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.’FROM? 

John Williams 


GARDIFF 336 Z 2 


GENERAL 


BUSINESS 


i ii 

- * aft 




remier . Equities 
starts ™ easy; 

Kannda Gilts 

1 m am B1IBBB gf » ^1 u uaiurs catiea tar an aii-nui an umueaiaie sidkc is tne oniy mm <uer<.‘ snouia oe ai 

I-aII f ft official strike to increase the way of ensuring that their official strike has to he con 

I rfjfi ■ company’s 5 per cent offer. negotiators do not settle within • ••' 

■d-rtllran Members of the negotiating by i*e sei en-treek-long unoffi- 

1 I l/G A rnniTirc Mnn .^, nn< < . . committee unanimously rejected proau y payments. rial : strike hv machinists at 

Lfl. 11% ^ * E 5i L i T i ES <»^ n p7ra W I«ll! * b lile offer Ltbled on Thursday, and Union negotiators marie their i^ylam* Vehicles’ Baihgatc 

unsettled by tlM Fora dispute. nj ado lhelr strikc calI aBainst a strike call after a 21-hour meet- and t^ctor racforf wS 

... . . „ , Share Index Tell 7,1 tfr close at background of mounting tin- mg m which Mr. Ron Todd, their ^Oed off at a mass meeting of 

The Prime Minister, Mr. James 51S.U. a loss on ihe-week of 1 1.8. official walkouts in Ford plants leader, telephoned Mr. Paul SSers iSav Snioi!' 

Lallaclian. has he cun crucial ■ ■ - Lhrfmnhnnr thp mnnirv Room. Ford's emolovee relations , v. 


OPEN CONFRONTATION WITH PA Y POLICY OVER 5% OFFER 

All-out strike call at 


BY ALAN PIKE and CHRISTIAN TYLER 



THE FORD pay claim developed who had expected a degree of of siting i he Ford workers more soon as details of the offer "Our position has not changed, 
into an undisguised confronts- unofficial action. money without breaching the became known on Thursday. We still believe that the produc- 
tion with the Government's pay There appears 1o he a feeling guidelines. Some strikes are due to end tivitv talks proposed on our reply 

policy yesterday as union nego- among many Ford workers that The negotiators' recommenda- on Monday, though this position on Thursday would provide a 
~ -g tialors called for an all-out an immediate strikc is the only tion that there should be an may change now that the negotia- realistic ba.-.is ror a settlement 

l-n|| i ft official strike la increase the way of ensuring that their official strike has to be con- tors arc calling for official which the vast majority of our 

I 0.81 ■ If w company’s 5 per cent offer. negotiators do not settle within action. But strikes in the body, era plovers would be able to 

: Member* nf th„ npontiatint. ihu 5 per cent limit, boosted by „ assembly and transmissions endorse." 

. . conunittee unanimouslv Selected productivitjr payracnls - W K 1 V eek " ,< V!- S “ no ®,' Plants at Halewood and by The Department of Employ- 

* E h, L j T h ES «i^ D F?rH M rfill! t bC offer tabled on Thursday, and Union negotiators made their ] J «iand Vehicle!? Bathgate rnnimfieS^dffi^u ^ &FS ? ent wou,d n ° l comment in 

unsettled by the /«n« dispute, ntadc their strike call against a strike call after a 2J-hour meet- and tractor factory was ***— !0 . conUnue | ndehnUely - detail on yesterday's events, but 


Irrfi«fekMinlnfm 
toUKiui mnl nrtM 
■tMISattvBfioiNa 


SEPTEMBER 1978 


FltadBstnat 


... Callaghan, has begun crucial -- - 

- __ talks with Zambia n President 535 r - — 

. ~ Kenneth Kaunda on Britain's 

' breaking of oil sanctions to A t,. - ”* . * . 8 ” 

.. Rhodesia — conlinucd by the J'Ng • .-'ft... 

"' Bingham report ami the 530*1 — ■¥ -ft. 

deicrioraling situation in " I 

: Southern Africa. 1 j V 

Within two' hours of their v\>[ @ 

'. ■" arrival at Kano, Nigeria, the two 525 nf~ " — 1 

; - leaders .smrted their talks which. r - ft 

' .- according to Zambian sources, FT liirfriofninl Is 

are likely to include a demand r. i. iRSUoITlui ^ 

- KT nfSih 1 » - for - a 520 — Ordiaarykna- rN 

>. firm British commitment to dis- hoosit vananm - JL 

nwn Rhodesian Premier, Mr. Ian • @urscus£ 

Smith. I 1 

S1r. Callaghan was accompanied 545!—. 1 w * ^ I __I 

[l l by Foreign Secretary Dr. David * September in* 

Owen and Mr. Marlin Lynch, 

• 'head of the African Department • GILTS were affected b> 

•■.at the Overseas Development reluctance in buyers. with the 
: Ministry. . shorts especially prone to small 

selling and sustained fulls 
rtoilu extending to The GOvcrnmmi 

° iar Securities Index dosed O.'Jfi 

■' k,u The new national newspaper down, at 70.55. 

. " tbc Daily Star is to be launched cwRiiwr 
-'on November 2, Express News- ® STERLING closed 95. points 
•■"papers chairman. Air. Victor down L97I5 and. its trade- 

* -Matthews, announced, after full weighted index fell to 62.8 

NU.f support lor the publication. (63.1 1. The dollar recovered a 
Back Page little, helped by some proiit- 

. . taking, and its trade-weighted 

Flights delayed average depreciation ‘narrowed 
South-bound flights from Paris *° ^ I 


fixed to continue indefinitely. detail on yesterday's events, but 
The drivers' strike will halt all made it clear that it was in 
movement of components in the constant touch with Ford and' 


w nnn irranu-ii wnrbnpcfftrpiic th& free collective bargaining. Mr. was h pfne wHhdnwn is a vital source of components any company went above it. 

ihl Roots - he said * bad reP^d that JL-- 4 8 wlthdrawi1 ' for other plants. The other Hale- Mr. Albert Booth. Employment 

lh * colu P a °y mus t face "the Tord workpr. P . 9im , ha r* wood strikes will keep all Escort Secretary. wa 9 returning from 
Ph«! Srnr S realities of life.’ n£atsp£tT production at a standstill. a meeting of EEC Ministers in 

Pha.su 1- our policy will have , pWHKP^tL F Yesterday's decision by the Frankfurt yesterday. The Prime 


framed oo 11 ^ tSXht 111 Mr. Todd, national organiser ^ 1 * Vestenlay's decision by the Frankfurt yesterday. Prime THE TROUBLES of Ford upseft 

era. nea on its test mgnt. of tbe Transport and General union negotiators means that all Minister, who left for Nigeria the foreign exchange ruarkei 

With the Labour Parly con- workers' Union, said that his sidered by the executives of all further discussions with the com- yesterday, was being informed. yesterday and brought sub 

ference only a week away, Mini- un iou could not accept a settle- the -unions involved, a process pany are broken off. He is expected back tonight. slantial selling pressure oc 

sters face the, embarrassing menl 0D the basis of a self- likely tn take most of next week. The developments brought a Mr. Moss Evans, general the pound, 

prospect of a major pay dispute financing productivity deal as Meanwhile. Ford's production is sharp reaction from Mr. Roots, secretary of the TGWU, said \t one stage derlin'* was down 

in progress as Left-winger* suggested by the company be- set to remain badly disrupted by who said that the walk-out from yesterday that the reaction of by over iic a^ainsf the dollar, 

mount a challenge to wage con- cause that would be acquiescing continuing unofficial action. plants was a very serious breach Ford workers save substance to SI. 9575. The weighted index 
trols in the conference hall. to the incomes policy White Msm at factories at Dagenham, of last year's agreement, which repeated warnings by his union ,,[ ^ pound's value against a 
The present pay agreement Paper. Halewood. Swansea, Daventry still has a month to run. It was that the 5 per cent was “ totally basket of currencies, as calcu- 

still has a month to run, and IF the unions do firmly reject and Basildon stopped work yes- “ even more deplorable " that unrealistic.’’ Jatcd bv lhe g an ^ of England, 

the swiftness and force of the a settlement on the basis of 5 lerd&y in protest at the pay offer, steps were being taken to get He was speaking after a week- dropped at noon to 62.6. down 

reaction in some factories per cent plus more on praduc- Others at Halewood and executive approval for such long meeting of the union's bv 05 point, or nearly 0.8 

surprised ..even union officials tivily, it rules out the only means Southampton had walked out as actions. Continued on Back Page pj r cenl fj.^ tbe previous 


£ under 
pressure; 
$ firmer 

By Michael Blandcn 


waairunnom 

(gMrscutt. 


SEPTEMBER rare 


GILTS were affected 


Germans close to £2.1bn 
mines deal with China 


BY JONATHAN CARR 


BONN, Sept. 22. 


U.S. discount rate 
increased to 8% 

BY STEWART FLEMING NEW YORK, Sept. 22. 

THE FEDERAL Reserve Board to the current level of 91 per 


iated by the Bunk of England, 
dropped at noon to 62.6, down 
by 0.5 point, or nearly 0.8 
per cent from the previous 
night's closing level. 

Later in the day the pound 
picked up, with support by 
the Bank reported. It closed 
at S1.9715 against the dollar 
in London for a loss of 95 
points, while the index 
recovered to 62.S against 63.1 

The weakness of the pound ex- 
tended to its rate against the 
strong European currencies, 
and it fell to a new ali-time 
low level against the Swiss 
franc. At one stage it dropped 
below 3 SwFr to 2.99, closing 
at SwFr3.0025. 


Thorpe case 


CHINA is ready to conclude If all this goes ahead, it could China s coal reserves are vast increased the discount cent . . . .. The nressur’y on'sterlin" was in* 

deals worth at least DM Sbn surpass the deal announced in and -because of the pace the rate to S.per cent, equalling its ,™re are widespread pre die- ^^^ure onsterliiuuMin- 

(£2.1bn l with West German com- early August under which Britain Chinese want to devejop them highest- level and reinforcing the thpnrimi ra J/nufrt coverv in' the value of the 

pa nies to help modernise its coal is to design bujUd and equip two there is room for several sup- upward march of U.S. interest pi ri gL e r Jt f X d |a?"est \’ew- do Ha? which had been undw 

industry. Chinese coal mines. Direct com- pliers. A team from the NCB rates. Un « £/ vSISSS.,,™ sii ained seUin* pressure 

It is also ready to use credit ^{enTo? the^rojert' hi^whieh iiVihe^ffe^made'mVir ^hc Central Bank said that the Hanover Trust, says today in its earlier in the week. Tbe im- 

_ rrom West German banks to pay 1- t ;„„ ft ?52i ec i, 1 c n l ‘ p lhe ° ffer J raade ^ ,r action was taken as a further weekly financial digest that “the provement appeared to reflect 

® v 01 , 1 ™*-. movet f for the deals— suggesting flnan- involved, has yet to Derek Ezra, ihe Boards chair- step to strengthen the dollar” prime could move to 9? percent a reaction after the previous 

erratically, touching extremes °f arrangements similar to hpr^ndav hnw thpr^rlrman ' Vh ° Went Wllb Mr " Dei 0n ? nd ~ in recognition of recent 0Q t ij e basis of rates now present sharp falls, and though the 

855.42 and S6S.16 before closing those being worked out for ^i° da ^ c h h 0 t W % e ?t% r K5 h,> n,,Sh,0D ' increases in other short term in- in ^ commercial p er U S. currency slipped back a 

1.30 up at 862.44. Japanese and British contracts. S “ affBCt . Br,uins rtlontc lerest, rates to bring the discount market” m “ erc,rfl little later in the day, it kept 

■ii-ii. This is the outcome of n China is involved in a big n f rh rhinp«. •• a,,?IUnenl Wlth * Ther? aRJ aJready si S” s !n the - S -°“- - f th ^ iDiprovement - 

Tillina rfrriric ' protocol signed in Peking today expansion of its coal industry, S tes ’ _ financial markets which suggest 

X U1IX1U UlUUS ■ bv Chinese renresentatives and and aims fa increase annual nrn- '9 s ? British participation in B ut some Wal j street that further increases 1^ short 


-.- Further postponed. Mr, ffiorpo s THlincr rtvnric ■ j protocol signed in Peking today ex^« r 6n"of ‘Vti' eVaJ 7ndust"r^ ^,1 f SSSS!" su “ rt ' ierm raies - financial markets which suggest j Helped by a further drop in the 

-- ..solicitor has told the DPP tiiat X.IliIIl§ QFOpS |^y Chinese representatives and and aims to increase annual pro- u But - SDme Wal1 Street that furtner increases short Canadian do* lar, the- weighted 

he has not enough time to p.rev / a-, delegation of West, German duetion to about lbn tonnes over iSihaijS? tr wfJ w« ! J economists questioned the value rates and tbp prime might be ^predalmn of t 

■ pare the defence case for Yalf* lHu '■ businessmen and industrialists, the next 10 years, compared with ir ?!uSt of lJ,e n,ove fn re,ation to . Hie imminent. Two big New York ronc> as measur 

October 9. A a,t w,u The delegation is not due to the current estimated 500m to Possible visit to foreign exchange markets. They banks. Chemical Bank and Chase £ ew \ork time* 

• THOMAS Tilling -pulled out of return until next week. 600m tonnes. One deal with I he Br L , ?‘ n pointed out that the increase Manhattan, yesterday raised their <.»uaranly narrow 

Lficsctfl cu enprt X planned acnu&ltion of the It - is emphasised that the West - therefore, would not , T , h t n ,?A; ^ ,'w^ hLil^ was on, y * of a P™uta g e point l°an rates to stockbroking houses Per cent to 9.3 pei 

Lassa suspect befiib a protocol B noSntoto! dedaratinn necessarily exclude others. . d ”l mU be the biggest cotv from ^ 7J ^ levei Pstab . to 91 per cent and 92 per cent At the close of bus, 

.-.A Kent woman recently re- announcement that Scnvtil Mann- Sf iment Further talks will be No details are yet availabTe on lutren^oind Jf ^Chinie indmv L ,?hed 0n Au sust IS when the respectively. In recent months a nJinS^iS 3 | 

turned from Nigeria has been Picturing of .Connecticut had needed to conclude contracts the credit conditions, being S b S d Tbe^offiv one dl5C0UI Jt rale was last raised as J" lhc ., br ^ ker , l !^ an Mark *!? IwFVi 

..■.admitted to a London hospital bought Yale. Back Page between the Chinese and German offered or on the banks involved. innrnaShS^'the value the P-" 1 . °L the t , Ca r ter Admmistra- fr^uentij signaHed a s^FnNiVo ^n^T 

with suspected lassa fever. .West companies, and the banks However, it is noted that Dr. app , ro „ a ®“ , "« :?f tions “continuing actions” to pnoie rate rise. nu/o-aft T 

London coroner Dr. John Burton • DOCKERS at Hull and Goole Th scone 0 r the accord Uans F riderichs. chairman of ? ew PT?j9 C0 * ' s 1 lh ® l ?* Strengthen the dollar. Another distruhing sign has DM1.9o30 against 

• real led for a flying squad of ex- formed an .action committee to fivoUf West Germany's second biggest integrated steel plant to be discount rate o 6e ^. T ? e . Fed «‘ ! ! 1 K ^ er y e Th r c rta ^Li f 30 d 

perts to instantly identify dan- fight a £l(hn scheme to develop The vShie G SS?S bank, the Dresdner. will be visit- built by Japan near Shanghai. * l jJJJ d- S hall a^enrentage Boards latest , revision of the cached 1 a new pe. 

Serous diseases. Three members the south 1 Yorkshire canal as far dSs SJnrf i? ingPeking next month. This was signed in the spnng, ' ra, “J ^ _e fl P both the m0 ?^ y s ^ pp - ,y ? 3la ' , The ? e feU by 5,1 

-of a Gloucestershire scout troop as' Sheffield and Rotherham. Seen? years between The protocol represents a fur- and Japan valued t at f&4bn. S5J2oli™an« real iSSaet of rev,s,ons - designed to take in oume. 

. now have typhoid after a trip lb Page 4 .. fiSLy oS the oK hand ^d toer ^ jD the recent “ tensi - ^ Other recent deals include the fff KJkX *7 time when the T?- ‘■■^prebeusive data, show — — — — 

'. Portugal ittjT J nn «!L ana fication of West German-Cbinesc Dowty Groups sale of mining J:":" In ^ that 10 tb e first eight months of £ j n New York 

• .A £40m project to mine and Brazil on the other. relations, which is a sign of machinery at £70m and Guliick dollar was also under pressure, as ihis year the narrow money • — ' 

i» IIIt i another 59m tons of coal under j • • Peking’s new openness to the Dobson and Anderson Mavor « nas oeen uns weex. supply grew at an S.l per cent — ! sfci.i.£2 

nonoureu the Firth of Forth will create lYIOuenuse West. contracts, each worth about Subsequently short-term in- annual rate, up significantly i 

The Royal Swedish Automobile 500 Jobs by Mr. Alex Accordi n e to the protocol, the David Honsego writes: British £10m. lerest rates in the U.S. have from the earlier estimate of 7.6 A j „. KBk . ;ro& 

Club is presentiug British racing Ead»e, Energy Minister respon- G ePaians are rcad y to build officials feel the German deal Davy International won two moved up sharply, with the com- per cent and well above the | nM h • o.76-u*>'.n» 

^driver James Hunt with the ^ble for mining, said. Page 3 fiVe decp coal m j Des modernise does not overlap with or under- contracts to build petrochemical raercial bank prime rale, for Fed’s long-run maximum target 3r>i*nri.- : i.Vo-i.r.s 

Golden Shield for rescuine one anri extend two one n-cast mine the accord reached with plants though no financial example, rising from 9 per cent rate of fi.5 per rent. 1. n .*,h.' 6.*^,i k 

Sweden's Ronnie Peterson from S-t?ih„ip rntv beauiv mines; They will also put up a the National Coal Board during details have been announced. ^ mnrmTT’ jj m j ig E j 

his blaring car at: the Italian „ r „Hntc^nRrii-.io m-vt v#-.V large factory to build mining the visit to Peking in August of and West Germany and Japan 
Grand Prix. Peterson died later. jjjJjJJg 1 "lSure uf 'doSu * nd modernise seven Dcltl^ecretar^for ^jj , a ® dlll, i 1 " d Jhcmicaf plants^ l ° SUpply 

-* fj ..nr? ^Bom bs hit airfield 3?i«» d of L 274 d ws!' pig? 4” .. - — - — - - L Jfli j nM nJF © jHT 

V j * *'• i-' v Three bombs destroyed a hangar m WEST MIDLANDS "on the'- a m nr *11 11 HR H ■ | mJ ^ 1 t <£§a ^ ^ 

■w" ' ' „,,?P d two aircraft belonging to verge of industrial instability \ I IlDfl- 1 17AV1C! HAQI QhftQn HWl M M B M M *m, 1 k f *** < -« 


depreciation of the U.S. cur- 
rency as measured at noun 
New York lime bv Morgan 
Guaranty narrowed ' from 9.6 
per cent to 9.3 per cent. 

At the close of business in Lon- 


Prcriv.ii^ ) 


si.3W.se 10 

rlit 

1-3*1.34 ii if. 
4.^14.70 ,iu T 


‘ctcrson from ma^and ffistSbcte Cotv beauiv mmes - T*>®» wiU als0 P ut U P a 1136 National Coal Board during details have been announced, . 
t: the Italian UJjSLI irTBriSn next vear Ia r?e factory to build mining the visit to Peking in August of and West Germany and Japan 
on died later. th? .-insure CotvS machinery, and modernise seven a delegation ied by Mr. Edmund have also agreed to supply 


chemical plants. 


■*- ^ v ’ : ui iiiumou 

/..^Jveysair air taxi company at an i iec i ure jt is not free to attract 
• * • ■ f- ,r. airfield outside Londonderry. companies, said Dr. Joseph 

- -.The Irisb Freedom Fighters p opei chairman of the region's 

r .All! nJ’jimo/l pncnnncfhi I i.tv ■« _ - m 


,J ; ^ claimed responsibility. 

’7 ,r y: ^1 .LpL r»t \ Dftnlif AA-tfAIlf 


'/Reply agreed 


Economic Planning 
Page 3 


Council. 


Allied-Lyons deal goes ahead 

BY ANDREW TAYLOR 

ALUE1D BREWERIES yesterday merger* The Prices Department that he would become chairman 


M&GFAREAS1HN&GENOALRJND 

The strength of Far Eastern stock markets has been 
a featured the worM investment scene so far ties 
yean M&G Far Eastern and General is among the 
leading unit trusts of 1378 and is partkufaify weti- 


*5 ^ Top performing trust in 12 months 

£r\, to September 1 is M&G Far Eastern-” 
SUNDAY TELEGRAPH 10.9.78 

iA&G Far Eastern look s particularly 
attractive.-. sun day times 30 r 76,^ — 


tern... 

99 


S J 

t w 


•'-%5T-. -vj 


manr th» Nariftnai Rant aw Commission. tersley, however, that the em- siun funds objected to Allied s 

//.Rrif-rkrte halH np™ ma-iflirps^n • Mr Hatterslev said he had ployment situation at Lyons using its unissued capital with- 

L ^Britons neia to ,a 5? re Seri bis dec^on after recmv- would not be worsened by the out consulting shareholders 

fVJ' > Three Liverpool men have been Mr Sg a«u ranees from Mr. Keith merger and would in his view, about the offer, pis hurdle was 

, //.detained in Antwerp in connec- JJJjf * *55^,** s Fpnnnrtl ^“' Showering. AJlied's chairman, be better than if the merger did cleared earlier this week when 
^ with inquiries tat 0 the .hrft ^ T6 3 aTd"ng f U mrrempl not take pl are . Allied shmholder, tadted the 

property worth £33,0°0 from MJnLster, sjicl .. ^ a S d ^ fulure of Lyons V terms at an EGM. 

j£rt{tS ll ‘ ships moored in the port 17 ner cent stake in Belhaven ASSUFauCes Mr. Derrick Holden-Brown, 

r*** 1 • 1 ™' Y «*»“? monetary jLJSL®®" 1 ■ Mr. Hattersley had also sought deputy chairman of Altied, said 

Killpd for £100 restrictions i further by "aunog Following the removal of the assurances on the Belhaven the Be lhavep request came as no 

Mliea TOr * W commercial banks obligation te onlv potential obstacle stake and ha s been given a surprise to his company. 

t'-The gang of antique thieves, who subscribe part of the increase in, V , Allied announced that written undertaking that Allied He said it was known that the 
shot dead 13-year-old newspaper- their deposits in some types of . owned 78.4 per cent of will sell these shares within Government “does not wish the 

hoy Carl Bridgewater when- he government bonds. Page - Lyons and that its offer would three months of the merger and larger brewers to undertake any 

"" -.-/'disturbed their raid on a farm, . . . .. . remain open until further notice, remove the Lyons director from funher mergers.” 

- escaped with only £100 of pro- • COMMERCIAL vehicle links The question of future cmplov- the Belhaven board immediately. The deal looks likely to 
' petty. Staffordshire police said, between Volkswagen and MAN. nj en t at Lyons, which has faced The department said Mr. increase competition in the 

* 1 ™“*™** tniek dlfficulti es recently, appears to Showering had given other assur- groceries business. 

!* ' ' O r B ft jp|_. facturer. arc to_ be strenglhened been a key ‘factor in the ances which Indicated that Allied Mr. Holden-Brown said; “ With 

W,r neT| y ■■■ by setting up joini distribution de ci s j on n p| to refer this big intended significantly to improve our help, financial and manage- 

raydHaag Kong police raiding a sus- compames. Back Page . acquisition to the commission. ihe efficiency and management of ment and 1 marketing skills, we 
^^pectcd gambling den found 22 But Mr. Hattersley has not the Lyons operation. feel Lyons can more quickly 

, /^-coHeagues inside. COMPANIES been able to win any guarantee Earlier this week, Mr. recover its position as a highly 

! & Three .meii were heheaded in , v that there will be no redun- Showering told an extraordinary competitive company in this 

SaudL j5Sa ft? raping ^ agirL. • REPORTS , of fancies at Lyons, following the meeting of Allied shareholders marketplace.” 

'"sf « - worth n total or over usm 


leaning unit trusts of 19/8 ana is parbaiariy met!- V. ■ ~ TWO WAYS TO 5NVE5T ■ 

plaraJ to take advantage of these specialist and 1 t 0: m&G GROUP ltd. THREE Quays, tower hill. LONDON EC3R 6BQ. ! 
vofafile martlets. About 85% df the portfolio is | TELEPHONE. 01-6264583. This section to be completed by ail applicants. I 
currently invested in Malaysia, Singapore and Hong " V*!* 1 ''- 1 ' ll 

Koi^. and investments in Japan and Australia are If ' j 1 


Campleie this section la rnake a Capital I 
L X M InvKtment (minimum £1.000). * 


• . \ A British rock singer Joe Cocker included unexplained sales of 

■ : ■7’?'^* a - as su ® d *' or S45..000 f£22,727> stakes in Standard and Chartered 
5 '• ^ his Los Angeles landlord, who Bank and Midland Bank by . the 

J accused him -of damaging a consortium Midland and Infex- 

- ^ house. national- Banks. Page 16 

% J* I. Priceless crown of the Virgin of - , - • 


CONTENTS OF TODAY’S ISSUE 


sideration. At the latest buying price for Accumu- Ii — , 

lation units of the estimated gross current . L F 2^ r _f L,r "r <! 9rj v . egssovib .!: 

yiehHs2-03%. ! ■ 

I HinSlSS' CaplIal 

a cue for money that you ray need at short notice. a Do not send ww money. (A •-.■mr.ii-j .nil he • •■m ,-. u .i^.nr .?<j.iiy in-# 

^ i he price of units ana tne income from them may go ft ™k-»< y. .h n» ■■■■iiiemoni iw. -. r.,. U i . »,n i..n v r. r„i;u , , 

aBnfla r in ih* rr I ,NV£ST \ C . : ACCUMULATION. INCOME unifs 

a .charge of initial ind 4% pte W#' mnuil£ ! f 1 bei " ue - J ’ 1 pf ,’ h h ? MfiG 

Dfelribulions are made on 10th Apnl and lOih October 1 and ^ encra * ^ und ^ P nc< Iu ' |n £ m rectipL o' lhis 

net of basic rale tax.The next distribution dale for new application.. 

investors will be 301ft Apnl 1979. You an buy or ail ■ .V^'Iir-T J y . 

units on any business day. Contracts for purchases or I !-J. ■ ".i. .. U- in..-.- r ■ ,:V I1 .', , )r-. > ,'n jw'i ui J' ' ' ' J ' ' 

sales will be due for settlement 2 or 3 weeks later. Ii "o * . Uji.e.i ,i« iinn-<s av^i^k j wr* a i..> 

commission is payabie lo accredited agent s.Truslee: | 

Lloyds Bank limited.The Fund is a wider-range secur- sir,r.'ATii(.:~ f-ur 

■ ityand is aulhorised by the Secretorvof Stale tor Trade, ft " 

MfiG isa member of the Unit Trust Assooalion. " f ■] ■¥ * £** 3 Llle P ^ lura ?55, 

a rofley by paying monthly premiums immmum C12 a monUn. 

> u ™° WW ?™ WVEST .. I F WI'SHTO INVEST [E each month'in Ihe M&G Far Easlem and 

As art atterraliye. _or ui ad_rfiti_wi lo icveshrig a caprtaf ■ General fund. I enclose itivcheaue lor the first mwithlvoa/meni 


Home news— general 


- A 'LIuc, Majorca's patron saint, has • TELEFUSION reporte d p re- Arts page 

^ been stolen- from a monastery tax profits of £2.07m for 1977-78, — 1 — : 

; ''-4S&0- * is' on the island, down from 13.09m-. Page 16. 

’- 1 Lpkrf'p' " v : ,- nniPF nmne nuiunro veotcbMV iunriau'i 


2 

Leader page 

14 

Wall Street 

... 18 

3 

UK Companies 

16 & 17 

Foreign Exchanges 

... 21 

4 

Mining 

8 

Farming; raw materials 

... 19 

12 

IntL Companies 

19 

UK stoefc riiarket 

.... 22 


CHIEF PRICE CHARGES YESTERDAY 

(Prices in pence unless otherwise Land Securities 246 — 4 


indicated) 

RISES 

Bambergcre S3 + 30 

Gordon & Gotch ... 85- + a 
' Hoskins & Horton ... 18(| + "7 

1CL 414 + 12 

'' Lyons (J.) MS + S 

Magnet & Southerns 232 + 7 
.- New York & Grtmore. 46 + 6 
FALLS 

Treasury 14% 19S2 £M6i r ff — i 

Allied Breweries 80i - 4. 

i e.r.f. in - 8 

* m oAir ' _L - A. 


Lucas Inda. 320 — 8^ 


Metal Box 

NatWesl 

Randalls 

Rock ware 


..... S32 - 12 
.... 268 - 10 
.... 05 5 

1471- 6J" 


Tarmac 146 4 

Telefusion A 38 — 4 

Tube Investments ... 402 — 6 _ 
UBM • 71-3 


Magnet & Southerns 232 + 7 UBM ' 71 — 3 

• New York Bz Grtmore. 46 + 6 Utd. Newspapers ... 395 — 8 

FALLS Shell Transport 573 - J • 

Treasury 14$. 19S2 £106*- i De Beers Dfd. 434 - 12' 

Allied Breweries 801—4. Pancontinental v - 

i E.R.F. Ml-.* WertDrie. £,‘ 

GUS A .526 - 4 . Vifinkelhaaft i01r-- 22 


Bingham's lessons for 

multi-nationals 14 

The changing face of 

Oxford Street 15 

Japanese party politics 
— Nakasone's emergence 2 


Appmnlittents 

Bridge 

Chcds 

Collecting — 

CroiiwnnJ Pud*. . 
Cemomic Diary 

- ENieruInment Cnitfo 
European MMIOOG ... 
Finance ft Family . 

. FT-Actuarie* indices 
Camenim - 


FEATURES 

Ford workers in 5% clash 
claim share of profits ... 4 

Motor insurance, could go 
on costing more 6 


The tax' man looks hard at 
car leasing 8 

The threat to Hampton 

Court trees 10 

Autumn ghost hunting 10 


17 

coir 

U 

Trawl 

10 

Can. Life 

14 

13 

How to Spend H 

ll 

TV and Radio 

11* 

Garunerc Far East 

4 

13 

insurance 

7 . 

Taxation 

0 

Henderson Cabot.. 

k 

12-13 

- Leiure 

14 

tlnli Trusu 

» 

- M ft -CT Far East... 

1 

u 

Lex 

a 

Weather 

n 

SriUeslnger monthly 

2k 

15 

Man of tbo Week... 

» 

Weohend brief 

li 

. -S&P Japan Growth 

5 

12 

Molar lag 

u 

Week te MiHceu ... 

5 

TynSall nralcr&nce 

17 

20 

Property 

9 

Your Savings & luv. 7 & * 

Base Landing Rues 

22 

s 

Raring 

u 

OFFER FOR SALE 


Bonding Soc. Rates 

21 

22 

Sharp Information .. 

24-25 

Allied Ham bra ... 

5 

Lntal AoUiy. Bonds 

21 

10 

SE . Week's Dealings 

2041 

Barclays Unicorn .. 

IT . 

UK Convert! Mec ... 

21 


^mT . General Fund l enclose my cheque lor Ihe first monthly pa/menl, > 

sss^YbSsftfiag \ 

Far Eastern and Genoa! Fund for as Cftle as £12 a | U-. .uni-ll 1 - nr.lll UiiRlJi r.vli|.^llii..r. Cl JCCtpi.nl- f.-.-n r,5u-.il. § 

immth.81%to94%(deperKfingonyourstar6ngage)is * rirfuwmoK pate •'■hcrih _ 

iwKhsljacept in the first two years when an ad- I iiWK^Ki/aiPKEOa uh uuuai. ooci cf. jiiJcr^rir^j t.-: imhi. ft 

ifihonai 20 per cent is relaned to meet settme-iai - ■ 

expenses. I . .. . . - ■ g 

d^S^hf SM S i « 

■ I 

VfuiS OTl_yOUr uuldit uy moG ITUSt I ASSUT STlCt) Lid. ■ III* IrnfP l!wl I nf.l h^A ,tn\r i^r m^jnr i*Ofia\ton Ift4l I 

Regular investment ol this type means that the inevt- ■ mu en^aur ,r j-i, n«*airtgu;-pciri'. i>i \ no noi *.n paps m avwurn 8 

tarfefludualions in Ihe once of urets mvps vou a nn«a- 1 ■ c ,c « >, <“'• j w*» | v w-sw* •«» v-ogmsaf " uin ana nrat nr, wuw.ii .in ■ 

«Um . _i u mflijr -ii | n~I - - l*l< MctVi • vtci ki’li h, l**:Jltfl The [.I'miuimAiD Ct (u,l fr, ut W 1 

live arithmetical advantage through Pound Co ,1 Aver- o my %p,'uie jmt inr* paver ni ih« premium-- mu hr ir-sinent ir. inl- i i h i i,.u muri ■ 
aging, be causeyour premium is used lo buy more umts ■ •li'CW-all f»5-. -...h^h MC IiIuSv Ki inUucn.-vlhe a'.v-.Mrcnl ei ir>,^ noonsal _ 

get ntecover Hiroughout thepenod of at feti 180 limes _ • part n 1 ^rce that jny nc.-^caiion made m .-.mnen^n ...ut ■ 

your, monthly payment, if your age at entry'is 54 or I wocomi -hau u- w* ihe enniuci t^*vcr. m.. .tn,i mag imp* I 


I PART ft I u)TC£ thar any dt'^n.ilion nude t-* iin- in <-i>niw«-tiiin .-..ifr- 
Hi..-- prooo^l -hall U- the hssrt >'’< Ihe r.-.nlrjtf t»4a«cr. m.. .tn,i MAG Imp* 
■A-.surjrh cm.: .»mi rh.11 1 iwB .lr-supi Wrir ru^r..m«v ',irm al ppficy I ,ig; t ¥ to 
■ pTovi.it .in» IihIIh-i in'wiTuii'<n ilk eumowy may i«euuc. 


* For latest Share Index ’phone til-246 8026 


under; an elemenl of Irte cover is also provided lor " ,,,r 

niRner ag&s, uplo 74. You are nonrally entitled to cteim | ia ^^cirrkn tu uvs poky jorm js jv^Labju requc-i.j 
tax relief ai current rates ofC16 - 50 for each C100 paid. . 

If you cash in or slop your payments dunng Ihe first I sivNaiurf: 

four years there- is a penalty, and the lax aulhorilira ■ 1 — 

requireustomalveadeduclion.soyoushouldMcon- — 

sider the Plan for less than five years. ^.Rfg^icwdin Cn^bniiwci iMgjyi Rey.ntiice^ihovo. 

M&G isa member ol ihe life Of fires' Association. *LilF T 

This fifler \: rot a-.-aiUN.: lo i^iden 1 ' of (lie Republic of hebnd. 






FBHMcial Tan® 5 


Saturday 


OVERSEAS NEWS 


I*JGERIA LIFTS POLITICAL BAN 



step towards civilian rule 


EEC move 


BY MARTIN DICKSON, AFRICA CORRESPONDENT 


Mehta'S miHtuy Government 
jas lifted the country* 12-year- 
,3ld ban on political activity, 
ishering in an era of party 
elites in preparation for the 
( scheduled return to civilian rule 
30 October 1 next year. 

in a television broadcast to the 
nation on Thursday night. Lt.- 
Gen. Olusegun Obasanjo an- 
bounced the lifting of both the 
ban on politics and the State of 
Emergency imposed in 1966 when 
the military took over 
. .The move is io itself unsur- 
prising. Under the military 

Government's four-year time- 
table for a return to civilian 
rule — a timetable it 'has 

scrupulously honoured — the ban 
on politics was scheduled to have 
been lifted by October 1 this 
year, allowing 3" months nf 
political aethitv and numerous 
elections before a civilian 

Government takes over. 

But the lifting of the ban will 
mark the start of a period of 


Intense political -acti^Kty as the 
shadowy political -'alliances that 
have been forming in recent 
months come out .into the open 
and declare , themselves a* 
parties. ; ' 

Gen. Ob as in jo said the 
Government would be promulgat- 
ing two new decrees. One would 
be" to bring into effect from 
October 1. 1979 Nigeria's new 
constitution, which has been de- 
bated over the past year by a 
constituent assembly. This gives 
Nigeria an executive President 
and a two-house federal legisla- 
ture. 

The second decree covers the 
remaining period of military 
rule and empowers the Chief of 
Staff of the Armed Forces and 
the Inspector-General of Police 
to detain undesirable elements 
beyond 24 hours. 

First reports -reaching London 
of Gen. Obasanjo'g speech sug- 
gest that the ruling Supreme 
Military Council has approved 
the new constitution without 


making- any major changes .frith* 
Constituent Assembly's - plans. 

In particular, there was itd in;-; 
dication that the Government-had' 
altered the Assembly's comprir, 
mise -decision on the vexed, 
question of providing a federal 
Sharia court of appeal in- cases 
of Muslim personal law. As late- 
as last month, some members of 
the Constituent Assembly - from- 
the Muslim North of Nigeria had 
been keeping this issue alive, and 
potentially contentious.:. 

. At the- same time, the Govern- 
ment has decided that English" 
will no longer be the sole 
language that can be used in 
National Assembly proceedings. 
An amendment to the constitu- 
tion will allow- Nigeria’s three 
major languages — Hausa. lbo and 
Yoruba — to be used. 

Another amendment, appar- 
ently designed against corrup- 
tion; says that no Government 
officials or members of legis- 
lative bodies can operate foreign 
accounts. 


* Tt . before 

’JTtgeria’s new political parties 'a H 
declare themselyea; barat lea* 
'three or four .'are thought likely 
, to' emerge. ' Ofie^is-eefCain to be 
led by Chief. Obafem^'^yoluwo, 
the veteran Yozuha; .-politician 
and once-' leader of 'ihe. former 
Western Region Government. 
However, ’ he- is likely; to face 
some very strong oupgsition. 

. Already, Mr_-,J. : S t Tart 3. a 
leader of the non-M»s Tim - Tlv in 
Nortfiern'.;Nifietiai has- declared 
bimseLEtp ne. VJfegdijjgtiBeniber 

’ of a political aHiance,-aijparentiy 
to be called the National Move- 
ment, which specifically excludes 
Chief Awolowo. 

Until political alliances become 
clearer, all such claims will have 
to be treated ^with caution. How- 
ever. particular interest is now 
being focused on the intentions 
of Alhaji Shehu Shagari, one of 
the most prominent of former 
Northern potitidatis and a man 
sometimes tipped as a strong 
Presidential contender. 


may force 
change in 
tuition fees 


t. 


j-ibili 


restrictions in Italy 




•V.yf : -V . 




BY JPAUL BETTS 




By Guy de Jonquieres, _ 
Common Market Correspondent 


SWAPO ultimatum on Namibia 


BY OUR OWN CORRESPONDENT 


LUSAKA, Sept 22. 


TWO OF THE main Soviet- 
backed nationalist movements in 
Southern Africa — SWAPO. the 
South-West Africa People's 
Organisation, and ZAPU, Mr. 
•'Jnshua Nkomo's wing of the 
Rhodesian Patriotic Front — to- 
day delivered ultimatums to the 
'five Western powers which have 
been trying to negotiate u settle- 
ment in Namibia (South West 
-Africa i. 

- . The Western efforts suffered a 
severe setback this week, when 
South Africa rejected UN pro- 
posals for pre-independence 
.elections and said it would 
mount its own poll. 

- - SWAPO vice-president, Mr. 
Kisheke Muyongo, told a news 
conference here that it would be 
.difficult for his organisation to 
go along with further Western 


peace moves unless Britain, 
Canada, France, the U-S. and 
West Germany had something 
positive to offer. "We don’t 
want to be taken for a ride any 
more." Mr. Muyongo said. 
** Fifteen to IS months (the 
duration of the protracted 
Western initiative) is enough.” 

A separate ZAPU statement 
put it more strongly, echoing 
mounting call; at the UN for 
sanctions against South Africa: 
" There is only one course of 
action left: they (the West) 
must impose a total trade 
embargo on South Africa, 
withdraw all diplomatic relations 
and supply SWAPO with arms 
to fight the imposition of South 
African indirect rule in 
Namibia.” 

Mr. Muyongo pointedly 
appealed to socialist states to 


increase arms supplies and 
training to SWAPO. Diplomatic 
sources indicated that little 
Western action was likely until 
South Africa chose a successor 
to Prime Minis ter Mr. John 
Vorster. 

• A UN special committee 
today called on the Security 
Council to impose an oil 
embargo on South Africa and 
its chairman, the Nigerian 
Ambassador, Mr. Leslie 
Harrirnan. demanded economic 
sanctions against Pretoria. 

Quentin Peel adds from 
Johannesburg: There is a grow- 
ing confidence in government 
and political circles here that 
Mr. John Vorster has pulled off 
a diplomatic coup with his 
rejection of an international 
settlement in Namibia. 

Members of the ruling 


National • Party . establishment 
argue that .the Western powers 
can not afford to. take drastic 
measures. While - .they expect 
some retaliation "= for the 
decision to go ahead with 
elections without UN super- 
vision, they believe that it will 
be low-key and largely token. 

Business reaction , to Mr. 
Vorster's announcement of his 
resignation and the ..unilateral 
move in Namibia has remained 
minimal. One indicator of this 
sanguine reaction was the advice 
published by. a pro-Government 
newspaper on which - shares to 
buy to benefit from, an imposi- 
tion of ' sanctions; go for 
electricals, steel, ; engineering 

and the construction' industry 

and to stay with gold and 
diamonds (low volume, high 
price). ••• •' > 


BRUSSELS! 'Sept 22. 
BRITAIN and other EEC 
countries would be required to 
change their systems of charg- 
ing bigger tuition fees to 
foreign higher education 
students than to their own 
nationals under a scheme pro- 
posed today by the European 
Commission. 

The proposals seek to en- 
courage the growth of ex- 
changes at the higher educa- 
tion level throughout the com- 
munity by ensuring that 
member countries impose no 
special conditions on the admis- 
sion of students from other 
parts of the EEC which do not 
apply lo their own nationals. 

Current Government recom- 
mendations in the UK call for 
fee scales of up to £150 a year 
more for overseas students 
receiving higher education, 
than for British residents. The 
two other countries operating 
similar feel differentials are 
Belgium and Ireland. 

As well as eliminating such 
differences within the Com- 
munity, the scheme would 
ensure that overseas students 
are not subjected to discrimina- 
tory admission criteria or un- 
reasonable limitation on their 
numbers. The proposal does 
not, however, call for any har- 
monisation of higher education 
systems in the EEC countries. 

A companion plan, also to 
be discussed by EEC Education 
Ministers at the end of Nov- 
ember. calls for the establish- 
ment of a £2-3m scholarship 
fund to permit up. ..to . 650 
students a year to take higher 
education courses in other 
parts of the Community. 


N LINE with the gradual relesri ■ 
tion o£ monetary restriction, ia 
Italy, the obligation of com 
mental .hanks to subscribe part 
of the increase in their deposits 
in certain types of govenunen^ 
bonds has been sharply reduced; 

The decision by the inter-;; 
ministerial committee for credit? 
and . savings to reduce this 
(obligation from 30 per cent to; 
6.5 per cent during -the last halt 
of the year coincides with, ai 
substantial improvement id 
Italy's overall balance of pay4 
meats position, which in the first- 
eight months of this year' 
recorded a sizeable surplus of 
about L4,900bn_ _ 7 . 

However, to guarantee funds, 
for the Government's public 
works programme and for the. 
agricultural sector, commercial. 1 
banks . will have to invest .' at 
least 2 per cent of the total 
increase in their deposits J in 


'bond -issues destined for «ie3e 

k AlSb this latest mo v e i s 
unlikely to have a drastic effect 
•since restrictions on credit 

"expansion still remain* it ■’JjJJ 
give greater flexibility to the 
banking* system. It ” 

expected to stimulate greater 
competition on bond issues and 
: win ' probably halt the current 
downturn on bond returns. 

Restrictions on credit expan- 
sion were renewed at theend of 
July until the end of March 1973 
and they are unlikely to be eased 
until the monetary authorities 
.are convinced that the Govern- 
ments medium-term economic 
recovery programme is taking 

concrete shape. - 

Current credit restrictions, 
which, one not always upheld, 
limit the increase oE the total 
credit in lira offered by the bank- 
ing, system to 6 per cent by the- 
end -of this month, 7 peT cent 
by the end of November, 13 per 


cent by the 
and 14 per cent' 
March 1979. '- -* 


::0 


The credit and' -ra^ES -cmfi.- 
mrttee- has also ^appomieihcbaw 1 -" ■ 
men of a - ridmber- 
banks and 

lowing . 

supporting the V _f 

Christian Dempcratto.^ifotf^V . 
ment. 7 ' 

This jwes Sigj: -. 
Socialist, at the beatfpSff 
Banca Nazfrmale Pci the 

country's largest, commercial 
bank in terms-. ttfca§FE££:ifte-'. 
Social Democrat; 

Coceioli. at the - iSt^fo-'TSan, 
Paolo Di Torino, the- Cffijratiaa. 
Democrat . Si gnora_= •-jSfemuefa 
Savio at the Cassa JJft&s&hofo ; 
Di Torino, Sig:! RodolfoT&nfl ah - 
independent with' fite-tisppqrt •' 

the Communists at Meffiaoredltp, 

and the Christina - pempdat; Sift. 
Remo . Caccrafesta. Cassa. 

Di Rispannio Dr Rbma. 4 . >: 


Swiss prepare new measures 
to offset rise in franc’s valne 






BY JOHN WICKS 


ZUBICEEfi-Sept-22i V 


Indian threat 
to Boeing 
over pay-offs 


Socialist 
body calls 
for Somoza 
overthrow 


Cheering Israelis greet Begin 


By D. P. Kumar 


BY DAVID LENNON 


■; By Hugh O’Shaughnessy 

INTERNATIONAL pressure on 
"the government of Gen. 
Ana s to si o Somoza increased 
yesterday after the Socialist 
International grouping of Social 
Democratic countries published a 
call for support of Nicaraguans 
who are resisting the Somoza 
government. 

The Socialist International 
statement calls for a halt to all 
military supplies to the regime, 
'the immediate resignation of 
Gen. Somoza, a halt io summary 
'' executions by the National Guard 
.and help for the democratic 
successor to the Somoza govern- 
ment. 

J The SI statement reflects 
.growing concern, particularly in 
■Western Europe, about events in 
■-Nicaragua. 

In Washington, where Foreign 
Ministers of the Organisation of 
American States yesterday went 
...into a second day of debate about 
Nicaragua, there is no sign of 
'the U.S. Government taking a 
strong lead in opposition to the 
Somoza Government 
*• While President Jimmy Carter 
Is reported to be angry at claims 
br Gen. Somoza that he is still 
receiving U.S. support, there are 
still misgivings in official circles 
about the complexion of any 
g&vernment which might succeed 
the present Nicaraguan regime. 

; Venezuela. which has up to 
now taken the lead in denounc- 
ing the Somoza regime, is 
reported to be sceptical of any 
effective action being taken by 
the OAS. 

President Carlos Andres 
Perez of Venezuela is hoping for 
more effective action from the 
United Nations. H.e expects to 
address the General Assembly 
next week. 


MR. MENAHEM - BEGIN, the minute® at Heathrow airport on heavy artillery bombardment 
Israeli Prime Minister, arrived his trip back to . Israel from today after the collapse, of a two- 
home today to cheering crowds Washington. They discussed -the hour truce arranged, l^y lUnited 
while the ‘army was busy prevent- agreements reached with Egypt Nations-: qfficers>. 3hV- southern 
ing opponents of the Camp David at the Camp David summit, Lebanon. Local residents said 
agreement from establishing new which Mr. Callaghan, while three people were killed, and 11 
settlements on the West Bank. rassuring Mr. Begin of Britain's wounded in shellfire by right- 
“ We have brought you from support, described as “giant wing militias which: destroyed 
Camp David a peace agreement steps away from war." • Mr. several houses and set-ethers 
with honour and security," he Callaghan informed Mr. Begin ablaze in' this leftist-f’afestinian 
said at the ajrport, but added that he would like to visit Israel market town. ..'Seven iivAUages 
that it was too early to say “We before the end of the year, around Nabatiyeh were also 
have brought you peace." according to Mr. Dan Pattir, Mr. bombarded after the end of the 

Mr. Begin said there were dif- Be gin’s Press officer. truce, which had been arranged 

ficult days ahead, but “a firm Reuter reports from Nabatiyeh: by officers of Vnifil stationed at 

basis has been laid for reaching Villagers fled their homes under Beaufort Castle 

a peace agreement between us .. ■ 

and Egypt and subsequently be- T , a 1(l - -a • . 

x&zs* he of ™ r U.S. plans aid for Mideast 

The Premier was greeted by all 

the members of his coalition, but •' WASHINGTON, Sept 22. 

parties were present THE U.S. Senate today cleared marked for Syn a while he was in 

Alone among the smiling wel- the way for appropriating ®1.7bn the Middle East, 
coming party Mr. Ariel Sharon * a economic support aid to The House of Rerpresentatives 
the minister with responsibility B 8TPt* Israel, Jordan and Syria, already has cut 'the Syrian aid 
for settlements, looked grim- An attempt to eliminate a fund from the foreign aid; Bill 
faced and refused to reciprocate $90m. aid fund for Syria was, in. retaliation for the shelling by 
the bear hug which Mr Begin abandoned at the request of the - Syrian occupation troojte of 

gave him. ; . . . Carter Administration, which Christian residential areas in 

There was -a small group of feared action might under- Lebanon. The matter will be 
protesters among the thousands mi ne current attempts by the considered again when tbfe Bill 
cheering the Prime Minister as Secretary of State, Mr. Cyrus comes before - • a House confer^ 
he walked among the crowds. Vance, to convince Syria, Jordan ence committee. 

They carried black umbrellas to ^d Saudi Arabia to support the An economic support fond in 
show that they compared Mr. Camp David agreements. the pending $9.2bn foreign aid 

Begin to Mr. Chamberlain at It was learned that Mr. Vance Bill sets aside $785m for Israel, 
Munich. bad asked key members of the $750m for Egypt, and $93m. for 

On the West Bank the army Senate Appropriations Commit- Jordan, as well as the S90m for 

placed at least one Jewish settle- tee to take no action on aid ear- Syria. AP-DJ. 

ment under curfew. Maaleb 

Adurain, near Jerusalem, was » 1 1 B 

Brezhnev condemns deal 

a new settlement or block the „ ; 

roads in the area, as they had DAVID SATTER MOSCOW, Sept., 22. 

d °Some St of la the whn 1®- LEONID BREZHNEV, the split the Arabs, set them at 

yesterday were forced^off^a So^et President, today denoun- loggerheads ’ and impose on 

mountain top near Nablus ced the “ anti-Arab deal between ^ Ar ab counLry terms of 

returned to the site today. This Egypt and Israel ’’ struck at j2£eSor! - 1 “ 

time the army was expected to Camp David and warned that it Mr. Brezhnev said there was 
re ?° l j® them immediately. could only make the Middle East only one road to a Middle East 
boidiers and neucopters were situation even more explosive. settlement -and that was the 
scouring the area all day to seek Speaking in Baku, the capital liberation of all Arab lands- and 
other members of the 0 f Soviet Azerbaijan, Mr. "unambiguous respect” for -the 


NEW DELHI. Sept. 22. 
THE GOVERNMENT is send- 
ing an ultimatum to the Boeing 
company in the United States, 
asking It to supply details of 
all Indians ..who received com-, 
mission money on aircraft 
sales — should Boeing want to 
do business in future with Air- 
In dia and Indian Airlines. 

The Ministry for -Tonrtem 
and Civil Aviation Is seeking 
the payoff details. ~CnTeks ' in- 
formation Is supplied, the Min- 
istry may reconsider ordering 
any more Boeing aircraft . 

The timing of the threat is 
significant, since an Air India 
order for three latest model 
Boeing 747s, worth £I50m is 
awaiting the signature of Mr. 
Porushottam Kaushik, Minis- 
ter for Tourism and Civil Avi- 
ation. 

Boeing is in the running for 
even bigger orders, as Air 
India neds seven more aircraft 
during the Sixth Plan period, 
while Indian Airlines is think- 
inp of five more 737s. 


THE SWISS Government and 
{the country’s national bank are 
I very soon to give details of new 
steps to counter the sharp rise 
in the Swiss Franc exchange 
rate. This was atraoauced by 
Economics Minister Fritz 
Honegger in Berne today at the 
annual Swiss bankers’ congress.: 

The Government, said . Mr. 
Honegger.- was deeply concerned 
at the monetary situation.. 
Uninterrupted upward pressure 
on the currency' had led to a 
trade-weighted revaluation since, 
last August of a nominal 40 per 
cent against currencies of the 
15 major trading partners. The 
exchange rate, said the Ministers 
is currently the biggest economic 
problem in Switzerland, with the 
relative devaluation of the mark 
becoming more and more the. 


real burden for Swiss business* 
After the very gratifying econ- 
omic growth in 1977,. the cur- 
rency situation made it doubtful 
Whether any expansion at all 
would be possible this year. All 
branches of industry were report- 
ing a decline in foreign orders, 
the domestic market was expert-, 
ending an increasing import pres- 
sure and it was possible, that 
Switzerland would in 197S prove 
to ‘have the biggest rise in im- 
port value of any OECD country, 
Mr. Honegger claimed. 

."As to the nature of future- 
Gov eminent policy, the Minister 
said that “no spectacular bundle 
of measures" would be presen- 
ted. It would be premature to* 
introduce large-scale economic 
stimulation measures or tradi- 
tional work-creation progra mm e s . 


Attempts would ife aimed rather 
at providing ceijqiit reliefs for 
the economy by acting forcefully 


in the^ monetary. .sector: arid- in? 
traducing new elements of Export 


traducing new elements of export 
policy and some other measure s. 

-The Swiss Government, he. 
said,' was aware that protectionist. 

measures would "prove", dlsadvan-'. 
tageous for Switzerland: and pro- 
bably lead to retaliation; abroad.’ 
• Swiss gross" national product 
last year reached a 'xiotninal ievel 
of SwFr 151.74bn (£50.58 bn); ac- 
cording to. provisional. figures re-, 
leased by- the Government in 
Berne. The. growth . rate , then 
increased froih XS perceht-to 3.X 
per cent in absolute tennsTAfler 
price weighting, .ttr.M real; . 
terms decline by OB per cent 
turned into an. actual rise' "last 
year of 2.7 per cent-. . • 


Call to boost World Bank fluids 


BY PETER RIDDELL, ECONOMICS CORRESPONDENT 


. MONTREAL Sepcaa.- 


Tindemans call 


COMMONWEALTH FINANCE issued by the Ministers at . the 

Midisfete r 1 rl^ fMt night pledged ®od the meeting. This 
^ . .. . - +hoi - consisted of a mixture of the 

themselves at the end of th.ir views of botI , the industrialised 

two-day meeting to support a members of the Commonwealth, 
substantial increase of about notably the UK and Canada, .and 
S40ba in the'capital resources" of thd opinions of the greater 
the World Bank. numbers of less developed 

The Ministers from 37 co ^ ntne5- . 4 . - - 

cai r for “ r‘;.r inSsresfc 

elusion to talks auout the iiiture j n |he large and persistent 
activities of the Bank, seeking an current account surpluses of 
end to negotiations by next certain countries, as favoured by 
January. They also proposed an the UK, and a more general 
early general increase of at least appeal for increased financial 
50 per cent in the quotas of the assistance and support- for 
International Monetary Fund, developing countries. - 

These formed central themes Other specfiic issues which are 
of an eight-page communique likely to be taken up as they 


travel to Washington:; for... the 
meetings of the-tMF and World 
Bank are likely -to '-'include a 
series of proposals icr.expanding 
the resources; of : tke IMF. The 
rommuiuqiWi^cailed far a. new 
issue of SpmaL Drawing Jtights 
during the rifrding .fiscal year 
and the adoption p£ - further 
measures, to - promote: the. role 
of Special .Drawing Rights as a 
principal reserve asset ; ia the 
international monetary system. 

The Ministers also “renewed 
their call for the IMF lo review 
the conditionality associated with 
the - use of its facilities “ which 
should be flexible and responsive - 
to economic, social and political 
realities.’* - .r :: 


Brezhnev condemns deal 


2? West Bank. by force or diplomacy, “ to Mr; Brezhnev also, however, 

# Mr, Begin -ronferred. with Mr. impose its will on the Arabs.”, supplemented his critical 

James Callaghan, the Prime He said the intention . m remarks on" the Middle East With 
Minister, and Dr. David Owen, “ behind the scenes separate ao optimistic assessment, of: the 
the Foreign Secretary, for 50 deals” is absolutely clear: “to state of HS.-Soviet relations. 


on currencies 

TOKYO, Sept. 22.' 
MR- LEO TINDEMANS the 
Belgian Prime Minister has 
called for the creation of three 
major “ monetary zones ” 
throughout the world as a first 
step towards restoring stability 
to the international monetary 
system. 

In an address to the Japan 
Institute for Foreign Affairs 
he said the present world sys- 
tem of floating rates is obvi- 
ously inadequate because it 
allows for excessive exchange 
rate changes which upset inter- 
national trade and are one 
cause of the present world 
economic crisis. 

It is not realistic to assume 
the problem can be solved in 
the foreseeable future by a 
return to a world system of 
fixed currency parities, he 
said. 

Mr. Tindemans envisaged ' 
three main zones of. currency 
stability, a European zone, a 
Japanese yen zone and a US. 
dollar zone. It would be neces- 1 
sary, he said, to rednee to a , 
minimum exchange rate fluctu- 
ations betweeu the three zoues, | 
while achieving a high level of i 
economic activity through im- 1 
proved co-ordination Reuter! 


Bill to increase airline freedom 


BY STEWART- FLEMING 


THE HOUSE of Representatives 
has voted. 363-8 in favour of a 
Bill aimed -at reducing federal 
Government regulation of air- 
lines. 

The vote is another legislative 
victory for President Jimmy 
Carter, who has been backing 
airline de-regulation, partly on 
the grounds that, by promoting 
competition and reducing fares, 
it would be anti-inflationary. 

Under the House Bill, each 
airline could add one new route 
in 1979 without prior Civil Aero- 
nautics Board (CAB) 'approval 
and could cut fares by up to 25 
per cent in the first year and as 
much as 50 per cent from the 
original level in the second. 

The Senate has already passed 
a stronger version of the de- 
regulation Bill, but no difficulty 
is expected in reaching a com- 
'promise between the. two pro- 
posals. The House Bill includes 
a clause which would lead to the 
abolition of the CAB at the end 
of 1982 unless it can justify its 
activities. 

The CAB, under its chairman, 
Mr. Alfred Kahn, who was 
appointed by President Carter, 


NEWYORK,. L Sept., &£..'■ 


has been using its regulatory 
authority to give airlines greater 
flexibility in pricing. But - advo- 
cates of the de-regulation Bills 
want to ensure that such flexibi- 
lity is a matter of law so that 
these policies could not be 
reversed by a change of leader- 
ship at the agency. 


• Eastern Airlines ' said' today 
that it is cutting .its first class 
air fares -on. all -U.S. domestic . 
flights . by 4-8 per • cent . from 
November 15. ' The. lower .reduc- 
tion#. will apply to flights of 799 
mile* or less, the: 8 pier rent cuts 
to longer flights. 


Canada post strike begins 


BY VICTOR MACKIE 


OTTAWA; SepL 22, 


POSTMEN WALKED off the job 
on Friday in Toronto and several 
other cities, slowing down the 
national postal service because 
Toronto is a major clearing 
bouse for Canadian mail 
deliveries. - 

Last-ditch talks between the 
Government and the Letter Car- 
riers Union of Canada (LCUC) 
to avert industrial action broke 
down late an Thursday -and the 
rotating strikes started at mid- 
night in Toronto, St. Johns, New 
Bunswick and Regina. 

No farther meetings are 
scheduled .between the Govern- 


»aa work 
'Cord 

% ban 


ment and the.. union' '^-negotiating 
committee. Both sides indicated 
the strike, .could be lengthy un- 
less ..the letter carriers are 
ordered back to work by -Par- 
liament, which is scheduled to 
resume on October 10. 

The Post Office has - offered a 
6 per cent increase with a cost 
of living 'allowance -in a one-year 
contract plus a. 442 per cent raise 
back-dated six months. The 
union wants an additional 19 per 
cent- increase, - which' .was 
disallowed when wage and price 
controls were, introduced, in 1970- 



JAPAN ESE PARTYjPOLlTICS 


Nakasone makes his move 


BY CHARLES SMITH, FAR EAST.:EDITOR 




Mass mss 

. Hew 3 million passengers lastyeac 


MR. YASUHERO NAKASONE, long primary fin which all lfimautumn's electoral race, even 
leader of the fourth largest fac- members of the party canvvote) without any hope of winning, 
tion in Japan’s ruling Liberal a ^ d concluding with a run-off in would be a way of making this 
Democratic Partv (LDP) vir- which oal K candidates ;will point 

tually declared his Intention of election' wbrc^ls^ilS'lv ^ "be « Mr ' Nak l sone ^ ecn . a key 
—mg for tt. party prc S i- h e r'’ n ne a^ ,C tt h e of 'Solhe paSy 

dency later this year at a faction December, will be confined to preddential election of P 1072 
meeting held last night. ■»«■>*» of the Diet (Perl!.- S “ unreeled Shift « 

Mr. Nakasone’s emergence as position by Ms faction helped to 

a candidate means that there are Mr. Nakasone is believed to put Mr. Kakuei Tanaka in power, 
now certain to be three conten- have little or no chance of gain- Mr. Nakasone held a series of 
ders for the presidency, a post in ? first or second place ia the major posts in the Tanaka 
that automatically - brings the job primary election but. may ; still Cabinet and went on to become 
as Prime Minister if the ruling h,s Position in the party secretary-general under 

party is returned to power. The “ " e comes a respectable Prime Minister Mild. His career 
other two contenders are Mr. “”rd after the two main presi- received a severe check in 1976 
Takeo Fukuda, the Prime Minis- dential contenders. If he drops when his name came up in 
ter, 'Who will be seeking a out of the race after the primary investigations into the Lockheed 
renewal of his two-year term as announced, -. Mr. bribery scandal. The effects of 

party leader, and Mr. Masayoshi Nakasone is expected to -throw this on his popularity may be 
Ohira, secretary-general of the support of his faction behind starting to wear off. 

LDP. Prime Minister Fukuda in 'the Mr. Nakasone’s opponents 

A fourth candidate, Mr. Toshio hope Of being rewarded with a reg ard him as an incurable 
Komoto (Minister of Inter- senior position in the post- opportunist, citing bis sudden 
national Trade and Industry and election Cabinet " ' shifts of affiliation within the 

a member of the LDP faction Mr. Nakasone undoubtedly party and the "adaptability” of 
headed by ex-Premier Mr. Takeo also sees himself as a serious his political views. Since the 
Miki) could still emerge- candidate in the next (1980) LDP beginning of this year his state- 
The LDP president will be presidential election, at .which ments on foreign policy and 
chosen by a new two-tier election Mr. Fukuda will not be compet- defence issues have sounded in- 
iystem starting with a month- ing. Participation z n -this creasingly hawkish, which means 



Move to relax controls 
on trade with Chinese 


BY OUR OWN CORRESPONDENT 


TOKYO, Sept. 22! 


JAPAN WILL make “maximum helping Japanese plant manufac- - 
efforts" to achieve a relaxation turers maintain exuort levels. In • " ‘ ■ 
of strategic embargoes . on ex- 1977 Japanese ‘plant, sales : V 


ing committee for expqrt control) several years of much faster -'I\t 
to he held in Pans on October 2. expansion. This year sales to . 

The Japanese delegation is markets other than China, have L^., , 

expected to .propose the removal been' running at only : about' SO 
of over 50 items from the Cocoxn per cent of 1977 levels. ,-Vj, . J i Jjl i 

list. Many of toe items are those The Japan machinery exporters *j . • d {{] 


FKddiC Mansfield 

Mr. Nakasone: Key figure 

in the . in-fighting. ' 


that they are likely to have 
appealed to some of the more 
right-wing members of the fac- 
tion presided over by Prime Mini- 
ster Fukuda. Mr. Nakasone has 
been more cautious than most 
LDP leaders in welcoming the 
recently signed Japan-China 
Treaty .of Peace, and. Friendship 


“i over au ucum hum me i-ocam jJtrr cent, oi iiftf levels, ’i*. t-,-, 

list. Many of toe items are those The Japan machinery exporters . • ** l 

which Japan hopes to export to association believes that Chinese ' • ' >*. 

China as - part of the recently plant orders conld add 

negotiated’ - "Sino-Japanese trade worth of orders to the 85ba 

agreement, which provides for worth which Japan - has ’ so : , far . 

anPP*T mQ dern indust- secured from elsewhere. provided . v;'..--.-.. • 

trial plantsjn -return for Chinese some recently secured orders do 
°u an “ c0 v , , hot get bagged down InGocom 4-V ! ‘-: ^ . . 

Cocom .restnetions are delay- rad tape. - •" 7 : ; V 

ing the.conctuslon of negotiations ■; Optimism about the outcome - -_-' v 

VilSPFWSli J th Panese P lan l q{ toe Cocom- meeting ' is. bared v ; 

exports, to the supply of ;on the belief that the US. are! ‘i; ’ r - •. . 

transistor, plant (by Toshiba), ias an interest in. relsixihS vr 

““tool ;sttategic controls on exports » „■ 

S« m 2fiS both. for general political - .fu: •./- , .* •' 

SflS 8 ffe reasons and because some inflir- 

Nippon Streis and a^computee ential X& corporation are -- 

by H,Uclli » t toemseJves trying^ to- sell.-iserisi- "C 
WEC or. Fujitsu.- ■ 7 tive items to the Chinese^ . • 

Japan .-^concerned about ih* - • 

Cocom problem' because of the". 7. 7 '. : ’ . ■ = 

extremely imp<gant role .which 

the Chinese- macfcot-nowjlays ik ** .. •?. - , 


).t 

. . . . i: 







1 





HOME NEWS 



financial Times Saturday Septemb'er 23 1978 


jv H Industrial 
instability 
j threatens 
West 
Midlands 


turns down 
out’ call 




BY STEWART DALBY 


TV/Ti rllnTirlri MR- ROY MASON, the Secretary Irnce from the TRA, who would critics elsewhere- who stay away 

IVxllUallQS f° r Northern Ireland, ■ yesterday scent victory. There would be from the front line or wish to 

answered the small but mcreas- rapid retaliation by other para- stimulate newspaper sales." 

By Our Midlands Correspondent ceJIs ^ politicians and news- military organisations leading to - Any increase in violence causes 
-up uircT M inr A >vmc papers for withdrawal of British sectarian violence on an unpre- concern to Mr. Mason since,. 

t! tT0 °P s from Ulster. cedented scale” apart from anything else, it can 


■ k« fnwrtnm *n uuui wuisi. ceaemeo scale. Bpan. rrom any-unng else, n can 

■*anies is “ Any pull-out now, he said. Then, turning to a theme jeopardise his attempts lo attract 

ndustrial instability " according woul d lead to sectarian violence which has characterised "his two- foreign investment to the pro- 


‘n nr Tna»nh f ' on ™ unprecedented . scale. The year stint as Northern Ireland vince as a panacea for Northern 

he resinn’^ p^SSmi! Government's intention, was to Secretary Mr. Mason said that Ireland’s unemployment problem, 
lounnf ° 5 Econon,lc Planning J keep soldiers in Northern Ireland the increasingly non-sectarian Figures released this week put 


Thu " in th0, numbers, appropriate to Royal Ulster Constabulary was the province-wide jobless total 

har thT r^.nn ‘“Smfn the securit >’ situation," - more and more taking over the at 13.3 per cent 

J, iv?ta L Mr - Mason - sfleakrag ‘"b' 5 security role from the Army. Mr,. Mason and officials have 

tandarris nf th fh^ mpr «. n ?!fL n ^ Barn *i le y constituency, added: Mr. Airey Neave, Opposition tried to attract foreign invest- 
■ronnmv h« tnM tL lt is rl B ht for 'them to be spokesman on Northern Ireland, ment using massive subsidies and 

• h?re Deveionmint th /cj££?lf c £ ere - lo P rovide assurances to said yesterday that he was seek- grants as bait, 

t Stoke vntentav Assoc,at,on ' ,hp community as a whole. ing an ursen£ meeting with Mr. They have had some success, 

A review of the output of “ The security police is now Mason to discuss a common notably In the plan by Delorean 



ome broad -rmiM ni m.n» mor e widely acceptable to the response by Government and Motors- to build a sports car 

acturinc should thU jh*. community than ever beFore. Opposition to those who sought plant In West Belfast and the 

nost imnnrram f™ Business confidence is.now being to undermine the bipartisan esaablishment of a seatbelt plant 

vere. at host «ia°nani rebuilt, and new investment is policy of keeping troops in the by General Motors in the pro- 

vJSS in -tare' d«Z hi being made in. the province." province. vince. The latest effort is a pro- 

i n rff..£r£ Hik rebuttal of- withdrawal People should be made aware jected visit by Alderman David 


ten 


Several manufacturing industries! rebuttal of.- withdrawal 


^easarg 


.ad shed one-third of their demands coincided with an in- °f the impUcations of a with- Cook, Lord Mayor of Belfast, to 
abour force oVer th e pastil In violence . in Northern ^rawal ^ New V^, scheduled to start on 


dilC *£ 


UTWr lue ±v Ireland He ™ keA whether those call- Thursday. 

L . ’ 4 , Mr. Mason said that the aim log for such a move wished Mr. Mason has spent the last 

del [-inflicted * of the IRA was a military take- Ulster to become another few days seeing politicians from 

“To complete the picture of over of Northern Ireland. “Sup- Lebanon. the parties in Northern Ireland 

i sagging regional economv we pose the troops were pulled out? The pressure for withdrawal an attempt to restart talks to 

Know that the West Midlinds What wou,d bo b« hintl? did not come frora responsible brag back some form of local 

has been slipping in the pro- There would be a surge of vio- people but from ’’-armchair or regional Government. 


iuctivity, earnings, and personal 
-... ncome leagues. 

'rS’srSS-S Welsh nationalists reject 

owesl of any UK region.’’ 

The region had suffered from ■ • • • 11 

:3“=?S3 poor show m opinion poll 

datively slowly to foreign • - 

. competition and technological ROBIN RffiVES •' 

• fl Th at ? n n ^«,« ' . . * , . A sharp decline in support for recent local council by-elections 1974 general election. 

: JJe Government had to take piaid a the Welsh in South Wales. Labour support is slightly up, 

wme responsibility for denying nationalist party, is shown in a The pollsters stressed that the with 52.1 per cent saying they 
^ cbance ,0 a«^elop ublic D pi n i 0n poll published by party's strength tends to be con- would vote Labour compared 
aew moustnes. BBC Wales j n Cardiff yesterday, eentrated in certain areas, and with 50.7 per cent in May and 

in tact, by deliberate Th found that only 5.8 therefore the random sample of 49.5 per cent at the last general 


deliberate 


government policy, -the West e n *J inten( j e( j ter vote Plaid 1.000 voters in Wales would not election. 

- Midlands has been denied the at the General Elec- necessarily show the full extent A question on the devolution 

• freedom of evolution to adapt t £ n compared with 1L2 per cent of its support. V referendum revealed a harden- 

itself to changing industrial ^ tbe g^Cs P° u in May The Liberals had only 4.1 per ing against -the proposed Welsh 

. nroim stance and demand, to and piaid's xoit per 'cent in the cent support in the poll, com- assembly, 

juch an extent that it is now last General Election. pared with 3.8 per cent last May, In May those for and against 

on ,Y er £ e of industriai The noil’s findings were im- and 15.5 per cent in the Jast the assembly were evenly 

• instability. For the region to m ed.iateiv rejected by Plaid general election, lt confirmed the matched, but. a large number of 

be saved, the Government should rymrij Mr Dafydd- Williams, trend of other UK-wide opinion “don’t knows” have now come 

remove restraints immediately. t v e Da rty’ S general secretary, said polls. out against it. The poll found 

» Donuur^ only a fortnight ago they had The Conservatives are able to that of the. 885 per cent of the 

J . k r t fKemedlfiS captured a seat oh Arfon gain most comfort from the poll, electorate who Intend to vote in 

•fit •< j H. ^ li The West Midlands was being Borough Council with 82.per cent It gives them 37.5 per cent of the the referendum, 47.7 per emit 

V- 3 i i,s t! IjLu jfsqueezed on one hand by 0 f the vote. The party had also vote compared with 3S.9 percent would be against and only 375 

regional aid policies which more than held its ground in last May and 23.9 per cent in thfe per cent in favour. • 

favoured Scotland, the North and • . 


-Wales. On the . other hand, the 
concentration of power in central 
-Government had prodneed 
national social and economic 
forces which gave the South-East 
-an advantage. 

- Dr. Pope cited the example of 


Fisons opens salmon farm 


pocks loan 
plea puts 
Rodgers 
on spot 

Bjr. Our Industrial Staff 

THE GOVERNMENT is again 
on the spot over the future 
of .London’s troubled Upper 
DoCks after a surprise request 
by. a joint union-management 
committee Tor new investment. 

An official request for a 
Harbours Act loan of a boot 
£lm for mobile equipment for 
the Upper Docks Is already 
with Government and a* reply 
is , expected shortly. 

jUthougb the sum involved 
Is hot significant, the issues 
involved in the application are 
of some importance. 

The Port or London Autho- 
rity wanted to close the heavily 
loss-making Royal Docks 
section of the port’s np-river 
.facilities, but was prevented 
from doing so by Mr. William 
Rodgers, the Transport Secre- 
tary in what the PLA’s 
management saw as a pre- 
election peace-keeping opera- 
tion. 

If Mr. Rodgers agreed to 
the Investment it would almost 
certainly be followed by more 
reqnests and he wo aid be 
placed in the position of fund- 
ing Investment in a facility 
which the port's management 


Britons , 
for U.S. 
clean coal 
research 

By David Fish lock, Science Editor 

BRITISH COAL researchers 
signed a contract worth more 
than Sim in Washington yester- 
day to carry out critical experi- 
ments for the next eight months 
on clean, fume-free burning of 
American coal. 

Southend Pier the longest in Uie world N "onal'cn^Eoard'aJfte Rs’ 

Department of Energy, provides 
T\ j j • 1 J for a 1, 000-hour lest run of Ohio 

Restoration would 

at the Board's Coal Utilisation 
A — # Research Laboratories at 

add £25m manna 

MUU-A Ulll director oF the laboratories. 

He has signed another contract 

to l with the U.S. electricity' supply 

industry, worth about 3500.000, 

A” Ute VtJ ftAAVl. for corrosion and erosion studies, 

using their fiuidised-bed combus- 

BY MICHAEL CASSFLL tor. 

SOUTHEND PIER, the : world* atmosphere of it, early days. ^‘‘eo^I.] 

longest pleasure pier, whose sea- with the present electric railway. ^p r i m . n a | facilities in which I 
ward end has stood blackened which runs the full length. ^ "rea oF the JSd-bid ^ coal I 
and twisted since a mysterious replaced by a period steam train combustor w m he increased by a! 
fire two years ago, could soon to link the pier head with the ?{?£? increased » 

be given a new lease of life. new. 700-mooring marina. “■ - | 

Southend council is due to Buildings on the pierhead Shared COStS j 

consider approval of a report would be in Victorian style. | 

prepared jointly by its officers In its heyday the pier Britain, the U.S. and Sweden } 
and Taylor Woodrow which attracted up to 6m visitors a arc partners in the attempt toj 
would restore the pier, now about year. Many landed un it by develop a technology based on j 
100 year old, to its former glories. Thames steamer and enjoyed a a pressurised fluid bed process I 
A scheme proposed would pro- horse-drawn train ride to the sea for burning the coal, ticked to I 
vide a £25m marina and see the front. both gas and steam turbines | 


Restoration would 
add £25m marina 
to longest pier 


BY MICHAEL CASSFLL 


Britain, the U.S. and Sweden 
arc partners in the attempt to 


as and steam turbines 


pier totally restored and During the war the pier was driving the generators. - j 

re-opened to the public. The cost taken over by Lbe Royal Navy stal-Laval Turbin, a subsidiary i 
of the pier works is uncertain, and used as a marshalling point. 0 f tbe Swedish ASEA group, has 
The last estimate for renovation An indoor all-weather activity announced that it is entering ! 
was about £4m. centre, a 250-bedroom hotel, a uj t o “ phase two ” of a develop- j 

The pier, which is 11 miles conference centre and shops are ment project for the “ combined 
long, has been partially closed lo planned for the marina. cycle ” svstem with ' American | 

the public since 1976. when a The new railway could be Electric Power, a large U5. elec- : 
strong westerly wind fanned operational by 198D, with the trlcal utility. Their aim is to, 
flames that destroyed the build- marina coming into use by 19S5. develop a 170MW demonstration j 
mgs and entertainment facilities The council is hoping to attract power plant based on the new : 
at the seaward end. Damage was private investors to back the technology. ' 

put at £2.5m. plans, and says it has already Babcock and Wilcox is pro- 

It is hoped that a revitalised had approaches from interested viding the pressurised fluid-bed 
pier would take on the Victorian parties. — ' — ^ — *-- » — > — - 1 <- 


combustion technology through 
Stal-Laval. 

August brick output up Probe into 

agssr but deliveries down Marley 

°fVX ” ou « buiuhng correspondent nr ice rise 

which the port's management BRICK PRODUCTION • last 44 Im (455m in July and 414m a A 

strongly feels to be surplus month rose, although deliveries year before!. In the latest three- AN INCREASE of 4.5 per cent 


Dr. Pope cited the example of • SUE CAMERON . - , Docks h 

Government research and deve- FIS0NS OPENED an Atlantic other hazards. The company George Burton, the group’s chair- neglected 
topraent facilities. Of the- 80 fiffifon fish farm at T ay Moan, in b?lieves these three things Will man, said that Hs policy would because a 
establishments only one was in ““ te r day U will make outweigh the cost of pumping sea be to go into fields which did not iiiinre. : 

the West Midlands and 43 were ihe -omuanv one" of the largest water to the fish tanks. require such high research costs. , 

'be South-East. ffLrf.'T.lmMt In Opening of the fern, merits Although the group did under, Fonn»& 

Among remedies was the need K,p ir . another step in Fisons’ planned take research and development V 

lo return decisions to the Mid- « « rvnppteri to diversification into businesses work into the process used at . « Mr. R 


to - requirements. 

Investment at the Royal 
Decks has been badly 
neglected for some time 
because of their uncertain 
.future. : 


lo return decisions to the Mid- The new farm is expected to diversification into businesses work into the process used at 
lands. Too many companies with oen mnnes of fish annually, not based on continuous and Tayinloan fish farm, it felt, that 
important plants in the region iti first harvest next intensive research.’ Its main this' was a on^pff item of expen- 

bad head offices in the City, * ?JS? Const?uc?on aJd^evefop- areas . of operation are agre- diture. Now that the farm had 
There should be more dele- £2?: flL2Sm The Hiah- chemicals, fertilisers and pbai> been established further research 

gated power to regional SSK Md WaS Development' naceuticah. Last year Sir would be unnecessary, 
managers of clearing hanks and Boardhas contributed a £200,000 •_ — 


the establishment 


nmnuiHuiuguL VI 3 tOCSl 

office of the National Enterprise H The world market for salmon Ur 
t * estimated at 15,000 tonnes a year, 

I get the impression that the ri Viof demand being for 


stability is alarmingly near for trinnes a year, and 80 per cent rnniuur 

the region and surely it must be output comes from Nor-' BY KENNETH GOODING V Although this committee has 

wiser for the Government to act Almost all the rest comes MOTOR-CYCLE registrations last on moped- engines is out o£ the covered agood deal or ground, 

now rather thM to let things i ronQ uk. . month rose by 5.9 per cent to. wa y t it is possible to see that the it has not yet reached agree- 

amt until Birmingham is Atlantic salmon are nonnally 35,092 compared with August last from a ] 0 we r base is ment on the level of manpower 

-another Liveraool and Coventry f arme d in floating cages in the year. . ■ UDWard ln - Aueust alone Teels- reductions. .• 

- becomes another Jarrow." se , t, u t Fisons is using a new \ n the first eight months sales ^ . ...... 

— — — land-based process of its own. fe u Sb per Sent to 159,184 ? a Jions of moped s rose from Mr. Rodgers, has aid that 

VTTjynlr The fish are kept in .10 inter- because of the large drop in 8.767. .without an agreed and costed 

liSUx work connected tanks supplied with registrations of mopeds (under ’SENS'S 

A AV sea water through four 24 in dia- 50 cc bikes) after introduction of i S? -!! 

meter pipes runout into the sea* a limiT on the maximum speed .XT’ „ r; 1 a *3wn grant for rcdmsdancj 

record • Thelowriseandfalloftides.in August, 1977. X 1 3TGS D1Q forth 

ivwxu at T a yiu] oaD makes it compara- • Registrations of mopeds were loan capital would not be f©rth- 

, -lively cheap to pump water 49.3 per cent below the eight- NORTHAMPTON Borough Coun- coming. 

{■_ |J|^J|vV| IjQTl- ashore there. month total for 1977, at 36,590. cil is to ask the Traffic Without Government cash, 

f- Fisons says that its land-based In the same period sales of Commissioners for permission to the PLA- board wiu be nna hie 

. R ?P° rter . farming process has a number over-50ce bikes rose marginally increase town bus fares by up to continue trading legally and 

A GERMAN-owned company in oI advantages over traditional to 122,594. said Department of . , » loneer iournevs. The u ' ,U be forced to put 

Cheshire which is expanding and methods, including more efficient Transport figures released yester- P ° 8 ® J jJJ. the port into recei vership and 

huing an extra 200 employees. Is use 0 f f ee d, better control of the day. extra uuu.ouu a year wpuia help se ek reconstruction from that 

refusing to take former workers fish and a reduced risk of stock Now that the distortion- in sale offset a lass of more - than base. 

from two large companies in the being damaged by storms or figures caused by lbe speed limit £200,000 last year. 

area because of their record of 


Motor-cycle sales revive 
after moped setback 


If Mr. Rodgers refused the 
loan, it would be regarded by 
the onions- as signalling lack 
of rahit in' the docks’ future. 

The request for investment 
came directly from a joint 
PLA-union committee which 
has been attempting to work 
-out an agreed formula, prob- 
ably Involving the loss of more 
than 2JHM) jobs to be put to Mr. 
Rodgers by the end of the 
month.- The investment pro- 
posal apparently has not been 
considered by the PLA board. 

Although this committee has 


fell back, according to pro- month period, they were 5 per in the price of concrete roof tiles 
visional figures frora the Depart- cent above the previous quarter and fittings proposed by the Mar- 
ment of the Environment and 6 per cent on the correspond- ley Tile company is to he investi- 

Manufaeturers produced 391m ing period last year. gated by the Price Commission.- 

bricks in the month against Brick stocks on the ground at The investigation is due Id be 
371ra in July and 392m in the the end of August' were 670m, a completed by the end of the 
same month last year. In the faU of 51m from the month be- year and will be carried out 
three months to the end of fore and 94m from August 1977. under section 4 of the Price Cora- 
August output was 1 per cent Cement deliveries in the UK mission Act. 1977. 
higher than in the .previous averaged 287.000 tonnes a week 
quarter, but 5 per cent down on in August, against 315,000 tonnes 
June-August last year. in July and 285.000 tonnes in 

Deliveries last month were August, 1977. 


Lifeboat for trapped 
divers is launched 


Jaguar recalls 
6,500 cars 
over dipsticks 


FINANCIAL TIMES REPORTER 


JAGUAR CARS is recalling 6.500 
Jaguar XJ and Daimler saloon 
six-cylinder automatic models In 
the UK to fit a modified trans- 
mission oil dipstick, it was 
announced yesterday. 


strike 

• * ? * • 


‘Bad’ work 
record 
brings ban 

Financial Times Reporter 
A GERMAN-owned company in 


ment on the level of manpower 
reductions. 

Mr. Rodgers, has said that 
.without an agreed and costed 
plan involving rapid manpower 
reduction and re-organisation, 
a £35m grant for redundancy 
payments and another £10m 
loan capital would not be forth- 
coming. " 

Without Government cash, 
the PLA -board will be unable 


the pert into receivership and 
seek reconstruction from that 
base. 


THE FIRST UK-designed life- decompression chambers before tha^i^certLT^e ratine cond?- 
boat for divers trapped in they can safely return to normal ^ ZS is n? 

decompression chambers during air pressures. The length oi ^rre'ctlv located P oll can spin 
an oil rig fire or blow out has time depends on the depths at KJI retention tube°if the 
been launched by Comex Diving, which they have been working. aea rhox has been overfilled ” BL 
a . British company based at In the event of a disaster such J5d ' 

Aberdeen. as fire or, in the case of ships, « cars affected were built dur- 

The lifeboat can take 16 divers a collision with another vessel, j ng tb e period August. 1977 to 
at a time and can keep them they cannot be rescued by an March. 1978. and owners will' be 
alive, at the correct pressure, ordinary lifeboat or helicopter receiving direct notification from 

for up in 48 hours because sudden decompression t h e company during ihe next two 

It cost £90,000 to build but could kill them. weeks. The action required 

Comex says this sum includes The Comex lifeboat, which was takes little more time than it 
research costs and subsequent built and designed in the UK. does to open and shut the bonnet 
models should be cheaper. The includes a radio beacon and and is free.’’ Only cars with 
newly launched vessel will be 1 rebreather face masks capable automatic transmission are in- 
used on a serai-submersible con- of sustaining breathing should voived and 12-cylinder cars are 
struciion barge in the North the life support unit motor fail, not affected. 

Sea operated by Houldar ~ " — 

Brothers aDd Comex. 

North Sea divers spend — 

between two and seven days in 


industrial disputes. 

Employees from International 
Computers and Metal Box have 
been black-listed by Based 
Engine Company, part -of the 
Bauer combine, and the director 
of the company' Mr. Richard 
Prestt. said: “I wo 


£40m mine plan to boost jobs 


BY RAY PER MAN, SCOTTISH CORRESPONDENT 


Government to study 
drift to towns 


Prestt. said: I would not touch WORK "IS to start this year The National Coal Board has fide nee In the industry. FINANCIAL TIMES REPORTER 

them with a barge pole. on a £40m project to drive a- applied for planning permission In response; ‘three unions THE GOVERNMENT is launch- tackling the problem through 

international Computers vej Dew s haft under the Firth of! to sink a new shaft in Mussel- representing miners, craftsmen ing a comprehensive programme the Development Commission, 
lerday denied that its winsford p or1t jj to mine 50m tons of coal, burgh, on the site of a former and colliery officials in Scotland of research into ways of stirau- which planned to spend £1 5.5m 

plant had a poor_ industrial Mr. Alex Eadie. Energy Min- gas works. This will be used for are to launch & joint. campaign lating the economy of rural areas in 1978-79, compared with £6.1m 

record. The only dispute this fcter responsible for mining, said ventilation and transporting men to increase productivity and out- and of discouraging the drift of in 1976-77, and aimed to create 

year had come on two particu- yesterday that the development underground. Coal from the new put, particularly- by trying to young people to the towns. 1,500 jobs each year in rural 

■ Jarly hot summer days . when WO uld secure employment and : seams will be extracted through curb unofficial walk-outs. Mr. Ken Marks, Parliamentary areas. 

*e v eral employees refused to production from Scottish coal- MonktonhalL The national incentive scheme. Under Secretary at the Depart- Mr. Marks said: “The research 

^jl work. The. Winsford plant makes gelds into the next century. . Musselburgh residents -have Introduced in Scotland at the ment of the Environment, told will help indicate how public 
C0 IS pllte 5 most ^ for export- j An. additional 60 jobs would protested about the plan, hut it beginning of the- year, has in- the amnial conference of funds available for supporting 
i, v Metal Box admitted that it had j, e created Immediately, rising is thought unlikely they will creased productivity by per National Parks authorities yes- rural communities can be used 


; , v \ 

; 1 • ; e. 


; been through a “ difficult year." l0 more uj an 500 in the Hist hinder it materially. Preliminary cent; 


terday that among subjects to be most effectively in the Parks and 


1 v 4 r j “7 • tu uwic ui«u ww —s «... •» — — ~ — — , — — ■ lsi—/ vuiuug -- — . - — - 

/ n-[j v ' refused to comment any fur- f U |j y ear 0 f output in 1986-7. - 7 " underground work can go ahead Mr. McGahey said: "I want to studied were the economies of how national policies inter-act 

* i 1 511 ther on Mr. Presrfs claim. . The project involves tunnel- without planning permission, see higher earnings, but also rural communities in the Parks with the interests of local com- 

* » - A w ... r il. . u_ Ui.r.k .,1 ' ..... ki.VA. ..4 I _ . r anhnnl munitiu ’• 


Crane crashes 
at McDermott 
platform yard 

By. Sue Cameron 

A 400 foot crane — said to be 
worth £8m — crashed to the 
ground at the . McDermott oil 
platform yard in Ardersier near 
Inverness yesterday. 

None of the men working in. 
the yard was hurt, but McDermott 
is faced with the. problem of 
meeting delivery dates for the 
two platforms being built at the 
yard. 

One platform, for Petrobras, 
the Brazilian state oil company. 


ling 2.5 miles from the Monkton-. : Mr. Michael McGahey, presi- higher productivity and an in- and the impact of primary school munities.” 


ball colliery 


East Lotbian -dent of the Scottish area of the crease in output! 1 am not satis- closures. 


under the Forth in Musselburgh' National Union of Mineworkers. fled we are getting the 


It was necessary to provide 


The studies would be carried homes and jobs for young people 


Bay, to Jink up with a new mine- welcomed the investment as a benefit out of the incentive out by the Countryside Review who j n t h e National Parks 
to be constructed from Mussel- ' demonstration of the govern- scheme at this stage, but we are Committee. anc j t0 ge t young people to 


burgh. 


: mentis and the Coal Board's con- making improvements." 


Sweetmakers face growth problems 


BY OUR CONSUMER AFFAIRS. CORRESPONDENT 


GROWTH IN the £L5bn con- 
fectionery market is likely to 

slow down in the 1980s, accord- 
ing- to'a new market survey. • 
The survey, by the Jordans 
group, covers 110 companies in 
the chocolate and sugar eon- 


market -was unlikely to become covering from the low point of 


should be completed by mid- fectionery industry. It says 
November. The other, for that since the UK already has 
Conoco, is due for delivery early ' the largest per capita consump- 
next year. tioti of sweets In the world, a. 

. The crane that collapsed, was position of market saturation 
built in Germany and McDermott must -soon be reached. ! 
said that it was the only one;of : It -also points to the falling 
its kind in the world It conk! birth rate and greater pnhlfe v 
take weights of up to LSOfl tonnes . concern over dental health and 
and was being used : for the ~ehlld obesity as factors which 
exceptional lifting needed id may limit market growth. 
build . the giant platforms. . This pessimistic view or- ihe ' 


apparent until the 1980s at the 
earliest. Recent financial re- 
sults from the larger com- 
panies .In the industry— Cad- 
bury Schweppes, Rowutree 
Mackintosh, and Mars— had 
been very satisfactory, and 
*1978 seems s« f fl h *o be 
another good year for confec- 
tionery 

The total market, one of the 
largest packaged goods markets 
In the UK, was likely to reach 
retail sales of £L5bn this year. 
Last year, sales were . just 
under CL Am. '* 

The volume trend was: re- 


1975, when the rapid -rise in 
cocoa prices hit chocolate con- 
sumption. This year tonnage 
should, recover from the 1975 
level of 622,000 tons to about 
665,000 tons. 

While sugar and chocolate 
confectionery were fairly equal 
in terms of volume, chocolate 
was the more important In 
value terms. Chocolate sales 
were expected to reach £950m 
In 1978. 

Because of the dominance of 
the three main manufacturers 
in. the iadustry> It was hot ex- 
pected that they would-atiempt 


Cmnnuune. anc j t0 ge t young people to 

The Government was also understand and, therefore, care 
more for the countryside, includ- 
ing those people who came from 

S thc towns. 

“We have to provide the 
young with encouraging and en- 
joyable opportunities, and we 
also have to help them build up 
the self discipline which- comes 
any substantial growth by from knowing about, and there- 
acquisition to counter a static fore caring about, the surround- 
market. Any takeovers could mgs they are In." 

bring the companies involved . 

under scrutiny by the Monopo- _ 

lies and Mergers Commission. CirOllD OSS Drill 
The outstanding company b * 

performance according to the for 7^11 liVhc 
survey was -Lion Confection- ivl JUU3 

er £„ R »» W 5? Yorkshire com- STERLING-WINTHROP Group 

CS JSjgt has applied for planning per- 

fished accounts, the company s m ;«; nn f nr a roewreh anri 


Chieftain 

AmericanTrust 

AN OPPORTUNITY TD GAIN FROM 
THE CAPITAL GROWTH POTENTIAL OF 
THE AMERICAN STOCIC MARKET 


Through this unit trust, you can have your money invested in North 
America in a professionally managed selection of shares. 

There has been a significant rise in American rfiare prices during t h e 
past six months. This has been stimulated by solid increases in industrial 
production -and company profits. However, on a historic basis, share 
prices are stil cheap in relation to current eamingsL 

If long-term capital growth is your- aim then we believe that the 
American economy— and with it the Chieftain American Trust — 
.represents a most attractive invest m ent. 

. Fw-ytWBoldweeonly do 71a So*cmber d* offer price of Chafoin Amenean UniN«ai2K2B 
togne an eftamted curm« gjw* yidd a imSipa.Tfae jrire units, and the nm Gran (hem ca no 
dwm as wdl aiap. The Tnaue of Chieftain American Tnac is Mdbnd Bmk Trua Onon. Tl« apnal 
price md .viddapoUdicdtUy ixnoa orvopapen. 

American Unts woe fine affiaed on 4th April 1977 * 55p each. There k*i s-fc-i 
jnaswaeni SS ndoried m the jake cf tncsaod an annual darfx (plut VATl^hkh bas 

awwflfiir a die qucced yield, hone s pal net cf tatcome tax, but tKi can be rechswd br 
n»«jaytTK. EhtiftutioiB aid * report on the feoJ are nwfcanoialy on 1st March, nwcflb 1 is net 
appucaci ctoE rc. 

“ NEWSnJEr - LONDON 

Heaeaaeldend pstudnse kUbk I 

I. lAfewdd He to buyrO^rfahi American U nte to diceahecf g | 

I at toe onresEo&r price (Kfinhumt ioml bolAq; £2SQ) 8 

I IASendaeanaremna^pa^aUstoQaeftaeiTfwrNWapnlJsiked. i 

Tick bacQff^v^iDaiinajiQ growth by auwtn*icrc-in*i3(inenccf net kKren; I 


under scrutiny by the Monopo- _ 

lies and Mergers Commission. CirOllD llStS Dl2U 

The outstanding company b * 

performance according to the fnr 7^11 ifkhc 
survey was -Lion Confeclloo- ivl —Jv JVW3 
* r l' Yorkshire eom- STERLING-WINTHROP Group 

ca S- ife "SL SJCfc has applied for planning per- 

mission for a research and 
bas sot. been development centre at Hexham, 
lower- than 23 per cent. Northumberland, providing 250 


i »pp fa*«Jci n lodged dyrq^i an aihtriaad dcpcs to f yj 


j HRSrNAME<S>Nl 


lower than 23 per cent. 

•The British Confectionery 
Industry, published by Jordan 


jobs. 

The proposal is to convert a 


Surveys, Brunswick Place, Lon- 100-y ear-old 12-bedroomed bouse 
•don, Ni. Price £60, to offices and build -laboratories. 


te S ^dTSboraS I ' L 



in 5% 


%iiiahdi£il -Times' SitnrBay 



of profits 


BY ALAN PIKE. LABOUR CORRESPONDENT 


; APRIL, the Fnrd ‘Motor Com- Government's 5. per cent, pay something of a pace-setter, even central aspect of pay claims. 

• nv announced that its pre-tax guidelines. This is why the com- in quiet years. Mr. Roots pointed out that 

■ofits bad risen from £1-L6m pjny. departing from previous In the public sector, where the there was no mood to .reduce 
1976 to £246.1 m last year. praclice. included the offer .of Government has a direct interest, working hours in Japan, -sod that 



' . h i I n rhl ci -Vim ror £2(i sides left Thursday’s meeting dimensions to that at Ford. The happen with cars. ' : . 

- a nda r.hee of knowing that there was a danger Government’s chance of holding If the company reduced the 

h cf C i rove me* ms which S had of an outbreak of unofficial the line among this lm-strong working week by five hours, be 

yesterday made Ford the first industrial action. 


lower paid group of workers will said, it would lose ten hours' 
- .. rn , prnmpnt -. They must, though, have been be much reduced if there has productive capacity each week 

ittie e round Oi the t>overnmem a surprise( j by the extent of the already been a breach of the on a two-shift system. * He told 

,ias? r our pay poncy. reaction. By the time negotiators guidelines at Ford. the unions: “On the assumption 

The union = justification for tne mct t0 consider their Formal Ministers remember last year that actual hours are" reduced, 

aim was simple — it was based reS p 0n .se to tiie offer yesterday when .Ford eventually settled at there is no way in which these 

t the company's ability to pay. mor nin3. many of Ford’s 23 about 12 per cent-— although the losses can.be recovered;, 
his was in line with the Cre- plants - Ae re coming to a rapid company; argues that this was at « The comnanv’s are 

. iicntiy stated view of Mr. Moss stan dstili as employees joined a point when the 10 per Cent was already fully manned— hfrteed 
• vans, the new general secretary ono n\cu\ walkout*. After a vain regarded as an average figure, overm^ed-^dma^^can 

‘ i Transport and General aUenipl r>n the telephone to Although Ford caused -dis- J ot ^ ^£23 £ the S h”"- 

forkcr** Union, who made ms P p rsU acle the company to move pleasure by going up to 12 per tPnn to recov er 
■piuaiion as leader of Fnrd f rom 5 pe r cent, the negotiators cent last year, the settlement production 106 51 

. ?gotiiiiors. that ability to pay bowed to the reaction n f their proved lower than many pro- "Therefore for the same level 

members anu called for an of wage cost! the company has 

:V„ n '™ «.~mr thui f a lost ten hours per week pruduc- 

11 l ' dn °, ?cn . s * er * 1 that Ford tion. In fact, the wage 'cos; is 

management nas been made not the same: all the overtime 

directly a v. arc o. the importance ^ 'working which will still he 

vnuld hr the basic criterion for J* [he 5 per'cenfTiirdiune.^Mr 5 ductivity-based deals later in the red UC h2 

equations in the comm? year. p jul Rri! ,, s . employee relations wage round, and this is adding „ at hirtfr 
Another figure from Ford'? director, made a point of stress- to the militancy of the Ford P h „ j norM f?,' n h,«f^5 ause 
.577 results became even more , n c in ihe unions on Thursday workers. 

:»ntinnjlly imprinted or the that the Government could apply Present earaings of the biggest parkin pc in *« w,«,! ?«ndtfra 
lind.s of employees than the sane 110ns which might affect grade of production workers are v jded bv 40 hours* 35 - Was f ‘ r 

ouhlinc of profits. They saw eninluyment prospects. £79.33 for alternate day and night ** Thp ^ 

«« ** *■"* of Mr. Terry The £S0m South Wales engine shift weeks. -that when 









? BY RHYS DAVID, NORTHERN CORRESPONDENT 

l- -1 st to*. CT ark council estates wood labour force 
. •- ? 5?.^ E STAR F -• plant at has made alotot mpney^cftUu:- - 
A fr h i cl1 s H lTO T U - Arnnol a gloomy UK operations ; over , the;, '.past , . 
-si Itatewood. Liv P j terf j av that year, is experieBasg~a:hif*ls Tevef 

"Fsssyr l &5? *» u rd; b, * ***$$£, 

¥tE W Ha'lewood Plant' sand- xhe IneviUhUi^io^.^ecT^ 


inched - between the main o roup $. jncludfug. guftfc .«£] Jfu'.jr 


Xondon-Liverpool railway line.' claiming similar ti&f-J&j 
jtndthe main road south from pays up if. seen 
Ihe city is only about a mile else s problem by the i^ara&F. 

Speke plant, which workers. :v;v> 3 S 5 Hv 

closed this vear after a four- “ w e are .not -natfopjtlis^ ^ r 
, felon th strike'. Neither this nor company— so wfey.^nH^Sa*J> 
Wyl .-‘the.. 100.000-pius unemployment t0 suffer .because, -.etitie (te*-..-.! 

9n ; '-> total on Merseyside appears to p e0 pj e 's problems,"- 'a.^ Fora..'; f 

' iav e caused even a momentary maintenance worker 
JL . i hesitation by Me tebnuT force m Behind the 

rejecting the company s 0 per - ------ ■■ 

.cent'uffer. 


also the belief ithat,; 


The - action of the night-shift 


aC , ° n _ when news of inflation, prices are .'stift- fcoi»R ' -' 
thJffmi-Thuw-- «P. F ^ rd the mse lyes; put' thtir 
*y ? wS SuT/klv followed yester- price? up every : 

SKfi W of workers' not ourwages.; Theb«^ces.: : ,. 
:■!» tk? „!Hr Bv mid-afternoon. for-veluci«Mi!iW^JffltroAiB. : ' 

: *r~ 7l,rM fc,rfc p ?hi f t was due to bought by other compiUjiks^Teed.',;; .. 

Mr. Ron Todd, national organiser of the Transport and * n ? the .L'? t h a t many men their way back to u^irj .ttgjier . ; - 

General Workers Union and leader of the union negotiators, nVil tr* turn up: prices for food and:.p4tttego6i&?*- * . 

announces the decision to call for an official Ford strike. He is - The spontaneity of the decision ‘ 

Banked by Mr. Ted Hepple (left), national organiser of the seems to have caught even die 


Amalgamated Union of Engineering Workers, and Mr. Sid workers themselves on the hop. 

of shop stewards at Dagenham. With- the men’s conveners stiIL 


Harraway, chairman 



eckclt. Ford chairman, had plant now bein; built and due No one will ever know for sure reduced ,11 the trade union side. the large investment which Ford 0Q p' . v es terdav 

isen from i’30.457 to £54.543. to be completed in 19S0 is what Ford would have offered L m p tecanc* Th e annual Ford claim is a is planning in Britain. - * 


In canteen conversations at generally ^m. 5 
tagenbam and Halewood. this immune from possible 
as treated as categorical con- The most direcr 



reeled with cries from demon- raise ihe question of whether the ranging claim. demonstrate that Ford will not 

1 valor* like "Wo helped mak»: Government ecu id meet us needs The company was particularly easily be m 

he profits, now ;ve want our fair from nicer BritiVh car factories, dismissive of the demand' for a area where 
hare." The Government’s need to see phased reduction to a 35-hour most 

Neither Ford management nor Ford sonic within the phase four working week, with Mr. Roots, through, 

ninn leader*: were under any guideline i s clear. Coming so referring to a “very serious If *Fo 

llufion fnai it would he easy fb early in the pay round the Ford defect " in 

ell a package based on l he agreement is a! w a} s regarded as thiuking on 


In thic th«v pvnrMwtl unp9« The Unven-Tnent's hnoe hnc t hat the P3>' policy 


in '.London hearing about the ... 

comp any ’s offer, there was no. ■ - ■ ^ 

one . vesterdav to organise Other local pneestitaye. haett .. . 

picketine gomgi up^. too., L acpther.--inahV 

or two delivery vehicles pointed out.. ~H;we get 1i jjer r ,• 
still arrivins and leaving cenLtbat will amoantYba^buplfi;' ' 
the- plant, though it seems likely of quid after tax, ahrf Qmt-'witt&e 1- 
that by Monday there will .be; more than offseC -b^:the hfgher .' • 
arrangements to try to stop the bns fares-vc- are ndw. being eie r - * 
movement of supplies. • ’ ’ ‘ pected to pay.” r r f/! . . .- v .... 

From the workers who had The men are relatively sanguine --- 
tnnrea up. it soon became clear about the prosper Df bmbg 4 >ut 

that Ihn D3V DOliCV message nn ctriVn fur d lnn« nArvniL 



Britain to concentrate on com- the rord negotiations this year, aJ £*-‘ s ” j!lv comprenenaea. 

The Government s efforts to 


a ‘very serious If Ford management- has a ponents and commercial vehicles The clearly expressed determina- *“ e Governments enun& io 

the union sides reputation for hard bargaining. — a fear which has not com- tion of the workforce is that it convince workers tnat, oecause 

this increasingly there is no lack of experience on pletely disappeared in spite of snail. • uuiMonis lower, wage 1 settle- 


REST OF THE LABOUR NEWS 



Cost of Bathgate strike 


to 






BY OUR OWN SCOTTISH CORRESPONDENT 


By Our Labour Staff 


j MANAGEMENT AT Ley land's end to the dispute, work cannot the L50G ! .machinists- hAv^aban- 

I Bathgate truck and tractor plant begin again for a week because doned thetr' claim • for^^xtra 

['*"11 ni?x t week assess the extent the factory will be^ closed until- money to operate new machine 

HOPES 01' a break in the hospital , of damage caused by the six-week October 2 for the autumn tools, but the management has 

a. irks officers' pay deadlock rose ! unofficial strike nf machinists, holiday. also agreed, to drop a temand 

.eslcrday when management and ' v;mc # 7 was called off by a mass There will then be the problem for .an undertaking that feigree- 
inions agreed to further talks ; meeting ye-tertlay. of re-starting assembly lines and ments aud-procedfireswoiild. be 

in Tuesday. Nominailv there is a £70 m Getting productivity quickly fopowed. • . . ' 



1 i«i wait for dpliveri' and how incentive sebeme. covering all He said ..the unfon. whicht-ean-j 

• ... -1. — “nn 1 1 : j 1 ci ct/m 1 1 AnfirtoAil -tha efwlra I 


There was no indication that: man , have gone elsewhere while The 5.500 hourly ’paid workers. sisten.Uy opposed ; the strike. 


in unproved salary scale w-iuld J thfc . r a ,-torv was clo>ed. to substantially ‘increase output would be monitoring the produc- 

be offered to the J.upO works, i n spit? of the rote, which was levels. ■ tiviQr scheme* and an independ- 

nfficers pressing Tor differential j o Vt .-wbelmi n glv in favour of an In agreeing to return to work ent study of grading structures 

at the .plant There would -also 
be a fair wages claim to bring 


anomalies to be corrected. 

They were warned by Mr, 
David Ennuis, Secretary for 
Social Services, earlier this week 
that any improvement in the 
offer may not be acceptable 
because of the Government's pay 
guidelines. 

Agreement t& call another full 
session of the joint negotiating 


Electricians support 
free enterprise call 


BY JOHN LLOYD 


Y. r hitley council for professional j . T ^. electricians' u«u 

anr! -.tuff Fr.I rul ire backed the Call frOOl the 


union has Engineering Union, said 

and technical staff followed talks! ' W ' K ' U , “* , ™ m * he union's trade unions will not support the 

in the Department of Health and ? eneral secretary. Mr. Frank return of a part of the public sec- 
Socfil Security* vesterdav morn- Cha PP^ e - end the Post Offices tor into the private sector.” 
in' between Hr Enna ? Mr Eric mc,nopQl >‘ over tbe sa,e of mosl Tbe EGi'l’U has supported Mr. 
Deal-ins UndlrSecreivrr In th( ^ ^^communications equipment. Chappie because it believes an 
DenJrtment and Mrs Rachel The executive endorsed a reso- unrestricted market will 

Holly, chairman of the' lllanasfr ! JSif !Sl",2_ n,#re ^ ”« U, “ 
ment side. 


the factory bade iuta line with 
other Ley land plants and other 
employers in the district 
Mr. Laird said that when .the 
factory had settled down, : the 
union would also ask the Board 
of BL Vehicles to reconsider its 
decision to cut £32m from, the 
forward investment programme 
for Bathgate. 


Health workers ask 
for big pay rises 
in Phase 4 battle 


BY PAUUNE CLARK, LABOUR STAFF 


The onJy major reservation ex- r 
pressed . by some; Cvyas- over.; tte . ; . 

_ ^ decision to. come our before the. ■ 

niMits" should also be "lower is en d "of the - preseht contract,. -- 
greeted with disbelief. -• • • which still has about three weeks '-. 

“ Last year, when inflation was to rud. and before tbe period for 
running at 15 per cent, we .were completing negotiations;.; - was 
offered a 10 per cent wage rise. over. . • • ; 

This- year, when things are sup- Others, however. beJieva that 


posed to i>e improving, they are the instant reaction, by. showing 
offering ut5 per cent How can. their disgust; has-; greatly. 

i " -cai nno rpantinn ctn>n?thenMi - rheir. .npMliatflrs' 


that be right ? " was one reaction, strengthened -their negotiators’ 
The view taken by the Hale- hands. 


Where 57,000 manual 
workers are employed 


A PAY CLAIM of at least 40 per Municipal Workers Union, said 
cent is being prepared for some there was a “strong possibility” 

250,000 hospital ancillary workers of disruption to the National 
in a move which will strengthen Health Service, 
the battle. lines already drawn up The Muimnoal Workers, the 

over Government pay policy by National -Union of Public, J** 1 * 1 ™ 

Britain s 1m local authority Empiovees. the Transport and* Swansea 
manual workers. General Workers Union and' the 

The ancillary workers include Confederation of Health Service 
members of the National Union Employees plan ro submit their 


FORD EMPLOYS 57.000 manuij workers in Z3 plants based oh 
16 sites, with most working in the six plants at Dagenham, east: 
London, and the three at Hal fe wood, Liverpool. The workfprcer 
of- the plants arc :- - -'5 

Dagenham - - 24^00 , Daventry . . i > -.L280 

Hafewood 12.600 Leamington ; ' >WW: 

Langley 2.000 Belfast' ;.,V: v 1440 

Southampton 
BaMidoD (tractor and 

rattialors. plants) ^ ^ 

■ '. 2400 Croydon ; ^ 32» 

Enfield 1^00 Treforest : ..T i.^’’ J ’. RW 


2.000 Belfast T 1440 . 

.4400 Dunton J ,. 7 j MW . 

•• -- >: Woouiai':^^ v- ' 

•3,51ft- . Aveley « -vsl V^ - 3*0 


Dagenham. Halewood. SwaBSea, Daveotry andBasUdOn were 
bit by si rikes yesterday, and men at Belfast wCre plahning lo 


n r i ^ . |L . , - I • V uil >1 1 lta > 2 13111 f AMU WVU M Wiapi - *r «. st; ■ 

Sift 1 !? P l ®y css. w hich nas claim to management- pa Octoncri slop WO rk from last night’s night shirt. ' ... . •; 

said that jt is preparing for a 2«. at the next meeting of the. . 

campaign of action in defiance of Health Sen ice ancillary staff ' Someof Jh e slrikera say they wllLreturn on Monday, but. the 

the * 5 nor Pont rvuf niiiHoIin.i • __ t^r • _ - - » - • j r! '--i-l: 


the 5 per cent pay guideline. council. ■ position ma> change now union ne£o^t<Rs are seeking an offiefad 

The group traditionally steps Mr. Dnr.net said that the claim . strike. ,‘. s ' ; ’l .... : . 

in line with pay settlements would not be any less than than 
reached by the local authority submitted by the local authority- \ 
workers who last year agreed on workers and could be more. The | 
an increase within the Phase management wtis bound to feel; 

Three 10 per cent limit. constrained by the .5 per cent pa\ ; 

This year they have decided policy but the unions were “ not ; 
to demand a 40 per cent rise and in the field ” for accepting it. j 
a minimum of £60 a week for the During the next few weeks the 
low paid compared with the Gov- unions involved will try to \ 
ernment's £44,50 maximum Jevel reconcile their differences over 
for exceptions to the 5 per cent the details of the pay claim where 


An indefinite strike by ; 308 .track driver* will severely 
disrupt the entire Dagenham, complex, and another In definit e, 
stoppage in the Halewood transmissions plant will halt the snpply 
of crucial components to ofhet factories. . . ; ; 


Strikers in the Halewood body and assemWy plants say fltey 
also will stay oat indefinitely, making Escort production 
impossible.' . . ••••’. 


