANTHONY CURTIS 


Laura Wingfield' in The G’fnss 
Menagerie. His book ;<< read on 
the island was the voik of a 
poet who committed suicide. 
Hart Crane; and hi? ’’ luxury.” 
a typewriter and ream-; ef p-P er 
to continue the work roufoc. As 
a highly successful playwrtphi I 
suppoie he is used io dealing 
with sharks. 


Alan Lerner was even more 
outgoing. I had the little bit of 
luck to hear him twice: once on 
the telly where Parkinson per- 
suaded him to sing. Ye*, be tan. 
He has just published a bool: 
of memoirs.. The Street Where* J 
Lire (Hodder and S f ou:hton. 
£5.50. reviewed in tni? •.••■eek's 
FT book "page by B. A. Ymma) 
and is over here promoting it 
with charm and energ; . The 
radio inteview I heard v.;*s on 
Start fhc* Week (Radio 4. Sep- 
tember 11) where be appeared 
alongside publisher - turned • 
author Anthony Blond Benny 
Green confronted Lerner and 
elicited some good stuff not in 
the book about the hazards of 
translating a stage spectacular 
to film. The stage verricn of 
Ccmelot contained a neat amoral 
ditty, “Fie on goodness, fie"; 
you won't find it in the film, 
though. It's too true. 

Both interviewers went into 
Mr. Lerner's inheritance from his 
father of a certain tough realism 
in his approach to humankind 
and particularly womunrnd but 
no one remarked oa the fact that 
part of his formative- years as. 
schoolboy were- spent at 

Bed ales. Yes. Bedafes School. 
England. What oireum stances 
led tn this choice of school for 
a New York boy destined for 
Harvard and showbiz? Whatever 



Alan Jay Lerner 


related to Oxford. Dr. Stewart 
stuck to the big names and more 
obvious passages from Anthony 
a Wood, Gibbon. Mai* hew Arnold. 
Manley Hopkins, and he was 
fortunate in his readers Robert 
Harris and Hugh Dickson. We 
heard the extract where the 
scholar gypsy observes “ the line 
of festal light in Christ Church 
hall" followed hy Yeats’s “Ali 
Souls Night.” Dr. Stewart 
observed that both poems bad a 
common theme, the pursuit cf 
esoteric knowledge. In general 
his observations were charac- 
terised by a dry donnish wit that 
has kept well in the bottle and 
was savoured by the live 
audience in the Newman Rooms- 
—where ' else? — where 4 he pro-’ 
gramme was recorded. Noumea-' 
lion at all of his alter ego. 
Michael Innes. . . . 


Literature crops un every- 
where on radio these davs. The 


He suggested that life itself does 
consist of a series of fictions, 
ecjcoroic. sociological, hguistic. 
etc. and there is a - perennial 
need for someone to examine 
them and ’‘sort something out" 
Mr. Bradbury was referring ‘to 
the kind of novels which, get 
reviewed and discussed but ’do 
cot bring their authors, a huge 
fortune in royalties. The .-'other 
kind represented by the work of 
Frederick Forsyth and. others, 
came up in a new popular hook 
programme Bookshelf (Radio 4 
September 9) which has a cheer- 
ful Irish presenter in Frank 
Delaney and is sharply -focused 
on the best-selling end of the 
market. The interviews with 
editors of American paperback 
houses (where a fortune can htiB , 
be made for a British author) 
were fascinating. - Certainly _np 
one can complain nowadays that 
radio does nothing for books. 


The Aarhus Festival- 



this year’s events 
' city of 


Aarhus is dividual architectural feature^ 
?*? L-op Kl |han^ Edinburgh's and, 'Hie Aarhus version was stage') 
thicker “* a v events were on the roof rod - facade : ofAh 
half "the time. The City Hall immediately after th 
however, was identical, opening ceremony and 
Consistently. That did maximum public as a result* Lari 


11 ° 0 th? en crowds~” froin of rehearsal facilities me ant Lb 

m «iJ" in the pedestrian when two. of the playere 

maSS I m °_ ‘in other outdoor trumpets m hand had tn shi- 


precincts ™ £ e remark- down two rows attached; 

^ _ ■ rrvnt tn • ctrPM '-lfteit i 


SrfisDlays of environmental roof to. street level -one. alaf 
able theatre loat ben: grip -two metres ftor 

ysz s a « : . 

ssffiEM ssra; 

whose .wo k ciea b P ^ dance, mime, wear costumes 
own. in that his players are wigs which . are changed ^ 
expected to use their bodies to rapi(1 reSlI i ar } t y,. use stilts, prop 4 ^ 1 
- and sticks for combat shows an -. 

31-rnbatic displays, with fte ski: ■* 

DENMARK ° f experts, and seem t' 

bp masters of any .number c.. 
European and exotic musical itf 
sir unseats into the bar gain v 
The world, premiere of tbei 
latest show called A MfUion in 


OSS! A TRILUNG 


the full while intelligible verbal less perilous. It was. enacted i 
communication is minimal. I an enclosed waHway m a mar 


have seen several . of . Barba^ square ^ 300 spe- 


earlier efforts, mostly at foreign ta tors, and purported to tell U» 
festivals, and they arc at least Jale of Marco Polos travels t 
consistent in style. It is strange Lhma. -The ten actor-danee 
that thev have never been to musicians, in both western as 
Britain, 'a fault that must be eastern- dnas. went through the 
remedied quickly. Like Peter Paces hefbre an : enthraHe : 
B T o 0 “' S company, the players audienbe. as their direct* 

are multinational. thougir watched anxiously from the-sbf 

Norwegians and Danes pre- that nothing went amis 

i - Polo, dressed in a circus-aar 

Baiba has spoken of his 'I* black top^iat repeated! 

. . - 7- T-«iUr 'Theatre ■* a performed a circular dane 

thtaire Iv.ns halT-ww between "th'af ^ 

riance-lbealre and total theatre 


hot with appeal direeted to f ^ 


nut wuo us uiLca-bcu iv. ^ hnek white- The nrhorc fr 

audiences other than Utose too- K^Uai AhS loto 

dinoned b F ’ ,ns ^' Rajahs, and every sort , 

tiona! tneatncal traditions. Con- familiar and ou tiandish perso 
senuentlj the 0dm Theatre Is an ^oginable. It was in ot 
itinerant theatre, a theaWe of Way . -the ^ ory of ^ 

disD.ared Persons, an i to speak Theatre's own journeys to for eic 
without specific geographicai partB an( i foreshadowed the 
rnots. that caters^chiefly for the nexl production which Wi 
man m the street literally feature the 20th-eentury’s arc 
speaking. These features were exfle Bertolt BrcchL 
W °N hmushi out in The recent After the excitements of ti 
BRC-T\ film about it. but having Q^; n Theatre, the standard fa 
be p n shot in their home^base, it at ^ city Theatre, comprisii 
failed tn explain its dominant two pasable productions, 
rogue -and -vagabond elements. Stephen PoiiakofFs Strawbcr 
Barha s own film, shot in Italv. Fieldv. and of Guys and Doli 
cave a clearer picture by far of expertly stagey by an Americ< 
its method and style. guest, paled into insignifiesne 

“Their production of Anabosix Only the Copenhagen-based Cat 
illustrates their method best. It Theatre's one-man show abo - 
is described as a “collective pro- the poet Johannes Ewald (174 
duction" as are all the items in 8I> could stand comparison wr 
their repertoire. In Italy it was them. .; 


Sir Adrian Boult’s birthday concer 


On the 90th birthday nf Sir 
Adrian Boult — April 9, 1979. the 
BBC will present a special 
BBC. Symphony Orchestra which 
Promenade Concert at the Roval 
Albert Hall at 7.30 pan. The 
proceeds will be given to the 
Musician*:' Benevolent Fund, 
whose needs have always been a 
concern of Sir Adrian’s. 

The programme, which will be 
broadcast by -Radio. 3;. pays tri- 
bute to the especial musical 
interests of Sir Adrian. The’ 


fourth symphony by Brahir 
Fantasia on a Theme of' Thom 
Tallis, and Elgar's The Mut 
Makers, will be played by C‘ 
Sir Adrian formed in 1930 at. 
conducted for 20 unbroken yeai 
The conductors of the wort 
in .the -order given; will be Jant~ . 
Louchran. Vernon Handley, ai 
Norman Del Mar. Sarah Walk 
is the mezzo-soprano solist 
The Music Mahers -with taeBfn— 
Singers and BBC Sympboi , 
Chorus. i 


M 


(! 

iS 



f Indicates programme in 
black and While 


BBC 1 


9.00 am Ragtime. 9.15 Sconby 
Doo. 0.35 Why Don't You . . " 
J0.00 Cut and Thrust. I0J5 
"Saadia" starring Cornel Wilde 
and Mel Ferrer. 1 11.50 Charlie 
Chaplin in “The Rounders.'' 12.15 
pm Bugs Bunny. 1 22! 8 Weather. 
12.30 Grandstand: Football Focus 
(12.351: Rugby Union n.n» 
New Zealand v Australia: 
Boxing (1.131: Racing from 
Goodwood ci.40. 2.10. 2.40 1 : 
Tennis (2.00, 2.25. 2.55. 4.13 1 
The Davis Cup: Great Britain 
v Czechoslovakia; Rugby 

League (3.33) Widnes v Leeds; 
4.40 Final Score. 

5.10 Tom and Jerry. 

5.30 Sport/Recional News. 

5.35 Noel Edmonds' Lucky 

Numbers. 

6.30 Dr. Who. 

6.55 Saturday Night ai the 
Movies; “The Magnificent 
Seven” starring Yul 
Brynner. . 

9.00 Last Night of the Proms 
I simultaneous with Radio 3 
s'ereoj. 

10.05 News. 

10.15 Match of the Day. 

11.15 Parkinson. 

Ail regions as BBC1 except at 
ihe following times; 

Wales — 5.50-5.35 pm Sports' 
News _for Wales. 12.15 am News 
and Weather for Wales. 

Scotland — 4.55-5.10 pm Score- 
hnard. 52.0-5 35 Scoreboard. 10.15 


Sportscene. 10.45-11.15 McCalmans. 
12.15 am News and Weather for 
Scotland. 

Northern Ireland— 5.00-5.10 pm 
Scoreboard. 5.30-5.35 Northern 
Ireland News. 12.15 am News 
and Weather for Northern Ireland. 

BBC 2 

7.40-11.00 am Open University. 

11.10 Liberal Party Assembly in- 
cluding speech by David 
Steel. 

12.40-3.35 pm open University. 

3.30 !«Uurday Cinema: “The 

Phantom Tollbootb" 

(cartoon). 

3.15 Horizon. 

3.03 Play Sport. 

6.30 News and Sport. 

6.45 Sixth Leeds International 
Piano Competilion (part I). 

tO.OO Francois Truffaut Season: 
“Jules et Jim" starring 
Jeanne Moreau. 

10.45 Leeds International Piano 
Competition (continued). 

11.00 News on 2. 

11.05 Tennis: Davis Cup. Great 
Britain r Czechoslovakia 
(highlights). 

tllJSa Midnight Movie: “The 
Breaking Point" starring 
John Garfield and Patricia 
Neal. 


ing; 3.50 Half-time Soccer 
Round-Up; 4.03 Wrestling; 
4.50 Results .Service. 

5.05 News from ITN. 

5.15 Cartoon Time. 

5.30 Happy Days. 

6.00 Mr. and Mrs. 

6.30 The Masterspy. 

7.13 “How the West Was Won" 
starring James Arness 
(film made specially for 
television). 

9.00 Boxing — World Heavy, 
weight Championship; Ex- 
clusive coverage of the 
fight between Leon Spinks 
and Muhammad Ali from 
New Orleans. 

10.30 News from ITN. 

10.15 The Saturday Drama. 

11.15 Saturday Night People. 

12.00 Another Bouquet. 

1.00 am Close — James Coyle 
reads a Wordsworth poem. 

All 1BA regions as London 
except at the following times: 

ANGLIA 


Hy ar.*a u-i-atticr iur.-:-js’ acd Hiybland 
LoaKUi- rosulis 6.W Itaiw UJ5 

Th«? Ras Trade- U.4S RcflecUons. U.50 
Danger in Pandtf.. 


GRANADA 


9J0 am Focus on Soever. 4.C Srsame 
Slroot. lo.ao The FIhwcm. S.30 pm 
Mr. and Mrs. 6.00 Ha,-oy Days. 11 IS 
Crk-brlo Conoen— Aam- >!nrray lilS am 
Thi; Laic Film- •• Th>- S-:;rw of Stood 
Island.” sramns Ear!»jra SUelfcy. 


RADIO I S*7m 

(5) SLorcaphonlc b-oadcast 
* Medium Wane 

S.TO am .\s Sadio 2' S.» Ray Xor'h 
wild Junior Chovt* *S meiud.nc B-32 
Cms<- .bannel TJoronnc !r.forrral(or. ard 
BJJ Cuvinc Splni:s v Ali .n*0Am 1CU0 
Peii.-r Pon ■<;>. L3I pm On •£.. 

i33 Paul •'>jrabacc;iii <S . 5J1 i:s 

P.o v v Red 6 JO lr. Cor.L.n 

7JS-Z.02 am .Vs Radio C. 


SUvr. Walton -S-. SJS Or a Cirmitar 
Sy-- ir. S?:icv 'Tafs br Ora.- WjT.dbanv 
•.■Joiiit 4.W Proms rart 2 >'simni- 
;nn.. ou' u-irt RCC-1 ;e!er:sniiii Elair. Tlp- 
'.vonil Arne- Parry -S . 10JI5 Tne 
Eaanl fer Char .Wdam^ 10^ Sounds 
intePMtiBf. *S-. 1 VS News. U JO-1155 
T5'..?h:'s SAi&m Srinc -s>. 

Radio 3 VMF a«djf-6JM.OO am Opea 

L'r..v.rsirv. 


HTV 


RADIO 2 LSOOm and. YHF 


4.15 am Pnpeyc Vladdln and Hie 

Wonderful Lamp. 1DJS r.Jinum. 5J0 pm 
.‘■i-i Million Dollar ll:ir.. UJU Danger In 
Piiradlsu. 

MTV Cymra/Wales— A*. HTV CenMr.il 
Service esc.-pi: 5.30 pm Happy Dayv. 
6.00-6 JO Sion a Stun. 


f JO am Carroon Time. 9.15 The Bub- 
Wii'v. 9JD The New Weol; Show 6JW pm 
Gambit. 12.00 At the End of the Day. 


A TV 


LONDON 


3.50 am The Saturday Banana 
with Bill Oddie. part 1. 9.00 

Sesame Street. 9.45 The Saturday 
Banana, part 2. 11.13 The Liberal 
Party Assembly. 

12.30 pm Wurtd of Sport: 12.35 
Headline: 1.15 News from 
ITN; 1.20 The I TV Seven— 
1.30. 2.00 . 2.30 and 3.05 from 
Doncaster: 1.45. 2.15, and 2.45 
from Chepstow: 3.15 Inter- 
national Sports Special — Bon- 


us am Hunv.- Produrud. 9 JO Focus 
nn Soccer. 10.05 The l.nsr Islands 10 JO 
Tlsn-as 545 pm Profossnr Balthazar 
“Ins Pole Hothead. 5 35 The l,ir«* and 
Tinu>« nt Grizzly Adams. 11. 15 Bachraan- 
Tuirn-r Overdrive. 

BORDER 

5 JO pm Mr. and Mrs. 6.D0 La verne 
and Shirley. 11.15 RaJTiTiy. 

CHANNEL 


SCOTTISH 

5JJ pm Lucan. 11.15 Late CaO. 1L20 
Quine}. 

SOUTHERN 

ULZ7 pm Region ai w.-ailier Forecast. 
5 jo Tbv SluPter Spy. 6 AS The Life and 
Tunes of iJnzzly Adaniv HOT SoiuhL-rii 
News. 12.05 am Hava.-. 

TYNE TEES 

9 J0 am l.yn's Loot- In 9J5 Canoon 
Time 9 20 Space l»w. 10.15 Lyn's Look- 
In. 10-30 The C' iw Machine. 11JB Lyn's 
Look-In. 5 JO pm Air. and Mrs. 6.00 
Backs to the Laud. 11.15 Barnaby Jones. 
n « am EpUcisuc. 

ULSTER 


5.M am Xciw Summary. 5 02 Tor; 
Ed-.-ards <S- irc!ud:ng 1S2 Jaxin. 
SluiiVs t. vl| *ri-pij.-r< iZd 3.03 R:.«:: r .Z 
Bulk. in. BJ6 As Radio 1. 10.02 Tor.;- 

Brandon iS-.. 12 02 am Two's ?. i: *5 

1.02 iiRb-at wi 'ji Brad-.-n «S.. 1J3-SJ5 

Sport u:. !: / ootbaJI Lt'euuc Spe.Iz ■ ! J**. 

J.m. 4.42 1 ; World TiMv Boxi.-z 
• -.05. j.ilO' .All v. SpinrV. Tvonjt 

■ 1 70. ".05. 2.H5. 3.10. 4 Mi The Da-.J 
Cup: Great Brlia.lt! v. CzccDnilov JhUe: 
Hanna Irom Dacuasier t ] J30 2.00. 

~.rr*. with a classifH.-d cbetk it 
4.3U i . Golf «t..10. ZUS. 2."J. .LtO- 
5.00 SporU Report: classified Icoibalt 
cbccVs a: 5.IKI and 3.45 6.01 Cross- 
Channel .Motoring Infonnafion. 6J1 The 
M lisle Gain-.- 7.02 The Impr-i^sicmisLs. 
7.50 Radio - Top Tlum iS>. S.02 More 
Melodies lor Ycm. concer: pan 1 iS>. 
IWO Dadd Jacobs chonse* melodies. 9J0 
Concert, pan 2 10J2 Huturdas Xluht 

with the BBC- Radio Orchesfra iS>. 11.02 
Sport. Desk. 1Z.U Ray Moon. 1 u-iUi The 
ljt»* Show 'Si Including 12.OT News 2.00- 

2.02 am \ews Sunimarr. 


RADIO 4 

434m. 350m.2S5in and VH? 

6J9 am Xcwm. oJ2 Farmiae Tod.i;-. 
6.50 Voars r jilL'ul - 655 Weather: 

pMaraamte ».•*■* 7.OT s«n 7.10 on 
Your Farm. 7J8 Today's Papers. 7.« 
Your* F.*.-h':d:y. 753 !s's j Barrain. 

7J5 Wrcfhsr. nro^rar.iru.' n .;•,«•* s.oo 
-S 8.10 .Spor: on 4. a.«5 Today's 
Pao=rs. 850 Mo.tucs CaU tnc«i people 


«** work to ibe earh momlns. 4.00 
News. 9J5 rmc-raational Assigument. 9J0 
Conference SpocJal: Report Train the 
Ubwal Pam Joint Assembly. South- 
port '953 New* Stand. iflJ5 Dally 
Service. • 1M0 Pick or the Week. UJ» 
Time lor Verso. UJO Science Vow. 12.08 
A'ett-s. 12-82 pm A Bar for Koihlng vrlrb 
Jnhiray Morrin <Si.' LLZ7 The Netra Quiz 
•S>. 1255 Weather: programme news. 
U0 -News. XJ5 Any Questions? . 2J0 
Baohshelf. ZJO Thirljr-iflnute Theatrv. 
3J0 Notts. 3J5 Does He Take Sugar? 
3JS Music of Lire Masters fas Radio 3i. 
5.00- Kaleidwope Encore. 558 A Little 
Nwbl Exposure < Si. 555 Weather: pro- 
gramme news. 6 JO News. 6JS Desert 
Island Discs. 650 Slop the Week vriQi 
Robert Robinson. 7 JO These You Have 
Loved iS>: 8J0 Saturday Nlghi Tbeaire 
fSi. 958 Weal her. 10.00 News. 1U5- 
A Word m Edgeways. 1U8 Lighten 


nnr Dartres* 
u nlorg enables- 


11.15 
■ Sv. 


News. - 2053 T 


CHESS SOLUTIONS 
•• . Solution to Position No. 233 
1...P-B5! gains- useful space f 
the king's side and enables Bhu 
to meet 2 P-QR4 by ’P-QR4 whi- 
stopping 3 R-KR4. The tactic 
point is 2 PxP, P-QR4; 3 R-N. 
B-Q4; 4 RxP. B-B5.cb. . 

Solution to Problem No. 233 
1 B-Q5. B-K5; 2 B-R8! JtxB: 
K-B2 and 4 N-B2 mate. If I 
BQS: 2 NBA B-K7; 3 NxB, P-B 
4 BxP mate. . .. 


10J5 am Sesame Sir..,: 5JB pm Sports 
R>.sulis. 5 30 The Fllni'iinncs. 6.00 &lr. 
and Mrs. U~15 Hnyan's Hv.rt»s. 


RADIO 3 464m. Stereo & VfTF 


WESTW ARD 


1213 pm Puffin's Plauiw. 5 JO Tlie 
Life and TUnus ot Grisly .Vdams. 7.15 
Feature Film: - Doctor In Love.” 11.15 
The Cedar Tree. 

GRAMPIAN 

9JQ am Scone on Saturday Including 
Birthday Grecunns and Tfac Monkues. 
8.45 The White Slone. 13J5 Sesame 
Street. SJ0 pm Mr. nnd Mrs. taHum-d 


9.00 am Cndc K. n 50 II anna Barbara 
Suer la I. 10.no I.noh and See. 18.45 Focus 
on Soccer. 1L10 Gus llor.cybnn'S Birth- 
days. 5J0 The Life and Times of Grizzly 
Adams. 7 15 Feomn- i=Hu>: “Doctor ill 
Love." starring Michael Craig and Vir- 
ginia Mask i 'L U-I5 The Cedar True. 
12.10 am Fallh for L.f . 


YORKSHIRE 

9.10 am Tlit Amarni-.' Chan and The 
Chan Clan. 9J5 Mvtt. ry island. 5J0 pm 
Mr. and Mrs. 6.00 DiU-'ur on the Go. 
6 JO The Mysii-n 11.15 Qnlncy. 


17.55 am Weather. 8 00 News. SJ5 
Autud'.- <S> 9.00 Neu j. 9.C5 Record 

Hwviva- 'S*. 1045 Stereo Release of music 
hy Hjyrln. Mozart iS>. UU VTniiur and 
Rchotnhcra concert, part 1 <S«. 12-05 pm 
Itil'.Tval Headmu. 1210 OJitccrt. part 2. 
LOT News. L05 HeriluKe. 145) Beelhot.-u 
and Brahma chamber music concert <5*. 
2-20 Man or Action: Norman Rodwny 
thtwes rrenrdK f$i m 3.35 Music at tfle 
Masters by Haydn. Strauss. Mozart 'Si. 
5 00 Jazz Record Requests >S'. 5.15 The 
Plarirs 01 Thom-ts Mann uaik by Michael 
Maim 1 . 655 Beeihovrn cello and .tiann 
recital 'S'. 62D_!ntcrprcfaih>w on Record 
of Each s Well-ivnuKTud Ciavicr ‘S'. 7 JO 
Pron', ri Th.* Last Nmht. pan 1: Bntien. 



WEEKEND CHOICE 


JAN1NE DUVITSKI in alphabetizal 
order (ITV Sunday. September 
17. 925) 


No oeed to leave the house 
this weekend — the BBC and T TV 
are competing vigorously to grab 
your , loyalty now for the cold 
nights ahead. At 9 pm the nation 
will split neatly into the toughs, 
hooked on the AliSpinks bash on 
ITV, and the patriots, reliving the 
Last Night oJ the Proms, again 
on BBCI. But there will also be 
addicts tuned into BBC2 and the 
Truffaut classic Jules el Jim. 
Earlier BBC is devoting over two 
tinkling hours to the final of the 
Leeds Piano Competition. It is 
a good day for films—BBCl has 
The Magnificent Seven at 6.55 
and BBC2 has The Breaking 
Point as the late night movie. It 
is based on a Hemingway, story. 


On Sunday the potenti 
“must” is Alphabetical Ord» 
which ITV is screening at fll 
This Michael Frayn come 
about an efficient' busybody fj 

ing to reorganise a newspap 
library was hilarious on t 
stage, and although teievisi' 
adaptations rarely .touch’ t 
originals in style Janine Duvits 
seems well cast as the bos 
Leslie. IT V's Mrs. Thatcher, ali 
Faith Brown, has her own impn^-~-. 
sionistic show at 8-15 while t, 

BBC counters with the all 
Baffle of Britain, the Sund 
Film at 8.05. A better bet cou 
be Film of the Week,. Lit. • 
Murders with Elliott • Could- 
10.30. A.' 


EftTE&T ABSENT 
GUIDE 


ARTS THEATRE. 01-836 2132. 

TOM STOPPARD’S 
DIRTY LINEN 

'‘Hilarious ... see It.” Sunday Times. 
Monday to THirWiy a 30. Friday end 
Saturday a: 7.00 and 9.1 S. 


DUCHESS. B36 8243. Mon to Thurs. 
Evening* 8.00 Frl.. Sat. 6.15 and 9.00 
OH ! CALCUTTA ! 

’• The nudity Is stunning.” Dally Mall. 
9th Sensational Year. 


KING'S ROAD THEATRE, 01-352 7485. 
Man. to Thurs. 9.00 Pr. . Sat. 7.30. 5.30* 
THE ROCKY HORROR SHOW 
DON'T DREAM IT. SEE IT. 


CC— Thete rhea ires accept cerum credit 
cardi by telephone or at the 3ax Othce. 


OPERA & BALLET 


COLISEUM. Cr.-d'l card-, 0J-24O 5258. 
Res.rejtiinj d 1 -- 3 b 31 b’. 

ENGLISH NAilONAL OPERA 
Tin’! Tu. .’.-(J Fr a: 7.30 .a Scheme. 
Wed- at 7 30 The S'raglto. Timr at 
7.30 So*er. Deadly Sirs "... a hrll- 
Hant ENO pracuer.on ' Sun. Times, with 
Giar.m S:r<i-:h,. 104 baleary scau avail 
lor all oerfs trrm lO.CO On oa* c( aerr. 


CQVEHT GARDEN. ZC 140 1066 
CGji'defreftji-'je Credit Cards 836 5903'. 
THE ROYAL OPERA 
DER RING 
DES N1BELUNGEM 

Toni9"t s.30 Die Walkur*. Fri Seal. 22 
Siegfried. Sat. Seoc. 30. Gotlerdam- 
merung. ■ All aeau sold. 


AMOASSADORS. CC. 01-836 1171. 
Nightly at 8.00. Matinees Turn. 2.4S. 

Saturdays at 5 and 8. 

PATRICK CARGILL and TONY ANHOLT 
_ ... In SLEUTH 

TTie World-Famous Thriller 
br ANTHONY SHAFFER 
■’SoehTd the Slav again li m tact 
“!J*r and - , ®:»I loy.J Punch. Seat prices 
£2.00 and £4.40. Dinner and top- price 
sea: £7.50. 


°] _4 ^„ 26 , B3 ’ Evenings 8.00. 
Mats. Thurs. 3 00. Sat 5.00 and 8.00. 
DONALD SINDEN 

“Actor •>>, inf.war.'' Evenmg standard. 
IS SUPERB. N.o.W. 

SHUT YOUR EYES AND 
THINK OF ENGLAND 
_ WicverMy funny,” Times. 


surti. ' I 


SADLER’S WELLS THEATRE. Rose Mr y 
Avenue. EC1 . 837 1€72 uHM Sepi 23 
CARACALLA DANCE COMPANY 
First Arab dance Co. to visit London. 
THE BLACK TENTS OF ARABIA — ■ 
suMtacul-ir Bedouin musk A dances Irom 
the Middle East. 


ASTORIA THEATRE. CC. Chari no Cross 
Bead. 734 4291. Mon. -Thurs. S P.m. 
Fri. and Eat. 6. DO and 8-45. 

BEST MU5<CA D= THE YEAR 
EVENING_ STANDARD AWARD 


THEATRES 


A DELPHI THEATRE. CC. 01-330 761 1. 

LAST S WEEKS. MUST END OCT. ta. 
Eves 7.30. Mats. Thurs 3.00. Sit. 4.00. 
IRENE IRENE IRENE 

ME BEST MUSICAL 
Ol 1976. 1077 and 1973 
IRENE IRENE IRENE _ 

CREDIT CARD BOOKINGS B36 761'1. 


CAMSR'POf- CC 836 6056. Mon. to 
Thurs. 8.00 Fri and Sat. 5.45 and 3.30. 
JPI TOMBI 

Escitlng Black Alntan Musical. 

Sent prices £2.0O-£S.O0. 

■■ Packed w.rn v.ir,etY." Daily Mirror. 

THIRD GREAT YEAR 
Dinner and top-nricc seats £8.75 incl. 


CHICHESTER. 0243 81312. 

Lest £ Perfs. at 2.00 and 7.00. 
LOOK AFTER LULU 


ALBERT. 836 3878 . Credit Gird bkOS. 
336 1071-3 Irem 8 .S 0 J.m.. Party rales 


Min.. Tucs.. wed. and Frl. 7.45 p 
Thurs. and Sat. 4. 30 and B DO 
A THOUSAND TIMES WELCOME IS 
LIONEL HART’S 

OLIVER 

" MIRACULOUS MUSICAL." Fin. Timet. 
wteti SOY 4UDD and JOAN TURNER. 
NOW BOOKING FOR CHRISTMAS AND 
THROUGH 1979. 


COMEDY. _ , 01-530 2S7B. 

Eves. Mon. -Frl 8.00. Sart S-00 and 8-30 
Mat. Tliur. 3.00 
EDWARD WOODWARD 
BARBARA JEFFOHD In 
THE DARK HORSE 
by Rosemary Anne Sisson. 

■' Excellent tamlly entertainment. Anyone 
ol any age Is likely to enioy It.” S. Tel. 
■■ Damned gone theatre.” Sunny Times. 
'■ Americans mil love ii." Gdn. ‘ A laugh 


DUKE OF YORK'S. CC. Q1-B3G' 5122. 
“ FANTASTIC ” 

GOOSPELL 

“BURSTING WITH ENJOYMENT.” D. 
Tel. Prices £2 ta £S. Best seats £3 hall- 
(lour before show at Box Office. Mon.- 
Thurs. Frl. Mat. alt seats £2.50. Ergs. 
8.15 Frl. and Sat. 5.30 and 8.30 
Limited season. Must end October 14. 


FORTUNE. 836 2238. Evgs. 8. Thurs. 3. 
Saturday S.OO and 8 00. 

Murin’ p-ivmw as MI5S Mi t'E in 
MURDER AT THE VICARAGE 
FOURTH GREAT YEAR 


LYRIC THEATRE. 01-437 3686. Evs. 8.00. 
MaL Thurs. 3.00. Sat. 5 00 8.30. 

JOAN FRANK 

PLOWRIGHT FINLAY 

FILUMENA 

by Eduardo dn F- HIPPO' 

Directed by FRANCO ZEFFIRELLI 
TOTAL TRIUMPH Ev News. “AN 
sVENT TO TREA5URE ■■ B. Mir. ” MAY 
IT FILL THE LYRIC FOR A* HUNDRLD 
YEARS.” Sunaa« Times. 


PALLADIUM. 01-437 7373 

Opening Dec. 20 for a Season 
DANNY LA RUE 
as ” Merry Widow Tmjiikey ' In 

ALADDIN 

ALFRED MARKS as Abarazar 
Dilvs WATLING. Br.an MARSHALL 
nnd Wayne SLEEP 
BOX OFFICE NOW OPEN 




GARRICK THEATRE. CC. OT-S3G 4601. 
Evos. B.DO. Wed. 3.00. Sat. 5 30. 8JO. 
TIMOTHY WEST. GEMMA JONES 
MICHAEL KITCHEN 
In HAROLD PINTER’S 
THE HOMECOMING 

“BRILLIANT. A TAUT AND EXCEL- 
LENTLY ACTEO PRODUCTION.” D. Tei. 
"AN INEXHAUSTIBLY RICH WORK," 


GuJrtbm. " NOT TO BE MISSED.” Times. 


GLOBE THEATRE. 01-437 1S9Z. 

Evs. 8.TS. Wed. 3.00. Sat. 6.00. B.40. 
PAUL EDDINGTON. JULIA McKENZIE 
BENJAMIN WHI TROW 
ALAN AYCKBOURN'S New Comedy 
TEN TIMES TABLE 

“ TIMs must be the haoolest laughter- 
makor m Lendon.” D. Tel. ”• An Irresis- 
tibly cn lovable evening." Sunday Times. 


MAYFAIR. 629 3036 Ess. 8.00 Sat. S 30 
and 8.30. Wed Mats. 3.00 
WELSH NATIONAL THEATRE CO. 
,°7LAN THOMAS’S 
UNDER MILK WOOD 
A RECORD BREAKING SUCC ESS 

MERMAID. 248 76S6 ~ Restaurant 24 8 
2B35 'rJltS2 ln S s 7.30 and 9.1 S 
EVERY GOOD BUY 
DESERVES FAVOUR 

* D' 3 * 1 . f O£ actors and orrhctlta by TOM 
STOPPARO * ANDRE PREVIN. Seats £4. 
£3 and £2 ■■ N-.t Qne /.-HO bO‘. c5 

EVrLi*eT G yr!J..Jr ANCUAGC AN0 ™ E 

MI« E TMie Cl ^f? , i : ^. R7 CAN POSSIBLY 
MISS THIS PLAY. s Times. Last j 
weeks. MUST END SEPTEMBER SO. 


PHOENIX. 01-036 2204 Even.ngs at B IS 
Mats. Wed 3 OC Saturdays S.OO & S.40. 
’’TIM BP. DOKE -TAYLOR. GRAEME 
GARDEN male us laugh." OaiJy Mall. 
THE UNVARNISHED TRUTH 
• he Hit Comedy by Rorcc Rvton 
"LAUGH. WHY I THOUGHT I WOULD 
HAVE DIED” Sunday Times. "SHEER 
DELIuHT.” . E--s Standard. "GLORIOUS 
CONTINUOUS LAUGHTER. ’ Times 


.REGENT I Ox lord Circus'. 01-637 gasr-s 
Ert. S.3D. MaTs. Fri. and Sat. 6 on" 
TAKE THE FAMILY TO 
THE GREAT AMERICAN 
BACKSTAGE MUSICAL 
i ' a little jewel." Financial Times. 

I " S m art swell show.' Daily Express. 

■' So enjoyable." Sunday Times. 

I Lwirs have more elegance 

than those for EVITA 
Musr more bite 

■ than that lor ANNIE.” Sunday Telegraph 
Credi;_ C ard B ookings — Scats irom £2 

RIVERSIDE STUDIOS. 01-7.18 3354 ’ 

Tonight 7.30 ’ 

TNE CHANGELING 
Director PETER GILL 


THEATRE UPSTAIRS. 730 2554. LH Pert | 
TonT-7.30 PRAYER FOR MY DAUGHTER i 
by Thomas BaBe. “ Exrricrdmarv richness i 
and complexity " Gdn j 


CINEMAS 


VAUDEVILLE- 8S6 B96B CC. Evs. B.OO. 
Mlti-Tud. 2.43^ Sat. 


ABC 1 A 2 SHAFTESBURY AVE. 8 
8861 . . Seg. Peris. 'ALL SEATS BN& 
2,1 2D0J! A SPACE OOY9SEY tU' 70 r 


2.45. Sat. 5 00 and 8.00. 

Dinah SHERIDAN Duklc GRAY 
A MURDER IS ANNOUNCED ' 

The newest whodunnit by Agatha Christie 
I ■■ Re-enter- Agatha Christie with .another 
: whodunnit ML Agatha Christie Is Malt- 
ing the West End yet ag*in wlrir another 
of nor fiendishly Ingenious murder 
mysteries." Felix Barber, Evening News. 


j 5 lm -_ _lftk._ »nd . 5un;._. T so: 4_2S. 7.: 


3- CONVOY fAl Wk and Sufl.'-f- 1 
S 20. B.20. Late show .Tonight 11- 


i CAMDEN PLAZA topp. Camden -To 
l Tube). 4BS 2443. THE BOB pYU 
FILM REKALOO.A CLARA (AAJ w 


• BOB DYLAN S JOAN BAEZ. In4-tr» 
| stereo. Progs. 2.SC ' 


SO and 7.30 dalhr. 


ROUNDHOUSE DOWNSTAIRS. a 1-267 
; 2564 ’ National Youth Theatre <n 
’ PETTICOAT REBELLION. Last 2 Days 


■ Year’s run must end Sept. SO 
Llimtad’ season. October Z-December 2. 
AN EVENING WITH DAVE ALLEN 


: VICTORIA PALACE. 

828 473S-6. 834 1317. 


KAYMARKET. 930 98 32. Ergs. 8 00. 
Wed. 2.30. Sal. 4.30 and B OO. 

PAUL SC OF FELD 

ELEANOR HAiMY TREVOR 

BRON ANDOEWC PEACOCK 

and IRENE HANDL In 
THE FAMILY 

A new Ma» by RONALD HARWOOD. 
Directed by CASPER WREDE 
An admirable play, richly laUstvtng— 
Paul ScoAtHd at his nest." B. Ley hi. S. 
Times. Last 3 wertt. ends Sept. 30. 


a minute." D Tel. " Opportunities brll- 
-. iiseu b» ml.rnc c,«. a most 
attractive and entertaining evening," s.N. 
INSTANT CONFIRMED CREDIT CARD 

TEI IDUnMJ RlVIVIMCC nrrraT.n 


I TELEPHONE BOOKINGS ACCEPTED. 


ALDWVCH. 6404. In.'o. 316 3 332. 

Fullv a.r cgndtiigr.cd. 

ROYAL SHAKESPEARE COMPANY 

T*»r zoo Ii5 tSo^as. you «m i'J. 

- a cornu iOmA ot nchis S. t. r ?cji- 
with- Red. SH-W pTfrti Divlrf 

w a as , C 

l see Wl. 


CRITERION. 913 JZ’S. CC. *t% 1071-T 
Ergs 8.00. Sat. 5 30 S.30. Thurs. 3.170. 
NOW IN ITS SECOND YEAR 
LESLIE PHILLIPS 
• m SIX Of ONE 

. . and a HALF-A-DOZEN LAUGHS I 
A MINUTE 

SECOND •’HILARIOUS’’ YEAR 
“ Very lunny." Sun. Tel. 


HAYMARKCT. 930 9832. Prevs from 
Oct. 4. Opening Oct. 9 al 7.00 
GERALDINE Mr EWAN 
CLIVE FRANCIS 
NIGEL STOCK 

PETER PAUL 

BOWLES HARDWICK 

and PEN EL LA FIELDING m 
LOOK AFTER LULU 
by NOEL COWARD 
with GARY RAYMOND 


THEATRE. .928 22S2 

’ISalWei!.. 8 ** 9 "'- Today 2.45 and 
TJO MACB-.TH. Frl. nesi .7.30 flow 
P rice prrv.l Tbe Daublc pctlgr 
LYTTELTON (prov.en>cre, infer Today 
J an g 7.45 Mon T 4S PLUNDER o» 
B en T ravertt. 

COTTCSLGE :smali auo.'oriunii Prom. 
S«ri»on Eve;, a. LARK RI5E b» Keith 
Dewhvrst Irom Ftcra Thampwn i bunk. 
Many e>ceiien>. ;neap sear-i all T 


PICCADILLY. From 8.30 a.m. 437 4308. 
Credit Cards i 816 1071. Mon. -Thurs. 8. 
Friday and Saturdnv S. B.tS. Air cond. 

□SRimgting »i:h unlettered girite and 
humour, the BROADWAY STAR." D. Exp. 
SYLVIA MILES 

'• Tcwenng performance " Dally MaU. 

VIEUX CARRE 

... ®Y TENNESSEE WILLIAMS 
■* Wonts like magK." Financial Times. 

There has hardly been a more satisfying 
evening fn the West End . . . the BEST 
COMIC WRiTING IN LONDON;*' OI». 
’ Sex running Hke cn el-rc-ric ■■Jrrtnl ■ 
Fin. Times. "DIVINE INSPIRATION — 
AUDACITY o? HIS HUMOUR — 
HYPNOTIC EFFECT." D. Ma.T. 


ROYAL COURT. 730 174S. Alr-Conri 
. Evenings at B.oa. Sals 5.00 mid 3g- 

' Turi n WIl LIAMinu JUl 


STRATFORD JOHNS 
SHEILA HANCOCK 


Ml COL WILLIAMSON 
"A ylrtuire oeriOTnaneij.' o, t»j 
I m JOHN OSBORNE'S 

_ INADMISSIBLE EVIDENCE 
' "This is one Of the__lcw great plays of 


the century. '* D, Mall. 




1 BLOCKBUSTINC 
SMASH- HIT MUSICAL.'* D. Mall. 


ROYALTY. Credit Cards, a 1 -das B004' 
Monday -Thursday - UL “*- 


i "»*iHt«r,nun*«T evenings . B.QO. Friday 
• 5 JO and 8.45. Saturdays 3.00 and B on 
, London c-i‘.cs vote BILLY DANIELS In 
BUBBLING BROWN SUGAR 
. Bess Musical Of T977 

Tsl bookings accepted Major credit 
cards. Restaurant reservations Qt-204 
241 B 


WAREHOUSE Oonmar Theatre. Covert 
Garden- ' IX 6800. Royal Shakespeare 
Company. Ton'* 8.00 Peter Flannery's 
SAVAGE AMUSEMENT. 'A striking end 
yioratit ‘■piece of theatre.” 5. Express. 
AU seats £i 80. Adv. bkgs. Aidwych. 
Et ud«a' standby *-i- 


; CLASSIC 1. 3. 3. 4. Oxford Street J[p 
i Tottenham Court Rd. Tube!. 638, ” 
U and A progs. Children naU-prfte. 
li THE TURNING POINT (A). J 
ttereophcflic sound. Progs- 1^5- J: 
6.03. a.30. La 10 show TEXAS CHA 
SAW MASSACRE iX-GLCI. W »»■. 
Ji Kris K ristoffcrsiHi CONVOY t 
Progs 1.40.' 4-DO. 6 JO. 8.40. L 

show 1 1 pm. 

3! -THE SILENT PARTNER MO. Tro 
12.45. 3.Z0. SJS. 8.25. TT pm- 
4i HEAVEN CAN WAIT tA). Pro 
3.40. 3.55, 6.15. 8.35. 11 tM. 


........ v-yv...... .neap scars »■> * 

P* 1 " 1 - Car piris". Restaurant 
_ 92 B - 013 . Cretin card bookings 926 3 D 52 


PRINCE EDWARD. CC 'Formerly Casinol 
01-437 63~7. E'.emngs 8.0 Mat.nces 
Thur and Sj:. at 3.0. 

EVITA 

Ov Tim Hite and Andrew Lloyd -We poor. 
Directed hv Harold Prince. 


SAVOY THEATRE. 01.836 flHEB 

credit cards 7S4 4772. Tom Conti in 
WHOSE LIFE IS IT ANYWAY' 


WHITEHALL. CC. 01-950 6692-77BS. 
EmrMO Fri. and Sat. 6.45 and 9.00 
Paul Raymond ._pr«* n?s The Sunsational 


with JANE ASHER 
"A MOMENTOUS PL'" ' 


- Jtovue of the Century 
DEEP THROAT 
Stl GREAT MONTH 


CURZON. Curann Street. Wri 49Q T7. 
t AST S DAYSI DERSU UZALA IU» 


70 mm (Englltfi sub-tKles). Aim at 3* 
S^S and BJO. Suns, at 4.00 and 74 


LEICESTER SOU A RE THEATRE. 950 S2J 
"F.IJ.T." {AJ. Sep. Perfs. Sun. 5- 
7.45. Wits. 1.00. 4.30. B.10 LStf -NU 
Show. Fri. 6 Sat 11.45 Pm. 8:10 ft 
bhblo. Mon. -Frl.. All pnrfs. bkbie. Sat. 
Sun, except Late Night Snow. 


OLD VIC. 92 B 7816. 

PROSPECT AT THE OLD VIC 
Margaret Caurte.iay. Anthony Quayle In 
THE RIVALS 

SYrncten's comedy, nirh James Aubrey. 
Jsla Blair, hennttn G ib-rt Caroi Gillies. 
Matthew Guinness. M-i Martin. Trevor 
.. . Mar.'n. Chnjrcsher NeAhW. 

Tne tunnies: Mrs. MallBfOP. 1 nsv,? 
•■eefi " The Guardian m, Ouayie's S r 
Anfiinv— a "/«.re *rf u l O’r'crn’mcr ■' Tne 
Time*. Toa -iv .■*: j ^ rr , 730 

PALACE. CC 0li437 6834 

Mon -Thur S 00. Fr. £ Sat. 6-00 £ 8.40 
„ -JESUS CHRIST SUPERSTAR 
bv Tim Rice and a-,6 rew Lloyd-Webaer. 


PLAY. I URGE You 
. B TO SEE IT." Guard.anV 

Evs. a ; 3 00 Frl. and SaL 5.4S and 845 


WINDMILL THEATRE. CC. 01-437 6312. 
■ WSei Nightly B.OO and TO.OO 
Sundae 6.00 and 8.00 


PRINCE OF WALES. CC 01-930 8681. 
LAST 4 WEEKS. MUST END OCT. 7. 
Ergs. B.o. Saturdays s .30 and s.as. 
THE HILARIOUS 

BROADWAY MUSICAL COMEDY 
I LOVE MY WIFE 
starring ROBIN ASK WITH 
CREDIT CARD BOOKINGS. 930 0846. 


.SHAFTESBURY. CC- 01-836 610 c > 

. 01-836 42SS. E*b> at 8 15 
: Thursday 3.00 Set. 5.00. ILso ncn 

TERENCE STAMP .p ° 

! DRACULA 

with DERE ' GODFREY 


5HAW. 01-388 1394 National Y 0u -h 
Theatre In JULIUS CAESAR try WlUlSm 
ShatMoeare. Evgs. 7. Do 


Sunday _ . . _ 

PAUL RAYMOND presents 


RIP OFF 

THE- EROTIC EXPERIENCE OF THE 


MODERN ERA 
>• T<£(s to unprecedented limits what- Is 
nermisNMe wn our stage." E«g. News. 
pern,n ^~THIRD GREAT YEAR ' 


DRURY LANG. 01-836 BIDS. Mon. to 
Sal 3 00 Marineet Wed aid Sa: 3.00. 
A CHORUS LIME 

" A rare ITitdi' "j ,'i.eut astofi shinq 
stunner." Sun Times. 3rd GREAT TEAR. 


HER MAJESTY'S. CC. 01-930 5606. 
E*9S. 8 OO. Maimoei Thurs. and Sat. S.O. 
" INSTANT ENCHANTMENT." Observer. 

THE MATCHMAKER 
A Cpmcdv a! Thumton Wilder. I; goes 
down with a dwrred roar ol delight “ 
D. Tel. For a limited season until Chi. 14 
” Hello Dolly SO tire to have von Mr* ' 
D. M».l " A Masttrpiere ” T.ffir* 
Tne mar »vn:ed a gl>u 01 bubt-i. 

and a topp.n' ;now m,-.i h«d juft 
tola m mind." O.T. 


PALLADIUM. 01-437 7373. Sop* it©* . 
seal. 25 For One Weal. Only. 

LF.NA MART ELL - 

_ MICHAEL^ BENTINE, WaVNE KING _ 


OUEEN'S. Credit Cards 01-734 11S6. 
E»gs. 8 00 Wed. 3 00. Sat. S.OO. 8.30 
ROY DOTRICE. GEORGE CHAKIRIS. 
RICHARD VERNON. JAMES VILL1ERS 
THE PASSION OF DRACULA 
DAZZLING." V. 5f*n " TH/ULLINGLY 
EROTIC.' ObJ. ' HIDEOtJiLY ENJOY- 
ABLE AND GENUINE TERROR." 5'jn 
Tlmec. ' COuD CLEAN GORY FUN." 

'LJfiSSI SCENICALLY SPEC- 
TACULAR SHOW IN TOWN." Punch- 


Strand, oi-aie 2 sso. Evening* 8-Q0 
Mat Thun 3.00 Satt. S 30 and S an 
^IO SEX PLEASE— • ,0 

• WE RE BRITISH 

LONDONS LONGEST LAUGH — 

' OVER 3.000 PERFORMANCES 


PALLADIUM. 01-457 7373. BOC* Now. • 
Ortotonr 2nd Hr quc wfch tmW 

,N .P«f S^SAT SHOW' 

LENA Kavaroni 

and Her D»nrer> 4nrt rhc rfl lrrt Khut 

.«ONNIS DU K FJ AND 1 

WCKI LEE AND FAMILY 


RAYMOND REVIJEBAR. CC 01-7S4 1593 
At 7 om 5 nn. IT jn Oanr> Suns. 
PAUL RAYMCNO preien'? 

THE FESTIVAL OF EROTICA 
'•'-h.andiisonea 
ilt: SENSATIONAL YEAR 


ST. MARTIN'S. CC. 01-830 1443 
Evgs. 8 00. Maunce Tue. 2 45 . 

^5.00 and 8 . 00 . MU ' 

AGATHA CHRISTIE'S 
THE MOUSETRAP 
WORLDS LONGEST-EVtR RUN 
26th Y£AR 


WYMDMAM'3. 01-836 3028. Crodlt Card 
B 107 1 flnwn 8.30 am. Mon.- 


Ttaire 8430- Fri. and Sat. 5.15 and 8.30. 
TBur ’ Y-*fr EBIOR MOUSLr RICH . 


VERY FUNNY." Evening. News. 

- - sh-hlt comedy 


Man ' O'Malley's wain 


ONCE A CATHOLIC 
B Bomepy 


ODEON. Hay market. 930 2758-271 

MIDNIGHT EXPRESS (XI. Sap. WP 
Dly. at 2.30. S. 30 . 8.30 pm. Late Wh 
7 hum,. Frl . Sat. and Sun*. Doore OF 
11 -IS pm prog, at 1 145 pm. All » 
Deble- 


OOtOH. Leicester Square. <930 611 
THE CHEAP DETECTIVE <A>. Ste. «JP 
Dly. Doors open 2.00. 4.4S. 7 . 4 S. L 1 
show tonight. CC-T.V. World 

weight Boning Championship. SPINKS 

AL| Doors open 12.00 midnight. Trai 
mission 1.00 am. No licensed bars. 


MWjljl. Marble Arch. WJ. 723 20U 
CLOSE ENCOUNTERS OF THE 
kind (AJ. Sep. progs. Doors open Mri 
Frl. -2 00. 7 30. Sat. f.OS. 4.1S. 7.J 
Sun. 3.00. 7.30. Late Show Frl. ; 
Ooor* open 1 1.15 Off. AH irj 


bkble. 


- Supreme corner gn Hf* and rgnglM." ( — — ■ — — 

suprym Daily Teleorach ■ > PRINCE CHARLES, Laic. So. 437 «t) 


■•''MAKES YOU SHA E WITH 
'LAUGHTER. - Guardian. 


vruiMG .YlCm.92B S36S. Doens Sunday for 
Y 2 M wwfcF ^ i »' WTER.fiOpRK-S famous 


f Pa^riorodueUoA of Alfred Jury's farce 
um ftTFecnch}^ | n. 7.45 <18 Scot 
: AU «Ht» U-50 (17 Sept. Sl-Sfli. 


_MEL BROOKS 

llSTV (Al 


C— n ^ HIGH ANXil. , s~. •- 

gn«. Parfc. 6iy. tine. Sun.). 2.4S, 6^1 

S*2?' ‘-aif.Show Frl. A Sat. ti.drf. sre 
Lic'd Bar. 


TALK OF THE TOWN. CC. 01-734 S0S1 ^ . „„ 

Air tondltlonlna. from 8.00 Dlntna ■ vnUNC-'-VlC-^it BMJ From Oct. S. 
Danelno. 9.30 SUPER REVIEW I ACTION ;rM, AN ..a • J% a p2RE3t?uJ rilaBV 

RAZZLE DAZZLE I * — JH-HAMLET AND 

AT 117 PETER GORDENO * jK»vrw«^, B TEMPEST 


THE .TEMPEST 


. s r u "®I« 3JV 4. Oxford Circus. 437 331 
J- A Fred ZlnnenuiriA Film JULIA ti 

sSt*iD*s' 3 ,Dl *' -s ' 8 15 ' utr Sh! 

*■ Jill Cigyburgh.. 4M<i Bates in p. 

AN UNMARRIED- WOMi 

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ARTS/COLLECTING 


fir i tt-t 


at the ICA I Lace and 


'.;^v 


The critic'^ lot is not ao easy 
one: be may fail as much by 
seeking to please as by damning 
bis victim, offend certain of bis 
rudders by treating them to seri- 
ous and specialised analysis, 
others by bis apparent flippancy 
or casual journalism. His sins 
of omission are held against him,' 
■bis lightest opinion challenged, 
bis good faith impugned, bis 
commitment assessed, asuallv at 
too much or too little, seldom 
just so: which is only to sav that 
every time, be puls bis name to 
a piece he sticks his neck out — 
as so be should. Artists like to 
be attacked in print no more 


ART 

Willi AM PACKER 


than they like to be ignored, but 
in truth one has yet to be snnff'd 
out by an article: it is the critic 
who must beware. 

And, given the chance to show 
the world where his heart lies, 
what his principles ore. what are 
the standards ' of excellence by 
which he finds others wanting, no 
critic dare refuse. He must 
make his case, shave his neck, 
and kneel patiently for the blow. 
On and off for 20 years Tooths 
offered their galleries to various 
critics on just these terms, a 
useful and salutary programme: 
now* the ICA has revived it. this 
the first perhaps in an endless 
series, with John McEwen of the 
Spectator, a man yet to be fairly 
accused of pulling his punches, 
the first of us to mount the 
SKifWd. 

H? acquits himself well, though 
hi.-. iViiu mi ■:•>■ \d iuil, lor his 
is an orthodox defence, entirely 
familiar, there are no surprises, 
no proteges, the demonstration 
simply of work oF high quality, 
the fact that most of the artists 
are well established beside the 








Mixed Media by John Panting 


point. This must disappoint 
many people who feel, that yet 
another opportunity for adven- 
ture. experiment, commitment 
has been wasted, that none of 
us is any further ahead ■ than 
before. The point that the 
commitment is to actual achieve- 
ment is not taken, and the critic 
is again condemned. There can 


he no such thing as a safe show. 

His selection, nevertheless, is 
idiosyncratic, qualified in many 
cases hy personal -loyalties of 
various kinds, social, national, 
even fraternal. (There is. of 
course, no rule which says that 
rhe critic should not make 
friends with good artists: and 
with hundreds to choose among, 


a group of 18 is hardly a defini- 
tive company.) This is no state- 
ment on the condition of the 
nation's art, but a partial and 
interested view. It does include, 
however, a number of typical 
works by several of our better 
artists, and makes connections 
between them that are as helpful 
as they are unexpected. The 
hang in one instance puts John 
Hoyiand, about whom I shall 
have more to say when 1 review 
his latest exhibition, alongside 
Ivon Hitchens and John McLean, 
the one an older artist who is, 
often too lightly dismissed, the 
other younger and as yet unsung; 
and the three paintings together 
suggest fresh and intriguing 
thoughts on British gestural 
abstraction; across the same 
space. John Walker. Howard 
'Hodgkin, Stephen Buckley, and 
-John Panting, are all strongly 
represented, the last by an extra- 
ordinarily vigorous piece made 
only shortly before his untimely 
death four years ago. They make 
a similarly cohprent group. 

So H. ctm< ties throughout. 
Further inn* the gallery 
Lawrence Pruece, showing a 
large painting-cum-installation on 
which he has been working for 
a number of years, a real struc- 
ture with actual devices shifting 
ambiguously against their images 
in the Illusory space beyond the 
picture plane, faces a large relief 
by Martin Naylor with an 
unexpected complementary sym- 
pathy: two works of very 
different kinds, but at ease 
together. 

Not everything works so well, 
and certainly there are one or 
two artists chosen whom few of 
us might have called: it is easy 
to disagree with any selection, 
but the implied question: whom 
then would you have chosen ? 
faces every visitor, a stimulating 
question that we each should 
try to answer. The exhibition 
continues until October 7. 


THEATRES THIS WEEK . . . AND NEXT 


COTTESLOE — Lark Rise. Revival 
of this delightful ambulatory 
production of Flora Thompson’s 
rustic idyll, respectfully adapted: 
Reviewed Tuesday/Wednesday. 

JEANNETtA COCHRANE — 
Much Ado About Nothing. Pretty- 
production by the* National 
Youth Theatre, with very promis- 
ing Beatrice and Benedick. 
Reviewed Tuesday /Wednesday. 

ROYAL COURT — Inadmissible 
Evidence. Nicol Williamson even 


better than he was in 1964 in 
this fascinating play. Reviewed 
Wednesday/Tbursday. 

ROYAL EXCHANGE. Man- 
chester — Sisters. Disappointing 
new piece' by David Storey ‘about 
a brothel. Reviewed Wednesday/ 
Thursday. 

SHAFTESBURY— Dracuta. The 
standard 1927 . text played with 
self-conscious mockery. Terence 
Stamp much too decent as 
DracuJa. . Smashing Edward 
Gorey ddcor. Reviewed Tirars- 
day/Friday. 


NEW END, Hampstead — Tribute 
to Lili Lamont. Hollywood sur- 
vivor Gloria Grabame comes 
fighting through a stodgy piece 
set in a fan club for Hollywood 
survivors. Reviewed Friday. 


Peter Brook’s production of l/bu 
Roi comes to the Young Vic on 
Monday for a short run. On Tues- 
day, the Theatre Upstairs has 
Emigrants— from Ireland this 
time, not Pakistan — and on 
Wednesday at Hampstead GZoo 


loo deals with Immigrants. Also 
on Wednesday, T. S. Eliot's sel- 
dom seen The Confidentail Clerk 
opens at the Everyman, Chelten- 
ham. The RSC (who are 
responsible for l/bu, though it 
is Peter Brook's own company 
from Paris and places beyond) 
have two more openings at the 
end of the week. A new piece by 
Stephen Poliakoff. Shout across; 
the River, opens at the Ware-: 
house on Thursday; and a new 
piece by David Mercer, Uncle 
Vladimir, opens at the Aldwych 
on Friday. 


WHEN I RAN an antique stall 
some eight years ago in the 
Five Centuries Fair in London’s 
Kingley Street (now swallowed 
up in the Carnaby Street com- 
plex), my neighbour there, a 
charming woman named Sylvia, 
specialised in old lace. It was 
considered quite unusual, if not 
a trifle strange, although her 
stand was full of exquisite 
pieces of creamy lace and 
linens, pretty pink lace parasols, 
gossamer veils, and sultry black 
mantillas and delicate fans, one 
of which I seem to remember 
I gave to her in return for an 
item more suited to the bulky 
Victorians of my stand. 

Although lace sellers are still 
limited, and those that exist 
mainly Interested in costume 
lace for "breaking up" into 
trimmings or using with other 
antique fabrics to make up into 
full-scale outfits, interest is on 
the increase, a great deal of 
lace gets into the costume and 
textile sales at Phillips Elen- 
stock Rooms, and Christie's 
South Kensington, where a 
typical lot might be a bundle 
of 19th century costume lace 
including a Brussels point de 
gaze bertha; a pair of Honiton 
pocket trims, collar and cuff 
sets, three bonnet veils, Valen- 
ciennes edgings, mittens and a 
crochet purse. 

Mord museums are giving 
space to lace displays too, but 
probably the greatest pheno- 
menon Is the resurgence of 
interest in making lace. The 
Lace Guild, whose nearly 2,000 
members include a large per- 
centage of specialists in needle- 
point, bobbin lace (Bucks. Beds. 
Honiton and Torchon), and the 
allied tatting, crochet and 
macramd, was only started some 
two years ago. Anyone who col- 
lects or deals in lace, or just 
loves it for the elegant craft it 
is, can join. Details for sae to 
the Secretary. Mrs. Barbara 
Wilson, Green pates. Vache Lane, 
Chalfont St. Giles, Bucks, or 
send £4, sterling only, for the 
■annual subscription, which in- 
cludes the very professionally 
produced magazine Lace and 
pattern supplement 

At its most basic, a -descrip- 
tion of the two main types of 
handmade lace is that needle- 
point Is lace made with needle 
and thread in buttonhole stitch, 
and that bobbin lace (often 
called pillow lace, although 
other types of lace are made 
on a pillow), is made from 



There are daily demonstrations of lace nuking at Lace 7B, an exhibition of hand-made lace which opens 
at Sanderson, Berners Street, London, W.l, on Thursday until October 14, before going to Hsrewocd 
House. Leeds, October 21-29. Illustrated is a lace edging being worked with 45 bobbins on a lace pillow. 


threads attached to bobbins 
which are small elongated 
wooden or bone reels on which 
the thread is wound. Sometimes 
the two forms of working are 
combined, a net or mesh of fine 
holes made with bobbins, and a 
design embroidered on it after- 
wards. 

There are various tips for 
identifying hand-made lace 
from machine, antique from 
modern. Hand-made lace will 
gather into a soft roll, smooth 
to' the touch, machine lace is 
stiffer. the mesh more regular 
than the hand-worked variety. 


COLLECTING 

JUNE FIELD 


Take a wire coat hanger to Sweden 


SO THERE I WAS, on my back 
underneath the car in .the pour- 
ing rain trying to sew back the 
red hot exhaust pipe with a 
wire coat hanger. It must have 
looked quite a good job in the 
end because the Volvo 
mechanic in the next town 
thought that this was some new 
form of fixing which came as 
standard with all British-made 
Fords. 

There’s nothing like a break- 
down for getting to know the 
natives and, after my incident 
on the road between Jankoping 
and Ulricehamn, I. can report, 
that the Swedish natives are 
friendly. My Volvo mechanic 
asked only KrlQ (a little over 
£1) for what took him half an 
hour to fix and the eventual 
Ford dealer was embarrassed 
to present me with a bill for 
adding the words: ** You 
take this Ford, money back they 
will give you." 

For years I have avoided the 


TRAVEL 

ARTHUR SANDLES 


Scandinavian countryside, stick- 
ing instead to the major busi- 
ness centres. Perhaps it was 
the thought that- relaxation 
means sunshine and in my 
mind Sweden meant ice and 
elks (and Volvo). Well I saw 
no ice — not even in a glass, but 
more of that later — and an 
abundance of - elk. I didn't 
actually see much sunshine 
either, but the clouds provided 
a backdrop to some of the most 
spectacular scenery in the 
world. 

Although internal com- 
munications in Sweden ore 
good it is well worth taking a 
car if you are going to see the 
best of that countryside. Once 
you get away from the routes 
to the main urban centres, driv- 
ing. in Sweden can be a joy. 
Well-maintained roads make 
gentle sweeps through pine 
forests which open from time 
to time to reveal shimmering 
lakes, red painted villages and 
rugged rocky outcrops. 

We had progressed.via Felix- 
' stowe to Gothenburg on one of, 
the Tor Line ships, modem 
models of Scandinavian cleanli- 
ness and efficiency. The trip is 
a full lunch-time to lunch-time 
journey so the comfort of the. 
ship is important . Don’t miss 
the lunch-time buffets. . of 
assorted herring •• concoctions, 
cold meats and. salads (there 


are meat balls and sausages for 
the kids). The dinner menu 
looks interesting but your 
reporter must apologise to 
deciding that in the Force 
Sevens that blew each way the 
crisp comfort of Tor Line 
sheets was more appealing than 
the culinary delights of Tor 
Line food. 

Anyway, you need a clear 
head for dealing with the park- 
ing problems of Gothenburg, a 
pleasant coastal city but more 
of a gateway than a resting 
place. If you have children, 
however, it is well worth taking 
them to the Liseburg a huge 
and well run amusement park 
which lacks the shabbiness that 
so often creeps into its British 
equivalents. How the Swedes 
manage to run such a place ii% 
wliat must be a very short 
season I do ‘not know, except 
that it is not a cheap place to. 
visiL 

Sweden's overall image with, 
the British is, of course, one of 
expense. Like many images 
this one. is a mixture of fact 
and fiction. Petrol is much the 
same price as in the UK mak- 
ing driving a much more bear- 
able experience there than in 
France where you might just as 
well connect a constant flow 
pipe between your wallet and 
loll booths, and petrol stations. 
Food bills, however, can often 
come as a shock. The sort of 
basics that a British self-:aterer 
will buy— bread, cheese, cold 
meats — are worrying] v expen- 
sive. Expect to pay 50p for a 
large bag of crisps. Wine, 
available in restaurants and 
state owned liquor outlets, is. 
around UK prices but hard 
liquor well over twice British 
prices. That, and the threat of 
Swedish drink/drive regula- 
tions kept me dry for most of a 
one-week stay. 

If you are self-catering 
Swedish customs allow you to 
take in 15 kilos of food but no 
vegetables. Officially, no tea or 
coffee can bo taken in but even 
If this were enforced, which I 
doubt, Swedish shop prices for 
coffee at least are no more pain- 
ful than in the UK- 

I seif-catered at Pinnarps- 
baden, . a small collection of 
wood.biiilt chalets- In a pine clad 
lakeside setting about midway 
between Gothenburg and Stock- 
holm- The chalets are simple, 
hut have the essentials I hot and 
cold water, central heating, full 
cooking facilities and bathroom, 
with a shower not a bath). It 
Is a’ splendid centre for walks 
and taking canoe trips on . the 
lake, hut you .do need reason- 
able weather to enjoy com- 


pletely. You go to Sweden for 
simplicity, for quietness and for 
natural beauty, do not expect the 
razzmatazz of an active night 
life outside the big cities. Even 
Sweden • equivalents of the 
British pub axe very few And 
far between. 

If you have not been there 
before, Stockholm is well worth 
the visit A city built on islands, 
it is a delightful network of 
twisting streets and open 
stretches of water. Having found 
somewhere to leave the car I 
stuck to the underground, 
ferries and my own two feet, 
thoroughly enjoying the 
experience. 

Every visitor to Stockholm at 
stime time or other goes off to 


see the Wasa. that amazing 
wooden war-ship which was 
launched 400 years ago only to 
topple over and sink within sight 
of the shipyard. The Wasa now 
stands glistening under a con- 
stant stream of wood impreg- 
nated liquid (to stop the timbers 
cracking) in its own museum, a 
monument to human pride and 
stubbornness, but also an 
invaluable piece of historical 
evidence. 

From the Wasa it is only a 
short stroll to the Skansen open- 
air collection of old Swedish 
buildings, removed to the capital 
and rebuilt in as near as possible 
their original forms. Skansen 
covers a considerable area so. if 
you want to enjoy it to the full, 
leave plenty of time. 


On reflection, however, it is 
not the delights of Stockholm 
that stick most in my mind. It 
is the simple pleasures of driv- 
ing along deserted country roads 
and pulling off into the forest 
for a picnic. It is the mother- 
and-child elk couple who blocked 
our route in One lane and then 
churned up what looked like a 
newly planted field as they 
galloped off in escape. It is .the 
cheese and ham breakfasts, and 
the herring lunches. It is even 
that squelching experience 
underneath the car. I will never 
travel again without a wire coat 
hanger. 


Yoor weekend f. Austria 27.50. ! 
Belgium OJS, France M2, Half 1595. 
Greece 68 -25, Spain M2JS, Switzerland 
M9, US. 1-9515. Source: Thomas Cook. 


Machine lace unravels quickly, 
it is almost impossible to un- 
pick needlepoint because there 
are so many knots. Old laces 
were made with threads not 
longer than 20 inches due to 
the limitations of hand spin- 
ning. and the joins can some- 
times be seen. 

As Mrs. Joan Buckle, lace 
teacher and specialist in Bucks 
point lace, the very fine variety, 
reminded me, the only way to 
really understand the complexi- 
ties is to see lace being made. A 
rare opportunity to do this will 
be at the' Exhibition of Hand 


TV RATINGS 

w/e Sept. 10 

UK Top 20 Homes viewing Cm) 

1. On Her Majesty's Secret Service 

(ITVJ 14.75 

2. 321 (Yorks.) 16.45 

3. The Freddie Starr Experience 

(LWT) I4JL5 

4. Starchy and Hatch (BBC) 14X5 

5. The Ran Trade (LWT) 13.95 

4. Return of the Saint (ATV) 13.90 

7. The Sweeney (Thames) .... IMS 

L George and MHdred (Thames) ... X3JO 

8. The Good Ufa (BBC) 13-50 

10. Seaside Special (BBC) 13JS 

U. Coronation Street (Mon.) (Gran.) 3JL30 

12. Star Games (Thames) 13JD 

13. Crossroads (Toes.) (ATV) 13.10 

M. Coronation Street. (Wad.) (Gran.) 13X5 
15. The Krypton Factor (Granada) 12.95 

14. Lingalongamax (Thames) 12.15 

17 Mastermind (BBC) 12X5 

23. Main News and Weather (Wed.) 

BBC 12X5 ! 

20. Z Cars (BBC) 12-45 1 

20. Crossroads (Thurs.) (ATV) 12.45 J 

FiKun.-s L-ompIJi'd by Audits of Great j 
Britain for the Joint Industrial Commlnec I 
for Television Advertising Research I 
i JICTAP.'i. I 


Made Lace at Sanderson, 
Berners Street. London. W.l, 
the first major event of its 
kind, organised by Mrs. Buckle 
under the auspices of the Lace 
Guild. Opening on Thursday 
until October 14, when it goes 
to Harewood House, Leeds, from 
October 21-29, there will be lace 
making demonstrations by 
members every day. Some of 
the exhibits, wedding dresses, 
head dresses, lingerie, collars, 
samplers and fable liuen, etc.. 
will be for sale. 

Also included in this in- 
credibly fascinating display of 
modern lace, for which 1 predict 
overwhelming attendance, will 
be two lace handkerchiefs lent 
by the Queen. These were marie 
for the late Queen Mary when 
she was married in 1893. 

If you want to put in a bid 
to buy 16 lace-trimmed handker- 
chiefs that once belonged to 
Queen Mary's mother. Princess 
Mary Adelaide of Cambridge, 
who was married to Francis 
Duke of Teck. then they are in 
the textiles sale Phillips are 
holding of lace items on Thurs- 
day, the same day the exhibition 
opens (estimate £75-£100). 
Princess Mary's delightful 
Brussels lace fan with mother- 
of-pearl sticks is also in the 
sale, with an estimate of £40- 
£60, a worthwhile buy if only 
for the distinguished 
provenance. 

Other peripheral lace objects 
include a 19th century lace- 
maker’s lamp, and a magnificent 


TRAVEL 

Petit Monde- 

maintenant en France ! 

We now Introduce Les Arcs ihome of 
ski ^wjiutll) and nones i home ol ski 
Mbnitin to the Small World chalet 
party skiing programme. Well, we 
nloneerca Datomtte chalet party ski- 
ing. put Austria back on the chalet 
mao. so maintenant e’est France airasli 
ExclirUI brochure ol chalet and hotel 
holidays out now. 5k> through It early 
to avoid you know what. 

SMALL WORLD 

S, Garrick Street. London. WCZ 
01-240 SU ichalets) 

01 -&» 7838 (hotels} 

ABTA/AITOfATOL «CB 


colection of 400 lace-maker's 
bobbins amassed by a gentle- 
man from Newport Pagnell. 
Bedfordshire over the last 15 
years. Most of the carved, 
stained and spangled bobbins 
carry typical loving messages 
and mottoes such as “Kiss Me. 
Quick And Don't Be Shie," and 
the rarer *' W. Bull hung 1871." 
a relic of the days when public 
hangings were a holiday affair. 
(Mr. Bull was convicted of the 
murder of Sarah Marshall at 
Little Staucton. Particularly in- 
triguing are the “ mother-in- 
babe '* bobbins, which have a 
hollnw shank containing a 
miniature bobbin. The "baby" 
would be squeezed through the 
gap inside when the material* 
was supple.) 

Estimates range from about 
£20 to £100 a lot. which vary 
from one to 20. Illustrated 
catalogue 5Qp post free from 
Anne Marie Benson. Phillips, 7 
Blenheim Street. New Bond 
Street, W.l, telephone 01-629 
6602. 

What to read: Lace by Vir- 
ginia Churchill Bath (Studio 
Vista), Margaret Maid men t‘s 
Manual of Hand-Made Bobbin- 
Lace Work (Pitman, reprinted 
Piccadilly Rare Books >, 
Gabrielle Pond's An Introduc- 
tion To Lace. Garnstone Press. 
T. L. Huetson’s Lnce and 
Bobbins — A History and Col- 
lectors' Guide (David and 
Charles), and Jeffery Hope- 
well's Pillow Lace and Bobbins 
(Shire Albums). 


IRELAND CAR HOLIDAYS in ca*ll« and 
country houses. Gaelic Times. Za Chester 
Close. London SW1X 7BQ. 01-235 BS11 

HOTELS 

f ■ ■ HARROGATE—^ 

(©Id Sold ] 

BRITAIN'S MOST DISTINGUISHED 0 
CONFERENCE HOTEL H 

a a Conlercnce Secretory „ R 

Tol. HARROGATE 504051 I 

154 Robbs IZIph * 3 Of wt Soiies if 

Plenary Cofllnean JOT *4 Private Horn a 75 U 
Banquet Dinlnt 301 * Betfgci Qnnialim 9 
3 Basiunnls -*■ 11 a.«. to 11 y.nJ. i 
TELEX 57922 OLD SWAN HAROGAT B 
^■One of Britain ’s PRES TiCE HO TEl S 


COMPANY NOTICES 




A good diamond pendant 
To be (Old on 2 lot September 

FORTHCOMING SALES 
RETFORD SALEROOMS 

THURSDAY 2Irt SEPTEMBER 

Important diamond jewellery, including rings, broodies, ear pendants; 
watches; silver; Sheffield and other plate. 

WEDNESDAY 27th SEPTEMBER 

Georgian) and later furniture and works of art. Antique and modem 
weapons. 

WEDNESDAY 4th OCTOBER 
Victorian and later furniture and works of art 
THURSDAY 5th OCTOBER 

European ceramics including a large pair of Vienna vases, an 
extensive Minton Japan pattern dinner service,' a large Sevres 
ormolu mounted vase. 

THURSDAY 12th OCTOBER 
Oil paintings, watercolour, drawings and prints. 
Catalogues 65 p each by post (applications to be prepaid J 
HENRY SPENCER AND SONS LIMITED, 

2B, THE SQUARE, RETFORD. NOTTINGHAMSHIRE. 

TELETHON Ei (0777) 7B4747 
IN ASSOCIATION WITH SOTHEBY'S 


[Glendmings 

I in the Sdc In Auction of Coins ami \ vcdals. 

' 7 Bleahem Street, New Bond Street VT1Y 3LD Telephone 01-495 2445 

I WEDNESDAY. 20Ui SEPTEMBER, at 10 Am. 

I ENGLISH & FOREIGN COINS 

i.i Kbld. silver and '.-upper 

also Historical Medals, Numismatic and Antiquarian Books 

' > lUuauatttl L'nluiugiu 1 is piuIl'U' — P rii e Lt ■ 

j TUESDAY AND WEDNESDAY. 

| 17th aad 18th OCTOBER, at 1 P-m. each day 

1 ANCIENT, ENGLISH & FOREIGN COINS 

I ui wiiu. silver and cupper 

i (JUusiroitM LataUmo*: •» pluius •—Price’ Cl' 

I 

WEDNESDAY, 3Stb OCTOBER, at 20 o.m. 
j NAVAL & MILITARY DECORATIONS & MEDALS 

j including a Vicionu Craw fcroup lor GaIIieuU awarded 

t lo SSL A. Richards. 1 si Bu. l - -n it :aA )ilre Fusilier*. 

! i Catalog ue n iv/ursc of oKiwam — Price 

| WEDNESDAY, Bth NOVEMBER, al 1 p.m. 

An Important Collection of 
ENGLISH HA MMER ED SILVER CROWN PIECES 

iKlirahutii I «u diaries 1* 

i the property of o Wrct Country Collector. 

■ Fl.n^rroied Ca fulvous < at enurse ui pfi-parotun • <31 PJfllW Pru'C £2* 

THURSDAY. 9th NOVEMBER, al 10 a-m. 

1 A Collection of 

■ IRISH COINS 

I and the Collection or 

j ENGLISH, COLONIAL & FOREIGN COINS 

i formed by «u? laie Harold J. Arnisirniw ol Leeds- 

j iiiiiftralcd Catalogue ite enura: of preparation i is plates i — Prw £I» 

i FunJi.r CatatosuM (or Sales ol Coins and Medals are now in court* ol 
preju ration. Collectors desirous of sdli/ie this 7«r should contact Clendinlofi 
I and *'.■!■ promptly. 

Commission to VC nian-VP' 9 


117 GROUP FUND 5- A. 
REGISTERED OFFICE: 
LUXEMBOURG. 14. rue Alorlngen 
Commercial Regmc- 
LUXEMBOURG. Se-.tOn B NO. 9 21G 

NOTICE OF GENERAL MEETING 
A General Meeting of the Company 
will be held at 10 a.m. on Monday. 
25th September 1974 at 14. rue 
AWringen. Luxembourg, witu the 
following Agenda: 

1. To. consider the reports of the 
Directors and the Stautorr Auditor. 

2. To approue the Consolidated State- 
ment ol Net Assets at 30th June 
I97B and rue Consolidated Stafe- 
ment ol Operations lor the six 
months ended on that date 

S. To a do rove the payment ol an 
interim dividend of 50.10 per share 
In respect ol the rear 197B payable 
on or after 20th September 1978 
to Shareholders at record on 25Ut 
September 137B. 

4. To transact any other business. 

The shareholders are ae«>scd that 
no Quorum is required lor the General 
meet l no and that decisions will be 
taken by the majority ol those 
shareholders present or represented 
at the meeting, subject to tnc restric- 
tion that no shareholder either person-, 
ally or by proxy ran cast rotes in 
resoect ol more than one hi.‘h ol the 
shares ol the Company then .n issue, 
or two-fifths ot the shares present or 
represented at the meeting. 

In order to take on-t at me General 
Meeting on 25th Seotemncr 1973 the 
owners at bearer shares must dcppslt 
their shares hto deer days before 
the meeting at the Reeisicred Oifteo 
ot the Company. 14. rue Aldringen. 
Luxembourg, or with ono Ol the follow. 
Ing banks: 

Barque Generate ou Luxembourg. 
14. rue Aldrlngen. 

Luxembourg. 

Midland Bank Limited. 
International Division. 

Suffolk House. 

5. Laurence Ponntner H»ll. 

London EC4 OEU. 

England. 

For and on behalf o' 

117 Group Fund S.A 

The Board ol Directors. 


THE 5-OTTISH A Git i CULTURAL 
SECURITIES CCrRPOliATION LIMITED 

7“_ DEBENTCKE STOCK. 1960.63 
NOTICE IS HErfEGV Git EN mat me 
KEGIS1 £KS oi cy.c COR1-OL AT ION'S 
abar; mentioned DebeniL-re Slack ml I 
be CLOSED lor TkANSFE* ana REGN 
STRATION from 2no te 13th October. 
19TB. both uavs inclust.c. 

By Orjer ol tr.e Board 

H -L. McTURK. Secretary. 
43 Palmerston Place. 

Edinburgh EH12 SSS. 
losti September. 19"7B. 


| FOREBGN HOTELS 

I SWITZERLAND, AROSA. Hotel Valsaita. 
| TX 74232. Summer mountain holiday*. 
Indoor and oper-^ir swimming pools. 
4 tennis courts. 

ART GALLERIES 


t Rov MILES. 5. Duke Street. SL James's, 
J S.W.I. VICTORIAN PAINTINGS AND 
I OLD MASTERS. Monday to Friday 10-5. 

BLOND FINE ART, 33. Sachvlllc Street 
W.l. D1-437 1230. BRITISH WATER- 
COLCUCS 1500-194S. George Brssili. 
H. B-atwon. Horace Brodzky. Jacob 
Epstein. Duncan Grant. Frances Hodgkins, 
Gwen John Senuro Meninskv. John 
Nach. P. Wilson Steer. Eihelbert White, 
cnriscopher Wood Until 14 October, 
Mon.-Frl. 10-6: Sets. 10-1. 

CRANE KALMAN GALLERY. 178. 
Brampton Road. 5.W.3. Outstanding 
British worts ol art. Barbara Hepworth. 
L. S, Lowry. Henry Moore. Ben Nichol- 
son. Granam Sutherland. William Scott. 
Matthew Smith, etc. ALSO works ov 
European and American arms. Mon.-Fn. 
10-6. Sat. 10-4. 01-584 7566. CRANE 
ARTS. 321 . Kings Road. S.W.3. 01-352 
5857. Native Art Irom IBth-JOth cent. 
Also young artists ol unusual vision and 
talent. 

FINE ART SOCIETY. 14B. New Band St.. 
WJ. 01-629 5116. SUMMER EXHIBI- 
1 , ION. 


PERSONAL 

You are welcome to rietc out 
AUTUMN RANGE 
OF FURS 

at our coffee mornings from 
25th-3i)th September, at 11-00 
a .it* Please phone 01-734 0777 
for your invitation. 

K. West Furs 

off Resent Strew 


ViViTAR LENSES ! 

Cameras. Plash Guns. Enlargers and 
Photo Access oriei. Unetualled nocks. I 
and the best prices at the world's I 
largest specialist ! 

EURO FOTO CENTRE I 

High Road. Cowley 
Uxbridga. Middx. 

Wen Drayton 48224 j 


Europe’s number one 
tee-shirt print money maker 

Continuous demonstrations on 
stand number: E14/F12 at 
The International 
Sports & Leisure Exhibition 
The National Exhibition Centre 
Birmingham 

24-27 September 1978 
or write for details to: 

Dept F.T. 

Imagine Transfers Limited 

BroomhiUs.Eraintrec.Essex, England 
Braintree Telex: 

( 0376)20354 9 S 7 S 79 


mm 




14 


' rnnmcld Tims S>:urd s , *p:.uU,r ie BIS 


FINANCIAL TIMES 


BRACKEN HOUSE, CANNON STREET, LONDON EC4P 4BY 
Telegrams: FlnanUmo, London PS4, Telex: 886341/2, 883897 
Telephone: 01-z« SOM . 


Saturday September 16 1978 


A pause for 
decisions 


BUMPING ALONG the bottom 
has become so much a part 
of the British way of life in 
the last decade that bumping 
along the top. as we have been 
tending to do in recent weeks, 
in inclined to produce feelings 
of vertigo. What has gone up 
seems, in the light of experi- 
ence. bound 1 to go down — the 
consumer boom, and perhaps the 
market, not to mention sterling. 
Inflation, which is only good 
news when it falls, has already 
started to creep up again. As 
both the GATT secretariat and 
the Bank of England suggested 
this week, experience of infla- 
tionary slump may make people 
reluctant to believe in the pos- 
sibility of better times: and if 
they do not believe, their re- 
luctance to invest could prevent 
better times coming. 


Rational 


However, a pause at this stage 
is rational rather than 
emotional, because it is much 
too soon to assume that happy 
days are here again. We have 
made solid progress, as a num- 
ber of recent indicators con- 
firm. The money supply is back 
under control, for the moment 
at least, and the fear of a credit 
explosion no longer seems 
realistic. 

The trade figures show that 
thanks to North Sea oil, we can 
now indulge ourselves in a 
moderate consumer boom with- 
out precipitating a sterling crisis 
— though there is as yet sadly 
little evidence that such a boom 
does much good to British 
industry. Imports reach the 
parts that our own goodsv up to 
now. seem unable to reach. The 
export figures, by contrast — up 
S per cent in volume last year, 
and heading for perhaps 5 per 
cent this year — show that there 
are efficient British firms cap- 
able of growing in world mar- 
kets, as well as the well known 
problem companies which help 
to drag the average down. Fin- 
ally. the forward indicators for 
inflation suggest what competi- 
tion and a strong pound can do. 

However, although all this 
progress is encouraging, it does 
not yet add up to a foundation 
for real growth. The problems 
that must be resolved before we 
can feel we have arrived include 
some which are outside nur own 
control — notably the possibility 
of a new crisis in the Middle 
East or in souihem Africa. It is 
also clear from yesterday’s 
figures that the U.S. authorities 
have yet to facfc'e the problem 
of monetary inflation effectively, 
and the proposition that in a 
w’orld of floating exchange rates, 
dollar crises can be contained on 
the other side of the Atlantic 
has yet to be tested in practice. 


What i» clear, though, is that 
our ability to ride out overseas 
crises will be enormously in- 
creased if we can complete the 
job of getting our domestic poli- 
cies right. In 1976. with the 
DIF’s help, we launched an 
effective liferaft Subsequently 
we have enjoyed a windfall. We 
still face the perennial problems 
of wage bargaining, excessive 
public spending and high inter- 
est rates. 

On the wage front one may 
applaud the courage of the 
Prime Minister and the Chancel- 
lor is putting home truths before 
trade unionists, while regretting 
that they have found it neces- 
sary again to impose the rigid! 
ties of a general norm for 
wages, and to threaten the 
blackmail of Whitehall sanc- 
tions. There are certainly heavy 
costs involved in getting re- 
straint this way; and one of 
them, it appears, is to encourage 
trade union officials to believe 
that bargaining is a pure asser- 
tion of willpower, which has 
nothing to do with economic 
reality. They may indeed be 
provoked by tough speeches 
from Ministers. 

The good news on wages is 
that the Government is sticking 
to its good monetary intentions, 
with the result that sterling is 
strong and competitive ..pres- 
sures are fierce. The counterpart 
of this is that living standards 
have risen sharply. When past 
restraint is delivering rewards, 
and jobs are at hazard, one can 
hope that the shop floor troops 
will not march behind their 
sillier leaders. 

Real threat 

However, if competitive pres- 
sures help to reinforce wage 
restraint, they make it harder 
to restrain public spending. This 
is the real hostage to fortune 
offered up by Mr. Callaghan's 
decision to continue his 
minority Government: the 
threat of job losses, especially 
in marginal constituencies, may 
only too easily override 
economic logic. 

This is the real threat to 
growth. The equity market may 
have enjoyed a good summer 
and a good account, hut assets 
are still on offer in the stock 
market at a fraction of their 
replacement cost. Borrowing 
remains forbiddingly expensive, 
despite falling inflation and con- 
strained monetary growth 
because the Government’s own 
vast appetite for funds con- 
tinues to crowd industry out of 
the long term market. The 
£S’.bn borrowing requirement is 
grossly excessive in a year of 
consumer boom, and : ts reduc- 
tion is a precondition for 3ny 
real follow-through. The crucial 
decisions hare yet to be taken. 


COMPETITION IN CONSUMER PRODUCTS 


Wilkinson Sword on 



BY COLLEEN TOOMEY 


T HE razor war has as sharp 
an edge today as it did 
in the early 1960s. 
Wilkinson Sword, which has 
been slugging it out for many 
years with Gillette, now finds 
itself in trouble on another 
front. This time it is a French 
company. Bic. owned by Baron 
Marcel Bich. whose disposable 
razor is having a spectacular 
effect on the market. Because of 
the intensity of the competition. 
Wilkinson announced earlier 
this week that it is cutting hack 
employment at its Northumber- 
land Factory by bne-tbird — to 
850 — and reducing production 
from 730hv blades a year to 
550m. 

In 1961 it was Wilkinson 
which became the overnight 
sensati on of the industry. Its 
PTFE-coated blade was superior 
to anything the competition had 
to offer; Gillette was caught flat- 
footed. Wilkinson's Wade pro- 
duction went from' 50ra .to 500m 
a year in the space of three 
years. But Gillette's resources, 
both in the U.S. and outside, 
were such that when it finally 
introduced a comparable blade 
in 196-1. its production rapidly 
dwarfed that of Wilkinson. 

The ini tial shock jolted 
Gillette into renewed awareness 
of the dangers of becoming 
over-dependent on a single pro- 
duct line. It began to diversify 
with products ranging from 
pens and hi-fi equipment and 
its efforts have succeeded to 
the extent that razors and 


hlaries. which had 70 per cent 
of the total - sales in 1963. 
acrounied for only 31 per cent 
a decade later. 

Wilkinson’s biggest markets 
are the UK. the U.S. and West 
Germany, but it - has been 
estimated that Gillette's share 
of the total world market is 
five or six times-that of Wilkin- 
son. There are some other big 
names to contend with, such as 
Schick, which is owned by 
Warner Lambert a leading U.S. 
pharmaceutical : company, and 
has about 22 per' cent of -the 
U.S. market against Gillette's 
60 per cent and Wilkinson's 
8 per cent. ’. - 

In Europe Gillette still pulls 
in strong support It has fac- 
tories in 16 countries including 
West Germany, Spain. and has 
recently gone into Yugoslavia. 
Wilkinson’s main manufacturing 
base is the UK but it has a 
small factory just outside Dus- 
seldorf which produces one- 
seventh of its total blade pro- 
duction. Manufacturing costs 
may be high there, the company 
says, but distribution and trans- 
portation costs are considerably 
cheaper and the factory has en- 
abled Wilkinson to hold its 34 
per cent stake in West Germany. 

Four years after the PTFE 
blade, a major innovation bit 
the market. It was called the 
“systems” blade. Instead of a 
traditional-type razor made up 
of three parts, a " systems n 
razor offered a . light plastic 
handle with a cartridge head 


that could be inserted and 
discarded after four or five days. 

Gillette's model was the 
Techmatic with a cartridge 
containing a continuous band of 
stainless steeL It was brought 
out to compete with the tradi- 
tional double-edged blade and 
achieved instant popularity in 
the LLS. and Europe. Wilkin- 
son's bonded twin blade in the 
mid-1970s sparked Gillette into 
producing the GII which now 
rides in the top sales listing 
of the company's products. Both 
have the twin-blade cartridge 
and run at a similar price of 
around 25p-30p. 

Just over three years ago 
Baron Marcel Bich came on 
to the razor scene; He had 
already - achieved fame and 
fortune — from manufacturing 
Bic pens, and be introduced 
the cheap, throwaway razor 
that could be used for five 
days and then thrown away, 
handle and all. 

Production began first in 
Greece, then crept stealthily into 
other markets of the world. 
Today it claims 14 per cent of 
the UK. wet-shave market. 

Bic spent- about £200,000 on 
press and television advertising 
in the UK in 1976, £300.000 last 
year and £100,000 in the first 
quarter of 1978. The throwaway 
has been sold on its qualities 
of cheapness — a blade costs 
about 5p — and convenience. 

Gone are the days, says Bic, 
when a man has time to fiddle 
about with a razor in the morn- 


ing. The day of the disposable 
is here — and here lo stay. 

-Wilkinson reacted quickly. to - 
the threat since the disposable, 
was dearly going ' to hit the 
the double-edged blade. They 
launched a modified bonded- 
blade razor as a disposable and' 
though Wilkinson could noLpri£ 
duce a cheaper product, it lost 
no time in telling the sharing 
public that ‘.‘quality” was the 
name of the game. 



Gillette took some tune/to. 
react to the successful launch 
of Bic’s disposable. It was only: 
after -4t bad -seen WflMnson 
spend a small amount of money 
promoting its product In the.UK 
and watched Bic’s sales climb; in 
the U.S. and Europe' that Gil- 
lette was forced in~J.anuary.this. 
year to launch a disposable. 
Again, it was a modification' bf 
its GEE and. like Wilkinson, 
Gillette promoted “quality”;-^— 
not quantity. ‘ • 

Gillette reckons that by the 
end of this year its Berlin .fac- 
tory will have produced 20m tfis-' 
posables for the European mar- 
ket and the figure will be higher 
next year.. But not s 'penny? of 
advertising has gone on thesis- 
posable compared with: ,.£5501000 
in tbe UK on its GllJjladelast 
year. • 

Price competition has. played 
tbe; major part in Wilkinson's 
cut-backs. But it is now putting 
operations under the micro- 
scope. Manufacturing costs have 
risen by 17 per cent, in the last 


year Freight rates have in- 
creased bv 12 per cent and the 
company has also absorbed rises 
of up to 20 per cent in raw 

materials. . . 

Its orime motivation now is to 
bold on to its world market 
share and to make a profi^ One 
Wilkinson manager expressed 
concern that the company was 
perhaps a little too diverse id 
its product range. The company 
now appears to be considering 
a stream-lining of products and 

intends to expand more in the 

U.S. * 

Wilkinson also hopes . to 
arrest Bic’s rapid progress. 
A new disoosable proto- 
eress- A new disposable proto- 
type blade is about to enter the 
razor war. It will first be 
marketed in Europe where dis- 
posables have achieved up to 
59 per cent of blade sales and 
where monitoring will be easier. 
It is a choice Wilkinson has 
been forced into taking as 
double-edged blade sales have 
drifted back in popularity and 
as Gillette drives further into 
the systems market. 

Next month Gillette -will 
launch a new “ system ” on to 


the UK market that has bed 
highly successful in the U.S.fo 
the last two years. . The pivp 
razor, or swivel-bead, -is an up 
market GII which is not ant 
twin-bladed but is flesdbi 
ennugh to move closely aroun 
the contours of the fare. It wi 
be expensive, £2.00' or so., tb 
company says. 

The wet -shave seems here t 
stay. Consumer surreys in th 
U.S. and Europe, to the glee c 
razor manufacturers, point ot 
that men stilT* prefer wet sha- 
ing. But in a consumer worl 
full of throw-aways, will Baro 
Bich become the next raze 
king? If -Gillette, Wilkinsa 
and Schick ploughed all avai 
able resources into the dispa 
able the world market share ft 
disposables could achieve 30 pt 
cent or more, according - 
market forecasts, by MinteL T! 
most likeiy outcome is that di 
posables will linger at arotir 
the 20 per cent mark, daub! 
edged blades will fall to abo 
30 or 40. per cent and ti 
systems blades — which Gillette 
putting its money into— w 
take the hulk of the remainii 
40 per’ cent. 


Lyons’ problems with agein 



BY MARTIN TAYLOR 


A LLIED HAS had a hard 
fjob persuading the world 
at large of the merits of 
its bid for Lyons. The reaction 
of the stock market in general 
was hostile, and Allied’s major 
institutional _ shareholders, 
doubtful of the logic of the bid 
and angry at not having been 
consulted over it, forced the 
emergency general meeting on 
Monday when they will meet 
the board. Behind the EGM 
looms the shadow of a possible 
reference to the Monopolies 
Commission, which could kill off 
the bid. 

But the office of Fair Trading, 
which advises Mr. Roy Hatters- 
ley. the Secretary of-’State for 
Prices and Consumer Protection 
on • merger references, is 
certainly bound to take note of 
Allied’s contention that Lyons 
needs not only cash — that is 
incontrovertible — but also 
sheer size in order to compete. 

