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\Nor 27,637 


Tuesday August 1 5 1978 


**15p 


• 1975 


LAINC 

MANAGEMENT 

IN 

CONSTRUCTION 


-COWiHEHTAL SnilNS T WlCTSi -AUSTKiA Seh 15; aBSIUH Fr 25; DENMARK Kr 3S; FRANCE Fr 3JB; GERHANY DM 2.04 ITALY L 500; NETHERLANDS R 20; NORWAY Kr 3Ji PORTUGAL Esc 20| SPAIN Ft* 40; SWEDEN Kr 3, 


.25; SWITZERLAND Fr U; EIRE 15p 



SUMMARY 


BUSINESS 



off 1.3 


A' 

•-■Wi-- 



EQUITIES closed I 
> : 53X5, above the day's 

. Iain's ' Irtiasd telephone 2 - 5 down * although 
' "- rices canid be hfi> today as disappointment about . 

. ‘ effect of ; the . Post Office „ G® 14 ***»» 

Ineers’-d^crte: ^»reads, 1 in “W 10 !! - 3.6 to ... 
e of some progpress towarite highest since February 

etilement yesterdaj. . # GILTS: Short* also ■: Ust to 

lore than 70DengineerB m the after falls nmririffto-* f xinei , 
ind trunk section 0 f -London's 2« 
r • uday exchange walked out ^' n ? y ^r. 

a caHeague was «ent home. ^ c ^ itfes 

• ..'silks aimed at ending the dis- ™ **■*'*’■ .. ->r : 

. . .e— mainly about a union ROi n L™ ** , - i .LL 

'land for a shorter -working « t n ^ ■ 

fc ;;*-wi U resume today” Baek the highest level everra^din 

& BeTlnwoIaS^ 



MAR APR HAY JIM JBtr<A06 


rorpe flies 12201 

Geneva 

. • Jeremy Thorpe* former 
eral leader, flew to: Geneva, 
h his .wife to attend a UN 
'Jerence on racism, and. take 

• if his agent called “a fair 
rs’ holiday.'' 

>0 days ago Mr. Thorpe and 
ers were bailed on a charge 
i conspiracy to .murder Mr. 

■rman Scott PaSsportr were 
rendered but ;- magistrates 
ecd they could be returned a£ 
discretion of the police* ■' 

.MP setback •■_. -• 

• -j latest opinion poU shows 

; port for ■ the Scottish London. Comer August sSettle- 
Ucmalists at its loyortjfc u* : aMBt-pite- dosedat4*li70 
.October <4 general election.- 

.3 poll, by System Thrwvgivefl S- m *yr ' 

iinffinr 8 ■ * STERLING' rose £Mc cento 

S d pii b ? (4S} and Tory to $L9810. XradeA^iglite^lWlex 
■r,- ; a: . was 62.7 (62.€). DOU ' " 

-rael relents t« s*f r lssas tswft 

iel has shelved its controvert yJ^^Yl^JS' 96775 ^ 

• \ plan to establish new settle- \c 

nts on the We st ^an k -untj! # WALL STREET do&Kteffi 

rat n si»ro^i , gs !t s “r *•«««*«»• 

_ _ 8 _ mrn VS- Treasury ‘Bill . 
aCK ta iWOSCOW . Threes .6.887 <6.808) - pep «pt; 
tristino Onassis -AjeJ." hito Prices ^.258 *(£172) per Ceat*^ 

• 15 ™ w . ^ jjf : gjjj? ffi CEMERaL MOTORS Is pft- 
t husband of two weeks, Serga;^^™ that 1 total sales of cars 
nrov, hut he was not ‘aL the i a j ltf trucks ‘ in the 1979 model 
■jiort to meet- her *hd .yw-wiU set a new record for 
uher said she was surprised- ^tbe-UJS. 
it her daughter^in^w -was; ^£e4 

■’jc • ■ » I -V ■ -• . v “ ■ 

■ ' •• ■■■ • VAUXHAIL assembly work- 

LO moves OJrtnS ' '■-■.«* . and drivers at Ellesmere 
_ , • . ... 4V-v- Port are bemg.. .recommended 

.e. Palest me .. ■Liberation today- to accept a -'new pay and 

ganisation is moving ftsyrnsns omditions.bffer. The men's strike 
A ammunition.. tlumpa.-'Oui -,oi tiad halted- car 'and- component 

• irut residential areas;- in^ "the . nroductidn. at -the plant, and Is 
ke of Sunday's bomh:^l*st. in on the -point of affecting the 
iich a block of flats Aousmg Liltou works. 

/eral Palestinian grama coir W y -- - •' ■ 

>sed, killing 96 peoplt'v . • -v.v- - 

, . • '-•-POLAWS- submarine “black- 

ame Change ing t ended nt- Scottish basesl 
e . . - : ,w after .dockyard workers accepted 

^ l.BwrjW.oatt affecting 1S3.000 




Mr. Terry Duffy, Mr. Moss Evans and Mr v -Cllve Jenkins arrive 
for the Chrysler taljk$, 


BY JOHN ELLIOTT AND ALAN PIKE 

THE . BIGGEST consultative" 
exercise to examine a company 
merger is to be launched . by the 
Government to help, it decide its 
yiew on the proposed. Feugeot- 
Citroen takeover of Chrysler’s 
UK operations. 

After a meeting last nlgbt: 
between Mr. Eric Varley, Indus- 
try Secretary, .and union, leaders, 
the Government is to hold wide- 
ranging talks with all -sections of 
the Brltisb car and motor com- 
ponents industry, including the . 

State-owned BL, formety British . 

Leyland. 

There are no firm signs of 
major trade union opposition, 
while both a Conservative Party have to decide whether to make research staff to produce a de- 
spokesman on industry . and the approval of. the merger con- tailed series of questions on the 
Motor Agents -Association came ditiobal on guarantees that possible. ; implications of the 
out firmly in favour. Linwood will be kept in business. Chrysler takeover. 

Ministers have been careful a senior Peugeot executive in They tope they will have an 
not to give any formal view on *»--!-• c-ta viUerdav that a opportunity of putting these at 
the. situation beyond deploring British -rejection of the takeover a meeting with Peugeot-Citroen 
the fact that Chrysler did not would srame toe renLSd^ of and Ctoyirfer directors to be 
consult them earlier But it S e Frlff CDml^yTdSIl ?o arrarigpy Mr. Varley. 
seems that, if Peugeot is pre- take over all Chryslert European Mt ;Mhfls Evans,^ general sec- 
pared to give assurances about o perations Solving S^ra re^xy_ ,'M 1 the Transport and 
keeping plants open and main- p^tj. to France and Spain. General Workers' Union, who 
taming jobs, theFrench company p Nfltiooal leaders a{ the nine led yesterdays delegation, said 
could inherit the - easting „ the nraatK were embarking on a 
Chrysler arrangements including ?§? programme to obtain maximum 
ttie loans and grants that tee 5r 3 - obfwJ? the nSmmmt ron- possible; information on the 

^Stion“when P ™°^ M?. 

avaiiaoie^ since 1976. Variev vpjrtprdav offer. ^3>e consultations would 

The future of Chrysler’s vane J yesieroay. be mo tor industry 

troubled Scottish plant at Lih- There was no outright con- siuaid be completed within 
wood will be a key factor and demnation of the possible a month. 

Mr. Bruce Millan, Scottish Sec re- Peugeot-Citroen takeover from Referring to the planning 
tary of State, who is on holiday, the officials, who are keeping v . - ™ 

is likely to be asked to prepare their options open, until more vonnaaed on 1 Bart 

a special report for the Cabinet information is available. Lncas presses Ducemer bid. 

This is because Ministers may Union leaders a[re asking their ... Rage 31 

Chairman Hua embarks 

visit 



BY JOHN HOFFMAN 


-PEKING, August 14. 


in try’s 


civil servants. 


inelpal newspaper, :is dropping p, m 8 
» word “Rhodesia" from its ^ 

le starting today, -pending • hB. Ai.ky PARK, former 
ode si a 's year-end chagge.to file chief- executive of British Ley- 
me Zimbabwe. - .r-land, has joined Standard Tele- 

_ -.1--:- ;>7vphoues and -Cables as director, 

ehran pom 0_J, { - financial controls.: 

man was killed and 40 people 1 .- B ^ k Pa * e . 

re hurt in a bomb blast at a « TRAVELLERS in Lon- 
itaurant in Tehran. Ntf r <me --.don and "the South-East will be 
limed rcsponsibUity' for : the snared higher-thaiKiverage fafe 
1 st, the latest incident to Ban's rfres when British Rail increases 
i wing internal crisis. '. “ . 'V 1' fts : prices, probably by 10 per. 

K _ ; eent, in Jannary. '. 

ngland win : j^Eage- ; 

- (gland went two up id te" 6 Test £- bRITTSH AIRWAYS is to add, 
tics when they beat Ifew; Manchester to ite. list -of shuttle 
aland by an innings-and^llfl- withimhg UK. with, 

ns at Trent Bridger- New g nev/ t'vo-hoinrly service starting, 
aland, needing 309 to make next April -"between. Heathrow- 
island bat again, were aJl := oat: Ringway. - 

r 190. - U: :JE5Sge6 

- • "BARKER and Dobson's GikeH 
v sbotts supermarket chain is ptill-. 

hn Stonehouse. jailed former ing out oF. the grocery business 
hour Minister, was “cfeteriorat- Back Page 
; "in Lowestoft hospital after-. 1- - ... 
heart attack. fiQIPlURES 

ie Queen began her traditional • ROYAL WORCESTER is tog 
mmer holiday at BalmoraL . Vpay"££Sm' caahYor Garbo ruiiaum- 
jurners packed " Westminster 1 company's 45 jrer cent stake 

ithedrel fora requiem mass-fpr Royaj- Worcester Spode. Ro, 

ipe Paul VI. Worcester, which owns the otne^ 

vpntv children' were b u r n ed 56 pgr cent of RWS, is to repa^ 
icq hvdrcwen balloons to- Carborundum.; <i 

Matsue, J apan. ; 
etor Silvester, the danre -banff' ^ TTNiPuEVER pre-tax profit rnsa' 
alter, died. of a heart -attacL- t0 £298.4m- <£JS8Jm) on torn--] 
-■ar Nice. He was 78. - • Over of £4.77bn (£4.55bn 

kmI imUoitiug -affecting: • 96 «*Y^endg Jwxe 30 
ispital patients in 'Lanaikafilre • and 

as caused by drickp^ ffra.VX*; • CHUBB AND SON Is 
ote I ban SO pw cent^of UK'fire £li8m by- a one-for-four rights 
isualties are causedito-hQmes. : : issue a^ 13Sp per share, 


CRMAN Hua Kno Feng left by Foreign Minister Mr. Huang exchanges^# economic and even 
•eking today on tbe first visit by Hua and nvo senior Politburo military deUjgations between the 
- Chinese Communist Party members, is returning the official two countries. Bat Sino- 
ader ko Europe. visits paid to C h ina by Roma- Romanian tte axe primarily 

The Chinese. head of state is nian president Nicolae Ceausescn; of political and symbolic 
jug to visit Romania, Yugoslavia in May this year and by M arsha l importance., 
and Ban in . a siring of official Tito- of . Yugoslavia, last Septem- Despite the .halving of the 
visits which -win 4ie viewed in her. Soviet share - in Romania’s 

Moscow as a direct challenge to President Ceaiaescu last Mmi- foreign trade between 1965-1976 
the Stfriet Union's claim, to a day paid a one-day trip to the from over 88 to 18 per cent, 
slsiminitting roIe ’jn. t!ie area. . Crimea, where he_ had what a Soviet-Romanian trade is still 
^ Chairman Hua\iras seen off- at communique described as ‘Trank estimated to be five to six times 
58eking:.airport by'a. larg® party friendly "talks with Presi- larger than the trade exchanges 
i*E. v '-._his ;.' deputies and senior dent Leonid Brezhnev. with China. -■ 

{Spiwnais from Romania, Yugo- He has apparently failed to .The fact that Chairman Hua's 
SaVia and Iran. His -first -stop placate Soviet ire over Roma.- visit to the Balkans also coincides 
ifOti Bucharest. nia’s “go-it-alone” policy. The with the 10th. anniversary of the 

Re visit marks the emergence Romanian leader earlier , this Soviet military interven tion^ in 
-.Oiina as a major factor m month reaffirmed that his conn- . Czechoslovaioa is a . further 
-Balkan' - politira amid growing try was not going to get dragged reason for Jhe. Soviet anger at 
fSino-Saviet tensions. It also into the public polemics The- Chinese meddling to East Euro- 
tjws the conclusion of the. tween Communist countrira. '.. • pean affaire.. 
troversial friendship treaty Romania is the only Warsaw ■■ In contrast to the Kremlin,' the 
Men Peking and Japan, last Pact member state which has. Yugoslavs are dearly delighted 
kWvri. which 1 has already maintained cordial relations with not only with, the visit itself, bat 
_» under heavy -fire from China, which Mr. Ceausesca also with the growing Chinese 
fiftgjyi-jif ■ : . • visited three times during -the interest m the Yugoslav self- 

’ Lendvai writes from past Z5 years. management system. 

Mr . Hua, accompanied. There have been numerous -Hua. takes to the road, . Page 4 


riefly - 


Dollar 
hits new 
lows on 
Continent 


By Peter Riddell 

THE DOLLAR plunged by 
-nearly 41 per cent against the 
Swiss franc at one stage yes- 
terday, -as the U£. currency 
again touched record lows on 
the Continent 

The growing disenchant- 
ment with (he dollar, as re- 
flected in steady and some- 
times sharp declines each day 
this mestb, has so far pro- 
duced no overt signs of early 
action from either the UB. or 
countries with strong cur- 
rencies. 

Mr. Nobnhiko Ushiba, the 
Japanese External Economic 
Affairs Minister, yesterday 
said, that unless the U.S. took 
determined action to support 
the dollar’s value, there was 
“little or nothing that other 
nations could do to calm the 
turmoil on international for- 
eign exchange markets." 

He hinted that if the UA 
changed its mind and became 
determined to belp itself, then 
perhaps Japan could take some 
more effective action to stop 
the wild currency fluctuations. 

Similarly, the Swiss National 
Bank said that no further 
measures to counteract upward 
pressure on the Swiss franc 
were imminent. 

Discovery 

This followed a fall in the 
dollar to SwPr 1.5730 at one 
stage, compared with Friday’s 
close of SwFr 1.6475 — itself 4.1 
per cent down on a week 
earlier. The dollar closed at 
SwFr 1.5835. 

The dollar rallied slightly 
towards tee dose before the 
announcement by Texaco of a 
natural gas discovery, but the 
U.S. currency still elosed well 
down against the D-mark at 
DM 0465, against DM 1.9677* 
previously, and at Y183.70 
compared with Y 185^5 on 
Friday. 

Dealers reported teat there 
was not a particularly large 
amount of business, but. that 
the sharp falls reflected defen- 
sive marking down of rales in 
face of a virtual absence oL. 
demand for the dollar and 
only smaH-seale central bank 
intervention. - 

The weakness of the dollar 
was reflected hi further rises 
In the gold price to record 
levels in the London bullion 
market. 

The price per ounce climbed 
a further $31 to $214£ at the 
dose in London, with later 
advances in New York. 


£30m deficit 
on current 
account 

BY PETER RIDDELL, ECONOMICS CORRESPONDENT 



found off New Jersey 



BAY1D LASCELLES 

EXPLORATION group Shell Oil and Conoco, reported 


NEW YORK, August 14. 

: If the And does toms out to 
by - Texaco to-day .dry wells there a month ago. be commercial, it could be fed 
d ad encouraging find Mr. Richard Palmer, Texaco’s by pipeline of the 

atural gas in a new drilling senior vice-president for explore- 

-'in. the Atlantic. . tion and production said the total JP , l ® 31116 ', A ^ J noment ' tee 

F fhe find proves to be. com- extent of the discovery was not 5rL 0Ut wn^ianri 1 

cdal, it would hold prospects known and would not be known tee neeas « New En^ancL 
f ? a targe new energy sources for several months. The com- P™ 3 £ ew Jersey ana Penn- 
i to the dense industrial and pany would drill several more syivama. 

^Ytiai areas of the east wildcats before deciding whether In spite of Texaco's caution 
- to. establish a production plat- it was assumed here today that 

Kuiflscovery. was made in the form. That could take eight to. the company would not have 
Canyon area; about. 12 months. gone to the trouble of making 

off the coast of New Td make the find commercial, an elaborate announcement 
f,. between New York and it would have to yield 200m unless it wafe confident of the 
ington. The wildcat well is cable feet a day.- “The prospects. Mr. Palmer said: 
ng natural gas at a -rate of significance of this discovery is “You can -assume you win be 
"cubic -.ft "a day from a that it’s the first indication that .hearing more from us.” 

14JW0: feet ..below the natural gas can' flow from a ^ s i s companies in today's 
The well ties m 432 reservoir off the eastern sea- stressful - -greap, and their 
•"'Of water. board." shares arc -Texaco 31J5 per 

^though Texaco is - being Mr. Palmer did not discount t Getty Oil -90 per cent- Sun 
§mely cautious about the the possibility of ah ott. discovery “n <DeI?waie) 1^ per cent; 
cfjeanre of its flnd. the news tn the arw-4mt the ^ chances chemidU" 12^ W cent; 

ted much excitement because were more in favour of gas. His Transco Esnkrrefinti 10 cent- 

w , . is- tee first encouraging re- company's find had omired to a JJJ Free p^Sfl 10 pe? cent # 

Over of £4.77bo (£4.55bn) for tee J§«f,on prospects in the Atlantic different structure from that an “ ^ 

drilling began there earlier being explored by Shell and- Texaco shares- rose 51 to $264 
lx year: Two other companies, Conoco. on the news. 


iHIEF PBlCECffAICES YESTERDAY 


Prices in pence' nffiosetitharwise 

mdkaiod) 


+ s 

+ 4 . 

+‘4 : : 

+.4 

:+4 
+ 8 ■ 
+ 12 
+ *- 

+..4‘. 

•+■ 7. ; 
+■••* r_ 

+ 4 
+ 12 :'. 
+ 4' v. 

+-sa- 
+ 8 
+ 8 -': 

+ 11; 

+ *; 


onber Day 48 

iar and WAT A 12?- 
awvn (J.) ,^....~.w-484. 
haddesley Ibvf. SO. 

>avy lntnl. 

htnlop -W; 

''ocartliy lB,) 

laden Carriw 

tambros' 

nvorgordon Sist,. • — 

v. Shoes 

-ivcrpuoi. . Dally i« 
danchwner Ship CnL-SJ®- 
ditinrd' Stocks — -y— 

K Bazaars ‘•-" 4 92 1 
aster Pan Bakcncs.w J&. 

-40J 

great Electronics . 

Htterkw -Jiw T 1 


Ricardo 

Robinson fthos.) . 
Royal Worcester 

Tometin- - 

Unilever ' 

VIbroplant. '.-....r 
Wallis 

Wheeler's Rstxnis. 
De Beers DM. ..... 

. Pacific Copper .. 

Petal ing 

Selection Trust • « 
Vaal Reefs' 


w* 367 


« 167 
.i. 328 
k. 570 
190 
... 213 
410 
... 463 
... 6S 

... 265 
472 
EX7i 


• . . '. FALLS 

Arecd.- Dairies 2j»0 

B<KL total,' — — 71 

Bank of Scotland ... 285 
Bourne- HoQtogsworth 
RTD - — 10 

- Reed-'Intri . 

Safnsbury (J.) >-* 

UJtrwaar 


+ 7 
+ 4. 
+ 4 : 
+ 8 . 
+ 14- 
+ 10 
+ 8 . 
+ 40 
+ 10 ' 
+ 6' 

+ 20 
+ 18 
+ i 


- 10 

- 3 

- 7: 

- 6 
- 6 

- i. -. 

- 6 
- 5 


.^tropean news 
P%neirtam news 

®W»«as news 

“World trade news ....... 


ypteipo iiews^eneral ...^. 6-7 UK Companies 2828 Farming* ma t erlate n . 33 

fe' : Y ..Hkbour 8 Mining „.. v . M b H s’^aw. 28 UK stock narisiet 3* 


CONTENTS OF TODAY’S ISSUE " 

.10 InU. Companies 30-31 

11 Eurwaarkets ' 30 


2-3 Technical page 
4. Management page 


4 Arts page 13 Money and «cehanges 29 

5 Leader page 14 World maftetg “ 


Britain flattened its 

^4oreign debts bump 14 

‘Alcanccx warning on food 

additives 25 

Freneh . -car 'components: 
-Lucas-DnceUier bid 31- 


FEATURES 

Big research "gambles? by' 

Shell I., U 

W. German economy: Price 
of “economic miracle” ... 2 
Congress react to . tax revolt 
rumours ...... 4 


XRflna: Chairman' Hua takes 
to the road“,..:.„ 4 

Brazilian -Pig'- farming: 

Swine fever'epfdemic ... 33 


- - iH W lh UBBItf 
.* Adns. 

-•VBm Kates 

-y. - Aatloesc Oppti. 

j •' Cmnerd 

t Me t i lwimt Cdde 
J r - P t iwift Mi Oats. .V.™ 
"V T * <!taiu < M IttAciv 


s 

7 

32 

« 

12 

12 

S 

3* 

"25 


Lex ............ . 38 

Lanbanl ..... iz ■ 

Men end Hwen ^ ■ 14 

Redos 12. 

Share Infomudn 3M7 

Today'i Events ■_ 25 
TV MMl RwO* 12 

Unit Tree** • W 

Weather 38 


Worfd Vatae of £ » 

»m n jjm 

OPOER FOR SA1£ . 

Stnthcbdt RC i 

INTERIM STATEMENTS 

AMftv-fnfl.- Trt. 28 

Ftawncwe de Suet » 

OsOcnr 27 

AMfOlAL STATEMENTS 


SSSS'.™*' 


C- H. ITiViiiliiii 

impati Plu. 

Mt— — - 


„ . Ema> .... 

****** 


a 
a 
2 « 


27 

-28 

27 


For. latest Share- Index ’ phone 01S46 S026 


E in New York 

_ 

Aug. 14 

Plfrionp 

Spot 
1 month 
.tmoathi 
IS months 

S1.990&4B30 
O.flAO.57 dis 
L4Z-L37dta 
4.704J50 tin 

Sl.WBO-WaO 
0.57-0 .d 2 <li* 
1.50-1.42 dis 
4 .804.60 ills 


BRITAIN'S current account 
swung back into deficit last 
month, continuing the monthly 
pattern this year of alternate 
surpluses and deficits. 

There was a £42 ru deterioration 
in the current account in July 
for a deficit of £30m. The change 
was more than accounted for by 
a worsening in the balance on 
erratic items, and by a sharp 
rise in crude oii imports from 
the exceptionally low June level. 

The underlying trends- remain 

unclear, though imports of 
industrial materials are much 
higher than expected, while 
export growth has been sluggish. 

The publication of the figures 
made only a small impact on a 
strong performance by sterling 
yesterday, but there was a slight 
weakening in the liter afternoon 
against the main Continental 
currencies. 

The trade-weighted index re- 
mained at its best of 62.7. up 0.1 
on the day. 

The pound closed 1.70 cents 
up at $1.9810, slightly below the 
peak of S1.9S50. following a late 
rally in the dollar. 

Sterling has risen by 5} cents 
against the dollar since the be- 
ginning of last week. 

There was a stronger response 
to the figures from politicians, 


BALANCE OF PAYMENTS 


£m seasonally adjusted 



Visible Invisibles Current 


trade 


account 

1977 lit 

-947 

4454 

—493 

2nd 

—7*4 

4399 

-365 

3rd 

-r 54 

4483 

■'-5J7 

4th 

-h 45 

4441 

448* 

1978 1st 

-574 


-305 

2nd 

—139 

4360 

-221 

Jan. 

-338 

4 90 

—24B 

Feb. 

-1- 43 

4 89 

4132 

Mar. 

-279 

4 90 

-139 

Apr. 

•f 187 

4120 

4307 

May 

-218 

4120 

- 93 

June 

—108 

4120 

- 12 

July 

-ISO 

4120 

- 30 


Retail sales 
index up 1.7% 

The index for the volume of 
retail sales rose 1.7 per cent in 
July, provisional estimates 
show. It reached the highest 
level since November 1974. 
Industrial production has been 
growing at a slower rate — rising 
l per cent in June. 


with signs of active pre-elec- 
tioneering. 

Mr., Edmund Dell, Trade 
Secretary, said that the figures 
seemed to be less volatile than 
earlier in the year, and- teat tee 
trend so far was “not incon- 
sistent with a forecast of a sur- 
plus for 1978 as n whole.” 

He warned that: Export volume 
was now rising otfiy slowly, wiLh 
severe competition overseas in 
relatively slowly growing 
markets. 

‘‘Continued effort will be 
required if we are to achieve a 
surplus this year.” 

A gloomier view was taken by 
Mr. Michael Heseltine. a member 
of the Shadow Cabinet. 

He claimed that the figures 
lowed that Britain was “going 
deeper into the "red again ” and 
cited the sharp rise In imports 
of finished manufactured goods 
as a result of the “pre-election 
imer boom which the 
Government has engineered." 

It is far tod early to say 


Sasrce.- Department o t TrjJr 

into sustained deficit wen 
though in the past three inomhs 
the current account has been in 
deficit by £I16m. 

This compares with a surplus 
of £250m in the previous quarter 
which included the erratically 
good month of April. 

The view in Whitehall— ami 
among most independent fore- 
casters — is tentatively mure 
optimistic. This is partly because 
of an expected rise in North Soa 
oil production, and also because 
various business opinion and 
trends surveys point to a pick-up 
in the growth oF export vulume 
during the second half. 

Export volume /ell by 11 per 
cent on a three-month compari- 
son, but the Department uf 
Trade says that “the underlying 
trend is probably slightly 
upwards." 

After excluding erratic items, 
the volume of exports of manu- 
factured goods in the last three 
months was about 41 per cent 
higher than in the first half of 
last year, with a particularly 
good result in July. 

The import side is more dis- 
turbing. The volume of imports 
of finished mannfaciured goods 
(excluding erratic items! was 12 
per cent up on a three-month 
comparison, and nearly a fifth 
higher than in the average in the 
first half of last year. 

But this increase is not out 
of line with the gloomy view of 
import penetration now taken in 
Whitehall, given the sharp 
growth of consumer spending in 
the UK this year. 

The more surprising feature is 
the high level of purchases of 
industrial materials— up T per 
cent in volume on a three-month 
basis, with semi-manufactured 
goods 13 per eent higher. 

This rise is much more than 
expected and suggests that 
earlier hopes that the increase 
in such imports reflected 
temporary stockbuilding were 
mistaken and that the trend is 
longer-term. 

Editorial comment Page 14 
Table, Page G 



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Financial Times Tuesday August 15 1978 


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- 






EUROPEAN NEWS 


THE WEST GERMAN ‘ECONOMIC MIRACLE’ 

High price of productivity 



BY JONATHAN CARR IN BONN 


IS THERE really a new West today, w: 

fiOrmnn u aimnitm;. "V tiuitv 


ith 


„ very high produo- appear to be the main exception 

German “ economic miracle "7 tivity and very low unit labour —with only moderately men 
The expression was often used costs. That point is worth costs going exceptional ity 
with reference to the outstanding stressing as the dollar continues high production. Tne upsnor is 
success achieved In building up to plummet on the world's ex- the particularly iavourame 
business and industry in the changes. labour cost per _urut ot output 



non-Germans). " about 'the its share of the combined indus- J”” 1 Germany’s 

country’s ability to remain com- trial production of the major aea 

petitive despite both labour nations considered falbeit to 42.7 * 

costs among the highest in the per cent — a still dominant Aitnousn 


Italy has a big 


cosis among me nignesr m toe per ceui— a sun uominanr , : 7 ' w n f !♦« rivals 

world and a currency appreciat- figure). Other relative losers advantage o er > y 

ing against most atheri over the same periad-as shown mSS 

This month, the Dresdner by the first two columns 'of the h e r^55«H lfc h».™ir« mrticuiarly low 

?J*. *- ° f country’s »bl«l.Fni« Brtndn. ,U «'* 


strength- productivity. 
- * lower unit 


costs than West 




Bank. 

biggest, has produced a survey and Sweden. Those _ 

which helps explain at least part ening their share are Japan. i^^ r _ n “ n ia Da V? a Vrom“tbe US?)! 
of the so-called “miracle.'' It West Germany, the Netherlands. Brita n Austria Uie I 

looks at labour costs and pro- Switzerland and Austria. The 5f et £™di B a Vd. by a smaller 
ductlvity in West Germany and third column shows what per- Janan * 

nine other major industrial centage share each country pos- m A f, t ' h is hardlv supports the 
nations. sesses of the combined Indus- « German miracle” theory. 

The Dresdner gives West trial labour force and the fourth rpj? German^worfccr gets a lot 
German labour costs (including expr«ses productivity^outpnt ff* g b a nd fringe behefits-but 
charges and fringe benefits) at per head— in each as indices, he p reduces more than most of 
DM 19.30 per working boor. This taking the West German per- his f 0re ign countreparts. so no 
puls them, at current exchange f0 ™ anc ® 35 a ot.MO. - d 0u bt he has cause to feel that 
rates, on the same level as T* 1 ® c ! ea ^ P™ ? u - c * * nt " he is entitled to it. This does not 

Sweden and slightly higher than runner is the United States— answer the crucial question or 
the Netherlands (DM 19J.0) The surpassing the west German per- why he , s a bie to produce more, 
figure for the UJS. is given as (ordnance fy a i™ ost _ a Quarter. The relatively harmonious rela- 
about DM 17. for France Unexpectedly w. Germany is between management and 
DM 12.50, Italy and Japan easily pushed into third place by trade unions are clearly a bis 
DM 11.75 and around DM 8 I for Netherlands. Lera surpria- factor an d are also a reason whv 

Britain Tho nrmw flmnw Britain and Italy with the Deutsche mark nses ever 

namSjy vaiy Sfe5jy agSt little more than half the German higher, often accompanied by 

zsr* ™ Ms ES!,s?£i£" lbou, the 

sources but the broad trend is o res dner noting that very high in a comment, the Dresdner 

productivity in some large com- Bank recognises the point about 


German productivity. 


the same. 

?£ r , West Germany, the key pan ies is offset by relatively poor Mah W. 

P 0 * 3 ?*- 'f tije f urvey performances in many smaller but feels that there are no 

is that high labour costs i are concerns. grounds Tor complacency. It urges 

accompanied by productivity A comp arison of productivity moderate pay settlements and 
well above the average of its w itb total labour costs indicates further efforts by industry to 

mam trading competitors. Still that the two are generally rationalise. Those willing to bet j 

more significant is the survey’s related. For example, low pro- against both continuing to be' 
revelation of the powerful com- ductivity in Britain going with facts of West German life are 

petitive position of the U.S. low labour cost. The UJS. likely to lose their money. 

PRODUCTIVITY AND LABOUR COSTS O" 7 TEN LEADING 
INDUSTRIAL COUNTRIES 


Share of combined 
Industrial production* 


Country 


1970 


start of 


1978 


Share of 
combined 
workforce! 


Indices (W. Germany = 100) 


Total labour 


Productivity! 


Unit labour 
costs 


GERMANY 

73.9 

15.9 

14.4 

- 100 

100 

100 

UNITED STATES 

48.0 

42.7 

314 

124 

89 

72 

JAPAN 

12.9 

163 

19.4 

76 

69 

91 

FRANCE 

7.9 

7.6 

83 

78 

65 

83 

UNITED KINGDOM 

7.0 

6.4 

113 

52 

43 

83 

ITALY 

5.0 

4.9 

83 

51 

59 

114 

NETHERLANDS 

1.7 

2.1 

U 

116 

101 

87 

SWITZERLAND 

1-3 

1A 

13 

93 

99 

106 

SWEDEN 

1A 

13 

13 

79 

100 

127 

AUSTRIA 

0.9 

1.1 

13 

82 

.68 

S3 

TOTAL 

100.0 

100j0 

100.0 





* At current prices, converted at current dollar exchange rates. Production includes mining and 
construction, f Industry, 197S. f Output per head. § Allowing for differences in annual working 
hours. 


Bank chief 
and ministei m 
at odds ; ui 
in Turkey 

By Metin Munir. 

ANKARA. August 14. 

A ROW has developed betwet 
the Turkish Government an 
Mr. Cater Tayyar Sadiklar, th 
Governor of the Central Rani 
leading to an un precede me 
washing in public of dirt 
financial linen* which m 
bate grave implications ft 
Turkey al Its present slate i 
economic crisis. 

The incident, coming al 
time when Turkey Is trying t 

consolidate very large foreig 
debts and to obtain foes 
money, may also uodennta 
tbc vita! links between th 
Central Bank, on the one haut 
and the Treasury and th 
Ministry or Finance on Ih 
other. Foreign contracts eotifc 
also be hurt. 

It has arisen because Mi 
Sadiklar is refusing to bow t- 
a request by Mr. Nogin, th 
Finance Minister, to resign a 
move to a senior post else 
where. 

It is common practice fo 
new Turkish governments ti 
make sweeping changes in th< 
civil service, pntting ioya 
officials in senior positions. Mr 
Sadiklar. appointed govern u. 
by the former right-win) 
Prime Minister. Mr. Suleymai 
Demirel, Is one of the very fen 
senior civil servants who ha* 
kept his job under the new 
government. 

Both, parties in the row 
have been issuing statement! 
full of serious accusations since 
last Friday. On that da} 
comptrollers of tbe Central 
Bank leaked a report io tbc 
Press which levelled some 
charges at Hr. Sadiklar. includ- 
ing alleged “falsification" of 
Central Bank statements. These 
were refuted by the Governor, 
who claimed Mr. Muexrinoglu 
had put political pressure on 
the comptrollers in order to 
get rid of him. 

He told the Financial Times: 
“There is no reason and no 
legal justification for the 
Government to force me to 
leave my Job. I am not plan- 
ning to resign and will remain 
until my term Is over.*' 

He intended to demonstrate 
that the Central Bank was an 
independent institution and 
that governors should not 
change with governments. He 
empasised (hat he would see . 
to it that the programme of 
economic stabilisation 
measures agreed by Turkey 
and the International Mone- 
tary Fund would be “applied 
to the letter.” 

I-immjh. Timm. puNWtcd cv.cn '-un- 

Jin ami talidsiv I'.S. mhertnlun, S-'* '» 

■ dir nxinW' SiMlUII 4 Ml «UtI‘ C* f JnnilBl 

Src.inJ clw [Mwiaoe raw a: New Sort. N V. 





David A Mori ng, Vice-President, Chemical Bj nk. 


tn-depthfiranciai knowledge not only 
about Thomson's products, but about 
the countries in which Thomson 
operates. His Chemical Banker, David 
...Mormg, must have the same. 

“David's understanding ofour 
business is importantr says Brown. 
But so are the flexibility and fast . 
response he and his Chemical Bankers 
come up with" 

Wbrking closely with Michael Brown, 
David Monng and his team have 
provided TTO’s publishing interests 
with multi-purpose, multi-duration 
credit facilities in six local currencies 
exactly when required. In a half-hour 
meeti ng, they thrashecTout an agree" 
ment in principle on a medium-term 
loan for North Sea oil development. 


i Msf n^i l rh l l ernCO i l S tel ' na tional 

ObSSlB^works 


The difference in money is people. ChemicalL^. 

- 


N«s«i. Paris. 


I 







THE MIDDLE EAST 


^ * iir^ cuts in 
, ; Ireland 


Hopes fade of forming 
goyefnment in Portugal 






By Our Own Correspondent 

DUBLIN, August 14. 

A WORK-to-nile by 400 ppwer- 
■ station workers in the Republic 
... of Ireland today- caused- wide- 
spread power cut* throughout the 

- . country. The Electricity Supply 

Board (ESB) estimated that 
more than 3 third of -the national 
grid was blacked out at some 
stage by the -action. 

, The chairman’ of the Con- 
federation of Irish Industry 
•• (Clli warned of the dangers to 
• ; continuous process plants -and to 
industries dealing with perisb- 
*. able goods, such as dairy 
. - and meaL 

Some power cuts lasted for up. 
to seven hours and work came to 
•' a standstill in many workshops 
and small factories. The effec- 
tlveness of the work-to-rule led 
to a call from the. Opposition 
'• v spokesman on labour . for an 
investigation into ESB a dmin is- 
tratlou. He also called on the 
workers to end their action 

- This call was echoed by Mr. 

- , r Liam Con Delian, CH chairman, 

who said that the national wage 
•«. agreement procedures appeared 
: > n °t to have been followed by the 
:... workers. He expressed puzzle- 
ment that a further meeting to 
discuss such a damaging dispute 
is not due to be held until Wed- 
, 7 1 nesday. Mr. Conbellau refused 
•v, ' to comment on the question of 
further damage to Ireland’s 
image abroad as a country where 
public services were unreliable 
He added that the loss of pro- 
duction involved could cause 

• the closure of some companies. 

* The Telex services have. been. 
■- hit by a dispute ihvoltiog 150 

• *■ technicians . in Dublin. Today 
•••• the men extended the dispute by 
: railing out all the members of 
their branch, but they say they 
> . will return to work tomorrow and 
•: wait for the outcome of a meet- 
. ing on Thursday. 

The dispute is apparently -in 
protest at delays in settling a 
- .. national productivity deal 
. ' between the Post Office and the 
engineering union, although 
there were earlier reports that 
it involved a local allowance. 

This new development has 
. led to fears that the country may 
_ soon face a resumption of the 
' national engineers' strike unless 
~. there is an early breakthrough 
in the stalled talks between the 
union and the Post Office. 

- Statfjord strike oyer 

Work returned to normal at the' 
Norwegian Statfjord A oil rig in 
the North Sea yesterday after last ! 
week’s “smoking strike" which 
reportedly cost the Brownaker off- 
shore contractor and operators, 
Mobil nnd Statoil.com panics, some 
NKr 30m fS5.77m) in losses, AP- 
DJ reports from Oslo 


BY JIMMY BURNS 

THERE WERE growing signs 
here today that, unless Portugal’s 
new Prime Minister, Sr. Alfredo 
Nobre da Costa succeeds In the 
delicate task of watering down 
Socialist opposition to his 
appointment, he will have little 
j choice other than to abandon 
hopes of forming a viable govern- 
! ment and will have to resign by 
the end of the week. 'Were this 
to occur, the country would be 
plunged into one of its most 
serious political crises since the 
revolution of April 25, 1874.' 

Hopes Of. winning over the 
Socialists dimmed today when 
both Sr. Mario. Soares, the leader 
of the party, and Dr.- Salgado 
Zenha, the . leading . Socialist 
parliamentary spokesman, failed 
to attend a crucial meeting called 
by the Prime Minister. 

Instead. Sr. da Costa was 
visited by a low-key delegation 
from the party’s national council. 
This contrasted sharply with the 
attendance, only an hour earlier, 
o£ Dr. Freitas do Amaral and Sr. 


Amaro da Costa, the president 
and vice-president respectively 
of the conservative Christian 

Democrat Party (CDS). 

Following the meeting with 
Sr da Costa, a spokesman for 
the Socialist delegation said that 
his party’s position had not 
changed. He added that his 
party would now consider a 
request from the Prime Minister 
to continue talks tomorrow. 

The Socialist Party ’view 
was expressed in no uncertain 
terms by Sr. Soares yesterday 
when he stated that neither be 
nor any of his fellow party mem- 
bers were prepared to partici- 
pate in a presidentially-backfid 
government unless this was led 
by a Socialist 

Sr. Soares’s intransigence 
appears to have spread to other 
leading Socialists, such as Dr. 
Vitor Constancio, the able former 
Minister of Finance, who was 
asked by Sr. da Costa to join 
bis government in an individual 
capacity. 


LISBON, August 14. 1 

The (CDS), who until earlier 
this month shared government 
with the Socialists, while openly 
supporting the appointment of 
Sr. da Costa have now declared 
that any government that lacked 
a Socialist participation would 
not be viable. 

Meanwhile, the right - wing 
Social Democrat Party (PSD), 
Portugal’s second major parlia- 
mentary party after the Social- 
ists, have asked that Sr. da Costa 
base bis new government on an 
alliance between the PSD and 
the CDS. 

While attitudes struck by the 
Socialists and the PSD become 
increasingly aggressive, the 
Communist Party has maintained 
a low profile throughout the 
crisis. The leading pro- 
Communist newspaper O Diario, 
today was the only one which 
ignored the political crisis on its 
front page, giving extensive 
coverage instead to two days of 
reckless Portuguese driving 


Podrabinek’s trial opens today 


BY DAYID SATTER . 

MR. ALEXANDER Podrabinek. 
the 24-year-old - dissident who 
goes on trial -tomorrow in 
Electrostal on charges of defam- 
ing the Soviet state,- may face a 
three-year labour camp sentence 
because he resisted - T repeated 
attempts by the KGB to force 
him to testify against Dr. Yuri 
Orlov, leader of the dissident 
Helsinki Agreement- monitoring 
group. 

Mr. Podrabinek told me in 
May, a week before he was 
arrested,, that the KGB informed 
him on three occasions that they 
had enough evidence-- to send 
him to a labour eainp and into 
exile for a total of 12 years but 
would ignore this if he agreed to 
co-operate. 

A founding member of the 
Helsinki group sub-committee 
which devoted itself exclusively 
to documenting cases of 
psychiatric repress! 09, Hr. 
Podrabinek was arrested on the 
eve of Dr. Orlov’s trial... The 
prosecution witnesses in that 
trial did not, in the end, include 
a former dissident - ’ 

The pressures brought to bear 
on Mr. Podrabinek, howler, are 
typical of the investigative 
methods of the KGB and give 
some idea of the fairn£$i : he can 
expect tomorrow. . 

Mr. Podrabinek said^e was 
Interrogated three times in July. 
1977. On each occasion Yid re- 
fused to answer questions 



Mr. Alexander Podrabinek 

beyond acknowledging author- 
ship of a book, “"Punitive Medi- 
cine," which was confiscated in 
a search and has circulated in 
typescript in Moscow and 
reached the West 
He said he was told repeatedly 
by KGB interrogators, who 
professed concern for his wel- 
fare. that conditions in the 
labour camps were bad, that he 
was too young to waste 12 years 
of his life, and that he had erred 
In not attempting to work in 
cooperation with the KGB to 


MOSCOW, August 14. 

expand the sphere of liberty in 
the country. 

During one of the interroga- 
tions, Mr. Podrabinek. who is 
Jewisb but has not expressed a 
.wish to emigrate, was promised 
that if he agreed to testify 
against Dr. Orlov, he would be 
allowed to leave tbe country. 
He said he told the KGB. “ I cm 
not Interested in leaving and I 
will not give any evidence. What 
happens next depenefc on you " 

Mr. Podrabinek will be 
defended by Mr. Yuri Sbalman, 
the lawyer who defended Dr. 
Orlov. Mr. Louis Blom-Cooper, a 
British barrister, has reportedly 
also accepted Mr. Podrabinek’s 
request tj> defend him and is 
waiting for a Soviet entry visa. 

The Helsinki subcommittee 
which Mr. Podrabinek helped 
found produced several reports 
charging that Soviet psychiatrists 
co-operate with KGB men in 
persecution of dissidents. The 
• Japan's new envoy to the 
Soviet Union arrived in Miscow 
today with the task of allaying 
Soviet suspicions about the new 
SinoJapanese peace and friend- 
ship treaty. Renter reports. 
Tokichiro Uomoto is a 60-year- 
old career diplomat, and was 
told by Prime Minister Takeo 
Fukuda to assure Kremlin lead- 
ers that the treaty is not directed 
against the Soviet Union. 


Sweden’s 
jobless 
total up 
in July 

UNEMPLOYMENT in Sweden 
during July totalled 97,000. This 
was 6,005 more than in June and 
28, QM more than in July last 
year, according to the Central 
Bureau of Statistics, writes our 
Stockholm correspondent The 
level stands at 22 per cent of 
the workforce. 

The biggest increase of jobless- 
ness is among the 16 to 34 age 
bracket and includes a large 
number of school-leavers. Some 
48,000 In the 16-24 age group were 
out of work in July compared 
with 39.000 in June. Worst hit 
sector is the forest industry in 
the -North, where the unemploy- 
ment level is slightly above 3 per 
cent . • 

Swiss unemployment 

ONLY 7.627 people were regis- 
tered as- unemployed with Swiss 
labour exchanges at the end of 
last month a drop of 9.6 per cent 
compared with four weeks earlier 
and 12A per cent down on the 
end ol July, 1977, writes our 
Zurich correspondent. This means 
that only 0-3 per cent of the 
country’s labour force is out of 
work. The figure is lower than 
that of 3,305 registered situations 
vacant.'; 

Tax moves opposed 

The Swiss National Bank is op- 
posed to the introduction of a 
turnover tax on foreign exchange 
trading, * s well as to the subject- 
ing of fudiciary deposits and 
foreign bond issues to withhold- 
ing tax,' writes our Zurich corres- 
pondent. This is stated by Dr. 
Fritz Leutwiler. president of the 
Bank;, in an interview with the 
Zurich newspaper Tages-Nan- 
zeiger. Dr. Leutwiler said the 
Bank had been asked by the 
Finance Minister for its opinion 
on the three possible measures. 
As reasons for its opposition he 
gave the risk of business being 
j lost to Swiss banking and the fact 
that no real fiscal advantage could 
be forecast for the confederation. 

GRAPO protest 

Prison officials said yesterday that 
24 suspected ultra-left guerrillas 
were determined to continue a 
week-long hunger strike in the 
jail in Soria in northern Spain, 
Reuter reports. The prisoners are 
all members of GRAPO, which has 
been held responsible for many 
bombings and shootings during 
the past two years. 

KLM reviews service 

I KLM Royal Dutch Airlines is con- 
sidering extending its Triple F — 
full-fare facility” service into a 
complete three-class fare system, 
writes, our Amsterdam correspon- 
des^’f-TTbe development of special 
reduced tariffs, such as excursion, 
include lour and standby fares, 
appears to be leading Inevitably 
to alfturn to a three-class system, 
the airline said. 


Gulf fund to cover 
Egypt’s payments 
deficit for 1978 


BY OUR OWN CORRESPONDENT 


CAIRO. August 14. 


THE GULF ORGANISATION 
for tbe Development of Egypt 
(GODE)— the development fund 
set up two years ago by Saudi 
Arabia, Kuwait, the United Arab 
Emirates and Qatar — to fund 
Egypt’s development— has agreed 
to provide sufficient support to 
allow Egypt to cover this year’s 
estimated $250m current account 
deficit 

The agreement emerged from 
talks late last month in Kuwait 
between GODE’s governor, the 
Kuwaiti Finance and Oil 
Minister, Mr. Abdel-Rahroan 

al-Atiqi, and an Egypt ion dele- 
gation led by the Minister of 
Economy. Mr. Haraed al-Sayeh. 
It relieved Egyptian fears that 
GODE was not going to be as 
co-operative as it had hoped. 

The fund’s $2bn capital and 
the interest accrued on it will 
remain with Egypt for the 
remaining 23 years of GODE’s 
life. The loans, which are for 
ten years with a three-year grace 
period and bear interest of a 
per cent, are likely to be rolled 
over. It was within this frame- 
work that the present agreement 
was worked out 

Egypt is drawing the last 
SlOOm of the original $2bn and 
has received SlOOm it has paid 
in interest GODE has also 
agreed to underwrite short term 
loans to the value of next year's 
interest payments, which total 
$l50m. Egyptian officials con- 
fidently expect to use only S50m 
of this facility or slightly less. 

The agreement is satisfactory 
from all points of view: GODE 
has signalled politely that it 
does not have an open-ended 
commitment to Egypt while for 
Egypt the deferment of interest 
payment and the rolling over 
of the loans offers a growing 
source of development funds. 
The money must now be 
ploughed into development pro- 
jects — the original object of 
GODE which was sidetracked by 
last year’s balance of payments 
crisis — if the capital is to earn 
a return to provide funds for 
further development. 

Tbe GODE agreement not only 
settles Egypt’s current account 
to the end of tbe year which also 
dovetails with a number of 
recent developments. 

The Government ig following 
the terms of the IMF agreement 
for a SDR600m three-year 
extended facility credit which 
came into force last month. 
Under it. Egypt will be able to 
draw SDR250m for the first year 
and SDR150m for the remaining 
two years. The first SDR125m 
tranche for the six months to 
the end of the year has been 


very useful in plugging this 
year’s payments deficit. 

Egypt has already lifted price 
controls or subsidies on all but 
25 essentia! goods and services, 
as the IMF required, and has 
raised tbe cent ml bank discount 
rate a percentage point to S per 
cent. Interest rates will probably 
go up again before the end of 
the year. 

Floating the Egyptian pound 
by the end of the year, as Egypt 
is also committed to do. uiay 
prove more difficult. In return 
tbe IMF made a major concession 
by allowing Egypt 15 months to 
cut subsidies by £E150m, which 
should have becD cut by now. 

But there are stil-1 dangers — 
even if the economy is virtually 
on course. Inflation-^— never a 
particularly easv indicator to 
establish with a well entrenched 
subsidy system — is probably 

running at 30 per cent. The 
authorities are having to take a 
tight bold of the- domestic situa- 
tion with rising discontent at tbe 
deteriorating slate of services 
and a highly acute housing short- 
age. 

It will be another year or two 
before the massive U.S. and and 
other international aid organisa- 
tions’ utility improvement pro- 
grammes begin to make an 
impact. 

There has been very little i 
movement on real administrative 
reform. It remains to be seen 
whether President Sadat’s deei-j 
sion to form his own party will 
galvanise the bureaucracy, but 
the chances seem slim. Until a 
decisive change is made in this 
field, no one will really believe 
that the days of the Nasserist 
bureaucratic regime are over. 

A new tax law is not helping 
confidence either with its strong 
political slant against the rich, 
and failure to create the condi- 
tions to attract capital invest- 
ment. It is not. in draft form, 
tbe kind of law that is going to 
encourage citizens to be law 
abiding the lack of a true rule of 
applicable law is a major handi- 
cap to tbe policy of attracting 
foreign and local private invest- 
ment 

Running Egypt’s economy is 
as difficult as driving an ancient 
Cairo bus. But barring another 
major cash crisis, as happened 
in April, and provided the 
authorities keep a careful watch 
on prices, the internal situation 
should be manageable. The con- 
fidence in the economy which 
took a knock when Mr. Abdul 
Moveim Kaissouny. the economic 
supremo, left the Government, 
seems to be returning again. 


Settlement 
moves 
delayed 
by Israel 

By L Daniel 

JERUSALEM. August 14. 
THE ISRAELI Government will 
not proceed with any prepara- 
tions in connection with the five 
military settlements in the West 
Bank before the Camp David 
summit on September 5. 

Their establishment had been 
agreed in principle at a meeting 
of the ministerial defence com- 
mittee on June 29. before Presi- 
dent Carter invited Mr. Men ahem 
Begin. the Israeli Prime 
Minister, and President Sadat uf 
Egypt to the Camp David 
meeting. 

In view of the efforts to bring 
about a revival of the Egvptian- 
Israeli negotiations. Professor 
Yigael Yadin. the Deputy 
Premier and bead of the Demo- 
cratic Movement for Change 
(DMC). reserved the right to 
bring the whole question before 
the Cabinet. He did so today, 
when he presided over trie 
weekly meeting in the absence 
on holiday of Mr. Begin. 

Also on short leave are Mr. 
Ezer .Weizman. the Defence 
Minister, and, more significantly. 
Mr. Ariel Sharon, the Agricul- 
ture Minister who. in his 
capacity ns chairman uf the 
inter-ministerial settlement com- 
mittee has tried to put pressure 
on the Government to establish 
more settlements both in 
northern settlements both in 
Bank. 

Official confirmation > cstorday 
of the agreement in principle on 
the settle mcnis has already 
raised a storm of protest inside 
and outside Israel. The whole 
question — and not only the 
suspension of preparations until 
after Camp David — is to be 
brought before the full Cabinet 
on Sunday with the return from 
holiday of the Prime Minister. 

Professor Yadin is under 
strong fire from his own party. 
Not that the DMC — nor for that 
matter the Labour Party— is 
apposed to new settlements along 
the Jordan River. A cordon 
savitaire in the Jordn 1 Valley, 
and thus a continued Israeli 
presence on this strategic line, 
is a basic tenet of the Labour and 
DMC platforms, alongside their 
willingness for territorial com- 
promise in the West Bank. But 
both parties feel that this is not 
the time to arouse the wrath of 
President Carter, and strengthen 
those in the Arab world who 
maintain that Israel does not 
want peace but territory, by 
setting up new outposts. 

• Most of a Lebanese task 
force sent by the Beirut Gov- 
ernment to take over the south- 
ern border sector lias withdrawn 
without having penetrated the 
area. Christian militiamen and 
a United Nations officer told 
Reuter today in Metullah. Israel. 


Three years ago, we sold our 'small car’ manufacturing 
interest to one/of our leading competitors in the truck field. 
We did this so%twe could concentrate all our talents into 
producing trucks;— and nothing else. 

We believed aftat time, and still do, that too many truck 
■ ■ manufacturerahave too many fingers in too many pies . . . 

The result, sub-standard trucks with sub-standard back-up service. 

So how has this decision affected us 

Well, fast year saw our best ever proft situation with market penetration increasing 
In Great Britain, a record number of 

trucks were sold, pushing DAF Trucks . jJpufUUj pfCtcttnu | 

firmly into the number two importer ^ - | 

position in the heavy buck sector. ' 

This is our Golden Jubilee year 

and we now look forward to the next 50 years. 





■aK.' *. .. 


• v-y>£' 

k *+:. i: V&S:- 

i&i 







DAF Trucks (GB) Ltd., Marlow, Buckinghamshire SL7 1LW. 
Tel: Marlow (06284) 6955. Telex: 848489. 


L 



■ . . im •, : 


gap 

iHlW 
WpiP 








V 




Chairman 
Hua takes 
to the road 

By John Hoffmann in Peking 

HUA KUO-FENG. Prime Min- 
ister of China and Chairman of 
the Chinese Communist Party, 
has left Peking to make his 
historic visit to Romania, Yugo- 
slavia and Iran. 

President Tito of Yugoslavia 
travelled to Peking a year ago. 
He was given one of the most 
spectacular welcomes accorded 
a foreign head of state and it 
was accepted as a matter of 
course that Premier Hua would 
return the visit. 

The visit will be the first to 
Europe by a Chinese head of 
state since the founding of the 


OVERSEAS NEWS 


Peking offers Paki 
nuclear technology 


-Financial Times Tuesday Augxist : l54978 


BY DAVID RSHLOCK, SCIENCE EDITOR 

CHINA HAS offered to provide — of which it is a member — China, which hitherto has 
Pakistan with technology to has apparently withdrawn its given no indication of becoming 

reprocess spent nuclear fuel and original offer to get Pakistan a nuclear exporter nation, is not 

extract pure plutonium. This launched in the reprocessing a member of the group of 

could temper the current en* business. nuclear exporting nations 

timslasm of Ua and West Euro- It has offered instead a “co- endeavouring to place much 

pean governments for energy processing" technology under tighter controls on the transfer 

deals with China. development in several countries, of nuclear technolocy 

It would also be China’s first including France, with which weapon-making potential- 
export of nuclear technology. The Pakistan would find it very diffi- Both Britain and West Ger- 
offer is reported in the autb- cult to separate plutonium of tnany, which are members of the 

ontative New York newsletter sufficient purity to make a Nuclear Suppliers' Group have 

Nucleonics Week, which believes nuclear weapon. recently received substantial con- 
it was made by the Chinese Vice- According to Pakistan, it has tracts from China for the nlan 

Premier Keng Piao in Islamabad received no parts for the repro- ning of new coalmining facilities, 

_ recently. cessing project from France for which in each case is expected 

People’s Republic of China in ! „ Tt ar,ses befaUM the French almost two years, while France to lead to substantial orders for 

1949. It will also be Premier! Government, under considerable has been pressing the “prolifera- equipment The UB. is looking 

Hua’s second venture outside j PJ e 5fl? r x-..-™?L ™ e J?J jer ? ^on-proof technology its cus- for Chinese business in oil and 

China in just over three months. - * ~ ""”*** ------ 

He visited North Korea last May. 

Tn the same month the Prime 
Minister was host in Peking to 
the Romanian President, Mr. 

Nicolae Ceausescu. In a series 
of meetings the two leaders 
affirmed their solidarity and 
made public statements of their 
shared opposition to Soviet 
Union expansionism. It was 
during that visit that Premier 
Hua agreed to make a return 
trip to Bucharest. 

China considers its friendship 
with the “non-aligned" East 
European nations vital to its own 
security against the perceived 
threat of encirclement by the 
Soviet Union. 

Peking has watched 


of the Nuclear Suppliers' Group tomer clearly does not want offshore technologies. 

‘Very tough budget’ expected 
to be announced in Australia 


BY OUR OWN CORRESPONDENT 


CANBERRA. August 14. 


anxiety the extension 


of 


Moscow's influence in Africa, the 
Middle East and South-East 


CHINA reassured the world 
yesterday that it wonld never 
threaten (he sovereignty of 
other nations in Asia or 
elsewhere, even when it had 
attained economic and military 
strength. The official news- 
paper the People's Daily 
published an editorial 
celebrating the signing on 
Saturday of the Sino-Japanesc 
peace and friendship treaty 
and drawing attention to its 
anti-hegemony clause. 

The clause, which opposes 
(he domination of anv region 
by one power, 'delated 
negotiations on the treaty 
because of Japan's embarrass- 
ment at its underlying anti- 
Soviet tenor. 


Asia, and its overtures in the 
Pacific. The latter threat to 
China has probably been 
deflected by the signing this 
weekend of the Sino-Japanese 
peace - and - friendship treaty 
which, despite Japan's interpre- 
tation that relations with third 
countries are not affected, must 
be seen as a rebuff to the Soviet 
Union’s aggressive courtships in 
the Pacific. 

China's relief at the conclusion 
or that treaty, however, leaves 
unmitigated its fears about the 
Soviet spread in the western 
hemisphere. 

, Since the recent final dissoiu-, 
tion of China's enfeebled alliance ! 
with Albania, the only positive' 
friends Peking can claim in 
Eastern Europe are Romania and 
x ugoslavia. 

The Chinese government has 
been vigorously fostering its 
partnership with the two coun- 
tries. Exchanges of cultural, 
sporting and technological dele- 
gations have been almost con- 
tinuous. The official Chinese 
media are constantly larded with 
articles of fulsome praise for 
Romanian and Yugoslav indus- 
trial and scientific progress. 

China's relationship with Yugo- 
slavia has warmed spectacularly 
in the past two years. Among 
many long-established ideological 
principles which the Chinese' 


MR. JOHN HOWARD, the It is believed there will be a officers who have advised against 
Australian Treasurer, is expected provision under which, in cases any Australian involvement in 
tomorrow night to introduce what where Australian machinery or the proposed UN Namibia peace 
most commentator*! ar* -.lrpariv eI l u, Pinent equivalent to im- keeping force. 

Zin^ -hn^r n f already por red equipments is available, In drafting the budget, ihe 
t horror Budget. only the Australian equipment cabinet firmly rejected calls From 

. The budget will most likely will attract a 20 per cent invest- the trade union movements the 
with i abolish the national health insur- men t allowance. Labor opposition, and some 

- i ance systemset up by the former A combination of indirect tax academic economists for econ 
Labor government and known as rises and tough curbs on public oniic stimulus -through an 
medibank standard. spending are expected to get the increase in government spending 

It is expected to impose steep estimated budget deficit to well in selected areas. The budget is 
increases in excise duty on beer, under A$3bn— the level the Gov- not expected to include any 
spirits and cigarettes. eminent regards as necessary to measures aim ed specifically at 

The Budget is tipped to include maintain business confidence. easing Australia’s serious unem 
a decision to tax war service The Cabinet is known to have p . 

pensions, and to increase sharply regarded the deficit level as -.v n •- dec^ion to 
the tax on long service leave and crucial following the budget re- a P 01Isl1 the td embank standard 
lump sura payments received on suit for the .1877-78 financial e .*? ient v Qf “, e health insurance 
termination of employment. Up year. The deficit blew out to “ready produced a 

to now war service pensions have A53.300m — 50 per cent above the no ^X. re ?E“ on - 
been exemnt from income tax estimate. . unaer the system people can 

and lump sum payments have Mr. Fraser, the Prime Min- * 

been taxed at the rate of only ister. has promised that the dfl y JS 
0 P er <* nt budget will create conditions a prlvale 

There are iikely to be few for a gradual but sustained fall “ Abolitionof S/S& will force 
bright spots in the Budget ?« interest rates. The Treasury more than lm AuSiiTm into 

speech, though a reduction in * known to have advised the “.Kte ftnd? «SSttu whit 

sales tax on motor vehicles in government that the deficit must fhev pav for h eafth iS^rance 
an attempt to bolster local car be kept to less than AS3bn if this But there II nreKS £ 

« considered “ “ J* «Weve« fover ttl X of he.ltU csre 

^aj’ ■ r ■ ♦ cur ^ s °°. p “ bl “ Sbfodmg for pensioners and disadvantaged 

Advance information suggests to be announced by Mr. Howard groups. 

the cut in sales tax on cars are expected to be so severe Some renortu sn>wKt rh<* in- 
could bring the rate down from that memoes are already circu- crease in excise duty on snirits 
27.5 per cent to 15 per cent, latlng in a number of govern- ££ ” tohl lOO oer 

which would produce a saving ment departments about the like- cent The extise riseml^prMs 
of about AS500 on ’the averagl lihood of staff retrenchments. SSciff toS Si* 

« u Even the defence department Wrapt 

It has been reported that as traditionally Insulated from cost- to ‘’sell’’ the budget politically 
a means of. stimulating Austra- cutting, is to have its financial as a continuation of the deter- 
lian industry the budget will _ allocation reduced in real terms mined economic strategy which 

fESSJ?* buy Australian" a fact which has influenced has led tS l^efStion 

incentives. the attitude of senior army Australia. 


in 


AMERICAN NEWS 



Optimistic GM predi 
record 1979 car sales 


Conocof to 
pay fine 
over price 
violation 


iP~ 


# . f\ 


nit*' * 


BY JOHN WYLE5 NEW YORK, August 14. 

By Qur Own Correspondent 
NEW YORK, August K, 

Auuiia « loretasuus S«um» ui vmpiuymenc The most wiaeiy auppurivu; THE ILS. Goverontnl't 

sales of cats and trucks <10m new jobs since April JL975i; view is that consumers are antlci-i pursuit of oil companies for : 
79 model year will set and rising personal incomes are paring higher prices and that Ihe ; a u e «ed price manipulation in 

:ord for the TT-S. the basis for further econOmi* this voar in the car: ,l_ *r th* nit 

considerable I 


APPARENTLY DISCOUNTING than 4m trucks. This is up -to household net worth and reached; 
signs of continuing high inflation 2m more units than most analysts a peak which many think to bc< 
and slower economic growth, are expecting. But GM says that, insupportable. 1 

General Motors is forecasting strong gains in employment The most widely supported r the 
that total sa 1 — — : -»* — — = — * — i — *i-= ; * 

a new record for the TJ.S. the basis” for further economic length & this "year in the car! "iewakc of the 1973 oil crisis 


gained momentum on Friday 
when Continental Oil, one of 


'While renowned for its expansion. 'market represents w „a»rc, 

optimism, the General Motors Rising corporate expenditures purchasing which will be re- whDn continental uu, one at 
eeoBomie analysis should be on plant and equipment wlH. says fleeted in lower sales ne^t year. • the 0 jj g s tn is. agreed W Pay 
taken seriously because of the General Motors, more than offset Thus, many analysts of the car' § lm j D g nea a nd another 
accuracy of its prediction for the a modest slowing of expenditure industry arc forecasting a major j jn re fQ nd$ . 

current model year. Many 0 n new homes. Business. In- decline in car purchases towards. A, t}]0{]eh Continental OH 
economists could barely restrain venlorles are still low relative to the end of the year, and car, ui-aded no contest to 
their amusement this time last sales while “the consumer sector sales in the 1979 model year of eS of viol stint fcdenS 

year whenkthe company chair- is likely to be a sustaining force, between 10-I0.5m units. ! oU * rlee (not chailent 

man Mr Thn™,. -- * --- i n addition. GM expects 4 per but not Swlr. 

— 7* T7-r r“ ■*““ ““*-=* ruMHK itr«i luiwun.-, iuiu. mi in«r cent real economic growth the , either) this was the 

sales of 15-5m unite for the 1978 increases in employment" U.S. la the second half of-thu! , fme a wnipany had hew 

model year which ends on GM adds that despite record year "and continuing m 1979^ : 

September 30. increases in instalment debt by. This is higher than the C.art*r ; J®* 4 « 

Although passenger car sales consumers, their • debt repay- administration’s recent estimates! •jer inc atiegro pnre 
will be lower and truck deliveries meats are still in line with rising and above the 3-25-3.75 per cent; manipulation, 
higher than Mr. Murphy foresaw-, income and total debt by con- growth which the Federal; Other cases, which now 
tiie strength of consumer spend- s timers has not risen above man- Reserve board expects by the. involve about three dozen ou 
ing has confounded most ageable levels. end of next spring ; companies, have been pursued 

observers, and total car . and This may be the key to .the However, economists are qen-' on civil grounds, 
truck purchases look likely to entire analysis and the point erallv agreed that 
round out at s 
for the current 

Mr. Murphy's projection for In the first quarter OF the year, a 55 per rent proDaDtuiy to jn: been assembled by its 

the 1979 sales year, to start in home mortgage and instalment economic downturn in the first i own investigators. Because of 
October, is ll^m care and more debt exceeded 50 per cent of half of next year. ! this the company described the' 

fines as “unwarranted and 
unfair." 

The thrust of the Govern- 
ment investigation. which 
began at ihe end or last year., 
is to uneoier evidence of 
i lolation of federal price 
rules established in .1974 to 
prevent oil companies makfax ’ 
windfall profits out of the Arab 
oil embargo. 

However. since complex 
accounting practices arc in- 
volved. actual violation or what 
are frequently ill-defined rules 
is hard to prove. 

Most oil companies have 


J ;](!•!' 1 


Cuts sought 
for London 
air fares 


By Our Own Correspondent 
NEW YORK. August 14. 


Brazil strikers ‘sacked 
despite employers’ pledge’; 


BY SUE BRANFORD 


SAO PAULO, August 14, 


this 


BRANIFF 
U.S. and 


HUNDREDS of workers who sectors is embraced by 
r lunn. .-vusust A*t. took part in a wave of strikes definition, including banking, oil. 

AIRWAYS is seeking <n greater Sao Paulo in May have . prospecting, refining and distrt- < 
iJ.it. and British Government! been sacked, according to bution. public transport, elec-; 

approval to make substantial 1 denunciations by Sr. Luis Inacio tricity generation and sanitation. * 

reductions on the cut-price i da Silva, known as Lula .the Strike action in most manufac-l . d “ lUe ■notices nf 

tickets available on its new president of the Sao Bernardo tunng sectors, including ihe car. price viola iMTilwr 

service between Dallas-Forti metal workers’ union. whieh industry, is permitted. have received as absurd. How- 

Worth and London. ; represents 200,000 workers. Any worker who is involved . , ^ or 

Since its start on March IS, 1 mainly in the cstr industry. in. strike action in a forliidden - ar iler ihis month, the Enerev 
raniff says, the new- service has' Lula, wh« u.-ac cMairin* in wninr p:m he subiect to a variety • - — 

done better than was forecast, | Brasilia 
and the decision to introduce ; mission 


B raniff says, the new- service has: Lula, who was speaking in sector can be subject to a variety ; t. SI BO » c u ir oil to 

ilia at a parliamentary cbm- of sanctions, including a warn- r ejo m i n ani i refund,, 
inn AF inonlrv into the Ing, immediate dismissal. Br . Pti B "«« wiim*, 

even a 20-year jail sentence if ; 

u.aum o |iiuume m uuer a, iuhi me uisiuidmia ncie auccuuk lie is tried under the National j 
service at the lowest possible j shop floor leaders, in open dis- Security 

price. 1 — 1 re '' — ” 

Bra niff wants permission from | 
the British and U.S. Govern- 
ments to reduce the stand-by I 
return fare to London from $349 ! 
to S299 from September L 


regard of an agreement between The " inclusion of banking j 
unions and management that among essential activities hasr 
there would -be no reprisals. provoked forceful criticism from ; 
■Lula alleged that the com- bank ejerks. traditionally known. 


S. Vietnamese 
sues bank over 
Saigon deposit 


■ anegeu mat me com- uamv 

panies have worked out between for their militant trade unionism, j 

, aoer jl (themselves an efficient network Even some leading bankers, a x 

The cut-price fare, which! of information. He said, “the believe the new legislation to he^^fy FRANCISCO, August 14. 
requires passengers to book three control is so perfect that a metal- unnecessarily severe. I A BMwn wi»w.t«n: 

weeks in advance for a flexible j worker who took part in a strike Sr. Evaldo Marchan. vice- 
date of departure, would be ; in 1982 was recently turned down president of Contec. a confeder-i 

rArlllMlI tn tha (.Mo ....... , hv finonia uihii<h iiietSAnil it, stinn nf hnnlf plprtS* tffldp i 


, "J ' >' 


Sudan takes over direct 
control of key utilities 


BY ALAN DARBY 


KHARTOUM, August 14. 


PRESIDENT JaaTar Mohammed deteriorated since late 1976 
Nimalri has brought Sudan Air- when the then chairman abruptly 
ways and the Public Electricity terminated the contracts of most 
and Water Corporation (PEWC), of the expatriate staff. Sudan 
two of Sudan's most ailing State- Airways' unreliable service 
run organisations, under his within Sudan has contributed to 
direct control. the. shortages of supplies in 

Republic decrees transfer provincial areas. Aircraft from 
■ Ajrways from the Ministry the West German and Saudi 
of Transport to the Ministry of Arabian air forces have been 
Defence— the President appointed flying food, fuel and other 
himself Defence Munster earlier supplies to a number of provin- 
this month and bring PEWC cial destinations and Air Taxi, a 
under ha direct supervision. The division of Gulf International, has 
corporation was previously under been chartered by the Govern- 
*£ F ■m ll ® r , 8y a 2 d xnent t0 Ay supplies to destina- 
™ aB ’£™?JJX e mn jS!* n * h .° Hons In the southern region 
dlsmisse{ * earlier this where conditions are reportedly 

m S„- s electricity acd water ^ 


fi?„ Ve I nn . 1 5 nt , h ^ discarded since j supplies have become increas- 

t death of Chairman Mao Tse-jingly unreliable, causing resent- AnrpnHnp Kitlnan 

| ment and frustration among both IV Id nap 


tun? is one which says Yugo- 
slavia. although laudably 
resistant to Soviet interference, 
should be condemned for its 
“revisionist" ecrnomic line. 

"That criticism has vanished as 
China attempts to rework its own 
economic structure. seeking 
models which are compatible 
with high-speed development 
without betraying communist 
objectives. 

The new China has un- 
doubtedly been impressed bv the 
Yugoslav model — although 
observers hold serious reserva- 
tions about the likelihood of a 
copy of that model taking root 
in the Chinese system. 

Chinese economists have 
watched the Yugoslav system 
carefully and delegations have 
visited Belgrade to study more 
closely the effects of a high 
degree of worker self-manage- 
ment and the operation of 
production incentives. 

■Hiere are signs already that 
China is prepared to experiment 
with a re-vamped production 
ideology, starting last year with 
widespread pay rises intended 
to regenerate the enthusiasm of 
factory 1 workers. 

The traditional communist 
slogan “ to each according to his 
need" has given way without 
mucb subtlety to " to each 
according to his work." 

-And, significantly. China's pro- 
gressive ideological strong-man 
Vice-Premier Teng Hsiao-plng. 
recently called on management 
level workers to take more re- 
sponsibility in running their 
enterprises. 

The appearance on his desk of 
a sign saying “the buck stops 
here " would be a new and dis- 
maying experience for a Chinese 
factory manager, but the inno- 
vative redistribution of respon- 
sibility underlines Vice-Premier 
Teng's conviction that the quality 
and contribution of management 
must be Improved if China is 
to meet its development targets. 

The changes in China’s pro- 
duction philosophy could be. at 
least partially, a recognition 
that some aspects of Yugoslavia's 
flexible management system 
could be applicable to China’s 
needs. 

Premier Hua’s probable visit 
to Yugoslavia will give him the 
opportunity to confirm that 
China, in its new international- 
ism. is prepared to lean on 


domestic 4nd industrial con- The Association, of Psychologists 
tuners. While residents of of Buenos Aires stated that— since 

^ *** when the president 

their way if lifc ihose liring hi ° f ^iation. Ira Beatrix 
El Fasher in the west and Port ** er0Sl0 ' w taken fronj her home 
Sudan in the east have been ° y met I. P^orting to be police- 

SfflKf prices 13 ' wa,er at blMk SWKWMVffiB 

sssua “vat ““Jss 

operates both domestically anS ^TdeTt^TSe A ^e 'SE 
internationally, have steadily under arrest 


Coup attempt in 
Congo foiled, 
authorities say 

KINSHASA August 14. 
CONGOLESE authorities have 
foiled a plot to overthrow the 
country's ruling military com- 
mittee, President Joachim 
Yhombi Opango said today in a 
Brazzaville radio broadcast 
monitored hfere. 

The plot which was to have 
been launched today, involved an 
invasion by mercenaries and the 
killing of- military leaders, Ihe 
Zaire news agency Azap reported. 

The ^military committee took 
over in Brazzaville last year after 
the assassination of Mazxist 
President Marien Ngouabi on 
March 18. 

Colonel Yhombi Opango, as 
leader of the committee, assumed 
responsibilities of both head of 
state and of prime minister. 

Former president Alphonse 
Masseraba-Debat was executed 
shortly after President Ngouabi ? a 
murder. He was accused of 
having prior knowledge of the 
death plot 

Sixteen other people were shot 
for their alleged roles In the 
attack on the president’s palace 
in which Major Ngouabi was 
reported to have fought off a 
four-man assassination squad 
before being cut down by a 
palace guard. Reuter 


Canada lawyers 
suggest elected 
head of state 

By Victor Madde 


wtpoi iui c, nruuiu in-iiii.-u-iiMHM.my luiucu uvnu **»v - . |j| „ federal court here 10 

redoced to the same amount. The by Scania, which justified its ation of bank clerks trade I c j a j m lhat America 

advance purchase excursion fare refusal to employ him with onions, said, "the decree makes; coruoratlon Bank of \mcrira 
would be cut by 18 per cent to reference to his earlier involve- it impossible to believe m real ! and , hp hailk . s fftrmer saicou 
S349 return. | ment in strikes." political liberalisation." Shop' 1 gf to iy h 

j He and other trade union stewards have pointed out that ■ JS non savins Zbmt? iSu* 
! leaders from the main industrial in none or the industrialised - ™ 

states of Brazil— Sao Paulo. Rio countries do banking activities j * ’ nri S. 

de Janeiro. Minas Gerais and require special protection from 1 gJJ® pi1or t0 “ e “ II 01 
Rio Grande do Sul— drew up at the stale. : n . Tltl 

the end of last week a document The new decree-law has enn* ' 

in which they vehemently critjr side ruble, political •‘teni finance : widow, described 

ci«c a new decree-law to rcqulaic for it clearly establishes new ; l ” e su “ * emss-acuon corn- 
strikes. which was signed by the rules nr Ihe game. Whereas, in pla ) n | ? n “ehaU of others who 
president, Gen. Ernesto Gtysel. May. the government tolerated maintained at least Sim la 
Ottawa , A ion August 5 before it had /been industrial action (although it was , dvpohits tn the hank. Mrs. 

A r^-toAv ‘iT “gust 14 - ; discussed in Congress. / technically illegal according to ! Durreuts suit .seeks recovery 
« CANADIAN chosen for a The new legislation /orbids old legislation), il is now clear hcr deposit with interest 

fixed term by a majority of the ' •*- ~ J ' — ’ 

House of Commons— should take 
the place of Queen Elizabeth as 
head of state in Canada, the 
Canadian Bar Association (CBA) 
recommended today. 

Release of a study by a CBA 
committee of prominent 
Canadian jurists, confirmed 
information leaked this summer, 
which suggested that the Queen 
be recognised only as head of 
the Commonwealth. 

Tbe document also said that 
new constitution in place of 
the British North America Act 
should be a totally Canadian 
instrument drafted in English 
and French. It recommends also 

that English and French should) — -- - *— ----- -- — -- - 
be constitutionally entrenched as j estimated will bring in $1.3bn 


* new le^i^KUiun UHU’ »'iw m »ii nun LiMil ’ i t 

strikes “In public servii^ and lhat any attemnts a! strike :i Minn J Sim in damages for emotional 
activities legally considered within forbidden sectors will be), distress and $10flm in punitHe 
essential.’* A wide range of firmly repressed. ^miw* bimI mnrt «•««!« 


Houston plans tax rise 


BY DAVID BUCHAN 


WASHINGTON, August 14. 

HOUSTON, the booming self- the daily Houston rush hour has , .. . , . „ 

styled oil capital of the world, doubled, while rush hour speeds: ftao * * ,. nt tiiree days 

is to increase taxes to give itself have decreased by one third. oerore the rail or Saigon in 

April, 1975, to withdraw >er 


the official languages of Canada. 
However, the study proposes 
that each province should have 
the power to choose its own 
official language. 

The study calls for a new Bill 
of Rights and establishment of 
a new federal upper house, repre- 
sentative of the provinces. 

The 360-page document was 
made public in Ottawa today on 
the eve of the opening of discus- 
sions on the constitution by a 
special joint committee of the 
House of Commons and Senate. 


is to increase taxes to give itself have decreased by one third, 
a proper bus _ system, and to The referendum sets up a new 
reduce _ the oil-wasting traffic metropolitan transport authority, 
congestion in its streets. with plans to increase ihe 

A proposal to raise the sales present fleet .of 440 buses (serv- 
tax by 1 per cent, which it is ing the 540 square miles of the 
estimated will bring in $1.3bn greater Houston area) to 1.000. 
over the next ten years, was and to 'establish priority bus 
approved by 57 per cent of lanes. By contrast Washington, 
voters in - a referendum last a smaller city, has 1.800 buses 
Saturday. and a new subway system. 

The city has evidently gone Mr. Jim LMcGonn, Houston's 
against the tax-cutting trend mayor, attributed the success of 
noted this year in areas such the transit tax proposal, which 
as California and Missouri was defeated In 1973, to the 
because of the special problems influx of new arrivals corning 
created by its recent pheno- from other American cities with 
menal growth. decent public transport systems. 

. This has brought in an average In addition; the inner city's 
of 1,000 newcomers a week, and poorer Mexican-American and 
their cars. As a result over the black sections strongly supported 
last five years the duration of the increase. 


damages and court costs. 

The suit also maintains that 
the bank fraudulently repre- 
sented its acconnts as being 
insured by the Federal Deposit 
Insurance Corporation, an 
agency of the U.S. Govern- 
ment.. 

Airs. Durreut said, through 
her lawyer, that she went to 
the bank about three days 


'^vS( if til! 


money and observed people 
"picking up stacks or paper 
and gold." She was lold, she 
said, that they were being 
transferred to Bangkok and 
“ presumably to the UJ3." 

She said the bank has since 
refused ou several occasions 
to pay her. A Bank America 
spokesman said the company 
had not yet seen the suit and 
therefore could uot comment- 
AP-DJ 


AMERICAN COMPANY NEWS 


IHemorex loses marathon IBM 
anti-trust case; Venezuela plans 
yen bonds issue: Algoma profits 
surge — Page 30 



President Carter’s tax reform plans have suffered a massive setback. David Buchan explains why 

Congress reacts to rumours of middle-class revolt 

^^Sf M . ,nid H e ’ inco,r 5? , ear ? ers ysys *®d “Bans, Mr. Al Ullpaan, one was in 1976) to offset the feel bitterly that it has not had Bill — the repeal of the deduc- It would have hemm* « n 

and those making capital gains, has nothing like the control over effects of inflation steadily its proper share of previous tion from federal taxes of state the House not 

Biting back his disappoint- the committee that his pushing incomes into higher tax federal tax cuts. and local taxes paid on petrol, amendment by R en uSkfemJto 

ment, Mr. Michael Blumenthal, predecessor, Mr. Wilbur Mills, brackets, with tax reform to According to Treasury figures The Administration has no who thought he read rh» nniitPl,! 

the Treasury Secretary, said the had. __ benefit the needier. This is what for 1976, the richest 25 per cent quarrel with the S4bn tax relief tealeaves to me-m ?»£| ■ ylfl 

Administration would lose no Congress ' has, nonetheless, had happened in previous tax cut of Americans (earning S17,000 a the BiU would give to business American public wmtaii , « ^ 

time in starung to lobby the passed five tax cuts in 10 years. ■ year or more) took home half next year, chiefly in the form of cent tax cut acracc 

( to wl V ch . the Bill now In consequence the percentage of tax PAYMENTS IN THE 1110 nation’s income and paid a 2 per cent cut In the top rate the next three ven« 

goes) this week, m order to try Gross National Product collected UNITED STATES more 1113,3 70 P er 04:01 of t0U31 of corporation tax and a more by the Administrating 

to get the most objeetionab e in taxes in the U.S. has onto risen. / Fnr a ^ income tax. , generous investment tax credit, inflation ^ w ‘ ldly 


■ V”. ■ . 

* i. 


Mr. Michael Blumenthal 


7 'O-- «''UU MiUMW UVU1 «•(>■/ au -LOW LM jg.O m J.SFiM. V> 

S.2Sn B ^ hL ? u . 1 Senator r President Carter's tax strategy 
Russell Long the chairman of seems to have been dogged by 
. the Senate finance committe, m-hick from the start. Early in Income 

S 


PRESIDENT Carter has vetoed by the KTS it stands ***** S*S^° e^Somy 
congressional Jsnis more spar- Indeed he bas proposed further quickly died, as it became Clear 
ingly than his recent Presl- changes unwelcome to President that the only rapid stimulus 
dential pedecessors— only twice barter. For example Sen. Long, would be to inflation, 
last year, and twice this. But s Y, ggested that the maximum This year, Mr. Carter, who had 

then, i. now , g„ oa cance he ^ ^ Se" 

iX-fr 7 -!? ^! t ?- r ? at h . e ^“ current ^49’ per cent to 35 per disgrace ' to^he ‘h^an race? 


7^00 

10,000 

I54KIO 

20.000 

254)00 

30.000 

40.000 

504)00 

100,000 


Present 

Reductk 

tax 

under 

payment 

House B; 

S 

S 

0 

O 

444 

- 62 

U30 

- 77 

2.180 

“746 

3,150 

-232 

4,232 

-304 

6,848 

—486. 

9,950 

—654 

28ff80 

-924 


House colleagues that his tax with the way in which the $32bo and meant a £ 

bill waa directed to the often *10.4bn income tax cuts are dis- taxes of over SlOOlin hv^kt* 
fnrentten needs nf the. middle tribuied; and Mr. Carter, who The k7L? 1951 ■ 


mcauie uiulacls. uujv a quarwr «, omciai Packing oT the tfiim.M, 

of the total individual tax relief capital gains tax rates, has can Party, whieh intends 
in the BUI would go to those threatened a T??^fJ,tbeJ1.9bn tax cute and public .nLid’S*! 

’ ’ kev issue tn * 


earning less than $20,000 a year." capital gains tax relief next year key isaue in * 

The major tactical blunder the provided by the Bill. tions. autumn elec- 

Administration made was to The chief Administration A Carter veto wnniri ^ 

ignore this mood in Congress objection is that capital gains a tax cut next ot .U l . akc 

until it was too late. Only last would no longer be subject to the administrating^ vl?£? ssl , b,c “ 

week, after the Ways and Means the 15 per cent minimum tax submit new urntlL^i d al ^ ays 

Committee had thrown out the rate that applies to other areas. gresg L . ou i d ^ P or <<on* 

. - . tv ^ aissrace xu me numan race.' president's reforms, did the This minimum was imposed some £ be veto— but ii wn.,M °y ernde 

made to veto the tax cut Bill cent should he reduced still put forward more serious^nro- bills in 1969 and 1976. when for Secretary .of the Treasury try to years aga to ensure lhat every- ltkdv. That would bc u ®* 
that Congress looks like passing, further. He also wants this bosals on tax relief and refnSi instance capital gains S rates P«duce a compromise version — one. no matter -how many loop- concern amons somc 

In . a setback almost as serious Ruction to come into effect in Nearly SlObn of -new KnS wre raised^ “ itself a far cry from the original holes or taxsheltera were open economists Sndeed‘ ,mn!n 

as those his energy programme Oct ober, rather than on January r 0 die raised bv Carter proposals. to them, would at least pay some manv over span . *? mon S 

has received, Mr. Carter last V 1979 - when the package as a loopholes as tax °dPfS.pS5e 5 P °"5 ressm * n That compromise version was tax. The capital gains part of concenittf^bour hni a V 0 c U0 ‘ 

week saw Ihe House of Repre- whole is currently due to come business lunches ai vt el lections in rejected by 225 votes to 193. Mr. the Bill also contains a contro- share out tax rLr W Ame ncans 

sentatives turn down a compro- iato effect b * cora ® Blumenthal said h e drew com- versial provUion for indexing, selves still wanfL 11 ™ 0 ^ ,hcitt - 

iumMces. and ?mlddtec£« - 1 ? 1 5 “2;‘ .1^“* ' ««?»»>■ Pro^ef.' 0 SC0 ,lw l '- s - 


* 


---- v K .r~w . — vuvwiinces, ana cer'tairt’" tax a middle ctesrraT reiaiV »«« “w™ i«««niras su inai senera aujr, reai eauie economy prosper 

proposed by the Administration, time getting tax legislation benefits to exnortinv^ ^ . en : of H »use Democrats voted for it. would not be. taxed on the Government . 

Instead it approved— by an over- through. Without the more national companies^ xrf arehgbtjy taxed But it says much about the nominal part of their gain caused as important an oveSlii** 1 * rek ' ard 

whelming 9tt votes to 49-a tightiy-knit parliamentaS m euts to t^r *,,^^^ oi President’s standing with his by inflation. ^^een SlBbn l ' ul ot 

S16.3bn tax reltof Bill. Id doing majorities possessed by, for above this° figure were*??* he ° fter lpdustnal,sed COun - own pariy. “ w « IJ „ as erosion The Administration is not s ion) and Sl5-Si9bn I fw U h C i 'Ik 1 ** 

so the House, like the Committee example, many West European made, mostly to 6 thnS JJninP » .u « party discipline, that 91 happy with this move, also seen Administration^ •ulthnito! 1 * 1 uthe 

on Wa.vs and Mean, which ic t ho aovernmomc riotoo » » i — 0Se earning But, however special the case Democrats considered that Mr. bv many as the' first step towards posed) Thic uhmTm 111 ® 3, P rn * 

from u U, economic, |m„ !t of n«. tex reUcf .chmnn^. of tt c committee n aTou ^ S2J? 




. 4; 


I a; !».. 



remains in the House lax cut 4s not a burning issue-. S43-^44bn; 


1979 

to 


■■-V. - f ? C , 

* <tf SfvV. 







ikliCwKi 


<iTcT3- 


iVTiJTT:] 


WORLD TRADE NEWS 


Is on industry to 
Chinese market 


Protection Japanese officials cast doubts 
by IMF on emergency imports plan 


BY LORNE BARUNG 


b, "HINA’S LEADERS have agreed 
"** Vial trade with Britain should 
. ■../'crease substantially and It is 

■ up to British industry to 
'vin ■ export enters . there, Mr, 
r i^mund Secretary of State 
" L- r ‘ r Trade, said, yeaterttey 1 on' his 
■:/ / turn from a weefc-long visit. ' 

’ He said it 'was dev! 'front -his 
scuseions that the leadership 
’■ •‘id instructed- the -Chinese - in- 
1 -r.. istrial ministries /' .that: trade 
I. '".1th Britain was Important and 
is had been accepted by them. 

■ Mr. Dell said he had suggested 
r the Chinese a three' or four 

"ild increase in bilateral trade 
'■‘v,' 1 ' the next few years, and they 
%id they thought this might even 
-■C; : exceeded. 

' “T am convinced that’ the 
.. i port unities are there and It id 
^iw up to British in dust r y -to see 
.. ^ *. at they are exploited/' Mr- Dell 
■j. "lid. He hoped that the senior 
du stria lists who accompanied 
..''-••m on the trip would' bring this 
** essage home to their respective 
1 dustries. .. . 


On the question of fcowChina 
would . finance its planned i de- 
velopment, Mr. Deli .said he did 
not believe this could, be 
-a^ueved without . . accepting 
foreign ; loans, but if; tbs hap- 
pened China -would ' keep its 
indebtedness well- within, its 
ability to finance. :■ • 1 ■ 

"What they.-. can ■ finance 
depends on what th^ can export 
and they "will be looking .‘for 
export markets, ! probably for oil, 
coal and other raw materialsi ,, he 
said. • - -- -r 1 ' 

Although, .be. said-fha Chinese 
were prepared to consider Credit, 
Mr. Dell repeated bis belief , that 
they, would not accept either 
Government to Comment -loans 
or joint ventures in China- He 
did -not nileout-thedruseof the 
-Euromarkets. 

Suggestions that Japan - was 
granting China . - trade V .terms 
Which were outside the- limits 
agreed by industrial countries 
were - being , investigated, he 
added.' Nevertheless, it was the 


policy of the Export Credits 
Guarantee Department to match 
the terms of competitors. 

Sir John Buckley, chairman 
of Davy International, who was 
a member of the group which 
accompanied Mr. Dell, said it 
was essential for Ministers to 
get the flavour of a market such 
as China and believed it was 
.important to show that the 
British Government "was in- 
terested. 

He believed that China was 
mainly a market for large com- 
panies but that the net cos- 1 
tent of contracts would be 
much higher than in other coun- 
tries, due to the lack of domestic 
manufacturing capacity. lie 
yield on contracts could be as 
high as 90 per cent, he added. 

There had been considerable 
interest in consultancy and con- 
struction work, but the main 
areas of development would be 
Power, railways, and ports and i 
harbours, with strong 1 emphasis 
on modernisation of existing 
facOities. 


BCal adds to its DC-10 fleet 


.. .. BY MICHAEL DONNE, AEROSPACE CORRESPONDENT^. 

<, -LETTISH. CALEDONIAN Air- year, deliveries otDtVlOshave 
, iys. the independent flag air- been delayed by several'tnenths. 

• ‘ "re, 15 buying another three * So British Caledonian is iharter- 

■ ", 3-10 long-range, three-engined ing the 747 to’ enable it to -keep 

" "t airliners to. add to its existing its promise to provide iwidebody 
■et of four aircraft.; In equipment on the routes to 
“ Jdition, the airline is charter- Texas by the latter part -of this 
•« >> a Boeing 747 Jumbo Jet fr^in year. 

Lingus to belp it provide When tb e airline finely gets 
■-‘^Ide-bodied equipment- on - its delivery of- its entirei>*eet of 
‘ r ute to Houston,' Texas. long-range DC-lOs, the'Bdehig' 

r, -pui-. The cost of the DC-lOs will be 747 will be passed, bade .4S>" Aer 
u;,jarly £70m including : ^spares. Lingua. British CWedMrtaDLWill 
: tey will be delivered from the be able to employ the-DG40s not 

• -ring of 1980 ever the ensuing only on its African^' South 

;• ; - f ** c.-iV months. — - • ... . American and Houston ^routes, 

: v British Caledonian Currently but also by then onits.prpspec- 
’ • • jerates two long range^DC-lte ■ tive -new routes to -Atianta in 

- j Its routes to West Africa and Georgia and to • .Dallas-Fort 

mth America;- it already has Worth in Texas, both: of which 
- /o on order for delivery in 1079, it expects to start flying by 1980. ■ 
1 0Wm S to industrial; troubles . The latest DC.-10 deal: was 

■'-lUdllfr the manufacturing j>lant.‘ signed recently by Mr* Adam 
. cDonnel! Douglas - m Long- Thomson, chairman', of .‘.-British 
> *1 mL California earlier this Caledonian, and Mr.'Mfio Pear- 

V . - J. '- ■' - • ■. 

: *n i p lndia maypick Jaguar 


son, the director of commercial 
Mies for the . Douglas Aircraft 
division of McDonnell Douglas. 

Reuter adds from Long Beach: 
McDonnell Douglas has received 
a $180m contract from Pacific 
Southwest Ai rlines for 10 DC-fl 
jets. 

The San Diego-based carrier 
will be the first 1LS. airline to 
introduce the twin-engine air- 
craft in commercial service. The 
aircraft will be powered by Pratt 
and Whitney engines. 

9 Philippine Airlines sard it 
signed an agreement to buy three 
Boeing 747s for about 3200m. The 
first aircraft will be delivered in 
January 1980 and the other two 
in February. The airline had 
also taken an option to purchase 
a fourth 747 for delivery- in the 
first quarter of 1981. 


By David Buchan 

WASHINGTON, August It 

INDUSTRIALISED COUNTRIES 
resorted more frequently to 
protective trade measures, 
including anti-dumping and 
countervailing duties and quotas 
on imports, during 1977 and in 
early 1978. according to the 
International Monetary Fund’s 
annual report on exchange 
restrictions, published today. 

To eombat these protectionist 
pressures, caused in large part 
by the u disappointingly slow 
recovery of the world economy " 
and continuing high unemploy- 
ment in certain key sectors, the 
IMF survey stresses the need 
for a successful conclusion to 
the multilateral trade talks, now 
In progress under the General 
Agreement on Tariffs and Trade 

The Fund says that anti- 
dumping and countervailing 
duties retard trade. 

They also tend to hold up 
agreements, principally between 
the UJL and Europe -and Japan. 

■ The survey singles out quanti- 
tative limits imposed by the EEC 
on textiles, by the UK on tele- 
vision sets and clothing, by the 
TLS, on steel, and by Canada on 
textiles and shoes. 

By contrast, the report says, 
restrictions in a number of non- 
EEC European countries have 
been cased, with Norway and 
Sweden waiving licensing on 
some textile imports, Iceland 
lifting controls on TV sets. 

While the IMF commends the 
EEC for adding a number of 
tropical products to its con- 
cessionary generalised system of 
preferences, it notes that the 
UJ>. granted duty-free treatment 
to a farther 121 items under the 
system, but withdrew 115 others. 

The DCF remarks that “ a par- 
ticularly disturbing feature " is 
the growing number of countries 
which are delaying payments for 
imports. In the period covered 
by the survey. Turkey. Sudan, 
Jamaica, Ghana and Guyana fell 
behind on their import pay- 
ments, while the situation in 
Zambia and Zaire, already in 
arrears on payments, became 
worse. 


BY ROBERT WOOD 

JAPANESE OFFICIALS said 
today, that the plan of the 
Minister of International Trade 
and Industry, Mr. Toshio Komoto, 
to seek SlfiSbn in emergency 
imports this year has not been 
discussed extensively with other 
Ministries or with private com- 
panies whose participation 
would Be required. 

Mr. Komoto told reporters on 
Saturday that he and Economic 
Pl annin g Agency Director, Mr. 
Riichi Miyazawa, had agreed to 
the plan. But a Transport 
Ministry official today described 
part of . the proposal as “ un- 
imaginable” and “impossible.” 

Mr. Komoto bad suggested that 
Japanese shipping companies 
buy $£5bn worth of the flag of 
convenience ships they now 
charter from companies over- 
seas. The Ministry official said 
that it would be very difficult 
to negotiate the transfer of more 
than 36 ships to Japanese 
registry this year — a target set 
io July-— and certainly impossible 
to transfer the nearly 200 tbat 
would be necessary to reach Mr. 
Komoto’s $3-5bn goal 


Mr. Komoto, who himself 
founded Japan's largest dipping 
company, Saako Steamship, 
admitted on Saturday that 
achieving Ms $3JSbn goal for 
purchases of chartered vessels 
would require a solution to the 
problem of foreign seamen, who 
would have to be replaced by 
more expensive Japanese crews. 

It was mainly to avoid hiring 
Japanese crews that Japanese 
snapping companies began to use 
chartered flag of convenience 
vessels in the first place. 

Other emergency imports face 
similar problems although many 
will be. directly supervised by 
Mr. Komoto’s Ministry. Even 

proposals that Mr. Komoto’s men 
will supervise— -such as plans to 
buy foreign aircraft and indus- 
trial equipment for leasing to 
developing countries — will 
require approval of the Finance 
Ministry if they involve Govern- 
ment subsidies. 

Often, other agencies such as 
the Export-Import Bank, must 
give approval as well. 

Even when no other agencies' 


TOKYO, August 14. 

approval is reqiured, it is not 
clear that Mr. Komoto's plans are 
practical. A Ministry of Inters 
national Trade and Industry 
official dealing with the electric 
power industry said officials had 
conveyed to the industry Mr. 
Komoto’s wishes that they 
accelerate Imports of 54bn worth 
of fuels this year. But the official 
said the companies had not yet 
indicated whether or not they 
considered it possible. 

The electric power Industry is 
extremely sensitive to Ministry: 

S ressure because Japan Is now 
ebatlng appropriate power 
rates. However. lower level | 
officials will not preps for 
accelerated purchases in an 
amount greater than they believe 
is practical. 

• A British trade mission will 
visit Japan next month to 
promote sales of products rang- 
ing from rotary printing 
machines to Scotch whisky. The ' 
mission, sent by the City of West- 1 
minster Chamber of Commerce., 
will spend 12 days in Japan from 1 
September 3. 


Toyo refinery for E. Germany 


BY ROBERT WOOD 

TOYO • ENGINEERING Cor- 
poration of Tokyo has contracted 
to build an oil refinery for East 
Germany, company officials said 
here. It was reported to be the 
first time the East Germans had 
bought petroleum-refining tech- 
nology from a non-Soviet source. 

Maruzen Oil, a Japanese 
refiner that is 20 per cent owned 
by Union Oil of California, will 
provide 1 technology for the plant 
which win utilise a Maruzen- 
developed fluid catalytic cracking 
system.’ . 

A Toyo Engineering official 
said the 7 value of the plant will 
be about Y1 00 bn ($530m). It will 
be built at East Germany’s 
petroleum complex in Schwedt. 
some 100 kilometres north-east of 
Berlin, and will have a capacity 


of 26,000 barrels a day. It is 
scheduled for completion in 198L 

It is the first time the Japanese 
have exported this kind of tech- 
nology to the Soviet bloc. Toyo 
Engineering is a company with 
extensive experience in construc- 
tion of plants for both the 
Soviet bloc and China, but this 
is the company’s first oil refinery. 

Toyo has agreed to build the 
plant fbr the East German indus- 
trial plant and equipment 
import corporation, Industriean- 
lagen-Import 

• Japanese export contracts 
certified in July rose by 7.4 per 
cent in dollar terms over a year 
earlier, the second lowest margin 
this year, the Ministry of Inter- 
national Trade and Industry 
announced here. 


TOKYO. August 14. 

Import contracts licensed in 
July rose 10 per cent, according 
to Ministry figures. Although 
the figures are not strictly com- 
parable, they do provide some 
evidence of a possible decline 
in Japan’s trade surplus in the 
months ahead. 

The modest export contract 
rise resulted From a declining 
increase in motor exports and 
sharply lower sales of ships. But 
motor export contracts were still 
up 19.5 per cent in dollar terms 
over last year. 

In import licensings there was 
a sharp difference between the 
trends in raw materials and fuel, 
and manufactured products, 
which rose 31.7 per cent Import 
licensings of pharmaceuticals, 
were sharply higher. 


Hong Kong 

deficit 

increases 

By Anthony Rowley 

HONG KONG, August 14. 

DOMESTIC EXPORTS rose by 11 
per cent in the first half of this 
year over the corresponding 
penod of 1977, to reach 
HK$17.47bn. Re-exports rose 29 
c^nt in the same period, to 
HKS5.93bn. 

First half imports were up bv 
21 per cent to HK$2825bn, leav- 
ing a visible trade deficit for the 
period of HKS4.76bn as against a 
deficit of HKS2.76bn in the first 
half of last year. 

Loan for Yugoslavia 

Lloyds Bonk has received a 
guarantee from the British Gov- 
ernment's Export Credits 

Guarantee Department for a 
£963,050 loan to Privredna 
Banka Zagreb, of Yugoslavia, rei 
ports AP-DJ. The loan will be 
used partially to finance the con- 
struction of a polyester shoe 
goi mg plant supplied by Sim- 
Chem of Britain. 

In another Yugoslav project, 
the last date for placing orders 
under an ECGD guaranteed £10m 
line of credit made available by 
Lloyds Bank to Invest icionk 
Bank Titograd has been ex- 
tended to October 32. 

Philippines credit 

Switzerland has signed a 
transfer credit agreement with 
the Philippines for the financing 
of Swiss capital goods deliveries 
and services to a value of 
SwFr 120m, reports John Wicks 
from Zurich. The credit will be 
made available by a Swiss bank 
consortium and covered by 
federal export risk guarantees. 

Iranian gas for U.S. 

The Department of Energy 
says it has received a joint 
application from Columbia LNG 
Corporation and Consolidated 
System LNG Company to import 
liquefied natural gas from Iran, 
Reuter reports from Washington. 
The project, which the agency 
said would require a total 
investment of S2bn, would bring 
in 3m cubic feet of LNG a day. 


7HS ADVERTISEMENT APEEABS AS A MATTER OF SEGOBD OMY 


. BY K. K. 5HARMA ' 

-HE chances of India baiting for 
, ' : be British Jaguar to' meet its. 

: eeds for a . deep penetration 
■ ’ ‘ .ghter to replace the Indian air 
oree’s ageing Canberras and 
' lunters have improved greatly 
vith Sweden’s Viggen dropping 
- : mt of the race.- - 
• Sweden has formally- informed 
he Goveraent that the W.S;- has 
-cfused"lo permit' the Sale of 

• 7iggon aircraft to^ndia- because 1 
he engine is maoufactured- ln 

• itockholna -under licence from 
:*ratt and Whitney and Washing- 
on’s clearance is needed for the 

. -. leal. The U.S: refusal is said to 
•. to based on its view . that, jet 
ighter sales to India ml) upset 
. he balance in the -subcontinent 
: The two other aircraft being 
.< ronsidered by India '-, are - the 


NEW DELHI. August 14. 

Jaguar and the French :^rage. 
The Defence Ministry is reported 
to have completed iteam&nent 
of the terms .on which taSsfare 
available and expressed; i^Jire- 
ference for the Jagu^K;Its 
recommendation has now, jjp be 
considered by the Cabinet^ , 

- The deal involves severaEtuunf 
dred million pounds sinc£Jthe 
Government plans to buy.^l ai^ 
‘craft initiaRyv It will also, seek 
a licence .£0 build the aircraft 
in India jRxd detailed discussions 
have been held with all pasties 
on thW 

Manufacture of: the aircraft in 
Indio, will depend on the willing- 
ness of the party concerned to 
“ buy back ” components for use 
in Its parent .plants or for sale 
elsewhere. 




•*-. • 


ITAIPU 

BINACIONAL 


East-West trade sluggish 


BY ROGER BOYES- „ 

* LEADING expert on Eiast-West 
. connmic affairs predicts that the 
‘ best’s trade with = v Eastern 
• ^Jurope and the USSR -will be, 

1 • xlremely sluggish throughout 
his year and will grow, at most 
. *■ - y 1 to 2 per cent in red .terms. 

J Dr. Jan Stankovsky " of the 
“ lusirian institute for Economic 
Research writes In the ‘recency 
mblished book 'East-West 
•• .Yade 197S” that a co m bin a ti on -. 
j .f factors-^tiw desire to reduce 

- .he growth of debts, with;.: the 
Vest high Soviet cereal imports 

- ind a worsening of the sales 
7 renditions for East "Bloc . prtf! 

lucts on Western markets— has 
. - ■ llaced a substantial brake-on- .the 
development "Of trade Hbetwe«p u 

- - lomecon and the "West ■ . ‘ ' 

A considerable part Of the esti-; 
' nated 1 -to 2, per cent trade 
’ irowth will,- -Dr. : Stankovsky..' 
jolicves, be taken up- by U.S.- 
;creal deliveries which should 
amount to 7 to 10m tens.' 

. Dr. Stankovskys report echoes 
.j. - ?arlier VS. estimates, in .main- 
.aining thatjhe future-prospects 


;ftr. Western exports to Czecho- 
slovakia were relatively favour- 
able.- Western-' 7 exports to 
Czechoslovakia rose in 1975 and 
1976» .stabilised- last year and 
looked set to play a key part in 
the country’s economy this year. 

By contrast Poland will prob- 
ably 'be compelled to cut back 
imports in 1978 because of its 
balance of payments problems 
although internal political ten- 
sions could- give, rise to extra 
consumer good, imports outside 
theJPlan. East Germany too may 
be looking outside its Plan 
requirements this year for con- 
sumer goods to appease dissatis- 
fied shoppers nt home. .. 

:; r ln -real terms, imports from 
tjjce Eastern Bioc by the West 
will grow at just over 4 per cent 
-Hfiat is somewhat stronger than 
in 1976 but noticeably weaker 
than to .1977, Dr. Stankovsky, 
concludes that the East-West 
trade balance, which, to 1977 -waa 
in surplus for the West by about 
SS-5bn should remain in surplus 
by about $3bn. 


A BENATtoWAL ENTITY JOINTLY OWNED BY 
CENTRAIS ELfeCBICAS BRASTTi’RTBAS S.A.— KT.KTROBRAS 

AND 

ADMENISTHACIOII NACIONAL DE ELECTEICIDAD— ANDE 

>?; TJ.S. $ 175 , 000,000 

MEDIUM TSKH IOAN 
GUARANTEED BY 

THE FEDERATIVE REPUBLIC OF BRAZIL 


MANAGED BV 


CmCOBP INTEBNATIOItAXi 
GROUP 


BANCO DO BRASIL S.A. THE BANK OP TOETO, LTD. 

THE BOYAL BANK OF CANADA U 


COMPACrME MMANCI^IHE DE LA 
DEUTSCHE BANE AG 


MORGAN GUARANTY TRUST 
COMPANY* OF NEW YORK 


CHASE MANHATTAN LIMITED 


UNION BANK OF SWITZERLAND 


CO-MANAGED BV 


VO)! Brazil, Mexico iron ore project 

BY DIANA SMftH ;. RIO DE JANEIRO, August 14. 


BY DIANA SMTtH V 

BRAZIL’S CompanhSa -Vale Do 

Rio Doce (CVBD),.tbe .state mia-: 

ng conglomerate, and. tbe Altos 
Hornofl De Mexico, the Mexican 
state steel company. ha*« agreed 
to make a joint feasibility study 
for an iron ore pelletising unit 
to be set up either in Breril -or 
Mexico. '• 

The study Trill be completed 
by the end of this year; ,tf; the 


THE BANK OF NOVA SCOTIA GROUP FIRST PENNSYLVANIA BANK W.A. THE TAIYO KOBE BANK, LTD. 

TORONTO DOM3NION3ANK: ALQEMENE BANK NEDERLAND N. V. AMBTERD AM-BOTTEHDAM BANK N. V. 

BANK FUR Q^PTMPiTy ywTTtTg nTTATr T AG THE bank 1 op YOKOHAMA, t.tmtt ttti 5ANQUE EUBOFEENNE DE CREDIT (BEC) 

fTHlCMTf! Air ► Ti Aninc Ti mgRiff ATrn UTAT, T.TTWTT ED EUROPEAN BANE3NO COMPANY LIMITED THE FUJI BANK LIMITED 

(HRABD BANK GULF INTERNATIONAL BANK B.S.C. IRVING TRUST COMPANY 

THE SANWA BANK, UMHED HTMTrwrR ORNBRAT.Tg THE TOKAI BANK* LTD. 


plant is installed in Braril, 
CVRD wiU have a majority 
shareholdingr-tf it is set up to, 
Mexico, the Mexicans wHl hold 
the majority. In -either- ease. 
Braztt TriJi atpply the iron ore. 

The new proposal follows .a 
series -of joint ventures CVRD 
■has : formed" with foreign steeV 
companies to .produce pelletised 
iron; ore* ; ■= 


CXEEBANK, NJL 
BANCO DO BBASHi SLA# 

LONDON BSANCH 


AND PROVIDED BY 

CQMPASCQ& ITHANCIEKSDE LA DHDTSCHB WANK AG- 
THE BANK OF TOKYO, LTD. 


M 3 HGAN GUARANTY TRUST COMPANY OF NEW YORK 
THE CHASE MANHATTAN BANK, NJL 


NIGERUl-j- A SPEC 1 AI SITUATION 

Two medical tmerya yy ak evacuntiotn were executed by 
Trant-Care toten utl ocal the : weekend Jidy 28-30 

Desphe. cornmnw att oni failure at. the Ni^erian end, and the 
go-slow by Frindi -air oomroHers (who. made no exceptions), 
both patients, qiie tago®,^ ^^e.oriier/ from Kano, are 

safely progreaalng. in .h^phris in Engbnd. Their companies are 
- delighted with oUr services. • 

IF YO0 HAVE- PERSOWtigb AWYWHERE W THE WORLD 


WRITE FOR DETAILS OF 
THE CGI&PARy MFMBEOSHlP PLAR TO 

TRANS-CAISINTCRN^ 

GROUP HOUSE, WOODLANDS AYENUE, LONDON W3 
■ Trt^lwme: 0L992 SOW/S07S/50T9. Tdeau 934S25 

YOU MAKE ONE CAIL-WE DO IT ALL 


THE ROYAL RANK OF CANADA 
nssrr Pennsylvania bank ica. 
jslgbmhkbbankni^^ 

BANQDE EUROFREjarife DE CRRIHI 1 (BBO 
BUROCTl AN BANKING COMPANY UMIXEP - 


UNIONBANK of SWITZERLAND THE BANK OF NOVA SOOHA mTERNATEONAL LOOTED 

THE TAIYO KOBE BANK LTD. TORCWTO DOMINION BANK 

AMSTBRDAM-ROTEEIRDAM BANK N.Y. THE BANKOV YOKOHAMA LIMITED 

BFG LUXEMBURG, S JL> fiVUtUinAT. RANK 

■ - ch M wpj l ~b atctt T.TMyrwn GIRARD BANK 


IRVING TRUST COMPANY 


THE BANWA BANK, LIMITED 

NEW yOEK BRANCH 


SOdKEB GS23HEAUB 

THE TOYO/iMtoTANDBANKINGCO. LTD. AE 

BANCO NACIONAL S.A. (BRAZIL} 

NASSAU. BAHAMAS 

IHTEBNATIDNAliBlCSENOSSENBCBAFTSBANKAG 

BASEt, SWUZEfilANU 


THE TOKAI SANK, ITD. THE SUMITOMO TRUST AND BANKING CO^ LTD. 

NSW YCBQC BRANCH VfEOT YOSOC BRANCH 

ASSOQATEO JKPAMESH BANK QHTBHHATgnML) EMBED BANCO DOESTADODESAO PAULO SLA. 

BANK LEOME LB ISRAEL GROUP . THE DAIWA BANK. UMUBD 


T&8 MITSUI BANK LTD. 

■ NFW YORK BRANCH 
THB J ffTPPfW f!RRTMT BATnt, T.TP . 

NEW YOBS- BRANCH 


THE MHBmTKDST * BANKING CO., LTD. 

■NEW YORK BRANCH 

■ SOFESUanTED 

UNITED BTAEES TRUST COMPANY OF NEW YORK 


MIDLAND BANK LIMITED 


UNKXNBANK OF FINLAND INTERNATIONAL R.A, 


CITICX)BP mXEKNATIONAL BAKE T.TMirum 







Ihoe cede ‘needs 





BY DAVID CHURCHILL, CONSUMER AFFAIRS CORRESPONDENT 


ALMOST one in five shoe distri- plaints reported rose from 22,302 
butors is failing to honour an in 1973 to 29,861 last Tear. 
Important provision in the indus- Women's shoes were most often 
try's two-year old code of prac- found at fault, with complaints 
tice. an Office of Fair Trading for men’s and children’s shoes 
survey has revealed. evenly dividend. 

Mr. Gordon Borne. Director But the survey found that, in 
General nf Fair Trading, has other respects, shoe retailers 
asked the main industry trade were following the code of prac- 
association — the Footwear Dis- tice. Over 96 per cent were 
tri butors Federation— to expel displaying prices in their 
any company which did not windows and every price dis- 
observe the code of practice. played included VAT. Over 80 

Mr. Borrie yesterday described per cent employed a member of 
as a “serious omission” the to *t children’s 

IS per cent of distributors who shoes, and 96 per cent of multiple 
had received complaints about J e J? 1 l eT8 were prepared to 
shoes and who were not prepared accept at one branch the return 
to have them independently °L JS 0 " hou * ht at another 
examined as laid down in the Drancn - 
code. 

The survey, which forms part Compulsion 
nf the monitoring process for the 4 .. 

code of practice, also reveals T* 1 *®*?! if proposing that the 
that there is widespread concern code should be strengthened with 
about the quality of footwear, four new measures. 

Some 73 per cent of complaints These are: Samples of new 
were about shoes which were footvvea r ranges should be tested 
faulty either m materials or 6 

manufacture. 


British Airways plans 
Manchester shuttle 


BY RHYS DAVID 


Manufacturing before intr °duction on to the 


faults, such as uppers and soles tnarket: shoes should be more 
parting, accounted for 60 per clearly labelled according to 

cent of the sample. their wear and use characteris- 

Other statistics compiled by tics: consumer contribution to 

trading standards departments test Tees should be cut from the 

of local authorities, consumer present £2; and all the code's 
arlvlce centres, and citizens' provisions should be made man- 
advice bureaux, confirm this datory, rather than voluntary as 
trend. They show that cam- at present. 


BRITISH AIRWAYS is to add earlier connections on arrival manager, sales, of British Air- 
Hauciififer to its list of Shuttle from the continent and else- ways, said in Manchester yester- 
destLnatloas within the UK, with where. day that .possible new routes to 

a new two-hourly service start- . The servicer .will be operated Johannesburg. Dhab’ran, Teheran 
ing next April between Heath- by BAC 1-ils carrying just under and Sydney were being investi- 
row and Ringway. 100 passengers and ?>>’ the 8*“*- ' _ . 

'Ph- fnr bl S£ er Trident 3 a . which can Figures for the last three- 

The service, considered for tabe more 14 q passengers month period to Junehad shown 
same tone, as being rnttoduced on shuttle flight Modifications to above-expected traffic on most 
OOW departure lounges to accommo- flights from Ringway. with four 

in traffic between the two date more passengers are ex- destinations on the Continent — 
centres. petted to start soon. Frankfurt, Geneva. Milan, and 

Competition with British Rail The Manchester service can Paris— 20 per cent above pre- 
is more intense b e c aus e of the also be seen as a response to dieted levels, 
shorter distance compared with the improved London services On the North Atlantic routes, 
Ahe existing shuttle destinations which are to be offered shortly traffic had been 28 per cent 

— Glasgow, Edinburgh, and from Liverpool Airport, from higher than expected. 

Belfast. which British Airways u> about ^ „ , 

British Airways new carry* to withdraw. ’ £ 

about 400,000 passengers a year hSlidaraak^ er^StEh* a?? 

between London and ■ Man- Frequency S2^2t£Sr B h 

sJdered viable for a shuttle, and „ L JJ d L* r< ? a * e sv, ' 3? The Association of British 

TOurfriy half the total carried ment * airline has handed Travel Agents said: “There is 

bSwera iSndm and GlSJw over llcen “* to operate ser- D o donbt this dispute is being 
between London and Glasgow. vices from Liverpool s Speke handled with some skUl by the 

The new service provides a Airport to British Midland Air- French controllers 
guaranteed seat Ho ipasseuegers. ways, which has already an- „ If .. „ ' - . . .. 

providing they arrive 10 minutes nounced that it will increase the „ . , n r,T.. „ ^ ee ° ™ stranding 
before departure time. It is frequency of flights to London. * jjj, JSSjSTSr thinBS 

expected to result in a 14 per In starting shuttle services 1:011111 set very difficult, 
cent growth in traffic between from Manchester, British Air- The French authorities helped 
the itwo centres in fihe first year, ways has had to convince the cut delays over the weekend by 


Prince will look 
at 



. i 


BY USA WOOD 


BRITAIN’S industrial -strategy 
will come under the scrutiny, of 
Prince Charles in October, when 
be will attend two sector work- 
ing party meetings >at- 7 rtto 
National Economic Development 
Office. 

The Prince Intends to in- 
crease his understanding of 
Britain's public life. 

Buckingham Palace said yes- 
terday that reports that he was 

to undertake specific commit- 
meats in the City were “ entirely 
speculative.” The Prihce did 
want to spend some time looking 
at “ all aspects of public life ” in 
the UK, and might visit some 
financial institutions. . 


Airport Authority that it is not asking that under-booked flights 
Many (passengers from Mon- S j V j as jess priority to plans to he cancelled, and cancelling 


CMne . ct J ons t . Wlt ^ develop direct routes to Europe some scheuled services to make 
offier detonations at Heathrow. an( j other parts of the world room for more holiday flights, 
pie shuttle is expected to appeal f r0Tn the airport, avoiding the British holidaymakers to 
■to mem by ensuring that they need to connect with flights at Palma were the worst hit, with 


can return -to Manchester, even 
if delays cause them to miss 


The List of Applications will open at IS a.m. on Thursday. ITtfa August, MTS and will 
dose on Hie F>nc dap 

This Mane is runic in nrrnrdawv inch a General Comctii wren bv the Treasury 
muter the Control of Borrotcinn Order 1958. 

ArplKMitan has been maUu lo the Connell of Tho STOch Exchange for the Stock being 
issued to be admitted to the Ofiicial List. 



Strathclyde 
Regional 
Council 
ISSUE OF 

£25,000,000 STRATHCLYDE 
REGIONAL COIICIL 

Variable Rale Redeemable Slock 1983 


.UiUinn.ii. d tin flic Swulirl'nlf Rem final Cmmctl ard issued la accordance irtlh the 
proi tstuits t*j the L- rat Corernmcui < .vmibinri i .Act J?7j. and the Local Authority 
Stocks awl Bunds < Scotland > Reimlaitons 1975. 


Price of Issue £99| per cent 


PAYABLE IN FULL ON APPLICATION 
Interest (less income tax) oriil ba payable ball yearly on lSth Febrn 
lath August- A first payment of £50846 (less income lax) per £1M Stock will be 
made on lUh February. 1915. 

The Stock is an mretUmcnt falttno irUhtn Port II nf the First Schedule to Qtc 
Trustee [nix'sHucvr: Art jsrfi. nird mt the lirst day nf dcalrep U will be an mcesttnenl 
talliun in Hun Part / a / the Schedule In the Bnildinp S><cirii<:s i Authorised Investments i 
■ VO. 2> Ord'T 1977. 


In accnrdancn vnlh a Resolution passed br the Sir.vhclrde RetUOnxl Council «t 
the «:h Apnl. IftTT. BANK OF SCOTLAND an* authorised in receive applications for 
i he above amount of Slock at On* New Issue Department, P.O. Box 367. 30 Bishops- 
£* 10 , Loudon EC2P 3 EH. 


1. SECURITY.— The flock ami Dio tmerest thereon wtll bo secured upon the whole 
funds, rales and revenues nf the Council and will rank pan passu with ibe erisHn* 
and lunire debt of Hu* Council. 

3. PROVISION FOR REPAYMENT OF LOANS.-The Council is required by Act 
of Parliament to make annual provision towards redemption or loans raised for 
capital espendutin.'. 

3. PURPOSE OF ISSUE.— The net proceeds of Uie present Issue or Stock wdl be 
applied to finance aulhnrised capital expenditure and to replace maturing debt. 

L REDEMPTION OF STOCK.-Tbe Stock will be redeemed a I par on I8th Angtin 
1PM unless previous!)' eaueelled by purchase in the open market or by agreement 
With the huld'-m. 

5. PEGISTRATION.— The Slock will he registered and transferable free of chare* 
In multiples or one pounds b.v instrument in unban in accordance with the Stock 
Transfer Act ISU3 at Rank or Scotland 30 Btshopsgate. London EC3P 3EH ■"the 
Resislrar"<. In respect or transfers lodged by band before noon. Stock Certificates 
ill ih>- name of the transferee! *• ulli he available for collection by 3 pan. on the 
same day. Certificates In respecr of transfers lodged by post trill he sent by ordinary 
nuM at thi risk of the Stockholdi>rts> to the ifirei named i reursiered huM-r at Ui»/her 
rvAisc.'P-d address unless Instructions to the contrary are glren in writing. 

S. INTEREST. — Interest ■ loss income taxi will be payable br half-yearly Instal- 
ment*. n arrear on 15th Kebmary and IFth Awuut f“ Interest Payment Dates "i. 

7. THE RATE OF INTEREST.— The first payment of interest win be made on 
1/th February. 2979 at the rate or £3.1S4ti per cent, iless income taxi, being lS34/3&5tbs 
nf ih.- rate per annum determined br BaOk of Scotland, arurtg as an expert, to be 
,-qitai ro I per cent, per annum above the average (rounded upuards to ibe neorpst 
P.i'iMll per cent.' nr thi- rates per annum at which Bank of Scotland was advised by 
Barclaye Bank Limited and Lloyds Associated Banking Company Limited, a wholly- 
ov.m-d sulKidiars o( Ltovdi Bank Limited, '"the Reference Batiks"' that Sterling 
deposits hi n marketable amouni would be offered to ibem for a period of six months 
m i ho London mter-hank market at or about ID a.m. on l-ltb August. 1978. The 
rate nf interest payable »" Interest Rate "> on each Interest Payment Date subsequent 
tu l'th l-Vliniart. 197P in respect or the immediately preecdina hair year <" Imprest 
p. riml "i will h.* the rate per annum determined by Bank of Scotland acting as an 
rw*n. in be (.goal Id i p-.-r c-.-ni. ner annum above tho average i rounded upwards 
tu th- U'-.ir.si n <KUI per ccr.* • or Un* rales per anutim at which Bank of Sc a I land Is 
ari\ a >1 bv eaeli nf the Rt-Irrcnn.- Banks that sterling dopasits in a marketable 
amount '.oul.l h<> oircred to them Tor a period of six months lo tho London loter-bank 
market ai nr abou; in a.m. nn the business day immediately preceding the commence- 
ment nf -such l merest Period r‘ Hate Fixing Day"'. If cither of the Reference 
R.mk' ■•h.ill fail on renu-.-M to advise such rate to Bank or Scotland on any Rate 
l->si«- Dav Hi., liii. rvsi Rji,. shall he di-termlned by reference to the rate advised 
hy ili" wh.T ft.-fr-r.-iic.- r.ank. If both Rcrereocr Banks shall so Tall the Interest 
Rate r-hall N* that d-n-rmined as. to-lng f.ilr and reasonable by Bank of Scotland acting 
a' -m ••xn- ri. Th<* r.tiincil will n<u- iis bust endeavours to unsure that there will at 
.-*11 tun.-: hi- two R.-r-rencc Banks. With the agreement of Bank o( Scotland the 
Cn'irtcil may appoirn any leading bank In the City of London as a substitute Reference 
Rank. 

A ■vnuii-jie f,( Bank nf Scotland as to the Interest Rate payable in respect of 
.inv 7n».-r.— : P- rlml shall he eoneliisire and binding on the Council and Stockholders- 
Ea.'h ili -I i -nn mat ion ol ihi- Intcnit Rme fnr Interest Periods other than the first 
Int-n-tt P.-mi.J shall b.- rertifi-d to the Council and to The Slock Exchange not 
I.U-T ihan 9 - ai am. on tit.- first hnsim-ss «lny of the relevant Interest Period by Bank 
nr Sent land and itu- R-aional Council will cause such rale ip be published in two 
luait.n i rf.nlv n-'Wspar>-r;-: nnt more than on<' business day larer. 

M . l'.WYFNTS — Pijmi-ms nf prinripat and Interest will be made by warrants 
nvnl.ihV for Town Cl.-anns: in Oil- City of London, which will be sent br poet at ibe 
ri^k nf ih. Storkhoid.-r's-. In ilm cirw of joint accounts the warrant will be forwarded 
to th.- p-T-nn fn-«u named in ihe account unices iostructioos to ibe contrary are given 
in v rii - n-:. Payments of principal will be made against surrender Of (be relevant 
Stuck '7"rti«c.ii.-.ii. 

«V STATISTICS — R. tailns to the Strathclyde Regional Council. 

TVniilaitnn .)un>' 1977 .Rroistrar fJencral's estimate* 

p.ii. ..hlr Vain. — 1st %pnl. 1D7S -ostltnaied • - 

Prod'i.t of a rut.- of to in i— 1st April. 1978 

F»* Wins n*>ourc"s el'-m.ot nf Mare Support Grant 

Inch'd .pc ro^oiiTws eh-meiu ot Rate Support Groot 

Rocontl R.V" per I— IftTS 79 - 

D-’in- 'i"- Wat.-r Rat.* per r— t"T5 79 

N«-t imn d- h » 11 m March. 19JS 

P. hf a-lminist.-r.il by it." R.-vional Connell 

L. s.-v: tv.h: relating to nth. r local authorities and 
bodies . ... 


3.406.300 

£538,739.900 


5. 083.31 9 
16.830*149 
37p 
5p 


X695.l03.l5t 


1193 763.136 


AM: 


P*hf relaring in R.-cional Council services 
and admlnisi.-red by tuber local author) lies 


H99.G3S.025 


HH.243.JJ1 


1683.881^98 


in APPI-IOTTON TROCEDFRE — AnpHcatlons on thr prescribed form, aeeora- 
panh-il lie onym.-nt m lull will hr received ot Bank of Scot land. New Issue Dept.. 
rn. F^s at:. 3rt Bi>hnpscatc. Lonrlnn EC2P 2EH on Thursdar. ituj Auxun. IB7R. and 
tnus! h..- fur a minimum >rf tlM Slock or for nmlriples thereof up ta n.MO Stock. 
L.irccr .iDplt'.aiinrs m*— V- made in accordance with the following scale:— 

Applications above £1.000 Sroi-k and not exceeding £3.000 Stock In multiples of 
£500. 

Applications above £5.000 Slock and not exceeding £20.000 Stock lu multiplies of 
fl mu. 

Applications above £20.000 Stock in multiples of £3.000. 

A separate chequ>- made payable to ■■ Bank or Scotland " and crossed Strathclyde 
Irftan " ri-presentinn uavr.ienl in full at ihe issue price add drawn an a hank in a ad 
made payable in Scotland. England, or Wales, must accompany each application! No 
nppliranon will be considered unless These conditions are fulfilled. Payments of 
Li.mW nr more should be made by Banker’s draft or by cheque drawn on a Town 
Cleanup hr.mrh or a Rank In the City of London. 

The Redons! Council reserve the right to Instruct Bank of Scotland ftl to present 
all cheques for payment and to rettjin the definitive Stock Certificates and surplus 
application moneys pending clearance of the applicants" cheques and f 2 ' to refect 
an;- application or ia accept a ire application In pari only, tr any application la not 
arc-pled ihe amount paid on application will be returned by posr at tbe applicants’ 
risk .irvl if iittr aoplication Is accepted tor a smaller amount of Stock than that 
aiiplii-<! for. thi- balance or fbc amount paid on application will be returned likewise. 
All moneys will be returned bv Town Clearing cheque except Hut the Regional 
Cnnnc'l rm-nv the- rusbl to insintcl Bank of Scotland 10 return surplus application 
moneys by mcaat of a ehi-uue drawn on a Scottish branch of Bank at Scotland to any 
■ipplic.int whose upplieatlan was not supported by a Banker's draft or by a cheque 
drawn on a Tiiwtl UlcariilK branch ot a Bank ill "Iw CiIV of London. 

Each applicant to wham an allotment ts made will be sent a definitive stock 
Certificate. ,! ,! ''Xpected that such eertlficateK will be posted on 17th .locust. 1978 
and thai rtuaitii;:-: in the Stock will bt*aln on 19ih August. 1978. 

U. PTasmt-m-v”; and application farms can be obtained from: — 

BANK OF SCOTLAND 

iNimv Usin' Di’panment. P.O. Bo* 267. 30 Blsboptgate. London ECSP 3EH 
and Hit principal offices of the Bank. 

R. NIVISON ft CO. 

Austin 1- riant. London EC3N 3JB. 

THE DIRECTOR OF FINANCE 

Strathclyde Regional Council. Melrose House, 19 Cadosan StroeL Glasgow 
C.3 6H&. 

by Order or the Council. , 

LAWRENCE BOYLE, 

Chief Pxcnuiec. 

K. R. PATERSON. 

Director of Fiaaiice. 


Regional ITeadouarlers. 

Melrose Hom*. l'J Cadotan StrrcL 
Classow. (’■- ''HR. 

Hlh August 1978. 


Heathrow. 
Mr. Jim 


Harris. 


long delays on flights returning 
general to Britain. 


£1.3bn Tornado production 
go-ahead expected soon 


BY MICHAEL DONNE, AEROSPACE CORRESPONDENT 


A THIRD production batch of Of the 809 aircraft, tbe Royal air defence variant fADV), is 
Tornado multi-role combat air- Air Force is taking 385. the West also being developed and is due 
craft is expected to be authorised German Air Force and Navy a to make its maiden flight next- 
soon by the UK West German total of 324, and the Italian Air year. It will be more expensive 
and Italian Governments. Force, 100. The first deliveries than the basic version and cost 
It is likely to be for 165 air- to the RAF are due in 19S0. £5.4m. 

craft, worth over £l.3bn. and will But already 13 development Of the 385 aircraft destined for 

bring to well over 300 the oum- aircraft have flown and one of the RAF, 165 will be of the air 
ber of aircraft already ordered, these is now being assessed by defence variant, primarily in- 
Further contracts will follow, 1,16 RAF at the Ministry of tended for the air defence of the 
with an eventual production Defence's aeroplane and arma- UK which includes ranging far 
target of 809 aircraft ment experimental establish- out over the North Atlantic to 

The Tornado is tbe biecest ment at Boscombe Down in seek enemy aircraft 
military aircraft production pro- Wl . lt »“«. where it is undergoing In the overall Tornado test 
gramme on this side of the extenave 



Fabricatef- 
steel 
exports 
well up 




it 


BY ROT HODSON 


He first visited the National 
Economic Development Office 
this year. The October working 
party meeting, at which be will 
meet management ' and trade 
union representatives, will be 
discussing industrial tracks and 
(radio, radar and electronic 
capital goods. The Office sajdL" 

“He will take an active part Ih 
the discussions be attends. - He . ... 

certainly will not just be 'an in the West Indies until 1973. 
(observer.” In 1974 he joined the frigate 

It is understood that the Jupiter as conun uni cat ions 
Prince will follow up the meet- officer and later in the year went 
mgs by paying visits to certain to the Royal Naval Air School, 
companies involved in 1 the Somerset. He served subse- 
industries. quently on Hermes, and left the 

Recommendations from the navy fn 1977 after being 
working parties will be put promoted to Commander. 

KLic V ES,-?' SU«f 
enjoys "something new and chairman. 

challenging,” will be 30. in His interest in anmropoLogy. 
November. He read history at which he read for one year at 
Cambridge, attended the RAF Cambridge, has contioued. and 
College at CranwelL be commentated a BBC Teio* 


In August 1971 he joined the vision 
Royal Navy and served mainly Values 


series called 
this year. 