U®* 1 °n increases. COHSE. for example, has called 

Mr. Charles Donnet. national for an £$Q minimum compared 
* u " ^ ' and with NUPETs £60. 


officer in the General 


the Electronic, Electrical and more jobs. 
• Plumbing Trades Union to — 

The Department said yesterday j "revise Post Office guidelines on 
more hospitals - were either] the introduction of new private 
restricting non-urgeru admissions) communication systems and 
or having to close to ail but j equipment.” 
emergency cases. I The union will seek support for 

the idea from other 


Switch will cost 274 jobs 


Clerical staff 


BY COLLEEN TOOMEY 


The action has received wide- 
spread support although only a I unionists 


frfc norma] ? a ? d its f urre Y factory to make nn hy Helena Ruhenstein which 

I'd-CIV IU UUnUfll Rubenstein. is poised to take -on Coty products, and the Cotj fac- was bought bv the Col°ate- 
VRARLY 300 rlpriral workers T"e manufacture, marketing and tnry at Brentford will close. Mr Palmolive' ‘ - — 


small proportion of officers are 
directly affected by tbe differen- 
tials problem. 



conglomerate five 


circles 
call 

Post Office unions. , . ,, . . .. 

Mr. Bryan Stanley, general sec- working normally yesterday after 
retary of the Post Office officials ^of the lron zad Steel 


beauty products will 
separate but both ernn- 

Helena Rubenstein will ex- and some"of^ "them wiH"be‘“taken wnTImprol? efficiency^ venture 


; just went up £1,000. 

£350 forme. 
£650 for the taxman’.’ 


If you have ever felt you are paying too much 
* tax, perhaps you are. Turn to Providence 
Capital’s major announcement in the business 
: pages of this paper. 


Trades Confederation had threat- 
ened to disband tbeir union 

branch. 

Tbe clerical workers earlier 
had rejected a union order to 
end tbe work-to-rule in protest 
over proposed reductions in man- 
ning levels. • 


Threat to £10m canal scheme 


More laid off 


ANOTHER 150 workers at the 
Government’s - Royal Ordnance 
Factory at Birtley, Tyne and 
Wear, were laid off last night, 
bringing tbe total sent borne to 
500. because of a strike by .400 
examiners in support of a pay 
claim. 


DOCKERS' LEADERS are 
threatening to black all freight 
on the Sheffield and South 
Yorkshire Navigation c&naL".- 

The threat comes two weeks 
after the Government approved 
a £10m modernisation project 
for the waterway. 

The dockers’ decision comes, 
in spite of repeated assurances 
from the British Waterways 
Board that canal cargo will be 


handled at the Humber ports. 

The Government announce- 
ment of modernisation, whieh 
involves rebuilding locks and 
other a worfc along a 22-mile 
stretch, followed a campaign 
by local authorities, industry 
and BWB leaders. 

Bat leaders of the 8,500 
Humber dockers fear job 
losses at Goole and Grimsby If 
the scheme leads to the re- 


introduction of containerisa- 
tion, using purpose-built 
barges. Such cargo would by- 
pass the ports en route for 
Europe, they clalm. 

The docks have already 
blocked a containerisation 
plan for the canal. They hope 
to get support for any action 
from bargemen, lock keepers 
and lorry drivers. 



Foro: 



er month 



Consortium Members-. 


James Capel & Co. 

Winchester House. 100 Old Broad Street 
London EC2NIBQ 
Telephone Oi-SSS 6010 


Capel-Cnre Myers Limited 

Bath House. Holbom Viaduct, 

London EC1A3EU 
Telephone 01-236 5080 


Hoare G overt Ltd. 


Atlas House; 1 King Sheet, 
London ECS V8DU 
Telephone 01-606 9S00 


Kitcat & Aitken 


BBishopsgate, 

London EC2N 3 AB 
Telephone 01-588 6260 


Laing & Cruickshank 

The Stock Exchange, 

London EC2N1HA 
Telephone 01-533 2800 


Produced for the Consortium Ly dataSTRE&M 


(Members of 
The Stock Exchange) 


“Best performer of dUktis been Gartmore 

Far Eastern Trust . M . Financial Times jth August, ly-X: 

Unit Trusts investing in Far Eastern Stockrmrkcts have 
Keneraliy out-performed others this year. The best .• 
peribrnung trust since the beginning of the year had been 
Gartmore Far Eastern, the offer priceof which has risen by ‘ 

7 1 ° r, in the first eight months of 197S. Theportfnliriis 
currently im^sted m Hong Kong(4fi Q p), Japan (30° 0 ), - 

-Malaysia ! 14%), and the Philippines (4%!; with 6% in cash. 

W’c believe these markets still remain attractive, arid you 
can itovir participate in themtrorp as lirrle as proper month 
thnxigh'die Gartmore Regular Investment Han. 

Generous Tax Relief 

Regular investment enaWeavyou to enjoy the tax benefits of 
« life awuritnev pt >Iiey: if^" ,> tax relief on premiums means 
rliat; t'roaythc second year of your policy' onwards, the amount 
in\ vs ted fur you is actually more than you pay. Ttahorneilns 
that you can take ad\ antage of inevitable Huctuffiops in die ' 
pri«.-e of units di rough pou i id -cost-averaging: more units are' 
braight when the price ^is lower and JewcxYyhen the price is 
higher. ' a '..1 ' 

Life Assurance Cover 

The Gartmore Regular Investment Flan, underwritten by - 
Lloyds Life Assu nnicc, provides a substantial elemeritof life 
assurance cover, which depends on your age w hen youstarr. .. 

If you are aged between 1S-55 aridwould like io know- 
more ahoutthe Plan ' please post the coupon below, or phone 
-Man Wren on 01-283 353 1 . Xo salesmariwill caU. ' 



Gar*m<we Fund IVLmagers Limited, 
a SL Mazy Axe, LoadoDE<2jA8BP, Teh 01-283 j53r. 
Please a-mJ mr details of rfic Cmtmfflc Regular EnvesnnentPha 
linkedtiydw Gartmore Far Eu5,u.-m Trust. 


Name 


Address . 


£650,000^)00 onde^Greup Management 


; Pf>w,GRir‘} 





t 




y . 





0 YO^K 


;-k 



' : *\ 
■ l 




J . • _ . 

497S 


5. 

THE WEEK IN THE MARKETS 

■ - • • . \V'.‘ £?... ’.L, V -v 



- 




' J >r 


and 

ups 


• POCK MARKETS more often 
an not have good news /bad 

■ iws weeks but it is just pos- 
ble that the good and the had 
rws of the Jast few days will 

pivotal in influencing the 
arket’s development In the 
■iort term the bad news on the 
. 1 teres t rate iTOnt may well 
: - ove to be the dominant factor t 
- it looking beyond the next two 
three months it is possible 
' at a decision taken by the 
■nate Finance Committee to 
' ish capital gains taxes paid 
r 4.3m investors could bring 
long lasting injection of 
rength into equity investment 
Dealing with the had news 

• ■st, there was every expect a- 
vn that short term interest 
te$ would rise this week after 
e Fed revealed last Thursday 

.7 bn rise in the Ml money 
} .pply. The year Jong trend of 
: onetary growth running sub- 
' antially ahead of the Fed’s 
rget has clearly shown no dLs- 
' jsition to change under the 
--'ipact of progressive credit 
ghtening and so it is increas- 
■ -gly clear that interest rates 
ay have to rise until there is 
. -i indication that money growth 
being reined in. 

■. This could well have been one 
.. the conclusions of the meet- 

■ ,g on Tuesday of the Fed’s 
-,*en market committee which 

ts the strategy on rates for 
- e month ahead, for on Wed- 
i.isday we saw the Fed inter- 
ring in the money market to 



NEW YORK 

JOHN WYLES 


M 


^ maniii 

1 zucui J 

i's art tmplojtt" 




i&ost its interest, rate target on 
ideral funds— the economy’s 
term interest rate — 
per cent to 8J per cent. 
Although widely anticipated 
-'ve move pushed the stock mar- 
■ - it into its seventh consecutive 
of decline and although 
eble bargain hunting rally 
»t under way late in the week, 
nfinnation that the outlook* on 
ort term rates is stall bleak 
mq when the Federal Reserve 
iblished revised money supply 
ures revealing tliatthe narrow4 
easure of money supply, ML, 
■ew at an annual rate in the 
•‘■st eight months of S.L per cent 
x ‘ ? stead of the previously esti 
ated 7.6 per cent 

--.■..Growth rate of the broader 
, • - easure M2 was revised down- 
ard to 8.2 per cent from 8.'4 
•r cent The upper limit of 
,.e Fed's target for Ml is 6.5 
. “.t cent and unless it is about 
* change this, which is unlikely 
:cause of the appearance of 
r '-ftening its stand against infla- 
: in, then further tightening of 
e credit screw may be in the 
fing. 

While daily movements in the 
arket are important to the 
curities industry's bread and 
ittcr, Wall Street was on Fri- 
ly morning nurturing a warm 
immer of hope about the 
nger term outlook. The spark 
optimism has been lit by the 
I mate Finance -Committee 
Rich decided to reduce the top 
fle on capital gains taxes— 
[om 49 per cent to 25 per cent. 
This is a more substantial 
duction than was proposed by 
■**1 e House of Representatives 
I. .id very . largely gWes the 
M ijcurities industry the reduc- 
I I ijr 115 ^ as been campaigning 
I since the early spring. 

There would appear to be a 
] rang chance of the proposed 
changes emerging intact 


CBOlioB 


ct,T»THAi.smiKtir^Lcimi.T 


Gross Trading Profits of 
Companies Net of Stock 
Appreciation 



197^ 


197S 


Labour problems hit demand 


financed by Eurodollar loan$, 
which will eventually be re-? 
financed through a back-to-back 
dollar/sterling currency swap or 
a Eurobond. Davy's shares, 
reacted to the merger, which* 
places the group in the western 
world's top baif-dozen contract- 
ing firms, by edging up a penny 
to a year’s high of 297p. 



Buyers ' went back into their enmpany is fighting a battle for over the past decade. The big does see a cash flow deficit on 
shells this week following the market share with Mars. With breakthrough came with acquisl- rental. Rediffusion has told the 
first signs of discontent over higher interest charges to tion of the Berkertex fashion Commission that its profiis 
the Government's 5 per cent finance, a huge investment pro- bouse in 1968, and retailing now could fall in 197M while Vision- 
pay policy. Qnee the Ford gramme, the outlook for. the accounts for around two-thirds hire, in sharp contrast, is look- 
dispute had developed into an year is ^for only a small profits of profits. log for another upturn. _ _ 

all-out strike yesterday equities rise t*| around £45m (£41.49m). Mr. Aif Simons, deputy chair- Yet even after the City had Complicated yam 
were marked lower on a broad C* *._* ir man °* Rebeck, said on Wed- time to digest thu vast amount Tt h h heetir wppk for 

front, knocking more than 7 Oxford bt. bid fever nesday that the B and H acquisi- Q f information in the report. 

points off the Financial Times Shoate all the skills of an tSh 11,616 Was lj “ ,e reaction '- There group, Dawson International. 

Industrial Ordinary Index. accomplished Monopoly player la fS® st .J r ? d ®r m the West End are some impressive figures, q Monday the company’s 

But after a period of rather Raybeck. the fashion retailer Crouch 1 Berkert^ F ° r -, T**™** 10 ’ thc return °" shares were suspended while 

stagnant company profits, a and manufacturer, is well on {“JV 1 B fL 7^5 !I S n ; *13 more capital on a current cost plans for a merger wrth John 

trend endorsed tins week by its way to picking up yet rSentlv John Stenhe li which a “ ountmg basl * “ e out . a * Haggas. a Yorkshire based 

poor results from Delta DRG another prime site in London’s acauijJd for" 18 months aeo 14-1 pe /.. L ' e " t . fu f Tiloni las j worsted yarn spinner, were 

and Stone Platt, a number -of Oxfor4 Street with an flLSm Xw/ MlSSIwnrKl year, while Vision hire managed finalised. Full details of the 
brokers are now forecasting agreed" '.cash bid for Bourne and a name anwSdepm^ 13 per ce . nt ' Even ^diffusion s proposal were 1o have been 

some acceleration, with a likely Hollingsworth. “ but a lS^maSr return 5 -* P er rent looks announced on Thursday but 

improvement or around 20 per The terms are some £4m less last year— takes Raybeck into s ° od asainst Industry “Dawson’s major shareholder, 

cent in second half oE 1978. than the punters had been hop- a bigger lea°ue and will test the whoIe * William Baird, stepped in with 

o . ** g , . ins with ■ Bourne and Holiings- companv’s proven ability to get ^ But these figures only con- an unde written ’£31 m share and 

oweet jlffR* worths share price standing at "the best out of its acquisitions prm market .i bullish views ca sh offer for the remainder of 

Rnwntrec Mackintosh's first- 317p on Wednesday night — Meanwhile the offer price on * he television rental sector. Dawson’s capital. The merger 
half result has highlighted thc immediately ahead of Raybeck's leaves a number of B and H T% avv S ntn t L p T /C Plans were pigeon-holed, direc- 

dogfight going on among manu- 23ap ^ s bare b!d. speculators vary much in the t,uu tors rejected the bid and turned 

- ■ - - ° — — cold. ' — 


farturers for a share of the Several major suitors are 
£J.4bn cnnfectionerv market, known' w have approached thc 
With the overall market offer- Oxford Street store group but 
in? little prospect for growth, despite Inc discount to the 
stiff competition has put recent market price the Bourne 
pressure on first-half margins, family found Raybeck’s 
and profits are onlv 4 per cent approach the most attractive 
higher at £l2.5Int* At home, and intend to accept in respect 
Cadbury is putting up a a 59 per cent holding, 
challenge to Rnwntree’s Yorkie Raybeck has been steadily 
bar (which in just one year has increa&ng its retail Interests — 


to defence 


Davy International’s SllOm their attention 
agreed bid fur the U.S. engi- strategies. 

neering and construction con- The merger proposals 
tractor McKee Corporation will envisaged selling lip a new hold- 
enormously expand its opera- hig company which would; 
tion in North America, leaving acquire both Dawson and_ 
only 30 per cent of turnover Haggas. Haggas shareholders 

to be generated 1 from its would have received cash as 

Rritish-hacpri rninnnnip^ Dsw well 3S shares. The O0W group 

The Price Commission s latest ‘been intend in" to make wnu5d have had annual sales of 
" nrt "" th “ tolD — "" ™ tal fiad been intem,in - t0 ma f ka £ioom with a spread of markets 


LONDON 

ONLOOKER 


report on the television rental 
industry is far from hard atl 


American acquisition 


cornered a fifth of its market aimosf. non-existent when the it "fnllr mm so™® ^ me arid the "only surprise f r oni Polyester/wool yarns to 

sector) while in Europe, **’«■ *«•«» was iqim__ netting, it urges lour com- the 


MARKET HIGHLIGHTS OF THE WEEK 


Ind. Ord. Index 


Price 

Y’day 

5IS.6 


the «. floated in 1864- lay in tfle u,e company 

~ group and Visionhire (part of strung management and its 

Electronic Rentals)— to freeze J“™ 0T * r . °. f J ^ ®r' steady upward profit trend 
rental charges until next April. > ear * not £ar *hopt o[ Da\> s , d h helped Dawson to 

w . .1 _ _ nuin lie nrnFii: havp hnoit r 


U.K. INDICES 


Change on 
Week 


-hr 


1»78 

High 

5355 


1978 

Low 

433.4 


Alida Packaging 


745 


Rumblings about Govt, pay policy 


437 


148 


84 


Barr & VVJV.T. A 


180 


Agreed bid from Rockware 


419 


160 


80 


Bentima 


41 


Renewed speculative buying 


17 


41 


23 


Bourne & Hollingsworth 232 


Speculative demand 


-53 


288 


79 


Raybeck cash bid of 225p per share 


Brown & Jackson 


238 


430 


238 


24 


Speculative demand 


Brycourt Investments . 


128 


442 


129 


68 


Moves tSvards voluntary liquidation 


Cam rex 


52 


13 


73 


50 


Poor half-yearly results 


C hem ring 


.111 


437 


m 


35 


Favourable Press mention 


Dawson Itnl. 


193 


441 


193 


99 


Bid from Wm. Baird 


LWT A 


140 


Lovell (Y. J.) 


Lyons (J.) 


123 

"l48~ 


-14 

j424 

414" 


157 


108 


Nervous selling 


123 


150 


74 

"72 


Buying in thin market 


No Mon. Com. ref. for Allied bid 


Peko-Wallsend 


523 


Randalls -Grp. 
Ransom es Sims 


95 


-43 

417 


570 


310 


Ranger project delays 


108 


60 


Bid talks with Ferguson Ind. 


Rolls-Royce 


173 

1T7 


415 

4 8^ 


173 


125 


Int. results above expectations 


120J 


63* 


Good interim figures 


Selection Trust 


Slebens (UK) 


Wilkinson Wariburton 


488 

r 388 

»o" 


j- 18 

—54 


518 


375 


Reaction after Socal/Amax news 


444 


226 


Withdrawal of spec support 


414 


90 


61 


Good interim results 


Average 
week! to 


Sept. 

22 


But apparently neither company °^n. Its profile have been 


overcome its recent erratic 


Sept. 

15 


Sept, had plans to put-up rates to slipping over the past year; perforniance _ 

- existing subscribers, anyway, however, anti the price offered But wnliam Baird intervened 

So the recommendations are of *>>’ Davy ($33 a share, a third j^-neiy according to its chair- 

little significance to future above the Wall Street level) man, Mr. Stanley Field, because 

FINANCIAL TIMES profitability and the market taken by ilie market as j ike( j jjawson as it was and 

Govt. Sea. 7084 TOAi — 7043 shrugged the whole thing off being reasonable for a company d j d not want lQ see it diversify. 

— =,-r= — with hardly any move in share of McKee's size and spread in jf i ts {,id succeeds it will sub- 
I ~ prices. the U.S. slantially lift proflts and cash 

Indmt-.ord. 515.9 5 3 0JI 50SJ However, the report is packed McKee is unlikely to help flow, without placing undue 

Gold Mines 181.4 1 828 1821* with financial information for Davy’s earnings significantly in strain on its balance sheet If 

Dealings mkd. 5,205 6^153 4768 fr® analysts to get their teeth the short term but it has the bid fails Baird will at least 

* into and there are some interests in specialist contract- he getting a better return on’ 
interesting comments on ing fields that Davy sees as its investment — since Dawson is 
FT ACTUARIES prospects. complementary to its own and likely to increase its dividend - 

<tSrfc~7ei lo ' ' m "in -»/n c l Thorn is hoping to maintain has interests in Sooth America substantially— although its stake 

return on gales and capital alongside Davy. in the merged group will only, 

employed this year though it The operation will be be around 23 per cenL 


Consumer 

(Dprabie)_ 

Cons! (Non- 


2223 224.69 217.43 


Durable) 22251 226.00 


Ind. Group 


500-Share 


23658 

259.95 


23958 

28280 


217.43 

229.71 

252R2 


Financial Gp. 1 74.1 3 X7602 1 71 J2 
All-Share 23759 240.1 5_231.76 
Red. Debs. 5755 57.74 5753 


■ . . ,i« | * cuanges emergins lmacc 

f 0111 the House-Senate Confer- 

f~ ‘ w * J ice Committee which will 
2 " ’ i y to reconcile their differing 

.-•proaches. 

The securities industry has 

- ng argued that a major reduo 
*n in capital gains taxes would 

- • fht a fire under capital forma- 
"" >n and thus bring a multitude 
attendant benefits to the 
onomy. The Securities Indus- 

- v Association employed Data 
sources Inc., a private 
search organisation, to car^ 
it some econometric studies of 
e impact of capital gains re- 

1 ictions ami it has come up 
■th' some very precise, some 
ight suggest too precise find- 

' . gs. 

Data Resources focused pri 
oposais first tabled by Presi- 
• *nt John Kennedy in 1963 to 
hich the Senate package bears 
very close resemblance, 
ccording to the SIA . the 
-onoxnetric study found that 
ich a package would add 
.22bn to gross national 
__ •• • -• -oduct between 1979 and 1983. 
at it would add $58bn to fixed 
• ismess assets, that it would 
.■eate 2m man years of employ. 

■ ent by 1982, possibly 659,000 
v »w jobs and a boost to federal 
. x revenues amounting to 
12bh. 

/ 



CLOSING INDICES 



Close 

Change 

' londajr 

870.T5 

8.40 

jetday 

86157 

-858! 

f«ditesday 

857,16 

—4.41 

. •’ hundaf 

861.14 

.4-3.98 

.. iday 

842.44 

. jflJO 



Following the recovery this year 
from a period of economic 
slowdown we believe that Japan 
once again offers considerable . 
investment potential. 


With p£r capita income in Japan 
now exceeding that in America, its 
large consumer market is buoyant, 
providing many investment 
opportunities, industry' has responded 
to the pressures on its competitive 
position overseas by investing heavily 
in automation which should ensure 
thatthe current low rale of inflation is 
maintained. Against this background 
the Yen should continue to be strong^ 
arid these factors should be reflected in 
the stock market. 

The adaptability of Japan’s skilled 
and highly-educated workforce and 
the highlevel of co-operation, between 
unions and management should help 


REAL GNP OF JAPAN SINCE 1970 

[Thottand bill ran Yen). 

Tal- 


IBB - 




__ 


pa 

~7 



»- 


r _^_, 









— — 


. \ 

jr 






R- 

t . 


# 






o 

"o 










a. 

«- 

- 






A 





- 





T “ “ 



a- 







V 







1 .S. 



* s 




t— : 

{j 


v. .. 

- - 

. 

■ 




lin 1171 1172 1S7J ISM 137S IDS IS77 ISIS 


Britain’s largest 
uirittnistgroup 


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

At 1st September 1978 the Group 
managed. £950 million for some 700,000 
investors. 


How to invest 


sectors expected to benefit from the 
recoveiy in consumer expenditure and 

the sharp increase in the public works 

hold down wage increases over the next spending programme, 
few years as well as increase ; 


productivity. 

Japan’s position as a world leader in 
high technologyiudusfcriesandits 
consistent exporting success reinforce 
our view that investment prospects 
remain good. 


Hast performance 


To make a lump-sum investment 
please complete and return the coupon 
below, together with your cheque, 
either directly or through your bank, 
stockbroker, solicitor, accountant or 
qualified insurance broker. The 
minimum initial i n vestment is £250 or 
£50 for subsequent purchases. 

We will acknowledge your 
application and will allocate units to 


Since the fund was launched in April the full value of your remittance at the 


Save & Prosper 
Japan Growth Fund 


1970 }he offer price of units has 
increased by 352%. This compares with 
a rise of 140% in the New Tokyo Index. 

It should be noted that changes in 
exchange rates and in the investment 
currency premium can affect the value 
of your investment as much as market 
fluctuations. Indeed, much of the 


For the private investor wishing to 
invest in Japan, a simple arid efficient 
method is through a unit trust such as 
Save & Prosper Japan Growth Fund. 

The fund is invested across* broad 
spread of Japanese securities with 
particular emphasis currently on those as up 


offer price ruling on receipt of your 
application. We will normally 
despatch a certificate within 14 days. 

On 20th September 1978 the offer 
price of units was 112.9pxd, giving an 
estimated gross starting yield of 
£0.32% p. a. 

If you require any further 
information about the fund please 
consult your professional adviser, or 


fund ’s good past performance is 
attributable to these factors. 

An investment-in this fundshould be contact bur Customer Services 
regarded as a long-term. one. Department at the address in the 

Remember the price of units and the coupon below. Advisers requiring 
income from them can go down as well further details should contact Save & 

ProspsrServices on 0 |L 4 } 3176 pir‘ 


GENERAL INFORMATION 

Trust aim. To provide a portfolio invested in the shares of 
.liipnncse companies. ■ .» ‘ . 

Sealing in unit*. Unifc* may normally be fcoucht and sold 
on any working day. However, in exceptional circum- 
stances the Managers m**rve tno right to suspend price 
quotations pending Lheir re valuation. Prices are quoted in 
tbe loading newspapers. ..... 

Selling units. The Managers will normally huy hnck units 
from rogistered holders free <■' co mmis sion at not lw than 
the bid price calculated _ on the day instructions are 


received. In accordance with a formula approved by the 
_ — - ifti back through 


Department of Trade. They mny also be so) 

an authorised agent who is entitled. to charge commission. 
fMymeot is normally made withm raven days of our 
receiving renounced certinc-'itoisl.. .. .. 

Safeguards. The trust « authorised »r the Secretory of 
Stan tar Trade. andW a 1 widcc-ctnao. investment, under thc 
Trust oe Investments Act 19 tn. TTio Trasteu is Bank of 
Scotland who hold a thc duo to tho trust's investments on 

behalf of £ba unitholders. - . . .... 

Charges. The offer pric« currently mdudw an initial 
service charge not avcccdmp 3 "J» and a rounding odiunt- 
mentJtat . exceeding thc lower of i“a «r I.Kp. Out of this. 
eommibofon -of ll% (plu * 1 VAT vriicn: nppiicabli 1 ) wi /1 
bo paid to hanks, stockbrokers, kolicitdrs. accountant.-; 
and. qualified insurant broken on .-lpplieniions hearing 
their stamp. In nddHicm, n hali-yaarty cijarsc. out of which 


exvomd ami J’nfl-Wfl'ftfws are met, Is deducted 


from the truw's assets. The charge Is currently ]B. 75 p pec 
£100 OR Which 8 % VAT is payable* making a total 
deduction orSft.ZSp per- £ 100 - , 

Income. Distributions of net income nra normally mann on 
3ist October earh year. These -mn bo rnnvccund in furtlicr 
xmits if you ft-iJu Japan firowthFund units arc nt present 
■*.'xd” -which moaiw yow will tcCoiva s'oue first dvatnbutioa. 
of Income on Hist October IHTg. . -- • . - 

Manat' ers. Save ft Prosper Smrntms Idmitnl la member 
of the Unit Trust Araocintionj, 4 Great Sc Helens. London 
BCSP3EP. ' 


Application for a lump-sum purchase of 

JAPAN GROWTH FUND UNITS 


To : Save & Prosper Securities Limited, 4 Great St. Helens, 
London EC3 P 36 P. Tel: 01 -5 64 8899. - 

Registered in England No. 788728. Registered office asabove^- 


1 wish to invest 


. l dociaio that I am own id Badnn net tasidmr otJeTd* 
Un UK m oUum Scheduled Tmtuxtes and that i am not 
acquiring tho above units as Via oomlnea at amt Demon 


(minimum £250, or £50 for existing «»«t^ii^ yamionevit wu^*iuoawa.taaiakBihta 
unitholders) in Save & Prosper Japan 

Growth Fund. I encloses cheque for this Thw^MtenoiavadaWaiaiwidafliiolriia RapuMwof 

amount made payable to Save & Prosper sS Swum 

Securities Limited. na ,„ 7 

Surname 


(Mr/Mrs/MFss) 


BLOCK LETTERS PLEASE 
First name(.s) 


Erisimg Japan Growth 
Fund imlihohiers plfldsd 
Uckhora. 


□ 


Address. 


H you would Bfcr • 

ffltfnbudM* pi income lo r*~i 

he mints* led In hmhsi I I ' 

unftv Bteaio wck htua. 


Asont*s Stamp 


da/FT/l 


H you would like derails . 
uf our ShantEiiehanBS 
Plan risaM tick here. 


SAVE & PROSPER GROUP 



Wre on your side 


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


We at Allied Hambro have been helping people like you protectyour living* 
standards for some forty years now. 

We're on your side in the fight to preserve the value ofyour savings in the 
face of inflation. 

We launched our High Yield Fund to deal with it. The investment objective 
was to achieve a growingincome which would outpace inflation. 

In July 1974 inflation was bad. It looked as i f it would get worse. It did. But 
for those original investors the High Yield Fluid has completely achieved its 
objective. 

Since July 1974 the Retail Price Index has-gone up 82%. For the original 
HighYield Fund investors gross income is up 97%. Duringthe same 
period the FT All-Share Index has gone up 143 u /u; but the offer price of High 
Yield units is up 22 5%. 

This is agood opportunity tojoin the Fund. A* in 1974.the greatest threat 
to your savings is inflation. As in 3974, the investment objective of the Allied 
Hambro High Yield Fund is to achieve a growing income that will outpace it. 
If the Fund is successful in this (and the Managers have gi;« nl reason to believe 
it will be), then the Fund should also achieve some useful capital growth, as it 
has since 1974. 

Remember that the price of units mid the income flora them cun go down 
as well as up. 

Investment in a unit trust should be regarded as longterm. 

To invest, simply fill in the coupon and send it to its wit h ywir cheque. Your 
units will be allocated at the price ruling when we receive it. 


You will receive an income 
cheque twice yearly, on 6th 
April and 6 th October. If you 
invest now. your first cheque 
will be sent on 6th April 1979. 
The estimated gross yield on 
19lh September, when the 
offer price was SL4p xd was..... 



If you have any doubts about this 
offer, any queries about unit 
trust in vest ment or would 
like further information 
about Allied Hambro. 
seek the impart ial 
and expert advice ofyour 
professional adviser. 
Like us. ho s on your side. 


1. The Trust is authorised by the Secretary o( Si ale lor Trade and 13 
constituted by a Trust Deed dated 15th July. 1974. it» a “Wider - 
Range* investment underihaTaistee investments Act 1961 . 

2. tncomeis distributed half .yearly on 6th April and GihOclobernet 
o* basic rate tax. investments made under this offer donor quality tor 
the October 1978 payment. A half-yearly lee ot 3/IEths ol IS (plus 
V 'JV.T.1 of rhe value o( the Fund isdeducxed from gross income to meet 
management expenses (including the Trustee's lee). 

3. The Trust Deed empowers the Managers to include an initial 
service charge ot 53* in the otter price, out ot which is paid a com- 


miSsionolTAonordet-sreceivedlhroughrucc _ 

A. >ou may sell all or part ol your unitholding Back to the Manager* 
at not less than the bid price, calculated to a formula appioved by th» 
Depanment of Trade, ruling on receipt ot your instructions. You will 
be s**rri a cheque m settlement within seven business days of receipt 
by the Managers ol your renounced unit certificate. 

5. Managers: Allied Investors Trusts Limited (Member of the Unit 
Trust Association! Hambro House, Rayleigh Road. Hutton. Brent- 
wood. Essex CMI3 1AA. Telephone Brentwood (0277) 211459. 
Tru5tee:Midland BankTrust Company Limited. 


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

Allied Hambro 

“WERE GN "YOUR SIDE** 


I/We wish to invest £ 


(minimum £100) 


f - - Wife require details' ofyour 
Share Exchange Ran 


Tick here ' 


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


To: Allied Investors Trusts Ltd^Hambro House, Rayleigh Rd v Hutton.Brentwood, 
Essex CM131AA. Telephone orders to (Ol) 588 2851 or Brentwood (0277)211459. 

HEGISTEREDIN ENGLAND No. 2BS888, Registered Of lies 51 Bishopcgate, London ECZ 
I BLOCK CAPITALS PLEASE) 


TITLE: MR/MRSfMtSS 

FIRST FORENAME 

OTHER INITIALS 

SURNAME 

HOUSE NO. & STREET 

TOWN , 

COUNTY/POSTAL COD E 


I/We dec ere that f am/Weere not resident gutsideihe Scheduled Temiori«*s and that I am. wo are not acquiring ihe units as the 
nomineefsj of artv person (s) rKtdentouU«te those iternionas/tf you zrt unable re mate tha Oecfordtiontt should be Oetc^l and 
Um form lodged through your Bun X, Stockbroker crSohciierJiam over inusyQ ot 13. 


I Sig nature (s}.^. 


I 


m the casedf joint applreams.AH must sign. 

Data—™ 


N 


N 




Allied Hambro HighYield Fund 


(Thifotieris not avarlabh to resents of ttm Republic of Ireland) 


K 

■ S‘ 




J-t 





'FINANCE and the family 


I voiding a capital gain 


IV OUR LEGAL STAFF 

■f.d.iiave a family-owned com- 
B fwy — retailers— the directors 
'feT two of. our sons (share* 
biding 41 per cent) and 
ijr wife and I (shareholding 
" =icfa 29.5 per cent). One 
f ibe retail shops operates 
tom a premises of which' the 
' reehold is owned by my wife. 
Tie original lease is ahont 
f expire (It was for 21 years) 
nd we feel that the business 
Hnuld have some form of 
tcure tenure. 

i The idea] situation that we 
-'oulti like to achieve is to 
kasfer the title to the family 


No legal responsibility can - he 
accepted by the Financial Times 
for the answers given in these 
columns. All Inquiries wit! be 
answered by port as soon as 
possible.’ 


Motorikis and the ertti0fa 


company hut a Straightforward 
sale would incur a . -substantial 
capital gains tat Wft. are V 
leaving all our property to- 
the survivor and lhe survivor 
direct to the chtfdreh and. . 
we are transferring some . . 
assets on an annual basis; .We 
have no objection -if the 
property goes to them at this 
or any stage so long as we 
do not fund the tax. Xs there 
any way round this problem? 

It would probably be best for 
your wife to grant the company 
a new lease -fas it would be 
entitled to claim under the 


Landlord and Tenant Act, 1954) 
at a rent which is agreed 
between you all — a full market 
rent may be appropriate here, 
but if It is desired to avoid 
increasing the value of the 
reversion a discounted -market 
rent may be used Alternatively 
the present lease may be 
allowed to continue under Part 
11 of the 1954 Act by simply not 
serving a notice to terminate 
the lease. 'Hie reversion is then 
available to be dealt with as you 
have indicated but subject to 
the lease. A valuer can. advise 
you on the most advantageous 
rent to reserve. 


answered by post as soon as is not taking most fairly between ii^sn^rs 

possible. FOR SEVERAL years now, here^e insurer who « not ^ when great taflamlSr df 

in Britain, motor insurers haversuch drastic action- lnsQTme6 motorisls have', futt -;tompre- 
and weekly payments, The house measure of relief from capital hancUed from infia- hensive” cover. . _ £ ' 

was later apparently.-abandoned gains tax under wbat is now m increases, terms .is stiUjio more ^^“Qrecomp^^^. 

and is falling into disrepair, section 48 of the Finance Act it ^ inevitable that the number sxpensive than it was, either oes are d - 

The purchasers were ramired 1978. of accidents, and claims, rises, so Jen years ago or 2 

to insure the house.. now Jf you fulfil the conditions set J”* as the accidents ( ^^f war ‘ But think twice— reasonable does the swiags-and 
find we are debited with the out in that section, you should ^^n ^ore— Sout the roundabout* jag^tSxnLm'ih^ 

“ d h we CGTon the firsts, 000 ofaSLnte chUmSnnmtorrf devalued pound* that .“»■»<** 

the adjacent house, we are or so of the chargeable gains recorded against a given number, we have to spend. Theever ta*nes. 

advised that it is to our interest arising on compulsory of vehicles in a given period- increasing apparent MSt of 

to keep up the.payments. How acquisition * your bu ^ * J— jSTSm^SS^-tSSZ'' 


do you think we should deal 
with our problem ? . 


The Finance Act 1978 costs 

wire our promem T . , £2 (ISBN 0 10 544278 X). or **** ^ S? SZ baring a sub- holder* claims ..MMfiy 

Unless your arrangement for £215 by post from a branch of 9 } a ? med : f stantial damage “excess" cr some claims from t^Wpaxtfes 

of a most informal nature you t But in the last two "*i9k.'. entirely by taking omy .. .. . 

should have obtained a mort- # ySrsaSdenmcSiiS tr£l£-: m UUA put* ” VffSvJr KttOCk fofJGtihrk 

gage or an equitable charge on Definition of has !*en rising^ In the first riX'-WJf a short ^ 

the house as security for the J J months of 19/ r. m particular.i . **“■ I t min Currently the 


[U 1* uauouj WUtUMWi ■ 4UUIU1 M ssiuouv. — - - .- _ y - 

I percentage, causing a percentage ot under those . &nptn .toe:. to 

I pc iu<ie • “f“P. j. year to think meet both their nwni^wiicy. 

For a long whBe Sw»*22? &>> a sub- holders' dains and ine^riSr 


, 4- confirmed 
widower 

' am a widower and have no 
nicotian of re-marr.ving, so 
vould like to waive any rights 
o a continuing pension after 
- hy death to a (non-existent) 
vi’dow. However. the company 
vhich runs the scheme for ray 
‘mployers will not agree to 
his, although the Inland 
Revenue is agTccabie. Are there 
iny companies which would? 
!s there anything I can do ? 
Pension schemes which provide 
uitoniatic widow's pensions do 
aot (in practically all cases) 
allow you to opt out of this 
.’over. The general basis of such 
oians is that they are costed on 
the assumption that SO per cent 
if the employees will be married 
and have dependent wives. The 
costing allows, therefore, for 
the fact that any cross section 
of employees will include some 
bachelors and widowers and 
that in other cases the wife will 
predecease the husband in 
retirement 

There is a good reason for 
thfs. In days gone by when 
many pension schemes only 
provided widow's pensions 
whore husbands specifically gave 
up part of their own pension in 
exchange tie when everything 
w. , done on an individual basis) 
there were great gaps in cover 
and many widows were not pro- 
vided for at all. In consequence, 
companies have generally speak- 
ing taken over the responsibility 
for providing far widows. Thus. 
« married man will pay exactly 
the same contributions to a 
pe nsion scheme as a single man 
hut get more benefit to the 
extent that both he and his wife 
are provided for. 

This has nothing to do with 


the insurance company because 
they are merely underwriting 
the overall benefit package and 
providing benefits as specified 
by the company in return for 
the agreed level of premiums. 
It also has nothing to do with 
the Inland Revenue because the 
latter merely permit the pro- 
vision of pensions and widow’s 
pensions as to agreed limits. 
Who pays what to get what 
within these limits, does not 
normally concern' the Revenue. 


UK tax 
liabilities 


My father died recently leaving 
a life interest to my mother in 
a sizeable estate which lakes 
the form of UK equities, loan 
stocks and gifts. My mother 
proposes (0 move to New 
Zealand. Conid you tell roe what 
her UK tax liabilities will then 
he? 

The NZ-UK double taxation 
agreement of June 13, 1966, is 
being revised, and in fact an 
amending protocol was agreed 
at official level only a fortnight 
or so before you wrote to us. As 
the details of the proposed 
amendments have not yet been 
released to the press, we can 
only advise you on the basis of 
the current rules, but it is un- 
likely that the protocol will 
increase your mother's potential 
UK tax liability to any sig- 
nificant extent. 

You will find the text of the 
current double taxation agree- 
ment in, say, volume 5 of the 
British Tax Encyclopaedia or 
volume F of Simon’s Taxes, in 
a public reference library (or 
the accountants might let you 
browse through their copy of 
one or other of these standard 
works). 


Briefly, your mother should 
be exempt from UK tax on 
interest derived from any of the 
gilts marked with pairs of 
double obeli in the Financial 
Times Share Information 
Service columns, as soon as she 
ceases to be ordinarily resident 
in the UK. It may not, however, 
be possible to arrange exemp- 
tion at source (depending on 
the circumstances of the will 
trust etc.) and so she may have 
to claim repayment on forms 
Al, which are obtainable from 
the Inland Revenue Dividends 
Office (to which her tax papers 
will probably be transferred 
after she settles in New 
Zealand). 

The effect of article VI of 
the NZ-UK convention, as far as 
your mother is concerned, will 
be that she will qualify for pay- 
ment of the 33/67ths tax credit 
attributable to UK dividends, 
subject to retention by the 
Foreign Dividends Office of 15 
per cent tax on the dividends 
(for which she should get 
credit against her NZ tax 
liability, under article XVIH 
(2) (a) ). Interest on loan 
stocks (and gilts not marked 
with pairs of double obeli) will 
remain taxable at full UK rates, 
including surcharge and higher 
rates, under article XVII(a). It 
is virtually certain that no 
personal reliefs will be avail- 
able under section 27(2) of the 
Taxes Act because of the size 
and . composition of your 
mother’s worldwide income. 


Definition of 


repayments: and even. if not you 
probably have "a technical f 


nensive policies or arouuu ~r , — tab-in a nntv - -• . ... 

9 rn»n? ~uree, because the real G^renUy _the_ rate* rtfe* 


charge called a lieir for the „ _ _ t 

balance of unpaid purchase 1 “ n • DA dtaen - reaimt ii 

money. If so you wauid.be able ^ * or a * ,on t 20 years up 

to sell the house as chargees and *° J*™"* I376 - "Hen I 

recoup out of the proceeds of Ietu ™ i II £ U - S - * “* 

sale the amount you ^ 

and interest You would be wise 1978. 

to consult a solicitor. „ , 

• For family reasons I may 

return from Ireland where I 

NO nCCd tO ~ 21111 now Hving to the UK as 

a resident after April, 1979. 

note transfer Wil1 there be p° tential 

r liability for UK tax for the 


all insurers found that many 
more claims were coming in.. 
Things improved a bit in the'. 


lamaUi. citizen, resident in latter half of last year, but this 
th* UK for Shout 20 nn improvement was only tempo-- 


INSURANCE 

JOHN PHILIP 


rary, and many insurers are .IN9vKM n 
now reporting that the first half . . . JOHN PHILI 
of 1978 shows a further rise in 
frequency over the comparable 
period of 1977, in some cases of 
up to 10 per cent more. ^ 

It is clear that this rise in ir - 
frequency in 1977 was a substah- MQtOnStS lace 
tial cause of the £20m motor 
underwriting loss reported for SWlCr and IHOre 
1977 by member com p anies of f«rmpnt riepe 
the British Insurance Associa- irec J uen1: n5eS 


. . . iunjuuy rur vjiy tax ior uic _ „ ., . 

I am arranging for the transfer three fiscal years of my absence bj^’er to Sm. m t ^ eir insurance 

S 1 ?, hie from tte UM ““ 1 ™ STS 2 premiums and 

to'mah? 8111 I? e n<m-resiaent, obtained Bank increases that most insurers • 

S/fiL of England approval to have have been making in the last third party COVer 


and have forwarded the Land Ul to nave 

Certificate to the Land Registry ™y UK assets designated 
Office. Who makes note of this transferable, etc.? 
transfer nn the Deeds which y ou have given us so few rele- 
are held by a solicitor? v?nt f acts ^ difficult to 

If the property consists of give you a helpful answer. Your 
registered land, as it evidently exchange control status (as 
does, there is no peed to note determined by the Bank of 
the transfer to - joint owners England) has virtually no effect 


increases that most insurers . 7 ;. , 
have been making in the last third party COVer 
year or so have been no more ^ 
than sufficient to cope with infla- may I1S6 iaSLCSt 
! tion. ! ^ 


Two options 


cost of "comprehensive” cover insurers change for. third party 

cover are related 71o’ their 

- — — experience of claims under tftirj 

party policies shielded -by . the 
IMGIIDANCE Knock for Kpock; and - other 
. I W 9 U v market agreements. These rates 

• • JOHN phiup would not be adequai^Ior third 

party policies that had tn bear 
the true cost of eJsdtos Attribut- 
able to those pdiiCiesT-ithe .cost 

— ' ■ from which: they are -jpartly 

Motorists face «.e operoto o £ 

stiffer and more 
fri^ent rises 

in their insurance one's choice of insurer, inevit- 

, .ably if more and iflore motorists 1 

premiums ana opt for some.' form of ; third 

. i_ : - . j party cover.7 more and more 

third party cover insurers will be likely to modify 

mn v ri cp fa cfpst or ^ ^ eir ^ laims kandUng 

may nse iasiesi agreements, and . if this. happens 

m nrirp then ftfe cost of ’ ril kinds of 

lu pine. thirds party- insurance will : :rise 

■ ■ to (kratain the . .extra burden of 

is Ettlo changing over the ymn. wUl faU ipon^o* 


ra price. 


re r . . , *, . .. .. , If one could afford it then, one 

U I am right, then Individual ^ it now _ Moreover, a 


Such a redistribution of costs 


inn iiaiiaici lu -juuic ownvia c.nsianai nas virruailv DO ettectl . ~ . __ aauiu 1L nuw. jnuicuver, a . u 

anywhere other than .kt the oo°your U? t^po^Uon: ^ continuing steady swrtch from £ d ^ 

Land Registry. However you definition — -- * °PUons— to go for rating-; -h— ««•» 5^ a . small extent benefit 


“““ iirsiauj-. SJU never v.,u aenmnon Ol residence tor ■ tuiuptcucuaivc tu uura " rnmnruheriahfP " nnTrMrKnletan, 

might out of courtesy inform exchange control purposes is patty ” cover must sooner or because in the renewal^cl^ S 

the solicitor you menUon. q U i te different from the defini- ^ t0 2a pe / cex J-. v,h * Q -liter affect the price that^ 

although you. are not.bo.und to tion for the purposes of income o?To “^ r ers for ** IeiUQal place. they ^d mos?prtbabIy 

tax and capital gams tax. more fluent 5 Ut i owe r per- : . . . ~ j; have to - bear- toss -heavy 

We suggest that you get in centage changes of rate. A . . 11 w V ere v?, 31 effect of Increase, the greater burden 
Canital POim touch with thG Tax Inspector couple of years ago. aMffiF falling on^ tbd “third party ” 

UJ/ir gUM'Ha t0 w ]j 0m y 0U gguj your i aSt uk insurers were changing their important. ^Almost all motorists ■ to close ’ the present 

*i ' lax return, and ask him for rates at 6 to 9 month intervals. ms }. u ^ rs i . S1 ?*? rlb f - t0 wide premium gap between the 

lux reuer - * ■ nf nil what IS called the “Knock for two 


“comprehensive 


A lien on 
a house 


Capital gains 
tax relief ... 

I am 68 and my present, 
business, which I have held for 
8 years, will be acquired by the 
County Council for road, 
widening. Shah I have to pay 
full capital gains tax?..; . . 


copies of the frte booklets IR1 Tt that : n joto ^ hat ? ls for two covers. . 

(Extrastatutory Concessions) thron^h sheer force of adveree Agreement. a for- So doing a little ehrystal gaz- 

and IR20 (Residents and Non- I^d^ rSdtJ we shall 52?““^ agreement , which ing for. 1979. i predict steeper, 
residents): fn- hnnklet TRl vn.i ^duio, resuits, we snallseea dhllges the individual insurer nerhans more , freniient 


Some time ago we sold a house. 
In return for a down payment 


■Miaujcsa, wmen i nave nem ior residents)- in booklet IR1 vou . J- — nr wuugw. uie maivxauai insurer perhaps more - freoiient 

8 y^rs, wiU be by the should look particuI „i^{ c y on . bear owp policyholder's Slmn increases thatwe 

County Coupal f orroad j cessions A13 and D2. ^ us 5 JSfc "ff? claim in a two.have suffeteff in the last year 

widening. Shati I have to pay . , . , pecahse it imposes a doable or muitivehicle accident, with- or so and that as the vear pops 

full capital gains tax? . JJ 1 should also check increase on those with policies out seeking recourse from any' on third partv : poiicyholders 

We are pleased to intom vou S ^ b e ^ r ~“™ bl fa e v ^ This forbeara^ Zy 

amt. »u;b: ^ ss ss2s l ;fVe ao ^M 

you appear to be entitlfe to a double tax treaties. to gn looking tor a less expen : maSb^n^MS?^ 



Cabot 




t 


The Case for Recovery Trusts 

Recovery trusts are designed to produce 
above average growth over the Jong term 
through a policy of investing in those 
companies whose share prices arc currently 
undervalued because of past performance, but 
which are expected to show an.' improvement 
in profitability.' 

Over recent years the performance of 
recovery trusts has shown remarkable 
growth and they have been widely acclaimed 
by investment advisors and the financ ial press. 

Excellent Prospects 

The reduction in the rate of inflation over 
the last 12 months, whilst beneficial to the 
British economy and partly responsible for 
the improved level of sterling against the U.S. 
dollar has substantially affected the 
profitability in a number of sectors of the 
market. Aiany companies in heavy industry, 
for instance, have had disappointing profits 
over the last 12 months as a result of a low 
level of industrial activity. 

However Henderson believe that the 
recovery' prospects of a number of these 
companies arc not reflected in their current 
.share price levels and have therefore chosen 
this time to launch Cabot Recovery Trust. 

■Cabot Recovery Trust 

This new trust is likely to be more volatile 
than a conventional unit trust. It will invest 
primarily in UK companies whose share prices 
jhavc not kept pace with the general market 
trend as a result of difficult trading conditions 
out which in the opinion of the Managers now 
, show positive signs of recovery in terms of 
profitability. 

Additionally shares will be purchased in 
companies that may not necessarily have had a 
profit set-back but which are expected to show 
a recovery msbareprice following a period of 
under performance against the market. 

; The Managers may also select certain 

Ctriactively priced shares which, -due to - 

current poor trading performance have 
reduced or even passed their latest dividend 
.but which in the medium term have scope for 
substantial recovery. 

• Finally in constructing the portfolio the 
■Alanagers intend that the initial starting’yicld 
•will be not less than 6“.', p.a. and the 
maintenance of a high level of income will be 
animportant consideration at all times. 

Experienced Management 

Investments in Cabot Recovery Trust will 
.be managed by Henderson Administration, an 

investment management company 

established in the U JC. for the past fortyyeacs. 

- Well-establi sh ed in the City of L o ndon- 


.u.iMiOTn 


Jk Investment 
exdusivefyin 
‘Recovery’ shares. 

* Aboveaverage 
prospects for capital 
growth. 

3k Good level of 
income- 

estimated starting 
gross yield (rl%. 

^Unitsinthisnew 
fimdarenow 
available at the 
fixed initial offer 
price of 50 p each. 


contacts in regional cities where many f 
interesting investment opportunities emerge 
from time to time. 

Henderson Administration currently 
manage funds in excess of ^30010, 

To Buy Units 

Please remember that any unit trust invesfr '* 
tnent should be regarded as long tenn s and Cabot 
Recovery Trust is designed far the mare c_ 

experienced investor. 

The price of units and the income from thc& 
can go down as toell as up. 

To invest in Cabot Recovery Trust at the V. 
initial offer price of sop simply return the 
application form below together with your 
remittance either direct , or through your 
professional'advisor. This offer closes on 6tk : 
October or earlier at the Manager s* discretion ii' 

Additionallnfonnation 

Units wiij be available after Contract notes will be ^ 
the offer closes at the issued .and unit certificates , 

normal dolly price. . . , will be forwarded within 

Unit Prices and Yield are •weeks of payment, 

published da0£in leading To aeUumis, endorse TOOfi' 

newspapers. •. • . unit certificate and send reto 

CommoBion of i£%wiHbe the Managers. Payment wfll 
j»d to recognised apenrs. normally he made wi thin 
An initial charge of 5 % is seven working days, 
included in die offer price. Trustee: Williams & GInrt 
An annual charge of : "o tUmic I * 

SssS&S? ^ 

SSUssSs"- SSssSBF- ; 

October, The first ,< 

distribution on units pur- nngiana. ' ~ * 

chased under this offer ww. A member of die Unit TxnK ' 
be made on 31 b April * 9 T 9 > Association. , r . - 


WE RE RICH! 

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 Welham 
(Formerly Assistant City Editor and Questor of Tne 
Daily Telegraph) to produce The Equity Research 
Asstmiates 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 that 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 BBS 

Please send me details of the 

FREE TRIAL OFFER of the NEWSLETTER 

Name 


CAPITALS PLEASfc- 

Address 


SoMrHealey“is giving 

just a little back 7 

Margaret Thatcher ILApriU978 

But are you giving him more 
than you need? 

Be honest Do yooreally know how Mr Healeys tax changes will 
affect you personally? Do you realise that he's proposed more (han fifty 
alterations to the current tax structure- any Of which might affect you 
and the tax you pay? And the latesLdianges’arc on top of all the'other ' 
contusing alterations made in regent years. 

Are you sure you know howto take full advantage of the concessions 
the Chancellor has offered you? 

Professional help is essential if you're to hope tokeep your affairs in 
line with the constantly changing lax laws. Royal Trust have provided just 
this kind erf help to British tax payers, resident here and abroad, for over 
forty yea re. 

Those who take ad vantage of Royal Trust's services need never fill in 
another tax form, andean rest assured that they're never likely to pay the 
Inland Revenue a penny more-than they owe. All assessments will be 
automatically checked and aliavailable reliefs claimed. 

So you can save yourself ti me, worry and possibly money as wel 
If you think that makes sense, write to us at the address below, orring ' 
Bill Coupon or Pieter Kunz on 01-629 S252. 




income lo cover 

udmimscradve coses. 
Distributions will be ntaort 
on srii April and sfii 
October,, The first 
distribution on units pnr- 
ebased under this offer ism 
be made on 51 b April 1979* 




—————— I I_i i Hi 

-To: Henderson Unit Trust Management Limited, Dealing Dept-' ■ 
■ Rayleigh Road, Hutton, Brentwood^ Essex CM13 1AA. . 1 

lephone cstqidxies 01-58X3622. -2 



P 'EmW I/Wewishtolmy. units in Cabot Recovery 

Wr Trust at die fixed price of 5cp per imit (mimmom - - 
4F initial investment i^aoo units}. 

I/Wc endose a remittance of £ pnvableto - 

Henderson Unit Trust Management T.tmired. After the dose 
w ot this oflti units trill be available at the daily quoted price. 

Surname: Mt, r Mr8./Miss 


-SLOCK CAPITALS PLEASE 

Christian or First Name 
Address: 


1/Wc declare that I am /we are not resident outride the Scheduled Territories 
and that I am/we are not acquiring the units as the noarineeM of say pe«on(f) 
resident outside these Tentwrie*. 


SHARE EXCHANGE- j 
SCHEME ' { 

Our . Share Exchange, I 
Sdicmc - provides- - a : I 
favourable opporn ini t y § 
to switch into this Unit' I 

Trust. For derails please S 
tick box or telephone I 
Geoffrey Shircore ■ 
01-588 3622 . [J. | 

A member of the Unit : | 

Tran Association. | 

Res- No. 856263 ‘ I 

This efftr is nor oT-m 7 df 7 r‘, ■ 
le rautenu of rht AepubUt ■■ I 
ojlrtlud. ■ 


aature(s) 
Etrtorc joinrape 


1 most sign ands 



Henderson 

Unitlhxst Management 


FTaatoi 


Tel l Of -455 2844 


MAKE MONEY 

—WITH A PHONE CAa 

E«nr day rainy people make money simply by a phone all » . 

1 cock broker. Ten could be able to buy or tell stocks and shares end 
use money more shrewdly than Britain's other two million investon. 

HOW IS THE POSSIBLE 7 

5imply -through a unique 12-week home course. 

The Art of Investment, written by professional Investon. 
stockbrok -rs add aeconntancs. Step by step they show you 
How so mike money. 

NO . RISK -r It costs you nothing 
unless you are satisfied. 

Even without previous know-haw — even with i capital 
as low u £100- — - you nuld.be profitably dealing in ltaeki 
and ‘shares In 12 weeks' time. 

Send today for FREE details without oMI(et/ee . 

RELIANCE SCHOOL OF INVESTMENT 
. FREEPOST §14 
London SW3 2BR 


SHARES SHOULD BE 
BOUGHT AND SOLDI 


Gone ore when a 'sound 

portfofo* of shone cguJd just bebcughl 
end f oq g otte al$y4proved fhafl 
Today’s tnvas tor fxa to be alert. Buying 
f amofTow'a favcsinfes at lada/s prime. 

AneJ, of course; rontsnfaa^whimto 
Sell them. Before the next ‘'1574.’’ That's 
why tfraHeatSthseUctha-, Brecon's 
oWatirraw^etteoerr^hoa^ 
Bnportav»oflno^ 

Tfeeit^woytobeswietheFbti 

SfreetLdf6rfcrighlforyoutstostuclYa 


copy and fiK^foryour5eff.St>,iust 
axifrfateandi^!jmtheaHrai»trf ' 
cxjupon,enrfwe w®sandyDUfl fww 


an®)™ racofrenenddfetoovertfio 

FjCstomt aeas- iwocomponies 
which mast other investon Havana* 
^dtscoverwL ■ 

r AndofttherfwWwutorvfwthBr 
wfifiOtion whatsoever. 


ftii' 11 
ltd ' 

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^S. VOL! !#<?-■ 


TRUST ' 


s< 

anJT 


Finandfei. ‘Tunes Saturday : September 23 1978 


----- 


YOUR SAVINGS AND INVESTMENTS 1 


Turnover 


RETURNS AT VARYING TAX RATES 


and 


Institution 


profit 


IF YOU look carefully through 
the pages of this paper you will 
realise, and rapidly, that there 
are a good many unit trust 
managers asking you for your 
money. To some extent this is 
just a reflection of The time oF 
the year: people always start 
thinking about their invest- 
ments in general, and about 
longer-term savings in par- 
ticular. when they come back 
from their summer holidays. 
But to sonic extent, ton. it 
appears t« be a reflection of 
The fact that unit trust inves- 
tors are becoming more 
sophisticated. 

That, at least, is the implica- 
tion to he drawn from this 
week's figures on unit trust 
activity, which showed that 
gross sales continued at a high , 
level, but that redemptions, too, 
were higher than ever before. 
In contrast to the anxieties 
which they have expressed 
about a high level of redemp- 
tions in the past, the unit trust 
groups arc taking this latest 
evidence of a big cash-in philo- 
sophically. And the reason 
seems to he that the 1 money 
that is going out — as unit- 
holders take their profits on, 
inter alia, America — is coming 
straight back in again. 

Unit mist groups don't neces- 
sarily lose out from such a 
turnover — even though most nf 
them tend to deplore it. It's 
true that if a trust is heavily 
depleted, the annual manage- 
ment charge - derived from it 
will run down. too. But if the 
money is being reinvested else- 
where within the same group, 
it will benefit overall from the 
front-end loading. 

Of course the perfect situa- 
tion for the unit trust group is 
that In which there are plenty 
of buyers for the units in a fund 
in which there are also heavy 
redemptions — if the market is 
going up. To the extent that the 
management groups holds those 
units, it will make profits as 
the price rises. From the looks 
of things that anight have 
happened in. the recent past. 
For while there have been sub- 
stantial new sales of. the Far 
Eastern trusts, the biggest sales 
of all continue to be in the 
high-ineorae funds. 


National Savings 

14th issue National Savings - 
Cortifi rates 

Britis h Savings. Bonds* 
National Savings Bank 
Investment account*!' 

Buildin g societies? ^ 

Deposit shares ■ 

Ordinary shares 

Term share s , - 

Cl eari ng~ banks 

Deposit accounts 
Bank branch deposftst 

Local au thority deposits- - }: 

Gilt-edged stocki 

Exchequer 13% 1980 
Treasury 15J% 19% 

• Rate rises from November 
application. 


Nil rate 
taxpayer 


Return % net to: 
Basic rate 55% 

taxpayer taxpayer 


Mixed news from 


70% 

taxpayer 


Nation Life 






7.0 

8.4-9.25 


4.7 

5.62*6.2 


3.15 

3.78-4.16 


2.1 

2.52-2.78 


8.73-11.75 


5.85-7.35 


3.95-5.3 


2.62-3^3 


THERE WAS good news this some nf the loss incurred in the 
week for Nation Life policy- purchase and subsequent sale of 
holders. Mr. Gerry Weiss, the the Bournemouth complex.- 
liquidator, is making another Policyholders will remember 
payment next month, amount- that the Bournemouth complex 
mg to about lOp in the pound — was bought for £4m following a 
the exact amount has yet to professional valuation. It turned 
be decided. This payment comes out subsequently that the invest- 
18 months after the last, and meat had to be written down 
assuming that it does amount to to £l£m: it has now been sold 
lOp, it win bring the total so for much less than that. If the 
fir received to 74p in the pound; difference between the sale price 
just lp short of tiie 75p that and the valuation could be 
policyholders were told to ex- recovered, it would mean an 
pect early i n the liquidation. extra 10 p In the pound far the 


m'wmm 


tsr.: 




12.52 8.4 5.63 3.75 

13.11_ 8.8 5JTO 3.93 

20. t Rate from beginning of October. ? Rates vary: check on 


ERIC SHORT 


By popular request 


SINCE I wrote about the 
returns available, to -those whu 
would put their money into 
fixed interest investments, 
three weeks ago {September 2 ), 
there have been various 
requests for a table showing 
those returns at different tax 
rates. Well, here it. is: and very 
dismal reading it makes for 
those who are paying tax on 
their lop slice of income at any 
thing more than the basic rate. 
But let's start off with the im- 
plications for people at ihe 
other end of the income scale. 

You will, I hope, note as ymi 
work your way down the table, 
that there are.. some outstand- 
ingly good returns available to 
those who pay no tax at all: but 
you will also, 1 hope, note that 
a building society deposit is not 
one of them. This is because the 
interest on a building society 
deposit is paid after the deduc- 
tion of basic rate tax, and you 
cannot claim it back. I cannot 
stress too strongly "that for those 
— pensioners, perhaps, with 
very modest savings— whose in- 
come is so low that they don't 
pay any tax (or what tax they 
do pay is at the new reduced 
rate uf 25 per cent), a building 
society investment is a very bad 
idea. If you want to keep your 
money safe but. reasonably 
accessible, put it .into an NSB 
investment account at the Post 
British Savings Bonds which is 
to be introduced in the middle 
of November J. If you’re not 
worried about accessibility, then 


put it into a local authority 
deposit instead. I wouldn't 
recommend gilts (except very 
short-dated gilts) for anyone 
with very modest savings, 
because even though you can 
get the interest paid gross if 
you buy stocks like those on the 
table through the National 
Savings Stock Register (ask at 
the Post Office),- your capita] 
will be at risk. 


INVESTMENT 


ADRIENNE GLEESON 


For those of you whose prob- 
lem (in lax terms, anyway) is 
not that you have too little in 
the way of income, but rather 
that you have loo much, this 
table holds a message that is 
equally dear. Insofar as it's 
possible you want to avoid any- 
thing that will give you extra 
income. And that rules -out. all 
hut completely, the contents of 
this table. 

All but completely: but not 
quite. For there' is one invest- 
ment shown which is a rattling 
good buy for anyone who is pay- 
ing a lot of tax (more than 55 
per cenf-.at the margin), and 
that is National Savings Certifi- 
cates. There are snags, of 
course. You cant put more 
than £3,060 into the current. 
14th, issue, and it won’t provide 
you with income as such, though 
it is possible so to stagger pur- 


chases and redemptions as to 
provide yourself with a regular 
return. I wouldn't shilly shally 
over this one. Even though the 
rate of interest on NSB invest- 
ment account Is set to jrise at 
the beginning of October, and 
there is a new and higher 
coupon issue of British Savings 
Bonds due out seven weeks after 
that, I'd be inclined to assume 
that the next announcement of 
changes in National Savings 
terms, will he an announcement 
that the rates are coming down. 

Of course if interest rates are 
to fall then you high taxpayers, 
should not be in fixed capital 
investments at all: you should 
be pusbiog your money, instead, . 
into low coupon gilts on which 
you can hope to sec some hand- 
some capital appreciation which 
will attract tax at only 30 per 
cent (or not at all if your gains 
are less than £1,000 or yo uwait 
out the year and a day which 
will, with gilts, give you exemp- 
tion from any liability to tax on 
your capital gains). Maybe it's 
a little early for such unbridled 
Office (or into the new issue of 
enthusiasm. But one thing is 
certain. What you don’t want, 
if you’re a higher rate taxpayer, 
is any of the high income-pro- 
ducing investments listed in this 
table. If you absolutely must 
have income, you'd do better 
(assuming that your tax rate is 
more than 55 per cent) to go for 
a single premium bond with a 
flexible withdrawal option 
instead. 


-ii 300,000 policyholders. ■■ 

- This news reflects ah interest- 

-- INSURANCE ing development id the- Nation 
• -iwwnnnwi. Life saga, and if any money is 

ERIC SHORT recovered it will be an un- 

-- expected bonus to policyholders. 

Otherwise all thej’ can expect 
is the odd penny or two from 
It must have seemed an etern- the final cl ear- up of assets, plus 
ity . since the last payment to any further payments from the 
policyholders. But it is not liquidators of the crashed Inters 
economic for the liquidator to national Credit Bank of . Geneva, 
pay out less than lOp at any one The liquidator will also be 
time (paying about £3m). He telling policyholders of the 
4m b®en selling off the tail-end latest financial position of the 
property portfolio, of company when he makes next 
necessity a slow process. He month's payment. In addition 
has now accumulated enough— , 0 lowing how much policy- 
ineludmg £880,000 for the holders have received, his state- 
Bournemouth complex which m ent .will show how much the 
precipitated the collapse — to liquidation has cost policy- 
make another payment, holders. It was in excess of 

However, there is bad news £500,000 at the time of the last I 
toe’ for policy holders. Mr. report, in April 1977. One I 
W-eiss warns that the payment feature of this liquidation has 
following ibis one will be the been the amounts paid out lo 
last and policyholders cannot those concerned, and this has 
expect ir for several years. So highlighted the need for 
extensive a time lag is to be separate legislation on the 
expected in a situation as com- liquidation of life companies, 
plex as the liquidation of Nation Recent legislation, however, has 
Life. The liquidator is not pre- meant that the cost of the next 
pared to make any forecast as liquidation will effectively fall 
to the size of the final payment, on all -policyholders in every 
;Mr. Weiss also confirmed that life company operating in the 
he is endeavouring to recover UK 


Buying my home 


I HAD bought my first house 
only a week before Standard 
Life’s useful little pamphlet. 
Buying your home* landed 
on my desk. I wish I had had 
a chance to read it before I look 
the plunge. 

As it was, I was in something 
of a hurry to purchase a pro- 
perty since I was being evicted 
from my Mayfair pied 8 terre, 
above Bond Street Tube station, 
and did not have much time to 


MORTGAGES 


WILLIAM HALL 


spend exploring the ins and outs 
of endowment policies and so no. 
Fortunately an ex-school friend, 
now a solicitor, guided me 
through ihe legal intricacies of 
the deal, and the only thing I 
had to do was to find a building 
society. 

I had toyed with the idea of 
approaching a mortgage broker 
who, rumour had it, could spirit 
me lo tile front of the queue 
by transferring my account lo 
the local office of the Houghtnn- 
Le-Hole building society. But I 


thought this sounded a 
unfair, and on principle <y 
principle) I dislike handi 
money over to middie-men 
even though in this case th 
might have been able to fit i 
with ihe best type of policy. 

This is where Standard Lif 
little pamphlet comes in. Apr 
from giving some useful advi 
on matters such as how mu 
the survey fees and stamp du 
cost, it goes into detail ab,o 
the various methods of arrar 
ing a mortgage. It outlines vtl* 
it might be cheaper in the stid 
run to take out a simple u 
payment mortgage, but theq.fi 
plains The advantages of ej 
dowment-1 inked plans. 

For a layman like myself., 
gives a few examples of the fi 
ancia] costs and benefits of tl 
various permutations. The on 
quibble, if there is one, is til 
it does not tell you what to c 
if you have tied yourself t: 
with a repayment mortgage m 
want to disentangle yourself ' 
take advantage of its services. 

' Butting von home, nrm 
nhle from Standard Life . . 
George Street, Edinburgh, Eh 
2X Z. 


Consorting 


together 


TALK TO any fund manager 
and he will tell you that one 
of the worst of the problems 
with which he has to contend 
is the great pile of humph that 
he finds on his desk every morn- 
ing. A large part of these buy 
and sell recommendations, 
spilling onto the floor already, 
is inevitably going to find a 
permanent home in the waste 
paper basket: and happy the 
stockbroker who can claim that 
1& work is read. 


- So it*s good to see one set of 
stockbrokers applying a little 
common sense. Messrs James 
Capel. Capel-Cure Myers, Hoare 
Govett, Kitcat and Aitken and 
Laing and Cruickshank (alpha- 
betical order, kindly note) have 
come together to provide a 
joint service, at least insofar as 
it concerns the basic informa- 
tion which . each of them 
provides already on investment 
trusts. As of next Monday 
they'll be providing a consor- 
tium investment trust- .service 
which takes in the provision of 
a daily list giving details, inter 
alia, of geographical breakdown 
and discount, and a monthly 
list 


MesseVs 


muscle 


MEANWHILE THE stockbrok- 


ing competition has also been 
busy. Messrs. L. Messel have 
now produced the updated ver- 
sion of their annual investment 
trust yearbook, a volume 
delayed by the publication, 
earlier this year, of the Associ- 
ation of Investment Trust 
Managers’ own version of this 
annual compendium of statistics. 
The partner in charge, Jonathan 
Carr, agreed at the conference 


called earlier this week t 
launch the yearbook, that, i 
certain respects it covers .th 
same ground, but pointed pi 
with some glee that while. th 
Association’s version comes J 
£7.85, that of L. Messel come 
free. But it comes, I fear, on! 
to clients bf the firm — or,.t 
institutions big enough to raak 
their custom worth chasing. . 

In particular Messels have gon 
to trouble to set out the be? 
performers over the past fiv 
and ten years: and — which , i 
probably more significant fo 
the longer term investment trus 
shareholder— have set out vec 
clearly dividend growth ove 
the same period. 




V 

Tl «*• ' 

V ,V ' 


relief, no less, on up to £3,000 a year produce regular income from your 
paid into plans such as Providence - investment - with no immediate tax 
Capitol’s Personal Pension Plan. liability 




IF YOG ARE 

A HIGH INCOME EARNER. 


THE STRENGTH OF 
PROVIDENCE CAPITOL 


A major problem is simply the 
taxman’s bite of your income. 


: . : •.. v . • ; ! •• ••• -■ >x > •••• i 

s.: ; ; . ..iJ 

y'\‘ _ ' -y — ' . . ; . J* v"- vX" ■ " T 

. _ . .*.[■ j. : « r V!" 

t . * . •- C: -T »- : 

h;-; ;‘i'; p \ | : ; r j l ] V f £:{ 

! ’ i! i ! i i 4 U- \ ' • 

;** j ? i i: ; * i 0 : " i; : 

> ; j ' .j ‘ J - '< ' £ : :’: ^ 


But you may have another , 
problem too: that you are qomfortably- 
off on your salaiy-but you do not 
have a large capital sum behind yoa - 


EVE 




Providence Capitol’s Maximum 
Investment Plan can create capital, 
tax-effectively, with the benefits of 
professional investment management 
and tax relief that can mean we invest 
more on your behalf than you save. 


Providence Capitol is part of the 
international Gulf -1- Western Group, 
; whose gross assets exceed 
£2,000,000,000. It is an established , 
life office with total assets of well over 
£70,000,000. And its stated purpose 
is to provide the most tax-effective 
answers possible to the savings and 
investment needs of private indi- 
viduals today 


rJL ,«L- 


mnm ixi© mmiTML 


IF YOU AREA DIRECTOR. 


* . f. 


: kl- : i : * Vi ".. - 

( > t ! : i.z., r i ■ a 

: *. # ,-v.. . <“ '.‘iij-.'.S • 






f fiiv j 

. ■ 5 -i : ■ '.Ti 


: j * “t- ! :v 1, :i . > 


Kit;;! r.i .ii-1 ; 


J '■i: ».i: ■ •>" ’ ■ -i 


Providence Capitol’s Executive 
Pension Plan can guarantee veiy 
sizeable tax-free capital and a high 
income for when you retire. Contribu- 
tions can be paid wholly by your 
company and rank for corporation 
tme relief. If you pay part of the cost: 
you receive 100% tax relief. " 


If you would like to start cutting 
your tax bill now and look forward to 
a more prosperous future, simply 
send the coupon. No stamp is 
needed. We pay postage. Its a lot 
more positive than complaining. 


j To Peter Oliver, Managing Director, 
i Providence Capitol Life Assurance Company 
t ■ Limited, FREEPOST, London W12 8BR. 

. j . Please give me full information, without 


Everyone in Britain seems to 
complain about tax. 


And the more people are earning, 
the more they seem to complain. 


And yet; there are many tax con- 
cessions and allowances that almost 
everyone fails to take full advantage of. 


Whether you are an employee, a 
company director or self-employed, 
you could very well be on the way to 
cuttingyour tax and creating personal 
wealth by reading this announcement 


Also, the growth of your contribur 
tions is virtually tax-free arid for 
directors and key executives this is 
one of the best^ ways to create personal 
wealth, without risk. 


’ j obligation, about Providence Capitol’s: 


■ I 1 Personal Pension Plan 
I' ' I I Executive Pension Plan 

I L I Maximum Investment bond 

! I I Maximum Investment Plan 


At Providence Capitol, we have 
looked very dosely at a number of 
important tax concessions and have 
carefully built investment and saving 
plans to use them to the fulL , 


IF YOG ARE SELF-EMPLOYED. 

If you are, you have the ideal 
opportunity to cut your tax bill very 
considerably and to create a large tax- 
free capital sum and high income for 
your future. 

■ What you are allowed is 100% tax 


IF YOG HAVE CAPITAL TO INVEST. 


| Name, 
.j Addres 


Providence Capitol’s Maximum 
Investment Bond combines expert 
investment management and tax 
advantages not normally available to 
individuals on their own 

And if you want; the Bond can 


PROvliENCEi 


.1 J* J 

I c ^ J FT2 ") 

- LaCuIf + Western CQtnpany j 






$ 


^010 Mb?- 


YOUR SAVINGS AND INVESTMENTS 2 






Vpend, spend , spend 


t FATHER had a predilection 
■ statistics. He had that old' 
rhioned Mancunian belief that 
Dwledge is the root of all 
>gress. and that roost know- 
,£e can be encapsulated in 
Lures on the page. And, while 
! rest of the family has always 
Id firmly to the view that 
:re are lies, damned lies and 
Sstics. he passed some of 
i predilection on to me. 

Of all the series of statistics 
jduced by serious academics 
ti) skilled computer wallahs, 
?re can be few more fascinat- 
jf than those contained within 
;■ Family Expenditure Sut- 
y*. This is perfect bath-time 
iding, equally entertaining 
ten by way of short dips of 
3 long browse: it is not so 
wieldly as Economic Trends, 
ludi is apt to trail in the 
'.ter. but quite as rich in food 
r the imagination. 

{Consider, for instance, the 
relations contained in the 
76 version, which has just 
eh published. It comes as no 
’rprise to you, T daresay, to 
ant that the poorer you are, 
e> higher the proportion of 
•ur income you are likely to 
end on housing. But why, 
n- you tell me. does the 
’erase one-woman household 
■end 25 per cent of her 
ceme on housing, while , the 
r erage one-man household 
lends less than 20 per cent? 

: it because single women are 
general less rich than single 
en? Or is it simply that the 
njj»Ie man spends considerably 
ore of his spare time in the 
ub? 

Far be it from the authors 
f the Survey to balk at answer- 
ig! that question. You want to 
ndw how much the average 
ngle man wUl spend on 
Ireholic drink? Almost 10 per 
erit of his income. And the 
verage single woman? Just 
ver 2 per cent. It would, of 


course, be dangerous to draw 
any firm conclusions from that 
fact. In all probability all it 
means is that, even in. this 
liberated age. she lets him do 
the paying. 

But the Survey will tell you 
about more— much more— than 
the pattern of the sexes' spend- 
ing (incidentally, sbe spends a 
far higher proportion- of her 
income than he on fuel, light 
and power, so maybe 1 do her 
an. injustice!. It also reveals a 
great deal about how expendi- 
ture patterns vary according to 
the income of the household. It 
probably won’t surprise you to 
learn that the £10.000 a .year 
man spends, on average,, more 
than three times the norm on 
wines and spirits: but why he — 
or his wife — finds it necessary 
to spend three times the norm, 
likewise, on hats and haber- 
dashery, is beyond my compre- 
hension. And would it ever have 
occurred to you that the £10,000 
a year household spends more 
than the norm on fish and chips? 
ISp a week, against the norm of 
lip. Maybe and chips is 
passing through the same meta- 
morphosis that oysters have ex- 
perienced within the past 
century. 

But alas, there are dangers 
in using these statistics. 1, for 
instance, took one look at the 
expenditure on syrup, honey, 
jam and marmalade, and drew 
instantaneous conclusions. The 
norm is lOp a week, and spend- 
doesn’t vary by more than 3p a 
week either side of that, 
whether the household’s weekly 
income is less than £15 or over 
£200. Aha., I said: -in this at 
least we all consume alike. Not 
so, said one single, male, £200 
a week-plus household of my 
acquaintance. He eats very' little 
of the stuff. But he only eats 
the best. 

* family Expenditure Survey: 
miSO: £4.3 0. 


The end of the course 


IN THE financial-sense, at least, 
life will' look grim, and earnest 
enough to many of us as we 
approach retirement But it's 
likely to look rather worse than 
chat to., ttose who've been, 
employed by the Church, of 
England.- ' 

It isn’t that their income is' 
particularly low, though the full 
service pension (most- of which- 
comes 'ftom the investment 
income of the Church Commis- 
sioners) is not. unduly generous, 
either: • at • £1,325 . a' year 
(supplemented by the State 
pension) it gives a. clerical 
couple .some £56 a week to live 
on now. No: the real problem is 
that those who’ve been a. part 
of the stipendiary ministry, lose, 
when they retire, n<»t just their 
jobs, but -their homes as well. 
And as the Church- Commis- 
sioners have been finding out, 
incumbents have an incon- 
venient . habit of growing 
attached to their parsonage 
bouses. 

It’s one of the Church Com- 
missioners' most irritating prob- 
lems, that it spends too much 
on keeping its 2.300 “unsuit- 
able " — old. inconvenient, 
decaying — parsonages in - being. 

Too much,” last year; was a 
large part of the £7.6m spent 


oxi repairs and decorations, rates 
and insurance; by 1979 the 
figure is expected to be- £9 in. 
The problem isn't that the 
Church can't afford to buy or 
build more convenient . accom- 
modation: after all, old .parson- 
ages bring m a good price .< the 
348 sales of -i976-\im*£it in 


RETIREMENT 

ADRIENNE GLBESOR 


- almost £30,000 apiece). It’s 

either that the accommodation 

(or the sites) aren't there' to be 
bought, or that the incumbent 
and his family do hot want to 
move. 

All the worse then, the 
moment when the move-becomcs 
inevitable, and the more so as 
there isn’t likely to be much 
scope for choice of an attractive 
alternative. - A clergyman's 
stipend (on average £3,126, or 
just over £60 a week, in July 
1978) is hardly going to stretch 
-to savings, and the lump sum 
payable on retirement (£2,000) 
is, in terms of prices now. 
derisory. So it’s a matter of 


applying for help from the Pen- 
sions Board (loans for the pur- 
chase of a modest house: no 
repayment of capital until the 
house is sold), or irom diocesan 
or other bodies. As indicated in 
the report on the Church’s fin- 
ances in the 'period 1976-79,' 
which has just been produced on 
behalf of the Central Board of 
Finance and the Church Com- 
missioners, there isn’t much 
prospect of a more satisfactory 
arrangement unles the laity 
bumps up its contributions. 

The chairman of the Central 
Board of Finance suggested 
recently that individuals should 
put aside 10 per- cent of their 
gross income far church and 
charities (10 per cent of their 
net income for those with 
family commitments).- The 
authors of this latest report sug- 
gest that five per cent of gross 
income should be committed 
to the Church. ' That’s £4.50 a 
week, out of net income, for 
anyone on the average wage 
(and double that for anyone on 
£9,000 a year). It may be little 
more than the average northern 
household spends on drink, but 
it still puts one firmly in mind 
of that saying about serving God 
and mammon. You’ll certainly 
be hard pushed to serve them 
both. 



Contrary to 
the trend 

OVER THE past two years, we 
have seen a steady procession 
of traditional life companies 
moving into the unit-linked sec- 
tor, offering linked contracts as 
savings vehicles. But we have 
not scon any movement in the 
reverse direction — a linked 
company entering the conven- 
tional with-profits savings mar- 
ket To some commentators, 
such a move would seem a 
retrograde step. Well, this week 
Lloyd's Life announced that it 
was taking it; and from next 
month the company will be 
offering with-profit endowment 
assurance contracts. 

Hi is move could pose capital 
problems for Lloyd's Life, if it 
writes a substantial number of 
contracts, since tbe financial 
guarantees provided on with- 
pro'fit contracts have to be 
covered. One reason why the 
newly-formed life companies 
marketed linked rather than 
conventional savings contracts 
was that it takes much -longer 


to build up a reasonable port- 
folio on the latter,, unless there 
is substantial capital backing. 

Hill Samuel and Providence 
Capital are two comparatively 
new life companies which offer 
with-profit contracts. But the 
growth of such business has 
been comparatively sLow, and 
has been carried out the back 
of other, more profitable busi- 
ness. 

Lloyd’s Life has. not taken 
this step because- it has lost 
belief in the linked -concept- 
far from it— bat because its 
marketing outlets, the Lloyd's 
brokers, have not generally ac- 
cepted the linked concept Their 
outlook bas been conservative, 
with a penchant for the guaran- 
tees provided by conventional 
business. Lloyd’s Life fcas ; bowed 
to market pressure, but it does 
not intend to market wiih-p ro fi t 
contracts aggressively. * 

Indeed, it would, be rather 
difficult for the company to be 
aggressive, since the. projected 
maturity values an its forecast 
bonus rate of £4 per cent, com- 
pound, with no terminal bonus, 
would only put it in- the middle 
of the market An investor aged 
29, paying £IO per month gross, 
could expect £1,502 aftdt 10 


years, and £6,299 on a 25 year 
contract. The top projections 
from other companies are about 
£1,600 and £9,000 respectively. 

Making over 
to minors 

FURTHER TO last week's com- 
ments on the implications of 
coming changes in child tax 
allowances: just in case any 
grandparents, godparents . or 
other would-be donors are 
tempted to rush off to make 
over property to a minor (or 
minors) forthwith, do remem- 
ber that if that minor's 
unearned income rises above 
£115 (or its total income above 
£500) in the current tax year, 
its parents’ tax allowances will 
be cut. As from next April (as 
the law now stands) neither 
earned nor unearned income of 
a child will affect its parents' 
allowances: but for the moment 
the distinction stands. Give for 
Christmas by all means: but 
don't give so much that the 
child’s investment income tops 
£115 in the three months to 
the end of this, tax year. : 


Charities 

Official 


THERE’S STILL a movement 
from fixed to variable income 
investments within the port-, 
folio of the Charities Official 
Investment Fund. The latest 
figures, in the half year report 
to the middle of Jnly, show; 
that fixed interest investments 
accounted for only 12.7 per* 
cent of the portfolio (as against 
1-L2 per cent in the middle c-f 
January;. Host of the rest of 
the fund was placed in equities. 

The Charities Official Invest- 
ment Fund was established in 
1960. and it is unique is two 
respects. First, the Trustees of 
the Fund — in which all 
charities in England and Wales 
may participate — have very 
wide investment powers: they 
can put their money into 
securities and property of any 
kineL Secondly, those charities 
which do put their money into 
the fund may, if they wish, pat 
the whole of it in: they don’t 
have to split their investments 
under the Terms of the Trustee 
Investments Act 1961. 


‘Top down 
‘rifle 




'&«. ™ information pre- private investor^ is ttej;.rifle ; 
a^DST OF the iniu rence shot * approach, where selection 
sated at the recen icon™ of |he ^odc * the.be- aB^ 

by end all of investmMt .pblicy, , 

was useful but Holding ; to that-' pblw^v'-^ 
^tanned Savings, One excusable enough;: m.’the.case. 

Ser%ch°las Hurst, of of UK inv^tors,;wJio 
iS^’c Srseas drew the capped *y .exchange 

vital distinction regulations: but 'for -- -their 
status 'as expatriate counterpartSVwbo.- 
resident for the adopt that approa^we^yi. 
S^STtiie tax authorities, wasting their - 

and obtaining it for the purposes - ' . , . 


EXPATRIATES 






ADRIENNE GLEESON -. 


VUUUUiUo 

Of the foreign exchange control 
regulations far too many, ex- 
patriates assume that the first 
is’ the only one that matters. 

Another speaker, - James _ 4 . . 

Woollen of Planned Savings 
itseifc expatriated entertainingly 

on the effects on intermediaries % i have recently Trad ; dtawit 
o£ the controls on sales of invest- to my attention the aosteuce' 
raents implicit iu the Prevention 0 f another firm prepared to _ 

of Fraud (Investments) Act; handle the finanrial probteinSof J 
and Trow the permissible liethm expatriates: the' ^ London^ and/ ’’ 
the eye of the beholder at the Worthing, and Exeter — based * 
Department of Trade. ^ advisers Wilfred , T. FrT is'ln. 

. BiH . Mills-Roberts, of the essence a firin of- 

Tyndail Group, drove home, the a history going backtethe- 

message that investing offshore, turn of the century .antf the l^r-- ’ 

just like investing onshore, is day ^ Raj. Refieetfng-tJmt = 

betted done through a respect lon gevity, a . lot . 

®ble- ajgency; and then went on gg^g .clients -grp gtiu. 

to point out the importance of like' the . Tar: TEidtfTtittT- ■ 

takmgrfuil advantage of oppor- . AvMx9iMa ^: 

tunnies to invest in. other ^ ixnatriaiM : -aawft£- ' 

currencies than sterling: and Jo .... ' • 

receive. returns quite free 

Keep an eye on what is happen- • 

ing, : h e said, and “when m sundry.,^ A^tax 
doUbt stav out.” All of which a large 

was good 'sound stuff. But for cllente. they baye ^bg^rejteon,^ 
ah ^enlightening view it was for doing tbe_besTfqr’yw:thf^ 
necessary tn wait for Tom want your badness : whe^ >ypU;: 
Griffin, of GT Management, to come home:. - 
speajsb. - 7 . However* they do-not-pretend. ' 

GT -Management runs half a to be investaient sped&Jistsr^s „ 
dozen - unit and investment such;- and while they can-^vise' - 
trusts, ' whose record over .the on yoi^fdre^;«chang^;s[lth?ii 
longer term has been passable,, tion, ifypu want .anything mere 
though not unduly exciting; of elabbrate in the- way of invest- = 
course the recent upsurge rn ment advice than the reeomimea- 
Far Eastern markets has done datioa'-of some offshore 4foods or. ; 
wonders for the nrieritaj hold- insurance policies, -»tw>y •**»?> . 
ings which are something of a sen ^ .y^u a istOddiiiAeri 
GT speciality. The managers. jn.stea d.- "" ^ They charge by- the- 
approach to investment, bow- ratter than -on a- pesCMktv 
^ •'« worth m T 





.iifj* v-- n. 



Finally, a comforting; thought : 


'U%\ V-’'-, V 

m -r* * 

W‘ •> 


ever, is well 
expatriate bearing, in :mipd. 

They take the top -for those of : yon still enmeshed •’iV* ■ p 

approach: which is to say, 1 they • v 

look first at what Governments. ^ t . ? * 

are doing, with a view to deter- it occurred --•* • - -- ? 

mining the outlook - for 

economy and the currency: and position could be_worse? Itjias,. 


only if they are satisfied with occurred to Proyid emce Gapltf^;: . 
that "Government’s approach- tar.;®® epSIat^r Walker- insiinm.t*- 
nnmetary policy and Jnffat3pn.‘.f»mpa^ relannchea by 
do they go on to consider ^e:AtoeriGto. : ^Q3ffMiS'^;J^eefc.;a^nL- 
best divestments by - way - of They are 'Contcir^atliig tto . 
sector and stock. The alterna- their Channel lslan^idffiee on 
tive.topurse. still used by. most to it; : . . ■ 


?:-'v 

srti--.: 


r ~- 

* i ..v 

V'*" v-‘ ; .V 5 

.-v-‘ -- 'c*wr(e.' 



Revenue 





3AR LEASING schemes were 
me of the tax avoidance areas 
igalnst which the Chancellor 
Aas widely expected to legislate 
last April, but contrary to those 
axpeptations the Finance Bill 
contained no such attack. 

In "the following month, one 
motor distributor announced 
that.the Revenue were disputing 
its ; tax position related to 
vehicle- leasing. Whether this 
signalled the start of a con- 
certed challenge by the Revenue 
wag unclear. But what was more, 
lisljurbing was the uncertainty 
just how wide that attack might 
>r might not become. 

All commercial leasing in the 
JK', is founded on the lessor's 
entitlement to tax allowances on 
he asset which he owns and 
vhich he leases ouL Both lessor 
ind lessee obtain benefits in the 
orm of an advantageous cash 
low, the lessee by paying for 
he availability of the asset by 
*entaj instalments throughout 
he dense term: the lessor by 
isinp his tax allowances to 
diimnate liability on other pro- 
itis ■ before he receives the 
: realter part of those rental in- 
ta I meats. 

Tlje Revenue recognise that it 
s they who provide these cash 
low- benefits. And so far as 
oncerns the regeneration of 
Jritjsh industry through re- 
iew{ti of plant and machinery, 
t can be said that cash flow 
-enefits are the very thing that 
00 .'per cent first year allow- 
neds were designed to provide. 

B6t many people have won- 
ered whether the Revenue as 
ladly dispense the like benefits 
3r motor cars. Particularly be- 
su& the legislation was origin- 
Uv! drafted to- , give all- car 
w'ners their tax allowances 
nly- over ac -extended period, 
and to restrict the lessee’s 
ighSt to deduct his rental pay- 
icriis if the car was an expen- 
ve one). It was only when Hie 
rafting was proved to be defec- 
ve*that the Revenue admitted 
ie -car leasing companies’ en- 
tleipent to the 100 per cent 
loWance. 


'.- - - ,1 

irSTL-'. ■ i '• - 

Nagging doubts remain about 
comes even thinner if one 
the erosion of the tax base by 
these 100 per cent allowances, 
and the extent to which this 
could continue to be acceptable 
to the Revenue. And this has 
led some commentators to ex- 
press the view that the leasing 
industry’s soft underbelly must 
sometime prove too vulnerable 
a target for the Revenue to re- 
sist. 

That underbelly is the contra- 
diction inherent in all financial 
leasing. A lessor is entitled to 
the tax allowances only if his 
expenditure on acquiring the 
assets to be leased out is capital 
expenditure. If the assets are a 
normal part of his stock in 
trade, and leasing them is one 
of his normal ways of disposing 
of them, then capital allowances 


Playing the waiting game 


TAXATION 

DAVID WAIN MAN 


The Revenue may 
try to tax an 
employee on the 
benefit of his 
leased vehicle, 
or on the proceeds 
if the car is . _ . . 
eventually sold. 


are not available. Nor is stock 
appreciation relief appropriate 
where tbe stock concerned is 
out on hire. 

- What is capital expenditure, 
or to use an older phrase fixed 
capital, is a question the -courts 
have decided by going back to 
Adam Smith’s Wealth of 
Nations; “Fixed capital j£ what 


the owner turns to profit by 
keeping it in his own possession, 
and circulating capital is what 
he makes profit of by parting 
with it and letting it change 
Masters." Adam Smith’s drift is 
dear, even if a modem drafts- 
man would have substituted 
ownership for possession, and 
used stock or inventory in place 
of circulating capital. 

But what is also clear is the 
fineness of the line between the 
making of profit from retaining 
capital items and hiring them 
out, and the making of profit 
by disposing of stock by every 
available means, including 
leasing. And that fine line 
becomes even thinner if one 
recognises that the substance 
of a finance lease is closely akin 
to a loan against the security 
of the asset, despite the form 
of the transaction being rather 
different 

The lessor usually calculates 
the rents he requires taking 
into account an estimate. of the 
disposal proceeds he will re- 
ceive for the asset at the end 
of the lease term. If in the event 
those .proceeds are larger, then 
the lessee is frequently given a 
substantial pari of the excess 
by way of rebate of hire. If the 
proceeds are less, the lessee 
may be called on to make up 
the deficit It is easy to argue 
that the lessor’s protecting his 
profit by such provisions is 
difficult to reconcile with Adam 
Smith’s conception of profit de- 
rived from, and risks attaching 
to, the continued ownership of 
capital assets. 

However, the Revenue claim 
that, as a generality, they are 
not attracted by the leasing 
industry’s belly. Revenue inten- 
tions about car leasing, made 
clear in a Press release at the 
end of July, are to use tbe knife 
only to lance one specific boil, 
rather than to eviscerate 
the, industry. The offending, 
excrescence is the lease which 
envisages the car being sold at 
the end of the term at less than 
market value to a person 
connected with the lessee, 


usually an employee of the 
lessee company. The employee’s 
benefit, in the form of the 
undervalue, derives indirectly 
from the lessee's higher rentals, 
but these were claimed to be tax 
deductible, while his benefit iras 
exempt • 

Various, methods have b«eh 
used by. -different lessors^ to 
achieve these objectives — and 
the size of the tax advantage 
sought has also varied widely. 
Because of this, the Revenue 
have made it clear that their 
attack on each scheme will.be 
an individual one, using appro- 
priate armaments from within 
the existing legislation. 

One line they anticipate 
taking is to attack the lessor, 
either by denying him his 100 
per cent allowance as already 
indicated, or by requiring that 
his tax be calculated as if the 
received the full market price] 
on the Icarus eventual disposal, 
despite his actual receipt being 
less. A second possibility is ah 
attack on. the lessee, denying 
tax deductibility for the rental 
payments. They can be said 
either to be capital, or tovbe 
paid for something additional to 
the availability of the car; so 
that they fail to qualify as being 
wholly and exclusively for busi- 
ness purposes. 

The Revenue may attempt to 
tax the employee on a benefit 
in kind comprising his obtain- 
ing the car at less than its foil 
value, or if he himself sells the 
car may tax him on the sale 
proceeds he receives, using for 
this purpose an anti-avoidance 
provision originally enacted for 
a totally different purpose. 

Those looking forward h> 
battling the Revenue in the 
few years may have their antici- 
pations heightened if they read 
the press release carefully 
enough. The Revenue will jiD.t 
attack any one of the parties, 
lessor, lessee and employee, 'an 
more than one ground. But 
they do not say that , they will- 
not attack all those parties 
simultaneously and in parallel 


.-THERE was once a certain 
gold mining company engaged 
in an ambitious expansion pro- 
gramme so . costly, that only 
meagre dividends could be paid. 
The shares, however, were regu- 
larly recommended for the 
mine’s long life prospects until 
one disgruntled observer added 
the words: "they should thus 
carry an appeal to those in- 
vestors with similar qualifica- 
tions." 

Such thoughts might have 
been running through the minds 
this week of shareholders in 
Rio Tinto-Zinc and Selection 
Trust as they considered the in- 
terim results of these two UK- 
based mining finance houses. 
Both are well run, both have 
strong assets in the form of 
young mining operations and 
both are earning less in line 
with the slow-down in the world 
economy, especially as far as 
base-metal prices are concerned. 

RTZ’s half-year earnings have 
come out rather better than ex- 
pected at £40.1m. or 15.9p per 
share, compared with £42.3ra in 
file first half of 1977 when the 
year’s total reached £82.3m. 


MINING 

KENNETH MARSTON 


The weakness of the U.S. dollar 
— in which the group's Austra- 
lian iron ore sales are priced, 
for instance — has been a major 
factor in the fall in earnings. 
In fact, they would have been 
higher than those of a year ago 
if there had been no alteration 
in exchange rates. 

RTZ Borax has done excep- 
tionally well, although its 
performance, is not expected to 
be maintained in the current 
half year. Particularly en- 
couraging is the fact that despite 
all the production problems the 
big Ross ing uranium mine in 
Namibia (South West Africa) 
has managed to make a small 
profit which suggests that if the 
political situation permits Ross- 
ing could be a real money- 
spinner when it attains full pro- 
duction next year. 

As far as this year is con- 
cerned RTZ still expects that 
its total profits will be “some- 
what lower" than in 1977. The 
interim has been unaltered at 
3.5p net bnt this does not neces- 
sarily mean that there will be 
no increase in the final which 
was 6p last time. RTZ, incident- 
ally, is exempted from UK 
dividend restraint because of its 
high proportion of overseas 
earnings. 

The big transformation scene 
for RTZ will come when copper 


and the other base-metal prices 
revive— as they surely jvill. The 
chairman. Sir Mark Turner, and 
Mr. Alistair Frame who has 
stepped up to the post of joint 
deputy chairman and chief 
executive, take a cautious view 
of the timing and strength of 
the revival. 

Certainly, it would he too 
optimistic to expect anything 
dramatic in the near term. How- 
ever, raetal prices at least 
appear to be bumping along the 
bottom and, perhaps, the worst 
of the fall has been seen in the 
dollar. It is not beyond the 
bounds of possibility that RTZ 
earnings will be looking brighter 
in a year’s time, bnt there 
seems to be no hurry 7 to buy 
the shares. 

Selection Trust has also done 
well in the current circum- 
stances with a half-year profit 
of £5.35m. Because of the com- 
pany’s change in financial year- 
end from March 31 to December 
31, the latest figures need to 
be compared with those for the 
six months to the end of last 
September when the net profit 
amounted to £5.56m. 

In that period the group’s 
sharedpaling revenue was 
boosted by timely sales of £39m 
gilt-edged securities. A fillip to 
earnings on the latest occasion 
has been the resumption of divi- 
dends from the interest in 
Sierra Leone diamonds. 

In view of the strength of the 
diamond market Selection Trust 
can look forward to a further 
dividend from Sierra Leone in 
the current half-year, but total 
revenue may not match that of 
the first-half. Selection Trust is 
thus still playing the waiting 
game. 

The difference, from a share- 
market angle, between Selec- 


tion Trust and RTZ arises from 
the recent cash and share’- bid 
by Standard OU . of California 
for the Amax mining giant in 
which Selection Trust -has ;Sn 
8.3 per cent stake. If accepted 
the offer would 'have been worth 
about 350p per share of Selec- 
tion Trust; this compares with 
the latterts pre-bid price of 466p 
and yesterday’s 4S8p. 

Am ax rejected the Socal offer. 
The sharemarket is now wait- 
ing to see whether Socal will 
come back with a better bid, or 
whether the fear of U.S. anti- 
trust objections may pat an 
end to the matter. At the 
current price Selection Trust 
shares look to be rather more 
than fully valued If another 
offer does not come along for 
Amax. But .the amount of “ bid 
possibility” value in the price 
is still modest and shareholders 
should thus sit tight . 

In Australia, the potential 
miners of the .. country’s rich 
uranium deposits are doing just 
that — they have no other choice 
while prevarications continue 
in this long waiting game before 
uranium mining is permitted to 
start The. trouble is that the 
big wet . in the Northern 
Territory is due to begin next 
month and -it will put back any 
construction work until after 
next ApriL.' 

Last week it looked as 
though Peko-Wallsend and EZ 
Industries would be the first o£ 
the companies to start develop- 
ment of tiie deposits, the -last 
major hurdle of agreement over 
the royalties to be paid to the 
Aborigines via their Northern 
Land Council having been 
cleared. Biit- the long-running. 
Australian uranium _ stop-go 
farce hasn't ended yeL 


- Thisfjweek - all is again da 
, disarrayV - inflowing • a ' .. split 
among- the . NLC. . members 
who- say that. they, were- not 
. adequately 1 consulted -b&^the 
council before, it readied-' the. 
Agreement . on royalties.; fSo^fr. 
. NLC is to review 
■ rneht and : the minmgp -eoi^- 
■'.panies can do little' more i.thair 
put up their umhrellas aiid Wait, 
for. the clouds . to clear: ; . 

A- more cheerful waiting game 
is being played by South Africa’s-. 
Anglo 1 . American Gold Invest- 
ment. While ihe UiS. dollar con- 
tinues to. sink to new lows, the. 
price of gold edges -.up to new' 
highs and the flow of . increased 
gold mining ^dividends continues 
to Amgold which this week has 
reported a 45.7> per cent advance 
in eartiidSs to R29.6m (£17;6m) 
at the half-way stage,. 

So ' AmgoTd -sits Tuid ' waits, for 
the money to . cotoe in and a 
buoyant second half i revenue is 
in store. Latest statements from 
the- producing mines- again 
emphasise the rise in ' working 
costs, but ~so far the gold price 
is keeping ahead of them. Kloof 
GoM Mining is also in the happy 
position, of expanding produc- 
tion and a “ material ’- .improve- 
ment-on last years - record 
profits has been forecast by the 
chairman, Mr. R. A. Plumbrtdge. 

Ironically, the weakness of 
the UjS. dollar, which is mainly 
responsible for tbe high bullion 
price, has had tbe effect of 
reducing the value of the -doDar 
premium contained in London 
share prices. So they have 
gained no benefit from the 
higher gold- price this week. At 
the same, time, however, they 
have not been unduly unsettled 
by Southern African political 
uncertainties. 


jS-^ES 



Usui 


!v,»T n "*'L ! 
£5 tsft 

j»j $ I m 


lN Tr£i 





RIO ,-TlMTO- zismc 


"Adjusted for inflation using UK Retail Price (ndw' 



• 4 • • 


20 


SALES REVENUE 


DIVIDENDS (N^) _ ^ , 

1974 . 1975 1976 JER SjIB 







fjp > « 

- r 


• 4. \ f- 


-. •: ■ r 

.- • - f- 

- r. 






c 


t I « ^ i 


Fmancial Times Saturday SejpeinTjer 23 1978 

PROPERTY. 

Price plateau in Hampstead 




BY JUNE FIELD 


■?. *? Road : a11 pr P vide an Ind r ite ticularly, both areas have been quarters should also double 


““““n* centre of London. levels, with homes in the on which offers around £225.000 

. balmy «f Ws . * n t f ronl and Property has always been ^100,000-pIus getting to be quite were being sought, from joint 

. -sloping green with the “smak- desirable in the vales and the norm. agents Knight Frank and 

si r?n«t A hi2 fS m infS ee l > i. A aroves ° r both Hampstead and Now. with the lull in the Rutley. 20 Hanover Square. 

NS H ^ Highgate. the latter getting its Middle East market, and so London Wl, and Benham and 

rolling spaces of the Heath, name from the medieval toll- mailV of the entertainment Reeves. 

k l3S ! r “ v V€ J* flale which contro,led tbe old world gone to live in healthier Currently you can also take h °il^i ,ropc f y 

I^Walk. Keats lived at Keats North Road’s passage through tax clinics, il is taking just that your P»ck from Gracie Fields’ maa “ cement and 

l h£° VB - ll ® 1 £ 20, v Geor ^ du thc Bishop of London’s Estale. liulc bit longer to 5 sell the former 1930s home in Frognal JJKL * r dcp P nd ?? , t L e 
Grove House. Highgate. too, has been well expensive mansions of the (she lived there with her first * 

.18.4-93, and Galsworthy at immortalised in verse. north-west. husband Archie Pitts in 1934). these tUj 5. The Shannon 

V”" ^ “As I came dew, the , mrc lwriw off . but for which George Height and SSJ!^ “"“S 



v 4 AlfeCu 
l$r — 

1_ 


Company, the Irish Tourist 


on fold. 

Grey to pearl and pearl to 
gold. 

The land of Eldorado " 


business is still basically good.” Partners _are jnviting offers in a ’ n rt 1h Reoublic's 

declares Bob Rogers of Benham excess of £l560.0uo: pop slar c OTen iment have long co- 
anri_. Reeves, with offices in **^^*™ l *i*£™* B operated in their Rent an 


•The discovery of chalybeate Hi "ligate* HUT - “Prices tare levelled off. but p/., re Tnvfti ir^lffTe^ln a W“ 3r ’ Irish Tourist 

oTl 1 met the sun ' s bravad0 - -SIS » CSSU& --«ff 56o.ouorp OP s ,ar SSLS 

■Zrttmsrz An ™ wr w rae ‘ f0,d e^ss*. 

. ootrles were filled and sold in Gre >' t0 Peari and pearl to J a ee. Their clientele includes a Highgate (built by Baroness offe fcj tourists thatched 

■rFIas'k Walk Today’s prolifera- Suld, Iar f c percentage or business Coutts in 186a for her coach- cottages in village settings 

ion of trine boutiques and trendy The land of Eldorado/’ Svour r^deEce’?. 'pSlf'l 

•aistros and the smart new shop- wrote Sir Henry Howartb Bash- states, many of whom need to snip at £100,000 for the • : central heatin *’ ^ 

•• 3ing precinct on two floors, ford in the 1880s. live in or near Londnn, even if charisma of the setting alone. 

. Kmgswell, at the top of Well Orer the last few years par- on [y for a short period. and ex-Beatle Ringo Starr’s PevS ? er praises 11 as , the most 

1 A change m U-S. tax laws exclusive Highgate mansion satisfartory and socially the 

reducing deductions permitted tucked away down a long, most successful °* aI1 

for renting residential accom- sweeping drive off a private ^‘i en 

modation on overseas business roat i which comes conraleie ,fl - a was t0 pro'iue 

trips, and the high cost of a ^-f t hea?S swTmm^- houses on the edge of the Heath 

furnished apartment, has made ,j O0 i anf j a fuii^cale alarm for wor ^ ,n? pcop * e within a 2d 
the whole idea of buying a pro- ? vfif Lln the wJSltoii el/« tube ride from lhe Cily ' 111 
perly more attractive to Ameri- -f !!”' w , ' 0 f* “ ijfjjj practice, the villas, priced from 

cans traditionally geared to a JL™k 3 S £4Z5 10 £3 * 0nu alLracted a wider 

renting operation. Places ready Roi? N w i f 1 ' 698 e ronp ° r Pnrfessional people, 

to walk into, complete not only , .At; present lhe stylish neo- 

with curtains and carpets, but A * the m ? r f “ ode ™ te end Georgian Lutyens houses of 
gnnd quality kitchen equipment 2! . ™ ma !! kct the lease . ° f silver grey bricks with red trim 

and a certain amount of filled D . arts P °P Group saxophonists f 0 tch 200.00 Qor so. the sturdy 


furniture are most in demand. P' ed a i erre * n Perrins Court family huoses in Kingsley Way 
“Living with someone vise's "* n Hampstead Village (1 + 1. around £75.000 and the done- 
taste in drapes is a hazard of p!us bathroom and kitchen, the over artisan's cottages around 
the job.” admitted one U.S. Ia,,er cunningly concealed williffeld Way, about £40,000. 
executive's wife. behind louvred pine floods). Focus 21 have a new develop- 

A handsome double-fronted has just been snapped up at ment of two-storey three to four 
Edwardian house in Redingion somewhere around £24,000. bedroom. two bathroom 
Road would be ideal for some- Charles Lissack of George Georgian-stylc from £52,500 at 
one who has to do a lot of enter- Knight and Partners, also in the Meadwav end of Temple 
taming, as there are three good Heath. Street, told me he finds Fortune Lane, with a show 
sized ground floor living-rooms, that investment properties for house, open between 2.00 and 
with a 23 ft by 14 ft 9 in (7 m conversion have made a reap- 5 pm. Brochure from Benham 
x 4.5 m) dining-room, just about pcarance in the market. “But and Reeves, 
fitting Trollopes snobbish Arch- they are mainly bought by agent, or perhaps enlre- 

deacon GranUey’s requirements, professions!. The capital pj-en^ur j s a more suitable des- 
He considered a dining-room of needed is too gTeat for ama- cr ipti 0 n, who will allow no hint 
16 ft by 15 ft quite impossible teun. Developers expect to buy ^ ^ Te any dent in the 
because it would only accom- at about £150,000 top. and spend market, certainly not at the top 
modate a round table, which he about £6o-£< 5,000 on a property price cash ^uyer level, is 
associated with oak, Dissenters already reasonably well con- enthusias , ic 24-year-old South 

and calico-printers. ve *J? d ^ African Trevor Abrahmson who 

There are 8 bedrooms and 3 getting : a return of 33 per cent srt as Glentree Estates some 
batlirooms, including the on their money, pie well- Backed bv the 

“ master suite” which hss a proportioned turtvof-thc-ceumry ” ££ 

ms SSk 

“never undress in your bed- Hampstead Garden Suburb, con- of Clubman s Chib which the 
_ joom.’’ The stylish architect ceived around 1906, continues paarpold out -to Mecca 
being of the opinion, to appeal. In this Buildings of As. Tm or f. its all Christian 

qu^te rightly, that sleeping England series Sir Nicholas names he^e ). did not want to 


1 tttt' 

4. i n 










:0k 

M0. 





■■'rCr;:: ••tfci-WKwjxK-.f 

1! ; M . i 

1 i , ,t*> I ++<-vt k 

• f i* ft f fw ,v.F> 


The asking price of this Grade U listed house, 12 Church Row. in 
one of thc most desirable parts of Hampstead, is in the region of 
£185,000.' Yet it still needs ' some modernisation. There -are 5 
bed rooms, 5 liv'mg-roomi, 2 bathrooms. 2 kitchens and a wine 
cellar. Full details Chestertons, 26 Clifton Road, London W9. 

PROPERTY 


Idea is to revitalise Tillages 
which might otherwise die. 
Now some of the cottages are 
- for sale. from £19.000 
upwards (cheaper ones may 
come soon), in Finnavara 
(near Mil town Malbay) and 
Carrigaholt. both in Co. Clare. 
Other sites are available 
occasionally, but only ten or 
so cottages a year are on offer. 
The Development Company. 
Shannon Town Centre, Co. 
Clare, Ireland, will send 
details. ARTHUR SANDLES 

be associated with what he calls 
the fuddy-duddy image of most 
of the British estate agents. 1 
“We are a highly motivated! 
dynamic selling operation,” the 
decor is fairly off-beat, with 
bamboo chairs, bright green and 
white paint. 

The firm’s logo, a stylised 
two-tone tree created by the 
graphics designer of the Coca 
Cola Company, appears on the 
handsome green and gilt 
property portfolio which 
includes a map of the area with 
an appointments chart on the 
back for you to list your view- 
ing times and comments. 

These are only given to 
serious enquirers after a per- 
sonal visit “We prefer to deal 
personally with all our clients 
rather than just sending out 
details of properties,” insists the 
incredibly confident young man 
who first made news when he 
sold ex-Pricerite boss Geoffrey 
Kaye's £lm house to an Arab. 
“After that things just took off, 
with people buying houses like 
there was no tomorrow." He 
claims to have sold £25m of pro- 
perty over the past two years, 
anticipating a turnover of j 
£500,000 this year. 

So what is new and different 
about Glentree’s marketing 
methods? “The average English 
owner generally needs some 
direction. For instance if you 
say you want £80,000 for your 
house, and it is in the right loca- 
tion. I will more than likely get 
you £95,000 because you haven’t 
realised its potential." Can’t 
be bad. 


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


JOHN D. WOOD 


NORTH HAMPSHIRE 

Basingstoke fi miles I Waterloo 43 mmules) 

AI3 iUoroncny i>( miles 

A Fine Listed Country House of I7ih century origin 
standing In parilcularly attractive grounds and 
surrounded by unspoilt farmland 

Hall. 3 reception rooms, conservatory, domestic offices, 
principal bedroom with dressing mom. 3 further 
principal bedrooms. 3 secondary bedrooms, 2 bath- 
rooms. Oil-fired central heating. 

Self-contained ground floor flat. 

Adjoining cottage with 2 reception rooms, kitchen, 
playroom. 5 bedrooms, 2 bathrooms. Oil-fired central 
beating. Garaging. Small partly walled garden. 
Attractive courtyard with listed Barn and Stabling. 
Garaging. Lovely formal and natural woodland 
gardens. Paddocks of about 4 acres. 

IN ALL ABOUT 8J ACRES FOR SALE FREEHOLD 
Apply: John D. Wood, 3 St. George’s House, 

St. George's Street, Wincbestcr. 

Tel: 0362 63131 (Ref. MLD) or 
23 Berkeley Square. London, W.I (Ref. DCM) 
01-629 9050. 


In n vopular rtrstrirt, .1 nates Jrum Burn £L Udmunils and 10 n tiles each from 
Ncirmarkci mill Thetlord. 

A COMPACT RESIDENTIAL AND 
EQUESTRIAN PROPERTY 




THE WHITE HOUSE, CULFORD, SUFFOLK 

Sue Rcwutlun Rnoim. Lorw GalU-rr. Ma&tvr ru-draoin arul fiutrsl Bedroom 
Sniies. Six oilier Bedrooms. Hard Minx for four cars. Exivllrnt Domestic Offices 
mcliuhnii Staff AeeoniraoddTion Hardens viiih ■■ En-Toui-Cas." Hard Tennis 
Court, Sauna. Hi-jicd Imi-jor Sn-minunq Pool, lnduor Riditu: School. S3 Loose 
Boxes. Tack Boom. Fwa Stun- and Bungalow. H'-stdemlal Hostel (new 1S73). 
Paddocks and LjiiJ exi>'iidma in .ill 10 35 acres. 

AUCTION tailless previously sold) in 4 Lots 
XSUt October, 1918 

LACY SCOTT BI DWELLS 

1 Co mini I. Trunipnunon Road, 

Bun 1 Si- Ldmiindx Canthridp^. 

I D-JM-SSSi 1 1 i n22-4CI-.il!)) ■ 


BelMngram 

For Sale by Private Treaty 

PERTHSHIRE 

A First Class Arable and Stock Rearing Farm 
extending lo about 370 ACRES 

Si mated Id ihe lovely Earn Valley near to Die village ot Dunning 
All with Vdi-ani Possession 

Extensive Cattle Accommodation, ‘irain and Fodder Storage, 
all in .1 traditional sieadwe 
CtushiB dale lur offers Wednesday, brtober IS 
Diummti 3 tnilc* Perth 9 trulu 

Further rlotm/i; FARM DEPARTMENT. 

