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Bovis 

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V ;No. 27,642 


Monday August 21 1978 


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1875 



SURVEYORS VALUERS AND 
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NEWS SUMMARY 


London 





Two people were killed— on 
air stewardess and a man 
. believed to be an Arab 
terrorist — when gunmen 
ambushed an El A1 crew bus 
outside London's Emropa 
Hotel in Mayfair yesterday. - 

Terrorists threw grenades 
and fired automatic weapons 
at the bos as it arrived at the 
hotel, with Its police escort. 
Nine people, mostly passers- 
by. were also injured. Six of 
them were last night seriously 
ill in the Middlesex Hospital. 

The gunmen opened fire as 
the airline crew, who normally 
use the. Enropa between 
flights, were leaving the bus, 
hitting the stewardess in the 
- and head. The driver of a 
nearby taxi was blown from 
his cab. 

Shots peppered the bus and 
a nearby pab, the Barley Mow. 
where lunch time drinkers 
threw themselves on. the floor 
to escape stray ballets. 

GENERAL 

Nihilists 
‘started 
Iran fire’ 

Prime Minister of Iran Mr. 
Jamshid Amouzegar blamed 
saboteurs and nihilists for Satur- 
day's firebomb - attack on an 
Abadan cinema, which killed 
377 people. 

The a 1 tack was by far the worst 
incident in the series of violent 
demonstrations which have 
occurred over the last nine 
months against the Shah and his 
Government 

U presents the greatest chal- 
lenge yet to the authority of the 
Shah and h\s determination to 
press on with . elections. Page 2 

Submarine towed 

A crippled Soviet missile- 
carrying submarine was towed 
round the north coast of Scotland 
by a Russianjtug, with an escort 
of Soviet vessels. - 

Thatcher visits 

Tory leader Mrs. Margaret 
Thatcher launches the Conserva- 
tive • run-up - campaign to' the 
j expected October election with 
visits to two Labour marginal 
seals in Kent Today. Back Page 

Begin warns U .S. 

l jlsraeU Premier Menahem Begin 
has warned the U.S. not to-'pre-. 
sent its own proposals for Middle 
Fast peace at next moolh’s Caxnp 
David summit. Page 2 


The dead man was thought 
to have been killed by his 
own bomb. The. Popular 
Front for the Liberation of 
Palestine later claimed res- 
ponsibility for the attack. 
Police caught a man .after a 
street chase and last night a 
man was helping tfaem^ with 
inquiries. . - . I ' 

The hotel is in the centre 
of a popular tourist area, jpear 
the American embassy and 
other diplomatic buildings. It 
is heavily -policed And i the 
area was quickly sekfekL off 
after the attack, which lasted 
about a minute. 

There were. 21. E1AI staff 
aboard the bus, hired: from a 
private company and . not 
painted in the . Airline's 
colours. The only distinguish- 
ing feature was tbe poUce 
escort, substantially increased 
lor later crew arrivals at the 
hotel. 


BUSINESS 


Karpov leads 

i'hyllrngpr Viktor Korchnoi 
n signed Uvo names in about an 
hour in tbo World Chess Cham- 
pionships in the Philippines, 
suing champion Anatoly Karpov 
a lead of three to one in the race 
..{or six wins. 

IRA theory 

The Rhine Army has said that 
the IRA was probably responsible 
for the bombs planted at British 
bases in West Germany os 
Friday which caused massive 
structural damage, but soaerious 
injuries. 

Defence plans 

Britain's plans for civil defence 
against nuclear attack arc 
described by two. Tory MPb as. 
"an -ill-coordinated shambles” in 
a Conservative Political Centre 
booklet just published- Page 3 

Briefly... 

Prelection of Children Act; 
aimed at carbing child porno- 
graphy. bos come into force. ' 

Winner q[ the weekly fWjQQQ 
Premium Bond Prize lives in 
Stockport The wanning number 
was 9SB 1260ti& 

A! least 10 people died when 
huge waves sank- a motor bunch 
off Maojia in the Philippines. 


BL toolroom 
strike sparks 
union anger 

• EMPLOYEES atBLVWFuel 

Systems components factory in 
Birmingham will this morning be 
asked by union officially try to 
keep production going,. Jp- spite 
of an unofficial strike by 32 tool- 
room workers- • 

The strikers are seeking ^parity 
with other BL toolroom workers 
in Birmingham, and regard'their 
three-week-old strike asjpart of 
a campaign to achieve separate 
bargaining arrangements for BL 
Toolroom men. • . 

-The strike has provok^a con- 
frontation with AUEW:%atJers 
'and resulted i* the 
disboeynig aii instruction .to; 
attend a meeting at ihc Weekend 

• 1,000 MORE workers atBL’s 
Llanelli radiator plant have been 
sent home because of unofficial 
action by 100 key production 
workers. This brings the number 
of lay-offs to 1.350 since the 
stoppage started last Wednesday, 
and could result in complete 
closure by mid-week. Back Page 

• GREECE’S economic growth 
is expected to accelerate to 
around L5~per cent in 197S. 1 per 
cent higher tijan last year, accord- 
ing to the latest OECD annual 
economic survey. The survey 
warns, .jhowever, that Greek ex- 
ports hod manufacturing invest- 
ment would remain weak, and 
the country's inflation could get 
worse. Back Page 

• MORE than half the people 
questioned in the latest Finan- 
cial Times survey of consumer 
confidence expect to receive pay. 
rises over the Government’s 5 per 
cent target next year. Page 9 

• FRENCH Government is eqn- 
ri dering a cut in petrol prices as 
a result of the dollar’s recent 
sharp fill] on foreign exchanges: 
The cut— likely to be a few 
centimes per litre — could follow 
a Cabinet decision later this 
week- Page 2 

.♦ VALLE of funds invested 
through British unit trusts 
.reached their highest level at the 
end of July, at £8.94bn. thanks to 
rises in. share prices in London; 
and New York. New sales, how- 
ever, showed their normal sea- 
sonal decline to £41.S4m against 
£49 _56m in June. Jage 3 

• ITALY’S balance of payments 
was about £650m in surplus last 
month, according to provisional 
Bank of Italy figures. In the first 
seven months of 1978 the current- 
account surplus reached L3.422bn 
against a LTSObn deficit in thr 
54 me period last year. Page 2- 

• PROPOSALS that the National 
Enterprise Board should . bis 
told to open its books to Parlia- 
mentary scrutiny are expected 
-in a report from the Commons 

Public Accounts Committee 
Baek Page 

• BRITISH wine producers have 
obtained official approval for 
their own Appellation Contoftiee- 
styte trade mark, thus bypassing 
lengthy EEC regulations govern- 
ing quality and status. Page £ 


EEC steel groups 
seek solution 
to financial losses 

BY ROY HODSON 

Europe’s leading iron and steel companies are looking urgently for ways 'to 
cheek their mounting financial losses. An initiative will be proposed at 
tomorrow’s meeting in Brussels of Eurofer, the “ club ** of the European 
steel companies. 

The prospect of. a worsening non Plan designed to protect the have Wen producing steel for 
10 the steel slump in the remain- industry during recession. stocking by their merchant sub- 
ing months of this year is The one-year-old plan was si diaries. The British Steel 
expected to dominate discussion pioneered by Viscount Etienne Corporation has, by and large, 
and executives will be equipped Davignon, the SBC Industry observed the rules by only 
with grim market forecasts. Commissioner, who strengthened rolimglto order. 

ig&BjLr as j&asr&at's 
sjg JSka zssrx ss^tfwsjLS 

That bill — the price of over- inadeqMte^motection P g and movements by a computer- 
ambitious expansion plans and Thev eroZct ct»i nrictx tn h® based, flats processing system 
continuing reluctance to shut erode! byh£™ nfilSln to Bru^els to 

older workMnll be added to the remaining months of this fP 0 ! £ ansgr , essi0Ils u= of J the 
current trading losses in iron year . some European producers mle3 da ^; 

and steel. will be forced out of business 

The British Steel Corporation unless prices are stabilised. nr*™ 

is losing about £25 on every „ . . unnot3ced for 

tonne of steel sold. Indications T iiriifc more n»n a jear. 

are that it will end 1978-79' with -L ll illlj A . -computer scheme will be 

a deficit of some £400m. com- The maioritv nf Eurnfer costi 5^ an investment of several 

l9777S* ith a dGfiCit ° f f443m member c^ipaities have broken SS- S^JS^tfiTSS' 
19 Z? |S - , the Davignon Plan rules to a 2? ^steelmakers ofthe Nine. 

The corporation’s loss per greater or lesser extent in recent T “ steel industry s share, 
tonne is, however, smaller than months. would-be upwards of £lm. 

some of the losses being incurred On average, the EEC steel Lifted with the proposal for 
by other European producers, industry has been producing closqn^ policing of European 
notably companies in France steel at a rate 7 per cent higher steel' trading is a move within 
and Italy. than the limi ts which were Eurof# to strengthen the 

Tomorrow's meeting will be imposed under the plan to secretariat of the organisation, 
the first of a series to find a way stabilise the market ; The current president, M< 

for European steelmakers to act Eurofer now has to tackle Jacques Ferry, who is also presi- 
in concert to cut losses on steel three problems quickly. It must dent of the French Iron and 
sales, restore a greater measure persuade its members to be Steel ;■ Federation, should be 
of discipline to the EEC market, more disciplined about pro duo- backed is Eurofer by a strong 
and salvage those portions which tion levels. team, of full-time experts, some 

are still workable of the Davig- Some Continental companies steel '^fimpaaies think. 

Consumer demand starting 

"f Cr*’ 

to boost industry— CBI 


BY JOW4 ELLIOTT, INDUSTRIAL EDITOR ■ 


Record 
number of 
UK ships 
idle 


By lan Hargreaves, Shipping 

Correspondent 

THIRTEEN PER CENT of the 
UK's merchant fleet has now 
been made idle by the world 
shipping recession, the most 
serious situation to- confront 
the industry. 

Acording to the General 
Council of British Shipping’s, 
monthly lay-op figures pub- 
lished today 6.3m deadweight 
tons of ships were out of ser- 
vice through lack of employ- 
ment at the end of Jane. This 
is the highest figure recorded 
in Britain and is substantially 
worse than the previous record 
of 5.7m dwt in March, 1976. 

The UK's position is now 
much worse than the world 
average, having deteriora ted 
rapidly in the past few months. 

According to the council's 
figures, based on reports from 
Lloyd'6 of London Press 57m 
dwt of ships were laid up 
throughout tbe world at the 
end of June, thus the UK 
figure represents 9 per cent of 
the world total. 

British owners were laying- 
up ships in lochs and estuaries 
at a remarkably rapid rate dar- 
ing June. Between the end of 
May and the end of June, six 
extra dry cargo ships and four 
extra tankers joined the idle 
pool, swelling tbe total by lm 
dwt and the proportion by 2 
per cent. 


Warning 


Collapse 



CONTENTS OF TODAY’S ISSUE 

Owrseasaw , 2 Arts "page 9 

World trade news 2 Leader page 10. 

Home news — general S \UJK. companies .....12 

—labour.. - 4 International companies ... 'll 

Management page .A..—.... 7 Foreign Exchanges 13 

Technical page 6 Mining Notebook 13 


FEATURES 

The Bloc ten years after tbe . The pitfalls 

Prague spring 10 ' computer . 

Lord Grade: more than a fat 
cigar 11 


of buying ft 



imMmNW 

BiriMtes Notes -- 
■Mtaannm'i Dtanr 
Cmrtffi & T covers 

Cnuwrt ' 

ErterlobaneM GoW* 

F1 dmcj*I Dtary 

!• iRwasts — 

Letters - 


4 Lu . . 18 

5 LeniteO S 

« Nn US Matters 10 

4 - Mum btfonsailw — 24-X7 

. S Sam -I 

V Today's Events j..., 11 

4 TV aad Radio a 

S 3 Unit Truss IS 

U Wsatkor U 


WnW Bob. lad- ... 
Bass Laudlou BW* 
ANNUAL STATEME 
C.H.FMH (K*laJ»> 
Slefaa Gorman 

' PROSPECTUS 

Dawtd S. Smith .— 


n 

ns 

:n 

32 


For latest Shan Index 'phone 01-246 8026 


FIRST signs that the recent 
creases in consumer demand 
having an impact on the level 
oft activity in manufacturing com- 
panies are now being reported 
by ’industrial isls. 

This emerges from the Con- 
federation of British Industry’s 
monthly industrial trends survey 
which, however, tempers any 
over-optimism by adding that 
export order books have 
deteriorated rapidly recently, 
probably because of the rise III 
the value of sterling. 

In addition, companies in the 
intermediate goods sector— those 

operating midway between tbe 
producers of raw materials and 
finished goods — also have weak 
total order books. 

On wages, reports from the 
Confederation's pay data bank 
Show that Phase Three of the 
Government’s pay policy has led 
to a widespread acceptance of the 
10 per cent pay limits, even 
though Government statistics 
indicate that total national earn- 
ings increase will be about 1A5 
per cent. 

The new Phase Four 5 per cent 
limits arc now being negotiated 
by companies. 


The overall picture from the 
monthly industrial trends survey 
confirms the more detailed find- 
ings of the Confederation's main 
quarterly survey conducted early 
in July and published three 
weeks ago. - 

Industrialists in manufactur- 
ing industry were then forecast- 
ing only a patchy recovery in 
activity until the end of the year. 

Since then. Government statis- 
tics have shown that while 
consumer spending has reached 
the peak levels achieved in 
1973. there has been a much 
slower increase in industrial 
production. 

Today’s Confederation monthly 
trends report is based on a 
survey of more than 2,000 com- 
panies between August 1-16. 

It shows that, while total order 
book remain below normal for 
nearly 40 per cent of the com- 
panies covered, there is some 
indication or recent improve- 
ments in demand. 

Companies in the intermediate 
goods sector such as metal 
manufacturing, coal and petro- 
leum products and other com- 
ponent manufacturers, said that 
they had weak order books. 

Export order books, especially 


for consumer goods, have 
“ deteriorated in comparison to 
the recent past," accordmg to 
the report,! 

# The Confederation's pay data 
bank reports show tiat, by the 
end of last week, 1,909 claims 
covering < 17m employees had 
been lodged under Phase Three 
limits. 'Hie re toad been 1.591 
deals covering 15.25m employe es- 

Trris means that there are 
still some 300 deals for 1.75m 
employees outstanding, even 
though Phase Three officially 
expired Ttiiree weeks ago. 

Of the. 1,581 settlements, 86 
per cent had been struck within 
the 10 per cent guidelines and 
only 13 settlements had broken 
the 12-month rule ou the spacing 
of major pay rises. 

There Jw d been 562 seif- 
financing. productivity schemes 
reported^ covering over Im em- 
ployees, adding an average of 5- 
10 per cent to pay levels. 

Arrangements such as these, 
plus other extras, boost the 
general 10 per cent reported pay 
deal level up to the total earn 
ings increase of over 14 per cent 
Consumer Confidence Survey, 

... Tbge 8 


Of the 6.3m dwt oat of use 
at the end of June. 27 ships 
totalling 2.3m dwt were dry 
bulk vessels and 27 totalling 
4m dwt were oil tankers. 

The UK’s 13 per cent, how- 
ever. is still much better than 
tbe 30 per cent of Norway and 
tbe 35 per cent of Sweden, 
where the collapse of the 
tanker market in 1974 pro- 
direed rapid surpluses. 

It has always been thought 
that the UK, with its pre- 
dominantly liner trades— ships 
serving regular routes with a 
high proportion of long-term 
contracts — would survive the 
shipping recession much more 
comfortably than fleets rely- 
ing heavily on bulk ships, such 
as tankers. 

It is mainly pressure on UK 
bnl k-shi p owners which has 
swollen tbe lay-op figures, bnt 
because of the much higher 
average size of such vessels. 
It has a disproportionate 
effect on the lay-up statistics.’ 

At end of June, 54 ships 
accounted for the 13 per cent 
or the idle fleet, whereas the 
total fleet number, almost 
ships. 

Nonetheless, there is increas- 
ing alarm among UK ship- 
owners about the ravages 
being caused to their Industry 
by the recession. Apart from 
forcing owners into costly lay- 
ups of their ships, there has 
also been an unprecedented 
sale of tonnage by owners. 

Continaed on Back Page 


RHODESIA ALL-PARTY CONFERENCE 

Owen expects 
meeting 
in September 

BY OUR FOREIGN STAFF 

DR. DAVID OWEN, the British tamper with the security forces.’ * 
Foreign Secretary, said today Declaring that he and his 
that he wanted and expected an three black colleagues — Bishop 
all-party conference on Rhodesia Abel Muzorewu, The Rev, 
to take place by early September. Ndabaningi Si thole and Chief 
His statement, in a BBC radio Jeremiah Chirau — held similar 
interview, came as moves lo views about a new conference, 
convene such a conference Mr. Smith added : “ If we are 
between the internal Rhodesian satisfied that going to a enn- 
Government. including Mr. Ian ference is going to help us. we 
Smith, and the external Patriotic are prepared to go. But l think 
Front guerrilla forces, gathered there is some more groundwork 
pace in Africa. to be covered before we can 

Brigadier Joseph Garba. the come to that conclusion." 
former Nigerian Foreign Turning to the internal ectllc- 
Minister. arrived in the Zambian ment under which one-man, one- 
capital of Lusaka, arousing vote elections are scheduled to 
speculation that Nigeria is choose a black government by 
throwing its weight behind the December 31, Mr. Smith under- - 
Western plan. lined the uncertainty of the deal. 

However, m Salisbury, Mr. Ian with little sign of a ceasefire in 
Smith, the Prime Minister, the six-year-old bush war. 

Ms conimons Mr Smith said nierely that 

« en ® ID ® all-party talks by provided there was better pro* 

gress towards a ceasefire “£ 
fore£ e exlStmS SeCUnty believe th * re is still a chance we 

can comply with the pro- 
gramme." 

In an emotional pica lo whites 
not to flee, Mr. Smith said : "I 
Dr. Owen's statement was the hope that, in the end. we will 
most optimistic yet from a British find ourselves in a situation 
spokesman. He said he wanted u 'h ere w e don't have to leave 
the conference "as soon as it Rhodesia, that we will have . . . 
can be." a way of life under majority rule 

Although he had wanted it to which will mean it will he worth- 
take place before the end of while for us to go on living, that 
tile mouth “ it may now well go we will be able to live under con- 
into September, but I hope not Actions of the maintenance of 
too long now. I think jt w ill law and order and decent slan- 
happeu." dards of civilisation." 

Our Salisbury Correspondent J 

writes: Mr. Smith warned that lnVOIVGu 
the bi-racial transitional govern- 
ment saw no point in attending Michael Holman adds from 
talks if guerrilla leaders deman- Lusaka: The Patriotic From 
ded that Rhodesia’s white-led leaders. Mr. Joshua Nkomo and 
security forces be “ completely Mr - Mugabe yesterday concluded 
dismantled." their ta]k s h er e< disclosing little 

In a national radio and tele- of what was discussed, amid signs 
vision broadcast clear! v aimed at 11131 1,1 e Nigerian Government is 
allaying anxiety among the cl °sely involved in the Rhodesian 
white \ minoritv, Mr. Smith settlement negotiations, 
renewed his appeals to whites to Speaking at an airport press 
wait " jtirt a few more months" conference shortly before return- 
before deciding whether they nig to the Mozambique capital 
had any future in the country. °[ Maputo. Mr. Mugabe said that 
But he emphasised that the From was prepared to attend 
crucial issue on, which the 1976 a round-table conference and was 
Geneva Conference collapsed — awaiting information on venue 
who would form and control the ai, d date from the British Govern- 
cnun try's security forces under 

black rule— remained, as ever, But he repeared the now- 
the major stumblins block from familiar Front demand that their 
Salisbury's viewpoint. forces should be in charge during 

In Lusaka at the weekend. Mr. l ^ e interim period before 
Robert Mugabe, joint leader of majority rule, giving no sign that 
the Patriotic Front, declared that the Front negotiating slaDce bus 
the guerrilla forces must control softened, 
the security forces during an in- Mr. Mugabe, who flew to 
terim period before black rule. Nigeria after the first round of 
Referring to Mr. Mugabe’s de- talks on Friday morning with 
man. Mr. Smith, said: “One of Mr. Nkomo and President Kcn- 
ihe people who- will be coming netb Kaunda. said he had gone 
to the conference has again re- to brief Nigerian leader General 
iterated his .stand that Rhodesia’s Olusegun Obasanjo, and had dis- 
security forces should be cussed the possibility of increased 
completely dismantled. Nigerian assistance to the guer- 

"I think it would be dangerous rilla movement, 
for us even to attend a confer- It was learned that Brigadier 
ence with people who are going Joseph Garba accompanied Mr. 
to put forward that kind of Mugabe on the flight to Lusaka 
demand ... I can thing of few from Lagos, and held talks with 
things that would do more harm unspecified officials at State 
tn us and our future than to House later. 


Foreign intervention unlikely 
in moves to strengthen dollar 


BY PETER RIDDSJL, ECONOMICS CORRESPONDENT 


THE U.S. Administration is likely 
to be alone for the time being 
in its efforts to strengthen the 
dollar. No new international 
initiatives are expected. 

Senior financial officials outside 
tile UB. continue to believe that 
any sustained revival in the UB. 
currency depends on action 
initiated in Washington rather 
than in other countries. 

.Consequently, while President 
Carter’s statement of concern 
about the dollar has generally 
been welcomed in other western 
capitals, there are no signs of 
related new measures elsewhere. 

Existing holiday plans are not 
being disturbed and there does 
not appear to be any Intention 
of repeating the Versailles meet- 


ing of finance ministers which 
was arranged secretly earlier this 
year. 

The first scheduled meeting is 
of senior financial officials, rather 
than ministers, in Paris on Sep- 
tember 7 and 8 under the 
auspices of the Group of 10. 

This is to discuss world and 
International Monetary Fund 
liquidity before the Fund's 
annual meeting in late Septem- 
ber. It is increasingly Likely that 
the problems of. -the dollar will 
also be discussed then, but 
officials were saying last week 
that any -expectations that these 
talks would produce anything 
substantial were likely to be 
misplaced. 

The' next of the regular 


discussions' of central hankers 
will be on September 11 and 12 
in Basle^ • 

These -plans, and the non- 
interventionist strategy, could, 
of course. Change if there was a 
resumption • of the dally sharp 
declines in the dollar seen early 
♦his month. ’ 

Foreign.' exchange dealers will 
be watching -closely today to see 
if the P.S. •Government’s pro mise 
of a series measures— started 
on Friday: with a rise in short- 
term interest rates — succeeds in 
calming the markets. 

• Last . 'week, the dollar fluc- 
tuated in a range of about 6 per 
cent against the Swiss franc and 

Continued on Back Page 


National Savings flow ont 


BY ADRIENNE GLEESON 

IN STRONG reversal of the 
pattern established over the past 
two-, years, there was an outflow 
from National Savings last 
month. 

Ir was the first time since 
June, 1976. that more money had 
been taken out of National 
Savings than was put in- 
The change is caused by the 
withdrawal of funds by the 
'institutions, which last summer 
poured their money into National 
Savirys Bank's investment 
accounts for the sake of the 
very attractive interest) 

In alL £Slm was withdrawn 
from National Savings in the 
four-week period to the begin - 
ing of August, After crediting 


accrued interest, the net outflow 
was just under £5Qm. 

Withdrawals from the National 
Savings Bank's investment 
accounts amounted to £260 .3m, 
of which some £220m is 
estimated to have been institu- 
tional money. Net withdrawals 
from investment accounts during 
the month amounted to JE244.7m. 

However, all other forms of 
National Savings — the first and 
second SAVE issues alone 
excepted — recorded net gains 
during the four-week period. 
National Savings Certificates 
(other than the index-linked 
retirement issue) benefited 
from tbe increase in the maxi- 
mum hoAdang of the 14th issue 


from £W0 to £3.000, and 
recorded net receipts of £139.9m 
against £5T.5ni is June. 

