The Guardian from London, Greater London, England • 10

10 THE GUARDIAN Tuesday January. 10 1967 5 Send the Manchester Guardian Weekly A TRAVEL GAIID will make your cheque FINANCE and INDUSTRY GUARDIAN CITY OFFICE: 831 Salisbury House, London Wall, EC 2 to your inenos aoroaa acceptable anywhere Middle East and 140TU wnca, 00s. souia Africa, India, Paktrtso, MalayiU. Irnarb, 69S.T3.; Austral uk, China, and Japan, 7e. Oversea! subscriptions to Manchester Gnardiaa Weekly.

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and Canada. 69s, in the British Isles WILLIAM DAVIS, Financial Editor Why not a special Vietnam tax in US LONDON STOCK EXCHANGE Narrowly irregular changes in nearly all the industrials for months and although he can hardly dodge it any longer, people one talks to here think that the odds are against any increase actually going through. They consider it much more likely that the "war on poverty" will take a back seat Republican Senator John Sherman Cooper expressed what seems to be a widely held view when he said that there should be no general tax increase until an intensive effort is made to reduce Government spending. Vietnam costs have priority, but the rest of Mr Johnson's plans look like having a rough passage. The long tax debate, one can't help feeling, has been conducted on an oddly narrow front The arguments for and against have been confined largely to the -possible impact of a tax increase on.

an economy which may or may not be on the downturn already. Few people have bothered with the moral rights and wrongs. If American citizens are so keen to see victory In Vietnam, why shouldn't they pay a special war tax Why should social progress and aid to underdeveloped countries be slashed instead? These are obvious questions, but they have had relatively little attention. Nor does there seem to be. much -concern over the fleets on the dollar if the Administration continues to shrink away from 'fiscal measures, or the threat to world trade of a continued high, level of international interest rates.

(The Federal Reserve Board has relaxed its grip a little, but it is not likely to go on doing so jf President Johnson does not shift his policy.) Would a tax increase really do more damage than the absence of one Highly sceptical Peace in Vietnam, of course, would remove the necessity of answering that question. It would produce exactly the opposite problem: whether or not to stimulate the economy by tax. reductions. But people one talks to here are highly sceptical of achieving any settlement in 1967 that would be acceptable to Washington. They believe that escalation is more likely than any "deal" which could be interpreted, at home and abroad, as defeat for the United States.

The emphasis is expected to shift increasingly to guerrilla warfare, which it is thought could last for a decade or more. (Mr Henry Cabot Lodge, the US Ambassador to South Vietnam, says Hanoi will not admit defeat until the US has proved that it can cope with the basic guerrilla structure.) This kind of war might be less Washington, January 9 AMERICANS have a penchant for inventing new meanings for words, but it stopped me short when one financial man here started-to talk today about the prestidigitation." It, transpired that he "was referring to the Administration's habit of rearranging figures in such a way that things look better than really are." We, of course, call it cooking the books but our US friends don't like to use three words when one will do. The Budget, Vietnam costs, and almost everything else seems to come in for assiduous "prestidigitation." As a result, many people have come to view financial statements with the kind of scepticism we accord our own monthly gold reserves a factor which encourages wild speculation' and makes the job of economic forecasting even more perilous than usual. President Johnson has a chance to set the record straight with his State of the Union Message tomorrow, and the 1968 Budget in a week or so, 'and one can see good reasons' why he should try to his cards on the table. The "credibility gap" has become a serious political embarrassment, and the new session of Congress is expected to see vigorous efforts by the strengthened Republican side to get at the facts.

Senator William Proxmire, who has replaced Paul Douglas as, chairman of the Congressional Joint Economic Committee, has already served notice that he wants to investigate why the Defence Department apparently failed to notify fiscal agencies of a $10 billions boost in Vietnam spending last year. Republicans claim that President, Johnson and Defence Secretary Robert McNamara deliberately covered up the increase until after the 1966 elections because they wanted to sidestep pressure for a tax increase, whether this is true or not, the Administration faces some pretty close questioning and President Johnson will find it much more difficult to get cash "out of the Ninetieth Congress than he did out of the Eighty-ninth. It is already certain that the new Budget will dwarf any ever submitted by any President, in either wartime or peacetime. More than $70 billions is to be spent on defence, including $25 trillions for the war in Vietnam, and record sums are to go on the President's Great Society programme. Economists estimate that the deficit may add up to $20' billions and say that the Administration must either raise taxes or revise its ambitious spending plans.

