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1 


1 

J 


HEDEX 

GARBOH COLD HEADING 

ALLOY WIRE EXTRUSION 

AND FOR AND 

STAINLESS UPSETTING 

KIVETON PARK STEEL & Wl REWORKS LTD. 
KIVETON PARK Nr. SHEFFIELD 
'Phone : WORKSOP 7702S2 


FINANCIAL TIMES 


No. 27,530 


Monday April 10 1978 


** is 


15p 


•ass 


"There are na finer springs 
than Springs by. 



hdale. 

TeJ: 44551 J 


CONTINENTAL SELLING PRICES; AUSTRIA Sch.lS: BELGIUM FrJSj DB4MARK Kr.3.5; FRANCE FrJ.O; GERMANY DM2 J: ITALY L.5CC; NETHERLANDS fl-Z.O; NORWAY KrJJ; PORTUGAL Eac30; SPAIN PtaMOt SWEPPI Kr.1.15: SWltAtRLANDFrOJ; B« T5p 




coup 
attem 




Somalia's military Government 
yesterday crushed an attempted 


GENERAL BUSINESS 

UN move 
for forum 
to query 
companies 

9 UNITED NATIONS is con- 
sidering a plan 10 require multi- 
national companies to explain 
l heir strategy on investment and 
coup by a group of army o Dicers jobs at a" new international 
and soldiers. ' forum. The companies would be 

After fighting and explosions called upon to discuss their 
had taken place on (tn* edge of policies at a conference of 
Mogadishu. President Sind Barre Government or trade union repre- 
breadcnsl that there had been an sentallves from the countries in 
a bur five coup and that a number which they have subsidiaries, 
or soldiers had been arrested. The proposal will be discussed 
Meanwhile. the Western at a meeting of the UN cotnmis- 
Soniali Liberation Front cl aimed *ion on trans-national corpora- 
that its guerillas had lulled SO tinns in Vienna next month- 
Cuban troops last week in an 
Ogaden desert ambush. 

Back Page 

Hostages ‘h@9d’ 
in new Israel 
mini-bus raid 

Palestinians hijpeked a mini-hus 
and took hostages nn the coastal 
road south of Tel Aviv lost night 
in a repetition of ihe raid on 
Israel a month ago in which more 
than 30 people died, according 
tn unofficial reports. The road 
was clnsed to all traffic last night 
as police and security 


Tiie idea has been put forward 
hy a labour adviser to the com- 
mission. Mr. David Lea, an 
official of (be British TUC. 

Multinational companies are 
likely to question the practi- 
cality and the cost of the pro- 
posed conferences. They are 
already protesting about another 
part of the UN commission's 
work — on accounting standards 
and disclosure of hon-financia! 
information. Back Page 


• HOLLAND should boost its 
economic growth to deal with the 
threat of rising unemployment, 
according to the Organisation for 

and 


, , fnrc<?s Economic Co-operation 
were trying u> control the situa- Development. Page 2 


Beirut gunfire 

Gunfire was exchanged in a south 
Beirut suburb last night between 
the Lebanese Right and its 
Palestinian and Left-wing 
enemies. Syrian- Arab League 
peace-keeping troops were 're- 
ported to have contained the 
clash. Sadat opts Tor patience, 

Page 2 

Anglo-U.S. team 
in Salisbury talks 

British and U S. envoys, seeking 
to set up an all-party conference 
on Rhodesia. arc tu meet officials 
in Salisbury lo-duy ana may later 
meet members of the four-man 
executive council of the transi- 
tional Government. Mr. Andrew 
Young, U.S. Ambassador to the 
UN en route from Africa to New 
York, talked with Dr. David Owen 
yesterday at the Foreign Secre- 
tary’s country home. Page 2 

message I ■> brokers Wood. Mackenzie. A 

Italian police were silent about big boost to productivity will 
the reported discovery of a fresh come from North Sea oil, with 
message from the kidnapped tor- production building up without 
mer Premier, Sig. A Wo Moro. the need fur extra employment. 


IJ.K.-Japanese 
partnership 
ventures urged 

o JAPANESE and U.K. com- 
panies should join forces to set 
up new ventures in Britain, said 
Mr. Alan Williams. 

Minister. In this way. 
industry could become job crea 
tors rather than job destroyers 
in the U.K. Back ''a ... - 

O CENTRAL ELECTRICITY 
Generating Board has submitted 
to the Government its case for 
a £2S0ni. cable linking the 
British and French grids. The 
cable would plug the U.K. into 
a European network already ex- 
tensively interconnected. Page 4 


Budget to reduce income tax by more than £2bn l 


Healey hopes tax 
cuts will keep pay 
demands in check 


Taxmen 
want £300 
to offset 
workload 

BY DAVID CHURCHILL 


BY PETER RIDDELL, ECONOMICS CORRESPONDENT 


TAX OFFICERS are pressing 
for immediate Whitehall agree- 
ment on extra pay rises of up 
to £200 a year to compensate 

Cuts in income tax of more than £2bn. to be announced to-morrow by Mr. ^ r p0S ed e by 1 1 "m^raw’s^Bu'dgeL 
Denis Healey, Chancellor, will be the first step in the Government's campaign The demand for a firm agree- 
to secure a single-figure rate of increase in earnings in the next pay round. 


ment now on pay rises which 
would not be implemented until 


The aim is mainly to create tax cuts, amounting tu an 
the right climate for general increase of nearly 5 per cent, 
acceptance of a lower rise in this year. 

earnings. It is recognised in A warning of possible inlla- 
Whitehall that there Is a slim lion ary pressures in the pipeline 
chance of winning TUC support will come this afternoon with a 
for any kind of formal phase sharp rise in the cost of indus- 
four of pay policy. try’s raw materials. Tor the first 

Consequent! v. there will be no time since last April, as a result 


repetition of the exercise of in; 
last two years in which part of 
the tax cuts have been made con- 
ditional oq a pay cgreenienL 
Officials still kope that an 
understanding, at least on the 
12-month interval between pay 
settlements, can be secured in 
discussions with the Tl'C on 
economic policy in Lkc coming 
months. 

At the minimum, the Govern- 
ment is likely to stale both as 
an economic projection and as 
an objective that if the annual 
rate ’of price inflation is to be 
reduced further lifter this 
summer, then the increase in 
average earnings in 197S-79 will 
have to be well under 10 p«*r 
cent. This is expected to be 
built into public sector pay 
policy. The rise in average 
earnings in the current pay 
round is likely to be about 12 to 
14 per cent. 

Mr. Healey is likely to back 
his appeal for pay restraint by 
pointing to Ihe improvement 
in living standards already 
Industry achieved and in prospect after 
Japanese 


of the recent fall in sterling. 

The Budget as a whole 
likely to provide a net stimulus certain. 
Any offsetting 

Small companies aid and Lex, 

Back Page 

Callaghan promises tax cuts. 

Page 4 

Other prc-Budget news. Page 5 


a rolling basis, as well as the next year is coupled with the 
specific limit for 1978-79, prob- threat of industrial action which 
ably similar to the current 9 to could delay implementation of 
13 per cent range. tax changes announced by the 

The bulk of tiie stimulus is Chancellor, 
expected to consists of cuts in For the first time, the taxmen’s 
income tax, possiblv approaching union, the Inland Revenue Staff 
£3bn. in a full year, with a rise Federation, will not give auto- 
in personal allowances and in malic acquiescence to the extra 
sum... of the higher rate work arising from the Budget 
is thresholds regarded as almost After- previous budgets the 

union's general secretary tradi- 
increases in tionaily has accepted the extra 

i rul feet tax are likely to be workload on behalf of his 

small, because of the impact on members following talks with the 

prices, and probably will be Inland Revenue chairman. But 

limited mainly to the duties on this Wednesday, the day after 

tobacco and spirit*. the Budget, the union's national 

In addition, the Treasury executive will hold a special 

appears to have won its battle meeting to decide on its attitude, 

uf between £2bn and £2'bn in a u> bmit the commitment of the Since last October’s raini- 
full financial vear. and rather contingency reserve for extra Budget, the federation's 60,000 
less in 197S-79 " PuMic spending to about £350m. members have staged a three- 

, . . out of a total uf £750m. for month overtime ban and work- 

This is likely to leave the tgTS-79 to-rule in protest at the work- 

public sector borrowing require- This will consist «»f £150ra. for load. 

ment for 1PJVS9 comfortably the already announced special Last year, tax changes arising 
below the IS.bbn. ceiling agreed employment measures. £60in. on from tbc three budgets spaced 
with the International Monetary iht- postponement of the Sen- only three months apart, plus 
Fund. This, whether deliberately (ember rise in school meal falling mortgage rates, and 
or otherwise, would provide a charges, not more than £50m. on changes in other allowances all 
margin f° r manoeuvre in case the National Health Service and had to be manually re-coded for 
any Commons committee defeats certain ‘mailer items, including Britain's 29m. Pay As You Earn 
on the Finance Bill result in a M-boul building, sea defence and taxpayers. This was additional 

luss of expected revenue, while devolution. to the tax staff’s normal job of 

allowing possible scope for a The Treasury appears to have re-coding tax allowances follow 

July mini-Budget. resided calls tn bring forward ing changes in personal circum- 

Apart from this, the main t0 November 70p of the £1.70 stances. 

; hours of overtime 




to November 

City interest will be in the increase in child benefit proposed 
money supply target.- in partial- ‘ or n April. This would 
lar the nature of any change to Continued on Back Page 


Hongkong Bank nay be 
forced to disclose profits 


NEW YORK, April 9. 


The message is thought to I-e a 
tape-recording by Sig. Muni and 
to contain an ultimatum from life 
Red Brigade* captors. Page 2 

Mason visit 

Mr. Roy Masun. . Minister for 
Northern Ireland, is expected tu 
visit Dublin next month fur talks 
on cross- hurder security and 
economic co-opcralmn with Mr. 
Michael O’Kennedy. Irish Foreign 
Minister. Page 2 

Carter rating 

President Gaiter’s popularity in 
ibe U.S. remain.-, steady with 50 
per cent- of the people saying 
he is doing a good juu. according 
tn a Gallup Pull published in the 
Washington Post. The figure 
has remained the same in pull.*, 
during the past two months. 

Turfed out 

A £5,0UU-a-\ejr furnace operator, 
who lives un a common m a 
shelter made from turf and 
branches, has been told by 
Dacorum Council. Herbs., tu 
leave his home because it was 
built without planning per- 
mission. 

Briefly . - . 

The Canadian Budget is expected 
to bo a financial launching pad 
Tor a June election. Page 2 
Sir Clough tVilllams-Ellis. the 
architect who created Port- 
lueirion on the -North 
coast, has died, aged 94. 

Premium Bond Nn. 7WT 122711 
has won the £50.000 week-end 
priro for its mirth Yorkshire 
holder. 


• PRODUCT. V.TY i. tt. U.K. ‘ Y STEWART “" MS 
is likely to improve by 3.5 per THE HONGKONG and Shanghai each year, hut it is able to tation. The information must be 

cent, ibis year and 3 per cent. .Bank may be required lu dis- smooth its earning trend by provided if it is deemed to be 

next year, according to a study | close publicly for the first time drawing on nr transferring ” material.” 

true proSt figures and other profits to a hidden reserve fund. Securities Commission staff 
financial information as a result Asked last week whether the cannot sav definitely whether 
or its decision, announced last bank was likely to change its SU ch information will be deemed f 
week, to seek a 51 per cent, disclosure practices as a result j 0 be material in the Hongkong- 1 
interest in Marine Midland of the propovd merger with Marine Midland deal but 

Banks, of New York— the 13tb- Marine Midland. Mr. Michael suggest that it is likely to be. 

Sandberg, Hongkong Bank 
chairman, said he did not expect 


Page 


9 ENGINEERING inquiry has 
been tidd that action is needed 
to overcome a shortage of top- 
qualiiy technician engineers m 
industry. Page 4 

Dilemma over 
plan to buy 
U.S. airliners 

O BRITISH AIRWAYS is likely 
lu set off a political controversy 
when il formally tells the Guv- 
ernmem this week that it wants 
lu buy up to 20 U.S. Boeing 737 
short-range jet airliners. The 
Government, anxious to ensure 
work for the nationalised aero- 
space industry, will face a 
dilemma, while the unions will 
feel that jobs are threatened by 
Ihe Slate airline’s “ Buy 
American " move. News analysis. 
Page 13 

© NATIONAL ENTERPRISE 
Board has indicated it will 
consider seriously any approach 
from Abes of the U.S. aimed at 
saving its metal tyre mould fac- 
tory in County Durnam. due to 
Iji- closed at tbc end of June. 
Page 4 

9 STRIKE by lorry drivers at 
haulage companies in London 
and the South-east, due to begin 
yesterday, has been postponed 
Wales while shop stewards seek official 
union backing. Page 5 

« STOCK EXCHANGE will have 
a system of life membership in 
future, instead of annual re- 
election to membership. Page 4 


largest U.S. commercial bank. 

In addition tn tbe public dis- 
closures which may be required. 

Ihe bank also will have tn give 
detailed information about its 
operations to bank regulators in 
the U.S. 

The Three main agencies which 
must approve what promises to being suggested ihai ihe agency, 
be the largest merger ever which is chaizcd with protecting 
between international banks investor? in public securities, 
based in different countries are may insist on fuller disclosure 
the Federal Reserve Board, the of financial information by Hong- 
New York State banking depart- kony and Shanghai in the 
ment. and the Securities and interests of Marine Midland 
Exchange Commission. shareholders. 

The U.S. regulatory require- Last year the Securities Com- 
ments could present the Hong- mission tightened up it? reguij- 
kong and Shanghai Bank's Board lions on ien<te» offers drawn up 
with some painful decisions. 

The bank is not required hy 


its own regulatory authorities to and $ub»i.*|U>.*nt amendments, 
make public the sort of detailed Under the r.ew regulation'! a 
financial information required of company making n tender offer 
comparable U.S. commercial for the share, of another public 
banks. company must now provide 

It docs not disclose, for detailed financial statements as 
example, even its true profits part of its tend-. r offer documen- 


The reason is that the tender 
this to be needed. par > of lbl ‘ proposed trans- 

“ 1 do not. think wo wilt change action involves initially the 
our disclosure polity unlevs our acquisition bv Hongkong Bank 
regulators ask us :o." he said. n ' tP per cun i. of Marine Mid- 
Hov.evcr. within the- Securities land s equity. By 1980 'his stake 

and Exchange Commission u is uould f o1 P er CL ' nt - with 

new issue? of shares. 

In both cases, however, a sub' 
slantial minority shareholding 
would be lf-rt. These share 
holders. H can be argued, need 
detailed financial information 
ahnut the Hongkong Bank 
before allowing it to take 
majority control. If the Hon_ 
kong Bank were buying 100 per 
cent, uf Marim* Midland for cash 
under the authority given to the this argument would be less 
agency by the 196S Williams Act forceful, according tu Securities 


Some 3m. 
were worked last year — it would 
have been more but for tbe 
industrial action — and the effect 
of constant changes was to lower 
morale and to create “Budget 
fatigue.” according to - Mr. Tony 
Christopher, .federation general 
secretary. 

The pay claim submitted by 
the federation calls- for an 
increase in the special allowance 
given to tax staff and would be 
in addition to any general Civil 
Service pay settlement reached 
in next April. The federation 
has already agreed to accept the 
Government offer of about 10 
per cent, increases for the next 
12 months. 

The claim would give a £3.000- 
a-vear tax officer an increased 
allowance of £125 a year, while 
a lax inspector on more than 
£5.500 would get an extra £300 
a year. The Civil Service Depart- 
ment has yet to reply formally 
to the claim. 

Even when tbe new staff are 
taken on as the union wants. It 
will only effectively mean one 
new recruit for each tax office. 
Overworked Taxmen. Page 12 


to work on 
growth plans 

BY GUY DE jONQUIERES, COMMON MARKET CORRESPONDENT 

COPENHAGEN, April 9. 

EEC GOVERNMENT leaders on proposals to transfer some of 
promised this week-end to work the dollar’s reserve currency role 
iu the next three, months toward to the IMF special drawing 
a common strategy to restore rights. 

economic growth, stabilise cur- Chancellor Helmut Schmidt 
rency movements and combat appears to bave remained largely 
protectionism. . though they non-committal..- He toW his 
appeared still far from agree- colleagues that little would be 
ment on how these objectives achieved by enlarging the 
could be attained; membership of the currency 

Their aim, set .out in a state- ** Snake ” and, suggested that 
ment after a two-day European present currency 

Council Meeting here, is to draw turbulence would be ended if the 
up by early July a package of U-S. acted to cut its_ nil import 
co-ordinated measures to be pre- bill - a °d control its money 
seated as the EECs contribution supply growth, 
to world economic recovery at He expressed serious doubts 
tbe seven-nation economic Sum- about the value of setting EEC 
mit in Bonn later that month. growth' targets, though he agreed 
Hr. James Callaghan, appeared unenthusiastically with his col- 
to caution against expectations I ea S ues ^ decision to aim at 
that the EEC would decide on achieving a 4.5. per cent. EEC 
dramatic new steps. ' average growth rate, by raid-1979. 

He said that the psychological This represents a downward 
significance of the planned pack- revision of the 4.5 per cent, 
age was likely to be greater than growth target for the 12 months 
the impact of the specific up to the middle of next year 
measures it contained, adding fixed by Finance Ministers onlv 
that “we must look at least as last mooth. It reflects the grow- 
if we are in controL” ing pessimism for the outlook 

Much of the leaders' discussion this . OTwr. in which - present 
which was amid Unusually strict policies are expected to produce 
secrecy, focused on the. need to less than. 3 per cent, real growth, 
stabilise exchange rates. But despite this gloomy pros- 

There is general agreement peer, and growing evidence that 
that this must be done before a the West German economv will 
return to sustained growth can grow by less than the 3.5 per 
be assured, but there are marked cent’ officially forecast this venr, 
differences over how much the Herr Schmidt .apparently gave 
EEC can usefully contribute oh his coHeagues no indication, that 
its own. ’’ his Government was prepared to 

President Giscard dTSstaing of consider further reflalionary 
France emerged -as champion of action for the moment, 
an independent EEC approach to - The most- enthusiastic assess- 
currency problems. Noting that ment of the talks was given bv 
the Community was the only Mr. Roy Jenkins, President of 
world ' trading power with the EEC Commission, who said 
internal exchange rate difficuh he was “satisfied, if not excited " 
ties, he said that it must aim to that' they bad launched ao effec- 
estabhsh its own currency live preparation for the Bonn 
“zone.” but did not disclose what Summit ' ‘ 

form he thought this mi^ht take. Mr. Jenkins is believed to he 
Mr. Callaghan made It clear working on monetary proposals, 
that he favoured a more com- of his own callin g for- espitudcd , 
prehenstve ■ i nterakaionaK'' ^ap-'-tisis of ther EEC Tinlt 'oT 'accouri t 
proach, embracing? -,the U-S-, in settlements between - EEC Ccn- • 
which would tackle’ tfiiiectly- the tral Banks and an- extension-. 'of' - , 
problem of the dollar.- . -y. . EEC facilities to allow staWIisa- ■ 
His hopes seemeff pinned tion of currencies. . . •*.’ 
mainly on the talks going on in -Other summit news. Page 2 
the International Monetary Fund r "Editorial comment. Page 14 


Trade talks review 


BY DAVID EGU . • 

KEY REPRESENT A1TFES of 
the three leading trade partners 
engaged in the Tokyo round, of 
multilateral trade negotiations 
— the U.S., Japan . and the 
European Community — meet 
here to-morrow for an informal 
review of progress. ’ . , - 
Mr. Wilhelm Haferkamp, 
vice-president of Ihe EEC Com- 
mission, will discuss . major 
issues still outstanding With his 
U.S. counterpart, Mr. Robert 
Strauss, the special represen- 


GENEVA, April 9. 

tative for trade negoUalious, 
and with'Mr. Nobuhiko Ushiba, 
tbe Japanese Ambassador, 

The bopc is to smooth the 
path towards completion of Hie 
long drawn-out Tokyo round hy 
late stnnmer. • 

It is- still expected here to 
achieve the broad outline of 
the final package of trade 
liberalisation measures by 
.July 15— -a deadline set nearly 
throe months ago. 


Comimssmn sources. 

It is pointed out that the 
Hongkong Bank could not simplv 
set up a U.S. entity in carry out 
ihe transaction in order to avoid 
disclosing information about the 
parent company. 


CONTENTS OF TO-DAY’S ISSUE 


Overseas news - 

World trade news 3 

Home news — general 4. ■> 

— labour ■"» 

Technical page 7 

Executive's and Office World 9 
Arts page 11 


Leader page 14 

U.K. companies 28 

International companies — 29 

Foreign Exchanges 29 

Mining Notebook 29 

Eurobond column 34 


FEATURES 

Volkswagen starts pulling A shocking way to stop 

the rabbits from its U.S. smoking 9 

hat Eurobond quotations and 

The Garscaddcn by-election 27 yields 15-16 

Week in the courts - mmVFv. 

The Inland Revenues prob- . *7, ,, „ 

aanUiuncins 30 Lex . . 38 World E can. led. ... 3 

Eoddlna Notes *• Lorn hard ID Base Leading Rates » 

ISEman'sOiary 13 Men and Hauers 19 . T r 

St Tenter* S Parliament Diary ... S ANNUAL STATEMENTS 

rZ-^iuprd JO Share Information ... 34-57 Angle Aracr. Secs. 

. uiiiiient Guide II Sport 10 CWPP. -■■■-«. 39 

ctafndaLOtary U To-day's Event, 27 Klebmort teisoo... 2t 

Contracts .. 30 TV and Radio 10 

, 2* Unit Trusts ... . 35 PROSPECTUS 

InsoroBce WM , hcr . .. . 38 8ntUins 29 

LrtW” 

for In lest Share latter 'phone 01-246 3026 


Leyland captures 31% of U.K. 
market in sales recovery 

ST TERRY DODSWORTH. MOTOR INDUSTRY CORRESPONDENT 

LEYLAND CARS made a surpris- share is expected tn decline ful- separate items of Lev land fund- 
ing sales recovery last month to lowing the end of its Superdeal ing. ihe £15Uin. being advanced 
capture almost 31 per cent- of promotion campaign last month, from tiie Department of Industrv 
the U.K. market, with more than The figures mean that Lev land under Section S uf the indu.strv 
51L00 vehicle registrations. will emerge from the first three Act. and the UfHlm. which will 

These results — much better months of thic year with an mer- hi- injected direclh bv the 
than expected in a month which all market .share of well over 25 National Enterprise Board’ 
has produced 170.000 sales, one per cent., despite the slump tu Thc . Government i, expected to 
uf the best figures for regislra- 21 per cent in January. both Hems atihou-h it»e 

lions since the war-will provide This is in line with tbs plans Conservatives have Jad e Tt^lear 


strong ammunition for the Gov- for the year, but executives con- fhat it favours the Industry Act’s 
ernment in to-day’s Commons cede that the company .still faces ,"nnev to that of National Enter* 
debate on its decision to advance an uphill struggle to r establish ’ - * l 0 - nler 

the company another £450in. its image. 

worth of public funds this year. Plans for ■■nniinmn:: commer- 
But the company is cautioning dol efforts, including heavv 
against tuo much premature dealer incentives based un nigii 
euphoria over these results. The volume, are now being developed 
huojancy of the market last although the lolal amount 
month appears to have been Lcyiand’s spending ij being 


something of a freak, fuelled by back. 

pre-Budget buyine. Ley land's To-day's debate v. ill cover f.-.n 


prise Board. While unhappy 
about the Board's involvement in 
private scclur companies, the 
Tories believe that the touch new 
nteh approach of the recently, 
appointed Leyland management 
nf must be given a chance, 
tut 


AJ vis future assured. 
Back Page 


Spillers unions meet this week 


BY OUR LABOUR STAFF 

LEADERS uf three unions 
representing bakery production 
workers throughout the U.K. v. ill 
hold a special meeting in 

Manchester this week to discuss 
the 7 .986 redundancies duo when 


em plover. <-unton n.iiional com- clerical and supervisory sections 
3lso n: '-'v; Hi to v.uek of the bakery industry, said 
to decide •■■hat action to take yesterday that his union’s execu- 
over tbe 5pi:.er> redundancies tive had decided to protest to 
ana the c-osiirc of 23 bakeries. the Departments of Prices and 
Vailvc ah; .inn*. F mnlovnicHi 

Spillers-French pulls out of broad- rocretury of the .Wiaiion of He said that the association, 

making at the end uf tnc Scientific. T^c-cmucal Man- like tiie other unions involved. 

m0 . nU, ■ . . . , . agcriai Ma.,.. writcn h.K l.iuiq was outraged about rhe lack of 

A joint bakery mduslrj members la Lou managerial, union consultation by Spillers. 





TO LET 


RAYNERS .LANE -V..- , . 

80jOOO sq.ft, ■ 

Headquarters office btiildiiig 

HOUNSLOW - 

10, 000/40,0 OO kft/ 

Major air-conditioned office building 

CROYDON 

25,000 sq.ft. i. 

Self-contained headquarters office building 

purley • 

15,500 sq. ft. 

Self-contained mod ern first floor offices 

CROYDON 

5,150/10,300 sq.ft. - - ■ !- • 

As a whole or would divide 


LEWISHAM S.E.13. 
3,500/7,000 sq. ft. , 

New development^ will divide 



3|Hillier 



May 


77 Grosvenor Street LondonWlA 2BT 
Telephone: 01-629 7666 ' 

and City of I^mdon, Edinburgh^ Paris. Amsterdam, Australia j 


. t 



l 




2 


financial Times Monday April l0 1978 




©yERSEAS NEWS 





OECD urges growth on Holland 


BY DAVID WHITE 


PARIS, April 9. 


HOLLAND should go all out 
for domestic growth this year 
In order to ward off the threat 
of rising unemployment, the 
Organisation for Economic 
Co-Operation and Development 
< OECD] recommends in Its 
latest report. 

The Organisation forecasts a 
slightly higher 2.75 per cent, 
growth in Duteh _ Gross 
Domestic Product this year, 
compared with 2JJ per cent, 
last year. Bat it warns that in 
the 'medium term a growl b 
rate of less than 4 per ccnL 
risks putting more people out 
of work. 


Better employment condi- 
tions in the whole OECD area 


depends on countries like 
Holland, with a relatively 
strong balance of payments 
and low inflation, keeping up 
the growth in home demand, 
the report goes on. 

Earnings from natural gas 
give Holland more leeway in 
its economic policies than most 
other member countries. Hol- 
land's current account surplus 
is expected to double this year 
to Fl-2bn. (about £250m.), 
owing to higher gas revenue 
and a smaller shortfall on 
other goods and services. 

Holland enjoyed an un- 
expectedly strong boom in 
business ‘investment last year, 
with gross fixed Investment 
rising by over II per cent. 


Home demand expanded fast, 
despite a lengthy political 
crisis, a sluggish growth in 
people's Teal Income, and 
under - use of industrial 
capacity. 

But the OECD warns that 
expansionary measures adopted 
so far will not be enough to 
keep up this level of invest- 
ment. The fixed investment in- 
crease this year is put on the 
same lever as that of 60P— 
2.75 per cent. 

A boom, in housebuilding, 
which started in 1976, already 
appears to have run out of 
steam. 

On (he external front, Hol- 
land may be able to stop its 


share of export markets from 
falling further, after being hit 
last year by the' Increase In 
the guilder’s value and a conse- 
quent loss in competitive edge. 
But export markets themselves 
are expected to grow slowly, 
and Dutch growth prospects 
therefore depend primarily 
on home demand. 


The report is optimistic that 
inflation will, continue to sub- 
side, as It did last year. 

But its outlook for the labour 
market was fairly gloomy. Last 
year, the number of jobless 
in the Netherlands dropped 
slightly from 211,000 to 204,000 
but this year it seems likely to 
go rfp again. 


Mason may go to Dublin 
for security talks in May 


BY DAVID BUCHAN 


COPENHAGEN, April 9. 


EEC reported willing 
to discuss Euratom 


ANGLO-IRISH relations have 
been given fresh political 
impetus by the meeting between 
Mr. Jim Callaghan and Mr. Jack 
Lynch, the Irish Prime Minister, 
at this week-end's EEC summit 
in Copenhagen. 

The expectation is that Mr. Roy 
Mason, the Minister for Northern 
Ireland, will go to Dublin next 
month to discuss cross-border 
security and economic co-opera- 
tion with Mr. Michael O'Kennedy, 
the Irish foreign Minister. 

Relations between London and 
Dublin, which had been severely 
strained by Mr. Mason's recent 
public complaints about the lack 
of security co-operation south of 
the Ulster border, are now “back 
on the rails,” according to officials 
of Mr. Lynch, who had expressly 
allied for the discussions with 
Mr. Callaghan. 


The two premiers are under- 
stood to bave agreed to disagree 
on long-term policy in Northern 
Ireland. Mr. Lynch has argued 
that the setting of some future 
date Tor the withdrawal of 
British troops from the province 
is vital to a long-term solution. 
Mr. Callaghan, has claimed that 


this is not politically feasible \ 
nor desirable. j 

Nor did Mr. Callaghan in any ; 
way disown Mr. Mason’s re-i 
marks. But the two prime! 
ministers re-affirmed their 
Downing Street communique of 
September, 1977, which asserted 
that security arrangements 
already in force — including (inks 
between police forces north and 
south of the border and weekly- 
reports from the British 
security forces to Dublin — are 
sufficient. 

Irish officials say that, accord- 
ing to the reports the British 
give them, only 2 per cent, of 
all incidents in the north have a 
direct connection with, or origin- 
ate from, the south. 

Mr. Lynch is also understood 
to have raised with Mr. 
Callaghan the question of power 
sharing between the two com- 
munities in Ulster. The Irish 
are unhappy that this is only 
occurring at lower levels in the 
province. But the U.K. Govern- 
ment feels that this can only 
proceed slowly. 

The week-end talk, which 
lasted just under an hour, also 
touched on economic co-opera- 
tion across the border. 


BY OUR OWN CORRESPONDENT COPENHAGEN, April 9- 
THE EEC .Commission is will not lead to an immediate 
expected to tell the U.S. this cut-off in shipments and feels 
week that it is prepared to dis- toat the delay will convey _jn a 
close American 


demands for a pointed manner its resentment 
of the Euratom at the U.S. demands 

The handling of the issue, 
was discussed by EEC 
heads of government at their 
meeting here this week-end. 


renegotiation 

Nuclear Supply Treaty but will 
refuse to commit the Community which 
to entering negotiations. 


This message will it is hoped. 


forestall a U.S. threat to suspend represents a victory for France 
all further enriched uranium All the other EEC governments 
shipments to Euratom. while bee “ *«. authorise 

meeting French legal objections a formal .commitment to enter 
that the Americans have no right renegotiations, 
to compel talks on a revision of , The French, however, argued 
the Treatv that the U.S. demand conflicted 

with its assurances last vear that 

The Nudear Pro U ferati on Act, it wou j d not change its nuclear 
recently approved by the U.S. supply policies while the jnter- 
Co tigress, requires the Carter national nuclear fuel cycle 
Administration to begin ey a ]a a ti 0D programme was in 
discussions with all foreign pur- progress. The programme, set up 
chasers of enriched uranium by jf a y’ S western economic 

to-day on a tighter _ safeguards sum mit in London, Is expected 
code or stop issuing export j 0 ghaut another IS months, 
licences for the fuel. it was not clear whether other 

The Act allows an initial two government’s conversion to the 
years for the negotiations, which French viewpoint was influenced 
may be extended indefinitely on by President Carter’s decision to 
a year-by-year basis. delay indefinitely production of 

The Commission's reply will the neutron bomb. But the West 
be made after the deadline set German Chancellor, Herr Hel- 
by Congress. But the EEC has mut Schmidt, is believed to have 
apparently been assured by the been angered by the way' in 
Carter Administration that this which that decision was taken. 


Gaullist 
hits out 
at Giscard 


By Our Own Correspondent 
PARIS, April 9. 



on reports of Moro letter 


i‘V-1 


BY PAUL BETTS 


THE UNDERLYING struggle 
between the GanJIist RPR Party, 
the biggest force in France's 
ruling coalition, and. President 
Valdry Giscard d’Estaing, came 
out into the open to-day with a 
fierce speech by M. Jacques 
Chirac, the Gaullist leader. 

At a special post-election con- 
gress of the Rassemblament pour 
la Republique (RPR), Mr. Chirac 
flung the gauntlet at the feet of 
the man whose presidental cam- 
paign he supported in 1974. He 
accused the Government of try- 
ing to divide and weaken the 
Gaullist movement by nndeiv 
hand means, and of trying to set 
□p a U.S.-style presidential 
regime. 

It had become clear, he said, 
that M. Giscard’s grand design 
was to “ govern from the 
centre **■ — meaning “ a Socialist- 
Centrist coalition, from which 
the GaulUsts would be excluded.” 

Thunderous applause came 
from the L2D0 delegates, as M. 
Chirac painted the picture of an 
alliance between both Govern- 
ment and Opposition politicians, 
who between them represented 
everything Gaullism had ever 
fought against. 

Tne Gaullist leader’s hard-line 
stance, a reaction to President 
Giscard’s “ overture ” to the Left 
after the election victory os 
March 19. represents a fighting 
effort to rally his own party. 

The RPR won the most seats 
at the election. But M. Chirac's 
triumph was offset by the gains 
made by M. Giscard’s Union 
pour la Democratic Francaise 
(UDF) group of Centrist parties 
at the polls and a defeat suffered 
when M. Jacques Chaban-Delmas 
was chosen as Speaker in the 
Assembly of the official Gaullist 
candidate. M. Edgar Faure. 

M. Chirac has tried to explain 
the victory of M. Chaban- 
Delmas, who although a Gaullist, 
is an old political rival 
(M. Chirac opposed his candida- 
ture in 1974). as a manoeuvre 
by the Giscardiens. 


ITALIAN AUTHORITIES were 
silent to-day over reports , of a 
possible further mesage from 
Sig. Aldo Moro, the kfil-y ear-old 
former Premier kidnapped over 
three weeks ago by ultra-Left 
Red Brigade terrorists. . - 
So far there has been ho 
official confirmation of' Sig. 
Moro’s latest message; reported 
to be addressed to hi? wife, who 
on Friday sent an “ open.” letter 
to her husband, published in a 
Milan newspaper. In. her letter 
Signora Moro said she believed 
“after so much suffering ‘that' 
it is still possible to have him 
back with us." . 

Following reports that either a 
hand- written or taped message 
from Sig. Moro was found by 
police in Rome. Christian Demo- 
crat -'leaders. Government and 
police officials held a series 'of 
emergency meetings late, last 


While the Government and the. 
conmay’s political forces; includ- 
ing the Communists, have repeat- 
edly.- stated they would not 
^surrender to terrorist blackmail, 
the Christian Democrat deader* 


ROME, April 9, 


Interior Minister, Sig., Fran- 
cesca Co saiga returned to Rome 
to-night from a secret mission. 

! Informed sources said Signor 
Cossiga. had been to Switzer- 
lUL ,'dtO- meet his Swiss, West 
German and Austrian counter- 
parts,- reports Reuter. 


oigM. 


ils has lent weight to specu- 
lation that the Red Brigade* 
currently claiming to hold Sig. 
Moro, have apparently set down 
their terms for the release of the 
Christian Democrat president 


ship -said over the week-end that 
“ixro . stone would be left un- 
turned” to save the life and 
prestige of Sig. Moro. " 

. In the wake or Signora Moro’s 
open appeal, the leadership of 
the ruling party has 1 also - seem- 
ingly, indicated it would' not 
oppose • “private” negotiations 
between the former Premier’s 
family and the terrorists. This 
M humanitarian ” position', was 


openly, supported by the Italian, • 
Bishops’, Council.. 

- In turh, however, ft has re-' 
kindled the threat of the rift 
between right-wing ahd moderate 
factions within the 'rifling 
party. ' - . 

Some , right-wing Christian 
Democrat deputies are already' - 
accusing the party ; lleadership:-bf ■ ■ . 
ambiguity. They are alio adro- 
eating a policy of confrontation 
against the (^wummists^-who are : 
now .directly supporting the new * 
minority . administration, of Sig, 
Giotio Andreotti as. a result at 
an agreement largely inspired by. 

Sig. ' Moro himself only ' a few 
days before . las; kidnapping.; v . ;■ 

Meanwhile,-, police and* army 
units are continuing 'theip 
largest-ever peacetime operation 
to discover the whereabouts of 
Sig. Morn. They have detained 
or arrested ■* hundreds of-r^S 
suspected extreme left-wing 




sympath isers ; and are currently 


investigating . reports that the . 
state telephone company, SlP.ln 
Rome;. has possibly been infill 
trated by Red Brigade activists.' 


Portuguese party leaders resigii 


BY OUR OWN CORRESPONDENT 


LISBON, April 9.C 


These bonds have been sold outside the United Slates of America, This announcement appears as a matter of record only*. 


NEW ISSUE 


April 10, 7978 




'UM- 


RAUTARUUKKI OY 


Helsinki, Finland 


DM 50,000,000 

5 %% Bearer Bonds of 1978/1988 

unconditionally and irrevocably guaranteed by the 

REPUBLIC OF FINLAND 

Issue Price: 100% 


COMMERZBANK 

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POSTIPANKM 


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Andelsbanken-Danebank 
Julius Baer International Limited 
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Bank of America International 
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Banque Bruxelles Lambert S.A. 

Banque Francaise du Commerce Extdrieui* 
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Creditansfalt-Bankverein 
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Credit Commercial de France 
Credit Industrie! et Commercial 
Credito Italian o 
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Credit Suisse White Weld limited 
Dafwa Europe N.V. 

Den Danske Bank af 1871 Aktieselskab 
Den norske Credrtbank 
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UNION BANK OF FINLAND LTD. 

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Ba nq u ePopulai re Suisse S.A. Luxembourg- Goldman Sachs International Corp 

n n • r - Uimhrnc hnir 


Banque Privde S A. 

Banque de I’Unlon Europ6enne 
Baring Brothers & Co. r Limited 
Bayerische Hypotheken- und 
Wechsel-Bank 

Bayerische Landesbank "Girozentraie 
Bayerische Vereinsbank 
Bergen Bank 

Berliner Bank Aktiengeseirschaft 
Berliner Hand els- und Frankfurter Bank 
Bankhaus Gebriider Beth man n 
Bfyth Eastman DHIon & Co. 

International Limited 
Caisse des D6p6ts et Consignations. 

Chase Manhattan Limited 
Chemical Bank International Limited 
Christiania Bank og Kreditkasse 
Citicorp International Group 
Commerzbank International 5.A. 
Compagnie Monegasque de Banque 


Hambros Bank timrted 
Hamburgische Landesbank 

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Hessische Landesbank 

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Hill Samuel & Co. Limited 
Industriebank von Japan (Deutschland) 
Aktiengesellschaft 

Kidder, Peabody International Limited . 
Kjebenhavns Handelsbank 
Klein wort, Benson Limited "j / , 
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International 

Landesbank Rheinland-Pfalz 
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Lazard Brothers & Co. Limited 
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B. Metzler seel. Sjobn & Co. 

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The Nikko Securities Co., (Europe) Ltd. 1 

Nippon European Bank SA. 

Nomura Europe N.V, 

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Nordfinanz-Bank Zurich 

Nordic Bank Limited 
Osterreichische Landerbank \ 

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Sal.Oppenheim jr. & Cie. 

Orion Bank Limited 

Pierson, Heldring& Pierson N.tt 

PKbanken 

Privatbanken Aktieselskab 
N.M. Rothschild & Sons Limited 
Salomon Brother* International Limited . 
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Schrtider, Munchmeyer, Hengst & Co. # 
Skandlnaviska Enjsldlda Banken ■ 

Smith Barney, Harris Upham & Co. 

Incorporated 
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Svenska Handelsbanken 
Trinkaus & Burkhardt 
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Limited 

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Union de Banques Arabes et Francises 

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Verband Schweizerischer Kantonalbankert 

Vereins- und Westbank Aktiengesellschaft 
M.M. Warbuig-Bnnckmann, wrtz & Co. 
Westdeutsche landesbank Girozentraie 
Westfalenbank Aktiengesellschaft 
Wood Gundy Umited 
Yamaichi International (Europe) Ltd. 


THE RESIGNATION at . the 
week-end of the major Opposi- 
tion party’s 12-man Political; 
Committee has once again 

focused attention on the deeply 
divided state of Portugal’s second., 
most important political group. 

The. Committee, which' effect' 
lively controls the ■ Social 

Democrats (P.SJ3.), issued a sur- 
prise resignation statement oa 
Saturday quoting opposing 
opinions on policy among the 
party membership. 

Factional fighting in the party 
first broke out last November 
after the resignation of * the 
ambitious leader and founder of 
the party. Dr. Francisco Sa Caxv 
neiro. He bad failed to awing 
the party policy makers behind 
his attempts to prevent far 
tougher opposition to the then 


minority Socialist Government’s 
economic austerity and land re- 
form. programmes. 

It became evident -that there 
were two distinct wings in the 
party— the moderates, grouped 
around the Lisbon branches, and 
the hard liners, centred mainly 
in .the north and on the Atlantic 
island possessions of Azores and 
Madeira. 

An extraordinary international 
congress in January however re- 
jected the pressures of the Sa. 
Carneiro group and the once 
powerful leader announced he 
would fade into the background 
of party life. 

But, in spite of attempts by 
the moderate leadership to unite 
the party, tensions and divisions 
have, continued ot fake their toll. 

Behind most of the manoeuvr- 
ing there is the deposed Dr. -Sa 


Carneiro, whose recent, bitte 
attacks on the role' of the pops 
larly elected military Presided! 
General Antonio Ramalho Sahet 
appear, to have brought .ori ti 
latest party crisis. ■- 
Dr: Sa Carnefto’s criticism o 
the President’s hangi ng nf.gtaf 
affairs, conflicts directly -trff 
agreed party, policy, as does Si 
continued demand for outrlj$ 
parliamentary opposition to -tS 
ruling .. ~ sodalist-conservatis 
allian ce. t ■ ^ 


The PSD National Cozomitbr 
will meet shortly to try; ? 
resolve the problem. >; 


Some sources say the late : 
manoeuvres are designed to opt ‘ 
the way for Dr. Sa Caattdfr 
return as leader of a purged *) , 
more . conservative : bppodtk 
party. 


Tax cats forecast in 


the Canadian budget 


BY OUR OWN CORRESPONDegt 


•V?; OTTAWA, April 9. 


MR. JEAN CHRETIEN, the’ 
Canadian Finance Minister, will- 
announce a budget on Monday 1 
night which may be a prelode to 
a general election. The election 
could come on June 12 or 19 with 
the dissolution of. parliament 
expected this week or next 
s The budget will probably 
include tax cuts In order to 
stimulate Canada's sluggish 
economy. But Mr. Chretien will 
be careful not to fuel -domestic 
inflation with . over-generous 
allowances. 

He must try to restore the 
country's international financial 
credibility and put a stop to the 
erosion of the Canadian dollar. 

Behind any decision looms a 
budgetary droclt of $Cllbn. 

However, with more than lm. 
unemployed in Canada, the 
Minister must stimulate the 
economy to create more employ- 
ment. One obvious way to oo 
this is through reducing taxes. 


In '.‘addition, with the, Govern- 
ment facing a. general election 
it wants to go to the country on 
a “sunshine*' budget 


It has become, clear in the 
past three months that- measures 
introduced in a mini-budget last 
October amounting , to $700 m. 
income tax cuts have foiled to 
provide the. necessary impetus. 
The impact of the cuts', was con- 
centrated in the months of 
January and February and the 
effects, have 1 now' run tbeur 
course. 


That cut had been expected to 
produce - on upturn in the 
economy. Mr. Chretien had fore- 
cast a 5 per cent real economic 
growth in 1978, twice the 
previous^year’s growth rate. But 
the economy has remained flat 
with business investment almost 
non-existent Unemployment, 
already 85 per ceHt of the work- 
force, is expected to go higher. 


Anglo-U.S. envoys to talk 
with transitional leaders 


BY TONY HAWKINS 


SALISBURY. April 9. 


THE VISITING Anglo-American 
envoys. Mr. Jobs Graham and 
Mr. Steven Low are due to meet 
Rhodesian Government officials 
to-morrow morning. They may 
later bold talks with the four- 
man executive council of the 
transitional government 

The two men are expected to 
leave Salisbury to-morrow night 
having sounded out the transi- 
tional government on the 
possibility of the four signatories 
of the internal agreement attend- 
ing a planned April 25 all-party 
Rhodesia conference. To-day they 
held a meeting with the domestic 
wing of Mr. Joshua Nkomo’s 
African National Connell (ANC). 

Rhodesian sources are not 
optimistic about the outcome of 
the talks. 


Our Foreign Staff adds: Mr. 
Andrew Young, U.S. Ambassador 
to the UN had had .a private 
meeting with Dr. Gwen at the 
Foreign Secretary's country 
home -yesterday. No details of 
the meeting which was fitted in 
between Mr. Young’s arrfVal from 
Africa and his departure last 
night for New York were 
released. But deafly It centred 
on the -new Anglo-American 
initiative over Rhodesia as well 
as on the five power proposals 
for a Namibian settlement 
Dr. Owen is expected to travel 
to Dar es Salaam, the Tanzanian 
capital, later this week where he 
and Mr. Cyrus Vance, U.S. Sec- 
retary of State, are expected to 

meet leaders of the Patriotic 
Front — — 


Filipinos 


• * y% 




demonstrate 


after poll 


.•.'•‘iWkt 


. Baton - wielding " 
brake up a" peaceful mart h 
Sunday protesting against aBeg. 
widespread fraud arid term®* 
in Friday’s elections-to an JBteL 
National Assembly and halt, 
away all of -about 8u0 dear 
strators to a suburban nilglr 
stockade, our Manila corTesp ^ 
dent writes. : 

Four opposition corresponds, 
were among the arrested: fora 
Senator Francisco S. Rodrigo v 
Aqirilino Pimentel, Sr En* " 
Ron don, and Sr Teopfcto G 
gone. Also detained with tl 
was the 70-year-old for 
senator, Sr Lorenzo Tan 
campaign manager of the op/ 
tion “ Lakas ng Bayan " (Peoi 
Power) party or “ Laban.’ 


Pravda on new bon 


The Communist Party c 
Pravda has described Pres 
Carter’s decision to post/ 
development of the controre 
neutron' bomb aa a tnanoei 
forced on him by public proi 
Reuter reports from Mo®*™ 
a report from its New Yortc 
respondent, Pravda said on ?n 
that Washington was trymj 
present Friday’s decision a 
goodwill gesture and unpi 
that It was taken almost ajs 
the will of the U.S., mam t 
pean allies, who , wantrf 
bomb deployed on their tern 
••.In fact the case is not v 
like that,” Pravda said. 


Iranian explosions 


Bomb explosions damaged 
homes of three political <*P 
tion leaders over the wep» 
in what one dissident 
the start of a Govern? 
inspired terror campai^ag 
them, our Tehran corTespoi 
writes. -No injuries were refK 

in any of the bond>ins*» 
another 'opposition figure 
abducted and beaten by s 
Tnpn t dissidents said. 


se 


THE MIDDLE EAST 


Sadat opts for patience 


BY ROGER MATTHEWS 


CAIRO. April 


PRESIDENT SADAT Of Egypt 
to-day urged patience in the 
search for a Middle East settle- 
ment but emphasised that the 
UJS. had never been in a better 
position to make a vital contribu- 
tion to the process. In the 
course of his regular weekly 
Interview with “October" maga- 
zine, Mr. Sadat stressed- that 
president Carter was now a full 
partner in the Arab-Lsraeli can- 
fllct, that be 'bad the ability to 
achieve peace in the region, and 
that Israel’s Prime Minister 
Menahem Begin, should be given 
a further chance to absorb the 
oew realities created . by the 
Egyptian leader’s, visit to 
Jerusalem. 

The studied reasonableness of 
the interview accurately reflects 
a top-level policy review carried 
out by .Egyptian officials. They, 
came to the conclusion- that the 
most effective way of maintain: 
iog pressure on Mr. Begin wax 


to refuse to abandon the peace ^ *0 S 

Initiative, to^ accept officials 

contacts with the ■ Jerusalem ■' ^ ^ ie 
Government, but adamantly to Tunisia. A1 

reject any. resumption of nego- of Qaiai 

tiations until there was - dear Fminstes, Ba 

evidence of an Israeli change to ^ 

attitude towards the two- moat in Beirut 

important issues, the Palestmian ^Jsm BWaa 
qimstion ; and -withdrawal plats to d« 

occupied Sinai. - ■ .mita 0 f the Lebanese art 


Amman: For the second time to- ta controlling the ** 

three weeks, Jordan s King Hn& . official source saW 
sein has sent ^ ^p Personal were being P reDan 

envoys out to all Arab capitals. vtbalia ^ According 
Officials here say it is a imethodi- ^ ^ Press here t 


Officials fterew U is a ^fthodi- S^P^herTt^ 
cal and deterauned biato lay the. g^. -1^3, fonntog a ™ 
groundwork for ' jut_ - Arab f regrouped arrey ff"* 
summit conference that , would JJ ^ ut h within the na 


summit conference that , would JJ ^ ut h within the na 
have -mil] or implications for -a They have 

new strategic .poUcy of Arab crab- ; at a militaW M 

_ . 1 T ~““‘ 1 ftnVaa Valley /“■ 


frtmtation against IsraeL . Valley 


new on- snu. neiu • . • • - • , 

thisVaftwoodn- to be ■ fotiowed 

immediately by visits to f&Sa 'sx*™ 

aa^Syria. J.The InteriOT Mtolster /^^ p««* »u « 


X.. 








f' 

K. U 




* Apr" . w’: : " ■■ :L: ■ — 

: ' • J ^ ; . ■ 

. Monday April. 15 1978 ' ' 



LD TRADE NEWS 


By A. Uhl 

BELGRADE, April 9. '. 
yUGOSLAVlAN . LEGISLATION 


V ; 


■ .V.i 
■" ■••; t.i 

N?> 


*^?1N 








new act on foreign investment 
is cue. to. come into force in-tee 
next few months,. ■ - . . 

The new tariffa differ froin the 
ola m that -they offer a higher 
degree-, .of protection to some 
sectors whefeas- others will bene- 
fit 1 from ■ lower or . zero tariffs. 1 

m? ,^ e agricoltiire sector .there 
wiU : 'be free imports.. of 66 pro- 
jects. mainly, those ■ imported 
from developing countries. TWost 
other, agricultural produce will 
attract, between ID- and 15 per 
cent in tariffs. . ■ 

.The. average tariffs in. the 
mineral-, sector will- be increased 
from 4 OS to 0.21 per' cent, and 
tnat .on chemicals will rise .to 
9-96 par cent instead of 7.7per 
cent.-, - 



BY KENNETH RANDALL 
AUSTRALIA has begun planning 


CANBERRA, April 9. 

It is understood that Cabinet 


measar?s a « aiDs t tie approved in principle the impost 
’■ new Tariff Act and a [EEC as a fall back position in tion of a special import tax on 

the- event fliat^ts' latest negotia- all subsidised food lines from 
tions fail to secure freer access the Community. This would 
to Europe, for Australian goods, create' a. severe price disadvant- 


The measures were considered ite ?. s cheese, con- 

hy Cabinet last week as part of ^ cti °nery, biscuits and brandy, 
the- negotiating brief -for Mr. Vic P e . syst ? m , would . be 
Garland, the Minister for Special i° tl ^ e v, lca s «> unt ervailin g " 
Trade representations, who left 


Meanwhile Mr..Wal Fife the 
and Minister for Business and Con 
* ua sumer Affairs, lias Invited com- 
peting Australian industries to 
apply for protection under anti- 
dumping laws. Speaking in 


for -his four^week JCp.nnd of dis- 
cussions with' £8? - EEC 
member governments. ■ . - 
Mr. Garland said before he left 
that EEC trading policies "had 

grown progresriTOy more harm- Parliament be promised strong 
ful _ and had led to- a distor- action where appropriate. 
ti° n 'in the bilateral .teading Cheese would be the major 
T8i3.tioi] snip p to Aostnlis s dis- item Affected. Australia imports 
advantage” He saW-t&e Govern- about 4,000 tonnes a year from 
meat had determtoafi'that ways the EEC, worth about $ASm. The 
must be found to redress the main suppliers ore Britain. Italy, 
balance.- .- France, Holland and Denmark. 


- S 


iers 


resij 




to 


U.K. loses tractor business to Brazil 

BY DIANA SMITH IN WO DC JANERIO and -lorne BARLING in LONDON 

AS A RESULT of Brazil's will- that the comptmy had ■ made time priority is being given 
ragness to accept the high risk nothing on the deal. due. to “the Brazilian companies for special 
of exporting lo Turkey, now unreal devaluation of the credit 

suffering severe economic prob- cruzeiro against tog;doJlar.” The less easy times being 

lems Britain has -lost substantial -'Industry . spuroest Brazil experienced by Massey Ferguson 
export business for Massey Fer- believe, however, mat the real m Brazil could mean that the 
gu^on tractors. ... loser will be teterbra if the full work will eventually come back 

'•■■■h r;< . • Massey Ferguson U.K. said it order is not completed. This to Britain, where talks are con- 
'l* *1, had supplied around 58.000 trac- would be particularly, embarrass- tinuing on how normal cover can 
■*: - tors to' Turkey over .the part hiff, since there wakjsdnsiderable be restored for such exports, 
i: vj.- three, years, accounting foe local discontent .ovet -ft e deal. * Estimates indicate that in 

:;-.i -Zt- about 30 per cent, of the Turkish It was specially? annoying to March Brazil corrected its 
market But' exports have virtu- Brazilian tractor Manufacturers Januarv-February trade deficit. 


ally - ceased - since the Export who have . reverb? 'overcapacity 
i Credits Guarimtee ' Department and- have had a 'dffficnlt time 
clamped down on business with getting credit fw exports since 
the Turks. the Government:- -. switched 

■-■I- ;T- Since the middle of last year emphasis from .agriculture to 
■-W-. V ‘, if ' EC GD has . offered only . very, heavy industry, r * . 

- limited cover for 'exports to Tur- ~ Several • multi-nationals have 
key and despite recent Inter benefited from 1 th^/Govermnent 
national Monetary -Fund'. aid, policy, of miflng-tpj^n com- 
'' z Turkey will not be granted ponies to exporti.WK.it now 
normal cover until present debts appears that’ the schetsfe is being 


Filipinos 


- have been rescheduled.- and ^some^ re-examined and 
repayments made. - . 

'•- Massey . Ferguson- has jnean- 
V- while made use Of. its tmder- 
.*• - utilised Brazilian plant to fill 
-•-the gap, with the -State-trading 
•- ' company ’ In texbras . acting as 
intermediary -and the Govern- 
ment effectively providing finan- 
cial backing and guarantees. 

Massey Ferguson UJC insists 
that the . deal is merely 
of maintaining - its position 
Turkish market until ebhditions .. 
allow sujiplies. from the UJK: to P^rty wool lextile 


Although full figures are not yet 
available imports and exports are 
estimated to have balanced at 
S900m. last month. The trade 
defleit for the first quarter thus 
remains at the end of February 
level of just under S350m. The 
improvement is attributed to sub- 
stantially higher coffee sales in 
March— $200m. compared with 
about $100m. a month in 
mean- January and February. 


Aigentni^wool cloth protest 

- FINANCIAL TB^REPORTER 


H p in nn^^^S^eTSS 'jSfits SSL? 

U t IllUUSlllbetog sold >jfroin: Brarif W 


after pol 


GONCKRN IB grpavpg in Bri- square metres In 1976 to 726,000 
tain's wool textile industry about square metres last year. Imports 
increasing imports ec-.sohsidised were still running at this level. 
_ cloth from Argemhat A ten- and were posing a serious threat 
_ ^w man delegation fromjBie industry t0 U-E- cloth manufacturers, 
fcfc thft in Yorkshire %£Sa)tlan d ■ After the meeting, Mr. Ford 

ditions have ^hM /alks^ wh^^ inter- said they would press for urgent 
~ ttary talks with Mir. Michael Meacher, 

Mr. Parliamentary Under Secretary 
.rad- for Trade, to , seek measures to 
prevent a huge escalation in the 
r. imports as occurred with cheap 
e suits from Eastern Europe. The 
I Industry ^Is also to 'make a case 
jito the EEC Commissioner respon- 
»ool rtble for prices policy to secure 


clearly meet demand fbr some i aA 

time. . - - jed 

„ - • •*-. . jL - 1 l • Michael Roberts, chairm 

Massey FergtKOBj 1 do BresU the wool rextfle dele^SCn, 
subsidiary company, has already but tfcat' there had 
.receijsed-in paynuwtyheieqiflyar mates 1 rls^ In tap 


been 


-- - . - • ~ - . _ . ^7, “ . - - . — - ‘ — Z~ >. "v-., «uib .wi ijuvoi (juukj- m ackuic 

v ® ™ f Crt _ 535m,..jrom # uiterbras. rioth trota. ATg^ntin ’om 28,000 fijs Intervention In the matter, 


VrWhicb drew on., special "gxpqrt 
1 : r -incentive funds . and ; .the Bank 
;©f Ezazll twJhich; provided; "the" 
r foreign exchange .part nf the. 

■ ■rdeaJ). Turkish banks; and the : 

‘. ..-•Turkish Government undertook 
’. back the purchase:?.-'. . • 

Thus : if ■ ' Turkey 'defaults, 

, .. ^.Massey Ferguson- wiU . not -suffer, ^^vNTRAC 

'although Interhraa would '* he .*S 0 m. for 


:-cV -ir- . 

-BYJONN 



ct at Masinga 

T 

lest ijhi 
regifia 


ORRALL 


NAIROBI, April 9. 


WORTH about biggest 
construction of will 


Eastern Africa and 
ate the flow of a large 


Mr. -Ule Engelbrecht, Massey : • ° f } he . .:^. na_ huLding*thd danTand^theVower I 

Ferguson’s president in Breril, 5^S, : ^f v ? lopment Authority station S has ''been awardedto 

dm*. • grwp of coSmcto^led byl 

■ ■ . . -ian export practice; butcialtned 'The reservo iris to be the- Heilman and'Llttman of West] 

Germany, The group has formed i 


■ft- 


World Economic Indicators 


Pni'* a 


tdlCi 8 - 


. - •rujc. ; 

,-W. Germany 
’V-France 
''.-.Italy • - 

: ^apan 
.vU-S. 
"'.^■Holland • 


.^Belgium - 


PRICE 

'• / % change 

Feb. 78 -fan* 78 fDec 77. Feb. 77 over earlier 

year 

190A' 18*5 18&4 174.1- 

144a... .143i4 : 14L3-V 140J 
. 19L7 190 J 1 189.4 1755 

-,127a 12S.9 E4J — • - 

120.1 •. tIWA . TI9.1-. 115J 
X8&A 187a 188.1 mA- 

. 717.*. ; --. 777^4 > 717.9 TI3.1 

Dec. 77 N6v. 71 Oct. 77 Dec. 76 
12505 - !24J6 v 124J1 : . 117.8 


a" joint company in Holland , 
called the Masinga Dam Bi. 
which in torn has formed 
wholly-owned company in Kenya 
called Mas con Limited. 


+ 9 S 
+ 2.8 
+ 90 
+210 
+ 4.1 

+ M 
+ 40 


Index 

base 

year 

1974=100 


1976=100 

1975 = 100 
1967=100 
1975=100 


• Change in Bale Pate-previem figures not available. 





Donations andinforination: ' 
Major The ^arlofAncaster, 
KCVO, TDm MkfiandBank 
Limited, 6d WestSmithficM 
X^wdoaEClAiHDX.. 



HiI9Eto1BOSBWBOei7K>=MXISP 


WE.THE 
LIMBLESS, 

LOOK TO YOU 
FOB HELP 

Weciwnofirom both world wars; 
We c om crfrom Kenya. Malaya, 
_Adcn, Cyprus ^ and.frpm U.lsier. 
, Fconxkeeping peace no less 
than firbnxwar we limbless look to 
yonforheJp- 

• AndyopcanMp, by helping 
tta-AsSOdatiotuBLESMAfthc 
British Limbless Ex-Service Men's 
Association) looks after the ' 
Hmhl»iVom,aRtb^ 

Ithdps. with advice and 
cncouragemot, to overewnethe 
shock ofloang amis, or Jcgs or an 

eye. It sees that red-tape docs not 

-rtmiaih the way of the righr 
*.y cnUifemeiirfo pemion- And, for 
= :sev^yhand«&pped; andthe 
ddefly, it provides Residential 
^ontawt^theycanEvein 
peace and drgnity. . 

BLESMA, please.'We 
3»ed money desperately. And, wo 
promise you, not a peony pHt will 
ie wasted. 


The French company. BVS of 
Grenoble is to supply and instal 
_ the screens, guard control gates 
wn— ion an< * cleaning equipment. Brown 
iffifi—inrt Boveri of Germany is to supply 
1770—100 and instal two 20mW hydro- 
electric turbines and ancillary 
equipment Clough Smith of the I 
UJC has been awarded the! 
contract for a road diversion and 
the supply and installation of I 
switchgear. 

Another West German com- 
pany, GG Noell GMBH of 
Wirzburg has been awarded the 
contract for supplying and instal- 
ling steel liners for the culverts 
built under tbe dam between the 
intake and the power station. 


+ 63 1975=100 


•- '. -=vi' 


V -' 


; >•> ■, :■ 



'4 


• ' c 

‘.V- 




HOLIDAY INN 

J .Ji .V; . Witb tiie Mg.«sy beds... 

•' .'.vinwhidj-you are always happy again-. ; . 

•- Why?X)urwWebeds(we have douWebeds i 

• only} are spedaliy. made lux^-- models, 

• Withgpring corMnattresses. Noltop soft, not 0 

• loo tajd~Withpropcr ddenkiwiLs, so you ^ 
Z :-can sreteh oat through a drole, andslee^ 

^ ... m tsIm .UfL-lpAaB twi'nr lioihf At Iri 










KfiHlffifli 


-- t&z.r/: 




•- The.. Nigerian Ministry of| 
Defence has awarded a £13.3m. 
contract to George Wimpey | 
(Nigeria)- for the construction of 
12 barrack blocks linked in pairs, | 
together with an officers' mess. | 
a mosque, chapel, gymnasium | 
and : shopping centre at the 
Nigerian , Air Force base at 
DSe», near Lagos. Wimpey will 
'also he- responsible for roads and i 
other infrastructure require- 1 

meats,-. 

• Svens ka Flakt has received an 

valued at $2.3m. for a bag 
ter installation for a large 
tractor plant in tee Soviet Union 
where it will be used for clean- 
ing. flue 'gases from the plant's! 
itooTKlry. ■ 

• National Cash Raster of I 
Qhin, is to supply Sudan's state- 1 
owned electricity authority with 
a new computer -system under a 
S).5m. contract. The NCR I 
system will replace an IBM 
360/20 system which the public 
electricity and - water corpora- 
tion has leased from IBM for the 
past 'seveo y ears. Both IBBff and 
ICL: sumitted bids for the new) 
equipment. 

• Alton Pipework and Process 
Blurt ttd. has received a £2.5m. 
eontraGt for tee fabrication and 
erection of high, pressure steam 
piping systems and ancillary 
Steam 'piping .systems from the 
Ontario Hlydxo Corporation for 
their plant expansion at Thunder 
Bay, Ontario. 

. Hawker Sidfdeley power engin-; 
Bering’s generation division, has 
received a £750,000 contract to 
supply electrical distribution and 
stand-by diesel power .plant to 
[-the Mai&ugurl -teaching hospital 
complex, in Nigeria, from .Tech- 
nical Constructions (Nigeria)* 




Briton heads 

European 

consortium 

By John Lloyd 

A TOP executive of the British 
Air . Corporation has been 
appointed managing director of 
a joint Dutch-Swedisb con 
soriium which is supplying 
tele-communications equip- 
ment to the Sand! Government 
under a £2 bn. contract 

Air Commodore Nonnan 

K ear on. at present the chief 

executive of BAC's operation 
in Saudi Arabia, will move 
over to his new job within the 
next few months. An official 
announcement is expected 
shortly. 

He will bead a joint company 
created bv (he two telecom- 
munication!; manufacturers 
who are supplying exchange 
equipment and telecommunica- 
tion systems for the Saudi tele- 
phone network. Thev are I* 
M. Ericsson of Sweden and 
Philips of Holland. 

Tbe manufacturing part or 

the contract is worth over 
£lbn^ and it is expected that 
the work will last for the pext 
five years. Overall manage- 
ment of the system is handled 
by Bell or Canada. 

The contraet, awarded last 
year, was the largest of Its kind 
in the world. It was won by 
the Philips/Ericsson/Bell con- 
sort inm in face of fierce com- 
petition from a group headed 
by ITT, and another headed by 
the U.S. company Western 
Electric, which included the 
three British companies of 
B1CC, Cable and Wireless and 
Plessey- 

The joint manufacturing by 
Ericssou and Philips repre- 
sents a new departure for the 
two European companies, 
which are accustomed to com- 
pete- 

Air Commodore Kearon, 
who was awarded the OBE in 
1943, retired from the Royal 
Air Force in 1968 as (he Direc- 
tor, Directorate of Organisa- 
tion. 

He is engaged in the £50ftm. 
contract signed between BAC 
and the Saudi Government last 
year 


Spain puts new emphasis on exports 

BY ROBERT GRAHAM IN MADRID 

THE SPANISH Government has tee extra credit partly by tap- has been almost halved from Until th e 1973 oil price rises, 
decided to increase tee amount ping existing sources but also by PesetaetMbn.. to Pesetas25bn. the assumption had been that 
of credit available for exports by relying on new ureas of fi nan ci n g. Parallel with greater credit tourism could always be relied 
almost 30 per cent, this year Official credit made available to availability, the Government will upon to ease tee impact of a 
involving an allocation of Oie Banco Exterior, the main ex- increase both human and tech- trade imbalance on the overall 

Pt&125bn. (Si 6bn.) a«ainst P 01 * credit “stituldon, will be nical resources for export pro- balance of payments. However. 

PtsJ6bn. last year ° increased from Pesetasl7.6bn. to motion. In this respect tee gov- with the increased cost of energy 

— Q . . . ’ , . PesetasWbn. In addition tee eminent is likely to submit imports (about a quarter of 

The boost in export credit is savings banks which are jmpor- shortly to the Cortes a request Spain’s import bill) and a level- 
part at a plan to give new tanr sources of funds in - Spain, for Pesetas 515m. to- activate a ling 0 ff 0 f the expansion of tour- 
pnomy to this sector which also will have the ratio of their funds programme of increased ov.er- ist receipts an improved export 

includes more funds for export which they are obliged to set seas commercial representation, performance becomes essentfaL 

promotion. The new priority aside raised by 1- per cent. This This will be used to expand 
for exports was formulated in wilt be earmarked for export' the Ministry of Commerce's 
broad terms last October when finance and will amount to existing overseas representation 
the Government and main oppo- Pesetas28bn. plus the opening up of cornmer- 

sition parties signed a package Another new source of export rial offices in areas of special 

of economic measures, known as finance will be utilisation of part new business interest aucb as 

the -Monel oa Pact The inten- of tee S295m_ IMF credit agreed Saudi' Arabia and Nigeria. At 


tion was to capitalise on the com- two months ago. The Government the same time Sr. Juan Antonio 
netitive edse nfforrtpn w. intends to use some Pesetas9.6bit -Garcia Diez, tee Minister of Com- 


TraditionaUy tee strength of 
Spain's export performance has 
come from the predominance of 
small and medium sized com- 
panies which has enabled enor- 
mous flexibility with low over- 
heads. This situation is now 
changing as demands are made 
for economies of scale and bu- 



rn the depressed domestic market 
towards exports. 

Some business men have com- 
plained in private that the Gov- 
ernment has been slow to 
translate this export priority into 
practical initiatives. Last year’s 
export performance was one of 
tee few bright spots in the 
economy. Spanish exports in- 
creased by 17.6 per cent, in 
dollar terms and 
in peseta terms. 


r _ . with foreign 

facility. The^ Government is also TVhile.the business community shareholding, are in fact playing 
pledged to raise Pesetasl2.9bn. is expected to welcome this step, an increasing role in Spain’s 
“by other means* 1 which could there is still a feeling that the export performance. A recent 
be via tee assistance of foreign Government needs to focus more table published in the weekly 
banks or through domestic debt attention on exports. Spain's bal- Actualidad Economica showed 
issue. ance of trade is distinctively neg- teat 20 companies accounted for 

By utilising these various ntive- Although last year Imports almost 15 per cent of total in- 
means to make export credit increased marginally at 2.4 per dustrial exports. Of these half 
available, tee Government is for cent in dollar terms and exports had significant foreign stakes, 
the first time relying less upon did very well, they only cov- There was also a clear domi- 
the commercial banks. Indeed ered imports to the tune of 57 nance of motor manufacturers, 
32.9 per cent the amount that the commercial per cent. Imports cost Spain led by Ford. Five out of the 
banking sector wiH be obliged 27.8bn. while exports earned first eight exporting companies 


The Government will produce to set aside for export credit Bioabn. 


were in. the automotive sector. 


SHIPPING REPORT 

New plan to help tanker section 

BY IAN HARGREAYES, SHIPPING CORRESPONDENT 

ANOTHER SCHEME to artifi- distribution tD owner member*, carriers, but believes it would In dry cargo trades, the 
daily raise freight rates for oil Lambert suggests dividing tbe not fall foul of U.S. anti-Trust monthly report from Matheson 
tankers in order to relieve wor ^ fleet into size groups, each sensibilities among tee oil com- notes a general improvement in 
financial pressure on indeoen- with its own “inunum- It would panies because its basic objective rates, but says this is mainly 

dent owners has been nrnnn^ed cover charter v ? ssels on wou ] d Preserve the inde- caused by seasonal factors and 

neat o wner s njs “pen proposed, consecutive voyages, but not pendent tanker owner and is for the most part grain-based 

this time by a London ship- time chartered ships. prevent toe emergence of a There is plenty of inquiry 

broker. Although tee broker agrees Government-Oil company mono- around, but little, optimism that 

Tbe ;dea comes from Lambert that ultimately - the * consumer P ol Y- the improvement will last— or 

Brothers, the Hill Samuel sub- will pay for any improvement Meanwhile in the tanker mar- that another market-fixing 

sidiaiy, which wants to see in freight rates, he points out kets, last week saw a little more scheme, that proposed by the 
owners and perbaps oil com- that the value of freight on a activity but no hardening of Greek shipowners — will succeed 
panies and banks set up an Gulf-Europe VLCC is less than rates. VLCCs from the Gulf to in doing anything about it. 
independent body to ' declare 3 per cent of Ibe cargo value Europe languish at worldscale Bulk carrier values continue 
minimum freight rates. The at present rates. So the overall 18.5 and even 160,000 tonners to fall as a result of the low 
market would continue to impact on oil prices would he are accepting WS19.75. Slightly market expectations. Harley, 
operate as normal, but any deal “minimaL” better conditions prevailed for Mullion notes the sale of a 

at less . than tee minima Lambert accepts that tee 80,000 dwt class vessels in the 30.000 dwt geared carrier to 
would be subject to a surcharge, scheme has imperfections, such Mediteranean. but elsewhere China at S5.9m. It had cost 
payable aqto a central fund for as tbe grey area of combination there was little cheer. $12.5m. one year earlier. 



trade mark. 


Overseas Containers Limited was formed by four 
famous British shipping lines to concentrate centuries of 
experience in maritime trading into a modem system of 
cargo transportation. 

Today, nine years and weli over a million container 
loads later, OCLhas invested over £500 million in a fleet of 
■purpose^uiltcontainershipSi containers, terminals, 
hardware and equipment and, most of all, people. 

With a route network now linking four continents, OCL 
has become Europe’s biggest container transport operator 


and a world leader In international trade, and in the process 
is helping to shape the patterns of world-wide distribution. 

. Serving over 40 major ports, the OCL Group, its 
subsidiaries and agents, provide rapid, efficient and total 
transportation of containerised export and import goods, 
door-to-door, between virtually any locations throughout 
Western Europe and Australia, New Zealand, the Far East, 
South East Asia and South Africa. 

And that is only the beginning. 



i 




igx-.&sp- 


'V 



OCL 

TtaliilernaticMialTradeMai^ 





Overseas Containers Limited, Beagle House, Braham Street London El 8EP. Tel: 01-488 1313 
OCL Regional Offices: Barking (London) 01-593 8181. Southampton 0703 35200. Leeds 053271225 S.Swansea (OCL Agent) 0792 5392S 
UveipcM3l051>*23&991LManchester 061-2286373. Glasgow 0236 24922-Newcastie0632 81026L Birmingham 021-356 6933 j 




V 


V 


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■u 


i» 





Financial Times Monday April 10 197S 


Motorway catering 
still appalling, 
says Egon Ronay 




Callaghan promises Stock Case for French 


tax cuts in Budget 


BY RAY PERMAN, SCOTTISH CORRESPONDENT 


FINANCIAL TIMES REPORTER 


MOTORWAY catering standards 
have improved only slightly in 
recent months, in spite of wide- 
spread public criticism and the 
setting up of a Government 
inquiry. 

According to the latest survey 
on motorway catering published 
hy the Egon Ronay Organisation, 
the public outcry has had little 
effect on standards, even for the 
most basic food. 

.Mr, Ronay says in the report: 
“The public is not concerned 
with dividends to shareholders 
and the return on invested 
capital. 

"People are entitled to expect 
that tiie very basic food, for 
which limited skill is needed in 
the kitchens, should be of good 
quality. Inedible sausages, lurid 
pea-water, state, tough ham- 
burgers. solid and old pastries 
and frequent stateness cannot oc 
ascribed to the tow return on 
invested capital." 


At the time of the previous 
Egon Ronay survey. last 
November. 73 per cent, of the ; 
restaurants and cafeterias visited : 
were judged “ poor '' or ' 
"appalling.” Sixty-one per cent. | 
are placed in the same categories : 
in the latest inquiry. ; 

Trust Houses Forte, the, 
largest motorway caterers, again, 
comes in for severe criticism. 
The survey says that while there 
have been conspicuous improve- 
ments in decor, seating, crockery. , 
layout and staff, the quality of ; 
food has not improved much. 

The company's Newport Pag-! 
nell cafeteria, on the Ml. is 
graded by inspectors as “appall-! 
ing." Another opened last year, 
at Burtonwood. Lancashire, was. 
found in “an indefensible state of. 
neglect." ] 

Granada, however, is praised! 
for greatly improving the stan-j 
dard of food. j 


THE PRIME MINISTER 
promised yesterday that to- 
morrow's Budget would carry 
further the programme of tax 
cuts begun last year. 

A message from Mr.'Cailaghan 
supporting the Labour candidate 
in the Garscadden by-election on 
Thursday, urges voters to main- 
tain the “ Auld Alliance" 
between Scotland and the Labour 
Party, and says that lax cuts last 
year were worth £2 u week to 
a man on average wages with two 
children. 

Labour was winning in its 
battle against inilation, living 
standards were rising, and un- 


employment had fallen for the 
sixth successive month. 

Mr. Keith Bovey, the Scottish 
National Party candidate, 
attacked the Government for its 
“ failure ” on unemployment and 
criticised the Scottish TOC for 
endorsing the Labour candidate. 


support of Mr. Donald Dewar, j 
the Labour candidate. He was the 


Top speakers 


In the last three days of cam- 
paigning Labour SNP and Con- 
servatives are putting some of 
their best-known spokesmen into 
the constituency. ■ Mr. Michael 
Foot Leader of the Commons, 
addressed a meeting last night in 


first of four Cabinet Ministers to 
speak in Garscadden this week. 

Mr. Donald Stewart, Parlia- 
mentary leader of- the Nationa- 
lists, will support Mr. Bovey, and 
Mr. Ian Gilmour. Shadow Defence 
Secretary, will speak in support 
of Mr. Iain Lawson, the Tory! 
candidate. ' • 

Labour bad a majority of 7.600 ! 
over the SNP at the General! 
Election. There are also candi-; 
dates from the Communist, Scot-) 
tish Labour and Socialist; 
Workers’ Parties. f 

Feature, Page 27 I 


abolishes 

annual 

elections 


to 


H ' 
\ $ l : 


BY DAYID HSHLOCK. SCIENCE EDITOR 


FINANCIAL TIMES REPORTER 


Hope still 
of saving 
tyre jobs 


Footwear warning 
for the disabled 


‘Too few electronic 


engineers’ claim 


FINANCIAL TIMES REPORTER 


ACTION is required to end the 
general shortage of tup-quality 
ieehnician engineers in industry, 
according to the Institution of 
Electronic and Radio Engineers. 

The institution's evidence to 
the Committee of Inquiry into 
the Engineering Profession 
claims that engineers for super- 
visory work in production 
engineering and for production 
line test a nd quality -control work 
are scarce. 

Neither was there sufficient 
chartered engineers with an 
adequate understanding of sys- 
tems engineering for work at 
design, production and sales 


engineering levels to meet the 
needs of an expanding elec- 
tronics industry. 

The extent and shape of the 
national educational and train- 
ing system was no longer in 
tune with the needs of the 
rapidly-develuping technology of 
electronics. 

Longer degree courses in clec- 
ironies engineering should be 
established to stimulate higher 
success rates and ensure a 
better supply of potentially top- 
quality engineers. 

There w as a need for a system 
of statutory registration and 
licensing of engineers within the 
U.K. 


By Stuart Alexander 

THE National Enterprise Board 
| would consider seriously any 
(approach from the U.S. parent 
I nr the local management in a 
hid to save Britain's main 
independent metal tyre-mould 
producer. . 

The company. Abe* Engineer- 
ing Products, at Newton Ayclifle. 
County Durham, has reduced its 
workforce by 40 per cent., from 
more than 150 to SO, ahead of a 
[complete closure at the end of 
June. 

This has been ordered by the 
U.S. parent, Abex. which is 
pulling out of tvre-mould manu- 
facture in Europe and the U.S. 
The reason given is the rtcent 
recession in the tyre industry 
and overcapacity among mould 
manufacturers. 

In Britain, however, big tyre 
manufacturers such as Fire- 
stone, pirelli and Avon rely on 
Abex for their moulds. Dunlop 
has its own facilities. 

A closure by Abex would lead 
to extra imports 


A GRIM future for people who 
depend on orthopaedic footwear 
— boots and shoes specially pre- 
scribed by a doctor — is forecast 
in a report released to-day by 
the Disabilities Study Unit, 
writes David Fishlock. 

Nearly half the craftsmen who 
make and repair such footwear 
will be past retirement or close 
to it by 19S5. But the industry 
is unable to recruit younger staff 
because of its unattractive image, 
poor pay and inadequate training 
facilities. 

It is estimated that every year 
up to 110,000 pairs of orthopaedic 
shoes are needed in Britain, and 
over ‘J50.000 repaired. 

Dr. Duncan Guthrie, director 
of the study unit, which com- 
missioned the report from the 
P-E Consulting Group, wants the 
Government to bring the 70 or 
so manufacturing contractors. 
together with hospital workshops, 
into a single State-owned service 
to safeguard its future. 

The Government already con- 
trols the cash available to the 
industry, through Health Depart- 


ment pricing policy. It also com- 
petes with the private contractors 
through R employ, a State-owned; 
company which makes ortho-; 
paedic footwear. t 

“Almost certainly it is only I 
the Government that can supply; 
the funds necessary to develop! 
recruitment adequately and to I 
expand and upgrade training," 
says Dr- Guthrie. I 


THE Stock Exchange has 
ended Its system of annual 
re-elections for membership. 
From how on members will 
bold life membership and -wfll 
only be allowed to withdraw 
by specifically resigning. 

This could be a major step 
in extending the Stock 
Exchange Council’s control 
over members faced with 
alleged misdeeds, as it can 
refuse any application to 
resign. 

In tbe past, members bad 
been able to thwart an 
Exchange investigation simply 
by allowing their membership 
to lapse, thus depriving tbe v 
investigators or the ability to 
examine members’ activities 
and publish their fin ding s, j 

The Council has been 
discussing the possibilities of' 
life membership for some 
time. The status should sim- 
plify the paperwork involved 
with applications for re-election 
each year but the Council had 
considered annual member- 
ship to be a sanction of last, 
resort 


THE: CENTRAL EI^CTRICITY 
Generating Board has submitted 
to -the. Government Its commer- 
cial ■ case for a £250nr eable 
linking -the British and French 
grids, as agreed between Mr. 
Janies Callaghan and President 
G beard d’Estaing in London last 
December. 

The two leaders said then that 
it ^’satisfactory commercial case 
for the 2,000 MW buried cable 
could be made the project, under 
discussion between tbe Board 
and Electricity da France £or 
three. years, should' go ahead. 

.Cost and construction would 


be shared by the two. The coat 
is likely to be appreciably Wbe r 
than once hoped, partly becaoss 
of problems of burying tbe- cable 
in a rocky seabed. 

• Both countries believe, thit 

because their peak loads do net 
quite coincide there is plenty of 
scope for profitable transfers be 
electricity: between them. 

The scheme would provide 
each country with insurance 
against unplanned interruptions 
in supply, and in the case of 
France against what are believed 
to be inevitable delays in com- 
missioning enough new nuclear 
capacity In the 1980s. 


Fewer pass maths 


O-level exams 


BY MICHAEL DIXON, EDUCATION CORRESPONDENT 


Smokers asked Conduct 


to raise cash 


Smokers are being asked to kick • 
tbe habit for a month — to help; 
the country's disabled by the i 
Royal Association for Disability; 
and Rehabilitation, which is) 
launching its first national anti - 1 
smoking campaign to give a ’ 
financial boost to its work on 
behalf of the 35m. physically 
disabled in Britain. 

It is asking people to try to 
stop smoking for a month from 
June 1 — and to get sponsors to 

hiirk them 
















It conld refuse re-election to 
any member whose activities 
were In question during the 
year, even if there was no 
actual evidence against him. 
However- recent legal advice 
indicates that the courts could 
rule this sanction to be unlaw- 
ful and so the annual 
re-election could no longer be 
an effective method of control. 

By adopting life member- 
ship the Council has the ability 
to hold open any- investigation 
until it is concluded. Even if a 
member refuses to pay his sub- 
scription, he will still be con- 
sidered as a member of the 
Stock Exchange for the sake of 
investigation of his conduct 
' This wifi keep the member 
within the Council's Jurisdic- 
tion until any Investigation is 
complete and results are 
published- 


A DECLINE in the success rate 
in tbe 16-plus examinations in 
mathematics and sciences is dis- 
closed by statistics published 
to-day by the Department of 
Education and Science. 

Entries for the mala GCE 
ordinary level and Certificate of 
Secondary Education exams m 
maths and science and technology, 
subjects rose by 44 per cent, to 
3.7m. during 1972 to 1976. But, 
the proportion gaining tbe O-level 
pass award or its equivalent fell 
from 40-5 per cent of the entry. 


to 34.1 per cent In the ordinal 
level exams in these snbjects- 
where entries rose by 17 per cent 
to L3 bl over the period — the pas - 
rate declined from 58.8 to 38/ . 
per cent. 

In the less academic CSE - 
where entires Increased by 7 
per cent to 1 . 5 m. — the propoi 
tion gaining the equivalent o 
O-level pass fell from 151 to 13. 
per cent 

Statistics of Education 1973- ■ 
vol. 2, School Leavers CSE as^lK Oil 
GCE; S.O; £L25: ; 


Report calls for ‘tax 
shelter companies 5 


.Ttfroi; 


FINANCIAL TIMES REPORTER 


Quota plan 
could lift 
lamb costs 


THE LOW birth rate of small 
companies in Britain, rather than 
the rale of their subsequent 
failure, lies behind their small 
stake in the British econmny, 
according to evidence submitted 
to the Wilson Committee- by the 
Economic Advisory Group. 

The author of the report, com- 
missioned by Charterhouse 
Group, a supplier of development 
capital, Mr. Graham Bannock, 
makes proposals designed to 
i improve the tax and financial 
I climate i’far small company 
-ftrmattofi: -V =- ..... 


He proposes legislation to sllc 
“tax shelter companies,” who 
shareholders could offset loss 
made by. the company again - 
personal Income or capital ftu 
tax. He also suggests a person 
income-tax relief for losses' i 
equity investment in small firs' 
Company law • should . 
amended to allow small. flrma- 
re purchase equity from snppe 
ing institutions. Directors 
close companies should ' ?. 
allowed to offset such purctoa 
against taxable income. • 


By Richard Mooney 


COMPANY NOTICES 


LAMB could be priced off the 
U.K. market if the EEC insists 
on limiting imports from New 
Zealand, a leading British butcher 
said yesterday. 

Mr. Roy Taylor, newly elected 
president of the National 
Federation of Meat Traders, said 
at his organisation’s annual con- 
ference at Cheltenham: “Our 
trade with New Zealand must be 
safeguarded absolutely." 

The Federation opposed any 
quotas on imports, Mr. Taylor 
said. “However generous any 
initial quota might appear, it is 
only too simple for Brussels 
bureaucrats at a stroke of a pen 
to change it” 

Even traders who handled only 
home-produced lamb recognised 
that if the expected increase in 
U.K. exports coincided with 
limitation on New Zealand 
supplies, lamb could be priced 
off the British menu. 


CORRECTION TO NOTICE' '-'M t<*f L 

PUBLISHED 7th APRIL 1978. 

COMPAGNIE FINANCIERE DE PARIS ET DES 
PAYS-BAS 

NOTICE . TO SHAREHOLDERS - 

Bearer Dcpositaiy Certffiratcs ^ • . 

These certificates should be lodged for marking of Square No- < . * 

and nor Square No. 4. . 

Settlement of Additional Payments 
Subject to completion of FoWn RF-4GB the additional amount, 
receivable per Bearer Deposit Certificate is FJrs.03 17375 and ; 
not F.Frs. 0.3 1375. _ . . „ „ • 

10th April. 1978 Compagnie Finandere de Pans et des Pays-Bas 


NOTICE TO HOLDERS OP, > - 

EUROFEVIA 5US20,000,000 7% NOTES . J ”a{[ ;^}j 
OP 1977 DUE 1983 


Lawyers oppose 


pay award 


Holders of Notes are informed that , as from today Arab 
Bank Limited. Manama — Bahrain, will no longer act as 
a Paying Agent for the above loan. 

• . . .' The Fiscal Aoest- 

kredietbank 

April 10. 1978 SJL Luxembourgeoisff 


blacklisting 


THE ZENITH CARBURETTER 
COMPANY LIMITED 


THE GOVERNMENT'S action 
| in blacklisting companies for pay 
awards was contrary to the rule 
of law, the British Legal Asso- 
ciation said yesterday. Its 
annual conference ar Hereford 
passed a resolution that black- 
listing was unconstitutional. 

tf continued, it would enable 
the Government of the day to 
enforce its party policies under 
the pretext of “ national 
interest" without recourse to 
Parliament 

The association resolved that 
imposition by the Government of 
! unspecified pay guidelines 
enforced by specific penalties 
without authority of Parliament 
was constitutionally improper. 

Delegates said they would 
welcome court proceedings for 
a declaration as to the propriety 
of the Government's actions. 


NOlicfi is HEREBY.- GIVEN thel 
GuDicct to approval in General Meotlna 
rS&iW S 8.7935 err OMt tax 
imputed will be payable on the SlJMiy. 
1978. in respect o( the year 1977 to 
shareholders i of VA and 8 Snarea , 


ES50 PETROLE UM COMP ANY UMl^ 


LIWMU 'iyn> -I 

dans Inclusive. 


^Erereo at 3.00 o.m. on the 17th 
numbered 55 reiaMvb to ■■ A J 


share warratus to fearer will He paid 
at the oHlces-of ttie Company 'a Registrar, 
t»„, i funeral Apancy A ■ Trust. Granlnr 


Victoria Street. 
London SW1 
5 Anrll. 1978- 


A. O. COLES. Sea* 


at Uie amcn-ui ms wuhwijt « 

Tfw 'General Apancy ■4^S? l *t F , Gr 5V5 |r 
House, 95, Southwark Street. SE1 OJA, 
onor alter 9th May. 1878. The ann»ns 
wfU be jccerteif Irom authorhjod 
dcnosltorles only. 

•• By Order of Uie Board. ' • 

.*■ F. W. SUMNER. Secretary. . 
Hoiwvpot Line, 

Snmnore. 

Middlesex. 


ESSO PKTROLL UM COMP AMV OW 
NOTICE IS 

Tninsfw Boo^i 5*1% 

turc Stoslc 1979-W “T"l 

be dosed Irom 17 to. 3° A*™- . 
both dates Mciwhj^ G . COLES. Secrt 

Victoria Street. . . . ' 

London SWV. ' 

5 April. 1978. 


“Parliy 


CONTRACTS AND TEMPERS 


• :■ Ivory Coast Republic 

'Republic of Upper Volta 
RE6EE DES CH EMINS DE FER 
ABIDJAN-NIGER 
(ABIDJAN-NIGER 
RAILWAY BOARD) 





It's because they depend an us. To deliver daily. 
To keep their shelves wen stocked. 

We're Roaclline. Britain's biggest road-based 
earner. With 75 depols and over 6,000 vehicles. 

Our drivers are local men. They knov/ the 
quickest routes. Wh ere and when to call. 

— We can move consignments a lev/ miJes. Or to 

the furthest corner of the U.K. 

Last year, we handled around 60 million 
packages. And operated some 1,400 scheduled 
trunking services every 24 hours. 

If you need a regular, reliable route to the High 
Street, ring Roadline on 01 -586 2 21 0, day or night. 

Wherever there's a road, there's Roadline. 


Tyne port 
shows profit 
of £750,000 


roadline 


THE PORT of Tyne Authority 
hud its best year Jn 1977. The 
annual report shows a net operat- 
ing profit of £750,000 with 
general cargo trade rising by 
160.000 tons to 1.9m. tons. 

The report says the surplus 
will be spent on developing the 
port's facilities, including a new 
roll-on roll-off terminal. The new 
berth is due to be opened later 
this year and will be designed 
to accommodate all existing ship 
sizes and those planned in the 
next ten years. 


Garage skills 


moving Britain’s goods 


^ AMwil^ConipaiiyauwfLUjonafia^tCiwpofiaifln 


THE POST OFFICE has opened 
a £lru. motor transport school at 
Stone, Staffordshire, which will 
train up to 2.000 mechanics a. 
year to help keep 75,000 Post- 
Office vehicles running. 


| -'NOTICE OF INVITATION 
TO TENDER 

l.Th* Director-Gem rat ot die 

AbMiir-NiE^r Railway Board (RAN) 

' wishes to Inform sopptiun dat 
tnWadon to Tender No., 4-78 is 
being knued In connection with tbe 
lepewai of track mdntenwco equip- 
ment. far the s«PPlY — 

Lot t 
Sob- tot A. 

6 site trolley*. 

Sub-tot B 

■ IS trailers for site trolleys. 

| Ldt 2 

Sub-tot = . . 

■ J be ivy-doty - trade rnspcsMB. 

i sroMeys. 

I Sob-lot 0 , ' 

. 0'. light-might track ntspaedm. 

-■ •trbHeys. 

• Lot 3 . .. ? 

-l 1 tractor* on caterpillar tracks and 

equipped t» bulldozers. 

"Lot "4 . 

V hydraulic press for the straighten. 

•. Tub mwar sleeper*. 

-X. The Tender Documents ire avaitabw 
for aMjtrfnaeisn or withdrawal tram: 
J^etw Office of the Director-General 
of the ILA.N., B.F. 1394 
. 'Abidjan. 

. __che k-A.N. Repcesentscwe'i 
Office. 6.P- 192 OtffNtoiWML , 

• -_dw -Office of die Director of > 

BulWmgt ’and Penn morn Wey-Of- 

- dw R-A.N., B.P. 1394. AWdJin. . 

3, -Tbe Tender Oocubwms are drawn* 
UP In' die French Itogwg-... ' 

4. The doslnc date for *u6nwilonj«f 
* Tendecc Js'tbr^.fSdt cf.ApNJ J 978 

m H.30 ».m- - - • 


IVORY COAST RCTUBLIC 
REPUBLIC Of UPPfR yOLTA_ 
REGIE DES CHEMNSJIET. 

ABIDJAN^HGER- 
(AB/DjAN-N/Gat RAILWAY BOA* 
Notice of Jndtrtlon to Tort*. 
1. tiie tMieoor*Ge«Mi 

AWdfan-NigerTWfwayJWwd (W 

aa.-»iBtwar' 

issued In cramecrion «I« 
XwaJ of A-W & 
mck between PK-9U *"■■*:* 
in the Upper Volet (UiP 0 ^ . . 

^fONO w«af sleepera.faf."*?, 
iturfarrf raH, - ■ .■ • 

Lot 2 

. U^ND *lgtper-cfjin type A-* 

?25^^3S^r«Hps WPtvtift 
30 kg ceudird ran. • 

for > 30 kg standtre rtfl-. •.*» . 
■ a* i'll 


*$^£2STSUS £ s . 

-•••of ti* RA.N..EP. 

. Office. B-P. • 


■SSBffiTK 


. , _« 1 1.30- 


west wS 

hire w 

•reVcd foeiWtwV 
- 3*0 3078. .'*-••• • 


> 

. 1 , 











HOME NEWS 


LABOUR NEWS 


v • ■ 


Put 


^ to BffU.K 

torro* v • - ,v : -'-- v - 4 


j'-Liy 


- w-, ’ 

-r ~ *-ir •• 




* - • >•• 


^2L*3> 


• BY DAYID FREUD 

PHQDUGXi V ITY : of "the TTJC, . Rft wmfy th* grij aBtocome from 
Jjjjy.!? tagrvv 3 J> North Sea not involve 

percent this year and 3 per cent any adctittaiat tomloyineirt, the 

5?-' :stockbrokera "Wood, lent " lo*the^ add&M to GDP— 


Chamber Lorry drivers postpone 
opposes strike over allowance 

Liberal 
scheme 


BY PHILIP BASSETT, LABOUR STAFF 


Midland Bank plans 

agreement 

with rival unions 


■ ’”-4 >i* 

•■■a 


percent this year and 3 per cent any addition!; ■ enmtoyment the 

• b P 'r^--’5 eo *SS ^ * study equiva- 

I .v ,■..■-•. 2 ^^ :stockhrokera "Wood, leht lt^-flie^ad&Bi : to GDP— 

“f*™*:-: '' neafiirl per 

._J2f firm ^?ys--although these : T3re : - maunfec^qo* • sector’s 
- r nngot reem high' growth, rates in productivity Is expected to grow 

■ com para onwiththose of recent. 4peroeiit.ho£S;- / ffi£s year and 

- v ** the effect of North Sea next year, la wffh Increased 

• ,.V V'-^v 0 ./? excluded they indicate. :fc m anufarArring production, which 

’ eri'-^S; Pif£2 WJil ?? ce flight- worse than is. likely to be achieved without 
. ■-BiS.il. ™?_ achieved in the nre-1973- additional <*mp7i>ym»nt_ 

~ , . V ‘ The firm belwvete^Mresent fore- 

‘ — — - -Nevertheless, the increase in casts of maHuffciaffteg' prodiic- 

S productivity, the expected sharp tion growth af - 2 ^er cent are 

Y*\ n i.1 ]?, Se In “® labour force; end The' unduly pesslmlkhx- ' " 

US Mine lu «l^ood of growth . rates It points oat ®*t. there will 
restricted to about 3 per cent be some opportunity for UJC. 

a year might fcripg . UjK. un- producers to *. wto J iback some 

- . _ employment njj .to.ljfen. by mid- market shflre-«mfl^miports, for 

‘lmr» 1979, compared with the present example in testses where the 

L^ra. ’ '■ EEC have introduced 'quotas and 

The mam reasons for the vehicles where there should be 

expected improvement- to pro- some &n«wraBen*.>in ^labour 

'■ M *^£SrOKjj BiT ductivity are; . jujhhm. • 

• A rise in output which will - a rise in world’trade and a 

v • .- ... r enable plant, to be used more more competith* exchange rate 

. \ - efficiently; should mean someimprovement 

-- -. •. North. Sea oil, which is fore- in export performance next year. 

• - - . r -s95S cast to contribute nearly 1 per ^Productivity In-Tha service 


s maths 
:ams 


-■ipriv cent, to GDP both this year and sector is expeqied^ to grow 
V. “ £ - --'Pji ne xt year ..without adding to about 2 per ceutBVyear in the 
- employment; next two years, mainly because 

•~ c :(■?: • A slowdown in the growth of of the fall in emoSaraent 

.... ■-•r* , ‘ TS j. ~ employment in unproductive The 2 per eat^in com- 
'.i- Ji, services; pares with IS pCT^ot averaae 

Measures being tSken to growth each yeariKtween 1970 
:_-i f«M tJ^ reduce' Capacity' and ' over-, and 1973 and a j» per cent 
. r*. “■ ^manning in key industries such productivity decSlfe - between 

■ as steel and: vehicles. ... 1973 and last ywqr* > . 

i ■ -••j. '• - 


. BY OUR ECONOMICS STAFF 

BUSINESS would prefer high 
levels of direct tax cuts to he 
financed by increases in Value 
Added Tax and other indirect 
taxes such as petrol duty where 
necessary, according to the latest 
economic " report from the 
London Chamber of Commerce 
and Industry. ‘ 

The report, published this 
morning, says the Liberal Party’s 
proposals to achieve this by 
further increases in the employ- 
ers’ national insurance contri- 
bution is strongly opposed. 

The Chamber predicts that the 
overall stimulus - will be about 
£2bnu in tax cuts and that con- 
cern about the retail price index 
will discourage any great use of 
indirect taxes to finance larger 
cuts in direct tax. • 

The danger of reflation boost- 
ing imports must be recognised 
hut the need to provide Incen- 
tives is of equal urgency, the 
report says. • ' : 

In a separate note the London 
Chamber has written to the 
Chancellor calling for a further 
relaxation in exchange controls. 
In particular it. wants the aboli- 
tion of the control which curtails 
the use of sterling in' third 
country trading. 


STRIKES BY lorry drivers at 
nearly 2,000 haulage companies 
in London and the south-east, 
due to begin yesterday have been 
postponed until the drivers' shop 
stewards have had a reply to 
their request for official backing. 

Intervention by the Advisory, 
Conciliation and Arbitration 
Service bas failed to solve a pay 
dispute at the heart of the Lon- 
don drivers' problem. 

The drivers’ stewards voted 
last month to recommend strike 
action over the pay claim, but 
suspended any action until yes- 


terday so that the dispute could 
be referred to ACAS. 

Senior officials of the Trans- 
port and General Workers’ 
Unjoin, the drivers' union, have 
said that because the dispute 
arose from a breach of an agree- 
ment, official backing for a strike 
was likely. 

Stewards are likely to meet 
this week, after they receive the 
reply from union headquarters, 
to decide how the strike action 
is to hit haulage companies. 

The dispute is about a 25p 
daily meal allowance originally 
included in a Road Haulage 
Association pay package. The 25p 


allowance was dropped from the 
deal after pressure from other 
regions. 

London stewards rejected a 
replacement offer of a 35p-a-week 
meal element, and decided to 
recommend a strike in support 
of the claim. 

After the dispute was referred 
to Advisory, Conciliation and 
Arbitration Service, the unions 
decided to accept the package 
with no meal allowance, pro- 
vided. that the allowance went 
to arbitration. The Road Haulage 
Association did not agree to this 
and the stewards -then applied 
for official strike backing. 


BY NICK GARNETT, LABOUR STAFF 


MIDLAND BANK still hopes 
eventually to sign a joint proce- 
duce agreement with both the 
National Union of Bank Em- 
ployees and the Association of 
Scientific, Technical and Mana- 
gerial Staffs, depite the strained 
relations between die two unions. 

The executive of NUBE earlier 
this year broke off talks aimed at 
setting up joint arrangements 
with ASTMS at Bidland Bank. 
Midland retorted by announcing 
the scrapping of NUBE'S 1970 


procedure agreement and has 
since offered both unions the 
same but separate arrangements. 

However, the ciecsl on by the 
NUBE executive to abandon 
talks angered the union's local 
“ institutional committee,” which 
represents . NUBE members in 
Midland Bank. 

NUBE’S executive now appears 
to have taken a slightly softer 
line on the possibility of re-open- 
ing joint talks with ASTMS. The 
banks considering a. new initia- 
tive iater this year 


TUC rejects pensions 
for everyone at 63 


Make sit-ins Steel UIUOIl cMefS 

official, . , 

sav stewards tO 01SCUSS ClOSUTe 


BY OUR LABOUR STAFF 

THE TUC has rejected a sugges- 
tion by the Equal Opportunities 
Commission that a common 
retirement age of 63 should be 
introduced for men and women. 

A recent consultative document 
by the commission, Equalising 
(he Pension Age, made the sug- 
gestion as a “ feasible proposal to 
promote discussion.” 

The TUC said today that the 
idea was a step back from achiev- 
ing retirement at 60 on an ade- 
quate pension for both men and 
women, a policy which had the 


overwhelming support of work- 
ing people.. While the TUC was 
firmly committed to seeking a 
reduction in retirement age of 
men from 65 to 60, it strongly 
opposed any “breach of faith" 
which would deprive women of 
their right to a national insurance 
pension at 60. 

It had established a joint study 
group with the Labour Party to 
consider ways in which a com- 
mon retirement age might be 
phased in. but would not retreat 
from achievements already 
reached. 


official, 
say stewards 

SHOP STEWARDS at two 
Rolls-Royce aero-engine fac- 
tories in Coventry where, sit- 
ins are continuing are to apply 
to their unions for official 
recognition or a pay dispute 
which bas caused nearly 6^00 
workers to be laid off. 

The stewards claim that they 
are being refused a settlement 
within pay guidelines. 

The company offer is a 9.3 
per cent increase, and the dis- 
pute is over the timing of the 
payment of the remaining 0.3 
per eenL 


BY ROBIN REEVES, WHSH CORRESPONDENT 


NEGOTIATIONS on the early 
closure of the neavy-steelmaking 
end of Ebbw Vale works, with 
the loss of more than 2,000 jobs, 
take' place this week in South 
Wales. 

The TUC’s steel committee, 
led by Mr. Bill Sire, general 
secretary of the Iron and Steel 
Trades Confederation, is to meet 
local union representatives 
to-morrow to discuss their con- 
ditions for agreeing to shut 
down the plcnt a year earlier 
than planned. 


The actual closure negotia- 
tions with British Steel manage- 
ment take place on Wednesday. 

The discussions may not be 
straightforward. There fc 
reported to be a strong feeling 
within the Ebbw Vale workforce 
that unless the special redun- 
dancy terms turn out to be 
better than those secured for the 
early closure of Hartlepool and 
East Moors, they frould prefer 
to soldier on for the remainder 
of the plant's allotted life. 


for ‘tax 
sanies’ 


Cash limits on put 
spending ‘retrqgra 

BY PETER RIDDELL, ECONOMICS CORRESPO 



1ST I tn KIUUeu-, Twnvniu i-vnntw - ’vAC 

STRONG criticism of tte ' ca^i : . Tbe" ^ breakdd^^^W7^75 
limits system :Of control - aver would not have: bog* £»evented 
public spending- as' "basically un- even* if cash existed. 

■' ' -i --jJ-^necessary and -r etrog rade” comes The. shocks' tor/ofr mecro- 

rr^stiijs morning from Mr. Peter, economic system sn»ply too 
•l::i iOppenheimer, • the . • Oxford great; 

. ^-economist. ■ : Abolition of was 

Mr. Oppenheimer writes, to the ^likely to be aruScai^d in the 
. _• : f April, issue ' "Of " stodrtjrekers Boafcet speech indeed 

t: Vickers da Costa’s regplar cir- jt - had ^become : ^^^rently 
’ s--j=r:=!:-rilar on the J^itish econoury e^ijj^hed part public 


.. Mr. Oppenheimer writes, to the ^likely to be aruS 

^--^April. issue of ' ^stockbrokers Bu3fcet speech toin 
. zs :r..r: t: Vickers da Costa’s regular or- ^had^ Jiecome ' * 
’ i- 'r'.zu.-dlar on - the .^British economy established part' 'i 

the system 'vas retrograde spendh^system.,-. 

— ■ 1 -oecause it extovded the new- 

^found-end to itself, entirely m 


■ .-.^SSSE^Si -k^-52L-2 

rvrith nominal -variables tote -tor *5 

"area where It was out of place. . J 



o n trot* way sees ze9tored,-*w>tii~4eas) was basi caHy^sotmd. an d 
nfc «iwh .lM njfa. .. TfeoM» i»rmp .far^ difl,anliji«>ed->nnnl«neitohgflyith 

nly a year later, to ^^ ^76. cash 


iTICES - ^ '• ' ' 

z====^f2.2bn.bd®tft>recapt 

>N TO NOT1W ^ EXPANSIONARY effect of : 4Jpto*hge oifthi s size is not 
n s.m 0 -morrow’s Budget is likely .to, exgf&fed to Jag much effect to 

nc DiRlSEIfce oSset by slow worid'growth,*rejS«ig , em^#meDL investoem 
CiERE Dt PAKW‘ |C nd continued high personal^ stmulaM output by ^more 
we Bftti avings, according to' City stotSf-nSian ’a - ^aft-term fillip during 

.TSk-R** 3 , rokers Montagu, LoebL Staxdey^dhe unldd^of this year. 

SHAREHOLDERS /rites David Freud. . : • Stq^^ers Sheppaxds and 

The firm forecast .an . eypan- Chase spSPpt the net tax reduc- 
k’-w*— '• »- • : ; iy’ionary package of about £St^bto,^tiOn in-Jgje Budget to be rather 
- : ■ ' 4 ‘ onsisting of £25bm incomq^ belo 4 ;t^“frequently-canvpsed 

. B uts and a £500m. increase r an ,^bu-» probably to the 

* A i . J ‘ --r.'udgeted public expenditure regiW,of £l75ba in the 1978/79 
... ' --'balanced by a £500m- increasein fiscaiyear, equivalent tn £2.5bn. 


this sire is not 
much effect to 


B rm fillip during 
liis year. 

Sheppards and 
e net tax reduc- 
get to be, rather 

xrequently-canvassed” 

£2bru, probably in the 
£l75ba to the 1978/79 


i direct taxes- 


yj 


Customers wait and see 


T? ! It’ 


ilslR^ llr CONSUMERS have not ■■! 
V'^uying to beat the Budget 

-.1 ;l>! 1 » 0 ■ from Q Tnfltjni 


tioiy said that there had been 
some movement in sales in recent 
wefeke 'but not a dramatic. 


:•-* !*< 


1 ‘ e ar — apart from a lito-mixfute- weeks 'hut not a dramatic 
jsh to stock up spirits. ■ tocrease. ■ 

Wine merchant Unwins said Alt expected any tax cuts to- toe 
^aat it expected -sales ar- the Budget to lead to a rise to con- 
- ; ' c ‘ eek-end to be up 25 per cent, 'sumer spending. But, on the 
? cusrtotoers'speculated on a risen basis of past Budgets, this would 
• •V'i the duties on spirits. - f not .work its way through unto 
: ‘,V,v The Retail Distrihutdra Federa- June or July. 




Week in Parliament 


: ry> TO-DAY - -. -j^rm Capital Grant (variation) 

■ : 1 ; oafflONS— Motions on Na^i^ sch^e. • 

■* Enterprise Board . (finauc&l OTMMTTEES 

r.-. limit) Order and - fi n ancial ^tionahsed todustoies: Su^ 
assistance tD British Leyland. ;; 

- -j^’i’ Motion on EEC documents oil Electricity Supply Industry 

' (Reorganisation). Witnesses: 

: - - J:®™ z~r \ _ -i.rin «>+?»« Lord Plowden, Baroness Seear, 

, ■ : ^ORD— Debate on coiiectwe . tiOrd^Keart o n, Sir Alan Wilson 

... bargaining. , - and Mr. Frank Chapeh. (10.30 

<XECT "COlDOTrEES-T-Expen- ajn_ Romn 8.) Nationalised 

■’" J - diiure. Education, 'Arts^ --and— indfiriries*. Subcommittee C. 


id£ rS 


dilure. Education, 'Arts -and-- 1 indfistries: SnWYnmnittee C. 
Home Office snlxommitteq, .-'gahject .-.The Independent 
Subject: Reduction of FresstoPe; Broadcasting Authority. Wit- 
on the Prison -System. ,WIJr... ^nesses: Leeal Radiq Workshop 
. Ai. r- vn esses: ‘ Magistrates’ Assocfca- ■ ... Community Communications 
^-Xtion. (4.15 pju. Room W.) Group- <at 5J»), J (4 p.m. 
’ ^^^^>:Overseas Developments: Sub- Room. 8.) Overseas Deveiop- 
.dect Renegotiation Ql. .the - .mentf/SubiecL; Renegotiation 
— ^ -'.L.^Lome Convention: Witness: of the Lome Convention. Wit- 

t F rank Judd, HP, Ififiteter- nesses: Officials of toe Ministry 
** "rfi iSPof State, . FCCK . (4^0 pjn. of Agriculture, Fisheries and 
'•Boom 6j. Public Accounts. Food. (430 pm., Room 6.) 
* ,4 >Subject: Appropriation Ae- Race- Relations, and Immigra-: 
- i' '’- ^.counts. Witnesses: Department tion^ Subject Effect of EEC 
'of Energy. UiC Atomic Energy mranbershlp of Race Relations 
tauthoritv.. (5 nan. Rootn.' 18); . and tonaigratiou. 7 . (430 pjjl, 
) TOMORROW , Rooto li) Science and Tech- 

■ 1 MMONS — Chancellor of ; the oology: Technological Innova- 


- ^.counts. Witnesses: Department tion^ Subject Effect of EEC 
* .? ; ^y Q f Energy. UX Atomic Energy membership of Race Relations 
; 'Autimritv. (5 vm. Rootn.^ ^18)> . and tonaigratiou. 7 . (430 pjjl, 
. "V TOMORROW . . .Rooto ii) Science and Tech- 

V . • ■? ^)MMONS— ChancellQE Of : the nology: Technological Innova-. 

' ^Exchequer opens his Budget; ,.tton Subcommittee. Subject, 
■■■ V : . -■ pm. -Opposed private lrari- . Transverse Flux induction. 
: '•> %&,ess followed by. motion on - Witnesses: British Steel Cor- 
eec docuraeutson Community ; pOratiou. (430 p jil. Room 
: ^ /extile policy. ' ' I5.)_ Parliamentary Commis- 

• . Irds— Exoort guarantees and sionsr .*■ for *• . Administration.' 

s : ... ' ;S Overseas. Investment Bill (cotf- .Subject: Reports of Pariia- 

-oUdation measure),, second, mentary Commissioner for 
; - . 3 '-eadinE. Oaths Bills (amsoli- Administration. Witness: Mr. 

: lS- V ; 0 ^ , Nation measure) . second read- ' J. A.. Atictoson, CB, DFC, 
n o Scotland Bill committee: Second Permanent Secretary, 
:«i* ’ rttaee. Motion to. approve Department of ' Health and 

' •li'iousing (homeless' persons) Social Security, (5.00 pjm, 

c>-f. ’^.appropriate ^arrangements) . Room 7.); Public Accounts: 
“ „C)rder 1978.' • ••- ; ■ •• ' Subject: ;. Appropriation 

-■ ,«tECT . COMMITTEES— Enro- . Accoimts. . Witnesses: Depart- 

Leefalatlon efaL SnWk>m- ■ ment of -Energy. UJC Atomic 

.V fj' V 0 ittee I . Subject Electrical Energy Authority. (The public 
. V. : V D nd Machine Tool Standards; may be admitted at ah. nn- 
•' -i safety at Work-. Witnesses; . specified, lime after 400 pan. 


: j.':. ... :, '-eading. -Oaths Bills (consohr 

v . >; i’ Nation measure) . second. Tea a- 
ng. Scotland TO committee 
-:« 4 * /-tage. Motion to. 'approve 
' *• 1 • : Woosing (homeless' persons) 

1 ■ c>;f. » appropriate .arra n^ tnen t s) 

jVlrder 1978. ' - - - 

f Vv^UECT COMMTTTE^— ^nu- 

^'i^Viean UqisIitiouetc.Snb^om- 
• : ■-V-‘ fv ; iiittee L . Subject: Etectnoil 

'*-■ . *• - Cf - !n A TWafthhu* - Tool ' Standards; 


1 3 ‘l'i£ftoQm 15). 

>..*-•4??) : .. WEDNESDAY . 


■ - THURSDAY 

COMMON^ — Continuation of 
Budget .debate. ’ 

LORDS —European Assembly 


members’! 


Vj ;«e stage. Motion to approve Bills. 

. -£ ... • -' 


Now: Advance 
Seat Assignments 


t 


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r 

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Available for outward and return trips when booking your flights. 


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D 0 ] IllilG Emm 




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D illlHi EJJ 

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Nowyoucanget all your seat 
assignments in advance. 

This new service is available on all 
TWA transatlantic flights from London and 
on all TWA domestic flights in America. 

Just ask.your travel agent when 
booking your flights. 

Please remember to say whether 
you want to sitin a smoking or anon- 
smoking section andvvhgtherornotyou 
want to watch a movie. And also your 



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Remember.if you want to work, there is a 
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1 


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TWA carries more scheduled passengers across the Atlantic than any other airline. 




r ' 4 






6 


- * 

Financial -Times Monday- April 10 1978 



IdUn and Civil EnQliBerini 


£5m. vehicle testing ground 


Gleeson’s £6i 


home and abroad 


a VEHICLE proving ground The 700-acre, site will include Omnussion. The aim will he to 
a i _ . a 1 117* which will be out of sight of the road testtracla for .emission” en- ensitre-security and privacy and 

£4m. worth tor W impey are gs/iaM-s * 

TWO U.K. contracts worth over Wimpey is to build a 750-pupil ^ f ^SicfeWre? ati0a ** Gay -shops, administration:.- block, . Solitary We^on P^ership 
£3m. and another overseas worth comprehensive school. .11 will rp^ £5 m . contract has gone mmntfiiiance. serrtcihg^aMhrach. (architects). Freeman Fox and 
about £lm. have been won by consist of seven blocks oftradi^ 


- • • - ■ ifcAlrth Ti J 

contract has gone maintenance, servtcing.ahii track . (architects), . - , 

consisi oi seven qiocks of to Sir Alfred McAlpine and work control buildingi. -Landscaping Partners (civil, - structural, 

George Wimpey. . tional contraction and will cost j s now g e ^ n g under way with and screening by trees wiil be' mechanical and electrical engin- 

Largest of the U.K. awards is about . . completion due in the autumn of carried' out in collaboration With, eering) and L. C. Wakeman and 

for the constraction of_ 194 jn Port _ of 5p^, Tnnidaa, ig79 the local authority and Foj^stry Partners (quantity surveyors),. 



sinews 


of industry 

CKENDON 


precast concrete 
structures 


CREhDON CONCRETE CO L T D. 
Thame Ra..Le-^g Cmndcri, 
Aylesbury. 3-JCks. HClg S3B. 


\-x. Lena Crerdon ?C8AS1 


LARGEST OF the fiflm. worth of 
contracts captured by Gleeson 
companies over the past few days 
is a Thamesmead award by the 
ULC worth £2.Sm. plus and cover- 


ltti m rort oi opain, inniuau, icwg 

, . dwellings at Eastfleld Road, Wimpey is just starting on a £lra. 

. A cold store complex is con* West j Jur y-on-Trym 1 Bristol. Work contract from the Government of 
traded for With Gleeson by . e “ ~ AwhL Trinidad and Tnhaen for the 

Woodward Distributors (Selat- 
tynj. it is being built at Oswestry 



al a' cost of £800,000 and comes 


is due to start in May. 'Areht Trinidad and Tobago' for the 
lects are Leonard Manasseh and construction of the Laventille 
Partners junior school. This is due for 

For Plymouth City Council, completion in July, 197B. 


£1.2m. Laing facelift 


at gy-a ir - 

Ta in line is a further award Wessex Water Authority is to 

SafflSg" which wiii laujq has been awarded two homes bttosSiigfte total value of 

co fl p i e ,5jfort Season is to build further contracts togeBver worth "j-ffi-fi temporarily 
and will be Mie third such s*u£ 39 In ^JS ujSbs ' for ? totai uf n.2m., to modernise 2S7 dwellings re * QUSe flat entente during the 
ture to be built by Gleeson in ® in Phase 1 of the Manchester City work-in progress and tenants of 

the country- an „ t „ lrtllin and stage I of the National Watts- council's Barlow Moor improve- houses, where possible, will re- 
a ™ 4fil XVac" fS- S0 Bate town Reclamation Scheme in ments sobe me. The company has main In residence and see their 
at -SeafnL sfeffieldJo ™e built South Wales^a ^ottrcr^oiect already rejuvenated 200 other homes transformed around them. 

for the City ' ,,r 


nf Sheffield ' For which has gone to Gleeson. 
of £581,584. u “ at * cart,m ‘ 


Venture in Victoria 


PH^NTREY HOUSE, Eccleston existing fl°o». load-bearing 
StreehLondonT S.W.1. is to brickwork will.be removed from 


Toughness 
of concrete 
increased 


Overseas 

deal 



wood -and plastla. Now, the Steel • ■:* 
Window Association is promot-v'. 
Ing - a seminar, “Whatever Hap- ' .' • 
pened to the Steel Window?";-, 
around the country: during 197S.V 1 . 

. A. 'recent report shows that ’* 
steer windows ate holding their' . 
own — the modern steel window, 
dots sot rust; galvanising . has-:; -. 
-been mandatory under BS990 for : ’ 
the last 30 years, and since then ; 
no single 'instance- of galvanising *.*■ 
breakdown has been recorded*. - 
against a major window manu-, ■ . 

- fadnrer of - the ■ Steel Window.;' - 
Association. 


Impression of the new headquarters for Moog Conixblx to .be built by Modem Bunding 
Services of Bristol. The contract, worth £560,000, is due for completion in February next year. 


A NEW concrete roof tile plant 
using Redland machinery and 
equipment will be built this year Q^g j n 

Portugal. Redland-Braas- 


Processes bulk waste Work in 


Colour finishing Is one of -the .. 
most' recent developments--*, 
polyester powder coating 
promises a 30-year life. Factor* ■ 
finished* windows, supplied ir,. v 
more than 100 special colouri . 
allow a significant saving on sltf 
programme times and can he sup.- - 
plied in a preferred size rangr. : - 
or, alternatively, purpose-mad/ : 
sizes within the period to sui; -- 
most construction projects. 


a centrally posi- 


on Bucks 
Heavens 


Council’s' : 


U1 .^rk wTll’be removed from iuviv^k/— in ' Portugal. RetUand-Braas- ^"^dntrtl room will press a Heavens " - 

S^omTro-rTetahmhmentby 0. M ALTHOUGH pu.ypropy.ene hhr« -JSf button » "•», « “ pto 32 | “£ 

B ovis Construction umter a more °?^ n s ^ 1 t ^ xi S£!g fiUer joist have been used over the past few turing a nd technical ass Is- tonnes per day of domestic and. cleg entering the reception Build- r 

1ha "f 2 - 5ni- contract awarded y ‘ breeze floors. years to increase the toughness tance agreement with Argibetao trade waste at High Wycombe, ing will be engorged by a^30=--. -AlKav^Q 

n F ■> rnmhination After a construction pro- 0 f concrete, there have been d is- of Portugal. Bucks. All Industrial waste cubic metre hopper ensuring THE SOUTH west office of Hoi- A\lftJCi tit 

The removal oE a .. _Q d ^ gramme of 81 weeks (comple- advai itages which have dis- Argibetao, a subsidiary of the gene rated in and around the nmnmum tipping delay even jind, Hannen and Cubitts Con- 

sSSffi =1 r.rsss sl«“ ujsjxz a 

five upper floors, 
tural steel frame 


^ Wales and 


Waste discharged from yeh> ■' 


Project in 


industrial waste 
in and around the 

$ wui nrnvide tion should be in Septemoer next _ n „- no pj further exploitation. Cimianto Group, already Jus two fwstimats. . _ 

A ETi'SB However one of “KJatt «— 3S 

"p . i— sr ssrasss ^« B airsstn sjsyr jm » s ^ 

the problems ■?*_ bw j.iaiimjt “ . the Western rimes Newspaper Alberta. 

Company, and in the same town, Genstar -(Ste Generale: 

t "" , * , “ “ n B^gique)' and Atco Industris 


Mobile crane will lift 
1,000-ton loads 


ONE OF the U.K.'s biggest crane 
hire and lifting specialists, G. W. 

Sparrow and Sons of Bath, 

Somerset, has ordered a l.OOMon 
mobile crane from Leo Gottwald 
of Dusseldorf. Cost of the crane, 
which, will be available for hire 
both at home and overseas, will 
be over £2m. 

It is claimed to be the biggest 

crane of its type in the world, 

offering exceptional lifting placement 
capacities at long radii and destination 
capable of raising loads up to a 
height nf 200 metres, or well 
over 600 feet. The crane will 
lift 1,000 tons on a 29-metre main 
boom, 500 tons to a height o' 58 
metres and 200 tons on a ( 109- 
meter main boom. I . 

Mr. George Sparrow, managing 


__ _ , ctruicuL - , 

the crane hoth in the U-K, and creased loads of & beam in 
overseas, particularly for major flexure and that fine multiple 

. -li urhora it * 


strong, safe and economic alter- 
native. 

Dr. David Hannant and "Han" 

Zonsveld. at the University of 
Surrey, claim that the inclusion 

of a continuous, opened poly- . . . 

propylene fibrillated film in TARMAC Overseas and the Arab 
cement mortar can carry in- contractors Osman Ahmed 


— - — — — r 

-m j _ _ *■ Cubitts will butid^I flats in tiyo- ana Atco inausirw 1 

Good orogress on Suez tunnel ^ 

^ r O people’s flats are to be built for J art j c f p ate to the Alberta Lan 

the Ministry of Housing and Ream- ^ Hanover Housing Jactation Dey^pnieat Company to- whit 


[i S ? fr i 




hensive regional plan for 
Suez zone, due to be carried 


construction projects where it 
would be useful for lifting and 
placdng exactly very large and 
bulky units from one strategic- 
ally located position. 

Manufacturers of . petro- 
chemical plants, for instance, 
would now be able to consider 
the production of larger single 
units off-site for subsequent 
at their ultimate 
in one lift. 


cracking can be achieved at 
bond stresses well within the 
measured range for polypropy- 
lene and cement. 

Polypropylene film may prove 
to be ■ a useful substitute to 
asbestos in many thin cement 
sheet applications with addi- 
tional qualities of high energy 
absorption under impact loads. 
It is also a challenge to more 


contractors usman Anmeu ourc auuc, uuc ui uc viuiku um.* 

Osman in a fully integrated joint over the next 25 years and in- reducing the eo*L . - 

venture going by the name of volvmg development of the Mr. Arthur GiUott of Tarmac 

Osmac are reportedly making Sinai East Bank. International says that workon Tr _ -awm 

good progress on the contract Plans orginally drawn up fore- the i approaches to .f e timiel is f jflQKIHai II U 

to drive a tunnel beneath the saw a series of five tunnels along well advanced and tbe pilot drive O Mr 

the canal providing important is- on programme. we are. m 

links with the East Bank, al- pleased with progress on what 00*0111 
though this has now been re- represents thejftrstjmajor Egyp- agAlJU 


Suez Canal. 

Work on the project which 
will provide a vital link between 
the East and West Banks, started 
on the site in September 1976. 
The tunnel is located at Ei Shal- 
Iufa, which is just nortb of the 
town of Suez. 

Known as -the Ahmed Hamdi 


.'X 


tional by 1980 and although the 
contractors have encountered 
some substantial problems, in 

it is also a cnaneuge w* ui««‘ Known as "toe Anmea namai terms of ground conditions, 
t n take expensive materials such as cast the project will provide mobilisation and communica- 

in Tun! iron and glass reinforced plastics lw0 carriageways in a tunnel turns, they are pleased with the 
the crane in June . |e britt i e _ ... ... _ drivp . 


vised to three. tian civil engineering contract 

The tunnel is due to be opera- involving a U-K. contractor since. FOR THE past decade, steel win- 

.» i ■ men i .kkAxitk +k« the country’s open door policy h<iw<i seem to have been toe san 

took effect In 1973. 


various areas- x 

Alberta.' 

Value of the land is put .fV 
S190jn. and one of tbe aims:(W 
the company 'will be to develu 
it with a view to planning < - 
both . . Industrial and residents — 
property. 

Apart.. from Atco, M errant 


■Ci 


Sparrow 

delivery of the him _ m June — less brittle.' which will" have” a driven length 

VKtaSdSwS! Manufacturing techniques and rt lltan . ^ 

M 1 s sss HH-Sli 

es.4tnae SlSr=“ sSaatsa = 



rate of progress to date. 

Since work started, 1.2m. 
cubic metres of earth have been 
excavated in preparing tbe ap- 

E roaches. A pilot tunnel Is now 
eing driven from a 42ra. deep 
shaft to prove the ground be- 
neath the Canal as boreholes 
could not be put down because 
of the likelihood of interfering 
with shipping lanes. 

The 

costed — 

sum is already out of date and a 
revised budget is now being for- 
mulated. The final cost is ex- 
pected to be very much larger 
than the earliest estimate. 

Major causes for the cost esca- 
lation have been the rate of in- 
flation and a number of changes 


dws seem "to have been the sad Bank of Canada IU?V2 .7 

. Cinderella in a field whose run : Dominion^ Bank will parbdpaJ(C(J t -ji/t. *•* -- 

“A major problem -has. been ^ners include aluminium, soft- to Alberta Lang. L — ^ 

the situation of the tunnel site ^ h\\r~‘ r - 


and the resulting problems 
communication, but we hope to 
see it open for traffic on 1980." 

MICHAEL CASSELL 


Hunting in 
Liberia 


A PROGRAMME of airborne 
spectrometer surveying ' to 
project was originally explore for uranium depiwjts in 
at about £30m. but this Libena is being earned o fit by 
Huntmg Geology and Geophysics, 
The contract was awarded by a 
unit of Coastal States Gas Cor- 
poration oE Houston, Texas. 

Hunting is supplying geo- 
physical equipment and per 
son nel for two helicopters 
operating for four months 


in 


U3LIUII dllU a uuuiuca Wi „ ,7 . 

in the layout of tbe works. The Liberia by Western Helicopters 
contractors and the client, tbe of Rialto. California. 


IN BRIEF 


Head Wrigbtson Process En- Mowlem by the Greater London 
gineering of Thornaby,- Clevc- Council, 
land, has been awarded a roan- • Frankipile's new brochure 
agement and engineering con- describing tbe company's range 
tract for modifications to a sinter of piling and geotechnical ser- 
plant by Capper Pass of North vices, also lists the products and 
Ferriby. services of three associated confi- 
rm, u,ahh » i ntii nf panies Foraky, Ground Anchors 

orders and Stewart Ross. Ten different 

£160,000, for buUs storage- and types of pjj e are detailed and 
handling equipment, have been two pUe selection charts 
Sl ve ° . t0 Aldereley Eq lament iric j uded> Geotechnical operations 
oF WoWerh^ton by WoWer loc , ude diaphragm walling, 
nampton and Dudley Breweries. vibrocompacliDnj Franki-Kjell 
Smiths_ Flour Mills at Wjlsa 1 raan drains and field testing, 
and Richard SLmon and aons, 


Nottingham. 

The Contract Journal's 1978 
Site Equipment Demonstration 
at Hatfield (April 1&-20) will 
feature first-time demonstrations 
of new machinery, the latest 
high-speed levelling laser beam 
theodolite and the launching of 
a new Volvo wheeled loader. 

_ TI Metsec is supplying £41,000 
worth purlins to Redpath 
Dorman Long for the roof of 
Leyland Cars’ new small car body 
plant at Longbridge, Birming- 
ham. Tbe company is also 
supplying £17.750 worth of 
purlins for the roof of a Ley- 
land transmission ‘and axle plant. 
m A £650,000 contract to build 
council flats at Becontree, Essex, 
has been awarded to John 



Anything 
vouwant 
built. 


in Scotland 
contact 

Gilbert 
Ash . :/ 




' Pe^susHouse. 
West George Street 
Glasgow 

041-248 2511 


Planning a new airport! 

Let Stevin lend youahelpinghaiML 


Stevin is international. 

A diversified contractor. An expert at 
constructing airports, marine en- 
gineering, earth moving and reclaim- 
ing land from the sea. Doing what 
Dutchmen have been so good at for 
centuries - only faster than ever before* 
Years of international experience. 
With all specialists and technical 
know-how available. Any time. 

Any place in the world. 

Whenever there are big plans for a 
new airport, a new harbour, a new 
bridge, a new hospital, pipeline or 
road, there seems to be always 


someone who asks:- „Why not bring in. 
Stevin?” Giants at home. Growing 
abroad. 


Bell & Webster 
steel and concre e 
industrial structures 


Group 


Civil I w 

Roads aid Asp halt 
Pipelines 
Housing and Cocw suction 


The tumiAvr in 1977 amounts to $ 7oti million, 
of which about BOSi has been realized abroad. 

Stevin has offices in: The Netherionds, U K 
Belgium. W. Germany, France, Antilles. Brazil. Alpena,. 

« , B ■ A«,kia Ho h rain Qatar 


Gabon. Nigeria. Saudi Arabia, Bahrain. Qatar. 

Un. Arab Emirates, Oman, Malaysia, Indonesia and 


Australia. 


Stevin Groep N.V. Knap »»mdreof 66, 
P. 0. Box 9006. Utrecht, The Netherlands. 
Telex: stevi nl 40649, teL 030 - 6- OB bU. 



TheBelcon service to industry offers the design, manufacture 
and erection of precast concrete, stmcturalsteel or composite 
frames in Single, Double and Three storey instruction. 
Brochures and details of the Belcan service from:- 
Bell & Webster Limited, (Concrete iHviMonJBelcon House, 
Essex Rd, BLoddesdon, Herts. EN11 ODR. Tel $2141. Telex 24142. 
BeU & Webster (Steel Structures) Limited, WTmT4 _ 0 _ 

Salthonse Rd, Brackmills lad Este, Northampton NN4 OBD. 
Tel 0604 65211. Telex 311 264, ^ 


an Eleca Holdings Company 


PLANT & MACHINERY 


tes 


Description' 


- Telephone‘s : - 


1972 DECOIL, FLATTEN aid CUT-TO-LENCTH 
line comidece with automatic sheet s“**‘ n * 
unit and coil reservoir. Max. capacity 1525 mm 
wide x 3 J5 mm gauge x 15 tonne steel coil. 

8 MS (S' mm) IN UNE, NONSUP WIRE 
DRAWING MACHINE in excellent condition 
Q/200ft./niln valuable speed 10 hp per block 

M"^D!AMETER horizontal bull BLOCK" V 
By Rirnjer Norton T 1 972)-. , . 

rotary swaging machine 

by Farmer Norton (1972). 

SUITING UNE 500 mmkj mm x : 3 1 ton QW 
TWO VARIABLE SPEED FOUR HIGH ROLLING 

MILLS Ex. 6 JSO" wide razor blade srtip . 

MODraNlBH) ROLUNG Wlis, wire rod 
and tube drawing plant— roll forming machines— j 
slitting — flattening and cut-co-length lines T 

cold saws— presses — guillotines, etc. 

1974 FULLY AUTOMATED COUJ SAW ; 

,by Noble A Lund with batch control. - r 

1970 CUT-TO-LENGTH UNE max. capacity .. 

1000 mm 2 mm x 7 tonne coil fully 
. overhauled and in excellent CTnd tfon. 

1965. treble draft gravtitwm drawing 

machine by Farmer Norton 2T — 2x — 31 

■dimeter drawb locks. e 

STRIP FLATTEN AND CUT-TO-LENGTH UNE 
by A. R. M. Max capacity 750mmx3mm. 

6 BLOCK WIRE DRAWING MACHINE equipped 
with 22* dia. x 25 hp. Drawbacks. . : * 

7 15 DIE MS4 WIRE DRAWING MAOIJjJ , 
5il00Ft./Min. with spoolers by Marshall Rich was. 

3 CWT MASSEY FORGING HAMMER . 

.—pneumatic single blow. 

9 ROLL FLATTENING MACHINE 
1700 mm wide. 

7 ROLL RATTENING MACHINE 
965 mm wide. 

COLES MOBILE YARD-CRANE 

rw^t^o’standwirje flattening 
R SnUPROLUNG UNE. 1(T x V rolls x 75 HP 

perron stand. Complete with edging rolls. 