That Lyons is up against large 
and powerful companies is per- 
fectly true. This factor is par- 
ticularly crucial in the UK. 
where if? market position is 
natehy. UK operations accoun- 
ted for 45 per cent of sales in 
the year to March 1978. Food 
sector analysts are unanimous 
that Lyons — as Allied has 
claimed— -is storing up trouble 
for Itself by its inability, as a 
result of chronic shortage of 
cash, to give its products ade- 
quate advertising and marketing 
support. 

In an analysis ot the bid pub- 


lished this week, brokers Hen- 1 
derson Crosthwaite point out 
that Lyons Tetley's estimated 
media expenditure on its tea 
operation may be only 0.8 per 
cent of sales revenue this year, 
compared with a likely 2.8 per 
cent and 2.4 per cent by its 
major competitors, Brooke Bond 
and Typhoo, which is owned by 
Gadbury-Schweppes. 

Advertising expenditure 
aside, however; it is difficult to 
imagine that Lyons* position in 
the tea market is seriously 
threatened. It : produces the 
brand leader in- the tea-bag 
sector, which has been the most 
rapidly expanding part of this 
market, and is firmly estab- 
lished as the second largest in 
the market overall behind 
Brooke Bond- ••'. • 

Much the same goes for 
coffee. In the less important 
ground coffee -sector the com- 
pany is overwhelmingly domi- 
nant and . its slice of the 
valuable instant coffee business 
looks relatively secure. Here 
Lyons sells entirely through 
retailers’ private label brands, 
which has enabled it -to mini- 
mise head-on competition with 
the two foreien-owned giants, 
Nestte and General Foods. The 
recent lack of profitability in 
these markets has been the re- 
sult • of commodify price 
fluctuations and government 
■price controls, reinforced by 
the retail price war in the UK 
which has affected the private 
label business. 


LYONS’ SHARES OF U.K. MARKET 

(Estimated for year ended, March, 1978) 


Ice cream . 

Instant coffee - 
Tea: 

bags 34% 

packet 15% 

Cakes (branded and private 
label) including Hales 

Ground coffee 

Soft drink concentrates 

Breakfast cereals 
(Ready brek) 

Walls (Unilever) 


34% 

20 % 


20 % 


29% 

56% 

22 %. 


5% 

40%-r 


Nescafe (Nesti6) 

Maxwell House 
(Gen. Foods) 

Brooke Bond 
Typhoo (Cadbury) 

Mr. Kipling (RHM) ; 
including short-life cakes 
manufactured by McVitie 
(United Biscuits) but 
sold as Mr. Kipling. - 
RHM also markets . 
Cadbury cakes (6%) : .■ 
Ken co (Cadbury) 


35% 


22 % 

30% 

W% 


27% 

2ok* 


Lynns’ next-biggest sector in 


the British market is ice-cream,. 
It has divided the bulk of the 
market .with Unilever’s Walls 
subsidiary almost as long 'as can. 
be remembered but the last 
decade has shown some shrink- 
ing of Lyons' share. This seems 
to be a structural feature of the 
market rather than the result of 
a mighty campaign by Walls; 
Lyons has traditionally been 
strong in selling outlets such as 
kiosks and cinemas, now in 
decline, and it relies more than 
Walls on the quaintly named "in- 
hand” market — that is, ice- 
cream and lollies that people 
hold and lick rather than eat 
off a dish. This section of the 
market is much the most 
vulnerable to tbe vagaries of 
summer weather, andXyons may 
barely break even this year 
in spite of sales of £50m. In a 
good year profits can be sub- 
stantial. 


In tbe cake market competi- 
tion has been affecting Lftb&s; 
Market volume has been faying 
for four years, profit m&iinte 
are low, and a growing market 
share is needed to maintain 
profits. United Biscuits, with 
its McVitie brand; priced aggres- 
sively a few years ago in an 
attempt to take more of the 
market but losses forced it to 
withdraw the. .short-life cakes 
that form the bulk of sales. It 
now manufactures for ' Mr. 
Kipling, the extremely success- 
ful operation run by RHM’s 
Manor Bakeries. Mr. Kipling 
has taken over market leader- 
ship from Lyons in the past 
few months even counting the 
contribution of. Lyons’ down- 
market subsidiary. Hales. Mr. 
Kipling now claims over 3D per 
cent of the branded cake market 
and Lyons could probably do 
with substantial advertising 


support Yet it has survived 
with relatively little loss of 
market share in a business from 
which United Biscuits has virtu- 
ally withdrawn and where 
Cadbury’s has been unable to 
lift its share above 6 or 7 per 
cent. 

Other markets tell a similar 
story. The meat business. 
Teller's, is the largest supplier 
to caterers in tbe UK, although 
it has a potential weakness in 
that its £7m-a-year order' to 
supply meat To the Wimpy 
chain, which .is now run by 
United Biscuits rather than 
Lyons, cannot really be relied 
on. Distribution of pies would 
clearly be' helped by an Allied 
takeover. The soft drink busi- 
ness — ■ private label again — 
has. suffered more from the 
retail' price war and the shrink- 
ing of margins than from the 
encroachment of powerful com- 
petitors. Lynns’ Readybrek has 
a virtual monopoly of the hot 
breakfast cereal market if pnr- 
rige .. is excltided. although 
Kellogg’s may be about.to chal- 
lenge. 

It is hard to conclude from all 
this that Lyons is definitely too 
small to compete. The variety 
of its products provides some 
protection. While up against 
very large companies, both 
British and. foreign-owned, in 
some of its markets, its position 
is hardly comparable to that of, 
say, Wilkinson Sword, which in 
its razor blade interests is at a 
permanent disadvantage against 
the giant Gillette. A weakness 


for Lyons is that it is in 
number of mature, even ageii 
markets; tea and coffee, as wt 
as ice cream, have become risi 
operations with high, profit gea£ 
ing. What it does need is moncr-: 
Taking into . account worth ; 
capital requirements, the 
equity issue for the takeori: 
the need for more spending * 1 
promotion and the existm 
£220m of debt, Lyons could-K 
volve for Allied a financial cor.' 
mitment of some £350zn. -■* 

As the Imperial /Eastwoi 
case showed. Government de* 
sions on. merger references a 
strongly influenced by politic 
considerations - and the b 
brewers ‘ are not the Govei 
ment’s favourite companies, f - 
the merits of the bid itself, t 
Government will presumably ’ 
weighing up the danger • 
Lyons if it does not go throa: 
— the company employs 20,0 
in the- UK alone— against £ 
possibility that Allied may 
becoming too big and perha- 
biting off more than", it c 
chew. 


“There are some areas 
which it is not possible . 
rtfniatn small and competitii 
particular!# in fields where sot 
of the binge at foreign compam 
have substantial market shnr 
and where there is also acti 
foreign interest and itmoli 
meat in British companies.” I 
Keith Showering, Alti 
Breweries’ chairman, in a left 
to shareholders concerning I 
company’s bid for J. Lyons a 
Co. 


Letters to the Editor 


Medical radio 


From Dr. Brian T. Evans 


Sir, — Last Saturday's article by 
David Fishlock admirably 
detailed the contention over the 
impending reassignment of the 
radio frequency spectrum. 

One minor contender for fre- 
quency space is the medical use 
of radio. Heartbeats were first 
transmitted by radio more than 
three decades ago and the tech- 
nique was boosted during tbe 
1960s when man was projected 
Into space. 

Current UK practice uses a 
miniature tape recorder to record 
tbe heart beats (ECG) of the 
ambulatory post coronary patient 
for later detailed analysis. It ts 
preferable, however, to monitor 
the patient “ live " while he takes 
light exercise, free of trailing 
wires, around the convalescent 
ward. 

This can now be done using 
very low power radio trans- 
mitters with a range of a few tens 
of yards. It is therefore a matter 
of regret that the Home Office 
assigned UK Medical Telemetry’ 
band at 105 MHz is quite unus- 
able due to tbe presence oF a 
nearby unidentified powerful 
radio transmitter that can be 
clearly heard on any VHF radio 
over most of South East England. 

Until this frequency clash is 
resolved it is unlikely that either 
tbe NHS or private medicine can 
introduce licensable heart beat 
telemetary for coronary patients, 
a technique that faas already 
reined wide acceptance in both 
the U.S. and Northern Europe. 


water to cover the element, but 
as my wife and I seldom drink 
more than one — and never more 
than two— cups each of tea or 
coffee at a meal, we are boiling 
at least 50 per cent more water 
than we need. 

This happens at breakfast, 
elevenses, lunch, three o’clock, 
dinner and bedtime — six times a 
day. 

Multiply this by the number 
of retired or childless couples, 
widows, widowers, bachelors and 
spinsters in the country, and the 
waste of electricity (mostly 
during peak-detnand periods) 
must be quite considerable. 


A. Collins. 


Waratah. Coast Road. 
Porthtowan, CormcalL 


Legal battles 


Brian T. Evans, 

51. Bartholomew's Hospital, 
West Smithjield. EC1. 


Smaller kettles 


Mr. A. Collins 
-Now that money, time 
ort are being expended in 
ring or devising methods 
ngs energy, why does not 
ie make a two pint or one 
ectric kettle? After much 
ig around. 1 have not 
me of less than three pint 
y. Now I find that this 
requires six cupfuls of 


From Mr. I. H. Benjamin. 

Sir,— I read, with amazement, 
the letter in today’s FT (Septem- 
ber 14) from Mr. Best ostensibly 
written in his capacity as chair- 
man of Tbe British Legal 
Association which 1 understand 
is aa unofficial association of 
solicitors who feel that the 
Council of the Law Society do 
not do enough in the interests of 
solicitors. He attacks the Town 
Clerk or Legal Executive of 
Camden Borough Council for 
not making arrangements where- 
by he and his assistant solicitors 
should do the work which should 
be done by tbe search depart- 
ment staff who are on strike and 
compares them with solicitors in 
private practice who would 
manage, somehow, not to let 
down their clients if their clerks 
went on strike. 

Mr. Best seems to be living in 
the distant past when most 
solicitors only had one or two 
clerks, except for tbe large 
London firms. and could, 
possibly, manage far a short 
while. How does Mr. Best think 
a large London firm, with a staff 
in excess of 250. excluding part- 
ners', could manage if tbe whole 
staff went on strike ? 

But Mr. Best has overlooked 
two important points. The first 
is that the Town Clerk or Chief 


Executive just happens to be a 
solicitor but does not need to be 
one and that most if not all, of 
bis own work is not done in tbe 
capacity of a solicitor. Nor does 
the work In the searches depart- 
ment have to be done or super- 
vised -by a solicitor. It no more 
requires the supervision of a 
solicitor than does the refuse 
department and Mr. Best might 
just as logically complain that in 
the case of the dustmen’s strike 
in Chelsea, the Town Clerk and 
his assistant solicitors did not 
drive the refuse wans and, at 
least collect the rubbish from the 
local solicitors' offices on the 
ground that if solicitors’ refuse 
was not removed they could not 
attend lo their clients' affairs 
properly. 

The other point Is that the 
Town Clerk was quite right in 
stating, in The Solicitors Journal, 
that he could do nothing because 
bis search staff was engaged in 
industrial action. I did not see 
rbar letter from the Town Clerk 
but I can well understand that, if 
he attempted to man the search 
department with what the 
strikers would call “blacklegs” 
there would be more industrial 
action and maybe the staff in all 
the other departments would 
walk out in sympathy. 

Although Mr. Best described 
himself as chairman of Tbe 
British Legal Association l 
assume that he speaks for him- 
self and not officially on behalf of 
such Association but. if ray 
assumption is erroneous, f can 
only express my regret that so 
many solicitors can hold such 
views. 

I. H. Benjamin. 

37. Ashley Court, 

Grand. Avenue. 

Hove. Sussex. 


The mood of the people, is 
going to be one of exasperation 
and wariness as more and more 
public issues will be fudged for 
tbe sake of electioneering. A good 
clean quick fight would have been 
reasonable but we Face a future 
of wholesale posturing and 
.appeals to. sectional interests by 
politicians anxious to be re- 
elected. With politics in dis- 
respect people may be forgiven, 
when eventually asked, if they 
feel that “Any vote is a wasted 
vote” and take the necessary 
action. 


1. N. S. Creak. 


57 Rose way, Harlercott, 
Shrewsbury. 


Zen success 


From Mr. G. M. Pett. 

Sir. — What a pity the lemming- 
minded too) makprs at British 
Leytand cannot receive with Mr. 
Michael Edwardes’ letter a copy 
of your excellent article by Mr. 
Jeremy Dodd on September 5. 
entitled “Zen and the art of 
industrial success.” 

I can vouch for the accuracy 
of his report from my owri ex- 
periences in Japan. There is so 
much to be learnt, 1 
G. N Pett. 


why not Impose a minimum 
quota (say tbe greater of 20 per 
cent or 14 landings a week) of 
each operator's UK services 
which must serve UK airports 
other than Heathrow, allowing 
companies which fly to other 
points in the UK to count such. 
flights as part of their quota. 

Secondly, why does complete 
segregation obtain in the UK 
between scheduled and charter, 
traffic? Last year l returned From 
Colombo to Zurich on a Swiss 
charter airline, and not only had 
mv luggage been through- 
checked from Colombo to Basle, 
but several passengers. enjoyed 
this facility, to onward destina- 
tions. by scheduled flight, else- 
where in Europe, which meant 
that all we had to do at Zurich 
was to check in our onward 
sector at the international trans- 
fer desk as if we had come off a 
scheduled flight Sucb collabora- 
tion. if applied in Britain, could 
eliminate much unnecessary pas- 
senger and baggage handling, 
making better use of airport 
capacity, at least for outbound 
passengers. 

Finally, many of the bottle- 
necks facing 'air transport olan- 
ners and passengers in the South 
East could - be mitigated by the 
construction nf a Channel Tun- 
nel: must such advice continue 
to fall on’ deaf' (or Is it 
deafened?) ears? 


from (he importance of Sum- 
hurgh in tbe exploitation of 
North Sea resources. My point 
about the growth of Gatwlck- was 
made in the context of a major 
international airport 
D. W, Turner, 

2 Buckingham Gate, SW1. 


Hair splitting 


14. St. S with tin's Clone. 
East Grinstead. Sussex. 


D. Ci. Bruce. 

“Three Owls.” 

Rnrhholzxtrasxe IS. 

CH-4103 Bottiningen. Switzerland. 


From Mr. Adrian T. Lamb. 

Sir, — 1 was surprised to read in 
the Financial Times of Septem- 
ber 9 that Mrs. Joyce W estrone 
should write an amusing rhyme 
and ignore the subtlety of gram 
mar. Tbe grammar to which J 
refer occurs on line 2 of the 
verse and is as follows: “Thu 
difference of verse and prose:" 
why not “difference " frmu verse 
. . . ? Both Fowler’s Modern 
English Usage 2nd edition and 
tbe -Shorter OED dn not include 
" and ” under the heading 
nf either “different " or 
*• difference.” 

Doubtless, all will decide that 
I am splitting hairs and. pos- 
«ib!v. a fine that this is noetic 
licence, but I Teel that ihis par- 
tirilfar ■“ h**ir ” «hni«lfi hf» ** - j 
just as. infinitives should not 
Adrian T. Lamb. 

J 1 Portland Rond. 

Stone\tgate. Leicester. 


Prose and verse 


Flight paths 


Wasted time 

From Mr. I. N. S. Creak 


Sir, — We have recently bad the 
comic spectacle of expecting an 
election In late September or 
early October only to have a 
Prime Minister inform the nation, 
on television, that he intends to 
soldier on. 


From Mr. Douglas Bruce 
Sir . — Recent correspondence 

regarding the shifting of certain 
airlines’ UK operations from 
Heathrow to Gatwlck prompts 
three questions, none- of which 
shows up the present attitude of 
the British authorities concerned 
in a very positive light 
First, is it not more sensible 
to insist that part of 'aU (or at 
least most)— and not att-of some 
—airlines’ operations be shifted? 
This would ensure a fairer choice 
for the traveller, reflecting the 
relative accessibility of Heath- 
row and Gatwlck. Bettt* still. 


Airports 

From the Planning Director. 
British Airports Authority. 

Sir. — l would not normally wish 
to claim a second hearing in the 
airports debate, but l fear a small 
but vital mis-type crept into my 
letter published on September 7. 

Of course it is SO per cent of 
passengers using terminal 
facilities at Loudon area airports 
who . have origins and 
destinations in the south- east. 
Obviously the point would not 
hare been worth making .If the 
figure really was only 8 per cent. 

Nor would l want to detract 


From Mr. J. F. Coates 

Sir, — The distinction was fioely 
made by Sir William Walton and 
if you have not already closed 
this correspondence, his lines 
may be a suitable envoi: 


Forget not brother singer that 
though Prose 
Can never be too truthful 

nr too tcise. 

Song is not Truth, nal Wisdom 
but the rose 

Upon Truth’s lips, the light 

in Wisdom's eyes. 

J. F. Coates. 


12. Alexandra Road. 
Minehead, Somerset. 


Are you, or 

should you be 

a Unit Trust 
Investor? 


Hoare G overt, a major and successful firm of 
London stockbrokers, has formed Hoare Covert 
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investors an independent portfolio management 
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management now exceed £3.000,000. 

LITAS has access to Hoare Governs highly 
regarded research department and network of 
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V - v- Name : — : 


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’ • \.V. 




Financial Times Saturday September 16 ' 1978 


.«**> 

% 

4HbrwV.t\ 

JE PROSPECT of Bradford 
„ ,^V|/ Bingley Building Society 
^^if.^jestors .financing a Belgian 
tkipj *®‘^isebuj-er in Bruges may 
nd laughable— -if not bizarre, 
ifter all, few people in this 
ntry deny that building 
leties are both unique and 
. ■ -s. rinsically British. What is 
fluctuations in' she 
• - t ' : -!,- t gian franc would make ibis 
'■ i of arrangement extremely . 

'"’'.uch a development, however, 

. V ;.ne possible, alberit extreme. 
- ... •; .. seqeunce uf the moves 
■ ; ‘ rently being pursued by 

!. • •• ' Riding societies to prepare 

way for what they consider 
. '•'{ l be a natural and inevitable 
•. ' s ;> ;/h across European frontiers. 
•-.' “V/hy do building societies 
' ~ it to go continental? The 

, *;'■ ^v antages they claim over their 
> .^ential rivals are a simple 
%... v vke: no obligatory savings 
7 Ciod (although investors 
- r, erally get first bite at bor- 
. ing resources); and com- 

v 7 a lively large advances (rela- 
1° ,0,a * bouse price). 

‘ / . *\n attraction which may 

- r ’ influence the choice of 

■ ^'.ly bases abroad is the large 
: ' .- x ‘ nber of British nationals 
,/ng in cities like Brussels. It 
" : ‘ .... /ell Ifaese communities would 
••-7 . :‘.e up the opportunity' of 
- ” 5 .ip a UK building society. 

V ■ ^ -ther. although societies are 
profil-makine bodies, their 
. . ociation stresses the future 
' - iribution to- Britain's invis- 
• earnings. 

1? t should, of course, be 

=3 £ y ^ ?ssed that these are still very 

Iv days. As it stands now 
Jit'li ^ tish law, because societies 

only allowed to lend on 
;hnld and leasehold property, 
ictively inhibits expansion 
’ide the UK. 

'he difficulties are not just 
fined to British law. There 



societies look to 



15 


BY TIM DICKSON. 


are. . for example, the thorny 
question* of exchange controls 
and ' currency ' fluctuations', 
obstacles which seem more ihan 
likely to inhibit the transfer of 
assets from one country to an- 
other. Again, if self-financing 
operations, apart from the seed 
capital to set up a new branch, 
do prove essential, should build- 
ing societies adapt to continen- 
tal methods of housing finance 
or should they plant their own 
unioue svstem amidst the jungle 
of EEC financial institutions? 


Local role 


Building societies would 
ideally like to take deposits 
abroad in the same way -as they 
do in the UK. This, however, 'is 
just one of the many questions 
being studied by two BSA re- 
search groups set up this year. 

Building society names are 
redolent of their provincial 
origins and even today often 
reflect a specifically local role. 
Most of them also have a strong 
parochial image. But just as 
many local societies have over 
the years become national, so 
some of these now feel ready to 
face i he chaliense of Europe. 

Current developments should 
be seen against the background 
of contact with similar institu- 
tions in Europe since Britain 
joined the EEC. This has been 
made increasingly possible 
through the Building Societies 
Association's membership’ of 
two European federations. 

The European Community 
Mongage Federation is the 
more broadly-based of the two 
with members drawn -from a 
variety of commercial and in- 
dustrial sectors. Meetings hare 
provided the opportunity for UK 
representatives to learn more 
about the workings of their 
continental counterparts. : ' 

By contrast, members of the 


European Federation for 
Savings and Loan Institutions 
for Construction are drawn 
exclusively from specialist 
housing finance institutions 
which derive their funds from 
personal savings- In this context 
British building societies, with 
total assets of more than 
£36bn. are the largest group 
followed by the German Baus- 
parkassen (building - savings 
societies). 

It is also worth remembering 
at this paint that owner occupa- 
tion is more popular in (he UK 
Than elsewhere in Europe. 
About S3 per cent of dwellings 
in the UK are currently owner 
occupied, against roughly 45 
per cent in France, and just 
over one-third in West Germany 
and Holland. In Britain home 
buying has grown, partly be- 
cause of rising property values 
advantages available, partly be- 
cause of rising propert yvalues 
and finally because of the de- 
cline in tlie rented bousing mar- 
ket. 

It is no coincidence, there- 
fore. that ihe UK’s housing 
finance system is admired 
on the Continent for its 
relative simplicity and its 
large number of skilled staff. 
But il is ?n open question 
whether Europeans will 
suddenly rush to buy a roof 
over their head nr alternatively 
remain unimpressed by our 
relatively almost obsessive pre- 
occupation with home owner- 
ship. 

While British building socie- 
ties are actively exploring the 
idea of moving into Europe, 
there is also a strong commit- 
ment to the concept, des- 
pite i he concomitant com- 
plications, in Brussels. EEC 
activity has so far produced the 
First Direct ive on Credit Insti- 
tuliuos designed to lay' down 


minimum standards permitting 
financial., institutions lu operate 
anywhere in the Common 
Market. This directive which re- 
quires member states to set up 
procedures for licensing and 
authorising credit institutions 
(including building societies i 
also allows member Mates to 
defer action if immediate appli- 
cation would create “technical" 
problems. This clause has, in 
fact, hetn invoked by ihe British 

Government becau.se of “pres- 
sures on the Parliamentary time 
table." But the planned 
Second Directive, which will, 
specifically concern housing 
finance, is much more likely to 
help building societies to open 
their doors across the Channel. 

Tliis directive is expected in 
the next three or four years. It 
is possible, however, that it may 
include a - similar “let out" 
clause. 


Obstacles 


The Brussels position has 
been dearly stated by the EEC 
Commissioner responsible for 
financial institutions. Mr. 
Christopher Tugendhal. In 
April he issued a “ greener than 
green " discussion paper setting 
out some of the obstacles tn a 
more uniform European housing 
finance system. 

He told the BSA : “ I believe 
that il is very important that 
the British building societies, 
with their enormously impor- 
tant position in the UK eco- 
nomy, their tremendous experi- 
ence and their considerable 
seniority and 1 ' prestige in the 
whole field of European housing 
finance, should be involved at 
the very beginning. 

“ It is very important that 
British building societies should 
have an opportunity to make 
the same kind of contribution 


to the 1 British economy — 
obviously not on The same scale 
at first' ** PS insurance com- 
panies arid banks, which have 
operated beyond these shores 
for a very long time." 

Under the First Directive the 
UK Government is entitled to 
defer action for up to eight 
years but -Mr, Tugendhal ex- 
pressed the hope that action 

would be taken considerably 
sooner. 

Although it is by no means 
certain that Community legisla- 
tion is essential, a 'binding 
directive (issumin^ there is not 
another '.deFermcnt clause) 
would at least force a change— 
within 18 ..months to rwo years 
— in British law. Parliament is 
competent to take the initiative 
in this matter but the present 
Government is thought unlikely 
to table the necessary legisla- 
tion unless it were directed to 
do so by the EEC. Assuming the 
necessary • rChanges are ulti- 
mately enacted, discussion of 
the precise form which overseas 
branches might take will then 
begin in earnest. 

At the moment it is probable 
that European offices would be 
financially independent of their 
UK offices, ; This means that 
loans in EEC countries would 
be funded exclusively from 
local deposits and (hat the only 
central ' costs would be the 
expense of . setting up the 
organisation. In the longer 
term a common EEC currency 
unit would certainly break 
down- some of the existing 
harriers and make cross-border 
loans perfectly feasible. 

To many people this is 
unrealistic. but there is enough 
active discussion taking place at 
the moment on the subject of 
monetary union to suggest that 
something positive could 
emerge. 


Hie question of how building 
socieiics might fit in with some 
of their continental competitors 
can best be demonstra ted by 
looking at continental methods 
of financing house purchases. In ■ 
West Germany the major insti- 
tutions are the Bau-parkassen, 
These operate a closed system 
where most of the money comci 
from people about to obtain 
loans or people who have ob- 
tained loans in the past. Savers 

who have no interest in house 
purchase are not admitted. 

Market forces 

Because it. is self-financing, 
the system can be divorced from 
market forces. This, of course, is 
in contrast to the UK which 
operates a variable mortgage 
rate and can allow building 
societies to borrow short and 
lend long without running too 
much risk of serious cash flow 
problems. 

Potential borrowers with the 
Bausparkassen agree a fixed 
sum towards which they save 
each month. After 18 months 
they become eligible for a loan 
provided they have saved one- 
third of the contractual sum. In 
Germany the total advance is 
usually a considerably smaller 
percentage of the purchase 
price than in the UK. Bor- 
rowers are therefore generally 
forced lo top up either from a 
savings bank (which issues vari- 
able rate loans) or mortgage 
banks which issue fixed rale 5-7 
year loans. While in Germany 
the Bausparkassen only lend if 
they have the available 
resources, in France the date 
when a loan will be made is 
fixed in advance. 

French house purchase 
finance can either be obtained 
through the semi-nationalised 
hanks. like the Credit Foncier 
de France, or through deferred 


a 


branching out,. 
Mir Bradford ? 


Oai „ 
Monsieur Bingley ! a 
\ * 



credit societies. The latter are 
similar to the German system in 
so far as they are mutual and the 
saver agrees to subscribe for a 
given period. Halfway through 
this he is entitled to a loan 
which is repaid by maintaining 
the monthly payments through- 
out the remainder of the agreed 
period. 

In Denmark people buy 
houses through bond issues. 
These are made available lo 
borrowers by banks and mort- 
gage credit institutions which 
then sell them in the market, 
normally at a discount, in order 
to obtain funds. 

Although the current empha- 
sis is obviously on UK institu- 
tions spreading their wings, it 
should also be remembered that 
European developments will 
result in two-way traffic. 

It is. in fact, quite difficult 
for a non-national to get a 
mortgage in this country and 

the incentive for French and 


German institutions to invade is 
consequently strong. 

In fact, the Bausparkassen 
have nni deferred under the 
December 1977 directive and the 
BSA is certainly anxious that 
German agencies should not 
arrive here before UK societies 
are empowered to operate 
abroad. 

The BSA will continue tn 
press for a soeedy change in 
the law hut. having said this, 
the E'lrooeen utopia of a 
single housing finance market is 
probably 3 long time away. 

Tax relief and interest rate 
variations and the degree of 
Government control are just 
some of the deeply rooted and 
nrobahly intractable problems. 
But The possibility nf an Abbey 
National n r Alliance irhey arc. 
at least, easily translated) some- 
where in the’ centre of Brussels 
or Paris is certainty nn longer 
a com nutted European's pipe- 
dream. 



s 




- ■ •’ 


glided 
-ur 

. -ireful! ” The guide extended 
arm and thrust the old lady 

- -4t on to the pavement. 
. hey’Jl run you down as soon. 

.'- look at you.” It was do' idle 

- Two girl cyclists, long 
-__wn hair flying out behind 
.^ra, whooshed past with not 

-nuch as a sideways glance. 

.’ t was the old lady’s first 
"t to Cambridge and her first 
* back to Britain since she 
-. grated from Scotland to 
: itraiia 52 years ago as a 
-.ng woman of 25. Undaunted 
her near miss, she trotted 

• ng beside our guide, asking 
- stream of questions and 
king copious notes in a tiny 
ry- 

"he city was bathed in stin- 

• ne last Friday when we (a 

- en assorted tourists — Ameri- 
., Australian, French and 
°lish>, having . paid the 
inently reasonable sum of 

left Peas Hill for a two- 
r walking tour of the 
leges. 

>ur guide, a gentle, cultured 
idle-aged lady, pointed out 
-■ /M* petunias which are 3. colour- 
> ■ feature of Corpus Christ). 

- :m. carefully noting out of 

her eye - the 
two college 
t s roeners. sne declared that the 
__ U ^ le nf the college grounds 
> rivalled only by the fame 
^ , two former members, 

i -- 1 Kristopher Marlowe (15SI-S7) 
t “n pU John Fletcher (1591-94). 

Jui she bristled as we swept 
^ o Kings where a larger group 
5 listening attentively to its 
de. 

‘One nf your colleagues?” I 
juired innocently. “A Lon- 
\ guide " she snorted. “ They 
ng their own tours — ciutter- 
: up the place. But we’ve 

■ .ised a pass system for next 
ir” she added cheerfully. 

3y the time we had done Cor- 

■ s Christi add Si. Catharine’s 
1 sighed over the Royal 
zereign flying at half mast at 
rg’s because of the death of 

• college member, the ice was 
*ken. When we had ogled the 
bens in King's College chapel, 

. :hed in the light from the 
gnificent stained glass win- 
d's. and stared at the 
if which had inspired Words- 
. rth to write 'Ten thousand 
'■ • ils where light and music 
el Is.” we were old friends. 
The man in the navy cardi- 
0 turned out to be an Aiueri- 
^ .-i bishop on a sabbatical, 
j^idying theology for seven 
; inths at Trinity.- One of his 
] [i dts while here, is. to promote 
■' j works of C. S. Lewis for 



fast," said- our Galway hern. 
Most nations open their nyster 
from the hinge side, much the 
simplest method. The Irish, 
however, approach their prey 
from the . other side — “ it’s 
1 better for presentation.” So 

Willie has a bit of a dis- 
advantage. . 

— : — rt a sport that requires an 

oyster every three seconds for 
practice is clearly a fairly 
expensive one. But as it also 
involves a liberal supply of 
Guinness or cool Chablis. it is 
one whose training sessions tend 
to end in a jolly mood. By 
next Saturday I may have 
sufficiently recovered to record 
the result 


fcj,. ■ • ■ 'S 

v : *** &»?•« 


A leisurely view of higher thought 


Jersey 

drawbacks 


careiuuy ni 
1 corner of h 
loxiniity of t 
r/"y? 7 sjfdeners. she dcci 

•1 hi * 1 # nf fhA enTli 


* IX' 1 6 


.y 


sir religious aspect 


The French couple from a 
ris suburb finding ihem- 
. -.ves with a week to spare had 
■'‘cided to come to England, 
ey had hit on Cambridge by 
ance and called in at - the 
irist office to .se what was 
ing. . 

■ Three Australians, the old 
ly, her slightly younger 
ter and her husband, had 
cn away from home for ten 
eks and were adding to their ' 
>tage of cine film with- eom- 
'/ntary. 


The immaculately dressed 
French couple politely turned 
down a suggestion that the 
guide should be asked to speak 
more slowly for their benefit. 
Everything was so beautiful 
they were happy just to look, 
they said. However, they were 
grateful for some translation, 
especially when our guide 
adopted a Lady Bracknell tone 
and told us chillingly how Lady 
Elizabeth de Clare had lost no 
fewer than three husbands and 
a son by . the time she was 39. 
and had founded Clare College 
in their memory. 

We translated the guide’s 
assertion that for obvious visual 
reasons the roof of King’s 
chapel had been known as “the 
upturned sow” by generations 
of students. The Monsieur 
wondered politely whether it 
was an expression “ assez 
amusante en. anglais.” 

We passed on to the Univer- 
sity Library. Trinity, where 
Prince ‘Charles’ former rooms 
were pointed out Gonville and 
Cauls-' and finally the Senate 
House, picking up snippets of 
information and marvelling at 
the beauty of it all. 

At the end we stood, -not 
wanting to break up the group. 
But nur guide, obviously used 
to dealing with states of mass 
euphoria, pointed out some 
good eating places and left. 

All that remained was 10 sit 
by the Cam and hope (vainly in 
this case) that someone' might 
uverreach himself punting and 
take a dip in the river. 


Playing 

games 

Buying a run-of-the-mill tele- 
vision programme is. apparently 
not as trouble free as it may 
seem. The BBC. in its aggres- 
sive innovative way, has just 
bought the rights to an Ameri- 
can long-standing TV series, the 
Match Game, This is a quiz 
show which some U.S. cities 
have thrust at them twice a day. 
Match Game, which mysteriously 
is being named Blankety Blank 
for British consumption, is a 
formula show. The formula is 
that contestant are given a 
sentence with one word missing. 
They name the word they think 
to be right — and this is matched 
with words written down by 
six celebrities, amid witticisms 
and jollity. 

■ What has happened in the 
U.S. is that the show has taken 
on an increasingly risque tone 
in its' evening, adult, editions. 

Oh,*' said the Princess. “I 
said you could kiss my hand, 
not my . . . . would be a. 


pretty standard sentence for£8.7bn, giving an average value 
completion. “ I think our type for each note of something 


of humour might be different," 
said the man from the Beeb 


under £5. The average value 
of a West German note is 


loftily when I pointed out the equivalent to £16. 


dangers. 


In the UK the most popular 


In the U.S. both contestants note is still the £1, at 41 per 
and celebrities are briefed first cent of the notes in circulation, 
on what is acceptable and what whereas in West Germany the 
is not. “Breast" is forbidden, most common note, representing 


“ boob is fine, 
described as a 
they can be a “ weirdo, 
will not be telling them any- 


No one can be 35 per cent of the total, is of 
pervert” but DM 100, roughly equivalent to 
We the British £20 note. 

The preference for low 


thing,” says the Beeb. “We denomination notes in the UK. 
will leave it to innate British ^5 the Bank, has a dispropor- 
sense.” And then, he added donate effect on the printing 
hastily, “ We will not, of course, requirement since* it seems lo 
be broadcasting it live.” be universally true that low 

l denomination notes have shorter 

^ . working lives than higher 

iDe £ 'If) denomination ones and so have 

to be replaced uiure often. 

Vfllir tlfirlrpt Even though we are still far 

JU III tone L behind other developed coun- 

MON ETARISTS, who have com- tries, however, there has been 
plained -for years about the UK considerably more use of the 
authorities' reliance on printing higher denomination , notes in 
money, may not have been so recent years. Since 1»63 the 
wide of the mark. Regardless proportion nf the value °ftne 
of .the inflationary impact, we note circulation represented by 
British seem to bp extra- £1 notes has declined from 43 
ordinarily hard on the paper to 10 per cent, while £10 and 
cash .we cany round in our £20 notes, starting from scratch, 
pockets and wallets. h a d taken ° ver " P er cont of 

An article in the latest Bank circulation by 1978. 
of England quarterly bulletin, 
published this week, reveals 
that the average British citizen — « ■ 

requires many more notes than | ||C WOrlH IS 
inhabitants of other developed 
countries. He also wears them unill" RVCtPr 
out faster. It is. says the Bank 1°“* VJ9UST 

of England plaintively, “a Having tested the course, I can 
peculiarly British pheno- report the going for the world 
menon." The Bank is plaintive oyster opening championship 
because it is responsible for j n Galway today as soft— the 
printing all the notes. local euphemism for gentle 

In July 1978 there were about ra in. 

I.9bn notes in circulation The championship is. part nf 

equivalent Jo some 34 for every Galway oyster festival 
man, woman and child in the ce ] e {j rated this weekend and a 
rountry. On average each note ^ ale w bich is rapidly becoming 
lasted for little more than a as lo bivalves as the 

year, so that in each 12-month Glorious Twelfth is to thc- 
penod 30 notes have to be grouSe 

printed and issued per head of s Defending champions Willie 
population. ’ Moran, of Moran's Oyster Bar 

By contrast the fastidious k', who last year 

S 1225. ‘iSS opened 30 oysters in 91 seconds. 


each; and the cumber printed 
in each year is only nine. The 


corresponding figures «« . . England The 

France .are 35 notes in circula- ^^ S ch 


faces five contenders from 

Sweden, France, Switzerland, 
tor . _ V T t 


tion and 11 printed and issued. 

In the U.S. the number of notes we 


locals. A man from 


in the UK at 31. but are used sk J Ued is training in secret 
up at half the speed, with only 1 snatched a few words 
15 per head printed and issued *he_ Swedish contender 
in each 12-mnnth period. admitted to worries since 

The Bank says It cannot fully he had been training on 
account fnr the disparity. How- Scandinavian oysters, somewhat 
eveiv- one of the reasons larger than the local variety 
advanced is that greater use or “ But your’s taste much nicer,” 
high ' denomination notes 'is he said diplomatically. 
made 1 in m'anv other rnuntries. Willie' himself- seems par- 
The: l,9bn notes in circulation licularly worried ' about the 
in the UK have a face value of American threat. “He Is very 


Life as a tax exile in Jersey 
might sound pretty idyllic to 
you. It sounds pretty idyllic to 
me. The island Is, after all 
beautiful — and politically 
mature: too far for the Inland 
Revenue — and near enough for 
Covent Garden; rich enough for 
first rate restaurants — and poor 
enough to welcome customers to 
them. Its beaches are shark free 
— which is more than can be 
said for Nassau. Its plumbin 
is passable — which is more than 
can be said for- Andorra. Its 
winters are mild— which is more 
than can be said for Luxem 
bourg. And its people speak 
English — which -is more than 
can be said for Liechtenstein. 
What’s more, the sea food is ex- 
cellent. And yet . . . and yet . . 
there are drawbacks to rest 
dence within this demi-paradise 

Mind you. they are not neces- 
sarily drawbacks to which you 
and I would object too strongly 
You cannot buy property freely 
and you cannot build it freely, 
either — if you want to build 
it has to he in the same place 
and the same style, as something 
that is there already. That is 
the consequence of a policy of 
limiting development which is 
enlightened or oppressive, 
depending on your point of 
view. You cannot listen to a 
local commercial radio station, 
because there is not one — the 
local government thinks that il 
would lower the island's tone. 
You would not be entirely 
immune to modern pollution — 
though the worst of it (apart 
from the occasional threat of oil 
on tiie beaches) is likely to be 
the rattle on the roof as Con- 
corde gathers speed somewhere 
out above the Atlantic. You 
might feel swamped by tourisi* 
in the summer. 

But the worst of the draw- 
backs. according to one fast food 
millionaire now living there, is 
one that would not necessarily 
occur at all to you or me. There 
is not any work to be done. 
Once you have sorted out the 
management of jfour invest- 
ments— and after giving various 
merchant hanks a whirl and dis- 
carding them as incompetents, 
he has turned it over to a -lady 
clerk with 15 years in stock- 
broking behind :her — there is 
nothing to he done. Even bis 
plans for opening up a fast food 
branch locally came to nothing. 
The Government would . not 
have it. They said it might 
create employment. 


Contributors: 

Pat Walker 
David Freud 
Adrienne Gleeson 
Arthur Sandies 


TODAY — Closing speech by Mr. 
David Steel at Liberal Party Con- 
ference. Southport. Post Office 
Engineering Union one-day con- 
ference on 37-hour week. 

SUNDAY — Department for- 
National Savings’ monthly pro- 
gress report lAugust). 

MONDAY— Mr. Michael Eriwardes. 
BL chairman, meets national 
union officials in London. Trihunal 
opens into conduct of Crown 
Agents. Church House. West- 
minster. International Monetary 
Fund annual report. EEC finance 
council mpets. Brussels. Mr. 
Albert Booth. Employment .Secre- 
tary. addresses Institute of Career 
Officers Conference. Exeter Uni- 
versity. Prince Charles opens 
World Health Organisation Euro- 
pean Regional Committee meet- 
ing. Guildhall London. 


Economic Diary 

TUESDAY — Bingham Report on 
Rhodesian oil sanctions expected 
lo be published. EEC foreign 
affairs council meets. Brussels. 
National Research Development 
Corporation annual report. 
National Trn-ome and Expenditure 
19K7-77 (Blue Book). 

WEDNESDAY — Commonwealth 
Finance Ministers begin ihrpp-riay 
meeting in Montreal. Conserva- 
tive Party slalemem on annual 
conference (Brighton October JO- 
13). Confederation of British 
Industry monthly council meeting. 
Sir Peter Parker, chairman. 
British Railways Board, is suert 
speaker at American Chamber of 
Commerce luncheon. Savoy Hotel. 
London. Basic rates of wages and 
normal weekly hours (August). 
Monthly index of average earn- 
ings (July). New construction 


orders (July). Civil Aviation 
Authority annual report. Mr. 
Anthony Wedgu ood Benn. Energy 
Secretary, at Foreign Press Asso- 
ciation luncheon. 11. Carlton 
House Terrace. London. Gross 
domestic product 12 nd quarter — 
n-nviv’onal 1 . 

THURSDAY — National Fanners’ 
Union count'll meeting. Car and 
commercial vehicle production 
f August— fin-»l) Second quarter 
figures for capital expenditure by 
man it fuel "ring, distributive and_ 
service industries: manufacturers' 
and distributors' slocks: finished 
steel consumption and stock 
changes. 

FRIDAY — Report on finances of 
the Church nf England (1JJ76-7D). 
Sales and orders in the engineer- 
ing industries (June). Bricks and 
cement production r August). New 
vehicle registrations (August). 




This first public offer of units in the Tyndall 
Preference Fund provides investors with a 
very high yield, estimated at 1 2}% gross, 
together with a high level ol' security, of both 
income and capital. Tliis is obviously _ 
attractive not only to those needing iuc» »me to 
live on but to those who wish to accumulate 
capital by having the income re-invested. 

The advantage of Preference 
Shares 

The Fund's Portfolio consists mainly of the 
preference shares of nearly 100 substantial 
British commercial and industrial companies - 
and investment trusts. All preference share*, 
earn fixed dividends and the payment of their 
dividends takes priority over those to ordinary 
shareholders. The income from the Tyndall 
Preference Fund therefore is stable and very 
secure. 

Since preference shares are fixed interest 
investments their prices fluctuate with 
prevailing long term interest rates so that if 
such interest rates fall, the shares could rise in 
value and vice-versa. However, there is less 
likelihood of fluctuation than there could be 
with investment in equities. 

Easy to buy or sell 

If you invest directly in preference shares you 
can, quite often find them difficult to buy and. 
sell because they do nor change hands as 
frequently as ordinary shares. But this does 
not apply to investment through the Tyndall 
Preference Fund. Units can be bought from 
the Managers or sold back on any Wednesday. 

Low charges 

The minimum investment in Tyndall 
Preference Fund is £1500 and this, together 
with other economies, enables costs and 
charges to be kept low. The initial charge is 
only 3% ( 2 % for excess over £ 10,000 C 

Two kinds of units 

There are two kinds of units - distribution 
units, on which net income is distributed twice 
yearly, and accumulation units in which the 
net income is reinvested to increase- the value 
of the units. 

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

You should regard your investment as a 
long term one. 


How to invest 

Simply ti imp lore the criupon below and post it 
with your cheque to arrive not later than 2Mrh 
September 1 °7S. the closing date for this offer. 
The minimum initial investment is £1,500. 
Further investments of £50 or more may be 
made later. 

Units will he allocated to you to the nearest 
higher wh» »le number of units appropriate ji 
the price ruling at the next Wednesday 
valuation lollov. ing the receipt of your 
application and cheque. The c«<st of rounding 
up the number or units allocated will be borne 
b\ the -Managers. 

For your information the price ot the 
d istribution u nits on Wednesday 1 3th 
September i l, 7S was 1 10.2p and the estimated 
gross starting yield was 

For Corporate Investors 

Tliis new Fund has special attractions as a 
medium term investment for company funds. 

Important Details 

.\1! r.pplicnuurc, will bo acknowledged and your certificates 
vi ill bo wnt wiikm ^ Jays. 

A Her ihe ol.-vo ot’ilm offer, unit' which are Jealr in 
■wctfk.lv on Woini>J:iys can be pu r cha-tfU at iho price 
prevailing «. , n the ^i‘odn«*Liy loUowine tho receipt of (he 
application. Uiw price* and v k-Jd> are quoted in musL 
national daily newspapers. 

I f yi iu wish (o sell your units, the Managers will 
purchase them ai ihe bid price on any weekly dealing day. 
Ihiymeiil will normally be made within wen day sol* the 
receipt of your ren« >uneed ceriitiiaue. 

Disinbu lions net of lax ai ihe bu.sk rate are made twice 
a year on 1 4ih June and 14ih December. Investors now 
will receive their first distribution on 1 -2th December 1978. 

An initial management charge of 5% i in excess of 
j (| KM VU ; is included in the buying price of ihe units. 

A half yearly chnrtre of \ of 1 % • plus VAT > of the Fund Is 
deducted l’r* «m the "I rust's income. 

Williams and CIlyns Bunk Limited is the Trustee and 
holds all die Trust s cash and investments on the 
unitholder-' heiialf. 


APPLICATION FOR UNITS 

A|T , fc2iii‘ l »i.'hcuUI N -xn! 

The Tyndall Group. 

IS Canvnge Road, Bristol BSW "T’A. 

. 5 fi- , r.:.ri.f.Vi-. ii.-.vjfii 1 


lender 


I'.c mii-Tmer.t in .tr-irihution mir-nf 

me Tyndall Preference Fund 


al thL. 9i.-r [--till ruling.. n ihe <is> y»ai rtcon 'ln jfi*boiH-n. 
Minimum liivt uucm C 1 ‘■•o. t Jhvijuo U k iuU I s. nnOe pii.ihleiu 7Jif 
u7.ii;>. « .aumv &-n I! 0 o u parable J-jiAOSiLd 
Jf acoifl Biliumi tuub. required, lick here f~j 

Surname 

i Mr. Mr-Mis-nriiilel 


r_hrr.mil Nar*v.s 
i in lull: 


njlar.K- 


•' 1 J.-.i.pi- .':ii '.w.-.r (A.-ri.'aiPn.-: r.sij 4 i...-, :iv|'y,* 
.VAn/nti' y.r>.. •■•'■! >.)'«( i A i- 1 ft: •»>: ,-;i v ui.il. 

■iHt /l r .,j i ■ u*m 1 liuriui T-rnlvnt: 


m lt -r, fu,l. ■‘hi-. •.<!.. t. -i.mii'i. r- lu.'.ua (.m-i 

.•v'. J ;•.-•» t ••.tir hi/.-.ti.-- 

ItUer ni-l ji-jiIu'S .- ir'tu-ai-W-. iM die KcpuMu ..I lr. tm-i. 


.V/fiwti r fiftlic Li:n Tiivt .LwioHl-, 


I-TJc-m ;xPR 










GKN small increase to £42m. at midway 


Utd. Biscuits near 
£19m at halfway 


Rnancial Times Saturday Septemfcrlfi 1978 /"jT 

TbIDS AND DEALS 


TURNOVER OP Guest Keen and " 

£S4fi.7m to £899.6m in the tint DIVIDENDS ANNOUNCED 

half of 1978 and profits before _ r ____ «L, tJl] To1 _| 

Oian^tl^MO^i S Ln h Vbe h ^ne Current of sponding for last 

period ^ast^rar th * payment payment div. year year 

The profit, after historical and Breedon Cloud Int. IB — 1.13* — 4-99* 

additional depreciation, is also Goodman Bros Q.S8 - — 0.75* 033 0.ia* 

better than the second half of GKN int. 3.59 Jan. 2 5.51 — 15.56 

1977— profits for all that year Liberty JnL 0.76 Nov. 15 0.75* — *2B9 

totalled 172.3m. Tavener Rutledge int. Ntl — 2.9 — 5.8 

The Board states the outlook United Biscuits int. 15 Jan. 6 0.SS* — t 2.69*5 

for the second hall of 1973 has Williams James InL l.llf Nov. 10 0.99 — 2.45 

many uncertainties, with no Dividends shown pence per share net except where otherwise stated, 
indication of any general . , . ... _ , . _ .. , 

resurgence In the economic Equivalent after allowing ■ for scrip Issue, t On capital 
sectors in which GKN operates. increased by rights and/or acquisition Issues. 1 1. 506 p. final forecast. 

While prices for steel products ?Addn tonal O.OOtCTsp for 1977. fl Additional 0.029p tor 1077. 
in export markets are a little 


^ ... JFB extend 

^ UtiMn/OU DESPITE EXTREMELY competi- operation must he seen as £&. w . ^ 

I 111 111 it €% t tive trading in the UK, profits vestment for the future, says the ■ — j.‘ -* .-*-*• . 

* * TT before- tax of United Biscuits chairman. _ \%7 sxd&fXn 14 IfdVVlC 

. . (Holdings) increased by £L6m to Both production and _ sales in • TrfVf*' WW r*M€lIl ' riV4ul\ 
ing a new branch, have resulted xiB.fim in' the half year to July" 15. the UjS. were seriously, affected T * . 

in a first half loss of X36JMJ0, they- ^ 973 ( and are very satisfactory, by factors outside, the group's • 

say. The indications are that the sir Hector Laing, the chairman, control— the worst -.. January • n counter hid by response. "Cleaidy the. maft - 

whole year's trading will be profit- says. weather ever aggravated by the THE *»_£».• Brown foi of shareholders are in favoa . 

able. -In May the chairman said the coal strike. • ■ Johnson anu * extended this deal and I would hop* 

About half the capital improve- profit increase in the second half Additionally, Keeper's intensive Weston Evans i nasw* [ « ^ Lacey would now recous ■ 

ment foreshadowed in last years was likely to be more significant capital programme- is resulting in for a foirotgnt w b Wg . po3aj ^ JL 

report and.. accounts have, been than the first but he now sees some temporary loss of di rector ®I7® ,niro * aortimltr to nAt rhinb- * 

completed with a resultant the second-half Increase hetog efficiency in the factories, and cent - 5*5*0,-!- ri^SoStoreiecl c ' 
increase in group costs, they add, more in line with the rate of -gives rise to increased- interest reconsider their decision to J as a director of Weston, wouli .. . 

Liberty has - dose” status. increase in. the first six months, charges. . JFB's offer. nraham *“ “*e wi ' - 

»««. jbk *•_«-* s y e gue a xjssfissv&fsf-:-.- 


by response.. "Clearly the. majo 




Date 

Co ire- 

Total 

Total 

Current 

of 

sponding 

for 

last 

payment 

payment 

div. 

year 

year 

.Int. 

IB 


1.13* 

. — 

4-99* 


0.83 - 



0.75* 

083 

0.75* 

.tot. 

5.59 

Jan. 2 

5.S1 

— 

1586 

.int. 

0.76 

Nov. 15 

0.73* 

— 

*289 

int. 

Nil 

— 

2.9 

— 

58 

.int. 

1.5 

Jan. 6 

0.SS* 

—t 

2.69*§ 

InL 

I.13T 

Nov. 10 

0.99 

— 

2.43 


External safes ._ 10 

Retail UK 3, 

Retail, rest EEC 1. 
Cam-.. widslff UK 1. 
Couv.. wWsIk cm - 

VAT 

Leaving - 5, 


uw s.«aB neavuy at present- io iwe The distribution costs of the LOU . ^ jwuiwu VUI umi auioer 

=-2» advantage of the trends seen Spanish subsidiary, Rrodudos bidding *br Weston m a dea 1 only job . per cent of We 

J-?® develoriin-v in the t«in« Ortiz, remain too high, for: the valuing the company at to. 7m. ohares— other than Mr. Lam, 


firmer, there are still no signs of 
any real improvement in the 


world steel industry generally, and improvement In the 

demand for special steels has ® nd 


shown signs of some fall-off H? de £ 

The UK and European autorno- nuU m South 


live components companies 
should in total come close to 


The world-wide steel recession 


their performance in the first half ^m-nwned *° ^ r^-EuI 


year subject in the case of the • ... 

UK to ihe level nl industrial /:, u uLri 1 !* * hl S h ™ ade a i ^^ naJ1 


Lysaght 


disputes, the directors say. 


I cms before tax, for the period. 


Liberty 
sees fall 
for year 


Trading' profit 

l.isr 

SJU3 

Depredation* 

133 

74 

263 

Interest paid . 


120 


ProJU before tax ... 

651 

90 

2JU2 

RetaU UK 

252 

414 

1.U8 

Retail, rest EEC 
Joss 

36 

B 

m 

Conv. trfalslg .. 

Ml 

533 

1,073 

191 

Prouertle* rent .. 


34 

Tax 

*71 

5&4 

1539 


3!T« 

4S9 

1.133 

Exiraord. debit 

IS 

— 

56 

Leaving ............. 

361 

429 

1.967 

-Including Jeasefcidd 

pfppenr 

rmm. 


luing the company ai ao^ini. s hare&— othcr than Mr. Lacey 
Both bids have been -d^ed by m,.- McBride— had. elected i* 


jm Earnings per 25p share are level of trade, and first -half re- B0 }P rnmmiwiML Mr. McBride— had elected t* 

36d shown at 3.9p against 4.1p. The suits- were disappointing. . .. . the Monopolies Commiwion. __ accept JFB’s. offer of 23 di 

H SSd'fnSTolrap £ iS“S eJ a 28 

ra Sled U ° 6P ^ l ° ^ r “ 0m - <*. S Sa'toSSSSulSE^ ' *1^“ “W 

S 'tug »—■ JSSLS g== ii-S gaJSTTSSS- SSm'Ji 28^*ZZ.™?iSi 

S U17p’flnil. and was paid from miTSt iSnii.'?™ - xtat ->3 turther 'wo weeks. mneral PanefHdtas^Sr MtCT ttrae 

.£ sra. - I aatjj. a 5sc-i .sgva rss.ssff^m/sssss- 

l mentarr dividend of 0MO273p for T ’Si that he was pleased with the current level. 


The total last year, equal to 


Sate 

CK» 

U.S 


UK 

VS. 


Adjusted earnings 

per £1 

shurc 

arc shown at U.4p 

against 

14.1 p 

and IR.ftp (22.2p) 

before 

addi- 

tional depreciation. 

The interim 

dividend is increased 

from 5. 

5fl5.Tp 

m 5.5SS«P — the total 

in 1971 

f was 

15. 564 p. 




Finn half 


£rn 

Itrt 


i«. s 

nr? 

Turnover 

R99.K 

S46.T 

Trading surplus 

79 8 

“5 5 

Doprer. bistoriral 

51.0 

if.i 

Dcprec. trtflation 

10 3 

III 5 

Invosimrnt income 

LQ 

1.1 

Interest payable 

n.o 

14.0 

AssuciaJe share 

« tf.1 

BA 

Profit before tax 

32.0 

40.3 

Tax 

21.9 

IS. 7 

Minorities 

2.S 

2.0 

Aurlb. earnings 

17J 

19.2 


^ re , PRE-TAX profits of liberty and 

ifl Peak £0.4m Sl'tSS'S Goodman 

}Sp n T7- u from £993.000 to £651.000 and the -r^ . ■* ' 

135 for Kennedy ^rio^^sMc^ Brothers 

»if £2.36m achieved in the 1977/78 

; Smale tops£0.5m 

ig 5 ^ Net profit came out at £379.000 OT 

if.i After an advance from £121.564 against £429,000 after tax of On turnover of £10.5m. against 
id s to £174.705 at half-way. Kennedy £272,000 (£564.000) giving earnings £9 53m, taxable profits of Good- 
M Smale finished the March 3L 1978, of 557p (6.38p) per 25p share, man Brothers and Stockman, 


Goodman 
Brothers 
tops £0.5m 


mentary dividend of 0.000275p for E«mipe“loss TJ 

1977 following the reduction In ' Res of world toss' 

ACT. Intere st 

The group's entry Into the £ ,oCt before tax 

frozen food market has been more 

successful than forecast, but at 1 - isSSW export' 
this stage of Its development this t Profit. 


538 309 

Mt.'“ 7X33 
7-091 ' *- 2JB4 
XX5B -XTJB37 
SJ9M . 8.«4 

9^93.- . 8,013 


Tootal sells Australian 
assets to Bradmill 


Tavener Rutledge runs BY JAMES' FORTH 


UUL HL MIV.VUU — ' t | • « 

$V“n<n£ mto loss-no interim 


AGREEMENT has - been, reached group would rise in the etc 
for Tootal to seU Jts Australian year and they expected sub 
assets to Bradmill Industries for tial benefits from -the merger 
cAiim . a rationalisation of the busixu 


amuii: unutneu me mann ai. iaio, oi a^jip pci mm muc. man nromers ana Biociunan. ^ - .. ] «A14m. - a ranonansaoon ui me nusini 

year with taxable profits up by The net interim dividend is clothing manufacturer, finished w^h I follows the acquisition by The. proposals, wfll .be pu 


effectively raS from O^p to uTSS *; WH stauCal profit recovery and M per way in ^ ^ ^ SSiTt^^ar °Sf 1 

0.76125 p — last year’s final was an from £472,795 to £510.507. At the £® nt nse 2ufir J 3 SSJSL tSWPaSSiffiJS at a meeting on Oc 


General conditions in many attributable balance came out at sale sales continue to increase, £254.000. 


came out at sale sales continue to increase, £254.000. - way stage. Instead the group fell inmirred losses of£404,(^)._ . fo f IU.”~ Melbourne OPPOSITION TO 

after tainori- particularly In the home market. After tax &r the year of from a £155.769 profit mto a loss ■J“ , 'AS tald £,±, n At the time it^s diy MiJKftCTC' 

dinary credit but with lower margins of profit. £270,894;, compared with £254£01, oF £384,719 and turnover was little payable, the last being a.2p net busmess en. intprejds of MANC HtST E — . 

period. Retail sales to overseas visitors the attrihutahte balance came ou! changed at £SJ3m, against £3 JJ9m ^“1 far . l9t *-. • '• ™ at ? d i with DEAL DEFEATED 

subsidiary, in London have declined but sales at £239,613 -(£217^94) giving in the first six months. .. Uoss for Lbe^ six months was Tootal would ne mergea Oonositloh to merser off 

■e shown as and profits In the smaller earnings of 2£06p i2.326p) per Part of the deficit arose from a depredation Brad f^ SU t3 ° - Rix P artd Manchester Garages 

r tax. Earn- branches in Manchester and Scot- 5p share basic, and 2.416p (2J9ip) £131,754 provision due to damage (£212^44) and. was sub- could be worked out defeated vesterd&v at an. EG*^«^ ‘ “ 

iron as U.S4p land show a healthy increase. filly diluted. - to stock sent overseas most of ^ *oj * te dtim-ar £33.000 The proposal is for BradmD to deftated^sterday at an tc - 

• . v. rr-w,^ j , . comnarwl with a huv Tookil’s major Australian Uliver tux. moreover, er 


protracted struggle 9. 
: Bradmill by the 


two . Melbourne 


dULumuuv? aJOQ UUimniK riDQ ui j-i-r--, I 1UI UIC (JC1LUU. “Clou aura IV u,sio«ia . I ail.,, a uit aiuuiw«uic Uiuoui.t vow. wu> “V , . . . ,„ nn u K“ m „~>prj W-ffh 

construction. Profits of the subsidiary, in London have declined but sales at £239,613 -(£217^94) giving m the first six months. - ■ f J ® ss j for 341 ™?tiJhs was T ootal ^rouia ne mergea 

There was however some Harrott and Co. are shown as and profits In the smaller earnings of 2^06p i2.326p) per Part of the deficit arose from a depredation Bradawl proviaeu a sintao _ 

improvement in profitability in £11.554 (£45,056) after tax. Earn- branches in Manchester and Scot- 5p share basic, and 2.416p (2J91p) £131,754 provision due to damage °44) and. was sub- could “;5™ ou .“ n«,rfTnffl t« 

the automotive components Ings per share are given as 0.84p land show a healthy increase. fully diluted. to stock sent overseas most of to f £33.000 The proposal is ior era 

companies both in the UK and i3.52p). ‘ At Metz En Co., the group’s The single dividend payment is which will have to be replaced, compared with a £%PI4 -credit, buy Toolnl s major Aim 


BY PAUL CHEESERJGHT 


j a t1 . -a ««1 j the factory ires geared and staffed ... 

St. Piran fails to silence dissidents Alexanders Is 

I out of line Mr. Anthony Ifyde, the w • r Bl h d 

BY PAUL CHEESERJGHT chairman, explains. I*PPA|*rl 

Secondly, the directors have not a. CLi/1 U-. •’.•••' ; r " ent c 

i^£aq R'bic to restore normal stisrcsi 

THE BO.ARD of Saint Piran, the Panel inquiry when it mistakenly steel stockholding, the manufac- spending $5m pn improiing the- mar gin S ^ biggest selling 1 _lf * ' 19R3 oi 

controversial tin mining and purchased enough Orme Develop- ture of hydraulics and jacks, etc., terminal so as to increase its children’s count lines although |15| IT Vr*5ll\ Sales 

property group, yesterday quelled ment shares to trigger a formal were £LWm better at £Z3. Process Is now under way. J Austra. 

but failed to silence a share- takeover bid it did not wish to , took £ ? 36,0 S?- B llr - Hyde adds that the diree- A RECORD half-year’s trading is £h ei f a ‘ 

holders' revolt staged at the make. “a-XSf 1 ? w JTStiSa One°o? tte^reasons fo?modlfy- tors 8re 311 “easures neces- reported by directors of Alex- ® radn l 1 

AGM in London. Embarrassment about the in? the oririSd ^rranEeSSu ^ tQ brlng 0,6 company back anders Holdings, Scotland's largest from S 

Two dissident shareholders Orme and Monk affairs was one SqL to^MOOO^nMmT under whSi the termTSTwS i? t0 - as soon as P<^n>Ie. Ford mam dealer. -. “***' 

hn W hppn invifpri m meet thp r«>a,on adduced bv vocal share- _ u ^ “.“hu.iTir" *-k.. 7 „ u.c ni,nn!i He is confident that it can be put Profit before taxation for. the ^rnj™! 


Alexanders 
record § 
half year 


thus making the total deal worth capital of Oliver Rix were p 
S14m. This is £2m above the by 16m votes to 3.4m 
written down book value in the although a spokesman foi. 
Tootal group accounts. company said defeat on 

Bradmill will finance the bulk motions would not have sti 
of the purchase by a $Sm place- the merger going through an; 
ment of 10.S per cent preference The reorganisation was oi 
shares, redeemable on December device for reducing stamp <b . 
1983 or December 1985? The offer for Oliver Ws 

Sales of Actll and Tootal accepted by holders of 56.1 
Australia exceed S35m a year and cent of the capital. The spoke 


Two dissident shareholders Orme and Monk affairs was one SL mmi ifiMmi 
have been invited to meet (he reason adduced by vocal share- r-nrnnanv ' 


controls about 5 per cent of Other reasons were the 
Saint Piran's equity, and Mr. existence of anonymous foreign 
Justin Brooks who has' had a shareholdings m the group, con- 
personal stake in Saint Piran and trolled by Far East nominee 
its predecessor companies for 20 companies, giving nse to the fear 
yea r S that unknown hands were steer- 

But a bid to reject the annual i"*** SfLS 


been merged •' in great number *of private i 
holders who were not ea: 
tion would have contact. 

mill's earnings per Holders of 91.7 per cent of 

cents to 11.4 cents. Chester Garages accepted 

firice is equivalent merger terms, as did holde 


report and accounts, while ««•? 
momentarily successful on a „ r Jf‘ s J L 


Burmah in 
new deal on 
oil terminal 


siJv />r carpnev than was pmected in tne wonaorce inus losing year. - • me purenase b*-- 

IteSdenS iSS SSSSS key workers that would be needed Turnover during the period to 6 2 times the combined net 58.8 per cent of the Mane! 
been redS? A? a residr of 82 ^en it does start climbing , as doubled to aiST® - . ,\f profit of *224m.^_. - _ Garaps prefcr^e sha^ 


renoeotiation. Burmah will be in expected, he says. . 3Ir. J. B. T. Loudon, chairman. Bradmill directors said they The 'offers remam open 

a better position to invest in Tb p company is omitting, the reports that the group’s loss- expected profits of the merged further notice, 
changes to the terminal and to interim dividend. Last year two making British Ley land dealership ' - 


benefit from them. 


«hnw nf hamita hv seven votes in P rofits - The >' musi be m3 ^ in a A N™ agreement on the flnanc- 

to?? filed whra th- ?ssue vres wa ^ wj]icb evinces investors ing of the Bahamas oil terminal 

;SI«S?S«II VntSLzHSSS lhat lheir mon *y is safe and has been drawn up by Burmah 

P f U ih«^ ~2L5? sound,” Mr. Morrison told the Oil and the Bahamian Govem- 

in Favour of the reports accep- ^,.^ 1 ,,,., ment. 

lance and 73.600 against. Followin' 1 resignations and a The terminal, which is leased 

Nor was an attempt by Cornish derisiu - n J, t0 ^ek re-election. JSSP 


Breedon Lime 
Works shows 
expansion 


L ;,w t ,T“ . J?; J o S derisias not to seek re-election . “4 fh « Growth in taxable earnings s*ies 

“ JSL *.r%S there arc now only three Saint ^ m , , L n n fiSTSSih^Sd a from £390.676 to £487.067 was aSSS 1 * 


a,.a. c .. u »««a tnere are now only tnree Sami ’ from £390.676 to £487.067 was 

vacancy , WIt h ® nominee of them pjran directors. ATter the meet- loan froni the R 0ya i Bank achieved by Breedon and Cloud 

own choice, Mr. Michael Payne- mg, Mr. W. J. R. Shaw, the chair- w£ i-L' mSranteed Hill, lime Works on sales ahead to» 

Jago. any more successful, pie mjm, aai d discussions were going Burmah. £056m to £l.64m for the half-year J** 4 ** los ® • 

directors opposed his nomination. „ n to bring the strength of the 'under the new arrangement the to Jug 31, 1978. • toiT." 


equal payments were made for a in Amsterdam has been: sotd and 
total of 5.S08P from profit of all subsidiaries are now tracing at 
XOJZlra which was down from the a . profit, - . 

record £ 0 - 52 ra seen In 1976. • - He • confidently predida^- that 

The reason for the damage to when tire full year's . trading- 
export goods has not yet been figures are known shareholders 
finally determined but it may he wm be “ gratified ” with the! 
the subject of a claim. results. In 1976-77. the group 1 

i«Ja ” 3^7 reported pre-tax profits of £302,000 
r £ from turnover of £23. 56m. 

sales JJ34351 3XM.B38 Earnings per share for the first 

operating loss *1**-®= h a l f are shown at O.G9p (nil) and 1 


p;:' *' s 

B ri ». ~ 

■ life 


? * 

fc $2 t xa 


for U.S. idsiirer jfi i y 

Thomas Tilfing’s spending spree This was because, under E iJijE * | 
in the U.S. is continuing to 1 gather take-over rules, Preussag h ¥ w •* 6 * 
pace. Just 24 hours after announc- make a general offer to all 
ing a £9.7m bid for dental equip- holders of AMC on siinilar 1 ” 


131 7t 4 — r r 1 , mg d m-iiu uju iui ucuiai hwiu%*o vi ■ 

ai «7 3 E- 27 B ™ group profit is aftera loss on men t supplies Saslow the group One of the biggest holder. 
12.550 2X47 sale of investment in the Dutch ^as revealed a £3.6m agreed offer Norddeutsche Affinerie 


Saint Piran’s wealth — its pre- hoard up to five, 
tax profits in the year to March 
were £3m — has traditionally been . • 

based on its control of the South | AT|It$II 
Crofty tin mine, the largest In ^ vul1 
Cornwall Latterly it has been inyvinc fi 
Involved in more controversial 11 

developments. . cT , arn nnhn7l 


£49m construction cost will be j In May the directors said that Divided - as* 

directly financed by Burmah and despite difficult trading conditions 'Profit tFor domaaed soods. 

_ , . _ Tr the Bahamian Government’s debt substantial funds had been com- tax 

1 Pnfral Wacmn wm be wiped out. Burmah will mitted for plant re-equipment in • comment 

” T now have a 20 year guaranteed anticipation of an upturn in the T Rntled-e clearlv 

• lwt _ r lease on the terminal which it will construction industry. It was JJJJJIJL. th e7na^t when it 

tumps torward be able to count as A fixed asset hoped that this would «?«st the S^^^^wSSwortS to &5 

for depreciation purposes. The company to demonstrate its i^Vnrndr mSmT to e honed-for 16,600 

A sharp upturn in pre-tax profit Bahamian Government, for its trading and financial strength in °° ost production- The nopea o 


3M.719 subsidiary of £179,000 less gain on. f 0 r Ambassador Insurance of accepted the offer and af -■ 

4otm sa * e °f Huddersfield property of Chicago. ..to have requested payment 

— 5 i£r 3 £43,000. Transfer from reserves is *rpg acquisition is being made form of Patino shares, 

i foods. £136,000. . by Tilllng's Ckirnhill insurance arm NA has thus received tw» 

Tax charge is £125,000, against anc j jg subject to approval from in quick succession: first f 
£46,200. leaving net profits at. director of Insurance of Illinois AMC shares and now fo 


Ir rripd and failed tn have n n bubi|< u|<iuiii u lue-uu pruui rumamiau uoverimieui, jur ilo urauuie auu uumiuaj diivu«uu m - . demand for SUSai 

the B«?ard nf from a ^pressed £ 70,000 to part, will receive a larger mini- the year. S M nSii5erS 

nominee placed on the Board of J4 24,W» is reported by Central mum annual payment for the ter- The net interim dividend is 525 f ^^^Sinv Sllnne? into 
- - raised to 1.8p (1-125P equivalents ?” d “5L e 2E?!« , 2. S 


Jardine Japan 


owned company spedahang in AMC 
motor business. Last year 
premium income amounted to BA 
$I5.75m (£Sm) with pre-tax profits {N 
at $L75m (£893,000). At the end 
of the year shareholders' funds l Jj c 


BANK SELLS STA 

A. Monk, a civil engineer a nd w'igiiV p^y Tsub^si d"a't9‘ '^f mSm'thM“prerioudy.‘''‘ raised toT.8p7i.125p iquivjdentV ? n nd 1 “V* “tffffit hSf M Th? dfllUIUt atl'Lrem“(jra93,000): ' A'rthV end p«Sc UWI * ‘ 

contractor, and then sold its 29.95 Booker McConneH, for the half The oil company says that as a After tax of £253.274 (1203,151) e blrrhar of of the year shareholders' funds fJtWYArtKb 

per cent stake in the company, year to July 1. 1973. Sales by the result of the renegotiated agree- the net balance emerged higher at fer damaee to «-l '. stood at 34.1m (£2.lm). bas s ^ d 

It was the subject of a Takeover group, which has interests In ment it will feel Justified in £233,793 (£187,523). mb of Mnnrts M On thp • , • , Cornhill which also operates in half its 2a per cent share st:- 

ISO tonnes oi rawra on xne mtpinm CfQpp Canada, New Zealand and Home Counties Newsp 

j 4 L ■ SmwTod oer MagtT . Austra]ia made pre-tax profits of reducing its interest to son 

PiOCIiItC nil A nAVT wapk Of sSesl^ffiSoed badly First half 1978 gross revenue qf £7.7m last year, while premium P«iL rant 

EvSdIilid UUt? Ww vVb! ^Lmmaits ■ are P ?own bv Japan Investment Trust, income amounted to £84 ra. The 31a. 000 shares disp« 

JESSES ^tonU^) ?!d thS down from ****&* to Ambassador . will be Cornhffi’s were placed .through slockh: 

Among the major companies difference in the orecasts comes accounted - for nearly a quarter ol full year (£2i.7m). This is based pattern is likely to be repeated £400,468, but after reduced first directly controlled operation ^5 lp "r ee v 2 t i 1 “sjitutional 

reporting to the Stock Exchange from varying views on the effect the group's trading profit last on an expected sharp increase in E. th e second half However, interest on foreign Joans oi in the U.S. rors at a price described 

next week are Rio Tinto-Zinc of interest rate movements on year, remain a problem and there tourist traffic across the Channel, there will be some relief from a £125.214 against £310,356 and other *»?i3r“ , 1 <? lsc ® iml ' a . u 1 }? c 

Corporation, Delta MetaL Bank of bank lending margins. Volumes is little likelihood that the picture although this is being" offset to reduction in manning levels, expenses, pre-tax revenue jumped -PATINO MOVES . TO - Sfri™* •' 

Scotland, Rowntree Mackintosh, are expected to be better than the will have improved. some extent by lower roll-on w hich has been achieved by from £82,074 to £210,629. -fin Piyn/ATP rhl™! j pn fo i 

European Ferries and Dickinson first half of last year and the Rowntree Mackintosh has seen roll-off business as a result of na tural wastage rather than After tax of £107,126 against rKiVAic a? ss! ’ iP ^ e - r ‘Jora 


Results due next week 


swuauwu “““ " W ' 3C 'y lilt* n et dl Stood at *4.lm (£2.lm). w»m»y Bank has soid off 

• r • * ^roWRwWchalro operates in half its 25 per cent share st: 

130 tonnes of erportjL Oa the cionp Canada, New Zealand and Home Counties Newsp 

per MagtT . Austra]ia made pre -tax profits of reducing fts interest to sod 

of ^ales)^toSd ( badly First half 1978 gross revenue pf £7.7ra last year, while premium . 

■ are P ?own bv J«riUne Japan Investment Trust, income amounted to £84 ra. The 31a. 000 shares disp« 
(consignments are down oy rmm (xanssa to Amha^rfnr will tu> rnmhiri'c were placed throudh stockb: 


GO PRIVATE 


shares dosed 3p lower on 


subsidiaries already to hand, it is further £500,000 to the associates out next Wednesday. So analysts capadty so there can' he little has come rather late in the payable— last year, a single 0j85p already owned by itself, its affi- _, The holding was acqiur-. • 
likely that RTZ’s attributable figure as a result of a first time are taking another look at their more t0 Pome from that quarter, year, so there has been little time per 25p share was paid from Bates or Its controlling share county Bank from BanngBr-.. 

Interim result will fall short of contribution from its interest in forecasts, which are around The market is basing its fore- » 0 stem the mounting losses. The £219 091 taxable revenue. holder, Canbrusa Mining NV, at at <6p a share in NovenUKr-- 

last year’s £42.3m. The average Henlys which it acquired from £lS.5m, compared with £12m Iasi casts for Dickinson 7 Robinson on shares dropped 9p to 67p, valuing On February 11. the loan of C$20,125 per share. j®, n bounty became fie 

of analysts’ forecasts is £35 m. The the Heron Corporation late last time. The company, which is in the company’s statement in May ^ company at I1J36 jxl Japanese yen £571 .8m was repaid. . This .could crown the recent adviserjo Home Counties, 

contribution from the Australian year. the middle of a £38m capital that first-half results were not ex- Net asset value per share at the energetic work of the Patino some a/ per cent of the 

subsidiary, CRA, is down from In April Delta reported that the expenditure programme for 197S. pected to be better than the . haU year is shown as 217fii> f 811111 * t0 kee P CQ ntroI of the shares are owm 

£20.9 m last year to £l2.4ra. and current year had started well, is seeing strong demand for second six months of last year. ’VT IrkCC (1453 d at December 31 19771 company. county Newspapers, the eff . - 

while the Canadian operations Sales of electrical switchgear aDd chocolate confectionery in the This would give pre-tax profits of 1 iCttCY 1U5Ij ’ . Patino announced yesterday tne new sale has been to in 

have reported higher dollar earn- cables were at a satisfactory level UK. although the less important £91ra or perhaps slightly less, • * that it obtained 94S.854 of its the shareholding in the hai 


of analysts’ forecasts is £35 m. The the Heron Corporation late last time. The company, which is in the company’s statement in May ^ company at £1J36jxl 

contribution from the Australian year. the middle of a £38m capital that first-half results were not ex- 
subsidiary, CRA, is down from In April Delta reported that the expenditure programme for 197S. pected to be better than the . 

£20.9 m last year to £12.4m, and current year had started well, is seeing strong demand for second six months of last year. TSJftvxrpV InCC 

while the Canadian operations Sales of electrical switchgear and chocolate confectionery in the This would give pre-tax profits of litlrCJ 1U33 

have reported higher dollar earn- cables were at a satisfactory level UK, although the less important £94m or perhaps slightly less, • j 

increased 


rnWATV ¥117 r.DAHT awu shares as part of the the public to some 30 per„ 
V.vfvv«.i^ ut uuuui consideration for selling its 53 from well under 20 per ccr 
Mr. Derrick Cowan, chairman of , per,. cent stake in Amalgamated A spokesman for the ban 


ings currency swings suggest that and demand for water fittings had sugar confectionery market has compared with £12. 5m in the |nf*rp3§Pf| COWAN OF fiROOT ®*' n . shares as part of the the public to some 30 per s 

the figure will be slightly down in increased. Orders for brass been fiat. Exports have not been unusually profitable- period last , ‘ „ V V vv _ 1 consideration for selling its 53 from well under 20 per ccr 

sterling terms. The Palabora stampings had also improved and as buoyant as in previous years, year. Industrial trouble in the On reduced turnover, down Mr. Derrick Cowan, chairman of , per, .cent stake in Amalgamated A spokesman for the ban 

result is also less than last year's, exports were higher. Even so, no doubt due to the stronger first quarter lost £2m of profits from £7J6m to £6Blm, the direc- Cowan de Greet told the annual Metal Corporation to Preussag. last night: “We felt it was*. 

The bfg unknown is the result Delta ha.s a lot to make up after pound. and trading all the group's UK tors of Newey Group, 99.32 per meeting that overall the group. It also received £2 -8m cash, but for ourselves and the markt ^ 

from RTZ industries which could four years of no growth in real The range of -forecasts for divisions was duff. -Overseas cent owned subsidiary of William continued to prosper and the first the shares it received were this placing should take pla. 

show some improvement but it terms. The interim figures for European Ferries* first-half markets have performed rather Prym-Werke. report an increased four months sales were 30 per significantly less than the was done in consultation wi s, 
will not be enough to offset the. the six-month period due out on results (due on Monday) put better as conditions at home pre-tax loss for the 28 weeks to cent ahead Of that period last maximum it might have received, company, with which our a: 

shortfall in other divisions. Thursday are expected to show profits between £8m and £10m. seem to be improving. July 2, 1978 of £394,554 against year. He said the group would Other Patino shares owned hy tion remains close, and 

The market expects that the taxable -profits of £15. 5m. com- against £7m last time. With the Other results to note are ip- £49,585 last time. shortly announce an acquisition Preusrag went tp Norddeutsche its brokers. We have no pi 

Bank of Scotland will report a pared with £13.4 m, with the first six months usually contribut- terims from Simon Engineering, They add that studies and dis- for the toys and giftware division. Affinerie instead. reduce our holding further. \ 

pre-tax profit between £14.Sm and prospect of £32 m (£26.7m) for the ing around a third of the annual Eagle Star, Stone Platt, United i ' ~"- 

£15.9m when its interim results full year. Meanwhile the group’s total, analysts see this rising to Newspapers. Aurora and a final ^ ___ ^ 

are released on Tuesday. The South African operations, which between £26 m and £30tn for the from Telefusion. I I 


FINAL DIVIDENDS 


Burns- Anders on 

County and District Properties 
D owdiog an <3 Mills 

F. and C. Eorotrnst 

Ferry Pickering Group 

G. T. Japan Investment Trust ... 

Jentiqoc i Holdings) 

Re ab rook Investment Trust 

Scfaoles (Ceorge H • and Co. ... 
TeJefusloo 


INTERIM DIVIDENDS 
Apolcyard Croup oi Companies 

Aurora Holdings 

Bank of Scotland ' 

Bemrose Corporation 

Body cote International 

Brent CbemJcnLa International 

Brtxton Estate 

Broun Boverl Kent 

Bolgln fA. F > and Co. 

Camrex Holdings ... — 

City Hotels Croup 

Coprde* — — — 

Delta Mela! — 

Eagle Star Insurance 


European Ferries 
Expanded Metal Co. 


UIDUVUJ 

Gibus f Anthony* Holdings 


Hall Engineering ( Holdings i 
HamUborne ... 



Ann oun ce- 

Dividend fpi* 


ment 

La’-t year TMs year 


due 

Ini. 

Final 

InL 

S 

Friday 

0.61 1111 

L432S22 

1.01533 

........ 

Wednesday 

0 35 

1J 

0.4 


Tuesday 

Nil 

0.7B2 

0.4356 


Thursday 

N.49S 

0.38 

0.545 


Monday 

Nil 

0.83 

Nil 


Wednesday 

1.1273 

1.41882 

1.88394 


Wednesday 

P.5 

0.3 

1.0 


Tuesday 

0.825$ 

1.13223 

0.92235 


Thursday 

0.375 

0.B7 

0.3625 

............ 

Tuesday 

4.0 

12.5S63 

4 0 


Friday 

0.55 

0.620273 

0.M© 


Monday 

1.023 

3.2SPt 



Tuesday 

1-32 

3JS 



Tuesday 

5.445 

3.449 



Tuesday 

1.914 

1.914 



Tuesday 

1-30295 

1.4126 



Monday 

0.82309 

2.01 



Wednesday 

1.14 TB 

0.6917 



Thursday 

0.76 , 

L0 



Thursday. 

0.53 

8-7643 



Monday 

1.64 

2J2 



Thursday 

1.056 

1JB36 



Tuesday 

0.7 

1,537 



Thursday 

1J»2 

3.1993 



Wednesday 

3.0 

.1.1262 



Tuesday 

0.1 

0.2 


„ aB 

Monday 

1.0 

1.8 



Tuesday 

1.925 

2.03 • 



Mondaj- 

0.73 

7.55 



MOIKUr 

1.5 

IJS 


iai 

Wednesday 

0.719 

1.43115 



Thursday 

1 4 

l.Kt 



Thursday 

2.213 

2.2128 



Wednesday 

0.3 

0J3485 


""""ir'lara 

Wednesday 

L413 

1.530 


""" |#H 

Wednesday 

2.112 

4. UK 


-i|ibiiii( . 

Wednesday 

1313 

3.658 



Tuesday 

1.0 

0.B6 



Wednesday 

1.65 

2.4TOI 



Dividend »p>* 


Lapone Industries (Holdings) 

Leadenhall Sterling 

Lerland PaJot and Wallpaper ... 

London and Hnlyrood Trust ... .„ . 
London and Manchester Assurance Co. 

London and Provincial Trust 

Low and Bonar Group 

Mack ay iHugb) and Co. 

Maitbews t Bernard' 

Meaztes <Jotm> (Holdings) 

Motins „. «... 

PcrtT (Humid) Motors 

Plantation Holdings 

Raosomos Sima and Jefferies 

Rio Timo-Ztnc Corporntloa 


ment 

Last year ThJ 

doe 

int. 

Pinal 

.. Wednesday 

2.706 

4.099 

.. Wednesday 

1.56 

i42S6 

.. Thursday 

1.0 

^5. must 

.. Thursday 

LI 

15 

.. Wednesday 

2.5164 

.XK47 

. Tlrorsday 

1.1 

2X 

Monday 

3.5 

7X9 

. Tbnrsday 

7.4 

1X5 

.. Tuesday 

4.0 

&.15 

• Wednesday 

1-1635 

U83 


UNIT TRUSTS 


Commodity shares as an inflation hedge ^ 


Wednesday 

Tborsdar 

Wednesday 

Thursday 


FURTHER TO the remarks on ing demand for raw materials. ' i^gular income is Schleslnger’s week. The income on the la ' (V 
page seven, on the use and abuse there are' built-in growth new Monthly Income Portfolio, better than that on the for w | 


2 1T53 M*5 

r.i 6.WS 


Rolls-Royce Motor Holdings 




Rinnan and Boden 

Tuesday 

0 55 

6.76769 


Wednesday 

l<a 

‘ 8-4175 

Simon Enslneerlng 

SoaUumpLaa Isle of WlGht and South ol 
England Royal Stan Steam Packet Co. 

Mood ay 

Friday 

2.7 

2.125 

,5.9653 

5X1 









TJbury Coniraettiig Croup 

Wednesday 

6.0 

KM079 





Ward White Group 

Thursday 

i.e 

'0.7 

wm industries 

Thursday 

1.6 

1.183 

3-513 

L6871 


page seven, on the use and abuse there are' built-in growth new Monthly Income Portfolio, better than that on the for 

of the performance tables, it’s prospects. ’ . whit* effectively gives you S.6 per cent against 7ff5 pei 

worth noting that one of the Each of them also offers the (assuming you have a minimum and the income on Chie •* 

funds to which investors are investor an entree to the boom- of £2,000 to invest) a holding in units has shot up over th ' 

invited to subscribe this week is Ing markets of the Far East and three- Schlesinger funds: years since their launch. Ho- 

really rather special. Most of Australia — and a 'modestly re- Preference and Gilt. Extra Income the real question now is wl . 
Midland Drayton’s funds are spectable yield: an estimated 4.7 and Income Trust. Between them that performance can be - 
nothing to write home about: but per cent in each case. However, they provide a yield or IO per tained over the longer -ter 

its Commodity and General Trust if you are reallv Internet*.,! in cent: distributed reasonably whether- 1C Diinfln!.! 4iwMa‘ 


fes 

No 


INTERIM FIGURES ONLY 

Ben tails — Thursday 

Bcsnraod Friday 

Electric and General In regiment Co, Tuesday 

Stunner (Frauds) (Hotdlnga) Thursday 

Lulled Glass Monday 

Untied States Debenture Corporation Wednesday 

- Dividends shown net pence per share and idjni 
Issue, t Second interim, t Including second Interim 
No final paid. 


its Commodity and General Trust if you are really interested in rent. distributed reasonably whether— as Chieftain rtse' V 

comas into a different category Income, you would do better io evenly »n monthly payments argued with the launch of it ‘ 

altogether. It's been a consistently go for one of the other funds th«>ueh the year: and since some income and Growth Tn « 

good performer. - with only one on offer this, week- JSipcrtxnl of the combined port- might make more sense J 

aberration of any significance to The best among those advertised 'll nrn to settle for a trus v * 

its record. But Ifficfland Drayton s for those who want the maximum a .*«W.arteld and better pro ■ - 

fund managers have more than possible income now is the new fS^ifiTreSonahlei^rosSSt^nr consistent growth in incr- 
adequately set matters right since Preference Fnnd from Tyndall. you might Uke tc ' • 

then. which is selling on an estimated ^ nc °? e -*T® wtn ^f u -. . that the old - Slater V . 

Like Arbuthnot, whose own starting yifiW of 12J25 per cent If r howCver, growth of mcome is Insurance company is return •- 
Commodity ' Share Fund — another There are accumulation as well import* 0 - ' 0 you— ana it ought to the market with a new 
consistently good performer, as distribution units available, for be. “ you are planning to reiy on Providence Capitol Life Asst 
though not quite in the same class those who want to roll up the -thfcrejuri*.® 0 your investments for Company,' and under new o’ ” 
as Midland Drayton's fund, as yet income rather tfaaii consuming it; -any length - of time— then you the ffiqnt U.S.- conglomerate 1 * 

— is also on offer this week, but although that is a relatively . more fully m- and Western; The company I 

Midland Drayton's managers secure way of achieving rapltaL swM ' ut ’equitt^ tn-fhat case impressive range of life s 


pence per rtne and nuisted for any taterrenins sen* for commodity shares as a growth, it is not tax efficient, o s mrome pension contracts Tor both i 

: incimflnB second interim of Sp. i Special diviri^? heage against inflation: they The best, .among those FaMf.fflJil Chieftains Htelr Income, dual Jnvestora, the self-emr 

reckon that, thanks -to the grow- advertised for - those who wanl-AJhitft. W choose, between this and company pensions. 





f 


4 





Financial Times Saturday September 16 1978 



WEEK’S COMPANY NEWS 



17 


(Wake-over bids and mergers 


A new suitor entered the battle for J. Compton Sons and 
-f, Yebb when Courtaulds announced ah agreed, bid wprth iil flm. 
compares with the cash and shares offer of £ 10.7m. from 
•-••'-..yi^laiTiiigton VlyeUa. Another textile group, Vantona, pulled out 
; race ^'9 'yeeiw ago having failed to agree on terms after 

. / :* aving acquired a near 9 per cent stake in the company. 
: : i'-r ’-r, ■ourtaulds is offering four of its own shares for every seven 
-1 y> L lompton. Courtauids' .offer has the backing of the Compton 
'—.^^ard and directors intend to accept in respect of their 2.7 per 
-- • shareholdings. 

• I - :.’ ; ./ Six companies in the Barlow group of rubber companies are 
’■* .''^'..Considering merger proposals which, if implemented, would create 
" new plantation concern with capitalisation of hetween £30m and 
; ^40m. The companies involved are: Brad wall (FMS), Chersonese 
Majedic Investments, itluar River, Sekong. Robber and 
. . ; nngei Kiian. The merger is the latest in the plantation business 
■ "i'^'here many small companies and cross-holdings between them 
■ 7/. ';:> 'sed to be the norm. The Barlow merger is being proposed prior 
i J ’ Malaysianlsation to make the process simpler. 

- . The Kaye Organisation, which runs the Lansing Bagnall and 

tenley forklift truck lift business, has increased its cash offer for 
- ,<bnser Engineering by 2p to 45p. A bid was triggered after Kaye 

' "■*.*> ad bonght a 43 per cent stake in Bonsor from the family trusts 
. 43p a share. 

^ A bid worth £2.1m has been made by Pcntos for Midland 
iducationai, but the Birmingham-based bookseller and stationer 
n mediately rejected the approach out of hand. Pcntos already 
9 per cent of &LE's capital and is offering laOp cash for 
the outstanding shares. The Board or Midland consider 
offer totally inadequate and advise shareholders to take no 
in respect of their holdings. 

Turner and N’ewall lias sold all its 5.48m shares in the 
lalaysian Incorporated United Asbestos Cement fierhad for an 
ndisclosed amount, while Lloyds and Scottish has bought for 
ssh 1.57m shares in Lookers, principally from Graylaw Holdings. 

■ :> The latest move in Thomas Till jug's XIOfim plan to expand in 
; =-ie li.S. turns out to be a £9.7m bid for dental equipment supplier 
' i. L. Saslow. The offer seems assured of success as the Sasiow 
irectors, who control 47 per cent of the company's capital, have 
.jivcn the takeover their blessing. 


Company 
bid for 


Value of Price Value 

bid per Market before of bid 
share** prico** bid I'fm's)** 


Bidder 


Final 

AecYce 

date 


Company 


Half-year 

to 


Pre-tax profit 
(fUOO) 


Interim dividends* 
per share <p) 


PRELIMINARY RESULTS 


Prlcui in kkb unteM otlKiwlsp indicated. 


Compton Sous & 
Webb 

Corner cruft 

C tons ley Building 
Products 
Custom agio 
Eastwood (J. R.) 
Fluid rive Eng. 
Clanfield Secs. 
Lyons (J.) 
Midland Educated. 
Mow at (W.) 

Orme Dev pis. 

Pearson Longman 
Tebldy Minerals 

Trulant Group 
Printers 
wades Deptmt. 
Stores 

VV^des Depnnt. 

Stores N/.V A 

VI esIon-Evaos . 

Wcslon-Evans 


70* 

G6 

51) 

11.92 

65* 

65 

56 

1.62 

105- 

104 

64 

7.07 

21* 

17 

19} 

1.10 

132* 

15S 

90 

31.53 

SSI 

111 ’ 

93 

6JH 

382 

365 

305 

7.87 

1594 

134 

97 

U2.6S 

15U* 

170 

120 

2.10 

‘421* 

Sli 

27 

04125 

sows 

AS 

4S 

10.69 

2C7g§ 

240 

194 

110.1 

75 

73 

73 

2.20 

85* 

82( 

55 

3.73 

102 J* 

100 

63 

2.11 ‘ 

08* 

96 

60 

3.56 

124 J- 

IliO 

110 

8.4 

164 

160 

133 

S 82 


Courtaulds 

Arm.strung 

Equipment 


Bo water 
Mooloya In vs. 

Cargill 
Assort). Eng. 

Legal Atienl. 

Allied Brews. 

Pentos 
Jenth 

Cara ben Grp. 

S. Pearsoa r®*™ wv- - 

South Crofty 22/9 Fisher 


22,9 


is. a 


Brooks Walsun 
B3R 

Hu r mall 0(1 

Carpets inti- 
Cory (Horace) 

Crods thtl. 

Crouch (Derek) 
DaJgety 
Danish Bacon 
Dutton-FoKhaw 
EC Cases , 

Elbar IndL 
EveredL 


June 'll) 
June 20 
■June 20 
July J 
June oQ 
July 2 
June .10 
June JO 
Aug. 12 
JuneitO 
June 20 


855 

10,146 

2.77G 

l.MU 

253 

SJ06 

1.130 

24,400 

431 

2,090 

14L 


(7121 

112^00) 

(1,349)L 

(050) 

(310) 

(7.689) 

1 935; 
(17.100) 
(1.172) 
(1,6001 
( 00 ) 


0.65 

1.413 

Nil 

1.675 

0.37 

1.082 

J2&7 

13.039 

3.12 

1.25 

Nil 


(0.52) 

11.265) 

I Nil) 
(1.63) 
KU37) 
(0.983] 
t 1.153) 
(11.677) 
13.127) 
(1.0) 
(Nd) 


Company 


Pre-tax profit 
Year to (£000) 


f Cash aliernaiive. 


StarwestJnv. — 
Assoc. Dairies — 

Assoc. Dairies — 
R'ham & Midland 
Owr'IesTst. — 
Jniincftn nnri 
Firth Brown 20.0 
t Partial bid. j| For capiul 


it V t. J nmedia 

t "Se offe; 
£ ction ir 


" All cash offer 

not already held. \ Combined market capitalisation. 1 Dare on which 
sencine is expected to become operative. Based on 15 -11 '78. 
••At suspension, it Estimated. 55 Shore:, ami cash. I* Based on 
1U.U.7S. 


INTERIM STATEMENTS 


Com puny 


Half-year 

to 


Pre-tax profit 
(£0001 


interim dividends* 
per share ipt 


Home Charm 
Home Cats- News 
Huntlelgh Group 
Jones & SWphinn 
Jourdan (Thos.) 
I.cad Industries 
Liverpool DJy . Pos 
Magnolia Group 
Muntfort Hills 
Noble & Lund 
Northern Engri:. 
Oil Exploration 
Oliver (George) 
Oxley Group 
Pcntland lnds. 
Pctrocon 
Prudential Assur. 
Rcckilt & Colman 


ft 11 *?!* 


Value of Price ■ Value 

Company bid per Market before of bid 
bid for share** price** bid Urn's)’ 


Bidder 


- Final 
AccTce 
date 


r;( ,i bonsor Eng. 