Face 


Half cigarette brands 
are now low-tar 


BY OUR CONSUMER AFFAIRS CORRESPONDENT 


instrument 


and the 


Atlantic since the Second World ,5*®^ J£3 0r be, - n * - “a^facturers 

War. and will cost the three SfiKh. raw * mtoni1 * emce KSSiE llots ^e logged dose 
Governments a total of over tp 2,000 hours o. fly. ig. Although 


ABOUT HALF the 120 cigarette sales in the low and low-to- 
brands sold in the UK are now middle-iar groups has risen 
ing the lower tar group s^-^which between 1972 and 1977 from 5 
are less of a health risk — per cent to 21 per cent 
according to Government The Department’s tables warn 
statistics published yesterday, smokers of the serious risks to 
The figures, from the Depart- health from all cigarette smok- 
and flying programme to date both; me nt oE Health and Social ing, and urge smokers to break 


£7bn, for research, development T JSnS 1 * a de “ onstra . tion the there have been tome develop- 
**n _* . i- ornaoo 


and production The Drice of a at CUB * oniD ^ "° wn - me™ snafls. toe rat says tnese 

^sic Tornado is f79m Wiltshire, yesterday— ihe first have been remarkablv few for 

SL i- X? - K - u K that the ^ has beef1 » l, owd an aircraft of such complexity 
The aircraft is being built by !o give— it was made dear that . t-u.up.exi ty 

an international organisation, the Air Force is satisfied. 

Pan avia, comprising British Pilots at Boscombe Down who ' IVT/i voc f rk nnt 
Aerospace. Messerechmitt of have, flown the Tornado in its IYIOVcS lO CUt 
West Germany and Aeritalia of basic version are full of praise 


Boscombe Down, ment snags, the RAF says these 


Italy. The programme is employ- for it, and are convinced that flAQf Kjllc fnr 
tors in over it will meet NATO’s need. lit at UUI3 1V1 


Ing over 70,000 workers 
500 companies in the 
countries. 


three A second /.more complex p 

version of the aircraft, called the £OD16 ta Tlllll PS 


Tlw List of Applications will open at 19 a.m. on Tkumlar, 17Ui August. 1978 and 
will dose on the same day. J.' 

APPLICATION FORN 
for 


Strathclyde Regionaltouncil 
Variable Rate Redeemable Stock 1983 


Issne ot £25.000,000 Slock at £99| per cent. 


To: BANK OF SCOTLAND 

New Issue Department, P.O. Box 387, 30 BIshopsEale. London EC2P 3EB. 


I/We hereby apply lor 




— poundsi of Straibclyde Regional 

Council Variable Rate Redeemable Stock. 1983 accordum lo the conditions contained 
In tbe Prospectus dated 1-lth August. 1978 and undertake to aei-epi ihe * 1 ™* or any 
leas amount that may be alloned to znc/os and to pay Tor tbe same ia conformity 
with Uk terras or the sakl Prospectus. 1/We request that any Certificate la respecr 
of Stock alloited to me Ah be sent to me/os by post at my, 'our risk 10 the am 
andermentianad address and ihai such Stock be reelaiered In my-our name i si. 


I/We enclose the required payment of £ being payment 

la loll at the rate of S3 9f per cent, on ihe nominal anwont applied Tor, and warrant 
that the cheque attached herein win be honoured on first presentation and agree that 
any iDotmern of Stock is made su-iclly on this understanding. 

tf/Wo declare that I am not. no cun- of us is resident outside the Scheduled 
Territories! within the meaning of the Exchange Control AcL is -17. nod- that L'wc 
shall not be acquiring the stock on behalf of or as nominee is ' of any pdnomai 
resident outside those Territories. 


1975 


SIGNATURE 


,.m 


First Namefsl <in foU> 


Surname 

'Mr.. Mrs.. Miss or Title i 

Address iln full including postal code.) 


Pier 


use Block Letters “ - 

fin the case of Joint applications, further applicants must sign and compute bdowi 

* Sionulnre _; - ..........fll 

First Kametsi in full ' 


Surname and Dcstanuhrm , 
Mr.. Mrs.. Miss or Title) 
Address tn MO 


Please on B'ack Letters 


Signature - - 


13) 


First Nomas) in faff 


Surname and DalmtaUan . 
i Mr.. Mrs.. Min or Thiel 
Address fn hll - 


Please use mock Letters 
ic Applications mstt be For a minimum of 088 Stock or Is multiples thereof «p to 
QJN Stock. 

Lamar applications must be made in accordance with the Following scale;— 
AppUcationx above CUM Suck and not exceeding BJMO Stack In moUlptes of BM. 
AspllcatJans above S.BM Stock and not exceeding BMB0 Suck In mnMaia of £LWL 
Applications above EtOAlOO Stock in multiple* Of ESJi M. 

Instructions 

1 . Ia tbe caso of joint appHcante. all must sign abd, In the case of g corpora tto a, 
thin form must be completed under hand by a duly authorised officer who should slaw 
Us dednutloD. 

2 . Plea se pin the cheque Jo this form. ' Staples should not be used- 

3. A SEPARATE CHEQUE. WHICH MUST BS DRAWN ON A BANK OR BRANCH 
THEREOF IN SCOTLAND. ENGLAND OR WALES. MUST ACCOMPANY EACH 
APPLICATION FORM. NO APPLICATION WILL BE CONSIDERED UNLESS 
THESE CONDITIONS ARE FULFILLED. Paymenrs of £5.0(18 ur more shook!, he 
made by Banker's draft or by cheque drawn on a Town Clearinq branch V* x'HBank 
In the City or London. In ibis connection, attention is drawn ia [fie provisions of 
paragraph 5 below regarding the return uf surplus application moneys. 

4. This form should be completed and sent to:— BANK OF SCi-ittaND. NSW 
ISSUE DEPARTMENT. P.O. BOX 287. M BISHOPSGATE. London. EC2P 2EH. 
with a cheque payable to Book of Scotland for the amount of tlt>: payment. Cheques 
must he emceed “ Strathclyde Loon 

5. No rocuipl will be issued for the amount paid on application but an 
acknowledgement will be Forwarded through the poet at the risk or the jppHcantrs! 
cither by a definitive Suck Certificate t together with, if applicable, a towo Clearing 
Cheque for any amount overpaid) or by return of the application moneys. The right 
la reserved to return surplus moneys by means of a cheque drawn on "a Scottish 
branch of Bank of Scotland to any applicant whose application was not supported by 
a Banker’s draft or by a eheaoe drawn on a Town Clearing branch oi a ns "* Id tho 
Cltr of London. 

t ir this declaration cannot be made. It should bo deleted and referenda shook! 
he made to an Authorised Depositary or. in the Republic of Ireland rm Approved 
Agent, through whom lodgment should he effected. Authorised Dcpomiirto am listed 
in the Bank or England's Notice E.C. 1. and include most banks and stockbrokers in 
and solicitor* practising In (be United Kingdom, ibe Channel island; or the Isle or 
Man. Approved Aguils in the Republic .of Ireland arc defined in tw Bank of 
England's Notice E.C. 18. 


I The Scheduled Territories at present comprise: thr United Klocilnm the Chanobl 
islands, the Isle nf Man, the Republic of Ireland and Gibraltar. ’ 


LOCAL housing authorities and 
housing associations are to be 
encouraged to take steps to 
reduce the electricity bills of 
35,000 families who rely on 
direct acting electricity, such as 
electric fires, for their heating. 

Mr. Ernest Armstrong, Under 


Security, show that the proper- the habit. Falling that they are 
tion of lower-tar brands is twice advised to smoke a lower tar 
that disclosed when tar and brand. 

nicotine tables were first pub- The new tables, including this 
Iished, in 1972. There are 28 warning, are being sent to 
low-tar brands and 33 lowto- doctors, chemists, post offices, 
middle-tar brands. •: and Health Department local 

The proportion of cigarette -offices. 


Bruce Forsyth leads ITV 
attack ip ratings war 


FINANCIAL TIMES REPORTER 


BRUCE FORSYTH is to spear- Bless Me Father, 
head the ITV attack on the Sport plays a more important 
BBC’s Saturday night television role on ITV this autumn with a 
ratings. Bruce's Bi gShoic. a new 90-minute Thames feature. 
QanpQ .„ , tv.-— '- r i ^ hour 13-part series costing First Division which will be net- 

hecretary at the Department .of £>.5m will go out at the peak worked on Wednesdays. Thames 
tho Knvtmnrnenf M „i pm Saturday iQ direct w m also screen a weekly pro 

competition with bis former gramme on London sport, 
show. The Generation Game. ITV will be showing the world 
Forsyth is only one of the heavyweight bosdnfl champion 
stars enticed from BBC tc ITV. ship between Leon Spinks and 
Mo re cam be and Wise have re- Muhammad Ali at the New 
turned to commercial television Orleans Superdrome, 
and are making a one-off special. Other ITV schedule changes 
Leonard Rossiter is to have his will have Crossroads running 
own series, and Arthur Lowe will from Monday to Thursday in 
be appearing in a comedy series, stead -of from Tuesday to Friday 


EXPORTS of fabricated st« 
have risen sharply, boosted b 
big shipments for a n* 
Brazilian steelworks. The net 
construction Industry is expee 
ing this year's exports Jc 
structural steelworks to be we 
up on last year- 

Redpath Dorman Long, a $uj[ 
eidiary of British Steel Carport 
tion, has taken orders for near! 
20.000 tonnes of steelwork fo 
the Brazilian contract this yeu 

* That single project account 
for more than half the structnn 
steel exported in the first save* 
months of this year by mem be 
companies of the. British Cor 
structiona! Steelwork Assoril 
tion. 

The total export husaoM 
reported by members is 3BJQ 
tonnes, nearly as much as ai 
exports last year. . . . 

More orders are understood ft 
be in the pipeline for construe 
tion in the Middle East. 

Mr. David ffrench. director o 
the association, said Iasi iiglu 
“The upward trend in .export 
is most encouraging, particular* 
in view of the continuing reces 
sion in construction at home am 
the fierce competition we stU 
meet overseas." 


( 


Clydeside 
wins £ 60 m 
BP order 


By Our Shipping Coiropondnit 


BRITISH PETROLEUM coo- 
firmed yesterday that a £fi(hn 
North' Sea emergency: rapport 
vessel it is to share with the 
British National Oil- Corporation 
will be built by Scott Lfthgow 
of Port Glasgow. 

Mr. Ross Belrh,- 


managing 1 

director of the Clydeside vari 
which is part of British Ship; 
builders, said he believed the 
contract would be the first of a 
series of similar North Seh 
orders for his company. 

U represents an important 
breakthrough for the yard into 
the construction of semtafr 
mersibles and greatly strengihr 
ens Scott Lithgow’s claim to b«, 
the leading UK shipyard in tho: 
offshore field. 

Tho vessel's construction; 

which will take three years and 
involve 3,000 man years of work, 
secures employment at the com- 
pany's main Kingston yard, 
which is now working towards 
tbe end of a twin supertanker 
order for Niarchos, the Greek * 
shipping company. 


Mills 


*. i 


l;U * f 




Design 


the Enviromnent, said yesterday 
that a domestic energy note 
detailing possible measures to 
improve heating standards and 
reduce running costs would be 
published in the next few weeks. 

The note, produced by a joint 
Government, local authorities 
and housing corporation working 
party, is expected to suggest 
measures such as insulation and 
bigger water tanks for overnight 
storage. 

Although no new Government 
money will be made available 
for improvements this financial 
year, housing associations will 
be able to apply for grants oat 
of the existing housing corpora- 
tion budget. 

Local authorities will have to 
finance immediate improvements 
from existing housing budgets 
although Mr. Armstrong said 
that future requests for expendi- 
ture would be considered in the 
context of housing investment 
submissions and would be 
eligible for improvement works 
subsidies. 


Bush Boake Allen expansion 


FINANCIAL TIMES REPORTER 


BUSH BOAKE ALLEN, a sub- £230,000. will be in addition to 
sldiary of the Albright and six existing distillation plants at 
Wilson chemicals group, is to , ... 

spend £500,000 on expanding its t £2*“ also intends 

U.S. and. UK operations. “ XepoSd Sfto 

The company plans to build a New Jersey, in the UB. The drier 
distillation unit to produce will have an annual capacity of 
fragrance chemicals at its 320,000 pounds. 

Widnes site in Lancashire. The Both projects are expected to 
new plant, which will cost be completed by May next year 


Trade deficit sharply wider 
at £476m as imports rise 


THE VISIBLE trade deficit has widened 
sharply In the last three months— to £476m 
compared with £49m in the previous 
quarter. The worsening In the balance has 
reflected a marked rise in imports of 
finished manufactured and semi-manufac- 
tured goods. This has offset an improve- 
ment of £88m In the balance on the more 
erratic items of trade and oIL 


Export volume has fallen by 1} per 
cent in the period, although the Department 
of Trade suggests that the underlying trend 
Is probably slightly upwards. Import 
volume, however, has risen 3 per cent. Both 
export and Import pjrice^have increased by 
around 3 per eent on a three-month 
comparison. ~ : 


BALANCE OF TRADE 



Export* . Imports 

£m seasonally adjusted 

Exports Imports 

Volume seasonally adjusted 
7975=100 

Terms of trade 
•Unadjusted 
1975=100 

OH balance 
£m. 

mt 

25.422 

28,932 

1095 

1055 

— ' L 985 

—3,973 

1977 

32,170 

33,788 

1185 

1075 

1005 

-2,804 

1976 1st 

5,655 

6,198 

106^ 

70S3 

’’ 

—947 

2nd 

6,171 

7.080 

109.9 

1065 

97.9 

—968 

3rd 

6,499 

7,596 

110 JO 

108J 

98.7 

—1,058 

4th 

7,097 

8,058 

1135 

107J 

97J 

-1,000 

iWlst 

7,502 


115J7 

Toy | 

_ 995 

=m~ 

2nd 

7,930 

8,694 

1184) 

1095 

' 100J 

—745 

3rd 

8J40 

8,486 

124.1 

106.4 

- 1015 

—602 

• 4th 

8J04 

8,159 

1175 

1025 

102.4 

~6S7 

1978 1st 

8/MI 

9 j0 15 

1205 

1143 

105.1 

—636 

.2nd 

8.787 

8,926 

12X6 

1105 

‘ 104.4, 

“420 

1978 Jan. 

2,623 

2^61 

1125 

1145 

105^ “ 

— 

Feb. 

. 2^89 

2,946 

127^ 

1113 

1045- 

“203 

March 

2,829 

3,108 

121.4 

116.9 

1045 

“209 

April 

2^95 

2308 

1255 

,104.1 

1045 

— 149 

May 

3L872 

3,090 

1195 

HO 

- 105.1 

“155 

June 

2.920 

3JJ28 

1215 

1115 

104.1 

—114 

July 

3,045 

. 3,195 

1265 

117.1 ; 

1045 

-229 


* Thi ratio af export pta ta Import price* 







Scarce: Department at Trade 


Scott Lithgow's Scott yard fe 
still urgently. in need of more 
work, but this is likely to. tat 
found shortly in the form «f a 
£39m to £40m seabed operations 
vessel for the Royal Navy. Scott's 
is already working on a design 
contract for this vessel. 

The BP-BNQC contract vdU 
provide the first instance of two 
British Shio builders vat-rfa work- 


ntish Shipbuilders yards work- 
ing together in order to speed Up 
delivery. Govan Shipbuilders, 
higher up the Clyde, will do route 
or the steelwork for tbe vessel, 
probably the columns and deck 
structure. 

Before starting construction 
work, Scott Lithgow is to spend 
£3tn strengthening the Kingston 
yard s construction pad. . . This 
“Sure is not accounted- for in 
the contract price. 

. The maintenance and fireflght- 
iog vessel will be based in BFs 
Forties Field, but BNOCs 25 per 
cent stake in the ownership will 
give it an appropriate share of > 
the vessel's operating’ time. ' ■ 


Court case over 
Humber Bridge 
productivity 


/H-iri'm i 
H 


?n 


Hiti* 


Vi 


Financial Times Reporter 

JfAYMENT FOR work done oo 
the JE63m Humber Bridge hi the - 
subject of legal proceedings, it 
was disclosed after a meeting ol 
bridge board at Hull yestwv 

CounciUpr Alex Clarke. oT 
Hull, chairman of the board,' 
said proceedings had been 
mstUated b y British Bridge 
ouiidera against the board and 
its consultant and design engi- 
neers, Freeman Fox and Parti- 

fStaJV 9° intended mon* 
oeruacatlQn of money because ol 
low productivity. 

Fo . x and Partners wa? 

50 certain certlfr. 
for wo>* done, added Ok. 
uarke, who declined to enlarge 
Evolved In view 
of the impending proceedings. 

^Certification ^ based on 
whether the work has been 

SS whether u ha * 

Js 10 A ceuMnabto time, 
materiiIs '^ ere 

two-thirds 
“Sf** completion, has been 
paid for piecemeal as the work 
HS, wowded. British Bridge- 
2SSS?* ha ? ^ contract for the 
POa,i anfl superstructure. 
Bad weather and, on occasions, 

!? b0 ,^£ aputes ' Caused pro- • 

ductlvity problems. 

in June the completion date 

J^nSJi?>,5 aclC io5? ther sw months. 

to October, 1979, at the earliest, • 
nearly two years behind the 
original schedule, . - - 


'' IK 


ih 


\ 



, ly asualties 
'POfpused v 
H ell . it home : 

" (jV David Fishlock 

* * n.-.» ^ . th AN 80 per cenfr-of five 

'' w^ialties In the UK xwcur'-ui 
■ ‘■'■ves, but the fires account for 

?r than 20. per cent of the 

omestic fires cause nearly. 800 
.hs and more' ,thfrn. i 4i000 
l ous injuries a ybar, -accont 
to The. annual- report bn 
.arch at the Department of 
. • •„' Environment 

ore than two-thirds of the 

• is involve furniture or cloth- 

mostly in the room' where 
. ■ fire broke -out 

• 'nalysis of casualties by the 
-.research station— one or. the 
.. irtjnenfs centres-^shows that 

-■ ;.-;lc deaths caused by burns 
. ain constant, deaths . caused 
*• ' smoke and toxic’ gases are 
.. easing. v;- 

'1 though some materials used 
■ furniture can give- .rise . to 
■ntiaily toxic combustion pro- 
is, there is no evidence, says' 
report, that any other gas 

• • carbon monoxide- causes the 

• : ‘.hs. 

r .here was clearly no 'simple 
"lion to the large number of 
" '■ jestlc fire deaths' and no tests 
' other measures' which can 
. . ' rantee safety. 

. ..j.nother high-risk area for the 
v .V lie which is . attracting cdbr 
• • •• . rahle research effort from'the 

- ; " "ironment Departinenf is road 
. , It accounts for about 

; m a year— 17 per cent of the 
get of the Department of 
...^ nsport. 

'T. Martin Holdgate, director- 
I It J i.eral of research, says this 
V I \ ntoid is “ certainly not too much " 

• problem, which is a major ; 

t. * _ te of human life -and cause 


Nats 

lowest 


Ministry Black pudding — both treat 


since 


moves 
to cut 


a sure treatment 


general election nitrite 


BY RAY PERMANf; SCOTTISH CORRESPONDENT 


SENIOR Scottish Nationalists ' 
are ’worried about the' ebn- 

tinning slide in- support .foodie 
party, which is down to XBper 
cent in the latest opinion pofl- 

F1 ve- per cent ati&d -of -tiie- - 
Conservatives In October, 1974, 
the SNP seems uha^ie-to.stw 
the rot which starfcedwito pfe« 
Showing' in by-eleriions-,JliS: 

. year, and it is now .trailing- to 
Xhlxd place. . v ;^74 

Support is at its lowest s&tcfe, 
the: Last general eieetioa*.' 
despite the fact that, the SM?V 
Is the only party In Scotland 
to have maintained a. regular 
series of statements and fteffir- 
cooferences . th'raflgiiout ^'fi&e , 
summer.. - - ’ ' • " ;-' 7 a ’V> - 

Labour appeals to^tavi 
consolidated its . - cenvjtoi&jg 
lead over other, pamo^ Tit 
Scotland. -Party leaders, have 


told Transport Hotitse that, 
although they would. prefer an 
early general election, they feel 
confident that the party can 
hold its position until next 
Spring, If necessary. . 

An opinion, poll by the 
System Three organisation, 
published in ' the Glasgow 
Herald yesterday, gives Labour 
w per cent support, against 3d 
for the Tories,- 18 for the 5NP 
and four for the Liberals. 

On such figures the two 
major parties would retake 
seats from- the Nationalists. 

The Conservatives' are plan- 
ning to bolster their campaign 
with a tour In September by 
Mrs. Margaret Thatcher 

The- Prime Minister will not 
be repeating the autumn visit 
he has made in - the last two ' 
years, unless there is a general 
election. 


future is bright 


— _ iljy wi i, 

"r. Martin Holdgate, 
a li J .era! of research, 
V |l npfid. Is “ certainly not tc 
• u *3||;a problem, which is 
. • te of human life -a 

^ HIS f^Ttogether. -Dr.' Hold 
a v lonsiBle for a researi 

Ul) . £40.5m, last year, 
a P I Ornfi - 801 was sP* n t for the 
VI writ Department and £ 


'l' together; Dr: Holdgate' -was 

lonsiBle for a research budget 
) , £40.5m. last year, of which 

i)msm was spent far the Envirbn- 
VJ writ Department and £14.7ttr fbr 
j. Transport Department ' 

departments of' the Environ- 
, it and Transport: Report on 
' carch and Developme n t 1977; 

- '• £2-25. -. . '. 


iYIRA sets up: 
lew service ; v 

RA. . file -Leeds-based iifdufr 
al research centre is to esta- 
-i 3 Cleaning and Maintenance 
search and Service -.Organise 
n (CAMRASO) which will 
. jvide. technological back-up for 
'•■commercial development of 
• cleaning and maintenance 
dustr.v. 

About £750m a year is Spent to 
. U.K on cleaning had makh 
nance, hat WIRA' sayjjl t&it' tjie 
dnslry Jacks a central technical 
wee. 


BY RHYS DAYID. r ’X ' : 

- - •’ • 
THE RECOVERY to 
spending :on - carpets.. rtHBEjrear 
is ' likely to con ttou»- ’tiJrongh 
next - year before faBmg^.away 
again in 1980,' accordlng .to -a 
report on the todustry. ..“*' T . 

A further' strong rise 4 hi 1 the 
early 1980's is then forecast In 
the report by Stamland Sati^the 
economic research, -geod^Ss.’.:..' 

The report claims. gWL with 
discretionary incomes 1 ,:, rising 
since the middle of lart.ywr.«on- 
s tuners who have been drifting 
carpet purchases over-decent 
years are returning to ^ show- 
rooms. 

-As a result-i to -the :; tia?pertic 
market sales at manufacturers' 
prices in 1970 terms are ei^eted 
to. rise to £I33m this y^^om 
£l22m in 1977,and to £13$i^ext 
year. Sales by 1982 are^^cted 
to reach £157 m. . --- 4 ;^, . 

in the contract, markets, SJ#ch' 
like the domestic has alsoRyen 
severely depressed since C .W4, 
the recovery is' expected jto ’lb 
longer .and to be more limited^- 
Increased office developmj^tiis 
expected to result, in ttftier 
contracti. carpeting, sal^ .wt 
year but the market in l93SBfo 
still expected to total no more 
than £7Qm arl97(r:prtce$ 
pared with £6$m in 1975. 


The report also shows that 
■ imports have -been increasing 
[ their share of the UK market, 
reaching 15 per cent in 1976 and 
18 per cent in 1977. A large pro- 
portion of these , are specialised 
and hand-made carpets, demand 
1 for which may be expected -to 
1 continue to rise. 

Exports were, however, more 
. than double the total value of 
; imports in 1977, and while ex- 
. ports- of woven carpets remained 
: steady, overseas sales of tufted 
; carpets rose in - volume by one 
third between 1974 and 1977. 

Given the .current slower 
growth of world trade and the 
. effect of the recent strengthen- 
ing of the pound on export com- 
: petitiveness, exports may be 
rather less buoyant from now on. 

Nevertheless, exports are fore- 
cast to rise faster than home 
sales in the next five- years. 

The tufted sector is expected 
. to benefit most from the -increase 
in sales by. the Industry over the 
next five years, with sales by 
volume -growing from 131m 

S uare metres • this year to 
3ra square metres in 1982; 
Z^Xhe-C arpet Industry 1978-1982. 
\$tamland HaU. 42 Colebrooke 
■Jttnc. London NX. £35. 


m meats 


BY SUE CAMERON 

EXPERTS from the Ministry of 
Agriculture, Fisheries and Food 
are to examine ways of limiting 
further the amounts of nitrate 
and nitrite allowed in cooked 
meats as preservatives. The move 
follows publication in the U.S. 
of research findings showing that 
nitrite can cause cancer in 

animalc ^ 

The Ministry said yesterday 
that it would not totally ban tbe 
use of nitrite as a cooked meats 
preservative because the 
chemical prevents the growth of 1 
Clostridium botulinum — the 
micro-organism. that causes 
botulism. 

Botulism is tbe particularly 
virulent form of food poisoning 
which affected four old people 
in Birmingham after they had 
eaten an infected tin of salmon 
two weeks ago. 

Ministry experts and members 
of_ Government advisory com- 
mittees, such as the food addi- 
tives and 'contaminants com- 
mittee, will therefore try to 
discover whether it is possible to 
reduce nitrite limits without 
incurring the danger of botulism. 

Convertible 

At present the limit on the 
use of nitrate as a preservative 
is 500 parts pqr million and that 
on nitrite is 200 ppm. The two 
salts are normally taken together 
because nitrate easily converts 
into nitrite within the body. 

The Ministry stressed that 
there was no known alternative 
to nitrite for preventing the 
development ". of Clostridium 
botulinum .in cooked meats. It 
said the risk of botulism was far 
greater than the risk that nitrite 
preservative might cause cancer. 

The American research, 
carried out at the Massachusetts 
Institute of Technology for the 
U.S. Food and Drug Administra- 
tion, involved feeding rats with 
huge amounts of nitrite. The 
findings of the study suggest that 
nitrite was .the direct cause of 
cancer developing in the labora- 
tory animals; 

■ Previous research, has always 
shown that nitrite caused cancer 
only indirectly by reacting with 
certain chemical compounds in 
the body, known as amines to 
produce carcinogenic nltro- 
samines._ . ; 

Feature, Page 25 


THE PURISTS— Lancastrians, 

most of thetfr—may claim that 
the true ancestral home of the 
British black pudding is Bury. 
But few -would argue that the 
champion .of padding champions 
is Mr. ’ Albert Hirst, from 
Barnsley,: deep “> the muckstack 
mountains . of.- Yorkshire. 

The Conffdrie des Chevaliers 
da Gofite-Bondin stages a sort 
of springtime puddingfest each 
year at Montagne-au-Perche. The 
sole object is to celebrate the 
merits of the- boudin ticnr. The 
main events . include pudding- 
eating contests. and tbe 
festivities conclude with the all- 
Europe pudding championship. 

Mr. Hirst's entries have won 
a major .award each year since 
the special British Isles section 
was introduced in :&b9. Five 
gold medals, silvers and bronzes, 
a certificate .and a cup clutter 
his trophy shelf. 

Perhaps the only honour re- 
maining tO:be bestowed on Mr. 
Hirst is -the .ultimate — initiation 
into tbe Brotherhood of the 
Knights of Black Pudding Tast- 
ing itself; 



r „ 

*e* \ ± * 5 


Courier 



He believes such bonours are 
reserved mtiy for Frenchmen 
who have ^served tbe pudding 
well. But there is no doubt that 
Mr. Hirst -and his products are 
well thought of by the chevaliers 
of Mohtagne-' 

Three '-years ago transport 
troubles rod strikes cut Britain 
off froto France and Mr. Hirst 
from theiBudding festival. In 
the event last-minute settle- 
ment saved the day, but, just in 
case. the. French Embassy in 
London had. contacted the Barns- 
ley champion, offering a special 
black podding courier service to 
Normandy. 

Mr. Hirst’s factory, which now 
employs 87 and supplies six of 
the company's own sbops plus 
a great many other outlets in the 
area, started as a pork butchery 
and pie shop under the control 
of his father, another Albert, to 
1S97. ‘ 

Albert senior had two appren- 
tices, both German, who each 
paid him a shilling a week to 
learn the pork butcher’s trade. 

Considering that the sausage 
race to general and the Bluttourst 
in particular are widely con- 
sidered to have originated in 
Germany, Germany,' it seems 
possible that tbe two young 
apprentices; passing on skills 
learned ’yin their mothers' 
kitchens* severe responsible in 
part forJjhe. present elevated 
position 'qjp't&e Hirst black pud- 
ding. ... e ’ 

The -present-day Hirst recipe 


Mr. Albert Hirst the- Barnsley black pudding king, with the trophy lie won in Normandy 


is basically pig's blood, fat, 
barley, groats, onions, sage and 
other seasonings. 

The Book of the Sausage (Pan, 
£ 1 ) lists exotics such as one 
made from porpoise blood, a 
Caribbean black pudding jazzed 
up with lime, pumpkin and hot 


Hirst has bowed to ^novation 
and now sells some of his 
l. 600-lb weekly production in- 
plastic outers. 

Squeamish people unable to 
steel themselves to tasting' the 
puddings might like to know that 
there is in reality surprisingly 



NG CHRISTOPHER 

N PARKES visits 
k the champion of 

|p podding champions 


red peppers, and aristocratic 
boudxns and Blutwurst from the 
depths of Europe. 

Tbe basic British recipe is 
always close to Mr. Hirst’s, with 
the only major variations appear- 
ing in the herbal seasoning. 

The skins of the traditional 
linked puddings are usually 
bullock or pig intestines polished 
up with oil, although even Mr. 


little blood in many pudding 
mixes. One traditional recipe, 
for example, allows one gallon 
of blood to almost 30 lbs of dry 
ingredients. 

Mr. Hirst swears by the 
puddings restorative proper- 
ties. Aged .70, be still eats 
bis product ‘daily. - On the 
znorntog 1 spoke to him he 
had clocked on in his pie 


bakery just after five. Pudding, 
he claims, is a sure treatment 
for anaemia, among other things. 

He talks happily of the tiincs 
when his father had a contract 
to supply the local open-air 
school with puddings, pics, 
“penny ducks" (faggots to 
southerners! and other delights. 

The school, on lop of a hill 
on the outskirts of Barnsley, was 
for tubercular or simply chesty 
children. Tbe children were 
educated in fresh air. .As an 
extra incentive to get well they 
were bedded down out of doors, 
with canopies to keep off the 
rain but precious little to sbeller 
from those bracing easterlies. 

Mr. Hirst, whose 25-ycar-old 
son (Albert, of course) is work- 
ing in the business, recommends 
a link or two of his pudding 
boiled gently for 10 minutes and 
served with mashed potatoes and 
carrots. Black pudding, which 
is always sold ready-cooked, is 
also excellent cold, with pickles, 
or sliced and fried or grilled at 
breakfast 

But best of all. the champion 
says, black pudding should be 
tasted alongside tbe smoked 
salmon and asparagus snippets 
on canapes at cocktail parties, as 
befits what he lovingly dubs his 
“caviar of the north." 


Power station possible ^contracts and tenders 


on Sullom ¥oe 

BY RAY PERMAN, "SCOTTISH CORRESPONDENT.;. 


APPOINTMENTS 


VTURAL GAS from the Sullom 
►e oil terminal, now under cop- 
motion to Shetland; could be 
ed to generate domestic. 
■?ctrieity. ; ' 

Tbe North of Scotland Hydro 
• ectric Board . Is considering 
aiding a 10-15 MW power sta- 
.■n near the terminal. "and is' 
got iating with companies using 
e site for supplies offgas. • _ . 
The first oil is expected to be' 
ruled at Sullom Vne .. this 
:t\imn, but any associated: gas 
1! have to be flared -offi.'Oh.pjat- 
rms. Gas treatment wwtohWAt 
. 11 not he ready until riextyefto 
If built, the station' wbuhi 
pply power to domestic inters 
Shetland and would: 'obviate 
e need for an extension W tbe 
ain M MW sfation at Lerwixfc 
bich uses diesel fuel imported 
ship. _ 

The Board said that, present 


negotiations • concerned the 
quantity and price of gas avail- 
able and tiie continuity and tbe 
length of- the supply. Construc- 
tion: work would take about two 
-years. •- ’ r 

The new. station would be 
.quite separate from the ter- 
■ minaVs own gas-fired power 
station,' which will run pumps, 
treatment plants and other 
equipment - and is now being 
built • . 

In, .the. neighbouring island 
group, of Orkney, work is almost 
complete on .aiemporary geoera- 
-TioH "plant- On the island of 
: FI ott a ,- 1 where. Occidental Petro- 
leum has a terminal for the 
■Piper and Claymore fields, it Is 
expected to begin operation 
this autumn. - 

Companies involved in the 
terminal are giving the gas used 
-—about Im cubic feet a day — for 
the; next three years. 


Severa-Trent £450m plan 
to improve water quality 

HE Seyem-Trent.o Water can^ be^ -used for. drinking, 
i ,-;v : ulhority expects to spgpd at Severn-Treut members have 
jl» 1 ast £450m to the next .ten yea.rs- a p pr0 ved a. draft document set- 
.• improve water quality- and to tins out quality objectives for 
i <r Kfrovide additional . sewerage the 3.800 miles of classified watec 
il’m i 1 ‘stems and treatment: plants, to courses to its area which should 
■arly 400 miles of rivers and be achieved in the next 10 years. 

! , -f 1 % ir **? a,s i , j " - • At the moment standards are 

I |H ' Local authorities, and. Indus- rather arbitrary and are oFten 
_ commercial, -agricultural, rao high for .existing treatment 
... 3 viron mental .^mgliifg plants whch means that consent 

isure bodies wilribe approached standards are frequent! v broken. 

The water quality will be inn 

niinisn? Art d ifi 7 i^ in certain sub-standard . 

-ollution Act 1974. - :This wUi ‘eliminating SO miles of -. 


home-grown cereals 

'AUTHORITY 

Sale of Barley Ex Intervention Stocks 

3’he Home-Grown Cereals Authority on behalf of the 
; Intervention Board for Agricultural Produce has 
■been instructed to sell by Tender barley from the 
Board’s Intervention Stocks. 

,'S.ales will be ex-store and details of the stores and 
mother arrangements ■ are embodied in a Notice of 
Invitation to Tender together with tendering forms 
rwbich are available from: ' 

>v\=- . . Home-Grown Cereals Authority, 

HamJyn House, HighgateHilL 
7 if / _ London N19 5PR. 

v Tel. No. 01-263 3391. . 

'Stocks for sale are approximately as follows: 

*?Sore Stock 

3% Caimbs. • 3,331 Tonnes 

.--©fes, Norfolk 1^50 

-^Eadleigh, Suffolk 2,121 „ 

~ ^ Hartlebury; Worcestershire 1,66S „ 

:J5ahby, Louth, Lines. 7,876 

-OfiDalby ^Melton Mowbray, i 

Leicestershire • 4,302 „ 

Falkirk, -Scotland . 129 

^5 .' -CLOSING DATE FOR TENDERS WILL BE 
12 noon, 21st AUGUST, 1978 




Career opportunity in the oil industry 

SOLICITOR 


LONDON BASED 

Amoco Europe Incorporated is responsible for co-ordinating the petroleum exploration and production activities oF the European 
subsidiaries of Standard Oil Company (Indiana), one of the world’s larger oil companies. As a result of a promotional transfer 
to the United States, a vacancy has arisen in our European Law Department which offers substantial opportunity and scope 
within the framework of the oil industry. We invite applications from Solicitors with at least three years' commercial experience. 
Orl Industry experience is desirable but not necessary. The work is varied and interesting and will involve some foreign travel. 
An exrellent salary commensurate with experience will be offered to the successful applicant. 

Applications, which will be treated with the strictest confidence, should be submitted to: 

P. W. Brown, Senior Employee Relations Advisor, Amoco Europe Inc, 33 Cavendish Square, London W1M 3HF 


jquire all ten_ regional. *3 ter gyQggto .polluted river such as 

i hp n^i,v Tr S tS ,h€ Tanie * which receives effluent 
p™ t! th5 from- Birmingham and the Black 

tendards whteb v Ail dischargers 

f e X 2 i - TbSydar.^lan is divided 

iFVhl ai*"™ iboV-U ktio 'two/- parte. The first five- 
' ,. P | h ypaf capital works programme 

to^-Sfri ^ '«* f«»n 1979 to 1983 and 

• -• ‘ IJin” a diM^x^ tocuSiSS ^ ^ £250m at current prices. 
‘ iTe^wlier Of that. £50m . will contribute to 

: ' untravenes the conaent.' condi- , w ^ fl ^S? itop 7 fI ,era ^ nl p 9 S 
■ ions— that Is,: the quality :'and *3 cos i„ f ?S 

luantity of 'discharge’- which of -f 35 ” 1 ^ r ver 

Iciermlne whoti^er :i. river is invprovetnents. 

- :lean enough to BUPportfish lile, : T3ie ^.Severii-Trent authority 

- ; us tain is, healthy. pOpuMion-.QfT wtH bear/the brunt- of easts, but 
jrti mals and planter or twovide todustry.-witt ateo have to cou: 
vatcr which, after r treatment eritoae.- 


More fly bf Air Wales 

MORE THAN LOOT piKMUgrirs Bordeaux," ' Brest Dinard and 
used the Cardiff-based alritocf CherbmfrE In ;Frah<» are also 

^'{SS^.SRJf5BS 

monthly torai. ^ . by the. fact' that they have been 

Since the company; teg^u^hrjoM. completely unaffected by. 
uperations in • December,. passefr the-French air traffic controllers* 
ger traffic lias built np steadily dispute. .... 

on ns North-South Wales route ; ' Eeoitt next Apr!!, Air Wales is 
between Cardiff and Hawardeo, pbm»3hg-to Introduce a Swansea- 
near Chester, and oil a twice-- Gatwick service. It is also seek* 
daily Cardiff-Bmsels service, ing. /Clvll: - Aviation . Authonty 
-which links with Sabena's trans-- approval , for- the r introduction of 
;«oniineuUl services. . 'Orifices, to and from Guernsey 

• Summer season /.services to;«id7EdIhhurgh, •.*■ 


PERSONAL 


SERVICES 

'feadisrcsarfiiced in-«ru 
: ’ to/nbiurand mroi >iandani 
i. ‘ttHbuiMit a fraction of the 
^-^ntolaceracixt cost. For expert 
;^gnaranteed jcr\-ice contact:- 
[>;•_• Bath Services, 

' Rocniliy Street London Wt 

\ -Tdephone (^^ 378238/8713 

^XiJetJte o e WlnfbfT | rfpr 66567. 


ART GALLERIES 

tAMDSCArES Bv Rivd AudmiKlMl. ■ 
MARBLE Cirvlncs. VQMA SASBURCH. j 

Aa J. S^STV, 14B, New Bono S L, 

bitjon ? 1 * 623 a,1B - summer TxHk 



Ttre PAjuccR - Caller r, . 2. Aioenarie 1 
street -w.T. EjchriRkuioi j 
JJJrine. ml I Fury, ud sportips uirf tops - 1 
wragjtol prtau ana paintings anil , tws | 


PUBLIC NOTICES 


JUNIOR CREDIT ANALYST required by 
International Bank In Qty. Experience 
oj International Bankma and kncmriedBe 
of Finance and Aceountlns euentlal. dIub 
namcrate mind and aMlIty to express 
ideas clearly and concisely. Afle 22 + 

- Salary fc4.70Q + Per Its. 

Loans Aomin aerie eSo required, wmi 
general Banking exnerlence. parRcnlarlr 
In Ulis field. Age 22+ . Salary £3300 
Plus Oerta. ... 

Send C.v/s to VPN Employ me nt. E 
! Liverpool Street. - London. E.cit or call 
28 3- GO 22. 


COMPANY NOTICE 


BISHOPSGATE PLATINUM 
LTD 

and its suhddiary company 
* 'o u>v 

Republi c ol South Africa} 
DIVIDEND - AMNOUNCEMENT 

For tfte laurtb qnarter ot the v®u* 
ended 30 Ui June. 1 * 78 . rmwia 
Platinum Limited has declared a Divi- 
dend or 20 per share rionrth 

ouartef •" eonw- 

»em there of' fahop tgaU Platinum 

Limited has deebred a divide nd of 
3.2 cents of which 1 cent 

per share (l.e.. R25a.ooo> Is payable 
oaf of retained umree. 

DECLARATION DIVIDEND NO. 20 
.. No , ! £ e J* jnven that Divideno 
No. 20 ol 13 J cants d«- share, brtng 
jhe the war ending 

31sl Atipus t '978. *»■» beon declared 
to. jwmaws. registered in Hie 
books oi tne cpmtwny ji me euse 
al business on iq SeuteniDer 1B7B. 

The . fPBltters ana registers 

d< ” ctosefl from etb 

*o 8th Se member '07B. both dsys 
Inclusive. 3"d_°l»Uaiw warrants will 
bo posted Johannesburg and 

London u a ns\cr -oiTices on or about 
3rd October 1978.., 

Mem ocr > Paid tmsn the united 
Kingdom w ill r eceive the United 
Kingdom currency Muhraiont pn 19th 
September loro of tne rand value 
of their dividends (lass appropriate 
taxes). 


BANKING ADMINISTRATION 

Age 28-45 £7,000 

Expanding International Bank seeks mature person to assume responsibility for all aspects of 
Premises and Services Administration. Specific duties will indude negotiations with suppliers 
in respect of purchasing and maintenance, control of stationery, printing, office equipment and 
insurances. The successful applicant will also be expected to deal with all related correspond 
dance and documentation. A Banking backg^und would be advantageous, and previous 
experience in the City is essential. 

In the first instance, please telephone, in confidence. Rod Jordan 

F/X DEALER LOANS ADMIN. 

Age 24-30 c£8,000 Age 23-28 £5,000 

European Bank with major expansion plans international Merchant Bank requires ambi- 

seeks Dealer with a minimum of 3 years 1 all- tious Banker with minimum 2 years' experi- 

round experience from within an active ence in Loans Syndications. Superb chance 

Trading Bank. An opportunity to progress to join a very professional team. In a young 

in prime Bank. and go-ahead Department. 

Please telephone Mark Stevens Please telephone Neil Keane 



The euertlw rat* of 
ihareiwWert te 6 is, 


r non- res Went 

per cent. 



been r*mi5 ,ad | 

13 ' TERMS and CONDI- i 

■ JJgjgk JOR . HANDLING GENERAL j 

23 AND CON- I 

□ ITfONS -/fOH ROYAL SEAFORTH 1 
„ CONTAINER terminal.: , 

31 ^ou c ?A N S r1 ^ "£!*&-! 

GROUPAGE TERMINAL, LIVERPOOL.** 
CsdIbs may be tmainefl « dw ’ Mflran 
below, by aoblfeation to zno Flnoocc 
Department. Operations Division. • 

_ - • A. LYNCH, S«Lreta/y. 

Port, ot Uiernooi BmUfiST 
Pier Head. . 

. LIVERPOOL. 

NteTOWSg. 



R.WJL GALLERIO; JIG, Ctmdmt st„ W . T . 


ff you ore seeking to further your coreer In Banking, our Consu/tonts would be only 
too pleased to discuss your requirements. 

BANKING PERSONNEL 

.41/42 London Wall London EC2* Telephone: Q1-5BB D7B1 

(RECRUrTMENT CONSULTANTS) 


The following 

EXPERIENCED BANKING STAFF 

are required by a foreign international bank for their London 
branch being opened very shortly: 


1. OFFICERS WITH 8 YEARS’ 

RANKING EXPERIENCE 

(4 years in London) 

Maximum age 35 years 

2. CLERKS WITH 4 YEARS’ 

BANKING EXPERIENCE 

Maximum age 30 years 


' 3. SECRETARIES 

4. SHORTHAND TYPISTS 

5. CHAUFFEURS 

6. RECEPTIONISTS/ 
TELEPHONE OPERATORS 

7. MESSENGERS 

" Maximum age 30 years 


Please apply with full particulars, giving details of educational 
qualifications, experience, age, references and salary desired, to: 
Box A.6442, Financial Times, 10, Cannon Street, EC4P 4BY. 



s 


financial Times Tuesday 


APPOINTMENTS 


Finance directors for BL Components 


Mr. Bryan Bed well, previously 

group financial controller for the 
De La Rue Company, has been 
appointed finance director of BL 
COMPONENTS which embraces 
SU-Butec, Uni part and the 
foundry division and Pressed 
Steel Fisher. Mr. David Cutler, 
formerly group finance controller. 
British Road Services, joins PSF 
as finance director. 

* 

■Sir Arthur Sugden has been 
appointed to the Board of the 
MANCHESTER SHIP CANAL 
COMPANY. Sir Arthur is chief 
executive of the Co-operative 
Wholesale Society and be tabes 
over the seat vacated on the 
retirement of Mr. H. A. Toogood. 
* 

Mr. G. J. Wilkins,- chairman and 
chief executive of Beecbam 
Group, has joined the Board of 
THORN ELECTRICAL INDUS- 
TRIES as a non-executive direc- 
tor. 

* 

Mr. Raymond Towers and Mr. 
Norman Warburton, executives 
of BICC-BURNDY, have been 
appointed to the Board. 

★ 







Sir Arthur Sugden 


Mr. David P. Gordon has been 
appointed to the newly-created 
position of marketing director of 
BUNZL ADHESIVE MATERIALS. 
He was previously deputy gen- 
eral manager of Faason U.K. 

★ 

Mr. K. M. Mills, group divisional 
director W. and T. Avery genera] 
products, has been appointed 


chairman of PARNALL AND 
SONS to succeed Mr. R. C. Hale. 
* 


Mr. C. W. Conch a vice-presi- 
dent of the British Insurance 
Brokers Association and a mem- 
ber of the Insurance Brokers Re- 
gistration Council, retires from 
his executive position with the 
FENCHURCH GROUP on August 
31, but will remain on the Board 


of Fenchurch Group Brokers in 
a non-executive capacity. From 
September he will devote most of 
his time to the work of the In- 
surance Brokers Registration 
Co uncil. 

* 

Mr. Michael J. Arthur has been 
appointed deputy chairman of 
HALMA. He is also financial dir- 
ector of the group and a non- 
executive director of all main 
subsidiaries. 

★ 

Dr. Charles J. Sealey has been 
appointed director of systems 
engineering for TOLLTRECK. 

* 

Following plans for forming a 
new holding company to own 
COCA-COLA SOUTHERN BOTT- 
LERS and CANTRELL & COCH- 
RANE (GREAT BRITAIN), Board 
changes within the two companies 
have taken place. Joining the 
Coco-Cola Southern Bottlers 
Board are four directors of Can- 
trell & Cochrane, Mr. A. J. Lister, 
Mr. P. J. Allen, Mr. J. Ewan and 
Mr. J. J. F. Hemmtngs, Mr. D. JEL 
Parker is appointed personnel 
director of both companies. Mr. 
P. Anderson, director 'of Coco- 
Cola Southern Bottlers joins the 
Cantrell & Cochrane Board. 

★ 


The Secretary for Social Ser- 
s hi 


vices has appointed six new mem- 
bers to the SOUTH WEST 
THAMES REGIONAL HEALTH 
AUTHORITY: They are Mr. c. N. 
Beard, Mrs. P. Benians, Mrs. BL E. 
Campbell, Hr. D. Franklin, Mr. 


P- S„ Lambert and M*- °- 

WflUams. 

Mr. John Browne, who until 
recently was in charge or the 
Middle East operations of Euro- 
pean Banking Company, has 

been appointed an advis er to 
BARCLAYS . BANK INTER- 
NATIONAL with particular re- 
sponsibility for the Middle East 

•k 

Mr. Aubrey Wilson founder mid 
chairman of INDUSTRIAL MAR- 
KET RESEARCH, is retiring bat 
will retain a non-executive direc- 
torship with the company. Mr. 
Christopher West managing dir- 
ector. takes over full executive 
responsibility. - Mr. James Long 
previously director of Martech, 
becomes assistant managing dir- 
ector. Ur. Brian Atkin, director, 
at present On secondment to the 

Prices Commission, will on his 
return head the R and D func- 
tion. The pa re n t concern is AGB 
RESEARCH. 

•k 

Mr. Geoffrey Odpperfield and 
Mr. David Barr have been ap- 
pointed principal finance o fficers 
in the DEPARTMENT OF THE 
ENVIRONMENT. Mr. Cbipperfidd 
will be responsible for local Gov- 
ernment expenditure and plan- 
ning matters and Mr. Burr for 
boosing, water and new towns. 
'Where there is need for co- 
ordination across the Department 
as a whole, the responsibility 
will lie with Mr. Cbipperfield. 
These posts are at Under-Secre- 
tary level. 




iwhiwiiw mw— wwm mwwHwi 


iH wwmMuwwHHWHmwwwwwwmwwwmHH 


Now Issue 
August 15. 1978 


Tft Is a d n fc tt tim mtappems 
BlTOBv Of neord onlv 


All Nippon Airways Co., Ltd. 

Tokyo/Japan 



DM 100,000,000 

3 Yz% Deutsche Mark Convertible Bonds of 1978/1988 


Offering price: 100*9 

Intetvst: 3 . .^p x, payable annually on April 1 

Redemption: on April 1 of the years. 198 9 through 1988 in four equal instalments 

by drawing of series by lot at par. 

Conversion right: from December L 1978 into ordinary shares of All Nippon Airways Co. Ltd. 

ata conversion price of DM 5L23 per share 
Listing: Frankfurt am Main 


Deutsche Bank 

Ataiunqtacflicfcatt 


Nomura Europe NX 


Banque Nationals de Paris 


Commerzbank 

AkiimgaMliscluR 


J. Henry Schroder Vfegg &Co. 

iMMed 


Swiss Bank Corporation [Overseas) 

Luutcd 


Yamaichi International (Europe) 

United 


Abu Dhabi Investment Company 
Amsterdam-Rotten! am Bank NLV. 


Alahn Bank of Kuwait (KJ5.C.) 


The Arab and Morgan Grenfell 
Finance Company united 


Algernons BanfclfaderiandVLV. 
Amhotd amt S. Bteicbroedat; ttfrt. 


Associated Japanese Bank 
(International) Ltd. 

Banca dal Gottardo 


Atlantic Capital 
CofpontMM 


Bam Commenriala Itafiana 


Bank of America International 

Limited 


Bank JuBm Baer brtaratkml 

United 


BankfOr Gemtinwirfsdiaft 

AWie ea eeeHeehen 


Bank Leu International Ltd. 


Bank Mms ft Hope NV 


The Bank of Tokyo [Holland] N.V. 

Banque Gdndrale du Luxembourg SLA. 
Banque de Neuflize, Schlumberger, Mallet 
Banque Rothschild 


Banque Bruxelles Lambert SA. 
Banque da rindochineetde Suae 
Banque da Paris at des Pays-Bas 
Banque de rUnnn EuropOenm 


Banque Franyaise du Commerce E xMi i e ar 
Banque Iritenurtionaie ft L u xembo u rg SA. 
Banque Populaire Suisse SA. Luxemboia? 
Baring Brothers A Co* 


H. Albert deBary ft Co. N.V. 


Bayerische Hypotfteken- and 
Wechsel-Sunk 


Bayerische Landesbank 
GmuanMte 


Bayerische Vereinsbank 


Blyth Eastman Dillon & Co. 

InlEnutionM Limited 


Berliner Bank 

AkliMigeteUsctuft 

Caisse des Depots et Consignations 


Berliner Handels- und Frankfurter Bank 


Cazenove&Co. 


Chase Manhattan 

Limiiea 


Christiania Bank og Kreditkassa 


Citicorp International Group 


County Bank Limited 

Credit Industrie] cT Alsace at de.Lonaine 

Credit du Nard 


DrHdii Securities C0 V Ltd. 
Delbruck&Co. 


Creditanstalt -Benkverein 

Credit Industrie! et Commercial 

Credit Suisse White Wald 
Limited * 

Daiwa Europe N.V 
Deutsche Girazentrale 


Credit Co m mercial de Franca 
Credit Lyonnais 

DaMchi Kangyo Bank Nederland N.V. 


DB Finance (Hong Kong) Ltd. 


DG Bank 

Dwj Bctw Gcnoarog c taBabanle 


- Deutsche Kommunalbank — 
Dillon, Read Overseas Corporation 


Th eD eve l o pn ient Bank ofSaqrapore 


DresdnerBanlc 

AUmemBxMt 


Euromobiliare S-pA. 


European Arab Bank 


European Banking Company 

Lem ted 


First Boston [Europe) 

Limited 


First Chicago 

Limited 


Robert Homing & Co. 

limited 


Fuji International Finance 

Limited 


Gefina International 
Luinted 


Girazentrale und Bankdar 
Ssterralchischen Sparkassen 
AMangaMlhdiift 


Goldman Sachs TntemationaT Carp. 
Georg Hauck & Satin 


Groupement des Banquiers Privh Geneyois 


HambrosBanK 

United 


industriebank von Japan [Deirtachland} 

AkutetseMlKcKah. 


Jardine Fleming & Co. 

Limited 


Kredietbank RLV. 


Lazard Brothers &Co» 

Limited 


Hill Samuel & Co. 

Limited 

International Credit Alliance. limited 
Hong Kong 

Kidder, Peabody International 

Limited 

Kredietbank SA- Luxembouryooise 
Lazard RrAres at C3a 


EF. Hutton ft Co. N.V. 


Internationale Geno s s e nsc hi 


Kfemwort, Benson 

bite t«d 


Kuhn Loeb Lehman Bro th ero Asia 


Lloyds Bank International 
Limited 


Manufacturers Hanover 
Lmmed 


McLeod, Young, Whir Internationa] 
Limited 


Merck; finck ft Co. 


Merrill Lynch Internationa] &Co. 


Mitsui Finance Europe 

LimiKwl 


Morgan Guaranty and Partners United 


Nesbitt Thomson 

Lxndcd 


Nippon European Bank SA. 


B. Mettierseel.Sohn&Cai. 
Samuel Montagu & Co, . 

Limited 

Morgan Stanley International 

Limned 

New Japan Securities Europe 

Limited 

The Nippon Kangyo Kakumant 
Securities Co„ Ltd. 


Mitsubishi Bank (Europe) SA. 


Morgan Grenfell & Co. 

limited 


National Bank of Abo Dhabi 


Nomura Internationa! (Hong Kong] Lid. 


Norddeutsche Landeabanlc 
Girozantrala 


The N3tfco Securities Cft, (Europe) tti. 
Nomura Europe GaftH 
Den norafn Oracfithanfc 


Okasan Securities Co., Ltd. 


SaL Oppenheim Jr. & Cie. 


Orion Bank 
LmHsd 


Osakaya Securities Co, Ltd. 


Pierson. Hold ring & Pierson N.V. 


Rothschild Bank AG 


N. M. Rothschild 4 Sons 

Limited 


Salomon Brothers International 

Limited 


Senwa Bank (Underwriter*) 
United 


Sanyo Securities Co, Ltd. 


Singapore Nomura Merchant Banking 

Landed 

Socifttd Bancaire Barclays (Suisse) SA 
Sodfttft SOquanaise de Banque 
Svenska Ha nd etebanken 


Schraders & Chartered 
Limited 

Skandinaviska EraJdlda Bankeri 


Schrddar, Milncftmeyar, Hangst ft Co. 
Smith Bam ey, Harris IfphatnCi Co. 


Socfett Gdnftrale 

Strauss. Turnbull ft Co. 

Takugin International [Asia] Limited 


SocMte Gdndtada da Banqua SA. 
Sumitomo Finance Intar nsti e n ei 


Total Kyowa Morgan GrenfeB 
United 


Trident International Finance 

Limited 


UmondaBanqtwsAiabesotFranfwaes 
— UAAJF. 


Trinkaus & Burichardt 

Verband Schwesrari^erKurifTOlbariken 


Union Bank of Swfta>M (SMtftitiM) 

lento# 


AMl gi piaeft i cb ift 


J.Vontobei&Co. 

M. M. Wbrburg-BriiKkmana Wrte X Co. 


Vwako Securities Company 

Limned 


SJ3.WHtHirgftC0.Ltd. 


Wwdley 

Limted 


VVnrtdnitKhtUndHbnk 

Girazentrale 


Wbstfalanbank 

jUltenflewdUcWtft 


Wood Gundy 

Liimted 


Yamatane Securities Co, Ltd, 


— ri-n j r*Ti'TTTrTT M ‘ l ‘ , * M * ,M — ***"*-~“**‘‘""“**“"-‘-‘r ik ** M '“—TTTT , nTTir , ^TTmT-n‘Tr-rtr‘n—Trmiias>ees>mai)inl 


LABOUR NEWS 


Pay deal 
concludes 


Polaris 


dispute 


on new pay offer 


BY NICK GARNETT. LABOUR STAFF 


By Our Labour Staff 


DOCKYARD workers at Scottish 
submarine bases yesterday lifted 
their blacking of Polaris vessels 
after accepting a new pay offer 
which 'affects 183,000 civil 
servants. 

Workers at Fasiane, which 
with Coulport and Arrochar 
forms the Clyde submarine com- 


•lex, returned to normal work- 
ing on . the submarine Resolution 
after voting overwhelmingly to 


e 


accept the offer. 

Industrial- workers at Rosyth 
dockyard on the Forth also 
voted for acceptance and 
immediately began arrangements 
to release Repulse. The vessel 
began sea trials last night after 
a refit at the dockyard. 

Work on her sister ship 
Renown, which was halted for 
two weeks because of a blacking 
of stores, also resumed. 


Key factor 


Senior union officials said last 
night that yesterday’s decision on 
the Clyde pointed to a firm 
acceptance of the offer by 
workers at all the docks covered 
by the deaL 

The deal will consolidate the 
£6 Phase One allowance and 
£2.60 of the Phase Two allow- 
ance into basic rates, together 
with an additional 9 per cent 
Craft and supervisory allowances 
are also being boosted. 

The promise of a work study 
scheme appears to have been a 
key factor in persuading the 
workers to accept the deal. 

Talks on next year’s wage 
settlement will take into account 
comparable pay and conditions 
outside the Civil Service and 
there will be talks on altering 
the settlement date. 

Union officials have given 
dockyard workers notionally until 
August 25 to respond to the deal. 


HOPES OF a settlement to ; the 
strike at VauxhaU's Ellesmere 
Port plant on Merseyside, which 
has halted car and component 
production, hinge on a new. .pay 
and conditions offer being recom- 
mended for acceptance today at 
a meeting of 3,000 assembly 
workers and drivers. 

The strike is on. the -point. of 
affecting the company's Luton 
plant Vauxhall last night 
suspended lay-off noticed there 
to 2,800 workers involved in van 
and car production, in view of 
the outcome of yesterday’s nego- 
tiations. 

The Ellesmere Port factory did 
not reopen yesterday after its 
three-week summer : break 
because of the strike by Trans- 
port and General Workers Union 


assembly workere who are sup- 
porting a dispute -involving 100 
drivers. Almost 5.000 members of 
the Amalgamated Union of 
Engineering Workers were also 
laid off at the plant yesterday. 

The new formula for settling 
the strike, which is over the 
drivers’ claim for special pro- 
ductivity payments and shorter 
working hours, was agreed in 
London yesterday at a meeting of 

management and union officials 
representing the companys 

three signatoiy unions. 

The formula, based on pro- 
posals put forward by union 
officials last week would give 
improved meal-break allowances. 
There would be joint deputations 
to Government departments over 
interpretation of EEC regula- 
tions on drivers’ hours. 



It was agreed yesterday tt 
improvements in allowanc 
would be-, applied to all worke 
in the three unions who . 
present receive special me 
break payments. 

• The Ellesmere Port plant mat 
factures Vivas and Chcvctt 
os well as a wide range 
engines, axles and gearboxes f 
the company's car and lig 
commercial factory at Luton ai 
its Dunstable trucks division. 

The Luton plant, which h 
more rhon 13,000 hourly-p* 






workers, produces light vans . 
well as the VX senes of cm 


Cavaliers and Chevette bate 
hacks. 


Normal production was beii 
maintained at the Dunstah 
plant. 


\ * • • 

.-si 


One-day strike call 
to Leyland workers 


has mixed response 


BY ARTHUR SMITH, MIDLANDS CORRESPONDENT 


Steel plant 
faces crisis 
over jobs 


By Ray Perman, 
Scottish Correspondent 


SHOP STEWARDS at the Glen- 
gamock steelworks, Strathclyde, 
told the TUC Steel Committee 
yesterday that there could be 
pressure from workers to close 
tbe whole plant if there were no 
firm proposals to secure the 
future of tbe rolling milL 
The British Steel Corporation 
last month announced the phas- 
ing-out of open hearth steelmak- 
ing, with the loss of up to 750 
of the 1.100 jobs at Glengamock. 
Later limited production was 
continued. 

Trade unions feel that Glen- 
garnock can be made viable 
long-term only at a multi-product 
mill and want a £7ra reheating 
furnace installed. 

Mr. Malcolm Fife, chairman of 
tbe joint stewards’ committee, 
said that if there was no firm 
assurance about the future there 
would be demands for complete 
closure and men would take tbe 
redundancy money in spite of 
high local unemployment 
Farther talks with the Cor- 
pora Hon are planned for next 
month. 


Government 


‘deceived 


public’ 


By Alan Pike, 

Labour Correspondent 


THE GOVERNMENT was “guilty 
of deceiving the publie’’.over an 
undertaking in its Phase Four 
White Paper to help the low 
paid. Mr. Alan Fisher, general 
secretory of the National 
Union of Public Employees, told 
the Chancellor in a letter pub- 
lished yesterday. 

The Government says in the 
White Paper that it will be pre- 
pared to see increases- beyond 
the 5 per cent guideline where 
this would not result in earnings 
of more than £44.50 for a normal 
full-time week. 

The £44.50 figure was calcula- 
ted on the TUC's 1974-75 mini- 
mom pay target of £30 updated 
by maximum incomes policy 
increases available since then. 

Mr. Fisher says in his letter 
to Mr. Healey that the Wh ite 
Paper has converted the TUC’s 
target of a minimum basic rate 
for pay into the very different 
concept of a minimum earnings 
target. 

“The TUC target of £30 in 
1974 was calculated, as in pre- 
vious years, on tbe basis of two- 
thirds of the average earnings 
of male full-time workers," he 
says. 


Target 

“The Government’s method of 
updating the figure can in no 
way be justified In relation to 
the aims of the TUC. 

“It would mean instead that 
the target for low paid workers 
falls even further behind in the 
pay table.” 

To update the £30 target in 
keeping with the established 
view, that minimum pay should 
be two-thirds of average earn- 
ings, would require a new mini- 
mum basic rate of about £60. 

NTJPE must "seriously ques- 
tion the sincerity of the Govern- 
ment’s commitment to help the 
poorest workers in the economy.” 

The Government bad set a 
mini mam earnings target which 
was below its own standards of 
poverty set for supplementary 
benefits, and no help would be 
given to workers to obtain even 
this low level of earnings. 


UNOFFICIAL leaders of BL 
Cars' 14.000 craft workers had 
a setback yesterday with- the 
mixed response to their call .for 
a one-day strike. In many plants 
craftsmen were divided or 
ignored the call completely. 

The main impact was' - at 
Longbridge, Birmingham, where 
action by 400 men halted produc- 
tion of the Mini and Allegro 
models and caused another 5,000 
workers to be laid off. 


Support also was given at two 
of the three Pressed Steel Fisher 
body plants within BL. Com- 
ponents. at Castle Bromwich, 
and Cowley, Oxford. 


At Cowley, action by 400 men 
brought body production', to a 
standstill but there were no lay- 
offs. Stocks were sufficient to 


keep tbe neighbouring assembly 
plant in operation. A 


walkout 

by 20 of the 300 craftsmen was 
overcome. 

Jaguar Rover Triumph 
reported that production was 
normal. But some groups of 
workers supported the strike. 

At Rover’s Solihull factory, 
Birmingham, about half the 400 
skilled men were absent but out- 
put was not seriously disrupted. 

Yesterday was the first time 
the unofficial craft committee 
had put its strength to the test 
The confused response .must 
be a disappointment to bodes of 
uniting ail craftsmen /in a 
demand for separate .bargaining 
rights as the way to improved 
differentials. / 

What action did .take place 
yesterday could be^ Interpreted 
as the sort of frustration about 
pay which the company is hoping 
to remedy in a package of 
reforms under negotiation. 

Ray Persian writes: Production 
at BL’s Bathgate trucks and 
tractor plant in West Lothian 


was brought almost to a halt 
yesterday with the lay-off of 2,000 
workers as the result of an 
unofficial strike by machine 
operators. 

Although there are still 1,000 
people working in the factory, 
they are employed mostly on 
maintenance, finishing or prepar- 
ing knock-down vehicles for ex- 
port. 

The lay-offs came after a deci- 
sion at the weekend by 1.500 
machinists to disregard an in- 
struction from the Amalgamated 
Union of Engineering Workers 
to return to work. Mr. Gavin 
Laird, executive council member, 
has said he will negotiate only 
if there is a return to work. 

The strikers have been out for 
a week over a clai mfor bonus 
payments for operating new 
computer - controlled machine 
tools. 

The company said yesterday 
that the introduction of the new 
machines was covered by an 
agreement negotiated through 
official union channels. 


Social workers 
walk out 


SOCIAL WORKERS In Newcastle 
and the London borough of 
Southwark began an all-out 
strike yesterday In support of a 
pay claim and negotiating. rights. 
Union leaders said that the 
actioij.could spread quickly. . 

The social workers refused to 
operate even "life or death” 
emergency services and one 
council leader said that child 
battering and hardship to old 
people could go udetected. 
Colleagues in Lewisham and 
Ealing, staged a one-day strike. 


Engineers 
at British 


Airways set 
for strike 


6/ Our Labour Staff 


BRITISH AIRWAYS enginee 
yesterday voted for a iM-ftoi 
strike next week unless a dai 
for pay parity with Britis 
Caledonian workers is meL 

The airline said last night tit 

if the strike went ahead i ^ — 

planned on August 23, schedulw^^----- ' - 
flights would be cot. It wouk^ 
do all U could to minimise di 
ruption- 

The engineers say. howeve 
that the strike could hall a 
British Airways European an 
Intercontinental flights. 


The 4,000 engineers a 
London’s Heathrow airpoi 
backed the rejection by thel 
union officials of a British Ai: 
ways proposal to negotiate a seV 
financing productivity deal t 
resolve the claim. 

The strike will begin a 
6.30 am if there is no satisfactor. 
reply from Mr. Stanley Clints 
Davis, Trade Under-Sec re tar) 
before then. 


! I ? 


i < 

n 


Differential 


|] K I )\\ 


The engineers are seekia| 
parity for work on wide-bodlq 
jets with British Caledonli 
workers at' Gatwick, who I; 
year negotiated extra money 
operating on aircraft Such as 
TriStar. 

British Airways agrees tlrf 
there is a differential, claimi'a 
that the disparity is about £5 
The unions claim it vari$ 
between almost £4 and more thw 
£ 6 . • — 
The engineers met for ■Sr- 
minutes yesterday in a hug*- 


i t 


*; r 


service hanger Inside a restricted* ^ * jj ; $ ; n a f| 
area. Later, a shop steward said 
"The men were overwhelming!; 
in favour of the strike." A no the- 


claimed that 
Unanimous. 


the decision wa^-_ * 


-5, 


1* 


Redemption iVofice 


Teollistamisrahasto Oy- 
Industrialization Fund of Finland Ltd. 


(I:r; 


9% Guaranteed Notes Doe 1984 


NOTICE IS HEREBY GIVEN, pursuant to Fiscal and Paying Agency Agreement dated as -of 
September 9, 1976 under which tbe above described Notes were issued, that Citibank, NJL, as Fiscal 
Agent, has selected for redemption on September 15, 1978, through operation of the Fund 

$1,000,000 Principal Amount of said Notes to be redeemed at Par. The serial numbers of the Notes 
selected for redemption axe as follows: 


•NOTE NUMBERS 


7 
10 
22 
• 38 
41 
52 
78 
123 
330 
133 
177 


M 11035 
9fi43 U048 
9684 31054 
9898 31076 
9701 11332 
9761 13322 
9771 11139 
9796 13383 
9824 U189 


9863 31203 
9B6H 31212 
9883 11331 
9893 13331 
9906 33354 

9916 11367 
9934 1 13374 
9948 11410 
9963 13439 
9977 11914 
9984 13619 
MI 11336 


782 2143 3963 5795 6900 8349 9493 30988 

795 2163 4009 3803 6932 8263.' 9563 llOOO 

799 2368 4020 5811 6939 8283 9694 13026 

806 2301 4047 S843 6980 8288 

823 2260 4059 5862 7031 8297 

862 2284 4064 3873 7038 8339 

868 2393 4076 5879 7046 8371 

874 2424 4080 5886 7091 8383 

898 2446 4097 5896 7120 8446 

947 2466 4149 592a 7150 8 S 2 T 

... 987 2489 4IGZ 8945 7163 8801 

192 3026 2500 4187 6949 7176 8612 

221 1059 2529 4198 5952 7180 8628 

235 1080 2936 4283 5963 7184 8631 

241 1157 2543 4289 5991 7254 8644 

366 1179 2584 4295 6027 7264 8660 

271 1209 2604 4355 6030 7280 8673 

276 1316 2615 4377 6044 7295 8680 

278 1228 2699 4418 6062 7301 8696 

281 1262 3729 4463 6100 7353 8703 

385 1283 2733 4492 6U5 7368 8718 

390 1234 2743 4580 6175 7373 8730 

322 1350 2766 4616 6192 7408 3790 

348 1364 2797 4622 6198 7418 8853 

354 1374 2828 4646 6220 7425 8859 

361 1418 2842 4658 6344 7430 8870 10007 11570 

365 3426 2945 4662 6259 7436 8932 10020 11669 

369 1487 3000 4670 6261 74BO 8934 40041 11678 

382 1504 3035 4678 6274 7488 8939 10049 11683 

437 1524 3049 4682 6279 7566 8943 10090 1170B 

449 1528 3085 4722 6305 7635 8948 10100 11807 

435 1545 3134 4760 £316 7641 8952 30114 11813 

459 1566 3181 4774 6324 7677 89M 10153 11834 

463 1588 3202 4781 6333 7683 8960 10161 11862 

505 1601 3222 4851 6370 7719 8966 10203 11901 

512 1 622 3326 4860 6379 7721 8873.30210 11937 
626 1637 3329 4866 6403 7738 8978 10217 11947 

840 3646 3251 4963 6409 7747 8382 10224 11964 

555 1655 3260 6086 6430 7754 8993 10336 11976 

560 1729 3291 5103 6518 7758 9067 10346 11984 

664 1758 3404 5112 6525 7763 9096 10375 11983 

569 1766 3440 51S9 6532 7794 9116 10394 11994 

578 1776 3489 5205 6566 7801 9X41 10399 11997 

603 1818 3518 5368 6571 7811 9L53 10486 12021 

611 1855 3529 5412 6589 7920 9158 20SOG 12041 

645 1862 3554 5422 6622 7927 9162 10516 12067 

652 1875 3560 5428 6630 7333 9216 10632 12163 

670 1907 3595 5440 6642 7980 9321 10528 13177 

691 1911 3624 6482 6666 8010 9220 111635 X3184 

700 1921 3710 5523 6674 8027 9266 10579 12378 

70S 1938 3717 5550 6887 8031 9307 10604 13295 

713 1354 3737 5556 6690 8039 9313 10639 12310 

720 1971 3849 5561 6728 8078 9328 10643 32317 

i£3 £52 8081 9341 10637 K 3 ® 

736 1999 3916 5590 6787 8097 ytqn 10700 32448 

741 2011 3S35 8602 6809 8160 S394 10749 12473 

753 2034 3937 6721 6826 8166 9418 10178 3350S 

771 2093 3948 E774 6842 8176 I 43 S JOBS? 12374 

ns 2103 3954 5781 6884 8186 Iw 10906 12616 


32676 34107 15170 

13693 14162 13176 
32719 14167 15210 
32794 14171 1521S 
12760 14200 15248 
12775 14215 15289 
12969 14235 15323 
12973 14239 1S375 
32979 34244 15424 
32B04 14233 16448 
13001 14260 15467 
13000 14271 15488 
13015 14283 15491 
13063 14396 15504 
33080 14408 15541 
13098 14457 15585 
13115 344GS 16583 
33122 14579 15600 
13127 14584 15614 
13161 14631 15624 
33180 14640 15628 
33197 14643 15677 
13287 14684 16694’ 
13293 14715 35729 
13306 14728 15742 
13308 14732 15781 
13 3 8 2 14771 16790 
13368 14774 15837 
13389 14800 15976 
33404 14812 16059 
13410 14825 16X10 
13445 14829 16131 
13465 14843 16172 
1351® 14849 16190 
13544 14869 16206 
13550 14911 16227 
Z8556 14924 16275 
13593 14927 16441 
13880 34932 16450 

13694 14936 16468 
13709 14940 16472 
13718 14944 16488 

3S335SS5 

1 3754 14974 10617 
13763 14984 16636 
.13808 16000 1G645 
13814 10009 16688 
13818 15021 16704 
1382S 15033 18724 
13830 15063 18743. 
U880 15089 16748 1 
13856 15116 16771 
13331 1812S 20816 
33946 15130 16B55 
14043 15144 16897 
14059 10185 16321 


USga 18584 26155 
16974 18588 30159 
16980 1*594 20164 
17014 18099 20166 
17032 18602 20168 
17084 18619 20174 
M632 20178 
17193 18661 2018 O 
1^211 18682 30104 

5E55 30188 

J7272 18718 20192 
17327 18736 20198 
17341 18770 31104 
17369 18781 21109 
17438 18790 21119 
17445 18787 Sua 
17461 18810 21206 
17477 18814 21209 
17401 188 30 21214 
17529 18883 21318 
17555 18901 21224, 
17567 18906 21229 
1 755S 189 IX 21305 

2ZS2 HF 1 

17635 19060 21311 
»»» 
JFSi au 3i 

37659 19187 21326 
17696 19216 213M 
17714 19383 21332 
37719 19454 21338 
J77B5 39501 21343 
17772 19514 21347 
17834 19518 S&ju 
17895 19544 2US6 
1 7969 19583 21338 
17973 19661 21364 
17977 19689 31367 
17983 19729 21372 

?fn£5 K52 31377 
19063 19772 91380 

iSSS I 13 ” 

15093 19797 213m 
tollL 19814 21309 
18165 1383S 21403 
1817T 19869 21407 
18197 19894 21411 
19899 21413 
U|M 21419 
15320 19982 21423 
W334 20001 31425 
18340 20010 21428 
3*361 30038 2X433 
18376 20055 21437 
18410 20123 21439 
18427 20132 21442 
18476 20144 21446 
UM 20148 21449 
18556 30151 51452 


21456 23519 
21460 23531 
121466 23338 
[21468 3371 1 
21475-23734 
21484 23736 
21487 23741 
21489 23760 
21482 23798 
21486 23805* 
21498 23819 
21502 23SV 
21508 23838 
21513 23911 
21525 23930 
31529 23938 
21532 33942 
21538 23952 
315*2 23958 
21544 23861 
21549 33988 
21653 23979 
21560 23984 
31574 23989 

nurra 2*101 

21581 2*308 
21584 24315- 
21588 2*319 
21594 34333 
21599 24339 
21610 24401 
21614 2*512 
31832 24323 
21691 24541 
21839 3*596 
32734 34720 
22739 24743 

2484* 
22814 24878 
~283P 24882 
22836 24589 
338*2 24900 
22*48 24919 
mSS* 2«918 
33864 24924 
238 69 24832 

£52? 34038 

2KW5 24951 
£3100 34964 
23106 24969 
= 33 10 3*972 
,3 5fO 2*978 

2*384 
■ 23319 24990 
=M=* 34964 
83429 MSB 
234*1 

l=?44 4 1 • 


T) 


— — — — — — — - -^—4 * 

On September 18, 1978, the prindpal amount of the above listed Nobs vriD. become 
at the mid redemption price, together with interest accrued to the date fired for^SSS? 8 ^; 
Citibank, NJL, 2Q Exchange Flu», New York, New York 10043, 17th FWM&f 
S 0 “^r. Pr0 ^“ Sf Vmdow or at the main offices of Citibank, NA. in London. 

Frankfurt, Paris and Zurich, the main office in Broads of Citibank (Belgium) 
office in Luxembourg of Citib ank (Larembourg) S A, Paying Agents. aaa 

Such payments win be made in United States UoHais or such other Gain or currency of 
Staus of Amenta as at the time of payment is legal tender therein for tbe payment of 
private debts other by transfer to a dollar account maintained by the payee with, or hv^ 
cheque drawn. on a bank in New ‘So* CHy, subject in. each case to any fiscal or other 
regulations applicable thereto. ““wmwsor 

On and after the date fixed for redemption, interest on tbe said Notes wiff cease to accrue. 
riue^tember 18, 1978 should be d etach ed from the Notes and presented for payment in theuajai 



For TEOLLISTAMISRAHASTO OTJNDUSTRIAUZATIOV 
FUND OF FINLAND LTD. 


August 15,1978 


crrmANK.NJu 

uFUoalA coot 









■^Inaaamal 7t^nes?Ttce«aary August 15 1978 


9 


INVESTMENT OPPORTUNITIES 


READERS . ABE RECOMMENDED TO - TAKE APPROPRIATE PR OFE5S ZONAL ADVICE BEFORE ENTERING INTO.COM/AlTMENTS 


« Brit* 

W'4\v 

or stiit 


CORPORATE 
EXECUTIVE PLANE 

SER BB -133 

OWNED SINCE NEW— MAY 1976 
TOTAL HOUkS— 1^50 
AMERICAN REGISTRY 
fLOtVN ONLY BY CORWjfc^TE PILOTS 
MAII^AINED BY TOP QtJAtiEEED MECHANICS 
IMMEI&ATE AVAHABnJTY ItLANY WORLDWIDE 

^LOCATIQI^^- 

NOW LOCATED IN DHAHRAI^SAUDI ARABIA 


.. .. : ,. It is in peak opera- 
tional condition ;and loaded '1/i^/^et^- 7 |Satures and accessories 
including dual instnun'enfatton and^^i^ete VIP interior. Asking 
price US$950 a 000 

Address lnqwx^TQ~'; 

GTO Eur(^ ; : 

Bevis Marks ifinise ’* 

: : : Bevis Marks London BC^A 7JB 
Phone: 01 283 7846 Telex:#&620GTO UK G 


THEMULTI-MELLION 
£ GROWTH MARKET 

THE FACTS: • 

During 1977, in excess of 3.l£niklON square 
metres of replacement window framing "was installed 
- within the British Home Improvements market. 

Independent, authoritative forecasts indicate 
that demand will have doubled by 1980-:.. 

Softwood and aluminium have dominated 90 per 
cent of the market to date. Now jet the time for 

change. 

THE PRODUCT: ' 

The only .exclusively Ail British, maintenance 
free, steel reinforced, uPVC Window System, designed 

specifically for the British market. - ■ 

THE COMPANY: 

. We are a subsidiary of a major .'public company. 

This is the first time we have advertised in this way 
and we mean business! 

THE PROPOSITION: 

We provide the technical knowhow, the window 
profiles, assembly plant ton franchise leat.e> and 
support publicity. . . v 

You provide the business acumen, 'determination 
to succeed, assembly space, direct selling and 
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THE INVITATION: 

If you can demonstrate that .'iibti are already 
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' then we invite you to contact us immediately. Sub- 
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GLYNWED 


Certex Limited, Building Components Division. 
SnaygiU Industrial Estate, Keighley \Road ; Skipton, 
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: 


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in Africa Onclfldihe ^fgerwX'and: " 

Middie East .(indudfng U A£~ ft Kuwait) 

Both model* requiring no ptaixbi of or electric Ity- end «ff«crira against Bilherzia, 
Typhoid, Cholera.' Dywnwry. E- Coll., to. - 

Reply to Sox G. 2411;. Financial Tima. 19. Camon Strict. EC4P 4BY. 


QUO VADIS? 

If you are planning 
EXPANSION BY 
ACQUISITION 
RATIONALISATION BY 
DISPOSAL OR SEEKING 
A MERGER 

We can assist in the Imple- 
mentation of your plans, and 
invite you to discuss your 
proposals with us in the 
strictest confidence. 

St Michaels Securities Ltd. 

PO Box 30, Cram House. Alma Street, 
LaUM. Beds. Tel: 0682 28SI3 


TAX 

MINIMISATION 

for 

CLOSE COMPANIES 
and their shareholders 

SAVINGS 

in Corporation Tax 
and Income Tax 
on distributions /apportionments 
of current and prior year profits 

Write Box G.243S. Financial Timex. 
10. Cannon Street. EC4P 4BY. 


GENEVA 

Full Service is our Business 

• Law and Taxation. 

• Mailbox, telephone and 
telex services. 

• Translations and secre- 
tarial services. 

• Formation, domiciliation, 
and administration of 
Swiss and foreign com- 
panies. . 

Full confidence and discretion. 

BUSINESS ADVISORY SERVICE 
3 raw Plcrrc-Futlo. 12004 Geneva 
Tel: 3b 05 40. Telex: 23142 


MERGERS AND FINANCE 

BY THE TIME YOU HAVE READ THIS 
ADVERTISEMENT YOUR KNOWLEDGE OF 
COMMERCIAL AND FINANCIAL RESOURCES 
WILL HAVE INCREASED CONSIDERABLY 

FINANCIAL NETWORK GUARANTY LTD. 

(LICENSED DEALERS IN SECURITIES) 

• Mergers and acquisitions by agreement 

• Register for clients buying/seliiog corporate 
businesses . 

• Share dealing in quoted and unquoted cqmpaoies 

• Permanent and loan capital by private placement 

• Short to long term loans for development 

NOW PUT THIS KNOWLEDGE TO WORK: 

18 QUEEN ANNE STREET 
LONDON W1M0EY 

Tel: 01-637 5921/2 - Telex: 866393 Answerback FINET G 


NAMAC- 


t ! i* 


TO SELL OR MERGE 

your company » T*® r WT *4v»n- 
Ugc. you need rt»e profemonal exper- 
tise of the National. Association. . of 
Merger * Acquisition Comufentt wlrt) 
40 member firm* in she ’-USA arf.. 
in Europe. NAMAC haa tad yartfeolD- 
juctess with firms selling ,'ifpc- 
11.000.000 or mom. For »' member , 
firm -near you who can. •’ arrange 
4 iiKr.ec. . con fill ontial contact with v 
Qualified buyer, wrixe NAPtAC,'42SS 
LSI Freeway. Suite 2827. . Ddbi. 

Texm 7S234^ USA..' . . 


; ~ ASSEMBLY AND SERVICING. •; 

Siniamd in S;W;.. London;., vto 
1 full Assembly. Quality Control emf 
".I Servians facilities lot .elecfftuLZ f ' 
; electronic equipment.- ' -Fm> 40t- 
reliable serrtc*. ' WpoH cwtsWWr . 
.ensure ■ with Co. nr penon - with 
prod dus in need of manufacture.- 
Write Bn* <LZ41B, Financial Tane*. 
10, Cannon Street, EC4P 4BY. » ' 


INVESTMENT OPPORTUNITY 

Smaller German Chemical tom smm 
partner tor the forma itan ot *..<*“2: 
panv m Gcrmaav eoaearaod- w ith tw 
devctaonvnn. MaulKWO.mi UMriba- 
tiod of* oroduettons - nr now mw of. 
ppray ahrwMek ere- enatonm*uw{l» 
Mcrpubia with . roorcUno «J - 
mean* 01 now emmsrtop • «r«l - nHln* 
aopltentee- A, ooemnie .dwrion wiii. 
aiso be included. Principal*, wits , to 
Bo* G.24aSrFuwndto» Tunes, JO. Can- 
non Street. fGdP 4BY. . 


; '- V -OFFICE 
FURNITURE 

-Manuiacturers -of high QU»Uty office 
fumitnre invite 'enqniraes from Euro- 
pour xnd minus distributors and 
-export import . agent*. 

- • - BO PLAN LTD. 

i . Upper Jcknnld Way. 

' '-'"Yrtog, Herifoidihlre. 


IBM ELECTRIC 

typewriters 

'Factory reconditioned and guaranteed 
-by IBM. Boy. w* up to 40 p.c. 
■’-'Lease 3 'yean from '£3..70 weekly; 

-- Rem -from £29 per month. 

j ' -PboDel.01-64T 234S 


FOR SALE 

CAMEL CIGARETTES 

60,009' cases per month 

SCOTCH WfflBSKY 

50.000 cases pementb-. . 
01^4998771- 


' GREEK CONNECTION 
; WITH EEC 

■Uk; firms wanting to exploit an 
expanding Mw mirkot contact BrltiaB 

manufacturer with" established A OVDf 
50 yri> Greek 'marketing network. 

• Phone:— 

NOTTINGHAM (W01> 5B27ZL 
v- OSes hours 9J. 


MAYFAIR FILM 
^COMPANY 

Seeks up to £20.000 estra 
• capital 

-Share and - Directorship 
. . available 

Telephone: ftl-409 0158 


Towner of large estate 
;V ^SOUTH EAST ENGLAND 

/With planning approval 

... FOR LEISURE USE 

seeks substantial backers. 
.Principals only.- - 
ifJMvpfr Bag*G.2424. Financial Timas, 
W : f0i Con«W-5t«rt. EC4P 4BY. 


&T A. WCUCypa.CCZ^ address or Ptajj 
. mcssa&cs. - Combined rates + 

LSmUrMS 


I 1 _ 

i 


BusinesscsF^ScsIa^feiited 

Every Tuesday and Thursday 

Rate: £16 per single column centiniefe Minimum 
3 centimetres. Forfurtier.information contact: 

Francis Phillips, Fmandal Tir!n^r^O€annon Stteet - 
HC 4 P 48 Y.Te!ex: 885033 . • . • >■ 

01-248 4782 & 01 - 2485 ^ 61 : 

FINANCIAL TIMES . 

FIlRnPESBLISWESS.NEWSRlPER ■■ . 




.THE. COMPLETE FINANCIAL 
-AND 'MARKETING PACKAGE 

L'We ara an Inremadonal Marketing 
X^jnsatemey bated r^ London which 
offers financial and marketing advice 
ydlther in this country or worldwide.' 
vCajHtal would be available to suitable 
.-enterprises where expansion or de- 
velopment of new projects Is beyond 
the- limits of existing cash flow or. 
-financial resources. We aha give 
experienced advice on both mergers 
"■and takeovers. 

Pflnclpor*. or their Agents, should 
T in Ihe first Instance write to: 

• Box C.2378. Financial Times, 

10, Cannon Street, EC4F 4 BY. 


LIMITED COMPANIES 

jT ;■ formed by experts 

FOR £78 INCLUSIVE 
. READY MADE. 03 
"r - COMPANY SEARCHES 
EXPRESS CO. REGISTRATIONS LTD. 

. 30. City Road. EX. I. 

. ' Of-428 S434/S/736T . 99 36. 


I U.K. BANK 

v%blp to cope with back to Back 
Jeans (including on a non- 
recourse basis) etc., interested 
rto'.'receive enquiries. Write- Box 
t,Gl2417. Financial Times, 10, 
b'Cvtnpn Street, EC4P4BY. 




FINANCE FOR 
lillllfIJI 
COMPANY 

Forfurtherinformation contact; 
K.Doan, 

ARBUTHNOT FACTORS LTD., 
Breeds Place, Hastings, - 
E. Sussex. 

Tel: 0424*430824 


Attention Chairmen & 
i Managing Directors! 

Atistralia has tremendous 
Market Potential ... 

; But many U.K. companies understandably are reluctant to 
open i*p- interstate Offices in Australia due to the large investment 
per annum plus the distance factors. 

You could, however, have at your disposal on-the-spot marketing 
and sales know-how for a fraction of the cost which you would 
normally expect to invest to establish yourself in the Australian 
market: 

The Chairman oF our company will be in the U.K. for approxi- 
matelfrxeven weeks from late August and will be pleased to meet 
principals of interested companies. 

Be assured that we will not accept clients whose interests conflict 
with our existing accounts. 

AH ' enquiries will be treated in the strictest confidence. Please 
write, telephone ‘or. telex the following: 

Write Box G.2421, Financial Times, 10, Cannon Street, EC4P 4BY. 
Telex No.' (Sydney) AA27516 
Telephone: (Sydney) 326 1849 


How can a 
merchant bank 

help a private 
company? 

Do you need to increase your overdraft 
or should you lookforan increase in capital? 

Howareyou planning forthefuture? 

GRESHAM TRUST can help. Solving 
problems like this is our business. 

We are a long established merchant bank 
who specialise in financing private companies. 

That's why we’ll al ways listen - whatever 
your requirements. So don’t be afraid to write 
or ring one of our Directors. 

why don’t you do so today? 



Greshamlrust 

Where the successful private 
company feels at home. 

[GreshamTrustLtd., Barrington House. Gresham Street, London EC2V7HE1 
Tel;01-o066474 

Birmingham Office: Edmund House, Newhall Street, Birmingham B3 3EW 
Tel: 021-2361277 


LICENSING OPPORTUNITY 

Substantial company, part : of a large group and long-established in 
the electro-mechanical field, wishes to broaden its product range 
and would welcome contact with those having products, preferably 
protected by patents, available for development/manufacture under 
• . licence. 

Write Bax G-2420. Financial Times. 10. Cannon Street. EC4P 4SY. 


Well respected and old established private 

SWISS COMMERCIAL 

and 

REAL ESTATE COMPANY 

wishes to sell some of its equity internationally 

Please write toW 18-11S1P3- Publicitas 
CH 1211 Geneva 3 


CONSTRUCTION 

COMPANY 

with several housing contracts in 
the Middle Cast and North 
Africa wishes, to co-operate with 
suppliers. Investment funds avail- 
able. 

Write Box G.2422, 
Financial Times. 

10. Cannon Street, EC4P 4BY. 


PROPERTY DEVELOPMENT/INVESTMENT 
Speculative Funding Required 

Substantial liquid property group is seeking to expand its existing 
institutional funding arrangements by way of arranging speculative 
funding for well-located Office/Industrial development schemes, 
geographically located within 30 miles of London. Circa £3m-£5m. 
Principals will only be replied to in the strictest confidence. 
Write Box G.2405. Financial Times. 10. Cannon Street. EC4P 4BY. 


Small, efficient sales company, 

extremely well-connected with major Transport Fleet Operators 
in the U.K.. plus certain Distributors in this field overseas. 
SEEKS FURTHER PRODUCT LINES TO ADD TO ITS RANGE 
Both home and overseas enquiries welcome. 

Send details to Box GJ2428, Financial Times. 

10, Cannon Street, EC4P 4BY. 


BUSINESSES FOR SALE 


REQUIRED 

Relstivetr small but highly professional 
recruitment consultancy seeks own 
permanent roQrolt) but sharing re- 
caption in W! area w.e.f. I Oct. 
Image 15 important. Please contact. 
Gen. Mgr.. Inc. Recruitment Services 
(UK) Ltd.. 48-54- New Marfcot Square. 
BASINGSTOKE. 0256 SUIT. 


BUILDING COMPANY 
— STAFFS 

■ i 

Old established building company for sale, mainly 
houses, some industrial. Land bank for over 700 
units. Current turnover £1.5 to £2 million. For sale 
as a going concern comparatively small borrowing — 
Price £1.25 million. 

Principal to principal only please apply: 

Box G^410, Financial Times 
10 Cannon Street, EC4P 4BY 


i felNVESTO R/SALESMA N 
' REQUIRED 
r Tp ; take . part/ Foil time interpn in 
-".tifiqpgny.Wtdi innovative product used 
libr every type ©I industry. Great 
-sab* 'potential in United Kingdom and 
. jCWt eai v -. Little travailing required. 
^Looted near He » throw. £IO.ODO-pUit 
jnqukred ta part working capital and 

jVwfcy. ' ■ 

Write.. Box £.2436, Ffnanetal Times. 
; 10. Cannon Street, EC4P 4 BY. 


SERVICING COMPANY WITH 
MOBILE ENGINEERS 

London based. ' Twelve yetrs 
experience in domestic field of cooker 
hoods and heaters planning expansion 
in Southern England and Midlands. 

invite enquiries from manufacturers. 

Reply to C.H.S. Ltd. 6 Devonshire 
Road. London W4. 


MIDLANDS COMPANY 
1-3e gp&te Ugh volume parts to the 

tiBMOr UlflBMT h« wadir for pr«** 
.work up to 100 tons and faculties 
■'Jufissao- -for taacWnmc castings and 
■Tflipingg mitfPlP* with mldlBS. paint- 
Jpp and assembly- Ascoriata com- 
■«ny . manufacturing spur, helical. 
-ttEiumit and spiral bevel scars also 
has capaciur available. - 
• .WriiC'Bdx G.243S. Financial 111110 . 

■10. Cannon street. EC4P 4BY. 


SIKVICC COMPANY. 5.E.- Er^lalUJ NCT 
'•ro-tu £35.000 after deo. ftJMM 
: Md u»rrman's satarv and expenses of 
*16.000. Haoor » remain «s n>"- 

• uitaet.- - Net uwd C70.noo itauid. 
..Good mwMencat. Est. 16 V^rS, 
-stsajosa toe Slums. Principal* onlv 

forty. Box GJASS. FUiamW Tines. 

• 10...0finon. street- tCAP 4BY. 
1-MMnms MksOH moke A ' to 

ut, ©t meiuswe ladle* fashion grano. 
- - — *■ — ‘ have above 

"’rite Bo* 

Cannon 

Brtf 4 DV ' ' 

1USTKATED SHlPMEriT — Large quaittitjr 
CiuidiynS oocket-wxe catounno books, 
•Wtablfr export. 'Sample .emuirhs and 


ot neiusive nowv tmwi 

Manchester area. Moat have 
rtnraoe, Bxlt and ability.- Wr 
7-Z4S2. HnaacSk Times. 10. 


tXvStr? vsittmsucis to Scandinavia. 
-•UN our' onee In .P*® "HIT* end vou 1 
'Salto mrthA. Writ* Vox CJfJI Financial 
Times. 10 .-- cannon Street, ecop a by. 


INSURANCE BROKING 
BUSINESS FOR SALE 

Very successful broking . company 
located ip the North East of England. 
General Domestic business. Com- 
mission £50. 000 -r. Net profits 
£20,000. Replies from principals only 
giving full details of nature of interest 
and demonstrating substance and ability 
to proceed. 

Write Box G.2437. Financial Times, 
10. Cannon Street. EC4P 46Y. 


PACKAGING 
BUSINESS 
FOR SALE 

London-based: ..packaging com- 
pany. excellent premises. Good 
loading and -unloading facilities. 
Solid and ■ Corrugated .. Board 

Converting. Well-set- up print 
department. Principals only, 

please apply Box G.2427. 
Financial Times, 

JO, Cannon. Street, EC4P 4BY, 


SMALL LIGHT ENGINEERING 
COMPANY FOR SALE 
Dorset Resort 

Own product, three months export 
order book, nit flirn requiring addi- 
tional product, or ami-retired person. 
Wnte 3o* Cjfl*. Financial Timet. 
10, Cannon. Start, EC4P 4BY. 


PLANT AND 
MACHINERY 


GENERATORS 

- Over 400 sets In stock 
. lkVA-700kVA 

Buy wisely .from the manufacturer* 
with. fuD after ales lervfce. 

CLARKE GROUP 
-- 01-986 8231 

Tahiti 897764.. . 


FOR SALE 

AS A GOING CONCERN 

Reridwtfw^Pevete p er s A Braiding 
Contractors hi' ttw Midlands 
Special 'it* in traditional construction. 
Excellent contnca; land bank, own 
modern freehold- premises, t/o approx. 
r|.5m. Trtaeitoii Mr Please. ■ 
Write Bo* Financial Times, 

ffl. Cannon Street ~ EG4P 4BY. 


LIMITED COMPANY SPECIALISING 
IN MANUFACTURE OF 
SHEET METAL PRODUCTS 
A unique and well estab- Family com- 
pany occupying valuable Freehold Ind. 
premises. Essex. 

Sale due to Founder's retirement in- 
cludes premises, goodwill, all plant and 
machinery, 6 motor vehicles, stock. 
Cash H Bank (£16,000 approx.) out- 
standing credits (£15,000 approx.). 
Audited nlei lor 1977 were £188.468. 
NET PROFIT £73. 4 M. Exporting 

would double output. 

ASKING PRICE OF £21)0.000 
FOR ENTIRE SHAREHOLDING 
EVERETT MASSON A FURBY 
10 Railway Street. Chelmsford. 
(0245) 65308- 


PHOTO 

LITHOGRAPHIC 

PLATEMAKERS 

assets of fully equipped business 
established 10 years in South 
East London includes premises 
held on 20 year lease approxi- 
mately 3700 sq. ft. 

Write Box APSZ9, 
ReynelTs, Eldon Chambers, 
30/32. Fleet Street. 
London EC4Y 1AA. 


FORK LIFT SALE1 Stock O l Over 100 ««*! 
Fork Lift Track* reedy lor immediate 
detlverv. Capacities from ZOqo ihs bo 
B 7.Se© lbs. SO*, have new tyres, new 
battotiee new seats *m painted in 
original cohmrt. Lift Sent- on rtsaut 
Trade end ex port enoairiet wemned. 
Large npfuetton on artfc nurc&ases. 
Deliveries arranued anywhere. Bmtnnp- 
bam Fork, Lift Truck LhL. Hams- Rood. 
Saraev. stomingium u mu. Tel: oat- 
327 5944 'or 021-526 1705. Telex 


SALE? - 

Highly provable London based 

MOTOR COACH COMPANY 
AND TOUR OPERATOR 

Specialiiing m-. the Incoming , tourist 
sector wtw vwnonr la excess of 
£280.000. 

Write Box Floancibl Tluax, 

10 , Cannae Street. EC4P 487. . 


SHOTS ANti A* iT* tor ^te, trcebolo. 
P°f»ul« r «e«ld* resort: principals 

onlv. - wrltiy •« -«L»4S0. Financial 
Times. ID. Cannon Street. EC4P 48 V. 


TAX 


London Construction Company 
with tax losses in region of 
£400.000 for sale. Offers invited. 
Write Box G.2423. 
Financial Times, 

10. Cannon Street, EC4P 4BY. 


BAHRAIN 


Business in Construction Industry for sale as a going 
concern with existing equipment, contracts and 
contacts. Own workshop (with overhead crane), yard 
and office with three years lease remaining 'plus 
option for further six years. 

Write Box G2386, Financial Times 
10 Cannon Street, EC4P 4 BY 


ESTABLISHED, MODERN, CUSTOM-BUILT CAR 
SALES/SERVICE/REPAIR BUSINESS 
FOR SALE FREEHOLD 

IMPORTANT MIDLANDS SITE NR. Ml & 3 MAJOR CITIES 

* £2.ooo.ow ' profitable ' mrnorcr ” Showroom for IS cars and offices 

■ 1.3 acres approx. * Large forecourt and fully equipped 

- Large* used car site an d car park workshop, stores, etc. 

- ’ip spec. MOT I ml hr * 2 car sales franchise's 

• Boatyard wilh river traniasr " Larue House and Flat tnclndrd 

PRICE £225,000 SA-V. 

Apply IB uniting for further information I ram Sole Abmik. Ref. 9. 
Goddard & Smith. 2?. Kins Sirct-L Si. Jaifl'-s's. London SWtY 60Z 


FOR SALE HORTICULTURE 

LARGE MODERN GLASSHOUSE UNIT 
12 ACRES APPROX. WITH ROOM 
FOR EXPANSION 

Automated Heating - Irrigation - Ventilation 

Further details available - Principals only . 
Write BOX G2416. Financial Times 
10 Cannon Street, F.C4P 4BY 


BUSINESSES WANTED 


CHALET AND CARAVAN PARKS 
WANTED 

Advertiser would be interested to hear from owners of 
substantial holiday parks wishing to sell their businesses 

Please write to Box G2392, Financial Times 
10 Cannon Street, EC4P 4BY 


TRAYEL/ LEISURE INDUSTRY 

Public Company seeking diver* Ificacioi* 
wishei w acquire e*nWi*hed Travel/ 
Laiiur* Buuneses. Primarily i Me retted 
in uur operating eompinlw and IATA 
licensed travel agenein. Sub* CS Mill 
cash resource* available. Please reply 
in strictest confidence to: 

Bax G. 2408, Financial Times, ' 

- • tO. Caman Street, EC4P 4BY. - 


WELL-ESTABLISHED COMMUNICATIONS CO. 

UK bued with world-wide business interests wishes to expand 
existing computer activities by association with/or acquisition of 
medium-sized systems /software house whose emphasis is on real- 
time communications— related activities. Substantial resources avail- 
able for development of right organisation. 

Reply in strictest confidence 10 Box G.2434, Financial Times. 10, 
Cannon Street, EC4P 4BY. 


PRIVATE LIMITED COMPANY 
FOR SALE 

operating small licensad airfield with 
expanding residential parachute club 
and Hying *chs©i. 14 year lease. With 
or without aircraft to suit purchaser. 
Serious inquiries .to: 

BaxG.2425, FinancM Times, * 
TO, Cannon Street. EC4P 4 BY. 


WANTED TO BUY 

Substantial Main Dealership for 
cash. Ford preferred bur other 
Leading Franchises' considered. 
Subject Manufacturer's approval. 
Full replies, strictest confidence. 
Write Box G.2409. Financial Times. 
10, Cannon Street. EC4P 45 Y. 








10 



Financial Times Tuesday August 15 197S. \J. * 


EDITED BY ARTHUR BENNETT AND TED SCHOETERS 


DATA PROCESSING 


9 METALWORKING 


Power for the new users 


• SOFTWARE 

Usable on any machine 


Improves quality of 
cast steel slab 


FIRST financial system tn be tively few Series 1 machines 

developed in the version bfthe freely available, programmers 

TO EXTEND its Level 62 earn- tion, paper advance, buffer systems and help their organisa- Cobol commercial language that will be aide 10 use time on a 

puters line into tbe small- scanning and printing. tin ns to stay in business. has been adapted specially by whole series of other machines 

systems end of the data pro- Standard features include Few managements arc aware the CAP group to run on micro- if cap’s own Scries 1 should 
cessing market Honeywell has switch-selectable six or eight how dependent they are on their computers is for the Prudential become "overloaded. This is one 

brought out a new entry-level lines per inch densiiy. switch computer systems, NCC claims. Assurance Company. result of the machine-indcpeii- 

pr > W hf°r __ C k 6 62 ^ 10— ' selectable paper perforation skip As a result they do little to n w m be a t the heart of an den ce of lIie ,an tf ua « e which 



for 

construction 

01-9951313 


THREE MAJOR European centre line segregation, 
groups. ASEA. Svenskt Stal and In the layout of tbe continuous 
Concast of Zurich, have together casting unit, the new electro- bytes, with tbe option for adding 
developed an electromagnetic magnetic device is plar J * ‘ U! “ J “ L “ ; 

stirrer for the control of the behind the supporting rollers 


The 


paper puller, 
printer handles 


reporting on treaty status, man- other P 01 ?® 11 ? 1 M i;b<llv 

olaced a third drive to' reach a maxf- • *“ v “““"T 7 r . °a ramputer secunly, NCC nas agement information and Board moment, all of whom are likely 

£"5 mum of l^O^Meeahvtes * inteJ- f“ part Pm-feed, fan-folded codified tne best practice from of Trade analyses. . to move on to Senes 1. 

. >crs or mum or i-u Biegaoyics. inter forms, up to IS inches wide. several years research to pro- _ . , , . Further announcements are 

strand solidification process in the strand. It develops a power- nal memory is 128 K-bytes, which Hamilton House. 111. Mar- dure the Management Handbook . Cap .Kwrocotol- ts machlne- expected to include one where 

the casting of slab steel. ful ^veiling magnetic field can ^ ^ ed l r nT . int< , p lowes. Hemel Hej^psiead. Herts of Computer Security as a com- p Jj° v,des Customer wishes lo use s tan- A B , Cf alld unu sual uiachin.. f 

* MP.V.rcr HP1 IBB: m 41141. manual un.huw to ■" *" ■> \ ■ Sard aofwaw taml an Mm™- f h “ ^ dneti „„ „r hyiruu 

plan to protect installations. ibm / ruden } ljl w® run cobol in several locations -ana cylinders, piston rods and oth 

The introduction defines the ? n Senes .1 with its new probably on 3 variety of i imc cvlindricul components h 


• MACHINE TOOLS 

Machining 
of cylinders 


Electromagnetic stirring which produces a movement over . 

(CMS), developed some vears a Iona zone in the liquid core of — and optionally a 400 Ipm de- 

ago by ASEA, has been ‘used the solidifying strand. vice— may be run with the new 

extensively for stirring molten Results from protracted testing TR 1 VT CllTtTinrf probT era “"aod'" describes the ,a ^! 1 ^ P ^ i I ty 4 discs, and machines, in a furlhcr demon- been ‘Tnstail ^l a't the' Ed j 

steel in electric arc furnaces and at the Svenskt Stal Works at [°“^^° chronou f„“ d /^U^° JJDiYX SllppOll various causes of breaches of strati on of portability.^ bii^h works ur Brown Broth* 


ladles. 


Oxelosund in Sweden with equip- synchronous communications 


Applied tn continuous casting ment put into operation last year lines in any combination which, j T *1 ,L/\a *1 

it permits higher flexibility in are reported to have been very a P* rt from supporting terminals ffj | j ftrKiirt:n 
steel making because, with it. promising. andwork stations, may be used 


security and their consequences. 8 number of terminals. 


It presents a structured ® ul 35 t * Iere ar * compara- street. London WC1. 01-2420021. Engineering Group 1 , 
approach to the identification and The machine, which has n 

control of risks, and" provides j 4 about £«»»■ was supplied * 

guidance on management. respon- f PHt’iTA TrtT fldValAniTlPnT Fmindrax Engiuccriny Predui 

sibi lit ies and involvement. V/vIlU v AvA i«v y vlU lllHCll I 0 f West Lydf»»rJ. So liter If 

Information on the £80 hand- « r iNTFUNiTTneiT- . . . , . Somerset (096 324 444 » Tt 

book from NCC Publications on “Jr , development aids, products and conipany says that the tnachi 

061 22S 6333. or from J. M. Dent “ p nJSSKS centr ®“ topis. Initial activities will - c J pab u- of at least six nia 

and Sons. Dunkems Lane. Letch- £„"f d0 "\. t vr or ™ re - u - 11118 include research into now system uDera ,j nns ; deep hole bonne 


CAP House. 14 Great .Tames and i;,,. (Vickers UITsha 



improved 

strand structure. casting of slabs. 

Less reduction in area is 
needed to achieve the final pro- Strand 
duct and there is a reduction in 01-930 6411. 


the 


as IBM 
forces in a 
event demands 


offers the means for serving a nmrinrt 

vr™.=o .11 market where Httle opportunity examination**" ^7' nf.T"'“on^y and Du 

nnd A - JSSST toT J*JS£ KST 5“ta 2 $*. "” l on,y Herts - 


time users to acquire equip- CADAM for ^tmiputer aided 
meat capable of “growing wjuih 


9 PROCESSING 


Italian idea to Japan 


, - ® n ‘ design /computer aided inanu- , -wv* 

site irom an entry-level system facture is » Qm ^ 3nd ^ /^ nT1 ^ rn || lll0 - 

right to a large company model. aC r 0nym describe a Lockheed ^UUllUJLUUji 
Also, with six communications Corporation programming system 

,mes included as standard with- intended to aid designers in ypcAIiyAPC 
in the price of a basic system, developing and running an mte- itSO li-Tv-G^ 



for innovations in comp j&g.”". r«lVrime’>ascaT compiler. g2SSS r rune^ are frem iK‘ 

SPL has been involved In the developments m interactive mamm ; , nd u. n .;th s can bo u P 
development of sophisticated graphics and research into the ,.>000 mm 
software, special ianguagesand problems of parallel ism. “koundrax adds That in addilii 


AN AGREEMENT has been category accounts for about 50 
concluded with Sorine Chechini per " cent of the total refuse 
nf Italy under which NICK processed. The other segregated 
i Nippon Kokan) acquires tech- items such as paper and kitchen 
nologj and sales rights to city waste are used ns base materials 
refuse processing plant devel- for recycling into various pro* 
oped by the Italian company. ducts such as paper pulp, live- 
The plant does not incorporate stock feed and fertilisers, 
crushing equipment and has Early next year NKK will 
very high capabilities for segre- construct a test plant using the 
gating and reclaiming refuse. Italian technology. It is planned DATA 


users can now more readily cal- am*** riK^n/nr^ taeiniv 

culate their communications f s of£re!f "5? ?r?i « « ucc is supporting a planrun 
costs. t„:L. and control system for easy us 



SIS. TnctalloH TT C __ iITTPI ™ uuul O j aicui lui taj; wrc 

Honeywell is on 01-568 9191. SfisfvaSSe by p^ec mangers to taprove 


Heavy-duty 
printer 


patterns to suit varied require- 


resources flow. 


us? enable it to expand. these activt- recruited locally. The Centre S,tln certain twidibon 
ove “d. consolidate expertise will be managed by David Rod- ^ be tiiMsible to double i 

from vanous parts, of the com- way- a founder member of SPL iCn-rh caiucity 

,nfrv and currently its lernnical ° 51 ... 


PiivL*qfiA V ^nn Hncirmarl Jir ITltO OTIC lOCBtiOD, M ,, u 

meats. It will operate through CompaS^Sf Los ^ centr * wm specialise in director. 

the new IBM 3250 interactive beSf^ ^SartSmlartr languages, opera Ling systems, SPL. 12 Windmill Street, 

graphic display equipment and thT^tedStaS microsystem and general system London W1P 1HF. 01-636 7S33. 

combines design analyst*, design 

parts programming and the • ELECTRONICS 


100 


u , ^ SniZjn wiTf Zrr c ™i diZ 20 different reports, each 

has expanded its intern wUl support several dis- TarvJn<? ,- veU £ deta L L D . 


It is undrrsiuod that uilhous 
purchased primarily to mbi 
Brown Brother#’ cuinmilinents t 
the offshure engineering industi 
the machine might abai be avai 
able for »ub-cuiitrael work. 


at 


This feature affords lower con- to use the 'test'piant for about family of heavy-dufy. high-speed p !*f t J?*"”®”' " wl * ? uip . l ..„ l 2 mMtario^is'therefor^pre^ed fOT 

st ruction and operation costs one year to develop modifications printers by announcing a 900 Plotters, drafting machim.a and accord j nor t0 need lIJOt because J.VI 1 . UXlV'l.vl VT W Y vlj 

-1 ■ _ JL. _ 1 L. Da DPT nLlITIPnM pnntrni l ‘A DP wwapvaxhmj, lv unu uvi 


compared with other reclamation to the original plant specifica- 1pm model. This has an operator- Paper numerical control tape. . nrocram automaticallv die- Tuorr ^ 

systems and also incineration tions for processing city refuse changeable character cartridge modes of support from utef JL gram - n n A ncw , p , a 

svsicins. For example, in the in Japan. Followina the test for multiple fount usage, built- a Processor are possible and a a j Ehtoelmann Microwave^ Company introduced, the PSh-UO. which 

of a 600- tons -per -day operation. 


case of a WO - tons - per - day operation, manufacture 
capacity plant, the saving on marketing of the plants 
construction costs is some 10 per started. Under the terms 
cent. 

The planr mechanically 

gates refuse into 

paper, kitchen waste, steel. NKK. 4th Floor, West Block. Processor-control of all of tbe 
plastics and glass, and refuse 11 Moorfields High Walk. London system dynamics includes A 1 ■ 

for incineration. The latter EC2Y 9DE. character timing and registra- Oil 


Lathe with 
built-in 


agreement, the contract is and a universal power supply ...rjirurer oeiatis trom .tBn. ioi. “ 'I""’; .. . . , „ , over the COntpUtCF 

amcally segre- effective for 15 years. NKK has addressing the full range of Wigmore Street. London W1H ^ project manager to nin” full 1 band and the maxlnium in- MADE BY Nakamura-Tm 

S '>:^ te30 ^ ; l apa "- OEM po_werrequir_emeots. 0AB ' ««■ -00. ^deiSLdTnd^se ^ scrtio^lfis 17dB cisiun Industry into 


Nakamura-Toinc Pro 
Japan ami 
nfforod on this country by Mtib 


NOTICE OF REDEMPTION 


To tbe Holders o£ 


THE PROCTER & GAMBLE INTERNATIONAL 

COMPANY 

yo Guaranteed Debentures Due 1982 


6'y 2 % 


NOTICE IS HEREBY GIVEN that, pursuant to the provisions of the Indenture dated as oE 
September 15, 1967. between Tbe ProcLer & Gamble International Company, The Procter & Gamble 
Company, as Guarantor, and Morgan .Guaranty Trust Company of New York, as Trustee, $1,645,000 
principal amount of the above Debentures has been selected by lot for redemption on September 15, 
1978, through operation of the Sinking Fund, at the redemption price of 100ft> of the principal amount 
thereof, together with accrued Interest thereon to said redemption date. The numbers of the said 
Debentures designated for redemption are as follows: 


IS. 1 1785 3375 4858 6180 7750 
9 1789 3381 4868 8184 7751 
25 1703 3387 4875 6186 7758 
31 1825 3388 4912 8187 7772 


9240 10438* 11854 13231 14495 15867 17535 18824 30163 22066 23372 

9261 10445 11857 13234 14506 15873 17571 18826 20203 22084 23378 

9265 10440 11899 13248 14523 15883 17586 18829 20210 32109 23379 

72 10451 11910 13261 14530 15885 17569 18838 20225 2210 ' 


41 1828 3400 4915 8326 7776 9273-10456 11821 13267 14549 15896 175S3 18841 


52 1838 3413 4917 6328*7783 

53 1839 3448 4943 6361 7792 
110 1920 348L 4866 6431 7793 
118 1933 3519 4968 6434 7809 
209 1936 3537 4983 6437 7853 


22111 


14559 15901 17628 18880 20253 22115 23395 


9283 10472 11928 1327 _ 

9287 10473 11979 13281 14601 15905 17653 18861 20254 22U8 

9292 10475 1I9B4 13287 14603 15923 17657 18864 20280 22144 

9302 10479 12032 13390 14637 15934 17661 18885 20267 22156 

9306 10460 13041 12291 14639 15935 17663 18887 20268 23U6S 

227 1939 3542 4988 6499 7896 9312 10482 12042 13295 14653 15950 17865 18895 20280 22171 

228 1941 3570 SOU 6500 7919 3334 10494 12059 13299 14664 15359 17691 18998 20294 22173 

9345 10515 12061 23328 14698 15973 17701 19023 20307 22195 

9346 105B2 12083 13330 14780 15976 17716 19034 20332 22212 

9370 10595 12070 13335 14747 15981 17738 19047 20358 22214 

9397 10627 12108 13360 14761 J5986 17743 19056 20366 22217 

9470 10870 12114 13364 14770 16014 17800 19060 20386 22218 


233 1959 3572 5030 6501 7929 
244 1965 3573 5031 6516 7938 
259 1980 3578 5038 6547 7937 
270 2082 3597 5041 6549 7955 
304 2103 3603 5043 6551 8014 
307 2108 3821 5044 6573 8031 9483 1 
320 2122 3628 5047 6589 8044 
325 2123 3633 5062 6390 8122 
329 2127 3639 5083 6601 8159 
337 2302 3642 5065 6614 8163 
342 2312 3866 5075 6017 8188 
347 2325 3672 510S 6638 8322 
352 2353 3697 5109 6640 8225 
354 2357 3698 5133 6641 8339 



9495 

9505 


13231 13395 14780 16017 1780S 19106 

10879 12241 13397 14786 16055 17820 19108 

10682 12264 13416 14805 16100 17824 19117 20401 


9530 10693 12294 13444 14856 16113 17846 192S5 20500 22316 

' • ' 17353. 39274 20643 22319 

12325 13459 14865 16121 17892 19278 20709 23324 33703 
14887 


9539 10749 12300 13458 14883 16120 17853. 19274 20843 22319 23657 

... ... 10770 12325 13459 14B65 iem “ ~ ~ ~:~: _ 

410 2360 3719 5139 6642 8246 9553 10819 12341 13477 14867 26125 17917 19290 20713 32328 33704 

. _ .. - - - 2370T 


9548 


9561 10820 12413 13482 14886 16144 17925 19300 20717 
9601 10826 12421 13496 14893 16161 17943 


431 2364 3734 5149 6658 8250 

437 2365 3753 5151 6685 8283 _ 

465 24113 3783 5201 6686 8284 9887 10837 12424 13546 14895 16162 1794' 


4B7 2411 3784 5313 6692 8285 9658 10858 12425 13547 14910 16163 17950 1 


3 19305 20729 22346 23708 
,7 19317 20740 22409 23727 


518 2424 3810 5218 6697 8329 9681 10880 12453 13589 14930 


20742 23420 23749 


508 2416 3805 5215 6694 8313 9659 10883 12433 13573 14927 1 6 201 17957 19343 20751 22432 23755 


5 17962 19345 20758 22424 23756 


522 2450 3621 5224 6748 8352 9684 10884 12504 13507 14944 16217 17978 19364 .20761 22438 23763 
... 1088a 13J52l 1353g 14gg2 16a51 17879 19379 21134 22489 23784 


540 2469 3823 5231 6754 8376 
542 2471 3852 5232 6787 8402 

553 2504 3862 5238 6796 8405 

554 2508 3889 5240 6830 8413 


674 2562 4072 5395 0918 8463 
718 2566 4098 5423 7008 8471 
724 2573 4112 5425 7019 8477 
733 2576 4114 5447 7072 B499 
736 2598 4155 5454 7077 8538 


749 2621 4275 5530 7207 8544 
751 2022 4279 5538 7215 8547 
757 3652 4301 5541 7216 8550 
915 2708 4319 5578 7218 8562 
928 2710 4334 5590 7222 3591 
938 2711 4340 5599 7225 8620 
3014 2727 4351 5623 7351 8647 
1029 2735 4366 5626 7354 8649 
I'M 9 2737 4382 5634 7358 8650 
3076 2778 4437 5635 7900 8070 
2082 2789 4438 5657 7362 8674 
1117 2808 4440 5663 7384 8675 


9694 10891 12525 13602 14996 16255 17980 19403 21138 22514 23766 

9700 10902 12555 13603 15001 16274 17984 19405 21140 22532 23773 

9709 10903 12556 13607 15005 16384 17988 19406 31155 22334 23798 

564 2523 3905 5245 6835 8426 9724 10906 12360 13615 15009 1628S 18004 19413 2U63 22539 23891 

630 2524 3916 5266 6838 843T 9728 10932 12564 13618 13020 16304 18005 19414 21172 22552 23882 

639 2326 39M 3277 6840 8441 9730 10985 12580 13627 15021 1 0316 18026 19416 21217 23553 23901 

057 2534 3986 5287 6859 8443 9736 10970 12600 13646 15026 10322 18028 19428 21240 22571 23937 

063 2541 4019 5385 6909 8450 9758 11040 12607 13647 15041 16347 18037 19438 21243 22584 28946 

667 2557 4071 5386 6915 8463 9772 11049 12608 13681 15052 10346 18045 19440 21245 22390 23934 

9773 1107* 12621 13601 15073 I6S73 Iffl M7 29458 21253 22393 23955 

9795 11080 12622. 13092 15087 16513 1HJS5 19461 21260 2263* 23970 

9802 11091 12635 13695 13089 16314 18063 19464 21503 22641 23983 

3807 11093 12643 13707 15103 16315 18069 19473 21511 22097 23995 

... ... 9809 11105 12843 13708 15107 16339 18072 19513 21523 22700 23998 

742 2600 4196 5455 7144 8540 983S 11114 12650 13716 15122 16550 18090 19524 21524 22713 241 IT 

744 2818 4203 5474 7133 8342 9881 11162 12651 13764 15153 16555 1809T 19328 21356 22804 24180 

74U 2819 4205 5478 7100 8543 9870 11171 12070 13797 15176 10556 18100 19568 21028 22807 24156 

9921 11174 12682 138L0 15I8B 16560 1B1Q5 19570 21630 22809 24209 

9923 11186 12729 13817 15215 16973 18108 19S74 21634 22817 24212 

9924 11200 1274R 13822 15223 10576 18136 19006 21635 =2829 24240 

9933 11208 12751 13830 15266 16596 18149 19633 21637 22830 24281 

9941 11225 12788 13843 19291 16S97 18154 19642 21640 2284S 24289 

9944 11281 12792 3384B 13303 16613 18163 19647 21663 22847 34318 

9909 11271 12801 13860 15313 16623 18178 19686 21668 22848 24320 

9970 11272 12834 13867 16320 16629 18307 19692 21666 22848 24341 

9973 11293 12841 13906 13322 16644 18216 19711 21669 22835 24344 

9980 11333 12845 13906 15338 166S0 18247 19716 21088 22856 24360 

9987 11343 12850 13910 45340 10672 10264 19751 21688 22908 24365 

9989 11348 12U02 13911 .15349 10673 18286 19760 21095 22909 24379 

1150 2332 4403 5665 7371 3882 9987 11354 32863 13920 15379 18892 18271 19784 21696 22914 24381 

1158 2840 4502 5071 7374 8685 10008 11390 12864 14031 15389 16711 10277 19770 21713 22 91 6 34387 

1161 2844 4528 5076 7388 8088 10007 11392 12890 14048 15403 16794 18289 19 771 21714 22933 24391 

1163 2845 4533 3697 7401 8712 10010 11896 12897 14050 15404 16811 18Z9Z 19772 21724 22934 24405 

1204 2854 4538 3704 7424 8714 10030 11398 12899 14103 15424 18817 18394 19705 21748 22987 24411 

1210 2805 4542 57=6 742B 8724 10032 11399 12903 14105 13428 16832 18238 19792 21704 23990 34427 

1213 2870 4543 5728 7483 8755 10034 11401 12906 14226 15430 10835 18293 19822 21768 22998 24433. 

123L 288= 4573 5763 7484 8784 10046 11402 12928 14231 15S06 10836 18331 19838 =1801 2303= 24438 

1235 =883 4990 3764 7467 8766 10062 11407 12933 14233 13528 16837 18344 19833 21804 2305= 24437 

1277 2898 4006 5797 7491 8773 10063 11414 12338 14233 13530 16870 18354 39837 21811 23055 34460 

1286 2964 46=8 579* 7500 8791 10074 11420 12940 14242 15544 16890 18383 19838 21812 23069 24472 

129= 2B05 4677 5818 7504 8804 1008= 114=5 14248 15349 18896 18387 19881 21B14 23073 24488 

3312 2972 4696 5835 7505 8829 lOQBl 11429 32057 14251 15556 16908 18410 19891 21819 23OT6 24504 

1345 =974 4700 5868 7521 8836 10113 114»7 123J13 14272 15563 18913 18421 19911 =1824 23087 24509 

1356 3030 4733 5867 7550 8839 10159 115W 12986 14373 15565 18914 18429 1W30 21833 23107 34533 

1359 3033 4736 5873 7560 8881 10161 11560 13001 14288 13571 16931 1844= 18984 21857 28125 245 SS 

1360 3038 4737 5874 7587 8895 1018= 31382 13005 14309 15600 16934 18452 20008 21874 23132 24540 

1381 3062 4741 5891 75BB 8903 10184 11583 13010 14319 15606 18960 18570 20011 21965 23149 24810 

1372 3103 4752 5905 7620 8901 30202 11605 13055 14341 35631 37032 18573 20017 21971 23156 34852 

1377 3104 4754 5913 7837 8972 10=13 11W6 13059 14344 15651 17039 18582 =0018 21973 23173 24906 

14=6 31=5 4756 5921 7039 8973 10213 11B07 13068 14378 15852 17084 18659 20019 21980 23205 24910 

1513 3136 4760 5936 7653 9073 10238 11608 13083 14401 15657 17127 18661 20022 21983 23218 24934 

1709 3178 4785 5964 7655 9089 10229 11615 13084 14406 15664 17188 18669 20026 21984 23218 34938 

1715 319L 4796 5971 7699 9156 10291 11623 130B5 14413 15676 17202 18871 20110 21891 33221 24965 

1738 3192 4801 597= 7709 9164 10=54 11624 13113 14414 15686 17204 18708 20118 21992 23257 24007 

1731 3201 4810 5977 7716 9168 10290 11847 13117 14421 15718 17205 18709 20123 =1997 23265 24972 

1735 3203 4816 5979 7719 9172 10316 11639 13127 14422 15744 17305 18712 20124 =1999 23274 24977 

1744 3236 4835 5986 7720 9184 10337 11663 13144 14428 15824 17315 1 8755 20137 22005 23296 24B81 

1745 3239 4837 6067 7721 9189 10343 11684 1314B 14439 15825 17442 18771 20141 22011 23298 

1790 3244 4840 6078 7724 9194 10349 11867 13121 14435 13829 17443 38776 20143 22013 28299 

1751 3=46 4853 60E0 7746 9195 10358 11680 13179 14407 15840 17519 1 8777 20151 22052 33300 

1753 3255 4835 6123 7748 9236 1038Z 11688 13180 34468 13850 17524 18791 20136 22053 23368 

1781 3336 4857 6128 7749 9239 10423 11699 13=E 14493 15888 17S32 18822 20160 22064 23368 


security 


A NEW MANUAL on computer 
security produced by The computer industry is fast becom* 
National Computing Centre ing a major application area for 
should help the data process- this package, 
ing manager, bis management UCC. 344. Euston Road. Lon- 
and staff to safeguard their don NW1 3BJ. 01 387 966L 


S The con.IK.iiy » »IM "Kerins li "H 

1 m e conntcio” “fo^m "in ” uf ™ np «c 

l five S IS piimnlB.II, eontroHi-U .CMC 

^ U»«„ U V. U| .«.^d an abs.il-.iu- accuracy of +0.3 MI JJ* ilip ,| lv d . 

is finding increasing interest. For container measuring 0.8 x 0.4 x dB. The i ullage standing wave in - u ork. 
example, the control of the o.25 in. ratio is l.J. hi??.!; rvr « 

development of software in the aLj- 

Large displays in clocks 


, .... mixer with double balancing sertion 

in addition to the traditional that operates over a frequency 
applications in the building and range of 0.5 to 1250 MHz. Maxi- 
construction industries this mum conversion loss is S.5 dB. 

package is suitable for many Known as the MLP-102. the de- nve v.mn.'» •««« «••■ . 

Is 1° an hermetically sealed an absol'.iu- accuracy^ of +0.3 11 Specifically designed for bar/ 

the machine? 
ontrollc-r built tn 
to the main frame to save space. 
Mechanical facilities include a 
12-station vertically mounted 
drum mol turret, numerically 

AVAILABLE from Micro Elec- Prioidmg a wide viewing angle controlled swing-in taiUtuck, and 
cronies of Wembley is a four the display, which is designated an extra-rigid bed with qn<*J 
digit, seven segment light MOD 4HL. can be mounted with *warr clearance, 
emitting diode display designed a 01 inch pitch edge connector. Drives are direct current 
for digital clock applications. or connection pins. ( head stock and axisi. with 

The red numerals are 15 mm Sialic forward voltage per sen- options of 13.5. 15 and 20 bp.' 
(0.6 inch) high and are based on rnent 1.7. Power dissipation Speeds are from Jo to 3.00U rpm 

gallium arsenide phosphide, at ‘-5 deg C is 300 mW. with constant surface speed con*' 

yielding a luminous intensity of M'»re from the company at irel through the complete range 
400 microcandelas. Both 12 and Empire Way. Wembley, of speeds. Six or li. .ins chucks: 
OF CONSIDERABLE interest, Arabic text easier and 24 hour versions are offered. Middlesex (01-903 272IV. are offered and collets up in 

because of the emergence of unambiguous, use of the Pro- nun. Axis feed rales arc 10 

several of the Middle Eastern fessor’s development wifi permit __ _ _ _ • mcires/mm. 

oil states as countries which wider use to be made in every- TlWȴ7 miif -fA hnl#l Electronically, the CNL sy .stem- 

have far-reaching industrial day life of Arabic. Envisaged is 1 Ifl V II lll l. Ml ilUlll LUUlll ,>fft,rs such facilities as part 

ambitions, is a piece of equip- simultaneous di^Iav in Latin „ , , .. program storage and editing, 

meat invented within the and Arabic characters of texts AN ELECTRONIC unit -offered has a clear seven digit LED u»ol nose radius coin pensal ion 

at inter- b y Iv o Counters, the N604 has display with manual or requite and inch/metric switching. More 

<11 unw _ ..... „r cn I.,- .... r .... r 


• PERIPHERALS 


Shows two scripts 


European Space Agency which at airports, in banks and <, t «« cl - - - , , 

could make communication with national conferences. Extension ® fr(mt pan , el . Me -V? ze roxe*el. . f ron J l J}e company at - Javelin 

Arabic speakers very much to schools and to TV nro- ram . and is compatible with The company is at 351 Morland Road. Norwich NR6 6H\ (0603' 

easier. grammes is also a possibility of •*“ company’s modular electro- Road. Croydon (01-656 9565). • 46603). 

The unit has been called the considerable promise. mechanical counters. 

Eurab terminal and it can be Under the terms of a UceDce ^ Equipped with a built-in stand- 
used to display on the same agreement-^t granted ” by batt . ery supp,y * 11 1S ® bl ® t0 

screen and simultaneously, texts ESA— the Italian company SEU reta , in J* 5 * ouot f0 J “ p 10 ^ 

in Latin and Arabic characters, has the production rights and JETSS* in - tl10 eveDt ° f a maln * 

There is also no reason why -it exclusivity for a Deriod of rwn lai * ur ®- . . 

should not display any of the years. After a period of testing - Dse ? u L'l liere J 0SS oE - 1116 ^ ad ' 
multiplicity of Indian scripts, and demoStra tioT^thtenoi? “S be serious-m medical 
Cyrillic etc. etc., though it was production uSk SmmBraS lS stru j nentatlon 1 E ? r 

origi Daily conceived for Arabic, production will begin probably d f vlc ? prove 

:* uegin. prooaoiy attractive in applications where 

electromechanical units would be 


One characteristic of the unit at the beginning of 1979. 


is that it uses an Arabic alpha bet Mr. Hans Orrhainar a mpm- . « * ~ , 

with vowels indudei This her 0 f^A’s Spa« D'ocume™. 100 ™' sy 0T t0 ° slow ' 


alphabet, wiUi standardised tion Se^c'rarFP^Tw'i^the . Vsing the latest CMOS logic 

SMSM sssatitSSB » 

de Recherche pour 1 ’Arabisation will take place 
in Rabat, Morocco, by Professor Further information from 
Z^akxiaar. ESA. 8 rue Mario Nikis, 75738 

ay making the reading of an Paris, Cedex 15. France. 


electrical w ire &c able? 

AfSXIfl 


•NO MINIMUM 
ORDER 


NO MINIMUM 
LENGTH 


Thousands of typesand sizesinstockforimmediatedelivery 

LONDON 01-561 8118 ABERDEENm4)32355/2 
MANCHESTER 061-872-4915 


9 COMPONENTS 


Memories light on power 


FIELD programmable read-only for standard PROMs -with no 
memories from Dage Eurosem redesign. Typical .power savings 
drastically cut power consump- of 25 percent can be immediately 
tion in systems applications. ' achieved 

Scho a ftS ated .ec^5l 0 ^ W C.S-.T comprises =56 b, 

Raytheon 29000 senes devices and^lim hv s Eit’ J 12 - by 8 Jit 
(SPROMs) make use of the non- 8 devices All 

volatile nature of standard available in industry 

PROMs to reduce the power !? nda T d <»“«“*■ *** ™ military 
consumption when a particular ?I„„„ C ° TTin ? erc a ^ temperature 
SPROM is not selector They ranBe Versions - 
each contain all the powtfr In a typical 1024 by 16 bit 
switching circuitry on the chip array using 256 by 4 bit devices, 
so no external components are the SPROM approach reduces 
required- Power switching is power consumption from 7.2 W 
controlled directly by the chip to 3.0 W. 

select input used' for standard Dage Eurosem, Haywood 
PROMs, thus the SPROM can House, Pinner, Middx HA5 BOA. 
usually be directly substituted 01-868 0028. 