Turk? head flaking and fixed reeo.lenajr • 
gauging, etc. Variable Irra.speed 0/750ft./m»n. 
and 0/1500 to/mln. ■••••• . ' 

narrow strip straightening and- 
^^IT-TO-LENGTH MACHINE (1973) by 
Thompson and Munroe._ 


0902 42S41/2/3 
‘ Telex 33641^ 


sc 


0902 42541/2/3 

0902'S S4| /2/|^^ R J 3 f% 


Telex 33641A 


0902 42541. 

Telex 33641*1 1 ? 




0902 42541 
Telex 3364! 
0902 42541/2/, 
Telex 33641 


0902 42541/2 fl 
Telex 3364lj^ 7^ u 



0902 42541. 
Telex 3364 


o902^i^v : 


Telex 33641 


0902 4254^), , 


Telex 3364). 

0902 42S4)/2/«i frTi . 

Telex 33Mi™.v7-, 
0902 42541 Wfejl 
Telex 33641^ - * 
0902 42541/2/1 * -• ■ .7: 

Telex 33641^ , 


0902 42541 /VjT 1 ' 


0902 42541 /2/C 
Telex 3364l|SJlx; 


m 

iftif 


0902 42541/2/ 
. .Telex 33641 


0902 42541/2/ 
Telex 3364V 


"1ST' 


h 




WANTED 




MODERN USED ROLUNG MUfS, wire red . _ I 
.and tube drawing plant — roH forming machines— - , 
slitting— flattening and cut-to -length lines 
cold saws — presses — guilkJtmes. etc. 


^5^'- 


COMPANY 
NOTICES 




RENOWN INCORPORATED 


NOTia.TO_I.OJ|, i » 8 LOM| 


PAYMEN T OP CPU 

T»» i DR - 


SffiSTniww t»« amwal t»M*na mw «* 

M cS^ 


Will 


_ , paid to all 

mW nn I " ■"SS rs w_ mmh; 


au At’ tua eftca 
w unenul pavi"« *^ nE, i' 


W toitewtm eoo- 




* Pterion NV,' 
* wn mwflracm Z’4-- . . 

MVu'tM' motes pi tfcc OeposKary. 

. ^ Robert Flcmlno & CO, 

BCmJfty Saoape. 

affl: , snff^Sk m A3S 

uvir anvllt***** Eienanoe Cocrroi rnwhi- 




meom tax, wia .br. 
ild. In the UnfWf 
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.Kcancra! TSmey Mwriay Aprfl- ID 1978 




from the roof 


E®EBsSI£ENTaIj results, to date 
on a development programme 
which is about at its mid-term, 
indicate that with relatively low 
cast additional equipment- . it 
wtould be possible to reduce the 
Mating and hot water costs for 
Jke ‘ average house by about 
50 per cent., compared with alt 
electric solutions.- 

work is in hand at the 
University of Aston, in Birin ing- 
™ . in the Department of 
Fnysics and is 'being carried out 
a group led fry Ur. Ewart 
wad. senior tutor in physics, 
which has a grant from the 
Science Research Council with a 
further IS months to. run, 

It is -based on the use. of the 
house roof as a' radiation 
absorber, both directly from the 
sun and indirectly; a. heat pump 
and a simple heat store. 

Air from outside the house is 
sucked into the. space between 
tiles and roof felt and ' its 
temperature is raised - by the 
absorption of sun heat from the 
tiles. 

The heat pump extracts- this 
energy and delivers, it to a large 
volume of water — 6,000 gallons; 
contained in a swimming pool 
liner membrane under the floor- 
boards — which is maintained at 
around 55 deg. C. throughout the 
year. This serves as offtake both. 

• MAINTENANCE 

A sweeping difference 


for hot water services and either 
as a feed to ; radiators or. 
through a heat' exchanger, to 
domestic warm air heating. 

' The developers believe that 
they could manage with a con- 
siderably smaller store. The 
neoprene-coated container would 
he ode solution-, giving a life of 
at least 10 years with materials 
supplied as standard. Another 
method would he to use the salt 
solution idea which is being 
studied by GE inrthe US., and by 
Philips. . This, wtould permit 
volume needed to hold a given 
amount of heat to one-quarter. A 
practical measure, of the amount 
of fluid required Would be that 
needed to maintain comfort in 
the dwelling 'for, say, 10 days 
during which', -outdoor tempera- 
tures were around 1 deg. 

Dr. Neal told the Financial 
Times that the aim of the work 
was essentially to. design some- 
thing that would go into existing 
houses without great upheavals. 
But at the same time, the heat 
pump was' being redesigned 
with the aim of reducing cost 
for a given output by about 
50 per oenL 

. Further Information from Dr. 
Neal, Department of Physics, 
University of Aston in Birming- 
ham, Gosta Greet, Birmingham 
B4 TEX. 021-359 3611. 



FIVE TIMES faster than a man 
with a broom -is the Cimex L60 
medium duty indo or/outdoor 
vacuum sweeper. Its finger-tip 
control on the steering handle 
bar enables the: operator to raise 
the side brush clear of a surface 
from one area, to another, thus 
avoiding unnecessary wear ' and 
tear. 

Promising up to SO per cent 


cuts in labour, add savings in 
the cleaning of- windows, walls 
and nther high level surfaces, 
it has a 7-litre capacity "hopper 
to swallow tbe.dust A front- 
loading hopper of 45 litres 
capacity copes with' refuse. 

Details of the company's com- 
prehensive' range floor clean- 
ing machines at Cray Avenue, 
Orpington. Kent BRSSPX. 26731. 


Precision boring of deep holes in engineering materials is 
not a simple problem for the machine-tool specialist, 
especially when the diameter to length ratio exceeds 5/1. 
But a specialist in this type oF work has just completed a 
contract for 50 pit-prop tubes with bores of eight inches 
where the ratio as above was dose on eight to one. Tube- 
boring (Cheltenham), which is based at Tetbnry, Glos., had 
already carried out similar work on tubes of smaller 
-diameters. This was the first time such work had been done 
on tubes of 5} feet in length. The latter tubes, in EN8 
40 tons tensile mild steel, required stock removal of about 
12mm. But tolerance was ±0.05mm on bore diameter. More 
from Tubeboring on 0666 52826. 


• INSTRUMENTS 

Vickers in 
microscope 
sales push 

ALTHOUGH THE bedrock of 
the company's business may well 
remain in such 'areas as tank 
periscopes, gunsights and s imil ar 
military optics. Vickers Instru- 
ments continues to seek new 
markets for its high technology 
microscopes and, since the 
acquisition of Joyce Loebl last 
year, in microdensitometers. 

A good example is the develop- 
ment work now in progress with 
International Research and De- 
velopment Company, with finan- 
cial support from the EEC, on 
an - instrument to identify and 
count asbestos fibres in indust- 
rial atmospheres. Specific 
volumes of air will be drawn 
through a membrane and a 
special microscope attachment 
will enable an operator to count 
the collected fibres manually or 
automatically. 

The Joyce Loebl company' is 
also researching the asbestos 
problem is conjunction with Man- 
chester University using its 
Magiscan image analysis system. 

In the field of exports the 
Joyce Loebl Hat oed micro- 
densitomer has met with par- 
ticular success in the USSR 
where business has topped £lm. 

Of some significance is the fact 
that although the Russian indus- 
try has developed what Vickers 
describes as “a very similar" 
instrument, it seems that users 
there still prefer the U.K.-made 
unit. 

An equivalent effort is now 
being made in the U.S. where 
the Vickers subsidiary company 
is to provide assistance. 

In supplying the electronics 
industry the company reckons to 
be market leader in image shear- 
ing microscopes, instruments 
that are used in integrated 
-circuit “chip" manufacture. 
“Shearing" refers to a split 
image technique that allows- 
measureraents to a fraction of a 
micron by precise line-up of the 
image edges as they cease, or 
begin to overlap, using bright- 
ness changes. 

Vickers — already claiming 
about half the "silicon valley” 
market in the U.S. — is about to 


MACHINE TOOLS 

Miller has 
useful 
options 


Commercial 

building 

is part oL. 


mm Norwest 
Holst 

total capability 


101-235 9951 


an ounce an automatic version of 
the unit in which television tech- 
niques and 
image are 

alignments automatically and 
display the readings. 

The company sees these 
achievements as a vital way of 
keeping the UJC. in the optical 
instrument business, the ''college 
bench'* microscope market having 

been scooped by low cost pro- UNIVERSAL MILLER Induma 
ducers. 2040 from RK International is a 

It has recently been phasing 12£ hp machine with direct 
out its “bottom end” ranges of drive from the electric motor spacer collars and two arbours 
instruments, at the same tame into the gearbox. 11118 provides supports. For maximum flexi- 
strikiog up cross-franchise agree- 12 speeds in the range 30 to bility one option that can be 
ments with companies such as 1,500 rpm. supplied is a vertical milling 

Union Optical and Nikon in An independent 2J hp motor head. ■ There is also available a 
Japan. powers the feeds. Eighteen feed slotting attachment which can 

Apart from Joyce Loebl s rates are available on each axis, be set at any angle and has a 
specific market in microdensito- .10 to 800 mm./min. on both the maximum stroke of 110mm. For 
meters, (it has about 65 per cent horizontal axes and 4 to 320 milling operations at any angle 
of world business) Vickers is mm./min. on the vertical axis, in two planes, there is available 
to-day essentially addressing the Rapid traverse rates are 2,500 an independent motorised over- 
born. world market in advanced mm / min horizontal and 1,000 arm, complete with a universal 
microscopes costing over £2,000. mm./min. vertical. So that climb- milling head. It is powered by a 

milling operation can be carried 5.5 hp motor which gives 12 
out, a back-lash eleminalor is spindle speeds in the range 41 
fitted to the longitudinal screw, to 1300 rev./min. The quill has 
Maximum table movements are 100mm. of feed for drilling and 
1250mm. longitudinal. 370mm boring operations, 
cross and 300m, vertical. RK International Machine 

Standard equipment on the Tools, Europa Trading Estate. 
Induma 2040 includes coolant Fraser Road, EriEh, Kent Erith 
system, a milling arbour with 47611. 


Tells when 
parcel is 
dropped 


COMMUNICATIONS 

Short wave scrambler 


PRIMARILY designed to monitor 
the shocks to which goods are 
subjected during transit a new 
device is also suitable for the 
measurement of ground vibra- UNVEILED by Marconi at the narrow band HF channels, 
tions due to heavy traffic, pile Communications ’78 exhibition Furthermore, although such 
driving, seismic activity, etc. is a cryptographic equipment equipments have been built 
Tvne 2503' Bumn Recorder con- with a low enou S h bit rate t0 before for HF. their size and 
sists of a p™rtab1e° battery- ^ ow “ scrambled - speech to be cost have restricted their use. 
operated measuring instrument over a high frequency radio The encoding process consists 
combined with a strip recorder, * in ^" of mixing a “ key stream " of 

both of which are housed in an Called Crypflex, it is compact digits with the randomised 
exceptionally sturdy case. enough to permit mounting in a stream obtained from the speech 

A triaxial accelerometer which vehicle (in a Clansman radio signal; the process is reversed at 
simultaneously monitors shock in case), or it can be acconuno- the other end. In transmission, 
three mutually perpendicular dated in 19-inch racking. the data stream remains 

directions is used to resolve nr „„i+ essentially random, 

random shocks into throe vectors. de “T?or miJXi &£h ,o Each customer is aHorated “ 
the signals from which are 


uwr Sigiiais irurn which are , dioit stream and vers , a exclusive group of over lObn. 
summed to produce a single value un 1 t wh7ch — ke >'- str “ c ° des ' Selection is 


representing the shock level. th? JZZL Zi Th,t to made easiJ y ^ means of ten 

This accelerometer can be ^^IfthJris^liSene? itwould thumbwheel switches, and the 
mounted either on the trans- “JS* settin S at the receive end must 

ported object under observation JE £*£ I be identical, 
and connected back to the instru- According to the company, 

ment by cable, or alternatively repetitive features cannot occur 

mounted inside the instrument modulation on to the Hr j Q transmission even after 
case itself when the instrument camer - months of continuous operation 

is considered to be sufficiently The significant development and in any case, the code could, 
near the transported object to be is that although the bit rate is if necessary, be changed every 
subject to identical shocks during only 2400 bits /sec., the quality few minutes. Setting of a code 
transit of reproduced speech is com par- on the wheels takes about 30 

B and K Laboratories, Gross able to that of speech digitisers seconds. 

Lances Road, Hounslow TW3 working at ten times the speed. More from Marconi Space and 
2AE. 01-570 7774. Thus the system can work over Defence- Systems, on 0245 53221. 


i’. 

¥^.4-'»i43 



•NGMIN1MUMORDER «NO MINIMUM LENGTH 

{LONDON Ot-5Gf8HB ABERDEEN{Cf^323S5/2 

trAnsi^c^charges^^ " ~ ; 

24Hr. EMEHGENCYNUMBER 01.637 3567 E^40S'^.' i '= : /'j ! 

r- •• 1 


APINANOALTIMES 


MECHANICAL 






MAY 2 1978 

The Financial Times 'proposes to publish a 
survey on Mechanical Handling. The provisional 
synopsis and date are set out below. 
INTRODUCTION The growth -of the industry 
and its current problems, largely generated by 
the lingering recession/ at home , and overseas. 
THE WORLD INDUSTRY The structure of the 
world mechanical handling industry— -the role 
of the multi-national compazii^.:. ... t 
T he following articles will discuss mechanical 
handling techniques and products in specific 
environments. - 
THE WAREHOUSE 
THE FACTORY 

THE CONSTRUCTION/BUILDING SITE 
DOCKS AND PORTS 
AIRPORTS 
ROAD VEHICLES 

SAFETY AND TRAINING This aspect has 
become even more important in the wake of 
the Health and "Safety at Work regulations. 
COMPUTERS - There is - growing use of com- 
puters to control handling equipment. 
INDUSTRIAL STRATEGY Various sectors of 
the mechanical handling industry are involved 
in the industrial strategy programme. Its aims 
and achievements so far. 

PALLETS:. An essential . element in. modem 
materials handling.- Hie efforts being made to 
cut the cost to industry of pallet losses. 
NATIONAL MATERIALS HANDLING CENTRE 
The Centre is now seven years old. Set up to 
provide a modest inf ormation . : and advice 
service, it has developed substantially. 
RACKING SYSTEMS Modem . racking tech- 
niques ■ have become- . an ;, integral part of 
warehouses and 'each system must be related 
to the type of mechanical handling techniques 
being used, 

THE INSTITUTE OF MATERIALS HANDLING 
Set up in 1952, it aims tp promote the science 
of materials -handling and to .further the 
knowledge of that- science among the . public 
generally. 

CRANES AND HOISTS The crane and hoist 
section of the industry will also be given 
specific coverage. 

For further details on the editorial content and 
advertisingratesplase contact: 

,./• /..Nicholas Whitehead : . 

.. Financial Times,- Bracken; House, 

10 Cannon Street London EC4P 4BY, 

Tel: 01-248 8000, Ext 7112. 

HNANCIAI/IiMES 

EUROM'S BUSINESS (EWSPAPR 

ettriem ud voMfeation dates of Sams's In t&e Financial Times . 
•ze dtttlect to. ctan#e at tbe tUscrodoa at tm. Editor. 




*■& 


'•ny 


- -V 


» COMPUTING 

Displays to 
costless 

FIRST OFFERINGS in Britain 
from the Israel-based E-ibit Com 
p liters company o£ Haifa, which 
has set up affiliates. in the U.K.. 
Germany and France, are two 
high performance . display ter- 
minals offered at prices Mkely to 
cause some alarm among the 
competition. 

The terminals are compatible 
wiflh IBM controllers and they 
are ihacked by development ex- 
perience which has enabled the 
company to sell some 6,000 units 
Into wrnrki markets. 

Elbit -later this year will be 
launching in Britain its PACT 
small business system, and for 
the current launch programme 
In Europe expects to spend some- 
thing like 52m. 

The company is also making a 
name for itself as a builder of 
sophisticated equipment to 
bespoke” designs. 

Ettit Data Systems operates 
from -Copthal-l House, SL Ives 
Road, Maidenhead, Berks. 

Control of 
power 
network 

EGYPTIAN Electricity Authority 
(EEA) has selected Control Data 
Corporation as prime contractor 
on a $37m. computer-based sys- 
tem to monitor and control 
Egypt's major electric power 
network, in what could be the 
biggest civil computing award to 
date; 

Under a contract from the 
EEA. Control Data will instal 
an energy control- system in the 
National Energy Control Centre 
in Cair n that includes two large- 
scale CDC Cypher 173 computers, 
four Cyber 18 computers, related 
peripheral equipment and mul- 
tiple terminals to be used to 
monitor and control the genera- 
tion and transmission network. 

Control Data will supervise 
[activities of the project's major 
subcontractor, GE (U.S. A) 

which will instal a SIQm. com- 
munication system, using a com- 
bination of power-line carriers, 
telephone and microwave pro- 
ducts. 

GDC is on 01-930 7344. 

Down-range 

financial 

packages 

FINANCIAL reporting software 
developed originally for users of 
large computers by Package 
Programs is being adapted for 
smfcll users' Who have previously 
had. -to pay excessively for 

t om-built software. 

ith MMS general ledger, 
accounts receivable- and accounts 
payable packages, available 'for 
IBM System 3 and I CL 2903 com- 
puters. - developments are cur- 
rently under way for' systems to 
run on-machines from Burroughs, 
Digital Data General Hewlett- 
Packard, Honeywell and Inter- 
data. The needs of IBM System 
32 and System 34 users will also 
be' met Is the near future. . 

. PPL is aiming at the 5,000 
small business computers in the 
UX ‘a sector' of the market 
which is - growing fastest of all. 

Package Programs is at 91, 
Blackfriars Road, London SE1 
8HW. bl-633 012L ' 

'0 ' 


Ir lapan,youve got 



Thejapanese way oflifeis very 
different from ours. And business, 
etiquette is an important aspect 
of that way of life. Formalities 
are very precise and are part of a 
ritual that is both charming and 
obligatory. 

At meetings and receptions, 
for example, you must say it with 
cards. Business cards. The ex- 
changing of them is as essential 
as a handshake. And more than 
just good manners. 

In fact, it ? s a very useful practice 
which helps you to pronounce 
difficult names and to discover the 
status of the people you meet. 
Through the JAL Executive 
Service, name cards -in your own 
language and in Japanese - can 
be supplied quickly 
and inexpensively. 
All you have to do is 
fill in a request 
form from 
yourneaieri: 
JAL office. 
And then 
there's the 
authoritative book 'Business in 
Japan! This . book will ensure 
you get valuable insight into 
Japanese business practice and 
procedure, induding etiquette 
and behaviour 

. An exdusive paperback edi- 




tion is available only from JAL 
offices. 

These are just two of the ways 
that you can get help through the 
JAL Executive Service, the first 
and still the most comprehensive 
package of business aids for the 
executive visiting 
Japan. 

It gives you 
all the help you 

need - before 

you go, on the way and when you 
get there. 

With all this, at least 25 flights 


a week from Europe and JAL’s 
incomparable in-flight service, 
it's no wonder JAL fly more 
Europeans to Japan than any 
other airline. 


Wfe never forget 


JAL 

EXECUTIVE 

SERVICE 


Find out more by contacting the Executive Service Secretary at your nearest 
JAL office, or mail the coupon today. 

To: Japan Air Lines, 8 Hanover Street, London WlR 0DR. 


Name- 


Address. 


Pbsidoa. 


Company- 


FTP21 











CONTRACTS AND TENDERS 


STATE OF ISRAEL 


MINISTRY OF LABOUR & SOCIAL AFFAIRS 
INDUSTRIAL DEVELOPMENT PROJECT- 
VOCATION AL/TECHNICAL TRAINING 
JERUSALEM, P.O.B. 915 


Democratic 
Republic of Somalia 
Mogadishu Water 
Supply Stage 1 - 
Expansion Drilling 
of Boreholes 


INTERNATIONAL COMPETITIVE BIDDING FOR 

EQUIPMENT 


The Government of Israel— Ministry of Labour— plans to improve and expand its 
system of Vocation al/Tecbnical training institutions and for this purpose has received 
a loan from the International Bank of Reconstruction and Development (IBRD). 

The Directorate of the Project announces the publication of the public international 
tender No. 1401 .T for the supply of equipment in the techaical/vocational branch of 
Electric/ ty. 

Manufacturers and/or suppliers of all member countries of IBRD, and of Switzerland, 
arc eligible to take part in the bidding and are invited to participate. 

Tender documents may be obtained From the Directorate of the Project at the above 
noted address, against a payment by bank order or cheque for the sum of thirty (30) 
U.S. Dollars, made out to the Ministry of Labour, Israel. Such payment will cover 
this tender and all future tenders published within the framework of this project 
Tender documents will be forwarded by registered air-mail to the applicant 
complying with paragraph 4 above. The completed proposal, despatched to the 
Directorate in the special envelope provided, and in strict accordance with the 
general instructions to bidders (which will be forwarded to the applicant 
simultaneously with the tender documents) should reach the Directorate not later 
than 1200 hours on June 16, 1978. Proposals arriving later than the time Bruit fixed 
will not be considered and will be returned unopened to the bidder. ■ _ 

The Directorate reserves the right to accept any proposal for any individual item or 
items or all the Items listed, to increase or decrease the quantities to be purchased 
and to reject any or all of the bids received. 

NISSAN LIMOR 

Project Director 


The Mogadishu Water Agency 
invites expressions of interest 
in tendering." from suitably 
qualified and experienced drilling 
contractors, for the drilling, 
casing, screening, developing and 
yield testing of eight production 
boreholes in an extension to an 
existing wellfield. The location 
of the wells is approximately 20 
km north of Mogadishu. ' 


The wells shall be drilled to 310 
jniNimetres diameter and the 
total length of drilling will be 
of the order of 1500 m in the 
strata to be drilled comprises 
coarse grained and partially 
cemented sands overlying lime- 
stone. The wells will be 
screened and cased, with 
imported gravel pack and 
subjected' step draw down and 
recovery tests after develop- 
ment. 


Expressions of Interest should 
reach the consulting engineers 
Sir Alexander Gibb and Partners 
(Africa). . P.O. Box 30020. 
Nairobi, Kenya, not later than 
Friday, 5th May, 1978. 


• ■ . ' • I.- ., 7 .,,.. ; .financial Times, Hpndsy April 19 197X 



CALL FOR TENDER 



EMIRATES & SUDAN INVESTMENT CO. LTD. 


TENDER FOR THE CONSTRUCTION OF 200 WAREHOUSES 

(REB SEA REGION) 

PHASE ONE : 34 WAREHOUSES AT PORT SUDAN 


1. The Chairman of the Board of Director^ 
Emirates & Sudan Investment Co. Ltd., 
invites Tenders from competent contractors, 
for the construction of 34 ** Thirty four” 
Warehouses complete at Port Sudan CD JR. 
of Sudan) as phase one from the total 
number above. 


will be responsible for the execution 
. of the works. . 

b) Examples of similar projects they have 
executed. 


2. The Tender Documents “ in English only ” 
can be obtained from the office of the 
Managing Director of the Emirates & Sudan 
Investment Co. Ltd., 16 Babiker Bedri Stl;- 
P.O. Box 7036, Khartoum, Telex 524 EMSU 
KM, Telegraphic Address: EMSU Khar- 
toum,. during office hours against payment’ 
of L.S.100 Cone hundred Sudanese pounds; 
= £145- US$290) non-refundabie. 


c) A detailed programme specifying the 
progress of the -works and the time 
required for the completion of all works 
specified in the tender and shown in 
the drawings, as 'from the date of the 
signature oftbe contract 

d) A list of equipment and /machinery in 
their possessionmecessary for execution 
of the works. ■ 


TURKISH STATE RAILWAYS (TCDD) 
THE CHAIRMANSHIP OF CENTRAL 
PURCHASING AND SALES COMMISSION 


Tenders are invited for 1,500 tons of profiles for 
steel sole plates of which the technical features are 
written in the specifications 


1. The above materials are to be purchased by receiving 
bids from the countries who are members of the World 
Bank (IBRD). 


2. The specifications prepared for this purpose in Turkish, 
and English can be purchased from TCDD’s Central cash 
office -in Ankara and Sirfceci cash office in Istanbul with 
a price of TL.250. 

3. The bids should be received by or handed in person to 
our commission not later than Thursday, May 25. 1978, 
15.00 hours, for a meeting at TCDD Supply Department 
on that date. 


4. The bids should be submitted' in seven (7) copies 
(together with thedr Turkish versions, if possible), and 
the words “TCDD Isletmesi Gene! MQdtirltigu Merkez 
Alim ve Satim Komisyon Ba$kanligi Gar-ANKARA/ 
TURKEY ” and “This is an offer for the material subject 
to IBRD's loan" and also subject of the Bid should be 
written on the envelopes containing the bids 

5. TCDD shall be completely free to award Contract (5) for 
ail or some of the items to any bidder at its sole discretion. 


Kingdom of Thailand' 

NOTICE TO 


CIVIL ENGINEERING CONTRACTORS 


The Government of the Kingdom of Thailand has received a loan from 
the World Sank to help finance construction of throe roads totalling 
about 140 km and expected to com over US $ SO million equivalent. The 
construction will be divided tnto 3 contracts to be awarded in 1978 and 
1979 and wdl Include about six million cubic metros of earthworks, one 
million square metres of asphalt paving and six thousand linear metres of 
bridges. 

Cone miction firms from momber countries of the World Bank and Switzer- 
land are Invited to indicate their interest in prequalifying for bidding on 
the above works. Replies, by letter or cable, should be addressed to: 
DIRECTOR GENBtAL, 

Depart HB fT Of highways, 

SRI AYUTHATA ROAD, 

BANGKOK. THAILAND. 


Replies should be received by IStti May. 1978 and questionnaires will then 
be sent for preparation of pro qualification applications. 


3. Tenders will be accepted for 4 warehouses 
as a unit and Tenderers should deposit a 
sum of L.S.4000 (Four Thousand Sudanese 
pounds) or its equivalent in other convext- 


The supply of all materials, equipment and 
machinery whether local, or imparted neces- 
sary for the execution of all works is solely 
the responsibility of the Contractor. . 


ible currencies either by certified cheque 
or a letter of guarantee from a reputable 


CONTRACTS AMI TIMERS 


APPEAR EVERY MONDAY 


For further details contact: 
FRANCIS PHILLIPS on 01-248 8000 Ext 456. 


INVITATION TO TENDER 


The Posts and Telecommunications Corporation of tne Republic of Ghana once 
again Invites tenderers, who will be limited to nationals Of countries of 
International Bank for Reconstruction ana Development (IBRD) and Switzerland 
only for parts of 


NATIONAL 

TELECOMMUNICATIONS 
EXPANSION PROJECT 

Thc Invitation lo tender Is for the followlno two subprojects — 

Sub-oroject A: 

Installation on turn-key basis of new automatic telephone 
exchanges (stored programme control} which, comprise one trunk exchange 
with manual switchboards (tertiary centre), for local exchanges equipped 


with 16.000 lines In total In mulrl-exchange areas. 6 local exchange* 
eoulaped with 2. SOD lines In total together with manual switchboards 


(primary or secondary centres m slnqle exchanoe areas), and power 
equipment. 

Sub-orolect Dlltem F: 


Procurement Of 170 sets of electronic teleprinter. 


Frosoective tenderers may obtain copies of the specIBcatlons ana In st payment 
Of two hundred U.S. dollar^ CS200). per complete copy, dally between 09.00 
hours ami 16.00 hours GMT from 30th March. 1978. to 1 5th May. 1B78. at 
the address given below: 


WORLD BANK PROJSCT OFFICE (Room 312. 3rd Floor). 

THE POSTS AND TELECOMMUNICATIONS CORPORATION BUILDING. 
ACCRA. NORTH. ACCRA. GHANA. 

The doting date of submission of the tenders will be at 1 1.00 a.m. Ghana 
time on 25th August. 1978. 


Director General. 

The Port and Telecom muni cations 
Corpor a tion of the Republic of Ghana. 


or a letter of guarantee from a reputable 
bank yalid for at least three mouths alter 
the dosing date as a preliminary deposit 
in the name of the Managing Director, 
Emirates & Sudan Investment Co. Ltd-, for. 
each unit. Tenderers for more than one 
unit should multiply their deposit accord- 
ingly. 

Separate offers per unit for lighting and 
fire systems may be added as option. 

4 . The successful Tenderer/Tenderers shall 

be asked to sign formal contract within two 
weeks after being notified of the acceptance 
in writing and to complete the deposit to ’ 
10% (ten per cent) of the total value of the 
contract either hy a certified cheque or a 
letter of guarantee from a reputable bank, 
valid for one year after handing over all 
works. Other forms of guarantee may he 
required for longer period- ' ' ’ 

Any other plans for payment that may lead 
to the reduction of the cost could he 
proposed by the tenderers. / 

If the contractor fails to sign the contract, 
within the specified time, he shall loto his ■ 
right to recover the preliminary deposit 

5. The preliminary deposit shall be refunded 
to the unsuccessful tenderers two weeks 
after the firm award of the contract - . 


Tenders shall be valid for at least three 
months after the closing date mentioned 
in para (12) below. The offer may be based 
on the detailed alternative or for an 
accepted alternative to. be presented in 
detail to the Managing Director. 

All information relevant to the tender 
shall be submitted in. English. Language. 
For imported items. The Emirates & Sudan 
Investment Co. Ltd. will directly pay all 
insurance, clearance, - customs and other 
Port charges. 

Foreign Currency will be paid directly from 
The Emirates & Sudan Investment Co. Ltd. 
reserves with The National Bank Abu 
Dhabi. 


Tenders should bear the prescribed stamp 
duty and should be addressed in s ealed 
envelopes bearing , the words (TENDER 
FOR THE CONSTRUCTION OF WARE- 
HOUSES AT PORT SUDAN), to The 
Managing Director," Emirates & Sudan 
Investment Co. Ltd. and should be 
delivered to the Tenders Box at the Com- 
pany’s Head Office, 10 Babiker Bedri St., 
3rd Floor, Khartoum. Sudan, not later than 
12.00 Noon Sudan Time. /Tuesday the 20th 
of June 1978. ,. - 


6. Tenderers shall state clearly the follow* 
ing:-— ■ 

a) The names, qualifications, and experi- 
ence of engineers and technicians who 


13. Any tender wbicb 'does not comply with 
any of the above-mentioned requirements 

-. will be rejected. ; 

14. The Chairman of the Board of; Directors, 
Emtfates & Sudan - Investment Co; Ltd., is 




Aphoneii 



SOCIALIST PEOPLE’S LIBYAN ARAB JAMAHIRIAH 

HOUSING MUNICIPALITY 

ANNOUNCEMENT OF AN INTERNATIONAL TENDER FOR THE BUILDING PROJECT 

OF THE AL-MAHARI AL-JADID HOTEL IN TRIPOLI 




The Committee for the AI-Mahari Al-Jadid Hotel 
building project in Tripoli publicly announces its 
invitation to international tenderers, national, 
general and stock companies, as well as international 
companies having hotel construction expertise in 
building 4 or more star hotels — and this shall be 
in accordance with the following terms : 

1. The general conditions, specifications and 
drawings related to the project shall be obtained 
from the Headquarters of the Committee for 
AI-Mahari Al-Jadid Hotel at the Housing 
Municipality in Tripoli for the sum of 500 (five 
hundred) Libyan Dinars only, which shall be 
paid into the public funds at the offices of the 
Treasury in Tripoli. 

2. The tender shall be in two parts: 

a ) Construction and machinery 

b) Furnishings and equipment. 

The tender shall be offered for either one or both 


parts. 


3. The company offering the tender shall send with 
its tender a vitae detailing its previous experience 
in such works, carried out either in the Libyan 
Jamahiriah or outside it. 

4. The international companies participating in 
this tender must be represented by Public 
Agencies or Authorities from the National 
Sector or Companies of the Public Sector. 

An address at which the tenderer can be 
contacted shall be given and the contents, of 
any correspondence with him shall be considered 
valid. In the event that the tenderer is an agent, 
he shall enclose with his tender a certified 
Power , of Attorney from his Organisation, 
together with a listing of the rights and limita- 
tions of his agency; the names of the persons 
directly responsible for the execution of the 
terms of the Contract; the payments made and 
the receipts received and signed by the Company, 


as well as specimen of signatures put to copies of 
both the Contract and the Power of Attorney. 

5. An official copy of the Company’s Contract of 
Establishment and Articles of 'Association shall 
be enclosed with the tender. These documents 
must meet all requirements and procedures 
stipulated by Law and the By-Laws. 

6. A tenderer shall* by means of a Declaration to be 
enclosed with the tender, be bound to adhere to 
the terms of the Israeli Boycott, and in the event 
of violation of the Declaration the Committee 
shall have the right to cancel the Contract by 
sending a registered letter of cancellation. The. 
tenderer shall be without right to demand 
compensation. 

7. If the tenderer has previously carried out works 
in the Jamahiriah, the tenderer shall produce a 
certificate of taxes due to the Tax Authorities. 

8. An initial deposit of the sura of 100,000 (one 
hundred thousand) Libyan Dinars shall be 
enclosed with the tender. This deposit shall be 
valid for a period of six months from the date 
of the opening of the envelopes, and shall be 
presented in one of the following forms: 

a) A bank draft certified by one of the banks 
operating in the Jamahiriah 

b) A letter of guarantee issued by one of the 
banks operating in the Jamahiriah — 
guaranteeing that the contractor shall main- ‘ 
tain the same prices of his tender for a period 
of six months from the date of the opening 
of the envelopes. 

9. In the event that the chosen tenderer does not 
sign the said Contract within two weeks of the 
date of his being notified officially of the accept- 
ance of his tender, the deposit shall be retained. 

10. Tenders shall be presented to the Committee for 
the AI-Mahari Al-Jadid Hotel at its Head- 
quarters in the Housing Municipality in Tripoli- 


on a Tender Form stamped by the Municipality 
and signed by the Chairman of the Committee. 
The tender shall be .handed into the Committee 
Treasurer, and a receipt shall be given in return. 
The tender shall be in a sealed envelope, sealed 
with red wax, and on it shall be written: Enclosed 
, is the Tender for the. AI-Mahari Al-Jadid Hotel 
Project. 

11. The final date of acceptance of tenders shall be 
the 30th April 1978 and no tender for whatever 
reason presented thereafter shall be considered. 

12. The tenderers may attend the procedure of the 
opening of the envelopes, which shall be at 
exactly 1 1 o’clock on the said date. 

13. The accepted tenderer shall, within fifteen days 
from the date following the date of the letter sent 
to him by registered post notifying him of the 
acceptance of his tender, pay a deposit equiva- 
lent to 5% (five per cent) of the total value of 
the works he has been commissioned to do. He 

. may also pay the remainder of .the provisional 
deposit so that it equals the value oFthe required 
final payment The Committee may, by- sending 
a registered letter and without; need for taking 

- - any further steps, cancel the Contract and retain 
the provisional deposit 

14. Any international company participating in this 

tender must be already registered in the Registry 
of International Contractors at the Housing 
Municipality in the Jamahiriah and "this shallbe 
observed in ample time before the procedure of 
the opening of the envelopes. ; . ' ; L '.. 

15. The Committee foF the AI-Mahari - Al-Jadid 
Hotel Tender shall have the right to either accept 
or reject any tender, offered without giving any 
reasons for taking either decision. 


Signed: The Committee for the Al-Mtahan.Al?JadHi 
Hotel Tender Tripoli. -V' : . • • . - - 








•■1TB, 

SOUSES 

Sudan 




' ' ■ - "r *i, 




•’ Times. Monday April 10 1978 





Id 




. GIVING UP smoking is poten- 
tiaUy a great British' bobhy 
When Granada television’s 
Reports Action foolishly offered 
free kits to help give up 
.smoking It -was inundated with 
over half a million inquiries. 
And official health bodies esti- 
mate that over. 60 per cent of 
Britain’s 19m. smokers would 
like -to give- up, only they don’t 
* . ..or can’t 

Will-power is- ‘creariy 'not 
enough. People who ' do give , up 
on. their own. seem to go on 
wanting ogarettes for the rest 
of their lives. One man at the 
Financial Times .-who- gave up 
smoking seven yearn ago idles 
away his spare time looking at 
pipes, in the local tobacconist. 
There is a great potential mar- 
ket, for anyone with a foolproof 
way of helping people stop 
smoking--and to stop wanting 
to after they have, kicked the 
habit .. 

There is certainly ho shortage 
of patent medicines' . 'and 
methods, from hypnosis ’ to 
filters. All claim extraordinary 
degrees of success, although 
often they, involve a great deal 
of effort oh the part of the 
aspiring non-smoker. 

In America, aversion therapy 
has become a fashionable way 
of giving UP-. . A. number of 
climes have sprung up in Cali- 
fornia, in particular. " Their 
therapy is based on research 
work done at Stanford Univer- 
sity, 'and they advertise a sue-' 
cess rate of SiO per cent 

As with most things Ameri- 
can, aversion toerapyihas found 


its. way to Britain, brought back 
by Tan ^utcSspn, a former 
stnefebrofeer. "He set .up his 
Mayfair Smokers’ Chide at the 
beginning of tins year— within 
puffing distance of Bond Street 
As a lmsHaess.it could hardly 
be called a runaway success. 
Hutchison's biggest problem is 
persuading a-Jscdptical .British 
public that toe treatment 
actually woiksr. . -Even though 
yon don’t -pay - anything unless 
it works he is stfll asked, ‘-’Is 
it a con V. . • :V ■ 

The treatment lasts for an 
hour a. day for five consecutive 
weekdays,- during winch time 
Hutchison says he can turn you 
into a non-smoker.- If he suc- 
ceeds; be will relieve you of 
between £85 and £125, depend- 
ing bn how. many cigarettes you 
used to sme&& T£ the system 
fails to work,ycm pay nothing— 
if it does, you pay on the last 
day. H you. do. -pay, but then 
relapse within a year, you are 
entitled to a free refresher 
course. For the- impoverished 
be offers credit terms — a sort 
of “pay as you don't smoke.” 
The system concentrates ou 
the psychological urge to smoke 
rather than the . physical; in 
spite of the fact that nicotine 
is highly addictive, it only takes 
two days without cigarettes for 
physical' craving to disappear, 
according to Hotoiiison. The 
conditioning consists partly of 
smoking, extremely; fast and 
partly . getting ' veiy small 
electric shocks when smoking 
normally. ’ Hutcheson boasts that 
on the Wednesday “The whole 


A shocking way to 
stop smokin 


attitude of the smoker changes 
. . . cigarettes are no longer his 
little friends.” | 

1 told Hutchison I thought 
that this all sounded an unlikely 
tale, that he would not convince 
very many people to start the 
course, and from those he did, 
he would not collect any money 
at toe end of the week — perhaps 
he should think about stock- 
broking again. 

“Find somebody at the 
Financial Times who genuinely 
wants to give up smoking and 
he or she can try the course,'* 
he retorted. 

Nobody at my office seemed 
convinced that this treatment 
would work, so, going well 
beyond the call of duty. Z 
offered myself as a guinea pig. 
I did not really meet the con- 
ditions because, although £ 
thought I ought to stop, 1 did 
not particularly want to, even 
though my 60 a day were cost- 
ing me £600 a year. 

First task was to answer a 
detailed questionnaire, which 
supposedly explains why you 


By Jason Crisp 

smoke. Apparently my 60 king- 
size a day were being consumed 
not because of the intolerable 
stresses thrust upon anyone 
working' on the Management 
Page— nor for great paroxysms 
of delight — but through sheer 
habit “ You’ll be easy then,” 
he said. “ You tell everybody 
that,” I said. 

For the five days before the 
course started E had to count 
each cigarette before I smoked 
it on a small counter which 
Hutchison had given me. This, 
he told me, was to make me 
more aware of smoking. 

On the Monday morning, 
having chain smoked in case 
they are my last, I arrive at 
the clinic. Hutchison dons an 
official looking white coat and 
leads the way to a very small 
room. It is not a beautiful 
sight at 9.30 on a Monday. The 
room stinks since there is a 
mountain of butt ends and ash 
piled high on a low table. 

On the walls are a number 
of the more sophisticated and 
romantic cigarette ads. We sit 


. EDITED BY CHRISTOPHER LORENZ 


dawn and I am ordered to smoke 
a complete cigarette in less than 
a minute, but without inhaling. 
By the end, the remains arc red 
hot, my eyes stream and my 
nose runs. Fine, just what I like 
doing on Monday morning. 

The other part Df the treat- 
ment seemed silly rather than 
unpleasant. Hutchison, to my 
alarm, strapped two electrodes 
to my wrist, reassured me that 
there was only a 1.5 volt battery 
in his device, and gave me a 
shock about the same as static 
electricity from a filing cabinet, 
each time I put the cigarette to 
my lips. The main sensation was 
that this was a very foolish 
situation. 

After much discussion on 
smoking I left the clinic armed 
with useful tips on how to 
lessen, the desire for a cigarette, 
and with very strict instructions 
not to smoke until I returned 
the following day. 

I did not smoke, but per- 
versely, I ignored all his tips. 
By the afternoon I could not 
concentrate, felt tired, and 



It s no good — I can’t run another session without a fig! 

could think of' little but you I would think fhere was 
cigarettes. Tuesday's treatment something seriously, wrong.'’ 
was exactly the same as Mon- Just like the previous day, I 
day’s but I made a big mistake was going through hell, 
by breaking two of Hutchison’s On Wednesday morning on my 
rules, by meeting somebody in way to the clinic, I decided that 
a pub for lunch and a drink, my first two days of not smoking 
This is very bad in your first —outside the clinic— were 
few days because alcohol in- thanks to my own efforts, and 
creases the desire to smoke, and. had little to do with Hutchison, 
in my mind, pubs are strongly After all this selfless effort, 
associated with smoking. As the I was wary when Hutchison 
triggers started working my insisted that 1 smoke three 
hands, quite of their own cigarettes, inh aling properly, 
accord, flashed from one pocket My reaction was that my own 
to another in a fruitless search brand tasted strange; I also had 
for a pack of cigarettes. I a strong feeling of nausea. A 
remained quite unaware of this curious side effect, and one 
flurry of activity until my lunch which is quite common 
date said: “If Z did not know apparently, is that I remem- 


bered my first ever cigarette in 
the cellar of a friend's house 
at the ripe old age of eight. The 
taste was much the same twenty . 
years later. 

And while I still felt weak at 
the knees, literally, the heart- 
less Hutchison bombarded me 
with all the statistics about the 
poisons in cigarette smoke. 
That lunchtime I braved a press 
conference and in spite of a 
haze of smoke and a gin and 
tonic I was no longer bothered. 
By evening, though, I found a 
meal out with my wife and two 
good friends was spoiled, as all 
three are heavy smokers. I 
looked on with amazement as 
they put these noxious burning 
things into their mouths 
between every course. Such 
hyp oc racy — three days pre- 
viously I*d have done the same 
thing. 

Since then — just over three 
weeks ago — I have had no wish 
to .smoke, although I still think 
about it. The biggest problem 
has been what to do with my 
hands. Smoking. I discover, was 
very time consuming, almost a 
hobby. The neighbours have 
been quite startled by the 
ferocity with which I have 
attacked my previously un- 
tended garden. 

But the worst side effect, 
warns Hutchison, is that the 
cured become very boring. All 
they can talk about is how they 
gave up.' 

The Mayfair Smokers’ Clinic 
is at 26a Davies Street, London 
V/1Y 1LH. 01-493 5995. 


Y ' 1 


— - ‘J_3 

i/i 


?rs-. 




Within the next two cur three years, industry in both the 
U.S. and Britain will have to repay the massive level of 
loans it raised In the. late 1960s, when conditions were 
particularly conducive to debt financing m a wide variety 
of terms. These lows will undoubtedly need to be re- 
placed in large part by new debt. A good many ways 
of eoping with this problem are still available in the 
U.S. British companies are less fortunate; given the 
conditions in the capital markets, it is improbable that 
the range of lorn; debenture and other types of stock 
previously employed will be used again te : re-finance 
current debt.- In spite of these differences, finance 
directors in both countries win have to apply tfreir mind s 
to the situation with increasiag vigour. JOEL STERN 
advocates , an approach which would dreunfrent many 
of these problems.:;: ■„ ... . . . , ; 


The case for perpetual debt 


MANAGEMENT has _good 
reason for its usual abhorrence 
of debt repayment First, where 
the tax deductibility of ‘interest 
makes debt less espenrivetoan. 
equity,; emptying debt; to 
finance expulsion : reduces . -the', 
cost of acquiring -capital and, 
hence, increases the fiixoVshare 
price. ; However, - to -sustain : a 


higher share pric&J&nancially- 
; sophisticated irivegtorc who 
dominate' the- - ■ iprfee-setting 
mechanism: on capital 

markets- beliei^toat: pay- 
ments becoming dne.^iQ be 
replaced hy new del^>;. Other- 
wise, the annual tax rebate for 
interest costs frtzn this (Stoem- 
ment-.wiH .be r^red,\tfilreby 


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Now one telephone number 
puts you in touch with over 
1,000 venues for your 
next meeting or function 



Meeting Point Trust Houses Forte Lf5L7l/7S Uxbridge Road London W5-5SL 


CONTRACTS AND TENDERS 


YEMEN. ARAB RE3PIJBIJC 

NATIONAL WATER AND SEWERAGE 
AUTHORITY (NWSA) 

BXMLSUPPLYOFMATEKIAISAND 
EQUIPMENT FOB CONSTRUCTION OF WATER 
SUPPLY AND SEWERAGE PROJECT — TAKZ, YAR 

NWSA through Hazen. and Sawyer, a consultant, solicits 
tenders from firms interested in supplying materials and 
equipment for the above construction. A general description 
and -approximate quantities of materials and equipment is as 
follows: .. . y . . N. 

_ is km. of 600 mm water tranrimssioa main piping and 
■ -fittings - " ~ _ . 

: '24 km. of 150 mm to 600 mm wen field piping and fittings 

136 km... of 20 min to 500 mm water distribution system 
piping • • — 

- .Various diameter gatet butterfly and other valves 

- "iso km. of 100 mm to 750 mm sewer pipe and fittings 

— Manholes frames and covers 

— Cement and reinforcing steel • 

. Six- various diameter steel water tanks and accessories 

— Electrical transmission poles - 

— 26 Automobiles and trucks' • - . , 

7,000 water service meters - 

Specifications and Tender Documents can be obtained starting 
10 April 1 978 at the following address:. -.. 

Mr. F. P. Coughlah, Jr.~ ; / - . : " . 

(Dept. Taiz Projec t S ap ply) 

HAZEN AND SAWYER, P.C. 

. 360 Lesfingtim Avenue 
New. York, New. York 10017 ' " 

' r United Stetes of America 

Bequests should be accbmpanied by a asrtified cheque drawn 
on a bank m aintainin g offices in the USA in the amount of 
US$200 per contract. The Cheque shaft be payable 1 to the firm 
of Hazen and Sawyer, P.C. and the money shall be non- 

ref undable. 

Specifications and Tender Dacmrients can also be obtained at 
the follotomp address: 

- Mr.hLAAl-Fusail. 

: Director General \\- . __ 

NATIONAL WATER & SEWFKAGE AUTHORITY 
P.O.Box 104 

Sanaa, YemenArab Republic. 

Requests should be accompanied ’by a certified cheque drawn 
■on a bank maintaining. offices In the Yemen Arab Republic 5n 
the amount of USS20O.JEhfr cheque shall be wabble to Nwsa 

and the money shall be non-ref undable. • 

THE TENDERS-SHAIL BE DUE' JULY 1, 1978 _ 

Funds for this project shall come from loans or grante^rom 
the US Agency -~for ' International Development, Abu dm* 
Fund for Arab Economic Development, Saudi Arabian Funa 
for ‘Eeariomic Development, ‘ and from the ‘ Govemment' : oi 
Yemen Arab 'RjqMiblic: J . ■ 


CLUBS 


i S jr' - 


4 >\ 


i. IflS fieKBt StrML '734 -0537. Ate 
tsrt» or -aSSv Mnuj.-Ont- SjiaettHlter 


3 So? 

pjsic at iomulf HawXwworta * AMv 


~S&a* at MlrfnHrtn and 
MttMW. Oatmt Saturtav*- 




London, W.t 


STRf 
1 aJ«i- 

01-4J7 6435. 


increasing the cost of capital 
from what it otherwise would 
have been, and resulting in a 
depressing effect on share price. 

Second, most companies that 
experience hardship during 
economic recessions have their 
difficulties accentuated by the 
cash drain of scheduled debt 
repayment. Even successful 
companies borrow less then 
they would like over the 
business cycle simply because 
they need to protect themselves 
against unexpected shortfalls 
in the cash flow available for 
debt amortisation. Almost all 
firms attempt to reduce their 
average annual debt payments 
by lengthening the average 
maturity of their debt, that is, 
by borrowing long-term funds 
— the longer the better. 

I < er wlers, too, do not want debt 
repaid, and for good reasons. 
There are several specific ones, 
apart from the fact that lending 
jponey is their business. 

MPireti by lending long-term 
they save the periodic cost of 
seeing a new borrower. Also 
when the borrower repays the 
debtYthe lender’s ■ income is 
reduced. Thus, the lender 
requirekdebt repayment only to 
“ see if toe borrower can do it. 
The only: time a lender really 
wants debt repaid is when he 
knows the' borrower cannot do iL 


Guarantee 


Since borrowers and lenders 
both prefer no debt repayment 
(they both save 1 money and the 
borrowers' financing flexibility 
is enhanced) the obvious ques- 
tion is: What prevents these 
parties from designing and 
implementing . the best debt 
instrument — perpetual debt? 

At the outset, I should attempt 
to absolve my bank and other 
commercial and clearing banks 
from responsibility. By their 
very nature, these banks do not 
lend extremely long-term funds. 
Aside from seasonal or other 
-temporary needs, expanding 
companies borrow from banks 
until the amount of their short 
term' debt is sufficiently large 
to minimise the unit cost of 
underwriting it in the form, of 
long-term debt Because short- 
term lenders do not purchase 
a guarantee from long-term 
lenders to. assume the short- 
term loans at some future date, 
the banks require debt repay- 
ment as a policing device to 
ensure sufficient stability and, 
thus,- ultimate long-term re- 
financing. 

However, this reasoning is 
Inadequate. If borrowers and 
lenders benefit from perpetual 
debt, bankers should purchase a 
guarantee from tong-term 
lenders to assume, at some 
future date, the short-term debt 
the bonks have granted. Alter- 



europcar 

To rent a car in London. 
Bristol, Southampton, 
Manchester, Glasgow, 
Edinburgh, Birmingham, 
Gatwick, Heathrow, 
Brighton. 

01-848 3031 

Or your travel agent. 




natively, the banks should alter 
their own form by, in effect, 
becoming department stores 
offering financial services, there- 
by accommodating all borrowers' 
preferences, > ranging from 
short-term debt to perpetual 
debt 

The two most popular reasons 
for finite debt are fears of mis- 
takenly forecasting inflation and 
the need periodically to review 
restrictive loan covenants. First, 
many borrowers and lenders 
fear their inability to predict 
toe future rate of inflation. They 
therefore appear unwilling to 
borrow or lend perpetually at a 
constant interest rate. They also 
argue lint loan covenants which 
restrict management's operat- 
ing and financial decisions 
should not be set in perpetuity, 
because toe firm's credit quality 
may change, thereby requiring 
different restrictions. Thus, new 
debt agreements between 


borrowers and lenders 
periodically replace old agree- 
ments, accompanied by more or 
less restrictive forms. 

The first season is erroneous. 
The 'second can be ignored by 
slightly adjusting toe form of 
loan agreements' restrictive 
covenants. 

On forecasting the rate of 
inflation, which is a principal 
determinant of the interest rate 
on ddbt, there are some lenders 
and borrowers who believe they 
can adequately forecast infla- 
tion. This is especially so in 
toe U.S., where most long-term 
debt' is negotiated on a fixed- 
interest-rate basis (for example, 
American Telephone and Tele- 
graph borrowed 40-year money 
at a fixed rate even at toe peak 
of fnterest rate in 1974). 

However, those who cannot or 
choose not to forecast inflation 
rates— this particularly applies 
in,*he U.K and other European 


countries. Hong Kong and 
Australia — link the interest rate 
to a. fluctuating market interest 
rate, such as the London Inter- 
Bank Offered Rate, LIBOR. . In 
the U.S., interest rates in the 
public capital market stop in- 
creasing with maturities 18 to 
33 years in the future, which 
means that beyond 23 years, at 
most, a 11. debt is equally expen- 
sive, even with maturities up to 
40 years. In the U.K. interest 
rates peak at maturities as small 
as eight years, in 1SS5. Thus, 
perpetual debt and medium- 
term debt cost the same. 

Writing indenture restrictions 
for a perpetual debt instrument 
could present borrowers and 
lenders with a serious problem. . 
This is because many restric- 
tions are normally stated in 
absolute, not relative,, terms. 
Examples of this are limits 
placed on cash dividend pay- 
ments to conserve corporate 


capital and the maintenance of 
minimum working capital (that 
is. net current assets). How- 
ever, even those restrictions can 
easily be expressed on a relative 
basis as ratios to total assets or 
revenues. 

• A key issue for perpetual 
debt is bow to protect tbe lend- 
er from deterioration in tbe 
borrower's credit quality, and 
the borrower from excessively 
restrictive limitations as his 
credit quality improves. 

The obvious advantage of fin- 
ite debt is that it is renego- 
tiated at maturity, offering a 
potential benefit to both bor- 
rower and lender; whereas for 
perpetual debt, no such renego- 
tiation .occurs. However, this 
benefit is costly. Each renego- 
tiation is accompanied by an 
underwriting cost' 

For perpetual debt, the under- 
writing cost can be saved and 
the renegotiation benefit in 
effect, retained if two adjust- 
ments are made in the loan 
agreement First, restrictions 
can vary as toe borrower’s credit 
quality changes. For example, a 


maximum permissible ratio of 
debt-to-total capital could vary 
from, say, zero to 50 per cent., 
depending on the borrower's 
rate of return on total capital, 
increasing with the firm's rate 
of return. 

Second, the loan agreement 
would have an escape clause for 
the borrower, thereby enabling 
him to redeem and, hence, 
repay perpetual debt. This 
would be especially important 
if the borrower's investment 
opportunities were to dimini sh. 

In sum. perpetual debt 
benefits both borrowers and 
lenders, but borrowers to a 
greater degree through a saving 
of the periodic underwriting 
cost The structure of creditors 
— they simply do not lend long- 
term funds — and the alleged 
reasons against perpetual debt, 
are erroneous. That is, perpetual 
debt can be accommodated 
easily by minor adjustments to 
existing loan agreements. 

Joel Stem is Presidenl of 
Chose Financial Policy, Chose 
Manhattan Bank. 



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LOMBARD 


In praise 




BY PETER RIDDELL 


PRAISE for Britain's economic 
policies from anyone In the U.S. 
has been unusual in recent years 
and is doubly notable when the 
speaker is as eminent a banker 
as Mr. Walter Wrlston, the chair- 
man of Citibank. The tendency 
in the past has been to talk of 
an English disease which should 
somehow be avoided hut Mr. 
Wriston contrasted the' recent 
U,K. experience favourably with 
developments in the U.S. 

Id testimony lust month to 
the Congressional Joint Econo- 
mic Committee, he argued that 
in Britain there was a new con- 
fidence that stemmed from a 
fundamental turn in national 
policy — a recognition that it is 
not only futile but positively 
counter-productive to push reck- 
lessly and relentlessly for higher 
growth. 


Optimism 


Mr. Wriston maintained that 
there was great optimism in the 
UJ\. f in contrast to the pervasive 
anxiety in the U.S., and this 
newly found British content- 
ment was reflected in greater 
financial stability. All of these 
gains, he maintained, were made 
in face of an essentially stag- 
nant British economy, while In 
the U.S. there had been the 
other side of the coin with real 
economic growth far from 
stagnant. 

However, “ we persist in 
behaving like the patient who Is 
doing better but feeling worse, 
and the trouble 1 submit is the 
gnawing apprehension that we 
have learned nothing from ex- 
perience and, unlike Britain, 
are still bent on risking another 
cycle of go and stop." 

Mr. Wriston may be right 
about the U.S., though the real - 
lesson seems to be the more 
basic one of the connections 
between monetary and exchange 
rate policy, but he exaggerates 
the change in the UJv it is 
.possible to detect behind Mr. 
Wriston's view of the UJC 
the influence of Mr. Peter 
-Jay, both now as Am- 
bassador in Washington and 
previously, and indirectly, as 
^probable author of the Prime 
..Minister’s famous statement in 
.September 1876 about the option 
,,no longer existing for a country 
4o spend its way out of a reces- 
sion and increasing employment 
i by cutting taxes and boosting 
..Government spending. 

\ This comment has been widely 
'quoted in the U.S., not least by 


Professor Milton Friedman, “ 
evidence of Britain’s potential 
redemption. But softs of this 
confidence in the UJK.’s change 
of heart may not be soundly 
based. Mr. Callaghan’B view 
would, for example, be accepted 
only with reservations by many 
in the Treasury, from the top 

downwards. 

It is certainly true, as my col- 
league Sam Brittan pointed out 
in his Chicago lecture on the 
English sickness last week, that 
British policymakers are at last 
learning there is no escape if 
the Government tries to spend 
its way into full employment: 
the result will be not just infla- 
tion, but accelerating inflation. 

This does not, however, repre- 
sent a full-scale conversion to 
monetarism — far from it The 
change is more one of degree 
with the fairly widespread recog- 
nition that there are now strict 
limits on the extent to which 
action can be taken to stimulate 
demand, notably the rapid im- 
pact of any monetary expansion 
on the exchange rate. This 
clearly prevents a quick return 
to some kind of natural or sus- 
tainaVbe rate of unemployment 
consistent with avoiding merely 

an acceleration of inflation. But 
the neo-Keynesian belief in 
demand management policies as 
such remains and is shown both 
by Mr. Healey's calls for co- 
ordinated international fiscal 
action by the main industrial 
countries and by bis domestic 
policies aimed at boosting 
demand at a gradual rate. 

Recognition 

Tbe real change in the last few 
years has been the recognition, 
or at least the reluctant accep- 
tance, by tbe Treasury of the 
power of markets, as Sir Douglas 
Wass noted in his recent lecture. 
The Government's ultimate in- 
ability to resist market pressures 
—whether on sterling or domes- 
tically— has been the key lesson 
since 1974. 

The result is that the Govern- 
ment now has to pay close atten- 
tion to market expectations on, 
for example, the borrowing re- 
quirement and monetary expan- 
sion. Tbe Treasury can, of 
course, influence expectations but 
it cannot determine them. Thus 
to the very limited extent that 
Mr. Healey's budget reflects Mr. 
Wriston’s view of a switch of 
priorities in the U.K. it will 
largely be because of market in- 
fluences rather than because of 
any change of intellectual com- 
mitment. 


THE WEEK IN THE COURTS 


Learning to cope 
with European law 


Financial Times Monday April 10 1978 



tive palrs-of raiding fall-backs. . that yielded a penalty scored hv 
excitement, and bravery, Satur- The semi-final was shaped by' Tony Btbwn with a down 
SjJjL FA i ,fl w goal headed after -eight minute* left Albion’s MsrSm 

Ip . sv £ cil aimites §y Talbot a split-second previously booked, had to besS? 
draervedly beat West Bromwich before, a '‘Collision of heads off when he brought £ 
v plc * v J betwee «'hUa and’ Wile, Albion’s Mariner from befind anS 
Bytuyhit jpwicfc have had centre-half and captain. Talbot depleted -Albion's ally was 
an.- indifferent Football League retired • immediately, concussed torpedoed when Wark .headed in 
J season, falling well short qf ex- and tut' Wile, badly Cut* too, a Woods’s comer. 

’ pectataons, and there has been a witlra wound that would have ’ Mariner, while not managing 
tendency to write them down as. prompted a boxing referee to many' shots, created a moun- 
pqtential finatistS- stop -jfce. fight immediately, tain of work for the West Brom- 

"Ir wfa *i e . . e ^. toa y, lack carried on for almost another wkfc defence’ by his sheer 
creative artists of the- .calibre of hour, swathed- in. a succession of industry. 

Arsenal’s Brady and Hudson,: tarbanr of -bandage. - - Album*, who had come to town 

Ipswich, m my submission, have r . ; y • - backed by high expectations. 

sufficient heart-tingling . per- L/lSpi^aSUTG . never quite managed to bring 

forxnms. to make this year’s This brave, crazy man seemed out their best attacking talents. 
Wembley . showpiece, and their to delight in heading the ball Johnston showed plenty of bis 
first final, one of the better and further, higher, and more fte- usual speed and trickery, but 
more memorable. qnently than anyone else. Once Ipswich’s vigilance saw that ft 

Ipswich are often more thrill- when he had discarded a blood- was rarely harnessed to creat- 
i Jo - watch in defence ■; than soaked bandage referee Thomas tag danger, and it must certainly 
attack. Three of their , back gave him Ms handkerchief to have been one- of Regis’s less 
fonr, Hunter, Beattie and Mills, stem tbe flow. Finally, when, exciting days. Apart from the 
have a fear-naught, dashing called- off by his bench, be- flung superb WUe, Albion’s best were 
cavalryman-style of operation, off his las^ stained, turban, in backs Mulligan and Statham. 
neatly complemented by the displeasure at being deprived at’ In spite of Ipswich’s three 

clean-limbed elegance of right-, the chance of continuing to lead goals, manager Bobby Robson 

back Burley. Hunter and Beattie his side’s battle to bridge the must still have doubts about 

are among the League’s .most two-goal gap. exactly which combination of 

dominant defensive pairings A game seemingly settled was attackers he should field around 
aerially; Burley and Mills among revived as a thrilling contest by Mariner. ' 

the most persistent and produc- Hunter’s handling aberration JAMES FRENCH 


TV/Radio 


BBC 1 

- f Indicates programme in 

black and white. 

, 6.40 a.m. Open University. 12.45 
pjn. News. 1.00 Pebble Mill. 1.4a 
Camberwick Green. 3J5 Songs of 
Praise. 3.53 Regional News for 
'.England (except London). &55 
Play School' (as BBC 2 11.00 ajn.). 
420 Tarzan, Lord of the Jungle. 
4.40 Cheggm Plays Pop. 5.05 
John Craven’s Newsround. 5J.Q 
-Blue Peter. 

. 5 AO News. 

555 Nationwide (London and 
South East only). 

« 620 Nationwide 
6J>5 Ask the Family. 

720 Angels. 

5L10 Panorama including Mr. 
Cut Price— report on the 
Prices Minister Roy 
Hattersley. 

9.00 News. 

. 923 The Monday Film: “The 
Heist" starring Warren 
Beatty. 

1120 To-nisht 


12.00 Weather/Reglonal News. 
All regions as BBC 1 except at 

the following tiroes: 

Wales— L45-2.00 pan. Pili Pals. 
5-55-620 Wales To-day. 625-720 
Heddiw. 12.00 News and Weather 
for Wales. 

Scotland — 5-55-620 pjn. Report- 
ing Scotland. 1120 Public 
Account 1125 News and Weather 
for Scotland. 

Northern Ireland— 41.534J.55 p.m. 
Northern Ireland News. 5-55 
Scene Around Six. 620-6.55 Land 
’n’ Larder. 12.00 News and 
Weather for Northern Ireland. 

England — 5.55-020 p.m. Look 
East (Norwich); Look North 
(Leeds, Manchester, Newcastle); 
Midlands -To-day (Birmingham); 
Points West (Bristol); South 
To-day (Southampton); Spotlight 
South West (Plymouth). 

BBC 2 

6.40 ami. Open University. 

11.00 Play School. 

4.55 Open University. 

7.00 News on 2 Headlines “With 


sub- titles. 

7.05 Children’s Wardrobe. 

720 Newsday. 

8.10 Drama 2. 

9.00 Beryl Reid With guests. 
945 Americans. 

10.35 Late News on 2. 

10.45 Open Door. 

11 J5 Badminton: European 

Championships. 


University Challenge. MO A TV Today. 
1030 Left, Right and Centre. 11.00 
Colombo- 1225 a.m. Something Different 


SCOTTISH 


M-80 sun. Davy Crockett on the Mtssls- 
DADncD "WW. M30 ■ Documentary. 1X30 Show 

. dUKJUcK cane. 11.45 Oscar and the Great .Wooferoo. 

935 *.m. Stfdennaa.- 1030 Tbo Record L25 pan. News and Road Report 225 
Makers. 1030 Borderers. 1130 Showcase. Monday Maiinoo: " Tho Brigahd 
XL45 Oscar and the Great Woofers. Kandahar,” starring Ronald Lewis and 
1230 p.m. Gardening Today. fUO Border Oliver Rocd. 530 Beryl’s Lot 505 
News. 230 Honseparty. 235 Matinee: University Chan once. 630 Scotland 

” Summer Madness." Marring Katharine Today. 530 CrlmedcaX. 1038 The Andy 
Hepburn and Rossano BrozzL 505 Gar- Wllllanu Show. 1130 From the Top. 
Till rtolmn nwk Why. 0.00 LooMround Monday. 635 U30 Late Call. U35 The Prisoner. 
124)5 amt Cooseaown. Jill Baicon unlverolty Chalionge. 1030 An Audience cnTITHCPlV 

reads “The Fish,’ by with Juspori carrot H30 tv. M ode: __ . . , 

EliMto* Bishop. saslt fli " “ * te ” 

LONDON" CHANNEL ' 12B Southern Nnws. - 2.00 Hobseparty 

a «a a m tvia Dmi htaj sii a tiiiiA US p jh. channel Lun chtim e News and ^5 Monti ay Matlwct 11 Wonder Woman. 

Tbe ®ed and the Blue, oi where, u ita vudv Bwr» tot, s js Mr. urn miu w 

935 Heritage. 1025 Beatty and Matinee: *' The Bridal pnih." 400 Car- by Day. 1030 Man and Woman, 
Cecil Cartoon. UOJtO Tbe SalnL toooatac. SJS University Challenge. 630 jju® Bwihcni New* .Bm . JU* Lam 
1120 Drive-Izt 11.45 Manfred. Cham*] Nows. 640 Charlie Chan and the Nt * ht *wvic: Lanigan b Rabht. 

12.00 Jamie and the Magic Torch. TYNE TEES 

12.10 pjn. Rainbow. 1220 Indoor ^ wtehfaSriS^'cS « J* 5 opod Word MfeMl a* 

League. LOO News. 120 Help I Mother’s House." 22.40 un. News and 

L30 AbOUt Britain. 2.00 After Weaftor In French MM by Chwrt SSo S ‘^ SSTnSSSZ. 

Noon. 225 Monday Matinee: uazTOe- 11.45 Oscar and Up Great wooferoo. 

“Never Say Goodbye'.” 420 GRAMPIAN ua p."«. Nona East News and Look- 

Clapperboard. 4.45 n. Feathered « — , « SSM/Bi BT JS - JST JS 


F.T. CROSSWORD PUZZLE No. 3,638 



ACROSS 

1 Cleans after bitter mortiflea- 
.- tion in prison (8, 6) 

TO Return money when deter- 
mined (3, 2) 

Tl That's the last time as the 
raven said (8) 

12 Put too much strain on public 
.. with an unknown Qiiantity {7) 

13 Person running off with hike 
(7) 

14 Glassy tribute to a good man 

‘ 15) 

•T6 Place to eat with natives from 
Beds? (6, 3) 

T9 Friendly idiot they say used 
to make bed (9) 

. 20 Clear for student (upper 
class) to join crime squad (5) 
1 22 Breach of faith for Turkish 
leader to sense (7) 

35 Estate needs me to moke 
changes (7) 

27 Farm worker rushed to 
church and found it let (9) 

28 Smooth hit of glass is about 
• a pound (5) 

: 2D 23:30 from Elision possibly 
running over itself (7, 7) 

3- 


DOWN 

2 A. soccer player should be 
alert (2, 3, 4) 

3 It needs a master to catch a 
painter (5) 

4 Old boy with no vote promises 

offensive (9) 

5 Bars biblicaj rich man (5) 

6 NCO takes in oriental with'a 
body (9) 

7 Part of navy about to be 
modified (1-4) 

8 Southern auditor is a cutter 
(7) 

9 So . art’s difficult to classify 

( 6 ) 

15 Counterpart to salary used 
to make ship g 0 (4, 5) 

17 Get a move on with Spring 
flower (9) 

18 Second part of development 
behind the scenes (9) 

19 Baseball player sent to Jug 
(7) 

21 Passes on the Spanish fnei 

(8> . 

23 Weariness is in part an open 
nuisance (5) 

M Fool goes to pub in New York 
(5) 

28 Chart the French made of 

wood (5) 


, c “? - KSSLflUi? Otaltawc. 630 Northern LUc. 6.00 Potto 

CaU - “- 30 Utowlv. UJO Danger In 
Slraply Scwtng. Z55 Monday Msunee. puraaig^ u.88 EpOogUo. 

■■Desert Hawk. * starring Yvonne 4e “ ^ 

Carlo. Richanl Gm.-ne and Jacftic ULolfcK 

Gleason. 5^ Urtvcwnty Oiallcnge: 6.00 Record MaHvis. 10 3D The 

Grampian Today 6415 The Maw Trior U J0 Showcase-. 1L45 Oscar. 

Moon? Show. 535 Help! UJ30 Rcfludtions. p .m. Lunch hihl. 230 5ei- You Mon- 
1035 Featnre Film:_ ■■ Look WhAl’s Map- daJ _ 2J» Monday MaUncc: "A French 
pened to Rosomanr s Baby. ^ Mistress.- 4JB UIskt News nuadUn.ix. 

GRANADA • SJS University CbaJIcngv. 630 Ulster 

1V.-V Television News. AOS The Panucra. 6.XJ 

T*-_,-n -erarrincr r„nt ,J0 a * m - 5cSamp Street. 10.25 PtCfflC, R,. ports. 1030 Two 01 10.30. 10.40 Mon- 

Rome, Starring t ranK pgdfic 1135 The GaJUorltW GonrmcL day Movie: -Caine of Survival." 1235 

binatra. HAD A Place to Uve. 1135 Cartoon, a.m. Bedtime. 

1225 a.m. Close: Christopher am, Bow in Stay AJJve. laDodo. u/ucrivtDn 

Cazenove reads noems bv tJ * J5 Monday Martinw: "The Bohemian WtblWAKD 

r P y Girl." Starring Laurel and Ha rit. XX 10.00 «.m. H«ord Makers. U3D n» 

if}? 10 _ . Beryl’s Lot. 535 University ChdOengc. Borderers. 1120 Showcase. 1135 Oscar 

All IBA regions as London A30 Granada Reports. U30 Reports and the Great Wooferm. U37 P.m. 

except at the following times: Politics. tlUO Monday Flhn premiere: (jus Honcybun’s Birthdays. 12) Westward 

. Bbtcprlm for Robbery." _ ' News Hcadlmcs. 2JB The Monday 

ANGLIA nT\/ Muilncc: “Tho Bridal Path." 4J0 Car- 

HIV toondme. SJS Unlrerriiy ajaHmw. 630 

V3P Mi. GcrcBMmtea Of gie Tower rt 1D.D0 «.m. Record Makers. 1M» The Westward Diary. 635 Sports Desk. 830 


Serpent 5.15 Batman. 

5.45 News. 

6.00 Thames at Six. 

6 AO Help < 

6.45 Whodunnit? 

720 Coronation Street 

8.00 Devenish. 

820 World in Action. 

9.00 Rumpole of the Bailey. 
1020 News. 

1020 The Big Film: “Tony 


U30 Lifestyle. 1130 TV Movie: 

It Shocking?" 1225 ua. ROflecUon. 


l£45 Oscar Rising Damp. 1038 Wcsiward Late News. 
12JD p.m. 10.3D Chaplain of Dormumr. 1930 Late 


YORKSHIRE 


^ -SSSL Borderers. 1L20 Showcase. 

A q im atcd Classic. 1L30 Sbow caac. i-25 creat Woof^roo 

Cardenlna My Way. 130 Report West Night Movie: ■■ Our Mother’s House," 
^ tis HcadHncs. 135 Report WjVs Headline b. Marrlns Dirk Bogarde- 1230 a-m. Valth 

K^nciir M° Houscparty. +2J5 The Monday for L1K‘. 

University Challenge. 630 Ab«W“ AncUa. ijpune*: ■■ Separate Tables." Marring 

13111 Deborah Kerr, 535 Unlverelty CBaltengo. — 

630 Report Weal. 632 Report Wales. 930 aun. The Red Boron. 1035 The 
1035 The- Monday Film: “ Irina La Undersea Adn-nnires of Captain Nemo. 
Douce," surring Jack Lemmon and ttn.m The Monday Morning Film: ” The 
930 a.m. Link. UU5 Untamed Fnm- Shirley MacLainc. Amorous Prawn," starring fan Car 

tiers. 1030 Fantastic Voyage. ULftl KTV CymrafWalos— As HTV . General micbad, Joan Greenwood and Dermis 
Dlgglns for Yesierday. 1X3S Hlatoe: Service except: 130-135 P.m. .Penawdan Price. 1230 p.m. How to Slay Alive. 
Tho Singer of lha Song. 1130 Professor Newyddlon Y Dydd. 2-00^35 Bantddcn. 130 Calendar News. 2.25 Family. 330 
Balthazar. 1230 pjn. Gardczdns Today. 6.IW632 Y Dydd. 030-9.00 Yr WRhnos. Music at Harewood. 330 Beryl's Lot. 
130 A TV Newsdesk. 12JS Movies in HTV West— As HTV Geaural Service 535 University Challenge. 630 Calendar 
Renwmben "A Life of Her Own." star- except: U0438 pjn. Report Wert Head- iGmlcy Moor and Bclmom cdlitonsi. 10.30 
ring T-wnn Turner and Ray MlllamL 535 lines. 63Mu45 Report West. Lifestyle. U30 The World Of Ltbpracr. 


ATV 


RinTD 1 247m day Special' 1S1. 1030 Talking Abort 5^ Down the Garden Paih. 2535 

MSAMJLKf 1 Mnsle 1S1. 1030 Song Redial- IS). 1135 5JM PM Reports. 530 Down the Garden 

(5) StOrootamnlc hraadutt bbc Northern Symphony Orc&eatra iSl. Path 1535 Wealhu. programme Hews 

530 aJn. AS Radio 2. 732 Wool X30 p.m. News. 1.05 BBC ' umehtlmo rVHF) Reghmal A30 News. *30 

Bdmoads. 930 Simon Bans. U31 Paul concert <S>. 235 North watt* Mnsic The Enchanting World o* Hinge and 
Burnett Including 1230 p-m. NewsbeaL Festival tSi, 2 SS Mailnee MnsJcale tS'. Bracket. 730 Nvws. 735 The Archers. 7.20 
230 Tony Blackburn. «3l Dave Lee 335 dannet and Plano redial (S>. 43 0 From Our Our Corroespondent. 7.45 The 
Tnril factodlar S30 Nevstieat 730 BBC New Records 1S1. 535 Bandiund (St. Maoday Play (Sj. 435 a Sideways Look 
Northern Radio Orchestra iSi, (joins jsjG Homeward Bound. 2635 Jhws im/I AL . . . 930 Kaleidoscope. 939 Weather. 
Radio 2). 10 02 John Peel IS). 1230- omyi, tb30 Homeward Bound fcOrttauwiJ. 2030 The World Tonight: News, in JO 
2JH «»• A* X 1 630 Lifelines. 730 BBC Northern Sym- Pro Hie. 1130 A Book at Ecdilmc. 1135 

VHF Radio 7 and 2—530 ux, With phony Orchestra, part 1: Llsat (5). 7^Si The Financial World Tonight. 1130 Today 
Radio 2, including ls pjn. Good Listen- interval Reading. 830 Concert, part 2: in ParllomonL 12.00 Nows, 
ine- M30 Wth Radio L 123M32 fcm. Brahms. 935 WUUam Haslln Ian account ni >/i n,js. r -_j„_ 

With Radio X. Of hla Ufo).. 1030 Granados ptgno reeiinl - BuL JKaCUO LOnOOIl 

D A rnn 7 LSOOm and VHF “ rw ? 1 S ,Sl - Pialnsaua and the 206m and 94.9 VHF 

KALIIVJ R to of European Music 1S1. ILS News. 5.00 inii ^ ft adlo C. 6J0 Rush flour. 

5.00 a-ra. Noire Summary- 5 - 0Z ,_^ ay U39dU5 And Thnighrs Schubert Song ^ worirly Echo. 12D London Lire. 

Moore with Ihe Early Show (Si lndodlng (Si. naj | n Town. 32.03 p.m. Call In. 23? 

US Pause far ThpughL 732 Terry Wogan Radio 3 VHF unty— 630-730 ujH. and *gg showcase. 433 Home Run. 630 Look, 

ta S« R « *5h*2„ M “2?” M5,7ja «"• Unirtndiy. - stop. Lmen. 7J0 In Trirn. E30 EMrcaK- 
ToumameBt tEnal report). *37 Racing ibrougb, 1031 Late Ntuht London. 12-00 

asrtJS VLfs “kS^Sh radio 4 * »«. t b> ajn. Oucstiotr Time 

5^o^WtS%30 S ^^r^ 434m, 320m. 28Sro and VHF ^Rndlo ^ &nna "“- 

Open House fs> tndndlnR 235 Sports (Q) Quadrophonic broadcast *“ ^ ' 

f-’tk. 2 J0 David EamOaa IS) iadadinp us a.m. News. 6.17 Fartniog Week. LOHaOfl BrOfluCaS tlHff 
MS and 535 Sports Desfc. IX Wsutoer V 635 Up IO the Hour. 632 (VHP) RcsfOttaJ 9 film an fl o7<| VHP 

Walk. 435 Sports Desk. <L47 John Dunn Newt. 7.00 News. 73ffl Today 735 Up ,, -Hint ana IfiJ VHr 

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■Si. 730 Alan Dell: 730 The Dance mH mting news headilnc-E, weather, papers, lnwnnatlon. 1030 Brian Hayes. 130 p.m. 

Bud Days. 102 The Big Band S«od jport 135 RatCcSlmirtU thoBBC JSg*™ tn 4 t i^ Uu< ...P. e or<:c 8 
IS). 932 Humphrey LTOelWn with TOO SourM Archives. 930 News! W8 Start ijSSS!* ..^,.A ttcr T n. 1 .?. 
Best Of Jan on records ‘ft* S J*2* the Week with Richard BSRer. 10.00 N “*■ 

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U30 5tsr Sound. UM W* “M U3S Mottling story. 1130 News. 1135 Capital RadlO 

Brian Matthew Introduces Round Mid* Shakespeare in Paris 150 years ano. “ u , 

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Summary. pjn. You and Yours. 1237 Brstn of 

n A TM/N • 1 dfiim. Stereo & VHF BriTaln IMS . HISS Weather. WBWIPC 

RADIO 3 4MIB, SIBIWI as VM flews fcxa , pf ^ S£) 

tMsdhun Wave only Hcalonal Newi. LOO The' World at Oho. 

a.m. weather. ‘ ZOO News. 735 U0 Tho Archers. 1.45 Woman's Hour Lows open Liao iS>. 9.00 Nlcty Horne’s 
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Concert ( 31 , 430 News. 935 Thts-treek’s Mother. 3M News. 335 Afternoon Ule Show f5>. 230 tun< Pdlcr Toung’s 
Composer; M»wn T iwiwi 453 . 2030 Holl- Theatre (S and Qi. 435 Story Tlrflfe. Night Flight (S). 


194m antf 9S.SVHF 
6.00 cum. Graham Dene’s Breakr.isi 
Show rsi. 9.01 Michael Aspel VSi. i?-« 
Dave Cash 18 ). 100 pjn. Boner Sour 

IS'. 73o London Today <5>. 730 Adrian 


BY JUSTINIAN 

NOT LONG after this country The Crown said that if the the interpretation of the Rome 
joined the Common Market the courts befld that the coins, were Treaty, or look to the European 
Court of Appeal was asked to gpods, then whether the pro- Court in Luxembourg to do the 
make a reference to the Euro- b&bition could be justified on the interpreting, *** 

pean Court In Luxembourg for grounds of public policy raised Ever since, lawyers turned 
an opinion on Community an important question of inter- their attention to Common Mar- 
regulations concerning wine.* pretation of the Treaty. ket law there has been anguished 

In declining to make tbe The Crown said that in any debate about how far the courts 
reference.- Lord Denning, the event the control of the move- of the member-etates should take 

Master of the Rolls, said in his meut. of coins of the kind in it on themselves to do the* inter, Ar#pnjll ,_ „ . Wll , . 

inimitable style that the Treaty question was governed by preting of Comm unity law ' Brady ana tartenr of^ -bandage: • 

of Rome “is like an incoming another facsimile of Articles in tbe point of law Is free from " * ' ” "* *" ~ 

tide. It flows into the estuaries the Rome Treaty under the doubt, or Is tolerably clear, then 

and up the rivers. It cannot be heading of “ Capital” An EEC there is no need to refer, 
held back. Parliament has Council directive of I960 treats But where there is some doubt 

decreed that the Treaty is hence- as the movement of capital the should that doubt be resolved by 

forward to be part of our law.” physical imports and export the one court which can give the 
Now. four years later, Com- of financial assets. Such assets final authoritative ruling — the 
munity law Is frequently in the are then defined as “(a) securi- European Court? 
upper reaches of the legal ties and means - of payment of There are some judges in this 
hierarchy. How far English all hinds, (b) gold.” country who think there is a 

lawyers are learning to Cope Did not that make It clear danger Of overloading the Euro- 
with this infusion of a foreign beyond aid argument that gold pean Court with work, that 

system of law is both Intriguing in any form, and silver coins references to it should he made 

to the profession and of capable of being used as a means sparingly, and that national 

practical significance to those of payment, fell to be considered lawyers must . make themselves 

coming before the courts with under the Treaty as capital and competent to interpret the 
Common Market issues for not as goods? Treaty as best they can, even if 

determination. Tbe trial judge had do hesita- that might mean different inter- 

tlon in ruling that gold in what- pretations coming out of the 
ClllACtinn ever form, and cot solely gold courts of the different countries. 

V UC 3 IIUU ingots, is included in the term Other Judges see great dangers 

A recent case— the first which capital, and this, therefore, is in conflicting judicial views 
has come to the Court of Appeal the U.K. includes both pre-1947 among the courts of the national 
(Criminal Division) — iUumln- silver coinage and gold Kruger- countries. Better to get an 
ates the limitations potentially rands. early ruling from the European 

placed on our law.f Three As a fall-back position, the Court . 
people were arraigned at Canter- accused pointed to Article 71 In the Krugerrand case the 
bury Crown Court last year on of the Treaty. The Article Court of Appeal decided to make 
an indictment charging them expresses an Injunction cm a reference to the European 
with tbe smuggling Into the members states that they shall Court, mainly because it thought 
country of Krugerrands. Two of endeavour to avoid introducing that It was not clear beyond all 
them were charged also with any new exchange restrictions on argument that silver coins of the 
conspiring to evade the prohibi- the movement of capital. kind in question ought properly 

taoa on tbe export from this That certainly rings the death- to be regarded as a means of 
country of coins of silver alloy knell of exchange control laws payment rather than .ns goods, 
minted before 1947. ■ (including the movement of ^ ... 

The question at issue, both at currency) but it is not xnanda- I 3 11 Tl OH 
Canterbury and in the Appeal tory such as to render Unlawful xl _ . . , 

Court, was whether the restric- any current restrictions on -the If the potat was arguable 
tions on the Import of gold coins movement of capital. It looks should it be the- European Court 
and the export of silver coins, to the future prohibition. tiiat should resolve the argu- 

whlch the three were convicted If the question before tbe incut? Toe .p^urt quoted the 
of contravening under tbe Court of Appeal had related to words or Mr. Jean-Pie it e Warner 
Customs and Excise Act 1952, gold alone, the judges seemed the English Advocate-General at 
were invalidated by the prohibi- disposed to say gold in what- the court la Luxembourg, 
tions in Articles 30 and 34 of ever form was capable of being He tJ Sai d: National courts 

the Rome Treaty. used as a means of payment, should exercise great caution be- 

The Crown conceded’ that if But what about the gold coins fore reaching the conclusion, on 
coins of the kind in question produced in a noiMnember state? any point of Co mmun ity law, 
were properly to be regarded Were they capital within the that the answer to it admits of 
as goods, and came within that meaning of the - i960 EEC no possible doubt.} The implica- 
part of the Treaty which pro- Council directive? tion was that points of com- 

hibits -any restriction on the And what about silver alloy munity law were rarely free of 
free movement of goods and coins? Pre-1947 minted silver doubt, and should be instantly 
services in the member states, coinage appeared to have been referred to the European Court 
those prohibitions invalidated at all times legal tender in this for desolution. Thus the lawyers 
the Customs Ihws of this country, country, and so presented no of Europe are setting out the 
unless they could be justified legal problem. But if they were boundaries of the two systems 
under Article 36 on grounds of not legal tender in a member- of law and determining the ebb 
public policy. state, but were merely protected and flow of Community law. 

The judge at Canterbury ruled as coins from destruction, did * H. P. Btdlmer Ltd. v. J. Bol- 
that tbe term public policy any trade in them for their metal linger S.A. [1974] Ch. 401 
In Article 36 included economic content deprive them of the sta- fit v. Johnson [1974] CM.LR 
policy, and justified prohibitions tus as protected coinage? 226 and 390 

imposed by a member state on The intriguing question is / Meyer-Burckhardt v- The 
the import or export of gold and whether the English judges Commission [1975] E. CM. 1171, 
silver corns. should decide these questions of 1186 _ 


Superior Gunners treat Orient 
as a minor inconvenience 

ARSENAL were in no way found themselves two goals down forward, hard-running Price, the 
flattered by their 3--0 victory id' after only 20 minutes tbe game right-hand member of their mid* 
the FA Cup semifinal at Stain- was virtually over. field quartet, provides an ideal 

ford Bridge on Saturday, even Orient pushed a centreback contrast 'to the more delicate 
though there was an element of forward after the interval and and tricky Rix on the left, 
luck about all three goals, two later . sent on their substitute Although, on fids occasion, 
in-offs and a keeping error by without seriously inconvenient Brady was not at hla peak the 
Jackson. He had earlier brought ing Arsenal who- increased their Gunflers attacked with speed and 
off several memorable saves -to .. - — - - — dexterity which would have 

prevent what could easily have destroyed most defences. What 

developed into a massacre. makes them so formidable is the 

The Gunners simply outclassed . JWwvs.nL wa y switch the direction of 

Orient in evexy department, too BY TREVOR BAILEY attacks and their intel- 

emphasise the considerable gap . 1 fcgent running off the ball. 

that exists between a teaft ta 1 With the experienced 

the relegation zone of tbe 'second ■ . , ... ..*/ MacDonald and the enormous 


— — — w— — -- , — — _z ... . . ... -»• MdLUUuiilU nra u UJC kuitiihhik 

division and one of the finest, and lead through Rix and. with -more rjotentiM of Stapleton uo front 
certainly most cultured aides to incentive could surely have Vresolute back four who are 
the country. . _ . paying sensible balls out of 

,^ B S2£S?-Sf.±LS? 1 fit defem* mi Jenmags in go,!. 


Aware that the opposition was 


superior, individually and col- of the present Gunners is tbe mart stern^urito to 

lectively. the Orient Plan, which fact ftat if Sunderland, vety E toe^nSntious buTleS 
had proved successful against sharp, clever and goalcqnscious c ^t^ l5S ta tte toal 
less sophisticated Hwt Division is -fit for - the- finals .manager: cuftored ipswicn m tn e anal. 

opposition in earlier rounds was Terry Neill will have an on- Their danger could be a tena- 
based on containment. Their enviable: task of deciding whom racy to tiie over-use of the snort 
mid-field trio were more con- to ottSL hall and. It an early goal falls 

cerned with denial than attack, Stoce his second return to the to materialise relying too much 
while Roeder operated behind a teanva totally involved Hudson on' individual dribbles. Either 
standard back four. hat brought a new dimension to could prove fatal on Wembley s 

If they had been able to hold mid^fleld and now complements --.large* and tiring Pitch. Arsenal 
Arsenal until midway through the considerable artistry • of unquestionably have tfae class, 
the second half and had broken Brady 1 , where formerly -this pair hut do they ulso possess toe 
away once to score, it might tended to get hr each other’s character tD. come hack from be- 
have worked; but when they way* - The. forceful, straight- hind. in the flnaL 


Clans rally to 



THE CLANS gathered at the It has always. been a theory of ovnrhauled hut a try nevertheless 

Athletic Ground in Richmond to mine that clubs need to. get toe ensued. •- 
see London Scottish play against odmtaistration'.iin good" -shape • Props, those honest workers 
the Scottish Rugby Union Presi- before real succert on the field on whom so much depends, look 
dent’s XV in celebration of the can -be. achieved and Jjow; lucky forward to a good romp and 

London Scottish centenary. The Scottish are tfl havc.ftich an Fraser toe captain, In between 

guests were defeated 37— 19, with energetic president dashes, gave his pack an earthy 

mixed crowd of Scot and clearly, the London Scom h^ example. 

moo< J the advantage of unity Which La tvs on benefited from good 

. possession and once more 

• *’” -7" - / ■: showed what a huge loss he is 

miODV to the natiqual side. He is a 

KvuDI * man of strong conviction hut 

BV omo bnrmiwc surely a reconciliation between 

BY PEIfiR- ROBBINS .foim and Scotland’s selectors can 

- be mutually arranged. 

Farther outside, Friell broke 


Sassenach in - tolerant 
recognising that the game was 
frivolous rather than serious. 

Without wishing to- be too 
harsh on what was essentially a 
happy occasion, the standard of 
play was not worthy cither of 
toe club's glorious history or the 
splendid record they have 
achieved this season. For toe 


by into the line, with Grant 
016 MacBwan. Scotland’s national 


- , .. . - . h . they exploited very quickly. The powerfully, Gillespie did some 

n *, S w ed a11 ■ Cambridge backrow of intelligent running and MacNab 

in toe crarac Jf Sday^game <*+ »«* useful ^ intrusions 

they scored their 100th try of SoSougM Jlf enjoyed 
toe season. 

Even 

teen 5 ro” successf ul ~ this season by Wcriarg near nis own uue. W bat be preached. He practised 
and their success begins with an He has become a folk hero for and preached in a vwy P*yP® r 
able committee led by their well- his orthodoxy and the crowd way though the execution of his 
organised President, Bill loved his outrageous and sudden preaching was a little closer than 
MacPherson, QC. appearances. He whs. of course, in bis heyday. 


ST*. weUer of n. istakes 

ST sEraSsPi'SSSa 


Odds shorten on Try My Best 

SOON AFTER five of the low- favourite backers “not yet on” well come through her trial with 
drawn runners bad filled all but may well do best to wait until flying colours, 
one of the first half-dozen places the afternoon of the race itself Those likely to fake on Chorry 
in toe Lincoln Try My Best wus (May 6) before deciding whether Hinton in toe Fred Darling m- 
guarantceins himself tho to join the plunge. elude Fair Salinia. the length 

hazardous position of being one It is a sobering -thought that third behind Sookera in the 
of the shortest-priced 2,000 half the 2,000 Guineas winners in Cheveley Park, and Dick Items 
Guineas favourites in history. the lost 20 years have started at locally trained Cistus. a length 
Vincent O'Brien's Northern odds of 100—8 or longer and that second to Tarona In Longchamps 
Dancer colt was never asked a favourite failures in toe past few £23.000 Criteriura des Pouliches. 
serious question in Phoeniv ycais taclude Ribofilio, and more Peter Walwyn who sent out 

Park's Vauxhall trial, in which recently another odds-pn nde for Humble Duty to Slve Piggott bis 
ho sauntered to a two-length PlGgott, Vincent- O’Bnen s 11-4 first success in toe 1.000 Guineas 
victory over Fox Bend, Piggoit’s on chance. Apalachee. trains an atuuctwe Weisn 

Piggott now poised to overtake pageant filly in Jubilant, a 
Frank. Buckle’s extraordinary daughter of Jibuti, and 1 am 
haul of British classics — a record hoperul that this half-sister tc 
27 which was in the making in.Cesarea will prove up to dispoa 
1792 when Buckle landed the first jng of tbe poor opposition sha 
of them — Will know more about meets in Wolverhampton's open- 1 
the 1,000 Guineas on Friday ing division of toe Spring Malden, 
evening. In the afternoon be will stakes, 

HEXHAM 

3.00— -Golden Express*** 


post- race comment to the con- 


RACING 

BY DOMINIC WIGAN 


partner Cherry Hinton — a 2—1 

nectiorra: "He was .never out of favourite for tbe first fillies 
canter, n drew an immediate classic — in Newbury's Fred 
reaction from the bookmaking Darling Stakes, 
combines. All toe leading firms Although Cherry Hinton'S , 
represented clipped the Cashel veteran trainer, Harry Wragg, 
Bay’s 2,000 Guineas odds from reports that his Nijinsky filly put 
6-4 to evens or, in one case 11-10 on 90 its. in toe close season, 
on. - she looked well on the way to 

However, judged by the fate peak fitness when I saw her a' 
of many a post-war 2.000 Guineas few days ago and she, too, could 


3 J®— islander 
4.00— Elf Trent 
4^0— Satan’s Serenade* 
WOLVERHAMPTON 
£15— MarjOtalne 

3.45- Jabilanf* 

4.1S— Western Spring 

4.45— Hurakan 



Press council Journalist ruling 




THE PRESS COUNCIL has ruled headquarters and buy toe £• 

that It had the powers to adjudi- Journalist. It is available and. M 

cate in a complaint against Tbe has a cover price and we there- decision but it was 
Journalist, official newspaper of fore should 


have 


jurisdiction • Mr. Knowlek saM Mr. MeCJltea 
had written a letter to to* 


the National Union of Journalists, over it.“ Mr. Morsan said "u* ™ th- cue tm pnftil* - ,V-> 

Mr. Ron Knowles, the paper’s The council did not disclose ^urnaliet on the «« » «r p .^ r 
editor, the council said, had what toe complaint was agaiast wtion bat he -iwfl reius™ 
claimed it was exempt- from its the N-UJ paper nor who made it publish It • > l : - ' 

jurisdiction. Kr< Khowlcs said the ewe “He wrow ag«ta «yi^jJ r JT 

Mr. Ken Morsan, Joint Seen?- referred » tog -ftwt tair. was tgU ito bM rf 

tary of the Council and former natist David McCalden, who has Press. CounoLtfia ^ 


general secrerary af toe NtJj. worked on the National ; Front from the ^a^to^itB repre- K 
said that whore, a. specialised newspaper Britain Fh^. - u SSSSSl'-tf JeraliWt" .. , 
magazine or < j ^ MnmhnKhin 



public , can ; go. along to union paper.; 

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- Financial Times Monday April 10 1978 

Nottingham Playhouse 



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by -MICHAEL COVEN 'EY 

? n ?,lP n>fluc ^®®' of Richard about the couple, that they do 
Eyre s brilliant Artistic Director' not know. they, are in a tragedy. 
H * the rNottwgbajn. Play- Instead, we. meet a personable, 
9“”® by Roland . Joffe who attractive young couple whose 
followed the example -of ambitions are as much fanned 
.* ;■* ■- r,^v Polanski in easting young by a piece of luck as by their 

r j *£« TS 5 k r u 18 Maebeths. Although own. exertions. Price speaks the 
show suffers from being some* verse extremely well, revealing 
waat closely** directed — it is that to convey the meaning of 
symptomatic that the most heightened poetry does not neces- 
effective scenes : should be the sarily. entail the use of a studied 
private whisperings of the vocal delivery; while Jan Chan- 
doomed couple and • the her. ^* ir frizzed an( j 

notoriously tedious “ English parted- like Maria Schneider's, is 
scene where Malcolm tests the able- to suggest a sexual hold 
allegiance of Macduff over a pot over her husband without resort- 
of tea— it none" the less bristles iog to a termagant's hysteria. 

Pretarion an( * ^ re5 ^ ^°^ er ' Much as I admire most of Mr. 

P tSSri:-.. m . «v Joffe’a ideas, the tragedy fails to 

relleiodtv ?! bombastic- exert an irresistible crush on its 

weifd I? 3 ® 1 * 7116 audience. Such, of course, is the 

aitdw^w 5T e cotirtly whores, fy te 0 f most productions of this 
R^nnn fi J2 e f* Mac , b **L* w1 difficult play and I doubt anyway 
int ? Usct " 0ns whether miy genuine successes 
£-> ! i sheer wlS «i%nV!?, white with it may be counted between 
:; 5 ?* “ bdly Olivier'S 1955 triumph and the 

... : ----- S2? “ -JFSS tift laboratory-style intensity of 

H? “ • B , ea Trevor. Nunn’s current RSC 

Mai l iin v an v Donalbam version. This intelligent attempt 
515w-iH iari u r rtands comfortably alongside a 
rSnFtLK William Hoyland production like that of William 
fc 3?°W? * ^? y K a .1 duff GaskUl at the Royal Court which 

is seized at Fife while bathing starred. Alec : Guinness and 
her son and gruesomely drowned Simone Signoret 
m the infants water- Macbeth’s . „ f . ... . 

hallucination of the murdered A final- worn Should be 

Banquo is as invisible as that of .appended about Richard Eyres 
the air-drawn dagger .departure for the BBC. In his 

We- get no Hecate, nor any tim « &t Nottingham, he has 
sequence of prophetic appari- boldly presented the most impor- 
tions to divert our concentration t* n t large-scale new writing in 
on a tale of blood, fear the English -theatre of the past 
treachery, sleep and sex. The f ® w years and, there are no imme- 
only physical concession to the diate signs of anyone else, in 
traditional modes of presents- London or the regions, assuming 

tin* is i his mnnllp Without Bratumerk 


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tion is a magnificent grilled bis mantle. Without Bru&medt. 
cage designed like a -three- ChimbUE- Play. Walking 
dimensional jigsaw puzzle by Like Geoffrey, Comedians 
Lubos - Hruza, a Czech who Deeds and Bendigo, our recent 
worked with the Cinohernl Glub theatre literature, would be 
in Prague before moving to much impoverished. It looks as 
Norway in 1968. The final battles though his successor. Geoffrey 
would improve no end if this Reeves, is 'about to embark on 
extraordinary machinery was a more cautious journey— a new 
left to itself, uncluttered by the Tennessee Williams, Kisx Me 
incongruous ‘ furnishings of ' a Kate. Funny Peculiar, Sleuth. 
spinet and chairs. - I only hope that » not how he 

As the Macbeths, John Price means to continue, otherwise 
and Jan Chappell concur with critics are going to have one 
Kenneth Tynan's crucial point more reason to stay in London. 



Royal Exchange, Manchester 

Crime and 
Punishment 

by B. A. YOUNG 

This new adaptation of hunger and sickness. As con- 
Dostoevsky's much-adapted novel, fidence returns. the cold 
by Paul Bailey, was commis- superiority takes command, turn- 
sioned for Manchester’s Royal Ex- ing even into arrogance as the 
change Theatre and is tailored illusion grows that the law has 
to its special characteristics, been outwitted, that the killing 
The circular stage contains three of .a parasite like the pawnbroker 
separate acting areas on low woman is not only harmless but 
platforms, and the space in the bene&cienL 
middle makes a fourth. All the But the law, in the person of 
areas don't always show the Leo McKern’s Porfiry, is only 
same things. Raskolnikov’s Playing cat-and-mouse. Light- 
pathetic room remains, but in footed, generous, friendly, yet 
the first act it is flanked by the never for a moment relaxing 
Fatal pawnbroker’s shop and the from his devotion to duty, how- 
police office, with the tavern in ever unpleasant, Mr. McKern 
the centre; in the second, by creates a prosecutor who would 
Dounia’s and Sonia’s lodgings, adorn an endless-spin-off of Satur- 
with the police in the centre; day-mgbt television hours, so 
finally Poo i lia 's room gives way complete and so entertaining is 
to the police again for the ultl- *be character in his hands. Was 
mate confrontation. The il Mr - McKern’s idea, I wonder, 
designer, Laurie Dennett, shows Elliott’s, to have him 

an acute sense of atmosphere whistling an ominous snatch 
both in the sets and the froro Berlioz’s Lea frtme-juges 
costumes, but a less acute idea overture? 
of the viability of sight-lines. Manneladov. the drinking cml 

t, . . . servant who has put bis daughter 

on tbe streets to feed his family. 
^ e »h is S lven a tremendous perfor- 
at the cost of some peripheral mance by Esmond Knight; and 

* h “ J?£! cted bis daughter Sonia-thdSgh she 
strong, clear story-line. He never have been much better 
apologises in a programme-note ^ a pros titute than Marina In 
for the loss of Svidrigailov and Peric ^ 5 _ is gi ven a properly 
SSft». fc hi a their absence is sentimental pathos by Elizabeth 
justified by the passion and the Romilly. At the end of the play 
tension generated in the stark, there is a magical moment when 
bleak tale as it stands. a ^dden ffurry of snow whisks 

At first, while the plot is being us across the Urals and a sad 
established, there is a bookish line of convicts drag their way 
quality about the dialogue that across. Souia’s appearance here 
is matched by' a quality in is touching enough, but sbe 
Tom Courtenay's delivery of does seem to have stepped out 
Raskolnikov's tines, almost as if of her lodgings in St. Peters- 
they were being read from the burg. 

page. I imagine that the The concentration of the play 
adaptor and Michael Elliott, the into the narrow confines of the 
director, have done this on Royal Exchange allows instant, 
purpose; it helps to "draw the cinematic switching from scene 
picture sharply, and later, when to scene. The prMucti on will. I 
the characters and their qualities think, improve after a day or 
have become familiar to us. this two, with better communication 
bookishness disappears and the between characters, and .more 
style is purely naturalistic. variety in the playing, which at 
Mr. Courtenay’s Raskolnikov is present suggests that many of 
a telling biend of coldness and the players have established 
emotion — a mind cooscious of its their personalities at the start 
superiority put to intolerable and are unwilling to bend them 
strain by the forces of poverty, in the pressure of events. 

Festival Hall 

Celibidache 

by DOMINIC GILL 



11 


Royal Court 


Class Enemy 

by B. A. YOUNG 


Michael Coveney's enthusiastic 
notice of this play by Nigel 
Williams sent me to it as soon 
as I had a spare evening; and 
its transfer to the main Royal 
Court theatre gives me an oppor- 
tunity to add my plaudits to his. 

Class Enemy shows a class of 
half-a-dozen boys, foul-mouthed 
punk material, wbo have been 
left without a teacher. But they 
want to be taught something 
anything, and it is ironic that 
when a master does turn up, 
after the class has disintegrated 
into a rougb-house, all he can 
find to tell them is, * We give up 
on boys like you.” 

Left alone, the kids are 
dragooned by one of their num- 
ber, the imperious Iron, into 
teaching each other. One by one 
they take the teacher’s place. 
Sweetheart, a boy with fuzzy 
blond hair, talks on sex but can 
do no more tban draw the rele- 
vant equipment on the black- 
board and tell a non-sexy joke. 
Racks, a pleasant weakling, talks 
of his dad's window-bos. The 
boneheaded Nipper grows 
hysterical about the blacks. 
Snatch (who is black) gives an 
amiable lesson about breaking 
shop windows. Sky-Light, a boy 
with some decent instincts, 
explains bow to make bread-and- 
butter pudding. 

The dialogue is most deftly 


written. It is often very funny, 
though the play as a whole is 
desperately sad. The speech 
Seems totally authentic, with its 
plethora of decorative obscenities 
and its half-remembered reflec- 
tions or teachers’ formulae. But 
this isn’t all. for under the gritty 
uniform surface Mr. Williams 
has laid mines of human indivi- 
duality, with a built-in comment, 
as detonator,. on tbe state of our 
educational system. Moreover, 
the director. Bill Alexander, has 
extracted performances from his 
players (all but one of the boys 
come from the Anna Scher 
Children’s Theatre In Islington) 
of astonishing confidence 'and 
truth. 

Class Enemy runs until the end 
of the month. Already jt looks 
like being a cult success; queues 
form at the box office at each 
performance, and on walls along 
the King’s Road CLASS ENEMY 
is being sprayed in paint — not. 
I hope, by anyone from tbe Royal 
Court. On my first visit 1 sat by 
a friendly black boy who told me 
there were twenty kids there 
from his school on a “project.” 
“ You see that little boy and that 
little girl in the front'’ he said. 
“ They're our teachers.” Clearly 
school has improved in some 
ways since my day. Class Enemy 
indicates where some more im- 
provement might be made. 


Christopher Ewart-Biggs Prize 


Graham Greene is a member 
of the distinguished inter- 
national panel of judges - who 
will award the 1978 Christopher 
Ewart-Biggs Memorial Prize. The 
other judges include Maurice 
Schumann (member of the Aca- 
demic Francaise). Seamus 
Heaney (poet and playwright), 
Mai re Cruise O’Brien (author). 
Thomas Pakcnbam (author) and 
Georges Sion (Belgian play- 
wright and critic).. 

The £1.500 prize will be 
awarded to the writer whose 
work is considered to have con- 
tributed most to peace and un- 

Elizabeth Hall 


derstanding in Ireland; to closer 
ties between the peoples of 
Britain and Ireland; or to co- 
operation between the partners 
of the European Economic Com- 
munity. 

Christopher Ewart-Biggs, 
Britain’s Ambassador to Ireland, 
was killed outside his Dublin 
home in July, 1976. 

This is the second year of the 
prize. Last year's was shared 
by Father Michael MacGreil for 
his book Prejudice and Toler- 
ance in Ireland and Dr. Anthony 
Stewart for The Narrow Ground. 



• • 
•A’:- 

• 1 


Leonard Burt 


Phil Daniels as Iron 


Mackerras/Mintz/ECO 


by RONALD CRICHTON 


John Price 


• >' 
7.* 








■ 

’ ’ ^ 


- Aid for cpmmuni^ arts 

The Arts Council is to give a frustrated by- Uck of adequate 
further £40,000 to. community - , , . , 

arts projects in the coming yeari 'Th®"Art- Council s intention Is 
^Hic in orMit that responsibility for support 
This is in addition totha ELSbl ^ assessment, of community! 

already allocated for arts tentres arts should be devolved to tbe 
and community projects liul978- Regional Arts Associations. The 
1979. compared with less than first stage in this devolution 
£lni. in -1977-78, . : - . -programme has been to agree to' 

The Secretary-General of the hand; oyer full responsibility to 
Arts Council, •• Mr. -Roy. Shaw, four .of the regions. North Wert 
said: “This money is intended -'Arts, Norlfiern Arts. West Mid'’ 
to strengthen ■ the ' hand . of. lands and Merseyside. . .- 
regional associations: In assuming The additional money will be 

responsibility for community arts divided between region*, to which 
in their area. They have already responsibility has- already been 
been working hard to secure, devolved : and other regions 
local authority' participation, in where there is Local Authority 
this local development and we participation to which the Arts 
would not wish to see their work Council is eager, to respond. 


Since he left the Berlin Phil- bead, shoulders and torso as 
harmonic in 1951, after six sen- often as the hands. He takes a 
satioual years as their principal , phrase with bis body, and follows 
conductor. Sergiu Celibidache its empha<ns, its every twist and 1 
has become something of a turn, to the end. 
legend. An enigmatic figure: it W as a grand hors d’oeuvre. 

fsbuns publicity (no interviews, a saving account of the Petr 
bo biographical notes in rushfea dances, which set us all, 

t£ !h. SSS audience and players alike, in 
nfoking records, (in the current hJ gh good humour. For 

cafalogue there is no menUon of Pussy's Ibftia, Celibidache 
hfsn^e), a rigorous taskra a. texv fl rew the focus closer: an ex- 

fiSSS traordinary tour de force of con- 
the lfchest standards ® ^ centration, the opening move- 

mane* and m ponlrtting ment uthely drawn— supremely 
rehearsal stAedul^ accepte no ex ^ !ssif ^ souplc-^prehide to 
less: a reticent fi gure finally, web- of “Partums de 

rarely seen on the rostrum at all. , a at once sensuous. crys- 

■ . Celibidache’s reappearance at talline, but never- forced, every 
the Festival Hall on Thursday gesture powerfully contained, 
after an absence of 15' years to And for the finale. Brahms's 
conduct the London Symphony Fourth: without glitter, without 
Orchestra will have given many fireworks, a triumph of lyrical 
concert goers, as it gave me. ardour, clarity and restraint 
their first sight of the legend, which made its points, and 
The first impression is not one achieved its force— irresistible, 
(-of- reticence. The manner has swelling momentum — by tbe 
an aristocratic economy of bear- most eloquent understatement 
ihg that is powerfully genial. Each page bad Its magic;' a curl 
never remote. Visually, the per- of string phrasing in the first 
form an ce is remarkable. In tbe movement gravely sad; In the 
opening music of tbe evening piocoso. grandly wistful, every 
above all. Stravinsky's Three brass enti^r a soft glint of flame: 
Dances from Petrushka, a pure the opening bars of the last 
balletic inspiration: crouching, movement muted to a growl, 
bobbing, weaving, dancing from fierceness in tbe timbre, not In 
$dge to edge of tbe rostrum, the volume or attack A thrilling 
changing stick from band to evening, .of rare and complex 
hand, Celibidache leads with resonance. 


Friday's concert by the worth occasional hearing in the and the ECO gave this with the temps's once-popular war-horse 

English Chamber Orchestra string orchestra transcription in necessary Lightness and sparkle concertos — No. 5 io A minor. Mr. 

h^d^durin" a hal1 like ^ one ’ wbere ^ but als0 with 5115 unusual and Mintz has technical security 

months— solemn people might size throws additional strain on excellent fullness in things some- and overflowing musicatity of his 
sneeringly call the programme a string quartet. Safety-in- times overlooked— the (almost) peers, with a plangent tone- 
“ connoisseur’s music.” because numbers gives a welcome Beethovenian scale-passages in quality that gives his playing an 
most cf the works are rarely security- to the more arduous the first movement, for example, individual urgency. The con- 
beard on South Bank aDd incline pages. Even so. not all the high and tbe canlabile string theme certo’s long firsL movement 
to the category— frivolous to notes in the violin part are that follows the oboe solo in the begins promisingly, but tbe 
some minds— of superior tight shock-proof, and there is some Andante. Tbe general effect (the interest was soon transferred to 
music. But tbe summer examples loss in the very absence of oboe solo notably included) was the soloist’s powerful handling of 
are as a rule directed by con- danger, determination and no- so good that one could pretend the virtuoso writing. Mr. Minlz 
doctors whose main claim to compromise. The “meno mosso not to have noticed one or two was eloquent in the short Adagio 

attention is that they are pre- e moderate ” section, described horn fluffs. —a kind of Gesangszene~~\hst 

pared to risk such programmes, by Tovey as “ sublime calm and Shlomo Mintz, a young leads to an even shorter finale. 
Tins one was in the adept and euphony.” sounded exactly that. Russian-born Israeli violinist now Worth hearing, played like this, 

eertaln • hands of Charles The symphony was Bizet’s living in the U.S.. played Beet- though one could see why Shaw 

Mackerras. delectable and unfortunately hoven’s two Romances and resur- gnashed his teeth at over- 

Beetboven's Groxse Fuge is solitary example in C. Mackerras reeled one of the Belgian Vieux- exposure to. such music. 


Purcell Room 


' • ^ 
.V; ,J. 

-r 

• l 




FINANCIAL TIMES 

' ' BRACKEN kUUSb, 10. CANNON ST LOW!*)!* SC4P 4&Y 

Telex; Editorial 8S6341/2. 882897 Advertisements: 885033 lele&miax Finanthno, London PSA 

• - Telephone: 0!-24S 8000 

For Share Index and Business News Summary In London, Birmingham, 

Liverpool and Manchester, Tel: 248 R028. 

INTERNATIONAL AND BRITISH OFFICES . 


EDITORIAL OFFICES 

Amsterdam: P.O. box 1296, Ajnsterdam-C. 

Telex 12171 Tel: 240 555 
Birmingham: George Hotter. George Road. 

Telex 338650 Tel: 021454 0922 
Bonn; Presshans 11/164 Benssaiiee 2-10. 

Telex 8869542 Tel: 210639 
Brussels: 39 Roe Dueale. '■ * ' 

Telex 23283 Tel: 512-9637- 
Cairo: P.O. Bos 3040. ...... 

TeL- 938510- 

Dublin: 8-Fitzwilfiim Square^ 

Telex 5414 Tel: 785321 ’• -t 

Edinburgh: 37 George Street. 

Telex: 72484 -Tel: OSl-SSO 4120 
Frankfurt: Im Saehsenlager 13. 

Teles: 416263 Td; 555730 
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T elex 8-6357 Teh 838-7545 
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Birmingham: George House. George Road. 

Telex 338650 Tel: 021454 0922 
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Leeds: Permanent HonSe, The Headnnr. 
Teh 0532 454869 


fwn nwaiag iB lwota Bjb w> .ra ato aSnaW « 

from Subsaiption-Pepartmeat. Financial Timex. London. 


Frank Stiles 


by ARTHUR JACOBS . 

. There are upwards of 500 mem- in self-promotion, hiring a major 
bers of the Composers’ Guild of hall in order to do so. But .a 
Great Britain, of whom the whole evening of Frank Stties 
average lively-minded concert- music for violin, viola and piano 
goer would perhaps recognise (separately and together) did not 
two dozen by name. It must be convince me on Saturday that the 
tempting for the rest to make tbe public have been guilty of serious 
occasional grand, expensive effort neglect- 

Mr. Stiles is a Londoner, aged 
53 (his reticent programme note 
did not even tell his audience 
that much). Most^of the music 
performed had been written 
expressly for the brothers 
Clarence Myerscough, violin, and 
Henry Myerscough, viola, who 
were joined by Roger Crocker m 
the flrrt performance . of Mr. 
Stiles' Trio. Lasting almost half 
an hour in oqe continuous move- 
ment it displays the composer's 
characterise manner of uncom- 
promising, imitative . counter- 
point. . 

I find ■ it very diy, abstract 
music: unlike such masters of 
counterpoint as Bach and Hinde- 
mith, Mr. Stiles seems averse 
from even the occasional sugges- 
tion of song, march or dance. 
Though fart and slower tempos 
alternate, texture and feeling 
remain much the same. Tbe com- 
poser may paradoxically take it 
as a compliment that I liked best 
No. 2 of his Four Pieces for 
unaccompanied viola, where 
counterpoint Is' exceptionally 
absent 

In the opening Duo. the 
brothers Myerscough were not 
always exactly in step and even 
showed some .disagreement on 
intonation. In the Four Pieces 
for viola,- the written score 
seemed to give no reason for 
Henry Myers cough’s sliding 
between some notes but cleanly 
breaking between others. . But 
otherwise this was an accom- 
plished performance, to which a 
small audience of devotees 
reacted with enthusjasm. 


Manchester: Queens House, Queen Street 

Tdex 66681? Tel: 961-834 9381 
Moscow: Sadovo-Samotedmaya 12-24, Apt. 15. 

Telex 7900 Tet 284 3748 
New York: 75 Rockefeller Plaza, N.Y. 10919. 

Telex 66390 Td: (Z12) 541 4625 
Paris: 36 Rue du Sender, 75002. 

Telex 220044 Tel: 236.5743 
No de Janeiro: Avenlda Pres. Vargas 418-10. 
Tel: 253. 4848 

Rome: Via della Herrede 55. 

Telex 61032 Tel: 678 3314 
Stockholm: c/o Svenska DagMadet HaalamM- 
vagen 7. Telex 17603 Tet 50 60 88 
Tehran: P.O. Box 11-1879. 

Telex 212634 Td: 682698 
Tokyo: 8th Floor, Nihon Keizal Shlmbon 
Building. 1-9-5 Otemachl Ouyoda-kiL 
Telex J 27104 Teh 241 2928 
Washington: 2nd Floor. 1325 E. Street, 

N.W., Washington D.C. 20904 
Telex 440225 Tel: (202) 347 8576 


Manchester: Queens House, Queens Street. 

Teles 666813 Tel-. 061-834 9381 ‘ 

New York: 75 Rockefeller Plaza. N.Y. 10919 
Telex 423025 Tel; (212) 489 8300 
Paris: 36 Rue da Sender, 75002. 

Telex 220044 Teh 23636.01 
Tokyo: Kaxahara Bqlldhig, 1-6-18 UehOandu, 
Ouyoda-ku. Telex J 27104 Tel: 295 4858 


ENTERTAINMENT 

GUIDE 


CC — These theatres accept certain credit 
cards by telephone or at. the box oHicc. 

OPERA & BALLET \ 

COLISEUM. Credit cards 01-240 S258. 
Reservations 01-636 3161 
ENGLISH NATIONAL OPERA 
Tomor. A Frl. 7.30 Julkettt: Wed. ana 
Sjl 7- DO Carmen: Thurs. 7.00 Force of 
Destiny (Anal perM. 104 balcony seats 
always available day of pcnonnanec. 


CO VENT GARDEN. CC. 240 1066 

(Gartencfcarge a edit cards 636 69030 
THE ROYAL BALLET 
Tonight 7-30 p.m. The FlreMrd A Song 
ot the Earth. Frl. 7.30 p.m. Romeo 
and Juliet. 

_ THE ROYAL OPERA 
Tomor. 7 JO p.m. Death In Venice. Thur. 
& SaL 7.30 pan. Der Freechutz. 65 
Am pftl seats lor all perts. on sale from 
10 J-m. on day ol perl. 

SADLER'S WELLS TMfcAiHt, Rosebery 
Are.. E.C.1. 837 1672. 19 April to 13 
May SADLER'S WELLS ROYAL BALLET 

THEATRES 

AOELPHI THEATRE. CC. 07-836 7611. 
EVB&. 7 JO. Mats. Thurs. 3.0. SaL 4.0. 
IRENE 

THE BEST MUSICAL 
Of 1976. 1977 arm 1978 1 
IRENE 

” LONDON'S BEST NIGHT OUT." 
Sunday People. 

ALREADY SEEN BY NEARLY ONE 
MILLION HAPPY THEATRE-GOERS. 
CREDIT CARO BOOKINGS 836 7611. 

ALBERT 836 3785. Party Rates. Credit 
card bkBS. 836 1 071-2 (from 9 a.m.- 
6 p.m.i Mon., Tues.. Wed. and Frl. 
7.45 pjn. Thura. and Sat. 4.30 aad 8.00. 
-A THOUSAND TIMES WELCOME IS 
LIONEL BARTS 

MIRACULOUS MUSICAL." Fin. Times 
OLIVER 

with ROY HUDD and JOAN TURNER. 
■■CONSIDER YOURSELF LUCKY TO BE 
ABLE TO SEE IT AGAIN." Dally Mirror. 

ALDWYCH. 838 6404. Into. 836 5332. 
ROYAL SKAKE5PEARI COMPANY In 
repertoire. Tonight 7.30 — rod. price pre- 
view HENRY VI Part 3. "Full of 

increasingly rich rewards." With: red. 

price previews HENRY V (tomor.). 
HPNRY VI tart t (Wed. m.>. tart 2 
(Wed. eve). Pert 3 (Thurs.). RSC akc 
at THE WAREHOUSE (see under Wl 
and at Plccadnrv The*tr e in P Wer 
Nichols's PRIVATES ON PARADE. 

ALMOST FREE. 485 6224. Limited Season 
Only) wolf MancowttZ*S SAMSON * 
DELILAH. NA Nightly at 8 pan. inci. 
Sons, no shew Frls. 

AMBASSADORS. CC. 835 1171- 

Ergs. B O. Mats. Toes. 3.0. Sat. 5.0- 
A Rock Revue 

LET THE GOOD STONES ROLL 
“Lours Setwyn gyrates brilliantly as MKk 
Jagger." D. Tel. "Raw excitement" D M. 
“Aodlente Cheered." S. Tel. 

APOLLO. 01-437 2683. Evenings 8.00. 
Mats, tnurs. 3.00. Sat 5-00 and 8.00. 
DONALD SINDEN 
Actor of the Year. E. StdJ 
"IS SUPERB.' N.o.W. 

SHUT YOUR EYES AND 
THINK OF ENGLAND 
"WICKEDLY FUNNY,” Times. 

ARTS THEATRE. 1-836 2132. 

TOM STOPPARD'S 
DIRTY UNEN 

■■Hilarious . . . ice It " Sunday Times. 
Monday to Thursday 3.30, Friday and 
■ Saturday at 7.00 and 9.15 

ASTORIA THEATRE. Charing Cron Road. 
01-734 4291. Nearest Tubas Tottenham 
Court Read. MoiL-Thun. BJ)0 p.m. 
Friday and Saturday 6.00 and 8.45. 
_ ELVIS 

InsUnt CrccHt Card Reservations. Eat in 
our Tullv-lieeftsed Restaurant and Buffet 
Bar lunchtime and before or after show 
—bookable In advance. 

BEST MUSICAL OF THE YEAR 
EVENING STANDARD AWARD 

CAMBRIDGE. 835 6058. Mon. to Thur. 
8.0. Fri- Sat at 5.45 and 8.30. 

JPI . TOMEI 

Exdlfng Black African Musical 
“ fihcsl j dancing In Lgedgn Sheer 

dvnarnlsm/' Dally Mail. 

THIRD GREAT YEAR 
Dinner and Tao-prtce seat £8.25 Inc. 

COMEDY. „ ^ _ 01-930 2578 

emiN B.p. Thires. 3.0. Sat. 5.30. 8.30. 

MOIRA Ufl» k TONY BRITTON . 
Maroaret CMIRIX NAY Dmnot WALSH 
THE HIT COMEDY THRILLER 
MURDER AMONG FRIENDS 
Blackmail, awnea robbery ddubl* uiuR 
and murdrr. Thncs " A quod deal ol 
tun.” Evening News. 

CRITERION. CC. 01-930 3216. 

Evenings >M ^ HR- 3.0 

“ Impeccable . . * nwRer.** Sen. Times 
- HILARIOUSLY fEKSny’.- N of World 

DRURY LANA. 01 -US 8108. ErofY 
night 8.00. MiUnee W«| and SaL 3.00. 
A CHORUS LINE 

**A rare devamting. lot out astonrsning 
Stunner.” Sunday Tlmea 


DUKE OP. YORK’S.,. 


1.00. Mat. Wed. and Sat. at 5.0. 
JOHN GIELGUD 
In Julian Mitchell 4 
HALF-LIFE 

A NATIONAL THEATRE PF 
" Brilliantly witty . . . .no 
miss iL“ Harold Hobson tor, 
credit card reservatle«. 

price scat £7.00. 


01-836 5122. OPEN SPACE. 01-387 6969. ETO. 6834. 


Sat. S.00 and 8.00. 

Muriel Pavlow as MISS MAR RLE In 
MURDER AT THE VICARAGE 

Third Great Year. 


Triple Actions. ORPHEUS. 


GARRICK THEATRE. 


01-836 4601 


JILL MARTIN. JULIA SUTTON 
ERIC FLYNN « ad ROBIN RAY . 

In the 

■■ BRILLIANl MUSICAL 
ENTERTAINMENT.” People 
SIDE BY SIDE BY 50NDHEIM 

’■ GO TWICE.” S. Mor lay. Punch. 

■GO THREE TIMES.” C. Barnes. NYT 
LAST 3 WEE S. ENDS APRIL 29. 


GLOBE THEATRE. 


BENJAMIN WHITROW In 
ALAN AYCKBOURN'S New Comedy 
TEN TIMES TABLE 
This must be the haopiest laughter make 
in London. D. Tel. —The master o 


DUCHESS. B|6 *243. Mod. to TJura. 

Eva.. •«- 0 tf-c& l fi3a “ d 9 °°- 


GREENWICH THEATRE. 


MAN. A Ccm-dy by 
Barnard Shaw. 


HAY MARKET. 01-930 9832. Evg&. 8.00 
Mats. Weds. 2.30. sats. 4.30 and B.OD. 
INGRID BERGMAN 
WENDY HILLER 

DEREK DORIS FRAtiCIS 

GODFREY HARE CUKA 

in 

WATERS OF THE MOON 
“Insrld Bergman makes the staar 
radiate— unassailable charisma " Oail- 
Mall. “Wendy Hiller is superb.” Sup 
M irror. 


HER MAJESTY'S. CC 01-930 6606. 
Evenings B.mj. Mats. wed. and Sac 3 — 

BRUCE FORSYTH 

. In LESLIE BRICUSSE and 
ANTHONY NEWLEWS . . 

TRAVELLING MUSIC SHOW 
with Derek GntflUis 
Directed by BURT SHEVELOVE ^ 

” It is packed to bursting point with the 
personality and sheer energy ot Bruce 
Forsythe. Sun Express. ■" The audience 
cheered.” Sunday Telegraph. 


KING'S ROAD THEATRE. 352_ 7488. 
Mon. to Thur, 9.0. Fn.. Sit. 7.30. 9.30. 
THE ROCKY HORROR SHOW 
NOW IN ITS Sth ROCKING YEAR 
THE GREAT ROCK -N' ROLL MUSICAL 


LONDON PALLADIUM 01-437 7373 
April 13 and 14 at 8.0. April 15 at 6.1 S 
and 8.4S. 4 PERFS- ONLY 
THE 5UPREMEV MARY WILSON 
Karen Jackson and Kaaren Ragland. 
Bon OB ice open. BOOK NOW 


LONDON PALLADIUM. CC 01-437 7373. 
FROM MAY 25 to AUG. 19. 

THE TWO RONNIES 
BOOK WITH EASE on the NEW 
EXCLUSIVE TWO RONNIES HOTLINE 
01*437 20SS. 


LONDON PALLADIUM. CC 01-437 7373. 
For 2 weeks only April 17. 7-30. Tue. 
A Thur. 9.0. Wed.. Frl. & SK. 6.15. 9.0 
U8ERACE 

IN HIS LAS VEGAS SHOW 
BOOK NOW 


LYRIC THEATRE. CC. 01-437 3686. En 
8. Mats. Thurs. 3. Sat. S.O and 8.30 
JOAN PLOWRIGHT 
COLIN BLAKELEY 
ana PATRICIA KAYES In 
FILUMENA 
ay Eduardo Filippo 
Directed by_ FRANCO ZEFFIRELLI. 

“ TOTAL TRIUMPH." D. Mirror. 
“AN EVENT TD TREASURE." D. Mirror. 
• MAY IT FILL THE LYRIC FOR A 
HUNDRED YEARS.” Sunder Times. 


MAY FAIR. CC 629 3036 

Mon. to Frl. 8.0. SJL 5.30 end BAS. 
GORDON CHATER “ BnlWaPt," E-N., in 
THE ELOCUTION OF 
BENJAMIN FRANKLIN 
by Steve J. Sneers. 

-A compassionate. tunny, fiercely 
cl On uent olay.“ Gdn. " Hilarious. E-Std. 
"Wickedly amusing.** E News. "Spell- 
binding." Obs. 


MERMAID. Z48 7656. Restaurant 248 
2835 Tom Conti. Jane ASher m 
WHOSE LIFE IS IT ANYWAY ?_ 
THE NEW SMASH HIT ACCLAIMED 
BY EVERY CRITIC 

Eros. 8.15. Frl. and SaL 5 IS. Until Sat. 
Re-opens April 24. 

ALEC MCCOWEN-S ST. MARK'S GOSPEL 
Aorll 16-23 and every Son. until May 
14. Sun. 7.30. eves. 8.1S (cat April 19 
at 7.001. 


NATIONAL THEATRE. 928 3252. 
OLIVIER looen stage): Frl. ana sat. 7 
(red. or. preys. > BRAND bv Ibsen in 
a version by GeoBver Hill. 

LYTTELTON (prosrenlum itaoe): Toni 
and Tomor. 7 AS [red. pr. oreft.). 
PLENTY a new idav by David Hare- 
COTTE5LOE (small auditorium): TORT. 8 
LARK RISE written hv Keith Bewhursr 
from Flora Thompson's booV (prom 
part ): Frl. 8 Don Jean Comes Back 
Prom The War. 

Marw excellent cheap seas all 3 theatre* 
day or^ per r. Car nark. Restaurant 928 


2033 


Card Mgs. 028 3052. 


OLD VIC. . 928 7616. 

New season starts April 20. 
with Prospect's hrst comedy at 
■ The OM Vic. Wll) Shafcnoeare's 
TWELFTH NIGHT or WHAT YOU WILL 
and Eileen Atkins as 
SAINT JOAN 

"a great performance. 1 - The Times. 
Phone box office now tor details ana 
Immediate bookmos. 

AprlL 10-15 The Old Vfc Youth Theatre 
in ChNfc circle. The winners; 
Mbs i no Parana. 


PALACE. Credit Cards. 01-437 6834. 
u Mon.-Thurs B.O. Fn.. Sat. 6.0 and 8.40. 
Z JESUS CHRIST SUPERSTAR 

2 PHOENIX. 01-836 8611. Opens Thur 
° 7.0. Subs. Eras. 8.15. Frl. » Sat. 

6.0* 8.40. 

TIM BROOKE- TAYLOR 
GRAEME GARDEN 
. THE UNVARNISHEO TRUTH 
A New Comedy by Rover Rvton. 

_ PICCADILLY. 437 4506. Crcd-t card bkgs 
C36 1071-2 9 a.m. -6 pm. Evgs- r - bats. 
4.45 and 8.15 Wed Mai 3 00 
8EST COMEDY OF THE YEAR 
Eve. Standard Avyard ana sWET Award 
Royal Shakespeare Cbmoany ]n 
PRIVATES ON PARADE 
by Peter Nicnols 
(Not Suitable lor Children) 
"HUGELY ENTERTAINING 
EXTRAVAGANZA." S. ’lines. 

RSC also at Atdwvch Theatre. 

. PRINCE EDWARD. CC (Formerly Casino.) 
01-437 6877. Previews Irom June 12. 
Opening June 21. EVtTA. 

PRINCE OF WALES.' CC. 01-930 B681. 
Monday to Friday at 8 p.m. 

Sat. 5-30 and 8.45. Mat. Thur. 3.00. 
"HILARIOUS COMEDY MU5ICAL 
—Tbe Sun. 

(O. lame, 

” NAUGHTY t BUT WiCE^wFtH A LOT 
_ OF LAUGHS.” News Ol Uie World 
CREDIT CARD BOOKINGS 930 0846 

QUEEN -s THEATRE. CC. 01-734 1166. 
Evemngs 8.0. Sat 5.0 and 8 30 
ALEC GUINNESS 
BEST ACTOR OF THE YEAR 
Variety Club ol G9 Awa d 
THE OLD COUNTRY 
A New Play bv alan pennett 
D irer led by CLIFFORD WILLIAMS 
BEST PLAY OF THE YEAR 
Plays end Players London critics award 

RAYMOND REVUEBAR. CC. 01-734 1 593. 
At 7 p m.. 9om. 11 pm 'Ooen Suns.). 
PAUL RAYMOND presents 
THE FESTIVAL OF 
, „ , EROTICA 

Fully Air Conditioned. You may 
drink and smoke In the auditorium. 

ROUND HOUSE. Zfi7 2S64. 

Eves. 8 until Frl. Last oerts. 

HAUSER ORKATER 
present the London premiere ol 
THE HUNCH 

ROYAL COURT. 730 1745. 

Eves. 8 Sat. S and 8.30. 

CLASS ENEMY 
.... bv Moel Williams 

"Stunning new play " F. Times “BIbim 
with life and force." Gdn. Sec aho 
Theatre Upstairs. 

ROYALTY. Credit cards. 01-405 8004. 
Mondav-Thursdav Evenings 8.00. Frldav 
5.30 and 8.45. Saturday’s 3.00 and 8.00 
London's critics rate 
BILLY DANIELS ‘n 
BUBBLING BROWN SUGAR 
Beat Musical ol 1977 
Bookings accepted. Major credit cards. 

SAVOY. 01-B36 8888. 

Nightly .at 8.00. Mat. Wed. 2.30. 

PATRICK CARGILL a£d TONY ANHOLT 
In 

SLEUTH 

The World- famous Thriller 
ANTHONY SHAFFER 
* Seeing the play again is. in lact. an 
inter and totaJ lov." Punch 
"It will run and mo- again." Son. Tel. 
Evenings £1 to £4. Mats. £1 ■ to £3. 

SHAFTESBURY. CC. 836 6595. 