D[[!ampton Sons & 62J5S 66 

,Vcbb - . 


Prices hi peace nniett otherwise indicated. - 

45" 43 36 2.70 Kaye Organ. — 

Corn i 


43 


10.7 


Camngltia 
VfreUa — 


Asihry. & Madeley 
Babcock & Wilcox. 
Banru Gnus. 
Barioii & Sons 
Benlinia Inds. 
Berwick Tim do 
B rsliibcU 
Biddle Holdings 
Blacks Edging ton 
Bifurcittrd Engrg. 
Buoker McConnell 
Ifnwaler 
B rid un 

British Vending 
British Vitu 
Britiftb Mohair 
British Syphon 


June 30 
June .1U 
June 3(1 
June 31) 
June 30 
June 30 
June 3U 
June 30 
June 3(1 
June 30 
June 30 
June 30 
June 30 
June 30 
June 30 
June 30 
June 30 


430 

( 273 l 

ll.Jt 

( 021 . 87 1 

I 7 .l 7 .-i 

( 16 , 219 ) 

2.9312 

( 2.2361 

-l!l« 

( 344 ) 

0.527 

r 0 . 479 ) 

1 , 9 ‘jn 

( 1 . 3 M)| 

1.1 

( 1 . 0 ) 

76 

( 116 ) 

— 

l — ) 

371 

C 403 * 

0 J?S 

( 0 .S) 

2,380 

( 2 . 7 : 10 1 

3 . GO 

<:;. 6 U 6 ) 

G 17 

( 444 ) 

— 

i— i 

1 ..VJU 

(i.inio 

■JO 

1 2 . 0 ) 

7 SS 

| 7 SS| 

1.0 

( 04117 ) 

11,816 

1 0.644 > 

3 . 1)3 

( 3 . 5 ) 

42.500 

( 44.7001 

4 nil 

( 4 ( 1 ) 

7,590 

( 8 . 760 ) 

2 3 

i 2 .:ji 

169 

( 352 1 

U .574 

(Nil) 

3 .J. 1 in 

( 2 . 530 1 

1.07 

( 0 . 87 » 

1.340 

( 1.0401 

U.TSiS 

( 0 . 715 ) 

643 

(Cl 6 ) 

1.16 

( L 0 ) 


“WiFJ. It van (1 J Wdffs. 

Sale Tilney 
H. Samuel . 
Shaw (Francis; 
Steel Icy 
Tilling (Thos.) 
Trirennrol 

Turner & New ail 
IDS Group 
Willis Faber 
Winston Estates 


June 30 

1.0SC 

(951) 

4.0 

(35) 

June 30 

no 

(66) 

04)5 

1022) 

June 50 

503 

(500) 

2.79 

(-) 

June 30 

1,430 

<1,842) 

0.88 

(0.755) 

June IS 

SU7 

(827) 

1.34 

(15) 

July I 

823 

(311) 

1.55 

( 1.23) 

June 25 

429 

(285) 

1.5 

(IIS) 

June 30 

503 

(4441 

1.3 

(1.117) 

June 30 

1.117 

(828) 

1&7 

(1.65) 

June 30 

151 

(2231 

1.005 

1 0-9S9 ) 

■lurii* 20 

5.920 

(12.300) 

■1 o 

(3.0) 

L July 1 

1.040 

(2.030 1 

3.01-2 

12.696) 

Juno 30 

415 

1337) 

0.951 

(0B52) 

June 3U 

269 

(217) 

1.0SS 

(0.975) 

June 5u 

mi 

(U3l 

0.235 

104131 ) 

Juno 30 

15.570 

( 1 l.G50i 

2-5 

(2.0) 

June 3U 

1.147 

(1.013) 

— 

l— ) 

Junt-Ou 

290 

(37» 

0.64 

l O.oS ) 

June 30 

705 

i5/y ) 

1.1US 

(1.073) 

June 50 

261 

(167) 

04136 

( 04M ] ) 

June :j0 

256 

1337) 

1.151 

1 1.151) 

June 30 

4.700L 

<2.2001 

2.S^ 

1 2.45 ) 

July l 

31.00(1 

I2S.2KU 

.1.2 

(4.66) 

■lune 50 

1.040 

(6501 

1 .66 

(1.4S3) 

June 30 

722 

(3S.1l 

Nil 

(Nil) 

May 5) 

6TO 

(388l 

5.59 

14.9) 

July o! 

2.930 

(2.0401 

■ 

(0.7.1) 

tunc 30 

1 55 

(lSSi 

Ni) n 

(Nil) 

June 50 

10.160 

(12.470) 


12.485) 

■lune 30 

27.000 

(22.000) 


(2.0) 

-1 une So 

4,4n3 

(2.462) 

0.837 

10.66) 

June 30 

21.487 

(23.241) 1 

4.5 

(4.0) 

June 3 d 

9.102 

1 4.400) 

■i •• 

t2.1 1 

■lum- 50 

10,510 

UU.850) 

r. 4ii 

c 2.8“5» 

June- 50 

150 

(US) 

0 515 

(0.412) 


Bell (Arthur) 
Border TV 
Clark (Matthew) 
Douglas (P.ubl.) 
Ilaggas (John) 
H^hgatc Opt. 

McLeod Russel 
Maynards 
Moran (Chris.) 
Romai Tea 
Staffs. Potteries 
Stewarts Plasties 
Trafford Park 
Williamson Tea 


June 30 13.610 


370 

1,900 

i^yo 

4,110 

209 


Apr. 30 
Apr. SO 
Mar. 3 1 
June 30 
Dec. 31 
June 30 12,255 
Mar. 31 8,420 
June 24 
Jan. 31 
Dec. 31 
June 30 
Apr. 30 
June 30 
Dec. 31 


1,615 

1.750 

976 

1.246 

1.510 

1,080 

7.640 


( 0 , 010 ) 

(2b9) 

( 2 . 010 ) 

(3^00) 

1 3,310 1 
076) 
(11.1151 
1 5.780) 
(1,551) 
OM)J 
(677) 
f 1 . 072 ) 

< 1.520 1 
(8(H) 
(5,690) 


Earnings* Dividends® 
pe r share (p) per share t p) 


29.4 
tiJS 

15.5 
18.1 

15.5 

4.1 
12.0 
4(il» 
15.1) 

4.9 

73.6 

23.5 
16.0 

8.1 

75.5 


(2SJ) 
(4. SI 

(17.3) 
(17.1) 
112.0) 

(2.1) 

( i ii.:) i 

(38.4) 
(15.6) 

(7.1 )J 
( 49 . 9 ) 
(20.S1 

(15.6) 
15.4) 

(55.7) 


4.932 

1.9 

5.70 

3.401 

0.752 

2.42$ 

4.759 

13.5 
5.407 

3.6 

22.5 
3 .U 5 
3.117 

4.06 
125 


lo.TSo) 

(1.7) 

(5.191 

(3.099) 

( 0 . 672 ) 

12 . 174 ) 

(4562) 

( 10 . 0 ) 

(4JM3) 

(2.681)t 

(17.5) 

( 3 . 537 ) 

( 2.7911 

(3.63) 

(9-0) 


Offers for sale, placings and introductions 

Andersons Rubber: Placing of 400.000 shares at 35p. Share- 
holders have option to take up shares on basis of one for two. 
Motorola: Listing of shares. 


Scrip issues 


Astbury and Mudeli-y: Three for one ordinary. 

Raima: One £111 per cent cumulative preference share for 30 
ordinary’. 

Sale Tilney: One for one ordinary. 


Rights Issues 


iFigures in parentheses are fnr corre^nondine period.) 
Dividends shown net except where otherwise slated. 

• Adjusted for any intervening scrip issue. 4 Company obtained 
Treasury approval lo pay a l.5p final dividend, i Nine-month period. 
S Ineluding O.iiBttp special dividend due to change in tax rale. 
r : Directors will announce dividend in February. LLoss. 


Change Hares: Three ordinary for five ordinarv nr preferred 
at rip. ■ ‘ 

Dalgcty: Two-for-eleven al 265p. 

Dufay Bilumastic: One £1 10j per cent cmiveritnle unsecured 
loan slock 1998-2U03 fur 12 ordinary al par. 

tluuUcigh Group: Five for two Ordinary. 

LM1: One share for five ordinary or for £3.75 nominal of con- 
vertible loan stuck. 

Pawson: One-for-twu at 3Sp. 

Reliance Knitwear: One-for-four at 42p. 


APPOINTMENTS 


David Plastow joins Board of GKN 


Mr. David Plastow has been 
ipointed n non-esecutive director 
GUEST KEEN AND NETTLE- 
3LDS. He is group managing 
rector of Rolls-Royce Motors, 
director of Vickers, and deputy 
-esident of tbe Society of Motor 
anufucturers and Traders,’ 

Dr. Lawrence E. Fouraker of. 
jston. Dean of the Harvard Uni- 
,;rsity Graduate School of 
asiness Administration, has 


been elected a director of .ALCAN 
ALUMINIUM of Montreal. His 
election fills the vacancy created 
by the death of Mr. James T. 
Hill Jr. of New York. • 

★ 

Mr. R. O. Bennett has re- 
signed as a. director of GENERAL 
FUNDS INVESTaiENT TRUST 
because of continuing - ill-health. 

’ * 

Mr. Leonard Regan, chairman 
and chief executive of Carrington 


\ 


’ 

"f? n, 



i* *4». Ik. A 




JOIN US! 


We, Peter Whitfield and Bob Tanner, starting 
with £75 each — have made millions in shares 
(Clubman's Club, Orme Developments, etc). 

We have joined forces with Peter Walham 
(Formerly Assistant City Editor and Questor of The 
Daily Telegraph) to produce.The Equity Research 
Associates NEWSLETTER, a fortnightly private 
investment newsletter. 

Equity Research Associates seeks undervalued 
shares — and tells you when to buy and sell. They 
give positive advice on bids and new issues and 
keep a keen eye on shareholders' rights. Its 
distinguished list of contributors includes 
acknowledged experts on all aspects of investment. 

Ensure thet you receive the next two issues FREE by 
completing the coupon (below). 

For details of FREE TRIAL OFFER, 
write or telephone now : 


To Equity Research Associates 
Subscription Department 
35 Hoop Lane 
London NW11 8BS 


Please send me details of the 

FREE TRIAL OFFER of the NEWSLETTER 

Name ' 


CAPITALS PLEASE 


Address 


m3 


Tel: 01 -455 2844 



nQl 

i * w 



WHICH SHARES SHOULD 
I BUY NOW? 

Most investors realise that this is a bull market But they don'r 
know which shares to buy now. Nor do many of their ssock- 
brokers. And that is where the Fleet Street Letter, Britain's oldest 
newsletter, can help you. 1 

.. FSL specialises in analysis of medium to smaller sized companies. 

■ ' the very type of company tint we expect to rise fast in the coming 
year. Chased by the “ institutions " in search of better yield*, 

; lower PE ratios and bigger assets. 

..Now is the time to look at these -undervalued companies. Mjkc 
'■ sure tint you are fully briefed. Before the institutions start switch- 
!. ing their phenomenal . buying power into these existing 11 second 
liners." And remember, many of them, coo, read the Fleet Street 
■Letter! 

TO GET TOUR, FREE COPY OF FSU and a copy of our. complete 
record over the last two years, JUST COMPLETE AND RETURN 
THE ATTACHED COUPON, and we will do the rest. By return 
• of post. And without any obligation. 

— : 1 

. To: FLEET STREET LETTER. 80 Rbet Street, London EC4Y 1JH. | 


Name .. 
Address 


P/pose send me. a FREExopy e f'FSL without obligation. 


1 

-J 



ftfr: David Plastow 

Viyella and deputy president 
(president elect) of the British 
Textile Confederation, has become 
chairman of the CENTRE FOR 
PHYSICAL DISTRIBUTION 
MANAGEMENT, part of the 
British Institute nf Management. 
He succeeds Mr. Stanley Lyon. 

* 

Mr. D. L. Boult, assistant manag- 
ing director of BICC industrial 
Products, bas been appointed 
chairman or subsidiary companies 
Dorman Smith Switchgear. Dor- 
man, Smith Fuses, Dorman Smith 
BritmaC and Dorman Smith 
Traffic. Products. Mr. D. I. S.. 
Hinton has resigned from the 
boards of those subsidiaries but 
continues, as chairman and 
director of DORMAN SMITH 
HOLDINGS. 

+ 

Mr. Michael Raeburn and Mr. 
Bill' Hornby are to be appointed 
joint group chier executives of 
PENTOS PUBLISHING AND 
BOOKSELLING GROUP from 
January i, 1979. 

Sir Alex Alexander, chair- 
man of Imperial Foods and a 
director of Imperial Group, bas 
been appointed to the board of 
INCHCAPE INSURANCE HOLDj 
INGS. 

* 

H. B. Taylor has been 
appointed managing director of 
TRIANGLE INTERNATIONAL. 
Other newly-appointed executive 
directors are Mr. E. ArrowsuUth, 
Mr. A. Ashtnn, Mr. J. C. Eagle , Mr. 
A. SL Gray and Mr. A. Knowles. 

* 

Mr. . D. Houcben has been 
appointed company secretary ot 
UDS GROUP. He was previously 
company secretary or William 
Timpson, a subsidiary. 

★ 

Mr. Donald G. Fowler has been 
appointed marketing director of 
FOTHERBY MTLLIS ELEC- 
TRONICS. a Glynwed subsidiary. 
He joins the company from ITT. 
where he was product manager 
(switch division). 

■4- 

Mr. Brian Gomm has been 
appointed director UK sales of 
PERKINS ENGINES GROUP. He 
was previously UK vehicle sales 
manager. 

*. 

. The .Secretary Tor Energy has 
appointed Sir. W. P. Blair a mem- 
ber of the ADVISORY COUNCIL 
ON. ENERGY CONSERVATION. 
Mr. Blair w on the executive coun- 
cil of the Eloetrical Electron ir 
Telecommunications and Plumb- 
ing Union. 

★ 

Mr. Donald IngHs has been 
appointed assistant managing 
director of PERCY ■ LANE 
fART.HITECTUR.AL). a member 
of the Percy Lane Group. 

.* 

Mr. Norman IL Castle has 
Joined the board of JOHN 
MARTIN FOODS as chairman. 
The company is part of Cate 
International of Rotterdam. 

Mr.. R. \Y. Burgess, an assistant 
managing direct or. and. director of 
BRITISH HOME STORES since 


1968. has been appointed deputy 
managing director. 

Mr. Somerset Gibbs has re- 
signed from the board of NOR- 
M.AND ELECTRICAL HOLDINGS 
because of pressure of other 
commitments. 

* 

the EXPANDED METAL COM 
PANY on September 6. has been 
appointed a non-executive 
director. 

Mr. R. H. Anderson, who re- 
tired as an executive director of 
* 

Mr. Jose A. Sarrado has been 
appointed vice-president at 
BANKERS TRUST COMPANY. 
New York, in charge oT the 
Iberian desk. He was previously 
responsible for banking relation 
ships with customers in Southern 
Europe for the London branch of 
Bankers Trust Company. 

* 

Mr. K. R. Cox, a general mana- 
ger.. MIDLAND BANK, has been 
elected chairman of Midland 
Montagu Industrial Finance and 
Midland Industrial Investments In 
succession to Mr. D. MS. C 
Kitening, who has been appointed 
an assistant chief general mana- 
ger. Midland Bank. Mr. M. T. J. 
Wallis, an ' assistant genera) 
manager or the bank, has become 
deputy chairman of both com- 
panies. 

★ 

. Mr. Tony Henden, formerly 
deputy principal of Barclays 
Bank's Group Management Train- 
ing Centre al Ashdown Park, has 
been appointed assistant general 
manager (raarkPtine) of BAR- 
CLAYS UNICORN GROUP. 

* 

Mr. Peter Shepherd has been 
appointed a director of VOSPER. 


Gold mine a waterlogged 
shack, jury is told 

A GOLD mine in Canada turned London: and Veronique Vincente 


out to be nothing more than a 
waterlogged shack in the back- 
woods, a jury was told yesterday. 
The mine was supposed to be 
turning out 24 tuns of ore a day 
on a pilot scheme but that was 
a deliberate lie. said Mr. Michael 
Worsley, prosecuting at the Old 
Bailey. 

Police found almost virgin 
land when they visited the site 
60 miles north-east of Vancouver, 
British Columbia. 

Although claims had been 
staked out under British 
Columbia law. the only building 
visible and almost awash was a 
wooden hut. There were signs 
of what had once been a logging 
operation, partly surrounded by 
an lndiao- reservation. 

Referring to a glossy brochure 
produced as an appetiser to 
attract would-be investors- in the 
mine. Mr. Worsley said: "Not 
only is tbeir no mining going on 
but there never has been.” 

Five men and two women deny 
all charges against them and the 
trial is expected to last up to six 
months. 

Tbe accused are: Richard 
Washington Swinnerton, 38. com- 
pany director, of Mather Avenue, 
Allerton, Liverpool: Robert Pap- 
alia. 32. financial consultant of 
Milan and Nassau: Anthony 
Papaiia, 32. (bis twin brother), 
financial consultant, also nf 
Nassau: Mario Berton. 41, 
financier, of Milan: Umberto 
Frascati. 35. bank manager, of 
Pembroke Road. Kensington. 
West London; Mrs. Renata Sor- 
rentino Harris.' 49, director, of 
St. Martin's Lane, Marble Arch. 


Madeline Blot, 21. clerk, of 
Monaco and- Pembroke Road. 
Kensington. 

The charges include conspiracy 
to defraud, dishonestly obtain 
ing documents, uttering forged 
drafts and attempting to pervert 
the course of justice. Not all the 
defendants face the same charges. 


EUROPEAN OPTIONS EXCHANGE 


Wool combers 
launch group 
training plan 

A TRAINING scheme intended 
to create .a new workers struc- 
true tor the Yorkshire wool 
combing industry was launched 
yesterday. 

About 20. trainees started 
two-year apprenticeship which 
includes a day release course at 
Bradford College. The emphasis 
is on group training with com- 
panies co-operating to show 
trainees the different systems 
used. 

The scheme was developed by 
the British Wool Confederation 
with the help of the General and 
Municipal Workers’ Union, the 
education authorities and the 
industry's training board. 

Mr. James Gill, chairman of 
the confederation, said that it 
represented the industry's new- 
thinking. Investment in plant 
and machinery has amounted to 
about £100ni in the industry 
recently, and it was recognised 
that there was a need for a new 
generation of technicians. 



A means to combat inflation 


The Performance 


The Portfolio 


Whether yon believe the economic 
Tnrcawers or not there seam 1 tale 
don bt dm inflation will remain with us 
and possibly increase. 

To give' your capita) a degree of 
protection you need an. in vestment due 
combats, even beats, the inflation rare 
vtuluai the same time giving a farge 
measure of protection against falling 
world currencies. 

Impossible ? The track record of the 
Arbnduux Commodity Share Fund 
speaks for itself. 


Continuity of 
Investment Pedoriuance 


■o lna«M 7 yean u la September 1978 

. OjSultmm 

EMrint 
SwfFlrd 


Spread el Shores as at 8tb September 1978 


*1 

mni 


Uri- 

Inert 

HL 


-IT. 

MShw* 

Un 


m 

Tea 

IntBrndiinnal 

Traders 

Gold 

Rubber 

Tin 


15 Mmnq Fman:e 
75 Tobacco 
Food 

14 Mist Caiunnd. 
12 MbcrUanwus 
70 Cash 
7 


6 

6 

5 

4 

4 

2 

TOO 


The historic record of the Fund 
justifies its aim, Over tbe last seven years cocoa, coffee, copper, gold, oil, uranium. 


InvcstirrCommo'dity Shares 
’> •'ferJ'Qteiitiaj Growth . 


Commodities aw essential to tbe 
growth in w orld trade end tbe fund is 
rnvcMed in companies dealing with 


The pionh mutches inttaiiun and has 
heaiL-n the indices handsomely - Fund 
incn»se 233 ,, . 1 fc . Unu Holder Index 
in arose 46 . 7 “. - All Share Index 
increase 63 . 5 ".,* 

The fund ha» been one nf the top 
performing commodity fundi every 
year since its launch - have your 
shareholding!; and other rnresrmenis 
marched this growth ? 

*Fbmrti Sjtiiiii 


platinu m, rubber, tea, tin a nd tobacco. 

m 


The priceofthc unit 1 ; and the income 
from them may go down as well as up. 

Your in vestment should be 
regard L-d *. long term. 

Ptakcd prUe »Orr mill nn> Scix- md 1 * 7 * 
■I -i.7, pt. tnil f-r uwmnc Bail., nod « * L.-p p*r 

•mil fur »tcu millet ion onll* (*"■ iS* d^iTr priei* If 
loKcrk kkllmairdmrTFiu btw rlcld*.*-- 

The SUn»ci* ic 'riltc :.dr !• d-; • In ii 

in. •ihif* ri-r I % nKI -7 fliin : _ 

li'ip". • "j n.7 .'ii,, 

tr- .'ni-jni.&l 

vi H-. 

' .. - .. |c- .-ITi-fT 

J •*•1 

»C- I — > I ■ - r|- I. r •■tlSn-.' 

uiiii' .1 -i l , iMiKuf'»Qll-«hij!- 

• i’I-ti i;ir ur— : - 

i: . -da.. J .'Iji:'! ipftit il 

Mni r ifcfT.-p .jvt*. .\ : i ■ t-i 

flu- , -rt-,p«.T. 
f llriu.l. 

Bja< . 1 1 if. 

Vaiuc.n. Ml-i.lliii'il.Vci.nlK-il.-.l Vrv.it 

U-nHifvh jM*. j ■ Oju!i 4I» Sqiur. eJn 
■.-.riul*r ilie l.'aii Tflrl A i-ai, ■_ 


.»W. 
(<■nilK.it". 
PH ' ' me!' 


i :l.-*r v.r 


MiMeth. 


The commoduy aurkcis arc 
noitiriouslyvobnrc.anddjagcroiL-.iiuhc 
inexperienced m-.-eaw bur prol'esional ^ ^ . 

managemfm hy the Arhoilmoi team and 
invol men i in shares of com modi tj' com- 
pank-s ensures that risks arc minimised 
while retaining the growth advantages- 

■ .To: Arbuilmui Securities Lid., 3 ~ Qikv * 1 S*W, London KC+K. iBY. 1 elcphvnt-: fSkl, 

» r qcion -w iff iNinm:|i rm i #.rti ■-.**<■«-. • i . a 

I Nm ilhrmni .irun 

i-tna-lc hLslndm-dicpi 

prtjbk ii<.Vtiuilm.-l Sfcuriiirt LiA 
. sbwe CnliWM StUcrw - tjti m a* doBli ij 

O-f Irnwo* — (ui’Ln JTVfiygl. ... 

I FTr •■— ( ■■ ( rif.i I aid’ncajeurn J- jdJ i.'.hJcii iiuiuiS. i:k .'Dolu.: J ''•''' f-riLn jm i mavairmc'lr^l'otciiinuHnnl k.™«i r lu, n-nurjT:, of uv 

I lcimllilBiAM'OlilltlkKIaTiliiin, Jfjnu jraaiSfictl. It UumUI«a(|Hca a»l dw <"fni hvlt'rf llu-nCli Mlf Cirr. Si-vdSfuiti 

aoOainr m inr Uaficd Uocduik ■ 

(■p.n..iL«. lion* Whrjna,^] n>«r> nni. Mr.'Mn.'tat ocTnln ini Tvlaanr*. 

■ HMiMil - . 


MuaiM- So*iBcl*Ui, iT e io-C” ifx -Jinr-! r.. -t, j..prr:»'Vlaaiil« 
AttiuUuiM ynxmJa: Sluiel uiiJanJ«o£S'-» j-Sjoiikpj bMsm Sri-iflcn ir.rniiK- I. J 
it tuJi.l rjnrt .1 A Hwifcir ..ifjc i.'im .ilM 1 * •*-n< I- pi Il* nwu,-tf i- J|.*— 1 ^; 

■i 'vcr. IteniJn o ahk n nvirax !>• no: mninli vnuui mnint. 


T 

I 

I 

I 


— — 


ARBUTHNOT 

COMMODITY. SHARE FUND 


HrmbUshed 1853. 


r— 


IN 

■l. 


Jhii. 

“M 



■ wnw 

V.il. 

: Lut 

Vlll, 

La-i 

Vot. 

Lin 

-tuck 

aux 

V.360 

. 



i 

37 




A OX 

K.auci 









A h ,/ 

K. 27.50 





30 


F .35.50 

AK7. 

F.3U 


3.70 

5 

5.50 ■ 



AK/. 

F.32.50 • 

100 

• 1.60 

10 

3.70 ! 

3 

5.50 


AKZ 

F.35 . 

— 



9 

2.60 

69 

3.60 


Aim 

F.75 

2 

10 






AKB 

K.a» 

— 

— 

20 

3.50 : 

24 

5.50 


EK 


- 

— 

2 


_ 



KK 

S60 • 

5 

; 4ir. 

6 

7!„ 

3 

9 


KK 

870 , 

9 

* 






F-VC 

$50 

- 


5 

1>4 



S27>« 

GM 

HO 

S7J 

F.32.SO 


— 

10 


5 

5 

2 

10.50 

S64l« 

F.39.20 

Ho 


— 

— 

15 

3.80 * 

20 

5.80 


s-aeo , 

— 

i — 

10 

25 ! 



£293 

IBM 

• £300 . 



• • 

3 

15 , 




KLM 

F. 142.90 , 

5 

25.50 

3 

; 28 1 




KLM 

F. 150 

1 

IB 

1 

23 1 




KUI 

T. 152.40 

1 

16 

3 

.22.50 | 


[ 

*■ 

KLM 

F.ieo 

1 

110.50 





•' 

KLM 

F. 161.90 1 

8 

1 8.50 

1 

! is ! 




KLM 

F.170 . 

2 

! 6.30 

6 

'11.50 




KLM 

F. 171.40 : 

17 

5 




1 

'' 

KLM 

F.1B1 1 

10 

: 2.50 

15 

9 ' 


i 


KLM 

F. 190.50 ; 


1 _ 

10 

' 4.50 ! 


. 

,B i 

KLM 

F.2vi9.S0 

_ 

• - 

15 

2.50 1 


1 

” 

.NX 

.NX 

K.98.90 

F. 100.90 


• . — 

5 

3 

21 ! 

; io : 

- 


F.'il6 

AN 

r.liU ; 



j 

_ 




11 

N.\ 

F.l 10.90 

— 


56 

: 6 | 




XX 

P.120 ! 

— 

! - 



83 


11 

FHI 

F.26 1 

10 

4 

5 

5 40 

3 

6.20 

F. 28.80 



22 

li 

14 

. 3.40 

83 


I'Hl 

P.30 ' 

10 

0.70 

60 

2 : 

160 

- 2.00 


FltU 

JO) 

SB0 ; 
F.lzD ! 

~S 

16.70 

5 

'16.40 f 

1 

i 

S55; 2 

KM 

K.13u ' 

119 

6.50 , 

34 

! 6 - 60 1 

10 



1(0 

F.140 ! 

lb 

0.7O ] 

2 

• 2.50 

1 

• 4.50 


INI 

XJJX 

825 i 
F.laU ; 
560 j 


j | 

1 

5 

; 4.10 

3S« ; 

5 

21* 

S23Je 

F.127.60 

S56I* 



Ni.v. 

Ft*.. 

Mny 


B.V 

BA 

670 i 
s80 . 

20 

5 

r 5* 

1 2!fl 

2 

9 1 

i ■- 1 

- 

- 

P67J? 

'OMtUiUM) 

IX * 

ONTIH. 

1 - 


1.222 



CLIVE INVESTMENTS LIMITED 
1 Royal Exchange Ave.. London EC3V 3LU. Tel.- fiI-283 1101 
ludex Guide as at September 12, 1978 (Base 100 al 14.1.77) 

Clive Fixed Interest Capila) 129.57 

Clive Fixed Interest income 114.59 


*5fflf?*!X VBSTaE ‘ Vr MAN A ( >EM E\T LTD. 
4o Lomnill, London ECU' 3PB. Tei: Oi-022 (>314 

Index Guide as at September 14. 1978 

Capital Fixed Inieresi PorLfoIio 100.00 

Income Fixed Inieresi Portfolio 100.00 


Y)ur guide to 
investment success 

Many investors .ire gemny more jnd more contused by the 
bewildering range cl unir irusisollercd by jncvcr-iiicrcasing 
number ot mjiwgenjeni companies. 

G.irtniore Fund M.i nailers luvc just published rhe second, 
jnd more comprehensive, edition ot their straight! orw.ird guide 
to the complete rangeot unir 1 rusts and sen ices which they otter. 

As part ol a group which manages sonic A‘c*50 million of 
turids for pension funds, insurance companies, investment trusts 
and other corporate and private clients, they are well placed to 

. offer investorsthe expertise 

. . ;;2-; j. - ' ;; ‘ ■ tlwt is so vital for successful 

investment. 

Whether your need 
is for hi gli income or 
c.iprulgromli.j'ou 
-should find our guide 
very helpful. 

Send this coupon 
now to learn more about 
the range of funds we 
manage, or ring ALm 
Wren on 01-2833531 
during working hours. 



Garrmore Fund Managers Ltd. ^ 

2 Sr. Man- Axe London EC3A SBRTd: 01-283 3531 
Plejse.send a c^py of your Guide to Lhiit Trusts 

Name:. 


Compan)’:. 

Address:— 


FT/9Q9/Y.G 


£650.000,000 under Group Management ^ 


: V- 




lll> 


I 


WORLD STOCK 



weaker at mid-session 


NEW YORK 


INVESTMENT DOLLAR 

PREMIUM 

$ 2.60 to £1—951% <B 6 «S> 

Effective $ 1.9605 476 % ( 473 %) 
PLAGUED BY further concern 
over rising interest rates. Wail 
Street continued to move broadly 
lower in active trading yesterday 
morning. 

The Dow Jones Industrial 
Average, after retreating 19 paints 
over the pasL two days, declined 
6.24 more to S 80 .S 0 at 1 pm. The 
NYSE AH Common Index came 
back 39 cents further to S 58 . 9 S, 
while losses led gains by a three- 
to-one margin. Trading volume 
reached 25 . 76 m shares, compared 
with Thursday's 1 pm level, of 
24 . 88 m. 

Yesterday morning. major 
Banks, led by Citibank, began 
raising their prime rates to 9 J 
from 91 per cent. The move, 
although widely anticipated, came 
just two weeks aFter the last rise 
and the morning after a report or 
a sharp jump in the money supply. 

Analyst* said the S 4 . 7 bn rise in 
the basic ill -1 money stock makes 
it a foregone conclusion that the 
Federal Reserve will itghten credit 


THURSDAY'S ACTIVE 5 TOCKS 

i.n.-ioze 



Stocks 

CidSIQE 

on 


traded 

pnce 

day 

Beraoda loss 

i.wr.sno 

\Al 

* 1 ! 

HldJday Jims 

l.tno.SKrt 

r-i 

+ 1 * 

Howard jgbnUE .. 

/iM.rtrt 

JBi 

+ 14 

Paa-Anwr. Arrway* 


» 

—k 

Marrio:: .... 

447.600 

164 

+ j 

Dei E. w«bh 

rsr.ono 

35 ! 

+s* 

Sears Roebudc ■■ 

r.ifi.uw 


-4 

Ballr Mftt 

crr.nao 

AS* 

-I 

Ceersrs World .. 

; 77 .tW 4 

60 i 

+li 

rinflpral Uoinr* 


641 

-1 


again, with only the extent un- 
decided. Not . too long ago, 
investors were hoping that 
interest rates would level off. 

Canting shares, however, were 
mostly higher. Raniada Inns, the 
most active issue, climbed 1 J to 
S 16 j. Caesar’s World gained 3 J to 
$ 64 ]. Bally Manufacturing ; to 
S 6 fi"and Del E. Webb 13 to S 37 i, 
but Holiday Inns reacted $1 to 
S 31 s. „ 

Pepsi-Cola, the subject of bear- 
ish Press comment, fell H to 
$ 301 . while Coca-Cola receded 12 
io 844 }. Ainax 1 J to S 49 j. Philip 
Morris 81 to $73 and McDonald's 
H to S 52 J. 

Smith kline dropped $4 to $92 
after a late start due to an order 
imbalance. General Cinema raised 
its dividend but slipped I to $ 44 . 

Recovering slightly, IBM added 
Si :o 92941 and Xerox i to 8571 , 
but General Motors lost i to $64 
and General Electric * to $ 531 . 
THE AMERICAN SE Market Value 
Index sited 0.45 more to 175.32 at 
1 p.m. Volume 3 . 87 m shares 
i 3 .S 5 nn. 

Resorts International “A" rose 
In more to $205 and the new “A" 
4 } to 869 . 

CAN ADA— Shares were easier 
for choice at mid-day after a fairly 
active trade. Metals and Minerals 
receded 7.6 to 1 , 091.0 on index at 
noon, hut Golds advanced 22.2 to 
j , 628.0 and Oils and Gas 6.9 to 
1 , 725 . 5 . 

Dome Petroleum added 31 at 
CS 9 PJ after it w;as announced that 
the Government has extended the 
company’s deep drilling rights by 
10 days in the Beaufort Sea. 


HONG KONG— Local selling 
pressure which emerged in the 
morning continued in the afLer- 
noon session, and the Hang Seng 
index came back through the 
psychological 650 point to Close 
18.89 lower at 642 . 60 , making a 
retreat on the week of 54 . 65 . 

Sentiment was affected by con- 
tinued rumours of an early rise 
in local interest rates and further 
assessment of last week’s review 
of the Hong Kong economy by 
Financial Secretary Philip Haddon- 
Cave. who noted labour shortages 
leading to cost-push inflation 
tendencies. 

However, dealers said overseas 
holders have not emerged during 
the selling, nor have institutions 
joined the trend. In fact, there 
were some small Overseas pair- 
chases during the slide. 

Hongkong Bank lost HKS 1 to 
HK 320 . 10 . Hongkong Land 50 cents 
to HKS 12 . 50 , Hutchison Whampoa 
15 cents to HKS 6.60 and Jardlne 
Mathcson 70 cents to HKSI 7 . 7 Q. 

GERMANY— Share prices closed 
mixed, although demand was 
stronger than in recent days, sug- 
gesting that the recent consolida- 
tion phase is tailing off, Bourse 
sources said. . 

Motors provided an all-round 
firm sector, with BMW rising 
DM 1.00 and Daimler DM 2 . 00 . 

Among Electricals, Siemens put 
on DM 1 . 70 , but BBC lost 
DM 2 . 00 . 

Public Authority Bonds scored 
fresh gains of up to 35 pfennigs 
on the widespread belief that 
yields will tend lower. Both 
tranches of the recent Federal 


Loan rose by 30 pfennigs. The: 
Regulating Authorities boosted 
their sales sharply to DM 50 m 
(DM 16 . 7 m). 

AUSTRALIA — Markets con- 
tinued to strengthen, with BHP 
rising 6 cents more to AS 8 - 4 S and 
C 5 R adding 8 cents at A 83 . 75 . 

Still heartened by the Reserve 
Bank's release of A$lS 3 m of their 
funds. Banks- mainly rose afresh, 
with BNS Wales advancing - 14 
cents more to A$ 7 . 3 S. 

Uraniums, dull of late, were 
boosted by ' reports that the 
Northern Land Council is to sign 
the Ranger agreement. - Peko- 
Walisend moved ahead 20 cents 
to AS 6 . 54 , Queensland Mines 10 
cents to A$C 00 , Kathleen Invest- 
ments 15 cents to AS 3.00 and 
Pancon tinent al 30 cents to 
A $ 14 . 20 . 

PARIS — After opening firmness, 
profit-taking took its toll to leave 
stocks dosing on an irregular 
note again. 

ClT-Alcatel gained 25 at 
FFr L 054 , Poclain 5.4 at FFr 211.9 
and Maisons Phenix 13 at FFr 597 , 
hut Bonygues finished 17 down at 
FFr 815 and Paribas 5.5 off at 
FFr 177 . 0 . 

AMSTERDAM— Mainly easier, 
unsettled by the overnight Wall 
Street weakness. 

Ogem declined FI 1-10 and 
Emiia FI 2.00 despite both re-! 
porting higher first-half profits: 
and forecasting increased full-; 
year profits. 1 

TOKYO— Market was dosed ! 
yesterday for the Respect for the ! 
Aged holiday. 


I Aetna Lift A Casi 

| Air product* | 

AleanAlumininmi 

Akwa ! 

Alle-v Lodi uni [ 

Allegheny Pw«( 
Allied Cbemleal.1 
Allied Store*..— { 
Alii- Chalmers...: 

a max 

Amerada Hera i 

Amur. Airline*— 
Amer.' Brands—. 
A mer .Broadcast.. 

Amer. Can...—— 
Amer. Cyaoamld 
Amer. Dist . Tel- 
Amer. Elect -Pow 
Amer. Express-. 

Amer. Home Prod 

Amer. Medical— 

Amer. Motors 

Amer. XaS. Gas- 
Amer. Standard. 
Amer. Stores— 
Amer. Tel. A TeL 

Amecefc — 

AUK .. 

AMP —I 

Ani|>es — I 


(aH n(no flhM Z-i 6 lift | 622 ft 

CPC Inttutitnal'; 55 ! 64 

Crane 3 S«® ! 36 . 

Crodren XbV. — 29*8 !' 28 ** 

Crown ZeDerfasch. 35 jj . 36 
r hnnTTiInK Kn^ hw 39 ; 393 ® _ 

Curtin Wright—; 17*8 i 17 Tg 



Kerlod, — ~ — --l ™ 

KeyiwidB - Mt® 

lievnoldi £. J — 625 * 

Hlch’non Mqrreil. 29 T® 305 ® 
QnefcweOTjitw— .M.. 5 ft 
Bohm A Baac— ’BW* { 37 a* 


Dana——...— — 

Dart Indnetriro- 

Deers — 

Del Monte— 

Deltona - — 

Deiuplr Inter— 
Detroit Edisra — 
Diamond shamrfc 
Dictaphone. 


Dijjtta Equip 

Disney (Wart)—. 
Dover Corpa — .... 
Dow Chemical — 

Drava. 

Dresser — ■ . 

Dupont — 

Eagle Pitcher—. 
East Airlines.™ 

Kodak.. 
Baton-— 


30 H 

30 > a 

47 

47 S® 

58 to 

361 ® 

405 ® 

40 lt 

1513 

14 

203 * 

21 U 

181 ® 

1612 

265 ® 

273 ® 

185 * 

191 ® 

615 ® 

521 ® 

44 

44*4 

49 

60 

291 ® 

295 , 

1 E 9 U 

291 , 

45 

46 

1267 ® 

1281 ® 

227 ® 

231 ® 

131 ® i 

14 

62 »* 

627 ® 

406 ® * 

411 ® 


E.G.AG. J 

El Paso Eat. Gas 

Lina * 

KrueraonKl'ectrtc, 

Emery Air F r'igb t , 


Anchor BoOking.l 
Aabeoser Bitscft.l 


Indices 


B.Y.SJS. ALL COXKOR 


Rises and Falla 

ISepu M Sept. 13 ' Sept. 12 


YORK- D0WJ0,rw 


: ” laid .■). nee Campus t«' 

Seirt. ! Sept. . Sept. ! Sept. Sept . 1 aept. — — -j — . , 

14 13 IT 11 B . . ; High I Low _ Hurb 1 Low 


Sent. Sept. ( Set*. Sept . 1 Issues traded 1.920 | 1.940 I 1.915 

14 U | 12 11 f High I Low Kiaes — „ 366 703 • 674 

1 ! 1 Falls — ... 1 . 90.7 S 60 l 795 

68.871 KLKl 60 J 8 60.581 68.58 48.37 Uncbansel 347 ! 378 ] 446 

I 1 | ( 11 ( 9 ) i 6 ; 3 j Aew Highs — ; 175 < 121 

New Lem — i 3 1 — 


lataserUls.. 8 E 7 . 0 * 398.80 90 B .44 S 67.74 387.74 838 . 7 V 307.74 t 742.12 mut 4 I.H 

( 8 - 9 ) ( 2 M /2) (!lrlr 73 < ( 2 , 7 - 3 Ei 

H’meB’nds*: M.J 7 1 B 8 . 4 I : 83.63 89.43 83.411 09.37 r 0.96 . 86.75 - — 

, A-li ill.!* • 

Twmort.... Z 55.31 257.21 268.08 260.62 261 . 42 . 235^5 261.49 ; 193.81 . 279.60 13.75 

: rc.* 3 ) I ( 9 . 1 i (J'S-Wi ! S'i; 32 i 

CtiUrie* 106.70 107 . 4 * 107.68 107.75 107.32 107-21 110.48 • 102.34 163.52 , 1038 

i ,j.*l) 1 i 2 $- 2 i -'.S 0 / 4 ASI f 2 Ei*/* 2 ) 


HOOTREAL 


Set*. I Sept. Sept. Sept. I , 

| 14 ; & j fi 11 I High j L>W 

Industrial ! (u) i (u) j 211 . 62 , 211 - 65 ) 211.66 01 / 8 > i i 162.30 ( 16 / 2 ) 

Combined* , »ui ! (n» ' j 217 . 47 ) 217.71 217 . 71 ( 11 *) , 170.62 < 30 . 0 ) 

T 0 & 0 RT 0 I'omfoelfe (uj MfflOj 1266 . 6 ; 1 .g 88 ^| lMflTfl i i 98 2 f£C/l» 


Tradmg w>:. - 

OOCV 57.400 4 Z. 544 T 54.400 59.670 42.170 40.330 


JOH AB HEgBPRe I • 

Gold 26 D .0 ■ VOJ& > 247.4 j 248.7 • 272.0 ( 14 ..-I 
Indus) nil I j 270.0 ; 2 S 6 .o < 266 J) | 264.6 [ 270 J ( 14 J 9 ) 


183.0 120 .- 4 ) 
164.3 ( 13 *oi 


*Basis of Index chsnged from August 24 


!nd. die. yield % 


Sept. I J Aug. 25 j (Tear aao approxi 


- Set". J Pro | 197 B ■ 197 » 
15 vious ' High ' Low 


1 Set*. ‘Pro 1973 [ 197 >- 
j 16 | *tous ; High j Low 


Amtialia^V & 68 .ffi: j 65631 


STAfTOAfiD AKD POORS 

!■•!!•• 1973 JSlnce CompflstW 

: Sept, ' Sept. ; Sept . 1 Sept- ; Sept. ; Sept. ; . i . 

H > lj ; 12 1 11 1 a • 7 i High ’ Ljw i High Low 


Belgium dV 
Denmark H 
France (tlh 1 


100 J 6 100^7 


96 . 8 * 1 97.02 


' ln* 1 u* 4 nai-' 116.51 117 . 34 * 11 B. 7 T 118.67 118 . 43 . US.Btf 118.71 »32 , 154.64 . 5.62 

; . i ( 12 , 9 ) ; > 6 , ‘Si ill.I/ 7 Sl t5Cr6,£2> 

(Composite • 105 . 10 ’ 106 . 54 1 106.90 106 J 98 : 108 . 79 ! 106 . 42 ) 10639 86.80 126 . 8 b . 4.40 

( • | I cl 2 , , 9 i I ( 8 ; 5 | 1(1 L/ie? 3 i ; fliS> 52 ) 


Germany iTt 1 636 ^ j 837.6 
Holland lit). 91.7 j 023 
Horn? Kong: 642 ^ 0 ! 661.40 


Ind •*!*. >• 


Sepl. is ; »ept. 6 : Aim. M • Teer [sppro*.) 

4.63 ' 4^7 ' 4^76 I 4 j 6 Q 


Hong 

Italy isrii 


76.16 • 76 A 3 


Japan tev (ei |* 27 A 8 


9. 83 ! 10.03 


Sin g apore 1 566 . 68 1 391.66 
»fti 1 


: 568^2 < * 41.19 
llSfB) : ( 1 »> 

; 101.18 ( W .43 
(S/b) ; ftu/Di 
88^5 64 i» 
. ( 14 / 3 ) ! <h. 2 ) 
‘ 76.6 j 
j ii«) » 4 «a 
- 83 BJ ' 769.4 
1 ( 11 / 9 ) ) ll 7 » 6 ) 
93.1 | 7 t.O 
i 1 11/0) • !«(*) 

; 707.70 1 3 BS .44 
• ( 4 / 3 ) , lls. 1 ) 
I T 6 A 5 | bb. 4 b 
j ( 13 . 9 ) ! ilO'Ii 
427 . 75 : 5 b*.W 
' ( 6 / 3 ) I IS/JO) 
. 41 * 262 .U 

■ ( 8 / 3 ) l ft/ 1 ) 


Spain ort] 10061 100 . 7 ? • UQ.’/fc ai. bb 
l 1 < 6,61 ( 17 / 3 ) 

Sweden ie»| 3 BL 82 304 . 001409 . 03 , 326.74 
• ( 4 / 6 /) I ( 3 / 1 ) 

Switwjrrdf/l 284.8 2BBA ; 325.7 ‘ 273 Jj 
| I <Wfi!) | l2bA) 


1 j n. ■ t->in*i \ ie'*i 


Indices and Pme d ates (aU hose values 
100 ezeepr NY 5 E AO Common — 50 
Standards and Poors — 10 and Toronto 
300 — 1 . 000 . the last named based on I 975 i 
t Excluding bonds. I *ae tndosmahi 
f 400 Indnstrlala. 40 UtUlDes, *o Finance 
and 20 Transport. 8 Sydney ,\11 Ordinary 
I: Belgian SE 31 / 12 / 83 . M Copenhagen SF 
1 / 1/73 H Paris Banrae 10 fi 1 C Coronwra 
bank Dec. 1933 . n Amsterdam Industrial 
1970 . n Hang Seng Bank SI 'T/M. UH Bane* 
Connnertdale Italia na 1972 . a Torn 
N ew SE 4 / 1 / 68 .’ bStrans Times 1066 
c Closed, a Madrid SE SO/ 12 / 77 . <t Srack- 
hntm Indosuiai 1 / 1 / 68 . I Swiss Bank 
Otrnoraunn n Unavailable 


i Armeo Steel— — I 

A.a-A. — ..j 

Anamera.Oii I 

Anito — — ..... 

Ashland Oil 

' AtL KichAeld — 
Auto Data Pro—. 

AVC.:._ : 

Avco ...... 

1 Aron Products—. 
Ball. Gas Elect — 1 

Bank America : 

Banker* Tr. S.l. 

Barter UU 

Baxter Traneaor. 
Bearrtce Food— - 

BecwmPM— on 
Bell A Howell— .‘ 

Ucndi*.— 1 

Benguet Cons ‘B'j 
Bethlehem steel. 
Black A Decker..’ 

Boeing— ’ 

Bo ice Cascade.—. 
Borden 

Bury Warner— i 
Braniff lot— ..... 
Biucsa ‘A’—.. 
Bristol My era — -.1 
UFetADntB.-| 
Brockway Glass_[ 

Brunswick ■ 

Uuvytus Erie I 

Butova Watch i 

Burlington NUm.' 
Burroughs— — ! 
Cam pbel! Sou p— . 
Canadian Pacific., 
Canal Randolph.. 

Carnation .... 

Carrier A General 
Carter Hawley....- 
Caierpiiiar Tracu ! 

CBo— - 

Cetanese Ctujiro.. ! 
Cenml A S.W— . 

C-enatnieed.- 

1 ‘rrilg .Urrraft • 

Chase Manhattan! 
Chemical BLXT. 
Cbesefargb Pond. I 
Chesaie System — \ 
Chicago Bridge...’ 

Clityuer. ! 

Cinerama. — ...' 

Cine- Mila«on._.; 

Ciiiitjrp. 

C-ities »errtc 6 ...-.| 
City Iiufstlnff.-.-i 
Cleveland Cllffn.., 

C™»Cola ; 

IV/lgueBalm i 


fltitIMfl — .... 
F. M i 

j 

Engel hard- 
Kwwrlc 


Ethyl 

: 


[ Etowi ; 

i Fairchild Cum 
Fed. Dept. Stares' 
Fuenoae Tyre — 
Fst. Sat. Boafrn., 

Fled Vatu— 

Flint tote. : 

Florida 

Fluor ; 


2814 

295 , 

175 ® 

171 ® 

355 , 

355 , 

3714 

38 

275 ® 

281 ® 

43 

44 14 

35 ® 

31 ®. 

26 

25 V 

285 ® 

281 ® 

22 

22 

505 a 

52 U 

371 ® 

37 Sa 

375 ® 

376 ® 

13 U 

15 

31 

319 ® 



Royal Dutch— — 

Rosa Toga 

Ryder System — 
oafeway s/torea— 
■3L. Joe Min end*- 
St. Regli* Paper„. 
Santa Pelnds — 
Saul Invest— i, 

bason lads 

bchlitx Brewings 
Bcblumherger— .. 

SCM : 

.Scott Paper 

Boovll Mrg.— — 
sicudder Duo.Gas 


trooiwtgio— 

Wyly — ... — . 

Xerox.— — _ . 
Zapata^.——.— 
Zenith ttadiev--! 
Dj?.Tresi. 4 * 19 SG 5 

D. 8 . 90 -day hill *4 


CANADA 

Sept U Sm 

Abitfbi Paper— [ lBig.i i' c 
Agnloo Eagle —J big j £ 


a turn A Inmfafan 373 * i£ 
AlgtohaStceL— ..{ 24 I 4 £4 

Asbestos I 46 i« . nf 

Bank of M o nB i e al i ' 85 Sg 2 * 
Bank Noth SrOtkj 211 g £] 

Baste Besoarees-J — 74 ,t 

Bell Telephone —I 603 a 6 C 
BowYalfey Icd 4 47 lg 4 € 


Sea Container — 

tjeagram— — ■ — 
Searle (GJ>.)— 
Sear* Koebock— . 

SEDOO — — : 

Shell Oil— 
BhailTmisixwt-. 

Signal 

diguodeCocp 

dlrnpHdty Pat—. 


singer...—— 
Smith Kline.. 


aotitmn— — — — I 
Southdown —.—I 
Southern Cal. Ed/ 
Southern Co 



IBTg u 

171 s « 

6 t 8 t 

40 35 

161 , l( 

Hi* 1 . 

11 l: 

BBSs Z 5 

rn 21 

244 b B* 

Bfilg 2 t 

6 Slj 61 

4.50 4 . 

10 ! 


St.lm. Not. Ee j 

Southern PucifieJ 
SouthemBailvray) 


jeam woo, : . 

3314 Merrill Igroffib—.l 

524 s Mma Petroleum J 

4 SU MCM J 

^ Tr: A.r . I 


Southland 

tTw't BiumhntraS. 
Sperry Hutch.—. 
Sperry Band — 
Squib 

Stands nd Brand. 
SLLOUCaUmrula 
StO. OU Indians. 

6 t*i. Oil Ohio 

ScauH Chemical— 
Sterling Drug— , 

SUKlobakcr — 

Sun Co — 

S niratrand — 

Symex— — 
Technicolor.— 

Tektronix —I 

Tnledyne. ~| 1 

Tcneco I 


PJLC * 

F'ird. Motor 

Foremost Met — 

ForbtHti. ■ 

Franklin Mink— > 
Freepoat Mineral! 

Froefcacf 

Fuqua lnda— . t 


G AJ : 

Gannett ; 

Haw_ Amer. lot-- '■ 
r .tfA. . 

Gen. Cable——- 
Geo. Dycamlcs- 
Gen. Electrics— . i 

Gen. Food* 

General Mills. — j 
General Motor*—: 

Iren. Pub. L'tii j 

Gen. Signal . » — 
Gen. Tel-Elect-.* 

Gen. lyre. ! 

Geaesco — 

Georgia ftcife... 

Geosonree. ' 

Getty Ou 


Minn Mfag&'Mfe 
MobUCo^Z: 
J®? MnurawSlZ-. 

S 3 

$ sa af?— 

?!?■ Aalco Hmmicalm. 
NatSunarOan— 

143 b 
4 Blg 
Ilia 

31 >4 
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iGUR/tie— i 

Goodrich B. F— 
Goodyear Tire....: 

Gould , 

Grace W Jt 

GrLAHan Psc'f es 
Gru North Iren J 

G rey hound 

Gull A Western..! 

Guh Oil j 

Halfln mca 

Hanna Mining : 

ilai-nachleger. ■ 

HamaCoran -1 

Heinz H. J. ; 

Heuhein — — 


4 > 43 * 

331 « 

3 li a 
& 5 i a 

18 bg 

33 
303 * 

30 U 

311 . Ntnwett AtHmwj 
3 H b NthweatHancarpI 
41 Ncctun Simon— I 
Occidental Petrol 
ABU OgUvy Mather...' 

20^8 Olio Bdisoti. 

173 e Oto— — I 

Si. gw~< gp -; 

7 l n vwen$uiniHig 1 .| 

27 t** Oxrcxu tUzUoto^..! 

fit® ttwificGaa. ! 

1 m" Padfic Lighting-.-! 
a«\f Pan P^TA Ug..| 
79 J PhhAm-Woni Air 
3 qjI Patkef Hannifin. 

unc~ Peabody Inti 

Tju Eto.ftr.*k__. 

Penny. J.G 

Pw ui i in ifl 


caneftato 1 

Comlnco 

Cons. Bothnrat— 
Consumer Gas— 
Coaeka Kesourora 
Coatain 

IkoaSertL — 
Denlsoa Mines— 
Dome Hlnwi ■ 
Dome Petrolenm 
Pom ininn Brs>%e< 
Duuitar. — ..—I 
Dupo nt— — I 


Dupont —I 

F»lcan'jze N kdreLI 
Foard. Motor Can.; 


26 2 ) 

soil « 

361 g 3 t 

19 ia 1 ! 

6 Jb ' 
13 U 1 

124 t 

SI 8 

100 10 

1021 b 10 

26 2 

23 2 

151 ® ! 1 

3 Hi [ 2 

80 | 7 . 


resoro Petroleum 

Texaoo. n 

Texa^ulL.— 

Texas Eaaterzi 

Texas Inst’ m — . 
Texas On St Ga»_ 
Texas Utilities — 
Time* Ina — « — 
Times Mirror.. — 

I Smkffl 

Trane — 

Trans merles 

Trauecu — — 
Tmns Unlou_— . 
Tran-way Intr’n. 
Lraxu World A lr j 


Lraiu World Alrj 
I tavelera — — .. 
In I<mG nental..} 


1086 
247 b 
2212 
41 i 8 
89 
29*8 
207 * 
483 a 
56 
& 2 ia 
433 « 
is H 

in 

24 i« 
28 14 
397 g 
20 


Gemstar — 

GJantYerwkn&e. 
Quit OU Canada. 
Ha w kerSfaL Can. 
Holttngar— _ 
Bom ©Oil *A' — 
HndsoiBayMngL 

Hudson Bay 

Hudson Oil £ Gas 

IJL.CL 

liworo 

Imperial Oil— 
Inca — 


33la r i 3 * 
14 lg 1 
34 ! 3, 

878 j . 

41 4 

42 : 4 

ZOIg [ z 
23 2 

437 * 4 

20U 1 

373 * -3 
23 Tg | 2 
2030 I 2 


Ludal 1 

Inlaivl Vat flu I 


Colgate Balm— 

Ij'llim A iki imi | 


CcMntnMa Gas.„..i 
Columbia Piet.... 
Com. ImCojofAm! 
Combustion Enji.; 
Cmnbusliun Eq...: 
C’ni'nth Ediwu J 
C'm’w'thOll Bei.j 
Comm. Baierlite. 


Hewte Packard...! 

Hobday Inn* | 

Hmuestake. 

Hooey weal. 

Hoofer 

Hosp-Ctwp. Amer] 
Houston Naa-Uai-i 
HiraUPb.A|Cbmj 

Htriton IE_F.j ; 

I.C. Iiiduitnr* 

IMA 1 


Ingersoll Hand ! 

luiamlSteeL 


13 People* Drug 

69 If Peoples Gas 

31 1 

0614 

697 a Perkin Bmw. — [ 

13 k FW — , — 1 

34 U 1 

B 6 U HMp> Dodge. — 
1 SU PbUadelphia JBle. 
ZSig Philip Mmri*.... 
33 u PtnlBpa Petro'mJ 

S!J 

58 U- . PlOsun : ! 

IBJj PlesseyTjtd ADBJ 


rnton Oil A Ga*. 

TKW 

20 th Caatniyta 

L’-AX 

UAJEtCO — 

UGI ... — 

Lin ilever :. 

Uniterm* NY—. 
Union Bancorp... 
Union Cartude.... 
Union Cdmmeree 
Union Ou OaJU... 
Union Padfic 


Inland A'at-Gas_' 
lntfp.v Pipe Linel 

Va.'aor gamma 

Inurl Pin. Ccrp.. 
Lobiww Com. 'B’J 
Mem dM Bleed l._ 
MameyTerguacn 

McIntyre 

Moore Corpn...._ 
M ramoimS fatoto 
Noranda Mlnei.— 

I Nonsen' Energy.... 
' Nibn. Twoom... 
Nutnac Oil A Gar; 
Ikitmod Eetrl'ml 
l*«f-nic Copper M J 


Uni royal. „| 

United Brand* ~. 


PuuflcPetxbieum 1 
Pan. Can. PefmJ 

Patino- | 

Peoples Depe. 3 ..; 
Place Can. A Old 
Placer DerelopmLj 
Power Corporal'll] 

Price— j 

Quebec Surgeon j 
Burner Oil r 
Reea fistenbouae J 


Coni|/utercideiiroj 
Coon Life las.... J 


F.T. CROSSWORD PUZZLE No. 3.772 


A prize of £5 will be flfceu to each of the senders of die first 
three correct solutions opened. Solutions must be received by 
next Thursday, marked Crossword in the top left-hand comer of 
the envelope, and addressed to the Financial Times, 10. Cannon 
Street. London, EC4P 4BY. Winners and solution trill be 0 iren 
next Saturday. 


RACING 


BY DOMINIC WIGAN 


Address 


He de Bourbon set 
to win St. Leger 


Umraoi ■ 

Con Edison NY.. J 
Consul Food*—..) 
Consul Nat Gas.. .J 
Consumer Power; 

Continental Gyp.; 

Continental Otl-j 
Continental Tele) 
Control Data— J 
Cooper Indus. | 


IBM I 

itai. Flavours , 

Inti. Harcaster_.: 
IniL MinAChem 
Inti. IlulnloodA- 

bwoft * 

Inti. Paper. 

IPG . 

int. Rectifier- — ! 
int. leL A Tel— 
Iowa Beet. . — j 
IU 1 Dematkmsl... 
Jim Walter — _4 


293.37 295 
c 5>8 I >*518 
423 b 421 a 

39 ig 39 lg 

Z 2 i® ! 221 : 
175 a 175 a 

463 * 471 2 

373 * 38 

1438 141 ® 

33 lg 331 ® 
39 ’ 387 a 

127 B 127 a 

3334 341 a 


Polaroid: \ 

Potomea Elec ..... 1 
PPG Industries..! 
Protor Gambia.- 
Pub CierJBlect— 

Pul m a w . , . 

Purest 

Q uaker .Qals_ ... 
Kapkf American. 


| HepoMlio Steel. J 
1 Resorts Inti...— J 


US Bancorp. 

US Gypsum. — 
US Shoe— ... 

US steel — 

US TechnolqgteB. 
UV Industries.-. 
Yiqpnta Elect. 

Walgreefu. 

W arn nr-Com inn . 
Warner- tembert 
Waste- Mah'meni 
Wells-Fargo^.— 
Western Banoirji 
W eatern N. Amer 
Wains Coioo... 
Wesungfa'w Elec 

Wesreco ' 

Weywhaenser— 
Whirlpool 

White Con. rnd 4 

William Co— —I 
WisoominBlecfc..l 


Sm Alcorn.- I 

Royal Bk. of Can J 
Royal Trust ) 


391 ® 

OS 3 

19 

5.60 

1.98 2 1 . ’ 

■S" lE® 

19 ‘ I ' 

«v -»** 

12 i -rr. 

37 i» 3 ; - 

34 fis £ ” 


deeptre H’aonrcesj 

55 «»RraroB 

aheii Canada [ 

sberrittG. Mfneo 
aiabrna O. G— J 
'Simpson 

dteei ut Canada. .{ 
steep Ruck iron-J 

TP WO <hipu^ „. , 

Toronto Dom.Hk. 
Transtan Pipe Lai 
Tmns Mount Opr 

Truer 

Union Gas— . 
Utrt. oiscoe Mine* 
Walker Hiram.... 
West Coast Trans 
Weston Goo. 


8 1 

317 ® 

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S New stock. *i,;s<w.*\ 


Tt::? 

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GERMANY ♦ 


•PARIS 


AUSTRALIA 


TOKYO 1 


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PROVIDED THAT the ground 
remains good on Town Moor, it 
is hard to envisage defeat for 
Mr. David McCall’s still improv- 
ing three-year-old. lie de 
Bourbon, in today's renewal of 
England's oldest classic, the St. 
Leger. 

The Nijinsky Colt, whose sire 
was the last odds-on winner of 
the event when completing the 
triple crown at odds of 2-7 in 
1970 , was rated a top-class two- 
miier in the making by Lester 


DONCASTER 

1 . 30 — Fighting Lady 
2 .(MK — Greenland Park - ** 

2 . 30 — Sofala* 

3 . 05 — lie de Bourbon** 

3 . 45 — Simnan 

•L 20 — Bananas Foster 


ACROSS 

1 Accountant takes female 
wrong profits ( 6 . 2 ) 

5 Fish for person caught nap- 
ping ( 6 ) 

9 Morning one message was 
friendly (S) 

10 Weak in business ( 6 ) 

11 Starry permits returned far 

. into tbe night (S) 

12 Cleric gets round me to 
degrade t 6 i 

14 Intelligence to run off with 
talented migration ( 5 , 5 } 

15 Split with famous singer takes 
its sweet course ( 5 , 5 ) 

22 Take umbrage at being posted 
again 16 ) 

23 Come to as a change from 
heing drowsy (Si 

24 Remember to telephone again 
( 6 ) 

25 Bird found in grain container 
fSi 

26 Part of body made clean by 
confessinn l 6 » 

27 Relax grip on estate ( 8 ) 

DOWN 

1 One has to hunt about for a 
carriage < 6 > 

2 Brilliant pupil gets black eye 
16 ) 

3 Ale Ben might brew with 
permit ( 6 ) 

4 Unlucky to harm celebrated 
cardinal ( 3 - 7 ) 


6 Hint for pub (upper class) to 
close round (Si 

7 Ancient gives MP a liver dis- 
order (Si 

8 Cow for instance put strong 
drink into worker <S) 

13 Benevolent dictator appearing 
in 1984 ( 3 , 7 ) 

15 Joint from mate that was the 
making of Eve (5, 3) 

16 Assemble bill concerning 
utter defeat (81 

17 Complaint about pebbles on 
double bend (S) 

19 Get by with run (61 

20 Guided inside as well in Spain 

’ (61 

21 Looked ennobled? ( 6 ) 

SOLUTION TO PUZZLE 
No. 3,771 


Piggott in the spring. However, 
since then he bas proved that 
be has no peer in Europe over 
one and a half miles, with fluent 
wins in Ascot's King George VI 
and Queen Elizabeth Diamond 
Stakes and the Geoffrey Freer 
at Newbury. 

Although he went to post at 
odds of 12-1 for the King George 
VI, there was no semblance of 
a fluke about tbe Biewbnry colt’s 
victory on July 22 . With a game 
victory in the King Edward VTI 
Stakes, he was beginning to show 
bis true potential. Although late 
in developing, this son of Rose- 
liere (heroine of the French 
Oaks and the Priv Vermeille) 
put up a thoroughly convincing 
display in the De Beers race a 
month lalcr. 

lie de Bourbon kept in touch 
with stablemates Sea Boat and 
Dunfermline, whose riders in- 
advisedly tried to turn the race 
into a sprint almost from the 
outset, and galloped to the head 


of affairs fully a quarter of a 
mile from home. At that point 
□one of his rivals looked capable 
of posing a serious- challenge. 
So it proved. 

Neither the French Derby 
winner, Acamas, nor Shirley ' 
Height's neck Derby victim. 
Hawaiian Sound, could find 
enough to pull back the leeway, 
and John Reid was able to drop 
his hands close to home. 

Although his subsequent 
Geoffrey Freer victory over Paico 
was workmanlike rather than 
spectacular, He de Bourbon did 
all that was asked of bim and 
no one was more satisfied than 
Reid, who felt that there was 
plenty in reserve 

If Fulke Johnson Houghton 
(already successful in this event 
with Ribero and Ribocco) is 
rigbt, lie de Bourbon should add 
to his haul here without being 
given a hard reace. If that 
proves so, the Berkshire colt will 
go for “ Arc " at Longchamp. 

For anyone looking for an 
each-way alternative to the 
favourite, Duke of Normandy 
appeals as a worthwhile proposi- 
tion at odds of about 16 - 1 . The 
West Ilsley colt, bidding to give 
the Queen a follow-up victory to 
Dunfermline’s surprise triumph 
a year ago, put up one of the 
gamest performances seen this 
season under a welter burden at 
York last time out. 

It appears that he is returning 
to his best at a time when many 
of his fellow second-season per- 
formers are beginning to feel the 
effects or a busy campaign. 1 
expect Willie Carson to challenge 
Tie de Bourbon some way out as 
be did on Dunfermline a year 
ago, and it may then be a case 
of whether the Blewbury colt has 
enough in reserve to peg back 
the Queen's colt 


Sej*. 15 


Pnce i + or ■ 
Dm. i — , 


Ire.-TM.; 
% 1 % 


Pries + or, Dir.;Yl»i. 
Fn*. - Fra.! 5 , 


j-Pnce-i+or; 


u U- 


ABU 

llllauz Verricb 


83 - 9 - 0 . 1 ; - , - Kernel*. 734 . 0 - 3 .fi 4 l s i~^ 

62 a j — 8 131 . 2 ' 3.0 .vrnqne tkseul’t'e j 421 j -6 | 2 1.161 5.0 twKir ! 2 i* U * 


uimu i nnm — «* .unquv uuno I u -r-** i— « ai.ie a.v 

BMW 1 226.6 +1 28 . 12 ; 6.2 AirLiqurie. |- * 49 . 91 + 1 * ZBAl 4.7 ; 

M..P ,<n ■ .1 A ID c n . E . j „ . ■ _ .. ! Amnnl MrdnnlMn 


H.\>F —......i 140 ' — U .4 18 . 76 . 6.7 I Aquitaine 623 — 7 5 . 

Bayer ! 142 J-OJi 1 S. 75 1 6.6 ulC 496 —4 Xi.afc 3 . 

Bayer-Hi-|«i_ i 292 — 1.1 28 . 1214.8 Bwiymie- I 615 —17 42 S. 

Buyer TereinsMM 340 i+l .18 | 2.6 GerrlM_.| 640 -9 40^1 7 . 

L i^iut.Ne. 1 . wrtw 163 ( — ! — J Uaxretnur. ......... .. 1,824 —6 76 j 4 . 

liommer^nanL. \ 230 . 1 + 0 . 1 : 26 J 6 :U. 5 1 U.GJS. 3 o 9 —2 3 T.B 8 . 

Cram (iuinmi ; 76 ^ 1 + 0 ^ 1 : — I - \ U.l.T. AK-atel IU )34 J -25 7 B .60 7 . 

Daimler Bear ' 327 1+2 \2B. 12 * 4.3 | Cte Bxnaure ' 431 . 2 - 0.8 12 2 . 

Ue«u>siL | 266 . 5,-1 ! 17 ; 5.2 m llul. Medller | 439 -1 , 11.26 2 . 

Dem*a 1 165 |. 11 I 3.3 I Cmlii Cam. Fr'et: 124 .G + 0.5 12 I 9 . 

DeiiiHL-lie Bulk ...I 303 ^, + 0.6 28 . 12 : 4.6 | Creurot Loire 102 . C — 0.2 ■ — i — 


Ciia.lat.%e 1 . wrtoi 

LoramerdanL. J 

Cram Gu inm !..... . 
Daimler Bear 


62 A —7 2 b_j&j 5*0 Ampul Explo ration J 

496 -4 li.Ufc 3.0 Petroleum^ ■ 

615 —17 42 ■ 5.1 Mineral* — | 

540 —9 40 A| 7.5 &MCC - P“'P P^PW* 81 ] 


♦0.74 -0.01 Arabioiam 

t 0 . 8 S +u.aS Canon 

(2.17 -0.01 Oaalo J 

♦ 1.40 +U .02 Uhlaon I 

tO.86 +a.«i Dai Nippon Prim' 

tl-50 +0.0& Fuji Pboto 

11-66 j++.m BlracW .J 

tl .88 I ..... Uuraia Motors 


75 4.1 As*oe- Con. Industries 

3 T .6 8.1 A**- ftcwralatlon in vest... I 


338 I — 2 j 14 
441 i-l 12 


798 \—Z 


561 :+i 
670 5 


25 7 B .60 T.aj fJ* J— 


“-!!HwweFiwd jl.200 L ‘35 . 


c d.uui 

12 2.8 Andlmtu ; 

11.26 2.6 Aost. Oil & L.—j 

12 9.7 Swnfcoo Creek Gnlfl I 

— ; _ Bine Metal Ind. j 


+ 0.01 lG.lt oh j 261 

- 0 .U 4 | lii+Yokxdo-....-. 1 1.830 

...... | -laixu — J 814 

...... j J.A.L , 2.900 


1-3 : i 2 
1 + 60 I 5 U 


UtuHlurr Bank....! 250 i ' 28 .l 2 j 5.6 Uumez 659 —IS > 53 . 7 cij 6.1 Bpnoatncille Copper . 


; Ktmrai Elect. Pw.; 1,240 ! i 10 


1 + 4 13 

I - 20 ' 


Divierfaaff Zemt. 185 : 9 J 8 | 2.5 | Pr. Petrolea. 

UutelKrSnuoit— 218 . 7 — 1-3 | 12 | 8 . 


_ Komatsu... I 323 

38 j 2.5 | Pr. Petroiea. 127 . 81 - 0.7 Iliilo'lIIl Bramdlee Industries f 12.02 | ' Kui«t« . mi 

.2 | 2.7 [ Ueu. DwcldeiJW.l«.| 258 j -6 j 8 Jil 3.2 Broken HUi Proprietary.-.., t «.48 j^OJW 1 Kynt^craSmic' ."' 3.780 
.d«* 6 . 0 ' Inietai _’ , b 2.9 + 1.6 5 . 719.1 ‘ tl.« 1 UalrushitH lnrt!!.i 721 


Hiiiaq Lloyd 116 .Q ; — 23 il 4 , 


Kaurtint ;....[ 

hhvkirr DlliOC.i 

l. a Ull 1 


KHU 

kni|i/i,_ 

Unite 

Lovenhmu 100 ... 
Uilibanva 


240 . 5 — 1^1 ’ 10 ^ 21 . 3.9 I Uuei Henitessev. 
g 3 ;_l 1 ; Moulinex I 


1 B 4 . 5 . — 0.5 118-781 ».l 1 Iftnlor 


j — 1 — | — I Feuhmey 


275 !— OJ 5 ! 25 4.5 PomoiLUicanl — 


MAN J 

Uanneamann. I 


L 598 . -+18 25 | 7 * 8 1 PeuneouCiuoen.. 

107 . 5 .- 0.6 I 9 -361 4 v 4 , 

207 1 + 0 . 3 1 SSS 2 ? -W 

173.7 -o.e lj.is 4 .g 


aiH.ilbS|U u IT**# . 6 .T ■ 

Uuei Hennessev. oSO 9 ! Id.ti 2.3 Caocinu KkhioVo._ I 

Moulinex 234 '—a S ' 2.2 Chttoin AiiMriJm I 

P« til**, - • 177.0 — 5.5 ila.Shlll.a Duu kip Buhl *e, iSlt ! 

Peuhmer 97 . 5 : + 0.5 I 7 .S; /.7 K 5 COB' .! 

PcrncnLUicaro 275 1—4 l 10 J l.B Kkler-SmltO 

PfeUiteouCicroen.. 480 8 { 17 . 25 ; 3.6 KmU»wnir Kewurceit 

Pociain 211.9 + 5.4 | — ■ — ILZ- Industries. ; 

Kadw Technique.! *89 —4 ; 27 J 5.6 Gen. Property Trout 

Kedouic 621 !+15 j 3 u | 4.8 Hsuneraiey...'. 

Rhone Poulenc ...I 116 . 0 — 0 . 5 ; 9 I 7 ^ Honker ! 


tl .77 

♦ 3 . 7 a 

tl .54 

t 2^6 

M.OSxd 
72.80 : 


I ; is 

! - 15 

+30 • 35 
|-5 j 20 

r. 1 10 

1+1 I 12 
+ 2 ' 15 

! 20 

+ 20 ; 15 
1-3 ' 12 


Meteor .. . | 5 i ! io a.o iMie-oAiM.sbjg^ 

Munrhener Ruck J 630 ' + 20 I ' . 1.4 6 k | 8 ltoimiciiol M .| 1.770 +10 J 59 J 2.1 Inter-Copfiw - 


Neuk erratum....... 

Preuasau DM 100 


171 . 8 + 0 . 3 ! — - 
13 | _h-i I - - 


sua. 

teteineeaninun—. 


289 -4 
B 43 f — 6 


5s2Ki injury a 

51 eroiW ’ 298 . 7 ;+ L 7 | B 5 4 w«l - "HT 1 l±i: 

slid Zucker. 269 1+4 \Z6M 6.0 


I'll ^ men A.G 117 . 5 t- 0 J 3 ll/.ftl 7 J ! STOCKHOLM 

Varw 190 ^+ 0 . 5117.16 4 . 6 ! 

iRHA 133 . 5 + 0 J 3 d. 3 e 3 . 5 ; .. 


VeremBft IVeatBk 
Voikiwagea I 


294 L i 18 13 . 1 . 

238 1 + 0.71 ZS i 6.3 1 


BRUSSELS/LUXEMBOURG 


i Dir.' 

Pnre ; +nr i Fra. ;V« 
Fr*. I - ! Nei 1 2 


.770 +10 39 ! 2.1 Inter-Cupper— + 0.15 I 

289 —4 25 . 5 , 8 ^ Jenninfi* rnriuntrt®. fl -12 J 

&43 (—6 25.6 3 .U Jooc* iDarldi — I tl.ll '+ 6 JI 1 

256 i+B IS. Ife 5.9 Leonard Oil 10.40 -U .01 

Mj+lJ — — Metal* Exploration j . tO .44 

“ Mill HowlinjES t 2 . 3 a IhCUS 

Mj-ei Emporium. tl .60 f+ffl.K' 

New* ^ 2.65 

I'rfce + or Dw.iXiu. Nlcbolw International tO .94 { — 0-03 

Krone — Kr. i % 5 ortfa Broken HMIneairiV-v tl .44 - 0 JI 1 

: OakteMwe-. { 11 J 6 L.. 8 

204 —3 6.6 ■ 2.7 OU anrsh j to .14 J+ 41.01 

145 —2 5 > 3.4 Otter Exptonukut ^ T 0.64 Uq.-I 

89 . 5 + 2.0 b 5.6 Plooeer lim.+Mu. , ( 1.83 J+ 0 . 0 I 


tl .77 i+ 0.81 1 JlltautiuJii Bank . 1 280 \ 1 10 

■ 3 . 7 a + 8 . 08 ; URwUwhi Henry) 123 (+1 112 

tL 34 [ .UUrntn^hi Corp.. 440 +2 '13 

* 3. 26 j I SSiuui AOp._ ... 309 : 14 

* 4 .G 5 #li j Mliiutofai • 670 ' ! 20 

12-00 j ftippuu Deiuti..../ 1.470 1+20 * 15 

t 5 . 65 to;-dA 5 1 >irip"U -Slnnpnn.., 802 1—3 ! 12 

t 1.85 -+-J. 16 ! N<«*«ia Motora ... 1 765 ; + 9 16 

tl .47 >-O.Oi: ftowi*.. : 1,630 '-30 ' 48 

tO -85 j ^ ... I Bhio'o fal«.-trk*^..| 241 -1 I 12 

12.60 l-rtUvS ! ■rexisul Treiab 931 1—4 ; 30 

( 0.29 :+<r. 0 i ' shioerdp -' 1,220 1 20 

t 3.28 ■ 1 • auoy. .-. [ 1.490 ^10 I 40 

tl .66 1 + 0 . 01 1 lVuitm llariue— .J 231 !— ! 11 

t 2 . 30 sl;+x.b 4 1 14 k“ila Chemical.! 412 +2 ! 16 

10 .B 4 : ITDK : 2 . 18 U (+40 30 

r * 01 1 -*i 320 10 ’ 

to. IS I roky.j Mantra 1 485 1+1 : 11 ' 

T 1.12 ; lokj-ofe leet Ptoxt'ril. 180 — 10 l 8 

tl.ll ;+ 4 J ]1 ! I'ukvocranvn ■ 318 —8 1 12 

tO . 40 - 41.01 l'oray 143 | + 1 1 10 

t 0.44 Xrahlba. Corp 138 J 10 

t 2 . 3 a it 4 .ua j- Toyota. Motor— 863 | — Z ! 20 

&55 l +C ' re ( Smiroe Nlkko Securities. Tota 


20 ; 15 

3 ' 12 

9 ; lb 

30 48 

I 12 

4 1 3 U 
20 

10 I 40 

; 11 


! Krone I — 


{-OM VIENNA 
] -01 


Aj<o An ( K riiO) _ ) 204 —3 

Alta UraeJKKrWi 145 -2 

\?EA (Kr^iO) 89 . 5 + 2.0 

,\l liwCopeot K r&l 126 +1 

Blliennt I 66.0 

rfolora 1 115 +1 

Canto. ■ 19 b 

CeHumm ! 245 —3 


I + «r | Oir. 


b 5.6 Pioneer UfeWb , tl .83 + 0.01 1 V.”^' 1 * 1 ^ t *‘ v £ 4 ? 

b 4 .a RariJtt * Coinmn*™ : 12.80 - 0.10 ; ? 7 3 

4 ) 6.1 ri-l^SWlgh. : 0.75 1 — 0.0 1 1 6 |9 

rd. t K rfVUThlfUld Miflfllo I tfl dH I Ul flj . JBS 


10 - 

9 * 

-4 ! 38 


. rh _rt 2 490 _I 5 _ ' Cdlubwa ! 245 

aerieir“B ;: '”!™.2 2 Bj ;-ld ;ilb ' b.l| 

e.U.ILUemeat... , i.3aO -20 1 U 3 f 7 . 8 l Mno®* EjLriQH 135 


115 +1 ; uO, s.s -outiuand Hlnlnj; | t 0.40 1 MI.W 1 7 -25 

19 b j 5 . 75 ' 3.0 aiHtRi»Bxpla««nn | t 0.45 - 0.02 ' 1 

245 -3 10 4.1 1 1.91 ; Vm Man neslt .... 236 

lS&xt ,* 1 — 1 6.5 I 5.1 wwtona.^......-.^. , t 0.78 1 - 0.01 [ lOHANNKIUIDO 

135 1 o J 4.6 W«em ainiiUL( 60 .ienti) . 1 L 87 j , jUnANNEbBURG 

308 1+1 1 a.b : 3 1 Wni-mowto* J tl .70 • September IS 


Anglo American Com. 


Charier Consolidated -* 4)211 


fieraert Ii_ 5 h 0 i ^-62 86 5 . 5 -. MuOdi Dontato.. 

GBLf Unix Li * 1,760 J+ 140 164 J B 3 ! 1 « 2 d.“ i k •«' Era . 

Hoboken 2 . 80 J 1+80 [170 1 o.li ••R-F-'B' Kr. 

Intercom 1.815 -..(142 [ 7.81 BnskiUta- 


259 " | — 2 j 6.76 3.2 


Akro (PU 2 U) 


FZVM | + or ;Dlv. jzM. East Drlcloniein 

PI*. — I % ® ElsbarB 

1 I — — -[ j Harmony “ 

114 .B 1 — 0_3 1 *28 4.9 Klnrons 

33 . 51 — 0.4 1 — I — Woof .._ 


a aaaQEEQ^gia hhrs 
m q ei □ m n e q 
seeds ■EjnsanBasn 
□ ;B s ■ n n H Q 0 
SEnnansgs eehhh 

0 'G WS’tB H E'-Q SI 

SQSfJQRa EiBQB 

H- E' a a m o 
hhhe BraasasQ 
h n m n u □ e 
seeee nnaHsnEQB 
h e es a n e a a 

HHEBEQEHH DEH 00 

m q □ b u u 0 n 

□EQ □BnESSBaBBPJ 


SPAIN 9 

Sepicmher 15 
Asland 


SOLUTION AND WINNERS OF 
PUZZLE No. . 7.766 


laBnaaHGaHQtia 

_ _ “ ~ h ns 


Following arc the winner;? of 
last Saturday's prize puzzle : 


Mr. T. G. Barnes. 13. 

Ionsv/orth Lane, Glnucehtor. 

Mr. C H. Jacques. 2. 

LuUington Close, Sea Ford. 

Sussex. 

Mr. -I. W. Watts. 5tonefleet. 

Tockwith, York. 



■HE 1 

nnEEDES 


Banco Bilhan 

Banco Axlantlco il.OOOi 

Banco General 

Banco Ksierlor 

Banco General 
Bancn Granada (i.Dtoi 
Banco Hispano .. . . 

Banco Ind. Cat. « 1.0001 
B. Ind. HL'diicrraneo. 

Banco Popular 

Banco Santander 'iJO' 
Banco UrqUbO tl.OOOi . 
Uanco Vlaea+J .. 

Banco Zarasozano . ... 

Banftmuon 

Banns Aodalacut 

Babcodc Wilcox 

CIC 

Dracado« 

Itunobaml 

e. i. Arasorieros ... . 

E*t»anoU zinc 

E*pL B/o Tmto ■ 
I'ccra <i^W 0 i 

Kenosa ' 1 . 0 * 10 ' 

Gal. Prcciados .. . 
Grnpn V ’la/qiict * 4 H 0 t 

llh-rdui-rn 


Percent 

US 

302 

237 

310 

271 

7Tb 

1 B 8 

2 S* 

1 M 

a» 

252 

340 

2(4 

249 

2*3 

151 

11 ) 

* 

B 2 

2 SA 50 

72 

SO 58 

Ul 

74 
U 
65 

75 
165 

S3 JO 



rilarra 

1 U 

+ * 


Papetcras Reunidaa ... 

4 K 5 B 

- 450 


Petnollber 

121 

— 


. Pctroieos 

261 

— a 


Ssmo Papalera 

«. 



Snlacc .. 

O 

— 


Soseflsa 

127 :-. 

rare- 


Telefonica 

36 

— 


7 urns Husiencfa 

XT 

. 


Tijbjce* 

41 

- 1 

— 

Union Elec. 

7 BJ 0 

- 030 


KrediMouR. ,?.X 6 J ,+10 | 29 u i 4.1 

l« K-nale Belae M 5 , 8 bO — SO ^326 5.6 

IWd Hotillnq |c .930 _.[SZ- 4 b; £.7 

Petroirm i 3 .B 20 — 60 iIBl, I «,6 

■ 'c- Gen. Baoque > a.l 55 ' +6 ' 2 u 6 ' 6 .a 

lien Behmur 2.030 i — 10 | 14 ^i ; 6.9 

tvlini- 13^60 1 + 5 . 1215 . c .6 

^■iray_ :z .-80 1 + 5 -A 21 b BJ& 

Lra,.+inn Biect id , 595 j — 255)170 > 6.6 

LLb 1 1.820 \-2Q !- — ; - 

m Mui.il/ 10 i....! 882 ' + 28 I SU , 5.7 

Vieiiie Uunu^nei 2.000 . j — 20 ; — — 


+6 Uob 6 .a , COPENHAGEN * ISer V (Porii 

— 10 | 14 o - 6.9 ,* r rr — — EmUO.V. Beereri 

+ 5 . 1215 . c. 6 j u ... Frtre i + or ; Dir. ,J im, t urCoth I *W F* . iOl 
+ 5 ;A 21 b Sepl .15 [ hronee; — ; % .% tM>w n^auiraF. 




tww' VtWjCii 506"[— 6 * ! 37 . 6 ) L 8 ' $£“£* 7 * 2 ® 

tnntO.V. Bearer, 149.5 - 2.0 3 V.fi- 5.0 . 

6 -.,rCuiititt/F>.i 0 i. fag s)— o m .6 b n< L r:e . Sale Gednid 


.%■ 


1 * 214 ', ; 11 ! 7 .a 


I Ue'nakm iPi.-^ 6 ) 
H 01 * 51 " «u 1 F 


a-RflJ : "fi | MSm pVSd"‘ 

J 9 . 4 it 0 .s • — * — , Welkcrn .. .. . 


BRAZIL 


SWITZERLAND • 


l 4 - or | Dit_TM. 


Price + u* 1 c 1 ii#j 1 • 

Sep*. 15 1 true 1 — ~ In v. I -t 


~ A-nralta. ! 0.96 ! - 0 . 12 . 12.60 


_ Bjtni.il .in bran. 1 .B 3 ' + 03)2 ..lc 18. 79 

Banco lum H.\ .. - 1 . 4 u ! 1 j.a 7 | 26.41 

Be*KO MinciratiP; 1.11 OJBi ^.Ot! 7^0 


— M U*** Aimer. t.*P 3'.61 *.__.. J -. 1 *. is.M 

“ OJ* PtHrohra I'P 2.36 ' .13 5.50 

1 — Pirelli OP 1.55 L 0 . 16 * 10.46 

“ CNiuaatr.il UP.... 2 .B 0 * •d.*;c 1 7 .a 5 

»* 4 S Li, if. I'K 5.80 «- 0 J !4 . 8 S< 4.31 

— \ * 1 * lii*. Ihni> HP 117 _4X0S! 16' 16.it 


Turnover cr.TSOm Volume 44 . 1 m. 
Son rev: Rio < 1 ** J i3 clro SE. 


A.ummiura H .110 -30 8 3.6 

BBC *A’„ ( 1,610 1—25 10 d.O Pn^-yUl... 

UH* G«ur>* F r.lOOi 965 f— IO 22 2.3 

LV+ PartCen.l 730 —6 22 3.1 >>ptoB«re«iM 

IJu. Uee 6 b 8 —3 22 BA auporfna...— . 

Cirilit s-uImi*. 12,270 ^10 16 3.5 

Kivclrrorart— , 1,930 i 10 2.0 : 

M-riier iGcoreei .; 605 -2 1 a ! 4,2 MILAN 

Il• 4 r^ulll HiC«*l-. 66 000 [— 500 ' 1 1 U[ ».7 J 

Du. rsBinili 6,575 >-75 llu j 12 ' 

i«U'n.iil B 3.890 -100 20 : 2.6, Sapt. IS 


U*n»Ue Bang 

hju-i a-ibuc Co... 

1281*1 + 1 , 
1624 ,'— 5 , . 
133 I 

13 

a 


365 : 


For. Fapir — 

89 i,;- 9 * 


G..\*Ui’d H-iKrWJ 

387 !— i, 
1941 ,— 1 , 

12 

Oiiefabnt.__^— . 
Pnvul-uli..— 

118 Uzi® 

1331 ®'— U 
1405 , 

11 

Soph. Boretuea^- 

402 -U 

12 

pa. 




12 ; A 1 1 Huirtw U.lFMOO.J 24.91 + 0 . 2 , U 4 . 8 ! West Drtefonteln _ 
1 $ ?’ 2 l B.utf. in. hWi.j 163 .SV— 4.3 ! 8 ; 4.9 ( Western Boldinas 
* •'W *' 1 49 -—u .6 i 19 , 7.7 Western Deen 


luU'Muihw liath.i 
.NaairtanlFi. 10l..| 


31.31+0.2 j 12.61 4.0 


INDUSTRIALS 


6.2 Oco tFtSO) —— „.j 

_ Ugran™-. — J 

on Van Ommaren.™ 
7 - g lUhoed 
*’n HnhpsTFI.'Uh— . 
6^7 KfltJKhVertW.ltoj 
JKufaeoo.iH^J '— - 1 

HonnM(«J 0 j — 

UurenbXFI^in—j 
Ikiyal'DulcWr (£01 


178 . 0 ;— 0.6 36 i 4.0 CNA Investmenis ... tin 

33 . 41 - 1.1 23 6.9 Currie Ptnance Z.ZZZ iS 

*H 8 . 1 |- 3.9 — — De Been Indostrtal 13.75 

423 Ul.fi — — Editars Consolidated lttv_.. 2 90 

28 . 71 — u .13 17 6.0 Stores 

74 1—2 JS — - EwecReady SA 2 05 

179 (—I [A 26 D 7 J 2 Volkabeleaalnsa.- C.93 

146 . 0 ;— 0.61 — — Stores • 3.00 

124 . 3 ^+ 0.1 1 * 9.3 3.8 *££ 2 !*® A£SuraD “ f SAi 2.43 
136 .S — 0-3 iSfi. 7 b 701 tVf"* ~ - -« 3 ' 

A A A 1 DA 1 a «* 1 fi tft 


28.71—0.^ 
74 1—2 Jl 
179 1—1 


136.5 -0.3 1 53. 


saa i 

e -••• a g 

Uyfe/NH ; 

m B S ©B s 

aaEa^ons?33 

m S _ P H B B El E5 


NOTES ■ Overseas nrices exdndc S premlnin. Belgian dindnids are after 
wttnholalrvB lax. 

♦ DMiO denom. unless otherwise Haled • Pi as. 100 denom. unless odiorwto* 
swbsfi- * Kr.lUO dr.-pom, unless othrnrise sated. * I'YbJon denom. unlew 
o(B*>tVW Staled. r \cn 30 denom. unless othemrisr* stated, i Price at Ume of 
sttspeqaton. it Fiorina, b Schillinvs. c Cenft. J Dividend alter rending rictus 
and'w scrip tssne. ePer share, f Francs, a Gross div. •*. t, Ar-sumed dreldend 
after w«p and'or nghis issue, it After ktea! untes. m (ax free. « Francs 
including Umlac 4 jv- pNom. v Share ?pUt s Die. and yteJri ertude special 
pUWe&L l Indicated die. it Unofficial trading, v Minority holder* only vUereer 
fleodliW; * Asked. ♦ Bid- l Traded, t seller r Assumed. W E* nahl*. xdEx 
dindeod. xcEx sens lasua. uEi all. elntotnn sinos 


N.JIniair Ha ort-. 66 OOO , — SOO lllOl 1 . 7 , ■ aUiraflun .._ 263 . 6 — 0.9 i 20 7 6 

Us leiiMtli.... 6.575 v -75 l la , I + °* U 6.5 + 0.3 Bod«ay 

M.un.sMB 3.890 -100 20 ; 2 . 6 . ^P** » f Lire — Lire; > 147 :.+ l ? 0 ^o 0.5 OKBaraars 

1-/20 .—50 21 s 4 „ . 1 tQ 6 as' a ft > j UtOlevertF+iSh- 127.6 — 0.5 4 i ^8 6.7 premier MllUiifi " 

i.ia. .- 3.440 .— 2 a «w.»| 2.6 '.'IL.. + 2*1 I' ’ ~ “ : V.ltrae Be*. mt-Ci 42 . 4 - 0.1 Sa. 2 * Ul Pretoria Ce/aont 

»*••• ^ 2.240 ifito/t 3 . 8 ; — Ho I?? ,“ n ; ■ W W.Uto.MvitW* 409.6 - 5.3 33 3.9 Protea Hold iocs 

•t*riiv.<n UtF.oui ' 2.770 t — 6 • ta 1 . 3 ! -if’SAi ti* i 5 "; l Acin - -- ■ • : Rand Mines ProoertfeA " 


•criiv.in UiF.s3Uji2.770 r— G 

nre-i-iC'h.ia): 1 29B 2 

-uiiliv iFi. _odi .., 3.600 : 

It’S lltn 410 2 

n.-;ilniller Cl KlJC 280 i— 2 
ii-ier Ct (Fr.lOC'i: 302 '***5 
“■iiniiir tFr. co 0 )( 805 +3 
3 »ivs Bos iKr.iCsIi 380 i — 5 
5 »lMrMojiFr. 200 i, 4.973 l 

Ddioq Bank -3.255 '—5 

*.i:r|qh I nr 12.300 j— 75 


int -,+ i, u.6 .ok Bazaars 

127*| -0*5 1 4^8 6.7 Preral^wW 
'c “ 2'1 I s Pretoria Cement 

409.6 — 5.5 1 53 3.9 Protea Holdtocs 


io : 5.o ; 


i usn ..IU 907 i+ 4 a ; iso; 7.9 1 oslo 


26 ' 18 i ' tn ider... I® 1 * *-• : - 

So ' inawment -M 6.300 - 200 j oUO) 5.7 

£ i nfi lufvfiier J .«Ul+l 5 ! .- ! - 


-j 7 -v •*.'• j- rin-» | I-’ wi -run .ft m IHoUV 
■VfU' lb — j ^ e | j Seen 


'Rand Mines Properties' 
- — < RcDihrandt Group 


| neo* HoMlnss i nn 

— {sappi . . 

8 . 91 C O. Smith Sttsar Inn 

- SA Breweries j.'ai 

8 8 Tiger Oat* and Natl mi*. 12 s> 
6 ^ 6 ! Uhlfiec t |9 


-:io i “ v isasa gg!' ^>**1 « ’»? *««»•**:”» 

1 1 I l l ^nrehrand^-iJ too - T 7.0 . (Discount of 32 . 6 % ) 


-1 -r 




L 


4 





Sfr 


Financial Times Saturday September 16 1978 


iz\ 

i- _ «. 1 


INTERNATIONAL FEmNOATr ANB •iGQMmN¥iPjEWS 



B First-half 
^trading 
improves 
||at Usinor 

PARIS. Sept 15. 

^fJyBIOR, France’s biggest steel 
W \L \oup. posted a loss (or the first 
of this year of Frs537m 
134. Gm) {before depreciation 
';V ‘‘ owances). down from a loss 
. Frs916m in the same period 
..70 it year. 

OP 7 The group said that before 
, >77 anci.il charges and deprccia- 
7 > V ® allowances, its books show 
profit of Frs300m on con- 
.JV- > 'idated turnover of Frs5.92bo. 
Financial charges in the first 
w^nths of 1977 totalled 
-P s764m. Total costs this tizoe 
“7 :re Frsft67m. 