On September 15, 1978, the above Debentures will become due and payable m sneb coin or currency 
of ihe United States of America as at the time of payment shall be legal tender for the payment of 
public and private debts. Payment will be marie upon presentation and surrender of tbe above Deben- 
tures with coupons due September 35, 3979 and subsequent coupons attached at (a) the corporate 
trust office of Morgan Guaranty- Truet Company of New York, IS Broad Street, New York, 
New York 10015; or (b) the main offices of Morgan Guaranty Trust Company of New York ia 
Brussels, Frankfurt, London and Paris; Banca Yon-wilier & C. S-p-A. in Milan: Bank M«s & Hope NY 
in Amsterdam: and Kredictbank S* A. Luxemhourgcoise in Luxembourg. Payments at tbe' offices 
referred to in (b) will be made by- check drawn on a dollar account, or by transfer lo a dollar account 
maintained by the payee, with a bank in New York City- 
Conpons due September 15, 1978 should be detached and collected in tbe usual manner. 

On and after September 25, 1978 interest shall cease to accrue on tbe Debentures yfry t e d for 
redemption. ' 

THE PROCTER & GAMBLE INTERNATIONAL COMPANY 

By: Mohgan Guahahty Trust Coxpaxy 
or New York, Trustee 

Dated: August 15, 1978 


NOTICE 

Tbe following Debentures previously called for redemption, bare not as yet been present ed for 
payment. DEBENTURES OF 31,000 EACH 


21198 . 348 2111 3182 4570 9087 10645 11358 13316 18455 19811 20164 20193 20220 -- , r — 

264 335 21=1 3183 4651 9138 10857 12330 23504 18591 20130 20133 2019C 20221 20370 22564 

267 1505 2125 3194 6604 10433 10882 11303 13759 l»509 50J32 26174 20197 20232 20*76 22570 

228 1947 3X05 319S 8835 10829 10885 11386 13787 19796 20144 20175 20199 20234 20383 22848 

331 2043 31S8 3199 6636 1 0831 11312 31SS7 14547 19798 30149 20178 =0206 20=61 20800 23982 

345 2101 3181 3205 8589 10832 U35B 12684 17440 19809 20157 20191 28215 20983 20315 24433 



Pressure switch adjusts 


An illustration of our achievements in energy. 


engineering and project management 


- 



i to answf 



PUT ON the market by Hymatic port for use in fully automated 
Industrial Controls is a pressure fluid power systems up to 32S 
actuated switch that can be bar (4,700 ib/aq in), 
e^uy interfaced wilh computers ln bpth ca5es lijfi prMgure 


and microprocessors employed . pressure 

in petrochemical plants and L sprmg 

nrnM«ma riaoi.i-.-r*.. sn _ a P o rer. pushing an asso- 


processine machinehr for ex- - an asso- 

Smnle ^ c,ated current-carrying conduc- 

Simple to adjust for pressure Leneratinj? an'EMF* due C tn tSiI 
actuation point io the field, the ISSt”* EMF ° 10 Hal1 

switches are available in pres- 
sure ranges from 0.8 • up to Input to the device is 6 to 16 
4,700 lb/sq in. There are two v 0 * 15 DC and the maximum out- 
basic types, one uses a dia- P ut current is 8 to 20 mA. 
phragm in a 13 mm stainless More from the company at 
steel port for pressures up- to Orchard Street, Redditch, 
161 bar (2.300 lb/sq in) and Worcestershire B98 7DP (0527 
the other a piston in a -6 mm 67S41). 


• COMMUNICATIONS 

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AS THE whole subject of in for- with fibres and cables in terms 
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Electrotechnicai Commission tors and splices and the third 
has decided to start work aimed looking at safely, 
at producing standards. The IEC is at 1 Rue de 

Three working, groups have Varembe, 1211 Geneva 20, 
been set up, the first to deal Switzerland. 


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FW11U 




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if 


^E. 

“'"Hi 


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odds in a 
research gamble 


nij 


illii 


By DAVID FISHLOCK 


ilh national prestige than Beckers has no doubts-about 

nployment — is the pressure to GHl V || || 1 the ^ future importance of 

iil rather than another™ .?) Shell took the right decision on 

But it is there nonetheless. lb ^ basis^o^nfonnation avail 

^h^SheU and ^ainnan ^ ^Even^^rtws is looking 

Last year the Shell group ?' M&tti I sioning a demonstration plant 

)ent 1178m on research and 5%- y ?uSll9r'9B^^H in GerroaD y -of a new process 

evelopment In the early 1970s ®®8*2Ei for converting coal into 

roup research was concen- Harry Beckers: ‘ rteierch Tj a gamble-hut most people forvet that • <*«TlicaI feedstock gas. The 
. ated into four laboratories, r*®? *« technology, developed jointly by 

- 5®“* in the UK and in tie business centres faf-ShelT to chiefs. Professo£ John Com- ^ hel1 Research and Koppers, has 

olland; and in the interests of state where they, think' their forth of the University of Sus- a 5 BB * r been demonstrated at 
mciency this is the way businesses are heading. “Is oil sex. to help him answer this Pdot-plant Male in Amsterdam, 
eciters soil wants it. But he a mature business? -.-Shall’ we question. Deutsche Shell has funded the 

as already had to compromise still be researching problems in But the mistake Beckers be- demonstration project, in the 
y spending some central funds marketing -oil In another 10-20 lieves. would be for Shell to ®®“®f that -Shell Research also 
* l ‘ V?? research . centres of years?" is the kind of question gamble everything on a single ha L catal ysis technology 
..perating corapanes- in Canada, he is asking. idea at this verv earW stage n needed to convert that synthesis 

'; 1:1 Bectar. takes no saWaetion TASS'S •&» ££ 

ijili.jp ^ssr tsjss^ ta *£%£££«% f«si 


Petroleum .with -its Pfte a» the problems. Who in < about £25m) to the German 


! • Et\n 

5 / 9 1 ? 1 ’ 


jrrenUy'bKed 0 ^ HfltenTTn Pr°'“°-from-oii technologr/ami **“ I960s w"“M bife expected demonstration. 
■ in Holland, in fhe aba ndomng ttta summer. of Sovernraente in e world facing 


ir** wia! abm, ^ t C0 ^ b 'rc'S’“ 

■*»} « M* burly Dutch- ^e^he sd« 

{ ffijSS S Sitting bo erne were process reached the market? t0 help safeguard an investment 

rr; i n . a f m of developing a process for menu- Shells own counterpart to wh j c h could well run into nine 
e facturing protein from : natural BPs protein blunder was i 
gas, but .abandoned it : at?. : the disastrous venture into nucle, 

------ — «•-- — f point of. major investment in energy in 1973, when it boug 

le ha* no rfShVrtilffif 1 • 1 tHe mid - 197es - Feedstock prices a half-share of Gulf Oil’s even the UK or Dutch Govern- 

itiviiv r.r had soa red but soya costs were nuclear arm. General Atomic, meat if it has enough confidence 

iianrctt nr*” rUZJH^nh L t0 ' ™ e fall In*, and there was" 'wide* At that time General Atomic in coal as a replacement for oil. 
uances of research manage- spread pubUc concern about the appeared to be on the brink of 


H*nt i* 'xHflmn t' ”'«■ •'P'vuu puuiu wuiituu duviu uic cu iu Uf UJ1 UIC unilA OI Lord Rothschild who, as head 

vpr ihp wnriri ,nnovatJtm a11 toxic risks of synthetic products. a commercial breakthrough, of the Cabinet Office “think- 
Dria ’ But Shell Research still re- with a novel nuclear system tank,” made famous the 

Fnr Shell, his appointment tains great confidence- la the well suited to the world’s power customer- contractor principle 
ist autumn heralded a return - • . • • for managing research, worked 

n the pattern of the 1960s, p—" "'" " ■■ ' ■■■■ >' ■ " ■ ■ ■■ — i out the basic idea for industrial 

/hen its research effort was (stable rflatioN-4^ If research as Shell's group 

o-ordmated by a scientist umepe ' tuc research co-ordinator during the 

athcr than a businessman. A unstable nncnc ,nc 1960s. Today the customer- 

•hysiiMst from the Technical „•_ ,•• UNSTABlfi^TIONSHIP nKram ~ contractor relationship is, 

Jmversity at Delft, he has spent tffl[ f 4 Aiiir-riTfrr uUolUnltn securely established between 

iia career with Shell, initially . -yjrc V f^^^ONSHfp nmirninmn Shell’s scientists and its busi- 

research, thqn jn the .early Jr-, i ‘A ’.jEj 7 liUll InAuTOR ness centres. Beckers, while 

970s managing corporate plan- jr ■ f \ . t " ' ^ ' _ wholeheartedly endorsing the 

ling at the Shell Centre in • - 1 . RELATIOHSHIP principle, warns nevertheless of 

jOndon. His last job was — 1 . I \ mho nAUf .. a danger pointed out by a fellow 

icad of organisation— in effect CisfiMr-SEMtifit Rrtatiottfaia (Tun A MLLb DOWN Dutchman, the technical chief 

roubieshooter for the committee 8t ™ _ of Ph dips, 

f. managing directors. . 4 " - - -• 1 " • The danger is summarised in 


JUST BEFORE the holiday 
season got under way in earnest 
a new- tew was passed giving 
the French co-operative move- 
ment a major new boost. 

The law, which completed its 
passage on July !, governs the 
operations of “ industrial ” or 
“workers’^ co-ops. it provides 
further evidence that, as in the 
UK, much greater attention is 
now being Paid to these enter- 
prises. 

The immediate issue which 
prompted the first expression int0 



New law gives 
boost to 
French co-ops 

; n ' into a close identification with harder for existing members to byTh^w-op ^ren^Oiercafter" 
a the working class movement as reject membership applications _ 

0 . it. was, before July 1, by the by workers who have served a .. 11 a so allows the co-op parent 
nhlinatnrv* u-nrri “mwriw" in nmhsiinnarv narmri i,n«-rloT- supplementary votes" in the 


argument that strong reserves 
are the best possible way of 
ensuring that jobs in existing 
co-ops are secure. 

For the first time in French 
co-op history the new law makes 
detailed provision for co-op 
subsidiaries. l t allows for the 
co-op parent to own virtually 
the entire capital of its sub- 
sidiary over the first 10 years 
after the latter’s acquisition or 
creation, and for a capital 
ownership of up 10 50 per cent 


of Government concern was - 
submission by these French eo 

ops that -lbe interests of their obligator*’ word “ouvnere" in probationary period— and harder , — 

members' had been overlooked iti! Utlc - at the same time fur non-mem- ^ emb, - v pf a *“ b “ 

in the drafting 0 r the counlrv’s There are numerous further her workers systematically to ine *e .are not entirely 

ss tsrsr ie, z: ZzrTTL 

Sat defect has now been clauses in the neS law deal with ^ # “ I KK nenl * de Precision 

reSe^ From now on th? thc acquisieion and creation of ^ench indus- jaoip, - which i s a major 

SSSfof Shares bv those operative subsidiaries (co- ?° 1 51 liat / on . ,n producer of telephone equip- 

!? ?r a " V “ .he enlerp? is ; d ™ U r S„™ Z"l “ J5” a " d 


,ax deductible on broadly the *■«,{»>*« emerpnaes (co- one “^ed 


people — ha«? 

sarnp conditions and ,in7« Thp operaUve meres >. uia ““ a,lu u,liac: W ‘ , V two medium -sized 

SSI as applv m nrivi The proportion of the total « ^ rab " s ’ » w nj'nd control ,t engmeenns enterprises. 

P workforce of the SCOP enter- °” ^ he Tb f absence of It has done so in part because 

Rt.f the Julv 1 law rnntnio* Prises who are also members 5111,11 an ,dentJ, y has long been j r f aces tbe pruspect Jb at labour 
artrf.nUal clauLs ot their respective co^ps has wen as of lbe in fJ° r weak- engaged >n thc production or 

^t^htfoL^rrt ^ways been small. This has ^ ^ (el<? P h ° TO equipment will run 

EEL of tlSSSES^S been a source of worry and em- ^ps-and indeed of their down in the next decade. These 
oLiousi^ FrJih harassment to the co-ops’ counterparts almost everywhere new provisions regularise what 

S3ESi ”‘ y which Ira leaders for nian - T y ears - ^ ^ , wl 1 ha PP« t» these two co^ip 

toceihnr in fhl portion remained roughly the B - v encouraging increased subsidiaries, and others which 

rnnf^eratixm des CoHaVI; same — at about 30 ner cent— wker shareholding, the new may well appear over the next 
C^mSvbs Ouvrieres do pS for raost <> f post-war period la w will clearly strengthen the few years. 

r7« ^ a » d ba « only climbed to around financial position of the SCOP 

iSS. in the new law all the 35 per cent-or a litUe more- ^>nps. Their financial posiUon 

chanzes that they would have in lhe ,ast c0l, P le of years. Wl11 also *»e positively affected 

wSff--' haVC partly as a result of some shed- b >' “ ™mber .if provisions 

. . which bear on tlie indivisible - . 

-har 1:1 ^ y,n ® Because they own no shares caphal reserves base which all Pa . r , ls « ,h lbL * P rov,s l° ni which 

>hare ownership the French workers' co-ops must w,n aff ™ *»?e possible voiun- 

conversion into workers' 


Conversion 

At the SCOP headquarters in 


Apart . from - — fl,nn nl lanrt,,r ' vhk,h 

employe? sh . ._ . me e re 

anomaly tbc new Jaw should well as for ocher reasons, . -r” ------ 

result over time in a significant iwn-merabcrs are normally lew ^ ludc hi ^ ^""^sTon cu ’“*>* of cxist,n 3 private bus.- 

strangthening of the average identified with their co-op and " n “T * nesses, particularly in the small 

membership base of the existing thus less committed to its sue- nol t A and medium sized sector, which 

SCOPccHJps. For that and other cess 1,13,1 member-workers. The bee ” ““ocated not less than la apo ovno ,.,^ hwn tUm n , nt!¥ 

reasons it should put the exist- prospective strengthening of P er cent 01 net 

ing 556 odd SCOP enterprises the membership base is there- P™*- 4 . 
on a sounder financial footing. for e ^ more than formal im- ^" de ^* he Uw there will 
By removing a series of parlance. be certain obligatory’ allocations 

formidable disincentives, the c^culatfon ^ oT I nct , nrofit^ and disincentives to voluntary con- 

Privileges Undcr ,hc Dre,,i " us 

rfiSo e "r D a f„} b ;= TiIe new law wil1 encourage tional funds following asset 
_ i ° i 1 , prlva , tel ? membership in a number of revaluations: and in 

SSSSi?SL™i weys. To begin with, any ctHtp circumstances. 


enterprise are es P ec,w3 to have the most 
specific consequences over the 
next few years. 

These new clauses will re- 
move a series of formidable 


the pravinus 
a “converting" enterprise 
was liable to pay up to 90 per 
cimiTIr cent of ^ worth of its net 
sumJar balance sheet to the tax 
authorities upon conversion. 


It is important to note that «^d"g°4iU be%m“ed‘ t? p“^ s J r rt of The'^art’th’af’they ^X'T'l'n 1 °“h Sal,0n5 t " hi<rh r 
e new law applies to "indus- chase shares in his cntenirise enimVlf flirthov ohannu and (nJ d ®^rh a Stale (if 


STr^y^ixM -SKMi ?F ba - " 

T 1 .’.“JK the .frttpioye' Share ownership , ion „f strengthening the capital N „ „ ne can be sure or the 

s^Sare Mfc ErtSSlMS 1 C &U -ffi 


those who work in them. Agri- 
cultural, consumer and housing 


automatically 
member. 


„ „ . . since no individual can benefit in consequence. But it seems 

co-ods are not affected mT* 11 ? 7, the ralB ° f ,nterest from these ' reserves ^because reasonable to expect that there 

C0.PS are not affected. whlcb the coops may pay un they are legally indivisible) will be substantial^ more re- 

The new law also contains an members’ shares will no longer allocations of net profits tTU its into the ranks of the 

important ideological adjust- be fixed at 6 per cent but will credited to them should be free French workers’ co-ods over 
raent: from now on a co-op will vary in line with the going rata of tax. ‘ lhe ™ xt few vea is than for 

be permitted to call itself a which the cn-ops are paying on That concession was not won. a ion*’ time 

sorifetCco-operative de travail- their normal debt obligations. But pressure to secure it will * ’ _ _ 

leurs” and will not bt bound Thirdly, it will become much continue, with emphasis on the Robert OakeSflOtt 


The dual experience is faith- binveiences generally as a future requirements and to ameliorat- 
uJly reflected in his thoughts source of major new business ing apprehensions about nuclear h ? w a C0 ? 1 ^ ny , s resea f^ 1 

">'«l hianageinent of research for' Shell. Its overriding attrac- ^j^ira ^ Tawr Stall out , put can Bn'toate as fte 
..." a sector with the long lead- Uons are its versatility as a Sring inve 9 led £250m^30oi' CU, 0m, ™ a ^ act0r relationship 

u oV h ^ ne n«^ sat ss -W?? 1 s™r.,"srs» 

? -i. S resemmh° nraSed *° ^ 



s iftcfl® 


more in line with 

, esearch programme! “If sho^*aeli'W* to eiroloit?^ a slfiitificant commerdal return business objectives, and 1 
iavp good research, people wilt Should- it go for “ energy Xt ! activities for many business sectors gain more 
'■ ■ Iways come up with more ideas i^Bpiiig ’’—the cultivation of years yeL influence on the development of 

han you can fit in.” That is the crops r specifically for their Tte nuclear venture, although J he scientists' careers. The chal- 
• bottom-up " pressure. - . potential as sources of fuel or conceived within Shell Research “°se is to keep this relation- 
.. For the last few months, how- feedstock? Ironically enough. «nd*r Becker’s predecessor. Mr. J" 

;< :ver f Beckers has been. trying to this line of research is thc con- Eelro Toxopeus. remains a t “ J3JJ2® “ 

lalancc this pressure on his re- verse of manufacturing protein separate business sector for the int 

iearch programme with "top- from oil. Beckers has asked one Present, while complex commer- „ 

Town” decisions, by "pressing of -Shell's former research cial/ responsibilities are ®1B1 „ . h ® .“ Vjf 

being unravelled. The research S? 

PTOtri. jt«!F t,aI and the scientist loses his 




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omS ‘IftK h F£lL*Z ence. innovation' then 

b *r U ;5' » Govern f T,ent declines sharply to a very low 
f^Ms, and for lhat reason is no Jeve! when it picks up again 
drain on Shells research 


it is on the basis of a new rela- 


^osources. But Beckers fore- with lhe cust0 mer in 

sees the possibility of this the domiTian t role and the 
Research centre re-entenng his research more akin to a tech- 
provmce as another ceniral n j ca ] service solving his day-to- 
tebOTator>’. conceivably even da y problems. How far has Shell 
J^By-ownerl by Shell if the Research developed in its rela- 
UiS: Government gives his tionship with its business 

approval, its programme ranges sectors? Says Harry Beckers 

-from : development of a gas-, disarmingly “The only thing 
rooted reactor which may be ril admit is that I'm fighting 
ceatiy for a second attempt at hard not to fall off that curve.” 




* r 


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Represeiitative Office: y-I^Yuraku-cho, 1-chome, Chiyoda-ku, 
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12 

LOMBARD 


■Financial Times Tuesday August 15 T97S 


Neglecting the 
Third World 


BY DAVID HOUSEGO 

MISSING FBOM the Bonn sum- 
mit of industrialised nations was 
any reference to the role that 
developing nations might have 
in reviving economic growth in 
the world. This is more surpris- 
ing than at first sight might 
seem. The readiness of poorer 
nations to borrow heavily on the 
international markets through 
the recession of 1974/75, thus 
themselves maintaining a 
surprisingly high level of growth 
and of capital imports from the 
west, helped the richer nations to 
weather that storm more easily. 


Deficits 


Conversely the fears of 
developing nations over the last 
12 months of a further widenJUag 
of their current account deficits 
which they could only finance 
through an unacceptable addi- 
tion to their outstanding debt 
have led many of them to- cut 
back on capital imports and 
hence on growth. This turnabout 
has been brought home most 
forcefully to companies with 
large sales in the third world 
in. for instance, earth moving 
equipment. But the interest of 
the rich in the purchasing Dower 
of nations not so well off has 
also been taken on board by a 
good many politicians and gov- 
ernment departments in the 
West. 

What better moment then 
than tbe Bonn summit for the 
rich to show that they saw there 
were gains to be had from both 
developing and industrialised 
nations, pulling together? What 
better moment also for the rich 
men's club to try and silence 
critics from the third world who 
say that it is preoccupied' on ly 
with the problems of the rich— 
and pretty ineffectually at that? 

A strong argument For not 
taking up this issue — apart from 
pressures oF time which in any 
case may have prevented it 
getting an airing — is that most 
participants at Bonn showed a 
healthy distrust of global macro- 
economic planning. If the rich 
cannot put their own house iu 
order, then what hope for getting 
an agreed set of measures 
between rich and poor? Too 
often, however, this stance 
degenerates into the misguided 
reasoning that if the rich 
volunteer a concession they will 
be pestered for a 100 more. Turn- 
ing a blind eye to the problem 
will not make it go away. Such a 
stance also leads into the equally 
dubious reasoning that a reces- 
sion is the wrong moment in 
which to make new initiatives. 

Treasuries are in no mood to 
countenance new expenditure on 
aid or other transfers of 
resources. Issues of trade set 
most closely entangled with 
protectionism and the safeguard 


of a decreasing supply of jobs 
in industrialised nations. 

The argument over timing, 
however, cuts both ways. Bad 
times are. of course, times when 
it is difficult to ask for sacrifices. 
But bad times can also provide 
the jolt which makes what might 
otherwise seem outrageous 
actions acceptable. The Marshall 
Plan sprang from the harsh 
conditions after the Second 
World War. Keynes saw his 
theories put into effect during 
the slump of the 1930s. It took 
the commodity boom and the 
increase in oU prices in 1973 
followed by the subsequent 
recession, to make north and 
south both aware of the delicate 
balance that linked their econo- 
mies and political structures. 

There are .ptenty of ideas 
floating round on ways of stimu- 
lating demand In tbe third 
world. The Overseas Develop- 
ment Mmistry wanted Mr. 
Callaghan to raise at Bonn the 
proposal (.by no means a new 
one) of linking a new issue of 
SDRs to aid and of writing off 
officials debts owned by the 
poorest nations. Neither subject 
saw the light of day. At the 
United Nations, -tbe Overview 
Committee on the international 
economic order, has been look- 
ing at the question of transfers 
of resources as part of Its brief 
to review progress in tbe North/ 
South Dialogue. 

Apart from the wild demands 
for overhauling the world's 
financial system, some interest- 
ing proposals have come up. 
Mexico has put forward its sug- 
gestion for a joint issue of 15 
to 20 year bonds by a group of 
developing countries for a total 
of some S15bn in an attempt to 
overcome the difficulties of 
medium-term borrowing For long- 
term projects. Another Latin 
American proposal for longer 
term finance would involve a 
“safety net" probably provided 
by multilateral institutions for 
countries in balance of pay- 
ments difficulties during pro- 
longed recession. 


Delay 


These proposals within the UN 
are likely to be passed to the 
IMF or the World Bank for 
closer scrutiny. 

In March of this year the 
industrialised nations agreed in 
principle to write off* the debts 
or the poorest countries, but it 
took the UK four ' months to 
announce tbe implementation of 
this pledge. Britain's sesrure in 
coneelliog £60m of debts was 
the most generous so far made. 
But the delay can only have 
diminished its impact in tbe 
third world. 


Pricy rarities in the salerooms 


ALTHOUGH THE recently ended 
London wine auction season 
registered some new record 
prices and a general though 
moderate rise in their level, the 
pattern has to some extent now 
changed. With the slump over, 
particularly in Bordeaux, there 
were no more mass disposals of 
the mountains of wooden-cased 
stacks of fine wines for which 
the London salerooms provided 
the best,, indeed the only satis- 
factory, forums. 

In their place a certain amount 
of wine was sold FOB Bordeaux, 
and in Sotheby's last- sale of the 

season, some runs of '75 classed- 
growth clarets appeared for the 
first time. But this was small 
beer in comparison with the pre- 
vious . surplus stock auctions, 
which even in 1976-77 yielded 
Christie's over fSOO.OOO in turn- 
over, compared, with £ 127.000 this 
season for FOB salesL Signifi- 
cantly too, Christie's for the 
first time engaged in some 
brokerage business in Bordeaux, 
arranging sales for foreign 
clients, amounting to -£720,000. 

Brisk demand 

Moreover, while the demand 
For rarities was as brisk as ever, 
there were no more' of the old 
cellars — from Rosebery in 19G7 to 
Woodperry in 1976— that Chris- 
ties had unearthed here in 
Britain. What rarities there' were 
.in the last season largely came 
Erom private cellars in France, 


though a small collection of fine 
old wines was brought up from 
the cellars of Apsley House. 

The auctioneers, therefore, had 
to rely more on tbeir own 
initiative and on a steady stream 
of smaller vendors; and the 
results were 'surprisingly Bood. 
Christie’s 38 gales in London 
yielded a. few thousand pounds 
short of a net £2m, Sotheby’s 15 
made a total of £1.16™* and 
Bonham's nine brought up the 
rear with £150i000. The lack of 
mass sales reduced Christie's 
total by about - £300.000, but 
Sotheby’s were, nearly £200.000 
up. In addition both auctioneers 

held sales abroad: Christie's to 
a total of £190.000 and Sotheby’s, 
Including a big one in South 
Africa, to £308.000- Als ° 
Christie's annual sale for Heub- 
lein In America yielded £262.000. 

So all in all, -the London wine 
auctioneers actually sold the high 
total of £4m of wine iu the 
1977-78 season. 

As in the auctioneers’ other 
rooms, it is the bigh-priced 
rarities that make the headlines, 
and some extraordinary records 
were made in the season- la 
London Christie’s sold a bottle 
of Lafite 1806 for £8.300. and at 
the Heublein auction a jeroboam 
(equals six bottles) of Lafite 
1S64 for S18.Q00 (c. £9.460). Pub- 
licity rather than love of old wine 
was probably the motive behind 
these highly contested bottles. 
Other exceptional- prices^ for 
ancient wines included £1-050 for 
a bottle of Lafite 1832, £1.150 for 


a magnum of Lafite- 1870 and 
£540 for a magnum of Ch. 
Margaus 1864.- Another notable 
record was £700 for a bottle of 
Yquem 1858. 

Younger sought-after but by 
no mean rare first-growth clarets 
fetched much higher prices: 
Lafite ’45 £L250 a dozen (com- 
pared with a top price of £740 
In the previous season): Mon ton* 
Rothschild ’45 3,250 (£840 in 
1976-77): Ch. Margeaux ’45 £740 
(£360 In 1976-77).. Margeaux ’61 
reached an out-of-line price of 


latter, which recovered in the 
previous season from its depre- 
ciated slump prices, was spread 
from a low of £120 to a high of 
£210. An exception to these 
figures is Pdtrus, which always 
attracts exceptional • prices; 
partly no doubt because its out- 
put is only about a quarter of 
most of the other premier crus. 
The '66 and 70 have already 
reached £460 and £360 a dozen 
respectively. 

The pattern of buyers for- these 
rarities and sought-after wipes 


WINE 

BY EDMUND PENNING-ROWSELL 


£920 a dozen: a more normal one 
was the £500 paid last month. 
Tbe top price of Mooton-Roths- 
child '61 rose in tbe year from 
£460 a case to £700. 

Lesser growths of 2961 now 
generally go for more than £150 
a case, with the. esteemed Palmer 
rising as high as £400 a dozen. 
La Mission-Haut-Brion to £330 
and D u cru-Bea ueaill o u to £210. 

Neither the fiist-growths of *66 
nor of 70 rose markedly in the 
season. The formers vintage now 
range from a bottom of about 
350 (Haut-Brion and Margeaux) 
to a top of £270-£290 (Lafite and 
Mouton-RothschUd), while the 


has been - changing; for the 
dominance of American buyers 
has been challenged by others 
from the Continent, notably from 
Switzerland and Germany. No 
doubt the strength of the Swiss 
franc and the German mark, and 
the weakness of the dollar -have 
played their part In this shift. - 
Such has been the flovrof fine 
wines through che saleroom -in' 
the past year, and nearly all of 
it from private vendors, that -.one 
wonders how often a cork is 
actually, drawn from a bottler 
Are they bought -only to . make 
a further appearance In the »Ie 
catalogue a few years hence? 


Certainlv many of the fine 
clarets sold recently ml i haw 
been the invesDnent/speralatJons 
-of private buyera in *hc boom 
period of the early <0a i nr £2 
succeeding slump- With the 66 

E5n5d third 

running at aro^ X1OT a case, 
and the 70s at £72 to £8Q. it will 
be interesting to see how soon 
the 75s reach the saleroom from 
private sources, and what prices 
they fetch. Meanwhile, the only 
solution for the Iess-well-healed 
fine claret drinkers is to buy rn 
prhneur from regular merchants 
and keep the wines until mature. 
For them there are Sew bargains 

at auction. 

Outside the investment-iu-wioe 
band the rise in pnees inthe past 
year has been steady rattier than 
spectacular. It is not so much that 
Tecord prices have been 1 
as that the general level has 
risen: and the E a P between tbe 
highest and lowest prices for any 
one wine has narrowed. 

Red burgundy prices have been 
rather livelier than before, and 
some high prices paid for German 
rarities in the trockenbe'eren- 
auslese class. One bottle of 
Rauemhaler Baiken Beerenaus* 
lese ’Si made 350.' For Napoleon 
cognacs there has- been no lack 
of buyers: nor. it-appMT&or 
supplies. A clear record of £270 
a bottle was achieved for an 
1811 Ch. de Fontainebleau. 
American Interest has helped old 
vintage madeira to achieve prices 
to which their rarity and quality 
has long entitled them. A bottle 


of 1789. Gama do Lobos made t, 
top price of £175. " "* 

That mature vintage ports 
favoured vintages did not rl 
appreciably in price reflects t 
narrowness of the market 
recent years there has been 
notable number or Americ 
buyers for old vintage, such 
*27. '35 and '45, but no doubt t 
dollar difficulties have led to 
unwillingness SreaUy to exw 
previous prices. Taylor * 
reached a record £360 a dozi 
and Quinta do Noval "31 moth 
Of £4ifl: but the most interest! 
sale of the year was Sptbeh* 
disposal of IS cozen old poj 
from the Sherborne Castle cella 
They included an unknown m 
and Cockbum 117. and the to 
was £3,750. In the same sale 
Oxford college gold 10 dozen 
the famous Quinta do Novel 
for £3.495, which if, as hlgl 
probable, bought at open! 
price, cost them no more than i 
the lot. 

Best bargains 

Among 'younger vintages, wb 
the ready-to-drink 'AOs antf.i 
promising '63s moved up In pri 
the '66s and 70s fetched no uta 
if as much as ihe retail prices 
the recently shipped 75s. . J 
port amateurs prepared to l 
down their acquisitions, vints 
ports already with some bot 
age to help them on their w. 
are among the best bargains 
the London salerooms. 


Jellaby a good each-way 
prospect for Gold Cup 


A SMALL but select field seems 
likely for next week's Benson 
and Hedges Gold Cup at York, 
where the North's land some 
would say the country's) top 
festival of racing also includes 
the Tote Ebor, the Gimcrack, the 
William Hill Sprint Champion- 
ship. ihe Yorkshire Oaks, and 
the Lowther Stakes. 

Although Trillion will not be 
tilting for Gold Cup, both Dom 
Alaric and Pyjama Hunt could 
represent France. A decision on 


RACING 

BY DOMINIC WIGAN 


Dom Alaric will be made after 
the colt has worked tomorrow 
morning: Pyjama Hunt, who 
looked a likely Derby winner 
before tiring two furlongs from 
home, will also take his chance 
unless Richard Carver can find 
pacemaker for him in his 
alternative race. Saturday’s Prix 
de la Cote Normande at Deau- 
ville. 


Cistus remains a firm 
favourite at 3-1 with ihe Tote 
for the Benson and Hedges Cup. 
and is followed la the betting 
by Gunner B and Hawaiian 
Sound (both on 9-2), More So 
(5-1). Balmerino (8-1), Jellaby 
(14-1), Dom Alaric and Julio 
Mariner 120-1), Pyjama Hunt 
(25-1). Don (40-1) and Gairloch 
(50-1). 

From this list the one who 
makes much the most i appeal to 
me as a win-and-place prospect 
is Jellaby. ■ The Ryan Price- 
trained colt, who has had the 
Benson and Hedges as his prin- 
cipal target .since be ran 
respectably on too fast a surface 
in France early last month, will 
be ideally suited by this trip and, 
in all probability, judged on 
current form, by the ground. 

However, anyone contemplat- 
ing a bet on the roan— who 
would undoubtedly have beaten 
Don by at least three lengths in 
the Lockinge had be not un- 
seated Brian Taylor 'in meeting 
a patch of false ground 100 yards 
from home— will have to take a 
chance on the weather, for 
Jellaby will -definitely be pulled 


out should the course dry up to 
produce firm ground. 

This afternoon's two meetings 
— Pontefract and Folkestone— 
make little appeal either from 
a racing or betting point of view, 
bat anyone wanting an interest 
might do worse than consider 
Guilty Party, among the runners 
for the Kent course's Dymcburch 
Three -Year- Old Stakes, and 
Referendum, who bids for Ponte- 
fract’s Sbarleston Handicap. The 
first-named, a bay filly by Gold 
Rod out of the Cracksman mare. 
Tea Leaf, is beginning to show 
the first signs of ability and 
she is the one on which I will he 
pinning my chief hopes. 


PONTEFRACT 

2.45 — Easter Playtime 
3J5 — Loke&fa 

3.45 — Saluliferous 

4.15 — Miss Kensington 

4.45 — Referendum** 

5.15 — Humdoleila* 

FOLKESTONE 

2.00 — Bamstar 

3.00 — Set Elmal 

3-30— God wit 

4.00 — Guilty. Partner*** 



t Indicates programme in 
black and white 

BBC 1 

6.40-7.55 am Open University 
t Ultra Hich Frequency only). 9.50 
Paddington. 9.55 Jackanory. 10.10 
Help! Jt'«? the Hair Bear Bunch, 
in JO Three's Company. 1 JO pm 
" Bod's Dream." 1.45 News. -Cl 8 
Regional News for England 
(eveept London). 4J0 Play School. 
4.45 Ask Aspel. 5.10 The Story 


Behind the Story. 5J5 Captain 
Pugwash. 

5.40 News. 

5.55 Nationwide (London and 
South-East only). 

625 Nairn's Journeys. 

6J5 Hobby Horse. 

720 The Rockford Files. 

8JO Who Pays tbe Ferryman? 
9.00 News. 

925 Great Britons. 

1025 Play for Today. 

1125 Weather/Regional News. 


F.T. CROSSWORD PUZZLE No. 3,745 



ACROSS 

A pitiful tale cries Conserva- 
tive (3-5) 

Sailors going to ball to drink 
( bl 

A little hard piece or soft 
piece in newspaper (8) 

A new supply making game- 
keeper sick (6) 

l put in fat Scottish land- 
owner (5) 

Fish with broken cane, per- 
haps (9) 

Caress first man in boat (6) 
Article to wear outside in the 
elements <7) 

Legal wrong about people 
in anguish (7) 

Lost when three must follow 
< 6 ) 

A way I get into etc., being 
indifferent (9) 

Clear air could be there or 
there abouts (5) 

Bird put back to prance 
gaily (6) 

German is appearing m dance 
in a remote place (S) 

Fish tD soak in an attic (6) 
Cause a strain on nerves in 
deal requiring payment (S) 

DOWN 

Provide drink and work 
steadily (6) 

Barter about title put up for 
Scottish advocate (9) 

Just placed as this clue is (5) 
Fall back with soldiers on 
circuit to the 


6 Nuts carried by old sailing 
ship? (54) 

7 Part of spoon I once used for 
vegetable (5) 

8 Fruit? Yes, about one pound! 
(8) 

XI Bird caught on line (4) 

15 Hospitality provided by Pete 
Murray (4, 5) 

17 Paganism requiring warm 
electrical unit (9) 

18 Cook gut coming up in boat 
(5-3) 

20 Add up earnings initially 
from betting machine (4) 

21 Attribute to a writer (7) 

22 Severe trial or business 
transaction (fit 

24 Change later? Yes! (5) 

25 Go in to record (5) 

SOLUTION TO PUZZLE 
No. 3.744 

|Q)iVj^W teQ|o|a[rT71 


W00BmrcFZ 

ODD D Q n H O 
□Hnnnnragri oqqce 
n a a n n n a q 
snna canaa'annos 

□ g n a _n n a 
QnoDQQa*' an onoo 

□ on an n 
□caann naanaan 

0 nan □ a rc 
GGEGGnanno an ac 
DDQnnnnc 
BHHan nnngnanan 
a o_H- a a n □ n 
gnwiwss* hod ana 



All Regions as BBC-1 except at 
the following times: — ■ 

WALES — Between 2.05-420 pm 
Golf. 1978 Rank Xerox Welsh Pro- 
fessional Championships. 525-620 
Wales Today. 620-625 Newydd. 
6-55-720 Dewch l'r Ardd (Visits 
to gardens in Wales). 11.55 News 
and Weather for Wales. 

SCOTLAND — 5.55-6-25 pm Re- 
porting Scotland. 11.155 News and 
Weather for Scotland. 

NORTHERN IRELAND — 4J8- 
420 pm Northern Ireland News. 
525-625 Scene Around Six. 11-55 
News and Weather for Northern 
Ireland. 

ENGLAND— 525-625 pm Look 
East (Norwich): Look North 

l Leeds, Manchester, Newcastle); 
Midlands Today (Birmingham); 
Points West (Bristol); South To- 
day (Southampton); Spotlight 
Soutb West (Plymouth). 

BBC 2 

6.40-7.55 am Open University. 

11.00 Play School (As BBC-1 420 
pm). 

6.10 Open University. 

7.00 News on 2 Headlines. 

7.05 Dilemmas. 

720 News on 2. 

7.40 Best of Brass. 

8.15 Eight Pairs of Eyes. 

9.00 Larry Gatlin Sings Coun- 
try. 

925 Nicholas Nickleby. 

1020 Beneath the Pennlnes. 

10.50 Late News on 2. 

1120-11.40 Closedown (Reading). 

LONDON 

920 am A Place in History. 
925 Skilful Soccer with Jack 
Chariton. 1020 The Undersea 
Adventures of Captain Nemo. 
1025 Meet the Men from UNCLE 
in: "The Spy in the Green Hat" 
12 J )0 Charlton and the Wheelies. 
12.10 pm Stepping Stones. 1220 
Home-made for the Home. LOO 
News plus FT index. 120 Plat- 
form. 120 Young Ramsay. 225 
The Boy Dave. 320 The Fire- 
fighters. 420 Under the Same 
Sun. 4.45 You Can’t Be Serious. 
5.15 The Brady Bunch. 

5.45 News. 


6.00 Take Six. 

625 Crossroads. 

.7.00 Survival 
720 Spearhead. 

820 What Von Next? 

9.00 The Bass Player and the 
Blonde. 

10.00 News. 

1020 Memories of Violence. 

1120 “The Hanged Mas 7 star- 
ring Steve Forrest • 

12.55 am A painting by Cana- 
letto accompanied by the 
.music of Vivaldi. 

All IBA Regions as London ex- 
cept at the following times:— 

ANGLIA 

10.20 am Animated Special — Robin 
Hoodtuk. 114)5 Space 1999. US pm 
Anglia News. 130 Police Surgeon. 24H 
HoDsenarty. 5J5 Thin Spurring Land LOS 
About Anglia. XUO Music Is Camera. 
124)0 Witness To Yesterday. 1225 am 
African SimseL 

A TV 

1020 am The Underground Movie- tUJO 
Will Hay— Master or Comedy 19 "Convict 
BO.” J3-5S The Adventures at Parsley. 
120 nm A TV Newsdesfc. 130 How 24)0 
The Electric Theatre Shew. 5J5 Gambit. 
64)0 ATV Today. U3D Pc lice Surgeon. 
12.00 Something Different. 


Land. 124)0 Police Surgeon. 2225 am A 
Lillie Night Music. 

HTV 

1020 am Child Lite in Other Lands. 
UUO Wild. Wild World of Animals. 2225 
Young Country. 1145 Flower Stones 
220 pm Report West Headlines. 225 
Report Wales Headlines. 130 Gambit 
24)0 Hrmsepany. 520 Crossroads. 64)0 
Report West- 625 Report Wales. 6 JO 
Search and Rescue. 74)0 Gabon and 
Simpson Playhouse. 1130 The Outsiders. 

HTV Cymru /Wales— As HTV Genera) 
Service except: 1204 25 pm Panawxlau 
Newydd Ion Y Dydd. 420 3Ilri Mavrr. 430. 
045 Seren Wih. 6.00425 7 D/dd. 2030 
Hamdden. U . 1 5-12 45 Maggie and Her. 

HTV West— As HTV General Service 
cxcepu 120430 pm Report West Head- 
lines. 625430 Report West. 


SCOTTISH 


BORDER 


1020 *m Certain Women. SI20 Car- 
toon. 2125 Animated classics— ' The 
Legend Of Robin Hood. t!20 pm .Border 
News. 130 Gambit. ZOO Bottseparty. 
525 Those Wonderful TV Times. 6. DO 

LooK a round Tuesday. 11 .H i The Odd 
CoDple. 224)0 Border News Summary. 

CHANNEL 

120 pm Channel Lunchtime News and 
What's on Where. 525 Those Wonderful 
TV Tunes. 649 Channel News. 420 The 
Beachcombers. ID- 28 Channel Late News 
1230 The Streeis of San Francisco. 
1225 am vuaxes de Fr.-.nep. 

GRAMPIAN * 

4 25 am Pint Thing, in an Cahh and 
Company. 1146 Bachelor Co. C3ar& 1L30 
Path of the Paddle. 120 pm Grampian 
News Headlines. 525 Tho3e Wonderful 
TV Times. 640 Grampian Today. 620 
Perspective. 1130 Reflections. '' 245 
Grampian Late Night Headlines, . 


grajvada 


1020 am Tuesday Matinee: "Pray for 
the Wildcats." starring Andy Grtfllth- 
11.45 A Handful of Songs. UB pm This 
(a Your Right. 520 Tbe Undersea Adven- 
tures of Captain Nemo. 525 Crossroads 
640 Granada News. 645 a Little Summer 
Music. 630 Branded. LUO This Sporting 


1020 am Morning Mystery Movie— 
McCloud. 125 pm News and Road and 
Weather. U» Gambit- 240 Tbe Andy 
Williams Show. 525 Cartoon. 520 Cross- 
roads 640 Scotland Today. 620 Survival. 
7.00 Tbingummylig. 1130 M’Lorda, t-ndi e s 
and Gentlemen. 1225 am Late CalL 

SOUTHERN 

10.20 am "Warlock.” starring Richard 
Widmark. 120 pm Southern News. 130 
Gambit. 240 Hrmsepany. 525 Slnbad 
Junior. 520 Crossroads. 640 Day by 
Day. 630 Survival- 740 Father. Dear 
Father. 1130 Southern News Extra. 1Z-40 
What About tbe Workers. 

TYNE TEES 

US am Tbe Good Word, followed by 
North-East News He adline s. tllLZo Morn- 
ing Movie; ■■Madonna of the SevenJ 
Moons," starring Phyllis Calvert and 
Stewart Granger. L20 pm North-East 
News and Look around. 525 Tell Me Why. 
1130 The Protectors. 124)0 Epilogue. 

ULSTER 

1920 am Morn ms Movie: “The Spanish 
Main." Marring Paul Hendreld. 120 pm 
Lunchtime. 130 Gambit. 240 Tbe Rolf 
Harris Show. U1 Ulster News Headlines 
S25 Friends ol Man. 6.00 Ulster Television 
News. 64)5 Crossroads. 630 Reports. 
645 Taking Shape. 1130 Bedtime. 

WESTWARD 

1020 am Cartoomtme — The Underseas 
Adventures of Cam Nemo. 1038 Feature 
Film: "A King's Story (narrated by Orson 
Welles). 1227 pm Cos Honeytran's Birth 
days. 120 Westward News Headlines. 
525 Those Wonderful TV Times 648 
Westward Diary. 1028 Westward Late 
■News. 1130 Tbe Streets of San Francisco 
1245 am Faith for Life. 

YORKSHIRE 

1020 am Tarun. 112o Star Maidens. 
1L35 England tbeir England. 120 Pin 
Calendar News. 525 Those Wanderfu. 
TV Times. 6. DO Calendar lEmley Moor 
and Belmont editions). U30 At The 
Embankment. 


RADIO 1 

(SI Stereo phonic broadcast 
f Medium Wave 
(U Binaural broadcast 
54)0 am As Radio 2. 742 Dave Lee 

Travis. 940 Simon Bales. 1140 Peter 
Powcii with the Radio 1 Roadshow from 
Barmouth. 1230 pm NewSbeaL 1245 
Paul Burnett. ZOO Tony Blackburn. 431 
Kid Jensen Including 5.30 Newsbeat. 730 
Snorts Pe&K (loins Radio 2). 10412 John 
Fuel IS.. 1Z4&-242 am As Radio 2. 

1 -300m and VHF 


247m and Plano Recital isi. iqjs Music fur 
dice and Viol Consort ig,. jjjh BBC 


RADIO 2 


5J» a.tn. News Summary. 542 Tony 
Brandon (S' including 645 Pause for 
Though). 732 Terry Wonan IS) Including 
8.27 Racing Bulletin and 845 Pauso for 
10.32 Jimmy Young (Si. 
1225 pm Waggoners’ Walk. 1230 Harry 
Row-ll’s open House (Si iprturlins IAS 
Sport<i Desk. 2.30 David Hamilton rSi 
tncluriinc 2.45 and 3.45 sports Desk. 4.30 
Wagunners' Walk. 4.45 Sports Desk. 
430 John Dnnn (S' including 545 Sporrs 
Desk. 645 Sports Desk. 74C Folk 7& rS). 
7.30 Sports Desk. 7.33 On (he Viird Beal 
(St. 8-02 NordrtWT Festival 77 'S>. 830 
Among Your Souvenirs (Si. 135 Sports 
n»sk M42 Three In a Row. 1030 The 
Steptoe Saga. U42 Brian Manhew Intro- 
duces Round Kidmehi. including 1240 
News. 2JMh2.DC am- News Summary 

RADIO 3 ‘•Wm, Stereo & VHF 

VHP— 640-740 urn Open Uni varsity. 

63S am Weather. 74)0 New*. 745 Over- 
ture (Si. 840 News. BJK Morning Con- 
cert fS). 840 News. 945 This Week’s 
Composer: Rachmaninov tsi. 10415 violin 


Welsh Symphony Orchestra (S). LOT 
News. 145 The Am Worldwide. L2S Bach 
and Geoffrey Burgon concert, part 1 <S). 
2415 Interval Reading. 220 Concert tort 1 
tSi. 245 Interval Reading 224 Concert 
part 2. 34)0 Plano Recital «s>. 345 Sym- 
phonies Worn the North is». ajs Rameau 
harpsichord recital (Si. sjs 'Today 
(Si. SJ5 Open University, hjo t-iftiitnen; 
Work and Training. 730 Proms H 9* n l: 
Beethoven. Schumann »s». ajg The Other 
European. 840 Proms TV. Part ft Webern-’ 
Schumann. 935 Was Roland". (Talk by 
Wolfgang van Eraden with readings). U4S 
Srymonnwski and Pcndwch CoP«tt <S>. 

J*' Wow Elisabeth Havens 

•Si. 1125) Brahms piano music (S). HAS 
News. 1130-U35 Tonight's Schubert 
Sour. isi. 

RADIO 4 

434m, 330m, 285m aod.VHF 
6.00 »ffl New Briefing, jjfl Fanning 
J*} ay ’ Today including 748 and 

8.00 Today s News, and 730 **4 428 

• S7 a H P? dil SSi e Hard Timed (3). 

SlFL”?."' 5, 9 ” Siralwbt Down tbe. Line. 

U40 News- U.D5 New Briloirt. M- 3 ® 
Daily Service. MAS Morning SwtT- 
New*- 11*05 Thlrty-Mlnnt* Theatre (3) 
(Bi. 1135 Origin*. 12.00 News. J242'pm 
yob and Yours. uro np»rt Utind 
Dias. 1256 WeatherTTroaramS* news. 
L80 The World At One. LMTOoArcbera. 
145 woman’s Roto- inciodlng Z4«J» 
News. 245 Linen With Mother. 340 
Newt 3JH The History of Mr. Pok* 


«S). 440 News. 4.05 Pick of the Bunch 
435 Story Time. 5JH) PM Reports. 5.« 
Serendipity. 535 Weather, procramme 
pews. 640 News 630 Many a Slip. 740 
News. 745 The Archers. 720 Time fnr 
Verse. 730 Prang !S tsi (As Radio 3i. 
0.40 Kaleidoscope. 030 Weather. 1040 
The World Tonight. U JO The News 
Qurt (Si. 1140 A Book ai Bedtime. 11.15 
The Financial World Tonlnht. 11 w News. 

BBC Radio London 

■JOfim and 94.9 VHF 
5.00 am as Radio 2. 630 Rush Hour. 
740 London Live. 12.03 pm Call 13, 243 
206 Showcase. 443 Home Run. 740 But 
Seriously. ThnuAh. . . 730 Black Lon- 
doners. 8.30 Air That Jazr. 1043 Laic 
"Night Loudon. 1240 Close: As Radio 1 

London Broadcasting 

281 m and 97,3 VHF 
5.00 am Morning Music. 640 AM- Non- 
5UH) news. Information, travel, tpori. 10-00 
Brian Hayes Show. L00 pm LBC Reports 
3-00 George Gale's 3 O’clock CjII 04a 
L3C Reports (uominnusi. 840 After Klein. 
84)0 NiehtUne. LOO am Nuibt Extra. 

Capital Radio 

• 194m and 95.8 VHF 
640 am Graham Dene's BreaMsst 
Show (S>. 9410 Michael Agpei (S). 12.00 
Dave Casb (S>. 540 pm Perer Young 

(S3. 740 Loudon Today (S>. 7jo Adrian 
Love's -Open Line (S). 9.D0 Nicky Home’s 
Year Mother Wouldn't Like It (Si. 1140 
Tony Myall's Late Show .(Si. 2.00 am 
Dnttcan Johnson's Night PUght (Sj. 


entertainment guide 


CC — These theatres accept certain Credit 
cards try telephone or at ihe Box Once. 

OPERA & BALLET 

COLISEUM. Credit cards 01-240 5250. 
Reservations 01-036 3161 

ENGLISH NATIONAL OPERA ■ ' 
Tomar & Sat at 730: La Sonetne. 
Thar at 7.30: Tbe Manic Flute (Final 
Ferf.j. Frl af 730 new prodn of THE 
CONSUL (this replace* Khcdiitefl pert 
of Carmen). For further dctaKs rwo 
01-Z40 S2S0. 104 balcony scab avail. 

Iram 10.00 on day ol pert. 


ROYAL FESTIVAL HALL 928 3191 

Last week. E*v 7.30. Mat. Sats. 3-00 
GREAT STARS OF WORLD BALLET’ 
GALA BALLET SEASON 
FONTEYN, Gl E LG UD„ MAKAROVA. 
MOROSHITO. SEYMOUR and 
JEFFERIES, KELLY. MARTINS. NAGY. 
SHIMIZU and CORPS DE BALLET 

ROYAL FESTIVAL ’HALL. 928- 3)91. 
Aug. 21 to sent. 8. 

LONDON FESTIVAL BALLET 
Ere. 7.30. MaL sau.. 3. Aug. 21 to 
Scot. 2. Swan Lute: Sept. 4-8. Mtxod 
BUL TkU. £1 to £530. 

THEATRES 

A DELPHI THEATRE. CC. 01-838 7811. 
LAST NINE WfcbKS. MUST ENdaCTriV 
Eras. 7.30. Mao. Thur*. 3.0. SiL 44) 
IRENE IRENE IRENE 

THE BEST MUSICAL^, 
al 1976. 1977 and 1978. 

IRENE IRENE IRENE 

"LONDON'S BEST NIGHT OUT.” 

CREDIT CAR S 0 n< BO0KJNG8 836. 7611. 

ALHERY. 036 3878. Creolt taro bfcss. 
flS6 1071-3 Irom BJO a™ ParFr SS 
Moa.. Tues., Weo. and Frl. 7JS dov 
. Thors, and Sat. 4.30 and a. 00. 

ABLE TO bEE IT AGAIN." Daily Mirror. 

ALDWYCH *36 6404. Info. 836 5332. 
• . rullY air-conditioned 

ROYAL SHAKESPEARE COMPANY 
In repertoire. Tonight. Tomor.. 7,30 
Steve Gooch's THE WOMAN PIRATfeS 
ANN BONNEY and MARY READ 
"More fun and thought-provoking OU” 
anything else on the West End stage." 
Time Out With Strindberg’s 1HE/IANCE 
OF DEATH meat pert. ThursJ AS YOU 
LIKE IT, Now booking. Opens' Sept. 5. 
RSC also at THE WAREHpUSE (seo 
under WJ. 

A .^ B ^? SADORS -„ CC 01(836 U71. 

Nightly at 8.00. Matinee* Tues. 2-45. 

_ Saturdays at S and 8. 

PATRICK CARGILL and TONY ANHALT 
in SLEUTH 

The Worid-Fa nw us Thriller 
. „ , »V ANTHONY SHAFFER 
“Seeing the play again Is In (act an 
total lov.~ Punch. Seat pneos 
£2.00 and £4-40. Dinner and Top-pnc* 
. beat £7-50. 

APOLLO. 01-437 2663. Evenings 8.00. 
Mate. Thu^OO^L 5.00 and 6.00. 

" ^vrK.’ ? x n v uMa,a - 

SHUT YOUR EYES AND 
THINK OF ENGLAND 
“ Wickedly funny." Times. 

ART® THEATRE. 01-838 2132. 

TOM STOPPARD'S 
DIRTY LINEN 

“ Hllerioui . see H." Sunday Times. 

Monday to Thursday B.30. Friday ana 
Saturday at 7.00 and 9.15. 

A ^ OH 'A TOEATRE. CC Charing Cross 
Rd. OT-734 4291. Mon.-Thur*. 8 p.m. 
Frl. and Sat. 6.00 and BA5 (Buffet 
food avallabiei 
ELVIS 

. Infectious, appealing, toot stamping ana 
P^rarwer. Seats EZ.00- 
66-00. Hall-hoar before show best avail- 
able seats £3.00. Mon^Thure. and Frl. 

BEST MUS?CAJ. P< oF ThV YEAR 
EVENING STANDARD AWARD 

CAMBRIDGE. CC. 836 8058. Mon. la 
Thurs. 8.00. Frfdey. Saturday 5 AS and 
8.30. 

IPI TOMBI 

. “Exdtfng , Black African Musical 
“Packed with, rartwey." Dly. Mirror, 
Seat prices E2.OQ-SS.OQ. 

THIRD GREAT YEAR. 

□Inner and top-price seats E8.75 Ind 

CHICHESTER 0243 81312 

Tonight end Aug. 18 at 7.00. 
Aug. 17 and 19 at 2. DO 
LOOK AFTER LULU 
Aug. 16. 17 and 19 at 7.00 
THE ASFERN PAPERS 

COMEDY. 01-930 2578. 

Eras. Mon.-Frt. 8.00. Sat. 5.00 and 8.30 
Mat. Thurs. 3.00 
EDWARD WOODWARD 
BARBARA JEFFORO in 
THE DARK HORSE 
by Rasemarv Anne STsson 
Excellent lamlly entertainment, anyone 
aoe Is likely to enjov." S. T TeL 
.. flood theatre." S. Times. 

Americans will love It." Gdn. -a 
laugh 4. minute." D. Tel. Oooortuiu- 

tles brilliantly seized by hrst rate 

S5ii4. JB c l an0 

C 55? R P H ’J*?° S 2 . 1 ®- cc - 036 1071-3. 
Eras- 8. Sail. 5.30. 8.30 Thurs. so 
NOW IN ITS SECOND YEA«f 
LESLIE PHILLIPS 
In SIX OF ONE 

A HALF A DOSEN LAUGHS A MINUTE 
SECOND HILARIOUS YEAR 
"VERY FUNNY " Sun. Trt. 

DRURY LANE. 01-836 8108. Mon. to 
Sat. a. 00 Matinees Woo. 4 Sat. 3.00 
A CHORUS LINE 

A rare devastating, joyous, astonish 1 no 
Stunner.” 5. Times. 3rd GREAT TUR. 

DUCHESS. 836 8243. Mon. to Tn u r»- 
Evenings 8.00. Frt M Sat 6. IS ana 9.00. 
OHI CALCUTTAI 

"The nndilv U stunning." Dally Tel. 
9th sensational Year. 

DUKE OF YORK’S. 01-836 5122. 

Evenings 8.00. Mats. Wed.. Sat, 3 0D- 
L united Season. Must end August 26- 
JOHN GIELGUD 
in juda Mitcned’s 
HALF-LIFE 

A NATIONAL THEATRE PRODUCTION 
"Brilliantly witty . no one should 

miss 1L" Harold Hobson iDramai. instant 
credit card reservarlons. Dinner and Tod- 
Drlcr seats £7 00. 

FORTUNE. 836 2238. Evs. 0.0. Thurs. 3. 
Saturday 5.00 and 8.00 
Murm PavICM as MISS MAHPLE in 
MURDER AT THE VICARAGE 
FOURTH GREAT. YEAR. 

GARRICK THEATRE. CC Q1-83B 4G01 . 
Eves. 8.15. Wed. 3.0. Sat. 5.30. 8.30. 
TIMOTHY WEST. GEMMA JONES. 
MICHAEL KITCHEN 
In HAROLD PINTER’S 
THE HOMECOMING 
"BRILLIANT— A TAUT ANO EXCEL- 
LENTLY ACTED PRODUCTION,” D Tol. 
"AN INEXHAUSTIBLY RICH WORK." 
Guardian -NOT TO EE MISSED." Times 

GLOBE THEATRE. 01-43? 1693 

Eves. 8. IS. Wed. 3.0. Sat. BJ). 8.40. 
PAUL EDDINGTON JULIA MCKENZIE- 
BENJAMIN WH1TROW In 
ALAN AYCKBOURN-5 New Conway 
TEN TIMES TABLE 

” This must be Ihe happiest laughter, 
maker in London," D. Tel. "An irresistibly 
enjoyable evenlnn." Sunday Times. 

GREENWICH THEATRE, 01-858 7755 

WILLIAM DOUGLAS HOME’S 
Newest plav 

. THE EDITOR REGRETS 
Evenings 8.0. Salt. 5 and 8- 


Wed. 2. so. 5at 4.30 and B.O. 

PAUL SCOFIELD 

HARRY ANDREWS 

ELEANOR BPON. TREVOR PEACOCK 
aim IRENE HANDL In 
A FAMILY 

a new olav Ov RONALD HARWOOD, 
Directed by CASPER WREDE. 

An admirable play, honest, well cm. 

Suneid at hb best" B. Levin, S. Tima! 


theatres 

HER MAJESTY'S C.C. 01-930 0006 
"prevTlrom Aufl. 22. 8.0. SaW- 3.0 41.0 
£>£&' 3 o£ AiS. |.0 wb 8.0 Mat, Thur. 

-INSTANT ENCHANTMENT." Observer 
THE MATCHMAKER 
A comedy bv Tborotoo Wilder. It non 
down with a deserved roar dJlJBhl- 
D. i ci. For a limited season uniil iki. 14. 


KING’S ROAD THEATRE. 352 7488. 
Mm ia Thurb. 9-0- rri.. Stt. 7.30. 

THE ROCKY HORROR SHOW 

PONT DREAM IT. 5EL IT! 


LONDON PALLADIUM. CC. 01-437 SOSS. 
LAST S DAYS: ENDS SATURDAY 
Toni aru. Tnurs, and Frl. at 8. 

Wed. and Sat. 6.10 and 8. SO 
THE TWO RONNIES 
In a Spectacular Comedy Revue- 


LONDON PALLADIUM. 01-437 7373 
SePtemper^ “«'*■ 

w ‘%E^eT^ON W 


LONDON PALLADIUM. - OU1? 7373. 
SccuiinBcr 2$^ JKwfgS. °° “' 


LYRIC THEATRE. 01-437 SBSfi E»S. 8.00. 

PLIGHT F|u|MEflA 

mrecteV p** UJ f BANCO F 'lSBlRILLI 

" MAY 

IT FILL THE LYRIC FOR A HUNDRED 
years." sundav Tunes. 


MAYFAIR. 629 3036. Air COOd. Ev*._(L 
Sat. s.30 and 8.30. 


Sat S.Sii and 8.30' Wed. Mat, 3.00. 
WELSH N AI IONAL THEATRE CO. 
DYLAN THOMA’-’* 

UNDER MILK W 


Restaurant 
and 9.1 S. 


MERMAID. 243 7656 
240 2335. E«cnlnei 7J 

DUERV^FAVOUR T „ 

A pi av tor acton and crcnestra bv TOM 

^OsSIBLY 

MISS THE PLAY." S. Times. " A| last 
a meaningful and brilliant and «enout 
domical wav.’* Give Barnes. NY Post. 
* Run eactcnaed to September SO: • 


NATIONAL THEATRE. 


938 2252. 


OLIVIER (open «taeei- Ton’t. J.SO. 
Tumor. 2. 45 A 7.30 THE WOMAN new 
piav bv Edward Bond. 

LYTTELTON (proscenium sum): Ton’t. 
Alan°A° r ’ 7 ' 4& BEOROOM *‘*RCE bv 
COTTQ UJE 0 ^ [Mriall audltorlunti- Prom 
season. Evrs. 1) (until Sen:. 21 THE 
PASSION. Manv excellent cheap scats 
all 3 theatres day or perl. Car park. 
Restaurant 925 2033. Credit card bkus 
028 3052. 


OLD VIC - 923 7616. 

PROSPECT AT THE OLD VIC 
June-Sent season 

THE LADY'S NOT FOR BURNING 
Derek Jacobi- "easy and virile authority.’* 
standard. Eileen Atk.ns ■’ nvetlnq 
physical fluidity. ” Financial Times. " A 
pern ol a Derfonnjnco from Robert 
Eddtson - . . Michael Denison, John 
Savldent and. Brenda Bruce scoop up 
the laughs. ' Guardian. 

Today 2.30 and 7.30 
Derek Jacobi In IVANOV— Chekhovs 
hrst comedy. Preview* from August 16th 
at matinee prices. 


THEATRES 

STRAND. Dl.blb 2bt>». M 

Mat. TRM^B.00^ ^ NHI h 

WE’RE BnrejSH 
THE WORLO'i GREATEST 
LAUGHTER MAKER . 
GOOD SCATS C4.O0-EI 00. 


ST. MARTIN’S. CC. 01-M8 T44A X 

THE MOUSETRAP 
WORLDS LONGIST-EVtR RUN 
2bth YtAR 


TALK OF THE TOWN- CC. , 734 805 
Air Conditioned irtin 8 OtasJJscg 
9 SO SUPtR REVuE. 
RAZZIX DAZZLE 

los maumacL paraoury 

THEATRE UPSTAIRS. . 730 255 

Rehearsed Reading 
THE GUISE bv DAVID MCMAT. 
Frl. and Sat. on'v at 7 30. pan,.' 


VAUDEVILLE. 836 VOBfl. CC. Ink A 
Mat Tuc*. 2 4&. Sat- >■= aad . A 
Oman sHLNiuAN. Ouitte GMaV 
A MURDER IS ANNOUNCED 
Tne newest wnodmut h* Agataa Omd 
-Re- enter Agatna Christie with anodi 
wnoounit hit. AcatlU Cb:)St>e i* ktN 
fnu tiH* West Eog vet ADJ'n with mow 
of her nemsnrv uuukdou* muro 
mvsirne, fni* Barter _Evenj«o New 
AlH-CONDITIONtD THEATRE. - . 


VICTORIA PALACE. 

Cl- 628 4(35-0. 01-834 1317, 
STRATFORD JOHNS. 

SKfclLA HANCOCK 
ANNIE 

Eras. 7.30. Matt. w ed, and Sac 2<« 

WAREHOUSE. Donmar Theatre. Com 
Gaiaen 836 U808 Rovai snaketpear 
Comtwny. Tom. 8.00. Pete Atkin 
A AND !L •• Above All there i* N 
Atkins movie, which alone would met., 
tne olay worth porno to listen to.** 

C. Standard. All wars El 40 Aa»- bkm 
Aldwvci*. stodem Standby ^E1. 

01-990 6602-7765 

.. _ Mb 6.43 and OflO 

Paul’ Rkwnono prestriU the SenuiKMa 


WHITEHALL. 

Eraw aja, Fn. dim 


Sc* K«m»« of ‘he . Century 
OEEP- THROAT. 

6th GREAT MONTH 


WINDMILL THEATRE. CC 01-437 6313 
twice Nightly u.OO and 10.00. 

pSul nreiSsms 

the erotic Experience of the 

MODERN ERA 

" Takes so unwreiedratcD tlm.ts wind, h 


permissible on onr sJape “ C»hfl. ‘Heps 
3rd GREAT YEAR 


OPEN AIR. Regent’s Park. Tel. 486 24 31 
A MIDSUMMER NIGHT’S DREAM. 
Tonight. Tomorrow and Thur. 7.45. Mats. 
Thur. and Sat. 2.30 with RULA LENSKA. 
IAN TALBOT. ELIZABETH ESTENSEN. 
D AVID WESTON. Shaw’s MAN OP 
DESTINY, and DARK LADY OF THE 
SONNETS. Mat Wed. 2.30, Frl. 8.00. 
Esmond Knight In AGINOOURT Lunch- 
rime Today and Frl- 1.15. 


PALACL CC. 01-437 GB34. 

Man. -Thur*. 8.0. FH. A Sat. 6 A 8.40. 

JESUS CHRIST SUPERSTAR 
by Tim Rice and Andrew Lloyd-Webber. 


PHOENIX. 01-636 2294. Evenings at 8.15. 
Mats. Wad. 3.0. Saturday 6.00 and 8.40. 
"T1M BROOKE TAYLOR. GRAEME 
GARDEN make U» lausls. D. Mall. 

THE UNVARNISHED TRUTH 
The Hit Comedy by Rovce RYTON. 
"LAUGH WHY 1 THOUGHT I WOULD 
HAVE DIED." Sunday Times. "SHEER 
DELIGHT." Ev. Standard. "GLORIOUS 
CONTINUOUS LAUGHTER." Times. 


PICCADILLY from 8.30 am 437 4506. 
Credit cards 838 1071-3. Mon.-Thur. 8. 
Frl. and Sat, 5 and. 8.15. (Ton’t. at 71. 
SYLVIA MILES twice OSCAR nominee 
and SHEILA GISH 
“ SPECTACULAR PERFORMANCES 
FROM EVERY MEMBER OF THE COM. 
PANY." Guardian. A new play bv 
TENNESSEE WILLIAMS 
VIEUX CARRE 

(The "Old Quarter" of New Orleans) 
■ For those who delight In the continued 
power or this great writer . . . showing 
off Ms marvellous eomk gift.” Times. 
PRINCE EDWARD. CC. (Fonwjrlv Cail no T. 
01-4X7 6877. Performances this week: 
EvW V 8.6 . Mat Thur. 3. 0. Sat. 3.0. 8.40. 

NOTE CHANGE OF SAT. PERFS. 
From September 2: Sat*. 3.00 and 8.00. 

bv 17m Rice and Andrew Lloyd Webber. 
Directed by Harold Prince. 


PRINCE OP WALES. CC. 01-930 8681. 
Evenings 8.0 Saturdays 5.30 and B.4S. 
THE HILARIOUS 

BROADWAY COMEDY MU5ICAL 
. . I LOVE MY WIFE 
Starring ROBIN ASKWITH 
Directed bw GENE SAKS 
CREDIT CARD BOOKIN GS. 930 0 846. 
QUEEN'S CC 01-734 1166. 1m. 

from Tomor. Eras. 8.0. Sati. 5.0 and 
B JO. Opens Aug. 23ro at 7.0. 

ROY OOTRICE CE ° RGE CHAK,R,S 

R, CHARD VERNON In JAMES V,LL,ERS 

THE PASS ION OF ORACULA 

RAYMOND' RCVUEB A R. CC. 01.73<sTi93 
At 7 am. 9 om. 11 pm. Opens Sima. 
PAUL RAYMOND preiSS 
THE FESTIVAL OP EROTICA 

■ aist F s'^s ati'on'a^V'e a r 


REGENT (Onfdrd ClrCOSi 637 9882.3 
Eras- 8.30. Mats. Frl. and Sat. 6.00 
TAKE THE FAMILY TO 
THE GREAT AMERICAN 
BACKSTAGE MUSICAL 
"A iHUe jewoL” F. Times 
“Smart swell show.” D. Express 
••So en lava ole. S. Tlm« 

"LrrKi have more rtManca 
than those (nr EVITA. 
music more bite 

than that for Annie." s. Teiegrana 
Credit Card bookings — Seals trom £3 
ROYAL COURT. 01-730 1745. Air Cong! 
Eras. 8/SlB, ■ 8.30, Q ECLIPSE fay Le.ph 
Jackson with Ann Bell. Peter Bowies. 

James CnSMM. „ Leonattl Fenton and 
PAUL ROGERS. Rcfrestungly unfashion- 
able aid . sample uously intelligent." 
m. ainington. Gdn. 


royalty. Credit Carol, oi-dos 8004. 
MontMV-Thursdav Evenings 8-00. Friday 
5.30 and SJ5. Saturdays 3.00 and 8.00 
London critics vble. BIUY DANIELS In 
BUBBLING BROWN SUGAR 
Best Mirkal o' 1977 
Tel. Book tan awepwd. Malar credit carov 

Restau rant R es ervat ions OI -JOS 24 1 8. 

SAOLTR^S • WELLS Rosebery 

A»t- ECU 837 1672. Until $^1. j 
£»«. 7.30 M3fS. Sats. 2 30. 
MARCEL MARCCAU 
• This Great Arils! should* not be 
mined."— Observer 


WYNDHAM 5. 01-836 3026. CreM TAre 
Bk«. B 36 1071 Iroai 8-3 D pm. MO«- 
Tliur. 0.0. Fri. ana sac. 6.15 odd 8 40 
ENORMOUSLY RICH. 

VERY FUNNY,". Evening News, 
Mary O Malicv's smath-bir comedy ■ 

’ , ONCE A CATHOLIC 
Suoremo comedy on vnr and rtBgtei ’ 
* . .. Daily Telegraph. • • • 

" MAKES YOU SHAKE WITH 
--..LAUGHTER," Guardian. . .. 


CINEMAS 

1 An.. 836 8861 

l OTJ ,f£ rts - All Seats Bknirv 

1. 2001: A SPACE ODYSSEY (Ul. 70nn 
him. Wk & Sun. 2 2% 7 85 * 

2. THE ONI ANO ONLY (AI 
Wk. & Son. 2.00 5.15. 8,15 


plaza jopp, Camden . Tbp 

T**®*®3. 483 2443. Max Ophuls' create 
h im LOLA MONTES (A). 4 20, fl JOJS-OT 

C t5l5 S, t *’ ?■ Omwd Street: «w 
Tottefyum Court Rd. Tube). 636 HU 
smcmI season oi film Entertainment hi 
Children (and Adults 1. One Mice SOx 
S!Sg--g»- l 1 a-m. Doors. ]04t 1J 

WFtv?E r £S!*. , ne . hunters lUL TB 

GLITTER BALL lUI. - • . ‘ 

U and a prog. Children haK-prico. . 

1. Walt • Disney's HERBIE GOBS Tl 

•®«8«“ C0> ' Profl ‘’ , -®’ 5,44 
» S.ifiJ'Li DAYS: Doug McClure WA8 

ssa?va ,aj ' prois ' , - u 

3. John Carpenter’S DARK STAR lA 

lloi' 5 ' 35, 9l °°' 2ARD ° 2 «»- 3 > 4< 

nnPTO ’- ^ 

CURZON.Curzon Street. W.l. 499 3731 
JF“ l, v Air Conditioned 1. DERSU UZAU 
}■¥> I" 70mm (English sub-iltleat. I 
AKIRA KUROSAWA "MASTER 
PIECE. Times- "MASTERWORK.' 
Obseraer "MASTER RIECt" E. NfN 
Fllm at 2.0. 5.45 and 8.20. Suns. 4 4) 


l -f , ,“STER SQ. THEATRE. 01-930 5253 
Richard Burton. Roger Moore RKh#r 
"'"S' Hardy Krugor In THB Wg 
“““ (AAl. Seo. progs. Wks. 1.00 
f B -’°- L «« shows Frl. and Sal 

j ' ■?= Dl ?- 5ear* may be booked > 
advance (or 8. to proos. 


ODEON. Havmarkct, 01-930 2738-i 
MlONtCHT EXPRESS^ (X ^ ! 

Daily, oaors open loo 5.00. 8.00. 
bookable. 


°BroKln l ir (, ffi lw Souare. 01-930 fill 
REVENGE OF THE PINK PANTHER 11 
sen. progs, daily. Doors open 1.45, 4.’ 
Zil 5, Lat? shows Tnurs.. Frl.. Sat. Do< 
Jii 1s pm - All seats bkbie. or I 
Bo« Office or ov post, extent Thu 

U’lj* 

COLON, Marble Areh. W2. 723 201V 

£V2?f, A E , NC c 0lJNTEfls W tks tmii 
1 Sco progs. tUv. Doors os 

1.05. 4.15. . .45 Lme show Fr». and S 
Poors open II .1 5 pm. All seat* Bkta 


^ 0, “ a3T 8,1 
MEL BROOKS HIGH ANXIETY I 
Sep. Peril. Olv (Inc Sun t 2.45, 6.' 
9.00 Late Show Frl. and Si>. 114 
Scats Bookable Licensed N> 


S Tm DI ?.. 4 V 0,, J ,ra Cirwij. 01-437 33C 
Jill CUvburph. Alan Bates in Pi 
Masunkv's AN UNMARRIED WOMJ 

SS&.’sTio.si' S40 ' 6 05 - 8 ' 3S ' L ‘ 


SAVOY THEAtyL • §1-83R 9888. 

Credir cards 734 4772. Tom Conti in 
WHOSE LIFE *S IT ANYWAY f 
with JANE ASH£R 

-A MOM ENTOUS^ PLAY. I URGE YOU 
,TO SEE IT,’ GuartHun. 

Eras- at 8.0- Fit. and Sat 5.45 and 8.45: 


SHAFTESBURY. CC. 01-B63 6S96. 
Shatesbunr. Aw. iHiqh Hoi born endl, 
FANTASTIC 
GODSPELL 

"BURSTING WITH ENJOYMENT." O T. 
Prices 82 -to £S. Best rails £2.30 h-bour 
before »how at Bov OBtcu. Extent 2nd 
perf. SaL Mon.-Thur. 8.1S. Frl. and Sat. 
5.30 and B.3Q. Trans, to Duko of Yorks. 
Aug. 25. - •* • • 


SHAW. 01-388 1394. Narionai Youth 

Theatre jn x iurw rtar- bv Peter Terson 
ENGLAND MY OWN. Opens Tomorrow 
at 7.00. Subs. Eras. 7.30.. 


CLASSIFIED 

ADVERTISEMENT 

RATES 


• Yr 
I; 1I1’ 

Couunomai & IvCihirist 
Prawriv 4 

Residential Proaetlv - 

AnpmnininiK j -j, 

Bislnoa L- li'.vestt ir-.j 
Onimnuniuin. Curtwaium 

IAI»|. IfndiKH Jr 
CnnJL-liy. Otbmru-es 

r»*r Sntn'IV.nitrti 
EdHraiion. Motors 
. Cimlracit a Ten.lws, 

Pereunal. Mjrrtnniou 

Hoieh nmi Tritol 
Book PublWain __ 

PMlUwig avalij 
(Minimum sire « eohimn 
NT slnolo cuitmin em 
mirliiT rf,'(ints wntr 

Uassitii-fl Adverilsen 
Planagrr. 
Finimclal Times, 
10. Canuop Strcef. EC4. 


B.ffl 


4 . 7 ." 

3.TS 








4 




■ -'“ r : 




Financial. 15,- 1978 

Salzburg Festival 


Fite; Art 


> by RONALD CRICHTON } raniurigs from Paris in England 

• by DAVID PIPER 

°* P^atic. lager more convSaUy “right 5 - •■-•.' 

L5S; SK ^?® OT *J ,ut oddly BHOMb- pro- Projected stars of uncanny, soft Mozartiau sound. He'snitshis '■■'-'£L~ 

one falej^a ^nrn^ 0 ^^!? ^ 11 Jacefl-aMfid of sober ^ontity. brilliance. partner, the uniquely touching TheArt 5 Council has extracted courses In the school of Cezanne, artists in order of merit or but they are succeeded by those 

Pamln^s ° for ."Rigbtiy.-X think, Fonell* hat not A whiff of danger comes with Ileanar Cotrubas, whose Paminf a- long, large— indeed extremely the Cubists, even Leger, for ‘importance* is convenient but who develop and harvest in the 

stoobed *iidinblti , n ..+ ! *2°' schematic about black Papageno. Not at first — is girlish enough to be deeply generous-loan from the Musee form's sake, yet bad never lost of course idiotic, and the quality territories the pioneers have 

as well as a ©^J.or.wlute^or good but Chnstian Boesch from . the wounded by Tamino’s apparent d'Art ^oderne de la Ville de that grave human empathy with of this exhibition through an charted: virtually the whole 

* (the last m^ueHwtihv'tKfr 15 s *?*“ ™ e con ^^-^ m ^ e v *enna Volksoper, who gave a treachery -but gifted also with Paris: 81. paintings and sculp- has subjects (that Leger even tu- astonishing range and variety of range in its dazzling variety, of 

lamented chatters quiekly -identifi- rough sketch for this perform- courage (her cries of -“Die tures for. four different view- ally <tid seem to sacrific to artists reminds one of the rank- Paris, through the Fauves. 

'greeted^th^mii^-i^^ ''t an< "® at last year. -has a Wahrfcetf'. ring round the large ings-_«.:J^Jand through six tubular necessities, though there ing fallacy again and again. Cubism, and up to the Purism 


by DAVID PIPER 




duty Of dvinc -SSSr a - The_eavesdroppt^ or:peeping- ®«t endearing, natural, youth- auditorium) and endurance be- months- -" This museum was Is bare a deJi^ufuJiy jolly Leger. Picasso, Braque, Rouault Leger, of Ozenfant is here, 

wox^y Z^^^waTSSded fommery^ *at w\*;^some M. easy-going manner, a long ywd ttort girls. The Queen of Jtouffdig^onlar in 196L It was of 1920 , of a man smoking his Matisse are all here. So is a The exhibition has four show- 

to Jean-Pia r^ Pnrinflte r -The f e sture of his Salrimig i^iro is |»*y fr0I “ the addled routmeof Edtta Gruberova us moist striking first as the municipal pipe). The nearest equivalent to lyrically cool Juan Gris, a ings, of which the first (radiant 

’ venue wa^Tint employed here with. point and ageing character-baritones. The m the second aria, where the mweiau of modern art, an adjec- In the white spat ' ' 

yestotelhara iXtte alB^ siighuy grainy voice ts lust right high notes are as lambent as the five .that al^s sounds to me. Museum of Moder 

staged but ^Mbhericailv nmte Iong gaflmes to'sbbwtheQueeu The first act and most of the laser-stars around her and- her however unjustly, a bit dusty in 

different FeikSreteS^i and 'her' Ladies listening .from a second are delightful, but -once phrasing Is not mechanical bnt relation to modem art. but of 

old Tidine-schbol cnVou+n# distance to -some 1 of ahe Sarastro Papageno is out .of his dement flexible and imaginative. Martti course the municipality in x7*. 

rocks, wbe^tbd satoeDradncer sc *****- white: other-- side in the temple vaults the pro- Talvela’s giant Sarastro com- .question is Paris, and Paris, at 

had already aucefe^fullv mountAd-’ of the -.actihg’jarertte Soys are ducer allows him a whole mauds the wide spaces effort- the period m which the Museum . 

£0 ctemenza (S'Tito: “ alent witaess«j; of some -events sequence of noisy- pratfalls lessly, singing with a restrained Is .richest, was pretty well W 

u* hm tiirmi-Aarf . . uot meant foe : their eyes, There where one would "do-^vhy mastery' especially admirable in synonymous with art: that, from 

a Zouwk^^ 15 a wultttude .itf; tta^e from should a bird-man of aB people the dangerous second verse of around: -1905 to 1931. 

evarySS r£ht «^ch d emerge amongiv other have worse sight than Prince "In dteser hea’gen HalTen." The ' unta" recently the Mureum 

tt?b^crbSv^Si?r^Si? "tbe_ three gatefrjo the Tamino? In his suicide numbftr Speaker is the Invaluable and w^tUSed in one hSiSiS 

SpulaT^ctibKd ? r - Boesch 15 allowed an over- consequently rather over ^ TaT French 

■ stage- with a.-naive .WlSPect- of dose of heavy fun with a movable extended Josd van Dam. !!L. L ilS?™ _naDonal 




of dose of heavy fun with a movable tended Josd van Dam. of mSSS aT (now 

“* " w - iarg^ translated to the contra- 


%i % t •.. jf 







Vienna ' Phnhariaonic)'. and 
Schikaneder is almost faultlessly 

held. The slight! reservation is 
' not damaging. The opera con- 
: tains so much, on -so many levels, 
expressed with - such genial but 
elusive simplicity, that 'the 
absolutely perfe*t-Zaid>erfKfe -is 
nor to be expected 7 in this world.. 

The grandeur and the limita- 
tions of the settihg- act both as 
stimulus . and. brake on the 
imagination of a gifted man of 
the theatre always inhUned to do. 
tod .-much, to refuse, t,o see when 
,. enough , .'.Is - enou^hl Pohnelle 
~m akes most ingenious use" of the 
three superimposed: ^ ^galleries” ma- 
in the- rock-face.- They serve- for 
the hinder parts '-Of -the enoiS 
mously long serpent pursuing 
Tam.ino. I-at er they. accom mpdate 
the gilded, elongated rays of a 
three-tiered sun . for _Sarastra. 
Against these : rays JPunnelle sets 
for The “Isis und Osiris ” chorus 
a tall pyramid, pf.- priests Xn'sil- 
houtte. Two .of the galleries are’ 
adapted for the Dials of fire and 
water;- ■ 

One can trace ! how hall-marks 
of this producer’s style (he is, 
as usual, his own designer! are 
kept in check by the exigencies 
of the site. His"passion for black 
and white which has Mu the past 
led to- settings' striking but also 
dazzlingly distracting- is ‘here 
confined to some - of the' costumes^. 
The Queen of Night - and her - 
Ladies are In black.' with ' satiny 
skirts that quiver in. the slightest 
breeze; Sarastro and his - , priests^ 
are mainlv .white. Jdf)oo9tatos. 
and his bhmch of blackamoors 
are In gleaming white, the Three 
Boys are little Mozarts with 
white wigs and black silky suits.. 


Harrogate Festival 


525 The Taraiuo, Eric Tappy. has frivolous than wicked, were led verbal “Beaubourg," or CenD? 
Be?t a distinction- of -style and. bear- with brio by Rachel Yakar, much Pompidou),, and was rather 

faired, « a™ at Gtode- ST ,h“’ boj “up-S-th? 
bourne last year. The Boys, un- moment polyglot clamour of its 
' yonmgsters from the neighbour. But its holdings are 

TSlzer Knabenchor, were -quite — perhaps not fabulous, or sen- 
exceptional, chosen evidently net sampna^ougb they might well 
. -only for t heir voices (perfectly u»- rated such in anv citv other 
blended to W^Cotriibas in the than parts)— but of wondrous 

s S? P K a> *h££ t n r snbs taS: absolutely satisfying 
acting skill. . With these all- Dr0 vender for the eve. Tn anv 
important six roles strongly cast international cultural Michelin 
J the merely average Mon estates iSSrtrate^ at toS 

SS p SS e Sh of Ss St^SSd.“5 1 2o£ *£t 

. and Elisabeth Kales hardly crossed; pairs of eves. And the 
. mattered. The plangent tenor of selectin' now 1 offeredwtlnS 
Karl Terkal as ffie First Armed SiSS^rofoiSd 
Man made a fine effect and would riewe? also 

.have made more If for scenic J Jthem i hn? 

Sf™b«k. pair Wer “' t Pllced collector, tecludlbg^f 

nr-h-e*™. court^innseums. missed out on 

this; : period; the Arts Council 




chorus gave constant and Intense 

pleasure. Levine’s tempos were ^SSSJl tte m0re n0C 
often quick but not rushed or t0 bft f usecL 
gabbled — everything told. There Is a succinct, modest, little 
was. sparkle and a keen edge, prefafipiy note to the catalogue, 
impeccably precise -cbording and, the Museum's director, Jacques 
most important, extreme clarity LasaaMfte, observes that the 
in the-en5emble5, especially those museum's vocation has been, pot 
with the special, half-unearthly to -rival the national collection- 
crystal texture of the Boys’ but rather to complement “by 
music, a virtue sometimes lacking conserving what was forgotten 
in quite grand performances such or little known, and by giving 
as Bfihm’s in Paris. A minor but stress to essential areas.” One 
not insignificant point — the a of tW stresses, interestingly, is 
groups of three Masonic brass on a mood not generally asso- 
chords in the- second act were dated' with Paris — nearer Ex- 
blown softly and distantly, not presshmism. Thus the Museum 
blared -out in the wings. Both has; some 80 Rouaults, of which 
producer and conductor gave the nine .are here, all fairly early 
last brief but important scene ,( between 1905 and 2917), images 
for the Queen and Ladies due .of depravity in the smouldering 
weight A full text was used but blue .sparked with red. which 
not even the long second act later, .in his religious themes, 
dragged for a moment though was! sadly to' lose its intensity, 
one of Sarastro’s scenes was » v i» a * a 


: ; 

* * : -■> ’U 

pliplt" ;7;-- % 



m;:w& 



M; 


Henri Matisse, 1 Le Module,* c 1901 


ings, of which the first (radiant 
in the white space of the 
Museum of Modern Art in 
Oxford) has just closed; it is 
to run at Norwich August 19- 
October 1; Manchester (at the 
Whitworth) October 7-November 
21; and Coventry November 1S- 
December 31. 

If In Oxford, however, the 
exhibition of finger rings (1.006 
of them, glinting and sparking 
in the spotlights) organised by 
Gerald Taylor and Diana 
Scarisbrick, has moved to aur 
Ashmolean Museum (until Sep- 
tember 17) from its original 
showing in the Goldsmiths' Hall. 
This offers a history, classified 
as never before, of the ring over 
the last four millennia in the 
variety of its symbolism and its 
functions, the endurance of its 
sometimes mysterious relevance. 
The darkness about the bright 
cases is of course full of ghosts 
— what hands, what finqers? A 
13th century one, sapphire set. 
says in French: I am here in 
place of a Jriend. An Egyptian 
scarab ring appears still on a 
mummified hand. 

At the other end of the 
Oxbridge axis, at the Fitzwilliam 
in Cambridge, the admirable 
small, highly select, exhibition 
of “ Cambridge Portraits — From 
Lely to Hockney " closes on 
August 20. Chosen for quality 
of art rather than fame of the 
sitter, it represents the achieve- 
ment of patronage in portraiture 
at the older universities at its 
best, and has brought master- 
pieces from Knelier’s Mat there 
Prior to Augustus John's Jane 
Harrison from the seclusion of 
college rooms into public view. 
The enchanting tittle exhibition 
of children's books also closes 
on August 20 but the newly 
opened loan exhibition of 
classical treasures from college 
collections continues until Sep- 
tember 17. 

Some Cambridge Colleges 
retain remarkable collections of 
classical art — again not normally 
visible to the puhlic; not only 
Trinity, but Corpus especially 
and (perhaps unexpectedly) 
Girton. Here you can see Greek 
vases, coins, sculpture. A whole 


one or sarastro's scenes was it ' has over a hundred ™ miu, wuipinre. a wnnie 

almost .obliterated by the Sal^ Gronutlres, an artist hardly Gromaire, in tfris country, is that Modigliani of a lady with a fan °,nd r 3’ an . a?ITa 

S* un r 2! 3een ln Britain, and nearer in fine lone voyager. Josef Herman, that outdroops almost any other SerT not* Just a i mv Sand 
51S5S* ^ S ttunder «**«!“ t0 Flemish expres- not t6 be forgotten. Modigliani: early Dufy and S" e ^miot h^r T entirP 

to shame. . - sxaMs such as Permeke than Rouault, Leger, Gromaire. The Utrillo; Soutine-bnt also other Hermton^i^ her cerements has 

to Bom^ ideas of the Ecole de first two certainly among the painters or great talent and made the trip from nfreon to 

Pat-la-., title avkikltinn ‘muti.- n nnn If s_ .ki. : J - .. , . ' - ‘ ‘r 1 *'"'*** 11 111,1 lu 


^ elv ® Printing, all wper if time does not allow (as Survage— but all at the top of in one of the earliest fist 
“ U L“. th0 “eh Braque, Matisse may not their variable form. There are centurv A.n.) examples of the 

MitieWpf the peasants labouring be omitted-)— but Gromaire? The of course the great explorers, the vivid, haunting images produced 
in tjiejgds) had taken extension whole practice of * ranking' innovators.^ the^Jiistory of art, bv the painters of the Favoum 


/ by W;I LF"RI ; ^ • -M ELLERS 


The Harrogate Festival Con- souaifing as relaxed as - cajK untimacy of his tone rather than 
cert oh August .9. by the Nash. music, it.must-remain responsve «or; virtuosity; and both the 
Ensemble set . one . a trifle to the moments wherein a. con- A layer's temperament and his 
gloomily, reflecting, -as concerts vernation piece,- jn the 28th. cen-.smstiument .were in tune with 
by such groups often do, os the tury - sense,; reveals a sudden -the elegiac flavour of Brahms’s 
function of chamber music in shaft 'of- .sunlight, -a shadow on Hate work, 
our sbeiely. Three. Works ware the grass. .The Nash Ensembliy Since the A Minor trio doesn't 
performed: Schubert's. .Trout able musicians though they -are.' equivocate between functions as 

Quintet, Brahms’. A minor Trio didn't q^tite catch this. String^does the Trout, it is less prott- 
for clarinet, cello and piano, and tone -didn’t lyrically blobn^' lematical for modern performers, 
a newly conimisrioned sonatafor .-piano.-’- -rhythm missed thfi ^lembers of the Nash Ensemble 
8, for a mixed bag- of wind and Schubertian. 2 ilt, arid thB. played it as though they found it 
strings, by Sebastian Forbes. langfctet that -is never far from:; satisfying, even morally good, to 


With the Schubert there fe-no: 


perform; we listened to it with. 


ambiguity as to functiDit ^ Was ^ The . ' difference . betweai 

commissioned by a ..wealthy SdhCBertV' ostensibly social J- , aniu . “ j 

amateur cellist; was intended to chamber: music and hU «»«,^Snima^y ^ Sfinnative SSxis 
amuse both, players and - personal achievpmpnts such unateJS an,n,ia y i ve, tnat is 

Unenersv T ? "££}• 0 w n h e e ^L°ta 

occasional music inXltie- sense- 0 f degree , not kind: audiencex^^T L, s0CieI ^ one lives m 
that one may eat, smoke accd^SeSio: toyingwilh^^ a ? e ^contemptible. - 

and even chatter to yet, sinre troutwhSe listeniagtothe Trout‘^ Ut h0 \ ,s a you “ g 
it improves the quaiity.of- thfr - natorall v perha ps specifically asked 

hedonistic punM^:- ^5S-4wmn“ thei/ali J? Ue L* S3^ 


wtU out: even a musiq orsodai Beelhuven’s. are Tint so nmdh f ne u Jr * ■««»“!« .« 

persiflage may open: horimns ^ music For ^I&^ ov Bee^oven m en- 

thMMi gh B welrd harmdny-np 11 — f.^^eompassing a transcendent 

Slid ■iuhtlon^.rt^&e: ^ence- In which 
tunes, immediately fetching, ahdv&o ‘ ^ ^rSuTs* ehemSsS? h V s 10 c ? me A 

whistleable, remain -memorable mulfc into SS2 Pp ^ thr0Ugh pre l umpll0D ^ . At 

nftpr 150 vears. musw . aisn. .. comes into other extreme he can aim 

alter iwi years. .. . .. sinSldtoneously ..peraonal an#ttw a t diversion- in which case 

The piece’s status between wp sooai category . He composed hi ^3 difficult y is he ^ UQ , 
and- art muse mak« it elusive trio for: a fnend who was: a S to whom he is divertine 
for modern ' playera.. Whife; clarinettist celebrated for thgagSt preroniSptions about musfc 


and society his audience is likely 
to have. Most frequently ' he 
compromises, knowing that the 
compromise is uneasy. This is 
what Sebastian Forbes has. done: 
for unclassical precedent* his 
scoring for mixed wind' and 
strings suggests a divertimento; 
yet the music he has written, 
-if enlivening, is also demanding 
of both players and audience. 

-Incidental pleasures abound: 
sonorities are beautifully 
imagined and oral is ed; -Forbes’s 
by now orthodox post-serial 
linearity is vitalised by fashion- 
ably ethnic elements perhaps 
suggested by metrical pattern 
and decorative ornament in the 
work of composers such as 
Varese and Crumb; and from 
these Forbes generates tingling 
textures that exhilarate and. in 
the second movement, moments 
of resolutory calm. Nonetheless, 
one is left asking what has bden 
done to one. Has one gone 
through a “spiritual, experi- 
ence”? My answer must on the 
whole be “no.” Has one been 
entertained and diverted? .The 
Harrogate audience's answer 
would seem, on the whole, to have 
been “no." If this is a failure 
on Forbes’s part and l .think it 
is, it is not one for which he can 
be held personally responsible. 


This announcement appears as a matter of record only 


G& 


National Finantiera, S.A, 


Letter fronr Rome 


' -.p: \ 

Vv&f 


Popular delightl of the summer 


by W I L L I Alt, W E AVER 


True Romans;. (Mid - they in-, the. Milvian Bridge — Is h ol di ,\y e waited. Then curtains 
dude,- of course! . the .old' guard, its.secend intemational season" c®Htere raised at the two entrances, 
of the. foreign. .colony) are. fond.” Teatro Popblare” -i-ato we all jammed into the 

of saying that thr rity la st, iu ; -. ^ wh ^feches. amid a certain amount 

most enjoyable during -the month u ig ^ ^utte sure . w ““^p^ n derslandable grouchiness, a 
of August . Yes, there is the heat- M J Popple ” a Cn to “Jg” 1 nSSBti 

but -to rompensate for it there practice of punishing the 

trafBc, .exhaust . fumes. Waxmg -■ j S no w an esteblished 

claxons: Horde? or tourists^ ^come, ./Jtonfifc- ^France (Le now 

WJW. -SL. ^Fetert- ‘™VMi^mpany. Cricot'S^ff necessary? „ ■ 

or the Vatican Museums or the. directed bv Tadeusz Kantor, sweat for Aida at Cara- 

Forum in Afimjatlfcr.' at W. '. SPSUWSSat to Rom^^ happily. I had not been 
other time of-the-year, for the If nr«Anted Da®fc»: annual event, for many 


or the Vatican Mnse umg nr the 
Forum "in August (or at "any 
other time of the.'year. for the 


omer ume ortne. ytar. for tne i» Britain.- it nresented Deo&Wt-Ws annual event, for many 
most part).. tsanmir jui^le Glass: atowtoereriews S^*EarSv but this, season the Rome 

of boustoffblobks - iwhJch -has ranaHty audiences, Certainiy^^flta announced a new produc- 
sprung up to entrap -the dty Yn-tCr^^" eaampl^Pf'io' It seemed ' time to renew 

recent ***** ^cut tj-the S dSed SW a S^&quaintancewllh the camels 

ntnniftnfl. thft ■■ WMt»phr hwM . m.»n ■>« ctlll fhan 


Rome at night, and. -with theri^^H^Wc^ul ,-^^mrkably restrained.' Natur- 
holiday exodus, yim - can - find-.-a v : .-• . .: ^atKP^.fbere' are h un dr eiJs— count 

table in your -favourite outdoor - .■ The • coiritaat . presence ©J^ssa-- hundreds of people • on 
restaurant on the J ameuium or Kantor himsrif^ on stage -for the. Tri ump h scene 

the Via Appia antics. _ : jive”.- (or .did- .I perceive .an.-'^his. « where the horses come 

Culturally, the «ior la summer occasional:- smirk?), - conductl^3a>j : but otherwise, the staging 
used to be a ^wfisert : There ^ layers- and his sound effects, An ally pays some attentionto 
ooera at the Baths af Cara- *ugg«ted to . me a producer s^a rcontent- of the opera! The 
catia S presenc^ggers move In relation to .one 

WsmpJ W there - • ’ fc - . 


Maxentius- These are still going other: irritating aspect £ mj Attilio. Colonello, the designer, 
on bm -many other events ha^. performance After standing & -^cleared away the dear old 
come'to provide stimulation and.h.feng.and'-noj; very old Caracsflla 

enS^?n mem f or th e romaitffi"V»ufr' outside the tent, we were^*du. Now the huge, rugged ruins 
Romans. This ybav^for exampl^ adiiiltted- to a sweltermg f^er; clKaxly visible, a splen- 


Tfe'dii iirJhp- ^™t.aeatre '^W< SlDce .■roe - ™ -ifw* 4 ***- sp**a«o ubcusr in 

remiJ InThe Piaraa -Man- audience is a. part '*** ^ majestic 

SgS arfSm- the Tiber and, iownance ltoelt Sweating, JoflMftaBdm* meOn autues). • 


You do not go to CaracaQa for 
the m-usic, honestly. ' Still,' this 
year, the Teatro dell .’Opera 
management has provided more 
than adequate . casts. The 
orchestral sound is inevitably 
thin, dispersed. '.Oliviero De 
Fabritiis, nevertheless, was able 
to. conduct a fluent-performance, 
and the singers’ voices " by some 
curious quirk of acoustics— were 
■full and ■ warm (at : least in row 
16; farther back,, there is ampli- 
fication).: ...: 

. . Some- months ago, " I ; wrote 
about Maria. P&rafcdni’s Aida, 
when she sang the role in Venice. 
-Some of the- singing remains fo* 
expressive, but— chiefly, in tender 
moments — she can atm . be 
moving, as. .she. uses her meesai 
voice with skill and subtlety. 
Bruna Baglioni is 'a reliable 
mezzo and., a good-lookfaig 
AmnerU. . ; ; -Ermanno . Mauro 

manages to sing the music of 
Radames without bawling, and 
tbe.rest of the cast did an admir- 
able job. Even: the ballet (choreo- 
graphy". by GnidO Lauri) was 
enjoyable./ 1 

The . atmosphere is that of a 
baseball game or a county fair- 
popcorn mid hot dogs are- con- 
sumed in .quantity— but, some- 
how It is; not vulgar, not even ■ 
anti-verdUuL The; audience, : a 
harm qnidzis meeting of East and 
(Far ) v West, has “a. wonderful 
time, and— if I can trust my own 
observation— actually listens with 
care Perhaps jj really Teatro 
popbl&e.. 


U.S.$265,000,00a- 
Medhun Term Loan 


lead-managed and arranged by 

The Bank of Tokyo, Ltd. 


managed by 

The Bank of Yokohama, Ltd. The Fuji Bank, Limited 
The Industrial Bank of Japan, Limited The Long-Term Credit Bank of Japan, Limited 
The Mitsubishi Bank, limited The Sanwa Bank, Limited 

The Tokai Bank, Limited The Yasnda Trust and Banking Company, Limited 


co-man aged by 

The Dahra Bank, Limited The Kyowa Bank, Ltd. 
The Mitsui Bank, Limited The Saitama Bank, Ltd. 
The Toyo Trust and Banking Company, Limited 


j£_. .provided by 

The Bank of Tokyo,. Ltd- The Bank of Yokohama, Ltd. 

The Chao Trust and Banking Company, Limited The Daiwa Bank, Limited 

The Fuji Bank, Limited The Hokkaido Takushoku Bank, Limited 
The Hokniiku Bank, Ltd. The Industrial Bank of Japan, limited 
; Hie Kyowa Bank, Ltd. The Long-Term Credit Bank of Japan, Limited 

/; The Mitsubishi Bank, limited The MifsurBank, Limited 

The Mitsui Trust and Banking Company, Limited The Nippon Trust and Banking Company, limited 
v -r The Saitama Bank, Ltd. The Sanwa Bank, Limited 

Tte&ffintocjo Trust and Banking Company, limited The Taiyo Kobe Bank, Ltd. 

•' The Tokai Bank, Limited The Toyo Trust and Banking Company, Limited 

The Yasnda Thist and Banking Company, Limited 


.co-arranged by 

National Finantiera, S.A. 

Agent’ • 

The Bank of Ttisyo, LM. 

June 1978 




FINANCIAL TIMES 

BRACKEN HOUSE, CANNON STREET. LONDON EC4P 4BT 
T okc r a mt: Flnantizuo, London PS4. Telex: 886341/2, 883897 
Telephone: Ot-248 8000 

Tuesday August 15 1978 

Losing out 
to imports 


Unancial .Times Tuesday, 'August 15 397S 




How Britain has flatten* 
its foreign debts hump 


T ^£ 


By PETER RIDDELL, Economics Correspondent 



THE FIGURES for trade, output 
and retail sales released yester- 
day confirm a picture of the 

British economy which has be- 
come unremarkable only 
because it is so familiar — of 
a manufacturing: sector which, 
although it performs quite 
creditably abroad, seems 
incapable of seizing the oppor- 
t unities available on its own 
doorstep. This is in some ways 
a puzzling state of affairs, but 
it has persisted far too long 
to be overlooked. It helps to 
explain why UK recoveries are 
so sbort-lived. and suggests that 
the causes are to be sought not 
in world recession, exchange 
rates or the EEC, but here at 
home. 

Export pause 

The figures are stark. Retail 
sales so far this year have been 
some 4 per cent higher in 
volume than the average for 
1977; but industrial production 
has so far risen by only 2 per 
cent, and manufacturing by a 
point and a-half. Exports, it 
is true, have paused this year; 
but after a volume increase of 
8 per cent last year (61 per 
cent for manufactures), and a 
slower growth of world trade, 
some slowdown was to be 
expected. Survey evidence sug- 
gests a further rise in export 
volume later this year, and the 
year-on-vear growth may well 
match official forecasts of a 
further 4 per cent. This is 
reasonably in line with the 
growth of world markets, and 
well above the growth of UK 
output. 

At home, on the other hand, 
sales of home-produced goods 
are probably virtually stagnat- 
ing in a booming market. There 
are no direct figures for the UK- 
produced share in the home 
market, but the enormous rise 
in imports of nearly 12 per cent 
in volume in the first half of 
this year alone is three times 
as fast as the growth of the 
market, and suggests that 
imports have taken nearly ail 
the increase. This accords with 
the Treasury's picture of the 
economy— so gloomy on the 
import side that the official 
figures were omitted from the 
Budget Red Book, and a con- 
sensus of less alarming private 
forecasts substituted. 


After years of worrying 
about the trade figures, it is 
natural to draw depressing con- 
clusions from this for the 
balance of payments, but this 
is now mistaken. Rising North 
Sea oil production will pay for 
our consumer indulgences, and 
the expectation is still of a 
modest surplus. The balance of 
payments and sterling look safe. 

The sad impUcations are for 
future growth. Unless the struc- 
ture of output, or the competi- 
tive performance at home, or 
both, can be improved, the 
figures suggest that the level of 
activity in -the UK is largely 
out of our own control. Fashion- 
able disillusion with Keynesian 
economic management usually 
appeals to monetarist doctrines 
for its explanations; but if the 
whole rise and fall an domestic 
demand — apart from such 
n on-traded sectors as construc- 
tion — goes to foreign sup- 
pliers. the inflationary results 
of demand stimulation are self-; 
explanatory. The growth of 
output, and thus in the long 
run of Teal incomes, must 
depend almost entirely on oil 
discoveries and on the slow 
and possibly precarious suc- 
cesses of our exporters. 

Durables 

Various explanations can be 
offered tentatively for this odd 
and puzzling state of affairs. 
Consumer booms - and slumps 
tend to be concentrated heavily 
in a relatively small range of! 
goods — mainly durables — in 1 
which UK performance has 
lagged for many years. One pos- 
sible reason is the free use in 
earlier years of selective mea-j 
sures against durables — hire; 
purchase controls and special 1 
taxes — as a quick-acting eco- 
nomic regulator, in the period 1 
when balance of payments 
crises demanded quick results. 
Perhaps steadier management 
allied with low labour costs in 
international terms, will put ; 
this right over the years. There 
may also be changes of taste at 
work. This is largely specula- 
tion, however; what is clear is 
that more needs to be dis- 
covered, in detail, why we 
should perform worst where 
others might hope to do best- 
in our own patch. 


Shipping out 
of phase 


THE ORGANISATION for 
Economic Co-operation and 
Development said nothing that 
would have surprised ship- 
owners last week when it 
warned that many shipping 
companies faced collapse this 
year and next because of over- 
capacity. low demand, and the 
uneconomic level of freight 
rates. The occasion for the 
organisation's warning was its 
report on maritime transport in 
1977. Since then the situation 
has continued to deteriorate as 
even the stronger and more 
diversified shipping companies 
have found their reserves being 
steadily eroded by the main- 
tenance of freight rates at or 
below the level of operating 
costs and as the problems of 
over-capacity have spread from 
the tanker to the dry cargo 
trades. 

More than a tenth of the 
world fleet is now lying idle 
and a further sizeable propor- 
tion is under-employed. Even 
on the most optimistic 
projections of world trade, 
there is little prospect of supply 
and demand coming into balance 
for several years to come. 


Chance 

Shipping is an industry par- 
ticularly vulnerable to fluctu- 
ations in world trade. But the 
over-capacity responsible for its 
present difficulties is only partly 
due to the slowdown in world 
trade, the contraction of oil con- 
sumption. and the changed pat- 
tern of oil tanker movements 
since the quadrupling of oil 
prices five years ago. The seeds 
of the present crisis lie also in 
the over-expansion of world 
shipbuilding capacity. 

This can be traced back to a 
variety of causes: over-optimism 
about demand in the case of 
Japan: the desire of various 
governments in the developing 
world to save foreign exchange 
by building up their own fleets; 
and the decision of countries in 
the Soviet bloc to build up their 
own fleets on a massive scale. 
These trends have only been 
encouraged by the readiness of 
governments in the traditional 
shipbuilding countries to pro- 
vide credit and subsidies on an 
increasing scale to prospective 
purchasers, mostly for the sake 
of avoiding unemployment. 


The result is that the world’s 
shipyards are now capable of 
producing three times as many 
ships as are likely to be needed 
in the foreseeable future. The 
spot rate for oil tankers may 
have risen in the last few days 
to levels not seen for more than 
three years. But this is the 
result of a chance combination 
of political and market factors 
which is unlikely to recur. Rates 
would as easily fade away again 
if only a few of the large 
number of tankers now laid up 
were brought back for trading. 
Meanwhile, an attempt to 
sustain the market by forming i 
a tanker pool among Greek j 
and Scandinavian shipping ; 
interests has failed for lack of 1 
support. And sn to all intents 
and purposes, has the idea of 
forming a common front among 1 
EEC member nations to impose 1 
a check upon Russian under- 
cutting. 

Balance 

So long as the world’s ship- 
building nations remain locked 
in a competitive subsidy race, 
so the present shipping over- 
capacity could be prolonged 
indefinitely. So far British ship- 
owners have weathered the 
crisis better than most. Their 
fleets are reasonably modem, 
diversified, and particularly 
strong in the liner trade, a 
sector of the industry which 
has been hit relatively less 
hard. But the deep and pro- 
longed nature of the slump is 
taking its toll of even the 
strongest companies. 

Their traditional stance may 
have been to avoid government 
entanglements. But there is 
growing pressure for the con- 
ditions of the debt moratorium 
scheme introduced by the 
Government earlier in the year 
for small, undi versified com- 
panies (which has yet ■ to be 
used) to be eased so as to make 
it more -generally available. 
Some feather-bedding of the 
shipyards in the public sector 
is doubtless politically unavoid- 
able with unemployment at its 
present level. But there is also 
a need to strike a balance. The 
terms on which new ships are 
being offered are a reasonable 
ground for complaint by those 
who are finding it difficult 
enough to make existing fleets 
pay. 


N ORTH SEA oil has made 
its most obvious mark 
on the UK economy by 
creating the conditions for the 
current consumer boom. A less 
visible, though more long- 
lasting, result of the revival in 
confidence produced by the nil 
has been to permit a major 
restructuring of Britain's over- 
seas debts. 

This programme has been 
carried out quietly and without 
fanfare since last summer by 
the Treasury and the Bank of 
England working in close 
collaboration. It has involved 
both the repayment of existing 
debts well before the due dates 
and new borrowing overseas 
with later maturity dates. The 
result has been both a reduc- 
tion in total amount of over- 
seas debt but also, equally 
significantly, a spreading of the 
burden of repayment away from 
the peak years of the early 
1980s. Thus in the last 12 
months the UK has gone a long 
way towards ensuring that debt 
repayment is a manageable 
problem and dpes not impose 
excessive constraints on the 
grnwth of the economy. 

This prospect appeared very 
distant in early 1977. when the 
UK had just negotiated a 
$&9bn standby credit from the 
International Monetary Fund 
and a ?L5bn syndicated bank 
loan. These debts were only 
the culmination of a steady 
series of borrowings raised over 
the previous three years in 
order to finance the large 
current account deficits of the 
period and the equally big out- 
flows of short-term capital 
during the frequent sterling 
crises of 1975-76. 

The result was that Britain’s 
official short and medium term 
borrowing from abroad had 
risen from just under $3bn at 
the end of 1973 to $lSbn by 
the summer of 1977, according 
to Bank of England figures. 
Total overseas borrowing by 
the Government and the rest 
of the public sector amounted 
to 824. 8bn by last September — 
and of this, $20.2bn was going 
to mature between 1979 and 
1984 and $l5.2hn during the 
four years of 1979412. 

The existence of this huge 
burden prompted Mr. Gordon 
Richardson, the Governor of 
the Bank of England, to call, 
in January 19i7, for a “ massive 
improvement in our net 
external asset position” over 
the next half-decade or so. 
Consequently, the UK should 
“ move into very substantial 
current account surplus, and 
stay there for years." 

This view may have been 
widely shared in the City but 
it bas not been uncontroversiaL 
A number of economists, mainly 
on the Left, and bodies sucb 
as the National Institute of 
Economic and Social Research 
have argued that debt repay- 
ment should not be given the 
priority implied by Mr. 

I Richardson. They have main- 


— repayment schedule 

OF GOVERNMOfia OTh ER PUSUC SECTOR BORRCTWNGS FROM OVBtSEAS 

POSITION AT END 
JUNE 1978 SEPT, 1377 

s - t W 


i 1977 ’78 


'80 ’81 


S«wTSSASOST&EtBlaWfB j 

’82 ’83 ’& 


The above graph is based on Treasury figures and FT 
estimates. Comparisons are extremely complicated but the 
figures assume that nondollar currencies have been converted 
to dollars on relevant dates. They Include loans raised to 
finance imports and the IMF gold tranche. But the estimates 
show the effect of LMF repayments on reserves, not the 
gross repayment figures. The Sibn prepayment to the IMF, 
announced but not yet undertaken, is assumed to come from 
the first drawing in January 1977 of the standby credit. The 
figures take account of all prepayments, assume that New 
York bonds are entirely repaid in 1985, but take no account 
of the $500m Electricity Council loan arranged after the 
end of June. 


tained that such a policy implies 
an unnecessary constraint on 
the growth of domestic activity 
since there should anyway be 
no special problem about 
refinancing the debts. 

It is inevitably a question of 
balance. What the Government 
has in practice done is to take 
immediate advantage of the.- 
improvement in market con- 
ditions — notably the strong 
pound and the five-fold rise in 
the official reserves during 1977 
— to undertake a large pan of 
the debt restructuring and to 
steer a middle course for the 
future. Mr. Denis Healey, the 
Chancellor of the Exchequer, 
said in his Budget speech in 
April that u it would not be 
sensible to pay off the whole 
of the debt from current 
account surpluses earned over 
the next six or seven years. 
That would add to the problem 
of current account imbalances 
in the world and it would not 
be consistent with the need to 
expand our economy. The 
Government’s aim is therefore 
to combine net repayment of 
debt year-by-year with hew 
borrowing to spread the 
maturities.’* 

This policy can be criticised 
from another angle on the view 
that the Government has effec- 
tively pre-empted for itself the 
main benefits of a current 
account surplus and of the 
improvement in the reserves, 
and has shut out the private 
sector by not freeing exchange 
controls .-on outward capital 
investment 

The Government did ! not 
launch. its restructuring policy 
until .'late last summer. It 
wanted to be convinced that the 


strength of sterling was not a 
temporary phenomenon ' in 
danger of being undermined by 
worries over pay and that the 
current account was in surplus. 
Once the Treasury and the Bank 
felt sure on these points, the 
programme began. The main 
priority was to establish a 
record of net repayment of 
debts before the main new 
borrowing moves, though 
around $450m was raised to- 
wards the end of last year. 

The main aim was clearly to 
pre-pay debt maturing in the 
peak years of 1979-84, and in 
particular loans arranged at 
expensive fixed interest rates 
or at floating rates with a big 
margin over the market level. 
This has not been a straight- 
forward operation, since many 
of the loan agreements have 
restrictions on repayment until 
a certain time in the life of 
the loan and penalty clauses. 

Mud) of the debt is in the 
name of nationalised industries 
and other bodies, such as the 
Electricity Council and Post 
Office, which are protected 
under the exchange cover 
scheme against a fall in the 
value of sterling. The debt was 
raised prindpally to bolster 
the reserves and is Treasury 
guaranteed. But drawn - out 
negotiations are often necessary 
with the relevant public sector 
bodies about repayment and any 
consequent refinancing in the 
UK from the central 
Government 

In any event various public 
sector bodies prepaid SlOOm last 
autumn and they have under- 
taken, or announced, the prepay- 
ment of a further S1.4bn this 
year. This is in addition to about 


SSSOm of public sector debt and 
SlOOm of central Government 
loans which mature anyway in 
1978. 

The Government’s large out- 
standing borrowings from the 
International Monetary Fund— 

$4bn by mid-1977 — involve rela- 
tively cheap interest payments. 

But political advantages are seen 
in repaying some of this debt 
before the due dates. This, 
applies both domestically, as re- 
payment is an obvious indicator 
of the improvement in Britain’s' 
fortunes, and internationally, as " 
an aid to boosting the Fund’s 
resources and enhancing the 
UK's status as a borrower.. 

Accordingly, the intention to re- , 
pay Sibn was announced at the 
beginning of the year and a pro- 
mise to repay a further SHmt. 

was made in the April Budget ’ 

The build-up of this series of GORDON ^WCHAR^ON 
prepayments was a key- element' - • • ^ . a 
to what might be described aS improvement in wroan.s 
the highlight of the programme; ■ external assets position 
so far — the raising of nearly . J - ‘ 

S350m via an issue of bonds tn bodies raised about $aqum in 
the New York market This was. the first half of this 3rear» from 
announced in April and carried a variety of Common Market 
out in the -following month. ' > institutions as 
Tho kev Mint is that New market More than $500m in 
York 6 isTthe^most* prestigious ”™ 

capital market In the world, ?“« 4 the Eieertcte 

a successful UK issue there Japanese banks.^^ 
an^isLuf^in ^ew^Y^^Syol^ ' ton* 

agencies^ Sk ttSerll.fhf’oi 

risked unless 1 ther^ was the 

certainty of a triple A assess- J® tes f te 10 J n h c iJ^HiSiSPthe 
ment, the highest The author!- earl > JJ80s. to addition, the 

ties in London feel that there JlStJiSfiSSf 

was never any rational 

argument why this rating lengthening the average life by 
should have ever been refused three years into. the late 

even during the crises of 1976. , . 

But an approach then might These moves have not 
have— to put it euphemistically entirely disposed of the problem 
-created embarrassment -■<*** early 1980s hump, but 

with the exception of 1981 this 
' has almost been achieved. The 
TTir’c amount due to be repaid in 

AX UCUll jg79^}4 has been reduced by a 
is j . fifth, while the total maturing 

Status \ ’■ in the peak years of 1979-82 has 

- been cut by nearly a quarter. 

So the Government waited The ri , s ' lt has also been a 


TrR7c amount due to be repaid in 

AJAX UCUll 3979^4 has been reduced by a 
1 j j . fifth, while the total maturing 

Status \ ’■ in tile peak years of 197982 has 

- been cut by nearly a quarter. 

So the Government waited The ri , s ' lt has also been a 

unni the improvement Jn amal , rL . d ,„. li0 „ in tl>ta , offical 
“ied' ^ts outstanding. Last Septem- 


decision in 


ber, about S23.7bn was owed 


principle to go to New York Sm, T^ onwards but by ihc 
was taken last November and Sd of JumSK. : re£th?tot3 

outstanding had \c"neulto 

ft The restructuring in the past 

"J n?* d n.^.L n ramlhs h »» been on a larger 

whin’ senior "ggln 

aSSf 5014 *** SMS had?he special 
to local mvestors. ' advantage of a high level of 

The issue turned out/to be official reserves . This lias 
successful and was the largest ac t ec j as a buffer stock which 
by a foreign government apart it has p« 5sib i e tn nn 

from Canada, which has down. Although the current 
a special ^borrowing posi- i eve i of reserves is regarded 
11011 “ ■« Coi ? 3e ‘ as more than sufficient for 

quently, the hope is that immediate needs, there is not 
the offer has established the nearly as much of a margin 
UK’s credit status throughout as there was and the speculative 
markets while froth has disappeared. Con- 
opening up New York to certain sequeatly, in future it will not 

f! i T‘ te ,* Wt0f “ weU “ public kv posdbie to raake big 'inroads 
sector borrowers. into the reserves for repayments 

In addition, UK public sector and the intention is that current 


account earnings and 
tural capital inflows should jn*. 
vide the opportunity for a £ 
repayment year-by-year. ■ • 

Tfrg -wiil iavoshre fuLftl&gg 
»viva4itg repayment 

and making some further pfc 
payments from time-to-time.op 
certain floating rate debt wiser 
the penalty clauses lapse; 1 & 
programme of sew toirowfeg 
will also continue and the aim 
here is to make occaskss® 
visits to a range of mackec&£-- 
‘ There is likely to boa retofa 
to the New York domestic 
capital market — Yankee bonds 
as they "are known — when 
market conditions improve. No 
decisions have been taken un 
further moves but aocess to 
other possible sources in New 
York has now been gamed. 
There is. for example, the pri- 
vate placement market, which 
might be more suitable for 
nationalised industries, though 
the short-term scope may be 
absorbed by some of the fund- 
ing for the PanAra /Rolls-Royce 
engines deaf. The commercial 
paper market in New York a bo 
has attractions on interest rates 
grounds and there could be 
scope for modest . boRnwing 
here with back-up lines from 
London. 

Among other possible sources 
are the London Eurobond 
market, which has not been 
used for a year, and the syndi- 
cated bank market, which has 
already been a major source of 
funds and where money bano- 
able fur longer maturities than 
was the case a year ago. There 
is certainly no shortage -of 
lenders lining up outside the 
Bank of England keen to ram 
a fee. 

There may bo possibilities 
further afield — for example, 
borrowing in Deutsche Marks 
or Japanese yen. In general 
the UK is reluctant to borrow 
in these currencies because of 
the exchange risk; tiw reserves 
are predominantly invested in 
dollar assets because of the 
flexibility of instruments amt 
marketability. So the UK loots 
like remaining a dollar 
borrower, though the hoped-for 
opening up of the Japanese 
capital market could mean ir 
will become possible, to borrow 
in Tokyo kt doHnra.-- -^addi- 
tion, there is likely to be a 
steady stream of borrowing — 
$50 0m annually on average — 
from EEC institutions such as 
the European Investment Bank. 

The achievement of the last 
year has been to create tins 
range of options. But even 
though the repayment burden 
has been reduced, the con- 
tinued successful implementa- 
tion of the strategy is depen- 
dent on maintaining a satisfac- 
tory external position which 
retains market confidence — 
and yesterday’s disappointing 
trade figures showed that the 
UK is still far from being per- 
sistently in surplus. 


MEN AND MATTERS 


BANKERS TRUST INTERNATIONAL LIMITED 


Hearing secret 
discords 

There was an almost heavenly 
harmony in the Connaught 
Rooms, near Covent Garden, 
yesterday — until the dread 
name of South Korea was men- 
tioned. The Piano Trade Fair, 
displaying the wares of a £20m 
a year British industry, con- 
ceals beneath its well-polished 
veneer the brooding fear of a 
swift .oriental arpeggio. This 
year, West Germany is Britain’s 
best customer for pianos, but the 
Koreans are already sending 
instruments there by the ship- 
load. Gerald Brasted, director 
of the Piano Manufacturers 
Association admits that the 
Koreans may soon take from 
us a fifth of our exports. 

In Brasted's opinion, the 
Korean piano is anything but 
upright “It is produced with 
cheap labour, working a 60-hour 
week,” he says. The British 
manufacturers are also upset 
that Korean pianos can be sold 
here at £600 a time (against 
£900 for a comparable home- 
made instrument) and come in 
duty-free because Korea is 
treated as a developing country. 
The Koreans, for their part, put 
100 per cent duty on British 
piano imports. 

“The Koreans intend to 
attack the EEC with pianos in 
a big way,” forecasts Brasted. 
conjuring up a cacophonous 
future. “They plan to be making 
10,000 instruments a year by 
19k).” He also belaboured the 
U.S. manufacturers for using 
cheap labour in Mexico, and the 
Brazilians as well. “We think 
that our industry, earning £10m 
a year in exports, with a labour 
force of only 2,000, is facing 
unfair threats.” 

The British piano-makers 
seem nonplussed about the best 
way to meet the Korean 
challenge in the EEC. but they 
want the government to protect 
the home market against 
imports. In the end, it is the 
same conundrum as faces our 


car industry; the Japanese have 
financed the Korean piano 
manufacturers — and their own 
instruments are already being 
made here under licence. 


Debenham's . 
delight 

Eyebrows may have been raised 
by the £3,000 fine imposed on 
an Iraqi shoplifter yesterday 
for three counts of 
clothes and jewellery worth £73. 
But if eyebrows were on Ehe 
move it was not In Oxford 
Street, where traders were 
delighted by the -new record set 
by tiw courts. Typical was the 
reaction of AJam Shawl, security 
officer at Debendiam's, 'who said 
fines at Marlborough Street had 
been steadily increasing since 
the upper Limits were' 'more 
than doubled to £1,000 at toe 
beginning of July. 

“ We have been pressing 
them to put up the for 
three years now," he said. 
“ Pleased? I should say so.” He 
pointed wdth satisfaction to 


another case in the same court 
where an Iranian cdvM servant 
also paid toe maximum £1.000 
on each of two charges, and one 
of “ his ” oases in which a 
woman who had stolen a purse 
paid £500 and £60 costs. 

What Is shop theft costing 
Oxford Street? “I do not think 
anyone cam really say what we 
lose, but it must be ntondog at 
around £23m a year. We con- 
sider ourselves lucky if we 
recover- 5 per cent or 10 per 
cent" 

Apert: from toe change in the 
Laiw, London retailers are 
heartened by the Shah of Iran’s 
recent wanning that be would 
be withdrawing passports if 
his subjects persisted in foreign 
pilfering. 



“The unions should be grate- 
ful that we can still persuade 
foreigners to buy British J" 


Mechanical wail 

Living creatures threatened 
with exploding harpoons have 
many people’s sympathy. But 
the friends of whales — or the 
advertising men who advise 
them— can easily make their 
propaganda more tiresome than 
effective. 

At Histon, near Cambridge, 
the oddly surburban base of the 
International Whaling Commis- 
sion is still being flooded with 
identical mechanically - typed 

letters extolling the virtues of 
whales, exposing the “greed" 
of the whaling nations, and 
demanding that quotas be dras- 
tically cut at the -IWC’s 30th 
annual meeting — which was 
seven weeks ago. 

“In the early days we used 
to count the Tetters.” one official 
told me. “ Now they come in 
such vast quantities we just 
weigh them.” Of the numerous 
protest organisations in the 
U.S.. the Whale Protection Fund 
alone bas so far been respon- 
sible for more than 74.000 of 
the letters, many of which, 
unopened, are already in the 
hands of youthful stamp collec- 
tors around Cambridge. 

“ It's all rather mindless,” 
says the IWC Secretary Dr. Ray 


GambelL “I don’t think the 
majority even realise the impli- 
cations of what they are saying. 

“If you reckon each letter 
costs lOp and there are many 
thousands of them, a great deal 
of money is being wasted. We 
could have done some useful 
research on whales with that." 

While adamant that the whale 
is not about to become extinct. 
Dr. Gambell reserved praise for 
the Gnildford-based People's 
Trust for Endangered Species, 
which concentrates on funding 
research. But their sober and 
factual approach fails to Influ- 
ence the more steamy-eyed 
whale-lovers — nramy of whom 
sent donations and letters of 
support to the IWC by mistake 
during the run-up to the June 
meeting. 

Nicholas Cecil Gibson of the 
People's Trust is philosophical 
about such things; “If any- 
thing is going to’ be done 
nationally or internationally 
you've got to campaign on many 
different levels,” he says. 


Blank account 

In Dietikon, just west of 
Zurich, they are baffled this 
week by a “negative bank 
raid." A middle-aged woman, 
wearing white cotton socks and 
looking so untidy that she 
seemed distinctly un-Swiss, 
walked into the Bank Leu and 
put down 30,000 francs in notes 
in front of a cashier. Then 
without a word of explanation, 
she hurried into the street 
and vanished. The cash, worth 
more than £8,500, is being held 
by the bank while the Zurich 
police cast around for clues and 
an explanation. One local 
newspaper has speculated that 
she was a housewife who had 
saved up the money and was 
frightened that her husband 
would find out about it: in 
Swiss law, it is forbidden for 
a woman to have a bank account 
without her husband's consent 


Market Makers in 
Floating Rate Note Issues 


CT ter ^ t ra n es annum applicable to the folio wine 
F Tho C ng «. ate Nole Issu ®® were enounced during 
I ui e t are 3 uoted for information purposes 
sboiUd be confirmed prior to the exeeutionof 

'mo'SStnSS: ratts <“ oted ^ M 


Nafinsa 1985/93 

Privedna Banka 19S5 

G.CF. min. 61% 1977/83 

O.KB. 19S3 

Adela 19S3 

C.CF. min. 7% 19S3 

Credit National 19oi8 

B.I.A.O. 1983 

Indo-Suez iggl 

Ljubljanska Banka 1985 

Offshore Mining 19H6 

K. OJP. . 19S3 

B.NJ”. min. 5.75% 1983 

Chase 1M3 

L. T.C3. 1982 

GJ2LB. 1981 

Insjleo 19SQ 

Banco de la Nacion 

Argentina 1983 

Arab Inti Bonk 1983 

Midland 1993 

Indo-Suez I9gg 

African Dev. Bank 1983 

Interest rates applicable to 
announced during August. 
C.LC. 

Jugobanka 

S.N.CF. 

C.C.C.E. 

Credit Lyonnais 
Standard Chartered 
Credit Lyonnais 6% 
Banco do Brazil 

. -Escom 
LBJ. 6% min. 
L.T.C.B. 

B.U.E. 

. -B.N.P. 

Midland 

BF.C.E. 

• Alahli 

' Williams & Glyns 


From 

5 Jul 78 

6 Jul 78 
10 Jul 78 

10 Jul 78 

11 Jul 7S 
11 Jul 78 

11 Jul 78 

12 Jul 78 
15 Jul 78 
19 Jul 78 

19 Jul 78 

20 Jul 78 

21 Jul 78 
27 Jul 78 
27 Ju! 78 
31 Jul 78 
31 Jul 7S 

21 Jul 78 
31 Jul 7S 
20 Jul 78 
25 Jul 73 
27 Jul 7S 
the issues 


„ To Rate 

5 Jan 79 
S Jan 79 
10 Jan 79 

10 Jan 79 

11 Jan 79 
11 Jan 79 ' 

11 Jan TO 

12 Jan 79 

15 Jan 79 . 

19 Jan 79 
19 Jan 79 
22 Jan 79 

21 Jan 79 
29 Jan 79 
29 Jan 79 
31 Jan 79 
31 Jan 79 

22 Jan 79 91% 

31 Jan 79 9f % 

22 Jan 79 9 £k 

25 Jan 79 

29 Jan 79 

listed beJow will he 

1981 
1983 

1BS5/97 

1998 

1982 . 

1990 

1983 

1982 
1882 
19S2 

1983 
19$1 

1982/1984 

1983 

19S4 

1983 

1964 


Observer 


BANKERS TRUST INTERNATIONAL LIMITED 

New Broad Street, London EC2. 

Dealers’ Telephone: 388 630 l-5*Tdlcs:883042. 





.1 

4 









H 


— 


Mnancial Jimes ^Tuesday August-. 15" .1978 


FINANCIAL TIMES 




, '■ »\ . *\ 1 


THE ASSOCIATION OF 
INTERNATIONAL BOND DEALERS 



At 31st JULY, 1978 




•C- * 

1 •- * 


CONTENTS 3 

GROUP HEADINGS PAGE GROUP HEADINGS &AGE 


US Dollars— Algeria 
— Australia 
— Austria 


— soli via ■ ■ ■ 

• — Brazil . ' ' 

USDollars — Canada. - 
— -Colombia i 
— Denmark 
— Finland 

US Dollars — France • ■ 

— Gabon 
Germany . 

, — Greece - 

.US DollarSr— Hong Kong 
— Hungary 
— Iceland . 

— Iran 

US Dollars Ireland 
— Israel . - 
—Italy 
—J amaica j. 

US Dollars — Japan 
—Korea • • 

— Luxembourg •• 

— -Mexico - 
— Netherlands 


■ IS French Francs 1\ 20 

IS Hong Kong Dollars -'xf..- 20 
1 15 Japanese Yen - ' . .. ^ - 20 
IS Kuwait Dinars. . , L '&- :• 20 

• 15 Kroner (Denmark) - . 20 

15 Kroner (Norway> ,; : ;-L-- 30 

15-16 Luxembourg Francs' :;-20-21 

16 Saudi lUyals. '• I' 21 

, 16 Sterling /DSC . : ; • . 21 

- 16 Austrattan Doflar/DH ; . 21 

16 External Sterfingfasues 21 
16 Special Drawlng BigirtS . - . 21 
16 Convertibles— Franc* 21 
.18... l^HongKong^ 21 
16 — Japan ■ 21 

16 . ■ — Luxembourg l- . 21 

• 16 •• — Netherlands*-.- -21-24 

16 Convertibles— Singapore ' 24 
16. . — &-Afri«4fcit'-. 24 

... 16 —Sweden ,r 24 

16. ^SwitzeriafiRi^ 24 

16 , UJK. * 24 

16 Convertibles — • 2* 

. 16 The table* of qim&gfoias and 
.16-17. yields gives' the -rMSst" rates 

17 available on 31s£'-£aiy, 1078. 