Eras, at 8.00. Mats. Thurs.. Sal. 3 00. 
JOHN REARDON and JOAN DlENER m 

"A SMASH HITTOMUS.CAL HAS 
EVERYTHING." S. Mirror- 

SHAW THEATRE. 01-386 1394 

CHICKEN SOUP WITH BARLEY 
bv Arnold Weaker. _ 

Eras. 7.30. Mai. Wed. 2.10. 

STRAND. 01-836 2660. Evenings 8.00. 
Mai. Thurs. 3.00 Sats. 5.30 add 8. 30- 

NO SEX PLEASE— C 

_ WE’RE BRIT 15 H , 

THE YTOR.D'S GREATEST 
LAUGHTER MAKER 

ST. MARTIN'S. CC. 836 1443 EvS- B 00- 
MaL Tues. 2.4S, Sats, 5 and 8. 
AGAT7IA CHRISTIE'S 
THE MOUSETRAP 
WORLD'S LQNGE5T-EVER BUN 
26tb YEAR 

TALK OF THE TOWN. CC. 734 5851. 
8-00 DiiHng. Dvxlng. 9.30 Super Be«ie 
BAX2LK DAZZLE 
.and at 11 g.m. 

MADELEINE BELL 

THEATRE UPSTAIRS. 730 2554. 

Ju^jday-Sohaav 7.30 
SHARED EXPERIENCE 
In BLEAK HOUSE - 

tn> Charles Dlrke"s 5 

'll* 4 parts. in Rooertoin?) 

VAUDEVILLE. 838 9988. CC Eras, at 8. 
Mal. Tuev 2.45. Sat 5 and 8- 
Dinah SHERIDAN D u icie GRAY 
Eleanor SUMMERFIELD. jamn GROUT 
-*■ MURDER IS ANNOUNCED 
THE NEWEST WMODUNNiT HIT 

- n ? G *J HA Christie 

Re-emer Agaiha with another **hi>- 
2? ,L Hi 1, ^ AMlh * CftrlBle IS Stalking 
me west End . vet again with another 
0* her AMidlshlv ingenious murder 
mvsiertrs. Fclbc Barker? Evening News. 

VICTORIA PALACE. 01-834 1317. 

STRATFORD JOHNS 
SHEILA HANCOCK 
ANNIE 

_ _ A NEW. MUSICAL 
- BROADWAY'S BIGGEST HIT . 

PIJVS. from April.- 25. Opens Mar 3. 


WA_-ffiMuU!rE. Don mar Theatre. Covent 

Garden. 836 6808. Ro-al Shakespeare 
Co*! 1 Of nv_ T onlght a.OO. Paul Thompson's 
THE LORENZACCIO STORY (sold Out). 
Adv. bkgs sold out. 


V 'HU Bl i A AJ" 1! . 01-930 6692-7765. 

Evgs. 8.30. Frl ana Sat. s.45 and 9.00. 
Paul Raymond presents the Sensational 
Sex Revue ot rhe Century. 

DEEP THROAT 

Due to overwhelming public demand 
season extended. 

WINDMILL THEATRE. CC. 437 6312. 
Twice Nightly boo and 1D.DO. 
OPEN SUNDAYS 6.00 and B.OO. 
PAUL RAYMOND presents 
_ . _ RIP OFF 

THE EROTIC EXPERIENCE OF THE 
.. ^ . MODERN ERA 

Takes 10 unprecedented limits what >* 
permissible on our stages.'' Ev. News. 
You may drink and smoke in the 
auditorium. 


WYNDHAM’5. C36 3028. Credit card 
bkgs. 836 1071-2 from 9 a.m.-Z p.m. 
Mon. -Thurs. E Frl 6 SaL 5.15 & 8.30. 
" ENORMOU5LY RICH 
VERY FUNNY." Evening News. 

Mary O’Malley's smash-hit Comedy 
ONCE A CATHOLIC 
" Supreme comady on and religion.’* 
Dally Telegraph. 

"MAKES YDU SHAKE WITH 
LAUGHTER." Guardian 


YOUNG Vic ■ near Old Vic}. 928 6363. 
Ton'ahi 7 45 Roval Shakespeare Company 
In MACBETH, rrhls week rold out, any 
returns on door.) 


CINEMAS 

ABC 1 & 2. Shaft enhurv A«e. 836 8861. 
Sep Perfs. ALL SEATS 8KBLE. 

1: THE 12 TASKS OF A5TERIX <U>. 
Wk. and Sun.: 2.30. 5.30. 8.30' (last 3 
days). 

2: THE GOODBYE GIRL (A). Wfe. and 
Sun.: z.OO. 5.10. 8.10. 


IAMDEN PLAZA /qpp. Camden Town 
Tube). 485 2443. MeMlle'9 classic 
RMI-tancc thriller THE ARMY IN THB 
SHADOWS (AA). 3.10. 5.45. 8.25. 


:lassic 1.2, 3. 4. Oxford SL IOpp. 
Tottenham Court Ra. Tube). 636 0310. 
li Bertalueelh .isoo Part 1 (X). Progs. 

2,1a, 3,i5, B.IS. 

2: Hurry. Hurry. Must finish April 19. 
THE HIDING PLACE (A). Sep. perfs. 
2.00. 5.00. 8.00. 

3: George Segal. Jane Fonda FUN WITH 
DICK & JANE (A). 2-20. 5.45. 9.10. 
Nell Simon's MURDER BY DEATH (A). 
4.00* 7.25. 

kirasViS? 0 p,rt * txj - p ~«- 


PARDON MON AFFAIRE U(). (English 
syb-Mles). “ A spark ring New French 
Comedy. Directed with tlhosse bv Yvee 
Robert" Sunday Express. Proas, at l.SO 
mot Sun.). 3.35. 8. 3D. 


OLIVER REED. SUSAN GEORGE A many 
Other stan. TOMORROW NEVER COMES 
IM. Sea. progs Mon.-Fn. 1.35. 4.50. 
b.io. Sens bkbic lor o.io proa. Last 
two davs. 


4 ane Fonda. Vanessa Redgrave In a Fred 
innemann him julia (A). Seo. proas. 
Z.30. 5.45. 8.45. Feature Diy. 
2.45. 6.00. .9.00. All seats bfcbte. at 
Theatre. 


CLOSE ENCOUNTERS OF THE THIRD 
KIND IAL Sep. Prom. ON. Doors open 
(10.00 Not Sun.). 1.05. 4.15, 7.45. Late 
Ports. Tues.-Sats. Doors open 11.15 p.m. 
All seas may be booked except 10 aan. 
prog. 


I MARBLE ARCH. (723 Z011-2.» 
STAR WARS (UJ. Doors open Diy. 1.50. 
4;35. 7.50. All scats bkbic. except 1.30 
peril Wfes. 


E CHARLES. Lclc. So. 437 8181, 
SWEPT AWAY (X> 

Seo. Perfs Dlv line, sun.) 2.10, 5.25. 
8.40. La 10 show Frl. & Sat. 11.55. Seats 
Bkble Lic’d. Bar. 


THE PINK PANTHER STRIKES AGAIN 
(Ui. Sun.. Thurs. 1.30 5.35. 9.35. Fri. 
and Sai- 12 40. 4 AS B.45. 12.45. THE 
RETURN OF THE PINK PANTHER (U). 
Sun --Thur 3-25 7 JO. Frl. and Sat. 

2.35. 6.40. 10.40. 


J300 1 1« *• 3. 4, Oxford Circus. 437 

1. ANOTHER MAN. ANOTHER WOMAN 
(AA'i Props. 3-55. 5.30. 8.10. Late Show 
5et. 10.50. 

MORNING FAMILY SHOWS 
Mon.-Sat Continuous 10.30 a.m. to 
2.30 p.m, 

GULLIVER'S TRAVELS (Ul 
, 10.30 11.50. LCF 1.10? 

All seats £1.00 (Child end Adult). 

2. THE GOODBYE GIRL (A). PTOSS. 

sft i'o.as 5 ' s,2& - B>os - Lal ® ShWI 

3- A SPECIAL DAY (AAl - 1 40. 620. 
8.55. BEDROOM MAZURKA (X>1 3J5. 
Late Show sat. 10.50. 

« nSS^ v Pi*™ Double Bin 
K.FEPER CAL 2.35. 5.50, 9,05. LDVK 
AND DFATH (A). 1 .0. 4 16 7 jn 1 m. 

Show Sets. 10-40. 7J »- 


J 





12 


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TTnincial Times Monday April" 10 1978 




BY DAVID" CHURCH jLL 


WHEN MR DENIS Healey 
finishes his Budget speech to* 
morrow afternoon the question 
will re m ai n not only whether 
he can get the Finance Bill 
through Parliament unscathed 
but also whether Britain's tired 
tax officers are willing or able 
to carry out the job. ' 

For die first time ever the 
Inland Revenue Staff. Federa- 
tion, which represents the bulk 
of Revenue staff, wUl not auto? 
matically "acquiesce In imple- 
menting the inevitable Budget 
tax changes. Instead the union 
will hold a special executive 
meeting the day after the 
Budget to decide its* course of 
action. 


work. Staff morale, tradition- 
ally high as staff close ranks in 
the face of public abuse against 
the Revenue, has plummeted 
dangerously m some cases. The 
continuing pressures on the 
staff's health also have to be 
token into account. ‘ ' " 

There arc many reasons why. 
the tax machine is creaking— 
not least the vagaries of po!iti- : 


Last year . alone there was the 
traditional spring Budget foF 
lowed by two mini-Budfeets in 
the summer and autumn. On 
top. of- these there are other 
nectary changes imposed by 
falling, building society interest 
rates and. _ changes in Child 
All this was iii 
addition' to the regular work- 
load for .Revenue staff which 


' - ■ ■ ■ ■ 


Extra work 


Since last October’s mini- 
budget this normally-mo derate 
union has already staged a 
three-month overtime ban and 
wort; to rule in protest at the 
amount of extra work its mem- 
bers have been expected to do. 
Feeling among the tax staff 
throughout the U.K. is said to 
be running high: if the pres- 
sures of last year are repeated 
then more severe — and for the 
tax officers unprecedented — 
action may follow. 

Although the Federation has 
agreed to honour the Govern- 
ment’s pay guidelines this year 
it has already slapped in a claim 
for extra pay from next April 
to take account of the extra 
strain imposed by changes in 
the tax system. But the union 
has firmly told the Government 
that it wants the extra money 
agreed now as a sign of good 
faith. 



week illustrates The extra wortc- 
load imposed on staff last year: 
November 1976 to April 1977 : 
Annual recoding, was . carried 
out and objections to these 
settled. In the last few weeks 
of March, tax , deduction cards 
were .issued- to balance out tax 
actually paid, with tax that 
should have been paid. In about 
six out of seven cases, the tax 
deductions axe usually correct 
within " acceptable tolerances 
and ;hp further assessment is 
necessary. •" - " ■ 


Recoding 


Sir William Pile, chairman of 
and Mr. Anthony Christopher; 


the Board of inland Revenue, 
general secretary of the union. 


Far cry 


As Mr. Tony Christopher, the 
Federation’s general secretary, 
put it: “Notice has therefore 
been given. We are not to be 
taken for granted. There are 
some major causes of discon- 
tent in the Revenue and it is 
clear that members will not 
put up with them or be put 
upon for much longer.” 

All this is a far cry from a 
few years ago when there was 
hardly a murmur from Revenue 
staff about the pressure of over- 
work. Every* year at Budget 
time there was a degree of 
pressure arising from tax 
changes, but nothing with which 
the staff were unable to cope 
after a few weeks of overtime. 


dans and. the impact of infla- 
tion on tax thresholds. But 
fundamentally, the Pay as You 
Earn tax , system’s problems 
stem from the fact that it is 
a manual operation. Every piece 
of financial information about 
a person's Income and allow 
ances has to be entered on to 
the record by hand. That is one 
reason why Revenue staffing' 
levels have jumped from 91.000 
to 83,000 over the past 20 years 
— with the magic figure of 
100.000 a distinct possibility in 
the near future, according to 
Sir William Pile, Inland 
Revenue chairman, in recent 
evidence to the Public Accounts 
Committee. 


Computers 


-- Yet now some tax offices are 
running months behind sche- 
dule with some parts of their 


Attempts at computerisation 
have fallen foul of different 
ideas by successive governments 
to reform the tax system. But 
experiments in computerisation 
are currently being carried out 
in. Scotland and the North of 
England. 

But the real crunch has come 
over the past two years. Britain's 
economic problems led to 
budgets becoming only months 
apart, instead of once a year. 


is designed fully to occupy their 
time. It meant that every few 
months, tax staff would have 
manually to alter the tax 
records for 24.7 m. taxpayers. 

From a purely administrative 
point of view, the problem is 
worsened by the physical -draw- 
backs of such a vast manual 
records system. All tax informa- 
tion fbr each tax-payer for seven 
consecutive yeans is contained 
on a card measuring 9 inches 
by 7 inches. Details on the card 
can be filled in by at least two 
and usually several more staff 
in ink. A column 1 inch wide 
by 4 inches deep for each year 
contains/details of all tax allow- 
ances. Every time they change 
— and .they were altered several 
times last year for budgetary 
and oilier reasons apart from 
changes resulting from different 
personal circumstances — . it 
means a new entry and re- 
calculation of tax code.. . 


April to June 1977: Tax 
return .forms were issued and 
the recoding changes caused by 
the Budget carried ouu Sperial 
child ' allowance " rates for 
certain students introduced. . 

June to September: New 
codes issued as a result of 
increased National - Insurance 
benefits: Increase in exemption 
limit for certain savings bank 
interest. Changes caused by 
amendments to Finance BUI la 
committee stages. July mini- 
Budget tax changes leading to 
recoding notice being sent out. 
- September to January, 1978: 
Changes in building society 
interest rates led to recoding 
October mini-budget results in 
yet further recoding. 

January to- April 197&- Annual 
recoding in advance of tax 
returns being sent out and tax 
deduction cards sent out. 

Throughout the whole April- 
to-April tax year, staff are also 
responsible for usual work. This 
includes amending codes for 
changes in individual circum- 
stances; dealing with newcomers 
to PAYE, changes of employ- 
ment, and retirements: and 
repaying tax tq unemployed and 
those leaving- the URL 


Tinkerings 


Mistakes 


The effect is often to produce 
a blotchy and grubby card file 
which can inevitably lead to' 
mistakes. ■ 

The ‘ sequence of events, ini* 
the tax year ^hich finished last 


The . official side of the 
Revenue is also concerned 
about the effect on staff morale 
of recent pressures. After last 
October's mini-budget Sir 
William Pile took the unusual 
step of writing to all staff telling 
them that the Prime Minister 
and Chancellor were “fully 
aware of the strain on you all 
and of:your devoted response.” 
- With tomorrow’s Budget how- 
ever. words may not be enough, 
especially if there are further 
tinkerings with the tax system. 
An extra 1.300 staff would be 
needed to deal with anew lower 
tax band, but they are unlikely 
to be recruited if such a mea- 
sure is included in the Budget, 
according to the union. . . 








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lines' Monday April lO .1978 



trftSHS AIRWAYS is expected 
to tell the Government this wed? 

'•S&35* 1 *. - Department of 

S?S I % th | t rt .wants to buy up to 

^r'Yi 737. short-range 
jet airliners over - the nmrt two 

WS-3® ^Pteoe.-its .ageing fleet 
°* .One and ; Twos, some 

of which have. been,-, in ..service 
since, the early 1960s: 

«. 3 ^.«S^T»ire!y to cost more 
than fioont, win pose ^ dflemma 
for the^ : Government - which, 
having nationalised, the U.K. 
aerospace .industry, is: bound to 
ensure that its workload, is main- 
tained, while the -unions also axe 
likely to be highly critical on the 
ground that, their : jobs are 
threatened by the State airhne*s 
Buy American" policy. A politi- 
cal row is threatened — and 
British Airways will have to work 
“ a I“ ^ it wants to win Its case. 

The airline's decision, taken at 
a Board meeting on Friday, is 
only part of a much bigger £2bn. 
plan to replace its ageing fleet of 
more than 100 aircraft, mainly 
Trident and One-Eleven short-to* 
medium haul jets, , but also In- 
cluding some Viscount turbo- 
props and long range Boeing 
707s, VC-lOs, by 1985. 

By that date,- because of rising 
costs, the fuel' efficiency of all 
these jets will be hopeless, while 


airline wants U.S. planes 


their noise win be unacceptable 
at most of the airports in western 
Europe and the U.S. to which 
British Airways fhes. 

• The airline .paans to buy more 
Boeing 747" Jumbos and Lock- 
heed TriStarr to meet its long- 
haul . and . medium-haul needs. 
But. In the short-tb-medium haul 
field, ft- needs- several new types 



120-seater; the airline is running 
short of capacity as. Trident Ones 
and Twos are phased out With 
traffic rising relentlessly, the 
airline needs up to 20 of this 
120-seat type before 1980, so that 
it must settle on its choice now. 

It has opted for the Boeing 737 
for several reasons. First, these 
are readily available, either new 


MEWS ANALYSIS 


BRITISH Al RWAYS 

BY MtCHXEL DONNE, AEROSPACE CORRESPONDENT 


of aircraft. The' Immediate need 
up’ to 1980 is for. a 120-seater. 
to replace, the Trident Ones and 
Twos. - 

A little. later, -by 1985, it will 
need a bigger 36^180 seater to 
replace Trident;- Threes. After 
198& depending os traffic growth, 
it may need a tfclrdi larger type, 

a 200-seater, '.'but': that is suf- 
flcientlyVfar ahead not to be a 
problem.' , iV J . 

The immediate- headache is the 


dr second-hand. Secondly, they 
are cheap, at about $7m. or so; 
they are well-proved, having been 
in service for several years; they 
are fuel-efficient and compara- 
tively quiet because they can 
he fitted with the latest type of 
Pratt and Whitney JT-SD 
engine, the model 209. Moreover, 
they are just the right size. 

Fighting the Boeing 737 was 
the British Aerospace One- 
Eleven in a new version, the 


Series 600, with a “hush-kitted" 
Spey engine, and the U.S. 
McDonnell Douglas DC-9-40. The 
fight has been close, but the 
Boeing 737 is believed to have 
won because in terms of aircraft- 
mile costs it is cheaper to fly. 

But, the battle may not yet be 
over. British Aerospace is bound 
to come up with further improve- 
ments to the One-Eleven in a bid 
to reverse the airline's decisioo, 
while the Government itself will 
became involved, as unions and 
MPs attack the airline for want- 
ing to “Buy American” and 
allegedly jeopardise the UJC 
aerospace industry. 

The airline is ready for this 
fight. It responds to these criti- 
cisms by pointing out that it is 
not viewing the Boeing 737 in 
isolation, hut as part of a 
M package " which also could in- 
clude .eventual purchase of the 
proposed new Boeing 757 twin- 
engined sbort-to-medium range 
jet. seating 183 passengers and 
which could bave a new version 
of the Rolls-Royce RB-211 engine, 
the Dash 535 with 32,000 lb. of 
thrust 

Moreover, the Boeing 757 could 
be built substantially in the 
U.K.. under a co-partnership deal 
which Boeing has proposed to 


British Aerospace. If adopted, 
this plan would ensure many jobs 
for U.K. aerospace workers. 

British Aerospace, is not .too 
keen on the Boeing plan — it 
does not believe it is as good os 
it is made out to' be — while in 
addition it is deeply involved in 
plans being formulated in Europe 
to'- build a rival jet, the Joint 
European Transport which would 
be available in two versions, one 
seating 130 and the other 163. 
The European plans would be a 
head-on competitor for the Boe- 
ing 757. The U.K. is being pres- 
sed to join France .and West 
Germany on the project, and 
there are bound to be bitter 
recriminations if the U.K 
decides instead to take the 
American path and reject Europe. 

British Airways clearly 
believes the U.S. road is the one 
.to follow. It is supported in this 
by Rolls-Royce, which sees a 
chance to win big orders for its 
RB-211 engine in the Boeing 757. 
and believes that a Boeing 737 
deal is essential as an interim 
measure. Some senior civil ser- 
vants in the Departments of 
Trade and Industry and in the 
Treasury share this view, and 
feel the Boeing jets are best on 
long-term economic grounds. 


-i 

I ?’ > 


v- 


. ; ; ;*j- 
-v •n" 

‘if -- 
■ - ■ ■ ?, 

' I . ’ * : — 

I 1 


CKMfID MEEtTn4§£^ 

Finals! 

Asvd. Biscuit MlB. 

MriSrsv*-.^ •- . 

Cory (Horace) 

CrossiBY Bids- Prods. 

Dewhlrst ( 1 . 

CdHttounXi litv. Tst. 

Kewden-Stoart Want ... 

Huntleloh 

Martin (Albert) . 

Trtoiemt 

DIVIDEND & INTEREST PAYMENTS— 
Associated Fisheries' i Jin 
Cabli-form 0-22n 

Cooper (Frederick! 0.33P . . 

Enollsh China CUvs 1.B038P 
Fisher (Albert) 0.2So 
Goldman tH.I 0.2 ESP 
Great Yarmouth 9Japc8ds. Red. IS.'IO'SO 
4<I||PC 

Hirst and Milllmnn 0.9p 
Kershaw (A.) 1I.96097SP. BPI. (12!;pc) 
4.X7S0C - 

LWT A ord. 3.555c . 

M and G Far Eastern .and General Fd. 
0.3ftip 

M.I.M. Holdings • 3- cts. 

Manchester Ship Canal 9.064 p ■ 

Meld rum Invest. Tst. 1.225c 

Rank Organisation 6-S4AG72P 

Ruo Estates top- • 

Sc. Andrew Trust 2-GSn ■ 

Scottish Eastern Invest Db- 3<epc . 
Status Discount 3-4090 ; . ■ 

victor Products '(WaUsend) 1 .33c ‘ ■ 
WhaUlngs i-668p — 

TO-MORROW • • 

COMPANY MEETINGS — ' ' • 

Anglo International Invest. '. Trust. 20. 

Cannon Street. ' E.C. 12 
imperial Metal lnds_ Birmingham. 12 
Pawson (W. L.I. Hshtas. 12.- 
Westwood Dawes. 5tourbr1dge. 12-30 
BOARD MEETINGS — 

Finals; 

Lvon and Lyoo . ■ , 

Rio Ttnto Zinc 


WEEK’S FINANCSAL DIARY 

The following is n record of the principal business and financial 
engagements ;■ during the week. The Board meetings are mainly 
for the purpose itf considering dividends and official indications are 
not always .available whether dividends concerned are interims or 
finals. The sub-divisions shown below are based mainly on last 
year's timetable. - 


10’aPCBds. Red. B110IB2 


. 6k,pc«ds. Red. 1M0I7B 3i«»c 

Ribbia Valley 9'iocBds. 


Senior Erva. 

Sparrow ffi. WJ 

iHtorlors: ... 

Smiths ind*. 

. DIVIDEND A ItOTkEST PAYMENTS — 
Anglo- 1 ntPmatloaal invest. Trust 2.2o 
Caledonian Associated Cinemas 7pcPf. 
2.4 sec 

Getter (A and .Up ' 

Med mi ns ter D 9p 
Orme Developments 1.2p 
Pawson (W- l_) 0 JSp 
SQB Group 2.7540 
Westward Dawes 3.441 Bp 

WEDNESDAY. APRIL 12 

COMPANY MEETINGS 

Gmett Bros.: 65. Conihtll. E.C. 12.30 
Provident Financial, Bradlord. 12 
Squirrel Horn. Aim Lodger Hotel. Stock- 
port 10.30 _ 

HOARD MEETINGS^- .. 

Finals; . 

Amiga.- Metal •••■•.■ 

Babcock and WHtdx 
Bool (Henry i ... * 

Carpets.' Intnl.- 
Christies Intel. 

Danish' Bacon - 
Eagle Star 

Empke Stores iBradford) 

Flrlan Uc4in) 

Fogarty. iE.1 , • ’ 


IMPORTANT ONE DAY NATIONAL 
CONFERENCE 

entitled BUSINESS AND POLITICS 

Chairman : Mr. A- Shaw. Ash ridge Managem ent Cojiege:; 
Specter* Rt. Hbn.‘ Peter Walker, MBE, MP.;.W. Wdni^i fellow 
in Politics, BallioL Cofiege: Jl- Hargreaves. J.P^. Oiairman,. Matrix 
Corporate Affairs; T. Price. Secretary General — Uranium Institute. 
TO BE HEU> AT THE HOTEL' RUSSELL. LONDON 
2B JUNE -1978 
-■ Enquiries to; 

- ‘ "Miss -Ci' Bosweir 

Executant Offices, 19 Octagon Parade, Hfgh'TAfycombe/Biicks. 
Telephones 0494 33171 


LL. LONDON f 

■ - A 


Olymnd 

Guardian Royal Exchange 
Oil Ekolornlon 
Rtiode&Un Cpn. 

R-'chardsons Wcsigarth 
Rowan and Boden 
Sli'ualt •William) 

Tailemachc and Cooboid Breweries 
Wilmot Breeden. 

Wood lArthuri 

Interims: 

Fyrrv Pitkering 
Kalamazoo 
Start rite Eng. 

DIVIDEND & INTEREST PAYMENTS — 
Allcrdale 9'vOcBds. Red. 12:4178 £5.0998 
Alnwick B^pcBdS. Rad. 12I4J7B £5.0998 
Barnsley 3 pea -is. Red. B'lOiBD 4i<pc 

Sascetiaw 5'iorBds. Red. 1811017 b S'ipc 

Birmingham GUPCBdc. Red. 18I10 i 7S 
3'i.PC 

Boomlerry 7 'jocBds- Rod. ID 10.79 stac 
Breikbmirne 7 'iDcBds. Red. 10110:79 3 ,pc 
BmiDWc 9>pcBds. Rod. 12'4.‘78 £5.0998 
Cambridgeshire B’tPCBd*. Red. 18 10(78 
3 1* DC 

Camd'M: 6<jpcBds. Red. 1BH0 78 3i.pc 
Cardltt 9'vpcBos. Red. 1214I7B £5.0998 
Clydebank 7-«arBdi. Red- 1010179 3'«oc 

Colchester 6'iocBds. Rea. 1810 ?8 3'sPr 

Cwigietou 7-'jpcBcis. Red 10>10;79 SVdc 

Cumbernauld ana Kilstrlh 9iPcBds. Red- 
124178 £5 0098 

Cvnon Valley 9'MXBds. Red. 12-4 7B 
£5.0998. 6 UpcB«- Red- 18110178 

S'llX 

Dunoer 6>aPCBdS- Red. IB'ID.^B 3'vPC 
East Lindsey fi'aocBds. Red- *18(10(78 

3 '.DC 

Ea&tlclph g^vpcBds. Red. 12(4 78 £5.0998 
clmbr.dqr 10'aocBds Rad. 7T0I81 5'nec 
Epsom and Ewell B'^pcBds. Red. 12'4.7B 
£5.0898 

Greater London 9^pcBds. Red. 12‘4I78 
£5.0398 

Green wien 7'>pcBdf. Red. 10M0r79 3\nc 
Helton 9*pcBds. Red. 12/4.78 £5.0998 
Hammersmith 7>:PcBds. Red. 10/10)79 
3'«PC 

Kennel 7>apcOds. Red. 111479 3*n.pc 
Ken, l not on and Chelsea 9 Tint Bus. Red. 
12?4;78 £5.0998 

Lochaber fiUncBds Red. IB 10 IB 3**pc 
N ewham 7 L DC BOS- Red. 10*10(79 3^DC 
Norfolk 9i|PCBds. Red. 12 4(78 £5.0998 
North Cornwall 7\oeBa%. Red. 10110179 
3Vk 

North Shropshire 7ln>c8ds. Red. 10110179 
3’, PC 

Northampton Bpc Red. 7B-79 4 DC 
Morthavon 6 '.p- 3di. Red. 1B10i7fl 3 'me 
Nuneaton 9%PCBdv Red. 1214/78 £5.0998 


Portsmouth 
5-uPC 

Preiell .. r . 

Red. 12/4(78 

£5.0998 

Rotherham GtidcBds. Red. 18/10/78 Shtoc 
Roxburgh 9'apcBdl. Red. 12J4I78 £5.0998 
Scottish and Newcastle Brows- 1.39695? 
(Inc. Supplementary Dlstbn. of 0.04E95P 
ola yr. ended 1/5 177) 

South Northamptonshire 9PCBd5. Red- 
1214178 £5.0998 

Staffordshire 9'vPCBds. Red. 12/4/78 
£5.-0098 

Thamesdown 6UncBds. Red. 18/1 0/7B 
3 'ape 

Thanet BhrocBds- Red. 12 417 B £.5.0998 
Wakcheld GUpcBds. Red. 18(10/78 3'apc 
Warrington gHpcBds. Red. 12(4/78 
£5-099B 

Warwickshire GLpcBds. Rad. 18/10/78- 
3IMX 

West Donet 6 LocBds. Red. 18(10/78 
S’aPC 

Wigan 6'ancBdS Red. 18(10178 3’BK 
THURSDAY. APRIL 73 
COMPANY MEETINGS — 

Lunuva (Ceylon! Tea and Rubber Greet 
lower Street. 12 

°12^5 PWer M>11 ' C>ialr1,1D Cros » Hotel. 

BOARD MEETINGS — 

Finals: 

Ajscd. Portland Cement 
a utmated ProdS. 

Bea uford 
8e ntalls 

Bourne and Hollingsworth 

Bo witter oe 

Carron 

Clarke Nick oils and Coombs 
Dickinson Robinson 
Dreamland Elec. ADPliances 
Fisher rjames) 

Gen. and Cmml. in,. Tst. 

Gibbons (Stanley) Intnl. 

GrcM'i Economiser 
Jerome (5.) 

Lee Refrigeration ... 

London and Provincial 
Portals 

Ready Mixed Concrete 
Rowntrce Mackintosh 
Ruberold _ _ , 

Sandeman (Geo. GJ 
Sanderson Kavser 


Stag Furniture 
Tavlo 


...Jor Pal litter 
Trkentrol 
York Trailer 
Interims: 

Adwcst 

"■'DIVIDEND S INTEREST PAYMENTS— 
Arton l ipcBos. Red. H f 4 79 Shoe 
□••eland 12pcBds. Red. 914 80 toe 
Dtuloma Invs. 1-2452l» 

Dumtrlw and Galloway. 12ocBiB. Red- 
9'4(80 fiec 

East Cambridgeshire llpcBds. Red. 

1l»47fi 5lmc 

Greenwich lOWpcBds. Red. ; 19I7I7B 52«PC 
Harlow llPCBns- Red. 11 '4(70 5>zoc 
Hoover Ord. and A. 9.210 
Horsham IZpcBds. Red.. 914(80 Boc 
Hume (A.i 1.4B5P 
Imperial Metal Inds. 

Lana' 

Lewi 


ime (A.i 1 -4B5p '- ■ 

nerlal Metal Inds- 1.794225P • 

ngbaurgh iipcBds. Rod. 1114/79 5ijpc 
w Is ham i2pcBds. Red. 9(4,80 Sue 


Medway 12 dcbus. Red. 94/80 Bpc 
Rotherham ilocBss. Red. 11/4/79 Shoe 
West Oxfordshire 10'ipcBdv Red. 

11(10/78 -5Upc 
Zapata 7-5 cts. 

. FRIDAY. APRIL 14 
.COMPANY MEETINGS — 

Aouls Reunites. Clarendon Court Hotel, 

Barget. Wrtham. Essex. 10 
Edjn^Vh American Assets. Edinburgh. 

Mount Charlotte low.. Royal Albert Hall. 

Reliable Props.. Winchester House. 12 
BOAR© MEETINGS — 

'Finals: 

Amuse lit urn 
Bristol Stadium 
Brown Boveri Kent 
Hambro Life Au. 

HartSc Machinery 
Ruobv Porriarvfj Cement 
Interims: 

Coronation Syndicate 
Kent CM. P 1 
Kwfk Save Discount 
Tweelontein Ufd. Col I pries 

DIVIDEND & INTEREST PAYMENTS— 
AuCHn (F.i fLevtonl 0.164P 
Blaby 1 1 ■vocBds. Red. 1214 '7B £5.6252 
CasOefleld >Kiang) Rubber Estate 2. Bp 
■Elblef 0.350 

First Scottish American Trust 1R5o- 
Hongkong and Shanghai Banking HK D47 

CM. 

Ladles Pride Outerwear I.SEp 
Monks Invest. Trust Dh. 2Upc (1979) 
Olives Paper Mill 1.250 
Oo Derma n Db. 3'«oc 
Rotahex (Great Britain) 1.12750 
Sehlumberger 27.5m: 

Squirrel Hsrn 0.91 25p 
StaHordstilre Potteries 1 JI€5o 
Stenhou ? 2.4o 
strathci- He Variable Rate Red. 1982 
X1735 

Wordlo (Bernard) 0.77o 

SATURDAY APRIL 15 
DIVIDIEND A INTEREST PAYMENTS — 
Australia (Commonwealth of) Shoe Red. 

. 76-7B .! koc 

Camden Inc Red. 78-80 4h.*K 
Canadian and Foreign invest. 1st. 5'ioc 
Db. 3>ai>c 

Ounmerciul Union Assurance Sk^-.Fd. A 
4 Vac 

Coventry 60 c Red. 75-78 3 pc 
pebanhams Db. 2 Vpc 
Flour Coro- SO Cts. 
abater London 91-oc 80-82 4 Vpc 
Korallborne o.6697p 

Imperial Chemicals Inds. Ln. 74-85 Shoe 
Johnson Group Cleaners 2.623p 
Metropolitan Water Bd. Vauxhall W.W. 
3ocDb. ihoc 

Newcastle upon Tyne 9 hoc Cons. Red. 

81-83 4 Vpc 
Norcros Db. 7Vnc 
Norwest Holst Ln- 3hpc 
Richards 4pc Cum. Pfd. 1.4pc. Shoe 
Cum. Pld- Ord- 1.92SPC 
Southwark 9Voc Red. 78-79 *Hoc 
Treasury 5 DC 86-89 2'?PC 
Westminster 13 pc Red. 1981 6ixoc 
Whitbread Shoe Ln. Shoe 
YIJImpey iGoorge) Ln. 3pc 


UJK. TRADE FAIRS AND EXHIBITIONS 

Date Title . Venne 

Apn 10— IB Imemttonal GasTnrtine Eshibltlon'& Coxif; * ■ Wembley Cen£ Centre " 

Apr. 10—14 National Printing Machinery Exbn. ' Nat Exbn. Centre, B'ham. 

Apr. 11—14 London Fashion Exhibition Earls Court 

Apr. II— 15 ...... Scottish. Building & Public Works Exhibition Glasgow 

Apr. 12—14. Leatherwear International West Centra Hotel, S.W.6 

Apr. IS— 21 ...... Storage* Handling & Distribution Exhibition Olympia 

Apr. 18—22 ...... Aiitoqulp *7S Exhibition Wembley Conf. Centre 

Apr. 20—28 Metalworking 78 Exhibition Nat Exbn. Centre, BTiaa. 

Apr. 24—28 Int Fire Security Exhibition & Conference Olympia 

Apr. 24—28 ...... Subcontracting Industries Exhibition * Nat Exbn. Centre, B’ham. 

Apr. 24->-29 Bristol Boat Show Exhibition Centre 

May 9—12 International Diecasting Exhibition Olympia 

May 9 — 12 British Industrial Toolmaking Exhibition Olympia 

May 9—11 European Computing Congress and Exbn. Wembley Conf. Centre * 

May 16 — 19 ...» Spedbuild (building products) Conf. and Exbn. Olympia 

OVERSEAS TRADE FAIRS AND EXHIBITIONS 

Apr. 14—23 ...... International Trade, Fair Milan 

Apr. 15 — 24 Swiss Industries Fair Basle 

Apr. 17—23 International Spring Fair Zagreb 

Apr. 18 — 21 ...... International Ship care 78 Hamburg 

Apr. 21—24 Portuguese Fabrics and Clothing Exbn. Lisbon 

Apr. 24 — 27 Solar Technology Exhibition and Conference Bahrain 

Apr. 28— May 4._ German Agricullural Show Frankfort 

Apr. 29 — May 15 . International Trade Fair Brussels 

Apr. 29 — May 15 . International Paris Trade Fair Paris 

May 6—11 International Book Festival Paris 

May S — 11 Com pec. Europe Brussels 

May 13 — 20 Woodworking Machine Exhibition Milan 

May 16 — 20 Welding Fair Zagreb 

BUSINESS AND MANAGEMENT CONFERENCES 


Apr. 10 — U 

Apr. 10—12 

Apr. 10—14 

Apr. 10—14 

Apr. 11—12 

Apr. 12—14 
Apr. 13 .... 

Apr. 13 .... 

Apr. 16—20 

Apr. 17—21 

Apr. 18 — 19 

Apr. 19 

Apr. 19 

Apr. 20 

Apr. 20—21 

Apr. 21 

Apr. 23—24 

Apr. 23—28 
Apr. 23—28 

Apr. 26 

Apr. 26—27 

Apr. 27 

Apr. 27 

Apr. 27—28 

4nr. 27— 2S 
Mny 3—6 .. 


, Financial. Times: Business and the European 
Cnmmnnity Directives 

, Brintex: Energy Utilisation and Conservation ln 
Industry 

P-E Consulting Group: Application of Production 
& Inventory .Control 

. Kepner Tregoe: Decision Making for Senior 
Management 

Anthony Skinner: New Inspection Techniques and 
Methods 

Seminar Services: International Tax Planning 
Export Group for the Constructional Industries: 
Management Contracting Overseas 
British Institute of Management (NJ5. Region): 
Interpreting Accounts to the Non-Financial 
Manager 

Retail Consortium: International Conference of 
Retailers 

London Chamber of Commerce and Industry: 
Understanding the Arab World 
British Association for Commercial and Industrial 
Education: Management Development 
Henley Centre for Forecasting: The Budget 
London Chamber of Commerce and Industry: 
Agri-Business In the Middle East & North Africa 
McGraw-Hill: Managerial Work — Its Demands and 
Choices 

Legal Stndies & Services: Claims' Against Carriers 
—Procedures and Remedies 
Leeds University*. The New United Kingdom 
Patent Law 

Institute of Grocery Distribution: Annual 

Convention 

lnbucon: Improving Industrial Relations 
Centre for International Briefing: Working 

Effectively in Nigeria 

British Overseas Trade Board: Exporting to 
Australia 

European Study Conferences: Direction and 
management of the smaller private company 
British Council of Productivity Associations: Pro- 
vision and disclosure of company information 
London Business School: Leases and how to value 
them 

Council for' Energy Stndies: World Energy 
Economics Conference 
Oyez: Advertising Association Conference 
Institute of Metal Finishing: Annual Technical 
Conference 

British Institute of Management: Management of 
Product Design and Innovation 
National Chamber of Trade: Annual Conference 


Grosvenor House, W.l 

Royal Lancaster Hotel, WJ2 

Egham, Surrey 

Bournemouth 

Cafd Royal, W.l 
Zurich 

Cavendish Conf. Centre, W.l 
Harrogate 

Grosvenor House Hotel, WJ. 
69, Cannon SL, E.C.4 
Leicester 

Carlton Tower Hotel, S.W.l 
69, Cannon SL, EC.4 
Royal Garden Hotel, -WB 
Hilton Hotel, WJ. 

Leeds 

Hotel Metropole, Brighton 
Selsdon, Surrey 

Farnham Castle, Surrey 

Inn on the Park Hotel, W.Z 

Kensington Palace Hotel, W.8 

London Hilton WJ. 

Sussex Place, W.l 

Inn on the Park, W.l 
The Brighton Centre 

PaJace Hotel, Torquay 

Royal Lancaster Hotel, W.2 
Llandudno 



Fitting them properly is another. 


Quite obviously choosing a computer system isn’t as easy as choosing a washing 
machine, The actual hardware is only half the story. 

Without the software to drive it, it’s as good as useless. 

And getting a programme specially written for your exact needs is a very costly 
business indeed. 

Which is why many people prefer to use ready-made software packages. 

And why at NCR, we set out to produce one of the most comprehensive ranges of 
economical, ready-made software packages available. Including sophisticated systems 


re 



but will fit ttiem exactly 

But we haven’t stopped there. 

All the computer.systems in the 8000 series are compatible with each other. 



software can still be used. Allowing you to migrate to any level of computer technology 
Easily and, more important still, economically 

v As you can see, with NCR, you can certainly see which; 
way you’re going. 



C R 




f } ..NCR.Limrted, 206 Marylebone Road, London, NW1 6LY Telephone; 01-723 7070. 


■j. 




i a: 







14 


FINANCIAL TIMES 


BRACKEN HOUSE, CANNON STREET, LONDON EC4P 4BT 
Telegrams; Flnantimo, London PS4. Telex: 888341/2, 883897 
Telephone; 01*248 8®M 


Monday April 10 1978 


An erratic 



THERE IS, on the face of it, a 
good deal to be said for a NATO 
decision to defer the production, 
and certainly the deployment, of 
the neutron bomb until the 
implications for arms control 
have been fully considered. Too 
often in the past the introduc- 
tion of new weapons technology 
has simply led to a stepping-up 
of the qualitative arms race 
without any compensating in- 
crease in security. The develop- 
ment of multiple independently- 
tareetahle re-entry vehicles 
(MIRVs) bv the Americans is 
a ca«c in point. These were 
not included in the first strate- 
gic arms limitation agreement 
[SALT I). Yet the omission 
made SALT I less of a break- 
through in arms control than 
might otherwise have been pos- 
sible. It also halted progress 
toward* an agreed balance of 
strategic power: the two super- 
powers merely beaan to com- 
pete in the quality nf their 
weapons where they bad pre- 
viously competed in quantity. 
And. of course, the American 
nmnopolv did not last. The 
Soviet Union now has its own 
MIRVs and tu«* made great 
gains in the accuracy of its 
strategic weapons. 


Too late 


The neutron bomb offered a 
comparable basis for -negotia- 
tion. NATO could have said to 
the Warsaw Pact: “ Look, we 
have this new weapon which 
we are quite capable of intro- 
ducing and which would go a 
long way towards diminishing 
the effectiveness of your 

present superiority in tanks. 

You could, however, remove the 
noed tor it by reducing your 
own tank armies. There is a 
negotiating forum, known as 
MBFR (for mutually balanced 
force reductions!, in which this 
could be perfectly well 

discussed. Alternatively, you 
might like to come up with 
some ideas of your own. For 
instance, there is the SS-20 
which Is not covered by any 
existing arms control negotia-> 
tinns. but which you have 
recently targeted on West Euro- 
pean poDiilntion centres. It’s a 
much bigger weapon than the 
neutron bomb and, being 

strategic rather than tactical, 
nuito different in kind, but still, 
if you were prepared to restrict 
deployment, perhaps we could 
talk.” 


Alliance firmly on the side of 
anus control, but Would have 
tended to impel the individual 
members of the Alliance to sup- 
port the deployment of the 
neutron bomb if the Soviet 
Union refused to make any con- 
cessions in order to prevent it 

It will be argued by President 
Carter and Mr. James Callaghan 
that this is precisely the position 
that NATO has now reached. 
And yet it has been reached too 
late to be fully credible. It has 
been reached, also, by a very 
circuitous route. The arms con- 
trol factor ernered rather late 
into . the argument. Neither 
President Carter nor anyone 
else sought to introduce it at 
the beginning. .Instead the 
American President appeared 
to be ready to order the produc- 
tion of the neutron bomb if the 
Europeans asked him to do so. 
He was ready to come down 
against it at the very moment 
when most of the Europeans 
had come reluctantly to accept 
the need for him to go ahead. 

ThatJs not a very convincing 
way to run an alliance, nor to 
conduct negotiations with the 
Soviet Union. The Europeans 
must now recognise President 
Carter as an erratic, if not un- 
reliable, partner. The Russians, 
who have led an almost un- 
precedented propaganda cam- 
paign against the neutron bomb, 
must be further encouraged to 
think that they can get their 
way whenever they wish. And 
the outside perceptions must be 
that the Russians are right, even 
if— as is more than probable— 
Mr. Carter’s refusal to order 
production was a result of tiis 
own peculiar conscience rather 
than of giving way to Soviet 
pressure. 


VW starts pulling 






the Rabbits from 


its U.S. hat 


BY JOHN WYLES IN NEW YORK 


Swing 


Such an approach cquld have 
bad the further advantage of 
uniting the NATO allies. It 
would have put the Atlantic 


There is not very much that 
NATO can now do to recoup 
the damage, except to pretend 
that the position it has now 
reached is where it would have 
preferred to have been all along. 
The Soviet record of reciprocity 
in arms controt is not good. The 
Russians are now going to be 
tested again: if they are not 
forthcoming, the result will be 
almost certainly a resumption 
of the arras race, both in 
quality and ouantity. One does 
not believe that is what Presi- 
dent Carter wanted. But one 
doubts whether even he will be 
able to resist it. That is exactly 
the kind of sudden swing in 
East-West relations which a 
statesman should seek to avoid, 
and it is no wav to lead an 
alliance. 



e new from 



C HRYSLER Corporation 
did not want it, Herr 
Rudolph Leiding resigned 
because he could not have it. 
Governor Milton Shapp nearly 
lost it and more than 35,000 
people cannot get a job in it 
The path to Volkswagen’s fac- 
tory at New Stanton, Pennsyl- 
vania, has been littered with 
corporate battles, political rival- 
ries and personal disapoint- 
ments. But these will no doubt 
count for naught to-day, when a 
Volkswagen Rabbit rolls out of 
the first foreign-owned car 
manufacturing . plant .to be 
opened in the United States for 
more than 40 years. 

The plant, originally intended 
for Chrysler, who abandoned 
construction on it before the 
half way stage in 1970, repre- 
sents a $300m. bid by VW -to 
regain its former glory as the 
leading producer of foreign cars 
sold in the U.S. Japan’s Toyota 
snatched this crown in 1975 
when VW came in third behind 
Datsun. Last year, the West 
German company increased its 
year-on-year sales in the U.S. 
for the first time since 1970, 
but they were still less than half 
the 571.000 units sold in that 
peak year. Competition has un- 
deniably sharpened among im- 
porters, but VW models which 
have been enthusiastically 
accepted by European car 
buyers have run into a recur- 
rent marketing problem in the 
U.S., which is beyond the wit of 
any design engineer: the West 
German mark's upward march 
against the dollar. In eight 
years its value has risen from 
DM3.60 to the $ to a shade over 
DM2. 

• -But the New Stanton invest- 
ment represents more than an 
attempt to shelter from the 
mark's strength. In a real way, 
it is a physical expression of 
VWs emergence as a world car 
producer ranking with, but on 
a smaller scale than, General 
Motors and Ford. The charac- 
teristic of a world company is 
that it produces in and for sev- 
eral major national markets a 
range of designs distinguished 
by standardisation of equip- 
ment and components. 

VWs Rabbit, which is sold 
in Europe as the Golf, was 
planned to replace the legen- 
dary Beetle as a car which 
would sell successfully in any 
market Whether it will ever 
attain the Beetle’s selling power 
remains to be seen, but after a 
sticky launch in 1975 the Rabbit 
found 164,703 purchasers last 
year, giving it about 16 per cent 
of the total U.S. imported small 
car market 

But its fundamental problem 
was highlighted again just ten 
days ago when, for the fifth 
time in 12 months, VW had to 
announce a round of price in- 
creases because of the dollar's 
weakness. When it was launched 
the Rabbit was priced at $2,999; 
to-day the cheapest version sells 
at $4,220. 

The implications of a currency 


crunch for VW first became 
apparent in 1973, when the com- 
pany’s U.S. profits were savagely 
eroded by a falling dollar and 
sliding sales. The sales weakness 
was also due to the fact that 
tiie geriatric Beetle’s attractions 
were fading rapidly by this 
time. But VW was addressing 
this problem with a range of 
new designs which it was confi- 
dent would restore its fortunes. 
However, Herr Rudolph Leiding, 
then VW’s chairman, was also 
arguing forcefully that the par- 
ticular problem In the U.S. mar- 
ket could be overcome only by 
establishing a manufacturing 
presence inside America. 

But by 1974 VW’s problem 
was not confined to the dollar, 
for like all car companies it 
-was caught in the downdraught 
of economic recession, which 
hurt worldwide sales and profits 
at a time when the company 
was financing the development 
of a new model rahge. 


memoranda detailing the course 
of preliminary conversations 
which had .been held with both 
Chrysler and American Motors 
on the possibility of producing 
VW cars in either company’s 
facilities — a concept which was 
embodied in the Reyault- 
American Motors agreement ten 
days ago. 

Herr Schmuecker rapidly 
pushed through a plan to cut 
the VW workforce in West Ger- 
many by 25,000 (18,500 eventu- 
ally left) and then In May, 1975. 
publidy -supported the notion 
that the only way to recapture 
the American market, which had 
once accounted for nearly a 
third of VW’s 'output, was to 
produce cars there. During the 
next 11 months detailed analyses 
by VW executives produced the 
following arguments in favour 
of such a move: 

Production in the U.S. would 
drastically reduce the com- 





ww wwiw win h ■■■ ■ ■ — - ■ ■■ — 77 ; : - 3 

Volkswagen Manufacturing Corporation’s chief financial officer,' Mr. Fredrick Thoraee, in 
front of the New Stanton works, which goes into Rabbit production to-day. 


rapidly in West Germany, where 
car workers were also wotidng 
about 30 fewer days per year. 
Labour was easier - to shed 
in the U.S. during, market re- 
cessions ahd the high-volume 
U.S. producers were extracting 
a significantly . higher added 
value per man than was VW In 
West Germany; 

Tighter governmental regula- 
tion in the U.S. on safety,, pollu- 
tion ■ and fuel economy .could 
force the pace of techzu<^ inno- 
vation which might have spin- 
offs in other markets. • 

VW must also have assessed 
in detail the impact on its West 
German activities of building a 
U.S. plant with an annual capa- 
city of -200,000 vehicles. The 


FOREIGN CAR SALES IN TH E U.S . 



VOLKSWAGEN I TOYOTA 1DATSUN I HONDA ! FIAT VOLVO 


Cleveland, Ohio, and a partly- 
built Chrysler Corporation plant 
at New Stanton, 35 miles south- 
east' of Pittsburgh. S niffin g a 
majoy investment directly worth 
n)i' '.tor 5;O00 ' jobs . and ; perhaps 
two to '.three times more in- 
ti Irfectly^Ohio and Pennsylvania 
offered "a range of inducements 
to tempt VW. 

Pennsylvania and the attrac- 
tions of a purpose-built factory 
“shell” won the day, but not 
before VW had wised the pos- 
sibility of changing its mind 
and going to Ohio because 
'.Governor Milton .Shapp • of 
Pennsylvania could not get all 
the elements of his financi al 
.package into place. VW has 
ended up raising more than 
$200m. itself through European 
bond issues. But. it has also 
tafcrpn about $40m. at extremely 
.low- rates of interest from two 
local Pennsylvanian pension 
"funds. 

The -period since the keys “to 
the ‘plant were handed over to 
VW on October 5, 1976, has 
witnessed impressive feats of 
organisation and cultural . .en- 
counters of an occasionally 
bracing kind. 

The 2.1m. square-foot facility 
housed a dirt floor and virtually 
tittle else 18 months ago. An 
office block has been constructed 
and road and railway links 
created. - 

- VW decided that the .manage- 
ment of the Volkswagen Manu- 
facturing Corporation would be 
largely American: Not least 

■•because it wanted to incorporate 
-what it hoped would be the best 
U.S,' production techniques into 
the VW system. 


The American team is respon- 
sible, for the traditional range 
of top corporate 'functions,' 
although the posts of vice- 
presidents of quality control 
and engineerings are. filled by 
West Germans. This is not, 
VW stresses,' any reflection on 
the'' capacity, of American 
nationals, but is meant to ensure 
that the Rabbit loses hone of 
its quality by being moved 
across .the Atlantic. 

Although the American man- 
agers have allegedly found their 
German colleagues 1 appetite for 
paper work and >their attention 
to' detail occasionally trying, 
there appears to have been a 
successful fusion -of styles and 
expertise. Honour, where dis- 
putes have arisen, has been 
satisfied. The Americans won 
a disagreement over production 
line arrangements and have 
devised a production manual 
for employees good enough to 
have been introduced in VWs 
West German plants. 


Intensive 


training 


Herr Leiding could not carry 
his views on U.S. production 
through his supervisory Board, 
whose trade union representa- 
tives were becoming increas- 
ingly preoccupied with the need 
to save jobs in West Germany 
and would not consider anything 
which might mean “exporting” 
.jobs to the U.S. 


Career with 
Ford 


Herr Leiding resigned in late 
1974 and direction of VW was 
handed over to Herr Toni 
Scbmuecker, who until 1968 had 
spent his entire career with 
Ford Motor Company's West 
German subsidiary. In the inter- 
vening period he had consoli- 
dated a problem-solving reputa- 
tion by leading the troubled 
steelmaker Rheinstahl AG out 
of trouble and jnto a merger 
with the Thysseji group. 

Herr Schmuecker’s inheri- 
tance at VW included a set_of 


pany's exposure to further 
appreciation of the D-mark, al- 
though this would remain a 
factor because a major propor- 
tion of components would have 
to be shipped across the 
Atlantic for U.S. assembly. 
(Some 25-30 per cent of the first 
American Rabbits will be built 
with U.S. components and this 
will rise to 75 per cent by the 
end of 1979.) Production in the 
U.S. would also free VW from 
the effects of any protectionist 
movement and from anti-dump- 
ing complaints of the kind 
levelled against the company 
in 1975; 

Competition from Japan was 
malting the small car import 
market increasingly tight: 
shorter lines of supply and a 
capacity for superficial design 
modifications would give VW a 
competitive edge; 

As regards unit costs and pro- 
ductivity, wage costs and fringe 
benefits in the U.S. and West 
Germany were broadly similar 
but they were rising more 


company has said since .vthen. 
that there will be no corres-. 
ponding cutbacks because 
worldwide demand for , the 
Rabbit is sufficiently strong to; 
keep all plants running at a 
reasonable rate. 

By the time a firm proposal 
was ready for a meeting of the 
VW supervisory board in April, 
1976, the company’s manage- 
ment had rejected the alterna- 
tive of some kind of joint ven- 
ture. with either Chrysler or 
AMC, and opted instead for a 
plant of its own. This would 
ensure total production control 
and protection for standards of 
quality enshrined, says VW, in 
its name. 

The supervisory board de- 
cision was a triumph for Herr 
Schmueckcr, who allayed union 
anxieties about jobs and was 
given the go-ahead to search for 
a plant which could meet VW’s 
requirements. The field was 
quickly narrowed down to two 
p oss Unities, an. abandoned U.S. 
government tank factory in 


More than one 


U.S. plant 


Overall responsibility ■ was 
■ given to Mr. James W. McEer- 
non, who was recruited by a firm 
Of headhunters to be president 
add chief executive of ..the 
manufacturing company. Mov- 
fiig to VW ended a 28-year 
career - with \ GM for -Mr. 
McLernon, who .had spent the 
seven years before his appoint- 
ment in September, 1976, as 
general manufacturing manager 
for "the Chevrolet division, 
which has 75.000 employees dn 
27 plants. The lure was not 
the five-year contract reportedly 
worth. $2m. but being in at the 
creation of a corporation which 
Mr. McLernon believes will 
eventually • encompass more 
than one U.S. assembly plant 
His top. management team in- 
cludes former employees of all 
four of the Detroit car com- 
panies selected from more than 
5.000 applications made by 
similarly qualified executives: 


VW has received some 40,000 
applications for the just under 

3.000 jobs it has to offer. Some 

1.000 workers will be involved 
in producing the first batch of 
Rabbits fallowing an intensive 
training programme. Among 
other things, this has involved 
shipping 500 partially-built 
Rabbits between- last October 
and February for fi nish ing in 
the U.S. plant to standards 
which, says VW, proved highly 
satisfactory. VW expects to 
produce about 60,000- Rabbits 
out of the New Stanton plant 
this year, nil of which will be 
1979 models and “American- 
ised ” to suit the" demand here 
for more seating comfort and a 
wider range of colour schemes. 

Thus it will be a year or 
more before it can be seen 
whether the American 
consumer, who often associates 
quality with 'things foreign, 
accepts 'the domestically pro- 
duced Rabbit as readily as he 
seems to be opting for the West 
German version. No-one will be 
watching more closely than the 
Japanese motor companies, 
whose prices now are just as 
unstable as VW’s because of the 
yen's, appreciation against the 
dollar. r . 

With, a two-year lead tune 
necessary for establishing a 
U.S. plant, the Japanese may 
just have missed the boat. For in 
two years’ time the full power 
of the Detroit companies will 
be concentrated on the small 
car market. 

The Rabbit, in his New 
Stanton hutch, should be more 
secure. 


THE NINE like to regard their 
regular summit meetings as un- 
sensational, workmanlike gather- 
ings, at which it is not always 
necessary to take dramatic 
decisions. It is often' enough, 
they argue, for Heads of Govern- 
ment to have a general discus- 
sion of EEC aud world problems 
and deal expeditiously with any 
items of outstanding business. 
By these standards, the latest 
session of the Eumpean Coun- 
cil in Copenhagen, which 
ended on Saturday, has been a 
modest success. 


Elections 


The summit quickly agreed on 
a date for the first direct elec- 
tions to the European Parlia- 
ment, which will now be held in 
June next year, just 12 months 
after the original target date. 
There appears to be little ill- 
feeling towards Britain for 
causing the delay — indeed, for 
different reasons, it is quite wel- 
come to both France and West 
Germany. There was equally 
tittle difficulty in agreeing a 
new commitment to democracy 
and human rights that will apply 
to all member states, but which 
has the three Mediterranean can- 
didate countries — Greece, 
Portugal and Spain — particularly 
in mind. 

It is much harder, however, 
to see what the summit has 
achieved in its principal area of 
concern. the international 
economic and monetary situa- 
tion. Mr. Roy Jenkins, the Com- 
mission President emerged 
from the meeting confident that 
important progress had been 
made towards greater monetary 
integration along the lines he 
first proposed last autumn. It is 
true that Heads of Government 
were apparently amenable to the 
idea of extending the use of the 
Community’s unit of account to 
official settlements between 
member countries, giving it a 
limited reserve role. That could 
well be significant for longer 
term efforts to create a common 
or “parallel" currency. It is 
not, however, very relevant to 
to-day’s problems. 

There seems, in fact, to nave 
been considerable divergence of 


opinion as to hnw to react to 
the present buut of currency 
unrest While President Giscard 
d’Estaing proposed the creation 
of a new, unified "European 
currency zone,” Mr. Callaghan 
preferred a broader inter 
national approach that would 
.include the dollar. The Com- 
mission wanted closer links be- 
tween the jointly floating 
“snake" and the other cur- 
rencies: Chancellor Helmut 

Schmidt wanted the "snake" 
left as it is. The only area of 
general agreement appears to 
have been that currency 
stability is a prerequisite for a 
return to higher world growth 
levels. 

Nor do the Nine appear to be 
much closer in their ideas about 
how such growth should be 
brought about They are now 
to study their economies to see 
how a reflationary package 
might be put together at their 
next summit in Bremen in early 
July. But there are still doubts 
over whether, and if so to what 
extent, Bonn will be prepared to 
contribute, and the July package 
may well turn out to contain 
more past measures than new 
ones. 


MEN AND MAHERS 


Sir Idwal’s 


growing teeth 


It will not be the easiest of 
weeks for Alex Atkinson, 
second permanent secretary at 
the Department of Health and 
Social Security. This Wednes- 
day he is to face a Select Com- 
mittee that oversees the work 
of the Ombudsman. The com- 
mittee will be asking Atkinson 
some hard questions about a 
case in which DHSS civil ser- 
vants have been accused of 
“ deplorable deceit ” and “ im- 
proper behaviour.” These 
charges were made by the 
Ombudsman, Sir ldwal Pugh, 
after investigating the com- 
plaints of a war-disabled colonel 
who for 23 years was denied 
his proper pension — as were a 
score more fellow-officers. 


Unemployment 

There are few grounds for 
optimism. Three weeks ago, the 
Community’s target was defined 
as 43 per cent growth in the 
12 months to mid-1979. The 
target set in Copenhagen was 
the more modest one of 4.5. per 
cent growth by mid-1979. Even 
that, in the view of - Herr 
Schmidt is unrealistic. He made 
It clear that he had only gone 
along with the target to please 
the other Heads of Government, 
particularly Mr. Callaghan, who 
has been pressing hard for a 
new joint attack on unemploy- 
ment Mr. Callaghan expressed 
satisfaction that the Nine had 
agreed on their analysis of the 
world's economic ills, if not yet 
on the remedies. He has said 
that before. Between now and 
their next su.mmti, the Nine 
may well discover that the cure 
is more difficult than the 
diagnosis. 


The fierceness of Sir Idwal’s 
condemnation led to calls in the 
Commons for the resignation of 
Social Services Secretary David 
Ennals, who made do with a 
humble apology. It also shows 
how the present Ombudsman 
has raised this once-disparaged 
job to a different plane since 
he took it over in 1978. Yet, 
at first glance, Pugh does not 
seem a fire-eater. 

He is slight and neat and has 
an informal approach that must 
put at ease the people bringing 
their complaints to him. Men- 
tioning the furore about over- 
charging for vehicle licences, he 
says with satisfaction: “I had 
quite a dingdong with the Trans- 
port Ministry.” He won, of 
course. A lifelong civil servant 
himself. Sir ldwal has dispelled 
suspicions that the Ombudsman 
will never give bureaucrats any- 
thing worse than a gentle re- 
proof. He has also come out 
from behind the deadening 
official title — Parliamentary 
Commissioner for Administra- 
tion— devised when the job was 
created In 1967. Recently Pugh 
spread 40,000 posters, carfiring 
the word M Ombudsman ” in 
large type, around public lib- 
raries and similar places, tell- 


ing the public about the mach- 
inery for complaining. “I've 
also been doing a lot on radio 
phone-ins and appearing on TV." 
he told me with satisfaction. 
“It’s not a cult of personality, 
mind you." - 

As the law stands, the public 
can only complain about admini- 
strative ill-treatment through 
MPs. Sir ldwal thinks this 
should end, to give direct access. 

The select committee Is about 
to start taking evidence on the 
way the Ombudsman’s powers 
can be strengthened. It may 
well become a general election 
issue, related to the whole 
"oDen Government" debate. 

Sir ldwal looks forward to 
the day when the Ombudsman 
will do more “ over-the-counter 

work, although he insists that 
Investigation must be very 
thorough. He now has 35 full- 
time investigators: the ouik 
handle administrative com- 
plaints — a lot involving income 
tax troubles. That staffs seems 
sure to grow. 

In the meantime, he nas given 
real teeth to the task of belomg 
ordinary people fight the White- 
hall machine. "The duty of 
the Ombudsman is disclosure, 
insists Sir ldwal. 



Britain. The breeding com- 
panies had been exporting some 
15.000 animals per year to 
France and West Germany 
alone, but suddenly in February 
a levy of £3 per trotter was im- 
posed on all non-pedigree trade. 

The Treaty of Rome has a 
dear bite of class distinction. 
Any pig which is not pedigree 
is classed as “animal for 
slaughter.” But our breeders 
believe in “hybrid vigour" — 
that extra something which 
comes from crossing two breeds 
and which results in a hybrid 
being more lively and produc- 
tive than a thoroughbred. 


“There’s nothing racialist 
about lt-^hcy just wouldn't 
want anyone to live here 
under a Labour Government” 


Town planning 


Sir Charles Clore is hoping to 

realise over £4m. for his Stype 
estate near Hungerford, Berk- 
shire. But just as valuable 
though more controversial than 
Stype — which has a stud farm, 
a pedigree Friesian, herd and 
1,250 acres of farmland — could 
be the mere 80 acres which 
Clore has eight miles up the A4 
at Thatcham. 

His agent Ralph Wade, told 
me yesterday that Clore I s 
thinking of selling, this land, 
which he has owned since 
around the war, to a part of 
Sears Holdings. But what 
worries residents of Thatcham 
is that the estate- is virtually 
the last green land round their 
town, yet now 800 houses are to 
be built on it 


Town Councillor ■ Patricia 
Burnham told me that the town 
and district councils had refused 
Clore planning permission but 
that two years ago, after offer- 
ing to pay for sonic roads and 
sewerage extensions, he won an 
appeal. 

Clore has long allowed the 
public on to the 80 acres and 
one month ago he gave 
Thatcham sufficient land for a 
cricket pitch; two smaller areas 
are to follow. 

Burnham says that if in the 
past people of Thatcham had 
been better educated and "more 
eloquent” they might have 
stopped “the absolute rape" of 
the green land. She is bitterly 
critical of another estate being 
buUt between a slaughterhouse, 
a rubbish dump and an expand- 
ing sewerage works. She adds: 
“ What has happened in 
Thatcham is typical of the fate 
of small comm-inities.” 


Breeders fume if you 
describe their hybrids as cross- 
bred, but are of course far more 
incensed by the imposition of 
the levy. Some exporters bad 
avoided It by classing their 
animals as “ hybrids for breed 
ing" but the EEC, in tackling 
this, has clobbered the whole 
hybrid trade. Now, with 
breeders already squealing that 
domestic margins are tight the 
levy Is going to add about 10 
per cent, to their costs. The 
Ministry of Agriculture offers 
tea and sympathy but warns 
that action may be impossible 
until the Nine agree on new 
rules. Which could take a pig’s 
lifetime. 


-U2 


Cross breeders 


Is your pig pedigree or merely 
a run-of-th e-sty hybrid? That is 
the smoking question oF the 
moment in the piggeries of 


For all the disarray of the 
world. Dr. Kurt Waldheim was 
in fine fettle last week, recount- 
ing how his predecessor, 
U Thant had once been greeted 
by a listener with the words 
"My dear Secretary General, 
what a perfectly superfluous 
speech ! ” 

U Thant, if not plussed was 
far from being nonplussed and 
was quick to reply “ Thank you 
so much, madam. Do you think 
Is should be published post- 
humously7” “Oh, yes sir” came 
the unblushing answer, “The 
sooner the better.” 


Observer 



■WE'VE A LOT TO OFFER. 
TbU’VEALOTTOGAIN. B 


The Lothian Region, with Edinburgh at its heart, already 
has a formidable roll call of satisfied industrial customers- Un 
industrial estates owned by the Lothian Regional Council there 
are now 147 thriving companies with 11 ,000 employees. 

Outstanding among the reasons for the success of the 

Region’s industrial estates is the quality of 

playback we receive from employers leaves us in no doubt that 

Lothian labour is very highly regarded, indeed. . 

- Our access to good road, air, rail and 
is rivalled only by our access to commercial money. Edinburgh 
is one of Europe’s foremost funding and Investment centres. 

For the businessman who can't wait we have Immediately 

available 12 fully-serviced industrial sites, 10 r ^ ern ^° r ^ w 
andlfi of the latest warehouses. All ready for occupation -now. 

Ry up and see us sometime. Soon. 

If you want to know more before you take off, call us. 

Or write to: 


IpL I?Shanks, Industrial Development Manager, 
Lothian Region Developmert Authority 

18 St Giles Street, Edinburgh EH1 ir«. 



DIAL 031-229 9292 EXT 3432. 



T?'- 


> 




r 














CONTENTS 

GROUP HEADINGS 

US Dollars — -Algeria 
—Australia 
— Austria • • 
— Belgium - 
— Bolivia 
— Brazil 
US Dollars — Canada 
— Colombia 
— Denmark 
— 'Finland 
US Dollars— France 

-Gabon _ .... 
—Germany 
: — Greece 

US Dollars — Hong Kong 
— Hungary 
—Iceland 
— Iran 

US Dollars — Irelarid 
— Israel 
— Italy 
— Jamaiea 
US Dollars — Japan. 

—Korea • 

— ^Luxembourg 
— Mexico 
—Netherlands 
US Dollars— New Zealand 


PAGE 


GROUP HEADINGS 
Euro Units of Account 
Frfetidi Erases 
Hong Kong Dollars 
Japanese Ten 
Kuwait Dinars 
Kroner (Denmark) 

Kroner (Norway) 
Luxembourg Francs 

Saudi Riyals 

Steriing/DV 
Australian DoUar/DM 
External Sterling Issues 
Special Drawing Rights 
Convertibles— Pran ce 

— Hong Kong 
:i — Japan 
• - —Luxembourg 
•. k— N etherlands 
Convertibles— Singapore 
‘ -^.Africa 
v r-Swcden 
.—Switzerland 
- UJC. 

ConwrtBlwr 1 D& 


• The Association of International 
Bond Dealers (A£BD) compiles 
current market quotations and yields 
for Eurobond issues. These 
quotations and yields are published 
monthly by the Financial Times. 
The Association's prices and yields 


Eurobonds in March 

BY MARY CAMPBELL, Euromarket Editor 


are compiled from quotations obtained 
from market-makers on the last 
working day of each month: there 
is no single stock exchange for 
Eurobonds in the usually- recognised 
sense — secondary market trading 
business is done on the telephone 


between dealers scattered across the 
world’s major financial centres. 
Membership of the AEBD (which was 
established in 1969), comprises over 
450 institutions from about 27 
countries. 

A key to the table is published 
opposite. 









k/;l( [T 

f, 1 













BWEI 












fin".® 





March was an eventful month for the 
international bond markets. It started 
with the Swiss moves to cut back intlows 
of foreign funds into the Swiss franc. 
Including Swiss franc foreign bonds, lived 
through the high hopes -and subsequent 
disappointment over the German/U-S< 
pact to support the dollar, and ended with 
the sterling bonds falling through the 
floor and yen bonds in strong demand. 

On top of this, almost every individual 
currency sector had its own excitements. 
In the dollar sector, the level of demand 
was tested for the first time really since 
last autumn with a big flow of new issues 
in mid-month. In Japan, not least because 
of the strength of the currency, there 
were cuts in interest rates which pushed 
down the level of foreign yen bond yields 
while institutional moves got under way, 
to open up the market a trifle more to 
foreign participation. The Swiss franc 
market was perhaps the most exciting 
with falls of several points recorded and 
the creation of a completely new yield 
level. In the D-mark sector a two-tier 
market almost developed as a result of 
investors’ saturation with so-called 
“ exotic " borrowers— particularly Latin 
American names — while several issues 
were brought to the market on terms 
which were too tight. 

In the sterling market the fall in the 
value of the currency against the dollar, 
together, with .saturation with new, issues, . 
produced a sharp tumble in secondary 
market prices at the close of the month. 

Despite all this apparent activity, most 
international interest rates and exchange 
rates ended the month hardly changed 
from the levels at the beginning of the 
month. Thus the three-month Eurodollar 


This announcement appears as a matter of record only 





NiZ. FOREST PRODUCTS LIMITED 
U.S. $ 50,000,000 


medium term loan 


. - ^ ' managed by . 

: ,Li!oYDS BANK INTERNATIONAL LIMITED 

in association with 

THE NATIONAL BANK OF NEW ZEALAND LIMITED 
: BANK OF MONTREAL 

COMMERZBANK AKTIENGESELLSCHAFT 
MANUFACTURERS HANOVER LIMITED 


: : ' provided by 

BANK OF AMERICA NATIONAL TRUST AND SAVINGS ASSOCIATION 
.BANK OF MONTREAL 

;V-\ • COMMERZBANK AKTIENGESELLSCHAFT 

: COMP AGNIE FINANCIERS DE.LA -DEUTSCHE BANK AG 
KREDIETBANK N.V. 

-? UM- FINANCE (HONG KONG) LIMITED 
' WlANUFACtU RERS HANOVER TRUST COMPANY 
V i '-.;- . MELLON BANA NA 

. - THE NATIONAL BANK OF NEW ZEALAND LIMITED 


Agent Bank 

LLOYDS BANK INTERNATIONAL LIMITED 

A Member of the Lloyds Bank Group 




rate on February 2S, 7i per cent* was 
also the rate on March 311 The dollar 
weakened somewhat during the month 
against both D-mark and Swiss franc, but 
not spectacularly. The main currency 
■changes were in the rates for sterling 
and the yen: against the dollar, sterling 
fell by 4 per cent., from $1.9415 to $1.8630, 
while the yen rose 7 per cent, from Y23S4 
to Y221J per U.S. dollar. 

In the dollar sector the events of March 
showed that good-quality borrowers can 
get a good investor response at the shorter 
maturities, but that there is not much 
demand for long maturities (except pos- 
sibly in the United States— the key test 
issue there, a 8750m. three-tranche offer- 
ing for Canada, was unseated by a sharp 
deterioration in market conditions at the 
moment it started trading freely on the 
secondary market). 

Thus a five-year Eurodollar bond issue 


for Norway was increased in size from 
SlOOm. to $125m. during the offering 
period, while a four-year issue for Aus- 
tralia was raised from $300m. to 350m. 
Both (though particularly the Norwegian 
issue) traded satisfactorily in the after 
market. 

Several long-term issues by contrast, 
admittedly mostly for less than top- 
quality names but including a two-tranche 
offering for the European Coal and Steel 
Community, were marked sharply down 
in the secondary market 

In the D-mark sector, there was good 
demand for top-quality names but an 
ever more embarrassing problem over the 
“ exotics." The problem was exacerbated 
by the mispricing of a few issues — notably 
the DH200m. issue for the United Mexican 
States which started trading at a discount 
of more than two points. The outlook 
for this month is much better since issue 
managers- are bolding off these borrowers 
for the time being. 

There was considerable confusion in 
the primary market in mid-month due 
partially to a revision of the calendar and 
a report that a French borrower would 


be added following the “right" result 
iu the French elections. However, the 
issue did not materialise. 

In the Swiss franc' market, a hiatus 
followed the introduction of the controls 
on capital flows limiting foreign investors 
to 35 per cent of issues (except those 
for some multinational institutions) and 
banning them from secondary market pur- 
chases of foreign bonds. As a result of 
this the coupon for a prime borrower 
on this market was more than half a point 
higher by the end of the month — 4J-4| 
per cent. — than it had been at the begin- 
ning — SJ per cent. 

In the yen foreign bond market fast 
emerging as a major sector of the inter- 
national bond market, yields moved the 
other way and ended the month about 0.2 
points lower than at the beginning. 

One success of the mouth was the unit 
of account, now proving again a valu- 
able source of funds. Two issues were 
launched in March. The first had its 
terms changed more than once in favour 
of the borrower due to good demand. 

There was a similar experience in the 
Kuwaiti dinars. 


NEW ISSUE 


Tbtse Bmdr here btea taUaUriJcN*a>ZaUintdmdtbi UmttJ Statu of Arntrit*. Tint ammoutmixS appears ji a /Duller of rtcmdorJy. 

U.S. $25,000,000 

N.Z. Forest Products Limited 

(incorporated in Ngw Zealand under At Campumu Act if}}) 

9 per cent. Bonds Due 1986 


March, 1978 





Kidder, PeaWjJnternational 
Commerzbank Aktiengesellschaft 


Lloyds Bank International 

Limited 

Credit Suisse White Weld 


Deutsche Bank AktiengeseUschaft 


Abu Dhabi Investment Company Alahli Bank of Kuwait (K.S.C.) Algfemene Bank Nederland N.V. Amex Bank 
Amsterdam-Rotterdam Bank N.V. Arab African Bank— Cairo Arab Finance Corporation SjLL. 

The Arab and Morgan Grenfell Finance Company Arnhold and S. Bldchroeder, Inc. Barire Halsey Stuart Shields 

Lhind > _ taumnui 

Banca Commerciale Italians Banca del Gottardo Banca Nazionale del Lavoro fianca della Svizzera Italians Banco di Roma 
Bank of America International Bank Julius. Baer International Bank of Credit and Commerce International 

Ik aW Urn*** 

Bank GntzwiHer. Knrz. Bungener (Overseas) Bank Mees & Hope NV Bankers Trust International 

Banque Arabe et Internationale d 'Investissement (BALL) Banque Bruxelles Lambert S_A. 

Banque Franpiise du Commerce Exterieur Banque Generaie du Luxembourg SA. Banque de ITndochine et de Sues 

Banque Internationale a Luxembourg S.A. Banqne Nationale de Fans Banque de N'enflize, Sddumberger, Mallet 

Banque Farieute Banqne de Paris et des Fays-Bas Banque de Paris et des Pays-Bas (Suisse) SJL Banque Privee SA. 
Banque Rothschild Banque de TUrnon Europeenne Banque Worms Baring Brothers & Co., 

, LnBlf&d 

Bayerische Landeshank Girozentrale „ Berliner Handels- und Frankfurter Bonk Blyth Eastman Dillon & Co. 

laCtnuttiMl Hutted 

Casse des Depoteet Consignations James Capd & Co. Cazenove & Co. Chase Manhattan Chemical B ank In ternational 
Gticmp International Group Compagnie de Banqne et dTnvestissements (Underwriters) S.A. Cnmpagw'e Monegasqne de Banque 

Continental Hfinois County Bank Credit Commercial de France Credit Industrie! d’AIsace et de Lorraine 

UbM 

Credit Industrie! et Commercial Credit Lyonnais Credit duNord Creditanstalt-Bankverein 

DBS— DaiwO Securities Dribrikk & Co. Deutsche Girozentrale The Development Bank of Singapore 

lnm i aiMU i iirhHi — Deutsche Kommnnalhank— 1 • 

DiDon. Read Overseas Corporation Dresdner Bank Drexel Burnham Lambert . Effect enhank- Warburg 

- ln|nw fltnmgwllKtiifr 

Eurogest S.p A. European Banking Cmnpany First Bo stonJ Enrope) 

rhinafn aria Rank Tid. . Robert Fleming & Co. (koossc ns cha f tlidie ZentralbankAG 

LWnf Vi* 

Girozentrale nod Bank der Osteritichisdie Sparkassen Goldman Sachs International Corp. Hambros Bank 

| -y wrr U*dnd 

HandelsKank N.W. (Overseas) Hill Samuel & Co. E. F. Hutton & Co. N.V. The Industrial Bank of Kuwait KLC. 


Handddank N.W. (Omseas) Hill Samuel & Go. E. F. Hutton & Co. N.V. The Industrial Bank of Kuwait K£.G 
Istitnto Bancario San Paolo di Torino Jardine Fleming & Company Kipeco Finance S. A Kitcat & Aitken 

iirrtwl 

Kfciqwort Benson KredietbankN.V. ' Kredietbank S.A. LHcmbourgeoise Kuwait Fmancwl Centre (SAX) 

Kuhn Loeb Brothers International Kuwait Foreign Trading Contracting & Invesment Go. (S.AX) 

Kuwait Intenifltional Investment Go. &a.k. Lazard Brofen & Co., Manufac turer s Hanover 

Merrill Lynch International & Co. B. Metzlersed. Sohn&Co. Mitsubishi Bank (Europe) SjL Siniuri Montagu & Go. 


Manufacturers Hanover 

Linted 

Samuel Montagu & Co. 


Morgan Grenfell & Co. Morgan NesbrttTbomsoti NeueBank Nomura Eurqie N.V. 

Norddartsche Landeshank (Srazentrale SaL Oppeokim jr. & Ge. . Orion Bank Osterreichische Landerbank 

l iwlni AW* ■i»«IW-h*Tf 

Piersod, Hddring & Pierson N.V. PKbankea Rothschild Bank AG N. M. Rothschild & Sons Salomon Brothers International 
Sanwa Bank (Und e rwriters) Sanyo SeooritiesCo^. Ltd* Saudi Arahian Investment Company. Inc. Scandinavian Bank 

J. Henry Schroder Wagg & Co. Schraders & Chartered J.& A. Scrimgeour Sfcmdinaviska Enskilda Banken 

Smith Barney , Harris Tlphan & Co. Sodete Bancaire Barclays (Suisse) S. A. Sodete Geawale Sodcte Generale de Banque S. A. 

Strauss, TttmbcR & Co. - Sumitomo Finance International- Sveoskn Hnuddsbankm Swiss Bank Corporation (Overseas) Ltd. 

Trade tfevdopinent Bank ' Union Bank of Switze rland (Securities) UmondeBanques ArabesetFranjaises— ULJLF. 

United Overseas Bank limited, Singapore Vereua- nnd Wetbank M.M. Warburg-Brinckmann, Wirtz&Co. 


S.G. Warburg & Co. Ltd. 


Wardley 

listed 


Wetdodsche Landeshank 
Girozeatralc 


Wiliams, Glyn & Co. 


Wood Gundy 









16 


ES twi—irj -ALGERIA 


US DOLLAEB-ADSmilA f oul i mu r t g 


I5.M 1977* sque ect d'auhus 

LOO. 00 9.00 15/ 8/1962“ 

OS DO LIARS -AUSTRALIA 


96 7/8 4.38 9.39 9.S9 _ 30 1-00 VP ED 916 219 927 

WB.W 1978 991977 LE 


i ALEA3 AUSTRALIA 

I 8-59 19/ A/1989 . 

AISTSALTAS IED DSVT CORF 
I 10.25 1 / 12/1981 

r AUSTRAL LAB 103 S SKELT‘6 
I 9.25 15 / 6/1992 

r AUSTRALIA* RESOURCES 
I B .25 1 / 12/1982 

AUSTRALIA! RISOORCES 
I 9.25 1 / B /1980 

AUSTRALIAN RESOURCES 

t 9.so u vim 

AUSTRAL LAB SRtP CW P 

I 8 .Z 5 1 / 9/1943 


96 3 /S 11.08 


103 1 A 3.67 
2.17 

98 1/ft 14-21 

10-70 

99 4.67 


101 2. 34 


103 4.92 

4.46 

100 S.'S S.42 


9.03 8.62 9.38 

101.30 
9.13 9.93 5.80 

0.54 100.50 

9-47 9.41 9. 63 

9.51 101.00 

8.50 8.33 8.55 

100.00 

8.72 9.16 . 8.38 

100.00 

6.72 9.22 6.54 

8.67 100.90 

8.09 8.M #.50 

. 101.50 


45 .75 

1983 1 T 1979 


30 6-29 

1978 1978 
30 1.90 

2 M 3 UM 980 
30 
1981 


456 105 927 9 SS 9*1 
960 975 
4 56 *** 


30 1*20 

1979 SP1975 
MC 

1980 


1977 BKiKEK DTU PROPS 
99-50 8- DO 1/ 4/1985 


8.23 9.26 9CC 

101.30 1982 


1977 830KZM BTLL PROPS 
99.00 0-25 1/ 4/1989 


95 3/8 11.00 
9.50 


8.65 9-3 MC 7.50 

101.50 1986 1986 


BKfissa m non 
9.50 1/ 5/19BL 

BRUSH SOL mops 
10-00 it 5/1990 
cosalco nrv Europe 

9.50 1/11/1995 
CJHALCO LTD 

10.00 1/ 4/1987 

CZmoWEALTU - AOSTRALIA 
5.00 1/11/1979 S 

COatOSHEALTB - AUSTRALIA 
5.00 1/ 4/1983 S 

CQtHHVEAUH - AUSTRALIA 
5.25 15/ 4/1980 S 

COfiUWOEAUS - AUSTRALIA 
5.25 1/10/1980 5 

CttSVBHEALXH - AUSTRALIA 
5.30 15/ 9/1979 3 

<XUKOT»t.TS - AUSTRALIA 

5.50 1/ 711981 3 

CaSKMEAUH - AUSTRALIA 

5. 50 15/ 1/1982 S 

CUfMOSCEALTU - AUSTRALIA 

5-50 1/ 7/19S2 S 

CWWEALTU - AUSTRALIA 
5- 50 1/10/1992 S 

CWWUuR - AUSTRALIA 

5- 50 1/ 5/1985 S 

GBMOWEAL7B - AUSTRALIA 

5.75 t/Ll/1989 3 

COnmRHKALTH - AUSTRALIA 

6- 50 15/ 6/1982 

OXMWEA1XH - AUSTRALIA 

7.50 1/ 9/198* 
COomUEALTB - AUSTRALIA 

0.M 1/ 4/1982 

CH08P8-EALIH - AUSTRALIA 
I 5.173 15/11/1983 8 


103 1/8 3.08 


104 l/« 12.08 
8-05 

101 3/8 7-S9 
4.72 

101 3/8 9-00 
6.20 
99 1/4 .59 

.34 

95 1/4 5.00 

2.51 

97 3/4 3-0* 
I.G5 

97 5/8 2.50 

1.26 

98 3/4 1.46 

.97 

98 3-2 3 
1.76 

96 3/9 3.79 

2-03 

95 7/8 4.25 

2.26 

96 1/2 4.50 

2.26 
94 3/4 7-08 
3.59 
96 1/4 7.59 
4.09 

99 1/B 4.21 

2.96 
96 1/S 6.42 


98 3/4 4.0Q 

99 3 /a 5.63 


9-21 6.85 

100.50 

9-59 B-9B 
100.375 
9.37 ,6.93 
ZOO. 25 
9-66 9.62 

100.25 

5-10 

100 . 00 . 

5.32 . 

100.50 

5-44 

100.00 

5.45 

100.00 

5-65 

100.00 

5.69 <0 

100.50 

5.79- 

101.00 

5.82 

100.75 

3.78 

102-25 

5.89 

102.00 

6.06 

103.00 

6.56 

101.50 
7.80 9.24 

101.50 

B.1D 


30 

1979 

30 .82 

1983 S71976 

30 1-00 

1980 DPI 971 

30 1-00 

1982 DP1976 

30 .64 

1978 1959 

30 -83 

1978 1965 

30 .67 

1978 1962 

30 .67 

1978 1968 

30 .67 

1978 1961 

30 .68 

1978 1963 

30 .81 

1978 1964 

30 .83 

1978 1965 

30 -69 

1978 1965 

30 1.39 

1978 1968 

30 1-.39 

1973 1968 

JO 2.56 

197B 1970 

900 

1981 


■ 205 230 927 
975 

305 520 927 
960 975 
305 520 927 
960 975 
305 5 Z 0 805 
I 941 950 960 
984 

305 520 805 
927 935 947 
975 

30 S 520 805 
927 935 947 
975 

305 520 927 
960 975 

9 Z 7 941 960 


1971 KOTBH mm 96 

100.00 8.75 .15/11/1966 

1976 tbi ran, ns m h 

1 00.00 ■ 5.00 U 7/1933 

1976 SSI rax pm is gs 

100.00 9.00 1/ 7/1983 

19774 no; mnasmifi rar 96 

100.00 9.00 15/ 8/19&7 

1977* BSB8S amw WBP 96 

100.00 9-PO 15/1011952 

1975 ttSTEXI RZEQB GOBI- ua 

99.00 9.75 1/ 5/1982 

09 B0LLAS5-.MET8IA 


1/4 8.(3 
5.51 
5/8 5.25 


1/2 5.25 


7/8 9-38 

7.48 
t/t 14.54 

u-a 

4.0s 

a.» 


9.09 

I0L.00 

9.31 

101.50 

9.33 

101.50 
9.49 10.79 

■ 101.50 
9.16 - 9.66 

10.50 
9.65 9-17 

100.50 


,30 1-50 n ED 327 105 805 927 960 

1979 011976 U 975 

.MC ' K 10 315 932 960 

1980 IX 

M SO ED 315 932 960 

1980 IX 

60 1.00 10 BO 3U M* 

1962 1981 W 

« 3.J3 BP SO 359 *** 

1MJDP1M0 UT 

30 .75 Spin 530 105 941 950 960 

1979 DPI 376 U 975 


1965 6 UZXE V0BU8 3 TTO 

* 97.00 5-75 15 / 6/1965 

1966 ADST8IAS KLEdBUGITT 

96-50 6.625 1 / 7/1986 S 

1967 ABCTMAB ELE CT RIC ITT 

9b-30 6.75 1/10/1982 S 


1S0G .78 
1979 197L 

90C .90 

1978 1969 

» 1.39 

1978 1970 


1977 * 05 TE 8 KKTGHB BFREOIUASK 97 S/B 
100.25 7.00 1 / 10/1980 1 


35 105 309 310 520 
. 805 941 975 
339 IQS 309 '310 520 
MS 941 979. 

327 105 309 310 520 
805 941 975 
218 *** 


1 ns art W MWBM, 

100.00 9-B5 15/ 7/1980 8 

1970 CUT OF 008888 
. SMS .9.00 ' 1/ 4/1382 8 

1976 cm OTRUKOTVER 
100.00'. • 6-25. 30/ 9/1981 • 
1976. CSX Q> 98JB0P IHM 1 
I DO JO 8.73 50/ 9/1988 

wtt* nrr o*-m*aK . 

IDO. JO 8-2J 19/5/1987 

1977* CDHSOCtDIlD - B43HVM 

94.50 9.<M l/lfl/lwT 
1915 COEItt 

99.50 10.00- 15/11/1981 ■ 


2-29 9 J 5 


993/S 9.00 9.32 
3.45 9-34 
99 ‘ 5 /S 3.30 8 J 6 

Ml/2 10^0 8.0 

M ato 4.12 8 . 8 ft 

65 7 / 514.50 9-52 
10.30 9.64 
firi j/B 3.63 8.76 

nut 5.92 8.94 
•; . 5-22 8.97 

mm 8.25 9.09 
- 7.3V 9-08 

07 1/8 6.71 . 8.82 

.5I1JS 14-71 9.36 

1021/4 4.08 8.32 

ZM 8.08 8.73 


14.50 9.52 
10.30 9.64 
3.63 8.76 


1977 GSEU XAIES HHKCO '■ 
100-00 8 -» . If -2/19 M 


1976 BUB OIL. CO ' 

MO. 50 9-50 1 / 7/1586 


1977* OSTERRRItHE BWIMEEBABK 97 5/8 
100.50 7.50 1/10/1962 

1976 OSTEKREICHB BXStOUBABC 100 

200.00 8.00 1 nil (1981 5 


4.50 8.15 

3.50 8.16 


456 105 960 975 


458 105 SOS 522 Ml 
975 

458 t 05 80S 922 9*1 
975 

45& 10S 80S 922 941 
975 

498 105 805 912 941 

975 

496 IDS 805 922 Ml 
975 

450 IDS 805 922 941 
975 

458 1 05 803 922 HI 
975 

458 805 922 941 975 


1964 REPUBLIC a? AUSTRIA 
99.00 6.00 31/ .1/1984 

1967 REEORUC 09 AUSTRIA ■ . 
98-50 6.75 15/ 3/1982- 

1977* REPUBLIC OP AUSTRIA 
100.00 7.80 . 15/ 7/1984 


98 1/2 5.84 
8 3.14 


99 3.96 

2.51 
98 6.29 


6.18 

100.00 

6.93 

102.00 
8.12 6.44 

100.00 


90C JU 20 
1979 1970 

9QC 1-65 
1978 1971 

30 
15® 


1977* REPUBLIC Off AUSTRIA 
100.00 8.629 15/ 7/1992 


/ » 1/8 14.29 
8 9.79 


8.98 9-27 

101.99 


- SO 5.00 
1987 UP 1943 


1976 REPUBLIC <B AUSTRIA 

100.00 C.7S 15/ 8/1990 

1975 REPUBLIC OF AUSTRIA 
100.00 9-00 19/ 7/1982 

1977 lAUeRBAUHNAM , 

100.50 8.25 15/ 3/1957 

1963 (DEFT _ 

98.00 5.75 23/10 A 978 

IB DOLLARS -BELCID1 


ZOO 1/B 12.38 
9.33 

102 510 4.29 


8.74 8.93 

101.50 

8.96 


30C 3.00 

1983 DPI 977 


399 20 33 
60 « : 
927-131- 
339 105 309 
80S 941 
359 1 05 309 : 
805 Ml 
458 20 33 
90 805 
9*0 975 
458 20 33 
90 005 
9*0 973 
1 m 


1977* X8C0 

100.00 8-25 . -15/12/ISM ' 

1977* BCO 

200.09. 9.00 13/12/19^- 

1976 Effi CARAMiH FBOSCE 
100-00 9-00 1/ 9/1982 ' 

1976 TactMBiiavmaa ' 

100. OQ 9.50 If 3/1986 -' 

1977 UaniUB UOQEL 

100. DO 9-00 ; 1/2/1952 

1970* »»rim lT ^n BODBI. 

99.25 9.25- 15/3/1995 - 


8.79 9.28 
10 . 50 - 
Mt - 


5.92 8-94 
5-22 8.97 
8.25 9.09 
7.3V 9-06 


8.83 9.02 

loo-ofl 

9-29 

• 106.00 


88 ST 

« : 

JOC 40 . 

1979 1971 'Ll 
. ‘ i SP ED 
K. 

-5& 7»m 
1 SK 721916 . LX . 

'trio 

is 

3D LOT »F ED 
1978 1978 IX . 

1OT BP ED 
J2FU7* -LX 
' 30 1OT .WW 
imwim u 

45 XOT- KPSS 
.1378 OT1377- U- 


418 931 . 

33 20 UT MB 

W -VOS 980 
49 210 SM 
6ft.W " 
iaft» - 
- JtVIOS 945 988 
218 *** ' 


98 1/8 8.96 

7.46 

99 P/4 .56 


8.41 9.31 

101.00 

5.79 


60 3.00 

UU DPI982 
■ J.36 
1969 


458 20 33 60 90 
80S 527 931 97S 

1 am . 


« IDS 309 510 520 
975 


HASSBX-TOGDEOK TED B.T. 

9.00 IS/ ,1/1982, 
MA8SEMERB88QR TO XT. 

>50 “, U 6/1931. . 
MASsBSHmossis no b.d. 

9.73 1/-7AM2 

SIS RBDBEHICXX.PiCOiK . 

9.00 15/ 1/1983 

HUUWUpw^^n' ( tjLa H-n »n 
9.75- 15/3/1906 .. 


.« 3/4 13,84 9.42 
U.U 9>4B 
97 14.96 9-63 

11,49 9-n 

96 1/2 3.79 10.13 
2.85 10.46 
JK 1/2 13-17.9.98 


8.49 9.30 

.100-50 
9J7 9. 75 
101.50 
0.SB 8.14 
100.00 
9.U 8-36 
101.00 

9.30 

- 10U30 
9.34 

100.00 


30 

JS61 

.30 ,2-00 

2SW W1978 
30 

1981 . 

30 1.00 

1981 PT1977 
1.45 
1984 M1SW 
1.65 
1985290979 


353 105 £05 305 520 
■ - 935 952 MS 960 

%5 5J0V5 980 


9*33 , 30. _l-50 PC ED 

100. 00 iSrt 221972 IX 


456 35 218 305 423 
735 910 935 9*0 
9*7 9U MO 900 
447 945 980 


98 4.28 10-33 

3.B5 10.40 

101 3/8 3.17 -8.22 


9.8ft 10-1* ,« .4-50 PC BO 

- 100.00 1986 C81377 LX 

MSB 10.79 » UX PC EB 

100.00 190 221376 AX 
8.(3 . - KP E3- 


M9JS30 BU 912 935 
9*5 90 960 
447 912 935 945 979 
• 960 

517 *** 


100 3/4 4.79 8.78 
4.24 8.78 
.104-1/8 7.96 9.(0 


8.93 . 

101.00 
9-36 8.42 

101.00 


2.00 5CE& 
1530 DP 1977 LX 
.CO .75 SC 2V 
1981 591977 LX 


75-00 > 1973 HA71H B-V. 
75.00 100-00 4.50 


«8 78 5/B 10-25 7-57 5.72 


15.00 K 88 
1984 AUK 


48 110 115 210 975 


US 105 80S 922 Ml 
925 

458 1US EOS 922 Ml 
975 

458 IDS 803 922 941 
975 

458 105 803 922 941 
979 
141 *** 


1973 KA7X3A 8.7. 


28 74 1/8 10.25 8.38 6.07 


75.00 100.00 4.50 II 7A388 7.76 9-33 101.00 J984 

40.00 1977* JUII1U B.T. V 95 7/8 6.46 8.72 8.21 

99.50 7-875 15/ 9/1384 — 

40.00 1977* lurm 8-7. . 95 5/8 9-« 8.69 8,37 

40.00 99-00 a- on 1/ 9 A 987 7.42 8.81 

50.00 1976 SUC HAT EE CREDIT ISO P 100 1/8 3-5* 8.1S 8-2* 

100.30 8.25 15/10/1981 . 

DS D0UABS-BOUCU 


15.00 PC W . 46 110 115 210 80S 

1984 ARAB 965 97 5 

PC EO 46 105 115 305 520 
OQ 805 • 


95 5/8 9-42 8.69 8,37 _ 

7. *2 8.81 101. SO 1981 


8-00 PQ ED 316 805 965 
1983 UQ - 

W Uq 46 960 965 
LX 


kweourulakd HUH VI» 

I 9123 15/ 9/1988 

SCBASM HUES 
I 9- 75 1/UA980 ' 

r nKiliMfn HZHO 
( 8.90 15/4/1987 

03TARI0 XStfO ' - 
I 4.25 2 7/ 3A943 

n*T*»70 BBH04UCTS3E 
1- 8.25 __15/ 1/19(6 


tOX 1/8 10.46 9*06 9*15 

XOS 1/8 2.59 8,73 9.® 

96 5/8 9.04- 8.59 8-28 

100 1/8 8.16 8.21 8.2* 

Ido 7.19 B.M 8.23 
4*=9 8.25 


9*15 9.10 
101.00 
9.® - 


eo 1.7s 

2982 891977 


496 - 35 105 303 520 
937 9*8 5M1 94T 
* 975 360 
49 *** 


9QC 3-50 
1979. 1377 


SC ED 49 M* 

LX 

SPED .64 105 945 3IU 
IK 

GO m I4TM* 

IX 

aetjt 1*3-*** 

XX 

SC ED 143 105 305 520 878 
XX 937 9*5 975 S30 


8.34 8-46 30 

100.00 1982 


1976 CaOQWEALTS - AUSTRALIA 100 5/0 3.17 
100.00 8.25 1/ 9/1981 S 


197 6 CTHMOWEALTfl - AUSTRALIA 100 3/4 5>50 

100.00 8.25 1/1 OA 90 J 

1977* CdtHOSTEALTB - AUSTRALIA 99 5/8 6.67 

100. 00 8.23 1/17/198* 0 


.8.19 B.U 90C 
101.50 1980 
8-43 8- SO 30 
100.00 1983 


457 33 35 60 SO 
90 805 92 7 931 

940 975 

458 20 33 35 £0 
BO 90 805 927 

931 940 975 
143 *•■ 


15.00 1977* SECTS LIS OP BOLIVIA 100 3/4 8.0* 10.37 10.43 10.27 M 1.50 HP ED 510 35 10$ 915 640 

100.00 10.25 15/ 4/1586 S 100.00 L9B2PI1S77 LH 975 * 

DS DOLLARS -MAT Ur- 


50. 00 1977* IABCO HAS DO DESK* ECOS 98 1/8 

99.00 9.25 1/ 7/1984 


1977 * COWnUEAUH - AUSTRALIA 9 * 7/0 14-42 
100.00 8.25 1 / S /1992 10.37 


1 975 COMOKIULTH - ADSIRALIA 10ff 3/4 2.21 
100.00 B.AS 15/6/1980 S 


9. 70 9.J2 90C 

101.50 1908 

8.56 


437 ZD 33 33 60 
M) 90 805 927 
631 9*0 975 
Lt3 **• 


50.00 1977* LISrr-SEEVICaS dr Eicr 

lrn.OO 9-fW 1/10/1982. 

35.00 1973 REPUBLIC OP BRAZIL 

=6-46 96-30 8. 25 1/12/1987 G 


,4.50 9-61 9.21 


1977* REUBUB OF : 


1976 COOffTWALTB - AUSTRALIA IDO 5/8 8.H 
100.00 8-50 1/10/1986 

1975 CCMWUWEALTH - AUSTRALIA 1Q1 1/2 5.21 
to). 00 6.75 15/ 6 A 96 J 8 


8.45 8.59 90 C 

101-50 1982 
8.81 8.49 30 

100.00 1962 


458 33 «0 505 927 
941 975 
143 •** 


1978 Ca»mNEAUB - AUSTRALIA 10 L 5/8 
99 . b 3 8.75 1 / 6 / 196 * S 


8.58 30 

100.00 1984 


1976 CtMHOKUEALTH - AUSTRALIA 100 7/8 
95-50 8.75 1 / 10/1991 

1977 * QMHOFBWUB - AUSTRALIA 98 3/8 
98.88 8-875 1 / 12/1997 S 


B. 70 90 C 

Ml- SO 1987 
9. *3 30 

102.28 1989 


6 SB 20 33 60 80 
90 803 927 931 
975 

458 2 0 3 3 60 SO 
90 809 92 7 931 
9*7 975 
143 *** 


73.00 1976 REPUBLIC OP BRAZIL 97 7 18 

99.00 9-25 1/ 1/1984 

50.00 1976 Z&fTZRLZC cr.BBAZZL . 102 5/8 

100.00 10.00 13/ 5/1986 B 

US m uUBMIMI 


6.25 9.® 9.43 10.34 90C . HP BIT 140 35 I® ZU 218 

101.50 1981 LZ 9U 9*0 9*1 960 

375 

4.50 9-61 9.21 CC GO 179 *** 

LX 

9.67 9-30 0-91 10.31 30 1.32 ■ OT HX 399 105 915 020 975 

4.93 9.B8 102.00 1982 1073 H7 

4.34 9.31 9.24 BP fit *13 33 35 60 80 

BY 90 805 915 927 

931 940 975 

5.76 9-73 9.43 10.64 9QC HP GO M3 **» 

101.® 1981 -LX 

8.12 9-75 9. 98 2.50 XP ST 4U 33 35 S05 S15 

BP 1977 87 927 940 


100.® 

U76 

OBEIUO BZZAO 

99 3/ft 

8.45 

8^3 

8-SS 



.KJ» .143 **• 

* 


9)-® 

8-50 

10/ 1/1566 





- u • 


75.00 

1975 

amm nritn ' 

ISO. 7/8 

3.66 

8.09 

8.83 


. • 

90 ZD 249**» 

- 


99.® 

J.OT 

15/ 971980 ' 





U 

—M' 

75.® 

1975 

IIMllTTfl puyp 

: 102 1/8 

6.16 

8.42 

8-a 



5GU 143*** 



99.® 

9-W 

2/ 1/1983- 






■ -LX- 

p 

25.® 

1975 

omKirCARLtiar ■' 

103 

11.96 

4.08 

9- 22 

8.9= 

M 

2- 19 WE ft ft* UB 115 KM 943 


25.® 

98-50 

).» 

15/ 3/1990 

■7.53 

8.94 


102.® 

UU 

1981 £1 9® 975 9® 


50.® 

1978 

POLXSAR 


L 102 1/8 

8.71 

9.12 


9*29 

30 

WED M«*i 


100.® 

9.30 

isnz/im 



102.00 

1982 

13 

1 •' 


1976 COHHOWEALTH - AUSTRALIA 99 1/2 
99.50 9.00 L5/1I/LV96 3 


9.23 9-31 3D 

101.00 1991 


197* cacnwEAixa - adrtraua 100 3/8 
98-50 9.125 1/ b/19?t> S 


9.30 9-32 30 

100-90 1»1 


CSX LEI US? 

9.® 15/7/1980 

COST OF PAPUA HEU cohea 
9-50 15/3/1963 

UAHZKSLKT HOUKXOl 
8.50 1/ 1/1984 

BAKER5LET BOLDIHCS 
9.5<J 1/ 1/1992 

BAKER5LET UUff F» 

8.00 15/11/1907 


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60 I.® CC EU 

1990 1973 LH 


196* lAUUrUFOL* 

98-25 6.30 7/IOA979 S 


98 1/2 1-52 
2. 03 


7.71 6.71 
8.21 100-25 


6 UV .83 BO EU 

19 ?t 1968 LHLX 


361 105 113 530 715 
. 725 735 743 955 
96 D 975 

316 103 520 710 715 
723 735 7*3 955 
9*0 973 

315 I M 3 320 710 713 
725 735 935 K.U 
975 

315 1 M 520 710 715 
72 5 73 S 955 9 ® 
973 


19M lAlrURUUm OT 

98.50 6.25 23/ 6/1979 S 


98 1/2 1.23 
.74 


7.68 6.45 

8.51 100.25 


*07 .72 CC ED 

1976 1969 L 5 LX 


315 105 520 710 715 
710 735 932 953 
960 975 
332 936 963 


.80 BP Etf 
1970 LRLX 


1 .® HP ED 
1970 It 


1 .® IP EU 
1973 RTLX 


5 ® 710 720 
735 9*1 955 
975 

520 no 720 
735 941 993 
975 

520 710 730 
941 955 HO 


15-00 

1976 

lAOtABDOm or 

9.0D 1/11/1983 

IDO 1/6 

5.59 

8.92 

8-9B 

9.13 

VK 

•71 

CG re 

481 

715 7*5 9*0 

1*.29 

100.® 

4.8* 

8.92 


101.® 

1981 

1(77 

DO 



U- DO 

196* 

REPUBLIC or rDQJiHD 

98 1/4 

1.67 

7.25 

6-20 


30 

■ bl 

BF HT 

404 

105 520 710 7IS 

2.30 

97.50 

6.00 1/12/1979 

s 

.92 

8.17 


100.H 

19?8 

196ft 

ST 


72 5 73 5 7*5 955 
%0 975 

15.® 

1965 

RE1U8LIC or FHLAK0 

98 3/1 

2.5* 

7.34 

6.72 


» 

.63 

HP IT 

404 

105 520 710 715 

3.79 

99.® 

6.50 15/lOflSSO 

s 

1.29 

8.01 


101.® 

1(71 

1969 

BT 


725 7J5 7*5 955 


.66 SP B 0 
1976 HT 


520 710 710 
9*1 935 9 M 


l.as bp ra 
1973 LX 

-TO IP EU 
1972 LX 


520 710 7 JO 
955 9 ® 975 
520 no 730 

933 9 ® 973 


50.00 

1976 

UniBLXC or FJHU9D 

99 

3-71 

8.33 

8.11 




HP HT 

•13 

JJ 15 60 90 


99.70 

7.875 15/12/1981 

B 







HT 


715 725 927 931 
9*0 975 

20 33 35 (0 

50.00 

1977* EEPWUC OF nVLASD 

96 7/8 14-54 

9-15 

9.2* 

9. SB 

30 

5.00 

HP R 

*85 

50-00 

98.35 

8.75 15/10/1992 

8 

10.04 

9.45 


101-63 

1987 DPI 983 

n 


90 715 723 927 












911 9*0 975 



08 SOLZAU-PZARCE 











15.® 

1970 

4XHOCTRT D£ BASIS 

101 1/1 

7.04 

8.78 

8. 90 


90 

1.00 

re eo 

IK 105 205 210 113 

10.50 

99.23 

9.® 15/ 4/1985 

3-90 

8.65 


102.® 

1979 or 1971 

LX 


520 960 975 

25.® 

1975 

AIR FRANCE 

102 1/8 

3.89 

8-82 

9.® 

8.® 

JO 

J. 50 

re eo 

103 

105 205 210 215 

23-W 

99.50 

9.50 18/ 1/1902 

2.78 

8.M 


101.® 

1979 

1977 

LX 


305 5*0 (30 935 


1.03 -HP EO 
1970 ISLX 


.66 CC EQ 

1969 UU 


1 .® CC EO 
1969 LIU 


’ 320 710 720- 
735 932 941 
960 975 
no 710 720 
735 932 9*L 
960 975 
520 710 720 
735 932 9*1 
960 975 
320 710 720 
73 3 932 941 
960 973 
320 710 7W 
735 9*1 953 
975 


20.00 

1967 ahixb cmoai 

95 3/8 

3.96 

8.16 

7 .® 


90 

2.17 

BF EO 

S 3 

105 205 310 215 

9-39 

99.30 6.75 

13 / 3/1982 

2 . 5 * 

8.89 


101-50 

1978 

H 7 J 

LX 


320 SMI 9*1 (75 

2 D.® 

197 * B.r.C.E. 


1 ® 3/8 

2.96 

8.22 

8 . 3 * 



6-00 

re EO 

117 105 205 210 215 

20 .® 

99.25 8.375 

15 / 3/1981 

2.01 

8.16 




J( 7 ( 

LX 


*20 930 975 

73.00 

7975 I.F.C.S- 


100 1/2 

4 .M 

8.62 

8.71 

0 .M 

*5 

3-07 

cc re 

92 

«•* 

b(.® 

100 .® 8.73 

15 / 2 / 1 91 J 

*•05 

5 -bO 


101.00 

1(80 

1977 

LX 




1976 B.F.C.B. 
1 ®.® B- 95 


9.02 8 . 7 * 30 

100 .® 1982 


1975 8.F.C.B. 101 3/8 

100 .® 9 .® 26 / 3/1982 

1976 I.F.C.S. 101 

. 99.75 9-00 15 / 3/1989 

1975 B.F.C.E. 102 

- 100 .® 9.125 15 / 5/1980 S 


3.99 8.58 
3.13 8.49 
10.96 8.85 
7*35 0.82 
2- 12 8.23 


8.88 6. 50 30 
101 .® 1979 
8.91 9.21 60 

107.00 1961 


3.50 CC ED 
197 b LX 
.50 CC EU 
1975 LX 

CC FT 
BT 


361 20 33 35 60 

90 205 BOS 927 
*JI MO 975 
105 *mm 


117 105 203 ZIO U 3 
520 5*0 975 


1177 * B®E SATiORALE DC BAKLS 97 l/* 
100.00 7.625 13 / 7/1982 


3 ® 20 33 35 60 
90 205 805 927 
931 940 975 
92 *»• 






. 9 * 1 16 

7 . 3 * 

7 -M 

6-37 


* 5 _ 

• 1.09 

HP re 

93 105 

10-82 

98,15 

6.00 15 / 10/(985 



6.33 

./■» 


Ml. 25 

-2973 DPI 9*6 

■BlOX 

-nan 

*75 


1975 

FRARCAISE DCS PETIOLES 


101 3 /B 

3.79 

0.54 

a.u 




HP EU 

33 *** 


IW.® 

9 -W 15 / 1 H 98 T 












1 ( 77 * 

C.I. 3 . 

L 

99 1/4 

2.71 

9.29 

9.07 




n re 

396 920 


100.00 

9 *M 15 / 12/1 980 









ro 



D 7 * 

G.l.S. 


99 1 /B 

. 5 . 0 * 

9.47 

9.33 


60 

9 .® 

HP CO 

117 IW 

25-00 

99.75 

9.25 15/ 6/1993 



3 .» 

9.33 


102 .® 

19 ® 

1981 

LX 

220 



- . 
















6.96 

8.63 

8-83 

ft - 89 

30 

1.33 

re ED 

92 105 

9 - 3 b 

99.50 

9-00 15 / 3 / 198 S 



3.97 

8.42 


102.00 

1980 SPI 971 

LX 

320 






0.12 

9.13 

9.17 


*3 

J.» 

-or re 

94 1 » 

is.® 

too.® 

9 -M 15 / 3 /lMb 



4.62 

9.33 


101.30 

197 ) OP 197 * 

u 

960 





91 1/8 

9 .H 

8.88 

8.23 


M 

2 .® 

hf re 

93 «• 

48 .® 

98.50 

7.50 15 / :/l 9 E 8 



8.00 

9-11 


102.00 

I 960 BM 97 * 

HSR. 


75 . QD 

197 b 

HLCHF.LIH 


101 1 /* 

7 .® 

9.02 

9416 

9.03 

60 

2.50 

BP BU 

93 •(* 

TO.® 

1 ®. 50 

1-25 15 / 3 / 1 9 M 



b .96 

(.00 


101.00 

1981 OP 1977 

LX 


* 0-00 

197 * 

H 1 CHELIH 0 *STAS 


1 ® 1/8 

3.46 

8.*3 

8- *9 




bp re 

112 *" 


99. 75 

8 . JO lie 9/1983 











60 .® 

1976 



102 i /2 10 . 4 ft' 

8 . 8 b 

9.02 

8.76 

» 

5.00 

wire 

112 **• 

60 .® 

99.23 

9.15 15 / 9 /Dftft 



9.69 

8.84 


101-23 

1982 DFI 984 . 

u . 


60.00 

1973 

JUT/oHliE HE L'EHSHCrS 


J 02 1/6 

J.OB 

8.01 

9.05 

8 . 4 B 

90 

1 -H 

cc re 

92 *** 


W. 75 

9-25 30f 4 /U 8 S 






101.00 

1980 PFI 976 



30.00 

1976 

MATIUIULE US AlITO 

P 

97 1 / 2 . 

8.61 

8.91 

1.72 



6 .® 

cc Ett 

488 200 

JU.W 

IDO- OD 

8 .JO I 5 / 11 / 19 B 6 



ft -63 

9-00 




1982 

u 



D 7 b 


8.10 

s-W 

8 . *8 

9. IS 

JO 

l.M 

« re 

.352 *** 


1 ®. 00 

- 9 .® 7 / 5 /D® 






Ml. W 

. INI m 978 

u 


50 .® 

D 77 

HAT IONA LX DU ADTMOUTEE 

99 1/8 18-96 

9 .** 

9.42 

9 -b 2 

30 

3.30 

CG ST 

411 39 

50 .® 

99.75 

9.123 25 / 3/1997 

S 


12.03 

9.46 


102-41 

1909 DP 19 U 



so.ro 

1 ( 7 * 

HATUMALE DU ADTQbOOrtS lorf 3 /B 13244 

9. 19 

9.22 

9 -M 

30 

5 . 00 

cc eh 

152 *“ 

50 .® 

100.00 

9.25 91 9 / 19(1 



8 . 9 * 

9 - IS 


102.23 

1981 








97 7/8 

6.59 

7. TO 

8-90 


30 

2.30 

cc re 

117 ID 

16.50 

99 .® 

6.75 1 / 11/1982 



2.71 

7.62 


100.30 

1978 

1971 

AMU 

315 

75 .® 

197 b 

HATLUHALK DEE TELECQCS 


99 

3.67 

8.38 

R. 14 




CC ST 

445 20 


100 .® 

7.90 1 / 12/1981 

s 














99 1/2 

7.92 

8 - 06 

8 . 0 * 


45 

2.00 

CC EU 

93 IK 

lb.® 

(ft. OO 

ft.® 1 / J/DM 



4 . *2 

8.15 


102 . N 

1979 

1977 

LX 


75 .® 

7977 * 



M 3/4 11.38 

8.99 

8-71 

9.39 

MC 

7.50 

cc re 

165 *« 

75 .® 

99.50 

ft - 25 1 / 10/1989 



9-34 

9>10 


ios.ro 

190 * 

198 * 

LX . 


100 .® 

197 b 


- 

101 

3-08 

8.84 

8 . W 

8.78 

M 


CC ST 

445 20 


m.oo 

8.875 15 / 2 / 1(84 

s . 





100.00 

1902 


IT 


75 .® 

1(75 


■ 

10 Z 

1.96 

8.16 

9.15 




CC R 

449 re 


((.» 

(.111 15 / 3 /DBO 

9 










50.00 

197 * 



UO 3/B 18.67 

9.47 

9.48 

9.62 

30 

3-30 

CC 57 

4*5 20 

■ 50 .® 

100 .® 

9 .W i/ 12 / 1 99 b 

8 


11-74 

9.*6 


102 . 7 * 

1918 BFMB 2 







99 3/4 

7.71 

(.03 

9.02 

9 L*l' 

*5 

l.» 

HP EU 

LI 2 IK ; 

16.25 

« 9 .S> 

9.00 15 / 12 / 1 H 5 



4.84 

(.03 


im.ro 

1980 DP 1971 

U 

520 1 

25 .® 

1(75 

PELUIHLY 1 ST 



2 . 3 * 

8 -BJ 

9.97 

6 .B 7 

M 


K ED 

ili IK : 


IQfl.W 

9.75 15 / 10 / 19 ® 






100.50 

1978 


LX 

W 5 i 

.* 0 ,® 

J 976 

PORK AUTOWKES 


99 1/8 13 . *3 

9. 10 

9 >W 

9.81 

90 

t.® 

CC ED 

92 «*■ 

* 0 .® 

99.00 

9 - DO 15 /U/ 1 W 



9- 11 

9 - 1 * 


10 E. 23 ' 

1981 

1 M 




1(67 

RUAIH-T 



4 . 3 * 

7.26 

6-88 


30 

2-00 

»p nr 

92 IK : 

10. 00 

97.00 

b . 75 1 / 0/1982 



2 . 3 * 

7 . 6 J 


102 .® 

1978 

1968 



25 .® 

D 7 a 

R ERA 107 ACCAPTAJKE 


10 L I /ft 

3.21 

8-31 

ft. 65 




rere 

*02 *« 


100 .® 

8.75 15 / 8 /| 











10 .® 

D 7 b 



93 3 /R 

5-42 10.38 

8.37 




bp tir 

-488 933 


100 . DO 

0 . 71 1 / 9/1983 









no 



L 9 o 7 

fi.H.C.F. 


98 1/4 

7.21 

6.81 

ft. 62 


30 

2-00 

cc re 

105 IK 9 

16.00 

90.50 

b.M 15 / 6 / 1 ( 83 - 



J -71 

7.03 


103.00 

1970 

1971 

LX ■ 


45 . » 

1977 * 

3 .B.C.F. 


» 1/8 

6-71 

8.41 

8.32 

8.46 

30 


a u 

218 k* 


UN.® 

8.23 15 / 12/1984 






ioo.ro 

19 B 2 







>0^. *-«v. 




VC _ 




« 4 Tf »-'o 


1973 BQOE HATHWALE DE MX IS 1U 3 ft 
100.50 9.50 15/ 2/1981 


2.30 W IT 
1972 BT 


1972 CIKCDOH OF ICJHARX 
99.® 7.50 19/ 1A990 

1976 CROXH 0 KHUU 
99 .® 8.50 1 / 10 / 198 * 

mo mown ap DBteuw 
WU.OO 9 .® If 3/1982 


94 in 11.79 8.24 
7.31 8.54 


1 ® 3 /B 6.30 8.41 
S.» B. 41 


7 . 9 * 

102 .® 
8.47 9.56 

. 101.® 


101 3/4 3.93 8.45 
2.72 8.27 


8.85 6 . 9 * 

100 .® 


30 . 1.60 KP ED 
1981 UP 1976 U 
3 ® 3 .® HP 80 

1 W 2 FT 1977 LX 
3 ® 2 .® IIP EU 

1979 DPI 972 « 


315 520 710 
ns 932 
975 

339 IK 520 
MS 932 
965,975 
339 103 710 

932 9*1 
963 975 

315 IK 520 

7 jo ns 

955 960 ' 
327.105 520 ' 

no ns 

933 960 
327 1® 520 

730 733 ' 
933 9® ' 

327 m 


1974 C.C.C.E. 

100 .® 10.25 XS/ 1 1/1980 

1)74 C.E.C.X. 

IDO.® 10.25 13 / 11/1982 

1976 Giunoai*as db fsake 

100.25 8 . 375 1 / 4 / 19 BI 

1965 COOKS UFABCE 
97.23 6 .D 0 15 / 9 / 19 ® 

1971 C BESTS LAPARiS 
98.50 B. 75 25 / J/ 19 B 6 


2.63 8 . 4 * 9.86 

4.63 9.06 9 . A 3 


92 1 U 5 2 K 210 21 S 
220 320 930 935 
960 975 
92 205 220 


1976 B.M.C-r. 
99.25 8.73 


10 / 4/1983 ii 


101 3.03 


8.85 B .63 

URL® 


1977 * 5 .V.C.P. 

99.M 9.® 




9-24 9.41 

102 .® 


2.46 7.51 
1.50 B.*6 


CC EO 
U 

CC ED 
LX 

1.® HP tO 


92 203 310 213 220 


1973 B.H.C.F. 
100.® 9-125 


15/ 4/1980 t 


-.,1® It*. 8*“ 


7.98 8.91 
5.41 8.97 


100. SO 1978 1969 UBR 

8.83 170 -95 BP ED 


101.75 1 979 1 972 LX 


197* CUT OF MARSEILLE 
98.00 10.23 19/12/1986 

1978 e&USLOnz UT DU RHONE 
99-® 8.79 20/10/1986 


1975 CtMPACHLK BAT tffl RHOMB 
99.75 10-00 1/ 2/198} 


L 102 .7/8 
99 3/* 
lra-7/l 


B.72 9.73 
4-» 9. 61 


9-96 10.44 30 C 

103.875 1979 


3.40 HP ED 
1975 LX 


3.8* 8.79 
3.49 8.67 


5.45 60 1. 00 CC CD 

101.25 1940 m 9>6 LX 


103 103 205 210 213 
510 975 

103 105 205 210 215 
WD 5*0 MI 9*0 
571 

96 205 310 215 Z 20 
SRO 
117 *— 


1975 5-H.C-F. 
1M.® 9-25 


. 101 W 2.96 

•• 2.U 


1975 E.S.F.A. 

100.00 10.® 


mm 7.59 

6. 57 


9.76 9-21 

100.379 


1967 SttCI 
37.50 7 .® 


OS MLLARSJABM 


19/12/7 962 


w an *,M 

.- 2.71 


43 1-20 

1981 »I9K 
*5 1-23 

1911, 1911 


XT *p 205 005 917 

MO 971 

(X BT 641- 20 25 J& 

XT 90 205 W5 917 

931 9*0 973 

n 90 205 •“ 9Sf 

WHO 973 

ex a - 93 105 205 210 215 

LX . 2» 3C5 3» M» 

- ' 9 JO 935 «0 

BP re *56 IDS 205 210 £V» 
LX 220 MO 960 *73 


v. 

■«n.. , 

l " ‘v-t 


>8^ 


v;>r 


> to 117 in) :io 719 


320 3*0 5*1 90 


M*. 


8.13 10 

101 .® IS® 


1.25 CC ED 
1976 LX 


1970 xaam or bqhaic 
99.25 9.25 1/L2/198S 


101 7/8 7.67 8.89 
*.«6 ' 8.71 


9.08 9.® 

102 .® 


30 1-30 HP ED 

1979 DPI) 72 LX 


1964 XnnUAFT ELECTRIC ITT 
99 .® 5.75 W/ 6/1979 

1977 * mRVnUWSR 
100 .® e.M 13 / 4/1984 

1)77 SPAJUHA88KU SOS 
100-00 8 .25 is/ 3/1 SS2 

os MUARRHPISLABS 


98 SA 1.23 6.92 
■ 75 7-72 
93 ' 6.04 9.J8 


.96 7/fl 3.96 9.72 


■ SU HP ED 
1970 UU 
*5 WEU 

1981 LX 

SP EO 
u 


441 105 S20 710 720 
730 735 959 960 
975 

3 B 7 103 520 710 720 
750 735 55 S 96 Q 
975 

346 105 520 710 720 
JM MS 960 975 

230 m* 


1959 CRERTT FOOCUR DE FRABCZ 98 
93. » 3-50 1 5/12/1979 G 

1976 C889ZT-M7IDUU. 47 , 

99.® 8.50 13/imW6 

1970 E-R-A.P. I® ; 

99. M 9.® 15/ 2 A 982 

1975 C.U.F. 102 ; 

99-50 9.73 1 3/11/1993 

1967 EUCTUCTR tm PURGE gs : 

98.75 6. SO 13/ Z/1979 


1.71 6.87 
I.® 7.76 


8.71 B.89 

6.71 8.97 


3.B9 8-79 
2.88 8.73 


7.(2 9.33 
■ M 8-63 


5.69 30 I.® GG HT 

100. Ul) 1978 196* MTU 

8.71 20.00 ex EO 

1982 U 

8- 9* 30 I.® RP EO 

101.50 <1978 DF 1971 LX 

9- 35 8. Si M 2.40 UP EU 

10 Q.M 1980 PF 1976 LX 
(.62 8-bJ 9® b.Otl CG EU 
100 .® 1979 1973 AHLX 


93 »5 205 210 215 
220 520 930 960 
975 

105 205 215 605 
9*1 975 
103 •** 


1973 uranic or GABON 
99 .® 10.15 18 / 7 / 19 M 

OS MLLAR5 -GERHART 


2.30 12.36 iO.n 


K ru 11! 105 
U 




C'- 


1969 BASF OT5B3SE HO 97 5/B 

1 ®.M 6.® 1 / 12 / 19 ® ' 

i»9 BisromsEe .& 9*V* 

1 ®.® 6.® 1 / 12 / 19 ® 


| J05 306 870 
I 9» 

1 310 305 30b 
fS»V9M 


A VI .. 

K < 


93 105 205 210 213 
520 960 973 
483 «• 


332 710 927 936 960 
965 


15.00 1971 CXXV OP Bunt! 1® 

10.® 99-50 8.7S 15/11/1986 8 


1977 .BSSOrfUTKn 
7®.W 8.23 15/ t/l3U 

1975 BUMMSOTSUT 

99.® 9.75 5/ 3/1SU 


i'il f'S e,M 9 - 43 “c f -“ * r *u 339 iw 520 no ns 

4.98 8-9* lttZ-M irn 1973 LH 72i 735 7*5 9SS 

97 1/8 Si® 8*89 8-49 45 CC EU 517 *2 9,5 


1971 junuciSE a prarce 

M.® 7.73 1/ 3/1978 

1971 EUCTKIC ETC SC FRAU-'R 

99.® a. JO 1/ 5/19B6 

1977* WCTUCrtS RE FlABCE 

«. 7 j «.» if turn s 


B.M 8.61 
3-96 8-67 
9 -W 9 -M 


7-78 ra EU 

U 

8.56 6. 37 30 ■ W CC EO 

102.00 1 W 1 1971 LX 

0*68 Mi » CC It 

ICO.® 196 & MI 


102 1/0 4.10 ».® 9-55 


are si? 

LT 


1976 runtTcns n tuahcg 

100.® 8.873 1 5/ 1/1983 


8.93 0.57 30 

m.ao 1982 


1.® fX SO SM IQS 520 715 723 
PF 1976 1Z 713 7*3 911 930 

055 9W 075 


1976 etSCTRICnx DE FII9CE 
Ido. 00 8-90 13/ 9/1966 G 


9.05 8.98 3D 

100 ,® 1)84 


112 10 IK 

215 520 
9»5 

92 IQS 205 
520 913 
92 IK 2K 
520 975 
4*5 20 33 
*M7 205 , 
931 9*0 
*45 20 33 

ft] 90 

927 91/ 
4*9 SO J3 
90 3K . 

9J1 irtir ' 


1969 'SAFER OT FIS - IB 
«.» 6.00 i / ll / l98i .- 

IK9 RATO m FIB : IS ■ 

99-30 6.® 1/11/1901 ' 


3.59 7.33 


i-» 8 -M 


I 303 306 8t8 
I 975 
I 2 * 0.305 
\ 3*0 870 9 « 


V\r. 


1977 1ATE* m ru 9 

lOO-W 7. 50 ■ If 3 / 1900 ' 

1978 * BSRTELHIA 5 B t 

100.00 8.M 1 / 4 / 1 ( 33 . 

1977 * KMT FIR DOITSCfls 81 HD 
1 ®.® *.» 1 / 6 / 1987 ; 

1477 * CW FIS BRDCTCUE RK V 
100 .® *.ja 1 / 6 / 1(87 

1973 CUTBIOPnaBCSBDm 0/8' 

100.00 7.75 1/ 2/1968 

1977* REBEL 131 r» 

1 ®.® 7-50 1 / 10 / 198 * 


*ft/4'«.0S 7.87 7.W 

M 1/4 MW. 8,03 0-95 

106 7/8 9,17 3.60 4.21 

74 3/4 f.I7 -0-59 b-G2 

95 3/6 9.0* 8-n 8.S7 
0.15. 9-12 

H (.»(,« 7.81 


130 ) 520 5 “ 
1 J35 9*1 975 


0 -J» 

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2.J3 8.79 • 201.00 

6.00 8.66 8-25 9-50 

*.56 8- BA 101.1)0 

2.2* 8.40 9-10 b.70 

' 10U 0(1 

6.34 ‘8.83 8.17- 

• 101.00 

3.34 9-05 S -11 

3.13 8.07 7.71 
1.96 8-20 102. DO 

4.21 8- *9 S. 0* '9.64 

• loo.sa 

3.65 8-14 8-« 8.59 

-•ioo-so 

3.84 8.56 9.JB ' 8.29" 

101. BO 

1.7> 7.58 9.83 
4.17 8.78 8.03 


30 3.75 3C EU 

19BL 19ul LX 


1979 

.’0 2. DO 

1W0 Pf I97b 


412 105 913 92& 937 
930 941 960 979 
396 91J 937 930 9*7 
975 
93 «» 

411 10 105 94 1 973 

411 105 805 941 

411 33 3 5 60 90 
805 937 931 9-0 
9»6 

411 33 35 60 *0 
80S 917 931 975 
463 IDS 695 920 930 
941 950 MO 975 
396 35 105 911 920 
927 940 9*1 950 
MO 9*2 975 
411 105 £05 941 


359 913 9*0 962 


326 870 913 920 962 
975 


456 105 913 975 

b09 1 05 941 975 

4 it] ?05 215 520 913 
920 930 975 
140 **» 

287 105 913 920 941 
960 962 975 
463 **». . 

219 105 913 920 930 
975 

140 105 913 930 MO 
962 975 
530 860 913 

411 109 913 941 975 


219 105 919 920 T40 

346 913 920 960 975 

517 913 &10 930 933 
941 950 960 962 
975 


15- CO 

100.00 

9.50 1 5/ 2/198L 

3 


l.b3 

8-58 




1978 

HQ 


20.00 

1976 

S8DHA EHUPUfG 


101 3/B 

3.12 

8.47 

8.88 

8.25 

30 


U SO 

412 919 920 937 »H 

IDO- DO 

9.00 15/-5/1ML 






100.00 

1980 


LX 

935 960 962 975 

12.00 

:ma 

cwmMO ceducAl co V10 

99 

1.67 

7-53 

6.93 


10 

■ M 

SO ED 

361 105 805 941 975 

2-40 

9b. DO 

b. 75 1/12/1*79 

E 


.92 

9. 06 


100.50 

1978 

1967 

A£U 


25.00 

1*75 

snoToro chHJical co 


104 3/B 

2.04 

6-87 

8.86 




BC to' 517 1 05 520 913 930 

99.00 

9-25 15/ 4/1980 








IX 

962 973 

20.00 

1977 

SWITCH 0 SEAT! 1HV 


95 1/4 

5-79 

8.82 

8.14 

9.51 

30 


BC ED 

359 *•* 


99.25 

7-75 15/ 1/1984 






101.00 

1982 


LX 


13.00 

1*75 

snamD heavt hid 


101 «/B 

3.67 

8.75 

9.35 




BC ED 

159 105 913 973 

99.50 

' 9.50 1/12/1980 








- 

IX 


22.50 

1*64 

tie Hmmocu of toco 

98 3/4 

2.04 

7.14 

5.91 


30 

1.07 

CC EH 

327 105 520 941 975 

4.31 

96.50 

5.75 15/ 4/1979 

S 


■ 67 

7:88 


1DO.OO 

1978 

1969 

HI 


20.00 

1*45 

the nexwnous or Taco 

98 l/Z 

2.21 

6.85 

6.18 


30 

2.10 

CG ST 

317 IDS 941 973 

7.20 

95.25 

6.00 15/ 6/1980 

S 


l.«*' 

7-2* 


100.00 

1978 

1966 

vr 


30.00 

1977* 

TORAT ISDOBISIZS 


95 3/4 

6.54 

8.80- 

8.26 

9.66 

30 

3.00 

MED 

359 *** 

30.00 

99-25 

7.73 1 VI 0/1 984 

2 


4-29 

9-17 


101.00 

1981 

1980 

LH 


15.00 

1975 

torat unasnus 

T 103 1/4 

2.67 

8-30 

9.44 




BC ED 

359 965 


100-00 

9. 75 1/12/1990 









LX 


15.00 

1977 

mo tnvm* 


96 7/B 

3.92 

B.72 

8.00 




BC ED 

359 913 920 927 930 

100.00 

•7.75 1/ 3/19*2 









IX 

915 *41 950 960 
M2 M5 975 


30. GO 

1977 

mo ana »tsha 


96 5/8 

4.00 

.8.79 

8.02 




BC ED 

337 *** 


99-25 

7.75 1/ 4/1982 








LX 


20.00 

l*7b 

XOTO VCEXA XA15B4 


101 7/8 

3-00 

8.52 

9-08 



I. 00 

11 ED 

337 105 913 92D 930 


100.00 

9.25 1/ 4/1981 








BP 1977 

LX 

960 975 

25.00 

1977 

T-5. LISE (CASUS) 


95 3/8 

5.96 

8.78 

8.13 

9.93 

30 

5.00 

PC ED 

337 3 5 913 920 927 

23.00 

99.25 

7-75 15/ 3/1984 



A.Ut 

9.02 


101.00 

1981 

1981 

LX 

910 *33 935 940 











o 

90 60 962 975 

15-00 

1975 

r.s. use (CAvun 


101 7/B 

2.71 

3.66 

9-33 

7.98 

30 

.75 

BC ED 

518 915 930 960 


94-25 

9.50 15/12/1980 






101.00 

1978 PF1976 

USE 




rrs iuuaks-corea 











25.00 

1974 

XDKIA DEPT IASS 


100 . 