Reflecting fito tomrouDd from 
receipts to- w^tiKtrawal in the 
Nation al Sayi ngs Bank’s invest- 
ment accounts. — wtoere the Gov- 
ernment imposed a. £50,000 limit 
on Jfldfvtdual holdings in July 
1977. in an atte mp t to deter 
institutional investors. net 
receipts of all forms of National 
Savings this far foto the finan- 
cial year, -amounted <0 only 
£l92^m, -ax against £656.6m after 
the first to ur mo nths of 1977 
Tbe total invested in National 
Savings at th© beginning of 
August amounted to £10.4 bn, as 
against £S$3bn a year earlier. 


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Financial Times Monday August 21,1978 


OVERSEAS NEWS 


Firebomb attack kills 377 in Iran 


BY ANTHONY McDERMOTT 

THREE HUNDRED and seventy- 
seven people died on Saturday 
night as a result of a concerted 
firebomb attack against a cinema 
in the important oil city of 
Abadan. 600 miles south of here 
near the Iraqi border. 

It was by far tbe worst 
incident to have occurred in the 
series of demonstrations and 
acta of violence in protest at 
the Shah and his government 
which have taken place in tbe 
major urban centres over tbe 
last nine months. 

Mr. Jamshid Amouzegar, the 
Prime Minister, today described 
the fire as a “national tragedy" 

and blamed "saboteurs and 
nihilists." There were reports of 
angry crowds gathering in 
several cities to condemn tbe 
anti-Government violence. 

It is now two years since the 
Sh3h launched a “ liberalisation" 
campaign, as part nf which he 
announced two weeks ago that 
free elections would he held next 
July. However just one week 
ago, following religiously- 


orientated riots in Isfahan, 
martial law was declared— for 
the first time iff 25 years. Tbe 
Majles (Parliament) today 
approved the imposing of martial 
law after a stormy debate in 
which seven members voted 
against tbe Government 
The tragedy in Abadan is 
clearly tbe greatest challenge yet 
to the authority of the Shah and 
his oft-proclaimed determination 
to press on with elections, short 
of civil war breaking out Tbe 
dilemma now facing the Shah is 
clear cut. The evening news- 
paper here gave graphic eye- 
witness accounts of the horror. 

This undoubtedly increases the 
pressure on the Government On 
the one hand, if the Shah takes 
no action (and after riots in 
Tahrix and Qom he ineffectually 
promised that the perpetrators 
would be brought to justice) it 
will be taken as a sign of weak- 
ness. both by his loyal subjects 
and the opposition. However, if 

he takes stern action (as he did 
in Isfahan) he may ultimately 


find himself forced into suspend- 
ing his ‘''liberalisation” pro- 
gramme. By doing so he would 
be fulfilling the prejudices of 
his opposition who maintain that 
be was not serious about the ex- 
periment in the first place. 

Some 700 people bought tickets 
to the Bex cinema in Abadan 
which was showing a film in 
Persian- The attack was carefully 
organised to block off the exits. 
The evening paper Ettela'at to- 
day estimated that the number 
of injured might reach 200. the 
identity of the attackers has been 
the source of much speculation, 
ranging from religious conserva- 
tives to the Left-wing., For the 
former, cinemas have been fre- 
quent targets of attacks— as 
symbols of Western decadence. 
Early this morning two people 
were reported to have been 
injured as a result of an attack 
on a cinema in Shiraz which 
gutted the building. Two days 
ago, three people died in an 
attack on a cinema in Ma sh had 
in north eastern Iran. 


TEHRAN, August 20. 

In the bout of violence which 
led to martial law being imposed 
on Isfahan two indicative trends 
were discernible and apply else* 
where in Iran. The broadly 
religious protest reflects the 
strains of a society developing 
swiftly and materially under tbe 
impact of oil wealth. Second, 
there were attacks (often hit- 
and-run raids against -a restaurant 
frequented by Americans and the 
famous and ostentatious Shah 
Abbas hotel) behind which could 
be made out the work of Left- 
wing groups. 

Both the Conservatives and the 
Left are opposed to the Sbah, 
but the latter has shown itself to 
be more sophistiacted in its 
attacks. It is reasonable to 
suppose that the apparently con- 
tradictory phrase often used by 
the Sbah to describe the opposi- 
tion (Islamic-Marxists) re Beets 
the fact that the Left— «s could 
be the case in Abada— may be 

using the religious Conservatives 
as cover for its activities. 


Begin warns against U.S. plans 


BY OUR OWN CORRESPONDENT 


MR. MEN AHEM BEGIN, the 
Israeli Prime Minister, has 
warned the U.S. against present- 
ing its own proposals for Middle 
East peace at next month's tri- 
partite summit -talks to be held 
at Camp David near 
Washington. 

In an interview with -the East 
Jerusalem .Arabic daily a! Anba. 
published today. Mr. Begin said: 
44 1 warn against the submission 
of a plan by the U-S.. since it is 
not a party to the conflict which 
should be resolved only by tbe 
involved parties.’' 

His warning came as the 
Israeli Cabinet met for the Grst 
of its sessions to d-iscuss the 
stand to be taken when Presi- 
dent Sadat. Mr. Begin and 
President Jimmy Carter meet at 
Camp David. 


Following the meeting, Mr. 
Begin told reporters that be 
would take to Camp David a 
concrete new idea for establish- 
ing a partial but permanent 
peace agreement. But he 

declined to disclose any details. 

According to -a well-informed 
political commentator appearing 
on Israeli TV last night. Mr. 

Begin might agree to return the 
northern Sinai township of 

cl Arish to Egypt before a peace 
treaty, or even a partial agree- 
ment. is signed. 

This concession — demanded 
by President Sadat as proof of 
Israeli goodwill — would be in 
return for Egypt's agreeing to 
the continued presence of 

Israeli settlements in the area 
of Sinai adjacent to the Gaza 
strip, and the passage oF Israeli 
ships through the Suez Canal. 


JERUSALEM, August- 20. 

As it appears untikely that the 
Israeli Cabinet can devise any 
framework for an overall peace 
treaty acceptable to Egypt the 
concept of a permanent partial 
agreement has become a major 
theme of Mr. Begin in recent 
weeks. 

The Israeli premier may be 
more flexible in this respect than 
he has been until now, for fear 
of tbe Americans putting for- 
ward their own plans, which 
Israel could only refuse at the 
risk of having U.S. aid sharply 
reduced. 

Renter adds from Tel Aviv: 
According to a public opinion 
poll taken by the Public Opinion 
Research Institute of Israel, 62.6 
per cent of a representative 
sample of Israelis think 'there 
are better chances of peace now 
than under the previous Labour 
Government 


Italian payments in surplus 


BY PAUL BETTS 

ITALY'S BALANCE of payments 
registered a substantial surplus 
of L1.040bn (about £650mj last 
month, according to provisional 
Bank of Italy figures released 
here over the weekend. During 
tbe first seven months of this 
year, the current account surplus 
totalled L3.422bn against a 
deficit of L730bn during the same 
period last year. 

The July surplus, the largest 
recorded once since August last 
year, reflects not only the tradi- 
tional seasonal inflow of tourist 
revenue but also the effects of 
the declining dollar, increased 
export performance and a 
reduced rate of imports due to 
the lull in industrial production. 

While imports are likely to 
Increase during the last quarter 
of this year, the July payments 
figure and the expected large 
surplus this month confirms 
official Government estimates of 


an annual current account sur- 
plus this year of some L3,000bn. 

Italy’s improved payments 
position and the sizeable 
increase In foreign exchange 
and gold reserves, which at the 
end of last month stood at some 
L16.690bn, has given rise here 
to calls for strengthening of the 
Italian currency on the inter- 
national markets This, in the 
short term, would result in a 
likely reduction jn the annual 
rate of inflation, running at 
around 12 and 13 per cent. 

However. tbe monetary 
authorities maintain a cautious 
approach to the world currency 
crisis by letting the lira follow, 
at a measured distance, the fall 
of the U.S. currency. 

At present this policy has 
advantages for Italy in that the 
European hard currency coun- 
tries account for a large part of 
Dalian exports while key raw 
material imports are paid for in 


ROME, August 20. 

U.S. current The lower cost 
of energy imports due to (he 
fall in the dollar prompted the 
Italian Inter-Ministerial Com- 
mittee for Economic Planning 
to reduce the price , of some oil 
products this weekend. 

The low level of the lira 
against the D-mark and the 
French franc, for instance, has 
boosted export performance and 
offset Italy's higher rates of 
inflation and rising labour costs 
on export competitivity. 

Although -high level discus- 
sions are now taking place over 
the eventual partieipatJon of the 
lira in a European monetary 
system, the authorities say some 
of tbe major structural distor- 
tions of tbe Italian economic 
system must be tackled first 

To this end the Government 
is expected soon to disclose to 
the other political parties sup- 
porting it details erf its three- 
year recovery plan. 


Turkish lira falls in realignment 


BY METIN MUNIR 

HE TURKISH LIRA lost value 
i relation to 15 major inlcrna- 
innal currencies, including the 
nund. in an adjustment of the 
ros* rales by the Central Bank 
l lhe week-end. 

This was the second Mich 
peratien since the devaluation 
r .10 per rent Iasi March as 
;iri of ihe Government's I5IF- 
innsorcd aoMerilj programme. 
The Australian dollar went up 
i value bj 10.5 per coni, the 
u. -Irian si-hiliing hv 4.2 per 
:nt. the Gorman Mark by 4.8 
?r cent, the Relaian franc by 
9 per cent, thp Danish kroner 
v 2.5 per coni, the French franc 
y 5.S per cent, the Dutch florin 
i- 2.9 per cent, the Swedish 
roncr by 4.4 per cent, lhe Swiss 
■anc by 18.05 per cent, the 


Italian lira by 4.3 per cent, the 
Kuwaiti dinar by 2.07 per cent, 
the Norwegian kroner by 2.4 per 
cent the pound sterling by 3.5 
per cent, and the Saudi rial by 
S.S per cent. 

The parity of the U.S. dollar 
remained constant at 25 lira 
while that of the Canadian dollar 
was reduced in value against the 
Turkish lira by 2 per cent . 

The realignment came at a 
time when Finance Minister Ziya 
Muczzinoglu is in Washington 
for discussions with the IMF on 
a second tranche stand*by loan of 
S50m. The loan was necessitated 
hy the drop in the value of the 
U.S. dollar to which the Turkish 
lira is pegged and it had been 
anticipated for some time. 

Between August 1977 and 


ANKARA, August 20. 

yesterday's realignment there 
have been a number of Turkish 
readjustments adding up to an 
85.5 per cent increase in the 
value of the Swiss franc a 56.5 
per cent rise in the value of the 
German mark, and with the 
remaining currencies averaging 
an increase of 31 per cent. 

It is believed that the Govern- 
ment may shortly launch a 
“ quasi-float ” of the Turkish lira, 
severing its tie with tbe U.S. 
dollar and pegging it to a basket 
of currencies, allowing it to 
fluctuate between p re-fixed upper 
and lower limits. Tbe purpose of 
this move would be to eliminate 
the cross-rate differentials asso- 
ciated with the fluctuations in 
the international money markets. 


French may 
pass on 
petrol savings 

By David White 

PARIS. August 20. 
‘HE FRENCH Government is 
unsidoring a cut in petrol prices 
s a result of the U.S. dollar's 
eccnt sharp fall on the foreign 
xchanue markets. 

M. Rene Memory. Economy f 
lintslcr, said the reduction i 
rould probably be "a few cen- 
imes per litre." A Cabinet 
ecision is expetced taler Ibis 
'i?ek. 

The Minister’s statement has 
aised speculation that the 
iovermneni might eventually 
ree the price of petrol, one of 
ne lost items left under strict 
ontrol after the recent lifting 
f fixed prices for bread. 

Refining companies, which are 
nancially hard-pressed, will 
oubtlcss plead for a share of the 
enefit of tbe dollar's decline. 
Prices of petrol and other oil 
roducts in France were raised 
v about 11 per cent in June, 
trough the imposition of extra 
axes aimed at financing the 
lovernmenfs social programme, j 
High grade petrol in France] 
ntails at FFr 2.68 a litre, (about' 
145 per gallon) one of the 
ilqhcst prices in Europe next to 
'ortugal. Greece and Italy. I 
The dollar has dropped by| 
bout 6 pur cent against the } 
ranc since the last price in-| 
rease. but only part of this 
hangc would be reflected in 
etaii prices. An average 
Tr 0.46 per litre is accounted 
ur by payments for crude oil. 


Portugal Ministers named 


BY JIMMY BURNS 

PORTUGAL'S Prime Minister 
designate, Sr. Alfredo Nobre da 
Costa has begun to form a Cabi- 
net of political independents and 
technocrats in an attempt to 
stabilise the country’s four-week- 
long political crisis. 

Although Sr. da Costa is be- 
lieved to have already decided 
on the kind of Cabinet he would 
like lo form, only four Ministers 
have so far been named. They 
include Sr. Jose Silva Lopes, the 
Governor of the Bank or Portugal 
and the President nf Portugal’s 
Commission for European Inte- 
gration. who has accepted the 
post of Minister for Finance and 
Planning. 

Colonel Mario Firmino Miguel, 
one of the few political inde- 
pendents in Portugal’s recently 
collapsed Government, will con- 
tinue as Minister for Defence. 


LISBON, August 20. 
Sr. Pedro Pires de Miranda, a 
director of Petro gal, Portugal’s 
nationalised oil company, will be 
tbe new Minister for Commerce 
and Tourism. Sr. Fernando 
Santos Martins, a Secretary of 
State under Portugal’s first con- 
stitutional Government, is the 
new Minister for Industry. 

The Socialists. Portugal’s lead- 
ing party who last week refused 
to participate in Sr. da Costa’s 
Government, have declared that 
they will reserve final judgment 
until they have examined the 
composition of the new Cabinet 
and the new Government pro- 
gramme. This attitude is shared 
by the Communists who-^-at a 
mass rally on Friday night — 
heard their party leader, Sr. 
Alvaro CtrnbaJ, back down from 
outright opposition to Sr. da 
Costa. 


Exxon price violations alleged 


BY DAVID LASCELLES 
THE ENERGY Department, 
which is pursuing tbe oil com- 
panies for alleged price rule 
violations in the aftermath of 
the Arab oil embargo, has laid 
three further charges against 
Exxon, totalling more than $40m. 

The first charge alleges that, 
in September, 1974. Exxon 
reduced tbe octane level of its 
regular petrol without reducing 
lhe price, and In so doing an 
extra and unjustified Sl.5m. In 
the second charge, the Energy 
Department alleges that Exxon 
failed to pass on permitted price 
increases equally because it 
charged more at some petrol 


NEW YORK, August 20. 
stations than at others. Lastly, 
Exxon is charged with claiming 
as increased cost part of the ex- 
pense of export sales of benzene 
and toluene. Exports are exempt 
from price controls, and refiners 
are not allowed to allocate the 
cost of producing them to pro- 
ducts sold at home. 

The department said that it 
will review Exxon’s response to 
these charges before ft decides 
npon what action to. take, Exxon 
has already received a notice of 
probable price violation relating 
to crude oil output from its 
Hawkisn Field in Texas. Tbe 
company has dismissed the 
charges as groundless. 



Ceausescu 
plays down 
Hua visit 


By 'Paul Lendvai 

BUCHAREST, August 20. 

VEILED Soviet attacks an Chair- 
man Hua Kuo-feng of China’s 
visit to Romania were described 
described during the week-end 
by a high Romanian official as 
“ unreasonable and unjusti- 
fied.’’ 

Commenting on the latest Tass 
dispatch accusing Chairman 
Hua of provocative anti- 
Soviet” statements in his toast 
at a banquet earlier this week, 
the Romanian official told the 
Financial Times that the 
Chinese statement was re- 
garded by the hosts as 
** moderate.” 

There has been as yet no official 
Romanian or Chinese reaction 
here to the series of direct or 
indirect criticism in tbe Soviet 
Press. However. President 
Ceausescu went out of his way 
to soft pedal the visit- Thus he 
failed to accompany Chairman 
Hua — who leaves tomorrow — 
on his travels in the country- 
side and the Blade Sea coast. 

Instead yesterday he visited, to- 
gether with the entire party 
leadership, an exhibition of 
consumer goods in the capital, 
which, incidentally had already 
been opened weeks ago. The 
State-controlled Prqss today 
gave more prominence to the 
visit to the exhibition than, to 
the tour of the Chinese delega- 
tions. 

The fact that Chairman Hua and 
his Romanian host have not 
seen each other for 48 hours, 
and that the Romanian side 
pushed through on Friday a 
Press release marking the end 
of “ official talks.” may be a 
belated' gesture to placate the 
USSR.' 

The Chinese visited the Con- 
stanza shipyard and seaside 
hotels yesterday, and a collec- 
tive farm this morning before 
returning to the capital. To- 
night Chairman Hua gives a 
banquet at the Chinese 
embassy an honour of ’his 
Romanian hosts. 

The two leaders will sign a 
number of agreements about 
co-operation in trade, shipping, 
tourism, technology and 
science, before Chairman Hua 
departs for Yugoslavia, the 
second country be visits on’ has 
historic journey to Europe., 

Alexander Lebl adds from 
Belgrade: Tbe Yugoslav 

Government awaits the arrival 
of Chairman Hua tomorrow 
with a mixture of satisfaction 
and slight unease. The satis- 
faction comes from the visit 
being proof of the very sub- 
stantial progress achieved in 
the normalisation of Slno- 
Yugoslave State and party 
relations, which gained 
momentum after President 
Tito's trip to China a year ago. 
The Yugoslavs also see the 
visit as another proof of the 
independent and autonomous 
position in world affairs. 

The unease is caused by . the 
possibility of the visit being 
seen as Yugoslavia taking 
sides In the Sino-Sovlet 
conflict. 

Therefore all Yugoslav officials 
and commentators have, been 
stressing that developing rela- 
tions with China do not mean 

■ deteriorating relations with 
other countries — that is, the 
Soviet Union and vice-versa- 

The Yugoslavs have been aware 
that Moscow has been dis- 
pleased by the developing 
friendship and growing links 
between Yugoslavia and China 
in various fields, ro say 
nothing of Chairman Hna’s 
visit 

Nothing will be done to 
deliberately irk the USSR and 
it is not expected that the 
toasts and speeches during 
Chairman Hua’s visit will 
directly refer to the USSR- 

But at the same time there has 
been firmness in asserting 
Yugoslavia's right to host 
whoever It chose. 

Chairman Hue's visit is expected 
to contribute towards closer 
Slno-Yugoslav co-operation in 
several fields, prominent 
among them the economic. 
Although bilateral trade is still 
low it has been rapidly grow- 
ing and flows each wav could 
be worth S180m this year, as 
against $7.5m in 1971. 

Yugoslavia could supply ships 
and various items of 
machinery and equipm£nt- 

Yugoslavian purchases in 
China, which can offer a 
limited amount and mix of 
goods, are rather more 
problematic. 


WORLD TRADE NEWS 


Oil tanker 
market 
boom eases 


By Ian Hargreaves, Shipping 

Correspondent 

THE MINIBOOM in oil tanker 
markets, which has lifted loading 
rates for very large crude 
carriers in the Gulf by ten points 
inside a month, steadied itself 
last week. 

Most owners resisted the 
temptation to re-actlvate laid-up 
tonnage and with an acute short- 
age of tankers for immediate 
loading in tbe Gulf, relatively 
few fixtures were reported. 

According to E. A_ Gibson, the 
London broker, only 2m dead- 
weight tons of tankers have been 
taken oat of lay-up since freight 
rates improved and those owners 
who have re-activated ships have 
demanded and usually received 
the security of two or three con- 
secutive voyages’ employment 

Lambert Brothers reports that 
some tankers owned by the oH 
companies have been speeded 
up to compensate for the short- 
age of tonnage and to weaken 
the independent owners’ bargain- 
ing position in the Gulf. It is 
too early to say how extensive 
this practice has become. 

Better freights for oil tankers 
have not had much impact on 
tbe second-hand values of these 
vessels so far, but the bulk 
carrier sale and purchase 
remains lively, with China con- 
tinuing to add to its fleet through 
its Hong Kong agency. Ocean 
Tramping. According to a 
survey by H. P. D re wry. China 
has added more than 65 bulk 
carriers to its fleet this year, 
much the heaviest buying spree 
so far. 

P & O and Ocean Transport 
and Trading were also in the 
sale and purchase market last 
week. P & O disposed of three 
mid-1960s liners for a total of 
S3. 9m and Ocean is rumoured to 
have sold two sophisticated 
“P" class liners for about $4m. 

Russian and Chinese demands 
for grain movement are under- 
pinning the dry bulk freight 
market to some extent and 
although period charter rates 
for Panamas type ships con- 
tinue to be low, there is at least 
a reasonable volume of business. 


Japan urged to increase 
imports target to 



Krebs factory 
for USSR 

PARIS, August 20. 
Krebs, the French petro- 
chemical engineering concern, 
has won. a FrlSOm contract to 
build an insecticide factory In 
the city of Sumgait in Soviet 
Azerbaijan. Krebs fought off West 
Gentian competition to win the 
contract which had been under 
negotiation for more than two 
years. It will be 80 per cent 
financed under the existing 2974 
Franco-Soviet export credit 
which has not been fully taken 
up. The process for the insecti- 
cide, lindane, was developed by 
Rhone Poulenc. 

Agencies 


BY ROBERT WOOD 

ONE OF Japan's top business 
leaders has urged expansion of 
Japan’s target for “emergency 
imports " to Sl5bn — the highest 
figure yet mentioned. 

The suggestion came - from 
Mr. Toshixno Doko, president of 
the Keidanren, Japan’s- most im- 
portant business group. Mr. Doko 
made the proposal in a meeting 
with Minister of International 
Trade and Industry, Mr. Toshlo 
Komoto. 

He also called for a Y3,000bn 
supplementary budget, a' new set 
of tax incentives for investments; 
and a cut in long-term Interest 
rates. 

Mr. Komoto has said that he 
and the Economic Planning 
Agency director, Mr. Kiichi 
Miyazawa, had agreed to try to 
increase the amount of emeiv 
gency imports from the already 
approved target of S4bn to 
S12.5bn. Officials of other 
Ministries later said that Mr. 
Komoto's target was completely 
inconceivable. 

A Keidanren official said Mr/ 


Doko’s cal for S15bn In emer- 
gency imports came in “very 
general remarks, and Mr. Doko 
«d not specify how it might he 
achieved. . 

' Emergency imports are a 
short-term measure designed to 
seduce Japan's current 
account surplus while market 
mech anisms and Government* 
encouraged structural changes 
bring Japanese payments into 
balance. 

They consist of resources such 
as'fUels purchased in advance of 
Japan’s needs, and ships and 
other equipment either pur- 
chased from foreigners who had 
been teasing them to the. 
Japanese or purchased abroad 
by the Japanese for leasing to 
foreigners. 

■ Many of these “ imports ’* will 
never actually enter Japan, but 
they will reduce Japan’s trade 
surplus by appearing as imports 
in Japan’s trade statistics. Emer- 
gency imports are carried out 
mainly through the private 
sector, which is given " admlm- 


TOKYO. August 20. 

strative guidance” and. such 
incentives as loans at less than 
market rates. 

Mr. Doko also requested new 
industrial poficies for the; ship- 
building, non-ferrous . .meta ls, 
petrochemical, and 
urea industries. Specifically,- ho 
called for new orders of ships 
for the maritime safety agency 
and establishment of a co-opera- 
tive importing .agency for 
naptha, the basic raw material 
of the Japanese petrochemical 

industry. 

• Foreign currency loons for 
emergency imports in July 
totalled S90.9m, according to the 
Export-Import Bank of Japan. 
The loans were for imports of 
nickel and nickel ore from New 
Caledonia and iron we pellets 

from Australia. 

Foreign currency lo ans for 
emergency Imports are granted 
at favourable interest rates 
under a system that -went inlo 
effect last October. The July 
loans or S90.9m bring the total 
of such loons so far to Sl73m. 


