HOT TIP

Workers Press no. 723, 25 March 1972 · scan page 9

Read from the scan by machine and not corrected: headlines and words can be misread, and a caption or advert can run into the text. For anything you quote, read the scan.

The British Empire, Part I, of the famous 15-Inch through the finance pages of various national newspapers lately, you may have come across a prominent advertisement for London Life Assurance.

The advertisement is remarkable because it features a large-size photograph of Mr Patrick Sergeant, the city editor of the 'Daily Mail', and contains his personal recommendation for everyone to rush out and take policies with London Life.

We seem to recollect the same debonair city editor also recommended Bernie Cornfeld's Investors Overseas Services (IOS) as a red hot tip. Bernie Cornfeld BEER One aspect of entry into the Common Market which shouldn't be overlooked. In a letter to the 'Economist' this week, Mr D. A. Walker of Yorkshire reveals: • Sir-An interesting theory on one effect of Britain joining the common market: (a) Eventually the duty on wines will cease and vin ordinaire will be sold in supermarkets at around the same price as it is in France — thus becoming the drink of the working (b) The predicted price rises in public houses as a result of them opening continental hours will push the price of beer up to the point where it is largely enjoyed solely by the more affluent sectors of society. BUCKS International Telephone and Telegraph; one of America's most powerful private communications corporations, is currently involved in a scandal involving top people in the Nixon administration.

It has been claimed that the Justice Department's anti-trust division dropped three antimerger suits against ITT after being favourably impressed by a donation of $400,000 to the Republican convention.

The ex-head of the department, Mr John Mitchell, has stoutly denied the charges.

Which is not surprising since Mitchell resigned two weeks ago to become Nixon's campaign manager. And it also just so happens that Mitchell and Nixon were previously partners in the same Washington law firm.

vone of these scandals ha eriousiv infuenced the com. pany profitability.

Last week ITT shares rose $2.6 to $61 a share.

The giant conglomerate reported worldwide revenues of a record $7.35 billion in 1971, or 13 per cent above a re-stated $6.48 billion in 1970. Its net income was up 12 per cent to $406.8m, or $3.45 a share, before an extraordinary $70m charge to reserves for the loss by expropriation of its partly-owned Chilean telephone subsidiary. Earnings in 1970 were $362.5m. $3.14 John Mitchell: denled share, adjusted to reflect companies acquired through pooling of interests.

No wonder they could afford to give : way a few bucks to Nixon.