3.71 

9.47 

9-50 




os EA 

501 35 230 913 940 


9*. 75 

9.50 15/12/1981 









US I . 

975 

25.00 

1977 

EOHEA. DEVt BJin 


100 1/8 

3.92 

9.45 

1.49 



• 

CC ZD 

179 230 915 970 975 


99.50 

9.50 1/ 3/1*82 









u 




US DOLLARS me 











10.00 

1967 

ASHED riXASCE 


99 1/4 

1.17 

7.16 

6.55 



1.50 

BP ED 

46 105 505 520 975 

2.50 

99.50 

6.50 1/ 6/1979 



.57 

7.95 




1973 

U5R 


20. 00 

1972 

S-F.E. UJXDOOHM 


9* 3/4 

4.54 

7.82. 

7.59 


60 

4.00 

HP EH ' 

375 105 205 520 975 


20.00 1 DO- OG 


7-50 1S/10/1982 


30.00 

1976 3.F.F. UZBUOme ■ 
IDO. 00 9-00 15/ 2/1983 


101 5/8 

4.S8 

8.57 

8.86 


ds oaUAxs-Mmco 






50.03 

1*77* BAXCO BACHBUL DE tfflEAS 
99.75 9-2* 1/11/1982 S 

99 7/8 

4.59 

9.50 

9.48 

20.00 

15.05 

1972 C-F-E. - MEXICO 
97.50 8-00 1/ 2/1987 


92 3/8 

8.84 4.29 
4.89 10-04 

8.66 

25.00 

1*77* F15ASA - mi AZDC 
99-30 9.00 1/11/1982 


97 3/8 

4-59 

9-71 

9-24 

20.00 

6.M 

1967 KADI OKU. lUiASCEXA 
9b* 73 7.25 1/ 4/1982 

s 

97 7/B 

4.42 

2.34 

7.98 

8.36 

7.54 

30.00 

1976 VAC10SM. FUSASCIERA 
100.00 10.00 1/ 7/1981 


103 1/2 

3.25 

8.69 

9.66 

20.00 
17. DO 

1*72 P£ HALF OS MEHCAK6 
100-00 8.50 1/ 9/1987 


95 1/2 

9.42 

i.b3 

9.22 

9.56 

8.90 

75.00 

1977* PSIDOIxas HEXlCABOS 
100.00 9-00 1/ 7/1992 


100 3/8 

4.25 

8.87 

8.97 

20. DO 
20. DO 

1975 PlTDOLEOa Kmasns 
98.00 10.75 15/ 4/1982 


103 1/8 

4.04 

3-14 

9.28 

9-07 

9.94 

50.00 

1977* TELEF050S BE MEXICO 5A 
100.00 9.25 10/ 8/1*84 


100 1/8 

6.36 

9.20 

9-24 

35.00 

b- 02 

1*64 TOTTED MEX1CA3 STATES 
98.25 b.25 Li Ll/197* 

s 

97 5/8 

1-59 
■ 96 

8.02 

9.0* 

6.50 

23.00 

2.75 

1964 USXTLD MEHCAS STATES - 
*7.66. 6-50 1/ 4/1979 

s 

97 7/8 

1.00 
■ 52 

8.96 

11.16 

6.75 

27.50 

6.60 

IMS LOTTED KEUCAH STATES 
*3.75 tt-50 1/11/1980 

G 

96 1/8 

2.59 

1.4b 

V.36 

9.65 

6.88 

25.00 

1.00 

IMS LOTTES KEUCAB STATES 
97-70 6.75 15/ 7 A 978' 

S 

99 1/2 


8.66 

6.90 

15.00 

4.02 

i *06 LOTTED H EXXC.U1 STATES 
9b- 50 b- 875 1/ 7/1981 

s 

97 1/8 

3.25 

1.7b 

8-04 

8.85. 

7.20 

25.00 

8-3S- 

1*67 UCrail MEXICALI STATES 
99.00 7.00 >5/ 4/1962 

s 

96 5/8 

4.0* 

2-05 

8.15 

9.03 

7.38 

10.00 

3.04 

1966 LOTTED MEXICAN STATES 
96-50 7.23 - .15/11/1981 

- 

98 1/8 

3.63 

i»B7 

8.00 

8-51 

7.53 


101.50 1 978 BP197B LX 

LF ED 0*80 105 2 05 520 930 


1200 1.65 

I960 1976 


90 .90 

1978 1971 


4 SC- 1-25 
1982 DP1974 


30 6.00 

1979, 1980 

30 * 2.38 

1980 PP1977 
30 1.36 

1978 1*6j 

30 .89 

1978 I Mi 

30 1.00 

1978 1967 

30 1.00 

1978 1964 

■30 .57- 

2978 1967 

30 .*2 

1978 1969 

30 * .38 

397* 1967 


<13 35 60 91S 927. 

931 940 975 
103 105 115 915 973 


353 105 405 915 941 
975 

517 105 915 960 975 

315 105 915 932 960 
975 


235 105 915 960 975 


327 105 915 941 
4JI 105 915 941 
411 105 915 Ml 
327 105 915 Ml 
327 10S 915 941 
J27 105 915 941 
411 10S 9(5 Ml 


This advertisement appears as a raaUor of record only 


April 10,1978 


I 


Austrian Quotes 

Quotations and Melds of Austrian Eurobonds 


r- 



SINKING 


COUPON* 


FUND 

ISSUE 

DATES 

REPAYMENT 

ISTARTING) 





CITY OF TRONDHEIM 

DM 35000000 

5%% Bearer Bonds 1978/1988 

— Stack Inttac No. 462 600— , 

Offering price: 100% 

DRESDNER BANK ' : DEN NORSKE CREDtTBANK SVENSKA HAN DELS BANK 

AXnENKatUOUH 


1 'ABO SECURITIES CORPORATION 
BANCA COMMERCiALE ITAUANA ; 
BANQUE BRUXELLES LAMBERT SJl ■} 

BANQUE DC PARKS ETDESPAYS^XS F 


JOH. BERBNBERG^ GOSSLBt ft CO. 
CHRJSIUWA BANK OG KRBHTKAS5E 


CREDtrSUBSe WHITE WSJ» 

. . . UW*D 


DEUTSCHE UUEDERBAHK 

lUBMMflUBUQlAir 

HILL SAMUEL & CO. 
(1MTV0 , 

KRfiDtenjuacN.7. : 

LAZARDfBERES ACO^ 


DSTERRBCHGBCHELXNOBUANIC : 

ADUMGQeUCHAfT ‘ 

POSIWWIKK1 

SlfiTH BARNEY, HARMS UPHAIf A CO. 

. IkOMMOaTB, . 

TRUiKAUS ABURKHARDT 


.VERBHS -WD WEBTBAHK 

AsncwaatsaufT .. 


ALGEMENE BANK NEDSiLAND N.V. 
BANCA NAZIONALEpEL LAVORO 
BANQUE INTERNATIONALE A LUXEMBOURS 


barclays bank mternahonal 

- 

*' BAYERISCHE LANDESBAWC 
GlROZOfTHALE 

BERGBIBANK ' 


COMMERZBANK 

juaHMOBtHUOWI 


DEN PANSKEBANK 

At 1471 ACIKSUXU 

DGBANK 

DEUTSCHEGENOSSBISCHAFISBANK 

GENOSSENSCHAFIUCHEZENTRALBANKAa 

VIENNA 

KANSALU&OSAI^E PANKN 
- KREDfETBANK SJLLWEMBOUBGEOISE 
NORDPEUTSCHE HYPOTKEKEN- UND 

f WEGHSGLBANK 

I iMifkiiMUittaiott WTrowam-iwa fctaagiAWI 

SAL. OPPENHBMJR- A CJE. • 
PRIVATBAKKEH 

ACK3B5KM 

SOCtETt GENOlALEDE BANQUE SA. 

' UNION BANK OFFHLAND LUL 

It M. WARBURG— BRMCKMAW^ 
W1RTZACO- 

wbstdeutsche lanpesbank 
GSTOZENTRALE 


SVENSKA HANDELSBANKEN 


AHSTEROAM-ROTTERDAM BANKN.V. . 
BANK OF HELSINKI LIMITS) 
BANQUE NATIONALE DE PARIS 

/ . 

BARING BROTHERS & CO, 

LIMITED 

BAYER1SCHE VERE1NSBANK 

BERLINER HANDELS- 
UND FRANKFURTER BANK 

COMPAGNIELUXEMBOURGEOISE \ 
DE LA DRESDNER BANK AG 
- DRESDNER BANK INTERNATIONAL x f 

DEN DANSJCE RROVINSBANK A/S - 

DEUTSCHE GIROZENTRALE 
— DEUTSCHE KOMMUNALBANK - 

HARDY-SLOMAN BANK GMBH 
KJ0BENHAVNS HANDELSBANK 
LAZARD BROTHERS & CO, 

muTffl 

NORDFtNANZ-BANK ZORICH 


PKBANKEN 

SKANDlNAVISKA ENSKILD A BANKENf 


SWISS BANK CORPOMTION (OVERSEAS) 
UNION BANK OFSWn*Z£RLAND (SECURITIES 
S, GL WARBURG & CO. LTD. 


D-MARK BONDS 

SJ% Brenner Autobabn 1968 (G) 1,5-lR 

6% Donaukraftwerke 1959 (G) L2-1.S 

6f% Donaukraftwerke 1973 IG) 1-3 

7% Girozentrale Wien 1976 l.H 

7{% Girozentrale Wien 1976 1-11 • 

8f% IAKW 1975 (G) 1.5 

63% Kelag 1973 (SG) 1.3 

SJ% Oester. Draukraftwerfce 1075 iG) 

7% Oester. Elektrizitaetswirt 1967 iG) 1J2-1R 

7% Rep. Oesterreich 1968 ....< 1.4-1.10 

®1% Rep. Oesterreich 1969 L4-1.10 

9% Rep. Oesterreich 1975 1J2 

8i% Rep. Oesterreich 1975 1.5 

7}% Rep. Oesterreich 1976 2.5 

63% Rep. Oesterreich 1977 1.4 

6}% Tauernkra f twerke 1968 (G) 1,8-1. 9 

7% Tauarnkraf twerke 1908 (G) :. iJ*-l.S 

91% Tauernautobahn 1974 (G) 1.7 

81% Voest 1973 1.10 

81% Voest 1975 1.6 

63% Voest 1977 - : 1.6 

7% Wien 1968 1.6-1.12 

SJ% Wien 1975 1.S 

US4 BONDS 

6% Rep. Austria 1964 31,1-34-7 

65% Rep. Austria 1967 1S-3-15-D 

8f% Rep. Austria 1976 15.8 

65% Aust Electricity 1966 (G) 1.1- L7 

6J% AusL Electricity 1907 fG) 1.4-1.10 

5J% Alpine Montan 19G5 (G) 15.6 

S*% Tauernautobahn 1977 (G) I 5 J 

53% Voest 1963 (G) 23.J0 

6}% Transalpine Fin. Hldg. 1966 31.10 

63% Transalpine Fin. Hldg. 1966 31.7 

6J% Transalpine Fin. HJdg. 1967 3L1 

6i% Transalpine. Fin. Hldg. 1967 30.4 

7i% Trans-Austria Gasline 1973 15.1 

AUSTRIAN SCHILLING BONDS 

91% Kontrollbank 1974 (G) 1 « 


1.8.74433 
1^.65-84 
L3.73rS7 
1.11. SI 
1.11.83 
1-5.80-85 
1J.79-88 
1A81-BS 

15.73- R7 

1.4.73- 82 
1.4.75-83 

1XS3 

15.78- 87 
2.5.83-86 
1.483-85 

1.9.74- 83 
U2.74-S3 

1.781 

1.10.79-88 

1.681-85 

■1.684-S9 

L6.74-83 

18.79- 84 


31.1.71- 84 
15^.72-82 
158.7M0 

1.7.70-86 

1.10.71- 82 

15.6.72- 85 
15883-87 

23.10.70- 78 

31.10.70- 85 
31.7.70-83 
3I.L73-82 
30.4.74-83 
13.L77-88 


ASKFn CURRENT 

YJELD j MATURITY 


681% 

5.83% 

B.41% 

6.56% 

6.67% 

787% 

6.41% 

7.78% 

6.62% 

6.53% 

683% 

'8.04% 

7.78% 

6.99%- 

6^8% 

639% 

6.67% 

S.41% 

7B0% 

7.81% 

6.44% 

6.71% 

7.57% 


3.1.70 

15^.71 

155.77 

1.7.69 

1.10.70 

15.6.71 
15.8.82 

23.10.60 

3L10AB 

13.7.6** 

&L1.72 

■30A73 

15.L7B 


— 100} 101! 9.38% 850% 


DOMESTIC ISSUES 

8% Investitionsanleihe 1073/B 15 2 15J.77-81 (101) 

8% InvestMonsanleihe 1B73/1I/B S.7 3.7.76-81 (102) 

S% Investitionsanleihe 1974/B L4 1.4.76-82 (10t50) 

81% Investitionsanieihe 1974/H/B 22,10 22.10.75-82 

SI % . Investitionsanleihe 1975/n/B 1L6 1L6.76-84 (103) | 

Bl% Investitionsanleihe 1975/S/D 25.7 25.7.76-S5 (103) 

8i% Investitionsanleihe lflre/ni/B '. 28-10 28.10.76-84 (103) 

81% Investitionsanleihe' 1975/S/ID UIV 27.12 27.12.78-85(103.50) 

Si% Investitionsanleihe 197S/V/B ' 12J2 12.12.7*85(103.50) 

SJ% Investitionsanleihe 1976/S 202 202.S1-86 (104) 

8% Investitiousanieihe J&77/S/IU/B «... 3.6 2.6^2-87 

S% Investitionsanleihe 1977/H/B 152 15.922-86 

8% Investitionsanleihe 1077/IH/B 20.12 20.^22-86 

8% Wasserwirtschaftsfondsanl 1977/m - 3-6 3.62^86 

W& Energieanieihe 1975/DB U£ 20 JO 29.10.79^5 (10320) 

8i% Wiener Stadtanleihe 1973/B 29.4 29.4.70418 

8% Wiener 'Stadtanleihe 1977/A ' 10.5 10.5.78-92 

S% Wiener Stadtanleihe 1977/B — 105 10 j.7S-92 

S% Europ. Investitionsbank AnL 1978 20.10 20.10.80-86 

8% Inter-Am. Entwicklnngsbk. Anl. 1976 ... 17.12 17.1251-86 

S% Tag Fmco Anleihe 1976 J9.11 19.11.81-86 

Si% SparkassenanleSbe 1975/n/B • 21.10 21.10.77-83 (101) 

8% SparfeassenanJeibe 1977/S/B 26.7 26.7.80-83 

(R) Purchase for redemption purposes by issuer possible. The bonds so 
to plan. . (...) Repayment at a premium. (G)Govenunent guarantee, i 

tions are based on the middle 



8.49% 
S.44% 8.48% 

8.08% 822% 


purchased may be used for repayment according 
(S) Local Government Guarantee. Yield caleula- 
pnee. - 


On international capita) markets Austria ranks as Triple A. For knowledgeable investors, 

Austrian securities are particularly safe and attractive mvestments- 
Austrian issuing houses may be considered models when: and itacts as a depository bank Tor investment funds. Leading 

market support, is concerned. One more reason for many w ^ 1 m M or ctHrandgng yJmosi afl domestic issues and having 
invcsiDrstq buy Austrian bonds, Grrozentralc Vienna is ■ JM underwritten more than 220 issues on the Euro-Capital- 

* . Austria’s second largest bank. Issuing as it does it’s own M. ™ r m M Market In 1977 alone. G imzcntrale Vienna is one of the 

securities it looks alter foreign companies on the Vienna Borsc leading, Austrian institutions handling securities, 

Girozentrale Vienna 

Market Maker m Austrian Eurobonds 

Tdcx: frJWS- Mwascf NcwImuc Syttcaiwn- Pag NO WaK. Tet; 72 W SM.TcIk: kWiS 











IS 


Financial Times Monday April la 1978 '•? 


All of those Securities have beat sold. This annoimeement appears as a matter of record only. 

$25,000,000 

Bearer Depositary Receipts 

-■c » 

Issued by Citibank, N.A., Trustee and Depositary, 
Representing interests in a 

Floating Rate Certificate of Deposit Due 1983 

issued by 

Banco Union, C.A. 

(A. Venezuelan Corporation). 

■ Aetirtp through its Panama Branch 


5IORGAS STANLEY INTERNATIONAL 

Limited 

BANCA COMMERCIALE ITALIAN A 


SOCIEDAD FINANCIER A UNION,CJL 
BANKERS TRUST INTERNATIONAL 

Limited 

BANQUE Alt ABE ET INTERNATIONALE D'INVESTISSEMENT (BJUJ.) 
DRESDNER BANK MITSUBISHI BANK (EUROPE) SJL 

uifa wrtiiidMyt 

SWISS BANK CORPORATION (OVERSEAS) LIMITED 


ABU DHABI INVESTMENT COMPANY A LABLI BANK OF KUWAIT (KB.C.) 

AMSTERDAM-ROTTERDAM BANK N.V. 


ALGEMENE BANK NEDERLAND N.V. 

ANDRESENS BANK AS 
BANCA DELLA SVIZZERA ITALIAN A 


AMEX BANK 

ARAB FINANCE CORPORATION SAX. BANCA DEL GOTTARDO 

BANCA NAZIONALE DEL LA I ORO BANCO Dl ROMA BAN K OF A MER ICA INTERNATIONAL 

BANK OF CREDIT AND COMMERCE INTERNATIONAL SA. BANK GUTZWILLER , KU RZMSUN GENER ( 0 VERSE AS) 
BANK JULIUS BAER INTERNATIONAL BANK LEU INTERNATIONAL LTD. BANK LEU Ml \ 

BANK JIBES & HOPE NV BANQ CE BRUXELLES LAMBERT SA. BANQUE FRANCAISE D U COMMERCE EXTERIEUR 

BANQUE GENER ALE DU LUXEMBOURG SU I. BANQUE DE LTNDOCHINE ET DE SUEZ 

BANQUE INTERNATIONALE A LUXEMBOURG SA. BANQUE LOUIS-DREYFUS BANQUE NATION ALE DE PARIS 
BANQUE DE NEUFLIZE, SCHLUMBERGER. MALLET BANQUE DE PARIS ET DES PAYS-BAS 

BANQUE POPU LATHE SUISSE SJi. LUXEMBOURG . BANQUE ROTHSCHILD 

BANQUE DE LA SOCIETE FINANCIERE EUROPE ENNE , BARCLAYS BANKJNTERNATIONAL 

BARING BROTHERS & CO * BAYERISCHE BY POT HE KEN- UNO WECHSEL-BANK BAYERISCHE VEREINSBANK 
BERGEN BANK BERLINER HANDELS- UNO FRANKFURTERBANK _BREISACH PINSCHOF SCHOELLBR 

3 Tentralerabobank 

CONTINENTAL ILLINOIS 

Limited 

CREDIT INDUSTRIEL ET COMMERCIAL 


CAISSE DES DEPOTS ET CONSIGNATIONS 


CAZENOVE&CO. 


CHRISTIANIA BANK OG KREDITKASSE 


CHEMICAL BANK INTERNATIONAL 

Limited , 

COUNTY BANK CREDIT COMMERCIAL DE FRANCE 

Limited 

CREDIT LYONNAIS CREDIT DU NORD CREDIT SUISSE WHITE WELD 


CRED/TANSTALT-BANKVEREIN 
CREDIT 0 ITALIANO (UNDERWRITERS) SA. DAl-lCHIKANGYO BANK NEDERLAND N.V. DAI WA EUROPE N. V. 

DEN DANSKE BANK DEN NORSKS CREDIT BANK 

ef Jt7t AkUteeleJmH 

THE DEVELOPMENT BANK OF SINGAPORE DOMINION SECURITIES 

Limited 

EUROPEAN ARAB BANK 


DEUTSCHE GIROZENTRALE 
—DEUTSCHE KOMMUNALBANK— 
EUROMOBILTARE S.p.Ae- 

•Limited COMPAGNIA EUROPEA INTERMOBILIA RE 

EUROPEAN BANKING COMPANY FIRST BOSTON (EUROPE) FIRST CHICAGO 

Limited Limited * • Limited' . .. 

ROBERT FLEMING & CO. FRAB-BANK INTERNATIONAL FUJI INTERNATIONAL FINANCE 

limited Limited 

GEFIN A INTERNATIONAL THE GULF BANK EKE. HAMBROS BXXK HESSISCffELANDESBANK , 

Llmded Limited —GIROZENTRALE— 

HILL SAMUEL & CO. E. F. HUTTON & CO. N.V. IBJ INTERNATIONAL INTERNATIONA L MEXICAN BANK LIMITED 
Limited Limited — INTER3IEX — 

INTERUNION-BANQUE ISTITUTO BANCARIO SAN. PAOLO DI TORINO JARDINE FLEMING & COMPANY 

Limited 

KIDDER, PEABODY INTERNATIONAL KJ0BENRA VNS HANDELSBANK KLEIN WORT. BENSON 

Limited Limited 

KREDIETBANR N.V. KREDIETBANK SA. LUXEMBOURGEOTSE KUHN LOEB LEHMAN BROTHERS 

Imlereetmmid 

KUWAIT INTERNATIONAL FINANCE CO. S A N.^KIFCO” 


KREDIETBANK SA. LUXEMBOURGEOTSE 
KUWAIT FINANCIAL CENTRE (SAN.) 

KUWAIT INTERNATIONAL INVESTMENT CO. SAN. 


LAZARD FRERES ET CIE 


LAZARD BROTHERS & C0 n 

. Lieiilrd 

LLOYDS BANK INTERNATIONAL LOEB RHOADES, HORN BLOWER INTERNA T ZONAL 

Limited Minded 

LONDON Us CONTINENTAL BANKERS MANUFACTURERS HANOVER MERRILL LYNCH INTERNATIONAL & CO. 

Limited Limited 

SAMUEL MONTAGU & CO. MORGAN GRENFELL & CO. THE NATIONAL COMMERCIAL BANK (SAUDI ARABIA) 

Limited Limited 

NEDERLANDSCHE MIDDENSTANDSBANK N.V. NESBITT. THOMSON THE NIKKO (LUXEMBOURG) SA. 

Limited 

NIPPON EUROPEAN BANKS A. NOMURA EUROPE N.V. NORD DEUTSCHE LANDESBANK 

GIROZENTRALE 

ORION BANK OSTERREICHISCHE LANDERBANK PETERBROECK, VAN CAM PEN BOUT, KEMPEN SA. 

Limited AMtenpeeMiehelt 

PICTET INTERNATIONAL PIERSON, HELDRING & PIERSON N.V. PRIVA TBANKEN ROTHSCHILD BANK AG 

Limited J LUemUkab 

N. M. ROTHSCHILD & SONS SALOMON BROTHERS INTERNATIONAL BANK (UNDERWRITERS) 

Limited ' Limited Limited 

J. HENRY SCHRODER WAGG & CO. SKANDINATISKA ENSKILDA BANKEN SOCIETE CENT RALE DE BANQUE 

limited 

SOCIETE GENERALE .SOCIETE GENERA LE A LSACIENNE DE BANQUE SOClEfE GENERATE DE BANQUE SJL 

STRAUSS, TURNBULL & CO. 


SOCIETE PRIVEE DE GESTION FINANCIER E SO FI AS S.pA . SOFICRED1TO, CA. 

SUMITOMO FINANCE INTERNATIONAL SVENSKA HANDELSBAXKEN 

UNION DE BANQUE S ARABES ET FRANCA/SES—U-BAS. 
J. VONTOBEL & CO. S. G. WARBURG «£ CO. LTD. 


TAIYO KOBE FINANCE HONGKONG 

Limited 


TRADE DEi'ELOPMENT BANK , 

Lmtdm, Hrmeh 

VEREINS- UNO WESTS AN K 

AWnjndbcMt 

WEST DEUTSCHE LANDESBANK 
GIROZENTRALE 
AprUo.1078 


WOOD GUNDY 

Limited 


WARD LEY 

Limited 

YAMA1CHI INTERNATIONAL (NEDERLAND) N.V. 


EXPLANATORY NOTES AND ABBREVIATIONS 


LISTINGS 


AN 

AM 

AS 

ER 

BT 

DB 

DD 

FF 

HK 

KL 

LN 

LX 


Antwerp 

Amsterdam 

American Stock 

Exchange 

Brussels 

Beirut 

Dublin 

Dusseldorf 

Frankfurt 

Hong Kong 

Kuala Lumpur 

London 

Luxembourg 


ML = Milan 
NY — New York 
PR — Paris 
RM = Rome 
SI — bmsapore 
UQ = Unquoted 
VN - Vienna 
ZR = ' Zurich & other Swiss 
Exchanges 

DELIVERY 

EU = Europe 
EN = Europe/ New York 
NY = New York 
EA = Europe/Asia 


TYPE OF GUARANTEE OR SECURITY 
I. GUARANTEES 


GG = 
SG = 
PG = 

•bg = 
pw = 


2 . 

Government CL 

Guarantee FM 

State or Local Govt. NP 

Guarantee PS 

Parent Guarantee 
Bank Guarantee SC 

These borrowers SU 

have Public Works 
Loans Board as UL 

lender of last ■ TA 

resort 


OTHER SECURITY 

Collateral Cover 
First Mortgage 
Negative Pledge 
Subordinated — 
Parent Guarantee 
Special Clausa 
Subordinated 
Unsecured 
Unsecured Loan 
Throughout 
Agreement 


SPECIAL REFERENCES 

1. GENERAL— ATTACHED TO NAME OF BORROWER 

D == Domestic Management group 

L = Bondholders option to redeem loan prior to maturity 
p = Private or semi-private placement 

MC — Prlncipal/Imerest payable in more than two currencies 

W = Withholding taxes (with percentage rate %) 

WW = With warrants 

XW = Ex warrants 

2. £/DM ISSUES ' 

' The figures shown are the fixed ’JE/DAI parities which prevail over 
the lives Of the issues. 

3. FLOATING RATE ISSUES 

The figures given are the minimum coupon rate; 

% margin above LIBOR. 

4. ATTACHED TO MATURITY DESCRIPTION 

S *= Semi-annual payments 


5. ATTACHED TO NEXT S/F AMOUNT 
PF = Purchase fund— the amount shown is the annual total 

(or total to the next coupon date), which may be 
applied. The year associated with the amount shown 
relates to the end - of the purchase period. 

DP — Non-cumulative option to double sinking fund pay- 
ments. 

6. ATTACHED TO CALL NOTICE (DAYS) 

C — Callable only on coupon dates 

Y = Callable only at annual intervals 

: Otherwise callable at any time 

7. YIELD TO NEXT CALL 

<0 = Yield is negative 

8. ATTACHED TO YIELD TO NEXT CALL 
(CONVERTIBLE ISSUES ONLY) 

R = Call is subject to a restriction governed by a fixed re- 
lationship between the share price and the conversion 
price. 

9. CONVERTIBLE ISSUES 

The share price' is always denominated in the* same currency as the 
conversion price. Please note that where the premium exceeds 
200% no figure is shown in the premium /discount column. 

The following convertible bonds are subject to convertibility 
into the indicated stocks. 

NAME OF BOND 
American Tobacco InL 
Asia Navigation lnt. 

Bankers lnt. (Lux) 

Broadway— Hale Stores 
. Iiurmah Oil 
Chevron Oil O/S 
Dart Industries 


Inter-Continental Hotels 
InL Standard Elec. 

1» 

IKE Finance Holdings 
Kinney 

Leasco World Trade 
Leased lnt. 

Lerin-Townsend lnt. Fin. 
Norwich OS 
Owens-Illinois 
Plywood Champion InL 


u 

1988 

1989 

5 

IPSO 

41 

19S7 

54 

1988 

5 

JOiSS 

42 

19S7 

7 

198C 

5 

1988 

5i 

1088 

Ci 

1989 

45 

198G 

6j 

1090 

a 

1988 

5 

1080 

5 

19SS 

42 

1983 

4J - 

J9S7 

5j 

1983 


CONVERTIBLE INTO 
American Brands Inc. 

East Asia Navigation Co. 
Bankers Trust New York 
Carter Hawley Hale 
Shell Transport & Trading 
Standard Oil of California 
Minnesota Mining Sc 
Manufacturing 
Pan-.Am World Airways 
'International Tel & Tel 


Warner Communications 
Reliance Group Inc. 

Rockwood Computer 
Mo non-Norwich Products 
Owens Corning Fibreglass 
Champion Ini. 


£ 


2S 

S“ 

9- 


BORROWER/ 

courowMArURrtY 


AO. Off 
36.40 
30.00 
.-23.92 

60-00 

30.00 

73.0b 

73.00 


60-00 ' 

40.00 

W.IJ0 

40.00 

50.00 
-30.00 

40. to 

20.00 
20.00 
30. 0Q 

30-00 
30.00 
30. W 

30.00 
.23.00 

25.00 

30.00 
U.00 


20.00 

8-90 

15.® 
6. TO 
30.00 
3 -M 

soa.oo 


100.00 
5a. oo 
60-00 
30.00 


40.00 

36.00 


us noLms-omcn (c ostnaan 

1472 . OSrtEb SESC1S SOTQ ,S5 112 0.9S 
100.00 B.50 15( 3/1387 t 3.36 

1973. CSITEO HEOC4U STATES SS - 13. 7 L 
100.00 : *.75 15/12/1991 ‘ 5 . 9.71 

1977* mm HKIIC8S ffttTES 100 4.08 

100.00 9-00 -1/ 9/19E2 3. 

1476 Bam ffiSCAS STATES I. I0L 3/6 12-92 
100-00 9-50 1/ J/1491 S 

1175 oinrEB kxxxuk states l un ii.a* 

200.00' 10.00 -1J/2/1S90.S 7.36 

OS 8ni TAfui n-nn’Ti tv tw . 


3«i»‘ 

I 

It 

s • 


li 

U 


a < 
5qU. 

agg 

5^ts 

b K 

£ c 


MARKET 

-HA1SR5 


1-M '9.10 • 10.60 
9*73 ua.T* 

m 9.33 

9.n ; >• - 

f-w Va- 

»'» 9-M '9.69 
10.50 
9. to 9.96-9.01 
*•64 ; -102.73 


so i.a» mn 

1902 1976 tif 

1-25 Hi SO 
rs 1973. LS 

W KT 
SY 

30 2.50 W SZ 

ISOS 101977 « 

30 7-30 *? ft 

1965 1ML X2 . 


' 1977* nor n 

100.00 ■ 9-00.. - 1/ 0/1987 

1977* DUtCK ET&XR BiRES 97 

200;a0 - 5.25 15/ 6/1987. 

1976 HUTCH SUE KIKES 100 

100.00 6.75- 1/ 8/ ISM 

1973 DUTCH SUDS HIKES U1 

11)8.00 . 0.25. 25/ S/15K7 

1977* CISMHKittBS 7BTL 97 

100,» 8.25 15/ 7/1985 

. 1177* myrnoLS tasunut b 96 
-106-00 . 8.00 207 4/1964 . 

1 976 8K UBU tEl COM W IT! 
99.00 8.00 15/ 6/ins 

1976 sat sew® m case a rs 
99-00 9,00 15/ 6/1989 

1976 "Mm BOtDUC «.(. 82 

100.00 9.00 15/ 2/1982 

1967 7BILIPS 1ST FIS 99 

99.00 6.50 30/ 8/1979 . 

DB muus-ns ZE4L4KD - 


JS.T's.S’VffiS, , «« 

2966 ton. or k e» zEiua 97 

96.00 ' 6.50 15/-3/19M 9 . 

1967 B04T. OB Ks 041480 95 7/8 

97.75 8.75 15/ 7/1979 S ■ 

1977 * cavr. or not zeuasb so i/b 
93.46 7.50 15/ S/1984 5 

1976 coir, or ftS> 2UUHD 98 5/8 
100.25 8.25 1/12/1986 

1976 O01I. 0* 982 U6JJLKB 100 3/4 
100.00 8-30 15/ 6/1983 

1973 C09T. OS BB ZE6LASD - 101 7/8 

91.50 - 9.00 15 t 8/1980 . . 

7973 coir, tv sal zeuako 103 
99 . so ■ 9 . 2 s rs/ii/isai . . 

1975 C0YT. or XBl rriLtm X03 1/4 

99.50 9.23 15/ 8/1 382 


S/S S-M 
• 4.84- 
1A 9.21 
*.» 
IfZ ZIM4 
6.1*. 
1/4 2.46 

7/6 ,7.99 
5.29 
1/2 6.05’ 

7/8 io^rt 
.7-71- 
3/8 10.21- 
- 7-71 
3/4 3.88 
3-48 
7/6 1.25- 
•73 


J-JJftai.j! 
»■». tu .00 

«.to btt: .9.20 

*-« «Ol 81 78 
•*«. ; 101.00 
9.62 f .14 

I.6K -a.43 i.13 
lOLS) 

6.77 8.23 

££ 6.06V; ' 

isasiass-. 

UtM '. 

6.59 ' fcst 6.59. 
-S.69 . 100-00 


30C 4-07 

1982 197B 

30 JO 

1963 821973 
30 3.75 

1*82. Drum 


60 

1962. 


4.00 

1981 


5-00 

1963 

5.00 

1983 

- 10.00 
1981 
90C 5.50 

1979 1972 


KP tff 
ia 

»eit 

u 

VP BB 
LX. . 
-BP-88- 
IX 

KXC 

u 

SP to 
up . 

>c a 
KS 


KJE0 


7.2V .6.62 
3-76 7-22 
■7.96 7U2 
4.49 7,43 
1.29.4.96 
-81 .7.01 
6.46; 8.46 


8.67 8.47 
5.21 8.50 

2- 38 .8.06 
3.0 .8.25 

4-38 tiil 

3- 93 8.24*- 


’ 6 . 10 ' ' • 

- 101.73 
4-81 ^ ■ 

_ 101-73 
6.6T- 

101.00 
7 8.57 
v 200.00 

-8.37 ' 8-92. 
102.00 
>44 . - 

6.83. . 

4.51 


Wt. 7.66 
100.00 


i3?« bll SSB* 

437 105-922 
467109 822 


35.00 1977* BIS pet FI S COOT 

25.00 100.03 7.75 IS/ 5/1984 

25.00 (978* 8.3. ronffiT FttoOCTS 

100.00 1.00 15/ 371986 


97T/4 6.12 tin' 7^n 9.08 

4.4i 8.5J 101.00 

99 7.96 6.18 9-09 

. 103.00 


50.00 

1976 

0PFSBDBE HtoWC CO 


98 5/8 

7.71 

*.49. 

8.37 

8.92 

30 


100.00 

8.25 13/12/1985 




701.00 

1981 



m BOLUBS^iOBIMZ 







rs 

P 

s 

1975 

l>iur. 06 SOtOCML 


10L 3/8 

■2.5S 

8.84 

9.37 




100.00 

9.50 1/11/1980 






15.00 

1971 

iggBEGMU 


98 3/4 

7.84 

*.97 

*.86 

10.02 

30 

9.00 

100.00 

8.75 1/ 2/1986 


4.71 

9.08- 

101.00 

1980 

10.00 

1964 

Cm Of BZ80C3 


94 5/8 

6.54 

6.53 

5.81 


9UC 

5.6* 

99-00 

5.50 15/10/1984 



3.M 

7.19 

100-50 

19/8 

15.00 

1972 

CUP OF BESCEV 


98 5/8 

9.00 

8122 

8.11 

9.26 

30C 

10.00 

96. M 

8.00 .1/4/1987. 



.*•50. 

8.40 

-101.00 

19*0 

10.00 

1963 

cm or o8lo 


99 1/4 

.21 

9.14 

3.36 


30 

1.00 

97.75 

9.3 15/6/1978 

s 



/00.00 

19/8 

11.00 

(DM 

CUT or OSLO 


.«• 

6.46 

bh 

3*7 


30 

6.58 

98-81 

5.50 15/ 9/1984 

s 

3-48 

7.18 

100.623 1976 

15.00 

19*4 

era or- O slo 


99 3/8 

•88 

7-53 

S-J2 



1.50 

99-00 

5.75 15/ 2/19/9 

s 





15.00 

1945 

CRT 0P turn 


95 in 

7.17 

6.63 

6.U 


30 

7.52 

98-75 

3. 73 . 1/ 6/1983 

S 


3.69 

7.26 


101. SO 

1978 

15.00 • 

1971 

cm or oslo 


100 1/8 

7.B2 

8.22 

8-24 


39 


8PKT 
82C3 
»K 
KCU 
VP az 
4T 

CP EB 
IX 

HP EB 
IX . 
VP to 

tx 

VP to 
LE' 

VP to 
'LE . 

30 1.23 3L EO 

1981 BP1978 LX 
60 1-50 BP to 

1980 ETiSto IX 

6C so 


30 .83 

1978 1969 

30 1.50 

1978 1969 

30 
1983 

30 2.00 

1911 *rl9/7 


36 1.60 

1980 9F1976 


S27-U5 MS 5itt 97> 

366 tbS 9is 960 975 ' 

413 S3 35 U n 
■ &3 913 927 «l 

. 9MJ 475 
-411 *05 US 927 

4S4 33 33 -SB Ml 
. 527 .960 . . . 

256 «*•' 

236*** : “ 

2lsW ' 

IS* MS 520- 602 606 
9*0 965 915* 

23* 

245 105 608 Mf 927 
33d 80S 930 975 
238 602 604 
238 1 05 600.606 373 
346-103 MS 941 ’ 


941 969 

941 675 

941 975 

J5 6J> 
V5 327 
9/9 


103 610 
9*1 947 

803 870 
333 941 
675 


437 20.57 
. 80 90 

on M0 
488***. 

488 *** . 

.488 *** - 

'488 105 520 
911 935 
3*0 973 
488 105 520 
911-930. 
947360 
402’*** 

488 *** 


11.85 91.50 • 8.25 1/ 3/1986 

50.00 1977* CIST Or OSLO 

50.U0 99.00 8.75 1/11/1992 

la.oo 1970 cm or oeu> 

14.40 100.00 9.00 1/ S/1985 

4a.oa 1976 car of Oslo 

36.40 100.50 9.U0 1/ 3/1988 

-25.00 1961 UB3KK V W1BIAY 

1.25 98.25 5-23 1/3/1978 

25.00 1964 QBtaxn or S08IUT 

16.48 98-25 5.50 13/ 5/1964 

30.00 1965 .XUUaXH V W8V4T 

18.93 98-00 5.30 1/ 4/1985 

150.00 1971 * ntewa ob mw*T - 

100.25 7.25 15/ 5/1982 

150.00 1977 ' oreatti of hbuat , 

1 00.00 7.3/5 XI 2/lto 

loa.to 1977 * oacom or kosuat 

99.85 7.50 15/ 6/1982 

45.00 1976 Erxnn or kb»t 

100.00 7.75 1/11/1981 

125-dl I 978* OtoDlM or - KOKH AT 

99.63 8.125 15/1/1983- 

100.00 1976 tuaaxM OF aoewAT 

100. 00 6-25 15/ 3/1981 


4-73 8~22 
96 S/8 16.59 9-33 
12-66 9142 


S 

101 1/8 

. 101 3/4 

99 1/2 
S 

* 95 3/6 

S3 1/4 

5- 

96 1/4 

. 97 1/1 

S ■ ■ 


7.08 j:77 
A. DO 6.65 
9.92 vi. 72 

5- 4? 8.5V- 
.08 11.64 

6- 12 fc41 
3.33 7.11 

7.00 6.45 
3.78 7407 

i.tr 8.35 

3.84 ' Ml 


1.00 

1973 

.68 

1970 

J.0Q 

19/3 

J.00 

1968 

.94 

1969 

1.50 

19*9 

.43 

1970 


1.33 

102.00 1979 DP1975 
30 3.30 

1989 DP19B3 

30 


9.26 9.56 

102- 25 


8.90 


VP CO 

u 

hp to 
LX 

BT tX 
VSL1 

VP £S 
LX 

SfP KT 
BT 

BP 8T 
HT 

VP to 

ml 

HP ft 
KT. 

VP to 
LX 

KPHST' 

ft 


1*3 103 
870 
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735 
975 

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359 105 
. 735 
975 
327 IDS 
74D 
973 
32/ .10 
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359 IDS 
941 
327 '10 
735 
■Ml 
327 1 05 
•740 
441 .20 
90 
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441 105 


620 719 739 
953 975 
520-710 713 
740 955 960 

5» 710 735 
932 941 9*0 

520 710 715’ 
740 955 9*0 

520 710 735 
941 995-9W 

109*520 710 
740 932 941 
940 975 
520 710 740 
955 390 975 
105 520-710 
740 552 955 
975 

520 710 m . 
955 97S 
3) 35 60 
MS 927 931 
975 

210 735 955 


8.85 

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5. 86 

toi 

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1979 Dll 972 

BY 

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120 

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1969 

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960 

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710 

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1979 

1973 

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9S5 

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1.95 

vp to 

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520 

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101.00 

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1971 

WI 

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97 3/4 4.21- 8.30 7.12 


P 97 7/8 

99 3/8 
S 

100 3/4 


l.J» B-'44- 
4.79 b.«; 

2.96 8.12. 


7.92 

8.34 

6.36. 


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931-6*17 975 
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479 '20- rs 35 SO 
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■ j 








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1975 

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101 1/2 

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too. 00 

9-00 1/ 9/198D 









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1964 

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230 165 570 710 731 

2.BL 

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100.50 

1979 

1970 

AHU 

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s. 00 

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6.25 1/12/1985 



4.17 

8.26 


101.00 

1978 

1971 

LX 

912 Ml 9S5 9*0 
915 

351 105 W0 710 Til 

15.00 

1967 

EBAFTUCCX OrPUKtSKAFT 

97 1/B 

4.17 

7.44 

(.80 


30 

1.00 

® St 

1.U0 

96.75 

O-50 1/ 6/1982 

S 

2.17 

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101-00 

1978 

1967 

3YLX 

7® 912 941 955 
460 975 



10-00 

1964 

RMHUULBASC 


95 7/8 

5.79 

6.62 

6.00 


UQC 

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« ED 

J15 1U5 520 7»0 735 

6.82 

99-50 

5. 7j 15/ 1/1984 


3.46 

7.U 


100 .® 

1979 

1969 

uu 

740 932 941 955 
948 975 
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50.00 

19/7 

BOSSCS BHMnrUUA3E 


55 1/4 

8. 84 

8.27 

7.87 


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19.00 

99.25 

7.50 1/ 2/1187 


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18® OP1975 

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91 

17.71 

8.41 

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cc to 

ASA **• 

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7.5tl 15/12/1990 



8.86 

8.66 

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19® DPI 973 

LX 


Ml. 00 

1976 

30BGE1 rmxMMXK.r. 


97 3/8 11.71 

8.'81 

8.73 

9.H 

W 

5. C0 

CC CO 

179 

Ml. 00 

99-30 

B.50 lb/ I 2/1*91 



8.21 

8.06 


102-50 

1985 

19® 

LX 


73-00 

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V 3/8 14-H 

8.83 

8.73 

9-19 

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f/9 ««* 

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4.50 16/ 3/1992 



8. *3 

8.95. 

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96 3/4 

10.94 

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8.79 

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517 «“* • 

511. 00 

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8.30 15/ 3/1989 


H. 56 

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5U.00 

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101 5/8 

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412 **•’ 

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5-48 

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98 7/8 

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315 1® K0 710 TO 

8.45 

97.50 

6.873 15/10/1942 

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2-59 

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1978 

1971 


740 80 i 9M 9,1 
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3/5 *** 

10.00 

I*//* S0K4E HTBBO 


97 5/6 

4.67 

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8.07 




XP 80 


99. SO 

7-875 1/12/1982 





to 


50.00 

1977 

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96 1/4 

13.92 

8.98 

1.83 


45 . 

2.® 

vp to 

315 *»*- 

5J.U0 

99.50 

&S0 I / 3/1 392 



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LB 


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100 1/2 

13-46 

8.92 

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9.31 

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2.50 

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599 •»* 


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313.*** 

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6-20 

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40.00 

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103 5/8 

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9.01 

9.41 

8.69 

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315 *« 

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100. IM 

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5.54 

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6- JU- 
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15.00 

7.00 

13.00 

8.00 

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12.00 
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25-00 

30.00 


1967 oosmrtu pa res hills 

W..50 6-/5 1/ 9/1962 

1964 XOUW.'SOLDAT. 

93.^ 5-73 10/11/1984 

1965 aonUL^ULOAL 

96.50 6.^1 :»/10/l98S 

196' CUA-CVLS& 

97.75 5.73 20/ 1/1995 

1*70 CHA-TTILA 

99.30 9.00 15/ 2/1935 

1*64 tSSUAIDtoX 

93.50 6.00 23/ 3/1984 

LS DOUAKS-PKW Ift 

17/7* BKFUELIO If P.UIAHA 
I00.ua 9.25 I/I1/198Z 

19/1* EZPUBUC OF P41UMA 
100.00 9-30 15/ 3/1987 

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315 105 520 710 713 

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1968 

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7*0 JtW »5 9tO 
315 ?09 520 710 7JS 


» 1/2 

6.61 

6.91 

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1.® 

rs E9 

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3. 61 

7.66 

100.50 

1978 

mo 

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740 91! 941 9SS 
9H 979 


95 1/8 

7.97 

7-22 

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90Y 

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319 105 to 710 735 

5 

4.07 

7.81 

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1971 

LSLX 

7*0 912 9*1 955 
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9J 1/8 

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315 105 520 >10 715 

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4.V3 

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1979 

1971 

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7AO 932 955 960 
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100 5/8 

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361 105 7*0 Ml MS 

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9.® 

192-50 

1979 

1971 

LX 

975 


96 1/8 

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1979 

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328 105 520 710 715 
7*0 912 911 959 


t 99 1/8 4.59 9.7J 9-55 


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9.56 9.98 

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25.00 1977* BOUiAlNIUXC C0PPEX PW 

25.00 100. OV 0. .'5 If S/1884 

cs DouABs-ftmTcmu 

13.00 1464 TCP® L1C If PWTDOkL 

7.00 97-50 5.75 1/ b/1984 9 

20.00 14u5 BEFGBLIll OP TO6T0CAL 

9.34 97-50 5-75 1/ 2/1963 S 

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93 1/8 


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9.2B 10.82 
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1.00 VP CO 
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fio 2 . vo up nn 

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SO 1.20 i*7 tu 

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665 39 215 218 915 
939 9*0 960 9/5 
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456 105 218 sjn 913 
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94 1/2 8.17 6.97 6.18 

3- 17 7.89 100.00 


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1919 

SJ l/a 6.84 7.16 8,27 . 30 

3.64 6.01 : IM-Ofr »» 


1. 00 VP nr 290 IBS SM KO *41 
1970 KI 975 

1. J] LP ft 999 >02 520 9C0 941 
197L OT 973 ' 


20.011 

17.20 

15.00 

25.00 

12.00 
12.00 

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1976 BPPB1. eaiPYUU) 

99-43 9.00 15/ 6/1983 

1975 K4PPEL SUIPIMD 

100.00 »-» .1/ 7/1 W2 

1976 ISO 5KC4W9K 

99.50 8.50 15/11/1933 

1*71 aBWWSE unrr buir 
1UU.W 8.50 15/ 1/1982 

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1972 

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7.50 1/ 3/1987 
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6.30 1/ 6/1982 

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9.25 
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10.00 
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101 3/4 
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100 3/8 

85 


4.54 
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6.54 


7.80 

7.0 

9.00 


9.38 8.56 


4-25 

2- 75 
5.»J 
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3- >9 
2.83 


B.7L 

6.» 

9.01 

9.22 

8-3 i 

8.33 


1.40 SF KB 39* 919,910 175 
19/6 511 L. 

8.7* 4.M 30 2.00 BPS! 3K hi 9lSM9*7 

101.00 198L PE1977 JUmi 
LB 8-31 30 1.00 BP EU 396 911 113 830 9*7 

101-00 1980 PI1977 5HA 

J-W VC SA 396 913 930 
11 79 SI 

1.7-0 PC AS *39 913 920 - 
19/S Sl«. . . 

1.20 «C EA 396-913 930 925 
1976 LUL 


7.78 8.61 W 

102.00 I960 


9.Z8 7.94 30 

. - -101.00 1979 

8.70. 


8.47 - 30 

1DI.W 1878 


8.85 


1*15 um 
94.50 10.00 


i/i2/;ie6 
1/ 3/1984 
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15/10/1931 
5/ 9/1 WO 


6.66 

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«h.» 

101.00 


nc-oo 


8.42 10.13 
L.28 10.93 
91 5/8 4.17 7.17 
2.17 7.71 

91 7/B 8.67 9.74 

*.81 14.44 

92 1/2 10-U 10.43 10.00 11.7* 

6-94 10-86 - 101.50 

100 1/4 2.22 9.83 9»« 

100 5.54 10.22 10.2S 10.21 

4.04 10. W. ' 100.00 

99 5/8 2.41 ID. U 10.04 


40 1.50 

19/9 1977 


:-at 

1973 


*X 
1W3 

lan- 1. 50 

1979 1974 

30 .» 

IJB4 DPI 475 


3D 4.50 
2181 OM979 


HP CO 346 US 
W 950 

SP EC 186 105 
UUP V ■ 950 
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LX - 115 

« re" » 88 1* 

xx • ssi 
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115 915 93* 
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25.00 

20.00 

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21.00 
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20.00 

18.75 

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17.00 
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15.00 
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30.00 


13.00 
4.78 

30.00 
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50.00 

50.00 

15.00 
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20.00 
20.00 . 

13.00 
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2.75 

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1*72 -UHUac v snuF imti a 6 i/b 
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1 SB Jbnmuc'«r sons inm bi 
w-so - 8.00 i/. 2 / 1 * 7 - ■ 

ins ramie or soots utuca » ;/s 

«-00 9.75 IV 2/1981 . . . 

IB D 0 XX 4 ZS -4 £418 . 


9-31 10.04 
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9-00 H 

W-» 1*80 
?■« 10.30 9.20 a 

j.jL 11.20 ltt .00 woo 
2-M 3-;a 3.7t 


1.00 V* ED 
197J LX 

1.00 mxa 
1115 ll 

2.00 SPED 
ET 19 77 LX 


93 105 915 935 941 
*60 973 

93 10* 91 3 933 941 
9*0 973 

9J 105 115 915 935 
941 960 975 


1967- mwrims 

M.50 - .7.00 '1/ 7/3987 

3972 (Sl&sh 

100.00 8.00 -. 1 / 10 / 1 W 

1972 raws* 

•MO 7.75 4/ 1/1381 

1971 PCIUEDt 
99.50 -*.50. 30/12/1986 

3976 ran 

99.00 «.» 1/13A9K9- 

83 90U4XS-AVXDE1 " ■ ■ 


92 2/4 
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90 2/4 
97 3/4 
101 1/8 


9.^5 8.22 

4- 75 9. 09 
9.50 8.Q1 
5.« 9.J5 
9-76 9,30 
3.96 9. 9J 

5- 73 8.87 
3.48 9.04 
S.b7 


7-59 „ 60 1.88 

102.00 1978 197J 

#•<9 „ - 30 1.00 

101-30 1980 BF197S 
#.59 . <WI 1.00 

10US0 1 982 1979 

8.70 1Q5C .60 

102.00 1980 1 972 

8.S7 9.15 6.07 3Q 

101-00 . 1MD PFIU76 


CC ED 186 105 405 *23 513 

VYUCLX *75 

HP EO 361 915 975 

LH 

BC ED 230 105 310 215 915 

LX 97b 

90 ED 103 105 £10 215 915 

LX 975 

COED *85 20 105 230 915 

LX 9*1 990 970 975 


13/ 6/1910 
3/3/1986 


1*69 ASIA : 

97.00 ~ 6.00 
1971 ABE*, 

9 bl» 8-40 

1970 AXbU OOfCO ' 

*«-75 - *-50 V 8/1985 

1477* cur or GonRssnur 

»-M 8.75 15 / 12 / 1*87 

1977 COT or STOCSKOm . 
100.-00 . 8.835 13 / 2/1991 

1969 UtXtilEUS ' - 
99.25 . 6-00 1 / 11/1980 

1967 MTIKMWS 
99.75 6.75 15 / 3tMZ 

2977 X 88 B. 1 T 

99.50 8.50 15 / 2/1984 

1965 - CTXMEUEH 

99.00 6.00 

29M eoxunin" 

98-00 6.75 


97 5/8 2. SI 
I ' 3.25 
. 96 3/8 7-92 
■* 1-17 

101 3/S 7.34 
4.04 

96 7/1 9-71 

99 3/8 13-88 

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7.31 
8.78 
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6 .:* 8.68 9 or 
100.50 1979 
8.82 4SC 

101.00 1979 
9.28 8.40 30 


1.50 BP EU 
1969 UU 
£-00 WED 
3974 U 
1.00 UP 60 


100.2$ 1W0DHW1 U 


315 105 520 710 7 j 5 * 
941 955 960 475 
£72 105 570 710 715 
735 9 W 960 979 
272 105 965 975 


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40-00 

30.00 

30.00 

30.00 
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15. OD 

11.00 
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17.50 

100.00 

100.00 

100.00 

100.00 


300.00 

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2917* GOZ4WUEK 
100-00 „ 7:625 15/ 9/1*82 

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nfi-so 8 -do u/ vim 

1977* coumxEii 

93.50 8.125 15/ 9/1*87 

1976 cDunna 

99.00 8.25 2/10/1183 

1976 ODXSVSUSir 
100-00 8.25 15/1/1MS 

1967 OUZOS 
97.30 6.73 

1971 msecs ■ 

100.00 8.30 

1975 GIUCCS 
■100-00 9-75 


97 . 1/8 
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97 3/8 
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318 . 

99 3/8 


.2.59 

1-59 

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2.66 


9.15 

9.17 

7.24 

7.17 
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9.03 4.47 

100.75 
9.13 4.34 

102.05 

6.18 


30C -2.81 BP ED 272 *** 

1984 PF197B LH 
30 5-00 BP NT 

1987 DP1989 BT 


6.90 


5-88 10.16 
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2.67 7.10 

1.67 7.64 
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100.23 

100.50 


30 

1978 


1.30 CC EO 
1971 HI 


3D 1.35 CC EU 
1978 or 1*69 at 

43 


*57 20 33 60 » 
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273 105 520 710 735 
941 955 9*0 475 
273 103 5W;iD 7J5 
941 935 9*0 975 


101.50 1901 1980 LH 


3.00 BP ED 315 105 520 710 715 


6.16 

6.78 


4.46 6- 16 7.78 
3.79 a. 18 8.03 


93 1/8 9.46 
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8.89 
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1977 * XXSGXKH V SUE) 

99-75 8.25 IV 6/1987 

1977 * mCMM Of SBCnn ' 
99.25 J .50 1 5 / 11/1987 

1977* xomt or tomes 
99-75 . 9.00 • 15 / 11 / 19*7 

15 - 00 . 1969 BOCBSU 
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50.00 1976 x ncra s 

50.00 100.00 . 8.03 IS/U /1933 

20.00 1966 L^l. BB 2 CBSOH 

9.80 97.25 8 . 50 - IV 3/1986 

35.00 1976 L.H. EK 1 CSS 0 S 

100.00 . 8-50 15 / S /1983 

30.00 1977 * IJ. nursstw 

30-00 lqp .50 - 8-50 15 / 6/1989 

. 30.00 1970 L.K. HUCSEOB 

21.45 99 . 50 - 9-23 1 / 12/1985 

35.00 1976 UL. EX 1 CSE 09 . 

- 33.25 100.00 9.25 15 /. 9 / 1991 ' 

35.00 1976 BOOUtnUEJO 

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25.00 ' 1976 HO OCH KMSJO ' ' . 

100.00 J .50 - 15 / 3/1983 - 

90.00 1977 SiAB-ECiStt 

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201.00 
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101.50 

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8.15 

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9.09 

104.00 

9.69 10.08 

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30 

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272 105 520 7)0 735 
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30 6.70 

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8.33 8.12 9.16 

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7.16 6.83 
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101.00 

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4.73 B.S7 100.75 

102 13.46 8- S3 9.07 B.S9 

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19 ? 


All of tkese Securities huse been sold. TM& announcement appears as a matter of record only. 


U.S. $50,000,000 

MacMillan Bloedel Limited 


9 J A% Debentures Series K Due 1993 


MORGAN STANLET INTERNATIONAL 

trimiiri 

BANQVE BRUXELLES LAMBERT SA. 
DRESDNER BANE AETIENGESELLSCBA ET 
UNION BANK OF SWITZERLAND (SECURITIES) 

Um UU 


SWISS BANK CORPORATION (OVERSEAS) 

timita t 

BANQUE DE PARIS ET DES PAYS-BAS 
PIERSON, HELDRING & PIERSON N.V. 

WOOD GUNDY LIMITED 


ABU DHABI INVESTMENT COSIPANY 
A3ISTERD.AM-ROTTERDAM BANK A’.K 
BACBE HALSEY STUART SHIELDS 

hariMnM 

BANC A DELLA SVIZZERA ITALIAN A 
BANK OF A MERIC A INTERNATIONAL 

Limttfd 

BANK GUTZWILLER, KURZ, BUNGENER (OVERSEAS) 

Umilft 

BANK LEO INTERNATIONAL LTD . BANK MEES & HOPE NV 


ALGEMENE BANK NEDERLAND N;V. A.E. AMES & CO. AMEX BANK 

Llmilnt Mini 

ANDRE SENS BANK AS ARNBOLD AND S. BLEICHROEDERJNC. 


BANC A COMMERCIALS ITALIAN A 
BANC A NAZIONALE DEL LAVORO 


BANC A DEL GOTTARDO 
BANCO DI ROMA 


THE /BANK OF BERMUDA 

. Ltmllrd 

BANK JULIUS BAER INTERNATIONAL 

Limited 

BANKERS TRUST INTERNATIONAL 

Liaulrd 

banqcb francaisb du commerce exterieur 


BANQUE ARi BE ET INTERNATIONALE DUNVEST1SSBMENT (B.A.I.I.) 

BA NQUE GENERATE DU LUXEMBOURG SA. BANQUE DE L’INDOCHINE ET DE SUEZ 

BANQUE INTERNATIONALE A LUXEMBOURG SJl. BANQUE NATION ALE DE PARIS 

BANQUE DE NEUFLIZE, SCHLUM BERGER. MALLET BANQUE DE PARIS ET DES PATS-BAS (SUISSE )S A. 

BANQUE POPULAIRE SUISSE SA. LUXEMBOURG BANQUE ROTHSCHILD BANQUE WORMS 

BARING BROTHERS & CO , BA YERISCBE BY POT HE KEN- UNO WECHSEL-BANK 

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BLYTB EASTMAN DILLON £ CO. 

JnlrranliMs/ Limited 

CAISSE DES DEPOTS ET CONSIGNATIONS 


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Limited * Limited Aklieaqetellitlntl 

COM PA GNIE DE BANQUE ET IPINVBSTLSSEMENTS (UNDERWRITERS) S.A. COMP A GNIE MONEGASQUE DE BANQUE S.A. 
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Limited Limited 

CREDIT INDUSTRIEL IP ALSACE ET DE LORRAINE CREDIT INDUSTRIEL ET COM MERCIA L CREDIT LYONNAIS 


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EUROGEST S.pA. 


RICHARD DA US & CO- DELBRVCK&CO. DEN DANSKE BANK DEN NORSKS CREDITBANK DEUTSCHE BANK 

BaalUcre . mt mi ALUeecUtmL AUirnnreentcImtl 

DEUTSCHE GIROZENTRALE DG BANK DILLON, READ OVERSEAS CORPORATION 

— DEUTSCHE KOM MEN AI,B AN K— DEUTCHE GENOSSENSCH/iFTSBANK 
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E U ROM OB ILIA RE S.p-A. FINACOR FIRST BOSTON (EUROPE) FIRST CHICAGO 

COM PA GN I A EUROPEA INTERM OBILI ARE Limoed 

ROBERT FLEMING & CO. FUJI INTERNATIONAL FINANCE GEFJNA INTERNATIONAL 

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AlcUengmUmehMll " 

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/ntDTp+Fuici Limited lAifffrf 

HESSISCHE LANDESBANK HILL SAMUEL & CO. E. F. HUTTON & CO. N.W - IBJ INTERNATIONAL 

—GIROZENTRALE— - UMUUd 

ISTITCTO BANCARIO SAN PA OLO DI TORINO JARDINE FLEMING & COMPANY KIDDER, PEABODY INTERNATIONAL 

h ■ Limited Ltmllrd 

KJ0BENHAVNS HANDELSBANK KLEINWORT.BBNSON . • - KREDIETBANKSA. LUXEMBOURGEOISE 

Limited 

KUHN LOEB LEHMAN BROTHERS KUWAIT FOREIGN TRADING CONTRACTING & INVESTMENT CO.(SJLK.) 

fftlrmuttitf 

KUWAIT INTERNATIONAL FINANCE CO. SJIK. U KIFC(T KUWAIT INTERNATIONAL INVESTMENT CO. SAN. 


KUWAIT INVESTMENT COMPANY (SA JL) 
LAZARD FRERES & CO. 


LAZARD BROTHERS & CO, LAZARD FRERES ET CIE 

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B. METZLER SEEL.SOHN & CO. MITSUBISHI BANK (EUROPE) SA. SAMUEL MONTAGU & CO. 

Ltmllrd 

MORGAN GRENFELL £ CO. NEDERLANDSCHE MIDDENSTANDSBANK N.V. NESBITT . THOMSON 

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NEUE BANK THE NIKKO SECURITIES CO, (EUROPE) LTD. NOMURA EUROPE N.V. 

PAINE WEBBER JACKSON & CURTIS SECURITIES 

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SAL. OPPENHEIM JR. & CIE. ORION BANK 

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PETERBROECK, Il-4iV CAMPENHOUT. KEMPEN SJl. 

P KB AN KEN 


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AUietehldb ■ 

N. M. ROTHSCHILD £ SONS SALOMON BROTHERS INTERNATIONAL J. HENRY SCHRODER WAGG £ CO. 

Limited Limited Limited 

SKANDINA VISKA ENSK1LDA BANKEN SMITH BARNEY, HARRIS UPS AM £ CO. 

Imutrpentted 

SOCIETE BANCAIRE BARCLA YS (SUISSE) SA. SOCHSTE GENERALS SOCKET E GENE RALE ALSA CIENNB DE BANQUE 

SOCIETE GEN ER ALE DE BANQUE Su C . SOCIETE PRIVEE DE GESTIQN FINANCIERS SOFIAS S.p.A. 

SPARBANKERNAS BANK STRAUSS, TURN BULL & CO. SUMITOMO FINANCE INTERNATIONAL 

SYENSKA HANDELS BA NKEN TRADE DEVELOPMENT BANK, VERBAND SCUWEIZERISCHER KANTONALBANKEN 

S. G. WARBURG £ CO. LTD. 


V ERE I NS- UND WESTBANK. 

Akticngeeeltmcirall 

WESTDEUTSCHE LANDESBANK 
GIROZENTRALE 

A /n il 5, 1978 


TRADE DEVELOPMENT BANK, 

Lmueten tiraarh 

J.VONTOBEL & CO. 


WARDLEY 

Limited 

YAMAICHI INTERNATIONAL (EUROPE) 

Limited 


The following international convertible issues Jsave fixed rates of 
currency conversion: 


COUNTRY ISSUE/COUPON/MATURITY 

PRANCE Michel Int. Dev. 

Suez et ITInfon Paris 
HONG KONG Asia Navigation Int 
ISRAEL Leu ml Int. Inv. 

JAPAN Asahl Chemical 

Asahi Optical 
Dai Nippon Priming 
Daiei Inc. 

Daiwa House Ind. 

Hitachi Ltd. 

Hitachi Ltd. 

HoVnishin Electric 
Ito-Yokado 

J u SCO 

Kao Soap 
Komatsu Manf. 

Komatsu Ltd. 

Kubota 

MaruJ , • 

Matsushita Elec. . 

Mitsubishi Elec. 

Mitsubishi Elec. 

Mitsubishi Gas Chem 
Mitsubishi Hvyl In.- . 6£ 


EXCHANGE RATE 


6 

2B85 

FJFr. 5.554 

=31 

7 

1983 

F Jr. 5.554 

=$1 

B) 

1989 

SHK5.07 

=S1 

7 

1984 

£1 10-1026 

=$1 

6i 

1990 

Yep 303.0 

=51 

6 

1992 

Yen 282.0 

=81 

6f 

1986 

Yen 360.0 

=31 

6 

1991 

Yen 300.0 

=31 

71 

1991 

Yen 30LD 

=81 

61 

1979 

Yen. 360.0 

= 31 

61 

1984 

Yen 360 0 

= 51 

6} 

1992 

Yen 248.0' 

=51 

6 

1992 

Yen 272.0 

=81 

6 

1992 

Yen 277.4 

=S1 

6 

1992 

Yen 266.0 

=51 

6} 

1984 

Yen 860.0 

=S1 

7i 

1990 

Yen 294.2 

=31 

68' 

1991 

Yen 303.0 

=S1 

61 

1991 

Yen 299.0 

=S1 

0} 

1990 

Yen 303.0 

=81 

7 

2985 

Yen 360^) 

=51 

71 

1981 

Yen 3055 

=SI 

6 

1992 

Yen 272,0 

=81 


is convertible into 1 Rearer Share of S.Fr.500 nominal value of 
Credit Suisse. 

The following convertible issues have conversion rights which 
expire prior to maturity: 


Mitsubishi Corp. 
Mitsubishi Corp. 
Mitsubishi Corp. 

Mitsui & Co. 

Mitsui &/Co. 

Mitsui Beal Estate 
Nltto Elec. Ind. 

. Pioneer Electric 
Ricoh 

Sanyo Electric 
Sanyo' HSectric 
Settsu Paperboard 
Sumitomo Elec. 
.Sumitomo Metal 
Takeda Chemical 
Tolreu DepL Store 
Toshiba 
Toshiba = 

Ennia 

All other issues 
Dev. Bk. of Singapore 6i 
United Overseas Banh 5* 
Rand Selection Corp. 6t 


1891 

“1992. 

1990 

1991 

1990 
1989 

1992 
1992 

1989 

1991 

1991 

1990 

1992 
1992 
1992 
1984 
1992 


Yen 305.55 
Yen 267.0. . 

Yen 294.0 
Yen SOLO 
Yen 298.0 
Yen 299.0 
Yen 287.8 
Yen 264.13 
Yen 2SO.O 
Yen 295.0 
Yen 298^5 
Yen 302.17 
Yen 243.0 
Yen 267.0 
Yen 2875 
Yen 360.0 
Yen 266.0 
1992' Yen 254.0. 

, 1990 Yen 295.8 

NETHERLANDS Ennia 1992 DJL2A585 

DJI. 3.60 

I SINGAPORE Dev. Bk. of Singapore 6} 1991 SS 2.44 

; " ‘ SS2.32 

|S. AFRICA Rand Selection Corp. 6$ 1986 RD 0.7143 

SWEDEN SandvOr 6} 1988 SwKrC7825 

| UK. Babcock Nederland 7 19« |0574 

£0u>r4 
£0.417 

F.Fr.lLS8225=Sl 
£0.582 =S1 

£ =S1 

JE0JS3 =51 

£0.425 =S1 

£0^85 ss a 

Union Bank Of Switzerland (Lux) 5% 1981 differs from other 
convertibles in that the bonds are denominated U5S1350 and each 
bond is convertible into 1 Bearer' share of SKrs^OO nominal value 
of UBS. , 

Credit Suisse (Bahamas) 4}% 1991 differs from other con- 
I verbblea in that the bond Is denominated US$1000- and each bond 


Sind vile 
Babcock Nederland 
Beecham Fin. . , 
Burundi OH 
Burton B.V. 

Com pair (UK.) 

IQ Int. Fin. 

Inch cape (Bermuda) 
.Rank. Organisation 
Slater Walks 


6t 

7 

if 

5? 

if 

69 


1992 

1991 
1988 

1986 
1988 

1993 

1992 
19S8 
1992 

1987 
1997 

1992 

1993 
1987 


=S1 

=*1 

SB 
= $1 
“SI 
=31 
=S1 
=ai 
=*i 
= 31 
=S1 
=$1 
=S1 
=51 
=S1 
=S1 
= S1 
=S1 
=51 
=S1 
=S1 
= 31 
=31 
=S1 
=51 
=31 
=S1 



MATURITY 

61 

30/*9/1990 

6i 

31/3/1986 

tji 

3079/1984 


31/3/1983 

6> l 

1/3/1986 

G 

31/3/1BS4 

6? 

30/9/1990 


NAME OF BOND 


Asahi Chemical 
Dai Nippon Pig. 

Hitachi 

Mitsubishi El.' 

Rand Selection. 

Takeda Chem.. 

Toshiba 

10. DENOMINATION OF NON-DOLLAR BONDS 
Euro-guilders — all denominated 
French Francs— all denominated 
-with the exception of 
Aerospatiale 

European Coal & Steel 7% 1980 
European Coal & Steel 7J% 1991 
Francaise 'de Petroles — BP 
Philips Lamps 1(4% 19S0 


CONVERSION 
RIGHTS 
EXPIRE 
35/9/1990 
30/4/1986 
31/8/1984 
28/2/19S5 
. 31/1/1986 
28/2/1984 
15/9/ 1990 

-FI. 10,000 
Ffr. 5,000 

Ffr. 10.000 
Ffr. 10,000 
Ffr. 10,000 
Ffr. 10.000 
Ffr. 50.000 
Ffr. 10,000 
Fir. 50.000 


Roussel — l 
S0PAD 

STERUNG-DEUTSCHE MARKS 

Enso Gutzert 61% 19S0 £100: £500 

ICI 8% 1986 £500 

Ireland 7% 19S1 £10O: £500 

Ireland 7% 1988 £500 

Met Estates 6} % 1987 £500 

New Zealand 65% 1982 £00: £450 

New Zealand 74% 1978 £100: £500 

Rothmans Inf 6f% 1992 £500 

Sira Kvina'7t% 1983 £100: £500 

Slater Walker 71% 19S7 £500 

Swedish Lamco 1980 £100: £500 

Turin 6}% 1984 £100: £500 

US Rubber 6% 1989 £100: £500 

11 YEEXD CALCULATIONS 

All Yields are calculated on annual rates e^. a 10% bond standing 
aK par, paying. interest once p.a. will have a current and maturity 
yield of 10%. A 10% bond paying semi-annually would' yield 10.25%. 
Market practice demands that the current yield on $ floating rate 
bonds is calculated as coupon/price. '< -- 

12 MARKET MAKER COLUMN • 

.This denotes that more than the maximum number of market 
makers have provided prices (12 for the straight bonds and 9 for 
the convertibles). V. 

13. OTHER NOTES •* 

The amounts shown as remaining outstanding are estimated by 
applying the scheduled sinking fund Instalments. These are further 
adjusted where a mm-cumulativc option to double sinking fund 
payments has been exercised. 

Yields are calculated in accordance with Rule 803 of Statutes. 
By-Laws, Rules and Recommendations of the AJBD using compound 
interest throughout. Negative yields are not shown. 

.The maturity, average life and first call yields are adjusted to a 
360 day annual rate. 

Yields to next call & shown on the basis that the borrower gives 
notice that he wises to call the bond as soon as possible after the 
date of publication of this list . 

Yields on Unit of Account bonds are computed by adjusting the 
investment proceeds for the changes in relative parities of the 
currencies comprising the new and old unit of account formulae. 






2 <r 




*■ Financial Times Hond^ Apra ;X 0 I 97 S 


SB 

SB 


sr 

T UI 

®l 

SORROWS!/ ' ; 

•1 . ' * 

E 

3 

7b\u 

P 

11 

i 

3“ 

3s 

fc)L 

b 

"p{ 

y 

si 

s- 

' COUPON MATURITY . ! 


i 

p 

f 

a 

e| 

u 

i* 

n 



- ’ 


la 



5 

* , 


:!• I 


MARKET 

Makers 


73-00 

*<.!» 

CITY Of GLAM® 

8.25 15/ S/1 960 

99 3/4 

40.90 

j*n 

CITY gr LIVERPOOL 

103 1/4 

9*- 73' 

■ 9-875 31/ 8/1979 

s 

50.90 

i*7] . 

CTST Of SAXCBESCX' 

99 7;8 

50-00 

M.W 

6.25 15/ 5/1981 


21.00 

i*;j 

100.00 

£177 Of BftnZSWA!' 

8- 6=3 15/ 6/1979 

IDO 3/8 

11.00 

l«l 
IN. DO 

CdCDBCIAL DKUUi' 

7.875 15/IS/U7I 

99 3/A 

=n.nn 

1471 

cacoteciAC-mfios 

96 1/i 

:*.b0 

100-00 

8.50 1S/12/19U 


20.DQ 

1970 

COCSTACUB 1ST FP; 

100 7,8 


1.21 


wa 

is 




iu a 
zs 


« 115 930 933 953 
360 

298 930 955 960 


2.1* *.M 


!■!( 


16-10 

1919 


F« EB 
LG 


.*.59 


w in 
iii 


359 115 930 MS 955 
940 965 

214 U5 930 933 960 


1.60 

20.00 

14.59 

50.00 


100.04 9*00 1/ 3/1 

loro couamns tkt fe 


98-00 9.23 1/10A3S5 

1976 eiBTOClTI COteCU. 
99.50 


.71 

8. 16 

7.89 


60 


SPED 

3=6 

105 

930 

941 

950 




100.50 

1978 


15 


955 

HQ 

979 


3.71 

3.73 

*.*s 


60 

.70 

S Fttf 

326 

IQS 

990 

»3 

9*1 

b.03 

1.(0 


102.00 

1979 d; 

P1976 

LX 


950 

959 

960 

975 

3.84 

9.91 

9.13 

8. 03 

60 

“.IS 

PC ED 

916 

10S 

930‘ 

935 

9SD 

2. 34 

8.75 


100. DO 

1979 

1972 

LX • 


960 

975 



7.50 

•-£» 

Hid 

8.74 

hO 

1.50 

PC Gif 

316 

IQS 

930 

935 

M6 

4.61 

8.93 


XQO.00 

1580 

19, 'i 

LX 


950 

960 

975 



18.00 

13.00 

11.00 

13.00 
30-00 
30-00 

23.00 
23.30 

20.00 
20.00 
25.00 
23.23 


1970 BUST BUSS CROPP Off 
100.00 7.75 15/ 4/1985 

1970 TSJ23T EXES ffllOP XU 
100.00 7.75 lif 4/1 9t5.fr 

1977* H31SED SlfiCDItSftm 
99-50 9.00 15/ 5/1989 

1973 BSQED BCKIELUS TBCSV 
98.50 0.73 . 1/1S/I9B5 

197 = shzcbs rarannw 

99.00 8-23 1/ 6/1987 

1972 EHIXWC S CUES 3 IKK 
100.50 8.25 1/ 6/1387 

is Txui*8s-Fsrrnj sons 


104 5/5 7.04 8.90 
2.96 6.00 
K 3/8 7.04 B.7S 
2.9b 9.83 
99 1/8 11.12 9* LI 
10-00 9.13 
92 I/S 10-47 9.97 
•7.29 10.33 

96 1/* 9.17 E.S6 

4-47 9.28 

97 S/a 9. 17 S.ftJ 

5. 78 8,79 


7-41 <n 90 

102.50 IS 78 

8.17 

ic.» 

9-08 9.38 

101.50 

9-50 

102.00 

8.57 

102.00 

•■a . 

iftl.QO 


5.00 
1973 
90 2.00 

1978 1973 

*5 1.20 

lfS4 DP1962 

65 1 .W 

19*9 DP1975 
bn 2.00 
1980 1978 

» 2.75 

M60 1977 


PGTU, 

re eo 
vox 
re ett 
.w 
bp^t 
l* 

WW 

LK 

rear 

Lfi 


346 S50 96a 973 
3*6 930 960-965 973 
33 S*** 


25.00 
23.90 

23.00 

24.00 


so. no 

U .00 


339 910 no 950 955 
960 963 973 


2 0.00 

30. OQ 


2R «0 933 930 960 
975 


361 1CT 930 935 9S0 
955 960 975 


S.7S 15/ 3/1911 


101 

101 3/8 2.96 8.20 


ca ED 
L3 


15.IW 

:.50 


w.no 

50. oo 


JO. 00 
11.711 


SBfCO 

14.40 

25 . 0 #' 

19.90 


1467 Ml 

98.50 6.73 13/11/1982 

1477 mFtUSCEBV 
100.00 9.25 15/ 4/1989 

1*?2 TIVOCS 

100.50 8.29 1/ 7/1987 

14774 JJ5WS 1ST FI* 

100.00 *.73 1/ 8/1992 

le.'i c.0.3. nzBMiroui. 

100. DO 8.50 1/ 3/1936 


15.00 

15.00 


1974 fi.B.S. ECOCATBUIAL 

100.00 9.60 5/ 4/1989 


25.00 

22.00 
23-00 
22.30 
1 ‘.00 
10.20 
30.00 
=fa.-0 


1973 

100.00 

1972 

98.50 

1970 

100.00 


1972 

98.75 


COLD HELPS rEB8S0D*l 
10.25 IS,' 7/1985 

aim HEBOPOUC4B HOTEL 
7. SO 15/12/1987 

nr. urn HEBOMimS BOTH. 
9.23 If 1/1986 

c uno am soul utbucb 

8.00 1/ 7/1987 


= 1.00 
22.00 


- 1.00 

17.40 


28.80 


1972 

100.30 

1970 

100.00 

1970 

98.50 

1970 

98.50 


BUSKOS 

2.33 


79.00 

17.00 

3H.O0 

:,.oo 

38. Oh 
•9.73 


i9»r 
99. 54 


1972 

100.00 


l/l 0/1987 

arasfis 

9.50 15/17/1933 

BILL Slum arocr w 

7.00 31/ 3/1982 

am. SiXOKL Cl OOP SB 

7.00 31/ 3/1982 

BILL SiHtlCL GROUP 

1.50 15/11/1986 
ICI l.TD 

4.50 13/ 3/1982 

iu utr rts 

7.50 1/ S/1992 


I'v.on 
100.00 
:».oo 
SO. 10 


I*;; ici nr tu 
100.00 *.23 1/ 1/1 98/ 


1471 3 LIMB 
200.00 8-75 


1/ 3/15*6 


■ 00 


23.00 
30. Oil 

30.00 
20.90 
=».60 

57.00 
23.50 

15.00 
12-00 

75.00 
:s.w 
75.80 

75.00 

15.00 

10. 5D 

30.00 
2b. (0 

ioo.no 

loq.flo 

34.00 


1*72 
100. DO 

DM 

100.00 

197J 

100.00 

1973 
100-25 

1971 

100.00 

1974 

99.00 

1977* 

100.50 


1970 

98.00 


59.00 

30.00 


1912 
100.50 
1977* 
99.00 
1976 
99.50 
1 473 
99.00 


BXXTWmT lEKoi' 

8.25 15/ 5/1987 
LASCAVlUR* C.lV 

9.90 15/ 9/1 Ml 
LULL 1 HBKEIAl ASSCB 
7.425 1/ 2 /1 988 

MET ESTATES 8 PLOP . 

8.00 (/ 2/1991 

MET ESTATES 8 PROF 
8-75 1/12/1986 

HTitiJ Vn QTL FTH 3B2VICB 
8. 75 t,'12/(**6 

mourn tstl FtN Gance 

8.75 1/ 9/1992 
WQTlta TRUST 

9.25 ' 15/10/1985 
KATBSAL 6 GUYDUT1 UK 

7.75 15/11/1987 
ainraiL coal board 

B. Off If 9/1987 

K1WMIT. GOAL MAUI 

8.625 15/ 771981 
kaxuzXl i-mi- Baum 
8.625 15/10/1588 


50.00 

50.00 

23.00 
22.30 

20.00 
18.80 
*0.00 

40.00 

25.00 

22.50 

* 0.00 

40.00 
AS. 00 

35.50 

45.00 

35.50 

50.00 

14.00 
2ft. DO 

19.50 

12.00 
JO. TO 
7 5.00 


25.00 


1976 

100.00 

1071 

98.00 
1973 
99-00 
19774 

1110.00 
1971 

100.00 

1P77* 

100.00 
1969 
*9.50 
1989 ’ 
99-50 
1977* 
99.50 

ffm 

1971 

98.50- 

1*76 

99.00 

197J- 

loo.Oo 


UATtOKAL VEST-JOTTER BBC 

9.00 1/ 7/1986 
HEMET 

8.50 15/ 6/1966 

im QilBtSAIUSAL 

1.00 1/ 3/15*8 
HU W8MH3 m 

9.00 15/ 8/1992 
EAR OSGAfXUAJUG 

A- 73 1/1 I/I 986 

ueo zLTnsmaruE 

9.00 13/ 5/1987 

UO ta-KKSUC w 

6.75 w 5/1984 

lift TOtil-uJX at 

6.T5 1/ 5/19*4 

SUBCTUM TRUST 

*.75 1/ 8/1 9*9 

SIOOQi aute 

8.00 1/ 2/198* 
SUHK3J E3ZAXCS 

8.75 IS/ 2/1986 
SORB fit SCOTUUD BUXT 

8.25 1/12/1981 

TEESSIM a«IUUTTiffl 

8.00 1/ 4 A 6/9 


U.00 

15-00 


ioKW 


10HS 6 CITT 5EKSLSMJ 
8.00 15/ 1/1988 


98 3/8 

£.63 

7.1b 

6.86 


■ » 

1.50 

KP EO 

=.63 

7.43 


100-75 

1978 

1973 

LSLXSR 

*6 3/8 It. ft) 

9.(9 

9.40 

9.73 

(S 

'(-OQ 

PCM 


*.D 

9-5= 


101.50 

1985 SP1983 

tu 

92 7/8 

9.25 

9.A3 

8.88 


UK 


PC Elf 

5.U 

9.90 


101.00 

1930 UP 1975 

LX 

93 


*.6b 

9*41 

10. =3 

45 

1.00 

ec ru 

li. 16 

4.80 


101. OQ 

1985 

■1932 

LX 

4b 3/8 


9-16 

8-c 


45 

1-70 

re or 

4.8b 

9-47 


102.00 

1981 

197* 

ta 

101 1/A 

((■0/ 

4.31 

9-33 

•-A* 

A5 

.50 

ec at 

fa. 4i 

9-=3 


102.00 

198) 

i?:b 

LX 

10= 3/1 

7. =9 

*.76 

10,01 

9.57 

30 

1.00 

PC ED 

£.6) 

9. 68 


lOft.SS 

1982 UP197S 

ts 

< -88 7/8 

9.71 

9. =8 

8-A4 


-5T 

.30 

bf SB 

t.Q] 10.0) 


101:00 

(980 

1475 

121 

100 

7.76 

*.=) 

9.25 

9.2= 

30C 

1.20 

BP SB 

4.43 

*.=5 


100.00 

19*1 

1974 

LB 

9J 3/8 


9. 08 

8.57 


60 

I. 20 

BP E0 


9.M 


101.00 

'1*80 DPL975 

LX 

91 



8-33 


10 

1-00 

UP ES 

b-90 

9.1« 


101.50 

1480 DP19JS 

EX 

103 1/8 

7-71 

0.91 

H 21 

•-47 

(DC 

1.60 

SP EU 

4.81 

X.M 


101.00 

1900 

1971 

LX 

’ 97 7/8 

4.00 

7.64 

7.15 


30 


UP ED 




100.00 

1978 


ia 

93 1/2 

4-00 

9.01 

7.49 


30 


>P EB 




IN. 00 

1*78 


ia 

97 1,8 


8.98 

0.75 


30 

1-50 

‘ SP ED 

5-01 

*.= 


100.25 

1979 DPI974 

LS 

91 


7.09 

b.o) 


90T 

6,00 

liP Eli 

.'.(6 



ioi.ro 

1979 

1978 


0) I/A 

13.84 

8.17 

7.9) 


45C 

3.25 

PC EO 

6.74 

B.60 


100.73 

1979 

1*78 

LX 

97 3/4 


8. ft? 

*.AA 

9.10 

90C 

10.00 

re Etr 

7.3* 

6.67 


101.50 

1983 

1903 

LX 

91 3/8 

7.4= 

0.99 

9-37 


3(1 

2.60 

SP EO 

4.42 10.7= 


103.00 

1978 

1976 

L3 

93 3/8 



8-84 


60 

I- 00 

Kf EO 

6.1 = 

9.7] 


102.00 

I960 SP14/8 

UI • 

1D1 3/8 

3.46 

1.91 

9.37 



T- 50 

PR EO 

1-98 

8.70 




1973 

LX 

91 7/8 

4.14 

3.89 

0.30 


«K 

1-.0 

SP Elf 


6.57 

9.33 


101.00 

1*81 0P19T6 

LX 

14 

IT.M 

10.2* 

9.5= 


90 

-75 

re eb 


0.30 11.02 


(03.00 

19 SO 

1977 

u 

93 1/4 

8. 67 

*.57 

-9.19 

» 

90. 

1. 40 

PC EO 

5.0= 

9-93 

103.00 

i9;fi 

1974 

Li 

[ 100 5/8 

8.67 

8.63 

8.70 

8.8* 

68C 

lo-oo 

PO EB 

i.87 

0.«0 


100. SO 

148] Uf (9&2 

VI 

98 3/4 14.4= 

6. SO 

S-86 

9.13 

60 

7.50 

PC Elf 


10.82 

a-93 


101.50 

1*35 OE196I 

u; 

IN 2/4 

7.54 

9.09 

9.18 


JOT 

.75 

SP CD 

..47 

9.0= 


102.00 

i«ra 

197= 

tu 

; 93 1/4 

9-63 

U 81 

1.11 


60C 

J.20 

UP EU . 

1.63 

9 . 14 

101.50 

1980 SP1975 

IS 

43 

*.4J 

8.79 

8.42 

4.41 

45 

5.00 

CCEB 


7.6= 

8.92 


(01.50 

1933 DB19T9 

LY 

101 

a. =9 

S.A4 

t. 54 




LCEB : 
LB 


I.N 

8.73 


65C 

=.50 

IS ED 


o. 64 

8.87 

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7.00 

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5.31 

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97 I/O 

8.21 

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8.68 

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60 

7.50 

re ec 


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9.11 


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1961 071977 

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is 1/8 

9.92 

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8.68 


bOC 

.40 

PC LO 

7.06 

9.59 


101.00 

1*81 021976 

LB 

93 3/4 

(4-3* 

4.RJ 

9-60 

10.38 

45 

2.00 

PC SD 

11.08 

9.95 

101-50 

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97 S/8 

8.59 

4.15 

8-96 


60 

1.25 

up eh 

5.03 

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102.00 

1979 DPI 976 

121 

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9. IF JO. 07 

P-60 

10-83 

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8.50 

up nr 

7.81 10. =0 

101.50 

1983 DPI *83 

LX 

9=1/4 

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8. S3 

7.32 


90 

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3.54 

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102.00 

1*78 

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7,34 


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9.53 

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9-64 

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2.50 

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9.79 I0.=S 

101,00 

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Ui 

89 3/4 

9.84 

9.65 

8.91 


MC 

i.ra 

PC ED 

5.99 10.38 

101.00 

1931 DP1978 

LX 

95 1/A 

7.89 

9-58 

9-16 

10.63 

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pe to 

5.17 

9.91 


100.00 

(981 

1977 

LX 

ioa i/a 

3-67 

S. 19 

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CC EU 

■ 







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1.00 

8. DO 

8.00 




TU ED 

ug 

75 1/2 

•-74 11.60 
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rn.oo 

l«*t DP1979 

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218 105 SOS 927 930 
931 935 941 917 
950 «5S 960 975 
328 105 941 960 975 


328 > 


25.00 
11.80 
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14.56 
12.40 

8.73 

40.00 

31.00 


1967- 

99.00 
1971 

98.00 


1971 

97.00 


1972 

99.00 


335 9J0 935 950 955 
960 975 
3J3 «* 


60.00 

31.00 


1972 

99-00 


AAXBOUMKCff 

, 6-25 1/6/1982 

ms ibt car (sse&o 

8.75 1/ A/1986 
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8-75- 1/ 4/1906 

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6.75 1/ 7/1987 

AaSLUW BESS ISP CAP SB 
. b. 75 1/ 7 A 987 


25-00 

16.00 


105 105 
930 
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105 ias 

- 930 

460 
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359 520 
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359 no 
965 


32* 935 
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210 213 411 
935 930 955 
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210 215 971 
935 950 955 
975 

915 995 941 
960 973 
930 950 955 
965 975 
950 955 960 
975 

950 $53 9b0 


25.00 

23.50 

25.00 

10.00 
25.00 
11.77 

is’.oo 

6-50 

25-00 

25-00 

25.00 


315 105 
955 
335 105 
955 
456 950 


930 932 950 
960 975 
930 932 950 
9*0 975 
960 973 


496 960 975 


456 930 950 955 9*0 
975 


350 105 941 950 SaO 
965 975 

359 105 930 935 9)1 
450 955 960 965 
975 
1(3 **• 


5-00 

2.50 

15.00 

*.5P 

15.00 
5.00 

15.04 

‘6.50 

20.00 
20. 00 
15.00 

.1.50 


20.00 

19.00 


1969 
98-39 
1974 

97- 00 

1967 

98- 50 
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99.50 
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90.00 
1972 

99- 25 
1978* 

200.00 

1968 

100.00 

1966 

97.50 

1970 

100.00 

1969 

97.00 
1972 

99.00 
1969 
97.25 
1972 

98.00 


AHEXJCAK BE&.VDS p/s 
8.00 15/11/1981 


&J8BJCA.T-H1IDBS CULP 

9-00 15/ 1/1989 

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*.». 6/1/19*3 

AMnra OIL HUMS 

5. 75 1/1Q/1935 
AHKCD 2KI nS 

7-25 1/ t/1980 

AOBL&SD OIL Tffl 

9.M 15/ 6/1987 

ATCO 0/6 CAP 

.4.25 1/3/JBS5 

AVERT PRCCSKZS OT . ' 

7.75 1/12/1960 
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6.25 1/ 2/19*1 

BEATRICE BOOM C/S 

9.00 15/ 5/1*85 

JEHUS UZF FDJ 

8.00 If J/1919 

BITE BELL XET PtE 

7.75 15/10/L987 

BOAC-UaREER 0/9 CAP. 

8.00 It 9/1979 
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7.75 1/ 4/1987 


97 . 
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100 3/A 

91 3/4 

91 1/A 
100 1/8 

80 7/B 
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96 3/8 
99 

99 3/A 

98 3/6 

98 3/5 

99 1 ft 
1(U 3A 

99 7 A 

92 7/8 
100 5/8 

97 3/4 


4,17 7.10 


15.00 

8-00 


346 105 210 215 *30 
935 950 95S 960 

230 935 950 *55 

960 973 


25-00 
25- DO 


4970 CABOT IDT CAP 
99.00 9-50 15/9/1980 5 

1972 CABRLSI 1ST ' , 

99-00 8. Ob 15/ 6/1987 


20.00 

10-00 


323 115 930 995 955 
9 60 

335 930 935 950 955 
960 975 

346 930 S95 960 975 


25.00 

19-50 


200.00 


346 910 95S SoO 96S 
975 
408 «' 


5b- 00 


517 A** 
36L 910 


3*1 105 
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911 930 935 
955 960 975 


9S9 

359 


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50.00 
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7.00 

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339 :os 
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517 *** 


910 950 9jZ 
9*1 9*1 950 
960 90S 975 


376 no 

960 


915 950 953 
965 973 


335 105 
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930 933 950 
960 975 


335 


326 105 
950 
359 319 
965 
346- 950 


540 930 9J3 
955 960 975 
930 935 960 
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9*0 975 


2b. 00 
10.10 
20.00 
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JU.00 
5.00 

15.00 
13.50 

20.00 

b.CS 

20. go 
19.10 


1967 

98- 00 
2968 
99.-50 
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97.00 
1977* 

100.00 
1977* 
99.75 
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100.00 
1966 
100.00 
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99- =5 
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99.50 

1968 

98- 00 

1970 
93-00 

1971 

100.00 

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99- 75 
1 471 

104.00 
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100.00 

1972 

99.00 
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98.25 
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99.50 


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6. 75 1/ 7/1982 

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7- iW 1/ -3/1980 

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7.00 15/ 2/198* 

cricusp a/s in 

o.75 15/1 0/1980 

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7.00 1 5/1 0/1 Ml 
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8.75 1/ 5/1984 
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>•50 1/ 3/19SI 

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8.00 15/ 2/1986 
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7.50 15/ 1/1991 
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7* UO 1/ 2/1980 
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9.50 1» 7/1935 
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8- 25 IS/ 2/1986 
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9- 00 IJ 2/1982 
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6.50 1 5/ 5/1986 

rma -aum e.t fw 

7*50 1/ 9/1960 

nrn»jl«n ET PLT 

8.00 15/ 6/1987 
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5.75 1/ 9A980 
USA LCT 

9.00 1/ 3/1937 


■120.00 1576 BOH CBKnCAL O/J CAP 

lOu-bO 8.00 15/12/1936 


346 9JO 950 9*0 965 
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3*5 *« 


30* 520 
973 
306 520 
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412 *** 


630 955 960 
930 955 960 


20.00 

18.00 

50.00 

35.00 

30.00 

38.50 

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14.50 
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9°. 00 8.50 19/ 6/1986 

1971 EG BO 0/8 «IB 
97. UO 2.00 15/ 3/1986 

1971 LEEO O/H rtB 
100.00 8.00 15/11/1936 

1970 Z1VOV/S tw 
100.00 9.00 15/ 9/1935 

1973 FUST CHICAGO O/S PIK 


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100.00 7.00 15/ 1/1060 


323 MO 
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9*0 

055 96ft J7J 


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100.00 7.625 15/I1/1M. 


2.31 

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8.00 

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4-64 

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9.2S 

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8.90 

9.25 

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4.90 

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7.94 

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7-52 13-15 

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7.50 

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7.01 

7.03 

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9.21 

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2.09 

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8.41 

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6. 52 

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fa. !>1 

=.25 

lb 

J-'i 


1.J7 

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loo. so 8.25 It tnni 

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98 3/6 
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144 3/8 
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2.59 

1.59 
7.92 
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5.21 

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8.36 

8.38 

8-61 

8-73 

7.08 

8.01 

7.68 

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7.93 

7.94 
8.00 
7.82 
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8.30 '8.84 
100.39 

1. 44 

100.25 

5.13 

ias. go 

7.21 

101.00 

7.98 

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8.38 5.69 

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940 965 975 


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5.00 1/ 4/1986 
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8.50 15/ 1/1*51 1! 

ASIA* SZTOAClErSC BARK 
.8-625 1/ 8/198* S 

COOCIL OF coxore 

5.75 31/ 3/1979 S 

COttC XL OF EUBWE 

5.75 5/ 5/1480 

CODHIIL OB D30PC 
6.79 30/ 6/1979 

comm, or ejuxofl 
4.25. 15/ ail 93) 


1977* 

100-00 


50.00 

-50.00 


20.00 

18.00 

36.00 
24-00 

40.00 

,0-00 

25.00 
23.75 

50.00 


1477 

99.50 

1973 

99.50 
1976 
99-23 
1*78* 

100-00 

1974 

98.50 

1975 

100.00 


tOSOPUA 

6-50 

BEOS’ El A. 

7.50 

EOUVOA 

7.50 

LGBOFEU 

7.50 

EtKOPMA 

8.50 


E0B0PCI4 

3.50 


nXOFEIA 

8-50 

BIHOPOIA 

4.UO 


■1/ 4/19K 
15/ 4/1 943 
li/ 1/1904 
IS/ 2/1986 
15/ 2/1 VAJ 
15/ .1/1 9i* 
.15/ A/1989 
15/ 3/1952 


M 7/9 g*?2 ,»• 

8..* 9-' 


100. 00 1978 DP197U BY 


96-00 8. DO 1/12/X9U 

1971 TSAS50CZA3 HJVP OIL 
9J.M 8.00 1/ 3A9M 


100 1/2 


8.76 
6-91 
6.67 
4.34 
7.92 
ft. 50 


7.75 

7-62 

7.94 

7.92 

7,91 

7-87 


8-.M 

10B-23 


30 2.10 TOCO 

X980 OP1976 U 

7.M .7.94 90 2-60 POSH 

100.29 1*79 DPIP71 tnr 
7.96 7,66 30 3-00 H CO 

~^M.25 1979 DP19J6 LZ 

re CO 

U 

PG QI 
LX 

re co 

LX 

PO BO 

IX 

MED 
LX 


870 935 ML 960 
975 
456 *** 


456 10 
HI 

4561AM 


103 520 935 
975 


=0.00 

. 1970 

ixuisacEAS cnir an. 

im 5/8 

7.54 

B.J2 

8.89 

7)44 

30 

.(-» 

14.50 

iao.no 

9.00 15/10/1985 


4.65 

8. 02 

I BO. 25 

1980 D8197A 

=0.00 

ISIS 

TBI O/S UP 

«8 l/« 

5)99 

7-«3 

7.38 


SO 

2-00 

12.75 

99.00 

7.25 1/11/1983 


3. ft 

7-S8 


101-00 

1478 BP 196* 

=0.00 

1971 

THU O/C FIB 

IN 7ft 

8.5) 

B.b* 

8.67 

a.«9 

30 

1-00 

17-00 

B9.00 

8-75 15/10/1986 


5.(5 

6-93 


ioi - aa 

1979 D71973 

=0.00 

1987 

D.S.BmBEB ESnOIAL 

91 3/8 

A. oo 

6.83 

6.45 


30 

.*5 

a- ao 

99. SO 

6.25 1/ (/1»82 S 


2.01 

7.26 


101.125 1978 

197= 

20.00 

1971 

maos oil tls 

99 1/1 

-8* 

8*09 

7.06 


30 



100,00 

■ 7.00 1/ S/1979 





IN- DO, 

1978 


SO.N 

197= 

SEZU DEL FIB 

98 3/4 

8.84 

7-6* 

7.59 

8.37 

30 

2-00 

27.00 

15.00 

100. 00 
1970 

7.SO If 2/1987 


5.5) 

7.79 


IN. 25. 

1980 D?1977 

BZBSD SSBCWnS 0/3 
9.W 1? 3098= 

. 81 3/4 

3.W 

15.55 

Jl.SU 


30 

. l-JJ 

7.02 

93.00 


2-78 17.91 


100. » 

1980BP1573 

20.00 

lift 

wax rp xa 

99 1/2 

.96 

8-03 

7.54 


30 



IN. 50 

7.50 15/ 3/1979 





100.00 

U79 


=0.00 

1972 

ms BP TO 

3.00 IS/ 3/1987 

H 7ft 

8.96 

8-18 

1.09 


90 

•)0 

1*.=0 

100.50 


0.16 

8.24 


1Q1.N 

1*73 01(977 

=0.00 

i*es 

W.k. SUEZ a/s 

98 3ft 

2.63 

6.53 

5.03 

■ 

3D 

1*25 

7.S0 

97.75 

. ' S.« 15/11/1980 S 


1.37 

7,14 


101.00 

1978 

ZM9 

50-00 

■ 1977* BALTS Kras 0*SE*s FHI 

9? 7ft 

7 US 

8-50 

S.%8 

9.31 

30 



100.00 

8, SO 1/ 7/1985 




101.00 

1*82 


30.00 

1988 

ZAPATA O/S D7 

95 

2.2J 

9-28 

7.11 


33 

«-W 

50.00 

IN. DO 

6.75 1/ 7/(980 


1,65 (0.20 


102. <5 

1978 

. 1978 

30.00 

1*68 

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95 

=-=5 

!>■» 

7.11 


■ JO 

a. on 

so.oo 

109*00 

6.73 1/ 7/1980 


1.65 10-20 


102.75 

(978 

1978 



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3-7.00 

19/2 

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» 

i:.7j 

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8,99 


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1.00 

=8.00 

103.00 

3-00 31/13/(990 


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9-S8 


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1VJ« : 

dpi*;) 

20.00 

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06 

4.17 

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6,77 


30 

:.=s 

11-25 

100.00 

6.50 1/ 6A982 


=. 17 

5-53 


191.50 

1978 

197< 

=3.B0 

23.75 

197S 
98- W 


95 3/< 

9.00 

5,99 

8*96 

ia 

'8.62 

(00.50 

30 

1*80 

.75 

1975 

30.00 

1971 

rJrCmT*vn ATJBTTWL rra 

8.50 it 3/1980 

9* 7ft 

7*92 

9-07 

8.77 


. 30 

1.20 

27.60 

9i& 


5.07 

9.30 


ioi. oO 

(979 

1975 

20.0 0 

1970 

nffSSUD ALQASA 7ft 

US 

4.00 

9. DO 

9.00 

8.00 

33 

l.N 

13.00 

100,00 

9-00 U 4/1983 

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2,77 

9, BE 


(DQ.au 

1*50 

1971 

3ft. <M. 

>■‘2 

eflKMfa.tfTAH Atlr.wiw 

7.Z1 

8.74 

8.32 


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4i-M' 

98-90 

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100.33 

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50.00 

1*67 

mu. ist m 

98 3ft 

1.63 

7.56 

6.61 


90 

1 . no 

1C.M 

98,50 

6-50 U/ll/1979 


1,16 

8.02 


100.00 

1978 Df 1 973 

7j.ro 

197= 

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96 7ft 

9.19 

8.00 

7-7( 


03 

3-bU 

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. ’ 7-50 It/ 1/1887 


6-61 

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(00.50 

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. 1917 

SiCLL PU 7 

M 1ft 

S-96 

8,U 

liU 





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7-75 15/ S/1987 



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13*3 



456 103 070 Ml 975 


PC CD 
LX 

ns zft 

LX 


(35 105 
960 

465 

327 103 
960 
399 105 
MS 
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999 M. 


550 935 Ml 
975 

935 Ml 9bB 


3 S.00 
2.80 

25.00 
8.50 

30.00 

14.00 

25.00 
5-20 

15.00 
4.D0 

20.00 

11.90 

29- 00 
14.80 
20. DO 
13.25 

30- 00 

29.00 

50.00 


1996 

97.00 


1962 

99-00 

1964 

99.00 
I960 

97.00 
1966 
99.50 


1966 

98-50 


30.00 


ns 995 mi 
975 

305 520 735 
870 920 93S 
950 960 975 


1H7 

93.50 
1967 
W.50 
1979 

99.50 
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1*77* 
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50.00 

49.00 

30.00 


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LX 


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rest 

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vs 

PC BY 
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pen 

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M7 S09 305 520 835 
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07 **» 


25.00 
25-00 

73.00 


1976 

99.50 

1*76 

99.50 

1977* 

100-00 

1*76 

W-56 


URCPEAJI COLL 6 SX&u 

5- 00 1/ 7/1973 

EOkOTEia C04L 6 5TET1. 

5.25 15/4/1982 
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3.75 15/11/1984 
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5.375 1S/10/19AO 
EDROTEAS COAL 6 SITU. 

6.50 15/ 6/1966 
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6- 50 l/ll/IM 

EOBOTClS COiL C 4TCCL 

6.50 1/ 3/1VL7 
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6.6=3 1/10/1*37 

Emmas can. * stzil 

7.00 15/ 1/1*64 

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7.25 13/ 2/1932 

sxxoKxa coal a snsL 

7.625 IS/ 5/1994 
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7.75 1/ 2/1400 
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7,875- 15/10/4951 


man/ci coil 1 stp-ll 
a- 00 i/12/i stj 


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8.00 1/ 9/l*«o 

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8.1=5 15/11/1 9)5. 


7. *9 

7.M 

8.03 

■0 

3.IU 

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(56 A** 

7.9) 


100.53 

1979 DP1975 

LSI 


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8.98 

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PG EO 

(fab *** 



101. M 

1966 Pf 1*79 

U 


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5.74 


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10 IN =10 HI 

6.88 


101. 00 

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*:5 

6.95 

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TA FJJ 

3(6 105 310 520 HI 

7.45 


101.75 

J978 

1969 

LSLIUM 

975 

7.12 

6.H 


90C 

2.7= 

TA EO 

346 IN 310 520 HI 

7-J6 


101-50 

1979 

19FJ 

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975 

7.14 

6.86 


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2.21 

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3*6 105 310 520 9(1 

7.49 


102. OD 

1979 

1973 

AiURLX 

975 

7.1* 

«-« 


9 DC 

1.17 

1.1 EU 

346 1D3 310 52D HI 

7.52 


101. ft 

1*78 

1969 

UlbXAll 

. 975 

9.14 

8.57 


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1-90 

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3)6 105 Ufa 110 A0l 

9.o8 

1 

102.00 

1378 

1976 

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409 (24 5)0 975 

8.18 

S.oO 




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Al( 33 60 *□ N5 






6T 

927 9JI 975 

8.25 

S.J9 




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4*1 33 W 90 80S 






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927 931 975 

8.67 

8.7A 




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411 33 «0 90 NS 






RT 

927 931 975 

6.8) 

5.88 



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CL E0 

35 IDS no 





1970 

SI LX 


7.5) 

5. 95 



.75 

CL EB 

35 IN (10 

9.11 




1971 

USER 


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b-7« 



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35 IN no 





1972 

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9.15 

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fa* 

2- S> 

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=24 105 110 115 5=0 

«. 81 


102-00 

I960 

1973 

LS 


7.17 

6.65 



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4 £5 IN 5=0 (05 975 

7.7* 




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8.5) 

7.82 

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in 


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440 927 



101- 00 

1981 


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30 

=5.00 

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101.00 

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1.00 

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485 IN 520 979 

8.42 


UI-lW 

1961 

1977 

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30 

1. 00 

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463 105 305 5=0 910 

8.12 


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1930 

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i.ro 

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485 •“ 

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101.00 

198S 

1931 

LX 


8.34 

8.71 

9-72 

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1-25 

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(85 IN 115 STB *5S 

9-00 


io2.no 

1982 

1978 

LX 

975 

8. *5 

8-91 

a. ;4 

JO 


NP KT 

485 =0 33 60 *0 



iro.ro 

mi 



Hub S=T 931 *75 

10.93 

5.13 


50 

2. SO 

BP UT 

J27 IDS <25 520 94( 



100-00 

1*78 DP 1964 

HTBELX 

*15 

6.95 

5.65 


W 

l.faS 

KP CT 

327 10 (05 405 425 

8-J2 


100.25 

1979 DF1966 

rnRLX 

S=0 HI 9T9 

6-33 

5.57 


i5C 

=.00 

kp ci r 

359 ta [05 *05 <25 

7.09 


100.50 

1*78 D81970 

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HI *7fa 

6.90 

5.63 


Id 

l.N 

bp r.T 

3 Z3 10 IN 405 <25 

7-73 


100.125 1*78 OP 1966 

KT9RLX 

320 Hi 975 

7. TO 

6.83 


28C 

1.(10 

KP SO 

186 IU 5 405 409 (IS 

7-90 


100.50 

1*73 

1972 

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425 941 975 

7.09 

6.75 


4jC 

1.35 

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198 IN 405 40* 415 

7.19 


101.00 

1971 

1972 

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425 *41 975 

7.72 

6.86 


4JC 

1.70 

ft LB 

186 !d5 *03 407 *35 

7.86 


101. N 

1*79 

1973 

OT.LUX 

425 94( 975 

7. ID 

6. as 


-VI 

MS 

SP to 

359 IN 405 409 415 

7.13 


101.00 

1978 

1973 

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<29 *41 973 

a. i) 

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1-00 

tip LD 

359 IN 405 <29 9*5 

9-07 


102.50 

1941 0P1978 

LX 


8.(4 

6 




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35* am 






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0.51 

7.95 




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=19 IN 115 =30 






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5.80 

a.72 

<0 

=ff: 

4.00 

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2 So 405 *69 415 (=5 

4.70 


101.50 

1973 DP1977 

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510 

7.9J 

7.69 




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8.56 

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=15 105 230 






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bn 

3.00 

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8-bJ 


101.15 

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1978 

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1963 


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. TO 8U5 92? 93A. 


50-00 


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100.00 9.00 15/ 1/1*63 


*.* 

100.90 


1481 


SP CD 339 35 105 AOS 409 


2S.WI 

2>*00 

Su.00 

50.00 

1».W 

100.00 


1978* EIBDPKA3 COIL < STEEL 
100.00 9-00 1/ 4/1993 

19774- EBKOTEAX COAL 4 STEEL 
100* 00 9*00- 15/ 6/19*5 

l* 7 * CTSOPEAB COIL A 6TUL 
99.00 9.00 1/3/1999 


9* 5/8 1 5.00 9.17 9.13 9.61 WC 

11.43 *•« 102-25 .198* 


93 


.85 SPED 
1979 LX 

98 7/B 17.21 9.12 9.10 9.A7 aOC 1.73 BP ZO 

10.02 9,17 102.50 1985 1978 LX 

16.08 9.32 9.3d 9.S1 30 6.67 SP ET All 

11.09 9.35 102.35 1908 9P1962 ET 


415 425 310 940 
*47 965 973 


93 


W 


75.00 
75- M 


1*77 ECEOPEAS COAL 6 STEEL 
100.00 9.135 1/ 4/1997 


99 S/8 1M00 9.38 9*37 9.5*. 3D _ 5.00 UP KT 
12.80 9.39 102,08 19* 0P1S83 W 


3 0.00 


60-00 

51-00 

2S.0O 

23-00 

500-00 


200. 00 


100.00 


7475 tXEunSAir COIL A 5TZXL 
100.00 9- 25 1/11/1900 

1976 KOBOIU* COIL A STEEL 
100.00 *.tS 15/ 1/1986 

/Bra* eatopour cau. a steel 
9*.S0 9.25 1/ 4/1998 

1476 EtSOIUH CtfsaatTY 
99.50 7.50 1/12/1979 

1*77* OUOKMS cotcaoirt 
99.00 7.» 1/ 6/1902 

1*77* ESE0FCAS COWURTT 
100.00 7-b25 1/ 7/1982 


100 3ft 2.30 *.87 9.13 


20 91 35 60 
90 805 927 Ml 
940 475 

441 20 31 33 bO 
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4)0 975 
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LX 


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6.52- 8.88 101.25 19*1 1977 LX 


359 


20.00 

11.92 


9.49 9.4* 10.16 WC 
1.54 103.50 1984 


J0 Miff 
2979 LX 


197b BUEOPEAS CUCiBiTTY 

IOU.00 7.75 I/10/195I S 


98 7/8 3.50 8.29 7.99 


300.00 

300-00 


25. « 
1 1.0*7 
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10. *6 

25.00 
15-00 

23.00 
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15.00 
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20-00 

la.«7 

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75.00 
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9*. 00 7-75 1/ 6/I99A 

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99.00 8.25 1/ I/49B2 

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94.50 5»5W 15/11/19M 

1965 EDBOrClN ZBVKRSlur BABC. 96 2/4 
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1 4b 7 ETOJPUG mVESTJaXT MIX 
9B.Q0 H50 If 2/19*2 

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48.00 6.50 15/ 9/1 M2 - 

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9*. SO 6.50 1/ 8/198* 

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7.12 


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2.J4 6.99 


2.46 6.93 
8.34 6- 65 
*-» 6*16 
9.17 6.61 
6.o7 6.89 


9b. 00 
1972 1 

94.50 


6.75 


1/ 3/1980 
TwcTjuxr u 
1S/12/198I 


1. 42 7.45 


7.9ft 8.72 


50.00 

45.00 

75.00 

65.00 


88 -5ft 
197] 1 
96-50 


7-25 1 3/10/7087 


7.15 15/ 2/1988 


7.89 8.M 


7.70 



SP £0 

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143 •*« 




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7-99 



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143 *M 




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5-77 


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327 ID IDS (B5 423 

IN. 625 1978 8 PI 970 

57 

Ml 975 

6. =3 


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SPOT 

327 IN 405 415 425 

180. 75 

1978 08(971 

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5=0. *41 975 

6.57 

JOB 

3.75 

VP EB 

186 105 <05 415 423 

100.50 

3979 BP1973 

mug. 

5=0 975 

6.57 

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3.15 

sp a 

186 IN 4 Ufa (15 423 

(01.00 

1978 BM973 

trees. 

520 975 

6.57 

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196 105 (OS 415 i» 

101.00 

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101.00 

1978 DPI 573 

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520 9a 975 

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186 IN AN 415 (25 

IDO. 60 

1979 DP1971 

mux 

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7.79 

601 

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230 IN 60S *09 415 

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1982 08(973 

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420 AZ5 5(0 965 





186 IN (05 409 41? 

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l-TTCT 


8.00 

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286 IN *05 (09 *15 


102.00 1943BP1974 ULOSB 


25.00' 

22.00 

50.00 

45.00 

23.00 


1964 DB07RA8 XSVESR1EKT ITtC BE 3/A 6.59 7.8* 7.74 


98.50 


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1472 ZOU7TOU, ISVE5XKESI BASE 97 1/8 11.88 7.88 7*72 


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1971 emOPBAU IBVKrciZXr BAX 99 3/A 
100.00 7.7 3 (5/ 5/(978. - 


7.52 0-02 


50.00 


75.00 


99-79 


15/11/1981 
SMSWESr BA 
2/(0/1484 


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60.00 

75.00 

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186 IK 60S (IS 425 

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1974 ESQU 8-5: UO 3t 

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1970 GHBAL OILS 7. 9:1.0 100 1/8 

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3.92 

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TO 

=38 KM Ml 60S 60* 
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97 7/8 

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237 600 601 b04 105 

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TO 

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IN 3/4 

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•99.50 7.50 1 3/ 9/1978 . 



1973 

TO 

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185 3/B 

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99.75 8.® 1/ 3/1983 , 




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1975 COW. OF SEV ZEALAND 

104 3/4 

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238 6M UI 602 MM 

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blO 611 910 
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1976 

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238 600 601 602 404 

100-00 6.50 It 5/1979 


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7.48 

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60S M7 MB 609 

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99 1/6 

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610 611 *10 
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100-00 6.25 15/ 8/1979 


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1976 

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-US 606 607 608 
609 61D 611 91 D 


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100-00 6"» 15ftW19J9. 

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7.93 

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MS Mb 607 608 
609 610 811 410 


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7.17 

8.90 


1G EP 

=37 600 AOI 40= (04 

99-75 g.33 lt 5/19® 

99 3/A 



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US 606 607 MB 
609 410 611 910 



1972 C-L-B- 

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=37 600 MU 60= 404 

99.25 6.® 15/ 8/1979 


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99.50 6-75 1/10/19 »= . 

99 7/B 

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237 *** 

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103 1/4 

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237 UO 601 M2 604 

99.N 7.73 It 4/J982 




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609 610 611 910 
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103 1/8 

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609 410 611 910 
247 6® 601 603 MU- 

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103 5/B 



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609,810 Ml 910 


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237 600 MI M? 604 

99.50 9-75 1/ 7/1979 




TO 

605 606 607 608 
804 blD 611 910 



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TO 

238 6® Ml 602 604 
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1972 PHILIPS 11HP5 
49.50 .6.® 1/ 9/1979 


1976 PHILIPS UHPB 
10U.ro 7.75 15/ 5/1981 


197S PHIUP9 UHPS 

iro.ro 8.25 i/iwi m 


1976 PHILIPS UO) > 

100.00 9-30 If 1/1900 


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99.30 10.79 13/10/1979 


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22 




Financial Times Monday -April 10. 197S 


o. 

-3 


se 

52 


C 0 - 

It 


BORROWER/ . 

. COUPON TtfATURjTY' 


a 

*a 


15 


p 

is 

p* 



ri»a wits of Acctmp taan uwun 



MARKET 

MAKERS 


30.00 


1974 HABWABX 

99.X 10.75 15/11/19-9 


60.00 


2973 BABB XU0X HiilDLMS 
99.25 9-25 15/ 3/1 »31 


30.00 

13.00 


1972 HGlflSAL OEV FirU) 
SJ.50 6.(5 1/ 9/(919 


73.00 


1971* REPUBLIC OF AVSlfclA 
99.75 7.15 15/U/iM4 


70.00 1975 REPUBLIC 07 A13TTIA 

IDO. DO 8.25 15/ 7/(962 


75-00 


1975 REPUBLIC DF AUSTRIA. 
100.00 9-25 1/ 3/1982 


30.00 


1974 REPUBLIC OF tf£UJS 
99.00 (0.25 15/12/1979 


45.00 

11.25 


1971 REPUBLIC OF SOLTB AFRICA 

99.25 7.50 15/ 9/1973 


1976 S.B.c.r. 

100-00 7.75 15/ 6/19B1 


(975 S.B.C.F. 

100.00 9-UO 15/ */H81 


60.00 

45.00 


1973 SULELPUAJUT la IE 
100.00 D. 75 15/ 7/1980 


30.00 


1977 SCHEEPVAABT DK1E 
100.00 8.25 1/ 4/(982 


60.00 

40-00 


1975 SCHEBfPAAnr CM2 
100.00 3.75 1/ 6/1981 


1975 SB* 

99- 50 9.50 


1/ 3/1 9 80 


<0.00 

30.00 


1972 SLATES WALKER 
100.00 6.25 .15/ 7/1979 


50.00 

25.00 


1973 soon EUMPEA5 CIPELttE 
99- M 7.25 15/ 2/1980 


80.00 

30.00 


1972 SPBSBT BAUD 
100.00 8.X 1/ 4/1979 


50.00 

25.00 


1972 STAHUSO BiSKIH 
100.00 6.60 1/11/1979 


1976 »misu EZNBZ CREDIT 
99.75 8.25 1/ 4/1983 


30.00 1975 SUED n a KVESTHEST BASE 

100.00 9.25 1/ 4/1982 


<0.00 

30.00 

30.00 

15.00 


1972 TELHJWE 
99-75 6. 25 1/ 8/1979 

1972 TEXUDH ITUrriC 
100.00 6.75 1 5/11/1979 


< 0.00 


1975 TBTSSna XSVE5THEST 
99. 50 8.50 15/ 5/1982 


1974 OS HEW* 

99. M 10.50 15/ 3/1 579 


30-00 

15.00 


1977* JWrfED MEZZ I? AN STATES 
99.50 8-25 1 5/ 7/1982 

1972 VAN OHHEREi 
100-00 6.25 1/10/1979 


30.00 

100.00 


1974 VAN {MUBIN 

99. X 10.75 1/9/1979 


1976 BOILIII BASK 
100.00 8.0(1 1/ 2/1983 


BBC CONNS rTC UMTS 


60.00 

30.00 

20.00 


1974 BlBOPtAN IKVESTHECT BABE 
100.00 8.00 IB/ 1/1969 


1973 EOROPEAN IKW3TMEKT BALK 
99-50 8.375 3 7/ 9/1988 

1973 NET ESTATES 6 PROP 
98.00 8.75 1 5/11/1983 

mo CDMESCT OMITS 


60.00 
49-00 
10.00 
5 .00 
10.00 
7.50 
30.00 


1971 EKL 

99-50 7.25 1/ 5/1986 

1971 tUBCr CHA 
100.00 7.75 15/ 1/1981 

1971 INTERTRIGO 
99-50 7.50 12/ 3/1986 


1975 ISCOC 
98.50 9-25 


30.00 
19.50 

25.00 

22.00 


1/12/1980 
1972 REPUBLIC Iff BRAID. 

99- 50 8.00 1/ 3/198* 


1971 REPUBLIC OF SOUTH AFRICA 
100.00 8.00 1/ 4/1900 

EAO nun OF ACCUU3T 


12.00 

12.00 

13.00 


10.00 

1-00 


15.00 
U-00 

20.00 
13-08 
75.00 

1.50 

IdOflt 

2.00 


5.00 

1.65 


1975 R.P.B.L. 

100-00 9- 50 21/ 2/1 985 

1974 AOUCULTMAL CREDIT COBP 

98.50 10.00 20/ 9/1979 

1963 BANCO OB TOBHTO SAC. 

97.50 3.50 L8/U/197B 

1973 BASS CHAWancra* 

98.50 7.00 1/ 3/1991 

1974 BUU-Atrro-esntAOAS 

98.00 8.75 6/ 2/1989 

1966 C.r.E. - urn CO 

91.50 6.x 1/ 4/1988 S 

im C.r.E- - HEZZCO 

98.09 7.25 J1/10/197B 8 

1969 C.P.E. - KEJ3CO 
98.00 8.50 8/10/1979 S 

1968 c.r.e. froarmacj 

98.00 7.00 17/ 6/19B0 


10$ 3/6 

1.61 

6.63 10.17 

106 7/8 

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6. EL- 

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6.39 

6-26 

101 1/S 

fa. 63 

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6.M 

1.17 

107 

3.92 

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8-64 

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5.81 

99 l/i 

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8.49 

7.54 

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3.04 

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99 5/8 

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6.78 

102 3/4 

4.00 

7.43 

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3.17 

7- 43 

8.43 

104 1/8 

1.9= 

7.11 

9-12 

93 1/E 

i.:» 

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7- T9 
£.64 

6-37 

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1.83 

1.38 

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1.00 

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fi- =3 
6.07 

6.48 

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3.00 

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fr.ro 

7.64 

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6.73 

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4.0* 

7.20 

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103 7/8 

=.79 
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6. LB 
5.02 

7.46 

103 

7-95 

5.08 

fa- 99 
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2.67 

7.56 

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103 3/1 

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7.37 

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£.00. 

4.46 

8.11 

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£.05 

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6.90 

4.15 

1. 4b 
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9-03 

103 3/8 

1.47 

7.43 

9.67. 

137 1/2 

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53,55 

7.01 

98 7/8 12.92 
9.32 

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7.17 

7.08 

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10.85 
6. 19 

8.0* 

7.73 

8.33 

130 1/6 

8.00 

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11.8= 

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1*26 

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34.35 

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uq 


7-50 

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IQ 


KP ED 
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NP ED 

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SPED 

uq 


11.55 

1975 


SP EO 

UQ 


cc eh 
«q 


cent 

Lfl 


15.00 

1977 


5P ED 
OQ ■ 


HP ED 

uq 


H? ED 

uq 


TiP ED 
UQ 


15.00 

197b 


PC ED 
DQ 


12-50 

L977 


OQ 


15.00 

1976 


PC ED 
UQ 


12. 50 
1976 


T.P ED 
DQ 


KP ED 
cq 


uq 


15-03 

1976 

7.5D 

1976 


PC ED 
OQ 

PC ED 
OQ 


Ji} 600 
fa-Ji 

oLO 

237 HQ 
601 
blQ 

2*5 MN 
Mi 
faLQ 

238 SCO 
MS 
old 

238 600 
60S 
6(0 

237 600 

- <D5 

blO 
S37 £00 
MS 
61 D 
=38 600 
Mi 
8(0 
2U 600 
605 
b(0 
2*5 MO 
605 
610 
=37 600- 

W5 
<10 
233 600 
EOS 
610 
M 60D 
£05 
BLO 

238 faOQ 
60S 
6J0 

=54 600 
60S 
bLO 

237 6Q0 
60S 
610 

Z3S 600 
80S 
6(0 
=38 EDO 
605 
61 D 
=37 600 
605 
btO 

238 blO 
MS 
610 

=37 Ml 


631 602 Ml 
607 6 08 609 
bll 510 
Ml US 604 
o07 608 b09 
61 1 910 
601 MS 604 
607 60S 609 
611 7L5 910 
601 602 604 
007 606 009 
611 910 
Ml 60S 604 
607 60S 609 
611 9/0 
bOl- 602 604 
GOT 60S 609 
611 910 
Ml 602 60A 
60 7 60S 609 
611 910 
Ml e02 604 
607 60S 609 
till 910 
601 602 604 
607 608 609 
6L1 910 
Ml 602 604 
607 608 609 
611 910 
601 Ml 604 
607 M& <09 
61 I 910 

Ml 602 b04 

607 60S 609 
611 910 
6Q1 603 604 
607 608 609 
OIL 910 
Ml 602 604 
607 MS 6D9 
611 910 
601 602 b04 
M7 60S 609 
bll 910 
Ml 602 606 
607 606 609 
611 910 
601 602 604 . 
607 608 M9 
bll 910 
601 602 604. 
607 MB 609 
611 910 
Ml 6Q2 644 
607 608 609 
611.910 
601 60S 604 
607 608 609 
611 910 


16. OD 
1.60 


i9« jpvser" w,/t 


97.23 


10.00 

5-38 

20.00 


1970 CESTEEST(S-0-R.-fJAaCE3 lit 5/* 
99.25 8.75 10/11/1983 


1*76 CUT OP COPDBAtZK 
99-00 8.75 15/ 6/1986 


25.00 

23.00 

15.00 


1973 CITE OP COPEJEABEB 
99.50 9.25 25/ 9/1985 


18.00 


in. 00 
6.10 
12.00 
10-8(7 

15.00 
15-00 
=5.00 
S3. SO 

17.00 
15-64 

13.00 
12-20 
12.50 

9.12 


ID. 00 
3-90 


15.00 

9.25 


1974 Cln or C0FESKUXD 

99.25 10.00 14/11/1379 

1975 CUT OP HELSINKI . 

IDO.OO 10.00 31/ 1/1983 

1*71 CHT OP SABCT 
98.00 8- DO 15/ 9/1986 

1974 CTTT OP OSLO 
58-» 8.875 1/ 4/1932 

1974 cm OP OSLO 

100.00 10. BO 5/12/1981 

1975 CUT OF OSLO 

99-50 *.25 1J/10/1S85 

1974 CaraOUTE 
99-50 9.00 12/ 3/1989 

1971 COBMSUHUXB - AUSTRALIA 133 

99-75 8.00 1/ 8/1986 

1971 CBEUKAUTO UMAEflS 
96.75 8-00 15/ 7/1986 

1968 CflPEXHAGQR COTXfTT ATTH 

98*25 6.875 24/ 5/I3BO 

1969 C0PEKHAG5K COOKTT 8018 

98-30 7-00 9/ 5/1984 


107 I/O 

108 7/8 

103 1/2 
110 1/8 
1331/8 

104 7/8 
106 1/4 
106 1/2 
1051/4 


i:.« 

8.20 


i»7i copssuan conrr adts 

100.00 8.00 1 0/ 2/1986 


=0.00 1975 COBEHRASSK COIETT ADTB' 

99-30 9.23 =3/10/1983 

20.0 0 1975 COFSOTAGBir TCLCPflOVE 
93-50 9.50 =8/ 5/1985 

1971 C1EDET U2X0H4L 
99.25 8.00 30/ 7/X986 

i97i STEtmtiem som.Y-i.B- 
100.00 8.25 It 3/1986 

1976 EKSfl-GUESRT 
100.00 9-23 10/ 2/1984 


15.00 
9-00 
■ *15.00 
9.0D 
=5.00 


134 1/8 
132 1/2 

132 5/8 

133 5/8 
IQS 5/8 
109 3/4 

134 1/8 
133 7/8 


.59 


9-13 



l.M 

CC 

nr 

35 

115 

530 







1969 

LX 




7.M 

13.82 

11.39 


90C 

.66 

OS 

CB 

117 

115 

510 

520 

4.21 

16-86 


102-00 

1978 

1971 

LX 

8. =2 

7-55. 

.8-17 

6.90 

75 

.75 

HP 

nr 

230 

115 

540 

520 




102.50 

1W1 

PF1977 

LX 

7J.9 

7.63 

8-50 

(■!! 

75 

1.56 

HP 

ED 

230 

115 

SIO 

SAD 

. 5.50 

7-22 


102.50 

1960 

1979 

LX 



1.62 

7.56 

9.66 


’ 


BP 

IX 

ED 

230 

US SlO 

5i0 

4-K 

7.42 

9.08 



2-70 

SP 

nr 

230 

115 

510 

520 : 






It 1978 

LX 





8.46 

12-79 

10-53 


roe 

.69 

SC 

ED 

11? 

US 

510 

520 

4.6= 

15-65 


102.00 

1979 

1972 

LX 





14.00 

8.27 

8.46 

7:96 

90 

■ 40 

» 

so 

230 

115 SIO 

520 

9 .66 

8.03 


102-50 

1982 

1975 

LX 





3.68 

7.9S 

9.41 



3.71 

BP 

nr 

230 

115 

SLO 

520 

2. IB 

fa-8! 




1978 

LX 



7.54 

8.05 

All 

7.25 

75 

.75 

■P 

EB 

=30 

US 

510 

530 

5.00 

7-63 


10 2.50 

1980 

1976 

LX 



in.»5 

s.:s 

S.55 

a-87 

75 

.34 

CC 

nr 

103 

115 

205 

SIS ! 

7.69 

8.07 


iM.ro 

L97E 

DP1975 

LX 



520 


8.34 

13.58 

10.38 


30 

-BO 

HP 

ZD 

31 

J15 

510 

$20 

5.21 

I4-S6 


102.50 

1979 

1973 

LX 



S. 29 

13-72 

10.45 


TOC 

.73 

EG 

ED 

93 

115 

SIO 

$20 

4. BO 

(b-Ti 


102-00 

1979 

(972 

LE 






2.15 

=-3I 

9.09 


JSC 

7.39 

HP 

nr 

S30 

U3 

SIO 

sto' 

1.15 

36-31 


100.50 

1978 

(969 



6.1 1 

13-04 

9-Z7 


4 SC 

(.00 

HP’ 

ED 

230 

115 

SIO 

5=0 

3.35 

17.21 


101.25 

1979 

(970 

AHLX 




1.67 

!!■« 

10-49 

(01-50 

HOC 

.80 

HP 

ED 

230 

115 

510 

520 

4. 70 

15-39 


I960 

1972 

LXAH 




7.56 

7.73 

8.54 

6.49 

45 

t-25 

BP 

EB 

230 

115 

510 

$20 


cq.cn 

36-80 


3W ? 4 S Wf W OWMC-IM l/i to. St 7-S3 
100.00 8.00 15/10/1988. *8.15 7-08 


=0.00 

1975 

SttXSKUt&C . 


W-W 

_ 9- =5 29/12/1985 

27.00 

1369 

vase* huh Dfr ptn - 

7-00 

98-00 

7-00 IV 6/1984 



FEOCH FTASCS 

100.00 

1975 

AEWSmULE 

100.00 

39. !5 

10.00 0/ 5/1 MS 

uo.ro 

197! 

8.A.T. UEFU 

sa.ro 

98. SO 

7.50 1 5/ 1 1/198 J 

100.00 

1972 

last Dumumu . 