Kloeckner to build alumina plant 


BY GUY HAWTIN 

KLOECKNER is to construct a 
large alumina plant, together 
with the necessary infrastructure 
to support it on the Indonesian 
island of Bin tan. The plant will 
provide the raw materials for the 
large Japanese aluminium 
smelter located in the straits. ; 

Although final feasibility 
studies remain to be completed, 
a go-ahead for the project— 
estimated to be worth at least 
$450m, seems certain. It will* 
include the construction of the 
plant itself, a township and deep- 
water port capable of handling 
bulk carriers. 

Tbe contract, which is being 


placed bv the Indonesian 
Mmistrv of Mining, will be 
financed partly with German 
Government assistance. Work is 
expected to begin in the middle 
of 1979 and the project is due to 
be completed in m id-1983. 

. Technology for the project will 
come from Kloeckner Indus- 
trieanlagcn. Kloeckner and Com* 
pany*s plant engineering sub- 
sidiary. The new plant wiJl pro- 
duce some 600.000 tonnes of 
coarse alumina per year which 
will be delivered to the Japanese 
refinery on North Sumatra by 
bulk carrier. Up to now most 
of the refine ry’s coarse alumina 


FRANKFURT. August 20. 

has come from Australia. 

Kloeckner and Company will 
be leading a consortium which 
will undertake the project. In- 
cluded in the consortium is the 
Aluminium Corporation of 
America, with whom It has been 
working on feasibility studies for 
the plant. 

U is understood that Kloeckner 
won the tender against competi- 
tion which included Kaiser 
Aluminium. The KaiScri; bid, 
however, was rejected. 1 it seems, 
because its process produces a 
raw material which varies in 
specification from that required 
by tbe Japanese. 


Brazil’s oil purchases rising 


BY DIANA SMITH 

BRAZIL’S OIL monopoly, Petro- 
bras, has revealed that by the 
end of this year, oil imports will 
total $4bD. compared with $3.6bn 
in 1977. Indeed, the volume of 
oil imports and of average con- 
sumption of oi and derivavties 
has risen by about 7 per cent 
since the beginning of this yearl. 

About 8400m of the sum spent 
on oi imports this year will be 
allocated to building up stocks, 
as a hedge against possible OPEC 
price rise. . 

Petro bras, either drilling on its 
own, or allocating risk contract 
offshore areas to foreign oil com- 
panies, has made energetic efforts 
to discover more Brazilian oil. In 
the first half of this year, it spent 


$295m drilling 142 wells and 
found oil or oil and gas in five 
of them (four offshore). 

Current national production of 
about 166.000 barrels a day, hok- 
ever, can only cover around 16 
per cent of the more than lm 
barrels of oil and derivatives 
Brazil consumes daily. 

• Brazil's Companhi* Vale do 
Rio Doce (CVRO), the national 
mining and metals conglomerate, 
has revised the production target, 
for its new Valesul aluminium 
project to be built in Rio de 
Janeiro state from 80,000 to 
85,000 tonnes a yean 

. — x 


RIO DE JANIERO. August 20, 

At lhe moment. CVRD, through 
its Valesul subsidiary, holds 
85 per cent of the total $lSm 
capital in the project, with 
Reynolds Metal holding 7 per 
cent and the Rio de Janeiro 
Development Bank S per cent. 

Negotiations are proceeding 
with the Billiton subsidiary of 
SheH (Netherlands), which is 
expected to take between 30 and 
40 per cent of Valesul's shares. 

The S301m project* In its initial 
stages, due to begin in 19S1 will 
rely on imported bauxite from 
Guyana and from Shell’s reserves 
in Surinam. 


Mexican aircraft loan 


Contracts 


• Demag AG has received a 
DM 40m order to deliver a wire 
rolling mill from the Shahin 
Industrial Group of Tehran. 
The mill is destined for the 
industrial complex at Ahwaz, 
around 100 kilometres north of 
Abadan. Work' will begin next 
year to come on stream in the 
middle of 1980. 

• Canada Ir is to supply France 
with a CL-89 airborne surveil- 
lance drone system designed to 
provide tactical intelligence in 
forward battle areas. France is 
the fifth nation to buy the drone 
system. 

• Viekers-Dawson has won two 
export orders for dairy bottling 
plant with a joint value of over 
£2 -2m. The larger of tbe two, 
valued at about £l.Sm, was 
obtained through Tecbnoprom- 
import tbe USSR government 
purchasing ministry for the 
Leningrad Production Associa- 
tion for the milk industry. The 
second order is from tbe Dairy 
Conaprole in Montevideo. 

• Richard Simon and Sons has 
received its beggist single order 
ever, wothr in excess of Elm, to 
supply weighing equipment to 
Simon-Carves for two rubber 


compounding plants in the Soviet 
Union. 

• Porta Systems has signed two 
contracts totalling $L5m to pro- 
vide connector blocks and line 
condition report systems (LCR) 
to the Government-owned tele- 
phone company in Taiwan. De- 
livery of the connector blocks 
will he the latter part of 1978 
and the LCR by the end of 1979: 

• Nippon Electric has received 
an order to export a total of 100 
earth stations for satellite com- 
munications from Satellite Busi- 
ness Systems of the U-S. Ship- 
ment wil Jstart in February, 19S0. 

• Marine Industries, the 
Canadian shipbuilding and 
engineering products group, will 
build 800 covered railroad 
bopper cars for grain transport 
worth C832m for IteL the San 
Francisco based leasing company. 

• Sabena has won contracts 
worth BEY 35m (approximately 
£569,000) for the supply of two 
open cockpit trainers for Boeing 
747 aircraft to Kuwait Airways 
and similar equipment for the 
DC-10 from the Yugoslav com- 
pany, JAT. Tbe Kuwait trainers 
will be delivered in April next 
year and that for JAT in 
February. 


MEXICANA DE AVIACION S.A- 
Mexico’s largest privately owned 
airline, has signed a Slim long- 
term credit with Multi banco 
Coraenney, a Mexican private 
banking institution, to finance 
the acquisition of three new 
Boeing 727-200 jets. 

The loan in dollars is to be 
repaid over a 10-year period and 
represents the largest credit ever 


MEXICO CITY, August 20. 
granted to a private Mexican 
company by a Mexican banking 
institution. 

Mexican a now has seven new 
Boeing 727 jets on order. The 
airline has announced plans for 
daily non-stop flights between 
Mexico City and San Francisco. 
At present there are no direct 
flights on that route. 

AF-DJ 


UUorld Economic Indicators 


UNEMPLOYMENT 


UX. ' 

W. Germany 
Holland - 


US.' 1 

France 1 * 


japan 

Belgium 

Italy 


000’s 

July 78 
1,371.2 

June 78 
1,364.6 

May 78 
1,366.4 

% 

5.7 

5J 

5J 

600’s 

922^ 

877.3 

912.9 

% 

4.1 

3.9 

4.0 

000’s 

2063 

204.1 

2023 

% 

52 

5.1 

5.1 

% 

62 

5.7 

6.1 

OOO’* 

6,193 

1,094 

5,754 

6,149 

000’s 

1,039 

1.1323 

% 

5j0 

. 4.7 

5.1 

000’s 

June 78 

May 78 

April 78 

1,260 

1.230 

1330 

% 

22 

22 

23 

000’s 

. May 78 
276.7 

April 78 
2002 

March 78 
284.1 

% 

6.9 

7 JO 

7.1 

000’s 

April 78 
1,450 jQ 

Jan. 78 
1,520.0 

Oct 77 
1,598.0 

% 

72 

8j0- 

8.0 


July r 
lift 


77 

1.’ 

5.8 

97 Z6 
43 
205.4 
53 

6.9 
4,719 
1,180.1 

5-3 

June 77 
1,110 
XI 

May 77 
2513 
63 

April 77 
1,432.0 

.. 6J- 


ASIAN CONFERENCE 


Promoting intra-regional trade 


*Y X. X. SHARMA 


A KEY CONFERENCE of Asian 
countries, which aims at increas- 
ing trade among participating 
nations In tbe context of grow- 
ing protectionist trends among 
developed countries, begins in 
New Delhi today. 

The conference has been 
sponsored by the Economic and 
Social Commission for Asia and 
tbe Pacific (ESCAP). It is 
Considered to be the most im- 
portant since the Ministerial 
conference held in Kabul in 
1970 -whicb ended in a declara- 
tion for increased trade and co- 
operation among Asian countries. 

The New Delhi conference is 
being attended by over 30 
countries, including China, 
Vietnam, the Arab nations, 
Japan, Australia, and those of 
the Indian sub-continent It will 
consider detailed proposals for 
trade expansion and co-operation 
in the ESCAP region and is 
expected to end on August 23. 
The fact that countries outside 
the ESCAP region, like the 
Soviet Union and Britain, are 
also attending tbe conference 
shows the importance attached 
to the New Delhi meeting; it 
will also be tbe first time in 
over 20 years that a Chinese 
Minister has visited India. 

Tbe ESCAP proposals take 
into account the Kabul declara- 
tion on Asian economic co-opera- 


tion and development as well as 
the functioning of existing sub- 
regional groupings such ~as 
ASEAN, and Regional Co- 
operation for Development 
(RCD). But since 1970 ESCAP 
points out that there has been 
a setback to trade liberalisation 
at a global level because of 
the adoption of protectionist 
measures by developed countries 
despite the introduction of the 
Generalised System of Prefer- 
ences (GSP) by many developed 
countries. Hence the need first 
for.. Don-preferential trade pro- 
motion measures and, second, 
for preferential trading arrange- 
ments. 

ESCAP sees no conflict be- 
tween the interests an ddevelop- 
ment plans of sub-regional 
groupings and the plan for the 
region as a whole. But this is 
not necessarily accepted by all 
the participating countries. 

But the main priority as far 
as ESCAP is concerned is that 
negotiations should begin on 
reducing and, where possible, 
eliminating tariff and non-tariff 
barriers within the region. This 
is in addition to the creation of 
preferential trade arrangements 
among such groups as ASEAN 
RCD and tbe Australian Free 
Trade arrangement 

ESCAP has concluded after a 
detailed study, that the import 


requirements of the region can 
be met to a large extent by the 
exports of tbe countries in the 
region. Some items have been 
examined and this further 
emphasises that the region has 
the capacity to increase exports 
within its own area thereby 
expanding intra-regional trade. 
This would be done mainlv by 
using excess capacity and making 
some product adaptation, 

A network of national trade 
Promotion organisations is pro- 
posed with a central organisa- 
tion such as an ESCAP Trade 
Promotion Centre to provide an 
institutional base. 

Considerable importance Is 
attached to diversification of the 
member-countries' production 
base and export potential 
through - the establishment of 
joint industrial ventures to 
Increase trade. Such ventures 
would cover the entire gamut 
from semi-processed and pro- 
cessed commodities to the manu- 
facture of. components and 
finished goods, including sophisti- 
cated electronics items. Possible 
measures for pnnotlng joint 
ventures include the establish- 
ment of 'free trade areas and 
export processing zones enjoying 
concessions in taxation and fiscal 
levies. 

ESCAP feels that in areas 


which are already eompl 
tary, or where there is poi 
ror encouraging their gi 
trade can bef activated 
expanded if long-term cot 
between buyers and sellei 
encouraged, particularly fo 
nudities and manufacture 
ponents. A specific class of 
action where long-term con 
could assist in expansion of 
regional trade is the 
between exports of oil froi 
exporting ountries withii 
and Imports of 
materials, unprocessed, 
processed and processed 
momties, semi-manufacture 
manufactures which are rec 
in these countries for their 
trfalisation programmes. 

suggested is assistan 
commodity associations and 
J n ,be context o 
ProRfamme for 
modities as well as new as 
tions for commodities of in 
to the region. Other ingr« 
» c1 ude imi 
ment of credit and moncta: 
operation, mainly by ext® 

fJLJr* clearing i 

rSKSLi IB i already unde 
Related plans refer to TV 
transport facilities. 

A** * 00 uir iMinrS? ! 
Sww kbM fHMutn arid n Nov Vort 










Financial Times Monday 'August 21. 1978 


HOME NEWS 



I 



for wider 




FINANCIAL TIMES REPORTER 

SIR DAVID McNTSE, the 
Metropolitan Police Commis- 
sioner. yesterday restated bis 
case for extending police powers. 

Sir David, whose proposals for 
increasing police' powers- are 
being considered by the Royal 
Commission on Criminal Pro- 
cedure, -said that there was little 
point in an “ excess of liberty ” 
if individuals were afraid to 
leave their- home or walk freely 
on the streets. 

He did not want to sect the 
creation of a police state, but it 
was important to remove the 
existing temptation for police 
officers to “ bend the rules ” 
when dealing with criminals. 

“ What we are about is to 
spell out to the Royal Com- 
mission the problems facing the 
police today in a society where 
crime is increasing at a fast 
rate. 7 am certain I speak for 
the majority of people today 
when 1 say I don’t want a society 
ruled by criminals.” 

Sir David suggested in his 
evidence that the police should 
be allowed to hold suspects for 
three days before bringing a 
charge. Speaking on the Tyne- 
Tees television programme. Face 


the Press, he said that, far from 
curbing people’s rights, -this pro- 
posal would ensure a fairer deal 
for suspects. 

."It may surprise you that cer- 
tain suspects are already kept 
in a police office for longer than 
three days. I’m hoping to make 
things better for the.- suspect by 
saying that after 72 hours we go 
before a magistrate an (fit is then 
up .to the court to decide what 
happens thereafter.” 

Sir David said that fie .did not 
want the police to. have to do 
their duty “by bluff, ‘hy^fitealih 
or by force " and he- bat»ev<ri 
that his proposals would make 
police -methods more acceptable 
to the public. 

They -would also go® long way 
towards increasing - t toe ■ crim e 
detection rate ib ...London*. At 
present, only 21 per cent of lie 
capital’s crimes were being 
detected, • -J, - • 

Sir David said «b«t~ roughly 
29 per cent of rtfcose wrested for 
serious crime were aged between 
10 and 16- This was “■ fright en- 
iLng ” and the courts -should stop 
regarding all young grins nais as 
welfare cases. 



plans attacked 

BY JOHN ELLIOTT, INDUSTRIAL EDITOR 


. > 


OUTSPOKEN OPPOSITION to 
the Government's plans for 
industrial democracy legislation 
giving union members Board 
room seals and the right to be 
consulted on company decisions, 
was expressed yesterday by the 
Engineering Employers’ Federa- 
tion. 

The Association of Chambers 
nf Commerce also told ihe 
Government at the weekend that 
it has "major objections" to the 
plans, which were contained in 
a White Paper published in May. 

These reactions from leading 
business organisations contrast 
with the initially favourable 
rseponse gained in many quar- 
ters by the White Paper. Which' 
watered down proposals con- 
tained in the Bullock Report. 

The federation said yesterday, 
•in a detailed -response sent to 
Mr. Edmund Dell. Trade Secre- 
tary'. tih.it ihr White Paper con 1 
i a toed “no fundamental 
ehiinzc” from the Report. 

The federations “ objection 
«f principle” remained because 
engineering companies could not 
accept " Urn p-roiHJSal for u 
statutory fallback power which 


would compel the imposition of 
employees directors.on a 
company. ’■ "/•' 

“ Enforced imposttidii 'pf em- 
ployee directors is seen as the 
irresponsible fashions^ of a 
wedge, irrelevant to. the develop- 
ment of true employee liuvdlve- 
ment and to <tfce promotion of 
greater indws®rkd effectiveness, 
which would certainly he ex- 
ploited politically by-t&osc set 
on changing society." 

The federation sdso opppsed 
the White. Paper's ?rtiti£on :£or 
a statutory obHgatioj3 =ptt- «nu 
panics ' to consult 
key matters before 
were made. 

" ft would be potentially, very 
damaging Ip the interests of em- 
ployees and companies to pre- 
scribe a rigid ditty for advance 
consultation dp such highly 
sensitive issues as takeovers and 
ineryws." . . ; - 

lnsieod, The' federation recom- 
mended a code of practice to 
encourage - - . volunia rv develop- 
ments, w-rth no legislation for 
tiv e yeaas. '. 


to cut 
law fees 
on homes 


THE TORIES were urged yester- 
day to cut legal fees to help 
wouid-be home-owners if they 
won the next election. 

The appeal to Mr. Michael 
Hescltine, spokesman on the 
environment came from House 
Owners Conveyancers, a non- 
profit-making organisation which 
claims it can do the job of 
solicitors for a fraction of the 
cost. 

Mr. aBsil Blower, chairman of 
the organisation, said the legal 
fees involved In buying and sell- 
ing homes are “frightening.” 

“ If the Conservatives want a 
home-owning democracy they will 
have to reduce stamp duty and 
try to curb the heavy charges 
made by estate agents." 

He claimed it was high legal 
costs which prevented many 
council tenants baying their 
homes— one of the Tories' main 
housing policies— because while 
they can afford the mortgage 
they cannot afford the legal fees. 

The organisation is an offshoot 
of the. House Owners' Co- 
operative, a registered Friendly 
Society. 



Investors 

chase 

film profits 

By Arthur Sandies 

INCREASED film-going bas pro- 
duced so much investment from 
companies hoping for profits 
from money-spinners such as 
Star Wars and Saturday Night 
Fever that there could be a glut 
of films early next year. 

Film companies, including 
EMI and Lord Grade's ATV 
subsidiary ITC. are producing so 
many big budget pictures that 
the show business trade paper, 
Variety, estimates that a basic 
‘’negative’’ cost of more than 
£100in is represented by pictures 
which will be first shown in 
December and January. The 
“negative” cost is the price in- 
volved in obtaining the best 
photographic print 
Even inflation does not explain 
the explosion in film world 
income in the past two years. 
Jaws and Star Wars have both 
taken more than flOOm, and this 
summer. Grease, which has yet 
to open in Britain, has taken 
at least £50m in the U.S. Attend- 
ances have also risen sharply on 
both sides of the Atlantic. 

\ Whether this increased audi- 
ence is sufficient to sustain a 
glut of big pictures is, however, 
a subject, of some concern, 



Terry Kirfe 

Britain’s plans for civil defence against nuclear attack are 
“ as ill-co-ordinated shambles,” according to two Tory MPs in 
a. Conservative Political Centre booklet Britain’s Home Defence 
Gamble, published yesterday. 

Mr. Robin Hodgson (Walsall North) and Mr. Robert Banks 
(Harrogate) say that the Issue of nuclear defence has been 
surrounded by “ a fog of secrecy largely Ministerially-Imposed ” 
by successive Governments in the last ten years. 

Their answer to tbe argument that Britain does not need 
home defence because no one would survive a nuclear attack- 
is to cite an estimate by military strategists that a 200-megaton 
strike would leave about 36m survivors in tbe UK, provided the 
population was properly forewarned. ; 

But if nuclear defence plans were inadequately thought out 
or implemented there wonld probably be no more than 20m 
survivors. An effective home defence. organisation could there- 
fore save some 15m lives. 

Tbe MPs recommend that the Civil Defence Act should he 
amended to give the Government power to compel local 
authorities to comply with minimnm standards In borne defence 
planning. 


Added to the "negative" cost i long-term purchase contracts for 
of a- film must be ihe price of; refined products from the lead- 
marktioing and of making prints] ins oil companies, and is able tn 
for' distribution. 'obtain attractively priced pro- 


Avia Fuels courts six 
UK oil independents 

BY KEVIN DONE, ENERGY CORRESPONDENT 

AVIA FUELS (UK) is negotiat- ducts, because of the combined 
ing with six independent oil size. of its distribution and retail 
companies in a bid to build up outlets. 

its presence in the UK petrol and has taken Avia a long time 
fuel oil markets. to make a breakthrough in the 

Avia Fuels was recently m- UK- market. 

BriSh'am^of ^ropean ?5 : Mr./Stewart Harris, executive 
marketing organisation that sup- *“?*?*■*[ . ,,f tp^yi a .»£“ €ls 
plies about 5,000 petrol stations, ji^^pi^ t _5f s I v tl] I , re v e i n 5 ,re - 
chiefly in the Benelux countries, ^ d t0 i 01 ^ 

Switzerland. West Germany, Jjj® 'J* ® nd ° f 

Italy and France ■ 7^ r - extending the brand- 

Two small independent oil +h5 e wim!nJ aSt 

companies— Bell Oil Operations of T^i an . d rp an .? n 
of Grimsby, and London-based ™^ r .? l ° od . t0 be 

Jnhn Hudson' — have alreadv independent oil com* 

Sri™ Zttsrwrs 

aiming to convert nearly 100 ESjU'* attract int0 taem ' 

service stations— chiefly in East 

Anglia. Yorkshire and Lincoln- 
shire — to the Avia brand over 
the next few months. 

Avia was first established in 
Switzerland in the Jute 1920s. It 
Is now a voluntary association of 
about 100 European independent 
oil companies that have joined 
to gam the added strength of a 
shared brand name. 

Products sold under this labe) 
include petrol, gas oil, heating 
oil, motor oils, greases and in 
dustrial lubricants. 

The organisation arranges 


British 
wines win 
their own 
trademark 

Sy Sue Cameron 

BRITISH wine producers 
obtained official approval for 
their own Appellation Contrtlde 
style trademark. 

The English Vineyards AssociH 
tion, has persuaded the Depart- 
ment of Prices and Consumer 
Protection to approve a certifica- 
tion trademark that can'be given 
to any British wine which reaches 
a certain standard of quality. 

The association will 'set the 
standard itself and also decide 
which wines should be allowed to 
carry the new trademark on their 
labels. 

The granting of official appro- 
val to the trademark means that 
UK wine producers will be abte 
effectively to by-pass lengthy 
EEC regulations on the quality 
and status accorded to different 
wines. 

An EEC directive states that 
British wines can be accorded 
quality status only if tbe vine- 
yard of origin has a 10-year 
record of high standard produc- 
tion . Because of this, most UK 
wines, whatever their quality, 
have to be labelled Table Wine. 

The English Vineyards Associa- 
tion bas long opposed the EEC 
regulations. This weekend it 
said that its own tests for award- 
ing tbe certification trademark 
would be even more stringent 
than those used by the French, 
the Germans and the Italians. 

Reduction 

British wine producers will 
still not be alowed to use the 
actual phrase Appellation con- 
trftee on their bottle libels but 
they claim the new trademark 
will denote wines of equivalent 
quality. 

British wine producers hope 
that moves in Brussels will lead 
to a substantial reduction in . the 
cost of all wines sold in the UK, 
whether home-grown or im- 
ported. 

Tbe EEC is bringing an action 
against the UK and Denmark 
because of the high duty charged 
on wines compared with that on 
beer. The case will be heard in 
the European court. 


Carrington studies 
fabric sex appeal 

BY RHY5 DAVID, TEXTILES CORRESPONDENT 

CARRINGTON VI VELLA is to to satisfy this market/ 
try to win a much bigger share The move bas also been made 
of the women’s wear trade. A easier by the growing conver- 
new division to be set up from gence of designs for men and 
the start of next year will mar- women, which has begun to 
ket a range of spun woven make it possible to market 
fabrics. unisex fabrics. 