7 WALKER STREET. EDINBURGH. EH3 TJY. 

T*L No. Oil 3m. 


FOR SALE 

WESTER ROSS, SCOTLAND 
The following development presently under construction will 
be completed by .Spring 1979. 

1. Detached hungalow comprising lounge, kitchen, 3 bed- 
rooms and bathroom. 

2. Three self-contained units comprising lounge, kitchen, 
3 bedrooms and bathroom. 

Together would suit residence and 3 scif-catering units for 
holiday lettiog. Close to sea in magnificent setting. 

Write Rnx T.4955, Financial Times, 

10 Cannon Street, EC4P 4 BY. 


CHURCH ST. 


THE KNIGHTSBR1DGE AGENTS THAT ARE FAST BECOMING KNOWN AS THE VERY TOP-END-OF-THE-MARKET SPECIALISTS 

EID0N ROAD SYDNEY ST. EATON SQUARE WEYMOUTH ST. QUEEN’S QUAY HILL STREET PEMBRIDGE HANS WIMPOLE ST. RIVERSARDENS 
W8 SW3 SW1 Wl EC4 Wl VIUAS WT1 CRESCENT SWI M SW6 


Penthouse encomnass- 
ing whole of 4th floor 1 
of modern block. 3 1 
bed, 2 bach, large | 
recep. mod kic. Roof 1 
rcrraces. Life. Under- 1 
floor CH. 66 years @1 
£150,000. f 


exclusive Keruingcan bath. Large garden magnificent kit. CH. Ljft M y Mrs @ 
enclave. CH. Freehold 'with rear access. CH. Lift. Porter. 53 years 
@ £135,000. ' |999 years @ £60,000. @ £195,000. £37,500. 


Porter. 97 years 
£34,000. 


, . I ■ \AI . To include ail new large recep. kit & 2 1 bed. very large rsc-p, 

include enure con- poratmg kit. West-| conwntJ and furnhure 8 _ u * • ^j 2 bach, sun terrace. 

> tencs. 72 years © facing 'balcony. CH. Lift. Porter. CH. 999 tath - 96 >' eari ® Lift. Porter. CH. 97 


I £700,000. 


999 yean @ £42^00. years @ £295,000. £65,000. 


, years @ £58,000. 


LANCASTER 
GATE WH 

Substantial flat in very 
popular well-run block 
close to Kensington 
Gardens. 4 bed, 3 
bath, double recep. 
Lift. Porter. CH. 65 
years @ £149,000. 




UNITED STATES 

Princeton, New Jersey 

Elegant, turn-of-th e-century, 16-room, 3-storey, DETACHED 
TOWN HOUSE in private i-acre parklike selling on 
ambassadors’ row within walking distance of histone 
Princeton University (one honr from New York City, two 
hours from Washington, DC). Traditional slate roof, cedar- 
shingied exterior, large entrance ball with gracious staircase, 
30-foot reception room, formal dining room, six fireplaces, 
study, huge kitchen, maid’s room, 7 bedrooms, 4 bathrooms. 
Occupancy Spring/Summer 1979. 

PRICE $250,000 ($275,000 FURNISHED) 

For descriptive brochure write: 

Bor T495S, Financial Times, 10 Cannon Street, EC4P 4FY 


R.H. & R. VV. CLUTT0N 


KENT 

FIRST-CLASS WOODLAND INVESTMENTS 
APPLEDORE — 198 ACRES 

Mixed Woodland of varvinB ace. Dedicated Bants II. Valuable Soortloc 
Ruble.- Available in np 10 s Lou {48/109-41 acres ■ 

NR. CANTERBURY — 59 ACRES 

Well ntanaaed cftettnnt poodIw- Dedicated Basis n with Sportins Rishts.' 
For sale In’ Tender as si Wbtrte 


• F.;V S t. C. RI N ST E VD...SL' S S E X - Tel: 


GRAN CANARIA 

LUXURY FLAT'.iN AQUAMAR1NA 

2) rooms. PrautlfuHv furnished luxury Itai mill spry laree bai broom and wracn 
laemj: Ihn Afiaumr’in lOdusive AOUM1ARIF3A proleet nn lhe snuin uiBSI ur 
Gran Canaria. This Js a trace imprnauOnU prweer wlffi beauliiui niariM, 
u-rraLts and hi'vcra! sivLuaninc -pools, also ait otran beach inswf i 
? awrd. pier. Shops, supcnnarkcl. tvBlaur.inta.'cmiebUs nishlelub'diseoinecWP,- 
■! usnois count, MUash, aw, euuna.^wimfsarfioB. sullm;. fishliui. a para disc 
for S'ouu and old aviih admlunc and warm irawr . all year round. Jural 
uveauncat In Swlw Frattcs. fat: ssic few. wuooo {oc a -in-.m<*-loia(. 
wo] eci nhB is subsianUffllr - below, present priw asked by adnuoistraiors m 
t Svmrcriandi. ‘ \ 

Rrply tn owner. "L. ’ snjVEHSKlbUi,^ .c'o IBC .TranBpon Containers. Iffd„. 
Bars? waft. Grab am Way. Eatn sjolesev, Surwy. - 


Brown 



NORTH BUCKINGHAMSHIRE 

Ml G miles (Junction 14). Suiion Tor Eusioo 8 miles 
A MOST ATTRACTIVE RECENCY COUNTRY HOUSE IH AH ELEVATED 
RURAL SETTING, WELL PROTECTED BY CARDENS AND GROUNDS 
EXTENDING TO OVER 2D ACRES 

Entrance ball. Drawing room. Dining room. Study, CliiaXroom, Kitchen, Play- 
room, Laundry room. 4 principal bedrooms, 2 hecondary bedroamb, dr e s sin g 
room, 2 bjibronms WING with 3 further bedrooms and bamroom. Central 
healing. Basement with cellarage and at area. 

TUB COTTAGE: Hail, reecpilon room, Wtcben, 3 bedrooms, bathroom. 
Central heating. 

GARAGING STABLING. HARD TENNIS COURT. DELIGHTFUL LAND- 
SCAPED GARDENS INCLUDING WALLED GARDEN. ABOUT IS ACRES 
PADDOCK LAND. WOODLAND BELT. 

FOR SALE FREEHOLD 

Country House Department. Woollerloa House, Wendover, Rucks. Tel: 0296 622855. 


CHATTERIS 

CAMBRIDGESHIRE 
A FENLAND AGRICULTURAL 
ESTATE 
661 ACRES 

For Sale by Auction, 24th November, 1978 by 
GROUNDS & CO„ 

Market Place, March, Cambridgeshire — Tel: 03542-2502 


NEW YORK STATE 

ONE HOUR DRIVE 
NEW YORK CITY 

400 acre estate including 150 
acre farm, 50 acre apple orchard. 
Over 100 acres commercially 
zoned. Large main residence and 
guest house, pool, caretaker's 
cottage. Several barns and 
houses. Magnificent opportunity 
for Investor, W.000,000- 
Other investment opportunities 
available as well as private 
houses - and co-operative and 
condominium apartments in 
New York City. 

. . Comet: 

MRTHE M MJNICU - 2I2-SJ2-5BB2. 
Douglas Eliimu-Gibboru and- Ives Inc. 
575 Madison Aw.. NT, NT 10022 - 


NORFOLK 
LETTON HALL 

Very fine classical Gtorglan Country 
Haute designed by the Architect Sir 
John Soane with extensive accom mo- 
duion well suited ter lnttraitional. 
Residential or Busmen use. Set In 
completely unspoilt rural area yet 
within -easy reach of Norwich (excel, 
lent inter o»l end con n ec t ing European 
flights Iron* Airport} and King's Lynn: 

■ London 9B miles; 

Hall, Drawing Room. ‘ Dining Room, 
Library. Study, 12 Bedrooms. 3 
Droning Rooms. 3 Bathrooms, further 
accommodation on lower ground floor, 
2 self -contained flats. Sable Block 
suitable for luxiliiry/naff accommoda- 
tion (possibility of about 5 units). 
TO acres In ail. 

Fail details from Jemt Agents; 
IRELANDS. 2 Upper King Si. Norwich, 
Tel: 670271 or 

SAVILLS, * Upper King St. Norwich. 
Tel: 61221 1. 


JOHN D. WOOD 


COTE D'AZUR — FRANCE 

25 kms NICE AIRPORT-6 kins VENCE 

Unique Villa or exceptional modem design in a high 
position 41th superb views of mountains and coastline. 
Hall, Large Keception Boom /Dining Boom. Terrace, 

4 Double Bedrooms, 3 Bathrooms, well equipped 
Kitchen, numerous utility rooms. Cellars. Car port. 
Grounds over 10,000 m2 with Olive Groves. 
Heated Swimming Pool. 

Price 2,200,000 French F. 

John D. Wood. 23 Berkeley Square, London W.I 
Tel: 01-629 9050 Telex: 21242 or 

lm mob I liens Si. Paul, Route do la Colic. B65TO Su Paul de Venn 

Tel: (93) 32.92J1 A 


WILMSLOW 

■ CHESHIRE 

exceptionally valuable 

DEVU0PMENT SITE 
VS0.SQ. YDS. 
or thereabouts 
OUTLINE CONSENT FOR 
OFFICES AND SHOPS 
Presently the site of the 
Parish Hall 

FOR SALE BY AUCTION 
THURSDAY 26ch OCTOBER 
1978. 

Joint Auctioneers:— 
SUTTONS. 

12 Swan Street, Wilmslow, 
Cheshire. SK9 IHE. Tel: 22201. 
W. H. ROBINSON & CO., 

8 Grove Avenue. Wflmslow, 
Cheshire, SK9 5EG. Tel: 252J4. 


SOUTH CORNWAU^wpcried Manor House 
in z acres, mature grounds with wooo- 
L a 5 Bedrooms. 

5^ a ‘r,!222Sij 5 » R * eeB - •‘“chen. ciM«s; 

|*rp and double Garage. 

sS s m*. 4 Co " Truro ,TeJ - 4BMJ 

Una <B r Site, 
ter HolMav Chalet deyelooment. 
Outi/*" PJcnnlno^. PermBsmn obuinod. 
Appiv: Rem# ii Finlay 4 Son. Estate 
Office. Sonar Bridge. Sutherland, OB6- 

323pt». 


HAMBLE 

Overlooking River 
17th century 2-bed roomed 
terrace cottage, ideal sailing 
base or retirement home. 
Habitable but would repay 
some modernisation 
E1S.000 or less for quick 
cash offer 

WOOLEY& WALLIS 

Romsey 512129 


' iu r jui, mu iii mat J'ropcrths 


PORT GRDIACU — “THE VENICE OF FRANCE" 

Fon Urimaud was born of a love affair br-iuriwn ibr s^a and an nrcbi'Pct, 
Franstoix Spwrry. Im.-niaMonally known i» many ihroioibout ihn world. This 
provinclal-stylotl ■■city on thv »aw" offers fnr sale houses and npainneillB oadt 
conialnnu; ihelr own indiTidual bonhs and vbannlm: gjrd.-ns. Tht unique 
dMvcloDineni contains an aimnsoln-rc which is continuous ibroughnut ihe rear. 
Pori Grimaud » only II hnnro drive from Nice Ini'-rnaiiooal Airport. The 
fonnh phase is almosi iumplen-d and iht-n- arc sull some sindios. maison 
de pedn-ur and oitu erandc Mai*nn for sale. 

Pnce*: Studios from SitjMB FF: Matson de Pechcur Irom Tuo.nw FF; 
Grande Maison 1.730 0OA FF. 

Enquirtef 50 LE AGENTS: 9 Milner Strom. Londnn, S.WJ. 

01-581 0318 '9/0 Telex 916087 


esidential 

Property 



CLASSIFIED AD^RTISEMEXT DEPARTMENT 
FINANCIAL TIMES 

10 CANNON STREET, LONDON EC4P 4BY 
■ For further iufrmiiai ion contact Diane Steward 
TelGl-24SS2S* 











1 1 


F&anriaTTImes Saturday September 23" 1978' 


LEISURE 


The ghost trail 

NTTL THE FT in its wisdom guided' ghost walks ' starting 
>clded to investigate the holi- from the Nash Bar of the “much 
i iy aspects of haunted Britain, haunted Garricks Head" every 
\ had no idea we had so many weekday at 8 pm until the end 

* tests. As neither a sceptic of October, and once a week 
r >r a believer, I could be fairly after that. Further west still, 
i isily blown off my fence either the countiyside is particularly 
r ay, and have a sneaking feel- rich in unlikely happenings, 

1 g" it would not t alfa many with Cornwall topping the list 

imps in the night to clinch Here indeed is one of our two 
\ ie, matter. That said, the line witchcraft museums (at 
‘ 3tweeo ghostly fact and fiction -Bos castle) and here, of course, 

! -more than usually blurred I King Arthur traditionally was 
1 id. There is a pub in East bom (at Tintagel), subsequently 
i riglia, for example, where peppering the landscape with 
range -happenings are attri- sites associated with his 
: -i ted- to previous owners -whom ; legendary de ® ds * 

! .. Smew ■ extremely well— and My Scottish friends tell me 

■ lough the happenings may -be that ghosts are rampant north 
| ne, the romanticised explaha- of the border. One of them, not 
on for them is certainly not. known for outrageous flights of 

• For some reason, the north- fancy, actually saw a costumed 
ist of England seems particu-_$eu** of sad countenance before 
irly well endowed with bizarre JeariUag that the. house he was 
}ings-on, and with interesting, .visiting was haunted (his host, 

■ays of becoming acquainted on returning to the room, took 
-itii them. - - -one look at my friend's ashen 

Visit Northumbria (35/37 face and knew instantly what 
laypath, Durham City DHL had happened). That was in a 
TPj, well-established fqr all Private house, but there are Garrick's Head, Bath: much haunted and starting point for ghost walks. 

ind S of special interest toura Green, as much for its reputed are listed in a new lead, 

i those parts, devote an eight- open to the ca^es and charm „„ as f0P th e -Tourist Information Centres 



Face to face with a legend 


TRAVEL 

SYLVIE NICKELS 


THERE ARE MANY personal time record of 11 consecutive 
peaks and valleys throughout victories on the U.S. tour in 
every season in the mostly 1945— a od he couldn't — then 
charmed Life of an itinerant no-one else ever will. 1 would 
golfing scribe. The major chain* love to have been old enough to 
p ion ships of the world obviously have watched at least some of 
constitute the four highest the miraculous golf Nelson must 
peaks for most But the mouth- have played in establishing the 
watering prospect of a round of greatest streak in the history of 
golf played in the exalted com- the game. For instance. In the 
pany of the legendary Texan course of compiling it. Nelson 
professional Byron Nelson at established another record Bint 
marvellous Prestwick next Mon- is in little danger of being 
day, followed by a quick dash beaten in my lifetime, despite 
to Akron, Ohio, hopefully to the increasingly sophisticated 
watch Sevy Ballesteros win the nature of both clubs and balls, 
exclusive and lucrative World namely to break 70 in 19 con- 
Series of Golf over .the South secutive rounds. 

Course of the Firestone Country 

Club, makes the wrench of leav- ' — — 

jng the beautiful Pacific Harbour _ _ _ 

Golf and Country Club here in uOLF 

Fiji merely a long and tiresome _ EW 

journey from peak to peak. ^ 

To play alongside Nelson in Rfl* Friday 

the British Caledonian Pro-Am 
will be the realisation of a 
career-long dream, since the 

5 Green, as much for its reputed are listed in a new .leaHet ago. Of all the truly great meat. But the USPGA would 

" n i-H mke nf 01,8X111 311(1 excellence as for the “ Tourist Information Centres " golfers in history I know less not recognise the victory as 

. evM cnun*5o umeu sc^e^ prospect 0 f haunting nun. available from any of the about Nelson perhaps than any official because the prize money 

. And Perhaps I'll also nip over centres or from the English other, despite a waam friendship at Spring Lake, New Jersey, 

’ MPh Julv^B7 " 1Ume " to the George Hotel at Walling- Tourist Board (send a 9 ins. by that came about through our was $500 below the accepted 

cranKie eacn j ys. . .. ford in neighbouring Berkshire. 4 ins. s.a.e.). 4 Grosvenor mutual involvement as conunen- minimum total purse of $3,000. 

A rattier surprising Slgnt n ara „* fk. nf tha ru.il CaHanc T.mvlnn CWtW nm T nn nml dffiani<9ii WX? not. Tn that onMan Opnr Nplcnn wpni 


^ ^ " V' 


Nelson actually went on to 


headless, “ was murdered and his young "Haunted Britain” by Antony What I do know is that many record, 18 tournaments in all, 

av package to what is described r 0 ** 8 ff 1 *!,! 0 lady, weeping uncontroUabiy, D. Hippisley Coxe (Hutchinson shrewd judges maintain that at five more than Hogan achieved 

s' “the trail of the boggles/ 7 ?5 ce - t Mothewirti More ber tears with 5001 which and Co.); Aidan Chambers’ Book his peak, shortly before his pre- in 1846, the year following. 

Tie tour is based' on university tlPlT LJ M in ttHda y stni farm part of the of Ghosts and Hauntings (Puffin mature retirement because his Hogan also won 11 in 1948, and 

ccommodation in Durham, decor of the Teardrop Room. Books); “The Ghosts' Who's nervous stomach would no Snead ten in 1950. No-one else 

uides and guest lectures unfold JrSrZhl ovs w ateh tourist offices and Who" by Jack Hallam (David longer tolerate the pressures of has reached double figures in a 

he ghostly facts oF the city and . K * n fjr'? y J; i-IZpp ft , h ' regional tourist boards will be and Charles). And its not so topndass competition. Nelson single year since, Arnold 

is lovely surrounding country- 5® s -\ “ °JL “ e able to guide dedicated ghost- long before Hallowe'en, so Good was abetter player even than Palmer (eight victories in 1960) 

idc, but wisely "hauntings are #»nhnf wd es brcakers t0 Hkely locations in Haunting. . . . Ben Hogan and Sam Snead, two and Johnny Miller (eight in 

:ot guaranteed.'” The details for rnu stranger eveuisoi waxes t j, e j r ^ and tfjg addresses -755185353 e: JSSSi 2?.«. EiSlum of his keenest rivals. 1974) having oome closest. 


to the George Hotel at Walling- Tourist Board (send a 9 ins. by that came about through our was $500 below the accepted 
ford in neighbouring Berkshire. 4 ins. s.a.e.). 4 Grosvenor mutual involvement as conunen- minimum total purse of $3,000. 

. . Here, at the time of the Civil Gardens, London SW1W ODU. tators on rival American TV net- In that golden year Nelson went 

“I® and War ’ a y° un S Royalist sergeant Helpful publications include works. on to win another all time 

ungarees a was murdered and his young "Haunted Britain” by Antony What I do know is that many record, 18 tournaments in all. 


tic rour » u»vu U« un traditionally dressed in 

ccommodation in Durham, costume is the young 

uides and guest lectures unfold t.-Av” who eniovs watch- 


:ot guaranteed!" me derails ror tnetr areas, ana tne aaaresses “^?durWtcicna e: Anririi ri.m, BiTum f or ms Keenest nvais. 1974) having oome closest. 

hese summer tours will shortly seem . 10 a ]zi!L lll J 1 and telephone numbers of over “•*«■ f Hf* I If Jack Nlcklaus at his best Nelson's third victory of. the 

■e available for 1979; the cost, assocuted with weUs.^Accmdmg 550 of them throuehout Britain S& soukS'tiioIJS^S? 2,w ’ u s ' couldn’t get near Nelson’s all- 11 in succession was recorded 

-ith half board, all excursions, fa one of my », 5 : 

ome lunches and talks by thou&md of • 

lllse ■ ^ Te sting times for the thirsty 

'ate ■ York YOl IDS), taking 15 Robin Ddrwg. or Bad Room, 

jiace the last weekend of ^^fgl^J^^^Hinber-framed F0R TEN years now > the Mobil To defeat contestants who might Mobil Fiat Economy Run. In I held on to top more than I 
)ctofber and November in that ^ve l . . Fiat Economy Run has been try to bend the rules, the cars practical terms, it demanded would normally and sometimes 

ine old city. The cost of £29:50- m 3 ** .. nlaced f 0r proving that the driver who were fitted with tachographs, that on reasonably level ground, went downhill a bit faster than 

.42 (according to accommoda- * * Lhine in wants t0 save P etro1 doesn't have These instruments, linked to one tried to hold 55-60 mph. I should have done, especially 

ion) covers two nights with to go so slowly that he gets in both engine and transmission. Gradients were clim bed, ideally if I could see a rise ahead and 

lalf board, coach tour to mid-waies. everybody’s way. are combined recording clocks in top or, if forced to, in fourth, wanted to climb it with mini- 

launted sites deep in the Yorfc _ ^nqm *• . that This year’s run took place last and speedometers. They reveal Downhill, you went as fash as mum acceleration. I wore a 

hire countryside, a guided walk the s rather down- weck in 11,6 area between Bari any skullduggery like turning you could on a trailing throttle, very light pair of shoes, for 

•ound haunted York, a sheny we.app k and Brindisi, in the heel of off the engine to coast downhill In town, you kept an eagle eye senitive throttle control, but 

■eception, museum visits and o- ■ Italy, where the roads are hilly in neutral or with the clutch on the way traffic was moving lacked the fanaticism of some 

.alks by experts. If you happen 1 y . f _ maus h a ttl e and winding and there could be pedal depressed. This year, no ahead and prayed that people colleagues who had the windows 


Testing times for the thirsty 


in the Greensboro Open, far 
which he earned $1,333 against 
the $48,000 Ballesteros picked 
up in the same North Carolina 
City this Spring. In the same 
season, Nelson recorded the 
third largest margin of victory 
of all time on the American 
tour, winning the Seattle Open 
by 23 shots with a score of 
21-under-par. Would you believe 
that the greatest winning 
margin ever was achieved by 
South African Bobby Locke 
when he won the 1948 -Chicago 
Victory- National Championship 
by 16 strokes? 

Another wonderful record 
Nelson achieved "In his. meteoric 
career in the 1940s was to finish 
in the money in 113 consecutive 
tournaments, which Nicklaus 
came nearest to beating with 
105 between 1970 and 1976. 
-Nelson also won ‘three consecu- 
tive tournaments in 1944, 1945- 
and 1946 against Snead's one in 
1945 and Hogan's only hat-trick 
in 1946. Yet for his 11 succes- 
sive victories Nelson won only 
$34,849 in war bonds. His total 
for that year was $63,335. a 
figure that was not exceeded 
.until 1954. And when Palmer 
was first the year’s leading 
money winner, in 1958, he won 
but $42,607. Nelson's share was 
gleaned out of a total of 
$435,380 for 36 events against 
the $1,005,800 on offer in 39 
tourizaments in 1958, the. first 
year purses in America 
exceeded $lm. 

In a sense, Ballesteros's rise 
has been even more meteroric 
than that of Nelson, in that he 
has already won 16 times — in- 
cluding two World Cups— in 
three years on several con- 
tinents. Is he good enough yet 


to beat the best In the world? I 
believe so. Ballesteros’s un- 
believably long and increasingly 
accurate driving and brilliant 
short game is perfectly suited 
to Firestone’s ' Immensely long 
par fours, which make the South 
Course one of the toughest par 
70s in the world. 

Last year, on only his second 
trip -to ' America and when 
plagued with back trouble, Bal- 
lesteros had rounds of 69, 73< 
70 and- 69 to finish ninth out of 
20, and in front of Tom Watson, 
Ben Crenshaw, Lee Trevino, ’ 
Bruce Lietzke and Hubert 
Green, a fantastic performance 
for such an inexperienced 
youngster. A successful defence 
of the World Cup with a differ- 
ent partner last winter — 
Antonio . Garrido instead of 
Manuel Pinero— *nd victory at 
Greensboro this spring have 
given Ballesteros the idea he 
can beat the world’s best 

What a tremendous fillip to 
European and Spanish golf vi(> 
tory in Akron for Ballesteros 
would be. And how damning of 
British professional golf that 
our first representative in the 
event since it was rejigged to 
include the best foreigners from 
their respective zones is our 
amateur champion of 1977 and 
1978, Peter McEvoy. 

Australia’s most talented 
youngster, Greg Norman, has 
hardly f ulfill ed his promise in 
Britain and Europe so far this 
year, so his victory in the Gil- 
bey’s Gin South Seas Classic 
here at Pacific Harbour last 
Saturday at the third hole of a 
sudden death play-off against 
California’s Sandy Galbraith 
came exactly at the right time. 


SeVnheri Manor Hotel, not many miles verse engine and five-speed Bearing in mind that motoring _ We 

ri,"h i« another city with awav in Oxon’s Weston-on-the- gearbox, proved to be an excel- correspondents have earned a 
1 * -■ ■ 1 1 lent economy car. The engine justified reputation for having 


TRAVEL 

Small World Skiing 

grwt runs for your money 
Skiing has a oownnill rrouUtmn to r 
running away with your monoy— unless 
•ou Small World. . , 

Small Worldlng is an «iclusl«e winter 
oast-tlmc ror skiers In Aus.ni, the 
Italian Dolomites and now France. 

Gut our brochure ano compare tno 
world’s onces with Small World s— 
;he difference is often more than 
rmaigh for a rwn-weeb ski-pass. Hotels 
a»3ilable too at eouillv keen prices. 
r rapce: Tlgnes el Les Arcs 
iXusvia St. Anlan and Klcrbuhel 
Italy: Bormlo. Sel*a and Carvara.’ 
Cpltoseu 

SMALL WORLD 

Gurncn Street. Loncan. WC2 
01-2 40 3233 (chalets) 

01-836 7838 (hotels) 
A5TA/AITOIATOI. 088B 

HOTELS 

IMsfm 




:: ffili StuaniSofd 

Ts BMrair bw Canonr* 1 «Snw me nil 
DTply Kn WEI Sun Inn ScylBdMT 
itmmjfc rc Urn* IM. 

» a Wien as smart on took unarm 

P'.ibz* sender tnttohon* terbmttvm I 
D«»n. Harrogate HQ1 ZSH 
M. Vorfeahlra. T«l: (04231 S040G1 
f&aVnnrq±maeml»ttomMklt* 

’ “A Christmas tn a Hundred” 


S^IJ€A¥SGWAL 


THE SCHLUMP COLLECTION 
OF RARE VINTAGE CARS 

Weekend visit to Schiump Motor 
Museum: opportunity to see 584 can 

SST™J?ISBWfu» '"The'MobrrVfat ‘Economy Run the “f, 1 "*?. “-SnST*. SStfTSEhdwii 

Museum visit. Ahwo w.« ustmj. was n0 pussyfooting affair of low lists— none. alas, from Britain— ™ ’ to spot opportunities to over- 

G^«k°Sch? leSe. 6/27 Oct. and average speeds. The maximum betterd both the speed and con- ' harle nr>fn take safely with gentle accelera- 

3/10/17 N«w- . o»t £W.so. Alee tj rae allowed for the 60-mile sumption averages. The slowest & P 110,3 4150 put fa emseIves at a 

tZT£Zt 1 w- tt hrtiSd course was 90 minutes and if driver, a German, scored less T J2 1° disadvantage. 

63672. you could do it in. less, then so than 47 rap- But the fastest, Sav th^re^n? II Britain no longer has an oil 

much the better. The cars had a dashing Portuguese who must y company sponsored economy 

eland car houdays in wu special flexible fuel bass which have been driving very hard long as - ou can ‘ run since Total dropped theirs 

country hou»es- Timo.^ z * were weighed before and after indeed to average 47.2 mph. How practical, though, are and never has had one like the 


pulls smoothly and hard from leaden right feet, the average 
little more than tick over speeds speed/consumption • achieved 
and the high overdrive top gives was remarkable. The mean 
slightly more than 20 mph per figures were 43.3 mph and 
1.000 rpm: The Ritmo makes its 47.8 mph. Some were slower 
British debut at the Motor Show and more frugal on fuel; others 
at the NEC. Birmingham, next quicker and less economical, 
month, but It will not be sold The slowest were not necessarily 
here until early in 1979. the least fuel-wasteful, nor was 


minded car owner. 

Unquestionably, impatience is 

- - ' the enemy of economy, whether 

in normal motoring or on a 
1^3 OTORHNG special event like the Mobil Fiat 
STUART MARSHALL run. The competitor I saw over- 

shooting a turn, braking to a 

aaa I aa tyre squealing halt and backing 

up for 50 yards put himself out 
.. . of the running with, that single 
Braking, after all. converts mistake. And those who fol- 



!?•*' v •& ; Wr -..vi • ... 

\-v-: ' 

V- ■" 1 ...... i,, 


IRELAND CAR 


ClflM. London SW1X7BO. 01-Z3S 851 


PERSONAL 


the run to get a dead accurat still managed to exceed 42 mpg. the techniques of economy Mobil Flat event, run jointly by 
consumption figure. My point is that driving driving when applied to the an oil company and a car maker. 

Competition really does bring technique meant more than everyday use of a car? I admit Perhaps it is time that we 
out the worst in some people, speed (or the lack of it) in the that during the Mobil Fiat run, had. 





Ritmo under test 


KENSINGTON. W.B. Small room to let 1 
In large family day». Bed A 

breaklait- Write Box A. 64 84. Financial 
Times. JO, Cannon Street EC4P 4BY. 



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Kip, Knyff and Hampton Court 


> -> GO ALL THE WAY > 

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The Building and Civil Engineering page 
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contracts and important developments in 
the Construction Industry. 

For details of the advertising space 
available on the page each week, and costs, 
you are invited to telephone 

01-248 8000, Ext. 360 
or write to The Advertisement Director 
Financial Times 

10. Cannon Street 
London EC4P4BY. 



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NW2 Tel: 01-452 5896. 


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ST. KATHARINE’S DOCK 

For- that very sfsc ?cf occosicn J 
PROMOTIONS. LUNCHEONS. COCKTAIL PARTIES. ETC 
aboard 

The Thames Sailing Barge “ Jock " 

Moorad alongside die Tower Hotel. 

Call and in in. or rm;: David Martfaall. 81-488 2513 
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IT IS no surprise that a big row 
is developing over the proposal 
to fell one of the four great 
lime avenues at Hampton 
Court The whole project has 
been kept suspiciously secret 
and now that it has been 
ferretted into the open the 
reasons given for the clearance 
are even more bizarre than 
usual. 

No one, not even any of the 
beaurocrats of the Department 
of the Environment who are 
responsible for the upkeep of 
Hampton Court is in any doubt 
that these avenues are of great 
historic importance. The trees 
bare not been suddenly struck 
down by some incurable disease 
□or are the majority of them 
particularly old. More than 
half the 180 trees involved have 
been growing for less than 50 
years and have at least another 
hundred years of useful life 
ahead of them. A considerable 
number have actually been 
planted in the last 15 years. 

This is because a sensible 
policy of culling and replace- 
ment has been carried out at 
Hampton Court for a very long 
time. It is doubtful whether 
any of the original lime trees 
planted at the command of 
Charles n soon after the 
restoration of the monarchy are 
still growing in any of the 
avenues, though some may well 
be at least 200 years old since 
that is when replacement is 
likely to have commenced. 

So why suddenly change 
direction and reverse a policy 
so sanctified by time, so demon- 
strably effective and so satis- 
factory to everybody concerned? 
Well it would appear that 
someone at the Ministry has 
been studying the remarkable 
perspective plans made by 
Leonard Knyff and engraved by 
Joannes Kip and has come to 
the extarordinary conclusion 
that they depict Hampton Court 
as it ought to look to-day. Knyff 


was a Duchman horn in 
Haarlem in 1650 who came to 
England as a young man and 
worked as an artist He gained 
admission to many of the great 
homes of England by offering to 
draw rather flattering plans of 
their estates. This be did by 
adopting an imaginary view- 
point several hundred feet in 
the sky which provided an 
aerial view of the place and 
allowed every twist and turn of 
design to be revealed. Perhaps 
because most of the gardens 
were still very young, but I 
think more likely to enable the 
pattern to be more clearly 
delineated, he drew all the trees 
and shrubs very small and gave 
them Identical formal shapes. 

By 1702 Knyff had completed 
69 drawings and Kip then 


GARDENING 

ARTHUR HELLYER 


engraved them and they were 
published in two volumes one 
called “ Brittania D lustra ta ” 
which appeared In 1709, the 
other, “ Nouveau Theatre de la 
Grande Bretagne,” following in 
1724. Together they provide a 
magnificent record of the 
designs of the great estates of 
the late 17th century but they 
give little idea of what those 
estates actually looked like then, 
still less of what their designers 
intended them to look like as 
they grew to maturity. 

What Charles IT had asked for 
at Hampton Court was an 
immense patte d’oie of lime 
trees such as he had seen during 
his exile in France together 
with a stretch of ornamental 
water larger than anything pre- 
viously attempted in Britain. 
So the Long Water was 
made stretching a full three- 
quarters of a mile towards 


Kingston with a double avenuebase avenues as merely a pre- 
of limes on each side. Two lude to the dean cutting of the 
more avenues radiated at an whole complex of avenues to be 
angle of 45 degrees and a fourth faUowed by replanting with 
avenue, also double, formed the small trees which will, for a 
base line parallel with the east year or so. look just like a Knyff 
front of the palace. This last plan. What stuns me is the 
avenue differed from the others implication that somehow these 
in not being straight throughout new trees can be prevented 
its length but forming a huge from growing; can be made to 
semi-circle in . the middle so remain small, neat and uniform, 
enclosing a courtyard on a Are they to be sprayed annually 
suitably grand scale. Later this with a growth retardent, or 
was greatly elaborated hy. clipped in the French poodle 
William of Orange but the intri- manner or replanted every 
cate parterres which his decade? Clipped trees were 
gardeners laid out were impos- laughed out of fashion in 
sibly expensive to maintain and Britain two and a half centuries 
in any case Queen Anne hated ago by Addison, Pope and all 
the smel lof clipped box of their associates. There is no 
which they were composed so prospect that the tree-loving 
m her reign the Great Fountain British would stand for any 
Garden reverted to its earlier attempt to resurrect it at public 
simpler form. - - expense. 

KnylFs plans show the whole r understand that Baroness 
thing at the peak of its grandeur Birk, the under-secrelaiy on 
and in the greatest possible whom the immediate responsi- 
detaiL All the trees are identi- bllity for a decision now rests 
cal mop headed standards which has visited - Hampton Court’ 
appear to be .no more than. there to inspect the avenue^ 

IL t0 » for herself. I hope that when she 

SMms certain that by that time does so she will, for a few 

they must have been far taller.. xnoments, put out of mind all 
John Evelyn had looked at them that she has been told by the 
approvingly some 20 years pre- experts 0 n either side and look 
viously and written of them, as the avenues solely through 
“ sweet hmetrtes" adding some her own eyes. Ifshe dETS? 

ST £“JS!2f° she “must, I feel certain, be 

cut such trees dqwn. immediately convinced that they 

I am sure that he would love are beautiful and that they prt> 
them even more today as does -vide -an amenity as well as an 
everyone else who walks historic record, which it would 
beneath their shade— everyone, be criminal to destroy 
that Is to say, except the men- There are maybe a dozen 
at the Ministry who want to cut tree? that should be felled quite 
them all down. For that, appar- soon. There are also a few sans 
ently, is their ultimate aim. waiting for immediate xZ 
They actually, prefer KnyflFs planting and. some old or 
highly artificial pictures of a damaged trees In need of 
very immature gartien seen surgery which could increase 
from an impossible viewpoint their life expectancy by another 
(unless, of course, 'one happens 40 or 50 years. By that time 
to be flying in or out of Heath- ail the trees recently planted 
row over Hampton Court), to the will have reached maturity and 
“sweet -avenues” which exist- the. avenue will still be- one -of 
there today..; -Some of the the sweetest in the land and 
Ministry men' are already talk- few people will have noticed 
log of the . dKtructiph of- the the change of trees. ' 


i’rr 

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Hidden strengths 


'-'• TM NOT usually prone to enthusing about 
-cookware. It is the sort or thing we all need. 
7 -have to buy but don't fake a great deal nf 
'''""‘•pleasure in doing so. A new Danish range of 
cookware has rather changed my attitude. It 
Is quite simply one of . the nicest looking, most 
well-thought out, most desirable ranges I have 
Been for a long time. 

Designed and produced by the Danish firm. 
*f Copco, and made of tough cast Iron, each 
; ; piece is coated uith a double-flrcd porcelain 
enamel surface in a lovely pale biscuit colour. 
The Copco range has been around for some 
■ time (in brown, dark blue, bright yellow) blit 
It is the new biscuit colour which, to my mind, 
transforms its appearance. 

A small selection of the available designs are 
^•photographed below but there is also a much 
.•.’'•/larger (7| pint) casserole, two wooden-handled 
‘ ihrlng-pans with lids, two saucepans with 
wooden handles and lids, as well as a wooden- 
handled .kettie-cum-tea-poL 


• -Though made from cast-iron, the pieces are 
not indestructible and will need a little care 
in use. Basically, they do not need and should 
not have too high a degree of heat. The user 
should avoid subjecting them to too sudden 
or extreme a temperature change. You should 
use wooden or plastic spoons io avoid chipping 
and scratching the porcelain finish and should 
never use harsh powdered cleansers or steel 
wooL If properly looked after they should last 
a- lifetime and I certainly think they are nice 
Chough looking to warrant a little care. 

• • Af the moment Heal's of 296, Tottenham 
Court Road. London W1 is selling the entire 
rarige-ln the new biscuit colour with a 26 per 
cent Introductory reduction— this only lasts 
until October 14 but it is worth taking advant- 
age, as the prices are not cheap. The Paella 
dish is now £12.90 (usually £17.25), the small 
lidded saucepan is £12 (usually £16). the 
omelette pan £7.90 (usually £10.55) and the 
small casserole is now £12.25 (usually £105). 


Swell 

mushrooms 

I CAN never understand why 
France, whiph is roughly in the 
same climatic band as ourselves, 
offers for sale in almost every 
market-place up to twenty or 
thirty different varieties af 
mushroom while here we mainly 
have, to content ourselves with 
button or field mushrooms. 
Those who have tasted those 
heavenly-scented fungi in 
France and miss their sublime 
influence can at least buy a 
goodly selection of them dried. 
Mushrooms, inexplicably, do dry 1 
very well and a few of these,! 
reconstituted and properly used, 1 
will add a subtle perfume to 
your stew or soup—or even to 
some scrambled eggs. 

Robert Jackson of Piccadilly 
and Slaane Street, London SWl, 
have quite a selection on sale 
— there are dried Girolles or 
Chanterelles at £2.45 for 40 
grammes, Mori lies at £3.20 for 
25 grammes. Horn of Plenty 
(these have a taste distinctly 
reminiscent of the heavenly 
truffle) are £1.30 for 40 
grammes and gyro mitres are £4 
for 40 grammes. 

The most usual way to use 
the dried mushrooms is to 
reconstitute them first in hot 
water — if possible soak them for 
several hours but if you're 
pushed for time 10 to 15 
minutes in very hot but 
not boiling water will do. Save 
the liquid— -it has a lovely 
flavour that can be used in the 
sauce, if you're making one, or 
for soup. Two simple ways to 
use the mushrooms are to stew 
them gently in cream and serve 
as a side dish, to accompany a 
simple piece of veal or a roast. 
Or, after they have been recon- 
stituted, rook them gently in 
butter with a chopped onion. 
Cover with boiling cream, add 
salt, pepper, juice of lemon and 
serve with fried croutons. 

In the packet they keep more 
or less indefinitely, so they 
should be a part of every keen 
cook’s store cupboard. Once 
opened, store in a jar with a 
tight lid and don’t keep for 
too long. You can order them by 
mail order if you don't live in 
London— add 20p per packet. 


I’VE ALWAYS liked John Alan 
Designs- Though based in a 
small sh°P at 75 Parkway. Cam- 
den Town, London NW1 they 
seemgd to offer a style" and an 
approach to furnishing, that 
matched mine. Since I first dis- 
coveied them many years ago 
they Jiave grown considerably. 
They oow have two shops — 
another at 4 Harcourt Road, 
Redland, Bristol — and they have 
expanded their range- of ser- 
vices* .and produced a very 
helpfoL and useful catalogue, 
deift&npe what they do and 
illustrating all the things they 
selL- 

Aj. they themselves say in 
the /.introduction, “we do not 
pretend to be all things- to all 
men.? They are still, relatively 
speaking, small and they offer 
a definable style which, on the 


Small but special 


whole, you either like or you 
don’t. If you do find that you 
like their style you will he 
amazed at the range of goods 
they now carry and the com- 
prehensiveness of the services, 
they offer. 

John Alan Designs still sell 
exclusively the famous Isokon 
chair, designed many years ago 
by Marcel Breuer (there it is 
sketched below left). They still 
offer a large range of bentwood 
chairs and their simple but com- 
fortable and pleasing sofas. 
These they will now cover for. 
you in one of about 400 fabrics- - 

They offer a big selection of 
storage and display units whitir 


can be arranged in -many 
different ways and can be 
ordered in a large number of 
different veneers and colours. 
-Kitchens are individually made 
for each customer in a wood of 
his choice. 

The large items are normally 
made to order but there are 
plenty of small things, like 
mirrors and shelves, of which 
they carry ample supplies and 
can usually be bought on the 
spot Then there are docks and 
coat-hooks, occasional tables 
and bookshelves. There’s a good 
selection of sofas that turn into 
spare beds, and a sprinkling of 
all-time classics. Apart from the 


Breuer chair, they also sell th« 
Herman Miller chair and stoo 
from the Aluminium group, a: 
well as Charles Eames's 2oung< 
chair. 

Pulling a home together 
though, is often the most dif 
ficuit part, of furnishing- 
persuading somebody to find ; 
tile that matches a fabric, os 
getting blinds in just the righ 
shade. These are services thai 
the interior design service wil 
offer. 

If you want to decide whether 
or not the John Alan style i.< 
for you, here are just three o 
the many tilings to be found in 
tihe new catalogue. For a copy 
write to John Alan Designs. 75 
Parkway. Camden Town 
London NW1, enclosing 20p for 
the postage. 



A' traditional Chesterfield with deep buttoning and piped cushions. 
It has castors for easy moving, reversible cushions and can be 
cowed in a choice of up to 400 fabrics. Called Cheltenham, it 
costs from £377, depending on the fabric. 





#HEN I wrote about diamonds 
some months ago now I found 
Tv -1 ? t almost impossible to get a 
straight answer to the question 
' ^ —just how good an investment 
■T’^^ire diamonds? Readers who 
; - .vi’^ ere similarly. interested in the 
- : -r.”4^ nswPr -might be interested in 
- !^&.Vjhe current edition- (September) 

• Which? in particular the 

‘'Money Which? section that 
mines with it. 

Way back in 1970 Money 
ATiich? bought some un- 
counted diamonds to test their 
T '_.n vestment ' performance. 


Diamonds 
■ forever^]* 


Earlier this year, they^sot them 
out of cold storage - and took 
them round shops ^aud dealers 
in London. Origwally bought 
for a total of £379. only three 
of the twelve/' dealers made, 
offers at all, .fhe highest offer 
being £500. / 

Which? then goes on to point 


out that that was much less than 
they'd have needed to keep pace 
with inflation and certainly less 
than they'd have had. bad they 
put their money into a building 
society (which would . have 
reached £600). To keep pace 
with, inflation they reckon 
they’d need to have been able to 
get £l,00Q. 

So what most advisers have 
said all along is that obviously 
the only way to buy jewellery 
is to buy it for the pleasure it 
gives you. not for the profits it' 
won't make you. 


SELF' 


s 






A load of flannel 


accessories are hot something I usually 
.j^et excited about— in fact the last time any- 
thing new seemed to happen in. that line was 
.../■when we were first introduced to the cohtin- 
-V?ntal mitt, instead of the face flannel, some 
--years ago. .However, this week a new, totally 
hought-out range of bath accessories has just 
;one into over 300 of Boots and Timothy 
^ ^ Vhitcs largest stores. 

The radge is called Cassa. It has been 
iesigned by Conran Associates and it bears all 
r „.J the marks of a really professional design 
= r fi ipproach. To start with the collection of items 
{.■/ - hat forms the range offers variety without 
soing overboard' for too much variety — every 
- sieve In the Tange has a function, though this 

- is uot to say that everybody will want all of 
>t. Most people would, I think, want three or 

- "our pieces, not more, but the alternatives 
- »n sale do offer a valid choiee. Sponges, for 

ostanec. come with or without a ‘friction* base, 
ni or off a rope, with or without a band-grip. 

The colour scheme is very restricted and 
cry chic— either white and brown or while 
wA marine blue. 

The range has also been designed to be as 
lygieuic as possible— the sponge-heads are re- 
placeable, the strap on the hackstrap Is 
n a chine washable, as is the towelling mitt 
There's a sturdy hook on which you can hang 
my of the items with loops. Altogether there 
ire 12 products— a sponge on a rope, a hand 

- iponge and a body sponge, (drawing number 
’.) a long handled sponge (no. 5) for reaching 

- ven the most inaccessible parts of the back. 
All these sponges may be bought with or 
vithout a friction surface.) The sponges start 

- t 75p for a simple hard sponge and go up to 
13.85 for the long-handled sponge with friction. 

The most unnsual Item and one of the most 
Lsefnl Is the backstrap (no. 1) — in 100 per 
:ent soft cotton towelling it Is ideal for real 


rubbing. It is- also the most expensive piece 
at £3-99. Then there’s a towelling mitt (no. 2) 
at £1.79. a- towelling race sponge at £1.49 and 
the plastic hook (no. 4) at 99p. 

Friction’s the thing 

Friction Is obviously this year’s bathing fad 
— it seems to go with all that jogging and 
toning up that has become so much a part of 
the contemporary scene. Friction towels are 
the really, chic way for the sportsman or 
woman to towel down. Liberty’s of Regent 
Street have some particularly smart ones in 
combinations oE either brown/green/whitc or 
red/white/blne. Made or 50 per cent cotton, 
50 per cent linen, they are supposed (o stimu- 
late the skin rather in the way that a loofah 
does. Certainly every sauna owner should 
have one. 

The name,' 'Spartan, gives a clue as to who 
might like to have one. Made by Charter; in 
the 4 ft by 2 ft size, they are £4.75 and 
Liberty's will post them for an extra 45p. 

Christy's also do a friction towel and I am 
indebted to them for the information that far 
from being a modem idea, friction towels in 
fact originated dnring the American Civil 
War way hack in 1862. They were devised 
when the Northern States blockaded the 
Southern ports so that England's supply of 
raw cotton was cut off. To the rescue came 
W. M. Christy and Sons with the idea of using 
flax instead of cotton — the result was the 
friction towel, with a coarse, rather wiry sur- 
face. 

The Christy’s towel comes in 4 colours — 
natural, green, blue or red and in two sizes. 
2 ft by 4 ft is £4.95. while 2 ft 5 Ins by 4 ft 5 ins 
is £5.95. There’s also a matching mitt at 55 p. 
Christy’s have stockists up and down the 
country and you should find them in most good 
linen departments. 


a! 




John Alan Designs has some very good stacking and foldaway beds. 
Above is one solution— the beds stack neatly on top of each other. “ 
They have a pine veneer finish and the mattress fits within the 
frame; 6 foot 3 inches by 2 foot 9 inches each, they cost £153,' ' 
including the 4J inch mattress, per pair. Left is the famous Isokon ’ 
chair, designed before the war by Marcel Breuer but still one of the • 
best-looking, most comfortable of chairs. From £245, depending 
on the wood and the fabric 


Home-spun 

A VERY nice project that came Elm Is also a notoriously 
to . .my attention recently was difficult wood to work and would 
one of the award-winners in a amply demonstrate the skills 
competition organised by Alcan reached by the school’s wodS-‘ 
Extrusions in association with working pupils. I don’t know 
Oxfordshire County Council. AH how many homeweavers there 
42 secondary schools in Oxford- are who will actually be 
shire had to,.think.pf a project interested in using the wheel 
(any project- -they liked) and for spinning their own wool but 
carry it through to the finished certainly, when put together, it 
product that is, they bad to makes a very beautiful object an : 
think of it, design it, make it its own right. 


and devise a marketing plan. 
The top award went to Drayton 


It is interesting to not® that 



3ucc* rieer 


E-t 


School, Banbury for a jig to !* vera J of boys involved m 
assist in the soldering of small spinning wheel project have 
components on to electrical ” ow school and moved onto 
printed circuit boards but this R ^ cote Wood College which 
is a product designed for in- off J Is cours ®s “ antique repairs 
d us try and beyond my ability to ? n “ . e ma * an S °f reproduction 
assess. furniture. 

More immediately useful and Recognising that it would not 
appealing to the ordinary man be able to meet orders for the 
or woman was a finely-made kits, the school has passed on 
spinning-wheel which won an its drawings to the college 
award for the highest standard where it is hoped to organise a 
of craftsmanship. group of college graduates into 

Wheatley Park School pro- making the spinning wheels^ 
duced a spinning wheel in a The headmaster of the schoor ' 
kit form and they chose to make Mr. D. John, Wheatley Park 
it from Elm, feeling not only School, Wheatley, Oxford is in* 
that Elm is . an inherently charge of organising the making 
beautiful wood but because of and distributing of the kits and . 
the tragedy that has overtaken all enquiries should be directed 
so many of the Elm trees in to him. The price will be about", 
this country, it will become in- £65. Because all these will be: 
creasingly scarce. The spinning individually made, orders will -! 
wheel could thus become a not be able to be fulfilled in a 
rather rare heirloom. * huny. 


l| 1 1 iBi|i|iiii. |.| , jiy I mV friendly manufacturer, Supero-~ 

tique.- to make a sample line 
II • — since when.- in retailer's 
"I jargon, “they have been walking 

XKySy I can see why. They’re 

wiSw deliciously pretty, in all the .. 

TZTU^if □ usual Liberty prints, some plain, ^ 

” AACfcfc O. some trimmed with lace. These - 

LillAHv J are j ust for start ers — next Feri- 

Mlifd vj ■ wicks will be introducing Tana * 

MOST PEOPLE agree that Lawn French knickers, bras and 
there’s nothing like cotton next and suspender belts as well, 
to the skin but have you tried The knickers are only in bikini . 
buying a pair of cotton size at the moment. Both cost 
knickers? They’re almost impos- £3.25 each, they can be posted ; 
sible to find and certainly most for 30p p + p. From Fenwicks of 
of the chain-stores I patronise New Bond Street, London, Wl;. 
seem only to offer combed 
cotton (not the same thing at 
all) or fibre, mixtures. The 
underwear buyer at Fenwicks 
has long been a great admirer 
nf Liberty prints and, feeling 
that they would, be ideal for 
underwear, she persuaded a 


m.your own write 



NO sooner do I touch on . a subject, in this 
case stationery, than almost every producer of 
a similar produet writes to assure me that his 
particular line, which I have so unfortunately - 
overlooked, is deserving of my attention. I 
have been inundated by stationery producers 
ever since K touched on the matter a few weeks 
ago. Most of the alternatives 1 have been 
sent have been honest, worthy enterprises but 
with little out of the ordinary to recommend 
them. 

However, the Fairfield Press of Loswood, 
BlUingshurst, West Sussex, did seem to me to 
have something special to recommend it. It 
certainly won’t be everybody's cup of tea as 
it specialises bi featuring a pietnre of either 
your bouse, your boat, your eastle or yourself 
at the top of the letterhead, I find H a bit 
extrovert for myself but I'm sure there must 
he many people who would love such totally- 
‘personalised’ stationery. 

.Most of what. the Fairfield Press offers Is 
much like most other stationery companies — 
a nice choiee of colours and types, embossing 
if -required, a choice of Ink colours and so- on. 


However, Jf you send a photograph of whatever 
it Is you want highlighted (house, child, pet, 
boat, something representing an Interest of 
yonrs) this will be reproduced as part of the 
heading. 

There is a big choice of layout; yon can order 
Christinas cards from them or invitations, all 
personalised in any way yon like. 200 printed 
sheets. A4 size, cost £6J10 with just an address 
and to have a photograph included would be 
-an extra £5.00. Christmas cards and invitations 
are £7.50 for 50. 

Basically, only two sizes are offered— A4 
size, which arrives in a leatherette-type box 
designed to hold the envelopes and sheets of 
paper. The smaller AS size arrives in its own 
double-sided wallet. 200 printed sheets cost 
£4.50 (again another £5 if a photograph is 
reproduced), while plain sheets arc sold at 
£2.80 per 200. Matching C6 envelopes are 
£3.80 per 100. 

Normally they like 21 days to fulfil orders 
and everything supplied to them is returned 
to the customer. 

For complete details write to Fairfield Press 
al the address given above. 



QKymtJiiiT 

21 Heddon Street 
(off Regent Street) 
London. Wl 
Tel; 01-734 0777 


Furs jor Men tmd Ladies 

You are invited to see 
JC. West's 

75th 

Anniversary 

Autumn 

Fur 

Collection 

by attending a 

Coffee Morning 

Fashion Show 

at U am from 25-30 Sept. 
• - * inclusive 

Please telephone to let ns 
know when you would 
like to come 

You mil see furs that not 
only look pood but are 
beautifully made too 






2 


7n turning the screw I Bette Midler in London 


•e difficulties radio has io governess's hysteria and the ... ..... 
ing truly to srips with a ghosts to be erotic symbols in- ^. ld , r er v ^ s * a jl 

rary masterpiece became spired by her fixation on herem- an f. a h alf ho u rs J 1 Y' 

; brent this week. The master- plover; the Christians believe it While 

:e in question was The Turn all to be a war between the supe J‘ i? 318 iS-TiS,- twf 

,3ie Screic by Henry James, powers of light and darkness and 2SSSff^2 n iSiS2 B rSh? 

p best ghost story in the the battleground to be the souls «£> ( da i £ x £ 

Id" (Rebecca West). It was of the two children who are jgj™ JJJ*?' a 5SS,Sh her IS 

1 in five instalments as The saved From the evil by the ^huiit around^hoelfand sen- 
at Bedtime on Radio 4 by governess and ihen in the case JLjjJfJvJ 1 i S!!?2J?3m ff ! S 
la Massey and supported with of Miles, at the eleventh hour think^er 

eature about the tale. The destroyed by her. through her f"'** S ^NauSto- S 
rar at Biy (Radio 3. Septem- peculiarly deadly form of * ,? 5.1 re mugwy * 0 

*: 19). One could no( ask for spiritual pride. This is the line D T J. Uv woodv Allen on 

better interpreter of Henry put out most persuasively by “JJ S oStete jSi^peisS 
jies’s poor governess than Miss Dorothea Krook in The Ordeal of 5* W SL - he ^ not bought 
nSey. and she was adept at Consciousness m Henry James 'in Brooklyn m never know), 
-ing appropriate voices for (1962) and at the end Mr. Teller ^ SiT/ouSSe on ot^Le^or 
pter Miles. Miss Flora and seemed to let himself be per- iff ffid S 

t- •. Grose > 'be very soul of suaded by the force of Dr. leopaj^jon cut-away, favoured 

{*?■ u . . , , r - Kro0k S argun,en ‘ by Hollywood tarts in the films 

lost books at Ledume are The attempted rehabilitation of the 1940s. and her chat is not 

• jiength novels— recently we 0I - a delinquent youth by a well- so much blue as purplish. She 

( e_ heard tnroa The ureeK meaning young woman was 3lso shows her class by re-writing her 
■cn obviously have io be cur- lhe su hj ect 0 ( Sunday's Drama material for London. “Not only 
.<?d; even hero there was a ^ 0w sp0 ^ on iy here the boy was is Mr. Callaghan dull he . is the 

Jmg down. \et r*f all James s f U ||y grown to manhood and the cause of dullness in others.” “I 

;ks this w the most carefully glrJ a sni dent 0 f sociology (the 
Tiortioned. (he gradations of modern equivalent oF a gover- 

horrpr p>calauns into the ness , she took him to her bed 
th of Miles. James s subtle jj^ed with him as his lover 
jets of timing are wrecked by f or severa | weeks in order to 
s. however well-intentioned. effect a cure . yy, this iD a 

ere has been so much con- modern German setting in 

• WTC " din * cVer ?J?°5 Harold Mueller s radio play 

the tale that we needed to Delinquent (Radio 4. September , , _ 

them all or at least more 17 y an internationally cornmis- the Royal Family. They 

them. I feel that none of the S10ned work translated by Steve make everyone elsefeel that they 

,ular audience would have be- Gooch aQ(J d j recled bv Bernard are P art of Third World." 
i — Krichefski. It started rather Yo “ know , what we . w *? en 


The Blue Monster 

The Unicorn's 30th birthday thi* frail nld man of 


POP 

ANTONY THORN CROFT 


RADIO 

ANTHONY CURTIS 


ne hored if the beautiful 


slowly but then became absorb- morn mg in New 

irw th* hnv rrhnctnniiBr York its 1938 in London. 


ing as the boy (Christopher 
Guard) overcame his fear of 


ark its 1938 in London.” 

Few artists can clown and joke 



J3M U1*. liCiLCj m 04 UAIC, »a IX OCR31 U. XD1 '... ee 

vivacious re-working hy RoyKift by., the Emperor to “ U - B ? 
of an Italian test by Carlo Gozri, Creature God. i.e- her own we, 
itself based on a tale in the Seedless to say, the worst 
Arabian Nights. The eapital of neyer happens, but not before a 
old TurWstan is beseiged by a go6d deal of picturesqae Qua ana 
blue monster voraciously j>yjf in the city, with the people 
demanding the sacrifice of one rising op in the delegated fora 
woman a day. : «fc* disgruntled soldier ana the 

The tale is compered by an languorous Empress mounMg a 
Oriental singer with a balalaika, seduction attempt on the ram y 
who introduces us to a ronple of effeminate soldier boy. wn 
young provincial lovers. The girl the blue monster finauy drags 

is dragged off bf the Emperor’s itself on' to the stage, it does-w 

soldiers but. en route Tor Task- in tfce, Jorm of *5 - e "5SSJE 

— * Chinese, fire-breathmg CToeodfiie 

lurching about on four legs. The 
THFATRF 1 lovers^ reunited on the execn- 

IflCntHC, tion Wm*. but the axe remains 

M1CHAS. COYENEY the air: 

It is • all great fun. even if 

— Nfehriai TtartM-’s production is a 

little imderlit and fuzzy around 
kent, she is transformed, by a the edges. The response of the 
mountain deity in the form of a andiauie (average _ a S® aD ®*“ 
senile old man (for her own eight br nine) is itself worth 
good) into a lissom soldier, when savouring, and the entertainment 
Stepan comes in pursuit of the plays at 2 pm on weekdays, nau 
abducted Zereh, he in turn swaps an- hoar, later on Saturday and 
identities with the human inside Sunday. 



!■ - ■■ ■■■ 


H 

[:• yif.. • 




A 


Anthony Golds tone 


Bette Midler 


the police and began to meet the for hours without getting tedious. , _ , .. the listener as a weakened copy 

smart intellectual friends of bis B ®tte Midler manages it. She thusiasnis — the tropics and low and an imaginative Leaner of the instead of the original.* Bat 
earned mktre«s (Glvnis Brooks i insults the “chumps” in the life. There is one slightly un- Pack that keeps the performance Anthony Goldstoae's perfor- 

. i , e . n VnecQn Knr Konlrintr f.pin na(*nocan' Kit whan cKa rfi'irino ahp.nH ThP Dark*iri c *n ^ « .•« net Tnn rcri n »• *» a +Kc. 


So familiar is Ravel's bril- suite of four pieces. In the Mist, 
iianliy coloured orchestration of in the? 'same recitaL Although 
Pictures at an Exhibition that A there & at least one section that 
performance of Mussorgsky’s would ^ot sound out of place in 
piano version is likely to strike one of Schumann's “character- 
the listener as a weakened copy pieces^ the strongest influence 
instead of the original.* But is that of Mussorgsky’s rough- 
Anthony Goldstoae's perfor- bewh'V* melody and block-like 


L c octrofj ■ f hp mOU n rill four rnifUJ) umucu ucui^uung - w ~ — ■ 7 , ” . . 7 7 — • - — - .. . 

from an article he had did not ring true and the trouble funny. She has a running love Bette Milder also sings. She and her first encore. midable technique put the “pic- ^ 4 

ittpn rnr the Times Literary seemed to be deeper than merely drfair with the 1940s and one par- can actually switch from obsceni- Of course, it is mainly her tures” in a vivid and suitable Mozarts Sonata in A (Mint 

nnipmpnt m mnb* it fit thp the difficulty of translating the ticularly outrageous sequence ties to an emotional ballad with standard act. but rarely can light. opened the recital. The ^slow 

*e " Yours is indeed a jargon of the Young offender finds her careering around the the dip of a spotlight and her more energy or talent have gone : movement, in which Mr. Gold- 

tcher's trade! “ said the Master rrora one language into another, stage in a self-drive wheelchair strange little figure is naturally into the same jokes, the same stone observed the repeat of the 

MUSIC first - section, was Deauutuuy 

poised,' with a spontaneous- 
ARTHUR JACOBS seeming rise and faU in the 

music; but the span of the finale 

,,35 }pss convincing. Mr. Gold- 

stone was fully at home amid. 


1 mountain^of words that have of play that faces harsh social head. This gives her the chance raucous belting out of songs like to be Bette Midler, but it is jolly 
en written since his death realities owes much to the work to play up her two great en- Friends, Do You Want lo Dance lucky far the rest of us. 
out The Turn of The Screw of Joan Littlewood and Ewan T j 

.• can only guess. It was these MacCoil. They began to bring -■ - 

al interpretation<! that were theatre to the people In places vupAvmrf tlhc u/rcif ' e\ im!t% mfvT Known as an artist of enter the. storms and consolations of 

nscientiouslr assembled for like the Girls' High School. Ken- IiitnllCEid I laid WwtfclV ■ a a vJf PltiwH prising taste (and one who writes Schubert's Wanderer Fantasy, 

r consideration in Neville dal. well before the Second World his own programme-notes). Air. and-- .Chopin's Berceuse as . a 

YOUNG VIC— Ubu. Peter Brook's deportation. Essen UaL Reviewed new season at the Theatre Rov 2 I, Goidstone brought off a brilhant single encore completed (I 
Her was in the happy position m toe Nortn of b-ngiana survived •_ to... .i,,,, ■(?,= „r.__c u -i*« « nnn . stroke of prosrammnut by in- balanced and deeply sausiyinir 

being able to quote from the official indifference and ulti- ^“P a „ n ^‘. n Thursday/Friday. ? h o* t* hJStoS - nEnn “l*^o cl^ Jii^s .wlrheart evwiiiig: 

assev performance and also to mately came South to find a per- ,0 ?L “IJ, WAREHOUSE — Shout across the * :L ?. v “ “ IS 1 - 2 ZTZ 7^ =7 : 

actuate his text, narrated by manent home at the Theatre River - How the debilitating Tuesday. The National > produc- DA XI MOO .“~2S 

ivin Campbell, with snatches Royal. Stratford East, leading to vie " e d Tuesday /Wednesday. effects of modern urban- life hit tlon 0k Congreves The Double I w KM I uaem » a Bred enwmes) i:j» 

am the Britten opera Tt was the West End triumphs of The NEW END— Will the Real Judy a South London family. Sevfeued Denier at the Olivier on Wednes- ntnaams* (»«>_■> (atv> afl* 

admirable summary of the Hostage, A Taste, of Honey and Garland? Late-night biographi- Friday. . . , ;7 day. and at the ICA the 

'i at rrf?.!n5 wtLJt^Lu^S ?r, ur^ c j,V? r / S“w } l°Ir cal recollections of the real J.G. THEATRE UPSTAIRS -i-E mi- Visionary Theatre continues with 

^ arUclc " The Ambf "ifitv S^SSSS m h?H?wiS| ^ Goor- Revi«w«l Tuedw/W^esdxy. Th, of a* Irish 40 otohfl ft, H'fttftwt A 

?nry JamtHP in 1934. hut I felt ney. a former member of that EVERYMAN, Cheltenham — The al of the great famine. as% Tpc * < opera. Future Shod:. 

needed irf-tanclude with a live company. Mr. Goorney gave an Confidential ’ Clerk Eliot's Political, poetical, anti-British. at the Round House on Thurs- 
scussion in the studio to bring account of a slice of theatrical seldonM , layed com-dy revived Reviewed Friday. A'. -day. and at the Bush a play by 

e issues more ureentlv to life histnrv wiih Fr,r-reflehinp mn- comeuy reviveu ^ _ * _ . . _ ■ 


■ w HM I IIVmw UBara nd Bred (Thames) 1SJ8 

n CmsnmOs (nun.) (AT V) 

J. a«« 18 This England (Gran.) I2J» 

W/e Scot. If .-nUnlMSi Max (Thames) 12JB 

' r . Figur e s cMspUcd by Audio of Gnat 

_ . - , Britain for ihc Joinl Industrial Commlnte. 

UK Top 23 (viewers m) ^ TrieviSMm Advertishie Rew«nA 

1 321 (Yerta.) . K.» (JICTAR). 

2 Benay HEI (Tharnes) ISX9 • US Top Ten (Maiteen Ratings) - - 

3 Battle or Britain (BBO 145S 1 ABGphdcs Bsht (ABC) .371! 

4 George and Mildred (Hitme) .. 14.15 2 Charlie’s Angels (drama) (ABC) ., 323 


p issues more urgently to life history with far-reaching con 
What it all seemed to come sequences. Theatre Workshop is 
"wn to was an argument be- alas, no more. It finally expired 
•een the Freudians and the in 1972. but some of its staff are 
.iri«tiar.s. The Freudians, led nowadays like Mr. Goorney fillins 


5 Sweeney (Thames) 


- 1414 3 Unite Company (comedy) (ABO 3L6 

. .. 14.93 4 Happy Days (comedy) (ABC) . 29.3 

13.45 S Battle Star Galactica (sc WO (ABO 113. 

... - JOB) t Taxi (drama) CABO 27.4 

ran.) 12.95 T Mark and Mindy (comedy) (ABC) ZaA 

)2.ns. 8 Barney Milter (comedy) (ABC) *52! 

- 12.85 f Eight IS Enrage (comedy) (ABC) 243 


Wilson, believe the whole important roles 3t th#? National Piece about the tortuous shifts the Gross in rths’ Diary of c begins a new season with Ihc 12 crossroads mmrsj (atvj — .. ulsdusom (comedy) (abo 24-2 

ing to be the outcome of the Theatre. tried by a West Indian to avoid Nobody opens on Tuesday. The Threepenny Opera. % Ills aii. 2Idl, “. “ «*. *. JMUncne ^ 



t Indicate programme in black 
and white 


BBC 1 


9.00 am Ragtime. 9.15 Scooby 
on. 9215 Why Dnn't You . . 
>.no Cut and Thrust. f 18.25 

harlie Chaplin in ’The Tramp.*' 
).55 Golf: Hennessy Cognac Cup: 
rent Britain and Ireland v 
umpe. I2J8 pm Weather. 

L30 Grandstand: Football Focus 
(12.35); Motorsport (1.00) The 
Manx Rally; Golf (L20, 4.05) 
The Hennessy Cognac Cup; 
Racing from Newbury (1.55. 
2.20, 2.50); Rallycross (2.10, 
2.40) The Shell Motor Oils 
International Rallycross: 
Athletics (3.10, 4.30) Guardian 
Royal Exchange Gold Cup 
Final; Rugby League (3.20) 
St. Helens v Leeds; 4.40 Final 
Score. 

5.10. News. 

5.20 Sport ■'Regional News. 

5.25 Noel Edmonds’ Lucky 
Numbers. 

Gj*0 Dr. Who. 

6.45 Larry Grayson's Generation 
Game. 

7.40 All Creatures Great and 
Small. 

8-30 The Best of the Two 
Ronnies. 

9.15 Starsky and Hutch. 

10.05 News. 

10.15 Match of the Day. 

11.15 Parkinson. . 

All Regions as BBC1 except at 
he following times: 

Wales — 5JJ0-5J25 pm News for 
Vales/Sport- 12.15 am News and 
Veather for Wales. 

Scotland — 4.55-5.10 pin Score- 

ENTERTAINMENT 

GUIDE 

C — These theatres accept certain credit 
:«rds bv telephone or at ihc Box Ottice 

OPERA & BALLET 

M.I5EUM. Credit cards 01-240 52M. 
le&ervations 01-E36 31 61. 

ENGLISH .NATIONAL OPERA 
’on't it Fn. he rt at 7.30. Last perfs. 
ieven Deadly 51ns "... a brtHlant ENO 
irosiuctlcin." Sun. Tmi„ with Gianni 
■chKchi. Tue. 4 Thur. at 7.30 The 
-crogllo. Wed. at 7.30 The Royal Hunt 
<1 ttn Sun. 104 balcony seals avail, for 
fl perfs. from 10,00 on day of pert. 

JVENT GARDEN CC. 240 1066. 
Garden charge Credit Cards 836 6903.1 
THE ROYAL OPERA 
DER RING 
DES NIBELUNGEN 
Tonight 3.30 Siegfried. 

Sat. Sen. 30 GoUCTdamancrung. 

DLER'S WELLS THEATRE. Rose tew v ' 
.venue- tC.i. 837 1572. Last 2 peris < 
Todav 2.30 & 7.30. 
CARACALLA DANCE COMPANY 
irst Arab dance Co. to »ralt London. 
HE BLACK TENTS Of ARABIA — 
aactacular Bedouin music & dances from 
ie Middle East. Sept. 26-Oct. 14 - 

Sadlers Wells Royal Ballet. 1 


board. 5.20-5-25 Scoreboard. 10.15 
Sport scene- 10.45-11.15 M coalmans. 

12.15 am News and Weatlier for 
Scotland. 

Northern Ireland — 5.00-5.10 pm 
Scoreboard. 5J0-5£5 Northern 
Ireland News. 12.15 am News and 
Weather for Northern Ireland. 

BBC 2 

' 7.40 am-UO pm Open University. 

2.55 Saturday Cinema: “ Doctor 

! You've Got to be Kidding,’’ 

starring Sandra Dee and 
George Hamilton. 

4.30 Horizon. 

5.50 Play Sport. 

5.55 The Old Grey Whistle Test. 
6-15 News and Sport 

6-45 Network. 

7.15 My Music. 

7.40 The Biff " H,” by Shaun 
Usher, with Dave King. 

8.15 Voices of Children. 

9.25, Francois Truffaut Season: 
“ Fahrenheit 451.” 

11.15 News on 2. 

11.20 Golf: Hennessy Cognac Cup 
(highlights). 

tll.33 Midnight Movie: " Crack 
Up.” starring Pat O’Brien. 

LONDON 

8.50 am The Saturday Banana 
with Bill Oddie. part 1. S.80 
Sesame Street. 9.45 The Saturday 
Banana, part 2. 10.15 The Monkess. 
10.45 The Saturday Banana, part 
3. 

12.30 pm World of Sport: 12.35 
Headline; 1.15 News from 
1TN; 120 The ITV Seven— 
1.30. 2.00, 2 JO and 3.00 from 
Ayr: 1.45. 2.15 and 2.45 from 
Catterick; 3.10 International 
Sports Special: Cycling — The 
Skol Six-Day from Wembley 
Arena; 3.50 Half-time Soccer 
Round Up; 4.00 'Wrestling; 
4.50, Results Service. 

THEATRES 

AMBASSADORS. CC. 01-83S 1171. 
Nightly it 8 .DO. Mat Tues £. 45 ! 
Sat. 5.00 and 8.00. 

TON. ^HHOLT ^gET ER CARTWRIGHT 

Th* World- Famous Thriller 
. by ANTHONY SHAFFER 
"Swing the play again is m fact an 

r5 e i, a ?? fP?L, Jo kl Pun *h- Seat Prices 
£3.00 to £S.OO. Dinner and Top Price 
Seat £8.0D me 


5.05 News from ITN. 

5J5 Happy Days. . 

5.45 Mr. and Mrs. 

6J5 The Life and Hme6 of 
Grizzly Adams. 

7.15 The Masterspy. 

8.00 “ How the West Was Won," 
starring James Arncss 
(film made specially for 
television). 

9.45 News from ITN. 

10.00 Ttie Saturday Drama. 

11.18 Saturday Night People. 
1155 Another Bouquet. 

12.55 am Gtose— Derrick Gilbert 
reads a poem by the 17th 
century poet John Donne. 
All IBA Regions as London 
except at the following times: 

ANGLIA 

vae era Cartoon lime. 1XS The Bub- 
blies. 5-20 The Next Week Show. UJ 8 
Tartan. SJtS mn C ambit. 11135 “Tbe 
Case of the Mtddoese BattJebcm.’' star- 
ring Peter Sellers. Spike Minifies and 
Dick Emery. 1225 am At the End ol 
the Das. 

ATV 

*J 0 ant Home Produced- 5J5 Focus 
on Soccer. UD5 The Lost Islands. UL38 
Tlsh-as. SJS pm The Life and Times of 
Grizzly Adams. 105 The Mawa-spy. 7J8 
Ur. and Mrs. 7 38 Father Dear Father. 
U-M Bette M idler. 

BORDER 

U-30 am Tarzan. 545 pm Mr. and Mrs. 
5A5 Laventc and Shirley. A15 The Six 
Million Dollar Man., 11.10 Rafferty. 

CHANNEL 

12.18 pm Puffin's Plat hcc. 545 The 
Life and Times Of Grizzly Adams. 645 
Happy Days. 6.45 Father Dear Father. 
AW The Suspense Film: " Nobody Runs 
Forever." 1340 The Cedar Tree. 

GRAMPIAN 

5.30 am Scene on Saturday including 
Birthday Greetings and The Mookees. 
1S-Q5 The While Stone 1040 Sesame 
Street. 1340 Island of Adventure. 545 pm 
Mr. and Mrs. followed by area weather 
forecast and Highland League Results. 
545 Happy Days. 1140 The Rag Trade. 
11.40 Reflections. 

THEATRES 

DUCHESS. 036 8X43. Mon. to Thurs. 
Evenings 0 . 00 . Frl.. Sat. 6.1 S and 9.00. 
OHE CALCUTTA! 

“The nudity Is stunning." Dally Mall. 

9th Sensational Year. 

DUKE OF YORK'S. CC, 01-036 SI 22. 


GRAlVADi . rrcr." siarr.ns Christopher Plummer. 11-10 

WO am Focus on ^oceer 945 Sesame ' T1je T ^ L *‘ 

Suvci. HLB Saturday MaU».e: - BcDp \ ORR. SHIRE 

uTand^SS* 6 *S ™ The .ter ing Chan and r*te 

The Bionic Woman. 1140 George Kamil- 

Hm IV. tlLOO The Late Film: " NIStR- If 5 ^ 


mare." starring Jennie Linden. 

HTV 

4-00 am Docior! 940 Ten on Saturday. 
1045 Batman. HL30 Tiswas. ZUS Bautun 
< continued 1 . 1340 Pop Spot. 1345 Ten 
00 Satardas. n w Lassie. in pm 
Pope ye 1240 Ten on Saturday. ' SJ5 pm 
woody Woodpecker Show. 5.C Laverae 


Mr and Mrs. 5.S Docror Oa The Go. 
645 Tbe Eioiii? Woman. 1140 Quincy 

RADIO I 247m 

<S) Stereo phonic bread cast 
Z Medium Wave 

580 am As Radio 2. L36 Ed Stevan 
with Jim or Choice 'S’. 1040 Peter 

PowrU. 141 pm Bock On Is - .. 248 Panl 


and Shirley, 645 Bionic' Woman. 11 u> Gwnbaqdm is>. 542 It’s Baft Roll 
Paredue «»»• “» ^ Conerft Is.. 745-2JC* am 

HTV CymraAVateE-AS HTV General ** “■ 

Service except: 645 pm Happy Days. R4DIO 2 1 .3 00m and \*EF 

bjs-rjis a ” * *« «" Xw* summarr. 5.02 Cn!m 

oLUlilorl /. Berry (&■ locludlnc 5-83 Racing Bulletin. 

V am One Ctob. MB Cartoon, na 856 As Radio L HLB2 Tony Brandon is>. 
Tbe Bionic Woman. 545 pm Mr. and 1*62 0«» Two - * Best is>. LIB Offbeat With 
Mrs. 5-45 Phyllis, nm Late Call PQ* Braden (si. 1 50-555 Sport on 2: Football 
Quincy. League Special H.30. 2.M. 2.35. 3.05. 3 25. 

«nr fTHTTOM Go1 ^ -- 35 - '■• B5 ’ “•2a , i 

oU(J X nCIVI'l Thr Hennessy Cnp; Racing from Newbury 

1340 am Tarzan. 2Z2T pm Regional (l On. 243. 2 33. 3.25. wttb a classified 
Weather Forecast. 5.15 The Masterspy. check at 4.30-: 5d» 'Sports Report: CjlssI- 
6.90 Laverne and ShiHev. 640 The life Bed Football checks at 5.0Q and 5.45; 
and Times of Grizzly Adams. 740 Ur. rnsby round-op, 345. 6C2 Cnropcan Pop 
and Mrs. 1345 Southern Kews, 1280 Jury. 7.D2 Tbe impress itmists. 733 Radio 

Havoc. 2 Top Times in. 8.15 Harry Pitch plays 

TVNC Tree • ihe hamjomca -si. aJO The Gcnrfbo 

* * 4 ^ 1 — Orcftcsira in GsjuI P ar a dL* is* 9JQ 

H- n ' S Sanirday M S b t “ui the BBC Radio 

.J 1 ** lejD Lras Orchestra -s. UJB Shorts Desk. 1L3D 

Ltwit-ln. 20.40 Saturday Momitu; Vilm— R a y Moore with Tbe Laic Show is.. 
•Calamity Jane *rvd Sam Bass • Mairffl* including 12 00 Nlu-s. 23^2.02 am News 
Yvonne dc Carlo. 1245 pot Ljm s Look-In. S umm ary 

545 Mr. and Mrs. 5A5 The Mary Trier n . r>iv\ -» c,„— . *■- vtit 

Boon 9uv. 6 15 The Six MilLuc Dollar RADIO 3 -K-tin. Stereo A. VHF 
Mao. 1340 Barnaby Jones. 1230 am T755 am Weal her. 0.00 News. 835 
BWlasoe. -j.Anbade ie.. ISO Wears. 9JB Record 

TJT STFR • - Birvlow «ki. 1035 sivrt-o Release «si. 

. , . ... l. ' ti.40 Youili and Music Concert from Han- 

. , Satorday Moraine llodr: Chester «s>. 12iS pm Bartok and Mcndels- 

■ The Ccntte Glam. stamug DemUS sohn concert is. 3JM Newt L05 Heril- 
Weaver. II I P S e s am e SttcvI. ^6) ace. L23 Schubert’s lit, 

Spona RMU1W. 545 The Muttsumo. 240 M an or Action: The DSkTi* B«> 
11-B6 Hogans Heroes. clench chooses records isL 335 Music of 

WPCTWiPD the Masters 151 . 538 Jazz Record 

tvcairr ARL) Renui-sts >si. 5.45 Criocs’ Forum. 635 

905 am Cade " R.” 945Survl\al. 1048 The Classical Guitar «s». 730 WcUl and 

Saturday Morning Picture Shotv. •• KU Pnccuii from Ihe English Nation a! Opera. 
Solomon s Minos." starting SiewaH part 1: •■ Seven Deadly Sins of Ordinary 
Granger and Deborah Krrr. 33.55 Look People '• ■ Weill 1 is«. 840 RcnTltlng 

And Sue. 12.00 Focus On Socxvr. IZ2S pm Jewish History 830 Weill and Puccini 
Gus Honeybun's Birthdays. 545 The Life from the English National Opera, part 2: 
and Thnes of Grlz2ly Adams. 645 Happy '* Gutai Scbiechi " iPacclnii isi. 9.45 
Days. 6 j 4S Father Dear Father. 9M Solomon and Ihc BakKe Case. WMS 
The Suspense FUm: "Nobody Runs For, Schubert chamber music ts>. 1030 The 


Newgate Pan orate. 1045 strrads Imcrest- 
SSI51. 1 LC Nev.'S. 1L3UL3S Tnmgta'S 
SehnfA-r: Sois is-. 

Radio 3 VHP only-MWLBO am Op.:n 
Untcersny 

RADIO 4 

434m, 33 Ora. 285m and VHF 
640 am News. 642 r arming Today. 
630 Vaar rattMuOy. 6 -S Weather: pro- 
gramme news. 730 News. 740 Os Vonr 
Farm. 730 Todai's Papers. 735 Tonis 
Faithfully. 7 50 It'S A Bargain. 735 
Weather: programme news. 830 News. 
840 Spurt On i 8.45 Today's Papers. 
330 Morning Call reeels p«*p?e uhe work 
in the early morning. 9.00 Neus. 935 
Imcrna'loanl AssUnmem. 930 Talking 
Politics. 9 S News . Stand. 1045 Dally 
Service. 1030 Pick Of Thu Week. 1L20 
Time For -Verse. UJO Science Note. 
32 00 Mini 1232 pm A Bar For Nothing 
1 *.. 32-27 The News One is«. ii55 

Weather: programme news. 100 News. 
145 .lay QaesDons?. 230 Bookshelf- 238 
Tbhty-Micmc Theatre. 330 News. 335 
Does Be Take Sugar? 335 Music of the 


Masters (as Rad o 3). 530 Kaleidoscope 
Encore. 530. W-efc Ending 's'*. 5S 
Weaker: proenronte news. 6.D0 News. 
645 Desen island Discs, 630 Stop. Thr 
Week with Robert Robinson. 730 These 
Yon Have Loved (si. 830 Saturday-Night 
Theaire is*. 938. Weather. 1303 News. 
1045 A Word Ut Edgeways. 11.00 Lighten 
Our Darkness. 1145 News. 3133 The 
Unfargcttab'-es • IM-- 

BBC Radio London 

. -206m and 94>YHF : 

London Broadcasting 

26lm and 97.3* VHF 
5.00 am Morning Music. 6.00 A.1L:_ 
weekend news, reviews, features, sports.-. 
1030 jrllybone. 133 mn Saturday Snort. *- 
CM Aflrr Six. 633 Hugh And Ton with 
Hugh Williams. 7.00 Gecl Mala— music, 
loformation. .interviews in Hindustani. 8.0B 
Satorday Music. 930 Nlghdine. 139 am 
Night Esua. • •. ■•*• 

Capital Radio 

■ 194m and 95J \*HF 
6 00 am Kerry Juhys Breakfast . Show 


2 The BBC -added yet antfte-- 

1 item' to Britain^ : 

; uniquely imprest® recurd ^if 

2 success when The '.Spongers : 

7 won the PrixItaHa fert^ristoa:^ 

drama at the 30th sessioauf tfie, 
s festival whk* is being h^<l lirfs - 

J year in Milan, - \ 

s Tbe play, directed in & ttiasidj 
1 realistic style by Bdlsncl ^o®e : 
i from a script by Jim, AUefi^iella: ■ 
- tbe disturbing’ story bf; a rnGtiHa*- - 
i living-^or eadatu^ -ron 1 
security. Set -against tfce hsfck-' 
f ground of Britain’s - reaidr i 
i Jubilee celebrations, it. - 

I x sharp pictafe of ftbft. p cK ^ e rt V; 
i members of society -ami wsrewts 
l bow even an originaffy ^wdl . 

, meaning; welfare -.stdeV^v 
t destroy lives by way. ol bnrtjin- 
f cracy and insensiti^y. : ^ V 

i At: the play’s efuaar 'rhfe 
mother kills herself Jwd,iHB- 
three chHdren. _! “ 

The producer of tbe ' p»>.V 

gramme, was Tony. Garnett, a" 
man who won the PrixTtaha /orV . 
television, dramx just teh ya arx- - 
ago with Cathy Come Botnet^ 

The play was .cobap^hx^ ^ttr : 
tire award of; SwFr 18,000 faad‘ 
iucalcn table, prestige ‘ vahie) ■■ 
against 19 entries from ftassia, 
Poland, * America, Vi Canada^ - 
France, Germany, Japan-and 
elsewhere. . 

When the chairman • of tbe J 
ll-stnmg international jury.Strs. 
Jean Robertson of tbe Canadian-'- 
Bro ad casting Corporation, 

announced the award, yesterday 
she said: “We. commend ."Hie. 
Spongers particularly ;■ tor* . Hs 
excellent and ■* moving combhra-: 
tion of - its : snbject -matter,’ its 
form, and its .technical achieve- ' 
menL And wx applaud the u»br- 
age of . a*, country which opehly - 
expresses to'the world ptobleiRs 
which are inherent and partial- - 
ler to its own people.** 

The Bee’s success in ., •&«-,' . 
drama category,', added V 

win. last weefc witfa aradffiRah’h 
Mayerlrag in the tousic .section,', 

means That - TTHtwhiV . 

again taken two-tWrds ^of i the 
year’s television prixes - and - 
increased it&astanlshtog total of 
Italia prises, to: is:.. 

-. With the . documentary ' result 
to be annomiced today there is 
dearly . a .. chance 1 that British 
broadcasters could surpass even 
their own iiauqae . record and 
make a dean sweep , of all three 
awards^a feat which no country 
has achieved in the .30 years of 
the festival Indeed the British' . 
alone' have managed, the double, 
and - this .-they’- -have - how ’doae 
three' times in four y^rsJ ‘ = r 
. ' However, the BBC's episode of 
Hospital is competing 7 against 
some strong' entries in' the docu- 
mentary “categ<«y'"ahd although 
it seems slice Shortlisted it 
may ndr actoally wto the pri». 


•*». 930 Cagirai -C na w a B ifB wttb Pwcr 
-Young <s). - .'1AO0. KeflV Uretut (ai. 
3.M pm Afteraonn r D«HtfH 'Wl».T7tM>caD 
Jobnean (&).* - 4M Gres Edward’s Soti . 
Spectrum ML '• V 938 Nicky ' Horae’s 
MotmaVs Oiart fs); 2133 M»e Aten's 
Amenaa- Dream *233 Mike Allen'S 
Backseat Boogte is). , 2J» am 4Hke . 
Smith’s Night FHght fS). • •- 


*;,* ? 
■; r 


5 




■ CHESS^SOtUTlONS 
Solution to Position No. 234 - 
. l N-tJ6 ci,: BxN; 2 PiB,' B&B; 
S Q-Kfi! N-B3: 4 QxN; R-Bl; 5 
Q-K7 ch, QxQ; 6 PxQ, KxF; 7 PxB 
wins a piece. ' .'*: j ' * 

K Solution to Probiem No. 234 
• S 1 Q-KB3 (threat 2 Q-Q5).: If 
l—NsQ; 2 R-Q5. or if KxN - ;;2 
Q-QB6, or if N-K6; 2 N-B8, or if 
N-NS; 2 Q-QR3. Traps for solvers 
are I QxR? N-N3! and 1 BxN? 
R-N6! , . 7 




WEEKEND CHOICE 


9 85 srn Code " R.” 935 Survl\; 
Saturday Morning Picture Sho-.v. 



Janet Street Porter nY night 
person 


APOLLO. 01-437 2663. Cvenlnos 8.00. 
Mats. Thun. 3.00. Sal. s.oa and S DO 
DONALD SINDEN 

Actor or the roar " .Evening standard. 
” IS SUPERB.” n.q.w. 

SHUT YOUR EYES AND 
THINK OF ENGLAND 
” WKkedlv tunny.” Times. 

ARTS THEATRE 01-836 2132. 

TOM STOPPARD'S 
DIRTY LINEN 

lJl ll i rlo “ s . - *S 9 11 *' .Sundiv Times. 

Monday to Tnundav B4a. Fn. and 
Saturday at 730 and 9.1 S. 

ASTORIA THEATRE. CC Charing Crest 
Road. 734 4291. Mgn.-Tburs. 8 o.m. 
Frl, and Sat. 6.00 and 8.45 

' BEST MUSICAL OF THE YEAR 
EVENING STANDARD AWARD 


THEATRES 

>ELPH« THEATRE. CC- 01-836 7611., 
AST 4 WEEKS MUST END OCT. 14. 
»ss. 7.30. Mats. Tours. 3.00. SaL 4.00. 
IRENE IRENE IRENE 

THE BEST MUSICAL 
of 1976. 1977 and 1978 
IRENE IRENE IRENE 

REDIT CARD BOOKINGS. 836 7611. 

BERY. 836 387B Credit card bkQt. 
36 1071-3 from 0.30 am. Party rates 
on- Tues-. Wed. and Frt. 7.45 am. 

Thurs. and Sat. 4.30 and 8 00. 

A THOUSAND TIMES WELCOME IS 
LIONEL BARTS 
OLIVER 

MIRACULOUS MUSICAL." Fin. Time*, 
th ROY HUDD and JOAN TURNER. 
OW BOOKING FOR CHRISTMAS AND 
THROUGH 1979 

3WYCH. 836 6404. Info. 836 5332. 

Fully air conditioned. 

ROYAL SHAKE5PEARE COMPANY 

Today 2.00 '* TLKK^OUwid Mcnar’a 
Teuay * C ^ 5|N VLADIMIR 
(Student .sianmnrSl) 
th: Shakespeare s AS YOU L(KE ■ • 
a: pert, 28 Sent.). j®®™, 110 * [ 
if WAREHOUSE isre under W). 

WHBT FREE. 485 6224. Ena. 383 4S8E 
ije most outstanding work on 

IE FRINGE •*— *BBC to 3Dlh. 8.00 Pte. 


CAMBRIDGE CC. 836 60SE, MOfl. to 
Thuft. 8.00. Frl^and jL iL^ 5-45 and 840. 

Exciting Black African Musical 
... _ Seat nricea C2.pfl-£S.OO. 

"PackM with variety." Daily Miner 
THIRD GREAT YEAR 
□inner and tep-prtee seats £6.75 Inti. 

COMEDY. 01-540 2S78, 

Ercs. Mon .-Frl 840. SaL 5.00 and 840. 
MaL Tiwra. 3.00 
EDWARD WOODWARD 
BARBARA JEFFORO so 
THE DARK HORSE 
bv Rosemary Anne Sisson. 
'■Excdteirt »■*«* .wrerta.nmenL Anyone 
of any aw is likely » emoy It." s. T*L 
■Dammed good theatre.;- Sunday Times. 
"Americans Will love it." Gdn. “A laugh 
a minute." D. Tel - Oauortunltles bril- 
liantly surd bv brst-dass cast. A most 
attractive and MKerrailnng evening "£N 
INSTANT CONFIRMED CREDIT^ CARD 
TELEPHONE BOOKINGS ACCEPTED. 

CRITERION. 930 3216. CC. B36 1071-3 
Evas. 8-00. Sat. 6-30. 8.30. Timra. 3 off 
NOW IN ITS SECOND YEAR 
LESLIE PHILLIPS 
In SIX OF ONE 

. ■ . ana a HALF DOZEN LAUGHS 
A MINUTE * 

SECOND ■■HILARIOUS" YEAR 
"Venr funny.” Sun. Tel. 

DRURY LANE. 01 -836 8108. Mon. to 
Sat. 8. OD. Mat men Wed. and Sat. 3 no 
A CHORUS UNE 0fl ' 

"A rare devavtatlnfl. lovoip. astonishing 
•dinner." Sun. T‘mm. 3rd GREAT YEAR. 


DUKE OP YORK’S. CC. 01-B36 SI 22. 

. "FANTASTIC" 

GODSPELL „ 

"BURSTING WITH E N JOYMENT." D. 
TW. Prices £2 to £5. Best sews £3 half- 
hour before show at Bmc Office. Mon.- 
Thurs.. Frl. Mat. all seats £2.50. £*Bs. 
8.1 S Frl. and Sat. S.30 and 8.30. 
Limited season. Must end Sentemopr 30. 1 
FORTUNE. 836 2238. Eves. 8 . Thurs. 3. 

Saturday 5 and 8 . 

Muriel Par low ai MISS MARPLE .it 
MURDER AT THE VICARAGE. 

FOURTH GREAT -YEAR. 

GARRICK THEATRE. CC. 01-836 4601. 
Eros, 8.00. Wed. 3.00. Sat 5.30. 8.30. 
TIMOTHY WEST. GEMMA JONES 
MICHAEL KITCHEN 
In HAROLD PINTER'S 
THE HOMECOMING 

“BRILLIANT. A TAUT AND EXCEL- 
LENTLY ACTED PRODUCTION." D. Tel. 
“AN INEXHAUSTIBLY RICH WORK." 
Guardian. "NOT TO BE MISSED.” Times. 

GLOBS THEATRE. 01-437 1592. 

EM. 8 . 1 S. Wed. 3.08. SaL 6 . 00 . 8-40. 
PAUL EDDINGTON. JULIA MCKENZIE 
BENJAMIN WHITROW 
ALAN AYCKBOURN’S New Comedy 

TEN TIMES TABLE 
"This mist be ttie tiaralett lauoMer- 
■nafccr In London." □. Td. "An Irreslst- 
iMy enjoyable evening." Sunday Times. 

HATMARKET. 930 9B32. EVDS. 3jOO. 
Wed. Z^O. SaL 4.30 and ILOO. 
PAUL SCOFIELD 
HARRY ANOREW5 
ELEANOR TREVOR 

BRON PEACOCK 

and IRENE HANOI. In 
TOE FAMILY 

A ndw Wav bv RONALD HARWOOD. 

Directed by CASPER VYREDt 
"An admirable play, richly satisfying. 
Paid Scofield «t bis besL" B. Levin. S. 

, T1"-es. Last 2 *-Hes ends September 30. 
NArMARKET. 930 9852. PTO"- from 
Oct. 4 OoenHvg Oct. 9 at 7.00 
GERALDINE McEWAN 
CURE FRANCS 

NIGEL STOCK 

PETER PAUL 

BOWLS HARDWICK 

and FEN ELLA FIELDING In 
LOOK AFTER LULU 
by NOEL COWARD 
with GARY RAYMOND 


HER MAJESTY'S. 


01*930 6606. 


Ewe S.OO. Matinees Thun, and Sal. 3.00. 
’■ INSTANT ENCHANTMENT." Observer. 

THE MATCHMAKER 
A Comedy of Thornton WHder- “ It son 
down with a deserved roar of delight" 
D. Tel. For a. limited season until Oct- 14. 
" Hello Dolly so idee to have vou back." 
Daily Mall. “ A Masterpiece-" Times. 
" The man who wanted a glass of bubbly 
and a tonin' shew must have had lust 
this in mmd." D. Tel. 


THEATRES 

. KING’S ROAD THEATRE. 01-352 7438. 
Mon. to Thurs. 9.00. Frt.. Sat. 7.30 a30 
THE ROCKY HORROR SHOW 
DON'T DREAM IT. SEE IT. 

LYRIC THEATRE. 01-417 3686. En. KAO. 
MaL Thurs. 3.00. Sal. 5.00 and 830. 
JOAN FRANK 

. PLOWRIGHT FINLAY 

FILUMENA 

Directed bv FRANCO ZEFFERELLI ; 
by Eduardo de Flllleon. 

"TOTAL TRIUMPH." E. News. "AN 
EVENT TO TREASURE." D. Mir. “ MAY 

IT PIU \,E!&« L !? f 2 IC .. FOR , A HUNDRED 
YEARS. Sunday Times. 

MAYFAIR. 629 3036. Evs. 8-00~SJt. 5JO 
and 8.30. Wed. Mats 3.00. :T 
WELSH NATIONAL THEATRE CO, . 
DYLAN THOMAS'S 
■ UNDER MILK W OOD 

MERMAID. 248 7658. Restaurant 248 
283S. Evenings 7-30 and g! is ' 
EVERY GOOD BOY 
_ , . DESERVES FAVOUR 

A plav lor actors and orchestra bv tom 
STOPPARD AND ANDRE PREVIN Setfa 

the** English 

mu* rxs&i 

SSLtraL M 2 ^ CM? N? 8 E h P t l“ v 8 « 7 S 

JOAN TURNER * St 7J ° 

NATIONAL THEATRE. Q- n 

OLIVIER -open stage!: Today 2 S' A 
7.30. Mon. 7.30 .low ariocor^i-cf 
THI^DOUBLE DEALER bv Willte^'tS- 

L rT^°THr P i^f,^n r ?i 8c) ’ Today 3 
f h aw 45 7 . 4 5 HE F^^ NDEi{tK *» ^rnahl 

ttrsA ssz ssrsr^S! 

me a 

OLD VIC. " 7j~ k , ' c 

PROSPECT AT THE OLD V«c ■ ** 
Marguret CQtjrtraay^ j 4uuh 01ty 

fT’iSit-rsLSr fe "ssi 

GillkK. Matthew Gumnoss, Mel' 

Trevor Martin. Christopher Ne'iti^^ nhl ‘ 
The I turn lest Mr,. MalaoroDi' 
wen. 1 ’ The Guardian. « "Kf 

Sir Anthony — a wonderful ucrloem^lrif " 

1 7!m. TMaV " 7lS0 - ^> 2 30 "lid 

PALACE. CC. 01417 e,u ' 

Mon -Thur. 3.00. Fr.. and 

J 6 SUS CHRIST SUPERSTAR 
by Tim Rue a nd Andrew Lloyd^Jehber. * 

PALLADIUM. 01*437 7373^ Book nnw 
Sept. 25 For One Week o°, 

_ LENA MARTEU, V 

MICHAEL BEN-nfFE, WAYNE KING ' 


THEATRES 

PALLADIUM. 01-437 7 373. Book DOW. 
October 2nd lor One Week Only 
In ONE GREAT SHOW 
LENA ZAVARONI 

and Her Singers and Brian Rocers Dancers 
RONNIE DUKES AND 
RICKI LEE AND FAMILY 

PALLADIUM. 01-437 7373. 

Opeithis Dec 20 for a Season 
DANNY LA RUE 
a, "Merry Widow Twankev" in 
ALAODIN 

ALFRED MARKS ai Abanazar 
Dllys WATLING Brian MARSHALL 
and WAYNE SLEEP 
BOX OFFICE NOW OPEN 


PHOENIX. 01-636 2294. Evcnlncs al S.IS. 
Mats. Wed. 3.00. Saturdays 6.00 and 8.40 
■TIM BROOK E-TAYLOR. GRAEME 
GARDEN make us laiuh." Dalit Mall. 

THE UNVARNISHED TRUTH 
The Hit Comcdv by Rovee Ryton 
"LAUGH. WHY I THOUGHT I WOULD 
HAVE DIED " Sunday Times. "SKKEA 
DELIGHT." Evn. Standard. “GLORIOUS 
CONTINUOUS LAUGHTER." Times. 


PICCADILLY. From 8-30 a.m. 437 4508. 
Credit Cards. 836 1071 Mon .-Thurs. 8.00 
Friday and Saturday S.OO. B-1S. Alr-cand. 
’■ Dominating w.tti unfettered gusto and 
hwnour. Die BROADWAY STAR." D. 6 * 0 . 

SYLVIA MILES ^ 

" Towering MrloftnaKA." Dally Mail. 
VFEUX CARRE 

by TENNE55EE WILLIAMS 
•' Works like magic." Financial Tirais. 
" There has hardly been a more sattsfytea 


evening in tbe West EM ■ . • the BEST 
COMIC WRITING IN LONDON." OOS. 
'■ Sex running like an elecirlc current.” 
Fin. Times. "DIVINE INSPIRATION- 

AUDACITY OF HIS HUMOUR 

HYPNOTIC EFFECT." D. Mail. 


PRINCE EDWARD. CC. (Formerly Cosmo). 
01-437 6877. Evenings 8.00. 
Matinees Thur. and SaL ax 3.00. 
EVITA 

by Tim Rue and Andrew Lloyd-Webber. 
Directed by Harold PrMiee. 

PRINCE OF WALES. CC 01-° 30 8681. 
LAST 3 WEEKS. MUST ENl) CCT. 7. 
Evgs. 8.00.- Saturdays 5.30 and 3^5. 
. THE HILARIOUS 
BROADWAY COMEDY MUSICAL 
I LOVE MY WIFE 
Starring Rabin AsLwI'h 
CREDIT CARD .BOOKINGS 930 0846. 

QUEEN'S Credit Car*. 01-734 1166. 
Evgs. 5.00 Wed. 3 .CO. Sit. 5 00 . 6-50. 
ROY DOTR1CE. -GEORGE CHAKIR15. 
RICHARD VERNON JAMES VILLI ERS 
THE PASSION OP DRACULA 
” DAZZLING," E. Stan. ” THRILLINGLY 
j EROTIC." Oh. " HIDEOUSLY ENJOV- 
' ABLE and GENUINE TERROR." Sun. 

1 Times ■■ GOOD CUrAN. GORY FUM." 

S. Mir. " MOST SCENIC ALLY SPEC- 
1 TACULAR SHOW IN TOWN." PotNb. 


THEATRES 

. RAYMOND REVUEBAR. CC. 01-734 1S93 
At 7 p.m.. 9 p.m.. n p.m. Open Sims. 
PAUL RAYMOND presents 
THE FESTIVAL OF EROTICA 
Fully air-conditioned 
21« SENSATIONAL YEAR 

REGENT lOeford Clrcust. 01-637 9662-3. 
Evgi. 8-50 Mats, Fn. and Sat. 6.D0. 
TAKE THE FAMILY TO 
THE GREAT AMERICAN 
BACKSTAGE MUSICAL 
A little lewe«.“ Fteancial Times. 
Smart swell show." Dally Express. 

‘ So eniavabte." Sunday Times. 

Ittkj have more r.ltganoa 
than Ihnsc tor EVITA. 

"Mesie a ore o,tc 

than that lor ANNIE." Sunday Telegraph, i 
Credit Cara Booki ng s — S eat s tr om £2. ■ 

fWYAL COURT. 730 1745. Alr-cond. 
Evenings « 8-00, 5ats. 5.00 and 8.30. 
.. , NICOL WILLIAMSON 
A Vlrtuoa Mrlorounc*." 0. Tel. 
,„JJOWI OSBORNE'S 
.. INADMISSIBLE EVIDENCE 

■his Is one ol the lew greqt Plays Of 
the century." D. Mail. 

r 5TA L , TY tk C ' w >*t Cards. 01-405 80 D 4 ~ 

1 “*MMrtBBB« r BB8Saf u - 

_ . . Best Musical ot 1 977 
,JS: booking! accepted. Major credit 
cards. Restaurant^ reservations Of -204 

SAVOY THEATRE, 01-836 8868. 

“ija.zaCT *usr - 

•A YOU 

_ TO SEE IT.” GinnfiaiL 

tygs- at B.00. Fri and Sat S.4S and B.d5. 

5HAFTESBUP.Y. CC. 01-836 6505 7 

Thursday 3.00. Sac 5.00 B .30 

TERENCE STAMP in 
, DRACULA 

„ - with DEREK GODFREY 

me most entertaining snow I have 
ever. e»er seen." N-B.C. 

01-388 1 394. National Youth 

The0tr * d." «. JUL,US CBASAR by wiiftem 

Shakespeare. Engs. 7.00. 

STRANg; £1 838 2660. Evening t 8.007 
Mat. Thurs 3-00. Sals, sit) and aja 
NO SEX PLEASE— 

WE'RE BRITISH 

LONDON'S LONGEST LAUGH 

OVER 5.000 PERFORMANCES 
ST- MARTIN'S. CC. 01-935 lasi* 
Evgs. 8.00. Matinee Tue. 2.45. Saa 5 do 
and 8 . 0 G. 

AGATHA CHRI5TIE'5 
FKT MOUSETRAP 
WORLD’S LONGEST- EVER RIJN 
______ . 26th YEAR. 

TALK OP TH6 TOWN. CCTfiT734 sosT ■ 
Air.condittofimo from 8.00. Omma. 
Danrira^ SURREY, ew 

AT 11.00 PETER GOROENO 


SATURDAY. The Autonm rat- 
ings war leaves pretty thin pick- 
ings for those not impressed by 
the last episode of the current 
Dr. Who saga or the first of the, 
new Larry Grayson hosted Gen- 
eration Games. Take refuge in 
the esoteric pleasures of 'My 
Music (-BBC 2 7.15) one of the 
Beeb's middle aged, middle brow 
appealing birain teasers. Later on 
ITV offers The Betzi, by William 
Douglas-Home, and the awful 
Saturday Night People, watch- 
able if only for legal blunders 
and general fpot-in-it ineptitude. 
Betw een times Radio Pour has 

THEATRES 

THEATRE UPSTAIRS.' 730 2554. Evgs- 
7-30. Pirate Jenev In EMIGRANTS by 
. Peter Sheridan. 

vaudeville. 838 9958. CC. Evs. 8.00. 
MaK. Tues. Z-45. Sat. 3.00 and 8410. 

Dinah SHERIDAN. Dalcte GRAY 
_ A MURDBt IS ANNOUNCED ' 

The newest whodunit by Agatha ChrisHp. 

Re-enter ASBtM Christie 1 with another 
“Jydwatt hie; Asatha Christte is stjawng 
Th« West End - vttf again with another 
w. her hramshly ingenious murder 
mvstpr.es. ■■ Felix. Berber. Evening News. 
vparis run must end Sept. 30: 

VAUDEVILLE. <36 *988. Press.' 2. 3 OtX. 
8.00 D.m. Opera '4 Oct. 7J» pjp. Sobs.: 

_ 8.00 o^n. 

Ali -EVENING WITH 
... DAVE ALLEN 

LIMITED SEASOm OCT. 2 to PEC.-2. 

VICTOR 1 A PALACE. V- 

828 4735-6.. J : ,834 1317. 

STRATFORD JOHNS 
SHEILA HANCOCK 
, ANNIE 

Eras. 7.30. Mats. Wed. end Sat. 2.4 S. 

__ SMABHj^^frp, Man, , 

Warehouse. Donatar Theatre. Coveat' 
Garden. 8 38 6B0A Royal Snakrwarp 
company. Ton'L.- Mon.--8.00 b.-emiere 
Sieohen PoIUkOfi'a SHOUT ACROSS THE 
2 ii R - All jeaa £1.80. Adv. bfegs, ; 
_Aldwych_ StudPnt standby £1. i 

WHITEHALL. CC. 0T-930 6692-7765. 

Em. 8 . 3 a. Frf.anJ SaL .6.45 and 9.00. 
Paul Raymond ptfScnts the SensatloqU- - 
Sex Revue of »• Century 
DEEP THROAT 

fltfl GREAT MONTH 1 


an inviting play at SJ5. Anus* 
described as a black comedy. 

SUNDAY. Much the better, 
night, with R. F. Deldarfi eld’s A 
Norseman Riding By on BBC-1 
(7.15) and Lillie, . the Lillie 
Langtry story, on ITV at 8.15. 
One of television's inevitable 
clashes makes it difficult to watch 
Lillie and Lady Caroline Lamb, 
the film which has a rather good 
performance by Richard Cham- 
berlain as Lord Byron (BBC-1, 
8.05). At 10.05 turn both radio 
(Three) and television (BBC-2), 
to Horrowitz live from New 
York’s Lincoln Centre. 

CINEMAS 

ABC 18. 2 SHAFTESBURY AVE. KSS 
866V Sep. Perfs. ALL SEATS BKBLE. 
1; 20011 A SPACE ODYSSEY (OV 70WBI 
■ fihn. Wk.S Sen. 1 JO. 4 -2s. 7.sS. ■ “ 
2; CONVOY CAJ. WL & 5UA 2-00. 5-20. 
830. . 

CAMDEN PLAZA top Camden Town KM 
4BS 2443. TH£ BOS DYLAN F4LM 
. RENALDO AND CLARA (Al w ith Bob 
? Ovten and Joen Bora. In 4-tnsfc STEREO 
. Progg. SJfl and 73P. 

court' Rd.^T^SS). S ^» t DsTt. 

■ftavaBw aaBr«ar p ^- 

i T 0 ?^- Progs. 1.05. 3.30, 

JfSz+kOS st10w TEXAS .CHAIN 
SAW MASSACRE TX-GLO IT pm. - 
2?* BlLENT PARTNHt OO. Progi. 

lf*imi 3 ‘ 20, s - ss ' 8JS- Lota show. 

AD scute £1.00. 'THE 
JKJT Wl INEMi |A). Pram. 11. 03. 

2-00 . Steve MeOoran Art; 
f^EMY OF THE PEOPLE W). 3-.1S. 

S’ 4 5. 8.15. Late sbow 10JS pm. 

A: HEAVEN CAN WAIT (AJ. Progj. 1-40, 
3.55- 6-1-5. 8.35. M.OQ an. zi 

CURTON. Curran Street. Wl. 499 3737." 

MONTANO. CATHERINE 
pajrfUVE In La SAUVAGE IAJ. lEdgllSb . 
Nibttolcst Praps, at 2.0 (not Sun.fc- 43)5. 
g.l S end 8.30. ■ , • 

saurteTniEAiieL uo stsz 
FgAT.-tA) _S«p. perts. San. 3-30. 

JP™*- JjP°- < - 3Q * 8.10- . late 

Niflht show Frt. S Sat. T1.4J pm. 

MoST-Frl.. afpSS 
MtbteJet. « Stra. except lets NigutahM. 



WINDMILL THEATRE. CC. 01-437 6312.. 
Twice Nightly 3.00 and lo.DO 
Sunday 63W and B.00 . - * 
PAUL RAYMOND presents 
• RfP.OPP 

THE EROTIC EXPERIENCE OP THE j 
.. _ , MODERN ERA 

• alee* to unKesedaited finifts irtu is 
“•raiKs.bie on ««r saw* Ey. Nfo; 
THIRD GREAT TSAR 

'^NOMAM’5 01-336 3023- Credit Crad. 
|“S». B3S 1071 from AJO am-. Moru- 
Thur. 8.00. FrL *nd Sat S. IS and 8 JO. 

■ ENORMOUSLY -RICH 
VERY FUNNYJ -.gye.n lB9 News. . 
Mary romedy 

_ ONCE A .-CATHOLIC 

Supreme comedy on seKi Hid reUgtan," 
rtrify TM40IOM. _ . . 

MAkSVYOU 'SHAfa'WITH 
LAUGHTON 1 

VOUNG VIC. B 28 6363- fpr two weds 
only peter -BROOK’S -iBitiBM. .Parts 
oraductlen or* AlfreffJWTO’* M'WURU 
fin French), 7J45--AH seats £Z.SO. 

■young vie. 928 8363.' Vrom Ocl. S. 
ACTION MAN 8 ' SnaR«Prare trilogy 
RICKARD m, HAMLET and .. .1 
. THE TSMP6ST - . ■ J 


MlOMUtn- SCPREK, TO. Sep. prbgs* 
' ?r ‘ -S. a - 3 °j ,S30.- 8-30 pm. Lite 
Wl.- Sets, end- Suns., doors 


Show.riliws- frte... Slits, am) suns., anon 
SStpildSe. m ?r0D ’ 41 ,r '* s pm - Al . 1 





t±LfS 


SQ UARE. 930 S1 1 1; 
TOe-. CHEAP DETECTIVE (A). Sh. 

door* open 

°rSS *™KhSj^SP* W2 223-2011*2; 
EtS?rjS N ^ ,, !T ERa OF VS® THIRD 

Frir's So?' P t°2 s "i 1 2?* 0WB MM -* 

Frt 2.00. 0. Sat 1,05 4,15. '7 as: 

S g S'.., 3 -”' 7JS0. Late show Prl. 3,-S0t- 
p yrs open.11.15 pbl All sratt. bhh*e- 

PIWICE C*tAK£=5. ^NC_S0. 437 8181. 

I ^ *«£«!: i-is. 

sga>afc.aa a » 

S 5 >l A 0 r? J ^ Orcps! ’*37 3300- 

.fd }£?§ ;? a rC - S0 6.00. 835. L» 

I ■ y’ . • , 







H:-s. y 

'ii' ■ 







iBer: 27.1978*. 


•niri'iHiViri H 




£ 


c/v®-U }-LLjA 


-l. 


i*. 


COLLECTING 


The Marlins 


>y . » »F ALL the great generation 
l/Fl* f artist potter; which flourished 
“* * £7h the test quarter of the nine- 
.. "l*enth century, the Martin 

'■ '•>■>.&. rothers have always been the 
ic iest laved. Their work was 
[ready being collected a 

' : ygntury ago, only a year or two 

•V * Fter the pottery was under 

■ and from the great days 

■ .^wre are legends of keen uni- 

Actors making the pilgrimage 

■ i Southall and lining up to 
- --• ; j>L first pick when the kilns 

• ; opened after the firings. 

• ‘;. : - ‘,-hieh generally took place 

a year. 

_ “■ The next throe weeks pro- 
• vj.^ide an opportunity for a mas- 
. o '.ve revaluation of the Martins, 
'-.i chard Dennis, who has 

/become the High Priest of the 
_ ‘ ' ns and Crafts Movement, has 
_ ‘ rganisod at Sothebys Belgravia 
•■•v hat is probably -the largest and 

insl representative exhibition 
. >. cer brought together in the 
‘hole 105 years since the 

■ , lartins began work. 