84.00 

100-00 

7-50 1/ 5/1987 


7 * H . J-£ 30 •» \w or <56 iu sn m 

102.00 1J79 DV1974 LX ** 

1(8 3/8 7.75 7-59 8-46 ^1-15 jrp EO S30 115 =11 310 S» 


134 3/8 6.20 12.61 
3.20 17*M 


* M 


7/8 

1/2 


81 


IM 


80. OQ 


101 


50.00 1972 BASS CHARmfCWH 

42.00 100.04 7.50 U 8/1587 

100.00 197= zmrar letlajd wras 

94-00 100.00 7-50 30/ 9/1987 

250.00 1975 CBBVBOBUGBS UK HAKE 

100-75 10.00 5/13/1 9» 

1975 CBABB09UCE3 IS TRA5CE 
toJ-00 ; 10-25 15/ 4/198! 

3973 CHUTES CCNSCSLTWTED O/B 
98.00 7.50 1/1W1967 

1972 U liimTS LAFARGE ' 

100.00 7.5(P 1/ 7/1917 ■ 

102 cm vs teu> ' 

99150 7.25 1/ 3/1987 * 

1973 CREDIT POKIER HE TBAOCD 101 

100.00 (0.23 37/ 3/1 


7.10 10.23 

4.10 10.34 
9.63*11.25 

7.08 17.J9 

9.08 10.89 
6.32 11.93 
9.34 11.76 
6.79 12*89 

1/2 '9.50 11.50 
5-E3 13.27 
1/5 3.6B'9>46 


10-12 


76 i/a 

77 


15.00 
1979 

9-55 - * 30 ' 4.00 

102.25 J978 BNS73, 
9*26 » 4.00* 

101.30 1979. 1974 

9*80 ' - 60 -'2.00 

102.25 1978 (771373 
9.68 60. 0;00 

. 102*25 1978 DEU77 
9.89 


CB n 431 S10S1S 220 320 
II 


PCE0 103 210 215 220 52* 


PC EO 9J 205 =10 =15 30 

LX 3=0 


WEB 103 210 215 220 520 
wax 


■P EO ' 105 21Q =15 220*520 


100. DO 
90-00 
100.00 
88.00 


78 


uo-oo 

85.00 


80 


US. DO 
115.00 


7.16 


108 


IK. SO 
7.67 8-66 5.68 

IQS. SO 

8.33 12.71 10.45 

4.33 15-85 102- OQ 

8.10 11* IS 10.80 

4.10 16.62 
7.50 8.56 


101.50 


5.87 


<0 . 
IK. 00 


15.00 

2.00 


1968 ESCffl 
98.73 7.00 


8/ 5/1971 
11/ 6/1986 
26/ 8/1980 


.10: 


9.13 


1980 PF1979 
30 1.25 

1980 PF1978 
90C 1.00 

1979 1972 

BSC 1.00 
1930 1972 

30 .93 

1978 PP1977 

2.00 


WP EO ' =30 115 510 320 
LX 


30-00 

1975 

CEEDSar-IflBJS 


100.U 

10-25 17/10/1 no 

lffl.00 

1973 


92-00 

96.50 

8.00 16/ 7/1968 

50.00 

1971 

EZZSOrZKA ■ - 


9. SO 11.78 
7.57 12.48 


4.04 9.9110.15 9-91 JO 6.40 
100.50 1980 P715J6 
-3.82 90 2.00 

101.30 1379 . 1971 
9.51 ' * 73 3.00 

102.25 1978 1973 
3.05 ’ 90 2.30 

101.75 1980 1913 

lOiia 9-85 45 


CO DO 96 =05 220 Z15 220 
W S» 


« M 96 205 210 SIS 220 
LX 5ZD 


PC SO 95 =10 =15 220 520 


9-JS 11.28 
6.31 12.31 


HP ED IIS 205 =10 =15 220 
LI 520 


8.92 10JB 
6.67 11.71 
4.18 9.85 
3.06 9.75 
=.55 10.54 10.33 


SPED 103 =09 SO =15 220 
LX 5=0 . 


8.75 

201.00 1979 1976 


DC BB 105 =05 210 215 =20 
LX 520 


SP 80 96 205 =10 213 220 

LX • 5=0 


1/8 10.29 11.3 s 
■ 7.01 lj- T 


12.50 100.00 8-2J. 1/B/197B 


2-38 
7/8 .34 11.56 


5*98 

8.34 


SPED 93 115 510-520 
UP 


.197J. EHROPBOI COAL^jjm 


«E0 230 113 310 520 


1969 


CC ED 230 113 =13 510 520 
LX 745 

CC EO 230 115 3=0 * 

AHLX 


1 50.00 

130.00 

150.00 
1 VO. 00 

1=5.00 
110. Off 


100.00 7.00 

1972 EERO PEAR COAL 6 STEEL 
99.00 7.15 


1/ 4/1987 


93 sn 
80 3/8 


=■25 

1.35 


7.48 


9.00 
A. SO 


10.76 

1X35 


1973 EKOPEAN COAL 6 STEEL 
1/ 7/1991- 


76 

IOO 


3/8 13.23 1J.95 


10.33 
1/8 4-21 


3.7* 


129 1/2 


9-94 

9-96 


134 


= 0.00 

10.90 


1966 EDUPUK COAL 8 STEEL 
99-38 5.75 U 2/1986 


131 5/8 


7.84 

4.50 


10.97 

13.48 


rc ED 

■uq * 


KP EO 
LQ 


r.so 

1976 


"6P ED 

uq 

HP £0 
UQ 


238 600 601 
605 M7 
610 611 
=37 600 601 
60S 607 
610 611 
=38 600 Ml 
605 80 ? 
610 bll 
=37 **» 


60= 604 
608 M9 
910- 
M2 604 
600 609 
910 

602 604 
tOB 609 
910 


15.00 

15.00 

10-00 


1973 POLAND - XKD HTOE BAKE 
19-00 9.50 7/11/1983 


109 


1*76 FUNKS . . 
-99.00 9.00 


IS. DO 
14.00 


10/ 4/1983 


10.00 

3.68 


HP EO 
DQ 


NP EU 

uq 


=38 MO 601 <02 604 
60S 606 607 M8 
Ml <10 611 910 
238 600 60L 603 M4 
60S M6 601 MB 
£09 610 *11 910 
-=37 *•» 


5.00 

■SO 

23.00 


20.00 


<0 UK 2.0 <6 HP ED 346 405 4 09 413 423 

102.00 1979 PF197S LX 5=0 

<0 60T 1-00 XP EU 346 40S 409 413 4=3 

102.00 1 978 PV1974 LZ S2D 

90 .75 PC ED 346 307 5=0 

IK- 50 I 960 PP 1974 L4LX 


23.00 

19.00 
l=-DO 

12.00 

12.00 

4.72 

15.00 

10.70 

=0.M 

18.50 


13/ 9/19 

1975 C-I.S- 
99.73 9-75 

1964 GREATER COPE5BASEB 

98- 00 5.6=5 IS/ 4/1984 

1963 nmHAH rem 

97.00 6.0Q 15/ 7/1978 

1977* twatram 10 UN 
100. =5 8-50 20/ 6/1987 

1975 nuxtAN PODIA 

99- 73 9-75 =5/ 3/1983 

1*71 dBGMM (ff DEMUX 
99-50 8.00 25/ 6/198* 

1978* XOHHDIUHEiaBTXtDreT 

100.00 7-75 23/ 1/1993 

1963 H0SCE3 BDOIOHAUUK 
99-00 3.50 15/ 1/19» 


107 1/8 
106 3/8 
128 1/2 


5.61 

4.2L 

6-46 


7.46 

6.95 

7.55 


11.16 

101.50 

4JC 

1980 

1.13 

1972 

CC ED 
LX 

230 113 520 

.175.00 
16b. U 

1^10 

36. IE 

120C 

1.20 

CC EU 

103 115 520 

20a. qo 


100.50 

1979 

1971 

LX 


172.00 

7-6$ 

101.00 

ZBC 

1979 

l-M 

1972 

HP ED 
AMABLX 

230 115 510 5=0 

100.00 
76. QO 

8-73 



1.50 

1979 

CC ED 
LX 

230 115 510 5=0 743 

100-00 

22.77 

8.40 

£.98 

79 

.JO 

KP EO 

=30 115 310 5=0 

75.00 


101.30 

L9S1 FF1176 

LX 

65. SO 


99.50 " 7.50 

1975 EatOKAK COAL 6 REEL 
100-50 -10.00 15/ 671962 

1972 EOROPCAR VtnSWBB RA» 80 
99.73 7.25 1/8/1987^ 

1971 EUR0PE4H xmsmn BASK 79 3/8 10.12-10-67 

7- S3 11-49 
3.70 10.13 


9.02 
9.92 
9- 99 


101.50 

10l : 00 

na.oo 

101.375 


60 =.00 
1981 1974 


«» 96 205 210 215 =20 

LX 5=9 713 


» 12.50 

1978 1975 


HP EB 103 205 2X0 215 220 
LX 320 


SP ED 112 203 no as 220 


MC. 15.00 
1*79 1978 


HP ED 11= =05 210 =13 =29 
LX 5=0 


101-50 

10-63 

101.00 


HP ED 112 205 210 213 =10 
LX 5=0 


I 1/8 


9.34 10.71 
5.86 12.18 


9-03 


99-25 7-25 1*7 3/1989 

1971 EUROPEAN OTERKHK BASK 92 7/B 

lao.oo 7.75 iwiyrni 

1968 FBAKAISE SEE IEHU1LES 
97.00 7.00 [ U 3/xsm 

1972 GOTT- OF BB ZEALAND 

98-00 7-25 1/. 6/1987 


9-(3 


9< 3/4 
80 1/4 


.99 10.85 
1.92 0.91 
1.44 9.57 
9.17 10-73 
6.09 It. 99 


7.24 

9-0 


137 


S-03 
3.31 
6.04 
3- 26 
.=9 


8.1S 

7-52 


12.10 

16.95 


9.17 <0 
104-00 

7.67* 

100.00 

7.67 


M 

1978 


1B0C 

1979 


110 

134 3/8 


9.22 7-56 8-02 
6.98 7.84 8.86 


108 


1971 ESSGES BBHDKAUUNK 
98-75 7.75 15/ 3/1986 


15.00 

10-50 


12-00 
7. SO 


101.75 1978 


30 

193L 

30T 

1978 


5.50 CC EO 
1976 LX 
4.00 HP UI 
1974 VO 
.SO KP ED 
1974 oq 
CC EU 


3*1 115 30/ 405 40* 
420 4=5 510 5=0 


1974 PECHUET .SCISE BUHTHAU 

98.00 8.7$ 22/ 2/1989 

1969 PRO TIKE QP HAHtTOBA 

97.00 7. DO 17/ 6/1989 

1910 F10TI8CK OP HAStTOBA 

100.00 9.00 16 1 3/1982 


126 1/2 
133 3/8 
IDS 1/2 
133 5/8 


8.24 11.71 
4.4= 15.69 
1-.82 7.M 
7.82 7.06 
4.79 1 3. BO 
=.» 18-79 
7.9* 12.69 
4.66 15. 31 
10.90 7.97 
7.56 7.76 


10.43 

101.75 
7.45 7.18 

102.50 

7.62 

100.00 

10.18 

102.00 
8.29 <0 


1.50 
197* 
.68 
1970 
.50 
1969 
1.25 
PP1979 
2.00 
FT 1 9 77 
90C 2.00 

1979 DPIP73 
.80 


30 

1983 


180C 

1979 


120 

1979 


104-00 1978 


11-21 10.73 
6-14 12-80 


9-U. 


1975 rsunsci or hahitosa 

IOD.OO 9. =5 8/12/1985 


00 


*0 

1981 


3.00 HP ED 
1975 PP 

2.00 SPED. 
1975 LX 


115 210 5ZD 
456 US 210 520 
179 1 15 307 420 5=0 
143 113 305 4=0 520 
93 113 420 510 5=0 


8-50 

1.40 


19*6 redsuks smsHUsrr 

98-00 6.00 25/ 2/1980 


12.00 

6.00 


1968 IBS PAPER CROUP 
98-50 6.75 15/10/1983 


72.00 
10. BO 


1973 REPUBLIC OF 1COA59 
100.00 5- 50 24/10/1988 


15.00 
15-00 

12.00 


1976 REPUBLIC. OF ICELAND 
100.00 9.25 20/ 2/1983 


12.00 


30 

1979 


1.50 

1979 


IK- 25 
6.61 
IK- 00 

100.50 1978 


M 

19/9 

30 

1980 


100. 2S 


m 

19/8 

I20C 

1979 


1.D0 

1969 
1.0$ 
197* 
1.00 
197S 
1.13 

1970 
1.50 

1969 
1.00 

1970 
.51 

1909 


« EO 105 11$ =05 =15 510 
LX 5=0 

CC ED =30 U5 510 5=0 
LX 

CC LB 35 113 5=0 
LX 


25.00 

25.00 


=0.10 

17.00 


1976 REPUBLIC OF ICELAND 
100. OQ 9-23 16/ 7/1986 

1974 REPUBLIC OP ICELAND 

99.50 10.00 20/12/1994 

1975 REPUBLIC OF HUUXD 

99.50 9.25 7/ 7/1982 

1974 REPUBLIC OF TKEL&XD 
J99-5Q 9-75 12/ 6/19*4 

1*7D 


U* 

3/9 

3-96 

17.60 

11-71 


9 DC 

3.08 

19.74 


100.75 

1979 

109 

5/8 

7.69 

7.54 

8.44 

-6.12 

30 



5-55 

7.08 


102.60 

I960 

132 


1.91 

23.96 

8.1! 


(1ST 



1.40 

30- nS 


100. SO 

1479 

131 

1/2 

5-54 

13.(8 

8.99 


TOC 


3-04 

18.11 


IK- CO 

1979 

103 

7/8 

10-57 

7-93 

8-18 

7.00 

75 



8.07 

7-13 


IK- 00 

1979 

106 

1/2 

A. 89 

7-60 

8.69 

2.93 

30 



3.90 

7.26 


101.00 

1979 

109 

7/8 

8. =9 

7.59 

8.4= 

5.08 

7$ 






101.25 

1980 

IU 


16.72 

B.72 . 

.9.01 

8.0b 

30 





IK. 00 

1984 


1979 
.85 
1967 
1- ID 

1974 
.70 

1975 
-75 

1970 

.60 

1972 

1.80 


.71 

1469 

1.00 

1969 

.30 

1974 


.6= 


1979 

.75 


105 1/2 
107 5/8 


4-27 7-S7 
3.02 7.15 


8-77 <0 
IK-oq 


6.:o 6.12 

4.91 7.82 


9-06 7.40 

101.50 


toe 

1978 

I20C 

1981 


3-13 

1978 


1.00 

1975 


- RBHWLIC OF SOUTH AFRICA 131 1/3 
90.00 8.75 30/127(982 


i8M 1Mi 


101.2s 


J3D 

1978 


2-00 

1971 


NP EU 103 115 310 520 

i-TT n 


12.00 

7.20 


CC ED 105 US 215 5=0 
LX 

HP ED. 103 115 520 
LU RAX 

SP EO 103 115 520 
LXAH 

HP EU Uq 113 5=0 
AXLE 

UP CO 230 US 5S0 

UitH 


197! S.D-8. - FIANCE 
100.00 8.00 6/ 7/1986 


22.00 

22.00 


1975 fi.D.N. - FXA8DE 
100.00 9-25 1S/U/I5S 5 


25-00 

25.00 

15.00 

10.10 

3.00 
•SO 

8.00 

S-S5 


133 7/B 
108 3/8 
106 1/4 


F-=7 (=.77 
4-27 16.01 


10.47 


ik. no 


90C 

1979 


.60 

1973 


PC ED 127 115 205 2X5 510 
LX 520 

HP ED =30 Hi 510 520 
■■LX 

CC ED 35 115 520 
LX 

GG Ell 230 115 5(0 520 745 
LX 

CC ED 230 115 510 5Z0 749 
LX 

HP EO 230 115 910 520 
LX . 

HP ED =72 113 510 520 
U - 

cc m 230 us sab 
UAH 

CC DJ =30 115 510 520 
LX 

PC EO 103 115 =05 215 510 

LX 530 

HP CD 290 115 510 520 

XJ riM 

HP SD =30 119' 510 520 
AX LX 

HP EO 230 119 510 520 
LX 

RC ED 2W 115 520 
LKBK 

HP ED 330 115 320 
AHLX 

HP ED 103 115 910 5=0 
LX 

HP ED UQ IIS =15 310 3=0 
LX 

HP EU 103 115 510 530 
LX 

HP ED 103 li3 510 3=0 
LX 

NP EO 230 US 510 530 
LX 

HP ED 230 115 510 5=0 
LX 

SPED 230115 520 

SC EU 117 115 S1Q 520 
LX 


100-00 

197= 

Euenn or serum; ' 

78 1/3 

9.A2 11.31 

9.55 

8£.ao 

-99-50 

7.50 

1/ 9/1987 

6-14 12.70 


100.00 

1973 

□aeon a? bqouu 

79 5/8 

10.04 11.21 

9-73 

w.oo 

100. no 

7.75 

15/ 4/1988 

7.55 12.01 


60-00 

IS T 1 

L'AIR Lianne 

95 1/8 

3.54 9.91 

8-67 

46. » 

99-50 

8.25 

15/10/ 1961 

2.7* 10-36 


75.00 

197= 

MOKCBEU. CATHOLIC SCHOOL 

76 1/8 

8.92 12.00 

9.85 

60.00 

98-25 

7.50 

U 3/1987 


fa. 67 U.09 


130.00 

1975 

uo.u 


98 7/8 

9.25 10.14 

9.86 

125-00 

1973 

HATHHULE DE9 TELNCOK 

88 1/4 

5.92 10>=4 

8. SO 

110.00 

loa-So 

7. SO 

U- 3/1986 

A. 15 11.20 


OLOO 

197$ 

PARIBAS 


99 7/0 

4.29 10. =« 10-26 


100.00 

10.25 

15/ 7/1982 



50-00- 

1975 

piaups lakes - » iaa 

2.42 10.(9 Id » 


100.00 

. 10-25 

17 9/1980 




100.00 

1972 

POB-A-H0as« . 

79 

9.34 11.23 

9-49 

89.00 

100-00 

7.50 

It B/1S87 


5. 42 11.13 



101- 23 
10I.Z9 
101; SO 
100-50 
101.30 

102- 00 
102-00 
101.50 
101.50 
103.79 


60C 5.00 

1979 1977 

80 8.75 

197*0*1977. 
M 7.00 
197*. 1974 


M .4.00 
1978 DPI97Z 


30 10.99 

1978 1969 


HP ID 93 =05. 210 215 220 

LX- 920 

HP E* 103 205 310 213 220 

LX 3=0 

HP EU 103 =05 230 213 220 

LX 5=0 

HP 'EU 103 ZOS =10 215 =20 

LX 520' 

HP EU IDS 205 210 =15 220 
URJUK 520 


20 2.50. 

197* . 1073 
75 6-00 

1978 1976 

73 2-50 

1979 1974 


HP ED 93 =10 219 220 920 
LX 

NP HI 103 =03 210 115 2=0 
LX 520 


HP EB 103 =05 210 -219 Z=0 
LX 520 


90 3-50' 

1978 1972 


MC 3.73 
1979 DP1975 


HP SO 93 MS 210 =13 220 
LX 320 


43 8-45 

1980 EFI976 


6G EO 352 =05 210 215 220 
LX. 520 


101.50 


21.03 

101-00 


60C 3- DO 

1979 DP 1976 
45 10-00 

19/9 XT 1978' 


CC BO ua 205 210 215 2=0 
LX 5=0 


HP n 103 210 220 


100-00 
8.00 
125-00 
1=5.00 
80.00 
66-40 
200.00 
182.00 
10<L 00 
86-00 
80-00 


197= PROTOKH Op-Kta. 9COZIA 79 3/8 9-29 11-16 9.45 


99.2S 7-50 15/ 1/1987 6.37 12.35 


101.50 1 979 


60 

-73 1978 
90 

1973 LX 


6.50 BP EO 104 205 210 215 220 


1976 

3.00 


HP ED 93 205 210 215 220 
320 


60-00 

10.00 


30.00 


100.00 

100.00 


50.00 

16.00 


1=5.00 

1=5.00 


150.00 

142.50 


1972 

PROVOKE OF- aUKHE 

79 1/2 

9.31 11,16 

9*43 


30 

9.00 

VP EO 

100.00 

7-50 

■ 15/ 6/1987 


5.32 (3.07 


1K.00 

1978 DF197B 

LX 

197= 

READY HIRED COBCHEIS 

73 1/8 

9-57 12.75 10.60 


60 ■ 

=.40 

VP ED 

99.00 

7.75 

25/10/1907 

fa- 65 1A-2A 


IK-25 

1978 

1973 

W 

1972 

RBBUIJ 


79 1/4 

6.96 (1.01 

9.15 


60 

10.00 

KP EO 

99-50. 

7.25 

15/ S/1987 

6.A2 12.09 


101.75 

1980 DP 1973 

LX 

1972 

RBOK-MDLZK 

78 1/2 

9- 04 11.44 

9-55 


M 

3- DO- 

HP ED 

100.50 

7.5 0 

15/ 4/1987 


6-12 12.77 


201.50 

1978 

1973 

LR 

1973 

RHroSHPDOLEK 

99 1/2 

2.08 10-52 10,30 




NP EB 

100.00 

10.25 

30/ 4/1980 


* 





LR 

1967 

ROBESELdDOAF 

96 3/4 

1.71 9-10 

7.24 


I20C ■ 

- 5-00 

HP EO 

98.50 

7.00 

15/12/(979- 

l.=l 10.00 


100.50 

1978 

(»> 

1K7I1X 

1975 

Sim GO BAIR 

99 5/8 

2.61 10.12 10.04 




NP SO 

49-50 

10.00 

10/11/1980 






U 

1975 

sro.p.A.0. 

P 

99 

2.33 10.20 

9.8S 




BC ED 

2D0. OH 

p.75 

31/ 7/1980 







to 

1973 

STAR MOFEAM TUI 

68 3/4 

10.21 13.89 11.64 

102.50 

90 

8.00 

re ed 

99-50 

8. DO 

15/ 6/19K8 

fa. lb 16.42 


1979 

1978 

IN 

1971 

PECRINEY D0I5E nunMAW* 

99 

-42 10-31 

8.08 


90 

16.00 

K ED 

99-50 

B.OQ 

=/ 9/1978 




J 01.00 

1978 

1976 

LX 

1975 

PECKUEY Ml HE PKllHAHH 

99 1/4 

3.77 10- =2 

10.08 

10.98 

TO 


W ED 

(00-00 

10.00 

5/ 1/1982 



Iff! .00 

(TOO 


U 

1976 

pEoenrc 


99 1/4 

4.87 10.19 10.08 

10.96 

30 

37.50 

KP ED 

1U-00 

lajjo 

10/ 2/1983 

3.97 10.23 


101-00 

two 

1981 

LX 

I97Z 

MRU BARK 


80 3>B 

9.21 10.69 

9.02 


60 

7- SO 

HP ED 

99-75 

7.25 

15/ 6/1987 

5.73 12.19 


101-25 

1978 

1977 

U 


520 


?. 71 7. 7S 

5.76 7-40 

9.(0 8.48 
5.40 8.03 
7.98 12.73 
4.97 14.95 
•15 


1975 S.D.K* - FRANCE 
99.30 9-50 5/ 5/1997 

1971 S-H.C.P. 

99.50 7.75 15/ 3/1996 

(962 8ACCEL XAX 

99.00 5.75 =5/ 5/1978 

1969 SCOILA3D HBHO/OECIRiC 133 7/8 

98.00 8.00 10/12/19*4 


133 

(38 


8.54 6-45 

102.00 


CC 6V 117 7(5 =03 =25 510 
LX 520 


Honcnmc DOLLARS 


8.94 5.28 
102-00 


10.21 


>01.7$ 


60 

1979 

IM 


2.00 

1978 




7.30 


6.70 (3.56 10.47 

4.70 15.3= 101-50 


1979 DP1972 
.SO 
1965 
90C .40 

1978 1970 


CC ED 92 US 203 215 310 
LX 5=0 

CC EU 103 1(5 310 5=0 
U 

HP EB =30 H9 520 
BRLX 

CC ED 230 115 SIO 520 
LX 


300.00 

200.00 

150.00 


1477* uoHcnnQ luo nm. 
100-00 7.25 1/ 6/1989 

1*177* JABDLW HATHESOF BBB1C&A 
100-00 7.1$ 15/ 4/L98S 


96 


7-17 8.00 7.55 ILM 30 
10= -00 1982 


1977* PR0TL9CC OT HAJD70M 
100.00 6.875 15/ 6/198= 


96 

97 3/8 


7-21 7-99 


7.55 8.43 

102.00 


50 

198= 


PC ED 556 947 
IX 

PC ED 560 9*7 
IX 


4.21 7.54 7.04 


SP EO 150 947 
LU 





10.00 


1977* EUROPEAN mEBWTVT BASK 109 6.08 5.47 6.65 5. AS 

100.00 7.25 It 5/198* 100.50 

20. qo 1977* mu BADE 105 1/4 6.38 ».2S 5.94 

100.00- 6.25 19/ 8/1986 

KUWAIT I BISA/S 


-70 J.P EO 396 913 920 933 947 


19*2 FP1977 LX 

SP ED 
IX 


9*5 975 
396 913 9=0 927 935 
947 965 975 


8.00 

1975 AUTO PITTAS 

L 102 7/B 

7-04 

7.95 

8.26 <0 

30 


CC to 


99.50 8.50 15/ A/1985 




102-00 

1978 


U 

5.00 

1975 ADTQPXEIA8 - ATLANTtCO L IK 7/8 

7-0 

8-20 

8-51 7.70 

60 


RC Ed 


99-25 0.75 11 7/1985 




101. QO 

1980 


LX 

6.00 

1976 RUM BACIOHAt DC OSKAX 100 7/8 

8.04 

E-3* 

£.43 

fan 

.30 

CC ED 


99.75 8.M 15/ 4/19M 




103-00 

1978 PF1377 

LR 

5.00 

1976 BAHK HAMLOBT H WARS 

' 100 3/8 

7-SB 

3-68 

£.72 9.06 

60 

.20 

BF ED 


99-75 8,75 15/ 2/(986 



10I-S0 

1951 PP1977 

LX 

4.00 

1977 BARE HAKJUWT v oahS 

101 5/8 

9.00 

8.73 

£.86 8.13 

60 

•:o 

KP ED 


99.00 9.00 1/ 4/(087 




JOJ.JO 

1982 FFJ977 

LX 

5.00 

* 1976 BEOGRADSKA BASK* 

IK 1/8 

3.38 

8.22 

8.81 


1.25 

SO SD 

5.W 

99-75 9.00 IS/ 8/1 981 


I.B8 

7.73 



1978 

LX - 

7.00 

1976 BCDE DEVI EC OR TES1ST6 0 100 7/B 

3.29 

(.16 

8.43 6.(6 

900 

■ EB 

HP ED 

7.00 

100.00 8.30 15/ 7/1981 


.2-92 

E. 15 

301.00 

1979 

1979 

U 

10.00 

1975 BIRIE HAT D'ALGEBtE 

100 1/8 

5-23 

5.15 

8.49 

60 

=■« 

KP CD 

u.oo 

iaa.ro 8. so 1/ 7/1093 


3.25 

8-43 

101-50 

1979 

1979 

LX 

7.00 

1976 BAX AACERH IU VI GATT 0.9 100 7/8 

8.12 

6.59 

3.67 9-37 

IK 

1.17 

in eg 

7.00 

100.00 8.75 1 5/ 5/I9S6. 


5.62 

8.55 

101.00 

1973 

1931 

IX ■ 

7.00 

1976 KOREA DCVT BASK 

D 102 7/8 

1-59 

6.73 

8.51 



CC EB 


x 99.75 B.7S 1/11/1979 







LH 

5.00 

1976 UURIJAXSn CANKA 

101 3/S 

2.96 

*.« 

8.88 


1.25 

SC *0 

3.75 

99.75 9.00 1 5/ 3/1 Ml 

1.96 

8.20 



1978 

LX 

6.00 

(976 lie (O ral fxbascttra 

P 101 5/8 

5. JO 

S. 35 

S.fil 8.71 

TOT 

2.00 

BP DJ 

.6.00 

IDO.OO 0. 75 1/10/ 1983 


4-50 

1. 18 

102-00 

1980 

uu 

LX 

7.00 

1975 msu or 

IK 3/8 

l-9£ 

7.39 

3.55 



GO EB 


100.00 a. 75 IT/ 3/1980 





L2BT 

7.00 

1975 FETROmS (UHCASOS 

101 5/8 

7. a 

8.43 

8-61 9.=3 

30 

1.00 

KP CO 

7.00 

100.00 8.7S 1/ 7/1985 


4.25 

8.76 

1K.50 

1979 

1979 

LX 

*■00 

(975 RETOEUC OF 1CELAHD 

P IK 1/8' 

4.67 

8. 16 

8.57 


1.30 

EP EO 

4 .00 

99.50 8.75 l/IZ/9982 

3.70 

8. OS 

100.50 

1980 

1980 

LX 

5.00 

1974 UPUBLIC OF ttLLASD 

103 3/8 

1.63 

6.69 

8-71 



cr sn 


99.25 9.00 15/(1/(979 





LX 

4-00 

1976 UPU6Ll>: OF PAXA.MA 

■p IOO 1/8 

8.71 

8.97 

8-99 9. *9 

60 

-=5 

HP ED 


99. 7J 9.00 15/ 1/1987 




101.50 

1982 111977 

LH 

3.00 

14TS* RETVBLIO OF PANAMA 

-L 100. 

9-79 

S.99 

9.00 9*1$ 

-HO 

.25 

HP ED 


99.75 9. OB 15/ 1/1988 




101.50 

1983 FF1979 

LX 

10.00 

197b SAaif’-^oaocco 

lK'1/6 

8.67 

b.to 

8-57 7.B8 

900 

1-67 

CC ED 

ro.ro 

iaa.ro «.7$ 1/12/1936 


6-1/ 

8.29 

ifli-ro 

1979 

1981 

U 

7.00 

I97B* SIK»-«06flCCO 

L 100 7/8 

9.9= 

R.36 

£.43 8.16 

TOC 

1. 17 

CG EU 

7.00 

100-00 4-50 1/ 3/1988 

7-42 

8.14 

ioi.ro 

1981 

1983 

■LX 

2-50 

« 1975 SCDAH A HUMPS CHRP 

99 

l-M 

9-$fi 

9-09 



SG EA 


«.S0 9.00 (5/ 2/ITO0 






LX 

8.00 

1975 T90 IW£R 

102 1/2 

2.42 

7.54 

8.54 

90 


CC ED 


100.00 B.75 1/ 9/1940 



104.00 

1978 


LX 


DOMUS (PFSHARK) 








225.00 

1972 CUT OF COPEWAGTS 
99.J0 6.35 (/ 9/1987 

100 1/8 

9.4= 

6.23 

6.24 

900 

18.75 

HP ED 

196.88 


5.19 

6.22 

103.50 

1978 

1976 

FF 


noaEBs csomu) 








220.00 

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108 3/4 

H.95 

7.37 

8.05 5.31 

1TO0 

S2.K 

GG ED 

198.00 

100.00 «. 75 (/ 3/1987 

5.14 

6.68 

103.00 

1970 

SD 


LaXDfBUUF/l FRVKS 








8u.ro 

L972 AIRED FBAKE 

87 1/4 

9.21 

P.55 

7.45 

TOC UO-OO 

PG ED 

800.00 

100.00 E. 50 16/ </19£7 


G.J2 

9.25 

I02.U 

1961 

1981 

LX 

600.00 

1971 AIDED USANCE 

98 

2-4fa 

7.65 

£.89 



PG ED 


98.00 6-75 1}/ 9/1980 




101.00 

1978 


LX 


»75 ABES FINANCE 

D 100 7/8 

5-56 

8-03 

S. IB 8.20 

45 

35-00 

PG SD 


99.50 8. 25 20/1D/I983 




101.00 

1979 PF1976 

LX 

400.00 

1972 ASIAN DEVELOPMENT BAKE 

» 3/8 

9.01 

7.79 

7.23 

TOC 

40.00 

DP CD 

400.00 

lW.ro 6.75 25/ A/1987 


4.57 

8.57 

102.00 

1,979 

1978 

LX 

500.00 

1972 BUERAB OIL 

89 3/B 

9.=3 

8.71 

7.0 

4SC 

50.00 

HP SO 

500.00 

100.00 7.00 30/ 6/1987 


4.7$ 

9.91 

102.25 

1978 

1578 

U 

500.00 

1973- CUT Of BSCU 

93 3/4 13.03 

8-30 

8.00 9.12 

90C 

23.00 

HP ED 

4Z5.W 

99.25 7.S0 ID/ 4/1991 


7-5* 

8.66 

101.75 

1984 

1975 

LX 

800.00 
67$. OO 

1972 CUT OF OSLO 

88 5/8 

9. JO 

8.5* 

7. £2 

HOC 

25-00 

1973 

SP EU 
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99-2S 6.7S 29/ 9/1987 

1972 coven, or eibope 


6-82 

9-05 

8.2= 

101.75 

7.60 

1990 

M 

500.00 

92 1/8 

9.4fa 

50.00 

VP ED 

roo.ro 

99-7S 7.00 15/ 9/1987 


4.9fa 

9.03 

103,00 

1979 

1978 

-LX 

300.00 

1974 coven, or eubops 

10 7/8 

3.7! 

8.08 

9.45 


UO-OO 

bp re 

300.00 

99-75 10.00 20/12/1981 


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7.53 


1979 

LX 

4ao.m 

400.00 

1973 manat - hdhtoot bake 97 1 n io.ao 

99.00 1.41 A/ll/IMUt fa. 10 

7.90 

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7.72 

102.25 

<0 

1979 

jo.on 

1979 

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LX 

400-00 

1973 nsomu 

- 93 7/8 10.14 

7.6* 

7.19 

3CE 

40-00 

BP ED 

*00-00 

99- po 6.75 30/ 5/lSSft 


5.6b 

8-1S 

U3.25 

1979 

1979 

LX 

500.00 

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99 3/6 

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7 .80 

7.51 


2=5.00 

hp nr 

125.00 

100.00 7.50 11 7/1978 





1975 

CQ 

500.00 

1975 EUBOfTMA 

V 106 

4.1! 

8-18 

9.20 


175.00 

BP ED 

50q.ro 

IOO. op 9-75 a* / 1/1983 

97 

3.77 

7-83 

6.98 


1981 

LX 

403.00 

1972 EBSOPSAK COAL 6 S7XEL 
99-00 fa-75 U/12/1987 

9.71 

7.(8 


40.00 

HP ED 
LX 

400.00 


5-21 

7.46 

101. SO 

197* 

1978 

800.00 

1973 BBOFEAH COAL 8 STEEL 

93 7/8 

6.96 

8.19 

7.46 

7oc iro.ro 

BP ED. 

700.0a 

99.00 7.00 13/ 3/1985 


1.96 

*.90 

101-25 

1979 

1973 SI 

800.00 

1973 K21DFUH COAL 6 SUEZ, 

« an 19-25 

8-12 

7.58 

Wfl 

80.00 ' 

BP ES 

800.00 

98. 23 7.00 U 7/198* 


a-75 

8-74 

101.75 

1979 

1979 

LX 

500.00 

1973 EVOHAH COIL £ STEEL 

N 7/8 20.72 

7-68 

7.48 

400 

U-00 

NP EO 

490.00 

98.90 7*25 20/12/19*5 


j-n 

7.79 

101.50 

1979 

1977 

LX 

300.00 

1971 RStKEAH COAL i STEEL 

98 7/8 

5-38 

*.00 

7.14 


43-00 

B? ED 

257.00 

im.OO 7.75 18/ 8/1983 


2-87 

8.20 

101 -SO 

1978 

>977 

oq 

500.00 

1975 nmui COAL £ STEEL 

B U4 1/4 


a. 17 

8.83 7.20 

72C 

00.00 

DP E ff 

30s.ro 

99.23 9.00 - 12/ 8/290 


4.0 

7.88 

101.25 

2980 

I960 

IX 

900.00 

1976 ZmltEVU COAL £ STEEL 

B 10 7/1 

(MO 

*.*» 

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TO 

'20.00 

HP 817 

300.00 

100.00 9.50 , 3/11/1984 


3*90 

6-19 

xu.ro 

1980 

1979 

LX 

300-00 . 
300.00 

1974 BSRUPEAH COAL £ STEEL 
99-50 10.00 30/1V19H 

US 1/4 

m/m m am 

» 

1:5 

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7-70 

9.90 

LB 7*67 
1OT.00 

7 - u «&a 


75.00 

7978 

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400-00 

AQO.OO 

uo-oo 

340.00 

1972, ZWUH SnRSSERRn 
0.00 6.75 13/12/19*7 

■ 97 1/8 

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7.41 

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1983 

40-00 

1978 

DP SO 
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1*71 BWffEU ZWEggBSr BABE. Ht /IS 

98-00 7-00 U/W1986 

tn 

7*^ 

«r 

198= 

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1977 

HP ST 
LX 

mo-ro 

800.00 

1973 Rvaauw nvamiEHt box roi/2 

9BJD 7.00 1/3/1969 

1^4 

8.15 

s-m 

7J? rn.ro 

70r 

1980 

u.ro 

1979 

KP ED 
LX 

wo. 00 
two. 00 


* 

S.U 

0.62 

7.37 _ _ 
101.73 

7&r 

1980 

40-00 

1979 

BP ED 
LX 


159 925 
925 
139 925 
139 9=3L 
159 923 
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159 9=3 
319 923 
627 9=3 
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287 7=5 923 
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Ib2-?=S 
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159 915 
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159 9=3 ’ 
159 9=3 
267 9=3 
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500-00 

1973 

EUROPEAN EiTCJntfST B4$£ 

96 

10.31 

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50.00 

hf ca- 

222 115 503 510 520 

500.00 

99.50 

7.0D 

1/ 8/1983 


5.64 

7.68 


102.00 

19W 

1979 

lx 


500.00 

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EU80P2AS mVEOTENT BE D 105 1/8 

7. IS 

7.78 

8.32 

6.97 

JOG 

10.00 

HP EO 

SJ0 115 510-520 

44=. 00 

100.00 

8.75 

=/ 5/(935 


5.81 

7.n3 


IK- 00 

19*0 PF1976 

LX 

400.00 

197* 

EUBOrCAS IHVESTME.T BASE 105 5/8 

3.63 

8.1= 

- 9.*7 



135.00 

KP ED 

=23 115 505 510 520 

400.00. 

100.00 

10.00 

15711/1981 


S-6l 

7.51 




GF1979 

LX 


600.00 

197= " 

rausD - 

xjnrcsr nsa 

91 

9-5* 

8.40 

7.69 


90C 

60-00 

SC ED 

=30 115 510 520 71$ 

600.00 

98.50 

7.00 

15/10/1987 


5.04 

9-31 


101.75 

1980 

1978 

LN 


800.00 

1972 

gbakd usnuipouTAv sum. 

87 1/8 

9-4= 

B. 61 

7.75 

t 

, 75 

80.00 

UP ED 

Z30 115 510 520 

800.00 

99.25 

6.75 

1/ 9/1967 

4.92 10.20 


102-00 

1979 DPI 978 

LN 


AOO.W 

1976 

ngERXWEUg VEiATWE 

ua i/a 

4.94 

7.71 

8.24 

7.21 

-5C 

2d DO 

HP ED 

2=2 115 510 5=0 

304.00 

100.00 

8-50 

10/ 3/1933 

4.44 

7-65 


101.00 

1980 

1979 

LX 


400.00 

(975 

niEWOSELLB PKtiS 

103 1/2 

7.04 

3.3= 

8.70 

1.96 

60C 

80.00 

■C EO 

223 115 510 520 

400.00 

100.00 

9.00 

15/ -t/1935 

5-04 

8.12 


ifli.ro 

19CL 

1981 

LX 



100.00 1972' C€KW IS OASWE ..FT n 3/4 <-T7 9.79 
100.00 100.00 3.00 15/ 6/19*7 415-1 9- It 


54.00 1969 B1CUUJD Olt DET 
37.80 100.00 6.00 5/ 1/1985 


110 7/B 4.58 
1340 - 2.43 


<9 IS9.ST IT/500 SP EB 92 
105.00 1978 1978 15/ 9/1972 LX 

1.21 <0 60 -Z-D5 FF1216 PC CD 92 

UU.00 1978 ' 1976 1/ 4/1970 L5SEBS 


209 210 219 
9M 975 


30-00 IIJO SUE ET L'UNIOE TASIS 
30.00 96.50 7.00 15/ 5/1995 


94 1/2 7.41 
=66 9.H 


8-04 V) 

103.00 1978 


1976 
15.44 PF 394 


UL ED 458 

30/ 6/1970 AH83CO 


CaHTOtllRLES-HCBC NOW 


33 20S =10 
=15 913 940 
960 V75 
35 =03 210 
31$ 915 940 
960 9/5 


50.00 1*74 ASIA NAVIGATION TUT 
50.00 100.00 4.50 1/ 3/1989 


60 10-83 13.79 60 44-32 RE* *.7 PC ED 150 935 960 973. 

J.675 21.97 3.30 I03.S0 1978 2/ 9/1974 LX 


COWEBTIBUS-ISPA EL 


800.00 

800-00 

soo.ao 

800.00 

500.00 


1972 nit STiaaRD ELECTRIC 
99.00 -6.50 1/ 9/1937 

1972 CW OF DZSUST. 
100.00 6.75 14/ 8/1987 


9.42 

4.92 


9.37 

4.87 


7.18 

7.60 

8.51 

9-72 


102.00 


7.59 


75 

1979 

W 

1978 


80.00 HP EO 
197* LN 
80.00 L'F ED 
19/8 LIT 


S30 115 510 520 
=3 115 $10 520 


10.00 1*77* LEOSt IHT 1NV 
10.00 IDO.OO 7.00 1/ 7/1984 

COTVmniZS-JAPAN 


97 7-22 7-61 30 12.S2 IL, >071 1C EO =8 960 

4.29 ICQ-DO 19*0. • 1/11/1978 LR 


800.00 
800. dD 


500.00 

500.00 


100.00 


100.00 

100.00 

150.00 

150.00 

3S.00 


1975 PHILIPS JST Fur . D 10! 7/8 

KW.ro *.75 15/ 5MV85 

7.1= 

8-19 

8.51 

8.10 

104.00 

TOC 

1980 

100.00 
FT 1981 

re EO 
LX 

=23 115 5LD 520 

1972 BRED ZSraSAnaOL £5 

99.00 6.75 10/ 9/1987 

J.45 9.18 
4.05 10.32 

7.94 

103.00 

60C 

1979 

80.ro 

1978 

PC ED 
LU 

STO (IS 510 520 

1972 51AXKR VALECH H.T Fill 7b 

99.00 7.25 15/(0/(987 

9-54 11.51 
$.04 (4.22 

9.54 

102.25 

90 

1978 

50.00 

1978 

re ui 
LH 

S2J 510 5!0 

- &ADUI U7ALS 









1975 AionnsiAS L 102 1/4 

99.00 8.25 13/ S/1933 

4.12 

7.58 

8.07 

701.50 

1979 


GG ED 

w 

525 230 

1975 SqOE EAT SETT 5C0H L 102 

100.00 8.50 1/ 9/1983 

5.42 

3.02 

8.01 

7.7J 

8.33 

2.J6 

101.50 

TO 

1978 

16.00 

1978 

CG JC 
UQ 

440 2J0, 

1977* HAS ALCERIC tii VI CATION L >01 
IOO.0D (.75 IS/ 6/1987 

9-21 

6.71 

8.58 

8.55 

LU 

701.00 

7978 

25.00 

(9*2 

UG AS 
uq 

$85 230 92$ 

1977* nttKBFPBI CBUCHmA) 100 1/8 

100- M -9.00 1/ 6/1922 S 

4.17 

9.16 

J.19 

9.93 

1a1.ro 

30 =.50 

1979 FT 1977 

PG AS 
LX 

$18 =30 


30.00 
30-00 

10.00 
la.oa 
is. so 

■ 32 
30.00 
26-78 


15.00 

22.65 


1975 A54JU CamiCAL 
100.00 6.35 30/ 9/1990 

1977 Aim OPTICAL 
100.00 6. 00 31/ 3/1992 

(N71 DAI HIPPOS PAINT DID ‘ 

100.00 6.75 31/ S/1966 

«6J» BALE I E«C 
IDO.OO 6.00 31/ S/1991 

197* UXUA MUSE TNDUiTP.T 
IOO. DO 7-25 31/ J/1991 


134 

1*2 

113 3/t 
410 
447 
5JS 

1173/a 

94D 

109 3/8 
425 


4.72 

3-32 

5-27 

l-4« 

1-52 

1.69 

3-18 

.80 


3.00 <0 

10-DO 
4.64 It 1. 01 
104.00 
<0 

103.50 


4-33 «0 
104-00 


6.80 

1-1* 


6.4D 81.64 

Kts.oo 


100.00 

100.00 


1977* SAm-yotocca 
100.09 3.50 1/4/1987 

smilSd/M 


L 101 lia 9.00 s.32 


7.00 8.S0 


8.41 2.3$ 

iai.ro 


90 

1380 


=0.00 CM 
1 93* oq 


583 =30 923 


19.00 
1.00 

30.00 
8.20 

10.00 
20.00 
So. on 
49-96 
40.00 
40.00 


19*4 HITACHI LTD 1110 169 3/8 

100.00 6. 25 31/ 7/1979 6 2» 


1*S9 HITACHI LTD 
loo.ao 6.25 -30/ 9/1994 S 


1« 5/8 
239 


111 

=32 

114 7/B 


9W 


-5.90 

2-36 

4.M 

.80 

15.00 
13.50 

10.00 
8.80 
7- TO 


1964 ' 
98.00 


143 


i 307 


7.00 

1.76 

11-30 

12.50 

20.00 


19hS 

97.75 

1971 

100.00 

1972 
99-75 
19bT 
97.70 
19*6 
97-75 

1973 
98.ro 
1972 

100.00 


6.00 
2- 78 

4.00 
1-0* 

5.00 
l.SO 


19*8 

98.00 


1965 
9*. =5 
1965 
97-00 


=2 115 505 510 5=0 
=23 115 505 510 320 
22= US 510 520 
=30 115 310 520 
£23 213 SlO 320 
230 115 $20 
=20 115 $10 5=8 
=4 US SIO 5=0 
=2S 113 510 520 
=30 U5 51D 520 
=30 115 $10 5=0 

us sia sn 

230 115 SIO S=0 

222 115 303 510 $20 

223 115 5(0 520 
U3 115 SIO 520 
=2 115 505 510 520 
223 115 SID 520 
=22 US 305 510 S2D 

222 115 310 520 
=2= 115 505 SLO S=D 

223 115 505 510 320 
230 US SOS 510 520 
223 115 SIO S20 
223 113 510 520 


Cin OP TURIN U.0& 

b. 50 15/10/1934 5 

BEO-ajTZEH 11.10 

6.50 1/ =/19*0 S 

ICE 1ST FIR 8-3dA7 

8.00 1/ 8/19*6 
EEC ESTATES 4 PROP 7.758 

6.75 1 5/ 8/(987 

BED ZEALAND 11.11 

6-75 . 14/ 3/1 932 S 
REP qf XBELAS3 11.2* 

7. OQ 1/3/1931 
utdp nmsD 7.5503 

7.00 13/ -l/i 963 

EOIBttSS 1ST 7.00 

6.25 30/ 6/199= 

SUA-CVTAA 9.65 

7. =5 1/ 3/1983 s 

W EDITH LAHCO 11.14 

5.75 17 <71980 s 
D. 5. RUBBER rsCTTL II. IS 

6.00 31/ 7/1980 S 
ADSlKAUAD dollah/h 


90 

100 3/8 
102 5/> 
99 3/4 
1DL 7/8 
IK 1/4 

101 3/4 
97 1/4 

lOi 5/8 
100 7/8 
100 5/8 


£.54 8.71 
3.61 10. U 


7-15 


.33 

1910 


BF ED 359 303 4=5 965 

mure 


5=8 1/8 
710 


4.9= 

J-9L 


1. 17 
3.33 
LU3 


20-00 100.00 6.53 13/ 8/19B7 S 

Mi titilt. ft Tpwt.'wn ISSUES 


£.J7 

6.58 <.72 

TOT 

.40 

BC EU 

359 715 960 9b5 

6.29 

100.30 

1979 

1966 

WtLX 


7.55 

‘7.80- 4.35 

4JC 

1-50 

PC ED 

359 205 960 96$ 

7.26 

101.30 

1974 

1977 

LN 

6.73 

£.77 

90 

.60 

re CD 

346 307 960 965 

6.80 

103.N 

1979 

1975 

LN 


6. TO 

6-74 6.34 

90T 

.$5 

HP CD 

259 960 9b5 

6.01 

101.50 

1979 

197U. 

LSMFF 


6.13 

£.85 3.9S 

TO 

-38 

VP EU 

359 960 9b5 

5-72 

101.50 

1978 

1970 

LSDDFF 


6.7. 

£.B8 6.83 

<i5C 

1.2$ 

UP EB 

359 960 9b5 

6.60 

101.75 

1979 

1979 

LN 


6.55 

6.43 

90 


&U ED 

25 305 9b0 


103.50 

1978 


U 


6.97 

7-ZE 3.31 

3DC 

.46 

ec a 

3bl 9fa0 965 

6.74 

100. 00 

1978 

1971 

(jioorr 


5.38 

5.78 5.45 

90T 

.Ufa 

HP ED 

359 960 96$ 

5.02 

100.50 

1979 

1969 

LHLX 


5.79 

6-05 3.o4 

90t 

.50 

PC CD 

315 960 965 

5.38 

100.50 

1976 

1971 

LHLX 


8.35 

6.49 6.39 

30 

3.00 

EC EB 

218 307 948 

6.17 

101.50 

1980 

1973 

U 



=0.00 
1-66 
So. DO 
49.96 

75.00 
7*.94 

30.00 
30.00 

100. 00 

88.20 

30.00 
8.40 

30.M 

lK-oa 

50.00 

50.00 
in. 00 
40-00 

30.00 
30.00 


1977* BQEDaaEJ ELECTRIC WHU3 
100-00 6.37$ 30/ 9/199= S 

1477* XTO-YOr.UU 

100.00 6.00 31/ 8/1992 82330 

\I977* JVSCO IDS 7/8 

1 DU. 00 b.OO 20/ 2/1992 

1477* EAO SOAP CO 

IDO.OO 6.00 30/ 4/1992 -3 

1464 KOMATSU HAWFACTOUM; 

100.00 6. =5 30/ 6/1984 E 

1475 E0MAT9C LH> 

100.00 7.25 30/ 6/1990 5 

(47h KUBOTA 

IM- 00 6.75 15/ 4/(971 8 

1974 MAXDI 

100.00 6.50 3J/-J/I99I 

1775 KATSUSarU ELECTRIC T5D 
10Q.00 6.75 =0/11/1490 5 

1975 HnSCBtSE ELECTRIC 

100.00 7-50 3]/ 3/1991 £ 

1477* HnSDBSn Gas cu» 

100.00 6.00 30/ 4/1992 S 

(976 HRSUBXTHX HUTF IVD 
100.00 6-50 31/ 3/199L S 


2M 1/4- 
J5H 
138 
J» 

1(7 3/8 
=9= 

IM 1/2 
950 

157 l/« 
7(0 

217 

199 


■» 5/8 
1U 


1=3 

1*0 


.1977* WXSDBISHX MRIORAnW 
100-ro 6.00 31/ 3/199= S 


104 3/8 
4*0 


(975 HTTCTmiSUX COPPOSAIKM 1*5 
100.00 7.50 30/ 9/1990-3 460 


1- 34 
=.51 
3.54 

2.51 
5.72 
1-08 

\--Vi 

5.51 
l.SZ 
4.7. 

-51 

2- 5= 
1-S9 
5.7i 
2.57 
5.83 
2. St 
4.63 
1-05 

4.34 
l-4( 

3- 49 
1.26 
tr-tB 

1.51 

5.35 
*■59 
5.83 
1.41 
5-=* 
i-«6 


<0 

101-50 
5.16 p=-76 
104. M 
4.63 1.51 

104.50 

S.04 S3. 14 
- 104.00 
3.54 <0 

104.00 

<0 

101.00 

4.33 <0 

105.50 
4.99 «n 

105.50 
2.7= <0 

■05-00 
1.71 *0 
105.25 


19*0 


so 

1918 


to 


105.50 

G.=A 

- 106.U 
4-23 <0 
106.00 

5.62 75.M 
104 MO 

■3.15 <0 

104.00 


60.00 

3407 

50.00 

41-36 


20-00 

1.72 


1976 Krr'roBisni cokpouttcm 
100.00 b. 75 31/ 3/1991 S 

1975 Hrmn t co 

100.00 7.25 30/ 9/1990 S 

147* HZZ3UI 6 CO 

IDO.OO .8.25 31/ 9/1989 S 


129 3/8 
.*» 

IM 1/4 
357 

177 i/a 

357 


5.39 

1.41 

5-69 

1.96 


4-70 

1-96 


3-89 <0 
■ 104.00 
4.26 «0 

106-75 
1.07 <0 
107.50 


15-00 

15.00 

10.00 
B.75 

so.oo 

=0.00 

20.00 

20.00 

10.00 

20.00 

25.00 

25.00 

25.00 


20.00 

=0.00 

15.00 

U.M 

10-80 


ao.ro 


is. 00 

18-50 

15.00 


25.00 


1978* ALLIED BHT3TTIE5 
99-50 10.75 15/3/1930 

197= ARDCO IDT FIN 

96.00 8.00 1/ 3/1987 

1978* ernoKP o/3 ns 

99.50 10.00 J 5/ 3/1993 

1977* enrRTUTTJW 15t FIS 

99.00 9-75 15/12/1969 

1977* BOUHEAM COAL 4 STEEL 

100.00 9.625 1/12/19*9 

1978* EEBDriAit- STTESTHE5T BASE 
100-00 9.75 15/ 2/1388 

1977* EUROPEAN XSTCSdOET 8JJCC 
99.75 9-7$ 15/12/1 JK 

1977* miLCC FOR XSDU3TET 

59.50 9.75 15/1^1987 

1973* n£t5CE ns EJKL7T1V 

100.00 10.00 15/ 3/1989 

1977* ruoss TLT PE 
10O.ro 10.25 15/13/1987 

1978* 1X4 DTL &DUSGS 
100.00 10.00 1/ J/1988 

1978* HRiTUZ ElmSTJSU ISC 
■MO. =5 10.35 15/ 2/1588 

1978* BEAB3 TLT FBI 
100-00 10.35 15/ 3/1368 

(977* TOTAL oa HUIKE 
100.00 9-125 1/12/ im 

SPECIAL D8AUILG R1GUTS 


95 3 li 
16 5/8 

95 1/2 

94 7/8 
* 1/2 
97 7/S 

96 1/6 
S3 7/8 

95 3/4 
99 

99 

95 1/8 
95 1/S 
95 1/8 


ZI.9G 

9.M 


10.90 10.70 
10.98 


11.66 

10l.» 


9.08 

5.94 


8.55 8.SS 
8.75 


14.96 

S-76 


10.61 10.47 
10.92 


11.71 
8.30 

11.67 
9.04 
9.88 
7(84 

14.71 10.2A 10.13 


10.52 10.28 
10.66 

10.13 9. 97 
10.23 


10.09 9-M 
10.15 


100. =5 
11.33 
101.00 
11.45 
101.50 
10.85 
lOt. JO 
10.48 

iot.ro 


9.7110.4110.17 11.49 
7.71 10.54 101.30 

10.96 10.67 10.44 
8.90 10.76 


101.75 
9.71 10.40 10.35 >0.76 
101.50 


9.9= 10.84 10.53 


101.00 
11.85 
101.50 
11.81 
101.50 
6-67 10.15 9.59 11-13 
101.30 


9.88 11. OS 10.78 

7.98 ii.ro 

9-88 11.05 1 0.76 


60 .50 

1983 DFL9BS 

30 .50 

1980 DM974 

30 .80 

1984 DP1979 

45C -50 

198= DP1978 
28C .65 

196= DFU7B 
3dC 1.25 
1983 DPI 979 
30 .98 

1937 FFI97* 
AS 1.00 

1981 DP1979 

45 .72 

1982 US 1581 
4S 

i9sa 

30 

1962 

45 .60 

1533 SP1980 

45 

1963 

3D 1.50 
1361 Ff 1574 


FC- ED 


u 


pc rh 

LX 

?c ur 

LN. 


348 «** 

456 901 960 975 


= 0.00 

12.38 


1977* HZISirr REAL ESTATE WF 


359 35 901 935 9*0 
947 960 965 310 


15.00 
14.69 
10-00 

10.00 


PC EU 
LX 

318 “■ 

EP ED 
LX 

359 “* 

t.P Btf 
LX 

359 *** 

BF ED 
LX 

517*** 

liP ED 
LN 

359 *** 

ST Sff 
LS 

339 *** 

re ED 

Hi 

335 •** 

re xd 

LX . 

235 *** 

re nr 

L3 

35* *** 

re id 

315 *** 


35.00 

15.00 


3O.S0 

16.82 


3.09 


100.00 b.00 30/ 9/1992 

1977* HUTU FLECIRTC CTHISr 
100-00 6.00 10/ 5P/LW2 S 

1974 PI08KSR ZLECTRCMC 
100.00 6.25 30/ 9/1989 

1976 UCOU 

100.00 6-25 10/ 9/1 m s 

1076 Sism tizmic 
1QD.OO 6.25 10/11/1991 6 

197$ SAHItl ELECTRIC 
100.00 7-50 30/11/1940 3 

1977* SEJTCH PAmaaARO MfG 
100-00 b.375 30/ 9/1992 S 


sti.na 

18.70 


-1977* SUHTOTO EBECTEIC OD _ 
100-00 6.00 30/ 9/19 U S 


143 s/a 
62t 

IK 3/4 
670 

727 3/8 

UH 
IK 3/8 

»“* 
ISO 3/4 
:u 

10* m 

AM 

H7 in 

=50 


4.2= 
-60 
5-70 
■ 56 
2 -t.3 
1.35 

3.89 

-77 

4-W 

2.48 


2- 43 --0 

104.00 
5-40 R4.69 
10—00 
<0 

104.00 
1.23 <0 

104-00 

3- 5* <0 

204-00 


4*19 

3.49 


<a __ 
104.ro 


u 

PC £0 

u 


93 *** 


30.ro 

».W 

15-00 

=.00 

15.ro 

15. M 

50.00 
50-00 

30.00 
25.4Z 


1R76 Sffifirmo heial 
10o.ro 6.D0 31/ 3/1992 s 

l»63 TAKEDA CKQTUAL IDS MO 
100.00 6.00 31/ 3/1986. B 

WIT* UMBU TOT STORE 
ina.oo fa.ro 31/ 7/1992 fi 

1977* nsmsA 

100-00 fa- =5 30/ 9/1992 5 

iws rasam ‘ t 

100-00 6-7$ 30/ 9/1990 S 

oaragaiasHu nmM B g 


911/4 

102 


6.19 
1-00 
4.1 1- 
•89 

£-54 


6.00 76.0] 
10A.00 

2.28 o3 

104.00 

6-57 

110.00 


801 

3W 

1=5 3/S 
455 

127 l/B 
146 

151 1/2 
140 


1-49 

1-92 

4./4 

•$6 

4.M 

3- -2 

4- 51 
3.42 


■00 

1C2.ID 


3-75 <0 

nu.ro 


3.3$ <fl 
104.09 


2M 

103-50 


30 -3-44 BSH9.3 80 EO 609 *** 

1979 1/ 4/1976 LX 

30 -4.27. TEH 4U7 KP tO 501 *** 

I TOO 1/ 5/1977 AH 

30 -7-46 ZES 180. 3 SP a 399 51$ 9=0 960 

1978 It 5/1971 IX. 964 

20 -2.n ronoto.7 spjnr«3*** 

1919 1/ 9/1976 LX 

45 -l.HTZS.S4l » ED 1S9 5IS fl!3 91S 

1979 1983. 1/8/1976 LX 9U 96= 964 

975 

-3.73 TW ’ 79.8 HP CO 346 515 9J5 943 
1/1J/I9M LHUC 960 9fa4 

30 -4.40 TEH, 191. IDLED 399 $15^2 2? 

1978 1/ 1/1970 LX 943 9«0 9fa* 

30 7-64 TEN 231 NPA3 3M913 

19N 1/ 1/1970 SI 

M 1.51 TCTI44* Ig HJHT 418 
I960 DPI 935 30/ 9/1977 AS 
4 5 4.22 TER 188. 7 -FP ED 316 •** 

1/ 7/1977 U 
6-22 US 7M 

J/IB/19TT LX 

-5.51 TEH =(£ W. ED 350 5(5 915 J12 
197= ‘ U 9/1969 LX 943 960 964 

-1-14 TES 348.7 508 87 454 *** 

1983 30/ fa/1975 AS 
-4.*4 TEH 336-4 DL BY 485 *** 

, 1984 lit 3/1976 AS 
-1.79 YW B97.H HP ED *63 ■** 

1/ 7/3976 LX 

-3.39 TCT S9S-S " DL HT 451 *** 

1983 =0/11/1975 NT 
-8.43 TBS U6 UL ED *68 *•* 

1/ 1/1976 LX 

14. so YES. -IS HP EO A63 *** 

1/ 7/1977 LX 

-2.07 TEH 154 CL ED 456 *** 

. 31/ 3/1976 LX 

-8.10 TEH 327.6 SP EO 463 515 «3 MO 
U 7/1973 LX . . 935 9« 943 

96* 

-3.38 ECS 467.6 UL ED 4S6 *** 

11/ 3/1976 LX 

-A.I6 TEH 35S.7 HP IK SB5 •** 
190.30/ 9/1925 55 

-9.01 TKJ 545.2 PC HT 495 10 515 N=0 
1982 30/ 9/1916 AS W$ 913 960 

‘•fc* 

-.30 tB 502. ■ HP ZD IDS *** 
1/10/1977 U 

TEH 246 KP ED 465 •** 

1/ 9/1977 LX 

-5.65 TPS 790 HP E8 463 515 9M 95* 
U 7/1974 AM 9U 9M 964 

•17 TEH.j49.l_ FP SB 463 
1/12/197* LX 

-3-« TEH 239 HP EB 396 *** 

IK? 1/12/1976 LI 

-£.23 TOM (71.8 IT* XD 396 515 913 420 
• 1991 1/(2/1975 U 915 969 9*4 

-4.JJ TEH 452.7 BP ED MS SIX SW 
1/ 2/1911 SfL* 

-=.?(} TEH £3 BP EO 396 *** 

1982 LTUV1977 LjSSI 
1.27 ZBD (4* SPED MS5JSJ1? JJJ 

1983 l/U/1976 LX 8*. 575 

-3.M TW.IK-L SP EC $56 515 9» SJ5 
. U72 1/ 7/196$ ISLX 960 96* 

-3.10 US «3 SP Kf 48J «*• 
*1/10/1977 LX 

-2.20 TEH 129 Iff ID MS *** 

immm ix 

-2,25 tXH 1=6 SP ED 518 *** 

1/10/1975 MIX 


33 

1978 

TO 

1979 

45 

1979 

TO 

1978 
10 

1979 
45 

1980 
30 

1979 


45 

1978 


30 

1979 

30 

1970 

30 

1978 


30 

I960 

45 

1980 


1978 


AS 

1980 


30 

1951 


30 

1980 


30 

1981 


30 

1980 


30 

HIS 


30 

1970 

45 

1931 

an 

1930 

TO 

1981 


SO.OO 1975 AL0SDU3CKT 

tao.oO 9.00 is/ 6/tKD 

sa.00 1913 ELECTmene os tuuc 

10O.M 9-00 17/ 7/1989 


101 S/3 2-51 B-14 R.S6 30 

102.00 im 

5-3D 8.7$ 8.91 8.67 75 

101. 00 1960 


101 


40-00 .197$ 5S5DEH EITfcrtiE.T «« ?C 100 7/S 8.72 8.92 30 

40.00 100.00 9.00 U 7/iMJ —73 **iu 102.00 1979 


K UI 517 5=0 U5 97 S 
LX 

CC EO 30 £10 MO 805 9/5 
LX 

10.110 NP UI 317 5=0 733 805 975 
19 79 L S 


25.00 197= CENEXAL SHOPPING 
S5.D0 1U.« 5.5s 1/ 9/1K7 

ca3vansL r s-,TTxaisLAme 


300 3/4 
175 1/1 


la 5-14 30- 

10$-ro 1978 


. 8D16I 3/8 HP CO 361 9G0 975 

1/ 7/1973 W 


Sfl.00 1969 ABO _ 
30.00 la ILM 4-73 


35.00 1964 ASH) BAST 

23.00 100.00 $-50 


U 1/1989 
1/ 1/19W 


7S L/i 
ZL6 
364 5/8 
71.7 


£.60 0.49 JJfl Z4S-37 ntlll.l W ED SS7 *** 

U3.ro JW»Tw. 1/9/198*®* 

0.30 13Z.25- 1070 Xm J / 1/1970 U «=«»»<- 


?5.mi 1977* EB1I4 
= 5.00 100.00 7-2S 


is/ mm 

15.00 1969 G15T-BR3C1DE3 

15.00 100.00 $-7$ 1/ 1/1989 


117 1/2 
■lit 
SI Sf* 
35-1 


W M . iSd*15B : -S^^5 0 ZZZ Mi 

<.« 8.13 » S»z» ». ?*_ » 30 £ M? SSo 

6-2/ 203-59 1014 tm ll 1/197** « 


*n.(m itor aaocityr.KS , S'W 

30-50 lro.ro • 5-35 1 / 8/1968 -£Lfa 


940 980 375 

fcS * A ?SR M 1 »SS’ 5n .“ 







































con vwrfrii jrt ^m a ttuwn flawn roan 



-».» im SA.X. - - 

VMK1TO.00 .. 3.73 If 7/1*08- 
■ 10.00 1*69 MM WB MgwaM BAW} 
S.W 1QO.OO . 6.58 . Syu/IHK 

100.00 -186a.JKiT.tiia ryn tt • 

«UU0 lOCUOO 4.73 30/ 6/1983 

. 1 £s ! ia 5 M '“a"*K ul » 

CWTOKrmWMinauMS ■ 


97 3/4 5.80 6.05 
M7i* - 1 0S> DO 

3W‘ 1.77 <0 

167 . 5.J8 ltJJ. 00 

« 3 h t.n 3.57 
SS.b 8.20 101.00 

ill 4 * 22 <0 ■ 

142 . **47 IE. 50 


M 3.75 H.32S PS ED 337 •« 

1978 1079 1/ 1/1969 him - 

30 I-S.J5 PL Sill SD ED 43 35 S20 £01 
1976- UJ5 1/ 1/1871 48 606 610 940 

960* 

30 -3.85 PL 42 1/2 SC 80 346 «"• 

1978 1/ 1/1969 AM 

30 -4.84 TL 113 _ SO ED £30 35 520 601 

1S78 1975 l/l 2/1969 4S M2 M6 610 

940 960 


■5ff« I j3 I1M i & «*•» a*jrs»" 

££iSio* , s s r , )^5i&-- i* iSiS.e.a jg. »■“ rj “ 

.t Mwtau i mam'' 


SUMITOMO FINANCE 
INTERNATIONAL 


MARKET MAKERS 

Specialising in 

Japanese Straight and Convertible Eurobonds 


STRAIGHT BONDS 


CONVERTIBLE BONDS 


Current 
Parity Yield 


30.00 1971 FA«n i prfui^rmlr rpg p 
20.1710D.0Q 6.50 j/VMt 


W 1/6 6.56 11.20 qp 

.8 101.00 1978 


6.45 BS 5 7/8 HP ED 346 800 933 960 
V 9/1971 IN 975 


ivviW 126 W * 5'$5 <>M ” 10-13 SB MS. DP ED 315 33 BOO 932 

w “**' *? a W 3/1981,. » ..2.23 104.00 1983 ... 1/ 1/1978 LU 935 940 960 

tamnA«ranW:- . 575 


(0-00 1169 
"Mi . do Ids- do 

100. 00 H76 

100.00 100.00 

64.00' 1976 ■ 
' 64-DO 160.00 

ttSiiEB 

108- OB If7S 

.39.23000. 00 


lUEtnasE UT ’■> ^s 1/6- 

4.75 1/ 3/1987 v 067-37 


UBQZ mum 101 7/8 

■ 4-75 31/12/1888 . MM 

“"Urgrasss 

nn» auttaartonx) "-" lM- 
3.00 13/ 3/19H . :3U9 

O0KRRUIKCH7sC. 


*■01 3.73 PJ.22 


104*00 197J- 

W 

104.00 1 979 
*■0 30C 


„ . W ED 16 39 800 805 

V 9/1969 LTB3 SbO 940 960 
973 

-*■43 SP11J5 W -D 317 IS 800 805 

10/ 1/1977 LX 93S 940 A>0 

975 

SF38M . T.F a 517 35 6W 803 
-31/10/1177 LX 940 9bO 975 


.£» „ 3ft. -3.66 872140 
104-00 1983 1/ b/J 


■dl 30 

Ufl.M 1979 


-3.66 SF2940 HP ED 165 .33 520 600 

U b/1977 LX 805 870 935 

-«-» 801290.63 IIP EV 165 ^35 MO M 
1/ 6/1376 LX 805 870 935 

94D 960 975 


33.00 1977* MJUOCK mn'ip 

' 35-00 loo.oo 7-(» is/iQ/mr 

30.00 1977* MBC84H PUT 

30-00 100.00 6.73 13/ 9/1993 

70.00 1958 XBBfU OIL 

38.28 100.00 3.90 1/10/198* 


79.00 ' 3972 8B30R B.T. B 

32.32 100.00 3.79 1/10/19*3 

. .10.00 i»77. caimua ano ' 

8.00 100-00 8.30 1/ 4/1907 

MMO irfTn XCX ZKF FUf ' 

■100.00 100.00 6.73 1/10/1997. 

-. 33.00 1977 XSaUKCSlUSiu) . 

24.73 100.00 .6.73 ■ .13/ 4/1142 8 

n.oo 1973 - un minmrrnr 

. 35-00 100.00- 4.25 15/2/1993 : 

20.00 1972 8UXCX UALKET 187 Fill 

: • j6.ODJIH.00 ... 3.15 ’13/3/1987 

QDRmTBLHM.8. ' 

is.® iMO nM Mo wAwnmur nr 

.-11169 100.00 4.73 1/ 3/1980 

12.00 1972 imp nmmra nor 

■ 11*27 100-00 6.00 1/ 8/1987 

10-00 1*8 4H8AC XSt "• 

7.88 100.00 5.50 13/11/1963 -ft 

30.00 1988 AMXUCAV CAS 782 

30.00 100.00 8.73 13/ 3/1908 3 

80.00 1972 JBOHDUf XXPU9I 0/9 

40-00 100.00 4.25 13/ 5/1987 

33.00 19ft JBBIQW USUAL SET 

29.00 XtKLOO 3.50 13/ 4/1992 

■ -10.00 IMF. '4hSKZCM KEHE4L IFT' 

10.00 IDO. 00 7.00 1/ 1/1*90 S 

■ 25-00 1972 AUR2CAF WTORS 0/8 

16.09 100.00 '5.00 1/ 4/1992 

50.00 I960 JUE61CU WftAffiO Off •' 

17-00 100.00 5.25 1/ 8 /ISM S 

30.00 if 72 MB ■' 

30.00 IQo.DO 3.00 - 13/ 9/1987 ~ 
ao.M 196* Majman 

J9.fi 100.00 3.00 13/ 1/1988 

15.00 19Cft -MDBS T0BX6 3BT ' ' 

13.00 100.00. .3.23 I/ 7/19A.S 

20.00 1964 EUKEKS Oft - (10X1 . 

12.40 100.00 3.00 1/ 6/1988 8 

25.00 1072 nUUCB POODS O/S- 

25-00 100.0ft 4.50. 1/ 9/1991 / 

25.00 im msEtra ran* o/b . 

22.03 100.00 4.873 13/ 8/19SS 

25-00 1971 mZCtCB 10009 0/S 

24.96 100.00 " EHv 1/ 8/1991. 

20. M 1970 UIXIUCB 30008 Q/S 
9-2* 100.00. 7.29 ■ . 4/U/19W . 

30.00 1)72 atUU O/S CAP 

30.00 100-00 3-00 11. 9/1992 - 


94 1/2 7.41 7.61 

213 7.00 5.10 104.00 

93 5/8 7-04 J.;. 

M0 4-j.O 11.80 104.00 

n 3/8 5. IS 6.48 
* 992 4.50 102-50 

34 3/8 10.57 12.82 

214 . 2.00 103-00 

.10* 7.80 7.11 

■ 9k 3-70 7.10 104-00 
86 3/8 7.78 8.12 
'.356 7.00 7.00 10*.00 

-109 1/8 6-28 3.87 *1.79 
3*7 5.90 9-50 7 04.00 

97 3/4 7.36 %rs 
-28k 5.U0 b.30 101.50 


109 
■ 96 
86 3/4 
"356 
JM 1/8 
8 387 


-2.18 f 129 

17/ 4/1978 
.-2.88 P 699 

-25/ 9/1978 

-1.85 P 434.4 

1/ 4/1970 

23.06 T 258 

2/ 7/1973 
-£.20 p 90 

1/ 4/1977 
4.84 P 660 

It 5/1978 
.06 P 185 

15/10/1977 


PC CO 218 
III 

PC ED 316 35 
IS 920 

950 

UL CD 32 7 35 , 
UU UBS 935 1 
9*0 

PR BO 94 310 I 
L8 975 

BP ED 436 BOO 


F MM 

16/ 2/1974 


F 313 
U 1/1973 


Pr. ED 359 *** 
IS 

7C ED 298 75 
LH 920 ' 

9*0 

NP ED 346 J5 , 
LB 915 > 

1M 1 

rc ed 3bi mo ! 
LB" 973 



iffl 



QH 



nn 


| 



P , ' ! p/ ^ ^ 


Nippon Mining 73 1982 
Nippon SteeL fit 1580 


Orient Leasing 8} 1984 
Sbowa Line 9 1981 
Sumitomo Heavy 73 1984 


Toyo Kanetsu 73 1982 

Toyo Menka 73 1982 96 

Y.S. Line 73 1984 95 

(Deutsche Marks) 

Asian Dev. Bank 7 1985 106 

Kobe City 6± 1987 107 

Nippon Kokan 9 1982 105 


PJFrfTT»fi?M 


epnone: 

Telex; 8811043 SUMF1N G 



\ ' (VS. Dollars) 

7.47 lAsahi Chemical 61 1990 

Asahi Optical 6 1992 

Dai’ei 6 1991 





Kao Soap 

6 1992 

Komatsu 

7! 1990 

Kubota 

62 1991 






13 

1.2 

— 

1.1 

I 

IS 

1.3 

— 1 


—1 

w 1 


Sumitomo Elec. 6 -1992 

Tokyu Dept. 6 1992 

Toshiba 63 1990 

Toshiba 6} 1992 

(Deutsche Marks) 
Asahi Glass 6) 1986 

Ci 
Ji 
K 
M 



66 Gresham Street, London EC2 7EL 


euters Monitor 
ATBD Market Maker No. 962 


.75 1/1 6.29 8.45 
. 27 1/4 .87 102.50 . 

75 7-M 0.48 

00 3/r 3-20 19-00 IW.90 
14X1/2 3.84 <0 

46 3/8 ‘2.79 12.00 101.00 


S 3/8 3.64 £.68 

1 tl 7.20 7.00 101.73 

S l/B 5.H 6.79 

3/8 4.32 9. DO 103-00 

- .6.71 7.63 
3/8 2.84 9.00 103-50 

I ft 7.M 8.36 
/• 2.84 9.00 1(0.50 
W8 8.04 9.32 
7/8 44.00 104-00 

4.28 2.60 -D 
4/> 7.67 B.QO 102.00 
3/4 6.60 8.89 
y* 7-63 8.00 103-75 
5. 75 6.86 

3/8 7.31 3.00 102.30 


.30.00 mt 

30.00 MO- DO 

19.00 1963 

15.00 100-00 
35.00- 1972 

-29.09 100-00 


lOlDO. I960 
9.50 100-09 

as.i» 1973 

23.00 100.00 


unm a/s cap. ■ >■ 

. fc.75 13/. 7/1991 

ausTDirium m. ■ 

■4. SO 31/12/1980 9 
iPOUBMP-aiU STORES 

■ 4-75 15/ 6/1987. . ' 

MORB 4c 184X7* ' 

■ 5-50 .1/ 3/198* 

C48M6TUNI 

4.00 14/ 1/1988 


ft 3/8 " 7.09 9-17 
3ft 50-00 5.00 102.25 
•*1 ; 5.57 6.54 

'351/4 8.91 7.00 102.00 
46 3/8 4.77 5.06 . 

‘ »' 7/8 ;4.S2 10.00 102.50 

.106-3/8 6.58 4.30 .4 
33 7/8.4.52 10.00 102.10 
lit 5/e 3.65 5.13 <0 
-.23 7/8 - 4J2 10.00 104.50 

1S» 5.48 3.94 '.a 
a l/s. 4.52 10.00 104.25 
100.3ft 4.98 4.96 
204/4 5.43 7.00 103.00 

105 9/8 SM 6.14 <0 
28 3/* 5-43 7.00 101.50, 


3D 

-1978 1M> 

30 70-45 

197B 

60 -3.15 

1978 1976 

3ft 33.19 
177B 

30 34.03 

1978 

30C 82.44 
1974 DPI 983 
30C 59.60 

1978 BP1981 
• 900 14.61 

1979 1983 

30 -2.1* 

1978 

30 143.57 
1978 

30 27.12 

1978 1919 

30 104.15 
1978 DP1979 
30 54. M 
1976 BF1976 
30 10.08 

3978 19B2 

» 1-36 

1978 

3ft 5.99 
1978 1981 

30 -2.97 

1978 1980 

30 9.98 

1978 


» 3/6 3-43 7.00 103.50 

101 -ift 4i48 3-96 <0" 

29 7/8 4. D8 -11.00 100.00 
ft S/4 3.96- -7.M „ 

16 1/8 6 JO 7.00 102.30 


77 3/4 7.* 8.98 

12 J/e 4.7$r 8.0b 103*00 
' 77*9/8 5-15 7.27 
2^ 1/8 3.98 ID. DO 101.50 


30 -2-32 

1978 

•ft 105.23 
1978 

30 80.73 

1978 DP1979 

301 " ' 

1979 


|D » PC ED 4S 35 BOO “IS 
1/12/1 MB 91TLX 940 9M 973 
SO 44 -1/2 PS XU (49 35 BOO 93S 
1/ 3/1973 LX 940 96Q 97S 

8U 31 1/4 PS SO 315 35 800 940 
13/11/1969 UTLX - 960 973 

*0 M 1/2 PC ED 436 33 800 *19 
1/ 5/1969 LSV 940 960 97S i 
80 60 PO ED 456 35 520 BOO 
13/ 5/1973 LX 870 97S 940 

960 975 

90 47 PS ED 359 35 BOO 935 
13/10/1972 U HO 960 975 

80 37 PS ED 359 35 800 935 
15/ 7/1970 LX 940 960 975 

«U 7 1/2 PC ED 234 35 800 935 
1/10/1972 LX 940 960 973 

80 36 PC ED 456 3 5 800 MO 
15/ 5/1969 LIST 960 975 
$U 52 1/4 SO ED 445 35 800 939 
1/ 6/1973 UT 940 960 975 

60 40 PC ED 447 35 520 BOO 
1/ 8/1969 HSU 870 935 940 
947 960 975 
ID .54.17 PO ED 361 35 800 MS 
15/ 1/1969 HTLX 940 960 975 
60 60 PC K 447 35 880 935 
1/12/1967 8 TLX 940 960 975 
$0 28 FS'QJ 437 35 520 800 
1/ 4/1973 LX 870 935 940 

947 960 975 
<D 22 3/4 PS BD 488 860 935 947 
1/ 4/1974 LX 960 975 

60 22 in PS ta 437 35 520 870 
1/ 3/1972 LX 935 940 947 

960 975 

ft -17 1/2 PC EO 437 35 935 940 
1/ 7/1971 LX 9 m> 97S 

90 31 1/2 PG ZD 456 35 520 800 
.1/ 7/1973 LX 870 835 940 

9*0 975 

SO 28 3/4 ra ED 436 35 520 BTO 
13/ 4/X972 LX 935 940 960 

«8 28.3/4 PO 10 447 800 940 

W 6/1966 mx 960 975 
80 41 1/2 PS EO 235 35 520 800 
15/ 6/1973 LX 870 935 940 

960 975 

SO 29 1/S re ED *47 35 800 935 
10/ 9/1968- LX 940 960 975 

60 104.017 SlI EO 488 35 530 BOO 
1/ 8/1973 LX - 870 935 940 
960 975 



All these securities having been sold, this announcement appears as e matter of record only. 

Citicoip, Overseas Finance Corporation N.V. 

(Incorporated with limited liability in the Netherlands Antilles) 

£20,000,000 

10 per cent. Sterling/U.S. dollar option Guaranteed 

Bonds due 1993 . 

Unconditionally guaranteed by 

CITICORP 

O 

S. G. Wafburg & Co. Ltd.. - 


7.90 1969 CjJomat 0/» 

7-50 190. DO 6.00 2/12/1989 S 


12.88 I96B CSKSRHO«B~«Mttf. art 
10.30 100-00 . 4.73 ' 31/12/1983 
' 25-00 1969 CBBSSDUBQO-KWS TBT 
23.20 100-00 .6.25 ' LW 12/1984 

50.00 IM* axrfta* oll d/s 

23.92 100.00 . 3.00 1/ 2/1988 

40.00 1968 GBHUBI O/ft 6XP 

60.80 100.00, - 3-00 V 2/1988 6 

60*80 1*68 (OKOHJK O/J CA? 

W-00 100.00 . b-79 13/ 3/1988 S 

12.00 1968 %nr IFT UP 

, 12.00 100.00.. 3-75 1/12/1988 S 

-3D*oo im* cowgsoi&in o/s 

30.80100-00 5.75 1/ 3/19*6 S 

25.00 Z96I aanramu. wlephdsb 

"23-00 100.00 . ,5.50 1/3/1988 

15-w ,1«8 'ooKwksBsk nrr 
. 14-00 100.00 .3-Oft II 4/1988 

20-00 .1968 DtmiBfi' nt ri¥ ' 

OrW-laonn 5.00 1 / s/zfbb a 

15.00 1471 auras JW P,W 
-13.00 lOCWffl 4.25 . .1/10/1986 9 

20-00 1972 UKR - - 

2CLOO 100.00 5.25 - l/12/UBt 

■ 20.00 ion un nwraiEs 

20.00 100. QO 4-75 15/ 8/1967 

15.00-3969 ftKTIBnUTIHU < 

15.00 UHL 00 3. ft 1/ 3/1989 

8-50 1MB .BTCEURWS MT 

"* ' 8.49 100.00 ,'5-to. 1/3/1988 3 

20.00 1968 nausacBM I« 

18- 39 100- Dp ' 5-50 15/ '5/1988 3 

-30.00 1968 E4SDUV IDMX IFT 

66.02 180.00 4*50 15/ 5/1988 3 

KUH 1972 E&SDH.m.xm -. 

25.00 100.00 3-00 1/5/1987 '. 

15. 00 W72 X-L. nmSRXTTGKM. 

13-00 100-00 4.75 15/12/1987 

I3-M . 1968 nxcnanc (amiu " 

13.50 100.00 . -5-50 15/12/1*88 . 3 

20-00 1976 Fiftamj Cjum/UBT 

20.00 100.00 3.73 1/U/H9I 

20-Dft 1963 XO> OBPt mm* IFT ■ . 

19- 98 108.08 4.30 15/12/1985 • B 

. 3o.no 1972' nmu cat 

30.00 IDO. 00 3.00 .1/ S/1592 

60.00 19SS TIlESTnrt 0/t FW 

59.02 lOKOO - 5.00 ' 1/ 3/19B8 

WJ.DO • I960 MBB-X8IC6F- 

38.80 100.00 5-00 1/5/190 S 

79-00 1973 no nr 138 -- 

73.00 100.00 5.00 13/3/1988 .. 

30.00 n?i irons or. 

sa.wua.ao *-» is/ Him 

».« im' EBBB6L EZKmin oft" , 

50.00 100-00 4-23 13/ 6/1387- . 


87 3/8 6.98 7.60 - 30 69.05 *0 29 PS EH 404 33 BOO 933 

J7 4.71 7-00 103-50. J97B DP1979 31/ 7/1970 U 940 Ml 975 

98 5/8 4.82 3.03 - ’ 50 6.80 «U 24 1/2 PC BD 447 15 800 935 

22 5/8 4. U 12. 00 101.73 1978 »W 977 1/11/1989 LX 940 960 975 

im 7/8 5.85 9.01 <0. ' . M £U 16 3/4 PS ED 447 J» MO 9J5 

, 22 5/8 4-15 12-00 103.50 1978 BP1977 15/ 9/1970 UC 940 960 975 


Amsterdam-Rotterdam Bank N.V, 
Banquede Paris et des Pays-Bas 
Credit Suisse White Weld Limited 
.IBJ International Limited 
Westdeutsche Landesbank Girozentrale 


Baitque Bruxelles Lambert S.A. 
Commerzbank Aktiengesellschaft 
- Hill Samuel & Co. Limited 
Morgan Grenfell & Co. Limited 
Wood Gundy Limited 


Algemene Bank Nederland N.V. 


123 5/8 4.04 4.29 <0 


30 —56 $D 31-07 PC ED 238 35 520 BOO 


38 3/8 6.21 6.00 180.50 1978. 1979 1/ B/1968 LX 970 935 *40 

' 947 MO 475 

72 . 7.07 -9-S5 • 90 SD ■ 62 TO EO 359 35 520 BOO 

It 1/2 8.70 6- Oft 101-50 1978 BP1979 15/ 8/1968 UB» 870 935 940 

947 960 975 

70 7/8 6.B1 9-43 ■ . • . to W 731/2 PC EO 361 35 520 BOO 

11 1/2 '8.70 6.00 101-75 - .1978 DKL979 15/12/1968 BTLK 870 93 5 940 

"• • 94 7 960 979 

49 12-08 16.4ft ■ ' " 30 BD ft 3/4 FS BD 401 35 235 9M 

102.73. 1978 1979 15/ 7/1969 AS 94 0 960 973 

3 1/2 31-76 ^ 30 SD 23 7/8 PS EO 229 800 977 

1 02-73 1978 1976 1/11/1969 LX 


Bache Halsey Stuart Shields 

Inooxpowad . 

Bank of America International . 

Untiled" 


A. E. Ames & Co. Amez Bank 

Lixoiled Limited 

Banca Comm er dale B al i an a 


Amhold and S. Bleichroeder, Inc. 
Banca Nazionale del Lavoro 


Bank of America International . Bank Julius Baer International' Bank Mees & Hope NV 

Limited" Limited 

The Bank of Tokyo (Holland) N.V. . Bankers Trust Ihtematioxial Banque Fransaise du Commerce Ext6rieur 

• Limited 

-Banque Fransaise de Depots et de Titres Banque G6n6rale du Luxembourg S JL 

Banque de l'lndochine et de Suez Banque Internationale a Luxembourg S.A. Banque Nationale de Paris 
Banque de Neuflize, Schlumberger, Mallet Banque de Paris et des Pays-Bas (Suisse) S.A. 

Banque Populaire Suisse SA Banque de I'Union Europe enne Banque Worms 

Iim a rifl l)^IUg 

Barclays Bank International Baring Brothers & Col, Bayerische Landesbank Bayerische Vereinsbank 

IfiFn ilftd Gixozentxalc 

Bergen- Bank. Berliner Bank Berliner Handels- und Frankfurter Bank Blyth Eastman Dillon & Co. 


84 l/B 6.94 7.86 


SO. 41.79 «D 26 3/4 PC Vn 38 35 520 800 


15 7/0 7-31 9-00 101.00 1978 BP1979 -1/ 4/1969 8 TLX STD 935 940 

960 975 

76 3/4 6-51 8.53 , » SD 1S9.M PC EO 361 35 WO 915 

24 3/4 1-01 7-00 102.375 1978 071983 15/10/1*6 KY , 940 975 

IOC 1/2 5.04 5.8ft 30 2.73 $0 34.16 PC ED 411 35 600 940 

35 3/8 4.75 4.00 101.30 1*78821979 1/ 5/1969 STLX 960 973 


9X1/4 6.89 7.64 ■ ,30 

35 3/8 4-73 4-00 M3-30. 197B. 

63 8.33 11.88. ?• 30- - 

6 7/9 2-"i - MS. 00. 1978 

78 5/8 b-06 8.08 30 

44 4.55. 12.00 102.50^ 1978 


06 7/8 6.33*7,28 .-to 21-17 

29 3/8 2-04 11. W 102.50 1)78-071980 


47.34 GDI 58 1/2 PC 221 4U 39 520 870 

30/ 6/1972 LX 915 940 960 

975 

|U 72 3/4 SD ED 361 35 800 439 

1/ 7/1973 LR 940 960.975 

76-91 fO 99 ED ED 667 35 MO 870 

1/ 9/1973 LX 933 9*0 W 

960 975 

21-17 to 60.97 P9 DD 447 39 BOO 935 
DP1980 ' 1/10/1969 9 TLX 940 960 975 


79 3/8 7-05 8.83 


70. 40 to 2* 1/4 ra EU 359 35 600 935 


Banque Populaire Suisse SA Banque de rUmon Europe enne 

l iU IMflb ^UIg 

Barclays Bank International Baring Brothers & Col, Bayerische Landesbank 
Tffrfl inkl Gimwtnlt 

Bergen Bank Berliner Bank Berliner Handels- und Frankfurter Bank 
AkticmscoeSrchiit • 

Caisse des Depots et Consignations James Cap el & Co. Cazenove & Co. 


Blyth Eastman Dillon & Co. 

liua nar io mti Limited 

Centrale Rabobank 


13 5/8 5. ZB 10-00 102.875 1978 DF1979 1/10/1968 LX 940 960 975 

73 1/8 7.66 4.97. " 30 -142123 to 26 1/2 M ES 40L 35 800 433 

8 . 6.50 28.0ft 107. SO 1978 0F1978 31/12/1968 LX - *0 960 975 


82 5.56 7.14 70 

42 X/4 3.79 U-00 102.00 -1978 


PC 2/8 3.81 7.11 - 30 
34 3/4 6-47 4.D0 1D2JM 1178 


86.32 to. 46 PC ED 456 35 S20 BOO 

15/ 3/1*69 LI8X 870 935 940 

_ 947 *0 975 

36-31 50 55 H ED 454 35 5ZD 800 

1/ 1/1973 LX 870 43S 940 

960 975 


Chase Manhattan . Christiania. Bank og Kreditkasse 

Xiimiio^ 

Compagnie Monegasque de Banque ' County Bank 

Limbed 


Cre ditanstak-Bankverein 


Credito Italiano 


Compagnie de Banque et dlnvestissexnents 

(Underwriiera) S JL 

Credit Commercial de France Credit Lyonnais 
Daiwa Europe N.V. Dalbriick & Co. 


77 7/8 6.10 *.73 _ _ to 81-71 $0, 45 y 2 PC E0 418 35 HO 870 

19 1/2 3.b9 11.42 IDS- 33 1978 1/10/1973 LX 935 940 975 


68 3/4 8.16 10. 68 


7.00 103.5D 1)78 DPI 979 15/ 7/1969 IM 


SD 33 1/2 PS ED 359 55 800 940 


28 1/4 2.63 14-00 104.30 1978 


101 1/2 A. 48 4-31 c0.- 30 20.63 

34 1/2 4.64 8.00 100.00 3978 . 1976 
56 8.93 11.42 -• "30 " 

' 4 5/8 10UOO 1978 

*1 6-17 7.79 3ft 65.52 


35 43.'95 to 45 1/2 PC EO 510 35 520 800 

978 It B/1977 LX 870 991 940 

9*7 960 975 

30 20.63 to 41 PC ED 447 35 800 93S 

978 . 1976 15/ 7/1966 ITLX »ift 960 975 


14 3/8 7-65 9-00 110.50 1)78 DP1979 31/12/1968 STLX 


ID 47.24 PS 88 346 35 BOO 935 
15/12/1972 LS 940 960 975 
ID 29 3/B PC ED 404 33 ft 520 


£B ?/1$1962 


92 3/8 5-69 6.91 ■"* " 30 

45 1/2 7-03 3-00 101475 1978 

BF3/4 5-70 6.71 30 

49 1/2 7.03 3.00 102.30 1978. 

6.39 8-B. — £ 30 
*5 5^ 7-01 3.00 102.77 - 1978 

82 1/2 S.15 SiB?'-’* ft 
45 M 4.82 10-00 109.00 1978 

9! 1/4 9.08 6.76. -- 30 

29 1/8. 5-H9 9.00 1D0.M 1978 


15.00 19SB cawcfl V0RQ» UTSBEL 

12^38 100- DD s.30 1/.3/1M 

20.00 " 1969 airm nmnnouL n ' 

,51'13 100.60 ■ 5.75 1/ 2/1984 S 

-30.00 iw/ cminB-ait-cAp . 

3^00 200.00 v .4.75 31/}Wm t 

M.gp ira_ onaiasB' 

30A 100.00 4.73 l/onstt ... 

.15.00 ISM y.Z. BUCK OB -’■■ 

15. DO 87.30 5. DO it 4/1986 S 

25-00 1972 COM ■ ' 

-25.00-100^)0 3 . 00 1/13/1987 


lfe-00 »l97B DPI 973 


9.49 16.63 


-25.00100^0. 3.00 1/13/1*87. 

Sa. Oft 1M8 - ot&r t warns 'sir • 

■43-50 100.00 ' 3.00 1/ 2/UN 

13.00 1072 USDS OUT TO' ■ 
It. 64 200-00 ,5.0ft ■ lflOfl&l ■ 

15.00 ' 19W nmr'wi o/s, 

J<Lto 100.00. 8.00 13/14/1885 S 

30-00' 2968 lB MIi HI. 0/8 PM 
2«-H 200.00 .3.00 13/ 3/1583 ft 


27. 3/8 5-48 U-00 161.50 1978 

79 1/2 S.97 7,85. M H.U 

.27 3/8 5.48 W-TO 103.00 .2978 

'86 5/8 5.96 7.36 - 30' 93.77 

=1 S/8 7.02 7.00 100.73 2*78 1976 

1I0 4.55 3-75 <0 XK S.26 

27 3.04 7-00 lfl.00 297G 

- 86 1/ ’ 5.92 7.M- to’ 26.49 

19 3.08 54» 1(0. M 1978 811979 

2S1 a.77 1.06. <4 . ' an -1.75, 


IP1979 31/12/1968 MX, toft 870 9» 

12.11 to 55.22 Pfi ES 418 35 520 tm 

15/11/7968 KTLX 870 933 9*0 

^ 947 960 973 

8-40 SD- 56.21 » ED 41* 3S520 80D 
30/ 4/1974 LX *70 US *40 

967 m 973. 

5-AD 08 50.48 Pfl ED 418 35 520 800 

1/10/1971 IX *70 U9 *M> 

947 960 975 

46-01 to 80 3/4 n OI *56 35 320 800 

15/ 6/1973 LX 870 933. MO 

960 975 

AO-63 to 43.874 PC EO 418 13 320 BOO 

T/ 7/1960 BOX 870 983 940 

960 473 

to to PG E0 447 35 890 MS' 

IP! 973 . 1/11/1968 HTLX 910 960 373 
|D 19.38 PS ED 229 Oft) 975 
1974 1/ 8/1969 LX 

.20.68 80 67 1/2 M ES 458 35 520 MO 
31/ 5/1966 LOT 870 933 KO 


Den Danske Bank Den norsk 

Bll87IAkd«UHtidBd> 

Dillon, Read Overseas Corporation 

Efiectenbank-Warburg 

First Boston (Europe) 

Umfied 

Gefina International Ltd. 


Den norske Cre di thank 


di thank D eutsche Girozentrale _ DG BANK 

. —Deutsche Konununalbank — ■ Demschft Gtaiossanscltf&abank 

Dominion Securities . Dresdner Bank Drexel Burnham Lambert 

LimitBd nVTlinuciMllni iufi lncozporatad 

Euromobiliare S.p.A. European Banking Company 

Ljmiied' 


Robert Fleming & Co. 

limited 

G enossens chaftli che Zentralbank-AG 

Vianu 


Girozentrale und Bank der osterreichischen Sparkassen Gol 

A^tieogcacTHch « it 

W. Greenwefl. & Co. Groupement des Banquiers Friv^s Genevois 


Fuji International Finance 

Limxxod 

Antony Gibbs Holdings Ltd. 
Goldman Sachs International Corp. 


Iatituto Eancario San Pablo di Torino 


31/S/lHBLSnr 870 933 940 

Sir 960 975 

54.5ft ,6D 67 H? ED '456 35 KO U00 
30/ 6/2973 IK 870 935 *419 

947 960 975 

93.77 £0 57.32 P0 ED 200 35 800 939 
1976 1/ 8/1967 IT 940 SU 975 

S. 26 SO 15.1 KD to 4X8 35 5W 800 

1/ 9/1973 U 870 913 940 

960 *75 

26.49 to 19.46 W W 437 S3 5M OK 
111979 1/ 8/1968 8TLDH1 870 935 940 

960 975 

-1.79 to 30.39 n W 437. 35 MB 9« 


W. GreeiwreIL & Co. Groupement des Banquiers Priv£s Genevois Hambros Bank 

i - Limited 

E. F. Hutton & Co, N.V. Iatituto Bancario San Paolo di Torino Kidder, Peabody International. 

* . * ’■ Limited 

Kjobenhavm Ha ndelsbank Kleinwoit Benson Kuhn Loeb Lehmap. Brothers International 

Limited 

Lazard Brothers & Co,, Lazard Frferes et Cie Lloyds Bank International London & Continental Bankers 

I.hyi-mW Limited Limited 

McLeod, Young, Weir International Manufacturers Hanover. -Merrill Lynch Ihtematioxial & Co. 

Limited Limited 


Kuhn Loeb Lehmap Brothers International 


McLeod, Young, Weir International 

Limited 

Samuel Montagu & Co. W. 


Morgan Stanley International 

J ■ 


The Nikko Securities Co,, (Europe) Ltd. 


-47 1/4 2- 12- }1' 00103. ift 2978 . 298)' 29/11/1972 UC 

99 7/R 8.17 R.18 30 115.12 ?D 35 PC 

16 1/4 3.45 10.00 104.00 . 1978 DFI978 1/ 5/1971 U 


Norddeutsche Landesbank 

Gixe tt maalc 

OstenreicMsche Landerbank 


facturers Hanover -Merrill Lynch International & Co. 

Umilftd 

ltemational . ■ Nederlandsche Mlddenstandsbank N.V. 

Nippon European Bank SjL.' , Nomura Europe N.V. 

Nordic Bank Sal. Oppenheim jr. & Cie. • Orion Bank 

lAmited Linulod 

Pierson, Heldring & Pierson N.V. • • PKbariken Postipankld 


fi-” Z-25 .l. .K. 

4.36 7.00 105.50 1978 


88 3/4 5-71 7-97 


43 5/8 6-36 7.00 I«.S0 1 1978 


SD 35 PC XB 4*5 35 800 935 
It 5/1971 U 9M 960 973 
to 120 P9 E0 361 .35 520 800 
1/ 7/1972 LX 870 935 *40 

9*7 360 *75 
30 210.05 to 103 1/4 76 to 381 M too 935 


35.00 U68 
■25*00 loo. a 


o X.C.C. nr 
00 s.50 


2/ 6/1988 8 


15/ 8/1966 to HOMO 

to. 53 Tj2 P9 ED 15 800-975 
U 6/2969 UC 


Rothschild Bank A& 


7. Henry Schroder .Wagg & Co. 

Limited 


N. ML Rothschild & Sons Salomon Brothers International Scandinavian Bank 

Lmiiiod Limited 

c Co. • SkandinaviskaEnskildaBanken ' Smith Barney, Harris Upham & Co. 

IncoEpaxued 

Suisse) SA. Sod6t6 Gen4raIe . Sodbtb Gbn4iale de Banque SJL 


50-00 1977* 1 Ilk 0*8WU FIB 
50.00.200.00 . 6-00 . 2/4/1997. 

20.00 2971 TSttfr-can wnw o/fl 

70.0a 100.110. 7. to LUUI9E6 

MJ8 2968 | nri n rliiiliinumiiir .. 
40.30-100-jra 3.00 13/ 2/1988 

16-® 2964 m scaun xuntnc 

■ ICuOQ-200.00 5.25 1/17/1*88 

25.D0 1969 m SSUCUD EtECKIC 
24-94X00-00 . 6-25 2/11/1989 

•' 

15.00 '1*66 rsz xDttucs aounto 

100-00 ■ 4-SO. VWW * 

Sft. 00. IMS T-T-T - 

JoTm 100.00. . 4.75 - • 2/20/2987 


9*7/8 4.2S *-.37 


6.87 6.00 ItttJft. 1979 


46 1/4 8-12 ?■** 


31 19-23 to *8 1/2 JITEII 235 35 550 M0 

979 U 3/1978 LX |70 935 940 

9W 975 

30 nO-53 to >3.73 PC to 447 35 800 >135 

.978 DP1932 20/ 3/1972 LX 940 IM 975 


84 7/8 5.B4 7.19 '30 61. OS- « 54 3/6 WED , 

28 1/2 7-02 7-00 1R.0P 197f SPI97B 25/ 8/1968 Bid* . 


5 5/8 5-00 104.20 1978 DP19S1 20/ 3/1972 LX 940 IM 975 

84 7/8 5.B4 7-19 •: " '30 ’61.05- to 54 0/4 90X0 327' 35 3M 800 

28 i/3 7.02 7-00 102.00 297ft WI97B 15/ 8/1968 VOX,. 8ft W5 940 

81 3/4 6.M ' . ' 30 M.47 to, hi 3/1 H ftD 327 33 800 940 

28 1/2 7.02 7.00 1K.25 197ft . it 6/1969 W . 9M.97S 

89 1/4 7.00 7.8ft’ <•» 87.89 3D M *6 80 4*1 35 520 800 

» 1/2 7.02 7.0ft 103.75 2 978 1979 15/ 5/1970 UftS . 870 935 9*0 

■960 979 

85 1/2 6-23 7-8E— *»i 18-96 ?# 10 70 01 359 800 975 

II 1/2 7.U 7.00 XOt.to . 1978 or»77 1/ 8/1967 LMLX " 

«; 1.95 S.'Bfi . - 30 • 32J5 to 41 K EC 327 100 960 975 

as 7/2" 7.02 7-00 101.00 1978 DH977 1/ 1/1967 MX 

79 in 5.99 7.93- '39 56.07 60 56 1/8. SB BD 3S7 35JBO »0 

MUX 7.02 7.00 102^0 1978 W 4/1973 LX BID ’WS 940 

' ftfS Kft 


Sod£t6 Bancaire Barclays Suisse) SJL Socidt&.Gen&rale . . Soci6t§ G6n4iale de Banque.SJL 

Sod6t6 Sequanaise de Banque Sofias S.p-A. . Sparbankernas Bank Strauss, Turnbull & Co.' 

Sumitomo Pinance International • Svenaka Handeisbanken / Svriss Bank Corporation. 


Vereins- und Westbank 

Akdotojenribeltefl 

White, Weld & Co. 

mc o x po r ottd . ■ • 


onal ; Svenaka Handelsbanken / Svriss Bank, Corporation, 

„ , . : (Oreraeai) Limllnd 

M, M. Warbuig-Brinckmaim, WIrtz & Cb-; J . Warburg Paribas Becker 

- ' ■■“'* IftceKVOTWOd 

Dean Witter Reynolds International^ Incl -I.' V Yamaichl International (Europe) 


- 4.9 




























24 


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Si 


1 1 =:u> 

: 55 y 

c. - , ifi = 


EiOl 

5s!s- 


-< 

5 


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EOPRO’VEB- ' 
COUPON MATURITY 


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] £ 
3 


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2Z 

|A| U 

ccs 

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CK.TEanBU5-C.5- (CMTEUM 


2*1.00 1969 I-T.T. SUERAtWriJ 
Zt>. LKl 10U.OQ 4-50 15/ 7/19*9 


*7 3/1 
=8 1/2 


7.41 

7.02 


8.20 30 63.34 

7.00 104.00 1978 


SS-DO 196* J0SATHA.1 LOttK O/S 
24.00 100-00 *.7S 1/ 6/1981 5 

30. K 1968 jaiSB AJ.» 6 C3KS rot 
2B.M 100-00 5.l» 1/ 2/1W8 S 


Rh 7/8 
11 5/S 
SI 7/8 
29 1/4 


5.67 8.59 . M 

5.16 6.00 101.625 1973 

6.05 7-46 M 41.23 

5.47 5.00 102.375 1978 1978 


25-00 

IJ.00 


19*8 

100-50 


l«bS 

100.00 


60. 00 
15. ib 

15-no 
i*.>» 
6(1. PO 

59- 95 
an.oa 
30.00 


(*»>» 

100.00 

1968 

100-00 

1"6S 

iao.no 

I9f>8 

100-00 


me hesocbces cap 

5- 75 I/IP/JJ83 . 

LEJUJCO VCSLU TJAK 

5.0H 15/ 6/1988 

uasco err 

5.00 15/ 1/1989 

UTOt-TiWERlD 1ST FCH 

5.(10 ! 7 8/ 1 988 

ITT lTTEMATlOim. 

3 .,00 1/ 7/1988 

JUKI*? HlDUim 0/5 

5.00 -15/ 5/19BB 


30 

1978 


100 1/8 5.83 5.82 ■ . 30 

103-125 1978 

5.51 6.30 
I-*W 5.00 102.00 
6-J4 8. 09 
1.99 5.00 102.00 
17.51 24.47 

102.25 

B.39 12.06 

101.00 

'.11 7.23 
5.66 9.00 102.00 


90 1/8 
J<1 1/8 

7f 

30 1/8 
29 3/4 


57 5/8 
6 3/4 


30 

1978 

30 

1*78 

30 

1978 


1579 

22.40 

1979 
61.05 

1980 


$0 55 K 80 441 35 520 BOO 

it 2/1970 U . 870 935 940 
960 975 

SO 54.79 PS SO 418 35 800 935 
15/12/1968 UR 940 960 975 
SO 69 1/4 73 , JT 411 35 526 800 
U 8/1969 Sits 935 94 0 960 
975 

SO 26 PS GO 229 800 975 977 
15/11/1969 IX 

SO 40.8 PC U 361 35 800 940 

15/ 1/1969 ITU 975 

SO 62 K CD 361 35 800 940 

1/ 9/1969 LX 975 


1979 


SO 40.42 FC BO 397 800 975 977 
1/ 3/1969 LZA3 ' 


F* 3/8 
14 1/8 


W 138-94 
1978 DPI97S 


MARBIOTT 

5.UQ 15/10/1 MS 


15-00 1973 
9-55 100.00 
30. OH 1971 HASM , , „ 

jn.'KJ 100-00 -50 31/ 1/1 90S 

HASWimUL BTtX HEAL.TT 
4.75 15/ 7/1987 


71 7/8 
12 5/8 


6.77 

.•5 


8.92 

11-00 


78 3/8 
IF 7/8 


102.625 

102.50 


30 

1978 


33.00 

25-00 


1472 

100-00 


FI 3/4 
N 1/2 


8-06 

S-S5 


9-44 
( 2.00 . 


30 

1978 


33-91 

86-27 


$0 32 1/4 SO CO 485 
1/ 1/1976 LX 


3$ 800 940 
960 975 


1972 
100. W 


J. SAT SCDEBJfOTT 

4.75 15/10/1987 


140 1/5 
23 3/4 


<0 

102.50 


30 

1978 


SO lb 3/4 SO KD 485 
1/ 5/1373 LX 


15-30 

li.UQ 

15.00 

12-33 


I960 

100.00 

1968 

100.00 


25.00 

18.99 


1972 

100-00 

1965 

100-00 


SBS CAP 

5.50 1/5/1989 S 

HUES nr 

4.75 15/6/1993 5 

5UWA3CO nrr 

S. no 15/ b/1987 
SUH5AKTO ZCT 
_ 4.10 15/10/1985 S 


64 3/4 
a 1/4 


88 1/8 


S.67 

5-46 


11-41 
14- RO 

6-03 


7« 

13 7/8 


6.41 

6.49 

а. 90 

б. 60 


1.54 

9.00 
5.75 

6.00 


102.50 

102.95 

103.00 

100.00 


30 


1978 

10 

1978 DP197B 
30 172.65 
1976 

30 69.94 

1978 1976 


50.00 1972 J.F- WRC4B D/5 CAP 
50.00 100.00 4-25 15/ 6/L987 


92 1/2 
42 3/8 


4.59 5.30 30 14-06 

5.19 8.00 103.00 1978 


30.110 1968 HOTOBOIA ETC 
b.91 100.00 4.50 1/ 7/1983 

3K.VI |««8 
28-01 100.00 


108 3/6 
39 


4.15 2.76 <0 
2.5 6 11.00 101.50 


30 

1978 


SO 66.12 PS TO 447 35 800 935 

1/ 2/1969 FTLX 940 960 975 

SO 40 PS ED 411 35 520 800 

15/(2/(966 STUDS 935 940 960 
975 

$0 29.91 SO ED 447 35 800 935 

15/ 5/1974 LX 940 960 975 

35 800 935 
940 960 975 

U 32 1/4 SO TO 361 
15/ 3/(915 IK 

35 870 935 
940 960 975 
SO 82 PS Elf 346 33 800 940 

1/ 1/1970 LX 960 975 

TO 62 PS ED 361 35 800 940 

2/ 1/(969 HP 960 975 

SO 48 1/2 pa so 456*' 35 800 935 

15/ 3/1973 LX 9*0 960 975 

SO 86 PS ED 399 35 520 800 

1/ 5/1966 BT 935 940 947 

940 975 

$0 52 1/4 PC XD 456 35 520 900 

15/ 6/1973 LX 870 935 9*0 

960 975 

$0 39.683 PO ED 418 35 940 975 
It 2/1969 LXHT 


7.m isbT 
J. 57 109.07 


25-09 1 472 
lb. 00 100.00 


30.00 100.09 


35.no 

,35.00 


1972 

100.00 


30. nft 
10.00 
6.00 
8.14) 

10. 00 
7. no 

sn.on 

50.00 


l%1 

ion. ao 

I 9b* 
IDO. 00 

on 

100.00 

1963 

100.00 


50.00 1972 

36.00 100.00 


50. <J0 i960 
54.00 100.00 


12.54 1972 
12.50 100- DO 
15.nn mo 
14.99 100. DO 


(7.017 I960 

15.00 100.00 
30-00 1472 

30.00 J 00.00 


6Q.0H 1973 
66.00 106.00 


50.00 I4"2 
50.00 106.00 


wrtqm err rue 


ZOO 1/8 

5.24 

5-27 

30 

4-79 

to SO 1/2 PC ED 445 

35 520 TOO 

S.’S 

1/ 3/1 WO 


48 1/4 

2. 72 

10-00 102.25 

1978 DP1979 

15/ 9/1968 m 

870 935 940 
960 975 
35 BOO 940 

CAM Of* 


E5 3/8 

£.39 

7.67 

90C 

3.84 

$8 28.7 PC SD 378 

i- 37S 

J/J0/J987 

ft 

15 J/8 

4.16 11.00 103.25 

1478 


1/ 6/1969 LX 

975 

sDemca o/s 


85 3/4 

5-62 

8.05 

30 

68.07 

30 49 PC ED 418 800 975 

»- 75 

15/12/1983 

S 

2i 

4.48 

9-00 101.75 

197B 


15/12/1969 LX 


OVERS-ILZ.LWI5 OK 


109 1/2 

4.11 

3.29 <0 

30 

2.42 

OT 54 1/4 PS ED 328 3S 520 870 

4. SO 

1/ 7/1987 


58 

2-07 

8.00 103.00 

1978 


1/ 2/1973 LX 

935 9*0 947 
960 975 

PAS AMERICA.? D/5 


77 1/8 

6.BL 

8.66 

30 

118.97 

fO 15.97 PS 80 447 

3 5 800 933 

a. as 

1/ 9/1988 


S i/8 


5.00 103.00 

J97S DPI 978 

V 5/196 9 LX 

9*0 947 960 
97S 

35 800 935 

J>C> PUSjET edp.otc 


93 1/2 
35 3/* 

6.43 

6.82 

30 

42.54 

SD 54 1/2 PS 80 411 

•>.00 

1/12/1989 


4.92 

8.00 103.50 

1978 


1/ 7/1970 LX 

9*0 960 975 

j.c. poster m rtx 


78 1/8 

5.K 

7.85 

30 

84.15 

TOM re 827 til 

35 520 TOO 

4-50 

1/ 8/1987 


35 3/4 

4.92 

0-00 101.00 

L97B 


U 8/1973 U 

870 935 940 
960 975 

PlANtn-HC RES EASE a L«t 


85 3/8 

7.61 

9.54 

30 


SD 50 PS XU 485 

35 800 940 

6. SO 

15/(2/1984 


5 1/8 


8.00 103.15 

1978 OP 1977 

IS/ 7/(970 8T 

960 975 

PLTUOOO— CPAMPTW* 1ST 


91 3/A 

5.75 

7.42 

30 

34.86 

SO 26 3/4 FG Ed 235 800 960 975 

P-2S 

15/ 2/1983 


18 l/B 

6.07 

7.00 100.00 

1978 

1979 

U 1/1969 LX 


BAIUM-CAf 



00 1/i 

7. 76 

9.67 

30 

ISO. 98 

TO 15.57 PC ED 454 

35' TOO 94 0 

*.:i 

15/11/1986 


5 

2-4Q 15.00 103.00 

1978 OP1980 

15/ 7/1972 LX 

960 975 

RCA LAT. 



85 

5.88 

7.17 

30 

87.00 

TO 53 PC ED *47 

33 35 520 

5.00 

1/ 2/1988 


25 

5.60 

8.00 102.50 

1978 0P1979 

1/ 5/1969 8 TLX 

BOO 870 935 










940 WO 975 

ipiuw «T ns 


118 1/4 

4.06 

1.13 -.U 

30 

2-43 

TO 34 PC BT 346 

35 S20 870 

4.75 

15/ 6/1983 

9 

39 1/4 

2.80 12.00 102.00 

1978 


2 J 1/1969 U 

935 940 947 
960 975 
35 SZO 870 

REVkOS 



105 5/8 

4.30 

4.00 CO 

30 

8.97 

TO 39 3/4 PS TO 344 

4-75 

VJ 4/19G7 


29 J/4 

2.80 12.00 102.50 

1978 


2/ 1/1973 LX 

935 940 94 7 










P60 975 

rewouw metals CAP 


8J 5/8 

£.07 

7.44 

30 

33.68 

TO 44.76 PS ED 599 

35 520 BOO 

S.oo 

11 6/ 1988 

3 

28 

5.36 

6.00 102.00 

1978 DP 1979 

31/ 3/1969 KTLZ 

93 5 940 947 










960 9)5 

SASDM 1SKKTRITS 


»• 1/2 

8.44 11.27 

30 

93-95 

TO IS SO ED 378 

15 800 935 

5-75 

31/10/1 9B7 

S 

5 3/8 


9-00 105. 7S 

1978 

1981 

30/ 4/19JJ LX 

9*0 960 975 

SCX ovraSEAS CAP.rnup. 


8L 3/4 

6.42 

7.79 

30 

134.18 

$D 46.55 PS ED 235 

33 35 800 

5. -’5 

1/ 3/1989 


16 1/4 

6.15 

4.00 102.25 

19<8 

1979 

1/ 1/1970 DTLX 

935 940 960. 

s G aels rsrr 

15/ *5/ 1988 


92 

5.16 

5-83 

30 

37.68 

TO (8-333 PC XO 485 TOO 935 97S 

t.JS 


i 2 in 

4.24 

103.00 

1978 

1983 

1/ 1/1969 IX 


SOUTELAKD 



86 3/4 

5.76 

6.98 

30 

56.25 

TO *0 3/4 SO ED 454 

35 800 935 

5.00 

LV 7/1987 


22 3/8 

2.65 

9.00 103-50 

1978 


1/ 2/1973 U . 

940 960 975 

srmr rasd 


85 1/4 

A. 49 

6.30 

30 

26.34 

TO 511/2 SD XD 235 

35 SZO 800 

4.25 

15/ 2/19BS 


34 3/4 

3.32 

7-00 101-00 

1978 


15/ 3/L974-L8 

870 935 940 
960 975 

E001BB wt ns 


79 1/2 

5.35 

7.39 

30 

100.29 

TO 57 P3 EO 235 

15 SZO 800 

4.25 

15/ 6/1987 


22 5/8 

4-il 

9.00 102.50 

1978 


151 3/1973 LX 

870 935 9*0 


75. (Ill I960 TEXACO OPETATtObiMOTOPE 

7$.oo too. aa 4.50 1 / 7m«8 s 


79 778 
25 3/4 


5.71 

7-77 


7.46 

8.00 102.00 


30 

1978 


9*7 WO 9»S 
50 44 1/4 PC ED 45S -35 520 TOO 


15/ 4/1969 BT ' 870 935 9*0 


7.00 1969 THERMO ELECTROS ftr 
7.00 100.00 7.00 1/ 7/1984 

la.oo i960 mm 
10.00 100.00 5-90 1/ 2/1988 


85 

20 1/4 
87 1/4 
34 3/4 


8.24 10.36 

20.00 104.99 
5-73 6-82 
5-18 7-00 102.25 


30 89.81 

1978 SP1977 


30 

1978 


31.82 

1978 


9*7 960 975 
SD 45.22 PS ED 447 800 975 
15/ 1/1970 LX 

80 52 L/2 PC ZD 485 ' 35 BOO 935' 
1/ 2/1969 LX 940 975 


81 7/8 
15 3/4 


9.2 


50.00 1967 BMW CARBIDE CTT 
M.62 100.00 -75 1/ 7/1982 


93 5/8 
39 1/8 


5.14 

7-16 


9. TO 102.00 
6.59 

6-00 100-00 


'laftja 


30 

1978 


35.20 80 56 1/2 PC BO 456 
1/ 5/1968 B1UC 


30.00 I960 WALTER El DDE EDI . . 
30.00 100.00 5.00 1/ 2/1989 


80 3/8 


6.22 


(67 6.00 102.50 


1978 DP198Q 


35 520 BOO 
870 935 9*0 
94 7 960 975 
SO 63.14 PS £0 485 35 800 935 


II 9/1969 BT 


940 960 


15.no I9W WARD FOODS 0/S . 

ii.oom.aa i.n ini/me 


IS- TO 1966 WABREX-UHBERT 
1.20 100.00 4.25 1/ 3/1961 


7 i£ 


7.97 10.16 

9-00 103.75 


30 

19/8 0PI9T9 


SO *7.89 W ED 447 35 800 935 
1/ 6/1969 IRU 940 960 975 


.69 <0 

■06 11-00 100-00 


30 -1.32 

1978 


SD 23 PO ED 458 35 800 935 
1/ 6/1967 KTLX 9*0 960 975 


30.no In/J VABHEX-LAflSEKT 
30.00 100. OH 4,26 1/ 4/I9E8 


77 3/4 
27 1/0' 


5.47 7.49 
4-06 11.00 103-50 


30 

1978 


76.28 


lo.oo 1*72 UAmax-ueaexr 
<u.oo laa-oo 4-50 ir t/iwr 


82 7/8 
27 1/8 


5.43 7.14 
4.06 11.00 102.50 


30 

1978 


10.110 196* KASSra-LAlOERr 
7.51 100.00 1-50 -1/ 6/I48B ff 


1D1 1/2 
27 1/8 


4.44 4.36 30 

4-Ofl 11.00 102.00 1078 


80 to UZ BP Eff 456 3 S SZO 800 

\J 4/1976 U 870 93S 940 

9*0 975 

46.65 SO 48 SP ED 456 3 5 520 800 

It 5/1973 LX 870 935 940 

960. 975 

Sir 79 PC ED 456 800 935 960 

1/ 5/1969 U 975 


8.52 


75.00 1*11 XUOX CmnBATIlOi 

75.00 100. 00 5.U0 1/12/1 588 


79 5/8 6.35 7.89 
41 3/4 4.79 fl-oa 102.50 


10 182.26 SO 148 30 «J 4(1 35 SCO 800' 

1978 u 1/1975 IM 870 935 9*0 

960 97ft 


This announcement appears as a matter of record only 


FUNDACION INSTITUTO MUNICIPAL DE ENERGIA DE 
MARACAIBO (TIME) 


U.S. $ 27,072,980 short term facility 

Guaranteed by 

CORPORACION VENEZOLANA DE FOMENTO (CVF) 


Managed by 

BANOUE DE L'UNION EUROPEENNE (LUXEMBOURG) S.A. 


Co-managed by 

BANQUE ARABE ET INTERNATIONALE 
'D’IN VESTISSEMENT (BA1I) 

DEUTSCHE BANK AKTIENGESELLSCHAFT 
PARIS BRANCH 


Provided by 

BANQUE DE L'UNION EUROPEENNE (LUXEMBOURG) S. A. 
BANK SANAYE IRAN (PARIS BRANCH) 

BANQUE ARABE ET INTERN ATIONALE D’lNVESTISSEMENT (BAIJ) 
BANQUE COMMERCIALS POUR L’EUROPE DU NORD (EUROBANK) 
BANQUE FRANCO-ALLEMANDE 
BARCLAYS BANK S.A. (PARIS) 

DEUTSCHE BANK AKTIENGESELLSCHAFT PARIS BRANCH 
FRAB-BANK INTERNATIONAL 
IN TER UN ION-BAN QUE 

INVESTITIONS-UND HANDELS- BANK AG LONDON BRANCH. 
SOCIETE CENTRALE DE BANQUE 


BANQUE 1® CUNION EUROPEENNE (LUXEMBOURG) SJL 

Agent 


*>. 


bankers trust international limited 

Market Makers in 
Floating Rate Note Issues 


The interest rates per annum applicable to the following 
USS Floating Rate Note Issues .were announced during ' 
March. These rates are quoted for Information purposes, 
only, and. should be confirmed prior to the execution of a 
specific transaction. The rates quoted aptfly to the six- 
month periods shown. 


BN.P. 7% inin. 19S3 

Hapoalim 1982 

Eanque Louis Dreyfus 1983 
Leu mi 1984 

Nippon Credit 1933 

Leumf 19S1 

Sumitoqio 1983 

7i% min. 1981 

U.BA-F. 6-J% min. 1982 

Allied Irish 1984 

General Cable 1980 


From 
1 Mar. 78 
S Mar. 73 
B Mar. 78 
15 Mar. 78 
15 Mar. 78 

15 Mar. 78 

16 Mar. 78 
IS Mar. 78 
23 Mar. 76 
23 Mar. 78 
31 Mar. 78 


To 

1 Sept. 7S 
8 Sept. 78 
USepLTS 
15 Sept. 78 
15 Sept 78 

15 Sept 78 

16 Sept 78 ' 
IS Sept 78 
25 Sept 78 

28 Sept 78 

29 Sept 78 


Rate 

SA« 

*k% 

*% 

m% 


71% 

7U% 

71% 

71% 

8i% 


Interest rates applicable to the 1 issued listed below will be 
announced during ApriL 


Societe Generale 
SOFTE * 

G2J3. 

Area 

Costa Rica 


1984 
1983 
1983 

1984/89 

1985 


Banque Nationale D’ Algerie 1982 
B.C.I. 19S1 

I.MD3.I. 1984 

Tokyo Holdings 1931 

International Westminster 1984 
Union Bank of Finland 1982 
B.F.C.E. ■ 1983 

Beogradska Banka 1983 


From 
1 Apr. 78 

5 Apr, 78 

6 Apr. 78 
8 Apr. 78 

10 Apr. 78 
12 Apr. 78 
M Apr. 78 
14 Apr. 78 
20 Apr. 7S 
20 Apr. 78 
20 Apr. 78 
27 Apr. 78 
27 Apr. 78 


BTI 


BANKERS TRUST INTERNATIONAL LIMITED 

56- bO New Broad Street, London EC! 

Dealers' Telephone: 588 6301-5. Telex: 883042. 


Daniel Greenaway & Sons Limited 

International Financial Printers 


Complete printing 
service for 
the International 
Capital Markets 


GO 

GO 


London: 

Tel: 01-247 4343.Teiex 3S301 6 


Also: . 

Manchester Edinburgh. Pans & Jeddah 


Associates in: 

New York. Chicago. Sairfrandsco, 
Dallas, Montreal and Toronto 


in* 




DILLON, READ 
OVERSEAS CORPORATION 

10 Chesterfield Street, London, W.1- 

TeL- 01-493 1239 or 01-491 4774 

Telex 8811055 


JAPANESE DOLLAR QUOTED 

I SECURITIES 


I Names Close at 6/3/78 1 

DAIWA SEIKO 

$1.97 

HONDA 

$25| 

TTO YOKADO 

$60i 

JUSCO 

$49J 

KOMATSU FORKLIFT 

$2.80 

KON ISH1ROKU 

$2.38 

KUBOTA 

$25| 

MAKITA 

$32§ 

MURATA 

$3.63 

NTCHH 

$4.72 

NIPPON MEAT 

$3.00 

NIPPON CHEMICAL 


CONDENSER 

$3.12 

Q.P. CORPORATION 

$3.40 

RENOWN 

$2:83 

RHYTHM WATCH 

$2.40 

STANLEY ELECTRIC 

$2.25 

TAISHO MARINE 

$11.00 

T.D.K. 

$9.10 

TOYO SANYO 

$1.58 

TRIO 

$301 

wacoal 

$18£ 


Financial Times. Monday. April 10 1978 



/ 


WestLB Euro-Deutschmarkbond Quotations 


• 

' 


- 



. Issue 

Middle 

Price 

Current 

Yield 

Ufa*: 

View® ' 

Maiuoty- 

S-sinter^fund ' ; 

• 




6 \% Shell. Inti. 72/87 . 

. Shell Int’l. 77/89 ■ ’[ *" 

610/ rt- . «r.Un<M66MMMi6i 


alv cu' P J Baland ' '-75/W P«S> 
alw Zealand 7S/82 IP (G) 

^h'p.Co.N. Zealand 75/82 IIP (G) 
7% Siemens Europe 66/81 . 

7%. Singapore 72/82 ‘f 

Singapore 77/83 . 

®i% Singapore Airl. 76/83 (G j ~ 
SuraKvina ' 

6i% S.N.F.C. 68/83 -(G) 

Sot Dev. Reg. 76/86 (G)".".".. 

l oc * D«v. Reg.77/92P (G) 

9% Soc. Mar. Pn. 7S/83P 1 

6i% South-Africa 69/84 

8J% South : Africa 70785 * . ‘ 

7{% South-Africa 7 1/8« ” 

7% South-Africa 72/87 
7 ?* 78/81P (G)““ 

f° ut 5^ n . a K »«Way 73/88 (G) 
S° ut £*fn“ Railway 75/80P (G) 
| out ^ Af rfca Railtvay 7J/S0 (G) 
South-Africa Railway 77/8QP (G> 
JS ? QU 5 h fepr^a. 73/88 (G) 

I**"!* Chart; 

7% Scatsfoeretag 77/85 

10% Sceirmark 74/80P i 

83% Stockholm City 75/83 ! 

8 i% Stockholm County 75/87- 

71% Studeb Worth, 69/79 

8^% Sumitomo Me^ 75/82 

7|% Sun Oil Inc. Fm.'73/8B ...I 

7i% Svenska Cell 73/88 

9% Svenska Taednsc. 75/85 

63% Sveriges Inv. Bk. 72/87- 

7% Sveriges 1nv ; .Bk. 73/88 - 

84% Sveriges' (nv. Bk. -75/83 

6i% .Sweden 77/84 : 

6% Sweden 77/89. — 

91-% Taiser Corp. 75/80P ...: ... 

10% Tauemautobahn 74/79P*{G) . 
9|% Tauemautobahn -7S/82 (G) . 

9% Tauemautobahn 75/82P (G) . 


1 05 AO 
110.00 

106 fiO 
10575 
10575 
104^0. 
10375 
10370 
10575 
10375 
105D0 

106.85 
99 JO 

10750 

98 JO 

102.85 
102-00 
97.40 
lOLOO 

98.90 

10250 
10575 
101 XX) 
105J5 
1022)0 
102.25 
J0450 
110.00 
107.90 
MOJO 
10475 
1 1030 
105.75 
103J0 

712.00 
10475 
10625 

106.00 
106.60 


6.16 

6.T4 

778 

8IM 

8JJ4 

670 

6.75 

6.30 

874 
8.T9 

6.19 

7J32 

678 

877 

6J5 

876 

7j60 

7.19 

7.92 

758 
9X0. 

875 
8.17 
651 
6.62 
6:36 
670 

9.09 

8.11 

7.93 
6.95 

759 
2-09 
7.00 
8.04 
6.44 
659 
8.02 

6.10 


4.83 

878 

2.17 

4.14 
4.16 
LDfi 
220 
5X58 
277 
4fJ2 
2.93 
575 

1471 

328 

6J00 
359 
454 
958 
2.92. 
- 10.17 

1.14 
-'275 

273 
5.11 
633 
9.75 
538 
250 
336 
450 
133 
475 
- 558 
508 
433 
474 
5.19 
3.63 
608 


5.16 
529 
524 
6.85 
6.85 

4.63 
'524 
575 
621 
754 
452 
554 
630 
638 

7.16 
7.78 
735 
73B 
7.60 
7JS5 ■ 
£.86 

6.40 
773 

5.64 
635 
6.18 
5.99 

557 
638 
670 
3.98 
5.64 
624 

6.41 
579 

558 
.558 
6.57 
520 


1. 478— 87S 
‘ h 285 — 89D 
3. 630 
32.532 
77.-5.82 
-1-1170—815 
1- 778—825 
1- 5^3 . 

1. 279-836 
L 676—850 
.1.1072—835 
1. 4.80-860 
. 16.12^3— 92D 
1.579— 83D 
1. 473— 84S 
.1.1176-855 
U 177— 865 
1.1178— 87S 
-1. 351 . 

I. 679— ass 
1. 678-flOD 
1. 750 
1. 879— 80D 
1. 279— 88S 
1. 834 
. 1. 138 
?. 352— 8JD 
1.10.80 

15. 4.76— 83D 
I. 479 — 87D 
1. 879 
.1. 7.82 
\. 879-885 

1. 2.79 — 88$ 

?. 3.80—855 
1. 378 — 87S 
. 1. 3.79— 8BS 
1. 6.80— 83S 
l. 554 


/LS 




51% Tauemautobahn 78/93 (G) 


8% Tenpflnco 73/93 

91% Tenpfinco 75/81P 

81% Thyssen Car.‘Fln..75/82P 

81% Thysseri Car. Fin. 75/82P 

6}% Thyssen Inv. 66/87 

71% Tokyo El. Power 69/84 

91% Toray Ind. 75/80P 

61% Traf. House Fin. 72/87 


6i% Trondheim 6 8/83 


6% TVO Power 78/88 (G1 

9J% Unilever 75/81 P 

8i% Unilever 7S/S7 

61% Unt. Arab Emlrt. 77/82P 

7% Venezuela 68/83' 

6% Venezuela 78/B8 

7% Vienna 68/83 

8*% Vienna 75/84 

51% Vienna 77/84P .: 

8 L % Voest-Alpine 73/88 
81% Voest-Afpine 75/85 
61% Voest-Alpine 77/89 


r..... 


%- Wetfs-Fargo ex. w. 73/88 

5 % Wortdbank 65/85 

6 % Wortdbank 68/80 

6 % Wortdbank 69/84 

61% Wortdbank 68/84P 

6i% Wortdbank 69/S4P ...; 

6% Wortdbank 69/84P 

81% Wortdbank 70/80 ... 

8% Wortdbank 70/86 .... 

71% Wortdbank 71/86 I 

71% Wortdbank 71/86 II :. 1. 

61% Wortdbank 72/82 

61% Wortdbank 72/87 

61% Wortdbank 73/83 , 

61% 'Wortdbank 73/88 

84% Wortdbank 75/82P 

8% Wortdbank 75/82 

S’°£ Wortdbank 75/83 

8% Wortdbank 76/82P 

71% Wortdbank 76/82P 

7 J ,% Wortdbank 76/83 

71% Wortdbank 76/83 

61 % Wortdbank 76/83P ...: - 

8% Wortdbank 76/84 

5\% Wortdbank 77/82 P ..... 

7% Wortdbank 77/B5P 

6\% Wortdbank 77/85P 

6% Wortdbank 77/85 

7% Wortdbank 77/87 

6i% Wortdbank 77/87 ...... 

51% Wortdbank 78/90 

61 % Yokohama 68/83 <G) . — 

7% Yokohama 69/84 (G) 

8% Yokohama 71/86 f G > 

8i% Yosida Kogyo 75/80P 

8% Yugosi. Inv. Bank 77/85P 



J02J15 

5Jf7 

H37 

573 

1.1233— 895 



10650 

8.92 

1.96 

538 

16. 330 

%. 


107.00 

935 

130 

5.00 

1.1079 

z 


11340 

- 8.41 

'325. 