The tax question has bothered the President In Vietnam, American tanks await their turn behind an oxcart loaded with rice and civilians. equity, shed several pence to 20 94 for the ordinary and 6s lid for the A. There were mixed change among breweries. In an irregular paper and printing group, British Sldac rose Is to 16s 3d. while better half-time profits carried J.

WadcUngton up Is to 22s 3d! for the A and 21s 9d for the B. British 'Cotton and Wool Dyers slipped 6d to 2s 6d following the chairman's interim report indicating' another dividehdless year. Hugh Mackay softened 3d -to 9s after their results, Hiraeh Son and Rhodes hardened a trifle to 2s 61d on the- interim announcement AEI, having lost 2s Sd last week, had to face, further selling that lopped another Is off the- share price, leaving it at 36s 9d. Most other electricals also lost ground. Profit-taking brought A.B.

Pictures back from 26s 9d to 25s 7id. Lafarge Altuninoug Cement, still responding to their half-time statement, matched Friday's rise with a fresh gain of Is at 42s 6d. But the interim report from F. HQls caused a drop of 9d to 8s Bowyers were depressed from 21s 6d to 19s 9d by their chairman' annual review. Betting shop shares benefited from bid talk that raised Mark Lane Sid to 5s 5M.

Smaller gains incurred In t. Cora at 623 2f d. Hunt Park at 5s 3d. and Windsor Sports at 4s 5W. Sharply higher figures for the first six months hoisted M.

Van Moppei 3s Dd.to 38s 9d. News of the bid approach raised Williams Hudson Is 3d to 15s. NORTHERN Widespread easing After a wellmaintained beghv Jiing prices had eased over a wide range of Issues by early afternoon, owing to business not being as impressive at last week. -Markets were supported on a quiet trend and the only feature was AEI which continued its current decline with a loss of Is lid. Leyland Motors weu unchanged at 46s, while Turner and Netralt and EMI were slightly easier at 30s and 26s 9d.

Dunlop slipped back 3d at 28s, although Mather and Piatt were raiser? 9d to 22s 3d. ICI lost 4jd at 37s and AEI suffered a sharp setback with a loss of Is lid at 36s Klinger Manufacturing were well maintained at 13s 311, as were English Sewing Cotton at 9s- 6d. Calico Printers, however, sagged -a little at 7s with Coats, Patons at 36s. Courtaulds were 1 4d less at 17s 9d. A certain amount of profit-taking after last week's good rise brought an Irregular trend to the stock market yesterday.

Activity remained at a relatively good level, and there was a good deal of interest In some of the second-rank stocks, particularly the possible bid situations. Bat the leaders turned markedly easier and brought the "Financial Times" ordinary Index down 2.9 points to 315.9. The first fall of the new year. In the gilt-edged sector, quotations also ease'd a little, though the undertone remained firm. The Government broker, however, raised the tap price of Treasury 61 per cent 1995-98 a further to 9911-16.

The Institutions, lately good buyers in anticipation of- a bank rate cut, seemed to have retired for the moment Nearly all the industrial sections presented a pattern of narrowly irregular price changes. Steels, however, found definite firmness with the help of press comment about their attractions as, high-redemption-yield stocks. Insurances, on the other hand, became decidedly dull when they ran into a bout of profit-taking after several days of rising levels induced by the record new life figures emerging since the end of 1966. There were few individual features worthy of remark. Donaldson Line, at 31s 9d both for the ordinary and the A.

were another 2s higher on suggestions of eventual liquidation repayment in excess of the "not less than 28s" estimated by the directors. Golds found better, form than last week, encouraged by the revival of the gold price debate, but activity was not great. Coppers showed little change. A few pence were clipped from most of the industrial leaders. Down by 3d to 6d were stocks like Id, Bee cham, Dunlop, and Court-aulds.

In the engineering section, there were falls of 9d or 10id in Metal Box, Guest Keen, Tube Investments, and Allied Iron-founders. British Federal Welder, however, made belated response to Friday's figures, climbing 10Jd to 3s 10d nominal. Acrow A at 24s 6d, J. Samuel White at 4s 7id, and Carrier Engineering at 9s 4d were all a shade easier under the infiuence of company news. There was- some selling of motor and component shares.