US Dollars— New Zealand .. 17. This informatit 


—Norway .• 
—Panama : . 
—Papua 
—Philippines 
• — Portugal 
US Dollars— Singapore . 
—South Africa 
—Spain 
—Sweden 

US Dollars — Switzerland 
— -Venezuela 
—United Kingdom 
- —United Stales . . 


17 reports from pf&dal&pjd other 
17 sources wlii ch the Associati 0 n 
- 17 of International 
17 considers to be -reaf|ae,' but 
17 adequate. means\«&&iec king 
17 its accuracy are rrot-^rafiable 
17 and the Associatiaz^dpes not 
17 guarantee' that 'tSfe*informa- 
17-18 fion- it contains. is j&urate or 
'■ :18 complete. . • .• i^V"- ' 

: 18 . All rates quote^qarp Tor 
...- 16 indication purpose^fedy: and 
• 18 are not based omrnor . are 


US Dollars— -Multinational 18 they intended to 
— Supranational 18-19 a basis for, part 
US Dollars— Floating Bain ; 19. actions. In quoti 
AnstraHan Dollars 19 the' Association 

Bahraini Dinars ‘“M undertake that it$»n| 

Austrian SdriHIngs 19 will trade in an./jQfjg 

Canadian Dollars.. * .19-20 Eurobonds and the^ 
Euroguilders 20 tion, : its members -ffl 

Euro Composite Units 20 Financial- Times Limn 
Euro Currency Units .20 not accept any resptiH 
Euro Units of Account - . ■. 20. for errors in the tatSH 
■WestLB .Euro-Dents chexnarkbond Pages 2926^ 


The Association of International 
Bond Dealers (AIBD) compiles 
corrent market quotations and yields 
for Eurobond issues. These 
quotations and yields are published 
monthly by the Financial Times. 

The Association’s prices and yields 


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 AIBD (which was 
established in 1969), comprises over 
450 institutions from abont 27 
countries 

A key to the table is published 
opposite. 


Eurobonds in July 

BY MARY CAMPBELL, Euromarkets Editor 




If present, trends continue, July 
will bn remembered as the mouth 
when the dollar sector turned 
after its nine-month decline. The 
turn was .not really confirmed 
until the last week of the month, 
after a period of considerable 
uncertainty, and was directly 
linked to changes in expectations 
on U.S. interest rates. The 
improvement in dollar straight 
bond prices coincided with a 
period when the dollar Itself was 
falling drastically on the foreign 
exchange markets. 

At the same time, the D-mark 
sector went through yet another 
weak month with reaction to-the 
Bremen and Bonn summit’ meet- 
ings in the first half of the month 
causing some of the wont selling 
pressure the domestic market has 
ever seen. The Bundesbank was 
forced to buy up more paper 
than before In .any similar 
period. (This market has since 
turned upwards very strongly, 
and moreover at a time when 
dollar straight bonds were still 
in heavy demand.) 

Among the key variables 
affecting international bond mar- 
ket trends. Eurodollar interest 
rates ended the month almost 
exactly where they began it. 
while, the .dollar- fell sharply 


against most currencies. The 
exchange rates against key cur- 
rencies moved as follows: 

June 30 July 31 
5/SwFr 1.849 1.734 

S/DU ..IK-' 2.073 2.039 

$/Yen v. /.-. 203 - 8 188.7 

The month started under the 
Impact o*tfie earlier continuing 
rises in ■ US interest rates. 
Although ^ there was already a 
problem of saturation, the float- 
ing rate note market was still 
absorbing very large volumes of 
paper. Between 3600m and 
5700ml worth of FRNs were 
launched during July, the bulk 
in the first half of the month. 
Straight ’ "dollar bonds were 
depressed until the third week of 
the month-. 

Already however by the third 
week in July there were signs 
of a turn te market conditions^ 
Floating rale note prices came 
off the top -while dollar straight 
bonds steadied if not started to 
rise. Conyersely, D-Mark bonds 
fell back'Vjsharply as investors 
gave a tbrtfribs down for the pro- 

g osal that* European Economic 
ommunitifeeountries should pool 
their foreign reserves, 
v At this sf£ge, the situation did 
-not; seem Wfflbe- by any means 


settled, but subsequent develop- 
ments seemed to confirm these 
trends. Although the prices of 
floating rates notes did not fall 
far. they very definitely fell for 
the first time in months and 
issuing activity had by the end 
of July slowed from a flood to a 
stream. 

The German domestic market 
was badly, affected by fears of 
the effects of the Bonn summit 
on the German public sector 
financing requirement — on top of 
the reserves funding proposal. 
And tbis fed through somewhat 
Into foreign bond prices. 

Meanwhile the foreign bond 
calendar was greatly inflated by 
a large volume of supranational 
offerings. 

The sharp weakness of the 
German domestic bond market 
was not fully reflected in the 
foreign bond -market while the 
new issues that were - made 
tended not to reflect even the 
levels to which secondary 
market yields had fallen. This 
meant that they were extremely 
hard if not impossible to place 
and in the case of the World 
Bank, Deutsche Bank activated 
the so-called control number 
system which had not been seen 
outside the German domestic 
capital market since 1959. Tills 
system,- aimed at preventing 
underwriters from dumping 
bonds, made it possible for 
Deutsche Bank to identify the 
bank to whom any bond it 


(Deutsche Bank) bought in the 
aftermarket had gone in the 
primary placement. 

This move was not very 
popular. But Deutsche Bank was 
not alone in keeping yields down. 
Westdeutsche Landesbank also 
came under fire for the terms 
on which it decided to offer 
Chase Manhattan to the market. 
These were viewed as totally out 
of line with market conditions 
and the three big Frankfurt 
banks refused to manage, under- 
write or trade the bonds. In 
the after-market — like the City 
of Kobe's issue a month before — 
the performance was not too 
discreditable. It was helped by 
the early August pick-up in 
market conditions, but this was 
not sufficient to explain the 
relatively small discount to which 
the price fell. 

- On the sidelines. Japanese yen 
bonds came under pressure in 
July though nonJapanese dealers 
said this took the form of in- 
ability to sell bonds rather than 
sharp falls in prices.. The fall-off 
in demand here largely resulted 
from an asumption that yen/ 
dollar rates would peak out (or 
bottom out depending on which 
way one looks at it) at Y200 to 
the dollar. Although this assump- 
tion subsequently turned out to 
be wrong, ft meant that demand 
for yen denominated bonds 
tended to tail off as the dollar 
moved closer to Y200. 



sorrower/ '> 
COUPON MATURITY 


si’taitfKfc-uaau. _ 


Sillf 


^ ti5 

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.if ii 

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92 Si ft ! 


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MARKET 

MAKERS 


23-00 -MW KpK mvruems S-77„».M » , 

, 200.00 • 9.00 ISf 8/2 M2. . - 102.00 1978 

. . ■ B MUatJIHTULU '• •• .' 


►za. 526 2 iS 230 923 - 


brsiB 

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1977 . ALUS StfSTULEA. ' ' 

1DDJ0 _ 8.50 IS/ 471M9 
197 * AnsmtiAU an dbtt ookp 
109.00 .. 10.25 irvUtoVl 
1977 iomAUAS »<ur « _SJBLTG 
100 .CC- - 905 15/ 8/1992 

if??* antauLiAi BEsmnxs 
100.13 T.U ' 1 /L 2 A 9 S 2 - 
i*7j jamouiuancu 
99.50 K25- 1/ 0/19S0 

1979 aaratfus-zBoouts ; 

100 . 00 . 940 1 / 3/1989 

1976 JOKOMOM OH a 0B®T T 
■ 99410'-^ 8J5 1/ 9/1989 - 


17 7 / 810 Jl Vao 8.68 

injlfl J.34 9^6 9.99 

- 1.54 8^4 

nilt 13.87. 9,(4. 9.39 

-.»• : 30.36 9 -U 

17.50 404 . 8^1 8-45 

100 Ui 2-00 8*97 9.20 

JOI 3/8 U» >.09 9*37 
. 4.31 9.04 


» 5 / 8 ' 6 .«y 9.15 


• Coo v *A9aJ • - 101-50 ne. 

so.qo 1877 toBU8raiLi.7*oer •. jj/flitp wi , .225 

a am tiasr v */i#» - m.so >m.d 

30.00 iaroo TOi W»3 _ rn ift Vtt vu s-w . 4.M » 

-ffoio*- •• 9.30. 1/4/150 . 100.50 If79 p.L 

2Q^0, C9»3 ' HKCCT HDi TSOrt . W3 V* lVtt *.« 9^4 .9.04 » J 
I7J3 90J0 . JO.00 17 Sfl9» : - - 8.09 9UI- J00.37S 

20.00 4970 comma at man. vx j/h- 7-js 9Ji 

,13.04) 98.30 9450 .1/11/190. . - ^-19 9.24 100.25 1980 

tS-00 1975 COMALOO UO- ' ..ju'i - TOT I/O- 0-67 9-70 8.*9 30 

22.00 100.00 1040 If 4/1987 i.15 900 100.25 1982 Bfjw 

23.00 1958 BMaaMa- APMUL1X 99 1/2 -25 7.13 34)9 Ie 

.68 97-30 9.00 . 4/14/1918 •> ’ 100.00 1978-^ifi 

30.00 19*3 COKWiWJaaB-ASmAMA 9* 3/4 .4-87. aUI S.SS 30 jTS 

8.34 97^50 3.00 1/4/1988 8 . 2.42 -7.13 J00.50 I9» - pS 

35.00 19SS . OaWOSWAEnl ~ A03IMLIA 97 1/4 1-71 7.10 5.(7 3® , ^ 

3.73 *7.30 Vif WiMO B -3* 8 JkV 100.00 1978 $p 

35. DO I960 CatBSwatiS - UWTHAUa. 92 1/4 2.17 6.74 9.(7 30 ,-jM 

5-40 98.00 . KO 1/10/1080 I, . 4 -28 7.88 100.00 1978 gfl 

25-00 ■ 1939 cwmatux* - ASRMLU 98.5/8 niS . «.W 3.65 ,2 m 

2^15 97 JW , StM -• 15/ Wim . 1 •. -83 . 7.90 • 100JO 1978 -M 

25.00 1961- CPM B MWT 8 AgTOnLlA . 971/2 S.92 fc35 .3-72 „„ ,3»: CM 

4441 91 M .34 M .1/ 7/1981 8 i-M 6-95 100.00 1978 2« 

30.00 2942 COHMOWIALra— jnSTUUl 94 1/4 9-44. 4.49 .3^0 .S. JS 

3-70 98-25 X/198t * . . . 1-07 7^9 . Ml-00 19.78 Ai 

90.00 1962 CRflUBUXH - ADnSALZl ‘ 962/4 - J.92 6.71- 5.80 -. 30 

3-47 -7JA - 100.73 197*7 2$ 

25-00 2965 TaSHBBBKUS— KCRUJUL. SS 3A. 7-S ' 6.60 6-10 ‘ 43 

ua= 9^79 ^??r^J/limiS .8. . 9-74 7. IB 105.00 .1978 3$ 

J3J10 1967 . QBBBBM - UmSSXk 99 3/8 WT 8L68 6 J4 ' ,*L ; 

10.93 97JU-- 15/' 5/1982 - . 3-82 *-I* 10J.W 1978 ". r S 

Hfl.00 1977* nanBHEXI rr J0RU124 94 iW» UIf 7.98 9TO 

100.00 7.50 .2/ 9/1994 101^0 19M, -j3 

aso-oo >«*< anoCTasttm -^isawaJk 9? S/4 -3.67 8J2 sjb ;^E 

^^ 100-00 8-00 1/ 4/1*82. ■■■ -.“£S 

■=•* M, »S3 


8.C8 9.09 45 ■ JS Tff TO 599 *** 

101.50 1985.2815® IX ; • 

9.99 3.58 90 - 6.0. W TO 454 105 927 935 960 

100.50 lan ttjs ix 973 

9.39 9.8L 30 WX.B0"-» TO 456 *** 

101.00 198M*JS^. IS 

8*15 9.08 30- . . n TO 600 230 S27 975 

100.00 1981. 1 1M1 

9.20 8.71 30 \ yurtS 412 105 305 320 927 

100.00 J979 U 960 973 

9J7 7.71 30 tOt STW 412 105 303 320 927 

100.50 1979 BC497I U 960 973 

8.41 90C', ‘ _ . GO JSH 143 105 303 520 530 

lot. SO 4980 • ?- .U 805 911 935 950 

. -■ 940 975 9B0 

8.48 90C . j SP TO 143 105 MO 305 S20 

101-30 1982. • LX MS 870 927 913 


: 100.00 197B-- 
I . 30 

J00.5D 1978 - 


■100.00 i97« -;q 
3,65 W ' S 

• 100JO 1978 -I? 

5.72 30 , --J 

100.00 1978 

.5 JO 30 1 ' - ji 

101-00 19.78 ..A 
1 5,80 100.75 19?i 
. S **° 101.23 19X4 
■; , '^ 1 MC-00 19^8 ;JU 

*-**».*> A'% 

6 JA 30 K 

1Q1.Q0 1978- rfi 

■ 7,98 W 4 '-S 

101 ^0 19W - 


IS MS 870 927 913 

-v . 947 960 973 

<S TO TO 143 109 500 305 520 

1 IS M3 870 927 933 

«>• 947 960 973 

.. W- TO 454 IM 305 620 m 

■ W ‘ 927 9*1 MO 97S 

l W TO 456 105 927 941 960 

4--UT 975 

0 : to TO 456 105 960 973 

S ' 'TO V 454 103 960 973 

8 t TO TO 438 105 805 941 973 

r-vr • 

(fe.TO 458 109 SOS 941 973 
P.'TOUt 

k H? HT 458 105 805 941 973 

¥ 'on . 

Er TO It • 458 105 805 941 975 

r* ■■ 

£ Ig vr 458 105 MS 941 973 

ru n' 450 105 80S 941 973 

jt- IBX - 

^ g its 438 105 805 941 973 
V^TOItr 458 105 805 941 973 
r » W 458 IDS 805 941 975 
ITOS 458 105 805 9*1 973 
8.-TOR 458 U5 805 Ml 975 


73 M OTt OKIWB^-TOBTlSBt »UR 2 J 4 8 -« 4-50 

100.00 ■ ;-S-25 1/ 4/1981 * , • ... 

128.00. 197* CaamttALrt - /CteHAtn. 98 5*17 8.74 8.42 

100.00 -*J5 IflBJUB : • 

125-00 -1977* OanOBEiak ?~TORUUA S7 3/4 4-34. 4.91 .8.62 


1976 canmauus - ABstuwx « 5*17 a.74 

100-00 «*25 UlDlOB : 

1977* GOttOBBEttn ^SUTUUA SI 3/4 6-34. 4.91 
»0-fl0/^M23 1/12/1964 4.% 

AffiTBAUA JS 1/4 14.09 - 9-12 
100 . 00 -^- 8^3 1 / 9 / 199 2 . 10.04 9 .M 

1975 ' COpBDWn - MlWli H 5 /t 1.67 - 4-45 
. 100-00 *j . u/ 6 /iaao a 

CBWtUlffi - 4 RVUU 4 991/4 (.84 8.82 
100.00 1/ 4/1983; » 

■ iJ76‘ qiwK«3B. , at - iWTtttu: « 7/» a-»_4.S9 

TJt ■ . 1 /lt/lMi • . - .. .... 

1973. Ct»iarB£XB - ATOIHJB.'OL 100.1/8 4 8-90 

100-00 • . 8-».. 13/SEms S . '. 

»?5 C0aKW8ftrH r -A!m«TOa..-99 3/8 7-84 9.1U. 
99*0 ■ 4J3 tf 6/1964 4: / 


60-00 1976 CUBOTOMEB -■ JB8IMLI4 » 13-17 8^7 

60.00 99-90 : \ 8-75U. t 1/U/1SM .. - - - 9.12 4-91 

100.00 ’IP ™ nniwiBMTii' ^' minril W - 19 . 3 *; 9 ; so 

100.00 : ;ub uiiTissi- :ii*» jjs 

25 .no 197 * cMwoatnr^ Jfenaii »i/nu» 1^3 

7M0 39-50 -.9.09 U/U/l 996 > 8 r HM.fja 


40.00 

38-50 
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23rf0 
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io.M 

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20.no 

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as.w 


HOT*, cannmuai' sasmiai. 
M-u 9.125 i/rb/ins ■*. 

1*74 eoHwaaUTR “ unum 
S3J0 -3-125. 1/-6/1M* S 

. ins csk T. mrm - 

1MJ» 3.50. IV 7/1 080 -4 

1979 - COST OF TOP a « 081TO4 
gt.OO . 9 J® r afpoo, ^ 

i’s.-wa™; 

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6^4 ' .30 Btfc-. TO TO 458*105 805 941 973 

101.00 1975- 

7.98 _ _ ,2??. :f?£»TO 143 

101JO ISM- - 

5- 1B 145 *“ 

*JB *•» . 52 . 457 20 33 33 35 

' 100.00 SO M 805 927 

.* 9 SI 93 * 9*0 97 S 

6*S® • 454 20 K * 

• TO 40 » #05 927 

-.A'Jt; - ' m- *» MO 975 

8.42 ■ TO TO 143 

■■-verx.T z .. 

8.62 8.98 » '-I.-. TOST 4S7 20 32 33 35 
100MO 1983 ;, SB «0 60 803 92T 

^ „4L-£ 911 939 940 975 

8.83 9^1 WC ,»TO.9t9S 141 •« 
loi-so 1968 , 116 ja 

6- 66 %-*’ ’» « 496 53 80S97S 

6.70 . TO TO 438 20 32 33 (0 

» - 80 80S 937 931 

...... 939 MO 975 

8U0 >.TOW. 14S w 

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8-S3 8.90 .?• * .3S f *U 438 20 32 33 60 

100*00 15« i at 80S *27 931-939 

8.98 9-02 .£ ■ .f-p TO* 438 *20 32 33 60 

1 B 0 .« 1384 . , US 927 931 935 L 

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»TO '457 29 32 33 33 
101 J 8 1 W- iStt H 40 80 S 927 931 

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101.00 1956 , 2 ^ 4 - Ijr-. to 803.977 931 

9 JO 9.(0 456 M , 32 , SI. 39 

102.02 198830190 87 .-'. - 90-803 927 931 

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9 J 1 9.34 30 . 7 *. TO TO 458 2 D 32 33 35 


in yi 74.84 - 9.a» 9J» 9-(0 456 to 3* 31.39 

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100 V* »-84 9 JO *J1 9.34 » . » AX 20 » 33 35 

11.04 9.29 100.90 UH . WD HT 60 80 09 927 

202/4 IM «7 9-3* . 8-« « -: r- JO TO 359 lo 9M» ?W 973 
. 100-50 -1979 — ".-la 

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• US MLL 4 HS- 4 USTKM. 1 A (CDSTINBEHJ- 

1972 z RAtrciliSzjPtoracrus 95 
99-75 7.75 15 / 0/1784 

1976 ZB 42 X(MST)It 3 UU 1/8 

99-50 9.00 1 / 7/1585 , - • 

. 1971 TOOTT ISA MS. . 95 3/8 

HD -00 9.75 15 / 11/1966 

1976 xsi i.vl rnr w 96 1/2 

100.08 9 JO U 7 / 1*0 

1976 MI DHL m TO 96 

100-00 9.00 1 / 7/190 

1977 * TOT 079 SUS TU 94 

1 M.M 9.00 15 / 8/1987 


(.13 1 . 8 ) 
5.79 8. 89 
7-92 . 8.97 

7 - 48 8.98 

8 - 29 9.57 
5.11 9-91 
4-92 9-91 


9.04 10.04 
7-14 10.23 


H.lfi . 38 . P 6 TO 

BF 1973 U 

8.99 .46 IP TO 

1977 IF 

9.17 30 1-50 76 TO 

101-04 1 $M 071974 1 Z 
9.33 T tOC K TO 

in jo . UK u 

9.38 -- - to re TO 

in JO--. 1980 IX 

* J 7 __ • M 1.00 re TO 

101-58 1982 1981 LX 


* J 7 __ • M 

101-58 1982 


50.00. 1977* SESTETS HtTOS COTO 

50.00 100.00 9.00 15/10/1994 

15.00 ii75 worms hixdc gbsp 

12.75 99-00 9.75 1/ 3/1932 

a remM^asmi 

12.00 . 1965 ILEUS HUZ4X STS3L 

6.0 97.00 S.7S 15/ t/190 

15.00 1966 snsnxis rucai cur - 

7.20- - 94.50 6.423 U 7/1986 3 

18.00 1967 40STUAX OECTBICRT 

4.92 96 JO 6.75 1/10/1982 8 

25.00 1977* OSimaZJCBZ KDRTOUUiK 

100.13 7.00 1/10/190 

25.00 iin*' osmiuax mroujutx 

100-50 7.50 1/10/190 

50.00 1976 ocmanicaE WWHJ.Mg 

100.00 8.00 1/10/1981 3 

18.00 1944 ITOUBLU 08 885721* 

7.20 99-00 6.00 317 A/1984 8 

22.50 1967 IXPUBIIC OP 80ST8IA 

7.70 . 98.50 6.75 13 J 3/19 B S 

50.00 1977 EDmiC 07 .\25T2U 

100.00 - 7.0 15/ 7; 190 S 

30.00 1977 Broome or austsia 

30.00 100.00 . 8.625 1 5/ 7/19*2 S 

30.00 1976 UE0BL1C TO «3SU 

47.00 100.00 8.75- 13/ 8/190 

50.00 1973 XSCSUC TO lOSTKlA 

180.00 9.00 15/ 7/190 S 

30.00 1977 T6SCBB6ST0MEB 

30.00 100-50 a. 25 15/ 3/1*87 

10.00 1965 vossr 

1-26 90J0 5.75 33/10/1978 

a noue-saaot 


*7 3A 1&-21 9.28 
10.84 9.33 
100 I/S' 3.75 9.56 
3-40 9.57 


9 Jl . 9.59 45 3.13 TO 0 

101 JO.. 1985 5 PI 9 BO LX 
9.70 9.58 * 30 .75 0 TO 

1 D 0 -».U 79 BP 1976 LB 


105 205 210 
520 910 932 
970 975 


n 6-57 6.17 6.12 HOC J2 

4.10 7.31 100-00 J973 1971 

96 3/4 7.92 7.30 6.96 ~ 90C .90 

. *-42 .7.6* 10UM 1979 . 1969 

98 7/8 4.17 7.19 6.9* . p- 30 1.39 

2.17 7.45 lOUr 19)9 1970 

96 1/4 ZJ2 8.96 7.27 • - 


98 3/4 5.50 
3 - 00 , 

98 3/4 3.62 

2.18 

95 5/8 5.96 

96 1/2 13.86 

■9-46 

99 5/8 12.04 

9.00 

200 3/4 3.96 

98 1/8 8.62 

7.12 

99 1/2 J3 


90 C 1.30 

1979 1970 

90 C 1.95 

1979 1371 

38 
US 

» 5.00 

1917 TO 190 
IOC 3.00 
190 BP 19 77 


8-55 OM . 9-*0 60 ’ 1.00 

8.61 10UB UH B8I9S1 

7J7 5.78 1.26 

• • ‘ ‘ U« 


35 105 309 310 510 
941 975 

359 105 909 310 520 
941 975 

327 105 309 310 520 
941 975 
218 *** 


1 32 M BOS 
931 939 975 
309 310 520 
975 

109 310 520 
975 

32 60 805 
931 939 
32 60 805 
931 939 975 


458 20 32 60 805 
927 01 09 975 

0 105 309 310 520 
975 


75.80 1923 H4FX54 B.T- 1 

75.00 lDp-00 *-50 1/ 7/1988 

75.00 1973 TtUXUS-V. . _ 

75.00 100-00 ■ 4 JO U 7/1988 

40.00 1977 * BA 7 ZB 4 8 - 7 - _ 

99 JO 7.05. 15/ 9/198* 

40.00 1077*KUmx.T." . 

* 0.00 99-00 B.W 1 / 9/190 


TO 78 1/2 9.92 7.0 5.73 ■ 50 

| 3J2 8.32 102JO 1984 

TO 73 3/4 9.J2 8.32 8 JO 

t 7-42 9.60 102-00 1*84 

t 94 6.13 9.19 fl.38 

I 101 JO 1382 

is in 9*09 9-10 8J7 . 

I 7JJ9 9.31 101.50 UU. 


15.00 re TO 46 110 115 210 973 
1964 BBU 


BORROWER/ 
COUPON MATURITY 


t “5 DOLUPS-'l.V.iaA ICOrTlCTD. 

1970 cm OF 30 CTEAL 1011/8 6 .SI 

UiO.OO 9.00 1 / 2/190 3.51 

197 5 cm or MBSTEEU. 100 3/4 4.55 

IDO.oO 9.25 15 / 2/190 

1*75 cm OF MOCTHTAL 100 7/8 3.34 

loo .oo 9.15 my wot 

1970 CUT OP QOEBCC 98 US 3.67 

99 . 2 $ 9.00 1 / 4/190 S 3.32 

1976 CUT OP TABCOmTE 98 3.17 

100.00 8.25 30 / 9/1981 

1976 CUT OF TASCOTVa 98 1/0 10.17 

100.00 8.75 30 / 9/1988 

1977 cm OP BUMPEC 95 3/8 8.79 

100.50 8.25 15 / 3/1987 

1977 * CaSOLUOTO - RAXHTUST 96 5/8 14.17 
99.50 9.00 1 / 10/1992 9.97 

1978 * DMiaiOB BS 7 DCX CO 96 1/2 7.87 

99.00 9.00 15 / 6/1986 

1973 GQGXU 103 2/2 3.29 

100.00 10.00 15 / 11/1981 

1977 ctmx UJXS PAPES CO 98 1/4 5.58 
100.00 8 . 7 S 1 / 3/1984 4 .B 8 

1976 HCBfE OEL GO . . 100 7/8 7.0 

100.50 9.50 1 / 7/1986 7 J 1 

1977 * HKO _ . 96 3/8 608 

100.00 8.25 15 / 12/1984 

1977 * ISO) 97 1/8 UJB 

100.00 9.00 15 / 1 2/190 

1976 TSE CaMlPIAB PIVAJCCE 103 1/8 3.73 

100.00 9.00 1 / S /190 

19 T 6 ISB CDUDUI nm*:i 103 S /8 7.75 

100.00 9.30 1 / 5/1986 

1977 XtOflUAX BL 01 HEL 96 3/4 13.91 - 

100.00 9.00 U 2/1992 10.79 

1978 * BAOULLU; lUTH 97 3/4 l *.62 

99.25 9.25 l>-’ l'I 993 11.16 

19)0 B* 3 SEr-FOCLS'« BBS 9 .V. *9 5/8 3.66 

100.00 9.00 15 / 1/1982 2.31 

1976 HABSET-raeOSOK NB> 9 . 9 . 99 1/4 12 . 8 * 
100.00 9.50 1 / 6/1991 

1975 USSET-FEIEfBON KEP 1 . 7 . 101 1/2 3.92 

100.50 9.75 1 / 7/190 3.66 

1976 BmitL OUAB OHM. 99 7/8 2.84 

99.50 8.75 1 / 6/1981 

1976 BTO H 30 HBVTCX E.P-OOHX 100 5/8 S. 4 C 

100.90 9-00 15 / 1 / 1 9 B 3 3.90 

1976 XEPRWHOLABD 6 LAB BTB 80 10 1/4 7.62 

100.00 9.75 15 / 3/1984 

1976 X B 3 UWfllL A *0 TO FIX 100 3/8 10.13 


sill! I 51 II 

C'2 = ' i- FSj 


X ui S n: 

y iii i 


3.66 
99 7/8 2.84 


100 5/8 S. 4 S 
3-90 


5 QJQ 1978 606 RAT VS OBHX ZD ? 98 1/4 3.21 8 . 8 ? 8-*0 
100-50 . UJ 15 / 10/1991 

a Pomro-ocmiA 

15 JO 1977 XSOBUC TO BDLXEXA 100 5/8 7.71 20.38 10-55 I 0 .» ‘60 
10.15 15 / 4/1905 5 UHJO Ufa \ 

a nttLAiBi-wirn. 

50.09 ' 19 T 7 8 A 8 C 0 Men Man ICR 97 ui 5.92 9.88 9-51 l^j.JOd 
99-00 9.25 1 / 7/1984 131 J* »*1 

50.00 1977 * LI«T- 5 nrVKn 5 XC ZLSX 95 US 4.17 9.55 9.17 

200-.00 9.00 1 / 10/1982 


35-00 1972 SETOHLIir OP HAUL 

25-14 99 JO - 8 J 5 1 / 12/1997 3 

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100.00 5.00 1 / 8/190 t 

73.00 1976 XXPDBUC OF 38 AXU, 

79.00 -.JJ 3 U 1/1984 

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100 J» 1977 ISTKAMDA . 

- 100.00 . 7.75 1 / 3 / 2987 . 

60.00 ' 1976 SUJfemak ■ . 1 

■ 100.75 : :».» 23 / 7 / 2*86 

20.00 1972 HAGCBX 25 T 

17 JO lSOJO 8.75 1 / 10/1987 

30-00 1978 ausen-ns 1 

100.00 - 9.73 U 5/190 ■ 

35.00 1877 Mirra canon rtoho 

: 100.00 7.75 15 / 5 / 19*5 

20.00 1976 BUM ADTO CO OF. CAIUS* - ; 

98 - 50 ' 9 JO 15 / 4/1983 

250.00 . 1918 * CAUSA - 

100.20 ’ 8 . SO 2 / 4/1983 S 


93 3/4 9.34 9.48 6 -M 
I 4 J 3 10.14 102 . 00 - 

- 98 3/4 4 J» * 9.60 9.33 


BBU 



100.50 

9.25 

15/ 9/19BB 

PC TO 

46 110 115 210 805 

15.00 

1973 

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Nua 

9*5 975 

99.50 

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1/11/1980 

TC TO 

46 105 115 305 520 

US JO 

1*77 

mmiim weiwi 

«l 

805 

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8.00 

15/ 4/1987 

PC ED 

316 934 965 

75.00 

1976 

OSUKIO BUBS) 

HQ 



99-50 

8.25 

27/ 5/1983 

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46 960 965 

95.00 

1971 

osnzio azaWHXEcmc 

IX 


38.00 

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8.25 

15/ 1/1986 



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1978* omgro bubo. 




99.50 

8.50 

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TO TO 

518 35 105 915 9*0 

100.00 

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U 

97S 


99.50 

8.50 

10/ 9/1986 



75.00 

1975 

oxnno htohj 




99.50 

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15/ 9/1980 

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140 35 105 218 300 

73.00 

1976 

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915 9*0 947 9M 
970 973 

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179 *** 

23.00 

25.00 

1975 

96.50 

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9.30 15/ 3/1990 

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399 103 913 920 975 

50.00 

1*76 

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9.50 

15/12/1986 


100 3/8 10.13 9.18 

101 7/8 2 J 3 8-76 


S .90 9-39 

ICC. DO 

9 . IB 


B .92 9.98 

101.50 

8.45 

9.31 

105.00 
9.33 9 .P 3 

100.00 

9.66 

8.91 9.31 

100.00 

9,42 

106.00 

8.56 9.66 

100.50 
9.27 9.79 

101.50 
8.73 7-47 

100.00 
9.17 B.ia 
101 . DO 

9.30 

101.50 

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9.57 9.»3 
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8.76 

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30 1.00 Kp TO 361 105 945 975 9S0 

1980 1971 LX 

3.50 CP TO 165 **• 

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2-50 IX TO 16S *** 

mm vx 

3 DC .40 EP TO 350 105 ECS 945 975 

1979 1971 LX 9Ml 

TO SB *9 910 


a* .90 
Uai E 11977 


30 1.00 

1978 1978 

30 

1983 

1.00 
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30 1.00 

1982 DM 980 
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1978 DM 977 

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1981 

30 :.oo 

1984 TO 1978 
30 

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30 1 .00 

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1-45 

1984 BPJ 978 

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1985 OT 1979 

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1979 DP 19 72 

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1986 FP 1978 

30 1 .50 

1980 DP 1976 


3.00 

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60 .75 

1981 JFJ977 

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456 >« 


571 /S 7 . 4 S 
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90 C 3.50 

1979 1977 


4*7 945 975 980 

599 530 BH 912 943 
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447 912 945 947 975 
990 

517 


456 305 305 520 937 
945 975 9 BO 
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6 * 105 9*5 975 990 


143 105 305 520 870 
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1001/4 7.79 10.19 10-22 


413 35 60 805 919 
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1975 P 0 LTBA 1 LD , 

100 JO 10.00 15 / 1/1982 

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100.00 8.75 U/ 4/1983 


97 6.84 9-10 

9 $ 3/4 Bill 9 . 0 S 

100 5/9 2.13 3.64 

10 D 5 /S 4.42 fl.BO 

fOS 1/2 12.62 0.90 
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m 3/4 3.46 9.35 

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100 - 00 . tmiJS- JSIWU 06 - 

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947 960 975 


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517 «*• 

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975 

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975 980 

456 20 31 35 M 
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458 20 33 35 60 
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511 *»« 


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99 JO 9-25 30 / 4/1985 6.75 

197 1 mohjlb - nro mcroang 37 3 ft. 5.96 
99.50 9-00 15 / 7/1984 

i960 r mvrre x - ns btobsvlcc 99 sit 2-38. 
98.00 . 8-15 15 / 12/1979 JB 

1976 I MI UUt - BES BBOBTOICE 99 US 5.00 

100.75 8-75 1 ? 8/1983 

2971 pumas op BTOPonanim 99 1/4 7,59 
99 JO - 8.30 2/ 3/1986 *;g 

1977 RBPZKE OF UtniDUD 100 U) JS 

100.30 .9-00 15/ 3/1989 

1978* non hz of BcmmxuuKD kkts/b ii,u 
100.50 9.2s 1/ 6/1990 

197D EMPIRE 07 HH SCOXt* 100 3/4 6.79 


p .19 8.65 
102 .00 
P.i8 B ,°0 
102.00 

9-SJ 


8. 98 8.*1 

101.00 
8 .S 2 9,36 
101.00 


90 3.00 

1980 1981 


H,i? a. 25 8-H to 

**** MOJO 1 M 3 


100.00 9 .00 15/ 5/1985 4.1 2 8.7/ 

1979 re OTIM CB 0? OKTARIO 90 1/4 3J7 8.93 

100.00 8.30 15/ fc/l9C S ' * 93 

. 19*3 MOURE or unit 901/4 9.40 S.D7 

99-00 7.50 15/ 1/I9E8 b .5B 

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J 00.00 9.00 1/ A/I9B4 f 

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200.00 9.00 U 3/19S5 4.16 

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101.00 8.75 1/ 9/1986 ” 

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98-00 8.00 15/10/1979 

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97-00 6J5 15/ 4/1986 *Ju 


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101.00 

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9.00 9.16 

101,00 

9.19 9.33 

mi .do 
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107 JO 

8.52 9-09 

100.00 


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1978 1970 

1980 

90 1.60 

1381 1972 

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19B3 FT 1978 
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9U 1.00 


fi .99 9.17 

100. rs 

9.09 

io:.03 
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101.30 
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101. » 

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16 


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1980 

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98 5/S 5.84 9.55 9.38 


35.00 

9-00 


50.00 
23.6(7 
(O.M 

36.00 


■ 1970 OL IVE. Iff IKT ERSATZ ORAL 
99.50 9X0 15/11/ 19 B5 

1970- S.F.T.E- 
97 .DO ‘ /. 73 


100 1/4 7.29 9.43 9.*8 
3.79 9.41 


1977 S-TZT.E. 
700.00 9.23 


1/ 5/1985 
15/ 7/19A3 


94 


6.75 9.15 
3.(1 9.90 
99 3/8 4.96 9.4 Z 
3-63 9.46 
ED 66 3/4 2.42 13.49 
1.42 16.20 


a.ii 


5-00 

1.80 


1465 SCI 1ST. (I ST SERIES! 

99.50 6.30 11/12/1980 

[966 SCI Urr.(2KD SERIES) XV 86 3/4 2-42 13.49 

99 JO 6.50 31/12/1980 S 1.42 18.20 

CS DOLLARS- JAMAICA 


7.63 


7.50 

1.50 


1966 OOTEXBCn OF JA.1AJCA 
96.80 6.75 1/ 1/7981 


96 1/2 2.42 8.27 7.12 
1.42 9.20 


10.00 

5.00 


1972 COVERmEVT OP JAMAICA 
99.00 a. a 1/17/1979 
US DPLLARS-JAPAH 


9 8 5/4 1-34 9.22 8.35 
.84 9.69 


20.00 

50.00 

35.00 

50.00 
XOJO 


25.00 

21-20 


20.00 

14.00 

20.00 


1973 

98.30 

1976 

99.50 

1975 

100.00 

I9T7 

100.00 

1176 

100.00 

1973 
S8JO 

1974 
99-75 
1978* 
99.00 
1977* 
99.00 


ASAftT CRHQCA2. . 

10.25 15/ 2/1980 

BADE OF TOCn 

8.J0 15/6/1981 

BARE OF TOCTD 

9.15 15/ 6/1980 


BANE OF TOKTOrCMACaO) 
7.625 1/ 5/198* 


CEZTTUL CLASS CO LTD 

9.50 13/ 3/1981 
CURACAO TODD BOLDUC 

8.625 1/12/I9PB 

CDRACAO TOTVO HOLD DC 
10.25 1S/1I/19B1 

BAX1CDT CHT'i/CATMAS) 

8.50 15/ 1/1989 
MURA - DESKI OTTO K.K 

7.73 7/10/ 19S2 


101 7/tt 3.55 
99 7/8 2-87 
100 7/8 1-87 
Ei 1/4 5.75 
100 7/8 2.62 


8.02 10.06 




5.00 

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186 105 405 409 <15 



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IX 

9*1 975 

9.79 

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3.00 

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100.50 

1982 

PP1977 

IX 

409 415 570 8 70 





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1 -15 

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186 105 405 409 415 

103.00 

197S 

1971 

XX 

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3.30 

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196 403 <09 415 975 

102.00 

1978 

1971 

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9.65 

30 

4.00 

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316 *** 

100.50 

1981 

19» 

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90 

1.80 

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359 4 05 <15 

101.50 

1978 

1967 

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359 <05 4L5 

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1978 

1967 

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<41 975 

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1978 

1966 

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2-50 

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327 915 930 975 

300.00 

1978 

1976 

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319 913 920 960 975 



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15.00 
15 JO 


100.00 8.0ft 13/11/1981 

1975 HIPPOS TUDQSAS BASE 
■100.00 9- a 1/ 2/1981 

197* vmon FUDOSAR BASE 
97.00 10.25 15/ If 1980 

1977 VTFEOR HXBBC 
99.50 7-75 1/ 6/1982 


101 


2.51 


100.50 
8.71 9.16 8.95 

101.00 


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•at . 
19JJ 


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11973 TOF7OT 5ED31 
« 99.15 9.13 15/ 8/1980 


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S.65 10.05 
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8.70 9.17 T.81 

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100.50 

9.07 9.42 


30 

1979 

90 

1978 

30 

1981 


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1013/8 3.79 
2.01 


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8.91 101.50 


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359 105 913 920 935 
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1977 HTTAWT SHTPBDTLDim 
99.25 7.75 i5/ 2/l9« 


94 3/4 5-5| 


30.00 


20.00 

8.B3 

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20.00 

35.00 


35.00 
30.80 

45.00 


35.00 

15.00 

35.00 


1978* 
99-50 
1969 
98.50 
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99.U0 
1776 
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1975 
100.00 

1975 
100.00 

1977 

100.00 

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109. 00 
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99.00 
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200.00 


304(2 Z SKIP BUILD L1C 
8.50 1/ 3/1 J*} 


HONDA JBIOR . 

7.50 15/ 1/19BL 


HONDA KOTOR 

9.2ft 1/ 3/1990 


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9.25 15/12/19BU 

DHJD5TRIAL X1XE-JAPAM 
9.S5 15/ A/IJi’ 

ISamkAJCU-SARLKA 
7.75 13/ 4/1982 

DHIKAHAJTHA-H1BIMA 
9.00 1/ 3/1981 

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A. 125 1/12/198* 


1/ 8/1981 


98 1/8 

98 7/8 
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100 3/8 
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15.00 

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1975 UFA? DZTELDFNErr BANE 
99.25 S.iO 13/ J/19 b 0 S 

1977 sisks «rm U0»FS 

99.00 7.73 15/ j/19« 


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100.50 


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1991 

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1980 


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411 32 
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27.50 

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30.00 

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30.00 

10.00 
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25.00 

30.00 


3963 

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99.75 

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99.50 

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99.2J 

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1979 

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97.23 3-75 15/ A/1980 

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1.71 

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100.00 7.625 1/ 1/1982 

96 3/4 

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3.38 

150.00 

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95 3/8 
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5.87 

100.00 

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99.50 7-875 3/ 5/198L- 

98 1/8 

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2.75 

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99.75 8- 125 LI 3/1987 

96 1/2 

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50-00 

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100 3/4 

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20.00 

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99.25 9-25 If 8/1980 

- 100 1 73 

2- DO 

30XJ0 

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100.09 9.23 1/ 2/I9BL 

100 3/8 

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20.00 

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99-73 .8*73 15/ 7/l9«L 

99 1/8 

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3.29 

20.00 

20.00 

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97 1/8- 

3.38 

3.88 

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20.00 

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96 3/8 

6.34 

4.84 

15.00 

15-00 

1976 OLUHT LEAST JC (CADET V 300 5/8 
100.00 9.50 35/ 2/1981 S 

2.55 

1.29 

£0.00 

1976 SHOCA SHIPP UC 
100.00 9.00 15/ 5/1981 

99 5/B 

2.79 

12.00 

l.BO 

1M4 SdHTKHO CHEKICAL CO CIO 98 7/8 
96-08 6.73 1/12/1979 S 

1.94 

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25.00 

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99.00 9,25 13/ (.'1988 

303 5/8 

1.71 

20.00 

1977 SBETTlH BEAVT ISO 
M.25 7.73 L If 1/1*84 

97 

5.46 

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99.30 9.30 J '12/ IVSO. 

182 3/3 

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30.00 

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15.00 

1975 TOBAT IHOVSTRIES 
100.00 9.75 1/12/1983 

r.lOL 3/4 

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15.00 

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100.00 7-75 !/ J/I98£ 

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99.25 7.75 1/ *.1982 

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102 

203 


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8.89 8.04 


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city or suxraotj* 

0.8'S lit 2/1902 


liil 7 . nn o.v, 9 . 115 . .ill | .no SV LC 

i.:n “..-2 1PII.25 ]4»® PMO.'I L3 

9* 1 i 9.38 «.jj 9. |D O.h* 30 1 ." :.«l Die 

J0P.7S 108- Prjo'P 12. 

Of. 1.2 13.55 4.2? 9.21 l-'.l 3" T-.*(0 5* SY 

S 9.0s H. t i J 02.03 100/ DP19NJ ST 


,l.s I.K ■»!'. 41 *. Oil 
O'O 4 -n »'3 
l'l. IK. M]5 O)'. 4.1 

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2 Jl" in'. :|3 .211 *15 

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2 W l ’l'. 115 ’ 2-1 915 

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?1 ms H| - . Bjl Oil 

If.. 1 *.-• 

93 in? *l*. 935 1*1 

4*11 4 .*^ 


;r.. tot a.i; ij 5 97 j 


2 Jo in .10 2)5 "13 
l".- I o'- 11(1 2 |i 415 

1 . j 

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.-■Ill 4 | . <l,[ 4*0 

!»*'• 4 .'a 


31 '. ' .. O ■ 'IS 

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2:2 l»S ?j> i-.s s : 3 


■2 3 '. *0 

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8.96 *' 

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9.08 9.90: 

102 JO 

j.jt >;« 

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9.30 •'»'.» 

in jo - 
6.95 

■ 10 ! .SO 


196* XOCJIALtSUUUI. . 96 6.76 P.D* 

98.15 5.75 * 10/U/1W& 9 3.28 8.01 

1965- BS1DU.-S0UUL 94 2/B 7.23 7.34 

98.56-. -X .15 26/10/1983 S -3.74 8.18 

19<5‘ elUrCPISA 92 3/8 6.47 7.38 

07.75 5.73 20 1 1/19S t 3.7D 8.3S 


5.83 MC •«» 

1970 

f'lJ ■ ji '-SOS. . 1-00 
1973 

■ 5.92 . ' -<f r r'm - - 9 * 

. ] 0 O:u^J 97 B Ml# 

5 i 92 - 1.50 

• . v. 1969 

6.16 30 - .41 

101 . 1978 1970 


fl-32 ' 1.33 

. .' . W»« 

9.30 9iO.' -30 3-30 

Kp.^r«8tW9tJ 

8.90 . 1-cO 

102,5ft ttU'WMri 
8.99 9.1i>.iD V 1-60 

- -10l.^HC BP1970 

5.84 V'jw 2.10 

loa^j^r.- 1973 

'• 5.K ■ ' 

■ 1 lai.u&vifis, .. 1971 


3.79 9.U5 7-58 

3.51 t .92/7.0 





165 105 520 
870 955 
361 105 520 
Til 7-0 
90S 975 
315 10$ 520 
740 132 
9*0 975 
339 US 520 
735 740 
975 ■ 

32? 10$ 520 
7.0 912 
9oD 975 
359 10S S2D 
710 935 1 
327 JOS 520 
7-0 93: ' 
9*0 4 JS 
327 105 S2U 
T-iJ 95S ! 
441 20 « 
427 931 ' 
6*1 105 710 : 
975 
327 «« 


315 105 520-710 T35 
749 932 9*1 955 
(■*0 475 

315 JOS 320 MO 715 
-7-0 412 9-1 955 
1*0 973 

315 «* ■ • 

641 20 3! 33 15 
*0 805 427 931 
939 S»0 97S 
551 20 32 33 35 
*0 929 931 939 
- " 910-9.-5 
315 530 822 947 


1970 snA'-CVTSA 102 

99.30 9.00 13/ 2/1985 S 

1961 . TY6 SET ALXEJE 96 

95.50 *.00 '25/ 3A3B4 . . 


US JOLURf-PABOU 


25.00 . -1977* REPUBLIC 08 PAJAMA L 99 
100.00 9.33 l/l 1/1965 S 


6.35 F.70 

3.63 8.53 

5.63 6.87 
3. Si 7.40 


L 99 4.25 9.76 9.K l.on up ed fi*s 35 US 215 ;is 

S ' Pf J 978 LS 913 9)0 9*0 9*0 

L 97 1/8 S.*2 9.99 9.78 30.53 AO 2.00 KP ED 715 ’jl 913 9)0 940 

101,50 1963 PT1979 SJI24 


<3 J .00 

19SS D7I7R 

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1961 rm?* 
65 7 . on 

1461 PM 900 
45 2.00 

19» OP! 9 79 
90 f 

1979 )«** 

90 T 1. 00 

1976 1470 

4"7 1.00 

1979 197 | 

•OP 1.71 
1979 19 J| 

3 OT .80 
1979 19 71 

90 r. .71 

1319 1910 


315 105 520 710 715 
7 40 912 935 960 
975 

315 IDS 320 7|0 7)5 
740 932 941 935 
9*0 US 

315 105 320 710 - 73 $ 
740 932 941 953 
9*0 975 

315 1 05 520 ?ta 735 
7 iff 932 9*1 955 
4*0 973 

3*1 105 740 9 SS 973 

328 105 520 735 740 
952 941 953 960 
975 


19 u 5 

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97 

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6.19 


10 

1 .Sc 

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2 ’J 

IP- 

" J 1 ' " If 

99.25 

ft. 00 

l/!t'l*V 


1.25 


100.25 

1974 

19*1 

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1^1 

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1 9*7 

niEsstros 


9 : :• 5 

J .-2 


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30 

1 . 1 S 

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ii»: 

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99.75 

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13 / 3 / 1 “62 


2.12 

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100.50 

1 9 78 

on 1*9 

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315 

in . 

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99.50 

a. 50 

lit 2 / 19 S 4 


ji .5 

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101 .50 

1461 

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100.25 

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r-r 



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315 


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99.00 

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30-00 19701 tzftyiic OF TAEAffl l 97 1/8 S .*2 9.99 9.78 

100.00 • 5 . SO 15 / 3/1967 

• or oollabs-papua s-c. 

25.00 1077 B 0 UGAI 5 VU 1 E COPPER TVS 93 1 /A 5 .TS 10.15 9.38 

23.80 , 180.00 8.75 . 1 / 3/1984 ,.99 10 . 5 » 

DS TOtLAJtS-PBlLIPPIsrs 

15.00 J 9*5 REPUBLIC OP IVU. 7 PPT 5 E 5 97 1/2 1 . 6 $ 0.53 6.78 

1.80 . 98.50 6.50 13 / 1 / 19 HI S . . . 9 * 9.50 

05 DOUARS-rOTTECAl 


lH^O 29*1 DPI 97 * U 


1.20 rc EU (56 IDS 210 320 913 


30.00 

100.00 

6.25 

15/ 1/1985 



•■-.I 

- 

101.00 

JUS* 

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IS 







25.00 

1967 

OUNCES 


05 1/4 

4.21 

4. i. 

B.07 


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NP 

III 

3S4 


71* 

- 

4)5 

4.00 

97.30 

b.75 

16/I0 1 1967 

S 

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11.12 


102.25 

l*'b 

l-l-O 

1 «l.v 


4| a ij 

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15.00 

147! 

CBAKT.5 


93 3.-8 

10.53 

9.51 

9.10 


JUC 

1 .l><) 

IP 

u; 

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|0‘ 

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m y.‘ 

<■55 

11.00 

100.00 

0.50 

117 3/1499 


5.W 

10.«9 


104.00 

19*1 

1471 

L\ 



Ui.'. 




30.00 

1975 

GBAXCES 


1P3 1/4 

2.J6 

S.5S 

9.73 


■ 4 


V|- 

ru 

359 

y. 

1".. 


.-ill 


100.00 

9.75 

15/12/1900 





101.00 

14 711 

PF 

IN 



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m. 


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:n.nn 

1975- 

C6ASCLS 


100 3/S 

6.75 

n .*S 

9-71 

m.Si 

■ SC 

1 

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EH 

3‘9 

I*. 

U‘% 

•• i** 


. Id 

la. 25 

90.00 

9.7 S 

1/ 5/1985 


5.1* 

9.65 


102.00 

1910 PI-19-L 

LS 



:i5 


9^5 
















4*5 -j; j 


100.00 

19J* 

C7L00H OF 

STOXES 

95 1/0 

3.87 

4.04 

7-66 




m- 

EU 

517 






99.00 

7.50 

15/ 6/1982 












lno.oo 

1977 

asenon of Sweden 

95 

8.S? 

4.09 

B-b8 

9.63 

45 

4 -‘in 

s- 

EU 

517 





**.oo 

99.75 

8.25 

15/ 6/19(7 


7.37 

9.11 


101 .sn 

19*7 

l*:s 

LV 







ico.no 

1977* SIXGDW Of 

SVHH2C 

9b 1/2 

9.29 

9.:; 

0.00 

9.31 

30 


%P 


479 


V 

131 

35 


0.50 15 / 1 1/1987 S 


too. oa 19 ,-t* lascNx or shock 

100.00 99.75 9.00 15/11/1997 


97 19.79 9.49 4. S3 JO «.~d KP KV 

12.2* 9. *4 10J-22 19{9 0FI9P3 ■.) 


*ii» »o k*!;. 0 j ; 

■nj o-.g m in 

4 :<i .••• 12 1 15 

"> ?»•■ ■(-• 9 J 1 


20.00 1964 REPUBLIC Or TOTUCAL 

- 8.00 97.50 - 5.75 II 9 / 198 * S 

20.00 19*5 REPUBLIC OT TOBTEGAL 

9.34 97.50 5.75 1 / 2/1965 S 

05 DOLLA VJ -5 T KGA 70 RE 

20.00 1973 . COVEttOtERT Of SUSaTOBZ 

17.20 100.00 7.75 1 / 11/1987 

15.00 1977 * UPPBl, SHIP 7 ASS 

91 . 50 - 8.625 15 / 10/1984 

25.00 1976 KEF PEL SHIPYARD 

»9.i3 9.00 is/ imu 

12.00 1975 *EPm SRIPTAU 

12.00 100.00 9.50 U 7/1982 

12.00 197 * MSB SISCAPORE D 

12.90 99.50 8.50 13 / 11 / 1483 , 

10.00 1471 J 15 CAPORE Dm 1 AST " . 

7.60 100.00 6.50 15 / 1/1983 .' 


94 1/2 5 . 1 . 7.03 6.18 
• 3 .J 4 7.79 

93 7/8 b.U 7-04 8 . 22 * 
2.31 7.93 


7.78 7/77 " 8-49 
7.80 " 102 JO 


102-00 19 fO 
10.02 30 


100 1/4 3.04 

IDO 3/8 3.92 

2.42 
93 1/4 3 .M 

3.42 
99 3/8 3.46 


9.27 8.89 10.02 
, 1Q1-0D 
8-93 8.98 1.32 

101.00 
9.97 f-46 a.n 
9.33 101,80 

0.91 6.65 .*«. 

»- 10 

0.*9 6-35 -V 
8.75 MM. 


.40 

SP « 

327 915 975 











■l »«, 


•••> 

19*5 

SE 


125.00 

1478 * TIISnM OF SWEDE* 

98 5 /S 14.44 

9.*2 

9.60 4 .SJ 

30 

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99.00 9.25 1 / 6/1998 

S 

12.75 

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103.04 

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sv 


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MW 


II* 1 , 




35.00 

1**5 wcrais 

97 1 /- 

2 .fi* 

7 . 4 A 

6.17 

JO 

l.:« 

1 V. LI) 


H >’4 


9-1 

1.33 

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218 1 05 520 915 920 

3.75 

99.25 8-00 1 / 4 / 19*0 


J.f ‘9 

8.75 

100.00 

1476 

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Mh«j 

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L 3 U 

•*1 075 

50.00 

197 * B>Ctir*F 

97 

t.:» 

S .72 

8.25 

15 

10.66 

to 

315 

«■* 



1 . 53 . 

SP « 

399 105 >70 915 920 

SO.'IO 

160.00 6.00 15 / 1 1 / 19*3 


3.29 

9.07 . 

101 . 7.0 

I 960 

l “79 

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1971 

ST 

9*1 975 

20.00 

1968 L-M. ENICSSIW 

9 * J /- 

7. *2 

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a. 33 

-or 

1 .:■) 

ST EU 

359 TO- 

■; i 

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9 . *0 

97.25 6.50 15 / J /.-.86 

6 

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7.57 

101.75 

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1“94 

LS.U: 


U-l 


960 t.'S 




35.00 

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98 3. -4 

5 . 1 ) 

F. 5 U 

B.bl 9 . *n 

4 r *C 


NP LD 

2 ) 




1 .S 0 

sr ru 

396 913 97 S 


100.00 F.Sl) 15 / 9/1963 




ini.no 

1980 


LE 





197 * 

SUL 


30.00 

1977 L.?*. PRlCSSilc 

97 576 

10 .T| 

6 .P 4 

8.71 “.«i 

i>r 

l-.'-fi 

*.t a' 

359 




2.00 

SP SI 

396 911 91 ) 930 947 

30.00 

106.50 F .50 15 / 4 / 19 S 9 


7.71 

*.») 

101.50 

1932 OPIStfO 

L-. 





PF 1*76 

sranx 


30.00 

1470 L-D- IJUC 3 SOB 

. in* 

7.34 

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9.07 *.;•! 

45 C 

.'.25 

sr *i* 

mmS 2 


r**j 

y. o ns 

1.00 

FP EO 

396 911 913 930 947 

21.45 

99.50 4.25 1 / 12/1905 


A. 40 

fl.bj 

100.25 

1»«0 

i»;i 

2 JIS. 4 K 


V 7 :• 



PI 1477 

HU 


35.00 

| 47 a t-a. E 7 K.SXV 

100 3/4 

14.13 

4 . 1 - 

9.18 *.27 

45 r 

1 . 7 *. 

SP EC 

:;} 




3.00 

DC ZA 

395 913 930 

35.25 ftlOO.OO 9 .JS 15 / 9/1441 


10 . *4 

5 .U 

101.50 

19 *. 

6 !'l “77 

LS 





1979 

51 


33.00 

147 * W> OTH D«t>JO 

90 1/2 

8.21 

10.79 

9 . 9 * 

*0 

l .’5 

NP EU 

»*' 

in'. 


•15 735 

1.50 

IS. AS 

6 i 9 9 L 3 9)0 


100 . 01 ) 9.00 1 5 / 10 / 1 4 (W 




I'll .50 

l 9 M 

rni.’: 

14 



•19911 

4 -J 

197 B 

SIRE 


25.00 

197 * J 9 > on AXIS in 

94 j,'B- 

*.SJ 

11.11 in.*? 

ml 

I .«0 

SP EU 


in'. 

•V, 

;:i 7)5 

1 . 20 : 

,-.r. u 

39 * 913 930 


100 . Ml 9.50 15 / 2 / 19*3 




:o .50 i)*v rri 4 r; « 


s "-i *; 

) 

1976 

SOT. 


. 50.00 

1477 SA.\B-Sl-a.\U 

94 

16.62 

9.40 

9 -u- 

VK 


SP TS 

272 







- 

99.25 «.Vl 15 / 3 /l 3«9 




lol.iO 

)Vi) 

IS, 







issuers 


Se kitted Austrian SchilRng ftotwfa V ; 
of Austrian issuers i i 

maturity up to 5 years 7 '* . ■: 

8 % Ssterre ic hi 973/^81 "i:- 

8 % 0 sterrerch 1973 /III/a^ 2 - - 
81/2% Osterfeich 1975/S/83 : : 

81/2% Innsbruck 1974/B/82 
81/2% Steyr-Da»mler-?uch1974/B/$1 
73/4% VOEST- Alpine 1973/B/82 


maturity over 5 yea/y 


81/2%Osterrefch19^/S/MI/85 
8 % Osterreich 1 976/1 l/B/86 

8 %Osterreiaii977/S^B/87 
8 % Arlber^ StxafieniunneJ 1977/B/85 _ 

81/2% Wien1974/B/84 , -- 

8 % C A- 8 V 1 976/.I J/A/91 : . 

81/2% Bne'rgie' WS/ftlB +5/85 
8 % E nergie 1^78/B/87 ; 

8 % Semperitl 973fti8 ' y ' r".' 


Middle 

Price 


Average . Yield to 
Life . .. average life 


Current Redemption . 

Yield (mandatory drawings by lot) 


•i'-’.V.'. 


101,75 

' : 

7,34 

7,86. 

- 15. 277-81 at 101,0 

/ 102/5 

231- -*■>. 

7,65 

- 7,79 

20.11 .74-82 at 102,0 to 102,5 

: 103,— 

2,60 : 

•7.49 

8.25 

% 5. 376-83 at 100,0 to 101,0 

1023 

230 ' * 

7^5 . 

. 8.31 

19.11.75-82 at 100,5 

101,75 

V5 ." : : 

.7,61 

8,35 

29.10.75-81 at 100,5 

• TQ2,— 

2,43 • 

7,98 

7,60 

4. 7J7-&2 at 102,0 to 103^) 




104,75 

432 ' ' 7,82 

8,11 

-’27.1179-85 at 1.03.0 to 1033 

100,50 

■ 6.72 r- ‘. 7.89 

7.96 ■ 

-21.10.83-86 at 100,0 

100^0 

6,04. 7,88 

. 7.96 

15. 2.82-87 at 100.0 

,100,50 

43Q:;r-735 

7,96 

29. 7.80-85 at100,0 

102,— 

3.42 ;..^:.:778 

8,33 

2. 775-84 atlOO.O 


6.69: .^' 778 - ■ 

7,92 

7.10.77-91 at100,0 

.10475 

4.25:.;. .^•■7,84 

8,11 

. 29.10.79-85 atl 03.5 

icn,- 

6,59',% 7,78 ■ 

7,92 

1. 3.83-87 at 100,0 

102,— 

5,17’^ :- 8.00 . 

7,84 

30. 374-88 at 103,0 


U-BlAJUv BUNDS 

fi| 5 fc Brenner Aurobahn 1968 (G) 

6 % Donaukraftwerke 1959 (G> 

6 i% Donaukraftwerke 1973 <G) 

7 % Girozentrale Wien 1976 

71 % Girozentrale Wien 1976 

Si% IAKW 1975 (G) 

6 J% Kelag 1973 fSG) 

S 3 % Oestpr. Draukraftwerke 1975 (G) 
7 %Oester. Elektrizitaeiswirt 1967 iG) 

7 % Rep. Oesterreich 1968 

6 |% Rep. Oesterreich 1969 

9 % Rep. Oesterreich 1975 

8 J% Rep. Oesterreich 1975 

7 *% Rep. Oesterreich 1976 

6 J% Rep. Oesterreich 1977 

6 $% Tauemkraftwerke 1968 (G) 

7 % Tfenemkraftwerke 1968 tG) 

9 }%.Tauernautobahn 1974 (G) 

8 i% Voest 1973 

Si% Voest 1975 

6 |% . Voest 1977 

7 %, Wien 1988 

8 « to Wien 1975 

U-S 4 BONDS 

6 % Rep. Austria 1964 

6 |% .Rep. Austria 1967 

S}% Rep. Austria 1976 

61 % Aust_ Electricity 1966 tG) 

6 J% Aust Electricity 1967 (G) 

5 f% Alpine Montan 1965 (G) 

Sl% Tauemautobahn 1977 (G) - 

5 J% Voest 1963 (G) 

6 i% Transalpine Fin. Hldg. 1966 

6 J% Transalpine Pin. Hldg. 1966 

6 J% Transalpine Fin. Hide. 1967 

6 t% Transalpine Fin. Hldg. 1967 

7 J% Trans-Austria Gasline 1973 

AUSTRIAN SCHILLING BONDS 
9 i% Kontrollbank 1974 (G) 


1 . 2 - l.S 
1 - 2 - 1.8 

IZ 
1.11 
1.11 
1.5 
1.5 
1 Z 

1 . 2 - 1.8 
1 . 4 - 1.10 
1 . 4 - 1.10 

11 

1.5 

2.5 
1.4 

12 - 1.9 

1 . 2 - 1 B 

1.7 
3.10 

1.6 
1.6 

1 . 6 - 1.12 

1.8 


11 . 141.7 

15 . 3 - 15.9 

15 ^ 

1 - 1 - 1.7 
1 . 4 - 1.10 


1 ^. 74-83 

1 . 2 .B 5 -S 4 

1 . 3 . 73 - 87 
1 . 11.81 
1 . 11 . S 3 

I . 5 . 80 -Ro 

J. 5 . 7 B-S 8 
1 . SRI -85 
I Z 73-87 

1 . 4 . 73 - 82 
1 . 4 . 75-83 

1 . 2 .S 3 

1.5.78-87 

2 . 5 . 83 - RB 

1 . 4 . 83 - 83 

1 . 9 . 74 - S 3 

15 . 74 - 83 
1 - 7 B 1 

1 . 10 . 79-88 

1 , 681-85 

1 . 8 . 84 - 89 

1 . 6 . 74 - 83 
3 ^. 79-84 


31 . 1 . 71 - 84 

15 . 3 . 72 - 82 
15 . 8 . 78-90 

1 . 7 . 70 -S 6 

1 . 1071-82 




Selected US-S Bortdsof Austrian ijsuets 

53/4% Voest 63/78:. . 6 % Rep. ofAti^na-6^'64 . 

5 3/4% Alpine Montan 65/85 '• " ~ . *' ; -7 - 6 3/4% Rep. of ■ 

b 5/8 ?4 Austrian E lectriqi ty 6^861 f :;7 .. J33/4% Rep. of Autfla 76/90 

b3. 7 4%' Austrian Electricityfe7/82 r - ? 1/4% Tauemautotaf>n77/87 

91/2% 5sten»cbische.Kontr(^lbank74fB In Austrian Schilling (traded inU5-S only) 


- - Interest is payable withc^t deductionforor on account of Austrian taxes. 

■ For currentprices and furthet U^rmation please contacfc- 
-^orAustrianSchilling Bonds: Rrfetjekl, Robert Wasinger 
- . 7 . '{Tetephone: 6622^ 7m .or?«l7, TeIex: 74261-63) 

For International Bonds; Waiter Vogf (telephone: 6622/2222, Telex:76946) 

- • . Code for Reuter Monitor SeanfSesProgram: CA DA, CA DB 


DOMESTIC ISSUES 

8 % • Inaestitionsanleihe 1973 /B 

S% Investitionsanleihe 1973 /U/B 

8 %^ InvestiUonsanleihe 1974 /B 

83 % Investitionsanleihe 1974 /II/B 

8 i% Investitionsanleihe I 975 /II/B 

S 3 % Investitionsanleihe 1975 /S /JI 

Si% Investitionsanleihe 1975 /III/B 

S)% Investitionsanleihe 1875 /S/I 1 I UJV 

8 ^% investitionsanleihe I 9 ra/V/B 


Investitionsanleihe 1977 /II/B 

Investitionsanleihe 1977 /m/B 

Wasserwirtschaftsfondsanl 1977 /HI .... 
Energies nieihe 1975 /IIB 


15.6 

15 . 6 .i 2-85 

15.3 

15.3 8 S.R 7 

23.10 

23 . 10 . 70-78 

31.10 

31 . 10.7085 

31.7 

31 . 7 . 70-85 

31.1 

31 . 1 . 73-82 

30.4 

30 . 4 . 74-83 

15.1 

15 - 1 - 77-88 

14 B 

1 -L 8.79 

152 

15 . 2 . 77-81 (1011 

3.7 

3 . 7 . 76-81 ( 102 ) 

1.4 

1 . 4 . 76-82 ( 104.501 

22.10 

22.10 75-82 

11.6 

11 . 6.76414 (1031 

25.7 

25 . 7 . 76-85 ( 103 ) 

28.10 

2810 . 76 -S 4 ( 103 ) 

27.12 

27 . 12 . 79-85 ( 103 . 50 ) 

12.12 

12 . 12 . 79-85 ( 103 . 50 ) 

20.2 

202 XJ -86 (1041 

2.6 

2 . 6 B 2-87 

15.9 

15 J.S 2 -S 6 

20.12 

20 . 12 . 82-86 

3.6 

3 . 6 ^ 2-86 

29.10 

2940 . 79-85 ( 108 ^ 0 ) 

29.4 

29 . 4 . 76-83 

10.5 

10 . 5 . 78-92 

10.5 

10 . 5 . 78-92 

20 J 0 

20 . 10 . 80-80 

17 . 12 - 

I 7 . 12 B 1-86 

19.11 

19 . 11 . 81-86 

21.10 

21 . 10 . 77-83 ( 101 ) 

26.7 

26 . 7 ^ 0-83 


1 . 10.70 

15 . 8.71 
15 . 3.82 

23 . 10.69 

31 . 10.69 
13 . 7.69 
31 .L 72 
30 . 4.73 
15 . 1.76 


8 % Tag Pin co Anleihe 1976 19.11 19 . 11 . 81-86 

84 % .Sparbassenanleihe 1975/0/8 21 JO 21.10.77-83 (101) 

8 % SparkassenanJeihe 1 977 /S /B I 26.7 26 . 7^83 

fR) Purchase for redemption purposes by issuer possible. The bonds so 
to plan. (...) Repayment at a premium. (G)- Government Guarantee. 

tions are based on the middle 


BID 

| ASKED 

CURKtN 

YIELD 

101 J 

102 } 

6 . 62 % 

1001 

1011 

5 . 94 % 

1024 

103 

6 . 57 % 

1031 

103 J 

6 . 76 % 

104 J 

105 } 

6 . 90 % 

lU 7 i 

10 S 

8 . 12 % 

102 ( 

102 ] 

6 . 59 % 

1061 

107 

8 ^ 0 % 

1024 

1 U 3 

6 ^ 1 % 

104 ) 

104 } 

6 . 71 % 

ion 

101 ] 

6 . 40 % 

1061 

107 

S. 44 % 

lOfii 

106 ] 

7 . 98 % 

106 } 

1063 

7 ^ 8 % 

104 } 

1 (H{ 

6 . 46 % 

102 } 

102 * 

6 . 34 % 

1023 

1035 

G. 79 % 

1 00 1 

110 } 

8 . 65 % 

107 } 

107 ] 

7 . 91 % 

I OBJ 

107 } 

7 . 93 % 

101 

101 } 

6 . 67 % 

103 J 

104 } 

6 . 73 % 

105 } 

106 

7 . 60 % 

98 ? 

9 RS 

6 . 0 S% 

982 

09 ] 

6 . 82 % 

99 } 

100 

S. 77 % 

90 1 

97 } 

6 . 83 % 

98 « 

09 } 

6 . 81 % 

94 

94 } 

6 . 10 % 

97 J 

OSS 

8 . 41 % 

on 1 . 

mot 

5 . 76 % 

9 «i 

97 } 

6 . 70 % 

08 { 

08 ] 

655 % 

97 } 

97 ? 

6 . 92 % 

97 J 

98 } 

6.80 % 

SS 

89 

S. 47 % 

1015 

1035 

9 . 31 % 

11 m 

102 

7 . 88 % 

1011 

103 

7 . 86 % 

104 } 

104 ] 

7 . 64 % 

101 ? 

102 } 

853 % 

1021 

1031 

R 25 % 

103 } 

103 } 

851 % 

102 ? 

1021 

858 % 

104 } 

1042 

R. 13 % 

KM 

104 4 

8 . 15 % 

103 ; 

1044 

8 . 18 % 

100 

100 } 

7 98 % 

JM 

1001 

7118 % 

700 

100 } 

7 J»R% 

ion 

100 } 

7 . 08 % 

1045 

105 

8 . 11 % 

mi; 

3021 

8 ^ 3 % 

inn 

100 } 

7 98 % 

inn 

300 } 

7 . 98 % 

100 

101 

S. 9 B% 

ion 

101 

7 96 % 

100 

101 

7 JJfi% 

1011 

102 } 

8 JW% 

101 

10 U 

7 . 90 % 


purchased may be used for repayment according 
(S) Local Government Guarantee. Yield calcula- 
price. 



Creditanstalt-Bankverein 

Scbottengasse 6, A 1010, Vienna. 


• " On international capital markets Austria ranks as TViple A. For knowledgeable investors, 

Austrian securities ace particularly safe and attractive inve^erfs. 

Austrian issuhTg houses may be considered models where and ii acts asadcposhory hank for investment funds. Leading 

• • is concern^ Oi^ more rr^nformrinv | -J - J orcMnanagingaJmcst all domestic issues and having ^ 

i^reiotw AiKtnan tonck. Girozentrale Vienna ls I n^fl underwritten morc than 220 issues on Ihc Eur^dpit!]- 
«ciirid«^f sc ^ on ^ ^ tank - 1*™** ^ rtdocs ifs own j. " f Mariict in ]977 alone. Girozcn.rulc Vicnnj is one Sc 

securities n kxiks after foreign companies on ihcV ienna Borv. 1 load.n- Austrian insttlulkms tandling scvurincs. 

Girozentrale Vienna 

Market Maker in Austrian Eurobonds 

MmaicSecurTlJW Tr-fcnsDcjartmcnl; K*i VQM AfK A. Tel *: «M Din Telct I J WS ■ U«uir Mmatcr n,*.- M a .kfr«f ■ ■ 1 1 t,i ni,™ 








18 


Financial Times Tuesday August IS 1978 



si 


Boanci'.-c"’ 
coupgn maturity 



MARKET 

MAKERS 


rs doilars-suetest tcosn<rort 


15.00 

1671 

SAFam 



1M 3/L 

£.30 9.96 

9.13 

9-52 

HE 

.75 

NP ED 

12. IS 

91.10 

9.00 

1/ H/1986 

S 


1,90 9.01 


102.00 

1981 

1973 

LN 

39.00 

!97£ 

5A5DCTE 



:oi 

7.71 6. 10 

9.(1 

9.70 

(5 

r.so 

HP ED 

£7.00 

10D.10 

9.50 

13/ (/19E6 



1.5? 9.25 


laz.ao 

1981 

1977 

LS 

31. DO 

1912 

S CASSATT 



J2 3/8 I2.» 8.51 

8.12 


20 

1 JO 

FC ED 

£7.00 

ion. 2 5 

7.50 

13/12/1990 



6.13 0.55 


100.375 I960 3P197S 

IX 

30.00 

1973 

iGiSRAPT 



90 1/4 

je.:i S.80 

8.7B 


30 

1.00 

f'.tS 

28.90 

99.75 

1.525 

15/10/196$ 



I.i* 0.91 


100.375 3979 OF!?’* 

LX 

40.00 

1976 

(S4VDXSAVTSKA DSCILDA 


98 5/3 15.74 9.17 

9-U 

9.77 

JO 

1.50 

NF 07 

38.50 

100.00 

6.00 




8-3 9.23 


102.00 

198* 

1977 

LX 

73.00 

1974 

SEiNDIitAVXSEA BWim 


101 3/4 

3.34 9.17 

10.07 

4.11 

30 

8.33 

vp eh 

21.00 

100. ao 

10.25 

1/12/1461 



2.34 9.37 


100.30 

1970 

1979 

LX 

30.00 

1977 

srr 



91 5/6 

£.46 9.47 

8.73 


30 

.75 

SP ED 

29. =5 

100. SO 

*.w 

13/ 1/1487 



*.>7 9.84 


101.00 _ 

1402 DPI 978 

IX 

20.00 

1976 

SOSA SroCSACASBA 


9* 

8.39 M.40 

10.11 


45 

3.00 

FC ED 

2Q.OO 

96-10 

9-50 

1S/LZ/I986 



5.9S 10.91 


101.10 

1981 

1981 

LN 

20.00 

1976 

STAS8AN1ZISA5 BIST 


99 

S.29 9.03 

8.84 

9.(2 

roe 

3.50 

et or 

20-00 

99.10 

8.71 

!/ 9/1983 


3-19 9.12 


101.00 

I9B1 

1979 

IX 

10-00 

1977* BFARBAKKEKAS BANE 


Si 7/8 

9-S 9.24 

9.03 

6.81 

90C 

s-so 

NF ED 

JO.OO 

100.00 

£.75 

15/ 1/S988 



5.11 9.54 


101.00 

1983 

1979 

LX 

40-00 

19J7 

STATTFGRZE1E 


95 5/8 

2.51 9.24 

8.10 




VP ED 


100.50 

7.75 

X/ 2/1982 








IX 

30.00 

1P75 

SUI570SEUC 


100 2/S 

2.13 9.1$ 

9.24 




GG CD 


99 .00 

1*25 

15/ 97I9BO 





100.00 

1979 


LX 

31.00 

197* 

SVENS ka hakhelsuneen 


100 7/8 

7.63 9-07 

9.17 

9.17 

90C 

1.00 

V ED 

28.10 

99.00 

9.25 

1/ 3/1986 



5.15 9-02 


101.00 

1981 

1677 

LX 

=3.00 

1976 

SftDUH QEOKI CBDIT 

V 

98 1/8 

5-:i S.-9 

8.19 

9.46 

30C 

1-80 

V ED 

16.60 

100.00 

7.875 

X5/10/I983 

s 


2.64- f .89 


101.00 

1980 

1977 

LX 

25.00 

1975 

SWEDISH EXPORT CR2DIT 


ICO 5/8 

3.71 8-77 

8.94 

8.65 

'3D 

3-10 

NP ED 

1-50 

99. DO 

9.00 

15/ A/I98Z 



2.=6 8.68 


100.10- 

16 79 

1676 

LX 

15.00 

1973 

SWEDISH INVESTMENT BASK 

92 3/3 

6.t6 3.70 

8.12 


(K 

.50 

HP' EO 

12.10 

100.00 

7.30 

15/ 1/1988 



1.94 9.12 


101.00 

1981 

1974 

LN 

IS. DO 

1972 

SWEDISH XSVLSUXZCT BANE 

98 1/2 

9.1) 8-30 

8.03 


*1C 

-50 

PF EO 

12.10 

99.00 

7.71 

1/11/1917 



5.73 8.55 


10 l.M 

1980 

1973 

LX 

15.00 

1976 

SOTRAfr 



99 2/8 

8.11 9.31 

9.28 

9.81 

60 

“.00 

vf or 

11.00 

100.00 

9.21 

11/ 9/1986 



=.63 9.33 


101.10 

1981 

1981 

LN 

30-00 

197* 

DODEVALLAVAim 

p 

98 

5.34 8.39 

8.06 

9.31 

TOC 

“.30 

CG ED 

£5-40 

100.00 

7.75 

I/12/I9B3 

s 


2.85 8.71 


101.00 

1980 

1977 

LX 

=3.00 

1*77* D1HSVALIAVAXVET 

p 

94 3/8 

(.IT 8.92 

8. T9 

10.12 

30 

“.TO 

GG ED 

=3.00 

100.00 

7.7S 

15/ 9/1984 



5.0m 9.12 


101.00 

1901 

1980 

LN 

21-00 

1972 

VOLVO 



93 1/2 

6.04 9.08 

8.56 


60 

l.M 

KF EH 

21.80 

100.50 

£.00 

1/ 9/1187 



5.9* ?J8 


101.50 

1980 SF1977 

LH 

35.00 

1977 

VOLVO 



93 7/8 

8.5« • 9.0* 

B.S2 


60 

1.75 

K? EO 


100.00 

8.00 

1/ 3/1987 




101.50 

19B2 PF1978 

LN 

£1.00 

1975 

VOLVO 



101 JA 

6.18 9.1L 

9.34 

9.12 

60 

1-25 

NP CD 


.99.50 

9.10 

1/ 3/1185 




101.10 

1980 FF1976 

LB 


trs imuM-SHimsuso 


35.00 

17.50 

75.00 

35.00 

31.50 


15.00 

3.50 

100.00 

100.00 

100.00 


'50.00 

50.00 


15.00 

11.50 


30.00 

30.00 

30.00 

17.00 

60.00 
60. On 
20.00 
17.20. 
20.00 

30.00 

27.00 

50.00 

50.00 

25.00 
IS -00 

50.00 


1.00 

15.00 
33.50 

50.00 

50.00 

30.00 

60.00 

1*1.00 

1 «. 0 O 


1971 

ALDStriSSE 1ST XH 

98 1/8 

.2.62 

7.71 

7.13 


100.00 

7.00 . 1/ 7/1981 

1.92 

8.08 


lai.ao 

1977 

FIAI FIB COR? 

9/ 

A. 00 

8.92 

8.25 

9.34 

100.00 

8.00 1/ 8/1982 





100.50 

1972 

SWISS ALDHI5TCM AD5T LID 

97 5/8 

£.62 

8.38 

8.19 

9.59 

98.50 

e.00 11 7/1987 


4.92 

£.51 


102.00 


1978 

300 

1901 

33 

1981 


5-83 

1976 


PC TO 16 805 $75 
28 

PC EH 165 *** 


3.50 PC ED 
1973 LS 


166 105 305 520 B05 
670 9 75 


OS P0UA6S- W K C0 1LA 

1965 lEFlftLlG OP VcHEZCELA 
99.00 6.25 15/ 1/1960 5 

1977 BEFOOL EC Of VEZEUELA 
99.09 7.875 15/ 6/19BZ S 

1977 UimiC OF VE5X2CEIA 
99.50 8.00 1 5/ 2/1964 

1977* UFUBLIC OF TENE2CBLA 
91.75 8.125 15/10/1984 5 

1977* UHtlLlC or VESEZDEIA 
99.50 8.75* 15/10/1992 S 

1972 VUUUELA TEL 
100.00 S.25 15/12/1987 5 

05 DOLUBS-OID KIIJCDOH 


1973 

iiumt xht TEN 

98 1/8 10.17 

9.03 

8.92 


«a 

3-00 

100.00 

B.75 1/10/1988 


5.67 

9.19 


laz.ao 

1980 DF1979 

1971 

AXKLEASE HR FIB 

99 7/B 

8.00 

9.02 

9.01 

9.66 

*a 

I. 00 

lao.ao 

9.00 1/ 8/1986 

(.24 

9.05 


102.00 

1981 DP1975 

1977 

ASHLAND OIL CGI) 

96 7/8 

3.75 

6-.1 

7.74 


=0 

15-00 

100.50 

7-SO 1/ 1/1982 


2.23 

9.10 


102.00 

1978 

1979 

1672 

B-I.C.C. FIB 

90 7/B 

8.51 

9.34 

8.53 


6 DC 

1.35 

99-50 

7.71 1/ 2/1987 


4.89 

la. 10 


101.00 

1981 DF1971 

1971 

BARCLAK BANK TNT 

99 1/2 

.34 

9.10 

7.79 


fid 


100.00 

7.75 1/11/1978 





loo.sa 

1978 


1971 

BARCLAYS BAKE 1ST 

98 5/8 

8.3( 

s.47 

8.37 


60 

3.00 

100.00 

8.25 1/12/1986 


(.34 

9.62 


102.00 

1979 DF1977 

197* 

BARCLAYS HASH 1ST 

F 100 1/4 

6.(7 

9.06 

9.10 



L6.0O 

100.00 

9-121 1/ 4/1981 

5.67 

9.05 




19*3 

1»76 

BARCLAYS BASE UR 

100 1/8 

8.71 

9-06 

9.11 



8.00 

100.00 

*. 121 15/ 4/1987 

7.71 

9.09 




1981 

1*75 

BARCLAYS BASE 1ST 

102 1/8 

3.6= 

£.18 

9.06 

8.44 

(0 

2.00 

100.00 

9.25 1/ 7/1982 





101.00 

1980 PF1477 

1977* 

BARCLAYS D'SEAS INVEST 

91 l/= 14.13 

9.0/ 

8.90 

9.66 

45 

5JD 

1M.M 

8. SO 11/ 9/19« 




101.25 

1684 privis 

1967 

BETCSAS 1ST 

94 

3.00 

8.74 

6.76 


30 


100.00 

6.21 31/ 7/1981 

S 




101.50 

19 7£ 


l«-l 

1EEC8AM 1ST 

‘ 97 3 n 

7.51 

9.73 

8.47 

9.(3 

60 

2.51 

100.00 

B.!5 1/ 2/1986 


5.09 

B-91 


100.00 

1981 

1974 

1977 

KM*m COUP 

9( 1 A 13.79 

9.(7 

9.41 

6.77 

60 

2,00 

100.00 

9.35 15/ 3/199= 


10.51 

9.51 

101.10 

1185 DF1981 

1616 

BOUATER CORF 

101 7/8 

7.96 

9.40 

9.57 

9-48 

60 

1.29 

100-00 

9.75 15/ 7/1986 


101.10 

1982 

FF1917 

1476 

BRITISH CAS 

100 1/8 

2.51 

8.90 

8.99 




100.00 

9.00 1/ 2/1981 






1*72 

BRITISH LAND 

B2 UZ 

9.2S 11,11 

9.70 


90 

1.60 

99.08 

8.00 1/11/1987 


4.75 

13.18 


103.00 

1980 

191.8 


W ED 
LH 

BG IS 
LN 

FC ED 
13 

Pi ED 
LN 

SO ED 
LR 

SO ED 
LH 

HP ED 
LM 

SO ED 
L.1 

SD EE 
LN 

rc ED 
L* 

Frt 191 
U<1 

PC ED 
LI 

X? ED 

LH 

KP ED 
LH 

CG £0 
LH 

FC ED 
LH 


326 105 910 932 935 
941 950 955 960 
971 

326 105 930 931 941 
950 955 960 975 
93 —* 


335 930 935 930 955 
9b0 975 
326 105 520 
951 9 b0 
326 105 410 
951 960 
630 960 


930 950 
975 

435 950 
975 


630 210 960 

487 31 105 
« JO 935 
955 9b0 
297 

316 934 9*0 

316 105 930 
950 355 
517 *•* 

517 105 870 
9*7 950 
975 
359 *»* 


520 910 
9*0 950- 
975 


93* 9J5 
9e0 975 


930 535 
955 960 


346 930 953 960 975 


20.00 

1""0 

COKTINEVTAL TELEPHOTO 

101 1/8 

3.51 

8. 11 

8. So 5.44 

30 

1.70 

FC ED 

38 105 520 870 97S 

10-10 

99.75 

9. GO 

1/ 2/198= 


2.50 

8.2 L 

100.00 

1979 DPI V 12 

IX 


20.00 

1971 

CQICCL5C 1ST 

102 

7.62 

8.12 

C.33 8.20 

3a 

1.50 

PG EO 

<18 105 60S 870 935 

11.00 

100.00 

8.10 

15/ 3/1486 


4.56 

J.94 

101.00 

1979 DF1976 

LS 

9*1 9s0 975 

10.00 

1968 

OTLES-HAH3ER IYT FIN 

99 1/8 

2.09 

7.96 

7.17 

3D 

*1.00 

FG NT 

<1* 101 120 931 941 

1-00 

100.00 

7.10 

1/ 9/1980 


1.29 

6.26 

iro.ro 

1978 

1972 

LX 

NO 9:3 

15.00 

1972 

CCTLEF-RAHMTE 1ST PM 

97 1/4 1 , 

8.87 

8.41 

8.21 

30 

1-00 

PC ED 

<16 33 105 JOS 5:0 

13.00 

99.00 

8.00 

11/ 6/1987 

1 

3.72 

8.43 

100.21 

1980 DP1913 

LX 

731 £70 9JS WO 












<M 950 4«0 975 

21.00 

1965 

CYASAfETD 


SB 3/4 

2.M 

6.50 

5.91 , 

30 

1.25 

FG ED 

500 105 510 801 931 

r./l 

98.25 

1.U 

1/ 9/1980 

S 

1J9 

7.08 

100.50 

1973 

1969 

ST 

* 941 960 975 

£0.00 

1972 

DANA 1ST 


97 1/4 

8.98 

8.(1 

8.23 

30 

1-25 

PG HD 

<34 31 105 JilS 5=0 

19.10 

99.10 

8.00 

1/ J/1987 


3.68 

8.6= 

1a1.ro 

1979 DP1976 

LX 

711 935 9.0 9+1 


120.00 1976 DO If WEKICAL 0 !S CAP SB 1/8 

100.00 8.00 15/12/1988 

30.00 1971 MW OIRSIW 0/3 CAP 101 5/S 

17.00 99.00 8.10 13/ o.'ljfifi 

50.00 1971 ESSO Q/S FIS 99 5/8 


7.97 8.21 
A.SZ 8.07 


35.00 

97.00 

£.00 13/ 3/1986 


(.65 

8.08 


SQ.OQ 

1471 

esso o/s ns 

99 5/8 

8.29 

8.(15 

8.01 

3*. 80 

lao.ao 

8.00 11/11/1936 

5.87 

8.08 


2U.O0 

ivro 

ESSO 0/5 FIs 

104 5/8 

7.11 

8.11 

8.6a 

1-.10 

100.00 

9.00 IS/ 9/1485 

(.23 

7.67 


30.00 

1*73 

r.«i aucfcn a/s m? 

97 1/2 

1.46 

8.81 

7.18 


J 00.00 

7-00 11/ 1,1900 





20.ro 

1476 

FBUEHAtfr IKTESNATIOVAL 

10= 7/8 

4.62 

8.31 

8.75 


94.10 

9.0P 11/ 3/19? J 





=5.11 

1*72 

GEN AMERICAS TRANSPORT 

96 7/8 

8.84 

8.76 

8.12 

=;.4o 

100.10 

0.:i 1/ b/198; 


S.9I 

B.*5 


= '.00 

147» 

GENERAL CARLE 1/5 

98 1/4 

4.74 

8.53 

8.40 

= 3.50 

96.00 

£.15 11/ i/1987 


5.71 

8.6* 


50.00 

1461 

CEVESAL ELECTRIC O/S 

84 1/6 

7.3* 

7.1b 

5.11 

4-.oo 

100.00 

*.I1 1/12/1.4KS S 


5.11 

8.20 


20.00 

1968 

CESEBAL UTILS FIN 

98 3/4 

LT5 

7.75 

7.21 

10.00 

96.10 

7.00 1/1 1/19H0 S 


1.2S 

8.21 


=0.00 

1*71 

GENERAL KILLS FIS 

99 1/8 

7.38 

8-15 

3.07 

1J.50 

98.75 

8.00 1/ 3/1986 

<■45 

8.23 


31.00 

1971 

CHIRAL MOTORS O/S FIK 

103 1/4 

B.Ot 

8.18 

6.17 

21. 31 

98.10 

8.75 21/ 9/19B6 

3.84 

s.a. 


=1.01 

I97S 

COULD m 

103 1/4 

4.87 

a. *4 

9.44 

£0.63 

99.75 

S.7S 15/ 6/1483 

4.19 

B-8b 


15.01 

14;| 

OUTLIER 1ST 

78 1/3 

8.38 u-ta 

11.15 

21.71 

97. DO 

8.73 13/12/1986 

(.93 13.24 


ll.OiJ 

1971 

GTE TNT 

99 1/4 

8.29 

£.17 

8.31 

12.90 

99.00 

8.25 15/11/1986 

4.00 

8.4+ 


40.00 

14(f) 

GULF 6 WESTERN tt.T WW 

93 

=.34 

9-97 

6-99 


300.10 

B.10 1/12/1980 





*0.00 

l«bR 

CELT 6 WESTERN 1ST SW 

93 

=.34 

9.97 

6.99 


8.15 '8.47 

101.25 
8.36 8.74 

102.00 
8.03 8.«2 

100.25 
S.iS 

100.25 
6.o9 
100.25 


4 3 

1981 

30 1.90 

1979 DP1976 
30 4-00 

1979 DP1976 
30 2.80 

1979 nn975 
30 1.30 

1580 DF1971 


FC EO 
LX 

FC ED 


950 960 975 
408 ««* 


100.50 


101.08 


102.00 


30 .80 

1981 m9 77 
60 I -10 

1980 DF1977 

45 .50 

IS 79 DP1476 
30 2.50 

1978 DF1976 
30 6.67 

1978 1978 

30 1.50 

1979 DF1973 

30 1.13 

1979 DPL974 
30 .63 

1981 DF1S76 

30 1.00 

19 79 DPI974 
80 .40 

1979 DP1S74 


PC ED 
LX 

PC ED 
LX 

FC ED 
IS 

FC ED 
IX 

FC ED 
LN 

FG ED 
IN 

FG HI 
KTLX 
PC ED 
IX 

FC EO 
LX 

FG IS 
LX 

FC ED 


101.00 1978 


lOrt.r.O o.TO 1/12/1480 

177' GFLF 4 WESTERN 1ST 
10P.00 9.25 15/ 2/1484 

19,'t CULP 6 CESTUtf U-T 
100.00 9.25 1/ 6/1982 


20.00 

If .00 

11.50 
15.00 
Ji.Ovl 
15.00 

3.70 

15.00 

15.00 

32.00 

35.00 

15.00 
15.30 

35.00 
7.M 

35.00 
17.08 

25.00 

36.00 

30.00 
18.75 

25.00 
■20.50 

55.00 
32.55 

25.00 

14.50 

30.00 

28.00 
23.00 


14 74 

CHIF 4 WESTERN 1ST 

100.00 

9.75 15/ b/1980 

14T1 

HAAS Q-'S CAP 

90.00 

8-75 1/ 6/1986. 

1*72 

HILTir: 1ST 

97. SO 

:.7S T/J 1/1487 


97 J/= 
102 3/8 
102 
102 
94 1/4 
99 J/S 


3.84 8.43 
1.87 8.52 


101.00 

8.4« 9.20 

100.50 

9.0m 

9.56 


20-00 

J6.40 


146* BPXETVELL 1ST FIS 
96-00 o.£W 13/ 2/1931 S 

197*1 I.C.C. 1ST 
100.40 9.50 1/ 8/I4A8 S 

i»77 ic liftmans ns nmr 

100.00 8.75 15/ 6/1987 

14 7P* 1C Inn'CTftTES FIS COUP 
100.00 9.00 13/ m/1935 

19*6 isi iiAsra-roi o 's 
100.00 5.00 1/ 4/1986 £ 

1966 1ST STAHtUUD ELECTRIC 

97.50 6.60 1/ 3/198* 8 

1967 PST STAKMHD ELECTRIC 

99.00 6.00 15/ 3/1987 

1971 1ST UTA-VniD ELECTS [C 

100. QO 8.25 1/ 2/1986 

1970 1ST STASHAJB ELECTRIC 

100.00 9.00 1/ 4/1985 

1971 BE GTABUD ELECTRIC * 

100.00 9.00 1/10/1966 

1977 X.V. OVEBEEAS PIH 
100.00 8.75 1/ 7/1987 

1972 TSt UTILITIES 0/9 

99.30 8-25 15/ 5/L9&2 

2976 ZR DTTLmES a is 

100.00 S.M 15/12/1963 
1978* 1XSL FIMECE . 
lOO.DO 9.75 1/ 6/1988 

1971 msmi-CLAPE D.T. TX f. 102 1/6 
100.00 S.SO 15/ ./198« 


7.84 P.JK 8.56 6.(6 

5.09 8.25 100.25 

9.25 P-m £.22 
5.42 9.13 102.00 

2.55 6. .8 £.11 



1.24 

n.W 


100.25 

£3 

4.84 

12.48 

11.77 


7.2* 

13.6/ 


102.00 

97 3/0 

8.87 

9.15 

E.S* 

*.10 

loo. oo 

100 

6.71 

9.99 

9.00 

B.VR 

100.00 

76 

7.67 

9.70 

6-69 



a. 11 10. b8 


iaa.ro 

97 2/8 

7.58 

6.19 

6.27 


3.90 

4.97 


101 .=3 

97 2/S 

8.79 

6. -3 

6. IB 


<-b= 

6.74 


101.75 

101 

7.11 

8.03 

5.17 


4.31 

7.91 


103.00 

103 1/8 

6.47 

3.35 

S.7J 

6.97 

4.15 

8.03 


101.00 

103 1/4 

8.17 

s.(= 

S.72 

6.s: 

S.26 

6/21 


101 .ao 


95 

99 1/4 

99 3/4 

100 3/9 


8.92 9.6<] 
5-22 10.03 
3.79 8.47 
3.-06 8.54 
5.38 9.06 

4.66 9-06 

9.67 9.63' 


7.71 

4.73 


8.09 

7-90 


20.00 

147» MACMILLAN BERLITZ FTS 
99.25 9.00 15/ S/190L 

100 

3.U 

6.38 

<0.00 

197* BCDOK.TLL 30FCLAS 0/3 
99.00 9.71 1 Sill/1901 

10= 7/8 

3.29 

0.63 

12.50 

12.50 

3975 WSFIOTT 0/5 
99.50 9.75 35/ 6/1982 

202 3/8 

3.S7 

£.91 

8.90 

t.bd 

20. QO 

1475 HUES O/S CAP 
100.00 9.25 1/ 5/1930 

101 1/8 

1.71 

8.(9 

3!.00 

:r.ao 

Ubs »»k, oil c-t rrs 
9B.;.c :.rn i:/ a/1986 G 

S7 1/8 

8.0* 

1.3= 

7. <2 
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7.*0 

J4"9 WS9APT" r,T 
9J.S0 ?.;s U.' 5/1985 

103 l.'4 

6.79 

4.25 

P.I1 

7.72 

2-’.01 

S.t'Q 

1947 SASTJ-'O KT FT" 

98.50 b.10 I ,10/1952 

9? 7/8 

4.17 

£.29 

b.Ji 

6.1* 

50*00 

30.00 

J4-r* EATON.' - 1ST C1R0 
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93 1/2 

6.17 

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9.»4 

18.00 

r. : -i 

347= pronr akts Fwr..TiL n's 
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99 3/3 

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8.56 

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;*:2 3HRT U AS® SOwSSl L 0/5 
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ss ui 

a. 7i 
4.77 

£.14 

6,3,6 


9.31 10.70 
101.50 

8.31 

103.00 
9.02 9.32 

loi.no 
9.69 9.82 

101.50 

8.31 5.45 

100.25 

9.00 


9-48 

9.50 


100.00 1900 


30 . 1.00 

1979 DF1974 
3*1 7.00 

1978 DP1977 
TO .95 

3978 19*9 

30 .60 

14 78 PFI679 
JO 1.25 
19 EC r«w 

30 

1983 

30 .75 

1978 DF1977 

1 3(J -68 

1978 BF1971 
30 5-2* 

1978 OP1972 
30 2.25 

1978 DP 19 76 

10 2.25 

1979 DP 19 72 

M 1.50 

1979 DF1974 
A5C 2.4S 

1962 DP19T8 
45 1.75 

1978 OF 19 73 
45C 2.00 

M«1 DF1977 
30 .*3 

1983 FI117S 


3*1 1.60 rc ED 

1579 DFL976 IX 

PC EO 
LX 

FC W 
LX 


FC ED 
LS 

FG ED 
IX 

fc ur 
IX 
FG EO 
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FC l£T 
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PC EX 


LX 

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BP EV 
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*56 105 94L 975 
361 ••* 

465 103 170 305 520 
935 9bO 9/5 
327 “* 

359 35 105 303 52D 

940 975 

458 105 BOO 80S 870 
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399 305 530 MS 920 
915 941 9 wl 975 
399 ICS MS 920 93S 
9*1 960 9 75 
456 105 f 70 9)5 941 
9 b0 975 

*88 35 105 IDS MO 
9J5 940 941 9b0 
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485 270 800 915 97S 
316 IBS 870 93 4 925 
800 
800 

*88 105 218 520 870 
935 9 73 

*88 JOS 520 870 9=5 
975 

488 105 S=0 935 975 

*56 105 9J5 941 960 
975 

399 IDS 920 960 975 

500 103 520 M5 935 

941 9oO 975 
230 800 

311 20 35 103 230 
30S 320 427 933 
9*0 960 975 
511 *“• 

458 BOO 975 

327 103 j:0 BOS 9*1 
960 975 

327 IDS 520 £05 9*1 
960 975 

327 105 .420 805 JJ3 
941 960 9 75 
327 105 520 SOS 670 
935 9*1 9bO 975 
327 105 520 805 870 
9» Ml 9617 37 j 
315 *•* 

315 105 520 932 935 
960 975 
359 *«* 


9.13 S.22 

100- 50 

7.* 

103.50 

8-47 “J 

101- 7? 

6.51 

100.50 
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lOJ.UO 

7.50 

100-00 

3J3 

201.00 


A.0B 

I960 


MED 

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530 
940 
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975 
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915 
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910 927 935 
960 975 
935 9*1 9*0 

530 9JS 941 
9bO 975 
305 529 870 
9*1 963 975 
925 975 


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1979 

3« 

1979 

30 


2.00 
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1.40 
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JO l-JC 
1973 &F1970 

10-40 
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LX 9/5 9bO 975 

TC 2D 339 103 520 8W *15 
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ft! ED 394 JOS 870 9*1 360 
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rc <;s 145 524 203 SnJ 

LTL.0 915 5.1 9c j 975 

fg a «» *** 


M ED 517 l«lv 305 5U0 73" 
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735 745 9J2 9J5 
950 955 960 975 

273 **4 

272 105 105 920 719 
715 935 9*1 9SS 
460 S75 

272 105 503 310 715 
715 935 941 935 
960 575- 
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456 105 520 715 B70 
910 930 933 JM 
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272 35 105 530 71 5 
733 932 940 955 
460 

179 20 105 520 715 
935 961 955 360 
970 973 

179 ••• 

517 *** 

434 33 105 205 520 
71 i 735 934 915 
940 955 960 975 

179 mm* 

157 965 

456 105 305 320 71 S 
715 930 936 MI 
930 93 3 960 975 

339 733 965 

359 103 305 320 710 
715 735 935 950 
955 460 965 975 

315 1 05 520 71 5 735 
912 935 955 960 
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157 947 960 965 

315 931 9*7 9bft 

316 105 520 715 735 
805 870 93m 9.1 
955 960 975 

311 *** 

*54 IDS 715 735 870 
953 960 975 


::.no 
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bV.rja 

65.00 
W.00 

30.00 

30.00 
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zi.na 

23.60 

30.00 

50.00 

15.00 

35.00 

20.00 

25-00 

23. CO 

25.00 
75.09 
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59.00 

50.00 

23.00 

15.00 

30.01 
28. bD 
20.00 

8.60 


LS KLLA35-DID tCOSTL’SfZ 3 ' 

99 5/6 


1966 BUlIiSH FDTCDLSS! 
99.-S b.75 21/1Z/IS7S 

1SJ7* BRITISH SEIZBDTUEK 
iOO-CO 9.00 1/11/1992 

'.974 HSLTISB STEEL CD»F 
99.00 8.6U IS/ 1/1989 


.29 7.51 (.78 


30.00 

15. OD 
7. SO 

50.00 

50.00 
;a.oii 
18.20 

70.00 
20-00 
25-00 
19.90 

15.00 
14.50 

75.00 

22.00 

25.00 
23.30 

15.00 
10.20 

30.00 
25.20 


1972 COHORT 5CB3EFPE5 O/S 

108.00 7.75 13/10/1990 

2973 CAPITAL i COUNTIES KOg 

98.30 9.00 im/lKB ■ 

1977* CARENBIX ZDZL BV 

99.50 9.30 15/12/1987 

1973 err t C03TT of arsm 

100.00 8^5 15/ 4/1979 

i9?3 err; or cnT g juK 

lao.ao 8.25 1/ 3/1980 

19’* Girt of car a t m 

9B..-5 8.875 1/ 2/1981 

1973 cut of Dims;" 

100.00 9.2S 15/10/1983 

1473 cm or ehesborgb 

100.00 9.00 1/11/1981 

1973 cm OF GLASOW 
99.00 8.25 15/ 5/1980 

1973 cm of nu mum * 

99-75 9.875 31/ 8/1979. 3 

1973 CR OF BASCKSra 

91.30 0.25 15/ 9/1981 

1473 cm OF POTTOCaiUf 

100 JO 8.625 15/ 6/1979 

1971 COaOSIAL mes 
100.00 7.675 15/12/1978 

1971 C0ECC2CXAE. CGI ON 

100.00 8.‘0 15/I2/19B8 

1970 C0C2TATL3S IKT na . 

100.00 9.C3 1/ 2/1982 

19T0 COSFTADLBS THT FIB 
9F.DO 9-25 1/10/1985 

1976 ELECTftICrrr COCtXIL 

99.50 8.75 15/ 3/19B1 

1967 aa 

98.30 6.75 15/11/1982 

1517 ESI TO13CE VI 

100-00 9.25 15/ 4/1989 

1972 FZ50HS 

100.50 8.25 1/ 7/1987 

1977 FIS05S ISI PCI 

100.00 8.75 1/ 9/1992 . 

1971 G.D-S- CRE3EATIQSAL 

100.00 8.50 1/ 3/1986 


91 Ml* 

97 l/‘ 
87 2/2 
93 

9* J.* 
99 !/8 

98 5/8 

99 3/5 
99 7i5 
99 7/3 
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103 7/5 

98 3/d 

99 3/9 
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97 2/3 

101 1/8 
101 1/2 
99 1/2 
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5.21 

2.61 

3.25 

1.79 
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2.79 
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13.: t 9.81 
10.73 

4.01 3.87 

5.15 

4.52 8.88 
10.08 

10.12 3-69 
10.69 

10.28 10 J3 
10.63 

9.17 8J2 
9.09 8.37 

9.12 8.93 

9.:5 9.U 
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9.82 9.01 

9.16 E.L3 
9.12 1C.Q3 
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152-30 

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1378 15 975 


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198.00 9.00 13/ 8/1936 !«>■'» 

1971 uit oannsfztax « 1/4 8.25 

100.00 8.75 l/ll/uu 91 *..'3 

1977 SB ttllBATUHU. 92 7/8 8.” 

100.00 9.M 13/3/1967 7-*« 

1989 KEO Tnntwac . 9X5/8 5*75 

99.50 6.35 . 1/ 1/188* 3.30 

1989 no Tmo-zno bo n.Ui 5--* 
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1977 SELECTtm TtBBF. an 7/8 II.OO 

99JO 8.75 1/ fl/uag 9-*5 

1973 sum XSEUH . 

99.30 B. 00 - U 2/19 81 
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96.50 WJ IS/ 3/1IM 

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99.00 BJS 1A8/1ML 

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915 

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801 

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10.23 16/ 7/1985 

CRASH KETSnPOLITIS HOTEL 
7.50 15/12/1987 

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9.25 1/ 1/19M 

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46.75 

100.00 

100.00 

26.00 

20.80 

25.00 
2-.00 

30.00 
30.00 

30.00 
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25.00 

23.50 

15.00 

12.00 
75.00 
75.00 
75.00 

75.00 

15.00 

10.50 
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ion. 00 

101.11 

50.00 

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50.00 

50.00 

50.00 

75.00 

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197* G-O-S. TSTESSATIOSAL Kin li; 
100.00 9.50 SI 4/1989 

101 5/8 
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99 7/8 
92 3/8 
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100 1/2 
96 1/4 
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1375 

100.00 

1472 

10.50 
1970 

100.00 

1972 

98.75 

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1B1.50 

1370 

100.00 

1970 

93.50 

1970 

98.30 

1971 

100.00 

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99.30 
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9.50 I5/12/19B5 

BELL 5 ABDEL CROUP n 

7.00 31 I 3/19B2 

BILL SAHDEL GaODP 38 

7.00 31/ 3/1982 

HILL SAHDEL GROUP 

8.50 15/11/1986 


1977 

100.00 

1971 
IDO. DO 

1972 

100.00 

1973 
100.10 

1973 

101.00 

1973 

100.25 

1971 
100.00 

19Tb 

99.00 
1977* 

101.50 
19 70 

98.00 

1972 
100-JQ 

1977* 

99.00 
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91.50 

1973 
99.00 


6.50 15/ 3/I9B2 
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7.50 1/ 2/1992 

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8-25 1/ 1/19B7 

J LTOtS 

E.75 1/ 3/1986 

ELETKJ0R7 BEKSOH 

8.25 15/ 5/1987 
LASCASHIRE C.C* 

9.50 15/ 9/1981 
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7.625 1/ 2/1988 

HHT ESTATES 4 PROP 

8.00 1/ 2/1991 

SET ESTATES C PROF 

9.75 1/12/1986 
H7P1A5D X5TL FT1 SERVICE 

8. 71 1/12/1986 

MIDLAND IHTL FIB SEEPTCE 

8.75 1/ 9/1992 
MONTAGU TEDST 

9.25 15/10/1985 
NATIONAL S GaZSDLATS B8E 

7.75 15/11/1987 
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B-U0 1/ 9/1487 
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6.42S 15/ 1/1981 

SATI05AL -COAL BOARD 

8.525 15/I0/19BH 


96 3/8 
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92 3/8 

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95 3/8 

98 5/8 

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100 1/S 
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93 1/8 

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1976 HATZOTAL HEETHTSSTEX, BEK 100 7/E 
100.00 9.00 1/ 1/1986 

1978* HATWHAL VZ5IX1J5TCT 18X101 1/8 
100.00 9.00 15/ 6/1986 

1971 FLESIET 96 1/3 

98.00 3.30 15/ 6/1986 


1 ?. -9 

8.94 

8.73 

tc 

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9. ID 

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13 

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1179 

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60 

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1983 

1971 

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2.62 

8.93 

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19 

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100.75 

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4.92 

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2995 BP118Z 

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1973 

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9.35 

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9.29 

8.66 

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9.61 

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1978 


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3.67 

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13.51 

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100.75 

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1978 

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£.55 

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101.53 

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LX 


10.64 

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9.99 

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IX 

3.0 

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9.49 


7.50 

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1.53 

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1978 

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0.21 

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101.00 

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103 JO 

1983 

1977 

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9.17 

90 

1=0 

peso : 

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10.0) 

1C3.0O 

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9.34 

£.98 

8.87 9.14 

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10.00 

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5.51 

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100.30 

19S3 DP 19 80 

to 

H.O® 

9.27 

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10.49 

9.37 

101.50 

1985 OF1984 

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102.00 

1918 

1971 

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9.29 

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101.10 

1983 391979 

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2.9s 

8.87 

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u 

n.:t 

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2.50 

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0.36 

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102.00 

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8.94 

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U 

7.00 

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4.4* 

8.77 

101 .00 

1981 OF 1980 

10 

7.87 

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100.10 

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IS 915 MO 975 

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930 935 960 975 
105 930 934 935 
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ns 

339 105 
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210 215 930 
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210 215 911 
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915 941 960 

930 990 953 
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930 932 950 
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LX 


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97 5/0 

5.58 

8.03 

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14.01 

96.00 

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If 311984 


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8.31 


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96.00 

8.21 

1110/1979 


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9.45 


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50.00 

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4-46 

9.36 

8.77 



99.00 

8.10 

15/ 1/1983 






40.00 

1977 

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8.51 

9.33 

9.05 

10.18 


10O.TC 

£.75. 

1/ 2/1987 





1CL.0D 

75.00 

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96 5/8 

6.84 

9.54 

9.18 

9.71 


99.00 

A-171 

It *#1985 





100-00 

=v.C 0 

1970 

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ltil 5 {Z. 

. 3.62 

8.48 

9. 10 

b.ob 

11.68 

lOO.DO 

9-25 

15/ 3/1982 


£.48 

8.47 


100 .ro 

30.00 

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103 !/< 

£.51 

8.22 

9.44 

7.64 


10 a.ro 

9.71 

1/ 2/19SL 





100.50 

30.03 

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4.9= 

8.87 

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8.39 


100.00 

9.75 

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100.00 

31.00 

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102 1/0 

2.92 

9.12 

9.79 

8.73 

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98.ro 

ia .00 

!/ 7/1981 


2.70 

9.09 


100.00 

2U0 

1970 

OTIS ELEVATOR I NT CAP 

192 1/2 

6.75 

£.34 

8.54 

6.50 

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98.10 

8.71 

1/ 5/1985 


4.13 

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101.00 

So.no 

1971 

orae-cotKmc fibeklas 

102 1/8 

8.00 

8.62 

8.81 

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lb . 00 

ioo.ro 

9.00 

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102.00 

71.00 

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98.10 

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11/ 4/1988 


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100.375 

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S.87 

£.32 

9.05 

7.03 


98.50 

9.25 

11/ 6/1981 





100.00 

100.00 

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98 1/2 

5.00 

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8.63 

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99.10 

■ 8.50 

U 8/1983 





101 .ro 

15.10 

1972 

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96 

8. 73 

8.66 

8.33 


11.70 

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8.00 

11 5/19B7 


5.37 

8.96 


100.25 

15.00 

1971 

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102 1/4 

7 -84 

8,09 

8.31 

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12.60 

98.50 

8.50 

1/ 6/1986 


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101.00 

21.00 

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6.25 

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£.58 


11.30 

99-00 

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15/ 9/198= 


3.13 

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96 7/* 

4.30 

8.38 

7-74 


160.30 

100.00 

7.50 

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2 JO 

9.03 



25.00 

1972 

HALS TOG PURINA CIS FTS 

96 5/8 

K.55 

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7-76 


=.oa 

98.00 

7.50 

11/ 2/1987 


5.09 

8.34 


100.25 

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1976 

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8.52 

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a . 29 


16.49 
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a- 91 
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12.50 

20.00 

30.00 
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50.00 

35.00 

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23.30 

20.00 
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37.50 
37.50 
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37.50 

20.00 

30.00 
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30.00 

30.00 

20.00 

17.00 
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30.00 

17.00 
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20.00 
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14.50 
20.00 
12.75 
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30.50 

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£j.uu 


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100-DO 6.25 15/ t! 1986 

1978* 
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99.73 8.75 15/12/L9B5 

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99.00 9.7 S 1/1O/19S0 

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100.50 9.50 15/ 7/1986 

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98.50 8.75 1/ 7/1996 

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1JO.Q0 8.75 1/ M/19S2 

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100.00 fl.373 1/17/1988 

1971 STANDARD OIL OF INDIANA 110 1/2 10.0* 

97.50 £.50 15/ 8/L98S 1 ' 7.34 

2977 StTHDSTitAND FTN 1ST «g c/a 

99.30 8.75 1/ 6/1937 ' 

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99.00 9.75 15/ :/1183 

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55.00 8.00 1/ 3/1987 1 

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100.00 6.50 1/10/1913 1 

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100-00 6.50 1/10/1993 

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100.00 7.50 1/11/1979 

1972 VPngCH TUT 

98.00 7.75 I/11/I9N7 

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96-50 7.75 IS/ 5/13B7 

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100.25 7.75 1A0/1987 

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100.00 8.50 1/12/1966 

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98.50 7,00 1/11/1990 

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97.00 7.00 1/ 1/1981 

1971 

100.00 

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98.00 
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wa.no 

1468 

99.00 


9.95 10.62 
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7-96 9.25 
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8.39 

102.00 

8.58 

101.00 

8.57 7-70 
100.00 

9.57 8. 37 
100.50 

9.37 9.50 

102.00 


30 1.00 


30 3.00 

1983 FF1980 
30 2.22 

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30 

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30 .80 

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30 1.80 

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30 1.50 

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30 1.00 

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30 .85 

1980 DF1974 


30 • .*0 

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30 2.50 

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32.00 
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30 

1980 

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1981 
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2983 


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8.15 
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9.16 

8.17 
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8.55 £.25 30 1.50 

100.25 1 979 191974 
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100.00 

1978 

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7.99 

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1976 UX1L TTOST CO MURTCACE 101 5/1 4.0$ 9.24 9.59 
190.00 9.7ft 1/ 9/1982 


30® *979, XOKARIVE IEA0TVC 

IN® 9.50 ,15/10/1980 

3040 

ZOO® 9.75 1/ 2/1982 


100 1/S 2.21- 9® $.45 


1975 kOCSAT . 

N-75 ».» 

1976 stoutr 

69.50 9-10 


1/ 9/1960 
1/ 7/I98X, 


100 3/8 3.31 9.5$ 9.71 9.5S 

lOO-OU 

100 1/8 3.09 9 Jl 9.19 
1O0 1/S 3J2 9.44 9,;9 


20® 3976 SMSOS-SEARS ACC. CO 

»-» 9.75 1/ 6/lTOS 

25® Uh TKASCULT CANADA 

TOO® 9® 15/ 6/1482 

23.00 1)76 gEASSOLF CANADA 

23.JS $9.25 10® 1»/ 6/1)06 

30® !?76 Torano-wHiMm: xak 

W-iO 9,00 1/ 4/1)82 

35® 197ft TOIOETO-DCEtniDE BAKE 

180.50 9-75 1/1 1/148 L 

5® 1)73 TOIO OF HD9TREAL EAST 

$0.50 9-75 18/ 7/1482 

25-00 1)76 TRADES? GR0trp 

103® 9.75 IV 3/1962 


101 7/8 5® $.26 9.17 *. r -l 


KP EU 64 3S 70S 710 BOS 
LB *70 413. ))S 4)7 

9(0 9iJ 9:7 900 

).24 30 VP ET 77 210 (Oft 870 937 

TOO® 1**1 LX SIS 900 

VT EU 18 945 900 
101® i960 LX 

SC E» 165 35 31ft 530 B70 
LX 913 «JS ))7 )i.O 

945 9*7 900 
SP HI 408 115 925 NO 
LX 

* EU 408 115 925 9SO 
LZ 

SP M IS 912 9« 9*0 
LX 

VP EU IS 912 5(5 910 
LX 

P6 EU 346 *** 

LS 

9. PA M VP EU 516 *•* 

100.00 1)92 LI 

8.50 3D VP Iff 218 “** 

TOO® 1941 LX 

9.21 M 1.50 tt EC 218 «** 

IN® INS 1903 LX 

8.53 TO 1® VP nr 218 «** 

100.00 1984 INI LX 

VP ED 64 310 670 912 935 

La 937 $,5 9.7 0(0 

»0 

VP EB 64 35 210 912 935 

IV 9)7 *J 953 947' 

960 900 

BG EH 218 3ft 210 P70 9J2 

IX 93ft «7 9(0 9(5 

946 947 NO 

9.52 30 VP EC 218 3ft 110 870 912 

KW.OU INI IX OS 937 *50 945 

*44 4(7 900 

.30 NP EC 64 =10 670 912 945 

PTD.-P LS piS 940 900 

. J VP TO 64 3ft 210 870 912 

*f|U9 IS 935 «« «0 4*1 

_ „ 9** **1 9rt M 


102 1/4 a-87 8.76 $.'.■) .'•.77 

IN -00 

202 7/8 7.B7 9.46 9.T2- P. a ? 


lOb-DO INI PF1977 LX 


)-« 9-39 100.375 1»l W1978 LX 

99 5/B 3.67 -9.10 9.03 l '.l3 >0 

JtHl.m 1<K1 

101 3/8 3.35 3.-1 3,^, •>.[-.! - v> 

IN® 1*011 

56 1/2 3.96 10.0* 10.10 “T- 


pc rn 656 *)* 
LX 

7.?5 PC iff 456 *** 


99 ft/8 3.62 9.S4 *.73 


lisrso “S.S 10 * UMffis 1 *’ 100 5/8 in -^ 

101 ™ ***& js 


KP ZD ASS *** 

LX 

SV BC 456 
LX 

VP EU LB 91S NS 

• LX 

-75 :;P EU 77 210 912 9 E 8 937 

7 T 1977 LX 945 946 Bftft 9 BD 

9C.m 33 S wa 5 X 2 9(3 947 

IN 930 

TUB? KA m* 

LS 



20 


SA.«0 

W-iO 


Iv* i «.a?J:bc rr uuit lie Hi 
$9.00 i.'i IS i/lSSb 
nxcri-iLKSs 


*■-’ S.SO *.?; n>i ys a: 454 m 

S-:6 £00.37$ IMA 192979 l* 


60.00 

1*7’# 

U2« 


99 !.£ 

6.*-7 

r-so 

7.5* 

«.:o 

:.ro 

3,’iq:ub; 





5D.Da 

l*:# 

Aim 


103 3. 4 

3.17 

3.18 

9.S4 


97.50 

io.o3 

SlitjmL 





IW..O0 

1*77 

ALCE71ETE 

USX. 

99 

1.1' 

«.*>9 

6«CS 

:c.ro 

100 . ao 

*.00 

1/10; 1)79 


•#< 

r.o3 



IF . 

n* 

if nr 

ts<i 


Z3» **»■■■ 


as. an 

I!76 


If W 

DO 


7$.ro 

3r.su 


IP7? 

100.00 


AlCEXESr BASE 

o*25 it 5/1980 


59 


.-* #.« 6*31 


I».7R 

1977 


HP TO 

ro 


75-00 


75.00 
37. :o 


7»7F* 

99.50 

1973 

100.00 


AXCPWK iA!tr. 

-.25 11/ 5/1933 

ALSBMFTE BAHT 

7.35 1/ 2/L980 


55 

100 I/£ 


7/8 <.79 7-29 8-5at 


M.uO 


i<r* ■ 
59-50 


AlT^HCr EASE 

9-50 15.' r/1979 


100 5/5 


.9* 

.79 


#.S5 701 
»-b? 


19.73 

1977 


W»W 
9? ■ 
Dp Sff 
CC 


238 tefl SOI 
MS M" 
*M #10 
237 MO Ml 
MS Bfl# 
609 olft 
337 #00 Ml 
MS 60S 
#09 610 
237 "* 


602 (S04 

#07 608 

#11 910 
•02 * 0 * 
607 #ng 

<11 910 
#03 #04 
#07 MR 
6U 910 


1913 

99.50 


UCEWit MIX 

9.50 !/ 2/1980 


75.00 


1974 

100.00 


ALGEXBSE EAST 
< 10.00 UU'L9T9 


10 L 3/4 1.S1 
202 1/3 2.34 
1.17 


73.00 

197A 

ALCFMEPt: BASK 

102 HZ 


97.50 

10.30 

U’l 0/1979 


75.00 

1*76 

ALOSI'EME 

nr 

10= 5/8 


91.75 

P.75 

15/ 3/1913 


64.00- 

I».j 

AMfiu PavC 


99 

30.ro 

99.30 

b.=5 

15/ 3/1MO 


70 .04 

197) 

ABED B ASK 

1] 2/1910 

100 :/? 

3s.ro 

100.00 

:.:s 


6a.ro 

1)74 

AUa BASK 


10a 3/4 


99-OT 

9-50 

1/ 6/1979 


60.00 

1)71 

A30U LANK 

15/12/1)79 

101 1/2 


100.00 

9.75 


50.00 

1*74 

Ana bask 


10= 7/B 


100.00 

16.75 

3/H/1979 


75.00 

1*75 

MOO BASK 


10= 3/4 

91.30 

8.75 

15 1 9/1)81 

73. OQ 

1976 

AX84 BASK 


104 1/8 


99. SO 

9.25 

1/11/1981 


TO.ro 

117 s * 

ABED BARK 


96 3/4 


104.00 

7 .OQ 

1/ 3/1983 

(ft. no 

39:i 

AXUP FIVAKC 

99 

30-44' 

S9-23 

6.25 

1/ A/1RP0 



3.56 9.44 

8.15 9-34 

3.15 S.79 
3.00 10.23 


wm 

*0 


BP HI 

VQ. 


OTTO 


jep TO 
OQ . 


4.62 7.54 8-04 


l.*I 

1.08 


4.SR 6.31 


25.00 

1977 


Wi 1*7 
W 

W SI 
BO . 


237 60fl tel 
#05 60A 
#09 610 
237 MB 601 
MS U« 
Ms On 
237 MO Ml 
#05 MS 
#09 alO 
237- BOO #01 
#03 #06 
#09 610 
237 #oo #01 
#05 MS 
#09 #10 
237 *** 


MS 60* 
M7 MB 
•11 910 
MS #04 
*07 MO 
#11 #!0 
*02 M4 
6A7 SOB 
6U 910 
#02 #04 
607 #00 
Stl 910 
602 604 
MI #00 
611 910 


i.:i 

1.01 


A.E4 

0*71 


•84 

1.38 

1.25 
2.13 

3.25 


d 
£.46 9.43 
3.47 S.61 
5117 10.45 
7J2 8-03 
7.74 *.88 


27. SO 
1977 


xe is 
DO - 


»w 

ro- 


w m 

8Q •. 


sr nr 
n* 


BC IS 
d 


bp nr 


4-38 7-31 7.09 


1974 

99-75 


A51AH DnEtOPXEn- »A>fc 

8.25 1/ 3/1981 


197*. 

59.15 


Aisniw mcnunr 
6.75 is.' 3/1982 


1/8 

1/4 


1.97 

1.17 

4.38 


6.M 6.31 
7.18 

7.93 8.16 


15.0ft 

1977 


bp nr 
TO 

HP TO 

so ■ 

lrp HU 

rq 


238 «0 
#05 
609 
238 MO 
MS 
*09 
238 608 
■ MS 
M9 
235 eOO 
. MS 
609 
238 #00 
M5 
#99 
238 600 
695 
M# 
238 600 
#05 
*09 
238 **» 


601 602 604 
MS #07 #0* 
#10 611 910 
#01 602 004 
606 607 a 08 
610 611 910 
Ml #02 604 
M6 #07 #08 
610 411 910 
401 MS #04 
#06 #07 MB 
#10 Stl 910 
601 #02 #94 
606 *07 60S 
610 #11 910 
601 60S 604 
606 607 #08 
610 *11 610 
ML 602 #94 
606 607 408 
610 #11 910 


23* *** 


3.79 7.71 8.47 


00 BE 

TO 


in. no 

1*77 

BASE WEE l POPE 

99 

J.IT 

*.*'■ 5.81 

lo.on 

=0.00 

99.50 

2.75 1. 10/197? 


.67 

7.37 

117* 

Ao.oa 

1*73 

EAJCF HFX5 £ R°FE 

98 J/4 

1.’5 

#.:# 6.08 

ift.ao 

24.00 

97.30 

6. TO 1.' 5,1980 


1.J5 

7.39 

1977 


XT BE 
TO 


73.00 

75.00 

60.00 


i«7«4 iuk mbs « Fnrr 


r.it 


bp nr 


237 MO 
M5 
609 

238 #06 
*03 
M9 

245 600 
M5 
609 
245 600 
M5 
. 610 
245 **# 


£01 602 604 
M6 607 MO 
610 611 91D 
Ml 602 #04 
•06 607 608 

610 611 910 
Ml M2 -04 
606 607 60S 
£10 *11 #10 
601 M2 604 
#04 #08 *09 

611 910 


40.00 

40.00 


10.00 1/ P'1979 


lft'4 

100.00 


uwr xffj a p.np# 

10.00 1; 13/1979 


102 7/3 1.34 7*!9 9.72 


HP TO 

to . 


60.00 

30.00 


1972 

100.00 


BSTIIiiF PETROIXtS' 
b.00 1/ 9. 1979 


1.M 

.59 


6.9' 6.06 
7- ft 


13.00 

1976 


bp ec 
to 


75.00 

75.00 


75.00 

140.00 


40. on 
= 0.00 


30.00 

7*50 


197#* 
99- <K 

c.F.r. - smirn 

7.T5 1/ 4/1)83 

95 7/8 

5-00 

s.«: 

8.08 


hp m 

Cft 

1"71 

99.50 

cirr or oslo 

B.=; 1/ 7/1)82 

100 5/S 

3.92 

2.05 

8.30 


kp ec 
CQ 

1*7# 

10ft.ro 

OTTT OF OSLO 

A.AS 7/ 1/1*64 

161 1/A 

5.12 

7.9= 

8.15 


HP TO 

tq 

l*--. 

ITO-iiO 

MWWV RALT5 - ATITtALTA 
E.Ou 1/ #1 19(5 

102 5/8 

4.54 

7.:j 

7-80 


HP TO 
PCI 

li'i 
104. uQ 

COS3.IL if ATED 

*. >> 1/ 5/ma 

99 1/2 

1.75 

1.1$ 

r 

r.*A 

0.53 

lftiift 

197/ 

■K TO 

on 

TOT7 

100.00 

COE7D7TL OF EUFD*t 

b.50 15/ 0/1179 

99 1/2 

.57 

7.08 

6.23 

r.ift 

IStb 

SP TO 

00 


#05 *06 #or #08 
#09 910 611 410 
215 #00 #01 *02 #04 
#05 #06 #07 *08 
#09 #10 #11 910 
238 MW #01 #02 #04 
MS #0# -07 #08 
#09 #10 Ml 910 
237 60 1 605 #08 


237 £flft £0> 602 604 
MS M6 MV #08 
#09 610 611 910 
237 *** 


238 *** • 


60.00 


1*73 

99.50 


OrrrR state wms 
9.i5 1/ 4/1982 


3.67 7-93 *-89 


BP OT 
l<! 


Aft.nO 197# EER5TC SPBHt fMST 


2wJ 


44.00 

99.30 

6.511 

15/ 4/1983 


54 .on 

7*72 

ESCOM 

If 4/1979 

98 7/3 

12.20 

100.00 

b.50 

«n.ro 

1*12 

PDFOrOCX 

U 9/1979 

99 

25-00 

99-75 

5.75 


5fl. no 

1172 

mornu. 

1/ 2/1*79 

99 3/3 

13.50 

llW.uO 

7.00 


£0.00 

J*73 

91.75 

HHOFTNA 

8.50 

1/ 5/1 «» 2 

103 1/4 


4.71 

3.21 


F.AL 3.43 
1.41 


JO. DO 

D*0 


.67 8.21 6.37 


17.50 

1976 


ov nr 
TO 


1.04 

.59 


6.77 5.81 
7.-2 


1 -.M 
197b 


6C.OO 


1976 

99.75 


1QB0PCAS COAL - fTEB. 
6.00 15/ 2/1963 


10L 1/2 


.51 

3.75 

4.55 


8.13 7.0* 
7-46 3.23 


17 >59 
1576 


BF BO 

rq _ 


7.-8 7.8B 


SPOT 
rq ' 
bp nr 
TO 


238 600 601 
MS 606 
*09 610 

237 con Ml 
Bps M£ 

■ #09 aid 

238 #0O Ml 
-OS #04 
*09 #10 
Ml M2 
#0- 607 
-JO 611 

237 #00 601 
#05 60a 
M9 #1 Ci 

231 *00 601 
#OS #06 
#09 -ID 

238 #09 Ml 

. #05 -06 

#09 *10 

238 **» 


602 604 
M7 #08 
•1! 9i0 
602 404 
M7 608 
611 910 
M2 604 

607 60S 
611 410 
*04 eOS 

608 *09 
■10 

602 *04 
£07 60S 
#11 910 
#02 #84 
#07 #OS 
611 #10 
-02 604 
-07 608 
bll 910 


50.00 

50.60 


1972 

100.00 


KD90PEJK EWESWrer BABE 
B. 00 s:S P/19S2 


96 7/8 


4-13 

2.1J 


6.'9 6.19 
7-94 


10.00 

1976 


BP BE 
CO 


75.00 


J»7* 

99.75 


OTIOPKAS EfPEtPWiT'BAIIK 
6.00 IX 4/1912 


101 


£.71 7« 


.92 


Tr BC 
TO 


238 #00 *01 
- *05 #06 
*04 *10 
238 600 ML 
#05 #0# 
604 610 
238 #00 #01 
*« #0# 
M9 SIO 


w: 604 
#07 *08 
611 910 
#02 *04 
#07 *08 
611 #ia 
#07 *#- 
-07 

#11 910 


10.0a 

e.IO 
37. M 
JO. 40 
15.00 
15.00 


1471 CUT OP SAJW 
98.00 8.00 15/ 9/1986 

147* cnror nsw . 

96-50 8.875 1/ 4/ 1992 

197* CTTT OP OSLO 
lOO.nO 10.00 5/12/1*81 


1*6 3/4 8.13 
4.29 

105 3/8 13. *7 
8.03 

105 3/8 3.35 
1-85 


7.92 

7.87 

8.20 

7.4* 

8.07 

fa -60 


7.96 

107-00 
8.42 7.7J 

IK. SO 

9.49 


•Oft 

1979 


.« 

1*72 

'.40 

•J97S 

3-75 

1)78 


pe«7 117 US 520 911 
IX 

BP SO 2S0 115 520 
LX 

HP *0 230 115 520 
IX 


2R.W 

£3.50 

1)75 

99.50 

CITT OF OSLO . 

9-35 15/10/19B5 

105 5/S 

7.21 

4.47 

6.11 

7.77 

8.76 

7.45 

107.511 

7 i 
1)80 

.75 

1)76 

BP TO 

IX 

£30 115 520 

17.ro 

12.#*. 

3*7* 

99.50 

com TOTE 

9.00 2 7/ 3/IM9 

105 I/= 

10.61 

7-35 

1.1* 

7.18 

8.53 

1.44 
10*. DO 

75 -.31 

2)78 BPl»r5 

of'to 

IX. •- 

1*3 115 -205 m3 528 

35.00 

33.70 

1971 

99.75 

CflKHftSCEALTB - AUSTRALIA 166 3/4 
p.OD 1/ 8/198# 

X.00 

4.88 

7.*2 

7.8) 

7.94 

102.50 

» 

1*7? 

-« 

D73 

HF ST 
UL 

35 113 520 

13.50 

B.j» 

1*71 

•*.75 

COMWVAOTES UOAIEU 
6.11ft 15/ 7/l*A4 

164 3/4 

7.)b 

*.8b 

7.)l 

7-88 

7.9* 

307.00 

9DC 

1)79 

.7) 

3972 

« TO 

IX 

9 3 215 520 

in.ro 

3)«n 

C0PCSHA4EB COinCTT A DTK 

144 1/2, 

1.P1 

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6.M 

A.F7 

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1.30 

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£30 U5 520 

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9S-2S 

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100.35 

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p.=5 

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U6 3/4 

3.77 

3-41 

6.8) 

6.65 

4.97 

101.25 

4 SC 
1)79 

1*25 

1970 

BP TO 
-AULT 

290 U5 520 

i;.no 

DTI 

COmWAftTO CIWTT AUTK 

146 7/S 

7.53 

7.») 