'For the whole of 1977. the 
. inor group recorded a loss of 
; .=*1 s2.05bn, compared with a Idss 
F rsl.254bn a year before. 

• -t 7 vUsinor said its 1978 first-half 
O-mits had been affected by> 
liveries in January and 
-'-.ibmary which were paid at 
-■'v*-e price levels prevailing in 

' 0 : OOencies 


■^KSH declared 
-•bankrupt 

AMSTERDAM, Sept. 15. 
Oo ininklijke Scholten - Honig 
:SH) said thar it has been 
''dared bankrupt, effective 
~ . . mediately, and that a planned 
; Ooeting of creditors . will there- 
fore not be held. 

"Trustees involved in the com- 

• - • oy’s p rovisi on al paym ents 

. /O.iratorium concluded that 

: :~^cre was no point in granting 

• defini tive payments 

; 'ratorium in the further 
. ’ ges of liquidation. 

It added that the bankruptcy 
/.ll have no effect on activities 

• . Dutch members of the group I 
. ..rich have been sold to third 1 

• rties. 


First half decline 
at Elf-Aquitaine 


BY DAVID WHITE 

THE FRENCH state-controlled 
Elf- Aquitaine Oil group has 
reported a drop in its first-half 
profit this year, after quad- 
rupling its provisions for losses 
in refining and in its nickel- 
tmning interests. 

Provisional profit figures to 
the end of June were FFr 540m 
($124m) after tax, depreciation 
and set-asides against losses, 
compared with earnings of 
FFr 640m in the first half of last 
year. 

The company said ' that 
revenues from its crude produc- 
tion operations worldwide made 
up a much larger share of pro- 
fits than in the first halt of last 
year. 

The results take into account 
the effect of the dollar's declin- 


PARIS, Sept 15. 

tag value on the assessment of 
oil stocks. 

Elf-Aquitaine, formed as the 
result or a 1976 merger, said that 
Us production profits were off- 
set hy the continuing problems 
Of its refining sector and the 
josses of its mining interest in 
Xcw Caledonia, Lc Nickel, in 
which it is a 50 per cent share- 
holder alongside the Rolhschild- 
conirnlled Imctal. 

Last year. EIT-Aquitalne 
showed a consolidated net profit 
r»r FFr 1.7Gbn, an improvement 
On the pre/ous year’s FFr 1.43bn 
dcspiie the company's constant 
complaints to the Government 
about the refining crisis. Group 
turnover rose to FFr 3Sbn from 
FFr 34hn. 

. The government's shareholding 
m the group is 70 per cent. 


Socal plan to be probed 


STANDARD OIL of California’s 
proposed merger with Amax has 
prompted a Senate Panel investi- 
gation w ; th a strong likelihood 
that bearings on the matter will 
ensue. 

A source at the Senate Anti- 
Trusr Sub-Committee is reported 
as saying that a preliminary 
investigation is under way and, 
depending on the Senate’s 
schedule for the remainder of 
this legislative session, formal 
hearings are likely. 

The source said the rush of 
last-minute business could delay 
the hearings until after the 
November elections. 

It appears that there are 
sufficient anti-trust problems 
with the proposed merger to 
justify the hearings but it is 
not clear yet who would be 
subpoenaed from Socal and 
Amax. 


WASHINGTON. Sept. 35. 

The magnitude of the trans- 
action as publicly reported 
prompted the Senate Panel's 
Interest. Also the transaction 
falls into the generics of several 
energy-related business deals 
that the anti-trust sub-committee 
has been watching. 

The proposed merger made 
earlier this month would have 
been valued at $I.5bn-$2bn, but 
Amax refused the deal saying 
it would “ raise serious and 
substantial anti-trust questions.” 

The Panel source said the 
hearing if held would be to 
dcierminc Socal's motivation, 
what legitimate needs the merger 
would serve, the potential 
economics, and how consumers 
wnuid be affected. 

The source also said that on 
the surface the proposed merger 
does not appear necessary 
AP-DJ 


Justice Department move 



THE JUSTICE Department’s 
Anti-Trust Division asked the 
CAB to halt immediately addi- 
tional purchases of National Air- 
lines stock by Texas Interna- 
tional Airlines and by Pan 
American World Airways until 
the Board issues a final order 
on those pending merger 
applications. . 

Texas International and- Pan 
American last month applied for 


- WARDGAT5 COMMODITY FUND 
31 31st August. 1978. £10.29, £10.72 
WCF MANAGERS LIMITED 
P.O. Box 73 

5c. Heller. Jersey - 053-4 20591/3 . 
Next dealing 29rfi Soptomber. 1978 


WASHINGTON. Sept 15. 

CAB approval to acquire con- 
trol of National Airlines and 
asked for authority to purchase 
up to 25 per cent of National's 
voting sitock before a final CAB 
decision. 

Mr. John H. SbenefieJd. Assis- 
tant Attorney General, said the 
CAB acted without guidelines In 
tentatively approving the pur- 
chase by Texas International and 
Pan American 

The justice Department recoin- 1 
mended that the CAB require 
advance notice of all future air- 
line takeovers or mergers. And, 
if questions arise about: tfie 
legality of an acquisition, the 
I Board should immediately halt 
the transactions AP-DJ 


BHP plans 

Australia’s 

largest 

debenture 

By James Forth 

SYDNEY, Sept. 15. 
AUSTRALIA'S largest com- 
pany, Broken Hill Proprietary, 
has given advance notice that 
it Intends to raise ASBflm to 

ASlOOm through a debenture 
Issue later litis year. 

This will be the largest 
industrial debenture issue to 
date In Australia. The current 
record hi A360m, set by BHP 
early in 1975. 

The issue will be a family 
one, made to shareholders and 
debenture holders, which 
avoids the necessity for a 
prospectus. Hie directors said 
that the proceeds would pro- 
vide finance for Ihe company's 
current programme of dot c top- 
men ts. BHP fares heavy 
capital requirements over tbc 
next few years for its oil and 
gas Investments, expanding 
coal ventures and its share of 
the proposed A-$2hn to A53bn 
North West Shelf liquefied 
natural gas venture. The 
group has also expressed an 
interest in moving into the 
alumina and aluminium 
industry. 

BHP has not approached its 
shareholders for funds since 
1975, when It made a share 
issue as well as a debenture. 
The director’s present Inten- 
tion is that the debenture offer 
will he made during November. 

The decision to wait before 
deciding Ihe terms Is probably 
two-fold. The Federal Govern- 
ment’s next bond loan is due 
early in November, and It is 
generally expected that the 
long-term bond rate — (he 
interest rate benchmark — will 
be shaved from its present 
level of 9 per cent. This would 
present BHP with Ihe chance 
to pay lower In l crest rates 
than at present. Moreover, by 
telegraphing its intentions 
other large groups contemplat- 
ing debenlnre issues may 
decide to defer their plans. 
BOP is Australia's prime 
corporate borrower. Opinion 
around the capital market is 
that the group will probably 
need to offer a top Interest I 
rate 


Packer group increases 
profits and dividends 




Volvo aims 
at 3-5,000 


BY OUR OWN CORRESPONDfiNT 


CONSOLIDATED PRESS Hold- 
ings. the media group controlled 
by Mr. Kerry Packer, the World 
Series cricket entrepreneur, has 
increased its dividend, after a 19 
per cent increase in profit, from 
A$*.46m to ASlOtn ( U.$..S11.6m ) 
in the year to June 30. 

1 The directors said that profit 
from publishing activities 
increased, while investment 
income and profit from “ nnn- 
media" activities rose strongly, 
but they gave no indication as to 
the results from the World 
Cricket Series. 


They said that profit of the 
television channels fell sub- 
stantially, because of increased 
expenditure on Australian pro- 
grammes, particularly drama. An 
increase in licence fees payable 
tn the Australian Broadcasting 
Trihunal was a Further factor. 

Earnings from the 80 per cent- 
owned Publishing and Broadcast- 
ing rose almost 15 per cent, from 
A $9 .3m to ASIQ.Tm. after a solid 
improvement in the second half. 
The licence fees paid to the ABC 
rose by ASI.STm to A85.49m. 

The ordinary dividend has 


SYDNEY, Sept. 15. 

been raised from 13.75 cents a 
share to 20 per cent, but is still 
well covered by earnings, which 
rose from 3S cents to 45 cents a 
share. 

Group sales rose 18 per cent, 
from A$135m to A$159m 
(U.S.$lS5ra). 

Australian Consolidated Press, 
wholly-owned by Publishing and 
Broadcasting, raised profit 52 per 
while Conprcss Printing, owned 
by ACP, incurred a loss of 
AS467.000. an improvement on 
the deficit of .48603,000 in 
1976-77. 


Enel a maintains forecast 


BY MICHAEL VAN OS 

ENNIA, THE Dutch insurance 
company, raised iis not profits bv 
19 per cent to FI 22m l?10.2m) 
in the first half of thi.-. year, from 
I the level in the same period of 
1R7T. The earlier forecast that 
the 197S profit per share would 
show *’ some increase " despite 
the increase in ihe number of 
issued shares is maintained, the 
Board said in The Hague. 

The company’s urneg receipts 
were up 19 per cent to FI X.OSbn 
in Jamiary-June. The increase in 
expenses was restricted to 7.4 
per cent The profit per ordinary 


share was FI 10.73 (FI 10.35), 
which is nearly 4 per cent up in 
spite of the increase in the num- 
ber of issued ordinary shares by 
15 per cent as a result or the 
optional scrip dividend, the 
private placement this spring 
and conversion of a number of 
convertible bond loans. The com- 
pany is paying an interim divi- 
dend of FI 3 on October 2, 
against the year-earlier FI 0.25. 

Gross receipts from life assur- 
ance were up 14 per cent from 
the first half of last year. In 
general insurance, gross receipts 


AMSTERDAM. Sept. 15. 

rose by 15 per cent. Results in 
the Netherlands have shown an 
improvement said Ennia. and 
the development of its British 
company was “ satisfying, with 
the exception of aviation under- 
writing." In general insurance, 
pre-tax results had improved sub- 
stantially. 

The company added that gross 
receipts of finance activities 
from its non-ins urn nee activities 
were considerably higher in the 
first six months, by 37 per cent, 
and investments in this field also 
showed a substantial rise. i 


Charges hit Kema Nobel profits 


BY JOHN WALKER 
KEMANOBEL. the Swedish 
chemicals company, expects net 
financial charges in 1978 to off- 
set improvements at operating 
level, Mr. Ove Sundherg. man- 
aging director, writes in the con- 
cern's half-year report. 

During the first half of 1978, 
group sales amounted to Skrl.5bn 
($350in) compared with Skrl.3bn 
in the previous year. The croup 
operating profit after depre- 


ciation was Skr 78m (S18m) 
against Skr 73.2m in the pre- 
vious year. Swedish industry has 
suffered from a flat home mar-' 
ket, but it is hoped that exports 
will increase and make up for 
some of the loss in sales. 

The group operating profit for 
the whole of 1978 should be a 
little better than in 1977, bui 
the increase in financial 
charges are expected to leave 


STOCKHOLM. Sept 15. 

group profit, after depreciation 
and financial items, roughly un- 
changed at around Skr 120.7m. 


new jobs 
in Norway 

AALESUND, Sept. 15. 
VOLVO has undertaken to create 
the necessary conditions for 
3.000 to 5,000 new jobs in Nor- 
way if Norway takes a proposed 
40 per cent stake in i‘, Mr. Odvar 
Nordli. the Norwegian Prime 
Minister said here. 

The job creation would result 
first from Volvo itself, secondly 
by way of co-opcration with Nor- 
wegian' industry, and thirdly 
through expanded deliveries 
from Norwegian suppliers, he 
added. 

To carry through its commit- 
ment, Volvo has undertaken to 
invest NKr 500m to NKr 700m 
in the first five years of its life 
as the new bi-national Volvo 
(Svenskt-Norskl AR). he said. 

Under a preliminary agree- 
ment Norway will take an effec- 
tive 40 per cent, stake in Volvo. 
The October 15 deadline for 
finalising the deal stands, Mr. 
Nordli said. 

Earlier this month the Federa- 
tion of Norwegian Industries 
called for clarification of the 
Volvo deal, saying that it thought 
only 800 new jobs would come 
directly from Volvo 
Mr. Nordli said that the Gov- 
ernment believes the restructur- 
ing of Volvo into a Swedish/ 
Norwegian company will lay the 
basis for a considerable expan- 
sion of Norway’s share in com- 
ponent supply. 

However, this had to occur 
within the framework of sound 
industrial and commercial 
criteria. In principle, Norwegian 
industry will be in the same 
position as its Swedish counter- 
part vis-a-vis YVi'/vo 
Since Yolro had already built 
up operations here, the new jobs 
and new investments would 
result primarily from new pro- 
duction. new development and 
expanded component supply. 
Reuter 


TRADING Ateyousometebaffledbythe terms 

your commodity broker uses, or by 
'I'COlUf C howtJiB markets work? If so, and now for a 
f ree copy of our new booklet ‘‘Commodity 
wmr raw a wornr* Trading Terms Explained" 

LAr LAlIl Ell or telephone 01 248 7B11 


sab Harmon deal fTj a t to raise a further L 50 bn 


SAB Harmon Industries has 
agreed in principle to purchase 
the radio frequency voice 
communications business of 
Westinghouse Air Brake, 
reports Reuter from Kansas 
City. Terms were not dis- 
closed. SAB Harmon Is 51 
per cent owned by SAB 
Indusfri AB ol Mabnoe, 
Sweden. Westinghouse Air 
Brake is wholly-owned by 
American Standard. 


FIAT SPA is raising L50bn 
through a five-year loan at an 
interest rate, revised every three 
months, of 1.73 per cent below 
prime rate, the company has 
announced. 

The loan is additional to 
another of LIGObn, also for five 
years, in the course of syndica- 
tion. at an interest rate of 0.5 






,i w wm To: Cometco Commodltfos Limited, 

inner JL^UDII H Bridge House. 1 81 Queen Victoria Street London EC4A 4AD 

’ BH Mr/Mra/'Miss ; 

TURIN. Sept 15. R| Address 

per cent above an average of III — 

secondary market bond yields. HH 

The base rate on this loan is Bb Postcode T he Commodity Brokers 

currently 13.246 per cent 

The L50bn loan is *>® in g I.G. Index Limited 01-351 3466. April/June Rubber 65.90-65.55 
organised by Sige, a subsidiary 29 Lamont Road, London SW10 OHS. 
of IsUtuto Mobilise Itahano, 1 , Tax:-free trading on commodity futures, 
and La Centra le, of the Banco 2 . The commodity futures market for the smaller Investor. 
Ambrosia no group. 


The Commodity Brokers 


SMMODITIES/Review of the week 

Supply fears push tin to record 


nt{ . r urTiTC eqnivalnnis ol Urn fixing levels were: premiums (previous In brackets). All In — Ort. unqomed-urwuotefl, Dec. 6I.2MTJ1*, 

HAN Jr, IwblAJLo spot 537 . 1 c. down 3.0c: three-month 566.7c. units ol account per tonne. Common March nnquoicd-unnuoicd. May umjuwcd- 

>nm , „„ llw down 3:M: six-month :.77.7c. down 3.0c: wheal— SZ.80. rest ml <83.», rest nUi. unquoted. July unquoted-unquoted. Week’s 

> sa^sosssss^ssa March “ 

SLE . ^ r- WOOL FUTURES 


— T BY OUR COMMODITIES STAFF 

■■ N PRICES surged- to new 
ghs early in the week. Three 
f jnths standard grade metal 
1,-niped £130 in two days to hit 
: ,067.50 a tonne— a new record. 

sh tin prices also rose drama- 
“ rally, although not quite enough 
■... register new all-time highs. 

;• Highest price of the week for 
sb metal was £7,300 a tonne, 

• ached on Tuesday when tra- 
- rs were worried by a squeeze 
• \ supplies. Freer offerings, and 
J me profit taking sales brought 
lues down slightly, but cash 

- - i ended the week £220 higher 

£1,255. 

I There was considerable con- 
rn at reports that a large pro- 


sper taut 


NDJFMAMJJAS 


nier MCTTATO equivalents of Ihe Bxlns level: 

DAijL raEiJ.AJLii3 . spot 557.1c, dwn 3.0c; three-mom 

COPPER— Catned ground on ihe London 
Metal Exchange Forward metal traded >5!£ua (UffURfeT » 

quietly in the morning between £7M and '?* ■'■** c ’ M 

1734 hut the market picked up In the at JS7-3 &P t jC«-564ci. 

afternoon. 10 line with Comes, la touch 

1760 before castas 10 dose at £7».3 on S1LVBK iiuUtnn -f art I*,M.E 
the late kerb. Warehouse stocks are per fixing — elu»e 

expected to show ..a further sizeable Mnyw. prum 

decline over the week during which - 1 

forward nu-ia) has gained IB.75. TXmujven tiiwt ...... J2B4.20P |— ! |2t6.6p 

26,060 tonnes. _ 3 nurath*. aOl.OOp [-0.16£95 6|i 

j a.rru " or] p.m. jl-j-or 6 miintht) . 2w8 5 jp Ml. GO — 

COPPKK i Official — Unofficial — 12 niMnthsjo J4;, .-1.28 — 


H- or “ l rST SYDNEV CREASY fin order buyer- 

f— far _ seedfau _ O. M.. O-p O, gpu cr . business, sales) — Micron Contract: 

Oct. *».«. 340.3, 3M.W38JI. 2: Dec. 349.0. 

^ 'I 1 " - rrata M M *- S - 3: March 33S.0, 336.0. 

1+1.6 M r-rt 3S5 5 - 355 0 - 4! “7.0. 339.0. 33S.5- 

+1.« IS? gI M - 5?^*' SSLS. 2: July 364 J. 366.3. nil: Cict. 368.3 

I Wheal or mixed wheat and rye flour™ q« n nil" Dff tti i it 1 n in o-rn o S’ 
!•••••• U6.01 I126.0H. Rye Flour 130.47 (130.47). Mjr< ; h 373 . 5 , S76.0.' nil. "Total sales: ' IS. 

I RT1RRFR LONDON — Slightly dearer on more 

m mw ItL'UULjv . acme trading, Bac&e reported. 

FIRM opening on the London physical < Pence uei siidi 


ireasv'Vonil Close I — 


26.060 tODDN. |m.«th, 291.00P ^.TaaME 1 ' ^ ^ M 

j a.m. *ori f.m. t+or 6 months. 2^8 5jp Lq.M - — 126 . 01 1 126.01 1 . Rye Fkror^l30.4T (130.47). +73 5 376 0 ni 

COPPHR Official |- Unofficial _ 12 niMiithsjhl4|. - . DfIDDCO LONDON-SliAhiiy 

InteroatJona! Coffee Organisa- — r— - - ^ - -- ' rr RUBBER acme trading. 

don’s meeting in London, which £ £ £ £ ^nii.. a 4n FIRM “w" 1 "* 0D London physical iPhut m 

«... * j ■ ^ Vif W1T8MT8' | __ __ oxs. Momlnfi. Three biodliis 291.4. 1.3. piarlceV Little interest thro u&li oat the =i — r 

Opened on Wednesday. C«i.h I 7S7.B-B | + .6 74 1. 5 - 2 . B +4.75 Kerb: Three momtis 391.4. l.S. Afiernoon: da y ciostng slightly easier. Lewis and An-imiwu YeUeriv s 

ramllln PnlaMrn: nrpqidpm nf n>n PH“ ^A" 6 I li® 759-.B j + 3 Three months 294, A3. 4.3.j4.4. 4J. WJ. p ea j ro ported a Malaysian god own price Worn Close 

•<u V ^ l 5, U n- la *>, n « PF . ieul m nt 73B +.5 — ...... 3 8. 3.7. 3.a, 3.. Kerb: Three months of 234 cents < buyer. Ocli compared with 

the Brazilian Coffee Institute, cathodes .1 skj.b. 3 . 4 . 3 . 3 . 3 . 6 , 3 . 7 . 3 *. 3 . 9 . 32 . 3 . 7 . 249 cents at the last close. 

suggested last night that market cash.. .—..736.5-7 —1 730 s +4J5 a — — — - ocfc*«r_...2aDJi-27.o 

support pricts under the Inter- LE'wm 7 m 5 ~i 7 *-° I** 2 ’ 76 for much or me day Kn - 1 Ym,enliy ' umow— J 1 

□ational Coffee Asreoment should Vi 63-66 Z: SS"™ SBIB 

be set around current levels — not Amalgamaied Motai~Tridln« ""remied Offish a‘ ihe low poiu of ihe week, GU Julv 240.W1.I1 ; 

the higher price range sought by ihat in the morning cash wirebirs traded DuflttS reponed. Oct. ..... 66 so 60.7V 6o.no-6o.o6 Ei.oo- 80 .oo ; 

producers previously. at nrr.3, »■ 30.8. 38. tfar«« months iracs. '.rwiw aSB + or — KTsTnwi' Nov. o1.S0-61.6B, 1 tiU.BWUB; - ' nisMgn 

Hnwwmre Mre* "uua , 64. 55. S5.5, 55. Cathodes 1 ca ■* 17S7. toco . I Ctow - ulne Uo> U&- bl.20 t\.Q d 0.9D-B1 JOI 61.7M120 «»n*-----P64-*46JI 

He said a price range of about three months X745. MJS. 44. Kerbs: Wire- I Jan-Mar bs 90 > 4 1 0, e5.4B-c3.b0; 64.40-65.60 Sffics: 7 fnili lois uf 

40 cents a lb for tile operation of bars three months {F54.S. ». Afierpoon; Nf| . Atnslne i6.20L6.2ft 66.60 66.701 66.66-66.B0 ZEALAND C 

export quotas could be set on SSWuSdo" ???-- J5KK HK SSKi £2 ciSX &S&& W 1 * KSt Smo 


Uciuber 220.0-27.0 '—4.6! 

Uereinl«r... 235.0 46.0 ! I 

+ 5.78; 

May 259.0-4 1.0 +3.6' 

Juiy_ 240. W 1.0 +B.0, 


Oct. 60 50 EO.7J 60.06-60.05 61.08-80.80 'tl o 

Nov...„ .1.50-61.66! tW.ID-61^6: - “EJJwbj lai 

Oct- Li*.- 61.20 61.6^ bO.90-61 JOI 61.70^1^0 

Jan-JUr bs 90 . 4 < ft e8.4ftc3.b0- 64.40-6J.60 Sale*: 7 fnil» lois of 1.500 


Coffee and 
metals ease, 
cocoa up 

NEW YORK, Sept. M. 
PRECIOUS METALS eased slightly cm 
ni«!S!i? iS ? n on H<,iue profl, -l*ffinK- Cupper 
J. 0 *'*? un j rade selling. 

10 aw,!l ^“ding. 
gSLS* - slwMr plusher on renewed 
Crimralsslan Horn* buying. Soyabeans 

iT , ’^ la * nn « following previous 
strength, Bachc reports. 


Ucc-Lto. hl.20 61.6=1 d 0. 90-61 JOI 61. 70-61 JO ■■■•■r’--— Cana— Sept. 176.115 I174.85j, Dee, 17.05 

Jan-Mai bs 90 .4 .0^ e3.4fte3.bV 64.4WJ.60 °riSSL£ipns_-n*r Saw 11 * MarCh 171,05 ■ Udy lS«. JiS 

Apr-Joe i6.20 l 6.26^ 66.60-S6.70l B6.6W6.60 *«EW - Ze 5“" 1 IS 35 - Sept - 0«- 159.15. Sales: 

Jv- iwr cm 0 1 eu.Opi 67.4J-67.M 68.20-87.60 7®*.a-183.0, March 185.5-184.2, May 158. D- B»2. 

Cta-uSc t9.70.i9 GB.10-69.S6l 70.00 bSmi? L ° q^ - - ^ll' , caff «e-" C " CnntraM: Sept 181 2S. 


export quotas could be set on ES tSttS*l So fe-K SaffiSSSSa- VST M 

either side of the current ICO 4S. Kerbs: Wlrcbars ihree months X760. — 1995 ^ !^3?i : 2US°!i»-193fl Jan-u3 71.50-ft.M; TO.W-n.Joj 71.00-71.60 


;• rtioo Of available supplies was ■ , J — *;r ~~C in U» rensng marwei. ™ irm incu Sales: 11.015 iZSTll lo 

the hands of one or two power- , , „ recent me early in the week. iw«i on forecasts of * fan id 1 warehouse iBtcmadonai cim c 

' 1 wrourS markrt In o ha ?, ns . e , le ? d P«ces too then suffered a setback on profit- stocks Mi mm tawmri «ms per pound ,*-DaU: 

, 1 cjroups. rne market in lead closed Iasi night £19.5 taking before ralivin® again bacX “L 10 rr -“ D . ,n ,b * r n 2f-» wl , l 5 t ?° its.ic utjk-. intoeaio 
.. :nang was also rn disarray fol- un nn 1%, P w « P b at SViOa mnnp +l°t J J -I . backwardation Widening wa.nO. In the js-day average 163.32 

■ ■ rsn." sovm s 'account 'sK 1 sa ■ « r - R . a sss zsrsspxti as £9 ffee 

' ' an selling via the smelters as P nces fro*” 33 to 35 cents a lb. Cocoa prices also fluctuated Turnover: i.3» tonnes. _ _ 


LONDON DAILY PRICE fraw sugar) bers down 14 J per com. average price] Dec. Mjfl-64.35 ■ 63.63 >. March 68 75 Mav 
04.90 i Uft3.no i a tonne cif tar 5ept.-OcL 67 j3p i-o.fi6i: Sheep down l.l per cent. (67.70, July tn.so. oct. 65.50-8S.6Q.' Dec. 


shipment. Wluic sugar dally price was average price 1 39.4c t + (l.6i; Pigs down ] 65.70. Sales: 8.D50. 


' an selline via the smelters as rents a id. uocoa prices also nucroaiea Turnover: 1,360 toi 

; r eviously B Copper was heid steady, too. by widely. The market moved up t fcm , 

- As a result offerings on the a further fall in warehouse strongly earlier in the week, but tin | official 

: :nang market have heen con- stocks, and predictions of another then fell back on profit-taking i 

•: lerably reduced, with ration- decline. Asarco announced a rise sales. The market was particu- fEa“^7*60-90 

g against bids up to 25 per ta ft® domestic U.S. producer lariy hit yesterday when pre- i montim. 7000-20 

nt on some days and delays on Price from 66.5 to B7 cents, weekend profit-taking cut the fcuijrffc 7290 


cne week. I thp pnee al E8 .bro on the lata kert>. mabicas CONTRACT— An mummod fixc ’ 1 at niLM «nOO Ml. 7" per cent, average price 67.2p f-8l>. I - CdW _j S — , » 10 , 0 «„ 

also fluctuated I Turnover 1,360 tonnes. ARAB 1C as coktract AP unquoted. ^ nurtet opened at anmnd kerb Scotland— CatUc^ numbers down >-®. Per j rjinjoJTjJJJ' -ria U ne?‘"T4 wi 


.Another fall in LME ware- It was reported that Zambia is down on the week. 1 «m I J - \ZZ I » tK' - !! 

wuse stocks of tin is predicted, considering re-routing its copper Ghana announced a doubling JL. — - — ■ — —-—l-— sales: 49 ^ < 2.4921 lots or 5 ionn«. A ,.J ” |S 

though predictions range from exports through Botswana and in the producer price of cocoa JUS’S i„. k “bs: stanffi cdSSSta* mw !* 

:■ decline of 100 to 400 tonnes South Africa because of the paja to farmers, partly to reduce ihree munihp rr.ooe. id, is, 20 . A/teruiKiu: Ar^bicaa iwm tiS 2 ^o>: unwashed Li^ 


+ or p-m. 

— Dnffiflcta 


£ £ 

£ 

+ B6 7850-70 

+ 50 

7020-40 

4-12.6 

+ 60 — 

- — 

+ 65 7250-80 

+ 46 

7000-10 

-7.5 

+ 60 - 



-50 — 

...... 



6...M 

three months £7.000, 


1 >»4«nts.vV 
Ulu«e 


c numbers down 1.0 per .-hSTTHI- 

Price 6S.02P i-S.Oi: sheep ^ Oec. =34.20, Feb. 

»*■ S 0 "™ sS £? SJ1- *s- 


levels and there nil r-r price* were coo* cent, average price 6S.02p i-S.fti; Sheep •>17 io ‘ Anrii »'n-n ,. Cm Feb - 

+or Buatoew rained wirhin a narrow range rb rough rat np 56.1 per cent, average price 13fl.4p w' 78 ’ 

uur « fl — Dono the day. C. Caamlkow reported. 1+4.6). sS'in . Fe *>- 

U per tonne “«r’ COVENT CARDEN I prices In sterling AnrlJ «*■"• Jun " =«■«. Sales; 

1579 80 -7 x 1592-IE76 **%£?'* ‘‘c^T “SSST EWSf^WST- uSSSSo-ImlUn:' tL^d-CWcMO loo,* unavailable. NY 

1610 12 j — lo 20 'BOO Ct Ooo!" ^ ^ ^liWs new crop 5^: Spania: Prim, ^am 26^ traded fM.TSK 

Januare ' 1487 29 ;+6.0 143S 80 Tra” a **L _»y. ***«» s - *" ah *- s<f P> ? 1=«13 <213*.. Dec. 221- 

s ‘is." i:k ms si rx^r' ss .jiapsiniirTjjij'TS; si ■» » 

a>4 1 lSL01 * ! + *■« fSm L 5S Oct. ._|H7.00-iM J |IW.7a-t.6.B5 ! b7.50-l6.7B 3.5D-3.HI. TanaerlBM— Brmffiian: Pur toi Z. JZ7.- L . 1 . . , 


1280 84 Tao 1 29 [L an Oct. ._|H7.00 i7.lJ|l«.7»4.6.B8 : i7.30-l6.7B 3.3ft3Jfl. TaiwerlB«-BniaDian: Pur box (pM-uaJon. m 

125158 I +9^0 1Z9 ^ BO Ooc..Jk9 6 .9 6*1 lu7.9J-bB.10> 9.76-07.60 a.5n. Crapefralt-Domtaicau: fl.DO. Apples | t ,„ '“S"?5^?2r .555-IS^** 


Ucc.-_.llL9 6 .9 6*1 lu7.9J-liB.1i)\9.76-07.60 


irebouse stocks, and good con- vously during the week, awaiting a poor season at between 230,000 lead— msuer and acuve. Forward (tamo, 

mer buying interest, brought a any possible developments at the to 250,000 tons. to*iJu>«fl^c Q .d te 2ic£iy G RAINS 


WEEKLY PRICE CHANGES 


Standard cash £7.250. three months £7,030, Arab leas 3.W.00 (samei; other mihl Sales; 3.G49 i4,7S2< lois of 50 tonnes. 1.00-1.30. Lettuce— Per 12 round 0.70. Cos 557 j:o. March 575.50, May 554.10 jui® 

15. 10. 20. 10. 15. Kerbs: Sundard I three Arabicas 157.13 (samei: Robustas 1CA International Sugar AgroemenL iUJ. i.OO, Webbs 1.00. Cucumbers— Pur iray 5B3 UO. Sepi. 602. UU, Dec. 8J5KO,' Jan 

munihs 16,965, 80. 66, 55, 60, S3, 65, 76. 1979 147.00 1 samei; Robustas 1CA 1966 corns per pound) f.o.b. and slowed 12'24‘s new crop 1.40-1.70. Mushrooms «!0 50. March iOD.00. May fi.ni ho, July 

75. SO. 147.50 isamui. Dolly average 152J7 Caribbean port Prices tar Sept. 14: —Per pound 0.60-6.70. Apples— Per pound 649.30. Sales: 9.1NIO. Handy and Harman 

LEAD — Higher and active. Forward tsamei. Dally 8.8 iB.01), 15-day average 7.71 Cn-nadicr 0.0.1. Lord Derby 0.04-0.05, pni 554.M 1553 JOi. 

metal traded quieliy on the pre-market rD 1 glvIC . , , _ , °- p5 ^ i - 88 - Co*'* Orange Pippin Soyabeans— Sept. 659-flso iBiSli. n™ 

but moved ahead quickly in the morning OKA 1^0 Tate and Lyle ex-refinery price for 0.06-6.10. Discovery 0.06-D.M, Tydi-muns 659-637J ifiW},. j a n. v‘rrt» arej 

rings aa forecasts of a large fall la ware- ■ nunnu futures irtmwiv granulated basis white sugar was aot.SS 0.04-0.05. Worevsti-r Pea rm a in 0.04-6 05. S71j, May 677-67&j, July fi77.fi;c a™ 
bouse stocks caused the price to lilt to „ TiJSSEL. 'S 3 ™ 61 a lonne for hnm * trade and pears-Per pound Williams 0.06. rm- ST0. JUJy 6,, B,C - Aafi ' 

a day’s high of £364 following aggressive " f 1 Il«-M i £163.00 1 for erpon. fere nee 0.16. Plums— Per pound Bush sayabeaq Oil— Sent »b -n."r -5 ,n-,- 

trade and speculative baying. ‘ Small movement HONG KONG SUGAR FUTURES. Mar- 0.07. Persbore 0.00. Victoria 0.0S-fl.iu. dm "sav-s 


trade and speculative bnytng. ; Small ZhHjTwS'W ‘wJimT hohc k0 " c sug * r F «f™«*es. Mar- ft07. Persbore i.OO. Victoria 0.0S4UU. OciT" 5^-25 SO , 2 g S) 

proflt-caJdog on ibe iaie kerb saw the *cl report for week ending Sew. 15. Damsons— Prr pound O.IF. Tomatoe*— , ’ iaff Man* 

price case marginally to close at £363. Ra^v 'desnlie prtces “ alne<1 w *° 30 011 the week Per 13 lb English 1 30-1 j0. Cabbages— 24.W53^ MaS J ‘ 5, 

fflse on the week was XU. Turnover: , c ! ns , e .%f rler ““ ta modest trading. Friday's closing Per crate 0.7U. Celery— Per bead 0 08. “Jl * '7™'™ 7 0 * Z3 - 75 ' 

r aw wanes. prices ( cents per pound »— On. 8 27-8. SO. Cauliflowers— Per 12 Lincoln 1.00-1.70. *5*1- 1^.50 <17230>. 

— - . -tt— - r — — v— W" 1 5 ri Eh Jan. a.7ft6.75. Mat* Sfift8.87, May 9.02- Runner Beans—Per potrad Stick 0.07-0. os S?’-* 1, -; 00 ' in i" ‘JS'™ 1 - »»■»■ 

LBAD ”1 + * changed to 200 lower on the day, Acli j u iy 9.25-0.27. Sept. 9. 46-9.47. Week's Beetroet-Per 28 lb 0.G0. Carrms-Pcr » TS . 0&. Jan . lTa.flft- 1 <4.00. March 178.00. 

OlBdai — (. UnurOdnt — reooncdj. hlsb-low: Oct. 8J0-7^5, March fi.EC-S.4S. 39 lb 0JKWI.70. Capsicums— Per pound M *y 179.00-179.50. July 180.50. Aug. 180 00. 

— 7 WHEAT BARLEY July 9.40-8.98, SePL 9-5C-9.5L Tamover: 0.30. Courgettes— Per pound 0.10. Onions 5ngor-No. It: Oct S2S-S.39 (9 .581, Jan. 

^ n * L-* ■ _ WHEAT 79 I S2 1 lot A ■— hag 1.80, Pickle rg 2.40. Swedes— t.65-9.69 iS.87i. March S.83-9A1. May 9.00- 

OMb.——. 3B8.B-9 -f6.6 55B.ftB.fi +8 [V'eatent*? d + or YeMerday'W -f nr EEC SUGAR IMPORT LEVIES: Per 28 Jb 0.80. Turnips— Per 38 lb 1.00. 9.01. July 91*3, Sepi. 9.W-9.4:, OcL 9.50, 

imonthH.. 302.6 8 +6.91 a&3-.3 +6.9 M'nth clime j — ■ ck«e — Effective today in uffiti of account P« Parenlp9— Per 3S lb 1.20-1.40. Sprouts— Jan. 9.81-10 00. Sales: 7.60U. 

Seis'm'm . abB +6-&I — ...... 4- 1 ) 100 klloa— White sugar, denatured and Per pound 0.88-0.97. Cobnuts— Per pound ,t< E fn 


La text 



1978 j 

perumne 

unlaw 

rtetol 

oT 

week 

Iw 

igo 

High 

Law 


v ^TiQnt 

prta«* . Db'ge 
pw tonne on 
unieu week 


-cals 

imimnnu. 


£710 — 


w UarkK ul.l... 51,070/90 | — 6 
limnny Iti.iTJS — 

w Slnrhrt (99.es 52450/500 I — 

3 par 

ib Wire Bare 1142 |+fi.75 

. ith< Do. Dp. E759I& '♦10.7& 

,4*ih tiaobodck. £T3L '+5 

■ wnth Do £749.25 -+8.75 

Id per (u. 5211.075 +6^ 

ul Cash t £559 .+19.5 

KHiths 5 ! £362^5 ;+18 

: • — . 
to Unrkeic-t.i.rb.; J1 J0/9S | — 

■ - .tinum por 0 *. ...I £ 1 M — 


fiSSO £710 £680 

9990-1000 01,085 6966 

1X17*1 £Li to £l,b£5 
82,700-750 f2.476 SHJ36 


Wheat ■ 

Kn. 1 Had fiprloR. £80 

Am. Hwd . „„ 

Winter (Oct.) £81.25 


£8fL5 £83J Li. - '. S|mI.| 36B.B | | 3SI.SS j_.-„ 

mi mm Mnrmna: cash £336. 56.G. 57. 50. 58.5, *«- 

Tzbr three MA I360. W.S, Cl, G2, 63, 62.5, 


Outa.«- - 3BB.6-0 -hGi|i5B.9-B.5 40 l'ettorttay'C 

5 mpntbn- 382.6-3 +6.31 3 63-. 3 +6.9 M'nth clme • ] 

Seu’m'ni . at>9 +6.S — ...... , 

L'.->. 6|k>I. 362.B ...... | 331.53 bepk 85-78 


high-low: Oct. 8.26-7.85, March fi.SC8.4S. 28 ID u^o-s.7U. Capstcums— Per pound n5.uu-in.au. jQiy ] 80.50. Aug. 180 DO. 

HARLEY July 9.40-8.98, SePL 933-B.aL Tornoverr 0.30. Caurgcues— Per pound 0.10. Onions 5ngar— No. It: OcL S2S-S.29 i9.MJ. Jan. 

79 iB2i lots. — Pur l>a* LM. Pickiere 2.40. Swedes— S.85-9.69 i5.87i. March S.9S-SAI. May 9.00- 

ay'aj + rtr EEC SUGAR IMPORT LEVIES: Per SS Jb O.HtJ. Turnips— Per 38 lb 1.00. 9.01. July 91*3, Sepi. 9.40-9.4;, QcL 9.59, 


Kn*.auun«(new crop) _ £90.5 £106. | £89.6 j c> e2 5i 63. 63^, 63, ' 83 j. K«h«: cash Mar. 


’+fi.75 : £603-5 


£603-5 £778 Jj £612 

Uas.b £790.75 £124.76 
CS1ZSB SUbSi £&JLb 


I?) «.80O - - I £6,0 

I'eupor, white.... 82,776 +176 I 8J. 

film 81,825 +125 82.175 82.' 


£359, three ffiOOthfi £383, 62, 62.5, 83. Alter- i!»v 


05-7B 
07.60 
WU.40 ) 

02.90 } 

Ba.tO 1 


Y+Or y«ad*y'i|-|-rtr EE ‘ C SUGAR IMPORT LEVIE 
j — ek«c — Effective today in uffiu of account 1 

— — 100 kilos— White sugar, denatured a 

•*0i 7b.60 — O.D5 non-dr natured— 23 AO 1 26.10 1. Raw sus 
■40i Bu.SS —OJO denatured and nan-denatured as 

£3.10 t-u.1a 1 samei. 

SSi EiS F“s soyabean meal 


too kilos— White sugar, denatured and Per **2™?* ■■•M-97- Cohnm»— Per pound 

-O-ftS nod-denatured-- 2a A) 1 26.10 1. Raw sugar, Rem 0.35. Cent Cobs— Each 0.06-0.07. 
-0-20 denatured and nan-denatured — 31.68 • >1 pf 

-u.1a , samei. IIyDICES 


mMiwkeic-U.Ib.1 81J0/93 — 8L8&-2.1 S2.0 JJ.773 

- .limimporffiL... £IJQ i - I AS7-KWJ5 £LU.O £96 . 

m Market per «| £136.40 1+1.76 1 £86.1 ( £140.1 | £964 

. krkatlverflSIba,). S125rfO.| 1 8120/30 I8JS2.6 .,81215 

. ’ cw per oz. 284.20p \+\JX>] EbB.lp 2ffiL75p 260p 

• months oer I £9L'Xh> !+0.8a B6I.7op | JOe.abiJ 25 &. Op 


£687 £79ib £614.76 0£b , 

8147.625 5214.8751 8166.135 LoconuifKhiHpV*") 87® 

£323.75 £364.76 1 £27525 aroundnmb* » 

£326.75 £369^6 £281)^52 lamwwJ. I'ni.le *3B7 

r £2^66 1 12^66 Palm Malayan 86® 


-30 8466 

- £547 

- £313 

-12 8438 


|640 .8493 


months per at— 23L0Qp ',+ 0-80 26I.7b; 
i cash £7;2&& 1+220 £M80 


soe.a&pl aes 
£7^90 £5,1 


^ nnrip 

Coii«iPWUBplffi«4 W30‘ 
Soyabeuifi (.li-dj— | 82® . 

Other I 

Commodities _ „ ■ 

lVs.u « sbl|im«it*-. £2.^9 


S3® 8645 

5211-70 5313 


• - } 5160/166. fifth 8130b 
+ 116 £294.6 £339.6 £23026 


mr,nibs..„ £7.006 +S7J £6.175 - £7JK7.6 £6.717^ P*t« 2a, I pao... ....... flA 

ta^ztea tiri 8137.82 - . - 15137^2 8134^4 CoffeePuUirro Nov. £1,011 

jifram (22.041b.). 8140/44 - 5160/166 Slf-Lb $USU> Cotton Iftle* 7145a 

ic cash £328 +116 £284.5 £339,5 C255J5 Dtp. Coconut...^.-- £946. 

months £337.75 +13 £30L6 £349^ £237.76 JuteUAUtt Up** 

sincere. $626 - 6700 8025 8660 Rubber bite.. *J;®1 

Sago Pearl— l:l « 

urns di»iNo.iL« 8M0 

-lev BBC- r — - 1 I t Sapar fHaw>, AIM 

ease Futures £80.36 +0.10 £70.® £87.75 £70.06 Tapioca No- *,*« 

ire Tea (Quality) Wlo-- Wpi 

mchXoJYelkm (plain) W»-- _J0p. 


■row 

rley BBC I 

me Futures ..~ SB0M +0.10J £7B.ffi 

4W 

sneh So J Yellow 

(American) £100. B — 


Cottbo Iftie* 73.46a. — ; 

Das. Coconut £846.. — £7H0 

JuteUAUW Upde »490 +1B 8417 

Rubber kilo.. *9*®P +0-60 S7^6p 

Sa«o Heart™ *=178 — cam 

dual No. 3 h- 56®. - 8600 

Sugar (Ha*}. 4-1M +0 £106 

Tapioca No. 1--- . -‘ C1TO 

Tea (quality) Wo— l«p +1 2Q0p - 

l plain) kik> ^ TBp +6 IDOp 

Vooiupa 84* Warp. BTfip kilo W 279philo 


I 

.501 £2,494.6 £2.153 £1J511 Cnsb.„. H .. 
.501 £2.419 £0.098.6 Cl.ASfi.b imontbe.. 
A mZlJ fl.HbZJjXUa: d'tneni.... 


noon: cash £359, 5SS. three months Cia, Business done— Wheat: Sept. S6.00-S5.65: The market fell 70 ratals under 
U.6. Krrbs; cash 059. three munUt, Nov. SI.sU-9: >»: Jan. March wromre from ocal farmer selUng m 

51.670 niB j a. 9S.3O-02.M: May M.7IW5.-10. Sales: 191 Chicapo and unsnld anoaimual in 

„ „ ZINC— -Moved ahead reflecting the tats. Barley: Sepi. 76.6ft73.45: Nov. B0.4O- Eiirooe. SNW Commodities reported. 

strengtb of lead and on espcnarlons of SD.25: Jan. O J5-S2.M; March S6.55-85.4tf; Y»ut«i*y -+*u wmihm 

a reduction Id warehouse stocks. For- May RS.OO-ST.'- 11 *. Sales; 191 lots. * Wrap — Done 

ward metal opened at £SS4 and rose hi HCCA — l^icattan cx-farm spot prices: — — 

f493 me day's high of £339.5 before easing to Feed Wheal— Norfolk! £79.90, Devon £78. W. Kpertoone 

close ai tjm an the late kerb. Turnover: Other milling wheai-HHarfoCt CM.00. Feed 

8,156 tonnes. barley— Nurl"lk £73-50, Devon £71,00. October „. 1M . 1 13.61- 15.0 j— 1.40 115 J91 3.90 

8372.5 n1bi'.“ ”l+"w" ' ultn."i4-«- Thu UK ni'-nejary cwfficlcnt for the Ue,.'«nlier.„. 1 ■& 4 ■ Ififi;— 0 JO 118.20 16.46 

2IHC OfficW — UtuffilvUI — wee ' ! buginiuns Sc PI, IS is exoected to Kenruary H6-SA 7J1— 0.65 117.10.17.10 

1 remain iinutamsed. a urn I 7.5- l8.ft-0 85 - 

t* £ £ r IMPORTED— Wheafr-CWRS No. One June-....—.... 116.2 U6.ft + O.U5 — 

■ l fin iu,h 387-8 +4.6 327^ 85 +4.9 1S! »’ r eyM! Sepi. 00.09, Tflbury seller. 0 JS.t| + u^0 — 

SSwS; Si U.* WVJM tr 5^*5* iffttilW'Ja ^V D •Vi-fr ! _-.1Iillw| + Mi - 

328 I+ 4 - 76 sjg-j, its d%: w.alt.SSUSf & &1 “ : « ,ota 01 5 tra « a * 

^ "L 1 ,'.T 7_' 31 Coast seller*. U.S. Hard Winter Ordinal rOTTOIV 

Morning: cash £327.5, three mnnibs q-l fSlJS. Nnv. £82iS cratiahipnieat East wllull 

6*37 £ 335 , 35.5. 37. 38. 37.5, 37. Kerbs: three Cnast sellers- EEC Milling Sept. £97.50, LIVERPOOL COTTON— No root or 


ZINU 

tot. 

OfficW 


L' 


327-8 

i month.,, 

337-.S 

a'menl-. 

328 

Frim.wret 

- 


FINANCIAL TIMES 

•'ept, 14j r|ii. lSjUnnih ^pij \«ir njo 

263.B 3 J 843.05 

(Btue: July l, 1952=100) 

REUTERS 

S>qH. IS-ieiu. lO llniif.r^ryST^ 

1482.9 |l4a5.6 | 1440.3 | 14U&.3 
(Base: Sen lumber is. 1931=1001 

DOW JONES 

Dow I sew-' |'aBtiu'| Mu^tiri 7wi 
Jnnm | 14 | 13 I aco mt' 1 


■ put ,„.Ls 83.78 3dl,6Q|3(>9.0d374.49 


months £337 j, 38. Afiernonn: three muffins {jet. f9t<.50 aimiod East CoafiL 


shipmeot galea were recorded, leaving I /qtitfft(S d8 48;5al.Oa|+au.90t 32t>.67 


8666 Sb20 
£114 4»L 


tDbOBOtnl, •ItaffisaL gUiduum 


£339, 3S.5, 39, 36.5, 39, 38J, 3B, 37.5, Maize— U.S. / i i YHich Sept, £100.50. Oct. >5c total for the week at 1.5S9 tonnes 
Kerbs; Ihree months £338, 37.$, 37, 37.5, flOl.Dfl tran'tapmrtl East Coast sellers. <3.107 tonnes last week l. F. W. Tatter- 
3S. S. African White Sept. /On. £61,00 OlasROW sail reported. Few inquiries were 

■Cmti par pound, tin per pieffi. seller. S. .Vrlcan Yellnw SepL/Oct, encountered and business was at a low 

t On prev wns n noffldal cloaa. £61.00 CiafiB»w seller, ebb. Scartered interest was shown in 

CIT T/L’P Sorphom—ti S.' Argentina Sept. £108.09 African and La tlr>- American styles. 

. i3I L t JL,I\ named transmi'tneni "East Coast. HONG KORG COTTOR— Raw cotton 

Silver was flsed l.op an ounce lower EEC daily IMPORT LEVIES: Pre- futures tar week ending Sept. IS: Prices 
tar spot deUveir In the London btffilon miutng effective for sepc. u in order were won maintained In routine trading, 
market yesterday, at SLSpu - 08. cent current levy phis' Oa, Nor. and Dec. Friday's closing prices (cents ser pound) 


(Average 192+35-26= 100 > 

MOODY'S 


"'■*•1 fit. MnothlXcn 
Moftly'-. 14 18 4».i a 

aple Com mu B36.o|4A9.0 its. 8,855.5 
(Decemhir 31, lBSlsiw) 


Th*— *43-«SD nnm. 1 645-650 oom.K 

“Wheat —Sept. 3361 i3391>, Dec. 33U- 
331 (333*», March 330. May 327+327}. 
July 319. Sept. .1234. 

WINNIPEG, Sepi 14. ttRye-Oct. 95.10 
>9a.5ai. Nnv. 93.50 asked 193. So bid), Dec. 
94.10 asked. May 94.10 asked. July 96.00. 

ttOats— Oct. 74.50 hid 1 74.59 1, Dec. 
73.60 aKked >73.60 ackedi, March 7SJ0 
asked. May 7L50 asked. July 73.00 a&ked. 

OBarley— OcL 70.40 bid ( 70.701. Dec. 
72.30 asked (72.50 asked 1. Mardi 73.50 
asked, May 74.30 asked, July 74.00 nom. 

5S Flaxseed — l)cL 252.50 >2S8 50>, Nov. 
253 50 asked f257J0 oskcdi. Dec. 25l.m. 
May 255.50. July 255.0U. 

ISWbcut— SCWRS 13J per cent protein 
cnnlenl cif Sl Lawrence 171.44 (I72J4). 

All cents por pound ex-warenouse 
unless olhL-rwise staled. * is per troy 
ounce— lftftounce lots, t Chicago 
95 per IM lbs— Dept of Ak. pnces pro- 
wobS day. Prone strain fob jvy bulk 
tank caw. JCems per Sftib bushel ex- 
warehouse, S.IKHVbashd lots. 9 9s Mr 
iroy ounce tar aftoz units of 99.9 per 
cent purity delivered NY fl Cents per 
'roy ounce ex-warehouse. j| New ■* B ** 
irontrad In 3s » short ton for bulk lots 
of 10 b Short ions delivered fob care 
Chicago, Toledo. St. Lotus and Alton. 

Cents per Sfttb bushel In store. 
nSf 1 * 8 2+10 bushel, n Cents per 
48 lb bushel ex-warehouse. J} Cents per 
56-lb bushel ex -warehouse, LOOftfaushd 
lota, nsc per tame. 


. . %■ 





financial Times Saturday September 16 1878 


BRITISH FUNDS <«» 

FREE OF STAMP DUIT 
2'apc Anna. T3'« 20 ‘119* 

S»: Transport »&■«;« *'>.» S; 4 'i* '4 S-i 
,* 1 -t *5 5 « I) 4**,. 
l ac Com. ZOb© .*, 

4« Cbiij. 32 a-a -«® -« ' 2 

■>^K Conversion Lit. 3 a W S '* 4 "a 

iV-iSc Exchequer 1936 1030 '» 


foreign railways (-> ♦_ _ 

■liUr. S«a- R «**ii Railway 4 ,:^ 16* (12-3: J _ k — 

BANKS (197) ' i I (IIS 1 

Alauri*r:» 2A0 .13-0} “ ■ 

Allied I •• 2 * n»i. (250} Z350 6 5 

&fr ttJSttn,* Mil j Frfter. September 15 


This week’s SE dealings 


!J«I *60© 57© 2© 48© SO© 


4 . A***fc“ P wU fliP ut ii Smtoartww Knjwwq cUj. '!, 

M . , 4 . SI- SPtL0.M.O HWSSi «Op. »1M Id, *3 

Friday, September S .' Vffl 


Toe EwMouer 19SI 86 =*® '4 ••■« * Bfc. Ms««aMJC2l IS;. Sun. Wm 1 . 7 th 1 

IK Exchequer 1983 8Z*:«© -i» I'-'i* 2'iZ' cJ .. 

';*.$ B> SMh Wales :Lon. Res.) (IA2) I 

tiS &&2SL 3t ! -t 33 na*. i\rz . 


*-■■« kjt.iicqucr 1yo3 91 •'» 

9«pc Exchequer 1SS2 SS-i.: 1 - 3 64: 

2‘i >; 3 >. '* 3 

*':« ExtheciKC 96*i«© 'lo 5'i 
tOpc Extneaucr l»S 95:«© S * ',4 


Friday, September 15 62 ^ 7 ) Wednesday. September 13 AST* I Monday, Septernfcer 17 s - Gar. tasg}. * 

ThursdiyT September 14 W31 1 Tuesday, September 12 5*35 I Friday, September * *382 

Tia ucl helm recaps .11 mrtVs mirkme. and at*. u, , ales t n-Hrip* -»r ina u* week .1 aw Hare mi (tart is >e*enU*. The inter as btfttUMM hr 
die ewe (la iwwtaci). . . sn 90 B &= w ® s S gi : . 

.._. .. 1 - _^.h Mctim iaiiD__ .. oi ih* . cms. and the n«t unai. *»»*»«. b* rws«r«ed as a complete rerart d ' V?/®,*' ralui 83®. *..1 


■r“ M*pTe ^f08»-» r *tS\ Pwtfend CmLJ-D ‘8S 

• - 1 *, ni^ocLn 67 M *51 oc-fi Priest <81 Scm '25« 95© 

■ esa be dbHa^M fty j Marrow*' 890 8 9 PrWMrci Sere s. _<*», *3g 40> v ■ 

.V ]m55E ™ («») » Wtat * U2 - ***»■ « ••• 

• .i V.l? ‘^ SS’:, . !««"• 87 I Pm'^LAunlrlM (5»> 12U 


Bt Ns** iwjji (set* T!U|, rb, niimhar at SnUan marked in each seuien Nltan the napie ol tee c «sb, and the 

■*■ *%**?"* tGeV Co ' 1 =9a0 3DD ® 2839 I sediaa. Unless ALHerwIse denoted shares an* D falbr wo a and nock E1B0 ruH» n 

■S»ft*. Ts 5k.N«» -T.wfc con Sn». com. ; P*id- »•* Extliwse seeurlti* are quoted m aamid. and fraaion* o' r*" SsOIBcWUtt 


f:.Lil3‘ 2**4 : T3 9 - ' 


! or in netted end fractions of peace. 


Prov. Laundries (5pv 13U 
PuMnrnt JU> >Sol 99© 
py» HldBv 2SW B9Q .9-5 7£ 
Price «TJ» C1C« 47 VU;9) 


lu 4 pc Ext.ienuer |Jp 3 «7U > 6i-'i»(13 9i dareiiys **■ 2S51* 60 70* GAo 3© 2 1 The list be law gives the pncee ai wtrtch bargains done tap members ■» 
O’spc Echeguer 1937 87=:® '■»© •* , a I o * J n S Go 2 .® — " a 5B 9i. 8 -jae j jT, e Stack e«»-*—g 4 have be-« rewded in The Stack SeA.nge t*n;lr 

iiK^scheouer 7996 1MV« , e ■* neUrsCso Lr. 67 : 4 . Official List. Members ara nat abliged to mark haraalns. except m w *"- 1 

12^- ExcSc-u-r 1 nq?-2032 96:-4 Hi 3* 2 *12 9. . _ _ 


oars umcoi UK. m tnmcaaon.a wtmuatm «*» - w“i '■■■“ 1 "AJl, Vi VacPI. * 

a sale at purchase lijr members at the hobtic. Marttims are n et ©etasMrtly | JHSLis italllapl 126®' if 5 ?-* 
hi order of executiae. and oal» one bargain in any ene security at. aw wjJJalSal** O 0 lv *ESL tZ 4 £»j , iO 7 
pme © recorded. - - war-m - Albert) "™Vr« H© S 


‘<CPC rxcneoiKr I9BB 1 W>« It ' I '.ncura.up LB. 0 / 4. ■ • KWrttn-o;y- - w -^i aa _ f1t (7 

*5 4 «!o« «>.;_ ,, ?nir«l av. commerce (kC=. 16 . 4 ;©; : Bargains 81 Special .Pn«*. A .■»?*«' ^ * » b " bsmraon onn-tnrnrtera.^^^Wria Sj4mSfffi£ I *«p. 2 « 


“ fc * llv T iJSraSili© ^H-*"** 1 : •" 

w W8 i«ftw>di , » . 107 Qaeons Men rises. j5p> a* >co a- 

41 g35r ' Hj> ^ ™ 43:s - 


— £35 pd.l SS»u© 

*2pc Exinequer 2 j I 3-3017 98 = -4 
I 2 I 4 PC Exth-r.uer 1932 99 1 :* ; «© «© 

1 2 '-pc ' ExchVourr 199a 101 ;® t00*o •„ • cnSsiiTSw. Com. *:$U64i 20 _ 'Arden Cebdes [Hotels «S0»' *9© 9© tos , ? ,- *v5P e &55; 52 -- 

■« I. a« DltjjCIlnt Hldss. C20o; 78 9 : . Arenson * A. . . Hides.* ■ 1 opi 89 / o 1 1 1 2.9* 1932 871^ (I* 1 ?). /a:L“- •■ 

12 43 c Exchequer 1981 103 *9 . MS©!. . f ■**£**. 910 »7«'9I j Arlington Motor Hklps. (35pl ’16 17 64-* 

line Eichwjnr 1910 IOA-vO -Kz w ■ Cco*r.jrc.ri Wt_ Australia *Lao. Res.i Annltage 5-lsnics Go. -25pi 73 £-tgli Stram Specialities Croon •»' 

5 4 SC F-.-M ra Ln. 9J 3 i 4’ * fSAIl 2 aZ 9 *14 91 ! ArmsWCM Enuipment MOsi 64';J British Sugar Corporation SOPl 1 

Sijpc Funding Ln E5i* ’■ "s *» '* Courr.'ixs-rlt Afctieraesellschal: Cts Dtp. i Ash Lacy (2 Sp> 144® ri4‘91 British Syphon indusL (20»l 6 *.© ■ 

Gsv Fur.a nq Ln. 62.0 'J|,o -i ■’, " ■*. !, .'4 Br. (DmIO) 17 113 9} 'Associated Biscuit fZDpi 85® a [14/9} 

r -4 >4 ■ Camn’u'r-Jl BU Sydr>-> r'A’i 175 I14 9J ’Associated Book Publishers < 2 Dp' 252 British Tar Products MOr-J 61 - tl 

G'jpe Funding Ln. SlhO 30 ■ '• : x l'i«:i Fraser Arspacher 'lOo; 130 ; Associated Brltcsn Engineer* no (12>^>) « •« Briasb Vending Industries ClOPi 5 

1'aJC Funding itlc. .Rct.l 5o * Ocrr-'C Nal'OWtl D •'.ou-*' -ZSo} 188© ■ (1319) . „ , _ Jl (14,91 

S = .-a; Funding 5'Jt. 84© S * -4 4 J'-',, *' , *' ,ian JL' Hldg*- <25p( 59® Assoruted British Foods (5pi 76 7 E- British V7U (2Sp) 1-73 

6 '.pc Treasury Ln. 64.;© '* * 1-*«: 2'*, GlWi Bros. p.scoi>r: 22 :© ‘ &i;ucDfa. 75 H 2 9i. 5‘;peLn. 22 113 9* Brltalns Ltd. (2Sol 24-1- 3:- 101 

7 - 4 UC Treasury Ln. 1985-19&6 B 2>0 >!■,;© Gr rcMarS H’dCJj f25p) 139 43 38t ’Associated Dairies (25ni 248© 52© 50 3 Do. 1991*96 82 (11i9) 

■ - Guimeis Prat Grcuo r25o, 248 i Associated Electrical Inds. 6 ncDb. 81 ut 1 Brocks Group nop) &i... s: 2 : 

7 - 4 pc Treasury Lr. 2012-2015 66 **s Hambros Shs. >2 Sd> 197 200. 7pclinsec fl4;ffi . Broken Hill >SA2i 730o'2 ‘S- 

Bu; Treasure Ln. 67‘» L". «■ ■'* '1^9) Associated Engineering '25 p> 1230 2 : ;-C Bronx Engineering (lOp) 51 

B * pc Treasury Ln. ZZ’<? t,« fit® =■ Hill Samuel Gnjun i25p) 100© 99'*:© St©.' 20 1. SpcLn. 63 (149) Brook Street Bureau ( 10 e) 88 

'• 2t 2 vstwsM sub. a;- ! Assor.ated Fisheries C25o* 46 (14 9* Brooke Bond Lieoig (25 p> 48 4 © * 

B ;p: Treasury Ln 93’ieO >4 ! is 3! Hcnet o.->4 Shanghai Banking Cpn. ; Associated Leisure (5p< 680 9^. . l ; pcLn. 1 7pcLn. 55A (1419). 7 <<pcLn. 59 

« ,31 Treasury Ln. 89-><Si >, Ij I| -* .» -SHK2.52) 332*0 20 1 © 40 21 : 17: 36 S5© (Brooke Tool Eng. (25ol *9© (14 

P’.DC Treasury Ln. 76 33017,20 1© 4 © 21; 171 36 1 Associated Newspapers ! 2 Spi 1910. 6>pc Srolhcrhocd (Peter) (SOpI 131 '1 

Sic Treasury Ln. 1992*96 E2'i '« '> jMsel. Tc.Rbee i25o> 62© Ln. 48:* {M'Qi IE-own and Ttwse 725p) 135 *• >13 


Cal» Ryder 280 *1091 

Chase Milbayran Can. 5hs. Com. 5tk. 

■SU512-S0> »T (1 2- 9> 

C'-t'Csro Shs. Com. 'SUS4> 20 


5 Malayan: sale— SUemeaa: SNZ— SNew Zealand: SS— tRonwei sls— ^ jUniteo males: S*l-W«i Indian. 


M-itonaV^^ » V* 


art Ktdos. Gtso) ca nm 

KFD Grp. (lOnl 78 7 3 St 4 
Raeal EMc. *25w 361© 210 3*« 63m4 
3« 46 8 1 2 ‘ 


6';pc Funding Ln. 81 kt© 30 1 \ "i 1 1 laS 1 Fraser Arsaacher *10p; 13© 


I'iJ: Funding itk. ■ Re;. I 5u , 

S=. -a: Funding Stk. 84© 3-» =: ■* 4 <«: 3'-' 


Gerrarc National D «-.ou-*‘ 'iSoi 188© 
" '4'’^onv' Hldgs- (23p( 59© 
G::W( Bros- D' scour; 221® 


f 12.91. BiucSrdPf 52 TocOb. 1 980- 1 Dornend S=amM»o i50p» 7S7 r:c;9> 

& '“i.ss: 'is?: ai/iss. «,* * * 

STS i'SS | <h*w,-\ ‘«eL« « 

8 -“f?4/9i Ph ° rt lntlust - u0s> Ctenf !2bpW6 ''ii -i. 

British Tar Products (10-1 61 = 02 91 , Og*i«5" T £55^!? 0^ BT ?©" , . 2 1 :-9. 5 “ , 1140 

Wastes’ OOP! 31* 30 D 6 nv 4 e ^ 

. -7 . D.s'sitij InMi, r7_5fii 205© 2 13 


27S© 19© tl* 31 _ 
Heodersoa tlOni 90©. 
(11.9: 


Da. A NV 90 


Henderson -Kenton (20pl 90 (1B|9i.- -lOpc Mears Bros. H'd^*- 
P». 94>© --© (74 91 - Meat Trade , 

He-ily: -20o« 129 nt. lOUpclstDb^ "83’£ ( Medminster ■10«« 

172/9* , I'hteeroiK f So» 18 (“w 


="’ SB (l2l») 
14/91 


6 ',pc Treasury Ln. 6 a 7 © *i -s 1 -'at 2'-» CWI Bros. D'SCo»r; 225© 

7Voc Treasury Ln. 7985-19S8 S2 sO Gr rtflayS H’dCfc f25p) 139 43 38: 

1 - Guinness Peat Group (Z5p) 248 


7-.gc Treasury Lr. 2012-207 5 66'-x 
Bo; Treasure Ln. 67 ‘a 
8 4 pc Treasury Ln. ZZ'i? t : 0 :•:* 


Dixons Pnotosraphic riOoi 135 * 6 1D.4p;». 84 3 (12 91 ■ Met-l 

'•.Or !bp. hie 1 14 91 IHnwsr-l J.) Iiopl 79 8. lopcspf. T50p> r I r Pfi 

Dobson Park lnds. nOp> 713>:© 19 s • 36 HI 9* ■ ! VM >I B' 

19 Herman smith *iO»* 11© 1 Cl 

Dcm mass (Idol 34 '4 4 .14 91 : Heron Motor Go. *25p* -136 rlS.9» L,n'ru 


P- 4 BC Treasury Ln. 76 
Vic Treasury Ln. 1992*96 82*, '« 
fee Tr:asnrv Ln. 1992-1956 =« * 

9 ;pc Treasury Ln. 81 LA 2o 1-13 

4 ■'» > 

I2ie Treasury Ln. 102-VB '«© 2 -o 
12* z pc Treasury Un. 102 >■ 2 . 

’2*o: Treasury Ln. 1592 103 : -:» 
12..DC Treasury Ln. 1995 106© 5'.eO 
< 'a "1 *« 

1314 DC Treasury Ln. 1061;© * 

1 3- '.pc Tretsury Ln. 11* : "• 

14i;pc Treasury Ln. 1130 IS 
' 3 -PC Treasury La. 102-vC ■* : ’• 

tS’-or Treasury Ln. HBI 4 O "is© 1 1 
2 ;pc Treas 20 li«© 15V 
3o: Treis. 23*-', 4:** fl4 9> 

3 pc Treas. 1979 96 . '4 ■„ ■. ’ - , 

Jqr Tr-«E. IBnn 85 4*. I-V S'- 


Assoclateo Newspapers i25pi 1910. 6 >pc 
Ln. 48: : (M'9* 


Broken, Hill ’SA2‘ 7SOp 215- ; Dcm Hidgs nooi 34 <j 4 .14 91 : Heron btotor Go. <2 So* -136 0491 

|vSE; nflp) al Ocrada Hidgs. New -25pJ 11 rpm -.1 1 91 Hestair i25o- 97 

itaS ?“S? U /JP '', 1 ft 7 1.8 Oo«l« ‘Rob:- M.> Hides. f25p‘. 99 US 9) Howder-STuart Plan: < 10 o» 65 • ■ 
*5p*S ' hfTtS, , 2 S y P> -?Ln' 0 S9 -*' 61 2°*^ 39® -14 9* Herwsod Williams Go. (SOo' 150©- 2© 

JSSS-’i&frESf “« id S 5S*^ ,g - m> 5llo, 134 5 Ne " ' aCo - • , 

^ Brolherhoed (Peteel (SOpl 131 '12.91 . D l£%f Surgical TOol 47 © 9 8 -* -7491 9 ^- ■* 

, VL JPSLffiSL? 3 /. ,■? f il‘1 ■ pSS. 2970 S • HSmte-'o^ral w£*HM. 3S m2 


li^’ |f &e 4 *SJrcSr* «Fnl 3 *07 rIASJ 
ZSAJPtES* V '(SoT 51 (1 *'9> 


-ra n. S- P.» (JUS2.50) 39-, H3 91 


A a» Wlhorg dSot 42 f»'9) 
Aurora '25oi 950) 5 3 


N T« t J© a, fi 4rd Con,,ne|:e ' J ' Bng. Grp (25Pi > Ausrn (F.1 (ICo) 13'* 12 '; 

. . N .^. r 1 a! , B ? r, |f l4 0, 9 , AaslrB,a s ,a a ° n - Res.iJ Aotemated 5^rurtw a nOB* ,4 1 

-r* JJ.* 9! lalKwSft Produce (25p) 


Bunri Pulp Paper (2Sp) 100 
Burco Dean (2So) 70 
Bumdcne Iny. (5 P j . 17 *, 


s, Bumdcne iny. (Sp) .17!- 

i.in? 114 9 . Burnett Hallamsbire Hidgs «25pl 
r.iTwiiT. (12i9). A (25p) 511 9 i14'9l 
5p) 780 8 7... | Born6 AndersorvttOpl 50-- ( 1 * 9 * 

I Eurrrll (5p1 120 rii.'gi 
Burroughs Machines 3 -pcLn. 105 6 
, 6 urt Boulton 7 pc PI. 441 '. (12-9* 


* ’ f D«ni-p *TItT-s <5 ”11 TPr, ai© 7~4» 7 5 - 

I 8 5'-; 9. 6*'4PCDb- SS'-© 5 *14 9) 

' QanM li-ten-l. (50 22 © 

2sp. 206 : S!^n 2 ; _ 2 


Durssinr |r*ernL 'Zto' *63 58 *13 9) 
; D-’rrKV^wshaw Gro (2Sn1 51 
, Dwek Gm. 'ZOrti 130 '14 91 
1 Drscn (J. J.) N.V. A : 2 So) 65 


Hestair 1 Z 00 . 97 M-t*ov '2^1 ~ a a - a 

Howder -Stuart Ptent < 10 oi 65': “ • . */*^r*r ivniw 

Herwsod Williams Go. *S0o- 150©- 2®' m n'ynd E 4 uratH'"a | 'SOP* Vj 3 
M :klrg Pewec o st «SCpi 103© . MMIand nrl'TStn-s /**L. 48 * 6 ■ 

H'Zkscn tVefr.h 'Hlogs.* 'SOp» 2330 2 MlWmrv '25al BO T1J/9* . 

Higss Hi’.l *.23«* 92 ''14.9' -. M'ller *St»Plev) Hl'h**- .-’(tVoi® 

■ H:gnga:e Opdcal Indust. riOal .35 -*129i Mills and All-" *p 

HlChl-tPd Electrsrrics Gp. * 20 oiC 78 . a4<elr» SudoNcS J 1 0P> 97® "V llwl . T -j. 

HJt 5-nijh i25p' 820 78. Nn 05», 6: ; . .' M *cheO Co«s GrP- «2SP) 46. l^PCLn. ,,71^ W-B1 

H;n 3 rc.* t 'BrH;=1°6i»rf“ 39 i |.12,9* ‘ Mhchdl. Somers *ian' |7® 8 '14' 9 1 SSSlSSihn*^ 

Hoards (toot 204: n«.9' m wcn-n-P 'Mr-o*.' '2^01 *S i* 3 Sinus ton 1 

Hlrtsos Frtrweor >209* 102 JJ<}f Mo'e (M.) and S"n (20 p> 32 (T4-9» Pewiantf <©5t 

Hirst Mallnson 25p> 34 n4:9- - . MoFn5 iZSpi !«© oeuSSn 

Hoeths; Finanre lOpeLn. 83* (12>9> Monk ’250) 'Oa® 4 Peed ’A ) A 

Hpflnuno <3.i 1 25a* 770. I^PcL*. 3714 :. M^onto ^oCln lZS „ . ip-m Inn if 

S (14 9 1 S 4 on Mart (K n'ttlna Mil'SI ■*») 89- ( Trrx 

Holden 'A. 1 -JEpi 74© *T4 j9j Monument Srour'^ies *1®“> 7 • j Ti’oeln 1 * 

HaT*s Gp. *5 p) 65 Mnorhonse and Bracds ( 20 o* *tb (1291 [ Publlsi 

Hal as Bros. ESA I25s> 65 1 11.9) More O'frrr'II 8 -»l I "(1319) 

Holt Llord l«nl. flOo* 178 6 (I4B> Mnroa- Cr*T"*le (?»*> JW* As’bs' I BMianee- Knf 

Home Charm '10 b* 212* 9-* 12; 8 9 >*pcDb. 7»'** S-apeLn. Ml; (11.9). I 0clh(nt Mntt 

Home Count, os Newsaasers (25 pi a)'<: 6 t ncLr 43 (1191 | Riuvon P.B.V 


a* rdalls Gig- '25»i T7« ' - 

Rank Oran. (25<r> 2»*ot® 90® R3» r ; 
SJ BS 91 87$ 90 741. 6'upcPI. 50> * 
lOkor'.n. BIT'" 2*0 i K - - 

Ranks Hnii McO. <25p* 57© 7.i- ji;. * 
API. 48 *11.91. eprfIPf. 48 (13 * 
6J*peLn. 66$ T s 5>:«. 6bpcLn. 66- 
wsnsem Wi Son *10p» 2730 70 &5b 
Ranscme Hoffman Po-lard '2Spt> 6S. 

W. 49 n2.9> - __ 

o-i*etJ"c *FSi leds. (25pi 79© .. • . 

Rate nils iCT' (25oi 90 - fl Z9 b 
( tamers 'JeW.i (IOpi 77 .6 8. New it ” 
390 897 

Ravbeck . nop) KKH*. IQlocPf. If 
iM^ifiit Inti. rSa) 4Zi;. BIaclp. 731 
■14/9) 

Ready Mixed Concrete . '25pJ 153© S- 
8'pcLn. 100 1111 R) - - 

Rnckrtt Colman <50o) 529® 4 2 3. 6<« •' 
71 >* - 

Oecoitl RI*(bwpv (25p) S 2 » 
oecMearn National Glass (25n) 305© •- . 
Red Mnslon i25a) 980 & 100$ 
Ordlhutton TeleuBton SJISpcPf. 66 
Pe^tand r25ol 175© .7010 12 
Penman Heenan Intpi. i lOpl GD-© 59 - . ■ 
Reed ’A.) A fZEni .106 d4!9V 
P»rd Inr* 1 FOUJ 70 68 9 7: 73 . Si**. . 
37. 7 'a>C DO. 1990-95 «Si* rlt 

7!*«ln. .1096-2001 57. lOtcLn 7 
Re**H Publishing Hidgs. 9 pcLd. 62'* 
>1319) 

Reliance- Knttwe»r t?3p) 48© 8 
°elinnt Mntw >5»1 91$ ' 

Rnivon P.B.W^. f2Spl 95 (13*9). 7'Hk - 


8 : <pc Treas. 91 li,,© 

B’.nt Treas. 91! ,. Ri, 
n ue Treas. 99 S-» 

9 *OC Treas. 97 I.© ’• !n •,« ' ^ U-Uths 

lOne Treas. 37'*© :i 0 © 7 G'l 7 'll '« 6 • ■» 

lo’t'pc Treas 1979 ibO'Si*. •; " « 

1 T**r T— *5. Tbea gq-'.g 
II'ibc Treas. 1979 ID* :, c 0 *© *■ 

ll've Treas. 19S1 IOH.O 1 1 C 0 > 1 . « 
••* IM S7-64;Ss > f. 

11’jpC Treas. 99r a e 3',© '• ■.*,«: •• 8 *: 

1 Zac Treas. 9£ © '* '* ’is '» 1 - ".■> '« 

l jps Treis. I03"ii 

Mac Tr-as 107", -u. 

9ac Treas Carv Stk. 99’-'© S' .» 9 8 "t 
Var.Bbfe Rale 7r«is. 1981 95 1 * 

7‘-"C War Ln. ISO 1 "« ‘V *» '-i* "1 '. " * 
B-'tish E'ec. 3=-!< 95 ■'.© ■*»• * :ps 


Seccomcc Mary hall acd Camp 
Smith St. A uby n (Hidgs.* 7i 
Siandard Chartered Bank 4 
101 -.-© too 

Tor;n'o-D;rr n.<w. Bark ICl 
Union C.s'cunt London 325 
Wintrui: ' 20 c' 65 1129' 


i ’ ! uoraan Edwards ilOP* 57 _ Rtol.O 

j Hsnrtrar *25 p* 45m Morrall (Abell (2Spi 4-4© n49' ! Penol* 148. BocDb. 65 «1.li9> 

t Hearer *23 p* 2950. a <zsai 2950 6 I Morris and Blakev Wall Papers A (25 p' | y^rrekii nooi 7>.^s 5 d4;9j 

! Hcskinsons HtoBS I50pi IlSlj' >iT2-9l I Morrison (Wm. Supermarkets! (IOp) *0© I <7St$ 177 Pi^M.'bl 


Mr.W 9 Brcs. (2031 143 (12 91 


w!'*riitem fZOol so: 1. A (20 d» j '^”i c jr d ‘^sSi *13 0 I9 1JB ' 1: 5 j 

Howard Machinery *25»i 310 | Myson Grp. Hop) 69 

Howard Tenons Servto»s (Zap; 37 © VB 7 1 . . n D 1 

Hewdei Group *25o» 85 , *\— O— r • 

K J -^Ue»gh A G?lip ,n nCK»»"*132« S 6 60 1 t : : 1 H^/?an J iB P 'a^ C 5 |‘ i^So^ST a/IV 
3_L. • I NarlcfrAl ' Carhonls/nB (1W MO? 11'aPc! 


Hvnri-g Assn*. In*. *25 H 350 - 

K-^leigfi G reap (10s 1 1320 6 60 


National Cartionlsmg (IOp) 36©. 11'*pc 

Ln. IDO'* H1.9* 

N-«llers (2501 42 (11*9 i 
r.'eeasend (2Spl 45'* 5 6 (*4 9* 

Negretrl and Znmbra (2Sp> 86 : 8 7 6 . 
New 9PCPI. 118 -f 12 9* _ 


! "iwimre* Cr**nlc>'i iZ5n) 68 (1 1 '31 
j re-more '75nJ 69 
I P'rardn F**qlne“»» '1977>-(25 p1 300 «1< 
» New 'Z5c*> IOI 98 om 
;Pto**arrls W*I«W»» HOpI 93© 90 
Iwirnprwe *iOn) 21 '- 1 . __ 

i "'cha'-'sens W-rtaartb i50p) 62© 2 iV 

I ®i« 'O.) <5»1 S 1 * 

1 r.^ 1 , .yg D > 11 « c 

Porkmre GrP. (25p) 148^ 55© 8 ( 
RnlK-Poyc- Motors Hidgs. (Z5pi ID 
• 7 B 7:- 6’* 

Ropner HMn. a Ord (2Spl 41. (IS 9 
Peso'll Hldirs. (Sol 73® 

Aoh»fi"X (Gto Britain 1 (IOp' 48© 4 

el- *-?■«» (79nl H*» 1 111 1 )' ' 

Pothmans Intnf. » Ord. (f 2’tpi S-t.-O * 

I Ro»nrk nnol 47*. New MOp) E* 

' (12 9'. 9 -pcPf. 94!.-® 52*© Em 4 (1 

I Dtnvyn and 9*jd®n >2501 1© (12'BJ 
I Rown-m*. M«rlnn*""h (SOP- 440 3 5. 

G«- 1 r.p,. 45 (12 9). ■ 7oc2ndPf. ! 

(14 91 _ • 


NditeTliwr Hidgs. I10M 120 WiWMrtGSailWM^ 


» 3'.. 7tocu. ' HeHMJ.I >25 p) 108 »\4’9)_ 

,12.'91 l Nrmbold Bur ton Hfii—s. (25p) 60 (11/9* 

rS': ( ' ' i Nelson David i5pi 9'^ 

73<pcOb. 72(*© New Eouipment IlOpl 22 . . 

1 N**wman tods. '25p« 95:® 3 .■© i*. IOpc 
! Pt. TOIJNlt .. 


«Km-«t9- i Newm an- Tonics (SSb) 64 '12 9'. 
*• '* ! ' incnl! feti. .275 injfi 


Royal Worcester (?5o* IBB 1 " '14 R> 
Raven G-n. (25p> 3BL]$© 40$ 1 37V 
42 38 40'* • 
pphAroid r?Sn> 45o 
R**oby Pnrtlanrt Cuwl (2apl 87© 6 
SvcUnsm. 51®|J4.P1 
Oncwii ( Aiuvand*—' rlOP< 80© (14 91' 


New Ruecell Bros- (Paddington) (25p) 
. { (1119' . 

Ryan (L.) Hidgs. (5p< 14V© IS'; 


Ayr CC 97= »© 
8an*et 7UPC 99 


Oavensorts' Brwv. .IS pi £80 
7’aPC 86 : : Cevprl* 'JA' v25ol 203© (14 9‘. 


1 r|4/9) 

• Barqrt (25 p) 32 (1 1 '91 


uarr s lyiiiMng rzsp; bZ';® 3 L '13 91 

f artier*; Suc-rtoorts (20p) 85 4 S -c_-r.u 

Camwright iR.) iHirgs.) ilOn* 57 9 -13i9> ' E ??i 5, and 


Eno'lsl and Overseas invcsis. OOP' 50© 
(14 9< 

Emillsh Caro Cktol ng 25P' 9S ;© 

English China Cloys '25s> 83© 2 3 Hi. 

7'aocDb. 65-’* (13 9) 

English Electric 5>pcDb. 1979-84 .8 

ft 2 9K 7x Db. 70.'; '13 9) 

Epicure Hidc s . 'Sol 19 (14.9» 

Esperanza Trade and Transport I12-'H»* 
129 ;© I* 

Euralvotus Pulp Mills (2 So' 66 


..j'OT C&W 130 • NortfKhm Ena. lnds. .25o* 7'^ 5 | P(. -25p 

Im^a* G«3^S^*|9 6 © 7^. 5^. | 6|^: b JT , !f^**|"” 1 1 , 6i1 , 10; * IS.jfamu'rt (H.i A Old. C21P1 196. He 

W,— ■ 39::iC - ,0 - 50etB - «V (5p* 5Si;© r a .USSftJW 8 ^»f®«14 


760 

(peg Cass A 1 3' is© 


Cardiff 7 pc 860 i14 gi 
Coventry Corpn. Got 
Crovdon 6*tPC 86 'IV 
Edinburgh S -jk 9B’«® 


trough a - - BC 1 • Hlgsons Brewery *25p) 78. 6* s pcLn. 47/*« Barmi «rd Sons jT2Spi 70BdS 36 I CeieKton 151 ‘ 1J ' 9> European 1 Ferries (2^Ji ‘‘‘lig:* 8 9 40 1; j I ^ * 1 , inot^ 9 * 

'££'»*.«. ,»«''aragBar *" “* ,»»,«. jisBrasssiiss^. w 


I Neryk Sero. noo' 1*9® 20 ri4»9i 
I Ncrwest Holst (2501 97 »12/9i 


| Sanderson Kayser (25oi 66© 

Sandvik Aktiebolag Series B Ord. ST 


I Ncrwest Holst (Z5ol 97 »12/9i Sanger (J. E-i IlOp) 56 (13 9i 

(25p) | Non’noham Brijk jijm Sangers Grp. (ZBp) 87. 7i.*pcP(. 5’ 

I NWtiHkM M*g *25?! TS9.*® 4t 40.. m 


M ddleso Cour.ty Council SmPC 92-*« 0 2 |i 
Northumiierland Couitlv Tec Wu (13 9* 
St H-lens (Meiropolltar- Bcrough of* 99-: 

SaKcrd Cpn. S»:pc 64 1; '13i91 

South Tyn»side -Meirooclinn Borougn ad 

FouMamcicn Cpn. bpc 85': 'i»«9' 
Sautnerui-on-Sra Borough Council 12pc 
.1 p i 93=» U H2I9I. Oc*. 12PC IS! at 


1114.87 72! 7?tPCRfd. Db.SU.. 1499-94 J R 2i., nrf< ^ W ) csd 
69.. 7 ' *pr Uns. Ln .Stk 1 995-99 61 '■© ' "SriSiSJds i2Sp) 57 


1 161 60 59 


Chubb Son rnQpl 140® 1® 40. 

■20pl 21 3 2 20. O'-PCPf. 49': 
rhurch «25pi 175 C12'9' 

Cte/ Hotels Grp. (20 p» 133 *12 *J> 
Clarice. Nlckolls Coombs '25o> 75© 
6pcUnsec.Ln- O We T.i nopi 25 MS 9* 

Clay * Richard! f25p» KKht 
>0 ya r lautan Son (Hldns.l (sop* 78 *11 g 

Chord Snill (5p) 30-0 30 
Cl i word (Charles) 107m 11 13 
. r.nfflTtj s Dairies A '250' 4? ; M3' 

1 riutepn-fenn 7''prDb. 6B'*:« (14 ! 

Coalite Chemical Prod*. I25pi 80'* 
i 80';® 1 79 


g; 'Inter'-aty lav. *20o> 14’« 'a (1191 ] 6'jDCLn. ioi© i 1 SaviMe Gordon (J.i Gro. (iOm 29i ; © 

New (IOp* • Inti. Business Machines <SUS5i %2B t.12 9! Nova (jeroevi Knit (20m 394 6 C1C.'9' i Savov Hotel A Ord. (130) 83 (1 

, IrU. Pain: SI.-tmLn »P*ni» ' Nurdm. Peacock riOo* 86 A • 8'-pcUns.Ln. 63 (12j9> 

TlipcPf - 1 lirenl. Stores 4'-dcLn. 194 (1219* ' Nu-Switt lnds. <5P' 33© I Scapa Grp. (25p) 105 <; 

. „ I Inti. Timber (75>*! 139>t© (34)91. TOnc I Schlumberger <<U51i 71 '■« (14i9) 

;2=pr 131 ' Ln. I5(i-t iM ?i |OK Bazaars «T929i (R0.5OI U.S.SS.50 Scottros 'Z5Pl76(«© 

_ • (mreresk Grp. i50p) 72© 1© 24 704 1| MJ.'9i scott Rob;rtson i25pi 474 

?’ Ocean Wilsons riddos.* iZOni 97© M*'9i Scorn* h Asrlcultural Ind. S-^dcLtl 4) 

'.6* ■ JJL Hidgs. (10p< 660. lOpcPf 9640 Ore- Van Oer Grinten Finance 9pc 108);© (1119). 

* Jackson u. H B.I (Spl 371*0 84:© 74.1 B© 4 Scottish Universal >nv. (3 Spi 178 

■ lOpcPf. 900 >14 9) J "whre N«w £l«*<-*ron|r r75a) 1310 I Scottish English European Textiles ~ 

, i Jacksons 6oume End l2Spv63 -ni'9) . Office Group (20oi 1040 I 68 74 , „ 

J: .Jamaica Sugar (28pi IS'oO Old Swan Hotel « arrogate' nool 30i : to^J»h Heritable <25p) 44 *12.9) 

„ s . James Uobnj Grp. 'Z5p) 52 (14.9) l ill (9* " 5cottbh Homes «5 b) 23 -12^i 

3 * ' James (Maurice) (20p) ISla©. U lOpeLn | oir/er (Georgei (footwear! A (2Sp) 63 : r -cOISh Telmdsiwi A nOo' 69© 8®- 

• go (1Z9i M4/9» I Sears Eng. 6pcPf. 46 (11,9!. 8 *pt 

5 7$ 398: Jarvis ,jj 5on5 *25p) 175 113 9)-- I Olives Paoer Mill (20 p« 44 l 74# 

, Jentlque Hidga. (2Spi 314 l»3»» inivmola (Rrdacrei i20pi 40 - I -" '» _ t ! | J 9** '*%_•? % 0 , ' 

**: . Jet HI ns i Hides.* nop) 41*» <13.S) i Ormt DewHaemenN / lOo! Stos*. Oar Ln. I SfOffftOt. Grp. !*SP» 1 .6 *11.91. / 


Spc Coates 
^ 77® 


tS£ 2 M c£r*&'& . « )'- 9 . : CANALS & DOCKS (SI 

Tamesic*! 'Metropoliteh Borough of* 10 *p« ' Manchester 248 iTI/91. 5scPf. 37'* 

964 112, '9* >13.9). 6-pcDb. 57'- ilA'9’ 

T»ne and Wear Couniy Council 12pc 99-'. ; Mersey leach unit 92p nom.) 33 6-»oc 

.|4,g» Dh. 4140 

W-i Bromwich Cpn. 5*«pc 95-i «T3 9i 1 Mil lord 88 *13, 9i 

Westminster *C**.y oil I3pc 102% *12 9J. . . 

SHORT DATED BONDS COMMERCIAL (u. 866 ) 


:s5?s w .... 

|jS"J5 a T)^ip)%0 riV 9 * '*• C®* Dk'SSSS ‘pm«« Jnm.^01 99 Fd5es'(j i B He»o .50) 28!; (1191. Non.V. j K |«V 4 g ,i 0p , 37 © 7 

M 2.13 9 ) cSins.'TK? a« a, » i £Sf m ™ 17 _ 

SSE. 8TS£ /Is 0 . 1 ? 176 i lull Co ra bTned^ of 1*5 h ** S lores"" 1 1^' 1250 2 . « K3 M^Com D o. Bearer :«f?« ^ &thau5t5) 

Blackman Conrad i20p) 230 C ?!?ScP/ ET .11 jT 9i«LA 70»i 173 MZ9) Kwk Save DiSCOUBt *10pl 92© 

Blackwood Hodae .25p) 71*. New i25o) 7)im7 3 w I Form tetter MOpl 1570 kwx sa.c oiscouk tupi 

69 ■12*91. 9pcUrsec.Ln. 125 I Comet Radlayislon Services <5pi 150© 2 3 1 Forte Holdinos 7.7ocDb 7! MVP) ' 1 m 

Blackwood Morton Sons >Hldas 1 r25p) 25 114 91 Forward Technology lnds. '50oi 135’ lr— -il 

Noakes (H'dgs ) (25p> 2450 9 comp Air (25pi 100 © 99© 101 I l , ... , L.CP- Hidgs. *25p) 98© 7 © 90 9 

Btortteis I ’OB' 78 -1191 Comoion O-itZOOlBAO 3 4 ; ^.1 tl"* 0 * 5 ° 5 ' ‘ UtC Inti- .1 Op) 350 *«® 6*5- 

Bluebird Confect. anery Hidgs. (25p) 800 cSSk'lwfl *?d Sons ' .Sheffield' *20 p* 35 ; Foster Bros. Ctothino '25 p) 156TJ • L jS^w3»7 A 'ail) 1540 

“LV-^'AJf^tyts. 301® 60 20 30?r© *12191 ; F 527 n . W *-!»© t ‘5? ~ 30 1 ffiUke MOp) 1770 5 7. 


Coats Pa ions (ZSpi 7 2 4*.-. SUpcln 524 
I14IH>. 7 4pcLn. 63 

Cockwdge iHld^s-i '25 p- 85 1 12/91 
Cohen Xl, laopi 162 . 113-SI 
Colgate Palmolive i'USIi 15b M2 9* 
Ccrteit Diikenson Pearce OOP' 101 99 


giorson TO. 1 Sons (25w 49 iii4'Bi * Sherman /(Samuili **ip' 13 « C13J9 
P ^i7T I ^.\,Z? cfran ' 1 i10d ‘ 1#S - a MOp) I ' *-»v Itods--i5t)p) 88$. 7 lipcUitscc.lJi. 
» T ?,° ; ..... • • I SO ( 13:91 ■ .. 


SHORT DATED BONDS 
FREE OF STAMP DUTT 
6-.PC BtU. IB'10'78 99" lr. 43 64 45 64 
6'.a- Bds. 25 10 78 99'. '.14’9'' 

6-.0l- BdC. 22 II 73 99 462 M2 9i 
r’.nc 8di. 20'l 2 : 78 99'-. *1«.'91 
6-.PC Bas. 17’1 '79 98*'-. M2 '9' 

R3C Bc.S. 18 4 T9 99 «14;fll 

8 ;p( Bds. 1 814 "79 99"'*. 14 9' 

9or Hds. 25 A-79 99" 'a© 

Ri.pe Bd5. 2 5 79 99*i« 'll 91 
P'.pc Ed5. 9 579 99-|i© 

9 .PC B 3 . 16 579 99 ,, i» 02 91 
9 ;PC Eds. 23.*3'79 99’a 04 91 
9'iJC Bd5. 30 S 79 100 i14'9* 
lO'.pC Rds. 1 3'6 79 100'iv 1119- 
1 0 "*PC Bds. 19 9 79 100'* 

1 T PC BdS 38 S'*0 994 M2 9* 

PUBLIC BOARDS <231 


Noa.V. ; kqk* ,m. p.i MOpl 370 7 
„ jRnctt Mill Hidgs. *10p) 17 

B 30 : i Kode irol. i25p) 148 _ 

- •Kwik.Fit (Tyres Exhausts) 


A — B 

A A.H. (25 p) 112 (14,'9I 
, A B. Electron* Products Gro. (25pi 122 
>AD international 71 M3 9* 

AuB Research (tool 160 


moo. i»s. a 

I t#Q r)3/9l ' 

I Pauls. Whites I75p) 1 28* >0 9© 
.Peak Invsts. 1100* 8*] 114/9' . 

P^nrce (2Sp* 189$® 90$ 114 9* 
i Pearsen Longman *2Sp* 246 T© 3B# 

: Pearson (25 pi 24o:* 35© 5 6. iqi-i 


SO (13'91 

fmrman Hides. I2 Sd*_ 216 14 • 
Siemssen Hunter Ilop) 6 j 
S ilentnlght Hidgs. MOp) 96 
Silhouette (London, (20pi 46 (11 ? 


aidCKivooo morion •man* • >2301 #14 9 , 

■lacjden MoJkes Wdgs > <2 Sp) 2450 9 comp Air <25pi 1000 990 IOI 
! 8&&..20B. 78 '1391 ... . 3 


I Midi MOp) 17 I Pwson 125PI 240$© 35© 5 6. 10';pcLn. I Shkclwe Lubricants^ (J On) 22’ • .14 

iia 1 96 (12.9) I sllrsrthome Gro. MOo) 295© 90 1 * 

iTVtes Sttausts) Hidgs. MOp) I ***«De MO 01 65© 70$ ! Simpson IS.) A 42 Sp) 110 

Tyres txnaustsi ogs. I “ BI J Pegler-HadersJcy (25p* 180 (13'9i . SW” ' USp* 721; 114 91. 74pcPl, 

Discount *10pl 92© Pentland lnds. MOo) Z4l; M4 9> _M4,9) 

, ,72 * 5StfBS«rtE fs . i . 