J. Lucas dipped Is 4Jd to 30s. Bootes, to the accompaniment of suggestion about a snare issue to give Chrysler control without a bid for the remainder of the Opinion on this remains sharply divided personally, I think the risks tend to be exaggerated. The situation' is not dissimilar to that which faced Mr Callaghan when he had to decide the final shape of his Budget last April except that the US doesnot, as yet, have to worry about the possibility of heavy pressure on the dollar. Some forecasters say economy is slowing down of its own accord, and support this with references to key indicators like car output and housing starts.

Others maintain that, with defence spending continuing upwards, the economy still faces the problem of excess demand. (This is how the Federal Reserve Bank of New York, among others, sees it.) Again, they can cite various indicators to back their case. It leaves President Johnson in an unenviable spot, at a time when his reputation has already suffered some nasty blows. Tomorrow's State of the Union address and the subsequent Budget may give a clear idea of how he intends to get out of it and the reaction Of the new Congress will show how room for manoeuvre he will be allowed to The outcome is important to our own export prospects and interest rates policy. expensive, but whatever happens the US is committed to spending huge sums in South East Asia for a very long time to come.

The most hopeful short-term forecast one hears is that defence spending, after rising further between now and July-will Mel off in the second half of the year. This should help to take pressure off the economy, but it is stressed that the situation remains highly fluid." Much the same picture, it is pointed out, was presented in the January Budget last year. In the event, defence spending rose sharply in the first half and accelerated in the. second. Any unforeseen development, such as Chinese intervention, could lead to sharp and rapid escalation.

Against this background, one can certainly argue that President Johnson ought not to indulge in any more wishful thinking. In retrospect, it would probably have been better to raise taxes a year ago. It would have checked inflationary forces a-bit earlier, and it woukrhave made it unnecessary to lay such heavy emphasis on monetary policy. It may be that if he tries to go ahead now, the US economy will indeed run into a recession by the latter part of 1967. AN INSIDER SPEAKS Ladbrokes to seek a quotation this year 1 The wave of takeover bids which has affected ajl parts of British industry has now retched Britain's bookmakers.

In the last few weeks, Holders Investment, the William Hill group, has taken over the Jack Swift empire, and Ladbrokes has bought the betting shop chain belonging to its former chairman, Mr Max Parker. Current rumours indicate that Mark Lane may. be the next In this interview, Mr CYRIL STEIN, the chairman of Ladbrokes, discusses the future with VICTOR KEEGAN. Further fall in HP debt ICFs new American subsidiary ICI America has been incorporated in Delaware as a subsidiary company of Imperial Chemical Industries to bring together a number of ICFs interests in the United States. An ICI spokesman said yesterday that the formation of the new company will provide a more balanced organisation, better able to develop any business opportunities that may arise, either by' way of manufacture or importation from the United Kingdom and elsewhere within the ICI group.

ICI America will operatt through three existing subsidiaries, ICI New York), ICI Organics, and Chemical Manufacturing. The main functions of ICI (New York) are general liaison, sales promotion, and purchasing. In the United States on behalf of the ICI group. Chemical Manufacturing has, for many years, sold a wide range of Sroducts of the ICI group in the tatted States. ICI Organics, whose head office is at Providence, Rhode Island, makes and sells dyestuffs and pigments, textile auxiliaries, pharmaceuticals, and chlorine derivatives.

Its main plants are at Dlghton, Massachusetts, and Bayonne, New Jersey. ment licence, which gives us a monopoly. The restrictions on foreign spending will undoubtedly help us, but we already felt there were good prospects in Malta before these were announced. Q. How have the SET and the new belting tax affected business A.

They have very much affected business. The SET has caused us, once again, to look at our efficiency and. like any other company, we have made a large 'number of economies. It is still a powerful burden to bear. The betting tax has caused us a number of headaches.

The only way of overcoming them was to pass it on in some small way, and so we have had to adjust the place odds. On some bets, where we used to pay 1 of the odds, we now pay 15. Q. Joe Coral has stated that his company is thinking of moving into insurance. Have you any plans for diversification? A.

Certainly, but not into insurance. I would not like to compete with the Prudential. I'd much prefer to diversify into a business that I and my colleagues are familiar with. The opening of an hotel and casino in Malta was very much in our line, and we are looking at similar things in the tourist business. But we are still very much in GEC board gives its reasons By JOHN PALMER Some ot what they claim would be "the material advantages" to both companies are outlined by the directors of GEC in the formal takeover document dispatched yesterday to the Telephone Rentals shareholders.