. In association with the e.vhi- 
.-"';jtioij Mr. Dennis is also pub- 

-c.shing Makolm Haslam's mono- 
' '^raph, The Martin Brothers 
;'*: offers. At £30. this costs 
. ""-’round 17p a page, discounting 
: ■: -S. te colour plates; but it is the 
li . Infinitive work, and indeed the 
-;.'.' 4 .nly one since 1536 and Charles 
'eard's magnificent but misiead- 
. ig Catalogue of the Nettlefbld 
v Vjolleotion. 

; The inspiration of the Martin 
nlerprise was.- the elder 
■ rother, Robert Wallace, bom 



in 1843. A keen disciple of 
Samuel Smiles* SelJ Help tMr. 
Haslam demonstrates that when 
he wanted the names of the 
great to inscribe on a prize 
medal, Martin chose the men 
instanced as Good Examples in 
Smiles* inspirational work) 
Wallace's was a Victorian suc- 
cess story.- Set to various odd 
jobs as a boy, he discovered his 
aptitude for drawing when he 
was laid up with a broken wrist. 

His drawings won him a job 
(he would not take an appren- 
ticeship) un (he building of ihc 
Houses uf Parliament, which no 
doubt accounts for the strong 
Gothic cast of his earlier work. 
Then, like so many of the 
Doulton pollers, he enrolled at 
the Lambeth School of Art. 

He set himself up as an in- 
dependent sculptor, and had 
some small success, but soon 
became interested in ceramic 
techniques. In 1873, when he 
was 30, he and his brother 
Waller set up their first factory 
at Pomona House/ Fulham. In 
1877 with the help of ihe 
patrons they had acquired on 
the way, they took over an old 
soap factory at Southall, and 
established the works where 
they would remain io the end 
of iheir career. 

The exhibition dearly shows 
hnw sensitive were the Martins 
(sometimes it is hard to dis- 
tinguish Ihe individual contri- 
butions of the different brothers 
and their occasional collabora- 
tors V to the artistic temper ol 
the times. The progressive 
styles nf Iheir pottery, show 
them influenced or excited by 
the Gothic revival, the pre- 
Raphaelites (in whose circle 
Wallace moved in his sculpture 
days), the AeMhctic Movement 
and Japan, the Renaissance Re- 
vival, and the eclectic influences 
from Celtic. Classical, and else- 
where gathered hy Owen Jones 
in his formative Grammar o/ 
Ornament. 

The bizarre birds and -beasts 
which were Wallace's speciality 
in later years are a peculiarly 
Victorian phenomenon, rela- 



tions of the Curious Creatures 
uf Wurlemburg, of Carroll’s 
juhjubs and jabberwocks and 
Lear's jinn Mies. 

• The most significant revela- 
tion of the exhibition and of 
the bonk, however, is the contri- 
bution of Edwin Martin-after 
years as odd-job boy of the firm 
— «o the brief Indian Summer 
pf the Martin's last years, when 
the pottery adopted the simpler 
forms of Japanese design and 
adapted the sinuous lines and 
botanical influences of Art 
Nouveau. 

The last years were a sad 
story of lethargy and acrimony. 
Work became infrequent and 
unsuccessful. 

Kor these who want to go 
still deeper into Martin lore, 
the Decorative Arts Society is 
organising a special seminar on 
Saturday. September- 30.'- The 
cost of the day-lung session is 
£3 t£3 to members of -the 
Society) and applications for 
the limited places should be 
made to Peter Rose at Brighton 
Polytechnic, Falmer, Brighton 
BN1 9PH. 

JANET MARSH 


CHESS 

LEONARD BARDEN 


TWO STRIKING features of the 
Lloyds Bank International at the 
Cumberland Hotel, London, on 
August 24-31 were the wide geo- 
graphical spread of eurries, with 
21 countries represented, and 
the set-backs for the grand- 
masters. 

■ There was a triple tie between 
P. LiltJowond (England). J. 
Peters <U.S.) and Y. Raniaoen 
(Finland) on- 7t points our of 
10 . followed, by seven players, 
including grandmaster Y. K raid- 
man (Israel), and IMs S. Tatai 
(Italy) and S. Bouaziz (Tunisia) 
with 7. The remaining GMs iL. 
Shamkovich. U.S.; G. Forintos, 
Hungary-: R. Salinas. Philip- 
pines; and H. Westerinen. Fin- 
land) were outside. the prize' list. 

John Peters, of Lns Angeles, 
tied for third at Lope Pine 
earlier this year and again made 
a grandmaster result in London. 
He would have won the Lloyds 
Bank event outright hut for 
relaxing once he reached his GM 
score. 

Paul Littlewnod. snn of the 
best player in the North or 
England, likes to attack and 
sacrifice: be can also play tech- 
nical chess when needed and 
went unbeaten through the 
British Championship and Lloyds 
Bank tournaments, achieving an 
International master score at 
age 22. 

Litllewood was among nearly 
3Q school and university players 
from the British Chess Federa- 
tion national squad who were 
awarded scholarships to play in 
London. Many made good use 
of the experience, although Nigel 
Short for once had a poor resuli. 

But the junior who impressed 
most was Joel Benjamin, tbe 14- 
vear-old champion of the Man- 
hattan Chos Ciuh in New York 
who recently broke Bobby 
Fischer's record as the youngest- 
ever master in the U.S. Benja- 
min gave all his GM and IM 
opponents a hard game, drew 
with two of them, and missed 
an IM result by only half a 
point. 

A player with limited time 
for chess study but seeking a 
systematic programme for im- 
provement may well find that 
tbe most cost-effective method, 
next to regular match and 


toiirnanmnt practice, is to con 
ceptxate on, the strategic side of 
the game- 

Chess strategy can be grasped 
Wit#; a fraction of the effort 
required for the complexities of 
opening variations, and there 
are' currently good instruction 
works available in Michael 
Steal**- Simple Chess (Faber) 
aptf.Pacbmans three volumes on 
Qjess Strategy (Batsford). 

Jlrftnr Peters, the Lloyds Bank 
co-winner, did not show- out- 
standing natural talent as a 
junior but has become one of 
the leading masters in the U.S. 
with.. the lucid style displayed in 
this week's qa'tne. 

White: J. Peters (U.SA. Black: 
J. van Baarle (Holland). Open- 
ing:-. -Sicilian Defence (Lloyds 
Bank=Maslcrs 1978). 

1 -P-K4. P-QB4: 2 N-KB3. 
P-Q3l' .3B-.\’5 ch. N-Q2; 4 P-Q4, 
KX-BS; 5 0-0. P\P; 6 QxP. P-K4; 

7 003, P-KR3 (to stop B-KN5): 

8 P-B4, B-K2: 9 N-B3. (Ml; 10 BxN, 
BsB; .11 P-QN3, P-R3: 12 P-QR4, 
Q-B2: 13 N-R4. KR-Q1. 

White's opening plan is to use 
his knights to control Ihe light 
squares Qo and K35, build up 
the pMj'or Pieces in support, and 
tiled Tswiteh to an attack on 
either- flank depending on how 
Black counters. 

Tbe only good counter Tor 
Black is (o undermine'the white 
pawns- as soon as possible, and 
thus the right plan is QR-N1 and 
KR-B1. preparing P-QN4. If White 
then.'- plays P-QR5. Black can 
regroup by B-K3 and N-Q2-B4 or 
N-Q2^fl-B3. In the game Black 
effectively does nothing active 
and '.finds fais position too 
cramped for successful defence 
is depth. 

14 S-K3, P-QN3; is P-B3, Q-N2: 
16 KR-Q1. B-KB1: 17 P-KN4! 
(ensuring an open file when the 
outpost knight is exchanged). 
B-K2; IS N-B5. BxN; 19 NPxB, 
QR-N1; 20 K-T51. K-R2; 21 R-R2. 
Q-B3;, 22 N-Q5, N-Xl: 23 N-N'4, 
Q-BI; 24 Q-Q5. R-Bl: 25 R-KNl, 
N-B3; 26 Q-Q2. 

An this is accurately played 
hy While, who gains tempi for 
his attack on the KX and KR 
files while restraining Black's 
Q-side- play. 

20L..R-N1: 27 Q-KN2. P-QR4 
(if. F-QN4; 2S RPxP, PxP; 29 
R-R7, R-N2: 30 PxP); 28 N-Q3, 
N-Q2; 29 Q-R3. B-B3: 30 Q-R5. 
Q-Bl; 31 R2-KN2. R-KR1 (to 
meet BxRP bv K-Xl); 32 N-B2. 
Q-K2;'33 N-X4. K-Nl: 34 NxB 
ch, QxN: 35 B-B2. Resigns. There 
is no defence to 36 B-R4. 


BRIDGE 

E P. C- COTTER 


DURING A session of partie fire 
last week my partner and I had 
been overwhelmed by the 
weight of cards which our oppo- 
nents picked up hand after 
hand. They bad already had 
three slams when this deal 
occurred: 

N 

♦KJ97642 
■7 6 3 
10 S 4 

* 6 


w 

♦ A3 

? A 7 2 
> A K 9 3 

♦ A J S 7 


E 

♦ 5 

T K 5 
■Q .1 7 . . 

* K Q 10 4 2 


7 6 2 


S 

♦ Q 20 8 

Q J 10 9S4 
5 

* 9 5 3 

The opponents, need- I say, 
were vulnerable when my part- 
ner in the- North seat dealt. 
After passes from North and 
East it seemed likely that an- 


other rubber was going to be 
scored aeainst us. The sane 
course was, no doubt, to pass, 
but I decided to bid one spade. 
West, as expeiied, made an in- 
fnrmatorv double, and ray part- 
ner jumped to three spades. 
This was passed to West who 
doubled, this time for penalties, 
and I prepared to take ray 
punishmenL 

When West led the diamond 
King and dummy went down 
with seven trumps this was a 
most cheering sight. I ruffed 
the second diamond, and led the 
nine of clubs. West look with 
the Knave, and played Ace and 
another trump, putting paid to 
any hope I mighi have of ruffing 
another diamond in band, and 
1 had to go twn down. 

There was nothing further to 
the play, but the post mortem 
was interesting. Against our 
9 points East-West had 31, with, 
as you can see. a cold grand 
Siam in no trumps or either 
minor suit. 

If I bad passed, East-West 
would inevitably have reached 
ai least a small slam- As it was. 
East might have pushed the 
boat out a link*. I would like 
to slate that Fori line relented, 
but it was nm t>» l«*. The oppo- 
nents went out <m the next deal. 

However, all ihe frustration 
was forgotten when this hand 
occurred in a later rubber: 


POSITION No. 234 


X 

a 


----- 

p 

a 




. 




1 

k 

¥ 

i 

r 

i 


i 

§ 


i 

A 

i 

* 

a 



% 







3 






H 



m 


PROBLEM No. 234 

&UGK( 5 fften) 





. 

5 








a 







W 

£L 


i 









3 

















i 




s| 


zl 












WHITE a men) 


Kurajica v. Smcderevac, Yugo- 
slavia 1978. All the pieces are White males in two moves. 

r-sy? ^ f 3 r h d e th „ e p e s «■ 

but White's next move gave him West Germany). . 
a forced win. How should the 

game continue? Solutions Page 12 


N 

' *73 

TS 54 

■> 10 9 8 4 2 

* A 9 3 

W E 

♦ J 10 2 ♦ 6 

n K 3 2 " A Q I 10 0 5 

> K Q J 5 — 

* Q 8 4 * J 10 7 6 5 2 

$ 

* AKQ9S54 

ff. 7 

* A 7 6 3 

+ K 

Neither side was vulnerable 
when West dealt and opened 
the bidding Kith one diamond, 
niy partner passed. East replied 
With one heart, and I found my- 
self looking at the first good 
hand 1 had seen — a near twc£ 
bid. 

One could nut criticise an 
immediate four spades on my 
hand, but ns all I wanted was 
to be allowed to play the hand 
in spades. I decided to vary' my 
tactics, and passed. West raised 
to two hearts. East jumped to 
four hearts, and now I came in 
with four spades. This was 
doubled hy West, and all' 
passed. Wvs\ led the two of 
hearts, and East won with the' 
Ace. 

It was ironic m find my part- 
ner wiih a trick, the Ace of 
ciuhs. to which 1 had no imme- 
diate access, bur I could see a_1 
ray of hope. Ruffing the Queen j 
of hearts at trick two. I drew ; 
trumps in three rounds, cashed 
the King of clubs, and led a low. 
diamond towards the table.... 
West took with her Knave, and. 
East showed out. This was most 
revealing. East must have 
varied with six hearts — in fact, 
she must have a 1-6-0-6 hand ’ 
patiern. 

West returned the King nf-. 
hearts, w hich had in be her last 
card in the suit, and now she-” 
was hooked Tor an entlplay. I- 
ruffed, and led another low dia ; f ( 
niond which West had to win"' 
with her Queen, and the writing 
was on the wall. She was forced 
to lead either a diamond into - 
my split tenace, or let me make- 
the club Ace at once by a return 
in lhat suit. 



LONDON: BOND STREET 
fexrhiding von Hirsch Collection) 
& CHANCERY LANE £50.453 ,000 



LONDON: 
\ " ROBERT VON HIRSCH 
\ COLLECTION f 18, 45 7, 000 



» « 

LONDON: BELGRAVIA £B, 150,000 


r-HOiCi 


. .flf- 


¥/- 



Sotheby Paris Bemet & Co., 34-35 New- Bond Street, London W1A 2AA _ Telephone: (01) 493 8080 


It was only a matter of time 
before the world's leading coin ' 
dealers became the world's leading 
coin auctioneers. 



OCTOBER 11th 1973 
NOVEMBER 29th 1978 
FEBRUARY 21st 1979 
AT QUAGLINOS * LONDON 
catalogue available on written request. 


ML. Fsl.lbli-.hed ibhh . 

Spink Sz Son Ltd. King Street, Si James's, London SWr.Tck plume c 1-910 78^8 (24 hours). Telex 916711. 


ART GALLERIES 


BLOND FINE ART. 33. SjOcviIIc Street. 
W.l. 01-437 1*30. BRITISH WATER- 
COLOURS 1900-1945. George Sljltll. 
H. Brabazon. Horace Broezky, Jacob 
Eastern, Duncan Grant. Funus HMskins. 
G*cn John, Bernard Mt-mml*. John 
Nash. P. Wlhon Steer. Elhdocrt While. 

3 iristoohcr Wood. Until 14 Oaotier. 
an-Fn. 10-6; Sats. io-t. 


CRANE KALMAN GALLERIES; 17a. 
SrOmolon Roed, S.W.5. Qucslaadihg 
Bril fih worlra ol art. Barbara Hemrorih, 
L. S. Lowry. Henry Mot 

son. Graham Sutherland. 

Matthew Smith, etc ALSO works b-> 
European and American artiste. Mon.-Fri 
10-6. Sat 10-4. D1-SB4 75C6. CRANE 
ARTS. 321. Kings Road. S.W.3 01-352 
5857. Native Art Iram 18Ui-2Qth cent 
Also young artists oi unusual vision and 
talent. 


FELIKS TOPOL5KI. Henley Regatta Past 
& Present, drawings and pamiings irom 
23rd ScPt.- 12th Oct. at Eohun Gallery. 
Station Road. Henley-on-Thames. Tel. 
049-12 622B. 


FINE ART SOCIETY. 148. Now Bond SI- 

MM. 01-629 5116 CHARLES RENNIE 
MACKINTOSH. Also SLOUlsh Painting 
19th -20th Century. 


OMELL GALLERIES, Fine British ami 
French MODERN DRAWINGS and 
Modern British MARITIME PICTURES. 
42. Albemarle Street. Piccadilly. W.l. 


ROT MILES, B. Duke Street. SL James’s. 

S.W.1. VICTORIAN PAINTINGS AND 
OLD MASTERS. Monday to Friday 10-5. 


5LOANE STREET GALLERIES. 158. SlOane 

SL. W.l. Modem paintings, sculptures 
and graphics by Interesting International 
ar lists. Wide range of or Ices. TUes.-Frl. 

io.oo-s.oo. sat. io.oo-i.ao. 


THE ERASER CARVER GALLERY. High 
St.. Thames Ditton. Surrey. 01-398 
7069- Until oct. em. watercolours Bv 
FATHRYN BUNTING.. Tues.-Sat. 10- 
S.30. Suns. 2.M-S.30. 


CLUBS 


EVE. 109. Regent Street. 734 0S57. A la 
Carte or All-in Menu. Three Seectatuun 
Floor Shows 10 45. 12.45 and i c s and 
ftigtic of. Johnny Harrkuworth A Friends 


COMPANY NOTICES 


SOUTHERN K1NTA CONSOLIDATED (M) BERHAD 

iiruorporated In Malaysia; 

NOTICE OF MEETING 

NOTICE IS HFREBY GIVi N lh>i Ihe hrjr Annual Genpr,,l Meeting ol memhers 
Ol Southern K.nla Can', jluinied 'Ml GCrhad will he hek« „t ihe regisiered 
dihe-? ol the company. \\ ,-n.j Bun&a Rara. 1S2 Jalan Anipang. Kuala Lumpur 
Ua-05 Pm- ■nn-ar MMavs,a. <-n Salurra,. I tin Oc:aPi.r. ly.'p. at 11.00 am. 
lor the lellovrmg purup-.e; — 

To consider and, ii inonpni In. pass Ihe lollowing as ordinary resolutions' ■— 

1. ■■Thai the proht .inn loss acceuni lor me period T9in riv.cmtcr, 1976 

to 31st March and the balance sheel ol ihc companv al mat 

dale ann,rhe tonselidalnd proht and loss .-ircannl lor the period ended 
list March. 1978 and the consol fisted balance jhect at that date. 
together with ihc .innerrtf report of ihe Pirnrrors including their 
recommendation lor the savment ol a final dividend ol 70 cents per 
share, less income ta> » *nd a'O ncrchi ipcroroa and .idoptcd." 

2. “ That the Iniiowing d-recrors who reiirr irom nttice In accordance With 

the articles 0 | on be and are ncieay re-elec red: 

m V b. fu' *- t».-.il L>nalar Baba 

tli» EmiV junus Sintln 

illi) Encife Aort'ii Rahim Aki 
nvi Enclk A:m.m Hasmm 
• vt Mr. Lee 5iow Shpong 
• vll Mr. j. a. Ricnarasan 
ivlii Mr, A. J. W Owslon.” 

3. “ That Messrs. Turqtiand. Youngs A Co. he and are hereby appointed 
Hie company's auditors until the conclusion ol the nesi annual general 
mealing and that Iheir remuneration sc hxed at me board." 

8v wav of specal Business 

which will be orooesed as 

4. *■ Thar the remuneraiisn to be paid 10 ihc company 1 * directors under 
article 85 Ol the articles ol association be fixed at a rate Ol 
Mrll.SPD oer annum for earn p. rector lolhor than the chairmam and 
a> a raic of M<14.576 oer and .m lor Ihe chairman, which shall Oe 
aeemed to accrur de die in diem with cfft-ti from 1st April 1977 
until funher nollcc." 

A member entitled to jiientl and yme at the meeting is on titled to apoomt 
one or more ero-ies to attend and voie in bis stead. A proxy need not be 
4 member ai rho company. 

Bv order oi the Board 
Zulkifli Talib 
Secretary 


Kuala Lumpur 
22nd Scotemoer. 1978 
NOTE5: 

Ii 


A larm el proxy to P* valid musl reach the Malaysian Registrar 1 
odice ai Wlsma Bunq.i R.«a 152. Jalan Amean a . Kuala Lumpui 
Malaysia or Jh e itniicr K.nndom Rerisrrart. Charter Coirsolidalr 
Limhed. Charter House Pam street. AsMortf. Kent TN24 8EC) ™ 
ksi Ih Ait 48 hours ticlorc me mC'Cfinp. 

V3J Ttime are no conn acts Ol unite bciwrcn ihe directors and the company 


rill 



























-i;. 


14 


; fHifettidal Times Saturday Sefrte 



FINANCIAL TIMES 


i BRACKEN HOUSE, CANNON STREET, LONDON fiGtp 4BY 


Telegrams: Fiaantimo, London FS4. Telex: 888341/2, 883897. 


Telephone: 01-248 8068 


Saturday September 23 1978 


n 


Big 


issues 
at stake 


\FTER WEEKS of summer ment as a norm. What will make 
fhetoric and drift, the real for a more destructive winter 
Issues round the world have is the political Capital Mr. Cai- 
>een rejoined with a startling iaghan has invested in pay 
uddenness. The strength of policy, and the open defiance 


[he framework - for peace in the of Government policy by the 

.. . rpvfiMrnnvt Anri NAnaeoT 




for 



By KEVIN DONE, Energy Correspondent' 


T HE DUPLICATIONS of the Cyprus, South Africa and tankers in Lourenjo Marques, sure, have been regarded, fr* 
Bingham Report run Ceylon. The region was known The trains, instead of crossing inhibiting such as invest!*: 
beyond the realm of as the “ Consolidated Area" over into the Transvaal Indus- garion.” But there was some* 
Dolitits and international diplo- because the joint; company trial area of South Africa, took thing more fundamental. Such' 
marv The study also delves formed was called Consolidated a branch line to the north and a course of action “ would 'nave 
AppoIv into the structure and Petroleum. The two companies headed into- Rhodesia. been entirely alien to the 

the P organisation of the two had equal shares and technically Shell Mozambique, which was relationship existing between 
offending oil companies. Shell the agreement was terminated a UK incorporated company, the Groups and their IpcaUy- : 
!nrfSp and noses serious ones- o nl 7 in 1975 - ' ' was one of the suppliers. Its incorporated subsidiaries. In- ( 

Sons about how far the modem Shell was made the- manager role was at first uowittmg as mmlha on the policy to he 
multinational can control Its far- of Consolidated for which it orders came in th e name of tae followed nad ieen given. 


Middle East, so unexpectedly Transport and General Workers 
Constructed by President Union, and no doubt others. It 
barter, is now being tested: is sadly ironic that in four years 
'iorae of those who did not take a Labour government should I 
oart in the negotiations would manoeuvre itself into exactly 
jndoubtedly like to test it the position war destroyed Mr. 
o destruction. Meanwhile a Heath and S a ’ e Labour power, 
fenewed and sharp decline in This does not, of course, mean 


muranauuMiiMu*.™™ Somh intermediary, Implementation of that policy 

dung interests around the took a fee. It organised staff r j Havhne which was for the local general 

world, particularly when these mg and jealously guarded its ft? "M md Hayhoe^h was for tne local 


-'resident to test his newly re- milcii „ . 

established authority with Con- D «P!*f b P °°“’ 

gress. In Southern .Africa ac0vlt r 111 most parts of the 

■hings have taken an ominous *•« «? 

C SJ5LTT i h i t of foreign »m 

report ~ W* 


just as it is being challenged 


real incomes, have improved 


sharply. Industrial workers 
,! 0rd ^rkers. need not behave like lemmings. 

• IF at the moment the precise and there is some evidence of 

.evel of a pay settlement in a toughness on the side of 

iingle and unusually successful emplo ers . e Th e market has 
notor company seems as ini- ^ ^ Ford news relatively 
portant as the great issues of caJmJ jlldgme nt of eco- 
peace and progress now at stake , 


in the outside world, it is though, the Government seems 
because the Government has lQ h B av ; e dug iteote m m . ;hnln 


nomic realities. Politically, 


chosen to make it so. Realistic 
pay settlements through the 


itself a whole 
Magi not line oE last ditches — 
with the same implied threat 
that a breakthrough anywhere 
k — ,.._i i may turn its fiank. It is a sad 

show' of misguided courage, 
istic average. If it Meanwhile, in the outside 

world, far greater questions are 
The Prime 


economy would certainly im- 
prove our prospects dramati- 
cally, and 
he a realistic 

were by some miracle enforced, 
inflation would in due course £££• 
fall to less than 5 per cent. setueo. 

However, an average by 
.definition is not a universal 
rule: indeed, if successful com- 
panies are to he able Lo recruit 


general 

, r- - nrimnrv rnle ' ' later was replaced by Freight manager. Receiving assurances 

come into conflict with oppos- primary role. Services. from the local general manager 

ing governments policies ana Most of the Consolidated truth could not be that the policy was being 

irreconcilable legal demands. subsidiaries were incorporated con cealed f or ever. Mr. Louis followed, Shell land at second 
The oil companies are no in their local countries. This walker, of whom the Bingham hand BP) accepted these 
strangers to being in the firing “!?„ j 1D - ° c ? h Sou -„ report is particularly critical, assurances at their face value 
line of governments’ foreign . b 5f ° ot . began to suspect the real The Portuguese allegations 

poliev-making. Their business i destination of the tanker trains were as a result given less 

P ‘ Allied out to be of crucial im- , n 1966 . He was Consolidated’s credence than they deserved: 

senior man in South Africa, a We do not think that Shell 


he V doUar mav "well "spur*" the ^at Mr. Callaghan is doomed j aims have often been indivisible portance . 

,*„ # h-,;. nn „,| B to go the way of Mr. Heath. | from the aims of their political n historic! aYtei riant chpn *«““»"■ *“ “rr“* ■•* — * *«'* «“»* 

masters and on occasion profits M^mibqul ^as a ITC- South Afncan citizen, and the Centre deliberately refrained 


and politics could walk easily incorporate d company 
hand in hand. 


man chiefly responsible for from investigation for fear of 


keepin 


. - . _ . — o London informed of what they might uncover, but 

was an anachronism both even t s _ Until the beginning rather that any investigation or 


But the story told in the operationally and politically. ^1968 he" failed 'to teU Shell enqilirj r was "felt l?‘Te““the 

Bingham Report about the because by the 1960s the com- Centre ^ Uaaon of ^ responsibility of those in South 

sanctions-breaking activities of pany had no UK business, no ciona was tbe weakest Africa” 

Shell and British Petroleum UK resident employees and no ]jnlc M it turns out . in shell This theme of the ; rfiat 

shows how easily that close UK executive directors. and BP’s communications in the degree of local manageSiMt 

relationship ^ The Bingham Report makes early years of sanctions. autonomy granted by Shill and 

iL, *t in rerent days tbl cleat that - 111 days ^ , . BP to its subsidiaries runs 

po,nted t 0^t i i J n^erej|t n d a ys v ^ f t ^ taPtwd StTetchlBg throughout the whole report 

mentallv concerns a British Gov- on ® ece tober 17, 1965, both ‘he and poses quesbons for all 

erau.e« that wee unwiltog to 5™™“; ‘“f ^ the tTUth ■ 

■facp un to r&aiitv namelv that P anies strive to make rnem But the report also makes 

Active 1 oil sanctions agitinlt wo t rk e By April Rhodesia s Until early 196S Walker con- clear that once Shell knew the 

a only refinery, which met most tinned to assure London that f ac ts at the beginning of 1968 it 
of its own needs, .along with ShelL Mozambique was not also delayed for some time, de- 


Rhodesia depended on 

“ Rut at another level the *torv 1/1056 of Zanibia and Malawi, supplying products directly to bating the pros and cons with 
alvnreveals anichireoftwo was shut down because supplies jRhodesia. Legalistically this was BP of how open they should 

f° r crude oil pipeline from perhaps true, but it was stretch- with the Government before 

the truth thinner than arranging the meeting with Mr. 


company unable, or sometimes had been '3TS. -As ing 

H-?«hei ,n nn theii” ^nh^srtiarfes Bingbam drily remarks in his London would dare to tolerate George Thomson, the' Common- 
overseas It shows two com- - report: " The st °PP^fi of c"» d a once il *scovered the facts. wealth Secretary. Even at that 

Overseas. ll allUttb nui '- um -V,., tr, avnloirt - <■>. — ». n . . 


is m 
show 


Washington; 
a proper 


labour from the less successful Priorities. 

(and Ford has recently been re- T . . t 
cruiting energetically) it is DUiance 

reasonable that they should be It is far too early to comment 
able, where they can afford it. to realistically on the scale of the 
get a step ahead in pay. This threat posed in Southern Africa 
privilege was indeed allowed to by the change of leadership 
Ford last year. The Govern- and Mr. Vorsteris parting 
( ment‘s rigid rule, and the threat gesture of destructive diplomacy 
to enforce it with sanctions, in Namibia. The monetary and 
looks tough, but is strategically trade negotiations going on in 
weak. It means the main battles Washington, Geneva and the 
are fought where the official EEC could determine whether 
.case is weakest. we can still preserve the liberal 

trading regime which has made 
. Illiteracy possible the succession of 

r- r* j j economic miracles of the Post- 

Economical y the Ford dis- war era. In the U.S. the decline , 
pute is an ugly reminder of the of a ] arge | V unsupported dollar 
economic illiteracy of many jj as eX p 0se d the need to take 
i union leaders and indeed of domestic action lo restore 
.their academic advisers. They stabiIitv ___ a need which was 
seem t D treat the historic-cost concea i e d as long as foreign 
£246m profit achieved by the centra] Jjanks W ere willing, in 
company last year as a fund to e ff cc t. i 0 lend almost unlimited 
be raided, if necessary to the funds t0 the u. S . GovenunenL 
last penny, rather than realising Any trial balance of all these 
that it is the fund from which momentous uncertainties can 
growth, product development only be very vague. In southern 
and job security must lie Africa, as in domestic pay nego- 
financed. tiations, we can only hope that 

However, no likely level of the damage is not too grave; 
actual settlement in this com- but the Camp David accord, the 
pany is likely to pose any grave re-establishment of effective 
threat to the economy. Un- government in the U.S., and the 
fortunately talk oF norms is attempts to advance European 
likely to spread any damage unity into something more 
that is done, since other bar- stable and effective all offer 
gainers in weaker companies large though difficult opportuni- 
will try to adopt the Ford settle- ties for real progress. 


and" which, when inTuij'know- Policy.” sp, 5?.if f 3u,ew ' 

ledge of the facts, were less In the early months- of 1966, gradually changed. He felt that j n jj, e week® before this meet- 
than frank with the British Gov- as supplies in . Rhodesia and h*8 — before they were under- 

emment. dwindled, its supporters in damaged commercially by strict mined by their own ignorance— 

BP and Shell were from the South Africa began to organise adherence to the Order as com- Si3eU had g^aiiy bee Q prepar- 
outset acutely aware of the oil deliveries by lorry. “Con- petitors took advantage of them. ing tQ l0U gjj en its stance, to 
dangers posed by South African tractors would have. Rhodesian J 1De ^ , , w * co ™ paru 7 s refuse to be the tool of govern- 
legislation if they were to carry flags on their trucks with ‘Oil bad P 0U ? t6d out / n ment policy. Hr. J. G. Francis-, 

out the wishes of the British for Rhodesia' chalked on the f X3n f,®“L h ? ^ S? of ShelL area co-ordinator in 
Government. Their South side,” says Bingham, “There hopeless ineffectiveness of the Londcv for Southern Africa, 


VJ 1 #* C 1 kUUVIAU JiUvIii UVUUJ • x lit a. ^ j . .. . , . t nmuii 

African employees were covered was what was described to us n icy , v Lt y, . : " ?*f 0 sa' d in evidence: “Helping HHG 




SHELL AMD BP OH. 
BREAKING IN SOUTHERN 


-S'-. 


Salient dates 


November 11* IJg 
December 17, 1*65 


December 


December 23, 1965 


Rhodesia deefaei UDL . . -C v. : . 
UK fiovemment i«ll« dil 
against Rhodesia. . ; C ' ; 

is. 1965 Shell and BP halt fiffr of 
18 * through Beira pipelutfcv .Slwfl v bt ..lowfen 

instructs subsidiaries in Southern Afna mrt 
to supply Rhodesia^, ' -.-.-’-.i .y 

South African Government »ys su^ife jto 
South African, companies by locil oif tom- 
panics (including Shell and BP) nwt noth* 

kitfnunhdi' - .-V?' 


Early 196* 
bfidtfle 1966-1976 


Rhodesian oil is supplied by in»deq«?tte^d 
deliveries mainly fiati Sfluth 'Africav;. V: 


1966 


7967 


January, 1968 


January 23, 7968 
February 21. 1968 


February 6, 1969 
End 1971 


poly 1974 


April, 1974 
^September, 1974 
1975 


1975 to early 1976 


March, 1976 
June, 1976 


Rhodesia supplied - chiefly _ by rJraJl 
Mozambique. ^ 

Louis Walker, general manager of 0**eK- 
dated Shell and BP fa -Sooth Afrk»kaimqf 
Shell Mozambique suppaiw b«ing ifivfcr|ed to 
Rhodesia. Does not tell London for n, arf r 
two years. 

Shell and BP assures UK Government 

not supjdylng Rhodesia from MozartW^e. : V 

J. JL Milfer, general manger. Shelf S^rth Aftid 
tells Shell in London of Shell Mozairiblthte 
supplies being diverted to Rhoderia. \ - 

Shell tells 8P. Companies delay talldng td 
Government. _ ir 

Sir Frank Mcfadzean, managing dbvetor of 
Shell and William Fraser, managing director of 
BP tell Mr. George Thomson, CommdnMn^th 
Secrtary. outline of Shelf Mozam bique' top. 
plies and new Total swap arrangement/'- 
Thomson given more details. 

Total swap arrangement ends. ; Walker does 
not tel I London. ...... - _ . 

Shell and BP executives In. Lomfexv J. G. 
Francis and A. H. Stodford, Itartr nop las 
ended but fail to imprest thb oto superiors 
and interest lapses. ' . 1 ' •_ > 

Coup in Portugal. ' .. ’ - W - v 

. Mozatnbique'gains indepe ridence-“ ' v - “i ; 

Shell and BP break up joint m ar ke tin g agree- : 
ments in Skrnth. Africa. . Both.fight for shu^ef. 
Rhodesia trade .from Soiith Africa. ‘W--* 

Shell Mozambique suppfies to Ahoflesia; Ml 
away as South Africa begins to supply dTrectly 
by hew Beit Bridge rail finlL. . 

Mozambique doses -border wltfiRhodesia. 


“'Oil Conspiracy''’ Report publHhed ln UiS. 
and starts to reJtind - i h te matlonaf interest, r 


June, 7976 


1976 


1976-1977 


May, 1977 
Summer. 1978 


September 19, 1978 


.September, 1978 


In ignorance Sir FiPnfc Mcfadzean tdtrFpreqyi 
Office nothing has fundanehtsiHy a>t«Vd raice 
1968 swap deal iis£trc. Sh0 aod BP Involve- 
ment in supplies to RHodesa. _ : f . v. 

Sasol, South Af rican state oil cohqxwy- ; tdses 
major rote as cfii^ ^upplier ^Rhodesfar r 

In light of growing aconotions Shed and EP 
London review relations with- drib- VSeuth 
African: subsidiaries: Get: new astonarae^tfrit 
they are-jno' Longer. supplying 

Bingham Inquiry set 'tip. . 

Reports of Shell aod' BP : sa n cflbns tarealiiBg ’ 
I eak from e videnc e given IroBmgham.. ■ ' ' 

Bingham report- pubHshed^hd^emtfbig^ 1 
and BP'S leading roles in tupptylRg Rhodefii: 1 
for periods from J9S6-T976* ' . - 

SheH and BP re-*tate oarfief aaarah<5fc»’ tl»t 
their companies are . no longer invtdy«d hi;,\ 
direct or Indirect oft suppfies to RfaodftdaL - . 


jack, yrcua IV MO _ * . . . r . _ j » *** wiauvuvw. **v*wtu D a 

by comprehensive secrets, laws as a ‘Dig for Victory? spirit !L So !jS to 1X13116 a P 01 *^^ P° int the msttor wsc 

W” domestic laws as applied to eXpenge of our ow commerdaI says Bingham. The matter was of himr His persOBaJ .bellef 

• '■■* JnmarHn mmMniae “Hanna. _ . . - • • *• - 


and tbeir locally incorporated in the 
companies, such as. Shell South 

Africa and BP Southern Africa, ’RaIIsiFiIp 
were subject to the full rigours lVClidUIv 

of South African legislation and ’ ca***rfclxr 
the restrictions on freedom of Supply 

action which that imposed. - At 


domestic companies. “Hence- Joterests 7f ~th enaction that 'we Allowed to lapse. . was that HBte : was conteht./er 

forth we think he would attempt were required to take went be- . BP and Shell in 1974 and trade tn'^continue ^ivideii 

to c o ra P|y Wltb . 1116 letter yond the requirements of the 1975 appeared in. any case to be ^^^^ w^snot brqught.to 

of the Order, says Bingham. law seemed to us indefensible.” too husv making sure the one publjtdy.. ■ ■ 

Suspicions had been forming it was a view backed up by Sir „h*.nt tho nther -over _ ^ Stiighflms report has 

m London for some time buv Frank McFadzean: “We 

VwirT rionn rmiatonori K«y lA'oll-.ir'c- . .. . 


It was a view backed up by Sir did not cheat the other -over enaririd tbit-fttli nuh. 

SS? w JK!ir 4 “.-.« by WaU!CT ' s 

as foreign interference in its B . efore . “ an . y . “ on f s had the companies’ attitude before other words we observe the law ° wo^tip Tbat;SheU aii(i : BP ter? hat M 

domestic affairs. For its part an ela P sed Rhodesia bad worked the truth of SheU Mozambique s buT v .^ do nol 2D forther ^ ratner than worrying undUjy 0Bly offenders../^ ... 
economically weak British Gov- out a far more re ^ iable supply role had been revealed to them. t hat, and I tliink it would be tha ! the ' 5 “ smess was based ~ Also, the .climate for : their 
i ernmeht wanted no part in a r0lde b ^ ra i7 from Loureoco They had been “co-operative ' fata] for us as a multinational a E a * n on shak} legal ground. actions was -clearly -created by 
confrontation with South Africa Mar A ues « n Mozambique. By with the British Government, he enterprise to do so.” Mr. D. G. Milne was in South the: Government But in the 

J ^ 1967 the supplies were coming says, and while trying to limit T ^ earlv ig70s when ^ Africa as managing director of final 1 analysis it -is jm the 

The events related in the on a well-organised basis from commercial damage as far as T f , arran^pmenr reased BP Southern Oil to safeguard “failures : .to- diicltriev- dther 

1x11 the multinationals with possible, had done all they ^fSe S HP’s interests. He is quoted in Within the. .Groups ; or. by tbe 

and highly detailed. - To under- interests in southern Africa— could be reasonably expected to a note to a colleague of January Groups to HMG,” that Singbam 

stand them it is necessary not just Shell and BP. but also do. l ?°^ upit5 place 111 “ 6 * upp !v 25, 1975 a s wishing • to. be rests his major criticism, 

briefly to look at the way Shell Total, Mobil. Caitex and The question arises of course . m ' London was again kept absolutely that gp .. when aU other factors are 

and BP had structured their Sonarep, the Lourenco Marques why the companies, in this lgnora l lt b ^ Wa “ s6r - ^ obtained 50 per cent of the taken away there remains 7 tills 
operations in Southern Africa refinery company that - was helpful frame of mind, did executives from SheU and BP Freight services’ business ak cardlnal faUnre- r tb cmn- 
by the time Rhodesia made locally owned in Mozambique, not send representatives to 1x1 London, Mr. Francis and Mr. Jong ag «the procedures do not hniaricatK i^brance-^ ^led 
its Unilateral Declaration of The method of procurement was South Africa in 1967 to investi- A - H - Sandford, found out in- espose gp to the view of out- HMG sand the top inaBagemint 
Independence (UDI). simple. Rhodesia used South gate allegations of their involve- dependently in 1974 that the s i de observers." Mr! Milne was of-.th« Croups unwitBn^iy to 

As far back as 1928 the two African intermediaries, largely meat in breaking oil sanctions, swap had ceased some time fuji y aware of Freight Services’ make statements . and- iive 

companies had brought together Freight Services in Shell’s case, Bingham comments at length, earlier (in fact as far back as activities. He had commissioned assurances which they wonld 

their marketing operations in a to order the oil products. These “The South African laws on 1971). but they failed to impress an internal investigation in not have ddne with-Idll know- 
large triangular area between" were .pumped aboard - rail official secrets would, we feel this directly on their superiors, February, 1974. Bingham says ledge ^ the facts."'-’ 


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Letters to the Editor 


Telephone manners 

From Mrs. G. D. Cowan 


today's climate when I object to other end of the line this gives traffic speeds, please allow' me to union officers and officials fot It is also interesting to note 

this? In my position I am con- them licence to be as rude as reply as briefly as possible. whom I am one) to guide their that the Ford Directors’ pay 

siantiy talking lo people in they like. ~ True, with modulated briking members in a certain course of went up from £175.000 to 

Jrresoondence tn^rin’fn 'in ? c ' nior managerial positions who, Patsy Carter. the driver can generate the. heat action. AJi too often this turns £261,000 i.e. by 49 per cent — 

Teleohonp Mmners “ nm- i • , am certaiQ - w °uld object 44, Manchuria Road, SWll. from the kinetic energy of the into an attempt to dictate the including the Chairman — up 

„ 3 Secretarv pmer ’ v i. oie nj , - v u 1 tfae sam <? form car at 1116 brak ® drum . but the course of action and this is from £30,457 to £54^43, i.e. SO 

I find ir inerprfihte ih it vLii- Of address to them. driver does not have that option undemocratic and not in accord- per cent. 

inJl >our I would be interested to know Pw fnnw in an emergency at high speed, a nee with the principles of trade How c 


? nhnn% - P osi ^ns handle this as I am ™ V ’ IPX letter. The point that Mr. . We mm 


can the Department of 
. . . . Employment expect anyone to 

must recognise the nght of take seriously its claim of 


lo^hirif’ 111 And lh fr!m * ci!!™ sure lbat 1 can no1 bc th e only riv I Brook has not understood iffthat the members to decide the policy having used 'the claw- ba -k" " 

ia^ poinfor SKS i\vf always i ‘ Ve h ™ e i ®5SSS3“ Diren’s !*-. yekinatic and_artioa of;the .anion. Jim. priocill eTJt yeart B reXV 


Va.irtF.fi to too... .o the person concerned, or have ■ “ r - * energy must generate heat (Law do not we may as well go and have don p"~sn nrf a limited "3 

jl Jj._ ak i ® J?* had considerable dealings with of Conservation of Energy). live under a dictatorship, be it highly selective basis whirh 

hen P be rm?rteL C rt n r tben this is an entirely n ' 9 ' nmftJSH-ifTS ( * * • >'«• 1 your inventive communist or fascist I for one obviously S5 not rever com 

then be ,iven the courtesy oF different matter. thfEmteHS*«£? feSSIOn>IS ° reade « wiJ l start working out do not wish to see industrial panies like Ford Motors C ° 

Thrt HHrt ‘■ieret,rv» ha, ways of converting the energy to democracy turned into the Indus- n aLkT 
o a A “fn electridty or compressed air . . . trial dictatorship of a few union ‘‘j/arnwif" 

..^ ect> ?. e i_ d ® val Iaed . .}u but I am writing about exiting leaders. This would be just as Finrhamnsi 


. . . . . . . different matter, 

beins addressed by name. j L Keeble 

"become " "devaTned ' S5TST StiSFE&Stii *"*• 

Si S -S2 8 “ raA “ n ' Bucks iESUSS S i D e “5>; Erook writcs : . It ^ dictatorship of 

waiting for it to ri ng. for a UnsentlemOMllv two-finger typist or the executive no means a question of speed, G. S. D. Wolf. 

great deal of the day they are secretary of the company Chair- b ut-of whether braking force eX- 13 Conway Close . 

likely lo be involved in meet- t “ir 8 - Ptasv Carter. man. needs tvre oriDDinv forrp” "He ^tnnmore MiAiiwer 

ings of one sort or another, on Sir,— Having read with amaze- The professional secretary is i s wrong againf 0 to stop in a 

the factory floor,, or out on “e correspondence on your refusing to be seen any longer required distance, the braking ll?r - A - D ■ Read Wilson 

business. In such circumstances tetter page may l put the point merely as a status symbol, an In; force increases as the souare of Slm/illw bottlae . Sl f-— After a fortnight’s tour- 

very often the Secretary is in ? f view of someone who actually efficient dolly-bird, who spends the speed. Hence the driver can- L9muttKr ing m Normandy. I cannot help 


La difference 


ma3, _ l Put the point merely as a status symbol, an In ; force increases as the square of SImilller kettles 
. . — - - . - — iew of someone who actually efficient dolly-bird, who spends the speed. Hence the driver can- l ^ maiter n,eiues 

a position to be helpful, pro- “3®- from time to time, to deal her time painting her nails, shop- not choose his braking forces - It From Mrs. Micheline Orde 

vrrlpri chp know* who In mllino With those Centlempn whn IvivO ninn fftp tha hnee nr wiolrina tha DO _■ «. if C*p jThn rnmnriv tn Rif 


harking back to Pat Walker’s 



mation which will save The caller t^ernaps if tnn.se gentlemen in office work. choose this in an emergency:- the had one standing next to my a«"«.sae is i uncommonly naive 

ihe inconvenience of ringing who have problems when calling This was one of the reasons best he can do is to choose- to kettle since the beginning of the Ior a . J° ur naii5t or uncommonly 

back a second time. their customers, business col- for the formation of the Euro- drive at moderate speeds. energy crisis. Any hot water cu D nin S- .... 

If in the event of heing leagues, etc., would announce pean Association of Professional Thank you. Dr. Marla nd. ’for left in the kettle is poured in it if our tortnignt of staying, 

unable tn speak to the' person themselves correrily. ie, rheir Secretaries a few years ago. supporting the nub of my argu- and kept hot for any cooking job f a !j n 3 a0 Y drinking in one to 

they require, some of vejur name and company and articu- EAPS aims — inter alia — to obtain raeot. but on the subject of units requiring hot water later in the JijVL , r foteis, ana the occu- 

readers would place a fiitle ^re clearly as opposed to throughout Europe recognition of he is having a private joke at day. Jf® 

more confidence in the Secrctarv mumbling into their beards as is the fact that the executive sec- ray expense: I could hardlv quote M. Orde. courtesy, cieanimess 

they miaht find themselves so often the case, they might well retary is an essential element of energy values in ton-square miles Brassencten, nhvi mi - rtl-'ro » *| narni ***» an 

saved much of the exasperation find that less of their time was the management team. Until em- per square hour to fit the British Bwidende. A’eiif. f w,re 10 Ptease. the most 

and frustration they speak of. “wasted” as they put it, and ployers are prepared to recognise road system I niiicinp , n j , j 

After ail. the Secretary does also the operator would he able the fact that the executive sec- I_ agree that we have a psycho- , . Mai son " 'f 

same organisation, to operate efficiently and help retary has a management role to logical blind spot when it comes ClaW-DUCk And alt ™ e u, 1 - 

at is going on. them more quickly. fulfil and are ready with appro- to our driving faults: this 1 Is _ .. ' ‘ ' - - - - most reasonable 



work for the 
and knows what 
G. D. Cowan. 

58 Deynecourt Gardens. 
Wanstead, Ell. 


As regards the problem they Priate rewards, the right kind of .related to the statement in my Starke P ri ? e ?- / or ' tfb * cb y° u w ould most 

I'lUa ii, itV. I.M ... : . - rtAiwfin nn Innnn. ha last tel ter that “ it ic lha mnet bir.--ln 


have with ’ n”ot*”w ishi n g* 'to give pe^n" wTlf no ' tonge” be lag letter that “ it Is iiie~umt JSS^iSS thTs^me ^ i ik S 

their name, surely when they attracted to a secretarial career. world to con- {^52? /dt fSi ^n.?LZh! rinnk in vS^ f food and 


Name dropping 


their name, surely when they attracted to a secretarial Career, oiracuirtmngjn i toe world to con- toi drink in Eneiand 

receive a call they like to know Particularly as more jobs open the fast dnver that he : is ^ Largely as s' 

u-hn tko.r mill -i_: un tnr uinman Thora uni? a driving daneerousiv ” a imith of Employment is quoted as , a5 a 


result of pat 


From Miss J- L. Keeble 
Sir,— In reading the recent cor- 


■espondence. concerning tele- ■»« tneir secretary/switch- ** « De ft ” ^hul 

ihoDe manners. I was reminded board operator to say they are Emulated on gracing the nettle «ampton HUU Middlesex. 

ir something which I always i per- in a meeting or out. of something which I always (per- 

laps irrationally!) find particu- Also, spare a thought for the I] e . r . , ow! „ Control of un 


ariv irritating. operators' who in asking fur Saliy-Anne Hart, 

I 'am single and I feel that, name and company are in an c/o National Economic 
•tifiou?h tn announce oneself as probability only doing their job Development Office, 
Mrs. Jones” has become quite- as requested by their employer, MfUbank Tower, 
(rentable, iniroducina myself as The abuse 1 have received from SWl 

Misi Keeble” is as ill-mannered some of these so called “ gentle- 

s - Mr. Smith.” Consequently. 1 men ” who call my firm I *~t r , . , 

sp mirelv in v Christian and sur- wouldn’t take from a six year old C UUSe OJ U SfilU 


si year. ° j: ur 

Ford Motors are especially pro- :„^ bert -. To J_ bat extent, Pat 
rainent, at this time, in this dis- w aJker is, perhaps, cunningly 

cussion and it is interesting to Setting her own back, 

see what happened there in rtae Wl !„ me X.^ « A r ® a£ine °^ * 

1976/7 period. Ford’s Annual t0 , **“* whl , ch sb ^ 

From Mr. G. 5. D. Wolf Report indicates that wages and desm bes * wb f M f lse > . '* ie 

Sir.— Jison Crisp’s article salaries went up from £372m in 

L®f.P , _ e,nb "20> regarding Leslie I?76 to £447m In 1977, i.e. hy n ““ 


ames with no title. This seems face-to-face let alone an adult From Mr. B. ft. Bligh 


M.uuiu coniriu tneir members, mcreasea irom oe.ooo to njom. contentment She ha« mi ti.’l 
May 1 point out that Tor unions so the average employee’s pay wone end of thestickaboiit ^ 
to control their members is fin- increased by 155 per cent, This Difference.” Ut La 


, Sve people th. Ml » ff Jg; jjgf STSSt^K Sj°° k when Ihe rigidities of HTSS Wilson 


Street. 

Cor/e Castle, Wareham, Dorset. 


Perhaps you’d make a very good share manager. If.yoii had 
the time.. 

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Our professional share managers are able to giveitovir 
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General Trustaims to secure an attractive balance between ' . 
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them, may go down as well as up. , 

In addition,-an investment in Canfife Units offers Certain - - 
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Managers can call upon a wealth of inVestmen texperience which 
reaches back 130 years. r . : ; 

So- send In the coupon for details of bur share exchange 

scheme.-'- ^ ■■■ : • :/ 

And benefit from the inveshneiitexperieiice of The Canada. 
Life through Canlife Unit Trusts. j i . 

Itcmh&cflhclJizt'frBittji.'iaocialuM, ■ 


r To; Cm 


ToiCffaflaUft Unit Trust Managers Lid, « dulrlw II SttMt, - 
LondotjSWtY-4AD.ltlephouc;01-9iDB122; • ' * 


jptea»e«end ine details of Ihe Canlife Shire Exchange Schemc.- 


Ndmc- 


I 


Address- 


I 


1 


I 



Experience -whereexpeilence counts^ V 


re • th* Mt-paM.V wf fi -tpn rf .fit. 


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SteaftciaL TSfl&es Saturday September 23 1978 


TT" 





The changing face of Oxford Street 


BY DAVID CHURCHILL, Consumer Affairs Correspondent 


9*1 


■W* "i AND Ho^iagsworth. s for more thto half the total sales accessories, and haberdashery the acquisition of outside man* Berfcwtez chain in the Utft why Hiybeck succeeded against 

i ■ ^fcottnu to accept the Ray beck of the department store sector, as well as being noted for a gerial expertise. B and H was — 1960s. Since then it has the greater financial weight of 
i- pnoap’o bid of some £11 ,3m B an< * H ^ largest paternalistic attitude towards its and is—* pleasant store to shop developed its Lord John mens’ any. of the larger stores groups 

- : k a surprise not only to 5tores Sn> u P> witk ^?° er 1 P* r staff- in but both the low. customer wear, chain from its Carnaby which eonld feasily have 

*• -c*tr hilt to the r«t nf th* “ nt of ^ 1x1131 ,narket - ' The store's .troubles began traffic and sales per square foot Street origins to becoming an absorbed B and H. 

T: - .. _7? 7. e However, .the arrival of Ray- when, as often happens in of floor space made its trading up-market fashion leader with To a certain extent this may 

~ have been because the other 

stores groups were unwilling to 

*■■■ - „ n tj xi -«■■***» “*v — v«i«ru auevL x> gun n wu »i.i.«h.iw, *u. — — “—*.*» — «■■*“- -- - take on B and H's trading 

^ IT gna ppequp a^anan with whether smaller : department isolated as stores opened on the decline was reflected in a pre- faiWon stores, mainly through problems while they are still 

— ■*» j w — - - - - — — • — -*■ -• acquisition of existing >*>«»"« sorting out their own. The 

About two-thirds of Raybeck's problem that most department 
profit* come from its retailing stores have faced is that they 
interests, with the rest from its were losing out to the new dis- 





that vicinity. importantly, there seems to be a But while it has proved But the sheer trading bulk of 

B and H was Joined briefly in ****** in * rade back t0 its end of successful in establishing strict the 800 or so department stores 



i. 

Tittt/ Kirk 

Mr. Ben Raven, chairman of Raybcck: “ aggressively confident " 


• w-.."‘ s 'r-r.' li y ,,, R t0 CWU€ lB terms with with its keen entrepreneurial 
s'j.;# 1 * chanfies of modern retail- fl a j r - Jt may eventually decide 

• i= - Raybet-k is almost the that the trading problems of its^isolation'Tn the'eariy^iSTOs Oxford Street. profit controls in the companies scattered throughout many 

’• : -’.;. M raxact opposite. It is a classic B and H which forced the family jj V t ^ at 0 fh cr store of old This shift is shown by the new it has bought, the agreed bid large towns has enabled the 

, „ . -Entrepreneurial company that to sell out are too difficult for memories Gama»es which had Brent Walker *■ Oxford Walk” for B and H is the most sector to maintain a stable 

•' • * ’: : j m - Bas achieved rapid growth e ven its management to over- ^ en UD r 00le d from Holbom development almost adjacent to ambitious move it has yet made, market share, although the rate 
“• through acquiring poorly come. . . and allowed to wither away in B * H - It encompasses a mim- Mr. Ben Raven, Raybeck's chair- of growth achieved by depart; 

. '-v^.-managed retailing companies Certainly B and H will never Oxford Street. Even having a ber o£ small shops within the mant is aggressively optimistic ment stores has lagged behind 
■ ' ' ■ ! : ' s ’ «.' and injecting some basic no- ^ ^ same again and those major Marks and Spencer almost framework of a store. Also that his management team is up that achieved by other retailing 

... •Ji^onsense management skills to who remember the store in its opposite—the traditional magnet Mothercare and Dorothy Per- to the job of making the B and multiples. 

, ! /turn losses into profits. Now it halcyon days will mourn its pass- f 0r shoppers has not appeared kins chains moved into the H site profitable. To counter their lack of 

V ‘ can claim to be the largest i ng . The business was founded t0 benefit B and H because site vacated by. Gam ages. At the Ctty analysts and other growth, most department stores ing their image by modernisa- goods available was the most 

■ ^ ,retaner in Oxford Street. in 1894 by William Bourne customers evidently preferred Tottenham Court Road end of retailers, take a less sanguine past few years have tion, introducing more self- frequent reason given for 

... := But Raybeck's move into the and Howard Hollingsworth, his m ant j s fashion styles. Oxford Street, a massive new view. For one thing. B and H tightened up their management service, and generally brighten- department store shopping, 

4 - -..j • ^department store arena, from brother-in-law, and largely con- shops and offices complex is has a number of areas, such as controls and reburnished their j ng up t he trading areas, although one in four gave price 

■. Vite present base of clothes cent rated on fancy drapery _ m being developed which will electrical goods and other con- market image. Central buying Debenhams, for example, has as the main factor, according to 

''-'^manufacturing and retailing, is goods and mifineiy. The .LiOSt IlS FOOlS 116111 t0 ^vitalise trade at that sumer durables, furniture, and has been strengthened to ensure introduced a uniform decor the Min tel survey. 

likely to cause ripples of eon- present site, about halfway end of the street. And expan- food; where Raybeck does not that the largest discounts are which makes most of its stores This research confirms that I 

oem throughout the rest of the between Oxford Circus and In an attempt to stem the sion into B and H's side of have a lot of trading experience, obtained, thus enabling price immediately recognisable. Other department stores still have an! 

' ' " : -r> cures. sector. Department stores Tottenham Court Road, was decline brought about by the Oxford Street seems logical as Outsiders also feel that, despite competition with the more stores have introduced own attraction for shoppers. While} 

• which in the 1980s and early acquired before World War I changing pattern of trade. B and there are few prime sites left in Mr. Raven's optimism, his com- aggressive multiples. At the label lines. John Lewis has the discount multiples and out- 1 

1 i^hVTOs looked as if They might and developed in the 1920s H broadened its merchandising the stretch up to Marble Arch. pany*s undoubtedly effective same time the large number of had Jts jonelle brand for some of-town hypermarkets still have! 

House nf the edge on department stores 1 
name, in their prices, there appears to ! 
widespread be an increase in shoppers pre- 

... _ _ „ ‘s. ferring the relative luxury of a 

mort cases are taking on a new admired features is- the Odcon flow of trade to the other end that it could succeed where a 250,000 sq ft traditional tage over smaller shops of According tu research car- large store with many different 

. ^ease of life. Total market share s^vle clock whose chimes, of Oxford Street and to over- B and H’s family style of department store. stocking a large number of r j e d out by the Minlel market departments under one roof. 

, 7' ».hAs stabilised at just under 10 specially composed in 1928 by come the other changes in the management failed. Raybeck Oa the other hand, Raybeck different brands of each research company, department This is a trend which the 

* “ * pre- current upsurge in consumer 

the spending is likely to encourage, 
executive with shoppers wanting to spend 
-perhaps their increase in disposable in- 

. . . . rom the come in a pleasant and 

. u .’ :T! ? sjhe ~Houale ” of ” Fraser " Group, classeT who ' fived or "forked in ing and managerial flair. miss. its true open market valuation expense of traditional areas like younger age groups. One in five convenient environment rather 

' ~ ! ’" " :1 which owns Harrods. and the Central London. - It built up a In part, the strong tradition Certainly, the group’s retail- is in .excess of film. haberdashery. shoppers are also said to visit than in the more austere sur- 

’• :: ^siWu»niiinu chain. Between reputation for women's and of family involvement in the ing ambitions have grown But a nagging doubt remains Most department stores have a department store at least once roundings typically found in a 
these two groups account children's clothing, fashion store seems to have held back rapidly since it acquired the in some analysts’ minds about also invested heavily in improv- a week. The wide choice of discount operation. 

54 "*a.__ 1 . — — i — — ■■ ■ ■ — — 





:v: CVcl 


-Sales 

Alloy 


nd marine equip- the home boat market .remains ^ coKiperaaon as u uus was ^ ^ 


yard. Mr. Joe Webb, chairman. Fund. As Healey pointed out in not easy. “Five years’ hard 
proud! v announced he had hi s own speech, the real ob- labour” was the way Prof 
already sold the “show" boat staele lies in the U.S. Congress, Alan Prest described his ex 
(later confessing he had bought and these issues will really be perience with the Pearson Com 
it himself) and reckoned -that resolved down in Washington at mission set up in 1973 to look 
nostalgia and a bit of common- next week’s annual meetings of at the complex technical and 
sense “will bring, people back the Fund and the Bank. legal problems involved in the 

to the wooden boat One agent But this lack of point did not isues of civil liability and com 
confided that at £48,000, Free- deter some debate about the pensation for personal injury, 
wind is walking a fine line wording of the communique and . His own experience, he said 
between disaster, and success, did not dampen the spirits of in the Three Banks Review, 
To put the yacht bias aside the Commonwealth enthusiasts, showed that the academic 
the boat show has brought an So no opportunity was lost to economist had to get used to 

amazine array of Tfet boats, ram home the message of Com- thinking differently from the 
motor crulere and small craft monwealth co-operation. This approach he would adopt in bis 
. "The variety of people swarming But marine equipment formed was appropriately summed up own normal environment and 
“over and, under the exhibits at the geographical ■ heart-- : of the * n a chart proclaiming the t° what amounted to hostility 
..-the Southampton Boat Show S^rfjSSSfibS too !ri&«e nle. rise “in toe .number of long- **?*£<* ™ 

",7 this week has been as diverse have risen dramatically .since JJ™ | experts working on i tech- ? toe 

“. . as the boats' and marine equip- the' -heme boat market .remains co-operation, as if this was the fence crying on the one 
ment crammed 

"VSTSmU. d. .Wf fom industrial^ couu- recomruandations. 

Hardy sailors with tough. «d. by n*mr ^ ^£STSUEfiZ JUIAwSm 

. fanned faces and bulging ** ^ed by toe SUps a ° d _ation whether it would ever be pos- men towards academics. “There 

I T S0 £ 52S L” £41 4 iSrSS nW« to give any real meaning- is a strong feeling that those 

tread deck shoes), sharp-eyed me • £|7 a* f m enC i n es to the meeting. Meanwhile who dabble In theoretical issues 
businessmen whose passion is equipment £17^m f rom engines M • continued the lonff . are likeIy t0 havp both feet 

- standing -tradition ..of using the firmly planted in toe air and 

investment in mind. And there is ^ p d -hj- .opportunity to make comments be totally inaeapable of coming 
t were the novices who had come of " d t!l t "{ abiut wholly different subjects, to grips with toe things which 

-. . for the show itself. . Snut fl ^r ceS m safS^much ^ year he gave advanced really matter." 

. tooJW at least JOO.OOO derived from about the tax cuts in his The suspicion was even 

people will have passed through .°u_ hnat shows at Southampton “tumn budget and this year greater, he said, if the academic 
. toe turnstiles since it was . ?o urt - at his Press conference he dis- involved was a social scientist 

““opened on Monday by Naomi a „ iihitors return to cussed the UK’s concern about rather than coming from practi- 

. James, the New Zealand-born ™ -the current discussions of toe ca i subjects such as chemistry 

- . woman who sailed single-handed arp carried off European Monetary System. It and engineering. And there 

~r around the world in her 53 ft, K? p \ n S gimlst be WO nde^ w* 5 8,1 8 very 'long way from could be political doubts; 

‘TSTseSS? ^mnton b^t .^sade for Empire Free “Matters are made even worse 
Behind the whirr of candy- has «.» potential of be- 8nd toe heated arguments if an academic happens to be 
floss and ice-cream cooling romin£ « ven bimjer than Earls ' al>out i m P erial preference. 0 n the staff of the London 

machines, there has been a lot rourt Tfoe space atmosphere School of Economics; the relief 

of serious talk going on this SSf-JjLJS do 7k SanS Irfch that 811 such P e °P le have P ri “ 

week. Luxury yachts on display ^nvprimr nearbv) and ready ao- yate telephone lines to Peking 

rest around £250,000 though i^ AbTtnrtS C Woe diBS V6ry hard indced ■ ,, 

.boats in this class gathered ^, etter facilities and South- ^DfCS. The usefulness of the Royal 

more silent awe than a signal an , p i on Cou id easily be Number students of the Irish We st Commission proredure was also 

Iture across the do tted Rfl*- one. Country will be aware that the questioned by Pref. Prest in 

It has been estnnated that namer ;us country folk who hls colourful style. Far too 

/orders this year will top last ; ^ered for toe Galway Oyster ofren - he suggested, they were 

(year's— for both domestic and Sober ' Festival have now moved south, set U P t0 shelve an awkward 

export markets. Last year, a acr ^ moonlike landscape question and to avoid embairas- 

ifigure of film was bandied fh . n,,..,. tn l.icrfnnrnvarna sing the Government of the day; 

« 4 . about— £6m for domestic sales fcXp 61160 06 ' in Co Clare Your reporter, by and t0 ° often, their recomenda- 

% — > v/\|i and £5ra abroad. It is an ... wav w.c ha nnv tn note that were limited by the aware- 

I/i Vijllarbitrarj' amount since there are There was an ironic mcongru^. ^ burri^Me whtoh devastated “ess that radical proposals 
SwlJl boat owners at the show who in the. choice of the longest . . western ScQ+hmtl failed would be unacceptable. Much 

would rather keep quiet about French-speaking city outside destroy the ageing t0 frequently, he also indicated 

the total number and price of metropolitan France for -the . * in whicb the WorW t he Proposals nut forward had 

orders. This year a sum of annual meeting of finance Sy^^ntog chanS>ioShip ™ real impa< 

£22m is forecast and it could ministers from f/. C ?"“S waf staged aito that “he locJl The stands 

be more. Even so it is a stab, whose only real link 18 champion, Willie Moran, re- reception of 

Ten years ago the boat show common ose of toe zngijsa tained his title. Other memories mission report should be 
. opened with 35 exhibitors. In language. Otherwise tois wears ^ the eyent w somewhat judged, he said, had been set 
a decade toe number of exhibi- discussions of the or so CJOuded by ^ liquid refresh- out many years ago by 
tors -has multiplied by 13 times, representatives from , ment that Messrs. Guinness sup- M. Greenwood in the Journal 

the number of visitors by 45 Commonwealth. appeared i to „^ ed f ree t 0 the local populace, of the Royal Statistical Society, 

times and the sales figures by very much like -those or -any However, those of us who “On toe day of publication, 

. at least 20 times. With such a other convention in toe brand- made our way to C i arc The T imes would print a good 

product range this year it was new Hyatt Regency .'and the tender mercies of toe summary and an. appropriate 

hard to see just where the Montreal. The tone was remain- Ligctoomvania match -maker, leading article. The less 

biggest honey-pot lay. scent of toe annual meeting“tf Irifih country prac tice is still for Olympian papers would be 

• Westerly Marine Construe- leaders of a religious sect ai* tQ stay at faome until content with slogans-- Civilisa- 

tion. 'one of toe biggest boat cussing progress in mamng ..^to parents die. This produces tion at the Cross roads — Com- 

- builders at toe show, lured large conversions in their separate a fl 0W 0 f middle aged mission’s Grave Warning^-with 

numbers of people around its countries. . farmers imale and female) sud- inset portrait of the chairman 

• yachts. The “star” appeared There was certainly no sug- deD , y bereft of parents and < if a pee r). There would be 

. to be the racing yacht J24, the gestion of flamboyance or €a£er (o find som eone who will a f ew letters in the Sundav 

first Westerly-built version of colour about the proceeding^ he , p - with lhe m Uking. It is paperSj a few questions in the 
toe U.S. one-design to be shown Apart from India and certam now here near as light-hearted House: possibly a debate on 
.in the UK . East African stat es. al toe ^ ix s0unds .some 14.000 people lhe raotion for adjournment 

Another yacht which made its participants were dressed m roe • packed toe village last weekend, Then ^ Report w ould die- 

debut at Southampton was toe Whitehall style of dark suit— some 2i ooo of them reckoned to jjj.. ^ works 0 f pi C t 0 r 

Condor 37, an Olin Stephens a- lingering vestige « J*ost“ be looking for mates. Icnotus surely gently die to 

design. It is uncluttered look-. Imperial influence. All this This normally quiet place is a eain f frar-tior^Hv) ’ 

ing, with well-thought-out fea- was in marked contrast to last packed with visitors throughout nro f ess orial lectures ’’ 

tures including a sail hatch in year's meeting in Barbados, of ; September and with pub hours p _ . ' . 

the bridge deck through which which the- most memorable stretching from 11 am to 11 pin Bwrson perhaj^ id a little 

both wet sails and sailors can feature was -the sight of Denis things tend to turn lively pretty Dene \ 111811 . ri 

slip after duty aloft. Healey taking a dip in toe sea. quickly. Your man on toe spot regarded “ as exceedingly 

In a boating world domi- On this occasion there wasjio was researching carefully when thorough - and clearly wntten 

natprf hv olass nne hnaf such tightness, and indeed an a band tucked al his arm. analysis. But though Prof. 




in 



spectacle. — _ - - . - , . 

a - wooden cruising yacbt. It. as before, turned into a eucces- let’s just say it’s a clear liquid purposes and methods now used 

-.’has an iroko hull with teak sion of pleas for increased ip an .unlabelled bottle, Sir.” should be subjected to. a new 

decking and interior — and assistance to developing coun- oh well, there goes another examination. 

smells of it too. tries. There was not even any afternoon. 

• Freewind Marine Company disagreement between rich and 



decided that it was time for a poor nations as the two main 

British company to. bring the 'industrialised countries present. kblfllUlfllw 

traditional, wooden jacht back rr-the U& and Canada^— sup- - , 

production "(few builders ported the developing countries Ta»J/ 
manufacture a production in their cause for increasing 
flip basis) and .a year ago it- began thc.re'sdurces of the World Bank Life- For an economist asked to 
Hi building at _its.- Portsmouth and .International. . Monetary $it oiTa- Royal Commission is 


Contributors:- 
Colleen Toomey, 
Michael Blanden 
.Arthur Sandies, 
and Peter RiddelL 


Economic Diary 


TODAY — Group of Ten finance discussions expected to cover TUESDAY — Mr. Denis Healey Europe meeting. Strasbourg, 
ministers meet ahead of World Plans to reduce milk surplus. Mr. addresses World Bank — IMF British Institute of Management 
Bank-— International Monetarr Je°klns, EEC Commission annual meeting. September pay and productivity conference, 
,nn„,i president, at opening of Seventh provisional figures of uneraploy- Hilton Hotel. London. Announce- 

Fund annual meeting. Washing- WorJd panning Congress, ment and unfilled vacancies, ment by .National Union of 
to®-. 1 - Dorchester Hotel. London. Inter- Chrysler’s Dunstable and Luton Agricultural and Allied Workers 

SUNDAY— Interim committee of national Federation of Cotton and workers' wage claim due for hear- on agricultural land nationalisa- 
IMF meets under chairmanship of Allied Textile Industries confer- ing by Central Arbitration tion. Energy Trends publication. 
Mr. Denis Healer Chancellor of enc * opens. Grosvenor House Committee. Department of Employment 

SSLTiT Mr rlnMnL, Hotel Lond on-address hy WEDNESDAY - TUC general Gazette will include unemploy- 
. . . , q , Murray, vicomte Etienne Davignon, Com- council meets. Congress House, ment t August-final), employment 

general secretary, Trades union missioner for Industry of the London. Social workers' one-day in the production industries 
Congress, addresses TUC pensions European Communities. British “token” strike expected in all (July), overtime and short-time 
rally, Trafalgar Square. London. Tourist Authority annual report. 32 London boroughs. Council of working in manufacturing indus- 
MONDAY— Bahk of England state- National Food Survey report on Europe Parliamentary Assembly tries (July), and stoppages of 
mfent on quarterly analysis of consumption (2nd quarter), opens, Strasbourg. Environmental work due to industrial disputes 
hank advances (mid-August). Britain begins discussions in Health report. Headmasters Con- (August). 

World Bank— IMF meeting starts. Copenhagen with three Scandin- ference opens. Exeter University. FRIDAY— Labour Party national 
EEC Agriculture Council begins avian countries on new air THURSDAY— Address by Mr. Dam executive meeting. Imperial Hotel, 
two-day meeting in Brussels— traffic agreement M intoff, chairman, at Council of Blackpool. 


\ 


Executive workshop 

Strategy and management of the research 
and development function 


Industry and Government are spending 
•vast sums of money on Research andDevelop- 
ment Are these expenditures well managed? 
Are you sure your company or organisation is 
getting the maximum benefits from its R & D 
efforts? Should it cut down on R &D activities, 
redirect them or expand them? How do you 
know if the R & D people are working on the 
right things and if they are^ are they petfonning 
efficiently? 

This workshop will not provide you 
Wh instant answers to these questions or with 
the means to solve them over night It does 
attempt; however, to demonstrate that R & D 
can and should be managed as a business unit 
■without adversely affectingits creative integrity. 

The three day programme of tutorials, 
hands-on sessions and discussions, will address 
thefollowing topics: 

- strategic importance of R & D 
-project evaluation and selection 
-financial justification of R & D projects 

- intention of R & D policy into the 
corporate strategy 

- project structures 

- R & D administration 

- people management 
-technology forecasting 
-tedraologyassessment . 

-R&D performance indicators. 


Hie workshop is designed for R & D 
managers, senior staff and planners of industrial 
corporations or other research institutes. It will 
be conducted by an interdisciplinary team from. 
Bakkenist Management Consultants headed 
bij Dr. Johan G. Wissema, Senior Consultant 
for R & D and Strategic Planning. The work- 
shop fee is £ -i-iO. Workshop materials, room 
and board are included 

The workshop will be held in: 

• London, LJK - November 13-15, 1978 
Hotel "Grosvenor House” 

Language: English 

• Dussddorf, BRD - November 7-9, 1978 
Hotel TntercontinentaF 

Language; English 

ft "Wolfh eze, NL - November 1-3, 1978 
Hotel "Wolflieze” 

Language; Dutch 

For enrollment or additional informa- 
tion please contact our main office; Bakkenist 
Management Consultants, Emmaplein 5, 

1075 AW AMSTERDAM, Netherlands, 
Phone: 020-763666. 


BAKKENIST MANAGEMENT CONSULTANTS 


d 



Y6 


r.i** - 






:r*’\ 


»■**»*- •“ • 


COMPANY NEWS 


[ ■ 

Market rally comes 'too late 
,-for Telefusion profits 


Midterm 
upsurge 
at Clyde 


DIVIDENDS ANNOUNCED 

Date Cam- Total 


C ur rent 

payment 


int 


0.63 

12S 

3.3 

0.7 

0.3 

0.64 

0.41 

2 

1.34 


of s poo dinj 

payment' div. 
Nor. 21 
Nov. 4 
Nor. 24 
Nor. 6 
Oct. 30 


2.29 


1-31 ' 


Nov. 7 


0.81 


J GENERAL improvement in 
e market came loo late lu assist 
e profit of Telrfusien fur the 
=ar ended April 20. 197*!, and 
■Jte pre-tax figure was reduced 
■pm £3.09m to i"J.U7m. 

1 However, group turnover and 
ratling- profit were ar record 
*?vels and the directors are 
’ptimbilie about future trading, 
.’or 'the first tiiree munlb uf ti«f 
urrcnt year, built turnover and 
'refit are materially ahead uf the 
fame period last year, 
j The year's pre-tax profit is 
’truck after charges, including 
depreciation and leasing charge* 
■ p £1.16m, reflecting continued 
Lxpansion of the rental business. 
Vie directors say. 


r 4iriv>v<»r* , 

yjdin* pmflt . 

V»*»l. imumff .... 

. cprecia»**o 

•.quipm-m laa-un* ... 

ilw>>-i paid 

Jml-ior.. dtreii*»rr .. ... 
frafic before tax . . .. 

" dcW ui 

'a* nn iine-f. income 

»er*ea' lax 

•>.T •.tvdil ... _ .. . 

ifl profit 

‘tlrantil CT>Kllt 
variable 


ExciudinK VAT. t l*lus mtvrvst juU 



A- F. Bulgin Jot 

Blue Bird - 

Sham pt on. loW 

Telefusion 

, _ . .. .. Third Mile ...int 

ON FIRST half I97S turnover Thomas Walker ............ 

ahead from JE-MUni to £7B9m w*" United Capitals Tst ...inL 

able profits of CSyde Petroleum WnHh'stow. Stad. 

more than doubled to- £696-00° Ward White int. 

against £329.000 last time. For all Dividends shown pence per share net except where otherwise stated, 
or 1977 profit was £I.12m. * Equivalent after allowing for scrip issue.. fOn capital 

However, after a tax -ehar.ee f° r increased by rights and/or acquisition issues, 
the six months, of £563,000 eom- 


0.35 

1.43*. 

3J3 

0.61 

0.49 

0.B4 

0.41 


for 

year 


— — 22 


Nov.' 10 1 



Blue Bird expands 
35% to peak £0.77m 


Mr. John N. Wilkinson, chairman of Telefusion 


pared with a credit of, £4,000. un- 
realised exchange credits £152.000 
(£72.000) and minorities, the attri- 
butable profit came out lower at 
£315.000 against £476,000. • 

The Board states that .with the 
disposal of the 29J8 per cent hold- 
ing in Lyon and Lyon and tiie 
placing of substantially all of the 

Clyde shares owned by Clyde qN SALES up bv 24 per cent Export sales were a record 
Petroleum (Minerals), the group's from £7.97m to "£9.9m taxable £l-35m and ibe diverse markets 
financial position remains strong.- profits of Blue Bird Confectionery make the company less vulnerable 

Holdings expanded 33 per cent to the vagaries of foreign esr 
from £369,205 to a record £771.222 change* the directors state, 
for the year to June 24, I97S. The wholesale division ■per- 
At the inter! mstase the dlrec- formed well with an increase in 
tors reported profits ahead from earnings of SO per cent, they add. 
£273.006 to £364,045 and said that 
prospects for the year were 
promising. 

They now say that currently 
sales are buoyant, and prospects 
for the 1978/79 year are good. 

FROM TURNOVER little changed Net profit was £694 J 40 against 
at £1.73m against £L71m, profits £417.285 after tax of £77.082 
before tax of Thomas Walker (£151.917) giving earnings of 42. 7 p 
amounted to £180,023 for the 'ear per 25p share compared with 

ended ■ June 30. 1978, asainst 23.6p. The lower tax charse ^ _ . . 

£223.951 in the previous sear. First arose from stock relief and "RE-TAN profits or A. F. Bnlgfn 

half profits had fallen from capital allowances. and Company, electronic and elec- 

£103,409 to £73,646. The dividend is effectively trical components manufacturer^ 

Earnings per 5p share are increased to 2.292S6p f2.045n3n> advanced from £473,000 to 

shown at 1.42p against 1 78p Nn with a final payment of 1.2773p £631.000 for the half year to July 



.^ Flkmcial T lin es Satur day 

BIDS AND DEALS 


Major 
hit 



" . .. „, nrket was alive with about £3m. lm sfaar« of Jootsiqr . ' 

- -The-stoik JJJfngs worth £2.1 m and. im shares 
reports of wsterday, for around £0:un: FurtJ^Iarg*:. ; 

a total of ov L a „tof which were amounts of Tbornshare*; Also 
41 --^rtant of onto the ■ market J for the 


the most imp° rtallt: , ^ _ ^ 

unexplained gjjJLJJL 'Zk and second 'da> in- succesSkm; r ; ~ 

Standard a“d Cfaarterea . The UBM sale resulted . from 

jUGdfand ® an ~. . were sold bV takeovers by UBMwviereitJ shares 
Both MmSd , and. had been Issued. as coasidmtio’n.- ■ 


three 


£ 0 . 18 m 
by Thos. 
Walker 


Bulgin 
sees peak 
for year 


pnt r>.-cei»rtl. ' Uebli. 


a is now stated, 
maximum permit led 


, • . . . unchanged final dividend of 0.fi39p net. 

gramme oT reorganisation which maintains the total- at 0_S065p. 
final will enable the group to achieve Tax charge for the vear Turnover - 

to ■ £94,726 .against ”3t 

UK lax 


First half profits had dropped dividend of o.TUISflap is recom- higher volume on a wider range amounts 

..harmy from £l.lhm to £910.000 mended bringing the total pay- of products. The results so far £107176. 

nit the board anticipated then merit for the year to 1.3D6505p are most encouraging, the direc- 1 

|bat second half profits would against 1.170273p previously, tors say. * ■■ 

;sceed those of the first six Earnings are shown at 2.61p per R» n ta! Drofit was satisfactory " 

.tmnths. Should the level of con- ordinary and “A" (nnn-vniinn i • j ' 5 r_7-'L sattstactory 

■umer. spending show a suitahlc share. 


The 

con- 


Ward White heads for record 
year as first half tops £2m 


Alfred .. 
Walker 
in profit 


Xcr proSi 

Aimburable . .. 
Pref dn'IdcDds 
In'iTtm dividend 
Proposed final 


r 

9.901 ODD 
943.3S7 
TTLJ22 
77.05.' 
694.140 
6M.1W 
M.S12 
M.‘99 
46.447 


^covery in thb second half, the “"CaVh flow venerated from Sv^ea^^uhsidliries^aiJS 

P I 0fit . could £ ?ruup operations was £9.3m Sn„|d to oer form well 

material, the directors stated. (i'JMluu unuea to perinrra wen. 

( For most of the year relail Larger' retail superstores with Ocmber^ a't"!'’ SO 1 ^ 001 "’ ^ C ’ 

? ales were at a generally warehouse facilities are now Oclober - 6 ' at 1 - 30 P m - 

Je pressed level on reduced being opened under a pro- See Lex 

f IN THE year ended April 30. IDTS. 

pre-tax profits of Alfred Walker ’^ p riVj979 
and Son, building contractor and 
property developer, were £37.000 
from turnover of £4J@m. In the 
previous 16 months, the zroup 
incurred a loss of £500,000 when 
sales were £7.2m. 

At halfway, there was a loss of 
£43,000 compared with a £23.000 
liSn 4 ho <haroc P rofi t and the directora said indi- 

4<r S?nL 1SP We SKa “ cations were that a break-even 

satisfactory progress in sion. says the' chairman*'*'" 1 * U "’* ^ ^ ** * would be shown in the 12 months. 

with pre-tax The fooiwear manufactnring MOORGATF After tax of £13.000 against a 

profits rising Trom £i;im t o £2.l6m division more loan doubled Its 1 1 credit or £180.000 eanungs per 

on sales of £3J.Sm against £29.SSm. contribution to group profit in the INVF^TMFNT share for the year are shown at 

And Mr. G. E. McWalters. the first half, despite the cutuinued „ , , . * ? ® 3p ( . 1 : 1 -.® 7p _, 3oss ,>' , A P> In there 

Moorgate Investment Company ts no dividend — the last payment 

arranged to increase an exist- was a single l.Tap payment in the 
multi-currency loan facility of year to December 3T, 1975. 


31. 197S. 

£ The directors say that order 
■22'S2 levels contLiue to be good and 
mlos inren a continued favourable 
ist.s;? economic climate -they are. confi- 
•U7.ps« dent the company will continue to 
“break its own records.” 
bo March the directors reported 
«jwo a record £Im taxable profit for 
The production capacity of the the 19n-7S year 
Hunnington plant has been in- After tax for the first half, of 
creased to meet rising demand £328.000 against £246.000, net 
and additional capacity is planned profit was £303.000 l £227.000) 
for the current year. giving earnings of 1.52p (l.X4j>) 

Work on the new distribution per 5p share. The net interim 
warehouse is well advanced and dividend is stepped up from'0 ; 55p 
is scheduled for completion in to 0.625p— last year's final pay- 
ment was 0. 7645p. 



re, ¥ ,t * of . tho btfin " enjoyed by all the com- Broughton. 


u-l;i v- 7 . eiijwjru jj an me- uuui- xiiuugmon. .“AC 11 

further ,n ,h ,*' » a [ety products divi- yield j-2 per cent ■ 


.-win :Tir. u. c.. fticwallers, the ,,rst na “- aespue me cutumuea .. 
chairman, expects results for (he h 'Kh levels of low -priced imports. . •'*' 
full year will show a substantial Footwear distribution also enjoyed n ” 
improvement over the record a record first hair, while the font- 


Local Authority 
raising £25m 


sha»hoW€rs- 

d had 1 ^ ken place. 

Sf JSw * totally 
for an vane to comment today, 

& thl dei-oty 'X’T 

and secretary of MAIBU Mr. u. 

Balk shares of Comben Gronp’sfuILjtOftuisitkii-of 

MAIBL sold - Wm snares oi Developmentsr.wttse removed 

Midland Bank ar around aop p^ yesterday when Saint Phi finally 
share. ra^ ,n " nharterS accepted tire cash and sbares offec. 

shaHa in’ S]"S"J r “iS , 2SS and togetow with the- Grind , 

g^ u ^-ii“ p ™r.nSr«pi FSfitt^p****** 

sales, brokers to ItRewise. 


Saint Piran; 
accepts 

Comben Q^egr^ 

The )^t remahiSg 


I4.7in. With no 
tion- for the 


uuu iv. ---- Whether the pro-- Comben .has - aovOriahid 

acreptanres^o^-bo^oL^ 


where or w 


“ether the aede h>6 % 23&23P2lS* 


No bid went unconditional .-.-earlier 
this 

a nee of the offer means that 


SlTof capimili’p^iditiir^ this week, Sajnt IWX accept- 

MMlmmm ■ ■• « . QnM At T 



^rt«^lft et ciosed the” "day “down intend to be a long-term inkier :bf 
S?^? 423p while Midland Bank this stake bat 'ds under ire great 
Su «n n pressure to seU ata poor. pnee m , 

--Otter major placings Yesterday view of.the, relatively ygt jrold 1 
viaer u« r ^- rDr tnv nrt fTnTnhftn .-shares.- : 


4m UBM group shares for on Comben ^shares. .L-’ 

Dawson Inti, rejects 
Williaj 




[L sen 


London Borough of Southwark cent on October -?L and £491 per 
raising £25jn by the issue of cent on December 12. It 'will be 


ffiSSJliff.S'dSB! "ft* m:iryins 

Basic earnings per 2.1p share ,,n lm»e-eh:i.nged 

are shown at IS.lfip against 9.t:jp ** 11 - 10 * as much as 


wear muiiin ■ division increased ^88100.000, due for repayment on Attributable profit was £2$.fi0fl. 12J per cent redeemable stock redeemed on August 13. 1987. 
LonMrf.Tiih'i- i*c turnover in line J«‘»nuary 31, 19SI by an additional In the 16 months previously there 19S7 at £99t per cent. Applications Anplicatians must be for 

1 -jiuiuviuuii 1,1 ' ^ 1 -inAnnn r « _ r c .._. _ _r Kin , Ann __ . 1 ... ..w _r .- k ... “fock or 

applications 
Increased 

multiples are necessary for larger 


£3.2m pre-tax achieved in 1U7 

r^ reSuU o{ - ,he , sh “ re ,SSUt ; with "**iho**cu rre ’i l **u"nt urn in the -M 00.000 for the purpose of financ- was a loss of £234,000 after an open and close next Wednesday, minimum of £100 stock 
c ,ui ^ °, f u Betts . an< { level uf consumer spendin- * n X further portfolio investment extraordinary credit of £125,000 The stock is payable as to £10 ir.uttipies of £100 for appli 

^ahwn and, a'^he retained K%cl c>n » um ' r4|M!,ia,n "‘ overseas. and minorities. i -'-.j per cent on application, £40 per up to £1.000 stock. Inc 

iprofits arising in 19.8. the group « comment 


in 


and S2op (7.45p) Tully diluted. 
As indicated in April, the direc 


possible the business in which it 
cumnetes dirveily with cheap 


Reports to Meetings 

Volume growth at Hogg Robinson 

intended "to "recommend'' a"’ fiAai l hv .'"dustriai fooiwear produced 

pavment equal to 4p gross. bv lls - sjr>: >' products division, THE PERFORMANCE of Hogg 

The £853.000 increase in pro- rete nily strengthened by the Robinson Group in the first three 


tors are declaring an interim {‘"hurts. This h.;s meant svritch- 
dividend of l.34p tip) net— last , m:re.isingl> away from basic 

year's final was 1.7p. It is still shws 10 up-maarkvi footwear and 


departments were now operating year will show a continuance of 
profitably and with the continuing this growth,” he said. 


applications. 

- Interest will be payable on 
February 15 and August 15. The 
first payment (on February 15. 
1979) will be at the rate of £3.0658 
per cent (less tax). 

Payment in full may be made 
nn or at any time arter October 
31 and discount of £7 per cent per 
annum will be allowed from that 
date or from any subsequent date 


lax profit in the first naif of 397S «> n «uhdaiion of Bells and months of the current financial success of the travel company. At the annual meeting of of J^i j2. sn, ?" t - rKo 

•• - * ‘ 0 w The company is year was encou raging. Mr. Morris he felt certain shareholders Magnet and Southerns. Mr. S. t Bro r e :. s c l ? the ''S™ 

' Oxford, the chairman said sales J - and Scnmgeour. 


piuiiL iii uh: uiai nan Of jvto , , 

was achieved after tire receipt of | 1|0 "* r ur»n. 

ilemnnrnrv »mnnvmunl WOKing llll 


are 


for more acqtiisitinns in Abbott, the chairman, said at would see n noticeable improve- 


fpmporarv pmplovni^Dt subsidy moKinv. inr mwe acqn „ ... . . 

amounting to £155000 compared lhis WfCl “ r - m Euroiie the yesterday’s ACM. He said he felt ment in the transport division's for first five months of this finan- 
wiih £579i000 in the first half r»f , L ' S - well as at lumie. Its distri- sure the group would again have contribution at the end of the cial year were up by 13 per cent 

i 111 r f inn firm h*i*C lii'Pti rr 


1977. 


, — J ... _ comment 

buliim arm has Uen mcrous/na a satisfactory year. •. year. ‘ compared with a year ago. Pcr- 

Uiiii j-.-ur lt s pu-rhases abroad Tnr sale in “We continue to see a notice- While the group's underwriting haps more importantly nearly all The terms of Southwark's offer 
is:.*. ' is.- the I K now that Ward White able improvement In the volume agencies, overseas subsidiaries of this reflected aa increase in appear to be much -in line with 

J® 1 *' itself has cut back nn die manu- of new business and new* clients and investment income were volume. the market. At -the issue price 

jg~| facturinu of volume shoes. Now and provided we ' keep our major contributors to proGts, he The weight of imprenement it offers a running yield of 12-563 
>.;L- that Hi.* company'.-* equity base expenses under control, which is said he could only reiterate his ? anie frnm “des to tlie home per eent with 12.595 per cent to 

uw has been broadened and -it uo our constant task, we' shall do remark of last year that it was JmproiemciWs market where the redemotion. The issuing house 

{£• lancer has to con-rider selling its well.” he said. too early in the year to make sroup appeared in be getting a compares it with Southend-on 

4<i reiaili.ig division this. too. is a The UK insurance broking useful comment; “but I have no good share nf the increase in Sea's £7m.l2 per cent stock I9S'. 

c possible candidate -for expansion division was doing -particularly reason to doubt that they Vrll consumer spending. This market issued in June, which is offering 

through acquisition- the group's well. The international and continue to make a worthwhile ronunued to look good and would a fiat yield of 12.35 per cent and 

The first half result contains capital employed was up to around reinsurance divisions were hold- contribution to our profits. bring obvious benefits to the J2.54 per cent to redemption No 
only a two-month contribution £19m at the half-year against ing their- own despite having to .“We- have established a group, he said. Unaudited profit doubt though the market u* ill he 

from Betts and Broughton. This £l-7-5m at the end of 1977. Prc- make good the benefit they sustained pattern of profits upures for the first five months lookin'* a t other issues nf similar 

new safety footwear subsidiary is tax profits ,J *- - =- -= * ! - J substant.aiiv than for - WK,n - ™ otner issue? of similar 

making a valuable contribution to year 
the universally buoyant trading contribution 


Sales 

■ Trading profit 
IniefcM ■■harjrs 
Profit before mo 

T« 

Xri profit 

Minonuei 

Pnlvrenw rlir. 
Arirjbulable ... 


I'HHl 
III .Mil 

102 

2.15* 

1.111 

J.lHi 


]» 

MU 


■oGls could reach £4.5m this previously received when sterling growth over the past five to six ' v . ere substantially better than for i enrrt w'’ Kpnein«»tnn and rhplee^c 

Results due next week 


the chairman, said he had stated pecemoer) offers a running yield 
in the annual report that the of 3 ““ 2 P^ r W!nt Wlth 1247 P*r 
year had started well and that CPnt t0 redemption but Islington’s 
since writing the report the group 12 * P er cent stock (issued a year 
had had a further month's trading ago) offering 12.69 per cent flnt 
and for the first three months aod 12.66 per cent to redemption 
sates wore 3D per cent up on Lbe makes Southwark look over- 


Half- expectations between the £44m engineering is doing well, Roneo pared with £8.84m last time. But s ” m ‘ J perind last year, “tiiis good priced. Of course The success of 

cashed in. nn prospects are now brightening. . wn . indicate, another the issue will depend on the 

g t,rt a ^ record year in sales and profits for movement in the gilt market 


ear in sales and profits for movement 

before next Wednesday. 


insurance sector. 

Analysts are expecting inlerim 
profits of £13m tu £14.5m l £8. rim) 
from Fisons on Muflday. Scientific 
equipment 


UNIT TRUSTS 


Casting eyes towards 



Another busy week lies ahead E>li males range from £21m to Australia do not look particularly the stronger pound. Overall, 
with several more hig companies £2Gm i£31.l'.m) uirh Tull year healthy but on the plus side UK .inai^’sts expect around £^m, corn- 
reporting inlerim figures. 

year results are expected Trum and £54 m marks. The wide ijis- has apparently 

Fisons, Dunlop Holdings. Tooiul, crcjuncre*' among forecasters can relaxed price controls in France, Demand has started to pick up n sales a 

the new slimline Vickers, Tarmac, Wm be explained by the group's and further growth looks likclv a nd the benefits from the Multi- -roup, ne said, 
with Legal and (reneral. llaiiibro hue.e lunmu-r (n.::bu last year) from iilliographic plate imik*W Fibre Agreement should 1- .start 
L4fe and Alexander Huh den pro- and comparative/) low pratils — Huwson. Heavy interest cliarges, hhowing up in the seennd half, 
viding haif-uiuc iiilertsi in the p jiny t«ist m in.rrgin-i clearly however, will eat into profits Forecasts for the full year are in 

has a big impact. However, the which should reach £14.5tn-£15m me region of £23 cn i£2"l,7ni)«. 
word has been gelling round that »« the full year. Adverse weather this winter 

raoni ; w I,J W "‘d been There has been some nervous- co ^hined with continuing tuSei^ 
acquisition Gellcn- v “ d ' , E «ess l>re capacity in ness in the stock market ahead insiirance eX pectnd to send 
kamp. should make a firsMime ISTflJ"' MOTuirfed™ 11 -? -- undenvriting losses of U M l and 

contribution of roughly Uni pre- j m .,D r t s from 
interest but much of ihe growth JhLs 'HreS 
is likely lo come from Ieriilisors. Cnillh 

This side only broke even last i up o^Yi overseas 

price increases irecu*d° apparently held up well and have that further exceptional items after-tax profits, due on WeSnes- n laO i n g ' on ‘ this "weeke’n'd^And not at 

tiriue Ta" year“ -S,.d huff ftf nl ^owih potential, could appear in the latest figure?. day , cou]d be £]m hisher at j us( any rdd fund manage^somc which'i/Sc advZ'ZZ 

recovery. On the other hand, the £“ n V ,1,nK , Some l an:,l >: s ‘ s are ", ot £B-3m Hambro Lire i interims on 0 ( the best-known names in the lure of Jhe Easl wtilh a nlw £ ^ 

pharmaceutical and agrochemical for * ,n l, l' l,,rn m v.irld. trade to make a forecast, but those that Friday) has now run out of the industry Arp riM*r»!mT»i*n»iino tliur Tunrl a«» 
interests are big esp>»rlers (par- Compensation i-i Hie key issue 2 re ‘i‘2'^_> , . ! ! r ^ v,t | e * K * concession 

titular ty io North Mnerivut ?>« 
dollar earnings will be 1m by 
currency movemeni.s. The Intal 
launch in the U.S. has nut gune ns 
well as hud been hoped ami more 

success here nh«r biggest pharma- writ I give sume cure tn Hie pro- ana 'trance nas remamcn a cause arurera "f*™" imjiwn' are economic potential of Japan, should look elsewhere 

ceuticais market in the world i press of ns nmi-nul ionaliscd f« r concern within the group. r *® Potential is the mainspring of - In particular you mi^ht eon 

would obviously boost the second interests. ■ F.-Himaii-s range from Demand in some of the develop- £ 11 j m atl f r , slx J non * *?*• - * lta (; an mo re’s appeal for its Far sider one of the two ®munii whiM. 

half. .Meanwhile, troubles with £5 [ m tu £7 tin <£lS.lmj— the inig countries has not been as better results from Lloyd s under- E —* — » — * w __^_ m . e lW0 .-roup.s which 

Ficam have apparently been comparable period mdutled an bon van t as in recent years. writing activities, but growth still — 

sorted out and a new product is Ul.Sm contiihulmn frnm ship- Textile companies have been being held back by costs pressures 

currently being launched. Brokers building and EAC at the trading to respond to the upturn 'T r ™ ™ ufu i 0lBee ° r t h ^ portfolio is invested. And some fixed interest content 

are going for full year profits of level. The big problem area is < n consumer spending, so Tootal’s A better second half is predated- M and G Far Eastern and General though in the combination whi?*h 

£26m-£2Sm. still offshore engineering which. f > r ? t half results, due out on Other results lo note are Fund is also, say its managers, Barclays has put leather— -its 

Following last year's second burdened by high development Wednesday, are not expected to interims' from Foseco Min sep, (on particularly well placed lo take Unicorn Income Trusf. and its 

half downturn brokers 'are net costs and Tough coni petition, may -break any records. The home Wednesday) and C T. Bowring, advantage of these volatile and Unicorn Extra Income Trust the 

expecting much joy m Thursday's nut even break intu profit next market has bepn cliffirult while WImpey and Ready Mixed Con- specialist markets. AJI three Tunds content is small. The benefits— 

interim figures from Duniup. year. Prospects in Canada' and exports have been held back by crete ton Thursday). 


.. . , _ . object to the fact that their 

that unit trust fund managers are income is likelv to rise little ir 

n avid!' nn ihic wiwIianH Anrf nnt r .11 T«iJ«li , 1 *■ 

on, JyndaU (another group 



„_j or „ — - -I'l*'** *-* rm “'ic ui uie two groups which 

-iifcHn Eastern Fund, as well, only in this are offering plans this week for 

eSnSs u Se l l S m0re ^ P?i enfiaI of the “ ,ves ' or who wants regular 

Hong Kong, in which 46 per cent income. In each case there is 

? move, nf t h h nnrt Fnlin i« inL-BiiUrf snm» R vnr | . 


CimiUdnV- 


FIMAL DIVIDENDS 

A. B drclMOK J*r,idili-ls Cruup .. 

AlltteiM Hr.,up 

.\nibcr Da> Holdlntst ... . 

BccktJiAn • A.i 

Campari .. . 

ClumSvrs and t'anaa 

Chart-rhaM 

Fioiw inWiiMrr 

Caitfonl Brndlay 

MTV 'troop - 

Hunt anJ Wnwtim TiRi.lalftvni ' 

Mart 10 *3- ?•» sid Co 

Pack-rr knoll. . , 

S‘n*e Pmo> Lnr.iion . .. 

U European UivMfr.^nt Trusl- 
S'alri'v Kn^ln-*.*in»: iim'ip 
Throttiiorion k-iun-fl <:«.wiii Trurf .. 


Aniiiiiiniv- 
iii "-at 
tliiis 


[>:'.'i4.-nil ipi« 

1.3 1 \,*ar Tin- vi-ar 


lui. 1- in j l 


Cuiiinany 


Im. 


TU- wljy 
Mulirtjy 
1 bnr.<l3\ 


3.1 MJP 
l.'MOl 


an,l C.^n^ral Assuraiicv Socn’IV 

Sbippim: C*» ' 

WjcLcltan ii* and W.i 

M:m<t*-rs t Holdings* 


Announce- 

ni'iit 

dui- 

Wi-dnvsday 

PTIdor 

Thursday 

Wfdnruday 


Dividend * at" - 
Ijsi year This year 


..... Thursday 
.... Wi-tm-sday 
.... iv* dcvhd.iy 

.... Tlamda.v 
.... Wii-usday 

TP.irMjy 

... M*ii:ii.iy 
— Tlmihday 
'Ffllay 


(NTEEIM dividends 

Cmislmdiun tiroilp 

Alpine ■■ 

\ I v :> Inv'.’tHi—ni Trust . ........... 

\ p V Jlo'dlPKv — — — 

^vrsP:r« ?t*lil !*-u*lurta — 

MwrM *C T- * »*'hJ Go 

Bramafi 'C. 15. > 

Brtvn Ri« fnepo. ... 

r*r-hr»*d Hniey aid OX 

:onrt*i»d EisirlM SiOfL-s Or.'up - — Thiit>:-y 

?upJop tioldiiisy ••* • ■; 

E,& P «C3-S.» and J;.^ y 

- • ; _ " WcdVW 

:S5; “ndt»'rSii Tst - SSS» 

Me Aimare ™ av 

K? ,y 

iii-c-'Cmriwr tu-» iv,* 

nr r.rmw — * ytiviar 

*r«y ?2«irtcvr/ Co. - 


v-.-ri.i-st! v 

I fil.VM.7 

: -’.Ml 

1 ~ 

Marlin lAlbom Holdinon 

.... Monday 

W- $ t .< s.jaj 


U.SJ7 

1S7S 

MifUlw OtoMtHKSi ... 

.... Monday 


Xil 

U.-NS 

Nil 

M«ll.-r *K. > •T,-Sl»ls*o> 

..... Kriday 

T1IM/-1 IT 

Nil 

Nil 

Nil 

Modem F.neinoiT4 ol Bruiol • RlOss.l .. 

. Kriday 

1lMi.*«*l.r.- 

IJTOj 

2.WI.I74 

1.4 

.M«rriMn itVrt. • Sun**r«oarkvlB 

.... Thursday 

'Thurvi 

ii.7.-» 

■J.-U8 

0.73 

Ni-ill Holriiiwt 

.... Fnda> 

TTiiirvl.jy 

2 i 

4.11 

!j.*l 

Nv-uniiii imtufllnrs ; 

._. “hiesday 

W.'Ip.-mUj- 

o.jn> 2 is 

ll.4C!76X 0.:«J ' 

.North British Canadian Invrstmrnt Co. 

... Friday 

TlKirsJ.ty 

2..1 

-. 14 

2.11 

Offics* j:td Etedromc Machines 

... Tuesday 

v«wu« 

n sn: 

2.33 

(1.973 

Owrn Owen 

... Thursday 

TMirrtjy 

Nil 

Nil 

NU 

Read* Mixed Oroccck* * 

.... Thursday 

T«-^rior 

Nil 

1 3 

%1I 

Bof-riiamoml Invcsioum Trum 

... Tui-sUay 

V.’ dn. trijv 

1.2 

2.:w, 

1 4 

Bofoi (7rou0 

.... Frtday 

WXJn-May 

H r*J25 

1.2025 

0 6 123 . 

Iviio F4iai**4 Hnldin-x - .... 

Siui'iuhi Service Group — .... 

Tanrur 

.... Monday 
.-. Tuesday 
.... Monday 


Ini. 

2.(157 

2.4 

0.5 

0.S2I6 

1.5 
0.4 

e.Thtt 

0.9735 


Final 
3 RR 
-*.5I 
I1.fi 
1.7207 

a m 
A .Barer 

n.rjfi.! 

1 722 


LoL 


O.xrra 0.43722 
9.1« 1S42 


1.7*7 


2 nilS 
2.MII3 
1.SU7 
h.m;,5 


2 V' 
1.65’ 
n .t 
n.7«>; 


fi.5; 

0. 5 

».assr 

S.&i 

U.'.l'. 

a 112 

1. Ml 
2.0 
5 4 
I.11 


0.VJ 
1 .. 1 * • 
1 1544 


Ttioni*^)0 T-Luic Caravans 

Tomnlin Dfs(1IU*rs Co 

Tmual 

Unicorn Industrie* 

VII K-rs 

Walker iC. amt w.» Hotdinns . 

tVainiouuhs iKoldincs* 

Whatman Rceiv AnaH 


W.-dncsday 

lhiesday 

Wednesday 

Tuesday 

Thursday 

Wednesday 

Tuesday 

Thureday 


l.hT5 

1.0 

L27S 

Ofiia 

2.5 

S.a 

0.5 

3.11 

O.T5W7 

5.57 

1.55 

0.51 

O.B . 

1.9531 

a «i 

* : 


3 ms 

t.7 

2.R 

2.23M 
3.27 
2*1 H 
1.0 
10.0 

0. 75211 
6.244 

1. fij 
2.1*723 

3.4739 


. benefit 

have performed extremely well “i term. 1 * of rising income— should 
this year, which was only to be ' v0rk trough in future years 
expected: but the M and G and but f °r the moment there is a* 

S and P funds also have a good Penally: a -holding in the two 

longer term record l though S and funds (between them providing 
P’s fund underperformed a couple inrome four times a year) will 
or years agoi; and Gartmore could hw* than 7 per cent, 

quite probably claim the same Th,? *SchIesin gCT Monthly in- 
distinction jf its history were as Portfolio, in contrast, offer* 
long. over 10 per cent— by dint of a 

AH three arc strictly funds for holding in preference 

those who arc looking for growth shares, which will slow down 
in their capital; but the New Caboi fu ‘“ re income growth. 

Recovery Trust should appeal to . ^ yi i u are not particularlv 

investors who want both. The about the Frequency of 

estimated gross starting yield is income payments, however, vou 

^ 1 ___ ..i.> t . ii. _ m 10 nf u'dTI i . ' . M 


&.1 per cent, but the managers 5]Sht wpII consider instead ’the 
reckon that hy Investing- in , * lt, d Fund which Allied 
recovery situations (like some? «ere on Your Side ") Hambro 


0.57417.-, aj&ij 


2^.-a 


I AM 


1.I.W 
■ 1« 
2.6.-61 

li.R 


INTERIM FICORES ONLY 

Brrayr Jon9**n soil Nicholmn 


Thirr-Hlay 


Chaniwl Ulands anJ Inicruaiional luv. T’sr. Monday 


in 


■l.W 


nniay iJanK.-st *tvl Co. 

ijawsi i Frank 

llane-r iBVMtmeiiK 

K<*wlit iJ.i *iwl Son iF»alonl 
Wlmoer tCwnrct 


Thursday 

Thnrsday 

Tiw^lay 

Thursday 

Thursriay 


2.174 

43 


il -4Mt 
7.9 



<«/- 


■ DiyMlAiHto shown n^f p*»n<'* i*rr .sharp and adhnuwf Mr an." <m«r»>mnK 4mo 
isro*’. t rum paw, whiPh had *=harc* lifr.'rf m Jijop. (orrayf an in to rim nf 1 73n and 
a final dividend ot Z75». ; lS-month period, f Serond intanm. ^ 


reckon 

recovery situations (like 'some f" were on Your Side") Hambro 
heavy industrial companies at the JS ' offering this weekend. It is 
moment), they will be able to su “ s *®ntially invested in equities, 
produce above average growth in anfl ^ mc °me on ihe units has* 
capital as well. ? ve f 0 i'? e Period since the launch 

For those investors who want ,n l 19, ' 4 i r ! s ®" hy more than the 
income there is a fine choke , e ,n . flat . ,on “Vhich is an 
available this week. -The require* adequate justification for thai 
ment.s of an income fund are P°” c /* At the moment the yield 
threefold: A high initial yield. IS ?, er 5, ent * . .. . 
good growth prospecLs and Finally. Canada Lire Unit Trust 
regular Income payments. But ” ana * e ” are drawing the atten- 
Jhcse objects are Somewhat at ’ 1 “ n investors to their CanLffe 
odds with one another; one s «a™ Exchange Scheme. This 
cannot, for instance, combine the enables investors to switch from 
highest income and good growth direct equity holding into unit 
prospects, since the highest trusts, at a lower expense "than 
income comes from fixed interest would_ > be incurred by going 
investments 
shares. 


Dawson International^ a luxury taken on the- sac of ^o 'divkiend 
knitwear manufacturer, yesterday increase and iL K. unlikely.: that a 
rejected a £30m share ahd cash -figure will be available for at teast 
offer made by William Baird, its 10 days. ^ 

major shareholder, for the capital. The rejection, came as :po. sar 
it does not already own. prise to .Mr. Stanley Field. Baird’s 

In the absence of Mr. Stanley chairman.* “I have jui ,idea..-w hat 
Field, Baird’s representative on they -mean by the .phrase net cqmr 
(he board, Dawson directors merdai benefit to Dawson biit'J 
unanimously stated that the pro- found, nothing. . unusual "'.inL' ^ the 
posals offered no • commercial reasons for rejection,"' he saM.- - 
benefit to Dawson, undervalued Trading in both -Dau^pn .and 
the company's assets and took no gaird shares resumed -yerteroay 
account of the group’s futore with Baird X7pening,-jit:,189p,.down 
prospects. •-• Sp bti its pre-stispensioir.. price. 

The conclusions were ^fully Uawsoti closed at ISSp, a 
supported by merchant, ban.k, ^7 R oa the day..-.-’ 

Samuel Montagu, Dawson’s Span- Jbbn • -Haggas,' 7 a'V.Yorlsbiri!-' 
.cial adviser. - based worsted yarn .sphmer,.' which 

The directors will be writing had re^ed agreement' with Daw- 
to -shareholders orv ’ Monday -sen; ’on a -proposed;, merger,, prior - 
advising them not to sell their to. the Baird bid . opnwd at the 
shares nor to take any action in pre-sus pension pnee . of 13»p and 
regard to the Baird offers. They rose to J47p. _ . - 

will also indicate their intentiaii' :The, Office .of /Fair ^ Trading 
to Increase Dawson dividends examining the Baird bra-anC iihe 
substantial^. ........ results of UsinvestiRationsr. will 

- Mr. Alan Smith, Dawson’s chair-. be announced in three to four 
man. said no' decision has bee,rv ^ weeks. .. . l:. ( - ..T'.-v ’ 


British Land bids 



ere 


British . Land is to acquire . Mr.. RitbTat sAiffiyCsterday the r 
Kings mere Investment Company rerenueaCcoUnt of BTmsn Lana 
which, own* .the La ogham Estate is v improving daily.r; -He said it 
in London- for. £4.2m, .Mr, John was difficult .to fonjcast whether 



would become profitable. 4)0. a - able. dUriag . ihe course .'.oL the 


monthly basis during the course year. .. .. . 

Mri ...Rrtblatr- said- -he was Tint 


of this financial year. . - . . — . ...... ... .. . 

*■ i anxious to hurry along, with *pro- 
The Langham Estate codtprises per^i disposals.- telfeving: that -if 
174 wholly -freehold properties 'would be preJudh*pttd:.the^com ; . 
extending over 15 acres in- the ; pany.- . ' But he opted ttiat. ]hnB* ' . 
centre of London. The flcquiri: property had recent^^been-iSbM 
tion will be paid for through the in California for, f4Jra.->; He in- 
issue of 5,441,176 ordinary shared, dicate'd. that- sbtoe.'- 'of^we*\sfiort 
£lm cash on completion and terin'debt migbt be^lenfSb&t^iu 
£l.35m m either cash -or shares' ay ear or fwo’s lime-wbf” 
at least 12 months- after, 
tion. 


T albex shows ittterest 




in Hoskins & Htirton 


Talbcx; the soap to hairdressers- they are nf^ed' to. -lakclnQ' Sctiodi 
group 'fn -which Arab interests ik respect-. of ^their sharehofdbfgS." 
hold a significant stake, is poised >K. : >’.i. ' 

to bid. for- Birmingham-based Cua- " BROOKE BONIK^ 
tractor Hoskins and Horton; ...• P*.V<5 --F I nyi: •• . 

The Ho.sikins and Horton board ■Li'?* a 
said yesterday they had received - FOR aULMAC- ■ > - 

an unsolicited approach-” fronv The -Brooke Bond Lfehfe Group 
Ta Ibex -1 who. -wish to enter into is- on • the point*, of acquiring; a. 
formal negotiations with a view to Kenyan business which .exports 
making - an - offer.”. The . news flowers and vegetables' to Europe, 
pushed H and H shares 17p higher The company is S hi mie. which 
to lfifip. - ' produces and exports -feroS, 

Last. -night --Ta Ibex directors flowers; chrysanthemiun ■ cuttings, 
were not available for comment, sisal and vegetables. Brooke* Bond-, 
but a spokesman for the comrwny Liebig (Kenya) win pay -13m 
confirmed that a letter had been Kenya Shillings f£lm) for. .75. per. 
sent to the 1 Hoskins board. ‘ cent of its' equity and will provide 
Discussing he said had 27m Shillings (UL8m) ot loan 
not began. • Talbex. however, capitaL 
apparently feels its Middle East. BBL will also pay. £100,000 for 
connections could be useful in 75 pec cent -of a new- company 
promoting- H and H's hospital 'for rued to acquire the .^anie^fr a< f fl, 
beds and equipment overseas. and ■ assets of DCK Nurseries; 
ar.V^u 8 '^' e . c ^ 0se 0®(ween TaJbex which- markets Sulmac’s produce 
merchant -jn Europe. The outstanding staft&s’ 
turn h mSwu- S h, f h /- ■” “ Itliis company and in. Sulmae 
■Vrtnr^55f« ^ Sn« le ' E,al J?L s: will toe split between- the Kenya 
in rt HnBt^ 1, ^nH a H^Mnn Cent ^ ake nationals who at present own .the 

... entire equity of . the 
Artoc meanwhile now has comnanlM • 

rouehly. 22 per cent of the Talbex BBL dTclhied to cive sales 'ftnd 

sSSSS- 

•tiuW fl A'tS?°th« Sketori S?! 1 !?" j' "' Ul bSer . Wgh rrtuffl 
"roup 'of "engineering companies - pia . 
for a total consideration of-. n/vViin* , htc 
£ 927.000; .including 2^f5m new JFIOTHMANS INTL".--- v;- 
shares. , . Further to Rothmans. Inter- 

Vesterday- Hoskins and Horton national announcement ou Sep- 
said it was .too early to comment teraber 19, the completion of the 
[hough the eonipany is consider- acquisition by Marlin Byinfcniann 
ing its position.-; _ of - the.’ Canadian ' inte reals "'■of 

Shareholders will he kept in- Rupert Group, . has duly iaken i 
formed though, in the meantime place. 





