8 Clitheroe Advertiser and Times, Friday, March 1, 19VS.
Pre-Budget indecision ? now
?
MY POSTBAG bulges these days with the question: “Should we buy shares before the budget or wait until after it?” There is no
easy answer. A great deal depends on
the battle now going on ■between the Labour Party leaders and the trade
a 1
unions over wage policy. We have been toid toesnee; 1 tough " Budget. B u t wha-t
taxation, you can bet it will be inflationary because the higher taxes will sooner or la ter lead to more wage
does “ tough'’ mean? I f it means steep rises in
demands. I f it means a “wage freeze,
then it could bring a dividend
freeze too. When the going gets rugged
•it ‘s after all. fa r easier for poMt'.Maus to steal the savings of V th r if ty than i t is to fight the massed power of the
trade unions. B L A C K M A IL
ment resorts to inflation as the way out of its muddle the bigger the rewards for those savers who manage to hold on to something representing re a value—like shares— instead of relying on paper •promises of investments like premium bonds which appeal so much to those with the “ something - for - notiung mentality.
B u t the more the Govern
has to stop i f complete col lapse of the currency is to be avoided B ut while America is struggling with her own problems over the gold price and Vietnam, we can probably blackmail her into continuing to prop up the pound througn the International Monetary
A t some ]x>mt, the inflation , _ , , Fund.
down on the side of saying: “ I f vou are going to buy a share, buy i t now rather than
waiting.’’
would quote the appalling news that a £1.014 million in crease to £10.517 million is planned in sums to be voted •by Parliament '
ture in year.
the
vet another fine example pi the Wosminster double-talk which has devalued not only the pound but also the mean
At first sight t ins looks litre
next ,
, . . .
ing of word-:. A 10 per cent, rise :n puplir,
Ja n u a ry by the Chancellor— when he swung his axe and missed practically everything. In fa r t the figure may not.
spending compares badly with the 3J per cent, mentioned in
be so had as it seems. One factor is defence spending at £2.271 million—a lot of it overseas and therefore in
creased by devaluation. V U L N E R A B L E
easy enough to adjust it as figures of our monthly trade balance and our gold reserves ore " adjusted” u> eliminate
But it should have been
” misleading ” trends. Even if this were not pos
sible. tile figures should not have lieen released on a Thursday when the pound fend.- to be vulnerable, as no
B o t h s t a n d t o b e n e f i t
f r o m m e r g e r
BEFORE LONG we should be hearing news of the progress of the possible merger between the Scapa group, of Blackburn, and Porritts and Spencer, of Kosscndale. These companies are in
a highly specialised busi ness—making mechanical
I
M U R P H Y SETS THE STANDARD
SET THE TREND
•LOWEST WEEKLY
RENTAL
. . . a very hi*h standard. Full 1 Murphy know-how results in \ eiarity ot pictire and sound . • • C and utter dependability.
A8H PRICE WITH LEGS £77-14.
•LOWEST PURCHASING DEPOSIT
T O R E N T 7 6 ON OUR NEW
dust £2 down and tho set becomes yours. Repayments are by weekly pay*
'LOAN & BUY' SCHEME
ments of 13/4 for 203 weeks inclusive •l lull maintenance by WcbtUrs Main* V tenanco UervSca, the host in die North
ars. l /est. Call in and ask for full partieu* A T T I IE C L ITH E RO E B R AN CH WB ES ESTR
W E E K L Y ON OUR TRENDSET
'DOUBLE BONUS' RENTAL SCHEME
tDeposit £11*5*0 and a minimum Ren
E V E N IN G D EM O N S T R A T IO N S AK R ANG ED B Y A P PO IN TM E N T ^
maintenanco which thereafter is 3/* weekly. Continued renting could entitle you to a bonus of £11*5*0 or 30 weeks FREE viewing.