7.W 

B.SI 

170C 

.80 

BF TO 

290 115 520 


8.20 

29.00 


20.00 


15. TO 
8.00 
l?.m» 
8.00 


25.00 


S».P0 
IP. *1 
17.00 
7—0 


100.00 6.90' 10/ 3/1)8* 

J475 CftPPKHAT.EC COUKTT AL'T* 

59.50 9.:» 2>t 10/ 1983 

1975 COPEBR*:™ TtlFFBONK 

99.50 «.5u :e: j;mk 

1971 CREDIT *4Tms*L 

5". 75 P.no Jr./ 7/l«*6 

14" i 8ucT»irrrt sofplw. 8. 
IPO. ao 8.:s 7/ 5/1986 

14'» r*UK#mrTrr!T 
1W.OH 9.25 10/ 2/1484 

1471 Rtjf . 

94.75 8.25 11/ 6/1986 

1470 ESOW 

100.00 9.75 26/ 6/14*0 


A.» 

7.23 


7. *3 
7-40 


i°sa 


110 1/8 6.82 7J4 


146 3/4 8. no 
4.50 

1*7 7.7* 

4.T7 

110 3/8 5-53 


7.42 

7.90 

8.13 

8.07 

*.$1 


£.'.<W 

l«*h 

EDIOPLAR GOAL 6 STEEL 

10.*fl 

«M.J8 

f.75 

ll 2! 196# 

2: -no 

lRrR 

7THLA.M, - 

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li.l* 

«*.ro 

«.ro 

7/11/1*83 

10. Ml 

i*7# 

TOH EH TELBP60SI Cft 


*• .00 

9.00 

AS/ 9/1*84 

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i*i:. 

C.1. r .. 


j:.:o 

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9.75 

inf 1/1*63 

lii.no 

19*. 

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5.#75 

IV *.'1984 

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IDO .75 

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70/ 6/1*87 

£0.00 

3775 

3 HATH AS TP DU 


9*. 73 

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25/ 3/118! 


216 1,8 7-8* 
4. 18 

l.M 
l.M 

146 7.51 

4.17 


1-7 


106 1/4 
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145 3/4 

107 7/8 
212 1/2 


3.H7 

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8.24 

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C.I6 

8-80 

5.75 

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7-61 

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7-08 


8.41 6.43 

jo:.m 
8. #3 *. *9 

102.50 

T.JS 

102.00 
8.30 8. #3 

101. 50 

8.3B 

in. on 
8.25 A. 98 
101. » 
9-1S 9.01 

100.10 

5.75 

101.00 

6.FI 


1972 
4t 1,2* 

j«o nun 

30 1.25 

19*0 7F1979 
90C 1.W 

1979 2972 

450 1.00 

19M 19/2 

.95 

JJ7B IFI977 
*5fi 1.33 


19*0 

HOC 

1979 

:sc 

1979 


4. *4 
3.17 
5.71 
J. 17 
l.M 


X.43 

8.05 

5.67 

5.70 


8.24 4.10 

im.so 

9.30 i.T* 

104.00 
5.#4 S .4 i i*oo 

100.00 1979 


1472 

1.20 

2471 

J.30 

2972 

2.50 

1979 


75 .SO 
1«*I Pn9.’7 


1978 1476 


6.65 


15.00 

15.00 

2S.U0 

27.00 
J.’.OO 

22.00 
22.00 

*.72 

15.00 
20.10 
2P.M 
18.14 
15.1X1 

9.75 

17.00 
7.20 

30.00 
it. 70 

8. SO 
■1-0 
17. AO 
•■no 

12.00 
20.90 
15.M 
JS.OO 

12- w 


98 1/8 14.68 
M. 18 


2*6 3/4 7.90 
4- SB 


201 1/8 14.44 
7.49 

145' 4.46 

-.57 

US 7/8 7.62 
4-32 


146 2/2 ID. 98 
6.76 


12.00 


1475* IHPIISTRIAL BABK-FIBIAXD 

100.00 7. no 5/ *71993 
i#n xisnxw or dekmam: 

99. JO 6.00 25/ *71486 

H7p* nwHraLAjmfsi'iTirTEr 

loa.no 7-;s cs/ i/H93 
J9*3 HOMES nteaiHALiARr 
94.00 5.50 15/ 1/1983 

1971 30BCES r«Mm*L»MiC 

98.15 7.75 .IS.’ 3/ 1**6 

397# FBCBIHET DGIHE KIHUUStf 104 3/4 10.S6 

94.00 8.75 22/ 2/1989 7.22 

r»#9 nwnscc or hafitoba 

97.00 J.00 17/ #.’l«89 

1970 fiovmce or !U5rT084 

100. 00 9.00 1*/ 2/1482 

I«75 PF0tn.ce OF HAS I TOIL 

100.00 J.75 8/ 1 1 4*5 

1»*6 BnZBKES SniSHREDIT 
P*.M *.00 JV 2/1960 

1 **£ BRED PAPER MiDir 
98.50 *.75 15/10/1483 

1*73 XETDILIC OF 1CELAHH 
100. M *.S0 74/10/1988 

1976 XOTEL1C or imASD 
100.00 4.2S 20/ 2/1983 

1976 XEPUPLIC OFTCttAlB 
100.00 9.25 16/ 7/1988 

1974 1SUBLIG OF 1C&A3D 


1*6 3/8 3.« 

2.75 


110 L'4 7.36 

146 1/8 l.ST 
S 1.07 

145 7/8 S.7L 
2.7L 

103 


10.23 
7.74 

I0S5/8 1-5- 
3.57 


25.00 
21.88 

20.00 
10.00 
2o.ro 
1-.00 


10.00 70/ 12/ 1994 

BSWBLie OF 1EBLA.W 
9.25 7/ 7/1)82 

BXPOBLIC OF T EELAM 
9.75 127 0/19*4 


110 1/4 7*96 
L 1U 26.33 
206 


».so 

1975 
99-50 
191 
99.SO 

1)70 BFFFILIC OF SOUTH AFBICA 146 1/8 8.4Z 
38.00 


3.93 
3.0 B 
1M 7/8 5-87 
■ 4.87 


£.75 30/11/1982 


:;.ot 

22.00 


I*:?# e.h.h. - msec 


12.00 

6-40 


12.00 

22.00 


15.00 

23.00 


15.00 
10-70 

*.00 

3.53 

40.00 
3n.80 

20.00 


99.50 

1971 

100.00 

1975 

100.00 

1973 

J9.50 

1«7I 

99.50 


2.66 
98 1/S 14.93 
10.61 

146 5/8 7-91 
6.43 

107 J/4 7-W 
5.42 

1071/8 8.76 
3-52 

1*6 3/4 7-63 

4.64 


6-00 

4.80 

12.00 

6.00 


.00 -V 7/1993 
S.B.R. - FEAKB 

8.00 6/ j/1986 

5.B.B. - PIABCC 

9.25 15/I3/19IS 

S.D-B. - I8ASCE 

9. SO 5/ 5/1987 

S.S.C.F. 

7. 75 25/ 3/1986 

19#9 SCOT LAW BrtHW.' EL BCtrTC 1*6 3/4 6.36 
#*.» 8-00 10/12/196* *.37 

1*7J STAHMRB OIL nr I5DIAH4 102 1/4 U.H 
10O.M 8.00 1 5/10/1988 7.82 

1475 STATS nWETAC 111 I/S 7.41 

J4.W 9.25 79/ 12/1985 

’»7S mis or SAlitT-FTIBOrc T 105 3.94 

100.00 9-30 8/ 7/1983 s.*4 

14#4 KATHT «3* IHT FTS ■ J*6 3/4 5.87 

90.00 7-«» »V 6/1984 3.17 

TBFSen FUBCS 


I0fl.CC 

1SO.OO 
100. Pfl 

*-■ uo 


1972 X.A.T. D>T , 

98 JO 7*30 1 SHUlStt 


7.26 

7-68 



1.3> 

Cft TO 





PPI980 

LX 

7-30 

S.#7 



1 

« TO 





WI978 

LX . 

7.21 

7.13 

r.so 

3ft 

J.OT 

cc TO 

7.76 


1« .00 

1)85 

1*** 

LX 

7-9= 

7.?6 


ROC 

2.00 

BP TO 

7.8S 


181.75 

1979 

197S 

LX 

7.41 

7.66 

7.*l 

30 

.80 

IP TO 

7.54 


iro.so 

D83 

1979 

IX 

5.68 

5.34 

*.0S 

J80C 

.85 

IK TO 

5.8 L 


iofl.ro 

ARM 

1967 

LEAK 

7.76 

7-76 


120C 

1.10 

CC TO 

7.7* 


102.80 

1)79 

1974 

LX 

8-05 

1.35 

).)8 

*p 

.70 

PC TO 

7.8* 


106.00 

1)78 

197 S 

LX 

6.9b 

fi.9R 


90 

.75 

SP TO 

b.9* 


107.-5 

1MO 

DIO 

UAM 

H.B5 

8.97 

M! 

)nc 

.80 

BP TO 

6.82 


me. 75 

1979 

1*7 L 

AXLX 

7.38 

8.39 

3.*) 

30 

1.80 

NP TO 

ti.S* 


1D2.J0 

1)10 IF! 976 

LX 

6.07 

6.09 

*.*3 

13SE 

.71 

KIT 

t.H 


1M. 50 

1)79 

1969 

LfflE 

6. IF 

6.76 


RPC 

3.00 

HP TO 

4.81 


107.00 

1)79 

19*9 

AMi 

*.0S 

8.-5 

7. .2 

7* 

AM 

HP TO 

7.9* 


107.00 

1)79 

197* 

LX 

7.72 

8.76 

■SI 

» 

.62 

HP TO 

7-37 


101.00 

1*79 

1979 

IX 

7-*9 

8.39 

a. 30 

75 

.75 

BP TO 



1D|.» 

1)80 PP1977 

LX 

8.49 

S-8S 

7.3? 

30 


BP TO 



102.09 

19*4 


IX • 

7.61 

8.73 

4.16 

30K 

3.15 

BP TO 

7-02 


101.50 

1979 

lqis 

EX 

8.2= 

9.12 

7.47 

HOC 

1.00 

BP TO 

7.98 


201-30 

DHL 

1975 

IE 

8.72 

8.75 


I2ft 

£.00 

BP TO 

8.73 


101.25 

197S 

1971 

LX 

7.21 

7.13 

7.7S 

*fl 

£.20 

c CTO 

7.26 


102.50 

1984 

1984 

IX 

7.91 

7.97 


•0C 

.80 

so TO 

7.9L 


lo-.no 

1979 

1972 

LX 

7.*0 

8.62 

*.« 

OT- 

2.00 

w TO 

7*53 


102.00 

1**0 

1980 

LX 

8.11 

8.87 

7-54 

M 

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cc TO 

7-85 


192.00 

1-79 

1978 

IX 

7-M 

7.71 


Jrn 

.TO 

OG TO 

7.iL 


la i . 75 

1*7) 

1972 

LX ■ 

7-89 

7.96 


90C 

.40 

t* TO 

7-84 


101.50 

1)78 

1970 

V ■ 

7-67 

7.8= 

7.5) 

30 

■no 

If TO 

7.#L 


102.00 

1979 BP19/4 

LX 

7.24 

8.32 



1.25 

BP TO 




SPD79 

IX . 

7-K 

9.05 

3.6) 

ftfl 

1.20 

HP TO 

7.21 


301-50 

1979 

197S 

HO - 

6.M 

6.97 


ROC 

1.00 

PC TO 

b.lS 


102.50 

1575 

3970 

IX 

b.?5 

9.93 



15.00 

CC TO 

9.73 




1*79 

L2 . 

10.AL 

9.1* 


311 

4.0ft 

pa .TO 

11.69 


102.25 

U7B BH373 

i* 


LX4M 

BP iV 290 115 520 
IX 

WB 8 230 U5 520 
LX 

bp nr 95 ns 520 

LX 

« 88 210 IIS 
LX. 

« B8 230 115 215 530 745 

f* to 230 115 520 
LX - 

er.xa 103 115520 
U ' 

BP W 230 115 520 

AHBRLX 

dc gC 230 115 529 745 
LX 

^ 80 230 115 520 

PC BO 117 115 205 215 520 
LX . ' 

BP FIT 230 115 5-0 

mix 

er. ea 230 113 520 745 


CC W 239 115 520 745 


<520 


Financial Times Tuesday August 15 nH 



S’! 


S' 


— p» 


if 

M£! 
IA T 

S3 

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5 55 

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BORROWER' 

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1 ^ Z — K* t 1 — 1 _ t 

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MARKET 

eixsas 


S.;5ur 
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3 5 

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181 

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5s S= ! 

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KUCTiJSJ 'COTT/SGU) 


■,«:;lpc-i 3 {ccsriroi 


75-M 

75*00 

50*00 


5o.ro 

25-00 


9t/4 

15-00 


nr? 

ikopsak lexasast lux ml i 

5*15 

lao.co 

8.M 13/ 2/1)14 



197.' 

HSOF7A.T I5?D«fcr MX 103 

3.:« 

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9.30 It 2/1983 



397# 

wroFiuf imsiassT east too 7/1 


95. SB 

s.;q a / *, 1975 



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97 1/4 

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53.30 

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102 5/a 

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9*.= S (-.» 11/ 9/1311 

99 7/8 

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Ml tin #77 
•:* #:•) a:i 

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MS 

i34t 

7*74 

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120 l/i 

£.S7 

7.44 


KP Vt 


19:5 


s? w 

tc* 


cc-tB 


U.*) 

'jr.2 


1575 


60.90 

13-00 


1)72 «TT- OF SW ZCALKO 
100-00 P.2J IV 4/1379 


99 


.71 7.55 6J1 


Ii.ro 

1976 


J2 .00 1*78* OOTT- OF SET 7U27SO 
J 06-00 6.75 . it ,V 1M4 

147: C07T- OF BEF 2TA1AE0 
93.50 7.50 15/ 9/1378 


B7 XT 237 60T h‘i Mi MS 

P- *Ss -Ci -Q- *"9 

*-.7 

72 a 2U Ml k; -r’t 

t* 6t5 6C- #97 #08 

#■-.9 «!0 

pb sr 215 »72 ec: m* 

to *35 •:« #a.’ •»« 

•29 *■■! *11 *:>) 


■64.00 

15.00 


75-00 

75.80 


7977 CCKT. OF BEX 2EAZA5I1 
93.75 8.00 1/ 3/1982 

1375 COTT- OF SB? niTASP 
100.00 8.25 U/L1/1MX 


75.00 


5sr5 COTT. OF nr 2E4Z4M 
99.00 9.00 U 3/1982 


60.00 

1S.90 


147? BUffRSUT nra -par 

59.50 ■ 6.75 1/ 3/1979 


M.W1 

IS. DO 


1477 BOLTflAT IMS 
100-00 0-50 1/ 5/L97S 


30.00 

15.00 


1972 BOCLAFP AUXIPA- UBSff 
100-00 -.15 15/ 8/1979 


Sft.nir 

25JW 


1*72 IS CM. 
•00.00 6.50 


15/10/1979 


50 MO 


1975 ISHLCAFAJH14-lA*ntA 
9).;3 • 9.15 1/ 5/1980 


75.00 
37- SO 


1972 UJb 

99.25 6.00 15/ 8/1979 


56.00 

12.30 


1471 X.L.V. 

99-25 7.35 ‘15/ 12/1978 


100.00 

100.00 


197** E1XCDW OF BOeSaT 
99.25 6.50 1/ «.’I983 


1977* rasenoH or souat 
99.50 6.75 1,'10/1982 


100.00 

100.00 

75.00 


1977 mcaxH or now at 
93-00 7.75 u 4/1982 


1975 XXBSKM QF 3BBBAT - 
99.25 8.00 15/11/1980 


1976 EnOW E - MUZA? 
99.50 8.50 15 S :/19St 


60.00 

15.00 


1972 KTCHTUS 

99.50 a. 30 15/ 3/1979 


75.00 

33.00 


1)78* BEDES. MT3JDS5STA56SB&XC 
99.50 p.JO 1/ 6/1)83 

1474 S2JJSF XQIOBKTAMSSASK 

99-00 9.10 1/ 7/1379 


10P.PD 

r.ro 

4/19*3 

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L’Q 


40.ro 

1*77 

BASE HEES 

I BftfF 

99 5/8 

2.79 

7.5S 7 .78 

' B# TO 

245 #*) 


100.00 

7.73 

IS/ i ‘19S2 




re 


5a.ro 

1RTS 

BASK HELS 

1 nnrr. 
13,17/1961 

101 5/8 

3.34 

?.#■ e.u 

X? TO 

265 600 601 60= 404 

99.75 

8.33 


CQ 

805 #06 607 b08 
*81 610 411 010 

75.00 



7*"= 

BASE yRES 

4 EPFE 

102 111 

1.00 

7.22 9.7S 

SP 37 

£65 oOO #01 #07 #04 


9.50 15/ 2/1940 


T971 SniFXASBSe CASLTLE 
95-50 9.75 V 7/19/9 


1976 tiar w BQSMISAIJUiXr' 
90.25 7.75 1/ 1/1981 


75.00 

73.00 

50.00 


99-50 

1)77 

94-56 


15/ 5/1983 

E tOSTOLUin 
1/ 8/1982 
C R0KTEOH8AFI 
1/ 2/1940 


60.M 

15.00 


1971 imil KCEX1S 
100.00 7-50 l/LL’1978 


lon.oo 

50.00 


1)7? PHILIPS LAMPS 
99.50 B.PO 1/ 3/1979 


75.00 

75.00 

75.00 


1974 PHILIPS U»S 
100.00 7.75 15/ 5/1981 

l) T 5 PoaiPS LAMPS 
IDO.ao 8.25 1/ 10/1911 

1JTA P3TLTPS LAHP5 
100.00 9.J0 1/ 1/19*0 


50.00 


1974 PHILIPS UXP? 

91.50 10.75 15/10/1979 


60.00 

40.00 


1*77 

*4.75 


99-25 •10. M 


•/ #/:)A2 
fstcr, mm 
1/10/1)61 


50.00 

M.M 


1974 IA1CIA5X 

99-50 .16.75 15/11/1979 


1975 B4IK 1FPOX 10CBIJ.1S 
99.25 9.23 15/ 3/1761 


30.00 
IS.ftO 

75.00 


1972 BBTI.ttAL SET TTOB 
93-50 #-25 1/ 9/1979 

1177* BHFUBLTC Or *237X14 
9.9.75 J.25 15,11/13*4 


70 .00 


1975 XBILSLJ-: OF Al. TIBIA 
100.00 . 6.25 15/ 7/19E2 


75.00 

75.00 


1)75 umuc OF AIS1XU 
100.00 ’ 3.25 1/ 3/1*82 


I*:-'* XEPTSU-- Of Bjjur. 
99.50 :.M> U 7.- 1983 



55 7/a 

5.92 

zoo i/a 


102 

i.:s 

in 

2.79 

103 7/S 

3.55 

99 

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■75 

99 

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1,;! 

100 5/3 

1.75 

99 

i-*» 

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95 3/8 

4.67 

95 7/8 

6.17 

180 1/8 

3.67 

100 

£-19 

102 5/8 

£.96 

99 

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95 7/3 

i.ti 

101 1/8 

.92 

102 1/S 

2-75 

101 VI 

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UO 1/2 

£.s7 

: 93 3/4 

6.79 

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4.00 

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i.:i 

100 1/3 

ml J 

99 

l.ftfl 

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100 3/8 

£.7? 

102 1/8 

3.17 

101 ' 

1U2 

109 1/8 

1.21 

98 

3.14 

104 1/S 

3.1/ 

103 1/8 

1.29 

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£••2 

99 1/4 
98 1/4 

1.A* 

•;9 

6.29 

102 1/4 

3.!* 

104 3/8.. 

3.53 

95 3/4 

A. 92 


7.64 

7.04 


S? TO 
CQ 

li? kg Ml a CL 60 S 
#:= «:j 

6.23 

7.6? 

1£.TO 

15K 

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t25‘ t:» 6C7 mOA 

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7.45 

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£3S 

7.52 

3.09 


WEB 

aiwww «4 

Ml ST# #37 #0) 

e 29 &:0 611 9:0 

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rq 

259 tK «5L 032 #24 
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6C9 610 bll )IO 

8.46 

6.82 

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BQ 

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409 CC bit “OT 

7.58 

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7.70 

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8.80 

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BC EE 

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7.02 

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PC EE 

237 bCO a31 #fl2 «*A 

8.38 


197# 

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7.70 

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237 6C3 841 4G? 604 
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HP SC 

cq 

£27 660 Ml MZ bQ4 
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*10 6SJ 910 

7.97 

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6117 61= 910 

7««X 

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M) 629 61: 910 

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227 M3 602 60. 

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bCR blS bll 910 

7.5A 

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249 ■"* 

8.74 

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w 

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*CJ Cud 607 60S 
sOP b!S a'.L *;a 

7-92 

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£47 90S bCl 6C2 #0* 
#50 60# 407 #08 
MR #;o bll 910 

7.96 

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CQ"” 

£37 MC Ml #02 #04 
#05 #B6 607 608 
PC) 610 611 910 

7.31 

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#05 *Cj# 607 40) 
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7.72 

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£35 •*• 

6.12 

9.55 


HP EC 

rq 

238 6TO Ml *02 *M 
#05 Mi 637 60) 
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a. 79 

7.69 

15.00 

1575 

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CQ 

237 MS #0= b02 604 
KS Mb *07 «S8 
KP blS all 910 

7.Q? 

6.DS 

£5-/3 

SPOT 

£35 63C 601 t)2 604 



1976 

cq 

605 #06 s07 608 
6-39 610 UA.910 

7.55 

4 *72 


SP 

CP 

228 ”R 

7.A6 

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HP EC 
to 

235 *** 

7-J9 

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#79 610 all 91ft 


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7.51 C r. EC 
1976 10 
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2*; -w «:i 

nfli #n# 
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605 «t6 
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613 6>1 *10 
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610 #11 *10 


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MAKERS 


100.00 

80.00 

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lon.no 

94.00 

150.00 


100.00 

19:5 

100.75 


80.00 


1975 

1M.OO 


iro.ro 

90.00 


ion. on 
85.00 


1)72 

96.00 

1)72 

100.00 


2 no. 00 
85.00 


12s.ro 
10*. 75 


80.00 


100.00 

90.00 

50.00 
xs.oa 

iso.ro 

133.ro 

iw.ro 

1*7. SO 

123.00 
H3.ro 

375.00 
266.25 

20ft.ro 

269.00 

100.00 
7b. W 

200.00 
22. 71 

75.00 
bJ-00 

1 re .00 

88.00 
JftO.OO 

87.50 
M.lW 
4*. 50 
75.00 
•0.00 
130.00 


1972. BA3F TlAJSSAJLAlTOtA 
100.00 7.50 1/ .V19>7 

1972 1AS8 OABEBOTflC 
100.00 7.50 1/ 8/19*7 

1)72 BUT LSA LSTUW BOTOX 

7.50 31V 9/1987 
CBARMHSAMfr'DC-rtAACE . 

10.00 5/11/ 1980 
C81RB0flKAS8F BE rilXCB 

10.25 15/ 4/1982 

CIAPTVF COWftLtUKD l/S 

7.50 1/10/1987 
CIKEKTS TAFAXSC 

_ *50 1/ 7/1907 

1172 CIII OP OSLO 
93.50 ■ 7-25 1/ 3/ 1557 

1975 Cl EDIT FOBCTBL W FUABCX 
100.08 10.25 27 f 5/IJ82 

1975 CXIOSOT-LOUE 

10;2S 17/10/5980 

nsoMormr . 

6.00 16/ 7/1968 
BBXOPEAH COAL 4 STK8U 

• '7.00 1/ 7/1980 

nBOPCAK COAL A *1X0. 

• 7.25. 1/ 4/1987 

BOXflPlAX COAL 4 STtft 

7.50 1/ 7/1991 
ZDMPEAH COAL t STE8L 


100.ro 

1973 

98.50 

1973 

100.00 

3977 

99.00 

197J 

99-50 

2973 


125.00 
110-00 

130.00 


50.00 


200. M 

83.00 

loo.ro 

05.00 
115 .00 
lla.oo 

80.00 
*6.40 

2fto.w 

182.00 

lod.oo 

AS. 00 
80.00 


60.ro 
la. no 


100.00 

50.00 


100.00 

34.00 

50.00 
1-.00 

100.00 


la.oo 

125.00 
150.08 

235.00 


100.30 . 10.00 15/ 6/1)82 

1972 HOROPLAK anSTJUOT I ABC 

09-75 7.25 1/ 8/1967 

1973 BI»US 3BTXSUU« XAHC 

99.25 7.25 13/. 3/1)18 

1971 B5F0FIAK tt W SH OUT EASE 

100.00 7:75 10/12/1981 

J96ft FXASCAISX IMS PETIOLES 

97.00 ' 7. 00 1/ 3/1980 

3972 COTT. ftP 16V ZtAlAW 

98.00 * T.2S -1/ ii/1987 

1972 KTBSMM OF BEDUBK 

99.50 - 7.50 ' 1/9/1 MT 

1971 mKDOM OP BCMABR 

100.00 : 7*75 .15/ 4/1960 

1971 l'air uqoinr 

ro.SO 8.25 J5/I9/J 981 

1972 HOHntCAL CATHOLIC SSROOt, 

98.CS . l.M 1/ 3/1987 

1975 XATTOKALH BES APTOXTOIBS 

100.00 9.75. 1/ 7/1987 

3)72 SAmCAUT MS mtCOMC 
100.50 7.50 1/ 3/1914 

1979 PAX1B6S , 

100.00 10.25 15/ 7/1982 

1975 pamrs LAWS ’ ? 
100.00 10.25 -1/ 9/1910 

1972 P08T-A-MBSSM 
100.00 7 .SO' 1/ 8/1987 

1072 mtTBCE OF SOTA JfiOTll 
99.25 7.50 23/ 7/196/ 

1972 7X0TOCC Of OOXUC. . 

100.00 7.50 15/ a/1987 

1472 BUB? NIXB CO RCEm 
9*. 00 . . 7.75 25/10/1987 

1972 B8SA0LT 

99.50 . 7.2S- 15/ 3/19*7 

1972 IBOOK— POOLHIC 

100.50 7.50 15/ 4/1987 

1973 XHScr-POOLBBC 

109.00 10.25 30/ 4/1980 

1*67 SOOSSFL-OCtAT 

91.50 7.00- 13/12/1979 

2975 5ATST OOAA2K , 

99.30 IOMO 10/11/1980 
1975 S.04P.A.B. ] 

100.00 . 9.75 31/ 7/1380 

1973 SUZ EBU3PEAS 7 IB. 

99.50 6.00 13/ 6/I9IS 

1971 PeCHWr? DCtBC XBBUWflf 
99.54 8.00 2/ 9/1918 

1975 KCfllHET OOTMT X0BUW3 

100.00 . ia-04 5/ i/m: 

197# ttSBUSt 

1W-W 10-Ofl 10/ 2/1)63 

J9T2 PT8L0 BASE. 

99-7 5 7.25 13/ £/IJf? 

. HOHQOBC 3XR1AFX 


M 

CO 3/S 
80 

101 III 
103 
79 III 

82 5/1 

83 3/8 
103 

101 3/4 
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96 1/4 
04 1/2 
» 3/4 

101 3/8 
*3 1/4 
82 1/8 
96 1/2 

96 5/8 
83 1/8 
E* 1/8 
*4 5/8 
37 5/8 
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100 7/8 
9J 3/8 

102 3/4 

101 3/4 
82 3/4 
B6 1/2 
81 1/2 
79 

82 3/4 
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101 3/4 

97 

101 1/2 
LOO 3/; 

:a 1/4 

M 7/8 
101 

100 5/S 

83 S/8 


8.75 9.9S S.72 
b.35 10.61 


9.00 11.05 9.33 
6-46 12.06 


9.17 It. 08 9.38 
5.30 12.79 


Z-35 S-03 9.82 


3.71 9J3 S.*5 


9.17 

7.14 

8.92 

b.?l 

8.58 

6.35 

3.12 

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11.10 9 m3 
11.07 

10.M 9.08 
11.58 

10.19 8.67 
10.96 
9.24. 9.95 
9-04 

9.38 10.07 


9.96 

6J5 

1.92 

1.49 

8.67 

4.67 
12^2 
10.19 

3.87 

3-61 

9.00 

5.53 


7.1t 


3.96 

2.65 


1.58 

1.10 


■•5 

3.94 


9.09 

5-86 

9.71 

7- AT 
3 .21 
2.61 
8.50 
6.33 

8- 92 


10J7 

11.23 

9.JL 

9.87 

<1.99 

11.72 

10.15 

10.69 

9.54 

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10.18 

11.53 

10.21 

10.15 

9.34 

10.41 

10-29 

11.37 

10.26 

11.36 

10.32 

10.4* 

9.12 

?.39 

ib.M 

U-60 

9.82 


5.58 

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3-96 


9-04 

8.65 


9.38 

9.27 


9.44 

7.27 

8.58 

9.29 

9-86 

8.71 
8.83 

8.03 
7.24 

8.72 
8.92 
9.16 
0-45 

9.04 
9.67 
8.03 
9.98 

10.07 


9-00 

3.09 

8.96 

6-2S 

8187 

5.38 

1J4 

•6.3Z 

8.61 

b-OS 

8.71 

6.00 

1.73 


10.56 9.06 
12-26 

9.*J 1.67 

10.57 

10.43 8.98 
It. 10 

11. SS" 9-01 
12.78 

10.36 8-76 
11-32 

10.57 9.04 
11. M 

J.OT 10.07 


1.38 9-37 7-22 
.88 10.78 
2.28 9.19 9.15 



OT 

4.00 

101-50 

1379 

1974 


•ft 

2.00 

102.25 

1978 BP1973 


#0 

6.00 

102.25 

1978 BPU77 

8.51 

30 

A.M 

100.50 

DM 2P1978 


90 

2-00 

101.50 

1979 

1973 


75 

5-00 

102.25 

1978 

1973 


*0 

£.50 

101.75 

1*60 

1973 

7.51 

*5 

8.75 

101.00 

D79 

1976 


40 

4.00 

101.50 

1981 

BM97A 


ROC 

li-00 

100.50 

1979 

1578 


MC 

15.00 

101-375 1)7) 

1978 


90C 

0- - 5O 

101.375 1979 

1978 

“.IS 

*oc 

5.00 

loi.oo 

1979 

1977 


60 

8=75 

10 U 125 1978 BF1177 


6ft 

7. no 

101-29 

1978 

197* 


60 

A. 00 

101.50 

I97BTIP1972 


30 

10.19 

100.50 

19 7S 

1969 


20 

1.00 

101.90 

1)79 

1973 


75 

6.00 

102.00 

1978 

197b 


75 

2.50 

102.00 

1979 

197* 


90 

3.M 

101.00 

1978 

1972 


30C 

3.75 

101.50 

1)79 BPD7S 


*5 

6.50 

101.75 

1980 991976 


60 

5.00 

101-75 

1978 DPI976 

n.I7 

45 

io.ro 

iOL.ro 

197J : 

;ru76 


60 

6.50 

101.75 

1578 

19»b 


90 

5-on 

101.50 

1979 

1973 


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R.Oft 

102.00 

1*78 ' 

DP1970 


to 

2.40 

10Z.25 

1978 HP1973 


60 

10.00 

101-75 

1)80 DF1);3 


Ml 

5.00 

101-50 

1978 

3J73 


3 roc 

•5.00 

100.50 

lira 

19bB 


Jim 

IX 

BP BO 
L5XX 

sp m 

LS 

ec m 

LX 

Cn H7 
LX 

pc- m 

w - 

bp m 
LX 

BP hi 
LX 

ec nr 
LX 

HP TC 
LX 

«o m 

LX 

HP HI 
IX 

hp nr 


93 115 2flS 
IT a 520 


103 SIS MB 
520 


105 m mo 
520 


96 115 205 
220 520 
96 115 =05 
220 520 


93 U5 210 
520 

103 115 205 
220 520 


103 115 =05 
mo 520 


105 1 1 5 205 
220 520 
96 115 205 
220 520 


210 ms 

215 220 
215 220 
210 215 
210 215 
215 220 
210 215 
210 215 
210 215 
210 215 


96 US 205 
220 320 


21ft 215 
715 


*p nr 


112 115 20S 
220 520 
1J2 ITS 205 
220 820 
J12 115 205 
220" 520 


91 US 20S 
320 520 


HP H7 
LX 

HP XU 


103 115 20S 
220 520 
103 115 205 
220 520 


BP TO 
LX 

ip nr 


103 115 70S 
220 520 


BP TO 


LX 


HP HI 
LX 

>P TO 

LX 

BP TO 
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BP TO 
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CC TO 
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CC TO 
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BP TO 


105 20S 210 
520 

93 IIS 205 
220 520 
303 115 205 
220 520 
103 US 305 
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103 205 210 
520 

93 1 15 205 
220 5*0 


352 115 205 
320 520 


112 U5 205 
320 520 


LX 


93 ]>S 205 
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210 215 
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CIO 215 
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210 215 
210 215 
210 215 
215 2ta 
210 215 
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£10 215 
215 220 
2IC 215 
mo 215 

mo 215 
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TO TO 103 210 220 


5F Ell 
LX 


104 115 
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93 115 
220 


105 115 
220 


BP TO 
IX . 

bp nr 


S.M 9.3* 9.SS 


6.20 13-38 


3- S3 9-76 
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5.11 U.3 


300-00 

200.00 

150.00 


94 


3977 WKXa LAW tOL 
1M.O0 7.25 1/ 6/1185 

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10J2 

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1719 

1978 

8.09 


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1976 

9.90 )-*I 

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1980 


9.94 30.0? 

30 

37/H) 

101.00 

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1981 

S.b7 

60 

7-50 

101.125 U7B 

19H 


30 


102.00 

19S2 


7.7 £ 

31 


102.00 

3982 



BP TO 

rnni 

BP TO 
IX 

Bit 
DQ. - 
JSSO 
LX 

PC TO 
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HP TO 
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bp nr 

LX 


103 11S 
320 
117 115 
220 

1X7 115 
220 
117 213 
220 
103 205 


205 310 215 
520 

305 210 515 

520 

305 210 215 
5!0 

210 215 320 


3flS 210 -IS 
520 


205 210 215 
528 

MS 210-15 
510 

210 215 220 


92 115 
230 
103 210 


20S 210 215 
S20 


135 lt5 
5» 
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210 215 220 
£15 520 


» TO 
LX 


92 US 
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US 115 
220 

US 11s 
220 


»5 mo iis 

520 


sos mo ms 

520 


:os mo sis 

520 


TO TO RS 947 
LX . 


2c TO 560 947 
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98 1/2 3.87 7.33 4-rt ' 


HF TO 150 9*7 
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1)77* PttU m 
100.00 0.25 15/ 8/19*4 

B/KAfTT BTHAK 


2.P0 

=. no 
3.O0 


6-00 

£.00 


1977 ATfiKA-T BCPLLOnCiT F48C 10L 
100.00 ■ 8.» 15/ 5/m; 

1975 APS05ISTAJ' L 102 

99.50 1^50 15/ 4/LM5 


5-75 

SM 

6.68 

a.n 

30 

.70 

DOT 

396 


100.50 

1582 

m?78 

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6.04 

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6.02 




BP BIT 
LZ 

396 

8.79 

8.55 

8.69 

9.82 

60C 

•50 

SPOT 

159 

8.0* 

8.55 


101.00 

2984 

1985 

IX 


8.79 

8.33 

8.42 

8.22 

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.10 

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119 


l&o.ro 

IMS 

?F1!76 

LX 


6,71 

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8.33 

8.44 

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los.ro 

1978 


IX 

fi.92 

800 

8.56 

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103.00 

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1175 

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9-i j U/ 7/13*0 


133 1/2 2**1 7*4,9 l-iO 


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99 


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101 


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40.00 


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SCSXPTUE Gra . 
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101 

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15.00 


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0.25 15/ 7/1979 


100 


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1973 


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99 


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101 


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3.6? 

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4.67 

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man inarm: . . 

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60.00 


1975 

99-50 


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1974 

99.50 


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10.30 


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15.00 


1977 

99-50 

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100.00 


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■4*25 - 1/10/1979 


30.00 

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10.75 1/ S/1979 


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60.00 

30.00 

20.00 


1971 

100.00 

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99.30 

1)71 

98.00 


TOBOHEAS n t VMlHEM tan 119 
8.00 18/ 1/|)89 

MIOPIAS g T SAUU On bar 150 
8.375 27/ 9/1988 
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8.73 li.11/1938 

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10.47 

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5-bS 6.96 


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60.00 

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4.5. 

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102.00 

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105 119 £05 SiS 530 

12.ro 

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102. :« 

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1979 

33 


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1974 ACKICtLTDEAL CBZ9IT COST 

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ESIPPU L 57181 UiC issots (cjsnv jaj 

7.20 176 .T sea SOLOO ll.il 101 3 /S 1 U e.* 2 " 6 * 77 ' 

;. 2 S 97.30 6 . 75 . 11 / 3/1982 E 2.14 fi.l* 1 W* W 

740 1966 lETOFilEUM 11 . 2 * 1013/4 2.«. ff.li 6-88 5 .M 

1 JB 97-75 - 7.00 1 / 3/1981 1.59 S. 79 . 10 I*» 

12 . 5 ft 19 J 3 HW GIL 1 UU 5 T> 7.5503 101 1 /B 9.46 6.13 
12 .S 0 »40 7.00 15 / 1/1966 4.96 6.72 . 1 #I>» 

30.00 1972 lOndJUG JXI 740 93 l /4 13.92 7-03 S -70 • „ 

W-W 6-25 30 / 6/1992 • . 4 J».» 

6-00 1968 S 1 X 4 - 4 TDS*. , 9.69 1017/8 4.58 6-68 'V- 34“<0 

2.76 . 98.00 . 7.25 1 / 3/1983 S - 2.61 «.M U 0-00 

5.00 1965 . TJ.S.MBBa mm ' 1 - 1.18 1 P 0 1/4 2.00 5.93 6 . 0 J 6-07 

1.00 . 9740 . 64 0 31 / 7/ 1960 S l.» 5.91 .,.-10045 

iBflltULZAS DOtUWBK 


26.00 1972 SOUL C JftffiTBBS BASS 100 3 /i 

30-00 100 .M 6 . SO 15 / 8/1987 B. 

mzxsu 3 TEIUSC 1 S 3 D 5 


9 i 04 

6.54 


6.89 6 .»-. 6 -« 

6.41 IMfcSO 


*or 

l<rj 9 

90 

1978 
* 5 C 

1979 
*0 

Jtra 

3 on 

J.VB 

m 

1979 


30 

(HO 


- 5 S 

1410 

- 5 * 

7*70 

J- 2 S 

1979 


.« 

1971 

■ SO 
1971 


3. DO 
1978 


*? EE 359 300 965 97S 

lsnwr 

rp nr 359 oss 97 S 

L 8 DDFF 

ItP EU 359 9 S 5 97 S 

JX 

SC Hi 25 SOS 

Lfl 

X OS 36t 300 965 973 

LH 0 D 7 F 

R EU 315 MS 975 • 

i jnj r 


SC nr 218 307 
LS 


ir as 

u 


8 .« ; i 
4 . 59 -. J.J&- 
102 7/6 *‘.61 7.72 


105 

. 95 5/8 


j* . 

4 B 3 bE.v 4 . 7 S- 1 / 9/1987 

4W.U0 ■ ..'rt Wv'.imsinaELCE rrnsx’ 

• * -^« 4 b , t ■ B.M - 10 / 3 / 19 S 3 ' 
jjjTS.-jimxinsELLr fduxce 
*«:M ' IflO-.OQ, ; 9 .M - ; 15 /.*« 98 S 

nw4ft -itf rzJ-.iat-Siunuu wcnic 

80040 , 994 ft---.. • 6.50 - 1 / 9/1987 

SW.OO : J972-. KUSWW OF SMUBE 

60045 . 100,00 . 6 . 75 . 14 / 1/1987 | 

580.00 .-1975 - zbum nit rui 

. 10640 . 8.75 5/1985 

*0040 1172 too nnnunmu. - 

800.00 M.«„- 6 . 49 . lUT-l/W 

500.00 1975 ipwape rjjuaa ' - - 

. .- 100 .Q 6 V ' *75 y 8 / 7 /J 9 P 5 

500.00. '■’im ‘somuuii w m 

900 . 00 . '-Jp 40 :.i . 5 U 24 : HS/ii 0 /lH 7 . 

/ ; 'SAUDI 

1804 ft,- l*jy ATOOl^STAS- ‘ ‘ • -1105 3.79 ?.»' 8 . 0 T ■ - • 

■ 94.00 -S' 8.25 15 / 5/1952 I 01 JB ,1979 

700.00 "l« 5 ' 7 CR SUT WW/ECOS L 102 l/ 2 - S- 09 . 4.88 . 4.0 '■ 4 ’"- X 30 

100-00 100.00 ... a-M 1 / 9 / 1*83 “ 

ISO 40 . 1977 -i KUAUntXt'ElSlan'oa l 100 7/8 
ISO-Ofr SBD 4 B 8.75 . 15 / 6^987 

35 . m tin- nh — . . _ 

.IflMjq. 1979 W 19 TC 
11015 / 4 - 8.67 8.20 2040 

64 ? - 8.13 x.*-- <& 140 . 13*0 1 H 3 


;Ua.W 1979 071976 
8 - 26 - TO? «C 20.00 
- 10140 1180 7057 ! 

6.71 7 . 95 - 3-57 7-27 ' «C « 0 . 0 p 
4 - 7 .L 7-68 : i -WtP 0 . IBS! 

*49 - 7 . 11 - S.M C : ; 15 60.00 

*.S( 7.67 *7979 1 178 

-31 3/8 "- 9 . 0 * ■>.* ?-37 ‘•'■'•V »-D 0 

A . 54 9 . 1 ft - 1976 1178 

BIOS 7/8 

86 3 / 4 . 9 ill B. 93 - 7.78 * ^AOC BO. On 

, . - • - 4.61 1 ft . 53 ,V. -'^979 1178 

39 iP- 6.94 *45 " 3 - 79 . . 30.00 


CO Eft 230 IIS 5)0 520 719 

sr ID 330 115 520 

EU 222 115 510 520 

>C ED 223 115 510 520 

U 

■P EO 230 US 510 520 . 

WED 223 li 5 ' 51 D 520 ' 

u 

K ED 223 115 Slo 520 - 

JJC 

K EU 230 1)5 520 


75 3/4 941 11 . 67 ' 9 . 57 ’ .... 
4 - 71 .U.Z 5 - ' 302^5 


102 ^; 4480 PF 1176 . uc 


VP eo 230 115 


90 

19 J 8 


100 .' 

100 . 


1177 - awuM CBnanA) 
flS 004 p- ,940 ■ 1 1 / 6/1982 
14 n> .EAWliMlQiKCCO 
400.00 •-.-i-B.M.-. 1 / 4/1967 
RBUK/H •“ 


2.69 7 -iS •• lB. 4 g r 197 a 
.847 4.60 4 . 67 - -■j/j: ' 

. 6.07 6.57 l 6 d^ 5979 

100 4/2 . 3 . 8 * 943 S.lfvJ-?* .- 30 


m. on 

19)6 


l«.t >0 
JIT 9 
25.00 
19 S 2 
2.50 


5.00 1966 cm 07 T 0 B 1 X U -06 .92 1/3 6 . 21 . 8 - 21 - 7 . 15 , y. 

2 .M- - 96:00 ■ 6.50 - 15 / 10/1984 8 '.— 

4.00 1*65 aiso-einjaix * ii'.io 99 iff l» 5 i *.70 641 ^ Mr 

40 • 971.75 -. 6-90 - 1 /. 2 / 1980 - S . J- 01 ; A.» 1978 

lO'.oo ' )972 nr BSTA 3 E 9 t' 3 M?’ 7 . 7 M 98 ' 9 . 0 * 7.06 £ 47 -^ 3 . . - SO 

8.60 -Mi. 7 fi - .- 6.75 15 /. 8 /L 98 T : 5 - 2 * 7.23 fr.yJWfr V 79 


.31 
1970 
.*0 
1966 
■ 6ft 
UTS 


PC ED 223 115 520 


« nr 525 2 W . 

vs 

cc JE 440 230 
I'Q 

8 C AS 586 230 125 

W} 

PC AS 5)8 230 
LX 

DC 585 SX 925 
BO 


HP EU “ 359 305 963 973 . 
UDJOTF 

K m 359 300 715 965 973 
1 XU 

PC ZD 3*6 307 965 979 
W * 


10.00 ,1972 AHQco err ns 

8.25 H.OO 8.00 1 / 5/1967 

- 20.00 1978 * CXTICDBP O/S PIS 

20-00 - 93 .30 1040 15 / 3/1993 

an-oo 1 * 77 * comnunjE nr m ■ 

' 30.00 . 98.00 - 9 JS 15 / 42/1989 

2 D.M 1977 *' EDKOPEAJf CPAr. 4 STKEL 

,■ 20 . 00 : IDOiOO 9 . 6 Z 5 1 / 12/1389 

2540 ' 1976 * EUSOPEAS DIVES WEST BABE 

25.00 100.00 9.75 15 / 2/1986 

25 .cn 1 * 77 * EiBppaur are/msi ame 
99.75 9.75 15 / 13 /H 92 

15.00 1978 * nUJB KAAX I>*OBASJEBOOM 

15.00 91 . » ID -25 1 5 / 3 / 199 D 

20.00 . 1977 * rUCAJHCL 70 S nOOSTBT 

20-00 . 91 . 9 ft 9.73 . 15 /C 2 /ISB? 

12.00 1978 * FINAMCT POS TSDOBTKT 

1240 . 100.00 10.00 15 / 3/1989 

10.00 - 1977 * F 1 SOSS UT PUT 

• 100.00 . 10.23 13 / 12/1987 

10.00 1178 * CESnrnEB nmji IKc 17 

10-00 100-00 11.00 IV 5/1168 

so.oo' 1978 * ua rm. anujracs 

100.00 10.00 1 / 9/1988 

1840 1978 * KMmtEC 8 KQKTCSV Hff 

1840 100.25 10.25 J 5 / 2/1 IBS 


9 . 5/8 


>.75 

S.M 


Wt ' „ 

'MOO .25 


8.36 
8.52 

92 3/4 2*42 11.00 10-78 .15- tt> 

8 . 42 - 1 W 7 . . ’-Htt-W 

90 11.38 11-3* lOiM'ii, 

8.56 1U64 ■ -M1-M 

94 5/8 21.S4 10.4* 10.17 91.52 
B .70 1 0 . 59 , .. ..J 01-30 
97 1/B 9.55 10-32 lolo* 16-73 
7.5110.x, - mi-00 

93 1/8 1*. Iff 10.69-1047' IJ -01 

_- 101-00 

89 1/2 11.62 11.14 114* ' 

9.52 12.13 

91 3/* 9.3a luiftnwo.J:" ■ 

7.38 11.44 . . -lBl-50 

10.62 10.96 1044- ~ . 

6.56 11.10 1814? 


30 

I 960 BF 1974 
M .80 

1984 DPI 973 
* 5 C .50 

1982 DPI 978 


LX 

re ed 
u 

pc ess 

ix 


359 


316 .39 303 520 901 
. 925 9 » 940 945 
9 SO 9*0 923 
»P EO 359 *** 


■94 


9-11 10.58 




in 


1340 . 197 P». SUES BT IV 


JS.Ufl- 

15.00 


1977 * TOTAL OIL KAUXT 
100 . 1*1 ■ , 9.125 1 / 22/1984 * 

‘ - 1 * 7 '* SRITMEAD * CO 
10040 10.50 13 / i /[990 

SPECIAL IMBi BIGHTS 


92 5/8 4.79 12.72 11 . 88 , 11-34 
8.39 12.45 

91 9.58 11 . 21 , 10 . 78 ^ >WJ 

90 1/6 9.55 11.94 li ,. 36 . 

2 . 69 - 12.26 ' 108.50 

91 7/8 9.35 11.68 lUT^', 

.- 101 . 5 ft 

■90 6-34 11.(0 10 . 14 " 

;^ 1 B .50 

B S 3/4 11 . 7 ! 12.35 llJfl. 

9 . . 1 , 12.62 ’ .JlBJO 


26 C .65 — . 

1982 DP 1978 JLX . 

30 C 1.25 VP' ED 359 *** ’ - 

1461 DP 1979 LX 

34 1. 00 SP SO 517 *** 

1967 PE 197 B LX 

60 .50 PC -ED 348 35 5 20 90 t 525 

1983 DPI 942 LS 414 940 945 950 

960 975 

« l.M MP ED .359 *** 

1961 PF 1479 LS 

*5 .71 SP ED 359 35 520 901 425 

1961 PPI 9 B 1 IS 93 * 940 945 4*7 

950 460 965 975 
*5 PC ED 325 35 210 520 901 

1962 IS 925 934 940 9*5 

950 %0 415 . 

PC ZD 3 A 6 35 520 901 925 

U 934 440 9*5 950 

960 973 

PC ED 235 •" 

IX 

PC HJ 350 35 210 520 901 

LS * 925 134 940 945 

15 ft 960 975 
re ED 315 *** . 


W .50 

IWJ DPUW 1 


19*2 

4 \ .60 

1 « 6 J DPIUO 


1**3 

w 1 . 50 . re so 

19*1 PFI 976 IS 

45 .75 

1992 DPI HI 


■ P ED 
LS 


S 3 *** 

3 M 39 205 MI 928 
- <*0 947 950 960 

975 


301 S /8 l.M 8.01 


1975 ALBSB 15 SE nrr 
100.00 . 9.00 15 / S /1990 

1973 ELECT* UD IX SX FBAKCB 101 3/4 4.96 8 U 5 
100.00 9.00 17 / 7/1983 

1975 SWEDISH OTEETsar BAKE 101 3 /A 


t.K r 

-MB . 00 
Ul-DO 


* 0.00 100.00 9.00 1 / 7/1982 


3.92 8 . 45 - nS 3 ^>>-» 
2.42 8.19 . * W 2-00 


TO 

1979 

30 

I 960 

30 

1979 


PC m 517 520 805 975 
LX 


ce ED 

\x 


JO . 00 
1979 


£30 210 520-805 975 
BP ED 517 5 ZD 735 BU 975 


The 


The First National Bank ".of 
Chicago has - aiahounc^l:' the 
creation of a azdted^te^atioiiai 
and domestic invaBam en^ -banli- 
ing operation— FIRST Cffl£AGQ 

INVESTMENT BANKJNfi .GROtJP. 

Mr. W. Ctxrran has been - 

pomled AAM U'ft.m 3 SS?-'« 5 *& 

and will be based in London. This president and x< 
group will co-ordinate investment London. He joins 
banking activities - wdrldwide. con- Midland, and Int 
centrating upon: . management where he was a 
and underwriting international 
securities issues: loan syndication: 
financial advisor? services to 
companies and governments: -per- 
sonal portfolio management, and 
direct investment in the U 4 S, - 


Mr. C. 



wing Banking Appointments have 
recently been announced 


Mr. Jose Carlos Madeira Serrano Helmut Wlmmer, 

has resigned as deputy managing general' manager of 

director of the EUROPEAN ® ras11 SA, Hamburg Branch, and 


P. Cook, Mr. C J. H. 
Fisher, > Mr. N. G. Johnson, Mr. 
R. B. 4 &bts, Mr. L J. Morgan and 
Mr. AkC T. W. Russell have been 
.appointed associate directors. - of 
ORICW ’BANK. Mr. Fisher is at 
present seconded to Orion’s repre- 
presenUy sentative ofiQce in New York. 
Banco do • ; - - . 


formerly deputy general manager 
of Banco do Brasil SA, London 
branch^ 

* 


BRAZILIAN BANK and will be 
taking up a new position, bn loan 
from Banco do Brasal SA, as 
financial director of : Siderurgia 
Brasileira SA — SJDERBRAS. Mr. 

Serrano ‘will' be succeeded as 

appointed to the Boajpj’ijf HILL deputy managing director of the to "th e- Bo ard of 
SAMUEL AND (XX“ European Brazilian Bank by Mr. SECURITIES. 

jfflfe.- — — : — : — 


Mr.dtoben B. Botcher by, xuan- 

„ „ . . aging director of European Arab 

Mr. Abdulla Hussem Naama, BarLt has been appointed to the 
chairman of Qatar Insurance : Board Of EUROPEAN ARAB 
Corporation, has been appointed HOLDING SA,. Luxembourg, as 
EUROSEAS. .gjfSttp. managing director. 


EXPLANATORY 


LISTINGS 


ML; 

NY 

PR 

i r- 


AN = Antwerp ■' 

AM = Amsterdam? 

AS = Am ericanStock 
^Exchange, 

BR — Brussels 
BT = Beirut' 

DB “ Dublin 
DD = Dussoldtaf - . 

FF = FrankiUrt •• ..... A". 

HK = HoagTCortg: J ’.-.^i 
KL = . Kuala Lumpur ... EN 
LN = London - ' - 1 • . ., NY ■ 

LX = .LinwjubojWE. . .. -EA. 


Milan 
New York 
Paris. 
Rome ■ 
Singapore 


}e_ r.. . ..... ..,UQ.. .= Unquoted .* 

1 ; ' VN ~ Vienna.. , 

' ‘ « ZR Zorkdi A othe 


TYPE OF GUARANTEE OR SECURITY 

1 . G UARANTEES j: m - 

GG = Goypnrinjent’ ' 

Guarantee 

SG = State or Local Govt' 
Guarantee -. . 

PG s= Parent Guarantee . 

BG — fi«Tylr " J 

PW = These borrowers 

have Public. Works- 
Loans Board ta : ’■ 
lender of -last ' 

-resort ' 


other 

Exchanges 
DELIVERY 
EU = EU„_ 

= Eqrope/New York - 
= York' 

=j_Europe/Aau(. 

• **’• ' '■ ‘ V. W- .; :i . ' 

2 > flTHEK SECURiTY 
CTi --. : Collerateral Cover, 

™ 2 . First Mortgage 

"v • : "P^e^Gumuntee 
SG i = , Spedfll ' Clause 
SU — ’ Subordinated 
"Unaeoired 
^'nwcured Loan 
Thrcmgbout 
Agreement 



AND ABBREVIATIONS 


COUNTRY 

FRANCE 


'ISSUE/COUPON/MATURITY EXCHANGE RATE 


HONG KONG 

ISRAEL 

JAPAN 


ul = 
; - TA « 


SPECIAL REFERENCES - I J 

L GENERAL— ATTACHED TO NAMK GF BORROWS 
D = Domesthi Memagetoenr group 
L = Bondholders option' to redeem loan prior to maturity 
P = Private or semi-private placement 
MC — Principal /Interest payable in more than two currencies 
W = Withholding taxes (with percentage rate %)• • 

W = With warrants - ; 

XW Ex warrants .. 

2 . £/DM ISSUIS • A' , •S' - • 

The figures shown ar€ tin? fixed L'DBJ parities which prevail over- 
the lives of the issues, 

3 . FLOATING RATE 1 SSUH 5 . 

The figures eiven are the mitaxottm edu'pon rate: 

% margin above LU 30 R. _ • 

4 . ATTACHED TO MATURITY DESCRffTlON * 

S - Semi-annoal payments ; " . . - 

5 . ATTACHED TO NEIjCTS/F AMOUNT . * , . ’ 1 1 

PF — Purchase fund— *the amount shown -is the' annua] totals 

(or total to the nert coupon date), which mky'be applied. . . 
The yeftr associated with the amount shown relates to tor - 1 
the ye$r end of f 

DP = Non-cuinulalivc o 


fund payments. '.4: 


A ATTACHED TO CALL NOTICE (DAYS) 
C =s Callahle only «n coupon dates 
Y = Callable only at annual intervals 
Otherwise callable at any time ■ . 


.%? ■ NAME' OF BOND 


7 . YIELD TO NEXT CAUL .. 

0 = Yield K'liegative- . ' r . , 

8 . ATTACHED TO YIELD TQ NEXT CALL * 1 ' ' 

(CONVERTIBLE ISSUES ONLY) > T* / . . 

R ss Call is subject to ? restrictibn governed by a fixed relation- 

ship between the Share price and the conversion price. ' Asani 

fi. CONVERTIBLE ISSUES 

The share price- is always denominated in the same currency as the; 
conversion pricer Hease note, that where 'the premium 
200 % no figure is shown io the pram hun /discount column. 

The following convertible bonds are subject to convertibility? 
into the indicated stocks. 


• Mchelin tot Dev. 6 ' 1085 FJFr. 5.554 =S 1 

Suez et rUnion Paris . 7 1085 F Fr. 5 fi 54 =81 

Asia Navigation tot BJ 3989 SHK 5.07 = 8 L| 

Leunu Int. Inv. 7 1984 I£ 101028 =81 

Asahi Chemical 6 i 1990 Yen 303.0 =81 

Asahi Optical • 8 1092 Yen 282.0 =81 

y Dal Nippon 'Printing 6 | 1988 Yen 360.0 =81 

Dai ei Inc. ' . 6 .1991 Yen 300.0 =81 

Daiwa House Irid. 7 } 1991 Yen SOLO =81 

•Hitachi Ltd.- . . - 6 i 1979 Yen 360.0 =81 

Hitachi Ltd. : ' 8 i 19 S 4 Yen 380.0 =81 

Hokushin Electric 61 1992 Yen 248.0 =$1 

..ItoYokado . 6 1992 Yen 272.0 =11 

Jusco 6 1992 YenSTtA =81 

Kbo Soap • 6 1992 Yeh 286 D = 8 lJ 

; Komatsu Manf. 61 1084 Yen 36 fc 0 - =$1 

Komatsu Ltd. . 7 } 1900 Yen 294 J 2 =$1 

.Kubota 6 | 1991 Yen 303.0 . =81 

.MaruS ... 6i iMi y En 299.0 . =81 
Matsushita Elea 8 } 1090 Yen 303.0 : =81 

-Mitsubishi Elec. 7 1985 Yeh 380.0 ' =$1 

Mitsubishi Elea 7 i 1981 Yen 305.5 =81 

Mitsubishi Gas-Chem 8 -1092 Yen 272.0 -- =$1 

-Mitsubishi Hvy. to. ' 6 * 1991 Yen 305 . 55 ' =81 

Mitsubishi ,Corp. 6 1992 Yen 267.0 = 81 

fr. - ' :MStsubishKCorp. 7 | 3990 Yen 294.0 =$1 

T ■ Mitsubishi Corp. 61 1991 Yen SOLO =81 

■ft:- - ’. Mitsui & C 6 . 7 f 3990 Yen 298.0 ^=SZ 

kritsui & Co. 8 ) 1989 Yen 299.0 = 31 

•Mitsui Real Estate 6 1992 Yen 267.8 =S 1 

Nitto Elea Ind. 6 1992 Yen 264.13 =$1 

Pioneer Electric 6 i 1989 Yen 280.0 = 81 

Ricoh 6 1991 Yen 295.0 =81 

Sanyo Electric 6 } 1991 Yen 29355 =81 

Sanyo Electric 7 1990 Yen 302.17 =81 

Settsu Paperboard 6 1992 Yen 243.0 =81 

Sumitomo Elec, - 6 1992 Yen 287.0 = 81 

Sumitomo Metal 6 1902 Yen 287.5 =81 

Takcda Chemical 6 1984 Yen 360.0 =81 

Tokyu Dept. Store 6 1992 Yen 266.0 = 81 

Toshiba 6 * 3992 Yen 251.0 ' =81 

Toshiba 6 ] 1990 Yen 2959 . =81 

Ennia ' 1092 DJ? 1 . 2.4565 =81 

All other issues 7 } 1993 8 S 2.44 =$1 

Dev. Bk. of Singapore 6 } 1988 *S 2 JS 2 = 8 L 

United Overseas Bank 6 ^ 1988 SS 232 . . =81 

Rand Selection Coro. 61 1986 RD 0 J 143 =81 

Sandvik 61 1988 SwKr 4.7825 = 81 

Babcock Nederland 7 1992 £ 0.574 =81 

Beecham Fin. 61 1992 £ 0.574 =81 

Burmah Oil 51 1988 £ 0.417 =81 

Burton B.V. 5 * 1992 FYr.lL 8825 =81 

Compair (UX) 8 i 1987 £ 0 fi 82 =81 

ICI Int. Fin. 63 1997 £ =S 1 

Inchcape (Bermuda) 63 1992 £ 0.582 =81 

Rank Organisation' 44 1993 £ 0.425 =81 

Slater Walker 5 } 3987 £ 0-385 =81 

Union Bank of Switzerland (Lux.) 595-1981 differs from other 
rtibles in that the bonds are denominated. US $1350 and each 
is convertible into 1 Bearer share of SJTrs. 500 . nominal value 
•UBS. 

Credit Suisse (Bahamas) 41 % 1991 differs from other con- 
Swrtibles in- that the bond is denominated USS 1000 and. each bond 
gfc convertible Into ! Bearer Share of S Jr. 500 nominal -value of 
^radit Suisse. ... 

" >^ r - The following convertible issues have conversion rights which 
' — ■*“ prior to maturity: 




"^NETHERLANDS 

.‘BBIGAPORE 


AFRICA 

^SWEDEN 

^ . .. 




-■rm-- 


. SAIHJI INTERNATIONAL BANK 
(AL-BANK AL-SAUDI AL-ALAM 1 ) 
has. appointed Mr. Matthew H_ M. 
Cardogton as a manager in the 
general banking division - and 
Mr.-Gay R- Stokely and Mr. Stuart 
C, -Webb as managers, investment 
adv^piy division. 

, .in.. 

* . . 


Mr. ttch&el J. Phillis hai been 
app.wn&f general maneger, 
forefen exchange and- money mar- 
ket depaftmem of LONDON AND 
C 0 NTINENT.\L BANKERS. ■ 


Mr. Chase -Waring, previously 
of .Morgan Guaranty Trust Com- 
pany, NEW York, petroleum 
department has been app ointed 
a senior vfc£-president at INTER- 
NATIONAL ENERGY BANK. 


Mr. Normas Achen of the Royal 
Bank of Canada has joined 
ORION BANK as an executive 
director. 'He succeeds Mr. Paul 
Taylor who has returned to the 
Royal Bank Montreal as head of 
its new global finance unit 


Mr. P- F. . Phillips, a former 
director of Morgan Grenfell Inter- 
national, has joined the inter- 
national division of CROCKER 
BANK as vice-president in charge 
of merchant banking in its 
Aria -Pacific - region. 


MATURITY 




NAME OF BOND .. 

American Tobacco -Tut 
Aria Navigation Int.. 
Bankers tot {Lux:}.' 
Bros iway—Bale Store* \ 
Burmah OIL. : . 

Chevron Oil O/S" _l 
D art Industries . 

Inter Continental Hotels 
toL Standard -Elea--.'' 


CONVERTIBLE INTO 



Chemical 

sar- 

Mitsubishi El . 
.Rand Selection 
Takeda Chem. 
..Toshiba 


CONVERSION 

RIGHTS 
EXPIRE 


SI 

30 / 8/1990 . 

31 / 5/1986 

. 35 / 9/1990 

30 / 4/1986 

6 } 

30 / 9 / 1 BS 4 

31 / 8/1884 

7 

31 / 3/1985 

2 S/ 2/1985 

61 

1 / 3/1986 

. 31 / 1/1986 

fi 

31 / 3/1984 

28 / 2/1984 

w 

30 / 9/1990 

. 15 / 9/1990 


1988 


5 

1 

■** 

•' 7 

5 


: DENOMINATION OF NON-DOLLAR BONDS! 
. Rnro-guilders— aU denominated 
’ ' V 7 ?- '' French Francs—all denominated 

f : ISSpSS cod * SI« 1 . 7 * ;g? 


1886 

10 CT Carter’ Hawley Hale 


r 'European Coal * Steel 71 % 1991 
/ * Jrancaise de "Petroles— BP 




1987 


Minnesota ^ Mining £ 
Manuf^tturing 


... ^ 

[tanev 4 | 


IQSfi. Pan*Am World Airways 
39 S 8 Iniririarional Tel & Tel 
1988 .. M » 

1989 - ■ V-S : 1 

1886 


' Ifecfiebod Computer 


ISE Finance 

Kinney 

Lcasco World TYade . ... v 
Leasco HU, • , 5 - - 

Levin-To wnsena Taf Fin -Zr \ i 
Norwich OS, j "-.r. 44 

Owens-Illinois ; + 

Plywood Champion fnt v ' 5 

The following imernstlon^ convertible . fesues have- fixed rates of 
currency convdireioni - 


■ Morton-Nonrich Products SCTK^r? 

k :1987 .^whn& Corainfi Fibreglass # a^e^ Wdker fi % 1987 


SOPAD 


^ STERLiNC-DEUTSCHE MARKS 
^nso Giitzeit BJ% 1980 
- 0 'TCI 8 % 1988 

lass.. Ireland 7 % 19 S 1 * 

^.JSSli^SSSfS^A 

■••• r^ r New -Zealand -.74 
Rothmans im. », . 

BBS Quan^Jp,- - 



■ TTurin 
US Rub, 


1984 
6 % 1989 


FL- 10,000 
Ffr 5,000 

Ffr. 10,000 
Ffr. 10.000 
Ffr. 10 JMO 
Ffr. 10.000 
Ffr- 50.000 
Ffr. 10.000 
Ffr. 50,000 


£ 100 : £500 . 
£500 

£ 100 : £500 
£ 500 / •• 

soo . ■ 

£ 90 : £450 
£ 100 : £500 
■£ 5 tn 

£ 100 :' ‘£500 
SOO 

£ 100 ;; £500 
£ 100 : £500 
£ 100 : £500 


II. YIELD CALCULATIONS,: , ; . 

AU Yields are cahndated oa annual rates og; a T 0 % bund standing . 
at par, paying imeresi pnee pA. will .have ; a current and “®Wriff- 
yield of 10 %. A 10 % bond paying aemtannually would yield 10 ^ 5 %. 
Market preet I ce demands, that the: current ^ yield, on 8 floating rare 
bonds is calculated as conp<?n/j>rice. : : ... j» 

is. markettmakek ^ coiAiMNsr*-. - 
This (tenot es^tbat orore thto the maxhnum' nvmiber of maW 
makers have provided prices (£2 for the straight bonds and 9 tor 
the romrertihfesi: . ; ". 


is. other notes r , . • ' * 

The ambunts' rijoim ’ as, remaining outstanding are ettuMted oy 
applying t£e sdmdtflea^ ^sinl^ftiiMl tetaljawts. -TRese are further 


. 3 ? adjusted where a non-cumulative option to double sinking fund 
' . ^payments has been exercised. 

Yields- are calculated in' accordance with Rule S 03 of Statutes 
By-Laws. Rules and Recommendations of the AIBD using compound, 
/toterest throughout. . Negative yields are' not shown. . 

■The 1 maturity, average Ufe and first .caU yields, jure adjusted to a 

/ ?' 3 Q- day annual rate. 

\ Yields -to neit caff is shown on the basis that" the borrower gives 
'notice, that he. wishes to call the bond. as soon, as possible after the 
■ data -of publication of this list 

YMds, on -Unit of Account bonds are computed by adjusting the 
. investment proceeds for the chaMes in. relative, parities of the 
•J-'canrcncies compriring the new and old unit of account formulae. 


DILLON, READ 
OVERSEAS 
CORPORATION 

10 Chbsterfield Street, 
I^ndon, W.L 

Tel: 01-493 1239 or 
0 i 491 4774 
Telex 8811055 


JAPANESE DOLLAR 
QUOTED SECURITIES 

Names Qose at 11 / 8/78 
DAIWA SEIKO ■ - S 2-18 

HONDA "• 


1 TO YOKADO . 
JUSCO- 
KOMATSU 
FORRUFTT 

KONISfflBOKU 
PHOTO , 

KUBOTA. 

MURATA ; 
NIPPON CHEMICAL 

CONDENSrh ’ 
NIPPON HEat •* 
QJ. CORP' ; 
KJEWOWN - • 

RHYTHM WATCH 

STANLEY.- 

ELECTRIC 

XOYO SANYO 
.TRIO .*>. . * v 


8261 

$87 

$ 52 } 

$ 2^8 


$4.05 

53.75 

$315 

$3.95 

S 3 .G 5 

$ 2 JT 5 

82.70 

$ 1.70 

$ 32 } a 


21 


Bo 

3 a 

I 


3 B 

BF. 


31 


S! 


BDRRO'.VEB * 

COUPOM MATURITY 


Sy 

~E 

II 

m w 


133 it- 


S= !2 


S u) 

act: 


3- 


> 

h 

S? t 

j Si 

s| 

Is 

M 1 

■i 

So 

XI -4 

B 3 

life 

S! 

PuS 

5 »- 
212 

IVEHSION p 
DAT! OF 
VERSION & 

DEUVEHV' 
UT f OUARi 
LISTING 

1-J u 1 

is ! 

s = 

UI 

£ 

o e 
u a 

1 3 i 

l a 1 

1 m 


§ , MARKET. 
E j MAKERS 

1 ! 


UOY m I SLO* 3 ASCC 

lOfl.QO 1972 CEBMIfi MSPSC . IT 70 lfl 
IPO - 00 100.00 5 . tM 16 / 6 / 198 / 5*0 

54.00 1969 EICJELUf 1 ST -Lt H] 3 /ft 

37 . N 100. 00 6 -M }/ If IWi IHZ 


10 .K' . „ 

jos.Sp 

-.so .68 « , a 

2.43 103.00 


9: ?05 :tn ;is 

960 975 


So PC BO *« 901 930 960 9 IS'- 


"?.r 20 / 1 / 1 MJ 


30 . 00 ' 19 >D sen rr l'osim mis 
30.60 ftft.SO 7.00 IV 3/1985 

COKTEBTUUS-WSti DWC 

SO.OO 1974 ASIA SAVICAIKTC TXT 

50.00 100.00 - 6.50 1 / 3/1989 

anroTi«ja^itfAfi 

30.00 1975 ASAftt CMKlC*/. 1 

30.00 100.00 6.25 30 /' 9/1990 I 

10 . 0 ft 19 T 7 ASAHI OmCAL 

10.00 100.00 6 J» 31 1 3/1992 

1 MO 1970 * ASICS 

13.00 100.00 

1 5.00 197 L- HX-Sinm rtJSTWC 

.» 100.00 b.TS 31 / 5/ 1 966 S 

30.06 1976 UOI UK 

:». 7 B 100.00 6.00 31 / 8/1991 S 

13.00 -M 16 OilMl TOJSE KUKHT 

12.69 100.00 7.25 31 / 3/1991 3 

10.00 106 * HITACHI LTD U 1 D 

1.00 100.00 ■ 6.25 ' 31 / 7 / 19)9 S 

30.00 1969 HITACHI LTD , 

8.20 100.00 ' 6.25 30 / 9 / 198 * S 

10.00 1977 * Borons . SJgTFTC WORKS 

10.00 100 . M 6.375 30 / 9 / 1 W S 

50.06 167 B* nD-TOT*lW . 

49.96 100.00 S .75 31 / ft /1993 

M.OO 1977 I TO- YOKADO 
49 . 9 o 100-00 6.00 31 / B/ 199 Z 

40.00 1977 JOSCft 

40.00 100.00 6 . 0 ft 30 / 2/1992 

20.00 1977 * KAO SOI? CD 

20.00 IDOIOO.. 6.00 10 / 9/1992 

20.00 1969 K 0 KA 75 C HAEOTlCnBUlC 

1 . 6 * 100.00 6 .U M/t/m* 


iol l/a 


6.92 

9.31 


6 . 7 S 


JOSJO 


57 

L 9 S 


9 .JI) 13.70 
93 .B* 3^90 103 JO 


1 B 0 3/4 
158 

156 5/3 

■ 7 b 

1 D« i/B 

60 S 


142 3/4 
590 

1 W 7 /S 
396 
568 
243 

231 6/8 
2*3 
111 
218 

MS 1/2 
S 1460 
140 3/4 
S 1*60 
122 7/8 
1040 

1*3 1/4 
S 6 70 


- 3 . 4 ft 

3.1h 

3.93 

1 . 3 * 

3 . 32 ' 

7.22 

i.ti 

4.75 

.?* 

C..IS 

1-26 

1.10 

2 .i 7 


<0 

104.00 

1.U- *0 „ 

104.00 
4.95 . 34-27 

] 0*.00 
* 0 

193.00 
3.23 *0 

ljMiW 

5.36 «S 

105.00 


M.OO. 1975 EOHATSB UK 

49 . 9 * 100.00 7.23 30 f 6/1990 B 

73.00 1976 KLBOT* 

76.94 100.00 6.75 W/' 4 /l»I S 

20.00 1976 HAXUT 

- 30.00 100.(10 6.50 31 / 1/1991 

100.00 1979 H 4 T OTSH ITA XLZCTX 1 C D® 
83.10 100.00 6.73 20 / 11/1990 5 

30.00 1975 mrsOBISHl EUCTBJC 

6 . 40 . 100.00 7.50 31 / 3/1991 S 

20.00 1977 JOTStniTSKl CAS COM 

18.80 100*00 6.00 30 / 9/1991 S 

50.00 1976 XUStntSHX HEAVY DfB 

50.00 100.00 6 . SO 31 / 3/1991 S 

40.00 1977 snsmsn crarauTtos 

* 0-00 100.00 6.00 31 / 3/1992 S 

30.00 1975 KUEtUXSHX CQerORATZOfl 

30.00 100.00 7^41 39 / 9/1990 B 

60 X 0 197 * -HmCBlSm OJBTOIATIOT 
34-37 100.00 6.75 . 31 / 3/1991 S 

50.00 197 S Bnsri « CO 

41.36 100.00 7.25 30 / 9/1990 S 

20.00 1974 HXXSOT h 00 

1.72 100.00 6-25 31 / 9/1989 S 

20-00 1977 * HRS 0 I HEAL ESTATE DEV 
12 . 3 ft 100.00 6.00 30 / ft /1992 S 

15.00 1977 9 XXT 0 ELECTRIC T 5 BC 5 T 

14 . 69100.00 6.00 30 / 9/1992 S 

10.00 1974 PIOHEOt ELECTUinC 

10.00 100.00 6 . 25 . 30 / 9 / 1 M 9 

15.00 1 976 UOS 

15.00 100.00 . 6.15 30 / 9/1991 S 

30.00 1976 &AKTO ELECTRIC 

16.82 100.00 . 6-25 . 30 / 11/1991 S 

20-00 1979 E 4 KYD -ELECTRIC 
3 - 09 - 100.00 7-50 30 / 11/1990 S 

15.00 1977* SETTSU FAPEH90ABD HTC 

15.00 100.00 6.375 30 / 9/1992 S 

20.00 1977 * SaUTOHO ELECTS] C HD 

16.76 100.00 6.00 30 / 9/1992 ft 

30 . 00 ' 1976 saaxmo hetal 

29-98 100.00 6.00 31 / 3/1992 S 

13.00 1963 XAffiU nmnn'r. no BID 

2.06 100.00 - 6-00 31 / 3/1984 ft 

1 5.00 1977 * TOKYO DEPT STOB 

15.00 100.00 6.00 3 If 3/1992 S 

50.00 1977 * TOSHIBA 

504)0 100.00 6.25 30 / 9 / 19^2 

30.00 1975 TOSHIBA 

25.42 100.00 6.75 30 / 9/1990 


S 
L 
S 

t ammmti »«_. nrwmm f 


139 7/6 
316 

in 7 .'b 
280 

1 ft* !/4 
1100 
145 3/4 
736 

211 3 /B 

•174 


131 1/8 

129 

124 L '8 
465 

177 1/2 
465 

154 3/4 
465 
142 
327 - 
198 7/6 
3=7 

153 5/8 
596 

11 B 1/4 
643 

304 1/2 
1710 

=05 

524 

153 3/4 
246 

=16 3/8 
246 

102 1/2 
408 

171 3/4 
776 

106 3/6 
105 

505 Vi 
45 L 

141 1/2 
450 

139 7/8 
136 

165 3/8 
138 


5 . 3 - 

1.15 

:-.f >4 

l.M 

4.31 

1.03 

4 .M 

4..' 3 


5.25 
2. AS 
5.14 

2. rS 
3.53 

.91 

3. »« 
1.36 
3.27 
1.44 


4.27 

1.40 

4 . 4 ) 

l .«0 

5.17 

2-14 

4.14 

3.14 

3.94 

.63 

5-14 

.58 

2.05 

1.90 


<0 

101.50 
4.42 00 

104.00 
4.38 1.69 

184.25 
2.55 <0 

Ipi.JO 

3 . FI <0 

104 - DO 
2.40 <0 __ 

104.00 

«ft 

102.50 

3-23 <6 

105 - 50 

3 . 5 1 <0 

105.50 
<0 

105.00 
«D 

105.25 

<0 

. 105.50 

5.51 * 5.12 
104 . 00 - 

3.48 <0 

104.00 

3.75 <0 

104-00 

.80 -<0 
. 164.00 


I-®* .. 

104.00 
3 . 1 L <0 
' 106-25 

<0 

• 107-50 

1.73 <0 
104.00 

4.31 <0 

• 104.00 

<0 


*6 95.14 7 V 1 M 0 srw 

1*78 1978 IV 9/1972 U 

N> - 5.04 fpiziii pc nr 92 15 ms 71 s 

1978 1*76 1 / 4/1970 US 183 215 935 944 

960 975 

30 10-13 Pf 3»4 XL ED 459 35 205 210 

1978 30 / 9/1970 *89000 215 *33 9*0 

960 975 - 


« M.MBJ 9.7 PC D 7 Uffl MS W 975 
1958 2 / 9/1976 U 


30 *.12 SETT 14D.J nBWW 

1979- 1/ 4/1176 LX 

M -3.12 tra 440 HE EU 501 •** 

1980 1 / 5/1977 AH 

*S -2.63 TSf 62B M> H7 Ml M* 

1982 1/ 9/1978 LX 

3ft -6.17 TEH 180.3 H7 ED 399 515 920 9«0 

1978 - 1/ 5/1971 LI ■ 964 

30 -4.16 YEE]0Sb.7 BP 07 463 *** 

1979 1 / 9/1976 H 

45 ' .96 VCB 54! KP ES L59 515 KS M3 

1979 1982 1/ 8/1976 LX 935 973 

-2.23 TEH 79.8 XP ® 346 513 935 9b0 

1/12/1964 UOX , 964 

3ft -4.32 TEB 141.1 CL ED 399 315 920 «35 
1*78 1/ 1/1970 LX *60 964 973 

30 22.67 TEH 231 Np AS 3M 91} 

I960 1/ 1/1978 SI 

30 =.« TC:14?3 HP ST 535' *** 

2ft* I HPI986 20/ 6/ 1978 AS 
30 -3.32 TEWI443 1/2 HP KY 418 **• 

1980 DPI 985 10/ 9/1977 A3 

-5 -4.46 71311180.7 HP [It 316 •** 

1980 1/ 7/1977 LX 

3ft 7J8 TES 7DA IP FL- 34b *— 

14FO 1/1071977 LX 

TO -3.11 ECS Tip HI. EU 350 315 ftlft *33 

1978 1972 1/ 9/1969 LX ».= 960 96* 

975 

TO -1.00 TEH 3*8.7 CP 97 454.*** 

1*7? DPI 983 30/ B'1975 AS 
» -1.S4 YLS 326— CL ST 485 •** 

1979 DPI904 15/ 2/1978 as 

49 -9.09 YES 797.6 HP fC 4b3 ••* 

1979 1/ 7/1976 LX 

30 -1.0*1 YW 198. H CL ST 434 »«• 

1478 IWJ 20/11/1975 KY 

30 -*.72 YtH 116 CL EL* -S3 *** 

■1979 DP19A1 1/ */2976 LX 

45 -.00 YES 235 HP S3 463 

2900 1/ 7/1977 LS 

■TO -3.33 Y EH 134 UL Eli 456 »** 

1979 31/ 3/1976 LX 

30 -2.09 TCH 31ft- HP CO 456 "** 

1980 It 8/1977 LX 

45 -5.04 TEH 387.6 HP EB 463 315 ftlS 9=0 

1978 1/ 7/1975 LX 935 9*2 96* 

97S 

TO —2.44 YU 467.6 OE SB 456 **• 

1979 31/ 3/1976 LX * 

30 -1.92 YES 356.7 HP ST 485 

1976 1481 17/ 9/1975 AS _ 

30 -5.89 TTS 245.2 K ST 485 1 0 270 515 

1*78 DP1982 1 7/10/1974 AS 


30 

1980 


I 9 H 0 

TO 


10* .00 1978 


4.11 
2.44 
3.46 

2*94 

6.12 
2.10 
3.52 

-91 

5.72 


3.19 

1.78 


<0 

104.00 
1.73 <0 

104.00 

<0 

104.00 

6.20 86-90 
104.00 


45 

1980 
30 

1981 
TO 

1980 


920 935 9 iJ 
9(>0 964 97 $ 
- 5.19 YES 522 HP EV 103 •*• 
l/LO /1977 LX 

-l.M TEE 746 KF W 4 b 3 *** 

1 / 9/1977 LX 

- 6.39 TEX 7 W SF EO M 3 515 9 .TO 635 
1 / 7/1974 AM 943 96 ft 96 * 

975 

— 4.88 YES 300.1 HP EC 463 **• 
1 / 12/1976 LX 

- 3.98 TEH 219 HP EO 396 *-* 

1482 1 / 12/1976 LX 


104 . 00 ' 1980 


S. 41 - 


110.00 


«s 

102 . 1)0 


4 . 2 V. 2.49 <0 


25.00 1972 QOESAL SHOPPIRC 119 1/3 

25-00 100.00 5-25 V 9/1987 210 1/2 

C OBVll T i mS— BPHP J^HM 


S3 

4.12 

3.42 


4.39 


104-00 
2.84 «0 

104-00 
1.02 <0 
IDJ . 50 


2.79 <0 
103.50 


- 4.93 YES 171.8 HP EU 396 515 *13 *20 
J 9 BL 1 / 12/1973 LX 995 <11 9 oO 

ftsi *H 5 

30 - 11.68 YEH 452.7 HP EU 588 913 962 
1981 1 / 2/1978 5 ILX 

TO - 1.93 TEH 213 S? CO 3<6 *** 

1982 1 / 10/1977 LXS 1 

30 - 4.35 YES 14 * KP EU 488 515 913 <20 

1978 1983 1 / 11/1976 LS «35 962 9 e* 

975 

30 — 4 . II YES 152/4 HP EO 456 515 «;0 <15 

1978 1972 1 / 7/1964 UU 960 9*4 975 

45 - 5.64 YEH *23 9 F ED 463 *— 

1981 1/1 D /1 977 IX 

30 - 2.86 TBi 129 BP CU 485 *** 

I 960 10 / 1 1/1977 IX 

30 - 3 . 6 E TEX 1 26 HP TO 518 *** 

1981 1 / 10/1975 LOT 


30 Sir 161 5/8 KP E 0 361 805 975 

1970 1 / 7 / 197 J LS 


50.00 1969 

AK 20 

V 1/1909 

77 1/0 

6.16 

BM 7 

1 » 

91 . TO 

TL 127.1 PC ED 237 520 Ml 608 

50.00 100.00 

4-75 

31-4 


103.00 

1978 

I 960 

U 9/1969 AH 610 8 ® 435 

25.00 1969 

AMO BASK 

m 

247 

5 . 23 " 

<0 

TO 

-.82 


25 . 0 ft 100.00 

5.50 

V 1/1909 

‘»76 

6.21 

. 102.25 

1978 

1980 

1 / 1/1970 AM 610 960 975 

25.00 1977 

oral* 

15 / 6/1592 

no i/a 

6.58 

S.M * 4.13 

60 

- 3.10 


25 - 00 . 100.00 

2.3 

133*8 

4-22 

105.00 

1*80 

1988 

15 / 6 /I 97 B IH 610 6 ® 935 

940 960 97 J 

15.00 1969 

CIST-BSOCADES 

89 ' 

6.46 

. 7.59 

30 


15.00 100.00 

- • 5.75 

1 / 1/1989 

35.8 

5.59 ' 

103.50 

1 P 78 

I 960 

■ 1 / 1/1970 AT 610 960 975 

40.00 1968 

HOOCOTKIK 

V 8/1930 

80 1/2 

6-52 

8 . 1 B 

DO 

37-17 

TL 1 ® HP TO 237 5 TO Ml 60 S 


5.25 

37 .« 


•IDO.® 

1978 

1979 , 

1 / 1/1 »9 AMUR 610 800 935 

950 975 


INVESTMENT FUNDS 

The following funds include Eurobond issues within their portfolios 

Quotations & Yields as at 3Isl July, 1978 

EUROBOND HOLDINGS N.V. - 
HANDELSKADE 24' WILLEMSTAD, CURACAO 
London Agents: Iritef 15 Chrisropher Sc. EC2 
Tel: 01-247 7243 ' Telex: 8814408 

NAV AUG. A ; i SUS20.40 

SOCIETE GENERALE De BANQUE 
BANQUE GENERALE Du LUXEMBOURG 




•'First Issue 1 

Yield ! 

Div. 

Fund 

Price 

Price 


% 1 

Date 

Rentinvest 

LuxFr 898 

LuxFr 

1000 

8.13 j 

21 Nov. 





•I 

( F69,-) 

Capital Rentinvest 

LuxFr 1394 

LuxFr 

1000 

1 (Capitalisation) 


1977/78 ! 


1977/78 


High 

Low | 


High 

Low 

Rentinvest 

LuxFr 917 LuxFr 839! 

tuxFr 917 LuxFr 818 

Capital Rentinvtist 

LuxFr 1394 LuxFr 1256 

LuxFr 1394 LuxFr 1017 


The story behind 

marketmaker nr. 611 


T 


he story behind 
Marketmaker 61 11s the 
story of Rabobank. 
After, more than 80 years 
of steady growth, Rabobank 
occupies one of the 
most prominent positions 
amongst the leading 
bank organisations of Holland 

With a strong 
agricultural bad<ground, 
Cenfrate Rabobank heads a 
cooperative banking 
organisation with over 3100 
offices and a combined 
balance sheet total 
exceeding 61 billion Dutch : 
guilders fin excess erf • 

OS $.26 billion) in 1 977. ■' 


Titemationalfy, arid is now 
qperating as Marketmaker 
61 l. in Dutch Domestic Bonds 

and Euroguilder notes. 

Considering the 
ftumberof issues, in which 
Marketmaker 61 1 is quoted in 
the AIBD Quotations and 
Yields, it might be very worth- 
while to get in touch with the 
Dutch Masters in Banking”. 

Rabobank is also 
contributor to the Reuter 
Monitor System under page 
code RABA-B. 


Centrale RabobariKHofland, 
Keizetsgracht 604, Amsterdam. 
Tel. Central (020) 25205L. 
Rabobank continuously Tratfng ( 020 ) 262313 
extends its activities also Tetexnr.10161, 

Rabobank fS 

Dutch Masters in Banking 



tlK.SER OFlINlfB-BANTOia CKiJP. 





.-4* 1 

Kt * ; 


Financial JEoresr TUesHatf August Iff I97ff 


The following Tombstone announcements were published in the Financial Times during July 

“sr ■ i ■ROivnsi I To " 

C OVERSEAS 3/7/78 I X# J. ^ MJP k-f I k*im> » \YnitE TRAVfTAl 


3/7/78 


3/7/78 


6/7/73 


7/7/73 


Tombstone Publication 

date date 

3/7/78 BANK OVERSEAS 3/7/78 

HOLDINGS LIMITED 
Aus.S12.000.000 

111% Guaranteed Notes due 1983 
N. M Rothschild & Sons Limited 
and others 

3.7/78 F. L. SMLDTH & CO. A.S. 3/7/78 
U.S.$20.000,000 & 17/7/78 

9A% Bonds due 198S 
Chase Manhattan Limited 
and others 

3/7/78 NEW ZEALAND 3/7/78 

Dfls. 75. 000,000 
BJ % Bearer Notes 1978 
due 1984 

Private placement 
Amsterdam-Rotterdam Bank N.V. 
and others 

1/7/78 DEN NORSKE 3/7/78 

INDUSTR1EBANK A/S 
U.5.322,000,000 
33% Guaranteed Notes 19S5 
Private placement 

Union Bank of Switzerland 
(Securities) Limited and others 

24/5/7S PROVINCE OF 4/7/78 

NEWFOUNDLAND 
U.S. $50,000,000 
91% Bonds due 1990 
Credit Commercial de France 
and others 

27/6/78 CITY OF STOCKHOLM 4/7/7S 

Y10.000.000.000 
6.4% Japanese Yen Bonds 
of H97S) due 1990 
Yamaichi Securities Company 
Limited and others 

4/7/78 FEDERATIVE REPUBLIC 4/7/78 
OF BRAZIL 
DIU75. 000,000 
7i% Bearer Notes 1978 
due 1983 

Algeraene Bank Nederland N.V. 
and others 

3/5/78 CREDIT COMMERCLAL 5/7/78 
DE FRANCE & 10/7/78 

U.S-S45.000.000 
Floating Rate Notes due 1985 
Credit Commercial de France 
and others 

Jun. 7S THE COUNCIL OF EUROPE 5/7/78 
RESETTLEMENT FUND 
DM20.000,000 

6] % Bearer Bonds of 197S/19S6 
Private placement 
Berliner Handels-und Frankfurter 
Bank 

Jun. 78 REPUBLIC OF TRINIDAD 6/7/73 
AND TOBAGO 
Y10, 000,000, 000 
7.6% Japanese Yen Bonds of 
1978 — Series A due 1990 
Private placement 
The Bank of Tokyo Ltd. 

The Nomura Securities Cn. Lid. 

7/7/78 BANCO DE LA NACION 7/7/78 
ARGENTINA 
U.S.S30.000.000 
Floating Rate Notes 19S3 
European Banking Company 
Limited and others 

26/6/78 EUROFIMA 7/7/78 

$ 20 , 000,000 
Si% Notes due 1985 
The National Commercial Bank 
and others 

KINGDOM OF NORWAY 7/7/78 

$150,000,000 

S,% Notes due 1983 

Merrill Lynch White Weld Capital 

Markets Group and others 

6/7/78 ASICS CORPORATION 7/7/78 

U.S.S15.000.000 & 10/7/78 

5J% Convertible Bonds 1993 
Yamaichi International (Europe) 
Limited and others 


Tombstone Publication 

date date 

May iS FINANSIERINGS- ' 3/7/78 

INSTITUTTET FOR INBUSTRI 
& HANDVAERK A/S 
DHs.36.000.000 
5 year bank loan 
Amsterdam-Rotterdam Bank N.V. 
and others 

Jun. 78 KONINKLIJKE NEDLLOYD 3/7/78 
GROEP NV. 

U.S.S50.000.000 
Medium Term Loan - 
Algemene Bank Nederland N.V. 
and others 

Jun. 78 SUPERINTENDENCLA 5/7 /TR 

NACIONAL DA & 10/7,78 

MARINHA MERCANTE 
U.S. 3300, 000,000 
Medium Term Financing 
Bankers Trust International 
Limited and others 

Jun. 78 HOTEL AND RESTHOUSE 6/7/7S 
CORP. 

U.S.S 10,000.000 

Medium Term Floating Rate Loan 
Arab African Bank and others 
SONATRACH 7/7/78 

D Os. 3 10,700, 000 
Medium Term Loan 
Hollandsche Bank-Unie N.V. 
and others 

SONATRACH 7/7/7S 

U.S.S32.000.000 
7 year Floating Rate Loan 
Algemene Bank Nederland N.V. 
and others 

14/6/7S CONSORZIO DI CREDITO 11/7/78 
PER LE OPERE PUBBLICHE 
U.S. $175,000,000 
Medium Term Loan 
Citicorp International Group 
and others 

Mar. 7S EM PR ESA NACIONAL DE 12/7/78 
CELULOSAS S-A 
U.S.S10.000.000 
Medium Term Loan 
Banque de 1'iodochine ct de Suez 
and others 

Jun. 7S SELECTION TRUST 13/7/7S 

LIMITED 
U.S.S40.000.000 

Floating Rate S year Loan Facility 
Morgan Grenfell & Co. Ltd. 
and others 

30/6/7S ABDULMOHSEN 13/7/7S 

ABDLILAZIZ AL-BABTAIN 
COMPANY 

Kuwait Dinars 14,000,000 
Term Credit Facility 
The National Bank of Kuwait 
S.A.K. and Chase Manhattan Ltd. 
and others 

6/6/7S THE REPUBLIC OF THE 13/7/78 
IVORY COAST 
U.S. $60,000, 000 

Medium Term Credit Facility 
Credit Commercial de France and 
Chase Manhattan Ltd and others 


Tombstone Publication 

date 

5/7/7S BASQUE FRAXCAISE DU 24/7/7S 
COMMERCE EXTERIEUR 
Y30, 000.000.000 
Guaranteed Yen Bonds No. 2 
(197SJ due 1990 
The Nikko Secs. Co. Ltd. 
and Others 

21/7/78 BANCO DE LA NACION 24/7/78 
ARGENTINA 
U.S-S3O.0OQ.00O 
Floating Rate Notes 19S3 
European Banking Co. Ltd. 
and others 

COMPAGNIE RATIONALE 24/7/78 
ALGERIENNE DE NAVIGATION 
Saudi Riyals 50,000.000 

Guaranteed Notes due 1SSS 
National Commercial Bank 
(Saudi Arabia) and others 
20/7/78 GENERAL MOTORS 25/7/7S 

ACCEPTANCE CORP. 

S250,000,000 
S;% Notes due I9S5 
Morgan Stanley & Co. Inc. 
and others 

OSTATOIL 25/7/7S 

$60,000,000 

S 90% Guaranteed Notes due 1993 
Private Placement arranged by 
Lehman Brothers Kuhn Loeb 

11/7/7S THE FEDERATIVE 26/7/7S 

REPUBLIC OF BRAZIL 
Y 30, 000 ,000.000 
6.5% Yen Bonds Series No. 4 
i 1978) due 19SS 
The Nomura Secs. Co. Ltd. 
and others 

JuLTS IZUMIYA CO. LTD. 27/7/7S 

DM50.000.000 
3 ’.% Convertible Bonds of 
1978/1986 

Bayerische Vereinsbank and others 

4/7/7S BANQUE 27/7/75 

INTERNATIONALE POUR 
L'AFRJQUE OCCIDENTAL 
U.S.S20, 000.000 

Floating Rate Notes 197S-19S3 
Banque Rationale de Paris 
and others 

28/7/78 EUROPEAN COAL AND 28/7/7S 
STEEL COMMUNITY 
DHs.100, 000,000 

71% Bearer Bonds due 1984/1993 
AMRO Bank N.V. and others 

28/7/78 RICOH COMPANY LTD. 2S/7/7S 
DM70.000.000 

3!% Convertible Bonds due 1986 
DM30.000.000 

5J% Straight Bonds due 1983 
The Mitsubishi Bank Ltd- 
and others 

31/7/78 STANDARD CHARTERED 31/7/78 
BANK LTD. 
t : .S.$100,000.000 

Floating Rate Capital Notes 1990 
European Banking Co. Ltd. 
and others 

31/7/78 CHARTERHOUSE JAPHET 31/7/78 
I.N'T. FINANCE B.V. 

U.S. $10,000,000 
Guaranteed Floating Rate 
Notes 19S5 

Charterhouse Japhet Ltd. 
and others 

Jun. 78 BANQUE NATIONALE 31/7/78 
D'ALGERIE 

Kuwaiti Dinars 8,000,000 
81% Bonds due 1990 
Kuwait Investment Co. (S.A.K) 
and others 


Tombstone 

date 


Publication 

date 


11/7/78 


Jun. 78 


12/7/78 


17/7/75 


18/7/78 


17/7/78 


4/7/78 


18/7/78 


20/7/78 


20/7/78 


21/7/7S 


MIDLAND 11/7/78 

international flnancial 

SERVICES B.V. 

U.S.S125, 000,000 
Guaranteed Floating Rate 
Notes 1993 

European Banking Company 
Limited and others 
OSTERREICHISCHE 11/7/75 

KONTROLLBANK 
AKT1EN GESELLSCHAFT 
$50,000,000 

7% Guaranteed Notes due 1980 
$50,000,000 

71% Guaranteed Notes due 1982 
Orion Bank Ltd. and others 
KOBE CITY 12/7/78 

DM100, 000.000 

53% DM Bonds of 197S/1986 
Deutsche Bank and others 
EUROPEAN COAL AND 14/7/7S 

STEEL COMMUNITY 
DM70.000,000 
6% DM Bonds 1978/90 
Deutsche Bank AG. 

CHASE MANHATTAN 17/7/78 
OVERSEAS BANKING 
CORPORATION 
Floating Rate Notes due 1993 
Chase Manhattan Ltd and others 
SANYO ELECTRIC 18/7/78 

CO. LTD. 

DM150.000.000 

3J% DM Convertible Bonds of 
197S/19SS 

Deutsche Bank and others 
SOC1ETES DE 1S/7/73 

DEVELOPPEMENT 
REGIONAL (SDR) 

7% Bonds due 1993 

Banque de Paris et des Pays-Ras 

and others 

THORN INTERNATIONAL 19/7/7S 
FINANCE B.V. 

U.S. 825 ,000.000 
7% Convertible Guaranteed 
Bonds 1988 

Hambros Bank Limited and others 
ENNIA N.V. 19/7/78 

D6s75.000.000 

7J% Bearer Bonds 197S due 
1979/198S 

Amsterdam-Rotterdam Bank N.V. 
and others 

AFRICAN DEVELOPMENT 19/7/78 
BANK 

U.S .84 0,000.000 
Floating Rate Notes due 1983 
Credit Suisse White Weld Ltd. 
and others 

HAPOALIM 20/7/78 

INTERNATIONAL N.V. 
U.S.S50.000.000 
Guaranteed Floating Rate 
Notes 1983 

N. M. Rothschild & Sons Ltd. 
and others 

CGR MEDICAL 20/7/78 

CORPORATION 
S13.000.000 

Senior Notes due 1984/93 
Sales negotiated by 
Dillon, Read & Co. Inc. 

MIDLAND INTL. 21 A/78 

FINANCIAL SERVICES B.V. 
U.S.S125.000.000 
Guaranteed Floating Rate 
Notes 1993 

European Banking Co. Ltd. 
and others 


24 A AS 


25AAS 


25/7/7S 


26/7/7S 


27A/7S 


20/7/78 


21AA8 


LOANS 


Tombstone Publication 

date date 

29/6 AS NATIONAL IRANIAN 13AA8 

GAS COMPANY 
U.S.S300. 000.000 
Medium Term Credit Facility 
Chase Manhattan Ltd. and others 
Jun. 78 OXFORD PENDAFLEX 13A/7S 

CORP. & 19A/78 

U.S.S65, 000,000 
7 year Floating Rate Loan 
Hambros Bank Ltd. and 
Skandinaviska Enskilda Banken 
Jun. 78 BANK OF GREECE 13/7A8 

U.S.S300, 000.000 
Ten year Loan 
Bankers Trust Company 
and others 

Jun. 78 FUERZAS 14/7/78 

HIDROELECTRICAS DEL 
SEGRE 

U.S-S10.000.000 
Am ex Bank Ltd. 

TATE & LYLE LTD. 14AA8 

£30,000,000 

10 year syndicated loan facility 
Lloyds Bank International Ltd. 
and others 

Jul.78 OCCIDENTAL BO LTV IAN A 14AAS 
INC. 

$35,000,000 
Production Loan 
Continental Illinois Ltd. 

Jun. 78 STUDENTS’ LODGINGS 19/7 AS 

UNIVERSITY OF ABIDJAN 
U.S.S12, 700,000 
Project Facility 
Soditic S.A. and others 
Jul. 78 NORSEA PIPELINE 21/7/78 

LIMITED 
£60,000.000 
Term £ Facility 

National Westminster Bank Group 
Jun. 78 THE SLAM CEMENT CO. 21A/7S 
LIMITED 
U.S. $50, 000, 000 
Medium Term Credit 
Chemical Bank and others 
COMPLEJO INDUSTRIAL 21AA8 
DE FUNDICION DEL 
TACHrRA C.A. 

U.S&34.341.762.79 
S year Project Financing 
Ultrafin AG and others 
May ,78 EMPRESA PARA LA 24 A AS 

! INDUSTRIA PETROQUIMICA 
S.A. 

U.S.S 14.000,000 
7 year Term Credit Facility 
First National Bank in Dallas 
and others 

Jun.TS NESTE OY 25AAS 

S75.000.000 
Term Loan Facility 
Manufacturers Hanover Trust 
Company and others 


13AAS 


Tombstone Publication 

date date 

Jul. 78 ITO-YOKADO CO. LTD. 6 A AS 

550.000. 000 

5J% Convertible Debentures 
due 1093 

520.000. 000 

9i% Nates due 1983 
Goldman, Sachs St Co. and others 
Jul. 7S BIRMINGHAM DISTRICT HAAS 
COUNCIL 
£50.000,000 

Floating Rate Stock 19S3/S5 
Morgan Grenfell & Co. Ltd. 
and others 

CONTINENTAL ILLINOIS 11/7/7 S 
CORPORATION 

3.500.000 Shares oF Common Stock 
Merrill Lynch White Weld Capital 
Markets Group and others 
EMERY INDUSTRIES, INC. 4/7 AS 
has been acquired by a subsidiary 
of National Distillers and 
Chemical Corp. 

Financial Advisor to Emery Ind. 

Dean Witter Reynolds Inc. 

Jul 7S THE INDUSTRIAL BANK 13 A AS 
OF JAPAN LTD. 

U.S.S25.000.000 

Floating Rate Certificates of Deposit 
IBJ International Ltd. 


OTHERS 

Tombstone Publication 

date date 

Jul. 78 FYDRO*QUEBEC 14/7/7S 

U.S.$50,000,000 

9i% Debs. Series DI due 1993 
S. G. Warburg & Co. Ltd. 
and others 

14A/7S THE FUJI BANK LTD. . 14/7/78 

U.S B20.000.000 

Floating Rate Dollar Certificates 
nf Deposit due 1981 
Fuji International Finance Ltd. 
and others 

VEREX CORPORATION ‘ 1SAAS 
has been acquired by a subsidiary 
of The Greyhound Corporation. 
Financial Advisor to Verex Corp- 
E. F. Hutton & Co. Inc. - 
1S/7AS AMBAC Industries Inc. 2QA/78 
has merged with a subsidiary 
of United Technologies Corp. 
Financial Advisor to AMBAC Ind. 
Alien & Company Inc. 

19/7/7S The Molson Companies Ltd. 25/7/78 
has acquired 

The Diversey Corporation 
Financial Advisor to Molson 
Smith Barney, Harris Upham & Co. 


Tombstone Publication 

date . date 

JuI.TO 1 UNITED ARAB REALITY 25AAS 

. COMPANY 
U.S.3 12. 000.000 
Medium Term Project Loan 
Arab African International 
Bank and others 

Jun.TS AKTIE5ELSKABET 25A/78 

j BYDVARANGER 
/ U.S.S 15 ,000 ,000 

7 year Float i ng Rate Loan 
/ UBB15.000.000 

10 year Floating Rate Loan 
Hambros Bank Ltd. and others 
Jul. 7S DELTA SUGAR COMPANY 26AAS 
S. AE. 

$ 20 , 000,000 

Terra Loan 

International Finance Corp. 
and others 

Jun. 78 UNION CEMENT 27AA8 

COMPANY 
KD.l 1,700,000 and 
U.S.325.000,000 
Medium Term Loan 
The Industrial Bank of Kuwait 
KSC and others 

26/5/78 THE EMIRATES 27/7A8 

TELECOMMUNICATIONS 
CORP. LTD. 

U-S-SIOO.OOO.OOO 
Medium Term Loan 
Abn Dhabi Investment Co- 
and others 

Jun. 78 M1NERACAO RIO DO 28/7/7S 

NORTE SA. 

U.S^130,000,000 
Ten Year Loan 
Irving Trust Co. and others 
Jun. 78 BANCA PROVTNC1ALE 2S/7/7S 

TiOMBARDA SpA 
U.S-S17.000.000 
Medium Term Credit Facility 
S. G. Waibura & Co- Ltd. 

DOME PETROLEUM 2S/7/7S 

LIMITED 
CdnB160.000.000 
Term Financing 
Canadian Imperial Bank of 
Commerce 

Jul. 78 REPUBLIC OF PORTUGAL 28/7/78 
U.S.$150,000.000 

7 year Multicurrency Loan of 1978 
Commerzbank Aktiengesellschaft 
and others 

Jun. 78 HISR IRAN TEXTILE 31/7/78 
COMPANY 
U.SBIOBOO.OOO 
Medium Term Loan 
Misr Iran Development Bank 
and others 

31/7/78 HELLENIC INDUSTRIAL 31/7/78 
DEVELOPMENT BANK SJL 
U.SB15.000.000 
Medium Term Loan 
Westdeutsche Landes bank 
Girozenixale 


28/7/78 


2S/7/7S 


2S/7/78 


Tombstone Publication 

date date 

19/7/78 Degussa 25/7/78 

has acquired major interest in 
Asta-Werke AG 

RHONE-POULENC SA 
has acquired a major minority 
Interest in Morton-Norwicb Inc. 
Financial Advisor 
Niels de Groot & Co. 

17/7/78 PHILIP MORRIS INC. 28/7/7S 
2,000,000 Shares 
Common Stock 
Lehman Brothers Kuhn Loeb 
and others 

21/7/78 DAMSON OIL 28/7/73 

CORPORATION 

44.9(H) Convertible Preferred Stock 
466,948 Shares of Common Slock 
Amex Bank Ltd. and others 

Jul. 78 OVERSEAS UNION BANK 28/7/7S 

LTD. 

U.&S15,000.000 
Negotiable Floating Rate 
Certificates of Deposit due 1981 
Singapore Nomura Merchant 
W anking Ltd. and Asian-American 
Merchant Bank Ltd. 


WestLB Euro-Deutschmarkbond Quotations 


Rcravrwnt 


afar 


6\% Quebec 72/87 ID 1.000 

7J% Quebec 77/87 ... 103.750 

71% Quebec 77/87 103.000 

6% Quebec 78/9 0 .i. 96.000 

Quebec Hydro EL' 69/84 101.750 

7 Quebec Hydro B. 69/84 103250 

3% Quebec Hydro EL 71/86 104.750 

61% Quebec Hydro El. 72/87 100300 

SJ? 0 Quebec Hydro EL 73/88 100.250 

61 % Quebec Hydro El. 77/87 99.400 

Quebec Hydro 'EL 77/87 99.250 

Queensland Alul 70/85' 103.000 

51% Rautaruukki 78/88 (G) 93 .000 

7\% Reed Paper 73/88 101.750 

8i% Renfe 76/82 (G) 106.000 

8?, Renfe 77/84 (G> 104.750 

5i c o Ricoh Comp. 78/83P 96.000 

7 t % SAAB 71/86 105.000 

10 j% SAFE 74/79P 106.000 

74 % Saga Petrokjemi 77/87P 102.000 

7i% Sandvik 72/87 103-400 

9'% Sandvik 75/83 - 112.000 

8t% Sanko Steamship 75/80 102.500 

7% Sanko Steamship 77/84 102.600 

9°o S.A.P.L. 75/80P (G) 106.500 

6*% Shell Int'l. 72/87 102.750 

6i% Shell Int’l. 77/89 105.75Q 

8|% Ship Co. N. Zealand 75/80P (G) 104.500 
8}% Ship. Co. N. Zealand 75/82 IP I G ) 103.750 
8}% Ship. Co. N. Zealand 7S/G2 IIP ( G ) 103.750 

7% Siemens Europe 66/81 106.000 

7 % Singapore 72/82 103.750 

61 % Singapore 77/83 IQt.OOO 

Si% Singapore AiH. 76/83-tG) 104.250 

Sira Kvfna 1 J 106.000 

6:?; S.N.C.F. 68/83 (G) 102750 

7(% Soc. Dev. Reg. 76/86 (G) 103.250 

61% Soc. Dev. Reg. 77/92P <G ) 98.750 

9% Soc. Mar. Fina 7S/83P .. 104.750 

6i% South-Africa 69/84 99.500 

8i% South-Africa 70/85 102.7S0 

71% South-Africa 71/86 100.750 

7% South-Africa 72/87 97.400 

8% South-Africa Broadc. 78/81 P (G) 100.500 
71% South-Africa Railway 73/88 (G) 98.500 

South-Africa Railway 75/BOP (G1 102.500 
9}% South-Africa Railway 75/80 tG) 135.250 
8j 0 0 South-Africa Railway 77/60P ( G ) 101.000 
South-Afr. Railway 78/81 P (G ) ... 100.000 
71% South-Afr. Railway 78/82P I G 1 ... 100.000 
8*; South-Afr. Railway 78/83P (G>... 100.000 


8°b South-Africa Broade.* 78/8 IP (G) 100.500 
71% South-Africa Railway 73/88 (G) 98.500 

9i% South-Africa Railway 75/BOP (G1 102.500 
91% South-Africa Railway 75/80 lG) 135.250 
8;% South-Africa Railway 77/60P ( G ) 101.000 
South-Afr. Railway 78/81 P (G ) ... 100.000 
71% South-Afr. Railway 78/82P <G) ... 100.000 
3% South-Afr. Railway 78/83P (G>... 100.000 

7% South Scot. EL 73/88 (G) 103 .250 

6j% Spain 77/84 101.125 

6?b Spain 78/88 95.125 

6% Sparbank Oslo 78/90P 96.250 

71% Standard Imp. & Exp. 78/82P 99.500 

6J?o Stand. Chart. Bank 78/88 100150 

7% Stars foe retag 77/85 - 102.000 

10% Steiermark 74/80P 108.000 

8 1% Stockholm City 75/83 104.7S0 

8i% Stockholm County 75/87 108.000 

71?' Studeb Worth 69/79 101.100 

81% Sumitomo Metal 75/82 104.250 

7\% Sun Oil Int. Fin. 73/88 104.000 

7 Svenska Cell 73/88 :; 101.000 

9% Svenska Taondst. 75/85 106.250 

61% Sveriges Inv, Bk. 72/87 IOUJOO 

7 % Sveriges -Inv. Bk. 73/88 102.750 

8’% Sveriges Inv. Bk. 75/83 1 06.500 

65-% Sweden 77/84 102.750 

6% Sweden 77/89 99J00 

9(% Taisei Corp. 75/80P 104.000 

10% Tauemaucobahp 74/79P fG) ...... 105.000 

9+% Tauernautobabh 74/81 (G) 110.000 

9% Tauernautobahn 75/82P iG) 109.250 

9% Tauernautobahn 75/83P (G) 108.750 

5j% Tauernautobahn 78/93 (G) ..1. 94.250 

7% Tauernkraftwerke 68/83 (G) ... 103.500 
6j% Tauernkraftwerke 68/83 (G) ...... 102.250 

8% Tenpfinco 73/93 105.800 

Tenpfinco 75/82P :.... 106250 

6i% Thailand 78/83P 97.250 

8j% Thyssen Car. Fin. 75/82P 109.000 

8i% Thyssen Car. Fin. 75/82P 108.000 

6r?o Thyssen Inv. 66/81 101.600 

7{% Tokyo EL Power 69/84 103.000 

91% Toray Ind. 75/B0P 105.500 

6i% Traf. House Fin. 72/87 99.500 

6% Trinidad & Tobagp 78/83 P 93.750 

6i% Trondheim 68/83 101250 

53% Trondheim 78/88 93.000 

- 7J% TRW Int. Fin. 69/84 101.500 

6% TVO Power 78/88 (G) 95.500 

93% Unifever 74/8 IP 110.000 

8J% Unilever 75/87 1 10.750 

63% Unit. Arab Emirt. 77/82P 99.500 

7% Venezuela 68/83 102.000 

6% Venezuela 78/88 94.375 

7% Vienna 68/83 104.000 

8i% Vienna 75/84 106X100 

53% Vienna 77/84P 100.000 

81% Voest-Alpine 73/88 107.600 

81% Voest-Alpine 75/85 ;... 106.500 

63% Voest-Alpine 77/89 101250 

6)% Wells-Fargo ex. w. 73/88 102250 

51% Worldbank 65/85 100.250 

61% Worldbank 68/80 103.000 

61% Worldbank 68/84P 101250 

61% Worldbank 69/84 102.000 

61% Worldbank 69/84P 101250 

6% Worldbank 69/84 P 100250 

81% Worldbank 70/$0 106.000 

8% Worldbank 70/86 J 104.5C0 

7\% Worldbank 71/86 I 103.6D0 

7\?i Worldbank 71/86 H 103.500 

61% Worldbank 72/82 104.500 

63% Worldbank 72/87 101250 

61% Worldbank 73/83 104 750 

6 {% Worldbank 73/88 100.350 

83% Worldbank 75/82P 106.500 

8% Worldbank 75/82 106.600 

8i% Worldbank 75/83 107750 

8% Worldbank 76/82 P 105.750 

73% Worldbank 76/82P 105.750 

71% Worldbank 76/83 105750 

73% Worldbank 76/83 107.000 

63% Worldbank 76/83 P 102JOO 

8% Worldbank 76/04 107.500 

51% Worldbank 77/82P 100250 

7% Worldbank 77/85P 102.500 

61% Worldbank 77/85P 102250 

6% Worldbank 77/85 ; 99.400 

7% Worldbank 77/87 102.600 

61% Worldbank 77/87 100250 

53% Worldbank 78/04 98.7S0 

6% Worldbank 78/88 97.000 

53% Worldbank 78/90 95000 

6#% Yokohama 68/83 (G) 103.S00 

7% Yokohama 69/84 (G) 103.000 

8% Yokohama 71/86 (G) 106250 

83% Yosida Kogyo 75/80P 105.000 

8% Yugosl. Inv. Bank 77/04P 100750 


S-sInMngfund 

7,78*—87D 
I. 207 
I. 607 
1. 5.85— 90D 
1. 275— 84S 
1. 975— 84D 

I. 9.77— 86D 

J. 4,78—870 
I. 3.79—880 

16. 8.87 
1.12.87 

1. 11.76— 85S 

1. 4.84—880 
I. 1 .79 — 885 
1. 7.82 
1. 4.84 
I. 8.83 
1. 6 77— 86S 
1.1179 
I. 7.83— 87S 
1. 278—870 
I. 2.83 
1. 12.80 
1. 284 
1. 3.80 
1. 478—875 
1. 2.85-890 
3. 6.80 
22. 5.82 
27. 5.82 
1,1170— 81S 
1. 7 78— 82S 
1. 5.83 
I. 2.79— 83D 
1. 6.76— 85 D 

1. 10.72- 835 
I. 4.80— 86D 

I6.12.83—92D 
1. 5.79— 83D 
1. 4 73— 84S 
1.1176— 85S 

1.11.77— 86S 
U1.78— 87S 
I. 3.81 

1. 679— 88S 
1. 678—800 
I. 7.80 

1. 8.79—800 

2. 1.81 
1. 5 .82 
1. 7.83 

1. 2.79—885 
1. 8.84 
1. 5.88 

16. 5.8I—90D 
1. 8.82 
1 . 1.88 

I. 3.82—850 
1.10.80 

15. 4.76—830 

J. 4.79— 87D 
1. 8.79 

1. 7.82 
1. 8.79— 88S 
1. 2.79— 88S 
1. 3.80— 85$ 
1. 3.78— 87S 
I. 3.79— 88S 
I. 6.80— 83S 
I. 5.84 
1.12.83— 89S 

16. 3.80 
1.10.79 
1. 7.81 
I. 3.82 
1. 3 83 

1. 4.84— 93S 
1. 274— 83D 
1. 9.74— 8 3S 
I 11.82— 93S 
1. 3.82 
I. 4.83 
I. 4.82 
1. 7.82 
1. 3.72— 81D 
1.1275—840 
10. 2.80 

1. 10.78— 87S 
1. 4.83 

1.12.72— 83S 
1. 4.86— 88D 
1.10.75 — B4S 
1. 2.84— 88S 
1.12.81 

I. 5.81— 87S 
30. 4.82 
1.10.74— 83S 
I. 3.84— 88S 
1. 674— B3S 
1. 8.79— 84D 
15.12.84 

1.10.79— 885 
1. 6.81— BSD 
1. 6.84— 89D 
1.1179— BBS 

1. 4.71— 85D 
1. 8.80 

2. 177— 84D 

1. 675— 84 D 

2. 1.77— 84D 
I. 4.77—840 
1. 8.80 

I. 1.77— 86D 
I. 6.77— 86D 
1.12.77— 86D 

1. 7.82 

1. 378—870 
). 2.83 
1. 5.79— BSD 
1. 6.82 
L12.82 
1. 7.83 
1. 8. 82 
1.10.82 
1. 5.83 

1.10.83 

1.12.83 
1. 2.84 

15. 9.82 
». 3.85 
1. 5.85 
15. 9.85 
1. 1.07 
1. 5.87 
1. 8.84 
!. 8.88 
1. 2.87— 90D 

I. 9.72 — 83S 
30. 973— S4S 

J. 8.77—865 
I. 7.80 

15.1279—84$ 


in <, “ imi ' S ° f yCar! “<* •«-!» *hi, annm- 

— 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 ]0Q 
—to average life in case of a sinking fund issue, whenever the quoted price is above loo 
—to average life in case the bond issue provides for mandatory drawings by lot at oar a I 
ithe sm * ,,<st denom,,nadon m *y than the usual DM ljiflo 

G Government Guaranty 


1 






I I ill 


gCG^ vI .1' • - 


dal Tuae^-Tuesday August 15 1978 

31 st JULY 1978 



WiddJ 

-V. ■■ i 



Rcpdynient 

... . feSUO . • . . . 

Pnc* . 

Current 1 

:tvj 

Yield 

MaJuriiy* 

D - mandau>fy drawing 
bv tor at par 



" ' • 1 

raid j 



S- sinking luniJ 


WestLB Euro-Deutschmarkbond Quotations and. Yields 


23 

Advertisement 


8% ADELA 76/82. 103.600 

7±% ADELA 77/R?P ~ ' ' 10UOO 

7% ADELA 77/82P ZZZZI 

6% AEG 66/81 

6 i% Airport Parrs 69/84P (G 

9% AKZO , 

7^% AKZO 76/83 P 

6% AKZO 78/84P 

81 So Alusuiae int'fc 75/63 ... 

6i?i AMEX Int’l. 77/B4P 

10% A.P.E.L. 74/81 <G) 

—7*% ARBED- Finance 76/83P 
6i% ARBS> Franc* 77/87....... 



100500 
.105400 
95300 
106300 
101000 
100300 
IQ825Q 
100300 
1Q625Q 
■101300 
100.000 
HMJQ» 
100.000 
10IJXB3 
101250 . 
•101300 
10425- 
5630 


7°o Argentine 68/75. 

8% Arginofte." ^/79 * 

7\% Argentine 77/B4' 

6j% Argentine- 78/85 
7% Asian Dev. Bk. 69/64 

82% Asian Bev.'Bahk75/8QP 

8°o Aslan Dev. Bank 76/C 

7\% Asiaa Dev, Bit. 76/S3P 

7/e Asian Dev; Bk. 77/85 

5*% Ajrfah Dev. Bfe. 78/8B : 

9j% ASKO 75/80? 

71% Aumar 73/88 .(G) -101.750 

9% Aumar 76/84 (G) - ; 105400 

75% Aumar 77/84 fG) lOiDOO 

6!% Australia 67/82 ]03;000 

6 i% Australia 68/83 103400 

61% Australia 69/84. 1.02750 

7{% A u s traiiaZ9/84 . ^ ...... ;.J 705300 

7% Anstrarra- 72/87 104.400 

10?; Australia 74/80 : 110.750 

9% Australia 75/82 11 1300 

8i?i Australia 75/82 IP 108300 

8\% Australia 75/82 IIP 108300 

7i?; Australia 76/83 107400 

5J% Australia 77/82P 100300 

5i% Australia 77/89 : .98.400 

6j % Aust. Ind-. Dev. Corp. 72/87 101750 

8% Austr. Ship. Com. 76/83P <G) ... 1047S0 

7% Rep. of Austria 66/82 _ 

6^% Rep. of Austria 69/83 

9 1?; Rep. ot Austria 74/79P .... 

9 j Rep. of Austria 74/BOP ..... 

9-i% Rep. of Austria 74/8IP : ............ 

Rep. of Austria 75/80P 


- 7JZ437 
7,18- ; 337 
697 ■ 430 
’5.71 - J.49 
633- 259. 
. 8.45 330 

7-52 ’ 483 
5.97 5.67 

7 .62. . 398 
672 5.67 
9*41 ‘ 130 
.736- .; 525- 
675 *83 
8.41 1.2.92 
6.75 10.92 
693 083 

671 ’ 0.17 
7.88 - ■ 0:83'' 
. 7w41 6J7 

6.7* -638 


„ 1 O 1 JOQ 0 ^93 . 295 


7.05 

6.94 

6.85 

253 

6.67 

6.83 

6.99 

5.B9 

5.87 

633 

6.18 

7.15 

6.75 

7.17 

6.75 

5.67 
527 
6.19 
723 
7.17 
6.73 


105400’... fl.W . Z29: \ 6.07 


9» 


l05iXHR: 7.62 : 338 

104300 7.42 437 

102250 - 695 6:67 
92750 "5.9J ' 975 
105300 . 9.00- A £7 
737 4 J 2 

832 3.44 

; 732 . 5.92 
' 631 . 220 
635 ;294 
. 633 V 292 
690 .‘334 
6.70 43.1, 
9.03 ,-217 
8.07 . 330 
7.60-3.67 
.7.60 375 

678 A& 

5.22 .4.17; 

.344 UTS 
. 6.63' : 5.05 
334 308 

.673 ■ ■ 214 
634 >261 
-.930 ■ 092 

3.99 >235 

8.99 .’ 333 


KKQOQ 

102300 

102250 

108300 

108300 


8i% Rep. of Austria 75/81P 

8*% Rep: .oF Austria 75/82P 

9% Rep. of Austria. 75/83 ... 

fij °a Rep. of Austria. 75/B3P- 

8{% Rep. of Austria 75/87 . 

7)% Rep. of Austria 76/86 ll 

6J% Rep. of Austria 77/85 

7% Rep. of Austria 77/87P ...... 

61% Rep. of Austria 77/87P 

-6% Rep.- of A ustrra 77/87 t* 

5J% Rep._of Austria 78/88P 
7% Autopfsta's ' CataJun 78/8SP . 

7\% Autopiscu 69/84 (GJ 

8% Aiitopistas 71/86 (G) 

6\% Autopistas 72/87 (G)’ 

8% Banco N.Obras71/86 (G) 

9°-. Banco Ni Obras 76/81 (G) 

71% Banco N. Obris 77/82P (G) ...‘.l. 
7% Banco N. Obras 77/82P (G> .^... 


J04J100 

104.000 

103.000 
KKL00O 
103.000 
106300 
107350 
I04JQ00 
103300 
102X100 
99i500 

! 98.000 
99300 
102300 

103.000 

100.000 
103750 
106300 
100750 
100375 

7% Banco N. Obm 77i84 <G) . 99300 
7J-?i Banque Ejtt. Aigerie 77/83 100650 

Ti% Banqwe Nat. Algerie 78/83 '99250 

6% BASF 65/80 100750 

1 03.000 
106250 
105300 
W8750 
104.750 
105300 

107.000 
102750 
95250 
102300 
99375 
106000 
102000 
103300 
M0. 1 50 
105300, 
100:500 - 

1,500- 




7\% BEC Finance 76/83P 
8? 0 Beecham Rn. 76/83 : 

I0?o Bergen 74/79... — 

8< % Bergen 75/85 

7i c to Bergen 77/89 

8i% BFCE 75/83 (G) ...Li... 

Q\% BFCE 76/84 (G» ; 

7% BFCE 77/87 (G) . — 

S{% BFCE 78/88 (G) ... . — - 

8}?£ BNDE 77/87 

6i% BNDE 78/86 

8% Borregaard 75/81? 

6j% Borregaard 77/84P -I 

8^% Bras con Inti. 73/88 .i..... 

6j% Brazil -72/87- '■>. 

8i% Brazil 76/86' ....... 

7j?i Brazil . 77/84 . 

61% Brazil 78/85 

61% Brenner 68/83 (G) ......... — 1.. 

5'% British Petrol. 65/80 

5?% Bruxelles-tambert 77/84P ... 

81% Burmah Oil 70/85 

43% Canada 78/83P 
6% Carlsberg-Tuborg 77/87P- 
V.% C.C.C.E. 75/85 <G1 ....... 

8'% C.C.C.E. 76/86 (G) ....... 

7% C.C.C.E. 77/89 <G> 

5)% CECA 64/79- 

S;% CECA 65/83 

71% CECA 71/86 

6|% CECA 72/87 :.... 

7% CECA 72/88 ...» ... 

6’% CECA 73/88 .. 

7;?; CECA 73/88 .. 

10% CECA 74/79. IP 
10% CECA 74/79 IIP 
10% CECA 74/81 P 
9:% CECA 74/81 . 

8% CECA. 75/BOP 
8'% CECA 75/82 P 
B% CECA 75/82 -. 

CECA 75/83 

CECA 76/BiP 

CECA 76 /83 ... 

CECA 76/86. 1,.,....- 

CECA. 78/90.: 

6'.% CEP.GA 73/81P ....... 

6% CECA 78/90P- .t. .......... . ... 

7|% C.E.D. South' Africa 7B/82P <G.) 

7% CE5P 77/87 fG ) 

6-% Charier Cons. 68/83 — ........ 

7% Chrysler- 69/84 

61% CIBA-GEIGY ex. w. 75/85P;.,..,. 
e- 1 . 1 ; C.N. Auto routes 69/84 fGV.—— 
91% C.N. Autoroutes 75/B2. (G) .....i, 

6' % C.N. Energie 49/84 <G) .. 

61% C.N: Telecom 68/83 (G> .; :... 


9.UT.330 
792.-283 
8.50 .'2.12 
;833 ; '430 

- 830 SO60* 
. 7 .90 -,>493 ' 

- 723 :j21 
£.49^528 
676^3636 
642 '4:6.44 
6S3 .1^8 . . 
537 ; 0790 ' 
7.04-' 646 
797 < 232 

: 7.77 4.48 
675/4.40 
7.7 1. 437 
8.45 , 338 ; 

■ 728 

- 697; <421 ' 
■7.04 ! '637 
7.45r<521, 
730 ,;438 
5.96 .AM 
728;32S . 
733 . ; $25 : 
948:.;..133- 
895 -469 
6.92 6J0 '■ 
732 ,390 
7.71 .490 


.638 
638 
6 36 
632 
5.90 
7.18 
7.11 

7.11 
Sill 
5.71 

534 
537 

535 
435 
530 
5.61 

536 
5.47 

5.11 
5.95 

6.32 
6.86 
5. 06 
533 
5.74 
5.60 
6.79 
636 

634 
7.14 
6.85 
7.4 i 
6.83 

629 
5.90 
6.30 

635 

6.11 
6.08 
7jQ9 

630 

7.33 
674 


1. 423- 
16. 692 
1. 8.82 
1. 272— 81 D 
1. 3.75-84D 
1. 282 ’ 

1. 633 
I. 434 
1. 831— 83D 
1. 434 
1.1277— 8 ID 
1.1133 
1. 6.83 — 87S 
I. 731 
1. 732— 89D 
1.1270 — 79S 
due 1.1078(104) 

1.1172— 79S 
1.10.84 

1. 335 
1. 9JM4S 
16.1130 
1. 3.82 

1. 4.83 
I. 4.85 
1. 538 
1. 4.80 
1. 279 — 88D 
15. 877— 84S 
1. 734 

1.1 173— 82S 
1. 8.74— 83S 
1. 275— 84S 
1.1175— 84S 
1. 27S— 87S 
1.1030 

1. 232 
1. 432 
I. 532 
1. 333 
1.1032 
1.1 135 — 89S. 

1.1178— 87D 

I. 9.83 

1. 473 — 82S . 
1. 475— 83S 
1. 779 
1.1130- 
1.123! 

1. 230 
I. 631 

1. 479— 82D 
I. 233 
1. 4.79— 83D 
1. 578— 87S ’• 
2 533— 86S 
1. 433— 85S 
1. 133 — 87D 
1. 233-87D 
1. 9.84— 87D 

15. 7.84— 88D 

16. 185 

I. 773-845 

1.1077— 86D 

1.1078 — 87D 


7.15 

1.1 1^7— 86S 

659 

1. 951 

7113 

16. 8.82 

6.88 

16.10.82 

7.10 ■ 

1.1054 

7.33 

15.10.81— 83D 

7,43 

1. 383 

550 

1.10.71 — SOD 

6.79 

1.1153 * 

6.54 

1.11.83 

556 

1.1279 

651 

1. 5.81— 85D 

630 

1. 251— B9D 

6.60 

1. 751— 83S 


631 

634 


1300 
100300 
103:150 
’97300 
- 100 . 000 - 
107750 
108.000; 
102300'- 
102000 
100250 
104,750. 
101.000 
101250 
99300 


829 6,86 

6.79 .73. 
8.49 £7S 

637 


329 5.18^742;- 

.771 575 j7*3 

6.85 630 

.632 294 

530 133- - 

•575 637 

.824 336 

4.87 4.80 

6.00., 933 
739 "4,60 
737 6.37 

633 6.83 

539 0.83 

5.49 261 

7.16 439 

6.44 472 

6.91 4.65 

633 4.90 


1. 732—845 
1. 233-87 S 
15. 136— 88S 
1. 433(82-87) 
]. 3.86 
5.81 
1.10.84 
1.10.79— 88S 
1.1076— 875 
. 1. 10.82 (-80 -86) 
. 1.534 
.1. 285, 

1. 8.74-835 
■ 1. 671— 80D. 

- ■ 15.1234 
1.11.76— BSD 
?2D. 5.83 
: 1.1235— 87D 
. -1. 431— BSD 

- I. 733— 86D 
1. 431— 89D 

- K 6.68— 79D 

\i 471— 83D 
• 1. 577— 86D 
. 1. 778— 87D 
. 2 179— 88D 
1. 479— 88D 



-6.40 

5.61 

355-' 

. 1,1179— 88D 

. 104.000 

9.62 

1.00 

577 

. 1. 879 

P ....... — 104.000. 

9.62 

1.08 

655 \ 

1. 979 


9.13 

358 

6-49.. 

. 1. 9.81 


853 

3.33 

537'. 

. 1.12.81 


756 

2.33 

556 

1.12.80 


8.02 

3.58 

655; 

1. 3.82 


734 

4.37 

551 .; 

15.12.82 


8 1 V, 

8 % 

7-% 

n or 


105300 . 
104750 
108750 
105,750. 
91,375. 
96.750: 
100300 
100.250 : 
: 99750 
101.900 • 
100250 
106700 . 
101750 
108250 
101250 . 
101.000 ;• 


8.07 3.54 

7.64 337 

7.13 5.17 

733 6.10 

-575 9.49 

6.20 8.33 

.775 3.97 

6.48 2.67 

732 925 

638 3.11 

6.98 332 

633 7.17 

-6.39 3.00 

87B 3.46 

6,42 2.92 

-6.44 3.19 


675 j| 
63?' 
574, : 
657 
6;49 . 
632. 
7^ 
638- 
7.0 3- 
5.9Q 
733 - 
53 9-. 
593; 
672 - 
630 
623-:- 


1. 4.78 — 85D 
15.12.61 
. 1.10.83 
1.10.82— 86D 
1.435— 90D 
I. 4.81 
1. 8.83— 90D 
20. 732 
1.1133(82-87) 
•1.1072— 83S 
1. 775— 84S 
1.10.85 

.1. 375— 84D 
16; 1.82 1 
: 1- 275 — 84D, 
'■1.1174— 83S 


432 

338 

4.54 

434 

4.71 
4.35 

3.83 
4.08 

5.83 

5.71 
7.59 


761’. 