The group is a major UK The company's men's wear 
manufacturer of woven men's division started work some lime 
wear fabrics and finished gar- ago with Scandinavian mafcers- 
oienis and has been examining, up on fabrics that can be worn 
for the past two years, ways m by either sex. By 1930 around 20 
which it could increase its stake per cent of spun woven output 
in women's wear. is expected lo be interchange- 

Fabric has been supplied to a able, 
leading store group for evalua- Mr. David Ctinliffe, managing 
tion and the company now plans director of Carrington Viycila 
to prepare a range of materials, men's wear, said yesterday that 
initially in small quantities, for women's fabrics now account for 
autumn 1079 and in larger 5 per cent of the division's sales 
volumes for spring 1980. but the company hoped thus 

The move into women's wear would grow to around 20-30 per 
will bring Carrington into com- cent in the next three to four 
petition with the other big years. 

groups, including Tootal and The move has been backed by 
Courtaulds. and is being made a programme of investment in 
partly because of strong pres- spun woven production, designed 
sure in recent years on sales of t 0 provide maximum flexibility 
menswear fabrics by imports of for the manufacture or men's 
finished garments. nr women's wear. The group 

Imports of finished women's already has the capacity in Lan- 
garments are substantially lower cashire to produce the whole 
but a large proportion of the range of woven fabrics, from 100 
fabric used is imported and per cent cotton and cotton blends 
Carrington believes it can help through to 100 per cent wool 


Unit trust value record 

BY ADRIENNE GLEESON 

A SHARP RISE in. share prices spondiag period last year, the 
in both London and New York figures continued to be hearten- 
took the value of funds invested * n 8- In July last year, the value 
through British unit trusts to a gross sales was only £34.iiTm 
record £3.94bn at the end of last ant * a high level or repurchases 
month. reduced net new investment to 

ow^ datively 6 new JS 

23nst hb“£ £. itl the first seven months of the 

falling for three months nmnln* “Va of JsSm 
Compared with the eorre- so far this year. 


INVEST IN THE 

FAR EAST 


The strength nf Far Eastern markets has been a feature nf 
vi.irld stock markets sn far this year. M&G Far Eastern and 
Ueueial Fund is amunffthe leading unit trusts of 1978 and is 
particularly well-placed to take advantage of this specialist 
ami vi ilntile market. 

Please complete the coupon for the latest Fund Managers’ . 
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THE M&G GROUP 


Retirement ‘difficult 
on investment income’ 

FINANCIAL TIMES REPORTER 

PEOPLE who retire expecting couple could only maintain 
to live comfortably oo the invest- parity with manual workers if 
xnent Income from their life they received a £34.000 windfall, 
savings are likely to be reduced “ Thousands of ordinary people 
to near-penury within a few who put aside money daring 
years, says Anthony Gibbs Fioan- their working lives for retire- 
cial Services, a firm of consul- ment have become the new 
tants. poor,” it adds. 

The firm, which has started a “ Ironically, while their income 
savings index designed to chart j s derisory, they would be 
the fortunes of those who are debarred From social security 
dependent on investment in- hecause they own capital. We 
come, published figures at the felt that someone must put 
week-end showing that a couple forward their case. It must not 
whoh invested £24.000 on their go by default” 
retirement in 1970 would now’ The rise in oil prices, the world 
be scraping by on less tban half recession and inflation are the 
the average pay of a manual main reasons for the fait in real 
worker.- . terms, of investment income 

- If they had invested their from ordinary shares. It plans 
£24.000 wisely they would have to update its new index three 
had an income of £3,333 from it times a year, in January. May 
eight years ago — equivalent then and September, 
to a manual worker's annual Anthony Gibbs based its 
wage. figures on the assumption that 

Today, their investment in- the hypothetical counle had put 
come would have shrunk lo only 60 per cent of their £24.000 assets 
£2,000. but in the intervening into equities. 27 per cent into 
period manual workers' earnings gilts and the rest into hank or 
have risen to £4,400 a year. The building society accounts. 


‘Subsidise Ordnance Survey maps’ 

THE COUNTRYSIDE Commis- the price of ordnance survey 
Sion wants the Government to maps continue to rise at the 
start subsidising the cost of present rate, people will slop 
Ordnance Survey maps on the buying them, aud that as a result 
grounds that this would help there will be “ more trespass, 
SJJJffX *^. e “lire mountain accidents, more 

Sttow iiSSJ 118 * d0 by n ‘ erosion in sensitive areas, more 
witting visitors. damage to stock and crops, and 

The commission says that if more hostility to visitors.” 


• NEWS ANALYSIS — FORKLIFT TRUCKS 

Kaye bid aims at rationalisation 


the terrain vehicles. 

A merger between Kaye and 
h _ rtI “w— *«* iiLivucuaouxu. Bonser would still leave a num- 

P - Last year, combined sales of !>« » ( Email ccmcerns operating 



is pleased to announce that 
with effect from MONDAY 21st AUGUST 1978 
the Bank will be located in new premises 
■ . at 

15 Austin Friars, London EC2N 2DJ 


Telephone: 01-628 4499 
Telex: 8813.971 

Cable: BUHALON LONDON EC2 


importer.. 


Kaye has already agreed to 


TV* .'tour probably account aa,uire a 43 per ccnt from 
for up to 30 per cent of all 


FINANCIAL TIMES STOCK INDICES 


(■nverninFBl Secs . 


BY ANDREW TAYLOR 

K ^? E K-e?? GA ? 1SA P?' N ’ S TTL™ 5 c 1 ompares wl,b J a P* ak tbe Bonser family trusts, while For Bonser. with sales of only 
£. 6m cash bid for Bonser Engi- UK market of around 20,000 shareholders representing a £iQm last year and pre-tax profits 
peering announced late on Friday units in 1975. further 10B per cent interest of £490,000 the deal will take 

marks a further stage in the Industrial truck sales re- have indicated they will accept some or the pressure off compet- 

rationalisation Of the UK forklift covered sharply last year after the 43p a share offer. in" with larger rivals in an 

S 3 ES ,flrtt HIISSSm 

-a - 

dusm'ldUnckbncjncs^-nM^d nrowd 17 pef Mnt'per umi ggg..- 1 !*^. i n view f dripping *n 

Henley Forklift for an undis- since 1970 — also increased appre- ?Li» r ip es _ p 

closed sum. At the same time, in ciably last year. tinsn for JS5 Bm * !ldB ' 

another major rationalisation This may have been partly 0 or ^Donalisation. 

move, Coventry Climax, part of due to the switch by Clarke from „ — ~ — in _ TTK inrfl „ trv 

SP Industries, foraerly tbe a UK manufacturer to an im- Lansing and Henley are thought in “ e 

Special Products division of porter and also by the increased to have topped flOOm. Kaye pre- Although these have met com- 
Britisb Ley land, bought Rubery incidence of imported spares, tax profits lor the year ending petition to date, tbe emphasis as 
Owen Conveyancer. But undoubtedly competition is April 1977 rose from £3 .55m to in so many industries in recent 

Climax and Lansing are the increasing. £5.25m as turnover increased years is now increasingly on size, 

largest two UK manufacturers. The major threats to the home from £71m to £87m. and broader product ranges, 

with Lansing accounting for market remain the U.S. and 

about 30 per cent of the home IVest German manufacturers, 
market. but the Japanese are waiting in 

Bur the two companies lack the wings, 
tiie financial muscle and econo- Judging by the experience of 
mics nf scale available to large other European countries. 

U.S. and Japanese combines. Japanese groups like Komatsu 
The need for rationalisation in and Toyoto can shortly be 
the UK industry has been recog- expected to make a major push 
nised by a National Economic to increase their share of the 
Development Council working UK market. 
part>\ the Industrial Reorganisa- It is against this background 
tion Corporation. that UK industrial truck manu- 

Two years ago a report by the facturers — which contributed a 
council ' working parly said: £230m surplus to the balance of 
“ There is need to achieve a trade between 1970 and 1975— 
mea/ure of effective restructur- have been seeking to strengthen 
ing of the British-owned sector of their positions through acquiri- 
the industrial truck industry in lion. 

tbe UK, enabling it to become a Kaye’s earlier deal brought 
more effective force in world together Lansing, largely jn- 
niarkets through the better use volved in the manufacture of 
of ihe industry’s financial, produc- electric powered trucks, with 
tiop. marketing and manpower Henley, stronger in the diesel- 
re&ources." powered sector, particularly at 

the heavier end. 

P6DPfri)fion According to Mr. Derek 

u^uauuu Larkins, joint managing director 
Since that report, the level of of Lansing Bagnall. the Bonser 
import penetration into this deal will further strengthen this 
country increased to almost product base. 

24_per-eent ia 1976. while the Bonser is more experienced in 
UK p snare of total wurld trade the lighter end of diesel-powered 
P er cent lD trucks and has also been invest- 
cent in the same year, jng in the development of rough 
j I,® reniains the worlds terrain vehicles — a fast-growing 
third largest exporter after the sector. 

U.S. and Germany, but Japanese . ,, 

manufacturers faced with a slag- A m ^ er would also allow the 
nunt home market have been « ro . u P to , ent « r the wcultun ti 
rteadily making inroads into and construction markets, where 
export markets, notablv in other rough terrain vehicles have 
European, countries, ' particular appeal. 

Three o£ the leading UK pro* The deal has been put together 
dm.-i.rs axe UJS.-owned— Cater- rapidly with the initial approach 
piUer. Eaton and Hyster — while to Bonser coming less than a 
a ' our “} U’S. multi-nationai, month ago. 

Clarke Equipment, is a major 


[tiilu-trlal Ordlnaxy... 
Gnld SIio«. 


VlR liatto nwt){*f)_.. 
IWinp marked. 


: Ana. • 
! IE i 

A ni!-’ ' 
17 

Alls. 

IK . 

■\V- ' 

Ana. 

14 ; 

Ana- ! 
11 r 

.1 .rear 
■Bi' 

” 70.73 

70-BP| 

71.09 

71.15 

71.09' 

71.28 

70.50 

.1 72.B1. 

72.83' 

72.8fli 

72.89' 

72.80! 

72.891 

70.16 

312.9' 

509^: 

510.0 

511.2 

513.5 

514.8] 

487.7 

1B6.1; 

187.9' 

196.2 

201.0 

206.6' 

203.0! 

114.2 

' 5.22' 

5^7) 

5,28 

5-28' 

5.26; 

5.26] 

6.31 

„ 15.59 ; 

15.72, 

15.89' 

15.92 

15. 88^ 

15.87 

14.90 

8.52' 

8.45! 

8.36' 

8.34 

8.37! 

8.37 

9.70 

1 S.679, 

4.A97! 

5,646. 

5.097 

5.51s! 

6.064i 

5.341 

_ i 

7B.65| 

76.41 1 

71.24; 

69.16 

98.78' 

76.51 

. - ' 

14.665' 

17.574 21.347 17.322 

23.054! 

20.417 

5119.0. 11 

am S07.fi. Statin 50E.fi. 1 

pm SD9JJ. 



’ Dm 5*9 J. 3 pm 31"-<. 
Latest index Sfl». 

* Based *>n 32 per cent corpora Mon lax. 
B Badif. 190 Govt. IS’W'56. FUod Inu 182S. 

Mines 13/9/55. SE Avlivily July-Dee. 1943. 


T N1I=S.3|. 

lud. Ord. IT- 35. Gold 


HIGHS AND LOWS 


S.E. ACTIVITY 



1975^ 

'Since C'nmpiliilinn 


Hlgb 

( L*>«r 

j Hi K 6 

) I 

Govt. Seca...! 

78.58 

(3/1) 

1 68.79 

■ 16 ) 

i 127.4 
j \QlL3S) I 

\ 49.18 

(5,1,75-1 

Fixed lnt — 

BUS? 

t9/li 

| 70.73 

1 150.4 

j('22flli47;i 

50.53 

| iS'l/Toi 


esiej 

I 

1 il a'lMJ) 1 

<26'fi(40l 

Gold Mines. 

j 

206.6 

1 I*l8i 

1 130.3 

1 *'■' 

: 442.3 ■ 43.5 


Amis. 

18 


Aug. 

17 


| — LMily 
I Giii-L>U:e«J 
luiluvtne*., 
S|ici-uln<ive 
Total*. ........ 

S-day A 
Ulli- Kitted. , 

IniliiMDalo . 

!Spe< ulaiive. 
Tadal- 


sr, 


J64.B 

207.6 
4B.4 

129.3 

153.7 
19B.2 

54.0 

123.1 


I 148.1 
164.0 
1 50.6 
; 113.7 

‘ 148,5 
i 302.5 
56.5 
I 124.8 


FT — ACTUARIES INDICES 


.t ii". 

\i 


17 


Any. 

16 


An*. 

15 


Ana- 

14 


Ana. ‘A Yew 

1 1 llt>i. 


1 ml list rial Group i 231.40 23031 230.80 231-60 232.44 232,86. 196.16 

DO) Sinuei.^.. 254-52 253.481 253.26 2S4. 08 255.02 255.66 222.25 

OIP. Yield jk — i 5.12 5.14) B.14 5-13 5.11. 5.09 ' 5.29 

P/B Hatlo {net) J 8.62. 8.6 1| 8.60 8.63' B.66 B.70 9.35 

AII Shwfla,.„,„ ip 34.29'. 233.55 233.60. 234.46! 335.51 336.02 201.28 


home sales, -but world widfc, the 
groups nave an individual manu- 
facturing capacity of up to 
55,Q0<1 units a year. 


Medical check 
for policemen 

THE CHIEF Constable- of Mer- 
seyside. . Mr. Ken Oxford, has 
called for a .voluntary annual 
medical ' examination of his 
senior officers because of tbe 
pressures of police work. He is 
concerned that the increased 
tempo could harm his -officers 
beatth- 


APOLLO 


Edited by Denys Sutton 


The world’s leading 
magazine of 
Arts and Antiques 


Published Monthly price £2-00 

Overseas Subscription £28.00 
Annual Subscription £25 JO (inland) 

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10, Cannon Street, London EC4P 4BY. 
Tel: 01-248 8000. 










LABOUR NEWS ] 


APPOINTMENTS 


Union to fight steel 
worker-director move 


Senior change at 
Bernard Wardle 


Wl irK (*^(1 I rt 1 ! 1 (ir ■ IBllWr 1 Mr - J - *• ****** ins ^ F. W. Osborn. treasurer, and Mr- 

J T \Jr A AVI \| 1 * W m * Vr M. Ul\f T V appointed managing director of A. Glover, secretary. 

BERNARD WARDLE <EVER- * 

BY ALAN PIKE, LABOUR CORRESPONDENT FLEX) from August 31 in succes* Mr. Donald Saitmarsbe has 

sion to Mr. A. E. Roberts, who 3oine d dEWRAXCE AND CO.. as 

A UNION is to seek a Hight trial democracy and a nationally mentation would be held in will be leaving the company on pr6 daction director. 

Court injunction restraining the recosmsed union entitled to all abeyance. i“ at take up anatner * 

British Steel Corporation from rights of participation in the The six worker directors appointment m industry. • Mr. R. 3. Barge has been 

implementing industrial democ- scheme which BSC intends to set whose appointments were __ __ * . _ . appointed a director of the 

racy proposals announced this up announced earlier this month Protestor w. D. Biggs, head _ of av tation division of ANTONY 

month. The court will be asked to come from the Iron and Steel ti| e Department of Construction gjggg SAGE.- Sir. Burge was pre* 

q«i iniimminn mrtn in in? Trad^ ClnnfpdeMtlon. the Mfluagfifflcn t it READING UNI’- vintislv in Lloyd's aviation depart- 


Solicitors representing the KTant an injunction restraining Trades Confederation the SSSKSSSPJ* *X JViFES war* viously in Uoyd's aviabon depart- 

non-TUC-a IS listed Steel Industry BSC from introducing the National Union of Blastfurnace- JJ^SITY Jjjttelarti five years. as senior surveyor and 

Management Association have machinery, known as the Steel men. the Transport and Genera^ Jgj* offE^JSTttSoSS adJuster * * 
served a writ on BSC after Mr Contract, until such time as Workers, General and Municipal c tud J2| for cneces- . . 

Eric Varley. Industry Secretary. BSC has fulfilled, their duties to Workers and Amalgamated S ?w&XSeSSt r HaU Mr : ,2?®i«2S5f ta^TOLLJT 

said that six trade unionists were consult fully with SIMA and Union of Engineering Workers * Wler MfLwfao 

to be appointed to the corpora- admit SIMA to full participation foundiy section. Mr. Brian Neale, group deputy "P r2^tlv uitii Coltlnterna- 

tion’s main board. SIMA is not in the Steel Contract.” All these unions are members chief accountant of Srless Capel SL/tJjSLJJ acwiwtMtfSll 

among the unions represented. Mr. Robert Muir, general of the TUC Steel committee, and Leonard, ha* been appointed ‘5? ‘Switinc 

The association will seek a secretary, said that BSC had SIMA has held amalgamation a director of CARLESS EXPLORA- ^^Xofihe eroun w 

High Court declaration that offered to discuss industrial discussions with ISTC. the TION. limcnoas oi uiv giw y. 

under the Iron and Steel Act it democracy and the Steel Con- industry's biggest union but * _ „ c . rXt hn „ resi 

is an appropriate organisaiion tract with SIMA on September these have proved unsuccessful Mr. M. W. Edwards has been Mr. nas : resu wi 

r SV . . . . . .. . r- u..* v-j w>F..r„ J „„ . — C, 1 .A... .A mirlu litTitfnn rninlnn.. ralahnns IrOUl trie BOara 01 AUUA Ifin- 


CBI refused inquiry 
into fair wages law 


Closed-shop 
appeals 
open to all 


BY OUR LABOUR CORRESPONDENT U UCll IU Oil 

MR. ALBERT BOOTH, Employ- ing to employees being paid 

orient Secretary, has turned more than their supervisors." THE INDEPENDENT review 
down a Confederation of British the CBI says in its latest bulletin. committee wftldh (bears appeals 
Industry Call for an indepen- “ Some awards jbave given from those who risk losing their 


responsible for co-ordination of * 

personnel activities on its Wit ton. Mr. Peter C. Becker, who has 
Birmingham, site. Mr. Edwards been appointed managing director 
r|T} was previously personnel mana- of SIRYCON. was previously with 
Up ger. at Marston Excelsior. Woiver- Foster Wheeler, where be spent 
bampton, another DU company. about 20 years directing, manag- 
* ing and designing a number cf 

Mr. Samuel S. Marshall HI, large petrochemical Plant con- 
vice-president of Union Com- stniction projects- Mr. John M. 

I merce Bank (Cleveland), London. Colder is made a non-esecutive 
has been appointed president of dlirector. He rejoins the com- 
SOUTHERN OHIO BANK a sub- pany after four years as an 
sidiary of Union Commerce Cor- independent consultant on 
review poration. ammonia plant Prior to this he 

mnftate * was Silicon's managing director 

e Sheir Mr. N. H. Elllston has been (1967-73) and director of sales 


inuusiry can mr an xuaepen- a«ne wave given from tDOSe WM nSK losing nmeir riftfiS-fiT) during which nenods 

dent inquiry into .the working of rise to industry action by other jobs in closed shops does not 1 i 5 jStUM ^^TOCKHOLDwI to?compa£y^£ theUK^i? 
fair wages claims under Schedule employees whose cliff ereatiaJs make its decisions purely on the ASSOCIATION. Mr aTw. Killeen tion of the Chemical Construction 
II of the Employment Protec- have been affected." basis of union rules, the com- ^ become vice-chairman, Mr. Company (Chemico) of America. 

tion Act. It says -that in a reply ‘turn- mittee says in its report pub- __ 

The CBT has -long been oon- ing down its request for an in- ashed today. 


cerned that the Schedule II dependent -inquiry, Mr. Booth workers who are exnelled or I 
provisions, rather than simply admitted that the number of excluded^from unions P because 
providing a mechanism for Schedule 11 claims had been ltrade union membership is a 
resolving a limited number of higher titan foreseen. condition of employment, have 

Jow pay problems, would lead He attributed this to tibe a pjp.hr of anneal io the 
to far more widespread claims, effects of a tight pay policy. * Jg* 0f appeai W * 

It says that monitoring of e La fins He thought an inquiry would _ . , 

has shown that its -fears are be bound to examine how the purmg the two years oE its 


CONTRACTS 


condition of employment, have 
a right of appeal to the 

committee. 


John Brown wins £5m 
BP Chemicals work 


has shown that its -fears are be bound to examine how the f>unng toe -two years of its JUi V^UvIIlXV<i.I.o . fY VTAllk 

fully justified." Central Arbitration Committee existence the committee has 

CBI leaders have told Mr. Booth which considers claims had inter- received IS complaints and held BP CHEinCAU is to build a have been obtained from the 
that Schedule 11 is damaging preted the Schedule and it would I 4 hearings. It meets under the second acetone recovery plant at original equipment manufacturers, 
collective bargaining and dis- be inappropriate to review the dhainmansfaip of Lord its Hull factory to extract addi- Pave Spike is a laser designator 
renting wage structures. They way in which an independent Wedderburn- tiona! . wrodutt “"one from housed in iapo d earned latanOr 

feel that .many groups of workers body carried out its statutory Elsewhere in the .report the nilarded fi!f I £r I ^iS!d«SHn 

not covered by national agree- duties. TUC general council outlines to T 0 ta jYj2S8K™5 JOHN Pare wS ^toe^complementaly 

menta are now able to demand Mr. Booth has surges ted dis- proposed _ changes in its rules b R 0 W S° is^abomfSm, and the seeker System fitted P in the 

to be brought up -to -the district missions between the Govern- and standing orders which would ]ant is due t0 on stream weapon (a bomb) which guides it 
average and to obtain by legisla- ment CBI and TUC, -but -the CBI remove detailed references to a at t j, e end 0 f to the target marked by toe laser 

tion what they would be unable has decided that there would range of political objectives from g n t plant was built in 19RS beam. It is proposed that 

to achieve through negotiation, be “no advantage ” in bolding its constitution. and the combined capacity of Ferranti act as the system 

•*A number of awards have talks with toe unions on toe These have sometimes given both plants will be. 47,500 tons per authority for both systems ana 
been made in respect of isolated subject. It says tiiat it will rise to doubts in non-politically annum. . provide post design services for 

groups of workers which have instead continue to keep the affiliated unions about whether Developed by BP C hem icals, tne Pave bpifce. 
upset carefully graded wages operation of the Schedule under TUC membership was appro- The interdietor versions of the 

sutures, in so me cases leld- review. priate. PanavU ^Tocnado .^nDi _for the 



U.K. TRADE FAIRS AND EXHIBITIONS 


Date Title Venue 

Aug. 23—24 Education and Communication Technology Exba. Holland Park School, W .8 

Aug. 26 — Sep. 2... International Motor Cycle Show Earls Court 

Sep. 3—7 International Watch and Jewellery Trade Fair Earls Court 

Sep. 3—7 Giftware and Fashion Accessories Trade Fair Bristol Exhibition Centre 

Sep. 4—10 SBAC Exhibition and Flying Display (Trade— Sep. 

4—7; Public— Sep. 8—10) Farnhorough, Hants. 

Sep. 5—7 Electronic Displays Exhibition . Muutit Kuyal Huiei, 1 

Sep. 11—14 Electrical and Electronics Exhibition Bristol Exhibition Ci 

Sep. 17—20 MAB International Menswear Fair Earls Court 

Sep. IS — 21 European Conf. of Rehabilitation International Brighton Centre and 

and National .Aids for the Disabled Exhibition __ Hotel 1 

Sep. 19 — 21 Firefighting and Prevention Exhibition. Eastbourne 


distillation techniques linked to pgjiavia Tornado bnQt for the 
the acetic acid production process raF wifi, be equipped with the 
and produces a faigfcgnade pro* Texas terrain - following and 
duct complying wito British ground mapping radar. 

Standard BS.509 : lflTL Acetone 8 
is a widely used solvent and raw * 

material for drags,-:,. dyes and JEAVONS CONTRACTING, part 
plastics. of Pentos Engineering Group, has 

j. been awardedtwo contracts total - 

. . 7 . ling £478,000. The. first involves 

FERRANTI has contracts -from the alternations and re-building the 
Ministry of Defence to provide existing foundry area, phase 3, at 
technical support for a number of Lower Church Lane. Tipton, for 
avionic systems entering service Triplex Foundry- The second,- for 
with the RAF. in the next year or GKN Screws and Fasteners. Is for 
to. These are Pave ‘ Spike fjrt .the reorganisation of the com- 
-association with Pave Way) .and pany's warehouse at Heath Street, 
the Tornado Texas radar. Licences Smethwick, 


Farnhorough, Hants. 