^^oiPrc 








vai: 


Approach to Bambergers 


t- The split of Bambergero bus*, h ' v u -'3C 

n«s is between the importing and - -■ 

°: r d^tnbutioii of softwood, hard- * . A'v 6C5 


B.*ti\IBEffGEjRS; - tlie timber group, the UK timber groups;, or; if 'not 
has received: an approach from an a timber group conglomerate such 
unnamed -pu&Dc- company which Thomas Tilling. • - . V 

could leaff .to an offer for tiie ? he of Bamberger* busi;. 
roup. Yesterday’s announcement 
sent .Bambergers’ shares soaring wood and panel products and a 
to 850. V-Mp ’ Sun on tile day, steadily' growing tfuOdfng Bute*.. 
giving the^group.a stock market r|als side where it has -a .. well, 
alue of ’£8J&n. ■- developed merchaoting' network: - 

The group's chainnan, Mr. Cecil ^ In its last financial yeaif' -'eiSdiaS 
Woodburn-Bamberger met ... the March 31. 1978 the group showed 
chairman.. Lof .'the unnamed com- Salable profits of £i 38 tn com- 
pany on. Monday. A brief state* ^ared with £!B8ra ori* turnbirer of 
ment issped € yesterday - r by -£38.flm against- “£ 39 ^®, “ The 
Bambergws >' :&aid that “ an -balance sheet showed net assets 
approach- '- .-has -• been received r Per share of 93 Jip, There Vere.net. 

which may. or -may not lead to -.borrowings.. bf £l jgm and' accept- 
an offer.” A further an nounce-^anee credits 
ment is hoped tp be made befdreT Significant shareholders *Wffli . 
*e end 6f ijest’WeeK tf. the off c^; Interests over 5 per ceirrwenrTTC. 
Proves acceptable -to. the Bamj Pension Trust, who jointly .with 
berger group. i- 1TC. Pension Investments held G.J* 

In the market*- stockbrokers per cent; Royal London 3lUtu*l 
ere speculating ‘ that the ucf Insurance Society, 5.R per cent: 




• ,r * 






: - ' ,J - 4 
■j'-r4 

* ■ ■‘2 irri 


'Ofow. ‘ 


*1 


»s 5 ii* -. , ; 


1 <T 


its like Preference ! 1 ™S2f e manocuvre on I named^omppy;^ ‘““feouVd* U l» amT the Pearl ..Vssuraiice ' Com* 

For those who don t the open market. | Montague L.. Meyer, the largest el pqny,- 5.02 per cent. 

*1 . » ... t - 


5s 


A'i- 






v 






Financial' Times Saturday September -23 1978 



17 


UMMARY OF THE WEEK’S COMPANY NEWS 


ke-over bids and mergers 




vson 

liam 


William Baird, the textiles and industrial group, has made 
lm. shares and cash hid for Dawson InternattenaL Baird, 
lich already holds 28.3 per cent of the ordinary and 35 per 
at of the “A" shares is offering two of its shares plus 240p for 
"ery three Dawson shares. The bid was precipitated by an 
□ouncement earlier this week that the boards of Dawson and 
' tin Haggas were discussing plans for a merger. 

Raybcck, the women's and menswear retailers and manu- 
j rturers, has made a £lL3ra cash bid for Bourne and HeUings- 
rth, the Oxford ’Street, London, store group. Several major 
itnrs are known to have approached B and H but Raybeck’s 
er proved the most attractive to the Bourne family which 
3i ;.. *’ i is agreed to accept the 235p a share bid in respect of its 59 per 
, v tj)^ it shareholding. Mr. A. Simons, deputy chairman oil Raybeck, 
f ‘ .d that the deal wuuld make the group the largest trader in 
'Vest End. 

^ The minority shareholders of Pearson Longman last week 
— leked S. Pearson’s £38m bid to acquire the 36 per cent of the 
ires it docs not already own. Pearson had needed to win 
per cent of the votes cast at Tuesday^ extraordinary meeting 
' proceed with the offer, in the event, almost a third of the 
.9Sm shares voting were against the offer. 

. Rock ware, which just over fonr months ago was ordered by 
' ; Monopolies Commission not to proceed with its offer for 
dfearn National Glass has agreed terms for the takeover of 
Ida Packaging for £4.6m. Rockware’s offer comprises 145p 
' : each Alida share with an equivalent loon stock alternative, 
ayion Montagu Portfolio Management, which controls nearly 
per cent of the Alida capital, has pledged its acceptance, 
rectors of Alida have accepted in respect of a further 5.4 per 
nt and recommend other shareholders to follow suit 
Grand Metropolitan Hotels hopes to co-operate with the 
. : voy Hotel Group in marketing and buying. This follows a 
al whereby Grand Metropolitan is paying £5m for the. 23 per 
■ - nt stake in Savoy formerly held by Trafalgar House. 

Davy International has reached agreement on a large 
pansion of its U.S. interests through the $X20m (£55.5m> 


purchase of McKee Corps, of Cleveland, Ohio. Davy is making PRELIMINARY RESULTS 
a tender offer of $33 per share. 

A bid may well be in the offing for Randalls following news 
that the company is involved in hid talks with Ferguson 
Industrial. 


Company 


Half-year 

to- 


Pre-tax profit 
(£000) 


Interim dividends* 
per share (p) 


Company 


Pre-tax profit 
Year to (£000 ) 


Earnings* Dividends" 
per share (p) per share Ip) 


Value of Price Value Final 

Company bid per Market before of bid AccTce 

bid for share** price** bid (Jim's)** Bidder date 


Prkca hi Fence iwlrn 


hatted. 


Alida Puck aging 

245* 

145fll 

108 

4.G3 

RockwareGrp. 

_ 

bonser Eng. 
Bourne & 
Hollingsworth 

45* 

43 

36 

2.70 

Kaye Organ. 

— 

235* 

23215 

317 

1128 

Raybeck 



Compton Sons & 

61S3 

65 

43 

20.44 

Carrington 


Webb 




Vhyella 

— 

Compton Sons & 
Webb 

70* 

65 

59 

11-92 

Conrtaulds 


ComercroR 

Crossley Bu tiding 

65* 

65 

56 

1.62 

Armstrong 

Equipment 

— 

Products 

105* 

104 

64 

7.07 

Bo water 



Custo magic 

21 

17 

19} 

1.10 

Mooloya In vs. 



Dawson IntnL . 

20035 

193H8 

136 

34.5 

Wm. Baird 



Eastwood (J. B.) 

J32* 

158 

90 

31.53 

Cargill 



Fiufdrive Eng. 

873 

91 

92 

6.03 

Assocd. Eng. 



G lit afield Secs. 

375 

360 

305 

7.73 

Legal &GenL 



Lyons (J.) 

Midland 

148 

MSlTf 

87 

6088 

Allied Brews. 

— 

Educational 

350* 

1S7 

120 

2.10 

Pent os 



Mowat (IV.) 

224* 

42* 

27 

0225 

Jenlh 



Orme l)evpts. 
Tridanl Group 

5855 

57 

48 

20.29 

Com ben Grp. 

29/9 

Printers 

85* 

M 

55 

3.72 

Star-west lav. 



Wades Deptmt. 
Stores 

Wades Deptxnl. 

102J* 

100 

63 

2.11 

Assoc. Dairies 

— 

Stores N/V A 

9S* 

06 

60 

3.56 

Assoc. Dairies 



Weston -Eians 

124J* 

165 

110 

S.4 

B*ham & Midland 





Counties TsL 

, 

West on-E vans 

1643 

165 

233 

S.83 

Johnson and 



Aberfay** 

BunMMerson 

Cterns*' 

Cub'. & 0®^ Prop. 
Dowdlmtf Mills 
Kerry Peering 

Lister _ , 

Metal -Products 

MFI 

Nohon- 

Reabr*»°k 

Riurda Eagre. 

SchoJesfG.H.) 


July 31 
June 00 
Dec. 31 
Mar. 31 
June 30 
June 3U 
Mar. 31 
JuneJU 
Mar. 31 
Mar. 31 
May 27 
Apr. 30 
May 5 
June 30 
June 30 


255 
621 
607 
526 
1.730 
956 
59 
424 
1,426 
124 
5.340 
12 1 
CO 
043 
2,034 


(70)L 5.1 
(433) 112 
(227) 17.6 
(230) 5X1 

(1.430) 3.3 

(7S6) 10.7 

<44)L 6.7 
(556) 3J2 

(480)L — 
(95) 3.6 

(L860) 23.6 
( 12 )L 4.6 
(29) 1.6 

(&41) 3Q£ 
(L865) 29.0 


(— ) 
(T.0) 
(S2) 
(2JS) 
(2.S) 

(8.7) 
(— ) 

(3.0) 

f— ) 

(2.7) 

(7.8) 
I — ) 

( 1 . 1 ) 
(13.3) 
(24.0) 


Nil 
1.010 
1.056 
US78 
1.2 
2.S43 
Nil 
2.209 
1 JO 

XQ 

2.196 

2.0 

1232 

22)19 

1S.52 


(Nil) 

(1.45) 
0.056) 
(0.792) 
(1.075) 
(2.54(f) 
(Nil) 

(uns) 

(0.1) 

(Nil) 

(1.S6S) 

( 2 . 0 ) 

(1.045) 
(2.614) 
(16-556) 


INTERIM! statements 


— company 


Half-year 

to 


Pre-tax profit 
(£000) 


Interim dividends* 
per share (p) 



Firth Brown 29/9 

* All cash offer, t Cash alternative, t Partial bid. S For capital 
not already held. V Combined market capitalisation. (| Date on which 
scheme is expected to become operative. ** Based on 21/9/78. 
tt At suspension, tt Estimated. §5 Shares and cash. IB Based on 
22/9/7S. 


Appleyan* 
Besttalis- 
Bh.of Scotland 
JBemrose Corp. 
Bodyeote 1ml. 
Brent Chemicals 
Brixten Estate 
Brwn-JBoveri Kent 
Camrex 
City Hotels 
Copyder . 
Davenport Knitwr. 
Delta Metal 
UlckiBSon Robnsn. 
Dick to flames) 
Energy Services 
European Ferries 
Expanded .lleial 
Federated Land 
Gorton Epnrg. 
Gibbons' (Stanley) 
Gresham Hse. Est. 
HaliEngrg. 
BamUbpTne 
Harris & Sheldon 


June 30 

L310 

(931) 

2.25 

(1.625) 

July 29 

1,122 

1603) 

1)2 

(Nil) ’ 

Aus. 31 

13.339 

(13,960) 

6.165 

(5.445) 

July 1 

1,254 

(1.159) 

2.137 

(1.914) 

June GO 

Sol 

(937) 

1.455 

(1.303) 

.lime 20 

1,2.10 

1 1,130) 

0.967 

(0.826) 

June 30 

1.120 

(1.170) 

1.393 

(1248) 

June 24 

3.560 

(2.920) 

1.0 

(0.76) 

June 30 

31 

U244) 

).M 

(1.64) 

July 2 

614 

(43I1J 

1.32 

11.056) 

June 30 

112 

(61 1 

0.75 

(0.7) 

June 30 

207 

(28ft) 


- ( — 1 

J une 30 

14,720 

(13.410) 

2.S2 

(122) 

June 30 

9.070 

(12.550) 

2 it 08 

(2.552) 

Apr. 30 

193 

(211) 

2.43S 

.(2.1S5) 

June 30 

506 

(461l 

02 

(0.1) 

June 30 

8.500 

(7.U50) 

I.l 

(1.01 

June 30 

95ft 

(1,240) 

1.75 

11.635) 

June 3D 

420 

(415) 

0.8 

(075) 

June 30 

467 

(502 ) 

3.0 

(2.7) 

June 3D 

941 

(79$) 

1.65 

O^} 

June oft 

211 

l9«) 

1.4 

(1.4) 

June 30 

2,250 

<1.S00> 

2.471 

(2213) 

June 30 

ID 

(104) 

- 0J5 

(0.5) 

June 30 

1,38ft 

(1,270 » 

1.57S 

(L413) 


llestoir 

Hoskins & Horton 
J. G. Holdings 
Klcinwori Benson 
Laporte Inds. 

Law Land 
Lcadenhali String. 

Ley land Paint 
London Pavilion 
Low & Sonar 
IVltlhv.-s. (Bernard) 

Mackay (H.) 

Marshall (Loxley) 

5Ie rules (John) 

Minty 
Molins 
Perry Motors 
Plantations 
Ransomes Sims 
Rolls-Royce 
Rowan -& Poden 
R own tree Mcktsh. 

Simon Engrg. 

Spear & Jackson 
Stag Furnitnre 
Stone Platt Inds. 

Sumner (Francis) 

Sykes (Henry) 

Tilbury Cutrctng. 
linked Glass 
U(d. Newspapers 
Wad ham Stringer 
Wad kin 
Wilkes (J.) 

Wlknsn. Warfarin. 

Winn Inds. 

(Figures in parentheses are for corresponding period.) 
Dividends shown net except where otherwise stated. 

• Adjusted for any intervening scrip issue, f Half-time figures 
not reported. Dividend includes O.037p due to change in tax rate. 
+ Includes O.OSTp due to change in las raic. § Includes 0.015P due 
to change in tax rale. 2 Includes O.OUp due to change in tax rate, 
tt Includes 0.123p due to change in tax rate. LLoss. 

Offers for sale, platings and introductions 

Bristol Waterworks: Offer for sale of £5m 7 per cent redeemable 
preference shares 1983 at £97.50 per cent. 

International Thomson: Listing of common and convertible shares. 


July 31 

423 

(1,800) 

2.35S 

(2.112) 

June 30 

317 

(3721 

1.689 

(1.513) 

June 30 

957 

(.028) 

0.5 

(1.0) 

June 30 

4. 

l — it 

l.SSTf 

(1.65) • 

July 2 

4.716 ‘ 

( 7.026 j 

3.022 

(2-706) 

June 30 

237 

(355) 

0.5 

(0.5) 

June 30 

404 

(293) 

2.0+ 

(1.66) 

June 30 

1.150 

(S25l 

2.0 

(1-0) 

June 30 

19 

18) 

— 

(— ) 

May 31 

4,066 

(32491 

4.0 

(3-5) 

July 16 

994 

(1.012) 

4.5 

(4.0) 

June SO 

2IS 

(197) 

1.4 

(1.4) 

June 30 

3G9 

(409) 

1.2 

(lA) 

Julv 20 

1.150 

(S5S) 

12195 

f 1.164) 

July 29 

94 

(44) 

1.65 

fl.5> 

June 30 

5,100 

(2.800) 

22 

(2-(T) 

June 30 

2,190 

(1,490) 

1.075 

(l^SS) 

June SO 

1279 

(2.523) 

0.402 

(— ) 

July 1 

1270 

(1.020) 

3.D0f 

(2.5) 

June 17 

5.412 

(3.716) 

2224 

(1B4> 

June 30 

251 

(202) 

0.6 

(0.55) 

June 17 

12,310 

(12,000) 

4.5 

(2.75) 

June 30 

6.310 

(5.440) 

3.0 

(2.7) 

July 1 

882 

(1.0CO) 

3.575 

(3.575)' 

July 1 

1.040 

1765) 

23 

(2.0) 

June 30 

L310 

(6.040) 

2.725 

(2284) 

June SO 

405 

(337) 

0.5 

(0-45) 

June 28 

1.012 

(1.124) 

1.5 

(0.55) 

June 30 

959 

(892) 

6.0 

(6.0) ■ 

June 17 

6.010 

(4,560) 

— 

f— ) 

June 30 

3.651 

(2.853) 

6 Jtt 

(6.0) 

June 30 

2.500 

(1.510) 

1.1 

(0.99) 

June SO 

1.010 

(805) 

2215 

(1875) 

June 30 

25G 

(230) 

2.5 

(1285) 

June 30 

419 

1 165) 

1.76 

(1.6) 

June 30 

646 

(524) 

1.34 

(1.1S8) 


POINTMENTS 


senior executive posts 


ft 
3 * 


] La" 


fVa V 


0 


Two deputy managing directors 
d a new director of worldwide 
irkcting group have been 
. . pointed by ICL from October L 
. Mr. Peter Ellis is to be deputy 
. maging director responsible 

• - personnel, product planning, 

- siness planning and corporate 
□grammes. Mr, Murray Stuart 

- II be deputy managing director 

• charge of finance, ad minis tra- 
in . legal and patents and 
-.rporation information systems. 

Leslie Cole takes over as 
■ecior, worldwide marketing 
oup, reporting to Dr. 
iristopber Wilson, managing 
•ector, in succession to Mr. Ellis, 
so from (he beginning of 
-,:tober, air. Tom Griffin, director 
control of the consumer 
gineering division will report 
. Mr. Cole. 

* 

Mr. Henry James, who is 
linquishing his position as 
rector general of the Central 
fice of Information, has been 
pointed public relations 
vlser to the main Board of 
ijCKERS from December 1. Mr. 
mes has been in the Civil 
rvice far the -past 40 years, his 
nous posts including that of 
ess Secretary to successive 
ime Ministers, , . 

' .• - ' ' " . 

R. I. Sloan, an executive 
rector of Commercial Union 
•.surance, has been elected 
evident of Ifae CHARTERED 
‘ SURANCE INSTITUTE for 
• 78-9. Mr. R. K. Bishop, deputy. 


chief general manager of 
Phoenix Assurance, has become 
deputy president of the institute. 

The Secretary for Em plo y ment 
has appointed Mr. Tory O’Neill, 
national president of the Bakers, 
Food and Allied Workers' Union, 
as an employee member -of the 
FOOD DRINK AND - TOBACCO 
INDUSTRY TRAINING BOARD. 
He fills the vacancy created'by the 
resignation of Mr. Chris Child. 

* 

Mr. J. CL Mason, group financial 
controller PARKER KNOLL, has 
been appointed to the board. 

* 

Mr. Norman Ptxrie has joined 
the Board of JSlft ROBERT 
MCALPINE AND SONS. He at 
present heads the project develop- 
ment team. 


GLYNWED SCREWS AND 
FASTENINGS has appointed six 
new directors of subsidiary com- 
panies. They are Mr.-- A. J. 
Bagsbawe (marketing); Mr, James 
2L Smith; Mr. R- C- Wfaltehouse 
(marketing) Wask Engineering; 
Mr. R. J. Perry (manufactufipg); 
Mr. J. M. Ager (eneinecring): Jdr. 
P, N. Cook (commercial), lioopter 
and. Turner, and Mr.' D. J.iStnarl 
(financial), Yarwood Ingrabx and 
Company. / 

•k p ■ 

Mr. James' Russell /Win relin- 
quish his appointment as Inter- 


national business consultant to 
the BANK OF SCOTLAND from 
September 30. 

* 

Mr. A. E. Roberts has been 
appointed managing director of 
TEXTILE BONDING, which is 
jointly owned by Carrington 
Viyelin and TDotal. Mr. Roberts, 
until recently managing director 
of Bernard Wardle (Everflex), 
takes over from Mr. A. J. Chap- 
man, the managing director of 
Textile Bonding since its forma- 
tion in 1963, wbo is retiring. 

Mr. Alan Bartleman has been 
appointed managing director of 
the EUROPEAN PRINTING 
CORPORATION. Dublin. He was 
previously assistant managing 
director with Thomson Regional 
Newspapers. 

"k 

Mr. George Wells bas been 
appointed financial controller of 
the recently formed process 
engineering division of WGL 
* 

Mr. Bin HiHfer has been 
appointed technical director of 
RACAL-REDAC. He was pre- 
viously production director. 

Mr. R. A. Hitchcock baa been 
appointed managing ■ director 
designate ■ of NCB (ANCXL- 
LAJUES) and takes over from Mr. 
G. BLV Jackson, who is retiring on 
October 1. The company is 
responsible for all the non-mining 
companies, wholly or partly owned 
by the National Coal Board. 


Confident outlook at Neepsend 


WITH IMPROVED results 
expected in aD divisions, Mr. S. L. 
Speight, chairman of Neepsend, 
the steel and engineering group, 
tells shareholders in his annual 
statement that he views the 
coming year with some confidence. 

A very profitable year is antici- 
pated on the tools and engineering 
side of the business which should 
benefit from Increased trading 
and improved production facili- 
ties, be says. 

Substantial growth is planned 
in the marketing of tools and in 
particular do-it-yourself tooling, 
while the magnetic drills and 
cutters of Rotabroach wifi show a 
considerable Increase in sales both 
at home and overseas. 


The steel market is showing no 
sign of improvement and witbouT 
Government intervention. Mr. 
Speight cannot conceive any 
uptunr in UK demand. But the 
actions directors are taking in the 
steel division coupled with the 
increased requiremtns for its 
finished- engineering products 
should ensure a better result from 
both Steel and castings. 

Group pre-tax profit fejl 
marginally from f l.04m to £1.03m 
for the year to March 31, IU7S. 
The dividend total, however, is 
raised from 2.031 25 p to 3.2244 p a 
25p share, the maximum 
permitted. 

Expressing disappointment that 
increased requirements for its 


virtually unchanged pre-tax profit, 
Mr. Speight now says that the 
group not only experienced a 
continuation ot the world 
recession in steel but had the 
added complication in the UK of 
severe dumping. 

In the castings division, which 
also suffered from the general 
recession in the industry, produc- 
tion facilities are being developed 
and rationalised with confident 
results expected. 

All other group activities have 
progressed in line with expecta- 
tions and indeed had it not been 
for the reduced margins in many 
of the steel activities the group 
would have produced the sort of 
results which the increased level 


of turnover warranted, Mr. 
Speight adds. 

Overseas sales have recovered 
from the previous year’s fall and 
while U.S. sales are still severely 
restricted, sales to other overseas 
markets have increased. 

Neepsend (Canada), is now 
bringing increased business to 
Sheffield and in the coming year 
will be a profitable contributor, 
while the associated company 
there. Tonbridge Cutting Tools, 
had another profitable year with 
substantially increased sales con- 
tinuing into the current year. • 

More Cintride products are 
being introduced into this 
market through a new company 
based in Tunbridge and a 
strongly developed market for 
all group products there Is 
expected. 

In Europe sales have been 


maintained despite the recession 
in most markets. While the 
German company found difficulty 
in increasing sales of FuturmiU 
units due to the cutback in 
capita] spending there, two sub- 
stantial contracts have been 
obtained since the year-end and 
tiie company should trade profit- 
ably this year. 

Elsewhere efforts have con- 
tinued to expand overseas sales. 
Many new trading arrangements 
have been established which the 
chairman is sure will result in a 
further increase this year in 
export sales. 

A valuation of group properties 
has resulted in a surplus of 
£1.8m which has been written 
into the balance-sheet as at 
March 31 this year. 

Meeting, Sheffield, October 10 
at 12.15 pm. 


First public offer of units in 

fyndall Preference Fund 




\ Ifltffi] 

v K l U s ^ 




Estimafed Gross Starting Yield 


p 


) , ;? 


I, ! 
l 


v . ' ■ • ."his first public offer of units in the TyndaU 
' ’ 'reference Fund provides investors with a 
' eiyhighyiddsesnmatEdatl^^gTOS^ 
ogether with a high level of security of both 

■ acome and capital. This is obviously 
ttractive not only to those needing income to 
ve on but to those who wish to accumulate 

- apical by having the income ic-inveSted. 

fhe advantage of Preference 
Shares 

."he Fund’s Portfolio consists mainly of the 
■reference shares of nearly 100 su bs tant ial_ 
Iritish commercial and industrial companies 
od investment trusts. All preference shares 
am fixed dividends and the payment of their 
ividends cak^priority over those to ordinary 
hareholders. The income from the Tyndall 
■reference Fund therefore is stable and very 

ccure. _ 

Since preference shares are fix ed inte rest 
wesrmenis their prices fluctuate witli * 
revailing long term interest rates se that if _ 
ucn interest rates fall, the shares could rise in 
aiue and vice-versa. However, there is less 
ikeiihood of fluctuation than there could be 
i .vrith investment in equities. 

iasy to buyer sell 
fyou invest directly in preference shares you 
. an, quite often find them difficult to buy and 
ell because they do nor change hands as 
requently as ordinary shares. But this does 
lot apply to investment through the Tyndall 
, .Reference Fund. Units can be bought from 
^ . | j][ he Managers or sold back on any Wednesday. 

( , nil” '^ow charges 

* • , rhe minimum investment inTyndall . 

■ ?teference Fund is £1500 and this, together 

virh other economies, enables costs and 
charges to be kept low. The, initial charge is 
Mily 3% (2% for excess over £10^000). - 

Two kinds of units 

rherearemx>kmdsof'umtS-disrributicHi 
, - ini ts , on which net income is distributed twice 
'• ’early, and accumulanon units in which the 
’ let income is reinvested to increase the value 
. >f the units. . .. 

You should remember that the price of 
iniis and the income from them cango down 
is well as up. 

You should regardy out investnanr as, a . 

• ongtennonc- ;•* V' " 


How to invest 

Simply complete the Application for Units 
below and post it together with your cheque. 

The minirmiw m i rial investment is £1,500. 
Further investments of £50 or more may be 
made later. 

Units will be allocated to you to the nearest 
higher whole number of units appropriate at 
the price ruling on the next Wednesday 
valuation following the receipt of your 
application and cheque. The cost of rounding 
up the number of units allocated will be borne 
bytheMaMgersC 

For your information fhe offer price of the 
distribution units on Wednesday 20th 
September 1973 was 1H-2P and the esti mated. 
gross startiogyield was 12.25%. 

For Corporate Investors 

This new Fund has special attractions as a 
medium tenn investment for company .funds . 


Important Details 

All applications Will be acknowledged and yonr crraficatcs 
vrill be sent within 35 days. 

After the dose of this offer, onira^ which are dealt m 
weekly on Wednes day s can be purchased at the price 
prevailing on thfc Wednesday following ihe receipt of the 
appficarioa. Unit prices arid yields are quoted in most 
national daily newspapers. 

Ify ou wfih to so! yonr units, the Managers wfll 
imohase themat the bid price on any; weekly deafingday. 

■aymcnr will normally be made within seven days of the 
receipt ofywnr rencamced cerrificaie. 

Distributions net rftaxai the basic rate are mode twice 
avearoo 1 4th juneand 1 4ch December. Investors now 
vAl receive thor first dfenribution on 14th Dece mber 1978. 
,\n initial management charge of 3% (2% in exce 
in. the buying price cf the unit s . 


?! 


deduerrd train tlreTrusrs inoiroc. 

Wflliams & Giya’s Bank Limited is me Trustee and 
holds ail the Tmascsh and invest mans on tbe 
unithuldcrs' befaajf. - 


APPLICATION FORUNITS 

- Aiyfc aiiaBiJ w M Mbc-OTrio: 

.. The TyndaU Group, 

3 S Canyoge Soad, Brisool BS99 7UA. 
Tdtphmc.e&33ZUl (ngoundKa. 79318 B&md) 

in tfHT i ihu r ffl i 

&c Tyndall Pederem Fund 
Mta j bSowmg recripf oTihb 
£1500. Oxqae* JMtddlr node 
' uf 


EZUi! 


si ihc offer j 

apdiadoB. 





fMr.Mn.MSg 


naisumSgiw: 

fiafull) 




-IJa&ni'jlut lament JS.andaniutTisidfrloiitaikllHUKer < 

ScMeAtkd TerriuwidacJ dm lam ms aojnna^ da toots astkenamOKif 
flUy j a m w rctdna au nai edau toriurm. 

Stcnanire ‘ ... ' 


^HxMortmaikwmakeihadithiinni.tttMdtttkkUdaal'ikiJanK 
i^bai OmM^yfabatA, twbiraba, vr ioHator. 
O^iHtanUilaURSMlHittafitacItcpubSctflidud. 

ATyndall Group Unit Trust 

' Vitold Aapaaiiort . FTD^/TSTP 


INVEST IN OUR TWO 
INCOME TRUSTS 
AND YOUR NEXT DIVIDEND 
WILE NEVER BE FAR AWAY 


Income firam Barclays Unicorn 
Income Tnistis paid inAlarch 
and September. 

Income from Barclays Unicom 
Extra Income Trust is paidin 
June and December. 

Invest in both and you’ll get 
a cheque from us every three months 

But although a regular in- 
come has its advantages, a 
healthy income has even more. 

Between them, the two trusts aim for a high and growing 
income with capital protectiomThis is achieved by 
investing mainly in a wide spread of ordinary shares in 
■UK companies and in the case of Extra Income Trust 
topped-up with some fixed-interest stocks to give a slightly 
higher current yield. 

A HIGH AND GROWING INCOME 

Since tb e launch of our Income Trust 13 years ago, 
the gross a n nual income on an investment of £i 5 ooo has 
nsenfrom £69.90 to £166.60. And since the launch of 
Extra Income Trust 6 years ago, the gross annual income on 
an investment of £i 3 ooo has nsen from £64.20 to £94.80. 
Furthermore, we believe the Stock Market will be 
attaching greater importance to the prospects of growing 
yields, now that price levels are higher. 

If you’re attracted by the idea of a regular income it 
makes sense to invest in both trusts. The actual split is up 
to you.We estimate that in thefirst year an investment of 
£2,000 divided equally between the two trusts would 
produce £27.95 before tax in March and September, and 
£37.55 in June and December (as at 15th September). 

The minimum investment for each trust is £250. 

For this scheme, however, we recommend that your 
holding shouldn’t be less than£5oo in each fund. 



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

You should regard your investment as long term. 

On 21st September the prices of units and the 


estimated gross yields, which can change daily, were >• 


Yield 


fer Price 

Income Trust 98. 8p. 5.61% 

Extra Income Trust 32.8p. 7 * 57 % 

To invest, please fill in the subscription form below. 
You won’t have long to wait for your first dividend. 

Or, for that matter, for your second, third and fourth. 

Prices and yields appear daily in the Financial Times and other 
national newspapers. Income is distributed net ofbasic rate tax-The 
first distribution if you invest now will be on 1st December.The offer 
■price of Unicom Income Trust includes an initial m a na gement 
charge of 3^ and there is a half-yearly charge of £ %, plus VAT. The 
offer price of Unicom Extra Income Trust includes an initial 
management charge of 5 % and there is a half-yearly charge of 
plus VAT. 

Commission at i J n i is paid by the managers to authorised agents, 
but not in respect of Barclaycardpurchases. Units can be sold feck on 
any business day at the bid price ruling when instructions arrive. 
Payment will normally be made within seven days of receipt of the 
renounced certificate^. 

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


BARCLAYS UNICORN INCOME TRUSTS. 

To: Barclays Unicom Limited, 252 Romford Road, London E7 9JB. 

Surname (Mr.. Mrs, nr Miss ) — 

(BLOCK CAPITALS PLEASE) ' 


Forenames in full. 


(BLOCK cs 

Address 


I/W e wish to invest {Mimnuim £250) 
I/We wish to invest {Minimum £250) 


in units ofUxucom Income Trust and enclose a cheque for this amount. 

in units ofUnicom Extra Income Trust and enclose a cheque for this amount. 

{One cheque am cover both trusts) 


If you wish to purchase these units through your Bardaycard account please fill 

in your Bardaycard number here. 

I/Weunderstandthatunits ^ will bebonght for me/ns atthe offer prices ruling on day of receipt of this application. A contract note 
shotting the number of units purchased will be sent to you. Certificates will be posted within six weeks. I/We declare that I am/we are not 
resident outside the Scheduled Territories nor acquiring the units as the nominee^) of any persons) resident outside those 
Territories. If you are unable to make this declarations it should be deleted and the form lodged through your bank, stockbroker or any 
other authorised depositary. In the case of joint applications all must sign.This offer is not available to residents of the Republic of Ireland. 

Signed ! : — 1.. • • Date — . 


Agents VAT No. 


FT 2309 UIUX 


BARCLAYS UNICORN GROUP 


Registered Office: 54 Lombard Street, London EC3P 3 AH. Registered in England N0.-SS9407. Ultimate holding company Barclays Bank Limited, 


*i 







Financial Times Saturday September. -23 *978 , 


WORLD STOCK MARKETS 



further small gain on 


NEW YORK 


, INVESTMENT DOLLAR largely from a jump in aircraft and Utilities 0.24 to 189.61. dollar’s decline against' the yen. A d 4 re«tt»££j 26 j 26* 
PREMIUM orders and not a general strength- Pacific Petroleum • rose 12} to although a broker said news that Aetna, Life a Cm! 41% j 4 m 

• E.KI to £1— 88«»i 188‘%) enins of the economy. CS39j, Husky Oil 1} to C844J, IAC the U^. Treasury is preparing Air product#...-., 285*1 28 s* 

..'Effective si. 971 5 421% l«W> Kennecott Copper slipped J to tttp CS20& lmsw ■ "A" C«1 to nde> for *^ffjnties on jjjk j “g 

* STOCKS ON Wall Street moved sgn and was the second most C$37. Gulf Oil Canada } to C$33i Japanesecolourtelevisjon AUeg.-indlum.-' 18% i ia% 

WicaUy yesterday in quieter ac tf V e issue. On Thursday. Stand- and Massey-Fergusou J to C$131. toe a s*™- AU*beur Fh»« .gi* J ui« 

-fading, before managing another ard Oil (Indiana) said it .is PAWS — Market displayed “JPg* SJ[o toYlilMTTriK tie? KsiS“!:i “J* j g;* 

Small token pain on the day on evaluating some form of associa- marked buoyancy in brisk yio to Y2.100 andMttsamJ Alin CMwnl as* 8 34% 

further bargain hunting alter tion with Kennecott. The latter trading. . with the Bourse In- S“SL Y 4* jL Y 5 B amax. : ««=* 48 

more credit Lightening moves were lost « to W'- ^ uSt ^ 1 Index V*S* 1J ‘ to a peak V" \ _ An.«d»He«. w i 304 : 2B5 4 

■digested by an apparently over- Ram a da Inns, the volume for the year of 77.1. GERlaANY^S tock prices 7®" Amer. Airlines - 1 15 % i is 

nld market. leader, sained $1 to S13i, while Buying by international in- bounded ■ in lively- tradings recoup AmfT Brand* .... bos 4 ; 504 

‘The Dow Jones Industrial Aver- Del E. Webb, which has agreed **#«"« i 3 ^? 1 / responsible; lng the gams lost on profit-talang ai wMuJ m j 574 

I ‘ j ™ „ f L hv a in Nevada rose 14 although the fact that Friday was earher ui the week. The Commerz- Amw.uan 39 39 

■We -touched extremes* of &». 42 to by a casino m Nevada, rose li . d f mo „thlv hank index ro« S 3 tTriTn Hose Awer.CwowBia 294 29 


disnlaved impact on toe market s* 011 ? Allied Chemical.: 364 : 394 

n bnsk receded Y20 to Yl.SQO.TDK Elec- Allied store#-. -j 2615 i 26% 

frnnics Y10 to ¥2.100. .and .MiisUlllJ Allis Cbatoer*.;. M j 344 


jjind 868.16. before 


Airier. Pan 

fener." C rttoiBW 


Omlm[GlM»— - 58% 584 

CF^lat’rn'nanftJ, 91 i 515* 

Choc.'. 32% - 32 

Crock™ >'st. 28-’* 284 

Crown ZeUestewi' 33 ; 325* 

Cummin# Engine 38% ; 384 
Carfi-s Wright.,.. 18% J 184 

Bum : 304 s -30Sfl 

Dart IndiwtMt*..; '45%.' 434 

Deere '35% . 35 

Dd ilome-. — 5S ‘3 ■ 38 

Deltona 124 j 124 

Dentoply Inter-.; 184 . 184 

Detroit Ed! son . lb 157a 
DlaUJOndribarcrk, 86 : 261* 

Dictaphone, 1 174* ! 17 

DiritulEqnip-.— J 504 ( 504 

Disney (Wait) 40% • 404 

Dover Caron. — 1 45% ' 455* 
Dnw Chemical ! 28 ‘ j 274 


ra nt .1 

1— r_- — rrwr~ ~ ... r zzr~l~zr^ - ■ 9 » 1 *' 1 


474 1 47-4 


nnner on the day at 862.44 but 
down 16.11 on the week. The 


lay at a«.« out Bran iff forecast higher earning usi one . raonth credit to on September"!!, 

the week. The and ordered 11 new pet planes th * *,11 was aim cited. art**™ 


*"■ if V- «AVTT UOUIA 4V*W ^ OOO-Ui ^ . 1 . ri' tM- OOn 

Account and that investors were to its 1978 high of 8393 reached j Am«. Dist.TeU aa-a 


A m er. Elect Jow 
Amer. Express-, 


Brokers attributed the gain to j Amer. Home Prod 


Amer. Medical _-l 274 j 27 


Amer. AIolon„. 
Amec. Sat. Gas.. 


balance although off 81.44 on the S64J. 


rate by J to 7 per cent and the Neckennann adding DM S and 

overnight dosing rally on Wall Horten DM 3. Elsewhere, Harpener J JSS 


; {week. Rises finally outscored Eery Air Freight declined U to Street. rose DM 550 and MAN DM 5. 

declines by TSIMo 64fl. while turn- S23}. The company said a planned The star performer was the Public Authority Bonds recorded 
- .over contracted to 27.96m shares new express service will adversely water utility Generale des Eanx. fresh gains to 25' pfennigs, while 
y rom Thursday's level of 33.64m. affect third-quarter proofs. which moved ahead 16 per cent, the Bundesbank sold DM 50m of 

\ Late in the session, the Com- THE AMERICAN SE Market Value Only in Metals, still affected by stock. 

«*, . J .T A * 1 .-.rl fieri 4A 1CTOC <L • ■ • 


However, (4.9-jm'. 


did selling predominate. 


rose DM 5£0 and MAN DM 5. Amer.TeL A Tel. 

Public Authority Bonds record®** A ^«« k 

fresh gains to 25' pfennigs, while 

the Bundesbank sold DM 50m of 

stock. «- I .Vnclnor Hncfcing.j 

AUSTRALIA — Stocks were I Aobeuwr Busch. I 
firmer for choice, with BHP con- steH — 

tinuing to feature strongly A^meiuu.'.'."' 
new Bass Strait oil discovery and 


analysts nnled that the rise came 

FRIDAYS ACTIVE STOCKS 


36i» 37 

605b 607* 

344 I 344 
10l 2 Id 
35l e j 34 Sb 
164 1 164 
30 • 29?b 

247* ! 25Sb 
20 , SO!r 

234 : <i 81s 
194 ’■ 19 


i 

SIqtKS 

Ctn-inu 

fin 


irad-ri 

prji« 

fljv 

■R^mada Inn? 

. m-ino 

in; 

-*-1 

.Kcnnecoil ''/lppi-r 

. rio 

jji 

— i 

Pan Am Airwa+s 

.115 nlin 


— 

Jpallr MU. 

. .irepnn 

“■Hi 

-1 

Caesars Workl 


-DU 


AsUland nil 

.'.ni -;n*i 

+11 

- ? 

iArn^r. T«t ft T-L 


Mil 

-4 

.Warner- La mbrrr 

•ir.-ieo 

"7 n 

+ • 

l ncn<*ral El^-in** 

C4T inn 

S2» 

— e 

■Bneint .. 

at 

Mi 



Sundance Oil climbed 2* to $20* TOKYO— Market presented a closing 12 cents higher at ASS.92, 1 

before a irading halt. It is to firm appearance in moderate deal- after reaching A$9 JO. . ul Kichfleii* - ' sitr • 514 

make a statement on Monday. inzs. ihe Nlkkei-Dow Jones Weeks Petroleum, vrtuch is \„ tn r*.n. v™"" 304. i 314 

, Average improving 13.65 to entitled to 2.5 per cent royalties avo 153* 154 

Canada 3.K37.1G. Volume 200m shares on all oil taken out of. the Bass a ven ■■■■■■■■ ; aar* 284 

1 179m). • StraiL advanced 20 cents to ||^ 

Shares were in much firmer pharmaceuticals moved broadly A82. 30. Santos added 7 cents at ££ jSwS!::;. 27 h 1 204 

mood .vc sferd?y in active trading, higher, while Machines, small- AS1.77 and Bridge Oil .10 cents at i&akcrBTr..\.y. 364 36:* 

with the Toronto Composite index sized Steels. Public Works, Foods, ASL35. Un+wo-OiL : 267* 26Sj 

jtfivancina ho 10 U.iflJ. Oils and Chemicals and Industrial Plants Diamond specu I atives attracted Trovmor. 4|s* ; 43r a 

Gas rn^e IS.* more to 1.6u.4. were also favoured. renewed interest, CBLA rising 7 57?! 1 n? 


.\jMTCO ^ 151- 

.Vshland Oil ' 44Sa 

ArL Kichfleld 51<g 

Auto Data Pro.—. 304 

A Vo 155* 

Aron ; 287* 

A via Products. .J 554 

Bait. G«s Elect... 26a* 


Dow Chemical 28 j 274 

Dnron — ^ 281ft , 28#a 

D«#«r :_V «4- : 434 

Dupont 1254 i 122 

Dymo tndcstries 304 504 

EacK Pitch**—' 21S* ; 2l7g 
E— ^ Airlmes.^....; 15 - 13 

Easttnan Kodak.. 1 624 62 Sb 
Eaton : 38 Tg ; 39*4. 

E.GJG..J...; 29 ]) 28 
El Buo .Vu. Gas 178g '• 167* 
SttTO i 33S 5 i 32*4 

EmeraonETectric 353* i 35 '*3 

Emery AlrFr'lgbt. 234 , 254 

Eauero "394 ; 404 

K.UJ : 3!« , 35s 

Eugelbaxd . 254 ; 244 

Esmark- 26;* ■ 267a 

Ethyl : 213a I 214 

t-Ixroa 503; 504 

Fairchild Camera o5rj ' 36 Jj 
Fed- Dept, attire* 35 357* 

Firestone Tyre— iJSj 134 
Fit. Xat. Boat on. 30h) 30 Ss 

Flex) Van... 224 2I-S 

Flintkote. 315c 509* 

Flrnos Poorer 3is 4 314 

Fluor 40".j 39 if 


advancing h*j io U.ifljj. Oils and Chemicals and industrial Plants Diamond speculatives attracted £**. ter T ? v ? K>r - SIf* : Sl! a 
Gas rns e 18.3 more to 1.6u.4. were also favoured. renewed interest, CRA. rising 7 *7^1 - 

while Metals and Minerals gained High-priced Light Electricals, cents to A83.79 and Northern nenAHow*u ! 204 204 

12.0 to 1.074.0. Golds 15.4 to 1,655.7 however, were said, reflecting the Mining 15 cents to ASL8Q. tiesduc 394 ! 387* 


1 Indices 

MEW YORK-mvjoues 


H.Y.S.E. ALL COMMON 


Bisefl and Falla 


>*r.I Sept.! 
E2 ! £1 ! 


S^nl. .-epf. 

n 21 


^ppt. Sept. • : -ent. 

3> ] 19 If 15 


I 1978 

-cm. Sept- i 

20 19 j High 

67.52] 67.B4i 60. SB * 

I 1 (IIAQ I 


Sepr.20 

Issuea traded 1.872 1.874 ! 1. BBS • 

Ri«* 789 610 352 : 

Fall. 649 890 f 1.158 ““ifL 1 !?? 


RIm* 

Fall* 

L' nr twinged 

A»> Bigba 

New Low* ,m. — 


montkeal 


I t-a^wsiHai-... Bf3.*4 B61.I4 087.18! 661.67 B70. la 373 SA iQT.Ii 
' ■ tr ,ii 

IH'itnB’srt-* S3. Of 89.15' 39.36; 89.55 38.60 49.9« . :0.65 

Ttatnpnn.... 241.68 242.01 245.13 246.9E247.fl5 260.7: MUJ 
t 

JCmiww.. .. 105.72 105.99 105.05.105.92 106.53 106.43 110.95 

, .3 1 . 

Trviintr ro>.. i 

j OOO’m 27.960 35.S40 35.220. 51.6S0 56.B90 57.250 — 

• Bad- nf Index chanced rrom Viicu-i 24 

. Sept. IS Sept. £ 1 Sept. 

» Ind. dlw. ri*»M i . — ■ 


STANDARD AND POORS 

!:'<!■ 

Set*. M*M. . "t-M. Sept- . s-ert. ; Ser*- 

21 :i : 20 . 13 I \l I li • Hi-h 

' ; Industrial 112.01 112.86 112.65 115.56 114.5? 115.56 1 16.71 

• 1— 6* 

4Crnnpo*ire 101. 84 101.90 101.75 102.55 105.21 104.12 10&i5 


1061.70 41.22 


l 27S.BB 18.25 
11.2^9; ' i: 7 i?i 
165.52 ■ 10.55 


Irnloetnal 

Comom^l 


S»i>t. Sept. Spot. Sept- 

j 32 21 | 20 19 High 

! 200.24' 204.75 205.93! 205.961 211.66 tliAf) 

' 213.05 211-96. 211.54' 211.95 217-71 <U<9) 


TORONTO Coni pnalteJ 1269.^ 12E3.S 12E0.7j 1260.8' 12S8.9 03/9) 


<2e.«;42i JOHANNESBURG 

i J Gold 

i — : In-luRtnsl 


260.1 261.6 256.8 I 26G.B t 
268.5 ) 269.2 | 270.2 | 271.9 J 


272.0 <147*1 
£/ 1.1 06/9J 


1B2 Jb il-ll 

170X2 .SOC-i 


iu.a i£V4> 
184.3 ilo O' 


1 Bell & Howell ! ZOl 2 2O0 s 

tieadix .' 39*2 ‘ 38'* 

Beuenet Com *B': 41- i 41* 

Bethlehem Steel. 231* ! 251* 
Black A Decker..; 195* 19U 

Boemz 64'.j i 65k 

Bokrtj Ikicide... J 30lj . 501* - 

Borden 29 . 287* 

Borg Warner ! 52 > 51o 4 

Bran iff Int. ’ 1S>4 ■ 161* 

Bnucao "A 1 ....—. 14 Z4 

Bristol Myers : 345* 541* 

BPetADntR i 18 > 18k 

Brockmy Glass.. 317* ‘ 32 

Bruns me k .... J 1B3* i 16 5* 

tiucynih Erie f 179* I 177* 

Butova Watch.. ...I 87* j 9 

Burlington .\tbn.; 42 1- ' 42*a 

Burrough.. .- 78i- .. 791* 

CampbellSoup,...' 3b U < 46 
Canadian Paciflc.' 19^ ! 195j 
Canal Kandnlph..l 115; 11 7* 

Carcatioo i 31 33 51a4 

tamer a Generali 12 12 

Carter Heniey....t 185* 18s* 


r.MiC 277* ; 28 

Ford Motor 45 44S* 

Foremost Mcic— . 215* Z1U 

Foxbtr-j_ 37 . 55:* 

Fran It tin Mini...; 95; 10 

Freepost Mineral 375* 26s* 

Fruebauf 315- 5Hi 

Fuqoa Inds 12'-; _ 123* 

G-A.F, 13i* . 13!* 

GuuKR— w—’ 46i» 46 35 

jeiuAuier. Int-.. 11 107* 

J^.T-4 29 U , 29>s 

Sen. Cable 17:* 181* 

ien. Dynamics-; 85:* . 82 

Jen. dgrtnc*. 5!4> 525* 

ilea. Foods 52:; 3233 

General MUls. „! 297*' 30^ 

reaeral Mown. o<4V b2i* 

ien.Fdh.CtU... Itsir 18<; 


John* Man 
Jobuvob Johnson 
Johnson Control. 
Jpy.Uancfnctur'g 

K. iiarCorp.™^ 

Kaz3er.Vkumn r’rri 
Kaiser Indostcfa 

Kaiser SteaL 

Kay..— 

Kennecott; .■ 

Kmt McGte....i 
Kidrle Walter.^:. 
Kimberly Clot. 

Knppere— — 

Kralt... 

Kroger Ca — 
Losmyltanw 
Levi btnum— 
Libby Ow. Ford j 


Lisgel trnnp— I- 341* 541* 

Lilly IBM) fj 475; 4T>; 

Lin on Indus*..- -I 237* 23 

Lockheed Aiiq^tt} 287g 285* 

Lone Star Sffldsatj 24 24U 

Lung island Ltd-j- 19 19>4 

LouSiana Len(L..l rE - 229« 
LubrtseH— 43kg 44U 

Isjcky Stores.. let; 161* 

L'kermjjtst'ivn-i 10 10 

MacMUlan ; llu in* 

Mary R-E 41a* 4m 

Mite. Hanover.— 381* 38U 

Mapco ; 341* 34>a 

MaratboiOU— 495* 4B>* 

Marine lUdtatKLd 161a 15 7 e 

Maxahaff FieidZj SO*, 207* 

May Dept. Stores! 251* 1 253* 

MCA..— 6351 ■ 63 :* 

MeUeneoBL, :> Ebi^ ; 263* 

McDonnell £tea« 507* 51s; 

I McGraw EUU . 25 ! 247* 

1 ilenwex tot* SOU 

Merck tQlg j bQj; 

Merrill Lynch. ...j 21 ; 215a 

MesaPWroletunJ 357*' I 5Bla 

MUM 446; ! 43 u 

MinnMtneAMlC 595; 1 605* 
j Mobil L'orp— b97* ‘ 69 U 


3 i 5 * i loi 3 nSvmSdB Mf riiaj 33U | 

: I a sss-ritp & i 

■ife ! IS 6SSW=:«I 

21* i 2U • A 

26U 1 2b U . R^yalDntcb 1 


Wtx^wwlh.— 1 207* a m, 

Wvty .1 ■ 37* 1 aS 

Xawc,^,™_.i. 657* ■ 65t! 
Zap**/—.. -o..— . ; 16?* - i5j. 
Zenith Rad>o~— 4 169* 

sfi: 


v.s.Tnu. 9%1 

USTnu4#f 

U-S.9&d*yfcri] 


■ -.1 I]] 


KfS-- "j 

Kusc Toga. , 
U7der. Syetem — [ - 26>« 
siien av Store*— 1 
suJoeMinerelaJ 261* 
Resia Riper- 31U 
Santa Fe Inda.— | 35 U 

aaul Invest J - 612 . 

-4nT /m inda— 7 ^ 

richiite Brewing.. 13 ij | 

echJambwger — 67 1 a 

oCM 813* 

Scott Paper Ifilg 

bcovUM™ — - i 22 

aendder DtHLCapj «l* j 

Container 28 ] 

Seupim 261* 1 

seorle iGJDJ — . - 135* 
»»rs Koabnck-.. ZSfit 
SEDCO _ — — 425; 

shell Oil 359 b 

She! 1 Tran apart. _ 46 1 E ’ 

signal . ..... — — . 68 

Si^opdo Cotol 361* 

sixDpffc7tj" Pat... Ill* 

Simper • 177 8 

s'mlih Kline. ! 89 ' 

srlitrou - — j. . 470 1 

siTutbdown Swi 

■sxitbern Cal. BdJ idb>a •• 
Ajotheni Ca.._. Ibia 
stbn. 6ot. Ur..... I ’ iSt]-' 
southern EkcUkr H - 316* 
souChernBaUway; 34 -j 
snutblaad.— — . i oOa* [ 
jVl Ban share* J . 27*; ) 
sperry Hutch-... i 21 I 
sperrv Band....- 45 i 

Squkl.h .............. 53d*- 


1270 i • ASfL* 

UI. < Ml. 


CANADA 


AbitlM Paper. 
Agnfao&gte 

k Laiii Iwmlwl 


B ank' rtf I p* 
Bank Sovat 


r— { J7V 
?.-* -*sa 

t -24 ... ' 

Mai! 23% 
icttaf 21% 


UnmtBM. 3.90 1 
g te Anna— ^>1 , 1 
Falfey lmL} 43 ] 


Bell Trimhcma... ; 
Bow Valfcy IrrfJ 

BP-Onwia «.f 

BrasoaQ— 

Brinoo_. 

Calory .Bower— 
CamBuw Mine*-. . 
Canada Ccantart- 


5-80 j u~ ■ 

51 -i ■ 

5 3 1 .41% ' 
» laj,-' 


CbnadaNWfanJ MU, 

Can. Imp BirOcmij Mi* } sew- 
Canada Inda«Mi. T*3 1 ' 


mg., ; ManMnu . 

2^5 Morgan j: P j 

Motorola.,— | 
jg '. 8 Uurpby Oil 
rjc*. NsbiinL.. M . 4a .^J 
it-! SaIco CtwnunliJ 
12;. NettomJ Can | 


Standand Brandi 281* 
std.CilCaiiiomial 457* 
stn. -CKI IndianaJ. 617* 


51% < 62J. 


(Tear ago apprns; 
5^25 


5enC 1 'Pro- ] 1970 

32 rinus | HI eh 


vkma J Hirjb 


. 22 j ronu* i Hl*h | U-w Spain 99.63 | 99.62 U0.1r ( 

Anatralia^i ^s.19 &6«.7l 1 «K.79 1 -wi.ia Swedsn di 1 339.T1 1 38901 4§oe 1 iik?* 


■ ||22/»| 1 il*5) 

ismre Crnnpilatn Belgimn ti) 9906. 9908 i lui.it> ( Ba« 

; , (e/bl . 

; Ul3f ; l;>w T tonmnr V f ; 95 SI | 9&AU J8.d0 [ WOO 

— ~ — — — /l«>» 

France lit) n.l 76.6 77 1 47 j> 

71 1.1/3; 'i(J.y.j2. , 22 9 (3,21 


ilA$l I I ...1, t-nessie system-.' jsm .0 ; ou 

SS •"•““■w SSRt^::'. o' i !l Ss 

M^XI .■'?.• — Cine. Milm-roo-..! 327* \ 32% 

ib/2) Indices and base dates fair base value. 1 Citworp.— l 27 ; 26% 

47j> IW except NYSE Ail Common — SI Cities Service..- .! 55% 1 531* 

13,21 Standards and Poors — 13 and Toronto Cify Invest rug ' 16T* { 16% 

769.4 300—1000. the Ian named baaed on t9T5i CleVeiand Chffv.. 301* ■ 30% 

116% 1 Excluding bond*. t«0 Unmstnais (.AraCoi*. _.• 43% , 44i* 

?r.O 4 400 Industrial*. 40 DTHUtes. 40 Finance U.lsaie Palm • 205, . 20r* 

■441 and SO Transport. 0 Sydney A0 Ordinary Loinm Aikman..; IIS* ■ lls s 

*3.44 |l Belgian SB -H/12/63. •• Copenlug-D '• i,ntumbi*G«« 2B1 , pr 

Il3.il 11m *t Parts Bourse 1981 ftCnmrrer* — a?, 3 . S?. 


Caterpillar Tracts, 597* 

CB»....- 56Jt 

CelaneseCorpn...! 457* 

Central £ d.W ■ lbl* 

Certatnteed. 1 21 

Verana Airuratt... 46 
Chase Manhattan, 53% 
Chemical Bk-\T. i 411* 
Cliesebtjth Pnnd. 1 241* 
Chessie b vstenu. . 1 297* 
CbiL-aRO Bridge... 95% 
Chrysler. 1 2 


L.IW ‘ Jt ^-9 Franee (it) 77.1 ! 76.6 77 1 47 j 

•7.Ji •••il.l.,3; -SO.t.32- , I 22 9 ‘ (3,2) 

'»■?» • Germany <n 846 0 j 629.B 1 ! 769.4 

■t.A , -1.3.321 1,11.40 1(179) 

Holland l*V> 901 1 E9.I ' l Tr.O 

• 1 (iliHI 1 >4/4) 

Z Hong Kone 610.17 628^1 iOt.TO I 3W.44 

Iwr-wnapDi").' ^ («Vi, r«e.T (to L) 


87* 1 9 

42 1- ' 42S 3 
78ia .; 791* 
36 1, < 35 
19% ! 19% 
115. nr a 
51% 51% 

12 12 
183* 18% 

597* 59U 

56% 571* 

437* 457 S 

lbl* ! IdU 
21 ; 21 % 
46 i 46 
33% ; 33 
411* • 41 
241* 241* 

2970 ; 30 
655, I 655* 
12 • 12 
327* : 32% 
27 ; 26% 

55% 1 53 1 3 


Inn rtl-r. neM A 

Inn. P-6 Kmi-- 

! 

D-inp Gnv. H-.Dd riel'- 


luiy «<. JWWIillIPWVSSSa.'BBiS; Si* 

, ;i r '“I 'as-uar.wTOi.'ts yWMSB % 

1 1 H|1 Cnrpnradon. a. Unavailable. C.)mtn- ftaterllte. 4U« 


31 ».4C ban* Dec- 190. _S9 Amsterdam Indusma. 


1970. n Hans Sena Rank 31 /7/M. 
Cnntraercule Ualtana 1972. . 


bnhn Industrial 1/V5A f Swiss Bank 
Cor Deration, a Unavailable. 


F.T. CROSSWORD PUZZLE No. 3,778 spaw • 

A prize of £-5 icill be given to each nf the senders of the first island" 

three correct solutions opened. Solutions must be received by Banco Bilbao 

tzF-rf Thursday, marked Crossword in the top left-hand comer of ^nhco u.wm 

the envelope, and addressed to the Financial Times. 10. Cannon Banco E°wnor 

Street. London. EC4P 4BY. Winners and solution icill be given Banco o-nerai 
next Saturday. Banco Granada <1.0001 

Banco Hjspano . . . 

Xnmo Banco Itid. Cal. t|.0IMi 

1 un e K. Ind. Mednerranea ... 


Per cent. 
127 
300 
235 
310 
271 
27b 
140 
2 » 

187 

200 

2S6 


Tbcrdaero 

Olarra 

Papelera* Reunidas -. 
Petroliber 

Petrokos 


Sarrio Pa paler a 34 

Sniace - . 47 

Souefisa 127 

Tclriotuca -74JS 

Torras Hostench SS 


V - 0.75 

mo - s 

50 •• 4- 2 

124 +3 

1 » +1 


■III 


mmm 


HIMIfl 

■ 

8 

■ 





■ 


'n\ 

9 

i; ; ■ T 



* 



10 

■ 

■ 


■ 

— 

HI 

■ 

■■ 

■ 

■ 

‘ 

■ 

— 

■■ 

■ 

■■ 

■ 

12 

13 

■ 







1 






a 






\ 

1 




m 



H 





\ 1,“’ 







■ 





■ 

H 

1 . 1 

1 





L 


■ 





1 




vtj4 



H 

ai 

■ 

J 



-1 

H 









■ 



•'1 



J 

1 




’ 




mm 

■ -^1 

mm 

— 

! 

— 

■ 

■ 

■HI 
■ 1 

HI 

1 

Ml 

9HHH 
■ ■ ■ 


Banro Sjntand'T <2.V>) 

-A5 



Baru.-o UrquHo iI.iHWi. 

2M 


Banco Vizcaya 

251 

+ 4 

Banco Zara*:oianf* . ... 

2T7 


Eaakunion 

150 


Banns AndaJucia 

103 


Babcock Wilcox 

29 

— 

CIC 

82 

— 

Dragadoq .... 

27S 

+ 1 

Inmobanlf 

72 

+ 2 

E. I. Aragoucsas 

5025 

— 

Espanola Zinc 

161 

— 

Expl. Rtn Tuuo 

70 

+ 3 

Fcvsa 

66.25 

+ 0J5 

Fcnosa tl.Offlft 

M-SO 

— 

Cal. Preciados 

75 

— 

GrupO Velaxquex f400» 

165 

— 

Hidrola 

75 

- 0.75 

NOTES : Oversea* 

prices 

exclude 


2 Tnbacex 
_ Union EUec. 

d 

“ BRAZIL 


W 

« 


■f iw ,V nc. 

— Div. 


Vomputerbcibnc. 14 ; 137* 

Conn Life in* i 39~‘t J 593* 

Connie- ; k2 , 22 

Con Edl-oo NY...: k41* 1 241* 

vottoui Food* 24% J 34«2 

Consul Nm Gu.., 37% , 37% 
Uiosuraer Power 237* 23> 4 

C/jonnentAj Grp.| 3lij 317* 
Continental Oil-, 287* ' 28% 
Continental Tele' 15% , 16 

Control Data. 375 b 57% 

Looper Iq.Uis ’ 47™ 4#:* 


GERMANY ♦ 


Sen. bignal 30 

Sea. Tel -Elect ._ 50 

iea. Tyre. 2B5» 

renetco 57* 

ieoTpu PacaSc... 29-2 

Jet-puree 277s 

Jeirr On 597* 

Juiette ai : 4 

load neb B. F.„. 203 > 
leodVearDre.-. n't 

Gadia. 30 is 

Grace TFJi 2e% 

Grt-kt inn fula i'.g 
Grt. North Iren.. 27 
Greyhound-.-...' 13 7z 
id: A Wencrn- 14 

lull Oil ... 253f 

iilihanoa....-.- 70 
janne Mining ... 36 

lamtsrti -fryer. ... *0% 

isrrwC«rpn.-... : 68 
leina H.J.— 41% 

ieubem , 27% 

iewie PactEid..,' 873; 
ioiufaiy lma.—.' *5% 
Jutnerlake..— .... 36?( 

651; 

Hoover.— X2lj 

flosp-t 017,1. A n >er [ 29% 
Houst-.otNal.Ga- a61: 
Hunt'Ph.AiCcm; 147* 

Hutt'.-n ■fc-r.5 197* 

l.c. Ic-iustrie* _. 28:* 

IN A 

InaersCJi Kand — 59% 

Inian-tbteei 37’-: 

Insito;-— 15% 


IBM 280^5 

Irtu. Favour, a5=s 

IntC Harvester... 40:^ 
inti. Min A Chen. 59:? 
Inti.Multntwdn- 2j 

loco 15% 

inn. Paper. - 44 

IPG..!. 37 is 

Int. KecnSer. 13l» 

Int. Tei. k Tel.- it's 

low* B«! 48' s 

If loernatiocai.. 1 7j 
i J in VVa-ter 32 fc 


Nat. DratiUero—i £1% i 21% 
Nat. Service Ind ‘ 161 e ' 15% 

National SteeL-? 3t» 4 i 31 

Nstomaa-.; „> 48% 48 U 

NCB 1 60% 1 61L 

Nepcunelmp. ' 26%*! 26% 

New England thi 2a 7g I £27* 
New England Tek 33% ! 33% 
Niagara. Mrf»wki mi* it% 
Niaj^raihare^. i li_ ll 
N. L. induamefr., 21% 21% 


18<« 5. L. industries.; 2H 4 , 21% 

50is NorfolkiWeatem; £6% .• Zt% 
501? North Nat.Gao.-i -37% ■ 37% 
28% Ntbn. scares Pwr 26% '■ k5':i 
5-'s N'tiinest Airline*: 30 1* i 31 
29% Nth treat Bancorp: 27 ' &7% 

277* Norton hunoo—.t 191* 18% 

30i» uecalemaj Petrol! MUig 20% 
■U, Waalv.v Uatber— 1 : 24% ! 23 
pit? Ohm KUion-.— ; : l it* , 17% 
Oltn .1 1444 j. 145s 

AO?* Ovcncaa Mnpa_J 25% i 25% 

2S% I Owens Cumlnr ; 3l3j j 32 

7% Uuena UinionLj -231* 22% 

2f% PicUic Gas .J K55j I 23i 4 

15% ' Pacific UghUnj-J 20% ' 20 
14 PanPwr.AliaJ £1%.: all* 
26 Pan Vm Wonl Am 8% j 8% 

'04 Phrker HanniSaJ -B6ij i 26% 

37 Peabodv Inti K.KOIa ! 25 

20-a Pen.Pw.4L ■ '213* I 21% 

67-* PenovJ.C— J ^371" i 37% 

42 Petuural ' .317* i 31*» 

277* Peonies Druff.— ! T3% ! 15 G 

--j, Peopler Gas J "34 | 34 

Pepe*co-._:iIj 29% , 29 

ef'j Perkin El<aer.^->..-24l* : 24% 

1£h i Prt — | ;54Js 540s 

29:t I'&aer— -! o5% 36% 

Phelps Dodae ! 24% ! *47* 

141- | Pbibutejpbta Ele-| l/'c 17s* 

j PhuiMwTW I 72% • 72% 

28 1 PhiUipv P«xo’ax_ 45% . 35% 

o4i- j PUabuqi 42% 1 42% 

59i, * Pitnev Btmw 4 A4T* : 

JPiu^on ; 33 . 23 

145J j Piesaey Ltd. ADu! • 227* ; 23%. 

264 | Polaroid — *.50%, i 49i* 

&'6 ~t | Pi 4 ctn« Etoi. — .> s4% : m 3* 
40% ! PPG Induatriea^T 287* j 38 
39 ! !■!«« Gamble...: B7% { b7% 

21 ; Pub 5er Elect..-! 4S3*. • 23% 

1604 . [ Pninma._: mA. 

44 IPuroi— -.18% 

c6<* j (Quaker Oat* *4» 5 .^ 147* 

13'« ! tookl AraeP'tAD.- 15% ' lbl* 

ill* : Kaytbeon....- 48 ! ,4B 

37% «CA -.... 29% . 29, t 

12% RepObtlic steel... --5 >25 

52% ‘Besom Inr , J3B% 140% 


Sul<.HI IndianaJ. 517* 53 

»M.Oil Ohio-.- .! 56 567* 

sau BT Chemical. > .44% 44% 

sterling Dntjj I 165, 15% 

»tudebaker. 61% 62% 

Sun Co. — — ! - 44 44% 

<un«rand. J . 47%: .47%, 

Syntex 33% 32% 

Technicolor, — ... 137a 14 

Tektronix- 465* 46% 

Teledyne— - 98% — 

Telex — 7% 75, 

Tsneco— — . — . 51% 514* 

lesoroPetwueortii lu% 10% 

Texaco —J 24% 24% 

Texaagutf — ... — f nl% 21s* 

Cexsa Baatera...; 37% .373* 

Texas Inst' in.. .--.i 85% t* 

Tens Oil A Ga*J - 30_ 29% 

Texas Utilities ...- - 201* 20% 

Times Ins 46% 45% 

Times Mlroor.— ..{ 32S 4 33% 

rimken— 1 Ol 50% 

Trane- — — .{ 44% 43% 

lransmenoB... 18%. 181* 

Transco ....- 217* 22. 

Inns Cnton- ; 57 37% 

Iran- wav Intr’n. 23 . 23' 

1 nan* World Air J 25% 26% 

Travelers 1 37 367*' 

Ln Continental— 1 19% 19 

TritoD Oil & Gaaj 55*1 6% 

TMW -J.37% 37% 

Anh Ceotinj Pox! 33% 33% 

U.A-E- .-J-37% 37% 

UAJUCO f 251* 25% 

LG I ...j. fan- 19% 

LnJ lever....—. 44% 44% 

L’mlever NT. 58V 58% 

Union Bancorp.-! 27 * 26% 

Inion Cartjsfe— .1 '397* 39ia 
Union Commetoel 97* 10 

Union Oil CeMt- J 52% 08% 

Union Paetfie.....! a]t 4 613, - 
Umrofaj. 7% j 7% 
United Brands... 127* 12 

0 Bancorp -3l7* r 31% 

US Gypsum.. 29% l 29% 

LiSboe — i. k6% -f 269, 

U5 steel— 2b% I 26% 

U6 Technototpes^ 433, 4.44 
tV ludostnea..-! £1% 20% 

Vnxuua Elect I l<-% I - 14% 

Walgreen^-.--. 28% | 201* 


Can. Pacific — 23% -25 -^ 

Can. PkcHfc InvJ. c3% £3%- 

Can. Surer 0U.J ' 61: 5x% 

Carling O’Keefe- 1 4.40 4.50 

'Caadar Asbestos J 97* • 

Chieftain- 1' 26 •- f -25^,.-.. 

Uooudco .! 51% 3u3- 

Con*. Bathurst-. ' 34% ' '-'54% •' 
Consumer Gas...,. 18%. j 18%.. 
Cnteka Uesoureesl bT* }' 53, - 

Co*t*ni r . ld% : tint*. - 

Dam Drvfri, _._ r i 12% 12% 

Dention Mines... 1 75 77 .. . 

Damn Mines (401%- lGOtj 

Home Petroleum' 92- BIS, 

Dornmiati BrnW i55S 4 ’ Zeu 

fhanter— 2l -. 21% 

Dupuot—. -j 14% tiS • 

KsJcan'de Nickel. I 30 29 

J^onj M«dr CanJ 177% 477% ' - 

Genstar — • 527* .r 527*. 

GiantieJ’wknifcJ 15% 15%' 

Gull Oi» Carnet*.-' 35% - 32% :.', 
HawkerSti.Can.i. bb, t S. 
Bnliixwer— ....f 40% 40%. 

Horae Oil 40% 40 

Hudson Boy Mtuj 20% 1 2o% . 

Hpriaonljtiy ..jl '22% > Sf07i 

Hudson Oil A Gas> 42% > 413, 

l^C '...J. 21 i 13% 

Itnaaco 4' 37 35% 

Imperial 02 1 74 223, l jjZSk 

Inoo-.— L-U;.J 19% ' 19% 

Indal . i 15% ' 15% 

Inland NpluGas-i Mils'- 11% - 

Infp. v Pipe Une] -17% I7u 

Kaiser itaoaineu 14i* 15 . , 

Laun Pw. torp..| e> til, ; 

. boblsw Com. *B'J . 4. 15 4.15 - 

McmU'ii Utoodl.J 23 22% . 

Maifcej PerRiftoo 13% 12% 

McIntyre.... .... £b .26 - 

Noora (Jcrpn-.— ' 35% .35% . f 
MoantamamteUsl' '2.90 27a . : S 

Amanda Sltmk- J_ 33%. • nSt,. ■} , 
Nnreen Energy — 1 lfeij . Jb% 7-4 
•NffiBU Tetecmn...! . 37% ,38 
Drumao WU A Gafij 29% - 28%"^: 
Oakwornt-Petrf m 4i40 4.40-J 

PtadJSeCopperMj 1.85 1.92 




PSojflcPotruleuni ) 36%..(. 40% ' 

Pan- Cam Pet'mJ ' '34%' 

PstfaHj..;—-; .1 IWi* h 19% 

Peoples Dept. s_i a% I 5% 

Place Can. & OiU 1.82 !~ L82 

PlacerUewetopmtt '25s*. 25% 

PbwerUarpofat'ni 19% i 187* 

Price-.-... j 17% 1 le% 

Qrobec &torKfrouf 2 50 [ 2.25 •" 

BatwerOil-.—J ! 177 S f 17% '• " 

Be^btenhanse... " lib* 72 - 

RioAiguni...— .( '-37s*- i'.'37lt 
Hoyai BluofCanJ 55%. { -.35% . . 
Eoyal Trust.—...! 19 ..;-194«-: * 


TIT .. % . j 


: r A 

r l .. ■.T’.'U* : -, 


deeptre B'aouroes, 7% 

6eBgnms I .29% 

shell Canada ( L4fie 

sherrirtG. Allnerl 71a 
hiefaens O.J5-..-! -36% 
almpaoti — — I • 6% 


7%.‘-r5%.'-' 

- 

14a, 1. ^4%. i 
7%i.. WJ K.-'.. 

-36% 


Jutter-UmM. 495,- 497* dtml 01 Utmda.J 26V 1*?%' 

U anaec- lAmtan 27% - #77* ateep Bocfc fraeJ fcop-'i - 3.75 ; 
irasM-Uan'OKai »%- [ 27 . TesacoCaaada_J 48 -l 46% « 
IV PU^-Fa rgo— J - 28% j 29% Toronto D«n.Bt. 1 20%-f SOT, . - 

Western Banccrp -415*' «rl% TrimdMnftpeLn 17% i 17% 

IVestern N. Amen a5 35% Trans MoontOra) . :B% 8% 

Western Lnsm...! _lfl%- 19%. Trt^pn ~ tlftla -L 19% 


Western Banccrp! -415* 
Western X. Amen o5 
Western Unmn... 19% 
-.Wmiingh’sHlife^ 21% 

Westaco- 263, 

Weyerhaeuser 29% 

Whirlpool-.-.-.. 23 
Wblre Con. Ind- 21% 

William Co £01* 

Wisconsin Elect.. 28 


' : ‘ fi s * 

i»i « < Da 1W 


UttUtBsore 

Walter 'Si 


lfrerSimm_J 36% 36% , 

Wert l ate Ttans. .18- I 12 
t Wealon tSeo.ri.-J i 19% J 193* J 
7. BI8» I feted. MMM. 

: ■ 1h*w tedt 


leases 


A. oita.— 

banco .id Bare ______ . _ _ 

Banco Itau PA — 1.42 --f 0.01 0.37-26J15 Xlliaus V «rs!c* !-i 52515 +3^5 31Ji 3.Q I AlnouellucdY*. 

, i Beigo.MineiraOP L14 .-f0.02 0.08i7.01 uujv 1 228.0 + 1.5 38.12 6.2 i r 

1 «r.OP.. 3.55 14 0.02,0^0,5.63 139.8 X li? \SAK 6.1 *«*■• 

- HI tn-ivS-SSS! 142.0+1.5,18.751 6.6 1 


0.96 U0.dl0.lg1g.5D H - ^ < 

1.73 -0.05 0.1619.84 1 AM0 , 


.1.1 : - j _ Ueuie-e 


Prtrohtn- PP 

Pirelli OP 

Bouts Lou OH..., 


1- 48 j — 0.0!.D.16:iM1 bayer"H^'“““'' 293!s+2J !»12 Sis -! 801 -7 142.5. 

2- 67 j + 0.02 0i2*.23 Bayer 338.4 + 3.4 I 18 2.6 G®na^... _ 540 -.15 r 40 7. 


AUSTRAUA 

Price ! +"er Dre/TTd. W 

Frs. j _ Fr». % bep^ffi 

735. I* j. 4. 1 1 4% 0.6 V l U I L C» oentsC-—...... 

398.0-1 83 21.15 5.3 Acroa Australia — 

390.9, + 3.9 16J 4.7 AMATILSL — — 

'536 i - 11 :2B^6, 4M impol Ljpkwtton'.— .... 

524 -SO : 13.85' 2.6 Ampol Petrotemn ....... 

801 N-7 1 42 ■ 5.3 ^linemls.--.:— . 


TOKYO 


•Prices 1 + or : Otv.jYRi. 

-I - .*.1 %l 


Arahi Gians- 1 331 


■ 0.2S £-gi TXTSS-StSS Bayer Vamiubk. 338.4 + 3.41 18 2.6 kr * n 

_ LropPb - 5J>2 1+0. 12.0 J» 4J12 CtelnuNX 159 !. > — : — Genekur..-., 

_ Vato »i.i I tore PP| 1,14 ; + 0.01.0.18' 18-78 C-ommerzbank I 227.5 +0.5 '263611.7 V?;* 1 


Utnelrair..'.-.-, 1.862 1-50 1 75 4.0 -l»«. Con. Industrie*. 

C.G.E 3S5wO; + 5.5 ! 31.5, 8.0 Aust. Foundation Invest.- 

Conti Gum mi 1 74. 5, -r 0.8 I— 1 — {l-'.l.l. Ata«lri_....:i.099 i+26 |76.M. 7.0 A.N.J 

Daimler Bent. ”1 352.0- + 1.5 ;38.12i 4.3 < ? e ®! n “ ,re — ■— !' 5 ' l4 i 12 ' 2.8 Awttmm — 

Defuraa I 265^—0.5 ! 17 3.2 UluhMeatar ; 458 | + 15 ,11^6 2.5 Aust. Oil A Gaa-. 

Daman.... ! 165.0+L.5' 11 34 L 'roi» Com. Fr’ce 128A.+0.4 12 ! 9.8 Bamboo Creek Gold — 

n— au ,^o '»« sc Crtunlte.-. 94 ’^2 1 Blue Metal Ind 


*««?. Palp Paper SL. 


Turnover CriiT^m. Volume 30. Tin 
Source: Rio de Janeiro SE. 


I Conti Gum mi 


NOTES : OvereeaE prices exclude % premium. Belshui dividends are . alter Deutsche Bonk-.' 304 
withholding lax. Dresdner Bank....! 249. 

4 DM30 den ora. unless otherwise stated. % Pi as. 500 denom- unless otherwise Uyckerboff Zemui 187. 
staled. ^iKr.lOO denom. on leas otherwise stated. ® Frsjao denom. unless Giiteboffouna.. 218. 
otherwise stated. S Yen 50 denom- unless otherwise stated. 5 Price ar tone uf UapaeLk^ri " ii6 

suspension. a Florins. b Schillings.' c Cents, d Dividend after pending rights fcLn r-oenet ‘ 163 

and<ttr soap Issue, e Per share. 1 Francs. 0 Gross dlv, %. h Assumed dividend UoeS^L jig’ 

alter scrip aod'or rictus p+uc. ft After local taxes, m % lax free, n .Francs, Uofwj 49' 

including Undac div. uNom. 0 Share split. * Div. and yield exclude special Horten iBo’ 


_ _ ; ,+ l | 14 ! 2.1 

S«; Gamm-« 447 i+1 112 1.3 

■ U "° -I 856 1+55 -25 1J5 

^’12 Chtaon.-; — l-J 405 ’ 20 SI3 

*8fi Oai.aappcm Print 565 [+5 I 18 l l^ 

ti.70 l+D« Poj| Photo. 570 +9 : 15 I 1-3 

0-M Hitachi — : 223 |+ 3 12 


!aa.« 4.6 I U'reusre Loire- 


Dreadner Bank- ! 2493, + 1.5 ;28.U 5.6 Dumez ; 677 [ + 2 135.75 5.0 Houuaiuville Copper 

n- unless Otherwise Uyukerboff ZemL 187.8+2.5 83a 2.5 ff.Hetroto* 134 J) T 5.3 .14.10,10.5 Beam Nes Industries... — .. 

500 denom. unless GiiteboODuag- 218.3-+2JI [ 12 I 2.7 Gen.UowdeuM.ie.! 288 l 4 W : 8.26| 2.9 Broken Rill. ProprietWT 

S Price at one suf HapaeLk yd ", 116.0 +0.5 il4..j4: 6.1 l 01 ^ • 61.3+0.3 5.7j 9.4 KH »»1h « 

iftCT pending rights dnru^jei ' — .1 163.0 +5.5 <ilB.76IU.3 ‘“cquea Borei. — ' 181.0 + 3.5 < — tArlton United Brewery.—] 

228.9 + 1.9 ! 

761 +23 


payment, t indicated div. u Unofficial trading, v Minority bidders only, p Merger k-h und's^iV' ' 

pending. “Asked, r Bid. 3 Traded, t Seiler, j Assumed, xr Ex rights. ■ xd Ex Kar^rt, * | 

dividend, sc Ex scrip issue, xa Ex all- * Interim since Increased. Kauih,n * 


Ue«nind -.1.835 


BH death 


565 +5 .1 18 1.6 
570 +9 : 15 1.3 
223 }+ 3 12 2.T 

512 +2 18 L0 

,130 -80 35 13 
250 Ui 12 2.4 


RACING 


BY DOMINIC WIGAN 


lyirnaiii....... 

Kaulbd 

Mockner DM at'. 
KH'U 


116.0' +0.5 il4.'J4! 6.1 ' Dieau • 61.3 +0.3 5.719.4 •roatn - 

163.0 +5.5 <>16.76 IU.3 '■“Puea Bnrei. — ' 181.0+3.5 J — — LArlten UniterfBrewerv... 

irs.S + LS'Va./m &!7 : 33.8.9 + 1.9 '16.77J 7.4 ‘-»B . — u.. 

49.3+0.7! — I — d U real 761 +33 -18.871 2-1 v*»khurii C+meut 

180 i-5 9.36! Z.p l*uran<i -.1.839 + 30 '36.751 2.0 (G. J.r...—. 

loa.C.i '14.04; 4 6 Phenix.. ; 589 ,-1 '39.3 6.8 '-'cn-. GoJdfleMi AusL...-. 

526.5, + 2.0 ’,43.44' o! 6 Jll, ^eiiii ~B". — 11330 . + 30 I325W 2.4 '.'onuiner (Eli... 

239 i+2- 1 18-/91 3.9 M 1 "* 1 Hetmessey., 562 +12 I 12.H2.3 Coozine hint in to 


tl_68 1+0.04 Hitachi—.- 223 U 3 12 

11.65 (+fljn Honda Motors..- 512 +2 18 

U.10 +0.01 Boure-Food— . 1,150 —20 35 

tL78 +0.02 C- Irofa.... 260 — 1 12 

tO.82 +0J2 Ito-Xokado— 1,780 +20 SO 

10.72 +8.82 Jaooi 780 —5 13 

*0-31 +0.04 4JSML 2,890 — 

tL84 -0J11 Kaoaal »rot.PwJl T 23D -10 10 

11.48ul+0Ja Komatsu S16- 18 

+2- 10 l+IUS Kntx*a- , „..-.—..i 282 , 15 

•t?aS r 0 ' 12 - ^yo*o4ie™ic +.13.680 .jlllb 38 
Ti.w 1 UatvUBhita Ind-. 714 +2 20 


15 : 2.7 
36 I 0^ 


U.8a j-fl.OI Ultaublabi UankJ 281 __ , 

73.68 -1+0.00 Mitsubishi Heavy) 181 '1 - 12 6.0 

11-38 1-.-... Mitaubtahi Cbrp.J ■ -443 1 14 i 1.3 

12.48 1+O.D8 Uttani A Co— I ' 306 t-2 14 2.3 

14.10x0 M 1 tsukoohi '555 i + j:. 20 1.8 

ta^O ,+0.06 Nippon Denea. -.11,500 . + 10 15 1 0.5 

t5.79uij+0.07 Nippon shmpan.J 793- 1 + 25 ' 12 1 03 
tl.90 +0^5 JlaMra—l. 778 -3 ,16^2.0 

tL4B -0J» ; 1 1.610 +20 48 1.5 

taeo -0.06 Sanya Blearu..J 242 ‘ —2 13 2.3 

12.60 -HS.E2 bekfaui Prefab —I 926 +2 30 1.6 

tO.27 .-0J» sfbiMida. -.1.200 20 OS 

t3.03 -0.® ««&-■.; .....1,500 —20 40 1.3 

fl.67 1+041 Ihlrfio Manhe — 232 11 24 

1 2.32s] -U.K5 Chemical. 403 4-2- I 15 1.9 

tO.82 -&2i TDK—. -..2.100 —10 ] 30 0.7 

ta.so -0.02 rerjm 1x7 ,._x 1 xo 4.3 

J0.15 Tokyo ilarme.— 482 1—3 f 11 1.1 

tl.I4 „ — .IlJl^KtectPow’rLllO: I .i.U 

tl.10 lofcyo Sanyo...... 317 12 U 

10.42 +0.04 Booty. 142 +1 10 3.5 

tO. 45 iriMilha Corp. 13 X l_l 10 3^ 

12.40 +0.02 Toyota Motor.;,,. 880 j 20 1.1 

+2 50 -O U Source NBtko Secmules. Tokyo 

toiss -aofi VIENNA ■ - - ' 


239 ' +2T ia/a 3.9 
94.7 + 1.3 - - 

1B3.6 + 1.5 1B.7B 5.1 


ALROSS 

1 Like In tic up a poet i S » 

5 To amend call is a bloomer 
(6» 

10 SS?:. , , n ,akes in hl “ f,lr 7 ^. ast leFt ,W '" e by a masler YOUNG - GENERATION from of peok fitness after a long .lay- 237 1 J° 1 - 

11 Strift" of inimalq rpnlarin- « . „ Gu >' Harwood's Pulborougb off. Lord Porchester’s course BR USSEL5/LUXEMB O URG 

donkM Pn-iniu i, P ’ 8 C,lrl t . akes ? 0,h ' n E to gallery stable, recently reinforced with winner may prove up to wnmin& - 

12 Canita’l oeanle at' Loi^s nr.np « If> niake n0tei some well-bred American year- off 8 st. 3 lbs. on this occasion. ■s* p u22 Hm* +or Fra y... 

can change P ( 9 i 1 ^ 0 ' 9 Small room required near lings, can give the reputation Reg HoUinshead, whose Upper Yn. — Netj i 

13 Vital oarT of male skill i 5 i West-end (6 1 of France’s possibly-maligned Longdon runners should never — ; -} 

14 Countv opener unwillms to 16 Pay. Marion to go in for five- two-year-olds- a boost today be ignored when they foray so *22^ =&~ llfllo Cii’™; 

point \ 0 dress (6) & raising (9) The BaUdar colt, so impressive Far south, saddles bottom weight uaj.k. C em«m-.ii^6o j+is 

15 Heavy drinker in cast lakes 17 Little monkey brings ruin to i e Jfi* 0n ® pr °' SSE^TTHtB tio I 

d^g (7) doctor joining party (S) between himself and Sanders vides the chief ttireat. aiectroheii ..""~;6,840 Lao t 

it di-jvoi. .. to t..., — 3 Lad in the closing stages of A second mterestinc re ore- lawn LS i 


4 Show MC bow to take care of 
member before ... (7) 

6 ...wrestling with advice for 
slip fielders (5. 2, 5, 3; 


Deauville points to 
Young Generation 


hrufip. 108 — 

Linda. 278.5+6.0 25 

Unveuhmu ICO... L6«8 .- . 86 

Luithansa...- 104 1+1 9.561 4. 

HAft 212.51 + 5.0 r 12 2. 

ilaimaamjinru..... 173.5 + 2-5 17.18 4. 

252 +2 10 2. 

MuocbenerUuck. 632 1 18 Z., 

Nevkennaiui 170 +6 ! ■— — 

Hreireanj. DM 100 132.0+0.6 — — 


L5H8 1 . 86 7.8 ^“WM-Otroen-.j 
104 Ul *.£M 4.S 


Henwwey., 562 +1 

Mijuiioex • 137.0+4.51 

ft cilia* J 192.8+8. 

ftcbinev — j 105 +4 

ftnW.kicani_.J 274 . + 5 
ft u^kil. C itroen-. | 479 |+8 
rociain ; 215 ! 


IB SR Uadto Tevhniflue.1 518 1+16 27 

i+H ijiH Ka1wue — ! 623 '- 1 30 

■ 5 ls in an *f tl0n e Poulenc ...; 119.0+1.2 9 

IT 1R i 161.2+1.4 14.5 

■+1 [18 1.4 sMsKroriRiK.i_.Jl.775 i 39 

nine il IT ? UK “ -i 310 +1 3 ,2a. 

nl+* os ri Wmarauiw-.! 839 1 + 11,25.' 


835 + 30 '36.75 2.0 ‘-ow* (G. J.t. 

589 -1 1 39^6.8 '.en-. GoldReMi Aust.... -. 

330 . + 30 i3236) 2.4 Coniamer cSIi 

562 +12 '12.8 2.3 v-OUiiuckiolinto...-..—... 
137.0+4.51 3 ! 2.1 Lrotaiu JiMMaC.'...^.'. . 

192.8 +8.8 1 19.95110.4 Dunlop KuWvr (Si).: 

105 +4 , 7.5i 7.1 Kot OK 

274 .+5 i 10. I 1.8 bldcr-amltb 

479 .+8 I17J26J 3.6 fcjirirovnur UemtmxB 

2 15 t — I — KL lodastna*— 

! + i® I 5 -2 ( f ea ' Property Treat— 

623 — 1 30 4.8 ihimendey^. 

119.0 +1.2 | 9 7.5 Uuuker--.; . 

161.2 +1.4,14.S5j 9.1 ICI AintntHm. T 


[ Mitsubishi H 
UitauMahi (J 


uhl Heavy) 
%hi Corp.. • -i 

*Co- I , 


2-1 loter-Coroer— 

8.2 Jeuuuigsladnrtnea. I 


JCbtniiR 272 +2 29.12 6.2 , *vnoi ' 

?iKnens 297.5+0.2 Bb 4.2 

surt Zurker 269.0i + 6.3 I2SJ4 5.0 - 

Cliymen A.G 117.8 +2.0 !1/. lb 7.3 5TOCKMOI M 

Van* 190 +3 I II. Ik| 4.5 a ' WIW OLW 

' hbA U5.0 +1.2 l*.3c 3.5 — — 

l ereinbA West bk 294 ' + 1 t 18 3.1 -win. 12 
V'ufhswaaen 237.1 +0.1 1 25 I 5.3 


kte lc6.0, + 1.6 I 35 I 6.7 ?60 1+^ l '2 f 0 "" 1 

! 272 ; + 2 ias.12! £>.2 3 ||tf J*„. 


Ueian BipmntiDD...,...,. 
MIM HcMiiiiiRs ...... 


tL46 

taeo 

t2-60 

tO.27 . 

t3.05 

tL67 

t2.32sd 

tO.82 

t2.30 

tO. 15 

tl.14 , 

tl.10 

10.42 

tO. 45 

12.40 


242 2 

926. 1 + 2 

am ' 


20 L4 
10 ; L6 

12 ! 5.0 

13 j 1.5 

14 2.3 
20 1.8 

15 ! 0.5 
12 ' 0.8 
.16 J 1.0 
46 1.5 
12 2.5 
30 1.6 


Uyei Bmpnrinm I tl.61 


■or, Div. JVM 


13 Vital part of male skill i5> 1C „ „ * DI r i^* 

14 County opener unwilling to 16 Pay.&lanon to go in for five- 

point to dress (6) raising (0) The BaUdar colL so unpre 


drug (7) doctor joining party (S) 

IS Player seen in a third-rate 10 Just remedy \fj) 

extract from Hair f7» 20 Pe^ control nnpratni*' 


| Lad in the closing stages ui m. second mieresung repre- P&bnque An 2.940 i_s !i70 5.8 — i r*’i i r: — 

Goodwood's Richmond Stakes, sentative from Sailcloth's yard g.b. fnno-Bm.-.|2.42o j+is jiso 6j2 35SSf5. Bfc “"l fin Fs X ! 19 
goes for Newbury’s Mill Reef is newcomer PluviaJ, among the • », « ibteiM] la T.:.-.| _ ™ 


second interesting repre- jFhbri 


KBEa 12.315 +10 1177 

tilectrobeil .6,840 +30 <430 


Ub '116 4.7 
l+XS 100 7.9 

f 10 177 7J6 
+30 430 6.3 
1—5 170 3.8 


.%■* Nn thi^Oi.,.1 
\na DfveBtkrbCb 

\'K.\ ! h r.cOj I 

AC lumOipciy K rsic I 

diiiera>1 ) 

c'c’tan.. 

Cuirta.- 


303 +1 

146 +1 

89 +1 

124 1+1 
65.0) 


116 1 v4 ! 3.5 

200 j + 2 5.75 2.9 


News ....... 

iw 7 1 virt- ho ixx ImaruxtioiMJ 

r ’l c, Nonh Broken UMineB (Ml 

_ } * Oak bruise....-; 

6.6 107 • , ' 1 — 

6 i 3 4 , ' ,u * r •“FWnUfon 

5 | 5.6 ,,|un *« — 

6 4* ilfr'-kirt A Denman—.- 

4 ell b. i.. sidgb— : 

4-35 ^UblXilil m inhnff -J---- - 
75' 2 9 Bxptoxtion — .... 

0 i 4*3 , , i? jU, .tSi - 


r+ «■ i Div.'m 

.-sis. 


[+2 16 1.9 

1-10 j 30 0.7 
i-l l 10 4.3 
U-3 f 11 1.1 

I .a. -3js- 

12 U ' 

+ 1 10 3.5 

-1 10 SS 

1 20 l.l 


1 ( Ureiiltaartait 


>•02 PewKwer, 


•em peril— 


“'.‘— j 


tasefte -B" j 

F«((frT»a — J 

Drangef- irreei— { 


100 

60 +1 


20 Like clear night sky in south 
to Jioger i6i 

22 Moslem in off-duty attire (5) 

24 Northern resort could hrace 
me and the M.O. (9) 

2J Not generally taking chance 
with onp friend <9i 

26 Siudy ccnlral heating offered 
hy Shell ( 5 ) 

27 Tin wbistte and Norwegian 
guitar seem initially la pro- 
duce nasal sounds 1 6) 

28 Firm boss needs to club one 
of the workers (4, 4) 

DOWN 

1 Hit cathedral in feeble fashion 
<61 

2 Virginia is unable to chance 
having site unused (6, .1) 

3 Glebe in which one is still 
existing (4, 2, 3. 6) 


SOLUTION AND WINNERS OF 
PUZZLE No. 3,772 

Following arc the winners of 
last Saturday's prize puzzle; 

Mr. L. -T. B. Callander, 6 
Man organ? Road, Kingston-upon- 
T ha tries. Surrey KT2 7AL. 

Mrs M. Muckley. 50a Colemans 
Moor Lane, Woodley, Reading 
RG5 4BT. 

Mrs. T. Wiltshire, 179 Monks 
Walk. Buntingford, Herts. 


20 ,°-. lro1 c »- goes tor wewoury s mni neei is newcomer numaj. among tue - r B.*ocn Dom»to.J 

treaty <>) Stakes. Although only seven runners for the five-furlong dJS*5 “ U iisD +lo ?■*- 

-1 Engaged me before take off oppose Young Generation in this Harwell Maiden Stakes. This iDiera>m...!."”!..;L795 -142 | 7 !n Ksuuida " { 

,b) Group 2 event, the Newmarket speedily, bred daughter of urwu««inii .7,150 , — io '290 i 4.o ixu.i-i,i»-bi Kri:' 

23 Boy taking on a girl (5) pair Main Reef and Hardgreen Pelting, for whom she is the-final J? itoi R c..j5.S80 i+so kEast 6.5 u.wrtnim : 

Solution to Pu/zlo No. 3.777 sh P u1 ^ ensure J hat the Sussex representative, numbers Splash- -id'iil?! ZS 


operator's en- 


4 -° AMSTERDAM 


+ao ii7o 


fSS^S-iUaiuik 


n Dora»to.J 
it 'B' Kre.! 


.K.F.-H' Krj i 


-••■'142 , 7.9 fcintiidaJ 


23 Boy taking on a girl (5) 
Solution to Pu/zIp No. :f,777 


0HSBB9HHH 0HBE35I1 
B 3 Rl H H 53 

sscfina ES0QESDS5: 
H s a a to 'BBS 
Bass0as@as sshb 
n b n b 3 s 
aciaragns 
& H - s - b a s 

sssKsnn sraHGngs 
□ eeh nra 
anas ranaasarannE 
a m s n a n n b 
SSSO nHEBS - F3SBSB 
s a n a u.g b b 

Haasaann. nnaEQE 

ra a E3 q a a m 
□nnsnaQS bebqee 
a a 0 h a □ □ 
BBHHncns Esnana 
a q a □ e u □ n 
EEnnHEgonE 
q n . R qmb a a g 
EBEHEESBHn - 
e 0 n □ b n ■ n u 

EGaSHEi . HEEnESBOQ 
B □ 0 • -Q a s 
QEEE0B Ensna BEE 
DES S a B B 
HEBHHBi H3SSBQHE 


colt does not have. matters all ing and Glinting among her.balf- iv. lira. ;s=ir 100 [-60 J205 6le rnpcMUArcM J. 

his own way. . sisters. Her sire Hahat finally b*i*«iu 4 2,015 ,140 7.0 ^■'^^bpimaucpi * 


258 .""I.TIf S.7B 2.2 L 2 ?- ~ 

72 14.45 6.3 

174 +1 a 4 6 Aiae«nhnktPl.]Oa 

65.o| — o.5 5 7.1 

65 1 w— AnironuuktFI.SW 

86.0l 1 2.5 : 6 7.0 — 1 


J— S '215 6.7 
+ 5 I.V2.l() 8.6 

1+20 170 6.6 

14-48 - - 

+ 8- 50 5.6 

1 + 60 - — 


his own way. . sisters. Her sire Habat finally »*Gcn 8»i V uiu» l a l 0X5 .,140 

In the belief that France’s got off the mark when Itim's £{"“ if-ff? tf 

two-year-old colt may be a great Habit, a daughter oF Scamper- .re,-iim Eiwi""" 2.675 I +20 170 

deal better than some believe, I dale, overcame a bad draw at • v.u. x.zsa i + 4a — 

feel that a reproduction of Young Chepstow a few days ago ■ “"iHMi/b-, ■ f*4 50 

Generation's form when he went Pluvial may go close from a *l e i!i5_¥. , *“K uci L a4S _ + ® 0 
down by only one length and H favourable high draw, hut I Just * 

lengths to Irish River and Pitasia doubt her having the exopnence Switzerland 
in last month's Prix Momy at to cope with .either Sandford Price +■» ore 

Deauville will see him home. Boy or Duke Street. The last- **£*■ 22 — % 

In another intriguing race for named,' a bay son of Song,- is 

which there are few runners — reported to have come on a great Aluminium L015 8 

the Peter Hastings Stakes—it deal since finishing a respectable •*’ LS70 + 30 io 

may pay backCTS to row in with surth of 18 at Windsor on his ct |£ G *^^ 0 |S® “g-- H 
that game Wilbam Hastings sole previous appearance back 558 -I ai 

trained four-year-old Sailcloth, in May, and he is the selection, uredit 6uiwe...“ 2.200 -5 16 


B, ,kfl i\ esc miF.-iQl) 
1 Uii/irm Teiifrforte.! 


r«ui nllz SS JOHANNESBURG 

a..— ,J_tl.75 Si-BS ^ J2 M,IIE * 

Anglo American Corpn. ... 
S L. — m. u-1 7 Charted CwwoUdatncl 

fticu +•» Dll. rti. gaa, priefonielr 

~ % % F.istwrB j;; 

Ha? + 2.8 428 4.8 SnnS?^*"”" 

32.0|i0.3 — — Kloof | 

+ 7.5 Rustenkntrs P latinum -""'" 

yi.7 + 1.2 5o 6.4 st. Helena 

®t-4-+ 1.2 A23S 5.5 Souttavaal 

99.5; + 0.3 26 5.0 now Fields SA : 

_ , + 2 _ 8*4 6.3 Union' Corporation 


342 
. 272 

—3 

10 

Sh 

. 626 

+ 1 

38 

85 

+ 1 



222 


& 

235 

+ i 

10 


32.01 + 0.3 
381.51 + 3.5 
91.7 + 1.2 


la2 : + 2 
74.3. +0.3 


KiHivirr V 1F1JJO1I 506 i + 10 27 J 


4b 7.0 Do Bevrfs Deferred ._. 


Price j +«r LDiv. iY(«i. 
Kroner] — l li ! *• 


^iKielntanhen 141. 11 

l.<uu>ke Ufink ; 127 • 12 

. K*rt Aawiw Co.,.1 16Q ’+% 12 

finanabunbesi ; 1319*+% 13 

Brytcerier — .....i 355 +1 12 

Por. Paplr I 87% + S 4 __ 

HamlelatKnJf 1274 4 ...- 12 

(i. S'tb’uB-cKrSCr 290%..... 12 

MonJ Kxbel f 189 — 1 12 

•/llintehrit I 1 1 Al> 1 _ 


+ or I DirjTld. 


on whom Taffy Thomas rode an 
inspired race to land last season's 
Manchester Handicap. 

The Shantung gelding, wbo 
ran disappointingly last time out 
when beaten a long way from 
home in Newmarket’s New 
Zealand-Great Britain Handicap, 
had previously put up highly en- 
couraging performances in both 
the Ultramar Jubilee Stakes at 
Kempton and Epsom's Northern 
Dancer Handicap. 

If, as may have been the case, 
that lack-lustre Newmarket 
effort was the result of a lack 


NEWBVJRY 

2.00 — Hever 

2 .30— — Young Generation** 

3.00— Monkey Comers 

3 . 30 — Sailcloth A¥ * 

4.00— Valeri ga 

4.30— Duke Street 

AYR 

1.30— First Class Mail 

2.00 — Tantanoola 

2.30— Killer Shark 

3.00— Stephandre 

3.30 — Green Park* 

4.00— Ring Lady 
4-30— Cherry Picking 


Menu Kabul \ 189 —1 

S.g Glienbnk..._ 114%, — % 

3,2 Fnrattienk 152% 

2,4 FrovmsbanJt..,™. 139% 

3.1 --oph.-BewnteU. 402 +% 


22 3.a 3°P«1wi-.., 
16 3.6 


2l«ww*tt 1.860 -5 10 2.7 ~" 

Fim±bt iGtorge) J 540 +6 J 6 j 4.5 Mil AM 
notate PtO«vj64.000 rt250lllloj 1.7 

Lto. (-^cnail). i6,42fi +60 [110 1.7 

IntCTtood B. 13,800 20 2.6 -^nf 22 

Jelrooii (Fr. Iff!)..- 1,460 -5 | 01 1.5 — — 

MMttolFr. 100)^.3,160 -50 In86^ 2.7 AMV. 


Ua Ke« 2.2U5 

.'wUon H(F^3>j):2,665 +20 

i*irewl^ietl!.U>Ii! £98 +1 
Andv i Fr. SSjOi ..[3,430 —20 

Uu. ftrtUerwJ 380 

-uijludler Cl FIWi 265 — 5 
u>«r Cl CFr-iOOi 304 +4 
witMir (Fr. 300ll 786 J-3 
awiM Jftu Ikr.KX' 367 +1 
9wis«iipi(Fr^a0i 4.800 —25 

Lnirai Bank |3.110 +5 

■iuncii In*. ‘-11.600 -ZOO 



Uiv.iyi.1 
Lire! t 


;«8S,7 3.9 itartnei ! 667 ' + 24 -j _ 


.-r-7 Hun ixA.V. Bearer 
’ai' 1 - turCren l»i(F-.iO) 
* Gimhi HrocadreFl 
Hfr'neken iK*. 8Bl 

7 O tl'MiOTWW iFl J20 ) 
q " Uuuior L>.<F>. m>) 

is k.l..\u ( funny 

go lot, Unlwr <1!U)J 
3 ' a AaanJen (Fl.'-Uh.J 
_ NiU.NplfturfFl.Cll 

8 a ‘WCredBlitPi^li 

6.3 p w <Fij0(8 

9.0 y* 0 U mino ran.'^. 

7.0 ftkbced 

3.0 f'biiipa (Fi. lCg^. 
6.9 KjuachVeftFlJflO 

««*•» 

KOlUKDtffLfift 

Konenui CFhatfl.— 

Utryxi DaK4i(Fi2C 

. — aiavenburs 

Jienn Grp (SUBS 

s ioicoe*c.H«*4 

— Unilever (FI JO)... 
^ Ifcmv! Ker. fd%£j 


i.B Blyvoonmtfchi 
3.5 east Rand Pty. 


12 - :+ 2'2 94 ‘H 4 - 8 PTee s,Me GeduW 
40-6 +0.4 ai 4.9 PresidenT Erend .... 
06.8 +2.2 14 1 a J President Stem .... 


106.8 +2.2 I 14iaj 
37.3|+ j.5 — — 

a+.ll + O.l i 4 5.o 
162.2 > .+Q.7 8‘ 4^ 

47.8(+0.1 19 7 J 
3O.& + 0J UL6 4.2 
1x6.1 + 1J 48 4.x 
B7.7 — .... -ai 7.i 
209.5 ... — _ 22 jj 


^ _ SlilAutein ...- 

la 5 0 WeR 50 ia 

a' 40 Wesf Onefonlefn- .. t. 

19 7_o Wcetaro BiaMings + 

IXA 42 Weateoj Deep ^ ; 

48 4 1 INDUSTRIALS 


Rand 

+or- 

6.30 

-oja 

14.65 

—0.15 

14.60 

-0.15 

2.00 

— OJH, 

7.W 

-0.83 

7.00 

-025 

1025 


L» 

-m-’ 

«72S 

-033 

10.60 

-0.46. 

24^5 

-B El 

5-«0xd 

' 7+7 

— 0.8* 

020 

. -0.10 

SJIS 


mss 

-OJS 

liD.25 


17 za 

— 0.3S 

a.55 


5-90 

-0.3-' 

14LS0 

-6.75 

T3S.80 

+ft» 

16.15 

— B.8S, . 


2 HA 


57:7 .... 21(71 .IT 3.W +V-B+ ' 

209.5... I 22 i sJ ... tl0.38 +0 M 

‘ 172.5 -Q.B 38 QJ2 S?M^£enii;“'"" 7 t^M — 

iSiii-S 83 6 - 9 S&nSSf 8 ..:— 

tj'2 *- - D^Bwrs rwtuHtriB] ......... tj2.se 

.■®iy »■ ii 

1H7 *03 7 3 p®? 1 Us Ii£ ■ 

iSiioj ^ ^ srsss-'isAi if “ ojs .- 

133.W+1.2 H.Z& 8.0 Wette ..... ta 

3534.; HO 75 WA - 3.10 +0 03 •' 

117 | +1.8 BY* 4,7 MbCanhy Rodway t , .80 

145.0' 0.6 FBdBanJr 2ra ~o.« . 

126.5 +0.9 4£J b.B BK B azaars ^ 7 , w -a.je" 

' 41.8.™ tfOJt- 1.1 Premier MJQhw Sjp 


1.4 Fi*t — 13.080 

J 15 5.0 Uo.Fnv 1(2.276 ;+100l lavi 6.6 OSLO 

j 26 1.9 rfiu-irtw | 212 [+1 I — I _ 

.. 26 3.4 umwinent <23.000 '-I.00B 1 ouO; 2.6 s«, 

| i2 4.5 imu ier 422 »-r 7 - ! _ 

I *tolio!*uio» — .... 43.000 ; + 200 l^UO 2.8 nereen 

10 4.4 Uuntplu-nn 297 + 7 — _ twA*™ 

! 10 2.7 Olivetti kriv Jl.605 (+55 • - - , 

14 2.1 rtrem A- 2.095 140 6.3 

I 20 3.2 Mredi Sp. L108- +8 80 7 2 KrSuv 

y 44 1.9 S m.viiSir::.:iio6o +ao - _ 


|+ 101; laO| 4.9 

; +100 l3vl 6.6 


"■^n.Utr.avpbe 406.0 +4.01 33 4:0 Cement +^50 

— — 'S?_^ a i.5 oW1 5» l.« 


22 - 

1 JUO 2.8 denjeu bank 
— — 6<wrejnuuti^_*. 

“ ~ -pmitiAa(L.;„.i 

® 7-2 KpM it kilipp] :. 

— . - N.-wkRvrtroKrBC 


Stnrebread ™ T T0a0] 


■ . 'Rmd Mines Properties .!! 12.40 —0.83 

nf-w7 XJlvGYS Group 340 

Kroner — % % ?«*«.•;• O.-tl -0 01 

ion -2 -boo wm — !7 ..„ ' • 

•72.5L....M- ' ■ - i ^ A- S mith Sugar 500 —0.07- 

113.5-0.6 11 :■ l-« -B.« 

515.0—16:1) 20 6^ SSL 0ats Natl. MIg. OLW..' -033- 

112 -I Ml 9.8 1.17 

342 - 1 . 281-12 4.0 .Securities Rand U.S^O.70 


SecuritSes Kand U.S40.76 
(Discount of 


Ii. .. 








1 

f- 





AND COMPANY NEWS 


| Bekaert 

tsees sharp 
^increase in 
learnings 


Further setback 
for Australian 
retail group 


, B y ° ur f' 0306 * 81 Staff _ Br ^ AMES P 0 * 1 ™ ELEKTROWATT AG. the Swiss higher profits and dividends 

SHARP increase in profits is SYDNEY, September 22. engineering company, plans to 

.‘recast for this year by Bekaert. ! RETAIL GROUP David Jones sales of the American opera- »P»cUy erpand its operations in an mcrease iD capital were 
.. l *.e Belgian company which is [suffered a per- cent decline lions, principally Buffums, rose lower-cost countrips, including 
% e largest producer in Europe " profit from A$8,9m to A$4.3m 13.4 per cent from US$86 7m to u - s ," because of the rising Sw ^S, l u 7umn the^ 

industrial wire. m the year to July 28, which USS97^m with a “ ve^Tatlsfac- of the Swiss Franc, board ' Sake* i?n 


Elektrowatt 
reacts to 
currency 
advance 

ZURICH, Sept 22. 


Skandia forecasts higher Lead,n f , 

„ . , accountant 

profits and dividend criticises 

BT JOHN WALKER STOCKHOLM, Sept. 22. BrOfCSSIOIl 

A FORECAST of substantially premium income is expected to The solution now emerging 

higher profits and dividends for grow by 17 per cent to SKr 4^ bn. seems to involve a heavier com- B y Stewart Fleming 
eTreineering company, plans to W7S together with proposals for of which the international side rniiment than originally Foreseen Tv T K\V YORK Sent ^ 

rap idly expand -its opiratfow in Increase in capital were un- will contribute just over half, by Andresens Bank The bank „ * J „ 

lower-cost countries, including veiled rtoaa> by Skandia. the The increase in capita] is pro- has a 10.5 percent shareholding wat b.khuuse, one of 

the U.S., because of the rising Swedish insurance company. posed by the issue of lm new in Morin vest and is a major tbe world's leading accountancy. 

In *® nuiumn report, the com- shares at Skr 150 per share shareholder in an insurance firms, today sharply criticised 


BY JOHN WALKER 


STOCKHOLM, Sept. 22. 


ZURICH, Sept 22. A FORECAST of substantially premium income is expected to The solution now emergins 
ELEKTROWATT AG the Swiss higher profits and dividends for grow by 17 per cent to SKr 4^ bn. seems to involve a heavier com- 
OTtfdneering company, plans to 197S together with proposals for of which the international side mitment than originally foreseen 
rapidly expand -its operations in an increase >n capital were un- will contribute just over half, by Andresens Bank The bank 


Franc, board 


a -J.A. move out of heavy losses j roaimained 
..'•-.long ‘‘.certain subsidiaries ” i share. 


ne year iu juiy w, »u«.u uasn/^m wltn a very satlsfac- v “‘ uc m me i j am., uumu — . .i._ ■ _ ■ , — pv , dubi> ■ an 7 . , muyiacu 

barely sufficient lo cover the tory" increase in profit. spokesman Herr Hans Bergmaicr p .L am “■* °P*rat- f thereby raising nominal capital company, &»rsk Kausjan. which the u.S. accountancy profession's 

Gained dividend of 8 cents a said. '*8 P™* * L year ,<SS e / 8 ^ fTOTO SKt 150m to SKt 200m). belongs to a pool of four lhe ' H 1S months 

e. d 1 i , ! eet0PS said that David i n th e fiscal year ended June at aro i ^ 1 d . tr s ^['. t 896 ,-521* and shareholders can expect a insurance companies that have . . ii« P «.if .■no.iu.tn™ 

le group has how reported 2 0 ™®, contributed a 197 s, Elektiwatt’s revenues rose romP«^ to SKr l^ra in 1977. divi dend of SKr 6.5 a shaTe com- underwritten about Kr-320m 10 l, S hlen U P lls sclf-icgulatory 

r earnings for the past three ' J!*}™ 1 ' 31 increase’’ in profit, by SwFc3ra to SwFr 46.2m > 5 largely accounted pared to the payment of SKr 5 worth of Norinvesi debt. procedures, 

essive half years. With the f* company s investment pj et income rose by SwFr lm to f? r 1 ! received in 1976-1977. . . In its annual report (Price 

alum accelerating in the *? D J s Properties, They added SwFrl9 9m toe wurani-e operations, in ■ . . Financial help from certain w .. DphniK . 0 nne , 

haH Of The^sroun lhat a lar g» proportion of rela- 5 Herr Berirmaier said that the Sweden., which will contribute _ * ... banks and insurance companies ^ e _ L _ Lh J™ 


ierse at BFr638m^ ($21m)l final half of‘ 1977^.^ ^Wgroun lhat a la H5e proportion of rela- Herr BerHmaier said that the Sweden, which will contribute w w . ' hanks and insurance companies — .. u »c u. »,c *tw 

rnpared to BFr276nt a year 1 earned oiSy/SsWOff in the £ v *ly short-term borrowings bad rB ^, lta wSdd have been much i° raC ^n r 5 ^ ^ operat , inR pro ; u Talks , are continuing in Oslo that are not Nnrinvest share- accountancy firms lo issue one) 

" ■ ‘ rtier. I final six months a fki of 81 Per been renegotiated on a longer- better but for the uoward fits compared to a loss of about the ways of raising the holders, but which are share- the firm sa>s: To succeed in 

cent on X ^SliS^earned ii tern * basis? * movement of the Svriss FraSc SKr47m a year ago. _ money needed to slave of bank- holders in other members of the restoring public confidence, a 

' company s half-yearly j the same previous period. In contrast, major food and against other currencies. He said re ' international ruptcy for Norinvest, the pool, has apparently been made self-regulatory plan must meet 

L h «_«!i s ; The m S e?bacT U in Pe a further biscuit group. gXW WestSS fid two tests: it must be effective 


” JZk’iBS K-r si per resulted in a loss in the holding *S' ‘“"rS 1 S3 ,7 ISs. pere ^^' Z 

.*■ ""/SJ 11 “ rawwtajittends. Waltons recently cent, from A$4^m to AS4.59m in company’s reserves of about Sj.SSn ll n 1I ?SL bMks d lnsur * vi lh p 0 the public. As the Instituio 

\ 9 '!h Earlier this _ year fin [reported a second half loss of the six months to July 31. The SwFr40m and in roreign divi- Skr 200m. During the year group ance firms. responsibilities. {(hp ^ niei . iCJjn institute of Cerli- 

.S“Irttn5 25S P u,iin S its {ua earn- group is a listed offshoot of dend returns of SwFrlm. -. fied Public Accountants! plan 

• 1° i m e5 down 69 per cent to A82.5m. Associated British Foods of the He added that exporting units, stood nt the year end. it does 

Dunlop Malaysian plans I Heavy Although Price Waterhouse 


’ ?» le X pr .?' ,lTCl - S tt nQn J ^he directors of pavfd Jones UK. fearing market losses, were 

- w, ! rilimp P 0 * 01 ,® 111 tha * AustraUan Mies The directors said that forced into unsatisfactory price 
so doing improve profitability. rose 3 .g pe r cent from A$367m although increases in labour concessions and their cash flow 

-'•-Group consolidated net profit J® ^jSJSKJSSifi costs had steadied they still had had dropped hy more than 10 per 

r the whole of 1977 ^ was pr0 “T margins in difficult ^ trading a significant Impact on the cent in calendar 1977. 

isss plTSSS EE!i?£rSsS SSSS EEiSHS- 

- ?*^lm on a mrnSin nf frora the Iocal operations. this factor and in view of the that he believed the company's ft 8 *£6“ g?“ nnggIts CUAMJm). 