^A%r 132 ° 4 ' 9 ’- 10OCW - ,0T ' :P s'T.rt.u'f'rcintroM MoSi S! - 


. 6 . Peters Stores MOp" .48 M2.9< 

■ * I P’trcco* ' 12 ’;p» 65 

■ Pfizer (SUS0.1 1 hi 29J* (|1'*i 
Warrants ! Philips Finance 5‘aoctn. S6 (12/9* 


m'th Ne?h.;w Assoc. IlOP). 79. BocL 
151 >14 9* 

imith (D.S.J 1 Holdings) «20o. 81 I 
Smith (W.H.) Holdings 1 &D 01 1805- 
A 6. 8 Ord. MOpl 29*.$. B’ 


92© 88:-$© , nhihos L»*mi (Fl IQ. 10 13 iU*n ' | * «•„ * «■ ‘W "W* « 

Udies Pride Oulen»ear .20pi S9.:® « 14.9) Ph'll'w Patents «25p» 18. 7' : pcPT. 43 1 s^Tch Whlfworth >5pi 14 M2 9' 

Laina U-J l25p) 220 2 .14i9). A *25 p) ,, r | Smith s lnds. 150 p) 223© 4# 17. „7j 

215 — . x 1 SS 7000 i 114-9) SpcLn. 133® 114' 


Laird i25p) 99© 7';© 4*; 6 S j 
■ate Elliot i23p) 50® 

Lamberi Howarih iZ0o- 47 11291 
Lane -Percy) Grp. MOP) 51 '13 9» 


Adda Inter. MJp* 50'- 49 * 
Adyjr.ce Laundnes M'On* 28 1 . 


1 Boomv Hawfcss *25 p: 173V. 4 
: B«of- (75 dJ ’?! i 5 : 9 30 1 


j Cobalt (25P* 67 . _ 

7 Costa in *R I (26o> 254© 50 2 48 5 7 


GSI Into*. <200* 94 M 3 9* 

GR Hides.' 2 Sp< 126© &m:Pt 35 Ml 91, 


La parte Industries *Hldgs.) '50o/ 127® 6© Do. New 326© 7© 20 3 4 1 30 
4 5 3 3*. SVpcDb. 611 'j$. IDbpcDb. I P‘*man lOncPf. 981- «12.:9< 

BIO *14i9) T Plttard (25fl> 53 l14'9). ,9';ptP*. 95 

Latham (Jamal BpcPI 78 »• i 1*I9>. New I (14^* 

3ocP*. 76'; *11.-9) fPIastic Constructions (IOp* 37'.* Ml 9* 

Laurence Scott <25pl 106 { P'axton’s '25nVgS T (14'9i 

Lawrence 'Walceri i25p) 1060 ■ 1 4x9> j Pbaaurama (5 p) 63 7 M2 9* 


KXS. (iEliCT « 7 .o?' 5 1030 2 i1<9) SpcLn. 133® (14* 

■ Pnorax (^5 d) 37 M2 9i ! Smurfit (J 1 (25r>l l«8© 200© 

ran D » t y 4 ra. l, ^f!l ° 0 . A NV I1 ■« ! Sfl/a VISCOU (LI 200) 90 . 

1 £!.£?-£ 10a .‘Jl 9 ’ . .sobranie Holdiims rfOoi 24* 11491 

, P’lk note*** - Bros. 325*h 30$ .10: 23 30.- M0P> 21 >14 9' 

I DO. New 3260 7© 20 3 4 1 30 » 5omlc »25 d) 29 : j (13-91 

I pi*man ' 1 QncPf. 981- (ISJB* I Sammerriiie (7/.i i25c) 58 M 3 9l 

r Plttard (25P> 53 H4'9). ,9';pcP*. 95'; i Hold'ig» *250' 70 

(1419* j Sothcbv Parke Be met i25p* 283 7( 

r Plastic Constructions (I0n> 37b (11 9* oJli!? ’i® 7 bL.' : «c. 

J P* ax ton's ' 2 Sn) 95 T (14-9. tSaSS-T S'w'l (7Dn' 45 1 03 2 'l 9 no M 2 ' 

Pleasurama (5P) 63 7 MZ.gi laSE^JaiftlSk- * « 2 

Hxin icon* lJli.tn tzlh 7* ->n 0 1 - I Sdear JKkSOn.IRt >4 501.144© 6 


' Portals <25pi 238 M3/9i 
I Porter Chadoum (20 pi 110 1* 


Biller* (2 Sp' 35'*® 6'.® 7*. E • 
s.'j 4 b. 6pcPf. 47 (13 9). 7 

31 2'j 


REGISTbRcB AND 'NS^RlBtu liuuu • Alida PacIraglng'Grp. 'IOP) 101 (119) 

Australian S : pc 1976-’9 98', 5 -pc. : Allebohe Sons MOa' 28k- 

6 pt 1977-80 91.;. 7pc ' Allen .Edgar- Baltour ‘(ZEpI S3© 3 

1 * 9 ^ Vpc'V'Hri*/: V& j *«*•? 60CPr . 43 , z M^r^Vv^iii.’ 6 <io B> 37 ., 1 

l^a^^l: 9i ^ 2 2 o':; ^PC^ST ; V.. 3,,J# 30 Lurry* *« B , a)* >Z 

So -'hem Rhodesia 3oc S2® '■©. 3 -pc I B-istol Ecerlrg Post i25p- 129 <13.9* . 

1950-S5 IS. 4 P< 63 Ml 9> 4 ;pc livi ?. Ep ‘ J. s . 9 L 14 i B ' : British Aluminium 830® 71 4.9 1 . Do. 850© \ D»l' Electric Int. ■ 10 a- 1 92© 

1989.92 370 40 14 9. t&S? SUT^hSK hVl'*! 5*6 'k 7 M 1 - ! — Hm* . 

FOREIGN STOCKS < 1 ) ^jral. '^u«rl,l^7prP1. 46© 

COUPONS PAYABLE (N LONDON *,129' ” 3 ‘"‘ 13 9 ‘ 5.4pcPf. 

Chinese 5pcGoldBds. 1925 12 H2 9) Amal. Power Eng i2Sp- 168 
Sn'-GoidLn. tSTS Drawn (I AmaM rtAJ- la; M4 9! 

Inland G'-yc 67 (11 9 . Amber Day Hides MOp’ 4S-; *139* 

(••ru Nat'anal 6 pc 113 (12 9' Anderson Strathclyde i25b> 70’s© 2© i: 

Uruguay 3';pe 96 (12 9) 70> 70 1 TO: 69>. New *25P> 71 >•© 

STERLING FOREIGN A^TV^V’fS^,,,. A l2S p. 87 

<XmXCY BONDS .-I A '«,»W ! :an Asphalt *Z5p* S3 -1..9' 

Barjavt Sank Inter. 9 iPC SUS99 i 100 Anglo- Amen ;an irdust. iRl< S75 M2 
>14 9i Applevard Gp. r:9o-. g;© go la g, 

UK RAILWAYS (21 1 V""p?!"6a'Mi,l' 1 " S9 '' A <S *' 51 

Canadian pj-ISc ,$C5- £1S i* <• 4ecDp. , Ar.-oelectn: •Hleas • -So 1 17*. A Nc 


Brait Ciiemlcals telnl. (10p> 217 04.9' 
' Brent Wa'ker 'Spl 62 
; Br'dchctise Dud'cy (10o* S3 2 
1 B-'.ieeod Preee *s« 'Sot II* 

BrWon 'Zap* 109;® 14 16 15 


l Lennons Gro MOp) 36 03/9) 
jVcp Grp. (100) 248 

* Levey Produc*s *5p) 96. P.estncied Vt9 


.tonne vj.uu o USD' *U-I> I'y.w 1 law wirau wm .'““T - 1 

Crouch (D.' , 20 pi 114® 5!f Grp <ZSp> 155 l Lennons Gro MOp) 36 031 

Crown Houv; '25i- 61 '13 91 ' w J-Lcp Grp^ H0o) 248 

Crvsialate (Hidss J 'Sp. 33 '.- • GlanhHd LawroiKt B 'ZSP> 34 ■ iz 9> 'Levey Produris *Sp) 96. 1 

c «is?2 * “^-'astas.'ss ,» , 

.ulter^Guaro Bridge Hidgs. '25p. 2**4 { a *i5 A J, ?!«?' 41b ' , * cLn ‘ ' 3 * j tSK O^n? pir^lh.'p^Ip 


Cummins Engine 3 <c,.Un^ec-Ln. 95>a 
Curry* <2 Sp) 214 12 


Gleeson -Mil 1 103' 4 1 ! Lewis /John' ParttwirJiiP SpcPT 40*;© 40 

Glynv/ed '2Spi H3© 12 © 12 H. lOGpc I Lewis's Invest. Tst 5pcDb. 80:. 6 ';pcDb. 

Unsec. Ln. 02© (14'9*. 6 t>cUns«:.Ln. 72© 1 63’, M 1:9) 

Galdjerg iA.) Sons (Z5e> 79© 80 79 , Lev Sendees Gro. (2501 88 7': New I25P) 
M-.9) ‘87 8 '*. second Senes wrrntv to sub- 

| Goldrel ' Ch ) Foucard Son >25 bi 85© I 14*- i13'9) 

; Comm- Hldgy. I25P 67 L**vla‘"d Psint and Walloaoer '23o> gl -© 1 


1 HAT WOP) 40'; 
MTV <25pi 137® 


London. Trinsimn HIS?c 15el 72 M !.'91. 
, Lonhrc (25p) 66 $© ■;© 7© 6 ;© 6 8 
■ Bes«.ins.Ln. 67. 8 pcUns.Ln. 8 1 -S6 65 

.1419) 


Habit Precision Engineering (&p> 30 '11191 • MMjdato Uniegrgal >SW1 .90 


This advertisement is placed by hazard. Brothers & Co., Limited on behalf of 

S. Pearson & Son, Limited 


PEARSON LONGMAN LIMITED 
SCHEME OF ARRANGEMENT 


Ln order to avoid the benefits of the scheme being lost 
owing to the opposition of a minority of shareholders, 
Pearson Longman shareholders who have not yet sent in 
their proxies are urged to complete and despatch them 
as soon as possible and in any event so as to be 
in time for the Meetings next Tuesday. 


| Haden Carrier (2 So) 1 27© 8 : 7»;r 
I Haaga* MOo. 136© 7© 4 6 


Looker! (2So) 65 7 

lnv»1| rv. «.l Hlflas. (2 Sd) 100:© 


Hall Engineering I50p< 119 21 M 2 9 ). , Low and Sonar Grp. (50p> 190:© t!4.9( 


7 'tKLn. 92® (14'9l Low -Wm.) and Comoany *2 Op) 100® 

Hall (Z5p> 255© 1 14.-9* 

Nallam S/efph Ctiaton 7pcPf. 43*;® L«a»s Irdust*. 328:© 3 2 2. 7*,pcUns.Ln. 

Halma HOpi 48© 6'^ 0 114/9) 71V 

Halstead (10m 25'.-© (14(9) Ivcn ann Lyon (25 pi 87© 6® 1 

Hamilbome iT2'3>i JO'* (11-9' Lyons -J.) snd Cr. 13*1* 5 3 4 8'ipc 

Hampson Indi. (Spl 16':© 1 S .-O IS© IS I Uw-Llk • JT-J7 65 M3 9'. I'.pcUhc.Ln. 


Hanger liwestmenh (10 pj 47 ■ T9ai 87 (12 91 

Hanson Tst. tZSm 146© 7'j 6. 6';DTLn. , _ 

C2 *13-9) ! MPI Furniture Centres MOp) 1 37® 5 2 

Hardy (25pi 36. Do. a 36 M4'9i 4 T , 

Hargreares IZDpi 60 (14-9i M K. Electric Hldg^ -25c) 236 9 8 7 ' 

Harrli Sherdan (25PI 57 M. L. Haldinos (25p) 235 

Harris (20m 91 MS.-9I M. Y Dan MOpl 68'; 

H am son i25pi 120© Mccarle London! 1 IO 0 ) 26 

Hirris-ns Crntfleld £5>:© 'a© S® ’a V Macarthvs Pharmaceuticals <20 b* ns;© 
Hartwells rzSpi 117® 12 '* 

Hawker Slddelev «25pi 264© 6© SB 62 MeCleerv L’Amle Gro. *25p) 16 ■- *| 19 ) 
60. 5I;dcPI. 45 : McCorquodate 31S 13 12 


60. 5l;pfPI. 45 : McCorquodate 31S 13 12 ' 

Hawkins Tlpson (2 Spl 71© (14.9V i Maclarlane Grp. aClantman) (2 Sol 75 

-Lawley Goodall (5p!> 10*;© *14'9i ; Macklnncn of Scotland (25aJ 43 *id &• 

Hawthorn Leslie (SOpi 80© 79 80 '.$ 1 McNeill Grp. (23d) 42 <14 9' 

Hawjin *5P> 13'. ' Macpherscn iDcmaldl Gro. .2501 79.. an. 

Hay 1 1 Op * Gl i I 80';. 7'*«cUns.Ln. 59 1 

Helene London M0»i 24** 4 12pcP(. 1 Magnet anp Southerns r25P) 227® s 

Inflation ‘must be 
reduced to 5%’ 


CO WAM f de GBOOT UMfTES 

Enr«ctx from th« CfiainnaoVjtatBBwnt for t fat ysar ended 30(h April. _ 

1977/78 1976/77^^: 

Turnover £32.2m £27.5m> T 

Record Pretax profit £1 .92m £1 .81rr^UiX 

Prof it after tax £1.91m £1.90m 

Net Tangible Assets par share 54.5p 41 .8p 

’The forwaid sales position in the Toy Division exceeds that of the 
'same period of last year, and we anticipate a good Christmas . 
season : our new warehouse at Wickford is operative. 

The Electrical and Hardware Division is the largest in the Group. 

'-and future prospects are excellent. 

! Sales and profits of the Machinery Division havB riser 
substantially but Millbrook Plastics has still not reachec 
profitability. 

Profits from the Russian- Shop continue to rise, and an additions 
retail outlet in London is planned. 

The dividend is increased by 32% with the permission of H.M. 

Treasury in the context of last year’s rights issue 

A bonus issue of one 10%% cum. -preference share for every 1C 
ordinary held is proposed. Assets per share have increased by 
1 2.7p to a new high of 54.5p. 

Group sales are significantly ahead of this time last year, and ws 
hope to maintain a continuing growth pattern, both internally and- 
- through our planned programme of acquisitions." 

Derrick Cowan. Chairman. - .. 


TOTS ADD 6IFTWABE PRODUCERS. 
ELECTRICAL ud HARDWARE WHOLESALERS. 
MACHINERY IMPORTERS, RUSSIAN SHOP. 
11 JOHN. STREET LONDON WC1N 2EG 


BY DAVID CHURCHILL 
THE GOVERNMENT was again 
urged yesterday to bring the 
\ annual inflation rate down to 5 
per cent next year, or else pm in 
! jeopardy its social and economic 
! policy objectives. - 

The warning came from Mr. 

! Michael Shanks, chairman of the 
i National Consumer Council, at 
1 the opening session of the 
Council’s national congress in 
Edinburgh. 

He told delegates that the most 
important priority in the 
economy was to hrinc inflation 
dewo- — and keep ii down 

Ur, Shanks, said that, although 


the inflation rate was currently 
in single figures, “it is far from 
certain on present policies that 
we can keep it there.” 

Unless it was kept at 5 per 
cent or less, he added. “ every 
other objective that we want to 
see will be in jeopardy.’* These 
objectives were low unem pipy- 
better public services, a fairer 
distribution, of national income, 
and a stronger pound. 

Mr. Shanks* call for action has 
h<**?o backed by the Councils first 
economic manifest?, published 

earlier this week. 



FINANCE FOR INDUSTRY TERM DEPOSITS 

deposits of £1.000-£25.000 accepted for fixed terms of 3-1 
years* Interest paid gross, half-yearly. Rates for deoosii 
• received not later- than 22.9.78. . 

. Terms. (.years) 3 .4 . 5 fi 7 1 fi g in 

-interest- % 101 .11 lltm Hi j-j yj ^ 

Rates for larger amounts on request Deposits to and forth? 
jiilomation. from The Chief Cashier. Finance for Indiisb- 
Linriterf. 9t Waterloo Road. London SE1 8XP <014128 7S2: 
BA 'ITT)-* Cheques payable -to "Bank nf Bnsland. a/c KFI. 
jrgl ia; the hoJdtne company.-for TCFr and FCI. 




.- -M . .i • 

•' .• -U- - — V 

* 


ZSl 


>*vr 


i .*• S. 


financial Times Saturday Septeml>er 16' r 1978 



21 


?:• .r-:^ s a5R,w I 1 g a a ,7a . *» 

: ^ &E a Wt e J?S5 m hwMnn ast> *‘ T * 7 

a&v 5,0 1 

'-.V; . «■«* T"3* 1M. Ji#eu, 61 

. . .; f. wa A ilapl 43 F14 Oi 

•.: -. « 1 ™,W"» A a!« 231(1X9) 

: So* 2 *® “ 3 *• *«■*. 


lj^ ' ntoerfi Grp. (10p) IB 


warns iw <iow> 

ba I)3 j91 - - - . *1 • - 

Wirt comm t25w 100 - - 

Wart HidUK I10DI SB's MAS) *■ • ' . • 
W«d ■Tim. W.l f25P> Mb If. JIJK 
Ln. u il<r9>. 7'aocLn. 790 SW SfeS 
W«4 White tint. iZSp* IlSV^W 
iCincPf. 2470. ■prut- no 414« 


IS- 


Wartlr iBcmart* i(fep) 2fl'» 

— j pj , I3 


Waring C»hMa->ZSp] ... . 

Warn* Wright AowteM ftOpi 530 BO 
Warner Holiday A MOp) 3JFj 11491 

. , . ._ . Warner- Lambert Cempanr CtUStl 22^ 

men [Alexander) Sent fl pi j7i. [tra,; 02.91 
. ••*. ^wirt Plastics iJ5o» iso tlMn I Warrington iT.i (ZSm 60 Hlfli . . . 

r- ,•. mm K»IWM Croua i2l)p> 34 >2 l*«ra) 1 .*«*. Inrev. (20p> 47 <12-*9i 

• :wake i2io> 64 <13,9) 1 1 Wassail «j. w.i tbe> 9 

:. 'SOJfd A <i6o» 36 { Waterford Claw I5pi 57© 7 (14/9/ 

■ t . 2 $ g> . 1 14. . .. Iwaisriams (25? 293 H4.% 

v; :• ‘W*PUtt >"*.»2So> 11410 15® 16'10 1 Wition Philip jlOa. M# li© 60 _ 

: ,?$?)?• 41 *> Wanon if! tcrfriiu flOex 930 <1 

- •-.•nert P<M 250 01*1 - - 

trier* GoDdlmlna'ClOj,, 290 BO 


_«ij Flvher Li5oj 61 
njd Alter Dremmeno c25oi 29 (1JL9 i 
’ *U '100) 15 Hll9} • 

•o 5BGM t250l fe* 11491 
uier (Francis) OOw 1*# 14 
ine Clothes (TOPI 33 (119) 

MCW SWK® OOP) 31 rt4i9> 
ra Croup MOp) 54 113191 
•Jtfic. S«*V»**o 05p, 62**0 
■ fi> Mooter 154 
'■n (John) Sent 250 (11191 
et them 1 CZSal 9 * 

. one t ZHU 1 500 *.© 


T — U— V 


:i mopi 26*}© 

; Hrt^f&P) W*lO *t*. 11 l20d.ru 9Tf 4 

> nil (500) 1 530 500 20 46 

. t Lr'e 190 1 3 M: 69: 94. a UotOb. 

■ <13(91. S':ocDt>. 73. iSpeLd. 1D8 
. • o* IfNI (25e) B6 7 H2 9> 

^ner RutlMge c20pl 770 1 (14 9) 

■ lor Wood row a bp) 472 6B 
Jlmut (250) 1S4*i© 

■;"4i(4an C601 37 >1391. A (Set 360 

4 to*. 

■phone Rental* I25p) 1S4© to 480 S3 


nero lOpcln. 14B pi 1 19> 
i.Connilate (25 d- 75 11H9* 

,>:a stores (-So* SS>;0 3'; 4 3 
. lured Jereey (JOpI 32 02*91 
•mm Pi » wood C35p) 17 H3 9) * 

‘ . imal Syndicate L25p< 100 

d Mde Invest. l25o) 19 CIScO) 

. Alton Ora. (2Sa> 2 750 BO B2S : lS 74 
7 650 78. S.BSoePr. 5a 1 ; at Ci4;9». 
-'-.(DP. 55 u m/9). 7><0cLn. 64 u: 

. m Electrical IntJs. i75p) 3930 4000 
- 20 70 90 2 6 
• roe (t. W.1 7SO (1419) 

■ gar Bardei dOel 19': (11 9) 

■ r Oats and Nat. Milling (A1> B7C: 


War.5 Blake Drama USpi 125 (Hfl» 

WHirt Op:- ilOpi 29'i (11/91 •"• 

WearwtHI (5l» 38') 
whKirn PuhiKaiian* (5p< 60 


Weog»0Od (23p)_128©_7)i__a 


Weefta Awoc. 'tlOp) iO© 29>:0 
Werr Go r25pi 1259 3© IjO '* 2 
Welleo H.dBs. <501 29 U M 
Wellman Ens. *25pi 57© (14:9) , 

West Bromwich Spring ilQpi 35 (12/91 
Wntbrlck Prod*. i25o> 64 3 ■< 

WcMtcn Motor Mtasi. *2501 1Ui (14,*>. 

A Non- *to >25W ll5 (14(9) 

Wettino House Brake Signal til5p> 60 

Wenlane Aircraft (2SP* 450 4*; 5*» 5 7. 

. 7'toctn. 60's (11.91 

Weston- Evans Co. '20p> 158 <1319) 

Westward TV C Non-vtfl. MOP) 32 W 2 

Wntwood Oawes '25oi 430 M491 ■- 

Wertern Bros. (25 pi B3 (13-91 . . 

Whaiimgs iZSpi 42 

Whatman Reeve Angel i25pl 295© 

Whcc’or'i Rests ilOpi 405 

Wtvw ra So'- 7 So 5 

Wtioway-waison INIdns.i nOPl IB h (T2.-9I 
Wbitecroft <25ei 110© 8© *14*91. 4.1P6 
P». 19>j© (14.91 

Whiirhouie iG.i (Eng.) <50p< 100. ItPC 

Pt. 99 H2.9( 

Whlleley rB. 5 W ■ (25p> 28 {1091 
Whites IT. I 6’aPCU). S5*:tO >1419) 

Whittl noham >W.i (UidOl.l 112 1*« 37© 
8 H4.SI . 

Wnoleiaie Fiitings OOdi 23fl« 3 Z 
WigiaH (H i (25p( 253 7 (14.-9).- ftJapeUu 
52'JD 20 (14.9) . . 

Wdain* Construct 'lOpi 35 6<; 

Wilkin* Mituioll i25pi 44 (1441 
Wilkinson Match 1H 71 7 (14*91. ~ 1 Doc 
• Ln. 94 ij <12i9> 

, Willdnion Warn u rum (25p) 75 H4.©> 
Williams James lEngineer*) t25g) 90 

(11-91 

Williams Hudson Go. B':ocLn. 5B«s <14-91 
Williams rjonni Cardiff (25e) 50 3 
Wilis STeorgei Sons (Wdos.i. (350) .56 


Intnl. I meat. tit. Co. 230© 1 © 

^ <2 55,1 21 
Kw«hu Co. (i op) 2)i:® 

{■''D2** ■«> Scottl*h 1 2001 96© 5 4 
r“"2S n Eoronean Grn. UO0) 33 
04*91 Scollih i4ni,l <* Com- HOP) 44 
{**"“" Flnane* T«. (20p) 51© (14/9) 
lin » an ?c A, i IBfl IntnH. (SOB) .180© 791® 
p£2. ? -h turn. Bed. (W 71- 2*1* 
^rwridenr FiMnciai Grp. cr&p) 16 
Assets nop) 14 iura) 
5 , iT„i 0arb .r H,0 »- dOP> 1Z1 J : (t4»). 

^Lonjlon Rea.) 220 11419) 

S?. 1 , 1 '* *•«*. (25f*l C3 

m ° B **"■ "® ‘” r 

, ” b) 46,9 69 4 a - 

Waaon Finance Corn. |2Sp) 460 . 

Y.fiV r , .. tnal . < i K1 T5 i* IMP) 55‘Brt !(*: 
Yule Catto (10p) B24 H4i9) 


SpcLd. 


GAS (3) 

*7?r CKMpwiUI Gas Assoc: 3880 
IBj (12, -9). 70CLn. 170 (1 4:9) 

INSURANCE (170) 

,c * Tl1 »25pi 115 1#. 

113 (T4.*9i. TDptLn, 173 (13l9) 

ter*." I?i ,d *10PI M* 2 

Britannic Atsur. i 5 dj 172® 

C °"V"I- Union .2501 1551a 40 5© 3 2 5 
6 4 

US!* l"»uyanee U5 bi 149 5. 
tnn'a Finance (UK- OpcLn. 132© 
r-- l, « L " w L,,e 'S*' ,fl * (12'9i 
«n. Accident Fire lllr (£5 dI 222© 19 IB 
« J fi . 7'aPcLn. 65':. 7-VSCLn. 6S 

Ie Roval 0» c h»nge (25pi 253:© 1 
BO 6 #6. 7ptLn. 64)| 

L |f e *250i 38Bo 1 
H^« h '6. E i IZOdi 276 
Hobo ROP.nswi Op. iiSo) 209h» 

Hcwden iA.j Op. nooi 1490 7. New 
'14(91 - 

tSSi*' an p. Ow. Assurance (So) 162 3 4 
t?'Y22" Manchester (So) 1350 5 

Wnghtson Moldings {fon> 193 
K'"« Holdings (ZOoi 205 
o*na .? n « C J 'Z0P1 64.ll 

£S; rl Assurance (5oj 248 SO 
Phaenlv Assurance (25p> 266 
E' 0 * 1 *" 1 , Lite Assoc, A (250) 143 
P SSff l, k l * Assurance i5o) 160© 1© 59© 
660 50 56 7 B 9 6': 

AWurance (5p> 1440 (14(91 
Roral Insurance (25 p) SB70 80 77 B3 

4S0 


M*-9* 


sg (Thomas) <20o> 140':© 39it© 40*: 


40. 4 55ot- 49>a. BocDD. 73's. 8‘-pc 
■ '71^9 

■r Prod*. 212':© 10 *:! 12# 
kins (T. HO (5P) Z4':© 4 (14 9) 

al (2 Sp) 50® 'i 1 SO. Spew. Jfiij 
,9). 7'jpcLn. 65 h 41 
- es 6 pc 8PI. (SOo) 31 <i 

ana Co. (Z5p> 64 6 (14.91 
,r kemslev Mdlbourn (Htag*.) (20M 50 
I S' 


| Wllmm-Breeden Otldg*.i': (25 p| '72i]10 


'«:© *.<2 7acPf. so . 

WHspn Brea. ZOfli 44 <12/9. 

Wilson* Connolly) HI rigs. ,*2501 149 (12(9) 
10 -uePf. 100 

Wrlton Wei: on Engineering ftOpl 42 59 
Wimpey iGeoroe) OSpi 9GViO b 6. Boc 
cn. 92 

Winn ind*. rttopi SO:» 

Wire Plastic Products (lOoj 35 Sh-dV)' 
Witter (TVHiias) (Z5p) 50 iy (14-9) 


u nn u naal 1341-0 1i- 3 2 30 i Wtfselev-Huohet i25e> 223© 70 
:‘*7'i>ePf OT SJi' (129 ). "7dcD!b. 49 b ! Wohleohomw Brow* powders i2Spi 245 
' ' -9). epetn: "63'l© (14'9). . 9'rpcLn. 


.. '10'sPcLn. 76 (14.9) 
samcr.ca (USD 10's ( 13*91 
lainmi Paper (25p) 69': (14, '9) 

-sport Devpl. Grp. (25p) 63 1 b SO 


-wood GrP- (Ssl 4 
. Is and Arnold (ZSPl 1760 
aville HOP) BOO 79 
_ -ini Printers (ZSol 85 (1419) 

' NH Television A 601:© Sl'lt ! |0 60 
-• ex Foundries Grp. (2 5a) 105 (13.9i 
"-t Houses Forte (2Sp) 242® 6© 3 
‘2 S 9a Opts. Warrants 24 t« (ti 9). 
* , 5pcDt). B5'::. 9 -IpcLo. 7) 

InvstS. 41 3® TO* 4002 !0 14 8. 
pcLn. B0‘J (12 91. 5.BDCL0. 53<a 
i . ; 91. 9pcLn. 7S‘< (129). fi'.*pcUi. 


■cl Hides. B (90c) 310 8 12 
-er and Nowall 187 91 89 90 86 8 
or Curran (Sd> 13 
•II i-SSe) 88 

ns (Contract or*} flOp) 27 'j (12.9) 


. 4 Group :25 pi 76'a® )'j 4 
. , Group (25 p> 109'i© 9)0 1420 7© 4 
V - 6 5 7 7! 51/ 4’a. 7'aPCDfe. 6BU 

* I B). S'vPcLn. 48': (14<9). 7> a pcLn. 
: •_ ,'j 111.91 

Infvrnallpnal (2Soi 158 (11 9) 

-.' 1C Inter SpcLn. wttb vyrts. 145 H1I91. 
-. :Ln. 90': (13/91 

- . Textiles nop) S': (1419) 

' er Television (25 p) 680 

orn Industries (25p) 106's* 60 80 
: 6 

lex. Hides. (250) 550 (149) 
i-iatc (25p< 76© 5 2 3*1 5. 5inKOb. 
'4 90 (12*9). SlfPcDb. 67 U LIZ'S). 
pcLn. 1991-96 S4( : (13*9). 6'iPCLn. 
.. * 72.97 760 5 

-v-r r2Sp) 5R2:*t 40 8© 2 86 90 "B 
GJipcDa. 69'«© (14/91. 4 oc On. 9014 

- .:»9i. 7.‘4PCLn. 62 1^4 2 >4 

in Infer 6pcPf. 40'a© »*. -7pcP». 52 

■n Steel Coro (of S. Africa) (R0.50) 
-.50.20 25n 11319) 

Aval 5nePf. 32 M4.'9) 
ex HOBi ICO© 58 

- ed Biscuits (Hldgs.) (2 So] 930 2 1 90 
cd Carriers MOP) 93 2>»ni.'©) 

• ed City Merchants (10pi 70© 702 *42 


14l9i 

WombwrH Foundry EngHieerins MOp) 27© 
Wood and Sons I5e> 46 (13.91 
Wood (Artnuri Son (Lowoni riPi 44. 

7hiPcP». 49 . 

wood Hall Trait i25ei 100 
Wcod S. W.i Group (20pi 48':® 9 
Wgsdhead (jemad Sans >25 pi 100 
Wood house Rhtson (Hklgs.i (12i/p) 30 
wooiward (Hi < I 2':ol 44 t12-9) 
Woolwarth iF. W.i ,'259< 6C*: 5b 7 6 St 
Worwaldi Walker Atkinson SocLir. 66 
14=9 

won hi no too vA. J.i tHhtgp.1 601 29 
(1219 


Yarrow rEOhi 30C 300 m.*9> 

York Trailer MIS 05- IlOpi 49®. TOpePf. 

99'j *U;9* ... 

Yorkshire Cnemlcals (ZSM 103 (14/91. 

New (25 dI 109 111*91. 

Yprkatnre Fot Woollen Schnnei* (2Dp) 
41 © 

YDugiss) Carpets ■wiogi.i #© 1 


Zenith CariMwtter A >Reg.) 99 
Zatten Group -5di 56© 


ELECTRIC LIGHT U) . 

Calcu^a 74 (12(9) 

Nigerian 21S. 


• ed G.i-v lndustrlnt '25pl 88© *j (14-91. 
Jjt 97 V b 02/9* 

ed Newspapers '2Sn) 39B 400 (13.'9> 

• -?d Scienr.he Hldhs (25ol 379® ^ . 

. »d Spring and Steel Group (IOpi ZBij 
ed Technologies Coro. 38% (12 «> 
ed Wire Group (2Sp* 66© (14 9) . 

• -hrome Inter. (IDol 13b 
.■r-Wi-lker (10m 73 (13/9) 

3 Hid gs. 70* (14/91. ■ BocM 

/91 


70 


r Co.j25pi 58* 60«st* 5B® 7 

s) 134 


ihaJl Soiort°7prLn 63 112(9) 
is Stdne Grp. UOp) 39 


pp/ant Hldgs. (2Sp) 191© 5 6 
er* 2Q7(® 5® 4 


lr Products 


I t 5oePf(.VS3ts 4. 

iWallsend) (25p) Z4Z 


lria Carpet Q5p* 20 19>iis (12/9) 
tn Grp. (7 Op) 164 3. Now (2 Op) 


■er «25p) 212 (13/91 


W— T— Z 




IOpcPI. 96'.- 


dington (Jonni t2Sp» 222 M2®), 
at fiZ9). 8eePf. 54 (12-91 
e Ponories hod) 27'*. 1 

ham Stanger nop) 51 
on Industrial Hldgs: '25P> 146 ' 

:cr iC. W.) (2501 130® (14191 
«r .-James) i25d) 120. Non-Vot. 
pi 111® 10 12 (14, *9* 


FINANCIAL TRUSTS (169) \ 

Akroyd Sml titers >25o) 213© 17 (14/91 : 

American Exores* Com, 5ns. (O.SJ).sq) 
U.S.138'1 A 1 1.9) •; 

Anglo-Continental imr. FIs. 9'riKOb/ 1982 
80 M3-9) 

Armour Trust UOp) 9 r. 

Australian Agricultural I5AD.50) ‘ 111 
(13/9) 

B.E.T. Omnibus Services 5bec2iMPf. 43© 

Birmingham Disc. rnv. Tst. 4bpUH. 34 

(14.91- 

BHhoosgate Property. General Invest*.. 5V 

Bousiead MOp) 56':® 

Bridgewater Estates (50p) 308© 

Britannia -Arrow Hldgs. (25pl 16b© 17#© 
16b 17 IS IS: 17b 

Challenge Coro. (SN21) 140 (159) .. 

Charterhouse Group <25 p) 65 4. 7DcOb. 

-1966-91 62b© (1491. BbDCLu.' 1990- 
1995 64 '2O 

Comeagn.e Flnanclere de Suez CNF100) 

tSDi. 114.91 . ' 

Corinthian Homings MOP) 33© 2 Tt4|*9J 

Daily Mall General Trust (5 Up) 360 . 58. 


A (BOP) 355. SncPt. (SOp) 17b «1/9) 
letv 312© 11 B 10. 4 .BS 0 CPL 52 


Daleert 

13-91 


Dawe* (G. RJ_ Holdings i25p_J. 17b C1.1F9) 
Dawna 


SpcLn. 


aay Day Group (ZSp) 43b*. 

19B4 67 

Edinburgh Industrial Holding* (T2bP> 10b 
Eleetra. Investment Trust (Z5p) 126 (14/97 
Ersklne House Inrestment* tZ3p) 38 
£14,91. SbPcLn. 1982-47 54© 5b (14/9) 
Ex-Lands v.IOpI 14© (1A9) 

F.C. Finance (2Sp) 65 3 >12/9) . 

Finance industrial Trust (10o) 20 ... r 

FMdhora. Finance 17b Ln. 1995 108 (14 (9) 
First National Finance Corporation ilOpi 
3 'i© («© b. Warrants 1975-63 to Sub- 
lor.Ord. Ob (12’9). 9bPCLl*. 1992-97 
35© b 6 7 U >: (14F9). . 9bpd.n. 1982 

fitJroy Investment (25dl 23b© <14*9) 
Goode Durrani Murray Group >5 p) 24 5 

Gresham investment Trust >Z|pi 70© 70 


GrtmsfcaWB Holdings (20o) 31® 

Hambro Trast C25P) 33 H4/9> 

Hampton Trnst *5PI 10 (1419). 

1977-79 93 b* b® 049) 

Inchcaoe and Co -392© J)Q 4 31 41 5 
Ind. and Comm. Flnante Coro. Bib CIlO). 

6UPCD8. 78 ><®. 7 'ape A Ob-89-92 65 
'(12-'9J". 9 pc A Db. . 91-94 74'a (14/9). 
lObpcUnsLn. 93. 1 lgdins.Ln. 94 b -14/9) 


4pcLn. 


edgwick FnrtjM Holdings (lOp) 

l!fn Hidings (2 60 * 112 © 

5un AlUano- Lonflon In*. 575© 6J 
72 b 111-9) 

(5p) 1 


B'.-pcLn 

5yT LM * 


64 60 6 2. 


5nePf. 39 (14/9) 
01 114/9) 


Wl&iSIE'zm ii% \\ 55 . 

INVESTMENT TRUSTS (3W) 

T ^ U11 ,2S « 152 1 *= ' 1 4/9) 
-S™ CBJ-rai Up) 101 99b: 100:. 

income iSDoj 7s 
Aiiitf InvvM. iZSdi SI Pa in 
AH i!2 C i l,w5t - 'ZSo) 115 (14/9) 

A !' ™ Trust i25pl 241© 1 40 39 Bb 8- 
Aft.'lundV 33 '/ ,1a ' 9 >- SoCPI. 39 114/9) 
Aivai Cap'tal i50pl 208 H2/9) 

25pJ ’47 I11/9J 

■ 2lpT'"47" C0nw ,2Sp * 564 * ,s,9> - Capital 

'Mn) 108 b© 9 

aSS'cSKW 10 ?" 1 Ai *°' '25e> ISO 
,25 °’ 50 ® (14/9) 

,50 «»> 43b© b® '* 

Ashdortn *25ol 140 

sj f"J4 BalHmore CtllciBO UOp) 63 M4/9) 
Allantk Assets I2SP) 113© 

A.las Electric -25pl 68# 

Australian Inti. iSDpt 1 

Banks* i2Sp> 62 . 

"•Ci Trusr i25p) 5:,® (14/gi 
IJ*!V 0 «* s *a , e (25 d* 18 ® H 1/9) 

IS??; Southern stockholders HOpt 66 
gri.r^n American 1 25r» 41d) 4‘t(k L 
Bffi!?" Assett (25p) S Bib© 4 3/3 ^ • 
KISS Empire iSp) 12® 

5i?Dh. , 74*flXg) T, “ Sl ,2S0, 1759 *■ 

1 -5pl 103© (14/9) 
eTnD U ? 04 ‘1 1 19) 

rdS!!« T “- ,25 9' 72 ® b (14H 
C 4«0b, 71 iVi J“ P) B6l! * SpcFf. 39 
C ?U)® a ia*" d Fo,,,B " ("Yesti Tat. i25g) 

C S B, l25ar fl .3 , ?* , ;S B 2 , ?9| T " ' 25B ' # ‘ 

HS7i l .. t !* ar,,,B T 11 - (25pi t Bb (13 91 
pSI?S*'i ,n * e *»- Tst. Did. (25 p) 115 (1 1/93 
, , ""‘ l * „ Ti » (2Spj 122 <12/91 
S!"Li "E**- 1M * '2Spi 70b H3/9i 
Shv 640 a M2 ( 9 a , nd ,Mer Tst ' C »- 

C25pl 60 ' s * 2 1 ‘ ,4 91 

855 and WW-Si MY# f 

‘ i4 - 9> 

■ bfcsdam invest. (25p< 87 (14/91 
C ?7B n '2 t * 1 and ,nduMrUI Tat. (25pi 214IH# 
Continental. Union Tst. t25ai 124© CI49) 


(50p/ 199 

(1-91. Warrants 95 H3/9) 

Tst. <2501 B1* 

ti iig, ,n, £ sl -T»». Inc.Shs. (SOP) 44b 
(11.91. Cap.Shs. (IOpi 6b. Warrants 


London. LHwimmI MOM 26 
London Lorn one IZ5g) B4® (14/9. 

London Montraie (25ai 2S7 (140) 

London Provincial (25pi 1220 M4/9) 
London SL Lawrence (Spi 13b (13/0). 
SpcPf. 36 01/91 

Lonson Strathclyde (2501 46 (12i9: 

London Atlantic «25p) 71© 

London t5pi 3b (IS.-Oi 
London MeruaM- Sacs. U5pi 132. Capital- 
(25g/ 132 I14,*9i 
London Til iZ5p) 1 1 50 
M G Dual Income ifti. MOp) 208. Do. 

Caplul shs. 127b tl4/9i 
M G Second Dual income atis. MOp) 82© 
MemhHIe (Z5p> 45 4 b 5b. 5p«Pf. 41b 
(ll.'Bl. 4 b pc Do. 79 :• l)3'9l 
Merchant* USp) 79b. dbpePf. 35 
Midland (25P) B7 B f)3l9i 
Monk* (25pi 56 b© 5. SpcDO. B9b 90 
ilT/9)- 

Montagu Bosun 1IO01 62© 60b 2. War. 
to sub. 36 (12'9) 

New Throgmorton incpmr d<*. (25a/ 19** 
(13/91. -Cap. Ln. 164© 5® 7: to 6© 
lb 31 bl ’i*) TI 6b. War. ta puruiaia 
34© 5® ■» b* 6* btffl 4 
New York Cart more i25pi 43 (I3l9i 
Nineteen Twenty-Eight ( 2 S 0 i 77'.- (12.'9( 
Norm Atlantic Secs. Cera. (25pi 100. 
TbpeLn. 112 M2.9' 

HonWern American Trust (2Sp) 111'j 91 
10. SacLn. 97 

Oil and Auer- In»- TaL (2Sp) SBt© 6® 

(14(91 __ . 

Outwlch Inv. Tit. (25 p) 63 (14.®l 
Pentland In* Tst. r75oi 133© 

Progressive Ski. (SOp) 651 
Raeaurn Inv. Tu. I25n) I37i<© 6b 5 
Rights and Issues (25oi 31 (14 9), Cap. 
'25 pi 32b II 4.*®i- TbPCPf. _471. (14!*> 


<23 01 SM HkV 
Holdings 7bocLn. 


River and Mercantile Trust i2Spi 184® 4 
Robrco (Br.l (FIJSOJ USMtSb (13/9/. Sub. 


Snt. (FI. 51 p6Z0 
ftp! loco NV 


(Fl.bO) £50 VI. Sub.Shs. (FI.5) 

507 ( 13191 

Rom Mr Trust (25pl 103®. 4bPCLn. 97 

Rosedlmond Cap. Sh*. (25p) B3© b 3 
RolMchlld (SOpl 219© 19- 3^pcP(. (SOpi 


Safaguaro led. Inv. /26p) 79b© 

St. Andrew Trust (2 Sdi 130® _ 

Save and Prosper Linked Cap. Sha. (10n) 


9 <12.9. 

Debenture Con. (2Spl 70® (14 9) 

5®. Vli: 1 ? “1“- 

Dominion and Gen. Tst. t25pi 213® 

Commercial Invest i25p) - 140 
nLlii? - iP 1 *'- 30 - 6bPCLn. 100b (13®1 

JS 1 - f*SP) 161© . 2® 

1 9-64ths. 4bOCDb. 1975-05 67'’ (12/9) 

eKisibi,’ as £t!% 4?£JF 

‘SiSnaTi'TW"®- Tst;<25 « 2D6.SbPc 

Dualvest Caolial 227 32 


414 Lonoon •"*, Tst. (ZSp) 70 
•1319). SpcDh. 95 113/9) 


E ?l3w rBh Ame ' r,ean AIS « S Tst (25p) 142 


r ^5 ,n 3 U ? h ll,¥ ‘ Tst - Dw - 24& © b« 5© 6b 

SBrCMPU' JUS 


W.VMS nsu 1 .',-.®" 2 

English and Scottish Invasion (25a) B3© 


4 b 80s 5 SC0MI ‘ ,, ln¥ * s,ort «5P) 839 

E ?st> c ,° s l t ?.!V at 1,2 ' ,3 ' 9 ’- Dtt - 


I 0 £."' , , T «- ’50pl 219 (12/9) 

Estate Duties inv, Tst. i25P> 86© 
External Imr. Tsu 17s nz/9) - 

F and C Eurotrust (25 p) 52b (12/9) 


Epmllji JfnWj_ Tst. t2Sp] 101 _i13J9) 

») 10 


LOCAL AUTHORITY BOND TABLE 


Authority 

(telephone number m m 
parentheses) 


"Annual 

gross Interest Minimum Life of 
interest payable sum bond 


’jUy 




iarnsley Metro. (0226 203232) 

Cnowsley «51 548 6535) 

anchester (236 3377) 

:ed bridge (01-*78 3020) 

"burrock f0375 5122) 

Vhurrock (0375 5122) 




y re kin (0952 50505 1> 


% 

- - 

_f • 

Year 

11J. 

i-year 

230 

5-7 

Ilf 

J-year 

- 1,000 

6-10 

10' 

}-year 

' 500 

2 

lli 

i-year 

200 

5-7 

11 

i-year 

300 

4 

10} 

}-year' 

300 

3 

11 } 

}-year 

1.000 

5-6 


FI rst^ottlrti American Til (25p) IDS 3b. 
SpcLn. 95'f (1219) 

n- )9 Un to n Gan. Inv. TW. (R0J5) SB 

Foreign and Cftlonlal Inv. Tst- (2Sp) 
190';® b 89. SncPI 39 M 4/9) 

Fundi nyest Capital iZ5p) 69* 7 
CT Japan Inv. Tat. i25p>-T85 (14/9). 
BbPcLn. T40 

Gen. Cons. Inv, Tst. t25p> 90 (13/9) - • 
Gimeral Funds Invest Cnv. (100/ 147* 
G-ne^al htvestors Trusted i25*P/ 115* 
14©). 3bprDb. 83© (14'9l 
S— e»a! Scottish ' (25o/ 92 
General Stockholders Invest. (12-b®) 124 
•14.*9) 

Glasgow Stockholder*’ Trust (25ai 112© 
G'endevon _ Invest. '25o) 107* S'i. 

Warrants 8 . B /25pi 99 
Glenmurray Invest; .(25 p( 81b© 80b 
Globe Invest. J25 pj ISO’.-© b 791;. 5>HX 
Ln. 10*':. GbpcLc;- 1 S6b 
GovgH European F25P1 66J3® 6 
Grange Trust t25a) 84 Cl 3^91 
Great Ncrtlxy-n Invest. '2S») 109b- 4bOC 
Db. 70 

Grouo investors .(25o) 67© 

Hamhrps Invest. (25a> 109 8 (1A'9i 
Hill- 5hlHo) Invest. ffiSai 199© 201 199. 
AbPCln. 1®tb 

Hume Hldgs. A (25 pi 86© . 

Industrial . Genaral 1ZS01 58b© 8. 4 boc 

Db. 113b (12/91 
lend. Invest. '(250) 81 /IWi 
In vest hig. hi -Success Equities c25pi 17B 5 
rr 3/9) ■ . 

Investment Trim of Guernsey tSOoi 177 
•12/H, „ „ 

Investors Capital (250' B9b.* 5bocM. 411 

Jardlne Jaoan Invest. <25 p> 17B (12/S) 
Jeeatv External Trust dpi 196© 

Jersey General invest.. 262® 

Jnv* Inven. Canllal ■ rzoi 8'-® 9© »b 
Lake view invest. r25o) lOSh© 3b® 

Law Debenture i35p) 113 ilSrti 
Leria Inv, Tst. Income (2Dpi 3Bb«0- 
CapStal (5pl 28© 

Le Vafiooet inv. Tst. (2Sp) 33 (11/91 
London Gaifnore (SOpi 85 
London Leonov (25 pj 60 |14I9) 


Scottish American Invest. (50ol 97ii© 6b© 
5h 6 

Scottish Eastern Jnv. Tit. [25n> 153b® 

4 © 1 50 

Scittish Invest. Tst. Co. I25p) 111 'j® 13. 
3.5ocPf. 39. SocDb 37b. BocRed.Db. 
89 b© 

Scottish Mortgage and Tst. Co. (Z5p) 
laai^t*. Aiipcpf. si:, s'apcpr. ,sa:. supc 
Db. 60 

Scottish National Tst. Co. (25P) 164© 
Scottish Northern Invest. Tst. (25P) 116® 

Scottish Ontario Invest. Co. (25p) 76b 4b 
Scottish Utd. hbestor* LZ5oi 84 b 
Scottish Western Invest. Co. (25p/ 1040 
B (250) 100 

Second AlUince Ta Co (25p) 206®. 

4bPCPf. 35, S'tacDb. 71 Ai© 

Second Gt. Northern Invest. Tst. (25ol 94 
Securities Tst. 0/ Scotland i25p) 206® 
4>;® 3b. 4*;0CP». 35b (14 91 
Sphere Invest. Tst." (ZSn) 126® 7 
SCer lira Tst. (2Sp) 190 
stockholders Invest. TM. (25o> 107® b 
Technolpgv Invest- Tit (25pl 1060 7 b© 
Bi- B . 

Temple Bar Invest. Tit. *2Sp) 103® 3 
(1419) 4.ZPC01. 45b (12/9). 6pcUns.Ln. 
82 b® 

Throgmorton Secured Tst. Cap.Ln. 107 
Throgmorton Trust (250‘ 82 b 2. BbpcLn. 

Tor 9 |n*Mt. ’ Trast Inc (29p> 84# (14/9i. 

Cap. (25pi 119 1 11/91 
Trans-Ocoanle Trail ’25o> 1B6 (14*41 
Tribune Invert- Trull (25fl> 784 
Triploveit Cap. 166 60 
Trim Union '25pl 1'3 «llj9i 
Trustees '25p» 153 49 M3/9I 
Utd. Brttiin Secs. Tran i25p« 139 
US. Gen. Trust *250/ 201© (14 9i 
US. Deb. <25s» 102 1. 3.B5pcPf. 41b 
(12'9i 

Viking Resources Trust (2501,92® 

Wes' Cent Te»as Reg. . Inv. Trust HOpi 

WHntarixittOvn Trust i25pi 212 13 (12 9i 
Winn Invest. i2Sp> lOOb d4-9>. B (25pi 
97®. BpcCnv.Db. ST ill* 1 *' 

Yeoman Invest. Trust (15«» 190® 
Yorkshire Lancashire Invest. Trust I25p» 

Young ^Companies . Invest. Tit. Warants 
17V® (14(91 

UNIT TRUSTS <U) 

M and CL American Gcn> Fund l»C> Unit* 
sa* o£ AccSmTuniS so 4 CUijn 

M. ind G. Australasian Gen. Fuad Inc. 

M* 2 and* CL Compound Growth Fund 119-9 
M. and G. Dividend Fund Me. U" 1 ” 

M. and G. European Aoc. Uni(s 56 a C«2 9) 
M. and G. Extra Yield Inc. Units 96.5 

M^ind G. Far Eastern Ijc. Units 67 '68.1 
(14^9). Do. ACC. Units 7B.B# 73.2 (14fl) 
M. and 6. Geo. Tst. Fund Inc Units 200 
M. and G. High Income Fund Inc. Units 

M. 1 and 7 gV Recovery Fund Inc. Units 96 


€60rt*V** Y 1 
ClMflWOOtf - */!?*» 
CwSfertewVprrtortiW iSSpj 350 ti 1.<9) 

Chpwn SecuHtlrt 'Sol lu--© 

Cnurcftourv €rtai« 0«Ln. 54 b 5 
Cltv ©ibee* t2ho) 52';© 

Control Sea. II80* jl's 
Country New Town tlOoi 26. ‘-A 
Country DHtrlCt MOp/ 10s 1:4-91 
cralBtoo ComW»B S«*. S '*pcl stMtJDab. 

Dorian H(das..J 2 5nl 111 


□ares Ests. (10B). 18 '12.9) 

□orringtoa ©ft,-*'™: 5» *i iJ3.'9i 

IIMI PtV, (5001,32® .40® X8 b 7. 6bDC 
UnseC.Ln. BS®. u, i*«. Ln. 07 H2i9i 

[itiiM -Geo- W. ,J.20 bi 2D 


New 


Hldgs. nooi 34b 6 


Estates Fir. kv> (2Gpi i-j*® 
ti.MUwi 12591 JOD (ICO' 

Great Portlaao Ens. 15031 2100. 

■ 50b) 316© ' - 

r-men fR.) ilOpi 37'- (i3*g. 

Greencoat IM Gb 

Guildhall W*. (45P! 79© I-© (14(9) 

./a <25pl -7B- J11L©' 

Hammerson A czspj r.zg 

Hislemm AtAC'OPJ 366 6. O'.-PcUmeC. 

LB, I4S'!# .9© '14 91 
iniereurooean ■ m. 
jermyn (26di 

Land ItWBoaJpSj' *S 2 
Land Secs /SOp) 242 2:3 4 6 1 40. 
BpcDfc. 199B-93 SB-;© 6bptDp. 82© 
gpcDb 76® ' *h®. BbpcLn. 6flc S \PC 
Ln. IBUt 9. B'.PcLn 161®. tOpcLn. 
iso: 

Law Land ISM ©5©. 6ocLn. flS.j n;-9i 
London Pfov Sh«» f’OH' 116 
London, Co- Rrahold Leasehold S'.pcDb. 

65 <12,-9/. 6WDt> 64i; (12.9/ 

London Snap JbaP. r 2Sp. 75 (14.-9/ 
Lvntui C=Op) 126® t»«9» 

MERC 175c I 1*7® 6 5*s. 9>4 PcDb 76© 
< 4 © SpcLn. S3 JT4.9) 

Mriiir Sec*. Capitol i2®p, 270 tiioi 
M*d hunt wnH* (IOpi -lb© 2® jj 4 
Mount* lew EstS I6 p> 78';© B 
MucXlBw (A. .J-l '-tSP* ISO© 

Peachey Praoert* (2£n) EBo si. 5 s 
Property Revofsumary A :2i S i 320 u1*-9» 
PrapBrtv Hldg-lnv«i (Zao- 322 .13 9, 
Proaenv Partaertmo* zspi 153 .12,®) 
Ppty. See. lirv. TrW. 50pi 173 
Raglan Pptr. Trfl. • So. 4 « ■< 

Reg. Prow. A (4*P *8 • i (a. 9) 

Regis Ppty. Hides ebpcLn 62b 

Rush Tompvm* Grp. '25pi 123 4 rt2j9» 

Samurt Props. 1350' 95© 5'.- 0 7b 

Scot. Metro. P0tV. raom 107.® 7 

Second Cny Props, -lop. 410 

Sk/Uph Ewes. ^ZSP 1 125® bo 3 2. lOoe 

Ln. 170 .■1A'®' _ 

Stock Con*. In*- Trst. .’ 5p , 272® 86. Sb 
pcLn. ZM i149i 

Sunlev (Bl Inv.' "Til '2Sa, 288® 90© 84 
Town City Props. (IOpi i3'-« 14 13 ij la. 

14<KLn. 91 Tt3.9i 
Town Centra Set*. -2 Sol 7 J' ; 2i- 
Tradont Farit E*t»- -2Spi l jfi ,14,91. 9pc 
1 or M to- DO 75b 
UK Poty. -3501 25® U4.5i 
Warner Em. Hkig;- '-'o 154© 114 91 
Warnford Inv. (ZOp. 335 ,11 9i 
WebP 'Jr 7bbCP*. 44 .139, 

Westminster Ppty. Cm. HO 01 26b 114 9* 
Winston ESI (25 pi 47 .14 g, 

RUBBER (.14) 

Anglo- Indonesian -Cpn^ (25pi 95 (14.-9) 
Brad null (F.M-S.T .I0o, 64® 3b 
Canlefield 'Klangl hodi 290 >1391 
Consd. Plant rmu MO01 44 7 14 Si. Wrts. 

Sub. Shs. 101 10 11 
DunlOP Plnlnts. 6 pc PI 4S j 6 
Guthrw Cpn 365© SB:® bo© 73© 63© 
23* BO 7 

Harrlsoni Malaysian Ests. .100) 1200 18 
Highland* Lowlandi Bernad SM/0.50i ng 
(12-9) 

lull Lumpur Kepong Bemad iSMal) 76 

London Sumatra Plamns . iaa) 17850 SO 
Maied'C Invsts. (lOoj 91-:© 1 
Malakoff Serbotf -SM.it t '1291 
Malaysia Rbr (10a< 100 -11 gj 
Muar River (IOpi 60 ri* g, 
Narhnreuah-'F.M.S ■ ■10c 2S>- >14®) 
Plantation Hldgs. (lOp- 73 139) 

SHIPPING (51) 

Brit, and Commonweal^ Shipping 1 SOpi 
296© MO® 294® 9 S: 9." 

Caledonia Inv. (25 p> 270 >14 >9) 

Common Brothers i5Doi 145 <13>9l 
Furness. Withy ^43 

Grala Shipping A Non-vtg. 120 (13(9) 
Hunting Gltann 105 H2i9i 
London and Overseas Freighters i25o) 
35>:© 6 b® S© 3>; 

Oeean^ Transport and Trading <25p) 122 

Peninsular © Oriemal Steam Navigation 
SpcPId. 35b. DM. 93 B>- 4 5 4'- 
Reardon Smith Line >SOpi 77*. A Non- 
Vtg. I50p) 36© 7© 6 1 1 4/9) 

R unci man (Walter) (25n) 79 


TEA (l) 

Asian Frontier Tea Holding* M8 (11/9) 
Assam Invest. 107 6 114/9) 

Camellia Invest. tlOa) 300 (11131 
Empire plantation* Invest. (I On) 28 IIZ'SI 
Jatei too 

Lnwrie Plantation Hcldlnas 325 (12/9) 
Lutiuva (Ceylon) Tea Rbr, Estate* 220 
/13;9>- 

Warren Plantations Homings (25p) 238 
114(9) 

Williams on Tea Holdings 165(1 3/9) 


WATERWORKS (9) 

Waterworks 7pcRed.Dct>. 89' t 


Bristol 
• 12(9 

Chaster Waterworks 4. 2 pc .(mly. 6 pc man,' 
36b 

Col.'c YaHcy Water 3.5pc umly. 5p.) 33'«. 
(2. ape '!m>«. /pel Cons, Pi. ;6..® 

East Anglian Wiler 2. one '/mly dpc< 26 
Essex Water 3.5PC t/mb 5 pc> 33'a. 3.5pc 
Hmly 5pcj Prt. 35 I12/9I 
Lee Valley Water 3 5 pc Tmly 5 pc) 34. 
Z.Boc ifmlv. 4 pc 1 pi. 27> a ® b. B'«pc 
Red Deb. 66 i2'9i 

Mid Southerh Wlr. J.Spc i/mlv 5p:i 35 
Portsmouth water S.spc imlv boc 53 
|14'9) tpcM 9$ 11219' 

S. Su (lords hi re W. W. spcPerm.Db. 33 
t12 9i 

SunoerUno arid S. Sniclds Wrr. 2 Sue 
(Imlv. 5ocjPf 83b < 1 2;9>4.20C ilmly. 6pc) 
Pf 63 (11(91 


SPECIAL UST 


Bnsiness done in securities quoted 
in the Monthly Supplement. 


BoagilnrHIe Cooper 135© 9 

Clha Geigv 7bpeLn, 1973-91 £91 b© 

Conzfdc Rio Tlnto 326© 

Flat USt 5.05 

Geld Mines Kaiqnorlle 59 

Hrlnz (H. J.i E31i; 

Hopewell HldpS. 10B# 

JarOinC Secs. 13&>: 6 

Lourasia Resources 148® 

Lowonbrau MtinOen £625® 

Magnet Metals 42 

MotaJ Ex. USl 0.52 

New World Dev. HK SHi© 

Oakhrldge 167 

Sharing AG 1D5b® 

Selangor Coconuts 116 

Stern. Pac. Pet. 22B© 

Sun Hung Km Props, ta?® 

Sun Hung K>i Secs. 55© 

Swire Props. 67 b 6b 
ThlMS 267 

Unilever Fl 50 U51 59. M 


SEPTEMBER 13 


SEPTEMBER 14 <N»I> 
SEPTEMBER 13 (Nil) 
SEPTEMBER 12 (Nil) 
SEPTEMBER U (Nil) 


RULE 163 (1) (e) 

Bargains marked in securities 
which are quoted or listed on on 
overseas Stock Exchange. 


SEPTEMBER 15 


is 


Aetna Lite As*. £12 -i® 

Amool Ex. 11Z 
Am oc) Pets, i.7 1 ' :® 

Amsterdam and Red. Bank £29:9 
Angle, United Dev. 210 
Beacn Pets. 59© 

D®. Nn Pa. 26© 

Carr Boyd 56© 

C&a Geigy cp; Corw. £90 
Consumer Glass 12‘.® ■ 

EZ Industries 790 
East Arr.can Brews. BO 1 
East African Power ?prP“. 
Lndcavour Resrjr;es 25 > 

General foods 150 

Giscard 7ocLn 1573-88 FF3660 

Hionu Gc'd 53© 61 1 

Haw Par 75 

Holiday Inns £24 

Hong Kong Land 210 T© 1b 2b: 

Hutchinspr. Whampoa 106 S 

International Mirune 8 

Jardlne MMi«;n Cona. 121© b© 

Lennard Oil 38': ffbS 

Macnet Me:aU 42 

Mcl.il Ex. M 9 ■ 

M ideas: Minerals 62 
New Mvcai Mines fib 
Norm Flinders 10: 

Northern M-rlng (33 30 7 
Ohshore Dll 1 0 
Oil 5:arcn >0:© 

Pacific Ccnper 60© * 60 
Pan Continental £i;.60: 

Peso ".Vail send SfiZ® 

Pelrolanc 25':© 

PhtlhD Moms £55 b 
Protea Hldfis. Si 
Southern Paeift: Props. 11>* 
bnsrgc* Exp. 45: 7 •; 

Stauffer Chemical £2 5 b© 

Swire Po;IZie A 168 ? 

TiipIss 291 

Trinity industrial SU523'-i . 
Western Queen 33 4 
v/estmev 11 

wneciork Mardan A 57 
Woods de 73 


SEPTEMBER 14 

AMRO Bk. £29 


Air Prod*. Chem*. US3 30-i 
American Tel. and Tel. USv 61 w 
Abo* Mine* B50 
Asset). Manganese £16® 

Atlantic Richfield USi 55 
Black Decker £i6. lt 
Boeing jLSlb® 

Bridge 011 116© 

Carnation U5C 33 b: 

Johnson Johnson £82 : 

K Mart Cpn. USS 29b; 

Minnesota Mng. Mans USS 650 
National Gvpsum U5119; 

Procter Gamble £69 b© 

Santos 14 3 
StHcait 34© 

Swire Pac. Praps. 69';© 9 
wneeiock Maritime B 6':© :« 


SEPTEMBER 12 


Asscd. Manganete MlneL 16b 
Australian Oil Gas 61 
BP Canada 12 
Bow Valiev 30'. 

Broken H>ll 5th. 116© 

Cent. Pac. Mins. 550 
Coles .G. J.) 189 

K slate Nat. Amo 9boc 1991 USS 101# 
Consd. Gold Aust. 353 
Del Mon;e USS Mb® 

Dome Pets. £65 bl 

Hnuster Natl. Gas £1 9b® 20 

I mo. Oil Canada 18b 

McDonalds Cpn. £42'.© 

McGraw Hill USE 26b;© 

Merck £4Bb: 

Snaw Bros. Hong Kong 95® - ■ 

SludebaVrr Worthington £49.-4© 

Talp'ng Cons. BO© 

WestinghousE Air Brake USI ZS'it© 

WOO lies U5A £16/. 


SEPTEMBER 11 


Afrikander Lease 300© 10 
Barym.n 52© 

f alcr.nbricKie Nickel Class 1 
Jfirdme Matheson 7bocCnr. 
Mnt. Lyalt 33® 

North west Mining 45© 

Pac. Mining 5© 

Rembrandt Grp, 195 
Setron 7S 
Target Pet. 22b 
U.5 Steel 21b 
Viking Resources 92 
Wesimev 11 
Wmm Creek 50© 


E17HS 

£ 121 © 


RULE 163 (2) (a) 
Applications granted For specific 
bargains in securities not listed 
on any Sloch Exchange. 


Kctlodc Hltfas. atwM.Vtr.Ld.ttfc' t2f* 
iMiM) "43 • . 

Kunlck Hld7S. 10 
Mining Inv. Cora. 43 1 
Nationwide Leisure 13 12b 1* _ 

New Court Natural Resource* 1* 

Norton Vill.rrs Triumph 5't 4N 3b 
Oldham Brawcrv 70 - 

Panawatte Hldgs. 2 • ' 

Portsmoum Water J0cPcnt.o0.S1k. _ 
Quean St. Warehouse (Hitfgs.) M 
Star Onshore Services 126 4..- • ' 

Tea Coro. Stk. 7 

Twinloek 19b 


SEPTEMBER .14 


Aston Villa FC £16b 

Blym Green© Jourdaln 18 S _ 

Eastern Counties Newspaper* G®. 1 S ©8 
ZnoPt. UO 
Errrtcn FC £110 

Fuller Smith and Turner A 320 

Gale ■ George! £'55 

Jennings • Bros. New 26 5 - 

Jersey New Water. 7'jDcMle DM. Wj* 

Jersey New Water. SbncMta-Db. £80 

Keliork Hldgs. 4fi 

ManHprd 1 itv. Hldgs. 140 

North Sea Assets £7b 

PMPA insurance 35 . 

Pet. Royalties of Ireland 160 
Uroaaic inv* 12 5 
Viking OH 120 


SEPTEMBER 13 


Castletown Brewery 223 
Oriihng Tools North Sea B 400 

Gram flan TV 45 

KeHoek Hldgs. llocPi. BO 
KunJck Hides. Now : 

NMW Cnmputers 164 

Oldham Ests. 12S 

Ouvah Highftelds SO 

Rangers FC 725 

Watlord AFC 110 100 

W. Lancs. Water BO. SncIrrd.Dfa. E2S 


SEPTEMBER 12 


Arsenal FC £160 
Dalkeith (Cevlonl Hldgs Bb 
Dari Valley Light Railway 35 
Gibb* Mew A 490 

GranAda Gro. 11B - 

GrcndonTst. lIpcSub.Ln. £7k j,{_ 

Javelin Egulry Tst. Stk Unts iASO.50) 17S 
Jersey New Waterworks SbPcZndPL 10« 
Jersey New Waterworks SocPI. 1 50_ _ 
Thermal Syndicate SncNon-C umPI. 10 » 
W»je> Water AutnorltY 5-bpc £49 6 


SEPTEMBER 11 


Beaver. Grp. SpcLn. £69ii . 

Bristol and W»l Hotels 4bpc1stDb. 
Burrouah ijamesi 121 18 
Cambridge Pet. Royalties 80 77 . 
Etfcm Hldgs. 60 SB 
Home Brewery 285 
Plnmpt*’' Rareengrse 32 30 
ttlpr—i Race 250 
SPulhern Newspapers 235 3 


RULE 163 (3) 

B*ir*»nliik marked for aoorowd 
roDipanipi engaged 


solely 
mineral exploration. 


ia 


SEPTEMBER 14 


dull Oil £*■■ 

Slebens (U.K.l 400 398 4 2 390 


SEPTEMBER 13 


SEPTEMBER 15 

Tennii Ground £60 


All. England Lawn 
Debs. £3.150 
Ann Street Brewery 500 
Aran Energy 100 
Broadwacd ijchn) and Sons A 21 
Cambridge Instrument -ip. ; i. 2 
Cambridge Insirumtnt -lor>< 2 u 
Cedac Hiags. 17 
Cnannel Hotel* art® Progs. 29 - 
Clilrmsce 24'; 

Clyde Pet. 124.2 20® 

Cram on orn 305 
Dclmwella Hldgs. 23b b 
Eldrldge Pope A 212 
G.R.A. Prop. Trust 15b IS 1 4b 
Galana Ceylon Tea Hldgs. 1 1- 
Grcrddn Trust 1lpc5uO.Ln.5tlL. £7b 4 
Heav.iree Brewery 490 
Kellock Hldgs. 45 43 2 
Kellsck Hldgs. Cnv.5uO.Var/Ln.Stk. 
series) 42 


CCP North Sea Asses. £12't b 
CluB OH £4b 

Slcbens (U.K.) 406 4 2 400 39B 
4 3 


6 B 


SEPTEMBER 12 


7CCP North Sea Asses. EIZU 12 111* 

Gas and Oil Acreage 98 
S'c&ens i UK] 410 8 6 4 2 1 400 396 S 
4 2 90 88 7b 6 4 


SEPTEMBER U 


CCP North Sea Associates tllL <i b 
Guff Oil £4b 

SleOens .UK) 368 t> 4 ; 80 79 B 7 4 
68 4 58 6 : 


SEPTEMBER 8 


S/ebens (UK1 362 

i HU pintHxsioti n/ ihp Stork Exckanga 
rounril i 


MINES 

Australian (9) 

Hampton Gold Mining iSp) _S_US1 .59 hi 


mdgs. 1.1 AO .50) 207 I14i»( 

New Guinea Cold HA0.35) 20© '14I9> 
North Broken HIM Hldgs- (SAQ.60) 126 


North Ka^Bum_J5A0.S0) 141* (11<9> 


W«3fn ^^nin^CPd. (SAO.SOi 163# 5 3 


Miscellaneous (80) 

Amax Inc tUbbB (12<9). BpeDb. £67 (11(9) 


derail Tin and Woltram 1250) 51 
Burma Mmet (17'/o) 


Charier Cbiiad/ CrtP) ' ld5© 6® 4 5 3 

Cmwd^^Go/d 1 Fleets (25p) IBS© 7 B 54 
7*iPeLfl. 39b (1S.-9). BbpcLn. 62: <14r9) 


S lip { 25o) 162® 9® „ , 

Consd. 1260) 31 5t© 04/9) 
lino Tin DrtdfllnS BerhPtl (5MD.S0) 
79 (1 2f9) - 

Malayan Tin Dredging Berhod (SMT) 4S5 


MaiaVsum (50) 36 <1l?f) 
Rio Tint p- Zinc Coro. (26p> 


. 2521© -1# 5® 

46 Sit 21 50 47 B 9 51. (Br.) (25p) 

254 3. Atfum. 05P) 249. Option 

Warrants ai. 3.325PCA.P1. 39 ‘r® 

Saint Piran C2Spi 61 4 M I (14, -9' 
Selection Tst. i2Sa) 508© 5001® 30 2* 
SeltriHt Imr. 95 (13191 
Sllvermlnes (2bP> 41 (13f9i 
South Crofry (lOp) 62 b 60 
Southern Klnu Cons. (M) Berttad 

(SM0.50) 220 (13/9) 

Southern Malayan Tin Dredging (Ml 


Southern Malayan Tin uredgin 
Berhad (SM11 315 (T4/9> 

Tanki Cons. In*. i50p> 186® B® 4. 


(BOO) .90© 90 
TshlBV Minerals HOot 73 ri3(9) 


4. 9 pc PI. 


Rhodesian (3) 

Botswana R5T (Pu2i 22 . 


114-9) 

Roan Cans. Minn B (K4i 70 (11 /St 
Zambia Copper Inv. (!BD0.24i IS'i® b 

South African (29) 

Anglo American Coal (R0.50i SUS9.50 
*12/9) 


An ^Vo 'America n Goljl , tRI ) _el.B22® 


Piat._(|lp.iO) loo© 


Mining 


Bl 

SlyvooniltzKhi Gold 
SU54.75 ( 1 4(9) 

Bracken Wipes (R0.90) p 92.(12I9) 
Buffeistontefn Gold (RH plOOO® 
Camolldated Murchison (RD.1D) 249 

Drtlcroil Gold (R0.20) SU5125t 
□oonrionteip Goia (Rii p848« 


f ast PapbafoiKein Mines IR1) p2S_(12/9) 
ast firtetonlSn Gold /HI) _B40S® 2 
East Rand Com. llDpi 19b: 

- 51*} 


Efandsrand Gold (R0.20) SU53:25 ni/91 
~ y. (RO-50) SUS1.S3 


Free State Dev. - 

Ids South Africa. (ROJ5) iUSI 


gee State 


„ neral . .. 

wOtr** 

Grootvlel Prop, 


Bb 


dept. 16 

HxnL 

mte* 

. 

Diy'i 

ripread 

Close 

U.S. s 

fl* 

I.86B0- 1.9626 

U60D- I.SB 10 

L'-aaailiin S 

3i r 

2JI71M-5L2B16 

2.2796 .2815 

Guilder 

9l£ 

4JUMJ3 

•J!0i-4.2li 

Bel/fi/in F. 

B 

B1.00-6l.4D 

ul.DCL61.lD 

Otniih t. 

i 

lU.tS4-lu.fl 

111.66^- Ifl.GB) 

D-Mark 

h 

fi.t6-o.90 

5.--741.-6i 

t*on- K*c- 

IS 

SB-BO-B0.SO 

fi9.L5-ua.45 

->l»n. f*es- 

B 

144.60-146.60 

144.76-146.86 

Un 

101- 

l.bSB- 1,814 

l.ua0-l.bS2 

hnt)jn- K. 

7 

10.28j-luJ1 

I0.16i 1J.27* 

Kreneb Fr. 

M't 

d.S!-aJi7 

u.SBj-fiJiBj 

SxverilahKr. 

Bis 

a.M-0.68 

i.tBi-a.tBj 

Ten 


«B-iia 

idi-fi/Bi 

Aosm/i acb 

4 In 

27 J9 6-28.26 

28.00 28.10 

Swliw Fr. 

1 

fi.IO-a.14 

fi.llj-fi.12} 


Harmony Gold ' (RQ?50?* p41B_ 16\ 


nr, if 

Jo/uBneshurg Cons. (R2) £16 (12(9) 
Kinross Mines |R1) SUSSij (1419) 
Kloof Gold (Rii SUSBJ (14(9) 






_ 1 

BUILDING 

SOCIETY KATES 


Deposit 

Share 

Sub’pn 


“ 

Rate 

Accnts. 

Shares 

•Term Shares 

Vbbey National ..... — ....« 

6.45% 

6.70% 

7^5% 

. 7.70% 3 yrs., 7^0% 2 yrs. • 

Vid to Thrift 

7.00% 

7.50% 

— ' 

— 

Ulianre 

8.45% 

8.70% 

7.05% 

7.7D% 3 ynL, 7^0%' 2 yrs., 6i»5% 1 yr. 

Vnglia Hastings & Thanet... 

6.43% 

6.70% 

7J»5% 

7.70% 3^4 yrs, 7^0% 2 yrs., 6.95% 1 yr. 

Bradford and Bingiey 

6.45% 

6.70% 

7.85% 

7.70% 3 yrs., 7.20% 2 yrs., min. £200 

tridgwater 

6.45% 

6.70% 

a. 50 % 

7.90% 21 yr&, 7.45% 2 yrs. 

Irrstol and West 

&45% 

8.70% 

7^3% 

— - 1 

iristol Economic 

6.45% 

6,70% 

7.95% 

6.95% 3 months' notice 

tritannia . 

6.45% 

6.70% 

7J)5% 

7.70% 3 yrs* 7.20% 2 yrs., min. £500 

iumley 

6.45% 

0.70% 

7.05% 

7.70% 3 yz&,-7>30% 2 yrs. 

Cardiff 

6.45% 

7.25% 

8.25% 

— 

:atho!ic 

6JH>%. 


7.50% 

— • 7% over £5,000 

'helsea . 

6.45% 

6.70% 

7^5% 

7.45% min. £50fr 6. months' notice 

■Jieltenham & Gloucester 

6.45% 

6.70% 

755% 

7.70% 3 ynti 7.20% 2 yrs. (£500-05.000) 

Citizens Regency 

.0.45% 

7.55% 

855% 

8.30% 3 yrs.* .7-55% I yr^ min. £5.000 

:ity of London 

6.70% 

7.00% 

7.95% 

7.92% 3 yre n Increment share— min. £500 

Coventry Economic -. 

0.45% 

6.70% 

•7^5% 

7.70% 3 yrs. blip., 7.20% 3 mths/ notice 

kwentry Provident 

6.45% 

6.70% 

8.70% 

7.95% S yHL, 6.B5%i2 yrs. 

lerbysbire 

6.45% 

6.70% 

750% 

up to 7JM% 3 months' notice 

iateway L 

6.45% 

6.70% 

7.05% ■ 

7.70% 3yrs., 7^0% 2yrs. f minJE500-£15.000 

iuardian 

8-45% 

6J5% 

7.20% 

7.65% 3 months’ notice,. £1.000 min. 

lalifax .‘.J: - 

6.45% 

6.70% 

7.95% 

7.70% 3 )TS^ 720% 2 yrs. 

lean of England 

6.45% 

6-70% 

7J5% 

7.70% 3 yrs., 7J!0% 3 months' notice 

leans of Oak & Enfield ... 

6.45% 

6S5% 

8.45% 

8.20% 4 yrs., 7.95% 3 yrs.,' 7.70% 2 yrs. 

tendon 

0.70% 


— 

7.70% 6 months 

luddersfield & Bradford ... 

6.45% 

8.70% 

7.95% 

7.70% 3 yrtL, 7.20% 2 yrs. 

^eaminglon Spa 

6.55% 

*.*»« 

9^8% 

7.55% 2 yrs., 8.00% 1 yr. 

rfeds Permanent 

6.45% 

6.70% 

7.95% 

7.70% s yrs, 7.20% 2 yrs, rain. £1.000 

Leicester 

6.45% 

6.70% 

7.95% . 

7.70% 3 yrs., 7410% 2 yrs., 6.95% 3 mths. 

Jverpool — 

6.45% 

.8.70% 

8J5% 

7J80% 3 yrs*, 7.30% 2 yrs., min, £1.000 

.ondon Goldhawk .'. 

6.45% 

6^5%- 

8.20% 

■— 

tel ton Mowbray 

6.55% . 

-6SQ% 

7J5% 

7.55% 2 yrs^ min. £2,000 

Bdshires 

0.45%. 

■6.70% 

7.95% 

7.70% 3 yrs^ 7JM% 2 yrs^ min. £250 

dornington 

7.25% 

7.50% 

. — 

— .'■■■. 

tetional Counties ............ 

6.70% 

7.00% 

8.00% 

7.45% 3 months, min. £1.000 

•I at ionwide — . 

6.43% 

6.70% 

7.95% 

7.70% 3*4 yrs., 7.20% 2 yrs., min. £500 

Newcastle Permanent 

6.45% 

-8-70% 

8.00% 

8.00% 3 yrs.,. 7.70% 2 yrs; 

•lew Cross 

.7.25% 

.7.50%. 

. ‘ — i. 

— 

•{orthern Rock 

0.45% 

6.70% 

7.05% 

7.70% 3 yrs, 7i0% 2 yn^ min. £100 

iorwith 

6.45% 

-.6.70%- 

8-20% • 

7.70% 3 yrs., 7.45% 2 yrs., min. £500 ] 

paisley ^ 

<U5% 

6.70% 

7^0% 

7.70% 3 yrs., 7.20% 2 yrs^ min. £500 


6.75% 

7.23% •' 

— • 

— 

tyrttnan 

fi.45% 

6.70% 

7JJ5% 

7.70% 3 yrii, 7.45% 4-yTly., 6.95% 3 mths. 

Principality Buildg. Society 

645% 

6.70% 

7J5% . 

7.70% 3-1 yrs., 7.20% 2 yrs,. min. £500 

’regressive — ...... 

6.70% 

6.05% 

7.93% 

7.05% Syrsi, 7.70 %2yrs.,- 7.45 %3mthsJioL 

^operty Owners ■ 

6.45% 

-7^0% 

+8.45% 

7.65% 3 mths. hoi, 5.70% to limited cos. 

Provincial 

&45% . 

6.70% 

.755% 

7.70% 3-4 yrs., 7JIQ% 2 yrs. 

skipton 

6.45% 

9.70%. 

755% 

7.70% Syrs^ 7Jffl%2yrs-, 6J5% 3mths.noL 

Sussex Mutual 

-6.45% 

-7.00% 

8.75% 

SJ>5% 3 yra, 7.75% 2 yrs.. 7.50% 1 yr. 

Town and Country 

R45%. 

6.70% ‘(MQ.00% 

7.70%. 3 yrs.* 7.20% 2 yrs* * Mas. £250 

Woolwich . 1 


,.6.70% . 

7JQ5%- 

7.20% 2 yrs^-7.70% -3 yrs. 

^^Rates normally vabahle-ln line with- changes In ordinary share Tates." 11 

' :s:.r J 




i:aV^7H-ffWf7 l 6o o 

Loralne Gold (R1Y 104 (13(9) 
Lrdenburg Plat. (RD.12h> 67 . 
-Manevala Cons. (R0-2S) IUSO-9 


M^Wni' rTransivaaiT Die*. * tfej Koi ( p82® 


M4*. 

' dfe Wltwatersrand IWA1 010.251 190 


MWd .... 

Nmv^lehifomeln Prop*. '(RfLZSl .121 bl 
President ^Brand Gold (R0.5O) IUS13b® 


Rand London Corn- 'RO 1 


Ra M^ntrtn Ilia' Gold (R2) SU 552 b H 

Rustenburg Plat. Holdings (R0.10) 100® 
99k 
St. 


‘"Aten* Go/d (R1) 984© (14,9)- 


Sentnisi Beoerk /RO.iO' 2172 (14/9) 
South African Land <R0 39) 61-bp® 
Southvaal Hldgs. (R0.50) 590 p 
S tlltonteln Gold fRO.50) SUS3.9 . . 

U.C. Invaatmentf |R1) 2 5 Do H2/9) 


_. Invaatmentf iXiTisi)* nV“ f1 *** 
Union- Con. (P Q.6bl 3 38a© 6 2 
UnlHl Gold 5 USS. 15 (l£5S- 
Vial Reefs Exploration (R0.50) 1655a 
tl«-g> 

Venter safest Gold (RII 2Z2o® 
yieM pnt e ln Gold ■ 90.90) 51 111(9) ' 

Wext DrletontHn; Gold (Bit *U534b (U9I 
West Rand Con. (RII 132.(1219} 

Araas Gold (Rl) 17® B4 .9 

Western Deep (RZ) 91 lata tusiZb' 
Wertern Hldgs. [Rgia) 2120n • • • . 
WlnkHhMk MUHN^Wl) 7Vsp SUS7.90 
_ - - 
2a ndoAir Gold (Rl) 235 114/9) 

West African -(2) 

'rHMEf’rtnli 31" Ml, » •* 

iHWesi nop) 26. 

Blslehl Tin HOP) 5 fT4/»i 

GBlrf^nd Base Metal Mines n2bP) 10'a® 


Nigeria 


Diamond (13) 

I" vestment Tit. (R0.50) 

°5_,5!?r5 cons*. Minas Old. (RD.DSi 
*85*® 8 4 3 1 2. (Be,) (R9.DS) 365 6 


11419) 


OIL (286) 


AMock Petroleum (20p) 92 (13/ 9) 
a 'l 5 !*!?: 80 roeo Petroleum flop) TS6 


114/9) . 


B Ct!? h .tj**™ 1 *"" 1 ‘909# !«] 900 a 98: 
6^Db 9 = 1 " 0 5ou° 6 3 ‘ 8BC ”' * 9 ‘ 


Burmafa 77® lib© fib® 97) tu S 7b 
■bt. • 7 UoePf. SOI*© b. 7bPCPl|. 65b© 
b 6 k. B k-ocLn. S9k Bb b 


Century (1 Op) 61 b® 

Charter hall ffipi 25® b 
Due* ham fA.l 7 kD&. G5'HB 
E ^S.r£ Bt ^?ii U0 3,* !:Ot0b ^979-83 82b®. 

BpcDt). mo * 

Hunting Petroleum (25 pi *0 
KCA InU. I25P) 34© 4 5 


tendon Ecetttsh Marine <Z5p) 136© B 
-14DCLn. TOO*® bl© 99b 

0 1 , « E 1G ter,lS,n 2TBI ® 300 

Premier. Cons. (5p> Tfin 176 
Banner Dll 'Canada) 12 *m© 

Royal Dutch (Br.) /Fls2G) 47,70 
Shell Trmaort Trading (Dm.) (25 pl 390© 
6001© 590 1© Bt© 6© 87 90 85 B BGt 
92 851^ (Br.) QBg) *93© 2. 7 k PC 

Ttuto InU. 4bpCLn. SB© b 

Trieentrol (25p) IBS© 4® B 7 Si 

U ?4 r 2 m J«?1 ! 4 9) UTO 3 2 4 ‘ 79em ‘ 


PROPERTY (IBS) 


9,we0,, • 1M2 ' 

AHnatt London Progertlec asp) 23*0. 
SbDcIstDb. 1996-2001 72b© X® 


Pf. 9b® >14/9) 


AouM Securities fSp) 2.1 C14F9) 


Hambro Proport y USo) 141 


lerkelev 

ti 4/9) 

B'lton i Percy) i2So) 192 90 4 (14/97 
Bradford Property Trust <5p) 258© 


7b. Warrants to Subscribe far 1 ora, 
lb (IM). ISOClStDb. 1987 106X® 
ISbt® <14/9). 12KLn. 2002 1 76 


9bdCte- 1991-96 73b 



UK MONEY MARKET 


EXCHANGES AND BULLION 


Bill rate eases 


Bank of England Minimum 
Lending aRte 10 per cent . 
(since June 8, 1978) 


Conditions in yesterday's into the stronger European ctir- 
fo reign exchange market com- rencies. The dollar closed at 
prised the usual pre-weekend Fr 4.3675 compared with 
slowing down of trading and con- Fr 4.3550. 

tinued nervousness surrounding Using Morgan Guaranty figures 
market and the authorities gave the dollar. Most currencies the dollar's trade weighted 
assistance by buying a moderate traded within a narrow range, the average , depreciation remained at 
amount of Treasury bills and a only real exception being the 0.1 per cent. 

^ _ .... „ , ,, . small number of corporation bills dollar/Swiss franc rate. The U.S. Sterling traded very quietly and 

The Treason/ mil rate fell by all direct from the houses. Total currency had shown little move- the day's range was only SI .9580- 
0.0801 per emit to 8.84/0 per cent assistance was termed as ment during the morning before 1.9625. By the close it managed 
at yesterdays tender. The mm‘- moderate. Discount houses were renewed hopes surrounding the to show a 5-point gain at $2.9600- 
mum accepted bid. was £9/.i9 paying around 8} per cent for Middle East talks at Camp David 1.9610. Against other major cur- 
compared with £9/.. i the previous secured call loans at the start but prompted some demand. ' This rencies. the pound was slightly 
week, and l»ds at that level were closing blaances were taken up .soon died away however, and the softer and the Bank of England’s 
met as to about 36 per cent The to 10 per cent with the prospect dollar finished the day weaker calculation of its trade weighted 
£300m bills offered and allotted of banks carrying oyer run down overall Against the Swiss franc average Index fell to 62.8 from 
attracted bids of ,£8 10.525m and balances to Monday^ it eased to SwFr ,1.5925 after 62.9, having stood at 62.8 at noon 

all bills offered were allotted. The . market was faced with a touching SwFr 1.5825 and com- and 62.9 in early dealings. 

Next week a further £300m will be f a substantial excess 0 f £ a ™d ^with Thursday's close of Gold traded quietly during the 


si m ila r 


revenue transfers to 


th Q - SwFr 1.5950. The West^German morning but business picked up 

W 3S 


on offer replacing a 

amount of maturities. Excfieauer o ver"*G o ve mment dfiZ mark was also firmer at after lunch and the .metal 

Day to day credit was in short bureements and a modext net at DM 19762 J gainst DM 15830 finished at $21Ii-212i, a rise of 
supply in the London money take up of Treasury bills previously. The dollar's best per- $1. 

formance was against the French 
Rates in the table- below are franc, the decline of which prob- 
nominal in some eases. ably signified a general switching GOLD 


THE POUND SPOT 


OTHER 

MARKETS 




stops. 15 

f sept . 1* . 





; 

M*pt. lb 

! £ ! 
1 

5 

r 

1 

£ nunuei | 

NniP K/tff Clnae 

1 

Iszilj 212 « 

( 

(52104-211* 


Finbind Markka ... 
Sni" Cm/wiw 


Arukiitiun rcwi 1.661 1.1:65 

I.C9B0 1.7L30 
7.99-6.01 
p^.34 P7.34 
71.827-73.583j 
!».a9-3.4ll4 
104-140 
U.3>0-O.3r9 
f 1 00-61.10 


Hunn Konc Unllsr. 


Kuwnic HiiiariKU) 
Luxem'aiun: Prann 


fi47.S58-649.275j \ Uf |i 

.«> 61-u.c6c7j Lic.iL'inm ....... J 

4.0825-4.0B45| I ipnma rk 

16.536 19.046; era nev 


3d.637 p7.533 
4 ; 1*46 A.', 510 


..*698- .2.49| 
lJl.115-41.lB6 


Mamy-in UilUr 4.4975A.5125! fi.2970 fe.302a! 


'New XmIpihI D ollar 1.O520-I j B90i Q.mu 47-0.M82 pam 


baud) Arai’ix Klyx 
StnBapnre f/riliar... 


0.4 B 6.56 J.2951 0.3481 

4.40 4.41l e 2^490-2.2510; 


liermanv 

Itpi.v I 


68.350-7 1.410]Ja pan | 

~ 1 Xvt berlandx ...... 


.\nrtnty 

Hoitucn I.... 


■■'Wilier la ml........ 

United State*....., 


Sout ti Al'notn Hand I 1,6914 T.7174| 0.8627-0.t)760jYiigp.lavu ...™... 


a7.oaab.50 
62.6063.60 
10.60 1D.75 
8.48 8.58 
3.84-3.1-4 
1610-1660 
07O38U 
4.1B-4.2& 
10.23-10.33 
1:6 96 
143 1471 a 
3.11 '-4.21- 


InraiiiK/ixiaK., 


Belgian rate is for . convertible franca. 
Financial franc 53.19^3.20. 


Rare /rt*en for Antentlna Is free rate. 


LONDON MONEY RATES 


-tojfi. IB 

Ifl- 

■terllng 
L'«rtiflexiC' 
nt itepnaii 

IntcitKnk 

Local 

\uihonrv ' 
■lepra it* 

Iasi Autfi. 
riecrttRbif 
/OIM- 

Finance 

Hciuoe 

Depvit* 

Company 

llefXH't- 

Lliatn/or 
mark in 
•eprwit 

TrCAsory 

Kills© 

BUgibie 

Bant 

Bills© 

PinelVade 

Bills© 

UvcrniEl" 

— 

83, 12 

— 

— 

— 

laiOLt 


— 


_ 

<i rtmvT neticc.. 

— 

— 

9 

— 

— 

— 

- 

— 


— 


— 

— 

— 

— 

— 

10-10L) 

— 

— 




1 itov (Kit 10c.. 

— ■ 

9-esg 

9 

— 

9»a 

— 

884-9 Lg 

— 

rara 

— 


9i< 9 

9 Life 

9-91* 

9JB-95S 

9Ii 

IO-ZOI4 

83, -«vg 

8*i 

gft-sft 

gig 

i'nnj month-... 

9L, 91* 

Slg d 4 

— 

914-915; 

■ 93, 

— 

81* 9 

87* 

9*-9* 

9lg 

n»rw month' . 

9i«-9l B 

** 9ft 

91* 

9-9M 

9Jg 

103g 

9 

B7 B -S8 

9*-9* 

912 

via month ■ .... 

2'»2 Sb 

9ft 

9s„ 

Ml* • 12 

Jg's 

— 

— 


«£-93b 

97* 


Bfj fli t - 

9*x 9lB 

— 

Vsa-aiB 

10L, 

— 

— 

— 



Ooe vim ...-■ 

9ft 9ft 

Big 10 

9is-9ft 

an* 10 

10)e 

■ — ' 

— 

— 

— 


1 wo vriff 


- 

lOlB-lOJ* 

— 

— 



— 

— 

— 


'i2IO.BG *2(11.20 

ki.-lu7.4-4i l£lO/.5Bii 

Afternoon fiim/j ._. I #21/.I5 ]S2u9.2G 

Jusiuh.ibsi jixu;B.aeai 

Qonl C-cinj. ...... ...... I 

domeuicaily | I 

Krugerrand '521BJ-22(} 'S21Bj-)20(i 

I'C'li* M.i icilU-1.24 

New feovoreuiu Irfbl-tA 

i<£31-B2) 

Old soveral/rn* ieBI-64 

!(Cai-i2) 

1.9575- 1. 1 660 Gowl U>in» [ 

38.0 J-4 1.<-0 inienuuinnailj 

— Kruf-erranrt '«l74-2tf4 S216|-21Bt 

■lillluf-l I UmAiluJ- 1 1 141 

New 6avereaens-~-[^s'Jp't So/t-oJtj 

lli2B t -M*, luiiOj-gL*/ 
C/U) SoveTeuriiB„_.[!»Di-ia pel-uS 
l-L'it 32 ((£31-92; 

523 t-ju-iev k-alOj-5133 JoluBJ-anj 

61 J 8*411* Mu.*- ii tj Is 182ft- It 64 

Bo Kn"«. 'if I >64- 1 .6* ISIUJ4 105* 


SMj-i Bt 
<l3x] 
Sbl-ci 
Ltel-GZ) 


CURRENCY RATES 


Local auiboriis ana finance houses seven , days' nouce. others sev<>Q dans fixed. 


Finance House Base Rates (puhbftied by Uw Finance Houses Association' ID per ceni from September 1. 1078. 


Treasury Bills: Average tender rales of discount 8.8470. 


September U 

Special 

Drawing 

Rights 

European 
Unit of 
Arconot 

SurUng 

D-M8731 

0.661 4S3 

U.S dollar 

L272B2 

L-2TO05 

Canadlao dollar 

1-47722 

1-58935 

A usi nan scbUUns ... 

18.2012 

18-5595 

Belcian franc .... .. 

30-U39 

10.4505 

Danish krone ..... 

fi-12409 

72)6345 

DeuLsche Mark 

2.S15W 

)«M7 

Guilder 

2.734U 

2.78S19 

French franc ...... 

5-53672 

5-64*78 

Lira .... — .......... 

1057 m 

M77.99 

Yen 

242-216 

244.950 

Norwegian krone ... 

6A5B07 

S. 79848 

Peseia 

94-0607 

95.9907 

Swedish krona ........ 

5A22M 

5.73403 

Swiss franc 

2.03077 

2JJ7U35 


EURO-CURRENCY INTEREST RATES 


9*4*. IB 

Sterling. 

_ U.S. Dollar 

Canadian 

Dollar 

Dotch Guilder 

SxtIm Franr 

West (knoxD 

Mark 

French franc 

Italian Lira 

Aolon S 

Jaoaoeee Van 

ttibnrt term. I llBa-117g 

7 day 1 '' nrtw ' HI4 UI1 

Uwtth - HV124 

Three flinnih«.-.| 12- 12 a® 

Six tnoaih* i 12 *q- 121 2 

One yaw lSig-iatg 

ese-asa 

• ais-efif 
Bi,9 . 