Muuut Kuyal Huiei, Loudon 
Bristol Exhibition Centre 
Earls Court 


WEEK’S FINANCIAL DIARY 


Bristol Exhibition Centre The following is a record of the principal business and finanolal 

Earis Court engagem/nts during the week. The Board meetings are mainly 

R«„htnn r<.nh-« fte purpose of considering dividends and official indications are 

ungrnon usm ana nol always available whether dividends concerned are interims or 

nocei mecropoie fi na js_.'xhe subdivisions shown below are based mainly on last 
Eastbourne year's timetable. 

NaL Exbn. Centre, Birm’ham rnk4 „ AMV ‘ f a.r?&n ■_ 


Sep. 24—27 
Sep. 25—29 


Sep. 26— 2S 
Sep. 28 .... 


International Garden and Leisure Exhibition 
Furnaces, Refractories, Heat Treatment and Fuel 
Economy Exhibition' and Symposium 
Mailing Efficiency Exhibition 
Petroleum Equipment Exhibition 


years timetable. 

; TODAY 

COMPANY MEETINGS — 


Interims: _ 
Clay (Rlciurtf) 


nhnson Group deaners 


Nat. Exbn. Centre, Birm'ham 
Bloomsbury Centre Hotel 
Treetops Hotel, Aberdeen 


Blackman hi vd Conrad. Bonnlnoton Rota*. Johraon Groi 
W.C.. 11. London Brick 


OVERSEAS TRADE FAIRS AND EXHIBITIONS 


I BMCh. Loaqbton. Essex, 12 _ ^ , 

poARO MEETINGS-- . J corfcy BUpe Bds. Red. 2 >B,TB J&AMW 

lirteHlWB i Coventry IHaPC Bds. rtlZiB2 6 *gic 

’ ■ ' Crawley BUpc Bdv Red. 2Kfr78 £^-2606 

B»SKIS£? D ailA» 1!R,!ST cKS«hj™ PC Red. 2iw78 

6430 dSISSS- KSWa Red 2gB|78_M J606 

glrmln^h im Pallet » . Do*er Bds. Red. 21/2/79 6 ’uPe 

2l ^ Ettrldt and LaudereUle BUBC Bds. Red 
Exchequer 3PC l 8 fl 1 1 <a_pc . _ Z3.'8|7B £4.2606 

Extfiequer 3PC 19M 1 'aPC. 0^1983 Qreen' Group 3/3178 (Temp. susp.)3p 

^2£l3f C i 1 22? 5t<BC ‘ Hertfordshire BUpC Bds. Red. 23 Br7B 


yr. ended 3113/78) 0.0151P 
Corby BUpe Bds. Red. ixvrt 


Current I 6 th Overseas Import Fair (el. Sep. 3) 

Current International Hi-Fi Exhibition id. Aug. 24) 

Aug. 25—27 International Men’s Fashion Week 

Sep. 5 — S Third international Offshore North Sea Technology 

Conference and Exhibition 

Sep. 3 — 5 Int. Hardware, Tools, Household Goods and Gift- 

ware Exhibition 

Sep. 9 — 12 International Men's and Boys' Wear Trade Show 

Sep. 9 — 15 International Lear her Week 

Sep. 31 — 15 Internationa] Electra and Mining Exhibition 

Sep. 11 — 15 International Mining Exhibition 

Sep. 12 — 15 International Congress and Exbn. on Data 

Processing 

Sep. 13—17 Int.' Trade Exhibition far Home improvements 

Sep. 13 — 21 International Engineering Fair 

Sep. 19—22 Coffee Symposium and Trade Fair 

Sep. 19— OcL 1 ... International Trade Fair 

Sep. 22 — 25 Exhibition and Trade Fair of the Turkish Textile 

and Ready-to-Wear Industry 

Sep. 24 — 27 Quojem: Hardware Trades Exhibition for retailers, 

wholesalers and manufacturers 


Berlin 

Dusseldorf 

Cologne 


Stavanger 


Basle 

Paris 

Paris 

Johannesburg 

Belgrade 


Berlin 

Stuttgart 

Brno 

Montreaux 

Tehran 


Couih Cooper 1 .SBP . .. • ii.zeoe 

Janw4-(Mau«c.) U-Ss , Hyndbum BUnc BBS. Red. 23/B/7B S4J606 

^’•‘v and Hauell 1.13574 - t Kingston upon Hull BUuc Bds. Red. 

Midland Bank FIW. Rt. NtS. I 1983 23 , 0 , 7 a £4.2606 

a" M 'a.wo.» 8uw biis - rk> - 23,&7b 

Traawinr 10 DC 1992 Spe SI. samondsburf BUP 6 Bds. Red. 23 B7B 

W«m 0.447P _____ v £4.2606 

2.13365D . . Sod pem oar 8 «*PC Bds. Red. 23IB/78 

Waston- Evans 2.1 336 so. <Addtt<l. oi v - £4 2606 
o/a yr. ended. 31. 3f7Bi O.03233p • South Bedfordshire BUpc Bds. Red. 23(8/76 
TOMORROW £4^606 

COMPANY MEETINGS— SoaUumutOn BUoc Bds. Red. 23 B.'7B 

Hhmm Pl wBfum*. 01 Grown J?” 'Hotel. vv^ian°|i.oc Bds. 

Chester. 12.15. Wjnibtdf aw Bu. Red. 23.S7I WJ606 

Mercury Secs., 30. Gresham St.. E.C. 12. WelllnPbnrough Si«pc Bds. Red. 23,8,78 


Mercury Secs.. '30. Gresham St.. E.C-. 12. Wellingborough 8 Upc Bds. 
Mooroate lnv_ a Waterlon Place. . S.W^ £4-2606 
12 JO- West Yorkshire 8 Upc Bds. 


12 JO- West Yorkshire 8 l«pc BdS. Red. 23JB/78 

Oil and Associated Inv. Trust. Wlnctiester £4^606 
House. E.C.. 12 . . THURSDAY. AUGUST 24 

Renwick Group. RenMIck House. BrWiam COMPANY MEETINGS — . . . 

Road. Paignton. 2.30, .1 . Cocfcsedge. Registered Ofiice. Ipswich. 12 

Swan (John). Now Mart Road. EtHepurgh. Cdbro. Charing Cross Hntel. Strand. W.C-. 


BOARD MEETINGS — 

McKay ■securities 
. interims _ 

American Trust 

Dr*" Beers Cwoolldated Mines 
De Beers Industrial 


Harris (Philip). Baron's Court Hotel. 
Staffs.. 12 . _ 

Howard Tenons Services. Great Western 


Royal Hotel. w_ 12 . 
Phillips Patents. Grand 


Patents. Grand Hotel. Manchester. 


Sheffield Refreshment Houses. Kenwood 
Hall. Sheffield- 12. ........ 


BUSINESS AND MANAGEMENT CONFERENCES 


Hongkong and Shanghai Banking" Coro. Somlc. Cord Danes bury Hotel. WarHng- 
Meat Trade Supplies ton,. 230 


Ocean Transport and Trading 
Turner (W- and E.) 


BOARD MEETINGS — 
F»»alnJ . 


Castle Moroeth Sue Bds. Red. 281^79 Ape K" E°aF Fpas( , 

Challenge Cora. 2.641 Gp 

ChSETaS a Be?n ,V Br°eri D 56S6sI EREST P4YMENTS “ 

Chester-le-Street Bpc Bds. Red. 2W79 &Siw 

East. Hampshire BMBdt. Red. 2 BRH 79 4pe iHjmli™ aifft *^oc 7 Bda? Sd* 20/0(80 
Eastbourne B'ipc Bds. Red. 20.2180 4 *hPC B ' a 1 u ™“ 11 ff e Bdl - Rea - 

fr^Tck 8 fnd B< LiudB?daie 8 , 2 B^? 1m.- Red. BreSSnd llhwe Bds. Red. 1 B' 8 .’B 2 Gi*dc 
M 4 tt WW “ e BBC Durham 114 k Bus. Red. 19:81*1 5*, me 

fisfewJf ns - jsayvr v.- : wwlw %£ 

SSE n " < !? 3 |«' 1 Rtf ll/z/Vl dS RwfVn'k’Sf C^nada^S ?^ 79 

Hounyow. .OPC MIS Reg. ZBfZ/79 WPS . • e. u«l* n < line Bac Pad. 5 a'»S 0 51 «nr 


Wye College, Kent 


Embassy Hotel, W.2 
Sackville Hotel, Hove 


Leicester 


Whites Hotel, W.2 
Uxbrid'’ 0 . Middlesex 
Carlton Tower, SW1 


Newham Var. Rt Bds. Red. 1 G/ 2 JSJ st. Glasgow. 12. _ . 

£4.2500 Toothill /R. WJ. Durham Way. Darlington, 

North Norfolk 8K Bdl. Red. 2BW79 Aae - Durham. 12. 

North Wiltshire Bpc Bds. Red ZBI&79 4« BOARD MEETINGS— 

Oldham Mtg. Rt. 1982 £4.40BZS. . , Plnats; 

Radnor Var. Rt. Bds. Red. •16/2*3 Austin {F.J /Leyton) 

£4.2500 Kamontino Tin Dredging Berhad 

Rotherham 8nc Bds. Red. 2 B 1 2/79 4oC Second AIUan« Trust 
Scottish and Newcastle Breweries 2.05V1ZP •iBtarims: 

Solihull Boc Bds. Rea, 2B/ZI79 4nc Alliance- Trust 

South Hertfordshire Bpc Btto. Red. 28)2/79 DIVIOSND & INTEREST PAYMEN73— 
4 pc. Var. Rt. Bds. Red. 17/3 B2 £4J300 Anglo. American Secs. Cnra. IP 
Stlrlhtfl Bpc Bdi. Red. 2B/2.79 4nc Baker Jntnl. 11«s 
Cwan (John) 21.7S6P gjrr CA. G.1 0.75p _ _ 

T*st Valley Boc Bds. Red. 28/2/7B doc_ Burtoowood Brewery |Por*haw*J 3 404a. 
Thameadnwn Var. Rt Bds, Red. 1 W 2»®5 (smuI. dlv. n/a vr. ended 25/3178) 
£4.2500 O.Q5Zp 

Tower Hamlets 10 i»bc Bds. Rod. 18)2)81 Clydesdale Trans*aaT collieries Bets 
5 >mpc . . Coctueckie 2.9IJ86 d 

Tunbridge Wells Bnc Bds. Red. 28/2/79 8 k Oanae Imr. Trust Inc. 1.75p 

WEDNESDAY AUGtm sx Drayton Far Eastern Tr ust Q .3p 

COMPANV^KTING ^ 51 23 5^« Se L2iS£?o a tf7«F 1 oni2^ s 0,2p 

4r[,nHri„n SMtar. 01 L*«W 0.970 0.01 ZP 


Aug. 29 Sep. 1... Institute of Personnel Management: Practical Nego- \ „ . iKvUPiiwte TF,m«FWwood Manufacturers 

tia tion Skills Hemugford Grey, Cam bs. _s-i^c t iiiKPlSSia**- ■ 

Aug. 30 — 31 Financial Times: World Aerospace Royal Lancaster Hotel. WJ B ?g?38S“ES«oo ar ' Rt »«' **■ tl!.T , cwSli unon 

Aug. 31 — Sep. 1... Brit. Inst, of Management: Effective Speaking— castie Moroeth Sneeds. Red. laiilrra m 

Practice and Coaching using closed circuit TV Parker Street, W.C.2 chSTw^ecit Rw. p 2 B- 2 / 7 g 4 oe 

Sep. 3—7 Esomar: Value for Money in Market and Social chH?^ic^^ s ' ap’ a Bd? , 2 , R^ 

Research Bristol 'doc 

Sep. 3 — S British Veterinary Association: Annual Congress Lancaster ISSiwurSpBSlc 1 m> hmIo 

Sep. 4 — 5 Brunei Univ.: Ergonomics of Workplace Design Uxbridge, Middlesex fntwd new. rm! 20 , 2 / 79 ' apt 

Sep. 4 — 5 Local Authorities Management Services: Negotiat- E S/ 2 f 79 *«c Uu- * r,We Bbc ” *** 

.ing Skills Leicester cSif’rtiJfc ’S’? 

Sep. 4—7 Bntish Farmer and Stockbreeder; Outlook for the H££oidTimiiams i.“” p 

English Wine Growing Industry Wye College, Kent 25S!& £S 

Sep. 4 — S Institute of Personnel Management: Work of the irfSi oistmers i. 57 p 

Personnel Department Embassy Hotel, W.2 KilT a nu carrS* ‘ 1 3 aJf ' ’ 1 & 2/8 

Sep. 4— S BACIE: Techniques of Instruction, Part 1 Sackville Hotel, Hove i^Km *«■ rh< rph ?»„ b 

Sep. 5 Management Training Consultants: Current Trends H«aS aw bm. aiwFaS? 

in Management and Supervisory Training Leicester L *]““' r 0 ^ Rl - Bfls - R «a. ,W2,a 

Sep. 5 European Study Conferences: Safety Represents- Licfa'sHd Boc Bdc. Rw. 2 si 2 r 7 a ' 4 pc ■ 

lives and Safety Committees— Making It Work Kensington Palace Hotel W .8 2 . 

Sep. 5—6 Institute of Personnel Management: The Secretary ^ 01 

in Personnel Management Whites Hotel, W.2 *£? afif rS zasana to 

Sep. 6 Brunei University: Noise in Industry Uxbrid'’ 0 . Middlesex • 

Sep. 6—7 Henley Centre: Practical Training in Forecasting Carlton Tower, SW1 TB! 2 I 00 d ' R * ,f - 16 

Sep. 7— S BriL Inst .of Management: Management Accounting SSSSS wfiffip 8 !* %*£. 

for Nou-Flnancial Managers Parker Street, \V:C.2 oidham fib. Rt. 1992 £ 4 . 40375 . 

Sep. 7—8 Brunei University: What Is organisation develop- R £ 4 ! 250 o Var ' d *' Rwl * 16Wa 

ment? , Uxbridge, Middlesex • ga>)w *RL, 

Sep. 10—15 ...... Inst, of Personnel Management: Advanced Inter* soiihuii 00 c Bd». rm, 

viewing and Assessment Skills Oxford 

Sep. 10 — 15 Bradford University: Practical Skills of Managing Bradford surfing 80 c Bds. r'«j.' aa'I-w^ws 

People at Work TSuynSff&'wS! Rm tote 

Sep. 11 Brit Inst of Management: Unfair Dismissal Parker Street W.C.2 T j& n 2 soQ Wn Var ‘ Rt Red. 1 

Sep. 11—15 Abraxas: Synectics— Innovative Skills 68 Churchway, N.W.l T^H.mkB ioi» K Bds. Rod. is/z/a 

Sep. 11—15 Brunei University: Production Management and w«ia b dc Bri < 4 . 

Human Behaviour also - workplaK ^ * 

Negotiations Uxbndge, Middlesex company meetings — - 

Sep. 11—15 Inst of Cost and Management Accountants pF*"** 

Summer School: Achieving Productivity and Braham miiiv. smroy Hotel.' wti.. 12 - 

Reward Surrey Univ., Guildford SBR n 

Sep- 11—29 Brit Transport Staff College: Strategies In aMMwu-tanw. con n a«h t Room 

Passenger Transportr-Present and Future Farnhorough, Hants, PMeni. mob rwwim ctub, eiw«*i 

c ep . 12 CAM Foundation: Selling Solutions— not just i3S2Sta.fi' r,mh« h«m 

aep. 1 - White Space Daily Mirror, E.C.4 TTSf ^ 1 Cofp " Twwr HW 

Sen 12 — H * nst - Personnel Management: Manpower Planning Whites Hotel. W.2 s 3S5ow‘ i 2 185, Sl ‘ Vln “ nt strW 

c e n 13 Henley Centre: Background Forecasts for board meetings— 

Corporate Plans and Budgets to 1983 Carlton Tower. S.W.l asESEuwi aun« 

Cant 13 Context Training: Managers Course Cate Royal, W.l Chaijcnfi ,£>«»■ 

Sep. h InsL of Marketing: Trading m the ldSos London HU ton, W.l ¥*S* {W«iuc>k» 


DIVIDEND & INTEREST PAYMENTS — ApronauUal and Gmnl Instruments 
nn BPC Bps. Red. 2B|2f79 4 dc Palmerston Imr. Trust 


Ann Bpc Bds. Red. 2812(70 dpc 
I Barnet Spc fid*. Red. ZBU/73 *ef ■ 


Scottish ln». Trust 


12 lux Bds. Red. 1 B> 8 .’B 2 Gi^bcI 
I ’APT Bds. RBd. 19 8181 5 ? 1 MJC 


□urnnrn 114PC BBS. Red. 19. eian S’ltOC 
Grfaualand Exploration and Finance 24cts 
Kensi noton and Chelsea 9VPC Bds. Red. 


Irish Distillers l.57p ILffiSiS nJhiSimSEv K 

ISIeryn SMC Bds. ftetj. 20/2.80 ANN* ' |2f 1 5 1 e,,J 

Kvle and Carriefc I.O-aue Bds. Red. 1W2/83 s 5S t B 79 K VH^“ ,ire 9 ,K Bn ' R ”' 

limteth Sec Bds. Red. 2S-Z.79 dpc . s ™ h j ,iw * ? ***- Red ‘ 22:3,79 

R?‘ ,, B Z f .t 2,7 B 9 -/ BC i6/2/83 TransSSatal Coal Con. io.5at „ 
£ 4^500 ” ' RL ,W2,B3 Williams and Giro's Bank Fltg. Rt. Cap. 

Lichfield Bpc Bd*. R*d. 28/2/79 'Age . 1904 * 

Macclesfield 8 DC Bds. Red. 28/2 T9 Bpc FRIDAY, AUGUST ZS 

Mansfield 80 c Bds. Red. 281279 UK • . COMPANY MEETINGS — 

Memry eSta. 3.7283 d. t Addlnl.- tfr. ofa Knott MID, Queensway. Rochdale. Lancs.. 
yr. ended 3K3T8J 0.0565 b 12. 

MiddlesbbnMHih Bpc 6di Rm. 78.2/79 A pc Le/inoiu. Abbots Well Hotel, Chester. 12 . 
Mole Valley 9 MM 1 Bd*. Red. 20.2rtfl Seottisn and Uniwrsal Inv.. 7. West Geor 


urham Way. Dariinyton, 


Parker Street, YTJC& 


Uxbridge, Middlesex 


Parker Street W.C 2 
68 Churchway, N.W.l 


Uxbridge, Middlesex 


COMPANY MEETINGS—' 


*' XO ° B * ntS !?So»r 12UPC 1992 U Bi« 

so. Gillen Bra*. Wsegunt S.7D 


Sep. 11—29 


Surrey Univ., Guildford 


Sep. 12 


Farnhorough, Hants, 


Sep. 12—14 
Sep. 13 .... 


Daily Mirror, E.C.4 
Whites Hotel. W.2 


Braham Millar. Savoy Hotel'.' W£*. 12- n S,r i5s ' 

a &K *■ ga^ JB 

Brijenieht-Haryey. co«na«h t Rooms. ilS^z^Ssp"" 

^aSto^r" Heer * at ‘ fl " C,ub ' V *° rtK KSdTiwfBSSi rffierd 3.50 

lm«rnatl«ai* r.mber Cora.. Towor Hotel, g 1 ,,^ J , ^SSc5iSd P | nv. Trust 1J1 Bp 

4ss- i2 185 - st - strMt » BS^Sr" ^ ^ 

BOARD MEETINGS— .4 5660 

AccivfahHl PLiirlM Tnbun« lnw. Tni»t 0r55p 

^hSffang^cSra. SATURDAY. AUGUST 28 . 

SmKh Wallis . OlVIDENp 8 INTEREST PAYMENTS— 

Victor Product* (Welbendi *■«« U° hn JJ i-55p 




Financial . TIihes Motftoy 'August 2Sil WTg 


Notice of Redemption 


October 




rVEJT that, 

vretooer 2 , jaiji uovna jmtaznittlonB] 
Sant & Trait Compaoy, Tnutse. S 3 ,D 0 ( 
■will fac redeemed tbnraa!h. Ute-anontHa 


' ■o^^Bhry-M^W 
Pnnd on October!, ISTftat no&DC the principal eniotuit ttorwf (tto rsedwapWR pMMT). »- 
irether ■vrittrintcreBt «cracd to tda tla.to fixed Xor reflanip non- 

The coupon Deb entases toberedeemed bear too fcUmriotStMoberss 

"SaTaMS^sTSaBSs-S S 




8 MIT 

.9 3427 3UX 

09 H32 3923 3989 4911 

31 1433 2923 39B3 4931 74M' 4744 11267 - 

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34 1448 2943 4006 4943 7U9 Ks? 112E3 12721 13327 X4ff» 1»TO IBM 3^479 IffTW _iora ^ 

■40 MM Z9ST 4mO BOOS T«±9 8TB9 U3M 1 

■43 J47S 39H 4611 #035 74» 9791 313D5 1_.._ — 

43 1481 3939 40SO 3038 9446 . 9792 11314 1=738 WEB MM2 
88 1482 2970 4032 3038 7448 9808 1X320 X2£M 13360 14816 

90 1483 2974 4023 3047 73X1 B818 11327 127» 1 

300 1497 2B75 4038 5048 7839 0830 11328 12740 3 

J«l 1300 298T 4029 3055 7511 9854 11373 12730 J 

174 1301 2937 4034 SOU 7Stt MTU 11374, V 

H9 iSS 9557 »«3 v- 

181 1305 3008 4042 3070 7HS 9874 1 

1 g ISIS 3012 4001 3088 7BM‘ BUS 1 

238 1519 3013 4052 5099 759 ^ gggs 1 

=33 1530 3017 4030 Sit* * 

236 13^ 4063 5IIR „„ 


16315 natr r nfi9Z Sitw arara. 

as iw»i 31713 =3309 


17504 19UU0 21737 BMIS 
S 1WH =1739 33314 



£>7 1337 S02T 4064 Bm Tam Sow 11 458 12780 13817 14886 15579 1B3S& 17581 

M4 1538 4068 5U1 7^ ^ 3l«0 1^9 M^O 1M80 1^ 17WJ 

349 1547 3039 4078 5148 7774 IHttK 11489 12704 338811 14872 1S581 1G3» 37QM 

2 gj 154 a 3040 407 B 5148 7789- an™ 15437 ] 2 BtC 13881 14878 13389 XMDS 17»ij 

268 1381 3042 4077 3154 ‘ Syr 1 1401 12B03 13862 34B7T 1S333 IMIS 17017 

377 156S 3043 40TB SIM TStt BB?5 114« 1^1* ?«»3 HHS 


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3115 416* B3B6 BOBO 2LD09S 
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613 1B28 31 BS 4247 3614 

625 1839 3199 5632 

630 1840 3200 4281 SB* 



529 J750 312T 4174 5415 SIB! 101311 11*34 3=*>* 13KB 14834 J57J6 lgatil 

510 J755 3135 4178 5418 8114 10131 J184U 1290S 1M42 14833 157=1 l^W 1 

M7 3759 3138 4184 M5T OT13 JU135 ItMH 13« M845 14838 IS^S * • 

574 1763 3150 41513 5«8 81=7 50173 11SS5 1=919 13851 14SOT 15730 

580 1764 *138 4134 5469 W» 1022S 11B56 12MS 1SW6 >4840 lSTOa 

592 1784 3159 4205 5470 8157 TQ*** HBC* 1=«8 lMg J™* 

597 1783 3165 4214 5471 8185:10232 11865 1=939 13870 14881 3574S 

598 1793 3168 4215 5405 *177 16250 UWM 1=951 1 3876 

600 1794 3169 4223 5496 8178 30*71 11978 12956 13877 

605 1ROB 317= 4228 3808 

610 1809 3173 4=29 5510 _ 

614 1827 M*T 4p! 35li imra USS ISS 1W73 1^834 =0329 

J"— gagg. in-inf 11*33 12900 13940 14899 15706 166^3 17450 


631 3841 3203 4203 9543 8330 10399 UW 12OT9 13060 14010 1^770 10700 17978 OT47 
638 1870 320B 4=89 J 8 HJ 8321 10400 11*74 13000 139B6 149Z1 15781 1^990 ^49 32W» 