'•-rsibn. aeainst BFrS.!hn^! J E ?i'. 1 ‘ er . thls ? lonth ,^ e _ bo ?. rd fi en ?r aI economic and trading engineering sector would, have o£[ i,2X l , 


fearing market 


BY WONG SULONG 


KUALA LUMPUR. Sept. 22. 


Heavy 

Milan 


trading 

MILAN. Sept. 22. 


fied Public Accountants t plan, 
stood at the year end, it does 
not fully meet the second lest." 

Although Price Waterhouse 
says it is still committed to sup- 
port the self-regulatory pro- 
gramme. its new senior partner, 
Mr. Joseph E. Connor, Jnr. (who 
lakes over front Mr. John C. 
Bietjler on October 1) has said 
that one key change in the exist- 


!^? an nni^i i ec^\Tih6 ler in H eSt -' ad^tloX^chaX^f 11 AS950 n O0o n • 7 rCS or!t **"£** ■"*+ shareholders would be Malays. ' • kernels production fell by 37 per much of which is thought to {jon ‘ nerhapTVhrough the SeVtiri- 

" ^ Pera lions; „ half of 1976-77. Mr Harry J. Grey. . chairman ready byAhe third quarter of next the second halt is expected lo tale price quctaiions at both h to formally establish a syKlem 


irkeLs '■ also brought the com- 
□y back to a norma! level of 
ofitability. 




he First Viking 
ommodityTrusts 


Commodity OFFER 37.9 
Trast BID 36.0 

Double OFFER 73.0 
Option Trust BID 69.0 


Commodity & General 
Management Co Ltd 
8 St George’s Street 
Douglas isle of Man 
Tal: 0624 4682 


Bos Kalis profits rise 


and president of United Tech- year. Initially, it would produce rise substantially, and for the opening and closing calls, and to of "peer reviews" under which 

nologies Corporation said he is tyres for bicycles and motor whole year, palm oil is estimated avoid unnecessary delavs. one accountancy firm examines 

advising Carrier Corporation cycles,- but would move progres- at 20,350 tons, kernels at 4,160 Trading volume has risen another's working procedures. 
_ that United Technologies’ Sep- slvely to make a wide range of tons, and rubber at 2.17m kilos, sharply in recent weeks, along and also m establish a Public 

BY OUR FINANCIAL STAFF tember 19 invitation lo negotiate car tyres within two to three However because of the with a strong rise in share Regulatory Board to monitor the 

a merger Includes negotiation of years. The factory would employ drought, the company says, its values profession 

BOS . KALIS WESTMINSTER, FI 50m level from last year's the consideration to be received more than 400 workers. Most of oil palm covering 13 700 acrest — : : 

the Dutch-based dredging and FI 44.9m, which was 15 per cent by Carrier shareholders in the the plant's products would be acquired- from the Johore State . ... 

construction group, expects net higher than the 1976 fiyure. merger, reports AP-DJ from for the lo^il Malaysian market Economic Development Corpora- CLIVE INVESTMENTS LIMITED 


profits to rise by about a tenth Bos Kalis, which has consider- Hartford. 

this year, following an 11 per ably reduced its previous depen- : 

cent gain to Fl 23.8m ($11 2m) dence on the Dutch and British , 
at the halfway mark. markets and expanded into the Wienerwald U.S. deal 

mu. • *u • Middle East and Africa, reckons _ 

-2HJL J? .Sk/thS tbat tur nove r in 1978 will total WIENERWALD GmbH has pur- 
panys earnings up to around the Fl ] 7t)n a g a j ns t fi L3bn. chased the Lums restaurant chain 

I The group's orders in band in the Lums restaurant chain of 


• Kttlim Berhad, the plantation tion in a share deal, would not 
group,' reports a 33 per ceot fall he maturing until 1979. 


Swissair may aid SATA takeover 

BY JOHN WICKS ZURICH. Sept. 22. • 


WARDGATE. COMMODITY FUND 
at 3lit Augnt. 1979. £10.2*. £10.72 
WCF MA MAGUS LIMITED 
P.O. Box 73 - 

St. Heller, jene^ . 0534 26551/3 
New dealing 29th Sepwmbtc, 1971 


,m the Lums restaurant chain of BY JOHN WICKS ZURICH. Sept. 22. 

July exceeded Fl 3bn compared Miami from John Y. Brown, SWISSAIR and its charter here today, 
with Fl 2.5bn at the end of last AP-DJ reports from Munich. It affiliate.Balair would be -prepared It is expected that a number 
December. declined to. name the price of the to hold- minority stakes in any of cantons in the French-speak- 

in vestments during the first transaction. Wienerwald, a pri- “catchment” company -which ing part of Switzerland, as well 
half amounted to some Fl 130m. vato concern, whose main might-he set up to take over as the city of Geneva, would also. 

These were financed out of cash Interest is its chain of restaur- operations nf the Geneva charter be shareholders in any such com- 1 l.G. Index Lira tied 01-351 3166. 
flow and shortterm loans which ants, said it had a turnover of company Sata Sa tie “Transports pany: Sat a ran into considerable 1 29 Lamont Road. Lyndon SW100HS. 


CLIVE INVESTMENTS LIMITED 
1 Royal Exchange Ave.. London EC3V 3LU. Tel: 01-283 1101. 
Index Guide as at September 12, 1978 (Base 100 at 14.1.77) 

Clive .Fixed Interest Capital 129.57 

Clive Fixed Inter.-st Ircmne 114.59 


allen Harvey & kuss investment management ltd. 
45 Corn hill, London E-\?V 3PB. Tel: 01-623 6314 

Index Guide as at September 21, 1978 

Capital Fixed Interest Portfolio 100.00 

Income Fixed Interest Portfolio 100.00 


I flow anti shortterm loans which ants, said it had a turnover of company Sata Sa tie" Transports pany: Sata .Tan into considerable 29 Lamont Road. London SW10 0HS- 
will be converted into long term DM725m ($362m) In 1977. Lums Aeriens. financial difficulties earlier this 1. Tax-free trading on rtnumodlly futures, 

financing in the second half. turnover in 1977 was DM200m. This^Was confirmed by Swissair year. 2. The commodity futures market for the smaller investor. 


March Sugar 110.75-112^0 


lOMMODITIES/Review of the week 

Tin eases from record level 


BASE METALS 


DAij£ ITILl ALk3 an balance. 

COPPER Eid er in It* London Metal r ^~ T :\ SSSR-J7’'- r-.-r=— 

Iradwd up to £730 pre-market, thla level Lurraa i , •_ Iteoa 

could not be maintained. HedSB aelllnt: . . ■ £ o-rmnne 1 

caused a fan to £743. Comes was dtntafy _ < • 1 


dav (tosed with values £19 lb £15 higher Spot 60p ihimI; Ocl 68J5p (39.7a): pound Italian; Wllliaios 0 15-0 17. Peaches I 


Nov.- Glp 1 60. 73 j. —Malian: lk ITjys 3^0-3.40. Crapes— 

-CXir* AD - * ‘ Malian: Regina JJ0-J.W. Italia 3i'0--.30. 

3lJUAn Bananas— Jamaican: Her puund U.15- 

LONDON DAILY PRICE (raw near) Avocados— Kenya Kueric M I'Ts 3 fiO-3 80: 
nos tnoOi a tonne cd for SepL-Uct. S. African: l-iiene 3.60-iSU. Capsicums— 
sbipmeirt. While sugar dally price was Dutch: Pit a Wos^-SO. Onions— Spam -h: 
fixed at £100.50 (£107.001. 3.00-3.10: Dutch: l 50--J.70. Htcklcrs ID kilns 


U.S. Markets 


BY OUR COMMODITIES STAFF 

’"*N PRICES'' fell - ‘back od the T=T=— 

—radon Metal Exchange this zbMi 

?ek from the peak levels | 

ached earlier. Standard grade inno— i ' 

‘ sh tin closed last night £150 /L • 

"^wer at £7.095 a tonne, but the 1:1 

- ree months quotation was only 181,0 “ /l 

. The market rose on Monday 1400 £Afl \A*i— — 

■ flowing a bigger than expected \ 

' :tL in Metal Exchange ware- fnCCCC 
fmse stocks to 1,515 tonnes — the 1200 vVrrEE — 
‘west total since the 1960s. 'llUBts 

■But later in the week freer 1000 — — - 

ferings of cash metal and OTCUlfff 

pending" felling cash and B a J , 

---’lying the equivalent amount- - hu «p« h« jih , 
• -..rward) cased the supply I 7978 

/‘rueeze and earlier forecasts, of 
‘.other substantial fall in stocks 
;.ve been replaced by predic- November price rose 
■ras of only a small decline... tonne on Monday 


tower. The close on the Kerb, after aa Seulvmlier lbS -U5 .'+06.0! 1590-70 al D**- 50 <«07.00>. 3.W3.ID: Dmch: 1 SO-U^O. Hickicrs ID kiliis Cocoa— Sept, ir.v.vi 1 171.35 1, March 

mwvenmu day. was £740. The wlce faU. Ki^ber ' lfiO^O? . + 10.0 lou»-l470 H GHas of oornc SO pouitt were reconled L20. Mclans-Spanish: ^ ellcov I'M II. » , 70 . uu . 1JO.OU.- May IHS.ii.i. July 108.05, 

.^nXSoothow^k. Turnover 15,750 gfTZ ^ ot^n &."?» "BER SSSi & 1 5B5r° B SSBi SIS »*■ ^ « 

-H""”' :: H?! fissli ,T«:»r 

CCIPPKK OOkria) — I UonOdsI - July.. - .. — 1X69-75 +27.5 1809-45 twlow the best levels. C. CXarnlkow Cucumbers-^ per tray 13'J4> new emu , lM.j;,. March 137.50-137.77, May ICu^iO- 
Z — : "T”| „ "Tl" _ septemlier .. Uft>49 +«.u lain reported. 1.992.00. Mushrooms— Per p-iund O.ii®- iau.50. July UU.00-IJ7.7n. Sepl. U3.00.Pec. 


to end toe week £8.75 lower at — | — l ~ l — ■ ^ 

£1,981^.2 tonne. ^ . I £ I £ fiile ; I Tate and Lyle ex-reHnery price for o.ro. Applos— Her -pound ’CraMdier 0.03. njoty'Tii'So ‘sahvei '"'soi.' 

Dealers attributed the fall Wiraban' | Sales: MIC (i«n> lots or 5 tonnes, arioqhted tv* whn« sugar wu £264 95 Lord iHrby 0.04-0.05. Hramky o.othDos. - ■ ■ 

largely to a report by London — 1- ICO indicator prices fur Seen. 21 CU^. for bolne trade “«f Cua's Orange Pippin OObJl.10. Tydeman's Copper— Si-pi . «.9a itiS.iOi, ocl fia.no 

mpwhfln(5 Pill and nnfftic uihiU, J ,uo f )tJ ?" j — 8 - 6 ^4s.5-6 p-3 . cenu per - pound) 7 Cnkuubun Mild nBM I6 *° 1CI for _eapon. 0 04-0.05. Wnrtwier fVamwiii 0.04-O.Ofi ■ nj.IOi. N.iv. rtofiO. Dec. «/Jj. Jail. Oh .a. 

merchants Gill and Duffus Which, Tioctl'm'ntl 799,0 T-? . _ - ~~ Arabtcar ISMO itmso.; uowaSwd -u iV I Rusacis 0 05-0.00. Pears— K it Mar. 87.75. May 0S&5. July fiO.50. Sem. 

though painting a distinctly Cathode* ; • : - * Arableas 153 jo rsamei; other mild Teorentay'a fmioui Bmiiins WiUums 0.00, Conference 0 07-u.OS Plum Tfl.Jfi. Dec. 71.40. .Ian. 71.75. Mar. 7J.45. 

Dessimtstic" picture for 1978-79 Cadi— 717^-1— 3J 716.5-7 ■— 2-tt Arabicas 154.00 M55.60 1: Rotmstas ICA Vooim. Close Close Unue — F*er pound Bush 0,00. Marjorie’s Seed- May 73. IU, July 73.73. 5alcs: 4,700 luln. 

■SSSm.^h' a I-° • focus h sed ssfe WdS - - 7B a i %ar-6j ,i — 1— Kurds ' kss 

attention on the continuing Short UAnoI. <U -3 6S- 66 JsiJSi. Cpm-tonn* Cebhaaes-Per craie O.W-a.PO. Celery- P^'. ;. z M arch r W ; 15^fi.M. 

S n T? V I rSUPPl J ?, itu 2 ti0n ' Gill AUMlMinaied Mefai Tmtog re porte d rnrn* Otl |10B.«W5.10!|03.4ii4a.46 104.80-U.00 ^ rStS 7 ’ Rwl?^*bS^^r 1= DOun n rl 65.10. March' 65.9o! Sales: 

and Dufius cut its forecast of tim ^ ihe sixk.« W 7.ta4>o.w sii* oai li "SSJu!pSr«Eib baic^. 

thp 1978-79 euraluc tn in^fVtf) at 39-S, Ibree mouUu £740. 4 BJ. 48, The market u-u onlet and featureless Mairb ..II l.aO- 1 1^6 1 10 JHL 10.05-1 12. r 5- 10. ID rJr?m, tv, -n itT V^Tn-,, ™ r ,nTir..m- 

tnnnnc Ti 47-S ’ 47 ’ 5 ’ Calho,lc ‘ : cvA *RB, Pn«t dosed quietly , QU and Slav li 14.00- 14. HH1L40- 12.60 Ub m 13.1 0 *Cold-Sepi. -1910 iMK.IUi, flo. 210.30 

tonn^ from 116.000 Ul toe July Areo months xnff. Kerbs: Wlreban Duff ns reported. Aui 1I7.ZB.17-60 I18.00-1BJ6 1I8J0-I6J* J^^^fi-MvCwgeiies— Per pound l3 j 66Ul , N „ v _ «|,oo, Dec. ~.S0, Feb. 

report The gross production rt»r*e ««-■. -W. «.5. «. After- ^ Ort ! 1H.8B20.CTI1I.96-10.002|’»1 hr B I,I L J” -1 S*J0. April 2J9.no. June 233.50, Ann. 

figure has been cut bv 3.0M ? ooa; WwBaW Uvw months £747, 48A *«*t«iriay •' + or I BunneM ^ ll«.60-tSM122.Bfra2.90'l2*!« Per ^ *£ib \ ^ -ISh ImT - !r - 10 ' 0cL MM - 0er - 2-M ' 50 - Fcb - 24S '- U ’ 

“** 'W* 0 48. *5.5. 46. Cathodes cash £717. Kerbs: CUCUA , .Cham , — 1 Done LM. Parsnlpp-R-r SWb 1.00. Aprl , M1 . #ni June -53.WI. Salea: 23.000 

tonnes 1.471.000 tonnr# while Wlrebars three nHJTiltU! £748. 45.5. 48. 4SJ. !r i — — . Sales: 4.601 f3JS30> lots or 50 ronnos. r loa- 
the consumption estimate has ' Tin— Little changed. The Bait «u b«.Mi*iirC j i HONG KONC-On Sugar Futures: J*.*™ KcnI 0;aB ' Com cabs— Each 

fapAn ijffpei TO OOfl fn 1 9M fW7 ttcady overnlfiht aiHi Lomfon moved down it:5fc6-66.0 ,^16 i1S6S.D-52.0 Marker reporr for week ending Sept. 22 tLanl — ajuvarq kiose -'• w* ^anici. NV 

miea iU ’ WU 10 li«»J.000 JJw SIM MoTIB D«- ldstMIJ -AS '3Sbb.0-U8D tfsur business days onlyj: Pnc« urere COTTON Dnaw »"»“ -6.50 indud tsanwi. 

irua imS? sszzrBBSs tjJtssa sttnsk &jwe E-ffSH 

tin [cSb. r-VSiT- 

£ I ini '«o£ s. Apru =“ 


ling 0.14. Damsons — Per puund 0.1S-0.28. 
Tomaunn— Per t2-lb Enclisli l .542.00. 
Cabbag es Per craie 0.06-0. 00. Celery— 


Counn — No. 2; Out. 61.30-61.55 <6l.rji, 
Di-i: tC. 05-62 .46 «t4.»7-. March R6.1S4K.20, 


•Gold— Sop l . 1119.10 1 21 6.46 1, Oct. 210.30 


MAR APR MW JON JUL AUG SP 
1978 


Sales: 4.601 13.2501 tots’ or ' 50 lonncs. . Sw»»«»-Pw pound I 0.074) .0«. CobnuU— 
HONG KONG— Raw Sugar Futures: .^ Uiwl Kct " 0; ». Com cate-Each 

ark PI rpnorr fur wpnk railmv ,t«ni •** 0-05. 


: However, the market remains graduaUy eased back as dealers niflcaot faU in cocoa prices as • tin oliw.i ft JTir-lSL, r or ' , wnnnc waMnw: Man* sffi-sse. May a.oi-sux. -.i«. 2 m. 06 - 5 a.aa: 273 ^ IsXnu 

m. buoyed up by the continued marked time while awaiting a result of the current surplus. ^ SSSi-toS -SSt ommL^SSl fS^SSi 5 SS^ er ^eme« 1 °‘. u s ytodnw R^STaid - Turmn m in Sit 

-ck of progress in toe U.S. de vetooments at the current *^<*8 are still SO per cent above HIrtGra.de d • £ l 1 £ cents per wrutwi-Daity mtw sc «. 21 „„„ ^ porad w, and cant ‘ fc E!2l AprU 

' mnress in d^dlins with the Bill ■ « . the levels fixed under rhe Infer* — J 7160-60 1 *709D-100—^ 173..T6 flTn.OSi. ZodkC9lor prices Sr>l 21 bc*m POJIJ— Prices Tor SpdL °i D&jJy FlOilC KONG COTTON — Weekly mt ’ 

' thoVrSnc releasesofstockpje Int er national Coffee 0r f anisa * national cS Amint ta iT"" *?' e9 f?^, 00 i + 7 ' 6 ! "4M8 r w iw-y »««» ijms .iss.m,-. 2 «ur B^SSFii5& .*5S s’k i8R c ™''* i Q ' nr ” m r week siive.-s.pL 567 . 30 .jgoo.... f WL xs.w 

inorremt releases 01 btochpue tioo meeting in London and more uoc ? a agreement, be setn+oriJ 7160 — | - average w.m neui.. cnv . nr . _ 7 . , gidww sent, szjtmr luwinw dure wur— . .wg.tu., xuv. 372 . 00 , dk. stb.oo. Jan. 


SOYABEAN MEAL 


IMPORTED— Wheat: CWRS No. 1, 13} 
per cent. Segu 00.73. TUbnrr. U.S. Dark 
Northern Spring No. 3. 14 per cent, Sept, 
and Oct £83.75. Nov. £82.75. Dec. 134.30. 


ri esterrtaj + ot auemta* 
I Close — Done 

l£pertcmnet 


Morning: Standard cagb £7.153. ^roe n ' S * October..—.. itll.OO-M.O -0.26! — 

rnoauw rtMO. 85. _RortH: Stiadard e««h gard Winl ^ jmTtoa ry Oct JttB Nov. December ....i 114 JJ- 14.4 -f^: I IMD-MJD 
I7.15R. Uxrce mnitihc iRjgfl. Afianoon tT3iwupm^Qt East Coa«l. BeJlent. r mh,.,.** nnnn.iR9 n ar.mt in-ic. za 


uiuiisiD^ Atitaov j wi JiwtrAji jic xj - T aaiImi* ort A mnro “ HUVUOi uwua ctrnieu l. Q€ _ 

>The market was subdued by ’ .There was little fundamental Morning: standard cub rr.isx thw* cojul seite-^ u.s; oe,ober.._... .Jiiijn-me -o.26i - 

; e announcement that Southern The U.S. Department of Agri- 55S J° ttoM C 'n^raiif f r5j8fl SU, ^2noOT tranahtSS^EaS coaw'. W aeita?£ SSS^^JiSSli'illiifS' 

•ru Copper was resuming ship- culture announced that it had A ut firp wi J , l8 fears i that sundard three months mjws. ss. si EE ^ sw. sbtjo. ocl Avetik"!"!! itamm l 6 ' — 

>nts, following the ending of reduced its estimate of the 1879 ratification of the Interna- g. ra, : to. os. to, «, ». 4fl. Rerbe QU ^^ ! . E u nmoo o« June - |H7.eo.ia.7— o.2ol — 

■ e strike at the IIo smelter and Brazil crop to 18m-21m tonnes JJf»°aI Sugar Agreement could be »«*!«<» ^ **». ^ «■ »• Se ?-- - nD1 - 00 ' a™— ..iimjuo^-luI _ 

.-?o by lack of consumer buying from a pre-frost level of 22m until next year were _ _ 

IpiiArt to nnes but this orodiiccd lit tle" ‘P^^Bved to have CDCOUrBgcd the lacking freali Matures. Althoogb f an f rt Wine Sopi.HJij. BI. 00, Glasgow, ycilcr, Sales: <2 (82) lois of 5 tonnes. 

; . „ . rS^se on ^mSket ^ fallw “ch *ook toe London daily started .« ofi5.n«^ f SS sopi^ £fii.oo. wrkrk¥ ' cimmrc 

- Another fail tn warehouse response on tne market. raw sugar price down £2 to £102 tendency waa eajier. After touching oas c fc a S k jL 1 ^ U u s /Ar^nrinp w n«i WOOL FUTURES 

The Dutch delegation to thft a tonne. gr’SJ’jffi ^ ’cSSt ™ ■,.VS?™=2r — * 

’adv ’ undertone howeve? but r F° l alks ®«anwbile proposed Concern over toe U.S. situation was fraction^ Turnover 8 am tonnes. “ j « ARLE ~v Sydney greasy rm order t 

.aa> unaertone nowever oui the " trigger " price at which- w ®* heightened by news of a a.m. i+ ori run. j- or . * ... . I . . seller, business, sales.. Micro* conn 

export quota controls come into White House plea for Congress- lead oiri.iai -^Owmdhift- ■StJfWV.a 

"v^„i^r U ^rt?noLSn^ S o? h i" twee under the Internationa! men to oppose toe price support — rH i — f — — — JS& SSW'ito «. 

-.value of sterling against other S honld be raised by bill . proposed by the Ways and c»ab ssk-Zi^f 3ijc}57j^js L2 ^i*- bJ- 8 ® —o-osj n.io -0.70 3oi.m«i.o. »s July M5.0. n«.o. 365.5- 

rrencies. : 55 ^ t 120 cents a lb. Means Committee, which would i wwi«.. 6B5.n-.73 ytSdbS^TaUi.03 ? l,r - “S'S ZS'lS “^'i 3 54 ^r a, M ni !i H^ c - 

- Tr lSn^ aS “fnfr e " aI l. V n^Suv >^^ ^6 was also generally set to e dome S tic aipport priM |gf . 55 I*3 " "• fe SS =o£ tnAmSu.*** 

? leading soft commodHy ignored by dealers. .at 15 cents a lb. Tne Admin istra- r*-g_! 1 u. T 94.36 — 0.4&1 57.20 a«o ■*+—• ■ -» <■<•. 

■iirkets with coffee, .cocoa and' ' ' tion claims this would be “in- Morning: car* isssj thne montiu - — — ^ — . - — . — -- t 


ITIcvs were well mamlalnnl and nurmaicd jso.uu, Marib a+1.50. Jtay ,197. .10, July 
narrowly on ihe week in link' iradiim tim nn, Scpi. 615J0. Dec 62».W). Jan. 
irWar's closing priers ici-n/s nrr nound r- km. 40. March 644.10. May 633 JO, July 
Ocl umuOled-unqilDled: Dec. «1.4i-«l M; G83.70. SaU-S: B.WU lois. 

March B2 40J21.3O: May Bnounied-unauofpri: 

July unuuoied-UQuunxsd; Weed's hlah-lmv Soyabeans — Nu\. B4s+4S «832Ji. Jan. 635 

Dec. S1.90-8I.J5, Turnover. 71 >SI • tors. 'WO'. Alarch SUSl-fiM. May 66HJ-667. July 
^ 8675. Auk. 6fii. 

GRIM5BY FISH— Supply poor, demand Soyabean^ Oil— OcK 15.46-25 60 < 28.26i, 


LEAD 

a.m. 1 + oil p.m. or 

Official | — j Unofficial) — 

i>«h 

i mnniti*.- 
dm'ment 
t?A tipoL 

i: £ £ I 

46B- J3i-S.0»d57A4J6 —2 
365.3- .75 yLSEtidti3.h-.75 -l.« 

358 .25 1—L7S — 1 

352.5' r 1 -331.33 f 


irauatoiwafrit East C aaH. _ -^STSSS! ***'• 

| (4RLEV SYDNEY GREASY Un order buyer, 

„ seller, business, sales 1. Mlcrog Contract— 

Ynienla^aj 4. or jYeoterrtaj-'tj + or OcL 340.0. 340.5. 340.0-339.6. 23: Dec. 

elow — 340.6, 350:0.349.0-349.7. It: March 357.0. 

— — — J- 1 3S7.5, 357^-357.0. 5:- May 369.0. 381J*. 

B4.8a j— o.bi; 77.70 —0.79 361.M61.0. 9: July 365.0. 366.0, 365.5-365.0, 

bb-cO ]— O.B5, 79.nO -0.4a 32: OeL SOff. 372.0. nil: Dec. 373.0. 

a9.2d t-O.Bot b2.30 -0.4 > 373.0. 374.0-374.0. 3; March 374.3. 376.0. 

91.75 -t-ol&fil 84.09 —0^6 375.0-375.0, 1. Total sales: 81. 


INDICES- 

FINANCIAL TIMES 
25240 1252.71 - 248 42 | ~1T 


.4&| blJZQ 0.40 


tion claims this would be "M-Mj-itRiN! "■«*««* wt^i^uaMrs. 


' ^r futures all ending slightly The December cocoa futures fiationary" and has itself pro- k^ : ttVce moattis ssa5' 5, AikJZnt Nov - w.os^ms, Jan. so.7so9.i3. March GnwrWw 

ver on the week. price climbed to £2,041 a tonne posed a “floor" price of 14.5 three mouths £363, ejj. 63 . 73 . K«rtw.- S?^f‘ w ‘ 7 5- **” .f 4 ^* 4 - 43 - Safes: 2 a. 

"-'“.-On toe coffee market toe on Monday before slipping back' cents a lb. ... , f , 


FEEKLY PRICE CHANCES 


Titir tiitirH hu.Mi, in uren - may Ijnimpr vfUtaM j — 

fr to TV,* art ^ m 8TJ&87.30. Sales: 2J«. Dwnher ...pS.Ul.O — 

Efftta HGCA — Location ex-farm spot pric-s: March UBJI-40.0 •_ — 

m^ih^Kerh of^H* Wfceat— NorToIk £95.50. May.. HU8JL41.0 1 — 

wk ur»i iSSn Fm!< wheat — Norfolk £S0A0. Dovnu July 28SJL43JI j — 

fratmona1, remover 3.4 MJ xsd. 48. Feed- harjay— Norfolk 172.50. Ocrol*r fe58.W5.0 I . — — 

; Devou £73.40. Decrml+r ...bM.lMSJl i — 

„ l%rr . JS; 1 "', J+ W] P-m- It+w The UK mtmeUm coeffldenr for the Han-ti B42.0-47.0 ' — 

ZIXU omcU l | — |Cnuffi cial[ — week besinatog Monday. September 25 sai„; ; 7 <vl \\ lots of 1.500 kflos. 

1; £ [ Z \~7~ “eSI^MPONT^cSiBe^aSSff- r n ZEALAND Crossbreds: Dec. 2S6- 

... h *39 76.8 S Lt L * ■ ^ EC ri, M ^| RT LEV IE ^ eflc*nJ v e f° r ^ March 187-1S6.5: May 190-188: July 

Lash........ aaa.rfr-S j5 322. &. 3 .s today fin order current levy plus Oct., ibi-iss: Ocr. lOS-tm: Dec. 183-199: March 

i iMnrba.. ffo2./6-S .-.S 352.74-3 +.628 Nov. and Dec. premiums, with previous 194-190. Tmai sales- 18 

Snieut.... 323 -5 1 — j to brackets*, all to units of acrouai per 

tYim.wvW — 1 1 29.31 1 — tonne: Cotnmon wha aL M JI. rest nil MC A T/VCrtTA Dl rc 

llomtos: three months £333. 385. 'Si~6. ri-st ml,: a arum wbeaf— 224.94. (Vljcr* 1 / ' JC. U C I ADL r.j 



ZINO 

I rt-m. 

omeui 

|+ or 

P-m. 

L'mjffictal 

lt+«- 

Ca»h - 

S ItxHKlII.. 

h'nieui.— 

(Vlm.mil 

£ 

322.75-5 

1 3o2.76-S . 
325 

Lf s 

-.5 1 

r±\ 

SL 1 £ 

1 322.5.3 I+.S 
332.75-3 +.626 

29.31 1 — 


WS2.71J. ^48 42 I 2-4J8 
(Ra.-<e: Inlv r iai2 = |on> 

__ __ REUTERS 

■**"1 m ~ W. 21| t[.7m ~ H “ | v ii7' ni T 

W76.9 1478.1 | 1^8.3 jTilU.5 
(Ba»e: Sepiernher "jb ' 1931 = ino 1 " 

DOWJCNES 

■ w 1 ■V" 1 "—>•». ill.rtillif 5 ■«> 

4•M|— [» 21 I H;.,. 

■>•» - ,47 j. 1 2 37d.77 3o7 22 S't 1 53 

77. 26 3 7 6.57 ‘064 9 1 P29.88 

■ Averhue IB2+7 !Ur= null 


- MOODY'S 


Smirnoff backs 
fast yachts 


Sugar— No 11. net- S 23-S.25 i6.*4i. Jail. 
H.dvj) 73 (*.701. Man'll '■ May !UU- 

9l,:i. July R.-JL*. Sept. !* 45-9 44 Hit. 9.55- 
9.5S. Jan. 9 20-9.GU. Sales: 5.U50. 

Tin — (V^.fHkihtT.nil nnm. ■ li tfi. IIU-G..2 .00 1 . 

'■Whe.il— Dec 34u-?N iTN* Mtir.-h 335J. 
TWJ ■ 3*JI{ •. aijy iL*. July 721. Sent 522 
non* 

WINNIPEG. Sept -T. ttRyc— nn. !r.0» 
1 3.I.4U bid*. Viv 92.50 I92.6W hid*. Doc. 
ALIO. May 96.40 bid. July 95.50. 

ttoats— Ol-t. 142: 1 1 475 1 Dec 1492 *14911, 
March 1512. May 152 asked. 

UBeriey— < i*.-i. aft.iM bid ifiDfin,. Dec. 
71.59 asked ■ 71.69 bid*. March 7320 aftk.-d. 
May 7.7.90 a steed 

rrwbeai— 1 sew ns ns pit o-m proi*. m 
coo lent el/ Si. Lati-rviicc 171.94 * 172.54*. 

All cenis p<:r pound i-t-var hnnse 
unless oiheneisi: staled. " ss p*.-r troy 
ounii— llHl-iiunc- Juis. r Chlf a«*i )o*,.se 
■=« pi-r l»0 lbs— Dipl, ol 4^. pn*-<s pru- 
' lulls dav. Prime iIi-jiii lull MV hullc 
i idiik cars. 1 rents Pit or- lb oushel i\. 
ivjn.-hoiL-j-. .l.ouo-bushi] lois. ; ks p,.r 
irov ounre lor 30-o.’ nniis ol 99 9 per 
will pur 11 y delivered NV. ■ Cents p, r 
irer mniw ea-wa n-houw. l! New ■■ 1: ■■ 
L-amrai-i 111 '5 j short ton for bulk lots 
of ion shun 10ns drln en-d fab iars 
Chn-sKo. Toli-do. Si Louis awl Alton. 
'* Ci-Ols per 59- lb bushel In store. 

♦1 Ci-iils per 21-lb bushel. Vt Cents per 
4>t./b bushel es-wan house. 54 Ceil is p..-r 
56-lb bushel ex- warehouse, l.uOO-bushet 
tots. 57 pc per tonne. 


! Kerbs: three monihs X3S2J. Afternoon: »->6- ® ls i 1111 *125«. 9-16. 0.16. nil*; SMITHFIBLD (pence per pound*— 948 6' +6.4 da8.fi ;2B 6 lrer fs-wan-hous,-. ]! Ni-w ■■ li ■■ 

tsdtji* «<h three monihs £333, 32J. Si 75. Kerbs: **** 0,1 <88-05. re* nUi; Poubry: Chhrlscns 2 10 6 lh 38J) (p 32.0. Fpr fr m Sr7~sl — T bsT^i «.* 1 — " L '? nl ” 1 '' ' s J short ion lor bulk toil 

**** three montla: £832.6. S3. B*fasr-«JB. 0.61. 0.61. 0.61 (85.82, 0.61. Capons over 6 lb 3S.0 to 45.0. Hens under ’ _ ? r «on shun tons drln m-d fob iars 

sol k ran ■ Ceow per pound. 7SM per pleuL 0.61. 0^l«- . Oat*— njp, re* nil >71.56. < ip 10 over 6 U» 7.0 to 21.0. Durtdtnus — — Chu-aso. Toledo. Si Louis awl Alton. 

Sirtfi tOn previous unofficial ctoae. «st iul>. Mato* 1 oilier then hybrid for 4 lb to aver 3 lb 43.0 to 4S.0. Rabbits CmiwMnW " Cents pvr 59-lb bushel in store. 

* su * w seeding*— 79.25. OffB. OJO. 0.84 ( 78.45. mt 1 skinned 1: Chinese 43.D 10 44.0: AusiraUan tl llH rflUTT DHCaS H Cwj’' 5,0 r -*-■*> bu'h.-l. it Cents pi-r 

' CIT VFR nfli. Buclnrte**— Ail nil (an njli. Millet 3S.0 to 38.0. Crouse: Young, best leach t _ 4*t-(b bushri ,.s-wan hou»-. s< Cents p.-r 

jil'lu — 42.12, rest nil iOjjs.- rest’ nil). Grain leOff to 2M.0. Partridges: Young (uchi C nr i. 3Wb bushel ex-warehouse, l.uao-bnshel 

Silver was fixed 0J5p u ounce higher setpham— «J6. rest -nil (88.36, . rest nfii. 290.0 to 240.0. | dSI VaCIllS - 0ls - M 5C per tonne, 

tor swrt delivery te the- Lbwhm bullion -Ft w levies: Wbm w rebut wheat wul MEAT COMMISSION. Average fatatoch ^ 

market yesterday At 3S6 JSp. UA cent m Haur — 1346T (JH671. Ryn Raw-— prices aC representartve markets on SMIRNOFF VODKA will sponsor 

equivalents ot the fixing levels war* 18L37 il3lff7>. . r -. - Sept. ’22: GN— Cattle 08.57p per kg.Lv. the world Sailino snepii record 

spot 562.0C, down SJc: threemcotb n ,i DD ri> ; 4-1*4*. «K-SbeeP 136.Tp per kjtesi. “/ pfc wo " a h “ a, “°p. s P eea _ 

J7lffc, down fl.7c: rix-montb 5823c. dawn RUBBER- d.c.w. f-2ji. GN-Ptos fiLsp per k*.l.w. ^ ee . k 10 “ e field, tn Portland y.ji prfpncinn 

r.oc: aod 12-month SM.ee. don e Ac. J^ |ER . 0 ^„ .. lo-h™, f-o.6). . Enpiaad and waJes-canie harbour from October 7-14. sellers extension 

i^ n n ; s ^ Hudson's Bay Company said 

rn r-r Amenca ‘ iban 51 per cent Of the 


tJfLVKR Ballon U* 01 
per ■ flrtug — 
trey c*. . price j • 


ZkU.IL U- ui 

- eto«e L — 


ot 553 i2S4> cams (buyer, OcLt. 

Xn_ 1 ^"earetffayJ^ Prrricii* 1 Bialnm 
R.S.S. 1 Ctoae t- Cio« - Uoue 


tramhpn no 5.6 per cent, average price There are five Classes. 


«.op sceuand— Cattle numbers World "rectiri” af ^Ti ^ knots ? hares °l Zellers Limited have 

down L 0 per cmil average print bYffp at f fc !L?** been iendered under Us purchase 

(- 0 . 051 : sheep numbers down si.7 per mptn, is nclu oj uni offer and that it will take up anv 

cent, arerage pnee uo^jp >-ui. Coleman. It’s the 40-knot barrier n.iv r„r „ 1 1 


*F*" 1- 1 COVENT GARDEN tprict»: in ‘sterling 

J monthv . 292,S3p WL2b 293.fip t-B.OS 1 per package except where othervnw 

-i momh« . 301.36p !+0,7W — 1 Oet ... 1 BO. 10-80.711 BOMkQ.W CT. 60-69 40 stated 1— Imported prtduca: Lenians— 

I2mnmlu. 51b-8p j+D^ — I,,;... \ 1|V BO.Bfi Ol.Ofll OO.aO-BOLM' - ‘ — Italian: 180/130's new crop 5.5n-S.M: 

— J . Lkt-Dw' fc0.7B40.8r; 8 d! 25 +i 0!70; f0.»r0,80 | p ““ : TTlJh2.SM.0p. Boxes 4.60-8 Ofl: 

LM B— Tmpn ver 132 (174i lois or 10.000 Jan- Mar 5a.4>-B4.M M.IB-6S-» 03.7163.90 gj ™* ..5^ 30:. Cypru-.; Trass pa. 
n». Morntog: Three ruonihi 293.5. 3.7. Apr Jut- 6b.S0-bB.B6i tib.MM5.B0 bb.00+5AI 7™ - Ar „ 1 n - ' aJ ^ ncla *^ ,e 

3.J._3.3,. 3.4. 3.5.^ Kerbs; Three mrmihs J.-Tsepi 674 B.HS 87.4M7A0: 87.96*7.60 3 , 3!^i^°S!^ , a : >^^ cto r ^ n ,c n j,-* 


"5«iElK. l S5£j JM ! '“M»- . Coleman. It's the 40-knnt barrier pay for all Zellers shares nn 

^SJTSZ ln o,K"4 -J?gj5L ,tah « f Sr Bimd ipoTu L»«r, ro z 

staled 1 — imported praduca: Lemans— sayes coteman, of Bixley manor, Toronto. 

Italian; 1M/130*? nnw crop 5.5n-B.«i: Norwich. — , _ ... 

Spania: Trays -JfiO.3.00. Boxes 4.60-8 00: „ The Offer, Which Was t0 hUVC 

g. Afnran; 7.50-6 30: Cyprus: Trats 3-3 <l expired on Thursday wac 

4.30-5ff9; . Brazilian: Valencia Late 33 ^ R II C n]Qn extended until 1630 local time on 

3-SO: Argentine: 5.90-5.50. Grapefruit— Friday, It said. 


iLaaaotod.' *K«ninaL r Miduuci£. 


Si S£ittl7r ^SJBa^gSaSJHLlJfi *■-=’ 'TSa-SUS NEARLY. 40 ,ilt ages in North- Hudson’s Bay Is offering to 

■ _______ ^ 1 .1 . 73-6fl ' 75 ’ 66 New crop Golden peMQous 20 -ib 72's i.jo- azDptonshire plan to start acquire all outstanding shares of 

COFFEE ~SaIes :~200 »498> - tot3~" afTifi'amnes^and 2’40." 73 3 JK. Cranny SmlSt” S^SfrS^O? 0Wn Dlini-bu<; service to Zellers on the basis of one 

ronustas hw hem dealer laHins, li 0 7 t5- touaea. PnrniBww: Perth cniden Deiirtima a.nr combat cuts by United Counties Hudson s Bay share and 8.16.50 

Drael Burnham Lambert reported. The Physical ctoatag facts (buyen) were: P«r»— French: Atesudrines 2.58: Per Bus Co. for each, four shares Of Zellers*' 














r _ ji ^ ■ j * . ** ,■ * -*. 1 *. , . 


London school 


^-Financial Times 


- BRITISH FUNDS (Ml) 

FREE OF STAMP DUTY 
2<:K Ann. 15’iB , 

2’<dc Anns. Z2 >1919) 

Joe BfiflsJi Transport Stk. 1978-88 M ; iJ 

>1 Ij t* m H 'n "i •'« 

2>;ps Cons. Stk. 2D U4> *■ "s. ■; 

4 PC Cans. Ln. 32"u<D '* ■«, >i 
3'iPC Conv.Ln. 35'« '* 

J'-PC fcvChequw Sift. 1996 109U® 8 U 
3 pc Exchequer Stk. 1981 B 6 ’*:e •'» 

fl i'i >4 *i«.i 

3 nc Exchequer Stk. 1983 82>i«® 

20 1 ‘‘ib • 'nl 1 1 2 'm *io ■ 't 
8 ><pe Exchequer Slk. 1991 93': 12119) 
S'idc Exchequer Stk. 1983 90'*i» "u- 


This week’s SE dealings ... l v ' 

Friday. September 22 4810 1 Wednesday. September 20 ..... 5.IM | Mon^ Scptenber 18 ■ 

Thursday, September 21 3,012 I Tuesday, September 19 - 5,563 \ Friday, .September 1 5 

The list behtv, rcconh W yesterday 1 * mwkMw utf *Bd tbe latest mricHtSt 9w*a ««* wrek •* W tf * ah rta latw 

tire dale Cln parentheses). . - • 


Times obum-amj • 

Mnpyrnt Webti, ttpflPS,4f ' r d&m' r. : :\t| ,^v; 

wiring * • 

:MatvtiK Cavemflsh (10» -SSW-T.7 . J -- r . - . 

C /M Marshalls- 12 So> lid 12 D/9) . . 

- 5,479 Marshall r * Ufeiverfsl -{ZSpMSM tZT.w «.-i 

i_ 2£7 Manta < 20 p) loi®-. • " *•- 

**"' Mirtln-fcnk 12 M); M' ,S Jl*« ' . . * 

_ Marlin . 

ha dhdwuwisd by Marwwiriaop) 2179 -3W ZDiZ.. „,.1 ■■ 

w " ° Matthrws (2 5p .1 7 V 6124 (9 1,- :,- 7 ' : , V . - 

May MiRD 05 x) 77 (Z13»-. • ... •. . . 


not 


8>.k Exchequer Slk. 1991 93': 01)9) The number of dealings marked each section follows tiw name of tin 

a;* Exchequer Stk. 1983 90 ' ‘io "i* section, Unless otherwise denoted shares are a hilly paid and stock BOO fully 

9 -.‘ e ? IJ ^* SUcr Slkl 92 '"' : ® '* “ “ Mid- Slack Exchange sccnrttte arc qk«ed ih p«nSs an! fraettons of pounds 

1 9>;pc 'Exchequer Stk. 95*-'w :* w In pence and fraClion of pence. 

lOoe Exchequer Stk. 1993 95>»;« 5 4>’i» The last below gives tbe prices « l which bw&atas dam by members ef 
[ ini' ' W F h C,k -tqqq' n-< The Stock Exchange base been recorded j n The Stock Exchange Oalfcr 


JL »» B ■« a 8 A«| J|, 61 Hi. 

i Cr 12PC Exchequer Stk. 1998 IQO'a® i»e 

j; 12pc Exchequer Stk. 1999-2002 96 * 

’ 1 2 pc Exchequer ilk. 2013*17 SB S«® l* 

FINANCIAL TIMES REPORTER 12 \ K stk . igg2 gg , e h 

1 - 12 ': PC Exchequer Slk. 1994 100 Si "w 

, t 4 ._ - . , . I 2 ‘ ; nc Exchequer Stk. 1981 103'i® i* 

STANDARDS are not falling m the report w the imbalance be- * 21.01 

‘inner London's schools and there tween sirls and boys in results s>.« SSSSTLi. ihraSs 9 * it •>« 

is no cause for desnondenev and subjects taken. 5‘jBe_Funding.ui. 1987.91 65 uhi . . 


i§!»c.^hmISr r lt k i997 9S 87®Iffl" s >.® - I Official U*- Mfimbere are 'an abliaed ^ marie barskim. except Id special Pri 

12 p< 6 Exchequer stk. 1998 lOO-'i® ] n® .‘Bargains at Special Prlrra.-'A Bar; Jins done with or between non-members. S-Birsaia . 
100 h, BC CxchaflRu. Bargains done for delayed delivery 0 ; "no buyxBB-u-"- *A— SAuStrauaa; 

12 k SeheSuw su.‘ mmAm- u SUalayan: SMe-Ulextcaa;- SJt 2 -*Nev Zeaiaiidi SS— Siusapore: SUS— SUoitriJ Sates: 


iMt, tM the Qst c a nnot . Zbvclaru, ha r 
ericas, at which business has beea dose. U 
Ur up to 2 AS p-m. only, but later' bisnold 
day's Offldil List. No inDaiiao Is available a 
a sals er purchase by members o£ tbe pobll 
hi order of execution, and only Dao bargatp 
price is recorded. 


■members- *B*n:aiia dace pnnTOns day. 3 Barjaas 
in.”. *A— SAustraban: ?B— iBahamiaa; SC— SLanafiian; 
-SUattcd States: 'SWI— SWcR Istbas. 


&VStat“S«isr rsrs ! 

only oao barsatp In any «>e * Meia! 80 s 3*4® 5* 2- S jB Mtr ' bJLV 

9Q-& :7\,9h. lOi^CLK.- B2'4-1* i: ^ 

_ rnrn - rrrl M stock Metal Gosures Grp- (ZSa), ItS'aoMj 

ar'aEffl.-ssrWssK**® 1 a&uifaimMw-j; ? :••• 

ician, 3HK 3 H 00 S Rot»- Mevec (Montam-U.)-e«b). 9X-v ."L - ; 


FOREIGN RLTS. 

Antofagasta cChili) SocPf. 43 120 9 * Barker Dobson Gro. ClOp) 1 

BANKS & DISCOUNT COS. (144) airtoJ?°ta-d rno.io) 322 ®. 

Alexanders DKcsunt 263 121 gi u tR0 '2u , u 25 > , , T , 

Alhed lnsh |25pj 23S a 12 & 9 I B ?nV V 1(IIp) A 1S36 ^ <ZSbi 

Barratt D«*s. fiooj 120 17 19 


1 Hay IN) (lOo* E« ilB/91 

Hazlewoods iPPW;’ .. 

iHrtra^ Lrrtn. *10P' -t- - . , nnl SB 


h no cause for despondency and subjects . takjn. UFtSSSTtf- iWtWS 11 ^ s ^ 

«bmit the introduction of the Because 01 strls low expecta- 1 , 1 . Australia New Zealand :>aij 3445 ; 

(■nninrAhonfliv^ cvotwtn Mr PnIPr tinns irt science, the authnrilv Siase Fundlna Ln. 1985-87 BO'rO i’u® H S9' ; i2' 


Midland Educational • <50pi jna •- ; «. , 
Midland IntfuR. I&) ' > ' 1 ':t: 

Miller <FJ (Textile) (10pr ■W (2s,in . , ' 

1 ZpcPf. - 105® ,-fll 9) - - f . 


1 Trades) 1 1001 AO-six. 1 M3osaino wo soon*- tqqy.-UL taiA *: > 

(Funi-lure jrm* | Montfort 4KlH itiop iSfaw (25oj -- t. . 

'255':- ^ M | s . CZSP) 9S® 31* 3! Monument Sect, Hop) ,* s . .. 

i Ceramic ^ } Morgan Crucible (25pi .132® asTjor 'V ^ . - 

. 1 1 03 ) 76® 3 I Morgan Edwards f I Osl- 6 *_- ■ -. V- V . _ 'f 

4 SL 1 « 2 SBI ISO® (2119) I Marrall IAMB fZSoJ ■*« - tlfW-- 1 - ’ , 

; 9 K. G qn Morris Blakey WallJPWfS-USMJ** .k"-.-: : -i 

r burner Products fiPCLn, 46>j iNon-vm ) (2Sp ) 77 V.-. -■■■ ” * > > 

Consumer Mnfficnn (mwnmftMi - >-.• 


ir urn™ Morrisoi* MmJ SopOTWicrti r- 

®i e. ua - Plant - 1 O 0 - 651. f *2 19) . M»s Bros. «OP) l «6 3 3-TT9/9f^’ ’ -• - * 

5 m i U !on Vrcntwl 'SOI 25 dS/9< • Most Enp: .Group C2So>. ; 71* ' 

iod J wHliami Grp. (SOP. I49i® M«twJ e now : * 


rsopi 103 (19/9) , 

srsaa «Hidss.> >sop) 22 a 30 

. ni , 501 1 K 1 S 

T5;ir ? 2sp«.3i «?«•« • 


Mount Charlotte invest.. (TDoJ 728 il, j . . f , 

Mowat- CWm.l Sod* f 10D) 42 ; - ' 

Mowlem- (John) (Kol .lMHb - t.- • 

Mulrhcad ,-(25p) Z1Z* tttfbkV y'i 


/pupils who tonk A levels in the the whole of England and Wales. g {j c S T^a 5ur y la. 199 a a 2 >.® >« ■> »,* ^rgj NaUoM ' « 5 p: 

Summer of 1976 passed in one or But since the respective figures ape Treasury Ln. 1992-96 78>.® s ** >« G|bt« (Antony) Hidos. >25pi ss® 

!mnni enhio^t ,nrl nor nnnt in are Worked OUt differPTltl V_ the - a, ...a -l. 2L*!*S_ D 9 / 51 


HI nSi 1 DtairJ 'A. 1 las® >'end | * (SUS5. SON (19-9) 

ird National Discount t25oi 185© Benford Concrete MDoi 46 (21 ■ 9) 

■ I a u.— nr., Pen lax COpi 26 rZ1.9) 


Bean Bros. i25d> 6 B I19.'9) 


m^rft Enainotxn iSOoi 107 ri9 : 9i 
Black Arrow radoi 44 (21 9) 

•'ark r25p> IPO f71 9i 
•larbman Cnnrad <J n ni 23© (21 '9' 
B'arkwood Hodge (25pl 66 ®. 9pcLs. 
>21 91 

•Mrirvrood Mnrien rzsoi 27® 
O'qrkl^vs ( 20 ei PS 3 *20 pi 


nvesn. r25p) 1970 


Hrm (Amos- Sens [iod w N4Sh U.P.l Securiltes «25« JZ2 « 1 « 1 , ...J *. 

■ Hirst Mallinson > 20 bi 32 *19/9) -Nathan (B. I.) C25pi 6 S®-.‘- ' ~ .. . - 0 7 

Hcffncas >S.‘ -25PI -NatlonxI Carboitfs/np MOp) .41;39 1 ^Tvde - 

131 28. Holden (Arthur- Son* >25PI 77® VL„. 1974-79 101 (19(9) • 

Holla* Gro. >50 > 65® Needlrrs '•USfti 38® t2T/V7 ' ' 

70 69 Hollis Bros. S ES4 >25P) 68 (18.91 Neepscnd (250) 45 .'V - •: — * . ' --7 

Hotr L»yd Intni. ;10P' y p Negretti Zambra (25p> 87 M18TO. New 

9i Home Charm • 10 > 21 9 *19J9> 9pcCn*.Cum.Red:Pf. 125®- ”, v-'T'T.^.- 

91 Horolra y i25p> 430 in** xooa Neil Socnrer. Holdings H 8 u» 123.(21 i 9 )- 

Hoover C2SPT 2?a© A «25p' 295® 300® NW „ {Jaiil!es , HUJ „ (25 B) 105 (1BJ9»- . ■ 

.su^iSy * <19,9> New^^^l^ > |lsB) t «rW:'6r.T0&" '.^ 

JSksaaaja»K.- -^.r 

*sap,y»« , r «f«»w fiwr*- «<- 


77 6B3 9 70 68 7. 


I Oexer Corxn. rsusi> 30 ':© a T9) 


..... NortgUT Caoltxl - Group (5 d). 38 

171 . V, 1 Norsk Hydro A-S. [NKR 80) 35 (2019) - . 

Howard Machinery (ISp* 29-: 8 9 8 *. North CM f .) 4.2pcP» - 43®. 12 1 «) • ~ 

Howard Shutter- ag [Holdings) nap* 36l North Midland . Construction (lop) JJ ■_ 


50 per cent. Another feature of ending of selection. 


EUROPEAN OPTIONS EXCHANGE 


Con'nctlonrrv «25"i 82© ’© P"© - 


Dsafag and 


-» r ao; 29':© SO® SO 


■f 11 

1 

.IPTHCi 

t.ll-l. 

Vos. L«>t 

V.K. 

Jw. 11 . 

/ji-i V..i. 

A|ir. 

ta-j 1 tilrtrk 

• ABV F.570, 

_ , _ , 

1 

25 . - 

- F .381.50 

I Aril F.380 

1 I 9 ■ 

3 

18.50 1 

25 

. ABN F.390 

— . _ 

1 

12 5 

17 

t AK/. F .50 

4 : 2.S0 

S 

4.60 

- F.32.20 

1 aKZ F. 32.50 

30 1.10 

143 

2.80 1 

4 1 

1 AKZ K.35 

— I _ 

— 

35 

3 .. | 

' AKH F.75- 

1 

3 

7.20 

- F.81.40 

' ABB F35 



— 

- . 20 

3.40 

KK S60 

3 3-V 

2 

6?* 

- -S621z 

KK ?70- 

- 

21 

2 v, 1 

4V, ■ 

1 HO 737.50' 



1 

4.50 10 

5.70 .F.37J0 

1 HO _ 1K.40 


— 

- 31 

4.10 , 

J BO F.45 


_ 

- 4 

2.40 

IBM 8260. 

_ 

10 

' 331: - 

- 1 8233 

' IBM SZUQ 

10 IL 

— 

• 

* 

• IBM *300, 

20 3ij 1 

9 

111; 2 

15(2 

KUVl F. 142.90 

_ 

2 

26 - 

- F. 163.50 

KLM F. 150 

1 

5 

20 



1 KLU F. 152.40 

5 14 

— 


— . 

KLM y. 160 

7 7.60 

5 

16 ; 1 

20 1 .. 

KJ-M F'161.90 

10 7.50 

2 

14.50 

_ 

K.LM r. 170 

15 3.50 ' 

3 

11 4 

17 > " 

K L'l F. 17 1.40 

94 3 

29 

9.50 


KT.M V. 181 

-w 1 

1 

7.50 — 



Ki.u F. 190.50 

10 0.20 

19 

4.50 . - 

- 

KLM F. 209. 50 

_ 

1 

2.70 — 

— ' 

N.V. 1.98 90 

10 16.60 

4 

16.70 - 

- F.1J6. 10 

.%> F. 108.90 

2 6.50 

31 

9 ' - 


N.V r.110 

— , — - 

-- 

4 

11-50 

-NN F.Ud.bU. 

' 

2 

450 

- : i 

NX F.120 

— | — ! 

— 

- ' 15 

5.50 ; .. 

THI F.25 

— • 

1 

4.90 - 

• - F.28.20 

/■HI F. 27.au 

40 1.30 

10 

2.60 ■ 2 

3.90 ' .. 

l‘RI F.SCi 

45 D.40 

180 

1.40 63 

2.40 

PKU 550 

— 

9 

e-t 

— • 8501# 

PK'L) Fq‘ 

10 in 

_ 


_ 

HU F. 130 

22 6.10 

1 

8.50 - 

- F. 13'4 

HU F. 140 



68 

3 60 32 

6.20 

LSI F. 130 

30 . 0.50 : 

1 

. 3.60 . I 

•4.50 F. 126.60 


Nit. 


PA 86 ; 

— : — J 

5 

12', - 

- 563 

BA 570 

— 1 — . • 

3 

7!g 


ISL 18 

! ! 


— I 


OVT 525 


_ 

- 1 

V-.SZOI, 

sr.B 890 

5 3 is 

— 

1 — ; — 

! - 537 

T'lTU, Villa 11 F 

IN f OMHi' TS 

1228 1 







July 10 th I hough! 500 FT of 467 


fit 507 - 7 , profit £ 20,350 


at 889 * 2 , pr® if 
£ 34 , 60 ®. 


j fe>W» .:T; 


Coral Index offers a free market for you to 
exercise judgment and foresight -a big opportunity 
for gain. 

The Index is based Dn the FINANCIAL TIMES 
ORDINARY SHARE INDEX and a client can buy for a nse 
or sell lor a fall, any number of £1 units up lo a maximum 
of £500 per full point fluctuation in the F.T. Index. The client 
can close his position at any time, at the prices quoted 
daily by Coral Index Ltd. The maximum period for holding 
is 30 days, comprising 2 fortnightly accounts, when the 
position if not already dosed is automatically closed at 
the precise FT. Index figure. 

Coral Index also makes a market on the fluctua- 
tions of the Dow Jones Index and you may Deal daily 
from 10 a.m. - five hours before the New York Stock 
Exchange opens. 

Accounts opened on approved references or 
margin. 

Accounts opened immediately for members of 
recognised Slock Exchanges. Commodity Markets, 
Partners or Directors of Merchant Banks and Exempted 
Dealers. 

External accounts, may deal freely on margin. 

Our dosing price is published daily in The Financial 
Times on the Money Market page. 

Write or phone for full particulars to Dept. """ 

CORAL INDEX LTD. ££ 

A Division of the Coral Leisure Group 
Berkeley Square House, London. W.l. Telephone STD 01-493 5261. 

Telegraphic address: Coraldcx, London, W.l. 


i SHARE OF THE MONTH 1 

S AII you need to make money in the stock-market is one qood invest- ■ 

ment idea.And that's just what Venture Opinion gives subscribers | 

■ every month. One top investment idea, thoroughly researched and w 
I fully expfainedSee for yourself how it works. Send today for a free I 
copy Of our latest issue. It could start you on the road to regular ™ 

1 Opinion, 12A. Broad St., Bristol 1. J 


I.O.C G»ooo liOo’ 1 SI __ I 107'? S' 

IM 1 <253* 61': 20 2 . 7‘opcLn. 198V-93 Oftce Electronic MwbYnfcj (2Sol 


tbstock Joh.-wn (250- 187 4 119.9 


Paper Min < 200 ) 45 <21*9* 


Bra»irav ( 10 p) 2 «© 


INTL. BANK (1) 

Stk. 1977-82 82® 

CO PO RATION STKS. <42) 

FREE OF STAMP DUTY 


Burtonwood i’Fore*iaws 1 >23p) 170 >V3'9l Lr - 58 

Citv of London Invest. Tnut Dfd. -2501 * 


Tn <7-81 87 V 8 i2 1 .Si. do. 1992-94 Clark <M.) rHIdBS.) i25p> 181 >21 9' 
so:;: oo! 1985-87 70V SPt SIft Couraqe 7ocDb. 66 ®. 10>»PCLn. 84'. 

;« TfcJSrtfi? & g -,i , ' 9 ) 61 -dc O^on'SSm- ,H.d« 1 .2501 - 86 

’SS'urt Vi*M\ DtttMtere >50ol 210-® 7 .w B 6 : 9 

1 1 LL rv !®s (19r9) S*?ocLn. 59‘i (19/92- 7 M>Cln. 66 

ir’l^LWlSj 6 WC 64.. 120191. 7 .-pc 91 ' 4 - •*!' '»»„ ** ai „ 

g i, n, 9&.- (209) 9lipc 92'-. 1 2 '-p< Greenall Wnitfev (25 d> 122® 1 (21 9> Bi 

1982 101*-- 121-9). Dg 19bJ 101 >< «- PI. 88 ® 121 >9). 41^06.-1987-92 50'. 
‘.ft (19 9*. 13UPC 105<»: (21.9) JZ1-9’.. - 


S'lstoi Evening Post - 2 Sp> 1 S 2 (215) 

Grit. Aluminium 828® 800: 28 *2T9). ; 
Do. 828 I19'9) 


East Lanusr.-'re Pa:cr Grp. 
Eaj^Mirfar.- All-etf Press 


i9«6 91 69 :0 7® -i •« >.. 8 pcLp. 1968- I _ . - • 

1993 69 ; 70 - 73 10-HpcLn. 1991-96 £*»ta <P.) I10p) 50® ai-91' - 

86'- Paradise <B.) nOpl 20 <SM9I - 

• , - Imperial Grouo 25p- 871® 3; 3 4 »t Parker Knoll A «2Sp> ' 25 >2719) - 

JLr« * 2«j S>; 2. aorLn. 1975.80 89*«. S'«De £«rker Tteiber t2Sp) 108 .1891 

7 r LA. 1^82-85 73*: <18 9). 8.9ocLn. 20D4. Parkland Textile rHH)ga.> ( 2 Sp» 7S^ >18/9) 

l 17 (20 9). S ’^ Lr . 7 ?™Xl 81 ^ ^>gn J '/jVsp* ■' ' 

W.'tnovt <10o. ga C'm A . ;f . sS r PPV -IV (21.91 A (1(W 

(2So) 68 t »P9ren« *.Har:id) ;iooj 3i: : o . P*"!* WWtvn >2Sp) 120ft .7® .* 

A (2 5oi 67 ("hi * 1 Services New Ord. (fv.od.1 CESei Pears^ Uangman C25 d1 227*9 (21*9).' Bdc 
a . 4 * 0 ) 67 93 2 qj New {25D) ll4: , 16 . J7 Ln. 6 S': 0119) - 

iSol uw a Pm (20 9.. 8 act!nscc.Ln. 66 V. (19 9) " Pearson (S.* Son (2Sp) 236® 6 . * . . 
rSi 3 lB»er-C.;» Inv. Gro. :20p) 14*2 Peerage of Birmingham-Otal/SB* 7®.* 3 


, ^Ln-P?y s ' ncss Mac P' n « .Cptu (5U55) Pegler-Haaenier f25o) (S0.-4Z1UI 

- f 3 ya- •««•* 

I 90 1* PMMW- - IUxmLA f M.1 M«A 


mtm Scores 4 ',oc Unsec. Ln. 37 (199). "5 

73.UnsccXn. 59 >19 9 j PWtKWt rUMU “1«4® 7 A- _ lOPCPI. 1 W >« . 2 

Intnl. Tel. TelegraD .1 (MJS 1 . 22’i® 1 j-__ ... j- • > 


PC 32.-0 1‘S . 

II-PC 94'- '199) 
S'* 121-9) 


I '.pc 96 >- 7 
9>;0C 99 


PC 99 <20/9) 


^nfni’ Timber Con. /25p» 1 i 2 W> 2 <D 5 SsiE ^ 5 ?? Te * WOrth.jJjRO.-^ .-j-r: 
(21 9). 1 0 acUnsoc.Ln. 1 44® 3J (5 - '91 *! ,n * nt * 55 (2\9i- 

Intnl. Thomson Orqn. SUS4.25® 4.200. ' ’ - 

-Do. Rprd.Prel. i'25p) 2440 30 S3 PjHJ'jo.xJT Initier (2Sp) 151 * * 


Greene K.ng Sons <25p) 21 Z 10 . 2 : 9- 8 nL E'cct. Tract. D>. ( 2 Sn< 119® 18 17 . Electrocon-core-.s nop) 616 ' ' , T,m . c ^? T Con. f25p. 133® 2® 5 SibSl K Sfr«i ' " ' 

Guinness .Arthur) Son (25p. 164 2. 7 -PC 19 17W 11 Electronic '2&)l 22 - f- (20197- .'J 1 , 9, W ’O^nw.ln, 144® 31 (S”<9) «li iS Mta . ' 

Ln. 2001 60i 60® . British Enkalon i25p' IS ! Elccxrocic Rentals Group HOpI 141*-04Q „U D r,T'. an *1*54.22® 4.20®. iqi * 5 :V* . 

1 3pc Hardvs Hansons <25 d> 186. British Home Stores .25p> 213® 11 13 : Elfto** .B ) -26ai * 6 ? i .ip*qi " , Do - Wed^reC (2Spl 2440 3® 53 

w Hlchland DisilHerics ^.lOpI 140 British Mohair Spinners <25p. 56 *:® 5 : i cj{;Sh 'Is?) 33 ^ 3 .19 9 ) Jnveresa Grp, :S0 d) 69>: 70 Pkkte tWHHu.nl OlOpj ) 6 -, A «IOl9 my® 

rnverM?i£n l D ,l ^5U 2 F25p\|r- British Northrc* .50p. 91 o El”rfeSSre (2^*7 04^* SO 40 ? 2 H 0 |^ ' J 3- HWjfc dOo) 62 (20:9 1: Do. 100 CP 1 . ^'£',5®?^'* &2&i .ft *- .' 

wS&raLr, - 3—2 «i* *i i *sf® s =“ ■»« "» « jss-ifes* H - *■■ •« «*=• sss? saSs^ a^amt: - 

Marston Thompson Evershrt U5o' S3® . 2 o 9 ° bS.? 'Sni 10 6 ?. fl j>W . . PJaxtons (Scarborouflh)«5P» M : ( 2 rt>F 

^21. 9> Erititfi Stcjm Spfoaltici Grp. > 20 pi 940 , CmSon Plastics i25c} 50 <209? p ^., 52 Keflsuranu I^5 d1 *TI‘ • •*» ■ 

Morland 5200 (21.91 British Sugar Con iSOo> 144 3 <21.9" Energy Services Elecr.-onics <10a: 19'- j555? C t ? ■- S? 3 *«-ri n ?«»***' *°P)_tt8' : 1*.:»B-s. . 2? r . " ' '7 ' 


Scottish Newcastle Breweries ( 20 p. 66*;0 British 
5'ipc 7 ® b‘i® 7 5'? 6 71 ;. 6 oc 1 stDb. 1994-89 1-3 

_B 8 <19 91 7l.pc1HDfa. 1989-94 70>- Brtl.sh 


Jacks fWiii:am( (2Sp) 26 (Z 1 i 9 i 

il Ja T C 0 ^f °92-O d ”• 8: ‘ ' 5D ' ' 

: ss 2 r , &zr& ^ 


•< aij9i .„■* ■ ■ • . .*. *..• • -. r 

pl 'k<n9tO" 5200 17®., New 3230. 

Pbrev Bowes 70 ■ * . ' • v- - - , 

Plllard (25pl 32- «Zft97* - ’ • •• 

Plastic Coastnictiom (TOp) -37, ff9»r 
Placions kScarbarough) «5t>» 9(4. pi ;»»- 
Pleasurama PS’o) -Tr - ■ ■ 5 .- • " ‘ , r 


ioi® cai' 9) 


r. 9Upc 96'*® Gi 9) 

re Cnty. Cncl. 6 pC 91': (21<9). 

'9'» .20.-9) 

S»C 1980 103*s (20 9. 

(CltV) )3PC 102>) 119 91 
cr 1691 3PC 20': H 8 9l 


South African Brewenes (R0.20. SOI British Vending Ind. (I0p> 27® 6 

■21.91. 7pcPf. (R 1 ) 425-0 : .' British Vila (2EP* 112J. 7'<pcDb. 65 U 

Tomat.n Oisilllers (25P. 126 i’l 9> 

Truman Llmqed 4pcDb. 1980-85 66 '* Brlliams <25a» 24 ’,© 3*» -’a S 

J 1 *'*' •• ,, Britton iG. 8 .' iHIdgs.' 9'*»cOb. 78 (20 9' 

ra5pl l2S * 6 ’^>=APf. 48 Broclhouse >25pi 71 >19 9. 

. „ __ Brocks Gt». Companies -lOp) 530 

W>' n -V Mann Truman Hldav 4 .OCOh. 55 Broken Hill Prto. CSA 2 ) 7560 
(2C/9). B-PCDD.aS (209. lQi'PCDb. BromsorC’C Casting Machining <5ol 3a 

,B5>.. flocUnSecd Ln. 66 ® i219i j ;ib*9- 


i Johreoo.Richa.j, ,-H. and R.. Tiles (2Sp) 1 <2?i9> *• • 


100**® „ Whitbread Inv. (25nl « -21 9. Brooke Tool Engig. (Hldgs.; (25 b1 5C 

Southend-on-Sea Boro. Cncl. 1 12oc (I.B.l Wol»erhamp:cn Dudley Brews. C5pi 230 21 91 

99 I-:. 1 2 DC >lss. £9B>40C, £45 pd.) 45 Young Co's Brewv. (50o> 162. Non-Vtg. Brooks Watson Grp. >20pi 36 (20 9) 


sWnTcmi 1 & M 7 : ^ : 97-, (20i 9. 
Stockport (Metrop. Bora.) 12'*PC 99‘1 
Surrey Cnty. 6 pc 93 * 3 (18.91 
Tyne Wear Cnty. Cncl. 12BC 1004 
Walsall 9*.pe 99V® 

Westminster (Cltr) 13pc 102 4 


(50p< 127 9ocPf. 94 2': Brown Jackson - 20 p) 232® 40 (21 9) 

CANALS & DOCKS (15) ^ 1?" <2SbJ ” 6 9) ' 7pc 

M *a5S2fr.ap ^ ftss SJsr* dSr.iwraSr 


*21 

I E*ecu»x CloUics >20 d) 59 5: S i18.'9) 


JJNsev Industries raSPl 103 
Kennedy Soule (lOoi 42 • 18-91 


Proprietors of Hay's Wh*rf .'146® Si® 
SO* 50 47 i2if9> 

Provincial 'Laundries '' C5bi, TA^IJB* 


4pcPero.l5tDb. (Reg.) 27 =; (1819) 

Mersey Corks and Harbour Co. Combined 
Units teach 92 p nom. R"d Suhord. Ln. 

Sift, and 1 Ord. Sh. o> 10n) *J* «-*P 
3t. 34pcRed.Db. (1974-84) 52'^ 6 »ipc iujajn 
Red Db. (1994-971 39t 6 ’«pcRed.Db. “ff.V?, 
Stk. (1996-99) 41® "• VI ' 


SHORT DATED BONDS 31. 34pcRed. □^<1974-34 

race ne ctauo nirrv Red.Db. (1994-971 30t 

FREE OF STAMP DUTY st l,, m 996-99) 41® 

6 I«C BdS. Reg. I2SI10I78) 99 45-6«h3 M ilord Docks 102® 
o'-pc bos. Rea. (22(11(78) 99>:.tl9|9j rYiuiuTTom a r rvni rc 

7 -.pc Bos. Reg- i7(2(79) 99 -'.s COBIMKKC1AI*. INDUS 

II pc BOS. Reg. (11(«I79) 101.947 101.952 
101.069 101 101-95 121/9) A — 

9 pc Bos. Reg. 100 11919) A.A.H. >25p1 110 ® 9 ® 21- 9 ■ 

Keg. '2'5I79I 99_;® ' « AD Inti. 9ocUnse<:d.Ln. 7 i -21 gi 

9-*PC DOS- Refl. 19(3(79) 99 * AECI Sl-nrPf 1071 17 (19, n. 

‘ ^ 5 k 7 ?i, 9 li*Rj. AGB Rei^roi. (1DP1-15B® 7® = 

9l;pc BdS. Reg. -23 5-791 99 "in# A P.V. Hid"*. (50 d1 253® 

9 -pc Bos. Reg. i30(5i7P) 100'm® _ Ln 173 C20(O) 

9 'jPC BdS. Res 16 6,79. 99 "in >209' a!,™' “ rIos OOdI 73 2 " 

10 '.pc BdS. Reg. 113(6(79) 1004 (20(9) 7*^3 * 05 ” op 7S - 1 

?oS* SS' Re*?’ ,iinj 9 ^n J gg® L,| MH(qV 9) Aberxam in vs. rRO.30' 106 ( 

I ODC DOS. KOO. liPf7<79> 3S * 118/!#) _ Ah"rri4>n fitf itfr® in; 

1 0oc Bds. Reg. I2G/9/79) 100 "j: 1 16 i20/9) Arrow N.V. A r25oi 110 

PUBLIC BOARDS (17) Advanre 1 Laundrlcs 5 ^ (li»> 28 

FREE OF STAMP DUTY Aeronautical Gm| BI InSrmls i 


Brownlee 
Bryant ► 


11 AUTHOS 


Bullougn -2Doj 168 

Bum! Pulp Paper (ZSp) 100 (19 9) 


Feb Inremati. dOP' 25 (20 9 > 


COMMERCIAL. INDUSTL ISR29I 2 urro Dean -25 p) 71 (7891 I Federated Land Bidg. r23p; 44 

wiawinmJAii, iiYirc.13 11 *. Burgess Products (Hl-gs.i A N-Vtg. (2S?) | Feeder (ICp- 33 «Z1 9i 


w * N - v " ,! *»jRsaa."«f 's*. 7itfci.tMt.Db. lr . si'BasrifcsraB.' 

*na?.cSreas^BS*V 4 f *» iQ - L s ’•» gsp£ 2 F>iB&>A£i 


R-C-F. Holdings <25p) 39 03(9) . 

R.F.D. Grp: (10pl 761; . 

Raral Electronics GSo» 

Radio Rentals (Hldgs. i- 6 ncPt— 43': (19.9) 
Raloe Emv Iod- il Opt 1 J-l (20(9) _ 


Ptlv.CnvGld.Uns.Ln. 94® 
Burrell Co i5p) 11'-® 9'- 


A P.V. Hid"-. >50pl 255® 1 0 --ocUnsccd. Burton Gro. ;S 0 o) 170® 70. 


Ln. 173 (20(9) 

A^ronsen Bros <10pi 73 2'i. New (10pi 

Abercam Mivs. (R0.30' 106 (21 9J 
Ab-rdo«n CoPStr- >75'" 100® 


Advance Laundries (lCipi 28 (19.'9> 
Ad west Grp. i2Sp! 3C7 
Aeronautical Gen. Inslrmls '25 pi 11B 


(50p| 16 
37 6 C2( 
Bullin'* 6 
2«dMl Ol 
BuKerhru 
33'i na 


Fjlc Forge »2 Sdi 54® 

Fine Art Devcts. >5p' 65'r® 't 4': St* 


f-WT CHIOBSP A (25P1 140 (20.9J 


Rank Organisation ( 25 D'' 280 ttt W 78 6 
82 7 5 4. 6'ipcPf. 50V 50 U0(9i. 6 pC 


.19 91 

r level io Castors Wheels (25pi 61 H 8 9 


7VacLn. I Cable'orm Grp. f5pi 81 1; 1 


CM Indus*..., HOP. 33 . 2 , 9) F!f^ , %» S ng W, |& 2 1 5 ^!’, (?1% 9 ’ 

Cableform Grp. (5pi 81 ■; 1 >18 9 1 w J Laporte (ittfl. (Hldgs.) 129® 5 ® S 8 

Cadburv Scbwcpws (25 d) 620 80>.-ft FMins (50p> 66 ®. IOpcPI. 241® 40i- 1 L ?l r, «" (J-> New 80® 

’ S9-: 60. BUpcUns.Ln. 62 i209>. _>21.9 i. 9-:t>cDb. 71 n9 9i ' }-4urence Soitt -C2Sp) 111® 10 

9pcUns.Ln. 76'-:® '4Spi 174® (21.9». lOijpcPf. Lawrence (W.l (25p) 108 

CjUvos tsop) no® i03- 12091 J-niu mgs. ifiooi 162 >21191 


RpcUns.Ln. 76'--:® 

Callvns rsop) no® . , „ 

A ?AS*P>J^-L 2 S r^- S% 1 ? ’ 9^: r « (Oundccl I25PJ 26 8 .18 3) Poikes Ughm He>o >Sp. 28. Non. V. iSo. LMdecdosn (Hldas .1 nop) 28I-® (2119) 

Alida Packaoing Gro. 114 1 - . Cakebread Robey A MOpi 44 _ 2a .® ')® . Le Bas.iK.>-t25p> 40 

£ . S J5!_ '.1 9^1 30 f?-^ 9 . JOji CalJendjr iGeorgc M.iHOdI 23i : (- 1 B 9) F«>(wear Industry Invests. >25pi 62 >19 9. LeboP (s.l .(Fouell. (10P) 49 ' - 

Dh SH*.®?' (11 J? “* 2 5 '‘ 7 r,S °S' Z 5 Fortf interna II. Capital Cpn. 6 pcGtd.Ln. *-ebus IK.) . (25pl 4*.,# I. 

ms w cgfcAkVouH, SU&4S -» 

Allied Plant Group (10 d- 15.® i. - f2V9i Canters A Non-V.Ord. (20 pi 45® 6 ( 21 . 9 i 9S (19 9i Leech cw.i (Bldrs-i > 2 opi 91 (lB/gi 

Allied Retailers > 10 o) 103 »Z 1 -gi. 9»<pc Caof Ings. ( 2 Sp» 132 Technofogy Industries (S 0 p> 159 Leigh Ints- (5o< 169 (21 - 9 ) 1 

AHl’ed 9 Supp llc'rs 6 VocLn. ,992-2007 SI,® ^ ^ 179® 7 5 S&%3X1W&,». - Nw 

AM^iTexthe Compan.es -ZSp. 163® 3 fe -* [£&. fag ||S | 81 

Alpine Hold^g 1 >Sp) 78:- 7 (21/91 . ^ C « al * n « Leonard f 10 o. 33'-? 4 F^nlT'lG R^'Ti O^f 46 ’ ’ ^ LesnevV^di 92.f* 4 ® St®. Res td 

"s' 2 ™ ■® pe f25p ’ 230 30 " 9 llDeU «-L"- fZk'I pS?ker t nSiu 7 !jM. ro <21 9 . M H; l J 0 ?. 49 al ' 9 ’ 

AniMitnw* u.ni . Carpels intnl. rSOpl 69'i® 7" Freemans (London swqj f26Di ran*’ r**®-* >5pl 141- IS >2.1‘9) • 

Amalgamated Metal Cord. 320 _ Carr r lohnl (Onnr ,CI .Tt r 7 4 -c no a. French ri*.. lapoi jbo Lewis rl 1 Pirtn-mii* c»d< 


A 21 «18/9r 3ljpcstk. 22 06/91. 6>2PC * 

Stk. 36® i21/9i Allied Retail. 

P>. 90 6t 1 

COMMONWEALTH GO\T, i!|!g 

STKS. (12) AlpJne* Hold' 

REGISTERED AND INSCRIBED STOCKS Alpine Soft l 
Australia iCmmnwJth. ah Shoe 76-79 Amalaamared 
gaj*®. Do- 81.82 830 2!-. 6pc 81-84 . 2n 4,P> 97 r 

30 ',® Amalgamated 

New Zealand 3 'jbc 73U. SUpc 8S'«A 3. AwhlMH 
6 pc 93*- (20(9), 7 t-pc 66«, (19;9l. / 2 I' 9 ' 

7>:PC 825 


I Allied Plant Group (10 p> 15 .® 1 . 12V9I 
Allied Retailers > 100 ) 103 > 21 - 91 . ®J*pc 
PI. 90 6t (219> 


Lamber-H'ags (20 pi 47 ® Ransom* HoDman Po>lard - I25pi 64«»- 

Lancaster (D. M.) (5pi 5 (20 9) Ransomes Sims JcWcrieS 165® .. 

Lane (P.i Grp. <10p) 50 (Z1/9 RatdlUe (25P' 80>j I- -• 

Laporte Intis. (Hldgs.) 129® 5 ® 5 s RatcMlts 'Great Bridge* t2Spr BTi® ■ ■ 

Latham (J-> New bo® Ratrers >Jewe(/ersi tioii) 78 (iB-^i.-New 

Laurence Scott (2Sp) 111® 10 >10p> 35 - -- - - 

Lawrence CW.i C25p) 108 Raybeclc nOp) IOD® 9SU® Js Rr. 5. 

L.»ia Inds. tfiOo) 162 r2 1 !9i Warrants 67® 5® 7 8. 1© : :oc PI. 103V® 

Leader nusn (Hldgs. 1 (1 Op) 28<;® (2119) _‘ 1 ® 3V- ’ 

Lo Bas-(E-) t 2 Sp* 40 . . Readicut Intemat. (5p) 42>«. - 

Lebon (S .1 . 1 F Obeli. (1 OP) 49 - Ready Mixed Concrete ->25p) 1481® 50 48 

Lebus (H.l-.(2Sbi 44 > a ® 1 . tziifli RecWH Colman (50o) B25 *. ' SjpcW. 41 - 

kec Relrigerotion (2Spl B4® 9® 4 121J9) <21 IS) ' _ - • 

Lee 1 A. 1 r T2 >as> 22 v (20 91 J Record Ridgwav (25 p) 90®_8B® 8- 

Lee Coo oer Gro. r25pl 142 ■ZO'OI Readfearn National Glass >25p) 101 300 


Minsep i2Sp> 179® 7 5 


, ■'■‘P* ■ ■*» ' '4 a 'ai 

J-cgh Mills f25pi 


RedWusion (ZSP) .105® 4® 4 S'a 3. 4 pc 

Pf. 2-9 

Red/and (25p) 169® 70. . 6>«>cPr. 47 




. £r c "5, h (25P1 40 

SxTjyW ■7\pc-66T 1 -(i9:9r u Ti8?,:“" 6 .2SSi?ns‘«. B ’so J, “i99 0 ' B,: "’ 58 C 'a&Fta'aa If 1070 

7>jPC 82*4 Amj-er Day Hold.nos 1 IO 1 - 46'- qi r * 0191 Cartiers Supcrinods (2601 84® a g P 39 ao - 3t 

Nortnero Rn°d«(a 60 c 76-79 97 «i (19/9). i^r, rS0 ? Strathclyde <25n’ 690 8 Cartwright (RVlWdgs.) ( 100 ) 690 72 „ 

Do. 78-81 891) 0*9) _ _ T. e l e ’ , n !,< ?^,^ r , ouc ' H ' VI «- A. (25PI Casket iS.J Hldgs.i ( i Op) 72 4 G— H 

Nvaialand Spc 91 ; 1 B 9 >. 6 pc 76-79 97 91’*® 3# 3 1219. Castings > 10 o. 48 7 »o 91 Cri 

(19 9). Do. 78-81 89.; f!8;9) Anolo-Amertcan AsohaJ) >25n. 58® Catalm 1250) 41® Z ( 21 , 9 ) *^ 7 , >"?«:f'ai>an«l (20p. 96:® 7. lOpcL 

Southorn Rhodes, a 2 > a pc «9. S«i dc 67-69 Apolevard Group of Comnamos < 2 SP) 92 Cattle's (Hldgs.. (1 Op) 35. New Ord. (10») G a 'mJ;, 'u- „* . 

45 121.9). Do. 80-85 40 <1bl9). 4pc ^.37® 5'r Jff.R. Hldgs. New (2Sp. 170 (19.9) 

56 (IB gi. 4>:oc 67-92 37® 6 ® 7'j. Aouaacy turn and f Associated Cos. A Ord. Cavenham lOpcIstPI. 94®. 9»*pcUns.Ln. 6 S cLn J, 75 ‘- ^19 9. 

bo'. 76-79 74 (19.9). Do. 78.81 74 ,So ' 51 • “J."*’ 70? (21 91 . 1 OncUns.Ln. 7 1 1 , 5 nn ^ w <5o ‘ 65 

(21/9) Arenson (A.) (Hold.nav ilOm 75 i^fgfq. Cawdaw Industrial Hldgs. I25pl 30 >s (19.91 GafonJ-L.lley Inds. t5») 15(* 

Arllnnton Mnfnr Holdings "Z^o- 118(18:9. Cawoods Hldgs. C35 d> 146 (Frank G.i (25p> 53 [i® 9 i 

FORFICM ctpd /nt Armitaoe Shanks Group «2 Sd) 71 >2 an< ?‘ : ,1S *I ijcrier (A. J.) {20pl 41 ( 1 I 891 

FUIU.IUN STKS. (3) Arn-stro-w Er-vln—nr (IDdi 6j (20(9) c5iS^Havnn d ^SpF'l'sS 2 ) ilg?’ C 29 ?, 32 °1 * 3 0 ?, 25: 31 4 30 

COUPONS PAYABLE IN LONDON A«-re-Nlcho'a* ,43® CemSnt-RSSdstlml HldnJlftai 1 o« ««•. Ln ' *?B 7 lLJw eL l«' t ? 0 JJ 'Hill M9 ' 91 6 » 

Bulgarian 7. totStab.Ln. 1928 7 t*S2«2 $1 7o&%'. Vo® 0 9(1 ! ^907^^1 


6JK 76-79 74 (19.91. Do. 7B.B1 74 'So* 51a 
(21/9) Arenson (1 

Arlington 

FOREIGN STKS. (3) ZTSSJ 

COUPONS PAYABLE IN LONDON Afre-NIcJ 

Bulgarian 7 i.-ocStafa.Ln. 1928 7 A-rocia(r 

i-h.r.esp SpcGoJdBdS. -192S 11»* <2191. a® 
Treasury Bills (Marconi Ln.) 16 19 

'20 9). Spc Hukuang Rlys Gold Ln. 16 A gff 
.199). imp. Chin. Rly. SocSt.g. ,4 A ^^' 

Greek 4pc Rlwvs Ln. 1902 £43 .20-9). *“<»cjated 
7 PC ROugee Ln. 1924 549 (2019*. 6 PC A X? cl ?H d , 

Stabilisation Bds. 19Z8 &4S .66'*( 

Hungarian 7 >jbc Sllg Bds. 1924 45 Associated 

Iceland 6':PcSIIg. 19B3-B8 68':. 6>)DC - 1 , 7 3# 

Sllg. 1983-B3 «Br.) 69'; UnS-Lb. € 

Ireland *RCP. 0>) 7'rpc 34**® Associated 

Japan 4 pc 5 tlg.Cn. SUS520 '19.'9». 60 c Ln. B'-peUns.! 

198I-9S 71 >2191 Associated 

Russian SpcLn. .With new Coupon sheets) .Ln S7 1 : 
4. 4>.-pcun. 1909 4 Associated 

Associated 

FOREIGN CORPS. (I) a^..,^ 

Moscow iC.lv o>. Spc 1908 £4 Aitrj'Tnth. 

RAILWAYS— (U K.) (4) ** 2 ^ l flr 

Canad-an Pacific 4o:Db 32® ■-« 1 At A F,dc 

New Brunswick 4pcDb. 20';® A £? IO, !£ n “ : 

Ontario Quebec 5«Db. 40 ri&gi PJ. ‘10p. 

Central London (New) 39i- (18.-9) * ul * w, boi 


Armitaae Shanks Group «2 Sd) 71 
Arinstrono Ergln— »nt ( 10 oi 6 j (20(9) 
Ayre-Nlcho'as 43* 

Associate rascult > 20 o. 80 ri 9 .' 9 i- 
Avcoclate Book Publishers >2C«, se n 2® 


iucuPs.A.n. Francis Parker <iOo) 2 o’-a 20 >21 o. f 10 , B J ,!*«» *9 <21 (9 1 Reed Internet. 168®'6 5 4. 4 i;pcP>. 31k . 

» 7>- Freemans (London SW9J (2So. 3B0 il f ? p, J 4U 15 f21 ?» H9I9). . 7>:PCLn. 1996-2001 56V* 7 

2Sp) 46 (19 9* £ rc ."‘ h tier (2501 40 }£*•* f J-» Partnership SpcPf. 39': >19 91 (71-9L ’ lOpCLh. 70 ' 

,38. BocPI. 58 Fr.edland Dogcart CSo) 107* s ^ rvlM Crp. !25p) 871 8 9«i® ?u, Rccd PubHshng Hldgs. SO (18193- 8 JS 

»0 19.9' Future l 2 Spi 39 CZ0 9) New (25pl 89 k®. ZnoScr.Wrrnts 33 Dt> ’992-96 67': (19 9). 4'.*pctn. 30 

’.5 4 ®^5 s - 91 ..... (21/9«. 7N«pcLn 63 <18>9). • 9PCLP- 66 

1 Do i 690 72 tz u Paint Wallpaper >2Soi 93'-® 2 3 (21(9) . _ 

I 72 sr— n Ltr\ Fgun«ie% Ebg'g * 2 Sp» 6 SV»t i.i 4t RdAtet Knltweur Go (20o\ 48 ® l*A (21.91 

Qi *?d Ihterna.^nal C20p< 96;® 7 io~> n , 2 1 Reliant Mo tor Gp. tSp' 9’a >21/9) 

9, New rw-, rtre.; 72', 09 9 , ® lOoctn l ;*^rtv Co. >2BP» 192® 90. Non-Vto. P«von P 8 WS < 2 Eo) 105 „ ^ 

. New On), (too) G.R. Hldgs. New (2So. 170 (19 9 ; ,} 2 £p. 18* (2)191 ¥ Renbid I44t <21 9). BpcDh. 65'.® «1.» 

• fkacUn* LB 9*1 '"*« r 6 «Ln. 737. ( j g g? 1,5 91 H"** >9'.* «t:9J Rentokll Go (105) 74>. .20(9) 

?'7i;, >A GalWon) Br.ndley «ig» 63 V 87 .,'-’ 8 , 9 U- Rcnwick Gp. « 2 Sol 45® 5 . 

i 2 Sp)^ 0 ..(i 9 . 9 i riIi t ! ra 'r L ' l, ? r ,- lnfls * tSp) IS>- Lrfr«» F iriiMu7 ^ „ , Rrvertcx Chemicals >2So' 72® 

L 6 G^tc» (.^rank C.i (2 Spv SS fi&Qi i » KUpOur Orp^ (IQo) 55 I2lf9l Revmrre <25oI bqv riqfl) 

mvrnt JL’M «•» « "• - 

:,r ^ ®awA«^; 

191 e rmn?. TSL-tfi 1 ” 38 >J?9. « lisl 17 ‘ 6 * DcLn - 59i- Cl 8'9). Rolls-Rovce Mtr». Hides, tZSpi 120»t#70i... 


cCSSS .w in 'jT'O&ei . 19 , 9 . 

^SSS? 7 ^ 0 , V, 4 ,s ' ■ 


S5tS! a i C 3 ,2Sb1 190 * 90 1 Christies irtnl. >10 D , T 7 1 GloSoo w' J)'. ) 3 !s* mu 

?^ I?,p C Unr. n ' Tl^'V- '^ 5B 1 V1 ‘-° Ghrlstle-TVICr (lOp. 81* Glynw°5( IS.^TO^Ln 

**■*■"* Brothers (Hosiery. >2Sp) ' 54H City Hofels f20ol 132 3 Gomme Hldgs. i25p) 69 * 

u! ,r f''' "Clnmnnt) . 2 Snl 81 ,20 9. Goodman Stockman >Spi 13 .18.9) 

Aud o Fidelity < 10 p) 33 Clark*. Nielrolls Conmbs t25o> 74 /20 9 ) Gordon «L.) I 10 o) 27 

A S? 0 , fn n ‘ c (JOdj :4iS 8 s. 120 C JJarke Tj ilOpl 26 (13 9) Geugh Brothers . 2 Qpl 56* < 21 iO) 

PJ. ■J, 0 '" C ,v -Plfhardi '2 5 p| 98 «Z 1 9 ) Gaugh Cooper « 20 p) 78 >21,91 ' ’ 

f 2 Se j 42 J Son.'SOp; 78 .19 91 Grampian Hldgs. . 2 Sol “i 7 n roi.o. 


Low Sonar Grp. <S0o) 198>: 9 . 


Rountree Mack. <50p)'425® 
Rowton . Hotels rZSo) 169 'nB/91 


aPcPt: W 

29 (ttrar 


D'lDcrv tiidrs i2Sb) si'if) Kowipit. Hotel* ’f2SoJ 169 TUfflP . • 

■arwffwsr- 165 ,20W - 


Lvgrs L fj?) n 1 48* * 6 ? *7 8 9 6 7S Rl,l “ rr “ ld '2SB> 45 (21/9) “ 

50!. 8 '*PcLn. 65;®’ ■:! Rugpy Porrid. Crrn. (25pi B5® «s 4 >a. . 


Rovcp Grp. ’25pi 39 


Audiairomc Hldgs. (lOpj 24® 3 5 
P>. - 1 Op. 1 S *h ‘ 

Ault Wibarg f2Sp, 42 


A;rera Hldgs. .250. 97 8 9 BphPt. S3 KJ Sn*M ■Sn. 32* 


SINGAPORE 


'20-91 ^ Cifford (Charles) 118® 

Austin (F.l (Leyton) HOe) IS'-* •* Cl'flord’S Dalres >25pl 5B* >21. 9). 

Austin (James) sreel Hldgs. ■ 2s p i ioB Nqn-wor ,2 Sp. 46<P .21 9) 

automated Security (Hldgs.' ,7 Op) 1021* 3 Coa'lte OinoHO) '25pl 76® 5 
f2lf8) - Coats Patous r25o» 71 1. 2. 

Automotive Products .2501 78 i, tia,9J. , 5 ? «*• 7>:pcLn. 6JI- fl8’9l 


rSSC Jtrothets .2Qp» 56* <21 i9) 

Gough Cooper i20o) 76 ■2K9J 

Grampian Hldgs. .2Spi 71 70 >21.91 

0 ro na da * C >2S p j ° 1 24 ‘ 10P> 43 

r, tJOS-jat: 7: 8,:pet * 94 l2a ™>' 


UnU-n. 50® • • ■ 

i 4 /! Furniture Cetsires non) 144 S < guwefl 'Ai (lOpi 85® 90'-l 90: 

$ m&uss mw ssvbsk mr*.' .. :•••• 

M^'K'rn.AW.ZO.) 119 ® ai'9).2SpePt0.W> 

BS5EUM 8 ^ ? 25fll 17 - 2 . 1 ' 9 ! sGa.^p.^^ , 5 rt. g<*pcob 75 -, uw 


McCleerv L’Amie GfO. (25o) 

hjccornuodale 112- ■ 


,Z5d > ™ 

Mack.nnon Scotland GT5P) 49® la?n"«bure‘ S iJ) S f25n? , 73S>®7 x 

K'-Nolll Gro. I2SPJ 4T®. • • C? 5 ?,’ n? a 3 , 6 ® 


I Sept. 22 


lodoatriais [StmitaTrarCg 6.75 

ttavu. fj.S4 It iraes Puli. 

Benntnuf Co- 1 2.iJ) 1 Berhad 2.94 
BonriesriBhrl; iS.fZ •if. Bnciueersl 1.60 

Him lop. ... .<-i 4 ^**d ]U. (Vi Bk... 3.64 

Ktro ] 3.f0 iWgmg 2.43 

.'nwerXmc: 6^6 ’rracinr» 6.40 

Ha«r ftr. | t.M iCbemlexi 8.7a 

Hume I Or!....! 1.35a]|\Villin JncLc. l^f. 

incticape : 2 . 0 o .Robbers 

Uhiav Drew. j 6.00 [bam l*inUuu>j — 

rixtev Cemta 2.X) ;'[liini|. Ki-rnH S.fiOt 

Uei.UxMiiL Z.E? [lieniiAK 3.:iSS 

.iv'-L Inn. tit B.PJAI 
I'mi hiiclru — 

)u . 1*1 D-* . 11 L*. *. 2.F4 :Tins 

iMlimnn [ 4.40 Auuntl. .\ m . 

■’••'■Ii C.H'' iHeiv.iinlai t7.9b 

’Ini# llgtlor- 3-^4 jKani|«r _ 

>.,lli! Mnragpj 2.r5 |Kll>-lml __ 

’ImilB.-itnam 2.43 ,L«u-er Perak. — 

strailaliini* .PrialinuTin, _ 

-l;lioil4,1 J7.30 ("*11 1 gw in 

T>*lii{knliH*r. — 


12501 78 o««- Sl$J?SSh%**llLn , 

a™ czsd’VS S,s 5 6 SSSSrtBilS'ffljlS'lsi 50 F1S-91. A IxocLn.’ '^ScLn* 67 ® 

Aron Rubber 2l7 SSSStf 49 ^ ' 

^Vi « C^W^||»ih g lUi HZ*,) Tze. 7 hoc 

feKWSw* 7 s7 - 9 r * I SrKi wn 

"4oS-i SWff'g ' 49,s ® 50,15 (Shrt,e,,,] f20Bl 37 gj- «o- »* 


lloarSr&g'S CrB. < 250 / 77 * g**"- « «*«■ •pclrwUnU®.-; 

Gr^fbfnk 3 2:u 7 , 8 SpcLn. 67* 6 ®' Magnet SoutWro* (25p> 230 30 5 ^. J0 ^ 0^ » | ■ ,5 Laundnr (Worts. J (l'op) IS 

S sm»mt ^ Wfiss^: flM ‘' 

ji we^jsm 


! BTR i2Sp) 335® 5. M e w (e b , ,r7>wil Couh >22pl 65 4 narB?r Inys. (ICp. 49® g ', * 

' “3. New ,25o. 47 5 4 s g'tzo.g). Cost tin tnichard) f2Spi 230® ag® 54 l® H 5tUn* 7?* 0 6 3 5 ’* 

ipijprDt*. 54 '* (21 g, 3 9 reu.«- Countryside Properties (Sol 42 .18 9) 

Bah-ock Wilcox (25pj 151# 48® 3 • Courtaulds (25pi 1)6® 13 15 14 16, H "s« l F S7,a : ‘ ,Sa ' 36 121 9 >- > 

R*ley (C H.) flop) 5 ,® a 7«Db. 72:® 70® Z 2i|. 7 ‘-oeDb. 67'-® -n- 

Baird (Wlim.) 179 80 7 >21 9) 5';PCLn 48'*® rt1(»). G'-ocLn- |J a rereaves Gro (20pl 59»;'1B(9' 


Crest Nicholson (top) 83>)i j«t 


Hawtin «5p) I2‘a 


finance; for industry term DEPOSITS 

noposifc? of ElrOOQ-«2S;000 accepted -for fixed -term 7 of 3-10 
years. Interest, paid prnss. hfllf-yearJy. Rates for deposits 
received nor Iafer than 13.10 m . ‘ ■ r 

Terms (years). . 3_- • .' 4 ' . ,5 1 • fi „ 7 8 “-W 

Interest % • -10) 11 ' llg 1 111 -ill* . 12 * 

Rates for larger amounts '-on Jquest.. Dwosits to and : 'farther ' 
informatioul.'firom ,The Chief JCrtshler. Finance -for Jndastrv 
Limited. -81: Waterloo Road. Son don. SE1 8XP <01*928 '7822. 
Ext. - j. 77.)* Cheques. payable ft “Bank of .England a/c PFL” - 
FFI is thfthfiidiae.enntpatiy foflCEC.and FGI-. • • -- -- - - 



iH? 


.V; 



c h°M 


F5fianrial times 'Saturflay SepteifaUer 23 "1978 


■km as»» 76 
It Rawrrion <25p) *7 _ . 

- tilth Uihvrrtal 1240. (2 1 £9) 


■ - [fiin Engbui Earooeau T**t<lM 420ft} (2Sn» 28 p9ig» 


•inttal SrM SW; Gra, JMJW »a Hameto* 7M l So} 
UoMtirome tntni. -ribpl 15 (21 IW. 5ec.Ln. 94 (1 Q,S) 

Uaicm (E.)-BSft, 32 1-rtW,* N * v - HlohcroH Inv.Trst, 


Uiaar-WsIkM- (IPrt 7J'j t2H«J 


Tratt 1 3o> M H*f*i 4m Ham* A OM) 84 Ott/» M A '* mwl * 

Jj&kn. *• . Industrial (mnl 125m 57 ^ *H4 7V Ago Is S». __ 

HlWeroH Inv. Trst <25g) 46 l| SI BIB) 4>.-pc0b. 114 (19;9> Ar*** 

Incncape 39o« 10 90 85 7. B'jOCPrt. InurnatloMl (25p, 82^ War. » Mb. Avtme CHgH J0»i 79 <2D. , fli • 
7*fl> **Q. 6‘:PCllnMC.Ln. 782) n r- £1 B103. 17 , Ul/OI : Barwpran M4t»fc- S'.pelitDb. 700. 


Highlands VftWUiyU B*rtv»a PMa.B SB) 1« Grti Mira® KttjMttg Ml* <4-® “ * 
Jitr* R»»»nW«.1O0« 

Lend if Robber Ernies (5ni S4«i n«l9) IMJ. S60 

London Sumatra Plantation* (fOp) !«♦ 


o'jDCriT. international l25Pt.B3>a. war. JO sen, WOIK nuu.-fi • London Sumatra Plantation* (iopj iv®. *oiTa« 

■H (IBIS). 171, uiroi Baiworan HWQfc. ai.pelttD*. 70*. «*.ds - 5© S Mosn*t_M«taJt 350 4j 

cio. *1.4* inline <a Swcaos as*, 12ft** *12 em-v. rst*. _ NMIetfra limn. flOrt 7« Utao.s 


OH-VMI T 32 '19,91 

n court f So i 26b® 

ior Enp. ■ 1 Dpi 2 7':* 70. B.fl 
■ »s • I 9 9, 

•.Ik <*5P, 90 Q1.9i 
UMwire i Joseph) rSp) 28 rattm 
- n*l Vldgs. 67® 

■■ta Ware rjom 125 
'pc CW. N.l ,25 d> 1500 Z (31M) 
h Car pen. <\Oal SI- 
, - *i fFranciai i20pi 27 <2 I 9> 
tpferldfta Eire. i2Sd> 700 BBS 
■w Industries -SOoi 92 


| victor Products (Waiiscnd) aWM» 

' I Victoria Carp*? Ho/diotn 125PJ 21 «j (21/9 i 


K wall u HOpi 22 

Lamaa Secs. iSOpi 360 42119) 




V {" 6 r SS ° ,OM * ‘ ;^0O, ,fe *- IM^SSr.TCS'J" “• ti? , SaS.yi?*Ss" D) ,2 , S , P ,’ *70- Br» commonweaim S a««--« IS0», »• 7 T^ConSSnal" USS 1 0 H® 

V0?2?r C25oi 209 t 9* a *!L , E u r opaa n Cru. (iop> 31 1». 104 PC r2J?_ hi™ JirnTM (1M) 9’*PtU>- 72* <20, 9» CaledDola Inv. <2Spl 260^20.-91 UnB*£ Grp. 6pcPr. 50® 

vSTrea ilool Sfi 7 tint} ■ . Ln- 68IJJ0 I2H9I . Ijw. Tjt inconw i20pi 39 tl9.»3. CjrriI ^ u n;. Im IJU D, 96 119.91 Common Brw. ,50p) IS7 Western Queen 28* 31* 

| Vila T« U»1 M • HOW Scotilih Finance Con, HOP) 45 , SiEsf'r-SfLi, il“'- “t?., ,co»» re .sqib. Central * per Prop. 7‘ipclatDta- 62 Fumes* Wiutv 2*0 5 WbeHock Mar den 6 60 

... _ «i« 9. i L SJ22 n SJIISSIh VlT' T « 419I9L 0»d.n. SI (Si -91 Hunting Gibson 1050 Wheelock Maritime B S's 

W — y — Z JUfG IHldss.1 1 45D» 150 49 7.t2i»9» i22?1J 5 *'** Caatrefloeta* Cstaies (20pi B0<i c 20/91 Jacobs (Jab> 1.1 !20o; 3B«i C20TI5 Wlpmores 3900 

w.o.t. 42 so» is** SSETtGmSfW* tSSSS tSSSSd'KiTT^tSiii “ai .«») - Has J a ..q*»' T liop> i 19I sfptfwrpu si 

nwwsrafflufw sap?, nfc y- ,bm i « w - isopj tssa ksss vk: 71 ^;^.?°^?/^ S2as» - OD5 *£ S J fe&s^gs^tSfcnB septomber *1 

nBPTJssrjj - ?!* 11 f^sss SfflST M ™ 1 "' »T" ll0D, ” sss gsj r sa?uS«i , 5iri4 B , B ^ Mlj * Sc^TVof 

WaSST;*?^ 91 p 5” w'ace'iSi Viooi SB*' L 1S^2 T “ Drfl - ,a5P> 112 ‘ -*»■ cStml *£*•«;« l/up? 33 ,19.9. Re.raon Smlto (SOpl B5. A Npn-Wp. tSOpl fffSfcrSo’ 

Wagon Industrial Holdings C»»l 152 ftg?*"!. financial Grp. t25p) llio M^aiid G Dual Tst. Capital (10 p) 122 C 26*^7 * TOW " P,BPerW ** ' 10b ' Runclinan (Walter) i25p< BO 119 9) H. < y r nliin? ia TVn‘i-ppa 97 7 ■ pel? 3 1 

&\ PJ» Horar {5P , 1SIJ (19/9) S S *“ nd Doa ' T «- CatHU1 &»v B3?;« '•rooerties (10P. lOB 6--tbam-ton Is.e or WlBbt bpePf. 36« ;PC ”- 1 

■ssSw m!"* '. T iv s i*' auL A sSi ■ «*« SSaE? 1 ®*?.: 


Investment • Guernsey <SOp> 172 (Zl/9) • ‘ °*** 89 ^9/*». BocLo. MiarRlnr Rubber MODI 590 H I <21/91 MaStlfdllSi U*«IJ41r0 

Investors CmUal <2591 33L-0 OijO if (2tf») »*; <2g(?L — <_. Plantation Hides. MOp) 700 70 (21/9). ££25 m I nns *u 

Jardlne Japan (25p< 176® %0 6 121.91 Bellwar C2Sp> 72*-0 70 20DCLO. 1150 i21 91 IS; 5531 

JO«e Incooie OOP! 4B 7>i 11849). Capital Berbet ev Ham t»ro_ Prop. C25»j 144 121/9) Singapore Para Rubber Estates I5p) B4 Stw e»4fl« 

V»PI ul< / 1 •20/9) BHtQII * *6 JP/ I BQ 80 m m.*»aMU .- a .1 Cl 1 

Kmtmic (50oi ISO <19'9J _ fcadlart ProO-Tsi . .5pi 258 <20/«i Sunsel KrUn Rubber Estate* (TOM 90* CEStSm 

‘fe’trt.air ***■ „ shipping p» fr^%; 4 =^‘ b 

t-*vT > PrbcnHn : t <, y"m f2 l 5 | > 1 > -*‘ftl*‘ 1W> C»Sal 4 CounT.es Prop? <2301 *70- Brit, comm an w e aim Smtpplnp <S0w R— 7 In ConHnntai USS IBsO 
S?. 1* T« Intnirp.s&B, S9 <1 (‘« 9UPCU*. 72m .20,91 Caledonia Inv. <25ol 26»J20:9l Unisec Grp. 6pcPr. 500 

L e*dltL?^fSn» 37 11 ■"« U ° 39 t19,91 ' Carr.nqum Inv uudj 96 M9.9I Common Brw. iSOpi IS7 Western Queen 29* 31* 

1 |I“‘ v.r .cool re Cenvai ’ * p'-l Prop. 7‘iPclatOb- 62 Fumes* Wiutv 1*0 5 Wmeeloclc Mar den 6 60 

London ganmore In;. Tst. «5W B6J19/9I M9I9L- *<KLn. St (21 91 Hunting Gibson 1050 Wheelock Maritime B S's 

rSlSSS |SE?I J T.r7?U 1 .^n. Ce nP orm ct al Cstaies (2 Dpi 60<x (20/91 Jacob* Uab» 1.1 t20o; 3B«i C20TI) Wlgmores 3900 

London Lcono* Inv. Tst. l2SP» 5B1* -je s«* '2ooj S3 iff 9. London Oversea* Freighters (250 3S>, 5 


Jacob* (John 1.1 |20p: 38>* (M7) 

’ London Oversea* Freighters i25o> : 


Wheelock Mar den S 60 
Wheelock Maritime B S's 
Wlgmores 3900 


SEPTEMBER 21 


itwn Huntrr HOsi 66 e>> 19B7-92 6«>* 11 8.9 1 

Sinignr Hldgs. ||CP> SC* Waokm iSOp) ISO S (21.9 

oaerir rLaneon) .20»: 6 SO Wagon Induatnal Holding* 

wthomc non) 12 >21 91 130.9) 

311 Eng. lisp) 276:0 80 Walker Homer <5pi 13b 

ar i2Sp) 740 *21 91 Walker (Janwu Goldsmith a 

Grp. *2 Sdi 100 _ „ (25PI 117 <20 9i. N-Vt( 

ehlev >25o> 136 b 5-j 31 i2l.‘9i 

■ ,J * ? ,0 °> A3 Walker >Thoma»< (So* 11 

i» Howhew C10P1 78; S'.’BCP*. *0 Wallis Fashion . Group HOB) 

' *'■.. BocLn. 149b® '21^1 1 New HO*. 6e 7 73 I18:9r 


Walker 1 Thomas 1 (Spi 11 ,1' [..52 (19'9i, 7'aucDb. 64® 

Wallis F ■ shiOn^ Group HOD) 68 7 n 8/9) 1 Cm. IR0 2O1 62® 


in Wowhew CIOpi 78 ; SboePt. 40 Wallis Fashion . Grouo HOD) 68 7 H8J9) * &r» . 1RO.2O1 62# 

, 9i. BocLn 14S< 3 « O I'Oi I Mew iiodi 6B 7 73 (IB. Or United Dominions Tat <25c) 45* 6 5b 

■h -W H.1 (Hldgs 4 A Ora. >-50pi 170. [ward (Ths* W.l <2Sp) 77I1O 9b 9 Bb. 5 4 - 16pcLn. 147 I19i91 

Drd. IIOpI 310. 4<*DCDb. 71. BoeDb. I 7’-DCLn. 1 097-2002 73 Wac°n Finance Carp. (25n) 43 2 (21/9) 

i; 1.199, WardWhhe Ciwjo (2SP) 1180 18 bt. Webern Selection De*. (2 Op) 25 

he Industries tSOpl 222 3 20 (3191- I SocLn. 1987-92 117 (IB. 1 ** _ Yu e c *t*® tlOp) 81 


•r M 99 ’. Ward White Group (25p) 1180 18 bt. 

he Industries (SOpI 222 3 20 (31 91. BncLn. 1987-92 117 (ta/Oi 
pcLn 103 i20 9). CpcLn. 130 HB.9L Wi/rfie r Bernard I HDdi 31-**® 2bO lb 
rtl sjeflerswii Go. >2Spi 196 200 Waring &Uoe iHdldlngSl US*) 123 121 19l 

. ,*• ■ .Hldgs.. H -V. -IOoi 21 .21,-9* Warne Wright Rowland (iSfpS* (21.*9> 
■el-So 1 27 >I99i . Warner HoUdavs HOW 37b. A HOnl 


GAS <S) 


Mb 3 G Dual Tst. Capful HOp) 122 T<>Wn ' 10d ' Reiman (Walter) .25*1 BO 119 » 

M nnd G Second Dual Tst. Capital <4P) Counir DW'Ct Pr&oerties (lOpi lOB M Wl0ht 5bcW ‘ 36 - : Ja^MfcUthMOl^ZBS 

^3 W U DaciiP H«d<r)gi *2 S3) 1 1?A 15-- IS %4i !9f Kidtm UjIbv^Ir 17u 

h ^‘un9, ,n % I 2 4 1 %,. 4 SSt Og«. UU* 4100, t*b. BocLn ‘1992.97 TEA (X) 155 

M%h?;3 T*t. IZSOI 77., M9 9. on (5 Op. 42b.. SSS BSTA W^Z$,JnV bVs. 

momi Irtv. TSI. >2 Sp) S3t® 5 fci. ^r irt.Ln 1995-2001 40 Rf (lQ;9k. ■Unfyre tm nitffll. 615 (19 PiMiMr Concrete 160 

Moolova Inv. 1 2ocLn. 81 (2119) 12 ocCnv.Ln. 2000-05 84 3 - 6 (19(9* Camellia Invest*. HOPI 301 Ul'Ji Smith iC. G.) 263 

MoorsMe Tst- <25 p^ 10 8b 118 /91 Esuies General Invest menu' i20pi 21. E 5r5»i PUout,Dn * Invests. <10p> 28«s Southlands 28 

New Throgmorton T*t. Income I25P) 20b 191 -j. at iSJ/liti,- ■ • Swire Pac. A 153 US) 2.20. 