9-9*4 

9U-9)g 

930-958 

8I4-BI4 

814-9)4 
86a-3 
9la-Big 
, 9ife.81* 
9*8-97(1 

438-Aii 

4an-4Sfl 

Biil-Sft 

6-6)4 

6 *a -ftu© 

ft-ft 

A- A 
iVft 
i%-js 
i-l*g . 

sta 

344-378 - 

■V *«-7*i 
714.71s 
7fig-tT a 
blg-8 5 b 
8-9)4 

91a 9S4 

9-13 

)2U-13U 
121*1314 
12*8-13 >| 
1234-16*4 

13 *2-14*2 

Sto-B-N 

®A-*d 

9ft-9d 

Sft-Bd 

, 

! 

i 

its . 

.ita 

318-5*2 


The fnUcwliiF nominal rates were quoted For Lonrirm dollar certificates of deposit: One month 8.7D-8JM per cent: three months 9.00-9.10 Her cent; six months 9.HV979 . 
per cent: one jear 9.l5-9JLa per cent. • 

Lans-ierm Eurodollar deposits: two years M-9| per cent: three years 95ifi-97it -per cent; fnur years 996} per cent: fire years 9E 9J per cenr nominal doslrut miej 
Short-term rate; are call for sterllnfl. U.S. dnllars and Canadian dollars; two days' nonce for Builders an® Swiss francs. A-Han rates are closing rates In Singapore. 


UJL CONVERTABLE STOCKS 15/9/Z8 


data STR£AM InternaUff/in/ 
data STREAM International 






Con- 

Flat . 
yield 

Red. 

yield 

Premium! 

Income 

Cheap (+} 
Dear(— )<> 

Name and description 

(£m.) 

price 

Terms* 

dates 

Current 

Baneef 

Equ.§ 

Conv.1l 

Diff.<5 

Current ' 

Associated Paper 9Jpc Cv. S5*B0 

1.40 

116.00 

2D0!0 

76-79 

8.3 

6.S . 

- 7.9 

-10 to 

2 

5.2 

4.6 

— 0.5 

+ 7.4 

Bank of Ireland lflpc Cv. 91-96 

8J22 

202.00 

47.8 

77-79 

4.9 ' 

1.2 

- 6.8 

- 7 to 

3 

11.1 

4.7 

- 3.0 

+ 3 B 

British Land 12pc Cv. 2002 

7.71 

178.00 

333.3 

80-97 

6.9 

6.1 

12.4 

1 to 

24 

0.0 

94B 

60.0 

+47fi 

English Property type Cv. 98-03 

8.07 

86.00 

234.0 

76-79 

78 

8.0 

- 7.0 

-11 to 

-4 

8.5 

32 

- 5.7 

+ L2 

| English Property 12pc Cv. 00-05 15.31 

8S.D0 

150.0 

76-84 

14.4 

14.4 

48.5 

- 200 . to 

.46 

31.2 

49B 

31.3 

-172 

Hanson Trust 6Jpc Cv. 88-03 

Ol 

82.50 

57.1 

7680 

7.9 

8.6 

- 2.4 

— 2 to 

12 

8.4 

6.0 

- 2.9 

— 0-5 

Hewden-Stuart 7pc Cv. 1995 

0.04 

360.00 

564.5 

75-79 

119 


- 2A 

-30 to 

-3 

9.3 

3.4 

- 1.6 

+ IB 

Pent os 15pc Cv. 1985 

LOS 

172.00 

166.7 

76-81. . 

8.9 

4.0 

~ 5.3 

-12 to 

-1 

'- 332 

322 

- 0.4 

+ 4fi 

Slough Estates lOpc Cv. S7>90 

5j0 

171.00 

125.0 

78-87 

5.9 

1.5 

• 10.3 

5 to 

16 

32.8 

54.3 

13.9 

+ 3fi 

Tozer, Kemsley 8pc Cv.. 1981 

0.78 

102.00 

153.9 

74-79. 

8.1 

8.4 

8.7 

2 10 

14 

7.4 

7.7 

0.3 

- 8.4 

Wilkinson Match lOpc Cv. S3-98 1L10 

96.00 

40.0 

75-83 

. 10.7 

10.7 

33.3 

24 to 

40 

292 

38.0 

122 

— 2U ^ 


■Number al ordinary shares Into wtuch HOD nominal of convertible stock is convertible. tTbe extra con of n«estmc-nl In >onvertlble expressed ju per cent of the 
cost of the equity u) the convertible stock. tThnec-momh ran/ce i Income on number of ordinary shares Into which £100 nominal nf convertible stock is convert) h]n 
This income, expresmt In pence. Is summed from present time anul Income on ordinary shares Is htmibt than income on £199 nominal of confertihle or the final 
conversion dale wh)cfacver-ls earlier.. Income is assumed ta grow at 19 per cent per annum and is present valued' al 12 per cent per annum, f Income bn np «« 
convertible. Income Is manned urntlJ conversion and present valued at 12. per cent per annum. <? This is Income of the convertible less Income of the underlying .nnitv 
expmarti as per cent of the value of the underlying equity. 0 Tbe difference between the premium and to come difference expressed as per cent of the value of 
mWeriylns equity. + Is an Indication of raiattva cheapness. - Is an indication of relative dearness. 


22 


Financial. Times Saturday. September ^6.0978; 


STOCK EXCHANGE REPORT 


Equity upsurge halted by end-Account profit-taking 

Share index 5.1 down at 530.4— GKN interim results 



Account Dealing Dales receded 15 to 450p for a similar market, Vfbroplant found support responded sharply to interim pro- 
Optlon reason. Bank of Scotland, on the and ended 0 higher at 185p. Else- fits well In excess of market 

•First Declara- Last Account oiher j“5 d \™se \ 10 M8p. & elng where, the satisfactory interm es pe Ci at lona and dosed 13 to the 
Dealings tions Dealings Day supported ahead of next Tuesday’s results raised Breedon Cloud HiU soo d at 297p,. after 2SSp. Other 

Sen 4 Sen 14 Sen 15 Sen 26 i nler,m re sults. Lime - to 104p. Engineering leaders. however. 

Sen" 18 Sen" ■»« Sen’ 2 9 Ort" 1(1 Comment on the disappointing K2 ran into a steady stream of rame back on profit -taking. John 

Oeu' ? Ocl‘ n Oct" n ffr ' 24 »' ntt,rim underwriting iWrForm- »H sellers and reacted o to 4 lop. Brown lost-10 at 4S4p and Hawker 

U 5!r . J™* w 4 V c1 - . ance prompted a further reaction, while occasional proflt-tokmR gj, Te up 6 af 260p but Vickers 

from "j? ° f 3 10 157 P ^aAentlaL Other after the ” reI J en * were only the turn lower at 206p: 

The recent strone uDwacd Life usues a Saui moved lower in returns dipped a penny from the fi rst haJf 0 f the last- 

movementrn^auinfma e rki.ti P rame symnathy and Hambro Life eased Croda International, at to P- C f"‘ named are. due on September 28. 
S *?5Jf a like amount to 3S3p, while tinued disa ppomtment w ith the j^ely bouyant on hopes of a 

to a halt yesterday when l»idin a p ear j slipped 2 to 24Sn Among second-half profits setback left defence contract. 3£L suc- 

“a, SS S3 Conches. E^^StaV^a?! Stewart Plastics 8 lower at 143p JSJT5^5!!£& and M 
the I0am«l “p 4 2 < W in fr °nl of neat for a fall on the week of 21. 10 t0 225p. bui still "closed 30 

edition the Pr to Jim index Wednesday's first-half figures. T ihprtv setback better on the week. Simon 

recoded" a ratt Royals declined 10 to 37Sp.- til Deity seiDaCK softened 2 to 234p ahead of Mon- 

t2noints the ^iteur Still reflecting the directors’ End-Account profit-taking left day’s interim, figures, while falls 

Lffi- ,h2er S cautious views about current the Store majors with falls of 4 were recorded in Peter 
Martian W1M cvtcndld to gi st trading which accompanied the ranging to 6 at the dose. Barton Brotherhood, 12Sp. Pegler Hat- 
hpar clodni results and scrip issue proposal. A, 169p, Gussies A. S34p, and tersley. 176p. and Wagon Indns- 
ii the £ hoir or soh^dtS 860 reacted to 25Sp W. H. Smith A, 176p. all lost that trial, 150p. By way of contrast, 

reduce the final loss to 5.1 at 
530.4. The day's fall was largely 
technical and only modest com- 
pared with the rise of 37.5 in the 
index over the previous nine trad- 
ing days. 

Against the general trend in 
the leaders. GKN featured with 
a rise of 13 to 2!17p in response 
to interim results well above 
market estimates. In contrast. 

United Biscuits fell 7 to S7p on 
the second-half profits warning, 
which accompanied the half- 
yearly results. 

Selling was also evident in 
.secondary issues, but the majority 
of losses were limited to u few 
pence or so. Falls led rise by 
7-2 in FT-quoted Industrials and 
the FT- Actuaries Ail-Share index 
came back slightly from Thurs- 
day's a H- time peak of 242.30 to 
close with a loss or 12 per cent 
at 239.45. 

British Funds took a step back 
after the previous day's flurry of 
interest which followed reactiva- 
tion or the near-medium and 
long tan stocks, sentiment being 
unsettled by a cautious Press 
view or the August trade figures. 

.Short da ted stocks were also dis- 
turbed by fears of a further rise 
in T.'.S. interest rales, confirmed 
later, and quotations drifted ' • 

lower in this area on scattered before closing 6 cheaper on much, while Motiiercare reacted Matthew Hall put on 6 to 254p 
offerings to close with losses balance at 264p for a two-day fall 4 to I56p and House of Fraser and Mining Supplies improved 3 
extending to * and occasionally of 22. Other Dstillery issues closed 3 to 174p. A firm market of late to 100p. • 

more. The longer maturities with modest losses. Elsewhere, on bid hopes. Liberty suffered a United Biscuit came on offer 
recorded similar losses in a low Matthew Clark, which announced sharp setback, the* ordinary in Foods after the profits warn- 
vnlume of trr.de and the Govern- preliminary figures on Wednes- falling 43 to 175p and the N/V ing, which accompanied the 
ment Securities index reacted 0.33 dav, dropped 6 further to 14Sp. 30 to ITDp, on the lower interim .interim figures, and dosed 7 dovn 
to 70.5S. Buildings mirrored the profits and bearish remarks at. 87p. Taverner Rutledge were 

A moderate two-way business generally easier trend, but about second-half prospects, another dull feature at ii7p._ down 
was traded in investment currsacy steadied at the "lower levels in a 'Jbj 1 ® Products gave up 6 to 20SP, g t following the .first half loss, 
between rates of fifij and 051 per subdued business. Blue CIrde but Home Charm hardened - while further consideration of the 
cent before rhn prpmium settled i ended 4 down on balance at 29Sp, tnore to L12p. sull reneciing tne interim results clipped 2 from 



F.T.Aetnari«* All-Share Index 
Adjusted for Inflation 




-wi 


$ ? 


art 


L- SHARE PRICE MOVEMENTS 
IN REAL TERMS 


«« 1563 — 1964 1965 068 HW7 «6a 1569 raw 1971 1972 1973 IBM 


BJt UK V7I 1576 


■ the dose. Boots, 22Sp. Glaxo, 
635, and Metal Box. 372p, Inst 12 
apiece, while Beech am declined 
10 to 733p as did Scottish and 
Universal Investments, to 127p. 
Easier conditions were also evi- 
dent .In- . secondary issues where 
RFD were particularly dull at 74p, 
down 9. following the chairman's 
profits warning at the annual 
meeting. Ahead of their respec- 
tive interim statements on Mon- 
day, European Ferries eased; 4 to 
139p and Stanley Gibbons 9 to 
2ISp. while profit-taking after 
Thursday's better-than-ex peered 
Interim profits prompted a fall 
of 8 to 282p in Booker MeConnelL 
De La Rne declined 13 to 4S0p and 
Marshalls Universal receded fi to 
158p. Macarthys Pharmaceuticals, 
on the other -hand, added 6 at 
U4n: _ 

Pleasurama put on a 1 J) Tip as 
bid speculation revived. 

Alotors and Distributors were 
easier for choice. Lucas Industries 
finished 2 off at 328p. after 323p j 
while Flight Refuelling. ISOp. and 
Dowty, 295p, lost .5 apiece. Lyon 
and Lyon slippra 6 to Sip on 
farther consideration of . the 
interim statement, while Lex 
Service eased li to 87lp and 
Heron Motor 3 to 132p. Lookers, 
w'here Lloyds and Scottish have 
recently acquired a . 21 per cent 
stake, encountered -light profit 
taking and slipped S to 66p, but 
late -demand prompted a rise of 
5 to 137p in H. Perry. Commercial 
Vehicles had Fodens 3 off at 64p 
and ERF 4 cheaper at 121p. 

Still unsettled by the poor 
interim results, Liverpool Daily 
Post sfaed 5 more to 143p for a 
two-day loss of 9. while profit- 
taking dipped 7 from Thomson 
at 273p. In Pa per/ Printings, Oxley 
cheapened .4 mare to 6Bp. the in- 
creased . first-half . profits having 
be*»n discounted. 

An early flurry of selling 
activity left Properties with a 
jaded appearance and the subse- 
quent lack of buying interest pre- 
vented any rally. Of the leaders. 
Land Securities and Stock Conver- 
sion cheapened 4 apiece to 241p 
and 266p respectively, while 
British Land eased a penny to 40p- 
End of account inflnences left 
Haslemere 10 down -at 262 p and 
Berkeley Hambro 4 easier at 137p. 
Buoyant of ia>e on rhe 200 per 
cent scrip issue and* annual 
results. Apex shed 3 to 257p, but 
still held a gain on the week of 
17. Buyers were still in evidence 


for Marier Estates, 37*p,-. and 
Warner Estates. 157p both of 
which attained new highs for the 
year with "respective gains of -2} 
and 5. . ' r ; 

Shell Ji own 

Moving down with tfat gcneral 
trend, British Petroteutu: touted 
900p before rallying to riose oniy 
a couple of pence cheaper -on 
balance at 90Sp. Shell, however, 
remained dull throughout and 
finished at the day's lowest 'level 
of 388p. down 6. Elsewhere,- specu- 
lative demand- put Siebens UK- up 
26 to 426p for a rise onr&e«eek 
of 56. • '.v • . 

Slme Darby featured ln _ather- 
wise little changed , Overseas 
Traders with an advance of 7- to a 
1S7S. peak Of- lS2p. f ■ ■; 

Rubbers scored sopie - useful 
rises, reflecting a revival 1 of. Far 
Eastern demand. Consolidated 
Plantations stood out at 481p'np 
4i. while gains of a similar: nature 
were made by Kaala Lnmpnr 
Kepong, Top, and Highlands, 
120p. v-7 > - 

Diamond rush / ^ 

Most of the attention in mining 
markets continued ;to centre On 
the Australian diamond -explora- 
tion issues. 

-Recent rumours, partly? -con- 
firmed. that the Magnerl Kifetab- 
Westem Queen-Lfennarijl-Oil con- 
sortium had found a- single large 
diamond in the Lennartf Sjver 
area had prompted an earlier rush * 
of speculative buying of the 
respective shares. Heavy tradine 
continued, yesterday. wiQi'fr^h 
buying met by fairly heavy profit- 
taking. . 

Magnet Metals, the subject of 
sustained American- _ -huying 
recently, were actively tradddLUind 
finally 3 lower on balance, at* 42p 
—a week's gain bf..,il, . while 
Western Queen eased: a- penny to 
34p and Leonard OH fifcidied 
unchanged at 3Sp. "’-Vv ' 

Other Australian .ihiunond 
explorers also tendecTVfo. -give 
ground with Northehi 4 

down at I30p -and both Spargo’s 
and Otter a penny" cheaper- at 46p 
and’ASp respectively. r ' i 

Australian Uraniums ^ rallied 
yesterday following news that the 
Northern Land : Council "has 
agreed to the Ranger - project In 
the Northern Territory -.-.going 


financial times STOCK INDICES V 


i 

G^rcnunvot 6eca-— — , 

Fiscal Inre»«L ' 

ladoEtnftt,,- — 

G^ul 

Uni t>iv. VivM 

K.mlnrS. T’l'l^ttullX*)) 

FiE R«lo 

i waiinpn nmrtaiL.— • 
Uqulsy tnnKtverCni-.- 

£qaity t-rgn^xia togj 


7058! 70.73 WAOf'-TftMj 70J7| 

72H2! 72.1B) 71.96 7L7Bj 71.821 7l_84{ 7a.t' 
630.4! 666.6j B34.3j SSS,4 ' 624^j 817.01 " SSlj 
188^1 187 -Si 1824 i 135.4 ITS 



170, Of' 175 jJ. ISSKi 
6.13}- ." 5.19)- 
; 14.-68} ! 13 JJ7| . 
• r^ejasi a.Bi; . i* 

-.5,6831. O. iaa); 7.77 

■ 8Rtt!.;te.08f 'uiu$ : 

■XQMV 18j232! 31:2ft * 
1 pm G3E.BT 


Mines 


in am 3 u am KOS. Noon 527.1 

2. pm 527.7. 3 po) 529. L ■ ■ 

Latest Inilax, tt-246 802fc. . 

■ Based on 52 per cent corporation lax. tKS=&8&_ 

Buis IW Coil Secs. UMM*. -MJ& W; Dnt -V7/S3. Q#t : 

® ss Activity July-Dee- 1M2. .. . . 

highs and. uows. s& Acfivny : 


Gort. Sees— 1 
Fixed tnt..-j 

Ind. Ord_...! 

GoM Miam.J 


19Tb ; . - 

SinM Coinptlntipn 

at*b 

Low 

Hl*b 

lew 

— 

78.58 

(3/1) 

68.79 

(S/S) 

127.4 

(9/1/36) 

49.ia 

(3/1/76) 

' 50.33 1 
(3)1/76) 

81.27 

1,9/1) 

70.73 

(6/6) 

15U.4 
(ay U/47) 

035. S 
(14/9) 

433.4 

C&3) 

54S.8 

(14/9/77) 

49.4 

(26/6/40) 

206.6 

(14/St 

130.3 

(6/1) 

443.3 

(E-/S/76) 

43.5” 

(00/10/71) 






Glit-Blfled „J - 140.4 1 1313 

latustaries j 238.7 ! 337.2 

Spocui«tive j- , S7 JB.l .ea* ' 

TWele 142ATJ57S 

o-dnyAreiMpJ ■' r "«i 

UiitaEdjted^' £39.1 riSOfi 
ImlnaEriaiB^J. 234.8 { 2275 
e5p«SJl»tfeB...i - 49.4 ! 49.4' 
TWais ; 137.8; 1325 


ahead. Peko-Wallsend advanced 
20 to 566p and EZ Industries put 
on 5 to 290 p- ' ■ ' •' " 

Pancontinental hardened s to 
£121 but remained £1* lower over 
the week following' news that the 
Federal Government had with- 
drawn permission to extend the 
Arnhem highway. - 
South African Golds enjoyed a 
OTod week with prices gaining 
Ground for the five . consecutive 


days. Influencing the' rises w 
uncertainties over -the dollar .i* 
the cohseqneiit improvement . 
the bullion price awaiting^ . 
outcome of tbe '.‘Camp . Da 
meeting. 

The. bullion price improvec’ 
farther 81 to S21LS75 per our. 
bringing the rise on the week- 
$SS0, while the Gold Mines ih£ 
up T.O yesterday at.-ISLS, shot f 
a week’s advance of 13.7. .. 


lower on the day at 95J per cent. a«i did BPB at 251p. while London SJ°d interim results and forecast British 'Vending industries, at 

Yesterday's SE conversion factor Brick shed Ij to 74p. Construe- ot a record result lor the tun- 29p. British Sugar, a firm market 

was 0.6765 1 0.67881. tion i>sues to encounter early i' ear> of late, eased. Z to l4Sp and 

selling pressure included Richard Electricals finished with several similar losses were sustained by 

Costain. 10 cheaper at 246 d. and casualties, despite a late rally. BejanL 64p, and Unigate. -72p 

„ _ ... - r .w . t «l* M J 7 »• n ftnM m «__ * a - f * — 1 111. 

Tlie 

Norwegian 


Hambros better 


announcement that the Tavtor Woodrow, B lower at 466p. GEC closed 1 easier at 338p. after Linrond. however, rose 4 to 142p 
jgian Government is ready Orme Developments came on offer 326P. while losses of. around 4 on revived speculative ui»erest. 
to exiend its support to the much at Slip, down 3i. awaiting the were sustained by Brocks. 63 Jp Prince of WateS 1 -continued, firmly 
trnublnd tanker groun Rekestn outcome early next week of and MJL . Electric, 239p. Racnl m Hotels and Cbferers. rising 3 
helped Lh? biter’s main creditors Comben's cash offer; the latter Electronics, suggested recently as to 62fh for a two-day improve- 
Hambros Bank move up sharpl? eased a penny to 32p, but Ro>co « P°^We bidder for Pl^ey. mem of 7 on the interim report 
to 200p before a close of II higher attracted buying Juries and ^'ned 12 to JJ-P- B*rec. j ^ u jj 

cTearing 11 hanVs ^Sned^ster*^ St? New* that “two °diree-’ commeni with an improvement The^ rateceUaggis 

enS| , nc P ™SSf‘« i S!Qp"»nd SRS’i &£ l SSvgl%i££Z'l TO m. Ik .t Ml KS-SSS 

lower ' at 273p. Bank of Ireland to 99p. while in a restricted ahead of the first half figure, figure falls were -commonplace at 


OPTIONS 


DEALING DATES 
First Last ’ Last For 
Deal- Deak Declare- Settle- 
Logs '• ings tion meat 
Sep. 12 Sep. 25 Dec. 7 Dec. 19 
Sep. 26 OcL -9 Dec. 28: Jan. 9 
Oct 10 Ort. 23 Jan. 11 Jan. 23 
For rate indications see end of 
Share Information Service 

Stocks favoured for the cojli 
included Talbex. VDT, Deben- 
hams. Cons. Gold Fields, Suter 
Electrical. Seiinconri, Llfrahrar, 
British Sugar, Parkland Textile 


A, Mtdrhead. WiLson Walton, 
Carrcn^. Hotie 'Kong Land. 
Northern Engineering, English 
Property, Siebens OIL .(UK), 
Brocks. Majedlc '• Investments, 
Hades Group. Thomson Organisa- 
tion, Co art a aids and P gnd O 
Deferred. - Puts were done in 
Beecham, Fairvfew, Estate^ and 
La^broke Warrants, ' while 
doubles were arranged 7 . in 
.Talbex. Cons. Gold Fields*; Suter 
Electrical, Parkland Textile A. 
Shell Transport and Town' mid 
City Properties. \ v 


LONDON TRADtJ OPTIONS 


Oaot«r 


Jbuiuuj ' 


April 


Oi*wti 

OP 

UP 

BP 

BP 

UP 

ijnm. Unit 
1. .mi. C 11 i«i 
(.ran. l : min 
i.Vhi*. G»>hl 
i4iiu n.iiii 
L-IXU. Golil 
CrnimilliU 

b.iurtaiikl*. 

{rinjrtauldB 

(<KL: 

i.'UU 

li BO 

UKO 

fiKO 

li KO 

GEO 

■j mud Met. j 

Grnn>1 Mel. I 

li rund Mel. 

U.1 

KT 

IU 

IL'I 

land Secs. 

Until St-ct>. 

(snd !?««. 
U.n*1 -en. 
Land Set's. 
Murk 4. 


shel- 

shell 

Sl.iSI 

T-aul- 


■Kx'n.-iw 
■ price 

doting 

offei 

- 

Vnl. 

ClnsiBi/ 

nffei 

■- rCktoinic 

VqL ] offer 

. Vol . 

'• -K«IB«1V ’ 
j d-.-se^ ' 

750 

158 

' 

173 




907p 

BOO 

i- a 

— 

1-27 

- 

142 

— 

, N 1 

\ 850 

68 . 

20 

8* 

— 

110- 

— 


1 fipo 

1.0 

12 

-6 



62 . 

5 

! * „ - 

050 

12 

14 

62 


S4 

— 

1 

140 

18 ' 

10 

k2 

1 

26 

— 

••! 165p - 

160 

3‘* 

13 

81- 

20 

141c 

— 

i • • - 

180 


_ 

5te 


a . 

— 

* 

j 160 

32 

18 

.36 

15 

41 


! lB6p 

180 

19 

5 

20 

15 . 

28 

1 

1 - ; 

1 200 

■4 

' — 

10 

52- 

18 

. 6 


r 100 

81 


eiis 

■_ 


■“ 

! llBp'. . 

, 110 

13 ' 


14 

” — . 

17 

—— 

}. • „ - 

! 120 

■Ste 

32. - 

813 


*2 


1 - 

; ido 

3Vi 

12 

5 . 

4 

a 

— 

: 

1 ' 420.- 

112 


119 


— 

— 

I 329p - 

i .24o 

68 

. 

100 

- ; iGs 

— 


! 260 

73 

— 

B1 

. 

68 

— 

„ .-1 

880 

•' E2 

6 

6 J 

““ 

72 

— • 

1 

I 71 

300 

63 



:;47 


-.9 

— 

1 

| 330 

.14 

- 6 

28 

4 

=7 

• — 

\ li ' ‘ l 'I 

360 

3>i 

- 

. is 



22 


1 /. V. 

i ‘ 1 nj 

21', 

’ JJ 

c7 

6 

291* 

. B- 

' HBp .. 

llu 

1218 



,8 . 

— 

21 



120 

',s 

12 - 

ID ‘ 

55 ’ 

»4l a 


• ^ . el. 

650 

1 2 

1* 

84 


£-2 

. •— 

! 415p . 

360 


■L_- 

59 . 

2 

65 

— 


590 

85 '• 

8 

*0 

20 

46 

— - 


420 

7te 

77 

3 ’ 

24 

.5 

a 


180 

63 lj 

— 

67 



71 

— 

! 242p - 

200 

-4 



48 | 



i3 

. — 

■■ 

. 220 

85 

— 

30 

. — 

(6 


! N • V 

240 

10 . 

' 1 

'•17t a 

20 

L3 ' 

— 


260 

: - 3 



•10 

24 

.141* 

. — 

1 .. 

66 

-a 


34 ' 


37 

a 

1 88p 

70 

22 - 

10 

24 

— 

29 

— 

1 ^ 

80 

J4 

3 . 

17 

77 

2i 

1 

tf ‘ " 

90- 

6 

10 

.'101* 

27 

15 , 

— 

„ . 

100 

2i a 

17 

. 61 * 

11 

10 

— 

i saa P : 

-500 

86 

— 

98 

19 

<09 

— 

550- 

58 

7.. 

59 

— 

70 


1 

1 ■« % 

600 

14 

3 

29 


40 

— ■ 

1 * 

•m 



296 


396 


. 2A 

l 


RISES AND FAILS 


British Fowls 
Carpns. Dam. a 
Indastrials 
Financial and 
Oils 

Plantation 

Mines 

Recent Issues 

Totals 



Yesterday 

On the week 


Up 

Own 

Same 

up 

Down 

Same 


2 

» 

5 

153 

108 

82 


6 

4 

52 

55 

10 

245 


3T4 

586 

18b 

Z2» 

UM 

4083 


42 

263 

203 

LOB 

425 

LOW 


5 

- 11 

U 

55 

34 

86 


11 

6 

14 

36 

34 

85 


44 

33 

<n 

304 

95 

2 O. 


2 

12 

72 

48 

26 

IB 


218 

9M 

U44 

3.754 

4002 

6J09 


ACTIVE STOCKS 

Yesterday 


On the week 


No. 


Denomina- 

of 

Closing 

Change 

1978 

1973 

Slock 

tion 

marks price (p) 

on day 

high 

low 

ICI 

£1 

15 

415 

— 5 

421 

32S 

Barclays Bank ... 

£1- 

11 

362 

- C 

368 

296 

Boots 

25p 

11 

223 

— 12 

237 

184 

BP 

£1 

11 

90S 

— 0 

926 

720 

European Ferries 

23p 

9 

139 

- 4 

143 

99 

Glaxo 

50 p 

9 

635 

-12 

648 

515 

UDS 

23p 

9 

106 

- 3 

111 

82 

BATs Defti 

25p 

8 

27S 

— 7 

304 

227 

EMI 

50l) 

S 

185 

-JL -1 

190 

130 

GKN 

£1 

8 

297 " 

+ U 

29S 

248 

Marks & Spencer 

25p 

8 

S9 

— 2 

94 

674 

RTZ ; 

25p 

S 

249 

- 7 

258 

164 

Shell Transport... 

23P 

S 

58S 

- 6 

602 

4S4 

Beecham 

25p 

7 ■ 

733- 

-10 

743 

583 

GEC 

2op 

7 

332 

- 1 

333 

238 


The. above list of active stocks is based on the number of bargains 
recorded, yesterday in the Official List and under Buie 163(1) (e) and 
reproduced today in Stock Exchange dealings. 

No. 


Denomina- 

■ Of 

Closing 

Change 

1978 

1978. 

Stock 

tion 

marks price (j>) 

on week 

high 

low 

ICI 

£1 

95 

415 . 

+ 5 

421 

328 

.Shell Transport ... 

25p 

67 

580 

+ 6 

GO 2 

484 

BP 

£1 

61 

90S 

-MS 

926 

720 

Barclays Bank ... 

£1 

56 

362 

+ 4 

368 

296 

De Beers Defd. ... 

JR0.05 

30 

487 

+ 50 

488 

285 

Burma h Oil 

£1 

53 

79 

" 7 

89 

42 

Racal Electronic 

25p 

51 

342 

- 2 

362 

196 

BATs Defd 

25p 

50 

278 • 

- 2 

304 

227 

GEC 

25p 

50 

332 

+i« 

333 

233 

Rank Ore 

25p 

48 

287 

- 1 

296 

226 

RTZ 

25p 

47 

249 

+ 1 

258 

164 

Beecham 

25p 

45 

733 

+ 3 

743 

583 

Distillers 

50p 

43 

213 

+ 6 

215 

163 

Northern Eng. ... 

23p 

43 

136 

+ 13 

137 

84 

UDS 

25n 

43 

106 

+ 5 

111 

82 


BASE LENDING RATES 

AJB.N. Bank 10 % ■ Hambros Bank 10 % 

Allied Irish Banks Ltd. 10 % BHill Samuel S10 % 

American Express Bk. 10 % C. Hoare & Co flO % 

Amro Bank 10 % Julian S. Hodge • 11 % 

A P Bank Ltd. 10 Hopgkong & Shanghai 10 % 

Henry Ansbacber 10 % Industrial Bk. of Scot. 10 % 

Banco de Bilbao 10 % Keyser Diimann .... 10 

Bank of Credit & Cmce. 10 % Knowsley & Co. Ltd. ... 12 % 

Bank of Cyprus 10 Ti Lloyds Bank 10 % 

Bank of N.S.W 10 "b London Mercantile ... -10 % 

Banque Beige Ltd. ... 1U r 0 Edward Manson & Co. 11A<& 

Banque du Rhone 10A% Midland Bank 10 T, 

Barclays Bank 10 % ■Samuel Montagu 10 % 

Barnett Christie Ltd.. . 11 % ■ Morgan Grenfell 10 % 

Bremar Holdings Lid. 11 % National Westminster 10 % 
Brit. Bank of Mid. East 10 % Norwich General Trust 10 

■ Brown Shipley 10 % P- Refson & Co. ... 10 % 

Canada Perm’t Trust 10 %■ Rossminster 10 % 

Capitol C & C Fin. Ltd. 10 % Eoyal Bk. Canada Trust 10 % 

Cayzer Ltd 10 % Schlesinger Limited ... 10 % 

Cedar Holdings 10*% S. Schwab ............ 11J% 

■ Charterhouse Japhet... 10 % Security Trust Co. Ltd. li % 

Choulartons 10 % She nleyT rust 11 % 

C E. Coates 10 % Standard Chartered ... 10 %_ 

Consolidated Credits... 10 % .Trade Dev. Bank 10 % 
Co-opera tiye Bank *10 % • Trustee Savmgs Bank 10 % 

Cnrinlhian Securities 10 % T«wm tieth Century .Bk 11 % 

Credit Lyonnais 10 %. JJiSJS 12, S 

The Cvprus Popular Bk 10 % . Whiieaymy Laidlaw ... 10;% 

Duncan Lawrie 10 % . William* & t.lyn* ... 10 % 

Ea K ii Trust 10 % Ttorkibiw Bank 10 % 

English Tran scon L ... 11 % lh “ bousca 

First Nat. Fin. Corp. .. 11* % • depmus tr, l-moaih deposits 
' First Nat Secs. Ltd. ... 11 % . rw.. 

■ Anton v Gibbs 10--% * d j >Ilos i , . s , “ wms at m.«w 

5 *"2? g5s»V..“ M * 

Grind lays Bank I’O % f Cull di-pwits mw ti.ono 

■ Guinness Mahon JO % \ Demand and tiwin 


NEW HIGHS AND LOWS FOR 1978 


The following iceu titles ernotec In' the 
Share Information Senrk* yesterday 
attained nr*» “'nit a"-* 'aw* tor 1970. . 

NEW HIGHS (78) 

COMMONWEALTH AND 
AFRICAN LOANS (11 
N.Z.4PC 1976-78 

AMERICANS <1> 

Brown, nE-ForTN*^ (21 

Bank o( N.S.W. Cle. Bancaint 

BEERS 111. 

Irish Distillers 

BUILDINGS '« 

Beechwooa Love, I (Y. J J 

Ho*e ring ham Royco 

Lawrence tW.) _ SGB 

CHEMICALS <5) 

Allda Packapoig Hoechst Fin. lOpcLn. 

British Benzol Norsk Hydro 

Hickson and Welch 

STORES 141 

Foord iM.J Samuel iHJ A 

Home Charm WearwcU 

ELECTRICALS (1) 

Jones Stroud 

ENGINEERING (71 
Bramsorove Castings GKN 
Brown and Tawse Hall iMJ • - 

Concentric W.G.I. 

Danks Gowerton 

HOTELS (11 

Prince o( Wales 

INDUSTRIALS (171 _ 

B.E.T. Dew. Macarthys Pharrn. 

Berwick- Tlmpo Mettoy 

Brack iP.l Peerage 

Burns Anderson Poly mark 

Christie- Tyler Rock ware 


Canning IWJ Russell 'A.) 

Dundonlan Sale Tilney 

Hunting Assoc. UKO InH. . 

Low and Bonar 

INSURANCE tZ) 

London United Stenhouso 

- LEISURE H) 

Barr & Wallace Arnold Tst. A 
MOTORS HI.. 

Western Motor _ 

NEWSPAPERS 0 

East Midland AlH?d A WeMters Publications 
PAPER 13} . 

East Lancs Paner Tridant Group , 
McCorquodale 

PROPERTY '31 „ 

Rilton IP.) Warner Estates 

Marier Estates 

TEXTILES IT) 

Beckman (A.) Martin (AiJ- 

British Mohair Notts. MnBI. 

Carpets Inti. Sma Vicos* Prl*. 

Leeds Dyers 

TRUSTS i7» _ 

Archimedes Cap. Scottish European 

Equity Inc. Sitewel* 

General Funds Park Place 

Grange Trust 

OVERSEAS TRADERS (1) 

Sime Darby 

MINES IS) 

Bracken Gooeng-Cons. 

Angie A mer. Coal Tehidy Minerals 

BH South 

NEW LOWS (2) 

_ u TEXTILES «1) 

Tavener R u tledge 

, FOODS 11) 

Soencer iG.) 


RECENT ISSUES 


EQUmES 

* ’ 

.ifsJlfa! lfl7h ' ! ^ . 


pi < ; "■* ; High 

Low j p“ ; 


oa , »j*.| ai,S; 64 

n - Ls3 4 , 

bb [ F.P. | M 94 

116 : P.P. : 8/9-169 

1 1 : . ! 

<1 jj^rtteru Suf^rlowlB....] 86 

« ,'Enua.v 1 IOI 3 

8i -riuntini?Pgtr. d«vi0ea>. 90 —2 

Lie Joneu 16.) (Jewln/lOr- 164 ,—4 

t ! 

1’ 5.1. 4.8. 7.7 

4T66l3.0i 1JB‘. 6.3 
63.6! 2.1' 5.0- 14 J 

[ : i 


FIXED INTEREST STOCKS 


34 Ca 

It 


:=? Iliii 


1978 


i ra a [Htl* I le* 


lOp 1 ~ -1 Silt i 
tMus*: f.p. — •. 
£100 £50 !l5/lk ! 


B9p | all 
£100, F.P. ; 
£99 Lg. JrU*. ! 

“ 1 I 

• F H I 
filJL i F.P. | 
■>1fl0p ; F.P. 

fi&sSi F.P. 

cyviii K.H. 


16p| 

luu • 
oisa; 


Slock 


wi ; 

I? +«■ 

Is ! " 


— jig pm 1 
8/12! , 

— . M9Jel 
3/ix eo i 

— I nr. J 

— i 

1/9 I 101 p : 

— ’ rfULg 

— • eir a : 


Wp [Andlntronlc 12%Vanr Rrf „^. l«Uep — 

994 L'amrten \ar. M«e Hot. I9E3 99S»' ..... 

DOM! Ho. ICi% Heil. 19Sb S Li*' 

Spin Hill i dinlth 14<g lit Deh. S^pm' .... 

Hon aid A Wymlhaei L'n-. Ijj. 86£]...,101 1 ... 
991b Keablngiou suit L"Urn«ea Var. Hmr. Lja3..-..i 991a' ... 

78 ' Latbnm Jnme" 8^, Lum. Prvi '.80 

S2 'Uucioj-n I3S ftu-Tly L-eiv. I.ni. l-n." j 82 5 

9lV\urtlmmntnii Var. Kale lied. l*is ■ 99 1 « ... 

V&l |Pitman L’oin. Prei ' ' i G9J*' ... 

SEUa-StramcIJiln Var. Kate 198a 90lo 

90ls tVanilrwort.h Variable 198a 99 lg- .. 



44 RIGHTS” 

OFFERS 


. , - — 

iMLurt ; | 




Keounc. 1D7B 

Lhlc f 

Stock 

lOlmine + 01 


« j Hl-li [ Ixn* . 


.' p: ’ 


bb I Nil ' 
285 ! .Nil ■ 
-An , 
39Qe "il 
s»U 1 F.P. 
44 ; Ml 
118 1 Ml ! 
FP110, Ml ' 


65 

*■ 

76 
74 
10 
7U 

77 
94 
40 

cU 

29 

u/w 


.Nil 

!6Sp | 

! nD | 

Ml 

1 M. | 
F.P. . 
FJ\ ! 


19.9 27.lt li’.w U).ni..%nrnn«ia Broy.... . 
23'9 27.10 £opo. a2pn.-B.1JL 

— - - >0 . . id l|.wiml. 

— — ijpirl 1 Caput Bnrlt.w Jtatut . . 

iuibM‘11 it Oavlit-M' llxiiir. 

— llj|ini Ustno Uritlab Prlotlnp . . 
81/9 3-11 dSpni: laj.iii OOiiirt.. 

— — ■ ..'pru- bupui Cly. Fr. Peioue-.. , 

22/9'13<10] ibpni Djmr L>onirla 

— — :.Vl|yca Sll pmlj I, -be aipJ Hiiieun 

— 1 — ; lOym* bpiii Hill 4 bntitit 

35.-9 27/10, t4pi<nr B'jl'i Initial ex-u k.to 

— • — . 2 pni[ Iptn tlKuoU'k Hide*., 
lot- 21.9. 9fl I 7U .lAvAItVni. 

11/9 A7/lB.d8«um tOgom-Lr* M^n-ira- 


B?nV n . 

I'.l 1 . ' 21.b 4/18 III ■ 1M t'ni»nr nntn,niii{, 

nil 1 — — 4 Uj.ii. jt j.ni KAiuer, iJonMtert-. 

-• — lufc.-m S)i 11. Uhtni.. |,|». . 

•'ll - - I* 14 't'rerwell 

r.l . dot: 64 i 1<*5 *1 *» J-i„ ,1 . 


Slji-ni — if, 

' 50|-u. — J 

36 * 2 

.... 2bi-io .. 

-70 

ll|.ni — I* 

22pm .. .. 

' aOfi.i . ... 

—«s 

' >il pm. 

’ Spur - 2 

144pm' 

' ltji.u* 

' 94 ♦ I 

1 '88 - l 5 

HO 

.. .. 3Bm" -7 

-98 ... —4 

14 . 

*• ml; J'i 124 —2 


FT-ACTUMIES SHARE INDICES 

Tfaese indices are the joint conqdlation of the Financial Times, the Institute of Actuaries and tbe Faculty erf Actuaries 



EQUITY 

GROUPS 

Fri 

Sept. 15, 1978 

Thur_ 

Sept. 

14 

W«L, 

Sept 

TUes~ 

SepL 

IS 

Moo- 

. IL. 

Year 

ago 

tanroK) 



Highs and Lows Index 


and 

SUB-SECTIONS 

FIjBW in MicmbMi ibw 
number of sutrta per mcUoil 

Index 

No. 

Day's 

Omge 

EsL 

vw* 

(Mas.) 

Corp. 

Xa5» 

Gross 

Div. 

DeW“4 

(ACT 

SIXRm 

Esl 

PR 

Ratio 

(Net) 

Corp. 

TaSSt 

Index 

No. 

•Index 

No. 

Index 

No, 

- H 

Index 
' Nfe 

Index 

No. 

ism 

High- - | Low 

Since 

Compilation 
ffigh j law 

1 

CAPITAL GOODS (171) 

254.44 

- 0.7 

1536 

4.89 

8.98 

256.28 

254.64 

25L78 

25021 

220.77 

256.28 

(1419) 

188.95 

(2 13) 

25668 (14/9/78) 

50.71 03/11 

2 

Building Materials (27 

223.68 

-1J. 

15.73 

532 

8.77 

226.00 

22408 

222.79 

22269 

200.48 

'22668 

(22-8) 

16630 

(3/3) 

23364 (215172) 

4467 0101 

3 

antortai£ OmaroakB ®__ 

4ZL06 

-20 

16.94 

333 

837 

41931 

417.46 

42434 

0470 

339.03 

41931 

am 

28935 

(6/3) 

41951 04/9/78) 

7140 (2 02 

4 


570.81 

-0.4 

12.69 

3.25 

10.89 

573.08 

569.44 

560.01 

55332 

462.94 

573.08 

(14/9) 

404.47 

(2/3) 

(6/3) 

573.0S (14/9/78) 
380.90 04/9/78) 

8471 (25/6 
6439 <2/1/ 

5 

Enjibewiag Contractors iMj. 

378.24 

-0.7 

1736 

5.74 

7,72 

380 90 

373.46 

362.66 

358.99 

320.82 

380.90 

(14/9) 

270.95 

6 

Mechanical KnpnwrmjT’i „ 

202.41 

-LI 

1638 

537 

8.20 

204.75 

203.92 

202.61 

aL48 

17937 

'204.75 

am 

14967 

(2/3) 

204.75 (14/9/78)- 

45.43 (6/1/ 

8 

Hebbsni Metal fonsinglSl 

CONSUMER GOODS 

182.60 

+L2 

15:41 

7.78 

833 

18039 

179.48 

177J5 

ms 

172.66 

182.60 


15422 

(27/2) 

18160 (15/9/78) 

49.65 (6/1/ 

11 

(DURABLE) (52) 

223.38 

-1.2 

1538 

4.74 

8.88 

226.17 

226.55 

224.82 

22251 

M731 

22635 

(13)9* 

173.63 

(3/3) 

227.78 (21/4/72) 

3839 (60/ 

12 

Lx. Qedronks.Ba(fio TV (15L 

27435 

-13 

13.72 

3.73 

10.19 

278.77 

28021 

27731 

272.99 

24927 

28031 

(13/9) 

209.01 

(33) 

28061 (13/9/78) 

4265 030; 

13 

Household Goods (12) _ 

188.94 

-0.6 

15.88 

5.99 

8.68 

190J7 

186.67 

185.99 

HB.44 

183.44 

19037 

am 

160.54 

(6/3) 

263.22 (4/5/72) 

63.92 awe 

H 

Motor? and Distributors l23)_ 
CONSUMER GOODS 

134.03 

-0.8 

18.84 

6.12 

736 

13539 

135.15 

134.44 

13469 

1Z7J» 

13565 


104.68 

m 

17059 (15/1/69) 

19.91 (60/ 

21 

(NON-DURABU^ (174) 

224.66 

-1.6 

1435 

538 

9.28 

28.23 

22734 

225.73 

S4.05 

203.91 

22823 

(14 .n 

179.46 

(23) 

22863.04/9/78) 

6141 03/1' 

net 

Breweries (14) 

238.95 

-03 

1433 

537 

9.47 

240.43 

238.79 

238.52 

238.42 

21ZB2 

24157 

m 

.20464 

(2712) 

23107 (2801/72) 

69.47 030; 

23 

Wines and Spirits (6) 

299.10 

-0.7 

1435 

431 

10.47 

30L24 

30039 

29935 

29660 

244,03 

30124 

04/91 

22965 

(2/3) 

30124 04/906) 

78.88 (13/1: 

24 

Enteftatmrenl.C^teriag ( (7i. 

278.99 

-0.9' 

1435 

6.23 

1004 

28L53 

27721 

272.49 

270.93 

25133' 

' 281.53 

(M/9) 

219.62 

(2/3) 

329.99 0612,771 

54.83 (9/1/- 

25 

Food Manufacturing C20) 

22033 

— L6 

17.13 

5.05 

7.74 

223.85 

22335 

22237 

21965 

20532 

223.85 

am 

17537 

(27/2) 

22365-04/9/78) 

59.67 Oli: 

26 

Food Retailing <15> — 

23430 

-1.4 

12.95 

4.40 

10.71 

237.92 

23681 

233.77 

232.98 

22038 

237.92 

(14/9) 

17633 

(3/3) 

344.41 ft7.OD.77) 

5465 010: 

32 

KbwspapetH. PuMisfaiag 1 IS- 

413.78 

—3-9 

9.75 

303 

14.64 

42L75 

41212 

40636 

403.01 

344.73 

-42175 

am 

26939 

(2/3) 

42175 04/9,78) 

55.08 (60/ 

33 

34 

35 

Pactagijijt and Paper lijj- 

153.17 

212.98 

184.62 

-L6 

-23 

-LI 

16.95 

1023 

1739 

6.94 

4.26 

7.51 

7.77 

1430 

733 

155.65 

217.95 

186.59 

154.25 

21834 

186.71 

I54XL 

15234 

214.69 

184.76 

14032 

19323 

17636 

155.65 

21834 

191.90 

III 

119.11 

165:17 

160.85 

asiZ) 

(2,3) 

(Z3) 

155.66 (14/9/78) 

43.46 (61/ 

TextilesBS) 

185.42 

235.72 07/1/67) 

bLbbOUU 

36 

Tobaccos (3) 

254.93 

-L7 

21.59 

736 

5.48 

259.41 

257.83 

25833 

25124 

23663 

- 26630 

(2318) 

214.88 

41S® 

33916 (28/72) 

9434 (13x6 

37 

Toys and Games (6) ... 

124.88 

-03 

18.15 

5.11 

6.44 

12521 

123.% 

12105 

12055 

11239 

12561 

am 

.93.79 

(27/2; 

135.72 06070) 

20.92 -iblV 

41 

OTHER GROUPS (98) 

220.47 

-12 

14.13 

345 

9.12 

223.24 

22218 

220.69 

219.23 

20930 

2Z3.24. 

am 

173.08 

i33i 

22364 04,7/78) 

58. 63 (63/ 

42 

Chemicals (19) 

312.22 

-L0 

1438 

6.05 

8.94 

31528 

313.15 

31034 

309.68 

28734 

315^1 

04)9) 

238.69 

(23) 

31528 04/908) 

7160 002 

43 

PhnnnamrtiesJ Prwhietsf?)- 

28733 

-13 

10.07 

338 

1222 

29113 

29069 

289.49 

^28832 

0.00 

29113 

am 

228.41 

(313) 

29163 04/908) 

228.41 (3/3/ 

44 

45 

Off ce Equipment (6) 
Shipping (10)— _■ 

147.76 

444.98 

-13 

-1.9- 

16.44 

13.97 

534 

6.85 

725 

9J4 

149.68 

453.78 

150.75 

44612 

14935 

43527 

14833 

43112 

138.70 

526.16 

150.75 

483.01 

(13)9) 

(6/1 1 

U7.48 

396.09 

(3,3) 

(6ff) 

246.06 0'9/72> 
539.68 ilB/5/77) 

4534 (21/ 
90.80 (29/6 

46 

Miscellaneous (56) — 

23339 

-13 

15.83 

5.84 

8.38 

23636 

235.40 

234.71 

232.10 

212.46 

23636 

(14/9) 

178.47 

i3/3, 

258.83 1 2 5/721 

6039 (67/ 

49 

INBL'STXlAL GROUP !«5I 

238.42 

— L2 

Z4.71 

523 

9.13 

341.43 


238.44 

236:74 

216.99 

24143 

(14/9) 

186.02 

fZr-3) 

241.43 (14/9/78) 

59.01 030; 

51 

Oils (5) ~ L. 

51734 

-0.6 

1331 

3.89 

8.04 

52059 


5 1551 

51526 

S536 

523.72 

(23/8). 

417.98 

(Z3) 

543.-20 (15/9/77, 

8763 1293 

SS 

500 SHARE INDEX— 

261.97 

-L2 

1434 

5.04 

8.96 

26103 


26186 


24331 

265.03 

am 

205.42 

,2/3) 

265.03 (14/9.78, 

63.49 03112 

61 

FINANCIAL SBOOTfMe)- 

17531 

-13 

— 

533 

— 

177.77 

17637 

17537 

17538 

165.95 

17939 

(9/8l 

15365 

(277) 

24141 01/472) 

5588 (13/13 

62 

Banks(6). - ..... 

198.72 

-1.1 

2332 

5.89 

6.38 

200.93 

19620 

19631 

196.66 

175.48 

204.36 

ami 

17138 

(27/2) 

268 j 2 (207172) 

6244 0202 

63 

Discount Hanses (10) 

217.36 

+03 

— 

7.96 

— 

216JL4 

21634 

216.14 

mo4 

22434 

22833 

mi 

18560 

< 13/4 1 

293.13 (2/572) 

8140 (10/15 

64 

Hire Purchase (5) 

162.74 

-L6 

14.97 

5.06 

8.82 

165.35 

164.41 

164.92 

16334 

15867 

17035 

( 12 a) 

13632 

(17/4, 

433.74 (4/5,72) 
19446 (15/3/72) 

38.83 (1105- 

65 

Insurance (Life) (10) . 

144.64 

-13 

— 

6.42 

— 

14639 

149.66 

14830 

14661 

13567 

15739 

(9® 

124.97 

(17/4) 

44.88 i2ili 

66 

Insurance (Composite) (7)_ 

132.77 

-L7 

— 

638 

— 

135.03 

134.60 

13313 

13220 

136.19 

143.46 

(6ai 

11863 

(77) 

161.72 ,6-1077) 

43.96 (13,15 

67 

Insurance Brokers (10) 

351.30 

-0.9 

13.45 

435 

10.64 

354.48 

354.48 

357.08 

36L76 

36534 

37227 

mw 

301 20 

<6/Zj 

372.27 018,78) 

65.86 <1605 

68 

Merc haul Banks (14) . 

87.48 

+03 

— 

5.53 

— 

87.02 

86.67 

8625 

.85.94 

83.14 

87.48 

05/9), 

7100 

(27/2) 

278.57 iD&TZi 

3121 t7/l‘ 

69 

Property (31) 

262.74 

-13 

3.27 

288 

5297 

06. 8? 

265.74 

26431 

263.68 

22931 

26663 

(14/91 

210.03 

(14/4, 

357.40 (97173* 

56.01 i20‘4 

70 

Miscellaneous (7) 

11534 

-12 

2L91 

7.24 

5.91 

UL71 

315.25 

114.-76 

11433 

18194 

117.64 

(Z3I8I 

99.61 

(27 12) 

303.18 08,5721 

33.29 (1702 

71 

Investment Trusts (50) . 

235.09 

-LI 

297 

4.40 

33.68 

237.77 

235.72 

233.46 

Z3L72 

19666 

243.92 

am> 

176.48 

(63) 

245J9 1 25,'4/72i 


81 

Mining Finance (4>_. 

112.25 

-13 

15.72 

634 

7.75 

114.01 

114.78 

usa 

13330 

10186 

11520 

0291 

8539 

16/3) 

175.90 128/4/69) 

6631 (30/9 

91 

Overseas Traders C1S)_ 

331.01 

-LI 

15.01 

6.92 

836 

334.73 

336 31 

336.90 

33535 

293.72 

337.68 

f8i9i 

26226. 

(23i 

337 68 (89,78, 

9737 thill 

99j 

ALLSHAKBINDKXWTO -. 

239.45 

— 1.2 

— 

5.15 

— 

242.30 

241.25 

239.59 

23808 

22135 

24230 

04)9) 

19115 

i2'3i 

24230 (14-9,781 

6192 03.15 



FIXED INTEREST PRICE INDICES 




Fri., 

bn)* 

\d ad). 

sri ndj. 

1 British Government 

SepL 

charge 

To-day 

1T7S 



. is 

■ *“ 


lo 'dale 

1 


10537 

-018 



670 



11539 ■ 

-036 


739 

3 

Over IS v*anr 

12171 

-040 



936 

4 

Irredeemables 

127.74 

-0.67 

' — 

9.02 

5 

All stocks 

31336 

.-031' 

' - 

784 


Rtninu.-iaipijn date usually last day lor dealing lrt?e nf mamn dii^. b 1-iBUrcs 
nasoa on unnwous t-siunalP. a Assumed dividend and yield. „ Porwa*t dividend, 
cover bused un pti-vioun ycart oammes. r Dtvltlcnd and y l..-Irj h. 13 ~j op prospedus 
01 mi ter nfl k-ial usitiiidies for 1979. u Gross, t Klcures g/wumud. > Gorer allntrs 
for .onveruoa ot shares iKfl now ranking for dividend or ranking only for rwtrkted 
divUemls S Kacing pnev (d public, ot Pence unless otAerwl*- ind, rated, *1 l«Ued 
by tender j| Offered u> bolrters of ordinary shares as a ■■ richis "■ '■ Issued 
by wo of roildliHiton. ** Minlroum lender pn». (i R^iiirndved' ^ Usu^d ip 
canm-ciion with reoraamsation ni“rci>r nr ink«uiv#r «;> inir.idiictimL- 

N A Uptmrm ic/ii sn tur fuilv-p jj flj ft ProviunnaJ 


*0 former preferroirr- hoMera 
or partly- paid aUotmaot Mtaeg. 


fixed interest 

YIELDS. '. 

Br. Govt. At. Gross -Red. 


Low- 

Coupons 


n years.. 
15 years- 
25 yeaais:.. 


Medium 

Coupons 


5 yeais 

15 years.——- 
25 years.'--' ■■■■ 


High 

Coupons 


5 yearsJL.--.-t. 
15 years.'—.- 
25 yeara. -—— — l 


lift Irredeemables J— 


Fri.. 

Sept. 

15 


889 

10JS7 

1154 


•1165 
12.07 
. 1246 


1157 

12.60 

12.79 


1158 


.Thor., 

Sept. 

14. 


8.79 

-38.79 

1148 


1151 

. 12.01 

1202 


1144 

1253 

1274 


1149 


Year 

ago 

(npproK- 1 


6.02 

962 

1052 


8.96 

10.91 

1127 


927 

1192 

12.00 


38.42 


1978 


Hichs 


Lows 


9.05 

1152 

1196 


(66i 

15/6 1 
(5>6j 


1193 f4.7) 
1253 i5-6i 
1265- (6/6) 


1196 

13.01 

13.43 


l5/7> 

(5/6) 

(5/61 


3215 (28/6) 


7.05 (31 
912 

9.74 {3.-1 ; 


950 13/1) 
1008 tyi) 
1034 <3/U 


9.67 an 
3103 &il 
1126 pa) 


9.80 0/1} 


Frt. de}*. 16 


Tbur. ’ IVeil. -Tii«.’ Mon.' Krl. : T)iiir. 


In- lea.' Yiebl.aeiK. ! Stair. | Bept. . Ue[it. ! Svirt. ' Scut, 
Now % • 14 . 13 i.'ia I u ■ S -f 


16 flOyr.- Hed. Deb. ft Loans (15) . j 87.57 :)12J»7-fi7 fi7,K.-MrJ15. S7.81 57.B1 
6 lavestntenc Trust FreLs. (15) ...151.12 IS.7H61.I2 5L38 |B1.SB *1.38 j51.38 

1 7 Cornl. and IndL Frefs, (20) tJ 71.31 , 12.807128 70,07 ,78.94 170.-4 78.74 


iVed.jYear 
•Sept - 1 "du 

• 6 ai<t"<ii 


5731 7(6734 

3138 B138 |6*-7S- 
70.741^7838 J74-*6 


vm 


Since . 
*Jompilnb-»n 


Hie ha 

63.67 la/IT 
57.71 ili) 1 1 
78.80ill.-U 


Lo« > 

1 56.37 i«,7i 
■> SU.77 CSiDj 
69-50 (»).-7) 


Hlglis 

l^'-IoiSSi-i 37.01 ffl 
39.45 (4/L8 
1 14.95 iT.10.iV, I 47.67 ifi I 


*ecuo" or Group 


Base Vetoe 

Seal *11 or Group 

Wart Date 

Base Vohte 

PhemuKeattcal Pnducts 

w/i 2 m 

2U.I7 

lutobii, Croup . 

31/12/10 i... 

UL2S 

Other G roap« 

mum 

6J.75 

•Mlscadaeeous Pinanclal 

uftir^-- 

'■ UMt 

Oversea! Tratfm 

51/12/74- 

moo 

FMtf Manufsonrias 

"»/i2y*7r-: 

11403 - 

EBaincartoa Cwtractors 

JL/12/71 

153 £4 

Fuad Retail)** .. 

nnznv; • 


Mertanica) Engimgrttift 

a/urn 

ISiM 

(nsuraace Rnfcera 

2itx2M- 


Whtes aim SMnu 

ltum 

ua.n 

Hlo!r,o Ptaanco 

muml. 


Tens end Same* 

. lh/1'7* . 

134.77 

All ■ Other 

. MAM-'; 


°m« Equipment - - 

UArtB- . 

UM0 

t Redemption ,vMM. 

A Kst **;.**- 

ciPjHltdewa.J!. 

i" • 

- ,■ 


-'"V • •• 

. *' • e 

• T-'^' 1 " 



' fly’s? C ? n<>n , S uegt- London. GC4. ■» 

y*y cct '°r T lq °y a - diwfdemi ylelus and nmiw ftqu 
stow 1 M& win Quartsrty hlgho and lowi 0 f 

■ 6Ca - * «8 NFfWr. ’• 

9 HAWCE: Eautwggd O. DO (Fl II; 

sy%a^"rsxjaa- a ■» ~ * 








r 


1SS£ S 




AUTHORISED UNIT TRUSTS 


.; v . icy Unit T M,' Bfgrt Ltl (« 

,(r ; ; . I, Gatehouse Rd „ Aylesbury. OSHOHl 
M-, '!• #pC«|»«trt__».* JH.a-OSl 399 

, ■ •, eyinrrmc . — to 7 06 5 -oil »*% 

i. ' > &G** t«i ..... ms 5Jj _oo| iu 

m*. TB-lm fu -o«| 

■ :< /'.Jed Hambro Group? (■> (*) . . 

•«-. -;■ IroHaC-HBttfln. Brentwood, Euu. 

. b' B 3881 or Brmtwood 10Z77) 21 lose 

."'■‘*1 ' at*4 P»»C* 

; 5>, •*. id 1st - —[71.4 744rf -l.ffl 5 jo 

- . ;■ ■ 1 1 tads Fund. . _ 60 J 2 in 

-SO* 43 71—04 ibd 

[7 -.' »i*t * '“*• t*y.ST7 AO^-fll 4rt 

‘-o;.. .rfCaptlM 7*7 8*4 -0.9 <03 

. • int Pond— .... 113.4 <u 

•. Vino Arc- .Fd,-. 13L7 lSjij -2 j!j 4.12 

'■'j,b»Fw4» 


Framlingtca Unit Met. LttL fa) Minsivr Fnnd KonaRers Lid- 'provincial Life lav, Co. Lid.? Sav* ft Prosper continued 

M,ln4*iu* Yard. P'-UI&Ml MjlMcr lire . Arthur St.. EC4. OHCJ 1M0 222. Blsht.pvraic.ECr 01.24T8K13 SeotbltS SecarfilM Ltd.? 


««» AJwriren .. 56 J . W«* .....: 

399 Capital T*t 1410 191 Bs — 

i*7 income Tsl IM« 128.0 

«M Int. Growth Fd 133.0 J«-< — . 

394 Do.Aceunt™ 137 a . MSI 


118 MltiEterSrpt.4.. , .1373 395) 

am t ‘ sc,,, W Aiuosl 31 - poo.7 104 Jj 

196 Unit Trust Mgemnt. Ltd. 


Target Tst. Mgrs. (Scotland) (a Mb) 

10. Athol rresreni Frt in. 3. 03IC2B8E2 

TjfftH .Sncr.Ea;lc[30 4 32 71 -Oil ! 


Friends’ Provdt. Unit Tr. Hgrs.? 


l* ole waronsuwi.swiHtuc 010307533. P™<U, Fortran# mngrs. ittL* (aXbXe) 

MLa Units . _ .... [48B iUS I 3 SI Holboni6»rs,EClNSNH ' 01-4G58222 

t Murray Johnstone U.T. MjjnLfia) 1>nidoi ' tial — 1 — |U ” 


?** Tarrot .Snrr Ea^ IrlJO 4 

■S5 TarcotTbistlr 439 

Extra Inrome Fd. _. 6LD 


32 7! -05 !60 

472! -08] 535 
ASM -02 984 


Pfchaoi End.Uarkine. 


J a Mssar — mv is gss==g| jg bSs 1 sBI Is 
TW ElESSiS?" “*JSS « tX Jy” 

' j JYudMlial 11393. 4.06 ™’ * 'fb. day Se,*. 180 WoodSuwtEc i 0 l«2Sa011 

Si mi Ol. lid . Schlwiager Magn. W (a > ft l Tui^sepL t__ . m .7 55 M / ** 


idl (a Mb) Alexander Fund Keysolex Mngt.. Jersey Lid. 

it3I-£208E2!l! 37. rue Kpik Itator. Lutcmbnun; PO ItaS^SL JWiw.Jmty . itac 01fl087(fflB 

7] —Oil !A0 Alexander Fond- . | SI’S? 95 I . \ — Fnn«lea ._..... Fhl^ ' MML • — — 

2i -08 535 Sh v«i ialne Scucmbcr ia. Bnndcclec FTtlutt E4M — 

Ke>»cU'k lot I . ... C7JZS — [ — , 

Allen Hams' & Ross Inv. Mgt. fC.I.) UA32 - l . .. — j 


03HS4S5 ]L« , »«n*-streer.Giatt0 W ,t22i:H m 1^21 5S2i Qnlltcr Management Co. Ltd.? 


’ I . ChoJinj: Ows. St I Idler. Jr/ • M. iXsH-73741 Ccnl Auci& Cap .... 
oirsajwit AttRG ili'EdeJ ,, d._|10 00 ladZj | 12.13 






lYlaKlFd. 

ilncsnm — — 
Eq. Inc 

" natfaMal Rod* 

^-BiUanal 

-fie Fand 

Of America-. 
L Exempt*.—. 

jfWbt fund, 
iterca.'iFU.— 
knlr . Co Y Fd - 
«rj Sit* — . 
Mtn. A Crttj. — 
■tu Earning*. 

■ , Smlr. Co's —0 


11 M -0.4 

7S4s3 -1.0 


140, Soutb street. Dorting. 
Abl Exeamt—w -SJ.J 
Am (TniMth —(30 9 


«■« UUnmriemiTW.. 
S7l‘r2^r'B«a fl -0A l 12 BdnahTtLtAre.i. 

Mln - “ tr “*7--r? ? 4tfl — .J 4.72 Commodity Share 

* g a* E*n.ln«.j!3 8 i 53 -0.91 429 EX«raln«ra»T«_ 

.Snlr.Cos-«|S2t 2ts3 -I) j| . 431 liiFarErnTroa. 

tarsoi Unit TTnst Managers lid. Income Furrd 

'etwhnrrh St. BC3M BAA 6238251 !*!; 

^.UT.-.iSAi 4031 --I 38.‘ 


. FnendlFro; Vis.. j4?| . **^3 "J “ J E,,r<>! *“ 1 ** Tb-SiLExrh.Qce.ECJN 1HP. 0i*M4177 ' '* 0 ' TransatUmi 

iu.9 ■ -M3-e.9| M . Crnatl rant Cea. Fd. .D1SB 13071 1 •>» Am M9 » § IS »»»*«". Ltmd- 

3-2 6.T, Unit Muuon Ltd.? “I JJnit Trust Managers? iaH^l Quwmat Income. ..|l3J A 1373| ....j 7.AA Etempt HiRhYM- g3 10 3 707 B arbica n sept. ; 

4» 014128a, 31 ^ 5751^7^ Unit MgTS. Ltd.? £2 IS? ~ IS tSS^SSS 

•:« S££.‘~-— Sfe SJ:uj H Ki:3lS^;.;-Ei St:?! !2 SSrST'S? "u»' Stow Sid! i" ISSAfe 1 . 

CT.lBC.Fd.lhL— 1J2.4 183.4c tl£ 838 Mutual llWt Ylrf-fe 1 70.3 — 7.75 SfficTiA^rSa Sl'3 ^03 4tt InmJ.i^owth M J 58.4 289 ColemoSepfc 15 

«.« CT.US.*Cen;— Sl3 1519 -5.1 219 . . , „ , 7* 1 sol Io3 « Inv.TB. Unltd.^- gj 307 591 lAmim. Units.*. 

CT. Japan 4 C«i.._ 3447 JOl +2 0 0 80 * va tlOdat and Commercial -temmai.iw. — ftfj. au.^ ujj Mar*** Lender* — - J51 392 CumbULSepL :■ 

IftJSZfcZPz: iSi 1^ =sa 1% ln ^i M1 Tr» RU * rfleW *«•»«■* m ^ v *“&f3sr|i S2 asfB» 

G.T. Four YdsFU— .|583 AU{ ...-4 TAB iArcuiu Umta, — "all* Ml'S J IS 3M0.Kran*dy St. Han (beater 0612368521 Property Share* — 5! 319 191 iAccublVoIu 

la G. & A. Trust (a) (gj : ’ ' ■ SSSSftfaEH B IM gJSSSS^K* SS B 1M W»3te = *5 JSStog 

JmSPS i“lS? h !5Sf^5TH to ^£S RotiSchlld A 3 ** 1 «**W*«‘ «K» J.^enry &b»der Wagg A Co. iA? 

1Ai O-f-om Fund Monger, ? tsSSSgSn^H ' Tff J« SMASkl “ * ~ ^ 

<» 2. St. D»*ry A>r,E£3A8HP.. . M ItlSK JS.9 J77.A .'d I^S^TlZ 

-0.7 zra n.'c r^Fd.tA«1w7 10 iols -i3 i« r^S^SiO 

" U a S f iV:pt - 8 140x1 dealina Sept 20. N c. Smllr Coy* Fta 165.9 X»Jd| —71 4.47 lAceum. UolW 

^3 SS *m. t nmap 1 JS S S^S idOFaw saw. Rothschild & Lowndes Mgmt M ^ jS Slfr 11 ’ i 

M3 -0 7 5 SO C3ril«l<.\reuia.i“m.7 7M| -10] 400 &L Svdthjna Lane. Ldn- EC4. 0,4264358 .SSSfSwcB- 1 


03081 88441 Tr ansatlan tic and Gen. Secs, Co.? Arbuthnot Securities iC.!., Limited 


King & Sbaxson Mgrs. 

1 Chor.nr Cwj. St. Heller, Jersey. fb5M)73Mt 


23% ZZ\ 2 2 ?!»!<« IWcBRd. _ CheU»fnrtlC<55HBl I ^ ^ X =« L „ uaMSSBT %iSS 


G«ta»re FMnd Hunagen ? (aMjt> uiirUSuniS? 1 
420 i Si. «ary Ate, Eta A 8HP.. 01483353! NPtn icor. TiwM 


310 -01 
6 63 -0.7 
387 4 — U 

203 

. 440 -CL5 
• *7J ~QJ 
863 -or 
164U-&M 

nag -i:d 
59.n-B.fl 


30 3 707 Barbican Sept. ,4 

344 3.77 'AiunxUaiu.'.H. 

33.1 . 8.95 Barh-EMl Aur 30 

44 4 -D 2 9.18 BackJR. Sept. 14 

338 -0.1 (Actum. Units >. 

58 .4 2 83 CoiemoScpt. 15 

30 7 3 92 lAcrunL Units* - 

151 392 Cumbld. Sept. 13 

52 4 lArcuni. Units, 

24.6 is w Glen Sept 12 

519 191 lAccum-Unils 

356 208 Mari baro Sept. 12— 

25 9 442 lAernm. Units) 

228 462 Vm. G wrh Sejtt.12 


tun (Anwu.Unthe 


836 >?• OieopsliV. EC2V «£U. Dl-tM 6060. 


CBM SMI l2n.Chr.pt Ida. E-Ci, 

J UU L'apital Sept. U . — 1*1 

....-] 232 lAcmm i 

...J 636 locomcSept. 12 
Ol 243 (Accnm. Units!- 
1JJ 243 General Sept 13 
-71 4.47 (Accum-UnlU) 
Eumpe SepL 7 


15 9 ua ii Van* 9*ee Sept. IX 

"7 J201I J 2 30 lAcrum Units i 


Bi, 


Js 7 | 

92 0j 

923 

3145 .... 
WX +3.6 
1791 *4.4 
601) .... 
654 


B0 3 436 

59.E ISC 

686 350 

569 3.09 


Cap. Tut. «Jcr<>- ■ - . |UB 0 
Next rtcjlmc date 


aj)0 Govt Sect Til . - .|99 1011 1 

>u S'nl deniinR Hale StKcinivr 16. 

5j 2 E33t6btUTn.lt.-li 1 1220 179. Da] 7 


. |11B 0 122.01 I 4 03 1 TliuBton Strew, rmuitlat. LU 12 . l0SMi4TO6 
it C Hate SepicmVr'K imIi Kurd-J-.T%c>i (91 4 , 9171 .-..-I 12^ 

..199 iaiL 112.06 Util Tfurfi l.i>.3t i 1103S 1063d 1 12.W 

nc Hale Smcnicr IB. Ciil End Oticru'i^icSiS 937] ......| 12.08 


Next dcobRg dale Sepu-mb-; 


2.» mil. Gott. Sec*. W. 

Ftru Mcmnc 10807 18 34 

First bill. 187.71 18840 


707 Australian Selection Fund NV 

a l» Market Oppenunlilcii. r n Irish Yuung 6 
4tZ Duthwaitc, 127. Kent Si . Sulnc 

2jS USSISJinrrs | Sl'^162 1 1 — , 

350 ■ Niet A»e( value FvptemL>er A 


Kicinnort Benson Limited 


4A6 - I VT-.fl':.> 1 I I =U.Fencb U TebSl..E.J 

« “"-K- WSBlat* 1 - SS5SW!liki., u »n. 

3.09 — ... . _• Do. Accum 183 B 88J 

3.09 Banlc of America International SLA. K8 Far East Fd SUS14J2 

--— - 6UM3292 


77] 592 | OR Boulevard Hej^l. Luxembnurg GO. 


raincL Fund. 


g-3 -■- |-g WhUnvesl Incnme..lS. l SU17l ut ja*0 4ji 744 SUS13U 

S.5 w«« « se*. .a n«i ^b. da.c m*. =a %Sbjb 


5 60 Captlid i.VrcuULJ n.7- 760] -L0 

■A65 go 1 ™ Inc 71.7 77 g -L0 

526 -Financial 37 J 39 7 -0-t 

a08 JiKwhlw 531 100.1-1.6 

Iff?"? »fl. 41.BM -1.7 


400 SL Sudthjns Lane. Ldn, ETA 0,-626433< 

734 New CTL Exempt K137J) 14S.BI I 417 

5 03 Price* on A Mg. aTSml dealing Sept. UL 


ilpnthly Fund. 1171.0 Uoa< — | 9.02 t«i A.G. Income* — (#4 2**^' ae 5[ ...... I 730 NEL Tnitt Managers LWL? (aHg) Itto 1*50* .'." 'j 3U Acwim. — u „^ I «79 • — Hg g 

““ «» sx£&ses=!-B8 . zfij d i« s m st m ?.« ***** uSTri. usstiw <» 

10 k =“ If °«*» Norwich union Insurant* Group ,bl ^ SttSSttadK %% !ZL JSSSSatiteS 

“0-i *-* 5 77. Tondon Wall. ECi 0,-3888020 pt * bfv -i. Nurwlcb. NR12NG. unnsson Buyal Tst. Can. Fd. Mgrs. Ltd. ceenrttv Selection Ltd Sew lac Sept. 13... 1 1723 

»! ^ 1* 517 m? — l ■ 1L67 ^oupTsL fd. _ P825 4024) —5.81 437 M. Jcrmyn Stnmt. S. W.T. Clares: ■ t^uJon W.U r.ipop 

Jl ~ co. ud.- ssaa^TEj™ it ™ “ s '“- ^ ““ 31 w ssMsf^Ei 

61.3 4.68 SB GresbaiafiL, EC2P2DS. 0J-«W4«33 toSur* 1 ?* M2 ’ 53 In 3 Jt* Save & Prosper Group 45. Charlotte Sq„Edinbunt0. ■ 631-2263271 ^L B V , . r '™ Pr ‘ n> ’ “U? ? 

20 4KI — 2.75 lwh4arf>o.n i5Tto 238^ 4^ Pcari Uuit Tsi.-J~ ma 41J)-0e) 461 4. Great St Helens. loDdon EC3P SET tibewaR Amertc** Food Hlchlnc Pnorrtr— rMJ) 

...... og fAcctim. Unitit — [502 54. ol -D9j 461 Cg-TJ. Queen SL Edl n bongh EH2 4NX Sundurd Units (71 8 - 7S5I I 230 International— .033 

' IS Vnits Admin. Ltd. ftMr) l ^f r l!| \ = Sp ~ ilU Sl1 " » 7 

■ 2Si — 1 • 81 FounLnin St, sjanrbeuer 061^365080 “ Me , Prosper Securities Ltd.¥ -fzrwun British CM mi Fuad " " ‘ TSB Unit Trusts ly; 

fgj liii, Wlranumc. [943 1026] | 437 43M-041 2 49 Sundanl.., PgJ 1554) 1 4 05 ■«, Chmtuy Way. Andover 

ii2J ±qj> Z.7B Perpetual Unit Trust Mngmt? la) i.t!u- 1 L‘|bj si 2 -o.u IS Acnim.UB i m----P*jL6 ui ? — \ 405 peaitogs to os 

771 .... M6 48HattSt.He»il«y 0 nTbataes 049126863 U n I v. Growth p«A 2JM fbrreB General-.- {«! 

«x5| ■ m f^u-tGpxSi-ltoa 478J....J 3J2 i.«ai«i Mw p u <i Son Alliance Fttnd Mngt LtA «h.p> 


; 4 * 9 — Widi'r 5cM.it 

71131 639 lAeeuBL Unita) 

314 ._.. 63* WirkDLSepLl 

iSS IS Do - AecDnL — 

: 236 Tyndall Managers Ud.? 

77.7 U31< 40 laCaurwRauLBrluol 

0 795 81 I! T 3*44 IncomeSepL 13— _ IC68 3X2. 

_ 2 22184 .. 1H (Arrum. tlnltml 197 4 20 

Fcr'ltf ««apt funds n n |y Capital Sept. ,3 1392 14 

Scottish Equitable Fnd. Mgrs. Ltd.? JSI S 

28SL Andrews So. Edi n bur th WI-5S69101 (Accum. L’niBi-.— 165.0 17 


739 Banque Bruxelles Lambert 

2. Sue De la Rcccnre B luud Hruscels 


GnilombiPM'.-- 1980 


01-0=30000 

-1.0| 3.07 ■ 

-3.9S 

39S 

U9“ 

1.78 

064 

060 
+001 269 

-OKI 817 


•KB ad as Lonaoa paying agenis only. 


nihnot Securities Ltd. (age) 
seen SL London EC4R 1BV* ni JU mi 
i Income ra-.FllO 6 118.9) -031 3034 


"9 Inc. Fluid 
cnm.UnJU 


■mice Fund 

Vm tin 111, 

. ;ilFiud 
- ■ wodlty Fttnd 
uq. Units). 
trdrwUJ.) 
•Prep FA 

- ifFuad — 
: im.l'nitsi 

-'<6 Fund.. 

- na linlui 
IcrGe’aFd 

.' - an A Inti. Fd. 
=• -VdrwI.UIa.) 

Id, Fd. 

-*.mer. dibit. 


8. 85 Govett (John?? . 

77.IoodonWaII.ECi . 01 

jfS SWr. Sept* • 11517 059.91 ... 

IhL Accum. Unit. ..11824 It!# _. 

1253 Next dealing day September i 


D Semitic* Sept. 12. . lMO 195 0= .. ., 

mil HIRhYld Srpt.16 - 5* 2 623 4-2 

*J3 (ACCUBL llruti! 33.4 B76 *3.1 

jt£ Slortln SepL 13 97 8 922 

; ( Acctua. Uxulij 168. 4 113.9 


DeaHnC duy Wednesday.' 


fare, SepL 13— 


7.15 SebagUnaT^>toMgc«U«L?U) 

9221 J 3 27 POB«6II.B<*lbfy.Mse.E.a 01.2303000 SeoL J PC. SepL IS- 1722 1SIM ..._| 8* 

13.9) 337 Sebag Capital Fd. -(36.9 386M -091 341 SeoL Cap. Sept 13- 1504 158 3 ...II 5JM 

_ SeboR Income Fd.-&32 34.53 -ill 7.B6 Mccnm. Units, 179 0 13a 51 5 « 

- ’ Sect lac SepL 13... 1722 

«> laadaa Will Gimp 
**L 9 Capital «irowUi.._. H65 


037282241 
1X224 -I 7 6 
207 41 —I 7.6 
146 3 -Zl M 
2056] 266 


Hen La Fund LF 1 1,922 1.98i| -2) 7.72 Lloyds Bk. (C.I.) U/T Mgrs. 

. .. . . po Box 183, SL Helicr. Jersey. 033427501 

Barclays Uni corn Int. tCh. is.) Ltd. UoydsTst. usea*. (63.1 66 4ufl +0 5) o.6S 


> I. Channg Cros*. SL Helier. Jrry. 033473741 

. _> Otersea* Income _|47 5 56ol +0J1 11*0 
3J96 Unidollar Trust — tSVSUW U:il ....71 3.«‘ 

7 46 Umbonii Trust StSlfllS, lKLb?1 ....J 8J» 

7-46 “Subject u, fee and withholding laics 


20 4u 273 BarringloaScaL13. 

45.7 2.42 IAccojo. UbIi»I— .. 

»6 ..... 242 BlncH-Yd SepLI4- 

«■? "2-3 S- 4 ® fAcrmn. Unite, .. 
J*a -0 4 240 Endeav.SepL 12 

321 -0J 3.02 (Accum. UniUi 

3V3a — 126 Gntehnr. SepL IS. 

JM» 126 (Aocam. Units; 

^55 2n.AHrsls.SepL 13. 
36.4) -02} 200 (AecuiB. Units, 


233.7 v— 
7458 

253 4 ...... 

1082 40 6 
312J 40Ji 

771 .... 


••••-I -W Sebag Capital Fd. .{36.9 38 6d -09) 341 S«>L Cap. SepL U- 15ft4 

f j Sebag Income Fd.-&32 34.7^ -ii) 706 tAcenm. Unite, .179 0 

Security JSeleetioo Ltd. scm tat sept «... 1722 

3^ ,5-10. Lincalo** loif Fields. WL— 010316830-9 l!" * J! -* 11 .? 1 ***- - 

it# Un*IGthTrtA«.-WS 2721 J *17 S^Arium^ -- 904 

^ptaL I'nelGthTmlnc-— 23 ?) 1 217 ^TncTo^ihl « 2 

Stewart Unit Tst. Managers Ltd. (a) do. A rrum. can 

45. Charlotte Sq^ EtH a burgh. ■ 031-2283271 

tStewni* AMCftaaa'Fwad Hljhlnc Priomr- 6AB 

L N ^ r . Sun lard Units 8 - 7651 { 230 International— . 333 

5 7 ^ S1 Arrum Unite —g} 4 82 5] I — Special Sits. — —— 135.7 

LlfLV Withdrawal L'nlm J573 61 i| ...... | — 

•stewan British Cppll*l Fund 1 TSB Unit Trusts l>) 


173 4^ „.... 7.46 “Subject to fee and withbaldjag Uxos 

20321 .... 457 

uofl "U. ua Bardaj's Unicom Int. il. O. Want Lid. 

1366) 1225 iThoauKSt, Douglas.! oAL ■ 00344850 

IsSL 82 ** 1 *!-* Unicorn Aum. ExL . |6ft 1 62 51 *191 140 

181.H 8 99 Do.AuslMIq. 37.9 40 M +05) 150 


Nm Healing dole October 18. 

Lloyds International CTgont. S.A. 

7 Hue du Rhone. P.O. Bos 179, 1211 Geneva 11 

Lloyds lnLi.livwih IS F348 5 373 tt i 150 

Uoi'ds InL Income. IsFTSaO 3,601 I 636 


kitL 1,0 

tftfc °° 
5. Ob ru, 

849 £; 


' 62 51*1^1^ M * G Granp 

40 3 +03 150 Three Quays, Toms- IIQI EQR OBQ. 01028 4580 

77 9 — Allantic SepL 12 SCS5ZF 357) f — 

443 7.40 AUU. Ex. Kept 13 _ SU52.64 .2 99 1 — ■ 

50 J +0.7 8 76 GldEiAcc SepL 13. SliOLS U97 1 — ■. 

29 Su _ ... 3-30 Island.- 143 0 152 2 *0.6) 93 07 ‘ 

(Accum Units, 2022 2152 *0.9) 9327 


93U-0 3 553 (Accum Units , |Z022 2152) , 

Igi lit Blshopsgale Commodity Ser. Ltd. , 

516 . 919 p.»j. Bo* 42. Uongla«. I o M 0S24-239U Samuel Montagu Ldu. Agts. 

18 J -0.1 4.74 ARMAC*Aup 7 Bl"SJ9U HTJ | — 1H. Old Broad SL. E Vi I 

225 4 74 CANRHO-SepL4.l£1065 1 liol — Apollo Fd. Sepl 6. ISF44 45 4921. 

735 COUNT -Sent 4- |c2402 2 5tji 223 Jarfcst AncJl UIKSUtf H 

228 Originally ueued at -510 and “£UU. 1IT Grp SepL A (IU911M 12 


225 J 

739 -06 
3564 -05 
30.1 — J 


Originally issued at "S10 and 
Bridge KADagemeat Ltd. 


117 Jersey £epL 0...|£6 20 6 

llTJcnyLi's-Vue. 16 [d.75 12. 


01^88 04M 
\ 380 

| 28& 

| 0.60 




]')-» Fpetu^IGpCth |446 470). | 3J2 

hway Unit Tst. Mrs. Ltd.? (age? Guardian Royal E*. Unit Mgr*. Ltd. Wc«adilly Unit Trust (aMb) High-vieid 1504 

■Bgh Halberu. WCIV7NL. 01«31 sax. JRn>-nl EKchoafe. Star 3DN. O!«808n Aal «*>7 Glbbc Unit Trnat gnutm lid. " Ish ft,Dd |L , 

5KS* auhdSr* If te&J&li ^ ulT5l "‘ 10ce *** — 1 482 oil«rV , iVr k * "*”• old ^ BHD - 

.hw Thi^n. IM hlMar . . Henderson Admins tratl o u ? (aXeXg) E*tr= > income pi4 aaiM-ail 940 VM. vmmim ■ 

dgys Unuiuu Ltd. AWKe) Premier trr Arimin ■jR wUi.fc BM ^ HBWn*, tw»lkinFi| (443 . 482) ..... I 4.00 UK Equity [470 

om Ra. 252 Romford fid. E7. 01-SMS5M &entwood. F>.wt Copitnl Fund W.7 SUM -0.2) 390 Ovcmeai Fsadihl 


249 StaudM'l.-jj 1554) 1 4 ® ' *», Chanuy Way. Andover. Hama 02M82IB8 « - ?^ X s!^ 1 CrlU, | d 

353 Accum. Units. -—pi* 6 _ 1812) „4 AOS Dealings to 0284 63*325 SSS^JEftirB lU 1 ■ 1 “ 


S3 -12 2M Dealing TFri. -Wed. 

* Son Alliance Fund Mngu Ltd. 

6271-091 076 Sun AUlanroHan.Hor-.tiam. 040 

1 ^ EmJSd.T*LSeDU3 ICMJ4 25S IT 


fbrrsB General— F 
IbiDe Accum. k 




“““ii 1 ;& cl B ^T“ 


' om Ho. 252 Romford Bd. E7. 01-S31SS49 Brentwood, Essex, 

nm America. ..{36.9 39.71 -0.61 la I'A FunHt 

tm.Acc. j«5 JS t^ap. Growth Inc *495 

.tujL lnc___(Ma 71-Jj +“3 ,66 Cop. Grawth Ace til 

Inc0B»& Assets 1365 


*0 j) +u 

71 jJ +0.7 
78.13 -1J 


aemptTsL— 11204 I25 C -L5) S.7* 
urn Intone _«03 310 -C3l 757 


ureliKotae - H3 
mancial 65.8 

!» 312 

eoeral— 342 

rowthAce 45 0 

wnmeTat 91 9 

fTf. A'ris TsL.. 1452 


328 -05 
71.1 -02 
87.8m -0 5 
37.0a -12 
486 —08 
99 4 -0! 
1527 


* at August 3L Next mb. day Sep 

• croverv 1475 52« -0.5 

.ruslee Fund- 1244 13451-23 


?■»! Big* Income rush 
2« High Income .M6.7 

i-S Cabat Extra Inc (kl2 

im Sector Fond a 

Financial & ITU Q75 

5^3 Od&NaLRw pLo 

5?o tlrt — r ~-*l~ r * 1 

mijcr Cabot 196.4 

International j«2 

553 tod Wide SepL15-|B29 
4.78 Overseas Fuads 


S3 fid) -OX 
34 49-051 

38.94-93 

J53--SI 

ng-sii 


Jnt-Ems IiAsaete. 505 _ _ 

Private Fond 387 42 Id -0.3) 3.90 Japan —.Do; 

» AcCuraJlr. Fund 705 76M-1JJ 290 1>S ftO 

238 TechnoincyFund„ 605 742^ +0 If 280 R-n-r Fund. 

550 FarFjrtKd 305 33oj -di) 0.90 XZZJX.T* an 

.. Amertcnn Fhnd. -g* 2211-1^ 1.60 

^ ractical Invest. Co, Ltd.? fyHc) Financial Secs. [77. 

44. Blnomshuiy 5q. WCI A 2RA 0MJ23 88fl0 High441nbmim Fnh 

207 . Practical Sept, is . 1167.3 17721 1 396 SelortInlemaL C71 

1R -Accum. Units 1236.9 Z5&6] | 296 Select Income |58. 


390 n*er*rao FmMtl 


2 70 Europe 1*45 ■ 

3.90 Japan 007.7 

290 UJi )804 

Kaetar Fund# 

??9 Commodity— (S3. 9 

140 Energy Pbl 

Fina nelal Secs. - [773 

8803 Hich+qlnbutnu Fnda 

3 96 Seloct lntemaL„|277 0 

296 Select Income |58A 


z? I SS^b&iiUuw 1 rrT^T 4 " 

3U Creshns SL. EC2 Uea1tngs:CCW384t I'lStBP Bank? (0) 

50J| -IM 473 Target ChmniodlOr. |403 <351-0.1 352 Wanng Street BeltaaL M32352 

^ Target Fiaancud— 63 9 69 4c -12 421 rblUlaterOnwth— [404 434] -06) 4.« 

2™ Target Ei.'sepcol Ss5 237 4 .. D .f loo Unit TTost Account & Mgmt. Ltd. 

125 »C*o. Arc-Unit*--- ”6 3 32J b 00 KingWlUtamSLEC4R0AH 01«D4S 

?^52ri^b '“S84 #7 2 Zo l 499 Friars Hse Fund [1630 174 M I 4 j 

352 ?535gS~is2 =04 55 Hsl H a 

132 Do. Rein v.U ala— 324 34 8 -05 232 Do ' A, * UL 1 37 ^ ^ — ■* 4 - 

** - 0 - 2 3 ” Wider Growth Fund 


L j 7n | _ Murray. Johnstone (Inv. Adviser) 

-i- G.P.LL Box' 590. Hn'nj* Kang 163, HopeSt., C2 041-3*15521 

S5 ‘55 SlpptnFASepL121JUS2916 T.a) .....J 078 -Hope St. Fd | SUS40.51 I 1 — 

Si -07 67? ■Murray Fuad 1 SUS1217 | -J — i 

72.5 -a? 6.75 8riUnnii Tst. Mngmt (Cl) Ltd. -NaV August 32 j 

jSiilciij 233 30B »‘ ,, SL. s L H c | icr. J erwy. ^ 73114 Nogit S_A. ' ; 

QS1ZSB31 Intnl.ro.—. 071 105 1 +25 280 NA\ bept.8 1 SUS1206 I . — I — 

at ai Juirn Jersey EnergyTsL. 144 8 156 a +85 130 

4341-061 4.90 LTntvsLSTsLStB — £2.42 25S|-0.02 100 Negit LltL 

Mgmt Ltd. HlchlnLS , lB^_)097 10J^)^OB]( 22. Dfl oi Cermudq Bid CL, HjmHtcn. Bnnda. 

m iPriafKi U.S. Mlir DenooiaaM FiK. v ■ v toni » kl ii > ■ 

Uniwsl 5T*L Ifit'SSU 59rt-0B5J — NA\ SepL 1 JttJl ^ \ . — | — 

MM 1 4A4 lniJligh InLTsL— [3US0.9B 131^+03y 090 , _ 


3#4 Target Equity. — — - 

55 Target E*. SepLIS- »5 

! £ *r>o. ,\rc. Unite. 306 3 

Target Gilt Fund— 116 9 
_ Turget Growth — 

522 Threw Inti — — 29-1 
162 no.SJeiav. Unite— g« 
236 Targrtlnv— _ 354 
TcL Pr SepLU 1664 


i Li TSB Scottish. <928 

<b, Do. Accum [99.4 


Friars Hse Fund 

Wirier Grth. Fnd— 
Do. Accum 


Ncgit SA 




-1 SUS12.06 ) J — 


,J£631 - |—4 — 


PboeniT International 

Value SepL 15. Ncrt dealing Seplemter lO P0 Boi 77. SL Pder Port, Gnemsey. 

Inter- Dollar Fund-19230 270) 


ropean-L.. 
rEau 


•nHwiri*T*L._.B4 6 59 « -0.7 2. Co Austruilau H22 

fn.Fd.Inc S?9 72« -0.* 434 European-: 473 

ecum. 1803 83J) -lJ| 434 FarEma 883 

■ Japan Exempt— ___ 

ng Brothers & Co. Ltd? (aKx). Jj Am - 4S2 

‘■adenhsD SL.E.C3. 01^5882330 P7J 

■on TK. p940 20224 -..-I 424 C-btAAmm.SnLCo. 1633 

«*7 — r W»3 73334 -.-4 41* Hill Samuel Unit ■ 

Next sub. day September 27. ^7 I 


^^■5 m= duasssfcw ™=h«S£s«eK aa« i S5SE3T i w= 

INSURANCE AND PROPERTY BONDS 




'-TasrarSyt 414 HniSmxmelUnltTSt.Kgra.t W 

sun. oay i-jxejaner -7. 4S Beech SL.EC3POJC . 014=88011 P™t>cnyFH. 150 7 

lOpSgate Progressive Mgmt. Co.? (tt British Trust — 166 1 17771 -2M . 500 2- — £%* 

Kate.EVT^ ■SwJgaaSStar-Si nl iii in SJSfXai&a 
ffl:3ss-s-ffi sa-H 1 SBSSiSSSfcSj m - *% S^r+^r- ■ 

-*!■■■ l^PLP-Kg-* — : IS (b, Financial TruaL 100.4 107.4 +0.9 459 > -r 4 - • “89 

1 JS 'bi Income Tni:l.__ 29 J S2B +03 6.92 V" 

itn_>SepLB“ — (205-2 • 21S.49 2.02 fbi Securf tv Ttust— 561 60 Is ~{L9 4 99 Frt Ser.4. 3&4 

mb day-ScitfcOTbfir 19L —SvpMBMraa. (bSBSmllkU SL5 WB . 755 J£. on '‘ . 113® 


53^158 V/ JCd rjavrn 

o w *2 j® — 

142« ~°1 2® -*bbey Life Assurance Co. Ltd. Crown Life Assurance Co.- Ltd? Lloyds Life Assurance 

663l-03| 222 1-3SL Paul's Churchyard, EC4. O1-S480U1 Crown Life Hso. WoUng,GU2MXW (H0C35O33 20. CUftan SL. BCSA 4MX 


0143 4951 Brown Shipley Tst. Co. (Jersey) Ltd. 

3344 —| 45S po Bov 583 . sl Heller. Jersey 0534 74777. Quest Fund Mogouxt, (Jersey) Ltd 

392] I 4.55 Sterling Bond Fd. _{U0 01 10 05 of J 1270 p S l Heln-r. Jersey. . 0534 27441 

— .. . , .. _ ,. Qnicct sili; K.-.d.lnL 195 3 1024] | — 

— Bntterfield Management Co. Ltd Ouosiinil Sec*. .„{ius972 .w| — 

__ — - • p.O. Bov 135. Hamilton. Bermuda. QncMlad M ._ lSIJS»> \052| -.—I -- 

F|V! Buttms Equity [Sf.TT.45 2=3! „..| 16S rncc at SepL 13. Next dealing Sopt =0. ; 


Buttms Equity Bf.fI.4S Z5}\ 16S ,T1CC “ 3e P L 1J ae3JI 

Buttress Income — Jsi-El 96 2Ct| ! 759 „ . 