638 1870 3208 42B9 5850 8321 10400 11*74 13000 133H6 14911 15781 1B£*4 1-^*0 

639 3874 3210 4275 5737 

688 1875 3=11 4276 5778 

H ill? Hi 5H ^ M igf iwi? sigr 
SsIranSS^^TOlSISimStlisra IS J 88 USS? jgsj ass ^ is 1S8 

T=0 1931 3242 4320 5U0 8WT.104B4 1=017 130=7 14027 14'JTO I5al= 1S758 lHUU ^71 =2108 2*01* 

740 1943 3244 43=1 5858 8531 1IH95 120=3 1M02S 141)28 14967 158J2 16787 1M7= 2JHi5 -31B. W01B 

743 I960 3*45 4330 5867 8538 10513 12024 13031 141)35 14PG8 15825 18776 1«G1 ag«J -jllS -4tK| 

744 1975 3258 4331 5873 853T 10514 12028 130*1 14036 14979 15*00 1G777 18090 =0081 — U9 340=5 

745 1976 3=59 433B 5gBB S35H 15® - - - 

h II Hi? m B is? H8 S w sss ^ ^ m 

s? ss as a wi ss» is ^ | f | s m ^ 

799 2014 3291 4381 5934 8614 1D623 1205= 13056 14077 15007 15860 16819 lSlhS =0414 ai»g 241^ 

SW =024 3293 4382 5^ 8 U 8 106» 12US4 13057 34078 15008 158K8 l«Oq 181B6 =0416 =21 » 34181 

809 2038 3310 4364 0345 8877 10639 12l«l 1305B 14083 15014 1587= 16M1 J81W =04=2 “194 34134 

BID 2033 3318 4307 5949 88 TB 30841 12083 13086 14090 1501H 15878 1GKJ0 18199 204X1 ===C« 24133 

821 2043 3319 4374 5981 87D8 10846 120711 13W7 14096 15010 15806 16836 18200 204=7 22213 24145 

823 2044 3321 4378 B982 8 TO 1068S 13078 13075 14103 15(120 13893 16837 1R201 =0*:U Ml® 

833 2057 3329 4380 5989 8779 10869 12*82 13076 24107 150=6 15809 18843 IB 21 2 30437 =X»S =41*2 

834 3060 S333 4388 5970 8885 10883 12089 13080 14108 15027 1B904 1B237 314JH 2=238 24187 

840 2082 3333 4385 5981 8839 30684 lUOSW 1W»1 14U* 15D33 15909 JM60 1KOB 2«» SJ1« 

2B0 =068 3342 4388 598* SMO 10692 12100 13087 14123 15034 15910 16861 18239 =0450 gjljg 

S58 2069 3344 4383 3997 8871 10693 121U6 13094 14128 15038 15911 1M68 18JTO 3WM SjlTO 

883 2088 3350 4397 B99B 8889 10715 12110 131*5 14130 15039 15919 38876 X631S 2U434 =^3TO =4191 

STl 2090 3357 4398 BOOB 88 SQ 1071S 12H5 13104 1*131 15W0 3JW33 1WK! IBM SOWS 

872 2091 3366 4400 6021 8919- 10728 12117 13105 3413S 15045 15028 1M83 18339 »K7B 2JM 

£94 2094 3369 440* 6038 8933 10733 12118 13110 14154 19055 159*2 16896 18340 2048* 23SM 24223 

898 2104 3371 4404 8039 8024 10747 12119 13111 24135 1 

901 3106 3372 4405 8080 -8949 10748 121=4 13117 14142 1 

906 2107 3380 4410 6110 8950 1076= 1213R 13118 14148 1 

91B =124 3881 4411 6123 8963 10783 12153 13124 14155 1__-- ----- 

919 =125 3388 4415 6136 8975 10795 12153 13126 14160 1507* 15947 1®3» 18449 SBS15 MM* 

933 2139 3390 4417 6137 8961 10809 12159 131=7 14182 13075 13835 1694S 18464 MM ^437 *423* 

934 3149 339* 4418 61SB 8896 10818 1=167 13133 14163 15080 15338 1GB52 18515 203=4 ^4M SgU 

947 =158 3393 44*1 6184 9000 10819 12W8 13135 141 85 15088 15963 1BBS8 185M attM MM9J =«» 

949 2162 3399 4422 0188 90*1 10841 12175 13136 14171 16067 15971 169t» 18M2 a«31 J3438 SCJ* 

950 2183 StOO -(433 6187 9022 10849 12160 13141 14172 1509* 13974 18977 XSfiJB =0538 =3475 MM2S 

986 *180 3410 4435 6206 BOSS 10850 12185 UI47 14L7B 15101) 15&86 1698S IBfHS =U44 2*470 34X88 

96* 2181 3412 4438 kSK 9037 109)5 12188 13148 14185 13104 15994 18991 18875 =0507 Z249S 

970 2188 3413 4440 6215 9038 10925 12189 131H7 14189 15109 1W9B 1«(94 18700 =«fl2 2250J 

973 2184 *418 4441 8230 905* 10929 12190 13161 14198 15117 13999 18985 18701 =0569 =2813 

976 2185 3419 4452 «a*L 9055 10023 12204 13163 14197 15130 16003 17013 MTOZ 3»7§ MUEL 


V'lr— gfr ■ 


978 32*5 3420 4455 6*48 9084 10937 12205 13173 14203 15125 

979 3238 3425 4458 6315 9071 10933 1221= 13174 14*08 15127 1 


117014 18774 =0585 22523 34328 
1 17023 1878 B 205M 22534 24333 


988 3258 3438 4481 6399 9072 30959 12=13 13185 14208 18128 18014 17025 18841 20602 32K» =434l 
389 *259 3434 4462 8440 9084 10984 12=2 13187 14214 25132 18016 37026 18874 30807 3*386 =4342 


995 2372 3435 4480 6488 9091 10966 mil 1X201 14219 15135 38018 37034 18807 =0813 =3574 34343 
996. 2291 3440 4482 6487 9096 10967 1=30 13=66 Z4227 15136 18019 17041 18908 =0621 =2380 34344, 


1001 339Q 3441 4485 8528 9104 10088 13= 13209 14*32 15142 1802= 1704* 18X17 SflffltS =3591 =43811 

1008 *368 3445 -4488 8538 9110 20380 12385 13219 14B37 15149 2 0029 27043 18325 20838 3239B 24332 

3009 3370 3446 4491 6563 9134 10097 12=73 13220 14=38 131 55 28030 17055 18938 30838 2=804 = 489* 

mil MTI •«MI3 440? an* lncfln I3?ca araai -tabas Him inrra 27058 1R938 =0888 =61* 24399 

■ 23166 10»m 170SB 18940 20654 =20X4; =4400 


aou *871 *663 4496 MO 6118 2 
1015 '*378-' 3313 4497 6391 HUT T.1 


1=37 0 1 32*1 
12284 13237 


1016. 2379 3516 4498 flET-4 913= 11005 12=85 18=38 14X80 15168 1B03S 17067 18949 =0657 22615 =4407 


1031 2*98 3935 4900 8773 914ft . 11006 1=92 132*9 
1037 2396 3528 4504 6794 9148 11007 . 1=308 13250 


175 18049 17073 1B95S =0868 226=9 =4411 


178 16036 ITOaa 18968 20674 =2833 


1044 *405 *537 4305 6808 9162 11013 ‘12310 13=51 14=74 1518= 16057 17088 1897+ =0688 =2641 2443= 
1080 24=4 3548 4311 6822 flltffl 11014 133*7 13263 34283 15185 WOfll 17091 18985 SnOBC 2=838 24438 


1082 3431 3553 .4513 6848 9170 11023 13355 13267 14288 15190 16062 17094 18093 =0710 22667 24439 

1083 2448 3554 4514 8660 9191 11024 12*68 13=73 14289 15300 16068 17100 1B995 207=9 =688 34464 


1092 3469 3560 4517 6861 0193 11030 12368 13274 14297 19221-16067 17106 18909 20735 =2079 =4465 
1095 £471 3561 4518 6882 9194 11038 12378, 132B5 14308 15=27 16068 17113 19030 =0768 =3899 S4477 
1067 2485 3509 4525 6889 9207 11039 13378" 13288 14310 15230 .10)74 171=2 19031 =0793 23TB* 244TB 

1110 2495 *570 4628 6891 9209 11067 12383 13293 14314 15238 16078 17123 19042 20871 22790 

1112 2498 3511 4531 8903 9213 11068 1=438. 13294 14315 15340 18083 171=9 19050 30911 =3791 

1115 2497 3577 4532 6936 9214 11077 1*439 13303 14318 15=49 16090 1713R 19062 30M27 =1672 34510 


11=0 *541 3579 4541 8937 H= 110T8 1*450 13308 14324 15283 16091 17143 19068 20X43 =882 =4539 
1128 2550 3583 4948 6964 0=3 11079. 1*469 13316 14330 15265 16096 17148 19073 30998 =883- 34963 


11=8 2585 3586 4547 6991 9338 HOW 1*460 18317 14335 15388 16097 17168 19084 £1003 2M9S =4071 
1132 £30B 3587 4676 6992 9=38 11090 12483 133*5 14337 15267 16105 17171 19065 21011 2=908 24579 


•1137 2580 3S89 4679 6S96 9239 11091 1 


13328 14338 1526S 16108 17177 19112 31015 £2910 =4580 


3142 2581 3595 4634 7002 9260 1UM 32501 1 3327 34.139 35133 36109 37190 19117 21017 2292Z £4582. 
1147 2582 *396 4685 7018 9=62 11107 1*502 13339 14346 18291 16110 17199 19123 =1033 SX929 *4617 
1130 2608 36JJ3 4893 7019 9278 lit 08 12509 13340 14364 15292 18131. 17=08 391=4 2103* 2*905 *4843 


118* *817 3604 4894 7099 9288 11118 32516 13360 14365 15308 161*2 17=13 19125 21038 2*945 24722. 
1190 2631 3612 4698 7100 8283 11121 13521 1335* 14430 15309 16129 17239 19141 21039 2*933 £4739 
1184 383* *814 4703 7122 9325 1U2* 1*632 23854 14438 15315 28130 172=7 19157 21041 22982 a«7TC 


1*1* *840 S8S3 4708 7125 8339 1212T 12329 13361 14441 33332 18138 1723* 19165 21061 2297* 34780 


1*18 3641 3631 4714 7126 9465 11X31 1*380 13362 1444* 1532* 16139 172*8 39174 2108* 2207* 

1217 *875 3830 4715 7144 9488 1113* 1*538 38368 14448 15838 16140 17337 10175 31064 *2973 34618 


1217 SB7S 3639 4715 7144 9488 1113* 1*538 13306 14448 

1223 2679 8640 472* 7145 9469 11133 12841 13370 14448 

1231 2680 3841 4723 7151 9528 11185 1&47 13371 14447 

1236 Z73S 3637 4730 7161 95*9 111*8 12MB 13380 14457 

1237 2738 3659 4732 7163 BS73 11137 22533-1338= 14460 

1246 2729 3681 4733 7165 9386 11144 

1260 7731 368* 4742 7178 9587 ill*! . 


3SSS J335 ““S 1 23 7 i«ws aiou* *2973 a*aini 

Jg TO 14446 15329 16149 17238 19187 21065 2299* 24824 

3SS W£Z 18183 ra? 8 moob 21073 sxorr mbssi 

13380 14457 1533G 16158 17*57 192 HI *1078 THOM 24639 

1336= 14460 15338 16139 2TO8 1034 21088 23021 2485? 

|MMM|*MMMM26165 17284 Z9236 =1084 S3QES £4838 
[18160 17*70 19380 =1065 =3031 24B8H 


ism ssa 


1261 2754 3718 4744 7188 MBS 11149 12557 1*402 14473 15356 16170 17371 18261 =1088 230S2 34909 

1288 *35 3Z& S 09 8595 1U5* l*5ft9 13403 14478 15360 1617s 17*78 19277 2 UM jams 

1273 *770 8733 4707 7210 9603 11153 -12580 13413 14488 15362 16178 17379 13308 him 23040 34932 
3274 2788 3748 4758 7=27 9610 11160 12581 13414 14490 15383 1619= 17311 (nu flUB 23061 £4945 

127B =787 8749 4761 7243 9618 1UB1 12532 13413 14495 16367 18133 1731* 1B332 *1119 23067 24 OW 


1277 2801 3825 4735 7246 9619 11167 12583 .13432 14496 13388 16*00 37=2* 19392 7112Q 23078 34937 

HZ5 H33THK& Hi?? H592 15377 18203 17 *» wSs xiiot kwbo §«mx 


1327 *847 3934 4813 7*93 9655 11184 12830 23437 145=7 15387 162X4 17364 19467 3119* *2221 

1333 2848 3945 4im 7294 9663 1U09 1*631 13458 14528 15411 16*28 17372 19481 aiaol 

1340 *853 3340 48M 7311 9664 11*11 1*637 13461 14535 13413 16227 17381 19507 ^1211 

1345 2858 ^40 4849 731= 9680 1121B 12643 1346* 14536 15415 im=4 17399 IBM 21=18 

1348 2859 ®53 4630 7£2 9681 11=33 1*638 18476 14547 J5417 1624* 17412 19MB 21=24 

3371 2880 3936 4863 7324 9700 11225 12856 13478 14560 15418 16=43 17418 19347 =1233 23MT 

338* 2881 3960 4673 733= 0701 11=30 136M 13480 14581 15428 16=50 1742S 19613 -1317 

BM 2677 3BB5 48BI 73M 9715 11244 1*663 13*81 14573 JS«4 16231 17430 1061* 213=1 5^8 

1307 2883 397£ 4887 7391 9717 11*49 1=670 13500 1457B 15435 16239 17436 19661 "1332 25250 


On October 1, 197^ the date fixed tor redemption, there will beromo dne and. oavable fba 
JJebenmrw to be redeumwl the printJpal amount thereof tocether wiST totciEst 
the datefired tor redemption. Payment of the redemption price an thel)ebwSrre^^&rS 2 
deemed win he made race after October X 10TB at the principal Offlco ofUnmSS j 
■Bsmh dr Trust Canrpany, 10 TLanovor Saaare in the Boranjch of Mnnhattan. the 
K.S. ZM05, or at the xsaln offlees oCinmterdam-ltottodam ,5?"* I2&Z 


K.X. 19605. or at the main offices o£ AB5 ter d am -Rotter ,1 am Bant 
General e de jBanqne S-d. in Brussels, Deutsche Bank Attlenj^seUachaffc in 
Gene rale dn Dpembonrir S-d. la Luxembourg. CmJtto 

hour favorlser le Develop pement du Commerce efc de i1ndm«cH» L *S?_«? 0 S1555_?S 1 IS5^S ' 

Overseas 




VJ rn reu^aneurnpeuier Tvitn coupon a appertalnlas thereto maturtaie 

datellxed for redemption. The coup on b matoxlrijr od Octolieri. 107S Bfaonld 
nieat ±n_ the usual maimer. On and after October! 1878 tanS 


Will cease to accrue. 

As of July KU 1071 
HtHl not redeemed: 


\ 1*TB lutereat oatheDobentuxes to be redeemed 
5 numbers previously drawn for redemption were 


$1,000 Coupon Debentures Bearing Hie Prefix Letter M 

SOB 2X51 4330 4090 5329 7193 9040 11606 11815 17173 29949 4nme ™u» -,n nr er - ■ - 

jjg ra* jsi im tss s as? ag? i?ii Hi ^ m sffi ?g| 

BBaa«B»uaEiiBBIB 


Dated: August 21, 1978 


International Standard Electric Corporation 

By: European American Bank & Trust Company 

as Trustee 


P 




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• J i i'J 

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■ — — — mmm - 

European -American "1 

iiinnmPA .. .1 


| COMMODITIES CONFERENCE 

B October ? and q 1Q7Q I I__ 5 


. Every Saturday the 
* Financial Times 
publishes a table 
giving details of 
BUILDING SOCIETY 
RATES 

on offer to the public. 


I * October 2 and 3, 1978, London Hilton 
I , .-An essential conference for all who use. reaulate a rf«w 
S and are af,B ? led tv commodity markets worid Sidlfood 
I processors, farmers, brokers, bankers and traders d 
S . This Is a unique opportunity to hear expens, advise on 
I current trends, forecast significant developments anrl ^n^L 
| cnlical analyse c!lh e U.S. ana EurooeaTSltrihe ■ 

S conference is structured by New York Umver^itv JZ * «« r-c- 
Board. of Trade to encourage maximum partiiteation framed ° 
discussion between delegates and speakers P ^ rom and 
| Course lee: SUS 310 (including V.A.T.) 

I addStolo^f 8 “ mPlete th ' S “ UP °' n and ra,urn 10 "™ 

1 - N ' atna 

I Position - ” ' . i * i ‘ 

Company - * — — 1 ~ 

■ Address T — — 


n 

k\\ ** 


For further details 
please ring 

01-24S 8000, Extn. 266 


I - • Telepho ne — “ — I 

S 'jjL" ■ Now York Umvertity " “ fw I 

f School of Continuing Education I 

a LU ' Division of Career arid Professional Dew^looment ■ 

^ ^ 34 Stanford Road, London wbTp z 


kr rw 











4 








Financial Times Monday August 21 197a 


Building and M Engineering 


Henry Boot wins 
£7.7m contracts 


V ariety of jobs for 
John Laing 




TWO CONTRACTS worth over 
£7.7m have been awarded to 
Henry’ Boot Construction. The 
biggest is worth over £6m and 
has been awarded by the Pro- 
perty Services Agency for the 
construction of additional auto- 
motive testing laboratories at 
the Military Vehicle Engineering 
Establishment id Surrey. 

The new laboratories will in- 
clude a 2,330 sq metre vehicle 
testing chamber, a 1.556 sq 
metre climatic and altitude test- 
ing chamber and a 1.130 sq metre 
general plant building. These 
buildings are to be steel-framed 
with ribbed finish in situ con- 


crete walls to about 5 metres 

and steel cladding above. 

The other contract, worth 
£1.7m is for the construction of 
a multi-storey office block in 
Malinslee,' Telford, for the 
Development Corporation. 

The block will be Y-shaped on 
plan and one temstorey wing is 
to be brick . clad and the two 
remaining wings, of seven and 
five storeys, will be curtain 
walled. 

Short bored piled foundations 
will carry a slipforraed 
reinforced concrete central core 
and the structural frame will be 
constructed using the British 
Lift Slab system. - 


Samferon expands in UK 


WHEN french materials hand- 
ling equipment manufacturer 
Sambron first decided in 1971 to 
establish itself in the UK market- 
place. it could not have foreseen 
the rate at which its new “ baby " 
would grow. 

Because the Erijish subsidiary, 
which originally started .in the 
front room of a private house, 
looks set within the next two 
years to secure more domestic 
sales than it; French master 
across the Channel. 

Turnover In its first vear was 
around £220,000 but with a 100 
per cent annual growth rate 
being regularly achieved in the 
early stages — it is now down to 
a more modest 40 per cent— ■ 
months will be between £7m and 
£Sm. 

The UK company, still being 
run by Mr. Keith Hancox, the 
man who started it off, initiallv 
concentrated on the sale of 
rough terrain materials handlers 
to building contractors and. more 
recently, to farmers. 

When Sambrnn started in 
Britain, the market for rough 
terrain equipment was wide open 
□nd the company backed its sales 
efforts with a comprehensive 
campaign to persuade customers 
»o treat seriously the concept of 
efficient materials handling. 

Now, Sambron says,’ most 
customers arc much more 
Fophisucatcd in their approach 
lo the subject, but the market 


for its product has at the same 
time become very .competitive, 
with big international names like 
Deere Case and Massey Ferguson 
all vying for a share of the annual 
£20m sales. 

Sarobron imports from France 
and adds British. bits and pieces, 
such as engines and gearboxes, 
as it tailors equipment to suit 
UK requirements. I» regards 
itself as a pioneer in the rough 
terrain machinery field and 
believes it will be even further 
ahead of the field with the intro- 
duction of a new, multi-purpose 
handling machine' which allows 
the driver to change a range of 
attachments from the cab. 

Another gap is due to be filled 
in November when Sambron 
begins to sell a French-produced 
dumper, with a Perkins engine, 
to Britain. Sambron, France, is 
the largest dumper manufacturer 
in Europe and .while the UK 
market is tough and very price- 
conscious, hopes Cor good sales 
are high. 

In the meantime^ the UK com- 
pany is busy looking for its own 
exports. It has appointed a distri- 
butor in Australia and is now- 
establishing a dealership network 
in Scandinavia. How long before 
Sambron of High: Wycombe has 
the lion’s share jot ' the Pnni- 
chatcau-bascd group’s total £25m 
turnover is a matter for conjec- 
ture. 

MICHAEL CASSELL 


■ ■ ■< 


Designed 
for light 
industries 

U u nder «iL£ ntract worth more chan °el !■*« outside Binning- constricted ft Swanscombe 
than £8*0.000 to upgrade four ham as part of the River Tame gJt ^ MaJcrele f“ the 
blocks at the front of -the purification scheme. nJL.S "jSSUf, FunS 


A SCHEME to create a new by Laing's Engineering Division 
mental, y bandl- under a £l.Sm contract, 
capped for south-east London at The contract has been awarded 


Property Fund 
Mutual Insurance 


Ihe former gravel Th oceuov about t0 R - Costain and Sons. Archi- 

Marston. Sutton J! S * . lefts arc- the (lining Dod 

w concrete inlet Partnership. Work is expected 


hospital. Laing is excavating the first r Reliance 

The coni i act has been awarded ,ake . which will cover 62 acres Society i 
to Laing bv the South East 0D 1110 site fo r t* 1 *? former gravel 
Thames Regional Health pits Lea 

Authority which plans to rnoder- Coldfield. A new mm dirwr frnm-,o« t n H«»h ramii-iMni>. wore is expected 

nise the former chest hospital channel, outlet weirs and two combeHiah ihf 10 slarl Jl Ihe eQd L,{ A,, ? u « :,nd 

and extend it by building on an road bridges will also be con- London The ^ctories ready for occupd- 

adjacent rite over the next five Strutted. Value of the C,,Q ' 

years. The lakes will allow the solids 1X111:1 3 £33 0-000. 

Architects for the scheme are carried in the river to settle, 

Macintosh Haines and Kennedy. whUe the cleaned water passes 
In Leicester Lain* b« wr,n » downstream. Work on the first TT_.^__ 

£500,000 contract for* the con- 1S expected t0 lake two Jtx0111CS 

M^Acridertnia 2d Life Consulting engineers for the Q L 

c —r r „ PB 2Ss? 3s ftf "iss a oo\ e 

The new offices at Granville Engineering Division is at Gold- 


uon by next March. 


£3m office 


WORK IS expected in star? ihis 
year on a £ 3 m nflii-i.- Mock fur 
Sperry Gyroscupe ji Bracknell. 
Berkshire. 

The block w ill nro* iiii- iKmHhi 


The Dando 650 lorry-mounted blast hole drilling rig in 
its operating position. 

Big mobile drilling rig 
ready for action 


New range of partitioning 

premises 


concrete in 


w 


ONE OF the largest mobile 
blast hole drilling rigs manu- 
factured in the UK. the Dando 
650, has just been delivered to 
the British Steel Corporation at 
Corby. Xorthants. by Duke and 
Ockenden of Ljttiebampton. Sus- 
sex. a member of the Mowlem 
Group. 

The equipment is part of a 
£300.000 order from BSC's Tubes 


vr; "■ 7 TrT^- -fC T- : 

^131 : 


■ '•V*' ■>, \ 

: ' p ' v„ Y 


Miller to 
build 

warehouse 

MILLER CONSTRUCTION is to 
build a £l.4m warehouse at 
Bailey Hall Road. Halifax, for 
Rownirec Mackintosh. It is 
scheduled for completion by 
June 1979. 

The v/a rehouse will be of two 
storeys linked at both levels to 
an existing building and the 
contract includes all associated 
drainage. 