al period of 12 months with FREE
held a world reputation for paper., m a k i n g machinery. On this, the two companies now plan ning to merge have built up a very flourishing ex port trade. Porritls are perhaps the stronger in Canada. and S e a p a strongest in the United States. The m e r g e r would
elotlis. such as the felts used on vast papermaking machines, which cost as much as .£2 million a time. Lancashire has long
for In support of th is attitude. 1 ,
expendi- finaneial
So on the whole I come , „ one wants to hold i t over the
' ’ L a s "w e e k substantial sell ing resulted—and wiped out anv hone of an early cut m B ank rate. Anyone who believes that B an k rate is being kept a t 8 per cent, because the Government likes
it js nuts. B an k rate is there because
tile pound, under the man agement of the present ooard of directors, is ju st not strong enough to r isk bringing it
down .vet. Another pointer supporting
share purchases prior to the Budget is the spending boom, almost deliberately sparked off. one might think, by the bad psychology in giving four months warning of impending
tax rises. T h is was done, ol course, lo
appease our new friends—the international money lenders —G e r in a n y, Japan and France among them. We borrow from them and
which you have to pay one third over
exchange rate, no one in the the official
City will be too surprised. Money has been pouring
sense because of the amazing discoveries of mineral wealth and the oil discovery—which will make Australia indepen dent- of oil imports inside 10 years and one of the richest trading nations in the world. To put a curb on overseas
into Australian shares at the rate of £2 million a day recently. Th e flow of money makes
trade in v e s tm e n t , and especially Australian invest ment would, at this stage be absolutely stupid. We have already thrown
Australian defence, with the contracts for aircraft and ships that involves, over to the Americans. To let the mining and oil business slip lrom us because—after 150 patient years of investment— we have not the cash would be the biggest follv imagin
able. The odd point is that if the
Budget, did bring in the 38 per cent. premium on Australian shares it would possibly drive their price down as thev depend on sup port from the highly sophisti cated London Stock Exchange. S till. I cannot see anv buver
of Western Mining, the nickel share at 35s.. or Broken Hill Proprietary, the oil share at 170s.. regretting it for long.
IM P A C T A further point wiiirh
tlie second highest growth rate in the world in economic wealth. Th ank s to oil and minerals i t w ill soon take
first place. D IS C O V E R IE S
lian shares, and indeed all overseas shares, on the same basis as American. Canadian and European shaves for
I f the Budget puts Austra
have to practically grovel on our knees to appease them while at the same time nitli- lesslv deserting our friends such as Aus tralia—which in cidentally has. alte r Japan,
inclines me to believe that even in regard to the best home shares this is now the time to buv is that in the nnst month there has been a shake-out which has
brought the index clown from 428 to 400. Also three times tile index has resisted going below the 385 mark. T l ie Budget will have io be
Y O U R FRIDAY
B B C - 1
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well to Tiger Bay.
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10 25: A T A T IM E L IK E TH IS . 1: Pay
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„
10 50: SOM ETH ING W IL L HAP P EN B Y FR ID A Y '. Documentary f ilm about publication day on a weekly newspaper.
11 27: TH E S K Y A T N IG H T . The New
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rm
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o oe « a:
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G EVENING I T V
AD V EN TU R E S OF TH E T E R R IB L E T EN .
F L IG H T ’ OF TH E HERON. Episode 1: Capture.
NEWS. SCENE.
T A K E Miles.
YO U R P IC K . With Michael
SHANE. " The Other Image.” Marian faces a choice between two ways of , life when a former beau comes to visit.
TH E P R ISO N ER . SPO R T SC EN E .
•
0- C IT Y ’88. Sonia Dresdel. Dudley j Foster and Eve Pearce in “ Th e Old | Country.” Lad. out there’s the Welfare ! State and Fylde's a welfare city.
!
10 0 10 30
11
B B C 2.—7: I Mean To Say. 7 30: Newsroom. Cricket.
NEWS A T T EN . With Andrew Gardner, j
S PO R T SW E E K . Introduced by Richard • Davies.
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0; M A R K E T ’ IN HON EY LANE. With • John Bennett, R a y Lonnen and Ian • Gregory.
SA TU RD A Y .—1 20: News. 1 25: World of Sport. (Racing, Boxing. League Cup F in a l. Table Tennis, Wrestling i,
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7 10: D A KTAR 1 .
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W EA TH ER and T I IE E P ILO G U E . „ , .........
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that Budgets verv seldom have the impact on share prices that the man-in-tho street expects.
verv. verv touch to make it go below that—and can vou tell me honestiv that Mr Jenkins even looks like a man who knows what the word ’’ touch ” means? I have found in the past
Contact. 1115: A ll Our Yesterday^. RADIO
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i 8 10’ D R FIN LAY ’ ’S CAS EBO O K , rantiocil- brae is excited when a new lannly
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enable them to combine their worldwide selling organisations. Hammering o u t I h e
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arrive at Fevniea Lodge.
Woodward and Sidney Poitier with Louis Armstrong m story of t ie w ana loves of two struggling American
financial details takes time. Both companies have financial y e a r s ending on March 31st, but an idea of the profits will be available before then so th a t it is possible full details will be out during March. The companies are of
I n
10 45: TALKBACK. 11 2U: WEATHER ..............
jazz musicians.
M E E T IN G PO IN T. w e a t h e r ;
YIONDAY’. 9 38: Fo r Schoots and Gm- ieges. 130: Watch with Mother. 145: News and Weather. 2 5: For Schools and Colleges, 410: Environmental Studies in Secondary Schools. 440. Jackanorv. 455: Blue Peter.