«19f9). Cao.Ln. 160. 53. Wm,. 31. Pcooertv In.e^ent <25p. 107. Tea Robber E.u. 222 JJSwftf®*.. 


30 6 • * — ^ 

New Tone Gartmnre |nv. Ttt. (25pl 40. Evan* Of -Leeds .25oi 99® <21 9) 


MR. Consumer*- G*» Ord. I tJSgmm Twenty- Eight Inv. T«. <25p. 77 gi a e3t*P«5KS‘' Est*.^' ( % (1 1 i1l New I PUntJtia '" »«»»■ f25B ' 247 » 


Woodside Pets. 70 
| Yukon Can*. 140 


SEPTEMBER 20 

Anglavaal Hldgs. 102. 


".Is 1 Reo « Org. HOP SBb <21 4M. 5S S', ■TS’*' _2H Z r‘ : * ,,ui cj 

■ey 'A G • H4r. 'pi IS? We' 1 man Engineriog Cpn. I25pi 61 

. Ir-I* Eng. Co. <20p, 113® ivn'i", 0 <10c ' 3t 

SS Kni: ling * rlooi *ii 4 b w^t« ,r ^?n^ 5p ^ JpcI 

’-211' Weston. Evans Grouo I20p» 1*2S 

nard A NV (25pi 33 b# Wesrward Television C llfloi 32 

■ e-Platt Industnes i25gj 105b. Bij. Westwood DvwmTiISdj 47 11995 

Whatlings i 2 Spi 43 4 

lert Pill 248 ,21 9> Whesspo >25p> 75. 7 (21 -9' ' 

sg F'iner l25p- 69* 6 . WhHecrdt t2Spi 109 120(9). 

nd RHev Drummond (2Sp) 30. 39 <10 91 

la <10 pi 14 !y Whbenouse iGvergei (EngneJ <50 

imvEx X A 

• ri« , Semiee‘'n , 0ni a 34 (2D.» 

r'aSaS’SLrtlS v w& ConrfA^ 0 ," , 1 5 *° 

rSSSGWsSf' ,9 - v . w ^SdS 7 ^. ft?}”**- **** 

?,aai SOt 10 a K'ft'n* Mitchell tisoi 47 S <2V 

i i*5o} 91 (19 9) Wilkinson Match 173. ■ chain 

andi Engineering (5P> 91 (19 *» „I2L9“ VjScUniArE, It? 


■s-5arco Engineering Ct5oi 17fc Wcarra Group HOpi 29 30 " rUS^iSf* 1 < H mPa.) tlOp) 35 (19/9) Outwlch t25p] 62* 

i g. Wear-well ispi 36 i21/9>. New /Sal lflb Commercial Union Ass. <2*oi 1511 1 50 Penlland <Z5pi 128'; i20'9) 

•g ilOol 41 -18 91 Webster* PunUcitions >Sp> 58*: <21i9i Z 4 li- SOb Progressive Sees. ISOp) 67 (199) 

<■* Inter. i25pi 8',* b 8 » Wedgwood i2Spi 127. b>? b* Si*. fan'e Sim Insurance aSw 143 4 S PrtrHncla) Cities Tst. aSb) 26'; t21t%) 

Furniture Hidg*. .2 Spl 134. lOocPf. VVeeks Assocs. HOpi 30 Z9 i nm . 4 rlrianee tU.KJ 9pcLn. 128 <2CP9> Raeburn i25p) 131. 4'iPcCTiy.UiK.Ln. 

.19 9, Weir Grouo ,25oi 120 Enuby and Law Lite As*. .Sol 180. 78* 97'* 11891 

.Is <Reo > Ors. M Op’ Mb rai.w. S*!! 40 X 1 ?"*- tSBI 29b. M . River Mercantile Tst. (25p) IBS*. 5oc 

Wellman Engineriog Cpn. IZ5»! 60* 60 General Accident Fire and Ute As*. <Z5ei PI. 38 (21 9» 

West Bmmwlcn Soring HOoi 36 (19 9c 212 14 lo. 7bOC6n. 66. 7 VOCLn. 646 River PMM Gen. Dfd. O5o1 1591; 121.9) 
•J-V.!**P<-. ! os '!?*> ... _ I8»*» _ . Robece cbt) (fi.so, 1USB2 (2.9). 5ub- 


imrv Properly Holdings I25p. 357* 75 i 

mtereurnpean Property Holdings CIOpi i 1 *” 
3Sb. b^ZI'Si Folke 


Williamson Tea Hldgs. 167 8 (19,91 

WATERWORKS (3) £?gEt EStaStf 692 

Bristol Waterworks 4 SSocPf. ail* If Imp- OH A £13b1 
<20 91. lOpcPf. 107 b (19:9) Mnt- *- Yell ,30, 

East Anglian 3.5oc 31 ■•*. 2 Spc 26. 8^ 'cn-Sr EE 1 

li?** IV® 8C; w- ■** 2pc 8a -* 3 f?&« 0 ffl3S*.“8. 

elii a -„w QEI n SaMna Inds- 50® 

Wheelock Marden A 


Folkestone 2. Spc Max. Ord. 290 116.91 


Wheelock Marden a ss b *■» 

Land"W®oritfes' Invest. Trust r50p) 250. 74 (21 9c 4 k- P erp.Dbilk. 27 Tl 8 9'. egPTPMEtD 16 

-* 1* 49 50 fl® 7 9 j 9. BbPCLn. Mid Kent loSx flmlv 6 'iKI Red.Pf. Sfk. SKr ILMhhR IB 

46b. 5 bPCLn. 1 3C. G’.ecLn. 157. lOpcLn. 7* (21 91. 80 c Red pr. 5lk. 104 I* (199c , fil . 

ISM 7 4 pc Perp.Do. SEfc. 27 (IB 9) AIIUrKe Oil lO 1 : 

Law LAIKi. I20 dj 45 120.9). GpcUi. 84 Nrwcaslkr CaMutf 7pc llmlv lOpc) GO 1 * niv 

LiiSJS? Provincial Shop Cenlrm iHkfgv.) * ° 25 “ ™ 74 SiSS^tir "■ Com. £15' 

lion) 1 JB ■ 1 9:91 Portsmouth Water JBSpc 72b b (1919) turauninn fcM- 

Freehold Leasehold 3 ,*k RgpwjNtoJrtb Uxbridge VaHey Wtr. 3.5pe {SUSS/ SZ^^JS^* 

i nnrOtn . OifiB (?Kei < "*n<n • Ci.hpIa HO _ _ 4 1 " 9 9; Mufti nlac I rrrnl . 50 


(2119). New 147 (2019) 


mSS 47 a "T ‘•e«rcene«r AAuri^'soe. , S « 163. ^’, 0 “ 

Wh«Swlt' S tS5ji 50 ld9 n i2a9). 4.1PCPT. London. . Mjncbeltor Aaaur. (B.I 134 sSSuard'ISdusilf tMnjV?': 


London United r20 B r I0S.‘ (21/91 


Mldhurat White Hldgs. .lOo) 42 b U 
! Mauntnm <Spi 78 


I iQpcUnsec.Ln. Mb 

W Iringon Warburion (2Soi 90* 89. 


Stenhouie Hldg*. i25o> ill ( 2 H 9 l 


Leeds <2 Sol 00 ® I uns-tei. 61', *21/9) * 1 Alliance <25oi fit. 111 . Securities Trait Scotland i25p) 202. i. .*-P® 

iw RiiUcdflt f 20 p) 70 1 M9r9l Wiho^ iCoiHiOllyl i23o) I 4 fi Alliincc 125a) 2lRt& 7i^4h w, nr B» A'sPCPl. 35 120 9) U^l*d KhJBdom (25p« 24. I 

ST Woodrow asm 464* 6 0 . 7»*pc ( 199 , ' 5 Mk,M ' 146 120 . 9 ? J 21M 7; *- 8 Upc P f ‘ 33 Sohere Invest I25p1 124 ai.S). JpcDb. United Real (2Sp. 302 (19,9. 


l“ii : ®25p, 1530 V 3 ,S0n Wa,:ofl Engineering (I0p 

<5pi 44Q) 40* Do. A NV 38 W<rt*MV pe B i snt. fi. 

ihOne RiBnuli <25 p> 1570 WJin iVSKS ^ 20niin « Vf •Gl 

I 3 t. S'. 21 ; 91 ... wire" vSEST^wm w 1 w 


s». AMmw tm. (25b) 1 2si' ai-*i 3S5S»I*P1 17~ J" , „ SPECIAL LIST 

Save Prosper Linked inv. Tst. Inc. She. «IJ 2Srt ,3 °* 1 27 

s^ D ir A^'r^n } i 50 C ^%!ir ^ , ®‘ 3 ’- *$&• •»•> « izo,®) Business done in securities quoted 

scofti^i Mercantile * Vvii *Ssp.‘ tot s6 ;« b®.'® V'. pcDb. 7 * 111 Monthly Supplement. ! 

s^tusn^toiem 12501 ids. a. 4bPcPf. '*^‘71^, R^'^ r r aso> 327 ao/9). SEPTEMBER 22 (Nil) i 

,2SPJ 1,041 » 1J - 4 SEPTEMBER 21 (Nil) 

SewtlSI. Mortgage Trust 12 So) 122. I 7S „ (1g/9j SEPTEMBER 20 (Nil) 

a^Tsyi^W M,a KSefagr & SEPTEMBER is <nii> 

Scottish United Investors i25p 1 84b. 3b Wswr 1 " ‘ 20,,, 10 * *■ eupc SEPTEMBER IS (NU) | 

Scotnvli Western Invest. (25o> 103 rai.9>. o-om city (lOpi as , 

8 <25p> 97:© 93 121/9) a5SSh OSp» 121 2 -RITT 1? Fl \ /*v\ 

Secon^ Alliance Trust rasp) 199>* 202 stick Cwv«r»ion f 2Sp, 274. 70 4 KUlat. lbJ (1> 

S 7^s5'^A ar ^ r " ,,,v ^ ,2W B WI« marked in securities 

Securities Trait Scotland i25p) 202 . i. 6Ja ti%*fc _ Snckn. m. which are quoted or listed on an. 

4,-pcPi. 35 120 9) United Kingdom rasp* 24. BbpcLn. 56 ovoHseas Stork Exchan ge 1 

Sohere Invest. I25u1 124 121.9). SncDh iinl.M Real f2S„. 202 no, a. OVerSWS SlOCk MCnanfiC. , 


Svlre Props. 62 l : 

Waste Management £ZZb 
Whirlpool Cpn. £17 b 
Woolworth IF. W.I £15b* ■* 

SEPTEMBER 18 

Bamboo Creek 2B. 

Flat Ord 229 

Guardian Ass. Of 5. A. 127* 
Haoma Gold 62 
Hill 50 Gold 16® 

Jardme Secs. 131 
Jones Mininp SO SUS0.57S 
McDonough Cc. £22 b 
Myers Emporium 136. 

North West Mining 43 
Siemens !US1 52. 

Southern Pacific Proos lib 
Union Mlniere vUS27>:o 
Winthroo Inv. 85 
Zenith Radio £13 


QremRin T*L ItpcLn. £7‘: 7 

JenniRdS BrH. 69 

Jenn,nus Bros. NOu- -»» 5 

KcilocL Hides. 40 

Kellock Hlda*. Cnv.Lx, 1)1 sen.) 41 

kun.Ck Hides 1J ill 

Mng, Inv. Cpn. 45 

nmW Computers 182 

Nationwide Leisure 12 "a 12 11b 

Oldham Brewery 7 2 

PMPA Insurance 33 _ 

Queen S. Warehouse <Hld;c.) S* Zb 
Tu-infock 18 . ... 

Walrcb Props. 4':ocDb. L34 
Wcetablx A N.-vtg. 62 

SEPTEMBER 21 

All Er. eland Liw» Tennis Ground £33 Dd3. 
£2500 

Blsnopssale oasnore Services 100 S5'i 
Channel Hotels a»a Proos. 26 2‘. 2 
Dan Valle* Light RW. 30 
OoioSMClIa Hldftv. 2 5 2 

Kumck Hldgs. New Nil oa. b 
Le R-ches Stares 458 
Manor oak- Gra. 40 
Marshall iM. W I InvS. 2 37 

New Court Natural P«-sour:e5 1 > 12 
Norton Vl'lirrs Triumph 5 a v •; 4-b d 
Oman H.ghhclds SO 
Rubber Ests. Cevion 5 

SEPTEMBER £0 

Aran Energy 95 

Arsenal FC £165 60 

Bristol and West Hotels 4 ods'.DD. £54 

Burroughs ijamesl 120 ^ 

Darling Fund iA< 1, 155 2 
Gen. Cevion iHldgs.) 6 
Granada Grp. 113 
Hartlev Kaird 2 

& Hldgs. ’Ln. ,2nd sers.l 4C 
Le Riches Stares 4E0 
Star Offshore Services 126 

SEPTEMBER 19 

Aran Energy 105 9S 
Dollar Lana Hldas 18 
Gale (George) fci 55 
Home Brewer* 292 \ : 

Krn.iiwftrih Vineries £13 
Panawatte Hldgs. 4 
Viking Oil 124 

SEPTEMBER IS 

Aran Energ* 105 
EldridOe Pooe 21b 

Jerscv W N° v* r waier. 7bpeDb.Sik. £89. 9':»c 
□ b.Stk. £87 
North Sea Astets £8 

StahordshiNr ^Poierie* Water Board CpcDb. 
£20 

West* L»nca*Hire" 6 Waier Board SocDb.Stk. 
ilrrd.) £27 

RULE 163 (3) 

Bargains marked for approved 
companies engaged solely **» 
mineral cspiorallon 

SEPTEMBER 21 

Slebens lUK- p 416 14 12 40S 5 4 2 1 

SEPTEMBER 20 

Slebens lUKI 416 14 12 408 6 4 2 1 
400 396 96 

SEPTEMBER 19 

CCP North Sea £13S 1-I0lh 
Candecca Resources 36 5 


W-lson Walron Engineering (Top) 45* 1 Allllund Cap. «S0p) 208 :i9;9) 
8 Amurose c25o) 56U (21.91. tag. 


I Sterling Trust <25 p) 190. ■*. i2irg> 
12SP) 7» stockholders Invect. I25PI 104b 


War of ord <20o> 3390 40. ai'*> 
Webb <5 p) IBi;. 20 
Westmlnsev (20 di 2S>:. 


[ Aintnut Trust (2Sp) 47 l*. B (25p) I T ^ l ^° fly ,nVMt ' ,25p> 10,,a 91 W"**®* .«“•* *S (IB^ 


SwTffiJj^IiSgi^S 8 6: -' 4:1 fjol , 7 . 

m»i P Sv!TdIeaii 2 ?SSB? 4 103®^ , 'iig. Wol»e4ev.Hu«hes I2 Sp 1 233. (18.9) ” ’ CaoXn? 106 ia’iSJ'* ‘ Angl o fcnf— tu n Corpe*.' 12501*92:' <21 IB) Assed- M.ns- Conk 125. 

ffi* Sa»? B SsS 58b JaSvsg; sss^r^i.srMr ?«f, so * 

^^; 21 ' 9 ' 6 ^ 74 *- I*®. 7 <**,> ^ ‘®arsa p ' inutio, “ i,b ' 11 44 2,j - SHE sr 127 6 

n ElfarKJl^iiiaustrm r2Sa) 39141 2 R'KSOn IHldflC.) WsBl 304> tlrtlrlc <25p) BB':® 7 % 40 9 7 C21.*9l Dunlop PUnWtions GpcFf 46 (T&'9) Bridge Oil 70S. Do. New* 7# 

78 3179: lnflu * ,r >*‘ a5cl sa, 0 2 „ flgagjf ■-(Wbp.liD.Ml.(5Bg) .100® rai 9) Trans-Oteanlc Tru.t ,2So> 18* .199, ^an7 2-Ki li^t. »««! 5*P) « Brls^n °<H. L.) 1050 

7 iiss! ,’=io , iz: — ' j raTiteTSL -Z »» MyTsar jjr&ia-..? avs c as * fapa. w,* 


Anglo American (25o» 108 7b 121)9) 


! i21 '9) 

Temple Bar Invest. raSo) 101. 100. 6oc 
Ln. 62 C21'9) 


RUBBER (20) 


SEPTEMBER 22 

AMAD 2B 

Afrikander Leases 285. 

Agmco Eagle U335.85. 


RULE 163 ( 2 ) (a) I Candecca Resources 36 5 
Applications granted for specific s^e^'^uKi 4i4 : <os i : 400 
bargains in securities not listed cporiruwFn in 

on any Stock Exchange. SEPTEMBER Js 


A »«. (2Sp) 162 Throgmorton Secured (25p) 26 (IB B] AOertovHrFlanut^i ns (8p) 6 (19 9) Anglo Utcf. 226 6 

H8 9) CtoXn. 106 iaiS) 1 Anglo-indMibsian Cow*. (2Sot 92: (21/9) Awed. M.r.%. Conn. 1 

Archimedes Cap. (50p« 44 i2i.9i Throgmorton Trust i25pi Bib 2. 7Uoe Bevtam Coa*oW. Rubber HOpi 104: Bakers iSA.l sbocPf. 


CCP North &e* £13 
SEPTEMBER 22 Candecca Pesources 31 30 

Aston Villa FC £14', 14 ilebeiS* I UM 4 4 2 : - 20 6 10 8 39S 4 2 90 

Cambridge Instrument ilpl 2 ji U 2 66 6 S -1 

Cambridge Instrument CIOpi 4 *z A 

Cedar HldSS. SocPf. 42b SEPTE.MBER 15 

tiairmsu 2*3 

Clyde Pet 120 16 14 CCP North 5ea £,2‘v '* 

Cunninghams and T. W. Tlmvaites * pc. 1st Sieoens iUK, *12 10 B 6 S 4 2 400 
□bs. £29 396 5 4 3 330 

FuNer" Smith^ ind° Turns* A 305 1 B « t^nnu-Hun M J,c Slw* ilai-hmiOe 

GRA Prop. Ttt. 14 i. hi, ml ' 


xDb. 6Bi;0 Yarrow (500) 33S Uns.Ln. 91b (19.'9) United Stale 

, e» 5acA.PT. ^SOoi 15 <19-91. 6ocBH. York Trailer Hldgs. <10ol 50 British Assets -;25p| 83)-© 3 2 '•. 4pe «25gi :oo* 

.119.9; rcrash.re Chemicals <2£p) loo <20r» » Db - Socdnv.Ln. 161. 1 United Stair 

- •*^L5 S,;# *21 9) • Yorkshire Fine Wonlien Spinners (20p) »r,t.sh Empire tSo) jlk 12 H9 9) .20 9i 

r w wnsley and MlilbOom iHkfgs.) 4 am. SocPf 35'-. British inoust. Gen. Dfd. i25p) 110. Viking Re sou 


Trust Union <25pi 114b >19f9> 

Trustees Catooratlon i2Soi 152 <18191 
United British Securities Trail !25p) 137. 
8b 

United State* General Trust Corporation 


?°Si ( ‘WwarizlBi'liai 4 ELEC UGHT & POWER (1) :snia7g)“ w • « aw 

■vide S3. Bras can Class A Cnv Shi rnov) ION £ am b'*an Gen. Secs. <25p) 90 (19/9) 

mt Gro. Printers ,25o- 59 00 9' (20/9) ‘ H Canadian Foreign C2SP) 116 (IM) 

■nt Television A.Non v. HOp) 59 60 Calcutta Elec Supply 76 (19(8) Cap. Mid. (2SpJ 13 d <1949 

%f«SSK d ?^e c (2sp) 2 l5i ; .^ a°2S N!Bwian El *" ,e,,y SupD,y Cw, "* w c2rt.o7!2^i23 95 01,91 

'• h±!° r « FINANCIAL TRUSTS: (163) 


161. 1 United States Deb. Coro. (25m 99b loo 
9) .20 9) 

10. Viking Resource* Trust I25pi 95b. 4. b 

Wrrt Coast and Texas Reb. Inv. Trust II Op) 

9;*) Wltan rnvestment (25p> 100b. 99 >2l;9L 
B (25o> 96. 

Yeoman Investment Trust t25P) 190 <19'9» 
«Sp) 86 Yorkshire Lancashire Investment Trua 
(25pi 34 

,19/9) Younq Comoanles Investment Trust BB 

M) '21 9'. Warrants to Subscribe lor Ord. 

16 121(91 


Currency, Money and Gold Markets 





UK MONEY MARKET 


EXCHANGES AND BULLION 


10-SPCDb. 83A. (209). 9.1PEU1. a fc-rn .. .1 ..rT. ■ V r ■■ % . r ^ nrm /.LL AgenCy (25 p) 6*27-6. 

I Akrovd Smirhers (25 o I 215 QO.’Oi 1 591; ( 1 99) 

inv, 407 2 4 5 6. 5’aPCLn 81. Anglo-Contl. inv. Fm. 6-Mth. llateDb. ,80 Chv Cm ml. Inc. Shi. i26ol 2. 7\, 
•*,- 7.7pcLn. 66®. 6bocLn. 95':* b Armour Trst. (1 Cpi 1 Ob- lO'aPCUnr.Ln. (19/9). Cao.Shs. 121. (21f9) 

'91 .... I .60 '2*191 .... City Foreign «25p) 60® 80 «1J9) 

Cl aver ho us# (5 Op) 88 J 


UNIT TRUSTS (7) 

G American Gen. Fund Inc. S3.7. 


Charter Ttt. Agency <25p) 6&27-64tht Accum. S5 ' ’ 

1 s9>: llM) _ MG Dividend Fund. Inc. 130. Accum. 

Citv Cm ml. Inc. Shi. i26oi 2d 7 k i* 262 b (21 ill 


et Hldg* B <50nl 312 Assam T raising A 102 Cl aver Kama (5 no) m 

rr and NMI142I 90 BB Bi 9 94. Austin. AgricT CIAO-5D) 113 (19/9) Qllton HOp) 6. «s t21fl) 

. Bishoosgate Ppty. Gen. Inv. 6 ai/9) Clyde«ia|e (2 SpT BSb* 4 ': 

» t“!3?m , . 5 .S\ 13: 73 14 v ISoctB. Bridgewater Ests. ISOp) 330. (21J9) Colonial 5ecs. Df«L .25pl 266 

Britannia Arrow Hldgs. (25pi 16'«. 1S» Continental lud. (250) 211 


: « 5I-* <21 9) 

It Cnrp .250) 96. '<« 

■ GrB. l25p) 73';® (21,9) 


202b <21 y > 

M G Extra Yield Fund lac. 96.2. 93 
M G For Eastern Gen. Fond Inc. 64.2 . 

M G Gen. TS6 Fund Inc. 20 0-* 119.91* 

*12?* I* l " CO,n * Fu,Ml lne- 1TB ' 3 * 119 
M G Recovery Fund Inc. B6.5. Accum. 


* -w^:» • -m •'■I j Sterling lost ground in yester- The dollar recovered a little 

8 I/IOA m Bull yrtTA day's foreign exchange market against most major currerca-s. 

L l\ l|l |llfl | d\ I r; in moderately active pre-weekend helped by some profit taking and 

trading. Industrial unrest at dosed at SwFr 1.5225 against the 

Ford and the possible implies- Swiss franc compared with 

Bank: of England Minimum from the discount houses. Total tians for the Government's pro- SwFr 1.5170 previously. However, 

Lending Rate 10 per cent assistance was termed as very jected 5 per cent pay limit it did touch Sw Fr 1.5125 during 

(since June 8. 1978) large. The market was faced prompted a good deal of selling, the day. The West German mark 

_ _• .... . . ^ith a moderate net take up of This led to some support in the was' less active and finished at 

* AMnS'” ea * u 7* oiJSg rosB * Treasury bills and quite a large spot market by the Bank of DM 1.9530 compared with 

. 0.(to97per cent to S.9067 per cent increase in the note circulation. England and it was this, and a DM 1.9520. 


lUitlt of England Minim um 
Lending Rate 10 per cent 
(since June 8, 1978) 


I6toi 15b. War. 2 <19<9i 


ontmental Union (2! 


wo. I 43 PJ lib® ici.vj uonnimin nit.— — __ _ — — - - 

tTi'iVn ’**- " * '■ *- l£h! s Sa, ] S.^ SS. ES, c Si.. a5 ,?, 7 iiS,?°'=* , h«* ***,, Mwa^wTivHi.v, ■„ th _ 

c l T«'n. ,a & , ta?*SiVJ w ?Ss£»< N S*<^S) Sfl ii. 4 n? **?£» riS : /S ,fc ' ki]n,na ana ts *" Jo, -« whl1 ® ®f ay . b,n ® were balances were taken as low as from Thu reday's close. The pound the weaker trend in the Canadian 

fm'Vn^u^spfVb? 1219) Rd.Db. cibW)^- ” " - f IPC 210 000 ) bi w«torn Miuing Corp. (aso^o. 1580 s "Hotted at £9774i and above in s4 p e V* ce nt opened at S L9785-1 .9800. its dollar which fell to a record low 

lie (2Su> 72 3 i. 5 '.ocDb. 67 “a**" »«» Hidgs. rasp* is _ • • , . . Ow»n. CmmL tisp) la&'a*. BbocL/i. 4 6 full. Next week £400m Wbll be on per ce - highest level for the dav and fell of St -’ 7' 17 q renlc from S^JnL 

uW^SW?1R.l z nl , *i. B te i 4 !!' , i aor * fSPfSLZ'rJLt&n vPZusl a u t. . tS* replac ! nB maturities .1" the interbank market, over- d^ng the afternoon to *L9575 l^S cents on Thursday. 

lo. 74 ® cfVgi Edmbrg. iims. Hiog*. 112 'gp) 12 1 4 <19/91 Pfinaw Fir lawgfw Ta. (25pi 46»» (21/9) jjiwit ' n« «nd w°itr*n, ,25p> 49 oo*> f3O0m. . night loans opened at 8J-9 per before recoverin'* at the finish The Bel»ian franc w-ss verv 

r 7 4 t“: H WT%k> T ^‘ « c — oSw-' D6 r 10 d l y credit was i " short , r n h ta ? d r ^b°J l JSJflg A S .mst the swii tn J ? it fell to J2?.«Sf wSTaita c .t lumSt 

;• total SDkPf -41. 10PCAP< 72., ■WfaSgr , " 1 - ttSrt •y*" 1 ottgSftm 5 a»o«: * • ?,^V» G 7^*™- *•' «« the money market and 3 ^orta«e to M| rPer, an all time closing low of permitted level against the 

V 1 FcFin'Iso. 65 DuwjeejtoSon inv. Tst. <25p)6a tzoti t10ol ^ authorities gave assistance by eased during [the afternoon before SwFr 3.0025, having touched D-mark within the European 

■ - •. lod*. THL .nip) 201 . raff*: ^ E«,^r a h_Am r ric,n_Ajttti TiL^ (25«J. ExoioriLton ciopj si. buyin{r a large amount of fluctuating between S per cent SwFr 2 qftoo »V one nnint 1 


Charterhouse Grp. l25pl 62. 4. 2b* -V 4 Crescent Japan (SOp) 194 £21,*). Wrot*. 
City Aberdeen Lnd. A s me- 4pcPf. 29 
(18/9* Crotifrlars (25p) BI* 

Corinthian Hldgs. HOpi 31 • Danoe^CapJh*. (HOp) 6b. 

Dally Mall Gen. Trst. (SOp) 362 -&0J9). Ocb. Cpn. asm 71 '•* 70b. 


M G Recovery Fund inc. B6.s. Accum. u usy ' per cent w bj/u o< per cent increase in the note circulation. England and it was this, and a DM 1.9520. 

■ 1 *• ’ at . yesterday s tender, and the Banks, also brought forward slightly weaker tendency by the Using Morgan Guaranty figures 

MINES mmunum accepted ^bid was £fl<.<7 balances some way below target. U.S. dollar towards the close that at noon in New York, the dollar s 

Australian (8) 


Australian (8) compared with £07.79 the previous Discount houses were paying pushed sterling above its worst trade weighted average deprecia* 

H^'^Attf^^aoiiza weBk ; £?P ,,cant3 for “ft.Ji 11 * giSj SS celrtfar Sred wll ^ for the day to close at t ion narrowed to 9.3 per cent front 
Non)! KotouHi Mines %0^?f4 htfj 9i * CC *P|®^ I bld of loans at the start and closing *1^710-1.9720. a loss of 95 points 9 6 per cent. This partly reflected 

Paring* Mining and Exploration tSpi 3o>-. £97.73^ while 92-day bills were from ThiinHuv't rliHP THp nnunH 1h<» u.P.A-Pr Ironrl in the Canadian 


•. 2 b Crsklne Hm. Inv*. llSi 

n total. Got P‘1. 41*. IDPCAPI. 721, S3 <18/9) 

9) FC Fin. <2Spi 65, 

•th <I0 pi 164. 3 4 5 Fin. Inds. Tr»L <10p) 

•d Biscuits (Hldgs.) (25p> 85* 6 Flrtt N*t. Fin. Coro. ( 
d City Merchants <10pi 69 i=. W*r, 0975-83* 

4 Engm. Indust. HOtf 63 (20(9) Ln. 38. 9':pCSud.Un 

■d Gis Indus. I25pi 70 (21 91. IOpc ® 

P». 65';.. 7PCD0. 59 (18 9). 10 »toC Fjnrov Jnvs. q 6 p< 22 
72,(20)91. 9pcLn. BB 7', <10 9) Goode Durrani Murray 
d Guarantee (Hldgs.) I5p) 23’ a Gresham Inv. Treu 'll 

■a Newspaper-. <25p) 400 39B Grlmshawe Hides. ,20i 

d SclentiDc Hldgs. <25p) 360 5 Hambra Trst. 6pcPf. 44 i2CN9) 


“ snake." 


Fm. inks. TrsL'iBpi 2pi; ra»<9» ,, saiiR^roh •Am*rie* n A**et* T*L <25®) (2 r«i "® * l,a EJU,lor, “ on t10p ’ 61 * buying a large amount of fluctuating between 3 per cent SwFr *> «HWV) .V nn nnint •• •> 

S* S^'sVSflwSiiiS SshstfK iw oiT’aBBYs 4?ipeP,d - Ti5“D?S2i n g 53 <Mi 1, ' , ierhP0 l^-^ry bills andasmajl number and 8g _ce nt Opting balances Using Bank of England figures. Gold traded very quietly nnd 

Ln. 38. iMULU.g.L^nafei sBt i B1 « M> R^SSJ-z’iSc , rasp, 243M, go. of cor P° rat,Dn bllIs direct «veretalcen ats^per cent- the pound's trade weighted index finished the day $1 an ounce lower 

*•«*, ,c„* „ N^&'to’nsDi Hi 40 ® «* ** 7 1, 9 sio 3°B H«t«i in the table below are feU to 82.8 from 83.1. after 62.6 at $214 '-2 15 i. 

^tm u toi n Tm“ ra V 5S B 6B 5 7 , «!oi9) ra> tlfflis l SSm^iMM« P Sa8p) «S 4 (£■> lmr.^7°nJ», bP ‘ 2419 THE POUND SPOT m some cases. at noon and 63.0 in: the morning. 

GrlmUMHW Hldps. I20PI 33® < 21 / 9 , .SfiS? N.tmxsi ■>*. pm i2Sni 23 SAjnt FI ran (25p) 61 ® 57 __ - GOLD 

H ‘” b, ° Tr " 6 ”" *■ ,ISln <»,. asgaLJWfflgJan - . • „ « ^.... I OTHER MARKETS 


SiNermines <2 I;pi 42 (21/9) 

South Crotty ilOPJ 5B 7 

Tanks Contd- lm>. (50pi 1B9 (21/81.1 


LOCAL AUTHORITY BOND TABLE 


lffiiSi» S A^2« 2 Ttt. (25 p) 101 «=. 

uw. ttt. «. Tjsa 

forSan Colonial Inv. Ttt. C25o) 187. 6 255 U0,9j 


■” ’ |Bmkj" 

Sepc. 22 j r*te*j 
i * 


nominal in some cases. 

OTHER MARKETS 


at noon and 63.0 In the morning. 


GOLD 


I«Mdy MfaM9to.tip9. 71. U.S. S • I ll.S675-1.98M IIJ71B.1J72B (W. 22 l * • j 

T 255^ izofg?** Ma,r ‘ l ****** Canadian*: 9I*,2J«IS-2.S185 0.8110-2.3120 • I * I Xnt * 

RWuIwH , b # «v ” nu ,1 *'* r p I !‘*l LMSH-W Argentina Pwo j 1.691-1.695 1857.70-859.75 Vuttri*. ...” j 87.60-28.50 

Rhodesian (3) OdaiaaP. 6 Au*U»IU Dnllu-.... 1.7007 1. <057 0.B625-0.8&58 Brldnm^ < 62 . 90 - 65.00 

Botswana RST (Fu2) 20. 1 Danish k. 1 I 10.69-10.68 lD.6U-10.B2i Finland Markka.... 7,95 7361? 4.0510-4 0350 Denmark 10 44 1070 

Mtoanj). aetoUtoto Cpn. (SBD1.40, 192 D-Mark ; * kwW bSSPcS! “ I!:: ! ffMMluA uSKm FrZ^SZZ:.: 1 SSjL70° 

Nortiiciian Irtvs. (5p) 2C <1B/9' SSLfS. 10 li we3e .- t>r * :e ^f^ i 7 2-0 7 S-73 B35 36.65-37.45 Certmuty 3.B0 3.90 

Rhodvjtan CpiL (16|pi 16. (21I9> dj*n. Pea. I 1(3.0-144.46 I^LM-144. 10 Hnog Kong Dollar. 9.34 >r-BJI6Iz 4.7500-4.7:30 ltalv~™. 1600-1650 

m* 4 ' £» f? 1 C21.W u® .. w* .2*5 *-*^ iiubuT!.. is6.wa 70 j45.70.6s j.Jo ~ l stSsw) 


Annual 


31*. SncPt. 381- 120 

FtHiamveK me. (25p> 37**. b. i* aifS). 
Cap.. C25P) 64 


Ttt. (2So) 183 <1919) 


Rhodesian (3) 

Botswana RST (Pu2l 20. 1 

Miners)* Resources Cpn. (»D1.40) 192 


Sept. 2» 

Argentina Pe*i .... 


I' 

Xnte Kate* 


1.691-1.695 857.70-859.75 j 


87.60-28^0 


Aathority 

(telephone number in 

gross Interest Minimum Life of 
interest . payable sum bond 


% 


t 

Year 

irnsley Metro. (0226 203232) 

11} 

}-year 

250 

5-7 

nowslcy (051 548 6555) 

112 

3 -year 

1.000 

6-10 

Winchester (061 236 3377) ... 

10 

i-year 

500 

2 

•Abridge (01-478 3020) 

Hi 

}-year 

200 

5-7 

rarrock (0S75 5122) 

11 

4-year 

300 

4 

lurrock (0375 5122) 

m 

4-year 

300 

3 

rekin (0952 505051} 

in 

yearly 

1,000 

5-6 


General Finds' <ZSp» IBB <20/9». Ord. '41/9, 
croo» ISO (20/9) I Nortncftart lr»^i- (Sp> 2C 


C«1d) 150 (20/9) wonnenan: ir»^- iC 

^SaalMk <21l»> • 

General Scattlih (2 Sp) 92. 1*3. _ 5,"JL|5 0 ?vS l |-j£ 4 ,«l; f? 

General Stockholders M2«m) 124. CZ1I9) Y/ankJe Colliery (SOp) S3 
nock holders <25p) 110<*. 5pcFf- SoOth Afrt OU 


S|«(U Pe*. 
Urn 


Greeae Dniehma ... 72.075-73.835 36.SS-37.4S fcennany 

Hnng Konjt Dollar. 9.341 r-BJ6i z 4.7800-4.7: 30 Italy ; 


linn Kiel i 


70j45-70.65 


3.80 3.90 

16UU-1650 

370-380 


gockhoider* (25 pi tipi*. 5 pcrr. . So0 th African (35) -TSTt i l : l? VS 

“gSETCoS?" 1060 ^ ^ C C^ C 5 rP S, JW 73 

WfewffBw'V *1 t*i- s*ipclp. tBis. T *™|«3"cSgf IE: J&idroc ^« Fr - ? ,l l *•“•*•“* 


S*iPCUa. 

^%Zf 3 «^AC\T , Sp C pr hlSg 0 ; 1 ?^0.l 7 5 , n p^ 

Northern <25 pJ HO* 8 7- 5PCP<. M a0J9i 


F^bFr gio Isuin* 1 ’ViSs'-aSS Knnrnit DiwnKDi 0 .532-0^42 0.2721-0^782 .\etb»ii«ta'.1!Zj 4.1S-4.85 

m S b t* tiSfiii 1-uaemhnurR Pnaej 60.9 J-6 LOO 30.76-30.78 Xorwor. 10.15-10.25 

hwedUli kr |1* Matoyain Dollar.... >4.4965-4.51 15 2.2820-2.284D PortUfl*! 89-104 

S* KfwSSmlaiulDoltor 14IB78-1J643 0.9420-0.94’ 6 dpainfT. 143-148 

Auttria ScJ. 4), »jO-a4S 17JU7JI Kau.1i Anhia Blyai 6.51-6.61 3.3215-3-3240 SvritaarUpd 2.95-3.05 

awiaa Fr. I I 2. 98-5. M* 2-38^5-Mi Slnga pore Dollar.. 4.39>?-4.41 2.2340-2^350 United KtaUe 1.97-1.98 


G will Bullion la fine ; 

nijniv) i 

Clri*,r : s:ii;-515j F51W-21B* 

Openhuf >‘2144-215 S21S;.?17 

Mnnunefixlns S2)4.» >216.^0 

if It 8.' Q7l :'ClUb.656i 
Allemmn fixing... .; >2 14.25 ■>;i-.55 

U-lOe.689) ;<f 10d.7491 

Gold f.'nlna I 

•l»meHirnll) • ■ l 

Krugerrand S2E2 \ ii* \ - .S2CJ!-2!5 f 

f U2.-113;;. if n::-.is t -) 

Men - soren-ign* rtl.-ti. 


Govett European <25 P' *6'a <21 
Grange (25 pt OIUlJi . 

Great Northern (2£pJ 110* 8 h 

GrSiam House l2Sp) 71* (21191 
Grasp iMtmn »2So) 7Q <Z0|9) 
Guardian <2Sp* 86* (21l9J 
Ham pros (2Spl 1061).^. 

Hilt Q5p) 196* 9* 7 6 ij <21/9). 
591. 40'* 


.1 HUB a n ppcn. a» .mm - , Belgian rate Is for convertible francs. 

Bracken^ Mines IR0.90) 97';? 79't Flnandel franc 63 .SO- S3 JO. 

4%*tS»T B 8Sfe , i r, 8 ! sh ld MnB - ,Rn ^ : 

(21/9j Con* . Murchison (R0.10) 275 (10/91 

"• 5 '-"' pfers 2 lSSMS!^. LONDON MONEY RATES 

— ' East Rand Com. ( 10 p> ifk (19/9) 

Eoju; Rand Gold and Uranium (ROJO) , 


BUILDING SOCIETY RATES 


Eaa ^R and Gold and Uranium (ROJO) i 

East Rand Pioprirtory Mines <R1) D339. I 
Ee«tara Transvaal Con*. Min. (RO JO > 200 1 

Elanduand Gold Mng. (RQ 2.0 1 pZSQtn • 
Free. Suate Geduld Mines IR0.50) USS26 
PI907 (19/9) | 

Gold Fields SA. 190^5) pi 326 '20rt») 

Gold Fields Press. (RO.02>!) P67. 


- Sef 1 - ^ 

Mi- 

UwmEiii ) 

i .tax's nn»u?e..l 
t dav* or 


pi depnsil 



Deposit 

Share 

Sub'pn 


Rate 

Acchts. 

Shares 

.bbey National 

d.45% 

6.70% 

7.95% 

Jd to Thrift 

7.00% 

7.50% 

— 

Diance ; 

6.45% 

8.70% 

7.95% 

nglia Hastings & Thanet... 

6.45% 

6.70% 

7J5% 

rad ford and Bingley 

6.43% 

6.70% 

7.95% 

ridgwater : 

■ fi.45% 

6.70% 

• 8 .50% 

ristol and West 

6.45% 

6.70% 

735% 

ristol Economic 

6-45% 

6.70% 

7.95% 

rilannia 

6.45% 

6.70% 

7^5% 

umley 

6.45% 

6.70% 

7.95% 

ardiff 

6.45% 

7^5% 

8^5% 

atholic 

6.00%- 

•6 J8Q% 

7^0% 

helsea 

6.45% 

6.70% 

7-95% 

heltenham & Gloucester ... . 

6.45% 

6.70% 

7.95% 

itizens Regency 

6.45% 

7.05% 

8JS5% 

ity of London 

6.70% 

7.00%. 

7J5% 

oven try Economic - — 

6.45% 

6.70% 

735% 

oventry Provident 

6.45% 

6.70% 

8.70% 

erby shire 

6.45% 

6.70% 

730% 

ateway 

6.45% 

6.70% 

7-95% 

uardian 

6.45% 

6.95% 

7J0% 

alifax 

6.45% 

6.70% 

7.95% 

: eart of England 

6.45% 

6.70% 

7.95% 

learts of Oak & Enfield ... 

6.45% 

6.95% 

8.45% 

Tendon 

6.70% 

7-20% 

— 

Huddersfield & Bradford ... 

■ 8.45% 

6.70% 

7.95% 

eamington Spa 

6.55% 

6-80% 

9-26% 

eeds Permanent 

6.45% 

6.70% 

7.95% 

cicester 

6.45% 

6.70% 

7.95% 

iverpooJ 

GA5%- 

6.70% 

8.15% 

ondon Goldhawk 

6.45% 

6.95% 

8.20% 


6.55% 

6R0% 

7.95% 

□dshires - 

6.45% 

6.70% 

7D5% 

fomiogton 

7^5% 

7.50% 

— - 

lational Counties 

6.70% 

7.00% 

8.00% 

fationwide 

6.45% 

8.70% 

•755% 

(ewcastle Permanent 

6.45% 

6.70% 

8.00% 

few Cross 

7JS5% 

7^0% 

— 

fortbem Rock 

6.45% 

8:70% 

7.95% 

lorwich 

6-45% 

6.70% 

S-20% 

'aisley 

6.45% 

6.70% 

7J0% 

'eckham Mutual j 

6.75% 

T-25% 

r- 

-orunan — 

6.45% 

6.70% 

7-95% 

Vinripality EuUdg. Society 

6.45% 

6.70% 

755% 

’Togressive 

6.70% . 

635% 

755% 

Yoperty Owners - 

• 6.45% 

730% 

8.45% 

Yovincial 

6.45% 

6.70% 

7.95% 

ikipton — - 

6.45% 

6.70% 

7.95% 

iussex Mutual 

6.45% 

7.00% 

8.13% 

Down and Country 

B.45% 

6.70% +10.00% 

Yoolwich 

6.45%- 

:6.70% 

7.95% 


Harteoeettionteln Gold tail UU IM^ / day* nm ice., 


♦Term Shares 
7.70% S ycs, 7^0% 2 yrs. 

7.70% Srf yrs., 750% 2 yrs, 6.95% 1 yr. 
7.70% S-* yrs* 7^0% 2 yrs., 6^5% 1 yr. 
7.70% 3 yraj f 72Q%2yrs^min.£500 
7.90% 2 j yri, 7.45% 2 yrs. 

6.95% 3 months’ notice 

7.70% 3 yrs, 7^0% 2 yrs., min. £500 

7.70% 3. sn, 7.20% 2 yrs. 

— • »% over £5.000 

7.45% rain. £500 6 months’ notice 
7.70% S.yrs^ 7J!0% 2 yrs. (I500-£3 5.000) 
850% 3 ynt,-7.55% 1 yr^ rain. £5.000 
7.92% 3 yrs^ increment share — rain. £500 
7.70% 3 yrs. mim* 7.20% S mths." notice 
7.95% 3 yrs-, &95% 2 yrs. 

up to 7i2%% 3 months’ notice 

7.70% Syrs., 7J0% 2yrs., minjE500-£15JH)0 
7.65% 3 months* notice. £1,000 min. 
7.70% 3 yrs, 7.20% 2 Irs. 

7.70% 3 yrs., 7.20% 3 months’ notice 
8 . 20 % 4 yrs., 7.95% 3 yrs^ 7.70% 2 y rs. 
7.70% 6 months 
7-70% 3 jrs, 7^0% 2 yrs. 

7.55% 2 yrt, 8.00% 1 yr. 

7.70% 3 yrs., 7.20% 2 yrs., min. £1.000 
7.70% 3 yrs., 7.20% 2 yre^ £05% 3 mths. 
7J0% 3 yrs., 730% 2 yrs., min. £1,000 

7.55% 2 yrs, min. £2,000 

7.70% 3 yrt, 7J0% 2 yrs., min. £250 

7.45% 3 months -min. £1.000 
7.70% Mjn^'7J0% 2 yrs, min. £500 
8.00% 3 yrs., 7.70% 2 yes. 

7.70% -3 yrs, 7^0% 2 yrs., min. £300 
7.70% 3 yrs^ 7.45% 2 yrs^ min. £500 
7.70% 3 yrs^ 7^0% 2 yrs.. min. £500 


Jo’burg Canid. <R2; ISia. One niont 

Kinross mil USJ 5.33 iw„ mrml 

Kloof Gold (IM) USS 8.45 

Leslie fRO.651 p61 418.9) mn ' 

LI baron i'R1> p553 (21|i9) . tut nflrtnlh 

Lvdenburs HP. L«0-12't) 65 <21191 Nine «™ 

Messina tTmnwiH) Dev. <80.501 78 u nevnr . 

Mw* Itwaterwand Gold tap! to. (ROJO) Iwo fear- 

Pre^ 4 Brand CR0.50) USS 14.14* L"Cal 

Pres. Stove WL5 □) p 975 'WJ?).., rate nomli 

Rand London Con. <H0.15) 59 0919) «rL hurini 

Rust endure Plat. Hldn*. (R 0 . 10 ) aS9 annru* 

St. Helena Gold Mine* (R1) 9*t (21/9) „ * 


One niwitii — 

Cam irmnlli-... 9^ v>rt 
lhree nnnili>. 9,^* 
tut mon<h-..~ BSfi-gij 
Nine igni\ii*.. 4if9&g 
One vwr 9{*-9i* 


[ntrrbank ' 

Uvai 

Aathority | 
rlepovit# j 

j Local AuLb 
nBCnttabta 
hnnif- 

Fi Dance 
House 

Dcpo-ita 

u 

8l|-9 

— 

— 

B-91« 

B7 8 9 

— 

9l|-Bt, 

®t!*'N rir 

87j9 lg 

9><-9ii 

918-94* 


— 

918-91* 

9>, -94, 

9U 93« 

9U-9V 

9-9i : 

93,.97b 

95b 93, 

B3.9J. 

9', -9la 

978-101* 

94, 91g 


| 94g-91» 

lot, 

9 it 10 

9B* 9<8 

9s, 10 

10 s* 

— 

10j, 107 b 


— 


Rate plven for Arsenilna fit free rate. 


Uiiuouat j 

Company market Treasury 
Uepppiu ivpoeit 8ii(a. 



iwi-i£i 

• •-51ii2ii 

Old Si.ivCTfijiuu... 

.. Seli-bJ; 

.Snli-tfiJ 


,<Xftl-22i 

''£51-42, 

0<iM 1'nim.H 



uii hw Ilona li _ \- 


! — 

Kruzcrmnil 




,i. IK '-1 la 

,'Llll-, llLi 

^ew S.*i-ersrign»- 


>57.' -5Sj 




Uld Sovercyii*.... 


ISblj-tSi 


■ifil &2* 

■ l'51-52i 

52u Kmilre 

.•'Jioj JU; 


Sl'J Ijizlo* 

It 9 

?lfr5.lt3 

Ss K».jie> 

.•>■716-119 

•fr 1 IS- 1 Id 


r CURRENCY MOVEMENTS 


g, s Sypiember 22 

9>: 

9ij Siorlina 

9'a U-S. dollar 

— Canadun dullar .... 

— Austrian schilling . 

_ Be) cian frani- 

— ■ Danish krone 

• Looser-term meal authority innrutaae Dcuische Mark 


87* 

91, 

91* 

*s-o;a 

91, 

9': 


91, 

9'? 


9^-vtj 

9^8 

- 

- 

- 


Efok of Morgan 
England Guaranty 
Index chusu'l 

££ 79 -40.8 . " 


L"cal aulbortfr and finance houses seven days' om»ce, others seven days' fixed. • LODBewerna local aulbority innrtjHae Dcuigdie Mark M3.3 

rate nominally three years lli-11* per cent: four years Hi per cent: five years 12-121 per cent. . Bank bill rales in table Swiss franc 2J5.b 

are bunny rales (or. prime paper. Boylns rates for four-month bank bills 95 ** per coot: tonr-month trade biDs 9: per cent. Guilder 120 J. 

Apprusunate- MUns rales for one-montb Treasury bills «4»ii per cent: and two- month su^gnu per cem: Ihrcomnnlh French franc KJb 


215.M +165J 

U0J3 +17.6 


s<xjmva*l Hldgs. (ROJO),6oap susbjo si per ceui. Approximate sethne raie for one-month bank bills 91 per cent; two month Pi per cent: aad three-moaih 9>io-9»« Lira ... 


per com. One-mnah trade bills 91 per cent: iwo-tnomh 91 per cent; and also three-month 9: per cent. Yen .’. 154J3 +52.t, 

Ftoaace Heuu Bant Rate* « published by the Finance Houses Assodaiion) 19 per cent from September 1. 197F. Clearing Based on Lrade wvlcnied i-lianu-s from 
■aaic Deposit Rate* (lor small sums at seven days' tmiicei t7 per cent. Clearing Rank Base Rataa foe leading 10 per cent. Wattitiunon asreemeni Dviombur, iOTi 
Treatary Bills: Average tender rates of discount 8JP67. iBank of England lndcx=100i. 



120)93 pee coot, uoemuah trade bins 31 per cent: two-monih 91 

StiRonteln Gold MPQj^RO JO» *97 Ftewoce Heose Base Rate* < published by the Finance Hot 

Ttoos-Ijiaui Coal Corn. (ROJO) IBB. Baoic Deposh Rate* (for small sums at seven days’ notice) C 
u'rron Coro. Vnosi) 31# 4 CEO!»> Treatary Bids: Average tender rates of discount 8JP67. 

U nisei Gold Mines 24S® , 

Voal Reefs Exploration Mng. (RD.SO) 

VTajrtonteto 1 Gtri d Mog. (R0.9O) SUSO.69. EURO-CURRENCY INTEREST RATES^ 

Vogetsmiltau/t Metal Hldg*. (RBJZ'ii 67 

Wett Drie1ontel» Gotd Mno. IR11 2585. 

SUS35I4. M 

Western Areas Gold Mng. (Rll 177 8epl. " 

Western Deep Levels (R2) 875. 9216 — 

SUS12U 4 tSknit term 

Western Hldgs. (R0.5U 2DJ*. 21. BO 

(21/9) 

Wlnkolhaak Mines <R1) SU59J8 
Wllwatarirand Nigel (R0.25) 58. Bb 


Wlcwatorirand Nigel (R0.25) 58. Bi* 

West Afriean (1) 

Amalgamated Tin of Nigeria |Hlds*J (ID*) - 

bSL.™ hob) 5 > 21 / 9 ) Tbe fnllowtag nominal rates were 

United Tin iiZ’Vn) is. 9.J5-9.-IS pr ccnr: mu year 3.35-9.45. 

Diamond (17) UmR-icrm EnrodnHar deposits: Tu 

Anglo-American tovmt. Trust ,ro JO) 44i : Shon-ierm rates an all for starting. U 

D« Bmh Consd. D«. lReo.1 IHO.OEI *33® ... . ■ ' " ^ 1 m _—~ . 

Ml 9,8 “ 1 5 *■ arJ ' TO “ > U.K. CONVERTIB 

OIL (153) ^ 

, Attack Petroleum (ZOp) B 6 (14/9) 

Brittsh-Borneo Petroleum Syndicate (10o> 

BrtiBl/ ^Petroleum 915. 6 . 8 * 17. B 
9001 14 16 Gt 6 12 10 B90£. - Sac 

IstPf 59* 9 « <21/9). 9oc2ndPI. 75t _ _ . . 

(21/91. soeCnv.Db. . 1976-bo 9oi4® Name in d. description 

Burmah 011 74 5, Ti*pcRedJFf. 48 7 ■ _ p. rw-T* oi. n p._ «— n. 

(1919). 7hDCLB. 19S1-86 SB 7'i. 81) Pc ASdOC. rapeT 8 }pC- CV. 80-90 

Century oii croun nop) 6i it. 2 Bank of Ireland IOpc Cv. 91-96 

Chanerhall (5p> 25*)® . 

Esso Petroleum 5*»eT«tDb. 1979-85 British Land 12pc Cv. 2002 


The fnlJowtag nominal rales were owned for Londoo dollar certificates of deposit: One month S.S3J.B5 per cent: lhree months S. 05-9. IS per coni: sis monihs 
9.35-9.45 pr cem: one year 9.35-9.45. 

UmK-iorm EurodoHar deposits: Two years H-»l per com: ibree year* 92-91 per cent: fonr years 91-9t per coni: 8ve years 9S-9J per cent nomlnnl ,-losm? rale. 
Sbon-ierm rates an call for sierllns. U.S. dollars and Canadian dollar*: two days' c all for guilders and Swiss francs. Asian rates are olosinu raios In Sincapgre. 

U.K. CONVERTIBLE STOCKS 22/9/Z8 1ZZ 


Current 

(£ra.)j price 


L40 115.00 

8.22 200.00 



Slat 

Red. 

yield 

yield 


S11<9. GncIstDP. 1977-80 92 

H t 20 iS) B Mo,am s * rv(OT (2Sp) 89 English Property 6|pc Cv. 98-03 

KCA International (25p) 36MB »s 5 6 ' ~ 

London scocttsh Marine oii (Up) 146. a. English Property 12 pc Cv. 00-05 

OII Productn. Stic. Units flop) 555. l*oe — - 

/-nm ck. Hanson Trust «lpc Cv. 88-93 


English Property 6|pc Cv. 98-03 



JLum w-^id • 

6.45% 8.70% 7.95% 7.<0% S yrs.. 7.45% i-ydy^ &95% 3 mths. 

Build g. Society 6.45% 6.70% 755% 7.70% 3-4 yrs, 7.20% 2 yrs, min. £500 

6.70%. 635% 755% 735% 3yrs., 7.70%2yrs., 7.45%3mths.not. 

irners ■ 6.45% 7^0% 8.45% 7.65% 3 mths. not., 5.70% to limited cos. 

6.45% 6.70% 7J5% 7.70% 3-4 yrs, 7.20% 2 yrs. 

6.45% 6.70% 7.95% 7.70% 3yrs„ 7^0%2yrs.. 6^5% Smthsjiot. 

ial 6.45% 7.00% 8.75% S.05% 3 yrs, 7.75% 2 yrs.. 7.50% 1 yr. 

tountxr : B.45% 6.70% +10.00% 7.70% S yrs,, 7-20% 2 y re. + Max. £250 

6.45% ’ :6.70% 7-95% 7^0% 2 yrs, 7.70% 3 yrs. 

•Rates nonuidiy- variable in lfae with changes in ordinary share rates. 


5.50 171.00 


—10.5 -II to -4 S.4 


365 —200 lo 49 30.S 44. Q 


0.2 - 1 to 12 


-Iif -30 to -2 9 


2(1.9 - 15.fi 


2.8 



— 12 10 —2 28.8 32.B 


5 to 16 32.4 54.4 


1 10 14 


14.3 + ;u 


o3di£r 3 p^E ,ra *nn. C01 p. Shf Hanson Trust 6lpe Cv. 88-93 4.51 83.00 57.1 70-80 

off U Ex l oic>ntjcm <4 (Hidg^) (idp) 226 . s so Hewden-Sluart 7pc Cv; 1995 0.04 360.00 564.5 75-79 1.9 — 1.9 —30 to — 

Pramtor Con*. onitaM* (SB) 1«'1 17 Pen IQs lape Cv. 1985 JUP3 170.00 166. 7 7661 9.0 4.3 -2.9 -12 10 -2 28.8 32.B 

ittoow oil (Oiuau com.Sfu. m.B.v.) TOh. Slough Estates IOpc Cv. 87-90 5^0 171.00 125. 

s Tozer, Kemriey Spc Cv. 1981 0.78 94.00 153. 9 74-79 8.4 10.0 1& 1 lo 14 

asm 530.’ Z do. 7#m. 2 rd D si. Wilkinson Match -IOpc Cv. 83-98 11.10 95.00 4fl 

Texaco Inter. Financial Cora. 4MK Stl fl./ 

Tricentrai' f25p>‘i as. 4 8 5 s- Do. " Ora. • NTO** ,l 'r "1*“^ "J* 4 ** inio which noo nominal of convertible siocfc la convertible. tThe «nra coat ®i mvcsUBcnr Id uonvcrUbk uspressrd as pur <v-nt nf th. 

tForeiBii Heidi <2Spi 109 <lfl(9i rat of ihc eq uity in th e convertible stock. 1 Tbree-montli range. | Income on number of ordinary shares Into which flOO nominal oi convert ibu- at«t is ,unLrr.kL L ' 

2339 7 *■ D“- Wl. This IBMBM ; in pence. Is gummed from prwor time OTtfl Income on ordinary shares U greater lhan income on (IN nominal or ranwnible 

142 Glf^, cOTifrton dap^ichaver is earlier, iocmne Is assumed to STOw at IB per com per annum and U present valued at IS per gem per araium.“.«Z, 4 

PROPERTY (125) 5™^ ““ converstonjnd proeot valued ac 12 per cent per annum, tfttila is Income of the convertible Jess income of ikenSHtmng?. ■** 

Aided London Fro®*. (10», 62 (2119- SEgl UBL“ S T^SS^SS’ -Wn ISSSSST S™’"'" 0 M ****** «“pe? ^.TlKuff Z 

Aiinart London Praps, fi'jpeDab, GBo. nnoer-w" 1 * + indJcatkm of relative cheappexs. - ts an ttdication- of relative dearness. ° « 

UU9> — 


> eofit Of .he r qnhy in th e convertible stock, t Three-month ra^i”?i^c ■'Sterf whk“nM no^l oTranveS 

i. TpePf. ThJS in pence. Is nmuticd from prewof tine dntfl Income on or (Hoary shares Is greater lhan Income on (IN nominal or convertible 5 or 

COTitrton la nrtfctoffr is earlier, income Is assumed » srow at IB per cem per annum and U proseu valued at H Per «« per aroum. ' ^Z, 4 
eonvertbfe. h nnnwd until a»nvcrstonj"d w«*nt vDned » j 2 per cem per annum. $ This is Income of the convertible Joes income of ikenSHtmng?. ■* 

a, esDressrd a ’ of the value of the underlying equity, o The difference between the premium and income difference expressed as per n-m nf‘tim n v 
fiffi. underlying eRUty. + la an indJcailon of relative cbeapBen. - ts an indication of rafatita ^ ^ Kn ' Q[ Ih0 Yulue of 
































Financial Times Saturday Septem-fer 4 ^^^ 





K EXCHANGE REPORT 




I); 


militant mood on pay unsettles Stock markets 

hare down 7.1 more at 518.6— f-point fall in Gilts 



.Account Dealing Dates 
Option 

‘First SJi-flara- Last Account 
fcfaa/ingj. lions Dealings Day 
jffajj. 4 Sep. 14 Sep. !5 Sep. 26 

,T>cp. 18 Sep. 1*8 Sep. 211 Oct. 1U 

U)«.*1. 2 Oft. 12 Orl. 13 OCt. 24 

'. m " rii>-.v lime " dealings may lake place 


^frum 4JC a.m. iuo business days earlier. 


. rite F , .nJ worRers iti flit? Jirsl 
*ri?ui i-Iulk' to current year pay 

’ ’ ..lid U rule 1- lined I tie 

ihe iju'.rrnnieni will 
getting its pul ivies 
u prospect v. Inch 
slock markets ye*tar- 
r»y. Initial murk -downs occurred 
pin equities and British Funds bill. 
[SUhnuch ;»mSi closed at ilie lowest 
,nf l he 'lav - . H was uliiy UN lulls 
L short-da reu it r i I as thai any tmluble 
•sellitiu |»r**ssuiv de'clupcu. 


'.•jindeline 1 ' 
;-di:licu!ty 
Jhav? in 

■/SCCepteu. 

l-un'.eiT'ir.j 

Wi 


• ■ Dealers' precautiunjry Uciie> 
j-- took a coti|i!c of pence uff leading 
: ;n:!i:-’.r;^i' a: Ihe open in’. 1 bui 
j' during the morniiu' ihe fail was 

contained until lalk l>t-£un lu 
; circulate ■:! several lurec put- 
ir.roui'hs *«r deals being in [he 
‘ eSinn. ".V Ij i It* concerted olTnris 
' wore made in ascerlain llie euiii- 
: panic-r irnohed. general Irade 
’ dried up completely, 
i Evc-nlually ii transpired lhai 

• 2m .’•liijiand Hunk shares, liu 
Standard Cltar'erird. Ini Bouts and 

j 4m L'lvilcd ciiiiljers' Mt-rehanis 
I had indeed Iieen either j»ut 

• through nr pl..vej with various 
•. iniiitution- in emmiioii villi Jin 
y r.lo’in*. The-e gave further 
j evarnplet ui' ihe funds still yiail- 

fibie for m r.ienl i;i inJ nutria I 
share • hui the view predommaied 
; that deal-, such as yesterday's are 
{ steed Py ream in^ 'he total. 

In ihe l.iier '"aye’s, the irurkef 
1 hccuRK- imiiceahly unwillinc and. 
j v. i f it di’-ileis rml prepared to 
j oarrv -o. cut Ihe weekend. 
: >m?H '•iii'-' mad', an impress ion. 
I A i?Ii of in the FT Ordinary 
share ■ ru'v..' :d noun lu.’ Ihus 
l c:: 1 . ended io a lu or 7.1 al the 
> eirisc of .118 K for a reduction on 
;h.’ >. ccl- of J f S 

Gil l ■■•dyed securities were also 
| affected hy a reluctance of buyers. 

1 On fe.ir- <f renewed upward 
pro -.-u re dvicli-i'iriy on OS. 
interest rates, ihe -hurls were 
e ; ;i-?0:ally prime lo Persistent 
%nii!l -v!E ; ri4 and in unceriain 
1 condition'. 'U' - i allied fal!- e.'.tend- 
•ny to J I.usiness v..i-‘ snurse 
aarin >n tfa- i.ieifiiuiK and lonys 
nn-J the lo v.-re iimiled to J. 

'.■dri-’ortsfiunv fulluv.i-d Ihe trend 
uf ihe t.uin •’lino-, and qiioiatioiis 
•.•ere no v u afier I ho announce- 
m .'in .-if Southwark's Jl2.~uii issue 
uf l!K7 -V. 

v rally n i>le imeslnient cur- 
rvr.cy I'leniium to suj per ceiu. 
■.I'.lich uiuel;. relied ci I ihe early- 
set had: in i-orliny. faded fallow - 
in ^ I’.eJ instilul inual ami 
arbitral.*'* niferiny. Finally, the 
rate dosed a tier \ lower at 8S 
per corn far a fall on the week 
,.f - r 


day. Nevertheless, there was a 
reasonably lively interest in IC1 
and Grand Metropolitan Hotels 
which recorded 134 and 101 deals 
respectively. 

Banks down 

Leading banks took on a 
decided ly dull appearance, but 
selling was only light. NatWest 
reacted 10 m 268p, while lioyds, 
Jtitip, and Barclays. 34Sp, lost 8 
and C respect ii ely. Overseas issues 

to give ground included Standard 
Chartered. 423p. and Uongkone 
and Shanghai. 29Cp, down 10 
apiece. 

I mu ranees also gave ground. 
Roval lost 10 to 3tvtp and GRK 4 
mure lu 2-Htp. bur Hogg Robinson, 
up 4 at 2 lop. firmed in Brokers 
fniUiwine the ehairman’s en- 
coura^ing siaiement at the annual 

□teeliitg. 

News items were usually respon- 
sible H»r nui.ibte movements in 
Buildings. Bambergers were 
quickly marked 8(1 higher at Sop 
fullmving the announcement of an 
approach that may lead to an 
offer. .Magnet and Southerns 
lirmed 7 to 2:l2p t«i the chair- 
man'< uplinusUc remarks, but 
LBM shed 3 at ?lp in response to 
Ihe acquisition uf lludge Group’s 
shareholding in j group of com- 
panies which operate Hie main 
Kurd dealerships in Cardiff. 
.Harley eased 2 lo Sip on Ihe 
annouiH-euiciiT that the Price 
Gummis-ioii is to investigate the 
proposed priie increases of con- 
crete r«n»f tiles. Ahead of Mon- 
day's interim results. Tarmac 
eased 4 to HUp, hut Brown and 
Jackson found renewed support 
and added u couple of pence fu 
""tip fur a gam on Ihe week of 
:fu. Richard Costain attracted 
buyers and hardened 4 to 25tip 
and. in response to a return to 
protit a l the half-way stage. 
Southern Constructions firmed a 
penny lu Hp. 

1C.I were marked 4 lower at the 
oil I set. and i-. iih no real selling 
pressure. closed that much 
cheaper al :t!Hp. Flsnns. steady 
Tor most uf the session awaiting 
Monday's interim results, shed 3 
to ux.lp in the late trade. Else- 
where. Alida Packaging were 
re-qumed at 14fip and closed at 
l4.»p compared with the suspen- 
sum price of I13p following Ihe 
agreed I4.llni rash bid from Rock- 
ware. down tij al 147 J.p. 


disappointment with the prelimi- 
nary figures, while light proGt- 
taking clipped 7 from United 
Scientific at 360p. A. F. Buigin 
“A", however, rose 3 to 3ip on 
the first-half profits increase. 

Activity in the Engineering 
sector was at a fairly low ebb. 
Lack oF support and occasional 
selling made for dullness in the 
leaders. Tubes drifted off to close 
6 Chester at 402p. while falls of 4 
were marked against John Brown. 
474p. and GKN. 2Dt»P- Elsewhere. 
Wad kin continued to reflect satis- 
faction with the interim results 
and improved 2 more to l36p, but 
Davy International, down 4 at 
2y3p. failed to benefit from news 


the announcement that Grand acquisition- of Kingsmere Irrvest- 
Melropofitan had bought G.-iff' f n ® r, L Hammerson A, 633p, and 
the company’s shares from Haslenrere, 254p, cheapened 7 and 
Trafalgar House. S respectively. 


Guthrie, 353p, . and Castlefleld; 
25Sp. 


Hoskins and Hoiton up 

Hoskins and Horton :cai».® t° 
the fore in the lale.tradiiig. rising 
17 to ISOp on news of the bid 
approach from Talbec. E lse_ 
where in the Industrial sector. 
ICL moved up 12. to; 4l4p in 
response to the company’s moves 
to strengthen Ihe top -manage- 
ment structure. Randalls Group 
came back 5 furthefto 95p which 
is still 17 up on the-week fallow- 
ing the possible, bid From 
Ferguson Industrial Holdings. 


Oils easier 


600 


- F.T. INDUSTRIAL 
ORDINARY INDEX 



10O 


1974 


1975 


1976 


1977 


1978 


pciiru. Vv-ierday's SE cun- 
v* , r--iyri facinr i as O.ilflRW IlMSKfHli, 


Tit-.- fre*h setback in the equity 
leader* .i;ain tended tu restrict 
•ctivity in the Traded Option 
marker: contnicts amounted to 
■■■»"•> compared with ilSU on Thurs- 


S tores dull 

Siuifh ladcJ to escjjie the 
venerjl diuwiw'urd drift, with 
RurtcJi "A." I Kip and Gussies 
“A.” both recording u loss ef 4 
in Ihe leaders. Currys wave up 5 
to L'lJiip and Hixuns Photographic 
4 rn I32p while, in Mail Orders. 
Empire:. I7t)p. and Grattan. I42p, 
lost 3 apiece. Against The trend. 
\. Brown opened higher at 46 p 
followin'/ overnight demand and 
improved further to 47p for a 
gain of 11 on the day. 

Secondary issues provided the 
main movements in listless 
Electrics Is. Telefusion were 
notably dull aL 39p. down 4. on 


or the proposed loom U.S. acqui- 
sition. Fresh scattered buying 
interest was shown in A crow M A,” 
which advanced 3 further to lllp, 
while Chemring continued to 
reflect favourable Press mention 
and. in a thin market, gained 3 to 
lllp fur a rise of 37 on the week. 
K. Cartwright gained 4 to 71 p, 
while Wheway Watson, 2 harder 
at 22p, were noteworthy in 
smaller-priced issues. On the 
uiher hand. Press comment on the 
half-yearly results prompted dull- 
ness in Delta Metal, 3 off at 78p, 
and the half-yearly setback reused 
late weakness in Best wood, 11 
down at 133p. 

News that the proposed merger 
with Allied Breweries was nut to 
be referred to the Monopolies 
Commission created a good 
business in J. Lyons which rose to 
nop before closing 8 better on 
balance at 148p to match the 
share-exchange offer terms with 
Allied finishing 4 cheaper at 80 !p. 
Other Foods were easier where 
changed. Still reflecting disap- 
pointment with the interim re- 
sults. Rowntrec Mackintosh lost 
3 to 420p for a . fall on the week 
uf 22. 

Citv Hotels remained on offer, 
losing 4 to 133 p for a two-day 
reaction of 9 on disappointment 
with the interim results. Savoy 
Hotel. A. at 82p. gave up Thurs- 
days rise of 2 w-hich followed 


J. and J. Dyson issues came in 
for support, with boih the 
ordinary and “A” shares improv- 
ing 4 to 70p a nd.69p respectively. 
Speculative demand 7 continued 
for Beotima, up 2 for a leap of 


17 on the week- at .4lp. Rank 
Organisation gave Up 5 at 27 


i’BP- 

Melal Box were outstanding at 
352p, down 12, on scattered 
offerings and lack of support. 

Motors and Distributors h:>d an 
easier bias. Harold Pern' 
remained on offer, losing 3 to 
125p for a two-day reaction of 12 
on the interim report. Lucas 
Industries fell S to 320p. while 
similar losses were seen in ERF, 
lllp, and Heron Motor. 12op. 
Fallowing the recent-advance on 
the interim results. Rolls-Royce 
eased 21 to. 117p. 

In New-spapers. Dully Mail A 
firmed 4 to 365p, but. further con- 
sideratiun of the interim results 
left Uni led 8 down .at 395p. 

Inter national Thomson Organis- 
ation cheapened 5 at-.S05p. with 
the convertible preference harden- 
ing 3 to 249p. Elsewhere. Gordon 
and Golrb put on 5 in 85p. 

Properties succumbed, to The 
easier trend " after . recent 
resistance. Land Securities and 
Stock Conversion ' . were both 
marked 4 lower at 246p j nd 272p 
respectively, while English cased 
2 { to 394. British land gave up 
lj at 44p on news of ]£e £42-ra 


Easier from the outset, British 
Petroleum closed 6 down at the 
'lowest level of the day of ftlOp 
and Shell shed' the same amount 
to 573p. Some 20 down initially 

following a', broker's adverse 
circular, Slebcns (UJL) staged a 
rally which left the dose just 4 
down at 3ft»p, but still 54 lower 
on the week. 

New York and Gartmore Invest- 
ment improved' K to 46p in 
response ro the cash bid from 
Bricorain Investments, a wholly- 
owned subsidiary of British and 
Commonwealth. Other Investment 
Trusts were quiet and little 
changed. Financials bad opposing 
movements in stockjobbers Smith 
Bros_ 3 easier at S3p. and Sun 
Finance, four points better at 
£51. Hong Kong-based issues re- 
flected local weakness with Haw- 
Par losing 4 to 62p and Jardine 
Securities 12 to 117p. 

Shipping closed on a dull note 
with P and O Deferred finishing 

3 easier at 95p and Lofs a penny 
cbeaper at 351. Elsewhere MDford 
Docks responded to renewed 
speculative in rerest w ith a rise of 

4 to a 197S peak of 104p for a 
week’s rise of 14. 

Following the announcement of 
the bid from William Baird, deal- 
ings were resumed m Dawson 
International which were marked 
up to 193p compared with the 
pro -suspension price of 156p, the 
former resumed trade at ISOp, 
down S on the suspension leveL 
John Haggas, which was involved 
in merger talks with Dawson and 
recently suspended at 305p also 
returned to trade and closed at 
147p. Lister lo*t 3 To 57p on 
further consideration of the 
results.. 

Overseas advices coupled with 
lack of interest in London caused 
Rubbers to close widely lower. 
Highlands fell 6 to 112p. while 
losses of 7 were recorded in 


RTZ move lower 

Rio Ttnto-Zmc extended Thurs- 
day's fall with a- decline Of 4 to^ 
237p in a depressed domestic 
Financials market, overshadowed 
bv the easiness of local industrial: 
issues. Trading in RTC was. 
moderately active and after an 
early mark down, some buying 
emerged to take them off the 
bottom. 

Consolidated Gold Fields and 

Charter drifted, down 3 to 185p 
and down 5 to 155p respectively.. 
Selection Trust attracted . seant 
attention after the interim results: 
andl closed unchanged at 4SSp. : - 

The general tone among South 
African Financials was also lower, 
partly as a result of the flat- 
investment dollar premium. But 
De Beers slipped 12 to 424p on 
London selling, only some of 
which was absorbed by New York, 
licked to the uncertainty over' 
future events in Namibia (South 
West Africa). 

The South African political; 
situation held back buyers of 
Golds and prices slipped away 
through lack of support rather 
than on any aggressive ' selling.' 
Business was modest with, some 
professional, closing of positions, 
and with the market tending to 
drift, the Gold Mines Index. 


financial times^ ^ stock indices 

— r — \*T V*T- rTftr—*— 


'fioremmept See *.—- ■■ | 

FLtoI Iniert* 1 - “’*■ 



Gold 

fhd. Div. Vie’d j 

'.biiqp, 

ftli lUiio i net i 1 ** , ——" 

Dmlinp nBii^ 


178.4; 

6. is; 
14.69! 
9.01; 
4,810; 


185.1' 


5.13; 

-1. 


Rqiiltt- tnranK f ^®--j 
Bquiey 1 

JO am 522.0. 


70^1 70.71' 70.57; 7038T? 

72.30, 72.58 72.17! TB.lOj 74, 

618.0: 525.7' 529.1; 525.ZJ. S3flj8,: 530.« I \6047 

181.3| laZ-Zf 1 l»A-. J4a^ 

5.10 • : 6. M ' 

14.45) 14.57; 

9.16! ’ 9.0ii ^18]: 

5.1641 6.563; 5.474! 8DW5 

- . 91.89 77.84; 72.13'. 84.4ft' 

_ 1 16.833: 17.0971 16,925 1 9.423!- 

^ " l wn &9.i. r * " 


14.54- 
9. Ill 
6,012! 


11 am 522 2- Noon 52Z.B. 
2 om 0.4. 3 pm 519-5. 
Latest Index DIM **2fc. 


- Raced on 52 per wnt- corpora Don rax. 
, aSr Sn« Fixed •*- 

5. SE ACivitX July-Dee. W. 

highs and lows 


ed on 52 per rent eorporaoon tax. V- v 

» ,An Go»t Sees. 15.10-78. Fixed InL IKS. IwL Ord. W/XL -ntft 
Basis t"0 < -*2y- . _.v. M.in-n^ ioa» 


s.E-Acnytty: 


19W 

jSi/Kd Conipilattna 


r '. , Umh 

i Low 

j Hiffh* 1 Low- 

. - 1 

* •• • ' 

iO.u 

63.79 

1 

i 127.4 " 49.18- 
f i»/1m 56> j(3/l/701 

—Daily- K ' -tr-.'. 1 -. 

Giit-Bdced-^ 13017. '.4484 

liu<u«riee„..; 176.81183.5 


Fbc«d Jut.-.. 


“- ori ! SSf 


Gold Mince.' 


81.27 j 70.73 j 150.4 \ Su 33 
(9/1) I A®) ji2B/llifl)|{ill®) | 
433.4 ■ 54922 ' ! - 49.4 
(2fi; \\V9:Th .! ] 

130.3 ' 442.3 / 43.5 I 
fti/Ii 'ti&nfliil J ^26' 10.7 1 1 t 


Toui> - — -i los^.ai^i 


206.6 i 

.K>l j 


Totaw ~] 

p-dKvAvenitt • 

rnit.saBtd--.-i-.W4f. 137^ 

InrtasLrtalf..; 

specuaUie...: - ,36.*! *, 354 
Tn»H USA 128.1 


-J 

f .. .. 


. VL* 

/- 




f.- 


A'-V 

j*-. 


r- 

m 'f 

'i-e- 
4* ■ 


S-Jp 


influenced by the movement . of 
the dollar premium, fell 4.7 to 
17S.4. 

The bullion, though relatively 
steady, offered no stimulus. It 
closed $1 lower at S214B75 -an 
ounce. 

Price falls were confined to a 
maximum of SDp among the 
heavily-priced issues, as in 'West 
Dries at £251 and Randfontein at 
£38. Winkelbaak were 22 lower 
2t 701p. while President Brand 
declined j to £10. 

Australians were quieter than 
in recent sessions. Vfhat activity 
there was remained centred on 
the diamond issues but price 
changes were limbed by.; the, 
nremium. Magnet, Western Queen 
and Leonard OB were steady at 


40p. 30p and 35p respecSvely, 
while Haoma and Nerth -West 
Mining both hardened 2 to .60p 

^Uraniums continued depressed 
-on Hincertainties about Aboriginal 
attitudes in the Northern Tern- 

tory. Panconfanentai fell f to 
£XQ|, peko-Wallsend lost-. 13 to 


523p and KZ TndusfriaMficBned S 
to 260p. -t . • ; : 

Tins tended easier, helped by 
the lower premium - ^nd ^ the 
availability of stock from tfie Far 
East In the domestic issues. 
Saint Piran and Sootib' CWfty met 
small selling and eased- 2 4«- -a 
common price of 58p-i , 


NEW HIGHS AND LOWS FOR 1978 


Th« following securities a-JOteti in :ne 
S*ure lolortiMtlan Serrice »es^erd*r 
attuned new Hiuns Ji«l Lows lor T97S. 


INDUSTRIALS (29) 
ICL 


NEW HIGHS (69) 


BUILDINGS 15) 

Bum Bergers I.D C. 

Brown and Jackson Lawrence (W.» 

Brownlee 

CHEMICALS 12) 

Alida Packaging Rever-.ex 

STORKS >7) 

Brawn (N.) S. A U Stores 2SocPf. 

Faster Bras. status Discount 

Midland Educational Vantona 

Roigil 

ELECTRICALS 16) 

Buigin A Petftow Hldos. 

Fidelity Radio RedlffirSKin 

Newman Inds. • Unitech 

ENGINEERING 112) - 


Leadeotiall Sterling. 
Man. Shia Cana) 
Nathan r Bams I.) 
Rervan PBW5 
RdssetHA.1 - 
Stag Fa m it ore 
Stonehill 
Sonfiaut Services 
W a slum's 


Ac row 

Do. A 

Slrmlngharn Mint 
Braham Millar 
Cartwright (R.) 
Chemrlnu 


Lyons i J.) 


Clifford IC» 
Drake and ScuM 
Edftro 

RlKomtS Sims 
W.G.I. 

Whewav Watson 
FOODS ID 


Bentima 
Berwick T,n-3o 
Badvcote loti. 

Dohsan Park 
Svcon 'June J.) 

Do. A 

Elect. Irtd. Set. 

HaniUwne 
Hostiis and Hjson 
Hertl-e Assoc. 

PAPER II) 

SHIPPING 11) 

Miiicri Pecks 

TEXTILES f7) 

Betkmac (A.I Hagsas (J.) 

British Mo^Sr Textured Jersey 

Dawson Inti. Tncovillo 

Do A 

TRUSTS <S) 

rame'iia levs. N Y. and Gartnore 

r. ani C. El- retrust Scottish A European 

Kert:D<,e OILS .D 

KCA 

RUBBERS -D 

LomJon Soman 


NEW LOWS (4) 

ELECTRICALS <2 

Motorola Rotadex <G.B.)- 

INOUSTRIALS <D 

Hotair 

y .. °ILS it) 

Texaco - ,DC Conv. 


LONDON TRWEET OPTIONS 






- ■ 






- Odube r . 

Jannnry - . [ 

April ‘ .. 

j> ; ’ 


Ksrcifff 

L'lo»lu|i 


CVwmt 

voi:] 

(Juplog 1 -. : - 

nffa I fnii 

”■ Squity’ 

Option 

l-nre 

nfliT 

Vol. 

oiler 



850 

TO' i 

■ >-2‘ ' 

98 


. 120. -'vw 



900 

36 | 

. ' 

■ 59 

. — . ; 

.87 -i - 3 


*1* 

■•Una. R-J-i 

950 

lit! 

;6 

39 

• • ■ i, •. 

.-,6.1-,. -.-1 


160 

29 -j 

— . 

32 

' 5 : J 

'•■i85p;- 


180 

io- 

5 

.. 171e 

' 20 

-26: ! 

.* • 


2 OO 

3ls; 

* 

91 S 

- 1 

.16- j’ 1 

r y 


120 

3i s . 

* 

-7 

- -C :! 


>-:ii6p- 


130 


' _ .« 

• 4 

-.5.-. 

7 ! * 

■ •; m - 7 


pou 

It] 

: . 5 

' 66 

-.5.1 

77 , Tt; 

3?0p 


300 

23 ’ 

-.48.1 a--- •. 
-32". — ) 

63- 1 . • a- 



330 

12 


- 44 :- ; " - a 

- : ; ' 

tuic 

360 

41 81 

7— ’ 

. : .io. 

«-l 

29 ).' • 2, -i ' .. v 1 


IOO * 

16 | 

w 

24 

. — j 

Z6 i •— 

l-i lap ■ 


Uu 

8 : 

2- 

■14ls 

— ; 

17 i 3 


frmnO Met. 

130 

61b 

72- ) 

-.76 : 

--■8* 

i- •' T ' ; 



• IC"| 

350 

• — r - 

82 

84 , , 4 

' 394p 

IC1 

360 

42 : 

- 

62 

• S | 

61 1 -15 

■ 8 

It'l 

590 

I6I2 • 

38 - 

30 

io-;.f 

40 • — • 

r ^ - 

ICI 

420 

4l a ■ 

lfl ,.- 

18' ■ 

EO ■■ 

84 • 23 I' .. | 

67 : 4- 245P I 


200 

47 

r — • 

50. 

• ' — ' l 


220 

27- > 


32 

7 r 

40 - r- IS 

?-r 

Lao-1 Sal. 

240 

11 1 

2T 

19 

_. .j 

27 ; .5 


70 

19 v 

* 

22 ' 


24 ’ — ' 

86 p 


80 

10 


I3is 

-3L h 

17, j -.-4 -. 
12 { • -1 ' 

•8l e [ 8 


M>trk» k 

90 

4 ‘ 

8 

9 

5 ■ 

MarU- i < f - 

J DO* 

2: J 

— 

4 ' 



-jln-ll 

500 

84 \ 



95 

:i i 1 

toa : 576ii 1 

Slirll 

550- r 

S6 .1 

.1 

. 58 

' 3 I 

68 ; 

• « 1 


600 

12 J. 

16 

- 29 

— -5 

39 : 

I 

Tout-. 


- , 273 


.147 J 

; 99 - 




Niiyrmler ■ 

Prbruarv' ' 

• V . !>■ I 

Bin: Ini i. 

. 70 

a • 

T_ • 

:ii ' 

“ i 

121* • 33 ; • 

25 

■ . 7Sp 


, 220 

11 - 


--X8 


214p 

E31I 

• 140 

Z9- 

li 

33 

. 6 -A 

10 - j 

39 

161 P 

EMI 

180 

'6i*_ 


' X2r •' 

•17.*. . -T 

33 - 

« _ 

RT7 

240 

. 14 


25 

237p 

• KT7I 

260. 

6 - 


13. 


22 -40. 

12lt K 


KIZ 

280 

• 3 • 


8 



Tutai« 


• 

™ .. 


i» i 

:..i .*^3 .r.r l 





--I— 

• 


- — - 1 

. 





"^7 

rV- ; .‘ V -- -. 


SHARE INDICES 

■;£r ;■ 







• 

- * ’ • * 



.... , <f. 


*• j - 


ACTIVE STOCKS 

YESTERDAY— 


No. 


Dennmina- 

of 

Closinc 

Change 

1978 

1978 

Nun.v; 

tion 

marks 

price (p i 

on day 

high 

low 

TCT 

Ii 

13 

394 

- 4 

421 

32S 

fa'-ltS 

27, p 

111 

214 

- 3 

237 

1,94 

>i**.il iran->port ... 


111 

573 

— 7 

602 

484 

F-P 

it 

•J 

mo 

- 6 

926 

720 

>.:ec 

23p 

!i 

330 

- 4 

338 

233 

L;. nos i.t.i 

£1 

S 

148 

+ » 

150 

72 

Allied Bre.renes 

25 p 

T 

Sfli 

- 4 

94 

78 

B.\T.s Defd 

ISp 

7 

275 

- 3 

304 

227 

Eecch.-im 

25 p 

7 

730 

- 3 

743 

5S3 

imperial Group ... 

25P 

7 

S3 

— 1 

«J 

- 71 J 

RTZ 

25p 

7 

237 

- 4 

23ft 

164 

Grand :dc: 

50|» 

ti 

115 

- 1 

121 

87 

f-L-S "A’ 

25 p 

K 

32fi 

- 4 

340 

256 

H'nise of Frjser .. 

25 |i 

« 

169 

- 3 

177 

120 

.'•I.ii't-.' & Spencer 

25p 

ti 

86 

— 2 

94 

67* 


7 h<: chnrc fist of active stocks is based on the number of 
; rv,, *-./,•,/ rf,’ ic relay in the Ollicit/I List arvl under Rule 163il ) 
i"t jinuiact'd today m .Stuck Fvchniiyc dealmpm. 


bargains 
te) and 


ON THE WEEK— 


No. 


Slock 

JCI 

BP 

gec: 

DATs D<?fJ 

Sl«fi Transport... 

F.T2 

Barcliys Bonk ... 
r><? Beers Defrt. ... 
■'Turks & Spencer 

Beecham 

Doyal insurance... 

Pi-«iiilers 

CUS “A" 

Northern Enu’?. 
fumiah Oil ...... 


lomina- 

of 

Closing 

Change 

1978 

1978 

tinn 

marks 

price (p) 

on week 

high 

low 

11 

76 

394 

-21 

421 

328- 

£1 

T4 

910 

+ 2 ' 

926 

720 

25 n 

54 

330 

- 2 

33S 

233 

25p 

51 

275 

- 3 

304 

227 

23p 

49 

573 

-15 

502 

484 

23p 

47 

237 

-12 

258 

164 

£J 

44 

348 

—14 

368 

296 

R0.03 

42 

424 

-63 

4SS 

285 

23 a 

41 

86 

' — 3 

94 

67 i 

2 op 

40 

730 

- 3 

743 

583 

25 p 

3H 

363 

— 15 

425 

343 

50p 

37 

205 

- S 

215 

163 

25p 

36 

326 

- 8 

340 

256 

25 p 

36 

1384 

+ 21 

J42 

84 

£1 

35 

74 

— 5 

89 

42 


BASE LENDING RATES 


A.B.N. Bank 


10 


Allied Irish Banks Ltd. 10 


10 

10 

10 

10 

10 

10 

10 

HI 

10 

io: 

10 


Hambros Bank 




American Express Bk. 

Aiuto Bunk 

A P Bank Ltd 

Henry Ansbacher 

Bancu tie Bilbao 

Bank uf Credit & Once. 

F-.ink uf Cyprus 

Dank of M.S.W 

Banquti Be- Ice Ltd. ... 
Bancjue du Rhone 

Barclays Bank 

Barnett Chris Lie Lid.... 11 °r> 
Bremar Holdings Ltd. 11 % 

Bril. Bank of Mid. East 10 % 

E3 Brown Shipley 10 

Canada Perm’t Trust 10 % 
Cauitul C & C Fin. Ltd. 10 % 

Cayzer Ltd 10 % 

Cedar Holdings 101% 

a GharLeriiciu.se Jupbet... 10 

Choulartons 10 % 

C. E. Cual.es 10 “ 

Consolidated Credits... 10 
Co-opera live Bank *10 

Corinthian Securities 10 

Credit L'onnais 10 

Thu Cj prus Popular Bk. 10 

Duncan Lawne 10 

Eagil Trust 10 

Ensltsh Transcun l. ... 11 
First Nat. Fin. Curp.... Hi 
First N‘ar. Secs. Ltd- ... 11 

E Anmny (jihbs 10 

Greynound Guaranty,-- 10 
ays Bank +10 


% 

% 

% 

% 

% 

% 

% 

[% 

% 

% 

% 

% 


10 % 

I Hil] Samuel 510 % 

C. Hoare & Co 710 % 

Julian S. Hodae 11 % 

Hongkong St Shanghai 10 % 
Industrial Bk. of Scot 10 % 

Keyser Ullinann 10 % 

Knuwsley & Co. Ltd. ... 12 % 
Lloyds Bank 10 

London Mercantile ... 10 % 
Edward Munson & Co. lli% 

Midland Bank 10 % 

I Samuel Montagu 10 % 

i Morgan Grenfell 10 % 

National Westminster 10 % 
Norwich General Trust 10 % 
P. $. Refson & Co. ... 10 % 

Rossminster io % 

Royal Bk- Canada Trust Hi % 
Schlesinger Limited ... 10 % 

E. S. Schwab Jl\% 

Security Trust Co. Ltd. ll'% 

Shenley Trust II ®f, 

Standard Chartered ... 10 % 

Trade- Dev. Bank 10 % 

Trustee Savings Bank 10 % 
Twentieth Century Bk. 11 % 
United Bank or Kuwait 10 % 
W hi lea way Laiaiaw ... 101%' 
Williams & Glyn's ... 10 % 

Yorkshire Bank Iff % 

Huuses 


RISES AND FALLS 




Yesterday 

On the week 



Op 

Down 

Same 

Up 

□own 

Same 




68 

8 

134 

108 

138 

Corpus. Dam. 

and Foreign Bonds ... 

t, 

7 

• 49 

33 

24 

253 

Industrials . 


288 

483 

847 

1.452 

1.579 

. 4,663 

Financial and 

Prop. — 

23 

M6 

281 

436 

663 

140 

Oils 


10 

13 

13 

-41 

54 

85 

Plantation 


1 

M 

16 - 

24 

m 

S3 

Mines 


n 

>3 

34 

133 

212 

215 

Recent Issues 


* 7 

17 

7 

5Q 

59 . 

68 

Totals 



266 

m 

W63 

i303 

2427 ' 

6,946 


These indices are the joint compilation of the Financial Times, the Institute of Actuaries aad thfi Facility Afiftorifes 


EQUITY 

GROUPS 

'and 

SUB-SECTIONS 


OPTIONS 

DEALING DATES Money was giyen for the call in 

First Last Last For Daejan, Spiders, Mon tags Boston 
Deal- Deal- Declare- Settle- Warrants, Lever, Sears,. UDT 

SepflS De°° 7 DK.W *** Nad™ 1 Flnaf'c E^lteh 
Sep. 26 OeL 9 Dec. 28 Jan. 9 Property and GUI and Duffus. 
Oct. 10 Oct 23 Jan. 11 Jan. 23 Puts were done in Gripperrods 
For rale indications see end of and J. Lyons, while doubles were 
Share Information Service arranged in Spillers and Royco. 


RECENT ISSUES 


EQUITIES 


[*•■■* Is! 

'nre \zr' p£"l 
p: * " i 


1978 


Stock 


High Dow 


!ll ' = ': + _r r 3 I 


=.< i 


55 I F.P.J 31/6j 87 | 

*« : P.r. ! — \ 121«| 

' 189 J3i? 


115 


F.P. 
I F.l 


8/9 


- | a 


71 |t'i 
4 K 

3fi IT. 

34 JU 


Cartiers Superfoxta.... 

Krarxy 

~ ins, (E.) i Jew'ln>)20p| 163 
Isnor Nat liru. Hobs 1 34 


84 |-1 
10 

+ 1 


A/ 2.41, 3.1J4.4 7.: 


7.5 


'•5.5 3.1! 5.0M.I 
/.2.14' OlB.' 


1.4,11.8 


FIXED INTEREST STOCKS 


i 1 I- ;s 1 2| 

i ! 11 Pfil 


unis 


: %'* ! . 


<£ High j Lm 


Sl,«.-k 


‘¥r 

i °- 


i0p ; - 
*995* ! F.l*. 
*100 i*50 


13>10' ttn« I lap lAnJuKtviiu.- 12^ Conr. l*rf._...^... . 

— • 10i< -Nl* Camden l ar. Kale RaJ. lfifeS 

15,12' mV (*"«: U... iZii Hml. 1985 

— 1071*1 1044|<h.\«uan IV l!n*.,l 10#g Prof. 

99|< i nil i 29;9 3ifi-in. StuniHtU A •‘mill. 14% In D^^aiul)J» 

L'lOO 1 K.l*. ■ 8/12l I0Ui‘ 101 iH-iwanl AW>mJtiani Crrs. Ln. Hi-B! 

F.l*. i — i 248 i toU lliiil. TWiMM-n t i-n* . Ke»l. I*ref. 

£99 >3 1 )'J\ 


..f .L4|H-»* 
„• 99m .... 

„I 51U:-W 
«J7pf+l 


— i sLDj, V9lg'Kco»uixt«iii and ChelMa Var. Kate 19Ba . 


W7|F 

■MS— 

249 i-i-a 


£100 i V.V. 
C991, F.l*. 
.LH9V K.l’. 

Sill' tl 1 IB |tnlliaui Janirt- 8% t'uuu l'ief. | ei 

— i 9U,1i 9V7s > -.\iin iiani|«uu Var. Kale Kill. Iwlj J gg 

l S«la- 981c.Mralln.-h.lr Vnr. Kale 1W3 1 SB«« 

— i rriiaj -Oia.WHi^ivw.inliVRnHiile lsB3 ■ 99 

+ ‘a 

« RIGHTS” OFFERS 

MM 



9 

nn 




mm 

285 ; V.i*. | 
628 ! Sill 

22:Bi27/lbi 360 j 327 IH.T.H ”][!!!!”!' 334 ' 

— j — j 4ii 1 52 jllnnk uf M.mireaJ 1 3^ 

— 1 
— 1 


50 
44 I 
118 ’ I 
KFIIO! 
266 I 
65 

ioo ! 

65u | 


F.l*. 
Ml 
K. I*. 
Ml | 
Ml I 
F.l*. I 

Ml i 

Ml 


30/B;Z4/ll| 7>t | b7 UEackwi.d 

29(9' 20(1 lti|iui;7i;jini|Briii-<li 1’riiit.mj; 

21/9' 3/11 14a < lia li’buhh 

— j — . iMj.mi Fr. P«tPi,lea 

— . — : 4lpm : a?| •uc Ua'gK » 

22.-9 13.’)0! WJ 74 |lk.m.la 

— . — | lupin | b|)m. 1/ula V 8 > t'oiaet icK);^ On v . t.i i 

— — ■ l4pui:Nd|inr(al-U; auxt Himmii 

29/9 13/10' lOpnO oi>miHill 4 rtmitli 

— ; - I 24|'Ui. lS|uti H-iuilun (lr>aap 

25i9' 27/ 10; SR! ! 34 ! Initial ririri,«w..... 

— — 121? i 101? flK iinlvk Hul.liog' 

11. *9 27/10, W|«n^|4ii,[<\ Si-rviie ... 

— . — Slinii; ITfun -laai. A UbllaoH Iml.... 

21;8 4-10' ill ; 104 I'nijj-.ii l*aniu-<>lii(A. 

29,9 27/lOj 40/ini' aapiiiil/niiii-rs iJt-'ui-llt-n/ 

— — I 5pm; SpnijlMlaiKL- KnllWtar. _... 

25/9' B/ll 114|-m; ':a|iinii:i>.-anli> kng 

9-10 6d 1; W ' ll'lj -W rami'll 


■SS Mahon 10 % 


■ AfumbiTS of Ihe Acceptliw 
Cammitli-e. 

• 7-dni- dvDmila ~'r, 1-mnnib rlt-poshs 
rt-s». 

t T-dajr deposits on ■*um* of fifl.ow 
and under B 1 '#.. up iq ££ 3.000 «i%. 
and over CU.ODfl 7;<v. 

' rail deposits over Il.noii ?«i. 

S Demand and dopnsiis 7i«t. 


65 

1 Ml 

74 

i Ml 

10 

! K.l* 

77 

' K.l’, 

86 

Nit 

44 

j K.l*. 

40 

1 .Nil 

4 , 


200 { 

1 Ail 

25 1 

1 Ail 


I 


p-2 

-i" 


'38 03. 


S' 

11 

20pm ...... 

-6 f— lie 

1,11m 


€jm ..... 

gtypaL-Ui 


fat 

88*1 —1*2 
18pu> 

no ; 

36pm— 2 

•jjau. + l 

114wu. 

101*.- Us 


Renunuiaiiiin dale usually List day {or rivaling Iree.nf sump duly t> Fwares 
based uu prospetiua esimiale. « Assumed dividend and ytclri. „ Kurevagt dividend. 


cover hastri an previous years earnlmu. r Dividend and yield based on DTHPetfUfi 
or other offlci4\l cailnialea lor 1078. q Gross. T Figures aiisumed. 1 Cover allows 


lor conversion of share-? not now rankmn for dividend or ranking only ior Testricied 
dividend 4. } Placing price iu uublit p* Pence unless oUvrviisc indiraied.' 5 issued 
by lender. || ORered 10 holders or ordinary Uures as a ''righiv." -"Issued 
by way of capital Isa lion, rt MUuminn lender price. 1$ Reinmdnced ss Issued in 
connection with reorsanisailoo raeryer or lake-orer. |!|] Imrudncuon. H Issued 
10 farmer preference holders, fl ANolmem le tiers <or fulty-paidj. * pnvtsionai 
or partly-paid aliotmept tellers, ie With warrants. 


Ftrurw io pumibae* lfcow 
a umber of stock, per faction. 


CAPITAL GOODS C17D 
Building Materials (27); 
CoEtrartinfe CautnaiM CB — | 

Electricals (14) 

Enginrerin* Contncttn 1 141 . 
Mechanical EogaeffringTR}.. 
M«uh aad letd EMag lft_ 
CONSUMER GOODS 

(DURABLEX53) 

LT.KUflmiics.BidkiTVlML-J 
Household Goods (12) _[ 
Motors and Distributor (25)_ 
CONSUMER GOODS 
(NON-DURABLE) ( 173) 

Breweries (14) 

Wines and Spirits (6) 
EntertauanenUCttcrug (17)_ 
Food Manafacturing (20) 
Food Retailing (15)... 
Nevqapen, MU| (1?_ 
Packagmg and Paper (15)_ 
Stores (40) 


Textiles (25L 


Tobaccos (3). 


Toys and Games (6) .. 
OTHER GROUPS (98) 

Chemicals (IS) 

Itaosceitkd Products (7) - 
Office Equipment 16) 

Shipping (10) 

Miscellaneous (56) — 


INDUSTRIAL GKOPPH85) 


Oils (5) 


590 SHARK INDEX _ 


FINANOALGROCTUM)- 
Banks(Q) 

Discount Houses (10) 

Hire Purchase (5) 

Insurance (Life) (10) . 

Inssmace (Composite) (7)_ 

Insurance Broken (10) 

Merchant Banks (14). 

Property (31) 

Miscellaneous (7) 


Investment Trusts (50). 
Mining Finance (4) _ 

Overseas Traders (10) _j 

ALL5BAREINDEXfn3)~ 


Fri, Sept. 22, 1978 


Index 

No.. 


252.60 

219.92 

41522 

568.14 

380.62 

200^2 

179J2 


219.75 

268.99 

18836 

13227 


220 .li 
23L08 
288.90 
276:89 
216.65 

232.96 
40435 

149.96 
20737 

iasM 

25034 

121.78 

215.97 
30831 


Day’s 

Ctaose 

a; 


si 


-0.! 

-0.8 

-0.4 

-0.9 

-03 

-0.7 

-13 


-13 

-1.0 

-0.1 

—1.6 


285.78 

143.63 

436A3 


230.65 


234.44 


51L89 


257R2 


17L47 
19032 
21738 
160.44 
14L24 
228.72 
34837 
85 JO 
265.66 
112.35 


232.03 

107.93 

329.47 

23536 


-LI 

-22 

-L7 

-0.7 

-03 

-1.0 

-0.8 

-1.0 

-13 

+0.6 

-0.8 

-13 

-0.9 

-0.9 

-03 

-1.7 

-12 

-03 


-L0 


-0.9 


-LO 


-13 
-2JL 
-02 
-LI 
— L4 
— L4 
-03 
— L2 
— L2 
-1J 


-0.4 

-L6 

-0.4 

-L0 


Est. 


Tk» 

<MaxJ 


Corp: 
Tar 5% 


1534 

16.02 

17.22 

12.76 

17.45 

16.41 

14.94 


15.89 

13.92 

15.93 
19.11 


15.11 

15.05 

14.75 

14.66 

17.48 

13.04 
1931 
17.31 
1034 
17.81 
22.01 
1862 
14.40 
15.13 

10.05 
1692 
1436 
1601 


15 J5 


13.65 


14.85 


2437 

15.18 


1336 


334 

22.48 


3J0 

1635 

14.88 


Gross 

Dtv. 

Delfit 

(ACT 

es%) 


4.93 

5JL0 

3.77 

3.26 

5.72 

5.44 

7.91 


4.82 

3.78 

6.01 

625 


537 

6.08 

4.96 
638 
5.04 
4.42 

5.96 
7.13 
438 
733 
7.50 
534 
537 
638 
3.60 
539 
699 
,5.92 


535 


3.93 


534 


5.67 

6.16 

7.95 

534 

638 

681 

439 

5.72 

235 

7.44 


4.47 

6.60 

698 


537 


Est. 

PfE 

Ratio 

det) 

Corp. 

7n5» 


8.96 

8.61 

8.47 

10.84 

7.77 

8.13 

937 


8.77 

10.05 

8.66 

736 


8.92 

9.14 

1032 

9.96 

738 

10.63 

731 

7.61 

13.88 

730 

5.38 

638 

8.95 
8l61 

1225 

7.05 

8.96 
839 


&93 


7.95 


8.77 


610 

269 


1035 


53.56 

5.76 


3331 

7.45 

8.42 


Thar, 

Sept 

21 


Index 

No. 


254.63 

22L70 

41693 

57338 

38L65 


20203 

18L80 


22228 


Z7L62 

188.47 

13439 


22253 

23635 


293.76 

278.95 

217.79 

23536 


40739 

15L47 

21031 

18100 

25232 

12337 

217J6 

303.68 
28735 
14605 

440.69 
23263 


23672 


51656 


26030 


174.00 

19432 

218106 

146229 

14336 

13039 

34934 

85.99 

26678 

21435 


23284 

109.72 

330J6 


237.76 


Wed..| 


Index 

No. 


ru, 


Index 

Ka 


255.01 

22L79 

41326 

57670 

38032 

20221 

18L73 


22327 

Z73J8 

18834 

134.46 


223.08 

23680 

29632 

279.76 

217.87 

23532 

40644 

15L93 

21169 

18430 

25111 

12334 

21836 


304.78 

28739 

147.17 

44027 

3176 


23727 


51339 


26039 


174.42 

195.15 

21830 

164J0 

14310 

132.14 

34731 

8629 

26690 

114.01 


233.45 

11104 

33023 


23611 


254.05 

220.91 

41281 

57284 

3SL91 

20209 

18123 


22127 

270.82 

189.02 

133.20 


22203 

23521 

29267 

2772.7 

21693 

233.97 

40644 

150.75 
209.46 
18424 
25261 
12339 
21680 
30219 

285.76 
34727 
439.09 
230 JD 


235.99 


510.62 


25929 


174.66 

19600 

21630 


163.05 

14336 

13213 

349.49 

87.02 

265.64 

M-02 


233.74 

130.03 

32662 


237251 


Mao. 

Sept. 

18 


So. 


Yea. 

ago 




Index 

Na 


255J6 

22L95 

414.65 

577J2 

38433 

20326 

18291 


224.46 

275.93 

19609 

134.42 


224.82 
23650 
297J4 
28128 
22671 
35.94 
414JB 
15218 
213-02 
18603 
254 m 
12687 
21920 
38577 
28616 
14690 
44614 j 
23337 


23650 


51C9S 


26L86 


17620 
19671 
21649 
165© 
14649 
13323 
35226 
87 J7 
264J9 
314 J* 


23652 


112.71 

53638 


236571 


Highs ami JLe ws Jtnd^ : - ; ' ; ■ ! 


1078 


High 


tow' 


20937 

193J3 

32695 

439.87 

305.08 

16826 


163.03 


19736 

23151 

177.62 

120.66 


19668 

205J2 


236.24 

24437 

200.94 

214.65 

34687 

33679 

18641 

16690 

21624 

10932 

20129 

27530 

600 

22929 

515.83 

20539 


29824 


52522 


2341M 

M73.45 

22335 

163.60 

13528 


13729 
347 JO 
8646 
22220 


UL55 


19622 

19686 

28698 


21432 


25628 
22668 
41931 
576 70 
38433 
204.75 
182.91 


(14/9) 

( 22 / 8 ) 

(14/9 

<m 

flaw 

cm 

om 


22655 03/9 
28621 03/9) 
19027 (14/9 
135.65 (22/9 


22623 

24137 

30L24 

28133 

223 J5. 

237.92 

42L75 

155l65 

21834 

19L90 

26650 

12521 

22324 

32528 

291.13 

150.75 

40.01 

23656 


04/9 
(® 5 ) 
04 m 
04/9 
04/9 

(m 

cm 

04/9 

03fl) 

(32/5) 

(23/8) 

04/9 

04/9 

04/9 

04/9 

03/9 

(60) 

XMfiL 


24L43 04/9 


523.72 (23M) 


265J3 (14/9) 


17939 

20436 

22833 

17655 

15739 

143.46 

37227 

87.48 

26678 

117.64 


243.92 

13520 

337.68 


(9/8) 

(230) 

(W* 

020 ) 

m 

(60) 

dirt) 

05/9- 

(23/9 

S&®. 


cm 

02/9 

m. 


24230 04/9 


288.95 (29) 
16630. (39) 
28935 . (6/3) 
404.47 . .(2/3) 

270.95 . (fi/3) 
149.87 -(2/3) 
15422 mm 


173.63 (3/3) 

209.01 X3 n 
16654 (6/3) 

104.68 . (2 13) 


179.46 
204.04 
229J5 
219J2 
17537 
17653 
269 St, 
11931 
16537 
16SJ5 
214.88 

93.79 

173L08 

23669 

22641 

117.48 

39609 

178.47 


(2/3) 
• (27/2) 
(2/3) 
(29) 
mm 

0/3) 

7 m 

05® 

(2/3) 

(29) 

050 

(270 

(313). 

(29) 

(3/3) 

00 ) 

(6/7) 

09) 


18602 (2/3) 


417.98 (29) 


205.42 am 


153JS 

17L58 

18520 

13652 

124.97 

11823 

30L20 

7100 

21603 

99.61 


(270 

(270 

030 

07/4) 
07/4) 
(70 
(60 
<27 0 
cm 

<77123 


17648 

.8539- 

21226 


(60 

m 


19Z35 (2/3) 


-Stioce ',-;. 

- (TAiwpnRfrwi *■ , 


High' - : J.f 

;>:V ; 


.vs,.- 


rt 


'2562804/908) 
233.84 (2/5/72) 
'43931 04W7B) 
578.70(20/9/7® 
38U3CBW78) 
204.75 04/9/78) 
182.9108/9/78) 


Ifijta302ff4) 

4427,03/12/74) 

}7t4i (2A2/74) 
tCn.&NO) 
6459-12/1/75) 
'45.43 (6/3/75) 
49,65-. (M/75) 


227.78(23/4/72) 
28621 03/9/78) 
26322 (4/5/7Z)'. 
-17059 05/1/69) 


22823(14/9/78) 
28127(2801/72) 
38124 04/9/78) 
329.99 (12/12/77) 
223 JS 04/9/78) 
244.41. (Z7/U/77) 
(14/9/78) 
155 J5 04W78) 
‘21854 03/9/78) 
235.72 07/1/67) 
33926 (2/8/72) 
135.72(160/78) 
22324 04/9/78) 
315.28 04/9/78) 
29123 04/9/78) 
24606 (1/9/22) 
539J6 08/5/77).' 
25683 (2/5/72)- 


24L43 04/9478) 


5gJ0fl5/W7) 


265.83 awrm 


2414102/4/72) 
28832.(20/7/72) 
29313 (2/5/72) 
433J4. (4/5/72) 
19146 05/3/72) 
16172(6/10/77) 

37227 (11/8/7© 

27857 0/5/730 

357A0 (9/11/73) 
30328 QS/5J72) 


245.79(25/4/72) 

175.90 (26/4/69) 

33758 anna 


24230 (14/9/789 


:• - 

if. 


- V 


3a 3* (6/1/75) •- - 

> 

a92'cnfl2/74) : v 

lm/w/cs) T 


» 


tm 03/12/74) 
69.47(13/12/70 
7688 03/12/74) 

54»:wwa 

568703112/14) 
542501/12/74) 

5608 (60/75) 

43.46 (6/1/75) :*’™ 

5163. (60/75) 

66660102/74). r : 

9134 03/8/65 •. ' ‘ 
265t-wr® 

5663 tf/i/75) 

7L2$ K '0fUn -V: 

122641 CW/TS 

4534 (20/75) -i:.",;. 
90.» (WW2) V- . 
6638 (6f7l75)_ i:*?: 


5931 0302/74). - 
8723 (Htsmj *. ''J- 


6646fl3fl2gS_ 


5538:0302/74) 

62.44(32/12/74) 

siMQsmim 
38*0102/74) 
4438 (20/75) 
43J6 03/B/74) 

653606/1274) 

■aa ow® . 

suttpwwa 

3329fl702gjL 


'■ 9 


>2:. . 


r. 


‘--1 1 


7163.0302/74) ; :.' 

jB&L-emtn . 


O-fKOV&to- r.;.‘ 


- 

FIXED INTEREST PRICE INDICES 


■ FLkriii INTEREST 

YIELDS ' . 

Br. Govt Av. Grass Bad 

■Fri. 

Sept. 

Thnr.. 

Sept. 

H 














’ 




xd adj. 

1| 

Low 5 

&B 

MB 

Lta 1 



British Government , 




2 

Coupons is wn -. 

»■« 

1152 

1952 






%** 


to date 

_3 


a67 

— m 

. iiMiamil 

1 

2 

Under 5 years 

5-15 yean. 

IK .07 

115.6Z 

-4.21 

-024 

— 

478 

759 

4 

5 
_6 

Medium 5 ^ __ 

Coupons 15 yA*™ . ' . 

25 years. 