Prices at Aupirt .. Next sub. day SepL. 12 Kicnmnud Life Ass. Ltd 


ge Fund Mnnagers?faXc) InteL? («Kg) 

Regia Rmrse, King WHUnm i St_ EP4R la, Christopher Street. E.C3. 01^477243 

w-n v. 


VMoaey Fd. Ser. 4...|llll 
Prices at SepL 12. 


158.7 — 

1652 — 

1021 — 

1393 — 

129.6 ...... — 

135.7 — 

Mi — 

405 — 

119.0 — 

117.8 ...... — 


Mangd Fund Ace. 
tlany'd Fd. Incn 
Hing'd Fd. lulL 
Equity Fd.Arr.. 
Equity Pd. Iucm_ 
Equity Fd.lolL_ 
Property Fd. Ace.. 
Property Pd. Incm. 
Properly Fd. IaiL 
lav. TSL FilAcr... 
Inv. TcL Fd. Incm 
lnv.TsL Fd. lnit 


1154 -O.i 

115.4 -o: 
114.0 -Oi 

109.4 -1.1 
109.4 -It 


uoyos Ldte Assurance Royal Insurance Group 

■?“ New Hall Place. LiverpooL 05. ET74422 

652 ^L^P?l^iCl39 7 147J ” Royal Shield Fd. _ [1463 1553) ......) - 

— S!££g$2£&‘ uK gj “ Save & Prosper Group? 

574 GMS A Ma^rtM. 159 5 167 4 1“ - 4. GLSL Helen's, Lndn.. E>33P 3EP. 0,-554 8893 

— Opt5'A'DptSepU4 _ 122.7 129^ - Bri.ln.Kd 11355 1«|U [ - 

— . Property Fd.* .158.9 1682) .... — 

732 London Indemnity &GnL Ins. Co. lAd cuiFd. I1243 ui.r +oi — 


— Mil LGth. Septa — 258468 ..... — 

632 QpL.VA'PrSepLM- 139 7 1472 - — 

— CptS'A'Eqt Sept.14. 145.4 1531 — 

OptS-ATiY3epU4 159 0 167 4 — 

5 74 GptS-A-ManSep(l4.159 5 167.9 — 

— GpiS'A DptSepU4-1227 1292 — 


■3VS£r=ft7 44 ^ —J I” ^ F »“ l Maxmgera Ud (aHg> 

rrf .T: p62 S.fl "Ij 277 25.MUk SL. BC2V8IE. 0I-6C 


■ pit-— 057.0 16Z.0ni J 529 Key Energy In. Fd- B43 - 89 

.itLlne.7 ha.9 • 203 IZJ Z99 Key Equity*Geii_ 76.4 . C2 

ec.t -J203 223. 4-299 ♦KcyExcmptFd.- 1780 - 2X9. 

ng *Tucs- twed ITbura. PPrlcea SepL Key Income Fond- 865 ... 921 
12/13/14. Key Fixed lot Fd._ 993 -62.' 

Key Small Co-sFd:. U4.4 1Z2 

innia Tract Management (0) (g) . „ . „ . M 

don Wall Buildings London WalL Kleitiurort BenSou Unit M 


Valuation normally Fixed InL Fd. Arc. 
ay. Ftd lot Fd. Incm. 

Jnter'L Fd. Acc.. 
Inter'L Fd. incm. 
nee Co. Ltd. * Money Fd. Acc. , 

!. 01^37«« 

?) I — Crown Bn. Inv.’A 


. .. ; Albany Life Assnranee Co. Ltd. • 
Key Fnnd Managen Ltd. (aMg) SLoidBuriiomonSL.w.i. 01-4375*0 

23.UUbSL.BC2V8IE. 01-606 7070. VEoulry Kri. Acc. 12032 213 9) — 

Key Energy In. Fd_B45 - ■* « +0J| 337 vr««flnL Are- .. 1429 149.4 — - 

Key Equity A Gon_ 74.4 . 022 +02 4.48 fGtd.Monev Fd.Ac.. 115 4 1216 — 

6 Key Exempt Fd. _ 1718 ■ 1893 t9.6 527 VlnU.Man.Fd.Arm. 1157 121:7 — 

Key Income Fund- 865 .* ■ - 928 +0.4 9.01 vProp.Fd Arc.™ 210.1 ' 115.1 ...... — 

Bey Fixed InL Fd— 993 -62.9 1262 VM'plelnv.Acc. .. 174 0 183.1 — 

Key Small Go's Fd:- U4.4 121.7) +22)1262 Equity Pen.Fd Acc. 2423 2553 — 

Fixed I.IVn_Acc. l£0.7 . 1903 — 

Kfeinworl BenSan Unit Managers? GidJjun p»ilacc . 1324 1302 — 


Crusader Insurance Co. Ltd. 


Taa 18-S0.TheF<tftMry, Reading 5835IL 

Money Manager— [365 39-2} | — 

MJU. Flexible: -W.4 343 — 

U60 Fixed Interest. V* * 36J) 1 — 

7^5 The London ft Manchester Ass. Gp.? 

— Winslade PariL Exeter. (392-5=155 

10.00 Cap. Growth FUatL. 245 0 +55 — 

— orfex Exempt Fd. 141.9 +14 — 

8 <0 0 Exempt Prop. Fd. 94 4 +0.4 — 

— OExpLInv TxrFd 16J4 +4.0 — 

Flexible Fund 1212 +26 — 

Inv. Trust Fuad • 150 6 +4.9 — 


Deposit Fdt 124.7 

Corn n . Pena . F>Lt 214.7 

&luitvP+ns.Fd 201.7 

Prop. Pens. Fd.* 2313 

Gilt Pens. Fd. 95 7 

Depos-Pens.Fd.t_. 1003 


211.1 + 0.1 — 

1523 — 

726 0 .. — 

2129 -28 — 

2442 . — 

100 8 +0.1 ~ 
1053 — 


Capital International S.A. 

37 rue Notre-Dame, Luxembourg. 
Capital InL Fnud™.| SUS1959 | 

Charterhouse Japhet 

1. Paternoster P+nv. Es'l. 

Adiropa PN3130 32M- 

Adtvcrba.. I *150 70 5JJ« 

Fonda Ic PMJ228 33W- 

Fottdil DM2210 3JH- 

EmperorFund Hf342 3 53 . 

Hlspauo P.IS41M <27t| 


48. Athol Slre+t. Douglav. LOJrt. 062423914 

1 \ (The Sll» ■ -r TruvL |1D7 7 11031 -05( — 

Richmond b-nd 87. 180 7 1905 +0.6) 10 65 

I IK*. Platinum Bd . 127.4 1341) +OM — 

* In, Gold lid 1133 1198! -o3 — 

Do. Em. 97,(12 Bd. ... 1675 175.9| +03) 1224 - 

Rothschild Asset Management (C.L) 

455 F.O.Bo\ SIB. St. Julians Cl Guernsey. 0481 2S33L - 

-050 4.90 PiCEq.Fr.Aup.31.. S7.4 ■ 60.S1 168 

-0^0 4 98 «.«' Inc.FH SepL L. 1J13 1713 iA 

.... _ tUMnU.Fd.T 5158 1.46 220 

_.. 2JSS «X* SmCoFdAup31 . 154.0 161 Bd 3.0B 

O.U Curnmnitliy* 345.8 1551 4.16 

XiA OC. Dlr.Comdtyt.-IS27.71 2937 068 


p^srrrr , Uerscs ^ u t^ ». 

P.O Box 320, St. Heller, jetv.*r. 0534 3736L t Prices on Sepdember 7. Next oealiag 


245 0 

+52 

141.4 

+14 

944 

+0.4 

1634 

+4.0 

1212 

+2.6 

- 1506 

♦4.9 

045 

+03 

100.6 

+02 


I Tiros on September 12. 
t Weekly ctexliugs. 


m EC2M 6QL 

If Ace. IT™ H M 3 

1 1* Ind — [63.4. 

MKlliy B53 

'*tlc ______ 1*2.7 

rft™, p243 


01-838 0VJ&D47S 20 Fencburrb SL. ECA 
B 88.01-03) 4.40 KB. Unit Fd.lnc.™(93 9 
13 64. w -0.7 3 45' *KB.UnitFitAe__nil3 

1.4. 6821-22 * 04 K.O Kd.lnr.Tste._B33 

1 924 -On 439 KB.FdJn.TmAcc„&95 

.7 46.01 —0-7 3.7Z KBSmlrCo'sFdlnc . (493 


10Z.1J+4 
129-11 +5. 


ai-KSm» InU Mn.PnFdAcc ...123-5 
eW Propped Acc.— ..B25 5 
tlof xS M'pieInv.Pen-Acc_pi5.1 


JJfFfi 

* A UkJ 


„ . . _ .• f.Vi 


1329 -20 
4SJW —0.4 
— n« .t — :.__ 2 84.1- 26 On -0.1 

dal See* .. W.V 755 -0.9 

6 General 1092 117.4 *22 

h. 905 ' W.l -23 

Growth 823 873 —10 

irowth 704 75-7 -0.9 

iTXLShares.-. 524 55J -03 

•ala *41 47.4a -02 

bgb Inc B8.6 . 953* -43 

’+ J'mne 3*3 430 -03 

b - American.™. 32.4 - 341 -0 

mpaal 57*4 59Z2 -* 

—nrty Share* ™. 14 9 161a -0 

I : 49.9 53.7* -L 

iChnnpro— - HA 373* -0 

Energy 553 - 312-0 


664 KB Sm.Ce*. Fd Ace. 
871 RlghYld.Fd.Xnc.. 
278 mehYld.Fd.Ace_ 
4J5 . . ... ■ 


13 a i 


129J] +09 5 02 * ■ — 1 ' — ■ 

3.M .... 425 ; 

^ +03 - AM AMEV Life Assurance Ltd.? 

52.3 +D.7 089 Alma llsc.. AlmnlUL. Reigate. Rctgats40102 


YiocttU House. Tbwer PL EC3. 01-8260031 Property I MS + 

Gth. Prop. SepL 5..J72A 823] | — Wd. Depo*itFlL_| 100.6 | + 

Eagle Star Insur/Kidland Assur. M ft G Group? 

2 Thread need le SL, EC2. 01-5B8U12 Three Onnj*. Tower HiH EC3R0BQ. 

Eagte.-MJd.UnJte_.l572 593|-06) 577 S2 f2SL-L.I 2593 | + 

Eqni^ A Law life As*. Soc. Uft? ^ - 


1 -f-S AMEVManaced 

645 AMEl'M^d.'B. 
uu AMEV Money Fd. 


Amersham Rood, High Wycombe 0404 3X177 Fxntily 7O80”H_ 1748 

Equity FH...: [1*40 1313J -221 — Fomily8M»S— 203 4 

Property Fd.. U063 113.g „T7J — Gilt Bond— „__L. 107 0 

Fixed lalercxt F._(1102 U60I -02j — Internxinl Bnnd , *.h,42 


154 .^.. — Gtd. Deposit Fd. — 11002 _ 105.41 — Mbqj K «J Bd.*~ 151.1 158J +27 

127. D HI. Uhted cd™-2'.™-+" |1J53 12231 -07}- — '"Property Bd-1 . 160V '1883 

1127 — _ . .. ™ .. . ___ _ Ex.VleldFd.Bd.*. M.0 . 953 

124.4 — General Portfolio Life Ins. C. Ltd.? Recovery Fd Bd -.. 70 4 . 74.1 

JJi “ 60 Baithcdomew CL, Waltham Croca WX31071 American Fd.Bd*. »S *. 62! _.... 

— Portfolio Fund 1 147A J — 4 — J » pjn Fd Bd ^"-- . MJ | 

108.7 — Portfolio Capital _[<2 3 44.4] | — . rnc *’ on ^P 1 - “• Sepc 14 - 

1063] 7_. — Gresham Life Ass. Soc. Ltd. Merchant Investors Assurance? 

S Prince of Wales M . BUlanlh. 0202 787®5 L«on Hsc. 233 Hi c h SL, O^don. 01-W 

.PraStaeTcvfto^^^^irace •- r.u EonitettnufT fnos xil:3 I"~ Z. ^ 

Barclays life Assur. Co. Ltd. G.LPpty. FuiuL_..|973 io2j| — _ • - }gj *°l 

232 Romford RtL,K7. 01-53*3644 Growth ft Sec. Life Ass. Soc. Ltd.? iSi la l 

134.7 1 27 — Weir Bank. Bray-eti Tbnme*. Berkx. 0828-3(286 Managed II-!. 110 6 -0 5 

1173 -02 Flexible Finance-.) 0,067 [ — .1 — Managed Peru. 145.0 +0 7 

1148 17.7 —■ land bank. Seen — 54 64 • I. — ) — Inti. Equity 113.1 -0.3 

1215 - j 0 LandbankScs. Ace[U75 120 — buLMaanped 1072 +02 

1M1 ..." - G.&S.SuperFd — r £7.982 1 1 - _ TjA 

109 ft _ ■ .. . _ . NEL Pensions uo. 

1062 _ Guardian Royal Exchange rnium Court, Dorking, Surrey. 

lOJSl — Royal Exchange. E.C3. Ol^toTlin NejcxEq Cap 88.9 9351 

+232 — Property Bond* J 184,6 1922) — MelexEq. Arrum .. 127.6 1343 +05 

107.4 — . Kelev Monvv >'an . 62J 65 9 

103.4 _..J I — Hambro Life Aasorauce Limited ? Nciei Mori. ' .vro 672 to .6 

•Current unit value September 14. 7 Old Park moo, London. W1 01-4080031 S*j* ,JC ! nc ^ i, * > UJ SI 

Fixed Int Dep. [1245 133^ tod^FHUao' - 50 6 

Beehive Life Assur. Co. Ltd-? P^yTITZZ. u&4 1792 III - “■^WS^V&septe.S? S" 

7l.LambaidSL.ECX 01-833 13B8 Managed Cap 1516 139.6 •. — — • Next Sub. day. September a. 

bul Home, sept l..) 13*25 I — l — Managed Ace 1878 197 7 — — NPI Pensions Management Ltd. 


2.44 L ft C Unit Trust Management Ltd.? JJSSv SStKigL 

25 The Stock Eefionge. EC2N 1HP. 01-588 -3800 AMEV Fixed I KL- 
*6* naan imu i >u AMEVPren Fd. 


52 LAC Inc. Fd. [145.0 1495M L. 854 

LAC InU&GenFd. 1108.8 0122) 231 

I” Lawson Secs. Ltd. ?faXc) 

Am 37. Qneeti’l SL. London BC4R 1 BY. 01-5383281 
169 * Raw. Material*™. W0.7 43.9d|+a6| 623 


AMEV Prop Fd.™ 
AMEVMKllITnJU 
AMEV Mgd.Peu.' 
Flextplaa 


1U.7 — 

124.4 . — — - 

972 — 

1034 — 

108.7 — 

,093 — 

1063 — 


112.5 —0.1 — 

120.0 — 

1581 +2.7 — 

1683 — 

93.6 — 

74.1 — 

61_5 , — 


16W -0 7 
53.53 -!_0 


4.88 37. (Jne+n'i iiL.Looi 
169 XRaw. Materials™- 
3.75 JU Accum. Units)— . 

225 •Growth Fund 

3.99 itcnua Umisj— — 




3733-0.1 434 ttGrfi and Warrant [ 
382] -02] 232 JAa»rican Frl, [ 


50M +0.7 623 Prandenee Capitol Life Assur 

65U 231 

..Kn — 231 i- 

’ 'S3 — IS Barclays life Assur. Co. Ltd. 


British life Office Ltd.? (a) 


& Acc-urn Units! _ 
— HI gli Yield 




'■ice* SepL IX Next dealing SepL 20. 

pn Shitdev ft Co. LttL? iAtro.D^M,..™|n2 . 


I o Jq 2S! Romford Rd,E7. 
1123 Barrlaybonda 
1123 Eqn-ly 
•S- "Fn. Gdl-Ld 
Property 
rad? Mwiurt 


ra Shipley ft Co. LttL? ‘ AffMLD &mb.^£ oaSi”^ ** 

l. Founders CL. EC2 0,-8008520 Jtexl «b. day Ocfober 11. nnlBBSa^ 

_+oiH sept. ia_.cazj W4d — | 435 Leonine Administration Ltd. tv, 

--C I SepL 12 — [2933 3153) -_.J 435 t^XiukeSL.ZiOedon WIMBJP. O1-48850B1 

de IktMte Ml M ■ InoDitL — PI 07 « -D2I 431 

. lelal S74 jya . — 4.46 Lre.vroom [5.4 -9M -03 4.12 , : 

: r- S Ss^ij Til ::Z is L,0ydS “• Tst M “CTC- f»> 

■ g- : jg ■= ii xsssEOtzsr*^ ««» -flssss 

.■' • E ra 300 4.19 FlrMfBalncdJ™™_BS3 60.01—1.0) 4 09 

- >7 1 4 23 1 3.00 Dp-tAcciim-i 76.8 S2J -L4 4 09 Canada Ufa A 

■'mS=R 69t rz QM«*I 595 «.9-0.9 196 

i-erv ..- .K35 25.C . 6 00 Do.iAcctinri 74.8 80.4 -LI 1.96 2-0 HlgD SL, Polte 

- rt. Aueustlo J-I6L9 645 ’ 455 Third Tlncaitxy 900 96.7 -12 535 SqcyGlhFdSepL-4. 

: . Do (Ac cum. 1 — 1232 -3»4 -L7 553 RrtaL Fed. SepL 7 

uttt Life Unit Trt. Mngra. LttL? fg£2SSS±Z 793^ 722 

■ -xh Sl. Pottera Bar, Herts. P. Bar 51] 22 . „ . . . Cannon Assim 

. Ten met m.7 «3.j -03[ 437 Lloyd’s Life Unit Tst. lHngrs. Ltd. , on — ,u ~m+ 

: ' m n£"-gl 55| “nil iVl 72-80 Ajdrebury. 0298.WT B,ubsUnl^™_ 

...W.ArouSZr^J 4a|-S.4|- 1X1 BqniUrAceum. U75.7 -115.0) 3.64 

(James) Mali Ltd.9 M ft G Group? (yHcHa). rt op'boe d.'Exee 

;fcr.™JK f .MdgS.teESiBErK ^ 

,;rei on SepL 6. Next dealing Sept- 20. Anxtralaslan 595 634B -0.7 L18 

... _. ™- .. ■ 1 Accum Unite) bOB b45 -0.7 118 ggHg.’ g -- — — 

iol Unit FtL Mgrs. Ltd.?. iaHe) commodity .1 raj 88.9a -0-4 «£ — 

: 7 B °””- 1 3 ”w Si, iS 12 i 3S g jsfc: 

■;.Sas-«B-Ei 4=1 IS sssssffi^g! 3i IS 

ich Yield 1443 47.1) I 7.99 Dividend 130.9- 142.0 +03 7D "~®*-rWte.,Acc.. 

eSLn. Unite _[k3 5afl .... J 7.99 lAccum Unite! M82 267J +1J 721 

- Next dealing date September 20. European-- 35 57.0 +02 3J3 1 &*™*[A** 

.ities Official lnvesL Fd4> '££! Yi^Im ^2 9afe Wt ’f 

.. ndoa Wall.ECSNlDR. 01-288 ISIS (Accum Unite, 1268 05.0 +Q-B 7 67 ?J35S»' Aw - 

. teAugue 15.-IM2.17 — | 1 628 PorEaxtern. — 63.9 bOW -L2 137 J-«gSXF._ 


*** 2.Duke SL. London WlMRJP. 01-486 5091 

LeoDitL » 4 07« -D21 431 

510 -^ cenBL ~-- )9L* -9621 -02) 4.12 

« . Lloyds Bk. Unit TsL Mngrs. Ltd.? (a> 


S! l I ^te Acc - 

Money Pen* ACC. 

Do.lnbiat [982 103.' 

■Current unit value Septea 


•lAwICRm *43:::::.i ^jKSsaSizS 3°2 .aSarif faBSKOVA ^ ' I :d = -RtSSS-SJatz: 
^ Life Unit TbL LttL? IM . 


t Weekly dealings. 

Schroder Life Group? 

Enterprise House. Portsmouth. 

Equity 1 245.7 

Equip* 236.9 2493 — 

Fixed I dl* — 1393 146 8 . — — Delta Group 

M^^ITTT lot 5 U43 Z PO. Box 3012. Nassau. Bahamas. 

Overseas* I - 1001 1055 IZ — Della Inv. SepL 7._|SUS221 232J 

Property* 1589 1672 — 

K&SGevLSee's:*. 1214 127.9 . — — Dfulscher Investment-Trust 

— Sa 1412 Z Ptmfaeb 2885 BlebergavieO-lOfiOOO Fra 

S^fcicipR"M9 4 2205 Ii: Z Concent [maxi EM.... 

Mn£d PeaAc?.B E0 6 IS.4 IZ - InL Rmtenlonds-lMIMM 766*1-0.20 

F. InL Pen. Cap. B 971 1023 ..... — 

F. tel Pen. Acc B 983 103 6 — Dreyfus Intercontinental Inv. . 

ifaSSraa lir'S.' BT T 102 9 _ P.O. Hox NJ712, NmN Eahamn*. 

SSspSTcip it gl m3 :::::: z NavsepLia. — lirar* uhi-ojo 

Prop. Den. Acc. 8— 97 J 102.6] — 

CmHiah Fnixo Emson & Dudley Tst.MgtJrsy. 

Scottish Widows Group P.O. Bra73. Sl He her. Jersey. 053 

PO Box 90C. Edinburgh EH18SBU. 081^558000 Er,. CT inn 13991 

Jnv-Ply fterin I [115 JL 11531+35] — ■ 1 1 — 

iKaflarJlrP. 0- !* =. E«~bond Holdings N.V. 

ExUlAccScpLS 1458 152<H .‘... | — Handelslcade 24. WllleiDMad. Curacao 


Clive Gill FH iC.Li.| 9KS 
Clive Gill Fd.iJsy., |9.E0 


9 BS] | 11 00 

9 83 -....{ 12-00 


Corn hill Ins. (Guernsey) LttL 

an»5 27733 P.O. Box 157. SL Peter Port. GnoroMry 
._..) _ Intel Man. Fd. J1775 193.0| | 


Delta Group 

P.O. Box 3012. Nassau. Bahamas. 

Della luv. SepL 7 — |SUS221 132] J — 

Deutscher Investment-Trust 
Ptwlfaeh 2685 Biebergai+e 6-lOnooa Frankfort. 

Conrenu-a. |D6C9Xa 2220| . .. ,| - 

InLRentenlonds_U«6S56 76601-0 ld| — 


3 64J| - J — InvEly Serin 1__|115J 

"SepL 14. — Sej*. IS. I nr. Ply Series 2 — JIM6 


Scplctnber 2L 

BothschHd Asset l!ngt (Bermuda) 
P.O. Box eft 5 . Bk. rJ Bermndo Bid. Bermuda.' 

Hewn o Aasela Fd | Sl.'SlO.O I | — - 

Initial subscription price unul SepL 28. 

Royal Trust (Cfi Fd. Mgt. Ltd. ■ 

PO Box 19*. RnyolT'L Hje.. Jersey OSH 27*41 

R.T Int'l. FH CCSULIS 1U6] | 3.00 

RT.Infl Usv.iFd D50 102.O| | 3 21 

Prices at SepL 12. Next dealing SepL 1ft. 


Dreyfus Intercontinental Inv. Fd. 

P.O. Hnx N3712, Nn»sau Eabamni. 

NAV SepL 12 IW&750 IS C3| +0 50) — 

Emson ft Dudley Trt.mgLJrsy.Lld. 

P.O. Beet 73. Sl Hehcr. Jersey. 0534 3*81 

EDJ.C.T. 1131.4 139 9] ) 3.00 


' Inv. Cub Sept. IS. .199 1 104.4 +0^ f.*. 

oce? ExUlAce SepL 8 145 0 152 ol .'....I — Handelslcade 2*. WllleiDtctod. Curacao 

ST ** wwJ = 

- Solar Life Assurance Limited NaV ^ share S * p **® hcr i5 * US2n « J 

* I 3 Z 10i l2 Ely Place London E.CJNBTT O124B980B F . ft C. Mgmt. Ltd. Inv. Advisers 


2220) ... | - Save ft Prosper International 

- Dealing to: 

37 Broad Sl.Sl Heller. Jersey 0534-3*81' 

tal Inv. F«L liv lMUr-deuominated Funds 

bamns. Dir Fxd. Inf-J .1954 9 9l| ) 72S 

Uta+OJOl — Inlern.iL Gr.*t 18 09 8 75) 1 — 

^ FarSasierr.-J 33.65 58.0S _ , 

flsLJrsv Lid North American'* . [4.18 JM j — . 1 

tgLJ ' Sepro-* }2529 1737] j — 

• ° 5 7 3 ™ 1 1 Sterling-denemlaated Fands 

159.9J — J 3.00 Channel Capital*. (256.0 2695] -24| 235 

Channel Islands* ..[159.8 16*3-1.0 451 

V. Com mod." -J (132.1 1391 +25 — 

I funrift Sp Deposit — - 1902 IDO* +01 025 

■ ■ ?. „ SL Fixed"*}™. ..-.1X5.1 1213 +0.5 11.43 


NAV per share .September J5 JUS2060. 


m - 


01-0231=88 132.7 

60.01-1.0) 4 09 GUI Edged 12b D 

figpia !« 2 ASHfiKSszfflS 

BO.dl -Lll 1.96 2-8 High at. Potters Bar, Hens. P3or 31122 pen.F.I Dep. Acc. 151.7 


-'*1 (James) Mngi. LttL?; 

•• Id Broad SL.EC2N 1BQ 0 


t P. Bar si 1= ... _ . Cannon Assnranee I/d V I'eni.iiiKHc cjp ..I12J.7 

SIIotI 4J7 > °»7*M«Wy„ Wembley HA90NB 01-0028878 p^'b S Sp Acc "^ ? 

Tt'fl+Dll 777 72-80 ^SalebmteeRiL, Ayfrebiuy. 0298.VM1 EquttyUnltB fcJB-91 — +0J4I — ESMJ apS 

48.71 -041' 727 EQuiiy Accum. —p75.7 • 185.0] 1 3.64 Property Unite £1 0 . 2 8 — ..... — fte.DAl'.CwZ 

^ ^ w *. r rrimw* f+UrVal Knn«y Bon^a*,.. U2.M 13M -ttlO - KS: DAT: a2"..Z 

j *0 M nr G uroopp tyKcHX) Prop.^ond'&ec.. OJ53 14.32 — 

m mmn ft"* fl»N Tbw HiU, B3R 6BQ OIIBUSU Bal. BHjExwTJnlt £23.73 14 3 +0.03 — Hearts of Oak 

IM..J 558 ‘ x— , re gj^ir W O - +20 Z jWVrn^PI* 

Ssslr ^3s=Ss S3rsl is ffls*s=="w._ H = ^“77, 


139.7 — 

1327 „... — 

1143 ... . — 

135.8 + 03 — 

159.7 +05 — 
218J +02 — 
2033 +1.4 — 
2326 +65 — 
301B +8.8 — 
1302 +13 — 
138.2 +15 — 
U2.1 _... — 
151.4 _.... — 


”ZT NelexGihlnc Art.pSS 58 M ...... 

~ NelMxd.FH.Cnp-.MB2 50.H 

Mel Mad. Fd Aee -1*93 51.6| . ...[ 

; Next Sub. day. September 25. 

— NPI Pensions Management Ltd. 


Solar Managed S-. 04 5 
Solar Property S — 113 6 
Solar Equlrv S_ — 1784 
Solar Fxd fnLS_... U79 

Solar Cash S 101-3 

Solar InU S... -106 4 
Solar Ha na ced P™. 1341 
Solar Property P—.. 1133 

Solar Equity P 177.9 

Solar Fid InL P — 117.6 
Solar OdiP _ ._. 101.1 
Solar Ini! P 1063 


1873 -2.4 
1242 -02 
'107.6 +0.1 
113.1 +21 
1*12 -0 6 


l-2.‘Laurepcc Pounuiey Hill. EC4B 0BA 
01-623 4rt« 

CrnL Fd SepL 13_| 5US6.75 |+0i«| — 

Fidelity Mgmt. ft Res. (Bda.) LttL 

P.u. Box 670. Hamllioa. Eermada. 

Fidelity Am Aw . I SUS3097 1 1 — 

Fidelity InL Fund-) 5US26 24 /-0-hU — 

Fidelity Pic Kd .1 SUS57.92 I .. ( — 

Fide 1 1I1 Wrld Fd — ) SUS17 40 -0K| — 


Solar Dill P |1063 113J| +21J - naeim wrn ra mwmu |-0»l 

Sun Alliance Fund Mangmt. Ltd. Fidelity Mgmt. Research (Jersey, Ltd. 

Sun Alliance Houw. Horsham 04(064141 Waterloo Hse.. Don Sit, SL Heller, Jersey 

Kxp.Fd!nLScpLli 10572 1633[ | — 0534 27561 

InLBnSept. 12— . 1 U471 l 1 — Send A .Intel . _ .[ £439 1—0 OBJ 

Sun Alliance Linked Life Jns. LttL |KS Dti5?SSi"J mot Z[ 

Sun Alliance House. Horsham 040364141 

Equity Fund U3S3 1*3 0( -V2j — First Viking Commodity Trusts 


A ilnlnl 1 _ ,1 
B (Pacific) | 
D 1 Am -Las l) 


48.Grxceehureh St . EC3P3KH. 01-6234200 Property Fund... — [1112 

Managed Fund .._ |15M 1*5.1| | _ SSSf. ‘iw W8 

' Alecs Svpl I. Next dealing Ocl Z SS^dF^dZZ|nK7 

New Zealand Ins. Ce. (UJU LttL? Snn jj^ ^ Cmaada 

Mnltlmd House. SoutfaendSSlSJS 070262059 + ■, . ewiv 

Ktwi Key Inv. P1+n.|157.4 l«3(+7 0[ - 


FixedlntereviFd. . 


1430I-12| — 
113 4 -0.1 — 

U7J — 

1190 +03 — 

1010 — 

1212 -02 — 


First Viking Commodity Trusts 

H. Si. Ceorgc'xSL. Dr.ugUu. I oil. 

0624 4012. Udn. Agtv. [ninli+r & Co. T.td.. 

S3. Pall Mall. Lundnn SWI75JH 0i.B3u7flSr 


— September 14. 
fWecUy Dcalinga. 

Schlesinger International Mngt. Ltd. 
41. La Mode SL.SL Holier, Jersey. 053473588. 

S.A.ll — — |S7 92J +1 7.68 

SAH.I .0% 101 4 46- 

Hilt FH 22 6 22.8a 12.06 

InU. F.1 Jcrvw 129 126 -! 292 

Inlnl Fd Lxmbrg _ JCS27E JTh5-D07 — • 

-Fur Ea»l Fund— .. IM lio 2.73 

-Ncrt sub. day September 2d. 

Schroder Life Group 

Enterprise House, Purtemwilh. 0705 27738 

Iiternjlloiul Fuadc 

LEquilj ... . 11225 130 3| — 

SEquity..- 146.4 1557 _... — 1 

ft-f.cdlnlerort... .. 140.0 1U9 — I 

S Fixed Interest 1055 • 1132 — j 

£Mnnaeed 134 3 142 6 — .! 

SMnnaged 126 1 134.1 — 


FsLVtk Cm Trt ...137.7 
FSLVk. DbLUp Tst..]69.0 


nmi. 1 Phf?7.'.Zli 21c 1 I ..... 1 — 

Target life Assurance Co. lid. 

Target Keuae, Gatehouse Rd. Aylesbury. 
Bueka Aylesbury K086j 504 1 

Man. Fund Inc 100 9 10721 — 

Man Fund Acc 124.8 1314 — 

Prop. Fd. Die 1103 1161 — 

Prop Fd Acc. 1420 — 

Prop. Fd Inv. 109 0 — ..... — 

Fixed 1m Fd lee 1021 107 5 .... — 

Dep.Fd. Inc 962 1013 — 

Ref Plan Ac. Pen. _ 77 6 843 -1.5 — 

Ret Plant ’ap Pen. 643 696 -12 — 

Man. Pen Frt. Are 95 0 108.0 .... — 

Mon Pea Frt Cep.__ 95 0 1000 — 


igh Yield M45 471) 1 7.99 Dividend™™ [009 

ecum. Uni ls_. [555 5S.(fl J 7.99 lAccum-UuDsi Ml 

Next dealing date September 2u European™. 535 

.•ities Official Invest. Fd* gg giS 7^2 

orton Wall. EC2N 1DR. 01-588 1815 (AeeuUL Unite, 1263 

re AUPtC 15.-ftg.17 — I J 628 For Eaxtern. U.9 

rr. August 15. (27666 — I I — lAceiun. Unite, 703 

■ a nth. Only available to Reg. Chanties. Fund of Inv Tws — M.6 

_ . ' 1 Accnm. Units! 86.1 

Charterhouse Japhet see.Jsue* Finlay, c+ueral 187.9 

(Afftua. Onto 1 292.4 

ftain Trust Managers. Ltd.?(aKg) High income — _ 11x0 

-*■ «=" 4T ^- at , «»*“ m 4 

■JSS«zz::W' S3 ^3 Oh 

Rearre. Tst-|285 30.7te — 03 437 M ,^| nnH U1.6 

Growth Tst — 1 25.0 I —.4 750 rVZ£n ifnJbi> 317.4 


age iteollnES. 
585.8-0 6 175 

■ 59.6 -0.7 175 

63 en -0.7 L18 

648 - 0.7 11B 

88 9a -0 4 JK 
978 -05 4.02 

130 1 +05 338 

76.7 —03 2 62 

77.1a +05 750 

142.8 +05 7 21 

2675 +1-7 721 

57.0 +02 353 

585 +0.1 353 

9rS +0.6 7.67 

05.0 +05 7 67 

M.Ok -U 157 


! IB •Jr'd Equity 1104.9 

4 (J2 Property- 106 Z 

4 02 1015 

l'S 2nt I Deposit 97.7 

2R2 2nrt Gill 910 

750 2nd. American 109.9 


751 -1.1 
74.1 +0 6 
90 6 +0.8 

■~ r - S5SE«B=KI 13 Capital Life Assurance? EKWiSEZ »■* "“ J Z Property Grow 

td-V(aKg) High Income llXO 1205 +1.0 7 74 Conlsu>nHc>use,Cbap«I Ash wun 080228311 rcaFxd.lnLAec.._g9 101.H — 4 — Leon House. Ur-M 

m .wnwi (Accum. Utufi 190.1 2025 +1.7 7.74 KeylawaL PU._ I 10779 I J — Pena. Prop. tap . ~.|96.1 101i| ...... 1 — primert* Fund 

So i?31 -St I “ no 76 i-J - pcas.prop.Acc_.i972 raSRgjA. 

^ 5« ml MM 4i 375 ■ imperial Life Ass. Co. of Canada tSSrSZ^. 

Iqj 4_p7 '^,‘7 , “; Un ' ul Sfl IS? I? 7 ft u Charterhonse Magaa Gp.¥ Imperial House. Guildford, 71255 Abbey NnL Fund 

-3 750 ssaiuaEzz BroDel Cciure - p^d“is,^z^ ss5aas.KM 

tA9t,\ Reros-erv. -.j.--™-™ 89.9 ■ 975 +15 3g| MinwrTttynre i _ Unit uUed Portfolio ■ Ins esl went Kd...\. 


721 ?HJ®9.Pefte;Acc.. 1079 
721 AmiPro Jens, Acc. 110 5 
3J3 2nd Bted. Pens/Arc 105.9 
353 De|LPm»?Aec 100.6 
7 17 2nd GUi PcnslAre 915 
7 67 2nd. Ajn PBuA. Acr . 109 9 
1J7 L&ESXF. 41.0 

iff, L4ER1F.2__ 290 


110.1 +0.S — 

1124 — 

107.7 +02 — 

103.4 — , 

963 — 

1165 +24 _ 

114.2 +0.9 — 

316.9 .... — . 
1121 +0.4 — 

1065 — 

.961 ... — 

1165 +2.4 — 

435 — 

31.0 ...... — 


Pen. Man. Ace™. 286 7 ■ 301B +8.8 — Small Co's Frt '.IMA 115 4 H - S'**- J — I 

rea.UiltmteC4p„ 12J.7 130 2 +15 — . Tocbnolocv Fd 1ZL4 1275 +0 2 — it IJ rJZ** "■ 

& B -^ l I l E dR - Ac,: " Ht? H5? +1 ' 5 ~ Extra Ine Fd 1020 1031 -03 — — I 

Pea. BS. Cap 1254 132.1 _... — American Fd. ... 1145 120.6 -35 — Pcrsfd. Pn- I'd 1 

P^n- Acr 143 0 151-4 ».... — Far East Fd. -1235 1295 -0* — Target Life ASS 

Pen. D_A_K. Lap — 103.0 — - Gift Edged FH - .. 1W6 1101+01 — ™b» «* 

Pm. D.A F Acr. 1052 C^.D^osuFd .[976 1KL7|.... — Tar R el Koure. Gate 

Hearts of Oak Benefit Society Norwich Union Insurance Group? Man. Fund inr 

15-17. Tavlrtoek Place. WC1HSSM 01-3873820 PO Box 4. Nomfrh NR13NC. - (003222(0 Msn Fund Acc 

Hearts ut oak. U72 395) ) — Stenagcd Fund . ... I2ra3 235.01 —1.71 - 

Hill Samuel Life Assur. Ud.? pJ^nyVwZ' 1322 Sill 7.H Z Frop.Fd inv 
NLATwr., ArtHlscombe Rd,t>r«y. 0I-0BB43SB g*'* Fuml. - J546 -0.4) - ESSStt Inc _ 


Sun Life of Canada (V.K.I LttL 

2. a. 4, Cockspur sl.swiy 58H 01-0305400 Fleming Japan Fund S-A. 


I 


uc September 14. 


♦Property Unite .™. 159 4 
Property Series A _ 1043 
Manuipru Unite. . 170 6 

Managed Senes A. 1054 
Uaiunicd SenexC- 102.0 

Muncy Unite-. 1215 

Money Series A- 984 

Fixed Ini Her A. 93 9 
Equity Serin A . 101 6 

Pus. MaiMtnli'ap- 147.1 
Pni MknuqiKl A»*„ 1565 
Pns. GleeH. Cap..— 106* 

Pn*. Glced. Acc 113 1- 

Pcnr Equity Cap — 1065 
Pens- Equity Are— 1078 
Pus Fxd Int *'ap — 94 8 


.167 a _ 

1M4 _... — 

188 o[ +02 — 
1U.M +0J — 

107.3 _ 

iola I'"' z 

98 9) +0 2 — 

107 « +05 — 

15*91 — 

164.61 — 

312 M — 

1193} 

ufj ZI Z 
loiia ZI. z 

,oi5 ...... _ 

inzS — 


Deposit Fund. -1106.8 1124[ +1 

♦Nur.Unit.Auc. IS. | . 2235 ) 

Phoenix Assurance Co. Ltd. 


4-5. King Willi. iiu SL. EC4P4HR 014380878 clU Fdjt^.zl^ a 


— 37. rue Nouc Dinw, Luxembourg 

” Fleming Sept 13 — 1 5US6258 | I 

— Free World Fund Ltd. 

Butterfield Bldg, Hamilton. Bermuda. 
NAV au*. 31 ) SU 5194.91 | I 

— G.T. Management Ltd. 


[Kirk Hse.. 18 Finsbury Circus, London EC2. Toky o TsL Sept I .. 
Tel. 01-628 813L TLX: BBftlOU 


J. Henry Schroder Wagg & Co. M . 
I2n.Fhcdpxide.EC2. (11-5884000. 

Chen S Sept 14 | SUS1278 |-009) 72J 

Tra/alSiir Aug. 31 ™| SUS193J25 — 

AsianFri S-PL4. . IllEJfl 21ffl 236 • 

D:vriincFn>1sepil4.[S.\2 04 2571 4.70 

Japan Fd SepL 7... (Jl'Sa« 952) 0.44 

Sentry Assurance International LttL 

P.O Box' 320. Hamilton 5. Bermuda 
Managed Fund ... . ISUSJB 1515). ) — .. 

Singer & Fried lander Id" Agents 

23 Cannon SU ECU. ’ 01-2489640 ' 

Dek.ilonds |1<<«6B9 28301 | 6.00 ' 

Tolo-uThLSept I.. | SUS 40.00 |. | L55 ■ 


London Agents /or: 

_ | Anchor ‘B'Unlts™_KUSlS7 


Wealth Asa .1194 125.8[ ._...| — 

EbT. Pfi. Aks I 831 \ — 

EbT.PhEqE. . |8L1 »4| . ....1 — 

Prop. Equity ft Life Ass. Co.? 

110. Crawford 4tre«l.Wtl!2AS. 01-48808 

•R Silk Prop Bd 1 185.6 I | - 

Do. Equity Bd .. .1 78.9- | — 


...... — GUt Pen Fd Cap 95 0 

“ Prop Pen.Fd Ace. - 1515 

I — Prop Pen_Fd.C3p__ 1511 

H Guar. Pc n. FfLAcc_ 95.0 

“ ,T Guar.Pen.F.i Cap. 953 

01-4880857 r» VPenFdAci— 95 0 

I — D-AFVn Fd Cap.. . [95 0 


Anchor Gilt Edge- £908 ' 9.54 -IXD1 1278 

Anchor Int. Fd PJS5K 555 +0.01 L89 

Anchor Id. J*y. Tst. 312 335 +D.4 240 

Berry PacF'd - SUSS4 84 ... 0 73 

Berry PacSfflg 33480 34944 0 06 

G T. Avia Fd IHKIlin UH 129 

•3 T. Avia Sterling— 07.10 1BJ4 +d 1 J 1 09 

G.T Bond Fund JUSI3.77 +0115 5 39 

GT Dollar Fd JUS8 01 +0.08 0 62 

G.T PacilicFd SUS1&57 -0.01 0.93 


+001 1.09 Stronghold Manage ment limited 

-HOI 12 78 Pu Box 3, RSLllelicr. Jersey. 1*3-1-71460 

-.{j Ql 189 Commodity Trust ...j90 21 9496) - 1 • 


2 Surinvest (Jersey) Ltd. tx) 


1 29 Queen* the. Dm. fid SI. rfelier, J.vy. 0534 27 ji 
109 .\menrnn Ind.Ta. .11833 C40|-0 0aj — 

539 i.'upper Trust 0140 J16D+D04 _ 

0 62 Jjp lr.devTst ._ U-ll S9 U.83^-0 23j — 


— Gartmore Invest. LttL Ldn. Agts. 


I^pJlnT P Brt 7B9 ~ , - 2. Sl. Mary- ,\xe. Undon. EC= 01-2333531 

FtexMoiIey 1 B.I- - - TH I9 j Z."J — Traltsiuteruallonal Life Ins. Co. Ltd. Canmorr Fond Mngt. (Far East) Lid. Guernsey Funi 


TSB Unit Trust Managers (C.1.1 Ltd. 
BuuatellL- Rd. St. Sjci-iut. Jersey. 0534 73404 


'ede ration Funds Mgt. Ltd.?, (a) 
wcery Larie.WC2A liZE 0I-E4Z0382 
th Fuad J469 493) -..-1 3J87 


= Properly Growlb A^ur. Co. Ud.V 

— Uon House. Cr», dun, CHwlLU 01-8800806 Tulip Munrd. Fd_ lino 


Property Fund - 
Property Fun-tiAi 
Apn cultural Fund 
Aqnc Fund i-li _! 


Han. Pen Fd. Cap. (129.7 
Man Pen Fd Acc.. 138 2 
Manpd Inv Fd Inti. .U03* 
lined Inv Fd Acc _.|1D3.9 


ml 1518 545] I 4 40 

Fund [518 545) . j 440 

1 September 13 Next guo. day 


01-4056 ®7 151” *&«*>».»«!■ H8ei.WHawPBjt.Rd. I* KnnK pnees on Scpicmlcr 13 Next' auk 
- 0 50 September 2a 

~ ''iR^LoiS S3 ■•.. I 357 Tokyo Pacific Holdings N.V. 

Gartmore Invnlmral Mngt. Ltd. Inlinuv Mnnavemenl Ce. N V.. Curacao. 

— P.U. Box 32. Injurin''-. loM. 0624 23 , JM NAV per share Sept- 11 SUB.eS.M 

_ ijanmnrelni! Inc .136 2S2) .. .. [ 1030 

Cxrtmoro InU Grth|772 822| . ... 1 2 20 Tnkni Pacific Hldss. iSmhnarill 


NAV per share Sept- 11 SUB.e8.P8 


1 Accum. 'Unite!. 
Second Gen 


493) — — 1 337 

naeern. lArcum.Uiiiwi_ 


1 nopoll tan Fond Managers. 

ot Street, London rtriXBEl. 01 2358S2S. 

'ga«U*[M fflil+Lbi 10« lAnSm. Driter 3H.6 072 +13 5 9g 

oomFd. \/»3 SZ51+UIM95 ch^bond Spt-12™ 109.9 ^ » 80 

rant Unit Tst Mgrs. Ltd. (axg) SSS. &?.!z: ao o 2S0 ,Z:: 732 

vllle Cres.. Edinburgh 3. 031 -338 4831 Pena. Ex. Sept. 11- IWU 1595) 555 

Amer. Fd— -127.9 29.W -4L8 138 — ■ ^ . ss , n _ f ^ , . . , _ , *t ! ri 

■ lineman 645 64a -05 loo ManuLue Management ua. 

Rich. Dirt. „ *6.9 -' 50 3-03 857 St. George's Way. Scrrunacci- 043856101 

Breervre 05 ®tt-0.7 .466 otomhVtAU |S9.1 612) +331 3“ 


S +1.0 3 85 ChrtbreJSncrKy 

+0.5 454 Chrihse. Money.... . 

-0« 4 54 1-hrthaa.Manap-ert. 

+1.1 3 84 '9uTh*c. Equity 

+LS| 3 84 MaarinBld. Soc. 

Magna KBiiaeed™,. 


05 «10 — 

94 310 _ 

US 425 — 

7.4 39.4 — 

134J — 

1513 — — 


Managed Fund — 100J 

Fixed DH. Fd 97.7 

Secure Can Fd.. -.97.1 
Equity Fund [1038 


17171+0.91 5 93 


-■* “ Irish Life Assurance Co. Ltd. 

1 1. Finsbury Square. EC2. 01- 


gu City- of Westminster Assur. Col Ltd. BiaeChp Sept is. 
752 RlnCTtewJ House. 6 Whltrhorse Road, Frt"' 


752 cro}<d> w cR02jA. • 

I 5-35 West Prep. Fund — 1610 

Mara ted Fuod |U19 

Equity Fund 

0138 50101 FAnwond Fund— 

+31 l 3“ 

Ltd. PUI-A Wind 

esnss. 

*■« Proa. Money Cop 


01-084 SOU. 

64.2J — 

191 4 — 

675 -05 — 

BIB — 

1310 — 

665 -03 — 

174.6 — 

125.1 — • 

130.6 . — — 

494 — 

52.1 ...... — 

635 -0.2 — 
661 -05) — 


SKidS! ' SSd -5S — 1“ “ a * 5 ,V“ muwrt 

»«-.««*«» SiSS ' QO -~ Raris. 

’“53 RSSSS; 

IntenulLSepL ll_|4B3 5024 1 3J» Pens. Equity Cap.-,.- .. ... 

Winchester Fnnd Mngt. Ltd. . . . . Pen*. EqunyAec. .-[628 66 il -05) — 

, cy— 01-0002187 Mercury Fnnd Managers lid. fuwl currently closed to now invecuient 

wS53er.Jl*J . ns BO.GrrehimSv.EClPrEB. 0 , »04»5 Fvrfom Unite-™.,.) 2184 ) --I - 

neh’er o r was|20ft 22J I i *SS| Z1.Z || City nf Westminster Assur. Soc. Ltd. SSKMK 

Ifncton St .SW.l. 01^8 >»» MertExtAutM™, 233-7 VSAa ._... 43Z rind. Caste 11255 1315 — 

n Dudley Trt. |73.7 775j +U] Sil AccmUtt. Ji* 24_j2835 295 a| «-» Property Unite 56.7| 4 — 

- Midland Bank Group ' ■- 

8C0 Abbey bill 1T0S+ sngl& Hail Tend Mmswrc I M V (a) Commereiial -llnfnn Groan 


BiaeChp Sqx IS. W35 

Itaaacod Fund 241 9 

Evcmpi Man Fd. _ 11 fl il 
Prop Mod SepL I . 132 1 
Prop. Mod Glh J199.9 

King ft Sbaxson Ltd. 

52, Cornhlll. EC3. 


1053] +1M — Equity Fund 

102.® +0.7) — Equity Fund i Ai . 
1022i +0,1] _ . Muncy Fund. 
1084[+l.fl — Money FUndiAi 
. Actuarial Fund 

to. i GiU-edr.ed Fund 

O1-6280SS3 GHt-EdcertFrt (A'i. 

I v no OReDre Annuity. 

♦Inuned. Ann'ty — 


+ L3 — 
—3.7 — 

-3.7 — 

+02 — 
+ 0.2 — 

~0A Z 

-0.4 — 


Trident Life Assnranee Co. Ltd.? ™ 1 

Renbiado House. Gloucester 04S23G64I Hambro Pacific Fnnd Mgmt. LttL 


Ms raced — 1295 

Gld Med. 1495 

Property 1515 

EquIty.'Aioericzn 91 6 
U K. Equity Fund.. 1192 


— Bond Fd.Excmpl._ [10257 103.91) I — 

— Next rteahnu date Sept 20. 


_ Prop. Growth P+n« «ax* Aanaldn Lid. 

All W'lhcr Ac Dis 1385 145.41 

_ VAIIWealher Cap.. 129:0 135 6 

9 Ini Fd. Uls 1952 

Pen&lon Kd. Ute 7 3 73 

iiu+i Font. Pena. Fd — 1505 

* fnv. Pax. C..p t'l 134.4 

— Man Pens. Fd - . 15*5 


Man. Pen? ‘"op t"i 

Langham Life Assurance Co. LttL t. ,<.] m? I rzl I 

Lanrham Hs. llolnihmokDr.NWA 01-2D3S211 Bdex Soc Pfii I'Ll 133.9 _... J - 

LanRham-.V Plan ..167.4 710j 1 — Bldfr &«-. Cap. I t.. [ 1215 | - 

WdImSp/mm Fd p7l 4 ^3 Z Providence CR?M Ute A«. LttL 

. , . , , „ . , . , , 30. IWtvtdcc Ro.-.J. * 12BPG 01-74991 

Legal ft General (Unit Assur.) Ltd. sei.Mkt.FH rae . (91 1 963 ... . _ 

KJnCEWfUiii House, Klncswood. Tadworth. SeLStki . Frt. SiJ JW-7 1148 — 

Surrey KT206E11. Bure h Heal hS3+36 Pension tquilj - ™ j M4.4 - 

Cnsh fnitial 195.4 101 01 [ - Psaotm Fjd.Int .- U94 123.1 - 

Do. Accum 1035] . .. — Pepovll Fd vnr _ <7 4 son ..... - 

Kaoitvlullial 133 7 140ffl-16 _ fiepoatt !-d Are..... J74 3D0.._. - 


136.9 ... 

158 0 

1602 .. . 
97 0 -1J 

UK. Equity Fund.. 1142 1265 -IB 

HiRb Yield. 1427 1511 . 

GUtEdaod 1235 130 6 

Money 12« 2 130 B . . 

International....... 111.0 117 6 -0.6 

Fiscal 129.8 1375 .. . 

Growth trap. 1296 1375 — .. 

Growth Acc 1343 1425 

Pens. Mnnd Cap...- 1197 126.7 ... . 

Pent. Mnpd. Acc. - 1254 132.8 

Peiu.Gul.rwp.Cap 103 4 109.6 ._... 

Pens i itH D**p Acc . 108 4 114 1 

Pen* Ppty 1 »p - 115 4 1222 

Pens Pt, Acc 1219 128 1 ... 

Trdi Bund 37.7 39 7 

TrtU 'Ii Bond „. 98 9 -0.1 . . 

‘Cash value for £100 premium. 

Tyadsll Assorance/Penslons? 

1 &. Cany nee Road. BnUoi (C7 


2110. Connaucht Cciure. Hoot: Rons 
FarE+rtNopL 13 . IHOS91 l*7» l — 
Japan Fund - . - 15TS956 18S6)+0 10] — 

Hambrns Bank (Guernsey) LttL/ 
Hambros Fd, Mgrs. (C-I.) Ltd. 

pr. Pox 86. Guernsey 0481-3SS2 


Tokyo Pacific Hldgs. (Seaboard) N.V. . 
Inunufc Munaccmcnt Co. NV. Curacao 
NAV pt-r thorc SepL J1 5U.&S0J99 

Tyndall Group 

P.O. Bax 12S£ Hamilton S. Bermnda, 2-2 780 * . 
Overre.i< S+pl 13 . jf l. : SI3. 135j 6 00 


namnnis nans muenoey; uej Ovwe.it S+n 13. BI.S13 

T A ' ^ „ 3-Wa» Di i'a us *17 ' BBS 

KSSr- 9 " 1 "*!*** Iks M 0lg, - S S? 2 New bL.Ht. tidier. Jersey 

Clhund.-,™ ...156 8 167.0| 3.70 n,6VLSg«.14 £915 

Intel Bond SUS 108 49 UlfiS . 850 ,*cram S^ri*." L1340 

iff^KP.a.S^St? U ?9"- 210 m5 ii. 97 0 W 

K- f "S' .§■ u n — t Accum xhjrevt . 97 0 

InL Sirs, n iLh l.2» 131 — Jrrsevhd Scnl 13 2174 

Privet on SepL ll N«d doallnfi SepL 20. , nS3. Ate l& ! [307 S 

„ _ , _ ' Gill Fund Sepi 13.1064 

Henderson Baring Fnnd Mgrs. LttL <Accum .Shares' _ i4u 

60S. CdOimon Huuse. HnnR Koofi. ' Vwiory llaiuc. Doorlai. l«l 

Japan Fd Sept !3 |H’QN MB) ..? — Munoucd Aun I7....|1354 
Baring Hend. B»ud Fd Sept, is SUS 10.440. 

•Exclusive of any prelim, charset. IDil, Intni. Mnpmnt 


,3 -.P$ Midi" 

17 |RiS277 191^ ^ _ 


*=34 373317* 
900 ... 6 00 
1435 — 

103.5 — 

1035 _ 

230.6 68S 

3264 _ 

1084n 13.07 

1431 - 


— Eqmiy In H ial [133 7 


Jty & Law Un. Tr. M.? (aXhKOft) Sheffield, si 3RD. 

■sham Rd. Blfih Wycoate. 0(0633377 rmmnndlQr&Gen. 
y&Law [74.9 -7*81 1 3.72 t^Acvu m. 

es Finlay Unit Trust HngL Ltd. Do- Accum. ___ 
West Nile. Street Glasgow.. 041 3H 1321 AcrtirO. 


Midland Bank Group 

Unit Trust Managers Ltd.? (a) 

Counwod Home, Silver SueH. Head. 


Tnl: 07427984? VrAMAcAl 


Commercial Union Croup 
St Helen's, l . Unrtcrshaft ECA. 


/Oar Inieroai't [26.6 

' m. units 30.9 

/lay Income— 

/ da^' Euro Jin*. 211 

n. Unite J1.7 

• ilxy Fdln.Tsi. 30-2 


■lay rtf in.nsi 4 
m. Units — .4 
, September L 


2.02 Income ■_ Si 

.202 DO-Areum. 65.9 

— 1M Internal! oaal 503 . 

. — 371 .Do. A ecu BL 53 9 

3.71 High Yield 681 . 

. 389' Do. Accum. 722’ 

— 3 89 Equity Exempt*-- Mil 


,Naxt dealing September Do. AccunL* 


82.8 

94 6 — 
43.0 .... 
. 461 — 

32.6 — 
356 

60« 

70! — 

54.6 .M- 
Ml — 
725 — 
768 .ro- 
ll*! .... 
mil .... 


4 66 p^ftnUBityl 


in Life Inraraoce Co. £“^“^5 

205 H-Uimum) U w. VC2A 1H1. 01-24-0282 Do Accum 1495 


J .205 w - UHantery i^iae, WC2A Ui eL 
J 5.95 Iganltrftiwl [167.9 V 


1 4 — Do. Accum 137 1 144.1 

Fixed lolll.il 118.1 . 124 4 

Do.Accuni — — 1212 . 127 J 

In U Mllal - 1077 11H 

fl1. M3 71M DO. ACClim 1086 ' 1141 

I +Em Wnnasnl initial.- 125* 132.1 

1+2551 - jh, Accum 1286 135.1 

I — ■» “ Fropcny Initial-... 100.0 105 3 

in. Accum 1026 1M ] 

... Xe-sal * General Hall Penal* as) 

BCe __* . Exempt Cadi luiL. .197 5 UO-i 


140^-16 
144U-1 7 


5.95 TBRrttrFUnd [167.9 176.3 .:.... - 

5 95 VMroaged FUnd._ 1962 1975 .—. — 

210 vFlPPnnd *>4.6 — 

?.10 P*tud-Pc.vMa*.-d-.- 778 0L6 . — ' 

7.43 SUritetMnpdlhi.— 773 8L6 — 

7*3 Group HhKd. Pen.. 1962 — 

5,«9 FbteiTlrLPen - 2066 .— - ■ 

549 Equity 1 >nslon 2503 -— — 


-'Prices at ‘Juit-'A. Next dealins'^Pt. =®- j Pn»penpPtj»ioi,- 


Exeinpt Eql}'. l**It — 1316 

Da Arrum. - 1345 

Exempt Fixed lnit 1142 
Uo Accum ... . 1168 
Eicmpi Mnpd. IaiL 127 9 
In. Arc mu. »...— 1308 
Exceipl Prop. InlL . 97 S 
Do Accum — 99 6 


0I-7499I1L 3- Way SepL H 128 8 

Equity Seal 180 4 

BondSepLH.. 167 6 

_ Property SepL 14.. . 107 7 

*"“■ _ Deposit Sepi. 14. — 129.2 

3-WayPen SepL I 1766 

{I’seavlnt SepL 14 H64 

_ Mn.F*n 3-WSepH . 1742 

_ Do Equity ScnL I— 271.8 

Do. Rond Sept I 180.0 

~"" _ Do. Prop. Se pi 1 — 870 

— • — Vanbrugh Life Assurance 

' — “ 41-43 Maddox&L.Ldn WlRBLA 


9*3) ... . — 

1141 — 

W.4 - 

123.1 - 

50 0 — 

Deposit Fd Art E*. 30 0 — *' *« 

Equllv Fd. Cap « 4 50.0 .„... — *"■ 

Equity Ftl Arc 2 *• 50 0 ..._. — {J® 

Fvri (nt rap ... 47 4' 500 ^... — 

Fad. InL acc... — J7» 50 0 — 1,0 

Intel. Cap •• — Vai 

Manapvrf Fd. Cap. . 474 50 0 _ 41-4 

Manaced Fd At- - 2* 50.0 — Mar 

Property Fd Cap “74 SOB — &!« 

Propeni Fd Act . . 47 4 30 0) — Intr 

Provincial Life Assurance Co. Ltd. proi 
21S.BiahppsrBtv-E r 5. . 01-2470533 ^ 

Prov. Manured F*L. 127-2 133.91 +43 — Vai 

Pro*. Ciiah Fd .. 1056 1113 — M 

GUI Fond 30 .. . 1J97 126 0 -0 5 — 

FVopcrtv lund ... JM6 .106 0 +41 - 

Equity Fund. ..... JJ* 0 . 11J.0 -14 _ Equ 

F»d. InL Fund... !*-7. 1011 . ... — ™ 


(C7232E41 HilbSamnel & Co. (Gnernseyi LttL 

— 8 LeFebvr* St. Peter Port Guernsey. Cl. 

— Guernsey Tst H661 177 7| -2 b| 335 

Z Hill Samuel Overseas Fund S-A. 

— 37. Rue Noire- Da me. Luxembourfi 

- lH.'san aas)-025| - 

Z International Pacific Inv. Mngt. Ltd. 

— PO Bon R237. 58. Pill SL Sydney. AusL 

Javelin Equity TsL [5A236 2*7 |+qu2| — 


Video Hemic. lKjurrlav l»le ol Man. mm miu 1 
Munoyicd Am* I7....|135 4 142.6] | 

Utd. Intni. MngmnL (CJ.) Ltd. 

14 Mulr+rior Sueel, SL Heller.' Jersay. 

U LB Fund ... miSUBff 1KU] ] 7.92 

United Stales Tst. Inti. Adv. Co. 

14. Rue Aldrinfbr. Luxembourg. 

L' S. Tsl Inv. Fnd. . .| SUS1 1.50 I-4L1SI CM * 
Net nsseu Sepi. 14. 


31anafied Fd 154.1 

Equity Fd..— 25*0 

Intni. IMnd _ _.™.. 109.4 
Fixed Inters I Fd ... 169.4 

Property Fd 14*8 

Cash Fund - . 120 1 


01-4994923 
-0 81 — 


JILT: Managers ijerseyl Ltd. 

PO Bov ZM. Royal Trt- Hse. JersejOKH 27411 

Jersey Extra! . T*t . 1197.0 209 « | - 

As at August 3L Next sub. day SepL 28. 


01-G0048SS 


s. G. Warburg & Co. Ltd. 

SCi.GmhutD StrcoL EC2. 
ronv Bd Sopt 14... | Ji.TS9.84 
Enc Int . Sept 14 . SCS1931 

Gr.St Jfd AUi.a!.| 5l : S7J8 
McrcEbdFdSepl 13 pi.OU3 1044 


Warburg Invest, Mngt. Jray. LttL 


Jardine Fleming ft Co. Ltd. 

48lb Floor. Gnnnaucht Cenlre. Hong Kong 


CORAL INDEX-. Close 527-532 


INSURANCE BASE RATES 

f Property Growth-™.™ i......,-,. — ; . ,, — ; — 11P*% 

tVanbrogh Guaranteed — i.— — — — .J^ — 957% 

f Address shown under Insurance and Property Bond Table. 


Corn bill Insurance Co. Ltd. L*rjrrp.iM scpt.o(9 

3i Corn hill, tea. Ol^OGMID Next >u! 

- j :~:J " Life Assor. Co. 

MndhKdAoa20™.pa3Jl 193.01 — 4 — 39-42 New Bond SU V 

- . LlCOP Unite — .. (5 

Credit ft Commerce Insurance Lloyds Bk. Unit 
Wj. Resent SL, Lotion VlnESFE. 01-4397081 71. Lombard SL, EC3 
CttCMnfid.Fi— P22.0 . J3L0) I — Exemp t, p 


Do Arrum ™_ "*’1 1 — Prudential Pensions Limited* 

Legal & General Prop. Fd. Mgrs. Ltd Hc4b»mB+rr..Ei'iN3NH. Ol^wu^ 

]l.Qu.-+nYirlorii SL.EC4N 4TF Ol-2«0ffT8 EquiLFd Auk !C g2718 28 02) | _ 

lAGPip W Sept. 0)97.1 101.7) .„_) - £ 8 l "V^f;V i26 34 Jr’S “ 

Next >ub. day »t 2. Plop Frt. AUK 16 (B6J6 27 —4 - 

Life Assur. Co. of Pennsylvania Sefiance Motu»l 

39-42 New Bond SU W170HQ. 01-938393 Tunbndfi* Wells. ' ■ OS 

LlCOPUrnte-™ ...1990 1040) ) ^ Rel-Frop Bds.. -I I 

Lloyds Bt Unit- T bL Mngrs. LttL Rothschild 
71. Lombard SL, EC3 M-8ZSH88 

EKWPL-, paw ■■a4-4 


Prov. ManutrtJ F‘L. Iga 133.9) +4S — Vanbrugh PenSiODS Limited 4(ftb Floor. Gdnnauch! Centre. 

Sirh-MV* 1 " 1197 136 n ns ” 4H43 Maddox Sl .ldn W1R9LA 01499 *C3 JurdlncEan-Tsi.... HTO7552 

GUI Fonrt 20 .. ■ »»T 126 0 -0 5 — „ ^ _ 11025 107 91 -0 2 — Jarrttee J'puFd HKS39O07 

Property 7 und... }“£ i?S 8+ f l - “IZZllSs I -0« - J-urtloestA JUM152 

Fxd. InL bund-.. JM, 4 .'.."ftl lMo|+02 - K " 

Prudential Pensions Limited? Guarum+ed see Inr Bate Ratex' lablo. °° „ - -j J - 

Holtym B+rr-. ei'i n 3X H. OI 4O60222 Welfare Insurance C*. LttL? ?!cxl :.u?. Scpi. 582 W 

ISytlfd Au* ¥2718 28 021 | — WmslBderarti.Exwer 0332-52133 . 

Bt'SlM* !d "PbJ* 27 Jh I Moneymaker Fd. . ! 110 2 1+2 01- 

Prop Frt. AU,. .e (MBJ6 87J8J .— 4 - For other Tutuls. please refer ro The Dmdun* 

Bel lance Motual . . Manchretcr Gmjp 

Tujtbrtdfie We ,, ‘. be"*- • . 08«!2rr;i Windsor Life Assur. Co. Ltd. Prices do „« Indu.leS premiun 

Bel. Prop Bds 1 iOSA | 4 — • Roy^I Albert Ha*. Sheet SL.WIudww 68144 indicated. Yields 't .shown i„ 

Rnthqrbild Asset Management Lite lov. Plant- pt.4 72.61 | _ include all expenses, b To-d+v' 

WUSC,UO * . ..ZT? 0 ” 111 FutureAsxd Glivai.l 22 00 1 - opening pnee b WstnbuUo B « n 

SLS+ilhiB» Lane. LbMoa, EC^ 01-0284866 Fu lure Asad COuoi. 44JM [ — premium insurance, x OHereri 

N.CProp - - — • -- ■ 12S.0) J — RvLAft+q Pena E26.40 — . — * Offered price includes all c? 

Kara Sub day September 23. nex. lav. Growth ULOl .— J — T Nc* or tax ou reabted capital 


1. Charms Cross. Si. HpJlcr.Jiy n 053473741 
CM F Lid. Aua.31™.BUSUD ]]H 

orrUd auk ai . (uaz i*.i3 ““ 

nr MctnL-Tst Aub-17. D222 1253 , J 

, TMT .tUUUSl II..JL. . SUS11X 'Ufll — i 

0» TMTUd.Auc 11 |£2L40 11M^ Z I 

l'« . "" . ‘ 

— World Wide Growth Manapero Vfr I 

~ llta. Boulevard Royal. Tjixrinboure 

World* ,de GUt Fd) 5US17 11 |-0J0j ™_ 


Fxd.lnt - ^940 19iu .I.H — 

Prop Frt., auk '.6 [0636 27 J - 

Bel lance Mutual . . 

01-«3K»X Tunbrirti* Wells. beOL • . 0892 2227 

M-n«p Bd..--I [ 4- 

Bothschild Asset Management 


NOTES 


re asrar. a . ud. Prices do noi Includes premium, except * here indicated ♦. and are In pence unlem mh— JIT . 

a*. Sheet Sl, W indsor 68144 inrticxied. Yield? 't ishown in iaj.1 cnlunm .illuw for all iiu>inc rop+nses a Ottenwi^!? 18 * 

[76.4 72.H — include all expenses, b To-d+v'j, urlrro. c Vivid based ..n of fur pricy, d - 

Ixai. 22 DO j — opening pnee b Dlsinbutinn free nf f K laves p Periodic premium Inwanes plan* i «JSi* * 

hlOi. 4450 — [premium insurance, x PHered pnee incluilcs all cs-penseb except' aa+nt's ccmvntjJi * ' 

i - J BW, . J ” Ottered price includes all ex^nscs If bouehl UnwiA busnstrs > Pmioua dafKS"*- ' 

lh_[l05J 11 1 fl] .— J — T N«* of lax on reaboed capital gain} unless irdieaicrt by o 3 Cu^m^oy er rmi + SiimmltS - 


I capital gains unless irdieaiori by o 3 Cuernpoy croaa. 4 SumJKS' 

♦ Yield before Jersey inx. t Ec-subdinaton. * s us Ponded. • 


24 


Inf 

PANTHEON SECURITIES LIMITED 

L<.^j fcrok'." 

A ‘fa! 1 ; pw rrr-: L’ f:"if :e 
fur lB S’.ij’P'aad cV.t iKsrca 

V.'-.:-: Mr:AVir.)u!.<iR 
ca ii.c ’s - . rtursu a.ne 
£ u j :r ipi.'n.-*. iinancc. 

I5J ii'-t! :f-Cf W i CISC'. 

C.i-'apon House. 

liO Rew.nl ilrccl. Liiiidun W.R tBL 

fnT pantheon Securities G y cup Limited 


.FT SHARE INFORMATION SERVICE 


financial Times Saturday September 161978 

FOOD, GROCERIES— Coat 


BONDS & RAILS— Cent. 


BANES & HP — Continued 


7S72 

High Low 


BRITISH FUNDS 

1-1 


Stock 


z 


TirH 
let I Red. 


9 

lM?, 

102 \? 
95i, 
96% 
lioCi 

106>a 

■jr 

5k 

87*1 

ffl 1 

3??, 


%>s 

96 

100 % 

OIIJ 

§k 

1MU 

100 % 


“Shorts” (Lives up to Five Tears) 

11134 ' 

3.03 


SOlji; (Treasury 1 l%pc _ 

W, Treasuy3pcT9S 

95la Dectric ■ftpe T4-79 — 
9S?a Treasury lvtac TOfi _ 
94*« ElecUicSipc 76-79 — 
Treasury 9pc 19HG£t — 
971, Treasury 9*5* "8«t — 
92% Treasury 3%pc "TT-SO— 

, 93*4 Funding 5*«pc "TWOS J 
103?* Exchequer I3pc IKttd 
99 : .J Treasury nijpcl98Ut. 
88% Treasniy3ijjK J97ML. 
95S Treasury ffi«pc ISSlJt- 
91 7 , ExciiS^pc !981___ 

94% Erch.9»;pcl98L 

85% Exch-3pcI981 

95JV Tress. Variable Rift— 
102% EicIl U&pc ISSItt. - 

91% Treas.8* I pc'8&82!i 

62% Treasury 3pc TCSt 

106% Treasury 14pe fKi — 
94% Treas. Variable 

89% Treasuryfflipc ‘82 

91% Exch. Wipe 1982 


m 


Exch3pc"Kl_ 


J-f« 


-*> 


uSaTl 


a 


IOO%miMsuryl2pcI383tt_ . _ 

89% (Treasury 9%pc "83 [ 91%[-% 

Five to fifteen Years 

83% 

89% 

80% 


93 

80% 

66% 

77% 

79% 

60% 

641a 


Exeh. tope 1983* 

Funding 5%pc"&!-&5tt. 

Treasury 8%pc BWKjt. 
Funding (%pc , 5v87tt- 
■neAsrrynlpc'a&naSR. 
Transport Opc "7&88_ 
Treasury 5pc TS&89 


77% 

m 


84% 

97% 


10i%{Treasury 13pc 1590S- 


Treasury«,S79W: — 
[Treasury IHipc 1931 _ 
Funding 5%pc '87-Pltt_ 


b>% H>ndmg&l»pr 
98% {Treasury l3»pc "92# _ 


(Treasury IDpc 199Zi_ 

Each. 12 %dc'92 


96% {Treasuiy 
Ml* ' 


& 


mti- 


% 

-l 

1 

86-5 Ha 


82% 

S£s 

98-4 
■r,vi 


99% 

101 % 

62*«id 


120 % 

128% 

114% 

S 

51 

95 

114% 
90% 
331% 
117% 
. EO 

HS'4 

93% 

83% 

72% 

135% 

100 % 

90% 

%% 

55 i 4 

42% 

m 

58% 

76% 

98% 

37% 

39% 

28% 

’ 24% 
24 


,104% 

110 % 

97% 

76% 

93 

82% 

98% 

76% 

114% 

101 % 

42*4 

100 % 

85 

74% 

60 

117 

»% 

uu 


Funding 

Over Fifteen Tears 



{Treasury 13> 4 pc lWSttt 
Treasury l*%pe — 
lEach. n?pc 18M 

[Treasury 
;as3pcV0: 

Etch. J0i*pc 1995 
Treasury lS , ipc , gsj±_ 
jTrejsurrSpcto 
(Treasury i^<pc~%'ft 
Exchequer KP,pc ■&>£., 
ftedempliontec 1985-&6— 
Trearjiy 13>4 Pc "97 1 * — 
|E\chequer lQ%pc 1967. 
rTreasanlHtpc I997it_ 
(Treasure 6Vpc USDS#. 

JTreas titfrlOff 

Exch. 12pc 1998 

Treasury 9*2pc 120^ _ 


93% 


30% 


//% Trexsurysijpciawi-. 
83^4 Treasury 16%pc 199&_ 
54% l&ch. I2pc S*!£55pda_ 

•3 1 L 1 "ii -At .U 


34% 

661. 

46". 

62 (: {Treasury TS^’U-iaJt- 


.Fundi ue 3%pc ftH)4 

rheasuryaocTCJB};-. 
iTreasurr fJjy "OB- I25i. 
fT-n ^11 r- ry. |7*T 


(ExckUpc 

Undated 

Consols toe 

'War Loan 3>'pcC. 
jinv.Jljpe'B! AIL 


HU* 

112 % 

100% 

82 

98 

£% 

87% 

105% 

78*1101 

121 % 

103% 

«3%xd 

106 % 

37 

75% 

ll|pj 

1& 

55 

367 z 

67**1^ 

47% 

65% 

98% 


19% 


23% [Treasury Ipc 86 Aft. _ 


Consols 3; 


19% {Treasury 


32% 

31% 

35*d 

23%a> 

20 %rf 

19%jai 


439 

10.42 

3.66 

910 

960 

3.73 

559 

12.52 

1140 

3.90 

1006 

8.81 

9.92 

348 

955 

1231 

9.13 

353 

13.01 

9.56 

902 

9.97 

967 

366 

1179 

1011 


110.74 
6 67 

571 

832 

957 

4.70 

753 

12.46 

1035 

12.24 

379 

11=7 

1165 

12.44 

1255 

9.65 


12.B7 

1295 

1259 

1140 

1248 
6 65 
1199 
1263 

1153 

1322 

1273 
3.82 

1274 
1218 


8.46 

658 

7.49 

958 

7.38 

9.82 

1018 

738 

9.03 

10.89 

1100 

827 

1113 

10.99 

1122 

842 

989 

1134 

10.99 

8.14 

21.32 

1118 

10.99 

1147 

1145 

7.91 

1150 

1158 


1161 

10.97 

113 07 

1254 

1192 

12 24 

1258 

9 66 

11.83 

ill 64 

1200 

1255 


1251 
1145 

9.96 

1256 

12.13 

1252 


1179 
9.77 
10.91 
10.40 
11.05 
852 
10.12 
17 7*. 

1142 

1237 
10 B7 
1250 
1215 
12 48 
1255 

71 73 


1271 

1272 
1259 
1196 
1254 

973 

12.31 

1259 

1198 
1267 
1266 

959 

1266 

1241 
12.09 
1183 

1289 

1259 

1221 

1242 

1261 

10.96 

1206 

1199 

1208 

1254 


INTERNATIONAL BANK 

88 | 82% |5pc Stock 77-&L | 83 | | 6u02 | 

* CORPORATION LOANS 


98% 
-94% 
-307 
112 
, 97% 
94 

102 % 

29% 

97% 

. 92% 
87% 
70% 
76 
26% 
93% 

991, 

106% 


93% 

es% 

100*4 

100*4 

90% 

90% 

90% 

S 1 

94% 

84% 

Ik 

66 

9V* 

100 % 


Bristol Cape Twi 

G.LC I2%pc TEL 

Do I2%pel983 

Glasgow !P*pc 'flf>£ 2 — 
Herts. 5%pc (880 

UrerWWpc'am- 

Da^pclrred 

l«uCSp.9%Km«- 

LCX 6 pc T&-79 

Do.iljpc 77-81 

Do 5%pe "82-84 

DftS&cwei 

DoS!,pc'8M0_«~_ 

Do.Spc’SOAlt 

Middx. :%pc 1989 

Xewrastle 9%pc 7880. 
iVatmek 12J»1 j ISO 











HiiiH 





ill I 11 : 










■-L-FW! 






[^■. T fJ? 



N'^^CnTpi 








ikJ:t 











2057 


10.96 

1171 

1204 

1221 

11.64 

9.W 

1136 

1134 
9.50 

10.2S 

1021 

1104 

11.87 

1036 

1109 

1135 


COMMONWEALTH & AFRICAN LOANS 


. 95 % 
88% 
•99% 

96*2 

87% 

95% 

70 

96 


64*; 

90% 

33*4 

154 

95% 


92*. 

a 

92 

81% 

91 

50 

76 


&' 

l^ 2 

87 


■tost Sjpc 77-80- 
tKc5lipc".11-«:_ 
\Z4pc"7673L_. 
DaOwIMO. 


uatjpc 

Do.'fl'pclB-Wi 

|Sth. AIncaOisJc "J98I.. 

StllRhodL'Kpr 1&70. 

InepcTMJ- 


95 

■as 

■933a«l 

83% 

95 

53 

76 



5.86 


662 

V%" 

4.05 

642 


923 

-% 

1038 

— 

— 


LOANS 

Public Board and Ind. 

Aerie. ML Spe'S® 


■Alcan fOijBcRW. 

MeL Wtr Spc’B 1 

U5JlC.Ppc 1982 

Do. without Warrants _ 


107% 1101 


61% 
841; 
28m 
145 
91 

Financial 


-2 


no 

114*2 

85 

81% 

99 

99% 

101% 

71% 

71% 

84*2 

81% 


102 

102*2 

79% 

73% 

89% 

90% 

90*2 

62% 

61 

73 

68 


FTl I3pc 1961 

Du.MpcT* 

.Do.ltoeTB 

IiTC Sjpc Deb. TM2_ 
(Do. 6**pcDh. Tfl-84 . __ 
l*o. 10<2pc UnsijL _ 
DallpcUns.Ln.'flB — 
Do-nipcUnsln-DO- 
Dj.7*,pc.ADeh.'8a92_ 
!ljo 7 l *pcA Db. "91-31 _ 

Do3re-A""SI-W 

DoS-tfcLn.’SCFOr 


1021; 

106 

103% 

81%nJ 

93 

94 
97 
651' 

6Z>i«3 

74**fll 

72%ri 


+*4 


826 

1288 

10.75 

634 

<10.13 


1268 

1324 

1327 

675 

8.19 

1156 

111.99 

1244 

11.49 

1165 

1212 

1228 


1057 

1144 

967 

10.90 

2115 

1282 


IL45 

3330 

1240 

1220 


11.71 

1320 

1251 

1100 

1160 

1230 

1250 

1260 

13.00 

1290 

1280 

1280 


FOREIGN BONDS & BAILS 


1578 

High Im 


■24 

41 

.98 

415 

54 

51 

44 


17 

33 

98 

350 

46 

46 

40 


Stock 

Antofagasta Rly — 

Do.SpePref 

Chilean Mixed — 
German Yog. 4%pc. 
Greek 7pcAa». 


'ftiftcJSSab Ass—i 
Do ^>c Mixed .Vss.- 


Frice 

£. 

24 
. 41 
98 
411 
- 52 
50 
42 


Dtt.'V 
Gross ; 


Bed. 

Field 


-4 030 

4% — 

- 1 16.90 
76.04 
(5.05 


078 

Wet Low 


55 
77 
88 
, *1 

87 

160 

75p 

99c 

DM91 

97 


42 

65 

83% 

79 

1265 

68*2 

140 

75p 

sse 

94 


Stock 


Run*. "24 Ass 

Iceland Sox 8383 
Ireland *81-33 

Da^ ? ?il06 

Japan 4pc "10 Ass^- 

Do 6pc "83-83. 

FeniA5s3pc 

&G16%pcL8» — 

Turin 9pc 1991 

l(Tuna6%pcl»t_ 
Unrcnaj- 3%pc 


Price 

+ or 

Dh'.'r 

£ 

— 

Grass 

50 


4*2. 

68 




+% 

7*2 

9*4 

72 


_ 6 

140 


■3 

94^ 


% 

DM91 


6% 

97 

— 

3% 


Red. 

Yield 

559 

1250 

1259 

13.79 

U7D 

217 

8.67 

952 

8.80 

3.60 


U-S. $ & DM prices exclude inv. $ premium 

AMERICANS 


17T3 

High Law 


Slock 


21% 

% 

IS 

29% 

9 

14 

I? 

42% 

49% 

28is 

22 

11 

22% 

14 

25 
13% 
32% 

26 


47% 

32 1 ; 

26*2 

40 

12% 

2^3 

i 

1 

56^ 

18 

Z32 

Si 

9 

32 

Si 

28% 

311, 

Si 

f? 

33*2 

27*i 

161 

975p 

22 

40 

14% 

41% 

2*2 

17 

49% 

975p 

14% 


13% 

59 

22 

9 

9 

13 

625p 

857p 

41% 

30*i 

23*; 

32% 

s 

9 

9 

i 

22 

17** 
28*4 
67 Op 

20% 

26% 

MJs 

39 

& 

28 

750p 

tin 

34 

735d 

705p 

18 

20 

I? 

Si 

15% 

9 

14% 

255d 


[ASA. 
AMF5%Ctwv."B7_ 
■Amu SI 


iBjkerlutnl.Cnrp Sl.| 
Barnes <£p.Sffj 
Bendrs Coro So 
Beth. Steels _ 

Brown'c Fkr.cl6%. 

BnnKwictCorprtX 

BurrourhsCtoniLSS 

CBS £150 

Ci>CS*j 

CalerWJlartt 

Chai?M'htn5tZ5_ 

Chesebrou^hSl 

Chrysler S6%„ 

Citicorp W 

CitTfnc.SI.25 

DaCm.Prf.BSL. 

Coleare-P.SL. 

Colt bis. SI... 

Cml Illinois SIO— 

Crml Oil S5 

Crown Zefl. S5. — 
Cmler-HamnierSj 

Eaton Crp. SO 90 

Esmari: 

Emml 


B 

<£*-■, 

18% 

IB? 

131 

505 

16 


865p 

a 

335p 

10% 


American Express. 
-Airier. Medic Int_. 
AsuroiBc. 


Firestone Tire H 

(First Oucaeo 

Fluor Corp.S% — 

Ford Motor S2_. 

KLATX 


{Gen. EectSSi;. 

GillaieSl 

Honeywell 5L50 

Hutton EF. 

LBJICoraSS 

lfl;-ersoUBS2 

ki^crtensiCouSl 

L U. International^ 

Kaiser AlS*i 

(Maid. Han. USS750 

SMorgan iJF) DSS25 

.♦crmnfiiEMnlntSU 
Ouens-IIL 53.125. 

Quaker Oats l’S$S- 

Fteitance J0I5 

Hep. N.Y.Corp.S5. 

ReiaordS5 

%rhdsr--HrrlLSl% 

^uul.aFiSl 

Shell Ml St 

.Singer (SKTl 

u Hand JO 50. 

{Tomeco 


DaltCjLn.StJi.91-95 
{Tepiro Ft. l"SS0 USj J 
(Texaco SR3 


1 mow Inc.. 


lYnnsameriraSi 

VldTech-SUSa— 

l ! 5 Steel SI 

Wool worths 5E% 

Xerox Oorp St 

XoHicslnclOc 

ZapalnCorp.£c — 


a 1 ? 

59 

% 
1 ir 
25 
18% 
32 Urn 
3£%si 
13a) 
- 33 
62% 
4^d 

■M 

915p«d 

Z&4 

12% 

22 

* 15% 
2S>* 
23*4 
22%al 
26%xd 
43*;Xd 
30%d 
22%d 


ap 

2^4 

40% 

5^ 

I6%m 

22im 

46a) 

19% 

963pid 

38 
14% 
• 17ri 
20 
25 al 
30%xd 
13%«l 
22*241 
555pni 
2&%ri 

*5(5 

i s 

731p 
18-* a) 

’W 


+ or 

Dir. 

— 

Gross 


80c 


5% 


SI. 75 

-% 

$1.40 


30c 


40c 

-% 

64c 

+% 

90c 


S228 

SLOO 

+1 

50c 

-% 

70c 

+% 

sun 

-% 

-% 

040 

5250 

-% 

51.80 

— *4 

$220 


94c 

-27 

SLOO 

-% 

SL06 

-% 

SLOO 


52 


S1.00 


S210 

-H 

SL44 

-% 

SL40 

-h 

5190 

+% 

♦S1.4C 

-% 

S2?5 

+4 

$184 


S320 

$110 


SL10 

$120 


$320 

-% 

$250 

-7. 

$220 

-% 

$160 

$220 

-% 

$0.68 

-1 

$1152 


$3.00 

+% 

25c 

95c 

-% 

$160 


$708 

— *8 

$220 

~% 

76c 


$136 

-% 

$120 


15c 

-h 

$1.00 


68c 

-J 

90c 

+% 

$1.80 

-% 

80c 

-% 

$132 

-% 

Slffi) 

-% 

$200 

-1 

10% 

-18 



$200 


£0% 


80c 

-% 

$200 


SlbO 

-% 

$1.40 

-1% 

$2.00 


7l« 

-% 

k50c 


na 

GTS 

1.9 

5.0 

25 
2.6 
0.6 
1.7 
L3 
24 
37 
27 

1.9 
27 
0.8 

26 

3.1 
L9 
43 
26 
55 
26 

3.9 

4.6 
3 2 
3.B 
33 
3.1 

3.6 
L6 

3.7 

4.4 
42 
55 
3J 
3.9 

4.7 

5.4 

a 

21 

20 

26 

3.3 

0.6 

5.0 

29: 

35 

29 

26 

35 

3J. 

L7 

32| 

20 


3.4 

29 

L9| 

3.0 

42 

f6.9 

Ta 

21 

2.9 

Z9j 

38 

42 

24 

0.6 

12 


SJ2. List Pmniazn 47%^ (based on l’S$L9606 per £)| 
Comersion factor 05765 (05788) 


1ft 


30% 

■a 

16% 

Si 

16% 

33% 

15*4 

15% 

B30p 

10% 

2S 1 , 

134p 

25*1 

24*,* 

Z0‘. s 4 

Mi 

12*2 


10*2 
io,5 
30% 

12 

625p 
14 

955p 

n% 

247 b 

31% 

945p 

58SpjTnI NaLGasSl 

619p [Massey Ferp.ll ■— 
j 1% pacific Pet $1— 
Place Gas SI — 

Rio Alena 

Royal BfeCanSS-— 
wagraraCu.CSL- 
955p{Tor. (tom. B*k.S 1 — 
360p (Trans Can. Pipe — 


ft 


CANADIANS 


IBLMontrealSJ 

Bt Ncr.aScot -™ 

Beil Canada 5S 

Bow ValleyU— 

'Brascanfl 

Can. Imp. Rh. El 

[Can Pacific S5 

Do -p.- Deb. U00- 

|Gu!f>> I OulH 

Hawker Sid. CanJ. 
Hoilin?er55 
Huason'sBayiU— 
Hud.BOilG.KU 2 _ 
Imperial (HU. 
jaro. 


11% 


-5 

-5 

a 

3- 


si .12 

SL04 

$42 

12ijc 

$llO 

$L48 

97c, 

4<*y 

SL14 

40c 

S206 

69c 

$160 

90c 

00c 

80c 

916c 

S1O0 

SL50 

92c 

80c 

103c 


3.3' 

35 

55 

02, 

4.9 

35 

3-0; 

12.4 

25 

3.4 
3.6 
21 

27 
28, 

28 

5.0 

17 

22 

3.01 
21 
27 

4.4 


ms 

High Lew 


54 

134 


•390(330 


£92 

£9514 

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244 

-81 

2% 


448 £50 


255 

92 

452 

$ 10*2 

356 

48 

£25% 

72 


42 

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l£78 

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172 

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190 

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32 

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Schraders £L 
SeccMBbeSICEl.l 
South St Anb. _ 
Stamfd Chart £1. 
TTade Dei. 5L50.| 
Union Dis; £1. 
C.DlT.. 


Wee U- 


-5 


-1 


Wells Fargo S5_ 
WintnutSOp — . 


£7^ 

8 

111 

45 

14 

118 

36 

20% 

48*2 


^5 

85 

30 

8 

85 

23 

10*j 

38 


OeB'aeFr.iro-l 

Credit Data ID 


$140 
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14 4.119.7 
. 52 63 
43^ 61 5.9 

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9.0 

9.0 .— 
3.4f 6J 5.6 
3.2j 521 6.0 1 
05{- 


[CALSj PLASTICS— €ont 

■ 1+ of 1 

Price j - I s 


ENGINEERING— Continued 


\ Stock 

pJoeehst 513 

2 ftPAWaIi.4 Q26 

rap.Cheffl.£l 

! DatfiPt ' 

Int Paint 


415 
45 

„ 80 
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Tanna-BarderlfipJ 
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Wobtenhrfme 

! Yorks Cheats 


07% 

92 

260 . 
75 
70 

202 xd 

143 

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334 

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3.13 

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26% (Cattle’s (HdgsJ Hip] 





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T4.01 

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63: 

3 .rt 63 68 
10.4 
6.4103 
63 9.4 


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BEERS, WINES AND SPIRITS 


94 

46 

171 

296 

56 

111 

92 

128 

51 

157 

173 

68 

168 

ZL5 

29 

63 

136 

310 

191 

159 

153 

177 

380 

520 

70 

72 

131 

135 

104 

234 

185 


78 

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196 

37 

92 

66 

1100 

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1140 

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114 

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62 

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94 


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|Amal DisU*r lOp_ 
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Bell Arthur 50p_ 

Mfcarm Brewery. 
|Brrdd Indoic — 
'Border Brew^ 

Br«3wu ( Matthew! : 

BackJerisBrew— 

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[PnrtomTOod. 

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(Clatr Matthew). 
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Gordon (LU 
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fctwnalir 
torecneiOag — 
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Pm-era>rtion 

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355 
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LB2 
6.70 

3.45 
279 
5.81 

73 

284 
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737 
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294 
226 
13.55 
4.69 
1264 
234 

3.46 
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t5.E3 
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4.4 203] 
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BUILDING INDUSTRY, TIMBER | 
. AND ROADS 


S.E. list Premium 47%% (based on 822778 per £) 

BANKS AND HIRE PURCHASE 

I9T3 | 

High Low 


327 

1295 

0361; 

334 

238 

165 

£Z2% 

465 

£202 

21 

170 

640 

315 

£32% 

368 

242 

285 

84 

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83% 

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12% 

196 

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255 

29 

142 

260 

1217 

100 

600 

3o0 

69 

215 

52 

74 

1134 

297 


154 
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150 
150 
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1315 
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380 
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52 

160 

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Bt Ireland £1._ — 
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(Bt Leumi I£l_ 
[RLLeumi(UKI£l 
|Bt N.S.W. $A2_ 

Bant Scotland £1 

Bankers NXS10. 

Barclays £l 

Bnwnaiplty£L4 
Cater I^der£l_ 

Clive Di5'nl20p_i 
CwnT Aus.IS.AlL 
'3om"zbt DM104. 
ChgnJftLXrlOO 


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AUietl Irish 


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[Gerrard Natnl_ 
IGihbs '.Vi. 


GillettBros.£l_ 

(GoodeDlJfcyjp 

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IJesselToynhee.. 
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'Reyserlifiniann. 
Kine&ShaxOOp. 

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Price 

325 

265 

£135 

325 id 

234 

165 


450 

£202 

18 

150 

640 

293 

£23*; 

362 

242 

235 

79 

237 

£17% 

£17% 

31 

£22 

17 

£305 


63 

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58 

225 

24 

142 

252 

198 

99 

350 

320xd 

62 

200 

50 

62 

108 

275 


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4.4 

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15.23 

— 

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7.3 

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571 

5.4 

55 


9.41 


55 


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911 


4.85 



95 

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* 

43 


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27 


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65 

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10.71 

73 

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— 

33 

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26 

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279 

73 

29 


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— 

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22 

8.0 


8/4 


6_5 


0.67 

— 

2.0 


344 


8.3 


438 

— 

5.6 

-5 

1933 

4.8[ 

5.o{ 


9-d 


13.4 1 
76 


53 


121 


5.01 


62 


FINANCIAL TIMES 

BRACKEN HOUSE, 10, CANNON STREET, LONDON EC4P 4BY 
Telex: Editorial 886341/2, 883897. Advsrtisemeats: 885833. Telegrams: Ftaantimo, (London PS4. 

Telephone: 01-248 8000. 

For Share Index and Business News S ummar y m London, Birmingham, 

Liverpool and Manchester, Tel: 246 8028 
INTERNATIONAL AND BRITISH OFFICES 


EDITORIAL OFFICES 

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Telex 12171 Tel: KO 555 
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Teles 338650 Tel: 021-454 0922 
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Telex 8860542 Tel: 210038 
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Telex gram Tel: 512^037 
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Tel: 838S10 

Dublin: 8 FitzwtlUam Square. 

Telex 5414 Tel: 785321 
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Teb 441 6772 


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Telex 663S0 Tel: r212) 541 4625 
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Tel: 253 4848 

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Telex 17603 Tel: 50 80 88 
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N W„ Washington DC 20OO4 
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ADVERTISEMENT OFFICES 

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Telex 16333 Teb 554687 
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TeL- 6532 454069 


Manchester: Queen's House. Queen Street. 

'Telex 666813 Teb 061-834 9381 
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Telex 238409 Tel: (212i 489 8300 
Parts: 36 Rue du Senticr. 75002 
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For further details, please contact: 

Overseas Advertisement Department. 