, , . . . .
roughly equal size. But the Porritts and Spencer shares are a t 15s. while those of Scapa group are nearer 20s.
D e d u c t io n That puts a £7.208,000
market value on Porrifl ; and S n e n c e r and a £7,800,000 market value oil Scapa.
profits, however, shows th a t Porritts is leading over Seapa. Tile Porritis
£1,143,000. But from this has to be deducted £381.000 covering depre
o f A glance a t last year’s
figure before tax was £1,059,000. The Scapa group has a t r a d i n g p r o f i t
I That brings the Scap-i ! befo-e tax nrofil down to £762,000. On asset values
ciation, directors' fees and bank and loan interest before the two figures can be even roughly compared.
the two groups appear equal on the balance sheet —11s. fid. for Seapa and 12s. 2d. for Porritts and Spen cer. On tlie profit figures, it
G 55:
ilie Vienna Line-Up.
BBC2 7. Nettsl^viea. i-o. ya. •I; And Anothw TOung^.
„ , ,
J J S i I t y ' n a u S frd °P im v ilv Service. 1215: Face Of The E a r th . 12 40: Bon HOhDhR I V .
RADIO I (847 metres) The Firs t Day ot
“ S S RADIO
the
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does seem there might be a case for switching from Seapa into Porritts shares
a t present. But both stand to benefit from the merger. T h e e s tim a te s w h ich the
1 BURNLEY BETHESDA STREET - ’ IjCUTHEBOg 8 MARKET PLACE.
J Tej. 22822.1
SOS COLNSROAD. BURNLEY tANaTeL 22822! I Tel. 3103
two companies w i l l soon be con sid ering o f p ro f its fo r th e cu r re n t y e a r w i l l be v e ry re le v a n t to the f in a l te rm s on w h ich the merger is f ixed . Acting as advisers for
Porritts and Snencer are Morgan Grenfell, while f 1 ' ■£'“d Bros, arc acting
or Senna
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and Tucker. .
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TWO COMPETITORS SHARE £1,700 FOR MARKING THE EXACT CENTRE OF THE BALL. Mr. M. O'BRIEN, 18* Bolshaw Road. Leyland.
| RESULT OF LAST WEEK'S CONTEST Sylvia L
Mrs. B. WILLIAMS, Hedgeways, ( Plccsingfon, Blackburn.
best *neor misses*:— Mr. A. ALLAN,
Mrs. ARMSTRONG, M75. Hoghton Lane, Higher Walton
60. Monot Road, Bloekbum.
Mr. R. BROWN, 7, Walton Avenue, Penworthom.
r. D. BENTON, 219, Lytham Rood, Preston.
Mrs. 1. BOND, 47, Station Road, Hcsketh Bonk.
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Mr. R. BURNS, 61, Fairsnape Road, Ribbleton.
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Mrs. E. COLCLOUGH, 35, Rosebery Avenue, Bawerham. Lancaster.
Mr. J. GREGORY, The Old Cottage, Clifton.
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or o winning sports coupon entry)* 30 competitors share £150 for
fMr. 0*tt:lsn also wins £100 bonus fci t u
Revised edition with 1
which gives such a v“ markable portion ot E
" Witty and inteti b * In the hands of
Ihe Dole “ • m iu im u
est of all oloces, ho
Cut this coupon out it to
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Bortle. '
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8 10: Personal View. 8 30: Music in Medieval .Italy
11 42: News unci Weather. RADIO IXXKMHOUttf
7 45: Join The In-Crowd. 8: LP Parade. 8 30: Pop Parade. 8 45: Radio Show. 9: • The National B.tiiie Of The Giants. 9 15: The Tony Blackburn Show. 9 30: Night and Dec. 10 30: Symonds On Saturday. 11: Saturday Special. 11 15: Musica ’68. 11 30: Record Round-Up. 12: The Alan Freeman Show. 12 30: Sam Costa's Night Cap. l : Music In The Nigh:.
1 30: Saturday’s Requests. FRIDAY RADIO
Godfrey Winn. 12 15: Marching and Wultzing. 1: Jack Jackson. 2: Frank Chacksfleld. 3: As Radio 1
HAIilO 3 (184 metres!
5 15: The Young Idea. 8 20: Concert Calendar. 8 25: Programme News. 0 27: Stock Market Report.
6 30: Study Session. 7 30: Clementl and Stravinsky.