7.6S> 

837 r 

733:. 
5.99 - ' 
7.05, 
758: 
7.14 T . 
713; 
724' 
739.. 


.1.1076— 85S 
. I. 332 
16. 233 
J6. 233 
16,-433 
X 677 — 865 
’ l. 632 
- 1. 932 
1. 634 
1.M.82 — 85D 
. I. 4.84— 88D 


475 

;52fcv- 

* 1. 553 

4J8 


' 1. 550-85S 

5.92 

.67?. 

1. 754 

5.92 

. ^ 

.1. 177— 91D 

3.84 

7 iUPV-- 

- 1.127 6 — 85S 

6.37 

5J?r- - 

15.1270— 84D 

2.84 

55b;':’ 

2. 5.72— 83S 

3.25 

6&.~: 

1. 675-845 

4.18 

6.96..; 

l. 4.77— 86S 

3.98 

7S: 

X 3B0-85D 

6.16 

6^6 . 

- 1.1Z81— 86S 

275 

6,38; : 

>:.55l 

5.14 

658. 

1.7.79— 88D 


WestLB Eurp-DeutschiTiarkbpnd Yield Index ;.. ; 

J uty 3 1, 1378: 6.47fe J . 1 ^ ; (June 30^1^78: 6.14^} 

8^; C-N. Telecom 70/85 (G) 1033M .821 

8j%. C.N. Telecom.75/82 f.G) ............ 103250 8.47 

9/ % C.N. Telecom 75/83P (G) 104250 . 8.87 

9? 0 CN. Telecom. 75/83P. fG) l-..—. 104250 . 333 

7! % C.N. telecom 76/83 (G) - MS.000 650 

7 i% Comalco 71/86 103300 752 

94% Comal co 75/B2P KKJOCO 839 

7% Com. Fed. Efectr. 77/82P 99500. 734 

8% Com. Fed. Elecv. 37/84 104300 739 

7’% Com. FeifrElectr. 77/85 100300 ' 725 

6i% Com. F«4..EJectr, 78/88 ........... 95250.. 7.09 

4i% Comp. F. Deutsche Bk. 78/83P - 96.250 455 

81% Comp,' Franc.‘P«tr. 75/S5 ......... 105,750 - 834 

6'% Como. Franc. Petr. 77/84 . 101250 .6142 
8 ' % Consorzio 70/9 J (G) - 106.000 : /B.Q2 

8 i% Continental- Oil 70/8S ............... -102500 8.05 

5J% Copenhagen 64/84 98.8CK) 532 

7% Copenhagen 68/83 10250(^ 6.80 

6j% Copenhagen;. 69/84 102250 .6:60 

7a% Copenhaaert 71/86 102250 -. 7.51 

9;% Copenhagen.7S/85P .,„-.. :ID5-5Q0 8.77 

7(% Copenhagen 76/86 • .164,600 . 7.17 

63% Cotinril -of Europe 7378 IP 100250 6.48. 

7% Council of .Europe 73/88 100500 6.97 

9!% Council pf .Europe 75/82P 108300 8.80 

8? %. Counettof Europe 76/83 — ... 104-75Q -8.11 

7i% Council flf -Etirqpe 76/83 105750 723 

7% Council 6f .Europe 76/83 HB.I00:- 679 

6\%. CdoncVl of Europe 77/87 .9 SjffiO 635 

65% Coundfof Europe : 7B/86P 9&500 635 

6i?i Council of Europe .78/88 ..... 98750 630 

6f?b CourtauHs . Int'l; 72/37 101300 6.40 

7’ % Courtauldi-lofi. .73/889 400300 . 725 

6% Credit Nat1onal77/87 (G) . 98300 6.09 

9% CVRD 76/84 107300 8.39 
S'% CYRO 76/86 105300 833 

B?o Daimler-Benz 70/85 IQ45QQ ' 7 66 

5i-% Da is ho wa Paper 78/83P. — ,9675 .538 
6% Danish Export 77 /B2P . 100300 5.97 

5]% Danish 'Export 78/83P J..... . 98,150 536 

I0i% Danish Oil 74/78P fG) I0130Q 1034 

101% Danish Oii 74/.78P (G - 101300 10.15 
B',% Den Danike Bk. 76/86 ............. 107300 771. 

61% Denmark. 68/80R,.. .100300- -630 

7% Denmark 69/W'..i«,.», 102.000 < 6.86 

8'.%. Denmark 70/B5 — ... 103300 825 

7j% Denmark 71/86 103300 7.49 

6 i % Denmark 72/87 ' 10175 633 

9 % Denmark 74/89 . 108300-’ 833 

S’% Denmark 76/82 1O6J0O 775 

8% Denmark 76/82 106^00 7.51 

6'% Denmark 77/g ....... .y..— 1g550 . 65fi 

7i% Denmark 77/87- -104750. -.632 


3.50 6.»J. J.232 

2.44 63 1;. : i. 279— 83D 

322 577 . J. 5.80— 83D 

5.33 62^: - -'7 K1233 

U133-87D 
7.92 630 . ■ 1. 736 

7 ‘!? ; ,s - 5 -84-88D . 

5-26 6 -K.V 1.730-875 

9.50 724 1. 279—885 

9.17 6-2; ' . - 1.1033-87S 

4.48 732 -. ). 2.81(82*84) 

577 6-53 I.1232(B3-fifi) 

3-58 W 1.1176—850 

5.00 628 ! ' !. 8^3 

2.19 574 j ■ 1 J178-82D 

277 6.49 f. 6J9-^83D 

025 633 ' due U178. 

033 63B-. , Idut U12.78. 

6.18 ’631 ; 1.U.B2— 865 

136 63Q 1.1072— SOD 

3.41 6.44 /1.875—845 

0 08 ^25 ■ dM«. 1. 9J8U03) 

025 . 728 dld.p. U 178( 1033’ 
4JS 625-_ 1.1278 — 87S 

579 . 728 : 1. 3.80^-895 . 

350 6.1! -1,232. 

438 - 6.15 K 9.82 

479 : 632. . 16. 533 
879 652 -"•>■•16, 537 


Issue 


Middle 

C mitt* 

Price 

Yieid : 


life’-- 


Yiridio 

Maiumv- 


.rr-en: ' ' 

D - nur.ciaTPiv drawJig 
bv 1 a: t-sr 
S - ynk:n3 lyn.1 


5J% Denmark 78/84 97.400 539 550 531 

6% Denmark 78/88 97300 - 6,15 930 635 

6i% Den Norske Ind. 77/89 (G) 101350 ‘638 637 433 

6% Den Norske Ind. 78/90 (G) ...... 98500 639 809 624 

64% District Paris 69/84 (G>-- 101250 ‘ 6.42 333 iqi 

7i% EEC 76/83 105.900 635 4.67 576 

74% Elect Council 69/84 (G) 103200 ' 727 038 4.73 

7\% Elect. Council '69/84P (G) 103.000 7& 0.08 734 

7i% Elect Council 71/86 (G) 103750 7.47 3.91 475 

84% EIect.de France 70/85 (G) 103.400 . 822 0.25 4i4 

-7% Elearobras 77/87 (G); 100.100 6.99 732 698 

64% Electrobras 78/86 (G) 96375 697 7 37 729 

54% Elf Aquhaine 78/88 93275 : .532 8.77 625 

54% Elf Norge 77/80P 101.000 . 5.69 . 171 5.11 

54% Elkem 78/88 P 93500 6.15 777 6J5 

6% ENEL 65/80 (G) 100300 ' 6.W 1.41 639 

84% Enso*Gutzeit 70/85 103553 821 0-17 479 

’ 63 % Ericsson 72/87 102500 - 659- 458 6.10 

ESAB 76/81 P 105300 . 8.33- 250 6.49 

m ESCOM 65/80 (G) 101.500 1.66 551 

h\% ESCOM 68/83 (G) 97500 .63? 3-10 7.42 

8i?i ESCOM 70/85 (G) 101500 .857 351 7.9 7 

8% ESCOM 71/86 IG) -J02300 '• 734-. 339 753 

64% ESCOM 72/87 (G) 94.000 .' 655 433 778 

7% ESCOM 73/88 (G) 96500 725 . 4.94 737 

94% ESCOM 75/80 (G) 104500 882. 230 656 

8% ESCOM 78/8? fP <G) 101300 7.92 1.95 7.39 

. 8% ESCOM 78/81 IIP (G) 101300 7.92 1.99 7.40 

84% ESCOM 78/81 P (G> ' 101250 8.15 2-50 7.65 

74% ESTEL 73/88 103300 752 S57 739 

ESTEL 75/85 107500 731 5.17 673 

84% ESTEL 76/83P 106.000 8JH 458 6.91 

64% ESTEL 77/84 P 99250 655 625 6.64 

6i% ESTEL 77/84P 99.000 6.31 551 6.47 

54% Euratom 77/87 96250 557 925 629 

54% Eurofima 64/79 ...J 103500 . .5.31 1.00 1.93 

6% -Euroflma 65/80 103.000 533 1.32 3.62 

64% Eurofima 67/83 105.000 6.19 3.04 4.69 

74% Eurofima 71/86 103750 7:47 333 6.59 

64% Eurofima 72/87 103.100 . 636' 4.90 5.51 

64% Eurofima 73/88 101750 659 4.84 636 

8% Eurofima 73/88 105.750 757 5.40 6.69 

10% Eurofima 74/79P 10S230 950 1.33 575 

9% Eurofima 75/85 107300 ' 141 4.43 7.08 

8% Eurofima 76/83 105300 7i62 4.50 656 

6i% Eurofima 77/87P 100500 672 6.44 6.64 

54% Enroll ma 78/88 98500 558 6.96 576 

6% Eurcp. Inv. Bank 69/84 102.000 538 331 554 

7% Europ. Inv. Bank 69/84 & 102500 -&83 356 632 

0% Europ, Inv. Bank 70/80 104750 -7.64 105 5.19 

74% Europ. Inv. Bank 71/86 104750 7.16 3.93 621 

7j% Europ. Inv. Bank 71/86 1052SD 736 4.51 6.36 

64% Europ. Inv. Bank 72/87 102.000 6*37 “4.39 5.96 

6% Europ. Inv. Bank 72/87 98250' ' 6.11 5.42 639 

6i% Europ. Inv. Bank 73/88 101250 657 5.20 6.45 

7% Europ. Inv. Bank 73/88 101300 6 l93 5.60 * 678 

10% Europ. Inv. Bank 74/81 P 109300 9.17 3.08 6.67 

8% Europ. Inv. Bank 75/80 106500 -751 233 4.96 

9| Europ. Inv. Bank 75/83 - 109.750 336 3.40 621 

8% Europ. Inv. Bank 76/83 105500 7-58 3.38 6.14 

7J% Europ. Inv. Bank 76/83P 106750- 726 5.17 6.18 

6i% Europ. Inv. Bank 76/84 102.000 652 4.80 624 

6% Europ. Inv. Bank 77/89 97.900 633 734 637 

5±%- Europ. Inv. Bank 78/90 91250 575 8.99 656 

8J% Europistai 71/86 (G) 103750- 7,9.5 332 724 

8% Europistas 72/87 (G) 102250 -• 732 4.18 750 

T04% Fin. |n$t f. Dan. Ind. 74/78P ... 100300. 1050 025 10.09 

7f% Fin. Inst f. Dan. Ind. 76/81P 103300 728 2.18 537 


1. 234 
I. 2.88 
1. 630— 89D 
1. 5.83— 90D 
1. 4.75— B4D 
I. 4.83 

dld.p.l. 9.78(103) 
dld.p.i. 978(103) 
1. 3.77— 86S 
dld.p. 

1.11.78(1025) 

1.933(83-87) 

1. 4.B6 

15. 536-88D 

16. 4.80 

1. 6.84— 88D 
1. 739— 80D 
dld.p. . 
1.10.78(103) 

I. 3J8-87S 
1. 2.81 * 

1.10.71— 80D 
1.1074— 83D 
1. 476—85D 
l. 377— 86D 
.1. 9.78— 87D 
1. 579 — 88D 
1. 830 

15. 130— SID 
1. 230— 81D 
1. X8I 
I. 879— 88S 
1. 6.81— 85S 
1. 333 
1.1134 
1.12.82— 84D 
1.11.87 
I. 8.67— 79D 
1.12.68— B8D 
1. 9.71— 83D 
1. 275— 86D 
I. 976— 87D 
1. 377— 88D 

1.1077— B8D 
1.1279 

1. 231— 85D 
1. X83 
I. 233— 87D 
15. 2.84— 88D 

1. 375— 84D ' 

1.1 175 — 84D 

2. 530 

I. 3.77— 86D. 

1.1077— 86D 
1. 3.78— 87D 
I. 930— 87D 
1. 279— 88S 
1. 7.79 — 88S 
1. 931 
1.12.80 

1. 131— 83D 
I. 7.80— 83 D 
1.1033 
1.1231— 84D 
1. 8.82— 89D 
1. 3.85— 90D 
1. 277— 86D 
1. 1.78— 87D • 
due 1.11.78 
1.1278— BIS 


VVbstLB 


For current prices and further Information call 

Dussefdori Telephone 8263122 International Bond 

Westdeutsche Landesbank' Telex 858T882 Trading Dept 

Girozentrale . ' 7 . 

P.O.Box 1128 Telephone 8263741 

4000 Dusseldorf 1/FRG Telex 8581.382 



Institutional Investors Dept. 


London 

Westdeutsche Landesbank Telephone 6386141 
Girozentrale Telex 887584 

London Branch - ■■ 

21. Austin Friars '* -t*- 

London EC2N 2HB/UK :>.* 

Luxembourg Hongkong ■ ■ 

WcsiLB Inietnauonal &.A. - -.liteaiBAsia limited 

4 7. Boulevard Royal- Telephone 45493 /1301fWhison House 

Luxembourg Telex 2831 ' -Hongkong 

Westdeutsche Landesbank Girozentrale 
Leading Marketmakers in- Eurobonds 


Telephone 259200 
Telex 75142 


Finland 64/79 100500 

Finland 64/80 102300 

Finland 68/83 102300 

Finland 68/83 101750 

Finland 69/84 102.000 

Finland 69/84 101750 

Finland 70/85 103250 

Finland 72/87 101300 

Finland 76/84 103500 

Finland 78/83P 96750 

Finland 78/86 . 94300 

Finn. Kommunal 69/81 (G) ...... 102300 

Finn. Kommunal 71/83 (G) — .* 102500 

Forsmarks 75/83 (G) 106.900 

Forsmarks 78/90 (G) 94300 

Francetel 76/83 (G) 104500 

Francecel 77/84P 4 G ) 102750 

Fuji Heavy 76/81 P 10 i. 000 

Gen. Zbk. Vienna 75/82P 108300 

Gen. Zbk. Vienna 76/83P .... 106300 

Gen. Zbk. Vienna 77/87 100300 

Giroz. Vienna 74/78P 100.000 

Giroz. Vienna 74/79P 104350 

Giroz. Vienna 74/B0P 107500 

Gtrot Vienna 76/81 103300 

• Giroz. Vienna 76/83 . — I 104.750 

Giroz. Vienna 77/82 100.050 

GJ5. 78/83 P 97300 

Goeteborg 75/85 P — 108500 

Goodyear Tire 72/87 101350 

Grand Metrap. Fin. 77/84 ........ 101750 

Guardian Inv. 73/B3P 101500 

Guen-Keen Need. 76/83 106300 

Hamersley Iron 72/87 101500 

Hazama-Gumi 76/81 P 105300 

Helsinki 68/83 101500 

Hhachi Cable 77/82P 102500 

Hitachi Shipbldg. 76/81 J03300 

Hoogovens 70/85 105300 

IAKW Vienna 75/85 (G) 107500 

Iceland 69/84 102500 

Iceland 77/87 105750 

I C I Inti. 70/85 ... 102.600 

ICI Inti. 71/86 102.900 


6i% ICI Inti. 72/92 

81% 1C1 Int’l. 75/82 ..... 

7\% I C I Inti. 76/86 

6i% ICI Inti. 77/87 

8% ICI PU 71/91 (G) 

8% Jmatran Voima 71/86 (G) 

8% Imatran Velma 72/87 (G) 

75% Ind. Dev. C. Sth.-Afr. 7B/82P (G) 
8% Ind. Dev. C. South-Aft 78/83P( G ) 

7% Indtntr. Bk. japan 68/83 

8%% Industr. Bk. Japan 70/85 

6-1% Industr. Bk. Japan 73/80P 

6y% Industr. Bk. Japan 73/81 P 

5% Industr. Bk. Japan 78/84 

74% Ind. Min. Dev. Iran 73/85 

7&% Ind. Min. Dev. Iran 77/87 

6i% Ind. Mtgebk. Finl. 64/79 (G) 

6i% Ind. Mtgebk. Rid. 68/80 (G) 

8% Ind. Mtgebk. Fin. 71/86. (G) ...... 

7% Ind. Mtgebk. fittl. 72/87 (G) 

9% ind. Mtgebk. Finl 7S/84 (G) 

S\% lot. Am. Dev. Bank 64/79 

6f% Inc. Am. Dev. Bank 68/83 ......... 

Inc. Am. Dev. Bank 69/84 .... 

nt. Am, Dev. Bank 70/85 _■»..» 

nt. Am. Dev. Bank 72/87- 1 

nt. Am. 'Dev. Bank 72/B7 H 

nt. Am. Dev. Bank 76/83P 

nt. Am. Dev. Bank 76/83P 

nt. Am. Dev. Bank 77/87 ...... 

nt. Am. Dev: Bank 78/88 

Inti. Coml. Bank 73/83 

7{% IRAN 68/78 

7i% Ireland 69/B4 

8}% Ireland 70/85 

85% Ireland 76/81 

51% IRl ex. vrarr. 64/79 (G) 

7}% ISCOR 71/86 (G) 

7% ISCOR 72/87 (G) — 

7% ISCOR 73/88 (G) 

8J% ISCOR 77/88 fG) 

8i% ISCOR 77/80 IP (G) 

81% ISCOR 77/80 IIP (G) 

71% ISCOR 78/82P (G) 


102500 

105750 

103.750 

201750 

103750 

103.000 

103.000 

100.000 
99750 

101250 

102.000 

10Q250 

200250 

98750 

200.100 

100250 

100500 

101.000 

102500 

99750 


623 .138 

5.88 0.91 

6.86 - 277 
663 275 

6.86 3.16 

7.37 357 

823 354 

6 93 4.45 
773' 429 
5.68 4.50 

6.12 .750 

7.35 1 179 

7.80 .2.68 

772 338 

6.12 779 

7.18 521 

6.57 557 

6.93 , 333 
856 • 358 
8.02 .339 
6.00 728 

9.75 023 

9.35 123 

9.07 .223 

6.80 325 

6.92 525 

5.50 4.17 

6.19 '458 

8.99 4.43 

6.67. ;458 

6.88 4.46 

7.14 2.44 

755 475 
6.65 471 

7.62 2.83 

6.90 255 
6.83- 3.42 
8.01'. 258 

8.03 3.70 

8.14 4.16 

7.07 3:1 6 

7.36 . 5.44 
8.28 . 0.T7 
7.77 .0.17 

6.34 651 

8.04 450 

723 721 

6.63 721 

7.71 592 

7.77 4.17 
777 . 4,1 8 

7.75 , 375 
8.02 -4.92 

6.91 274 

823 058 


6.48 

6.48 
5.06 

7.49 
7.73 
622 
6.68 
7.80 
7.02 


183 

2.75 

Sv42 

351 

684 

075 

174 

4.10 

459 


105750 

831 

357 

100500 

530 

*032 

100300 

6.72 

255 

101300 

6.90 

3 A] 

107300 

7.91 

3.96 

100500 

675 

.853 

1 00.100 

674 

494 

I05/W0 

7.62 

434 

105300 

7.82 

492 

101250 

6.91 

«.« 

98250 

6.36 

942 

101250 

6.67 

277 

100250 

723 

0.33 

J023C0 

7.07 

058 

103750 

8.19 

om 

104250 

7,91 

2.42 

101.150 

5.68 

•«,91 

99.400 

7.80 

753 

95700 

7.31 

4.40 

95.400 

7J4 

476 

100500 

8.43 

5.42 

ID 1.000 

8.17 

Z12 

101.000 

8.17 

157 

100500 

7.75 

•3.16 


6.04 

3.78 

6.30 

6.14 
$.39 
755 
750 

655 
7J02 
624 
629 

6.40 
707 

5.93 

676 

6.45 

6.15 

654 

6.64 

672 

5.99 

9.44 
628 
6.17 

5.94 
6.15 

5.48 

677 

7.41 

6.41 
654 
654 

6.48 
627 
6.02 
652 
6.15 
6.91 
601 
65! 

6.46 

656 
455 
300 

6.03 

601 

602 

6.43 

724 

728 

728 

773 

806 

6.60 

5.13 

633 

6.38 

527 

7.45 
770 
552 
622 
7.4! 
7.19 
604 

5.49 

656 
651' 
6.43 
675 
6.72 

657 
609 
679 
650 
623 
654 
558 


.627 

450 

801 

835 

8.19 

820 

7.70 

751 

773 


.1. 970— 79D 
2. 171 — 80D 

1. 6.72— 83D 

1.12.72— 83D 

2. 573— 84D 

1.10.73 — 84D 

1.1276— 85S 
1. 478-87S 
1. 6.81— 84S 

1. 2.83 
- I. 206 

1.1272— 81 D 

2. 576— 83D 
1. 7.80— 83D 

16. 1.83— 90D 
• 16.1003 

I. 4.84 
1.12.81 

J. 3.82 

1. 202— 83D 

1.12.83— 87D 
due 1.1278 

1.1279 
1.12.80 
1.IIOI 
1.11.83 
1.1002 
1. 3.82 — 83D 
1. 2.81— 85D 
1 . 12.78 — 87S 
. 1. 8.81— 84S 

1. 2.79— 83D 

2. 503 

I. 778— 87S 
T. 601 
1. 772— 83S 
1. 102 
I. 301 

I. 6.76— 85D 
1. 500— 85D 
1. 5.73— 84S 
l. 400— 87S 
dld.p. 1.1078(102) 

dld.p. 

1.1Q78C 102.25) 

1. 378— 92S 
. 1. 8.82 

1.12.84— 86D 
1. 5.84—87D 
I. 177— 9ID 
I. 477— 86S 
1. 178—875 
1. 5.82 

1. 7.83 
1.12.72— 83S 
. dld.p. 

1. 978(101,75) 
1.600 
I. SOI 

I. 104 - • 

I. 577—855 

1. 703— 87S 

2. 570— 79D 
1.1173— 80D 

1.1277— 86D 
I. 778— 87D 
■1. 478— 84D 
1. 770 — 79D 
I. 772 — 83S 
1. 875— 84S 
1. 976— B5S 
•I. 678-87S 
1.1178— 87S 

!& 203 
1. 703 
1. 1.83— 87S 
.1. 1.88 
1. 6.79 — 83D 
due 1.1278 
dld.p. 

1. ?.78( 10250) 
'dld.p. I. 9.781 103) 
1. 1.81 

30. 6.75-79D 
1. 677— B6D 
1. 478— 87D 
1. 379— BSD 
L 11.79— 88D 
16. 979 — BOD 
16.12.79— SOD 
I. 401—820 


Issue 


Middle 

Current 

Ufa* 

Yield ro 

P:ica 

Told 

Matunty* 


Repayment 

D - mandatory drawing 

&v lot at par 
S - ynkirtg fund 


6% japan 64/79 

100.550 

. 5.97 

0.83 

538 

1. 670— 79D 

7% Japan 68/83 

102.000 

6.86 

252 

622 

l. 3,72 — 83S 

71% Japan Dev. Bk. 76/83 (G) 

106.500 

6.81 

4.67 

5.62 

1. 4.83 

8i% Japan 5ynt. Rub. 76/8IP 

105.500 

732 

2.92 

6.13 

1. 741 

■ 8% Johannesburg 71/86 (G) 

99.750 

8.02 

4.38 

8.06 

1. 9.77— 86D 

6i% Johann esburs 72/87 (G) 

94.300 

6.63 

4.84 

770 

1. 9.78— 87D 

Johannesburg 78/KP (G) 

100.000 

7.75 

3.75 

773 

30. 4.82 

7{% Jydsk Telefon 69/84 

102.500 

7.07 

353 

655 

15. 9.75— 84S 

Jydsk Telefon 72/87 

100250 

6.73 

4.56 

647 

1. 378 — 87S 

7J?£ Jydsk Telefon 73/88 

101.000 

7.18 

5.18 

7.00 

1. 279 — 885 

8% Jydsk Telefon 75/82P 

106.500 

8.45 

3.92 

744 

1. 7.82 

62% Kansai Electric 69/84 

103250 

6.54 

3.00 

543 

1. 3.75— 84S 

72% Kanai Electric 71/86 

104.500 

7.42 

4.09 

6.45 

1. 5.77— 86S 

82% Kawasaki Steel 75/82 

105750 

827 

231 

6.44 

1. 6.80— 82D 

6j% KELAG 73/88 

102.800 

657 

5.01 

6.08 

1. 579—885 

62% KHD Finance 72/87 

101.500 

6.65 

455 

635 

2. 5.78— 87S 

7J% Kfobenhavns H. Bank 76/83P 

101.500 

727 

5.33 

7.02 

1.1243 

7i% Kjobenhavns Tel. 72/87 

103.000 

728 

4.40 

6-81 

2. 1.78— 47S 

7% Kjobenhavns Tel. 72/87 

103250 

6.78 

455 

6.15 

1. 5.78— 87S 

6\% Kjobenhavns Tel. 73/BB 

99.600 

653 

957 

655 

1. 479 — 885 

8J% KLM Finance 70/85 

101400 

8.30 

0.17 

520 

dld.p. 1.1078(1 02) 

5% KLM Royal Dutch Airl. 78/B5P ... 

97750 

5.12 

354 

5.69 

1. 5.79— 85D 

7% Kobe 68/83 IG) 

103.500 

6.76 

2.78 

5.70 

J. 6.72 — 83S 

62% Kobe 69/84 <G) 

103250 

6.54 

3.17 

549 

1. 573— 84S 

72% Kobe 71/86 (G> 

104250 

7.43 

4.03 

6.50 

1. 277— 865 

Kobe 72/87 (G) 

102.000 

6.62 

455 

622 

1. 578 — 875 

82% Kobe 75/8QP (G) 

102500 

8.05 

133 

673 

1. 6.80 

71% Kobe 76/83 (G> 

106.750 

7.03 

4.83 

5.85 

1. 6.83 

6j% Kobe 77/87 (G) 

104750 

6.21 

883 

579 

1. 6.87 

52% Kobe 78/86 <G) 

99750 

5.76 

7.92 

579 

J. 746 

72% Kommunl. Inst. 76/83 

102.500 

7.56 

3.64 

6.93 

1. 4.81— 83D 

B% Kommunl. Inst. 76/84 

102.900 

7.77 

435 

7.14 

15.10.77— 84D 

71% Korea Dev. Bank 77/84 fG) 

98.750 

7.34 

6.33 

7.49 

1.12.84 

5J% Kubota Inti. 77/82P 

99.500 

5.28 

3.43 

524 

1.12.81— 82D 

52% Kvsemer Ind. 78/88P 

95.000 

6.05 

752 

6.61 

1. 3.84 — BSD 

8f% Light-Servieos 77/82 (G) 

106.000 

8.02 

358 

655 

1. 342 

62% Light-Servicos 78/86 (G) 

95.650 

73)6 

775 

750 

1. 546 

8»% Longt. Cr. Bk. japan 70/85 

103250 

B23 

356 

758 

1.11.76—855 

10% Lonza Inti. 74/79P 

1043)00 

9 62 

125 

65! 

1.11.79 

81% Lonza Int’l. 75/80P 

103250 

7.99 

1.79 

625 

15. 5.80 

7% Malaysia 72/84 

101.400 

690 

324 

650 

1. 6.75— 84D 

62% Malaysia 77/85 

97250 

6.68 

7.08 

740 

1. 9.85 

92% Maimoe 75/84 

1073)00 

8.64 

3.96 

7.13 

1. 2.81— 84D 

82% Maimoe 76/83 

104,150 

7.92 

3.04 

647 

1. 340— 83D 

64% Manitoba 77/84 

103.750 

627 

5.92 

5.73 

1. 744 

62% Manic. Hydro El. 72/87 

102.750 

6.57 

4.83 

6.07 

1. 678— 87S 

62% Mega!, fin. Comp. 78/90 

97.125 

6.44 

11.42 

641 

2. 1.85— 90S 

1% ME PC 73/88 

99.750 

7.02 

4.97 

7.05 

1. 579— 88D 

7% Mexico 68/80 

102.850 

63) 

133 

441 

1. 6.71— BOS 

7% Mexico 68/84 

100750 

6.95 

232 

641 

2. 1.73 — 84S 

71% Mexico 73/88 - 

100.000 

725 

9.42 

724 

1. 1.79— BBS 

9% Mexico 75/82. 

107.250 

8.39 

3.92 

6.82 

1. 742 

8% Mexico 76/83 

106.850 

7.49 

4.83 

6.30 

1. 6.83 

72% Mexico 77/84 

103.500 

7.49 

5.83 

6.99 

1. 6.84 

6% Mexico 78/85 

94.750 

633 

657 

7.00 

1. 445 

74% Mitsubishi Gas 76/81 P 

103250 

751 

2.83 

6.45 

1. 641 

72% Mitsui Toatsu 76/81 P 

102.000 

7.60 

3.12 

7.00 

15. 941 

9% MODO 75/83 

103.500 

8.70 

329 

7.74 

1. 640 — 83D 

7% Montreal 69/89 

1013)00 

6.93 

5.34 

676 

1. 4.7Q— 09D 

6% Montreal 72/92 

96500 

6.22 

7.06 

643 

1. 9.73— 92D 

62% Montreal 73/93 

100.000 

6.75 

14.83 

675 

1. 674— 93S 

82% Montreal 76/86 

104.600 

8.13 

423 

720 

1. 7.77—865 

7% Montreal 77/87 

100500 

6.94 

4.74 

6.79 

16. 7.78 — 875 

7\% Mortg. Denmark 69/84 (G) 

102250 

7.33 

3.12 

6.79 

1.M.75— 845 

72% Mortg. Denmark 71/86 (Gj 

103.000 

752 

3.91 

6.98 

I. 377— 86D 

7% Mortg. Denmark 7 3/88 {Gj 

101250 

6.91 

5.15 

670 

I. 779—885 

62% Mortg. Bk. Finl. 69/84 (G) 

1023)00 

652 

3.08 

6.12 

1. 4.73— B4S 

72% Nafi. Mexico 69/79 IG) 

101.000 

7.18 

0.83 

6.08 

1. 6.72— 79S 

82% Nafi. Mexico 76/83P (G) 

105500 

829 

5.33 

7.45 

1.1243 

7% Nafi. Mexico 77/82P 16) 

99500 

7.04 

4.0B 

7.14 

1. 9.82 

82% Nafi. Mexico 77/84 <G) 

105500 

829 

5.58 

7.49 

1. 3.84 

81% Nafi. Mexico 77/84P (G) 

105500 

8.29 

5.58 

7.49 

1. 344 

82% Natl. Bk. Hungary 75/81 

106.000 

778 

2.92 

5.94 

1. 741 

62% Natl. Bk. Hungary 77/85 

96.750 

6.72 

725 

7.08 

1.11.85 

6|% National Lead 67/79 

100.000 

650 

0.83 

6.46 

1. 6.72— 79S 

8% Natl: Westminster Bk. 73/88 

103250 

775 

538 

724 

1.10.79 — 885 

62% New Brunswick 72/87 

102JXX) 

6.62 

5.05 

627 

1.1 178 — 87S 

72% Newfoundland 69/84 

102500 

7.07 

3.41 

652 

1. 875— BriS 

8% Newfoundland 71/86 

103250 

775 

4.32 

7.10 

1. 8.77— 86S 

61% Newfoundland 72/87 

104.000 

6.49 

4.52 

5.71 

1.11.78— 87S 

6j% Newfoundland 73/88 

102.000 

637 

641 

6.08 

1. 441— 88S 

61% New Zealand 69/84 

102.000 

6.62 

2.91 

648 

1. 275— 84D 

71% New Zealand 71/86 

104250 

7.19 

449 

6.40 

1. 577— 86D 

7% New Zealand 72/87 

102500 

6J83 

430 

630 

1. 278— 87D 

91% New Zealand 75/80P 

105500 

93)0 

150 

553 

1. 2.80 

91% New Zealand 75/80P 

105.000 

8.81 

1.50 

5.64 

1. 240 

82% New Zealand 75/80P ...: 

105.000 

7.86 

1.92 

5.42 

1. 7.80 

92% New Zealand 75/82 

J093J00 

8.94 

3.42 

6.69 

I. 142 

72% New Zealand 76/83 

106.000 

7.08 

458 

5.95 

1. 3.83 

72% New Zealand 76/86 

106.000 

731 

6.19 

653 

1.1142— 86D 

62% New Zealand 77/84 

102500 

6.10 

575 

572 

1. 5.84 

52% New Zealand 78/86 

97375 

5.39 

758 

548 

1. 3.86 

9% Nippon Kokan 75/82 

103.750 

857 

2.64 

736 

1. 440— 82D 

82% Nippon T + T 75/82 IG) 

106.000 

825 

358 

6.79 

1. 342 

81% Nippon T + T 75/82 (G) 

106250 

776 

3.83 

635 

1. 6.82 

72% Nippon T + T 76/83 (G) 

105500 

7.35 

5.17 

6.46 

1.10.83 

5j% Norcem 78/85 

97.000 

5.93 

658 

631 

1. 3.85 

81% Norges Komm. Bk. 70/85 (G) ... 

104.750 

8.11 

4.03 

724 

1.1076 — 85S 

8% • Norges Korn. Bk. 75/80 (G) ... 

104.500 

7.66 

143 

534 

I. 640 

8% Norges Komm. Bk. 75/30P (G) ... 

104.500 

7.66 

1.92 

5.45 

1. 740 

7% Norges Komm. Bk. 76/81 fG) ... 

102.750 

6.81 

275 

5.87 

1. 541 

7% Norges Komm. Bk. 77/89 (G) ... 

1033)00 

6.80 

637 

6.40 

]. 440—895 

6% Norges Komm. Bit. 77/89 1 (G ) ... 

98500 

63)9 

1121 

6.19 

16.1040—895 

6% Norges Komm. Bk. 77/89 II (G) 

98300 

6.10 

11.33 

621 

1.12.80 — 89S 

6% Norges Komm. Bank 7B/90 (G)... 

98500 

63)9 

12.00 

6. IB 

1. 841— 90S 

8l?£ Norpipe 76/84 

106.750 

7.96 

354 

6.44 

I. 240-84S 

8% Norpipe 76/88 

106250 

753 

724 

6.87 

1. 643—885 

6% Norpipe 77/89 

99250 

6.05 

1125 

6.09 

1.1144— 89D 

72% Norsea Gas 76/88 

105.250 

6.89 

774 

636 

1.1243— S8S 

7% Norsea Gas 77/89 

103.750 

675 

9.03 

6.44 

1. 744— 89S 

9% Norsk Hydro 75/87 

107750 

835 

4.90 

7.06 

1. 340— 87D 

8% Norsk Hydro 76/88 

106.500 

751 

7.07 

640 

1. 443 — 885 

62% Norsk Hydro 77/89 

101500 

655 

7.61 

6.49 

1. 6.82— 89S" 

82% Norway 75/80 

105.000 

786 

175 

5.16 

1. 5.80 

82% Norway 75/BOP 

104.000 

7.93 

143 

5.87 

1. 6.80 

72% Norway 75/80 

106.000 

731 

233 

4.95 

1.1240 

7% Norway 76/8! 

106.000 

6.60 

275 

442 

1. 541 

7)% Norway 76/81 

106250 

7.06 

2.92 

5.13 

I. 741 

61% Norway 77/82 

103.700 

627 

3.42 

528 

1. 1.82 

61% Norway 77/82 

102.600 

6.09 

357 

5.44 

1. 442 

52% Norway 77/82 

101.750 

5.65 

4.00 

525 

1. 842 

42% Norway 78/83 

96.600 

4.92 

4.42 

543 

1. 143 

42% Norway 78/83 

94.650 

4.62 

457 

571 

1. 443 

74% Norw. Mortgage 77/B7 

103.750 

6.99 

673 

654 

16. 5.83— 87D 

6% Norw. Mortgage 77/89 

97.000 

6.19 

7.63 

650 

16.1142— 89D 

72% Nova Scotia 71/86 

104.000 

7.45 

4.12 

673 

1.1277— 86D 

7% Nova Scotia Power 72/87 

102.750 

651 

458 

628 

1.1278— 87S 

61% Occidental Overs. 68/83 

100.750 

6.45 

3.1) 

632 

1.10.72— B3S 

6/© Oescer Donaukr. 59/84 < G ) 

101.000 

5.94 

2.92 

570 

1. 2.65 — 84 D 

62% Oester. Donaukr. 73/88 (6) 

102.750 

657 

529 

6.12 

1. 379 — 88S 

82% Oester. Donaukr. 75/85 (G) 

1 06.750 

820 

452 

634 

1. 341— BSD 

7% Oest. EL Wirtsch. 67/87 (G) 

102500 

683 

4.29 

6.43 

1. 2.73— 87D 

7% Oest. El. Wirtsch. 76/83P IG) ... 

104.250 

6.71 

537 

6.04 

16.12.83 

5i% Oest. Ind. Verwaltung 78/85P (G) 

99 250 

557 

6.92 

544 

1. 7.85 

102% Oest. Inv. Kredit 74/79 P 

104.000 

986 

121 

645 

16.1079 

92% Oest. Kontrollbank 74/78P (G) 

101.000 

9.65 

0.08 


due 1. 978 

92 % Oest. Kontrollbank 74/79 IP (G) 

102.000 

9.31 

083 

6.89 

1. 679 

91% Oest. Kontrollbank 74/79 HP (G) 

102.000 

93) 

0.92 

7.14 

1. 779 

7% Oest. Kontrollbank 76/83P /G> 

102.000 

6 86 

5.33 

6.53 

1.12.83 

62% Oest. Kontrollbank 77/84P (G) 

102500 

659 

550 

6.19 

1. 284 

6{% Oest. Kontrollbank 77/84P (G) 

102.000 

6.37 

5.92 

6.08 

1. 744 

61% Oest. Kontrollbank 77/84P (G) 

101.500 

6.16 

6.00 

5.95 

1. 884 

WestLB SD Certificates (Schuldschein-lndex) 


4 years maturity: 6.259b 


5 

years maturity: 6.50fo 


6% Oest. Kontrollbank 77/85P (G) 
5i % Oest. Kontrollbank 78/86P (G) 
5f% Oest. Linderbank 77/82 

6\% OKO 64/79 (G) 

6j% Ontario 69/84 

6% Ontario 72/87 

7% Ontario Hydro $9/84 

7(% Ontario Hydro 71/86 

6% Ontario Hydro 72/87 : 

6$% Ontario Hydro 73/88 

Osaka 64/79 (G> 

6t% Osaka 65/80 (G) 

6% Oslo 64/79 

5i% Oslo 65/80 

7% Oslo 67/79 

Oslo 69/84 

7\% Oslo 71/87 

«% Oslo 73/90 

9% Oslo 75/87 

7% Outokumpu 68/78 (G) 

61% Papua 73/88 

Parker-Hanntfin 77/87P 

Pemex 76/83 

Pemex 77/84 

Pemex 78/86 1 

Petrobas 77/84 ’ 

Philip Morris 72/87 

71% Philippine 77/84 

61% Philippine 78/85 

8\% Philips 75/81 P 

Philip* 75/81 P 

81% Philips 75/82 

53% PK-Banken 78/88 

91% Plarm. Maimoe 75/80P 

7i% Privatbk. Copenh. 77/83P 

6i% Pyhrn Autobahn 77/89 (G) 


101.000 

5.94 

725 

5.82 

1.1145 

98.250 

560 

740 

5.79 

1. 246 

99750 

541 

4.33 

546 

1.12.82 

100.250 

6.23 

125 

6.12 

U120— 79D 

101 900 

6.38 

2.92 

5.87 

1. 275 — 84D 

100.000 

600 

5.43 

6.00 

1. 9.80— 87D 

103.000 

6.80 

3.41 

6.1 1 

I. 875— 84D 

104 000 

721 

4.13 

6.35 

1.12.77— 86D 

10 1 750 

6-39 

5.18 

6.09 

?. 6.80 — 87D 

101.500 

6.40 

5.93 

6.18 

1. 341 — 88D 

100.750 

6.45 

0.42 

4.72 

2. 170— 79D 

100:500 

622 

0.99 

5.81 

1. 271— SOD 

100.250 

5.99 

047 

568 

1. 4.70— 79D 

101.000 

5.69 

1.08 

4.84 ' 

1. 3.71— 80D 

103 COO 

640 

048 

176 

1. 372— 79D 

104.500 

7.18 

3.66 

6.20 

1.1175— 84D 

103750 

726 

4.40 

6.74 

Z 178— 87S 

102.000 

6.62 

625 

6.35 

1. 7.76— 90S 

106.500 

8-45 

444 

725 

1. 378 — 87S 

.100.000 

7.00 

0.08 

7.02 

due 1. 9.78 

104250 

6.47 

544 

5.84 

1. 7.79— 88S 

100500 

6.72 

6.77 

645 

1. 6.83 — 87D 

107.000 

8.18 

533 

7.11 

1.1243 

100450 

654 

6.08 

642 

1. 944 

101.500 

6.90 

7.42 

673 

1. 1.86 

99400 

704 

6.17 

720 

1.10.84 

701400 

66S 

025 

071 

dld.p. 

U!7flU0n 

98250 

7.38 

625 

7.60 

1.1I.H4 

94.000 

7.18 

647 

7.93 

1. 4.85 

105750 

827 

247 

632 

1. 441 

104750 

8.11 

271 

6.51 

15. 4.81 

106400 

822 

3.62 

645 

15. 3.82 

93400 

6.15 

748 

6.86 

1. 5.84— BSD 

103750 

8.92 

1.75 

647 

1. 5.80 

102400 

7.07 

4.67 

6.60 

1. 4.83 

99750 

627 

8.49 

629 

1. 944— 89D 


Continued on page ZZ 





24 


'Financial Times Tuesday August tfr 1978 


ixtel’s 

Internationa! Bonds Service. 

Up-dated every week. 

How up to date is the 
service you use? 


MARKET MAKERS 


105 Bondrrade 
110 Dewaay, SebUIe, Semis 
Van Campenbout & Cie 
115 Kredietbank N.V. 


230 Banque Arabe et Internationale 
dlnv^tisKcmeDt (B.AJJ.) 

2*25 Banque Lonis-Dreyfus 
205 Banque Nationale de Paris 

75009 Paris 16. Boulevard des Tta liens 
P 225-1700/523 5500 
T 650314/650819 

210 Credit Commercial de France Paris 
215 Credit Lyouuais 
21S £. F. U into a Services SAUL 
220 Intcrunion-Banqne 
270 Smith Barney Harris, Upturn & Co. Inc. 
75001 Paris *20 Place Vendome 

P 260-3404 T 680608 


S& Eg! ON .a E R M A N Y R 1 A ■: 


300 Commerzbank AG 

6000 Frankfurt Neue Mainzer Strasse 32-36 
P 13821 T 416111 
T 416345 

305 Deutsche Bank AG 

6000 Frankfurt Grosse Gallusstrasse 10-14 
Junghofstrasse 5-11 
P2141 T 416731-4 

306 Dresdner Bank AG 

6000 Frankfurt Galiusanlage 7-8 
P2631 T 414 901 
P 23 OS 21 T 41 220 

307 Westdeulschc Landes bank Girozentrale 
4000 Dusseldorf Friedrichstrasse 56 

P 826 31 22 T 858 1882 


309 Creditanstalt Bankverein 

1010 Vienna Sehottengasse 6 

P 83692540/1 T 74324 

310 Girozentrale and Bank 

der dsterreichischen Sparkassen AG 

1011 Vienna Schubertring 5 

P 72 94 272/72 94 772 T 13 195 


-REGION 4- ITALY 


405 Banea Commerciale Italiana Milan 
407 Banco Ambrosiano S-p-A. 

409 Banco di Roma 
415 Credito Itallano 

20123 Milan Piazza Corduslo 2 

PS71744/8862 T 35 617 
P89 01 16 

420 Istitnto Baneario Itallano 

425 Istitnto Baneario San Paolo di Torino 

430 Monte dei Paschi di Siena 


REGION 5- LUXEMBOURG 


505 Banqae Generate dn Luxembourg SUV. 

510 Banqae Internationale h Luxembourg S-A. 
540 BayerLsche LandesbanJk International SJV. 
Luxembourg 25 Boulevard Royal 

P 474021 T 1249 P 475811 
515 Dewaay Luxembourg S-A- 
520 Kredlettank SA Lnxemboorgeoise 
Luxembourg 43 Boulevard Royal 
P 26411 T1451 

530 Swiss Bank Corporation (Luxembourg) 


REGION 6- NETHERLANDS 


600 BL .Albert de Bary & Co. N.V. 

601 Algemene Bank Nederland N.V. 

602 Amsterdam-Botterdam Bank N.V. 

603 Bank Mees & Hope N.V. 

604 Barclays Kol & Co- N.V. 

Amsterdam Hereagracht 500 

P 262 209 T 12 130/12 193 
611 Centrale Rabobank Utrecht 

St Jacobsstraat 30 
General P 369111 T 40025 
Trading P 362410 T 70105 

605 Bank Morgan Labonebere N.V. 

610 F. van Lanscbot 

606 Nederlandsche Middenstandsbank N.V. 

607 Nederiandse Credietbank N.V. 

608 Pierson, fieldring & Pierspn 

609 Slavenburg, Oyens & Van Eegben N.V. 


REGION 7 -SCANDINAVIA- 


705 Bank of Helsinki Ltd. 

(Helsingfors Aktiebank) 
740 Den norske Creditbank 


750 Den Denske Bank of 1871 Ahtleselsbab 
1093 Holmens Kanal 12 

Copenhagen K P 151886 T 19441/19065 
pl56505 

710 R. Henri ones jr. Bank-Aktieselskah 
1200 H Hsjbro Plads 9 
Copenhagen K P120052 T19162/19952 

715 KansalHs-Osake-Pankki 

720 Kjobenhavns Handels bank 

1091 Holmens Kanal 2 

Cope nhag en K P 1286 00 T 19 177 
745 Postipahkki 
730 Privathanken Aktieselskab 
735 Skandinaviska EnsfcUdu Banken 

10640 Kuugstr&dg&rdsgatan S 

Stockholm P 763 50 00/24 28 30 Til 007 
725 Union Bank of Finland 

‘ (Nordlska Fdreningsbanken Ah) 


REGION 3 - SWITZERLAND 


800 Bondpartners S-A- 

805 Credit Suisse/Swiss Credit Bank 

860 Swiss Bank Corporation 

8022 Zurich Parade platz 6 

P 223 11 11 T 53 471 
870 Union Bank of Switzerland . 


REGION 9 - UNITED KINGDOM 


901 Akroyd & Smi there limited 

903 Julios Baer International LttL 

950 BankexsTrns* international Limited 

910 Banqae Fran caise de Credit International Ltd. 

911 Citicorp International Bank limited 

London 335 Strand 

WC2R1LS P 836-1230 T 884333 

912 Co ntine ntal Dllnois Limited 

914 Credit Smsse IVhite Weld Ltd. 

London 122 Leadenhall Street 

EC3V4QH P 2834200 T 883731 

913 Daiwa Europe N.V. 

London 8-14 $L Martins-le Grand 

EC1A4AJ P 600-5676 T8S4121 

915 Deltec Trading Company Limited 
920 Dillon, Bead Overseas Corporation 

London 10 Chesterfield Street 

W1X7HF P 493-1239 T 88 11055 

P 491 4774 Trading 
992 Dominion Securities Limited 
925 European Banking Company Ltd. 

London 150 Leadenhall Street 

EC2V 4PP P 638-3654 T 89519681 

927 The First Boston Corporation 

930 First Chicago Limited 

931 Goldman Sachs International Corp. 

London 40 BasinghaU Street 

EC3V5DE P 638-4155 T 88 7902 

P 638-9243 

932 Hambros Bank Limited 


933 EBJ International Limited 

London Bucklersbury House 

EC4N 4HB 3 Queea.V IctoriaStreet 

P Trading 2S&0S51 TS83411 
P General 236-2756 

934 mu Samuel & Co. Ltd. 

935 Kidder Peabody Securities Limited 

London 24th Floor 

EC2P2LA 99 Bishopsgate 

P 638-6272 T88 4694/5/6/7/S 
838 Loch, Rhoades, Hornblower International Lid. 
Loudon . 55 Grosvenor Street ■ 

W1X9DB P 491-3381 T 25432 

939 Kuhn Locb Lehman Brothers Int. 

London P.O.Box 15 

E.C3. Commercial Union Bldg., 

1 Undershaft 
P 623-2904 T 88 7461 
P 283-7727 

936 Manufacturers Hanover limited. 

837 McLeod. Yoang. Weir International lamitre t 

940 Merrill Lynch, Pierce, Fenner A Smith 
(Brokers & Dealers) Ltd. 

London 3-5 Newgate Street v 

EC1A7DA P 236-1030 T 885357/8811801 

941 Morgan Stanley International ; ; 

London P.O. Box 132, ‘ 

EC3P 3HB Commercial Union Building 

1 Undershaft, Leadenhall Street 
General P 62&-922L T88 12564 
Tra ding-p 283-8201 T 8951621/2 

945 Nesbh, Thomson Limited 

942 The Nlkko Securities Co. (Europe) Ltd. 

London Royex House ' 

EC2V 7LJ Aid ermanbury Square 

P606-T171 T 88 4717 

943 Nomura Europe N.V. 

London Barber-Surgeons 

EC2Y 5BL Monk well Square, 

London Wall 
P 606-7482/6 T8811473 

946 Orion Bank limited 

London 1 London Wall 

EC2Y 5JX P 600-3222 T 883496 

P 600-8000 Trading 

947 Salomon Brothers International Ltd. 

950 Samuel Montagu & Co. Ltd. 

955 Scandinavian Bank Limited 
960 Strauss, Turnbull & Co. . 

London 3 MoorgatePlace 

EC2R6HR P 638-5699 T 88 3201 

962 Sumitomo Finance International 
London 66 Gresham Street . 

EC2B7EL P 606-5645 T 88 11043 

964 Vickers, da Costa & Co. Ltd. 

965 S. G. Warburg & Co. Ltd. 

London 30 Greriiam Street 

EC2P2EB P 6004555 T 88 8476/88 3195 


Extel- 

the International Bond 
Dealer’s best friend. 

’Phone Sales Offices: 01-253 3400 
or Telex: 263437 


967 Wedd Duriacher Morfaunt Ltd. 

970 Wesldentsche Landesbank Glnwentrale 
London 2 1 Austin Friars _ ^ _ 

EC2N2HB P63S6141 TSS 7984/5 

975 White Weld Securities 

977 BL S. Wein & Co. Inc. 

' 88S124 

980 Wood Gundy Ltd. 

990 Yamal chi International (Europe) Ltd. 
London St. Alphage House 

EC2Y 5AA 2 Fore Street 

P 62S-2271 T 88 7414 


REGION 10- UNITED STATES 


10 Arnhold and S. Blelchroeder, Inc. 

New York . 30 Broad Street 

mvidam P 943-9200 T 82710 

NYim * P9&IK214 T 232250 RCA 

202 Drexel Burnham Lambert & Co Inc. 

30 Kidder, Peabody & Co. Incorwrratctr 
New York 10 Hanover Square 

NY 10005 - P 212 747 2000 T 233 486 

32 Lehman Bros, Kuhn, Loeb Inc. 

New York 40 Wall Street 

NY 10005 P 797-4220 T 420 107 

33 Ijzarri Freres Sc Co. T42030SOT 

35 

60 Salomon Brothers 

New York One New York Plaza 

NY 10004 P 212 747 7000 T22242S 

70 Shields Model Roland Incorporated 
80 Atlantic Capital Corporation T620 72?WU 

90 White Weld & Co. Incorporated T423WsrrT 

005 The Arab Co. for Trading Securities S.A-K. 

Kuwait P O. Box 
22792 Safat Kuwait 
P41031S T 2791-ACTS 


LEAD MANAGERS 

1 — Creditanstalt-Bankverein 

15 — Butler Bank 

16— Credit Suisse (Bahamas) Ltd. 

IS — Gutzwiller Kurz Bungenur Securities 
25 — Union Bank of Switzerland (U/W) 

28 — Bankleumi Le-Israel 
32 — Banque de Bruxelles S.A. 

35— Banque Lambert S.C.S. 

38 — Burnham & Co. 

43 — Kredietbank N.V. 

46 — Soci£te GOmJrale de Banque SJL 
- 57 — Nesbit, Thomson Ltd. 

64 — Wood Gundy Ltd. 

72 — Privatbanker Aktieselskab 
77 — McLeod, Young Weir & Co. 

92 — Banque Nationale de Paris 

93 — Banque de Paris et des Pays-Bas 

94 — Banque Rothschild 

96 — Banque de L'Union Europeenne 

103— Credit Commercial de France 

104 — Credit Industrie! et Commercial 

105 — Credit Lyonnais 
112 — Lazard Frfcres & Cie 


117 — SoeMtt Generate 

112 — Western American Bank (Europe) 

138 — 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 Landes bank 
Girozentrale 

1S3— Jacdine Fleming & Co. 

186— Banca Commerciale Italiana 
189 — Banca Nazionale de Lavoro 
196— Banco di Roma 
214— Williams Glyn & Co. 

218— Orion Bank Ltd. 

219 — Kuwait Inv. Co. S.AJL 

221 — Banque Europeenne du Luxembourg 
S.A. 

222 — Banque Generate du Luxembourg SA. 

223— Banque Internationale & Luxembourg 
S.A. 


224 — Banque Lambert Luxembourg. S-A. 

229 — Investors Bank. Luxembourg, S~A. 

230 — Kredietbank S.A. Luxembourgeoise 

234— UBS DB Corp. 

235— Blytb Eastman Dillon & Co. Int 

237 — Algemene Bank Nederland N.V. 

238— Amsterdam-Rotterdam Rank N.V. 
245— Bank Mees & Hope N.V. 

247— Nederlandse Credietbank N.V. 

249— Nederlandsche Middenstandsbank NV 
254 — Pierson. Heldring & Pierson 
256— Royal Bank of Scotland 

272 — Skandinaviska Enskilda Banken 

273 — Svenska Handelsbanken 

287 — Kuwait Foreign Trading Contracting 
& 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 Ireland 
323 — London Multinational Bank Ltd. 

326— Kleinwort 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— Nikko Securities Co. (Europe) Ltd. 

338 — Kuwait International Finance Co. SAK 
343— Rabobank N.V. 

346— Rothschild NJff. & Sons Ltd. 

350 — J. Henry Schroder Wagg & Co. Ltd. 

352 — Caisse des Depots Consignations 

353 — Singer & Friend! an der 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. 

389 — Kuwait Financial Centre 

396— Daiwa Securities & Co. 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 Boston Corp. 

412— First Boston (Europe) Ltd. 

413 — Merrill Lynch, Pierce, Fenner A 
Smith Inc. 

418— Goldman Sachs A Co. 

421— American Express Middle East Devt- 
425— Hayden Stone Inc. 

431 — Interunion— Banqae 

437— Kidder. Peabody A Co. Inc. 

438— Blyth, Eastman Dillon A Co. Inc. 

440 — National Commercial Bank Saudi 
Arabia 

441— Kuhn Loeb A Co. 

445— Lazard Freres.A Co. 

447— Lehman Brothers 
449— Loeb Rhoades A Co. 

454— Merrill Lynch. Pierce. Fenner A Smith 
456— Morgan A Cie International 
458 — Morgan Stanley A Co. 

463— Nomura Securities Co. 

479— Salomon Brothers 

480— Banque Bruxelles, Lambert S.A. 

481— Postipankki 
485— Smith Barney A Go. 

487 — Barclays Merchant Bank Ltd. 


488— Kidder. Peabody International Ltd. 

500— White Weld A Co. Inc. 

501— Yamalchi Securities 

510— Salomon Brothers International Lid. 

511— Merrill Lynch Intnl. Bank Ltd. 

516— Union De Basques Arabes et 
Franca is es (UBAF) 

517 — Credit Suisse-White Weld Ltd. 

51S— Arab Finance Corp. 

525— Banque Arab© et Int. D' In vest 
536— Loeb, Rhoades International Ltd. 

555— Goldman Sachs A Co. Ltd. Ine. 

556— Jardine Fleming International Ine. 
560— Jardine Fleming International Ltd. 

585— B.A.U. (M/E) Inc. 

586— Bank Hapoalim 

594— Indo-Suez A Morgan Grenfell 
(Singapore) 

599 — Swiss Bank Corp. (Lux.) 

600 — First Boston AG 

630 — Barclays Koll A Co. N.V. 

637— National Bank of Kuwait 
639— Morgan Grenfell (Asia) Ltd. 

70S— Dean Witter Reynolds Int. Inc. 

715— Merrill Lynch Int. (Asia) 


COMPILED FOR THE ASSOCIATION OF INTERNATIONAL BOND DEALERS BY INTERBOND SERVICES LTD. 



20.00 

1968 

X.L.M. 

114 3/4 

5.01 

3-92 

<0 

60 

3.41 

FL 225 

P3 ED 237 

520 60 1 606 

10.00 

100.00 

S.75 U 7/1988 

J53 

5.2J 


101.00 

1978 

1979 

It 1/1969 

AMUR 

SO EU 43 

610 800 935 
960 975 

10.00 

1969 

SEDER KIDOaBtA.’UGBAaX 

3*0 5/8 

1.66 


<0 

30 

-1.31 

FL 79.9 

520 601 606 

3.00 

100.00 

6.50 31/12/1984 

191.8 

5.68 


107.00 

1978 

1975 

1/ 1/1971 

AM 

610 960 975 

100.00 

1968 

PHILIPS LAMPS 

98 7/8 

4.80 

5-01 


30 

-.58 

FL 42 1/2 

SC ED 346 

520 601 606 

93.00 

100.00 

4.75 30/ 6/1983 

25.9 

6.56 


100 . M 

1978 


1/ 1/1969 

AM 

610 800 935 
960 975 

10.00 

1969 

VAS DER CHERTS 

113 1/2 

5.73 

4.04 

<0 

30 

-6.53 

PL 21) 

SO ED 238 

601 606 810 

6.41 

100.00 

6.50 1/12/1*84 

158 l/Z 

4.54 


102.50 

1978 

1975 

1/12/1969 

AM 

960 975 



COKTCBTIBLES-SlSCAPOeB 










60.00 

1976 

SINGAPORE DEVT BASK 

100 

6.50 

6.50 


30- 

4.75 

9S 4.3 

IP AS 396 

935 960 975 

60.00 

100.00 

6.50 1/10/1*91 

3.79 

63.32 

18.40 

104.50 

1978 


15/12/1976 

LiarxL 


30.00 

1973 

TOUTED OVERSEAS BAKE 

P-1 5/8 

7.68 

8.83 


60 

45.44 

SS 6 

IP TO 183 

935 960 975 

30.00 

100.00 

6.50 15/11/1988 

3.39 

88.50 

20.40 

104.00 

.1918 


1/ 5/1974 

&XBL 




COSTERT [BLXS-S -AFRICA 










30.00 

1971 

USD S ELECT WK COUP 

81 7/8 

7.94 

10.01 


90 

5.58 

TO 5 7/8 

IP ED 346 

BOO 935 938 

20.17 

LOO. 00 

6.50 1/ 3/1986 

5.55 

13.51 


101.00 

1978 


1/ 9/1971 

LM 

960 97* 



COSVTJ TIBLES-SMEDES 










‘35.00 

1977* 

8AX3VIE 

113 3/8 

5. 51 

4.50 

3.*i 

45 

-6.93 SOT 235 

IP HI 315 

35 735 800 

31.00 

100.00 

6 .a 15/ 3/1488 

270 

2.13 


104.00 

1983 


U 1/1978 

LM 

932 935 940 
960 975 



0<KVERTI8LE3-SVTT=BtLA.'ai 










W 1 .P 0 

1969 

ALCSMSSE ER 

100 3/4 

4.71 

4.64 

-0 

45 

18.88 

1/ 9/J969 

PC EO 16 

800 805 840 

ftD.OO 

100.90 

4.75 1/ 3/1987 

723.76 

.44 


IDO.OO 

1978 


Lxzms 

.935 960 975 

100-00 

1976 

CREDIT SUISSE f BAHAMAS) 

1 14 3/4 

3.70 

2.91 

*0 

45 

1.80 

801107-65 

BP ES 517 

35 920 800 

100.00 

190.00 

A. 23 31/12/ 1991 

2165 

3.70 


JOB .00 

19J9 


10/ 1/1977 

LX 

805 870 933 
940 *60 *75 

b-.Qn 

1*76 

SADDOC OVERSEAS 

103 

0 


85.27 

45 


SF3839 

IP ED 517 

35 800 80S 

nA.ro 

inu -00 

-.75 31/12/1989 

2486 



104.00 

1979 


31/10/1977 

LX 

940 960 975 

120.00 

19(7 

DM JOB BASK SMITH LUXI 

153 3/4 

2.93 


<0 

TOC 

-59-93 

901168.77 

IP ED 165 

35 520 800 

9-.J2 

103-00 

— 50 15/ 5/1987 

iru* 

3-24 


104.00 

1983 


1/ 6/1977 

LX 

80S 870 935 
9*0 960 975 

lOH.nn 

1*76 

ONION BASK SUITZIUQI 

143 3/4 

3.48 


-0 

10 

-3.14 

SD H98.8 

IP SD 165 

35 529 800 

59.23 

1 DO-DO 

5. DO 15/ 5/1*81 

3085 

3.24 


100.00 

1979 


1/ 6/1976 

LX 

805 870 935 
940 960 975 


OiKTOIlBLES-O.r. 


sr-ro 

!*?;• 

BABCOCK M13KXLAJCD 


114. 

1/2 

6.11 

5.50 

P 2 .ro 

AS 

-4.97 

35.00 

100.00 

r-on 157 10/1*92 


136 

3.92 

6.00 

104.00 

1980 


3U.OO 

1 * 77 * 

BSICIIAM FIX 


106 

3/4 

6.32 

6.02 

R5.I3 

30 

-2.25 

30. W 

100.00 

6.75 15/ 9/1992 


685 


2.74 

13.10 

104.00 

1*80 


30. CO 

1*78» 

MOOTS 


*8 

3/8 

6.84 

6.93 


45 

-5.37 

30.00 

100.00 

b.70 1/ 8/1*9* 


220 

2.7* 

15.60 

104.00 

1981 


70.00 

1*43 

TOSHAB CHL 


too 

S/B 

5.54 

5.49 


30 

-3.38 

58.24 

iun .00 

5.50 1/10/1988 

S 

56= 


Z.B4 

5.80 

102.50 

1*78 


75.00 

1972 

BL1TO3 ■-«- 

IF 

68 

1/8 

8.44 

10.06 



25.54 

32 . a 

100.00 

5.75 I/10/I99Z 


140 


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103.00 

1978 


10 . no 

1*7? 

cowAUt fun 


114 

5/8 

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P.30 1/ 4/1987 


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1/2 

7.38 

7. Ml 


45 

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6.73 1/ 10/1997 


3*0 


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7.90 

105.00 

1980 


35-u* 

197’ 

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106 

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6.18 

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30 

—44 

2-.J5 

UN. 00 

6.75 15/ */ 1992 

S 

365 


4.17 

8.80 

104.00 

1981 


75.P0 

1973 

RANK CWCAITSATUN 


58 

3/4 

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9.63 


90 

70.28 

75.011 

100.0U 

..15 15/ 2/1*93 


=52 

3.21 

6.40 

143. SO 

1*78 

rn .00 

1972 

SLATER WALKER INT PIS 


71 

1/6 

7.38 

10.42 


30 


...nu 

100 .ro 

5.25 IV 5/1*8 J 


J 6 

1/2 



107-25 

1978 


25-1)0 

1978* 

THOM 1ST FIS 


98 

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7.31 

28.19 

45 

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23.00 

100.00 

r-OO 15/ 7/1988 

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ttwvmmis-r.s. 









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73 

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30 

141.27 

11.63 

100 .ro 

4.75 1/ 5/1*88 


24 

3/8 

.82 


102.50 

1978 

1*83 

lr.oa 

1*72 

ALASKA INTERSTATE LIT 


74 

1/8 

8.09 

10.60 


30 

101.44 

11.27 

UTr. 00 

6.00 1/ 8/19H7 


16 

3/8 

4.03 

15.0u 

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86 

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6.7. 


30 

21.02 

3P-W 

100.0(1 

4.75 15/ 5/1*88 

S 

41 

7/B 

6.45 

28.00 

101.25 

1*78 



? 125 pg nr zis 

17/ 4/1978 IX 
P 695 PC ED 316 

15/ 9/1978 LM 
P 216 IPIB3SO 

1/ 2/1979 Ul 
P 434.4 HL ID 327 

1/ 6/ 197D 1*6 HR* 

P 258 W ED 96 

2/ 7/1973 Uf 
P 90 IP ED 456 

1/ 6/1977 LI 
P 4M PC 80 559 

1/ 5/197B U 
P 583 PC EU 298 

15/10/1977 LD I 

F 600 IP Z0 346 

16/ 2/1974 U 

P 333 PC ED 361 

1/ 1/1973 LM 
P 367 PC ED 315 

1/11/1978 Ul 


35 800 901 
935 940 950 
960 967 975 
210 215 960 
975 

800 933 967 


35 BOO 901 
920 935 940 
960 975 
35 800 901 
935 940 950 
960 967 975 
800 901 960 
967 973 
35 901 932 
940 960 975 


40.00 19:2 MfEDIUK EXPRESS O/S 

-ti.00 1U0.00 4.25 15/ 5/1987 


10.60 

JO-WJ 

25.00 
in.oa 

50.00 

i :.oo 

30.00 
30.00 
20.C0 
19.98 


I<n,9 
100 . WJ 
1972 
100.00 
1908 
100.00 
19" 
laD.oo 
1968 
100.00 


jUUSICA* .HEOIOU. 1ST 
:.IM 1/ 1/1940 
AMERICA* HPI0G5 0/S 
o.Utt 1/ 4/1992 
AMaiCAS TOBACCO TUT 

5.25 1/ 8/1988 

AM 

5-uO 15/ 9/1487 
AS SLASH 0/8 

5.00 15/ 1/1988 


40.00 r97fi* BAKED TXT FIB 

40.00 100.00 5.50 15/ 6/1993 

25-00 1968 BASSOS PUKTA UT 

15.00 100.00 5.25 1/ 7/1988 S 

20.00 '1966 BANKERS TUT - (LUX) 

12.40 100.00 5-00 1/ 6/1486 E 

23.00 1977 BEATS ICE 70006 0/5 

25-00 100-00 4.50 1/ 9/1992 

'73.0D 1973 BEATRICE IU1D6 O/S 

22*03 100.00 *-873 15/ B/I9"J 

25-00 1971 ir.VTBICE POODS O/S 

24.98 100-00 6.25 1/ 8/1991 

20.00 1970 BEATRICE HMDS O/S 

100.00 ■ 1/11/1990 . 

311-01) 1972 BOKDEU j/5 CAP 

30.00 lH.ilO 5-W 1/ 9/1992 

30.00 147 [ BOTDES O/S CAP. 

30-00 100-00 6.75 15/ 7/1991 

15.00 1965 BRISTOL-KERP C.T 

11.00 100.00 4.30 31/I2/I4SO 6 

35.00 1972 BAQUKAT-HM-E STOKER 

29.09 100-00 4.73 15/ 6/1987 

10.00 1963 B8»m 6 SHARPE 

9.50 100-00 5 JO It 3/1988 


82 1/0 
38 1/4 

82 7/8 
29 3/6 
9A 7/8 
29 3/4 
86 1/2 
5 1/2 
135 1/8 
50 3/8 
72 5/3 
19 3/8 
101 7/8 
37 7/6 

105 S/B 
31 5/8 

79 5/8 

24 

89 3/8 
36 3/4 

98 1/8 
28 1/8 

108 , 

25 3/8 
111 1/2 

25 3/8 

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25 3/8 

99 3/4 
28 1/8 

146 
28 1/8 

120 1/4 
35 1/2 
76 5/8 
17 1/8 


5. IB 7-n, 

4.18 10.00 10T.M 

6.64 7.54 

2.D2 13.00 103.50 
7. JO 7.27 
2.02 13.00 103.00 

6.94 7.o2 
46.00 104.r» 

3.91 l-» 7 10 

6.95 8.00 10[.» 
0.88 9.64 

0.40 9.00 103.75 

4.91 4.75 

5 .28 8.40 102.50 

5.36 5.24 

104.34 

6.70 8.48 

2.08 6.00 101.75 

5.67 0-86 

6.16 6.00 101.00 

£.59 4.08 

4.26 10.00 102.00 

4.51 4.15 '0 
A.26 10.00 102.00 
5.61 3.02 <0 
'4.26 10-00 10.. 00 _ 

5.32 3.55 <0 
4.26 10 . on 104.25 
J.01 S.H2 ■ 

7-ni) IQ2.50 


A. 13 


1978 

JOT 30.93 

1979 DP1983 
MC 22.97 

1979 DPI98I 
TOC 17.95 
1979 1983 

» -3.43 

1978 

» 95.83 

19.8 

30 7.59 

1978 DPI 9 79 

3! 10-31 

1979 

30 79-72 

1978 DP1979 
30 65.42 

1978 DP1976 
30 S.2S 
1978 1982 


. 30 .51 

1*78 DPI981 

30 -6.03 

1978 DP 1 980 
» 11.72 


6-37 

6.12 


6.07 -3> 
7.00 101.00 


3-78 eij 

3*£» 13.00 IDO.OO 
li./O 8.02 
5.84 7.W) 102.00 


1978 


34 

1°78 


30 

1«78 


8.36 

-2.61 

85.69 


86 3/8 6-37 7.54 
19 3/8 3,10 10.00 103.00 


30 30.4D 

1978 DP 19 79 


50 44 1/2 
1/ 3/1973 
W 58 l/J 
1/ 5/1969 

SO M 
15/ 3/1973 

JU 47' 
15/10/1972 
SU 37 
15/ 7/I9TO 
SD 7 1/2 
1/10/1972 
ST 36 
15/ 5/1969 

VS 52 1/* 
1/ 6/1973 
$0 £0 
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50 34 
15/ 1/1979 

50 54.17 
15/ 1/1969 

VS M 
1/12/1967 

» 28 
1/ 4/1973 

$0 213/4 
1/ 4/1974 

$U 7t 7/B 
1/ 3/1972 

54 171/2 
1/ 7/1971 
34 31 1/2 
It 7/1973 

SC 3/4 
15/ 4/1972 

in 28 3/4 
30/ 6/1966 
M 41 l/Z 
15/ 6/1973 

SD 29 1/4 
10J 9/1969 


PC EB 485 35 
nu 935 
975 

PS ED 449 35 
LX 940 

R ED 456 35 
IXST 940 
9JS 

K ED 456 33 
LX 870 

960 

PS Ul 359 W 
LX 940 

PS ED 3S9 35 
LX 940 

TO PT «4 35 
U 940 

re ED 456 J5 
imr pro 
SO £0 445 35 
LB 940 

PC FD 447 35 
3TLX 870 
940 

PC ED 235 35 
LX 935 

_ 975 
PC ED 361 35 
nix 94a 
K ED 4*7 35 
nix 9*0 
PS HJ 437 35 
LE 870 

9*7 

rS ES 488 860 
LX 940 

93 nr 437 35 
LX 935 

360 

PC ED 437 35 
LX 9*0 

PC HI 456 33 
LX 870 

, 947 
ra ED 456 35 
TX 935 

. 960 
K R 447 33 
STLX 940 
p? nr 235 35 
LX 870 

960 

PS 50 447 U 
IX 940 


800 915 
960 975 
800 935 
9*7 960 

520 800 
955 940 
975 

800 935 
960 975 
800 935 
960 975 
800 935 
960 975 
BOO 940 
975 

BOO 933 
960 975 
520 300 
903 935 
9*7 9*0 
530 800 
938 9*0 

800 933 
960 975 
WO 933 
960 975 
520 800 
935 940 
960 975 
935 947 
975 

520 B70 
940 9*7 
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915 940 
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MO 800 
935 940 
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800 935 
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23.00 

23.00 

7. SO 
7.SO 

12.00 
10.30 
25.00 
23. ZO 
50-00 
23.92 


1973 

100.00 

1969 

100.00 

1968 
100.00 

1969 
100 -00 

1968 

100.00 


14/ 1/4988 


CABXAIIOX 

4.00 


CARS! EX O/S 1 
6-00 1/12/1919 

;EBR0OG8-CO9D5 WT 
*.75 ji/Jzmas 
CHBEnooca-pfaos in 
6.25 15/12/1984 

CHEVP0K OH. 0/8 

5.00 1/ 2/1988 


80.00 1968 CKXSLfX 0/8 CAP 

60.00 100-00 5.00 It 2/1908 

60.00 1968 C8KT5IA 0/8 CAP, 

60.00 IOC.00 4.75 15/ 5/1988 

12.00 1968 CIC UT CAP 

12.00 100.00 5.75 1/12/1988 

30.00 1969 CflMttmmiS O/S 

30.00 100.00 5.75 1/ 2/1964 

25.00 1968 COHinartAL TEUPBME 

25.00 100.00 5.50 1/ 3/1988 


78 7/8 

J.07 

7.U 

yJT 166.88 

TO 104.0*7 

TO 

ZO 483 

35 5J0 800 

30 3/4 

3.90 10.00 101-50 

1979 


1/ 8/1973 

LX 


870 935 9*0 









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91 1/2 

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7.23 

30 

40.58 

a 29 

PS 

EO 404 

35 BOO 935 

18 7/8 

4.24 

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1976 DP) 979 

31/ 7/1970 

LX 


940 960 975 

101 

4.70 

4.53 

30 

1.00 

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35 800 940 

24 1/2 

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3978 DP 1*7 7 

1/11/1969 

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960 975 

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5.93 

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15 

a 26 */4 

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EZJ 447 

35 300 935 

24 1/2 

3-84 13.00 103.50 

1978 DP1977 

15/ 9/1970 

LX 


940 960 973 

131 S/B 

fJ-80 

1.42 <0 

30 

-2.6* 

TO 31.07 

PC 

TO 238 

35 520 800 

42 

8.19 

7.00 102. SO 

J978 DPI 979 

U 8/1968 

LX 


870 935 9*0 









947 960 979 

71 1/8 7.13 

9.91 

30 


TO 62 

PG 

TO 359 

35 520 800 


9-0* 


101.50 1978 DP1979 15/ 8/1968 UI1 


68 1/2-' 7.05 10.07 30 

11 9.09 101.25 1978 8P1979 


SO 73 1/2 PC HI 361 
15/12/1968 ITUS 


37 3/4 10420 13.87 
2 1/2 62.25 66.34 


102.75 


30 

1978 


1979 


870 935 9*0 
9*7 960 975 
35 520 BOO 
870 915 940 
947 960 973 
35 800 940 
973 


30 

102.75 1978 1976 
84 1/2 8.51 7.85 30 43.52 
IS 3/4- 7.87 8-00 103.00 1978 DP1979 


15.00 1968 

14.00 100.00 

20.00 1968 


COKTUS. DAXi 3XX 

5.00 1/ 4/1988 

ctutis m n> 


73 7/8 . 8.77 9.18 


» 139.86 


39 3/4 . .63 10.00 102.375 1978 DP1983 


99 5/8 5-08 5.11 


30 -2.64 


SO 26 3/4 PS ED 401 
15/ 7/1969 AS 
SO 23 7/8 PS ID 229 800 977 
1/11/1969 LX 

$C 26 3/4 PC XD 38 35 520 800 
1/ 4/1969 RTUC 870 903 935 
940 960 975 
SD 129.06 R ED 361 800 933 960 
15/10/1968 It 975 

SO 36.16 PC ED 411 35 800 940 


2.00 100.00 

5.00 

1/ 8/1*88 

9 

37 

4.54 

5 . 0 a 101.00 

1978 DP1979 

1/ 5/1469 

IXLX 

975 

15.00 

J971 

asms JIT TIM 


95 1/4 

6.67 

7-15 

30 

40.30 

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PC ED 4JJ 

35 520 870 

13.00 

100.00 

6.25 

1/10/1986 

S 

37 

4.54 

5.00 103-50 

1*78 


30/ 6/1972 

LX 

935 940 960 
975 

35 800 935 

20.00 

1972 

041818 



61 7/8^ '8.48 12.34 

30 


TO 72 3/4 

SO TO 361 

20.00 

loc-oo 

S. 2 S 

1/12/1987 


6 1/8 

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1/ 7/1973 

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940 960 97* 

20.00 

1972 

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7.59 

30 

35.67 

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35 520 870 

=0.00 100.00 

4.75 

15/ 8/1987 


59 J/4; 

3-35 14.00 102. DO 

1978 


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LX 

935 940 947 











960 975 ~ 

15.00 

1969 

DEIST mZRBATBTHAL. 


93' 1/2' 

• 3.B8 

6.36 

30 

28.22 

TO <0.97 

PS TO 447 

35 BOO 935 

15.00 100.00 

5.50 

1/ 3/1989 


•2* 7/8 

2.46 11.00 102.50 

1978 DP1980 

1/10/1969 

nu 

940 960 975 

8.50 

1968 

DICIAF93JE UT 


80 3/4 

6.93 

8.65 

30 

49.96 

TO 29 1/4 

PG 80 359 

35 800 940 

8.49 

100.00 

5.50 

1/ 3/1988 

S 

15 3/4 

5-33 

B.00 102.875 2978 VF1979 

1/10/1968 

LX 

960 *75 

20.00 

1968 

oiujucrah -art 


70 7/8 

7-91 10-35 

30 

143-35 

TO 26 l/Z 

PC TO 401 

35 800 935 

18.39 100.00 

S. 50 

15/ 5/1988 

s 

7 3/4 

6.71 

102.00 

1978 DP1978 

11/12/1968 

LX 

9 BO 960 975 


70.00 1968 EASTSA5 EDUX UT 
66.02 100.00 4.50 15/ 5/1988 


25.00 1972 EATC* TVT PW 
25.00 100.00 5.00 1/ 5/1987 


-3.36 6.71 30 

2.77 13.00 101.50 1918 


15.00 1972 E.L. , _ 

15.00 100.00 4.75 15/12/1967 

13.50 1968 KLECHUOTC HEfCSIES 
13.30 100.00 . 5.50 15/12/1908 

20.00 1976 PAOCSILD CAHXBA/EBST 

20-00 100-00 5.75 1/12/1991 


B6 7/8 5.76 7.06 
38 3/t ,5.81 6.00 102.84 

78 1/2 6.05 8.11 
21 3/8 5.37 12.65 102.33 
70 8.01 JO. 33 

6 3/4 9-00 1 03.50 

93 I/A 6.17 6.52 
34 3/1 2.31 13-00 104.50 


80 96 TC BO 456 35 520 800 
15/ 5/1969 LXKT 870 935 940 


20.00 

19.90 

30.00 

30.00 

60.00 
59.02 
60-00 
58.80 
75.00 

75.00 

50.00 
50.00 


1965 

100.00 


1966 

100.00 

1968 

100.00 

1973 

100.00 

1971 

100.00 


ID DEPT SUMS Ut 
4.50 1 VI 2/1985 
FUH 1X5 CAP 

5.00 1/ 5/1992 

FIUSIOIR 0/3 TEH 

5.00 1/ 5/1988 

TORO TIT CAP . 

5.00 1/ 5/1983 

K8D HR TON 

5.00 15/ 3/1988 
FORD in CAP 

6.00 15/ 3/1986 


101 1/8 
37 1/8 
56 5/8 
ft 

75 5/1 
13 3/8 
93 1/A 
65 1/4- 

96 3/A. 
AS 1/A 
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45 1/4" 


6. SO 
4.31 
8-83 

A.J8 

8 -P 

5.64 

7.96 

5.79 

7.96 

6.27 

7-96 


4.37 <0 

9.00 100.00 
11.38 

101.00 

8 . 10 - 

9-00 101.50 
6.82 

3.00 101.875 
6.99 

3.00 102.50 
6.72 

3-00 102.77 


50.00 1972 dQTCRAI. ELECT* TC 0/6 
50.00 100.00 4.25 15/ 6/L5B7 

50.00 1967 GENERAL FOCUS O/S 

90.00 100.00 4.625 1/10/1*82 G 

15.00 1*68 CBXBCO HOXLO APPAREL 

12.38 100.00 ' 5.50 U 3/1988 

20.00 . 1969 GOTO OTZESAXIORAL KV 

5.13 100.00 5.75 1/ 2/1984 S 

50-00 1967 GILLETTE BT CAP 

50.00 100.00 4.75 31/12/1982 S 

50.00 1972 GILLETTE 

SO. DO 100.00 4-75 1/12/1987 

15.00 1966 V.A. GRACE 0/3 

15.00 97,50 5.00 1/ 4/1986 S 

23.00 1972 COULD 

25.00 100.00 5.00 1/12/1987 

50-00 1968 CB? 6 UETOZRI HZ 

45.98 loy.oo 5.00. 1/ 2/1983 

15.00 1972 BARMS UT F1K 

12.44 100.00 5.00 1/10/1992 

15.00 1970 HOLIDAY B3BS O/S 

10.00 100.00 6.00 15/10/1985 S 

50.00 1971 WHETVXLL CAP 

50.00 100.QO 6.00 13/11/1986 

30.00 1968 KKETYELL O/S TOE 

16.01 100.00 3.00 15/ 2/1983 S 

25.00 1968 L-C.C- DR 

25.00 100.00 3.50 ]/ 6/1988 S 

50.00 1971* DU OVERSEAS FIS 

50.00 100.00 . A.OO 1/ 8/1997 

20.00 1971 EBTE2-CCKZ HOTELS 0/3 

20.00 100.00 7-00 15/ 6/19H 

50.00 1968 US 9TAXDARB ELECTB1C 

40.30 100.00 5.00 15/ 2/1988 

16-00 1968 UT STA8HARP ELECTRIC 

16.00 100.00 5.25 1/12/19BB 

55-00 1969 HI STJ8RATO CLECTBIC 

24.98 100.00 6.25 1/11/1989 

12-00 1966 UT DTOUTIW O/S 
2.83 97.50 5.25 1/ 6/1986 9 

15-00 1966 Z9E TOiWICS HCLD15GS 

I l 5-00 100.00 4.50 1/ 3/1*8* S 

-50.00 1972 l.T.I 

50.00 100.00 4.75 1/10/1987 

20.00 1969 Z.X-T- 5HBATCS 'na 

20.00 100-00 6.50 15/ 7/1989 


81 3/4- 5.20 7.0* 

33 3/8 *485 10-00 102.50 


9» 3/6 S-05 6.73 
J7 ;./S ASS 10.00 100.00 


6" 5/8 8,01^10.93 


30 23.31 

1978 

30 67.10 

1978 
39 

1978 DPI 97 9 
35 22SS 
1978 

» 11-68 
1978 1976 


10 74.88 
1978 DP1979 
10 13.66 


1978 

30 

1978 

30 

1978 

3U 

1978 


80, SS PS ED 454 
1/ 1/1973 Lt 

$0 45 J/2 PC ED 418 
1/10/1973 LX 
SD 33 1/2 PS ED 359 
15/ 7/1969 Ul 


947 960 975 
33 570 800 
870 935 940 
960 975 
35 320 870 
933 940 975 
33 800 940 
97S 


SD, 45 1/2 PC ED 510 35 520 '800 
1/ 8/1977 LX 


870 935 940 
947 9*0 975 
35 800 935 
940 960 97S 
35 800 935 
940 940 975 


SD 41 PC ED 447 

15/ 7/1966 VtLX 
TO 47 1/4 P8 ED 346 
13/12/1972 IX 
TO 29 3/8 TC ED *04 *■* 
31/12/1968 STLX 
TO 55-12 PC HT 418 *** 

15/1/1968 OH 
TO 56.21 pc so 418 *** 

30/ A/1974 IX . 

TO MAI PC ED 418 35 520 800 
A/10/1971 LX 870 935 9*0 

94T 960 975 
SO TO 3/4 BC ED 656 35 520 BOO 


15/ 6/1971 LX 


TO , 42.874 ?G EC 418 
1/ 7/1968 STLX 


870 9*0 960 
975 

35 510 800 
870 933 9*0 
947 *60 975 
3$ 800 935 


* 

" 

103.00 

1978 DP 1978 

1/11/1968 

MTU 

940 960 975 

65 1/4 

8.44 15.72 ■ 

X7 


60 

51.63 

P3 ED 229 

35 SOO 9*0 

0 1/2. 


102.23 

1*78 

1*74 

It 

9/1*69 

LX 

975 

8 7 7/8 

5.48 

8.23 

SO 

98.55 

SO 

67 1/2 

PC ED 456 

35 520 800 

29 7/8 

5.36 11,00 10L.TO 

1978 


31/ 

5/1908 

UET 

870 935 940 









947 960 975 

~ 7 I/S 

6.13 

8.30 

30 

73.81 

» 

67 

IP TO 456 

35 520 800 

29 7/8 

3-36 11-00 103.00 

1978 


30/ 

6/1973 

LX 

870 935 940 









947 960 975 

SI 7/8 

6.20 

8.40 

30 

74.63 


57.32 

PC TO 500 

35 BOO 935 

24 7/8 

7.07 

7.00 100.50 

1978 

1976 

1/ 

8/1967 

ST 

940 965 975 

11* 3/4 

4.21 

2.70 <0 

*ar 

-1.47 

TO 

25.1 

SD EOT 418 

35 520 800 

30 1/4 

J.S 

8.00 101-00 

1578 


u 

9/1973 

LX 

>70 935 940 

86 3/8 

5.77 

6.97 

30 

19.34 

TO 

19.46 

FG EU 437 

U 1/8 

4.96 

5.00 102.50 

1978 DP1979 

1 / 

8/1968 

nun 


147 3/4 

2. S3 

<0 

30 

-4 -03 

TO 

30.33 

PS TO 437 

35 800 ns 

62 j/8 

1.60 16.00 103.50 

1578 D71983 

29/12/1972 

LX 

940 960 973 


99 5/8 8.19 8-23 
19 1/8 2.91 10.00 101.00 


» 

1978 DP 1978 


$S 35 PC ED 485 35 8W 935 
U S/I97I LX 940 960 975 


25.00 1968 J0SAH4I UKAH O.'S 

•24.00 100.00 • 4.75 1/ 6/1983 S 

30.00 1968 XA25H1 ALIM 6 CEE1 FW 

28.50 100.00 5.00 1/ 2/1988 S 

-15.00 1968 KOG XESOtKCES CAP 

13.00 100-00 ' 5.73 1/12/1*88 S 

20.00 1968 ZXASOO WOLD TRADE 

12.66 100.00 5.00 15/ 6/1988 

40.00 1969 LEASCO UR 

15.26 I0M 5.00 15/ 1/1*89 

15.00 1968 LETO-TCU5SXXD IKT FQC 

14.00 100.00 3.00 U 8/1988 S 

60.00 1968 - ltv mnunoML 

59.95 100-00 5.00 It 7/1988 

30.00 1968 XAXHE MCXAXD O/S 

30-00 100.00 5.00 15/ 5/1988 


IS/ 4/1987 - 


1969 

100.00 


87 3/4 

6.84 

8. OB 

M 

57,16 

TO 120 

PS 2D 

361 

35 520 800 

10.00 

10.00 

67 

J-24 

9.00 103.50 

1978 

U 7/1972 

LX 


870 «S 940 










947 960 975 

25.00 

es 1/2 

3,73 

0.24 

30 

36.38 

TO 1U 1/4 

re to 

361 

35 WO 935 

15.23 

67 

3.28 

9.00 101.50 

1978 


IS/ 

8/1948 

BT 


940 940 975 

7.11 

56 

10.06 14.28 

70 


w . 

S3 1/2 

re ed 

15 

35 800 940 

7.15 



102.00 

1970 

1979 

1/ 

6/1969 

LX 


975 

25-00 

98 U* 

8.11 

6.16 

35 

10.30 

■TO 

48 1/2 

3? EU 

235 

35 570 800 

25-00 

43 1/3 

6-03 

6-00 104.50 

1979 


1/ 

5/1978 

LX 


93S 940 960 
975 

30.00 

87 1/8 

8.03 

9.38 

30 

£7.23 

SD, 

13.73 

fg nr 

4*7 

35 800 935 

58.62 

8 1/8 


5-00 103.73 

1978 DP1991 

20/ 

3/1972 

IX 


9*0 960 975 

30-00 

30.00 

89 1/4 

5.M 

6.54 

30 

S9.S6 

a 

34 3/4 

PG ED 

327 

35 520 800 

TO S/8 

6.11 

7.00 102.00 

1978 0FI97B 

15/ 

8/1968 

STLX 


870 *35 940 

» S/8 

6.06 


30 

88-81 

SD 

66 3/4 

PC EC 

327 

960 975 
35 800 940 

15.00 

15.00 

TO i/8 

t.53 

7-00 102.25 

1970 


1/ 

6/19*9 

LX 


960 975 

9) 7/8. 

6.66 

7.0$ 

TO 

85.92 

CD 

60 

PC TO 

441 

35 520 SM 

13.00 

M 5/0 

6J3 

7.00 103.75 

1926 DP1979 

lit 

5/1970 

LOTT 


870 933 9*0 

1^ 20 










9U 975 

30.00 

85 7/8 , 

.6-24 

7.93 

90 

16.36 

CD 

16 

pr nr 

399 

35 000 940 

30.0a 

U It* 

7,66 

7 . 0 a 101.00 

1979 DPI??? 

U 

8/19*7 

ULX 


*W *75 

*1 1/2 

l.« 

S.*9 

SO 

27.50 

80 

41 

PC EC 

3=7 SOO 960 975 

AO. <10 

JO 3/8 

6.53 

7.00 101.00 

1978 OF1977 

U 

1/1967 

STLX 



40.00 

79 174 

5.99 

8.03 

» 

45.24 

50 

54 1/8 

SC TO 

327 

35 N» BOO 


M 5/8 

6.53 

7.00 102.50 

• 1978 


15/ 

4/1973 

U 


*70 935 *40 

20.00 







947 960 97* 

7.51 

*2 S/B 

7-03 

7.51 

Jfl 

66.33 

TO 

*5 

re m 

441 

35 520 BOO 

75.00 

TO 5/8 

6.53 

7.00 103,50 

1978 


u 

2/1970 

IX 

870 935 9*0 
Md 975- 

75.00 



79*00 1*68 
75X9 100.00 
7.00 
7-00 

1968 
100-0 0 

1969 
100-00 


79 3/8 
15 1/8 
83 3/8 
36 1/2 


6.07 10.53 
3.97 io.no 
3.94 7.27 
4.38 6.00 


101.00 

102.375 


30 187.53 
1978 
10 

1978 


115 1/2 5-0* 3.95 <0 

103.125 


15.00 1973 HARRIOTT 

9-55 100-00 5.00 13/10/1988 

30-00 1973 MASCO 
30-00 100.00 4.50 31/ 1/1988 

25.00 1972 HASSWnUL MCE REALTY 

25.00 100.00 6.75 13/ 7/1987 

30.00 1972 J.RAZ MCDE8MDTT 

13-33 100.00 4.75 13/10/1987 

15-00 1969 IBB C*P 

13-00 100-00 ’ 5.50 If 5/1989 S 

15.00 1968 HZLE3 DT 

12.33 100.00 4.75 15/ 6/1993 8 

20.00 1972 HOBA9CO UT 

20-00 100.00 . 5.00 15/ 6/1967 

25.00 1965 HDttUXZD UT 

18.99 100.00 4.50 15/10/1985 S 

50.00 1972 J.P. W8CAS O/S CAP 

30-00 100.00 4.2S 19/ 6/1987 

30.00 1968 MOTOROLA UR 

6.91 100.00 4.50 1/ 7/1983 

30.00 1968 IAAI8C0 UT FU 

28-01 100.00 5.25 1/ 3/1988 

7.00 1967 AAT1HA41. CAM O/S 

1.57 100.00 5. 375 I/I2/I987 8 

26.00 1968 WBRCB O/S 

6.93 100.00 4.75 13/12/1983 S 

23.00 1972 pmsro-lLLUOlS DC 

16.00 100.00 4-30 1/ 7/1987 

30.00 1968 PAM AMERICAS 0/8 

30.00 100.00 5.25 1/ 9/1988 

25.00 1969 J-C. PORT EUROPE 

12.00 100.00 6.00 1/12/1989 

35-00 1972 J.C. FEMUX 1MT FB 
33-00 100-00 4.50 1/ 8/1987 

10.00 1969 PLATO 1*0 USRASCB DTE 

10.00 100.00 6.50 15/12/1984 

8.00 1968 PLYBOCO-CHAKRIO* orr 

8.00 100.00 5.25 15/ 2/1983 

10.00 1971 BA HAM CAP 

7-00 100.00 6.25 1S/I1/1986 

50-00 1968 RCA XXT— 

50-00 100-00 5.00 1/ 2/1988 

26.00 1968 RE7L0X ID TON 

21.16 100.00 4.73 13/ 6/1*83 S 

50-00 1972 lEFUME 
38-00 100.00 ' 4.73 


50-00 I960 WtTjruuis HOAL3 cat 

50.00 100.00 5.00 1/ b/l96B S 

12.50 1*72 SAXDM THDISRIES 
■12. » 100.00 5.73 31/10/1907 S 

15.00 1969 ECU OVERSEAS CAT. TOW. 

14.99 100.« 3. 25 1/ 3/1989 ' ' 

13.00 1968 S EARLE TXT 

15-00 100.00 4-75 15/ 5/1988 

30.00 197Z ' SQOTBU8D 

30.00 100-00 3.00 15/ 7/1987 

60.00 1973 SPZRRX BAUD 

60.00 100.00 ■ 4.25 13/ 2/1998 

30.00 1972 SQUIBB UT FU 

30.00 100-00 4.23 13/ 6/1987 

Tm l c o onunoro-EUMin 
U 7/19 U 8 
iauiw Blecisov ut 

7.00 1/ 7/1994 

XBTXRT 

5-00 1/ 2/19B8 

TYCO nr m 

S-W 1/ 3/1984 
1978* ttco ur m - an issue 
73.50 5.00 1/ 3/1984 S 

1978* TTCO UT HI 
100.00 0.50 15/ 6/1988 

1967 DIUI CARBIDE Drr 
100.00 4.13 1/ 7/1982 S 

1*69 HALTER TOWB FU 
100.00 5.00 if 2/i90g 


100.00 5.73 1/11/1988 

1966 wm er- Lame Err 
100.00 4.23 1/ 3/19B1 

1973 EAKPHAHBBtT 
100.00 4.25 1/ 4/1983 

>■>72 WRHER.LAHRERI 
100.00 4.50 1/ 4/1987 

1968 MABSEB-waanr 
100.00 4.30 1 / 8/1983 

1973 S£a» COSPORATtOB 
100.00 5.Q0 1/12/1388 


88 3/4 
32 

78.3/4 

32 

38 3/4 

82 1/2 
8 3/4 
79- 

is i/a 

71 7/8 
. 13 3/8 
83 1/2 
23 

82 i/4 

14 1/8 
148 7/8 

23 3/8 

68 ' 

15 1/8 

81 i/a 

73 1/2 
13.3/4 
92 3/4 

52 1/2 

99 1/8 
48 

123 3/8 
30 

JOS 1/4 

24 3/8 

96 1/2 
18 3/8 

53 5/8 
- 29 J/2 
123 US 

34 1/4 

77 7/B 
8 1/8 

911/4 

38 J /8 
76.1/2 
38.7/8 

21 7/8 

82 3/4 
-7 

02 3/4 
20 5/S 

"Stas 

127 7/8 
51.1/2 

BJ 5/0 
.33 1/4 

'73 3/8 
b 1/4. 
.SR .1/8 
20 3/4 

98 1/2 
45 3/4 
si i/a 
a* a/4 

95 5/8 
40 1/4 

05 3/8 
34 3/8 

781/4 

25- 

87 1/2 
24 3/4 
W 3/8 

39 1/4 

77 i >8 

16 1/2 
37 Ul 
18 1/2 

MB 1/2 
18 1/2 

9t 7/8 

40 1/8 

83 m 
34 1/2 

713/4 
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1M l/Z 
29 3/4 

78 

29 3/4 

81 3/4 
29 3/4 

103 7/B 
29 3/4 
78 1/2 
57 3/4 


5.69 6.58 
3-75 4.00 
6.35 8.08 
3.75 4-00 
13.32 19.69 

8.00 11.54 

6.33 8.20 
5.29 9.00 

6.96 9.40 
.90 11.00 
5.39 6.92 
2.26 11.00 

8.21 9.82 
9.06 11.00 
3.19 

3294 5.00 

0.78 11.71 
' 18.00 
5.94 6.90 

6.62 9.15 
6.55 8.80 
4.91 5.83 
6.10 ' 7.00 


101.50 
102.00 
102.00 

102.50 

101.50 

102.635 

102.50 

103.50 
<□ 

102.50 

102.50 

102.65 

102.50 

100.00 


30 

1978 

90 

1978 

30 

1970 

30 

1*78 

30 

1978 


SO 54.79 PS ED 418 800 935 *60 
I5/I2/1MI LOTT 975 

PS XT 411 yi 520 800 
mix *03 935 940 
9*0 975 

PS ED 229 WM 938 960 
LX 975 «7 

FG nr 361 35 no 940 
ITUC 960 975 
R BD 361 59 WO 940 
LX 960 9*5 


30 

197 8 
» 

1978 

30 

1978 


4.26 

4.56 


4.27 

8.00 102.50 


3.65 

2.00 13.00 
5.08 4.81 

5.66 8.00 


TO 

101,00 

TO 

102.25 


5.65 5.95 

3.48 7.00 103.25 
5.76 8.81 
4.07 10.00 

3.65 1.68 
2.34 8.00 


102.75 

TO 

102.50 


30 

1*78 

30 

1978 

30 

J97B 

30 

1978 

30f 

1978 

30 

1978 

30 


1978 

» 

7978 


15.20 

SC 

49 1/4 

1978 

U 8/1969 


SD 

26 

1*79 

15/11/ 1969 

11.16 

TO 

40.8 

1979 

15/ 1/1969 

52-58 

TO 

62 

1980 

1/ 9/1969 


TO 

40.92 

1979 

1/ 3/1969 


50 

54.4 

1979 

1/ 

2/1*69 

108.93 

TO 

40 

DPI978 

15/12/1968 

60.73 

TO 

29. *1 


15/ 

5/ 1*74 

17.08 

TO, 

32 1/i 

■ 

U 

1/1973 

87.79 

TO 

3? 1/4 


13/ 

3/1973 

-I. 73 - 

TO, 

16 374 


1/ 

5/1973 


TO. 

8= 


1 / 

1/1970 


50 

62 

DP197I 

=/ 

1/196* 

166.31 

TO 

4B 1/2 


15/ 

3/1973 

51.93 

TO. 

16 

1976 

1/ 

S/1966 

8.72 

SO 

52 1/4 


15/ 

6/1973 

-2.08 

SD 

34.683 


it. 

2/1969 

6.96 

TO 

25 1/4 

DTI 979 

15/ 

9/1968 

-1.79 

TO, 

IB-7 



6/1969 

58.90 

TO 

<9 


15/12/1969 

—1.75 

TO. 

2103 


1/ 2/J973 


rS ED 447 
IYLX 
VS FD 411 


PS EK 346 
LX 

PS ED 361 


6.74 


8.62 

5.00 102.625 


6.58 7.15 
4.33 9.00 
5.84 8.31 
4.53 9-00 

7.57 9.54 
11.00 

3.71 7.38 

5.03 7.00 
7.55 9.32 

1.71 23.00 

6.04 7.61 
4-89 8410 

3.20 

2.52 14.00 

3.71 1.34 
2.52 14.00 


103-50 

102.50 

10.75 

100.00 

103.00 

102.50 
TO 

101.50 
TO 

103.50 


30 53.07 

1978 DP1978 

30 27.93 

1*78 

30 65.30 

1978 

30 

1978 DP 1977 
30 12.50 

1978 1579 

X 84.06 
1978 DP 1*80 
30 59.00 

1978 VB13J3 


35 TOO 935 
940 9ftO *’5 
35 52.1 ADO 
915 940 9fO 
9J5 

SP ED 447 J5 800 9J5 
LX *40 9*>fl *73 

SD EU 485 35 270 SCO 
LX *35 9*0 960 

975 

SU ED 361 35 800 940 
Ut 975 

SB ED 485 33 270 870 
LX 935 940 TOO 

975 

35 800 940 
975 

35 800 955 
940 960 97* 
PC ED 456 35 800 940 
LX 960 975 

PC ED 399 35 520 800 
IR *35 940 947 

9*0 975 

PC ED 456 35 520 800 
IX 870 935 9*0 
960 975 

PO ED 418 35 800 940 
LOTT 960 975 
PC ED 4X5 35 520 800 
STLX 870 935 940 
947 960 975 
PC ED 378 SOO 975 

PC EU 418 35 800 *40 
« 975 

PS ED 528 35 520 87ft 
LX 939 940 947 

SD. 15.97 PS EU 447 *35 800 9J5 1 


1/ 5/19*9 LX 

TO, S4 1/2 TS HI <11 
1/ 7/197D LX 
TO , S4 PC SI 411 
it 8/1973 LX 


TO, » PS III 485 
15/ 7/1970 IT 
TO. 26 3/4 FG IS 233 
J/ 1/19D9 Lt 
TO 15.57 PC EU 434 
15/ 7/197Z 

TO. 35 HI EH 447 33 . IS 520 
Xj 3/1969 VZLX 800 870 93* 


940 947 960 
975 

39 800 939 
940 960 975 
35 320 BOO 
870 935 940 
960 97* 

33 270 800 
940 960 91* 
-35 800 940 
960 971 ' 

35 BOO 940 
960 975 


TO, 3* 

2/ 1/1969 LX 


5.92 7.17 
4-Sl 3.00 101.50 


7.99 10.S4 
10.00 
6.39 7.78 

5.59 

4.82 4,94 
3.30 26.00 

5- 49 6.33 
2.50 11.00 
4.44 4.83 

2.83 9.00 

4.98 6-47 
2.97 14.00 

3.83 7.82 
8-00 9.00 
8,00 9.88 

23.00 
5.47 6.22 

4.59 8.00 

6.99 10.80 
2.16 S.OU 
8.56 2D.M 
2.16 3.00 
X.29 8.1= 
2.16. 5.00 

S.34 7-29 

6- 53 7.00 

6.SL 7.36 
6 -05 6.00 


105.7S 

102.25 

102.50 

103.00 

101.00 
102.00 

101.50 

104.20' 

102.25 

102.00 

102.00 

106.00 

100.00 

102,30 


S.0t IV- 34 

13.00 103.75 


<a 

100.00 


3.39 

4.03 12.00 
9.4S Ul 
4-01. 12.00 103.50 

3J0 7.42 
4.03 12.00 102.10 


30 —t.30 

1978 

.30 11.27 

1978 SPI979 

30 76.10 

1978 1981 

90 84.26 

1978 DP19J9 
30 14.65 

1978 1983 
3D =9.16 
1978 

1978 *‘ W 
1978 

30 38.50 

19» 

30 39.87 

1978 BP1977 
30 32-22 

1978 . 1978 
TO 156,390 
197* 

30 157.64 
1978 

M 16J35 
1978 

» 29 J7 
1978 

30 $2.13 
1978 DP1»» 

TO 

1978 MI979 
30 -2.20 

1978 

30 61.24 

1978 


^ 940 960 975 

PC EU 346 35 SZO ini 
«TR 9AI1 *47 
560 975 
3* 520 RIO 
*35 «AO 947 
960 975 
33 S.'O 800 
*01 9J» *40 
947 MO *74 
33 «JO *33 
940 960 975 


TO 3* 3/4 Pit SB 346 
7/ 1/1973 IX 

80 44.76 PA ED 399 
31/ 3/1969 WTLX 

M/ 4/1*73 LX ™ 373 

% SJ 0 535 


940 975 


15:22 N m ms 13 =» soo 


s, 


30 

I*7» 


<0 

101.50 


A. 38 4.07 
4.03 12.00 
6.37 8.1S 
3.46.14.00 102.30 


31.00 


1-26 


30 
1*78 
W 101. IS 
1978 


80, .. 

U 1/1989 IS 940 *;i 

!J.,73S oaj .5;2Sg 

55"®S"“ 

las; ;-»*■»»» 

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U 9/1 969 ST 935 940 9*0 

*1/ f/iofta W 'ii TOO 93* 
If 6/1569 nut 940 560 9 15 

**!, W TO 438 35. SOO 9JS- 

1/ 6/1967 STLX *40 960 97* 

JT ™ 35 *20 TOO- 

1/ 4/L*7b LX 870 *33 940 

. J O 436 ’S III TOO 

1/ 4/1*71 LX 870 90s 91* 

1/ 3/1969 IX *3$ 94(t 9 » 

TO IM TO ED 411 33 320 800 
U 1/1973 U 870 915 M 

Mia 









-.•-■iwyg' 




FtaantidL August 15 1978 

FOQOADDITIVE^ 


f ®!W ■® us U-S. ;€^anHnent 
i 17 ‘ ' f 010 © Under stroag pressure to 

'*1* non ha&. * \ 


■ - tSw 1 hi 1 "7* .-ywoiuiucs^ . «us« 

*i7 ' 1 oome iHidar stroag pressure to 

* 4< $ P” 1 the use- of nitote as e:pa» 
swv^^einebiatednjeatef^ 

towdasg afte- pnMtofica ■.'■-* last 
•'■■ i i weekend of -tf researah Bqwat 
! » ;., trwa gfoe 

■.?* toStnte . of T^aoiogy wfiSdii 
■'i shows that it cancer an 

r. . ammalff •• ’• 

MTT report ’a^s^ anJitflje 
POSSibflity of -a tow* amthe .tlJS. 
is more than 1 enough ■ to fit! • 

^ food luneessocs and oddi-' 

:_*' 1 ■ “!•■•_ tave ii^u£acto^s with gtoom. 

.; . •; They fear iaaot such a mone -by 
the \j£. aAMbattifcies wtfjl bring 
.... demands from BritMh consumer 
groups that the UK should 
follow salt 

it. has happened before. The 

use -<rf cyotaatoatefl as - j 

sweeteners was hanni ^ an ^ ’ 

U& on ®he suspadoa that <foey’- 
. ’ ’ 1 *. : . an ight cause cajjtoer aad ’ia' the 
.. ‘ ' ensuing ouMfe..- flrai». '.au* 

_-• British authorities. .decided 

\ ': would be prudent .to. onriaw 

:i ' !i !-.. •• 7thena on tbfcY-alfie-. o£ : tibe 

AitLantiicos iwefi. Yiat SbevercUt < 
.... . ence for cycdamates betag. casv 1 
cufcogeutc iis deader — so ma*^ 1 
« so that they ere stiU 'being ; 
■■ i 4 .-J" freeS-y consumed' by the French, -■* 
..v^he West Genuaas, the Dutch ] 
. ^ and tiae Swiss, ■ ' ' v : V '. _; ‘ 

4 AddiEiiij'e iuanuiacturers and 1 

r < v f°°rt processors seem .to an aan - 

... 1 .. i '; , ’ n,rHl ®a eanjdtent^ TOfati cnshflp * 

with the British health aufcho- 
. J!ri! Ti.-riifiies but the esampfe-of the J 
.. U.S. allied lo what they see as £ 
*■ ■”••• v fr;:.,,. “ Persistent scaffe^nbogcahig ■ to 
■■'•-U the UK .press have, combined- 
to make 4hem : esliabrdffliflrily a 
:._ defensive, Their a 

in the UiJ . ■_ take. a". fcr-.hitjBe ^ 
oosdttagfe BfnA aggra^gy 3 fryg~ fj.pt s 
.. perhaps one .reasoa'Ar; ifi^svis j, 
that the American industries ^ 
... have to contend-; ^th- 1h« *■ 
Delayer Amendment; * • . • -. ti 

The Deftmey Amendmenit 4^ys a 
down that any food additives it 
which are found to cause cancer f< 


1 in affltoer .-h nwarai <"or r 3D0KQ8is 
>' wbe banned. -Jt-is ®as vague 
“ ^ : whtcli iwiH-.be aovptoed by 
- those w*<j want to prohAit the 
C use of nitrates, and nitrites as 
J preswwatwes id booked meats 
t — Jflwugh they wfitt tew to »o 
i through, the House and the 
l Senate -because a fa*n rm oar- 
cmogenic rfrpmfihato - 1 oof 

j anifrtiri^ifljp ;•'» | ; V; : -;C J . 

~ The weakness of 'Hie Delaney 
■Ameudment is that it ‘takes no 
account of - quantities^ • or of 
degrees of risk.^ ■<■ This means that 
a chemical can banded in 
the U.S. even. ~if^ in caiises 
cancer ' only; when - given to 
laboratoiy : animals 1 q inassive. 
regnlar: dose& The; chances of 
a human fceing eating a cflmpar- 
^able- ajnount^ 1 df^>the rsmbt- sub- 
stances as partriof.a nbrnml diet 
. may be- nil; 1 - : " — - >*: 


.because it mhibils the UK-food processor and additive 
5™™ J£. Clostridium botar producers, wary of being vilified 
um * This is the micro- by anti-additive campaigners, 
organism which causes botulism would much prefer It if the 
—■the vicious form of food average Briton did not have this 
poisoning that attacked four latter statistic in the forefront 
elderly people in Birmingham of his mind, 
earlier this month after they Industries which use or pro- 
"Lr* a tm of infected , dace food additives In the UK— 
Mlmon - the latter category includes 

The risk of developing cancer Albright and Wilson, HOC 
from bating tiny amounts of 


cancer warning 


of permitted additives and 
these* are all drawn up and 
supervised by the Pood Addi- 
tives and Contaminants Com- 
mittee. , ' 

The committee was set up in 
1964 fo act as an advisory body 
to the 'Minister of Agriculture, 
Fisheries and Food— though In 
practice: it is highly unlikely 
that- any Minister would reject 


—mainly because nitrate occurs 
.as an impurity in common salt 
But "it was only in 1964 that 
scientists discovered nitrite 
could lead to the development 
of cancer in animals. As a 
result of this and other research 
the Food Additives and 
Contaminants Committee intro- 
duced a maximum limit for the 
use of nitrate in a food of 500 


r - .Tor- example, the . MIT 
i research into nitrite,' which was 
. carried out for the .UJSl Food 
. and: Drug Administration, in- 
volved giving iaboratoz|f*frimals 
2,000 parts per milhon^of nitrite 
.in their dirt— an exceptionally 
large dose. The rebok I'was a 
high incidence of cancer among 
the axuxoals that were studied. 

Human.- beings would' have to 
eat weH over lOO lb of bacon 
treated with nitrlto'per day, 
eyeiy .day,: before theystood the 
same chance of ^developing 
cpncer., : '-I-. • . i. • 

Nitrates and nitrites, ipe. used 
as preservatives- ia .hotii the UK 
and the U.S. for a whole range 
of cured meats mdadiofebacon, 
salami, corned bee^^gam end 
sausage. The two- , <Akbfica!te are 
i ater-con vertihle which ■ means 
that if- conditions -iMer-Pnly 
slightly one will charge into 
the other. This is viter >they. 
are often used together although 
it Is nitrite which is im portant 
for the preservation : of: cured 


a nitrite is far smaller than the 
f risk of botulism. And at preasnt 
t there is no known alternative 
i to nitrite for suppressing the 
s spores of Clostridium botulinum. 

> This, plus the fact that moist 
. the intake of nitrates and 
f nitrites to the human -..body 

- comes from the environment and 

- from natural foods,- is why there 
; is no prospect of a han cm the 

use of either chemical as ‘a 
preservative in the UK 

Meanwhile additive producers 
and food processors in the UH. 

1 have been fighting for a change 
; in the law, and some have 
also been doing their best -to 
counter public prejudice against Sausages and on sale 

additives in general. 

For example, Monsanto, the , 

U.S.-based .chemicals group S m>d , a , ^eaucals, 

which operates both in Brito 

and on the Continent, publishes .iS^ir-SliSS.? ,^ v!l„ Q May 
a elossv luyiiriat 1 nn and Baker appear to bave no 

cJS quarrel with the law or with 

is aimed ~ regnjatfams are 

£S?SSl»£Sf tte system 

2»a «Se J!Sf SAttf - ** ■ -= 

ducts— and takes seme hefty . ..... 

sideswipes at the -Delaney The “ additives m the 
Amendment British companies ^ is fiovemed chiefly by the 
tend to be for less bold - about 1255 Food and Drugs Act pins 
the public image they present a . whole host of regulations 
The UK food flavourings and which come under it 1 Additives 
additives market is thought to are not clearly defined under 
be worth in the region of the law but the 'loose, working 
£850m annually and it is definition is that they are sub- 
estimated that the average stances added to foods for other 
onton eats about three pounds than nutritional purposes. In 
of additives every year. But the "UK there are various lists 



- " CorUme CoctavU 

in laodon: the food people eat can be an emotion-charged 
• subject. 


its recommendati nn». it is 

responsible for continuously re- 
examutiag the permitted lists 
in the-, light of the latest scien- 
tific -findings, for deciding 
whether a new additive should 
be allowed to go on the lists, 
and for banning the use of any 
additive that has come to be 
thought unsafe. 

Qne- *'of the problems of 
revising the permitted lists is 
that laboratory techniques are 
becoming increasingly sensitive 
and thfc means that an additive 
whicb^has always been thought 
perfectly safe in the past may 
suddenjy.be called in question 
as a result of refined testin g 
methods. Nitrate and nitrite 
have . been used in the 
preserving of meat for centuries 


i parts per million. The limit for 
nitrite was set at 200 parts per 
million. 

The committee could have 
called for the complete prohibi- 
tion of nitrates and nitrites if it 
had so wished, and when it feels 
that a particular group of addi- 
tives present a real danger to 
human health it can introduce 
a complete ban with consider- 
able speed and thoroughness. 

But it prefers not to do this 
except when absolutely neces- 
sary— partly because of the 
effect an instant ban ran have 
on the food industry. The U.S. 
ban on cyclamates, for example, 
caused havoc in the American 
fruit canning industry because 
75 per cent of the year’s crop 
had already been sweetened 
with cyclamate before the addi- 
tive was outlawed. 


s The UK took cyclamates off 
L.the permitted list in 1970 but 
it this was done as a. super-safe 
e precautionary measure rather 
t than as a reaction to a proven 
a danger. And at the time food 
1 and drugs inspectors were told 
1 not to be too pedantic about the 
- regulations as for as existing 
» stocks of cyelamate-sweetened 
) food were concerned. 

A U.S. ban on nitrates and' 
n&rites would be uoiikeiy to 
hit the British cooked meals 
industry too hard because the 
UK is not a heavy exporter 
of cooked to America. 

Wba$ is much morevvWMTjing 
is that fears cf botulism and 
cancer could lead to an overall 
sales decline in some sectors 
of the industry. There is prob- 
ably more of a danger of tlws 
happening in certain Conti- 
nental countries nfr»<n in the 
UK because in some European 
states the interests of con- 
sumers are thought of as boring 
in direct conflict with of 
the food, industry. 

At present European 

countries bave the lam^ s 
on the use of nitrate- and nitrite 
additives as the UK This is 1 
because the Hunts were recoin- 1 
mended by the Codex Attm en- 1 
tonus — not, as its name ^ 
might suggest a hangover from l 
tiie Spanish Inquisition, but a . 
body set up by the Food and * 
Agriculture Organisation j 
the World Health Onganrisatioai 
to develop inte rnational stan- ( 
dards for additives. Attempts j 
are mw under way to harmonise j 
regulations ou the use of food g 
additives within the European 
Economic Co mm unity but the r 
task is not proving to be an t 
easy one. The food people eat c 
can be an emotion-charged sub- t 
ject and various compromises y 
are having to be made wsthiin & 
the EEC. n 

Permitted lists of food n 


additives are now being deve- 
loped by the EEC scientific 
committee but some of them 
allow a considerable degree of 
discretion to individual member 
states. For example, there is a 
list of colourant additives which 
all states must allow to be used 
ia at least one food. But if they 
are worried about a particular 
colour ing agent they may 
restrict its use to one, named 
food only, a country with 
serious doubts about, say, 
amoranth, a red colourant 
would therefore be free to 
permit its use only in caviar. 
At present the UK seems to be 
at the liberal end of the EEC 
spectrum where additives arc 
concerned. 


LetteiS to the Editor 

Chrysler fln il- • Afri-T!? n0t yet entirely been replaced certain an adventure as an 

. . . J * '.lTar. d AppSratton fwamfnrtof and ** new b ? re * d haTO inherited unplanned encounter on the box. 

Peugeot . . alfoilabld foom Post -Mps: and a ! egaCy distrust and distaste The bridges will only be rebuilt 

. sir,— -n i. JSLS& snsjsf-r and ttae 

ms flw nm ot fhe. prop«ed'“ , po ? : ton-Br wtat wins they wint to 

Peugeot/Chrysler deal _8faouiit. J ' Fo ^ ,es - - Obviously, the businessman is make m the course pf a pro- 

provoke : some - hysterical Longview Hoad, Sieansea; ^ , better at producing considered gramme or interview so that those 

reactions. However. it Is depress- - 5.' ’. views in writing than at defend- who are less pjmeri in 

ing to find Clive Jenkins* -ind r ' f*' : ' .. • . “S himself in “instant" con- public convention do not feel 

James Prior of one mind mqjisti- . < . .. ■-* vernation with a weU briefed disadvantaged by snide ques- 

gating Chrysler for not having KlKb n pcoWiptlY - professional - Interviewer but, tions or nreiudlcial ediHne 

^ consulted earlier with theJlritish , /. # rightly or _,wrongly K he stiU r prejudicial €a, ™8- 

GovemraentTOd toonsjrfodeed;f-^"^~ — .-r-* — believes that -^terviewers regard -^bief-v^ffeptfyes. tin trade 

25 Si t^of OH 1 V 4 V. ■■ -•anythin, pleasant about a com- associations.- trade onions, 

wtfh • 1'' Wy as a gratuitous “ puff " and pressuie groups, professional 

- told only on MpndayrV fAu® ' - W (,hearsed confrontation as the hodies^and the like, some' of 

11) It may be fashionable -to ^S^alors V* desirable tom 01 » 

attack large corporations . at. ttna ACMIlinmrators ' , 4unlcation on television. Performers, have a -job to do to 


5 Research into the develop- 
’ ment of new additives can be 
i extremely costly. A study of 
the effect of a particular 
f compound on several genera- 
: tions of laboratory animals 

■ would normally cost in excess 

[ £100,000— and this 15 just one 

■ aspect of the total development 
work that would need to be 
done. 

The UK authorities are 
usually prepared to advise 
chemical companies on the 
chances of an entirely new- 
additive being put on the 
permitted list before serious 
research begins. But it would 
be clearly impossible to give 
any guarantees of acceptance 
and therefore the whole 
business of research and 
development carries an 
extremely high risk. The 
British authorities say work on 
new food additives has been 
greatly inhibited as a result. 

This may be one reason why 
no alternative has been found 
to nitrite as a preservative in 
cooked meats. It is to be hoped 
that the MIT study of nitrite 
will trigger off research into a 
safer alternative rather than 
merely rousing a panic in the 
minds of the public. 


* ■ . — IU LUU u/uioc yi a UiU- 

better at producing considered gramme or interview so that those 

views w writing than at defend- who are less experienced in 

ing himself in “instant” con- public conversation do not feel 

versation with a well briefed so disadvantaged by snide ques- 

’riX5? 0 «?- tions or Prejudicial editing, 

nghtiy orwrongly, he still . ___ . „ . . „ 

--believes that -interviewers regard trade 

""anything pleasant about a com- assoc * at lons.' .trade , unions, 
bany as a gratuitous “ puff " and pressure groups, professional 
unrehearsed confrontation as the h°dies__and the like, some ~ of 
Aost desirable form of com- wh om axe themselves experienced 
munlcation on telerisinn performers, have a -job to do to 


GENERAL 

Loudon tube train workers to 
meet to consider strike actum in 
protest- at staff economies. 

Australian Budget . 

Chinese iron and steel buying 
mission begins visit to Australia. 

Congressional hearing continues 
on ^assassination of Reverend 
Martin Luther King, Washington. 

Untied Nations conference on 
Rad®* and Racial Discrimination 
continues, Geneva. 

COMPANY RESULTS 

Final dividends: Dale Electric 
International; Gresham Invest- 
ment*~Trust; Louis Newmark; 
Press . Tools: Reliance Knitwear 
Groupjfl • Wiggins .Construction. 


Today’s Events 


Intermi dividends: Lambert 

Howarth Group; Nottingham 
Manufacturing: Smith and 

Nephew Associated Companies. 

COMPANY MEETINGS 
Fleming (Robert H.J, 8. Crosby 
Square, EC, 12. Ratal Electronics 
Charing Cross Hotel, WC, 11.45. * 
SPECIAL SERVICES 
Gly workers' services; All 
HaHows-by-the-Tower, Byward 
Street, ECS. 820 am and 1JL0 pm. 

Solemn Eucharist: St Mary 
Aldermary, Queen Victoria Street 
EC4. 1J5 pm. 


EXHIBITIONS 

Henry Moore drawings, Tate 
Gallery, Millbank, SW1 (until 
August 28). 

Heraldry m Britain from its 12 th 
century origins, British Museum. 
WC1 (until August 27). 

George Romney drawings, Ken- 
wood House. Hampstead Lane. 
NWS (until August 28). 

Sir Gilbert Scott centenary ex- 
hibition, Print Room Galleries. 
Victoria and Albert Museum, 
South Kensington, SW7 (until 
September 10). 


BALLET 

Gala Season, with stars of 
world ballet Royal Festival Hall, 
SE1, 720 pm (until August 19). 

MUSIC 

Henry Wood Promenade Con- 
certs: BBC Symphony Orchestra 
in programme of Beethoven and 
Schumann, Royal Albert Halt 
SW7, 7.30 pm. 

Lousine Zakarian (soprano) and 
Stewart Nish (piano) perform 
Armenian mediaeval songs, and 
music by Cherubini. Scarlatti, Pur- 
cell, Gershwin, Berberian, Kana- 
chlan and Komitas, Kensington 
Town Hall, Horn ton Street, WJ8, 
720 pm. 


attack large corporations .Vat-. T : ^ Revision. Penormers, nave a -300 to m to 

every opportunity, but -some-. " Sir,— The reluctance of senior -?Even the professional business heIp buUd “ ore ^rf^ses between 

— ?^ 0freaI ^ should b ?^0^^toewmen taappgar on our jimuw nn„ jn t\t milrt lindeT _ tire reluctant businessman and 

screens undoubtedly frustrates-wand -tbat the senior business- TV-T’&rhaifc'fhe programme prb- 
«kJJ.™K Pr0 -^2 Sed •SrSLPV- 0 * Faith (August 7) and man not having the nractiKPd ducers should use us more— Mr. 

raen^apnrOTa? B ?he U IndartS- p ^ pf( » sIoilal ^ asine “ journalists Ibngue of the prtitician P o?toe Swinfields’ approach (August 14) 
. Secretary was Informed by pn TV, but the superficial and, m Unionist is reluctant to trust his S0l ^fls promising. 

Chryslerts chairman and presi-V^™?. 0 ^' business, _ inexperienced .reputation and, more important. B. Barker, 
dent on August 7, and w!U nd^fotorviewifS 7 of' yesteryear haverfokt of hls company, to so un- 16, Park Crescent W1 ' 
doubtless. take as long .'asihni—V V. -V : • * *. 

needs to consult, -negotiate and. .-’ . •• — : — 

p2iV s wSSlJJ SdS Plan&ing for energy and ethylene crackers 

as will Chryslert management 1 J J 

Where is the .lack of conshlta- ■ widnee or specialised chemicals, members to comment -on the 

tion? .Jr 9°,' (IE & Services) Anoounlxy having our advantages “leaked" working papers 

From experience id jnegotia- The two articles on. ^ availabdLity — and I referred to in Kevin Done’s news 

ting acquisitions (though, on a Angust 9 by Kevin Done, in chut- "*nc«iae- our nuclear power tech- item oa Page 6 of August 9. I 
smaller scale !) I.can assure your ing . -’"!^ "bursting North Sea.- npJosy— tou^rt to be able to would, however. like to correct 
readers that until an akreeinent'hubMe"' wtoKe admirable within to benefit from them. the impression given by his 
is signed, you have -no agree-, te terms of reference, reflect VrKevfn Done shows how dnffinrit fj^cie on Page 13 that the work- 
ment. Negotiations between a a national toabiHty to plM****?!®! wav^fmnreS ng pa rfy^ aB .at any tune recom- 
willing buyer and seller are com-- effectively, mamJy because analy-' ^ ^ wSTL ^eSS “^ t ded ? e '“f allation of four 
plex and can falter at any point- sis is generaUy oh too short fv . eth y} en e crackers in 

. What Possible justlfipatloii'ean time 1 ^ Z secti ^ the period of 1985. 

there be. then, for storting .It; is. not. possable l r ° m "SP* 

cussions with unions anfr work-, drtenmne Ideal nattonai--^ H! i S j 0 ^ al framework, ’to eet nitrinSimt wouflon* 

agreraient.. ft- development .path solely by Fte^ua^reSSS 5, nther ^ 

reached.? Chrysler and Peugeot; up- Kbe pros and cons of i««io veare or so- Anaxt frrntf reports. 

viS- S ra !^iV op 'JSSnSSSf partie ^-^ tenets tateiSly, the dev* ^ ^ report in July 1976, the 

V ^'° r . My ream- 

moots could be made at the same - between the JapSieS? and ™ eonsidera- 

time m all the countries con- seives is ttirt.Ji^decide at b ave t !J?-i ho,z !? ^ fi,ven to how - in 

cerned - ... STbraa d areas of I add ? 0n to MmpIetion of two 

Chrysler has. obligations ■ In tetfinolog}^ and .bustoess which ^SeSnSenSllv^Sl^rbe rackers before 1983 t0 mee t UK 
FVance, Spain and . the UK — ip- are ntost ^kely to -he successful k v f/nij co-oneratton ejected growth of consumption, 
deed it produres^two and^-half ' for them and then pursue these ^ iietween all those able amte 1 construction can be begun as 
times as many vehicles in Frante'imes detenninedly throughout soon QORKihl „ . nf ^ 

as in the VK. Can irhe seriously foelr resoaroTi^s trial and.J^ lfcuEl<Mls - 

believed that it conW invoTve coinmercial complexes. . VTwo good steps wifh regard to ere, promaed tbese are 

these three governments and sets: If we- were to do 4his, and S^I to tins context have been commer oa IIy viable, to allow in- 
of unions and managements “lj£ uaie ohenifoals as an example, recently: The Coal Indus- crease d exports of deriva- 
dwcusstons while; ; negotiations we sbouid need to think not gi*" Act. 1977. and the Coal tives. , . 

^Peugeotwere :^rteeding,-:jiierely ofoil and gas but aJso.^dustry Tiripawite 'Group c„ 0 h n kn r ;-i a , -i.-j 

might b? l^detair? ^ • ; - . .-.teoceitf .Jxuw 22, 1B78 (P-24 of teitoology: future developments developrii^of t£T Buopexn 
Fortunately . other >. ^ union OEnetigy Paper hip. 13) that coaim convareaon, utilisation and market for petrochemicals As a 
ieaaers seem-te be-takfaiK amore toKl mi ww^dlje nsed ln supple-™ wrven ® >Dal mining in result the sector workin-’nartv 
realistic view than Qjv© Jea-Ato,. mental fitshftbna'sn refineries and ;TSffited Kingdom). The former reported in November 1977 that 
as are some of Jam« _ Prior’s wp coukl ea^sHid ^in chemi- ?***$ ea^pltelt ti» dfesarahifity of In, relation to the Julv 1976 
colleagues.'. - ' . . ;\"y V* ; J cate. - khovfing that when our oil- 4*»‘ Board participaitiDg ha . recommendation. “The SWP con - 
B. A. Cole. : '. *-• .* fo a|uiL <^‘we have an '^ aotelopmeiii of chrtnical pro- sUers tlie above timetable can 

“ Drake Wood.” • \ *- -' • tf^ernia'tlve. JeMstock in coal, an’Oteses nr methods . . which onfr be achieved given much 

Dei'OBshireAueiuie ’ •• • uitique advantage in Western -auay iead to new or improved higher growth rates across ; W. 

- Amersham, Bacfcteglfonisftire, E“£Pe. ' :• ^ <*■.*** w ^redacts of ooaL” Europe than those currently pro- 

. ■ - ■ Tlie ttofo.-for fornfog coal into Products the NCB J® 01 ®* 1 - . 

-, ; iee<isti^ ai * s^arate, flnaiK“%- -a . vehkle which seems Sector working parties are tri- 
T iAane<:«M>' A 1 ’ ' ci *^ J W8Me, operation may not fcoeptahfc to toduatey and to a partite bodies which seek to 

J^lCcuSUlSl-S' • w®* /or two, three or fout.^wad- ^ertrum of politicians, reflect the aspirations of com- 

* • V.' ' de ?*^ s » _<i^peoding madiUy on. ^^Govecnment's reaction to the panies. government and unions. 

VPhlPIA Price derotopaneffits tfOr-odl and !w%wrt±tB R and-D Report covens tempered by an element of 

T vmwi V . . : ' ' ooai. -Ia 1 the meantkne. c<nnhmed-w» nett stage of seating up realism, from the management 

n » «ii . . . AVAMfi COO ittUU. ffVlA J ~ L ft* muk ■ Aji.a ThfllP -1 mm 


r>: m 


Licensing a 
vehicle " 


Broouce. *ne teeustocK,- wiin -"wumsaHnenai jsui roe nera: « — j— - wuo, , ua sgq- un macro- 
tita other ^ used for heat, stage , after of foil com- economic, assumptions which, all 


Mlumne which wm- whniii>. mis. y* .sum • gases. ..mtwanni- asm ■anwgraaon ““'j- — 

SrtMr K l 1 !™ 10 economic: Immediately ^*Mh parting businesses, te more A®?;. 1 * “ .essential 

mStakenk dtocS (ffiiiSii teat a much .-^^^TTSTwe need .J *U rtalit L 0 i vhax a 

Sat all mo toS' whSf : car model of. foctiris, and no doubt for other says, 

lii-anpov ini? n c -■QP€JdjV supipjg ^atr rwhirtTftn and tosjor. areas for techud'cal __ rely on selective 

August will not receive Vll necessary than -^^Sopmeirt, a more broadly these 3 Des , p “ e 

reminder and' MjMwU*. SSESlSlSt?* ’Sl.S ^T** 0 * 1 ' Suable if il^<k aHronceraJd 

tion forms from -tire Drtrer. t“Ottfingar/ to consider both what' mlsbl^b? 


■ non rorms inim -ore xmver ana- . t— —'-• -v t*. .urainger.- 

s v Sl a . *SSS? sa giAi.'i&a 

industrial action interrupted the opti m isal to a process. 

running of our computers; - v : .. JBto -otter mam aspect of the ; 

The Centre . despatched -more ^-^toriimeotatised " approarfi .:- 

than IJm such reminders (Which to . infcrtrial • development is - 

enable relipeqsing to be done ®reropWfled by ' - WrtnMtig merely From ft* Director, Economic 

at Post Offices before the’ -Com- ^ value of oil (or A aoirs. Oiemicnl industries 


to consider both what might be 
possible, and what stands in the 
■wap of such achievements. 