5.05 

1. 731 ' 

\ 


HOTS 

8.13 

3.92 

5.84 

•I. 332 



11040 

8.18 

, 432 

635 

1. 333 



100.40 

5.48 

1028 

...• 5.45 

1.434— 93S 

' 


105.00 

6.67 

2.78 

5.11 

1. 274— 83D 



F03.40 

629 

234 

526 

- I. 9.74— 83S 



108.00 

7.41 

9.69 

633 

i.tun-us 

J 


108 SO 

876 

3.92 

6.94 

1. 3.82 



108.50 

733 

430 

6.04 

1.432 



108 DO 

734 

435- 

6.05 

1.7.82 



10475 

621 

1.90 

3.86 

• 1. 372—8ID 



106.00 

634 

336 

5.44 

1.1275— 840 



10630 

8.92 

136 

570 

10. 230 



100.00 

630 

930 

6.49 

• 1.1078 — B7S 



9835 

6.10 

530 

6.40 

J. 433 



10230 

639 

3.08 

5.93 

1.12.72— B3S 



10100 

.8.33 

. 0.17 


clld.p.l. 678 



104.00 

•721 

338 

627 

1.1075— 84S 



9930 

6.04 

7.77 

6,11 

1. 234— 88S 



11175 

872 

3.67 

636 

1:12.81 



11430 

7.46 

• 6.45 

533 

- 1. 531-875 



10075 

670 

4.08 

633-- 

30. 432 

T 


10625 

639 

2.93 

475 

1.1074— 83S 



9930 

6.03 

9.92 

‘6.07 

1. 3.84— 88S 



10425 

671 

3-11 

5.57 

1. 674-83S 

" 


109 £0 

737 

• 376 

5.52 

1. 879-^840 



103D0 

538 

671 

520 

15.1234 

- 


108.50 

733 

6.19 

6.76 

1.1079— 840 



10875 

7.82 

5.10 

6.43 

1. 631— 85D 



10430 

6.46 

838 

636 

1. 634 — 89D 

"f 


10 4.00 

625 

5.86 

■537 

• 1.1179 — 885' 

. - 


1D2j00 

5.39 

378 

4.97 

1. 471— 85D 

- 


I04.B0 

620 

233 

428 

1. B.80 



10375 

6.27 

3.18 

5.18 

1. 675— 84D 



104.00 

625 

339 

533 

2. 177— 84D 



103.75 

627 

3.18 

5./8 

2. 177 — 840 



10130 

5.91 

•239 

1 5:43 - 

477—840 



10925 

778 

233 

.433 

1. 8.80 



1*0625 

739 

4.11 

538 

1.-177— 860 



10630 

734 

338 

533 • 

I. 677— 86D 

r 


10635 

732 

4.48 

571 

1.1277-860 



107 DO 

637 

425 

4.64 

1. 7.82 



10435 

6.47 

473 

537 

1. 378-87D 

• 


10770. 

627 

433 

4.92 ' 

1.2.83 



10235 

620 

535 

574 

1. 579-880 



110.00 

730 

4.17 

5.49 

' 1. 632 

* “ 


11325 

736 

4.67 

476 

1.1232 • 



MSB 

727 

525 

523 ' 

I. 733 

: 


10975 •- 

729 

4.33 

5.40 

1. 832 



109.00 

7.11 

430 

5.43 

1.1032 

“ 

- 

110.30 

6.80 

538 

5.14 

1. 533 

* 


110.75 

730 

530 

5.43 

1.1033 



104.50 

6.46 

537 

579 

1.1183 



113.00 

.738 

533 

534 

1. 234 



10275 

535 

4.46 

4.79 

15. 932 

1 


10725 

633 

6.92 

570 

1. 335 

j, 


104.00 

625 

738 

5.79 

1. 535 



104.15 

576 

7.46 

5.31 

75. 935 



108.15 

6.47 

8.75 

5.78 

1. 1.87 



10520 

6.18 

9.08 

575 

1. 537 



99.85 

576 

1030 

577 

1. 2.87 — 90D 

* 


10430 

6.46 

184 

539 

!. 972— 835 



10630 ■ 

637 

3.40 

4.96 

30.9.73-845 



107.50 

7.44 

434 

5.97 

1. 8.77— 865 



106.37 

823 

225 

533 

1. 730 



10225 

7.82 

4.08 

733 

15.12.81— 85D 

■i 


v-Vr 


If:, 


“ Life " and " Maturity " appear in years and decimals of years and are— In this context— > - 
calculated as follows: 

— to final maturity in case of a lump-sum repayment ^ 

— to final maturity in case of a sinking fund issue, whenever the quoted price is below 100 / ; 
— to average life in case of a sinking fund issue, whenever the quoted price b above 
—to average fife in case the bond issue provides for mandatory drawing by lot at par only:.-;. ] 
P Private Placement (the smallest denomination may be larger than the usual DM l /MO-:.', 
of public issue) 

G Government Guaranty - 


e - . 


INVESTMENT FUNDS’ 

The following funds indude Eurobond 
issues within their portfolios 

Quotations & Yields as at 
31st March, 1978 


SOCIETE GENERAL De BANQUE 
BANQUE GENERALE Du LUXEMBOURG 


i • . 

V-.: 


Fund 

Price 

l 

First 

Issue 

Price 


1- 

Yield. 

L % 

Oiv. 

Date .. -> 

Rentirivest . 
Capital Rentinvest' 

LuxFr . 848 
LuxFr 1306 


839" 

1 (Capital 

21 Nov, 

,(F69.*> ;! 

barion) . y 


1977/78 

High -Low 

1975/78 ?■ • 

-High Low - v 

Rentirivest 1 
Capital Rentinvest. 

LuxFr 9\7 Lux 839 ! 
LuxFr 1309 LuxFr 1199 

LuxFr 917 LuxFr W ■ ■ 

LuxFr 1309 .LuxFr 945 v ' 


'•Vi 
\ , * 


I, 

t* :■ 


r 


I 


* t 













■Times Monday April 10 1978 

31 st- MARCH 1978 






tenia 


?%' AD.ELA -Tfe/m ; ■ 

:H % ADELA 77/82P ^“’ w * T “ ,, rr 

7% ADELA.77/82P ■ZT'TT'-** r 

6% AEG 66/9L .. 

Aiipcffif.PU4r 69/M 'p (Ti l 
,?% AKZO 73/82P \ ? -Tr~ 
7i% AXZO 76/83P — ‘.'V* 

8i% Aiujuiaa Ini'!. 75jW7' U ‘"*"‘‘‘ 
6}% AMEXhr*]. 77/84 P ... . 
io% a.p.ex. 74/8i (G). 




VWVhat 

ptwT 

air. 

life** 

Yield to 

Maiuriiy* 

Hcppynitnt 

D - mandatory drawing 
bylotatpar 
S - sinking fund 


WestLB Euro-Deutschmarkbond Quotations and Yields 


25 


Advertisement 


JJa **} BE D Rcance ^/£p' 


: :*» 
- 1 : w 


- -5 


- '■} .3 

ir* :L- 


•• *i. 


? * 


. -4 
s 1* 
- *■ 


■JK 

IT 


Ardai-Sunndal 75/8 jp """‘l’”'"” 
Arrfal-SunwW 77/89P * 

7% Argentina 67/79 ... ; 

7% Argentina' 68/78 

8% Argentine 69/79 
• h% Argentine 77/84 
6\% Argentine 78/85 ’ " ^ 

J.% Asian Dev. Bk; to/&ZZZ.ZZZZ 

Asian Dev. Bank 75/8CP . ■ '• . . 

JA Asian Dev. Bk. 76/82 .ZZ.ZZ 

7i% Asian Dev. .Bk- 76/83P ...i.; 

7% Asian Dfv. Bit 77/85 - - 
91% ASKO 75/80P 

7 £% Aomar73/88 (G> 1"' 

9% Aumar 76/84 (G) . *“ 

7J% Aurtiar 77/84 fG) ..ZZZZZZZZZ 

63% Australia 67/82 - " 

64% Australia 68/83 .... "" " 

61% Austral* 69/M Z.-ZZZZZ!. 
7i% Australia 69/84 
7% Australia 72/87 ............... ‘ ’ 

10% Australia 74/80 i 

9% Australia 75/82 - ’ "" 

8i% Australia 75/82 IP 

8 i% Australia 75/82 IIP —■•■■■ 

71% Australia 76/83 

■5i% Australia 77/82P ... 

5J% Australia 77/89 ZZ'. 

6i% Aust. I ml. Devi Carp. 72/87 
2&"£ usfF * Shi P- Com. 76/83P (G) 

7% Rep. of Austria 68/82 ... 

6 i% Rep. of Austria 69/83 

9 v% Rep. of Austria-75/79 P 
94 % . Rep. of Austria 74/80 P 


; **. 

' “i 


t<t ■ •- 

' t • *2 


e I ’r 

i « ^ 


94 

94% Rep. of Austria 74/81 P 

9i% Rep. of Austria 75/80P 

Bi% Rep. of Austria 75/8 IP 

8i% Rep. of- Austria 75/82P ....... j 

9% Rep. of Austria 75/83 ........ 

84% Rep. of Austria 75/83P 

81% Rep. of Austria 75/87 ; : 

71% Rep. of Austria 76/86 

6i% Rep. of Austria 77/85 

7% Rep. of Austria 77/87? 

6J% Rep. of- Austria 7//B7P ..... ... 

6% Rep. of Austria '77/87P ----- ~ 

7% Autopistas Catalan 7B/85P ......... 

74% Autopistas 09/84 (G1 ... 

8% Autopistas 71/86 -fG) ' 

64% Autopistas 72/87 (G) 


i 41 


8% tianco N. Obra 71/86 (G| ^ 


— / 


9% Banco N> Obrai 76/Bf fG, 

7% Banco N. Ob rts 77/84-03) ' 

74% Banque Ext.' AlgcriV 77/83 
74% Banque Nat, AJgerie 78/83 

6%. BASF 65/80....: 

74% BEC Finance 76/83P ......... ..• 

8% Beecham Fin: 76/83 w.. 

10% Bergen 74/79 

84% Bergen 75/85 ...... 

74% Bergfen 77/89 . 

84% BFCE 75/83.1GJ ...... 

81% BFCE 76/84 (G) ............. ...Civ . 

7% BF.CE 77/87 (G) 

54% BFC€ 78/88 <-G) 

84% BNDE 77/87 . ' 

64% BNDE 7 8/«\..;....^„ 

9% fiorregaard 75/BfP 
64% Borregaard 77/84P m4 j]..u 
84% Brascon Itnl. 73/M 

4% Brazil 72/87 .. 

84% Brazil 76/86 

74% Brazil. 77/M 
64% Brazil 78/85. 

64 % Brenner* 68/83 { £ } 

JVrTfick .-P.wnl'ltlt/nn ■ - S ■/ . 


l(F7^-r7.43 5JJ0 
TQ37SV-7X)2 471 

102,00.. 6M: .433 
10530 '.569 132 

m.to ' lL37- 233 
15630. 3ri5: 333 
10475 ■ . 7.40 J 3.17 
1 1075 ~ 7.48 ‘ 432 
10430 6.46:. 6.00 

W9J0. 9.17 2.13 
40375 731. 538 
10270 657;9;|7 

10475- . 835^ 375 
10275 6Sf \ 739 
I03XKT 4ib- 1.16 
10430 670- 030 

KM6» - J 7,69 1.16 

'. 104JJ0' 771 K 630 

9930 633-- 6.92 

10475 638- 331 

10650 738 ■ 232 

10830 737; 332 

1 07 DO .724-- SDO 
' mm 634 7J30 

10630 '8.92* 2.00 

103.40 725 5.0$ 

106.00 2A9 ; 324 
10430 *42 { 675 

- 10470 62 P" 234 

10530 6.40 ' . 2.77 

10475 621^3 26 

106.60 630 * ' 3.48 

10630 ' 637- 4.86 
T 14.00 877 1 230 

116.00 . 776 - 333 

10775 TM- 4D0 
10775 736 4J08 

11170 6.49 1 4.92 

104.12 5j04 430 

10330 536 974 

,1M25, 637 4.85 

10775 7.42. 5.42 

106.40 638, 1.96 
10575 - 6.18 -2.95 

107.00 .838 . 125 

109.00 8.9+ 238 

109.00 .8.94; 337 

10775 S.82 4.83 

1 07D0 771 ‘ '3.17 

107.00 8.18* 147 

11200. SJK- +33 
10630 8.22 '2-94 

109.50 77fii--.S.08 

11075 . 7i». 335 - 
10775 . 626 ' 3.12' 

106.75 636 - 639 

10730- ' 631 ' 678 
KJ3D0 583 738 

10075 6.95 vr 6J9 

103.00 7D4 3.13 

104.10 738 428 

10095 639 : 474 

103.00 777 4J5 

108.00 833' _. 3.42 

10175 ' 6.88 \ 650 .. 6:65 
100 DO- 730 :'-f34 7.48 

- 9925 738-;'! 432 

103.95 577.,. 1. 49 

10375 - 7.23 .538 
10975 729 538 

10930 9.13, 1.67 

11130 735 5D2 -fiD3 

107D0 . 678 . ^634- - 5.94 
11030 -7.47 . <423 
i-10.00 730 • 523 

105DO • 6.67 - 677 
'40075 571 -077 

,40675 736-::iMB 

.«8D0 689 732 

V10730 8.37 


6.16, 

634- 

6.44 

23$ 

5.82 

7.00 
. 6.63 

530 

5.84 
5.39 

7.01 
6.35 

7.04 
628 
427 
532 
4.47 
671 
659 

-5.48 

5.74 

532 

6.08 

5.76 

5.96 
$.81 

6.85 

6.83 
4.49 
4.66 

4.96 
522 
5.41 
3.98 
437 
60] 

6.05 
434 
422 
528 
5.71 
62$ 

3.63 

4.63 

3.64 

5.87 

6.87 
4.96 
5.76 
5.63 
605 
626 
625 

5.73 

5.74 

5.75 
5.48 

5.65 
605 
6.27 

■7.00 

630 

7,31 

630 


7.43 

322 

6.66 

5.89 

3.97 


5.40 

5.96 

6.07 

504 

7.15 

709 

024 


: ViaiBO 037 "fcsq.; --6.il 


10670-.. 7.97- 6j7^ 7.11 
.10030 .672 • 4j¥^'6i 


IT - * " 




?etrol' 65/80 

5 1% Bruxelles-Limbert 77/84 P 

8\% Burmah.Dil 70/85 

6% Cartsberg-Tuborg 77/87? 

81% C.C.C.E. 75/85 (G) 

81% C.CC.E. 76/86 1 G ) — .... 

7% C.CC.E. 77/89 (G> 

51% CECA 64/79-....: 

5J?5 CECA 65/83 - 

7^% CECA 71/BS 

6i% CECA 72/87 

7% G E C A 72/88 

64% CECA 73/88 

74% CECA 73/88 

10% C E C A -74/79 IP 

10% CECA 74/79 UP 

10% CECA 74/81 P 

94% CECA. 74/8-1 

8% C E CA 75/80P 
8J% CEC A75/82F* . i,.*,/ 

8 % CrCA 75/82 

84% C E C A 75/85 ™.V,..., 

8% CECA 76/.81P 

74% CECA 76/83 

71% CECA 76/86 

5J% CECA. 78/90 

6'% CERGA 73/81 P 

7% CESP 77/87 {O 

6’% Charter Cons. 68/83. ,v :. 

7% Chrysler 69/84 1 

64% CiBA-GEIGV ex. w, '75/85P ‘l;..;. 
64% C.N. AutoroutM $9/84 fG) ...... 

91% C.N. 'AutoroUtes 75/82. (.G J ...... 

65% C.N. Energie 69/84.1G) 

61?^ C.N. Telecom 68/83 (G) ; 

85% C.N. Telecom 70/85 (G) 

81% C.N. Telecom 75/82 (G> 

94% C.N'. Telecom 75/83 P (G) 


“ 631 

i4Q875 • 8,05 533 fa 6.78 

mjS ,7.-40.* 6.0§ %6.77 
' $.?3..,& r e4 4 

l?3tr .$32...27.€. '|o, 


*■10300 5.30 .136 


10130 537 

10530 8.06/ 3.91 

53 
7 

7 l 

9 


10130 
.10930 
‘11030 
■104:60 
J0I3O 
10300 
;107, 

- 104, 

,10 


1.42 


701 4.44 

622 5.07 


661 5.03 

.62+ 528 


,5.87 600 


teVW r- — ' ""■* 

7J$ .-920 133 .3.89 

928 ' 1.42 421 


1.4.83 
• 16. 6.62 

' 1. 8.82 
1. 2.72— 8 ID 
1. 3.75-840 
1. 232 
I. 6.83 
1. 8.81— 83D 
1. 4.84 
1.I2J7-MI1D 

1.11.83 

I. $33— 075 
' ?. 7.81 
1. 7.82-89D 
I.12J0— 79S 
1.10J1 — 78S 

1.12.72 — 795 

1.10.84 
1. 335 

1. 925-84S 
16.1130 
1. 332 ' 

1. 433 
1.435 
1. 4.80 
1. 2.75-88D 

15. 8.77— 84S 
1. 734 

1.11.73 — 825 
1. 8.74—835 
1. 2J5-84S 
1.11,75 — 84S 
1. 278-075 
1.10.80 

1. 232 
T. 432 
1. 532 
1. 3.B3 
1.10.82 
U 1.85— 095 
1.11.78— 87D 
1. 9.83 
1. 473— 82S 
I. ,475— 835 
1. 779 
1.11.80 
1.12.81 
. I. 230 
1. 631 
1. 4.79— 82D 
1. 233 
1. 479— B3D 

1. 5.78— 87S 

2. 533—86 S 
1. 433— 85S 
1. 133— 87D 
1. 233— 87D 
1. 9.84—370 

16. 135 

1. 773 — 84S 

1.10.77— 86D 

1.10.78— 87D 
1.11.77— 86S 
1. 931 
■1.1034 
15.J03I— 83D 

1. 333 
1.1071 — BOD 
1.1133 
1.1133 
1:1279 
1. 5.81— BSD 
1. 2.81— 89 D- 
1. 731— 835 
1. 7.82— 84S 
1. 233 — 87S .. 
15. 1.86— 88S 
1. 433(82-87) 
1. 336 
1. 531 
1.1034 
1.1079— 88S 
1.10.76 — 87S 
' 1.10.82(80-86) 
1. 534 
.1: 235 
IK.87+-83S 
1. 671— 80D 
15.12.84 
■ 1.1176— 85D 
.1.12.85— 87D 
i. 4.81— 85D 
1. 733— 86D 
l.:4.Bl— 89D 
T...668 — 79D 
1. 47.1— 83D 
1. 577— 86D 

I. 778— B7D 
-2. 179— 88D 

J. .473-380 
1.1179— 88D 


i; 879 


1> 979 


11675 8.35 

307 

4.66 

1:12-81 

UO750 7.44 

207 

. 4.917 

1.1200 

rti8 j0 703 

3.92 

-6.00- 

I. 302 

11ZD0 7.14 

471 

. 5.06- 

15.1Z82 

10825 705 

335 

573 

1. 4.78-T-85D 

10775 7.42 

371 

501 ' 

1 15.12.81 

112.65 608 

5J0 

5.05 

1.10.83 

11000 6.99 

6.44 

509 

1.10.82 — 86D 

9800 5.36 

12.00 

5.48 

1. 405— 90D 

1Q1 75 609 

300 

505-. 

1. 401 

100JO 6.97 

6.99 

6.90 

- 1.1103(82-87) 

10125 6.42 

3.38 

6.18 

; 1.1072— 835 

10275 601 

3.13 

6.11 

1. 775— 84S 

T07.50 628 

7J0 

5 JO 

.'10.1005 

10425' '624 

3,34 

508'*' 

1. 375-OTD 

111J0 8J2 

3.79 

6,01: 

16. 102 

103 JO 628 

3.26 

529 

1. 275— 84D 

10+75 -621 

3.02 

47$'. 

1.11.74 — B3D 

106.25 8.00 

303 

6.74 

1.10.76— 85S 

107.00 _ ' 8.18 

3.92 

6.65 

: 1. 302 

107 JO 800 

407 

735' 

16. 203 


WestLB Euro-Deutschmarkbond Yield index 

March 31 f . 10*8: (February 28, 1^78 : 5.95^) 



9% CN. Telecom 75/83P (G) 

7i% C.N. Telecom 76/83 (G) 

71% Comaico 71/86 

_9i % Comaico. 75/02P. J . Wv .. w . WF 
7% Com:. Fed. EJectr. 77/81? ....... 

8% Com. Fed. EJectr. 77/84 

7i% Com. Fed. Electr. 77/85 

61% Com. Fed. EJectr. 78/88 ::— :.... 
8 1% Comp. Franc. Petr. 75/85 

6i% Comp. Franc. Petr. 77/84 

8\% Consoraio 70/91 (G). 

8 J . % ContmeritalOil 70/85. ™". ........ J, 

51% Copenhagen- 64/84. 

7% Copenhagen 68/83 
fi?% Copenhagen 69/84 

7i% Copenhagen 71/86 

9-1% Copenhagen 75/B5P ,u 

7j% Copenhzgert 76/86 — 

6^% Council of- Europe 73/81 P- 

7% Council of Europe 73/88 

91% Council, erf 3il rope 75/82P 1 — 
8l% Council of Europe 76/83 ........... 

71% Council of Europe 76/83 
7% Council : of Europe 76/83 — .... 

64% Council of Europe 77/87 ..... 

6\% Courtaulds Int’l. 7%/87 ^. 

7i% Courtaulds Inti. 73/08P 
6% Credit National 77/87 (G),. u ..» 
9% CVRD 76/84 


8|% CVRD 76/86 -- 




8% Daimler-Benz 70/85 

6% Danish Export 77/82P 
104% Danish Oil 74/78P ( G ) 

10i% Danish 08 74/78P IG) 

84% Den Danske Bk. 76/86 

Denmark 68/80P 

7% Denmark 69/84 

84% Denmark 70/fl'5 

7 J % Denmark' 7 1 /86 ...» 

64% Denmark 72/87 

94% Denmark 74/89 

.. 84% Denmark 76/82 • ••MicssaasiiMsiisMeN 

, . : . 8% Denmark 76/82,„„^^....„.,„i..^, 

^ 6f% Denmark 77/83 

- -i 74% Denmark 77/87 

: 54% Denmark 78/84 

. 6% Denmark 78/88 

-*’ . ; 64% Den. Norske Ind. 77/B9 (G) 

- y. 64% District Pans 69/M (G) .--..^ 
, ; [-84% Dunlop Fin:70/85:.^;.^.;.^^.i 

J 7i% EEC 76/83 
71% 0ect.CoumA*69/84:.(G) 

7\% Elect: Council 69/84P (G> 

71% Elect. .Councn 71 /86 (G> 

84% Elect "de France 70/85 (G) ^— : 


■ I07J5 
10735 
10630 

106.75 
10100 
10425 
10035 

98.12 
, 10825 
J0330 
104.95. 
•107.15 
10030 
T0350 
10325 
10525 
MJ675 
108.00 

101.75 
105-30 

: 10800 
. 106 JO 
. 10625 
JO60O: 

. 102.10 

103.90 
T0225 
.10125 

■ 10725 
- 10525 

105.60 
10100 
- 10225 
10225 

io>:io 
1 ,10100 
103JO 
.106 JO 
10525 
10300 
111 
109.1 
.11225 

105.90 
I0675 - 
10075 
101.10 
10600 
10600 

-105.1 O' 
109J5 
105.65 1 
.10325 ■ 
10600 
107.40 


825 

623 

728 

8.67 

6.93 
737 
7.19 

638 
735- 
628 
8.10 
770 
570 

' 676 

634 

736 
837 
6.94; 

639 
. 635 

830 
7.98 
.729 
630 
6.12 ' 
626. 

■ 7.09 

5.93 

••325 

8444 

.738 

5.94 
1031 
1002 : 

737 ’ 
r&W 

676 
7.98 
7.36 
SJ5 
833. 
7J3 
7:10 
637 ■ 
679 
521 1 
5,93 
637 
6.13 
309 ■> 
6.61 * 
.7.10 • 
726 
731 
7.91 . 


437 

504 

470 

4.17 
' 4.42 

6.17 
604 

10.00 

422 

625 

624 

.420* 

-3.60 

3.18 
' 3.58 

4J3 

4.3! 

• 6J0- 
-308 
JJ2 
333- 
•228 
3J5 
537 
7J3 
5.61 
507' 

7.44 
431 
6.13- 

3.92 
2J3 
0J8 
037 
6J2 
1,48 
322 
375 

•4:38 

4.93 
6.14 
333 
4.42 
5.12 

j9.12 

533 

-9.83 

6.44 
3.68 
306 
5.00 
33t 

-3.29 

426 

'3.92 


7.06- 
5.47'- 
623' 
7.30. t 

6.72 : 
7.12 
706 
7.02' 
641 
531 
733 
625 
5.49. 
5.88 .. 
5.81 
6.50 ‘ 
736 ’ 

5.97 

5.86 

5.84 

7.03 

538 

575 

5.72 : 
5.89 ' 
5.66 
6.70 
5.78 
7.03 
634 
6.46 
5.55 
6.54. 
6.58 
6.76 r 
■537 
5.87. 
632 
622 
6.02 

6.98 
5.40' 
472 
5.40 - 
625 
5.09 
535 
531- • 
4.69 
701. 
502 
5.68 
6.49 
622 
6.44 


233 
16. 433 
T. 6.77— 86S 
r 1. 632 
l; 932 
1. 6.84 
1.11.82— 85D 
1, 434 — BSD 
1. 5.80— 055 
’1. 734 
1. 177— 91D 
1.1226—855 
.-15.12.70— 84D 
2.57W3S 
f. 675— 84S 
1. 4.77— B6S 
: ): 3.80— 85D 
T.12.31— 86S 
i: 53r 
1. 7.79— 88D 
>. 1.232;- 
1. 2J^-83D 
1. 530^-83D 
. 1.1233 
..1.1133— 87D 
(. .700 — 87S 
■ -1; 079— 88D 
.: 1.10.83^-875 
1.231(82-84) 
1.12.82(83-86) 

1.11 76 — 85D 
■1.1178 — 82D 
1.11.78 

,1.1278 
1.1 1 J2r-80D 
).M):72-80D ■■ 
1. 875-845 - 
- 1.- 9.76-85S 

1.1177— B6S- 
. U278— 87S 
-1. 330— 89S 
: 1. Z82 

1. 9.82 
16. 5.83 
15 5.87 ' 

1. 234 
1. 238 

. 1. 630— 89D . 
1. 475— 84D 
1 . 8.76^—855^ ■ 
1.433 . 

V 975— 845 
,1.:975-=34D. . 
.1. 377—865 
1.11 76-855 



Middle 

Current 

Life-* 

Yield to 

Repayment 

D - mandatory drawing 


Price 

Yield 

Maturity* 

by Icii at par 
S-iinKinglund 


7% Electrobas 77/87 (G) 

65% Electrobras 78/86 (G) 

5*% Elf Norge 77/80P 

6% ENEL. 65/80 (G) 

8!% EnsO’Gutzeic 70/85 

6i% Ericsson 72/87 ' 

8i% ESAB 76/B1P 

ESCOM 65/80 (G) 

6{% ESCOM 68/83 (G) 

81% E5COM 70/85' (G) 

8% ESCOM 71/86 (G) 

6.1% ESCOM 72/87 (G) 

7% ESCOM 73/B8 (G) 

9{% ESCOM 75/80 (G) 

8% ESCOM 78/81 IP (G) 

8% ESCOM 78/81 IIP (G) 

8i% ESCOM 78/81P (G) 

71% ESTEL 73/8B 

8i?£ ESTEL 75/8S 

8±% ESTEL 76/83P 

6i% ESTEL 77/84P 

6J% ESTEL 77/84P 

5J% Euratom 77/87 

5^% Eurofima 64/79 

6% Eurofima 65/TO 

61% Eurofima 67/83 

73% Eurofima 71/86 

61% Eurofima 71/87 

64% Eurofima 73/88 

8% Eurofima 73/38 

10% Eurofima 74/79P 

9% Eurofima 75/85 

8% Eurofima 76/B3 

62% Eurofima 77/87 P 

5t% Eurofima 78/88 

61% Europ. Inv. Bank 68/78 

6% Europ. Inv. Bank 69/84 

7% Europ. Inv. Bank 69/84 

8% Europ. Inv. Bank 70/80 

7{% Europ. Inv. Bank 71/86 

73% Europ .tnv. Bank 71/86 ............ 

6^% Europ. Inv. Bank 72/87 

6% Europ. Inv. Bank 72/87 

63% Europ. Inv. Bank 73/88 

7% Europ. Inv. Bank 73/88 

10% Europ. Inv. Bank 74/81 P 

8% Europ. Inv. Bank 75/80 

9|% Europ. Inv. Bank 75/83 

8% Europ. Inv. Bank 76/83 

7J% Europ. Inv. Bank 7683P 

6j% Europ. Inv. Bank 76/84 

6% Europ. Inv. Bank 77/89 

5i% Europ. Inv. Bank 78/90 

81% Europistas 71/86 (G) 

8% Europistas 72/87 (G) 

101% Fin. Inst. f. Dan. Ind. 74/78P ... 

71% Fin. Inst. f. Dan. Ind. 76/81 P 

6J% Finland 64/79 

6% Finland 64/80 

7% Finland 68/B3 

6}% Finland 68/83 

7% Finland 69/84 

7i% Finland 69/84 

8|% Finland 70/85 

7% Finland 72/87 

8% Finland 76/84 

5*% Finland 78/83P 

5i% Finland 78/86 

7\% Finn. Kommunal 69/81 (G) 

8% Finn. Kommunal 72/83 (G) 


10075 

6.95 

735 

6.86 

I. 9.83(83-87) 

98.10 

608 

8.0C 

7.07 

T. 406 

102JO 

501 

2.04 

4.44 

16. 400 

10000 

6.00 

123 

6.08 

1. 709— 80D 

10525 

8.08 

3.79 

738 

1.1076 — 85D 

10520 

6.42 

4.94 

5JI 

1. 3.78-875 

106 JO 

022 

203 

6.17 

1. 201 

100.25 

6.48 

1.48 

628 

1.10.71 — TOD 

9825 

602 

2.90 

7.17 

1.1074— 83D 

104 JO 

8.13 

3.86 

7.13 

1. 476— 85D 

10275 

779 

423 

7.36 

1. 377— 86D 

9300 

608 

4.60 

7.95 

1. 9.78— 87D 

95.10 

736 

£26 

8.18 

I.- 5.79— 88D 

105J0 

877 

2.33 

600 

1. 800 

100 JO 

7.96 

228 

773 

15. 100 — 81D 

too JO 

- 7.96 

2.32 

7.74 

1. 200 — AID 

102J0 

005 

203 

723 

1. 2.81 

104 JO 

7.42 

6.02 

6.80 

1. 879 — 88S 

10825 

7.85 

55 1 

605 

1. 6.81— 85S 

10600 

8.02 

4.92 

701 

1. 303 

10025 

6.48 

6J8 

6.44 

1.11.84 

99.75 

627 

505 

629 

1.1202 — 84D 

10025 

5.74 

9J8 

571 

1.1107 

10325 

523 

033 

133 

1. 8.67— 79D 

102 JO 

.505 

105 

438 

1.1208 — BOD 

10900 

5.96 

2.87 

3.16 

1. 9.71— 83D 

10825 

7.16 

4.19 

5.49 

1. 2.75— 86D 

10375 

602 

4.70 

5.32 

1. 9.76 — 87D 

104.10 

624 ‘ 

5.19 

5.57 

1. 377— 88D 

10825 

739 

521 

609 

1.1077— BSD 

10725 

922 

1.67 

530 

1.12.79 

11030 

8.14 

4.77 

6.37 

1. 201— 85D 

11225 

7.13 

403 

5.07 

1. 203 

10430 

6.46 

6.7B 

592 

1. 203— 87D 

100.75 

„ 5.46 

730 

5.37 

15. 203— 88D 

100.40 

6.47 

0.17 

406 

due 1. 6.78 

10400 

577 

3.35 

475 

I. 3.75— 84D 

106.00 

600 

3.48 

5.16 

1.1 175 — 84D 

10830 

7.37 

2.09 

3.76 

2. 5.80 * 

10775 ■ 

636 

428 

5J2 

T. 3.77— 86D 

10825 

7.16 

432 

5.54 

1.10.77— MD 

104.40 

623 

4.74 

5.42 

1. 378— 87D 

10430 

574 

5.79 

5.08 

1. 900— 87D 

105.00 

6.43 

5J6 

507 

T. 2.79— 88S 

10630 

6J7 

5.98 

5.68 

1. 7.79— 88S 

11130 

837 

3.42 

6.14 

1. 901 

108.75 

726 

267 

4.43 

1.1200 

11500 

826 

373 

4.99 

1. 101— 83D 

109.60 

730 

3.72 

5.09 

1. 700— 83D 

10900 

7.11 

5.50 

578 

1.1003 

107.00 

631 

5.14 

5.16 

1.1201— 84D 

103.60 

579 

7.70 

5.41 

1. 8.82 — 89D 

98.10 

535 

9.34 

531 

1. 3.85— 90D 

104.95- 

7.86 

4.16 

6.97 

1. 277— 86D 

104.00 

709 

4.52 

7.07 

1. 1.78— 87D 

10100 

10.40 

0J8 

8.48 

1.11.75 — 78D 

10330 

725 

2.51 

5.94 

1.12.78— 8 IS 

102.30 

6.11 

0.91 

309 * 

I. 970— 79D 

10125 

533 

125 

5.00 

2. 1.71— 80D 

102.90 

600 

3.11 

6.05 

1. 6.72— 83D 

10225 

600 

3.03 

6.03 

1.1272— B3D 

10200 

602 

2.96 

6.12 

2. 573— 84D 

104.00 

721 

3.38 

627 

1.10.73— 84D 

10600 

-0.02 

3.99 

6.87 

1.1276— 85S 

103.35 

677 

4.25 

6.19 

1. 478— 87S 

10725 

7.46 

403 

6.14 

1. 601— 84S 

10130 

5.42 

4.83 

5.14 

I. 203 

9925 

5.79 

703 

5.8S 

1. 206 

10350 

725 

2.13 

5.81 

1.1272— BID 

10400 

705 

3.02 

6.40 

Z 576 — 83D 


WestLB 

For current prices and further information call 



Telephone 

Telex 


82631221 
8581882 / 


Telephone 

Telex" 


8263741 \ 
8581882 / 


Telephone 

Telex 


8388141 

887984 


DOsseldorf 

Westdeutsche Landesbank 
Girozentrale 
P.O.Box 1128 
4000 DOsseldorf 1/FRG 
London - 

Vvesideutsche Landesbank 
GirozentrBle 
London Branch 

21. Austin Friars. . . . 

L6ndoriEC2N 2K6/UK 

Luxembourg 

WesrLB Imematfonal SA. Telephone 45493 
47, Boulevard Royalo Tele* 2831 
Luxembourg 

Westdeutsche Landesbank Girozentrale 
Leading Marketmakers in Eurobonds 


Intemalional Bond 
Trading Dept 


Institutional Investors Dept 


Hong Kong 
ASIAC 

1301 Hutchison House 
Hong Kong 


Telephone 25 92 OS 
Telex 75142 


8J% Forsmarks 75/83G 

. 5j% Forsmarks 78/90 

7i% Francetdl 76/83 (G) 

6}% Fiancetel 77/84P (G) 

7% Fuji Heavy 76/81 P .! 

7% Genl. Instrum. 68/80 

9i% Gen. Zbk. Vienna 75/82P 

8)% Gen. Zbk. Vienna 76/83P ......... 

6% Gen. Zbk. Vienna 77/87 ............ 

91% Giroz. Vienna 74/78P 

93% Giroz. Vienna 74/79P 

94% Giroz. Vienna 74/BOP 

"7% Giroz. Vienna 76/81 

74% Giroz. Vienna 76/83 

54% Giroz. Vienna 77/82 

6% G.I J. 7S/83P 

9\% Goetebqrg 75/85P 

63% Goodyear Tire 72/87 

7% Grand Metrop. Fin. 77/84 

71% Guardian Inv. 73/83P 

8% Guest-Keen Nett), 76/83 ............. 

64% Hamersley.lron 72/87 

8% Hazama-Gumi 76/81 P 

7% Helsinki 68/83 

7% Hitachi Cable 77/82P 

8i% Hitachi Shipbldg. 76/81 

8i% Hoogovens 70/85 

8J% IAKW Vienna 75/85 (G) 

7i% Iceland 69/84 ...I:... ..... 

7j% Iceland 77/87 .... 

8*% I C I Inti. 70/85 

8% I Cl inti. 71/86 

6*% I C I Inti. 72/92 

8J% I C I Int’I. 75/82 

74% !C! Int’l. 76/86 

64% I C f IntT. 77/87 

B% ICIPU 71/91 (G> :. 

8% Imatran Voima 71/86 (G) .... 

8%. Imatran Voima 72/87 (G) .... 

7% Industr. Bk. Japan 68/83 ....... 

83% industr. Bk. Japan 70/85 .......... 

63% Industr. Bk. Japan 73/80P — 

6l% Industr. Bk. Japan 73/81P 

75% Ind. Min. Dev. Iran 73/85 

-74% Ind. Min. Dev. Iran 77/87 — ..... 

6i% Ind. Mtgebfc. Flnl. 64/79 (G) 

6i% Ind. Mtgebk. Finl. 68/80 (G) ,* 

' 8% Ind. Mtgebk. Flnl. 71/86 (G) ... 
7% Ind. Mtgebk. Finl. 72/87 (G) ... 
9% ind. Mtgebk. Flnl. 75/84 [G) ... 

Int. Am. Dev. Bank 64/79 

61% Int. Am. Dev. Bank 68/83 

7% Int. Am. Dev. Bank 69/84 ......... 

81% Int. Am. Dev. Bank 70/8F ......... 

6l% Int. Am. Dev. Bank 72/87 I ...... 

6 ? % Int, Am. Dev. Bank 72/87 H ... 
8% Int. Am. Dev. Bank 7S/83P ....... 

81% Int. Am. Dev. Bank 76/83P ...... 

7% Int. Am. Dev. Rank 77/87 

$1% Int. Am. Dev. Bank 7F/88 

6*% Int’l. Com'!. Bank 73/83 

7% IRAN 68/78 

71% Ireland 69/84 

81% Ireland 70/85 

81% Ireland 76/81 


5J% J R I ex. warn 64/79 (G) 

(G) 


75% ISCOR 71/86 

7% ISCOR 72/87 (G) 

7% ISCOR 73/88 (G) 

B*% ISCOR 73/88 (G) 

B}% ISCOR 77/80P (G) 

81% ISCOR 78/80P (G) ... 

6% Japan 64/79 

7% japan 68/83 

71% Japan Dev. Bk. 76/83 (G) ... 

8l% Japan Synt. Rub. 76/8 IP 

8%- Johannesburg 71/86 (G) ............ 

61% Johannesburg 72/87 (G) ............. 


71% Jydsk Telefon 69/84 


63% Jydsk Telefon 72/87 ; 

71% Jydsk Telefon 73/88 ... 

9% Jydsk Telefon 7S/B2P 

63% KartsaL Electric 69/84 

74% Kansai Electric 71/86 

84% Kawasaki Stftd 75/82 ..... ..... 

6J% KELAG 73/88 

KH0 Rnante 72/87 

7f% Kjbbenhavns H. Bank 7&/83P ...... 

71 % Xjoben havns Tel. 72/87 


10775 

709 

3J1 

6.00 

9975 

5.76 

8.14 

5.79 

10775 

6.96 

534 

501 

.105.00 

6.43 

6.00 

5.74 

105.00 

6.67 

3.67 

5.45 

KJ050 

6.97 

1.19 

6.65 

11030 

8.37 

3.92 

6.15 

107.50 

7.91 

433 

6.45 

102.40 

506 

7.61 

5.60 

102J0 

931 

007 

573 

106.75 

9.13 

107 

5.37 

10930 

8.90 

2.67 

5.78 

106.75 

6.56 

. 338 

409 

10900 

6.65 

538 

533 

103.00 

5.34 

430 

4.74 

9875 

6.08 

4.92 

630 

108.75 

8.97 

4.76 

7.49 

10575 

6.38 

4.95 

539 

105.10 

6.6 6 

4.80 

5.74 

103 JO 

7.00 

2.78 

5.84 

108.00 

7.41 

5.09 

6.12 

103 05 

6.51 

432 

5.80 

106.00 

7.55 

3.17 

506 

103.10 

6.79 

2.67 

5.81 

105.00 

6.67 

3.75 

5.48 

10500 

7.86 

2.92 

631 

105.25 

8.08 

403 

7.10 

109.75 

7.97 

430 

6.19 

103.75 

6.99 

3.50 

6.13 

10530 

735 

577 

637 

107 30 

7.91 

304 

637 

10400 

703 

4.48 

6.7! 

'102.75 

■ 6.33 

7.15 

6.01 

IOB.OO 

707 

433 

6.32 

107,50 

6.98 

705 

623 

10530 

6.40 

735 

503 

1.04 30 

7.66 

627 

722 

104.95 

702 

3.98 

607 

104 JO 

7.66 

433 

6.94 

105.50 

6.64 

309 

5.12 

105 JO 

8.06 

3.74 

6.92 

' 10175 

6.39 

2.17 

501 

10175 

6.39 

3.08 

506 

102.75 

730 

3.95 

60S 

105.15 

737 

7.18 

6.81 

100J5 

623 

108 

5.99 

10200 

602 

137 

5.47 

10400 

705 

4.45 

6.90 

102 JO 

603 

4.49 

6.45 

107.15 

8.40 

3.41 

639 

100.75 

5.46 

125 

405 

10325 

6J4 

207 

530 

102.00 

6.86 

321 

6.40 

108.00 

7.87 

3J6 

6.18 

103.40 

6.53 

S.17 

5.96 

103.40 

6J3 

530 

5.97 

10625 

7.53 

407 

6.46 

107 30 

7.67 

525 

6J1 

10700 

6J4 

609 

' 5.71 

10225 

6.11 

9.75 

5.93 

104 JO 

6.46 

3.12 

5.14 

10130 

7.14 

0.67 

4.98 

10400 

6.97 

330 

5.98 

10525 

808 

3.74 

700 

10800 

704 

2J5 

505 

100.00 

5.75 

125 

5.82 

99J0 

7J9 

8.17 

7.98 

9600 

729 

4.17 

832 

9530 

7.33 

5.10 

8.11 

101 75 

835 

576 

8.09 

10125 

8.15 

2.46 

704 

10125 

8.15 

220 

7J8 

.10400 

5.77 

1.17 

231 

105.50 

604 

2.B7 

4.98 

108.00 

6.71 

500 

5.38 

107.00 

7.71 

325 

5.81 

101 SO 

705 

4.18 

7.43 

9430 

603 

4.61 

725 

10375 

6.99 

334 

608 

10305 

6J5 

4.92 * 

6.01 

105.40 

608 

5J5 

6.07 

10675 

8.43 

425 

709 

105.00 

6.43 

334 

5.17 

104.90 

739 

4.42 

6.44 

10675 

820 

3.15 

6-JD 

T0520 

6.42 

5.36 

.500 

104.40 

6.47 

4.90 

509 

10375 

7.11 

507 

635 

10430 

7.19 

474 

633 


1. 700— 83D 
16. 1.83— 90D 
16.1003 
1. 4.84 
1.1201 

dld.D.l. 678 
1. 302 
1. Z82 — 83 D 
■1.1203— 87D 

1.1278 

1.1279 
1.12.80 
1.110! 

1.11.83 

1.1002 

. 1. 302-83D 
1. Z81— B5D 
1.1278— 87S 
1. 801— 84S 

1. 2.79 — 83D 

2. 5.83 

1. 7.78— 87S 
1. 478 
1. 7.72— 83S 
I. 1.82 
1. 301 

1. 676 — 85D 
1. 5.80— S5D 
T. 573— 84S 
1. 400— 87S 

1.10.76— 85S 
1.1077— 8 6S 
1. 378—925 
1. 802 
1.1204 — 86D 
1. 5.84— 87D 
1. 1.77— 91 D 
1. 477— 86S 
1. 178— 87S 
1.1272— 83S 
1. 974— 85S 
1. 600 

1. 501 

1. 5.77—855 
T. 703— S7S 

2. 5.70-^-79D 
1.11.73— 80D 

1.12.77 — 86D 
1. 7.78— 87D 
1. 4.78— 84 D 
1. 7.70 — 79D 
1. 7.72— 83S 
1.8.75—845 
1. 9.76-85S 
1. 678— 87S 
1.1178— 87S 

16.203 
1. 7.83 
1. 1.83— 875 
1. 108 
1. 6.79— 83D 
1.1271— 78S 
1. 975— 84D 
1. 976— 85D 
1. 1.81 

30. 675— 79D 
I. 6.77— 86D 
1. 4.78— 87D 
I. 3.79— 88D 
1. 11.79 — 88D 
16. 9.79— 80D 
16.1279 — POD 
1. 670— 79D 
I. 3.72 — 83S 
1. 4.83 
1. 701 

1. 977— 86D 
1. 9.78— 87D 
15. 975 — 84S . 
1. 378-875 
1. 279-885 
1. 702 
I. 375—845 
1. 577— 865 
1. 600— 82D 

1. 5.79—885 

2. 578-875 
1.1203 

2. 178— S7S 


Issue 


Middle 

CurpKS 

Lift* 

Yield to 

Qflu. 

rnw 

YMd 

Maturity* 


Rapayraant 
D- Hianda tor yd ia M fng 

by lot at par. 

S- tanking fund - 


7% Kjobeohavns Tel. 72/87 

, 10+20 

672 

4.89 

538 

1. 5JB-87S 

6}% K Job en havns Tel. 73/88 

10320 

■600 

5.72 

503 

1. 4.79L-88S 

■■ 83% KLM Finance 70/85 

105.40 

806 

302 

6.99 

1.1076— 85D 

7% Kobe 66/83 (G) ......... 

10475 

608 

3.17 

539 

1. 672 — 83S 

63% Kobe 69/84 (G) 

10575 

6.41 

3J1 

5.16 

1. 573 — 84S 

7i% Kobe 71/86 (G) 

10700 

774 

408 

508 

- 1.277—865 

63% Kobe 72/87 (G) ....... ....... 

. .105.40 

6.40 

4.91 

5.46 

1. 578— B7S 

83% Kobe 75/80P (G>... 

10375 

7.95 

2.17 

603 

1. 600 

71% Kobe 76/83 (G> 

' 109 JO 

605 

-5.17 

504 

1. 603 

6J% Kobe 77/87 (G) 

10675 

609 

9:17 

5J4 

1. 607 

73% Kommunl. Inst. 76/83 

10375 

7.47 

308 

605 

1, 401— 83D - 

8% Kommunl. Inst. 76/84 

10300 

772 

409 

700 

15.1077— 84D 

73% Korea Dev. Bank 77/84 

9800 

708 

607 

737 

1.1184 

S\% Kubota Inti. 77/82P 

10200 

5.15 

377 

4JT 

1.1201 — 82D 

53% Kvaeroer Ind. 7B/88P 

9875 

502 

706 

5.95 

1. 304— 88D 

8i% Light-Servlcoi 77/82 (G) 

10700 

7.94 

3.92 

6.42 

L 3.82 

83% Longt. Cr. Bk. Japan 70/85 — 

105 JO 

8.06 

3.91 

6.99 

1.1176—855 

10% Lonza Itnl. 74/79 P- 

8;?b Lonza Jtn'I. 75/80P 

10700 

905 

1J8 

524 

1.1179. 

106.25 

7.76 

2.12 

506 

15. 500 

7% Malaysia 72/84 - 

10230 

603 

338 

6.19 

1. 675— 84D 

6f% Malaysia 77/85 

99.75 

632 

7.42 

653 

1. 90S 

93% Malmoe 75/84 

83 % Malmoe 76/83 - 

109.00 

8.49 

429 

675 

I. 2.81— 84D 

10775 

706 

308 

5.66 

1. 300— 83D 

63% Manitoba 77/84 

107.10 

607 

675 

5.14 

1. 704 

63% Manit. Hydro El. 72/87 

105 JO 

6.40 

5.19 

550 

1. 678-87S 

61% Mega). Fin. Comp. 78/90 

10100 

6.15 

9.17 

601 

2. 1.85 — SOS 

7% ME PC 73/88 

100.40 

6.97 

501 

6.90 

1. 579— 88D 

7% Mexico 6B/80 - 

10375 

6.78 

106 

4.99 

1. 671— 80S 

7% Maxko 68/84 

102 JO 

6.83 

3.17 

620 

2. 173—845 

73% Mexico 73/88 

102.75 

7.06 

4.99 

658 

?. 179— 88S 

9% Mexico 75/82 - 

10905 

821 

475 

603 

1. 702 

8% Mexico 76/83 - 

10930 

701 ■ 

5.17 

501 

1. 603 

74% Mexico 77/84 

7;% Mitsubishi Gas 76/81 P 

10530 

705 

6.17 

603 

1. 604 

10475 

7.43 

3.17 

672 

1. 601 

74% Mitsui Toatsu 76/81 P 

104.00 

7.45 

3.46 

6.40 

15. 90! 

9% MODO 75/83 

10675 

8.47 

3.62 

6.98 

1. 600— 83D 

7% Montreal 69/89 - 

10375 

678 

570 

6.30 

1. 470— 89D 

6% Montreal 72/92 

100.40 

5.98 

6.88 

5.92 

1. 9.73— 92D 

6J% Montreal 73/93 

102.00 

602 

759 

6.40 

1. 674— 93S 

81% Montreal 76/86 

107.00 

7.94 

404 

6.46 

1. 777— 865 

7% Montreal 77/87 

10375 

6.78 

4.55 

6.15 

16. 7JB—87S 

7'% Mortg. Denmark 69/84 (G) 

105.00 

7.14 

3.47 

5.97 

1.11.75— 84S 

74% Mortg. Denmark 71/86 (G) 

10675 

729 

476 

6.15 

1. 377— 86 D 

7% Mortg. Denmark 73/88 (G) 

10405 

671 

551 

604 

1. 779—8 BS 

63% Mortg. Bk. Finl. 69/84 (G) 

10300 

653 

209 

537 

I. 473— 84S 

7i% Nafi. Mexico 69/79 (G) 

10130 

7.14 

1.17 

5.9B 

1. 672— 79S 

83% Nafi. Mexico 76/83P (G) 

107.00 

8.18 

507 

7.19 

1.1203 

7% Nafi. Mexico 77/82P (G) 

10100 

6.93 

4.42 

6.72 

T. 902 

83% Nafi. Mexico 77 ) 84 (G> 

107.00 

8.18 

5.92 

775 

1. 304 

83% Nafi. Mexico 77/84P (G) 

107.00 

8.18 

5.92 

775 

1. 304 

Si% Natl. Bk. Hungary 75/81 

107.10 

770 

375 

578 

T. 701 

6t% Natl. Bk. Hungary 77/85 

98.00 

603 

738 

604 

1.1105 

67% National Lead. 67/79 

.10030 

6.47 

1.17 

602 - 

1. 672-79S 

8% Natl. Westm. Bk. 73/88 

107.15 

7.47 

5.74 

6.46 

1.1079— 88S 

63% New Brunswick 72/87 

10570 

6.42 

406 

5.49 

1.1178— 87S 

7£% Newfoundland 69/84 

10530 

6.87 

373 

5.44 

1. 8.75— 84S 

8% Newfoundland 71/86 

10575 

737 

4.13 

606 

1. 8.77— 865 

63% Newfoundland 72/87 

10575 

6.41 

406 

5.48 

1.11 78— 87S 

63% Newfoundland 73/88 ............... 

105.00 

6.19 

606 

535 

1. 401—885 

7% New Zealand 68/78 

10005 

6.95 

025 

4.37 

1. 7.72— 78S 

62% New Zealand 69/84 

7y%' New Zealand 71/86 

106.40 

604 

377 

407 

1. 275— 84D 

10605 

7.03 

4.43 

506 

1. 577— 86D 

7% New Zealand 72/87 - 

10650 

637 

406 

5.38 

I. 278— 87D 

9J% New Zealend 75/80P - 

10750 

8.84 

1.83 

5.09 

T. 200 

9$% New Zealand 75/80P ...... — ...... 

10775 

. 802 

103 

5.00 

1. 200 

81% New Zealand 75/80P 

10630 

775 

275 

5.10 

1. 7.80 

9I?S New Zealand 75/82 

11205 

808 

3.75 

5.96 

I. 1.82 

71% New Zealand 76/83 

109.90 

602 

4.92 

5.17 

1. 303 

73% New Zealand 76/86 

11105 

6.94 

653 

536 

1.11.82 — 86D 

61% New Zealand 77/84 

105.95 

5.90 

6.08 

509 

1. 5.84 

51% New Zealand 78/86 ■• 

101.00 

570 

7.92 

5.09 

1. 306 

9% Nippon Kokan 75/82 

10550 

8J3 

2.98 

609 

1. 4.80— 82D 

8J% Nippon T + -T 75/82 (G) 

10875 

808 

3.92 

600 

1. 3.82 

81% Nippon T + T 75/82 (G) 

10800 

7.64 

4.17 

601 

-!. 602 

73% Nippon T + T 76/83 (G) 

10975 

709 

530 

573 

1.1003 

5*1% Norcem 78/85 

101.15 

5.68 

6.92 

534 

1. 305 

8i% Norges Komm. Bk. 70/85 (G) — 

107.00 

7.94 

303 

632 

1.1076— 85S 

8% Norges Komm. Bk.- 75/BO (G) ... 

10600 

7.49 

2.17 

402 

I. 600 

8% Norges Komm. Bk. 75/SOP (G ) ... 

10650 

751 

275 

4.86 

1. 700 

7 % Norges Komm. Bk. 76/81 (G) ... 
7% Norges Komm. Bk. 77/80 (G) ... 

10670 

6J6 

3.08 

401 

1. 501 

107.60 

6.51 

673 

5.61 

1. 400— 89S 

6% Norges Komm. Bk. 77/89 1 (G) 

102.95 

5.R3 

775 

5.49 

16.1000 — 89S 

6% Norges Komm. Bk. 77/89 II (G) 

10375 

501 

7.46 

376 

1.1200—895 

Bi% Norpipe 76/84 a 

11050 

709 

4.18 

501 

1. 200 — 84S 

8% Norpipe 76/88 .; 

. 110.00 

777 

758 

629 

1. 603— 88S 

6% Norpipe 77/89 

103 no 

503 

9.00 

•556 

1.11.84— 89D 

74% Norsea Gas 76/88 ..... 

inn 00 

6.71 

8.08 

5.97 . 

1.1203—885 - 

7% Norsea Gas 77/89 * 

10700 

6.52 

9.37 

5.96 

I. 7.84— 89S 

9% Norsk Hydro 75/87 

. moo 

7.96 

576 

604 

I. 300— 87D 

B% Norsk Hydro 76 /RR 

1 17.50 

7.11 

7.42 - 

587 

I. 403— 88S 

64% Norsk Hydro 77/89 — • 

105^5 

6.41 

7.96 

588 

I. 6.82—895 

Ri% Norway 7S/R0 

107 75 

766 

2.08 

4.70 

I. 500 

Pi% Norway 7C/»nP 

inn 25 

776 

2.17 

5.12 

1. 6.80 

71% Norway 75/80 

10700 

720 

207 

4.64 

1.12.80 

7% Norway 76/81 

10775 

630 

3.08 

426 

1. 501 

71% Norway 76/81 

11075 

6.80 

375 

4.06 

1. 701 

64% Norway 77/82 

106.90 

6.08 

375 

4.45 

1. 102 

61% Norway 77/82 

106.50 

5.87 

4.00 

4.44 

1. 4.82 

52% Norway 77/82 

105.15 

5.47 

4.33. 

4.41 

I. 8.82 

42% Norway 78/83 

102.10 

4.65 

475 

475 

1. 103 

71% Norw. Mortgage 77/87 

10630 

601 

7.07 

609 

15. 5.83— 87D - 

6% Norw. Mortgage 77/89 ....... 

102.60 

5.85 

7.98 

558 

16.11.82— B9D 

7J% Nova Scoria 71/86 — 

106.00 

701 

4.46 

6.28 

1.1277— 86D 

7% Nova Scoria Power 72/87 

105.75 

6.62 

4.94 

5.62 

1.1278— 87S 

61 % Occidental Overs. 68/83 

10235 

604 

2.92 

502 

1.1072— 83S 

6% Oester. Donaukr. 59/84 (G) ...... 

103.00 

5.83 

376 

505 

1. 235 — 84D 

63% Oester. Donaukr. 73/88 (G) 

105.65 

6.39 

505 

536 

I. 379 — 88S 

8J% Oester. Donaukr. 75/85 (G1 ..... 

112.00 

7.81 

406 

5.84 

1. 301— 85D 

7% Oest. El. Wirtsch. 67/87 (G) 

10575 

605 

405 

578 

1. 2.73 — 87D 

7% Oest. El. Wirtsch. 76/83P (G) ... 

10700 

634 

571 

553 

16.1203 

104% Oest. Inv. K red it 74/79P 

106.75 

9.60 

134 

532 

16.1079 

92% Oest. Kontrollbank 74/78P (G) 

101.75 

938 

0.42 

524 

I. 978 

94% Oest. Kontrollbank 74/79 IP (G) 

104.75 

9.07 

1.17 

5.17 

1. 6.79 

94% Oest. Kontrollbank 74/79 HP (G) 

104.75 

9.07 

1.25 

5.43 

I. 779 

7% Oest. Kontrollbank 76/83 P (G) 

105.00 

6.67 

5.67 

5.93 

1. 12.83 

6J% Oest. Kontrollbank 77/89P (G) 

10450 

6.46 

5.83 

501 

1. 204 

61% Oest. Kontrollbank 77/84P (G) 

102.75 

6.33 

675 

5.95 

1. 704 

61% Oest. Kontrollbank 77/84P (G) 

103.00 

607 

6.33 

507 

1. 8.84 

6% Oest Kontrollbank 77/85 P (G) 

103.75 

5.78 

7J8 

508 

1. 1 1.85 

51% Oest. Li nderbank 77/82 (G) 

102.75 

5.35 

4.67 

402 

1.1202 

64% OKO 69/79 (G) 

10030 

672 

108 

5.B4 

I.1170-T-79D 

64% Ontario 69/84 

105.00 

6.19 

3.26 

403 

1. 275 — 84D 

6% Ontario 72/87 

105.25 

570 

5.79 

4.93 

1. 9.80— 87D 

7% Ontario Hydro 69/84 

106.00 

600 

324 

5.03 

1. 875— 84D 

74% Ontario Hvdro 71/86 

106.95 

701 

4.48 

5.69 

1.1277— 86D 

6% Ontario Hydro 72/87 

105.75 

6.15 

5J3 

577 

1. 600 — 87D 

61% Ontario Hvdro 73/88 - 

105.35 

6.17 

678 

5.47 

1. 301— 88D 

64% Osaka 64/79 (G) : 

10400 

675 

075 

1.15 

2. 1.70— 79D . 

WestLB Schuldscheindarlehen 

4 year maturity: 4»755& 

5 year maturity: 5.007& 


6J% Osaka 65/80 (G) " 

6% Oslo 64/79 

54% Oslo 65/80 ... 

7% Oslo 67/79 

7}% Oslo 69/84- S, 

73% Oslo 71/87 

6i% Oslo 73/90 ; 

9% Oslo 75/87 

7% Outokumpu 68/78 (G) 

6i% Papua 73/88 

63% Parker-Hannrfin 77/87 P 

8i% Pemex 76/83 

7% Pemex 77/84 

7% Pemex 78/06 

7% Peirebas 77/84 

6i% Philip Morris 72/87 

71% Philippine 77/84 

61% Philippine 78/85 

'81% Phillips 75/81 P 

8+% Phillips 75/8 IP .j 

8J% Phillips 75/82 

83% PK-Banken 75/83 

9^% Platm. Malmoe 75/80P ....._ 
7i% Privatbk. Copenh. 77/83 P ..... 
63% Pyhrn Autobahn 77/89 (G) .. 

6i% Quebec 72/87 

73% Quebec 77/87 

7f% Quebec 77/87 

63% Quebec Hydro El.' 69/84 ........ 

73% Quebec Ftydro El. 69/84 ... 

8% Quebec Hydro El; 71/86 

61% Quebec Hydro El. 72/8 7 

61% Ouebec Hydro El. 73/88 
0l% Ouebec Hydro El. 77/87 
6 1 % Ouebec Hydro El. 77/87 ..... 

81% Queensland Ahi. 70/8S ; 

73% Redland Inrt. 69/84 ......... 

7i% Reed Paper‘73/88 ..... 


84% Renfe 76/82 (G) .: 

8% Renfe 77/84 (G) 


7i% SAAB 71/86 

10i% SAFE 74/79 P 

7i% Sandvik. 72/87 J 

91% Sandvik 75/83 

81%, Sanko Steamship 75/80 
7% Sanko Steamship 77/84 
9% SA.P.L 75/80P (G) ... 
7% Sears Inti 68/83 



6.11 

133 

453 

1. 271— SOD 

.... 10150 

5.91 

050 

295 

1. 470— 79D 

10175 

535 

1.41 

430 

1. 3.71— 80D 

1.0150 

6.90 

052 

577 

1. 372 — 79D 

10575 

709 

3.47 

573 

1.1175— 84D 

.... 10625 

7.06 

475 

6.05 

2 178— 875 

— 10330 

630 

605 

5.96 

\. 7.76— 90S 

— . 11275 

802 

432 

6.04. 

1. 378 — 07S 

.... 100.00 

7.00 

0.42 

7.10 

1. 972— 78D 

..... .10630 

6J4 

5.99 

5.44 

1. 779— 88S 

— 104.00 

6.49 

7.11 

604 

I. 603 — 87D 

' 10930 

7.99 

5.67 

607 

1.1203 

— 10290 

6.80 

6.42 

6.42 

1. 904 

— 103.00 

6.80 

775 

6.49 

1 . 1.86 

— 10135 

6.9! 

630 

6.75 

1.1004 

.... 10575 

6.38 

407 

577 

1.1178— 87D 

— 101.00 

7.18 

638 

704 

1.11.84 

..... . 3775 

6.94 

7.00 

776 

. 1. 4.85 

— 108.00 

8.10 

3.00 

577 

1. 401 

... 707-00 

7.94 

3.04 

5.92 

15. 401 

1 1000 

7.95 

3.96 

5.84 

15. 302 

.... 10630 

7.98 

379 

649 

1. 800 — 83D 

.... ipsjo 

8.77 

2.08 

6.34 

1. 500 

.... 103.00 

7.04 

5.00 

6J3 

1. 403 

.... 103.10 

6.06 

803 

579 

1. 904 — 89D 

... 10275 

633 

4J2 

578 

1. 778 — 87D 

.... 108.15 

6.93 

803 

677 

1.287 

.... 10540 

607 

9.17 

6.42 

1. 607 

.... 104 JO 

6.46 

376 

579 

1. 275-845 

.... 1CIS.OO 

6.90 

371 

505 

I. 975 — 84D 

— 1.0S75 

7J7 

471 

6 J2 

1. 9,77 — 86D 

- 10275 

6.33 

4.81 

503 

1. 478— 67D 

.... ' 10490 

6M 

5.20 

579 

1. 3.79— 88D 

... - 103.00 

6."*1 

9.37 

6.06 

16. 8.87 

... -UJ10O 

6.14 

907 

5.99 

1.12.87 

._ 106.00 

8.02 

3.91 

6.84 

1.1 176—855 

... 10375 

776 

0.17 


1. 675-845 

... 10275 

7.06 

4.99 

6 J8 

1. 179-885 

... 108.00 

7.87 

475 

678 

1, 702 

... 707 Jo , 

7.44 

600 

6.45 

1.4.84 

— . 10675 

776 

470 

6.17 

1. 677—865 

... 107.00 

9J8 

1.58 

5.47 

1.1179 

... 10605 

702 

4.65 

577 

.1. 278— 87D 

... 11375 

8.17 

403 

6.00 

1. 203 

... .103 JO 

B2I 

207 

6.99 • 

1.1200 

... 70530 

653 

503 

503 

1. 284 

... 108 JO 

879 

1.92 

478 

1.300 

... 106 JO 

6J7 

208 

4.45 

30. 6.73 — 83S 


Continued on page 24 




v 




s' 



26 


Finaiicial -Times MondajrApnl 10 1978 


INTERNATIONAL INTERNATIONAL INTER ! j 

I INTERNATIONAL 1 

Ibond MANUAL 

| 2700 

| issues. All in 

lone volume 

101-267 3823 
1 Telex 885276 

% BOND MANUAL BOND MANUAL BON, 



309 Credilaubtalt Bankvereln 

1010 Vienna Scholtengasse 6 

P 03092540/1 T 74324 

310 flirozentrale and Bank 
det osterreiehiscbeu S parkas sen At« 

1011 Vienna Schubertring 5 

P.72 94 272/72 94 772 T. 13 195 


MARKET MAKERS 


REGION- 1- BELGIUM' 


105 Bondtrade 

110 Dewaay, Sebille, Servais' 
Van Caiupeuhout & Cie 
115 Kredietbank N.V. 


REGION 2- FRANCE 


23Q Banque Arabe et Internationale dTnvestissement 
(B.AJ.I.) 

225 Banque Louis-Dreyfus 
205 Banqne Nationale de Paris 

75009 Paris 16. Boulevard des ltaliens 
P 225-4700/523 5500 
T 650814/650S19 

210 Credit Commercial de France Paris 
215 Credit Lyonnais 
218 J2. F. Hutton Services S.AJUL. 

220 Interanion-Banqne 


REGION 3 - GERM ANY/ AUSTRIA : j 


300 Commerzbank AG . e *— -jr 

GOOD Franklnrt Neue Mainzer Strasse 
P 13621 T 416111 
T 416345 

305 Deutsche Bank AG in _, , 

6000 Frankfurt Grasse Gallusstrasse 10-14 

Junghoffitrasse 5-11 
P 21 41 T 41 1976 

306 Drcsdner Bank AG 

6000 Frankfurt Gallusanlage j-8 
P 2631 T 414 901 
P 23 08 21 T41220 

307 Wesidcuische Landesbank Girozentrale 
4000 Olisseldorf 


405 Banca Commercial Italians Milan 
407 Banco Ambrosiano S-P-A. 

409 Banco dl Roma 

415 Credito Ualiano _ . _ 

20123 Milan Piazza Cordusio * 

PS7 17 44/8862 T 35 617 
PS9 01 16 
420 Isrttuto Baneario IUliano 
425 Istitnto Bancano San Paolo di Tonne 
430 Mote dei Pasehi di Siena 


710 R. Henriqnes |r. Bank-AkOeseI$kab 
liM ' Hojbro Plads 9 

Copenhagen K P 12 00 52 T 10 162 A9 952 
715 Kansallis-Osake-Pankki 
720 Kiobenhavn$ Handeisbank. 

.1091 . , . Holmens Kamil 2 . 

Copenhagen K P 12 86 00 T 19 177 .. 

.745 Postipankhi 

730 Privatbanken Aktieselskab 

735 SkandinavisKa Enskilda Banken 

10640 Kungstrfidgirdsgatan 8 

Stockholm p 763 50 00/24 28 30 'Til 007. 

725 Union Bank of Finland • 

(Nordiska ForeningSbanken Ah) 


REGION 8 - SWITZERLAND 


REGION 5 -LUXEMBOURG' 


505 Banque Genenrle du Luxembourg S.A. 

510 Banque Internationale a Luxembourg b-A. 
540 Bayerische Landesbank International S.A. 
Luxembourg 25 Boulevard Royal 

P 474021 T 1249 P4i5911 

515 Dewaay Luxembourg' S.A. 

520 Kredietbank SJV. Luxembourgeoise 
Luxembourg 43. Boulevard Royal 
P 26411 T 1451 

530 Swiss Bank Corporation (Luxembourg) 


S00 Bondpartners SJL 

805 Credit Suisse /Swiss Credit Bank 

T 55 212 Trading 

S60 Swiss Bank Corporation 

8022 Zurich Puradeplatz 6 

P 223 11 LI T 53471 

870 Union Bank of Switzerland 


'REGION 9 - U NITED KINGDOM 


REGION 6- NETHERLANDS' 


600 H. Albert de Bary & Co. N.V. 

601 Algemene Bank Nederland N.V. 

602 Amsterdnm-Rotterdam Bank N.V. 

603 Bank Wees & Hope N.V. 

604 Barclays Kol & Co. N.V. 

Amsterdam Herengracht 500 

P 262 209 T 12 130/12 193 

611 Centrale Rabobank Utrecht 

SI. Jacobsstraat 30 
General P 369111 T 40025 
Trading P 362410 T 70105 

605 Bank Blorgan Labouchere N.V. 

610 F. van Lauschot M 

606 Nederiandsche J/liddenslandsbank N.v. 

607 Nederlandse Ore diet bank N.V. 

60S Pierson, Heldring & Pierson 

609 Slavcnburg, Oyens & Van Eeghen N.V. 


REGION 7. -.SCANDINAVIA, 


705 Bank of Helsinki Ltd. 

(Helsingfors Aktiebank) 
740 Den norske Credit bank 


901 Akroyd & Smithers Limited 

London 2-6 Austin Friars 

EC2 N2EE 
950 Bankers Trust International limited ' 

910 Banque Fran raise de Credit International Ltd. 

911 Citicorp international Bank limited 

London 335 Strand . ... 

WC2R 1LS PS36-1230 -.TSS4933 

912 Continental Illinois Limited 

914 Credit Suisse While Weld Ltd. ■ ■ 

London 122 Leadenhall Street 

EC3V 4QH P 283-4290 -T 88 3731 

913 Daiwa Europe N.V. " : 

London ' ' S-14 SL Martras-le-Grand 

EC 1A 4AJ P 600-5676 T 88 4121 

915 Deltec Trading Company Limited 
920 Dillon, Read Overseas Corporation 

Loudon 10 Chesterfield Street 

W1X 7HF P 493-1239 T 88 11055 . 

P 491 4774 Trading 
992 Dominion Securities Limited 
925 European Banking Company Ltd. 

London 150 Leadenhall Street 

EC3V 4PP P 638-3654 T 8951961 

927 The first Boston Corporation 

930 First Chicago Limited 

931 Goldman Sachs International Corp. .. 

London 40 Basing ha 11 Street 

EC3V 5DE 63*4155 T 88 7902 

P 638-9243 


932 Hambros Bank Limited 

London 1 41 Bishopsgate." : ; 

EC2P.2AA , P 5884698 TS86S37; i ' 

933 IBJ International limited !• 

Loudon Backlersbory-Hbuse . 

EC4N 4HB 3 Queen Victoria Street' 

. P Trading 23WJ551 TSSaiil ; 
P Ceneral 236^756 ; ,£ \- . 

935 Kidder Peabody Securities Limited. : • 

London 24th Floor 

EC2P2LA 99 Bishopsgate : 

P 63*6272, T 884684/5/6/7/8 • 
938 Loeb, Rhoades, HornbloweiLltUernatioual Ltd. 
London 55 Grosvenor Street . ' 

W1X9DB P4913381; T25432, 1 - .. 

936 Manufacturers Hanover limited v 

London 8 Princes Street 

EC2P 2EN General P 6004585 T 884901 ' 

Trading P 6068461/4 T.8$ 8716 

937 McLeod, Young, Weir In ternatidnal Mmtw 

940 Merrill Lynch, Pierce,Feoner& Sudflt ■' 

(Brokers & Dealers) LtdL . ■ A;. 

London 3-5 Newgate Street - 

EClA 7DA P 236-1030 TS8 5357/8811801 

941 Morgan Stanley Xinternational ‘ . 

London P.O.Box 132, • 

aalUmc 


E03P 3HB : . ■ Commercial Union R nitdi 


ms. 


1 tJndershaft Lead afthan street 
General P 626-9221 T 88 12564 
Trading P 2868201 T 8951621/2 
945 Nesbit Thomson Limited/ -7 _ “ ■ 

942 The Nlkko Securities Co. (Ehirope) Ltd. . 

- London Royex.House . . 

EC2V 7LJ Aldenn anbury Square ~ . 

P 606-7171 T 88 4317. ■ . 

943 Nomura Europe .N.V. - 

- London Barber-SuxgeonsHaU, 1 

EC2Y 5BL MonfeweUSquMe^- •»:- 

London Wall ' . 

P 6067482/6 : T 8811473 ’ . 

'946 Orion Bank limited / 1 ' 

London 1 London Wall . 

EC2Y 5JX P 600-6222 . T 88 S49B . . 

P 6068000 Trading ' .- 
947 Salomon ^Brothers International Ltd.' 

950 Samuel Montagu & Co. Ltd. 

955 Scandinavian Bank Limited . 

960 Strauss, Turnbull & Co. ' ■ . 1 , - 

London 3 Mooi^ate Place r; 

EC2R 6HR P 6365699 T 88 3201 : . 

962 Sumitomo Finance International; 

London ' 66 Gresham Street 

EC28 TEL P 606^645 . T 8811043' 

964 Vickers, da Costa & Co. Ltd. - - 

965 S. G. Warburg & Co. Ltd. 

London 30 Gresham Street 

EC2P 2EB P 600-4555 T 88 8476 /SS 3195 



ttn Bmirp mimmuiWNAL wrewv 

INTERNATIONAL I 
BOND MANUAL! 

... .the | 

professionals' 1 

reference I 

01-267 3823 | 

Telex 885276 1 

W BOND MANUAL BOW MANUAL BQNt* 



■ **■' 


‘S,- 

• ■A-'" 




970 Westdeutsche Landesbank Gomentrale 
London ‘ ... 21 Austin Friars . 

EC2N 2HB . . ' P 638-6141 T88 7984/5 

975 White Wda Securities 

977 tt S. W«to afeOfc IWL 

■'.V;. 888124 
930 .Wood Gundy Ltd. 

990 Yamaichi international (Europe) Ltd. 
London St-AIphage House 

EC2Y 5AA 2 Fore Street ' 

‘P 628-2271 T 887414 


J 




REGION TO- UNITED STATES 


y . . "■ 

t -■ 






10 Amhold &. S. Bleichroeder , Inc. 

20 Drexel Burnham Lambert & Ca. Inc. . ■ ; < 

30 Kidder, Peabody & Co. Incorporated ' % 

New York 10 Hanover Square . \a 

NY 10W5; P 212747 2000 . T 233 496 fa 

32 -Lehman Knh^ ^Locb Inc. '. . . 

New York ' 40 WaU Street 

•- NY 10605 ‘ P 797-4220 T 420 107 - ■ 

33 LmrardFiwes iSe Co. T ’ : •"“= ; ‘ - ‘ : 

- - : • T 420308 ITT 


35 Merrill Lyncb, Pierce. Fenner & Smith Inc. 

P-212 766 1212 T 420 938 


60 Salomon Brothers : ’V - 

New York . : . One New York Plaza •*' .- 

NY 10004 P 212 747 7000 T 222 428 " .- 

70 Shields Model Roland Incorporated 
SO Atlantic Capital Corporation . 

; ' • . •' T 620727 WU'_.. - . : - 

90 White Weld -& Co. Incorporated 

. . T423 94snr:' ; . 
005 The Arab Co. for Trading Securities SJLK. . 

Kuwait F.O. Box 

22782 Safat Kuwait fi m ' ■ 

P 410 318 T 2791-ACTS • ,f 


LEAD MANAGERS 

1— Creditanstalt-Bankverein 

15— Butler Bank 

16 — Credit Suisse (Bahamas) Lto. 

1S — Gutzwiller Kurz Bungenur Secunties 
25— Union Bank of Switzerland (U/W) 

2S — Bankleumi Le- Israel 
32 — Banque de Bruxelles S.A. 

35— Banque Lambert S.C.S. 

38 — Burriiam & Co. 

43— Kredixhank N.V 

46— Societe Generale de Banque SJL 

57 — Nc»>bit. Thomson Ltd. 

64— Wood Gundy Ltd. 

72 — Privatbanker Aktieselskrab 
77— McLeod. Young Weir & Co. 

92— Banque Nationale de Paris 

g3 Banque dc Paris et des Pays-Bas 

94— Banque Rothschild 

96— Banque de LUmon Europeenne 

103 — Credit Commercial de France 

104 — Credit lndustriel et Commercial 

105— Credit Lyonnais 
112 — Lazard Freres & Cie 


H7—-Societe G^nferale „ 

122— Western American 
13S — Commerzbank/ Banco di Roma /Credit 
Lyonnais 

140 — Commerzbank AG 
143 — Deutsche Bank AG 
150— Wardley Ltd. 

157— Pkbanken 

159 — Kuwait Int. Inv. Co. S.A.K. 

162— Arab Financial Consultants 
165 — Union Bank of Switzerland 
(Securities) Ltd. . 

179 Westdeutsche Landesbank 

Girozentrale 

ISa— Jardine Fleming & go. 

ISO— Banca Comroerciale Italians 
1S9 — Banca Nazionale de Lavoro 
196 — Banco di Roma 
214 — Williams Glyn & Co. 

218 — Orion Bank Ltd. 

219— Kuwait Inv. Co. S.A-h- 

221 Banque Europeenne du Luxembourg 

“ sa 

222— Banque Generale du Luxembourg S A. 

223— Banque Internationale ii Luxembourg 
SA. 


2^4 Banque Lambert Luxembourg, S.A. 

229— Investors Bank, Luxembourg, S.A. 

230— Kredietbank SA. Luxembourgeoise 

234— UBS DB Corp. T 

235 ^Blyth, Eastman Dillon & Co. Int 

237— Algemene Bank Nederland' N.V. 

238— Amsterdam-Rotterdam Bank N.V. 
245— Bank Mees & Hope N.V 

247 — Nederlandse Credietbank N.v. 

243— Nederiandsche Mlddenstandsbank N.V. 

254 Pierson, Heldring & Pierson 

256— Royal Bank of Scotland • 

272 — Skandinaviska Enskilda Banken 

273— Svenska Handelsbanken 

287 Kuwait Foreign Trading Contractina, 

& Investment Co. . 

292— Bankers Trust International Ltd. 

297— Barclays Bank international Limited 

298 — Baring Brothers & Co. 

315— Hambros Bank Ltd. 

316— Hill Samuel & Co. Ltd. 

321 — Investment Bank of l«lana 
323— London Multinational Bank Ltd. 

326 — Klelnwort Benson Ltd. 

327— Kuhn Loeb Int 


328— Lazard Brothers & Co. Ltd. 

332 — Manufacturers Hanover Ltd. 

335— ^-Morgan Grenfell & Co. Ltd. 

336 — National Westminster Bank Ltd. 

337— Nlkko Securities Co. (Europe) Ltd. 

338 — Kuwait International Finance Co. SAK 
343 — Rabobank N.V. 

346 — Rothschild N. M. & Sons Ltd. 

350— J. Henry Schroder Wagg & Co. Ltd. 

352 — Caisse des Depots Consignations 

353 — Singer & Friedlander Ltd. 

354 — Sumitomo Finance International 
359— Warburg, S. G- & Co. Ltd. 

361— White Weld & Co. 

375 — Bank of America 
378 — Bear Sterns & Co. 

386— Brandt (Wm.) Sons & Co. 

3S9— Kuwait Financial Centre 

396 — Daiwa Securities & Ca.Ltd. 

397— Dean Witter International Inc. 

399 — Dillon Read & Co. Ltd. 

401— Dominick & Dominick 

402— Citicorp Int. Bank 

404 — Drexel Harriman Ripley 
408— European Banking Company 


411 — First JBoston Corp. 

412 — First Boston (Europe) Ltd. 

413 — Merrill Lynch, Pierce, Fenner St 
Smith Inc. ' 

418 — Goldman. Sachs. & Co. 

421— American Express Middle East DevL 
425 — Hayden Stone Inc. 

431 — In termuon— Banque - 

437 — Kidder, Peabody & Co. Inc. 

438 — Blyth, Eastman Billon & Co. Inc. 

440— National Commercial Bank Saudi 
Arabia..-.: 

441— Ruhn Loeb St Co. 

445 — Lazard Freres Sc Co. 

447— Lehman -Brothers 

449 — Loeb Rhoades & Co. • - 

454 — Merrill Lynch, Pierce, Fenner & Smith 
456 — Morgan Sc Cie International 

458— Morgan Stanley Sc Co. 

463— Nomura Securities Co. 

479 — Salomon Brothers 

480— Banque BruxeHes, Lambert SA. . 

481 — Postipanklri " 

455— Smith Barney & Co. 

487— Barclays Merchant Bank Ltd. 


488— Kidder, Peabody International Ltd. 

500— White Weld k Co. Inc. 

501— Yamaichi Securities . . 

-510— Salomon Brothers 'International Ltd, 
511— Merrill Lynch IntnL Bank Ltd. 

516— Union De Banqiiee Arabes et ;' 
.Frahcaises <UBAF) 

517— ^Jrtdit Suisse-White Weld Ltd 

518— Arab Finance Corp. 

525— Banque Arabe et lot D’Invest 
536— Loeb, Rhoades International Lid 

555 — Goldman Sachs A Co. Inc,. 

556— Jardine Fleming International Inc. 
560— Jardine Fleming International Lid. 

585— BALL (M/E) Inc. 

586— Bank Hapoalim. 

. 594— Indo-Suez & Morgan Grenfell 
(Singapore) 

599— Swiss Bank Corp. (Lux.) 

600— First Boston AG 
630— Barclays Koll & Co. N.V. 

637— National Bank of Kuwait 
639— ^Morgan Grenfell (Asia) Ltd. 

708— Dean Witter Reynolds Int Inc. 

715 — Merrill Lynch Int. (Asia) 


Lfli 


i® 


a 


COMPILED 


FOR THE ASS OCIATION OF INTERNATIONAL BOND DEALERS 


BY INTERBOND SERVICES LTD. 


liiiilYli-l: 


This announcement apyears as a mutter of rnmd unto 


S LARCH 1978 


MS 

M^MM 


Bank Handlowy w Warszawie S.A. 


U.S. $ 40 , 000,000 
Term Loan 


Managed by 

Union de Banques Arabes et Francaises U.B.A.F. 


Co-managed by 

Arab African Bank — Cairo 
Arab Malaysian Development Bank Berhad 
Union de Banques Arabes et Enropeennes — U.B.A.E. SA 
Union M6diterraneenne de Banques 


. Provided by 

Arab African Bank - Cairo Arab Malaysian Development Bank Berhad 
Union de Banques Arabes et Enropeennes -UJkA.E.-S A. 

Union de Banques Arabes et Francaises — U.BAJF. 

Union Mediterran^enne de Banques 


Arab Bank for Investment and Foreign Trade Arab International Bank- Cairo • 
Gulf Bank K.S.C. — Kuwait Kuwait Foreign Trading Contracting & Investm^zt Co. 

Kuwait International Finance Co. S.A.K. “KIFCO” libyan Arab For«gn Bank, SAX. 
The National Bank of Kuwait, S.AJK. UBAT Bank Limited 


Creditanstalt-Bankverein - 




and International Bonds of Austrian issuers 


IT- 


Selected Austrian Schilling Bonds 
of Austrian issuers 
maturity up to 5 years 


8 % 
8 % 
81/2% 
81/2% 
81/2% 
81/2% 
81/2% 


Osterreich1973/B/81 
Osterreich 1973/1 ll/B/82 
Osterreich 1974/N/B/82 
Osterreich 1975/5/83 
Innsbruck 1 974/B/82 
K3rnten1975/B/81 
NEWAG 1975/ B/82 


Middlt 

Average 

- Yield to 

Curre 

Price 

Lite 

average life 

Yield 

100,- 

1,87 

8,50 

8,00 

100,5C 

2,63 . 

-8,66 

7.96 

100,— 

2.55 

8,46 . 

8,50 

101,— 

2,92 

8,41 

8,42 

10075 

2,63 .. 

. 8.53 

8,48 

101,— 

1,93 

8,56 

8,42 

101,- 

2,18 

8,61 

8,42 


Redemption :V' 

(mandatory drawings by lot} 


15. 2.77-81 at1Q1,0 
20.11^4-82 at102,0 to10ZS-:v^. 

22.10.75- 82 atlOO.O 

5. 3.7fr83 atlOO.Q to10lA v> 

19.11.75- 82 atl 00,5 

7. 3.78-81 at 7 Ol.d to 101 ,5. > L . 
(j! 6.78-82 a tIOl, 5 . • t-Ij 


planning a 

Jand 


maturity over 5 years 


81/2% Osterreich 1 975/S/I 1 1/85 
81/2% Osterreich 1976/5/86 
8 1/2% Wien1974/B/84 
8 % CA-BV1977/B/85 

81/2% Energiel 975/1 1/B+ S/85 
81/2% Semperit1975/B/84 
8 1/2% Steyr-Daimler-Puch 1 976/B/86 
8 1/2% VOE ST-Alpine 1 97 5/B/84 


102,25 

4,65 

831 

8,31 

101,50 

538 

8.57 

8,37 

99,75 

3,25 

8,57 

8,52 

98,50 

5,50 

* 835 

8,12 

102,25 

4,57 

853 

8,31 

101,25 

3,21 

8,48 

8.40 

10275 

5,43 • 

8,52- .r 

8,31 - 

101,- 

3,45 

8,69 

8,42 


27.11.79^5 at103.0 lo103.5 
20. 2.81-86 at101,5 to 104,1? . ■ 
2. 7J5-84 atlOO.O 
1. 4.82-85 atl 00,0 • j 

29.1079-85 atl 03,5 
18. 676^4 atlOl.O lo103,J 
9. -3B1 -86 atl 03,0 to IMA 
-16.. 9.77-84 ati02.0 to103.^t 

— “I' 


“SfS ^ 0fAUSWl,niS5Ue,S 6 ^6 Rep. ofAustria 64/84 

5 3/4% Alpine Montan 65/85 

6 5/8% Austrian Electricity 66/86 Rep-rf^ Au^WO . 

6 314% Austrian Electricity 67/82 8 1/454 Tauerraut^ta 77i8/ 

91/2% Osterreichische Kontrollfaank 74/79 in Austrian Schilling /traded in US-i only) 


- 7 - y* ^ 




Allied Arab Bank Lunited AI Saudi Banqne Banque Intercontinentale Arabe 

FRAB-Bank International 


Interest is 

• For current prices and further irrformabon please contact- - 
For Austrian Schilling Bonds: Robert Jekl f Robert Wasmger • 
gelephone: 6622/1701 or1707. Telex: 74261-63) r . 

For International Bonds: Waiter Vogt (Telephone: 6622/2222, Telex: 76948) • 

Code for Reufer Monitor Securities Pibgram:^ ^CA DA, CA DB 




: - --A 


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. v.l.’w ■ , 

■I .-• 1< > 


tl. 


Agent Bank 

Union, de Banques Arabes et Francaises — U.BA.F. 


© 


Creditanstalt Bankverein 

Schottengasse 6, A 1 01 6 , Vienna.. v. \J-? - - 


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Tlaaiidal Times Monday April 10 1978 

THE GARSCADDEN BY-ELECt JOR 


BY RAY PERM AN, Scottish Correspondent 


P*Wi 




gets chance to show its teeth 


ir ' Ur* 


t ' “ . rHE 50,000 votexs of tfift Gars- 
*r?V, Madden constituencyon the 

.-7 ‘;y." • .-.V- L '^ *orth-wesferii boundary of Glis- 
ruj v ../ * ? ow wlllbear a heavier responsi- 

e. ir,„ ^ ; than merely choosing their 

1 ■ • . , on Thursday. By some freak 

•’3 ' fate.' Scotland has- missed 

iki'.—, .r ... ts statistical . share . of - by- 
1 i M Sections since i974, sa theW 
«vJ7 *st will be the first real test of 
■' 7 ‘ Political opinion. The question 

' * -iv. the ballot paper is not 

'Tf;i j j, . ‘ Which party doyouvote for? ■ 

jut rather “Have the Scottish 

^^^^»Iationalists passed -their peak 

i-. are they still on the path 
lT ' Ur;! >n ~ ■ hat Win make them Britain’s 
!:• r” 5 party at the next 

' :* ,7; ->.v J" general Election??* 

- ^ * ®to Scottish National Party 
K,. : andidate, Mr. Keith Bovey, 50, 

■ ? c - Lr '-^lUshed 7,600 votes behind the 

- - V ’ V- ®te Mr. wniiam Small, who held 
r '--- T i .. he seat for Labour last timje. He 

: 1 ‘rods a swing of 10 per cent to 

ake the seat:, and.it is. a mea- 
r* ! , ; - ure of the current state of 

. “^ t cottish politics and the record 
; v f f success that the SNP has 
f on itself .in the last ten years 
. _ hat, not only is that figure 

: £«..;• -Y,„ '^Bhly possible but Mr, Bovey’a 

... ' J " oast that he will win with a 

>000 majority is not entirely .in 
ie realms of fantasy. 'It would 
*• ' ■> l.i-'iir^cr=:-i ' e an unlikely result, but not 
' . a impossible one. 
i = Since 1974 when' the Nition- 
‘ .~;-'Uists increased their parliament- 
i..'; - ry representation from two to 

- i^eir party has been con- 
- n trating more and more, on 

industrial west nf Sco tlan d 
- . . . ^ made most of its'.firtt.ad- 

r - ; V: in ces at the expense of the 

;_T ories in the east, but leading 
. "! embers soon ■’ realised that 
: ; ir -‘J°se easy victories would not 
, ' • , .-—-3 enough. Even if it were to 

-'-'ike every Conservative seat in 
' -V ...... :otland, the SNP coiild hot 

■ " T '-ach the magical 36 MPS:. the 

- V ' . . - ^ajority of Scottish seats .and 

. V,^"' e -number it needs before it 


believes It hasci mandate to 
negotiate for independence, it 
bits used the 'last four years to 
build- up its' ' strength in the 
west, where Laboursttil reigns 
supreme. 

So it. is in .the west that the 
big dash wfll oome at the 
General Election. A simple 
swing from Labour to the SNP 
of merely 5 per . cent would 
double, lie number of Nation- 
alists at Westminster. A swing 
of . 10 per rent would not only 
capture Garscaddeo - . another 23 
seals are also likely ^tp faU. 


Second poll 


In fact Scotland hair faces not 
one, but two. by-eitectioas; a 
second poll la pefldtog. in the 
steel-making town" or&milton. 
Lanarkshire, followJs^i'tfie death 
of the Labour ''Jd& Mr. Alec 
Wilson last montit ; •• 

Labour will not start to t h i nk 
about the fight there until Gars- 
cadden is over and done, hut the 
Nationalists already, have their 
candidate, Kzp. Margo 
MacDonald, - senior , vice-chair- 
man of the party, a .seasoned 
campaigner and *' vSry popular 
personality. With a majority of 
only 3,300 standing in her way 
and the identification^ Hamil- 
ton as the seat that started the 
Nationalist revival with the 1967 
by-election, it is likely that Mrs. 
MacDonald will, repeat the pat- 
tern of 1973 when, bhe won a 
by-election at Gov&tyS&d be re- 
turned. to Westminster within 
months of a General Election. 

But back to Gar^cAdden. The 
constituency is typical many 
in the West of Scotland in its. 
make-up and its politics. Like 
many parliamentary artrfcions, 
the name- only exists during elec- 
tion campaigns. At trfhef times 
Ae individual boating estates 


have separate identities and, 
although 90 per cent of the 
homes are council-owned, they 
have distinct characters. The 
older houses of Knigbtswood 
and Blairdardie — many pre-war, 
but freshly-painted— are roomy 
and comfortable. Bay windows 
and mature gardens give the 
district a pleasant appeal. 
There is little evidence of van- 
dalism here and it is no sur- 
prise that the areas are classed 
as “high amenity" in council 
jargon and much sought after 
in housing exchanges within the 

City.' 

There is no such competition 
for Dnmichapel or Yoker, newer 
estates that reflect the squeeze 
on public spending of the late 
1960s and 1970s. Drab rows of 
mean terraced homes and high- 
rise blocks are only brightened 
by spray-painted graffltti; many 
families refuse accommodation, 
despite the long waiting list in 
Glasgow, and the city council 
resorts to placing those who 
have no choice in other areas. 
Single parent families are 
common and their plight is 
often acute. There are few 
vacant jobs locally, particularly 
for women with children to 
collect from school, and bus 
fares for the seven or eight 
miles to the city centre are 
expensive. 

. Although Labour held Gars- 
cadden in 1974. the rise of the 
SNP between the two elections 
was meteoric, displacing the 
Conservatives from second place 
and taking nearly 5,000 addi- 
tional votes in the meantime. 
The collapse of Tory support 
mirrored what was happening 
all over Glasgow. Since then 
the SNP Constituency Party has 
been constantly active, weaning 
life-long Labour supporters and 
their children away from the 
traditional loyalty. The first 
fruits of this effort came in the 


May district council elections 
last year when all six seats in 
the area passed from Labour 
to the SNP, its finest victory in 
Glasgow. 

It was from this base that Mr. 
Bovey began his campaign for 
the SNP only days after the 
death in January of the sitting 


maity of his colleagues in the 
party would have ducked, and 
based his campaign squarely on 
a defence of the Government's 
economic record. He identified 
himself strongly in his speeches 
and on the doorstep with Mr. 
Callaghan's determination over 
prices and won respect for it 


become an issue and looks like 
being one which Labour can 
exploit effectively by plaiting on 
the fears of a break-up of 
Britain while understanding the 
desire for change and offering 
devolution as a comfortable, 
safe half-way bouse. 

The Labour campaign reaches 



SNP candidate Mr. Keith Bovey (left) : “ 5,000 majority 

(centre) : Government line; Tory Mr. Iain Lawson : 


MP. On polling day this week 
be will have completed two-and- 
a-half mouths of ceaseless effort 
— a campaign three times the 
length of those mounted by 
his Labour and Conservative 
opponents and one which-, 
although it demonstrated his 
enthusiasm and stamina, inevit- 
ably peaked too early and is 
now on the decline. 

Initially Mr. Bovey was 
helped by the choice of Mr. 
Donald Dewar. 40, and like his 
ppponent a Glasgow lawyer, as 
the Labour candidate. A former 
MP and member of the Scottish 
Executive, Mr.- Dewar made a 
courageous decision, which 


But be left himself vulnerable 
on unemployment. which 
emerged as one of the big issues 
of the- campaign as more bad 
news added to the factory 
closures and redundancies that 
have plagued the constituency. 

But if Mr. Dewar handed Mr. 
Bovey the stick with which to 
beat him, the latter surprisingly 
quickly encountered difficulty in 
finding new angles from which 
to strike the blows. As the SNP 
attack waned, Labour was able 
to retaliate by pressing the 
Nationalists on their independ- 
ence polio - — which the SNP had 
said would not be an issue in 
the by-election. Significantly for 
the next General Election, it has 


Labour’s Mr. Donald Dewar 
vigorous campaign. 


its climax this week. Three 
Cabinet Ministers, Mr* Mill an. 
Mr. Hattersley and Mr. Foot 
(last night), have already visi- 
ted Garscadden. Three more, 
Mrs. Williams, Dr. Owen and 
Mr. Wedgwood Benn, and the 
Budget are to come. Against this 
SNP will have to rely on its 
able and popular parliamentary 
leader, Mr. Donald Stewart, and 
more relentless work at the 
grass roots. 

Few people doubt that the 
next MP for the constituency 
will be one of these two candi- 
dates, but there are four others 
and the Conservative particu- 
larly could have a decisive effect 
on the outcome. The vigour with 


which Mr.. Iain Lawson, a 25-. 
year-old office manager, has 
fought his campaign for -the 
Tories has surprised some in his 
qwu party who assumed that the 
official strategy would be to 
make only a token attempt and 
allow the others to inflict .the 
maximum damage on each other. 

However, that philosophy is 
not one which appeals to Mr. 
Lawson, nor his mentor, Mr. 
-Teddy Taylor, HP for Cathcart 
and Shadow spokesman on 
Scotland. Pursuing his view of 
Toryism as a broad-based move- 
ment with policies — such as 
being tough on vandals and 
criminals and selling council 
houses — that should appeal 
naturally to the working class 
voters of the big cities. Mr. 
Taylor has orchestrated as 
forceful a campaign as he can, 
getting every Scottish Conserva- 
tive MP to visit the constituency 
and Mrs. Thatcher to spend a 
morning talking to shoppers. 

The effect this will have on the 
final vote is difficult to judge. 
The only independent opinion 
poll taken in the constituency 
(by Marplan for the Sun, more 
than a month ago) gave the Con- 
servatives 18 per cent support 
half as much again as they re- 
ceived in October 1974. The SNP 
was placed in front with 41 
per cent and Labour close be- 
hind with 39. This suggests, and 
Conservative canvass returns 
also imply, that the party is not 
merely taking back some of the 
votes it lost to the SNP, but also 
taking votes from Labour. 

Labour is now slightly less 
confident of holding the seat 
than it was two weeks ago. Its 
canvassing indicates that there 
are still sufficient voters 
undecided, or who will not 
declare their allegiance, to leave 
the result open. The left-wing 
candidates, Mrs. Shiona Farrell 


of. the breakaway Scottish 
Labour Party, Mr. Sammy Barr, 
the Communist, and Mr. Peter 
Forteous, of the Socialist 
Workers’ Party, will take some 
votes which otherwise might 
have gone to Labour and there 
is. the unknown impact of abor- 
tion as an issue In the by- 
election. 

The Society for the Protection 
of the Unborn Child, an anti-> 
abortion pressure group, has 
mounted a campaign exceeding 
in scale those of the minority 
parties' and will even provide 
cars to get voters to the polls. 
The Catholic Church (from 
attendance at segregated 
schools it would appear that 
around a third of families in 
Garscadden is Catholic) has 
advised its members to think 
long and hard about the issue 
before voting and some priests 
have stressed the point from 
the pulpit. 

Interpretation of by-election 
results has its dangers, the more 
so if they are, like this one, 
the only real indication of elec- 
toral feeling for a long period. 
The likelihood is that Labour 
will hold Garscadden, albeit by 
a much reduced majority, and 
lose Hamilton. But recent poli- 
tical history in Scotland should 
prepare us for surprises. In 
any event the voting will have 
to be analysed carefully before 
any safe predictions can be 
made for the coming General 
Election, when the Govern- 
ment's survival could hang on 
its performance in west central 
Scotland. 


General Election Oct. 1974 

W. Small (Lab.) 79,737 (58.9%) 

K. Bovey (SNP) 12.111 (31.2%) 

j. Corbett (Con.) 5,004 (12.9%) 
M. Ktbby (Ub.) 1,915 (4.9%) 

Labour majority 7,626 (19J%) 


Letters to the Editor 


A dangerous 
philosophy 


;.om Sir James Wilson, 

... airman, Tobacco Advisory .. 
mmittee 

Sir.— The article by Joe Bogaly 
pril 4) on taxation' as^a tobl 
preventive medicine dogp.uot 


■ ■ . , . •T, .»-w 

tributidn to the national . well- 

■ being. • * . 

■ J.-BL Lincoln, 

. 114, Montclair Avenue 
Montetafcv Nets Jersey, . 


Paternalistic 

collectivism 


S I TO, rhaps deal sufficiently-- with. From Gray ^ *';‘AV 

ne important .facts and points . Sir,— The ' proposals by - 3fe. 
m principle when ■: it comer to WWbd (April- 

jesting that cigarette smokers Holland (April 6) each have . 
»uld be called upon to pay their; own merit in -/treating, 
re for their pleasures; ' “■ * employment," but woptd It not 

t is surely debatable whethef be in our longer tenp interests 
i Government, and certainly to stimutete self employment by 
■ present one with its slender means of tax allowances? 
jority in this country, should For Instance wpy not allow 
k to direct social policy by god e traders to Jfiarn the first 
lal taxation' or other manda- ^odb-of gffnss afofit free of tax 
y means, and thereby mani- (with costs ndr including any 
ate the way of life of about personal remuneration) and. 
f the electorate. A revenue tohjeafter qprge the profits at 
• K.jrtd Is one thing, but the use-b£ it^adl&ogfiftaborporatiDa tax? 
f-l-k Of in rtlljrion In the individual i effectively com- 
il 1\^ I ■■ * ' >posed best interests Is - a prised of* -equal status sole. 


Bonds 


’»posed best interests IS - a paged .of; equal status sole 
igerous philosophy that should ■ tntiiei* amid be treated in a like 
examined with great care. -. /^nanaer. - : 

Tier* can be few ^stances - persons accepting this method 
ere part of society will volun-^j flaxilion would not -then 'be 
{ ily say that it wank to-be w ^ state, health. 


• • mrt 11 y s y r m&A-'lo use - state, health. 

■ ittlMk-ted . from educational or pension services. 

Ian 7kers who already cbntnbute y^ftjo U t due payment Their own 

perennial payments, however, in 
lura) of about respect of health- insurance and 

ial &ie ^ es r school fees and pension 

yT° .sssvHf 

i Id be unjustified and -up- ^ - nmi> *= t(J 

£^0^ 

tdeld of these brands, and *■ 

deliberately chosen .not to ro 

re them more attractive by Wimbledon,- s.wjjj. 

re reductions, which. In purely- • r — • — r 

. imercial terms,, would have' p1 an nmn onrl 
n fully justified .. . 4 - JcISDnUlg HUU 

- That Mr. Rogaly should have * . : : . . 

. jn Into account are the effects lonn • 
the cost of living o£ increases . . • 

- - .ndirect taxation, ana the fact From Mr. D. «om». . 

- the mmn impact of. further Slr^— Reports of a 

’ - Irene taxation wmild ttll wi bous 6* for sale increase and 

- . • lower paid smokers; this class prices are rising. Efforts to 

' e generally preferred smaller reduce the amounts of ^or^ge 

~ ' ' , reties which have already loans _wiU probably dampen 

•eased in price by more than prices in due course but it wiU 

^ >er cent during the past two only disguise the reality of a 

^ Jr CB * shortage of . houses for sale. 

• health is a- consideration. Tl»ere is a stirong demand for 
,tion to achieve social ends is new homes almost everywhere, 

the answer In a free society, there .are _ bm«ers nnder- 

. 1 employed and , labour unem- 

es wiison, ployed, there are plenty of 

.1 Rouse, _ _ . - materials and sufficient money 

. •» Place, s.w.2. fo r mortgages on new homes. 

, r—rr--- . .'• ' - What is missing is the land- 

. - . . The supply of land is con- 

f rOCiUCnVUy .' .trolled by the planners who 
_ Ti.ll. ’ .have *6511 the market short for 

- nfl WG 2,1 til many- years. Urns pushing up 

^ the value ' of - land artificially- 

■ ■n Mr. J. Lincoln High land prices have' brought 

T Kecent discussion of the in the. demand for taxation of 

' ii>7e inhibiting . effects on development gains which In turn 

rprise of your country's high hm created -the present hyper 

>inal income tax rates shortage. If planrang is to avoid 
a reduction in those creating a housing shortage then 

5 j S the appropriate response, planners should be -obliged to 
might be sounder to coin : zone land for residential devel- 
a reduction in the upper opulent wbll id advance of - the 
ket rates on income with the. market requirements, thus keep- 
tution of a progressive tax ing prices down and special taxa- 
lersonal net worth, in excess, tion, as the development 

ay £100,000. Obviously, the land tax, unnecessary. 

- of tax on net worth would if planners had fo plan ahead 
■ e ry much lower, than thofe they should be .obliged to ensure 
3 come. that sufficient land was available 

,e essential difference be- for the next four of five years, 
n a tax on Income aod a net la big. cities this would, largely 
h tax is that the former comprise the redevelopment of 
3s it more difficult for the inner cities, unused docks, 
wealthy to. become .wealthy marshalling yards and gas works, 
working; while the -latter e tc^ elsfewhere they would need 
js It more difficult for the to zope land around existing 
idy wealthy to remain, towns and villages. They have 
thy without continuing to be always been loth' to do this not 

' ' |y productive. . eventually they have had to give 

so, the tradeoff approach. way to the. pressure, however 
, vtp it include both tax -and non- giowiv. • 

1 * natters. For example, wage To get over the praent msts, 

md restraint by' the work- and it is a ^crisis, the. current 
classes could be traded for development laud- tax ro«5 
aw changes, sfceh as the ne* should be- reduced immediately 
. b tax, that . would further t0 n0 more than 50j?er ceutA 
ee the opportunity for fndi- reduction of this order together 
V /)||I ils to'enjoy living standards :wift poritpe 
■ f/>f Vr of proportion to thfclr con* ffve years in advance of demand 


would gradually reduce land matics; and we have developed 
prices and in due course, house our relations with commerce and 
prices. industry. 

It has long been said that the Other examples of policy mat- 
British people are boused beyond ters which we have ourselves 
their means. Negative planning recently dealt with are: a mas- 
has created the shortage of land sive switch of resources away 
which has pushed up house from school meals to areas of 
prices beyond our means and purely educational expenditure; 
this in turn has necessitated the a substantial increase in the 
special tax . arrangements for amount of residential and other 
building societies,, borrowers and accommodation available for 
lenders. The artificial shortage courses For staff; the coramis- 
-of^ land-’ has also meant that- sioniirg of a feasiWlity“stody on 
unnecessarily high prices for the voucher scheme; a complete 
houses have involved purchasers survey of our further education 
in far higher repayments than provision including the introduc- 
necessary. thereby reducing tion of a number of important 
their spending power in other developments in our adult educa- 
sectors. The effect on demand tion and youth services (to a 
and investment throughout the considerable extent we have im- 
economy has been serious for a plemented large .sections of the 
long, time but Is now more Russell Report while the 
serious than ever. Government has been prevaricat- 

• The Chancellor may have little ing about taking' a decision), 
elbow room to reduce other tax Matters of this kind affect the 
ti»i$ yar but reducing or cancel- education service in this county 
■lmg -DLT *W»uId produce no basically and 1 must emphasise 
losses -to . the Exchequer and that these are only recent and 


GENERAL 

European Central Bankers 
begin two-day meeting in Basle. 

First preliminary hearing of 
Crown Agents Tribunal of Inquiry, 
Lands Tribunal, Chancery Lane. 
IW.CX 10.30 a.m. 

I Mr. Nobuhiko Ushiba. Japan’s 
External Affairs Minister, to 
attend Ministerial meeting of the 
General Agreement on Tariffs and 
Trade, Geneva. 

| Canadian Budget 

Dr. David Owen. Foreign Sec- 
retary, at Garscadden by-election 
I meeting. Knightswood Primary 
I School, Glasgow. 

Dr. Kart Waldheim. Secretary 
General.. United Nations, begins 
visit to Irish Republic. 

! Nominations close for Lambeth 


To-day’s Events 


Central by-election. 

British Rail cuts buffet prices. 

European Parliament session 
opens, Luxembourg. 

Two-day Financial Times con- 
ference on Business and the 
European Community Directives 
opens, Grosvenor -House. W.l. 

Sir Keith Joseph, MP, and Mr. 
Norman St Jobn-Stevas. MP, 
address Federation of Conserva- 
tive Students Conference. Lough- 
borough University. 

London Chamber of Commerce 
and Industry seminar— -The New 
Patent Act 1977, 69, Cannon Street 
E.C.4. 


Mr. Albert Booth. Employment 
Secretary, at Lambeth Central 
Labour Party meeting, 57-59, Old 
Town. Clap ham. 

Announcement by ' Mr. Chris 
Bonnlngton on British K2 Expedi- 
tion, Pakistan Embassy. 

Extradition proceedings begin 
in Brighton against Mr. John 
Gaul, a businessman living aboard 
a yacht at Malta. 

Sir Peter Vanneck, Lord MajOT 
of London, attends luncheon with 
chairman and Board members of 
Port of London Authority at 
World Trade Centre. E.I., 1.15 
p.m. 


PARLIAMENTARY BUSINESS 
House of Commons: National 
Enterprise Board (Financial 
Limit) Order and motion on 
Financial Assistance to British 
Leyland. Motion on EEC Docu- 
ments on Farm Structure- 
House of Lords: Debate on col- 
lective bargaining. 

OFFICIAL STATISTICS 
Wholesale price index (March-' 
prov.). 

COMPANY RESULTS 
Associated Biscuit Manufac- 
turers (full year). Glaxo Holdings 
(hall-year). 

COMPANY MEETINGS 
See Week’s Financial Diary on 
Page 13. 


substantial benefits to the current development’s. If 1 were 
country. to go back over the years of my 

David Morris. experience as a county councll- 

AlLcop and Co_ • lor, the list would be far too 

,2L Sono Square, London, WJ. long to be contained reasonably 

- j in your columns. 

Tk 0 xroliia nf q l can only repeat that anyone 
IOC VaiUe OI d who believes that education 

j • authorities would have anything 

good iioranan approaching this degree of free- 
„ P . . „ dom if we relied on 100 per cent 

From the Business Manager, funding from the central 

Shelfporcer Library Consultancy. Government is. I think, simply 

Sir,— I was Interested to read not lu touch with the realities of 
the article “Library services” on political life. 

April & Alice Waters (Mrs.), ' 

.Computerised information Springfield, 
searches are indeed very power- Maidstone, Kent 

ful tools, and businessmen can 

expect to come into contact with 

them more often as hardware _ . - j 

becomes cheaper and the data I ilflmlliV 3Hfl 
basis becomes more comprehen- wuu 

. I : regret however, that the products 

article did not mention that roost Mr A. Benson 
business information problems sir.— Your insurance corre- 

ctm-^pp^and spondent (April 3) has used .a 
termo. Information storage and which goes to the heart 

SSifS X&T1S5 T p 2 E™ S^iSE. £ 

* 11 the EEC draft product liability 

JS- SSSifL directive matter. He writes “In 
reports may be very difficult, ^ciding bow to give the pro- 

^^ 0Ug ?;,: nd „ I n t S' ducts iniar * rtetim greater cer- 
^etimes- more than once. la , nty of compensation 
Material which would have been demonstrates the funda- 

oF interest may be overlooked. mental social compensatory 


and so forth. " 

Efficient information manage- 
ment . heeds the skill of a 


thrust of the documents. 

The proposed method of achiev- 


Hiein. neeas uw skim oi a , *k ^ oerfectly desirable end 

nf^ Eternal ^ 10 amend 1116 law so ss to 
impose a new financial burden on 
information and pots managers . nroducer regardless of 

whether or not he has been in 
to- way negligent in toe manu- 
iHSS 1 ^ ^ 3ta ^ aS ^ - facture of his product The cost 

5 rw™* of this burden ' whether toe risk 

w” 1 i 5 absorbed by or insured by the 

riewcasue^pon-Tyne,_ nroducer. will be a cottmonent 


ikv el 


mSSSS* rnrrim, of this burden, whether toe risk 

i 5 absorbed by or insured by the 
lieuxastle^ipoTi-Tyne, producer, will be a component 

' “7^ of the product price, and will 

Education sSS52U£^ r be 

cforvr? oo Bearing in pjitui that Pearson 

oCl YICC - recommends no financial limit of 

Froik ihe vice-chairman, liability Ln thiB ^text^lt Mems 

Kent Ornniy Council Education probable that the majority of pru- 

dent producers will elect to 
S&t-Miv Roland Freeman protect themselves against this 
(Apifi5V asked me tq provide a new liability by insurance. Tak- 
list of significant decisions where ing into account the overheads 
the Education Committee “sue- and profits to be earned on this 
cessfullv defied- Government' business both by insurers and 
policy during, say. the past year." brokers, and consWering toe 
This; is of 'Sone to distort the extent to which . the available 
Issue completely. Defiance would premium fund will thus he de- 
Imply. that the Government has pleted, it seems surprising that 
the power to giro ah order and Pearson has not recommended 
except - In very circumscribed ah extension of the existing 
areas -of policy it has no such sorlal security system for the pro- 
power vision of compensation . ln 

- The' plain fact is that local product-related injury cases. This 
education ‘authorities can at could be financed at relatively 
present dlsctiss and decide policy less cost by per capita levy via 
in a very wide range of areas the state: legal ana other over- 
withaut reference to central heads would be substantially 
Government. Indeed, in many reduced and profit would not be 
fields We were ahead fin Kent) derived from the exercise, 
of the Government, perhaps her . Is it too late, for this point to 
'cause it has recently 'shifted be re-consldered— to the possible 
ground. . For example, we have economic advantage of consumers 
drtwn^ up a basic document on. in general? 

'aims and objectives' In primary A. P. Benson, 
schools' we have carried out our “ Jennets.” 

. own .research into assessment of 28 Longdene Road, 
standards in English and Haslemere, Surrey 





Midland Bank opens its Tokyo 
Branch today. 

This adds a further dimension to 
our already strong, long-standing 
relationships with Japan and its 
financial, industrial and commercial 
j institutions. 


QikrManagei in Tokyo. The Bank has been, and continues 

to be, a leader in trade finance between Japan and the 
United Kingdom. 

Contact Mark Byng, our Chief Manager in Tokyo, 
at Togin Building, 4-2 Marunouchi 1- chome , Chiyoda- 
ku, Tokyo 100. Japan. Tel: 03-284-1861. Telex: J26137. 
Or in London talk to John Brown, Senior Executive, 
Asian and Pacific Area on 01-606 9944 ext 4356. 

Wedeliver. 


L ' 


Midland Bank International 


’ Midland Bank Limited, International Division, 60 Gracechurch Street, London EC3P 3BN. Tel : 01-606 9944 ^ 


•••• 







28 


COMPANY NEWS 


Scottish Amicable attracted to U.S. 


The Scottish Amicable Life 
Assurance Society considers the 
U.S. equity market attractive at 
present and has been investing 
in that sector during the latter 
part of 1977 and in 1978. This was 
revealed by Ur. J. D. Campbell, 
the investment manager, in a 
discussion on the 1977 report and 
accounts of the Society. 


Last year £12.6tn. of new money 
was invested in equities, part of 
which was in the C/.S. Currently 
investment is being made using 
loan facilities. However, most of 
the new money available last 
year, amounting to over £50m., 
was put into the fixed-interest 
sector — about £3 2m. including 
£3 ,25 m.. of option mortgages 
loaned to various local 
authorities. The company invested 
£6m. in property, mostly in de- 
velopments. The equity portfolio 
outperformed the FT -Ail Share 
latex by 1“} per cent, in 19/ », 
despite the weakness of the U.S. 
market 


Sir Robert Fairbairn, in his 
chairman's statement points out 
that the Society had another suc- 
cessful year in procuring new 
business. New yearly premiums 
increased by 3G per cent com- 
pared with an overall rise of only 
6 per cent by the life assurance 
industry overall. New annual 
premiums under individual con- 
tracts rose by 47 per cent, while 


overall this business was static. 

The Society's self-employed 
pension contract Flexipension, in- 
troduced in November 1976, was 
extremely successful, producing 
new yearly premiums of £3.6m. 
and new* single premiums of 
£2J9m. The Society's share of this 
market in 19u rose to 8-8 per 
cent of annual premium business 
and 5.9 per cent of single 
premium business. 

The Society’s plans for the con- 
trol of expenses was a major 
faetor in achieving increased pro- 
duction, claims Mr. William Froud- 
foot the general manager and 
actuary. The company had a 
closely monitored system of 
budgetary control, and allowing 
for inflation, expenses per con- 
tract bad decreased despite the 
high level of inflation over the 
past few years. 

The report shows that in 1977 
premium income rose by 29 per 
cent, to £79 m. and investment 
income by 25 per cent to £41m. 
Claims were £llm. higher at £38 m. 
and expeases and commission rose 
by over £3m. to'£17m. There was 
a transfer from investment reserve 
of £SSm. and an increase in value 
of investments of £13m. so that 
the funds stood at £495m. at the 
end of 1977 compared with £3S3m. 
at the beginning. 

The report of Scottish Amicable 
Pensions 'Investments -(SCAMPI) 


for 1977 shows that at the end of 
the year, the fund totalled £49m. 
of which £27itl was in equities, 
£5m. in property and il-im. in 
fixed-interest. The unit price 
Increased by 52.9 per cent during 
the year against a rise of 49 per 
cent in the FT- All Share index 
and 50 per cent in 2\ per cent 
Treasury stock, with income re- 
invested The interest yield on 
the invested assets was 6.94 per 
cent 


theless it is ready to take full 
advantage of an upturn in trade. 


Kleinwort 

Benson 


prospects 


Pittard’s scrip 
coupon is 9i% 


The final terms of Pittard 
Group's scrip issue of Preference 
shares has been announced. The 
issue will be of 814,166 £1 shares 
carrying a coupon of 9} per cent, 
and on the basis of one for every 
nine Ordinary held. 

la the company's report and 
accounts, the -chairman, Mr. C. J. 
Pittard. says that in the last few 
weeks there has been a distinct 
Improvement in the group's over- 
all order position, but the order 
boo.k is still unsatisfactory for 
this- time of year. 

In view of the gloomy forecasts 
for the leather industry in this, 
and many other countries, it 
would be unwise to predict that 
the group will achieve even the 
same result as in 1977. Never- 


Prudential Pensions expand 


Funds under management of 
Prudential Pensions, the uni Used 
pension investment company in 
the Prudential Assurance Group, 
rose in 1977 by £103m. to £226 m. 
Of this growth, £53m. came from 
new money invested (including 
£18m. transferred from the parent 
company’s pensions business), 
while there were substantia! rises 
in the unit prices of the three 
funds. Bv March 15. 1978, the 
total funds under management 
had grown to £243m. with the 
property fund reaching £I05m. 

During 1977 the equity fund 
rose from £41 m. to £75m. with 
the unit price increasing by 56 
per cent over the year. The fund 
has now commenced investing in 
overseas equities, the Initial 
purchases being made in 
November, primarily through 
foreign currency loans. The fund 
also made a new investment in an 
unlisted company. It is envisaged 
that a limited number of holdings 
nil! be made into this sector to 


provide an above average capital 
growth. The liquidity of the fund 
was reduced early last year and 
the strategy was to remain fully 
invested, until near the end of 
the year when liquidity was 
increased slightly. 

The fixed-interest fund nearly 
doubled in value last year, rising 
from £28.8m. to £54.4iru, with the 
unit price increasing bv 42.8 per 
cent. The fund remained fully 
invested throughout the year, 
with longer-dated stocks account- 
ing for at least 75 per cent, of 
the portfolio. B* December 21. 
the fund was 100 per cent in 
long-term gilts. 

The nronertv fund Inn-eared In 
value hy £44m to £97m. by the 
end of the year, while the unit 
nriee rose hv 2-* 9 ner cent. Darin* 
the vear, the fund completed 16 
prnnerty purchases amounting to 
£12 5m. Thpre are agreements to 
pnrehase a further 14 pro ner ties, 
which toeether with a transaction 
negotiated in 197R and now near- 
ing completion will brine tv>»al 


commitments to about £lS.5m. 
New purchases include two farms, 
and additional land was acquired 
to extend and improve one earlier 
agricultural holding. Offices ac- 
counted for 45 per cent, of the 
portfolio, shops a further 41 per 
cent., while industrial and agri- 
culture totalled 9 per cent, and 
5 per cent respectively of the 
property assets. 

The company has extended the 
scope of its service to clients by 
publishing quarterly investment 
reports. These enable the com- 
pany to keep clients informed of 
its views on investment. They 
supplement individual meetings 
with trustees and advisers. During 
the year, where trustees have 
given the company discretion 
over investment allocation, the 
proportion held in property was 
increased while that held in fixed- 
interest reduced. 


FINANCE FOR INDUSTRY TERM DEPOSITS 


Deposits of £1,000-£25.000 accepted for fixed terms of 3-10 
years. Interest paid gross, half-yearly. Rates for deposits 
received not later than 14.4.78. 

Terms (years) 34567S9 10 

Interest % 91 10 10} 10! U Hi US U» 

Rates for larger amounts on request. Deposits to and further 
information from The Chief Cashier, Finance for Industry 
Limited. 91 Waterloo Road, London SE1 SXP (01-928 7822. 
Ext 1 77). Cheques payable to “Bank of England, a/c FF1.” 
FFI is the bolding company for ICFC and FCI. 


FT Share 


information 


service 


The following securities have 
been added to the Share Informa- 
tion Service appearing to the 
Financial Times: — 

Ryan (L.) Holdings (Section: 
Industrials). 

Spargos Exploration (Section- 
Overseas — Australia) . 


AGAINST THE general economic 
background, Mr. Robert Hender- 
son, the chairman of Kleinwort 
Benson Lonsdale says It is difficult 
to express optimism. But he adds 
that it is encouraging to report 
that the group's banking division 
has made a good start to 1978 and 
that the other divisions and sub- 
sidiary companies continue to be 
active. 

He says “ Success when it comes 
is often the result of new oppor- 
tunities taken or created,” and he 
Is confident that the group is well 
equipped to continue this tradition. 

As reported on March 15 net 
profit for 1977 expanded from 
£6.54m. to £7.4Sm., with a higher 
contribution of £5.1 7m. (14.45m.) 
from the banking division. The 
dividend is lifted to 4.l202p 
(3.72241 p) net per 25p share. 

Mr. Henderson explains that the 
results were achieved during a 
year when conditions were in 
many ways far from favourable 
and against a background of in 
creasing competition, both at home 
and abroad. Important factors 
affecting business, he says, were 
the change in the status of sterl- 
ing and the sharp fall in domestic 
interest rates. These improved 
conditions led the group -to partici- 
pate in the very strong gilt-edged 
market, which prevailed for much 
of the year. 

Of greater importance, he states, 
is the fact that overall results of 
the operating divisions and the 
subsidiaries have shown 
* healthy improvement" 

As far as international activities 
are concerned, Mr. Henderson 
says that the year was notable for 
the number of dollar issues, prin- 
cipally of European Depositary 
Receipts, managed for Japanese 
companies. The Eurobond Dealing 
department also had a profitable 
year. 

The investment division made 
further progress; funds under 
management have increased, and 
fee income has improved markedly. 

The group's balance sheet as at 
December 31, 1977 shows current 
deposits and other accounts at 
fl.llbn. (£985. 83m.): portfolio in- 
vestments at £33.63m. (£25 36m.) 
and bullion, balances with bankers, 
certificates of deposit, money at 
short notice, other loans and 
quoted investments totalling 
1647.52m. (£521 .98m_ ). Total assets 
at the year end amounted to 
£1.4Sbn. f£L2?bn.j. 

Meeting, 20, Fenchurch Street, 
on May 2 at noon. 


CROSBY SPRING 


Crosby Spring Interiors is 
proposing a scrip issue to 
Ordinary holders on the basis of 
one new £1 preference share for 
every 20 Ordinary held. 



'Another Successful ^ar” 


A summary of the Statetnent hy Mr. Robert Henderson, 
Chairman of the parent company , 

KLEINWORT, BENSON, LONSDALE LIMITED, 

in the 1977 Report and Accounts. 


Profit after tax was £7,479,000, compared with 
£6,542,000 in 1976. The total dividend of 
4.1202p per share compares with 3.72241p last 
year. The overall results of the operating 
divisions and subsidiary companies have 
shown a healthy improvement. 


INTERNATIONAL BANKING 
Sterling lending has expanded satisfactorily, 
and elsewhere we have concentrated lending 
in our traditional areas of business by assisting 
customers with short-term finance, particularly 
for international trade. Medium-term lending 
has principally been in support of the 
syndication of major loans for the export of 
capital goods guaranteed by ECGD and for 
capital projects overseas. New domestic 
sterling acceptance business has been added. 


THE MIDDLE EAST 

Many parts of the Group have considerably 
increased their activities in the Middle East,, 
where our representation is strong. The circle 
of clients whom we advise on the deployment 
of their assets has widened, and we have 
assisted British and other companies in the 
structuring of joint ventures in the Arab World 
and Iran. Our project advisory services have 
been much in demand in the area. 


BULLION 

The year was again a satisfactory one for the 
bullion broking and precious metal fabricating 
activities of the Sharps Pixley Group, and 
profitability was in line with the previous year. 


CORPORATE FINANCE 

The Division was consistently busy in the 
traditional areas of providing financial advice 
to corporate clients, money raising and 
acquisitions- and mergers. The year was notable 
for the number of dollar issues, principally of 
European Depository receipts, managed for 
Japanese companies, and the Eurobond ■ 
Dealing Department also had a profitable year. 


OVERSEAS SUBSIDIARIES 

Among our overseas subsidiaries, those in 
Jersey and Guernsey continue to flourish and 
Kleinwort, Benson (Geneva) S.A. produced 


good profits in a highly competitive banking 
environment. The results of Kleinwort Benson 


MINING NEWS 




Finandal/^es^Monda^ April 10 1978 


Hamersley faces 


earnings fall 


BY KENNETH MARSTON, MINING HHTOR 


THE WORLD steel industry total still lags at 847} tonnes 
recession, coupled with the against 9764 tonnes, 
adverse effects of exchange rates, 
is hitting the Rio Tlnto-Zinc , . 

group’s. Hamersley iron operation ffims 

in Western Australia. Mr. Rus was ..ZZ'Z'Z". 

Madigan, the chairman, warned at Feagkalen 

yesterday's Melbourne meeting 


March Feb. Jan. • 
names Uranus 'Tonnes 
153 13S .125* 

U m .:uj 
17 20t- 

1ST ' 3* 


M 


that "earnings can be expected 
to Call significantly this year.” 
However, he retains his falih in 
the longer term, pointing to the 
potential growth in demand for 


Inco to make; 
new cutbacks 


FURTHER outbacks are proposed 

ShSL^S£f2 a S!S i 7l 5 S?£S by Canada's Inco. the worWW*Jrad. 

some 70 per cent, producer. Ttiev have 

of the world’s population. Mean- ne^arv beca^L 

company’s unsold stocks .-..of 
an addition $A20Gzn. (£122m.j— finished nickel were virtually tin- 
fr ? m W S* 1 ? f l ° str£di3 “~ changed at the end of the March 
m order to complete the eapan- qiiarter the end-1977 

smn programme and obtain abnormally high level, oi 841m; 
adequate workmg capital through pounds. Meanwhile; it is stated, 
to the end of 19/9. uncertainties continue obourtbe 

outlook for nickel demand. 


The previously -announced 
summer shutdown at the Sudbury 
and Port Colborne operations.be-. 
. r..., - tlia tween July 17 and August 11 is to 

be extended by two weeks; there 


Tin outputs 




the No. 1 dredge for routine at shebandowao faeflitiea wlfl 


repairs, but the total output for £ 


the past nine months remains AUts io one shjft a day ^ there 
well down at L2S2 tonnes against has heen a further reduction -in 


3,629 tonnes a year ago. the scheduled production of Inco's 

BerjuntaTs No. 2 dredge was foreign projects, 
stopped on March 13 for repairs 


expected to last about four weeks; 
output for (he past 11 months 
amounted to 4,619 tonnes against 
3,909 tonnes. 

Southern Rlnta completes its 
financial year ■with a total produc- 
tion of 1723 tonnes aeainst 1,546 ore'mTaied 
tonnes in 1976-77 while that of Copper 


IN BRIEF 


PEKO-W ALLSEN D— 

'. Production Report 

-SSweeko 
To - to 
14 3.78 1U.77 

Warresa Min* 

..(tonnes) 137,737 173.8)9 
(tonnes) 2,101 2.9U 


Sun gel Best amounts to 1*17 goldi -£»■> JHg 

tonnes aeainst 1.496 tonnes. March JoraTMine * «s-«s 

nroductinn fl cures of the Malaysia Om treated names) . tmi 

Mining Corporation group mines capper nonces) — sv 

are compared below. = : 

March Feb. Jan. Mtnt Morgan Mine 
tonnes tonnes tonnes OTmrden remind, (.tonnes) 423.078 200.058 


Aokam 

Ayer Hit am 

Kerjnnrai ... 

Ramonting 
Kramat . — « — . 
Koala Kamoar ... 
Lower Pc ran ... 

Malayan 

Sr fin. Klnta Coos. 
St tin. Malayan . 
Sungel Besi ■ ... 
Toncfrsh Hrbr. .. 
Tronoh Mines . 


141 

W 

445 

34 

24 

23 

29 

238 

I4S 

180 

189 

31 

21T 


110 

181 


3? 

13 

21 

28 


155 

164 

133 

23 

m 


118 

150 

425 

43 

25 

IS 

251 

185 

m 

in 

30 

211 


A further improvement has been 
achieved atrGopeng Consolidated, 


Ore treated (tonnes) S0D.9R5 HUM 

Coppe)- — (tonnes) 2.5B3 4.084 

Cold (ounces) 24J4 2. 32J8B 

Kins Island Mine 

Ore treated (iooucs) 2SB.230 238.483 

Tungstic Gride (WO,) 

lmxu.'l) ' 165.263 150.432 

Tbfal Production 

Copper (tonnes) 4.6M 7.032 

Gold (ounces) 101.958 111.651 

Bismuth ... (k'jtrams) 63Q.B38 478525 
Tungstic oxide (WO,) 

im.t.o.'S) 16SJ288 150.452 
Felton and Grctiey Cauteries 
Washed coal ... (tonnes) 488.283 448^29 
Gnimcdah Colliery 


but tbe mine's six-month output Coal (tonnes) 234.488 242 .hr 

* Production figures for the 24 weeks 


RESULTS AND 
ACCOUNTS 
IN BRIEF 


ended December 21 Included :out-tnm of 
a special rahuns and mlHlna cxhnMilsn 
of so.046 (onuofl of copper ore carried out 
to provide a balk tea of smelling and 
bismuth demmaUon at the Mount Korean 
smaller.- No further campaign took place 
this year. •: 


ABWOOD MACHINE TOOLS — Turnover 
for half year to September 30. 1877, 
£402.496 I £283.842) and profit £18.807 
(£1.533) before £ 10.111 (1050). 

CITY OF ABERDEEM LAND ASSOCJA- 


ATLAS ELECTRIC 
AND GENERAL 

Atlas Electric and General! 


nS^^SS^ 1 eD £8L25o Trvsl has amnee* with Manu- 

1701, 75 n jl3 ‘ Proflt facturers Hanover Trust Company 


(£81.384) Insure ner tax £4L33fl (£31.820). , , 

interim, dividend ip (0.s25p and 4.0534«p a further loan facility of U.S.47m. 
total) Blread; paid. . Board anticipates on % multi -currency basis for ajq 
profit tor second half will exceed that of i n iH a i neriod of five Years 
first. Comparisons adjusted In line with lmna> penpQ 01 nve years 
policies adopted In accounts for 1876-77. 


SIDS AND DEALS 




American interest 


cqurreo 

one-third of the equity capital of DnADn ucrriUAe 
Goodman Equipment Corporation,, ISUMKU lnttTINu5 
a mining' machinery manufacturer- • fn . n ,^ ri . . . .. . 

Chicago, at a coat of Jg-JSS-SS 1 

SuSJttL Exchange. - Such meetmas are nsualjy , 

Goodman is a 77-yearoId, ^ pan ww or -cousiitering; 

privately-owned company -‘With • SSS g’ "* not; . 

sales of. $25m. Its principal 

are Interims or fiinig. 

products are underground hmuom shm-n below are based nuX 
machinery used by the coal. arid « ia« year* timeufik. 
metal mining industries. fri-~ ‘ to-day 

addition to serving ILSL markets, * lawrinar Giant. ! !* 

Goodman is a major exporter. Fhals: Associated Biscuit aianutao 
It is expected that Fletdier 'Sf5S_:-^. n 5!?_ c ^ en!,e Uadtinecr. 
Sutcliffe -Wild (the Booker Me- 
CmmeH mining equipment sub- SnSSri 

slaiary) will work closely with smart Plant, euntlcba. aokr Mania.- 
Goodman in the U.S. and in other TrWevest ■ 

markets. ' future dates 

As Goodman's year-end is June interim*— 

[30, the share of profit attributable aod ff<5fwr aw. f- 1 

to Booker will be consolidated 

six months in arrears. The Invest- — aS‘ f - • 

tnent will, therefore, result in a Babcock and wtieme apt t 

small reduction in the Booker Bemana Aw. r 

McConnell 1978 profit, which will . *pr j’ _ 

bear nine months’ interest charge Dm&-Wwn b 884 Cowul ” ■ — ADr - »•' 
on the money invested aod in- jcssoi Toynbee 
dude only three months’ share of and codvtn. 

Goodman's profit for the year Wwdefitan corponiion — 


■ending June 30, 1978. 