Financial Times. Bracken House, 10, Cannon Street, London EC4JP 4BY 


SUBSCRIPTIONS 

Comes obtainable from ncw«tH*Pts_aad boota taUs worldwide or on regular subscription from 
l ples Subscription Department. Financial Times. London 


101 

164 

17 

77 

263 

34 
15 
61 

128 

9 

57 
69 
82 

(303 

87 

108 

41 
206 

67% 

58 
210 
190 

43 

26 

51 

68 

108 

38 
256 

48 

104 
118 

73 

105 
162 
94% 

103 
26 

79 
27 
26 

49 
35. 
21 
51 

42 
66% 

35 

49 

65 
86 
41% 

41 
95 
.66 
£360 
154 
93 

89 
85 
34 

126 

197 

145 

66% 

30 
197 
123 
134 

17 

45 

£39% 

226 

125 

106 
*95 

95 

80 
80 
99 

59 
232 

57 

105 
166 

93 

140 
81 

31 
48 
99 

60 
IB 
75 

39 

106 

141 

185 
108 
310 

58 
114 
175 

172 
156 

173 

96 

104 
112 

33 

43 

46 

90 

186 

40 

50 
55 

9 

38 

174 
474 
315 
177 
310 
77% 
38 

196 

42 
60 

125 

66 
116 

46 

45 

37 

147 

101 


98 

[138 

13 

59 

203 

31 

10 

44 
98 
20*2 
15 

45 
60 

[220 

61 

75 

21 

24 
.4812 

56 
153 
U70 

22 

20 

40 

40 

9 

1ST 

31 

62 

80 

65 
84 

100 

53 

68 

13 

60 

19 

19 

34 
21 
11% 

40 
26 
5% 

25 
38*2 
48 

69 

30 
21 
59 

41 
£220 
64 

72 

66 

55 

{104 

[125 

[108 

41% 

22 

162 

90 

79 

10 

31 , 
£18% 
121 

84 

88 

70 

57 
6 1 
61 
74 

37 
(170 

42*2 

84 

109%, 

73 
88 
57 
13 , 

38 
73 

9 

52 

35 

108 

(138 

, T 9 - 
210 
40 
97 
133 
82 
107 
116 
70 

94 

80 

20 
29% 
30 
66 

135 

31*2 

30*2 

40 

6 

20 

124 

330 

129 

[225 

64 

24 

155 

32 
35 

95 
30 

56 
40 
28 
22 
99 


(Aberdeen Const. 
AberthawCem..- 
A&ted Plant lOp. 
Annilacc Shnb- 
BPBlnds W 
Baegeridgei _ 
Baiieyhen U)p_ 

Eamaergers 

BarnurDec.IOp. 
Beechwpod 10j>- 

Bmim3)p 

BcnlonliL 10p_ 

iB»tt Bros. 31p 

BiocklojsX 

Blue Circlet 

Blundell Pern _ | 

Breed™ Li me 1 

Brit Dredging-... 
Brown Jksn. 2Dp 

Brownlee 

Birantlfidgs. 

Burnett t3T. 

Burt Boulton £1_ 
C. Robey A' 
CainderiGM.'IOp_ 

Carr i John! 

Carron 

Cement Headstone. 
Lunben Gp. lOp- 

CostaioR 

, .'oontnsiderp— 

kSnssley Bids 

Crouch iD.)20n_ 
(Crouch Group— . 
PMiBfasRohLH 
.D'wniaisGIL&Op 
[Eroaa lOp. 

KPACoraftiT 
Fairdoneh Cons. 
Feb.InlL'10p-. 

Da'A'IOp. , 

Fed. land & Bid. 
FinLsmJohn' Wp-l 
Francis Pkr. lOp. 
Fiaansi«‘iFt'lOp_ 
French Kier_— 
GaUitord Kr.5p_ 
jflibhs D'd} 1 A lOp 
(CSeesaKiU.l I0p_ 

jGlo«ipW.ft J 

lGghCooper20p_ 

HAT.Grp.10pL 

Helical Bar 

Renri'm.’A" I0p_ 
RewdenStlOp- 
ItoTpcConv — 
HeyndWm.Hto. 

ra-siHill 

Bn-eriDCham — 
i lto.Res.Vts.. 
Howard Shut H^i | 
LD.COOp 1 

EbstockJohnsett.1 
Int Umber. 

/.a Holdings 10p_ 

J.CEa 

JanisiJ.i 

fenningsMWB- 
HiBoo-Richanls. 
Jones Edwd lOp. 
fontlWP.ilOp— 
Lalargc-SAFIOO 
LameiJohnrA”. 

LahanuJ )£1 

Ljwrence(W.i_ 
Leech iWmJSlpL- 
land Paint — 

LifiejFJ.C 

(Lonoon Brick 

LmeUrY.J.U 
McNeill Group..) 


-4 

:!^ 51 


-i 


i-i 


02%|1-. 

104 

1-1 
j-3 


1-2 


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-5 


-3 


Magnet iSth ns... ( 
Hallinson-tiennyj 
Wanders fHldgi- 1 
WarehwieL 
.Marley — 
Marshalls 
Mayi Hassell— | 
[Hears Bros — " 
SWrilleD tw.ij 
, |MouL Li-| 

Miller iStcnil^j. 
Mixcnncrete — 
W«L Engineers . 

Monk (Ai 1 

XodeoiUi. 
NwrarthiliEl — 

Noreesl Hold 

Nott. Brick 50p~ 
rlrmeDew. 10p» 
[fcrker Timber _ 
(Phoenix Timber. 
Pochins. 

R4LC_. 

Red! and 

R'ch'ds. Wall JOp 
Roberts AdlarrL. 
[Rohan ilroup — 
Rou'Iinsnn lOpt. 

Royco Group 

Ruheroid— 

Rucby P Cenwu 

SOB Group 

Sabah Timber lOp 
HiarpeiFtoher. 

] Smart :J.*]l^> — 
Southern Con. Sp 
[Streeters lOp — 

ITannacHip 

jTavIwWffcidrow. 
rTilhuiyCipII _ 
(Trails 4 Arnold.. 

Tunnel B50p 

l T BMGroup_ _ . 
Veclis Stone top. 

Mbroplant 

WardHWiS top 

Wamn^ton 

Watts Blake 

iWeabriek Prods. 

!W*Uem Bros 

i*A1iallincs2!*p 
(Whu'gh'm !l%p - 

Wlc jjns Om. top 
. . jHi&ortCunnolJyi 
63- |Wimpeyu«ni — 


-3% 


+2 


-2 


+9 


3.9 6.9 5.6 
3.9 6.5 5J 
23 7.1 15.6) 


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LB 103 
23 7.6 


d395 L3h2H 


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3.76 

254 

328 

3.95 

9*0 

233 

238 

15.08 

d233 


H5.86 
3.11 
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£74 
4.74 
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274 
336 
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dhattl 

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t5.33 
165 
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7.72 
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437 
1130 
10.619 
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Da'A'Sp— 
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BakersStrs.il. , 
Bates SNnSkJ 

Beattie fJ* 'A' 

Beatalls lOp 

BSam&Qra.3ft>- 

BoanbranEDap 

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[Casket *51) lOp 
(Chardi 


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(Cunys. 


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Debenhams 

! Dewhinl 10pJj_ 
Dwuns Phrto top 
':Gold5p_ 
f Stores— 
Executes 39p_ : 
FainialeText^p 

Da*A’5p 

Ftoe mi Dew 5p 
FordilTtiailOp. 
Fcnansta-lOp- 

Foster Eros 

FreemaasfLnai- 
i>iier[AJ.l20p. 
GoWbergA— 
GoodmsnBr.Sp- 
Grattan Ware— 

GLUnirenal 

Ito ’A" CTd 

G^ifinetts top. 

HarA-iFarm 

Dbl-A'KV — 
Selene Lon. 10 
Do. li^cCnr.F 
Henderson £20 
HeariquesAli , 
Bep*rctliiJ..JOpJ 
Home Charm top 
House of Fraser. 
House of Lerose_ 
Knott Mill lto 
tl&nnck Hlug*- 
Ladies Pride 
UeCoooer_ 
Liberty. 


D 0 .N 0 n.Vt 5 i.Td_l 
Lincrdt K. lOp _ 
MFIFtaniareltip 
Maple top — _ 
Marts &bpencer 
Martin News„-_ 

MeaziesU.i 

Michael fJi 16p_ 
Mid. EdueaLaDp. 
ltotharare 10 p_ 

NKS News K^i 

CwenOsea 


ParadiseiBWOp. 

PawsontWL) 

Paers Stores lOn 
PnUyPectKJp- 

Frredi'lAlbeifi- 
Pnllnra KiJ.apJ 
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Raybeckiup 

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tdvhndMSiIOp.J 

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25%K12S 
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SelinrourtSp — 
Sherman 1 S 1 top. 
Snith W.K'A’aUp. 
SratIeyAa5a_ 
Status DiscLlup. 
Steinberg top 

5umrie20n 

TimePr«fc.lOp- 

VHP Group 

Upton® ‘A" — 
VantmaSto. — 
Wades 

WalhenJas 1 — 

Do. N.V — . 

Wallis 10p- 

WannKtCillow 
Wearwell 5p — 
Wharf SfflllOpf- 
WiltrsuWarbttu 
Woohrorth — 


300 

44% 

52 

51 
25 
46 

122 

132 

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9 

232 

36 
178 

169 

44 
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125 

56 

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52 

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158xd 

154 
400 

40 

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147 
336 
334 

50 

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219 

90 

25 
80 

212 

174 
62 
15 

10 
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148 

175 

170 
55 

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238 

155 
17 

170 

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Allied Insulators 
Amiiti Fidelity % 
Autoted Sec top 

BICCaOp 

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Best & May I0p_ 
Bowiborpe 10p_ 
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Electronic Mach. 
Elec. Rentals top 
a.Mp_ 
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FarnellElec.2<m 
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feicwSdaaip: 

(Jones Slnwd — 

KodelnL 

Laurence S2ott_ 

LecRefrif 

'HK. Electric 

Muirhead 

Newman Inds — 
NermarkLouis. 
Nirtnand E3.3)p. 
Periaiv£lmerJpc J 
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Philips Fin 5k®« 
Philipi Lp. Fill— 
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BedilTuilon .... 
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Sony Vo VML. 
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CHEMICALS, PLASTICS 


£12 

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302 

108 

90 

79 

£57 

275 

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£99 

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Alida Pack10p_ 
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Blaaksi Noakes. 
Brent 'Tiems top 
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BriLTnrPrd. top 

Burrell 5p 

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fCiLalin. 
driHi-.-Ti^.Ln 

nunTMHM. 

r>o8*<Vnv (CSS 
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[OciUS Brri« 

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Cory '.Horace' 5p 


ENGINEERING 
MACHINE TOOLS 


16 

69 

42 

36 

325 

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1156 


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1.9 7 510.4 


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Atirisn. fTclyde— 
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Annin HI'ls 

Austin 1 Jai»ai_ 
Ateist . . — . 

Babcock &W 

Ballei ■i'.H l ... 
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Bantfiirdsa)p_. 
EjiUpCcms. 3)p, 
Barton & Suns — 
Beau find llto — 
BeunipF.'Sp_ 
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Brnnidim Hint_. 
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256 

136 

104 

302 

165 

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132 
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Pratt (Fi_ 

Priest (Bern— 
£81% ProcorlltojcSH 
35 R.C.F. IfoMim 
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'RKP. !_ 

R'nsomes Sim.£l 
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125 

58 

57 

73 

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62 

44 

60 

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65 Sheepbridge. 
Simon Eng’g^ 
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198 

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110 
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TAiacItiWAl top 
Wd End's top— 
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.Uid wire Croup. 

iVkfcersEl * 

|Virtor Products. 


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HOTELS AND CATE^KS: 


Adda Ini IOp— 
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"ere Hotels- 
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Graad Mel. 50p_ 
SursaaliiTlLcS 
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MjridSeton 
Norfoli; - 
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Prince of Woles- 
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Savoy “A" top — | 
Stabs lBeollOp-1 
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INDUSTRIALS (SBsceL) 

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AGB Research — 
Aaroason Bros top: 
Abbey Ltd. — _ 
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AaaLHefaf^lu, 
Aag. Am, Asphalt J 
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Asioed. Odboe -A". 

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BOOntnL- 

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Barter rra-.cnoJ 
BeatMiii Clark __ 

Beech am 

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Bentima . 

Berisftnto— 
Berwick "Rnpo 

Berfobeil : — 

Biddle Hhte. — 
Bifurcated Eng. 
BjDamC.Jtop — 
Black Arrow . 
Blacken Hides— 
Bafcwtelntl— . 

Bogod PrL'.A" 10n_| 
Bnohg- HcC.50p. 
BootlBem>i50p 
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27 

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141 [106 
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7.7 95 
75 44 
3.1212 
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6.5 52 
6 3 8.4 
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6.1 10.7 
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33 9.8 
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38 8.0 
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45 86 i 
7.0 7.4 

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161 

94 
78 

273 

71 

52 

78 

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85 

95 
157 

73 
76 

264 

200 

170 

84 

153 

33 

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61 

66 

60 

52 

153 

152 

125 

160 

14% 

35 

78 

14 

74 
26 
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FOOD, GROCERIES, ETC. 


112 

70 

53 

205 

39 

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118 

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Banks Siilnei C.i 
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Baders York IOp 

Beiamlijp 

[Bjhbj-ij.iti 

Bbhop's Shires _ 

Ot».~A“NVe 

Bluebird Ohu._ 
BriL Sugar 50p_ 
|fc*L Vemi'g 1 1^>_ 

Brooke Bond 

. Cadh ury Sch'ps— 
Can's XUUne_. 
Chiford Dairies. 

Dol-A-N.'V 

Cullens 20p 

Do “A^SOp 

Danidi Bcn.-Atl 
JasiwwdiJBl!^. 
[Erf* daL«i.CjSp_ 
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BurnsAnda'n IOp. 

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Cape Industries 
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grorehell Op 5p. 
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486 


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15.19 

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226 

242 

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l‘ V INTOSTRIALS-Continned INSURAN(^-Continued PROPERTT-Continued INV. TRITSTS-Continucd 

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FINANCE, LANI>— Continued 


>+ N! Drtf | VH 
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BANK 

Tokyo. Japan 


MINES— Continued 
CENTRAL AFRICAN 

as I J [1 orl Pir. I J1TMI 

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4120 Lfi 


.Jlo OVERSEAS TRADERS fi fi SS^T- i s 

3 8 399 470 2B0 VaJay lwdfin: SMI 455 +5 

- _ 310 (224 I African Lake?. _| 300 I Ih3 57|190[ 1.B1 3 0 7B 40 4Pahanc„. ... 74 . . 

5.2 248 L16 60 Aurt Acnc.»c . 113 to3.5c 11 1.9 48.1 73 50 Pcngkalen I0p.... 76 


JT/k H.HT 'Mia*. 

3.75c Oil t 

60 .o3|J3.5 


1? 0 25 1.0 32 543 118 03i, P in Defd U 96 -l' 6 64 0 9 107 171), 117 88 Gealme^-r- . 116 ..4 06 12 5 2 248 ^6 60 Aurt .AtnaSOr - 113 Q3.5c 11 1.9 48.1 73 50 PengkaJen lop. — 76 —.6 60 -1J 13.0 

56 -J; h0 84 3.3 2.214.9 ^40 5g 2 R^anJnn Sa. 9Pp 73 +3 01 _ 02 — 99 72», GeaSwUti'h . 93 -2 3 40 10 55 27.3 166 % Benriefd-S.&W . IbO +1 fh4.19 4.6 3.9 61 CTO 165 PetalmgSMl 270 ...... , «Wlc L6 6B 

28 -Z t834 4J 3.8 93 46 29 L»o\V50p 35 -2 01 — 0 4 — 125 725 fien.SWjr' C p. 125 23 * 2.7 ♦ 7J 45 frrtdo f?H Sftl 59 6.29 11 Ib.ojiS It 64 49 Saint Piran 62xd -1 203 * 49 

55 . H.60 40 4.4 162 nc 65 RuncunmiiW) 76 -3 828 21 163 4J5 114 84 ‘ Glw?fF .*■ hldr' , lilt, -1, t244 12 33 37.7 60 25>, Beusead litpi- 581; 1.52 <f 3.9| a 61 47 SmnhCreininp _ 60 4.19 2.0 104 

70i,-i, 3.13 33 66t54. 419 " N * onroon '">- 71 In. 106 -fl, 1 86 * 26 * 130 S3i; F.riay James- _ IDS -2 150 103 6^47 245 140 ScuthKintaSM.'isn 225rf . Q70e * 6.7 

.M .. ... 3 86 4.9 55 5.6 * Wj, 68 iEV.-. I 99 -lC, _ _ _ 1 163 95 «-d: * [tuffns _ 156 -1 h4 43 3 2 4 J 4.5 340 230 Sinn Malayan IMI 320 -10 igi3L> 13 aa 


Garages and Distributors 


SHOES AND LEATHER 


106»;J 68 ttn-rr— _ 99 -IN - 

86 I 601, Oennmrr.rt tr... 791; l-i, 1 173 

SO 56 Do. 8 'Tn .. 75 -1 - 


79i 2 -i;lL73 1 LOi 33 475 £63 £49 ■iLVJ.a'il £65 ..012*4 2« 19 224 240 134 iSungei Be«i SMI 

75 -1 - -I- _ 575 325 Hnrn« Croill 525 -25 422J1 22 6 3U0 2 85 55 feummeruip SMI 


' 1*2 10 RTDriroa; 
-0 25 Radiuukttl 

■3 60 KflndiJlA. 


39 II? J 193 


4 m KSrireS 2fi? '5 ■ S'S Ti 42 ?4 ’ 118 74l J Hartw,Is ™ • - *6 80 ♦ 8.6 3b 

n 3$ SJ \ Lvla 14 It ,oai '135 112 HmJjsUOp 130 -1 18.71 3.2 10.0 53 

7 7ft? , U92 if H ‘ 1 7 l-W 88 HeroTMU Gm.. 132 -3 3.64 3 7 4J 73 

l ^ SSSSSfSr*- 3 ?7 fc 0 W 54 llill ms uza Do lOpclWL £ZM +S OlV>3S0 J4 6 - 


t fa 3*> « i iianuem unr - .. ixi i. 

77 4? S®2 21 Hanger 1ms. 10p. 47 +l'Jd0.47 17.< 
ViJ 57 1126 92 HotSmCLC.)- 120 Ul1d4J8 3J 



28 -1 102 2. 

58 4.46 3. 

60 +1 t *13-95 2. 
103 t4.57 4. 

58 tl 73 7. 

102 -1 4.97 2 

78 -2 t2.30 5 
48 13 22 

59 2.84 

62 -1 tl 9 

52 1231 

43 226 

64 t430 

70 ..... 1.75 
40nl thUB 

115 -Z M4.02 
291; +1; tU3 


1311, *»7 Globe Inv. .. 129:> -l*j 508 12 5 8 22.4 97 66 Heffr.une'S-. _ 78«d 4.32 Lb 82 9.7 100 B5 [Tanjm;L5p 

55 GwettEur?!.- 661, -i; 3 .63 1 5 4 1 25 6 445 350 IncnrapeEJ 393 -2 15.23 22 5 7 9 3 100 I 74 rrmgkah Hriir DU 

3 8 35 65 Gr>npvtrAi._ 85 ' +1 t213 U 3.7 363 30 21 Jacks '.un. . 26ml ZLO 63 - 42 270 |148 JlronuhSMl 


iQi3Uc li aa 

Q65c ♦ 6.2 

ZOlOc - 3.1- 
IbO 0.1 10.9 
Sff&JfV 1.6 t- 


65 113 90 GtPSnn'nh: .. 103-'; -21; 13.93 LI 54 253 3 q 9 tanuica Sugar.. 13 .... - - - — 

4.B 102 67 firwnJnarln, .. 101 -1 1.4? 1.2 22 565 78 5a IraritO-. 67 6.65 23 153 13 Ji 

4 7 701; 56 Gresham In- . . 69 -1 2 03 20 4.4173 49 4(11; MitcbellCntts— 46 3.45 L71L2i64i 

93 70 48 Group In- estor.'. 69 1.9 LI 4.1 33.3 275 208 Niatn an Elee.£J 215 tl!4 * 9.5 * 


3.45 COPPER 

2 92 4 JJ 4 4 8 9 104 !?I> P ,M ™ a 81150 1 81 1 ItQMeUH* 

II ll "4 li MISCELLANEOUS 


54 89 691; Guaraian lir- T-‘_ 87 2 74 10 4.7 30.8 107 68 Ocean «hah9p 99 2 92 4 4 8.9 

62 110 78 Mamhw 107 381 LO 53 27.8 *35 165 hCfnaZach I0p_ 180 J7 82 7.S 65 3.1 

6.9 2M 160 Hill 'Philip 19B B.02 1.0 6.0 25.8 225 160 Do. -.V N 3 1 %. 1M J7.B2 7| 6j 3.2 TWTSfFI, 

123 H M Home Hid- -A . 86 t4.6 * 8.0 ♦ »* g Saaaeri/£i lOp 38 . }4.43 13^ i 6.8 

a a 89 68 Da’B' 83 .... — — — — 9i» 4 1 , SeanSupraOp.. B— — I— — » 35 Barymin — _ . 

122 S9«j S8»; Mml.V. SW» Q20e —1.0—132 44 ISune Dartjy Wp 132 +7 hL78 3 jj 211 31.7 17 9 Rim» M3n« nijp 

64 775^ 700 ? Dntfu. . 770 ...09^ - 1.2 - 250 175 SleeiRro*, 235 6.60 43 42 8.0 300 215 i/joj-MutcIl IOc 

119 601; 423, Industrial* * lea 58 L7B U 4.6 30.9 61 L 40 TrcerKwis2to. 60 -1 315 2.J7.8 i5bi 465 245 NerthgaleCSi .. .. 

91 31 65>, Interna:! Ins _ 82 1266 LI 4.B 27.3 £100 £87 Do.8pcrnv.RI . £99 08% 18 01 f8.4 _ 2>8 164 R.T 3 ..... . . 

S»» 107" ImtinSa,re. : s._ 17S ..... 294 LI 25 55.9 73. 41 U.CmMtwl^ 70 -2 ThO 7b 1L0 1.6 85 90 » 

8.7 931; 621; hnstnrs Cap. _ 90 1L67 1.1 2.8 49.7 72 41 Do. Wipe Li lHp 69 -2 0.4 3L2 0.2 - D2 M 7hraErpta5l. , 

18Z 103 lardmeijp-h.. 176 -2 0.86 L2 0.7 17L0 7 £ MXmnkto. 


SOUTH AFRICANS 


182 103 lardmeJjjftm.. 176 -2 0.36 L2 0.7 17LB 

150 7012 Junto? fee HESL 132 -5 lQ47e LI 4.2 22.6 

200 103 Jersey Eu.Pf. Ip 198-2 -• - - - 

263 228 Jersey c«i£l_ 261 -2 Q130 1.1 5.018.1 


260 . ... tQ30c 2.6 

375 - - 

249 -7 9.5 ZB 

48 - - 

830 - 21; — — 

74 +1 *135 * 


8 42 ReedEiMe.ap— 72 ...... £79 

5 102 ReedTntLU-- 170 -4 (812 

-:5 68 Redytm PBW5 — 94 -1 4.16 

-0 145 Renown lntYad. 280 Q20% 

9 35 Renwkk Group- 47 -1 L02 

•-0 114 Restmor. 180xd 5.41 

9 56 Rexnore 69 d4Jl 

• 00 87 Ricardn 295v -5 H7.0 

1 25 RiIwfE.J.'10p_ 40 +1 b2.58 

-9 101 Roctwore 159 +9 536 • 

•B 36 RupnerHMs*— 44 216 

Jh 32 Do.‘A’. — : 44 ...... 2J6 

• .2 40 Rma print 20p:_ 43 299' 


IU® 


10 


137 77 PerrnH.iSBrs_- 137 +5 h2.73 7^ 3.M 4.8 6B0 


X J 9® .58 ISABrews.2Qc-.I .88 . +»; 


iujpwrnni^» ^ a.N « «« ^ 26 MAM 6 J JUpI 42i,xd 1L67 49 59 53 ^ 55 

* B8s*=rr*ira 


5 fnEerOatsRI — I 68thd 

5 UntM. 1 a 1 


A 53 4U; Lfoi Bolding 51rf th2.08 LO 61 239 1RR 

f. 51 44 p0vClm.bK.J0p 471; -1; 355 LI 112 124 ffigh Low 

W 8\ 4 Hta.Cap.2r B& .J.. - 

♦ 1US KkCim-Im 1h AIM 11 75 


RUBBERS AND SISALS 

Mr | Seek | Price | + -*1 £ JcNr|Ss 


75 Angln-tndcmesta— 96 +2 1279 I 471 43 

65 EerumOms.iep_ 115 |35S * 4.8 

111; Bird ’Africa] 17 — I- - 


Yukon Com. <31— ( 145 -10 ( Q7c 


NOTES 


1c « 75 

52e 3« 4.d 


SaSSa-ar a at & -a ss 

Valluntt in* 35l» ^ dl52 52 6 4 A 72*4 81; Grand i. efltraj Isp. 10 056 

?SSI“: B 1 * +i 1 Jos 2 u iJsijsa 4 sfi* £ isrl- is 


9.6| 9.0 h 29 95 


l .-uiaiiuk — ^ r&. Ti j.ujr m-u •«» g p ii _ »n_ r_i i.w 

Attat JP ± flf fi % g! ig I* 


Ha 25 Rowan* Roden ~ 29 ..., L34 55 6.9 28 “ K 'S ! 7 71 zS 65 R9 

. 3 104 Bogal Worts'. — 166U -1 16.49 0.8 5 1 329 ,S g r3 45 

■ 'I 45 RcsseUlAjiap,. 81 - +3 2Z7 *42 6 128 | 68 [Western 120- { +18 y 2Z3 ■ | 04{ 28| 45 

1 : 7 81, Jtysnil-inp — 1*1-1 - -- - 164 

• - 4 %»< tttXk. SL % S& S u ui ■ NEWSPAPERS, PUBLISHERS g 

:• 1 3 ?S +s S° fl ! H 5?,H 200 J130 jwn«w — 1 iw 1-4 15.90 1 3.91 4.71 •? 52 


TEXTILES 


I ^ % ± W II ^ go 

J 75 SmmersGtp 87 589 L710.1-aB^ ^ 

.4 86 Rcapa Group 107 552 27 7.7 63 S 

T‘ a d W h U tri! | 

.7 23 SwtHenuWe- 44 .... h0.91 61 3.1 5 A if! $5 

T 85 S»-ot *l‘n.lnvs.. 127 -18 737 L8 67 80 ttl 

H 2 Z7A, ScanHldus — 40 -U; M.31 24 4.9 112 

5 56 S«uric«Gp._ 13M *2 C54 33 2.9167 

5 57 Do. ‘A’ N-V 132nJ +2 «.54 3.1 29 16.7 (X ?? 

■5 68 SersnlySwTicer. 132«f +2 J3.55 42 4.0 65 AS 

5 67 Do. ‘A N-V 132xd *2 43.55 4.2 4.0 65 ,?2 

•5 69 Shann WaneSup 125 1d244 7.7 2.9 68 , J S 

8 155 Sete Gorman — 214- ~A 567 40 4.0 81 x Si 

7 49^ Sdentnu’luiwi _ 97 h271 53 4.2 52 m? 

6 40 Silhraeue'A'Wp- <6 332 L8 105 6.9^0 fw 


42.54 3 3 2 9 16.7 67 S 
J3.55 42 4.0 65 £ S| 

43.55 42 4.0 65 ,2 ill 

1*1244 77 29 68 tg Jig 

567 40 4.0 81 *«, 

U271 53 4.2 52 

332 L8103 6.9 St jS 

dl.22 Z6 ■7.6 76 X Hi 

3.87 37 52 7.B j3| 151 

•E AO 4 D LI U1 If? 135 


6 40 SilhOBeueWXlp.. 46 332 18 102 6.9 ^n 174 

4 17 Slrtlhome lOp. 24 dl.22 Z6 <r.6 76 4? ' 

0 70 ampsra<Aj-A F .. 112 .....3.87 37 52 7.B jo? 

36 95 l 4 SkelcMw— 135 -1 (5.45 L8 6.1 MjJ?? ^ 

1 571, Smilh&Neph !0p 791; -1». rd247 21 4 6 82 

.1 139 SmUisIiut SJp. 2X7 -if, t736 29 53 10.4 4S infc 

.4 48 Solir.LairaOp— 60 3.92 LO 93162 

4 261; .swale 30 234 L6 1L6 8 0 47 

« 175 SrJhehfPA..- 282 +2 b837 44 451L9 

. 7 98 SpanwririWaOp. 304 *-..218 63 3.1 5.4 

;« 195 SpwlJ.W. i 215 L90 16.0 L3 65 

0 132 Stalls Dotts- — 145 3.97 4 4 2 6 

330 £270 DoWil.CnrJji £290 Q9\% *J> 0.4 - 

T 61, Riafleilnt 81; .. .I. « 24 0.9 1 23 ‘ 



253 -2 4-08 I 75 2M 8.4 
57 291 f 2.4i 7 bl 73 


130 Allied Te*ttle 161 W659 SJ 

48 Atkins Bros. 55 -1 373 V 

53 Beales (4 >20p. - 80 ....292 &l 

64 RecknooA.lOp. 82 el p4.97 L 1 


63 401; UlSKZ; 60 -T HL70 LO 42 363 411; BBlnlfegonj MW 

27 16 Um.ftLaUOp_ 27 060 13 33 352 *”a ttKuhm^-— 

85 59*; i no. & Lomond .. 84 -1 t244 LI 43 33.2 W| g IQp ’ 

210 157 lift* Montrose. 207 -1 1533 1.0 3.9 38.5 

6.1173 128 93 La* tor... 123 -1 3.45 ID 42 362 « ^ SSE2£Su5?-»: 

103162 87 64 Urn. Prudential. B7 289 LO 55 303 R || 

5 M 3.4 4Si; 34 twiS’djde _ 47 -1 tL40 1.0 4J34J 93 37 jSunfle Knan lUp .. 


17 — — — Itatns stherwlse indicated, prim and net dividend* an In. 

63 -2 +L73 LO 4.1 pence and denoolnalknis are Up. Eettnuced pricefMrntnfa 

287 -3 s 2JB4 10 L5 ratfcwaadenveranreliaaedBnlalealnniiiiiilreportaandaciwnntn 

55 +1 dhL4 L2 1 B ■»*- where p«n«UiIe. are updated an hall-«wrtj- fljpuep. WEn nro 

481, +41, hO30 12 9 4 calculated on (tie faanl» »t net distribution; bncfcned A|«m 

10 a 2 (lftft * n? IndlcMe IB per cens #r nwre difference it calculated m “nll" 

«B ?*’■ ?(, dictrihntiaa. Cover* are luned on “ma,tei«un" dtstdtaUan.' 

i« ** • fans * M VieJda ace based an middle price*, are rtom. adjured to ACT of- 

Tsn 7 it" Jiio. * 5 5 34 per cent, and allow tar »aloe at declared dlnrtbnliom and 

« + 2 J&r* 7r ; f riahl*. SecnriHee *1U> denMilnattona ather than atorUnS are. 

75 +4^ QU’jc L| 36 ineloslve at the investment dollar premlimi. 


30 20 miackttwvtMon- Z4I; 10.B2 

35«; 28 hVmdSt.Fah.10p 32i z 264 


67 -1 ’ 237 2^5 3 97 42 2B BnRhtUohni— . 3Vz +>2 2-46 LB 116 5.7 132 90 L>n t;ap.lOp._. 126 -2 - - 

120 +3 cM.97 3.1] 6 31 7.8 1®» BriawGroSp^. 84, ... . — — — 47 89" »9 D-isdhBllKMp 831; -l; 5.10 II 

129 .....6 52 Z.1I 7 a 94 17 10 BnLEntaToii-.- 17 _ - - - 25«, IW* Do Qodp-— 24-1 - - 


L9 93 8.9 U6 86< : L..n.Tfl.Wd 116 H4.19 10 5.4 271 

18 i 031’ 58 48 I land Inc 58 1213 13 55 25 0 

36 12l 35 211 178 VtGIVullBcWp 208 -2 M1279 l i 92 183 , 

L8116 5.7 132 90 L>n t.ap.lOp.-. 126-2 — — - - I 

47 89 79 r-SidJWlRjgp 83^-1; 5.10 10 9.1 1641 


TEAS 

India and Bangladesh 


180 +4.06 1.1 3.4 a Starilni! denominated securitle* whicb Ineltuto inveattnmt 

75 *2 hQ15c 1.9 45 ilollar premium. 

63 .. .. +048 ♦ 1.1 • "Tap" Stock. 

74 . ... 4221 2.0 45 * H«Sns and Low* marked thus have been adjusted to allow 

90 +hl52 LS 25 fwr nehL» t»Mie» tor c«,h 

T • Interim Mnee Increawd nr renamed. 

. t Interim vlnte reduced, poised or deferred. 

S - t; Ton-free to nnn-residenU on application. 

* F 1 euros or report awaited. 


Pt Cntised *ecunt) 


_ 251, 1W* DoC.ap.4p_ 24 -f _ 1 — I — 1 — 250 fl75 lA*samIw»ar5ll I 248 i 1+9651 591 SBl* dimdend after pmidine scrip and.'-r^ rt^htoinw; 

III 7^1 3.41 70 70 MfeiBT. 7» • - -I - - m So KSSkSSSn. SS b"bY6§J3:5f5L 


275 * -5 t903 50 50 U«iW J6KJW8S7 £73 Q7%202eI2i - 880 600 N*^|S-L«'S1_ 880 Qllc 0 9 0.6 1763 1 

238 -2 +65B 42 38 90 W 31 OtmtherfJ.) : 36 <10.66 — 27 — 211; 171, NewThroghxr- 20 1 * .. 156 LO 11.6 126 

. 45 . d249 23 82 78 153 99 Daronlntl __ 152 -1 3.78 10.1 37 40 W) 70 DmSip.fl. — 160 - - - - 

KPT U2 41.31 4.3 3:4103 152 98 Dn \V._ 151 -1 3.7B 1H1 37 4.0 35 11 Hi* NewWrrts- 32 -3 — - - - ?25 |12 


fflflss.1 1S5 +1 td3.40 5.8 33 80 .97 55 DironTfcivvf'. 84 3.73 

•273 -7 200 26 1.1525 35 25 Etfj OiJllOp 29 201 

400 -2 14.19 3 3 5 3 8.0 « » Foster iJohnt— « 254 

60 +2 136 3 4 3 4 10.4 139 85 Hasps iiil0p_. 134 0.76 

431,-1. 142 35 iS 70 VS /ni jFfflSM Pk ^ T' Hi 

131; 101; Hiekf Bros Sp . 12 0.76 


66 4 44 311; N.V ftGanmure. 411; -1 0.41 0.9 15^1192 

0.4 6 9 82 61 1928611191 78 -1 h296 L0 5 7 261 

7.9 69 106 78i, .MhAlLmncSec 100 -2 274 LI 41340 


.SSKSSSrr tin Vi iV. iJ » i ,5 enter relate* l« previous dividend, or forecast*. 

2B0 Assam r rmfter. 1 . 310 *3 hl6.W 4.9 7/ * Morcer bid nr renncanitattan in prncrem 

104 A jam Im* £1— 307 -1 7JU 3.7 10.6 « Nnr companbie 

,20? i? FiTipiH Plant? lOp +201 1.610 7 a, Same interim? reduced final andor reduced oral nos 

328 ijuTiefiantsfl. 328 d . bl5 — 68 mriiraied 

180 MiLenl Rassd LI . 235 -1 13.7 6 9.2 + Forreutf dividend; mrer on earning* updated by latest 

355 Moron £1 355 ... 15.31 4 9 6 4 inter! m «utetneni 

22 StneJoHJ'lpi lOp 271; +F1.75 3.2 9.8 1 I mm g||«»i. inr ionvrruon d Mum iwt im» nnkim hr 

181 W.-lirmtluik.... 237 *2 14 89 4.9 9.4 dmdcnrt* nr ranfc-ns onlr tor restneied dividend. 

138 WlUiamSMtl _ 169 +3 125 6 119* ■*»«c dn«« net ultow tor ,h*iv» vrh,rh mn, ulsn r-nUfor 

itmdend at a /mure date Mn P E ratio iLsually provided. 
C*S V ..Im T Excluding n 1 1 rial dividend declaraunn. 

SH LanW + RcsmbdI prire. 

|123 fLOHUvaD 1 225 I |558 i 15J 3.7 J h Fi cure. Saved on prospectus or >M her oC/irial 

■ eflimmc r renv^ 4 Dividend rale paid nr pavalrle on par* 

Atnca ■ of capital, -mcr based nn dmdepd on lull capital. 1 

‘ . * Redemption weld t Flat jield c Assumed dividend and 


Sri Lanka 


Africa 


0 8j * llfa 7|?2 stha Amman. 110 -2i; 289 Li 3.9 37.6 pw (FlKtfjnfJ 610 -10 50.761 4 1124 ^Id h AxsumS d..M lit ?i.”5r taue 

0.4jlS.Sl 130 Wi VnheniSecs— 130 .... 350 3L2 4 0 312 155 {150 [Ruo Estates 1TO 1320 ] 2+(lll3 1 j Pajmcnt from capital vuurcea. k Kenya m interim higher 


PAPER, PRINTING 
ADVERTISING 


55 45 Hichams 53 +2 3.06 3 __ , , 

72 53 Hollos Grp 5p 67 456 2.010.2( 65 37 99 rentlandlnv 329 -5 4.11 I 10 4.8 30.4 

56 39 Homfray 43 d3.17 0.9 UjOHM 75 66 IT< Scs. tar. SOp 67 -1 2B4 LI 65 2L8 

34 27 Br»HirthM2Dp. 301; -t; 150 50 74 3.0 20 231; IToilnaaiaties 272; -S, ]50 * 82 dr 

32 26 Ita Y3lp- 30 -i 2 L50 6 7.H * h« 104 tobum 136 -t 19.76 11 4.1 32.3 


15-01 130 951; Vnhera Secs„ 130 ... .1350 

65 61 51 CuliAaotlm . 60' 233 

5.8 63 47 1‘iuimcliliir 63 11.55 


..- • SJ0 t^/0 DOWsCBCJJL 1290 Wi’4 ° 9 DA — I 74SJ V EJV1 LSlIVIl M i! Uf RBWlfl 3Jp. 50 74 3.0 a ii*2 ITOHnaal uues 271; JJ>U ® BjL 9 

■ 1 61; Sufletlnl 81; ....I. S3 24 0 9 ) 2J , , . , Ml ., : 32 a HoYMp. — 30 -b L50 « 7.5 6 140 104 n.iebnni 136 -t +3.76 11 4.1 32.3 ■ 

1 93 StagFonutare— 130 -1 J87 35 5 1 7 8 67b I « Asw-Paper-. 62^ -1 «.93 44 JM 6 8 40 26 ln?ramiH'I0p- 33 -t L31 * 5.9 6 41 36 Ru brook tar. 40 ... tl.0B 11 40340 h4fl 

• - 0 165 Sedley 202 t661 4.9 5.0 45 nS|£92 Do ^jpeOuir J £116 L„. 091AJ143 fB.3l — M 42 JemmeiHldRAP. 53 h282 3.6 7.9 53 36 22 RiihlsfclssCap 31>; -2 002 — — — «n m2 

: :9 28 Sdtn 6»nf. HKS1 43 -2 . Q54e 1110.6 8.7 42 f29 lAuItiWibore— 42 f-i.. 1L98 2.4 7.M 9J M 38 l>edsDveiv 69 +2 hl53 5.E 33 78 192 148 Rner*ifcft_ 186 -1 8.25 H 6.6 218 gS liV, 


MINES . 
CENTRAL RAND 


431 1+5 r — 1 - 1 - 


O 23 Si*ritazIodi3»- 29 L29 21 66 10.7 77 62 

16 57 Stock) akc 63 ...-.261 40 62 45 *56i; 39 

■2 85 StoaeiiUHJds— 112 <J6OT 1.4 8.1 13.8 Tl 55- 

11'* SuumcriF.Mto,- Ifl ...... htlfZ 2.4 7.7 71 68 54 

2 25 SwiJicteSaT.lBp. 32 L16 J.8 5.6 72 110 93 

2 33 1 * Sutcliffe 5peak_ 62 12.66 4.4 6.4 7.3 1 48 39 

L5J*£11 Swedish UaicJiSiB £U>< Cfl0% L4 521411 25 15 

7 70 SsriroPacrtwtOc 170 tQ36c L4 23 355] 83 65 

41 93 Scfinoe 152 d5.7 3J 5 6 53,100 46 

5>; 14 Talbes^) 171a t056- 3.7 4.8175 102 50 

31, 8 THbbitlinp 9 — - - - I '25 18 

.17 93 HtenBalsSud._ 102 ±6.7 21 J 22 12 


a.u uimi in 1 Lnn.'ip. -1, — — — — twi H-x^coiBr.iriMj -1, 

d3.86 3.3 7.7 6.1 54 34 UriCT— 54 -t4 0.1 - 0.3 - 652 467 Dn SabSfc>F!5 625 -f 

d3.86 33 8.5 55 64 55 LcleffS.»20p 64 +1 457 1510.6 9.7 £52 £36.'* FuJincoKVFBO. £504,-1; 

4.95 ” 45 7.3 4 5 49 42 MacMy Huch — 45 -2 d3J5 0.910^ 15.6 520 325 D/ Sub.asIT5 . 507 -5 


j Pav-racnt fmui capital vuurecs. k Kenya m Interim higher 
than prei mu* leial. n Right* i»uc pending q Earnings 
(used on prcJlimiwn- fmutt-v , Oividenil and yield exclude a 
t-peciai payment. 1 Indlcaicri dp'ideniJ eoicf relate* to 
precinn* dividend. P'E r.-tiu ft.-.icl *.n idlest annual 
eammes n Fww dividend cover based on previnu.* i—aFn 
earning}.. 1 Ta* free up to .Up in 'he L w Yield a|]nws tor 
rurmnrv clause y Dividend und yield hu.vnd nniurrKer terms. 
1 fh tide ml and yield inrliirte a special payment Cover dn*> nrt 


iS Band Prp. Hi -I 351 (+1 I — I — I — [apply <o special payment A Nut dividend and yield 


» 28 Schn 6wf. HKD 43 -2 . Q54e 1110^ 8.7 42 29 AuIt*W*bore_ « +198 24 7.0 92+9 38 I«dsDyeiv— 69 +2 hl53 5.8 35 72 192 148 Rner*Jfcft_ 186 -1 8.25 U WW g £40 Xl, to7silc Ti Pn Sr^dMHwT o rr-nitoo 

O 23 Reriwfads3s>_ 29 L29 21 6610.7 77 62 Bemrose., 77 . - 3.89 2.0 7 5 M2 21 15 Lcv?h Mills. — 17 LZ9. * 12.0 ♦ 163 12? RnerltatoDeL. 160 -1 +6.34 LI 5.9 23.7 1% f 21 li price r *n5E3T aSrtHd JS rf S 

16 57 St*Uakc_._ ,63 26L 40 62 45 *561; 39 M.PrintinC-.- 5far ^ A5 3.0 95(46. 14 7 LewxSp 121; -l, _ £6|l* £464. R-bMO®r..TO0 £62'; -N Q»6% 1.0 5.1 19 0 178 I 78*; JHeSJUudJU 1 136 [-3 |tQ13c[ 6.7| ?.7 

2 85 StooehilJ H)ds_ 112 ..«.. tJ6W 1.4 8.113.0 77 55- Bri mi u n gtifp — 75 ri3.® 33 7.7 6.1 54 34 I^tCT. — — 54 +4 0.1 — 03 — 652 467 Dn Sob.5fc?FT5 625 — f V-ayi LOs 5.119 0 n n alter pe nding Brnpand.nr nghts i>iur H th<idend and yield 

(F4 11«* SUDUWtT’.Uto.- 14 ..... htLTfc 2.4 7.7 71 68 54 DaRertntVli!- 68 . .-. .. d3.86 33 8.5 55 64 55 UleflM3>p — 64 +1 457 L5 10.6 9.7 £52 £36-'* FuJincoKVfm £504,-1, t- - - - EASTERN RAND hosed -.n moxpevlus or mhej «fti.:ul esttomie* tor 

2 25 Srnii/ehSov.Bp. 32 L16 J.8 5.6 7 2 110 93 BmulPuta 101 - -1 4.95’ 45 7.3 45 49 42 Jiu-MyHucli— 45 -2 d?35 0.910 8 15.6 520 325 D. Sub.SJisn5. 507 -ff s— - — - ajauy auxi'iat ibth- 79. K F,curo« « mwdb. *r dhir tOci,l 


2 I 25 (SanlichtSeiv.lop: 32 L16 J.ffl 5.« 72\U0 93 BmuIPuJn 1W - -1 4.95 ’ 7.3^ 4 5 49 42 SiicMvHucJ»_ 45 -2 d? 35 { 0.«0 «15.6 520 325 D.Sub.asn5. 507 -S 5- - -J-l 

2 331* Sutcfiffe Speak- 62 12.66 4.3 fc.« 7.3| 48 39 TapycalsSf. -4 fL93 33 6.H 73 521; ZL Mactmimn Scot* «5>; -1 L67 54i 5.H 5.9 105 73 R.'mn»Tnisl-. 103 -1 269 LlJ 3.g35 6 l(fc 157l;lBrMken»c.._ 

in Itti K-^Lvihi.h:u 1111. nvno: ialfM 1.11* PC 1C iV..hmiCw 1 1 Ml, I (olun 73 U.«uii HIT . 1 111 as CT ail (B I CP Pr^adiimnd Ul. I inlllTJUftl 11 l-io irr i r. m 


EASTERN RAND 


Q10% L4 52 14J) 25 115 R'austontSiyli- — f — I — -I 6.0(107 73 Martin lAiatp- 107 +1 3.76 48 521 46 59 52 P-esedtatondtac. 561;+!; «4 10112136 37 18 (EudDacnRI 

tQ36c L« 23355] 8? I 65 Chapeau W 80 l |M8 } 1^ 7JB13. 0 45 29 Miller IF.ilOji— 45 1.47 3 3 49^ B.8 B5 48 T* Cap- 84-1 _ - - 416 235 feaiLOTRUrO ... , - 

d5.7 3J 5 6 53,100 46 fclayfKJitani.-.. 10Wj.--Jll.257 15^ M114 71 46 Ucmtftul 68 13.54 22 7.« 8.4 223 159 R./b/rioMta to. 220 ...... 7.11 L3 4.8 24J 152 76 fWrieiOOc . .J 117 -1 


41 S3 Sr Bane 152 d5.7 3J 56 53il00 46 day (Richard; 10M ..... A2 57 35 3. 

5». 14 TalbesSp 171; UL56 3.7 4.8 17 J 102 50 CdlrtlDsoD 1'JP 99 -1 332 4.4 5 

?i; 8 Tefabitllhp 9 — — — — 1 25 18 Cuiler Guard- .. -24J; -1; L0Z 33 6. 

.17 93 Thenulj£nd._ 102 J6.7 21 ± (5®! 22 12 Ddcn3l*r.— 16,. -. > - - - 

1 F-, ThTunw Va5p. 9 tffl.«2 3b 69 431142 111 DRfc 1?S -2 711 L8 7 

ID 12 TJurdilUfi l.irZ IB LOO 2 4 8 3 7.0) 67 <3 EasJl.uw« Ppr. 67 .+?. «.» 29 7, 

19 98 TSHiMT Mp 139 -2 +439 3.4 4.8 7.5 70 55 Eucalyptus 62 - -1 431 4 10. 

15 37 rooiini R.ff 44 - - - - 85 63 Ferry firklOp- 1h26p 3.6 d 

■0 36i; T,*ve 651; dL28 4.4 29 83-117 103 finlasHnldincr- 107 b7J32 L6 11 

.7 117 TrilafrarRSnp. 131 -3 +5.24 3.7 60 6.0 51 40 OkOwi _J 0p- 43 — K3. 05 2110 

W; £21!* Tran&Un. liSSL £2Bi a +H, QS1.92 - 3.3 - TO 61 Hamsrmfc&ni*. TO ^ ( ... 4^ 20 9 

14 63 Tcmsponttv— 811 2 t 324 2 2 6.0 lUjOpt Qb^ IKMJfc.. .. - £»z. ? .lQSUp 3.6 3 


3.8114 71 46 Uontftiil 68 t3.54 22 7.9 8.4 223 159 iMUkta 220 ..... 7.11 L3 4.8 24Ji5 2 76 GmpiinSfc . -I 117 |-1 {lQ19c( 18(102 

5.0 6.9 140 102 Nuns. Manic — 140 +1 t3.29 53 33 71 78 67 ?jJe?iuTdlinJ._ 78 .... 3.b5 LI 7 0 20.6 444 271 KirawRl- I 423 1+5 QS5r i 8.0 

62 7.4 50 24 \maJmey3ip- 39 L5 05 5.7 47.0 135 101 Si \«*wTS_ 330 -2 t4J7 1.0 5.2 30.7 75 35 LeslieR* .. ' “ * ~ 1 ' - “ 


106 +2 Q44c 1 
28 +/* +J20c 

404 -3 FC*Dc 


— S9 0 82 58 Piartland-.Y _ 72 d323 6.6 6 7 3J 101 741; >:•< 4B.lsr.50p_ 951; -2 (264 L0 4 1 369 105 52 ManevaJeROS . 

7910.6 L5J; 12 PlcWestWlifo 15 0.70 21 6.9 M.4 181 151 Sc.1 uteVA' 160 -1 ai2 117.618 8 731, 57 S African U Lie 

7.5 71 3J l, fU, do '.VKVJOp.. Ill; DJD 21 9.0 79 361 114 Sc1X.Ea5l.In1~ 150 -2' 2 t4.57 11 45 352 5*1, 31 '.Tatfomein B0e .. 

04 a 93 56 R.K.T l(ta 92 44.76 35 7.7 5.6 44 34 SrM European.. 44 +*>^1.52 LI 52 25 5 34,5 517 KiatelhaakRD.... 

46 92 56 41 Radi*!' PUiMU 55 -1 tri4.00 ’ 3.1 10 9 45 136 fii; SstUrillnr 110 -A 1260 1.1 35 38.7 63 31 Wl.VireiSc 


, .„ , ,44.76 35^ 7.7( 5.6 44 34 Sera European.. 44 +1,11.52 Llj 52(25 5 865 * 517 

41 Radley P&Jim»| 55 -1 |ti|4.00r 3JU10 M 45 136 «i; SatUjriilqr 110. J-ly +260 l.lj 35)».7| 63 31 


361; T.ne 69; dL2S 4.4 29 83-117 103 finla! HnlditiK- 107 b7^2 L6114 71 51 36 Reliance KtuISf. 48 .... 9355 31113 35 1281; 94 s.v'.Moit.fcTa. 12U; -H; 3.35 L0 4 1 375 

117 TialafrarRSnp. 131 -3 +5.24 3.7 6 0 6.0 51 40 Geers Gro*fl0p. ® — K3.JJ5 2110.6 70 35 18 Rirhaidi tap . . 20i; -U; +L05 3.0 9 3 66 168 119 AwtNanonaI._ 163 -1 +350 U 32 42.6 

fJlU rrauAiv tj'SSI- £2B+ a +11* 00.92 — 3.3 — I TO 61 HaBlsra K Son* TO ^,...426 20 9.1 tb 7* 91 69 RmndnnReed. 79 d4.49 25 85 5.4 119«; 86 Sod. Nathan „ 1141; -1'; 341 L0 4.5 33.6 

63 Traasponltv— BllJ i324 22 6.0 115 £30», Q6bg IPGIOlYj. £281;. — tQSlffl) 3.6 3.3 8.7 66 4B S£ET2Pp. ... 66 +1 L84 9 0 4.2 3.9 791; 55^, Sxrt.rWano — 75 -1 h208 LB 4.135.0 


152 LI 52JZ5 5 865 517 p.akelhaakRD.... 
+2.W) | 1.M 35)38.71 63 | 31 (wi.Vi-eJSc 


* 27 5 ewimale* tor 1178. M Tnvidend and n**ld t4urd «n piwmectun 

1 2 or other official e-Timitr* for 1378 Dind'.-nd ana yield 

7 * haver* nn prospect u« nr oilier nHiciol (dime* (or 1979 P 

1 fl 109 Figure, hii-J on provpeeiur or other ofliciil estimale* tor 
1 S , S igifa-ro O lirnv* I Figure, .iv'UTocd Z PHuP-ivt legal to 


tt a i 10 a dale ti Yield ha*ed on assumption Treasure Bill Rato alaj'i 

77 +2 tt^+bc LO 47 4 unchi,ns “ fl rajn * n,v nl ''' , ‘ ck 

64 .. - - — [Ahtore laima df*rti'id» , n'i i; ev v.np i^sue. 0 « ntto; 

fl9 -ll;- Q25c 0.4 30 3 all. if *•% •-.ipiiji di.^nbu!]i»B 

803 +11 ($129c 6 10 0 

6DI; — 2y — — Recent hciiM " and " Right* ** Pag* 99. 


66 +1 184 9lrf 4.ri 3.9 791; 5W, S-7hl.rWano_ 75 -1 lh208| Lrt 4.y3S.0 


H.Ni-eiac — I ~ J-J- •• Recent Issues " and " Rights - Page 22 

FAR WEST RAND This wnic+ IB available tv every Company dealt hi am 

jvnnrSS .. j 359 [-3 [Q63r| 6 [11.0 Suck Fjfchaniee* (hroughonl the United Kingdom Jar a 

-f 9 H, rf. I°* 70c l ♦ :o= Jw oi £400 per annum fnr each security 


961;|-3iJ - | -I- 


3 ( 18 Yiner«|0n MP; 0.96 02 75— 84 48 Tri dam Group’ _ M +P2 4354 LI 59242 32 18 — .. . . ... — „ - 

‘0 I -W« \ rnipn '>0 . 164k -4 hdlW 7.6 0.913.7 70 49 r. : rtar Walter lOp- TO 3.32 35 7.1 6.6 66 46 Tumlmuons 64 . ..381 15 8.9 12.8 197 145 S'critnclftL. — 190 -2 +558 1 

“ '63 TRitel*. 71 ;..._ +335 3.7 7 0 55 58 30 ftace Group 20p . 58* 113 29 5.5 95 .54 44i; T«dai- - 581; -ij 2 76 25 82 63 110 76 ^vkhoHenlm.- 107' .... (2.39 1 

22 WadcPWtattL 30 H.12 33 5.6 6.5 232 186 VhMinpmi] l- 226 1L31 16 7512.8 6?i; 3H; Ti« ? 15n 56 (jl0% 10 20 5L4 108 80 Te:hwiosy.^ 108 +1 264 J 

n Wafter^5oI 33»? d0.91 0.710 2(303* *104 72»; ffatewachs—- 104 3.91 34 56 85 321; 27 Tralferd Carpels 3 . — 169 0.8 7.9(279-105 BH; Temple Bar___ HO -V : h4 82 1 

42 56 2 -2 01.75 2 7 35 121 16 11 *WW*t>«8f»- ^ - — i — -1 — 82 48 TriemtHcIOp— 80 -2 tl86 62 3.S 6J 26 2D; TJto4GMWh._ 251; -J; 1.91 0 

105 n'aid.Wv 295 4.03 * 20 6 M 41 yita-Ttocto...— 54 ...... 3.55 # 93 * 108 86 Tn.up.£S 105 -Z — - 


« 42 Waterford 3p— 56 -2 Q1.75 2 7 33121 

•5 205 WatshamV 295 4.03 * 2.0 J* 

15 48 Watson ELK 10p+- 95 -5 d240 35 35114 

U 89 VMipraod 128 -3 h380 3.6 4.4 73 


88 IhuomilBteft- 107 l 556 25^ 7.SJ 7A,206 TllO iMiRs&AQenaOp ITOm -2 5.0 4 4.2 * 99 84 SidiwIiHkSOp- 91 ...... 611 L5 10.0 10.4 llWi; b5 Stefa** ha. W; -1>; 201 10 3.246.6 Wg 5B9 ErttoBl.. 

V, h'ni/lev I0p_ 56 { !i"!|d229| Jlj 7.4| 5.1 [ 92t,j 62U jMoretVFciT. ?0p I 80 ...... db3J)7 30 5.7 f. 8 75 50 Sirdar. 73 TU186 4 8 5 8 4 3 97 60 [Y.-8T 9H; -U - _ _ _ ?|0 163 Brndtreni GU 20c 

76 lunileier^ 588 -8 1 1269 29( 32l B.l £23,^ £117, CtaliytM 1L— E1W# +h tQ70c 45 1.9129 45 jo SnulliTidmav. 45m . ... y2.03 16 67 13.8 215 1541; pruritus T. Re _ 204 -2 619 L0 4 5 322 153 92 Ebhur^RU 

1 11 ^1-71 -a-- 1 ■■"'■■w - 1 45 -1 «LZB 18 7.6 1L0 106 271; Sn.WwaI.12M. 1021, -31; __ _ _ _ 460 300 Sc+lfteklwUS 430 .. . 025c _ 29 _ £16 890 HaneheedRl — 

6 7 55 29 431, 1««; I* Prir J.LM0.. 63>; +1? - - - - 147 11B ShiroilM.ajp.. 138 -2 B59 10 9.3 15.9 &7 4ffi litaasGoMRi .... 

4.1 3*1015 48 34 SpeneenOrv ) _ 39 -f f2 5 18 9.8 7.7 84 58 SwwlJJOp.— 84 +1 1.52 L2 27 453 ^2 -J32 Ubamn Rl ... . . 

4.4 8.4 72 37 2b Stoddard 1 A .... 37ri +1 L34 4 .5.9 * 127 94 Sphere Im,. 126 .. .335 1.1 4.0 353 602 419 SonrtP aal trie. . -. . 

26 5 510.4 34. 23 Simirl Riley Pr'd. 31 +1 152 5.1 7.3 2.9 165 ' 150 SPUTtaclDp_ 161 -1 +933 1 0 9.4 19.1 330 206 Stiifpnten .iflc . 

LS 10.4 9.4 75 23 TenwYinsuIate- 75 _.... 167 50 3.3 6 3 69 481; snjTCapLtap- 67 -11; - - - - f£pb £11 J.adl ReetnaU;. . 

LI 59 24 2 32 18 Texl'piJryi lOp 31 -1 1.01 4 2 4.8 6 8 122 90 SiarJwpatSen..- 115 311 15 4D25.0|»L R1 -- 

33 7.1 6.6 bt, 46 TumlniiSDos—. 64 ...381 13 8.912.8 197 145 Sicrlincls: 190 -2 +538 L0 42 34.0 ££12 nb^ W Bne Rl . . .. . . 

29 5.5 95.54 4¥z T+uIa]- 501; -tj 2 76 23 82 63 110 76 si-vktoMersIm 107' ....(2.39 L0 3.3 53.3 MJ J52 Western .Meat R1 

16 7.6123 621; 3U; TwroYW 56 Q10% L0 20 5L4 108 80 Te:hJ»tagy.^_ 108 +1 264 * 3.6 6 ?7g 589 JestemDeepR2. 

34 5.6 83 321, 27 Tralferd i^fpels S L69 18 7.9(279-105 811; temple Bar M3 -lb h4 JQ 13 7.119.9 2“ 163 pendpanRI 

- - - 82 48 Triorotltelto— 80 -2 +186 6 2 35 65 26 2U; TW Growth.-. 251,-1; 1.91 0.9 112 14 4 


340 Q50c *1 92 

850 +14 tQ7Bc 1 7( 5.9 

257 -3 — — 

121 -1 t«45c 1 0) 4 2 

9^ *1106 


REGIONAL MARKETS 


271453 [652 M32 [Uh+DoaRl 563 +3 QlOOc U 1L1 — ~ 

2-9l?5-? Ro* ", SSfiJ 21 The toltovnnsts a selection of tendon a-iotanonsef-iharw 


I D 9419 1 330 206 St ilfonteia Me . 302 +2 «M2c 2 3 4.4 |>r( .,; iHls |y luted onl,' in 

— ~ }- 3d ' ‘ ^ ^ 4 1 issue*. Pinst oi whirh ar 

15 4 D 25.0 289 12j l eiterspnsf RJ .. 234 +4 025c * fa 7 .ire-.* quoted on the Ir 

L0 «34.B ^nfeWDneRl. . . |26\ +" ? Q?S5c i 9.1 ... . , „ , 


PROPERTY 


54 41 Vta-Ttacto 54 |3.55 U 93 6 

46 34 Yurh.Fteff.3tp. 43 +1 [ 1.85 0.2 6^ — 

59 31 Yooghal 40 {208 — ] 7 fl _ 


66| — 831, 64 nfjwnwttnn 83 445 LO 82(133 

— 031 OOSU-., ®^Loan_ £329 Q8bn 203 tbS _ 110 175 


ji ^ -i ■ » 5 si 1 - i j si - - is,, :L ^1 2i i 

192 142 Tnny.fcsnic- 186 -1 5.03 I 4.1^352 Jg ^ trm* rJ Fi £ ln 


* 10a * 


TOBACCOS 


192 142 Trons.iWanii'-. 186 -1 5.03 
81 5o. |Tn mme Invest-. 77 -J; hL32 


li) sbu £ US Ksssr* 


nm\w r* KS»r.:.7: 


R1 198 ... +Q13o 27t 3.3 Atb+ny tn« 30p 25 

IC. 935 1+24 *W2 5h 2dl 53 A-'liS-pmnuiB 48 

i.'Ii.ii er ".'rnft . . 26 

AFQ Fraici Rn;e£l 520 

v.r .9. Dy f nn I a A. - \ 39 

» j 100 1 !Q32c I 20] 7 2 S^ McHrt>r " » 

R . * £ » 1 tS «K«r 27\ 72 gm 

B ‘- 2 LsJrJ r, FlntovFkgSp .21 


in r+ginnitl markrtf Pnco rd Irish 
are not officinlly listed in London, 
Irish exrhancc 

j • ( Shelf Relr,hmt I 63 I J 

| SindalliWro., .( }H | I 


ape I 423 +a 


16 281; WMriiFUML- 29 — — — j - -g 79 Beaumont Prop*. H7 -2 ML87 U 6.6 192 r !fl h , ,TT, a , • | £ Zs B85 

.9 45 Whte*J.i-_- r 69 - ... t3|l L9 84 9J^| 47 ^r-C HUup- 62 +1 +d4.06 1 4 98 M.8 ni, taSriai 87 It, III 

SffiSfSW- iS +1 Tn 47J; nelta^HW^- « ~A 1291 - 64 - » ^ {Snnvl^ 641;. * £?? 


346 (267 IPATTndj 1 317 |-8 |tl321 

3tW b27 in IXd 278 1-7 - 


39 HI; Imperial . 


V{ 471 8,1 Gr.ilL-Ship El 125 
>c I ®-5l 3.3| lliccon, Hrcw 77 


f t $ W SHgjWft!=S?S-J «kllB 

: :• >6 36 . WiJJiamsfJ 1 51 -1 t279 35 &2 -66 275 200 Briid/nnnYop - 2S5 691 42 4.0 8.9 

"■ *4 47 Wills'Geargei.-. 56 Lit 42 53 151, 551^ gm. AiuaniSp- .. .. — — — — 

; .11 30 Wilson Waiiw Hip. 40 . ...... +3-28 2.71 22 4.7 28 BnUfkLami 46 — 1 — — — — TPTTCTS ItTNAltf/T? 1 

>4 J61; ttinnLT&^_ 50+; -i; 2B4 2.6 8.4 6.4 £jgg £jjg ft, ckUpUBL. £174 -1 Q12% — Ul — TKL&i&, r INANCE, 1 

: :j S SBffiK 5f 2 i $7 ] y >6 g. g+saast » 4 in B BSS Investment Tmste 

y 8 8 18 ft 9 til » 1 8 9SS&9 W T - - - J ,8 LS KS5&-I A 111 \\H 


com- P%'Rn/B2. 

m> 4 

+»• 

Alliance Cta* 

62 


Arnotl ..... 

370 


CanroLltPJ i. . . 

105 


Clonrialkin . .. 

9thd 

+2 

Cnnerete rrods. 

145nl 


Heiton* Hides.- 

45 


Ins. C'nrp 

175 


Inyh Ropes. ... 

130 


Jamb 

65 

+2 

Sunbeam . 

9Ztf 


TNT« 

100 

+4 

Lnldare 

uo 



106*; B0i; I ieh Corp._ 101 -IN 3.57 lffl 53277 

203 163 1 .'i'ioiefdT»L 203 -l1t6 03 11 4.4 30 3 

900 600 '.'Trust Fund 5U 855 -lO QTOc -J 0.6 - 


___ _ fWJ OLHJ 'iiu^runoai- g» -10 yiUC — U.D — 

TRUSTS. FINANCE. LAND Wl 2 74 8ttw» 93 1.2 1£69 9 755 424 Ar. ? AmCnaJ50c.. 755 +5 QMc 34(4, 

in l, 0*0. MJH1W gq 2 tfil W.i4Tmj:op 78 -u 0.76 IS L5 712 378 246 ^ofttiier iOe ... 378 +2 Q362e 2 0 5 

Investment Trusts 3 2o 273 Y.em>«inv£i .. 317 -t 10.97 bii 52 26.4 c2o%a«i ukahMiiri. £19 -u roifuc 11 5 

UIVCSUIKUL aiuMfa a9 171 Winieitmtom _ 215 ...+4.67 10 32 451 950 621 Anc-VaJSfe 925 +25 0115c 6 7 

49 (Atetoolms.-I 60 ]+l 1 239 } L0( 5.9124.9 104 69«; 'Allan tae_ 100 -1'; 231 Lffl 3 5 418 172 119 i.TcnerCuns 


FINANCE 


755 +5 QMc 34f 4.7 

378 +2 Q36 2e 2 0 57 

£19 -j* tblfdc 11 52 

925 +25 Q115c * 7 4 


INSURANCE 

t5t«{CLT.i_J 136 l-l .1299 ( 5, 


215 129 DaUpilaiSOp. 2U. 1-3 0.43 - (L3 - 


ii£ lit I.mrtercims..-. 165 . 843 ql 4 7.6 u 

204 163 iCous Gnjj Field? _ 186 -1 tl.19 2.6 7.4 

23 17 East fond t^n. lOp HM* 1.07 L3 81 industrial* 

£TOJ* £14 ifraMiiuucK ... E20J, -I, +t»25c 2.1 6.7 * Brew 

£16S,;£HH,Gol-iFalii.LSc-. a4>*a +i* Ql35c 6 56 Aipnemen 
£18 £10 i6l«iNfdfty.R:„ 06A, +i* Sl70r 6 63 rsr 

235 138 Middle flTtl 25c _ — 205 .... toe 4 73 tubwek '. 


OPTIONS 
3-month Call Rates 


■ i ' iSL H I CI 20 TubeInt.-esL._i 30 1 

li 4 + 1 6-J A- Brew fit; -Inifte-. ... fa Unilever (35 1 

! 4 t ?& A. V Cement 18 I*' I*. 20 ltd Drapery J 7»,{ 

+ 1 * 9170c 6 63 H.SR 9 Inveresk .... 8 Vickrrs ^lol 

.... toe * 73 B+bcocIt 11 KCA 3 Woolwartha.,..| 5 I 

‘.9 4.6 Barriay.i Bank 25 Ladiirnke 17 

> 33 Beecham 35 Le/taliiCen... 34 Property 

> 7.5 Boots Ptuk - 15 LexSemte .. 7 griuLand ,| 33*( 

.9 56 Bnti«h nvy«n fa London Hnck. 5 TWiiSSSSSlS I 


33 143 Lceal i-Gen.jp- 162 “4 5 86 — 5.4 305 

24 66 Les-driitML-JOp 124 *4454 21 5.5 13 6 JW 

JO 120 Um.iSiin.5m 134 -2 t*58 - 73 - BU 

K 132 IflatiWili-ieos'P 1WW *3 +1+3.83 43 3.0 113 A 

15 157 MattnfcFffr.fflp. 193 -2 +933 21 72 91 37fi 

- 16 • 151 tfntf ffldjp-alpi 208- 4-1 338- A3 ZA 128 22\ 

' • J7 47 M . .... 163 * * « 

12 21b FearISp 24&sl ~2 1278 - 7.7 — TO 

• 92 232 Phoemr.^-— 2» -4 +1M1 _ 62 - 6« 

• 43 120 Provident K A — 140 ....... 829 - * 8 — » 

. 42 120 Do.."B" i 240' ,h- 829 -82-272 


ii i«" u “i» DIAMOND AND PLATINUM 

...... L2 3.6 11.9 3-4 

. .. 0.50 6.3 29 8.4 M9 DO AoelfrAniiwjtfe. £4§3* Q600c l.JLf 

-2 5.01' L2 58 20.9 11* 64 ESsteps^ePitUR. 99*4-1 Q9.2c « 

see- Property 488 285 De Seers 487 +7 ffe25c 33 

- - £12**925 Do46pePf.E5._ £11 wSBe 39U 

203 * 9.8; } IS M i2!.< W -1 »27e LO 

...... •— - 107 70 {RubFULlOe— __ 100 -1 |tQ2^ 14 


1 C -t a Broun I J r _ CU UJnrun. . 3 Lanrf< 5 *r+C U 

S C ^ H Runm-A .... 12 Luc.iyliid* _ 25 SgS^*»“ S 

inn H ?-9 Cadburyf. .. 5 teonsij....... 10 F 

TOO 12 5 3 cwmauM* .. 10 H+lams* 7 Suffcsr' ! 

W%163 — iK-h-.iihgm? .. S Mrks & $iiner IQ j j 

?°5r 3 4 4 2 Ln-ttllorp 15 Mid land Bank 25 l-« 

J30c 12 69 Dunlop 7 NKI 12 oj|, 

J?Bc 16 68 Kapli* star II ri.it We-u Ftari. a ^ _ , 

I7lic 10 64 F. Ml 14 Dn Warranto 10 Bril. Prirwemtu 45 

fe-n Accident 17 r&ODId 8 Burwah OU.„ 5 

i-rfrn. Ele--m«.- 18 Plcssey ... 8 CJ+arieriwll.... 3 

■NITM «law... « RU.M .5 Shell 28 

IN Uin Grand Met . 9 Rank Orp ‘A IB L'Jiraniar 20 

_.C.l i S , A- ... 20 Reedlntnl . 12 ... 

>Mc 1.1 7.4 Guardian. ... IB SpiUoro 3 “*»»» . 

t.fcC * 3 - 6 ,Gl 1 CN 22 Te**i» ... 4 Charter Cm, 1 19 

13 6.5 rawkcrSnirf - 20 Thorn ...._ 22 cons Gold I M 

raic39Ul09 House nifr«er. 12 Trust Houses.. 25 ftioT.ZInelZ"-! 16 

Zx 14 ± A li Options traded is gnun (fas 

• *, London block Exchange Fie port page . 




26 


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RETHFON COMPUTERS LfWOED . 
KELVIN WAf.CRA VVLtY, SUSSEX. ' 


MAN OF THE WEEK 


Survival 

through 

innovation 

BY TERRY DODSWORTH 


BACK IN 1974, when British 
interest rales were heading fur 
20 per cent and property specu- 
lators literally crying all the 
way in the hank, everyone began 
i.o wonder about the future of 
Heron Corporation. It was the 
quintessential property company 
of its time, run hy a ynun" tro- 
ver; developer with a taste for 
fast cars, who Ion Led as though 
he might have -jone too far tno 
quickly. But Gerald Rnnson. 
tlien 35. says that he was never 
once asked an anxious question 
nv hi? bankers, "not in 1974. 
1975 Or 1976.“ Heron Cnrpura- 
fjnn just went on srn-.vins. until 
now. nn some reckonings, it is 
the second largest private group 
in the UK with a turnover last 
year of about £3(K>m. 

Last week. Heron =hot back 
into the public eye in Britain av 
one of the two leading parlners 
in plans for a huge office, hotel 
and residential complex on the 
South Bank in London. Heron's 



t & 

(Jerald Ronswi 
"We liat-e not run ntrap" 

share in the development will 
cost £60m at lu-day's prices, 
consolidating the group's posi- 
tion as one of the few active 
survivors of the development 
boom. But even without this 
project, which could run into 
substantial opposition from the 
Labour-controlled Lambeth Coun- 
cil. Heron has a large UK port- 
folio spread around the country, 
plus widespread interests on the 
Continent. 

Ronson himself lays consider- 
able stress upon the depth of 
the base in property because the 
group nowadays lends to lack 
definition in the public eye. 
Heron is one oF the largest petrol 
station operators in the country, 
the fourth largest motor distribu- 
tor and seventh largest house- 
holder (his figures!. It also 
owns the Suzuki UK franchise, 
along with the Ingersoil watch 
and the National Insurance and 
Guarantee Corporation. 

This mixture of business is not 
as unconsidered as it sounds. 
Although Ronsnn was attracted 
to the first of these retailing 
businesses, petrol, by the idea 
of taking on the oil majors and 
developing .self-service in Britain, 
the big appeal was in the 
marriage of a high cash-flow 
business with rhp long-term 
capital appreciation of property. 
The first years of a development 
often have to be “ deficit 
financed/' in F orison's words, 
because, until the first rent 
review, income does not meet 
interest payments on the money 
borrowed for the project. 
Fonson's idea was m use cash 
generated in the petrol business 
as a level for the inlerest 
payments. 


Survived 


On this basis, his property 
portfolio survived the market 
■crash intact: and it remains, says 
Fonsnn. the base of the business. 
“ The mot of everything I do is 
real estate, whether it is u*ed as 
offices, nr to sell mruor cars, 
petrol or anything else." The 
result of This philosophy is a 
company which is directed in a 
highly unconventional manner. 
Heron, for example, never pays 
dividends. Assets are given more 
attention than profits. and 
revenue is virtually all ie- 
in vested anyway tn he turned into 
more assets. Fnr similar reasons. 
Ronsnn has never wanted tn go 
public. Shareholders, he says, 
demand dividends, and look to 
short term inlerests ralher than 
long term gain. 

It has not escaped public atten- 
tion. of course, that this is also 
ah ideal way of keeping 3 private 
company t Heron is owned hy 
family trusts) Intact and growing 
■while not creating ton muen tax- 
able profit. But Ronson ‘argues 
that choices have to he made, 
and his choice is for long-term 
growth. It is 3n approach which 
has taken him a long way from 
jus roots in that now largely- 
eclipsed group of property 
entrepreneurs who emerged in 
the late 1960s. and although he 
retains something of the sheen 
of that period, his conversion 
these days is all about solid gear- 
ing, sound assets and hard work. 
- 1 think we have a record wc 
can be proud nf." he says. “ We 
are still here. We have not 
praijrratod and we have not run 
away- We have not shirked nur 
responsibilities in any way. I 
regard m? e elf « a capitalist with 
a «ocial conscience." Lambeth 
Council, take note. 


IJK building societies ready 
to move into Europe 


BY TIM DICKSON 

BRITAIN'S BIGGEST huilding 
societies are ready i 0 extend 
their operations tn other EEC 
countries by the mid-1980s. 

Two Building Societies' Asso- 
ciation working parties are 
•nuking at the legal and finan- 
cial complications of opening 
branche*. on the continent. 

In particular, the lwn croups, 
formed earlier this year, are 
studying methods nf housing 
finance m West Germany and 
Belgium — countries which 
appear in offer the most scope. 

Belgium has almost certainly 
been chosen because of the size- 
ank British colony around 
likely tn respond io the 
opportunity nf borrowing from a 
Ern;<h building society." 

Potential is also seen there for 
attracting savings from expatri- 
ates -.vi shins in huy property in 
Britain once they reiurn home. 


In West Germany, attention 
is being focused on the success 
nf organisations such as the 
Bausparkassen, the next largest 
similar group of institutions in 
Europe. 

Further studies of other 
countries will apparently be 
carried out in due course. 

Each foreign establishment 
would almost certainly be self- 
financing. initially at least, draw- 
ing finance from local investors. 
At the same time, with the 
prospect of closer EEC monetary 
eo-operation. the possibility of 
loans made across frontiers io 
European units of account has 
already been discussed. 

Building societies are 
prevented by statute from 
operating outside the UK, and 
there is understood to he little 
Government enthusiasm for 
■ hanging the law. 


Nevertheless, the societies’ 
aspirations, which follow the 
growing. internationalism of such 
financial institutions as banks 
and insurance, companies, have 
met a positive response in 
Brussels. 

The first ■’ EEC legislative 
initiative was taken last Decem- 
ber with the issue of the first 
Council directive on the 
co-ordination of laws and regula- 
tions relating to credit institu- 
tions. .including building 
societies. 

This required EEC countries 
to set up licensing and authoris- 
ing procedures within two years. 
The UK Government, however, 
has decided to defer immediate 
action hecau.se of the shortage of 
Parliamentary .time. 

Building society hopes are now 
pinned nn a second directive, 
specifically for housing finance 


institutions. likely to be issued 
in the next three or four years. 

This is expected to require 
member states to pass the 
appropriate legislation which 
would open the door to the Con- 
tinent for the UK’s societies. 
‘Detailed harmonisation of the 
different procedures for borrow- 
ing and lending is not planned, 
however. 

In the UK, building society 
leaders dismiss Government 
fears of a sudden Bight of assets 
from Britain. They claim the 
funds are more likely to move 
in the opposite direction and 
suggest that facilities to siphon 
off excess mortgage cash might 
appeal to some ministers. 

Even with the necessary 
legislation, it is unlikely that 
more than the 10 biggest societies 
could ever justify opening 
branches -on the continent. 


Guest Keen buys £24m 
more of Uni-Cardan 


BY KENNETH GOODING 

GUEST KEEN and Nettlefnids is 
to spend DM 95m (£24.7ml to 
increase its influence at Uni- 
Cardan. its West German motor 
components subsidiary. 

GKN owns 59.5 per cent nf 
Uni -Card an shares and has per- 
suaded minority shareholders to 
part with an additional 21.6 per 
cent for cash. 

As Uni-Cardan is a subsidiary. 
CK.V will not face any problems 
wnli the German authorities of 
the kind which prevented its 
acquisition of the Sachs com- 
ponents group. The West 
German cartel office ruled 
against the bid for Sachs and. 
after a two-year battle. GKN 
gave up in June its struggle io 
have the courts reverse the 
decision. 

Technical co-operation between 
GKN and Um-Cardan has been 
growing and the UK group nuw 
Feels an even-closer association 


would enable a worldwide 
strategy for its transmission 
manufacturing operations to be 
developed around GKN's British 
olnnts and Uni-Cardan, which 
has factories in France 3nd Italy 
as well as West Germany. 

In particular, both groups have 
been closely involved in meet- 
ing expanding demand for con- 
stant velocity joints for frout- 
wheel-drlve application and for 
which the U.S. is a growing 
market. 

A mixed team from GKN and 
Uni-Cardan is in the U.S. io con- 
nection with the building nf a 
GKN factory at Sanford, North 
Carolina, which should be pro- 
ducing 400.000 sets of front- 
wheel-drive units after it comes 
on' stream in J980. 

The smaller. less- thirsty 
vehicles to incorporate the rront- 
wheel-drive units are being 
described a s the “world car'' 
because they would offer much 


more potential for export than 
current American models. 

GKN also is buying more| 
overseas profits by’ acquiring j 
more of Uni-Cardan. The Westi 
German concern is believed to{ 
have achieved sales of about! 
£230m last year and has been I 
described by GKN as a very- 
profitable company. 

The cash involved will be] 
raised by borrowings outside the] 
UK. . j 

GKN certainly should have no ! 
problems .in ‘borrowing the] 
money but the' deal once again 
raised questions^about how long 
the group will hold on to its' 
near-25 per cem stake in Sachs . \ 
GKN also announced yester-j 
day results For the half-year to: 
June which showed taxable profit [ 
up from £40.$oi in the same! 
period of 1977 to 142m on turn- 
over which ’increased from 
£ 846.7m to £S99;6m. 

Results, Page ]fi 


Agreement 
on Reksten 
payments 

By Christine Moir 

OSLO. Sept. IS. 

CREDITORS OF the troubled 
Norwegian tanker group. Reksten 
— which include Hambros Bank 
and Aker Shipbuilding — will 
share risks on interest payments 
with the Norwegian Shipping 
Guarantee Institute from the end 
of next year. However, the 
principle of guarantees has been 
extended until at least 1982. 

This is the outcome of a new 
agreement which between the 
institute and Hambros after 
months of tough negotiations, of 
which further details emerged 
in Oslo today. 

The imni ediaic implication is 
that the insmulc will continue 
to meet its commitments under 
existing agreements. which 
expire at the end of 1979, in 
full. Under these, the institute 
has Guaranteed an umbrella loan 
which Reksten uses to meet its 
interest payments on its com- 
mercial debts and the laying-up 
costs on the idle part of its fleet. 

Tn the following years, this 
umbrella loan will continue to 
be underwritten hy the institute, 
but the laiinc-up costs and 
actual interest payments on com- 
mercial loans will be under- 
write n hy each of the creditors 
on a pro nil a basis. 

In practice. this will mean 
ihat if Reksten continues to be 
unable to meet its interest pay- 
ments out nf its nwn cashflow, 
each creditor will have to take 
separate responsibility on its own 
loan. 

For the institute. this would 
mean a reduction in its present 
commitment, since it would then 
he responsible only for meeting 
interest on me umbrella loan. 

For Hambros Bank, i\ could 
mean rolling up the interest on 
its loanS to Rckrten — thought to 
he about £50m. The same would 
apply to the other main creditor. 
Aker, m which Fred Olsen has 
the controlling stake. 

However. ihe‘ parties believe — 
and the Norwegian shipping com- 
munity confirms — that there is 
only a slight change that credi- 
tors will have to bear the full 
interest burden. 

Last week. the two Reksten 
operating companies. Trajan and 
Had ria o . e s (<un a ted Uia i they 
would show a >mal-l surplus on 
the trading account for 1978. 

This .means they would be able 
to make a roken gesture towards 
1-av -up costs and inlerest charges. 

In London. Hambros Bank 
shares rioted at 198p. up lip. 


Brae Field oil 
estimate cut 

BY KEYIN DONE, ENERGY CORRESPONDENT 


MARATHON OIL has substan- 
tially lowered its estimates of 
the oil reserves that can be 
extracted from the southern por- 
tion of the North Sea Brae Field. 

Mr. Eltner Graham, the senior 
vice-president for finance and 
administration, said yesterday 
that the company believed there 
were 250m barrels of oil that 
could be produced from the 
southern part of biock 16/7A. 

Until recently the company has 
talked of the field having 
recoverable reserves in excess of 
500m barrels, but this figure is 
now attributed to total reserves 


BfllWPt 



£ BRAE* 

MPf R Tomj esuiPNwl 

^ \Nonnguii 

y , _ THUMaX 

/ ■ . •• •'■HOREM 

r ORtm _12U^-V — 

r 1 " “ ANDREW 


Steel bid 
to boost 
Liberals 

BY ELINOR GOODMAN 

MR. DAVID STEEL will try 
today to revive the Liberals’ 
spirits and re-establish their 
independence at the end of an 
assembly which has done little 
to enhance the party’s reputa- 
tion for serious politics. 

In his closing address to 
delegates, the Liberal leader 
will concentrate on reaffirming 
the party's long-term alms 
rather than dealing with short- 
term strategy. 

Yesterday, with Mr. Jeremy 
Thorpe, the former, leader, 
out of Southport, delegates 
did their best to confirm the 
party's independent policies. 

By voting for a statutory 
incomes policy, they made it 
possible for candidates to 
claim to represent the only 
party honest enough to sup- 
port openly statutory incomes 
controls. 

They also backed the TUC’s 
demands for a 35-hoar week, 
provided that no cut in hours 
should he made if it increased 
unit costs. 

With Mr. Jo Grimond. the 
party's elder statesman beside 
him. Mr. Steel is expected to 
reaffirm today the radical, 
independent nature of Liberal 
thinking. 

Bather than dwelling too 
long on the possibility of 
another parliamentary pact — 
he has already promised to 
vote against the Queen’s 
Speech— he will emphasise 
the factors which distinguish 
the .Liberal Party from its 
rivals. 

Conference report Page 4 


Weather 



Foams 


l\ 


UK TODAY 
MAINLY dry; warm. 

London, S-E. England. E- Anglia, 
Cent. S. England, E. Midlands 
E. England 

Mainly dry. sun, warm. Max. 
; 21C (70F-». 


in block 18/7 A, rather than the 0 pt for one or two steel plat-jW. Midlands, Channel Is, S.W. 
southern part. forms and a scheme of offshore England. Wales, NW. England, 

Mr. Graham said that initial loading. Lakes, Cent. N. England, N.E. 

production could begin irr late ‘ r ,.. . en th .,. Cloudy, bright periods, dry- 

1982 or 1983. Mr. Graham also said, that j Mjr _ I7 C-19C f63F-66F). 

Some of Marathon's partners Marathon expects to isle of Man, S.W. Scotland, 

in the Brae group have been d ^ iv ^ in 2 vita ! Glasgow, Cent Highlands, Moray- 

less optimistic about the field’s i-ustomers^froni the J™*] Firth, N.E. Scotland, Argyll, N.W, 

prospects and the timescale in m l ‘ ie Celtic Sea this month. ] Spnttanrij Orkney, Shetland, N. 
which it could be developed. He told analysts in St Louis, [ Ireland 

Already the croup has drilled U.S.. that initial production of Cloud, rain. Max. 13C-16C 
13 wells on the structure, which 15m cubic feet a day would rise! {55F-61F). 

has proved one of the most per- to 50m a day by the end of the) Borders, Edinburgh, Dundee, 

plexing discoveries in the North year. i Aberdeen 

Sea. The rate would he 125 m cubic! Bright, rain spreading. Max. 


r i 


he field. It is Marathon’s capital spending next] wesitrlv winds exnected 

the plan can year would be ahoiitW/.i. and! t ‘rifewavto a S dn 
l ?!* ! h , at nw ? r _ the . five years capi-j L t * , cr Lriod. Farther un- 


j sufficient appraisal wells have were, ready to take this quantity. 
: been drilled to draw up a probably parly npxt year, 
i development plan for the Mr. Graham said, that 
•southern part of the field, 
istill hopeful that 

be agreed hy its partners and the that over the next five' years capi 
Department of Energy by the end tal and exploration expenditure 
nf the year. But it seems unlikely would average almost $700m a 
that it will meet this timetable, year. 

| In the past Marathon has ’ The outlay would reach ?90rtm 
i talked about installing a number in the year of heaviest ependi- 
of platforms, production facili- ture fnr the development of 
lies and a pipeline. This proposal Block 16-7 A as well as provision 
has been sealed down, and it now for possible development In 
seems likely that it will final ly Indonesia. 

j Continued from Page 1 

U.S. prime rates 

volume of short-tenn certificate rates in its open market npera- 
nf deposit paper at higher tions. Most money - market 
borrowing costs. The New York economists have concluded that 
City banks are also seeing a a week ago on Friday the Fed 
revival in their commercial and cased the kev Federal funds 
industrial loan demand. After target rale up ‘from 8J per cent 
some stagnation in the summer to 8? per cent, 
and with demand higher it is . ... _. .. 

easier for ihe mio increase the T“‘ of •! the Fed b 

cost of funds. policy, the continuing strong 

Today's prime rale increase ? 1 f ni ?, n ° s for credit throughout 
follows a sharp rise in the U.S. * ‘ ecfinom > and tbe growth 

money supply yesterday (Ml _ * money supply - which is 


Ou tlook: Changeable. 

. Long-range forecast to' mid- 
Oetoher: Changeable, with 


hut cooler period. Further un- 
settled spells likely later, 
especially in the sooth- 


.BUSINESS CENTRES 


Vfiay | 


Yda 

midday 


Shareholders 
to see works 


the Federal Reserve will con- 


MORE THAN 4(Hl shareholders! 
of Hawkins and Ttpsnn wHl! 
attend an open day at the enm-j 
pany's Hailsham factories next.! 
Thursday. i policy, is 

The next day. Prince's Anne. | Tuesday, 
writ viFit the factories for a; 
presentation. 


The Board’s open market com- ond nr year, 
miltcp. which meets monthly tn Among the hanks which 
set the. central banks credit quickly followed the Citibank- 
policy. is due to meet again on lead this momma were Chase 
In recent weeks the Manhattan. Morgan ‘ Guaranty. 
Fed has been exerting upward Continental Illinois and' Bankers' 
pressure on short-term interest Trust. 




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HOUDAY RESORTS 

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THE LEX COLUMN 


A cautious 







80-£M — : 

- GKN TRADING SURPLUS -| 



' 1976 1977 *78 


A 13p rise to 297p in Guest ^ 

Keen yesterday signalled the T foil si L. 53ft & 

market's relief about a set ;of Index tell 3.1 TO DJV.* 
interim figures that might have — — — ■■ 

been a fair bit worse. Profits of 
£42m before tax compare -with 
£40 .3m .in the first half of 1977 
— and just £31.5m in the second. 

However, an unchanged interim 
dividend is evidence ' of the 
group's continuing ‘ uncertainty 
about the short-term 1 ohtlobk 
and best profits seem : im- 
likely to rise much above the 
first-half level during the rest 
of the year. 

Automotive components 
account for the biggest* chunk 
of the upturn so far.: The UK 
side has largely recovered 'from 
a strike-hit period towards the 
end of 1977, and the German 
market is looking healthier ' 
after an uncertain. ; period Stock market 
around, the turn of fife year. . . , » 

But tractors are a problem: Equities ^edjoack a little 

they accounted for perhaps a J“ te . rd fS 

hittin* forgings as as duced for ^ miiy— sorae of 

Ss s-sSs -nr«M lv si 

result of union leaders will all be good 

the ™ f . ele 5jf[5 L_ P hid boys during the coming wage 

ln ' if* -Tjg* Jjf r d round, and that nothing will be 

teeming U^uWes ‘ done to t0 rpedo the Govem- 

GKN sees no sign- of -any. -real ment - s election chances next 
improvement ln the world, aeel SDr j no 
industry, and reckons that the p 

D’ Avignon plan has done little But lf Jt wante f t0, 
to help. Similarly the.- imraedf- market could have interpreted 
ate outlook for steeL stockfiold- the delay to quite a different 
ing and distribution- not very wa >- The fact is that most fund 
injuring . V'. ' . - manager® are bullish . about 

Meanwhile the group con- equities, which, tha * * or - 

tinues to invest heavily through them most news is good pews 
this period of dull profits. Th ^ r f e '» no great stream of 
Spending on fixed -assets and rights tesues to sap their en- 
working capital could exceed thusmsm. the Silt-edfied market 
net cash flow this year by *s n pL for the moment at least, 
upwards of I30m. on top of proving a powerful magnet, and 
which it is spending fMAn-to sellers are, few and far between, 
increase its holding in ' IJni- Profits news is. noticeably 
Cardan of West Germany' from brighter than seemed possible a 
59.5 to 81.1 per cent Following few months ago. Guest Keen is 
its frustration with the Sachs the latest in a string of shares 
offer, this move underlines .which have reacted strongly to 
GKN’s enthusiasm about what it trading news this week — and 
sees as a rapidly growing inter- the cyclical indicators published 
national market for front-wbeeL yesterday suggest a healthy 
drive cars. The main minority trend ;. in the underlying 
holder is now the senior Ger- economy for the moihent. 
man executive— who is keeping However the message coming 
most of his shares. . from the gilt edged market 

The rights issue in 1977 should not be ignored. The. FT 
means that any progress in Goverment Securities Index 
earnings per share this, year has hardly budged since the 
will be limited. But the trends economic package in June, even 
seem to be pointing — however though in real terms the current- 
gently — in the right direction, returns jqow available look very 
and the yield is 8 per cent. . attractive. Although the latest 


monetary figures shov that. 1, : 
money suppJy ts firmly^ 11® - * 
control, there is a dinger D- ' 
by the end' of the year .'! 
Government- will be finding 
difficult to balance the grov 
in bank lending with its* 0 
borrowing heeds. There 
a great deal of " uncertaii 
about the outlook for waj - 
during J979. And the -chan 
of any . worthwhile drop 
interest fates from their pre* • 
levels look slim at . presen 7 , 
especially when prime rates 
the U.S. could be heading 
wards double figures. 

United Bisca its 

United Biscuits is not. a* " 
originally hoped, going to j ‘ 
dace a much higher rate 
growth in its second half tha 
did in the first six months. 3 
was the message in yesterd. 
interim statement which left 
UB shares 7p lower at 87p, . 
pite the 9 per cent improveir 
.in pre-tax profits — to £18.6i 
for the first six months’ trad 
■Without currency effects, the * 
teriin figure would have 
£600,000 higher, .1^ J 

The story behind the fig 
is a mixture of improved rex 
from UK trading f despite all r 
competition) a decline in-.">jLL 
pm6t contribution from ‘ * 
U.S. — and more than dnut , 
losses (at £518.000) in 
where Spain is the problem. ^’ w £ l 
is hoping for •■"much- be* 
second half from the Spat 
business, but il. results do 
show through it may have 
pull out. 

In the UK. sales are up 
per cent, and the ‘ trading ‘tr 
gin has improved slightly, 
terms nf volume, biscuit s 
are aheaS only marginally 
the period. Better performar 
come from crisps 1 17 per ce 
savouries (11 per cent) 
frozen foods (8 per cent), 
price resistance knocked 
amount of nuts sold hack at 
IT per cent. • 

Spain apart, the grot 
toughest prohlem for the 
month* has been coping ,v 
one of the worst winters in 
U.S. fnr some time. KeeW 
sales volume is up by only 
per cent and the company"*... 
been fighting tn hold its mat 
share. It could be 1980 hel ". 
Keebler’s new product 
facilities begin to show thro 
in the profit and loss acco' ‘ 

At 87p the shares trade p 
pective p/e of about 10J. % 
a yield of just more than 5. 
cent. 


rt f 

0 ! 


4 



What the stars don’t foretell 


HlNE’^sWr deluxe - 

The number of stars On a -bottle doesn’t tdl you . 
much about the quality of the contents, but the 
name on the label can mean a great deal. Taste Hine 
de luxe and vou willimmedia cel y know you 
are drinking a Cognac of'qualky and distinction, 
stars notwithstanding 

HINEYSOP ” 

It- stars counted tor amthing, long-aged HineVSOP 
would command a consteUatioruThis is truly the 
Connoisseurs’ Cognac, appreciated everywhere 
tor its depth and subtlety 

HINE “ANTIQUE” 

A star of the Hrsr ma.enimdein the Cognac 
firmament. Rare, cosrly and distinctively 
packed to make it a riartering gift- a present 
ybu may prefer to give vtfufsidfc 

HINE “OLD \TNTA<SE” . 

Only small quantities of this superb 
ancient Grande Champagne Cognac are 
produced, and’ the p tic e is ihexi tabl y 
astronomic. Ownership guarantees a 
veritable galaxy of friends! ~ 

Hine W 

The Connoisseurs’ 

Cognac*: 

For an informative leaflet on CogRK&ij seacl a postcard rp 
Dept -FT. 6th Floor, 1 Oxendon Street. London SWD .4EG- 


Registered at Die Post :0 »*- ,n I S"* 1 VUWwh-d 
- v F J* • - • . Fmaactai Tim.. ^ 




i