Architects are Chas. L. Horse- 
fall, Son and Partners. 


Division, for drilling equipment 
for use at the Corporation's 
open-cast iron ore mine at 
Corby. 

A second Dando 650. nearing 
completion, will be taken to 
Corby in the autumn. The other 
equipment comprises eight 
smaller track-mounted Dando 
220 drilling units, which have 
been delivered already. 

The Dando 650 is designed 
for mounting on a British Ley- 
land Scammell Supercons tractor 
lorry with a 300 hp Rolls-Royce 
diesel engine. 


’ j u, “ lcs *“ wraur.iH: Engineering Division is at Gold- vfl n 

n ^ K . replace *" existing ings Roadi LingSt Northampton, T||P ChflflC 
25“ n *? rl »y and will be a four- where lt js IO start work soon 
^ Dlock of open plsn design ^ onvered 5m psllon rpep p. 
givirig u total floor area of about vo i r un der a corftract worth c . OMp LET10N OF a new shop 

2,440 sq yds. The building will a bnut £718000 awarded by the pUip scheme and housing square feet of office .*i<.ue -uni 

be in the New Walk conservation C]L S Authority the development in the Hearhwa y will be designed m con >cnc 

area of the city. Alikin Nwtiiamoto? at Slone area Dagenham, Essex, is energy; it will be mlly air- 

Architects and structural Ci^e Boad RSifnS Ipinney! in 19S0. cuodti.oned and have double 

this scheme are Laing has started work on a Scot* Brown rigg . and Turner and pitnoJl h 

Hadfield Cawkwell Davidson and single-storey factory of about havc t,een commissioned by the 1 lJ ™ r - ■ 

Partners. 36,700 sq ft for Trico-Folbenh Norwich Union Insurance Group 

As part of a clean-up scheme under a contract worth about ^ Dd , . tJie f ondOD Borough of 

for the River Tame in the West £416,000 awarded by the Barking as architects for the 

Midlands excavation of a settle- Northampton Development Cor- PTOjec-i which will include a 

meat lake is to be started soon poration. covered shopping mall. Above 

the development will he 
maisonettes and flats. 

Refurhishment of a 7-storey 
building in Great Winchester 
Street. London, EC2. has just 
been completed. This cost 

^ £600.000 and was also The result a NEW Cement and Concrete 

AN ORIGINAL form of de- for special or permanent fixings. JJ' r,rk b * Scolu Brovvn ' Association Aitvfeory Xnlf, 

mpuntable steel partitioning for Silver and strong primary red neB aDtl lurn * r - ■'Cuncrclins in Hut Weather." by 

industrial premises will be and blue colour schemes are D E. Shirley, has been pub- 

launched in September by Itoneo offered. lished. This is a retis-nm of the 

Vickers Partitions. It has a series The doors designed for this — 4 . booklet formerly called "lint 

of interchangeable panels which system give a clear opening 1*1 2i“|r|f“|AC Weather Concreting." and incor- 

slot together and allow optimum height of 2300mm, over 12 per wvt vtiVkj porales the finding.- nf iiuto 

flexibility in the design of lay- cent higher than those usually • jf recent research and experience, 

onts. regardless of size or area, installed. This greatly eases the 111 fiOOTlP Although written primarily from 

ihape or function. The system passage of goods in bulk and jwwi-iv the pc ,jn t 0 f v i ?w 0 f uperatinns 

also injects bold colour as an also provides improved access for THE ENGLISH Industrial in the UK the note describes 
alternative to the greys which fork lift trucks. Estates Corporation has general principles applicable 

traditionally have dominated the “Artisan" is available ready- announced that work js soon wherever concrete has fo be 
shnopitoor environment. assembled in standard units to start, on two advance factories placed in conditions which ren- 

Three types of panel are sheet offering many permutations of for the Department of Industry der it likely iu lose moisture 
steel, mesh and glass, each made steel, glass and mesh panels, plus in Brasenose Road. Bootle, prematurely. 

:‘to a nominal standard 1200mm x a variety of door types, inquiry Merseyside. Each factory offers Copies at 65p are available 
900mm. Panels, trimmed with batches and alternatives. Costs about 14.000 sq ft and is capahle from Publications Sales Ltnit. 

rigid extruded pve, clip into a average around £10 per square of division into four individual Cement and Concrete Associa- 
ted steel frame. The units metre. units. tion. wexbam Springs. Slough, 

then interlock into a series of Roneo Vickers. Acomfield A contract for the work worth SL3 6PL. The reference num- 
combmations without the need Road. Kirkby, Liverpool L33 7UX. about £536.000 has been awarded ber 45.013 should be quoted. 


n 

; ,'\2f . 

• 

Offices and 

-• K : 

*•* 

’•a 4 • 

•<*.; > 

factories 

V L 
s *. 

■ j- 
t. r. 

V ’ 

• 7..- 

TWO OFFICE blocks and five 
advance factories arc involved 
in i*vw contracts fur Jarvis worth 
£l.iim. 


Model of a £5m development 
in Qatar to be known as the 
Aliuana Tower. Located on 
me road la'Sv.wn Doba and the 
airport, the building will in- 
clude 12 storeys of offices, a 
penthouse ami three levels of 
car parking space. White. 
Young and Partners, are the 
consulting engineers and pro- 


ject managers. Architects are 
Arabian Design Associates of 
Qatar, together with Hughes 
and Polktnghomo of Brny St. 
Edmonds, Suffolk. The stain 
contract is being carried ont 
by Mldmac Contracting Com- 
pany. About 600 tons of steel- 
work Is being supplied ' by 
W. JI. Smith and Co. of.Whit- 
churrh. Salop. 


New Siomes 
aod factory 
extension 

FOUR contracts worth a total Df 
more than £2m have been won by 
KPA Finnegan. 

The largest is worth over £1.1 jq 
and. awarded by Barnsley Met- 
ropolitan District Council, is for 
(he construct ion of SS dwellings 
at the local authority's New 
England Redevelopment at 
Worsb rough Bridge. Another 
contract is Tor the building of- 
20 houses and 26 bungalows for. 
Sheffield City Council at 
Gloucester Street This is worth 
£562,380. 

Two other awards are for a 
£221,000 extension to the Gerhard 
Moeller factory at Claylands 
Hals at Wcstbourne Road, Shef- 
field. for Sheffield University' 
worth nearly £186,000. 


for the 65-week contract, are 
Associated Design Consultants 
with E. C. Harris and Partners as 
quantity surveyors. Work is 
scheduled for completion early 
next year. 

Another contract is " worth 
£243,817 and has been awarded 
by Newcastle-upon-Tyne _ City 
Council for the construction of 
a sports and social centre to 
Denton Road. .Architect*, are 
Faulkner-Brown Heady Watkin- 
son Stonor. while the consulting 
engineers are Cundall, Johnston 
and Partners. Quantity surveyor 
is Gleeds. 


At ChcluibTord. Essex, the 
facade of the Chelmsford Insti- 
tute will be retained to face a 
new thruc-ricruj and basemeoi 
office building which will be con- 
si rucied. together with a 
separate new Ihree-slorey office 
Mock at the rear of the site, for 
Samuel Properties. The designs 
arc by Lindy Austin and 
Partners. 

On the Pallion (West) Indus- 
trial Estate. Sunderland. Tyne 
and Wear. Jams is building 
terrace of three advance fac- 
tories and a single factory. In 
Manchester the company is con- 
s tract m2 an advance factory on 
the Department of Industry's 
site in Denton. Greater Man 
cbcster. These contracts are 
from the English Industrial 
Estates Corporation. 


IN BRIEF 

9 Lesser Building Systems (Ex- 
port) has won a £]m contract 
from Costain International to 
supply 6.500 square metres of 
accommodation for management 
personnel working on a project 
in lrvn. The accommodation in- 
cludes 17 three bedroom bunga- 
lows. 29 fwo bedroom bungalows 
and five senior and junior staff 
blocks. 


£2m worth 
for Norwest 


JUST OVER £2 worth of con- 
tracis have been added At). the 
order hook of Nbrwest Holst 
Northern. 

Under the largest award, worth 
£L7Gm. the company is to build 
20 advance Factories at King 
Edward Street. Liverpool. Archi- 
tects and consulting engineers 


Private and 
public work 

WORK IN the private and pub- 
lic industrial sector, valued at 
■tTJSth, has gone to Burnett and 
Hallamshire. Sheffield. 

The erection and completion 
of a factory building at the 
Cricket Inn Road development 
Tor the City of Sheffield Is worth 
£456,000. For Hallamshire In- 
dustrial Estates, the company 
will construct three factory 
units at a cost of £323,000. A 
research building. costing 
£297.000. will be built for the 
DOE (Property Services 
Agency). 

Also for the DOE, is a single 
storev office extension. . at 
£103,000, at Crown Buildings, 
Alfretnn. Final contract is for 
the completion of a steel-framed 
factory, together with a new 
office block, valued at £105.000, 
for Street Crane Company at 
Chapel-en-le-Frilh. 


• Carrier-Ross Engineering has 
been engaged by Wiggins Tea pc 
Pulp and Paper Mill. Fort Wil- 
liam, Scotland, to improve the 
environment in ihe pulp mill's 

electrical switch rooms and 
control rooms. The IS3.50O con- 
tract will be carried out during 
ihv annual plant shut-down at 
the end of September. 

• D. T. Bullock and Co. has won 
a £330.000 contract for improve- 
ment of 48 homes on the East- 
bourne Estate. Slock! on on Tecs 
for the Stockton Borough Coun- 
cil. 


• New safety facilities will be 
introduced at the Stamford 
Bridge football ground nnder a 
£237.000 contract awarded by 
Chelsea Football Club to Bo vis 
Construction. It represents the 
first phase of a programme 
which will cost about £600,000 
to complete. 

• Haden Youns has won a £3m 
mechanical and electrical ser- 
vices contract for Baring Broth- 
ers new Bishopsgate, London, 
offices. 


• J. Cartwright Construction 
has begun work on a production 
and office complex for Gesipa 
Fasteners at Dalton Lane 
Keighley. Value of the contract 
Is £290,000. 


DrJohnsonwas nibbling at the Cheshire Cheese 
whenTrollope and Oris first tasted success. 


City Builders 
for '200 years 






Financial .Times Monday Aiigost >21 197 S.. 


EDITED BY ARTHUR BEKNETT AND TED SCHOETEBS 


©PROCESSING 


» RESEARCH 


Cuts the cost of 
potable water 


Sun power ceOs to 
double efficiency 


• DATA PROCESSRKr 

Facing problems of success 



ARE IN CONTROL 


Bestobeff-^ international Group 


AiW IDEA, that OX and other people get bitten with the tries. It is. as the designers say, 

European engineers are slow to comparing bug, lust as there “ reasonably compatible with 
take up significant: advances recently was a breed of users of .the ubiquitous SDSO. The kit 
affecting their profession, calculators that the trade called also includes a full computing 
LOW-GQST methods of iraprov* production. " wherever these may originate, “ alcoholics." tenninar keyboard. 4K" of memory 

ing the efficiency of silicon cells With the. new method; cells can must be finally dispelled by the Nascom management is resist- which is expandable, peripheral 

which convert solar energy into be spun or dipped in the coating response to the offers, of a do-ir- in* the idea of a smart package interfaces and an appropriate 

electricity have been developed solution. Success, of the process yourself nrtenjeomputer made by for its devices, simply because Operating system, users- wouttr 

at WesEin "house Electric Corp* stems from the way coatinq solu- Nascom last January. of this involvement factor. It add a power supply and. plus into 

oration's Research and Develop- lions are prepared. After applies- tn ^ has observed that people who. a domestic TV as a monitor, 

meat Centre. tion, the coating Is baked for r aein _ some of rh* emblems of bought the kit will hardly rest The company will he ready. 

The Dew process applies an several minutes; leaving- a glass- snccessTEdnceit expected to It is up and working this when- the OEM price comes (town 
a mi reflective (AS) coating to like aside film- on. the surface. iSuudgOQ ^ ^ So is as true fartfis inane computing far enough, to offer the ifrbit 
silicon solar photovoltaic cells, An AR coating must be highly in ^ year— box sold that as for the many equivalent microprocessor with 

IMPROVED WATER quality and ‘5.5 per cent solids compared Uncoated silicon cells reflect transparent to alfcw passage of ^ ^ months of engtaewa who are Uidug the the aecesBary add-on^ to allow 

output at lower capital cost is with a tvpn al clariflcation tank about 40 per cent of the sun s the sun s light ener gy and stable ita operations: After all, at £288,. the the Skilled soldering' iron. user njetaUurmbcai pro- 

possible as a result of the joint sludge of 0.1 per cent energy, which limits the in an outdoor eimnnunent. n \~. . e . „„„ M ^ fat is Less expensive than many to set up his own competitor to 

efforts of GKM Birwelco and the 4t Leicester's Waalip Water efficiency of conversion to In addition, the ^active of the top of tl« range mOoUators maoy^mujis, at a cost almost an ^ 

Water Research Cenlre. Reclamation Works, the GKN electricity. An. AR coating index and thickness of the -AR onoffer two short yeap agoand onto-ofiiuignUudc less than .any obtained a o^rt^^r 

This derives from a project pilot plant was modified, to test reduces reflection and can coating must meetcemfr condi- Mout bag the price of a colour TV. .of these machines. This wiJ be f ^ atetai 

which looked into newly S t " capabiliti.’S fo- surnlus improve the efficiency of aa on. lions to be anti-reffectSwr in the of tntaL tfascom 1, ir wifl he remem- !*odta.year from nmv. smelter treat me womna * cun 

developed plant using the activated sludge thickening coated cell by 4S per cent The desired wavelength range. Mini* Significant m this development bered, is builr around- the 7S - SO . Nasco Sales Company, 32, 

dissolved air flotation method of Trials *ave kludge, dry solids advances at Westlnghouse shonld mom reflection from a silicon —some 10,000 units have been computer chip which is now Broad Street, Cheshara, Backs. 

■water treatment. Dissolved air contents' of 2.5-±5 per cent With lead to a 10- to 20-fold reduction cell can be achieved by using an sold to date— is the fact that second-sourced in several coon- 024e&.75151. 

flotation (DAF) is a high rate chemicals added lo' condition the in the cost cf putting, an AR AR coating that is of .quarter •- 

Hf THE OFFICE 


• fHETAtWORRHW 

Scrap lead 
processing _ 

Tr tf.TuTR ECK. Droilwlcfrbased 


process for solids/liquid separa- incoming solids, "sludge dry coating on solar cells under pro- wavelength thickness Wifi) ap 
tion by Ihe attachment of micro- solids of 3.5-5.0 per cent’ were jected mass production condi- index or refraction of approxi- 
bubbles of air to solid particles obtained. - tions. mately 2.0. 

which causes them to hoar. Development work by GKiV Cost of producing- solar photo- Using- the new process, the 

Pilot plant developed by GKN concentrated on a system yield- voltaic cells is measured, in dol- index of refraction and thickness 
with the help or the Water ing recycle water of high air lars or cents per Walt of power of the coating ca n he precisely 
Research Centre has been rested saturation; improved injection supplied. Current total costs are controlled' bjr changing the vis- 
in two locations with the co- nozzles for high flow conditions SU a Watt, and the U.S. Depart- co sity of the coating sol ution and 
operation of the Severn Trent giving microhubbies in sufficient ment of Energy's (DoED goal for varying the drawing or spin rate 
Water Authority both for clarifi- numbers and the correct size for 19536 is 50 cents a Watt. dOTing coatin g, 

cation of potable water and for efficient float ion separation; inlet Existing processes for coating In addition to reducing the 
tho thickening of surplus acli- to the flotationtank ensuring solar cells cost as much as 20 amount of energy needed to 
vated sludge. good initial mixing he tween cents a Watt; The new one is manufacture the cell; wastage is 


ELECTRONICS 


WiH print 
in two 
colours 


Company, of Toronto. 

The secondary smelter, to be 
constructed in Calgary, Alberta, 
for processing, scrap «ur^ atal 
truck batteries, wit! tea dcsfjMd 
aa an integrated: system based 
upon the Tollteeck 3-5 meLcc 
rotary furnace ( concept 1400 
Rot a dux furnace systems) fired 
by natural gas, with a daily oat- 

RACAL-DANA Instruments has generators providing precision p ^„rf^i 1 ^5?3s f filS d awaided a 
signed an agreement to market sources of sine, square and tn- * lcm acsign 

function generators and associ- angular waveforms, together with - September I9TT- The 

a ted equipment manufactured by a complex waveform generator b “g ^Tupdate a secondary 

. 1 iJTl OS t - ^ - itKAHhfrArr KKiTriVf 


Marketing agreement 


DIAZO PAPER capable 


waveform 

Exact Eleetranies Inc. of ffills- that can synthesize an xuuuoi . . srae itm C operation against 

* borough, Oregon- un&ni&d variety of analogue >T hSry 

At Thornton the GKN pilot miurobuhbies and Hoc; tailored estimated to cost about one-half reduced- But the real stgnifl- printing in two colours, bettered * J^Sm* s' 6 include General th * t was 

plant was installed to investigate scraper mechanism designed to io one cent per Watt which is catfce of the development lies in to be the only product of its kind iJjL , thmunhnu^ most terTDS . eneiW utilrsatt«i, 

ways of improving water quality remove concentrated float and significant in light of DoE’s goal the fact that the process is currently available in the UK, is s !^ purpose r 4f® pollution control and rts 

and output from the Thornton produce the maximum percen- of go cents for total costs by simple, inexpensive and well on offer from Harper and sqP f re ?. .J? „ sretors of rodustry tog r app^^acu. to systems- enginemng. 

resereoir which suplies the tage of dry solids in the sludge 1986. suited .to the automated mass TunstalL ^ ^ mSSfe R3V ^ as *}™**** A 

Hinckley area. As an interim produced. Existing techniques for coat- production af solar photovoltaic n ^ SOTT1JTin _ i _ nr m- M cr ^ se 0-0 ^ K !L Hz medical electro mc a aod materials sucJ> ^ rererbatory 

measure a disused slow sand Because all raw waters have ing solar cells use vacuum sput- cells. pz l™f Other products covered by the testing. . and blast furnaces. Tplltrecfc 

filter had been modified to unique char ad eristics. pilot tering and chemical vapour de- Westinghouse Research and ™'^ g ? n t PW agreement include sweep RacaKDana, Street, selected a rotarj' furnace system 

operate as.a clarifier. The system Studies are a prerequisite to position, which are costly pro- Development Centre, Pittsburg, c,0 ^“J®f ul “j“v v ° col ®^f s, „ 1 “® generators, VLF waveform Wmdsor SL4 1SB. which offered greater ftedblUty 

allows some (tec carryover to design. The GKN unit is thought cesses aod nor well suited to mass Penna, U.S-. °° “* {gS* in a market where aatanofitel 

the pressure filters, reducing the to offer maximum flexibility of paper. a ingle or muinpie giving place to softer leads. 

filter runs and the capacity of operation and is suitable for a MATERIALS A * Jl~ ^ 1 and which could treat* its own 

the works. detailed analysis and testing to _ t — i P " n t OHflrfllCF IOIT process by-products without the 

During ihe trials up to 95 per meet any process conditions. It vn rv flto similar to high density diazo- ixlUd WA IV'l/uV x'-® lil/U need tor extra capital plant The 

removed ^m” d ' S 1 3 Sean. I'm- io S";p"“ s ' Jorted and s,n,ple fretting tne message ELECTRONICS ho, replied the i t woe impo^iOte » foRme. fte ^g° c 

proveraents in the quality of the GKN Binwelco. Mucklow twq new anti-graffiti products very little smell. It can also be light information. “dairymaids thumb and moving pointer wrttt sumcienc i j so ^ 3l j on 0 { plant 

treated water. Another advan- House. Mucklow Hill, Halesowen. . . , p ■ Manufacturing used as a dirt repenant coating The 2-colour reproduction is Sangamo Transducer, of Bognor f rom support emtineerlng and 

tage was that tlte final sludge West Midlands B62 SDG. 021- ^ {;«« ‘ Pa, “ l on paintwork, steelwnrk. etc., effected by using originals with Regis has supplied the National Draphteement is new measured 

wos between 4.5 and 550 4777. Ctv and ia idealfor interior, bus or nv0 disanct Jensity le«ia. iJStute foVTeaearch in Dairy- ^»^S ? ° S amo NAl/3Jh nm/L “^SaV nnentinn has been 

Jb^teri^t^Te^S C °A cteaaer^ais been formulated 1 "SWdSK \ 1 toSESTJte ft* 

marking with aerosol sprays, for use with the coating fpr easy un^ and s vmholTare miroffiS ^ development of the rigidity played on n chart recorder. As T1 k Proems engmeereu ouk 

dry 0 and ftneVronT'olf and greasel gS-fctftfta’VK gffiE RiSASS "" ™ — » SfW^’MS SSfiffi 

the slM of “ iouriffi5 ss with * cio,h - "” we au s « s* -as zzi a ra * e 

Easily applied by brush, spray Leeds Paint. 513. Bradford Pro-® 8 ■ accuracy and a reduction of The instrument is being used from titestack ^ — -S 

or roller, ii dries quickly and has Road, Batley, WF17 8LW. Examples of lines appearing i a », 0Iir in the studv of the formation of normal cubic to|5tre---(>f 

• blue on finished prints include . u . . cheese curd. Since it cm faith- which less than 14 milligrams 

A MAINTENANCE dense blackline Images from ink, Cheesemaking begins by coagu- fu31y monitor changes in vis- P*r normal cubic metre wfil be 

^ transfer lettering, line work, lating milk to form curd. This coeity and rigidity, it could also toad. Shop emissions will be 

certain dense sepia or black contains the liquid whey which find applications in research in toss than 150 nucrocrairrmcs per 

original Images. ' Thin pencil mu5t: b e released by catting the medHnine and in the food, oil normal cubic metre of suspended 

lines, tone work and low density CUJ(1 W hen its rieiditv has anc * P®tot industries. nirb,o.,i-i^ »•'»>' 

A CHEMICAL cleaning concen- ticuiarly suitable for cleaning blue original images would result Tj-.Jrfitu _Sa*ganio 

irate caned Alubrite and unpainted aluminium van and in a red final image. mSEred 1 toraSSSer 

auuicc wiucij marketed by Mayvil Chemicals of trailer _ bodies 35 - as Masters can be accommodated which indicates the drag on an •» ~ _ 

general used- in the entertainment Sandbach. Cheshire, is claimed to alt^mum ta °“ sh “ P with or without overlays covering oscillating cylinder immersed in ®°^ nor Ee?is - 501 *- 

industry but until now avail- provide a quick a nd ( efficient , ^Surfaces ^rnuj both dense line and tone work, the curd, lie cylinder is driven \ 

The 

and can •'C WH 1 rw*- *■/ »■■■ * '-■■■I'" . 

in a reflector of relatively simple Upper SL Martin's Lane. London mnimtea. 
construction, enabling equipment WC2H 9ED (01-836 2444). The product is stated to be par- 


produced 


• LIGHTING 

Simplifies lamp design 

TO BE shown by Thorn Lighting makers lo reduce th 
at Pbotokina in Cologne in Sep- their fittings, 
ternber w,u be a -) k W version Trefnl 

of the company s compact source problems that can he associated 
iodide lamp, of particular interest with lhlear lampholders. Price 
to television and film lighting will be about half that of corn- 
engineers. parable lamps. 

Similar to the one kilowatt The company is also offering 
version, the new lamp will offer 220 and 240 volt versions of the 
high power alternative to the one kilowatt PAR 64 sealed beam 


Aluminium cleaned 


particulates over any ea^hbbour 
„ . -o;,. u-wsaiuu (Schlumhcrgcr period. 

i SfJ® Group), North Birsted. Bognor Tolllreck. Priory House, Fnar 


minute 


MOTOR CARS 


WATERLOO 



ENGLAND'S LARGEST LANCIA DEALER - 

33 48 THE CUT SEl Telephone 01 -9 28 1 922 TELEX 9!?033 


Lotus the car 
FoHett the dealer 

Lotus Elite. Edat and Esprit al Charles Foflett. 