2L79 

12J9 

32J9 

ILK 

12.04 

12.05 

s.% 

1056 

3&XL 


.. : 930 0/D - 

■ wire® ; 

- 1154 00 

3 

Over IS years 


-42b 

_• 

956 

7 

HI^i 5 vears. ' L 

1L73 

1L5B 

951 

ILK 

1174 


467 0/D - 

4 

Irredeemables : 

All stocks 

12&45 

-0.42 

- 

9.02 

8 

8 


1252 

1279 

1257 

12.75 

\> UO ®»‘ 

. 13.43 am 

' * : itis ;w? 

‘ uaisiaa^i 

S 

11357 

-92* 

— 

7J4 

ul 


1154 

1L48 

- 3933 






- •'rrj 




*4 


>1. 




-l 

■ -V* 


I; - 

i - .' '<.7. . *" 


iii. ;■ 


I Fn. 22 

1 ! -Tbur. 

■ tmlex) YietiilSeM. 
I An. J “i | 21 


Wed. Tue#. Ron.! f ri . [rhur. 


]20jt.- Red. Deb. 4 Loans U5) 




Wed. 

Sert- 

413'. 


Year.l 

*«<* 


1078 


b'inee •. 
Cainpllatmi;' 


Highs 


Lews 


Investment Trust Prefs. 

7 Comi. and Indl. Prafs. (20) 


,.j b?j7 i12.B9i 57.54 *7.54 i57^S i7.55 157.87 S7A5 I- 63.69 (Si'll 

51 J6 | 15.58,53.58 151.87 -51 XI '41.87 ! 51.12 SffS® f“ 87 7101,1 

■ 71.59 ! I2.85l71.58 71.57 {71.21 i71.2[ 171.81 3lj| $S. jSS - 1 TSiw (itfii 


HlgM . 


Jaw*- 


.. it 1* 

it ^ •- 

*!*' -I 

* V ■ ■*.’« 




Mol an or Crvup 
PhantMceaUcel Pro ducts 
Ollier Croups 
Overseas Traders- 
Engineering Contractors 
Mechanical Engineering 
Wines and Spirits 
Toys and Games'.' 

Office Equipment 
Industrial Group 


Bate Dale 

30/12/77 

31/17/74 

31/12/78 

swzm 

n/ 12/71 

15*1/70 

U/I/7B 

15/1/70 

31/12/70 


Base Value 
251.17 
53.75 
100 M 
153.89 
153 M 
199.75 
135.72 
J20J0 
188 


Section er Group 
M Keel la neons Financial 
Foed ManufacturtBs 

Food Retailing 
Insurance Brokers 
Mining Finance 
All Other 

t Redemption yield. 


51X77,20/7) 114.41 (13/8/63) 134.45 |«/I»W 

6^BU.iE0rt)i J.14J6 '(2/10,63) ■ 1 47J67' 


- t. 


Base Dale IHh VWu* 

Uf 12/18' '• . . 12605' 

2s *12/57 , . 

2902/57 -.v31a-l3 

n 02/67 455* • 

29/12/57 .' . I*-* 

10/4/52- . — . 

I ha ef aie; api«iure*B 


■ ••v-w-FNnn 7*UH. M ira If no wawkriHJ n 

available from Ike PuWIgiwrs, The Fiawdit. rimes, 
Brackan Hum, Cannm Street teuton. . -E06 prtca 


,«ff. Sr past 22p. A rartalghliy recant- ffigrouri 
•dosecUoW: indices, dividend yields jutd earafems Dgura* 
19 *r- "toi quarterly, aitfis. .and" I ons: *** 

**■ Iff ohtamabla from •'FT Rpstnesc-BjrtwprtSOJ. 
14. Boh /Court. Lendan. CC4- bi'-SOO' per'ceoy. . 

. .. CO KSTITUEHT CHANCES: ThucuSM. Bipanfcwllw 
P?Wiri«msJ Jras'.bcdr- r^fatef &y &«- 
Uierm TULeraaticmsI (Ll. SeurecfcS/- Radio - TV). 

.P^ yP^ nU has bee* nptisah: bjr Cr**h 
(PerdcW Contracting. CanstmetfonTr^. -- _ "7 * 


"l 


MV. ^ 




v 


:L - .* . 


•..->'v i.- ■.*!"•-. - 1 










































































iHS :4< - 


>*00* Ts 






E “ 


AUTHORISED UNIT TRUSTS 


offshore AND 

OVERSEAS FUNDS 


Abbey Unit Tst„ Mgrs. IXA. (a) FranJiacUn Unit Vgt- Ltd. fa) 

7S-S>. Gatehouse BiL. Aylesbury DaB-TOl M.IixlsnAYMitEOaBSDH- i 0) s 


AMwy Capita 3b 5 

AbbaylBCOmc. OJ 

Abbey lo^.Tsi.RL. H2 
Abbe-G«Tn 490 
Equitas Frog. Tat. 72 4 


388J-M 
4*0 -oil 
41.7 -Oil 

S-t -B-H 
753 -ftS 


401 Arapmuo — — ,. 

5.SJ CojMfslTst — _ 

402 ln<MMrT«..» 

» 2 1M 'inwtb fa 

3-78 Oa.icnan.— 


hSSsB? 0, - Wi MinsIer **** Ltd. Provincial Life Xnv. Co. U 4? 

LUnfl\«rt.EWB5tW. , PvJ *«MbT Hie.. Arthur St. EC4. 0I-S3lffi0 Z22.Bij4!(iftfi!ale.E.Ci 0i-247fi523 

SSL" ’' Imi. liana ■"• ai* SjliBBMfSepilB-.pt* 4191 J 5.83 PraUricL'nita WZO 1U-44I Z<3 

JT« ^£*1 | JJ ^.-rartAliBiLaai.lJBDT IM.fl..,.] 5JJ Hichliteome (lZ7-7 136J4 -OiR 6.75 

wtbfd Z1 lizia . 13« ol ."'..I 2.07 IKLA Unit Trust MeemnL Lid. 


Allied Hjanbrs Graapf is) fg) 

Hsmhro Hoc, Hutton. Rreimniod. Essex. 
01-388 2851 -or Bmcnod \fC77l 2m» 

I x Iw b mI Panda 

Allied let _T0 7 751*1 -0 8 

BnLInd* Fund.... 63 4 73 Z -0.7 

GrtiLft Ut ~0 4 43 3 -0 a 

Sleet. A lad. Dev 37 4 40 0 —03 

Allied Cap ttl 782 83.7-03 

Hnrobro ¥ arid UC 3 1223 -08 

HambroAcc. Fd_f229& 13*71-1.4 

l tw w Panda 

JUsh Yield Fd_ 175.9 KLZrf -O 3! 


2 07 KLA Unit Trust MgemnL i m 
207 OldynemSlTW-l.SWnialC. . 01-0507333. 


Friends* Provdt. Unit Tr. Mm.* -»• **« - 1 pZSZuEZZZ. 


Provincial Life Xnv. Co. lid.? Swe* Prosper rontiijped 
222 . bi.'Jj upscale. £ici 01-247G53S Sectbits Securities Ud.V 

Prolific L'nlta WZB «S -0*1 Z« Semite IMS 4£A 

HizhUirase 1127J 13*3 -fl]R 6.75 seSymU.- JS* sstod 

jai B l B B ni 6* y 

Prudl Portfolio Mngrs. Ltd.* (aMbXd scotgc-Gth-* — I27&.6 2R7* 

Hrib«n *«. ECU. KH ... _ OMOMBI 3* 2BZM 


-wx. . Piaham Bnd. Dork in*- 

3W» FnmJaPro*. Lta.iiT.2 . ■ 58- 

Im Afcva.- . - — [61.0 . ”■ 

I§ 3 IB C-T. UbH Managers UW 
-o'a 405 16. rinctnna Circos 7X2SI9bD 

-03 4 42 R-T Cop Inc ..MI 1*1 : 

-03 4.06 Do am __ ” U39 121 J 

-0 8 4.66 r.TlatKdLVn 17*1 1855i 

-L4 AW UT.I'.&*Cea 107 1*8; 

G T Japan ft Gca.- 362ft 3®. 


jr. Jljjrs.V — -in. ^1 — •» Prudential |137J 146.B< -Lb{ 45* ““ “ 100. Wood Street. ECi 01-6288011 

anoGBK Marra y John^tme U.T. Mgnt.fia) • * SehtougerTnut Mngrs. Ltd. fa) Iz) tults«*.i | 5X7 — J 532 

W4f -m 3 eo liDHnr>e-Sirect.01asi:ow.G22UH OU-221S5Z1 Qni Iter Management Co. LiiLV mb. S oeth street. Dorking. asoeaGHi ,, _ _ „ 

*6 2] -o.ii 300 .MJ European. IB? 8 . 887| J 2.67 TheAtk. Ewhaact ECLViHP. 01-0004177 akBudiik PX 2 ».4I j Z98 Tra n s at lantic and Gen. Secs. Cc.¥ 

Dceltna Day Vr.daj. <iuodraru Ueo. Fd. .I115A 128.71 I 4.7a A m- iJW Ui --^^7 Sl3l — I 2JB 9)-flB New London Rd. -Chelmsford 0341 5 1651 

n niJ ~ u Wntual Unit Trust Manaavrsp faKlSl Uo “ 1 ™ ,1I,,Cv “-l 153fc 137 ■* -~J »■» 

ai' 7* r "PUMjlAvr.,fc3'2R7»D- OIOQ64OT Balimio. Unit Myry T.US . &OTltac.Tsl 

gy Mu{St!i i n T.T^ ,! ~l|« wSioSI £« SSSSSsaz: 

-7? f iS Mutual BlunOun_.W5.1 48* -ay t«7 OpgBTOMJjiFd rj52 n.4l .. .i 439 

P J? II ssafS— 7JS ss 

■* 10 is 31. St. Andrew stbiwre.eninbuTnb 031-35*0151 aidgefleM Management Ltd. 

/,uu Income Sept. 20 — 1X686 I74JB J S 38 3840t Kannedy St, Manirfaeger 0612388531 


Target Tst. Mgrs. (Scotland) (aKbl 

13. Alhol C rear ea^EtEn- 2. B31-2S8Sai! 

—0.71 3 88 Target Anter^agleJSl ~2-|| 1 ZI 

—0*1 6.7Z Target Tlussle— — tea «6 « -03 5 Z* 

—0.41 IX Ealrb Income Fd. ^.166.9 6s 3* — 0*j 9.83 
[ 196 

Z::\ 7.04 Trades Union Unit Tst.- Managers? 


.Next mb. day Sept- si. 700. Wood Street. ECi 


—0 31 733 

—ay 6«s 

-0*1 *71 


n.T. Int'l Fluid.—, t 
C.T. Four YdaFd f 


Interactional 177.1 

Pacific Fend (48.2 

Scca-Of America.. 155 8 

TJSA. ExemplO (9S3 

apeeimMB run 
Smaller Co.' a Pd 
Sad Sadr. CtfsFd. -r»v » 

]teeroei7SttaL 10Z7 

Mct.Kla.bC'dty.u ~ 
Oversea* Ears inn 
JSspt. Sndr. Co’s 4 


2401-071 234 G- & A. Trust (at <g) 
5Lw —o 71 1.9J 5, Rerlef Eb BtL. Bieulwod 
CAiL A 1 |U 


Bswag 




852» 

lifi.7 -7.3 
3*1.8 -la, 


of: Mutual Inc. T m. — 73 8 
Mutual BlunCh,p.. 45.1 
S-g? Mutual Hi E HYI(T_.. 64 4 


I J 439 

m is 


5 Li! -0. 
593] -a. 
W0j| — 


lAcvtim. Unlt&i. U308 23941 — 1 538 HMceflrid lnr.IT ,mJ3* _ 

Capi. SCTO.JO [136,0 1J1JH I 3.T9 Biderfieldtomt 910 U! 

<0277)257300 lAccum. UnlU) [166.4 X7L6J J.79 

sao| -031 437 National Provident Inv. Mngrs. Ltd.V KothscWW Asset Manage 
» V (aKg) 48.Craecclu»rhSL.Ecap3HH 01-6234200 

«J>xoiKU».rB_[49« nu_..j 4J# 


G artmor e Fond Managers V (aKg) 

4 17 2 Si. Mary Axe. EC3ABBP. _ _ 01-2833 

-64 4*7 <^i Amen can Tst . 

—72 460 Er.ltshTsUAee.l . 

-0.4 A at. Conunudity Share. 

-0.6 433 Extra laeomeTsl 

■*03j 449 rr 'Far Boat Trust. 

High XncnmcTn.: 

Anderson Unit Trust Managers tld inctmwFurul- 

ISBFenchnrch St. EOM6AA 023SU3X ]JJJj 'e^STf<1 

Anderson U.T. 1585 603] _._1 3 S& Ji.VnUT^Aeci 


if 


“S4 Barb, can Srpt.21— 181 6 861 

“2t i S licvnm. Umti,' [1268 134 ‘ 

-0-} »» BartoJ£xH..4u£. 30. 1*9.4 9 *.t 

—0.4 9.47 ftwrv-m 

-0 i — • {Acctmi. Unltsi 

-03 2.96 CoIetnoScpL 2 

“2 . 3-S tAccum. Units' 

-03 *07 CmnhId.SBPt.gOL— 

-«U — CAcetna.Edu 

-- lia Clea.SDR.lS 

“0-; Lg lAcnmtolni 

♦J 2 2-J? 6t*fP*gti5epLl9— 


5 14 

5J4 

4.00 

431 
— , 431 
— 2J 5J6 
-25 536 


4JJ (AmmL Psild 
4.71 VwaGwth^ewJ 


317 .. 
684 -031 
1K5 -0.7 
23 3 -0.11 
UAb -3.9 


1) 4aCracccUnchSL.ECZP3KH 01-0234200 

oi-aetTMi N-^J-GUcUaTa— 1«« 52.M J 43# 

U * . 5S? ’Acrum. Uolur UB3 6*3 .1 430 

0 06 NFI O'acas. Trust .. jpB 2 3453 _...J 238 

2 ‘2 tilccum. L , nh*i*’_..|l9i2 1517] 1 ?M 


2-J? -Prices no Sept. 2ft Next dcauni; Oct 4, 
"?3 ‘Prices OB S05L 6. Next dcallne SupL SO. 


N.C. EnsyJtas.TB. 
N.C. Income Fund. 
N.C. liuL FTL One. 
N.C. IdU. Fd. (Ace 
N.C Smllr Coys F 


Bt V> J. Heaur Schroder Wagg & Co. Ltd.p 

0296 soil uftOwpdddEC* m.«mu VnPBiSw. 


wthSeptlS— 


■WdL19l 

saspD 

(Aeons. Units i ■ 


(Aceum Oaitx.) 

WIck-rSepLil. 


?a National Vainhntaffa) 

; “ 161. choanddev Et?3V 6EU. Ql-OM 0000. 

? 71 Capitol t,1«Tim)_..fi9.1 74JJ -ftbl 430 


Eathschild & Lowndes Mgxxd. fa) 

SL Svitbliis Lane. Ldn^ KC4. 0)43*4 

Newer. Excuni*... 1031.0 MLM ...J 3 




taSiag'^uw 


*3 


3L Queen SL Loadan ECtit 1BV 01-2385281. ^ 

MW Hia^lW 

L'aJtaL 

WdrwI.UtB. 
ereace Fund, 
cctoa. Unltsi 
capital rund- 
Commodity Fund 
(Aceum. Unrtai- 
■•“nkWdrwl.U.) 

_ .nAPropuFd. 

ClnuFUd- 
CArrtun. Iloltxi.. 

Growth Fund 
ftreuv. Unltai 
AnQrrCn'sFd. 

Eastern ttlntL Fd. 

OPH WdrwI.Ufc.1 
FomcnTd. 

N.Amer.&lBLF 


iNwitnc 'Tubs TTWc 


SJ? tAecumUniifij" 

Wick Dl. Sept 22— 

1W7 ”■ Aceum 

Tyndall Managers Ltd.? 
183 -In *23 1ft Cumfe Road. Brixtol. 

ia-Tct va Sid '■"pivqiMtruai, — wr.i cui-u.a w*tt Bxcuaio auu mub J te — -■ — ,-;j-crt-» 795 1 3.44 Income Sejs 20 

ill feSSJK, Si 7 £t IS on September l^NextcOibslWr U» 

Arabacber Unit Mgnot. Co. Ltd. Gibbs fAntanyl Unit Tst. Mgs. Ltd in?<£?£ ^'iZT.T la! 02 * -e.s t” Bowan Unit Trust MngL Ltd-ffa) 

1 Noble St, EC2V7JA 81-03«n8 LH*d*li»rill.OWJ«BT.Kl ,015884111 RlK&’Kud?”' S’? “ M CltyCawHsB.nnsbiiTySq^^. OI4H1O0* ^-^9^ ^57*1^4 JQ 

Inc. Monthly Fuad .{170.0 180.0c] j 902 <B.AG.Ir.rtma- M5.4 7.3J f "'2' u *** Anwrien Scpt21.pl 5 7*5] 897 UnlS~|615 65J| —J *§ iaS^U^S 

•oi GriwthTT — 141.7. 1 2 ?S NEL Trust M anagers lld.9 (aKg) Secnnlle9Sep<. 19. 190O 199.0* .._ '3L75 ••' Dealing da>- Wedneaday. PretSept.20 

Ariratbnot Securities LUL fal(c) ■ J MiboxCoon.DortiTtg.horroy. 5911 ' Xil Setag Unit Tst. Managcn Ltd.T fa) fAectS^nita. 

iJobm Ncwarm B bibc....Kr7 ™ ^ fJSSufifciSiS i5.3::.™ IS MCa 9 it£7!rIm?' g 

2*5 : 22 t:: London walLE-Ci Qi-^s«a Norwich Unkm Jnnarance Gnwp (b) T - SabMincomcFU-Uto 3*5n|-<a| 7.90 if 

ill a« Shir Sept. =.—.0376 255 ro.Bo*4.Ni*wieti.NRi3NG. oa<B22aio *7^ Tst - F<t l****- Security Selection Ltd. 

also OftArotimXiiU Lffi GrotipTB.Fd p8U «19{ -2.4] *93 SCfaronn StrmLiWi 01 i*5“ W-»UMcdn'*InnFie«« > WC2. 01-871 6936-9 

Si N«i€Umlmsd*yS*pWuber- P,^! Trust Managers Ltd. (a)(gXz) 7 m 3 -j 7.3 IB ttcSSL 

tO -ft! *67 Grleveson Management Co. LCd. 252atebHnlbon».wriV7EB OI-mcsmi Pnees at Sept li Nest dealla* Sept 2ft » "ri ^ZTfoa* s 

9 ;;;■ *32 E' /ar !!? r ,-^c; HZ 4. Great St Heleat London rap SEP tSteWart American Find - Hi 

si £ ;js ^£sa&=||t ts sasisssg'a&sgs^, esja^-ia - as~j " 

: Si ig U4 JS!S ! « S™**™ *? ^£,Sa“diS nJ 1 * - TSB Unit Traits (y> 

fgfc -57 2M MieanUalta 1933. 1PL2J-0 7] 4.6* 4LU ~C(J 257 1 am ^Chancy Way. Atsdorer. Hand 

sl a fs Kjsjs-^aa* % 3 is sas&sS i 

“sum £52s5sys£“"SiK .1 


64 J TJ-lJmdot.WaU.E.Cjft 0*-=fW 

4QJ B 12.50 Neil dcmUng d if September 

MM . 

to .4 -fti *67 Grleveson Management Co. Ltd. 
“Si fg aer.iKhams^EC2P2 DS. oi«k 

^ in I 


Ml — 0.4 
517 -OS 
39' -0.4 
471 —0.5 
3L« +0^ 
29 6n -05 

22 6c -OS 

1653 

339 -33 


i Ac cum Untt&i p5i2 

BtacJJ.Yd. ScpL2lG®5 
lAccuro Unltsi... 

Endear. SCPt i» 

(Aceum. UnitK, 


; « Lo-ABmls. Seot2Q 
[jg iaccusl 1'nim 


233.1 

2473] 

250 U .... 
10211 -5 5 
106 6j -5.7 
7B.il „..., 


SlSSu SfelLSlik 1 SSSi35ffi-|il an:d IB affi2bsah._.. ___ . 

STS -saKJSjrnssa »^= rsM S!l J H 

-0.4] 6.77 4. Great St Helena, London EC3P SEP I SA. P ar t Am eri c an Find High Inc. 

is sssfs ■ as~j “ sss^ 

? m * n ? pe ? S * e “ ltte “* ^ J - TSH Unit Trait, w 

-0 7] 4.6* 4L1J -o « 257 Hfej ^ *H fg *L Chancy W*. Andover. Hm.li. (ESI EH 

W3 ? 2 S?? - ,flh '- GrCT ttL ‘Si, ^ Snn Alliance FnndHngtJ Ltd. lb® 3.< 

I E33 IoCT«iint Ioaxne|^rad ^ ^ ^ SwUUiace Bat. H»*mi. oumuun ibi TSB Income — [M6 6&3-Osj 6/ 

High tnCttnTiws 


317, High Ho)bon>.WnV7NLt 

Archway Fund fW* f 

P rtcea at Sept 21. Nest oub, 


7-24 

724 

4.07 

407 

259 

259 

3.03 

— 3.0 

7.72 

5.93 

5.91 

460 

460 

-02 7.7*), 

-0.9 750 


7.71 

771 

392 

3.92 

7.49 

749 

455 

455 

122S 

1225 


ifZTvn 

fid iiS 


43.1 . 

97.4 US 

44.7 9X1 

520 -.... 9.11 . 

180 -0J *76 1 

223 -02 4.76 

742 -02 752 

33 0 -ftl "245 
385 -HU 482 





Iglpj 


pm 


pips 


Ipp 

IKI 


EppBi 











wmmmm 


Wmmm 


6221-0.71 679 


257 Agcnm. Units 167.4 WLSj Z71 *83 

357 -. Dealing tFH. *Wed. 

205 Alliance Fund MagtJ Ltd. 

SnaJttUanceH*e*Honfaaa. 010364141 


Barclayg Unicora Ltd. (aftglTtci 

Unicorn HOL 2K Ronrford Bd. S7. 01-5345544 

U nictx-n America pi C 3£tf ..... 120 

Do. Aim. Arc 005 ’ 67 fl -12 3.72 

Do.Aua.lnc, 635 68.6 -0E 172 

Do. Capital — 70.9 765s -Of «W 

Do Exempt T bL — 1192 1241 - 1.1 580 

Do. Extra Income _ 30 J 32C -02 736 

Do. Financial 64.9 702 -ftb 4tt) 

Do. 300 «L2 87 ttc _Qj J44 

Do. General 34.0 368= -03 555 

Do. Growth Acc. — 44J 483 -05 386 

Do. Income Ta 9X4 982 -0.7 551 

•Do. PH. Am Ta.- 1451 152.7... 523 


..-Ts sra 1 fsssssss- is ISSSJSffJHa 1 “ 

>.darsept2& Henderson AdmtaubattinV (bMcnO «■«■«» . — uu |HJ W ^ 3LGteahamsu,EC2 Dealings 02805841 Ulster BankV la) 

13 ■ s a<lM 33 S£53S’. mu «i -tii «. asSSfflS£;“ 


S — 0.4 3 
-0.7 3.M 

-0 8 6B2 

-o.s &ez. 

-04 250 

-05 250 


Pteauer U-T A rfinin s SavteUb Hoad. Hutum 
Brentwood. a “ it 00177-217231 

8X Fonda . . , 

HS Unbot Recovery T — ‘ ion) ] 6J0 

J-5 Cop. Growth I nc. — M9 7 S29xj —0.11 251 

277 Cap. Gro-cth Aut fflj.9 - - 5*2m — 03l 251 

4J9 inmate &Aisctt p&2 385*4 -0.1] 555 

SS Blfh hem ?ud> - 


~i - 3 % S Mifh lex time Fonda - 

KfiSfcdE 

15^ Sector Fundi 

_iit| \£L Finnnnal* ITC7— . 127.2 

<u Oil ft Not Rea i»0 

.. 1.1 AM I at -motion*! 

Scptoniber Cabot—- . .. |92.4 

Interaotrtmal.. —.15 6 


American Food. 


■MiJM 


-whim «• asssisafc 

— Toigxt Equity 


5L6 -02 350 Overseas FumBui Taxgw Equity 

531 -a.9 3.90 Eumpo Nl5 4IJj -02| 3 IS 

Ilia 350 Japan rX04.9 112.71 -xOfc] 032 *Do!acc. (mTuT 

754 -02 XB0 uiz_.zr bsj *B.7|-ft3 SlS ^BtGihFuidr 

ahl.iis £ 3 ^— r, m seffc =u - 


w-Ai vrem mm 

Loo C°m^tyi3ty.. 


I - ®- 3 ! Practical Invest. Co. Lid.? <yXe| v[SSials«s. — [»'. 

1 **- w 44.mootaabttrySq.WClA2HA 01^3 8883 BlgMIlnlmnro Fmnto 

29LM —0 21 3JW Fracllcn!Sept20_|i».6 177.6J 1 3 94 Select lnlemoL [264 

Sq Iq^ 1 9$ Ac cum Units (2369 25X3 | 3.9* Select Inaomo ]sft 


m 


*** tS^^bpLzo. 


Select latemoL — [2661 


«i^a a fife 


<3JB -031 MS WnrlosS^eieL Belfast. • iwti w t i i 

67te -gj 454 ,-b)UlSrGroirth_{405 430] -05] 4.95 
OT8 — 650 Unit Trust Account & MgmL Ltd. 1 
1225 £oi ton ««« William St EC4RSAB 01-(B34S$1 

v*o —ft2 *a-FKarxBoe.Fitnd_[I73B 183.(4 J *22 

295c Hft2 Wieter Grtb.FBd.- fe8 ■ 3*6*1 -J 459 

32.? -03 246 I^.Accnm. (385 40iJ ._£] 459 

175 J _ 3 « WWer Growth Fund 

34 8 -05 7.42 King Will lam SL EC4R9AB 01*234951 

^ income Units 02ft 346s( — I 459 

2324 4J3 Aceum Units ES5 4ft3 4 459. 




Prices uAugus XL Nncl aab. doySeptomber Cabot, . .. 192.4 

29. Intern at Kmol.. .—1366 

Do. Recovery— _M7 6 5151-051 512 WldW idcSC5iU3_^lh- 

Do. Trade* rand.. 11235. 133 li -l3 a 83 Omvexa Funds 

Do W!dw*deT«L_l525 565] -O^ IM Ausaslioa K3.1 

BTC (n.F<llnc {691 7251 -CS *59 European tea 

Do. Accnm. — 1795 SX4|-0.9| 459 Far Ease — hg.» 

Japan Exempt — «7 3 

Baring Brothers & Co. LtdLT («Ks) cw 

*8. Lcudenhall St, E.C1 . 01- 588 3830 fteRSgay orfK* 


\*02\ 143 
-0-? 3 97 


INSURANCE AND PROPERTY BONDS 




lio Abbey Life Assurance Co. Ltd. 
2 67 U SL FrmI>Churrhjrard.EC4 01-2- 
L32 Equity Fund 139.4 41.9} ._.. t 


bb. L ran caimi Ji.mj. ui-MBaaao CabotAmSniSepL22 B55 613 I lo . iTV 

Stratton TjL !19*.0 2BZ2ri _....) 414 — ?- 

Do. «■» Mill Samuel Unit T8t,Mgrs.t ia) pS^Fd.~: voTa 

Next suo. day September 27. 45BoeehSL.EC2P2LX - 01*288011 Property Act- 157ft 

BIUhvwU. Pragrradra Mgml. c.» SlgSTSS^ B5’ IS SISS5.iXi; S& 

ft Bishoprgntc. ECJL 01-5386380 IZt Dollar Trust - .— 80ft B65 -0.1 3^ Jf^icyFund,. 1235 

B'gatnPir*SepL12.^02ft 2X531 J 3.05 ibiCnpitalTnist-... M.7 Mft -05 4 46 HJf 

Aec Uls.-Sept 12_f2OT6 256S .13.05 (biFiccce^TnaL 9*9 1015-03 4.77 Wan. rdSttf.4-- 14ft7 

X*galelatSepLlS*. I |l09 2 20l3 ..._.| 158 ibilDcoioe Trust. _ 289 Jll -0.4 7.10 Ed Scr. 4_ Ml 

tAECiim.)SepL 19* _]2fi9.9 2235) ..._J X*B Ib'Scc urtty Trust „ 553 . 5*2fl -06 5.07 S2Hf ,w -*^, S KA — KH 

Ngxt job. day "October ft “September 2ft (bi High YiWdTiit- 325 ' 3ft! -02 7.70 ®M°ncy fd Scr. *. [1115 


B , gat«I > i~>SepL12.J202j0 70521 .— ,J 3.05 

AecUtA-Segt l2_f2W6 2563 3D5 

B*galeiatSef*.lS*..|l09 2 20L5 ..._.[ 15* 

tAECum.lSeH-lSV.piA9 2235) ...J IB 

Ngxt onb. day -October 3. “.September- 211. 


2S0 l’ 0ti*eitlblc Fond _ 132-6 

n 2 VMoncy Fund 1235 

2tZ *Prop.Fd. See. 4—129.0 
% 77 Wan Fd Ser.« — Wft.7 
fu 9 Equity Fd Stn". 4_ Ml 

5*7 tJConw. Fd. Sor.ft 1135 

770 VMoncy PrLScr. A. U52 


Bridge Fund HansgenffnKc) 


InieLf (aKg) 


4MB, Begls House. Sing William St, BC4R 1ft ChriUopber Street. BC2. 
ftAR. 0lS3485't- Intel Inv. Fund— (93 J 


01-fE 

S8::d 


Prices at SepL 19. Valuation BammUr Tues. Property Fd.’ 

Albany Life Assurance Ca Lid. 

01-3*77243 31, Old Burlington SL.W.L 01-1375862 Mixed ?d_l 

UOL71-05I 65* VEqtJity Fd ACC P061 216 « I _ 

_ .. VFtxedlnL Ac*J— .R42.B 14ft« J — « _ 


Ud. Crusader insurance Co. Ltd. Uaba Indemnity* Gnl. In* Co. Ltd. Save & Prosper GnmpT 

01-24RSU1 Vincula Boose. TWeer Pt,,£C3. 014BB0031 lBOftTbeFortuty, Beading 583511. * GtSUJelen's. Lnda EC3P 3EP. 01-554 

- Clh. Prop. Sept 3-..f725 *25{ — J — . IteerMaaager.—nftI 39.0 „ .1 — RoL Inv. Fd. 0337 1415] +051 

— — . UX.Fb*it& 1|22 ZA d +05| — Property Fd.- hsas ihB5 ...... 

J1 - Eagle Star - iMOifXUbmd Aasor. ' ^ ~ fei \5t\ “ 

” l.ThrcadntredleSL.ECS. 01-580 1212 HkLouIoII & Manchester Ass. Gaf CompJ’ermFd-t — EU5 2245 

:::: Z E««le;HldLnJt*_l56A 5*.7|-05{ SM WSadmlc Park. Exeter. OSC&IX, 

•— — CmxQpowtb Fund . 246.4 +L4I — Gitt*PeDn. Fd. {95 a loos 

— - Equity & Law Life Ass. Soc. Ltd* “ DepoeJ>enxPjtt'L-boa7 nu — i 

- AmemhacvRoad. High Wycombe 04M333TI uSi Z 

-J - Equity Fd Q2Z5 M-121 - ft^lePoadJZ ml ^3 _ tWeddy dealings. 

aaUy Tuea. Property Fd... (10C3 lives „ZI — e ~~ ■ - 71 




207.ll —2.0] — 


— Equity Fd. _ , 0225' 128.71 -L2] _ 

Property Fd-- 1085 11451 „Z1 — 

F lTfri InfwM f ,, 11*1 115 jj — 051 — 

Gtd. DeposltFd-._ 1003 IMS.ZJ — 

Mixed F ri pl4 5 li«3-0.d _ 

M ft G GroupT 

General Portfolio Life Ins. G Lid.? ‘XhrroQngq. Tower HmgcaoaQ. 

00 Bart bolomcw CL. Waltham Croas. WX3M71 , 

RSSSsasfciL^aJriz 




1495 — 

121.7 — 

U41 — 

US ? ...... — 

1SJ.7 — 

259i — 

1904 _.., — 


x».S — 

132.2 _.... — 

227^ — 


SESTET* 21 ■• - IS Matugers Lid. (aMg) 

Capnrilnc. t- W7 453 — ■ 2ftM10tSuEC2VSIB. 01 -€067870 

F »wn ra t| ' , iw» ii.T r ' - 519 Key EiiCrKy In.^'d_f315 8951 -0J| 309 

‘SSfe^w ffl.= H ssssssfc^ ili: 1 ." ts 

Doling fesJ Sept, 

Key Small Co s Fd_ pj*2 12X*| +03j 335 

^ 3lsn “ Ker ^. ABEEV Life Assurance Lld.f ’ • ciciit 

3^ QK R.UmiFd Ac juB8 12^ .Z!| 562 AMSV Konagod-. {149.1 157.|| ..0.J — G-LPjXy.Fnnd- — 1975 

4.25 
5S9 


E^9 




— Schroder Life Groups 

Enterprise Sons* Fatsnmth. 

2505 
2417 
MU 






- Gresham Life Ass. Sec. Ltd. ' — 

_ 2 Prince of Wales Rd. B 'mouth- 0203 767853 mthrostoLBood**. 

— G5- Cacb Fond {97.9 HBJU ..._J — Managed Bd.“* 

. GX. Equity Fund— 115 0 1715 | — Property 

GL. Gilt Fund 1145 12*2 — Ex. yield Fd Bd"- 

0101. GJ^lntL Fund 122.9 1294 J — Beemroy Pd. Bd*- 

_ GJ-Ppty.Fnn*.— 97ft 1*2.9 J — American Fd. Bd*. 

_ Japan Fd. Bd.* 

Z Growth ft Sec. Life Ass. Soc. Ltd.? °* ’ SepL 


075 mjviUi „„:j — 

Iflft 116.41 j — 

M9 156l»-25) — 





ad z 


zzu — , — | 

a4j — l 

ldZ5 — 

1*32: _... — . 

101.7 •-... — 1 

103 J — 

101.4 — l 




rr^TTn 




—Sept 1L —SepL 22. 




SS3 


Scottish Widows’ Group 




Managed Cap 
MaatsgedAcc 





Nclifid.Fd.Cap_ 

NriMxdWLASZ 






zmmm 


[OTiiL'Vi'tWw 


Him 


mmws 


r rrmfrimm 


uSSXSXm 







TTW *■' m M ► ■ n 






J - r- . 




^z: 




I * . T.. 










* TgSSSfflB 






f*u5 


















gca.wmwg,yg. 



rtTEZ3it3 

ty-ft 

'V-Vi I 




[MJ 1,1 rn i.'nl 












Vtrj 




; 'rWt 

I <y 

: : q» : 













.jj>4 





.-A* m^rt ."HPIB 


w mmmm 


1 : ~' i i‘ r~ i '!■ 

«'TO— V ' I, - | I xl wtbP 















bmiemm 








mm 




Warn 

‘rJrfTBi 










w&m 
































"fraS Street 
UJLEcpaties 
UK. Gilts 

FwourlatesivTcw^BDdPlMS 
reports writs to R. K. TimberlaJce. 
19 Han over Square, 

London W LA 1DU. 







FT SH ARE INFORMATION SERVICE 


jail 
{1 a 


FOOD,’ GROCTEHES—Ceat 


IKS 

High £ev 

93 tLownCm.'Sep 


Stock 


JSOWBS & RAILS— Cont. 


BANKS & HP— Continued CHEMICALS, PLASTICS— Cont 5 ENGINEERING— Contnmed 


1 ! EkhLow 



Stock 


?? Rung. *24 AK- 


65 

821; 

79 

265 

W 2 

1« 


594% 

DM81 

mi 


kdandSrtieTSflB 
[Ireland 7 %k- BI-83 
DnSftpc fit SL^- 
LaparHpr’lOAssi- 
Rnepera# 

B BmiAssjpc 

I960._, 

nteclMl 

ntt-pclfiM— 

I'-'fTOiscJijir 


Wee [*«rjDit. *$• 
! Grow 


50 

68 

83*4 

Sflijid 

400 

72 

140 

75 


DM91 
97 




-A 1250 


si 


Bei 

TteM 


5.59 


12 65 
32.56 


1070 

2.17 

8.67 

952 

&80 

3.60 


(lives a? te Five Years} 


Treasury 3p^TOt 

i Electric 4*«peT4-TP — 
i TreaMirwawTS*- 
i Electric 5;jw Tt-TP.— 
i Treasury Etoc-SWS — 
i Treason - Wipe '3n#..._ 
i TrearirrSjpc n-BU™ 
Fundins9«pcTM8tt- f 
i Exchequer 13pe iSSorf 
i Trezsuiyll'jpcjsiiltt/ 


[Treasuiy&pc J9TML. 
rSVw 


1C1% 

svA 

1 

93^ 

94% 

103% 

100 % 

89% 

Hjfl 

2C3 * 
923, 
84% 

fi 

92i ; 

901, 

Bl'3 

ion, 

91 


i-i- 


-A 


_V 




jTreasuiy S-’«pc 133 IK _ 

[E^cfLC.pc iSS' 

'E«h.9i,pc 1381 

E,\rh.3i>’ ISM 

Trod! VanaWe'EiJ}— 

Each 198IK — 
Trea>.8i??.:»W2rt — 

Treascr- "p. 'Siri.. — 

Treayut} iijw tSS — 

Trea' inside fC+f_. 

Trea-ur. 8'.pc '32 

E-ren P.p.: 1*2 

'EL-.ch V.p<- 13M 

Ewr.spc ® 

frreasur? I2pc 1M5K— 

89% [Treasury &ijpc '63 

Five to Fifteen Years 

&rh lOpclKto. 

FkndinsS*Mic '82-B4K. 
Tteasury3%|K-S+86ii. 

Fandin; fc;pc f5v87K- 
Treai w, Tiipe ■ 

Transport 3j>-"MK — 

Trearjr. 5pc ‘S633 

Treasury l5pc 1990rt_ 

Trearor. &*• FT 9W±_ 
T^ari-.-JI'aprlMI -. 

Fnndim.Vjir TT-9:t;- 
Treasnry 

Treasur- 10pc]S82. 

E.tc*i.12V' h - 

Treasury Hijpc'KKi. • 

Fundinrfipc 1SBKS — 

• Over Fifteen Years 

mV- 5 * 


1133 

312 

437 

10.43 

365 
9.11 
962 
373 
557 

1255 
1146 
390 
10 09 
S.S5 
997 
348 
9.76 
1233 
9.15 
3.54 
13.03 
988 
9 07 
10 00 
9 67 

366 
32.es 
10.17 


21-4 

63'; 

3SV 

rO 7 : 

24! ; 


696 
7.14 
9.74 

7 37 
4°2 

1029 

7-34, 

850 2«ll 

10.94 

12.06 v!- 

850r^:t 
213-JI 13” 
1120; 

11 44- 65?. 

8 40 “ V 
7.731 jfs 

1155. 

mol -3;; 

8i9;-> 3 
1157 1: 
1112 jjji, 
1122 iV 
11.65 [ 2 - 
1160 


U.S. S L. dm prices exclude iir. $ premium 

AMERICANS 

£ 1 -^| Gross (Cvr|Gr’s 


MB | 

High lor-] 


Sleek 


795 

21.64 

1173 


947 S 
83% 
89% 
80% 
82% 
641, 
65^nrf 
10&>« 
S17 £ 
98% 
fcStytl 
103% 
86% 
99 J a 
102 
62> 4 


-j; 


-l a 


10.65 

6.67 

973 

8.33 

959 

4.70 

756 

12.48 

10.36 

12.25 

851 

1253 

1167 

1246 

1256 

9.66 


1155 

981 

10 95 
10.C3 

11 03 
£54 

20.27 

1228 

11.45 

1258 

10.90 

1252 

1218 

1250 

1256 

1151 


-t't 

2I-a 
44% 
;j: : 
56”: 
. IS 

&}. 

jl-* 

zr. 

.wap 


Tcwsury iv,pr ISSORj 
Tnrasur.- 14-jpc 1>i'S— 

E«fc '.-..'O'. 

Treaeurj Spr 

Ttmsut'- 

va;3p- -3' 35 


.HjchiinW-lSffi 

:r-Tr,tr „ 


! rTreafcr 
i Treasur- 
, Tnns'Jt; 1S.’4jKpSS{*- 
8 Exchequer i;P,pc TJOK 
. Rt-lun^ on^K 1S0S-S6_| 
kTra.qjrvl.^nr'OTt;.. 1 

Evhcquer -fijpr IS57. 

; TrcajcryF-up: iSfiTK- 
rrei'.ur - Kjpc P>SRi. 

Tr“av 15 >^w‘9EK 

i E’ch. I2pc 19M.. 

TrwjryP-pc lS»a_ 
Trewurr Ilffjpr [9S9... 

F’jndinr.u^ WJJ4 - 
Tr“i',un Bpc'OMSti— 
TrtauiySjjnc m-usi. 
T>asu£7ifK’l2-15K. 
ExcklTpc U-'17 


112 % 
100 ', 
32 
W c 

* 
1051, 
731; 
122 
IDS ^ 
44 aJ 
106U 
87 
TSJj 
641. 
11 SUni 

«7j 

as 

w 

67>4rf 

s 

S8«4 


-U 


-u 


12.39 

1297 

1262 

11.43 

12®J 

6.64 

12.02 

12.64 
11.56 
1315 

12.75 
6.81 

22.75 
1221 

11.64 
1099 
13.08 
1257 
11.53 
1228 
1263 

964 

1L86 

11.63 

1200 

1252 


12.73 

1274 

12.63 

11.59 

3253 

9.72 

1234 

1261 

1207 

12.92 

1268 

9.53 

1263 

1244 

1212 


1156 

1291 

12.60 

1222 

1245 

1266 

10.95 

1209 

1190 

1208 

1256 


Undated 


!Cmwia4pc 

iWar Lnan3ijH;t± 

Km\ 3>ijK c! Aft. 

[Trearir73pees.ift 

iCcdUois 2*.’pc 


jTreasur>-2 ; ipc 


32% 

dll 

23 htA 
20>;rf 

19'arf 


1254 
1138 

9.51 

1259 

1216 

1255 


' INTERNATIONAL BANK 

88 | 82 |Spc Slock —-82 | S2U| | 658)10.66 


ft 

107 

112 

97*4 

94 

1021 ; 

29?c 

•w, 

ft 

71% 

73 

261; 

s 

991; 

MS-’t, 


9374 

8874 

100*4 

100*4 

90% 

90U 

99% 

25*4 

89 

94*4 

84% 

76% 

65*4 

66 

221; 

91 

9414 

100?4 


CORPORATION LOANS 

Binn'haraSUpc “79-81 .. 

BnsmlTlpc i9Sl 


Upc 

G1C lSflica: 

Do.l2i,pIM3 

Gla^waUpc‘3022 — 
Herts 5*4p' 

Urerp(wfWpc-aM4_ 


urerprwl . 
Do 3%p-. Irr*i . 


^p-lrrs 

Lflir Cnrp SUpcUWB. 
LCr-epcTsS 


W5. 


DoS.-pc 1 (-8 i — 

Dnaltfc'K:« 

DoMpr’SC 

Ifc)6ipcW99 

Do^c'auit 

Mddv^pciseo 


.'^arosUc^pr 78-30.. 
Warwick 12*/.b 1 380 — 


946 

69% 

101 % 

101 % 

92% 

92% 

26% 

90*4*11 

^rf 

80% 

71% 

69% 

24rf 

93rf 

96*2*11 

102 


-% 


950 
6.66 
1226 
,1231 
10.03 
5.66 
10.47 
13 50 
1022 
621 
625 
690 
786 


JR 


5.64 

9.59 

12.25 


1241 
1284 
1287 
12.07 
11.65 
10.04 

1242 


1122 

984 

1025 

1018 

10.90 

1180 


10.42 

1126 

1134 


COMMONWEALTH & AFRICAN 


95*« 

■W*4 




%!; 

37% 

70 

96 


S' 

82=4 


9Z 

31% 

91 


75 


AusL5%pc7T«l 

D>Sjpc 

N.24pc 78-78. 


Do6pcTMO 

Do. TI^DC 83-86 


ISth. Axnca 9 *jjcT901- 


50 lSlhRho<L2%pc e>-T0. 

7881 


Df.6pc’ 


95 

82%«d 


JSI^ 


83 

95 

51 

75 


LOANS 


596 

65? 

fi.05 

643 

9.Z3 

10.40 


10.74 

1231 

9.63 

1106 

1216 

1292 


LOANS . 

Public Board and Ind. 


64i ? 

90*, 

33% 

154 

95l 2 


58% 

30% 


107 

87 


Ml5pe'SW9— 
JcanlOUpc'atJH 


271; mietwtr 




D.SJtC.9pc]E82.. 


1071* 

110 

114*2 

85 

81% 

99 

99% 

101*2 

71% 

71% 

84% 

81% 


HOI 

102 

102% 

79% 

73% 

89% 

90*2 

90% 

62% 

61 

7J 

63 


Do. without Warrants ... 

F inancial 


61*2 

2IS 

142 

92 


FFI13pclS8U 


Dn H&r 7?.. 

Da14pr83 - 

ICFCSrpc Deh W«: . 

Do.OjpcDb Hl-fH 

Do. 10 %jk l : nsLn ‘36- 
Do. llpcl'ns Ln. 85. ._ 
Dn Jl‘,pr , l. : nsLn.W._ 
Pa PipcADrt. •&KL- 

Pn 7%prA Dh '9i W .. 

Po" 

Do 


9prA"SI-W 

8%pcLa Va-ST 

FOREIGN BONDS & RAILS 


202% 
108 
1091, 
81 %n 
7S% 

93 

94 
97 
65% 

62%^ 

74* 4 b( 

72%rf 



828 


12 «K 

+'* 

10.67 

-2 

6.48 


10.20 


12.65 

-1 

1379 

+'* 

13.20 


6/5 


819 


1156 


1199 


12.44 


1149 


11.60 


12.12 


12.28 


11.43 

1330 

1253 


12.60 


1158 

1236 

12.35 

1190 

1160 

1230 

12.50 

12.H) 

13.00 

1280 

1280 

1280 


inn 

High Ln* 

Stock 

Price 

£ 

+ w 

24 

17 

Antofagasta Rl? 

24 


41 

33 

Da.'ipc Pref 

41 


98 

98 

Chilean Mixed 

93 


415 

350 

German Ycf. 4*_-pc. 

411 


54 

46 

Greek 7p«- Ass - 

[to6pc2»Stih.Ass. .. 
Do 4pc Mixed Ass.- 

52 


£1 

46 

50 


44 

40 

42 



Dir. *r| Rrf. 
Grass { Yield 


-\ 13.10 

5%| 


16.90 

16.04 

15.05 


25 

25'.; 

2?’. 

iT- 

“i;. 

26% 

40 


41% 

ss 


1*2 

59 

22 

* 

S' 

13 

625p 

857p 

415g 

30% 

28% 

32% 

IF, 

13% 

®r 

12% 


USA. 


lAKFKCom.Rr. 
AmatSl. 


Aoeri c an Erprrs . 

Ainer. Medic. Int 

/Vsarminc. 

[Baber lumLCrm Jl 
BaruesGrp.S6Si_ 
Bendn; Cflr 

Beth. Seri 
Bnrwa gFler.cIBij. 
Bnmswicki'iwpn.2 
BarmusbsC«p.$5 
[CBS 250 


26% iColt Inds S'.>. 


17 2 

20% 

ft 

17% 

28% 

670p 

11% 

20% 

26% 

16% 

38* z 

15% 

28 

750p 

171 

34 

735p 

705p 

18 

20 

ft 


Cont llli rwiiJI(L_l 

(Cant OilE. 

JCmiraSdl. IS 
SC'usler-HaaisaerSS. 

Earmnp.SO50 

Eanart 


21% 14% 
28% ; 15% 

;■»*- 1 


23*- 

19fJ 

?9 


*61 " 
9J5P 


40 

3 S 

ft 

49% 

97ap 

14*2 


16% 

11 

14% 

255p 


117 


131 


21% 

17% 


cpe.s* 2 _ 


(Caterpillani 
]ChitteSrhtiLSI25u 

ChesebmuchU 

Chrysler S5, 
jciurorp54. 
fi'itylni. SLK_— 
Do.Cm.Prf.ESl_ 
Co! ea!e-P.SL 


EswraH 

FtresameUrcl 

nrstChkago. 
Floor Cora Sa 

Fort Motor J2 

GATX 


, 'rfn.BectS3j_— 

toillrileSl 

HoaenrellSLaO 

Huttwi EF. 

LB.M-Cora S3 

Insersoll-ftSE 

i?: ' S‘ at^jfc4 Coil SI 
I IMnleroattonalli 

EaiserAl 5% 

Haul. Han. L‘S$7 50 
iJ!GrsanUP*CSJ25 
.Norton Sitrwr. ltr_SL 
iDwenr-lil B.125... 
Quaker tiatsLSSS. 
IftdianreSOJS — 
Rep N.Y.Corp S3. 
RexnfimiS5 — — 
Kchdsn-MrrtlSI** 

Ssui-B F.'SI 

Shell OilS! 

.Sinter rSMi 

22% ISpeny Ram 50». 

18% (TRWtnc.Sli* 

18-^ iTernern _ 

Pa. Ufa Ir.Stk. 01-95. 
(TesanFt LFSIWj j 

TetacoSfiS - 

_ _ Time Inf 

865p TrjnsamencaSl._ 

Uid.Tech.SES3 

175. Steel 51 


11% WoriwoithsS3*2 

2S7 a Xerox Coip SI 


385bt.ToatK.Inc. 10c 

10% [Zapata Carp 25c _ 


59 


20 


37% 


..... 80c 



5% 



+% SL75 



+*4 3140 


-7g 30c 

— 

+% 40c 


+% 64c 

_ 

+% 90c 

— 

-% 52.28 

— 

-% 5100 


+*a 50c 

— 

+U 70c 

ww- 

+% 5100 

— 

-*2 S2.40 

tmm 

-U 52.70 

— 

-*4 51-80 


-% .52.20 

— 

— *4 94c 


+12 51.00 



-% SU6 

— 

-% 5100 


-1* 52 


+% S1.00 

me 

-7 a 52.10 

— 

51.44 



-*« SI. 40 

__ 

— ** 3190 


-% *5141 


-% 52.25 

— 

-% 51.84 

— 

53.20 


-7 SLID 



-% SLID 



-*s 5120 

— 

5320 

— 

-% 52_50 


52.20 

— 

-% SI. 60 


-*4 52.20 


-h 50.68 

— 

-1 S1152 


-% $3.00 

— 

-3* 25c 

. — 

+2 95c 

__ 

-% S1.60 

— 

52.08 


-% S2.20 


+*g 76c 


— *a SU6 

— 

-U 51.20 


-% 15c 

— 

-% 51.00 


+*a 88c 


i* 

— 

...... $180 



+% 80c 


S132 



— *4 5180 


-** $2.00 

— 

10% 

— 

-% 52-00 


-i £0% 


80c 

-PW 

5100 


5160 



-% 5140 



+% 52.00 

— 

+ 2 E 

* — 


L9 


f5.0 


26 


28 


0.8 


18 


1.4 


26 


41 


25 


2.9 


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AssHookP.SOp- 
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Briflol Poq— . 
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PAPER, PRINTING 
ADVERTISING 


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Bril. Printing — 


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SOUTH AFRICANS 


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51 Oil £ Assoc, to- 
47 Ootwichlnv- 
99 Pentiandlnr. 

66 Rue. Ses. tor. 50ri 
23% Parrfnriildi» 

|104 Raeburn 

36 Reabrooklm? — 
22 - - 
[148 [Ri«ertMe(e.-l. 
(123 RfrerHate Def._ 
£46% aoheeofBriFl30 
Hb7 Pd.&6S6'sFT 5 
£36% RdiBEONVFISQ. 
[325 Do. Stay Si's Fl5_ 

73 BaaneyTrest— 

52 Rosednaondliic 

(159 Ro&s^to5S'-| 
o7 Sriegoardlnd— 
1101 SL Andrew Tb._ 
7412 SeDtAmlm SOpJ 

^rnt rttsaa'A’ 


Kill 


, 73 

5Lrt 33 65 
g 4J 7.7 

23 E3 63 






R 5l ScoLOties-A'— 

14 SfoL EajL Irrt 

34 SeoL European- 
8? 2 Scottish Inv—L 
J94 Seri.Moei.tTto. 
[319 ScntN«iOnal_ 
86 ScoLNortben- 

55% SrotGreann 

58 ScotytiUnv 1 

72ti Scot Western — 
o9 Sca.Westa'B’-, 
[161 SecAEanreTA— 
SecGreat^da..! 
.Dm-B*. 

™ jT.fc— L 
Im _. takto-. jnaj 




346 

304 


400 

89 


TOBACCOS 

jRATInds.— 

Do De/d— 


S 2 


Dunhill 'Aj !Bp_ 

Imperial 

45*2 Rsahaiare C%p_ 
|Siani«iiHa.lDp> 


11321, 


133 63 55 
— — 4.9 
53 34 R1 
18 10 3 16 5> 

21 47 M 

29 66 21 


86 

, 64 . _ 

I £105 Da 

71 rre.lnresttoc— 

, 95 DaCra. 

[142 rrsns Oceanic- 
56 mbnoe Invest 
, 59i 2 Rntesesttoctop J 
111 Da Capita] 0_] 

, 91 rrosttinion 1 

[120 DitdenCorp — 

, 94 IVnesiiielni 

1«W% Wd Brit, sms- 
18 lid-Capnals 


* BBSM 


TRUSTS, FINANCE, LAND 

Investment Trusts 


Aberdeen Itm | 

Aberdeen Trust. [ 

Aikatov 

Alliance Inv- 

Atiiioee Trust | 

Altif trod Inc. 50p 

Do. Capital SOp. l 

AmhRiselin.IiK.-] 
Du Cap — 
Amertran Trust. 
.AnerictmTto.'B' 

.AnEla.Mn.Seea- 

AncteJuLDh 1 .— 
Do Aasettae— 
An^to-Scotlnv.. 
ArthinwfesJne- 


-.-1137 111 431 318 [ 


-% - I — I — I — 




Anotof.iSAD— 
Ashdown liu.. 


-i 


1163 

523 


SB? 


Atlanta Balt. Ito: 

- iAlbntic.Vaeb-l 

J Atlas Elert 

Aus.tSnL/St^.j 
Bankcrt 1 Inr. 

I BorrrTVTlsL- 
BiihofB|ntePruj«.J 

BishopscaleTst-j 
. Rnnfer t Stan It 

t BrazilFundlM-. 

Brarillnr.CtSl, 


25 



1« 29 24.9 1 
ID 61 27.4 
10] 6123.7 
" 4 J 363 

. 45 32 2 
10(10511.9 

14323 £5 


163 

IbOO L'STtnst F®ul Jl_ 
74 titonsHesrerrcsJ 
, 5?a W-CltTeaailCpJ 
278 Wemysslnv.El— 1 
1/1 jgSeAottom— 
69>2 Bjtaafire. 

65 Da*S*._ 

Teouanlnv— 
DcrkatlaReE— 


e 


1+3 


-1 


+1 


« i;- i-i-i- 


- 1 , _ 1 — 1 — 1 — 


hi 


« - - 


+ 1 * 1 


hi 


hi 


hi 


-1 


hi 


hi 


Hi 


+1 


+1.67 

126 


♦0 61 
3.45 


«92 , 
♦5 23 


tl.9> 

866 


♦3.96 

391 


3.72 

0.81 

335 


4.6 
3.0 

- S0 
10)102 


1233 

U2 

6.85 
5.08 
157 

3.86 
t30 
249 
607 
,559 
blD.0fl 
H155 

10 
145 
289 , 
13.83 


-1 I — ! — ! — 


202 

591 , 

13.81 

4.77 


1.73 


Eifs 


5 fc= 


+6 40.41 
h296 


hi 


hi 


IT 2 


34 1 -% 


530 


630 

201 


hi 619 


UJ3-U 


4.45, 


nn 

HE IBEk Law I 


1 Oi 


4.b|282i 71 


5.1 


65 


31»46E 


6 ; 20 
fflTj 4 ?? 

i .| i 2 5 ? 




+ r 

nv 


rur 

Sect 

Price 


Net 

Cit|Gt's 

[Haw Par 9 Sl._ 

62 

-4 





lo. I-^.T -1 Jt tl 

230 


«-0 

22 

1 1 


‘.'1 



rjl 06 

♦ 

7 6 


175 


■tiLflc 


T ’ 

♦tKrilnck IPp _ 

42 


10.5 


IS 

nfeGerltlilp. 

42 


<0 5 


1ft 

Kill h n-TaricrlOp 

88 


1.02 

19 [ 

1 7 

nwatn Iftp — 

22 

1W .„ 

iai 

♦ 

l.'S 

Lm>Tt Hldr llpi 

17 


0.J 

01 


1 /in. Euro Grp. 

36 


10 SI 

4 7 

.’1 

I<m We rr ha d - 

134* 


1,6/ 

4 1 

1 « 

MiG. Kldrs. 5 |l 

150 


3 SI 

37 

" ^ 

Wajedtc ImiL 10p - 

79 

-1 

♦0 69 

24 

1? 

Marlin iR P i. r ip.. 

49 

-1 

L5 9B 

1.1 

* 

Mj.-Mn.4Rln 

£KT 6 


WSJt 

— 

5< 

M-y-lcni £D... - 

58 







% VCIbis ]--■> 

18 


L43 

L6 

11 « 

Nippon Kd fillup 

420 


— 

— 



Proambc ]>«• . _ 
Part Place Inv. 

12 

39 


1L0? 

?6 

To 

rt;:irfM'S:£Soi:- 

234 

~4 

!U 25 

3(1 

<; 7 

M.ltertp? Ilip 

13% 


0.49 

1(1 

S4 

Sr* & Mere. 'A'- 

101 

-1 

307 

17 

4S 

S E £4*«pc .Ann— 

£51* 


ril'a 

— i 

fi- 

Smith Br.jt - 

63 

-3 

4.99 

+ 

11 a 

SUia Pae. hiuuc 


->4 

— 


— 

Suez Frit NF140. 

£51 

44 





Dans-MtoTsflp. 

£L1?4 


16 


Ksto. Select 20p. 
WestofEnpland. 

26 


? 13 

12 

1 ?? 

55* 

...... 

134 

♦ 

42 

lorkpreen liip„ 

16 






Yule Cano tap 

82 


1.41 

38 

2.8 


ne; 


292! 

0 i 
*- 
14.1* 

“it 

7?ri 

13.4 1 

loii 

46.1 


Stewart 

Wrightson 


International 
Insurance Brokets 
for the Construction Industry 


/*,. r Carocirote Sir o« 

'<j Liiajr.n ECAA 71 tj 
Tp'oprtrneC<:-or3 T 5tl 



7.4 


7.8 


272 

19.6 


h 


95 


OILS 


«Uk 


32j 


6.0 218 
AO 260 

3.8 3S2 

5.4 255 
22 57.1 

4.4 17.0 

4.0 338 

4.8 305! 
53 275, 

6.1 24.9[ 
82 4> 


LO 

45 30A| 
4.3 275 


im 


■48.6 

Odio 

4.S20.0 




_ - - _ 2S3 


h+.trn Efl^cyfl— | 
AtiwkaOpL 


I Bru. Bmtmo lt^. 


iBriLPetroTm. 

Do8Ai?L£l_ 
IBunsahEl 
DoS: LnJl/96 - 
KOTNta.SeaElJ 
ttTaodeccaRK.. 
CenunvIOp— . 
Charteniall 5p 
, OFr rrtrWaE- 
rtGuffOilil — 
ItClvde Petrol £i 
Hun Line Petro!_ 
Si L’K 


LASMO 

ILASM014S1961-83I 
JLASMO-Dpf" IOp. 
[Maoiet HrtaklOc. 

KnlEvpl IOp 

12% urnneT Cons. Spf 

(Rancerriil 

ReynolibDiv lc. 
RjL Dutch Flffl- 


Sceptre Rea 

11 Trans. Rec 


Shell Trans. Rec 

DaT’iPf £1 

rtSrebe»'liRi£l. 
Texaco 46% Cnv. 

Tn central 

Ultramar 

Do.7prOrv.El — 
Weels Nat lOrts. 
Do.PfdOr±lDcl| 
|WoodsideA5Qc.. 


100 

90 

162 

910n) 

69*2 

74 

£62 

¥■ 

62 

25*2 

£21 

425 

114 

90 

36% 

148 

£99*4 

355 

40 

228 

17 

Ol 

450 

573* 

61% 

366 

£54% 

184 

234 

141 

190 

190 

69 


-6 


-2 


Ilr 


+5 


+4 


+% 


4 


$ 

-2 

-1 

♦12 

+12 

-2 


634 

vt 




267 


QJflfr. 


L02 

M.65 

OJ. 


Ql«i 


214 




tl544 

4.9% 


Tla4 


7%l 


Q15-V 


15 

SO 

404 


3.1] 


19] 


J : 


3.01 


24! 


4.1! 

Ufld 


53 


24.K 


63 

3.7 

120 




6.4] 


8 4J 


f-3| 


111 


7.1 


42^ 


155; 

lid 


1 601 
1655 
192 


1091 

63 

16.6] 


323 


7.6 


5.9 


16.7 

66; 


OVERSEAS TRADERS 


(??4 

.African Lakes _ 

300 


hl.57 

190 

1 8 

3.0 

60 

Ana. Aerie. 50c.- 

11? 

-1 

iBffi 

n 

i 1 ; 

47.7 

96 

1<-^l-h r ri , fhT l liM 

162 

-2 



6.3 

45 

BartturcWlwi'aOp 

60 


6-T9 

1.1 

15* 

l83* 

25% 

Bon stead (IDpi — 

58 


L52 

* 

4 C 

« 

83S 

Finlay 1 James. 1 

102* 

-2 

T6 0 

10 • 

/ > 

44 

95 

GiUftPuBos ... 

165 


H4.4J 

VI 

4f 

10 2 

F49 

lit Ntiro-ElO 

138 


<7129. 

2.4 

1 S 

23.5 

325 

K‘ns‘ns.C7os.£l. 

538 


♦72.11 

22 

67 

104 

66 

HuKmiaciS 1 — 

80 


4 32 

16 

S fl 

99 

>50 

IncbcapeU — 
Jacks Wm. 

390 


15.23 

22 

5 8 

97 


26 

-1 

ZL0 

63 


4J 

9 

Jamaica Strear. 

13 







55 

Lwirho 

63* 


6 65 

23 

Kfl 

O 2i 

W? 

Muibeil Certs. 

46i z 

-% 

3.45 

17 

11 1 

(63t 

708 

.YiQerianEler.fi 

215 


t23.4 

d» 

95 

* 

68 

LK*nn Visits. SOp 

95 

-2 

797 

79 

4.6 

8.6 

165 

P3lsoa.Ziich.lVp_ 

187 


57.82 

15 

6-2 

32 

160 

Du. ’.A" K'V IOp _ 

180 


57 82 

75 

65 

31 

27 

SangerlJEitap. 

38 


J4.43 

U 


72 

v ,i 

SenaSusaraOp.- 
4Sime Darby 10p 

a* 

-4 

& 

hi 78 

?3 

7 , 

778 

175 

Steel Bros. 

235 

-- rr 

660 

4.4 

4? 

80 

40 

ToierKems 20p. 
Do Spefnv.'si . 

61 

+1 

315 

2.7 

7 7 

[5l7i 

L87 

£95* 



180 

fB.4 


41 

U.fliy Here. tap. 
Da tape Lil l£p 

70 


thl)./6 

no 

16 

85 

41 

69 

— 

0.4 

3L2 

02 



RUBBERS AND SISALS 


ms 

High Lra 


Stacfc 


6.0 22.6 
3i> 405 
66 216 
6J Z3.4 


6jS 

IM615 

4.4(343 

"Mi 

ip? 

42^35.9 

li 

is 


An^o-lndosesto 

BenanCom K)p— 

> Bird (Africai 

BrachralllOp 

Castiefiek) IOp 

Chersonese lwL . 

, Cons. Plants IOp. — 
Grand Central IOp. 
GtnhrieEl^ 


ItorisnusSlIy Ea.lOp- 
pBghJaadslBOc. 


41% jHirelaK^OT^riSSl. 


rtRnlii 
Ldn. Sumatra tap - 

MaiakaiIMJl 

Muar River IPp — 
nuutlmHldits IOp 
SuBgeihJuniOp— 


nice 


96 

107* 
17 
59 
256 
50 
43 
11 
353 
112 * 
112 
* 67 
46 
197 

65 
55 

66 
87 


+ eri 


-2 


-7 


Dir. 

Net 


279 

3.55 


♦173 

s284 

♦hl4 

sr 

153 

06 


1 64 0 
6 MKOJ 
3 Q12t; 


SS 

♦4.06 

faQ15c 

♦0.48 


Pit 


art 
4.71 4.3 


1.0 


1 « 16 




L 


M- 


51 


rid 


5.0 


4.4 


42 


12 ) 10.6 

7.6 


TEAS 

India and Bangladesh 


6 0 245 
4.4 25.4 
5.6 2~ 
45 3 . 

23 514 


5.7 251 

6.7 223 
05 1765 

11712.4 


1T5 

Assam Doaars£I_ 

253 


♦9.65 

5.« 

280 

Ataam FToatia-EL 

312 


hlb.M 

4S 

102 

Asamlnvs tl — 

103* 


7.11 

3.7 


Bmpire Plants tap- 

28% 


♦2.01 

Lb 

328 

280 

Lawne Plants £1._ 
MrLeod Russel £1 .. 

328 

240 


bib 

13.7 

V 

165 

1 '[i.r -IvPVHI 

355 


1531 

49 

22 

SngloHJd©.][ 5 i_ 

26 

-1% 

♦K1./4 

32 

181 

Tfarreo Plants ... , 

250 


14.89 

4.9 

U38 


167* 


325 

♦ 


5.7 

7.9 

10.3 


68 


MINES— Continued 


writ 


Hlffc 

[AW 

210 

155 

74 

15 

80 

57 

41 

37 

17% 

10 

15 

10 

740 

64 

131 

63 

870 

150 

336 

148 

27 

91 2 

7? 

4> 

68 

38 

140 

81 

41) 

10 

773 

175 

39 

10 

]4i 

79 

tf 

ft 

178 

117 

70 

30 

fl5l' 

750 

40 

1? 

570 

311) 

300 

50 

164 

84 

70 

35 

30 

73 

420 

?40 

bU 

45 

305 

TOO 

155 

111 

10% 

81; 

340 

7?S 

775 

130 

9i 

78 

31 

7 

84 

68 

vio 

4M1 

470 

780 

78 

AO 

/» 

50 

7.0 

163 

64 

49 

61 

47 

745 

140 

340 

?V) 

?40 

134 

85 

55 

100 

85 

ino 

74 

270 

L48 


CENTRAL AFRICAN 

|-r ad Dir. 

Price 


Stock 


Falcon Kh 50e 

, RhLyf n Corn. Iffjp 

tR cun Cons. K4 

WaiVaetM.RlLl- 

Zam-CpriBlXCI— 


170* 

16 

70 

33 

15 


-1 


vt 


Q60c 

0.57 


[W»2d 


Crr 


f. 


TTd 

Gr's 


21.4 

53 


1419.4 


AUSTRALIAN 


Annex Sc 

jBcwcainvUleMTaca 

|BH South 50c 

Central Pacific 

routine Hiofinio 50c. 
Endeavour 20c 

GJ1 KalponriieS].. 

Haoma Gold N.L 


HamnU Areas 5p_ 

JfetnfcE - 


Ex 50c 

tt.LM.HWes. 50c _ 
Mount Lrell 25c — 
Vnrmeul 10c.. 
North B HiU50c_ 
Nth. Kalcnrh-. 

Nth. West Mintnc— 

TakMdceSAI 

PaciRc'.'opper 

Paneonll 25r 

Pariosa U&Ex3p_ 
Peko-Wallsend 50c. 
S«>ui hem Pacific. _ 
Wean Minins 50c _ 
Whim Creek 3)c — 


12 

125 

120 

525 

318 

24 

60 

62 

131 

39% 

203 

33 

6% 

122 

15 

43 

155 ~ 
66 

£10% 

31 

523 

205 

155 

45 


-1 


-35 


-1 


-1 


3 


+2 

-3 

-4 

£ 

-5 

-1 


t«8c 

L4 

tQIfc 

22 

135? 

2V 

Q9e 

L7 

Q8c 

♦" 

IQlic 

L9 

Qlic 

♦ 

Q3c" 



4.0 


27 


4.1 


44 


LB 


TINS 


Aroal Nigeria 

AjerHildinSHl 

BerallTin 

Be.-juniaiSMl 

Gee* or 

Gold & Basely? - 

Gopene Core 

Hongkong _ 

Idris IOp 


JantarUijp 

■Catmint! njjSM0.SD. 

KHltnehatl— ... 

MalayfiredenisJHl-i 

tpahann 1 

PenekalenlOp-. 

PetalinsSMl 

'Saint Piton 

South Crafty IOp 

South KintoSMOSO 
Sho Malayan SMI _ 
Simpn Best SMI ._ 
Supreme rprp. SMI 

(TanjonglSp 

(Twicfcah llrhr.SjUl 
[TroBotiSMl 



104 


COPPER 

70 [Messina RfW ] 76 


1 — |4Q30el L9J 


68 

17 

300 

465 

258 

102 


74 

185 


35 

9 

215 

245 

164 

30 

[750 

43 

[120 


MISCELLANEOUS 

Raiymin -1:- 


Kurroa Mines 17%p. 

■ 'ufls Murch. 10c 

North gate C$1 

R.TZ 

Sabina Inds. <3!_ 
h;araEipln.S1 — > 
hVbidv Minerals IOp J 
rVuRoa Cbna C51— 


SB 

13 

260 

360 

237 

52 

818 

74 

147 


+1 


+5 


-7 


1Q30c 


93 


♦135 

Q7c 


261 


23l 


61 


27 J 

23 


NOTES 


Unless otherwise Indicated, prices and net dividends are In 
pence and denomination? are 25p. Estimated p r iicjtani inga 
ratios and emn are based on lalot annanl reports Sndaceemua 
and. where pustble. are npdaied an half-rearl, Drira.rtB>ua 
caknta* on ifae basis at net dbtrtbetion; bracketed finu ra s 
Indlcaie 10 per cew, or more difference If ealcnlaled on “ail* 
itistn Halim. Carers are based ae *mastmaaf* disMbeLion. 
yields are based on middle prices, are grass, adfosted te ACT of 


33 per cent, and allow for nine of declared dlstrtbntlons and 
ri-hUL Seenritin wHh denomi nations other titan dtrUagim 
quoted inclusive at Ike lnvtsUweol Wbr preminm. 


w 

6.4 


104 

B.9 

1L2 


Sri Lanka 


13 mg 

5.7 25^ 

42 336 
|4.D 373 
4D314 
5 2262 

3.7 34.9 

4.8 303 
63 2L8 

43 3^3 

M *1 


225 [123 [LBrnraO. 


-V 225 ( — 15.58 J 3L5| 3.7 


Africa 


620 PW |K«S»£1 i 

1 85 P30 lAu&tatos | 


610 

175 


-.150.76 

...1320 


i u 


12.4 

1L3, 


MINES 

CENTRAL RAND 


6.7 20.9 

5.9 23.7 
52 18.4 178 
52184 


£42 


iDnihanDeepRl— . 

[EMRandFgiRL. 


Randftrofnf 


1 78^2 (West Rand Rl— 


411 +2 



327 -2 



£38% -% 
116 -( 

10350c 

1Q13c 

2.5 

671 


6.7 


EASTERN RAND 


k.tfau 1 
7 . 0 ^ 20.61 
531302 
14-3363 
1731183 
4.6(34.6 
15.1)261 
3.6^38.5 
4.3372 
3 i] 422 
I4S33.0 
42] 343] 
12-9^522 
3-349J 


• [Bracken 80c 

' EaslDsgcalU 

Efiaa.R(Ufl — 

Grwitvlej 30c 

Kinross RI 

LBlieEir 

Unrieta)eIta2S — 
S.AfriranLd.33c.., 
MakfmUpinSIk.-— 
WinkelhnaJf Rd— 
WiL Nigel 35c | 


382 

116 

378* 

61* 

78 

71 

51 

701* 

58 


- 1 %! 

I 

-2 

-1 

-22 

-2 


yre 


3L1 


10.3 

87 

20.6 

463 


293 

11.0 




445 ^ 
£11 1 4[764 

108 [71% 
401 J3.4 
920 1589 
280 063 
i53 I 92 
£16 (890 
657 k08 
652 (432 
,419 
330 (206 


FAR WEST RAND 


|Blyvwvi25 

Mels 


DeetoraalWiat — 
.DoonifanleinRl — 
[EastDrieRl — 

prateracdGlilSSc4 

(EsburgRl 

TtonebeestRl 

HorfGuJdRl 

LlbmtmRl 

SoutbvaalSOr 

ailf(miera50c 

(Vaal Rods 50c — 


289 123 VentetspostRl 

£29% £16% W. Driest: 


Western Areas Rl_ 
West an Deep R2_ 

/and pan Rl 



w 


OJ’JS. 


taertinc denominated securities which include is 
dollar premium. 

Tap- Stock. 

Hishc and Lows marked thus hsra been adjusted to alltnr 
lor nchts issues far cash. 

1 me nra since Increased or resumed. 

. Interim sinre reduced, passed or deferred. 
tf Ths-free in non-residents on application. 

Figures or report availed. 1 

Unlisted security- . 

Pnrc at lime of suspension. 

Indicated dividend ailer pending scrip end/or riphtsisung 
cover relates to previous dividends or forecasts. 

Mercer hid or revreanmunn in progress. 

Not comparable. 

Same interim: reduced final and/or redo red avnliisi 
indicated. 

Forecast dividend; cover on earn toes updated hy latest 
tniertoi statement. 

Cover allows lor conversion of shares not now ranking (or 
dividends or ranking only for restricted dividend. 

Cover does not all-nv for shares which may also rank for 
dividend at a ftrnire dale: No P/E ratio usually provided. . 
Ex dud ide 3 final dividend declaration. 

Regional price. 

No par value. 

a Tiu free, b Flenras based on prospector or other oHtoial 
estimate, e Ceuta, d Dividend rale paid or poyable on part 
of capital; cover based on dividend on (dll capital, 
e Redemption yield, f Flat yield, g Assumed dividend and 
yield, b Assumed dividend and yield after imp issue. 

]J Payment Iron capital sources, k Kenya, m Interim higher 
than previous tonL a Rights issue pending 4 £arninys 
based on preliminary figures- a Dividend and yield exclude a 
special paymenL t Indicated dividend: cover relates in 
previous dividend. P/E ratio baaed on Latest annual 
earnings, a Forecast dividend: coror bused on previous year'a 
earnings, v Tax free op to 30p in the £. w Yield allows for 
'currency clause y Dividend and yield based on morjjer terms, 
z Dividend and yield Include a special pay-mem: Cover does not 
apply lo special payment. A Net dividend and yield. B 
Preference dividend passed or deferred, c Canadian. K Issue 
price F Dividend and yield based on prospectus or other 
official estimates for 1F7U-80. C Assumed dividend and yield 
Her pending scrip a ndfor rights Iroue. fl Dividend and yield 
hated on pro spec 1113 or other official esi Imaies for 
1978-11) K Figures based on prospectus or other official 
estimates lor 1S7&. M Dividend and yield based on prospectus 
nr other oOicial estimates for 1978. N Dividend and yield 
based on prospertus vir other official estimates for IB79. P 
Figure-* based on prospectus or other olflcial estimates for 
197878. U dross. T Figures assumed. Z Dividend total 10 
dme. « Yield based on asuimpiion Treasury Bill Rale stnya 
uorhanccd umil matunry of stock. 


Abhrevini ions* ries dividend; b ex scrip issue; rex rights; a ex 
all; d i-x capital distribution. 


** Recent Issues ” and “ Rights " Page 22 


This service is available lo every Company dealt in on 
Stock Exchanges throughout (he Untied Kingdom Cor a 
fee of £4M per annum for each security 


REGIONAL MARKETS 


The following is a selection of London quotations of shares 

irfcets. Prices of Irish 


previously listed only In regional marl 

iMtties, most of wbich are not officially listed in London, 
.ire as quoted on the Irish exchange. 


0.7 

4.1 352 
LM442L-. 

£24r s 

5.4 : . 

4.5I30 lj 


Free Slate Dcr. 50c 

v FAGedWH S0c - 

F5. Saatptoai Rl _ 

Hsrmonvjijc 

LaraineKl 

Pres. Brand 50c„— 

Pres Stern SOCh 

St Helena Rl 

['Disci ■ 

Welkmr Sue i 

B WJlul dinps 50c 


Albany lnv.20p 
Ash Spinning — 

Fertam. 

Brte'wtr. Ert. 50p 

Clover Cro ft 

LTaiit&RoseEl 1 
frvsoniR. A I A. 
F.llistMcHdy. 

Evered 

Fife Force- 
Finliiy Pku. 5p.. 
• ir.HR.Ship. £1-. 
„ I turnons Brew... 
51.1'iM Sim L 1. 

, r; jinUi.fus.i2.5p J 
Mhn'kiMiDuln 
12.7| fVanre n.'. H.i.... 

|-».-I Mills. ... 

Stic Die Id Bnck 


0 6 

3-8)71.' 
T|69 
5.326.1 


FINANCE 






iiiffl 1 


4 . 330.6 
9M 15.41 


4|30ji^! 

13)673' 


°«9: 


43 

45 * 

62 23.9. 
12(85.4: 151i 

4.9|30J- 180 ' 
3.4 39 3-' . 
43 4.1: 24 
3,8 262 34 
UULg U 



Hnanee, land, etc. 

[MnrtsantliEn 


AimanrltolOp. . 

AMhwiri&r.apL 

witanma.Ainm. 

ICUUneeQnAl 


Edm.imn. 12 im.. 
BOre Mining l(m_| 
j&jtioe House _ 

px Lands IOp 

(&**atiwi. r o.5p. 

Fsiung&fiea^ij 


_|I7D ISATHBj 






♦ J 5 31 


14] 83hi8J 90 


-1 


-1 


1 dl 00 
(1.92 
L2 
(0.50 
5.01 


For Finance & Ind. see Property 


6S 74 


«£15 

Jj278 

B-7J340 


73 


.A3R.AnLCaal.Tit_ 
Amdo Amer tac — 
AniAro'rf>ldRl_ 

Anc-Vaal 50c. 

Charta-fons. 

Coos. Grid Fields. . 
East Rand Con. tap 
Gefl.UunnRR2 


Geattimneic — 
it Grid Field* &A 25c _J 

JotwroConsK 

Middle ril25c_ 

Miuroni lTljp-. 

IfliwrrcSBDLffl— 
New Wit 50c — . ... 
Patino NVF1&5 — 
Rand London 15c_ 
Selecti I'D Trust — 

. Sen trod tat. — — 
Si It ermines S?p— 

Tanks Coil 50p 

Do.Pref.80p 

n?a].C«i<LdJU.. 

. L"C.Im«tRl 

I'nioo Carpn.6J5c. 
Vosds2‘jc 



25 


46 


20 


330 

+B 

26 


520 


39 


67 

+1 

28* 

52 

-1 

21 
- IS 


80 


153 


25B 


70 


190 


20 


45 

+1 


Sheff. Hefrshmt.l 
SlutoUlWm.L...) 


63 

105 


IRISH 


Alliance Gas _ 

Arnott 

CorrelliPJ.i.-.. 

L'lonrfalkin 

Conureiv Prtvti.. 
Hciion iHIdjis i 

Ins t'orp | 

Irish Ropes— 

Jacob- — 

Sunbeam..— ... 

T.M 'J 

Vnidaiv — 


£91t> 

-h 

7B 

+3 

410 


IDS 


90 


145 


51 

+4 

180 


130 


63 


31 


185 


UO 

— — 


oraoNS 

3-month Call Bates 


T.C.L. 


Rcei’ham 

Bootf Drue .— 
Bmi’ateiB—.- 

B..A T. 

Rrittoh i.reyfien 

Brown U.* 

BuflOtl'.Y 

Ci»dbtlIH-s „| 

I'ouruulda ] 

[•ciienhntns — | 
, -ipTslillcrT. .- . 

I Lhinlnp 

» b;t7j,„i_ •:». 


DIAMOND AND PLATINUM 


... 01 . 1 . 

o-4|fiun. Accident 
iilun Electric. 

[iilaxo... 

1 tfrninl -Mei — 

rs \V_ 


tWylnitsL— . 

RambroTruit 

KsnyraTo ft p 


jilsiiiar 


£30 

An Ju-.Am.Inr 50c.. 

£431’* 

-1%I 

QtfKV 

11 

64 

BsfeopsatePh Ik J 

95 

-4 

Qfl ?r 

« 

285 

DeBeeraDt.V— 

424* 

-12 


31 

VS 

Dp.40pePl.H5_ 

£11 



3906 

54 

[^denLaa IS.*— 

62 

-4 

?QZ7c 

LC 

70 

One Pint tar 1 . . 

.52 

-4 


iM 


o 3>iiudrdian.__.. 

6.o:ii K ^L-nv 


■j . Hawker Sirtrl.. 

,n o'. Houle t>f Fraser. 


■HCLzizd 


tnveresk— , 

KCA 

lmdbroke — 
Lesal & Gen. -| 
Lex Service _. 
Lloy ds Bank 
Lufc" 


London Brick. 
Lonriio. 


Lucas Inds. .... 
Lyons 

"Mams’' 

Mrks & Spncr 
Midland Bank 

N.EI 

•Cat. Wkl Bonk. 
Do. Warrants, 
Ptnnw.-. .. 

PloKwy 

RH.M 

ILtnkfirc 'A 1 ., 
Revtilntnl— 

Spillcrs 

Tescu 

Thorn 

Trust Houses. 


Tube invest- 38 

Unilever 35 

Ltd. Drapery- 7% 

Vickers 15 

Woolworths 5 


Property 

BriLLjnd J 3U' 
Cup.Couoties4 “ 

Intiieiiropeaa , 
LmndSecs. 

ME PC 


Peachey 

icl Prop*.. 


Samuel 
Town A i-’iiy„! 


Oils 


Brrt Prtrotetrat. 

Burmnh fill I 

fharterhall-J 

Slicll 

Ultramar— 


.Mines 


Chan erCnna 

f'orLX. iMd 

RioT. Zinc 


J! -A selerUna of Ortio^sjraried is civen on tha 
i» __ lmndon Stock Exrhim^o Report paga 


an 


J 





26 


.-.V'VSCf.V-V**' *&••*.* :■ , ,-tj * 

.' "_?? c- r 'r?::' ; '» vJy ; «•*■' ” ” 


. - :JS 



hereifon 

brkboafs 

\i 



:P 



Saturday September 23 1978 


The Spanish name for 

SHERRY 



W 


vis 


.'nit for the job -6m- 23m 

. hie of Mam. M: C4MS nil Tahoe 




*■ ''VSV' £.-I5 ; \ 


?\l 


MAN OF THE WEEK 


Hussein in airfield talks 


|Unwillingly 
into the 


with Arab hard-liners 


BY ANTHONY McDERMOTT 


limelight 


:jY MARTIN DICKSON 



KING HXJSSEIN of Jordan held strip,. affecting the states of east be exposing itself to Israeli meetings with King Khaled and 
a surprise meeting yesterday Jerusalem and the city as a retaliation if it became a base Crown Prince Fahd, there was 
with Mr. Yasser Arafat, the whole, and the future of Jewish for Palestinian guerillas. ‘ little progress towards securing 
leader of the Palestine Libera- settlements in the region. King Hussein no doubt took their support, and that the Saadi 

tion Organisation (PLO). and No details have been given the opportunity of yesterday’s government bad not moved From 
iWTATTTTrTrr. r-r cp hi <-, 11 - {Colonel Muammar Gaddafy, the about the talks at Mafraq, and encounter with Mr. Arafat to the reservations it expressed in 
;TiATE\ER Libyan head of State, at Mafraq, the Palestinian and Libyan brief him on the clarifications for a Cabinet statement on Tuesday 

J " *“* " an air base in north-east Jordan. leaders later drove back to which the Jordanians; asked Mr. night 

. At the same time. President Damascus. It was the first time Vance during his visit to Amman In Damascus, the conference 
ie topic is bound tn {Hafez Assad of Syria, who for two Mr. Arafat and King Hussein this week. of "the M steadfastness and con- 

Arab summit Mr. Arafat -and ‘ Colonel frontation ‘.front " of Syria, 
year, and on Gaddafy' probably asked Kin* Algeria. Libya, South Yemen and 

„ - - - — — , since King Hussein to join the group in the PLO, was preparing after-two 

:Jans. which was published nve wart j g i 5ra eL asked Mr. Cyrus Hussein's army drove the Damascus. The me eting must days to draw up a final docu- 
Mys ago. Vance, the US. Secretary of Palestinian guerrillas out of the have come as a surprise to Mr. ment. It was said in Damascus 

The report confirms wnat state, who was conferring with kingdom in 1970-71. Vance on the U.S. assumption that one result would be the 

resident Kaunda has always gaudi leaders in Riyadh, to post- The meeting probably resulted that Jordan, as much as. Israel, revival of the “Eastern Front,” 

• aintained — that not long after pone bis visit io. Damascus for directly from the conference in wanted to exclude tire PLO from with its military command ex 

. hodesia’s unilateral declaration twenty-four hours. He was due to Damascus, where efforts to negotiations on the West Bank panded to include Algeria and 

f independence the southern arr j Te today. resurrect the “ Eastern Front ” — and the Gaza strip. Jordan is un- Libya as part of its strategy to 

..fricao subsidiaries of the The white House in Washing- a military alliance of Syria, likely to change its position un- oppose the Camp David accords. 

I'ritish oil companies became ip- ton yesterday released the texts Jordan, and the PLO— are less it has the blessing of Saudi The document was expected to 

■ hived in oil supplies to Rhodesia 0 f n j ne letters exchanged at the reported. Arabia. include provisions for increased 

,ad that the British government c^p David summit. Signifi- Jordan would be reluctant to In Riyadh, Mr. Vance said that military and economic aid to 
■lund out in 1968 that this had cant j V> they did not include the become involved, not only his mission to explain the Camp Syria and the PLO, and closer 
ijsen happening. exchange between Egypt and because of its dependence on David accord to the Saudi leader- ties with the Soviet Union. 

• It was in May last year, shortly j srae i on g, e controversial ques- the West and the Arab oil states ship and King Hussein had been ...... - . „ 

. cfore visiting President Kaunda t jon of Israeli withdrawal from for at least halE its annual State “ absolutely essential.” 1>1 ° re wuaoie feast news, *^6® - 

■ i Zambia, that Dr. David Owen, west Bank and the Gaza budget but also because it would The indications are that after Ed ltonal comment. Page 14 

le Foreign Secretary, appointed 


Finance Ministers face 
call to boost IMF quota 


BY jUREK MARTIN AND PETER RIDDELL 


WASHINGTON, Sept =2. 


Ir. Thomas Bingham. QC to 
; ivestigate the sanctions busting 
'negations. Since then, tbe in- 
iuiry h'as taken up a great deal 
. f the time of this tall, slim and 
■ at her sharp-featured hamster. 

The report has thrust Mr. 

. iingham unwillingly into tbe 
lare of publicity. He is a 
icdes t man and. like ail barns 
;rs, must not indulge in self- 
: dvertiseraent. This partially 
xplains why. despite the Bing- 
am report, he is a person little 

nown beyond the legal profes- A per cent increase In Inter- resolution might have to be put All these sessions are likely to 
JO “- ,. , , . . national Mnnetarv Fund Quotas off until next year. concentrate on the heed for 

. Within the legal fraternity, n - ^ h ‘ Such a delay would infuriate greater economic growth in the 

aowever. he is recognised as one as recommended in a report by merely the developing developed world, and West Ger- 

, f the .country s leading bams- the Funds board of directors, countries but also those in the many and Japan in particular 

; ers, a man of great, if soft- will be one of the principal industrialised world, such as- the may come under some. pressure 

poken, wit. with a crisp com- topics facing the world's Finance UK, that are concerned about to stimulate domestic demand 

nand of the English language. 3 jj n i sters as they gather there the ability of the IMF to meet further. 

for next week’* annual meetings the demands made on it Such pressures wiu -probably 

of the IMF and the World Bank. The Administration appears to experienced 3 here 6 ^ vear a*o 
The economic policies of the believe tbat ^ it fon nally agrees partlv Suse of thPirewnt 
EKfJ r S g SS a JSt wil* to expand its contributions to the jSSdS^Sl 

mood or tne L.5. congress win international institutions m the nartlv because of the refiationary 

waTSiHST' c r f r re - . c °s<? ess ^i 1 • >™ k SSS^SSSaSSSSS& 

31 ine meeun^s. askance at disbursements in the bare taken in recent months. 

In both formal and private dis- Bill now in front of it. . In sp ite of protestations to the 

cussions over the next seven Tben were sJg0S today that contrary by Mr. Denis Healey, 
days, the U.S. will not only ne congress was starting to move Chancellor of the Exchequer, it is 
expected to explain the state of on Foreign Economic Assist- probable that in the margins of 
its energy, anii-inSation and dol- ance Appropriations Bill, which all the negotiations there will be 
lar support policies, but also to embraces the Witteveen facility considerable discussion of the 
d «Sr 5,5 weU 35 clearing up the U.S. proposed new European mo ne- 

of the resources of both inter- arr ears on its contributions to the tary system, 
national institutions. International Development Asso- However, a Senate-House Con 

The IMF will consider a ciation (IDA), the soft loan arm ference Committee today agreed 
report from its board of direc- of the World Bank The Carter on a bill perm itting the U.S. to 
tors tbe burden of which is to Admin istiation would dearly like contr i bu t e about $L7bn to the 
recommend a 50 per cent to see Congressional action to imfV Witteveen facility, 
increase in IMF quotas, and a present to the annual meetings, shortly afterwards the Senate 
separate but closely related This afternoon a meeting of voted 47-18 to allocate the full 
report in favour of a modest the OECD's Working Party Three amount of the U.S. contribution, 
allocation of special drawing vvas ' being held in the State rejecting a proposal to cut it 
rights, the IMF s paper gokL department to brief U.S. officials to 8500m. 

West Germany, Holland and on the new European system. - Mr. Michael Blumenthal, the 
, . .Australia, it is understood, still 'Hie Fund and Bank meetings Treasury Secretary, had said a 

A product of BalhoL he seems believe that a quota increase of do not start until Monday, but cut in the U.S. contribution 
, to embody that college's image of much less than 50 per cent is in are to be preceded by two would have destroyed an unpre- 
' stylish yet seemingly effortless order, but their objections would sessions of arguably greater sig- dented international effort at a 
brilliance. According to one lead- easily be overcome if the U.S. nificance— discussions of the time when the world’s monetary 
■ing City solicitor, he must be were to opt for tbe higher figure. Group of Ten industrialised ssytem was under serious strain. 
“ one of the half-dozen most Mr Anthony Solomon Under- nations tomorrow, and of the The Senate-House Conference 
elegant advocates practising to- g ecre ’t ary of the Treasury for IMF’s Interim Committee on Committee’s BUI now goes _ to 

Monetary Affairs, implied last Sunday. the two chambers for routine 

cases in Wednesday that though a 50 per The World Bank Development approval. 

, , e cent increase in quotas might Committee is due to meet Commonwealth Ministers, 
comprehensive eventually be agreed on final tomorrow. • Page 2 

(acting for the — — 

Department of Education), the 
Flixborough fire disaster (coun- 


Tilling pulls 
out of 
bidding 
for Yale 



Thomas Bingham Q.C. 
"One of the half dozen most 
elegant advocates’' 


day.’ 

The better known 
which he has appeared include | 
the Tameside 


Volkswagen and MAN extend 
Europe truck distribution link 


BY KENNETH GOODING 


sel for the tribunal) the winding, 
up of the Beatles' partnership 
(acting for the receiver) and the 
Westinghouse/llio Tinto Zinc 
case arising out of U S. anti-trust 
investigations (acting for West- 
inghouse). He is currently acting 
for the Bank of England in the 
Crown Agents Inquiry. 

Although much of Mr. Bing- 
ham's work is now in the field , „ , , 

of commercial law, colleagues VOLKSWAGEN AND MAN, the VW has concentrated on lower- Production is to be of the 
point out that he is by no means w est German truck manufac- weight vehicles, while MAN'S order of 15,000 vehicles a year, 
a narrow specialist. His chambers terer, are to strengthen their trucks are over 11 -tonnes gross with 10,000 for export 
in Temple are not specifically existing commercial vehicle links vehicle weight The co-operation The first of the newcomers- will 
commercial chambers and Mr. *>y setting-up joint distribution deal will allow both to supple- be launched at the Fraakfurt 
Bingham originally made bis companies in all European ment their ranges with consider- Motor Show in 1979. By 1982 
name in the Queen's Bench Divi- markets. . able cost savings. between them VW and MAN- will 

sion in the 1960s, taking on more Tbe UK is the first country It will give the German con- 9® er a f aQ 2® °/ tru cks from 2.8 

general cases. where agreement has been cems a combined output of t0 "® es t0 . J5? nes j 

Il I Is since be took silk in 1972, reached. A marketing company about 300,000 trucks a year, ®*® nw **}|* VW and MAN- are 
at the relatively young age of is to he set up, jointly owned by equal to each of the top two *j“ kin S, w *“_ “ eir distributors 

3S. that the commercial side of the two manufacturers and their European truck makers, Daimler- throughout Europe about join- 

his practice has become much distributors, Tozer Kemsley and Bepz of Germany and IVECO, in 8 forces and separating -the 
more marked. He is said to be MiUbourn (TKSI) and Volks- which combines the truck oper- commercial vehicles business 
at lus best in the Court of wagen (GB), a Lonrho subsidi- ations of Fiat of Italy. Magirus- from cars. 

Appeal, where there is a great ary. Deutz of Germany and Uoic of west German, where MAN 

deal of interchange between the fn i Wc , , Q77 France on a par with the big has itsown distribution outlets, 

q t Sf ck l, "-M"S “ {&"■£„ S«JE North American producer, “ ’ 

mastery o^noints^iaw^an tK grou P s 10 cooperate in produo- VW will make the cabs, rear 
Dart ate ounsel ° E “ w tion of trucks in the six- to nine- axles and gearboxes for the new 

P From his voiith Mr tonn , es range ’ an area of the t™** ran S e ' wbile MAN win 

■« Hp-r gha,H market oot covered by either make the engines, frames, front 

out as a company at present. axles and special bodies. 


was clearly marked 
high flier. The son of two 
medical doctors, he was educated 


Ford strike call 


at Sedbergh and Baliiol. taking lr> a- , r n 
a first in history. Switching to | UHltnme Q_ Irom Page 
the law. he took his bar exams 
in 15 months, passing out top of 
the class in the December 1958 

bar finals. general executive council. He said that there would be 

Despite his success, the one which reaffirmed its policy of an angry response from local 

quality that all his friends and co-operating with the -Govern- government workers, who. 

acquaintances point to is a re- ment on general economic against an inflation rate of 7.8 
markably modest and pleasant matters, and working for a -per cent, stood to -receive an 
nature. It is perhaps tyoical of Labour victory at the next elec- increase of only £2.35 a week. 
Mr. Bingham that be is keen to tion, but opposing its incomes “The Prime Minister made it 
point out that he was not the policy. perfectly clear that he relies on 

only person who worked on tiie The TGWU even voted to give public opinion. We believe that 

sanctions report; that it was also £150.000 for Labour's election as a trade union we are doing 
signed by Mr. S. M. Gray, a campaign,' and to raise its Labour tbe right thing in trying. to main- 
leading chartered accountant. Party affiliation strength next tain and improve living 
Friends refer to him as “ excru- ye ar from just over lm to standards, 
ciatingly nice " and “ lacking any 1.250,000— worth £42,000 more in The Transport Workers is in 
side.** annual affiliation fees. the increasingly uncomfortable 


All of this makes annostie a — Labour Partv now has P uSiti00 oF being a union loyal 

four-lins stanza al«ut Mr. Bire- halJ of ^ ^ it is J skj to the. social contract, out with 


ham which just oyer -0 years ^ unjons fQr tte electio ° tens of thousands of members— 
ago was added to the long and Mr g vans p ord un j on at Ford, in road haulage and 

notorious list of rhymes pained side decislon j efl h i m “not in «be pub,ic “"iceMballenging 
by undereraduates in a Baiuoi j gaSt ^ surprised.” t b e cornerstone of Labour's 

siiecestions book. It ran; u a r nra ^ counter-inflation strategy. 

• Whv does almost no one know Earlier, before the decision Mr. Ron Todd, TGWU national 

who Tom Bingham is, although was retailed to Transport House, organiser and leader of the Ford 
ne's done nothing to offend he implied for the first time that unions, is treasurer of the 

ind is everybody’s friend? the incomes policy would hurt London Labour Partyr - 

But while the last couplet may Labour s electoral chances. He said: “I don't want to get 

•emain true at a personal level. “There wiu be a lot of dis- into confrontation with the 



•eferral .. t 

Prosecutions illustrates. 


natural. 


restraint they are wrong.” 


the VW “LT” light trucks will 
be added to the range on offer. 


By Andrew Taylor and 

John Wyles 

THOMAS TILLING yesterday 
pulled out of its planned 
acquisition of the U.S.-owned 
Yale security and lock concern, 
and it was later announced that 
the business had been sold for 
S55m (£28m) to Scovlll Manu- 
facturing of Connecticut. 

Tilling, one of Britain’s top 
50 companies, had been 
negotiating for several months 
with - Eaton Corporation of 
Cleveland. Ohio, but in the end 
decided that the asking price 
for Eaton's security division 
was too high. 

According to an Eaton 
spokesman the ScoriU 
approach came before agree- 
ment in principle with Tilling 
was announced. He said that 
the security business, which 
generated sales of £55m last 
year— 65 per cent of It earned 
in the UK and Europe — would 
complement Seovill’s growing 
household equipment business. 
Scovill also manufactures 
electronic appliances, automo- 
tive products and sewing 
accessories. 

Mr. Patrick Meaney, manag- 
ing director of Tilling, said in 
London yesterday that Eaton 
had originally been seeking a 
“ rather higher ” price than the 
855m that Scovill has paid. 

Although agreement in 
principle and an approximate 
price had been agreed between 
Tilling and Eaton, the British 
group, on farther investiga- 
tion, concluded that the profit 
prospects of the security busi- 
ness were lower than at first 

thought. 


Daily Star 
launch set 
for November 2 


By Alan Pike, 

Labour Correspondent 
EXPRESS Newspapers an- 
nounced last night that the Daily 
Star, tbe first national news- 
paper to be launched in Britain 
for 14 years, will appear on the 
streets on November 2. 

The announcement followed a 
decision by National Union of 
Journalists members on the Daily 
and Sunday Express to give their 
full support to the new news- 
paper. 

Mr. David Ross, father (chair- 
man) of the Express NUJ chapel, 
said after a meeting of the jour- 
nalists that support was being 
given following a written assur- 
ance from management that 
there would be no changes in 
production methods which, the 
journalists believed, could have 
damaged the Express. 


Weather 


UK TODAY Mainly dry. Max. ISC (64F>. 

MAINLY DRY with sunny spells. N.W. England, N. Wales, Isle 
Some rain in north. of Man 

London, E. Anglia, Midlands- Mostly cloudy, some rain later. 
S.E., 'Cent. S. England, Channel Max. 16C (61F). 

Isles V Borders, Edinburgh, Dundee, 

Mainly dry. Sunny spells. Aberdeen. Moray Firth 
Max. 20C (68F>. Rain in places, bright spells 

Cent N.E. England • first. Max. 16C (61F). 

Mostly dry, sunny spells. Max. S.W, N.E., N.W. Scotland. Glas- 
gow, Cent Highlands, Argyll 


iuv or 
17C (63F). 

S.W. England, S. Wales 


BUSINESS CENTRES 


AwstMlm. 

Athens 

Bahrain 

Barcelona 

Beirut 

Belfast 

Belsrade 

Berlin 

Binngbm, 

Brlarol 

B niseis 

Budapest 

B, Aires 

Cairo 

Cardiff 

Chicago 

Cologne 

Copnfaagn. 

Dublin 

Edirtbrgh. 

Frankfurt 

Geneva 

Glasgow 

nelsmkt 
H. Kong 
Jo'burs 
Lisbon 
London 


Vdw 
mtd-dar 
•C -F 
C 17 63) 
C 19 » 
S 35 96 
S !S 77 
S S7 91 


Madrid 

Mancbstr. 

Melbourne 

Milan 

Montreal 


Rain at times. Max. 16C (GIF). 

Orkney, Shetland 
Rain at times. Max. 13C (55F). 
N. Ireland 

Rain at first Max. 10C (61F). 
Outlook; Mainly dry and rather 


'raw 

arid-day 
.•C D F 

c ir. fi? warm in S at first, some rain in 
other parts. 


c 13 5 b 
s n 78 
12 54 


s 

c 

Iff 

16 

64 

61 

Moscow 

Mumca 

C 

ja -» 
17 63 

HOUDAY RESORTS 


1 

K 

14 

bV 

Newcaalo 

c 

17 63 



Vday 



■7-das 

F 

17 

63 

New Dellil 

s 

a 84 


mid-day 

' ' 

mid-day 

F 

17 

S3 

New Yoric 

R 

23 73 



"C *F 



«c 

■F 

C 

14 

57 

O-sIo 

K 

S 46 AJacdo 

S 

23 

73 

Jersey 

S 

17 

63 

C 

17 

63 

Parts 

S 

19 66 

AW ers 

s 

26 

79 

Las Pirns. 

S 

24 


s 

19 

66 

Perth 

S 

Iff 64 

Blames 

s 

23 

73 

Locarno 

8 

26 

6S 

& 

SI 

$9 

Prague 

R 

31 52 

Blackpool 

c 

18 

61 

Majorca 

S 

37 

SL 

F 

17 

63 

RerKlavlt 

C 

111 52 

Bordcoui 

s 

22 

72 

Malaga 

8 

26 


S 

17 

63 

RIode J'o 

S 

27 51. 

Boulojine 

c 

17 

63 

Malta 

8 

23 


C 

19 

66 

Rome 

s 

28 .79 

Casablnea 

c 

24 

73 





H 

11 

32 

SlnKaoore 

c 

29 84 

Cap*.- Town S 

18 

61 

Maples 

S 

21 

To 

C 

17 

fa 

Stockholm 

F 

] L 32 

Corfu 

s 


72 


s 



C 

IB 

fi! 

Strasbra. 

S 

1» -66 

Dubrovnik 

s 

2U 

as 

Nicosia 

8 



K 

17 

82 

Sydney 

R- 

14- 57 

non.-ni.-v 

s 

23 

73 





S 

17 

M 

Tehran 

S 

32 90 

Funchal 

s 

2j 

77 





C 

1C 

HI 

Tel Aviv 

S 

ST PI 

Gibraltar 

s 

24 

n 






9 

49 

T 0 I .70 

C'-24‘ 75 

Cucrnscj 

F 

17 

63 


S 



■b 

29 

84 

Toromo 

SI* 5? 

Innsbruvk 

r. 

IS 

64 





c 

24 

iff 

Vienna 

r 

IS 59 

Invernesa 

F 

17 

63 


S 

% 


s 

26 

ra 

Warsaw 

c 

10- SO 

r. of Man 

s 

16 

61 


¥ 





ss 

Zurich 

¥ 

16 -61 

Istanbul 

R 

14 

57 





Q 

L> 





S— Sonny. 

F— Fair. 

C— -Cloudy. 

R— Rain. 


rs l 






■v 


THE LEX COLUMN 





has to pay 





av: . f 


"IS# 


The gilt-edged market is find- 


ing a series of excuses to drag Judex fell 7.1 tO 518.6 

— — Now the TeJefusiori -bbard 


its heels. The removal of the 
threat of an early election 
failed to tempt the institutional 
fund managers* off their fence 




and now tbe industrial troubles * 
at Ford highlight the uncer-" 
tainties over the new round of 
Stage IV pay negotiations. For" 
good measure, news from across 
the Atlantic has continued to 
be unsettling with the official 
U.S. Federal Reserve discount 
rate, for example, being raised' 
i of a per cent to 8 per cent 
yesterday. In London the rate at 
yesterday's Treasury Bill tender 
rose slightly and pressure built 
up on the short end of the gilt 
market where prices were down 
by half a point There has been 


25-Year Gilt-Edged 



which has disappointed consist-; . 
ently and been Jin the' .Mack in’- \> 
one of the past three years. .} h 
the Telefuaoit - ; b$inl : " 
reckons it has found t^te; right 
answer. Trident interchange 
over to larger j storesi -.-But the .y-vt 
benefits will not be hhmediatej - T 
Even. if the curren Lyear "biibgs - J 
Trident 50 per cent pwe sales 
it may only break • even, After ,c 
the £}m reorganisation costs.. At J -•* 
39p, on a prospective folly taxed 
p/e of 12, the only excitement ; 
lies in the possibility that Tele- . • 

fusion has got it right, at Jast. ' ...f 



Placing power 


The stock -market was buzz- 
ing with rumours of large share 
placings yesterday. It is under- 
stood that over '2m JsIiares 'in 
Midland Bank; lm shares in - • 
Standard Chartered Bank and 


less action in tbe longs where -y — 

there are few sellers — But thin inflation— stems from large liDes - m Boots. Mciins and 
precious few buyers either. decisioh in the last Budget to Thorn were placed with the 

Yet during the summer the ^crease n \S\v institutions. Altogether- J 

big funds hare been piling up ? )V ? ng requirement substai^a^. djgposa j s probably amormted to ' ‘ 


their liquidity once again. On- . a close to £20m. eqmyalent to 

some calculations they are now „!?!?? roughly a quarter of a normal; 

sitting on more cash than in f J s J?^ ri ^ be P bi g day's turnover in equities, or to 


the late spring, during the fund- ? ro ^ blera _ the? a medium-sized rights issue. 

many cases iney ^ 


In fact with the number of 


Gnomic The*}? h 0 l ^n-?e ^nves^SS rights" issues down to st tridde. 

immediate crisis this time ^ 

increasingly generous raised by share Pl^cteSs. 




cause the money supply has . ... 

sRssr^ 1 weu 

At one level there are tactical ' t-.jj ^ un iikely in fact, to be money raised by rights ifsue 
reasons for the Government's Wy lon g before the institutions has been averaging l ess - than 
inability to sell stock. The Go^ ofF-joad soni e 0 f tbeir emharrass- f50m per month. Most com- 
erament Broker's policy of con- balances into the taps But panies are flush with funds and 
sistently supplying tap stocks ^ be no buU ^ ^ have little incentive to lfep the 

lumps of £100m at price inter- fis Ca i anc j mooetary equity market MeanwtHfc, the 

vals of an eighth or so has poiicjeg 3 ^ operated more bar- testitutions’ liquidity is- hufldiflg 
become too easy to read. Fund njoniously. Meanwhile the up. Against the.badigiteand“<tf 


j2; |f 5 



ing'the market for monttis when pw round 
they can pick up their telephone,.*^ 


and get the stock at a price only rp , r. ■ 
marginally higher at a time leletUSIOIl 


heartedly to the equity market 
but they are also not keen to 
buy property and gilts qn cur- 

. . . _ . , . . rent yields. The explanation: to 

when^ it is obviously right : to do .. Telefusion is still finding the the recent increased placing 
so. Only when the omcial sa.es going tough. Five years ago it. activity seems to be that while 
b ! ecomes Iess predictable ^as' making as much pre-tax the institutions are not going 10 
will fund managers consider it (f3^ni) as it is likely to produce take the initiative for fear - of . : 
more riskj' to stay out r -f the in the current year— and a third driving up prices, -they are not- . 
market man to go in. more than the £2m reported averse to brokers knocking oh . ; 

More fundamentally, the cur- yesterday for 1977-78. A large the door • and offering . them 
rent high level of gilt edged part of the problem stems from , large lines of stock at ;a agnifi- 
yields— nearly five points higher the group’s retail chain Trident cant discount. 


ocvtheu-f 




,abatt(' 



Virpa;*.^^ 


Preference shares 34 income shares of Dual 
Capital Investment Trusts 1*5 %. You should . 
regard your investment as long-term. - 


Thejjotential for growth of 


The new Schlesinger Monthly . 

Income Portfolio is specially desisted 
for investors who require a high azid 
reliable income on a regular monthly 
basis, with these unique and convenient ■ Capital and income 
advantages:- 

0 Regular income - your income will: 

be paid on the istof every month. 

0 Convenient payments - income is 
paid direct into your bank aedeunt* 

0 A high return - the portfolio is based 
on three successful and high yield- 
ing Schlesinger trusts. 

High income 

The M onthl y Income portfolio is invested 
equally in : the Preference and Gilt Trust 
with 86 % invested in preference 


55 Peaceful 


shares and 14% in Gilts, currently 
yielding 1 3.2 % j the Extra Income 
Trust, wholly invested in equities, 
yielding 8.75 and the Income 
T rust with a bala n ced portfolio of 
preference shares, high yielding 
equities, and investment trust 
income shares, yields 9.4 %. Equal 

investment in each through the 

Monthly Income Portfolio offers 10.1 °. 


Regular 
monthly income 
hefpsyoupian 
your expenditure. 


per annum. Based on these yields, £2,000 
is expected to produce gross annual 
income of £202 or net monthly payments 
ranging between £ r 3 and £9, after basic 
rate tax. An investment of £5,000 will 
provide gross annual- income of £505 or 
net monthly payments of between 
£34 and £24. 

A well diversified portfolio 

These three trusts are invested in 
over 300 securities, providing not only a 
substantial spread of risk but also a use- 
ful spread of investment - currently : 

5 ?o> high yielding Equities 46%, 

^To; Schlesinger Trust Managers Ltd., 

I ® out * 1 Street, Dorking. Surrey, 
j ** “W md EnjmieJt iutp/vnc.TcL Dar huig ( 0306 ) S644T 

I I wish to invest 



Current high interest rates may not last : 
indefinitely, but existing investors in the ' ‘ 

N 1 onthly Income Portfolio should still preserve 
this high-level of income. 

_ The equity holdings should provide 
‘ capital growth and also increasing income in • 
thefuture. '-•■■■■ 

_ Remember that the price of j'our units and 
the income- from them may. go down as well as up. 

Benefits for the Jailer investor 

Minimuin investment is £2,060, but . 

' investors of £5,000 and over will revive . 

At least £24 monthly income net 
of basic rate tax, based on tiie . 
current estimated gross yields of 1 " 
the three trusts. 

PIMS - a unique service. • : 
SchJesingers' Personal Invest-* 
jment Management Service 
includes monthly investment .. 
reports, invitations to meet the. 
investment managers and invest- 1 




rticn t/ hn ancial planning advice if required. ■ 
Schlesingers manage over £100 nnUionof- 
private, institutional, and pension funds. 


il® aw ra yon pmiM nd min mlbrkkKHaUt . 

mih ’g ^n-fanp i o< .rur cheanr. ConirM nwra WH be 


wt b«l do ite carxjFn vOet y£*pbriht Sra 


carls. 


w«. manly mom jxmr 


S* rim 
ihntKrr Bwa. A rhv|rM a 




the HMuArn! rcrtiScwe 
nmehuledariwratpeniHeAr . 
■ooml inert I’i, 1 4-VAnrf 


1 llr ^ jntucjrffaau gnat ntneigmib 
span. ConmlariHi , r «ai b. m » r 


s «*»=*wrl r, rii« MoManLuL* 

u» nunhwi aflhe 


| (mi nimu m £ 2 , 000 ) 


£ 


I in die Schlesinger Monthly Income Portfolio atthe orice* (mb/mk/mis) 
_ rui “?f> fi P re * d equally between die three trusts* oa^ Hist names __ 


Eg 

r-v ' . 

^ _• 

SQrna ntf ■ ■ ■ v ' " 1 (pTri estenraswaMB^-l " i ’”‘ - 





| receipt of mv cheque.. 


•PrefcrenceiodCiHTniBt.EatmliicxjineTrua. Inc^Tnut.' 

{ cima j-j 

| Li^d5d C 13 cad “ oi made P^iWetoMidlMid Bank 


Address. 


JDatfc. 


Signature ••• . ' • ~ : r. - ? 

( In the cgcqf a jomt a^Iicaflonall mmt ' 


4InfeQ}| 

— I 

— I 

I 






?a>: 1 *►. 


p CA' 


0 Schlesinger 

Monthly 1 nconie Portfolio 



'iJ 


O The nn!iM4,i Tunes Lid., lSTi 


finai^tal 


-Or ■