Rmrnirec Mackintosh 

Buberuld 

YoritTraUer 


Apt. 1' 
Apr. 2 W 
Aw. ? , 

Apr. I:- 
Apr, i. 
Apr. ) .; 
Apt. r.j 


LONDON SUMATRA 
DEFENDS ESTATE 
VALUATION 

- London 

has defended the 


Donald 1.437 -D. F- Raima'' 
151,577. T. P. Callaghan 1,138. A. I- 
o ... McRwen LOW A A. S. Stewar- 

Sumatra Plantations 2,799. P. A: C. Richardson 3,73f 
defended the independent L D. Wilson 250. J. M, Menzw 


valuation of its Indonesian 233,923. 
estates in a letter to shareholders. ' Zenith Carburetter Co.: ' M 
McLeod-Sipef, which is bidding Francis Goudard has- bee; 

I50p per share for London appointed to the Board, He hi.'- "■ 
Sumatra, has rejected the valua- notified the following Interest-.- 7 ' 
tion as being far in excess of the Zenith Carburetter Co. 5JS91 */: ‘ 
level at which similar estates shares. Compagnie Industnelle i . - 
have recently been sold. Financiers - ‘189.136. Soar 

TTie London Sumatra Board now Generate des ’ 

replies: “Mindful of the high three shares of Swiss F700 and : . 
quality of these estates, which mares of Swiss F7. 
have been further enhanced by Cope Sportswear. H. M. Ro 
the nfim. expanded since 1968, °ow holds 323,402 shares <7 p 
your Board was not in the least c®nt). 
surprised by the valuation.” No Snmrle' Clothes: Equitable L! 
comparable estates of significant Assurance Society bought 14.5 f ... i . 
acreage have changed- bands in. shares on April 4 and now hoi-Biifl."' L 1.1*1 
recent years, according to the 263,500 shares (10.54, per cent). > .. 
directors. * Trafalgar House — Comment - 

■ The Board makes no prediction Union Assurance disposed • • 
of what will happen to London 500.000 shares on March 29 redu ?* ■■ 
Sumatra’s share price if the bid ing interest to 12,586,520 (7.9 p . 
failk. But it says: “The potential cent.). (] 

for dividend increases, the good Claverhoase Investment Trust; ; 
trading results, the good asset Scottish Amicable Life Assurant 
backing and the growing public and a subsidiary, hold 887,6* ; 
awareness of all these factors shares, increase of 25,000. 
should exert a continuing bene- City and Foreign Investment - 
ficial influence.” • • Drayton Commercial ■Invesune '*' 

jssasws i ssus SiSa 


P, 

il {Vi 


S Siw to 300.000 (7.5 per cent.). Dra 

c L ^ n ron Premier Investment Trti 

itself has mounted, and that owe- ha j , d mooo reducing holdb 

the ballyhoo dies down, so will, the l0 350tfl0 o (s.75 per cenL). jjg LEND] N 


ft g • v 


JOHNSON GROUP 
SHARE STAKES Johnson Group Cleaners 

John Henries (Holdings): Fol- acquired the capital of 
lowing directors have sold 9 per Cleaners of Luton for £4'i 
cent. Cuni.' Pref. - shares allotted cash. J.V. Cleaners has a di 
to 'them in recent scrip issue as cleaning works and five shops, 
follows — alL at 10SJ. D/ G. Mac- the Luton/Bedford area. ' - . 


Irr 

J- 


McCowan Incorporated have exceeded 
expectations. 


INVESTMENT 

The funds under management have increased 
and fee income has improved markedly. The 
United Kingdom and overseas funds which we 
manage have continued to perform well. 


PROJECT FINANCE 

The team has had an active year, and previous 

groundwork is producing results. 


THE FUTURE 

Although our Banking Division has made a 
good start to the year, by its very nature 
merchant banking does not lend itself to 
predictions about prospects. Success when it 
comes is often the result of new opportunities 
taken or created. With a broadly based 
business, an excellent management team, and 
a strong underlying capital base, I am 
confident that we are well equipped to continue 
this tradition. 


20 Fenchurch Street, London EC3P 3db 


BRUSSELS - GENEVA * HAMBURG - PARIS • NEW YORK - CHICAGO * RIO DE JANEIRO - TOKYO 
HONGKONG • SINGAPORE - BAHRAIN • TEHRAN • JERSEY - GUERNSEY 


COHZIMC RIOTWTO OF AUSTRALIA— 
Results for 1877 already known. Property, 
plant and equipment Atl.isbn. in. Kim ) 
Current assets S754m. iWSm.i. 11 abilities 
StSra. (3433m.). Meeting. Melbourne on 
May 2 

EMPIRE PLANTATIONS AND. IN- 
VESTMENTS — Saleable cron 3424,257 kgs. 

■ 2.988 8241. Bold 10 March 3) 2.685.490 kgs. 
>2.580.7*2), at net sale price per kg. 
9£.65f> <$S.74pi. Market conditions com- 
paratively Favourable np to tbe end of 
last rear bm Industry beset by a num- 
ber of problems overw Mcti K bad 
control, and Immediate future of London 


market douded by declared policy of 
the Prices Commission which. If Imple- 
mented, could force the Mle price to 
below comparative world levels. Subject 
to London market being allowed to return 
to normal, directors expect an Increase 
in the it-a profits For tbe rear. A uscru! 
Increase In ajworiatcd company profits 
Is idso expected. 

IOM ENTERPRISES (seir-mering hull- 
day chalets, etc. >— Results for 1977 
reported March 24. Fixed assets fNBJDl 
>£391.1)14), nei current assets £73.190 
irO.WSi. Working capital down £215.800 
■ up c.Oflm.1. Nicholson Investments 
holds 73.U9 per .cent or equity. Directors 
propose to Increase burrowing powers 
from W.5ro to Qm. tn finance redevelop- 
ment Meeting. Donttlos. April 24. nnnp 

MARTIN FORD (biles' wear rcinil 
shops i— Results for 51 weeks M Decem- 
ber 3, 1977. reported March 9. Fixed 
asseis £2. 35m. >£2. Urn.), net current 

assets £i).fi7m. (£0.59m.). Cadi and snort- 
lerin deposits decreased by £B.)6m. 
(£0.24m.). MeeilnR. Winchester House. 
B.C.. on May 3 at nnon. 

‘■INVESTING IN SUCCESS” EOUITIE5 
—Recults already known to January 31. 
1878. Quoted InvcHtments— UK £8 9m 
CF4 1m."i, overseas £4.95m. i£7^7m.l. Net 
current assets £0.29m. i£0J4m.i. Meeilnc. 
Kliw William Street. BC. April 25. at 
20.45 B ra. 

INVESTMENT TRUST OF GUERNSEY 
—Remits for 1977, already known in- 
vestments £9 .98m iH-Km ) Include U.K. 
quoted ULtSm. iU 54m.>; abroad fSDTm 
(£3.Rm.) and mmuoied K.TSin. (lOftttn.). 
Current assets £8J2m dO-STOi.i and Ua- 
blUtiec £0.23 qi. (E0.33m i. Liquidity In- 
creased by £93.312 (173.700 decrease). 
Directors anticipate 1978 revenue wllll 
slUrhtly exceed 1977. Meeting. SL Peter 
Port. Guernsey. April 2L 

LONDON AND ST. LAWRENCE 
INVESTMENT COMPANY— Gross revenue 
for six months to February 28. 19IX. 
t37.SU) (rrR.USOi. Board anticipate gross 
revenue available tor the remaining 
months or current rear wtil at least be 
malntalned. 

GORDON JOHH50N-STEPHEKS HOLD- 
INGS— 1 Turnover Tor six months ro Sep- 
tember 3D. 1977. £8.383.800. Pre-US loss 
E6 0M after [merest £188.000. Attributable 
loss £58.000 after nil tax and other debits 
Of £47 000. 

MOLINS « machinery for tobacco ln- 
d us try)— ResaJis for iP77. reported March 
33. As reported, sales and proflts ror 
197S arc expeefed to be higher. Ncl cur- 
rent assets EK.74tn. (rOt.Oira.). with cash. 
]cN8 short-term borrowings down from 
£5. 42m. to £l.lm. Decrease in working 
captla! and liquid funds E2.v5m. t£l 1.89m. 
Incruasc). Bleetlng. Great Basreru Hotel. 
E C.. April 88. at noon. __ . 

PAOAHG SENANG RURBER-Profit 
£108.308 ■ £113.913) (or year to Septem- 
ber 30. 1977. bcrorc tax £4BJ312 (£84.775). 
exchange loss £2.378 (gain 0234) and 
extraordlnjrr Item of realised net Rains 
on Imrcsunciiig n.738 (£3.104). Earnkiss 
per urp share S^fip (2.12|», dtvldoml 
1.15p (lp) net. . , 

RIO ALGOM (mining and steel making ■ 
—Results fur 1977 already known. Mining 
projfcH'iles and pre-production expenditure 
SCan.42Jt3m. iS4D33in.». plant and equip- 
ment S2fll37in. i *218.42(0.). Wortdng 
capital at year ond duwn SIUIri. (nn, 
545.54in.). Directors warn tha t hig h in- 
flation could cause cost ovorrtms nn 
capital expansion projects correnuy in 
prottress. Meeting. Toronto. April 28. 

W. H. SHARPE (Bne art pnhllsWilB)- 
ReralM for 1077 reported March 111 
Group fixed assets Ci.93m, fEUOU » T 
current assets £3. 52m. (£3.3*0.). ^inpri- 
eal pre-tax profit £25Tm. and Ei.wn 
on CCA basis. Net Uqnld foods UicrcMPO 
by n,2Sm. iSU&n. decrease). Meeting. 
Bradford. April 27, nr noon. 


smeo MONEY FUNDS 

:: (Saturn Investment 
. Mansgeme nt Co- Ltd-) 


Hates of deposits of £1.060 
and upwards for w/e 9.4.78. 
7-4jay Fund - 
Mon. 0.W5 

Pues. 

Wed. 5317 

Thur. e&in 

Fri./Sun. 5^20 

3-Hunth Fund 
Wed. 6425 


LONDON SUMATRA 
SHAREHOLDERS 


An important message 
from McLeod-Sipef 

You must act now 


McLeod-Sipef ’s final offer of 150p per share 
closes on Friday 14 April 1978. 


VALUATION 


Even in its circular of 7th April, your Board has still not 
put forward any convincing' argument that our offer is 
inadequate. They have merely produced a valuation of 
the Indonesian Estates which is far in excess of the levgl 
at which s imil ar estates have recently been sold. 


SHARE PRICE 

A share price of. 150p cannot be sustained by the( EQU[Tie§ 
proposed gross dividend of 6p per share, a return to you' 
of only 4%, nor by unquantified indications about 
possible future increases. Even with the benefit of our 
offer the Stock Market currently places a ; value of only 
128p* on your shares. How far will the price fall if th* 
offer fails? 



HARCROS OFFER 

In January, the Directors of Harcros Investment Trust:, 
recommended an offer from Harrisons & Crosfield, .winch c 
implicitly valued Harcros 1 10% shareholding in London •. 
Sumatra at 73p per share. Now only 3 months later your .- 
Board considers our offer of 150p per share inadequate. : 

As your Board were “Not in the least surprised” by the 
Estates valuation,, how can these conflicting views 
explained when your Ch a i r man is a Director °f Harcros 
and all the Directors of London Sumatra, and o a^ a rp^ 
of the Directors of Harcros, are Harrisons & Grosser 
executives? ~ 










*tv t. 




J^a»cial Xiines Monday April 10 1978 


WSSn, 

ofietw 



important . coxnpany dividend 
Uft RD MOfoIloiri^^^jSffiS^ week? «* given In the 
™EPK except Where 05 ifnrt *?* of tart year’s announcemenU 

. - C- - ■• ■,;■• : > be dSred wiK?' dividends 

- . ♦ -cent sftou^ iTi Vii 101 necessarily be at the amounts -*r rates per 

'. - 1 ■/-**. Preliminary SoS* 6 sSf 11 hea< ^f d Announcemaat last year." 

- «. ■ usually -accompany final , dividend 


Date 


•**-. 


■iif 


Announce- - 
meet last 
rear 

Int. s' 

Klnal 3057 
Final 5.7741 
Final 3.S5S3 


f#?a 


Sic .. 


. AJcrojU 

Smlthars ..Mm is 
A raaJ. MciM ...Apr. j» 
ap. Cement Uar u 

4 ebl *■ 

! ^ to™,. a ° d « e " ■AW- >7 

^ shu*—-*- 

•ajro^i-.iS'S 

British Bpflip 

S'orcs-JBas 3 

•Sc ^ M EjMW -“ Jnr 5 

’BBrnuih on jvpr. js 

'•' , ® mn Ca- .^J4*y 12 

• 'Cam is lnr .Am- 13 

GRIS' *trtlar Olay is 

Clttr DtSf ianL. JlDP 38 

. Coante and 

CbvmicnL. Miy TB 
Coats Patous _Har 10 
Coral Leisure . y^r . tl 
Sg^bi HO ..^May n 
J5"7* Aw. 20 

■DanWi Bicoq tlw! U 
- ‘ j Deoenhams uxv « 

? .. : - ,'5 P, “ Melal Apr. 19 

- - . S“SSJ -Aw. 20 

' r-. -am- 12 rural z.T 

• r ' iSm? aorc *- A w F - 12 - Filial 1.8 

. ......Jtpr. 57 Final O 

- ‘■■■he*. P^J te Sta«.-“ Ma3r 20 Sec. InL 2S71 

■ Jncp V Mta*ep.. Apr. 37 . FJrat 50B71 

.'..■■ . French Kler ... May IS Pinal BJ 

:.. • . • -KoracSS Wllhv M.y IT 

. . .'■ » : 'G errant ud 

■ . '* ■-■ a***- m*«Hntt..Apr. 28 

- .*•■• - ■ Cfbbs tA.1 ..C-ABt. 13 

. - . ' ,■ -.Glaxo • •—........ ..Anr. 10 

Glmu-rt ... ..^Aw. 13 
.:• ..Guardian Itoyal 

• 'f ? h " ^ *** 

- Slddel<fy..Apr. U Final 7JS25 


Date 


Aflommco- 
meat 1 am 
year 

Iter 17- Tflum 
..May 2 Final 2.07375 
InL fl.-t 
Final 3.3831 
FtoJ 9 M 


Final LB554 

Final Up : “ 
Final 3J730 
FtaaalUUC 

Final 2.15 - ' 
See. Irn. L7U81 

. InLIA ' 

Final iLJll 

Final Li 
Final 0.6517 
Pu*n.l37S 
Final <dl 
lm.8.6 
Final 3X35 
Final 1i7aS 
Final i8 

Final USH 
Final LOTTS 
Finals - - 
Sec. int. U0C7 
Pinal 4JS4S3 
Khali* 
Final 3.9M 
Fbul 3JH7 
Final ion 
Final LB - 
Final 146153.- 
Khal 1.733 


Sec.lnt.i291 

Final 4*1,' . 
Final 1X5125 
Final 3J1 
tot. 4 

Final 073 


Heirti (C. E.) 

•LaioB-iJ.t _ 

Land Investors - May IS 

Laporte Xuf 3 

•Lead tods. „^Apr. tt 
Uordswid 

. . ScPttlatL.Jter 12 
Mdlhuoi) 

Denny... May U 1 
Maries and — ." • 

Spencer...Apr- 2t -FfeaTHS 

. Mrttoy -Apr. tS - *= 

lllaa BUss. ..Aar. 28 

Mothcmre .May 2 

NaU. and Cornel. 

Bank ..May 1 

-P * o May 4 

Pearson 

LWBgWUB-APi 20 
•Pearson <s.) .....Apr. 21, 

•Pgnals Apr-. IS 

RHU -.. Slay 18 

•BMC Aw. IS 

Keatfictn Irn. ...May IS . 

•Rio Thno^ZInc-Anr. Ur Fhul<iS2 
‘Kowmrcr 

Hacklniosh_Apr. » Final 4A125 

Hoyco -Aw- M Final Dll 

*Rasby Portland 

Ctanem^Anr. 17 
Sainsbnry U.l .May 4 
Sear* . — Aw. W 

•Senior Kn*u*. ...Aw. 11 

•Srrcft May 4 

Shn» Bnsno. Aw. 35 

Smnrfit U.l May 3 . 

SMfiers ..Apr.-**-* PbnHAaeB 

Staflex tot May ft Final l.oi 

Siawtey tods. ,. M*yT2 TJOL 4.4 
•Tarmac „. Apr. ST 1 .TJnTiSSB 
Tele. Rem ala ..Apr. 38 Ptpk] 333 
Twer Krmalry . AW. SB final 1.7856 
TTafator Home May 20 1st XS* . 

Tricentroi Aw. IS Final 0 4S73 

Trtplcvest Mar. 31 

LT1S _JI«y if 

•VJcktat Apr. 27 

WUibrvad lav.. ..May 12 
•WOmot- 

Brecden Apr. 13 
•Whnpey <G.) ..Apr. 27 

•YooEfaal 

Carpet ...Aw. 21 


lit 134. 
Final 13 


Int. 1^5 
, Final 335742 

Sec. in. 3.6X0 

See. Int. 4.10436 

PtaaM 

ltd. L23 

PfnalSfT 

TM0.B977 


Final i.aa 
Final 3 57 
mnalSJi 

Fin. 8.5838 feat. 
■Int. 2 
Final 4JSM 
Ptnol 4R2123 


Final 1J01 
Final 2.7 
Finals rats 
Final 2X336 

Fliiai 1.73SS8 
Ftoil 6 j 8BS68 

Final 4JB 


* Board .neetlnu torimaied. t Rights 
ttw since- made. iTax free. 9'Scrip 
luao shur made from 'reserves. 


Csjis:.- 


INTERNATIONAL company news 


Granges’ loss increases 
as group restructures 




MINING NOTEBOOK 


29 


Grazing for diamonds 
in Australia 


BY JOHN WALKER 

GRANGES, the Swedish steel and 
engineering concern, reported a 
loss of Kr.TBlra. for 1077 before 
appropriations and tuxes. This 
includes an exceptional charge of 
Kr.l05m. representing unrealised 
exchange losses: The group loss 
in 1076 amounted to Ki\2S4m. 

Group external sales amounted 
to Krfi^bn. in 1977, virtually at 
the same level as the previous 
year, of which foreign markets 
accounted for l\r.2.8bn. or 52 
per cent. 

The crisis-hit company is 
undergoing a complete restruc- 
turing and as of January 1 this 
year Granges sold the Oxelosunda 
Steelworks, Granges Mines and 
TG0J Shipping to the newly 
formed company, Svenskt Stal 
AB (SSAB) in which the 
Swedish State holding company 
States fore lag bolds 50 per cent. 
Granges 25 per cent and Stora 
Kopparberg 25 per cent. 

Positive results within the 
group were reported to total 
Kr.HOra. from Granges Alu- 
minium, Granges Mclauvcrken, 
Granges Kraft and Granges 


Mark. In the accounts for 1977 
the effects of the SSAB settle- 
ment have been allowed for so 
as to reflect the initial situation 
of the group in its new form. 
This will facilitate comparisons 
with future years. 

The transfer of the group’s 
interest in commercial steel, 
mining and railway operations 
forms the central element in ihe 
continuing restructuring of the 
group and has set the stage for 
the subsequent build-up. In a 
letter to the shareholders the 
managing director, Mr. Bo 
Abrabam3Son. writes that work 
an the elimination of sources of 
loss has proceeded on several 
lines. These include the already 
mentioned selling off of Oxelo- 
sunds Jarnverk. Granges Gruvor 
and TGOJ Shipping. The con- 
cern has also disposed of (sec- 
tions nf companies in which it 
hud an interest such as alu- 
minium die-casting. Offshore and 
engineering have been wound 
up. NYBY’s financial structure 
ha-5 been cleaned up and indus- 
trial restructuring process is in 
progress. Heavy cutbacks are bo- 


STOCKHOLM, April 9- 

mg made in shipping and 
Granges Hediund. 

In addition personnel cuts 
arc being made in most units 
and *t head office. The potent 
company reports a loss Of 
KrfiOSm for 1977 after appro- 
priations an d i axes, compared 
with a. profit of Kr.46m, in I960. 
At the end of the year the 
group’s liquid assets amounted to 
Kr.439m. New loans aggregating 
KrJ588m- were taken up in 1077. 
As in earlier years the bulk of 
these -loans was made up from 
medium ond lonc-renu credits. 
The report states that there are 
no funds for the payment of a 
dividend. 

Mr,. Ahrahamsson writes -that 
it is difficult to prophesy the 

course of events in 1978 within 
an enterprise faced with such 
sweeping changes as are now 
affecting the group. Therefore, 
he writes, he is delaying any 
projections of the result for 
1978 unlit the shareholders' 
meeting on June 1 next, when 
he says he will explain the direc- 
tion of the operations of the 
'• new ” Granges group. 


Plan for KSH Dutch sections 


"t? ! s ;- 
2k*. 


Public Works Loan Board rates 

1 Effective 'from Aprils 


I 


‘ Year* 

c ’p to 5 

- r*ir.F?ver & “P to 10 

* i-i-ver 10, up to 15 

:Ter 15. up to 25 

• iver 25 


by El FT 

91.. 

10 

lit ■: 


to a* 

Ml 

H* 

1Z 

121 


tor 


10 

Y2f 


Hwmwtm dt A* repaid 

• • . -at 

tofpEt'.tnMurfty 


-toElPt 

10 } 

10 } 

■ | 
1*1 


Mi 

Mi 

»v 

Bf 

1*5 


m 

12 

12} 

12C 

12 } 


:w.z: *i^u-q’uym loans B are 1 per cent higher in each case Chan non- 
J0 to loan^A.^ t Equal instalments of principal $ Equal repayments. 


•— r 'A _ 


.■4 


BASE LENDING RATES 

JOHNSON Gt A-B.Nf.Bank 61 Hill Samuel 5 61% 

. ... . -- • Allied Insh Bants Ltd.- ‘ 64% • a Ho^re & Co.;. 4 .„...f 

. Amencan Express Bk. 61% .. Julian S. Hodge ,7i% 

ua Amro Bank 6*% Hongkong & Shanghai 6*» 

; : ^.5 A P Bank Ltd. : 6i% • Industrial -Bfc. of 'Scot, • 03 « 

. ... L - ; Henry. Aasbacher-^-.,i^.,i64% Keawer-AHlmanh 

. Banco.de B3ba6 61% Knowsiey & Co. Ltd./.>- 9 % 

Bank of Credit & Cmce."fil% - Lloyds Bank • ,6J% 

Bank of Cyprus 6i% LotofloU Mefcantnrf.... 61% 

Bank of tfcS.W. 64% E. Manson Sc CoiLtd. 8 % 

Banque Beige Ltd 6J% Midland Bank ..I. 6j% 

» M STD Barclays Bank : 6i% . * >loot^|(f. ....... 

BJ jrm 1 Bl Barnett CShrtetie Ltd^.. S4$ »^fe^an-GreiiL*Jl 64% 

IV l#^l ■ ■ Holdings .Ltd. 7f% . National . ^Bltaunster 6}% 

mwum~ Brlt> Bank of Mid. East - 61 % . . Norwich GeBeral Trust 6 { % 

Brown Shipley.. — : 8[% ‘P. S!.'Refi» & Co. ... 84% 

nyul Canada Permanent AFI . 64% ^ Bossmgsfcr Accept'cs 61 % 
. ■ Capitol C & G Fin. Ltd.: 34% > - Boyai BRCanada Trust 6} % 

■ Oayzer Ltd. . 7.% Scblesinger Limited ... 61% 

Cedu- Holdings 8 % E. S. Schwab 31% 

_ Charterhouse Japhet,.: 6i% III 

C^R^Co^es SitoteW Chartered ... 64% 

Iik . Tnae Dev. Bank ...... 61% 

« Consou dated Credits... - oj.% -TTnistee Sav ing s Bank 61% 

I rSiS?? gig Twentieth Century Bk. 71% 

l ,p OlK Ci ’ fil* United Bank of Kuwait 6i% 

The Cypnis Popular Bt 6i% 

E^ a Tr^ft Wrie Yorl^re^ank.:,...:.. 61% 

it HO*» LSis?^^nuZ: s ^ Housre 

. T^ow- 5H- *:*JST ^ 

n f 15UP P e ^ F,wt Nat SecR - hVL ”* 8 W « mm* or m.m 

^ w r Antony Gibbs 64% « w C4 -°“ 3 ‘ r * 

9 .- ^ Greyhound Guaranty.'.. 64% 

1 O* Grindlays Bank -4 B*% * c * u ****** wr a.ww *%. 

Guinness Mahon 61% * nw " u * deB08i, * 4% - . 

_ , llW 5 Hale also applies to StcrUnc Ind- 

Haxnbros Batik 6J% ' Sec*. 


g.-rd r ^' (r 


Su-^*** '’S RECENir; issuEs 


.. v 


EQUltlES 


* •{ 
•V.rC l ' 


:iva 


3 ^ 

; if j 

six 

urn 

■■'*.: • ■ ' > • -1 • t -s-_ : 

. ' ' ! = a j .“i'lti 

’ StocK • is c T + °*1 ~ 5 i = ' 

- ^ -U’ 1 - 5 

' 

sl 

^\“Z 

W 8.1 

I£ = 
< - 

High Um 

F.F. 

20(4 

121 118 


FIXED INTEREST STOCKS 

s jS 

ip 

■a 

If 

Stuck 1 2 

£ j ~ 



by CHARLES BATCHELOR 

A GROUP of several Dutch food- 
stuffs concerns has reached a 
tentative agreement with the 
Government to acquire various 
parts of the troublud starch and 
foods company. Royal Scholten- 
Honig (KSH). Buyers arc still 
being sought for some of KSH's 
foreign operations, notably its 
maize starch factory at Tilbury, 
in the U.K. 

Under the agreement, announ- 
ced to-day bv the Minister of 
Agriculture Mr. Fons van Der 
Stee. KSH's potato .starch activi- 
ties in the north or Holland and 
some of its plant abroad will he 
aquired by the Avche Co-opera- 
tive. The sugar producer Cen- 


tral Suikcrmij will lake over 
most of KSH's foods division 
while Royal Wessuaen will get 
the wheat products division. 

The starch-making activities 
grouped under Verenigde 
Zetmeel-Bedrijven of ‘Koog Ann 
de Zaan near Amsterdam will 
be continued under a new com- 
pany in which the State. Wes^ 
sanen. Avebe and ihc sugar pro- 
ducer Suikcrunic will ali have a 
stake. 

The aim nf the agreement is to 
preserve as manv jobs and as 
much industrial enuacHv as nos* 
sibie and it is honed that forced 
redundancies can be avoided. 
Several hundred nf Ihe 3.500 iohs 
provided bv The company in HoU 


AMSTERDAM. April 9. 

land will eventually be lost how- 
ever. 

The plan is for this tentative 
agreement to he finalised by May 
6. The State and a group of 
banks have provided KSH with 
a total of FIs.252m. (SIITm.) in 
short term credits to enable it 
to keep ope rati nit. KSH's han- 
kers have provided FIs. J 20m. 
while thp Government has put 
op FK132m. 

KSH's mnimtinq losses cul- 
minated in the firms seeking a 
payments moratorium at the 
beginning of ];<*{ month. Talk® 
have been going on for se/eral 
months with Dutch and foreign 
firms interested in acquiring a 
stake in the company. 


BY LODESTAR 

ONCE UPON A time in New 
South Wales a diamond was found 
in the stomach of a cow. The story 
is that It inspired Selection Trust 
to have a look at its source. Un- 
fortunately there was. no fairy 
tale ending. 

So the London mining house 
reverted to its more conventional 
and successful practice of seek- 
ing minerals in Australia on the* 
basis of geological evidence. Thus 
came the Agnew nickel and 

Teutonic Bore copper-zinc-sllver 
discoveries. 

But, in view of its long associa- 
tion with diamond production 
through the group's West African 
operations, it Is hardly surprising 
that Selection Trust’s attention 
bas been caught by the Conzinc 
Riot into discoveries in Western 
Australia’s Kimberley area re- 
cently discussed here. 

It was an excited voice on the 
telephone from Perth that in- 
formed me that Selection Trust 
was joining in the hunt, not in 
the Kimberieys but In the 
Nullagine area of the Fllhara 
where, 1 was told, something In 
the nature of a claim-pegging race 
was in progress on ground 
deemed to be geologically 
favourable for diamond occur- 
rences. 

At the London headquarters of 
the group, no attempt was made 
to deny the story although there 
was no confirmation of rivals be- 
ing In the field. It can, however, 
be taken for granted, particularly 
since the Teutonic Bore find, that 
where Selection Trust goes down- 
under it will find smaller explora- 
tion companies hard on its heels. 

In this case those believed to 
be involved are Spargos Explora- 
tion and Otter Exploration both 
of which have previously shown 
themselves to be quick off the 
mark when any new discoveries 
are in the air. 

Selection Trust is reputed to 
have been on the look-out for 
diamonds in northern Australia in 
years gone by. but in mining par- 
lance this amounted to no more 
than “sniffing around'’ rather 
than an actual exploration pro- 
gramme. Now it is thought to 
have more serious intentions. 

Meanwhile, the Oombulgurri 
Aboriginal tribe, about which 1 


was writing three weeks ago in 
connection with De Beers’ un- 
fortunate “ trespass ” on their 
ground, are reported to have 
hired an American mineral rights 
negotiator to look after their 
interests in the area where 
Conzinc Riotinto of Australia' has 
now officially admitted having 
made diamond discoveries. 

So if the find does prove to be 
a commercial one CRA may be up 
against some tough bargaining of 
the knd already being faced by 
the potential Northern Territory 
uranium miners. It has now been 
officially anounced that the first 
bills dealing with uranium pro- 
duction will be introduced by the 
Australian Government this week. 

Black Mountain 

In Friday’s mining news column, 
the RTZ group's senior economist 
was arguing that investment in 
new mines is being held back 
more by the weak demand for 
metals than by political and fiscal 
restraints. Relevant to this 
debatable theory are the com- 
ments of the Gold Field group's 
Mr. R. A. Hope in the Vogels 
report. 

Remarking on the group's Black 
Mountain lead-zinc-silvcr project 
in the project in the northern 
Cape Province in which America's 
Phelps Dodge is the partner he 
said that it might appear to be a 
hazardous undertaking to embark 
on such a venture at & time of 
depressed base-metal prices. 

The investment, however, was 
made “ with confidence because 
of the high level of the projected 
profit to revenue' ratio" which 
should rank Black Mountain 
“high among the low-cost large 
mines of the western world.” At 
metal prices ruling in February, 
Mr. Hope estimated that if the 
mine had been in production its 
working profit would have 
exceeded 60 per cenL of net 
revenue. 

This should be heartening news 
for Gold Fields group share- 
holders who may have been 
wondering why Black Mountain 
was being pressed on with 
whereas Anglo American and 
Newmont have deferred develop- 


ment of their northern Cape 
lead-zinc project until zinc demand 
revives. 

It was in Juno of last year that 
I was commenting on the Yava 
lead-zinc prospect In Nova Scotia 
of Canada's Barymin Explorations 
in the shares of which there is 
considerable interest on this side 
of the Atlantic mainly owing to 
the company's Irish exploration 
activities: 

I am indebted to Toronto's 
lively weekly the Northern Miner 
for updating the Yava situation. 
Barymin's president Mr. R. C. J. 
Edwards is reported as being still 
'confident that a total of $2.5m. 
(£1.17m.) will be acquired from 
“various” partners to get the 
prnnerty into production. 

He points out that it already 
has a disused mill some eight 
miles away and foresees an 
initial throughout rate of 500 
tons of ore a day. 

Yava is reckoned to be some- 
what unique in that It has a metal 
content that is nearly all lead 
with very little zinc. A recovery 
grade of S per cent, is envisaged 
through selective mining. 

Standing behind Barymin with 
potential financial support is 
Yukon Consolidated with a near 
IS per cent, stake In the company. 
And behind Yukon stands 
Canada's Dome Mines. Yukon is 
cash rich through »he receipt of 
«mne ffWm. frW7m.) from its 
Crows Nest Industry deal with 
Shell- and is thus on the look-out 
Cor new investment opportunities. 

Barymin shares have been a 
ait let market recently. On Friday 
ihev were Sfln in London. In 
mid-1977 when the Yava project 
first came into prominence they 
were over 70o Yukon are I52n. 

Those interested in Australia's 
Mirniet Metals, which have been 
written about here from time to 
time, and who follow the 
for’uncs of the notional down- 
under portfolio run bv brokers 
Laing & Cruickshank should 
note that Magnet have now been 
sold therefrom “on suspicion of 
or further scrip issues." Friday's 
prim was IUd. 

The portfolio's mining con- 
stituents are now Bougainville, 
Central Norseman, Central Pacific, 
Pancontinental, - Spargos and 
Otter. 


MONEY MARKET 


Waiting for the Budget 


INSURANCE 

Women 


BY COLIN MILLHAM 


to absorb almost the entire I 
£G00m. bills offered on two weeks | 
during March, 

Buying rales for three-month 


The amount of Treasury bills ment last November; and Mr. 
offered each week has varied Pepper made another harsh 
considerably over the last mouth, pronouncement cm monetary 
between iSOflm. and fBOOm. This policy last week. 

has contributed- to the upward The political and ..economic .Treasury; hills remained above the 
pressure, on- Bank- of England position was less • nervous in trigger point for a rise in MLB 

Minimum Lending Rate, and a November than at present, how- on Friday, even though the aver- 

rise in MLR has only been ever, -and the authorities prob- age rate at the tender left MLR 

avoided by constant soothing of ably agreed that the earlier at Si per cent. At the same time 

the market by the authorities. downward trend in interest, rates 
This contrasts sharply with the had gone too far. 
attitude shown at the end of The situation now is dominated 
November, when MLR rose by 2 by the need for stability in the 
per 'cent! '"to 7 per cenU follow- period surrounding the Budget, large Government disbursements WHEN the Pearson Royal Com- 
ing -a signal frotn the Bank of and the authorities have made caused by money from the Rate ^ ^ k 

England that in the Hqht of this very clear in their money Support Grant. 1 

market .expectations of the need market operations. Market ncrvWKneM Continues 

foE.au upward correction, it did Surplus money has been left u> point towards a significant rise 
not ; wish to stand In the way in -the banking system to be j n MLR sooner rather than later, 

of /such &■ correction. carried forward on many occa- but much will depend on to- m ent departments nor insurers 

, .At that time It was generally sions. although this has partly morrow - s Budget details and the could ewer all the aspects of 

felrtbat a Minimum Lending Rate been caused by the nervousness new mon etary rarget figures for h?i u rv caiSatioo incidence Lte- 

of a per cent had been too low, of the discount houses about the tuTR/Tfl. The latest money snooty I _L n „ _ „ 


the houses bought an exception- 
ally. large amount or Treasury; 
bills from the authorities to inopi 
up surplus liquidity on a day of] 


prove 
lighter 
risk 

By Our Insurance Correspondent 


its 

members quickly became aware 
of one fact of life — that there 
was a shortage of statistics: 
neither the multifarious govem- 


eveo though sterling was in the timing of any rise in MLR. 

middle of a firm spell against a Houses have been reluctant to whatever happens between now 
steadily weakening U.S. dollar. buy Treasury bills on days of and the next tender on Friday. 

Comments by' Mr. Gordon surplus. In case this was followed sentiment should be helped by 
Pepper, or W. Greemvell and Co., by a lift in interest rales. At the the fact that only £300m. bills are 
probably influenced market senti- same time they have been forced on offer again this week. 


1B78/79. The latest money suppfr gorisa tion. financial conseq u ences. 
figures are due on Thursday, I and so on-aspects that were the 

raw materials on which the Com- 


Arir. 7 
1978. 

SterUiie 
I'erUllcale 
nl ileimair. 

111 tort isnk 

1 

| AiiiIimHia 
J il('|»isU' | 

: Li oil Aulli. 

- ut"i>l l«lih? 

! I.mit* 

Klnstti'e 

H<iu»o 

HepiriUi 

CnnipaU't- 

'tiBfwllN 

1 Dlvnmiii ' 

; iiMrket 1'ro.Miry | 
ilPliii-.il Hill" <|» 1 

Lli"ilile ! 
HenL | 
Kill" K 1 

1 

iFlnrTrailr 
1 Bill* r 



2-43, 


1 



41, • 



1 - 

Z <Uy« duCk-e 1 .. 



BU-51, | 

— 

— 



| 



1 -v- 

— 

— 

— 

— 

— 

— | — 

— 


7 ita.j-4 not,Lt„ 


4i,-4t a 

Bi8-5(a l 


57,-SU 

su 

413-51* - 

— ' 


L>ce mflntb 

6,'t 6,U 

bl n -bi 4 , 

54, -6 U , 

56, 63[ 

64,-66, 

66, 

6a, ' 5ia-5ft- 

6 ’.-61, i 

1 64,-7 

Tiru momti*-. 

6-,-6,“- 

6,'i-6/.: 


6*i -64e 

67 H .7I 4 


6-6J, 1 6:j 

812-6,'i- 

7U 

Throe manihu. 

7.J.8/B 

7-7 1« 

61,-71, | 

7.61* 

71,-71* 

7* 



74, 

Six mimtlii.... 

7fiS-7«5r 

7i,.77 B 

7>4-71, 1 

71fl-6b, 

77 B J11, 


■ - I - 

7i* 

712-74* 

Nine •nraiiUf.. 

8 ,1,-75 A 

8-ai a 

a-asa ! 

81,-77, 

81e 

— 


— 

— 

Otto yrtr....^. 

8,i-7;fi 

OSh-We , 


8'a-B 

a*4 • 

* — 

— ! — 

— 

— 

hovTw.., 1 


— 

9 '[-91* 

— 

— 

— 

— . ~ 

— 

— 


Locat amttorlilcs .and Onanev boasts seven days' none*, others seven days' toed. Long-term local amtnrity mongajic rate 
nominally lluw years 10M6S oer cunt.: tour years 10MI per «*nl.: dve yuan ll-Jii per cunt, o Banlc bill rates In rablo aru 
buying, rates lor prime paper. Buying mien lnr tour-mouth bank bills 71 per ceui.: loor-mamb trade bills 7} per cent. 

APMwtlinato selling rales (or one-man I h Treasury Mils 31-3 12^ per cent.; two-month 52® ji- rwr unit.: ml rhrw-monih 
per rent. Approximate selling rale tor one-month bank- hills per pent.: two-month s: G7|& per coni.: and 

three- month 6- ri ii-6i nor cent. Ooe-monih trade blits 61-ai per com.: two-month 7 per cent.: and al-w to roc- month 7-7! per nmi. . - 

Finance House Base Rates (publlKh'-tt by ibe Finance Homes Association* 1 per cent, from April I. 1978. Clearing BankjTne age range IS from birth 


DOPMH: haws ifor small sums at. seven days' nonce ■ 3 per cent. 
Bills: Average lender rates of discount 5-9661 per cent. 


mission had to work. 

To £11 some o fthe gaps, a 
personal injury survey was 
arranged, and interviews were 
carried out in 1974 mainly by 
staff from the Office of Popula- 
tion Censuses and Surveys, 
though some work was sub- 
contracted. The data produced 
for the. Commission are recorded 
and discussed in Volume Two of 
the report, in Chapters 14 to 21 
inclusive— and there is a deal 
nf information here for 
insurers to consider and compare 
with their own, individually 
developed statistics. 

For example Table 62 provides 
details of -incidence of injuries 
by sex and . age from a sample 
of 3,300 people injured in 1973. 

to 


GOLD MARKET 


CURRENCY. RATES 


FOREIGN EXCHANGES 


AtniJ 7 | Ajirll 


(laid Ball kin, 
ta 8u* Suucrt 

auw;...:; 

O twain# 

AlurattJgflk'g 

AlUm'ii Ill's 

UflKJ 

rtiHIWsUonlly | 

Knimrnuj'f _ jsi841B6 
-kgOBU-BBU) 
A'w 6av*gng.!b55 | 4.97i4 
-• • li£EBia-30»2l 

W.ftrtjni F57l,-59t4 


5179- 179*4 

5180- I80J, 

5179.85 

(£95.677) 

5179.10 

(£85.444) 


. !'J!3Qis-31lz1 lifiEfli-s -501s) 


S 179lt- ISO lg 

518U& L82M 

5IB8.UU 

(£97.0261 

*131.00 

(£96.487) 


BlBWi-lBBi* 

(£99*4-100*4) 

S56-58 

(£30-31. 

S57U-bBl4 


F.l\ 

7.Y. 

MSI 

W*. 


F.P» 38/4 

jjflPf, r.P. i. - 

F. !*- ‘28,7 
- C t'.F. |8UA 

, r-O^V 1- V.V.\9A 
VL-* {.i*- fll; t.r - 
. r i> -•-I? \y F.p. jaw 


— i*2l«ty Wliii Altai. Inrts. JO^Stl-t. Pri.".: 6ll» ( 

- - fMMu*inea &pwi Jut Fto,V«taW* _8Z~. SBBSij 

2Nd-» itiftjnk ibtott;. 10tU* itort. ’8W3&,. 27J8 

UOaH kKii^JlOBDW- Wbitin tf* PH... — loop 

lObfjt UMpiManziei {J.\% Cum. Prf. ] lD4fi 


21(4 


,->rc? n °^rh5 

.nl v 

' r J: 


!Z8i4 
1 14/4 
8/6 


lWUf 

1W 
106 
11*1, -ji 
imifl 

iihp 


1U2 
97 
Tiff 
-MW» 
96U 
110{ 
2a ■ 


UMWaUMv Wtuet 
Itomutt ts-tlthsS I 


Fn. I Hu. ....108141 

i'. l^V. Li. 97 1-1 


r*lb« lHa Cn*. L , M.Ln,7M4;.......«-wlOEia -H 

hnarteVuwb* ----- 

Du: 10» lt*J .’,:99£! 

|W. HmrowtebdpHngili^Hrf ' 117|« 

lYrai -WiUcr 11^1^. | 25 I 


1?-- 

? 

0‘ 


“RIGHTS” OFFERS 


J 


■ ' 4 . - 




!i 






:-0?- 


4= li j 


F.P. 

F.P. 


m 


. 5 *tr**. 

liltULU 

L'rlcO 

Hath | Lo* 

V, 

50i3f 13rti 

34 1 83 

.. .» - j W j 

1 •*' H« l&lUtll W^eafaniaHHaaniH 

33la 

29 ii t IU/£j 




t “* 




c*! 


nuadatioa date laoaUy ’lasr iUy : ror tostiinc frw of stamp thitr, 5.SSS? 

baaedon weviote years <aoitog*. vDJhrtdeMwd rieMba acd bp gtwpw™ 
cr official e&Hnbdes fin JWL 4-GrpM- - tW 8 «w assumed- ipw.f S 
aversion nf -dunes not now reatefts tor, flMtend or . 

TPUdits price to -K 

C Offered to> Mdden of OrflibW; Sures as ■ --na h.tt. ^ 


. taller: _ . 

of OBpttaUndaa.. 


Tt EdHtaHKfL teadtt price. 


. . fttto iwxtpteaBtaf merge? 1 or ttke^ver-. . 

**- ■ c-'mcr PrefcnAW hohicn.. 1 AftottnePt ■ Ittft w (w. 

. -y -y, ‘tosjm ■w»&Knt'-'kfa«L : -~*wub nmw. 


UHnltHTOlBCwL VI UBttrd 
toirodtiction. □ Issued 
:}. m ProvulnuU 


Gulil CuTtu .« 
ilntprtmniyj 
Knigonorul.. 

.N'WnUw'igni' 
Obi HoySynp 
ssoijtflioi.... 



Special ' 
Dmwlair 
Rights 

Rurwean 
Unit tk 
Ae count 


AK..7 

Aim. 7 

Jlri'iiij 

■TTm t £1 


Lji. Ill' LI ... 

B^TTTTjB 

Kl’fTUM 

L'.n" Imii 

BtVmT* 

ELiln 

Au-irM'* Ii ... 



Hpi”lu (ran 

39.1178 

l r .H 

Uhiti ll knlliL. 

6.61736 

7.04333 

Ueni. liL-m'rU 

2.50289 

2.549B1 

Uut ll ;t|i-i(er 

2.70 24S 

2.72332 

r rail -Ii Iran . 

3.64918 

B.7S239 

liA'um ira.... 

losses 

1075.19 

Jnimiie-v (Mi. 

271.736 

977.062 

■Nun. ,v knou 1 

6.61736 

6.74832 

|« ii*.. 

98.7794 

100.607 

rini.ii-likiniti- 

5.68203 

5.79386 

(mil 

2.51694 

2.26418 


Oaarins Bank Base Rate for lending 61 per ceut. Traairara |gfl plus, and the analysis shows 

that although there was an over- 
all Incidence of'35.5 per thousand 
lives, men were nearly 50 per 
cent, more likely to be injured 
than women, male incidence 
being 43.4 per thousand lives and 
female 2S.2. 

As migbt be expected, tbrough- 
s>2 ii.87io-i.878B! 1.8740- i.Breo | out normal working years, ihr 


April 7 


• 1b, Ilk - 

lf.il is' 


Marieti lUte-< 


Mpreiul 


MP fears for future 
of Cornish mine 


BY OUR OWN CORRESPONDENT 


FEARS FOR the future of the 
Mount Wellington tirv-mine in 
Cornwall will be expressed in the 
Commons this week when Mr. 
David Penhaligon, Liberal MP 
for Truro, asks Mr. Eric Varley, 
Industry Secretary, about the 
amount of public money put into 
the venture and tbe Government's 
view of its development. 

Mr. Penhaligon said yesterday : 
“There mast now' be a shadow 
tjyer tbe job prospects of a num- 


ber of people working at Mount 
Wellington and this re a crippling 
Tactor in an area where unem- 
ployment is already way above 
the national average.” The mine 
employs 325 people. 

Cornwall Tin is 68 per cent 
owned by Excomm, a Swiss 
group, and 32 per cent by Hirsh- 
horn, a U.S. company. Production 
started at Mount Wellington in 
late 1976 and it had been hoped 
to reach full capacity by the 
middle of this year. 


LOCAL AUTHORITY BOND TABLE 


Authority 

{telephone number in 
parentheses) 

Barking (01-592 4500; 

Barnsley Metro. (0226 203232) 

Reading (0734 592337) 

Reading (0734 592337} 


Annual 

gross Interest Minimum Life of 


Southend (0702 49451) 
Thurrock (0375 5122) .. 
Thurrock (0375 5122) .. 


interest 

payable 

sum 

bond 

% 


£ 

Year 

S} 

{-year 

5,000 

2 

10 

J-year 

250 

4-7 

12 

maturity 

1.000 

7 

IQ! 

J-year 

1,000 

6-7 

10 

j-year 

200 

5*7 

01 

•J.-ycar 

250 

3 

J0i 

}*year 

300 

4 

101 

J-year 

300 

5-8 


Xl'» Yawlt .. 
M-Hicnml... 
.Minton lam 
Uimfel*;.... 
Cu|«n liner u 
Frankfurt..-, 
LuIjuii ' 


6>2 2.1275-2. 1280,2. 13/0-2. T6M 
4'j i <.02-4.05; 4 .02.'- 4.05.' 

5>i 58J6-53J0 | 58.90-59.00 

9 .10.41.10.47i J 10.44-18.45 

3 5.764-5.60 I 5. W; -3.78; 

15 I 7L5B-77.5D I 77.05 77.45 


.MnlriU....:.' B '149.05-149.45 149.50-148.45 

Ulliui 11'=' 1.889-1.588 . 1 .584;. 1 .595* 

O.lo 8 . SJ7*- 10.01 

I'ariii : , 8.5MJ4 

Ht>vLliulm..l B ■ SJ6-8.61 

Tutya _.l 5'- 408-41J 

Vicuna I 5 tj ! S7.05-27J50 


0.B0JI-9.9U 

b.58;sji; 

8.58-B.BO 

411-415 

S7.2flU2r.S0 


is 184- 186 
It98t«-99i«) 

[UZ91b- 3U1;1 
te07l«-59l« . 
|(£5nij-3Hsi 

SZS9-Z9S . 


S 165- 187 

i£9B^-99&4) 

?5W7 

(i!E9V,-50Ul 

5571*^91* 

UB9t-3Uii) 

529014-2951* 


EXCHANGE CBOSS-RATES 


Aprtl7 jirmitkluH |.\«-» 1«»W i*«i» 


Fnutklun 
A w Yurt 

Faria 

2nuMi«^-.. 
LnKkui M „. 
Arart'dam. 
JStnleh 


am..- 
• *#•*•*] 


49.b2i* 

Ze5.to90 
lv.58-1'3 
ire.* 71 : 

!1jB.7Z^.T?oI 
21M9-W3! l.-ebH-BHO 


163-70 

4.661-tfii 
31.47 :S 
J.rlCffiS 
Z. 1567 92 


ntu- rn | Irfduliiit .AuM'x'in | ^miuli 


incidence of injury to men at 
work is three to four times 
higher than is the incidence of 
injury lo women 
But moioring accidents claim 
almost twice as many men as 
women victims— and four times 
as many in the late teenage 
group. 

Perhaps there is here', if not 

actuarial," certainly some 

“ other data " on which it is 
reasonable for insurers to rely, in 
quoting differential rates for 
male and female personal 
accident insurance, without in- 
fringing the terms of the Sex 
Discrimination Act. 

For insurers providing either 
employer's liability cover Or per- 

sonal accident insurance. Table 

.M25-8.6700I iWmartJ ioj 10 II 6 S dealing with the incidence or 
150154 ifiwwr.... | b. 46-8.60 J injuries at work must be of in- 


Zurfi-1 1 1 1 , a . 48-5J2 lg) 

iRaies 21 vim -ire tor convenlble francs 
Klaaocial franc i9.iKM9.20. 


OTHER markets 


. AtgentinaJ 1565-1588 
AliBUnlia ..{1.6247 1.6410 

Bmiil , 31.1a 32-16 

Fin luul.... 7.7B 7.B04 

HrtM !67.S5I-5flffi^CiuuulB~..4 2.15-2.15 

MuitgKmijtS. 
fnm.^....J 


X«itCa Kale* 
|4rswitiufc,150O-M«| 

....1 28^-28,0 | 
Uclgiimi...: 58-56j 
Uraril 1 35-40 


44..W4Q H.40-41 I iiB/9 i »> 00-70 [ K8.IO-20 

SI. 96 £2J) ',177.1 LttJU Utoi mbO 1 -h 4 1 n 2 i 

| »;»M74 V.9CC5-745 ! . liOl&l [B 3.4b 9b 
e.aU-Bi - :w.U3-Jt).UB HJO-M i Ib.ffi-tW 
HiOl J) s>i£0-&9.0-, 

»7 33 1 M ■ | . 4fi-X4ia *.t 30 044b, 
h.), 7638-901 jJ8 r -7 1 rtC3G 3.483-4918 IBB.125M71 


S'SS/rj SiffiS SSSq ter ^^. ™ though the sample 

M&ia.^iB.r. ; 4.4 i95-4.45iEJit»iy„ li67D-ib2a was nr fewer than 1,000 Injuries 

s. fia imiiiit. Biss- i.832d|Jai*ji 1 405-425 and in each of five of the cate- 

•TJV '7 * tvoew rimihli Aihu 6.40-630 uVeUnrl'nii. 3.95-4.11) n/>np« fewer than 10 in!nrie« 
♦.CBJ-U33 ; LtOinns Hlu^n, Ju»UKwn. v „ .;9.S0-1OJ 

ilt-.las.Z35 s. Arm* Ji.8is5-i.63B82ft*iu J ii . /2 78 were recorded. Retmrding an 


L'jj. s 111 Tiwiiuio L .«. tf = 1 14 1 1 SI* L'Aiuitbtii 1'inl - 
(Jauadiu S In New Ywn=:7.t0 72 . ini». 1 : A * in MUau aiJJO-iiU 
", ' SiurliiiB tu fiilu l£S5.60-Uia6JJ. 

EURO-CURRENCY INTEREST RATES* 


...jlAW-lJ 


A'lirll 7 j .Sltr-iiu: ! 


uuifbiiaii 


L .s. IJyiwi 


Kllll'll 
falll ili.'l* 


AB Ifk 
U*lll 


tt . lit-miHii 
IlInHi 


re/i«*rt twin .. ; 
( 1M« IWllUC! 

Mimtli. I 

I Iiim imuitii^i 
iijnnidn. ...| 
t.iito vfer^. i 


6ie-6/g 

ftla 7 
7'7i4 
768-7 »» 

tsa Sffl 


78 

b*i1 


. l 4-i. 

78 

,8V' 

5Lda , 

»r-4* 

7Ja-7>i 

7 7) 4 

6 D 1, 


7«b-8I| 

71, il 8 

47 a -ji 8 1 


8)4-861) 

I&8-7I, 

4-»i b ] 

i* S, 

612*81, 

Vin-ohi 

5l,=3g 1 



Yji I 

ChihiIh 

flSl 

vcnl-ij 87.65 S7.B8 35^37 

Kale EiTL-n for AnseiWiu Is ■ free rate 

FORWARD RATES . 

' ; l.ini- iiumtli ; Tlirinr' lib in't In 


3.i 

3i*'-£Sg 

31* 4S* 
514-348 

3 ,;-a.v 


Frankfurt i 1^4 -^4 t'l-l'W 

Biiiw.Pn m.4i • itenoati rates: twtwlar 84H-SUM per cent.: seven-day SiiK-aiSn LfaiUin 60-170 •■-•Ub 


Kiw VortJJJ5 i-imt-.ft r.ilbiO.'Mni c.|iin 

Uvuirwl .10.06-0.15 1-. iliiD ^O-0. 30.-. 0i» 
Aiiist'ilam 1 c. |i(((-(*r 3*2 jmk 

Brumelii,..!l6-5. , -|'>" |3S-20e. [ini 

C>ip , i|lij{ii.‘7l4-B>< •toiU» ,17i-19j ore .IH 
— Aia-ai a u r. pm 

.. .320-560?. din 

per cent.: one-month 05-92 Ptr «■«.: tniw-nwiilb 8 £h- 8J|6 Plt cent.: .lUt-BitmiO 3l»Jriri. ...;t*r-80 «■- «lw llZO-SOOe. iiln 

934H wr ccni.r one-yrar lOi-SOi per cent. . ’• Alilan. u ..J6-il lira-* "H" - |lgJ26Ur*ui« 

Longterm Eurodollar fMW Stto-Wn. PUT «sni.s three yearn St-81 wr o,[ ( , ;?».-9i4 oroOia 17(-t9i ure 

cent.; tor years «i*3i per ccffi.4 five. years Stre-U'Mft per will. Pan,. jj.a .H« j34v, d'w 

The foUowlnc nominal rated were 9 noted tor London dollar wrtlflwes of deposit: yt'i-klndni'lig 3‘e ;4-SowdU 

onc-mooifa 7.63-L15 per went.: towmonth ".36-7.30 pur wni.: alx-iponto JJSMM per Vtoi» 1 ...[3 l .'n>piii-7«ri.ilL:uiii*-l0 rjv tot 

rentu 'diic-yrof 7.83-7.73 Per wol. . kuricli <846*298 1*"* , o«*-568 v. pin 

•Raurs an? BomtnaJ-.nallnift rww- . _ "" 

ShocHetM rates are van for BUirUna, UJ. dollars and Canadian. doJJara, two Slwnoaih (oroaro nouar b.khMSc pm 
days’ notice to suiidurn. and.Swtsd fnuwB. , lSjnonvh uw-lk v®* 


r Vi"»-... j I4ii-i6fl | average incidence of 23-6 per 
3uftx-iuidls.4o.L5s | i.ooo, this, particular table shows 
that five groups, Including 
mining, mechanical engineering 
and .construction, injure more 
than 40 per 1,000, 

In fixing rates, incidence hs but 
one factor insurers have to 
consider— duration nf incapacity 
is another: here Tables 73-76 
show that 27 per cent of victims 
required medical 'treatment for 
less than two weeks, and another 
19 per cent- were discharged 
after a further two weeks. At 
the other end of the scale 23.7 
per cent were still requiring 
medical treatment six month* or 
more from date of injury, while 
rather mare. 29 per cent., were 
reckoned to have suffered some 
permanent physical or mental 
damage from their injuries. 


This Advertisement is issued in compliance with the requirements 
of the. Council of The Stock Exchange. 


BRITTAINS, LIMITED 

(incorporated in England under the Companies 
Acts, 1 362 to 1886 - No. 3221 9) 

issue of 1,500,000 9 per cent. 

Convertible Cumulative 
Redeemable Second Preference 
Shares of £1 each at par. 

THb Council of The Stock Exchange has admitted the above 
Shares to the Official List. Applications by existing 
holders of Ordinary Shares and 1 Qi per cent. Convertible 
Debenture Stock 1 991 /96 of the Company have been 
allotted in Tuii. 

Particulars of the New Preference Shares are available in the 
statistical services of Extel Statistical Services Limited and 
copies of such particulars may be obtained during normal 
business hours on any weekday (Saturdays excepted) up to 
and including 24th April, 1 978 from : 

Hambros Bank Limited, 

51- Bishopsgate, London EC2P 2AA. 

Panmure Gordon & Co., 

9 Moorfields Highwalk, London EC2Y 9DS. 

Henry Cooke, Lumsden & Co., 

Arkwright House, Parsonage Gardens, Manchester M60 3AH. 



SCOTTISH 

AMICABLE 


.NOTICE OF MEETING 

NOTICE JS HEREBY QVEN'fhat flic One Hundred and 
Fifty-second Annual General Meeting of the Members will be 
held in 150 Si. Vincent Stree!. Glasgow. G2 5NQ, on 
Wednesday, 12th April 1«7S at 3.00 p.m. 

By Order of the Directors. 

W. PROUDFOOT 

General Manager and Actuary 

150 St. Vincent Street, Glasgow. G25NQ. 

101b March, 197S. 




=**■*»■*-■ 






























30 


The following Tombstone announcements were published in the Financial Times 

during March 


Tombstone 
date 

1/3/78 FUJITSU LIMITED 
DM 50,000,000 
4j% DM Convertible Bonds 19S6 
Deutsche Bank and others 


Publication 

date 

1/3/7S 


2/3/78 FINANCIERING 
MAATSCHAPPU 
D’ORANJEBOOM B.V. 
£15,000,000 

105 ^ Guaranteed Sterling 
Foreign Currency Bonds 1990 
Samuel Montagu & Co. Limited 
and others 


2/3/78 

16/3/78 


2/3 AS 


2/3/78 FINANCE FOR 

INDUSTRY LTD. 

£12.000.000 

10% £/USS payable Bonds 1989 
S. G. Warburg & Co. Ltd. and others 


Feb. 78 EUROPEAN COAL AND 2/3A8 
STEEL COMMUNITY (“ ECSC ”) 
US$20,000,000 
Si% Notes due 1990 
Societc GeneraJc de Banque S.A. 
and others 


24/2/78 COMMONWEALTH OF 
AUSTRALIA 
Y50, 000.000,000 
6.6% Jap. Yen Bonds due 1990 
The Nomura Securities Co. Ltd. 
and others 


3/3/7S 


Mar. 78 SEARS INTERNATIONAL 7/3AS 
FINANCE NV 
£15.000.000 

10J% Sterling Foreign currency 
Bonds 1988 ' 

Hambros Bank Limited and others 
HITACHI ZOSEN 7/3 AS 

USS30.000.000 

S‘% Guaranteed Notes due 1983 
The Sanwa Bank Limited and others 

S/3AS EUROPEAN 8/3AS 

INVESTMENT BANK 
DM 250.000.000 

51% DM Bearer Bonds 1978/1990 
Deutsche Bank and others 


Tombstone Publication 

date date 

Jan. 78 LOCKHEED CORPORATION 1/3AS 
US$60,000,000 

Syndicated Bonding Facility 
Kredietbank SA. Luxembourgeoise 
and o titers 

27/2A8 COLGATE-PALMOLIVE 1/3/78 

GENERAL COPORATION 

3150.000. 000 

Promissory Notes due 1998 
. Negotiated by Dillon, Read & Co. Inc. 
IRAN POWER 2/3 AS 

GENERATION St TRANSMISSION 
— TVANIR CO. . 

US$37,312,000 
Project finance 

Morgan Grenfell is Co. Limited 
and others 

Dec. 77 JOY MANUFACTURING 2/3 AS 

COMPANY PTY. LIMITED 
A85.000.000 
Fixed rate loan 1983 
Bankers Trust Itntl. Limited 
Orti-B.T. Co. Limited 
THE REPUBLIC OF 2/3/78 

COSTA RICA 
US32S.00O.000t 
Medium term loan 
Continental Illinois Ltd: 
and othere 

Nov. 77 AGIPRECHERCHES CONGO 2/3/78 
< BRAZZAVILLE) SA. 
US$25,000.0000 
M n dium term loan 19S4 
Eanqe de la Society Financifere 
Euron'^ene and others 
DALMINE SJ.A. 3/3/78 

&10/3/78 

USR26.000.000 
Medium term loan 
Credito I taliano— London 
and others 

PRIVREDNA BANKA 3/3/78 

ZAGREB 

USS14.000 000 Medium term loan 
USS14.S75.000 Buyer credit 
Liovds Bank International Limited 
EMPBESA DE POLIMEROS 3/3/78 
DE SINES SAJLL. 

US? 12.000.000 

Medium term loan 

Banque de l'lndochine et de Suez 

and olbers 

Jan. 78 TTYDRO-m.IF.REC 6/3AS 

URS7R0.O0O 00O Medium term loan 
US$500,000,000 Standby lino of Credit 
Bank of Montreal and others 
Jan. 78 ENTREPRIP^ NATIONALE 6/3/78 
SON \TR * CH 
Jap. Y12.500,000,000 ■ 

7 year loan 

Long Term Credit Bank of 

Japan Ltd. and others 

Mar. 78 LEWIS CONSTRUCTION 7/3/78 

CO. PTY. LTD. & 

THE STATE ELECTRICITY 
COMMISSION OF VICTORIA 
USS37.000.000 
Protect fatuity 

Hambros Bank Limited and others 
Jan. 78 THE REPUBLIC OF 7/3/78 

INDONESIA 

5575.000. 000 

Medium term Euro-dollar loan 
Morgan Guaranty Trust Co. of 
N*w York 

The Bank of Tokyo Ltd. and others 

STATE OF SAO PAULO S/3AS 

$30,000,000 

Medium term loan 

Banco dn Estado de Sao Paulo SA. 

and others 

Feb. 78 PREFETTUBA DO S/3A8 

kHTNICTPIO DE SAO PAULO 
irs$30.000.000 
Medium term loan 
Merrill Lynch International 
Bank L*d. and others 
TRI-OCEAN CARRIERS INC. S/3A8 
DSS16.000.0n0 

Medium term ehip mortgage loan 
First International Bancshares 
I.iTnit»*d and others 
FNTREPTMPE NATIONAL S/3/7S 
RONVn?*rH 
USS1 0.000.000 
Medium term loan 
Fir«t International Bancshares 
Limited and others 


Tombstone Publication 

date date 

28/1/78 GENERAL ELECTRIC 1/3/78 
CREDIT CORPORATION 
$86,610,000 

Leveraged Lease Financing 
Morgan Stanley & Co. 


• 9/3/rs 


6/3/78 THE DOW CHEMICAL 
COMPANY 
$300,000,000 

S.625% Debentures due 2008 
Smith Barney, Harris Upbam & Co. 
and others 


BONDS 


Tombstone Publication 

date date 

9/3/78 CITICORP OVERSEAS 9/3/7S 
FINANCE COPORATION N.V. 
£20,000.000 

10% £/U$$ option Guaranteed 
Bonds due 1993 

S. G. Warburg & Co. Ltd. and others 
10/3/78 REPUBLIC OF PANAMA 10/3/78 
- US$30,000,000 
91% Notes 1983 
Merrill Lynch International 
f Asia) & Co. and others 
15/3AS REPUBLIC OF 15/3/78 

VENEZUELA 
DM 250.000.000 
6% Bonds due 1988 
Westdeutsche Landesbank 
Girprpntrale and others 
Mar. 78 KV/ERNER 15/3/7S 

INDUSTRIER A/S 
DM 20.000 0000 > 

5i% Bearer Bonds 1983 
Dresdner Bank AG 
Den nnrsfee Creditbank 
15/3/7R KINGDOM OF DENMARK 15/3/78 
Dfl 100.000.000 
7?% Bonds due 3984/1993 
Aleeirume Bank Nederland N.V. 
and others 

16/3/78 CGMTSTON FEDERAL 16/3/78 
DE ELECTRICtDAD 
DM 150.000,000 
63% Bonds due 1988 
Westdeutsche Landesbank 
Girozentrale and others 
16/3/7S NtSSHTN STEEL CO. LTD. 16/3/78 
DM 5 0.000.000 

4% Convertible Bonds due 1986 
Nomura Eurooe N.V. and others 
16/3/78 THE REPUBLIC OF 16/3/78 

TRINIDAD AND TOBAGO 
DM 75.000.000 
6% DM Bonds due 1983 
Deutsche Bank AG and others 
27/2/78 CITY OF OSLO 17/3/78 

Y1 5.000.000.000 

6.6% Y Bonds First series due 1990 
The Nikkn Securities Co. Limited 
and others 


LOANS 


Publication 

date 


Tombstone 
date 

Dec. 77 PAKISTAN 9/3/78 

INTERNATIONAL AIRLINES 
CORPORATION 
US$15,000,000 
Medium term loan 
Bank of Credit and Commerce lntl. 
and others 


9/3/78 


Dec. 1977 PRIVREDNA BANKA 
SARAJEVO 
US$50,000,000 
Medium term loan 
Bank of Montreal and others 
COPENE PETROQU IM1CA 10/3AS 
DU NORDESTS SJl- 
US$20,900,000 

Medium term credit facility 
Libra Bank Limited and others 
NOL (UK) HOLDINGS 10/3/78 
LIMITED 
US$6,300,000 
’ Medium term loan 
First International Bancshares 
Limited and others 
GULF OIL CORPORATION 10/3/78 
US$70,000,000 
Medium term loan 
Commerzbank AG— London Branch 


14/3/78 


Jan. 1978 BANCO CENTRAL DE 
CHILE 
US$125,000,000 
Medium term finance 
Wells Fargo Bank N.A. and others 
CANAL DE ISABEL II 14/3/78 
$50,000,000 
Medium term loan 
Dillon, Read Overseas Corp. 

Lloyds Bank lntl. Ltd. and others 
REPUBLIC OF PANAMA 14/3/7S 
US$170,000,000 
Medium term loan 

First Chicago Panama SA. and others 


Mar. 1978 REPUBLIC OF 
VENEZUELA 
DM 500,000,000 
Long term loan 
Westdeutsche Landesbank 
Girozentrale and others 


15/3/78 


17/2/78 EUROVLAS, 16/3/78 

CONCESlONARiA ESFAflOLA DE 
AUTOPISTAS, SA. 

$35,000,000 

Medium term multicurrency loan 
Dillon, Read Overseas Corp. 
and others 

NEW ZEALAND WOOL 17/3/78 

MARKETING CORPORATION 
US$5 0,000,000 

Medium term revolving credit 
facility 

J. Henry Schroder Wagg & Co. Ltd. 
and others 


Mar. 1978 BENEFICIAL 

CORPORATION 
DM 30,000,000 
Medium term loan 
Westdeutsche Landesbank 
Girozentrale 

Blyth Eastman Dillon & Co. 
International Ltd. 


17/3/78 


Feb. 1978 AUTOPISTAS, 17/3/7S 

CONCESlONARiA ESP Art OLA, SA. 
DM 20,000.000 

Floating rate medium term loan 
Soditic SA. 

First Chicago Lid- and others 


20/3/78 


Feb. 1978 THE KINGDOM OF 
SWEDEN 
Dfls. 200.000,000 
10 year fixed* rate loan 197S/8S 
Algemcne Bank Nederland N.V. 
CORPORACION NACJQNAL 21/3/78 
DEL COBRE DE CHILE 
$100,000,000 
Eurodollar loan 
Chemical Bank and others 


Tombstone Publication 

date date 

- 16/3/78 NORGES KOMMUNALBANK 20/3/78 

Dflsl00,000,000 

7J % Bearer Bonds due 1984/1993 
AMRO Bank N.V. and others 
KINGDOM OF NORWAY 20/3/78 
USS125.000.000 
Sj% Notes 1983 

Hambros Bank Limited and others 


Jan. 78 THE REPUBLIC OF 
ICELAND 
Y5.000,000,ODO Private Placement 
Jap. Y Notes due 1990 
The Nikko Securities Co. Ltd. 


21/3/78 


20/3/78 1/S ELS AM 
US$25,000,000 
9% Notes due 1935 
Blyth Eastman Dillon and Co. 
lntl- Ltd. and others 


21/3/7S 


23/3/78 


22/3/78 REPUBLIC OF THE 
PHILIPPINES 
DM 100.000,000 

Bearer Bonds 197S/19S5 
Dresdner Bank AG and others 
SUMITOMO HEAVY 2S/3/7S 

INDUSTRIES Ltd. 

US$25,000,000 

Guaranteed Floating Rate Notes 19S3 
Daiwa Europe N.V. and others 


3/7S The NIPPON CREDIT BANK 30/3/78 
Ltd., 

US$20,000,000 

Floating Rale Notes 1983 

Daiwa Securities Co. Ltd. and others 

10/3/78 SOCIETE NATIONALE DES 30/3/78 
CHE MINS DE FER FRANCA IS 
YUO.OOO.OOO.OOO 

Guaranteed Yen Bonds Series No. 1 
1978 

Nikko Securities Co. Ltd. and others ■ 


31/3/78 


31/3/78 COMMONWEALTH OF 
AUSTRALIA 
US$350,000,000 

S% US Dollar Bearer Notes 1978/82 
Deutsche Bank and others 


24/2/78 HEDRQELECTR1CA 
ESPASOLA. SA. 
US$60,000,000 
Medium term loan 
Citicorp International Group 
and others 


21/3/78 


Tombstone Publication 

date date 

14/3/7$ INDUSTRIAL CREDIT 21/3/78 
BANK 

US$200,000,000 
Medium term credit facility 
Cbase Manhattan Limited 
and others 

CONTINENTAL DE 21/3/78 

CREDITOS MERCANTILES CA. ' 
$10,000,000 
Medium term loan 
Dillon, Read Overseas Corporation 
' and others 


Feb. 1978 MARATHON OIL COMPANY 21/3/78 
USS450.000.000 

Convertible revolving credit facility 
Chase Manhattan Bank N.A. 
and others 

Feb. 1978 MARATHON OIL COMPANY 21/3/78 
US$200,000,000 

Eurodollar convertible revolving 
credit facility 

Chase Manhattan Limited and others 
Dec. 1977 SUPERINTENDENCE 21/3/78 
NACIONAL DA MAR1NHA 
MERCANTE 
$160,000,000 

Medium term Eurodollar loan 
Morgan Guaranty Trust Co. of 
New York and others 


22/3/78 


Mar. 1978 PRIVREDA BANKA . 

ZAGREB 
US$353,000,000 
Project related financing 
Bank America International Group 
and others 

BEOGRADSKA BANKA 23/3/78 
. USS17.500.000 
Medium term loan 
Grind lays Brandts Limited 
and others 


23/3/7S 


Dec. 1977 SOUFLAN CEMENT 
COMPANY IRAN 
USS11.000.000 
Medium terra loan 
Merrill Lynch International Bank 
Limited and others 

Jan. 1978 ADELA INTERNATIONAL 23/3/78 
FINANCING COMPANY S.A. 
US$23,000,000 
5 year lloating rate loan 
BfG Luxemburg and others 
JUGOSLOVENSK1 ' 29/3/78 

AEROTRANSPORT 
US$34,000,000 
Medium terra loan 
Chemical Bank United California 
Bank and others 

Mar. 1978 DAEWOO-TR1AD 29/3/78 

DEVELOPMENT CO. LTD. 
US$30,000,000 
Medium term loan 
. Goldman Sachs International 
Corp and others 

BANK FOR FOREIGN 30/3/78 

TRADE OF THE USSR 
US$400,000,000 
Seven Year -Loan 

Compagnle Financicre de la Deutsche 
Bank AG 

Lloyds Bank International Ltd and 
others 

30/3/78 


Mar. 1978 CESKOSLOVENSKA 

OBCHODNI BANKA AS. 
US$150,000,000 
Medium term loan 
CreditanfitaJt-Bankvercin and others 

Mar. 1978 COMPAGNIE NATIONALE 30/3/78 
ALGER1ENNE DE NAVIGATION 
* Y15.000.000;000 
Medium term loan 
The Yasuda Trust and Banking 
Company Ltd and others 

Feb. 1978 AC1UA Y ENERGIA 
ELECTRIC A 
US$3 0,000.000 
Jnterunion-Bancjue 
and others 

JORDANIAN SYRIAN 
LAND TRANSPORT CO. 
US$12,000,000 
Medium term loan 
Frab Bank Jnt. UBAF and others 


30/3/78 


31/3/78 


OTHERS 


Publication 

date 

10/3/78 


Tombstone 
date 

8/3/78 MORTON-NQRWICH 
PRODUCTS, INC. 
private placement Of 800,000 
shares of common stock with 
Rhone-Poulenc S.A. 

Financially advised by 
Salomon Brothers and 
Banque Occidentals Pour l'lndustrie 
et le Commerce 

3/3/78 RHONE-POULENC S-A. 10/3/78 
has acquired L625.700 shares . 
of common stock of 


Tombstone 

date 


Publication 

date 


Morton-Norwich Products, Inc. 
Financial advisor 
Lazard F re res & Co. 

COLON I A 29/3/78 

Lease Financing 
Chemical Bank New York 


Mar. 1978 THOMAS TILLING 
has acquired 
CLARKSON INDUSTRIES LTD. 
transaction initialed by 
Loeb Rhoades Homblower 


29/3/78 




APPOINTMENTS 


Financial Times Monday April 10 1978 


Two joint chief executives 
for St. Martins Property 


Mr. John S. Stringer and Mr. 
Brian L. Cann are to become joint 
chief executives of- ST. MARTINS 
PROPERTY CORPORATION from 
June 1. Mr. Tom Griraley retires 
as managing director of the com- 
pany and its subsidiaries at the 
end of May but will remain a 
consultant until June 30. 

* 

Following -the acquisition o£ 
Pon tin’s by Coral, Sir Fred Ponttn 
Mr. R. G. Whitehead, Mr. P, £_ 
Hopper and Mr. T. J. Hepumims, 
have been appointed to the Board' 
of the CORAL LEISURE GROUP 
Sir Fred and Mr. Whitehead have 
also joined- the management 
Board of CoraL Mr. J. Michael 
Hoarc and Mr. David Spencer 
respectively managing director 
and finance director of. Coral 
have been made members of. the 
Board of Pontin’s. 

★ 

Mr. Stanley Harding has been 
appointed to the Board of 
JAMES NEILL HOLDINGS. He 
Is a director of HU2 Samuel and 
Co. and was formerly, financial- 
director of the Tilling Group and 
chairman of ComhDl Insurance • 
• k - 

The WILLIAM STEWARD 
GROUP has appointed the follow- 
ing members to the holding 
Board: Mr. E. H. Ring, managing 
director, Johnson Pearce and a 
director of William Steward and 
CO.; Mir. £. E. J. Feist cad. manag- 
ing director, . . William Steward 
International and a director of 
Johnson Pearce; and Mr. S. w. 


James, managing director, Wil- 
liam Steward Control Panels. 

Mt Colin Fitch has been ap- 
pointed a managing director of 
WARDLEY MIDDLE EAST, the 
Dubai-based merchant bank of 
the Hong Kong Bank Group. He 
.will remain on the Board of 
Antony Gibbs and Sons as a non- 
executive director. 

*■ ’ 

Mr, M. H. Austin, financial con- 
troller of WARD BLENKINSON 
AND CO., has been appointed 
financial director. 

* 

Mr. Peter Richmond has been 
appointed a part-time director of 
HARGREAVES GROUP from May 
1. 

■Ar 

Mr. Peter Willes. head of drama 
for YORKSHIRE TELEVISION, is 
joining the Board of that com- 
pany at the end of April. He is 
■succeeded as head of drama by 
Mr. David Confine, present head 
of drama series. 

Mr. J. Robert Hulme has been 
appointed chairman of KIRBY 
PHARMACEUTICALS ' and has 
been succeeded as managing 
director by Mr. Barrie S. Haigh. 
* ■ 

; Dr. jur. Ha ns- Mich a el Ugen has 
been apointed direetcur adjoint 
hi charge of corporate finance at 
COMPAGNIE MONEGASQUE DE 
BANQUE. 

1 r 

■ The Secretary for the Environ- 


ment has appointed Mrs. « 
Milligan, Mrs. N. E. McIntosh, u, 
R. N- Bottini, Mr. G, McQuW ^ 
Mr. D. E. T. Williams asmemtw 
Of the COMMISSION ON ENERn 
AND THE ENVIRONMENT us* 
the chairmanship of Sir 
Flowers. " 

* 


HOME CONTRACTS 

Gas mains work 
worth £12.5m. 


GAS MAINS work in Cambridge- 
shire and the West country 
worth £12.om. is to be carried out 
by WILLIAM PRESS AND SON. 

For South West Gas, the com- 
pany will work for two years on 
a mains and service laying period 
contract covering installation 
and maintenance work valued at 
about FlOm. Work commences 
this month and could ultimately 
employ a labour force of 600 men 
working in up to 200 gangs. 

A two-year contract for 
Eastern Gas is valued at-.£2^m. 
Some 140 men will be involved. 

* * • ir 


VICKERS, Newcastle, lor - the 
supply of three more Paceco 
Transtainer gantry cranes— three 
are already on order for delivery 
this autumn. In addition to being 
.the first port in the U-K. to use 
this system, Felixstowe will be 
the first port in Europe to change 
from a straddle carrier operation. 
A second Morris crane has been 
ordered, costing £170,000. partly 
financed by the Department of 
Transport, for loading and un- 
loading container trains. Ten 
tractors and 12 custom-built 
trailers are also to be ordered. 


The following appoint 
have been made by LB 
BEESLEY, a member of » 
European Ferries Group, m 
J ohn Faulkner becomes dire™ 
of personnel and productivity ar 
has been . succeeded as technic 
director by Mr. Robert Brook/M 
Harold Rogerson is now senii 
contracts engineer; Mr. Pm, 
Glenn on, marketing executive f, 
for the northern division’ b 
T ony 'Bateman, planning engine 
for the company's contract f 
electrical installation at t! 
Leyland small car plant, Lon 
bridge: and Mr. Terry Btefa. 
company accountant 
★ 

Mr. -C. S. Major, has becos, ^ 
director of the BRITISH AGRI- 
CHEMICALS ASSOCIATION f 5 ' 
place of Ml A. C. L Samuetwl 
retires as director but rianafc !■ 
a part-time, consultant to tO 
association. Dr. V. Keadafl h. : - . 
■been made secre'iry. ' . - - 
. * 

Mr. Richard S-. Sherwu }■ : : 
treasurer of BELOIT W AT.M«ay ' -- 
bas been appointed flow";-, 
director. He. succeeds Mr. 

JT- Pettengell, who raced-: 
became managing director. ■' ' 
"* - " - . , 

General Sir John Archer' taT-' .- 
over as the new CQInmaIKl(!ri■ 1 :'■’'■ 
Chief at Headquarters, UNTtf’^' 
KINGDOM LAND . FORCES; _W= 
Wilton near Salisbniy, 
from General Sir Edwin E 
General Archer comes on 

lion from the post of Co m 1 - 

British Forces Hong Kong, whiZ r : 
he has served since May, tt'--; 
Genera] Braraall has taken upV ' 
new job in the Ministry of Defe£ 
in London of Vice-Chief of X- 
General Staff (Personnel 
Logistics).- . 

. ' - ■ • .•■•'.r'.T C-- 

Mr. Ron Hughes has beco^-' 
financial director of-CHOtf- 
PAINTS. He was formerly cfc'-- 
accountanL - J • V:-: 

.i; - 

Mr. M. L. Cheik. group accoT ' 
tant of ZURICH INSURANCE. f ,: 
been appointed secretary ot|^ ; 
group companies. , >.-v : 


Orders Totalling £Cizl have been 
gained by MEL (a Philips com- 
pany) over the past 18. months 
tor the supply of naval communi- 
cations equipment In both borne 
and overseas markets. Some Sm. 
worth is for single sideband 
amplifiers, developed mainly for 
service in submarines. Automated, 
message processing systems, to 
the value of £4m., are currently 
being installed in all the Royal 
Navy’s latest ship units and in 
frigates being modernised. 

Orders totalling £6m. have been 
gained by MEL's continuing ex- 
pansion in the naval communica- 
tions business in both home and 
overseas markets. 

MEL's well-provel SSA (Single 
Sideband Amplifier) equipments, 
developed mainly for service in 
submarines, have been the sub- 
ject of re-orders to the value of 
some Era. Many of these systems, 
although ordered by the Ministry 
of Defence (Navy), are in fact 
destined for eventual export 

Over the past eighteen months, 
contracts for £4m. worth of 
AMPS (Automated Message Pro- 
cessing Systems) have also been 
awarded to MHJL. These digital 
systems are currently being in- 
stalled as part of the overall ICS 
a enramuniratioas systems in all 
the Roval Navy's latest shtn units 
and in many of the frigates 
undergoing modernisation. Fur- 
ther orders are imminent for the 
•second command cruiser, and for 
further Type 22 frigate require- 
ments. 

In conjunction with the Mes- 
sage Processing Systems, further 
nrders have been received for 
the high speed mosaic head 
orlnters currently being installed 
in various ships. 

Meanwhile, the Royal Nether- 
lands Navy has purchased the 
latest modems- with such features 
as in-band diversity and full 
wide /narrow band shifts, for 
service with the first hatch of 
their “S’* frigates. 

For the future, MEL expects 
substantial homp and export 
orders In the naval area, esueci- 
ally for message processing 
systems, and looks Forward to 
further healthy growth in this 
field. 

* * *■ 


LOEWY ROBERTSON (a Davy 
International company, is provid- 
ing complete new steel strip pick- 
ling facilities at the British Steel 
Corporation's Pori Talbot Works. 
Souib Wales. The contract, worth 
over £6m^ is scheduled to rake 
four years and involves construc- 
tion of two advanced hydro- 
chloric acid pickling lines to re- 
place those dating from the 
1050’s. Installation is being car- 
ried out without interruption of 
pickle line production. The first 
stage has been completed and. 
stage two is ih progress. 

★ ★ * 


As part of a £3.2m. container 
handling expansion programme at 
the Port of Felixstowe, a £0 9m- 
orrier has been placed with 




To the holders of 


SU0MEN V1ENTJLU0TT0 0Y- 
FINLANDS EXPORTKREDIT AB. 
(Finnish Export Credit Ltd.) 

8% Guaranteed Notes Due 1982. 


-1 

■•j 


We wisji to advise that 

Morgan Guaranty -T rust Company 
• - - of New York, 

Avenue Des Arts 35 
1040 Bruxelles 

has been appointed as a sub paying agent. 


Payment of each amount of principal of, or interest 
due on the notes will be made on the due date (15th 
April annually) -for payment thereof or if such date 
is nor a business day, on the next succeeding 
business day. 

Fiscal Agent 

Merrill Lynch International Bank Limited 
London 


OTTOMAN BANK 


NOTICE IS HEREBY GIVEN that in accordaru 
with Article 29 of the Statutes, the ANNUA 
GENERAL MEETING of Shareholders wiU be he 
on WEDNESDAY, the 10th May 1978, in TJ 
GREAT EASTERN HOTEL (ESSEX ROOM 
LIVERPOOL STREET. LONDON E.C.2 at 12.30 p.j 
to receive a Report from the Committee with tl 
Accounts for the year ended 31st December 
to propose a Dividend; and to elect Members of l 
C ommittee. 


By Article 27 of the Statutes the General MeeU; 
is composed of holders, whether in person or 
proxy or both together, of at least thirty snap 
who, to be entitled to take part in the Meebr 
must deposit their shares and, as may he necessai 
their proxies, at the Head Office' of the Compa 
ip Istanbul or at any of the various branches 
offices abroad (in London at 23 Fenchurch Stre 
EC3P 3ED; and in Paris at 7 rue Meyerbeer. ioW 
at least ten days before the date fixed for i 
Meeting. 

The Report of the Committee and the Accoui 
which will be presented to the General 1 

available to the Shareholders at the Head Office 
Istanbul and at the offices in London and Paris- 

R. A. SUTCH 
Secretary to the Cornffw 

10 th April 1978 


ANGLO-AMERICAN SECURITIES 
CORPORATION LIMITED 


Summary of results 


Year ended 
15lh January 

Gross. 

Revenue 

Ordinary Share 
Dividend Paid 
per Share (net) 

, Gross Assets 
(less Current 
' Liabilities) 

Net 

Aiwd 

Value 

1968 

£1,714,644 

U5p 

£52,759540 

$iP 

1977 

£3m966 

2.64p 

£79,445.518 

121 IP 

197S 

£3,S92>K5 

3.00p 

£73,149.859 

1I4:P 


In August 1968. there was a Rlshtfi x*ne of '4% C^vertible UnMured Loan 
Slock 1988 at par on the basis of £1 Loan Stock for every 6 Ordinary Snares. 

The Directors' Report anticipated that the dividend for the current year would be at 
maintained at the increased -rote Of 3Jtp per share.' 


Copies of (he A rmual Re^-i^ Acvmuds arc qcaUabl? from fheXUmjan^ ^ 
Bmittiersbury HoisM. 9.: Ffctorta SixtxU Urwton SCtN.SEQ. 




r- 




-Times Monday April 10 1978 



Monday April 10 1978 


' ■- 


>v. r-’ Ji !>•’ 

‘■WV/*; 





The two unique features of the Thistle Field are the depth of water in which it is situated, 
and the fact that it is the first field on which the British National Oil Corporation has 
acted as operator— and it also indicates the likely line for development on similar finds. 


' . ‘ of commer- Production from, the first five the wisdom of installing off- with the biggest single stake in a role assumed following its 

jar production from toe Thistle weUs expected to be accom- shore loading facilities at the field. own acquisition of Signal Oil 

• • *£ 4 Slgnifica f rt ste P plMed shortly,- should be some Thistle. Even when the pipeline Demines has a 41.03 per cent and Gas. 

. “ ^^elopment pf the U.K. 100,000 barrels a day. according is in operation the Thistle con- interest in the Thistle Field, all A large part of BNOC’s explo- 
!T ■ * Physical terms, toBNOC. sortium might find it useful to but a tiny percentage of which ration and production staff 

J-eipea to extend offshore . The field has an estimated keep the SAT.M as a back-up; as lies in block 211/18. (The previously worked with Signal 

~P r . production 500m. to 525m. barrels of recent news reports have shown, reserves spill over into adjoin- and Burmah. Indeed the trans- 

:v .. _ _ -., qujpni e nt has had to be located reserves assuming a recovery pipelines are vulnerable to ing block 211/19.) The next ference of this substantial unit 

. - ®> far rate of about 50 per cent of accidents. Both the Brent Field biggest interest belongs to Santa of expertise is one reason why 

, n countered by field developers the oil reserves in place. This 

■' m r ^ North Sea. ■ in itself is noteworthy for the . 

‘ The . Thistle -consortium com- average recovery rate worldwide 
. : -rj. rises one of the most widely- ** rio more than 25 to 33 per TT\ "TW T • a 

y . aried collection of companies, cerrt 1 J I ff ' ‘ /> /%' /\ Q -d T" 

‘ ^.ncoapassing German and The production phrtfbnn has fl I ^1 1 § \ I 1 ^ 111 I 

...-ritish state interests, one of sufficient capacity to handle a ^ fm e\/ VU XXX V> 

;-.*® oil industry M seven slsterc,” flow rate of 280,000 barrels a 
groups which, might be day although peak output is 

.: --‘garded as “ mini-majors ** and -expected to be nearer 200,000 to ^ ^ 

" -. - nailer independent uadertak- 240,000 b/d. This peak should J | ^ J ^ J 

. . .;-^gs. And Thistle marks the he reached next year and last, .| fl / ■ LJLJ C If] / | 

. . :-'st commercial development according to stockbrokers Wood. .1 I I 1 I l /■ 1 V v I I I. I 

■■ which the British National Mackenzie, until 1981. From VA W w I-' A W*- 

, d Corporation has assumed, the then on the rate of production A. 

"■ f -7 li--. anUe of operatorship. will decline to about 40,000 b/d 

.v Clearly Thistle has not been by about 1990. Coincidentally "By RaV Dafter, Ener&V Correspondent 

easy field to exploit Even this is the. rate -of production j j ■> r 

e commissioning process dor- expected to be achierod during ' 

.* g the past couple of months this initial phase, although out- 

- ; -.7 s been . dogged by foul put for 1978 as a whole should and the Ekofisk Field pipelines Fe International. Santa Fe now the Corporation's involvement 
: "lather ' (even ■ worse than average 120,009 barrels a day. . have been buckled by dragging has a 16.29 per cent stake in offshore activities haa been 
■-.-Vual), by problems With ' ■ . - anchors. Each line will have to following the sale, in April last able ; to grow as rapidly as it 

i'eral hundred valves caused T 116 first ^on®^mient of be repaired. In the case of year, of a quarter of its interest has. 

a casting error and by . last- Thistle crude is being. loaded Ekofisk, however,-, the Phillips for 378.8m. The buyer was Ash- Burmah has still retained an 

— — —— — nlite hitches witb_ -develop- I? 1 * V* single-, anchor^g moor- group can maintain production land which, apart from gaining 8.1 per cent, stake in Thistle. 

int drilling. 7 ing (SALM) system^dto the by shipping its oil through the a 5.43 per cent stake, also however. The company is hop- 

tanker; Thistle Venture, one of field’s offshore loading system, signed a contract to cover the Ing that this toehold in the 
..ATTft rwfarf-Iin - - t r rte ^ < ? rryi ^ g Within the next week or so acquisition of Santa Fe’s North Sea and the cash flow that 

lENTlLUUTTO Dr . -■ .'"-about 6Q(XQ00 barrels rf crude the Thistle Venture will deliver remaining crude production. will result from its share of 

cVQODTVDCniT 80 tte atiut-np Of pro- ? t* 1116 between the fieldand the first commercial consign- British National Oil Corpora- reserves (over 40m. barrels) 
fcArUnlAntUll Mellon has been 7 much closer ronicws aJwre tenninals. ^Even- m ent of Thistle crude. The tion gained its 16.22 per cent will lead to further exploration 


will join Burmah. Also involved 
in Thistle are Tricentrol, with 
a 9.65 -per cent, stake; Gulf 
(1.16 per cent); Conoco (1.16 
per cent); and the Charter- 
house Group (0.96 per cent). 

Within the past two months 
Deminex and Charterhouse have 
been taken under the umbrella 


„---i Credit ltd’ original schedule ■ -than Thistle oil will betrans- first tanker load is known interest in Thistle as a result activity in the sixth and future 
.&purl ui cun ujjyjy ^ the previous fields P < * rte( i ashore, by- pipeline; a to have been sold by BNOC to of a £103m. deal with Burmah. licence rounds. Burmah is in 
. p.. 0 *‘jthe North Sea. And the nine spur line will link with the Continental Oil for the Humber This was negotiated, with the process of forming a consor- 
ts « ivu .e> um. '^panigg in the Thistle con- Brent pipeline system and t^e refinery at a- price thought to Government backing, as a tium, in which It would be 

tium have been rewarded hy Sull°m terminal in be within the range of $13.50 means of helping Burmah to operatof, to bid for new 

. le apparently enrouragJhg Sk fitIaD cl Islands. y and $13.75 a barrel Another -extricate itself from its serious licences. 

' . • l;- ” vs from the^flrst fbur^ pre- ^^Dedayap-to thd Brent pipelifie fearly consigimient will go to financial problems. Buimah had - It is possible that one or 

tion wells* and the terminal have confirmed Deminex. the German group been the operator for the field, more of "the Thistle partners 


of state participation following 
agreements signed with the 
Government and BNOC. Demi- 
nex has followed the normal 
participation line, allowing 
BNOC access (at market price) 
to up to 51 per cent of its oil 
production. In addition, BNOC 
has gained additional voting 
rights under the field operating 
agreements. 

- The Charterhouse deal breaks 
completely new ground,' how- 
ever. Instead of signing a par- 
ticipation agreement Charter- 
house has agreed to sell to 
BNOC the whole of its share of 
crude oil and natural gas liquids 
produced from block 2U/18. 
The Department of Energy said 




that this arrangement was 
agreed in view of Charter- 
house’s relatively small stake 
in Thistle. 

This deal is worthy of close 
examination for a number - of 
reasons. First it hi g hli g hts 
BNOC’s growing role as a crude 
oil trader. By 1980 the Corpora- 
tion could be handling between 
800,000 and lm. barrels a day 
of equity and participation 
crude. Oil taken as royalty will 
add to the figure so that by 1981 
BNOC could be responsible for 
the disposal of about half of 
Britain’s North Sea crude. To 
put that into a worldwide per- 
spective, BNOC will be control- 
ling perhaps 7 to 10 per cent, 
of the total output of low- 
sulphur premium crude. 

The Charterhouse supplies 
will be a drop in the backet 
when set against this amount of 
.BNOC crude. Charterhouse's 
share of Thistle is expected to 
be around 5m. barrels, spread 
over the life of the field. Even 
so, BNOC is reported to have at- 
least matched offers made by 
sizeable oil companies interested 
in buying the Charterhouse 
crude. 

Exploitation 

Charterhouse could - receive 
some $70m. (at current prices) 
for the Thistle crude. And it 
might receive as much again if 
and when other reservoirs in 
block 211/18 are exploited. 

Although, the Thistle consor- 
tium has had to relinquish half 
of the block's acreage (a rec- 
tangular portion to the west of 
Thistle and south of the nor- 
therly ninth well) it has 
managed to retain substantial 


oil-beaxing structures. The re- 
servoir immediately to the west 
of Thistle, known as “Area 
One ” is thought to extend into 
Shell/Esso’s 211/23 Dunlin 
block. This could be quite an 
important field. Areas around 
wells number six, nine, 12 and 
13, could add further sig- 
nificant quantities to total re- 
serves in the block. 

The possible development of 
these structures must be 
reserved for some future date. 
For a start they have not yet 
been fully evaluated; the con- 
sortium may drill three explora- 
tion or evaluation wells later 
this year. Secondly, it is almost 
certain that some of these areas 
would have to be exploited 
through new forms of produc- 
tion systems: sub-sea well com- 
pletions or floating units, for 
example, 

The Thistle Field is costing 
an estimated $lbn. to develop. 
Standing in 530 feet of water 
tiie production platform is the 
biggest of its type in the North 
Sea; on land it would tower 
above St Paul’s or Cologne; 
cathedrals. Mr. Don Shimmon r 
managing director of BNOC 
Developmeqt once likened the 
installation of the platform with 
a moon-shot, in terms of its 
complexity, scheduling and 
reliability. 

It is questionable whether the 
cost -and effort of another fixed- 
platform development can be 
justified by the non-Thistle 
reserves so far identified. On 
the other hand, it is unlikely 
that the partners will be allowed 
to leave the reserves in the 
ground, particularly in the light 
of energy shortages foreseen for 
the end of this century. 


4 '***/*:,'■?* A. 

V; " 



Ourresponsibilrty to BNOC (Development) Lid, 
the operator of theThistlefield, was fertile 
overall design and engineering of the total 
■ project, whilst CJB-Eari & Vttight handled the 
stnjctural design work. 

.,1 CJB Offshore’s involvement commenced with 

^ the first conceptual designs and hascarried 

through to construction work on the platform. 


Thistle 'A' 
Now 

onstream 


The highlycomplex design requirements were 
more extensivethanforany other North Sea 
piatformtodate. 

TheThistle ‘A’ Production platform, the largest of 
its kind in the world is producing oil from beneath 
some of the deepest and most exposed waters in 
the North Sea The maximum production of 
200,000 barrels of oil per day will be transported 
ashore either via the offshore loading buoy 
direct into tankers orlo Sullom \fee via the Brent 
pipeline system. 


CJB OFFSHORE LTD CJB-EARLAND WRIGHT LTD A A 

Telephone: 01-262 8080 .. 20 Eastbourne Terrace, London, W26LE, England. Telephone: 01-402 925 1 


Photographs by Marcus Tbyfor 
courtesy Of BNOC {Deve/optnant} Ltd. 


Members of the John Brown Group 











THISTLE FIELD H 


-■ Financial Times Monday April So £978 




DEMINEX 


The consortium partners 


the COMPOSmON Of &e s outright sale of The first crude shipment output of low-sulphur premium. dear that BNOCs advisory and forest products and nih» 

! companies which have shared its stake in the UX sector came from Thistle is going to BNOC crude— oil that Is soushrwwrW ■ Lavu proaucIS other 

in TWvsniA bum axvbIao. as &' surorise tn th* inrt„ R fw. and mLi' SZ rT? J moiu tormg roles have grown natural resources as well as 


covered in 1973, but following block for an undisclosed sum is still to be announced as to Under the Act whidb" estab- Corporation, took its ,an ou * ' 

two major deals firing 1975, tha f was thought to be in the whether it will be exported to lished BNOC it was glven-^ 1 ^ 01, mps fo T rard . t0 11,8 -Ashland bought 5.43 per cent/c 
the West German. Sate sup* region of $60ra. to $70m. West Germany.' To dale the powers to act as an* integrated. ^tus.of an operating oil Com- of Thistle for £45*9 sl, ah unex- 



rn 

R1 

iliu 


\iA 


Tul 


Dpmin^v aidv rame into exist- Dexmnex “ ready to agree UJC sector in Britain. through Its equity and partidpa- frora the Norffi «®» operation the figure paid by Demines 

participation in principle by the Wherever Thistle oil is tion interest and to build up 0 ? Burmah olL Under this deal XJmted Canso - three years'/.’ 
encein 1969. ^Jonnataon vras British National Oil Corporation, finally refined it is certain that expertise as m offshore operator 1976 BN0C pai3 Bdrmah earlier. (Though in the iheaiK ’ 
a result of West Germany* It was a dev ice that had been BNOC will have a direct say in . operator for gg of ita time, of course, the bulk oTuk ' ; 


DEMINEX OIL AND 6AS 
(ILK.) LIMITED 


Wholly owned subsidiaries of 

DEMINEX- Deutsche 
Erdoiversorgungsgesellschaft mbH 
of Essen, Federal Republic of Germany 


a result of West Germany* It was a device ^ ^ad been BNOC will have a direct say in 
desire, as Western Europe s used before fn the Thistle Field the control of more than half 
biggest consumer of oil, to group by the Department of of the reserves. With the Gov- 
ensure that As own oil cam- Energy, when it forced Burmah ernaaenfa completion of partici- 
panies should have control over to accept participation as part pation agreements with the field 
significant reserves of crude oiL of the rescue operation of the partners — BNOC, Deminex, 
Unlike its industrial partners group. Final participation agree- Santa Fe International,- Tricen- 
iu Europe, Germany has so meats were reached by Deminex trol, Burmah, Ashland, Conoco; 
powerful oil company with with the Government in January Gulf and the Charterhouse 
reserves • under its direct con- this year, which gave BNOC the Group— the Corporation has 
trol. The result has been that right to buy at market price np gained access to well over half 
the huge German - market has to 51 per cent of Deminex* oil. of the field's output under 
bad to rely on crude supplied In addition Deminex provided several different arrangements, 
from the resources of the inter- BNOC with additional voting BNOC officially started its 
national oil companies. rights under the field operating existence on January 1, 1976, 

To try to remedy this posi- agreements.. Deminex did win and in a short space of tune 
tion Deminex was founded nine the right to export directly to its influence in U.K. offshore 
years ago by a group of inde- Germany some 50 per cent of matters has become all-pervad- 
pendent German oil companies its oil production, however. irtg. An important aspect of 

with the simple objective ot PanQPltv this power is its possible future 

strengthening their crude oil V-'XtpxlUlj' control, through participation 

base through exploration. Though its crude reserves are agreements and its own equity 


& 


'4£%SB 

F5HS2L 


holding in Thistle and the development expenditure hac ■' 
adjacent oil accumulations in been committed): Ashland is an’* 
Areas l and 6, as well as the oil company that is crude short ". ' ' 
company’s interests in other .in that it refines and market! ' . 
parts of the North Sea. The much more. than, it produces///-' 
.Corporation paid £90m. for So it is not surprising that hy 


fSHETLANDS 


Efi/JI 


7 


Burmah * block 3/3 interest in agreement also gives it tberigh- 
the Ninian Field. to buy more crude oil fron * 

Burmah was left with a toe* San J e . Fe ’» remaining 1659 pei I 
hold in the North Sea in the cent - interest. .. A 

form of its SJ. per cent interest While Ashland might havffl 
in Thistle, but ithad lost the been short of crude, -it was jp 
operatorship and was left with- shortage :o£ finance to' fUnd dr 
a pale shadow of the role It had velopment costs that for-a tim 
played before it encountered hampered - the efforts of th 
financial disaster. The company other Thistle partner with a. 
is finally extricating itself from appreciable stake in the Fieic 

• 1 . . .J _ : . I,' 


ing. An important as^t ot ■ It .toTta, a SEET ' 

this power is its possible future . ^ ecific d “*y t0 art 85 an . lonfier an oil com- 
control, through participation the government «m ofl 

agreements and its own eauitv matters.. t. ^ ttU 


^comp^c* 


whose shareholders are : 


Veba AG ; Union Rheinische 
Braunkohlen Kraftstoff AG ; 
Wintershalf AG ; 
Saarbergwerke AG. 


oase inrougn expiurauuu, ihuusji iu uuuc jbsciycs ana us own equity '7:. ‘ , as an oil-based enterprise It 

I development and production still small, Deminex con^^es staK in fields, of more than with a fifth round of offshore - Dlannine somethin jr ijf a Thus independent, British O • ^ .. c , 

overseas. A number of take- own refining capacity, totalling half of the North Sea’s ofl pro- licensing BNOC was giyen the NorS^eTcomebadc. ft hopes Exploration and DevelopmS>}]2n UV-’'- - - 

overs has since changed the some 46m. tons a year, about 25 auction. guarantee of a 51 I^ cenL to or ^ involve d in the sixth Company first began opemioi^^ 

composition of Deminex, with per cent of the total refining Thistle is the first commer- e<l»uty interest m au blocks f u C ensinc>— exuected 60 Fears ago in Trinidad i i t " 

the result that 54 per cent is capacity in West Germany. The dal venture to be operated by allocated, which has confronted lat - r V mt— and it has taken Trinidad. Central Oilfields. ‘ !<-*■■ JJ ''' tw “' 

controlled by Veba, the huge group is the chief instrument of BNOC and marks the latest ^ * ri f b the task of negotiating rhp , f offshore onerator now has oil, gas and commend — 1 ’ - 

energy, chemicals, glass and the Federal Government's role it is playing as an oil individual agreements with each . , _ flrM _ Qf the worlf j off interests stretching from t! t iC. 

transport group, which is energy supply policy and b; trader. By 1980 it will be group of partners. Theoficom-- ■ Italian Adriatic coasP and u:K * to:. the Netherlands,'!! 

Germany’s largest industrial been given up to DM 1 ,375m. iu handling -between 800,000 arid P anies “ave been uneasy at the Qff lhe SeycheUes U.S^ Canada, Australia, Afgha . r -*«- 

concern in terms of turnover, financial, support for the years lm. barrels a day of .equity and corporation’s possible range of * ■ istan, Malaysia and the Phili 

The other partners are 1969-1978. In a follow-up pro- participation crude from the influence in these concessions. Over the past 1- months the pines, but like Burmah it hi “ 

Wintersbali, the wholly owned gramme the state has made it North Sea and this will be They have for example sought share of other partners in the known the dark hours of fita tv’iY’Yl 1 ” -iVI. 

subsidiary of the chemicals clear that it is ready to provide added to by oil taken as assurances that it would not use Thistle discovery have^ also problems.' In 1934 it w, F * ^ 

giant, BASF, with 18.5 per cent., up to another DM600m. in the royalty. The total will be a sig- its power to unduly delay field altered with the conclusion of facing liquidation, but a seri 

Union Rheinische Braunkohlen three years to the end of 1981. nificant one even in world development or use information . various deals. Sante Fe, the of deals pulled it out of 

Kraftstoff. 1S.5 per cent, and More than DMlbn. has been terms. BNOC will be control- obtained in one block to gain U*S. conglomerate with interests cully. The search for a cas 

Saarbergwerke, 9 per cent allocated by Deminex towards ling perhaps as much as 7 to commercial ■ advantage .in in‘ railways, haulage, pipelines, flow surplus for oil and g 

Demin ex’s exploration interests 'its 41 per cent share in the 10 per cent of the world's total another. But it is certainly property and construction, exploration has caused Ti * . 


are proud to be associated as the 
major economic interest holders, 
with the development of the 
Thistle Field and congratulate all 
parties involved in this magnificent 
achievement. 


are far from confined to the development of the Thistle 
U.K. sector of the North Sea, Field, and in the long term the 
though its share of the Thistle company is looking to increase 
Field is certainly its most im- its reserves particularly in the 
portant stake in crude oil North Sea and (he North 
reserves to date. It is also active Atlantic. 

in the offshore areas of Trinidad State interests -now play a 
and Tobago, Senegal. Egypt, dominant role in the Thistle 
Ras-al-Khaimah. Greenland, group. The German state has 
Ireland and the Norwegian its direct interest through a 
sector of the North Sea, along controlling 44 per cent of Veba, 
with exploration onshore in the biggest Deminex partner. 
Canada, Iran and Oman. But exactly how much crude it 


Bringing the 


oil ashore 


central to diversify into ; 

areas, . as garages, gardt- 'iZlil . ' - 
supplies, builders nwrcb*tf J 'l...v .- - 
and travel — it finally sold " ' ' 
its Trinidad interests in IB 1 ; Tr? 

— and its efforts to fund tLr w; . ; r ; ; .: - 
Thistle development finally 

with success in 1976 when?*'” — - 

consortium of 15 banks provkfa 
the £60m. it needed. 

The smallest shareholder 
Thistle with 0.96 per cent. j \ 
Charterhouse Petroleum, pa ^ 

of. the Charterhouse Grot fli 


Its chance to acquire a large will be allowed to refine in West ~ of. the Charterhouse Grm 

iSth 6 hi F SmnS Wi’ TW0 MAIN factors have deter- f fact that the mooring’s second tion phase, a total of 10 » sup- which includes interKts . 

pi^niAnm nf th J Hi th JhPRriSh mined the type of oil transport! hose consequently became free port vessels were sendug the banking, insurance broking, ij 

Petroleum of the U.S. sod taking place with the British vp ncpH fnr Thistle's" for transmittiDef oil This rives field velopment capital, engmeern 

United Canso of Canada in 1975 state interest, BNOC, and the the a thwrScS Accommodation needs, anart construction. It has aim! 

! ^ sell their North Sea interests. Energy Department. - agreed to sell to BNOC its shi 


theoretical Accommodation needs, apart 


A chance to explore 


uu; U1C iau UntL tue Diem liciu. UIS uiuuuug “ iiu.wuimuuauuu . .. . D . T(V , _LJ • n"? 

pipeline to the Sullom Voe capacity of around 500.000 from the 170 places available agreed to sell to BNOC its sm ^ 
[terminal has hot been brought barrels a day — more than on the Thistle platform itself, o f .. cr y de .. tI ^ m . i msue> . 


thebest source of news 


from the l North Sea 


lenmnai nas not oeen urou^iu udiicu d uu me xuuuc ----- - 

into use on schedule and the double the expected average will be provided by the Noh-- reheving itself of the] nwirkeq i 

geographical location of the from Thistle A. wegian-owned Gulnare, a 

field, 130 miles from Shetland in Thistle’s anchor leg mooring semi-submersible specially con-J^til. grow, as a memoer 01 -Mlg 

water 530 feet deep. was built by Motherwell Bridge verted for its role with Thistle. coas ^2f ® 5 “f *** ** 

The non-availability, at least Engineering of Leith in a con- This vessel has living space mter ^LL n ^ 

for the first year of Thistle pro- tract worth about £3m. in 1975. for the 200 nleh whi>. will be w theMoray ^rth grated 
duction, of the pipeline left. the but Single Buoy Moorings esti- needed to complete efimmission- ™ 

operators with littie alternative that the equivalent cost ing functions. It is not expected ^Jh, Gulf Oil tod TncenWif u |^, 

to a deep-water single point of a Thistie-type mooring, in- that the vessel will be needed 

mooring to service a shuttle of staUed in the northern sector much beyond the early summer J_ e .s^h — - 

oil tankers. But in sDite of the of the North Sea to-day would and the charter expires at the Western Approaches. It 

Still ret^ye ^ n Vv e S of Se be be ^ een ' end of ««>nd quarter, also be • lookmg for 

SPM system there is now a_wide Three vessels will serve Another accommodation vessel, ihtences in North Sea waters. 

ran°e of desinns based on the Thistle, each with a nominal the Brftish-fiag BeKord Dolphin, ' The re main i n g sharebrid|. - 

™rience ofuie 200 ot 80.000 to 85.000 has already left the field. ; ere Conoco. 1.16 .per rental I Eft * | re 

mootings in use around the deadweight* tons nr 600,000 - Emergency support wiU be Gulf, -1.16 per cent Birth ita. I 1 1 J Jy j 

world to choose from barrels. With a three-day load- available from the northern see- major UB. oil companies ha g f 

Thistle’s mnnrinp is of the in § Period for each vessel and tor emergency services vessel, far greater interests in od ® *« | 

sinsle anchor lee variety and relatively short distances to the Stena Welder, which has a North Sea discoveries, part* 

has been designed bv the Single refineries in Britain and main- firefighting capability of 20,000 larly in the Murchison F* eld V 

toXSSS If? Europe, Hus .should cope gellouo of water per xutate. m erteus.ou «f ^ 

Dutch shinhniider . me. nn the fairly comfortably with the Tan Harareaves Dunlin Field. . • . . v- u ii 


NT 


Dutch shipbuilder, IHC, on the , u 

basis of au Exxon patent. This outdQW \ ^ ^ nkers 

company has been responsible themselves hf ve b f ea taken on 
either whpUy or partly for six P enod ch ***J frot " CwA 


• Ian Hargreaves 

Shipping Correspondent 


point moorings already in ser- 


owners and re-named Thistle 




vice in the North Sea, but its 


Thistle Venture 


previous installations in the 


Thistle Endeavour. The first 


N orth Sea oil industry - 

grown enormously, both in 
offshore exploration and 
production, and in ancillary onshore 
developments. 

It is an industry that lives with fast-moving 
expansion, politics and projects which stretch 
modem technology to its limits. Decisions 
involving millions of pounds arise almost 
every day and call for constant access to a wide 
range of up-to-date, accurate information. 

This is what the North Sea Letter & 
European Offshore News (NSL) provides. 

Produced by the Financial Times Limited, 
NSL is an exclusive weekTy review of oil and gas 


activities on all sectors of North- 
WestEurope’scontinentalshelf. 
||j£p^ Every week NSL gathers all the 
W relevant informatior^inteipreteit, sets.it 
in perspective, and provides a continuous 
well-referenced record. 

This is compressed into a concise dozed or 
more pages that are essential reading for 
anyone involved in this dynamic industry. 

All for around £2 a week. So. why not try the 
four-month test. Complete and return the 
coupon below and begin a four-month 
subscription, now. ; _ * 

Exploring for accurate information is rather 
like exploring for oil: painstaking, expensive 
work. This time, we think you’ll find you’ve 
struck it rich. 


North Sea and elsewhere have sWp 016131 of °ti will be to the 
chiefly been standard .single Conoco refinery at Immingham. 
buoy moorings anchored “to the ^ i i 
seabed with long catenaries of X FOD16IUS 
chains. 

At the time a design was . °" e of the Tjl? 1 

sought for Thistle, It was be- ^glebuoy 18 that 

lieved that catenary chains seventy of North Sea weather 
(used for mooring the buoys) ma ^ es j* }} keiy tha f {o F. 25 
would be subject to ripple, cePt - oE ^ ‘“J™* 

chafing and resultant down-time ° ot . fae P 0SS1 ble, tualong the 
because of the depth of water basic system unsuitable on its 

and roughness of conditions. 0WI l a a 

This problem has. in fact, been production as high as Thistles 
solved in the last two years, but 15 expected to be. 
in the meantime Thistle was A P 0S5lble solution is to in- 
provided with a somewhat corporate into the mooring 
different system. P° ? 1 a se ^ n ^ ed "lLf tor ! 8 ! 

The single anchor leg moor- "gff 

ing, adapted for deepwater use the „ ? h ] e !. 1 ^ M ? .5,7?* fi l ^ 
by replacing the chain connec- The capital cost of this is much 

tion between the seabed gravity ( around . ^ d 

anchor base and the buoy with construction Pe™ d « 

a flexible tubular steel swivel lor ^- bt i l downtime is cut to 5 
assembly. It retains, the basic pet* ceat. 


E.A. Gibson Shipbrokers 
are proud to be involved 
in the shipment of 
oil from ihelliistle 
Held and congratulate 
both charterers and 
owners on this 
Wonderful achievement. 


JfnSfif : : t- 

“ *4 i 


Pfioj 


_ r 

-at. 





To: Subscriptions D ept (NSL), . 
Financial limes limited. 

Bracken House, 10 Cannon Street, 
London EC4P 2BY. 




feature ’of the single point Su( ? a solution has not been 




Please enrolme for a four-month trial subscription i-,; 

to the weekly North Sea Letter at £35 in the UK (£45 
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| [ Cheque enclosed (Cheque payable to Financial Times Limited (NSL)) 
j | Please invoice me 


BLOCK CAPimS 
Name 


Position 


Nature ofBusmess 


Address 


BegisteredinXrfjndoii. No. 237590 


mooring method — namely a considered by the Thistle con- 
weathervane type’ buoy which sottium because it has always 
is capable of swivelling 360 intended to use pipeline trans- 
degrees, allowing the tethered P ort 10 Sullom Voe, when this j 
vessel to swing around the becomes possible, it is not now ~ 
mooring according to prevail- expected to be on stream before 
ing seas. This reduces the end year and the ■ 

danger of collision between the consortium has decided to re- 
tanker and the buoy. tain its single-pomt mooring/ 

The oil is taken on board the tanker shipment system beyond 
tanker by means of an under- even that time as a back-up to 
water hose, which is connected the pipeline capacity. This pre- - 
to the central swivel assembly sum ably, will continue to offer 
below the buoy. Originally, the non-British members of the 
intention was to use one of the consortium the freedom to ship 
anchor leg hoses for cargo and their oil to terminals other than 
a second for ballast, which Sullom Voe. Consideration has 
would have been skimmed and a * so been given to the provision 
cleaned before being pumped bf a second single-anchor leg „• 
into the ocean. mooring for use in the event of » 

Instead, a decision was taken a breakdown of the original in- 
to convert Thistle’s tankers to stallatlon, bus the consortium 
carry segregated seawater says it has no Immediate plans 
ballast, thus eliminating the for such a purchase, 
need for de-ballasting opera- Apart from the movement o£ . 
tions. The advantages of this oil, the other transport needs 
are the avoidance of down-time of Thistle- will be met by the . 
or delay caused by the prob- use of a couple of mid-gen era- 
Iems of separating oil residue tion supply boats on long-term . 
from clean ballast during very charter from Seaforth Maritime, 
rough weather, a general desire the Aberdeen-based company 
to recognise increasing concern with extensive North Sea ia- ; 
for pollution matters and the terests. During’ the construe-. 


^cS^testi, 






5 Hr. 


^47 


*y>- 


EA. G&son SKpbrokffl-s BeL 

Remington Hou^. 

London fiClPThR” 

Wephcoaffi-®^ „ 




||B|tBKi 'Cu^Bluerifabpn . \ t, , 






I 







Rnancial' Times Monday April 10 1978 


THISTLE FIELD III 



Platform a feat in itself 


J5L evwtf M* than ten Tears ago there was 


no with worldwide reputations in 


lifo -d 7, — ui«u icn ynua 

construcUon^ndustry t^feoed ?J. atform in < th ® UiK - the oil industry, 

a large store of criticism, rang- ^ ny T ;° f c ^ mJ ? a ? es which It is against this background 


Ilig from accusations of poor n ®w have substantial successes that major feats of engineering 
quality, late delivery tucked into their belts, had little such J 


.. . — « .. . • . _ . U1C LU113U UCllUU aill 

failure to-coznpete competitively <»* no experience in- the offshore installation of the Thistle “A' 
on price, to a disappointing oil. industry, and certainly no piTtf™ fi, T * J ! t 
record in- attracting follow on haekground in. 'building and rm should be judged. Its 


orders. v There is undoubtedly- installing the sbrf.of structures Jfhhch from Laing Offshore's 
some truth in all these charges, needed to withstand North Sea J*raythorpe yard on Teesside in 
but it is . equally true that the conditions. ■ the summer of 1976 was par- 

criticism has obscured some of They entered a lucrative mar- ° vershadowed ^ ^ fact 
the industry’s achievement* ket totTw^aUist competi- i hat was ™ foI j ow , on 

which are impressive. . . . *n ^m the uT^d Sver ^ der an d large scale redundan- 
It is often forgotten that less Europe, anToftetf from firms «££* £ e "?he 

magnitude of the job 
Not 


Spread 





British independent 
oil comp any 
with an interest in 
the important : 
Thistle Field 
now coming into 
production. 


Tricentpol also produces oil and , 
gas in Canada and the U.S.A; 
and is involved in a worldwide . 
natural . resource .exploration \ 
programme, together with wide 4 
ranging commercial activities..- 7 


only was Thistle the 
largest mobile structure then 
built — standing 920 feet from 
base to the top of its flare stack, 
and weighing 34,000 tons at float 
out (GQ.QQQ fully loaded)— but 
it was to be positioned in some 


Glflff. 
.] iBSrn 


SEA LEVEL 



POST OFFICE TOWER 
LONDON 


ST PAULS CATHEDRAL 
LONDON 




THISTLE PLATFORM 


COLOGNE CATHEDRAL 
GERMANY 


' of the deepest water in the water — one uf the deepest off- the base to six feet at the top. stability until the first piles 
North Sea oil province. British shore sites anywhere in the The lower was built on its were driven in place, 
firms took a major slice of the world — dictated the sort of back in the graving dock at Piling was done from the 

?600m. construction and instal- platform needed. T t was clear Graythorpe, using the two tower itself, using equipment 

lation contracts, and were from the start that it would have straight legs as a base. When housed in modules placed on 

involved at every stage. to be very big and strong to the dock was flooded at the the structure directly after 

The project was managed by W ° rSt fi art fi°.w lh ^l 65 ' n ! i,e VOy ¥ e ^° Positioning. The 42 first stage 

Taywood-Santa Fe which had ^ ea “ er m North Sea. the field, these legs and the piles, 54 inches in diameter and 
the job of procuring supplies **“ : eve ? r ; . the deslfin J" built storage “ ounted on them, 200 feet long, were driven home 


and services as well as cn- * n A? the platform an ability to acted as bouyancy tanks, by heated-air operated hammers 


ordinating design and construe- '' f,thstand storms only expected enablmg the huge structure to t0 a depth 0 f ioi feet beiow the 

tion. The design work was the 10 j?5?? r JJSi? ® v f ery 10 ? ye ,^S fll 5? . . sea bed. After driving they were 

responsibility of CJB Offshore. “W av e heights of nearly 100 It ' ™ atcompcnicd to its permanently bonded to the 

part of the John Brown Group. *•?« o£ wlnd “» t0 * j^btaKS «“• «» ,ower '<** 


I'*'* *■ v* uib Villll i-M uw II u«uup a ISO 

which sub-let the design of the 


platform and modules to the 


with special cement 
When this was complete, cen- 


The designers considered a power of 30,000, which stood by 

rh ti ch*A *17,, “ 1 concrete gravity platform which while one of the most delicate . 7" C, 1 I L . ...... 

SSSmSTS would sit on the sea bed. parts of the operation, the flood- tral h ° ,es ™ In t t0 

formed by itself and Earl and ^ jts great weight t0 raain . ^ of the tanks to turn the f les *® a w depth " f t0 f° 

e tain position, but after studying tower upright and drop it into ? eet and ^ second stage piles 

the geology -rejected the idea, position, was carried out. inserted and grouted in place. 

The seabed, made up of layers Completion of the piling and 

of various sands up to six feet »i removal of the construction 

CJB Offshore was also In- sitting on silty clays, was C^OHipl0XIty modules, was followed by the 


Involvement 


volved in the hook-un work with n °t considered strong enough _. . “ w . loading of the modules eon- 

t« oZ, S to withstand the enormous complex talning drilling and production 


Wi 1 ij an] h 'pres^'and* Balfour D Ki 1 - atrains which would be trans- jjj at 'L* as likened bj :' one of equipment, which made up the 
patricT Together t^v had 500 mittrt by the platform base as «“ P*™ 1 ™ ' ° ' a ?“l ‘*“2^ flrst two decks of *° w « *"<> 


r.* 





conditions removing the founda: and wavea. foSlm' F* mrhille d ?™” 

So they opted for steel, which ".r^, m a . „ ar iS Ta, Vr _ . to power the platforms 


tion modules and completing the *'**«•« ‘ v * ontsiled a controllpri flondinp r»f **'_ **'' — *. r -*•--««- 

tower. Despite the fact that the , meaT * that the jacket would „ ainartSintV iLS! systems - the water . ir *i echon 


contract was one of the two have t0 be the largest steel 2". pumps, compressors for gas re- 

l the North Sea 
novelty entailed 

auamonai work, the job was 't“ u l “ c . iJlc to tho <»ahpri 

completed inside the target tjons of that «»n be judged from 10 ^ o™ Uon was made wellheads, drilling rigs, stores, 


gas and water 


compartments in each 

I biggest in tte°North Sea and structure ever constructed and houyan^ tank 50 tfiat the tower injection, 

Biggest in the North Sea and ^ ft wQm ^ ^ ^ ^ jojtid be up righ ed rotated on separatim, aw 

[additional work, the job was > nt o the seabed. The implica- 2? “JS. -r naUy dropped OQ measure the oil production, the 


JLlUVLUAb CV&i V-UAlvLi WV LLU BUM . J . - , # , , . , iigWLUUIl, BUU *T U Lt A 

that its novelty entailed some tha t it would have to be piled separation equipment, meters to 

the fact that the piles them- .“»“!! control rooms and other equip- 


| period. 

Construction 


, . . . selves weighed 11.000 tons. easi f ^ U>eweaUie r . The .toy men( 

of the jacket The adopted design, which Au ? u f t ^ 19 ' 6 ^ ^ fine . 21111 Above these two decks were 


wssVuBt by Laingg using 24.000 «■ »'« cato. There n 
contracts for the 33 f or j S steel, was for a tower slight -moment of anxiety when anAn „ n , M ) a «« M u, n i«n 


modules was distributed widely. JJ" Yee?" tall” “with" a "base the wire link between the con- ^ 

JSfS. 3 280 ^ 5-22t MV 




Spain by Dragadcra, but the rest ^ diameter with cylindrical oil failed, but a radio back-up 

uippp mint nu KrlticTi nnmmmiK ... ... ulcsc 


had been completed 



which h.ad 12 . 


each. When the tower touched the we n s 

The position of the Thistle The other two legs, .indined bottom, its own weight caused 
[Field ISO miles north-east of inwards, were tapered, narrow-- the legs to sink slightly into 
| Shetland under 530 feet of ing from 20 feet diameter at the sand, providing sufficient 


and 20 injection 


Ray Herman 

Scottish Correspondent 



Maintenance is the 


are proud to have supplied 
CARBON STEEL PIPE- FITTINGS- FLANGES 


next concern 



o B.N.O.C. (Development) Ltd: 


, n ship^HISTLE PROJECT 

iTient 0* rH E LION TUBE STegL boMPANY LTD, 

r lct\& 113 Upper, Richmond Rd London 5W15 2TZ 01-T88 I173 Telex; 28730 

^ ^jjjjooth Bank Middlesbrough Cleveland 06495 5500 Telex: 58558 


he 


i ronq r ° j 

I 9 m ¥\q iiiiiiiiiiiiiiiiiiiiiiiiiiuHiiiiiuuniiliiiiiiiiiifiiiufiniiiuiiiiiiiiiimiiu 

tiere** 


SocW* 




CONSULTANTS IN QUALITY ASSURANCE | 
& NON-DESTRUCTIVE TESTING 

DURING THE CONSTRUCTION OF 

THISTLE 


THE CONSTRUCTION phase oh manager, sees the question of had been poured according to deep diving facilities and fire- 
Hustle is not yet complete, but avoiding structural and equip- a particular foundry method fighting pumps with a capacity 
/waft is winding down. More ment failures' as falling into and we decided not to take a of 25,000 gallons a minute. This 
I wells will be drilled until the four .phases— design, inspection chance, although this caused results in a doubling of the 
platform has its full comple- of new equipment, a regular in- considerable delay in commis- capacity on the platform itself, 
ment, In 1979. Then BNOC, as spection and maintenance pro- sioning the platform.” giving a total of 50,000 gallons 

operator, will be producing gramme when equipment is in Throughout the life of the a minute, 

about 200.000 barrels of oil a use and, finally, safety precau- field a rigorous maintenace and to ensure that there is as 
day, for itself and its field part- tions. inspection programme is plan- much equipment strength as 

In all these matters there are, P 13 ^ This, in simplified terms, pebble to deal with an excep- 
Ak- this stage is reached it of course, the requirements of ** ratJI ? er Idce a servi ce tional incident such as a blow- 
might be expected that the plat- the regulatory agencies. But s C“ edule should be but. in outj bnoc is a member of the 
ftinn personnel will fall into a BNOCTs standards, the manage- . prortH®- usually is not And. east 0 f Shetland “club,*’ an 
rhythmical routine with every- ment maintains,, go beyond oohke the car service schedule, action group of operators in the 
ititing. working in accordance to those required by the certifiers „ progf 31 ™ 116 will be continu- vicinity who have agreed to pool 

a defined programme. and the law. restructured in the light of resources in an emergency. 

; But there will be problems. Being the ninth field to come more s^ ^ 

emergencies and surprises. The ™ _ sh e ®“ ] l % gent San that laid down by the Operator 


= industiy is young, and every a dvanta ses as far as 


I and the iospcc- aell I i, the ^mator for 



* P. B. Whlrford was retained as Consultant in QA. and N.D.T. . = 
^ and as an extension of this engagement provided Q.A. Surveil-. 5 
fiance personnel to operate throughout- the U.K. and Continent^ .= 

- ss 

- r ^> .Since this period the -Company has expanded and prorides a = 

variety of disciplines co several major Oil Companies including = 
full Project Management. ” 


p. B. WHJTF0RD INTERNATIONAL LTD. | 


WHITRJRDHOUS^ 

clayton , Wood clqse- 

WESTFAR< 

USDS LS1« 6QE 
0532 789217/2 


PROFESSIONAL SERVICE BY PROFESIONAL PEOPLE - = 

fisiiiiiiKiiniiifiiiiiiiiiiffiviiiiiiiviuimfiiiiitifiiiiiiiiiuiiiiiiuKiiiiiiikr 


■ V 




> 


CONGRATULATIONS Td BNOC 
(DEVELOPMENT) LTD. 

Erom. ■. V ' 

Elmside-. Group of Companies Xitel., - 
Hitciiai, BCerts. _ " 

Fabricators and TnsixSlgfs. (tf Mabi Gontrtit Panel and 
VDV Omsok^O^AmdSk^ SSetdkoork. 

'of enliulri^ ple^e' ring ^tchra (0462) 52534 


failure^ ^v«^ ^ninor ^failure. - 7S 1116 club - 35 °^or of the 

caa-be expensive. At peak, pro- ejected to have an advan- ^ art of j, ^ nriTnary ” largest field in the area, the 
duction will be worth about curve. ^ Rvbicki " Safety pre- Brent Field. Shell has the 

£1.4*. , day and the cost of a ““^oos ^OC manage- ^e Sonda^ I do Capalonga. a vessel similar to 

rtHtdown will be enormous. “ not mean by this that we do not ^ stana Beider but larger. 

Here ia no North Sea platform , ^ *“ e y “®Piy resnect the need for the and Wl11 shortly be securing the 

that has not had to shut down acknowledge that it should be. most st ^ ngeilt g^gjy precau . semi-submersible Unde John, 

since it went on stream but it ■ . . tions. Rather I am emphasLting owned b y Hn «i d er Offshore and 

■is obvious sense to take every InSOeCtlOIl ' that maintenance is our first claimed to be the fastest semi- 

possible step to keep shut-down r line of defence. Safety systems submersible in service. Both 

time to a minimum. Then, comes the important are essential but, in theory, these vessels will be available 

Coupled with the financial phase of the inspection of new they should never come into to s P eed to the Thistle Field 
cost is the social cost of failure, equipment, carried out, say the operation if the maintenance s . hould the need for their addi- 
In North Sea conditions, break- BNOC men, with scrupulous programme is fully effective, tional fire-fighting and other 
downs can cause accidents, loss care and with every piece Safety, in the first instance! emergency facilities ever arise, 
of life and pollution of the sea. logged to record its -exact con- - means maintenance.” • Most accidents are caused by 

Recent events confirm the dition when new. An example , But, of course, the platform human error of some sort. In 
reality, of the risk. The Ekofisk cited is the fiowline, which has facilities include the full array recent months, intensive train- 
Fleld _ blow-out . occurred -less been ultrasonically inspected to of protection systems, as ing in safety drills has been a 
th a n a year ago, followed by the determine its exact condition, advanced as is practicable, say predominant part of the life of 
Mafirsk Explorer blow-out in the the precise wall thickness and the managers. These include everyone who will man the 
Danish sector. Last month five the quality of the welds. If they ultra-violet smoke and fire Thistle platform. What is im- 
men died in a fire on the come up to standard, the, detection systems, sprinklers portant for the future is that 
Statfjord ' Field and there have operator has a base from which and deluge systems, a halon gas this training should be main- 

been-. other lesser incidents. . to measure erosion and .cor- explosion prevention system in tained and refreshed and that 

The public does not forgive rosion and ensure that it is selected modules, such as the the routines laid down should 

or forget incidents of this kind within acceptable limits. Items gas compression and power be followed in the years ahead, 

quickly and hence oil companies which have not come up to generation modules, where there when the temptation to cut 
and.. governments have become standard have been rejected. is a significant explosion risk, comers will arise as familiarity 
increasingly aware of the need One of the several reasons- and an automatic shut-down with operations increases, 
for adequate safety precautions, why Thistle has not come; on system. BNOC managers declare that 

Perhaps unfairly, BNOC is In stream earlier, is that towards The BNOC men are reluctant they are fully aware ‘ of this 
a peculiarly sensitive position the end of last year 384 .four-, to talk about these devices in danger. Their philosophy, they 
here.. Because ii is the state oil inch valves and nine 12-inch detail. “ We never give our say, is to regard safety as an 

corporation, any suggestion that valves were returned because reasons for buying a particular attitude of mind, from the top of 

it fell, short' of expected Stan- same of them had been shown item of emiipment," said one of the organisation downwards. An 

dards would attract more to have a casting fault .them, stiffly. instruction from head office to 

criticism than'the shortcomings “ I suppose we could have got Always on the field, and push production, for example, 
of an ordinary commercial oil away with returning 20 per essential to both maintenance must always be overruled if 

company- lake Caesar's wife,' cent."’ says Mr. Rybicki. but and safety is the support vessel there are any hazards involved, 

the corporation must be .above we decIdAd to -return the whole. Stena Welder, on. long-term n a j 

suspicion. . ‘ batch. This was not wasteful. . charter to BNOC. She is a UniCC Andrews 

Chet Rybickl* Thistle project simply prudent. All tteu valves '.multi-purpose ship with full ** Editor. Norfft. Sea Letter 


33 


JAN. FEB. MAR. APR. NAY JUNE 

ARE YOUR TIME, COST AND RESOURCE FORECASTS 
REALISTIC .... OR DO YOU ONLY GET NEAR TO THE 
TRUTH WHEN IT’S TOO LATE? 


Euro/Log's unique technique, known as PR.OMAP*. in conjunction 
with a sophisticated weather model using data provided by BNOC 
(DEV), was used on tlfe Thistle Project accurately to predia the 
probability of achieving certain float-out dates and first oil dares, to 
successfully assist BNOC (DEV) in establishing its vessel require- 
ments and costs. 

In conjunction with Euro/Log’s team of engineering consultants, 
PROMAP* wifi provide a complete range of performance data 
as though you had actually carried ouc the project 100 times 
and kept meticulous records of all events. PROMAP* will predict 
the number of times an activity is critical; how many times 
resources can cause delay and- by how much; and the range 
of possible milestone' completion dates, etc. 

The impact of the PROMAP* approach on forecasting and project 
control makes the management of project risks today a practical 
reality. FIRST OIL DATE 



JAN FEB MAR APR 


WHAT IS THE CHANCE OF MISSING THE WEATHER WINDOW? 
WHAT IS THE CHANCE OF ANY MODULES BEING INCOMPLETE? 
WHAT IS THE OPTIMUM PERIOD OF HIRE FOR LAY BARGES? 
WHAT IS THE OPTIMUM USE OF RESOURCES OFFSHORE? 
WHAT IS THE MINIMUM AND MAXIMUM COST EXPOSURE? 