'The Telephone Rentals board opposed the 22-mdllion bid when it was announced last week. "In all the circumstances, GEC considers that the overall effect of the proposed acquisition would be In the best interests of Rentals and Reliance, and would also be In keeping with the national interest as indicated by Government policy for increasing industrial "efficiency," says the GEC statement. It goes on to say that the operations of both companies in the United Kingdom were similar and complementary, and the rationalisation of the administrative and service departments "would bring significant savings." 'Advantages' The GEC directors also claim that Telephone Rentals" overseas subsidiaries are in countries where GEC Itself has strong operating companies whidh could bring the Telephone Rentals companies "many advantages." Repeating the forecast that profits for the current year may be lower than last year's the GEC directors add that the group's main Interests and activities are in products and services, for which there are good prospects for expansion in the years ahead." On the London stock markets The outstanding hire purchase debt fell by a further 22 millions during November, to bring it down to 1,092 millions the lowest for any month since September, 1964. Reflecting the growing impact of the Government's deflationary measures on the motor industry, the debt to finance houses fell by 21 millions to 785' millions, while the debt to durable goods shops was only 1 million down at 280 millions, and that owed to department stores was unchanged for the third successive month at 27 millions. Instalment credit sales by durable goods shops in November were 28 per cent lower than in ihe same month last year, while the seasonable increase in sales was smaller than in recent years.

Although the debt owed on mail order business increased again during the month by 10 millions this was a smaller Increase than had been reported for months earlier in the year. The Board of Trade also reported yesterday that retail sales in November' very much maintained the plateau they had hit since the start of 1966. index for1 all sales, seasonally adjusted at 1961 rices, increased one point to 109, ut was still one point under, the level for January, 1966. In volume terms, and again allowing for seasonal factors, sales were 1 per cent lower in the three months to the end of November than the preceding three months. Again most of the fall has been concentrated in the durable goods shops where many household appliance sales were hit by the July measures although there has also been a slight decrease in volume sales of clothing and footwear, but higher prices have led' to a value increase in these sales of 2 per cent during October and November.

Mr Cyril Stein betting and will be for the foreseeable future. Q. Do you think there Is going to be a battle for control of London's betting shops? A. Not at all. I don't think that Hills, who have never really been interested in betting shops, are going to make a big invasion.

I am much more interested' in big shops in -areas in England where -it would be possible to open more. taking bets of 8s. At the moment we are negotiating to buy a number of private chains of five to 20 shops each. Q. Are you Interested in Hark Lane, and have you made any approaches? A.

No, we are not interested In Mark Lane, and we have not made any approaches. We would only be interested in it for the purpose of getting a quotation, and that would be too expensive a way of getting a Q. Have you plans to come to the market, then? A. Yes. mainly because it will gives us the opportunity for further expansion.

There is only a certain distance you can go as a private company because you have to deal in cash. We would, be in a much stronger position in the field of expansion if we could buy with cash and shares. We are hoping that, if the stock market position improves, we will seek a quotation for the group some time in 1967, although no formal approaches have been made to trie stock exchange yet We feel this would be better than coming to the market through a reverse takeover. The group is not just in book-making. We are in hotels with a 46 per cent holding in Kursaal in Malta, which is the first company to interest itself in the tourist industry in Malta.

Our hotel opens on July 1 and we have a casino operating under Govern- Q. Bookmakers are suddenly caught up in a flurry of mergers and merger talks. To what do you attribute) this? A. A shortage of newspaper 'stories, I should think. But in general, the small man feels uncertain as to his future, with the result that a buyer's market has been created.

In the recent past there have only been two takeovers Hill's for Swift and ours for Max Parker, but we. have been buying chains of betting shops for the last three or four years, mainly to diversify and broaden our beam. In the last few days bookies in a fair way of business have seen that there is a fair way of capitalising, that there are-buyers in the market, and this has generated interest among smaller bookmakers to sell their businesses, This is part of the general movement on stock exchange. The squeeze is also partly to blame, and the effects of the betting tax. Q.

Will you be taking over any more firms? A. Yes, certainly. We believe that we can run betting shops very much more economically than the small man. You can get to the stage when it is only a little more expensive to run 100 shops than SO. Generally we are Interested in the better kind of shop which attracts the bigger bets rather than the one WESTLAND AIRCRAFT LIMITED yesterday.