It could; on the other hand, 
lead to disastrous consequences 
“-as in Italy, investments were 
undertaken without -proper 
reirard to potential markets; com- 
petmm - - and . commercial 
vTaotiity. 


Westland Helicopters are about to start work on 
another exciting design and build project for a new 
large helicopter. 

For this and our other new technology projects ,we 
need high-flying, high calibre designers and * 
engineers, avionics and electronics talents with a 
taste for the spirit of innovation at both our Yeovil and 
Weston-super-Mare locations. 

These enormously exciting projects offer pioneer 
opportunities unavailable elsewhere in Britain. 

For further information and confidential application form write to the: 

Director of Advanced Engineering, 

Westland Helicopters Limited, Yeovil, Somerset 

^ 3t ^! ^ bo 5° Ugh Air Show ' wh Y not call and see us 
at the Queens Hotel, Fa mbo rough between 10.00 a.m. and 5.00 p.m. 
any day from Monday, 4 th to Sunday, 10th September- 




iBan i r>in suen remzoaers rwuca . - •• . . . . — » 

enable^liceqsius ?o be done ^eropOfled by tokfog merely Ffomfte Director, Economic J™ 

at Post Offices before the’ .com- ,<uj««xlins ; ifce value of oil (or -45^x cbemicnl Industries . S- pfl marfcets - o 
puters were stopped. Thereto tfn-.'SM rtfeoal) to ^priaaary or inter-. Asaoctattoor S?? - and . commen 

ing 800,000. wifl shortly be sent^ ****** rtwadcais. • The real Sir.— Until the next report of ™ - 

out now that' -the. industrial added value (and the new fobs ) the Fertfochemical Sector Work- ^ eter Caudle. 
attiOD has ceased. . nwrt come from couvereion Into ing Party , is published, it would Alembic Souse. 

Apart front that - it ;jf not; toes had - ariefocis, • ugricoltural be improper. ' for one t of . its 33, Albert SS&snJanent, SEL 




worth 







Second quarter lifts Unilever to f 296.4m 


A 13 PER CENT Improvement 
in second-quarter pre-tax profits 
of the Unilever group from 
£164 -2m to £185.Sm has more than 
offset the £13.4m first-quarter de- 
cline. leaving profit for the June 
30. 1978. half year up £8 2m to 
£2fl6.4m. 

Turnover of the combined 
Unilever Limited and NV opera- 
tions was £4.77bn (£4 .55 bn) for 


£2.48 bn. 


(£2.6bn). 

Directors say second-quarter 
sales value was 7 per cent higher 
than in 1977, and of this, some 
4 per cent arose from increased 
volume. As a result, frst-half 
volume was ahead 2 per cent. 

In Europe there was an 
Increase in volume and some 


Company 


ISSDEX TO COMPANY HIGHLIGHTS 

P age Col. Company 


Allnart London Props. 

23 

7 

Scottish Western Inv. 

27 

Bank & Commercial 

26 

1 

Smith Whitworth 

28 

Caledonian Trust 

76 

8 

SoOnd Diffusion 

26 

Dacian Hides. 

28 

1 

Sun AJIfece Group 

26 

Hal lam Sleigh 

28 

7 

Trident Ins. 

26 

HAT Group 

27 

I 

Unilever 

26 

Mancherter Ship 

27 

1 

VibroDiant 

26 

Royal Worcester 

26 

5 

Wheelers Restaurants 

27 


ance costs over the following 
four years. 

Also, there will be rental from 
new installations added each year; 
the directors expect to add 
Page CoL *200.000 to rental'Jhcome during 
- the current year. For 1977 rental 

- - income fell from fcu.7m to £09in. 

_28 3_ . Working capital at the year-end 

* increased hy £1.09 m compared 

- — - with a £219,000 decrease. 

26 8 Houston Financial' Services 

26 5 hoIds 12 - 7 Per. cent of the issued 

capitaL 


Vibroplant 
advances 
to £2.6m 


volume was ahead 2 per cent preference dividends of £10 4ra over of directors recently. Twelve f A 

t-i (flOJZmj attributable profit came people were directors in the 19 ■If X,Z/.llffi 

~ \T aT ,V cJE out at 1134m i£i2S.5m> for the months to October 31 last year 

irnoravement to half - with the limited share and only five were stall in office A SECOND half profit of £1.3Sm, 

sumS goods th^ f Results S 70 - 2 ™ t 173 ™)- Earnings per 25p at the end of that period. Now against £0J»m, lifted pre-tax 
of the marenrine ^rier/rwnrf^nrt of ca P ital ^ shown at 36.07p three of those have been changed, profit or Vibroplant Holdings from 
froS oSdS buS^S were f34-«P). The latest accounts of Bank and n.85ra to a peak £2.61in for the 

well up on the smne quWr last The 1977 comparative figures Commercial were heavily qualified. 

year, including a contribution have been calculated at exchange £2 - 72fn to £9.49m for the 

frrvm hptiar ico nnsm eiIac u-hii.h raim in force at the end nf the *“* PCVIOQ. . . . 



vVv : : V v : - 


Sir David Orr, chairman of Unilever 


year, including a contribution have been caluculated at exchange 

from better icc cream sales, which rates in force at the end of the 

came despite unfavourable year of £1-F1 436-S1.91, while n on ^ a 1 r J ca 

weather. the 197S figures were calculated X^cUlflll llSC 

Trading conditions for the in- ia7 *‘ rates oE f" 15 j. o J 

dustrial group however remained 6 . gf Vf)l]f|f| 

difficult and results wen? below See Lex HI i3UUUU 

those of 1977. » pp ■ 

In North America second- rn • I Jil l US) Oil 

quarter profits were higher owing 9 hrPP rGSIffll 

to improved results from Lipton * % -* Ji &** New busmess j n t j, e fi R 

In £- T> _ __1, of the current year at 

The UACI ctoup in total con- TfOni D^DK Diffusion has been obtair 

tlnued \o show sood results. bin a very satisfactory rate, sa 

in Nigeria economic conditions g ******** ******ln\ C. R. P. Stonor, the cha 
arc worsening and the Nigerian ££ ^OniIIl£rCl«i but he tells shareholders 
Government has had to take annual statement that 

measures to deal with the situa- In a Boardroom shuffle ai increase in interest rates wi 

tion. they say. Other overseas Bank and Commercial Holdings, . 0 be absorbed from profits 

businesses, as a whole, did par- three directors have resigned and „ . _ . . 


Rental rise HOVUl WOrCCSier iUICail UUUICIJUI 

RCUiai U3t £T.3fim (£02fin». Earn Ines per 25p *7 TT ^ w holdings. Smaller amounts have 

j Ci i share are shown as 2027p fl 4. iflp) • _ been invested In the equity and 

31 aOUnd and the dividend Is increased to * fixed-interest funds. 

10.B245P (9.51op) with a net final — IfYA TIT^^IVPfTA Affl T Tfl Oflll Till Ilf* The company reports that the 

Tpv;ee of 6.6663p. Total dividends absorb 1 Blfl Ul If T L/iSH/AlL V/VrJUTTITUV' property fund portfolio shows a 

UiHUSlOn £0 3Sm (£0.34m). -T . widespread of industrial, commer- 

New business in the lirst bs.f loSm ‘ flSgm'f vS'ff is “ durlSn .he' ‘Sif'Sr- „KF& cSn to™“rK SiSbl “ d indh?d P unl P ™n^r,*.n 

hire s. r M ■Mtsr.R sarsr dSSSTLff jve aa-s sssr fi&r & 


Royal Worcester ahead midterm 
—improvement to continue 


Financial Tim6S Tuesday August IS 1978 ' • j 

Caledonian 
Trust 
expands 

PRE-TAX meznte of <*l#do*fam 
Trust for the year » June 30. 

1S7S expanded from JB.OSm to 
£l2htt Tax took £493013 agatnci 
£404230, leaving: mt revenue 
ahead at £710,029 compared with 
£624,739 last time. 

Earnings per 25p dare are 
shown as 1.88p (l,€7p). exre«ih« 
the trust's interim forecast of 
1 73P. and a -final dividend of 
lj»P (UP) lifts total to I25p 
CLfiu). Also announced B an 
. Interim payment of JgP'JSjEj 
net), on account or the CTre-ni 
year. 

Sun Alliance 
link ed growth 

Funds under management of 
Sun Alliance Linked Life 
Insurenee, the linked life sub- 
sidlaty of the Sun Alliance Group , 
had grown to nearly £4m during 
the first eight months since the 
launch of the company. 

By end -July. total funds 

Freddie MamHcu amounted to 139m, of "Wch the 
Freonc .vonuum popular was the managed 

funds which had reached H.4m. S r ^ 

Next in popularity w 1 ® the . -. ■ i- J ^ 

property fund w^ich. Including v v 
the managed fund holdings. * 
aniouiued to £19m, and the inter lip 

M ini PT1T1 national fund which was vrtred «* » * 

AUCVl-JUJ. at a.4m with its managed fund 

holdings. Smaller amounts have , , 
been invested In the equity and > 

MV1/V fixed-interest funds. 

niiP The company reports that the . 

IlUv property fund portfolio shows a 

widespread of industria l, co mmer- 
ai Worcester Industrial ela! and. .shop 


! rs 

- • » 


. • ijP 


Worcester 


Diffusion has been obtained at 
a very satisfactory rate, says Mr. Q comment 


£43.000, pre-tax profit of Royal reorganised management 


Worcester* "for the "half-yea r't _ o the^North American subsMJarypccTs for the year are good. 

June 24, 1078. rose from £553,000 now operating on a sound basis.'- Subject to the consent of the the groups property p« 


in Algeria economic ennd Uinns n • v r i? p u-nnm- »ha Khiinn-m . ... June j-», imt. rose irom ^xm.uuu now u«« a wuim ucu«ia.- ouujcl-i -- * — 

arc worsening ami the "l^erinn & COMniercial hiiT R he P |VlU ^harehofdera m h?s JhSl? P Sl!L h “f "P ed ahead t . aft ? T to £936,000. External group sales Present trading Indicates that the Bank of England agreement has 

Government has- had to take but he tel s shareholders in his three yews of slow growth. In were ^j ead from £ 15 5 g m w progressive Improvement in per- been rearhed with Carborundum 

measures to deal with the situa- In a Boardroom shuffle ai i’ncrSL? ininrere^rate s wfil haJl hir^ formance of the company is con- for^ the (mrehaw of its 4Spergmt 

tion. they say. Other overseas Bank and Commercial .Holdings. S^?rtirt!d5&TS«SI rent Sd^tfi* ftJS The directors say the improved ^ ^ ® ^ “ 

businesses, as a whole, did par- three directors have resigned and _ . . . . . „ , i J,wf performance of the group is tom of £2.Sm. 

ST WeU to* in “ te and mhers [akcn ,heir promts 'for 'iflTT ro« xo Sft SJai#* levef^e^h^ E „„ „S comment 

Rail year P . £478.000). After ta.v £23.000 [nil J stand on a p/e of 89 while yield- ^ fi? f 19 E rws ' ^ 10^7 “£« -r« m i Worcester has taken several 

i9rs 1977 Mr. E Kenneth Martell tchair- and an extraordinary credit of mg nearly nine per cent, com- fel1 f™ m £2 - 06m t0 naL 55fc T . “ m ^ on and to 

£m xm man). Mr. u \. Ibbett i former i-cnrono /ct.nnm. nmfit came out oared with Hewden -Smart’s 8.4 Tax for the half year took we and subs sjct 5J33 000 , ns j I, 


SHARE STAKES 


Crnnhlrwl sales .. 

Limiird 

N v 

Operating profit 

Nnr n'i-nmtm loss . .. 
Assoriaips 

Trartp tnv income ... 

Interest paid 

Profit before tax 

Tax 

Less tax adlusrmenU 
Mlnnrlilea 

Prof dividends . 

Attributable 

Limited 

N.V 


199 The i 
3a8J figured 
tas 9 report. 


ear. Profit for the whole of 1977 Eternal sales 

?ll from £2.0fim to £lm 1D ® 

Tax for the half year took we and sabs. Tr.“~ s.#™ 

487,000 (£2SS,000) leaving net Operating profit WIB 

rofit at £449,000 compared with 

Z65.M0. Earnings per 25p share we and siibs. ass 

re shown as 7-sp (4.4p) and the RWS abnormal costs... - 


Id Mr. o. >panner. an^renuiuer^ -U.J pressors to industry and the oil interim dividend is stepped up to central expenses . — .. m 

The three departures were pre- nVm and The SHrman antic" wtor) is f °rgmg ahead along 2.4p (2J7Sp) net-last year's final £i na J«* ' «»' 

•ureri in the last company “JJ™ ® nd ™ h er sFnvtorv with ,he smalIer Portable buildiog payment was 4510Sp. S 

nort. The chairman wrote of *?*•* * 5^r l ”f. r __.J?V*?_ aor> hire acUvity. The overall construe- *rr,,rt 9 fior ET" P «? 


Mr. Clifton Ibbett, “(he) has long 


increase in the current year. 


hire activity. The overall construe- Pre-tax profit was struck after Tax 

tion sector is still flat but the central expenses £123.000 iwvfit 


formance of the company is con-- for the purchase of its 45 per cent mnMtmi 

tinuing. stake in R)\’S for a cash considcra- Hickson (HrfdfiHB) 

Half year . Hon of £2^m. —Kuwait Investment Office has 

197R xm. sold tp.OOO ordinary shares redw- 

E^.rnai sale, «£ «Sf>* Comment from 9.19 per cent to 

gSfc IB S ! »S h ^rr! 1 «ld, ,U oo en 1 nd' , S Sa.Trtf ond Soo-rbU-Throo. 

WE and sabs 5^78 sxa the mnrmn Trust has dispo.wI of 

o isr^ , ?r_= fiss^sf^-sastoitna ■> 

BWtc . . m V* its important Royal Worcester **JJgws ,c ac thano wr e^L ^ 

RVflf tbnonnaJ ' costs.!! - - 4W Spode subsidiary. ffvp-qrd. chnirmnn. Ms sold 

Central expenses :. its MS. reasonable in ff?** 03 non nrdinarv shares. Mr. A. V. 

Finance cosi . 177 ffl terms but is a little expensive p 1( j^ ditwror. has «o«rt IO.OM. 

ro mtnonnes ...» PC ms when viewed from an historic „ r A a t « r a v 

^T axprofll S earnings perspective. Worcester Theic 

Net profit - 449 . au will be taking on an additional rnM ij! n „ 43 non shnre® in all, rew- 


45 per cent minority interest in ^T7, h „r n pr«» 

iS important Royal Worcester he jj™ g to lew. 

Pve-rd. Chairman. h ?5 Mid 


?i been anxious to devote more lime Mr. Stonor says Hie company's increase in private bouse-buiiding (£105,000), and finance cost * From. f 2 -?n , .' n sI ?° rl op nt nor rent or the equitv. 

to his o^her business interests, hui prospects in the medium term provided a bit of a fillip \ good £177000 (fittnooi Last vear i» e „,w. facilities at a time unen ito.net | n c ^h case the sale of <tha res Is 

!>' » i, Vr?l“«*nL“. !»^ e ,/ h 5 -Board ;■ look veo; brl,h!^ the .omn.ny sllce „ f the improvement has rhere were abnormal costs of S^S toS y^TB^SSS 'g^STtagST 


fs-M — sj-ssjs^*. * jisnAS! sss-fsu; &xz bssl ssssw; Rwal wi'iJss&'.gsjgs r-r —? isjtxsr 

asp-saagt!..* ^ ->«; h ^^ n 5 a r a , r “J- l,as ? n h, !5- , mas i of «**■ , h f 3SMS -- - “z^lSsl »»5S5 Colrera ««■>» ^r'lAai M 


un nSwngc reiwi. * so , muen more nopctui ^nas on mre, most or wmcn. ne says. plant ]ooks t0 be Eaill i n g Readily 

The first-half profit includes as * iec ^ nnl 10 hc re-appomied. is paid to financial institutions j n market share. Meanwhile the 
associate contributions up from Mr. J. C. Green, one of the new which financed the installations. rompany looks set to continue its 
£28 .4m (£3fim) to £36m. and is appointees, is chairman of Clifton He adds that after the next growth trend. Another rates rise 
after interest or £23.4m <£lS.0m). Investments which has a sicnifi- three years an increasing propor- is scheduled for October and £lm 
After tax of £151.9m (£14S.9m>, cant stake in Bank and Commer- tion of this amount will revert to plant is on order to accomodate 
less adjustments of £3 Jim <I0.6m). cial. Sound each year rising to about the additional demand expected 

and minority interests and B and C has had a high turn- £l.4m per annum net of mainten- from an upturn in the economy. 


The directors stale that RWS now operating profitably. 




people are gi 
utts are good 



success of the decision depends announcement of the sale of the 
On the extent to which last suopUes division nf tho 

year's problems m the U.S. mmnanv to Travis and ArnnM. 
. and Canad.i have been solved. The ar ,rt n lsn the annoimcemont of the 

J AV1 4 Tv«riiiv«nviAA inAnrr sinking U.S. dollar is not helping com^nny's rear end results. 

1 nOGHt 1 HSUi 3.HC.0 UCaTS matters but the operations in the Witan f nrpsfnwnf— Lord Farmc- 

K AIIUVXX uuvv ; two countries are starting to look don. n director, has ceased tn h» 

better. If the current rate of henr>ficinllv interested in 25.000 
A4i ■» • j • P m J improvement is maintained lit the nrdinarv shares and has become 

T 1 m unnprwritincr Tirntir second hair by RWS and the interested in 10.000 ordinarv 

wAlIl U11UVJL IT i Itlllw VFAAl; • . other group subsidiaries, the shares as a trustee. Ho is nn>-- 

\ expanded group couid break Its int"re.sted henefieially in 430.03') 

picb . — nerienre ii- attributable pre-tax profit record, nrdinarv shares and as a trustee, 

^nonbino monitor - T. of JCS-lm established in 1074. for 1 on 024 ordinary shares and in 

proachina £lm on its fire and difficult to monitor. . th f „ giving a p/e of 9 to.oon “B ** ordinary shares bene- 


This is the Racal team’s 10 year record 


Earnings per Share 



Turnover 

Pre-tax Profit 

Exports 

(After Tax) 

1969 

£ 7,572,000 

£ 987,000 

£ 2,900,000 

J.44p 

1970 

£ 14,651,000 

£ 1,682,000 

£ 6,958,000 

J.02p 

1971 

£ 17,168,000 

£ 2,229,000 

£ 7,580,000 

1.53p 

1972 

£ 21,024,000 

£ 3,165,000 

£ 9,306,000 

2.20p 

1973 

£ 25,718,000 

£ 4,273,000 

£10,393,000 

2.73p 

1974 

£ 37,378,000 

£ 6,247,000 

£18,280,000 

2.40p 

1975 

£ 53,9S8,000 

£ 9,559,000 

£28,229,000 

7.65p • 

1976 

£ 79,971,000 

£19,646,000 

£48,770,000 

12.32p 

1977 

£122,258,000 

£32,714,000 

£74,410,000 

I8.89p 

1978 

£183,338,000 

£49,832,000 

£95,029,000 

25.46p 


An underwriting profit of risk where, experience Is Vstablished in io^ 

approaching £lm on its fire and difficult to monitor. • : ?he"1ful[ vear -ivin" a n/e 

5? r iln e n re2 r h! The life Cflmpany roportsi’ r on yesterday’s price"nf IfiTp. 

successful year with single >- — 

Trident Insurance Group, a mem- premiums rising hy 37 per cent _ . __ 

ber of the Schlesmger European [ 0 a2 Sm and . ne , v regular 

Moross, chairman, life 

points our that d^pire the diffi- funds rose during the year from 
cutties encountered during the f 4 fl m *n F57m. f 

year, which included heavy winter „ „ " /m " f . L t 

storms, the firemen's strike and _ Wr \ l ^ nro ^_ r ?£ ers ,.i® «J[ 

further signs of overcapacity in s**! 1 token by the lift rompany 
the market, a record under- j n to the pension field vmh the 
writing profit of £958.000 was launch of the Individual Tension 
achieved compared with £336,000 p,an , an , d 8®"“ *°r the sell- ' 

for the nine months to March 31, employed. p>e next deve lop- 
1877 mem would be the marketing of 

On the marine and aviation Executive Pension Plans later , 

account, both sectors were lbJ s year. 

adversely affected by. late Pre-tax profits of the company | k i j 

development of earlier years' amounted to £lm for the year. |L/ I L/ i\ /| I 

underwriting, emphasised by the compared with £817,000 for the | J I IX I V I I 

fall in the sterline exchange previous nine -months. But the ■ ■ wj v hi 

rate. A sum of £500,000 has been net tax charge is £511.000 com- . i ■ W 

transferred from profit and loss pared with £307,000 previously so \ 4 | \ 

to take care of these liabilities, that profits after tax for the year j\/l| n 

The company ceased writing a are trimmed to £493,000 compared I ▼ 1 1 1 

full marine account two years ago with £510,000 for the previous 

and Mr. Moross reports that the nine months. The dividend pay- ■ ■ ■■ — — 

company is reducing its exposure ment remains at 4 per cent net YEAR ENDED 

on the aviation side for classes of imputed tax costing £100,000. 


finally. 


THE 

BIRMINGHAM 
MINT LTD 


DIVIDENDS ANNOUNCED 


Caledonian TsL 


Annual Compound Growth Rates 1969-1978 

TURNOVER 42% 

EXPORTS 47% 

EARNINGS PER SHARE 97% 




Date 

Corre- 

Total 

Total 

Current 

of -.sponding 

for 

last 

payment 

payment 

dlv. 

year 

year 


3.211 

Sept. 19 

2.1 

92 

7.1 


1-25 

— 

l.l 

1.S5 

1.6 

.int 

0-75 

— 

0.6 

— 

1.S5 

,lnt 

0.67t 

Sept. 22 

0.26 

— 

0.26 

,int. 

6.5t 

Oct. 9 

6.5 

— 

13 56 

.int 

2.4 • 

Nov. t 

2.18 

— 

6.39 


0.28 

Sept. 28 

nil 

0.28 

nil 


6.67 

OCL 9 

5.94 

10.63 

9.52 


Turnover 
Profit before tax 
Profit after tax 


1st April 
1978 
£ / 000 

9050 

386 

354 


2nd April 
19 77 
£1X0 

8782 

365 

176 


Dividends shown pence per share net except where otherwise stated. 

* Equivalent after allowing for scrip issue. tOn capital 
increased by rights and/or acquisition issues, t Additional 0.137p 
also to be paid for 1977. § On account or 1978-70 year, fl South African 
cents throughout 


Racal has just completed another record year, its 
23rd in succession; a year in which four further 
acquisitions were completed, two in the United 
Kingdom and two in the United Suites of America. 

The profit before taxation for the year ended 31st 
March 1978. amounted lo £49.832.000 (previous 
year £32.714.000) which represents an increase of 
52 ° 0 . Taxation is estimated to be 
£21,189,000. 

Turnover during the year was 
£1 83.338.000 (previous year 
£122.258.000) an increase of 50%. 

These remarkable results have only 
been made possible because of the 
outstanding ingenuity and skills of 
our people of whom there are now 
nearly 9,000. 

The Racal team is without doubt 
the finest in the world and has every 
reason to be very proud of its 
achievements. 

1 know that everybody would wish 
me both to congratulate and thank 
each and every one of them for 



the great contribution which they have made to ensure 
the Racal success. In our team Ido of course include 
not just our staff, but also their families without 
whose support, encouragement and understanding, 
such achievements would not be possible. 

We are very much in favour of our employees 
owning shares in the company which they have helped- 
and are helping to build and we were 
pleased that during the year under 
review, more of our staff joined the 
share savings scheme. There are now . 
options outstanding for a total of 
774,347 of our ordinary shares for 
which the participating employees 
have committed themselves to saving 
more than £700,000. 

The team has never been stronger • 
and the order book is at a record 
level. 

Subject only to circumstances 
beyond our control, therefore, we can 
expect another record year, our 24th 
in succession.- 

Ernest T Harrison OBE, EC A, Comp IEE 
Chairman 



CASTINGS 

LIMITED 


MALLEABLE IRONFOUNDERS 


YEARS ENDED 31st MARCH 



1978 

1977 

1976 


£ 

£ 

£ 

Profit before Taxation ... 

782,284 

555,326 

453,746 

Taxation 

406,715 

292J2S4 

238,105 

Retained in Business ... 

263.500 

182,647 

124.448 

Issued Share Capital ... ' 

676.211 

676.211 

507.158 


. Fence 

Pence 

Pence 


Per Share 

Per Share 

Per Share 

Dividends Declared 

L795 

1.608 

1.4625 


The Ebcfronics Group 


RADIO COMMUNICATIONS -DATA COMMUNICATIONS- COMMUNICATIONS SECURITY-INSTRUMENTATION* 
ACOUSTICS -ANTENNAS- RECORDING -MICROELECTRONICS- COMPUTER AIDED DESIGN-HEALTH AND SAFETY 


EXTRACTS FROM CHAIRMAN’S STATEMENT: — 

— Another excellent year with Profits increased by 
£226.958. These results include the first full year of production 
from the new Foundry commissioned on 23th February, 1977 
—Output from all our foundries has increased and augers well 
for next year. 

CAPITAL EXPENDITURE 

—Expected to be £378.000 in 1978/79 and includes cost of 
additional Pattern Shop at Brownhills site to increase our 
capacity to produce further patterns under our own control. 

DIRECT EXPORTS 

— Tonnage directly exported above our previous most 
successful year— continuing to obtain new business. 

FUTURE PROSPECTS 

—Consider we can look forward with every confidence to 
being able to meet both foreign and home competition — pros- 
pects should enable us to achieve a further record output and 
even more satisfactory results in 1978/79. 

Copies of the Report and Accounts for the yenr ended 
3 1st Worth. IP7S. metf he obtained upon application to: 

The Secretary, Castings Ltd, Lichfield Road, Brownhills. 
West Midlands, WS8 6JZ. 


PerOrdinary. Share pn, Pence 

Earnings 16.8p 9.3p 

Dividends 4.86p 4.35p 

Points from Chairman's Statement: 

Earnings per share increased 80%. 

Current year shows substantially higher profits so far. 
Improved trend expected to continue. 

Icknield Street, Birmingham BT8 6RX 

Expansion conthues 

at G. H. Downing 

Extracts from the statement of the Chairman. 

Mr. D. S. Hartley, for the year to 31st March 1978: 

* Prer'tax profits of £1 ,71 5,268 - not unsatisfactory 
•in a difficult year. 

4 : £2,823,706 invested in new plant, kilns and 
buildings.; ‘ . 

* Steel making recession made it a difficult year for 
refractories. Roofing tile sales remained buoyant. 
Theelectrical engineering division had a record 
year with turnover nearly 80% up. 

£ The Dutch subsidiary had another very good year 
The highdemand enabled us to export bricks from 
the U.K, 

* Current year going reasonably well. 

G. H. DOWNING & CO. LIMITED 

Manufacturers of Clay Products, Refractor; ** 
Roadstone Aggregates, Electrical Power Engineers. 

BRAMPTON HILL, NEWCASTLE, STAFFS. 




rtMiil 











”4 Sc 




ID 


v* * 


Financial T5mes Tuesday Assgnst 15 1978 

Mrntfiestef; Ship u 
£0.^mat hatftime 

■WITH GROSES: tttfppud.' bp . from 

Ptl 9dm M A ni : - ' -■« "T- ■ 1*1 - 1 • . -.i- •• • - 


£ii.72m ^BSioliQ-taidfbtt proSt WtKBn7 iiEIPPlilhG: 
of Manchester Ship Ciut Coni' pB * 


ISSUE, NEWS 


feSSt?. 


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'" '."v, j '.j 


jumped from £T.22toiQ Xl.gft> iho folJwrfne roiripanles qptift-c I 
-•In -the June 30, 1978 half year. tao*„W -Boart mrahwa. W the Stock \ 

. . ■ 3718 T^as after lopi apfl ttSEnw 1 die pm-pases- of . ouufiienng 

.Investment. .Income dcw& : from, tUrirtjW* otBctia MJetfJtta' . arc noi 

,je524,«». w'j&ijfaL'--* ■rffcfHKES." 1 

TSPiL TBKr#feS?l&“ a*5^S 

,ta«uiS!. 

- After tax Of. £935,000 (X579,QQ0> .l^mir-lnl03^w«r.- £^«!j*e*njMm 
and -other auerges, jrofit came ■ j^Mbafe 

out at .£867,000 (£838jDOO>^al»d 
earning^ per. 'JEI- share are shown 
at 21 (I5.Ip>,-~_ - 1 -L" - ■. — ' DfirYTBtK 

,r.The int ermr dividend “ is mail*-' igygUy&i 
tatoed af tSp^ net and an aWJ. 

tional 0.137p. is -to be paid for -. ‘ -. '; 

1077 foHowtog^the -tax: change: ■ 

Last year a».DB4p, final wa$ paid AiSdSdct .^:^'. is 

on total profit ©£-£ 2 . 12m. - *• . 

Plremonrsay that^^ increase 

Ir fe stffi fsl^iTto dredge cor? * 

■rfnuonslyTn tfie Bastham approach Vtiahi^: : • ,. ,v2- ' r „ 

chimney ibat.bas been -a raarireti 

^prW^imirt- to the available 

- 1 There were -Mine lOdiistrfoT • -"^r^ •■: ~ 

problems which- began during’ the nOr’ one 1 . 

second .. q iiarter «f- tbe year «nd a. r reasonflbl e ^wicc.^ *^-. 

fthey "hope that tfiay -wiD ^apoir be -He • expects trade tpvbecome 
'■ableto^ resolve diem, -:- v' ' more difiBcnlt hi the conjing year 


v % f/ ■•-;Ci : -'i 


Chubb- and Son-' fe: .&■' '■■ rj^k . EEQjsiiit'the • righti' issue 

mrnrimMnl.. W> O 'C — — 


bf->uB.W 
S.MW- 1« 


nv-four at llgBi payable in fall .OnAu gust 15. .. “ •• 

=on acceptance by ne£ 'lalef than .-' I \ ”, '.SeeLeX 

3 pm on Sepfember 2Iu \ 

.The issue has Wn i^ern'rittezr' ‘-y-w - '■%■ » - 

the dtoMtors 1 

S; 7 ® — ^ . -StrgtWlxde Re^bhaJ f!otmcfl ts 

asSS^.s»r« s 

A njBVWiRiSjWBnlMiit M «. 

SvWclr* ^ C. .'tbe ,Vy>nf and :.|s- nayaWe jn full on 


the Directors of. Unilever announce the results for the 
second quarter of 1978 and for the firsthajf-year. 


COMBINED RESULTS (£ millions) 


Second Quarter 


• Half-year 


1978. 1977 


Increase/ 

(Decrease) 


■ ChtM rt»i ULr.msr UQ rtunnil-io, •j.vo*. uniess 

issvS^L S-'iSErf cancelled -by purchase 

& to# °»»en market or by^eo- 
m S r ?f, l i ^ ~ iaent -with the holders. -■ 

;--.TUieT^^^be.__payab^. *falf 




Wh^ere; 

buyinj^wp 

freebpldi 


-He expects: "trade ^Ovb ecqme 
more' dhBcalt hi the coiqtng year 
but says "the fact tba&we were 
a6Te to increase profits' raring the 
past year does not meanfViat we 
shall automatically be pbto^o this 
yea^ ; Krt jwfth invest- 1 

ip^nte rin r n ew'; reBt^vt&ts and*' 

pihdentnianageineirft^#EeEsT- 
mg bushier, we hpp^'ijffiJBchieve 
a’ farther increase in wrS|s^ : . . 

< As previously tbMB 84 pre-tax 
profit last year rdstffm«?E52S£Q7 
to JE652J602.. .-j-.i’ J! -y l* 

, Meeting, Ken^ngtra^ JW, -Sep- 


7.0*7 

1436 

p^«Wp2Sff»ss; , im - 1 eoa 

* ^SSKm? also be 5 per cent above UBOR. - - ,•••• 

j 1 *® . director The net procee ds will be used <Q 9 -IKrt 

10 Bnatux authorised capital ex- "’f 

s^« , Tssss^?au-E?ffir • 0.2 0.2 

^^?.JT“ c ^J?-P ,ntijlu ®' tl,e ^Applications’ by August 17, must (tOJ, 01.2) 

m„i * be for a minimum of £100 or for /.. «< 
a ,.tho^LJf 3 L multiples up to £1,000. AppUca- . A 1 ?;?) 01-1) 

Ipm' ^ between ^L000 and £5.000 ' 0.6 f01> 

be for multiples of £500. — SzUi 

l above £5,000 and not exceeding : 

OT 3 »^,,th n S Vrn £20,000 in multiples of £LOOO and -• 

^tonClTttc ^^ot SS. n<im ” ^ tos.8 1642 

an additional 20m ordinary shares. - ±^,0 V ,, ' 4 * ,£m 

Subject to the passing of the 

b %?“SSS MERCHANTS TRUST (83.0) (74.0) 

of the Stock Exchange of the A total of £246,509 of The - -Y9.7) (7.1) 

12443,704- new ordinary -. shares. Merchants Trust 4 p’Cr cent con- -- •:*■ ' ' 

it is (ptended that . the- new .verjible .unsecured .loan stock i ‘ 

shares will be imivtsioiially 1990-85 has been lodged for con- 2 6 

allotted To ordinary, -holders on version into 369.764 ordinary stock . * 

the regteter at the. dose of units of 25p In respect of the • — 

business on August 7. " - . conversion entitiement v - -7T21 n ni 


*2,324 

985 

1,339 

- 160^: 


Mr..Befparff chairman of ww ’ 

Wlieftler^s Restaiarapts, tolls ahaTe- t 611 *®. 5 **■ 10 -?° »£> .- 
holders in tiis JhrDix?! report that "’• -. ■> - > rlT.->*: ;n 

thp- group ac^uirgd . a’ . farther n ■ L'i. ^ 4 ■ . 

three restanrant freeh^ds to -the v - 

March 31, 1978 year: -‘ • . • V V V 

' He says-that when the I group’s; r ■ >' -■ " !r’l^- .V ‘ 

restaurant leases ran' out it wDl , \\ P6fA|m:> 
face . ehornjous : rent revMons. * " tV** Js» ■..- 

“ During the ‘year, ' therefore, '.we " ' .• ' ' J ' •• 

have.' adq hired 'the - freobolds of : >. 

19-21, Old- Comptob Street, .the . 

Braganza. BestauraM kX 56-57, Wm ' twc 
-B rith- Street' and lTfMarfet Street 
Brighipn. also own .the Apa-. 

hold oTour'-other Brighton pro- i 

sSSl^ 6 ^ 0 ° t . :0n - ^ 

Vlt is your Boat's inteirtion 
to pursue the policy, 0 f -acquiring stepped - to> from 
the freehaldsr.of.ow^ ^j^tauranto. Last --year's - fin& JnsnifAn 
and properties, as ahd”when they LBp. " ' " •" 

become available.” ^ • ;. ■ After tax 'for. y 

- Mr.- Walsh says'. the group -is £477^74 against, 
still .expansion minded and.toying profit.^ baJancfi ejnfir^Mtt,£ 
hard to buy-nAW’busmesest “ but ££573,079). -• 


1^.0 

0.2 

( 11.27 

( 11 - 1 ) 

( 0 . 1 ) 


164,2 


fcfrf--M87S 

Misfits 
gtl,139,716. 
imare are 
Kjm 2-24p 

Stooimced 

yipend is 
f'jA O- 0.7p. 

noAnt -was 

Sf year of 
B) ~the net 
^£662,442 


BIOS AND DEALS 


Further changes in 


HAT confident of 
better result 


t -- ' - ■■■-' 

• V •-’. '-1®^'-'':' • 

.'i'.m . I .'. 
: r 


ATr. A 7C, V. TeIllng, chairmattat encouraging signs of^j^e 
RAT Group, tells members to. Ids upturn In demand fe®^S$guj: 
annua) statement he no doubts - vices which, he feel^^wfee 

that the current year will prvduee increase 'turnover. Aruifjffitl 
better results and-he is confident it 'wllI aUoW- the diJ^ttir 
that after .(wo - rather stagnant maintain the. presenffif&xa 
years, the group is now set' to improvement to prices, 
move forward again. - ...\.' > - TfclarJiwilL be flnancedL^fe 

As- reported -on^July-W'-pre-tas' term 1 -unused ton towin g fi m 

?fl7^^tiu^^f E ?^m t ^^SSi ,,| 'to l '^ieve wii] jg\$& beTsttffi^e: 

£2. 03m on turnover -of £64^8oj-rfinance ^cquiritioRs which 


. /•-.-. - 

Bir m ingham and- Midlands Mining Investment at 34p on 
Counties Trust, the private behalf of discretionary clients, 
company run. by. Mr. Graham They sold 500 Mining Investment 
Ferguson Lacey which is bidding. at 34p on behalf of an associate, 
for Westcm-Evans Group, has'. Bin .Samuel bought for dis- 
neduced its stake in Rlvington cretionary investment clients 3^00 
Reed from 39.4 per cent to 20 per Thomas Tilling at 140p. 
cent. 

, The LI 6m shares tavolved have pwn cpt T c 
been placed wjth Institutions at 
ly to 87j(p — a price which ‘raised £lm SUBSIDIARY 
npea gross for Birmingham- Electronic Machine Company 

, • M=- Lacey said in his statement has sold one of its wholly owned 
anai yesterday that Birmingham will subsidiaries. Aviation Activities 
. - . not further reduce its Holding. (Overhaul Services) to Aerp Con- 
w The announcement regarding tracts, a wholly owned subsidiary 
ines, Ipvxngton : came only five days of Scoba, for £82478. 

fppr *t : was. , learnt,. . that In the" two years ending April 
VS ^nhhorrm has sold its 29.67, per 30, 1978, Aviation incurred ■ pre- 
^ Yorkshire- and tax losses of £L592 and 



(7.1) 


2.6 


(7.0) 

jfi.3) 

(6.1) 

<p.9) 

(0.9) 

J84.8 

78.7 

.:}-V2.t 


86.9 

78.7 

41.6 

41.7 

; . 45^ 

37.0 

. 23.39p 

21.19p 


+ 7%. . SALES TO THIRD RARDES— Combined • - 

— Limited 

— N.V. 

+1196 OPERATING PROFIT 
Non-recurring items 

Concern share of associated companies' profit 
before taxation 

Income from trade investments 
Interest 

Interest on loan capital 
Other interest 

TOTAL CONCERN PROFIT BEFORE 
+1396 TAXATION 

Taxation on profit of the year: 

Parent companies and their subsidiaries 
Associated companies 
Taxation adjustments previous years : 

Parent companies and their subsidiaries 
Associated companies 
Outside interests and preference dividends 
Outside interests 
Preference dividends 

Total concern profit attributabie to ordinary 
+ 896 capital at rates of exchange ruling 31/1 2/77 

Difference arising on recalculation of 1978 
results at end June 1 978 rates of exchange 


1978 

1977 

- - 4,772 

4,546 

2,035 

1,946 

2,737 

2,600 


284.7 

(1-4) 

36.0 

0.5 

(23.4) 

( 22 . 2 ) 

( 1 . 2 ) 


296.4 

(133.7) 

(18.2) 

(1.3) 

( 2 . 0 ) 

(10.4) 


278.2 


28.4 

0.5 

(18.9) 

( 22 . 6 ) 

3.7 


288.2 

(1.35.6) 

(13.3) 


( 10 . 2 ) 


. Increase/ 
(Decrease) 


+ 5SS 


+ 296' 


+ 396 


+1096- TO ORDINARY CAPITAL 


—Limited 

—N.V. 


+1 0% Earnings per 25p of capital 


(8.6) 

(8-4) 

(1.8) 

(1-8) 

130.8 

128.5 

3.2 


134.0 

128.5 

70.2 

73.0 

63.8 

55.5 

36.07p 

34.60p 


+ 296 


+ 496 


+ 4% 


Exchange Bates ■ 

As has been ow practice the results for the quarter and the half-year and the comparative figures for 1977 have been 
calculated at comparable rates of exchange. These are based on £1 = FI. 4.36 *=. U.S.S1.91 , which were the closing 
rates of 1977. Total Concern profit attributable to ordinary capital for the current quarter and the half-year has also 
been recalculated atthe rates of exchange current attire endof June 1978 being based on £1 =* FL4.1 5 = U.S.4 1 .86. 


&£57.75mL Ewings per lOp share .-cnrrenthr uufler Negotiation. ^ ^ Lancashire T^ist, alw to respect EMC does not 

are-dnwu at 5-3p (7.6p) afltLlfte .I*- ®*Twuditore as at _Feb-| done. Birmingham won control believe this company forms any 

dividend is stepped up to SAlIto' hair wnoiintefl to £35R.U00\of HamUbome in March to a hid rational part to the future Diana 
fiJ«e69p). Also prepo«d^;.a: ji^Ml : of ^^ e P^fc&ich mirrora tbit fS? miton- S8S A 
one-for-three strrnr issue. v - T - ---acettfaited for S76.000 fllS.OWh fcwnn«i fn cal fnh Ttfr* b- «.!.« 


one-for-three scrip: issue. r ^.-ac«ffoted for S76.000 (£18,000) v 

Adverse weather, conditionk.' farther items approved huts, 
January and February -Tsre committed.. £BDJ0tK) t£240.000XBr 
rtiratoateti . profits- for those two ^ Tbere was a decrease In cashp 
months. Mr. Telling ex plains. ‘-ah d balances of- -XL 75m against af 
prevented the completion olmany-£8.8m increase^ .' . fe 

contracts. -7 : ■: '-. » • 

.Better ma rgi ns w begfc ' AN GLO ORIENTA L+ f 
nlng to shdw, he says; figures for , — _ . , ^TJli 

the 197S-T9 year.wU] bfe accounted 7... PLAIVXATTONS --r [is 
on comnleledl contracts. •' • -r .i.,i ^wn»-- rtL ■: -r 


so ^f as TUr : Ferguson group is directly involved to -the 
has sara that he intends to aviation todustry and so Aviatkm 
only ’51 - per . cent' of -the tethoUghr To have atbore ioRjcal 
; i ... : future with such a group; -pro-. 

e i P*. diXMtoent ceeds from the safe wflT be 
^or wAE has been delayed awaiting utilised by EMC to reduce bank 
a statement from the -Board borrowings. 

explaining the share suspension - - 

last Friday. The announcement PETER PAN 
2 due shortly and the afinual tjt v cdtc c 
ffieetmz of W-E. m DANtRltb 


on com nletep contracts. • • Vrhe : - ^ Dobldator- '. of Ando feting of W-E, to Manchester ■ 

Results ij^the first ^ Threb^ tw today,- -seems the most likely Shares of Belfast based Peter 
of the current -year show S Pan Bakeries rose 8p to 3Sp 

r-> n , n r« over, nnai maiaysian ... vmioHit on the Tendon 


factory irwrease: ■ w The' r 6^m'£^; yesterday on .the London stock 

year wW show R S5 ; PflRT* T c/ct'ti nv ’ market after news that the com- 
ment and may weS approoch the - : pany is involved to talks which 

1977 results." the chainuSktates. -^UNCONDITIONAL could lead to a bid heing made 

:As a result of some manage- distributiptjs .Acceptances of the re com- f ° r 0,6 bakery concent At last 


Re^Lilts • - ... 

In Op second quarter of 1 978 total sales value 

quartLg of 1 977. Of this about Agarose from 
increased volume. As a;result, volume for the. 
first haff.of 1 978 was nearly 2% higher than in 
the first half of ^977. 

In Europe there was air increase in volume, 
and some improvement in marglhs for 
consumer goods. The results of the margarine, 
detergents and frozen products businesses' 
were weil up on the corresponding quarter of 
last year, including a contribution from better 
jee- cream sales in spite of unfavourable 


weather. However, trading conditions for the . 

industrial groups remained difficult and their 

results vfera'beldw those in 1977, 

" • 

In North. Am erica profits for this quarter were 
higher than last year due to improved results 
from Lipton Inc. 

The UA£! group in total continued to show 
good results. In Nigeria, however, economic 
circumstances are worsening and the 
Nigerian Government has now had to take 
measures to deal with this situation/ . 

The other overseas businesses as a whole did 
particularly well, both in sales and profits. 


totalities, wont In favour of 
Satoysian Inland Revenue, to 
ofcthis it will not be possible 


4PORTALS/SULBY 


:As a result of some manege _ , , 

moot dhiarigeV the oyeriOl; strac^ - . J veated offer by Portals HokUniy, atehtis price the company Is] 

Hire of the group is stronger end,.. ^CJUTVAlJTkC Tim Mlbr-Sulby Engineering Develop- valued at around £208,000. 

now stable enough, fat'.'fte' dlreo- 1 :* akplvivAISAxJ MJtlDm , iment' Company. have been received ' mvi m - j v n»c>/^rTrm - I 


14th August, 1978 

Unilever Quarterly Results ere reprinted m leaflet form. 

If you wish to be included in the mailing list for these leaflets please write la Z 
Information Division, P.G. Box 68, Unilever House. London EC4P4BQ. 




•Some of RAT’S reorat successes reouesL been satisfied, it has accordingly owned Shaffer Clarke, the UJi- 

have been in raerchuittog .- and '... ■ Tlie market capitalisation and become unconditional to ali re- importer and distributor of 
maintenance service^ division*,. diarehp] ding position is such thaf spects. speciality foods including UK’s 

which are being, fostered* and an adequatemarket in the security ; (The. total number of Sulby range of Carr’s Biscuits. . , 
encouraged to expand . as fast.** cannot, be maintained. The eam^ .shares to respect of which accept- Shaffer, which last yearjgeheir- 
poRstble. , pany Is a' subsidiary of Deben- apees have been received (todud- ated sales of around £3m, was 

Mr. Telling adds that there&re haxns. . . . . tog . shares represented by accep- formerly owned by the . Shaffer 

' --- tances which are not complete to family. A spokesman for .TIB said 

__ - a tn -m'nnnmwmm^.r ■ '' "■ : ' ml respects! is 3,136,900. The re- that the British group will be 

RESULTS AND ACCOUMTS fN BRIEF ; rtaatoing M.000, representing Sr able to ^expand Its range of qutoity 
anglo - ntTEKNATjo|iAt .fRVtisT. . j(TRA. R(f*iisR «jwtatioiis— V ai# WT-ceot of the capital, are being biscuits oemg sold to the US. 

SSSSS&SSoi -rJ&gSiStte^JggEti- JERGUSON-TRESS - 

^ Portals. . . . : - of tto tonnes 

“SIZ"" JggJSS.SFiZSZZ*" “ “? ^VVRSTMFNT TRUST to™” 1 * »f 

1 £860.978) for r«ar ID Man*. ja,:. are.. r y Ii\ V fci 1 IV1 1 [N X 1-KUM have been, sold on the recommen- 

*ffl ^CORPORATION - - of t 

ia i3pj. Dividend 5. per rant (4J ner ■ lucmnc unit w.i7ai, -wtUe Oct- 5. ? TjPossf und Assets now owns 87.01 -£2o0,000 to Copes Regulators— the 

Jbm it conver^oh trust ruitoC mn cent of the ordinary and 85.23 W' sister company of Jerguson 
c U E ? r sg Tl 7P : H5l ri Er '-tm- t 1A> wt per income unit fi.Soi. 'per cent of the preference capital to the UJ5. and part of the Whites 
^ S « ^ treatment Trust Corporetioo. Consolidated Croup. 

S , ^ASSOCIATES DEALS AE/FLUIDRrVE„ . 

un ^ ts Lgp ‘ ^J-‘- Hpor-y Schroder Wage has Acceptances of the -offer- by 

ifrfi, ,tBwm . .t-mosg-- ' (xwu mft tct ig vr - TOclmsed -47,800 Imperial Croup A^octated Engineering for Fhti- 

FLAG IMVgSTMEMT ■ xoMpjMY-- j4s»uc ngmMnsa). B*™ 1 **^® S^Si'P and 1.000 Bowater ord at drive have been received in 

Penults for rot- to J«ig»rl87g. alrrady yfear to Vwdi n , - lfo ranor red %9p qq hAhaff of associates^ respect of 342,481 shares. 

kn “™; tire nee, Prust has bought 800 These, with shares held by AE 

?*. :^>l^£SS^d- at ISlp. foTa dis- on July 6 and shares acquired, 
tfi e nL total 537 per cent. 


i weeing Frt7 7n oapanty ranraea pwtnents. - ’ 4,._ ’. 

P>^5^T«ust fuho-‘ '-ASSOCIATES DE.AJLS AE/FLUIDRIVEvl . 

un ^ ta Lgp ’-9*31 Henry Schroder Wage has Acceptances of the -offer- by 

ned t6 mim ? Sot SwC_-W.. - 2 AoMwrtJtoH r„^«pri ni , w «?h,L 



R -47,000 Imperial Group Associated Engineering for Fhil- 
id 1,000 Bowater ord at drive have been received in 
shalf of associates- respect of 342,481 shares, 
e, Prust has bought 800 These, with shares held by AE 
ord- at ISlp for a .dis- on July 6 and shares acquired, 
client total 5.27 per cent 

i, LoebT, Stanley has. 

,008- Tebidy Minerals at CITY OFFICES 
shall, of Mining Invest- Commercial Union Assurance 
■po ration. Also bought Jias acquired by way of a pla cing 
tog Investment Corpora- 400.000 new ordinary shares in 
ip on behalf of a dis- City Offices. '-■■ '• - v " 
wetiotiary investment client On Thia acquisition brings ClTs 
iAoguat 10 they bought 50,000 holding to 2^75,000 shares, or 
TWddy at B6p on behalf of Mining 8.40 per cent of ' the enlarged 
tovBStment and bought 23,000 capital 

4 : SHARE STAKES 


MOORGATE 

INVESTMENT COMPANY UMITED 

Year ended 31st May 1978 


• Earnings up 25-2% 

• Dividend up 25-0% 

• NetAssetValueup 27-5% 


Desmond A. Reid 
David M. McAlpine 


Directors: 

Brian A. C. - Whitmee, F.C.A (Chairman) 
Bryan R. Basset 

The Hon. Peter M. Samuel, M.C.,t.D. 


James E. A. R. Guinness 
Anthony R Simonian 


Extracts from the Chairman's Statement 


S P. .X -,e Lilley: Mr. P. J, C. 
JUl toy disposed of further 100,000 

■ Ordinar y share s and HOW hO«t3 

4S1U1WM538 per cent). _ 
’jMetelrax (Holdings): _ Thr0£- 
toorton Tnst disposed of 25,000 
mWtoary shares and -now holds 
(553 per cent). . • . - 
- Alexander Howdea Group: Mr. 
% J. Oaeruter, director, sold 37,125 
tirdtoary shares on July 21, 1878 
at l69p;'K await Investment OfBce 
K8S - August 3. 1078, -25.000 
fflores. redutung total interest to 
0£J2£00 (7,<M per cent). Follow- 
tog directors have been granted 
options to subscribe after August. 
3t_’i081 for the company's shares 
at-prifce bfTGLgp: J. R-Carpenter 
a^BOQ, N. 3: A. Glover 50,000, 
m-V. F. Barnes 80.000. C L. R, 
■Spilt 80,000, C. A. Llmood 30.000. 
KjC. Ltodqyist 80.000. A.' J. Page 
80,000. G. I?. Pope 20,000. I Hi 
30,000. N. . S. Reynolds 
SO^OO. Ji A: - Turner 30JKM. and 
J, G. Varney 30,000 shares. - 
Simon Engineering; Prudential 
Assurance: Company ilow holds 
1,318441 -ordinary snares (634 per 

ceqo.- • 


Berlsfords— S. ’ 3. : .- Sebire, 

director sold 15,000 shares at 0Q|p 
on August 8. . 

Aurora Holdings— on August 8 
IT.C. Pension Trust Jointly with 
IT C Pension Investments was 
interested In 3843^ shares and 
Courage Retail Managers Pension 
Fund to name of Barclays Nomi- 
nees (Lombard £t>— in 40,000 
shares. Imperial -Group' was also 
interested to these holdings. 

. ..Coral Leisure Group— B. Coral, 
director, disposed of 2,500 shares 
at 102p and 250 0 at 104p bn 
August -7. 10,o» at iMp. on 
August S and 5,000 at 205p on 
August 9.. 

A. F. Buigin— Mr.- R. A; Bulgm ~ 
a director, has sold 94JM0 “A” non- 
voting ordinary stock units, • 
Cope Sportswear— Mr. G. M. 
Cope now holds 340IW ordinary 
shares i3&37 per -cent) having 
sold st^so;. ■ v*. ' 

Land ; SeenriUes - investment 
Trust — Mr. F..P. -W. Maynard sold 
15, WH) ordinary, shares on July 31 
‘ and ■ 15,000 Ordinary shares on 
Apgust2.' ’ ■: 


POLICV Our policy continues to be to Invest mainly In smaller compani8s and in companies 
. where the market in theshares tends to be narrow. 

REVENUE Earnings are up from 3-245p to 4-064p per share. The dividend for the year is 3-82p 
per share against 3-055 p per sh a re forthe previous yea r- ■. -■ - • 

Dividends over the past three years have increased by 88£%i_We'h 0 pe, as usual, to be ab!e to raise 


the dividend for the currentyear. - 

CAPITAL. The net asset value of th& Compahy> ordinary sharB&rose by 27-5% to 1 04*9p per share. 
This performance compares with a rise of 16*396 inthe F.T. Ail-Share Index and a fall of 5-996 in 
.the Standard 8t.Pooris Composite fndexafteradjusting'forpremitim and exchange rate. • 

-pie net asset value has multiplied over forir times from I960 (when the Company was formed) to 
31st May .1978, which compares with a rise in the F.T. 30-Share Index over that period from 322-6 
to478-8. " 


Copies of the Report end Accounts can be obtained from 
■ ; Philip Hill (Management) Limited 8 Waterloo Place, London SWf 4A Y. 









28 


Daejan encouraged 
by outlook 

BECAUSE] OF the inherent appreciating and second, to nego- 2.B4p interim dividend paid on 
.soundness nf its structure, pro- riaie an extension of the loan, March 3, 1975, represents, almost { 
&pccb> of Daejan Moldings, the equivalent to some £15m. exactly, the maximum permitted 1 

property investment company, are An a^reeipent in principle has for March 31, 1973, year, they 
and will continue to be encourag- now been reached with the com- add- 
ing. says Mr. L. L. Tobin, the pany's bankers for this borrowing 

to be extended as a medium term 

0.28p dividend 
from Smith 
Whitworth 



chairman in his annual statement. 

As already known, profits 
before tax advanced From £l.H4m 
to £2.47m for the year to March 
:si. 197S. Earnings were lO.Sp 
<ti.61p) per 25p share and the 
dividend, n.UfiTop Ui.925p) net. 

The company has a Swis Franc 
loan due for repayment in 
December 1078, which was taken 
out in 1073 to finance the pur- 
chase of the .Strand Palace Hotel. 
However, because of the con- 
tinued decline in the value of 

sterling since then, substantial 
losses were incurred which have 
been written off to capital 
reserve, the chairman explains. 

Sterling depreciation was 
largely responsible for the fall in 
the company's net asset value 
from 151p to 128p per share at 
the year end. he adds. 


BY KENNETH MARSTON, MINING EDITOR 


stcrfJnc loan, which the directors 
consider to be a very satisfac- 
tory solution. 

Mr. Tohin states that this will 
have the r-vn-fold effect of elimi- 
nating further drains on reserves 
and also of substantially reduc- 
ing short term loans. For year ended March 31, 

He is hotwrul that the Strand 39 7S. attributable profits of Smith; annoum.-» 

Palace Hotel rent reviews which Whitworth have shot ud from I F 181 “ a tldying-up operation it 
will take place during; the cur- £34 
rency of the extended loan will ^ reserved with 
themselves alone enable a suh- recommendation. 


Impala earns more but 
starts paying tax 


sfaniial portion oF losses to be 
recouped and added back to capi- 
tal reserves. 

In addition, the directors look 
forward to a substantial increase 
In many other items in the com- 
pany’s portfolio. 


LIGHT AND SHADE filters previous year. An unchanged other Impala shareholders and 
through the results- for the year final quarterly- dividend is changes its name, 
to June 30 of the General Mining* declared of 20 cents which makes The result will be that all share- 
union Corporation group's impala a total for the past year of SO holders will retain the same effec- 
PlaJInnm which also announces cenis against 70. cents for 1978-77. tive interests In Impala as at 

SiWfwVSSd dividends^ taU BISHOPSGATE KSS^pS^M JtoWtefc T& 

£34^19 to £129.404. and dieUgdi. of Btahopsgat/ Ptatinum. pr ATTNITM ?22 

P | The good news is that thanks to "LA 1 111 UM be: Union Corporation 49 per 


a 


as 0.35 p 


Meeting. Connaught Rooms, Earnings arc given 
W.C. September 7, nocn. (O.STp) per op share. 

Principal activities of tbe group 
are the manufacture of textile 
and special purpose automation 
the company. First, the necessity Directors of Gordon and Gotcb machinery and steel fabrications, 
of taking the earliest opportunity Holdings say that owing to the In the first few months of the 
in eliminate the Swiss Franc loan continuation of dividend controls, current year there has been a 
sn as to avoid future losses in the final dividend of 2.84p high level of activity throughout 
the event of sterling value not announced will not be paid. The the group, the directors report. 


He says the directors therefore 

had 10 solve two inter-related fiOROON & fiOTCH 
problems of vital importance to UUlcn 


JOINT ANNOUNCEMENT BY 

BISHOPSGATE PLATINUM LIMITED 

AND 

IMPALA PLATINUM LIMITED 

(Both companies incorporated in the Republic of South Africa) 

Following discussions between the directors of Bishopsgace Platinum Limited 
(“ Bishopsgate ") and Impala Platinum Limited (“Impala the boards of both companies have 
decided that it would be appropriate and in the interests of their shareholders, chat the 
effective equity interests in Impala should be consolidated into a single company rather than be 
divided, as at present, between shareholders having a direct interest in Impala and those having 
an indirecc interest through their holdings in Bishopsgate. Bishopsgate at present owns 21.68 
per cent of the capital of impala. Accordingly, it is now proposed chat Impala should become 
a wholly-owned subsidiary of Bishopsgate. 

To give effect to this, it is proposed that; 

(1) With a view to limiting to a reasonable quantity the number of shares which will ultimately 
be in issue, Bishopsgace will initially consolidate every two shares oF 10 cents into one 
share of 20 cents. Bishopsgate will thereuoon increase its share capital by creating so many 
new 20 cents shares as will be necessary to enable it to implement the proposal. 

(2) Impala will take the necessary steps to reduce its share capital by cancelling all its shares 
other than a small number held by Bishopsgate and its wholly-owned subsidiary. Gate 
Placmum (Pry.) Limited ("Gate”), which will result in Impala becoming a wholly-owned 
subsidiary of Bishopsgate. 

(3) As consideration for their agreeing to the cancellation of their shares in Impala. 
Bishopsgate will issue to all Impala shareholders (other than itself and Gate) 45,150.000 
Bishopsgate shares of 20 cents e*ch. This will result in those shareholders having the same 
effective indirect interest in the equity of impala as was previously held directly by them. 
The indirecc interests of existing shareholders of Bishopsgate in Impala will remain 
unchanged. 

(4) Bishopsgate will change its name to Impala Platinum Holdings Limited ( " Implats "). 

(5) Application will be made ro the Johannesburg and London Stock Exchanges for a listing 
of the additional Bishopsgace shares to be issued as well as for the existing shares in 
their new form. 

A circular giving full details of the proposals, together with a notice convening a general 
meeting of Bishopsgate shareholders for purposes of passing the necessary resolutions will be 
sent to Bishopsgate shareholders as soon as possible. 

The directors of both companies emphasise chat these proposed arrangements wiil have 
no effect on the ultimate interest in Impala of any present shareholder of either Impala or 
Bishopsgate. nor will the future earnings, dividends or net assets attributable to any shareholder 
be affected. 

Ori behalf of the Boards of Directors 

For: Bishopsgate Platinum Limited For: Impala Platinum Limited 

K. C. WHYTE I. T. GREIG 

Chairman Chairman 

Johannesburg; Mth August 1978. 


IMPALA PLATINUM LIMITED 

(Incorporated in the Republic of South Africa) 

DECLARATION OF DIVIDEND AND PRELIMINARY PROFIT STATEMENT 

The directors have declared a final dividend in respect of the year ended 30ch June 1978, of 
20 cents. South African curency. per share, which will absorb R2.400.000. Dividends in respect 
of the year have thus totalled 80 cents per share absorbing R9.600.000 (Year ended 30th June 
1977: 70 cents per share absorbing R8, 400,000). 

PRELIMINARY PROFIT STATEMENT 

The unaudited consolidated income statement for the year ended 30th June, 1978 and com- 
parative figures for the previous year show: — 


Group profit for the year (Note 1) 
Less: Taxation (Note 3) 


Group profic after tax 

Add: Minority interest in loss of subsidiary 


l279 cents per share — (1977: 268 cents per share)) 
Add: Retained surplus brought forward 


Available for appropriation 


Dealt with as follows: 

Amount transferred to reserve for expenditure on mining 
assets 


Dividend to shareholders of Impala 
Retained surplus 


Year ended 

Year ended 

30th June 

30th June 

1978 

977 

R000 

R000 

44,703 

33,125 

10,678 

992 

33,425 

32.133 

1 

18) 

33,426 

32.125 

10,381 

11.408 

43,807 

43.533 

23,800 

24752 

20,007 

18.781 

9,600 

8.400 

10,407 

10381 


NOTES 

1. The increased profit for the year is mainly due to the higher prices obtained for . latinum 
and certain platinum group metals in die first half of 1978. There was also a slight increase 
in che volume oF sales. 

2. The profit for the year has been arrived at after accounting forthe undermentioned items: 
(a) Interest on borrowings — R6.B02.000 (1977: R6, 76 1.000). 

<b) R 1.896. 000 (1977: Nil) was written off the Rota Tube research and development 
project as the outcome of this is uncertain. 

3. During the year Impala became liable for tax, having utilised its tax loss. During the 
current financial year, in addition to being liable for normal tax, Impala will become 
liable for payment of State’s share of profits in terms of its mining lease. 

4. Capital expenditure during the year ended 30th June. 1978. amounted to R 14.885.000 1977: 
R9. 18 1,000). Capital expenditure for the current year ending 30th June. 1979. is expected 
to be of che order of R 18,000,000. 

PLANNED PRODUCTION 

The present planned rate of mine and refinery production for the current financial year is 
750.000 ounces of placinum. 

MARKET 

The year under review saw a pronounced improvement in the market for platinum which made 
possible a series of increases in the producer price which is now 240 dollars per ounce as 
compared with 162 dollars per ounce a year ago. 

in pare, this improvement in the market has arisen from a better supply/demand balance and 
running down of excess stocks. It also reflects the continuing weakness of the U.S. dollar in 
relation to other currencies and the consequent speculative and investment movements out of 
that currency into commodities. The market continues to be firm with platinum trading on 
the free market at a premium of 20 dollars ro 30 dollars above the producer price. There 
has also been a slight improvement in the market for the other platinum group metals. The 
market for nickel continues to be depressed. 

On behalf of the Board 
I, T. GREIG. Chairman. 

R. C. BOVELL, Managing. Director. 


London Secretaries 

Union Corporation (UK) Limited 

Princes House. 

95 Gresham Street, 

London EC2V 7B5. ‘ 

14th August 1978 


Registered Office 

Union Corporation Building, 

74/78 Marshall Street, 

Johannesburg 2001. 

(P.O. Box 61356. Marshalltown, 2107). 


114p yesterday. 

SOUTHVAAL 


This is the maximum possible » P* p ' a n c _ e An ^creased final dividend for 2m- Industrtal-Seleetjoiis-NaHtTOl 

after the payment was missed last| the platinum market this year, ^e year to June 30 of 35 cents. Selections 10 per- cent;, and 

year. j the r r t 7 r ?°^ tn ^? can , prQdU H & hv makin S 9-2 cents against 7.1 cents. Canada’s Inco 9 per cent. Shares of 

Profit before tax fell from Profit before tax has advanced by is declared by . Bishopsgate Bishopsgate Platinum rose 2p to 

£34304 to £10.329, but tax and; 33 per cent to R44.im (£2-i.Sm) Platinum whose major interest is 

extraordinary credits push up the after writing oft Rlita from the a stake' of 2L68 per cent in 

attributable balance to £129,404. j Rota Tube research and develop- impala. It is proposed that 

ment project. Impala shonld become a wholly 

On the other side of the coin, owned subsidiary of Bishopsgate ___ Rt „ nf - 

the company s tax. losses have —which was floated early in 1973 Half-year net profits of South 

been fully absorbed. This means —and that the latter should Af . nca 3 - SoatowuU Holdings 

that a tax charge of Rio.-BSm has change its name to Impala j* r,sll1 S t V" u . •?**![?*£ 

appeared for 1977-78 against only Platinum Holdings. but not “ e 1 m KfSKSuT 073 itw p — 

Rim in the previous 12 months T ■ _ - , . . amount to Rlio.000 against 

and that in the current year J l 13 considered that the various R 173 .OOO a year ago. But it is 

Impala will be liable not only for “Jf rests in pointed out that the royalty due 

normal tax but also for the pay- . should be consolidated to Southvaal from Vaal Reefs 

meat or the State’s share of a smgle company rather than during the period is estimated at 
profits under the min!n» lea^e. tr ? e Present division between RULSxn compared with R2.29m tn. 

Capital spending th£ year is those indirect . the same period of last year, 

expected to rise afresh to RISm v, “ “isnopsgate. These royalties accrue to South- 

from Rl«Lflm in 1977-78. Planned So it is proposed that Iraoala vaal from the mining of Vaal 
production is put at 750,000 ounces cancels all its shares other than Reefs' south lease. The amount 
of platinum against about 700.000 those held by Bishopsgate: the of royalty is only determined 
ounces in the past year. latter company consolidates every when the year-end profit from 

After deducting tax, Impala's two of its existing 10 cents shares Vaal Reefs’ operations, in the 
net profit for 1977-78 comes out at into one of 20 cents and increases south lease area is known and 
RKUm. or 279 cents per share, its share capital; Bishopsgate the final amount of capital 
compared with R32.1m in (he then issues 45.15m shares to the expenditure has been established. 


U.S. moving towards mining 
of deep ocean floor 


THERE are growing expecta lions language declaring that 
that Congress will enact this scs- treaty should allow existin 
sion a Bill authorising U-S. com- 
panies ro mine minerals from the 
deep ocean floor, it is reported. 

By a vote of 16 to one. I he 
Senate Commerce Committee 
approved legislation setting up 
in the Commerce Department a 
system for issuing permits to 
mine nodules of manganese cop- 
per, nickel and cobalt from the 
deep Pacific seabed. 

Like the previous House Bill, 
the Senate Commerce Committee 
measure omits any plan for in 


any 

U.S. 


Pacific Copper 
agreement for 


has signed an 
a subsidary of 


mining operations to continue America's SL Joe Minerals Cor- 
when it lakes effect. This is in- po ration to acquire a 35 per cent 
tended to be a signal tbat the equity interest in Pacific Torring- 
Senate would not ratify any ton wolfram mining venture in 
treaty tbat places seabed mining New South Wales, Australia, 
entirely under the control of an 


Financial Tfon es Tuesday August 15 197S 

Hallam Sleigh 

rise 



With xaies higher at £2, 12m receivable approaching £5.am and 

■*jS as s’&sp.fi sasa 

the directors pointed out that the from J2.4im to BMn m 


comnanv’K largest customer did proUt was exceptional and m 
2?5Xi dSSriw for orer a be cannot foreeast equivalent 
month— this had made a dent m rises “*28 


but they hoped tbat the industrial lotting market 
fiS2S?i £$ shows some improvement. 

SsmSlned at the half year. At balance date property 
••Tliev said that they were were shown at £33.Cf2m tgSLJBm), 
confident the company would not current assets > were 
make further progress m ifi.TDm) and current ISaoimrcs 
increasing sales and profitability, £L67m (£3.83m). 
although this might not be fully Meeting, 100. Old Broad btrvei. 
reflected in the full year's rraalfe. E c, September 7 at noon. 

For the whole of the 197IH < 
year, a record £137,000 taxable 
profit was reported. 

The directors now say they 
have no reason to doubt th at the 
gradual improvement m profits 
over the last two years wifi not 
only continue but accelerate. 

• Net profits for tb® "^5 * 

period were £45.000 (£34JHW>. On . 

increased capital, the net payment haoI aI fnr has bceun well with a 
is lifted to O.STp <0.26p) per 10p record intake of new coinage 
share, but as dividend restraint orderS : iu r . B. J. Bard, the ebair- 
has not been lifted, the directors man> tc!Ij . mem bers in hs annual 
say the forecast additional O.o4p {jiatejnem. 

for 1076-77 cannot be paid. trading profits 

In March when Ihc substantially higher than m 

acquisition qf Tronsmptob* met S^^yeare. he says, and 
by a placing of shares, the J™ parls of thc group 

!£rt« ” th^TrcasuS had" bSn participated in the imm. 
fiSH to** increase STJL S 

SF&C the current year t0 

of Transirip. which for lions tha; this trend will continue 
thehaff-year earned £14.000 through the second half- 
proGL on sales of X3S3.0Q0. are As known pre-tax profits lor the 


Birmingham 

Mint 

starts well 

Thc current >*car at Birmlng. 


not included in group results. 


Allnatt chief 
S66S £4m 

Mr Leslie H. Smith, chairman net current assets were down at 
of Allnatt London Properties iO-Tm (£ 0 J 9 m). A statynt M 
FhrfH-astK a nrc-tax profit of £4m source and _ aPP heat on of funds 


year to April t. 1978 ros« from 
£364*880 to £383,733 on turnover 
of £9.0:>ni against £8.7Sm. Earning;, 
per share are T6.8p (9.3P) 2 nd the 
dividend is 4.S6p (4.35p). 

Fixed assets as ai April 1. 197S 
amounted to fl-'Jiim illaOmi and 


shows a net outflow of funds pf 


with ''“ h " n ,nflw ' of 

SRim Aren’t “ntt. Blrmm e h,m. .September 

roll in excess of £5,5ra, rents 7 at noon. 


international authority. A new 
four-week session of the Law of 
ihe Sea Conference is scheduled 
to start on August 21 in New 
York. 

MINING BRIEFS 


soring mining compass against JSttUnSSKStt t0BS PCT h0Ur - 
losses resulting from any future Tons ore treated 9.U5. .tswivj iouaccs 
international 'treaty regulating per toot bom. Frae kow produced ■ 

seabed mining. • ' lounces) SS&. Fme silver prodrxvd 

-ounewr SfiSj. Edk- Creels Allmnals: 
t-me sold produced i ounces) 11.4. Fine 
sih-er produced C ounces' 103. Tnbuters: 

Fine sold produced (ounces* 610. Fme 
silver produced 1 ounces) 5S.6. 


The agreement calls for 
reimbursement from St. Joe 
Minerals for a proportionate part 
of Pacific's expenditures so Tar 
at the Torrington project. 

Tt also requires St. Joe Minerals 
to provide about CS2m (£897.000) 
in capita] funds to expand tbe Tnr- 
rington plant to operate at 100 


C0N2INC RIO-T1NTO MALAYSIA— Sri 
Tun ah production for idly 167.44 tonnes 
■June 146.25 lotuses. 

PEKO-W A LLSEKD— 

PRODUCTION’ REPORT: 

Warregfl Mine 

Year Year 
1977-7S t9,-fir7 


N. Brown 

Investments 

confident 


NOW THAT N- Brown Invest- 
ments has reduced both its 
borrowings and its areas of un- 
... (tomes) 2«.535 265 . 22 s profitable turnover Mr. D. 

. .nomwsi 3.s?a 4.4M Alliance, the chairman, feels the 


A different version approved 
earlier by the Senate Energy 
Committee would provide Federal 
insurance of up 10 3330m (£17$m) 
for any U.S. company with losses 
attributable to production con- 
trols or other terms of any future 
regulatory treaty. 

The Carter Administration .-up- 
ports enactment of a. seabed min- 
ing Bill, but without any insur- 
ance guarantees. The Senate prob* *«■<>««* 

ably will choose between the S?SP cr • urm miu . — ----- - . 

Commerce and Energy Committee g^rath mm {£5 45 ,n ® bet j er healthier 

versions w ith a floor vote, but ’ ' naograBUi ' jl " 6B state to take advantage of any 

first the Bill must, make another or#« maicd > tonne* > — 12.124 recovery in trading conditions.' 

stop at the Foreign Relations J* 0 ?** — .mobbcm — 37 The benefit of recent re- 

Committee for review. h Z J™ organisations and improvements 

Progress of the 5 ' Bill in Con- Mourn Morgan mow ‘ wJJ be increasii«]y felt in the 

gress is being watched closely by omburdtn removed future. But considering the men 

deleeates to the ( United Nations ■ itoncest «7.S30 sslots cost of its campaign to increase 

uS* of tiie La ^SceTwSS ££** J^SSSI ^’2 i 15 share , of * he ^retail- 

has been trying to negotiate a Go?d < ounces j blW5 43.053 j!* iJJJFfui' 107^79 

treaty regulating seabed naming, xira isiamt Mine dieting the outcome for 1978-79. 

Delegations from under-developed 0r « tre»ied 'toanesi arsjiii msai However, he says directors have 

countries have been arguing for Tan « lic ‘*2*' cver Y confidence in the future, 

a regulatory system that U.S. TouJ pnxiocuon 53s.issj3.i64 In the jg, 1973 year 

companies siy woiild inhibit their coppw 'tooDtai osro 10.029 the group changed its terms of 

plans for 'independent mining com rounces* 134495172.241 selling to the “option credit" 

operations. Bismuth iktiasramsi.so3.406 7W.«o system as used by the leading 

Until lut year, the State De- T ” £5 “ TrS.'™.'., em.m mix “T? 11 “ft onhmieatiahS 

G artment bad opposed any uni- silver- (ounces > 35.133 5L347 Mr. Alliance says this has 

iteral UE. mining legislation in PeUm & croiiey Collieries meant customers hae tended to 

case it should offend the under- washed coal . ..1 tonnes) ru.sai s&i.sk pay off their accounts more 
developed nations and disrupt'tbe washed a»i > sales* _ quicklv. therehv reducing debtors 

Law of the Sea Conference. uonnesi 633.022 .vorre- and substantially improving nroun 

However, Mr. Elliot Richardson, cunnedah Cautery ” cash flow. Conseouentiy hank and 

the U.S. ambassador to the Con- coal sales (tonnes 1 3oasos ssa.oii other borrowings have been 

Ference, has given Congress a Ctrai — ( tonnes 1 297,345 Not re- J 


ported 


green light to pass a Bill -as a 
way of impressing other delega- 
tions tbat LLS. companies . are 
going to mine seabed nodules re- 
gardless of whether a treaty 
exists. 

Any Bill that passes is likely 
to contain “sense of congress" states that, its Australian affiliate. 


PACIFIC COPPER 
IN ST- JOE DEAL 

Canada's Pacific Copper Mines 


WORLDINVEST INCOME FUND 
DIVIDEND ANNOUNCEMENT 

The Trustees - of Worldinvest Income Fund are 
pleased to announce a $4.25 per share distribution 
to shareholders in respect of the half-year period 
from December 30th, 1977 to June 29th, 1978. 

Coupon No. 3 may be presented on or after August 
31st, 1978 to any of the following paying agents: 

Bank of America NT & SA. 

St. George's Building, Ice House Street, 

Hong Kong 

Wobaco Trust Limited, 

50 Shirley Street, 

Nassau. Bahamas 

Bank of America International SA, 

35 Boulevard Royal, 

Luxembourg 

Wobaco Trust (Jersey) Limited. 

Union House, Union Street, St HeHcr, 

Jersey, Channel Islands 

Payment will be made subject to any applicable fiscal 
or other regulations within fourteen days of such 
presentation. 

WOBACO TRUST (JERSEY) LIMITED 


COMPAGNIE FINANCIERE DE SUEZ 

Soci6t£ Anonyme registered in France with a capital of 926.1 10,600 Fr 
Regdtercef Office: 1, rue d’Astorg, 75008 PARIS 
Financial year: from January 1 to December 3T. 

INTERIM STATEMENT OF INCOME— 1978 

(compared with 1977) . . 


Portfolio income 
1st quarter 

1977 

Francs 

21.096Ji9l 47* 

1978 

Francs 

4,910,65833 

184.567.777.23 

2nd quarter ...... 

1 H «ft 3 794 U 




174,779,890 .83 . 

[89.478.43556 

Total amount of other 
1st quarter 

income 

5.669.879 87 

X885J267.Q2 
- 171.198.40 

2nd quarter , 

33.776^58.69 . 



general-total 

39.446,538.56 

214.226.42939 

2.714.068.22 

192.192304.18 


■ Of which Frj. 17.59L286 arose from the exceptional distribu- 
tion made by Cotripagnje Financiers du Group® Victeire. in January 
1977, within the framework of its reorganisation operations. 

London 10th August 1978 


reduced by £1 Jim. 

Also, the new policy has allowed 
the trroup to materially reduce 
selling prices and bv this move 
stimulate .demand, Mr. Affiance 
sa vs. 

“We are thus in a position, sub- 
ject only to the availability or 
funds, to expand our business at 
a faster and more profitable rate 
than hitherto.’* 

The group already has the 
physical space • and fived over- 
head base for quite considerable 
future growth, and directors aim 
to maximise the possible advant- 
ages of this position in the next 
few years. 

As previously reported taxable 
profit in the latest year advanced 
from £798.162 to £808.914. 


Anglo-International Investment 
Trust Ltd. 

INTERIM STATEMENT 

Revenue for Half-year 

Revenue after expenses but before tax for the six months 
ended 30th June, 1978 amounted to £163.176 against 
£169.111 for the same period in 1977, and taxation tor the 
half-year was £61,002 against £60.570. 

Interim Dividend Unchanged 

An interim dividend of tp cash will he paid on 5th 
October, 197S to Dividend shareholders on the register 
on 4th September. 

Asset Values Higher 

On 30th June, 1978 net assets were £6,414.455 equivalent 
to 227p per Asset share (last year — 203p) taking quoted 
investments at market value. 

All figures are unaudited. 



HAT 

GROUP 


LIMITED 


specialists to the construction industry 


Results forthe 1 2 months 


to 28th February 
Turnover 
Profit before tax 
Profit after tax 
Earnings per 1 0p share 
Dividend 


£00Q’s 

1977 

57,752 

3,105 

2.311 

7.6p 

1.80269p 


1978 
64,357 
2.090 
1,625 
5.3p 

2.011 6p 

Unforeseen circumstances apart I am confident that after 
two rather stagnant years we are now set to move forward 
with increased profits. 

A. C. V. TELLING, Chairman. 

C opies of the amuial report may be obtained from 
Tbe Secretary, HAT Groop limrted. Barter Wood. Wnogtoo. Avon BSJS7SA 


r 


Record year of profit 
despite uneven conditions 


Financial Highlights 


1978 

taoos 

26.733 

15,106 

3.802 

3.662 

2,670 

6.3p 

32 5p. 

44.50 


• 1977 
£0003 
22.737 
14.101 
3.<W7' 
5.606 
2.605 
5, op 

37-Op 

5 np. 


Tumeiver 
Overeeas soles* 

Trading profit 
Profil before ias 
Profit after lax 
Dividends per share 
Earnings per share on 
prom after laxation 
Earnings per share on 
pram before taxation 

"iKec no* include a sufrstonfW ompoitfcr • of 
gooefc JO*d m United Kingdom but*«ocfled m 
port of 'Other mamrfoc luosn' praduc K. 

Points from the Review by the 
Chairman, Mt L V. D.Tindale. 


The year under review.began . 
with poor order books and as these 
improved we were then plagued by 
industrial action.The resuft was a 
depressing firetsix months.The second 


six months however showed much • 
improvement, producing record 
pre-tax profits. 

Despite the difficult trading 
conditions major developments 
continued at an expanded pace. 

A substantial warehouse was acquired 
in Greater Manchester, a joint 
operation established in Ireland and 
there were acquisitions in the 
distribtfion and manufacturing areas. 

rrafo + »S?f r5 ( a ' 13 in higher 
rate than last yearthough bettertimes 

cannot be predicted with certainty 

Nevertheless I shall be disappointed 

jrthe figures fornextyear are notan ' 

improvement oh those for 1977-78 

l»'-lfoSSSSSSs , • 

•Strand. London, on 24th August 197*8 at 
12 noon. 

Copies of the Report and 
Accounts may be obtained from the 
Secretary Lever Street, Bolton. BL3 6DJ 






CHOLDIIMGS3 LIMITED 

(H-, ii'aulL Engineer:;) 










. Axigi^- ^ 

:f ^Vjajiie of the Pound 


Currency, Money and Gold Markets 


JSrJSSt be !° w th “® forai gn ; mn^oiaes to the sterling area other than * (P) based on tJ.S. dollar parities 

ailabla rates of Gidhangje : which .they am tied.. : . . Scheduled Territories; (k) and - going sterling dollar rate; 

- Batcftmfee iff -tbfrgff an$ mogt Scheduled Territory; (o). official <Bk) bankers’, rate; (Baa) basic 

currencies on August 14, 197& In of t he crf^ies listed Is nfficlally rate; (P) free. rate:. (T) tourist- ” te: -- <cm >> commercial rate; 

some cases rates are oominah- controlled idd tbeVhrtes shown rale; (me.) non-commertial rate- convertible rate; (Fn); 

Market rates. are the average^ should not be take* as .being fn.a.) not available: (A) approxi- “SSf™ 2“L . ' 

buying and sailing Tates except- applicable to m . 'particu lar mate rtle no dlrect Lotarton Sharp fluctuations have J*»n 
where tto, ^ie stevrt. lfl- he '■traritartlon wairoCrdWe to . ‘ cly .."! *• f ««>™ 

Otherwise. In some oases Barter te'aoftortKd dhiler. hgSSrJSr “ '! SfVt mart ' L ■"“> *• 

retesjave tete^SS&n. ibb^etioiw: (C««nh.r of f«C?exXV TrMcaTS SSSJTlS.^ff&^£S 


Thee imdLdoaLUjilt- 

Af g-hnirfutw n ATyhirrrl * ‘ ' " J 

Altasda« 

Algeria^ DuWr . . 

Aagote :'- 

Antigua ,tS)_ K^CMMMBUft t 
Ai^eoUoa —.Ar.PotpTneSj 
AlUtnUkfS) ^ AnrfiihU MiS . ■- 

Austria .- 

— Airtsa^nffiaSo 
Bahaa— (S) B*. Dollar 
»«mtSs5fe»b(S) Uma- ! V . - 
Bahrain la)-. O'kmx t s 
BoJewii- Imto. Hpu. Path . - 

Utrtadw CS)^Jkztwdni Stt 


Belgium S-Tramr/* •' ' 

B 9 ’■* 

Ben® C.P'.A.'FnDO ' 

Bermuda (5) _Bd*_X-- - -.i 

BfatiUq Indij m Pni i pf • 

Bolivia BoUviqj^'faaQ . 

Bots»ran»(5).: PWp" 

Bnril-— CfuzArtro {J 
BrVIrrisj8(bl UA f : -sy 

Urn™ tiff.—-. Hiwinofj a ’■ -■ 

Bnlg*ria...._ J^rr , . : r 

Buoto.^;. Kyat - . 

Burundi Burundi Prioo . 

CuBBro'nSp C.Y.A. trine 

Cuvdi >Oaudau| ' 

Cantu; Iwleu- Spanish Besets’ 

Cape Verdi 1. Cape V Bfeeudo' 
Cayman ]«(S) Cm. L f _ _ 
lent- AS Jtp~ C.F^LFnne ~ j 

Chad _ L'JjhTiuc- - 

Chile ! C.i-QBO . •'* ” 

China te uiminh i £n*a 

CnlonUa C. l'eao . ■ 

t-Ynaoiw Ihu.. C.FjV. Fume -• 
CwifiO fB’lle). C.F.A. fxwsa . ' 
Coat* Ite».„ Colon - 

Cuba'. Caban Pain . 

Cyprus yj)_ Cyprus £_ ’ 


-Tabu of 
JEaterBngl 


TUm and Local Tfatt . . 

iKotmdffl- Suav; " •. 
HwW-i ~v».-%yuuan^ ?• 

Ethiopia ^-. Bthtepfan ffirr 
Bq t'l OohM. Feaeta “ 


'Faro ikL^.'nanjai ^/vne : . .f.:' 


L.Valuear 

[ESierlisg 


meui 

A 63.82 
0)0.7626 
TVUMS 
n 4 . TQM 
■ 147 .K 


Place asd Local Unit 

J^-ht'nwui Sarisa mute ' 

I*m®sai3ffi3u*. Lux From- 


r fabu of 
jfiStorlmf 


Dollar falls to 

Cji.s ; /Ujl.; 69b' 1.3S50 'l.iBOi-L BIS j.tb iLah-.i.n. 3,63 1.48 I.3B S 09 
"9*4X4% 4^109 |/bnrri <-«wh»ii i| « ItZBfai zjrMii ijM0A»6ii J.ts u.b& j,» i.m i.a, mo 

it* II irfl lillw^ i »>•« sv^: 0 e. i3 ■ 

J_ 1 II 111 ff 3 Rician F|, 6 W.MiBSu ' BO.B5rO.76 SSIbi-. |.m • 5.9b SO 55 e.i.ui 2 BO 

iV v 1 ^ Uanl^ k-.^ a 10, fift lu,83 ! 10^73 li.bAj 1, ^ pin ;..re,-0^ M U.12 

- U Mw ,f I * *.»54J74 ,3.’B*flJ64 |a )■!!■ , 9.35 ':»■!» ni i.ui 1 7 90 

“4 t oU r ■ eJ1 ,o fnnJ,er ■w- a «■ ””™°" pit tt i wjga jiafiwt 

record low levels in the foreign with other major currenaes the La* jn^biiiiu i.ti 7 !.ti 9 o-riuvtii. - 40 B iois!«?e.i«» 

exchange market yesterday, with D-mark continued to rise against i ’ 

thA Swiss franc the _ dolUiT. however, touching 


THE POUND SPOT 


j£anbj 7' 

Au*. 14 iroini b« v - K 

% I >PTHUl * 


FORWARD AGAINST £ 

Uuenmniii * % (u. iflirwnianiJjJ “ pJ- 


Valneof the Swiss franc remaining in the n» ‘ ***"**<■ Wit o.m'sTs* 

Plane aqd laa] Unit l«rt« forefront of the aroo E er rrith “dm iSn. ScL 55 \ 

i '■ ' ■■- currendes. The dollar fell to an Friday, while the Swiss franc hit sfww ft. i a.uj a i.H-a.w 

- i all time low of SwFr 157S0 SwFr LS930 in terms of the dollar, I ' 

ft™ 1 [ ' ,r K 9 against ' the Swiss Franc, and compared with SwFrLSS late Bow- rate * t „ ttua. 

^ 178.84 Swfr 15835 Fnday. Even though the dollar Fl^AncUl ^ 62,8^.73. 

larfsi. &cu4n>«ui 8 5.3538 with Swfv 1 G±?z . «« feU t0 a record low, the 

b«is£ — at. Bvienn « u w. !t Fnday. Bundesbank did not intervene at 

g, &nbboui S 8^3538 The D-mark touched DM L9450 the fixing. This was the fourth TLJC . 

5uV- in lenos of the dollar, before time in five days that the dollar THE DOLLAR SPOT 

^^!uo^ e IS" closmg at DM 1.9455. compared *** J>een fixed at a record low ^ : 


l 1 10.18 1 lb.!44 
9>il -J.35s.4Sl 
Wt o.M a.t9 
«Bl 361 388 


1,8986' . Fiji 1 . Ful*' • -J 

. ^ Jdia . . J 

B0J5 ?ww'™r.„V Kitsch T —' ~\ 

1 JB10 KrtTcyinAl* 

27^4{Mj FnGni»n» Lu»l ftnA: :\.-' 

B.784 — ft- fte- Ta — ILFLF. ft*ae •' 
747.75 - ; " i- : 

5.862: •' Baboa ftanc 


Matao^,..» Pataca 

ftKtottVBmw: 

“**«a»»v Kjj. UQ rronc 

W,„. Kwaebm 

amaynU OS).. UiacuU ■ 
“*Wivels.lS) UaJ Kapee' ■ 

Bp..l Mali Franc . . 

Al&lta Ualtfii«£ 

Mrtlmque-... Lo>«i Franc '- 
fUarluinia ... Oucaiya t 
^M rinua (& .V. Ropee . 

2««w Uainm Pm 

Abiuekni f .F^V. Ptiidv 

Umuco. Preach Prone 


Babon -i Franc ;. : K-; 418« B — ‘ 

GadUB- n»T«^ ?:••••;. -T;ii..4JB5< M ™goba„,^ TngrII 


GtttiUB' i()5)i~ Diikfl' •' -.T,'if.4JK3 


i Sto 
o 88^6 
' 4181a 
1.0066 
..4.4930 
7J66S 
88814 ' 
8.7428 
- sjre.k 
88 jn . 
. 11 -SB 722 
45.31 

. 47Sr s ' 
8.3BI4 

(p&.7333<|j 


IO.ZB-10.24 5-1 uri-piii 
s J5i-r.3B3 3 2 1-. vm 

8 . 878 - 1 . 1 8 i 2 i : i hi- pin 


-TIP® I I® IK* 'UK. •■» 

2.54 -3-1 lire pin 
8.59 8 5-. |>ni 
1.73 ,4 ( '-2^ i-ri.- pm 


ffmjra.3® . - -ii.-...:- -•• ,iy- •• » -x^s. - 

." 13BW <- 0{*n® Oeffl 'iO-BSlBgj 

T5.4S{iE) i OUmltartS). QJtxalmr £ ;- r, 

.' -38.82 ' . 4Mlbert.Ii— = Aasc. Dollar ; ^3.8686 

- ' : Uree cc u.— ; Drecbma ' . >31.768 

-T.B4M 1 ' Qn-gilaml.'. 1 . JMgj»h Kjona^. ffl3BA8U 
38.58 ? Greoad*. £§_: B. Ckrnbewi^- 1 T5-55S6 

■ T.aaia Ouadaionpo — Local Prone 44J8U 

VjohjU ' Q«MikMib..j Quecxal - i] ^-t9B18 
— Boinea < ,^«.465 

tSSL 

17548- ^J^-.-~. Goortc-- iV?_ 

•• HccjrtitntfKeblcaipire-: • : ' - AM7 
4i8>* -l-UfflnaiCcWK (3) H.K.-J' - 640 

ioomi 78.68 


Wnnserrot K. Garr(be*n« 

Uomct-o Ulrbazn 

^oroiuHqua-.Mc«. Barada 


4181*- 
Z.2646 - ' 
147 JO - 

‘ B8J» :- - 
.746885 - 

■ . IS 1 * « 

-fBk>l34S 

>4021 

‘ £P)7847 . j 


Uanru la..— Awt. Dollar™^. 
Nepal Nepateie ihiped 

NMherlandB^ Grullder 
Moth. Am, - Ire. An rill Cm Guild. 

VewHebride* 

N. ZeaiwM (S) A 3.. DoUar- . 

-V H-arBitu* Cocrtobn ’ • •■ 

JlW Sp....^. Fnae 

^iKerta tSi„, -Naira 
■'(my ..ro^. ftrarg. Kxtuie 

Oman Sulwa-'l B( . 0mMl 
ate of iK) Omani 

PaMsUm — Pk«L Hopes. j 

ftnanm Kalboa I 


‘ 14985 ' 1 
. . 25.772 .. 
4.18 s *' 
544S9 . 

13847. V 
' 1.6885 
. U63G '- 
itBe 

j i'Jinmmi 

I ' I ’Mig 


HimmH, Lea j 

EmiorU Bwanda Prano 

SvChrino- ' 

phfir(S]C B. C*rtNxaa 8 

SL Helena at. Helena £ 

*>t, Lucm — & Caribbean 8 

du Pierre LLP. A. Prase 

’i- Vincent jsj u. Ouibbeur 8 
halva, lor HI... Colon ' 

*»nK» LAm).. LUS. S i 

'®a Saritn>_ ltaibui lira 

>wrrmje„ .' Pc*e. &emto 

■Kroli AraMa. HyaJ 

U.F.A. Franc 

Sfychcile- S. H ii pee 

JiereeLefneCO Leone . 
Singapore (s>). -kineapore 8 
Monun IMS) Solomon J*. 8 < 

Somali Retx„. Bom Sblllhii- 

din, Afrlcapi) Band 

d. w. Alrleas- - 

remtoiie- fS) b. A. Hand { 

Spain Peseta 

d pan. Porta to 
SNnrth AMea Peseta 
on JUantca tHj S. L. Know 

dorian K|l durian £ 

durinam S. Glbter 
dtranianitiS.) Lljangeni 

dwerieo b. Kroon 

dn-irxerluH] _ Swiss Prone 
Syria:i.. M ._. r ihfn> £ 

Taiwan — Tslwao 


(cm >8.49 
JMT22.79 
178.84 


‘ J ** “® a, 4 !?'! 1 os 5i 7 y ,a 'T" ,; ti.SS :B45«!.S5 Mill’; 9.60 

41«| 27.80 2745 2740 -27.86 20-T0 ; rupin, S47 '40-30 gin will 6.02 
1 j 3.12-3.25 6. 15-3. 14 Jl- jl- c.f.ui . It. 48 l 87-7 1 ' i'.iuh I0.5S 


Six-mnnih forwanl dollar iaW-Wc pm. 
li-momb 4. 70-4. 60c pm. 


THE DOLLAR SPOT I FORWARD AGAINST S 


with DM 1-9677} previously. The asahm the D-mark. Speculation Answtu 


“ SaT™? aT 31 ?™ 1 : gSBS?*- tssts 5 SS 13 

111 co^wfthri^SonPridw.^^P"'™™! ggj.^ 

T6j«s . The weakest level for the D-mark revaluation index rose to £“■* l«w. 954S 

4.5830 doUar vfis in the early afternoon, 147.5 from 1475. [Sf®* S,™ 

uses before, the announcement by n^wlkt SkSSS 

^ ™t2 4 Texaco ^r, ? . natur3 ^ sas dis- ZURICH— Early trading was Prancb ft 4J32S^jcts 

1.72178 covery in. Baltimore Canyon. The active, but not hectic as the Swedish Kr hj&s-qjsh «jBK4jaas 

1.72T78 M: 5 : __ Lhe . n v ?f ** Swiss franc rose to a record high )’« laSrit 


5-3920-&C70 
Z.8SSJL9545 
Port. Es — 

Lira 82S4Q-S27J50 

NrwiUL Kr 50U5-5.173S 


One month p-a. Three m aaths 

OJIb-OJWc dll — B42 0JL44J2C dlx 
D.6L046C pm 247 1.7M.2BC pm 
BJ12rrii4-0.04tpm-B.7t O.Ohcdls-var 

a«M.91|*r pm SOI 2JW-XJ»4pf pm 

1554.45iir»dk -44X IBJHUillredb 

■Jncdis-643cpm— 845 04M45c dls 


I UO-USy pm 


shgWlyr. hut came under further against the dollar. Intervention sSTft* wwo-Iu* u*-iiL, 

pressure : - Jn New York after by the central bank may have - U4. cents per CamrfSnl. 


European markets had dosed- taken place .on a small scale, bet 
Sterling opened at 814695-L9705, by mid-morning had not been 


745 14B-S.05ypm 
7.79 XOS-UAcpm 


Icel»nd ;(8VL I ' 

India. teU-v., lud. Hunt* - *5p tfc48 ftpua-\.a^8) Kin* 
fantattaia — i-Huptah- 822.116 ^ . ■ i 

Jron Stor . ftra^uay G aari 

■Lam ju — Iran 44781 U ’ Kf L ^ „ 

Ert*Hep <W~ lrtsb'4 : : ... tt tBO >* Verawi (Si «. Yt 


j*ro« ItnoJ £ - 

'84821- . ibriy „....__. Lira ' .•' ’ 

■ (F) 7847... Iway Couk^lUJA: Fro 
. . 4181a-. ^ Jamoiaa to 1 )-. Jamaica, hi 
- 416.1* Japan _.._ Yen = . 'T 

v «»•' “ 

li44M Konjv (o| — . Kenya Shil 

.‘ana.,-. Kcow<xi4fc_w« • 


Cuha.. — Caban Pm u . • . li440S 5cnjv(oi Ketremi 
Lyprua uJ)_ Qypn? £. .TtTrtS. . K«m<Kthfc_ 

i. - l _ . ; - (-(craiiiliLI? Korea Won 

Czechoslovak. Xonma .'. • ■’ <2^2948 Kuwait oSth>. KintaK 


Denmark-.-. Danish Krone 
Upbiiiiti ..... Ft. 

Dinainka (8) K. Caribbean 5 
Ihimin. Hop- Oomlnknq .ran 


rWLMi Xaot irXip 

10.68 Ij.' Ijlhmnp^. . , IjhaiH-«a tt* jA 

558.0 : Levotbo— i. AJrtSq- >tiri 

6-5588 ‘ UberfaL- Liberian 

14818 :. labya...^— _ Ubyan DlM^ 


. 822.116 
L.t'UM 
*4781 
;• -Ua 
.*45 
,1,816 
4S15* 1 
•2.16321 
?.-. ■■4841a 
848G(kg} 
M77 
■ r ?44018 
.Uartllj 
,'950.55 
.-'.8455 
L 782.40 
.54888 . 
1.72J7B 
14810 
-648848 


U1T5I0U«) Thnaanta (d.i.Tan- cibimnjr , 

10.4Z1« tbollnari. B*bv 

Toq»> Bp O J JL. Franc 

8481 ^ tril.Pa'anea 

. Trimrimii (6.1. . Trtn. A. Tobago 

• ' Tuflhria.. Tunisian Umar 

1tL47J«f0 . . Tnrlcey.. -.TurkWb Lira 

;LB81B TurtsA Pa.. Ujj. 8 

- - Tuvalu AmftnUtan £ 

1 4ET U l{nad& (h-l- Ur. SblUinR 

- - -. ■; finiteri State* L‘4. Hollar 

Uruguay J . — Uruguay Peso j 


147.75 riuruyGfw unu uuseu- 

M-SBsjwti sterling opened at 31-9685-L9705, 
the lowest level of the day. and 
1.72T78 rose to JL9750 by lunch. It con- 
a.B8 tinued. .to improve, touching a 
3.131s high point of $14850 before the 
.wmTE? gas announcement, and then 
T4.79& easing to - $L9750, and dosing at 


the lowest level of the day. and generally detected by the market. CURRENCY MOVEMENTS 

rose to 0-9750 by lunch. It con- The dollar opened at SwFr 1.633a, . 

tinued to improve, touching a an d touched SwFr L6235, before Kroic *f Morgan 

high who t of $14850 before the improiing slightly to SwFr 1.6265 *w« n Enaia-d Coaronw 

pas announcement, and then by mid-morning. . imtex chans** ■ 


CURRENCY RATES 


AMSTERDAM — The dollar was l^-S- dollar ... 


a riae oi lto « nts fixtrirn^s^s 


Pftrapuay_._Giiaranl 24741 - „ 

F'pTi h. Hp Uruguay L — Uruguay Feno 

of Yemen (Si ». Yemen Dfaroi (A1B.67C511 Utd.A'bSmla. UJL-BL Dlrtwn 


4181b 

1.3884 

4.754 

0. 775 ntf 
45.7b 
1.8810 

1. B886 
1442 
14810 


orthB-day. at Fl 2.1215 agrnnst the 

- J guilder, compared with Fl 2.1365 SrtraT 

The ; pound s trade-weighted on Friday. In iate trading the Danish krone ...... 

average . depreciation, as ealeu- guilder continued to rise, to Deutsdio Mark .. 

la ted .har the Bank of England, Fl 2.1190. swi« franc 

rose t» 63.7, from 62.6, on the 

basis of the Washington Currency MILAN — the lira rose to its ur» i . " 

Agreement of December, 1971. It highest level for over two' years Yen 


Sirin franc 

Guilder 

French franc ....—.! 


Baiilc at Morgan 
E unload Guruty 
Index ch aHge«°i 
EB -#.7 
S349 -M-3 

B2.63 -lA-b 
141_H +18.4 

iraac- +ii3 
U«JM + 4J 1 
142.44 +36.6 

198.70 +904 

1X9.99 +174 

10842 “ 34 

55.18 -«-2 

156.SS . +S5.B 


/(mu 12.44 stood at 62.7 at noon and in early against the dollar at yesterday's lrade «mwb from Prfyia 

ItfcO 1*47 trading: fixing. The US. currency was 1871 


Si'.-rbiiK 

U,S dollar 

npnarilan dollar . 
Austrian nchlJlini; 
Roldan fra nr 

LMrisb knme 
DcnmHie Murk ... 

Guilder 

French trade 

Lira 

Yeu 

NorwoRjan krone 


Pare... Sal 

Philippines... .Phi peso . 

ISSJ&di 

Poland......... Zhny 

Portugal Pgse. Bsrurio 

Poit Time ... Timor Ka udS 
Prinape Isle. Pe*e- Sucwlo ' 
PuenoUico_'Uj!>. $ 

Qatai. P5) Qatar Byai . , 

Ueunlnn ' 

Ile.cte French Franc ■ 
Kbodewa__„ Kboriesbin S 


axetAiJDBJl ...... Koahie 

/ ' Upper Von*. GJJu Prone 

. 14416 itaijan Lire - 

* U8Gra ' Veraarifc-— Boitvar 

i «.'&u62.48 VlefaianHNlh) Doug 


urn). 1247 ^-nriinv fixine The U.S currency was mwbbicdi Daccnmcr. »n iSa+dirii krona 543690 5.74HB 

{fl Kterl inn was aliahtiv ^ «S 5 SS trig (Bank ^ a * , “ d ,ndcx=1W1 ' Sw,w fraac “ 2 ' 16ns 

4 1 ie?« L830.30 on Friday. Other curren- — 

L81B 1 ^ , ™ e_mon th dis- werc mue h firmer against 

“i frem lS" ?e^S W 'Sl lira - ? owever ’ with the OTHER MARKETS 

( 0)44188 10 jf^,. ce . nlS- 7 1 ? 6 franc rising to a record high of 

Sunni) d .^ dt 101 JlUy U07-24 compared with Friday's j i “i i 7 

54705 had no real impacL teve i o/ LCM.46. The D- a,«.m I n 1 .,^«« 

I. 98 id Thutog in the foreign exchange mark rose to IA22A9 and the r, eM< . c 1 

markef in general was not very Japanese yen to L4.49, both near — iMnfto u 1 sil o« nl u'' 1 ."" "M 1 

II, 827 heavy, i and any mtervention by to their record highs. a!oM04 s loSHiSSi 

B48(Md European central banks was on a. _■ ■ „ , UroiH Cnnelre. , 3&.B9 i6.B9 I lolXlb62 Fnuu-C ! 8.57-8.47 

3847558 small Male. TOKYO— The dollar fell quite Greece Dractnn*— 70.301 72.0351 35 49-36 36 Jtipniiaiiv ,' 3.00 5.90 


Special 

European 

Drawl ns 

Unit or 

Rights 

Account 

0-bSUU 

0.664679 

urac 

Z50S2S 

IjOSSZZ 

1.07029 

18.1557 

155199 

w.fcasa 

405030 

6.9503 

75BS62 

351993 

256969 

2.73263 

2 .T8B66 

5J2281 

5.60731 

uu.n 

10B3J9 

is8.m 

242.751 

um 

6.79230 

955830 

97J894 

553690 

5.70518 

252317 

2.16275 


■T1G240 
8845 
*8-28 ' 
8845 
14810 
744 


Vietnam (Su>) Ftautre 
VUslnla. ITJJ. U^i. Dollar . 
Weatern 

Somoa (8|— Samoan Tala 

Yemen H>xi -. 

-Yu^uolavia.... New Y Dinar 
ZamRp — Zure 

Znmbia Emcba 


£ 

Ni.ie 11a i ci 


848(M0 

3847559 

142919 

1.6860 


„ , ,, .. Brazil Cruzeiro. , 35.89 i6.B9 I la 11 lb 62 Fnuu» ! 

TOKYO — The dollar feu quite Greece Droetmni— I 70.301 72.0251 35 49-56 36 llimuanv 


B.57-8.47 
3.o0 5.90 


• sharply against the yen in fairly non* Kom> Douai . ]9.38BO-9.4i50 4.7410 4.7450{tiai\ 1595- xezs 

FRANKFURT— The Swiss franc active trading. It closed at ‘ r,0 “ faJ - — rr;;- 0 la ib J « I ao 372 

s fsaaiHS!! ssit?a?i ^awirasKi==i 

the D-mark at yesterdays fixing, on Friday. The Bank of Japan jtm H v»fa iMior„.. 4.4855 4.5005 2.88 10- 2.283a i\«iui-n> 02 -89 


* Tb« bon oTtfie FtaadblAirimualtr Id t TQe~ Aumba has' rep 
Africa formerly .part 01 French Wee» - Drant The exdnoBe - 
Africa or French Eanatnrtal Africa- .. . ra>r o> ;cva F r a ,ti» 
t Rupees, per PHnnfli \ \ '■ i’rC ■ new' camber. - 


“*r r.~ J “****« „ »HiHVM»u«iar — + hhm«j. 3UUO r.xuu^z.£tuu- l i'uriut:n' 

-• .... ... refiecting the Swiss currency's probably Intervened on a small New femtauUioiiai i.fc490 i.e 580 O.b465-0 9492! n«un 

Onwai rates o* oil and iroo exports ~ Rwe a the ituafer ararket lean- continued advance against the scale, buying dollars in the morn- -aud- Amble Hi.v*'. 6.58 6.68 3.084.57 ,-wiireruiiiri 

83402. ■■ .. • - croUed). doJlaC- The Swiss franc was inc and again toward® the close, ninnri're DonWr... 4.3855 4.4005 2.2280 -243901 unueti hi«u«- 

-Of rtapl 8 Ra«ri oa ems rates azamst Rnmdar " ^dSi^”' a * S *° ^ 2 8art * ,DB B M fixed at DM 12125, compared with The market finished trading be- Afriuan Hand L7087 1.73481 0.b68B4}.tr«57:)ru 1 r ( «iavui 

* rouble. ' ... ' XX Now me offletal reta. DM LI860 on Friday, and rose fore Japan’s July trade surplus 

even further in the early after- was published. Rare Riven (or Anumma ts tree rare. 


U2-89 
144-147(2 
3.93 3.35 


icon- cononueu aavance against tne scale, ouymg uouars m we morn- Arabtn Ki.va>. b.bBb.ae 9.923.3? priizeniuiri 3433.35 

dollar- The Swiss franc was inc and again towards the close, ninnpni-e Dm hi r.. .14.3855 4.4005 1 2.2280 -242901 unned »i H u«- 1 1.9275 }.9575 

f M fixed- at DM 12125, compared with The market finished trading be- v| uthAfrtaanK»ndl L7087 1.73481 o.b62B-o.b‘»57:ru(r»«ia\-ia..- 1 37 37.40 






7.- ft. 


TIMESSURVEY 







AUGUST m 1978 


Tite Finamc^al l^nes proposes to pnblish,^ major Survey on Aerospace on Thursday 
- - Augnst 311973 . -^e pubilGation date of tfef Stirvey is just priw to the Air Sh ow at Farn- 
boxough and ^vvffl ^ provide useful 4 ofonnation to both, exhibitors and visitors. 
The Financial Tmves is also sponsoring the*; World Aerospace Conference at the Royal 
Laiwaster Hot^J^doii^ on Angust 30 and jfjL 1978 . 

The od£totiid space research -has coroe of age and is now 
ETOtODUCnON Ite world’s aerospace and ;;hemg regarded more as a tool for toe use of 
airline industries are now.indving -through a 1 ..: ; :ma DKiiid than as:a glamorous new frontier of 
critical phases witol^ome major decisions on venture. In particular 'satellites are being 
new civil j 6 t airlmerslikely to be'taiceji in boto' -;' lI f ed tocreasingly in an ever-widening variety 
Western Europe and toe U;S. tois year, that will/. 9? roIe - 

determine-what ^lines- buy and fly for the rest THE WORLD CIVIL AVIATION SCENE The 
of this century. At 1 toe same time, spending on ' 4 Grid’s airlines have had a difficult time in 
military aircraft aSd guided weapons continues -recent years, with rising fuel and other costs 
to increase. Overall, toe outlook for toe world’s : y eroding their profitability. , They have also been 
aerospace industries is biight, although com- :’ tacing the growth of consumerist pressures 
petition will contoaUe to be fierce. ' .^which have forced down fares levels on some 

BRIltSH AEROSPACE A j^^ after nationalisa- ^ roin ^ se further - t0 

tion. Sow has: the. British Aerospace Group . V ^ „ ADirCTr _. 
performedto-its-first year orso of State control 2 -^ THE BUSINESS AIRCRAFT MARKET One 
What are toe problems facing St in its second V'* area of civil aviation - that has been growing 
year? ■ ■ • •. : : .i.. : _ 0 , 3 rapid]y is the use of aircraft for private business 

— W*™;,-. nm,T evtinJ , « • ' '> executive transport eitoer bn a direct ownership 

THE AERO-ENGINE. INDUSTRY As . n ew charter basis 

frames emer?e-from toe proiectrbffices, so must F X T TtPMFNT MANTTFArruRFRcj ThP 

toe- aero-engine . manufacturers -move to meet 3 *™*^ - i 5 e 

the changfatparterns, oK demand. --.- 1 *®^. <* .“K or m d ita ry is the 

^-o —o j- . - ... . ■ . . .. .-^equipment that goes into it, representing at 

THE- -MARKET FOR : HELICOPTERS Rotary-^fcjeast a third of- its value. A big industry .has 
winged airCTaft are in creasi ngly iri deniand f or^Jevol ved . serving toe manifnld requirements of 
an ever;v?fdening ^spectrum of tasks and the y^fhe a irfra m e a n d engine manufacturers. 
demand fervtavil types is expan^tog rapidly . X RAF. ' With increasing pressures on the 

THE SEA&CBt FOR A NEW GENERATION OF"y^ e f e J ce budget, toe RAF has been obliged to 
AIMiNER& ; As the world’s aerospace indu . 4 * pending on new aircraft, but it remains 

tries cohvei^ iipori FaiTTborou^,^^^ of thel ^-^ vi gorous force. - - 

majoi^ dis<aission !topics' is ' likely- to be toAv| 3 J 3 SURE , FLYING Flying as a pastime has 
progress made in settUng the new -generations ^been increasing in recent years in all areas — 
of civil aircraft Whatai^ the projects on oflfer-^gliding, hang-gliding,' power-flying and even 
and what -is the currenf market situation? . -ballooning. What does it cost to participate in 

nm-rranv ATnrSdiTT MABKTi-r wito ^ ? iese various leisare aspects of aviation, where 

r jQP t ^ oes th« would-be participant go and what are 

prospects for further expansion? - 
there is a demand tor new types of . military' ^ . - 

aircraft, even while .exiting: types. continue 

quantity-production.- What istoe current state- y,:, 0 ” *J nd and envircnmentel difficulfara, there 
of. toe military aircraft mitfket Vorld- few, if any, new airports m future and 

. the expansion will be within the areas of 

SPACE RESEARCH AND - PEVELOPMENT^ ^xisting airports, posing problems for planners. 
After Jhore.than^O years bf actiye development, , .y airlines and Government bodies. • 


For further information on advertising in this ^ For further details -of the. World Aerospace 

SurWV.fllWWA Mint llri 1 T.'~. rrtnfawinna n1aae6 anntQui' 


Survey please contact: 

• , ^ House 

lO Cannon Street, * Lotion 5 C 4 P 4 BX- 
.'Tel: Gl^Slie^ExtSSO. 


Conference please eontact: 

Diana Whittington 

Financial Times Conference Organisation 
- 'Bracken Honse, 10 , Cannon Street 
r > - London EC 4 P 4 BY 

y Tdr 01-536 4382 Telex: 27347 FTCONFG 


FKlNOW-llMES 

' aiROPES BUSINESS . 

The TOBUflt kbd ^ibU^thm danw 6r^rv<^a in ike FttraactU Itino* are snUeci «r riuuse it ten OucreUon ot me Ediior. 


EXCHANGE CROSS-RATES 


VwnuHitenins 
IT4L DoUar 

Deire^Diarfc 
4apMtar ¥«i 1400 


KranefiFi 

-iwWVro 


Franc 10 
rine 


I Lkurai Ualhier 
1 mu tan lira I a*' 


F»«uni sierlini 

(j.» IIOI-HI 

Helilv tlH.V|riik| 

X. 

13B1 

5.860 

0.505 

1. 

1.949 

0.239 

0J13 

1. 

2.743 

6.435 

10.59 

1.196 

8.369 

4.616 

0.319 

0.632 

1.831 

0l239 

0.473 

0.9V8 

0.618 

1.884 

8.386 

0.444 

0.879 

1.718 

r.647- 

3.064 

6.359 


rnuir I Uu(c t lm n | u-i .h<i Uin Ivumiii ) Of -hh tme 



EURO-CURRENCY INTEREST RATES 


A ou. 14 :•■ 


Lami'iuin 



Siw-in* 

Dp.uii 

l!j*. ' 1 inl'ni 

1 Uuidei 

iSlmn irru>_„ 

13 15 

»V9 


412 

i i*V notwr, 

1812-151® 

K9 


4Ig 5 

tlnnth — 

ill* i 21 g 

8i B -87 a 

88 I 4 

47ft 1ft 

Iliree nxmth. 

113ft 111, 


8 I 4 tlft 

5T 8 -Glft 

^is mraitli-^.... 
Gw vt»r.~i-'.. 

ilftfl 11*4 
US* ’«4 

87ft ■» U 

66 ft 67ft 
63« 9 

6 A- 6 j* 

668-63, 


W. Ucrmau 
.Hark 

X«»21« 

ft* ^ - 

'i* 

3*1-353 

SU-4A 


1.867 i 717.7 j 

6.B99 I 8656. I 


rrench fralu j Italian lara 


I. 86.92 

S.714 | X00. 


; JimnM Yen 


H 

738 7*8 
M 8 S ] 4 
81, 9 
936 9S8 
97ft- 1U 


9 12 
12 ,3 
12ig i3li 
>3 14 
14 J5 
141,-1514 


tV -2*2 
4-1* 
1„ 1U 
21ft US 
lib 2*» 


The following noaliul rates .were quoted for London dollar certificates of deposit: One raontli LIUJO per conn iBroo months 5.26-8.30 per cent; six months S-56-S.-60 
per cent: one rear 8.76-680 per cent. „ . A1 „ .. 

Lons-term Eurodollar deposits: two year* stSis-Wis per cent: three rears tHu-Bta per cent: font- rears 93u-95is per cent; Are rears 9 =i6-97h per cent 
nomiaal cKuhigi rates. 

Short -tenn rates are call for Sterling, U.S. dollars and Canadian dollonr two dam 1 notice for soHders and Swiss francs. Aslan rales arc closloc rates in Snuapore. 


INTERNATIONAL MONEY MARKET 

New York rates firmer 


I GOLD 


Interest rates were generally 
firmer in New York, with 13-week 
Treasury bills rising to 6.97 per 
cent from .-8.85 per cent, and 26- 
week bills to 7.25 per cent from 
7.22 per cent One-year bills rose 
to 7.64 per cent from 7.62 per 
cent. 

Fed era! .'funds were also firmer, 
rising sligh.vto 7} per cent from 
7f2 per cent. 

One-month certificates of de- 
posit were quoted at 7.72 per 
cent compared with 7.70 per 
cent late Friday: two month de- 
posits rose to 7.83 per cent from 
7.80 per cent, and th nee- month 
were unchanged at 7.93 per cenL 


Bankers acceptance offered 
rates were unchanged at 7.65 per 
cent for 30 days and 7.70 per 
cent for 60 days. Ninety days 
paper rose to 7.85 per cent from 
7.75 per cent, and 120 days to 
7.95 per cent from 7.83 per cent. 
Longer dates were unchanged at 
7.95 per cent for 150 days and 8 
per cent for 180 days. 

High grade commercial paper 
was unchanged at 7j per cent 
for 30 days: 7.85 per cent for 60 
days; and 7.90 per cent for 90 
days. 

AMSTERDAM— Call money rose 
to 3-4 per cent from 2-3 per cent, 
and the one-month rale was also 
firmer at 5.75-6 per cent, com- 
pared with 5.5-5.75 per cenL 


Three-month money was un- 
changed at 6-25-6.5 per cent, and 
six-mo nth a t 6.75-7 per cent. 

FRANKFURT — Call money was 
slightly firmer at 3 per cent, com- 
pared with 2.95 per cent on 
Friday. Interbank period rates 
were unchanged at 3.5 per cent 
for one-month: 3.7 per cent for 
three-month; and. 4J5 per cent 
for six-month. 

PARIS — Market dosed yester- 
day and today for a bank holiday. 

HONG KONG— The money 
market was easy with call money 
dealt at 4 i per cent, compared 
with 5 per cent on Friday, and 
overnight funds trading at 24 per 
cent, compared with 3j per cent 
previously. 


Record 

level 


Gold progressed from record 
level to record level in the London 
bullion market yesterday. It 
opened at $211-2121. and rose to 
a highest ever $312.25 {£107.457j 
at the morning fixing. It moved 
to ' a further record $213.50 
(£107.992) at the afternoon fixing, 
and closed at $2144-215, a rise of 
$34 on the day. This was the 


UK MONEY MARKET 


Very large assistance 


Bank Of Erigf y^d Mfnimnm 
Lending. Rate jq per cent 
(sfnee June g, 1978 ) 
Day-to-day. credit was in short 
supply >o- the London money 
market yesterday. This was some- 
what unexpected, and the amount 
of help given by the authorities 
was certainly overdone. 

The Bank of England gave a 
very large amount of support by 
buying a .Urge number of 
Treasury bills from the discount 
houses, and ' by lending a 
moderate amount overnight to 
one or two houses, -at 'Bank of 


LONDON /MONEY RATES 


England Minimum Lending Rate 
of 10 per cent. 

Banks brought forward run- 
down balances from Friday, and 

the market also rebought bills 
from the authorities, previously 
sold on a sale and repurchase 
basis. Discount houses also 
repayed the small amount 
borrowed from the authorities 
before the weekend. 

On the other hand the market 
was helped by net maturing 
Treasury bills, a slight fall in the 
note circulation, and release of 
special deposits. 

Discount bouses paid 9-6} per 
cent for secured call loans in the 


early part and dosing balances 

•were found at 4}-7> per cent. 

In the interbank market over- 
night loans opened at 9J-04 per 
cent, and eased to 8}-S! per cent, 
on expectations of easy conditions 
before rising to S}-9 per cent in 
the afternoon, and dosing at 5-6 
per cent, following the oversupply 
of help to the market, with banks 
now expected to carry over surplus 
balances this morning, I 

Short-term fixed period interest! 
rates fell quite sharply, in line) 
with day-to-day money, but longer 
periods showed little change. 

Rates in the table below are 

no m inal in some wupy 



1 Au«. 14 

j Aup. 11 

limil Hiikihh (a Ikm 


I 

niini'p) l 


t 

L'ni-e 

|>!14i 216 

1S2103.21U 

1 >|iei|i|lu ' 

!<=?11 1!i 

£21tttj rllti 

U urn ini' nsinv»...! 

1*212.25 

5209.85 


l • 7.467) 

(£108.905) 


S-IB.Mi 

8211.1- 

f 

.t 1.7-982, 

l£ 107.558) 

Go'ii Gran- M.....I 


1 

ilnme-tieaiiv | 


1 

K fujemnil ...... 

,*2191 :213 

; 8217-219 


.» >11 ITS. 

|i£m-ti2i 

\e» -<ivereu(n-^...J 

- 9i »14 

ISMJ-Mi 

1 

6 d.au 

itiaoi-iti) 

il<d SovcreiKn-.— 

ieBtl-62' 

'Si8;-60i 

Gradt.'ranr..., i 

ua 1 nil 

|i£Ul-dU) 

■ntmuitioruiiv ' 


4 

Kruucmnd 

i2t9t-'.2T3 

8217-219 

1 

£111 T12i 

'.(.111 112) 

New jjovereiari*. 

■59 61 

i 6^580 


• 29j 30,'i 

I iiO-tli 

Old Snvpreien. 1 

5B0E2 

js5B-6I 



. ft cO-3 1 ■ 

30 Kafiifr- 

sJIO 312 

j 301-203 

Id fac:>e 

»-B2 --e 

50 54 

V* e > 

«112 118 

i»l iM 


I ' -'win 

AugftH J *-cniftn,i> 

1®*- 1 "1 

Owntich 1 — — — ' 

i-iar. »**■*•« - — 

i .lay- nr — 

iar» ri'iwce.. . _ 

iJoemnnih.— • 9ls 

l uro uionlh ... Sag 

rtircc muflU« 9* 

»u nuwtlr — { S/.-aan 

Xmfl mouth... [ 

JW— ( 

ruUTe«r._...| — 


L*h ILu .lull 
(ntrriaitii A,iTih.nt\ j iie^ru.aii i 

CH- -I I Inm • 


0rV91 S 
Wi-B’e . 


U. I0IUI 

maik« 
ItofifcM- Pftfv'i 

91s <Uft91, 

9lft - 

- 9-9ta 

9* 91t 

A “V ' 1 


CtOW(iy 

Si- 4 


I 9J8-10 
! 105»- IDS, 


. . 10,6 arancc . bouses seven dajrs’ notice others snren days fixed. * Longtr-lerm lnesj g „ hmHt , 

14 l ttrUt »cr cent; lorn sears UV1U DW cent: five seara UI-11J per corn. « SS,? 1 

p,pt,r - ral “ Soz known®!* bank bills 9i percent: rour-mooub-ade^hu lo^om-'wsit 

for one-mo nih Tri-asmy bills P&szpcr cent: and riro-month 8 Uk percent: 

^ wnuur rue far one-month bank bills » orr ««: twa-month « "EST^E ? h JSSh 

SSt 10 «**■ « nr - IB por and 

‘Published tw the Finance Houses Association* 104 per cent from Auanmi mm cb-arim. Bank 


! highest level ever touched in 
Loudon, but later in New York 
. the metal continued to advance, 
rising to $215-215! shortly. after 
the London close. 

In Frankfurt the 121-kilo gold 
bar was fixed at DM 13.400 per 
kilo ($213.17 per ounce), com- 
pared with DM 13,320 ($210,401 
previously. At noon in Zurich 
gold stood ' at S212.75-213.50 
(SwFr 11,110-11,210 per kilo) 
compared with 821155-212 
(Sw Fr 11490-11^90) previously. 

MONEY RATES 

NEW YORK 

prime Rate 9 

Fed Funds 7 jjjs 

Treasury Bills n3-wcck) M7 

Treasury Bills itt-wcek) — 7Ju 

GERMANY 

Discount Rate ... - S 

Ovcrnieht 3 

One month U 

Three monUis 3.T 

Sa months 4J5 

FRANCE 

Discount Rate 95 

Oi crotch t 7JS 

One month T.4375 

Three mouths 750Z5 

I Sis month's 75» 


JAPAN 

ulscnum 


ulscoum Rate 

Call il'nconri+itwiali 
Bills Dlacoum Baut 




30 


INTERNATIONAL FINANCIAL AND COMPANY NEWS 


AMERICAN NEWS 


Venezuela planning 
to issue yen bonds 


Memorex loses marathon £‘^ eigy 
IBM anti-trust case 


BY JOSEPH MANN 


8 Y DAVID LASCELUES NEW YORK, August 14, 

CARACAS. August 14. 

VENEZUELA is seeking pennis- seven on the S200m loan which ™ LAEGE , a il d implex IBM- company that h« gone to tri^, tofUato resgnKKto the needs 

sion from Japan’s Ministry of t invds Bank International was Memorex anti-trust case which except for the Federal Govern- of our customers and to 

Finance to launch a yen bond L . 5 ™“ onal f got bogged down last month meat's anti-trust action. Memorex competition." 

issue Yn Tokyo in November. 1 The B ' Ve " 3 10 a f ran S e for when the jury failed to reach a was seeking $S06 m In actual Tbe Memorex trial ended 

new issue is expected to be 1116 Rep Dn last week - verdict, was resolved on Friday damages, which could have been j u j y 5 when jury deadlocked 

. between Y30bn and Y40bn. The in advance of the award of this wben the judge issued a directed tripled to $918m under Federal after 19 days of deliberation and 
' Government had sought perm is- mandate there were persistent verdict in favour of IBM. law. five months of te stimony. After- 

sion for an issue of between reports that the size of the loan T fnp tcm on everv Memorex innnetHateJy said it wards, in response to a question 

Y30bn and Y50bn. This would would be 5500m. However. . “ r^n« of th P ^ would appeal against the verdict from the judge on whether such 

be the third issue of yen bonds according to some sources, the The thrust of its accusation is cases should be tned by jun«, 

for Venezuela in the past year. Venezuelans have made it clear th^Snce a.s a whole, th e rei s IBM selectively and discri- the foreman of 

Japanese banks are also re- that they {ft subSal evE£ minatorily cuTS by arbi- 

™pp»n * filing by trarlJj dismembering Its sterns. both 


-portedly interested in supplying 
tbe Venezuelan Government with 
S300m for 10 years at a margin 
of around l per cent over Euro- 
dollar inter-bank rales. 

Mary Campbell writes: the 
margin of around 2 quoted in 
this report compares with a 
margin of i for the first three 
years rising to J for the last 


the jury said: 
a jury that’s 
a computer technician, a 


dollar medium-term loans in the ™ ° ™ ]am - aD economist, knows all 

»f ‘“NSSi-P* re P° rt! IM s acll S >bobt that s.bff. y^. I think you 

of Ja pa ne.-e interest in providing ftr pre d atary or unnecessarily the anti-trust Jaws were designed muld haw 


you 

e a qualified jury, but 

a further such loan thus come iTmSSSS' ™ we don’t know anything about 

as a surprise— particularly since excluded competition. to encourage. that other jurors also indicated 

they are said to be showing The Memorex case, filed in Mr. Frank Cary, .-IBM chair- to the court that they thought 
interest in the S200m loan for 1973, is the largest of 19 private man. said: “we are delighted complex anti-trust cases such as 

which a management group is anti-trust complaints against IBM, with the court’s decision. Six the one before them should be 

and involves more issues than federal judges have agreed that tried by a judge rather than a 

any anti-trust case against the IBM's business practices are jury. 


now being formed. 


CANADIAN COMPANIES 


Profits surge at Algoma 


Edison Stores 
ahead midway 


RESULTS IN BRIEF 


Handy and Harman gain 


BY ROBERT GIBBENS 


ALGOMA STEEL. Canada's 


MONTREAL, August 14. 
AJgoma. which specialises 


NEW YORK 'August 14. 
Edison Brothers tores the shoe 


with 

Hercules 

By John Wicks 

ZURICH, August 14. 
HERCULES INC. b to sell its 
international pigments busi- 
ness to the Swiss Ciba-Gelgy 
group. Final agreements should 
be by tbe rad of the year. 

The sale wilt Include Her- 
rule’s production facilities In 

New York State, Pennsylvania* 
California and at Maastricht In 
Holland and Honthalcn. .in 
Belgium. Pigment sales by 
Hercules amounted to over 
SI 00m in 1977. The transaction 
marks the Swiss chemical 
group's eighth acquisition In 
the U.S. since the autumn of 
last year. 

A number of other U.S., 
chemicals companies with 
long-established manufactur- 
ing interests In Western 
Europe have been examining 
critically their involvement In 
European markets. Union 
Carbide and Monsanto are both 
selling important parts of their 
operations to BP Chemicals, 
the chemicals arm of British 
Petroleum. 

The U.S. companies have 
been hit - both by the long 
recession in West European 
petrochemicals markets and 
bv their inability to establish 
fully Integrated production 
plants that can process the 
Chemicals fro mraw materials 
to the stage of finished pro- 
ducts. 


, NEW YORK August 14. 

THE gold and silver alloys con- Overseas Shipholding Group, 

cern Handy and Harman had net shipper, $2.56 against $2.12; 

retail “group made 'net profits of fo L^ 8eo ° nd quarter of Tampax, samtary products, S1.3S 

third -largest * te ®* company and heavy roiled products, says that S7.Im in the ten weeks to July 1 w ;'yj gg.og m or gj craft Ust^ime. Times ‘ Hireor. newspapers and 

now controlled by the Canadian market demand remains strong against $5:9m or 61 cents a share sales revenues moved up from forestry S1R2 against SI **9 

Pacific group, reports sharply ani i production should continue compared with 49 cents. Sales $9 1.2 5m to 5H.5J3m. Fnp t 't. fi .c, D ....p,., - " 

arjrsra : jst ^ s sra-s &£ sSTSS 
Si «■=« SF — “ ESS t “ nts ^ t0 pursue 

Second quarter earnings were figures for last year are adjusted ™ Townsend.- d resident and ♦w FD !i t * lc -2^* - m ? nt ) 18 pcriad ‘ 

“P hsr 56 per cent to CS19.3m, The company also says further for a three-for-one stock split in chairman, said thattite company pMy d, St^ e ^ro^ratSn made 

or CS1.45 a share, from C$12.4m earnings improvement is needed February, 1978. continued to look forward 10 the £307 a share a ° 

or 93 cents on revenues of to achieve adequate returns. * -• aj ' u ' a snare affunst 

CS225m against C$lS0ra. New labour contracts “will AS® 11 ® 1 ® 5 - 

Ftrst-halF earnings were require adjustment in steel pro- 

CS32.5m or CS2.39 a share duct selling prices and continu- g-\ • ' .1 

against CS 17.4m or C$1.23 on ing emphasis on ireducing Lamer grOWlu 
aales of C$42 Dm against C$334 m. operating costs.” „ 

Strong third quarter results are 

announced by Carrier Corpora- 

1 i 1 , /-> tion, the cooling and heating 51 cents, -on sales ahead from 

O0TDHCK IOr Asbestos V^OrDOr^tlOIl equipment group. Net earnings S455.2m to S502.6m. 

r tn»,lla^ nr 91 15 a chars Thic raciilr 1 


BY OUR OWN CORRESPONDENT 


EARNINGS OF Asbestos 
nration. the second-largest fibre 
producer in Canada, slid sharply 
in the second quarter to CS3.9m 
from CS5.5m. with the per share 
figure down to C$1.39 from 
C$1.96. 

Industry shipments were down currently 
by more than a tenth in the first Asbestos 


com- 
Hm 

full Year result wiQi confidence, The engines, and locks nianu- 
and expected earnings some 10 facla rer Briggs and Stratton had 

per cent to 15 per cent ahead of fourth Qnarter net income of 

last year s S3-9. S9.4m or 65 cents a share cora- 

Foodwholesalers Fleming tom- pared with $9. 56m or. 59 cents, 

panles saw second quarter net on up from S97.8Sm to 

income increase from $2£m or si 18.7m. - 
44 cents a share to $3J2m or For the full year, net income 

rose from S33.36xn or SL3L a 
, , , ... . share to S37.45m or $2.59 a share, 

totalled S32m or $1.15 a share. This result lifted net income Full vear sales were $456.96m 

compared with S20J3ra. or 79 for the first half of the year from against $38S.S5m. 

cents a share in the correspond- 36-5m or $1.04 a share to S7.5m Other results for the full year 
iog period of 1977. Reuter or S1.20 a share. Sales for the Anderson Clayton, food and 
reports from New York. Sales six months period were $1.16bn, related products, S3.02 a share 

totalled $6I2.1m. against 8380.3m against $1.05bn. compared with $2.90; 

from C$41.9m: for the first hair, previously. The latest figures Other results for the- first six Digital Equipment Corporation, 

they dropped to CS62.7m from bring the nine-month earnings months: computers. $3.40 against S2.7S; 

CSS0.3m. total to S72.2m or $2.59 a share, Coastal States Gas, natural gas Lear Sieg ter Incorporated, diver- 

The Quebec Government is against S41.17m or $1.62 a share, company, $1.49 a share compared sified industrial, $3.55 against 

holding talks with Sales were Sf.56bn, against with $1.99; $2.70: 

Corporation's major S96R.5m previously. The nine Petrie Stores, women's stores Meredith Corporation, puhlish- 

$4.77 


Cor- C$3.78 a share to CS2.55. 