31 2: A Book At BecU.a 11 35: Music At Niaiu. F SATURDAY.--0 30: Nov
News. 7 10: Nows ol t!,c W ;M 7 15: Tho Northern FnrnW 7 45: Today's Papers. 7 50- On-' look. 7 55: Weather.
arming Today. 7 50: fe n T Seveen.
fi 55 7
Record Review. 12: Jazz Record Requests. 12 30: Sports Parade 1 Golf. Racing. Cricket, R.U., Association Football).
Weather. R 4: The Saturday Concert. 9: News and Weather 9 4: Concert continued.
11 0: The News. SATURDAY.—8: News and
8 5: Inferno 0 40: Ives, Schoenberg and Tchaikovsky.
i l : RADIO *t (43t Metres’ Music
5 25: Story Time ft 55: Weather. 6 0: The News, Radio News
12 35: Night Ride 2 0: Nows Summary. SATURDAY.—5 30: News
G 45: The Archer?. 7 0: Eric Robinson. 7 30: .lust A Minute 3 0: St. David’s Day Festival Concert.
G 25: From The North. reel. 9 30: New Worlds.
ii 10: Nows of iho Nona :• •• P I t ’s Saturday. H 45: Tod;,".'
.\0.,'
Weekly World. 9 20: T w- w*,.'- in Westminster. 9 45: From 0;;‘ Own Correspondent. n Daily Service. 30 30: Stmi? sion. 12: Motoring ..mi •• Motorist. 12 25: All ih. ji,U
ament 9: Nows, a •>; t l , Lapers. 8 50: Yesteyclav m pr ,
C U T ,
F u l l h o u s e f “ N a t u r a l i s
Proof of the pcpulai
Clitheroe and the Hodd ley was clearly revealec -Na’uralist.” H. E . Cool
the celebrity Lecture at dale Art Gallery on Satu Fifteen minutes befc
from Today. 12 5a: N.--8* Weather. 1: News 1 '0:.Jmi Minute. 1 40: De-.i-rt i-;.,n,; Discs. 2 15: Afternoon 3 15: Rugby League. 4: Mu<* at Four.
Spin. R: Sound.* 8 15: Pop
P.trad Club. 8 45: R.ic: Don
Murray Show. Corner. .10: Si: Friday Disc Slv Til! Midnight.
Show
K MHO I I
M.MDUI Kt} 7 30: Disc Drive.
* L.i;« u. 8 an-, j . lio S;i tv;
With Dave Cish. Night—Saturday Pete Brady. Snviiie’s Bedroom.
1 -2 :
ti-iifs .’ll-*-:..- * i : ‘ DW. 11
. » Id: !!,■ Tr-; u
1
12 Mornir
1 3 0 : .„ Pr'f>' J mmy
Avail
Yourso.hu L i l l ie Extri
f f lwsw JM Prize
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12 15: FA C E OF TH E EA RTH . 12 10: BON A CU U E IL . I (I: TH E ANATOMY OF F IR S T AID . 1 20: WORED OF C R IM E . 1 50: IN T E R LU D E . 1 55: NEWS.
2 30: WORLD OF SOC CER. League Cup F in a l: Leeds v Arsenal.
3 20: WAGON TR A IN . John Mclntire, Robert Fu lle r with guest star Carol Lawrence.
I 15: T H E GOLDEN SHOT. 5 3ft: S IUP P Y'. “Th e Honeymooners.”
8 55: SONGS OF PRAISE. From St Georges Chapel. Windsor.
8 «: NEWS. 8 15: T R E E HOUSE FAM ILY ’ . 8 35: B E SO K IN D . An appeal, li III: QUESTION ’88. 7 5: A d a t e W ITH M US IC. Introduced by
7 25: CANDID CAMERA. 7 55: TH E T EN D ER T R A P . Starr ing F ran k Smatra. Debbie Reynolds, David Wayne,
Sieve Race
Celeste Holm, Charles Y . Reader, a New York actor’s agent, is the target for a number of marriage-minded career girls.
9 55: NEWS. Ill it
P IC C A D IL L Y P A LA C E . W ith Millicent Martin, Bruce Forsyth and guest star
F ran k Ifield. l'H E EAMONN ANDREWS SHOW. Meo( the Sunday Night People. E P ILO G U E AND W EA TH ER . YIONDAY. 1110: Approach to Living. 1135: The Messengers. 1155: Close down 2 5: P rima ry French. 2 20: K a r l and Christa. 245: le i ia F ra n c e . 3: Close
Down.
urn1* 7• Npws Review 7 25* The World About Us. 815: The Charlie Diakc Sho?i. 'o ld : C a ll My B lu f f
_ , g40. wnhelm Backhaus_ with jo’io P n w s and'weather. 10 20: La te Night i s FOR ONE
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2 ft: T EMPO. Derek Han introduces Irene I Worth and Robert Flemying.
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