GEC closed lid easier Chairman's Statement Pound eases on buying of dollars Sterling close 132 lower against, the United States dollar at S2.78-3132 after a moderately active day. The pound held steady in the morning but eased in the afternoon following some Continental buying of dollars. Sentiment was governed on the one hand by the strong demand for gold, and on the other by talk of a possible cut In the United Kingdom bank rate. There was. a sharp advance in the Canadian dollar on the dollar-cross with the rate closing 21 points up at 92.62.

The Canadian dollar also moved strongly against sterling, gaining 1118 cent at 3.01-316. By the close, sterling bad netted modest gains against the guilder and the French franc, 1 but was a little soft against the Swiss franc and the D-mark. Gold was unchanged at 252s lid per fine ounce. Spot silver was unchanged at lllid. Good profit for Westland is forecast A profit for 196B-7 unless unexpected events occur," is forecast by Sir Eric Mensforth, chairman of Westland Aircraft in his statement to shareholders for the year to September 30, 1966.

"The Government decision to go ahead with the Sea King helicopter is of great importance to your company as it will provide a valuable contribution to. the work load for some years," says Sir Eric "In the meantime, the expected volume of work on existing helicopters together with Normalair and Westland Engineers' activities, promises a satisfactory profit for 1966-7 unless, unexpected events occur." 24M orders The large Sea King helicopter is for the use of the Royal Navy. Substantial numbers have been ordered, which, together with the spares yet to be ordered, will probably exceed 24 millions. This is by far the largest single contract received by your says Sir Eric, "and represents a significant increase in the work placed in our shops." Sir Eric adds that, apart from its first use as an anti-subraanne helicopter, he believes that it has substantial potential in other military and civil roles. "Discussions on' the procurement of other new types of helicopter for the British services are continuing," says Sir Eric.

"We have reason to expect that the Army's new utility helicopter will be of Westland design and we are engaged on this new project with Government support" Referring to the British Hovercraft Corporation, Sir Eric says "The financial results of hovercraft activities are dominated by the need to spend large amounts of private venture money on development, particularly the SR.R4. These sums have, in accordance with group practice, been written off. "Owing to the great potential of hovercraft, there Is continuing need for such expenditure, and your board may in future consider it desirable to use substantial funds for this purpose, including the money recovered from present Cloalnc Market Bates Ftldaj's doslm Rates 2 7818 -3 0S.V 1" J7V 133 SQ-IS 12. 1.7439.. 2.791 3.m IO.07I3 191.68 19.2?', 11.10, 90 22 1,73, ai Jtut, ana reieonone Mentals 3d down at 26s 7id.

Night work plan to cut costs By WILLIAM MARTIN Hauliers in the Manchester area are considering schemes for night delivery and collection of goods to reduce traffic congestion. The annual report of the road transport section of. Manchester Chamber of Commerce emphasises that its members are ready to collaborate with their customers on schemes to avoid the difficulties encountered on daytime deliveries. "The possibility of night delivery and collection arrangements has already been considered by some of the larger firms in consultation with haulage operators. This is not without its problems quite apart from the higher costs involved, but the haulage industry is ready to collaborate with its' customers mutually to avoid the difficulties attendant on daytime deliveries and collections due to growing congestion problems, restricted hours for receipt or delivery of goods, and the unsuitable conditions at many premises which often seriously reduce the actual working time of vehicles," the report states.

The report gives a warning that, unless there is an improvement in road haulage rates, many hauliers will find themselves in a serious situation. The report congratulates the Port of Manchester for its highly successful schemes for quick handling of both import and export traffic. "By these arrangements, vehicles have, been able to collect or deliver goods without delay, and the special policy for dealing with export traffic in containerised form is without doubt a great to manufacturers and exporters, hauliers, shionina Mew Tors'. Montreal. Amsterdam.

Copenhagen Frankfurt. Llsobn Milan Oslo Pans Stockholm. .1 Vienna Zurich I 3.78i,-2.TO,o 3.01"-3.01"i 10 07B-10 07 139.70-139.65 HJO's-llJO', 90. 1.7,-1,713' 10 95 Vl 9S 13.BOV13 805a 14 TJ.14-72.17 12.084-12.08j BOROUGH BUILDING SOCIETY Another successful year in 1966 TOTAL ASSETS increased by 2j32704 to 30,050,335. RESERVES of 1,694,970 represent 5-64 of total assets.