FIND THE ANSWERS THROUGH PROJECT RISK MANAGEMENT 


FOR FURTHER INFORMATION REGARDING THIS SERVICE AND 
OTHER ASSOCIATED SUBJECTS SUCH AS OPERATION RISKS 
AND SYSTEMS' SIMULATION, PLEASE CONTACT;— 


Christopher C Fribbens 
EURO/LOG LTD 
48 Mount Street 
London WIN 2AP 
Tel: 499 39TS 


EURO/LOG MANAGEMENT CONSULTANTS. 
k PRO MAP is the service mark of Log An. inc.. U.S.A. 


WELD/T GROUP WERE 
INVOLVED WITH THE 
SUPPLY OF OVER 4,000 
TONS OF SECOND STAGE 
PILING FOR THE BNOC 
(DEVELOPMENT) LTD 
THISTLE VT 
PLATFORM. 



WELDIT GROUP 


Weldit Engineering (Fabricators) limited 

Grange Lane North, Scunthorpe. South Humberside. England. 

Telephone: STD 0724 63281-5 Tele*: 527076 

Weldit Engineering (Humberside) Limited 

Grange Lane North, Scunthorpe, South Humberside, England. 

Telephone: STD 0724 63261-5 Telex: 527076 

CMfl Electronics 

Nostell Road, Scunthorpe, South Humberside. England. 
Telephone: STD 0724 56601 Telex: 527076 



WE DESIGNED, 
MANUFACTURED AND 


INSTALLEDTHE ENTIRE DEPLOYMENT 
SYSTEM FOR THE THISTLE A' PLATFORM. 


TNE DEPLOYMENT OPERATION WAS A 
GREATSUCCESS. 


Seatek's other projects include: Structural 
integrity monitoring; towing instrumentation; 
UK National Data Buoy; data logging and 
analysis andtiigh-quality steel fabrication. . 

Seatek memfcers: EMI Electronics Ltd, 
British Aerospace Dynamics Group, 
Blackwall Engineering - a Division of 
River Thames Shiprepairs Ltd. 



Contact: Woking 76123 Ext 344 or 
Hatfield 62300 Ext 535 


Weidtite Engineering Ltd 


REGISTERED IN ENGLAND — 692207 


DESIGNERS, FABRICATORS AND 
ERECTORS OF MECHANICAL SERVICES 
PIPEWORK, STORAGE TANKS AND 
SKID MOUNTED UNITS 


FOR THE 

Petro-Chemfcal and Offshore Industries 


Deigned— Fabricated— Erected ON TIME 



AmpthBi, 

Tel: 402767 
Telex: 12423 


GROUP 


Caerphilly Runcorn Bahrein 
Tel: 867555 Teh 74434 Teh 713451 
TelCB 497766 Tricu 627352 Tripe 8293 
Drilw GJ 

Sharjah 
PO Box 5507 
Shariah. UAE 
Trie 23147 



_ 




y“ -o. Htatocffi:. 1973 



EUROBONDS 


BY MARY CAMPBELL 


Dollar sector remains firm 


THE DOLLAR sector displayed 
remarkable resilience last week. 
A number of dealers had feared 
a sharp reaction to the previous 
week's record trade deficit, but 
this did not materialise. Indeed 
prices ended the week, if any- 
thing. slightly up on the week 
before. 

The general opinion seemed to 
be that there was relatively good 
two-way business from retail cus- 
tomers — a view borne out by 
last week’s Euroclear and Cedel 
turnover figures (unless these 
were inflated by new issues 
reaching the market). 

Except against the yen, the 
dollar remained pretty steady on 
the foreign exchange markets— 
or even strengthened. Eurodol- 
lar . interest rates were little 
rhanged during the week. 
According to some dealers this 
opened the way for two different 
views on prospects fur the dollar 
and for dollar interest rates, 
which in turn promoted the two- 
way business. 

The two unqualified successes 
of the week were the Amex float- 
ing rate note issue and the 
Norges Kommunalbank issue on 
the New • York market. The 
former traded well up to par 
and above, while the Norges 
Kommunalbank issue was quoted 


at a premium in secondary 
market trading. 

The success of the Norges 
Kommunalbank issue owed much 
to the relatively generous pric- 
ing. The 20-year Canadian 
Government yankee issue, which 
had sunk to a big discount in 
first-time trading the week 
before, had offered an Si per 
cent, coupon with a 99} per cent, 
price to yield 8.80 per cent, 
(according to AIBD standards!. 

In the sterling sector, the 
Gestetner offering was quoted 
below the selling group conces- 
sion. despite having its coupon 
raised by half a point at the 
pricing Whitbread starts trad- 
ing to-day. 

Prices were not much changed 
in the D-mark sector last week 
though the tendency continued 
for demand to concentrate on 
the better quality names and 
push their prices up while 
“ exotic " issues stagnated. 
Through most of the week 
there was only one new 
issue announcement — Norway’s 
DM250m. However on Friday 
afternoon, Deutsche Bank 
launched the DM200m. issue for 
its Luxembourg subsidiary ton 
an unguaranteed basis). 

The calendar for the coming 
week is full, though the size of 
the individual issues are smaller. 


To-day, Dresdner is expected to 
announce- a DMIQOm. issue for a 
Scandinavian company. Deutsche 
Bank is scheduled for a DMIOOm. 
issue by a French borrower on 
Tuesday. On Wednesday, "West 
LB is due to announce a DM150m. 
issue for a Canadian borrower. 

Expected late this week is a 
DM40m. eight year convertible 
for Sankyo Electric via Bay- 
erisebe Vereinsbank. 

A coupon of around 4 per cent 
is likely with the conversion 
premium set at the usual level 
of around 10 per cent. 

The April calendar, agreed on 
Monday, is relatively light More 
important, so far as can be seen 
It contains only one “exotic" 
name— the Nacional Financiere 
DMIOOm. placement postponed 
last month. 

The Cie Ftnanci&re de la 
Deutsche Bank issue is outside 


the calendar (issues by the 
foreign subsidiaries of German 
companies do- not have to be 
reported to the Capital Markets 
Sub-Committee ) . Deutsche Bank, 
is managing and underwriting it 
by itself but selling the bonds 
through a placing group, of 
between 50 and 100 institutions 
(at a discount of 1$ per cent). 

An increasing amount of atten- 
tion is being focused on the yen 
sector. Doubtless the strength of 
the currency is a major factor 
here (dollar convertibles by 
Japanese companies were also 
very active last week); but it is 
also attributable to the fact that 
foreign institutions are now 
being involved as underwriters 
for the first time. 

The first such instance was 
Argentina's issue, where 
Deutsche Bank was reportedly 
allotted one per cent of the 


BONDTRADE INDEX AND Y1HJD 


Medium tern 
Lone term 


Euroclear 

Cede! 


April 7 

7.84 
93.47 Uf 


99.59 7.8* 

93.47 839 93.72 83* 93.84 (2/1) 93.03 (13/1 

EUROBOND TURNOVER 
(nominal value in 5m.) 

U3. dollar bonds Other bonds 

bit week previous week but week . previous week 

1,9133 721.9 4773 2353 

458.4 1913 477.4 203.4 


99.94 (13/2) 
93.84 (2/1) 


99.15 (14/1) 
93.03 (13/1) 


Borrowers 


■ CURRENT EUROBOND ISSUES 

Amount • -• At. life Coupon' 
m - " Maturity years . % . Pria 


total The ground rules in 
general seem to be that foreign 
underwriters will he allotted up 
to five per cent pf the total issue. 
The basis for an invitation to 
underwrite in general will be 
that the institution involved 
should be lead manager for the 
same borrower in another cur- 
rency. sector. 

The involvement of foreign 
underwriters has increased 
interest in yen bonds both 
directly and indirectly. In the 
first place a lot of the major. 
Eurobond issuing houses are 
now for the first tune directly 
Involved in the yen market 
Second, putting bonds into the 
hands of these institutions it 
seems to be making them gener- 
ally more available in Europe. 

The biggest problem at present 
is reportedly the question of. 
settlements of secondary market 
transactions although potential 
underwriters report that the form 
filling required of them before 
they are accepted has to be seen 
to be believed. 

Tbe coupon levels for Swiss 
franc bonds seem to be fixed 
again. Secondary market prices 
have now stabilised and the 
market has begun to pick up. 
Tbe Inter-American Development 
Bank offering is reportedly meet- 
ing good demand. 


US. DOLLARS ' f , V .'V s 

tftNorges Kommunalbank . 

(gtwd Norway) 75 V. 19* 13 

f American Express 40 1982/85 — — . TOO 

1C Industries 35 ' ‘ 1985 - 7 9 * ■ 

tIHI (gteed . ' ' / - V . ‘ ; 

Dai-lchi Kangyo)" .. SB 198S 7 'Sill 

TVO (g’teed Finland) 25 y ~mt 7* sf 

fUnited Overseas Bank 25 , : 1983’ .5 *fi|f ■* lOfl 

D-Marks " ~ . •_ 

^Mexico 200 1985 7 6 - 1Q(J 

S? 1 .200 !. .1988 10 6 

Light-Semcos . ” .. 

(gteed Brazil) 150. ' 1986 '8 6} * 

Norway 250 . . 1983 ■ 5 ; 41 100 

Cie Fin de la - — 

Deutsche Bank TOO',-:, 1983 5 I 4| ■ . TOO- 

STERLING \ V-. 

tGerteftier ffr : 1988 - ■ 8.6 ' 11 ^100 

TEN ' ; ■ ••• . 

^Argentina lSbn. .1986 8 - 6.4 99.10 

tNorway 25bn. ; . 1983T = 5 SJ - 9930 

SWISS FRANCS 'V '• V.'. 

tIADB 4U» -1993 15 4i 99. 

t™ti ' 25 ;• ■ 1993 15 . ,4J;. TOO ■ 

jSalzburg Ele. ■ , 30 - 1993 IS 4} TOO 

KUWAITI DINARS . . - - . 

Banobrai ... 7 - . 198S/90 — 

UNITS OF ACCOUNT 

Crty of Copenhagen -25 • - T993 . 'H - 7 ■ 

* Net yet priced. t fanm, * «. Macamnt. - t Floatinz rite note 
ft Rerirtered whh U3. Securities and B ulna ya Cansmtnion. 

Notes .TleW* are calculated on ADD tads. 


t Floating rate note. 


Lead manger ; 


Smith Barney 
E8Q Amec dank 

Merrill. Lynch 

Riit Boston' ( Europe V 
AWC, JtFTCIC • 

Chase Man. Lifi. 

. Salomon - ' - 


DeirtiAeJStak ■.-■ 

Dretduer. W" 

WesWentsdie - ~ - 
Lande*biidt " 
Deutsche^Bank " 

Deutsche Bank' . - 

N. M. Rothschild, 
Morgan Grenfell 

YamaR&I Securities 
Dartre Securities 4 


Swiss Bank Carp. 
Credit Suisse • 
Swiss Bank. Corp. 


* p' 


it 

4375 \ i\ 

■■ -4 * 


?• 

<i5 ^‘ : 

Or -<5 


Knedietbank Lux. 

H Minimum. S Conwtfcta. 

5 Pantevt hoi. . : 


If: 

44 


Indices 

NEW YORK -DOW JONES 

; Aur. ' A|tr. i .V|ir. Ayr. , Ajir. ■ Jlnc. ■ 

7 | 6 j & i 5 | S1 l 

1 — — 1 — 1 — i ]" r 

Imliuirul...' 7B3.68' 785341 7M.B8j 755-57, 7*l.lMj 7B7JBj 8^ 

U'mefi'niU*, 89.35' 89.40,' 89.50 89.49 09.461 B934j 1 
i ! I III 

Tnuxi»rt....l 209,02' 206.86 280.27 206.49 206.401 207.15: 2 

. : i I j l 

(.'ill it in I 105.95' 105351 105.31 105.04, 104.74; 105.68 1 

■ l j | i 1 i 

Trs-tinK \ul.< ' ■ ' ' { I 

uOO's 1- i 26.180 27.630 27.260: 20.130 20,230[ 20,130} 

* Basis nr index changed from Aususr 24. 

Mar. 31 1 AJai.M ' 

I ml. dtv. \ lirlal % 1- 


STANOARU AND eOOKS 


H.1- S.E- Aid. COMJBON 

I I 

Apr. I Apr. I Apr. Apr. — 
7 ' 6 I O 4 a 


60.4 ll 58.19, 60 j 


oukvi n<uijniai ii 


49.69 51.82 
1 tori) 


Sisex and E&Us 

Apr. 7 | Apr. 6 

Isa lie* tm.ie.t- 1.841 1348 

I Lise,.. 868 819 

Falla_ 625 S39 

446 436 

New Hlalia.™ — • — 

New Lowa_ — — 


[GERMANY ♦ 


Low 

High 

Low 

748.11 

1051.70 

41.22 

(28/21 

(11/1)73/ 

<.2(7/32) 

89.55 

— 



Q6fl| 

199.51 

279.88 

13.25 

i9/l) 

nizioB) 

(8(7)32) 

102.84 

183.52 

IB-fiB 

(22/2i 

120)4/69) 

(28/4/42) 

1 _ 

— 

— 


MONTREAL 


Apr. f Apr. Apr. Apr. 
7 6 ti 4 


Ia<iiutrtai 

Conablnwl 


TORONTO Comptvite 1075 


177.71 178.91 T7B.bC| 173.58 
183.31' 183 M 181J7 180.83 

1075 j 1069 j 1064.8 1057.5 


177.71 1,7/4) 
183.91 (7/4) 

1675.2 (7/4) 


JOHANNESBURG 

UOM 

Imtu-irlni* 


198.5 158.51 199.8) 20 U 218.7 <U2) 

205.6 ZDS.ffl 204.9 204.9 214-4 <4rl) 


162.90 tl 6/2/ 
170.62 (30/1) 

mtJ2 (30/lj 


195JJ (21/3) 
154.9 i L3f5) 


- agu (appiD-c.l 

4.57 


Apr. | Apr. 1 
1 7 6 | 

1 1 ' 

> 

erp 

Apr. ! 

* i 

Apr. 

1 Mar. |- 

1 St' i 

Hi«li | 

Low 

[ High 

Lew 

J InduMrialsj 99.17| 9B.7!| 

, 98.58- 

97.661 

97.21 

ij 98-02! 

103.22 ; 

95.82 

154.64 

5.62 



(3/ li | 

(6/5) 

>( 11/ 1/73) 

! (50)0)32) 

<C'.mi|*ai(e | 90,17. 89.78: 

! 99.S4' 

68.86) 

86.41 

ij 69-21' 

93.62 

66.00 

j 126.85 

4.40 



5 : 

i3/li 1 

16/01 

1(1 lri/751 

(1)6)32) 


I April Prev- 
j 7 Imib 

Australian)! 460.14 j 469.44 ] 
Belgium <Q)i 86.68 ! 96.67 J 
(Denmark**) 96-26 1 96.18 


;>iuiv uiiiijniai'ii France Iti)} 64.6 1 63.7 


April 

Pre- 

rloufl 

1973 

High 

1078 

r- 

Spain (d)j 00.75 

91X58 

, 0UMO 

1 tf/.dU 



(W/Il 

1 Lm 

Sweden (<> 371J0 

37091 

.371-80 

325.74 



l7/4) 

(3/1/ 

Switierl'dt/ 295^ 

296.5 

323.7 

280-4 



(14/Zi 

(10(5) 



Apr. 5 

• 1 
I 

Ur. 29 ] 

Mar. 22 Year ago (approx.) 

Uvi. dir. yield % 

5.39 

L 

3.45 

5.45 4.29 

I11.L P)K Karin 

8jM 

1 

8.48 

8.48 10.21 

Lung Govt. Bund yield 

! 8.32 

r 

B.25 

8.15 1 7.73 


Gflrmanyftil 600.4 j B03n j 

Holland (i!)| 17.0 1 76 £ \ 

Hong Konsr' <47-17 J 445.35 ) 

Italy tlsij BL»j GOJ5S j 

Japan (a)' 403 JO ) 409^6 j 

Singapore ' 395.65 1 294.B7 i 
91 i : 1 


OVERSEAS SHARE INFORMATION 


NEW YORK 


1373 

H tgli | Uie 

1 

, SlocS 

April 

557* 

50 

i \I4 p> 1, Lain 

547* 

183* 

137* 

' V>(>lre>wi>u>*pli... 

IBS* 

35)* 

3U* 

:Aei on Lite* Ua»* 

363, 

27 

221* 

] tli P.relucl- 

. 26 

49i, 

323, 

'Alrco. 

491, 

253, 

22 

[Alcan Alummiunt 

265* 

457* 

383, 

Alcoa 

41S* 

195, 

177* 

Ailej-heiiv Uall., 

lb&8 

203* 

181* 

1 viiad>c»v l^l»vel 

185* 

■43S* 

341, 

1 Allied Lhemlnil.. 

381* 

21J« 

18'+ 

'AU10! oturra 

2D 5* 

263, 

221* 

tin- Cbanoera... 

265* 

363* 

3H« 

Umax 

541, 

267* 

22 /* 

1 Amerada Mw — 

251* 


197B 

High | tow 

5uT I 46i 8 
463fl I 42 U 
2850 34->« 

26 lg 22 U 

33i 4 29 Be 

38 33ls 

21 1 8 167 t 


;.\mei. Alpine..... i 
'Alien, freii'l*—. 
Vmer. Uiuukeai.. 

lAmei. Ceil 

Anier. i. jxluilill-1' 
'Amer. Elec. P"» 

I A mei . Express... 
'Aiiier.Htnnc( f n»«| 

■ Vnier. JIpIks — I 
\iuet. Mu(>n> .... 

t.Xiuei. A Ml. l/aa.. 
AliM.SUivlaiii. 

AllltH. (3IOIID 

'Amer.Tc*. X It’., 

■AnMek : 

'AMI' ! 

!\MI* ] 

jAni|«x • 

AikIvu B<v*>inu. 
.'AnIleuiHV IXn'Ii.. 

i.\< mmi -•lef.i 

A.-v.V 

.Abluent On | 



' tiblHIJll Oil. 

' \i-.. KiL-titieni 

' Amp Lieu Pn>.... 

4VL • 

i Vr 

,'U«B PlwIlH,.... 

■ ueU liss Kun-l..., 

;t)ani>Ainen 

[ile liken. Ir .N.l . 

: ;tiNiiwrOii. ...' 

,bHXler I nwkn.. 

otMln v Kwh 

'DdrtiniUi keiiMHi 

'ilvli A Hu«e» 

am li> 

iieiu>uel i.<iu- *6. 

■ llHlllFlKIII ;iwi . 

dliu-kA IhnArr... 

I diiiM Cawltb....: 

bunleu 

ihiri! Warner 

Mnuiid I HI..... — 

..Ir^wnul -A' 

'jithii. Uien^.,.i 
[ut-it. (•«. A OH.. ; 
jiinieknaj-Oiaw.. i 

fdniiiMn'iL'k | 

Itineyni- Erie j 

I Cie lil | 

;i!uiuv-h Wrtu-li 
jdiirnu-iun Mini' 
,,..1 

| i_'m n 1 1 Jjei 
jCaiui.Imn 
jCniui' l(amlni|ih..| 

.L'aniatlun 

i Carrier Alien era ! 
LarlvT He »*■*■>.. i 

:i'alcl')U'«r Inns .' 

(lUS i 

,>.‘eisilese (.Vri-pll... 1 , 
i JenUH- A a. W...| 

l^eri.tintet>i [ 

| As. m Alr-relt-.J 

j.luL-eUanlinil>«iM 
.lIiciiilv< UU. \) I 
jJnenelNKh H"m( ,| 

■ -'lie— ie Sv-Wii. 
[i-'liixiuv BH , lj;e.~ 

;4.7inmwltin 

idlin' ... 

[viueoinia 

Il.hi-. MlM'-n>ii..,| 

k'ltiturp. ,. n .| 

kiiUta sjervii-e.,.,1 
join lllVtf-lins...| 

■ L.4S.-H lA>ia.w.,».j 

jvinul Mai 

, .mill A it. uiaa.. 

Ges ' 

l)\iIIiUIUM K -1 .... 

iGwm.lo-UnuM.Xai 
jvonilHiHtinii Eli". 

iCniniviiitMMi tq... 
O’in’w'Ui tvIlM'li 
iLVini'w'ihOt- Ke 

{vim daWUle. 

1 .4iDi lailern ‘i“n »' 

Csjiim. Life lire-. 

[wl.illN 

lUu. KlmiA.l 

jj/eun Ki«oie 

i'-'oiwi Mm. . 
Iviutaiinier l*i'*ei 
Liibniu-ntB On 1 - 
ICtKilineutei Oil.. 
jl'miinenwi Tele. 
jCuairoI DaU 


|Camni-GMK 47 7j 

jOt’U IncVuami 4Sia 

lUrane 271* 

Om-ker Nat — *61* 

JniwuZe iie< ban-ill ox 
Jurunnnr bnslu< e6>4 
Jurt- WriybL 1 20B* 

■Man ; 245* 

Oerr lailunlnea-j 39 

Jwire ! 26 

<Je* UoDte- : 24i» 

Oe'toae - 9 

Utotmv Inter... ; 184 
■JetRNt Kdlno(l_.! 10*4 
Ui»rni>nri?iliiuiirl.| 24S« 

Uuxuf'bone— la’s 

Uicim. Equip l 40 

Disney (Welt).,.. | o35* 
oner l<H-nn.„... 40 
iMa Cberaksu... .. <*31* 

Uravn j icB 

Unsew j 371* 

Du (*<nn IlSI* 

Ujrmj I luludCnea.J 17 

J4i«ie Pit-lie* 19 U 

reun An-inm 1 74* 

tirelman Kr*(efc..i 43 M 
mUhi .'. | 353* 

tU.AIi | 22 

PiL&ti Nal. IHre 161* 

E>tm 29>a 

Einensiei Eie-tru- o2J# 
Eluer>AirKPlebt a8 

Enib-iru Ollj! 

6.11.1 3 

|Eni(e<tBuii 24 

Ksraarti.- — I 27t* 

I El h vl 187* 

joNauil 464* 

. ('hik Uiiii Cement] 305* 
.roi. Uepl.OlureiM o45a 
li-ireetoae Tire--.; 137* 
ir'K. Mai. Bu&ion J 2bi* 

r - iexi Van J. 191* 

Fliuikoce..— 1 kl»* 

r'lonile Power..,./ 291* 

rlUL>r......„ ..—i o2i« 

-F.1LC ' 215. 

Knn I Mnlut J 46^1 

Kureirmei Ut-k.... 18 

t'uxlHtn. .-' 32i< 

i-mnknu Rim....; 8 

■r rwsport Miners , 19 »« 

r niebanl — ' B5ti 

[Faqua lortr 1 9/* 

jl>-A.K_ 1112 

Uenneri 377* 

iien.Anier.ini... 9s* 

[ij.A.'I.A 241* 

|Ueu. Uliw> 15 

I'Jeo. Uyiwntno..." 464* 

K . Kietino" 467* 

mi ruudx — [ 277* 
jlieiieroi 11 lire—. | 273* 
General Ilmen... 613« 
i.en. Puli. Util— 193* 
Uen. 61enei...__, 26 

lieu! W. Klecl— 297* 

Oen. lyre ! 231* 

lieneaua .... — -.1 7»» 

Li«<n>ie PeislUc.. J 247* 
Uetly [ 167 M 

Itiilieue ; 261* 

Uianlnt-b fc Jr..»..| 20 
j. j is M year Tire— ..i 17 U 

.id mi si 27J« 

■ ii*.eWJl I 26 

/Gu Allen PecTe*; 
(jrf.Nnrtli lnai...i 23 

Dnsyiimnei 10 1* 

ll nil a Wesi eru...i 127a 

jliuil Ui._ j 25 

|Uenlainnn _.i 56U 

itinif/M .lllnni-:...,! 35 
[HBnilwliiei:er....j 15>4 

|Hnm» Cnrpn i 47 

iripm* HJ ; 34>g 

|tivuU«lo- I 265* 

l Hewlett Pki-fcon j 657* 

H -H M\ lnn>) 16U 

tioineerakf. | 33 U 

H»uevweii I 447* 

Hoover - j 123* 

, H.wpCorp Aowr.i 29 
l UuueuniNil.Ga 243* 
i H null Pli„\)Cli nil liSfl 

i UiiLiun (E.f.i j 123 4 

i.C. tnsiiistriee... 221* 

i IN \ 391* 

i Interval Kenn....! 53 U 

i Inland sit eel. ...... | 354* 

l jlnailm | 133* 

llulewnl Kns-niii O 

I (IBM E40*, 

I InU. Klovouhn 21 M 

: IIICI. HnrVesWY... 27 Sg 
I I PH, U Li] A Client 3834 
: l.iU. Uplthoode.. 20*4 
! 16 

I »BH. Paper 37i 4 

. «1*U <s8t* 

I Lm Hectlliet 107* 

lut. Tel. a Thu.. 293* 
. I IITMII. 1 

, I mm Beet.— 321* 

Mi LntenniunalJ 113« 

. Jim W^r«- v| Mi, 


1978 

Blgb Low 

313 4 2BU 

75i 4 66 

2 93* 244< 

34 293 4 

263* 231* 

313* 28 

5 14* 

273* 213* 

9^8 «4 

28 195* 

48 401* 

307* 273* 

437* 383 4 

223< 19% 

451* 42 

3014 251* 

301* 211* 

28 | 253* 


j • Stm-k • 

jjvlinx Mann lie... 
iJohnxon Jninnsoa 
UotDMM Loutroi. 
[Jm-lUnafadur 4 * 

KJllart Coq> 

KaberAiuminl'm 
Eauei Inilusinw 
Kabei Steel..—.. 

82w- - 

/venue* -on 

Herr McGee 

i\Uute Waiter. 

nlmberiy Clark.. 
Kupper, I 

Er»U — | 

«vr®K*r Go 

Leri bHanre I 

UbbvOw.FouO.-l 

Liggeo. Group | 

Lilly (Bli) 

Utron Indnxt 

Lock bead AUvr* n 
LuueStar 
Uni# l-lmud Lid. 
LuMiriana land—. 

LubrissM 1 

Lucky Store*..... .[ 

L'ker IT* uu^t-i 'wn l 
MacUillau ; 

1Lk> It. H J 

iltr- Unmi»fsr„... 1 

Mapco- 1 

Via rat bon Ui,_ 
Uarine SI utiand. 1 
SLinhaii FiekJ ...j 


lMa.v Lieut. -u*m| 

MCA ] 

SlcUermoU. 4 

Ixlclloaueii Uouj.1 

j.Uftinw H111 

iMcuiunx.. 

lien;* 

Merrill Lvucb... 
Alesa Peiro-mm. 

' tIGM 

j ilianSiins3kMLr. 

hiutii Cone 

1 llsuraa to... _...... 

jSlorealiJ. 

: Motorola I 

Uiu|>h\ Cli 

'.\*I<M9I> 

.N»leo Cbemiral.J 
..Voa'oaai Can J 


.\m. DGtlllera — , 
I.Aai. crfsrvlr-e Inii., 
j.Wiouai Bieel— .] 

Nnbuniie. 

[XCIL ; 

i.\e|4uue imp..—; 
New Ennui nd EiJ 
'New En|>1wiii‘Li| 
N out, rs. NlobawVj 
'.Nwxora bbans ..... 
JN. Uludunnea . 
.NorlolkiWesGsni 
North Nat. Gm... I 
'NUiu Slates Pwi- 
iMhweat AirlUKv. 
]N Hi »e« tomcon'l 
Niirlou si noon 
}j . i- lew*. Peinu! 
.Uxllvy Alallier...- 

,Ubio EiUaun- ! 

.Cun ! 


iUvenea>s<iiipL.... 

'UveintAiauiau... 
IVJwena Illinois— 

<P«VitR.- La* — 

'PovilieUnbrtiit!.. 
iPkK.Pai.4 U_.. 

] (S«A iu W urW A Ir 
Parker tUnmfin. 

iPmbndv lul....^- 

'Pen. Pw. i U 

[Peniit 

:PHiiiA>ii 

[Pri)plmDtU3 j 

JPepslCDL .1 


17 r 4 1 Perkin Nimei n ... 

32ip :p« — 

255* | Pi ire i — 

173* iPheips UudKP-... 
18l» iPbnarteiplita K-h- 
56 )Pbwp NltBTte..^. 
871* i'bli||is Petm-'m 

39s* i»*i-il«iry 

183* 1 Pitney »■»« 

2Q3 4 m W ho 

163* Ipieawy Lin Alili 

23i; jiVuaron 

142* j Potomac ties 

231 * pP»j insiiumes.. 
73*a ii’nMcrGaoilile.. 
813* Pub vrve Elen.. 
24 1 Pullman 

15 'a ]Huns* 

205* Juaaer Oats. 

573 [l>pl Amert-an.. 

S" 

22 [Uepobiie OieeL.. 


(naicea ana Dane axles tall bane values 
190 excepr NYSE AO Common - 50 
standarm and Poors — 10 and Toronto 
390-1.000. die lost named based on 197a) 
t Excluding bunds. ’ 409 Induatrul*. 
f 40& Into.. *0 UliiiOas. «0 Float** and 
30 Transport. (1) Sydney All Ord. 
<61 Belgian SE S1/12/SS. «**) Copenhaueo 
SE . i/im. cm Pans Bonrse ittl. 
(tr> Ccn u nenb a nk Deo. 1938. («» Amster- 
dam. Lndnstrtal 1970 t(l) Mans Sent 
Bank n/T/64 <1/1(1 Milan 2/IAS. ml Tttfryo 
New SE o/L/SH tht Strahs Ttraes I9M. 
te> Closed Ul) Madrid SE 30A3A7. 
Cel 8ioditiolis Induamal 1/1/5S. in Swiss 
Rank Corn, (u) Unavailable. 


ABO 

A-uant Vereicb... 

BMW 

BASF 

Bay*- 

Bay* Hypo. 

Bayer Venta&bk 
UihalntJVe<Lwri* 

Uommerrhank 

Cool IG 11 rami 

Dataller Bem.-_ 

UeeuM. 

Deniag — 

Deutiobe iwnk... 
Drradaer Bank — 
Dydcertafllf Zemi. 
Gutebotrnana — 

Hapaa LOoyd. 

Harpwier. 

Hcoebot 

Ho»cb_-_— ... 

Horten. 

IvaL] nod BmIt — 

Karaudt 

Kmutbot 

Uocfcner Dm 100. 

KHII 

Krupp ..... 

Linde.. ™. 
Lowenbran 100_ . - 

Lurch* am 

MAN 

Uauaermana 

UuUUl^er 

UunebenerKuck. 

NectomMon 

PreuwwK UU 10U. 
UbemWeaL. Elect. 

ocbennjf... 

siemens ........ — 

Sod Zucktrr 

Lbyooen A.G 

Vurtu — 

VKBA 

VeremKl-WevrUk 
Vnikrwiueii.. 


Price* + or Dfv. Tut. 

Utn. - % 5 

90.0 +0.1 - — 

496 +3 rlB 1.8 

226.51— U5 20 4.4 

138 t—O^ 17 6.2 

142- — 0.7 16 - 

288 +0.5 18 3.1 

318.5 — 1.4 18 2.8 

178 +3 - - 

239.71— 0.7 18 3.7 
80.2—1 — — 

304.51+1.5 19 SR 
265.3 — 1.5 17 3.2 

165 t— Id 4J 
309-31+0.3 18 2 J» 

2S3JM + 0.1 18 5.5 
150 +4 + 1.3 

197.61 + 1 12 5.0 

114.51+0.5 12 5J3 
296 1—1 9 5.1 

131.8’+0.2 16 - 

44.7U-1.6 4 4.5 

128 10 3 3 

138 Pi 9 3.3 

3 10.5! + 1 20 3.2 

510.51 — Oi 20 4.8 

92 Ji — 0.5 — - 

176.6- +0.1 LB 3.4 

97. 2l — 1JS — - 

245 -1.5 16 3.3 
1.630 + 15 16 10.5 

109.1)—0.4 1 3.2 

192 —1 LB 3.1 
170.3 + 1.3 14 4.1 
212 +1 10 8.4 

520 + 10 18 1.7 

116.6— 0.5 — - 

113.11-0.9 — - 

187.71— 1.8 16 4.3 

242.51— 0.5 Bu 4^ 

283.5 -0.7 16 8.8 

249 —3 17 3.4 

187.8 11 4.3 

180 -1 14 3.9 

107.1 -0.4 12 0.7 
307 +3 18 2.9 

210 -8.3 10 2.4 


InvJS Prem. at S2.60 to £—1032% (1031%) 
effective rate (at L8745) 46 J% (46{%) 


JOHANNESBURG 

MINES 

April 7 Rand + 

Anglo American Corps. ~ S.00 - 

East Drialomeln — 11.06 - 

Elsbnrg Las' - 

Harmony 5.95 

Kinross tSAO - 

Klool 1 M : - 

Rnsietibus pimiinm - US ' - 

SL Helena 71239 . 4 

South Vaal t74d . - 

Gold Fields SA tlfljo 

Union Corporation 

De Beers Deferred 8 js. 4 

Btyvoorultzlcbt SJ0 . ’ + 

East Rand Pty t6.00 - - 

Free State Gednkt (25.50 

President Brand • — 1559 4 

President Stem — 12-23 . 

StflTonteln 3.75 - 

West Drlefonteln 30.50 

Western Holdings KUt - 

Western Deep — ttUO ■ - 

INDUSTRIALS 

JIECI — 3L30 ' 

Ahgio-Amer. Industrial ~ 8.73 4 

Barlow Rand 3.40 - 

CNA Investments ..... 1120 

Carrie Finance — 8JS 

De Beers Industrial ... JRB •' 4 

Edgars Consolidated Inv. LT9 

Edgars Stores 12030 

Ever Ready SA U0 — 

Federate Votkdbelegtfngs . I AD 

Greatennans Scores 1X.79 . - 

Guardian Assurance (SA> L75 4 

Huletu 2M 4 

McCarthy Rodway 0.64 4 

NedBank 1^20 ' 

OK Bazaars 6JS 4 

Premier Milling — . — - 5J5 . 

Protca HoUings — 1.03 . 

Rand Mines Properties — ISO 

Rembrandt Group - 325 

Ret co . 0J5' 4 

Sage Hafdfngs — — 1M 

C. G. Smith Sugar — OO - 

Sorec 051 — 

SA Breweries 1^1 . 4 

Tiger Oats and Nat MBlg. 6 jOO 
Uidsec 1.86 4 

Securities Rand 9UJ5.0.78 
(Disco ant of 32.17%) - 


AUSTR ALIA 

+0x— • Apr. 7 ■ 

-o-K : ■■■■■ 

—9.10 

-y} ACMIL (2b cent) 

■ A crow An*Crali»~. 

— bjl* Ai'iert Mnc-'Qiig. ladiw SI 

—9.96 Ampoi Hxpk>rati.iQ 

—*.*4 Ampoi Petroleiua 

+BJ0 Abboq. Mineral*^— 

Az»cc.Pnlp Paper — 

. Ajtoc.Doti. Indadjies. 
AiuL. Fouuriaalon lovae_. 

+•-« AJS.I 

+••» Aodimco. — 

-*- 4a AnA. Oil It Gva 

BlneUetaJ Inrf 

rinrmlnvllla flvnvir 


tenteH— — — 
atdquOeddV* 
AlrUonkt — 


1978 

High | Low "-lock 

43 '4 I 38 15nnr.o ... 

32 1 25 <4 Uejnoato lletaiR. 

69i* 52 1» NeyoKkl* «. J..„ 

237* 20 Iticb'aoo Uerrel'. 

32 V* 287* Keck w*>M I nler„. 

34-4 26 la If ohm A Hirev .. 

601* 541* Koya Dutch ■ 

16 121a ICT8 

123, 111, Ku»Ll4.i_ 

16 13 1* Kvdor System-. - 

403* 351* mteway Stores... 

313, 251* .st. Joe Mineral*. 

307* 25hf Jl Hegl* Fnper... 

391* 331* Senia b> IihI* _. 

6 3a* ran- lan«.._;- 

53, 41* Sniuo llhlj...., 

151* 10 l'«BiiUr Bivwino. 

71*4 64** iS.-biunibfuier — 

IS 151* l-ii.it 

14 12is Item 1 

223, 193, I teurii II rc; 

7 61* jacuilr’ Dviot Vevl 

251* 1 197* Com* inert... 
23), 203* (■'raffmm ........ 

13l| Ilka ^eHrteiG.D.l_... 
273* 221* l^ewrw Itiv+nick.... 

38 : 291* IjhUCU 

33 ie 1 2Bl, loUeli Du 

405* 37 .'vtirilTraii..pLirt...[ 

331* 28 1-iiEUl _.... 

371, 307* iSiKTiwteCorlJ.— . " 

131* lO 4 * rennidi-a» P«t... 

201* 18 [Si nger I 

383, 1 461* iSrailh Kline—— 

23, [ I s , I Sol ll roll 

30 18 !Sodtb-io*-ti_ 

267* 25 IwjmlieniLM. I'd. 

17s* 16U |*"4bcm Uo_.— 

331* 285* I St h 11. Nil. He*... 

341* | 31 >4 )SuMl.brrn Karffl . 

Q0I, ' 443, [snuiberuUallwa.i 

253* 231, jSou lb !>□•<_—.- 

26 lg 233, Is'w'i Bntreh*jvi>. 

171, 151* bpei-rv Hutefa—- 

3S1( 327* S|ferry IbuuL 

251* 215* Isijuib 

261* 221a (SUkUlani br*&'> 

3978 346* tSiii.OilCaliksmi' 

485, 44 isbl. Oil InBinim 

70is 58s* pul. UU Ohio. 

381; 34 1* pinuii CbenueeL 

143* i 127* 'Mcrtiui- Draa 1 

517* 437* ;Slu,iei«ner.v- | 

421, 335* punO — —I 

363* 315* -uindMniiKV— 

245a 18a, S>Tiies. ( 

135* 8|j lWhniijjtoc— — j 

371, 325* U'ekitrrl*_ 

79i 2 57 1, r*i«.lvne 

43, 21, l'elex 

301] 281* J r«iecti — 1 

9S* 73, Il'ewiryPetiOWbm 

27 'a 851* I'cbui ...» • 

193* 18>< Irexastuu 

74 6II2 ilex** I natal— ~. 
321* 291* IrraaBOil AGm - 

22 1 94* {fezes lirillrtee— 

401, 34s* | rune lm ....— ■ 

26 . 22 1* | Time" Mirror 

50! 5 41 in rimken..— — — 

35 iz 313* 1 1 nine. 

15 13t* t'raasmericn I 

215, 175* [ TraDKo. ' 

36 32ln inrai Urrioo. ’ 

241, { 21 >4 j I'no- wav lui'ru 

163* I 95* j 1 ran* Iw' 1 A11. 

SH* I 261* il'ravei.en 

203* j 181* ilVi Commercial.- 


271* l.l!.\V._L - 

203, with Lent urv 

19 ia l aL. — 

183, lAKGO 

20i a Util 

i4i* iup.;— 

36i* ic m lever 

52i, UniieverNV^.... 

1212 I u q KU l tBUKVrp... 

37j* ‘union Carlyle— 

6u ll num linjimea+ 
455* I L.D 1 1 m Ui L'aiii... 
41 ;iiuuja Pacific.—. , 

7i2 {Linirovdi J 

67* Ualioi Brand*-.-! 

257* ids riinmrih J 

211* ;U6.Gvpnum....— . 

215b Ititi.tiboo...— I 

251* !us. steel...— 1 

321* jU. ltn*iwwtri«- 
lat* |li V Indnatrtei— I 
135* | nryinlaKIO-t-. . 
16ig liViicreen— • 
29 lj ; ll'iroarJ.'oinoiii-! 

25 «* ( » , ,n».ljniief'- 

17 1* iiVinwMrtil'iiieni 

24l, A'diK-Patto 

2flSa 'Wntere 

21 UVojteni N. Aniei 
153* I Western Upk*ii„ 
163, (tfnriiivfawlM 

22 7* jWnivaoo— 

2Q5, lVoverbaeuMr.... 

2Qi 8 ; Whirlpool — 

20 U 'White Con-lmt- 

163, I William Co. 

266* jWincetumElea 


I97B April 

High Low Stock 7 

19 17a* WrenworUi 181, 

6Ba 3, Wyrly 31* 

473, 41 Xerox 43 

191* 151, /jitwr* 17 

156* 113* fenitb UetUo 158* 

943, 93 r fr UJS.Tmre«t»9H0 l94«* 

829* 813* US.lreBt4£Sref7l' 1816* 

6.67%1 6.14“ UjS- 90 Dxy bill*. 6J3» 


CANADA 


AMSTERDAM 


"Price I -Hot 1 Dlv.iYId. 
Pto. 1 - * * 


, „ Brofei Hill pKKwietery— 

-M6 Badootb - 

' ■ Uartton Unite! Brewery— 
IX J. Cole* I— . 

-BJir ubruLx 

(Iona. GoWfleW An*. 

: UnosalnerQili^. 

+5-^ (Jaoxinc fUotlnto_ 

-BJ)7 ^patnin Auetralte - 

. DjDHapKoMeiUI— 1 

, . u , Kb COE 

+4UB BklerBmitb 

K 7. Industries——— 
... Oen. Property Trust— . 
Hamer* 1^1.. 

Hopterr. . , t , , 

7®-™ 1AJ-I. Australia — - 

inter- Copper — ... 

T®-~ Jaanlnga Indoatrira 

+t n : janes (David, *J 

4.Q t K Leunard Oil — 

- Hetiii* Enimdon— . 

■ Mill Hokuops. - 

; Myer Kmportojn— — 4 

; ftew.... 

+QJH Mtebotes liiteiuarionxl 

North Broken H'dings 60 

-U* ltekbrid|ra.„— 

—ELR Oil search 

+a.ar otter ItniUnflCkBi--... 

' - • Pioneer Concrete. 

+8.01 Heuiite ft Colraui — 

o H. a aleigti--.-— ■ 

0 Soatbhn* Mining — 

. Spsrgaa ExpIuraUan — 

iUuLU lfl|— — . ..l 

Wiltons... 

Western Mining IWiwU) 
TtvIa Wool worth* 


1 .10.89 1+0.M BJul- 6er*sto._r 

tU» t+8Jn Uitaoar 

71-66 #-0.01 C.OJI— 

3t_. 10.90 fO-02 (UXAtaW— 

tl.45 -ai« «e Utun*lreL+— . 

tO.37" +*01 Club Mud1tre__ 

1C-35 „„ Credit Com Pr*+ 

fLOO- -l: CrB«iv3<Ix4ro_~ 

tUJ +4.01 Domex __ — ; — | 

16.16 fBJ» Kf.fteotei 

10.85 +D.02 Q«n. OccitleiitaW 


Ffttoe +or DhrJVtf L 
Pr*. — Pw. * . 

— ■■ — — — ^ 

786.5-3.5 44 OJtef: r “ 

21.15 54} - ■» 

296 1+1 16J 6, Li* - - . . • 

407^+18jM5S<y^" * 1 ■ 

+8 UUl £5 -Ll 

675 —10 5X66 jUPSTT 
445 +7 S7J 835--: 

1.679 +8 76 S'.. , 

3559 —2.8 27 *2 
V199. +19 561 if , 

S05J3 * 6.8 12 Xe 
449.-9 +132 1125 53 % - 

126 ' M ind t 

68 _2 - -h -j , 

721 +5 7.5 Ut% — 

122. +1J$ M.U IX* ii. 


-- lateral 58.6+0.1 9.8 

”2 Jaeqne* Borel. 102 +2 . — 

" laliusre— ^ 169 -1 IBJ 

15 L'Oreei~ 838 +29' 1BJ 

” Legr&nd^ 1,7X3 -3 3 U 

n Malnoos Pheoix.: 1.06B +27 39. 
M UJchaUn 1.41Q +90 

Moot Heantw^y— 455.9 +0-9 12 

MoaHner C4 -191^ + 1.0 i 

Phri be* — . 190^1.5 lSJj 


■fL38 Pemod-iOeanl— . 

taoo - J Peugeot-CWroasL. 

10.69 ' -Mun rioctein — 


- 291.5 4 1.0 
190^1-1^ 
B4.5 +0^ 
259 +5.7 
379 +6 
187 +6, 


02 dadio Technique. 462 +9 

06 Utione Poiueoc— 733 +ojs 
01 te-Gobain — 151.0 +0.2. 
11 afet> Koaalcnw 1,735 -14, 
'7 Sue* ^ 277 +8-1 

SI feiemerankioe— 806 +16 

112 ihomwoi Brandt. 199 + 1. . 

- U-innr 23^+0^ 


VIENNA 


L.edmuiaraiE 350 


124 2/3 - - 

UJRIOjP^ , 
7^jai,x: *• 

-2S-B : 

SfL-:, 

-2S-BT9j :&>n- 

aSi3a 
iusfa;:; - 

.-iv ■ ;.:a* • 

• • • • . ; : .is_’ 


SenipwlL..— _ 
0-01 Stqyr Delmte*. 
-- Vrit Msgn*alt- 

oji BRAZIL. : - 

U.“l — _ - ■ — 


255 

982 +1 
96 .- 
181 

240 Pi 


+ or 

-=- 

m. — 10 at . 
; »9 |2-' 

Pi 48 ~ 


*7 sr 1 ' 
1 


123* t 101, 
61* 4.85 

291* 24la 
186* 141* 


680* 52 

266* 20 U 


\ til Uhl Paper-— 
V+rnico hu«-... 
AirajiAiumiDiiini 

\ ttunjH aiee 

Alt+»UJ*._. .... 

liunk 01 Wont re* ■ 
dank Nova cotta 
tiaale Kesa-mrvr*.. 
itten Telephone-. 
(How Vailev IihIp. 

UP Canada. 

Liras an 

iSrui xi 

Jn-aart ft>i»er... 

-nmHo Mine 

cau+ia Lemeni.. 
Jauatia NWLaiv 
Can ImpliakUom 
jKiiaila 1 D-luKt 

Can. Poi+iU 

Jan. Hw-j/J. Idv. 
-Ian. Sit pei * Jli ... 
Can Inn O’KeeJe. 
Janiar Aabcaiia.. 

. hieiioin 

C01 inta-o .. .......... 

won* tletbursl. 

Consumer l.i»... 
Jneeka Kewmiriv 

VaiHin Midi..—. 

Daon DeTlmt. 

UHinuli 'lllha— 

Dome Mine*. 

Dome Perroieum 
Lkumnlou HriHce 

Domini .... ....... 

Dur«m>— 

Pakvii’ee Sh-kpl. 

■ 'ortl Motor »-'*□- 1 









































■Cotnat wilt min 

"'’'■■NjBoehiv* Life AMur. Col LUL? - 

n.Lcg nb «r U 3t,EC3. 0MBTBH 

_. Bl*ck Bona Ajw. 1.1 13MX - 1 ..>4 - 

V *C«wLi Life Aaamwnee Ob. 

- 'W High SL. POtbn jtar, Hu, p 'Jar SUKt 

S7.7 .1 J _ 

^-.totteLFbd. Apr. g_| *. 1*49 J \ _ 

liilOannea Aasnr rr— Ud.f 

CWyipple W>_ w«^ft HABONB 01-002 HOB 

- <■ /gqnttyUhlta k-i+Io — MUM — 


Imperial life Ass- Gb/.of Cuidi 

~ • 71355 

MragmdFnnd 
Flad^HL 




Irikfa life Aaasannca ^Oo-.Lid. 

Kill* Mr MlWt -n IM 

tt.Carahm.nai. 0M235C3 

BOMt PH EmBa)t H .DXLtf mM-ASS]. ~ 


Provincial Life Ann ranee Co. Ltd. 

322, BUbopegtte. £02. 013I7B8 

^.taninipiu him ,.„.i ~ 

Pro*, Culi At. Sou uv3 I _ 

GUCPondM p2LQ 1273 —4 — 

Prudential Pensions Limited? 

Hoi born Bars, XC1N2NH. 01-403 B2 

Equtt. Fd. Mar. IS— [£22.48 2 564] J — 

Fxd.Iflt.Hu. 19 ItzMV MJ7H J _ 

Prop, t. Mar. IS f5l54 25.M ...J) — 


Reliance ^ntoal 
Tunbridge Well*, Kent 
ReL Prop. Bds. „| 195.4 


+0JJ •— Iiatf— Ufa Assnranee Cm- Ltd. Rothschild Asset Management 

rgs J uMfca m tt. B H nh Wfcll^ W* OM035211 St Swtthlna lam. bondoa.BC*. 0132843 

~ . Ignghan ‘A7 JUpaJI** -• •—■■) — N-CL Prep. Mar. w_| - IZUH, .—1 - 


455 ■ • wi«p wjiia»pA 'J7-l» --J — Royal Insurance Group 

45a Z’ Legal A General (Dhlt AwnrJ Ltd. 

— Mi tt WoOfl Hon—. Kbarwbod.. Tad worth. »«endSMaMPd.^.p3L7 1 

«3 r SKBS^-l *36^“ S». & Pro^r Gran* 


(0122744 

W|-«l - 


C m r en t nbn April g. • w ^fyiiiHi.i 

‘ -i~ -Jaidtnl Life Aaanraneef -.K^ iSfcrZ T: 

\Z- ronlHOnHoMfcChnpelAMiinnfc 00013BB11 '. S°- Ac ??°- r::-; — 

‘ 1=4 = 

&S35IAS3S.'' MM aafga=nit 

17. ■ IntliM Knarry __ OS. 0 .: 36M — jgt mgtCa ibiBtt. 

•s* . faxthraMtaw’ *M S3 — , 5 °-Act ct i, . 

. r: tttthse.Manaaaa_»9 39 •— Hma«ftX*r.2|riL. 

-- :h -brtwS^iSZZ 25 33 — ' 

••« JaemBbCsSS IMS | — . . 

'*gns Man-art ldU _ 

' ^ ify of W es tminst er Asanr. Co. lid. 

— ■ '".-ingttoad Bnue, S WHtahflna~Bo*ri, ■: 

- nvdnnCBOUA. stw&MSgt 

sssmefcBfi £1-1.= 


_ Save A Prosper Group? 

— I 4, GLStHelon's, Lotto, EC3P 3KP. 01-5S4 8880 

— BaLInv.Fd. pgn 130JJ +031 — 

— pr c^jyFd.- (mm • mn . — 

— - GfltFd. __ Kmj? uriJ-aji — 

— Deposit rat— — K33 i2s9 . 


Hill Samuel Unit Tst- Mgrs.T (a> 

"" — *-** 01^28 80 n 

5 158St-im 5JZ7 

37.1) 40i 2 m _ 

M.a^oi AM E ®y“ 1 Tst. can. Fd. Hgrs. LUL J? 

■MSW-dl 4 n 64, Jermyn Street. S.W.1. 014298282 "1 

2aq -06 739 Capital Fd U3.7 67.2 J 3J9 

533d -03 531 Income Fd. 72-9 1 7.75 “£ 

Bob) 839 Prices at Mar. 30. Next «»— »wg April 14. " 

’'■““J InteLf <aKg> Save A Prosper Group £*> 

“•3 fS lfi»Chrlatopher Street ECi 01-3477243 4, deal St BelenB, London EC3P 3EP 7 1 

^3 Intel. In*. Fond 1809 93.7] -07] US <w-7n Qnefn S U BMp gh 4N3t 

ia 4.67 Key Fond Managers Lid. (aHg) Deaiinga to: ouh bsm or osi-sas (si * ck 
25, Mnt St, KC2 V ej& 014067070. Save A Prosper Securities Ltd.* i,p 

oj 5J6 Snr^jnD , J»J«--'|W-7 74JI -OJ 3JW International Funds . Adi 

*3 R& mm £S 03 ^ 3» $di 

6-C E^FixadiiitFo!! ct. 4 Si t°. j lia ins [ 

fl3 | aS KWSB«llCo , aFd..fej 90.7 +03 082 hwwahg Ineatna Ftand Bhpmii f 

Apfl M Kbbimrt Benson Unit Managers^ ' *** W Cli 

3 537 67M+9J] 8.47 ^ 

13 HZ JSSfiSWSzfioM a-H 2S toM “ S* 453-03 047 OW 

ir LAC Unit Trnst Management Ll^ olanMFuiSCSr"^ 0 ' **-* ** S 

' <a _ . The Stock Bchange. EC2N 1HP. 01-688 2800 Europe W.T 9081 +0.71 2.65 

11-6882830 UCInc.FO [1320 13011+231 733 Jwrn pS 100.3 +0.g 129 ““ 

...I 3.64 LACInUAiGenFti ,|90 6 93J\+Z7l 235 uSZ : P7.7 72JM-H&I 233 He] 

-- 1 3M Lawson Secs. Lid. ffaKc) a*t*$ ga* P.a 

2ja 031-2283911 SSS^“ Kw 7 fct3 “^| 2M ^ 

JH+53 098 Financial Baa (607 n9+Ol| 'Si» Da 

402 +03 098 HhMBilsma Fundi Am 

Hi 372 Select Intemat — 12353 24831+0^ 243 Con 

Sj 1M Select Inceane WJ Mj9-o9 754 jHT 

aS :::;■ US SetbUs Securities Ltd.V D„ 


Value April 7. Next 

tf i Butterfield Management Co. Ltd. 

Zmn. P.0. Box 185. Hamilton, Bcrmada. 

”TS 2^ge*’-&i }-ffl — I i 


Battna Income- 
Prlcca at Mar. 


LOO Lff{ -...| 7.41 
Next mb. day April ID 


Capital International SJL 
37 rue Notre- Dame, Luxembourg. 
Capitalist Fund — I SCSZSlU | 
Chartedioase Japhet 
1, Paternoster Bcnr.ECO 


5734-0-31 757 




Clive Investments (Jersey) Lid. 

67AI +83] 847 P.O. Box320, 3t H^lto-, Jenctr. 05M3738L 

459-03 047 CU*eCUtrdL(CX).|9.n 9.9S I.ILM 

Clive GUI Fd. UnrO-P.91 9.M | 1150 

453| -03] 431 ConthUl Xna. (Guernsey) Ltd. 


(Inv. 

_ 183, Hope St, Gblagow, C2. 041-221 6521 

LOO "Hope St Fd I Sl*S3240 {. I — 

10. 'Murray Fund ] SU9955 | — J — 

... *NAv March 3L / 

QL Ltd. i 

* Negit SLA. j 

! . -] 1.98 10a Bonlennnd Royal. Luxembourg 1 

[ Zl, 7.46 NAV Mar. T7_ [ 5USU36 i 1 — * 

yAprill ° Negit Ltd. 

hni of Bermuda Bldga, Harm lion, Bnnda. 

I j _ * NAV Mar. 31 JfiJO — 1+020] — 

Phoenix International 

PO Box 77. SL Peter Port, Cocmacy. 

M l I“«^l>oUarFin»cL|JUSm 231] .] — • 

-tfj® Property Growth Overseas Lid. 

28InxhTown.CItiialtar (G3b)810« 

— U£. Dollar Fond— | SU88&27 I I — 

rZ| 199 Staling Fund | £XBU8 | — J — 

Ltd. Rothschild Asset Management (CJJ 


B? 


nt Co.V 

I1-9BB8D80 

1 351 
351 
L72 
3.72 


_ „ P.0. Boot 157. 8L Peter Port. Guemacy 

fS fatal Man. Bd. pMO DM] | 

10 Delta Group 
. ., P.a Box 3012. Nassau. Bahamas. 

22 Delta Inv. Apr. 4 )SL42 L49] J 



L lzrgV |d: 

UT_ 970 ini^ ._..J _ 
>riees on •Mach 28. 


Gilt Fens. FU. 98' 

DepoaPewJUt-.[l7A 18U 
Prices on •March 28 
tWeekfe dealings. 

Schroder Life GronpV 

Eatenflfse House. P oi t smoutii . 

2145 

21 


~K 


« _ms.M0n4yAoe._f 
"s»5*miFCw-3 
Lms.B4aH3rAec._E 
-- -Awd-enrauUy cL 


B -*Z 

^ • • JSqouy 2 Apr. 

Rasas; 

__ ' wt'“ •' Fixed Int-Apr.4 

- Legal ArGenenLPrtv. P4. jttgm-.LH 

Z U,flUMVtemelaflt,BO«*I» ; J&aiaOete K*SScApr.4 

- 'chVNiiifiidjg. SSStfe 

- • 3048Na4rBandSt.^(B4 ^ Of « p e Pi ^gSroXe. 
Z; : L dl txg Halls . - ■■ H « > 7 ~ . PngaaSApr, 

Z Xldyds^BlL'UiiJt'TstwSbig^^ *SrtL^Sr.< 

^ 73,LombardSt.Bca__ . mSi^SSaR 

■—4 " 7.9V 



_.SafbE=»- .’SarJ: E gfeiFE = 

' .^ddlJnlonGr^ ; - ^ ^ • gw ^ = 

_MmP SLn idliidMfH n 014887800 (M5DapLAiic.0_ IMS 126.9 — ._ . -L, ' 

■7 DjS [+£o^ "Z' TMtwinfcmilfrAQaLlia.Co.Itd. 107Cbaap«lde.BCZV6DU. 

jnfoderation life Insurance Co.^ -yM The Pocb^ yA aad lng KT IST I. ’ Solar Mana«ndS„mfcJ 

J: -.CaamwyLaim.WCtAlHX. H1MMB - Snlsr . 

LU -isisBgr Fund—— ML1 148M J: _ ; SfLTgSgSrrrai. . S31S^ — . Solar FnL 


: taoMifaiLrO' 




au Z Z hmkm* Manchaater Asa. Gp* iSSSSiodp 
»L0 4 Z3-_ ■ The Laaa. Fottaat on o. Bant . 020293323 Sola 

L7X2 , I -ZJ, rnrMH.TM.1 m7 +a4| — S<4ar_^^ 

1284 +82 — . BpterFmUnLP 

865 . -HU — S ol a r C< s li P 

- ■ . rn - ■ -- >M •• • 4BHK.mv.Tat.Fai ivob +L9 — SotarWH-P. 

; jraMll Inaunnee co.1+8 . nSShrimi n -; us.9- +oj — 

".OorauaBCB. : oi-<nq 9*30 faT.Tru^fea d — | 1240 +1.9 — San Alliance 

= HA ® Gnmpf^ * _ ^ 

, aJi3 “ 

TCMngd-Fd- (UU UUfwl -• 

wn Life Ai anra uoe Cm. Ltd-f . . 

own Lite HBtwWto* «» OW 0*8839058 _ 

WwmI AV._rol lOCLU -M3JJ . IWUluzL BOWi** 

td^mZfcl! jSa 4o3 SM j togad Btf", 

&EZ rrfe 33 

FAIracilZ(«0 •- |SS9^J — ' MewowPABd.* 

FtLtatt.— 

Fd-Acc- 
FfLlncm- 
oporty Fd. hdt. 
rTat.Fd.Aoa_ 
r. Trt. Fd. IncnL 
v-TSt-Fd-Intt — . 
sedliaPd-Aoc.. 
d-Int-Fd-Incm- 

taiFd-Aca •_+— is? . SS3 "“1 Tmo HmifePnLftLZi au - |+8i} — »«*s. 


‘Sriar JMm Assurance Limited 

107 Choaprtde. KCZV BDU. 01-008047 

Solar Managed fi_ 

Solsr Proparty 8^— 

Solar Hoid 
Solar PnL 
Solar Cashs 
SolarimLS. . 


1-8234991 Legal 


3 529 +0d 1030 Sco^hs 

U+Vbiixe isas^zzz:^ us I —I - 

li+sl A General Tvndall FundV scotEx.Gtire — mea 2250] .j 21& Bms on A Dudley TstMgtJnyJJiL 

^72X091 P.a B«t73, SLHelier, Jersey. OSMaBOl 

SIM jZ Prlc< “ ■* ^ Next sub. day April IX- gjoxCT. [U3L6 1295] J — 

(Accnm-buitei Z_E tj ti9 -Zj 518 Sc h leslng c r Tract Mngrs. Ltd. («Xz) p jc, MgmL Ltd. Inv. Advisers 
Ned. sub. day April 12 Oncorporathw Trident Trusts) 1 1.9 T m n i a u ra Pmitnap iTIH WVH ALIA 


-MUl 3 m Dentscher Ixmstxnent-Trast JtT.inrLFa. 

PoMaeh 3885 Bioborgasse 0-10 6900 PranMhrL 

+0^ 253 coucentn IDMIMI MHI-OHH — Pares at March 1 

-il 754 intBentaifbnds— (onil.50 tlhJ^ _ Save A Prasper International 
Dreyfus Intercontinental Inv. Fd. Duling te 


.Royal Trust (CD Fd. Mgt Ltd. 

P.O Box 194. Royal TkL Haa. Jersey. 053427441 

R.T.IntTFd. BOS8C5 5L22) .1 SCO 

B.T. IntT. Osy J Fd-fis ,| 3ZL 

Prices at March |Sl Next *mHb| April 14. 


I'Z9 I P-O- Bo* N3712, Nassau.' Bahamas. 


37 Bread SL.BLHriier.Jc 


na] — | — 


6.94 JO, Carnage Road. Bristol. 

3 « TWa Ha* IUL 


■- KfiEiSi sa :z1 So 

396 NexL sub. day April 12 

!!!! 396 Leonine Administration m 

L.fTbura, 2. Dube SL, London WiMUP. 01-4880091 

ftuu fisBSK=B! 2fi 

Lloyds Bk. Unit TsL Mngrs. Ltd-V (a) 

a ^ .a. RarMzar’a DnL Gortne-hy-Saa. 

010331288 
-5221-031 4.48 


Hneorporathig Trident Trusts) 
140. Soath Street. Dorking. 


IF. A C MgmL Ltd. Inv. Advisers 



.0008)88441 

liffd 239 OsnLFdMar.M — | 5US433 | „..-.] — 

— 9m Fidelity Mgnd. A Res. (BdaJ Ltd. 
injH P.a Box 879, Wwdifcm, Bermuda, 
ts. Ffdeliiy Am. Aaa-_ 5PS2187 ._..J — 

.. _ i Fidelity InLFaml^ SDS19.41 +U3Z — 

402 2.94 FldalityPsc. Fd SUS44J4 „... — 

+04 4JB Fidelity WrldFd™ 5US3ZX5 +m — 

-03 434 Fidelity Star. Fds- £7M — 

-04 »w Senes A fin toll £338 +8M — 

. . .. urn Series BtPaclflci-. £746 — 

—04 us Series D (AmAssjj £M33 — 

jj| First Viking Commodity Trnsts 

Z.' . 


01033 4800 
Cent Pd. Mar. 


.] 5US4.73 



Panda 

Wzd « 



Lloyd's LHe Unit Tst Mngrs. Ltd. mma ISmIulS^ 

Ul 7300, Gslehousa RrL. Aytesbmy. 02985941 J, Henry Schroder Wagg A Oo. ljtdl lpu.vik.Qn.TbL 

597 EquhyActrura. (145.4 153.8) ..._4 434*”'^ *— — — lS=V-i««4* fer- 


& Co, LUL 
. oVmOTBOT 


b|S M * <* Gronpf (y.McXs) 

4*5 TbtM Quays. Tower HJH, BC3R OBQ. QHB8 4588 
3-90 


Sun AUlanoa Fund ManjpnL Ij td . 

Sou AllisnceHoose. Horsham. " 04086414: 
ExpJPdJnL Man a J 105430 16449 — J — 
lBLBn.April4__| 0253 1 „ J — 

Boa Alliance linked Ufe Ins. Ltd. 

04080414! 


— ” Cooc. Dep.Fd 1275 . 

“* Z ■ BwlikH- •- 1UI 
7“ Her. Inv. Man. Fd UU 

= &-*5B^E=' 

.... HA . . . . . . mao ' 1 5 m 

?|lRLBMt- r E' TSW-OJ g3 S3 

■ jown Brt Ixnf.A~,(l*l4 - j agZESjSZZ 3E» 

■ Encoder Incnrawem Co. Lid. . ' -nmfiTpaa — UM 

:"^ a ^?"ta? 1 ^reai w ^ wo * 1 NRL Pensieiu Ltd. 

jh. Prop. AP*0 4_(713 • -TMI MXhon Ooort, iwwn t Snrxay- 

$tgle Star Insur/Midland ACC. - - miHn;cag^|iu r :«u 

- lUiUyFd -MJ-4 . :.J|Mjr05|- — - NriMxd.Fd.Caj 

:op ^t«artP r ZEm3 * 'niaM — NriltaLFlLAei 

-S§23'r ; "1%Z£3$£2&SI 


Eta J - Sun Life of Canada (UJCJ Ltd. . 

S3 — j Z 2,B,ACflrioparSt,SWlT5BH. 01-930540 

. ■ . . JSSSu&r! Si |zd - 

— Merchant Investor* AsnuanceV * t&uEKZ- • IgA I -Ej - 

— rnffidfaStra^cr-ardoiL -. -• (n-oaeidTi I ra — * - *"* 1 — A ~ 

— Sg^j ^&Ffe. — 1 . 55j| 1 iSiJ Z Target life Awnronce Co. Ltd. 

ss. ' 3a- 

^UyBooa - 965 ( +03 — Man. Fund Inc W7.7 1854] — .1 — 


> to) ‘ 
KB 22271 
IH 5.74 
-4 534 
-T.9JX 

Had 12. 


14008530 
-J 4.70 
J 9.70 


Ltd.1 
SarSlUS 
Jl 4JQ 
S 491 
3j 755 
A 75*. 




0D3W34M FfcVk^feSoa-^aB ZlJ ^ 


Schlesinger International JBngL Ltd. 
41 La Matte St, SL Helier, Jersey. 00M73588L 

SAJX [75 M J > 996 

SA.OI 190 895 ...... 071 

Gilt Fd. 3.7 7S‘ -0J 1151 

Inti Fd. Jersey 190 105 350 

In tnLFd-Lsmbrg. - J95 1037 +094 — 

•Fbr East Fund— 959 1809 ..... 390 

•Next rah. day April 12. 

Schroder life Group 

Enterprise House, ftirtam oatb. 070377733 


D6.7J.-... ] - 


236 Fleming Japan Fund SJL 
R roe NotreJJame, huenbanl 

Fling. Apr. 4 1 SOS4797 | 

M4. Free World Fond Ltd. 



Slz: z 


tu Butefirid Bldg. Hamilton, Bermuda. J- Beany Schrader Wagg A Co. Ltd. 

4J6 NAV Match 31 1 XDSUZ94 | J — 120, Chcapride. E.C2. 01-3884000 

G.T. Management Ltd. Ldn. Agts. l^.fl 

Park .Hiw-, 16 Fteabiny Circas, London EC7. Asian m Atm. a — BOKMM 15JU 330 

Tel: 01«S 8131 XIX- MUIO Paring f£ 3T_ Eu.76 - £S|+091 580 


.. ... _ ■ __ Teh 01-028 8191 3TX- 888100 Duriin 

Scottish Equitable FmL Mgr*. lULf G.T. Pacific Fd. f SDSXUS (+096] 137 Japan 


28 SL Andrews Sq- Edinburgh OSUSBWOl 

Income Unto M79 M j zJoBZotE 

Aecnm. Units P*3 5B9| — -j 533 Anchor B*I 

De a lin g day Wednesday- AnehorlaL 

Sebag Unit TbL Managen Ltd.? (a) 
POBaxEU.BcMlay.HBa.RCA. 01-3809000 BempScF 

ISS£SSa:gf £i 

Security Selection Ltd. : aatJ i£*f” 

16-10. UmxJn’* Inn Fields. WC2. 0140109364 aT.AaUF., 
Unvd GUiTlt Acc _B33 249) — J 392 aXBondF 

UnvlGthThtlnc— P03 Zlil —Z] 392 _ _ __ 


DuriineFnd. RA176 - 1WI+091 580 

JapimM.Apr.6— gStfi iSJ+OATj 034 

Sentry Aanuanee International Ltd. 


1 ££f m. Sentry Aaaanmee Interaatim 

S3zd IS ^ p.a Ba 3=6, Hamutaa & Beremda 

^dscr. AnehorlaL F« tuj Z!.| 196 ManogedFund tHSLWI UQ1 1 .. 


AnehorlaL FU hOSM 411) : | 196 Managed FUnd UdSUW IBM] .._..] — 

M IS s- 

: Z..Z L n ^? _ ‘ _ „ Stronghold Management Uwim 

UntrMmi n Bn HBKOUrt Hd Hour KonE * w 

1401893M aT.AetaF.__HH*lB B5M&I176 P-O-BoxMA SL H^er.Jefluy.. 0334-71480 

j 392 OX Band Fund — SDSUAT |-hEm| 500 Coramodlty Trust -|9490 9958] — J — 

Z'Z. , . G.T. Management (Jersey) Ltd. Snzixreegt (Jersey) Ltd. Cx) 


Tb T” EZ . .-. ~ G.T. Management (Jersey) Ltd. Snrtnve* (Jersey) Lt«L 0 

S3^2S3^S§S5fT5 gJSBJflSir",.- 

ssSjBS^-S? «s_i » sat'asf.sssnaUi e® s 


Standard Unite— 1585 

Accum. Units [63.P 

Withdrawal Units - |4B-2 
Stewart Brttfek Cnrita! Fad 

•Standard — .11=9 3 

Aecnm. Units Ptt* 1 


053473013 

N+OM 19* 


*■13 Eg Sun Alliance Fund MngL Ltd. 

injfc Sun. Alliance Hae- Hoesham. 040384141 Hatchlaom Ha 

E ss ggftggd 


Gartmare Invest. Ltd. Ldn. Agts. 

3, SL Mary Axe. London. EC3. 01-2833531 

Cmtmaro Ftand MigL Chtt Eaa? ltd. 


uo Surlnvest Tnut Manages* Ltd. (rl 


M ffW Eaa? 1X4 
He^ii IB Harconrt Rd. ] 



lAM. 0824 23014 

waJj ^ 1994 




— Prep.Fd.Iac. 

— Prep.PU.Aac.___ 

— Prop. Fd. Inf. 

. HatJPten Ac-Ptn.. 

Mll B*tgagmJaa_ 


I-OBBOIO Pens. E l Atnll 3 — (1251 1329] ) 69* Tanjet TbL Mam. Ltd.? (aXe) 

■I 4-48 Manulife Blanagement Ltd. ^ 

daw 9 SLGaorgB's Way.StevcnaeB. 043858101 

Crewth Unite {503 5X71+0601 586 _- ^ ^ 

(■Me) -MayBower Management Co. Ltd. tSSs^S^ZHb!7 2S.1J ZJ 

SUSS MD 8 Gresham SL.EC2V7AU. 01-80880» QDo. Aoc. U ni t s , SL* 

-) 4W Income March 21 _DSL4 3069d J 835 

-4 General March Z1~|W5 710H| 4 513 

□ b 5 Mercury Fund Managers Ltd. 

wi c_k._ 0 nmmi 01-0004985 


1 ' N. American Tri._ KBUK si 

td.? (aXg) toll Bend Fond — PUSM . -.I na 

Dealings.- 0996 9041 Carimrer lavtmmt 8togL lid 

S3i ^ ^ fisfaesssw a 

WaI +0 6m Do. Growth 57J 


= -MISSS: 


:d = 


Life Ins. Co. Ltd. 

01-4098401 


-at838» 
..J 2m 
-4 2ffl. 
□ 730 




..._J 134 
J 174 

~~4 *-n 


6m Do. Growth -153.7 5731 1 Ml 1^1. M -nf 

ut Hamfara Pacific Fund MgmL Ltd. nav per 

390 2115 C wm a n g ht Centre. Hong Kong Tokyo Pacif 

§ 2£?&±=m “£Us| 2 

g sss-isnssjffi^ 

UL80 F-O. Bos 80, Guornsey 0481-20911 0 __* uu , Aj>rtl 

*M sfsESL .2ASI 3-2 SS3S“us£w 


FINANCIAL TIMES STOCK INDICES 

- _ 1 >r - 1 \*f f^y-.j T] ) S r -:t A r 


ho n5K 


'JmernmenL ^eui 73.96l ; 74Ja[ 74.08 73 

f-'teed ImereaL. T7.41 T7^» *17X1- « 

l-nduitrikl OrdlMiy- .467.1 .OTl.dj 47tf2|-4fl 

JolU Mines — - — ISS^Oj'iaSJi 15L6 ,£S 

• )nl. Diy. Tic-liL...-.-. 5.77J . S.75J 5.76 B, 

^ inntinifii Y’ltt&tfullK*) 16-86| -17.31 16.80 17. 
*lE Salic &;X8[ -8JW ®- 

ywimfp msAwi 5J ®*1 W 

i^iuitv uiranrer£iD_ •*. f- 78.13).' 63*16 7Bi 


raid 31 lues 

^ Ini. Diy. TichL— 

l(F {arcing ruaffulljn: 
.-»!■ Ratio (otiK*i)--.j 
; icalingd aiarLod -h— 
',y Vilify uiranver £m_j 


73^4 73.W 
77X2 TJ.lt 
48Z8 -432 2 

156.1 157,4 

"6.79 S4M 

17.01 17.17 

8,25 8.U 

5.414 .4,832 
76 ' 60^5 


Man.Pxa.Fd.Cap.. 

Maa-Pwn.Fd.Aee.. 

I Trident Ufe Asgtmuce Co. Ltd.? 

Khnaladft Monas, qoncretar 049830941 


ip^E 

Flana l i.. - ■ 

Growth Cap ... . .. ». 


IVm.MUgd.Acc.— C 


158.7 llgJt 


■ jiuitv UrtinhwtouU ~. 4l«t8M( 16.884122.633) 19,1121 IB.aiSj 15.539 

. : 10' £m- 471.9. 11 B _ ah 4tu.' NWM 479A 1 pJn j7T3. - 

" 2 p.m, 457.8. S pja 487A 
. I wi— * index J)U46 8026. 

" * Based oa fi2 dct cent, corporation lax. t N 11=513. 

■ oasis 100 Govt- Seta 15A0/S1 Fixed mt IMS. led,- Ord. 1/7/35, Cold 

'lines E/9/&- SE Acdvny- July-Dee. iml . _*. 


HIGHS AND LOWS 


! - 1978 . 

Stnor Comjrilxtion | 

High 

low 

-High' 

Low 


S.E. ACTIVITY 


'ijpd JnL... 8LJ7 

dilXUaw. ljU 

■ - ,(8/S). 


l/ii/47) ti/l/W)- 


— Drily- 

fHlt-MfjOd.-. 180.9 
indaMrica.'— 169.# 
tipectalhtive— 30.0 


.180.9 177.9 
169.8 211.0 


483.4 549 £ - 49.4 

; W - (1 4W1) OilbMi 5JJJ 

lim.3' 4483 45i ftieeuli 

(6/1; - -fZaA.7")p- ICi-7l TrioL,. 


tipeciilfctive— 30.0 42.5 

Totnh»«, 113.1 136.2 

frd^'Av'rage ■ 

(fUuKdued^ 159^ 167.4 
liriuriHria.;; 17813 183.2 
Spoeulmtfi^:.. 419 *5-2 


**utt.OL»ood_r MM I, — 4 — 
•Cash vahre for £100 premium. 

TyndallAssaraBce/Pe&sions? 

!R(Mil|m«*B<wd.RriBlri. 02«3tM 

lnwttf.H h. 

LAjQgMAT. IB 

Property Mar. 18— . 

Dejc3yi*r.l8__ 

Sway Fhl Mar, 10- 
DhMMHu.A. 

Mn.ftia.VAp- 

Do.HgtUyAXff.S~- 
D0.BaodApr.2_ _ 

DO.FlOp.Alff.3 — 

Vanbrugh Life Assnranee 

4 h43 Maddox SL, Ldn. W1XI5A. 01-4004923 


Ftewa Intent Fd. .. 1674 IM-OS - 
Pro p ert y W . Z— ■ U*J Mhn ..— J — 
CauFUud P17J 32SJJ— J — 

Vanbrugh Pensions limited . •' 

41-4S Maddox 3L,Ldfl. Win OLA 01-480083 

SSg-rrriKJ ril^l = 


24u! — 1 4ji Target Tst Mgr*. (Scotland) (aXb) • iStBgnBy ra^om 1 5oS Z_! IS 

Mul „ . _ Mlr r . ^ 1 IS. Altai Crescent, Brin. & 081-22888210 UJ- Svr»- W — Jg 

SnttTrast N^Son LUL? (a) ^ sal ra^<» a^Tnch "/&■ Jr" 

C wi rtwuod House. SUrer C i t raat. Head. Extra tocoma PO. — &C3 62.7^4+0011045 H w ib u mi Waring Pimj Mfnr lid 

Smffleid.siaRD. jtehWMwott Trades Union Unit Tst Managers? P.O. Box N4723, Nnessn, Bahamas 

72.7] +«a 5J1 100. Wood StreatRCJt. 0145888011 I=T*-,!55F;2L -7",, 


01 -4588 8011 JapanFd. 


.._.. 522 TOUT April 3 [48.4 5LS«4 ._J JJ2 

+51 Ih Transatlantic and G«u Secs. Co.? 

+51 3.69 

-02 626 


:zJ S3 

Apr. li 5 * 


aUJ+037] — 


W TSB Unit Trust Managen (CXI Ltd. 
gfg BagataUaBd.SLSorionx.JeeMV- OSSHwtft 

™ %Z££5%xr:z»} fldjtt 

Price* oo Axnil 5. Next mb. day April UL 
114 Tokyo Pacific Holdings N.V. 

591 intimis Management po. N.V, Curacao, 
i NAV per chare Match SL SUS302& 

Tokyo Pacific HUgs. (Seaboard) N.V. 
— Intimls Management Ca N.V, Curacao. 

~ NAV per share Moicb 3L SUS3795 

Tyndail Group 

— . p.a Bax mm HmUtan 5 nerauda. 84280 

*“ Overseas April 5„pUSU5 ig ,._.J 6.09 

J* (Accotn. Units) LHJ3I61 Ig .1 — 

8A8 3-Way InL Mar. BL_hR29M Zj»| | — 



113 I 1558 


L? (a) 

1 r w m»» n MMn_ , iw 1 puna ~v_Ai awv 

■3*1028* Do, Aceom. ^ 6t3 -0 J nm 

4 & :d II 

. -Prices at Mar aL Next dealing April 25 

23S0S23. Minster Fund Managers Ltd. 

.4 507 MbtftexHUu Arthur SL.EXI6. 01-8S31050 

(aXg) S^SffiifcZ $1 m3 Tzj 5 x 

4284831 HLA Unit Trust Mgemnt Ltd. 

■I LM. Old Queen Street SW1H8JG. ■ 01-8307333. 

j MLA Units P63 389) .—4 40 

.J 4.47 Mntnal Unit Trust Managers? (aKg) 
13, CopthoQ Ave. EC2R 7BU. 01-0064808 

age» MbtualSee.Fliia-.-m6 5211-511 695 

4084483 Mutual toe. TSL-;— (W2 69.9) -021 7.64 

1 xna Mutual Blue Chip- pM MM — 0JI SM 

"* Mutual High Via — p4.7 Sa?+a4j 990 

Ltd.' National and Commercial 
0002167 3LSL Andrew Sqiwre. Edinburgh OShSBd 0151 

dB.BS«tt=W H9|H 

Capc.Apr.6_. . — KK J2ja +|3 321 
t lhl tAceurn. Unliq) — ti«52 151i|+39( JJ1 

«975ai National Provident Inv. Mngrs. Ltd? 
.4 3J0 A8,Grac«chnrchSt.EC3P3HH 01-8234200 
NJ>lGtkUn.1U_|447 4791 ._J 390 

rAccnm. Unite)* — 153.7 573 390 

—a—.. NPUTteax. Tract -11345 121jri ..„, 3.05 
Jf 8 -® 1 lAccsm. Unftsr- —0294 ttuf — 3JB 
^ 425 *TTices on March 30. Next dealing April 27. 
. ^ "Wcte oo Aprfl 5 Next desflng April UL 

National Wesoninstoffa) 

JQL.Uhaapeidc. EC2V «gu. 01-006 6060. 

S| 4J4 eap to i [ABiam.1— [gL^ 4g 

l) FlnanrialZZ - ||j5 +fl3 539 




■n | kv Pncee oe April & Next dealing date April LL 

So.Sccs.Co9 HUI-Smmiei fc Co. (Gn cm ae y) Ltd. Vk*o«y H e — e.Pouglaa. Ideal Mre. 8884*881 

3ttlms&xrd 0*45 51851 8 l^bbvra SL. Frter Plat Ctoernscy, CJ. Managed Mar. 16— [1279 134.4) — | — 

GuerereylbL [1455 1559,-19] 3-48 ^ (CJJ ju* 

Samnril Oversea* Fond SJL 15 Mnlcaeter Street, 5 Heller. Jerse; 

Boxi Z12 427 37. Roe Notre-Danm. Inxeacbta n g TJ.UJ.Fund famous ULH) ..... 

iSl+3 sm r „, . - United States T8L btL Adr. C 


■PIE 


14. Mnlcaater Street. SL Heller. Jersey. 

U 2D. Fund [BSBUS ULO) _....| 533 

- United States Tit. btL Adr. Co. 


I Inter n att—al Pacific Knv. MngL Ltd. 15 Rue AUrfager. Luxemboorg. 


PO Box B2S7, 35 Pitt SL Gkdaar. AiuL 
y. 7aveHn EquMyTlt_|SL91 563)40931 — 
52S JJELT. Managers (Jersey) Ltd. 


U^. Tat to^ F tmI— [ 057 


S- G. Warburg ft Co. Ltd. 


a= ss 

«5j — , SM 
Hid +12 894 


QBpB dJtt Apr.6— 
Mr. Fur. Ape. 5 — ” 


SUS994 

SllSUM 

SUSLSSd 


01-000 453S 
+091L — 




. Jayd 053473741 


— xm FO Box 195 Buys] Bit Bn, Jereey0534 23441 35 Gresham Street, EC5 01-00045 

.352.8, I — GnrJBdFd. Apr.6_, [ SUS93* |+«M. — 

I™ ^ Mw- 8L ««t mh dv Apr- » EngyJnLApr.flL—l- SSJSK.83 +02Bf ~ 

£2 ffcndng ft Co. Ltd ftggij k 31 "loJ?^ 55 ^ Z 

I fra Wntbitig Invest. MngL Jwy. Lid. 

\ZZi SM Jordtoa Tpp. FdjH SCT17& t»ri 590 l.CbariagCraes.SLHeUer.Jqr.CI (B34737 
J *™De Sj£A™_... »PSg .g +0Bf 291 
JordineFlesLlnU. ■ SHE936 +542 — 

NAV Mar. Si •EtgSSmt g )Sflsl& 

Next mb. April 17. . 

027232341 Kemp-Gee Management Jersey Ltd. 

J u fluxing CroeaSL Haller, Jersey. 0634 WMi World Wide Growth Management^ 

""!.| 496 S*2 — f — — 105 Boulevard Bays], Luxembourg. 

498 Bfcmp-Gee Income -K53 67.*( | 535 wan 4*1 r). GUl Fd) SUSU96 i+Uffl - 


•*■3 . — 10b, Boulevard BayaL Laxendioarg. 

:::: abb ■«« * 7. 4] 535 ^^treide ett fuj susom 1+0011 - 

a ska as W7 " " ” 1 ~ -a 1 1 

f! NOTES . 

“ 596 

:z HS S3safe B i 

aw include bH 

990 opening pd 
premium ii 
cu y Offered | 

^ V Net at ta 

HU 1505 

-5i we f 

+02 570 ■ 

570 ; 

SD . CLIVE INVESTMENTS limited 

zq 522 1 Royal Exchange Ave- London EC3V 3LU. Tel.: 01-2S3 1101. 

Index Guide as at 2lsi March. 1078 (Base 100 at 14.1.77.) 

020482188 Clive Fixed Interest Capital 135.42 

loa 378 Clive Fixed Interest Income .• 122.34 


NOTES 


41.9 

11S.B .1212} 


FINANCIAL TIMES STOCK INDICES 

" i April . Apr. April April April - MW 6*Yoar 

■ — TY.- 6 6 4'.. .. 3. . 21- Jgo 

Z !_ . ' ^ 

.. ’ iduHlldal QmWlti— „ 2D2.27 S0BJ99 [202.53 201.40 199 Jit 1S0JB3 182 J4 
'^^'.GflhHMuLJww^l £22.4p 225 JO 822.77 221.87 '219.69 821.07 'iftA - 
'/Av. 5.B3 "_ 5.80 . 8.61 5-64 ^.09 8.65 6.81 

- - .8 Bating) .-- *^92 ;- 7.07 \7J»6 -UFJ 72S0 TifiS Mfr 

*‘‘.1 206.2ol 2O633t2^1^iM^805 jsl 206.27 171.E5 1 


GoBTHtMd'aM Th. Base Rateo- table. 

Welfare lunrance Co. Ltd? . 

Wi* v ‘rv > (OOS 57333 

; Mancheatar Group. 

Wiciditoc Life AMflT. Co. Ltd 
lHl^iStreeL Windsor. Windsor 881 44 

Lite Inv. Fluu 1653 M9t — J — 

E3aH»-Xjl = - 

Ham lor. (hmitb—iUEM 1059] — H — 


M+02 519 

**«"} ■ ^S 1BY - SI 37^3^2 UA Special . 

4 626 SS^, l 8Sa--'B.4 5w TSB Unit Trusts (y) Index Guide as at 21sl March, 1078 (Base 

j ild* Mel cl J ve Fixed Interest Capital 

------ <& 'ttDr«n« R TWldnr.W. mi (btfSB m? GllVC FiXBd Income 

Fiiondf’ ProvdL Unit Tr. Mgn.? .. -j m^ . pia aia^ sm i5 , 2&^5*?5ir — eM H5 """ 1 

FtebnBad.Poridng- wwB03B'^^Highi«ie..„!^_- ,So33 -a 3 596 ffiSSSS 8 — • Bi ali 4 * 3 7W COKAL EVDEX: Close 46441 

Prhvnd* Pro*. THt . ttl_D 4K» - Thr New 7W Fund Huaderafid. SU&&SP SSI SSS fW4 AS WA4L ini/UA- Ul» 

PC Arena- all-og 4J9 mtt BotiuchUd Asset Hamgement wdSaSzzISS ■ w|+o3 2 j» 

G.T. Unit Managen lid.? * Norwich Union Insu r a nc e Group (b) uk^r Bank? (a) INSURANCE BASE Ri 

STS ”^d 4??^ 392, -STS? t Property Giuv^ 

GT ^ga T thLlZ S!o 1S7 S? ^ pearI Tnttt “'““S™ ^ k***" SSrSmst Ac^mt ft MgmLLtd. tVanbru^i GuaSitecd 

GJ:ui*£&r US „m3 Al Im 2*a ™wmiamSLE04aaAB ™to0S34081 f Addrcea chown under Insurana and Pnwmi 

&T. Japan 50*n^ 2855 296 9a +59 535 5SS®fRS? F,t -- U SS — MS FrianH»LFimd_;lM5fc 345tl — J 439 — — 

^“IBS^Bl fe aSSSsIL^" jfiteuaaaamag ^ 

raraSSfKSSp-M 'fttttsarr 

y- *0 , - {«» - 3321 1 495 mom Unto—— 177-5 . ojui+u] 524 Accum. ttoto _Z 4 js 2. Tne commodity futures market for the 


-02J 578 
-02 571 
+02 794 
..... 799 
402 269 
4-02 299 


392) -92) 526 


CORAL INDEX: Close 464469 

INSURANCE base rates 

t Property Growth 895 

t Vanbrugh Guaranteed 750% 

t Address shown under insurance and Property Bond Table. 


Three month Tin 5890-5935 


2. The commodity futures market for the smaller investor 


1 r-^.-s^r.V- " 'T' 

- ft ' ■- ■ - ■* ■ 




. /-J 





































































































































































































INV. TRUSTS— Contiimed 




FINANCE, LAND— Continued 

Diiifcmb | | iLastl Di» I |VU( 

paid Stock ] Price M I Nri |CYi!Gr*)p/E 


'37 V 


Jan. Maj 


,13 


May Dec 



June Fob. 


CL North'll lor 


November 
Apr. OvL 
— MrJn.SJ), 
222 October 

- ~ 

I - May Dec, 
30.7 Jane NtH'.i 
222 May 

20.4 Nov. July 
— July Dec 
Nor. May 
March Oct. 


June 
April 
Apr. Au& 
Mar. Oct 
Apr. An £< 








Uaje£elm;.Iftt- 
Martin P.lijp. 
Ma*»Mrt.*R'lV 
SLSIC-Inrs. 12*)P 
\ipjmFd Sl£.i(^ 
RmmbelDp — 
ParkHafelm— 

PraabtS. FK 5 D_ 
StGenreelOp— 
Soot & Mere. ‘.V_ 
SEWttfwAan- 

SteithBms- 

SUm. P»ft HK50e 
Pd«Hn.NnOT. 
rmtMktT 3 .jp. 
ffstQ.Sdert.Ela 
West of England. 
VakCatwTOpir- 


1411 0.6S 
34 $5.98 
77JQSL16 
228 13 

fill - 
13Jtl0 
1720 629' 
163 Q9.4% 
1421 tO.44 
All 3.02 
19.9 Q425 
772 tf.9l 

Ifi Q22h 
124MMJ.02 
132 22 
13i tL38 
13J 139 


2J2j 1.7141.1 
U J.7 6 
- 6J| — 
0.7 14.1 153 


36 5.4 62 
3.7 5.0 BjO 

— 4.7 — 
0.4 63 27.7 
3-7 4318.4 

— 83 — 
22133 5.9 

— - 3.8 

il 12.! 10*3 
3.7 42 303 
33 2.610,4 


Serving the world ■ . 
with 

financial expertise. 

SANWA 

BANK 

Tokyo, Japan 


oas 

Dcc? U JuJy WUBmcoIOp! 138 M21 t6.13 L6 6.7 14.6 

Nov, May BriLPetroStaa 76W 3.4 42 4.4 82 

Jan. July Do.8%P££l. — 72^1212 5A%5B.9elS.7- Nov. 

- Bonmh£L_— 45 3 ff 74 • Mr 

Feb. An*. DoEbLoJltt. £57i 2 32 081;% - d62 - - 

— narNttSead- .900 — — — — — Dec. July 

Dee. JaneCenlmylOp— 56 2811 t2.43 38 6.6 4.4 Jaa. July 

— LlunertiallSp— 72h J 67 — — — 57.8 Nov. 

Julv QeFr ftnolesE- £21 52 QlUft JL9t 8.4 92 — 

rtCMDU£l— 400 
tIClyde Petrol £1 128 
Endeavour fiOe_ J3\ 


WvHtaub 

Prid 


MINES— Continued 
CENTRAL AFRICAN 


Net Ctr Gr i 


4 I December KCA — — — 28 282 

* - LASMO 148 - 

165 1 Feb. Aug. LASMmniSBlS; £103 Ifi. 

- LyaB'Om'JOp 334 - 

— Mama Metals Hfc. 19 — 

May OilErpLJOp — 208 12) 

— Premier Coe*. 5p 13lj — 

— Ranker Oil £213* — 

1 — Rc^mWj Div, tc. 1U — 

38.1 Oct Apr.RyLDtltdlfUO. £46)? 19.' 
112 — Sceptre R«. — 532 — 

15.6 Nor. May 5heU Trans. Reg. 517«d 3.' 

— Feb. Aug Do 7=kPf.£l — 63 3i 

562 — ttStebe»fU3J£l 258 _ 

253 Apr. Oct Texaco 4VbCnv. £59» 2 5.' 

202 Dec. July Trircnire! 358 MI 

28.6 — Lltramar 226 J11K 

— Jan. July DoTpcCnv — 132 3J 

i — Weeks Nat lOeta. 120 — 

DaPSd.OnLMt- 12D - 

. — WoodndcASBu. 7B — 



285xd yi 
19 377 

70 1274 
128 1720 
80 1212 
39 DM 
lllj 1174 


AUSTRALIAN 


luj. — uo — Acmeil5c 

nlJt r “IT. — Nov. Apr. BoagainrilleM Torn. 

014% - el4.9 ^ BHSonlh50c 

— — — Oct. Mby rtnaBeBiotlBioSOc. 

i! tinv ~ GiLKalgooriJeSt. 

L92 ij 13 33.7 September HaantnAreasSp- 

— — ~ — — Metals Ex. S0c 

— — ~ “ Dee. Apr. Milt Hld®.Hte_ 

T To T — Blount lydl 25c — 

A®" * M • - VewrartellOc 

r 7, T Jane Nov !*>nliB.HlI150c— 

“L,LJ * — Nth. Knlgurli 

4.9% 1146 12.0 - jBne Nov . OBkbridJeSAj 

§44,% - 054 - “ taewrfiST — 

43 o.e« r iffijSfc*: 

Vl 1A Apr. Oct Peto-WalUadaOe. 
7% 13.0 7.6— Oct, May Wean Mining 50c. 
nieu I sr-,1 — I — Wtajjn Creek 20c 


143 QSc 
974 - 
143 QlOe 


QSc L4 4.9 


litQUcI 1.4 


19.91 Q15c 
3.4( Q6c 


_ l<J35*l-l 7.6l- 


OVERSEAS TRADERS 


Nov. Apr. Antal. Nigeria 

S Apr. Oct Ayer Hi tam SID — 

Apr. OcLpJamlt Tin 

Jan. July BnjuntaiSUl 

4 2.2 9 Feb. OctGeevor 

— - — — Gold k Base 12>jp_ 

4.7 5.7 3.7 Apr. Dec. Gapeng Cons. 

12143(92) — Hongkong 

12 8.0 0521 Mac SepL Idris Wp 

73 3.3 53 — Jantar&jp 

32 52 73 — KamtmtimeSWLSD. 

23 2.0 8.4 Jan. July nmaghdL 

32 5.0 83 April Malay Dredging OB. 

22 9.0 63 - APBhaag 

32 5.7 9.7 Mar. Sept. Fengkaien IQp__ 

— — 102 Janet. Jan. PetsUagSUl 

— — — Mar. Oct Saint Puu 

22 14.4 i3.9t February South Croft? S0p_ 
17 11.9 (LBJ Jan. July Sontit Kinta $UD^ 
4 8.2 6 June Jan. Slhn Malayan SMI. 

33 4.2 6.9 — SungeiBesiSBU 

73 6.3 32 • - Supreme Cocp-SlU 

73 6.7 33 Mar. Ang. Tanjong 15p__> 
13 $ 52 Sept. Mar. Tongtab Hrbr.BJl 

— — — Apr. Oct TranotaSHl 


May lAfriean Lakes— 305. 113 4.4 4 

, — Aus.Aenc.50r_ 74 »377 Q2.5c — 

Apr. Oct Bernard iS.4W.J- 120m 132 6423 4.' 

Jan. July BenlntiekllkKlSQp 66 1223 6-2 1_ 

Jan. July BottAodnOp)- 29» 2 3110 152 1 

Nov. June Knl*yUas.)50p_ 301 311C £634 7.1 
■ July Dec. Gill&Duffus — 228 3U0 &B.71 3J 
June GtNtlBLflO — £60 2i 012% 2. 
Aug. Dec. ITrla'nv CimO. 387 3Ufl 02.72 3J 

1 Apr. Sept. BsSnunglSj — 72 112 426 2J 

Sep. Apr. InchcapeEl 397 302| tl53 3J 

| January 



Oct Apr. 
May Jan. 
S-f Apr. Nov. 

Dec. July 
»-3 Apr. Dec. 

Apr. Dec. 
3®^ Jan. SepL 

May Nov. 
10 , Jan. July 
Jan. June 


OtcbdlCdht-. 44 1112 
fjgerianElK.- 2S3 13.3 

eeanWlsns.20p 82 2821 
U'mlodkttp.- 185 at 14 
lo. 'A' N/V I0p_. 175m 3.4 
anger iJ-EJlDp. 29 82 

ena Sugar 5flp- 6 674 

Suae Darby lOp 133 1720 
teriBmLwp— 360 3U0 
orerKems-Mp. 46 Mil 


TINS 

— | 25 

285 


- Apr. OeL Do.8pcCnv.rn. £92 133 (92 10. 

Dec# Apr. r.CSty Merc. lOp 57al 33Tb 075 Hi 
2® 4 Star. ScpL DQ.WpcLn.18p 57 27^ f3.4 31 


RUBBERS AND SISALS 


i 2b 1631 
& S3 5.4 
4102 5.8 


25 113 tZ.51 16 15.2 

285 113Ji>nfifc 0.9 t 

53 8J 3.75 2J 10.7 
235 UMUOc ♦ i 

115 16.1 1&05 3.4 23.8 

Bia 1074 - _ - 

225 301 15.0 0.9 102 

147 U'67 — — — 

83 3&1 73 9 13.7 

11 4TB — - - 

69 - ZQ155c 87 4.8 

450 1212 0125 « 27.8 
285 133 1v95c 0.8 7.2 

49 9 75 Q5 5.1 

50 30.1 6-5 1319.7- 

172 121 mom# ms 16 

51 32 8194 4.6 5.9 

51 32 M.13 15 123 

145 32 10778c 14 115 

240n( 3.4 @i3L3c 11 118 

170 - 

68 974 ZQlOc — 32 

90 302 43 * 7.6 

85 1212 05632% 16 14.4 
175 13JZQ88C <t> 103 




COPPER 

50 1 86 |1212j$Q30c| 19| t 


MISCELLANEOUS 


rti 


R 



Dhidends 

Paid Stack 

August lAndo-Iadones’n— 
SepL BeruunCous. 10p_ 

— BiidiAfricai 

August BrathraillOp — _ _ 
Apr. Nov. Cbstlefidd lOp — 
Nov. June ChersoceaeI0p__ 
May Dec. Coos. Plants lOp — 
May Oct Gadck Malay l6l - 
Jan. Aug found Central lOp. 

Apr. July Guthrie O 

April Bvmculfly.£a-8)p. 
Dec. July Highlands 5B0c_ 
Apr. Nov. Stub KapmgMSL 

Jan July ttKulim M50c 

October Lda Samaria lOp- 

Dec. June Mnlakrtf JI51 

— Jlalayalao; :'i\ ‘ . _ 

November Muar River 10p 

May Nov. Pkaation Hldgs. lOp 
March Sungei Krian £1 


Net |Cw|Srt „ 


— Burma Mbevl7tzp. 

Aug. Peb. Cons. Much. 10c_ 

— NorthgateCM 

Jan. JuneR-TZ 

— Sabina Indfi. CJ1_ 


raExptn.51_ 

IndyMmaalsk 


October lYaktaConiCJl I 


9 S75f — - - 

250 31 Q30c 2.6 7.2 

297 375 - - - 

196 3LU t83 q3J 6.6 
31 — — — _ 

850 •— 1 

43 DIO 121 25 4.3 

152 15jj Q7c * I 22 


235 hL27 10 53 
271 s28 10 22 

3.4 2.75 4 6.9 

14 125 12 95 

27i lQ5c — 22 
1212 035 *83 


Z72 Q12bc 
1312 0115c 
82 *t43 

3 JO 13.43 
310 4228 
132 753 


E L " ■ NOTES 

QSc — 22 

55 * 83 VbJcm atiiarwhM indlealed. prieea and net d l v t dea da an la 

325 18 63 Pence ud an ZSpu Eathsatot pr i i^ m ia^ 

05 — 60 ratlee and cmch are baaed an latest aanal npnta and acemula 

ho. c j and, where paasible, are updated an half-yeuiy Bfnrra. r/Ikara 

■«. ic ,a ealeuJatad on the basis af act AatribnUm; bnebeted (laum 
fft 1 r< indicate 10 per rent- or more dllhiBM If calculated on W 
Hnf H 2, distriboUan. Covers are based on -«n—» distrUwriJan. 

1 hi Welds are tamed on ndddle prices, are greaa, adjusted te ACT ot 
rtt H M per eeoL mid aUaw for vslne of declared distribaUeu and 
125 0.4 55 rights. Seeuritiea with deaemlnartana other than am 

0-43 32 17 quoted Lodantre of the Investment dollar premium. 




im 

n 


i?. 



March [Sa»gsd Krfcm □ | £25 | 13j|?53 } 19| 45 A Sterling ttenomiaaled securities which include investment 

dollar premium, 
a. "Tap" Sioek. 

, " Highs and Lows marked thus hare been adjusted to allow 

TRAC for rights issues far cash. 

, f interim since increased or resumed. 

" India and Rancrfaifoch . * S"*"® s*®* tedueed. passed or deferred, 

inaia ana nangiaaesn « Tax-free to lum-naOml* on application. 

December Assam VoomO— 298 31104^50. 5.« 73 ft nl3l^ 0 «!ecS^ awaii * d - 

Marcb Awsm FnoturU. 290 132 b lA 2S W -85 it Price at time of suspension. 

September Assam In VS. 106 22C 73 3.7103 8 Indicated dividend after pending scrip aod'or rights issue; 

Mar, SepL Empire Plants 1 Op. . 23 1720 +198 16133 rover relates to previous dividend or foreeasL 
November Jn frrfP 260 1421 +12.00 35 7.0 ** Fi*« of Stamp Duty 

January UrngboarneU — 2m 3120+10.00 62 53 ♦ M^ger bid <v reorganisation in progress. 

SSm£L^^ 400 1538 49 57 * redacod sndior w^uced earnings 

a. ^ sss et & ^ s? -a b * “Es? — - — w— * — 

September WffliamHHi £!____ 166 228] 9.0 47] 82 j Cover allows for coooerslmt of shares not now naJdag lor 

. dividends or ranking «Uy for restricted dividend. 

Sll Ipiua 8 cover does not allow for shares ntaieh may also rank foe 

. „ . „ _ . __ dividend at a loture date. No P/E ratio usually provided. 

Apr. SepL|lmmvs £ 1 — | 125 | 33-3] 53 ] 15) 6.7 * Excluding a final dividend de c laration. 

+ Regional price. 

Africa U No par value. 

a Tax free, b Figures hased on praspretus or other official 


Nov. July, 
Feb. OcL 


ityretl 

Estates - 


117.101 50.0 
1 272] 13.0 


MINES 

CENTRAL RAND 


. Durban Deep Rl— 

Aug. Feb. East Rand Ftp- El - 
Aug Feb. Bsndfmil'n EsL RS. 
Aug. Feb. West Hand R1 


EASTERN RAND 


86 
87a 
23 
94 
69 
£135 
72^ 

104 

350 I 1331 53 
63m - hl3 
64i 2 3JMt3.99 
137 1 1 


Aug. Fe 
May Nov. 

OcL 
Aug. 

— IS. African Ld. 35c 

Aug. Feb. VlskfoclrinSl 
May Nov. WinkelbaaikBD 
— WiLMgtWSc 


66 td 3.4 
23 32 

348 - 

95 32 

344W 14 
39tfl 14 
75 32 

39 67fi 
41 31 

673rd 14 
48» 2 874 


FAR WEST RAND 


* 1173 estimate, c Cents. O Dividend me paid or payable on part 

* 113 6 of capital: cover based on dividend on full capital. 
w 1 e RmiasipUoa yield. / Flat yield, g Assumed dividend and 

f ield h Assumed dividend and yield alter scrip issue. 

Payment from capital sources, k Kenya, m Interim higher 
than previous total, n Rights issue peoding q Earnings 
based on preliminary figures- r Australian currency. 
■ Dividend and yield exclude a special payment, t Indicated 
dividend: cover relates to previous dividend. P/E ratio based 
oo latest annual earnings, n Forecast dividend: cover based 
on previous year's earnings, x Tax free up to 30p In the £. 
w Yield allows (or currency clause, y Dividend and yield 
|T. ~T based on merger terms. 1 Dividend and yield include a 
J special payment- Cover does not apply to medal payment. 
“ * Net dividend and yield. B Preference dividend passed or 

b.7| 7.1 deferred C Canadian. D Cover and P/E ratio exclude profits 
■ of U.K. aerospace subsidiaries. E Issue price. F Dividend 
and yield based on prospectus or other official estimates for 
1077-78. G Assumed dividend and yield after pending scrip 
and/or rights Issue. H Dividend and yield based an 
prospectus or oilier official estimates for 1078-77. K Figures 
15122.6 bused on prospectus or other official est i m ate s for 1878. 
yj — * Dlvidond and yield based on prospectus or other official 
_ «i estimates fur 1878. N Dividend and yield based on prospectus 
1 1 liu or ether official estimates for 18W9. F Dividend and yield 
rf ^2 based on prospectns or other official emanate* ter 1877. 
r! K m l Q Gross. T Figures assumed. U No significant Corporation 
?-? _?■? Tax payable. Z Dividend total to date. Yield based on 
•LB 3 m aaaumption Treasury Bill Rate stays unchanged until maturity 
— — ot stock. 

8.4 36.4 

1.7 75 Abbreviations: dead I vldcudiCKBCnp usue; a- ex rights; m ex 
— all; >8 ex capital distribution. 

“ Recent Issues ” and “ Rights ” Page 29 


Feb. Aug-lBbroorS 
Feb. AngjBmelsRl 

&JR0-29 


Feb. A _ 

Feb. Aug. 

Feb. Aug, Eoof Gold Ri 
Feb. Aug UbanonHI — 
February Sontfavaal50c 

Aug Feb. StUfontoin 50e 

Aug Feb. Vail Reefs 50c 


329 321 

881 32 

266 ll WSe 52! 

681 32 Q78c 3.7^ 

211 - — — 

113 1222 08.45c 10] 

£LU* 3JJnll35c ill 
462 
517 
454 
227- 
OSU 


This service is available to every Company dealt hi on 
og Stock Exchanges throughout the United EIngdomfora 
_ fee of £480 per annum for each security 

3.4 

6.8 


REGIONAL MARKETS 


213 Jan. A 
Apr. S < 
Ap Jy 0 
May S 

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'Oct A 
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38 



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ADtttefricfKlih^tahcsyoualongway 

Reservattons=Norw^Te! : {0603)41t036 



Monday April 10 1978 


CONSTRUCTION 

Builds for Business 


Army coup attempt 
crushed in Somalia 


Plans for aiding 
small companies 


THE LEX COLUMN 


BY JAMES BUXTON 


AN ATTEMPT by array officers 
and men to overthrow the 
government of President Siad 
Bar re of Somalia failed yester- 
day. After fighting and explo- 
sions on the edge of the capital. 
Mogadishu. President Barre an- 
nounced on the radio that an 
abortive coup had taken place 
and that a number of 'soldiers 
bad been arrested. 

President Siad Barre’s Govern- 
ment. which came to power in 
a bloodless army coup nine 
years ago. is known to have been 
under pressure following tire 
defeat of the Somali army by 
Cuban and Ethiopian forces in 
the Ogaden region last month. 

Last night Mogadishu was 
reported to be quiet, with troops 
and tanks on patrol and embas- 
sies under beavy guard. 

To outsiders the first indication 
of trouble came wben the regular 
6.30 a-m. (local timet news bulle- 
tin was not broadcast Later 
Radio Mogadishu went off the air. 
Reports from Mogadishu said that 
fighting took place on the 
western edge of the city, which 
is ringed with army camps. 

'One report said tbe fighting 
began when a group of mutinous 
troops tiled to seize a military 
communications centre 10 kilo- 
metres outside Mogadishu. There 
are said to have been deaths, 
according to diplomatic sources. 


Radio Mogadishu later resumed 
broadcasting and at 1 pjq. local 
time President Siad Barre 

announced that a group of officers 
and men had attempted to over- 
throw the government. “The 

national army has quelled this 
attempted coup and the culprits 
have been arrested," he said. 
“You must be calm. There is no 
unrest now" 

Colonialism 

The President did not say who 
was responsible for the uprising. 
“We bave constantly been aware 
that tbe forces- of coloniaLism 
which has many faces, both old 
and new, have all along wanted 
to stir up trouble in the country,” 
he declared. 

There is known to have been 
serious unrest In Somalia, par- 
ticularly in the army,, since 
President Siad ordered his tfoaps 
to withdraw from the Ogaden in 
the face of overwhelmingly 
superior Cuban and Ethiopian 
forces early last month. 

Some officers are said to bave 
believed that the withdrawal was 
a mistake and that the army 
should have fought on. Others 
are reported to have criticised 
President Siad's handling of the 
entire Ogaden campaign. He 
apparently failed to receive the 
go-ahead for the campaign last 
summer either from Somalia's 


long-standing ally, the Soviet 
Union, or the U.S-. which had 
been seeking better relations 
with Somalia. In November, 
Somalia finally ordered Soviet 
military personnel to leave. 

There have been unconfirmed 
reports that in tbe past month 
some dlgsenting officers Zxave 
been executed It was said that 
SO senior officers were shot after 
trying to shout down the Presi- 
dent at a meeting at Haxgeisa, in 
northern Somalia. 


expected soon 


BY JOHN ELLIOTT. INDUSTRIAL EDITOR 


Both the Soviet Union and the 
U.S. have been anxious to estab- 
lish links with Somalia in return 
for economic and military aid in 
the aftermath of the Ogaden 
debacle. 


The majority of Somali officers 
are Russian trained. But in view 
of the intense unpopularity of the 
Soviet Union in Somalia a coup 
attempt aimed at restoring Soviet 
influence appears slightly im- 
probable and yesterday’s bid may 
have been aimed simply at 
deposing the Somali leader. 

• Somali guerillas yesterday 
claimed to have killed 30 Cuban 
troops in an ambush last week 
in the Ogaden desert. The claim 
was made by the Western Somali 
Liberation Front which said a 
Cuban convoy was attacked near 
Jijiga and a military bus des- 
troyed. 


Three orders worth £50m. 
assure future of Alvis 


BY MICHAEL CASSELL 


MUCH OF the doubt surrounding 
the future of Alvis, the military 
vehicle division of British 
Ley Land's SP Industries group, 
has been dispelled with the 
winning of three separate orders 
worth nearly £50m. 

The company said last night 
that, in the past week, it had 
signed contracts which guaran- 
teed work for its 2,000 employees 
at Coventry until 19S2. Before 
the latest batch of orders, Alvis 
only had enough work on its 
order books to last it until 1980 
at the latest. 

Because of uncertainty over 
future orders, the company has 
been considering a range of 
options concerning its operations, 
such as refurbishing work and 
the manufacture of vehicles not 
already planned. 

These may now be postponed 
in view of the healthier outlook 
for the company’s traditional 


business. The latest contract 
successes seem likely to stimul- 
ate a new sales drive by Alvis, 
now hopeful of finding other 
untapped markets for its 
vehicles. 

Tbe three orders won last week 
came from Thailand. Dubai and 
Honduras and take tbe company's 
order book up to about £l20m. 
The orders involve 170 vehicles 
from its Scorpion range, includ- 
ing tanks, missile launchers and 
personnel carriers. 

Thailand will be taking the 
majority of the vehicles 
involved in the orders, and 
delivery is expected to. begin in 
1980. The smaller orders could 
begin to be met as early as this 
year. 

The company’s range of mili- 
tary vehicles is still being 
developed. Alvis currently pro- 
duces two tanks, an armoured 
personnel carrier, a missile 


launcher and a command vehicle, 
while a new armoured ambulance 
is due to be released this month. 

Later in the year, the seventh 
members of the Scorpion family, 
a recovery vehicle, will be 
launched. All the vehicles are 
powered by Jaguar 4.2 litre 
engines and cost a minimum of 
£100,000 each. 

The Ministry of Defence and 
the Belgian Army have been the 
company’s main customers, 
although vehicles have also been 
sold to Iran, Nigeria. South East 
Asia and the United Arab 
Emirates. 

The Scorpion range, an Anglo- 
Belgian project in which 
original design costs were 
shared by the two partners. is 
largely manufactured at Cov- 
entry, with some assembly work 
done at Leyland’s Molines plant, 
in Belgium. 


GOVERNMENT PROPOSALS 
for helping small companies 
with taxation and other 
reforms are expected to be. 
announced In the next few 
days. 

To-morrow’s Budget will pro- 
duce some of the changes, 
expected to Indnde payment 
threshold for value added tax 
being raised from £7,500 to 
£10,000. There will be other 
developments on financial and 
more general matters. 

These Initiatives stem from 
the work of Mr. Harold Lever, 
Chancellor of the Duchy- of 
Lancaster, since last September 
when the Prime Minister gave 
him the task of co-ordinating 
and enlarging the Govern- 
ment’s small firms policies. 

The first results of his 
appointment emerged in last 
October's economic package. 
Since then he has worked 
toward preparing an Interim 
report for the Prime Minister. 
He has handled a wide range 
of matters regarded' as problem’ 
areas by small companies, 
including . availability of 
-finance. 

Four of the main taxation 
innovations in the October 
package will re-emerge in the 
Budget and the subsequent 
Finance Bill. When (hey 
become law they will operate 
from last October. 

Three ease the impact of 
capital transfer tax for small 
business. They raise relief 
on transfer of a business from 
30 per cent to SO per cent, and 
introduce a 20 per cent, relief 
on transfers of minority share- 
holdings in unquoted com- 
panies, in both cases For trans- 
fers of, tip to £500,000. 

They raise the Ievei at which 
the tax becomes payable from 
£15,000 to £25,000. 

The fourth Innovation eases 
the close company apportion- 
ment rules for trading com- 
panies by raising the cor- 


poration tax exemption level 
from £5,900 to £25,000. 

Since October Mr. Lever has 
examined other ways of easing 
the impact of taxation. In 
January he announced his wish 
to see the threshold for pay- 
ment of VAT raised from 
£7,500 to £10,000. and he has 
worked with the Treasury and 
the Inland Revenue’ on other 
changes in capital transfer and 
capital gains tax. 

He is trying to find ways to 
ease the administrative burden 
which small businesses bear In 
filling in Government forms 
and abiding by other Govern- 
ment requirements. 

With the Central Statistical 
Office he has tried to cut dowi 
this sort of work, and has 
studied methods of easing 
administration of VAT which 
maybe announced soon. 

Bat one area where flfr. 
Lever had hoped to help is 
likely to be abandoned by the 
Government. This concerns 
the impact of employment avi 
, industrial safety legislation 
on owners of small basin esses. 

The Government has no 
intention of releasing small 
businesses from this legislation 
and it seems that no other way 
of easing the impact of the 
laws has been found. 

The other area of Mr. Lever's 
work has concerned availability 
of finance for small businesses. 

The Government is still con- 
sidering whether to introduce 
a State-barked guarantee loan 
scheme. This would encourage 
hanks to take a less cautions 
line when asked for financial 
beta by small businesses 
which cannot produce sufficient 
security. 

Tohelo maintain the momen- 
tum which Mr. Lever’s wort 
has created, the Small Firm; 
Division of the Denartraent of 
Indnstrv mav be strengthened 
and enlarged In the near 
future. 

Report ealls for “ tax shelter 
companies," Page 4 


. To-morrow’s Budget is likely 
to be unusually difficult 'to 
interpret The exact degree' of 
tax cutting— whether £2bn ot 
£3bn. is “given away "—win, 
not be crucial. What 'Will, be 
more important will be the' 
quality of the incotoe and. expen- 
diture forecasts used to produce 
an estimate of the public sector 
borrowing requirement, "and the. 
level of the monetary targets.' 

' Last year’s ’ PSBR forecast, 
after all, was. highly misleading. 
Instead of £4L5brL, not counting 
£lbn. of further tax cuts -later 
in the year, the actual figure: is 
likely to have come out dose td 


Vindbb 

litfiaRKij 
KHaRSilX 
BI 3 IIII 
IIBE'IKBMH 
■ lIlIBBrja 

■taFHIBMn 

na 

■ ■WIIIHIIII 


reference .to'thepqsmbility olXf 
appointing a director indepeSr 
dCnt 'Of H and C, which directly! , 
and through. intermediaries con-ill 
trols a 42 per cent... stake inJ/1 
LS. ^Sl 


£5bn. . Ironically, this under- • 

SEES iZLSJSES 

in the Governmen^nlS™te^ J Cd f de “ C ^? 0SDng l°w mn* 
the capital market— overaS £iy target with an expansionary 
inflows saw to that C0 «W point straight 

T ^ towards a credit squeeze. - 

Last year, after an initial djn. _ . _ ’ 

the equity market reacted For ^t-edged .the reaaa mug 


favourably to a Budget which i ? e ! ds 5tPet <djj I ® 

looked, and euhsequently * 


proved to ST JligUy 12 ?* «“»■ Provide clear value 
The monetary taSoework wS «gg* .. th »,.gg«gggi - 11 - 


relaxed with sterling M3 falling n rai 
short of its target growth range 5S5i.5? y , 


nation rate. But the inflationary 
tide may be about., to turn 


although* "fig "SKrtB WW* Resale input price 
quentiy mSettled for. several “dex sho uld show a sh arp no.) - 


■ - Such, a director would be in' 

a delkmte position, for this Is f ! '\ 
Dot the only way "in which the. - ’.- 
top H.and-C executives have..' '". 

; apparently changed their minds - 
about London Sumatra. Last Db>!> 
member, for instance, Mr. Harper 
r~as a member of the Board ol 
Harcros - Investment Trust-; ’ 

. recommended a "takeover offei 
Ivors H and C which valued tbe '" 

■ HarCros stake-in LS at not muct ■ 
more than TOp. 1 Now LS is re- 
jecting an' offer of 150p. UriV 
blushingly/atc Harper and tin 
rest of thie Board said last wee! 
they were “ not In the least sux$p 
prised” at the 2?0p a: sftaruc 
assets indicated .by . the receor - 
independent valuation. 

These conflicting views are p • 
no comfort tb outside share 
holders in LS who might wei 
appreciate the -chance -to sell i .. „ 
ISOp but are likely to' .bfcfre 1 ''- 


Monetary growth 


Output levels still 
depressed— CBI 


BY OUR INDUSTRIAL EDITOR 


Whitelaw defends 
immigration policy 


BY RICHARD EVANS, LOBBY EDITOR 


Japanese 
urged 
to invest 
in Britain 


THE row over coloured immi- 
gration, which threatens to 
become a major issue at the next 
general election, grew yesterday 
as the implications of the pro- 
posals unveiled by the Conserva- 
tive Party on Friday were 
studied. 

Mr. Merlyn Rees. Home Secre- 
tary, said statistics showed the 
major immigration of the post- 
war years was- over, yet Tory 
policy seemed to be based on 
the opposite premise. 

Mr. William Whitelaw. Shadow 
Home Secretary, described. Mr. 
Rees's attitude as “dangerously 
complacent " and stressed the 
need to remove widespread fears 
about immigration by discover- 
ing the facts and by imposing 
tough but fair restrictions. 

Conservative MPs in general 
were convinced that the stricter 
measures outlined by Mr. White- 
law at Leicester on Friday would 
be a significant vote-winner. 

An -important test could come 
on Thursday week in the by- 
election at Lambeth Central, 
where there is a high concen- 
tration of immigrants in parts 
of Brixton. 

The key to Conservative 
thinking was outlined by Mrs- 
Margaret Thatcher, the Tory 
leader, on Saturday. She said 
what was in dispute was not the 
rights of citizens but the num- 
ber of extra people wanting to 
settle in Britain. This view was 
backed by Mr. Whitelaw in a 
BBC radio interview yesterday 
when he defended the contro- 
versial proposals for a register 
nf dependants and for an in- 
dependent inquiry into possible 
internal controls on immi* 
^ grants. 


Mr. Rees rejected this as a 
proper basis and argued that 
immigration policy had to be 
based on the fact that the num- 
ber of immigrants was failing. 
He did not think a register -would 
be effective -as each applicant 
would have to be checked in aliy 
event before entry. 

He believed that within 30 
years the coloured population 
would spread out from certain 
inner city areas just as Jewish 
immigrants had dispersed. This 
would mean fears of being 
swamped would not be realised- 

Mr. Whitelaw. who insisted he 
was fully behind the new policy, 
admitted on ITVs Weekend 
World that it was in. part a pub- 
lic relations exercise to calm 
unfounded fearj about, immigra- 
tion. But it was also essential 
to plug loopholes which were 
unfair to the immigrants who 
had entered legally. 

He refused to discount ihe 
possibility that identity cards 
might be adopted, but stressed 
he would need a great deal of 
persuading that they would be 
right or would work. What was 
needed was tbe establishment of 
an independent inquiry. 

Leading Conservative critics 
of the policy were Mr. Terence 
Higgins, a former member of 
the Shadow Cabinet, and Mr. 
Peter Walker, former Industry 
and Environment Secretary 
under Mr. Edward Heath. 

Mr. Riggins, MP for Worthing, 
said the proposals were contrary 
to the European Convention on 
Human Rights. The most Objec- 
tionable aspect of the package 
was that it would deray rather 
than accelerate immigration of 
dependants. 


. Financial Times Reporter 


A CALL for partnerships 
between Japanese and U.K. com- 
panies to set up new ventures 
in Britain was made yesterday 
by Mr. Alan Williams, Minister 
for Industry 

That might be one way in 
which Japanese industry could 
become “job creators" in the 
UJv. rather than **joh des- 
troyers," he said at Heathrow 
Airport after his return from a 
week in Japan discussing invest- 
ment prospects in Britain with 
some of the country’s largest 
companies. 

“ We, next to America, are 
the biggest investors overseas, so 
we bave always recognised the' 
importance of overseas invest- 
ment for countries,' ourselves 
included. You also have to bear 
in mind that 20 per cent of 
British manufacturing industry is 
already overseas-owned, two- 
thirds of it by Americans.'’ But 
Britain would still welcome 
Japanese investment here. 

There was no reason why, “ as 
long as the proportionate terms 
were discussed with the 
Japanese, they couldn’t again be 
job creators by setting up manu- 
facturing units, rather than job 
destroyers by selling effectively 
against our existing units here 
and perhaps, on same occasions, 
causing the collapse of them." 

He pointed out that American- 
owned companies had some 1,000 
factories in the U-K„ while the 
Japanese had only six. 

Mr. Williams' visit was 
organised In the wake oF-thc 

decision by Hitachi, tbe Japanese 

television manufacturer, to drop 


THERE WAS little sign last 
month of any significant improve- 
ment in the depressed state of 
British manufacturing industry, 
according to the monthly indus- 
trial trends survey of tbe Con- 
federation of British Industry. 

The general conclusion emerg- 
ing From information supplied by 
nearly 2,300 companies was that 
there bad been no improvement 
in order books for home or 
export business, and that com- 
panies' expectations of their out- 
put levels remained depressed. 

The fact that stocks of finished 
goods were regarded as adequate 
or' more than adequate by three- 
quarters Df manufacturing. in- 
dustry also failed to help relieve 
the situation. 

This view of a “alow-moving 
economy ** was sent to the Chan- 
cellor by the confederation a 
week ago in the hope that it 
would encourage him to do more 
to stimulate growth and boost 
personal incentives in to- 
morrow's Budget. 

This morning, the confedera- 
tion has published the details of 
the survey which prompted it to 
make . this late appeal to the 
Chancellor. 


“There is still no Ann evi- 
dence from official statistics or 
our own trends survey of any! 
noticeable revival in the U.K. 
economy generally," says the 
confederation. Weak overseas 
demand was especially worrying, 
accompanied by diminishing 
price competitiveness overseas. 

“ With few exceptions, com- 
panies are not seeing yet any 
significant increase in demand 
although there are some sporadic' 
signs of life, generally for those 
firms producing consumer goods 
for the home market There is 
also an indication that more 
firms expect domestic orders to 
improve over the next few 
months. This seems to suggest 
the beginning of a period or 
economic growth, but with a slow 
start.” 

On a more optimistic note, the 
confederation also reports that 
the number of companies plan- 
ning to increase prices is again 
relatively small. At the same 
time four out of five wage settle- 
ments are said to be at or about 
JO per cent, with the remainder 
between 11 and 15 per cent. 


months- ^'^.and the hopes. of substantial 

capital gains which spurred 

Monetary orowtfi buyiD % last **** *** t0 
iviuneiary growpi. be a ^ ent . u the unusually 

This year Mr. Healey' , is high savings ratio of recent 
speaking against a much less months — it reached 36.1 per 
favourable monetary back- cent in the fourth quarter of 
ground, with the growth of 1977 — starts to crumble, a- 
sterling M3 in the year to mid- general tightening, of the fin an- 
April virtually certain to tie cud markets could be expected 
over the official targets. After to accompany a surge of con- 
tbe 1977 Budget Minimum Lend- sumer spending, 
mg Rate quickly 'dropped from Equities, of pourse, will greet - 
; 10.5 per cent to 8 per cent a rise in economic activity with 
This time the City is uervousiy more enthusiasm, . and indeed 
waiting for a rise in short-term they have noticeably outper- 
interest rates. formed gilts in the run-up to. 

In the financial year just £ e Budget But as a bullish ' 
ended. Government net sales .of * eme . the , 
gilt edged securities to the non-. ^nn 

hank private sector probably 

amounted to just short of £5ba. experience, 1 Qreni is in the gilt 
Similar or higher demands are “* 

likely to be made on the gilt- to ft>r long. 

edged market in 1978/79; when t nn J An C,. m otra 
the PSBR can be expected to he LOttOOn OUmaira . 

larger fit will probably be fore- In February Mr. Frank 
cast at £8bn. or so) and a greater Harper, chairman of London 
allowance will need to be made Sumatra, told shareholders that 
for bank lending. Against this in practice there was no conflict 
the problem of inflows is some- of interest involved in the close 
thing that can be safely' left off relationship between the com-, 
tbe list of possibilities. pany and Harrisons ' and Cros- 

Exactly how the money supply field: Me. Harper, and. the rest 
targets axe presented on the of .the Board, are also directors 
promised more flexible basis or senior executives of iff 'and. 
will be subject for clinical dis-, C. By March, however, the LS 
section within the City. In Board -was recognising th&ex- 
general the stock market is hop- isting. arrangements might 
ing for some shading of the “need further consideration in 
underlying growth targets, but the light of present-day- ideas.” . 
there is a two-way pull here This. was apparently a cryptic 


blocked by the H and C camj. Cfcitt 
As to the future for the alunjr ' 


price (currently only 128p) w- '■ 
tiie lapsing of the bid the L' 
Board simply says this ml -• 

41 ultimately be decided in th 
stock market" The mark* 
price, according to the director) •' 
will be helped by growing publi . 
awareness of factors like tb v ‘- . 
substantial asset backing. Whs . 
the directors do not point bv 
is that it is - precisely 
McLeod-SipeE bid which ht 
flushed' out. much ofthenewh’" 
formation which has recent! ' - 
been published. 


4, t 


The key to H and C’s be - 
haviour is that it is a dassl : 
long-term investor. The pc • 
formance of its subsidiaries an ' . 
associates, over many . years ! 
something ol -which it i-; . 
justifiably proud. But the le?l. . 
ol share prices in the short ju 
does not greatly concern ft 
group— and indeed, given -f . 
habit of continual nibbling 
the shares of associates, it leavbQ 
itself open to the charge that 
hag ‘-a . vested interest in to' 
prices. - - 

Maybe H and C will ne*'* 
die, but in tbe not so long ter 
all the - shareholders in f- 
associates will prove mortal ;_j- 
otherwise need to sell. A Juj. ' 
vote for the McLeod-Sipef off - 
could help persuade the H ai 
C Board thaf " existing arrange 
ments " within the group inde 
need further consideration, _ r ' 
London Sumatra and elsewhei 



»;i 


UN body proposes 
multinational forum 


BY CHRISTIAN TYLER, LABOUR EDITOR 


• UJK. TO-DAY 
SUNNY intervals, showers. 

London, East Anglia, 

SJL, S-W. and Cent. S. England, 
E. and W. Midlands 
Sunny, showers. Wind moder- 
ate or cold; max . 9C OSF). 
Channel Islands 
Cloudy, sunny later, cold; max. 
IOC (50F). 

E., N.E, and Cent. N. England 
' Wintry showers, sunny inter- 
vals, cold; max. 7 or 8 C (45 or 
46F|. 

N. and S. Wales. N.W. England, 
Lakes, Isle of Man, N. Ireland 
Dry, outbreaks of rain, cold; 
max. 7 or SC (45 to 46Fi. 

Borders, Edinburgh, Dundee, 
Aberdeen, Moray Firth. 

N.E. Scotland, Orkney, Shetland 
Occasional wintry showers, 
snow on hills, sunny intervals, 
cold; max. BC (43F). 

S.W. and N. Scotland. Glasgow, 
Cent. Highlands, Argyll 
Cloudy, outbreaks of rain or 
sleet and snow, cold; max. 5, or 
6C (41 or 43F). 

Outlook: Sunny intervals, cold.' 


Daily non-stop 


And you fly in a big, 
beautiful L-1011 Tristar or 747 to 


BUSINESS CENTRES 


plans to build a plant at 
Washington, Tyne and Wear, 


Continued from Page 1 


Healey tax cuts 


have cost nearly £2Q0m. in 
197S-79. 

An earlier rise has been 
widely supported by the TUC 
and within the Labour Party, so 
the decision could cause political 
problems if a sizeable number 
of Labour backbenchers vote 
with Conservatives and Liberals 
during the Finance Bill com* 
miti.ee stage to prevent .the 


planned phasing out of child tax 
allowances before the higher 
benefits take effect. 

A further cause of political 
embarrassment although a 
smaller revenue loss, could arise 
from any Liberal and Conserva- 
tive moves to reduce tbe higher 
marginal rates of income tax. 
Mr. Healey is in general only 
likely to go a small way towards 
meeting Liberal proposals on tax. 


Washington, Tyne and Wear, 
following hostility from British 
electronics companies and trade 
unions. 

The hope was that Hitachi 
might be persuaded to think 
again. The Industry Department 
said last night that Mr- Williams 
had returned with no firm com- 
mitments from Hitachi or the 
eight other leading Japanese 
companies he bad seen. But 
that was not surprising in view 
of the time companios need to 
take investment decisions. 

Mr. Williams also had talks 
with banks, clearing houses. 
Japan's Ministry of International 
Trade and Industry and the 
Ketdanran (the Japanese equiv- 
alent of the Confederation of 
British Industry j. 


THE UNITED Nations will con- 
sider a proposal that multi- 
national companies should be 
required to discuss their invest- 
ment strategies collectively with 
governments and trade unions. 

The idea would involve inter- 
national conferences at which 
a parent company wonld explain 
its plans to government or union 
representatives " from the 
countries in which it bad sub- 
sidiaries. 

It is seen not simply as a way 
of curbing the power of multi- 
nationals but also of giving their 
workers and others indirectly 
affected a common negotiating 
front on the placing of invest- 
ment and jobs. 

The proposal will he part of 
discussions in Vienna next 
month, when the UN Commission 
on Transnational Corporations 
has its fourth session. It has 
been put forward by one of the 
four labour advisers to the Com- 
mission, Mr. David Lea. an 
assistant general-secretary of the 
British TUC, as a possible part 
of the proposed UN code of con- 
duct for multinationals. 

Companies world-wide are 
already protesting about another 
part of tbe conunission’s work, 
that on accounting standards and 
disclosure of non-financial infor- 
mation. 

Mr. Lea argues that before the 


question of how much informa- 
tion should be disclosed can be 
settled, the UN should consider 
by whom that information is 
going 10 be discussed. 

Unions occasionally hold 
world conferences — the Inter- 
national Metalworkers’ Federa- 
tion bad a conference in London 
last week about Metal Box and 
the four U.S. multinational can 
companies. Company representa- 
tives sometimes attend. 

But the UN is being asked to 
give unions the right to Joint 
discussion at international level 
through a permanent body. The 
idea of a company-government 
forum is seen as likely to appeal 
particularly to Third World 
nations. 

It remains to be worked out. 
how the kind of code proposed, 
by Mr. Lea would he enforced. 
Presumably governments or 
unions (ailing to get a response 
from a company to a request For 
consultation would complain to 
the commission, which would try 
to put pressure on the company’s 
home government. If that failed 
the government in question 
would be the subject of a critical 
UN resolution or declaration. 

Next month’s Vienna meeting 
will also look at the transfer of 
technology and the problem of 
international bribery * 


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HOLIDAY RESORTS 


Ajaccio 

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Blarriu 

Blackpool 

Bordeaux 

Boulogne 

Casablnea. 

Dubrovnik 

Karo 

KtuDcal 
Gibraltar 
Guernsey 
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Naples 

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Tannler 

Tenerife 

Tonis 

Valencia 

Venice 


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mid-day 

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This Summer, fiv with the Air Ca n ad ia ns to 
Toronto any day of the week- you choose. Our 
service is non-stop from Heathrow*. And if you’re 
going to Montreal, we have non-stop flights three 
times a week. " ; 

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you’re fiyingro. Cohiactyoitr 
travel agent now, or call the 
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