Sales during the first three 
months were down to C$33.9m 


half of the year, a period which shareholder. General Dynamics months figures for 1978 includes group, $1.38 against $1.18; ing and broadcasting, 

saw the company's profits decline of the U.S„ with a view to buy- operations of Inmont Corpora- Sambos Restaurants, restaurant against S4.06. 

from C$10.7m to C$7.2m, or from ing control. tions from January 1. chain, 74 cents against 85 cents: Agencies 


Bid 1 Offer 

STRAIGHTS 

Alcan Anxtralia 8-pc isw en »sj 

AMEV (tpc I9SJ 931 w.i 

Australia Slpc I99: 1 . .. . .“i* 

Australian ST. Sc S. 9t0C M 99| JW 
Barclays Bant SJpc IB9;... 9fi W| 

Bowaier «pc 19K . . . R9 991 

Can. N. Railway Sine 1K6 9S* 

Cmltt National S?oe I9M . 9«i 97* 

Drnmarii S}pc 19S4 9Si 99J 

ECS 9pc 1993 991 KW 

ECS STpc 1997 95i 9* 

ErB SJtK 9H4 071 

EMI 9ipc I9S9 99 9P| 

Ericsson SSpc 19S9 972 9S‘ 

Esso 8pc 19SH Nor 99i inn 

Ct. Lakes Paorr SJoc 19S4 B9J 99 

Hamersley 9ipc 19IU HU ion 

Hydro Quebec 9pc 19K ... P7i M 

ICI SI pc 1W7 »ii 97 

TSE Canada Dtpc 19S8 1 Mi 1M 

Macmillan Btoeriel Bpc 1992 961 97i 

Massey KcrRuson 9>P<. '91 9S| 99 

MiiTK-lin Pipe I9SS ... lOTj 101 j 
Midland Int. Kin. S.’po n: 97i 9«i 

National Coal B*1. Spc I9S7 on; 04i 

Natl. We«nunst-r Bpc 19SB 1011 102 

Natl, wnmn-nr. 9oc Sfl B - mil UMi 

NcuToundland Ope 1969 16»* I'U 

Nordic Inr. Bank S.'p.; j-ks jtj 
N' oracs Kom. Bk. Sipc 199.’ 93| 9fiJ 

Norplpe Sipu I9S9 9fij 972 

Norsk ITsdro S}pc llin-j ... Mi 9-. 

nsio Bpc i9«s . . . inn iw; 

Pons Autonome* spc 1991 9Si 99 

Prov Quchc: 9 pl- IW.I Ortl 97 

Pror. Saskaichirn. s;pi- '•« 972 9*1 

Bred Iniemaiional 9pc I9S7 0? *M 

RHM Bpc 199: . . . M »«; 

Selc-'linn Trusl Bloc 19?9 !>1I 9:; 

Slmii inti. Km. <:pc iwn .. s»» 9n> 

Skand. Enskilrla Bpc 1»! *S2 M» 

SKF Spc 19S7 . . .. 91 1 PCi 

Sweden i K’dam > Slpi- 1BS7 93 B3; 


SELECTED EURODOLLAR BOND PRICES 
MID-DAY INDICATIONS 



Bid 

Offer 


Bid 

United Biscuits Bpc 1B39 ... 

®>4 

991 

E1B 9|pc 19SS 

m 

Volvo Spc 19S7 March ... 

94 

942 

EIB 92pc 1992 

944 




Finance for Ind. 9jpc 19S7 

M4 

NOTES 



Finance for Ind. 19pc 1989 

934 

Australia 7»pc 1984 . .. . 

931 

944 

Fisons lOipc 1R87 

93} 

Bril Canada 7ipe 1B87 .. . 

961 

972 

Gesterner llpc 1888 ......... 

932 

Br. Colnmhln Hjrd. 7Jpc 73 

94t 

93 

I.YA lOpc 1BS8 

94 

t'4iL Pac. Sipv 1984 

9S1 

99 

Rowotxec 10)pc 1988 

93 

Dow Chemical Spc IBSH ... 

971 

98 

Scare lOipc I9SS 

9+4 

ECS 71 pc 1382 

944 

932 

Total OU Pipe 19S4 _.... 

9L2 

ECS Slpc ISSfl 

942 

S3 



EEC 7jpc M82 

931 

9S1 


932 

EEC 7ipc 1984 

941 

932 



Enso CTuizell Slpc 1884 ... 

96 

9St 


974 

iloiavcrhen 7*pc 1982 

9a* 

96 


98} 


961 

974 



Mtrtlriin SI pc 1983 

9SJ 

Ml 



Mnnirral Urban SSpc 1981 

981 

1092 



Nr iv Brunswick Spc 19S4 ... 

972 

98 


93 

New Brims. Prov. Slpr S! 

Ml 

100 


964 

New Zealand s»pc 18* 

93| 

904 



Xordic Inv. Bk. "Inc MSI 

91 

945 



Norsk Hytfro 7Spr 19S2 

931 

964 


95 

Noni-av 71 pc 1982 . . 

n:i» 

Mi 



nniario Hydro Spc ISS7 . 

93 1 

944 


MI 

Sln^rr S-‘pc 1982 ... 

99J 



952 

R. of Scot. Eire. ?1 pc 13*| 

9> 

981 


944 

Sweden iK'domi 7!nc 19^2 

911 

934 


962 

Swedish Slate Cn. 7;pc "2 

93 ; 

96 


93 

Tvlmex Pipe I9S4 

9*1 

1091 


941 

Ti-nncco 7. pc lWJ Mav ... 

91| 

921 


sq 

Volkswagen 7|pc Hh> ... 

B3J 

m 

TVO Power Co. fipc 19S8 .. 

M 




Venezuela Bpc I9SS 

944 

STERLING BONDS 



World Bank Sloe 1990 

932 

.Vllcd Breweries 18 Jpc 

Dll 

921 



Cnicorp Ippr 1993 

931 

M * 

FLOATING RATE NOTES 


Courtaolds 9iPc 1989 . 

w; 

911 

BanK ol Tokyo 19S4 Slpc ... 

99 

ECS 91pc IBS# 

93 

96 

BFCE IBM Supc 

981 


Offer 


■id 

Offer 

901 

BNP 1983 8 lif, pc 

991 

JB02 

934 

BOE Worms 1985 9pc 

9S 

984 

944 

CCF 1985 Sipc 

9S2 

981 

964 

Chase Manbttn. '93 SS^pc 

98 

984 

991 

Creditanstalt 1984 Sipc 

984 

992 

941 

DG Bank 1982 9 PC 

994 

1682 

95 

GZB 1981 81 16 pc . 

991 

1002 

94 

IntL Westm insier 19S4'8pc 

931 

992 

854 

Lloyds 1983 SHftPP .A 

991 

1004 

922 

LTCB 1983 Spc - 

991 

992 


Midland InL FS , S7A9 i6dc 

9Si 

982 


Midland Int. FS W97ifiPC 

9S1 

99* 


Nat. Westminsir. W 95 kpc 

981 

99* 


OKB 1983 flilpo 

99; 

100* 


SNCF 1985 9516PC 

99 

094 

972 

Stand, and CfirrCL *84 Sipc 

981 

99* 


922 

912 

94 

974 


Source: WhlM Weld Securities, 
CONVERTIBLES 


934 

.American Express 42pc ’87 

«4 

84 

96 

Ashland jpe 1B8S 

101 

1K4 

96 

Babcock 8c Wilcox Tpc 93 

L2* 

123 

99 

Beatrice Foods 41r»c 1992... 

»S1 

1M 

9/1 

.Beatrice Foods 4toc 1992... 

112 

1134 

96* 

Beecham 65 pc 1992 

1114 

112} 


Borden 5 pc 1992 

98 

994 

97* 

Broadway Hale 4!pc 1987.. . 

76} 

- 7S 

94 

Carnation 4 pc 1BS7 

78 } 

SO 

M2 

Chevron ape 1988 

133 

1344 

I''* 

Dan 45pc 1987 

81} 

S3 

87 

Eastman Kodak 4ipc 1988 

SS 

m 

9S4 

Economic Labs. 4ipc 1987 

77 

79 

its* 

Firestone 5 Pc 19SS 


794 


Ford Spc 19SS 

SI 

884 


General Electric 4*pc 1987 

U 

834 

994 

GiQoite «pv 1B87 

77 

784 

U9d 

Gould ape 1987 

1264 

128 


BM 

Gulf and Western Spc 19SS s»i 

Harris Spc 1992 213 

Honeywell ope 19S« S7* 

ICI dlpc 1992 9« 

IX A Spc 1997 9S 

limb cape SJpc 1992 109* 

ITT «PC 1997 78 

Jusco Spc 1992 127 

Komatsu 71pc 1990 143* 

J. Ray McDermott 4ipc ‘S7 148 

Matsushita 63 pc 1990 !95 

Mitsui 71pc 1990 138 

J. P. Moreau Line 19S7 ... 100* 

Nabisco 3Jpc 198S 104 

Owens lUmois 4Jpc IBS? ... 121 
J. C. Penney 4Jpc 19S7 ... 76 

Hevlon 4ipc 1987 1372 

Reynolds Metals 5pc 19SS... S5* 

Sandrik fiipc 19SS ... US 

Sperry Rand 4 tpc 1987 ... 984 

Squibb 4 1 PL- 19S7 S3 

Texaco 4!pc 1989 7S 

Toshiba «ipc 1992 l»j 

Ty Co. Spc 19S4 75i 

Tr co. Si oc ires lou 

Union Carbide 4;pc 19S2 ... W 
Warner Lambert 4! pc 19S7 SO 
Warner Lambert 41 pc 1BSS 76’ 
Xerox 5pc 1989 771 


Offer 

91 

213 

89 

932 

991 

111 

7*4 

128 

1464 

130 

196 

129 

162 

1034 

1224 

77i 

179 

87 

120 

106 

HI 

794 

1404 

77 
1024 

91! 

SIS 

78 
73 


Sourer: Kidder. Peasbody Securities. 


insurance bid 

NASHVILLE, August 14. 
XLT CorporaUo*! has an- 
nounced that it plans to 
proceed with its $245 m offer 
for Great Southern Corpora- 
tion, the insurance and savings 
and loan concern. Great 
Southern’s Board has recom- 
mended that its shareholders 
should not tender their shares 
to NLT and have said that the 
price is * inadequate.** 

NLT, the insurance holding 
company, is offering $50 a 
share for the 4.9m outstanding 
shares of Great Southern. 

The Great Southern Board 
said that it has authorised its 
counsel to institute legal 
action against the proposed 
offer, including opposition to 
NLTs filings and applications 
to the Texas State Board of 
Insurance and the Federal 
Savings and Loan Insurance 
Corporation NLT, made the 
tender offer Tor Great 
Southerns common shares early 
this month. AP-Di 

Liggett buys 
shares bade 

DURHAM, August 14. / 
LIGGETT GROUP has pur- 
chased all of its equity 
securities held by Rothman’s 
of London, Mr. Raymond J. 
Mulligan, the president of 
Liggett said. 

The transaction included 
706,500 shares of common 
stock for $27.$nv or $39.31 a 
per cent preferred for 
share, and 11,370 shares of 7 
$920,970, or $31 a share. 

Rothman's of London is 
wholly owned by Rupert 
Group Holdings of South 
Africa, which is a member of 
the international group of 
companies known as the 
Rupert-Rothman’s group. AP-DJ 


Norwegian investors 
scent a Budget for 
the stock market 


SY*AY GJESTSt 

OSLO’S stock exchange, until 
recently in the doWmms as a 
result of the shipping and 

Industrial recession, has been 
enjoying a mim-boom this 

summer. , ^ 

• Prices of many key shares 
have been climbing, and T ^? ov « 
has risen from week to week- On 
Friday 12,236 shares were dealt 
in, the most in a single day since 
the stock exchange began pub- 
lishing daily turnover figures, in 
January 1976. ... 

l Factors contributing to the 
[boom include the recent news of 
an offshore oil strike on a prov- 
ing Norwegian block, and the 
improvement in oil tanker 
freight rates. More important, 
however, has been the growing 
conviction among investors tiret 
-the Government intends to take 
action soon to encourage invest- 
ment in the equity market 
. Signals to this effect have 
come recently from both the 
i Finance Minister. Mr. Per 
TUeppe, and the Minister for 
Industry. Mr. Olav Haukvik. 

In a Press interview early this 


OSLO. August 14, 

month. Mr. Kicppo said some- 
thing most be done to end the 
u discrimination against sham 
as a means of fina ncin g and 
indicated that he was considering 
several possible measures. 
Though he would not bo specific, 
these could include an casing of 
the tax on profits from share 
sales, or even tax concessions to 
savers who invest In shares. 

Either or both of these moves 
could be announced in October 
along with the budget for 1979. 

The ears-Ioeoil agreement now 
being negotiated with Volvo, of 
Sweden, is another reason why 
the Government would like to 
see a livlicr share market. Only 
an active market is likely to take 
up a significant amount of shares 
in the proposed Norwegian* 
Swedish company. 

The Minister for Industry said 
last week, he hoped that as much 
private capital us possible would 
be invested in the new concern. 
He added that it vronld be 
*• natural " for the autumn budget 
to include measures designed to 
stimulate share trading. 


EUROBONDS 

Dollar straights easier 


BY MARY CAMPBELL 

TODAY’S Assumption Day holi- 
day on the European continent 
meant quiet trading conditions 
yesterday too. The telecom- 
munications problem has made 
business to and from London 
progressively more difficult In 
general dealers said that dollar 
straight bonds were perhaps an 
eighth off. 

In the German domestic bond 
market the upsurge continues 
hut. yields on foreign bonds are 
still too low for any large-scale 
interest in these. Mitsubishi 
Petrochemical's DM 65m issue 
was yesterday traded at around 
984/9. 

Meanwhile. Mitsubishi Petro- 
chemical announces that its June 
30 half year net profit fell to 
Y226m from about Y547m in the 


previous fiscal year, a decline 
of 58.7 per cent. Sales fell 3.2 
per cent from Yl32fi2bn tn 
Yi25.5S6bn. The company 
expects net profit for the current 
full vear to emerge at Y1.5bn on 
sales of Yl'55bn. In 1977 profits 
were Y925m net on sales of 
Y269.079bn. 

In Luxembourg, a LuxFr 800m 
issue for a Swedish borrower via 
Kredietbank is stilt in the air. 
Due for announcement before 
the end of the month, its future 
depends on developments in the 
Belgian money market. 

It was thought unlikely that a 
LuxFr 250m private placement 
for the same borrower will go 
ahead. It hud at one stage been 
considered to he run in tandem 
with the public issue. 


French oil industry sales ahead 


BY OUR FINANCIAL STAFF 

INCREASES in sales for the first 
six month of 1978 were an- 
nounced vesterday by the four 
major French oil companies. 

■ BP France led the way with an 
advance of 14 per cunt in net 
sales while CFP was backraarker 
after six months with a rise of 

4 per cent. Esso France and 
Shell France produced growth of 

5 per cent and 11 per cent 
respectively. 

Net sales at CFP were 
FFr 9.42bn (S2.2bn) compared 
with FFr 8.99bn while portfolio 
and other income rose to 


FFr 735.7m from FFr 370.7m. At 
BP France net -sales for the six 
months were FFr 5.S3bn against 
FFr 5.11bn. 

Shell France moved from 
FFr 6.34bn to FFr 7.0*ibn and 
Esso France saw net sales rise 
to FFr R22bn from FFr 5.75bn. 

Meanwhile, .lacques Bore! 
International, parent company 
net sales for the first half of 197S 
were FFr 43m compared with 
FFr 84m a year earlier. Consoli- 
dated sales were FFr 958m 
against FFr 863m. 


This anno unocment appears as a matter of record only. 



SAEHAN MERCHANT BANKING CORPORATION 

Seoul Korea 


US $20,000,000 
Loan Facility 


Provided by 

The Industrial Bank of Japan, The Long-Term Credit Bank of Japan, 
Limited Limited 

Hill Samuel & Co. Limited 

Banque Axabe et Internationale dTnvestissement (BALI.) 
Korea Associated Finance Ltd. Korea Associated Securities Inc. 

(a subsidiary of Korea Exchange Bank) (a subsidiary of The Korea Development Bank) 

Nomura Europe N.Y. Yamaichi International (Nederland) N.V. 


Co-ordinating and Agent Bank : 

Hill Samuel & Co. Limited 



Industrial Bank of Japan 
Finance Company N.V. 

U.S. $50,000,000 Guaranteed Floating Rata 
Notes; due 1982. 

Fortfae six months 

T5th August, 1 978 to 15th February, 1 979 

2n accordance with the provisions of the Note, 

„ notice is hereby given that the rate of interest 
has been fixed at 9 per cent, and that the interest 
payable on the relevant interest payment date, 

1 5th February, 1 979 against Coupon No 4 will be U.S. $4S 
By: Morgan Guaranty Trust Company of New York, London Agent Bank. 


w 

BANCO DO BRASIL SA 

U.S.$40,000,000 

Bearer Depositary Receipts 

issued by 

Chemical Bank 

againsta 

Floating Rate Promissory Note 
. due 1 982 of Banco do Brasil S.A. 

For the six months August 1 5th, 1 978 to February 1 5th, 1 979 

• the Bearer Depositary Receipts will carry an ’ 

Interest Rate of 9% per annum 

;- v Agent Ejank 

O-eyacALBAiNK Intb^natidmal Limited 

London 


=3aKfil[R!F 



This announcement appears as a matter of record only 


August 1978 


finmeccanica 


AMN-ANSALDO MECCANICO NUCLEARE SpA 

US $15,747,049 

Medium Term Project Financing 
Guaranteed by 

FINMECCANICA SpA 

Arranged and managed by 

Bank of Tokyo and Detroit (International) Limited 

and 

Wells Fargo Limited 

Funds provided by 

Bank of Tokyo and Detroit (International) Limited 
Midland and International Banks Limited 
The Sum'rtomo Trust and Banking Company, Limited 


The Bank of Yokohama, Limited 
National Bank of Detroit 
Wells Fargo Limited 







Tkiji 



COMPANY NEWS 


;.U.S.. move 
by Brown 
Boveri 

By John Wicks' 

ZURICH, August 14 

SWISS jeugineer BBC AG Brown 
et Cie. has acquired the control 
•system industries division (C$1) 
of Life Corporation of Massa- 
chusetts. The • announcement 
' comes only a few days after that 
of a joint ' venture ' between 
Brown Boveri and- the UJS. 
undertaking Gould Incorporated 
in the field of equipment for 
the transmission and distribution 
of electricity. • 

Based in Santa Clara, Cali- 
fornia, CSI ..is engaged in the 
development and manufacture of 
electronic systems for the con- 
trol of electricity, oil, gas' and 
water distribution. The $6m 
division ' will become part of 
Brown Boveri Control System 
Incorporated. *.•••. 

Meanwhile, the cement indus- 
, try holding company Holderbank 
Financier e Glares* AG announces 
the acquisition of Santee Port- 
. land Cement * . Corporation, of 
. South Carolina, by its' tJ.S. 
.affiliate Dundee Cement Com- 
pany. 

The takeover of Santee, which 
operates a cement works of Im- 
ton annual capacity .near 
Charleston, increases the total 
capacity of ihe Dundee concern 
to more than 3m tons annually. 

Last year, overall installed 
capacity of the Holderbank 
group rose to 27.7m tons.* with 
sales of some 22m tons. The Swiss 
group is one of three largest in 
the world cement Industry. 

■ Forwarding: agents PanaJpina 
vv’ el n ran sport AG, has acquired 
the Hmistoh-based Harle Group, 
through its New.' York affiliate. 
The Harle services and shipping 
group operates mainly in the 
.southern- and. south-western 
states. The company will continue 
operating under its present name 
and with present staff. 


Credit Suisse abroad 

CREDIT SUISSE is to set up. a 
representative office in Calgary, 
Canada, in the coming months, 
writes, John, Wicks' from Zurich. 
This announcement follows a 
recent, statement by 'another of 
.the ‘‘big three” Swiss-, hanks. 
Swiss Bank Corporation, that a 
Calgary branch is to open at the 
start of October. Credit Suisse 
is also shortly to establish a 
repreentative office in Abu 
Dhabi. ' • • ' . 


New EOE series 

The European Optioos Exchange 
will introduce a new series for 
Boeing Co. and Polaroid Corpora- 
lion - from tomorrow, following 
recent .price movements on the 
New York : Stock ^Exchange, 
Reuter reports from Amsterdam. 

The Boeing series . will be 
November and February with an 
exercise price of and the 
Polaroid series October, January 
and April witb an exercise price 
of $60. . ‘ : 


FRENCH MOTOR COMPONENTS 


Lucas presses Ducellier bid 


BY DAVID WHITE IN PARIS 


THE question of British. Govern- 
ment approval for the Feugeot- 
Chrysler deal gives Lucas 

Industries, the UK. components 
manufacturer, the ideal oppor- 
tunity. to press a, similar case 
with the French. 

Lucas has .been waiting since 
January for the French 

authorities to decide whether to 
allow the proposed takeover of 
a . French-based electrical com- 
ponents business,- Ducellier. 

The British company already 
hold 49 per cent . "of ;. Ducellier, 
have increased its stake last year 
from 40 per cent, arid' has agreed 
with Bendix, of the U-S-, which 
holds the remainder? through its 
subsidiary, DBA, to. .take full 
control. 

The deal is wortb-.S2fi®, a far 
cry . from the $430m . Peugeot- 
Chrysle r agreemenLrbut Lucas 
is making " efforts'^ through 
diplomatic and other' channels 
to have the two deals. considered 
together as a trade-off.*- 

As in the Chrysler-deal, Lucas 
points- nut, it is..a-;fltiestion of 
a U:S. interest being bought out 
by a European one: -What is 
more, Ducellier carries with it 
none of the problem? borne by 
Chrysler UK. It. owes the 
Government no. money,- and there 
is no question of jobi being in 
I doubt, as at Linwood. Lucas 
[has already guaranteed, that jobs 
l will be increasec^ anll has added 
| the promise . o£ doubling 
Ducellier’s exports', In the next 
[lb years. 

[ Ducellier is relatively profit- 


able for a components company. 
Its net earnings last year were 
FFr 28m-{S6.5m) on sales of 
FFr SOOru (SlSTraJ. 

Lucas, which bad turnover last 
year of £I24m (S244m) in France, 
has been a major shareholder 
in Ducellier since I960 .helping 
to secure for the company a 
dominant role in the electrical 
components business. 

The UK company • has also 
made inroads into other sectors. 


The objection has come from 
SEV-Marehal. a diverse group of 
French component companies, 
the controlling interest in which 
is shared 70 per cent by the 
leading French company in . the 
sector, Ferodo, and 30 per cent 
by the West German Bosch 
group. 

The French Government's 
interest is clearly vested in 
Ferodo. It wants to help con* 
struct a French-con trolled con- 


In a separate cross-frontier deal, the' West German Cartel 
Office is to decide in September whether to allow Veba to 
sell a substantial part of its assets to the German subsidiary 
of BP for SL6bn, agencies report from Berlin. The decision 
is not expected to be made public until October 


witb a highly successful business 
in fuel - injection equipment, 
CAV-Rotor-DieseU based in Blois. 
south of Paris, and is, about to 
expand with an. injecW plant 
at La Rochelle. 

Its Girling brake businesses at 
Bouzonville, near Metz in 
Eastern France, has cornered a 
quarter of the French market, 
while -Lucas also makes Rists 
cable harness at Calais, and has 
a recent joint venture with the 
Tbomson -Brandt group in aero- 
space Components. 

Why are the French with- 
holding approval of the deal, 
especially since Lucas’ agree- 
ment with Bendix was that 
either company would have first 
refusal in the event of the other 
wanting to sell out? 


cem which can compete inter- 
nationally in the Lucas league. 
This is in line with its general 
policy of trying to avoid foreign 
takeovers except when they are 
imperative for the acquisition of 
technological expertise. 

What is more, the French 
Government is beholden to 
Ferodo, having helped push the 
group, first into SEV-Marcbal 
five, years ago, and then two years 
ago into the absorption of two 
other companies, Paris Rhone 
and Cibie. Cibie makes head- 
lamps, and has been described in 
the industry as the only success- 
ful company in the SEV group. 

Pari Rhone makes rotating 
machines. especially starter 
motors, and has a virtual mono- 
poly of the beav> p vehicle market 


aud a minority share -of the 
private vehicle market. Its rival 
is Ducellier. 

The intention of the French 
Government appears to be to 
mark time in the hope that Lucas 
and Ferodo will eventually reach 
a modus yivendi over the future 
of Ducellier. Lucas has offered 
to go Wto a joint holding com- 
pany to control the 51 per cent 
for which it is bidding. Ferodo 
would be prepared to go into a 
50-5G . joint venture, between 
Lucas and SEV-Marcbal, for the 
wboie of Ducellier. 

But Lucas is not prepared for 
an involvement with Ferodo as 
long'. as the latter is connected 
with .Bosch, a direct international 

competitor. 

Lucas claims to have tbe 
support of the whole of the 
motor industry in heading off the 
threatened dominance of Bosch, 
as the car companies are very 
wary, of monopoly positions. But 
it is hardly going to get public 
support from the state-owned 
Renault. 

Renault, which (pending the 
Peugeot-Citroen deal with 
Chrysler) is the biggest French 
motor, manufacturer, has mean- 
while- set up a joint venture witb 
Bendix in the very different 
field bf electronic components. 
The U.S. group is seeking to 
build up its car electronics 
interest in the place of its sole 
electrical components interest, 
which is, for the time being, 
Ducellier. 


Safmarine cuts dividend I HK Shanghai [Hotels gain 


BY RICHARD ItOLFE 

THE SOUTH national 

shipping tine, South African 
Marine Corporation- (Safmarine), 
bas reported lower profits for 
the year to June 30, and has 
effected a sharp/cnt ln its divi- 
dend from 22c .to ilf.' On turn- 
over up from Klfilm to R217m 
f$240m), the pre&x.proflt figure 
is reduced by -25: per cent from 
R33.Sm to R25.8mi end after 
provisions for taxation, nearly ail 
of which is deferred, net profit 
is down from R22Ah[ta RlS.4m 
($2Llm). 

Earnings per diare have fallen 
from 65 cents to, 54 cents, or by 
15.6 per cent, less .steeply than 
the dividend. .Tbfc^JBaard says 
that this reduced 'dividend level 
is what “ it is anticipated . . . 
can be maintained for the 197S-79 
financial year.” It alstt-refiects a 
cautious view of trifling pros- 
pects, flowing from Undepressed 
level of imports— thditgli this has 
recently improvetSRand the 
introduction of the group's con- 
tainerisation programme, at an 
unfavourable.-time. ■'->> ■ = . . . 

'Withj.’&e Shares at 23^, on- 
traded so far on tbe results, tftie 
yield is 7.4 per cent Safmarihe 
is capitalised at R80ui, but a year 
ago, forward commitments 
amounted to R325m for four 
cellular ships, two small bulk 


JOHANNESBURG, August 14. 
carriers and additional con- 
tainers, some of which have 
since been delivered. Tbe divi-i 
dend cut comes after several years 
of 20 per cent compound 
dividend growth. 


INITIAL DETAILS of a deal 
struck In Johannesburg raise 
the question of whether control 
of the stores group, Greatermans 
has passed from the Herber 
family to a more broadly-based 
group consisting of the holding 
company Federale Cberaicse. in 
the Sanlam Group, and three 
individuals of. whom only one. 
Mr. Lawrence Herber. belongs 
to the family. Riebaril Rolfe 
writes from Johannesburg. The 
other, Mr. Isaac Kaye and Mr. 1 
B. D. Miller, recently entered 
the Sanlam fold through the sale 
of their pharmaceuticals concern.! 
Alumina, to SA Druggists, an old 
Drayton Group company in 
which Federale Chemiese is a 
maior shareholder. 

It is not .yet .clear .whether 
there has been a split within 
the Herber family or whether 
the deal has. been achieved 
unanimously, but tbe shares of 
Griffon Holdings and Gresham 
Industries were susnended todav; 
pending a further announcement 
later this week. 1 


BY RON RICHARDSON 

NET PROFITS at Hong Kong 
and Shanghai Hotels, which has 
extensive interests in hotels and 
property here, and in Singapore 
and the Philippines, rose 77 per 
cent in the half-year to June 30 
to HK$26J2m (US$5.6m). 

Directors caution that the 
profit rise should not be related 
directly to fuli-year earnings, as 
this includes rental income from 
a major apartment block 
development which was not 
occupied until the second half- of 
last year. The Board believes 
that the company's hotel cater- 
ing and real'estate interests will 
continue to earn higher profits in 
the current half, and as a result 
forecast that full-year consoli- 
dated profit will be about 4fl per 
cent above the HKS35.5m earned 
in 1977. 

An interim dividend of 25 
cents will be paid, compared with, 
only 13 cents last time. However, 
directors say that, the increase 
has been made in order to bring 
the interim and final payments 
more closely into tine. The total 
dividend in 1977 was 50 cents. 
It is forecast that in the absence 
of unforseen circumstances, the 


■HONG KONG. August 14. 

final dividend this year will be 
not less than 40 cents. 

■ * *■ *■ 
SECURITY’ Pacific Bank of Los 
Angeles and the Bank of Canton 
have ended discussions aimed at 
Security Pacific acquiring all tbe 
shares in the Bank of Canton 
which it does not already own, 
writes Ron Richardson from 
Hong Kong. 

It was announced in June that 
discussions were taking place 
which might result in Security 
Pacific offering HRS 1 each for 
the outstanding new ordinary 
shares, and HKS 10 for the issued 
12 per cent first preference 
shares and 6 per cent second 
preference shares. 

Security Pacific owns 63.3 per 
cent of the issued 12 per cent 
first preference shares, 7& per 
cent of tbe 6 per cent second 
preference shares, and 09 per 
cent of the new ordinary shares. 

The respective Boards have 
been unable to reach agreement 
on flie proposed move. . - 


Repayments 
by Zaire 
Mining 
deferred 

By Robert Wood 

TOKYO, August 14. 
THE EXPORT-IMPORT Bank of 
Japan, a Semi-Government body. 

■ and IS private banks have 
deferred repayment of V23.Sbn 
(5125m ji owed by Zaire Mining 
Development, a consortium com- 
pany formed by Japanese mining 
companies and Nissho-Iwai, the 
trading company to develop 
Zaire copper jointly with local 
businessmen. 

Aside from the long-term 
depression in the world price of 
copper, Zaire Mining has suffered 
from the. closing of the Bengnela 
Railway through Angola, on 
which most of its products had 
been shipped. Recently it bas 
been shipping its ore 3.400 kilo- 
metres through Zambia. 
Rhodesia, and Soutb Africa to 
tbe port of East London. Though 
it hopes to divert shipments to 
the 2.070 kilometre Tazara Rail- 
way through Tanzania, and 
reduce expenses by cutting the 
size of its operations, its officials 
see no prospects for tbe elimina- 
tion of its deficits while copper 
prices remain depressed. The 
company has also been hit by its 
borrowing being in yen while its 
sales are in dollars. 

Zaire Mining was the first 
Japanese copper development 
company financed by the 
Japanese Export-Import Bank, 
was established in 1969. The 
debt rescheduling comes at a 
time when Japan is hoping to 
reduce her balance of payments 
surpluses by encouraging new 
Japanese investments in mining 
concessions overseas through the 
Export-Import Bank. A similar 
debt rescheduling plan is re- 
ported to be under consideration 
for Mamut Mi oing Development, 
a company involved in joint 
venture copper development in 
the Sabah State of Malaysia. The 
troubles of these copper pro- 
ducers are. however, unlikely toj 
affect plans for further Japanese 
mining investments, according to, 
a banker, because new plans are] 
centred on energy resources such 
as uranium and coal. 

Tbe largest stockholder in tbe j 
Zaire venture is Nippon Mining. 1 
The largest stockholder in Mamut 
is Mitsubishi Metal. 

Increase by Canon 

Canon, tbe Japanese precision 
machinery manufacturer, raised 
its after-tax profit by 4B per 
cent to Y3.25bn ‘S17.1m) in the 
first half of this year from 
Y3.1bn in the first six-months 
of 1977, Reuter reports from 
Tokyo. 

Sales increased by 10 per cent 
to Y65.26bn i$343m>. from 

Y59.32bn. 

The interim dividend is 
unchanged, at Y3.75. .. * 


Sharp reduction 
in IAC deficit 


BY JAMES FORTH 


IAC (HOLDINGS!, the finance 
(group owned by Citicorp of the 
{ US- incurred an operation loss 
of AS3.7m (34.3m) in the June 
half year — a sharp reduction 
on the AS32m operating deficit 

in the first-half of 1977 an,d the 
AS5I.5m for tbe Full 1977 year. 

The directors declared a net 
profit of A$125.000 for the six 
months after taking account of 
AS3.87m income tax benefit, of 
which ASl.fiSm represented an 
adjustment for 1976 realised 
foreign exchange losses. The 

net loss for the first-half of 19< i 
was ASlT.Sm. and for the full 
year AS28m. 

IAC was one of a oumber of 
major Australian finance com- 
panies which were bit hard by 
the collapse of the property 
boom in 1973, which culminated 
in Citicorp buying out ihe 
minority shareholders last year, 
subject to a guarantee that the 
Australian pubkc would be 
offered 25 per cent back again 
within 10 years of the 
acquisition. 

The directors said that con- 
siderable progress had heen 
made in sales of real estate, 
resulting in a further reduction 
of ASSm in the level of non- 
accrual loans in the latest half 
year. In addition sales of fore- 
closed properties amounted to 
A$6.5m. and deferred loans 
declined by AS2.3m. 

At June 30 non-accrual real 
estate loans, after deducting 
related provisions, amounted to 


SYDNEY, August 14. 

AS75m compared with ASSSm a 
year earlier and ASS3ui at 
December 3l. 

The cost of borrowing support- 
ini* the non-accrual real estate 
loans had continued in limit 
group earnings although the 
impact of this was expected »n 
diminish in line with the real 
estate sales programme. Con- 
tinuing roriuclifin.s in real estate 
related assets combined with 
growth in the company’s centra: 
business of consumer lending 
would result tn a continuing 
improvement to pre-tax operating 
earnings, the directors said, 

Toial income from operations 
and investments increased from 
A$ti3.5m to AS69.3m. after fore- 
going a AS4.4in or deferred in- 
terest not taken to income in the 
period on lnuti*. which were sub- 
ject to interest capitalisation. 

Interest charge--: totalled 

AS4:t.5in acaiir-t A&jti.Im in the 
same period las! year. 

The charge for bad and doubt- 
Tul debts wa« reduced sharp!;- 
front AS.lfi.5m to AS31 in. At 
-1'jno 30 the doubtful debts provi- 
sion totalled A£54ui. after writ- 
ing off ASSm in real otaic !uan> 

The proportion of real estate 
loans in gross receivable:, 
declined during the half year 
from 32.9 per cent to 29 1 per 
cent while consumer loans in- 
creased from 44.5 per cent \« 
45.7 per cent and leasing frum 
22.6 per cent to 25.2 per cent. 
Gross receivables rose from 
A$975m at December 31 to 
ASl.0bn. 


Westfield earnings jump 


BY OUR OWN CORRESPONDENT 


SYDNEY. August 14. 


WESTFIELD, THE property 
group, raised earnings almost 33 
per cent, from AS2.6m to A$3.5m 
in the year to June 30 — the 18th 
consecutive increase in profit 
since joining the stock exchange 
lists. The directors said that 
1977-78 had been satisfactory and 
that they were confident the 
current year's results should 
show further improvement. The 
dividend for the year Is held at 
10 cents a share and is covered 
by earnings of 35.14 cents com- 
pared with 26.55 cents in 1976-77. 

Revenue from investments 
rose by 25 per cent to AS31.7m. 
The board said the increase came 
from all shopping centres in the 
group, a motel in Sydney, an 
office complex in Sydney and for 
the first time also reflected a full 
12 months' operations from the 


Trumbull Shopping Park in 
Connecticut. U.S. 

Gross revenue rose 65 per cent, 
reflecting increased construction 
activity. 

The directors added that they 
expected to be in a position by 
the annual meeting, scheduled 
for November 27. to make a 
further announcement concern- 
ing their consideration of the re- 
appraisal of the company’s pro- 
perties and the likely benefit to 
shareholders. 

The stated asset backing rose 
from AS2.S4 to AS3.13 a share 
but the re-appraisal is expected 
lo result in a substantial increase 
in asset backing. The company's 
shares have risen considerahl> 
in price over recent weeks on 
speculation of a sizeable scrip 
issue. The company has made 
four such issues since 1970. 



THIS ANNOUNCEMENT APPEARS AS A MATTER OF RECORD ONLY 


9 



and 

continues 

“ng. 




$2.98 

$2.28 


m 

IB 

6 months 1977 

6 months 1978 


1973 1974 1975 1976 1977 ; 6 months 1977 E 

F inancial Highlights of Security Pacific Corporation 

3 months ended June 30 * . . ' • 6 months ended June 30 

(%) (%) 
1978 1977 Increase V 1978 1977 increase 

Net income $33,756,000 $24075,000 . 36 • ' . $63,604,000 $43,855,000 30 

Per share 

Netincome 1.58 r tAT 36 2.98 2.29 30 

Dividpaid' - 0.45 ; 035 29 “ T -;V; 0.90 • 0.70 29 

AtJune3& :: : 


2.29 
. 0.70 


(%) 

1978 . '-1977 . increase . 

Assets $20,200,000 . $17-467,000 16 

- Deposits- \16£00,0Q0 - 13373,000 16 

-V - Loans . 12,900^)00 1$438J)00 ■ 24 

. Security Pacific is the holding cOTpaoy for Security Pacific National Bank, 
. . the tenth largest hank in the United States. 

Our international banking group worksip Europe, the Middle Past, 

Africa, the Far East, Latin America and Australia to provide corporate finance 
and syndicated loans, v - 
We invite you to write for: 

• 1977annual repot and 1978 interim reports 

• second quarter 1978 Economic Report : 

• 1978 Economic and Business Guide to the Middle East. 

• 'mforrnation on Security Pacific commeraal hanking services. 

Sendyour requests to: the Branch Manager, Security Pacific Bank, 
at any of these addresses: 

• 2 Arundel Street, London WC2R 3DE 

• Ulmenstiasse.30, 6000 Frankfurt 17. 

• Avenue des Arts 19H, 1040 Brussels. ; : 



THE REPUBLIC OF CYPRUS 


ACTING THROUGH 


THE CENTRAL BANK OF CYPRUS 


U.S, $40,000,000 

MULTI-CURRENCY CREDIT FACILITY 


MANAGED BY 

CHASE MANHATTAN LIMITED 

AMERICAN EXPRESS MIDDLE EAST 
DEVELOPMENT COMPANY S.A.L. 

BANK FUR GEMEINWIRTSCHAFT AKTIENGESELLSCHAFT 

NATIONAL WESTMINSTER BANK LIMITED 

ORION BANK LIMITED 

UNION BANK OF SWITZERLAND 


FUNDS PROVIDED BY 


THE CHASE MANHATTAN BANK. NA 

BfG LUXEMBURG, S A 

■OFHON BANK LIMITED 

UNION BANK OF SWITZERLAND 

SOCIETEGENERALE 

INTERNATIONALE 

GENOSSENSCHAFTSBANK AG 


AMEX BANK LIMITED 
INTERNATIONAL WESTMINSTER BANK 
LIMITED 

BANQUE NAT10NALE DE PARIS 
HANDELSBANK N.W. (OVERSEAS) 
LIMITED NASSAU, BAHAMAS 
SOCIETE GENERALE DE BANQUE S.A. 


THE CHASE MANHATTAN BANK, N.A. 


JULY. 1S7B 








WORLD STOCK MARKETS 


Financial Tiroes Tuesday August 15 1978 



Dow again reacts after nearing 900 mark 


INVESTMENT DOLLAR The sinck market was also held Mctro-Coldwyn-Mayer rose SI to the Nikkei-Dow Jones Average fjprmanv se Iected Mming stocks gained auc-- W 

PBPMH-M back by a WaU Street Journal $44*. Fllntkote 3' to $33>, PuJl- closing a modest 8.01 firmer at around, ttith much of the taterea i H II 

i*KL>niiLM report that the recent easing of man l« to 540J and Western of 5.508.14. Volume came to 180m Market opened strongly, hat occurring m speculative Diamond , , — 

$2 60 to £1 ini 1Q u interest rates does not prove that North America 13 to $37’, hut Du shares, sharply below last Friday's later turned mixed as foreign issues. . .. , . ; I7BS0 

Jrr a turnaround Trom earlier rate Pont losr 21 to S128. level of 320m. orders, which bed contributed to . Commmns speculation over the tetaerW ...'*«■■«; 830 

Effective SlDRlO »6,o (n> -a) rises is in progress. THE AMERICAN SE Market There was selective buy mg of last weekjl Sood performance. Ashton dtamond prapeet sent H-moffnJs*) 88.9S 88, 

HELPED BY hopes of a farther Sentiment was 1 also aided early Value Index managed a further spot-trading and incentive-backed dried up. The Commerzbank index CRA up ^ . . . r4? 

reduction in cajStal wins taxes in the session by an announce- advance of 0.60 to 161.90. Volume issues, while Shippings, helped by ended just 0.4 firmer at S1S.4. 5? n i2 

Wall Striei puaSSd furthS ahead fr ° m ?***“• U P « at $26}. 4.75m shares (4.73m j. an improvement in the world Brokers said that the market Udmw -IK.S?; m 

at the outset yesterday but ,hat 11 , has r ° u JL d na,ur ^ ,n Houston Oil- and Minerals put tanker market, also recorded psychology seemed to change ® ~ 1 [ 

nartlal! v reacted ’later on fresh the Baltimore Canyon. However, on I to $241 and was the most gains, but Pharmaceuticals and yesterday. While last week, the to 6a cents after announcing_ that ^wUhsp -ml. 1 ; 

prof! Making to daw* ‘on a rather analysis ?aid the effect dissipated active Ames issue — it is also Foods retreated on profit-taking, fall of the dollar against the mark 5?S JSft^Pfa 04 thT ^iniElSS '*** !n * 5! °! 55 * i 

mixed note'. because a find had been expected, drilling in the Maltimore Canyon. Export-onentated shares was seen as positive for German tenaments in the Kimoerlgy ■■ 1 1 


Indices ■ 

NEW YQRK"PQ^ J0iras 

~ f , NV3 • Atowkwoyikr’n 

■ A«B- i - v "j e - i A g* ; A y- ; A, *‘ ■; Al f j Hijn‘j"l4Wr"| Hmh- i 

tetartrial .js88.I? ! BS0.» 885 M] N1JK MM* | iiSftg 


nw f fjwa 41 1- 1.1 

9 O.se i *8.73 — 


Kimberley 


,! S5.ua; BJH| «V «4.Moj U,K0j 


Analysts noted that the Stock 
Market continued to encounter 
profit-taking in the area close to 
the 900 level of the Dow Jones 
Industrial Average, which 
yesterday reached 899.17 before 
retreating to S54.27 and then 
coming to rest at 888.17 for a loss 


• Wp«- of Iiolrx eiwmfivd liw A«gu*a24 


drilling in the Baltimore Canyon. 
International Business Machines 


Canada 


Motor receded YS to Y842. 


into harmful regions tor uerman «u« ujcwieuguigt „ ... — — . 

shares surfaced yesterday follow- sold prices, while, among the Coal ,, l4 1 

fug fu^er d^^akness. Mini^ sector Utah rose S cents l*L**.J*HX !“ 

Another factor, they said, was the “ LfS* 40 °* kbxids:€ 3 eentffto — - ■ — 

hUo m, th n e SS n^ ^r^er^^S J? bSSSSLiSJi 2K& KMlkAai> P00RS 


ts &x;srwa« irrss ass; r r "r“ r . raKleratelr ^ ^jss is ^ s aa sssu’sissr *“ h ° a bMn {TJBtfWTSsasra 

SSS *• * - 01 ,h ' 

<C raVifi „ < 5S^ U *Si£". i Snam Kiif ST* v°k Hong Kong 

sis- s^jsssritsssa Z'tss sff 1 jear " mor **“ w «■ w ssz to 

oraaVn'"" 1 FrMlw ‘‘ '5? ck » 10 «•' ln WWA bSf m«?i, .S yuoo. uS'yot “ ^”>“ r s <«™« ™* SSSi-tSBto* ‘wmaSSf“ 'SS 

Senate Finance Committee ffV'S ,r i^. inS i Occidental Minerals shed 2^ to 1.028J5. Y2.750. Japan Carllt Y25 to ^32o while Ltilities. were lower. market's advance, the Hang Seng 

chafrmnn Lon" S that TI? “TJ , p *t">lcum ojjre d to acquire Canadian Pacific picked up * an d Kyushu Denkikoji Y20 to The Domestic Bond market M91t finished 7^2 higter at 
^h m fa? farthe r* ‘ta x red uc lion s £?.?, & ' V660. _ ___ «Uf. ««. »*? 


i\'«*r >p'»PP«Wi» 
*- 13 

SiiKm C»m|>lUc'B 


/ 1 AM- ! Au«. j -VW. J A»* I A “*‘ j X ^f’ i HtgTl Uiir j H^t. : to w 

i n-sa i»«i| 11S.5S HS.BJ WicirHSiii^Ra 

i 105.87. 1H.98 f«.«i »«■» ! SSi(lwS»i‘ ^ 


profit-taking trimming 


beyond the SUi.3hn approved by , . 

the House. Analysts said Wall - R ro fc er * a '-.e stoeks -ained -round 

.(LVWSi/lSk^l^S on B 7 k ^omnienStro^ 5“C 

ment that he will seek more re- „ j,... ... u., 

j.,.,:.., vestmenr advisory service, while 

The subsequent selling on Wall 

Drccious metal hit a record h i r ^h 
Street was encouraged by a con- 1 1 “ 1 a record hl - h 

tinning plunge in the dollar, P riLe - 

which touched record lows yester- MBPXL advanced 31 to S211 — 
day against the Swiss franc, Conasra ha,-, agreed to acquire 
Deutsche mark. Japanese yen and 3IBP.YL for stock. Conagra eased 


exchanges totalled 


Ion g<inv. 


- . trt „. . . Aigoma Steel also on increased Telecommunications Construction DM I with paper still in rather the four ’ exchanges totalled —Si 

Brokerage •Me ks gained ground net profits, rose 1 to C$23i. declined Y170 to Y3.650. Taito, short supply. JHie Bundesbank HKS263.66m. up sharply from last war- »tt hoitmon 

.1JS5 1 ' 1 “J 1 Ju‘ Molson “A," which reported an Y77 to Y550. Nippon Television sold a total of DM 8.4m nommal Friday’s HK$187J5m , IT.Y.8^. AIX^ .. — 

aitHS7hS?iiSf« increase in first-quarter profits Networks Y50 to YS.760. Meito. of stock, compared with DM 16.2m Jardtae Matheson unproved 50 Amr l Kui . ! \.u^: Vini.r- 

Gold issues added fractions as The . I.. u Cannm VIA-tn VI iwn Dm. Phar- Mine nn Fnriat Mark Fnrpi—n -.Ante Tn uvtiQ fin Unnv Vm.. Ang. I Au I,- f. 


Y’ftr ■RI> Ml'Pli'Vi 
" 4.49 


Rises and Falls 

,\. IK. WjAiqr. U ' Aug. 10 


precious metal hit a record high 


after the market close, were up Sangyo Y40 to Y1.020,.Ono Pkar- sales on Friday. 3Iark Foreign cents to HKS18.30. Hong Kong £?' ^ 1 HiRta i U-r Kiw. ■« 

I at C$201. maceatical Y40 to Y873. Mat- Loans were steady. Land 40 cents to HKS11.80, Swfre : . — — F*»s. 70. 

sushlta Seiko A'40 to YUBD. Sumi- Pacific 10 cents to SHK9.50 and 6»M 68.5^ 5B.M; B8.7S; w.n ■ «. .« ^ I SS*PJ j „ 

Tnlivn ‘ omo Precision Products Y3S to p ar j s Wheelock 2.5 cents to HKSSA5. 1 ' I ' l9S? • ** SSJ - 

lOKyO Y648, Dale! Y30 to Y 1,080 and rdrii but Hotchlson Whampoa ended 

Share prices presented a mixed Kokusai Denshin Denwa 330 to Market was closed yesterday unchanged at HKS6.75 and Bong- MONTREAL * f ! i i 

appearance in slow trading, with Y3820. ahead of the .Assumption Day kong Bank were finally IQ cents : A V«* 1 A, W- . M 

; ; holiday. do%v -n at HKS20.90. : 14 : . 11 ! 10 ! H ; Hlgl1 _ 

, . Outside the leaders. HoogKopg .... InHll .ir. n i iss.rc I9AS* wa.sr mo-W 2W.2J.a^ 

Australia Aircraft rose HK$2.aO to HK$72J50 »7.S8 807^0. 206.97 5D7.59 507.58 rtt» 

„ _ . . ahead of its interim results. . ~rrz — -~r 

Reflecting some_ nervousness cheomt Kong advanced 90 cents TORONTO Cmh«iu 1225-* «25-5 *ia '«6.5 iHA 

ahead of today’s Budget. Indus- l0 HKS13U0 and Hong Kong *. r 

trials were easier for cnoice. Wharf SO cents to HKS30. but JOHANNESBURG • a72 0 . 2 ;j a ! 3S5.6 1 285.6 1 287.4, 

Tobaccos and Breweries were Hong Kong Telephone shed 25 281.9 : 261.5 28D.8 i 2SB.9 1 Mi-fiM* 

adversely affected by a report that cen ts to HKS34.75. Iu 

excise taxes will be raised . . . w 


the Dutch guilder. 


NEW YORK 


Sh.-k 

A lie. ' 
U 

Aiij>. 

11 

Alil.il 1 Lnlx 


36), 

A>, 'Ire >+» k nii'h 

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Ann.'f. t vii mini 1 

32 

32 


.\iiii-i. Tfl.. a51j 
A iiipi . Klc -I . I*n» 23 1; 

.\mi-i. K.\|iiv".. 39'^ 

.\iiii'r.H"inr l'n,i 31^4 

.UiMi-Hl.. 29r<i 

A Mihki>.... aij 

A Hill. .\Hl. 4336 

Amil'I . .XHiiiliinl.. Ej2>j 

.Vlili'l. Sl.in.-* . ... A 6>4 

A ii if r. Ti'I.I Tel. 60^? 

\inett-k a 6 lj 

A MK tyi 4 

All I' 38s* 

Ampw j 17 'a 

An -li.it H>> Kmu.j 30i> 
AiiIh-iim.t Hiiv-Ii..! 265(1 

A i hi.- •-'M eet I 31 ij 

A.-s.l 27 !& 

.Wmrniiiil | 171- 

A-six-i 16 

A-)uim>l Oil 35-i 

All. I(i.-litl«l,l 6 H; 

Aiiin UrtiH I’m.... 34U 

A\ * 12 

A' 32T a 

-It i*ll I’ikIii*.-!*.. 60 

iUll. Ik- Kiei l... 

Hitiii- Anion™.... 27U 
IUi,k.-i- IV. A.Y. 38 

Iwovi on 255a 

Mn\ier l'ia,vm*i. 491 ? 
tk'nirlce K.*«l. .. 2 a I; 

IU-i-IniiI lickeJi-^-ll 39 >4 

Hell A Hmiell 22>; 

Ill'll' ti\ 42 1 j 

Ill-nil ui'l I •mi- -IS* 5 
Ill'll I IL'Ill'fll M«!CI. 247, 
Niai-k A Hei'kt-i..- 20'; 

Jii-iiiB 72 SC 

IhiieeLn-iiiile.. .. 31U 

lt'iiilm 29 

IfcUB W Miner. 3 1 Jg 

HnuilT Im lg. a 

Um.-mii *A‘ 14 5$ 

llii-i.n Myer-.... 361; 

Urn. 1'ei.AlMt..- 17 '« 

Hnn-kttjiy (ihi-s.. 34'* 

Hnnj*nii-k 16 m 

Bin-j in- hue 1 19 

lliibim Wall'll 85a 

I'.ui i iiii; 1 i'|i Mini. 43 Jr 
62 1 4 

■.'nm | iIh-I I S. ■ii]i.. .. a6 1 8 
C.ina>liMii I*hviIii'. 195a 
1 'hiihI K'lm.l'iipli.. Ill;) 

•.‘amniii'ii 31 

i.'mrhT.l li.-n.'nii' 12 
l ii Her Hun icy.... 18'v 

i. i»ei | illnrT in' I-., bl'i i 

i. H.-> 615, ■ 

I 'iHiliu-i' '.in jin... i4j| 
l .'ill m> A .-.M . . loSs 
t i'll a Kills.-!.. 2 If 

l e-Mui A in-MII.. 461; 

L lin-f Miinnallnn 551 , 

L lii'in nn i Ilk. X Y 41*, 

1’ln-v.l'r^h 26'* 

Op— re J-i'li'in.. 29>, 
l‘liu-aa«* Urnljie..., a4i; ■ 

l lilt -lei 12ij 

I ITI.-nillUl >4*, I 

Inn:. Wilael.iil .. 365o 

Cni>-ir|. 26 

l me- Mavmi... 49 W 1 
I'llV llltl- 1 Ills.. 17'| 
i'li'ielninl Oill-.. 62*, j 
L'.w t.'ls 45 l 

Ciiiume 111 I 111.... 21 

k'l'lllll- Alknuill.* 117* 

l..lllll,l.u* <in-.... 28 >R 

l.llllllll'M I’l'-I... 10, 

l'i>iii.!ii-l'*i..il Im. IBs* 

i-ltnii Kiib. 4 15b 

l ••iiii.ii'i ■••■i K>| . 15 

l"iirn'lh KiIimh 27 -a 
L'ni'v'rliOu U«'l ,l; 


t 10 S24j. 


II l urn III” I. In— 60is 

( I**.' J hi 'ru'r li'iuil 5i:« 

365, 31'* 

281, (- i«:ken .Nut Z9<i 

45 | 'n.«n/A.ilriliii-ti 36^, 

291a C'liiumin- Kn^iiie 38 
31 iJ i-'nrriM. Wriglil... 16*, 

, 4 L'lirt lnlu*uir>_ 49 1* 
if ! 4 Owe 34 Je 

35?* IW Mome 355 g 

irclunu 12 s« 

rff 5 * I'enraply Inter... 21's 
Ilelmll bd-Ml . 161, 

^ _ 1 itamnuil sliamrk 24 1 ; 

16<a ! Oi>-l*54unb-„. .. t 6 :j 

63 . Hi u iu Ki(iii|. 495* 

59's | l*lMiev iWMltk... 451s 

427 8 Ikiver I'.irpn 46It 

Linn Lliemknl... 2b 7g 

S5I* | lit*,., 281; 

23J« I lirewer 44', 

39', |,|||«.,i| 118 

Sl'z Kmuiv l*i liei 22 J? 

28-S Kmmi Airline- l35; 

6^8 K,-! Minn Kinlak.. 65', 

Kniaiii 3yu 

52 'e 

35 J 1 K.I..A i ■ 50'j 

61 K. lW-t. Am. (.«• 1/5* 

3e'i Klim : a3'. 


sushlta Seiko Y40 to YU.W. Sumj- 
T_l.„ n lomo Precision Products Y32 lo 

lOKyO Y64 g Dale! Y30 to Y1.080 3nd 

Share prices presented a mixed Kokusai Denshin Denwa Y.70 to 
appearance in slow trading, with Y3fi20. 


Paris 


68.6a| SB.34' 68.76 68-ft 


,9 3) ( \6'3) 


]wnt*4imteil 





r neli*"ae4 ....... 

Xin HIrIk* 

New luns. 


3o'i Klim ’a3U 

19^8 Kiiiervn, Kiei.-Uli . 38 't 

39 j knieri A irKr' i(> hi! 28', 

17 : Kiiuhii • 431; 

30 1; K. 51.1 2.’i 

26ie • KnKHlmnl - 25' a 

31'S ! K>nuitL 3U>a 

27I S Kill vl kiail 

17 -9 Kasmi 477 b 


i.ip I US* 
a3'i - 335a 

38'( ' 385b 


16 j lam'll i lil Ouiii'm! 36 'v 1 36=8 
35ia Ke*l. Uejit.Mi'ien' 38 
Sllj Kireainne Tin?.... lal; 

345* K-i. Am. Htetiin. 31^, 

12 •• le.ti \ mu 245g 

32'v KlinLki.ie..^ 33'; 

60Sn rii.riif* (5i«tr.... 

a /'a Kimir 40 1 * 

27 ■« 

3 B r.Jl.f 2418 

26 l-nM M" 1 i>i 461, 

49 Kiwniis-l Mi-k.... 22 

265, Kiix'Mh 395g 

39 r'mnk'in Mini... 8 i>, 

22 r iwju-i Mineia cBi; 

415, friielMin 3l'« 

45a r'«'|ue lint- 121, 

255* . . . p 

205* 1 

73 Immiell 

nii, 'ii'ii. Ahum. I hi... 

29ia ‘--'.T-A 

8 | lieu. Inl'lr 

16 i«en. liyiMtiiK.-,., 

141 - I'C*- K'«iru.-> 

ici' I sell. PnanlM 

0 8 lieneml .Ml.,- 

16t b t.ielii'lNi Hull*-.. 

34!fl (jiii. l*u tu Mil.... 

17 1 * lien, -ifiwi 

195a (ieii. Tel. 2l«vt..„ 

b5a (ieii.Tx le. 

43'« iieiw-Mi. 

82 (iei'12'8 IV-ifl. ... 

36'; l.i-iii Oil ' 


li.A.F 

(■milieu 

Ill'll. A MCI. I III... 


47»* I 47*. 


lii, I 'iilletie • 30ae ■ 3058 

3 la* J (ii, <liit.ii B. F.... ' 3 II 4 I 21', 

121* if»nli(*r Tiie™. 17*8 1 175a 

195a J tifMiiit 323* . 32Vg 

61 15 liimei'M.U 2/58 k',.,® 

toll- ] i.il.Aimn I'm-leni iU 7 

435 , I l.rl, Ai.rlu Inm.j t 6 2 o 

I 653 I ' in-yin, in. I i3 5 r . 135, 

2*ji, | (sii.l A \\ 1 11 . . .' iS'i , 16 

46 l.ii'i O ah's 2 * 11 - 

a 5 Mia.iliuii.iii 18 1 to7in 

421 , Hmmiih Ilium-....' 37 'a ; 37'a 

26>8 llmin-i'ti.isii'r ... , 16 , l 3 *i 

301* Mum- I'.irjm atoJo 66 'x 

341 - Hein/ H. -I ■ m3 ■ *-2>h 

191- Henliii'in 1 toft* ! 26?8 

37 1* He* it IWrldinl...' 90 I to9!r 

26i- H'l'ela, Inn- ! alls 20 •>, 

jQil H'line-iake 3 t 3 , I 38>v 

I7w H'MleVWell ; 71 7Pj 

621 , H.nier 1:H* 12 1« 

48 in Ilu-|e1.a,r|., Alllelj 431* 4378 

211 , 1 !!■ ui -1 ■ >■■ Nai.llii' 1 27 27 

• i[ Hiiiinlli.Ailitnif 14A» 145s 

‘ IliiK'Hi iK-F.i : 2U* 20i„ 

281; 1 . 1 . liiiiii-lrle-.. I 3 1«* ! 30i, 

St 1*1 I A. I ; *i 6 >* sb ; 8 

18^, liiKer--.il 1 ,‘miil...' d 2 >« i 621 , 

41':- I ilia ml -lie*: 38 (b I 391, 

155* In-ill-. 1 45, | 13 


inlin- Mmiville..! 325, 
-J.iJl lltiill -Juliriei ill 855* 
■Inimwin (.ami rn|. 1 £ 85b 

Tii.vUaainila.4iii V *5 i* 

K. Mm-«.i»rji ; 2773 

34 L* 

Kairei llliiM-Lrlt~! 2 

Km>er Suwl 275* 

Kay ' 12 

Kenneinit 1 231* 

Ken .MiH-ice ■ 52 

Kulilf Waller ablj 

Kluila^ly Clerk.. 49 

Kup|«n 22 

Km Ft. u65, 

Knr;er (.'-a. I 3b >4 

laen*-*wav Inuni... 37 1* 

liiit Mimiui 361; 

Lililiy ( >u . K>»«l..j 261* 

Ll>'- el 365 b 

IjII\ ih.l 63 Jj 

Lillian I 111 I 11 -I.... 23>* 

I>a*kiia*t-I Airvr'ir 361* 
Lulie Him linin'. 64Ae 
1/iiiK l-lnl»l IJiI. 195* 
LmlalalM Ltlnl... 22 ■* 

Lnl in-iii 441* 

laiK-kv fflaare- 1 >7* 

L’ke YuiiKft’nn. 12 
UHeMinaii 107* 

May> M- H 435« 

lfris. Uani'ier 39*8 

M*|a-i ' a4i0 

on 47 t 8 

lUnnc ylutiMiuf. 2358 
Mar-liall K>ekl...J 235g 

May Ue|H.4|..re-: ,47a 

AICA. 57 

MirUermnll 26 

M-lk-nneii Iknj- 591* 

Mil ran Hill 241* 

Melanirvi 53ig 

Aleak 605* 

Menu 1 Lvn"li....' 215s 
Miva I'ftnueiiin.: 33Sg 

AH. II 441* 

Mum .MiiuiA Mia ol'; 

ll.iiu. 1 nqi b55e 

| - . ... 0450 

Sol* 

.M'ltiiiiiln o3 

Mni;ili> ' 43 S« 

Anlilnn I £37* 

Aal- •• Chen null' ! sOJg 
Aaliiiiw. (.‘mii ... 21 


Aug. ; An*, r Aug. | Aug. 

14 • II ; 10 ; » 1 Bigli 

199.76 198. S& 139.6r m2* 200.23 >9 
207.38- SO? JO 206-97 207-3? 207.58 (Mil 


325, ; 321 B 
855* ■ 8758 
t85e 281* 


Iteilam - ; 555q 

I. ev iiirfaif .Mela I'- 33 1* 

UevnulaU II. J. ... 59 

Itirlr-uii .Met fell.- 29U 

II. a^well Inter... 35 

Ui.lmi A Hiw» 33<8 


It.ival Lintel 1 1 bU, 

KTK 145, 

Hum L/iy» : 12 U 

Uyilei S.VBieai.... it Big 

Satienr Stmes— ' 43'a 
Sl. Ji«?‘ .M meml-J 24 ’g 
■4|. Iteyii H8|iei... 341; 

(Miila f'e Inn-. 345a 

amil Invert , 65, 

■Sasun In. la Ci, 

3.6IH7 Biewina-' - 134* 
SelilumtieiRer 895, 


Wimluortb. ■ 20 . 20 U 

Wjlv _ 41* 41; 

X*m\.. 611* 615s 

1838 iBA; 

/.ealrL Kailux 19'| '• B-? 

L‘,S.Tr«ia4%iSfcO' — :95 

l»Tte«.'<*i l S,7bit6. — *91'* 

L jS. 90 a|« r NIIU 6-87) 6.85 ; 


IO ntl51.ua utiu nuu# nuaji — 

Wharf SO cents to HKS30. but JOHASHEbBDRG 
Hong Kong Telephone shed 25 . luiiu-i'ilai 


272.0 271.3 ; 265.6 ! 285.6 [ 
261.9 : 261.5 260.8 1 268.9 . 


207.4 1 
261.9 il< =T 


lbZ-Si) lit ci 

1 10.82 iia.li 

9 38.2 ifO't* 


ias.i. (Bj j i 
IS#.* lU.’Ja 


■ 43 i« : 42 
I at, • *5s, 

1 aflu Z% U 


43U l 43i* 


Aa». I >i -tuier. 223* 2 * 1 - 

NhI. >erviw ln.l. 17 ' 1 7 

Ant ■•■mi-' aiw...'. 535s 335 b 

A at- niimr - 42a& : 431* 

M. I; ■ 63^4 ! 655b 

\e,-(uue - 21 2070 

.New tviigiaiut Ki., 23 22?s 

Acn KiiguoatTei 345 b ' 341* 
A i spam Jl'.iba* k' 15 147* 

.Niagara Mian :...., 1 117a 12 

A. L. Iroliu-m**^ 211* | 20?a 

N. .nnlk5c Western 1 24lg • 24lg 

AurUi Ail. Car... | 3610 ' 36 
Aihn.Suier Pwr- 26** 1 26s« 
Mbwas-t Airline*) 33 ,* ' 327g 
Ailme-i Uannup- 26 ^* 2670 

Niirtoii hum hi.... 19 7b i9&b 

(iiiriileiilM 1 1 'eln.i: 2 H{ . 211 * 
1 .* 1*111 V Alalliei..* 87i* ! 27 M 
>)|iim Kili'un...... *81; 185g 

'.»un 17 I 167* 

ila emeu- SI iijip,..' 245, _ ii45g 
linen- l-iilling..- .3>2 , 431b 

iiiieno Ilium* ^ 35 & k 2 (s 

1 'a in (ih- ] 24 ni'a 

I Wi Ilia' Lltfllllll-.; 195s ; 1530 

I'nll l*nT. A I*-.. ^ 2 U . 221 a 

i*a 11 Am Mi in I A iii 8 7 70 

I'a. kef HaimlllnJ 2o'- ; 2850 

I't-ii-ali lull *7'; ; Si7l* 

I’in. I'u. A l *.... 1 l'i| AiSg 

IVilll .1 J.L I 3958 3958 

*87a *81; 

I'eupi™ Unis — ■ 12 ift 12 

l'en|7fr iJan j 36 'a 36 

I'cierci | 32 j 3l** 

Perkin Kl mer. .... 275a. 267a 

iv* ! 5 s ! a** va 

I'liwr. 1 36 ; 365 b 

Pliei|ai Uol^e. — Ie4(* I 24 »h 

i'ldiauiuiphu* 6>e.i U5>« j 181* 

I'll 1 lip .M< i>1 hi.....! 72 >a 1 (3 

PhlHl|n l"eUr«'rn. 325 b i 325, 

l'i it-l miiy 45 445* 

1'iliii'V Uuwar- ... ■ 85 b 1 J8l- 

I'lti-ii'ii 1 24'a ' 247a 

I’n-i-'i Lbt AlM«; i95b . I9 l 2 


SCU I 405ft KO50 

•x-iii hier...... 1 17', 17 

>-<vil All" j 24'a . ic4>3 

■>-iiiklei tiui'A'a) ; bag , tia 

la I'lmtainer. .. 31', 31>* 

*eaa(Mi» 2oi6 437- 

-enrieiG.il ._ 147* la 

-ear- la.nHiin'k,... 245a 2450 

-KLH.il 3*.lft 39 

-llrli Oil 331s 33 s, 

-hell Tran* tun... *<5 h45b 

Jianai S4I, . 53 

SiondleCnri' 36'8 37 

-iiniplieiiy Hal... 13 127a 

3in-er l*-3e 19 

— aiitla Kline. 971, 967g 

>iiilrp*i 3>4 3 1, 

-uUlll.Uin u ........ 35‘* 34 

-••ulliemL'al.Kil- 2c 1* 2b >4 

-aaiibem Ln 157a 157a 

Slim. Am. He:...- 351* 3353 

3tmt hern IV'-iHiu, 32 32 lg 

-oulhemKailu ay 555 b , 53la 

.miithiaiiil > 321* 325 b 

i’ll BmHiare- •• eba, 265a 
AiNtfry Htitrii — , iOl* 5053 

-lieiri- Ibtnal 487* ‘ 48>a 

bqilili. 34 1« • 341; 

-Unilnni llmiul- 267* . 291a 

'bi.UiiL'aiilnin m' 424, . 424* 
-in. 1*1- In-uana.l all, 61 

-M. Un 374, : 38 

-(mill Oieiui.ai* 431* 1 434* 
.tennis l*ni,| ,...' (77 b ' la.5a 

•tin let uk'.-i — ' 70 _ t8** 

’un In. '. **5i* -*370 

-uuai-lraml 5.4L, j 35 

-A nine : o35, *34* 

IcuUiuralnr — 14 . 14 (g 

■ eklmnix 1 46 45>« 

■ ciaaiyue ...' 1031a - 105(2 

»*ies 74a 7i a 

tenecu ' 311* t 51>fl 

Lasairo Pelmieuni; 11 119s 

leAMW ' K67a j KS'j 

ie.\m«ull ! 20 201* 

L exaa Kastero. 39** 39 

LeA» lnsi'ni | 89 \ 88&a 

I'eiuu Oil X Us»..| 281* ■ 271* 
Leva* Lrimie*.-.; 2*ij , 2Ug 

lime* In*..- 50 , 50 

lime* Mirror.....' 321* . 33 

I Inaken - 53 52 Sb 

Trane - 415, 41 

I'm unmerl- a. 173, 177 b 

■ mm*-' • 21', 21 

I ran- L uum a57- : 35^, 

■ mii-n as linr’n. 287g 29 

Intu* AAair-i Ail . *71* ' 264* 

Iraieter* 38'r 385 b 

>11 kaiUtlltWllal 197* ! 1&4* 

IICW ' «*0I, ' 40ia 

5jiIi 1 Vail nrv r'ii *83, ; 391*. 

I .A.L. : 40 ' 395b 

LAIUO an 3, . 

M.I 1 21. ! 21>a 

(■ iiifevei : 44*, f i3 

l mi e*er A A' • -6i» , 3570 

(.limn miii* up...: <aig [ 25 ig 
l imni Uu— lale— ' 40 | 391* 

t'nmn (.'••nimrim j oJ t ■ 85g 

L munUII OU11...' 5l5a ‘ 52 
l-uii.fi 1‘nclfio — I 501, I 50*8 


50>, | 50*8 


CANADA 

AtatibiHapei ' 143* • 14 »b 

Aiffii.w H*ce. toe 

.VicanAinnilaluni^ 351* 355* 

Ai 2 omaJ*leei 231* 22 13 

AateUOT I 41 41 

Hank cd MaioLre*', 231 b 23'* 

Bank An^a .- -niai 225s 22ij 

(tasi. liar-uiinxa.. t^- 2 J 4 2a 
Hen Teiectmov... 381 * ^8 jj 

. Hnn Valley lint..* 37 i 7 

UI1.!aniula I 185* 18:, 

lili-CUl - 1 3* la 

Hnnu _J 6.50 Ib.aa 

faigary Pan*er...’ 40 39 /j 

Lamlkiw Mine*..., loU ip 
i. * mu i« (.emeu i ..i 1 7 g 10 J ; 

•.aaiiaala AW Latli.' 125* ' la'. 
'.an.Imp.hkLuin! 29 (, 29 U 

iJaiwW liMu*l T 2 .I* te>'* 

leu. Pm Fie 22 21 '- 

•-«n. IVeilW Inv.i * 2 l* 22 :, 

can. bu|*:i Oil...' C43* 645. 

I'et ling O'Keefe.-' 4.80 ' 4.90 
UHr Aaijemloa-i 10 Ea : K 5* 

■.lueiuin ! * 83 * 281 , 

Cumiixu ..... <93* *81- 

Luiia. H 8 lhur>I...j 305« 30i* 

Lon-uiiier Gk»....‘ lti>, 19U 

C»eka Ite-uuRC*! C3e t(* 

Liattin ..... 12 12'* 

lHon Uevec 10 10 1 - 

Ut'ii'hon .Mine-.... 783* /87a 

Lkiin Aline- *5 955* 

Uiine Hetmiein,' ' 6 Y fc 6 l* 

Ik Bri-kie! ^6 125'0 

I ■■•in tar.. | 211 , 41 'a 

UU|aml 141'. 1430 

r'airxnse A arte 47 - 4 275* 

Kiinl AJaAnrCau. 'iB-z 77 

(Im-iar | .'*17 417 a 

(iaaiiiYei'aknite- <51; 15U 

Uwi On L'juuulir. 5(7>* ■ Zb 5* 

Hanker -ui.Uan. o5a b'* 

Ho"iiiser.. 421? : 421* 
HumcUi 'A'-..., 423, 423* 

Hu-i-.u UayMnt 184, 181 * 

Hu lmn Day.. — ! 23 1* . 23', 

HiI'IvkiOmA Craa 467g 463# 

I.A.L‘...:..2. ! 19', 197 # 

Inianr-i.../. ...' 36 ' 35'* 

I inpertal-Oil , 21 i 2H* 

lncv I 181* • 183, 

In.iai I 14 la I 141* 

lulaiul A CL Ua». 11*, J 113, 

1 ni'ii. v 1*1 pe Line 165* < IBS* 

haiaer L'esourcev 143* I 15 

laiui i Fin. C'urp.- O'; I 81, 

Lolitatt 'B'. 4.30 4.38 

Uenull'ii lUoediJ 221 * | 22 

Al«ne.V Kegtie'n.j liS* | 114, 

Mrlulyre..... \ *6i* 26 

Ah «ire I'ui-pn j 3 d>, .461* 

31omiMin3talei<-{ 3.75 3.75 

Aumifba II man... j 34 34Ig 

Aancen Luc- r> _ ] *7 "'17 

Ainra. retec-nn...; oC ig 36 

XuimtcUil X tm»: 405« 40>, 

( f-kneu • Pelrl ni. t 6 *1.35 

■‘m ine (-'■ M.| a. 13 | 4.20 

Harthf I'elrfKeuui 37 1 ; ’391* 

IVii. CNn. IVI ni'. .6 nbSg 

Haliutf • t*oi, 1161, 

LV,,. 3..: 3.7 J 3.30 

Hiace Cari.A I ha., 1.06 I.lO 

llMrUerawiinli 24 241, 

Howes' (.otT'OniT'n 18 171* 

Hnee.— lgi* *15 

WuelKV sturgeon; 2.90 . '2^3 

Kanaaa Oil , 15 t 8 16'* 


241* I 24 -b 

181, I 181* 

'i2ia i (3 
325b I 425, 
45 44S8 

•858 • 481- 

241* 1 2470 
• 938 . 19(2 


1 . . 1 . 1111 . bHU'lllll'. 

45 

45 

lull. Khiii>ii> 

fab's 

«bi, 


151? 

153; 

lull. HNlMi> 1 r+... 

S830 

ae.'n 

t ■ -ii 11 l.iti- In-.... 

40>* 

41 

lull. \Ill|\t lll-ll' 

4Uob 

4o; a 


43 

23 

lull. Mn llili ■•I p.., 

19 '3 - 

19, S 


4.31; 

Zbl; 



i.6'4 

leij 

f |a||*Nf| h'lMN I* . .. 

£6 

26lg 

iiul. FV 1+1 ' 

443* 

4b'a 

(. MriNii >m . Im*.. 

47>* 

£6 

1 1'Li 

bB's 

48'0 

1 nunllHil I'"»CI 

241, 

24 3, 

lilt. I<i«iliii-i ' 

12a B 

121.. 

I fiiiliirmlci (iii'.. 

40J« 

30-j 

ln(. lei. A Tel... 

0212 

o3 



47 -Z 

Lull'll! 

1 



lb 

16 

limn Beci 

383* 

38', 


40i| 

40i« 

IL Inienimiuiuil: 

1230 

121? 

t,i»'|*r Imlii* 

53+i 

54i 2 

Jim »HUer 1 

3212 

33 


I'liutinul ' 53'; o41a 

I'nbiniaa: Kira- i la*s ' 1:4s 

I' 1 1.1 I n.lu -11 fea... 27 Jg , 48 ,0 

I'nclfi lianilf'i'.J 893* 89 >2 

I'nii .-ene Kieel.| kd>* , * 3 '8 
I'm. umn I q 6 »» ! 451- 

I'um | 18(* ■ 1 iSg 

Wuaktfl (.'*!■ 23 1 * I 251 g 

)ba|ini Ameneaii .■ 15 is < 151* 

Itailiieon ' 36'g : 563* 

lt«J.\ • 315a | 313a 

lleiaililif Steel... 253* - 25 7g 
linuru loll 89 <b ■ 873* 


L niroA’al 1 

Lnited Brands-.., 
L 3 HArtcawp. 


I S lntiliiM*kl'. 
IV linlii-tne-....' 

Virgin in Kiel 

(VaiMiecn 

Wanwr-L'm 

W intd-lanileii.! 
4A’a»la: - Alan’menr 

Mam— Hnrsaa 

Metlcnr Hunt’ •!/ • 
Western A. Aiimn 


5V a*., iiijtIi'pc b«- *-lj 

«Viw> _| U9(, 

" e>ert«aeuber 307* 

M bln^r-a 1 I 231, 

WbHeU«.lnd..J 227 8 

MilliHmCo ■ 203* 

AVLcvnriD Klect..; 265 b 



7'* 

Klu AIrtuii 


in, 1 

ll'B 

Ku.viu Bfc. oi can.* 

335a 

32 'a j 
421, j 

321 a 

3170 

Koval TiuM ...., 

19 

275b : 

275a 

S.-epire K'aoun-efj 

7?ft 

1 

28 >4 

Seagrams ] 

29 

SOla 1 

6058 

obeli Uuuum ; 

15 

213, ; 

2l>« 

sherritl li.JIraei 


!=>;« 

13'* 

nelien- c>. 0. \ 

3 !| 

1 

28 ia 

Slni[*.m 1 

6>* 

621, 1 

52 

'teel i'i L'«nihift . j 


293, • 

29'* 

neev Kmfc Iti.xi. l 

2 65 

31 ' 

30bfl 

i'esa-o Ckubim...} 

+7', 


3li8 

L’lirodln Uom.Bk.| 

4UJft 

+ !>, 

+2 

rrail»l»nl'ipeL;il 

17!ft 

i7fta , 

;6 

tnuik Mihimi llpi[ 

«4fl 

21 

203* 

lrl«.i - | 

7I4I 2 

4“i«g | 

fa* '2 

l UllK] <.«P ; 

ll‘t 


Ubl.-iB^aa* Aline-l 
Walker Hliuna | 

West f.^ai TniM' 


Weston Geo. 20i*. I 201- 

t Bid. » Asked. { Trafcd. 
i New stock. 


EUROPEAN OPTIONS EXCHANGE 



• M'l , 

Soni-- 

' \,ii. ; Fji'I 




klm 

F 133. 30 

1 1 * i 1 1 

KLU 

KLU 

F 161.90 
t i90.n0 






23 

• 2.80 

z 

. 2.70 

1 

5 

; 53 >* 


1 T- 1 


1 - 

|S291<* 

1 

54 1 - 

1 

' 41 I 

— 

! - 

1 - 

2 

«'2 • 

2 

25 1 

— 


I 

3 

■ 91 * 

l 

133* 

— 

j 




1 

22 : 

— 

1 

'FI 5 1.50 

1 

5.50 

6 

10 

— 

1 

1 

1 

5.50 

2 

10.30 

— 

i 





10 

2.90 


— 

1 r. 

36 

1.60 

10 

2.40 

16 

• 3.40 

K25.60 

25 

U.50 

46 

1 

+6 

1.60 


12 

10.5V 

1 

12.50 , 

— 

— 

F 130. 10 

6 

4 

32 

20 

b . 
' 2.20 

1 

I ™3 







— 

1 

3 

j S24Sf 

2 

40 

3.90 

0.50 



! ~Z 

2 

4.60 

'F130.30 


BASE LENDING RATES 


A.B.N. Bank 10 % 

Allied Irish Banks Ltd. 10 % 
American Express Bk. 10 % 

Aiuro Bank 10 % 

A P Bank Ltd 10 % 

Henry Ansbacher 10 % 

Banco de Bilbao 10 % 

Bank of Credit & Cmce. 10 % 

Bank of Cyprus 10 % 

Bank a! N.S.W 10 % 

Banque Beige Ltd. ... 10 % 

Barque du Kb one 10 j% 

Barclays Bank 10’ % 

Barnelt Christie Ltd.... 11 % 
Breraar Holdings Ltd. 11 % 
Brit. Bank of Mid. East 10 % 

■ Brown Shipley 10 % 

Canada Perrn’t. Trust 10 % 
( apiiol C & C Fin. Ltd. 10 % 

Cayzer Ltd 10 % 

Cedar Holdings 10J% 

I Charterhouse JapbeL.. 10 % 

Choulartons 10 % 

C. E. Coates 10 % 

Consolidated Credits... 10 % 

Co-operative Bank *10 % 

Corinthian Securities 10 % 

Credit Lyonnais 10 % 

. The Cyprus Popuf3r Bk 10 % 

Duncan Lawrie 10 % 

Eagil Trust 10 % 

English Transcont. ... 11 % 
First NaL Fin. Corpn. 13 % 
First Nat. Secs. Ltd. ... 12 % 

■ Antony Gibbs 10 % 

Greyhound Guaranty... 10 % 
GrindJays Bank .tlQ % 

■ Guinness Mahon 10 % 


Hambros Bank 


■ Hill Samuel §10 % 

C. Hoare Sc Co .tlO % 

Julian S. Hodge 11 % 

Hongkong & Shanghai 10 % 
Industrial Bk. of Scot. 10 % 

Keyser Ullmann 10 % 

Knowsiey & Co. Ltd.... 12 % 

Lloyds Bank 10 % 

London Mercantile ... 10 % 
Edward Hanson Sc Co. 111% 
Midland Bank 10 % 

■ Samuel Montagu ! 10 % 

■ Morgan Grenfell 10 % 
National Westminster 10 % 
Norwich General Trust 10 % 
P. S. Refson & Co. ... 10 % 

Rossminster IQ % 

Royal Bk. Canada Trust 10 % 
Schlesinger Limited ... 10 % 

E. S. Schwab 1 U% 

Security Trust Co. Ltd.’ 11 % 

Shenley Trust 11 % 

Standard Chartered ... 10 % 

Trade Dev. Bank 10 % 

Trustee Savings Bank 10 % 
Twentieth Century Bk. 11 % 
United Bank of Kuwait 10 % 
Wh ilea way Laidlaw ... 10J% 
Williams & GIyn*s ... 10 % 
Yorkshire Bank 10 % 

■ Members of tbe AcceDime Houses 
Committee, 

* v-ctay dapoaus 7^*. T-monib deposits 

' i-May deposits on sums q[ £ 10,080 
and under 6‘v., up t0 mg uno- no,. 
and ovor Ej.ooo Sin. 

* Call dopasltb over £1.000 7*. 


dramatically, and Carlton United T/sVionnocls.iw 

Brewery receded 3 cents to ASl^O. JOliaDneSDUrg • L.. 

Retailers, however, were mainly Gold shares moved irregularly Australian * ' ■ *' 

firm, although Grace 8ros~ an j n quiet trading, but tended to L . . .. • 

aggressive liquor discounter, harden following the record Gold ‘ 

declined 6 cents to AS2^0. ilx. Most heavyweight issues tjmin»xfcc“ 
Industrial leader BHP recovered closed higher, recording gains of - 
from early dullness to end a net up to 75 cents. franco rtt* <o 

2 cents higher at AS8.02 in in Mining Financials, Johnnies - • 
response to news of oil shows in continued the recent upward eanniLI1 - 
its Seahorse well. trend on speculative buying. g»n nw t (*,. s?t.s 

Among mixed Banks. CBA rose 5 gaining 125 cents to R30.00. De 
cents to AS2.40 and Bank of NSW 4 Beers attracted U.S. and UK Hong Kong 631*J 
cents to AS8^0. interest and moved ahead 10 ... 1 

Oils were mainly lower, but cents to R7.70. ■ ,E 1 K 


Pre- ■ 1978 . MB 

tuhui ' nich . I*m- 


.\n(, ; I7r- 


, \h<u« . U«j;!i , tw-i 


322^6 522-67 441.19 Spain (<•' •« '■ -• ' ItU-'ib yjjrjS 
i |4/hi '^i| * j i ■ i 5t 

««ja I 0 l.lt- ; eo.ij Sweden v" 40*03 401 Po ■ ; JSiA* 


• ■ 9S^7 9SJk> 94.00 SwitMTl dl*! 

.' {M^et . t&» 

■ (i*i 73.9 ' M. 8 

(3.8) ' (3 21 MONDAY'S 
, S!?.4 813.0 8193» 7,-9.4 " UNUMI 3 
,27.1) ■ tlT.a) 
i 8t.S ’ Bb.B 87.0 tt\0 

• i9>6> |M| _ 

“J 5 J iftS 3 S 5 .»~ 

,,, tf.93 ^4' K.43 Norion Simon 

. ,19.0 ;ki;l» A “J r ' TlL L 
, 4[«.3fi 413^4 4*.tl 3M.W ^ TV „ ■ R ^ u - 
« W; it ' (4.10) 

co :cnu Ml o* wn MCm 


94.00 Svitzerl'di'! 2»j ; ai.3 aijj.W . 2|«| 


l?8*i> ! (Tjv4> 


MONDAY'S ACTIVE STOCKS 


NOTES: Overeoas prices shovti below and'or senp issue, c Per share, t Fnoca 1 Singapore 393.8? 389.14 3'J3.6C WaO 


,-scluitc 5 prenuom. Bvlsiaa CividvMls <5 (iross div. «.i. H Assmscd dividend a/tw 
arc after vriihbohUnj: fax. scrip and or rights tSRU«\ k After local 

4 DM SO denom. urdcss olhcru-ise stated, taxes, m ras Free, h I-'rancs: lOtSndltw 


Triaw 735.4i» 

Masscv-Fcriiusun . jil.mHt 
Norton Stmod . 4Ad.iao 

Amcr. T«L & T« l. «4.4iio . 

LTV 477.3*1 

A. il- Retails .. . .131.1119 
Mead ... . .. a»»i 

BcflKOrt 924.7W 

R annul a tuns . 24l.”An 


C'lunjj* 

Siw ts CtosntK nn 
l railed pnn* day 

7£j.+» 3K ■>} 

3*2.nM •! Pi - 6 

4M.I00 I9i + f 

4A4.4IIO hO* - i 

427.3*1 15} ' J 

mi.JUd 114 I 

U0.o*l -3 11 -11 


•p SirFr 506 demm. and Bearer shares holders only, it Merger pending. 
unless otherwise su:etf. ' V5f denom. - Bid. I Traded. J Seller, a 
unless otherwise staled. 5 Pncc at tune xr Ex rights, xd Ex dividend 
of suspension, a Florins. • Schillings, scrip Issue, xa Ex all. A Imci 
c Cents, d Dividend alter, pending rights increased. 


^ JgK lulu, ; ST* « 4 i 

UUHCPS and dates (oU base valued ™* on PunM - **** Ui “ 

0 exccpi NYSE All Cotnnwn — 50 " 

andards and Hoots — 10 and Toronto bank Dec.. IBM. 39 Anisrentam lodnstnal 
B_1.00(j. the last named based an l975i. 1970. 13 Halts $«ir HaokSI-J/M. CU Harwa 
Excluding blinds. X40D Indusmals. CornnK-rciBlc Italians 2/1/72- dToRvo 


GERMANY ♦ 


TOKYO S 


AUSTRALIA 


\LU.. - 

vimaii/ Ver-wh.. 

BMW. 

HA-F 

Bftjrvr — 

iforci.Hypou— •• 

Un.VAt.V •fneini't K 

CH«lni..\ni.wn- 

Oniiiter-d«nli 

(Amt {juinim. 

L>aimiei Uen*. 

UeRU!«.« - 

Deinag 


77.2 t 0.4 - - A«ln ! 317- i 1+ j 2.2 

484.0 +7.5 31.2 3.3 Own i 433 ! 12 1 1.4. 

227.S«r >38.0%. 6 .Z Camo^ ; 780 +10 85 I 1.6 

134.0 — 0.4 18. 16 7,0 Chinn- 440 ;+21 20:2.3, 

136.9 +0.2 18.16- 6M Dai .\ipi»m Print: 540 ! + l 18 ; 1.4 

290 28.12 4.9 Fuji fftnm,.... 1 !»05 ‘+2 15 1A 

330.5 -0.5 IB , 2.7 (iModii - ; 229 12 ! ».6 

151-4 - . - Uinuift Motor" 522 ] + T : 1B}4.7 iwc. LHII. 

231_fc -0.7 1636115 Hoii-e Fowl. ........ ! 1.200 1 +20 35 f 1.5 \ uni. Fon nriatk>u lnve-i. 

81.1-0.4 - - C.ltah I 259 -3 ! IB 2.3 t.V.i 

318 -2 28.12 4.4 tto-Vnkaile 1.68U i--10 I 30 ! u.g \i nil men.— 


317- i. I 14 2.2 ACM1L*.v* cenifti — : 

433 [. : 12 •' 1 . 4 . Aw« 

780 +10 ) 85 I 16 AM. VI I L M 

440 '+21 20 ; 2.3 Ampni hN|4nmlU!ii.... 

540 ' + 1 18 ' l.f 'ii«|ol 1‘etmletim. 

505 +2 15 ' 1A .vwc. Mineral 

229 12 I 9.6 l«w. Pulp Paper si t 

522 l + T ■ 18 t d.7 \th>c. Cmi. lndininnt I 

,200 1+20 ■ 36 f 1.5 \ui4.FouiiriatkU] lnve-i. 


Berten l)auk_. 99.6 +0.! 

Korr+RMiil 1 89 +8 

-u.oi Cw»IH»«nk ; 112 •- 1 • 

...... 300 ( 10 

1 .... Kn*iilka«+,i .. 110 >1 

1+0.04 Nnt-kHvilniKrH . 207 -4 

+d.Ul -Si.nvoranil — : 105 +5 


Pm-e ’+3 fns.'YiJl 

K Tuner ^ % % 

99.5 +0.5 , 9~ ;V.O 


BRAZIL 


Uegie+a 261.5-2.0 17 . 3.3 laces 671 *1 

ueuag 166^-0^ I4;4ji JA.L 12.750 |+30 

Denbchc Bank— 302Jsr- 3ai2| 4.6 Kami K'eei lie. j 1.200 : 

Drtfedner UanV.... 242.0-0-5 ; 28.12; 5.8 ! 325 ; + 5 

LK-ckerhnii /e nit. 195 — 8 ! 9JB 2.4 k u |w„. , ' oon i_j 

Gutehoiinunc 213.5+213 12,2.8 KvX<Jei am lc-i 3.630 [-50 

Uaw Lw+iM ...... 191-OcB— 1^|14JJ[ 5J Matsushita 1 ml... { 710 |+2 

Harpeoer.. 338^ +0 ^'tI 8.72| 4.7 Mttsubiah, UankJ 280 I 

Hoechm-... - 1S13......-18A 72 IF Itublohi Heavy* lh5 +1 

U-ieseb ! 48.7 — 1.2 1 4 [ 4.1 Miuubislu Corp-J 451 —4 

Horten 156-5 —0.5 ; 9.63. 3.0 MiumiiAcCo. 313 +5 

Kali uml Sal* — 1 145.5 — 2.6 14-M 4.8 Xllcauko^il— ... 562 +7 

Kantailt.. 339-5 +0^ ;23.44l 3.5 Nippon Denso— ..1,400 +20 

Kauiliof — 244 ...... — .118J2. 3.8 Nippon SbtnpM-i 715 7 — 20 

Kioi'lcner lilIllX'. 1 96.0— lJj — Nimbo Motors -J 747 +16 

KUI) 180.5 -13 1 18.75 S.2 p (oDeer I X-B60 +10 


671 ’+1 
750 1+30 


Hoech**... . 

Uoescb 

Horten. — v 

Kali uml Sail — 1 


KauiLof — 1 244 • il 8JX 3.8 

Kioi-lcner IiMllX'J 96.0— UI — — .Nimbo Motofa-.l 747 ( + 16 16 1 

KUI) 180.5 -13 1 18.75 6.2 Pioneer !l.560 +10 48 I 

Knipp 100^ +0.5 : — !— sainyo ’Kiecxric....! 239 r-1 12 | 

Unde. - ; 264 +3 j 25 | 4.7 Heki»ui Prefab ....| 8«5 +5 30. 

lowen'+au ICO — 1,700 +80 1 23 j 7.3 -hi^hV-i. 1,130 1 1 20 

UiIIiium 120.5... — ~l 9.36| 4.3 aooy ; i,a!0 ; 4o j 

U.\N ( 198.0+0.5' 12 ' 3.0 >*i»hw >Unne....| 230 j+2 j 11 ] 

.lUnncrniami 175.6-0.8 17.18 4.9 [•*** CliMmcalJ 409 + 4 13 

.'lrimie. I 248.7 -2.3 10 2.0 1 ' ,,k J n * w ' 1 m ' 


.'letailce* I 248.7 -2.3 10 2.0 ' l ' K — id.080 

lliiiiclo.'ii+t Uur>t.| I 580 ! iu : 1.6 leijm 1 *18 

A 11 rkeruu 1 n .11 135.2—2.3,' — — i.,h,i. Mamie—..! 481 

rreu .-ac D M ItO.' 155 —1 . — ] 1 i>k v< > L ■«■.! Pi >a r' 1 1 . 100 

l.'heiu We-uKietv 162.5 A 1.0 26 • b.9 i,.u\-u Malivu 3d2 

■wrlierma -.! 267 — 1 '2a.I2i 5.3 i alr av j 141 

?ienien« 294.0 —0.5. loi2.7 IimIhIk Curp I 136 

'u.i /.ui-ker : 202 +3 i2B.6fcj 5.3 Mofur. I 842 

riivnrn A .0 124.9 -0.1 ,17. lb' 6.9' ' 


Aeirkeriiuin.il 


Varta 191 +2 1 

t F.H.A 1 132.6 -1.3 , 

Verem.iWeM Ukj 294 +1 ! 

Vniumacen I 237.2.+ 1.2 


AMSTERDAM 


14 ■ 3.7 
12 ! 4.5 
18 1 3.1 
25 : 5.2 


+ 1 ■ 13 j 1.0 Aim (Hi ,V tiiw , 

+30 — — Bainlco Creek GoKl 

10 , 4.2 Hiue Metal Itad 

+ 5 1 1H 1 2^ ikiufiglnv llle Cupper ' 

—1 15 1 2 7 H ram hies Industrie*. ; 

—50 .35 0^5 Hmluai Hill Proprietary 

+2. 20 L, 8H booth — ... 

10 Ld Carl lea United Brewer,. ...I 

+ 1 12 4.8 C0K (Sl> — 1 

—4 13 1.4 Cock bum Cement. J 

+5 14 2.2 Colei (U. J.)— 

+7 20 1.8 CVms. GaUheMa Aml | 

+20 ‘ 1S|Q.5 Omtainer (51)— ■ 

—20 12 j O.B C'onrlne Kiotlnto— 

+ 16 16 1 1.1 CuMaln Australia 

+ 10 48 1.9 Dunlop Uubber (St) — 

-1 12 | 2.5 KbCOK. 

+5 3U . 1.7 liliiei^smlth..— — ... 

1 20 ■ 0.9 KJL lmluatriea~^ ( 

— • 40 1.3 (i>n. Property Tnisi 

+ 2 I It 2.3 Hameralev— - 

+ 4 15 1.8 Hiajker .............I 

I 30 ! 0.7 I Cl Australia I 

— 1 j iu 1 4,2 l"t*K'n|Mt>.w I 

—4 ' II ! Li Irnlusjnea. ! 

—10 i B : 3.6 V David, 

— 1 I 12 ' 1.9 ImientUH- ' 

1 • IU ! a. 5 Melals Kaf'Wmtvai 

+ 2 I 10 3.7 MI.U Unhlinc* 

1— 8 I 20 ) 1.2 .M.vcr Emporium ... ........... | 

X lehulaa Internallnnal 

-No+th Broken H'dinxs FbOc) 

■ Jakbrklpe. - - 

Oil -Search-—. 


;S:!I .w.u . i» . 

it 48 r2*nl ol * °-» 5 J ' l£ »*-M 

IJ'S : tU D ‘ Uanco.lo Utiuil...; 1.68 — 0.02 ..I i l#. II 

li’S Ban.'o lull P.N ... l.al + 0.0 1 J.ai 28.34 

T +a -‘“ UetcoMliimreOF 1^6 -0.i4 '.ut 6.34 

!.-rr Lnjas Anier. UP.,' 3.60 : + 0X3 ..2L 5.55 

I'atnionui PP.—.I 3.46 +0.04 j. la S.78 

If-f 2 f -0 - 16 Pire'H ; 1.50 +UA»J.16IB.« 

jMLa Cmt OP..J 2.69 1-0.41 .da 8.55 

ftS Lam l,ni P WL 5.56 0. 1510.25 4.50 

*2^70 »'<: _L28 !— <M5' .1M4.M 

|3.06 |+(L04 Turnover Cr.iaiDm. Volume T2.6rn. 
tl.70 J+OjK Source: Rio dr Janeiro SE. 

Sait ;+o:bz JOHANNESBURG 

If'JI IU MINES 

il 71 Ca'aJ Amp* » Band +or- 

tS‘43 IS'ns "Yifilo .Vmcrlciui Cornu. ... 6.J0 +0.1* 

to'ai I Chaner Consolidated 3.90 +9» 

IS ■ East Drlefomein jilto +e 20 

In’iR ' Elsburo 


I’ltCl . 4 - 1 -t 111 .Ini 
Cm. . — "On, 3 , 

a95 — C.B2 3Tl2 lt.H 
1.68 -0.0! ..It U.I I 
l.al +0.01 J.a* 29.S4 
.1.26 -0.14 '.ut 6.34 


tO.81 l 
t2.18 ’ 
10.16 ! 
tl.17 ■ 
11.18 > 
10.86 ; 
tl). 30 I 
1:2.33 : 


l.Ta -12lg 


10 % s Demand deposits 7j’/„ 


Otter Kxploiarion 

Pioneer Concrete- 

Uedriu & Col mau.— — . 

U. C. Sletgb — 

b'juthiaiid Minina 

spaitjpa KxpJpmrioD 

I’enih (S) 

W’alLooa^,..— J 

Westerns Mining tbGceoisi 

Wrml worth*.— I 


l»umer. — 719 —14 33.76! 4.7 Rembrandt Group 

Fr.Pfct roles 140.5 -2.5 14.1010.0 Retco ... - 

fJen-Oecktontale-l 210 +3 8.3b 3.9 Sase iloldincs .. 

+ 1 9 1 5 7i n a ®*NPPt 

+4)1 1 J 1 C. C. Smith Sutiar 



Harnmny 1 3n 

Kinross r.30 

Kind 11 to 

I Rusivnburs Platinum 1.7J 

1 !••• • St. nclvna 117.01 

— I |Tm iln’n? So “ ,h Vaal B-93 

j JLf® -®-0> Gold Paid* SA 27.M 

rr: J5J2 Union Curporalion S.4J 

Ir'fo ! +0 ^' pc Bern* Deil'nvd 7.70 

n*a(b*i tl-39 ifjWll Slyvoonxiiricht 6.30 

in"?! I*® ? and Pw 7 - M 

IS'iS Free Si ato_GcdWd SJ.B0 

tl.59 +0.01 President Stem 17.35 

- — £5.00 -0.02 Stflfonleln 

■ *2*2? West Driefoniem 48JS 

o — .... HL4b Western Holdings 41.50 

_0 ua Western Deep itoo 

jO cental tl.59 1+001 INDUSTRIALS 

1 tl.60 | AECI 3J0 

Anslo-Amcr. industrial ... in m 

Barlow Rand 4J3 

CNA Investments 11.SU 

171 ce + ur| Wiv.iiriii. Come Finance 0 

Fra. — I Pm. | ^ De Beers Industrial 1^00 
— 71 — - 53*“™ CmwilWaicd Inv. ’2 43 

+ i* 0 l +l * 8.6 Edears Stores +30 00 

440 +2 >21.16 4.8 Ever Ready SA i+K 

f.n + i° ls - B 5.0 Pederale Volkabek*KLncs . 2.1D 

|S9 -f &iJ 2 > 4.7 Greatennans Stores 2.BU 

IS? — ^ 10.* 2.7 Cuardtan Assurance (SA> 2JS 

+ i° 42 4.7 Rulctts 

>2i?- + i s 4.3 McCarthy Rodway ins 

385.6 +2.5 31.6 B.2 NodBank • 1 7S 

.067 -4 76-601 7.8 OK Baraars fas 

406 -1 12 I SA) Premier Milling " tM 


12 10.0 Protca Iloldlngs 1.56 

— I — Rand Mines Properties ... 3.35 


i-nmeruea ... :,** 

Rembrandt Group a.jj 

Reica 0.41 

aa ggj ioidmgi ii.33 

oArrl 2 !D 

_ C. (i, Smith Sugar ! 4.43 

7 b S- ' - Rrerfenea I .'jo 

* * Ttaf Oats and Nat. Milk. n.tMV 
S'? ! Utnscc l 


Securities Rand U.S.S0.76} 
(Discount of 2C^%) 


SPAIN « 

Autiut>i ID 

A sland 

Hanco Bilbao 
Kanco AilHnueo d uU) 
Banco Central 
Banco Exterior 
Banco Ccnerul ...... 


VIENNA 


Bancn ina Cat. ri.ooai 175 
B- Ind. Metutarraiieo.., 203 

Banco Popular 248 

Banco Santander (2S0) lib 
Banco UnmUo (I.ddo) „ xn 

Banco Vizcaya ■ S* 

Bai yo 2 araaaana 218 

Bankunkm . — m 

Butts AadaJoda an» 

a.5|gjg»* ««»■ » 

OiwIm"" nr” m 


s'! E- 7- Arayottosao -Z'JZ Sj 

%•£ Esouota zinc ““ jS 

*■2 S *!* 1 Rta Ttnto “ a* 

*•2 Kocsailtoot — 2 

4.2 Kenosa n.aan S 

4.2 Gal. Preciurtm: 77 

4.S (Tnipo Vcdanuey taooi . us 

5 2 H'tirola - 

3.8 Rwrducrti « 

_ Olafra up 

4.3 RsuoiflaB ; *7 

7 n Pel roll her „ *20 

_ Pctrniotw -jMjo 

l'i Sarrio Papelera H.TB 

47 at 

r'h ftMcnlca w w 

Tunas Hostench 03 

r, Tubactu OS 

7,1 Union Elec. — . 71 


Percent 

122 

+ 4 

30 > 

— J 

247 


M 2 

w. 

2 W 

- 2 

277 


ISO 


2n 

- 2 

ITS 


2 U 


248 

- a 

3 U 

- s 

20 


243 

— 4 

2)9 

— 2 

150 


203 


» 


K 


2 n 

+ a 

70 


S 3 

— . 

102 


» 


H 

+ si 

n 


77 

_ 

165 

_ 

M .75 

— 
































4 



'N. 


!,i : n m 




- 3SnaiiciaI; Times Taesd^r August 15 1978 


FARMING AND RAW MATERIALS 


33 


Chinese 3 
wheat crop 

SIAN -{China) August 24s 
WHEAT- . OUTPUT »- Olina'6 
central Sfaensi province, .one - of 
jta main producing areas, 
fell by about SO per cent this 
year due to severe drought, 
according provincial .officials. 

They said that Shensi and 
Shansi provinces, divided from 
each other by the middle -reaches 
of the Yellow River, were the 
worn-affected drought, areas in 
the country earlier this. year. 

Persistent drought' is also 
posing a serious. threat to this 
year’s harvest in the Chinese 

provinces of^Huwan, Szecwan 
and Hupeh, :aecording to provin- 
cial radio reports monitored in 
Hong Kong.- - 

. “The , ; drought . i a . still 
developing- in some places and 
is a serious - threat to reaping 
* bm " p 5T h ^est over the whole 
year, * the party committee la 
Huwan was quoted ‘as eayrag. - 
Radio Srecwaa said that their 
provincial committee had held 
an anti-drought conference ‘ re- 
cently. . i . 

Radio 'Hupeh; referring tb a 
prevailing drought - in the 
northern province; said that 
Chinese troops .had' “transferred 
plenty of, manpower andmaterial 

X jgBS *; «» 

Meanwhile in New Delhi, India 
had normal or: excess monsoon 
rains in all parts of. the country 
in Jane and July, maWng a 
record production of.foodgrains 
likely, the Economic Times news- 
paper reported.^ . . 

On the basis of a countrywide 
survey, it said -that the Kharif 
(summer) crop could he as^. high 
as -80m tonnes if" rain in mid- 
September and.- -early October 
was adequate. This would make 
possible an -annual” food -produce 
tiori of more thaa; 130m tonnes. 

India last year produced 125m 
tonnes, of. which the kharif crop 
was 77m tonnes Reuter 






scare 
coffee market 


BY RICHARD MOONEY 


reports that a aw cold 

front is rthrsatening Brazil's 
coffee growing areas sparked a 
dramatic recovery: In .futures 
prices on the/ London market 
yesterday. - 

Nearby values leapt by more 
than £160 daring the morning 
and' the' November position 
ended the day £338; higher at 
£L344 a tonne. : . 

- Local sources^- In Rio de 
Janeiro reported at the. weekend 
that conditiox^ were favourable 
tor the formation- of frost early 
yesterday. -■ 

Overnight temperatores of zero 
degrees ; ...centigrade V" were 
recorded in Parani, the main 
coffee stated and though "no frost s 
damage has:- been .^confirmed, v. 
London traders' are taking the 



London traders reacted quickly 
to the reports as the futures 
market opened yesterday morn- 
ing. The November position 
reached £1,370 before profit- 
taking trimmed It back £75. 
Renewed buying during the after 
noon, however, restored most of 
this retreat 

One London dealer commented 
that this was “ the worst Brazilian 
frost scare since 1975,” but the 
market in general seems to be 
withholding its Judgment for the 
moment Sharp though yester- 
day’s upsurge was, it still left 
the price well short of the near 
£2,000 level reached during the 
last scare in early June. 

The possibility of a serious 
frost had been virtually written 
off by many coffee market 


Bid to protect 
jute growers • 

By K. K.' Sharma . .. .. ■ 

NEW DELHI, August 14. 
THE INDIAN Government has 
asked the Jute. Commissioner to 
ensure that Jute growers do not 
suffer as a result of this mason's 
good crop and the consequent in- 
crease in supplies to the market 
Arrivals are estimated to be 
about 20,000 bales a day. 

Jute mills .have- been asked to 
raise '-fhq}r stocks' of row jtite 
from, four weeks! tol eight weeks 1 
requirements.' The present four- 
week limit was imposed some 
months ago; when there was a 
severe shortage of the fibrtL . 

The State-owned Jute Corpora^ 
tion has been asked to make 

S urchases in markets in West 
eugal and Assam alRs 10 above 
the minimum statutory price. 


BCSrs.iHionJly.' - - The state had been forecast to ntr nn manv coses marRpt 

The -Rraz^an Eederat Govern- produce 7m-8m 60-kilo bags of Sperators ^d snecofftors^tS 
ments weather ofBcejmd yesler- coffee in 197*79, hot a severe twommth?^ of uSXl atiid 
day that ft was maintaining its drought earlier this year has cut ^tw 
frost warning for last night and expeditions s S7 some 
poEsibly f^/ tonjgiit. Weather gr SSSlSw pS M to gf 

tzrxati&sssE. ns wm io “ ^ 4ra bss! sssL jsssIxlI 

“ =u«« frost £«« *, fct £S£S^ “ 

pressure to warrant' keying the Sited, the crop will obviously be Yesterday's rise may have 
frost warning in force; they said, even smaller stiff. At this stage eased the producers’ problems 
The m»hx threat 3$: to Parana, in the growing season there temporarily, but if this latest 
which,.- until the . 1975 frost would be little chance for trees scare “blows over” as did 
disaster, used to prdduee nearly to sprout new shoots to replace earlier ones, prices are likely to 
half Brazil's coffee. Even without those “ burned-off ” by frost as subside quite sharply as the 
the new frost threat next year's sometimes happens following “frost scare season” nears its 
Ukely Parand crop uncertain, frosts earlier in the season. ' end. 


FaHiitf- stocks boosts tin 

..JYJCitM EDWARDS* COMMODITIES EDITOR 

r'.'/ZiTf- 

TIN PRICES jusqbed - on the the U.S. at present although this pretely to free market quotations 
London Metal Exchange _y ester- is not because of the recom- like Kennecott. . 
day after an uhespiectefily large mendation by the U-S. Inter- 'Another leading U.S. pro- 
fall in warehouse stocks. national Trade Committee to ducer, Asarco. maintained its 

The decline' in Stocks, cutting curb imports. It is thought highly recent policy of “ following " the 
total holdings by-17fi.to 2,405 unlikely that President Carter market by lifting its price by I 
tonnes, and a firm' tone in the will be able, politically, to agree cent to 68 cents a ]b for cathodes 
Penang market over tas weekend, to restrict free trade . from and 88.625 cents for wirebars. 
helped push the stohdard grade developing countries. • 

cash price up £105' to; £8,775 a However, - the new pricing of 33 rented, 

tame at the dose^rachtas Wtoa adopted by KeoMtott at “m ,&Jd MS 

£6,800 earlier li+$hfr<lqy. the end of May, switching away lead price by 2 cents to S3 cents. 

The three months: quotation from the traditional producer a rise in the European zinc 
closed. £8LS up at ifl^TT. quotation to flexible prices based prodneer price to S625 a tonne 

Ralls in vwehouse^tocks, and Com ex, is believed to have was announced by several other 

predictions, of, a catkin .-interest achieved its prime objective of producers yesterday, including 
rates, also boostfed .'fife copper making imports less attractive Billiton, EZ Australia, Hudson 
and lead 1 markets.^ .’ 1 ', to U.S. consumers. Bay Mining and Outokumpu. 

As expected. /;thero~Vas a Yesterday Texasgulf, when apepars t0 ,J? e t ^ e ,. n , ew 

massive fail in eapper /stocks announcing a rise in its copper established level, although It has 
which dropped b^ M.675: to a prices of 2 cents in the U.S. and ffL’ 0 , feJSSSlT tl 0 ?+«« eVeraI 
tofal *of 463^00 -i&Mis-the 3 cents in Canada, said it would “Si,*™* 

tow “* ^ «M.,^^ber «. . ** ™ttod of Pricing. , £&£* ”£££ ™ “rtSS 
- f presumably making it more cum- qYhfitsmtinUv kv r aaa * n 

The' cut- was attriWrted to petitive with Kennecott. contra^ lead 

shipments to recent-. toers in Other Canadian producers are stocks had a bigger fall than 
the marked xhcludhpg - China, expected to follow suit, aithough anticipated, declining L325 to 
Japan, India and iffij- Soviet they are likely to prefer the more 47.525 tonnes. * 

Union, .. -* cautious approach adopted by LME silver holdings fell by 

Few . shipments , are' ^ing to Phelps Dodge to going over com- 290,000 to 17,580 ounces. 


Further cut 
in cobalt 
supplies 

By Our Commodities Editor 

ZAIRE .IS to ration supplies of 
cobalt oxides, powder and salts 
to the same level as the alloca- 
tions for cobalt metals. It was 
announced yesterday in 
Brussels by Somoni, the Zaire 
nictate marketing company, 

K is understood that UK 
customers of the company have 
been allocated 70 per cent of 
fixe, supplies they received last 
year.: 

This Is considered to be 
generally in line with the 
system being used inter- 
nationally for metal supplies 
based on 80 per cent of average 
deliveries over the past five 
yearn- 

• - Cobalt powder is used 
mainly In the manufacture of 
“bard metals " sueh as drill 
tips.: Oxides are used in 
ceramics, enamels and colour- 
ings, While salts go into a wide 
vaitety vf Products. 

Carter pledge 
to U.S. beef 
farmers 

By David Buchan 

WASHINGTON, August 14. 
PRESIDENT CARTER today 
told a gathering of Mid-West 
farmers in Missouri that he 
would- not expand quotas for im- 
ported beef any more this year. 
He also rejected any idea of put- 
ting price controls on meat 
Mr. Carter recently expanded 
this -year’s beef import quota of 
L3bh pounds by another 200m 
pounds in. an effort to curb the 
shark rise in beef prices sees in 
the spring. 

te a remark that is bound to 
please the farming community 
— though probably not Govern- 
ment .eeonomists--<he President 
forecast that beef prices would 
be strong and relatively stable In 
the4ast half of this year. 

. He stressed that because of the 
Food _ and Agriculture Act which 
he signed last year, net • farm 
Incomes this year should rise by 
about 25 per cent 


1975.; 


JAPAN NICKEL 
STOCKPILE PLAN 

TOKYO, August 14. 
Three Japanese nickel smelters 
wiB shortly get a S4B.5m loan from 
the' semi-official Export-Import 
Bank of Japan to finance nickel 
imports for stockpiling nickel 
ingots and ferro nickel here, 
Sumitomo Metal Mining said. 

The loan contract is likely to be 
signed next week, it said. 

The three companies involved 
are hHppon Mining. Pacific Metal 
and . Sumitomo Metal Mining. 

Re- i- 


BRAZILIAN PIG FARMING 

Swine fever outbreak 
spreading fast 

SY SUE BRANFORD IN SAO PAULO 

AFRICAN SWINE fever is The large British firm, Pig farmers and should, in their turn, 
spreading rapidly over Brazil's Improvement, has a 25 per cent provide about I.6m slaughter 
vast territory. Ontbreaks have stake In the venture, which has pigs each year, 
been reported in 89 peaces, been called Agroceres Pic This scheme, which is being 
stretching from the Island of Melhoramentos de Suinos. completely financed at sub- 
MarajO, at the mouth tk® At the end of- June the sidised interest rates by the 
Amazon, to Santa i Catarina, TfiOO Brazilian Association of Pig Minas Gerais Slate Development 
miles to the south. Rearers published a stronglv- Bank, should give a considerable 

About 13,000 pigs have been worded statement in which It boost to Brazil's pig-farming 
slaughtered as part of the indirectly accused Agroceres Pic sector, which is run on low tech- 
G overrun ent’s somewhat ineffec- of bringing African swine fever meal lines. Brazil’s 3Sm pigs 
tual attempts to control the into the country through Its pig rate badly by international 
epidemic. Although government imports. It claimed that these standards. Litters are small and 
authorities claim to be con- imports “could endanger Brazil’s death rates high. Pigs are 
trolling tiie disease, many people pig genetica! heritage wiping out slaughtered at 12 to IS months, 
in the sector believe that it may all the work in pigs that has been compared with five to seven 
well become endemic, as has carried out durinc the past 20 months in Europe, and even then 
occurred in Spain and Portugal, years." have a lower average weight of 

THe speea with which the It comWot<1 tha , lhe health ™ compered with 

disease has spread !s perplexing, risks were grave, “since the 90 to 100 kj I os. 


Competition 

Most of the pigs in Brazil are 
still reared in the traditional 


Veterinary surgeons believe that imported pigs ' come from 
the fever has either been around countries with exotic diseases.” 
undetected for some tune or has This last reference is believed to 
entered the country simul- refer to Britain's problems with 
taneously at several points, vascicular disease. 

One almost certain source of n r ... " - . way. as a complementary activity 

infection was airline food left- ^ Allan, oi ^ on small farms. The pigs, whose 

over? illegally sold to Rio de a nucfeS^S of li?ef% S enetic Quality is such that they 

Janeiro pig owners. tomale Sti«Uv - seSed t<? nd to produce fat. supplement 

The fever is having an un- Sl e ace a ^ i “^Wtote nS with la rd the population's basic 
usually low death rate, particu- are beim: SnportS The diet of rice and bcans ’ wbich ls 
larly in southern Brazil, with as atoouch SSSfh bred were Peking in fats, 
httle as 10 per cent of infected J^u-ed 5 in France sotoat thev However, modern pork-eating 
S nr M could he internationally certified habits are spreading in Brazil, 

pared with 90 or 95 per cent in as proceeding from a disease-rree with the strencthcning of a 
African countries. While main- — “ cnnhictipqfail miririla olnce K-hirh 


taining that the 
doubfedly African swine 
some veterinary surgeons believe 
that the pigs are being attacked 
by a benign, mutated virus, that 
may possibly have spread from 


country, an essential condition sophisticated middle class which, 
disease is un- f 0 r Brazilian ani mal imports. although small in relative terms, 
fever. 


Dependence 


is a big consumer. The 
modernisation of the pig sector 
seems the order of the day and 
^ the pigs reared under the new 

— . _ r Th® first shipment of 500 two- scheme will be the first step in 

the Iberian Peninsula, where an month-old pigs arrived by air in direction 
Ineffective virus was developed ^ h 9 e t r ^ Brad's traditional pure-bred 

to tgbt the disease. Thie £JS ”‘ s bretd T s - » h ” seM boars 

tart »hSh »i i s. T commercial pig farmers, will 

52S Sf l 9i™i ll .- b ?hi^5l Sr undoubtedly be hit by the stiff 

Mimfc de rera?s S competition that will come from 

Unfortunately, the low death SStiniyine unit« °in wh?ch Asroceres Kc. These breeders, 

rate makes the disease even more “ybrid s5ws will be pro- who contrnI 1he ® razilia n .Associ- 

aimcuit to combat, as the ^uced. 


Vulnerable 


arion of Pig Rearers, complain 


Ac fko imnnrtoH niac < ri p ntraicia, 

survivors become aU too effective have^heen bred Shronch four lhat multinational company, 
bearers, spreading the fever SeMrations thd vSSe avrtem its P° wer and influence - 

even further. The disease is also Juf become self-susKm^wfth- has b 5, en unfairl y assisted by 
displaying what can only be des- ” the Government authorities, 

cribed as “class prejudice.” ou ^ neea for further imports. who have never offered them 

attacking backyard pigs reared One of the criticisms comparable help, 

by small farmers much more frequently raised! against Brazil’s it is not thought likely that 

readily. modern and efficient poultry modern pig farms will be 

Although poor men’s pigs are breeding sector is its continued threatened by African swine 
unfortunately much more vulner- dependence on imported, fever. If rigorous sanitary 
able, as they are- fed on swills genetically selected chicks. For controls are carried out — as is 
in unhygienic conditions, this some time, the Brazilian Govern- possible with totally-confined 
“ discrimination ” has led near- men ?. has made it clear that it pi ss — transmission -of the 

desperate small rearers to accuse w ° uid not authorise a pig-reanng disease become highly 

multinational pig companies, ®cheme which created a similar, improbable, 
which are just setting up in cham of It is thus ironically true that 

Brazil, • of taking advantage of dependence. ihe present epidemic may 

the disease — or even of introduc- It is calculated that, after six indirectly speed up the process 

ing it— 4n order to wipe but local years, 12 multiplying units of 500 of modernisation of the pig 
competition. sows will be set up in various sector, as it forces farmers to 

The chief target has been a parts of Brazil. These will lead improve standards, increasing 
new joint venture set up by the to 90,000 hybrid gilts, which will their investment, or to remain 
Brazilian company Agroceres. be sold to commercial Die “black death.” 



COMMODITY MARKET REPOR' 

BASE METALS before -'castas ftxcflnnwny thE la 

_ ' ■ V kerb to dose xt £357. Sentiment 

Capper— Moved *p .asala^tb active' Influenced- hr tbe considerable ' bit 
trading m the London SlWal EXCbange. wafeboue atotdm and a feeling 
despite the cwntimrin g flrBtoegs . of stetfing tbe irmtxt ta ^dsblEning, which bad 
agatnat [he dollar. After, opening pa tlw dT«*Df - narrowing from around 
frec-mazker at £13X6 lonrard jnetal 2MJ6 (be • eoatango. Turnover Jwgr. 
gained gronnd s teafUJy thronshoot. touch- tgimea. •' ; i”; ' ' • 

TH-S -' AmalgsmatAd Metal trading reportotf- 
1 LT -Unt IP the moratefTtuh wirebars trsdad . 
II 1740.S. -B, Area months £757. SftL' 


AND PRICES 


tv 18,898 In the morning reflecting the 
firmness of the Penang market, bear 
centring and chartist and merchant bny- 


COCOA 


- - - from Am. It is expected to increase to {same) a tonne tar borne trade and 
- 1.257. •' .-. £154.08 (same' for export. 

in - ,. nap Oespbe dollar weakness, prices Held . H6 E* UK^ave rega ex- latamatiosal Saga*- Agreement (VS. 

**- The - d e °V }e dollar Ind uced atesdOy throughout the day. wHb good la™ W prices for week eadliig Amnst 18 Ceuta per pound fob and stowed Caribbean 

u v hioi nw tbe pnre nnderlytDfi demand, GQ1 and Poflns re- —Peed stti B S. Sasf 8L30. S. West port)— Prices for Ang. U: Dally 7.35 


PRICE CBANGES 

Price per tonne unless otherwise slated. 


case back to £8.885 at cue point bot parted, 
.further buying Interest lifted It to 18.875 _ • 

-on the laic kerb. Turnover L8S0 tonnes. 


«> pp w*ldStai t-® 1 


pan. 

Unofficial 


'£ 


Ck*b.^?^.740J5-i-}+3 
3 iwnribfci 7fi?-.q ;+RA| 
7<»I 1+3 




Boltrm’nt, 

Cathodoo.1 

Cash. 1 

3 month.. 


•741^-2^1 
75B-.5 


738-7 !+4,ri 
7SM l+2Jj- 


Hettl'm'nti 737 j+5 I 
L'.d. — 1 


63-66 


TIN 


Official 


58. 56M. ft . Q rthn d w . caah CT6. mhk ;***“ I . m X ™ 

Wftobaxs. threo nwmhs £757. IUJp a £22fSS^*!5 

-- ,J .|6695-70ok 125 16695-703, 

6800 1+180 — 


High Grade 




of | pjn. 
C ncfldfi l 




+■*: 


£ 

M* 

90 


COCOA j 

Y«t»bJ J i 

Close 

+ CT 

iosteesa 

Done 

Nab Cotux’r 
to* — . — | 

^SOJUBjO 

+ 5.0 

tmfi-nx 


Marchir — Jl77B^-76J |+5^'U813J5JI 

• May. 7" 

Jafy ,.1 


1 756. +58-0 1+7.5 [17BDA-5&b 
-oi y J735.0M6 j+7.7B'l7®JJ 

z&sr^z iSKrea mtsarmesssiSL 

11 ^ ‘ - ^ -T mOMxVm* at n EEC INPORT LEVIES 


SO W. Eastam 8LS0. E. UMtanda 81.80, W. (7X2); lfrday average B.87 (8.61). 
UMIanda 88J0, N. East 8£L30- UK MJO; 
no change^ Tonnage: 1,873. Peed barley: 

S. East TSMiS. West 74J0, Eastern 77J8. 

E. Midlands 7K38, W. Midlands 75.78. N- 
East 77.08. Jf. West 78.40, UK 75 l»: 
change 448. ■ Tonnage: 10A84. Matting 
Barley: 8. East B8.7B. . S- We« PL 70. 

Eastern KM. E. Midlands 9+10. W. 

Midlands 80.70. N. East 82.70. N. West 
M.66. UK MTV. Change 4-880. Tonnage: 


WOOL FUTURES 

LONDOH— Doll and featureless, Bache 
reported. 

(Pence per kilo) 



Australian 

GiwWiwlI 


boos: WSrebaxs. three rnontha 8TS7; 5Zffif.3 U)onth* . 

58. Cathadaa. three months £75L5. 

WirelMre/ three' months £758.5. a, 57^, 57.’ Standard 
',W-Bri»=d gretoM’ in tairty art^ri 
737-8 U-fLfi- trading ^ritii the badtwardalloit widenlag- 
754>5. 'H>4J9 » tua from arobad f» owing to a laratt **«'«*£*■ 
than expBriBd fall to warehouse stock* JMfH 

Porwartl metal opened a 18.600 and naf - ly Torii J _ , ^ - , - .. 

VRoratag: Standard, cash mjlm ff”; c ^ am " > Do«a.i*r 


n 


M«ly , * r + Oti 
Ch»ie | — 


1 »790- SOOj+ 157 | 6770-80 If 106 

3ncnth».| 
detilaa** 


6800 h-190 | — 

JS1756 j+ 11 J - 


14431- Highest price recorded for malting October 842.0 I - 

December.-! 
and Mareb 

lateraatkmal cocoa OnwUstfaa (VJ5. S®***'? tod «: %.«<«■ 1 


I.G. Index Limited 81-351 3466. . / Three month Gold 2185-220^ 

29 Lamont Road, London 

L Tax-free trading Oh commodity futare& .. ^ 

2. The commodity futures market for .the smaller investor. 


COMPAtBC NOTICES 


ALGEMENE BANK NEDERLAND N-V- 

Incorporated tn'Tbe^mhwtanda stm. DmHed Oaldlltv 

. lnia rW'^M da adjtor_t ha year 1978. . ,i. 

Tua Managhw Bc»rt, of Ba«» H^rtaiW N.V. has Seclared an 

Interim . afrtdeod of O.ris. lLgO~ T pf -j «W— » .aftare. 


, .. tire ootton o« . 
tram 25th August. ’»{*- 


at 




to a "share premium bonus at MUJJa par /vsMi tneathar with O.FJsJ.OO hi; 
S*^. lire -S mi dirhSod « p^tsjjq wto he n«M ., agains t C^oon /te., » 

wnll* Coupon No. 39 rnmv be used to raeffivo ■ tortirer fash dhrwe nd. o< 

D Fis.7.00 or a sHar#-- premium-' .bones- or D.Pto^LSO nar value. Shareholder, 
who do wot wU lo rerelVe tfre d WJdend" entlr^v jn caah wiU.tmis retire one 
addltreSal ordinary share *1 OTHs-iOO-^mw MCawoMNo. 39 
oretner* share* or ter 4 .CsnMn MO. M trew cetttftaiya or 10 ordinary Slarer^fV 
orwMtad at the areas mjmtio-reo^batere.- • ■ 

London. ECS A 3D r. . 



. TJCaD " 

aetn. 

Qfflct&i 

■fa « 

p-m. 

Unofflcbu 

+J* 



S 

£ 

£ 

£ 


Unto 

33S-.5 

+8 

s54.5-3.fi 

+6.6 



356-25 

+7.82 

337.5 

+ 6.6 


Aftt'm'nt. 

3H2£ 

+H 

— 

...... 


UjS: tipot. 



3ai_35 

— 


- :: MMM dank Nedariaflif N.V* . 

• - 8t. Throadnaeote Street. 

.. .. London. SC2P. 2H«. - ■ 

- Atotreaire Oanlr NadorMM jNtV* 

81SUn« Sti-a*t. - • , ■- ' - 

- Mandresrer. mz 

New share " O crift to tet may.oe dlitritartefl In the tam 
K-cm-dgcater tnt/i-Cauaom.No. 40 and toltowtao • and te 


._ attached. . 

^ Stock options we - owrt ■red. wp SOtb Norentaf, ISTB'wUI be retd red 
tire proceeds held lor (flurfiMtiod torholmrs of Cooocns No. 39 not pretenwl .4 
lor Dsvmanr hv that dm. .- ^ 

. U-K. rreMenrs who.- sre. Mehle to U.K. taxes on oMdames paid te 
and who.db not cwv on e-trMe or (resteesrln The Neweriandi throuPb 
ren"eoe«k«»blhfrniwit sUuaiy® therein, amr^ve-NerearUncts dlvtdend W 
2S% to 15%-Ji the coonoiu iro accomaa%d by a wwnnkred . 
form 92VK. wbkb may oe opttlnecr jt any ot the above mentioned omcos. .. * 

Amnerdam, lltb AomreL ’’ ' ‘ MaNAGJNG 




owe— Barely changed and subdued. 

and lead bat then fell back B re5 l ?H9K j 0 * 8 « U tnmies ud 




LEGAL NOTICES 



no. van «t am., 

In lha HIGH COURT OP JUSTICE 
Chancery Division Cmnptirtes Court. Jn 
Ihc Matter of V. S. JACKSON LIMITED 
and to toe Matter of - The Camreatos 
Act. IMS, 

NOTICE B HEREBY GIVEN, Quit a 
Pctbloa fto toe WtodtoKtiir-of toe 3b0s» 
named Company by. toe H ten Out. of 
justice was on toe 9th day - of- Anaest 
lVK. pznnmed to me (rid conn or 
MAYNARDS LOtlTED wtwee rejtisurdd 
office to Btaacc it Vito KojuJ. PtoBbuy 
Parte, LottdttL NA, . a - creditor, ... a 
th« too said Petitlai- to -directed nr be 
heart before toe Comr rittina xp toe 
Royal Courts «f JnrttrB. Saana. Loudon 
WC2A ILL, Oh the lea tot# of Otxotwr 
IMS, and *wy mdjtor or arntribrnorr 
of too said CHttaasy dosbotsutD amort 
or oppose tire Bettag/tt- an J3rttr_oa 
toe said Petition may JOpeir.attoe tins* 
of bearing, to p«tsua or by Ms onaari;- 
fnr toot patpoea: and. jl coUt 4X the 
PttWtm vriQ bd toatobed &r ton -«ndv- 
Signed tft any creditor or cnntribsbKX 
of toe Hid Company rcvujrtre.rech copy 
on parmoot of toe xentoxed bbim-tor 

tho nm - - 

J. E. SARIKCA CO., . 

74. Chancery Lure. ...< 

London WC2A 1AA. ‘ , ' 

Ref! JAtt . . . : - 

smieltotfl rar toe RetMonera 

NOTE.— Any person trto Uimute .» 
appear m> the bearing of toe nfd?stirto« 
must WKn on. or sand by post to. , the 
above-named nonce- m .voting, of- tod 
Imcotion to to do. Tbe notice nnw'ioue 
the name and addrae of tiurpemm, or, 
if a tom the Bamg and adtowa-.of me 
flrto and mum be risned by toe pmmm 
or ton, or Us er tortr aefldwr fir «aw 
and most ta a entefi, .pom*, most 

be seta by post In ctBarisnt dmrm 
reach the above-named not ttwr- than 
tow o'tioric u toe aftenman .. nf jire 
13to day of October IMS. 


f'-<- HA 0KSU Of 1878 ' 

to. tin BZGB ■ COURT OF JU 
Caaacoar niriflon companies Coon, 
toe Mute r of a. zl l. (Managbmt 
L tUtTED -. and in toe Matter of 
Companies Act, itts. 

NCiHCR^ T&, fQ&SBY GWEN. thatT^; 
Petition fco’ tho wanting np of the shores 
.named Hktnpany by the Blab Conn an 
H^ino -vd« on the loth day al 
ura. W*nW to flxs said cmnw. 
£ A" G: BLANCHARD LZM1TED wflbae 
regtsend-oOoo tg sliuted at 37. UUdstoy-l 
CfOtW. London HI ttH. Printers. «Xtl 
to« IhS-aaU, Foddofl Is directed to ?# 


Royal ^Goara at Justice. Strand. UMw. 
WCa.SLL. DQ tire ifito day of OOflMtr 
W8.. and ‘atty- creditor or cont ributo ry 
of tire MU GttnpaSy. desirous u TOW" 
or oppose .tbe making of an Order toy 
the Htopatttion. may appear ar toe. toHL 
ju hearbitTB Mrem- « br h» 

Mr. that purpose: add a flop? 

Petition win.: be -tBrwaod by too naflmv. 

tine* to any atdttor or conntoaww; 
of tire Grid qinapuy mutring soen c<w 
on'.pahaanx of too regulated dura, far 

toll 


COLL TER- BRISTOW. 

.'.4, Bedford Row. _ 

■ ' . 'Lmtter VQK SDF- ;; ' 

** fl np. TW: M=2C 7WS- - 

.SotWlors for toe Petitioner- 
NOTB^Anr perebo wbo tnteyb t» 
Wear on to*, b