LIQUID FUNDS of 4,616,436 represent 15-36 of total assett. ADVANCES ON MORTGAGE during the year were 1 record at EXCELLENT SECURITY FOR INVESTORS INCREASED RATE OF INTEREST ON SHARES, 41 FROM In JANUARY, 1967 on Dally Balances irith income tax paid by the Society. Shares and Deposiu in this Society an Trustu Investments taxm or rn buvldiho locmnts association CMef Office: PARKER LANE, BURNLEY Tal.ZMIl H. Jt Sneamiftb. F.iS., General Monostr MANCHESTER OFFICE: 40 JOHN DALTON SjTRCET.

T.I. LAcWrlam 1133 LONDON OFFICES 2 HANOVER STREET, W.I. Tal. RBQant 2tt Branches and Agencies throughout the Country 19.H6V 13.90V 12 it 12 OS's- 13.90', 14.433, T2J7 12.0J required by the Services is in progress, one being a tactical helicopter for the Royal Air Force, the other being a light helicopter to follow the Sioux. The possibility of fitting these three types into a collaborative programme with other countries Is an important aspect of the assessment and is being carefully studied by the Government in conjunction with us.

The Ministry is aware "of the long term advantages of maintaining our design and production capacity and we hope that a decision on these three helicopters will not long be delayed. Deliveries to the Royal Navy have continued of Wessex, Wasp and Whirlwinds and the R.A.F. and Army have received deliveries of Wessex, Scout and Sioux to programme. We have received a contract from the Government for a number of military SR.N6's which will be used by the Army to form the world's first op eration al overcraft squadron. Considerable interest Is being shown both at home and abroad in a new 40-ton craft, BH.7.

Design and construction of several 160-ton SR.N4 are proceeding satisfactorily and trials will begin In the autumn of 1967. Normalair Limited has had a record year for. deliveries and during the year under review the order book reached its highest level, with a large proportion for export. The Government decision to go ahead with the Sea King helicopter is of great Importance to the Company as it will provide a valuable contribution to the work load for some years, though profits will only arise from this contract when substantial deliveries are made. In the meantime, the expected volume of work on existing helicopters, together with Normalalr's and Westland Engineers' activities, promises a satisfactory profit for 196667 unless unexpected vents occur.

The following are extracts from the Annual Statement by Sir Eric Mensforth, C.B.E., M.A., C.Eng., M.I.Mech.E., F.R.Ae., copies of which can be supplied on request. The consolidated profit amounted to 3,603,954 compared with 3,536,423 last year. Taxation amounted to 1,192,865 compared with 1,059,327 last year. The recommended dividend of 15 gross, the same rate as last year, will absorb 1,125,000. The Government has decided to proceed with the procurement for the Royal Navy of the large Sea King helicopter and has placed with us a contract for the development and production of substantial numbers of this helicopter which, together with the spares yet to be ordered, will probably 24 million.

This is by far the largest single contract received by the Company and represents a significant increase in the work, placed in our shops. Although this helicopter is based on the Sikorsky SH-3D, for which we have had a licence for several years, our technical department will be required to design changes needed to permit the use of British engines, and embody In the helicopter an advanced British flight control system. Apart from its first use as an antisubmarine helicopter, we believe that it has substantial potential In other military and In civil roles. Discussions on the procurement of other new types of helicopter for the British Services are continuing. We have reason to expect that the Army's new utility helicopter will be of West-land design and we are engaged on this project with Government support.

This helicopter will embody many features of an advanced level of technology based on our research and development work during the past few years. A careful assessment of two other types Bank of Ens-land ofOclil limits of United States dollar 1 78-2 S3. FORWARD KATES New York O.Hc. to 0.15c. premium.

Montreal 0.1c premium to par. Amsterdam oc. to premium Brussels 13c. 10 8c. premium Corxnhtten are premium to discount Frankfurt 1 to pfenulss premium.

Milan 3 to a1, lire premium. CMo 2U to li3 ore premium Pans 3c. to premium. Stockholm 14 to 1 ore premium. Vienna 13 to 8 aroschen premium.

Zurich 3c. to 14C. premium. Heavy demand for in Paris gold Two tons of one-kilo gold ingots changed hands on the Paris Kold market yesterday. Heavy demand pushed the one-kilo gold ingot to a five-year high of 5,665 francs against 5,650 last Friday.

The 20-franc Napoleon also reached a new high of 50.40 i francs when 40,000 coins changed hands companies, and the dock authority.".