Wte've ihe full range at our Hays Mews premises in 
Mayfair. Wte can arrange Test Drives and 
Demonstrations. Tell you about our unrivalled 
after-sales service. And Ihe facts about leasing. 
Discover tire living legend of Lotus soon 
-at Charles FoHett 

Lotus ILKXWICKVDIXM VR 


CHARLES' MM \ ■ 

Fdlelt 


• U’ H.v/ S Wcws 
6erk?icv Squltr? 

icr.:!z,r Wft . 

» ot -153 9952* 


O c MAYFSIR 



CheKneyMotors Ltd 


m 


1976 (P) 3.3LI Auto, Low mileage. Usual full spec. £8,700. 
1975 (N) 2002 Auto. ! owner. Low mileage. £3,550. 

1977 (R) 528 Manual. I owner. Many extras. £7.650. 

1974 (M) 30CSi Manual. I owner. Low mileage. Invest- 
ment at £6.750. 

WE LEASE NEW AND USED BMW’S 

Delivery on new 8«Wt on application. 


Cheyne Motors Ltd 

201-203 Upper Richmond Road 
Putney, London SW15 
Telephone 01-788 4314. 7 ' 


■Mi 1 Hi II 

r 

LAI 

HA 

M 

Q LEASING AND 

0 CONTRACT HIRE 


A NATIONWIDE VEHICLE SERVICE 
TO BUSINESS USERS 

IMMEDIATE DELIVER* OF MOST BRITISH AND IMPORTED 
CARS AND LIGHT COMMERCIAL VEHICLES. 
Tailored contract? 1-3 years with and without maintenance. 

Your existing fleet purchased rf required, 

Mf»*c wr>te or wlr (0533) 54*31 W. F. Stevcmon {G«*. Flact Hnjr.) 
LATHAMS (LEICBTGR) LTD.. 203 8ELCRAVE GATE. LEICESTER 
A member of the INCHCAPE Group of Compinin 





, Mercettes-Benzr Dealers 

: CLOVER LEAF CARS 

2SOE,W123 

ARE HARD TO COME BY 

We have three ol these 
firtfc CaBS 
PRICE FROM £9,795 
Please telephone for deuilc. 

IVfcMnv Pa 1 , id Jacobs 
00 -Ar.;io:8c7'i:a- d 


rORSCHE 

91 ISC Sport Coup* 197*. 6 months 
oM. 7,000 miles. *if*«r wirtl black 
piimripe interior, in u new coa, 
dition, all extras £16,4*9 

rORSCHE 

Carrera Ilf Sports Coup* 1977. 16 
rnondta old. 16.000 miles, platinum 
with cork Interior, all extras, cm 
F7 eyre*, totally unmarked condi. 
lion £14,75* 

VIEW NEWBURY 0433372*3 


MAXI HL, "P." 24.000 miles. Tahiti 
blue, sunroof, cassette radio, new twe*. 
Tn December. £2.250 ono. Tel. 
01-393 1795. 

VINTAGE CAR. Standard Big 9. 1930. 
labrrc bod*. 1 owner. 32.000 miles. 
Tax and MOT. Many spares. Hal been 
renovated. Needs sliont work to ftni»n. 
Ottrr* around £3-000 or eacbanpe. Tel: 
Redd Itch [Worcs] 25G74. 


LEGAL NOTICES 


NO. OOSUK of 11*78 

111 Iho HIGH COUBT OK JUSTICE 
Charm -rp Division Companies Court. Tn 
■He MulbT of fiOl-F BROS. LIMITED and 
in rtn; Matter of The Companies Ad. 

XOTU E IS HEREBY C.IVEM. Ihai a 
P-inwii for ihe Winriinu up uf-Uir above- 
namvd I'ompany by vb^ Hiah Court of 
Jusitetf was on Flic isth day of July l»TN, 
orcsi-nud id the said Coun tiy w. 
HANSON (IRON BRIDGE i LLMITED. 
whose I’CftiSicred office is situate at Iran 
BrtUse Saw Mills, Usbridsc Road, 
Souttijll. Middn.. and that ibe said 
Prnnoo is directed to be heard before the 
Conn slriliu; at the Royal Courts of 
Justice, .Strand. London WC2A SIX, on tho 
Bih day of October. 197S. and any creditor 
or contributory of the said Company 
desirous to support or oppose the makhm 
Of an OnJi-t on the said Pedtion may 
appear ut the umo of beflnns. m person 
nr by his counsel, for that purpose; add 
a copy of the Petition wifi be furnished by 
the ondc/auibed lo any crudilor or con- 
Irfbtrtory of the said Company, rcqnlrliu; 
sach copy pb payment of the' roeuated 
cboriu for Hie same. 

HERBERT nPPEXIfEIMER. 

NATHAN A VANDVK. 

20. Copiball Avenue. 

l.nndon ECaR 7JH. 

Ref. TPSRO.re MI3 3. 

Soinlrors for Bu.- Peunoner. 

NOTE.-^Any Person nbo mteudt io 
appear on ihe hearfna of fbc said Pctlifoo 
j 11 U 21 I si-nv on, or scad by pox (a. rtie 
abovL* -named notlw In wnunji of his 
Inioniion so to do. The nonce must stale 
the name and addn-Ss of dw porson. or. 
if a Gnu. the name and address ol the 
firm and most be signed by th-.- person 
or firm, or bis or ih^ir solicitor til anyi 
and must bo served, or. iT posted, roost 
be sem by post i:i sufficient time to 
reach ihe abotr-nam.-d not later man 
four o'rlncfc in ?bt* aflcrnootj of the sja 
day of UCtobcr, 1973. 


CONTRACTS AND TENDERS 


THE REPUBLIC OF ARGENTINA 

ARGENTINE GOVERNMENT OILFIELDS 
YACIMIENTOS PETROUFEROS FISCALES 


RISK CONTRACTS— LAW NO. 21.778 

AREAS * 

Inland 

Acambuco 
Picun Leufu 
peseta Guenguel 

Offstore 

Rio Gallegos 
MagaUaues 

Argentine Government Oilfields will call bids for the 
exploration and possible exploitation of these areas in the 
next month, i 1 

Cost of tender specifications. 

The eost will be equivalent in Argentine Pesos to $US 15.000 
payable at the Cate of exchange ruling for closing seller price 
as quoted by Banco de k Nacion Argentina the previous 
day of the purchase. 

Issue oftectaocal ^formation. 

From August 28th, 1978, technical information ‘can be 
obtained after the payment of the amount previously men- 
tioned. The payment for the technical information 
will give right to withdraw the tender specifications after 
the calling foe bid without any additional charge. 


They will be made available at Avda. Roque Saenz PE£A No. 
777—lOth goat— office 2010 (Suministros y Contrataeiones- 
Direccioxtde Exploracion) Buenos Aires — Argentina. 


TURKISH STATE RAILWAYS (TCDD) 

The Chafrmaiujhip of Central 
Purchasing anfl Sales. Commission 

Anbara-^fa/rtJRKEY 

TENDERS ARE INVITED FOR FIVE CRAWLER BULLDOZERS 
of winch th* icctmical respires ore written In tile specificaHons 

1 — The above material is ia bo purchased throuBb bids received from countries 

which are members af the worid Bank and Switzerland. 

2 — The btddin* documents prepared lor this purpose In Turkish and English 

can be purvbaatd from TCoD's Cornral Casb Office In Ankara and Sirkefii 
Cush Office tn Istanbul at a price ot TUWL 

3 — The bids should be receiwd by or handed in person to our commisstim 

noi later tban 13 00 hour, on September 29, 15TB, for a mcehos at TCDD 
Snnplp Dcpartmcni on ihat date- 


CONTRACTS 

AND 

TENDERS 

Rate: £13.00 

per sinrie colmu 
centimetre 

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


a men power auernaiive io uie nne-Miowuu raiv « geueu unm ~ w -h measurea win a lorsiometer R(w} .- - c„e<nv dimo one ijiroot rimitMoh ' Wnn-e 1VRQ 

Safi* sa“S. ,i s ,r ^Sffl Sr" n ta,0 teT ?£&£££[ sssawssssssas ZBStor&SaSlv** JS-sssAessss* ff-SSSr igr-JSPSg- ^ 

^ «. tanp l, m-h 1 SS% SfA s.r‘- mZf 0? ^usns" ss^st ssssr. 

n be compactly positioned More from ihe company at surface* Corrosion is also i^ither sprays or onwnea . densitre8 ^ cieariy apparent, head moving at a frequency of 

" w^rZ^UnrLfinaVb^befXn and R « obviously possible that two osciHations per 

5 b y . . 2-coloor paper, through an angle of 15*. 

amount of dirt to be' removed. S2*SJ h J ri ^-^ ei S2£ate d tS Drag TO ^ cylinder causes a 
Aa soon as it has been applied ami maybe even eliminate the displacement ..between an 
the product ia hosed off with attached pointer and the. drive 

clean water. accurate overlays in dlazo print- bead. Previously an operator 

Fall details can be obtained tog- was required, to adjust a micro- 

j from. Mayvit Chemicals at Abbey Harper and TunstalL Dening- meter continuously and to record 
Road, Sandbach. Cheshire CW11 ton, Wellingboro ugh. N ortbants^ corresponding times; a method 
9QZ (093 ST 40141. NN2 2QH. 0933 225771. which was unsatisfactory because 



Description 


100 TON CAPACITY COINING PRESS by 
Taylor and Cha lien — virtually unused — fully 
automatic— 160 s-p.m. x 24 mm stroke. 

IN LINE MACHINE for simultaneous surface 
m filing both sides of continuous and semi- 
continuous cast non-ferrous strip up co 16" wide. 

9 DIE, 7750 FT/ MIN SUP TYPE ROD 
DRAWING MACHINE equipped with 3 speed 
2flC ftp drive. 20" horizontal draw blocks, 

22" vertical collecting block and 1000 lb 
spooler. (Max. inlet 9 mm frnhhinedown 
to IE mm copper and aluminium.) 

8 BLOCK (400 mm) IN LINE, NONSUP WME 
DRAWING MACHINE in excellent conditio n 
0/2000fr/rain. variable speed 10 hp per block 
<r96S) 

24" DIAMETER HORIZONTAL BULL BLOCK 
By F armer Norton ( 1972). 

SLITTING LINE SOQ mm x 3 mm x 3 ton capacity. 

TWO VARIABLE SPEED POUR HIGH ROLUNG 
MILLS Ex, 6-50" wide razor blade strip 
production. 

MODERN IKED ROLUNG MILLS, wire rod and 
tube drawing plant — roll forming machines — 
slitting-- flattening and cut-to-length fines — 
cold saws — presses — guillotines, etc. 

1974 FULLY AUTOMATED COLD SAW 
by Noble & Lund with batch control. 

1970 CUT-TO-LENGTH LINE max. capacity 
1000 mm 2 mm x 7 tonne coil fully 
overhauled and in excel/enc condition. 

1965 TREBLE DRAFT GRAVITY WIRE DRAWING 
MACHINE by Farmer Norton 27" — 29" — 31" 
diameter draw blocks. 

STRIP RATTEN AND CUT-TO-LENGTH LINE 
by A. R» M. Max capacity 750 mm x 3 ram, 

6 BLOCKWIRE DRAWING MACHINE equipped 
with 22^ dia. x 25 hp Draw blocks. 

2 15 DIE MS4 WIRE DRAWING MACHINES 

, by Mar5hal Richards 

3 CWT MASSEY FORGING HAMMER 

- — pneumatic single blow. 

9 ROLL FLATTENING MACHINE 
1700 mm wide. 

7 ROLL FLATTENING MACHINE 
965 mm wide. 

COLES MOBILE YARD CRANE 

6-ton capacity lattice jib. 

RWF tWO STAND WIRE FLATTENING AND 
STRIP ROLLING LINE 10" x 8" rolls x 75 bp 
per roll stand. Complete with edging rolls, 
turks head flaking and fixed recoiler, air 
guaging. etc Variable line speed 0/750 ft/miH. 
and 0/15 00 ft / min. 

NARROW STRIP STRAIGHTENING AND 
CUT-TO-LENGTH MACHINE (1973) by 
Thompson and Munroe. 

CfNCTNATTT GUILLOTINE 2500 mm x 3 mm 
capacity, complete wicti magnetic sheet 
supporst and motorised back stops. 


Telephone 


SCHULER 200 TON HIGH SPEED BLANKING 
PRESS. Bed 48" x 40" 200 spn. Double roll 
feed stroke 35 mm. excellent condition 
TAYLOR & C HAL LEM No. 6 DOUBLE ACTION 
DEEP DRAWING PRESS. Condition as nw 
VICKERS 200 TON POWER PRES& Bed^fCTx 
36". Stroke 8 . NEW COND. 

MAQKNING .CENlUE, Capacity 5ft x 4ft x 
3ft. 5 Axes continuous path SI automatic tool 
changes, 5 tons main table load. Mam motor 
77 hp. Had. Fesi than one year's use and In 
almost new condition. For sale at one thfrd 
of new price. 

WICKMAN 2$ dSP AUTOMATICS 1961 and 19fi3 
excellent condition. q l * 3 ' 

4,000 TON HYDRAULIC PRESS. Upstroke 
between columns. 92 x 52" daylight 5 1 " 
stroke 30". 

ANKEKWERK 400 TON INJECTION MOULDER. 

Reconditioned. ** 

UPSET FORGING MACHINE 
4" 750 tons upset pressure. 

2,0011 TON PRESS. Double action bed area 

132" * 84". . 

WICKMAN I i Automatics 6 Spindle. 


0902 42541/2/3 
Telex 336414 

(WE 4Z54I/2/3 
TeEmc3364M 


0902 4254T/2/3 
Telex 336414 


0902 42541/2/3 
Tefex 336414 
0901 42541/2/3 
Telex 336414 


0902 42541/2/3 
Telex 3364M 


0902 42541/2/3 
Telex 336414 
0902 42S4lf2/3 
Telex 3364M 

0902 42541/2/3 
Tefex 336414 

0902 42541/2/3 
Telo 336*14 
0902 42541/2/3 
Telex 336414 
0902 42541/2/3 
Tefex 336414 
0902 42541/2/3 
„ Telex 336414 
0902 42541/2/3 
Tefex 336414 
0902 425*1/2/3 
Telex 3364K 
0902 42541/2/3 
Telex 336414 
0902 4ZS4T/2/3 
Telex 336414 


0902 4254T/2/3 
Telex 336414 

0902 42541/2/3 
Telex 336414 

0902 42S41/2/3 
Telex 336+14 


0»-92B 3131 
Tefex 26F771 
0f-92ff 313 f 
Telex 26T771 
01-92B 313 T 
Telex 26F771 


0T-928- 3131 - 
Telex 261771 
01-92B m\ 
Telex 26177? 

01-928 3131 
Telex 261771 
01-928 3131 
Telex 26 1771 
01-928 1131 
Terex 26F77T 
01-928 313T- 
Telex 261771 
Telex 26 177 f 


WANTED 


MODERN USED ROLUNG MILLS, wire rod 
and tube drawing plant— roll forming machines 
—slitting— Rattening arid cut-to-length lines— 
cold saws — presses — guillotines, etc. 


0902 4254T/2/3 
Tefex 336414 












.JtL 


Financid Times Monday August 21 1978 







’ ti p ![. ' 

^ ' ’W: 

i a. r- 4 \ 

? t s I I, ■ 

' ' 


; ?- ■ 
■;. f.-, ■ 

:Tf 

Tn -'-jc • . 


.■ A . _ 1 ■. V 

-. •• • V. sf 


The Executive’s and Office World 


Why your first date with a 
computer can be so blind 


EDITED BY CHRISTOPHER LORENZ 


WELL ITS pretty easy, isn’t it? 
All we have to do is call in a 
few of those computer com- 
panies, choose one and Thera we 
are! That seems to be the wen- 
thought-out plan laid by the 
most courted computer con- 
sumer, the first-time user! 

For how many of these com- 
panies does their first computer 
burn their Angers? The num- 
ber is substantial -and still grow- 
ing. 

Why do they have such a bad 
time? 

To begin with, the fault lies 
with them. A manufacturing 
company, going out to buy a 
new machine tool for its pro- 
duction line wiU put its produc- 
tion manager/director on to the 
job. He is usually a person 
with an in-depth understanding 
of both his own business re- 
quirements, and of the technical 
data supplied by the vendors 
competing for his favour. He 
will take a good deal of time 
comparing the various bids with 
reference to technical capabili- 
ties, back-up and maintenance 
support, and price/perf orman ce. 

He will also, of course, look 
at the produc.t in use on other 
comparable sites. He may even 
ask to try out his job on the 
machines being offered. It is 
my contention that, in most 
cases, the buyer is not sold his 
final choice but, rather, he buys 
it. The distinction may be a 
fine one, and perhaps conten- 
tious for the majority of suc- 
cessful salesmen. 

The typical first-time compu- 
ter buyer does not usually go 
through this exhaustive process, 
mainly because he does not have 
the expertise to do so. 

He is typically the senior 
administrator/financial man of 
the company and his knowledge 
of computing is often virtually 
nil. 

How does be make his selec- 
tion ? In most cases, he would 
be unable to ten you. He has 
been sold a computer system 
and in no sense has he bought 
it ! But this purchase is fre^ 
quently the largest one made by 
his company in its entire his- 
tory. They wouldn’t buy even 
a mafn^car in such-: a casual, 
way, ‘ •' 

One would have thought that 
the young breed of computer 
buyers, especially those who are 
professionally qualified accoun- 
tants. would have some training 
in computers. Often they have; 
They have been taught, how to 
draw a -flow chart, using the 
correct template symbols. They 
know about pre-sorting punched 
cards and about that wondrous 
new invention— the disc ! They 
can often define a number of 


well - chosen computer buzz 
phrases. Their education, is 
short, is sadly lacking. It cer- 
tainly does not enable them to 
make a reasoned selection for 
their company. .. ' 

Many buyers convince them- 
selves that they can make their 
selection ignoring the techno- 
logical claims of the competing 
suppliers. “ I don’t know any. 
thing about art;-, but 1 know 
what I like “■ is their axiom. 
Some vendors backjthem to the 


By Simon Rubin 

will be decisive. Tell the sup- 
pliers that whoever wins the 
test wins the order. They will 
usually take up this sort of 
challenge with gusto and the 
buyer can be more or less cer- 
tain that the whiner has done 
more than just do better in the 
test — he has made a substantial 
effort and commitment to win 
the buyer’s business, and this 
may well be indicative of his 
attitude after taking the order. 

Lack of technical expertise is 


offer hardware and application 
programs in the form of a pack- 
age. This will either be a 
generalised package (e.g- 
ledgers and payroll) or a 
specific type of business pack- 
age. 

Turnkey systems: the sup-' 
plier, in this case, will usually 
be a software house or systems 
house. It will buy the equipment 
from the hardware manu- 
facturer and add either custom 
written or packaged software. 


6 First time computer buyers need to learn more 
about what they are purchasing, or take professional 
advice, while computer salesmen need to be less 
simplistic and glib about what they are selling 9 


hilt in this methodology, telling 
them that it is simply not rele- 
vant to delve intD.technicalities 
and that, from this viewpoint, 
all computers on the- market are 
pretty Bimilar. 

From a hardware; stance this 
<is more or less drug, but one 
bugbear of the firet^hne buyer, 
the operating system; is brought 
to the fore, the dfflierences be- 
tween products are legion. 

Any sophisticated ."purchaser 
will lay more emphasis on this 
than almost any other element, 
because the differing- facilities 
are directly relevant to 
— tbe manning of the system 
and its ease of usd;; '. . 

— the costs of ^applications 
systems ,v •>;. 

— the expandability of the 
computer (many, systems offer 
a large nunAer. bf ; potential 
peripherals and terminals, but 
the way their operating system 
works limits this- option). 

— the upgradabihty • of the 
system .... 

Hie unsophisticated pur- 
chaser, is not aWeito assess 
these differences hflt he ignores 
them at his peiiLrjV^ . 

The potential pafjcfoaser will 
havei put . .before vast 

number of claims fnr the'po^fer 
etc. of the systems being pro- 
posed. By merely notihg thete 
and even comparing them ok 
paper, he may learn little oA 
nothing. What he must do, if' 
in any doubt about which sys- 
tem to choose, is to makefile 
short-listed../ suppliers ..prove 
their claims. 

But do not suppose this sort 
of test is welcomed by> sup- 
pliers... The buyer must there- 
fore have designed a test which 


not the only problem. Few first 
time users set out their non- 
technical criteria, and even 
some of those with a little 
knowledge of computers ignore 
the obvious. 

This latter group is well por- 
trayed by a first-time user, 
about to commit his company 
to £350,000 worth of computer 
equipment, who spent so much 
time asking about response 
time at terminals that he 
ignored very major issues, such 
as proven expertise by tbe sup- 
pliers, end visited only two in- 
stallations to see the short-listed 
computers. 

Some of the elements that 
should be evaluated are 

— the service and support 
reputation of the supplier, 

— the financial viability of the 
supplier, 

— the supplier's second user 
policy (you might in time want 
to sell your computer to some- 
one else. Finance companies' 
will allow a residua] value on 
few computers because of the 
attitude taken to maintaining 
second-hand equipment by 
suppliers), 

— the proven stability of the 
manufacturer's software. 

Added to this must be an 
evaluation of the supplier's 
approach to the actual compu- 
terisation of the buyer's job. 
With many companies there will 
be two separate contracts, one 
with the. manufacturer for 
Vquipment only and one with a 
third party for software. Few 
hardware suppliers are willing 
to take prime contractual 
responsibility for custom- 
written software. There are 
two main alternatives to this. 

Packages: the supplier will 


The buyer thus bas only one 
supplier. 

The package approach has 
many advantages but, unfor- 
tunately. many companies 
ignore, until it is too Late, the 
restrictions that a package 
must have because of its 
generalised nature. Tbey use the 
uackage as an excuse not to 
define their own requirements. 

The turnkey solution looks 
very attractive. The only caveat 
is the supposedly unbiased 
approach to hardware selection 
that many turnkey suppliers 
claim. Tbe truth is often that 
they have a vested Interest in. 
recommending one particular 
equipment This is because 
many turnkey companies act as 
selling agents for specific manu- 
facturers. As long as the turn- 
key supplier states his position 
honestly and dearly, this fear 
can be minimised. But buyers 
must take the trouble to check. 

- The last but most important 
consideration for tbe buyer is 
“Do . I really need a computer 
and can I justify the cost?” The 
simple answer is, if you can’t 
afford the right system, don’t 
buy one until you can. Take 
into account extended payment 
methods, do a discounted cash 
flow, but if the answer .is still 
“no,” believe it. 

Once the magic box is chosen 
and has either arrived or is on 
its way, many buyers take this 
as the time to relax. Their effort 
is over and it is up to the sup- 
plier to make it work. 

He has often said that his 
system is simple to install and 
use. Now the buyer sits back 
and lets him prove it. 

A strong reproor must be 
made here to tbe hundreds of 


glib computer salesmen who use 
this simplistic patter to get their 
business. 

The final aspect where the 
user is often at fault is also dur- 
ing this implementation phase. 
Few computers are installed 
without problems. Most of them 
are 'soluble, but despite the 
user’s valiant efforts and those, 
we hope, of the supplier, a prob- 
lem sometimes arises that no 
one can solve. The computer 
works too slowly; the system 
does not work easily; mainten- 
ance is not effective: and so on. 

• . -The user must not become the 
loser. In most cases, the user 
shouts loudly at first and then 
shrugs his shoulers in despair. 
This Is what many suppliers rely 
upon. The user has as many 
rights buying a computer system 
as.be has buying any other pro- 
du& Use these rights first as a 
threat, then as a weapon. No 
supplier can afford too many 
bad. notices as he sells almost 
exclusively by reference to his 
happy and satisfied users. 

The computer industpr must 
have a vested interest in mini- 
mising tbe number of losers 
around. The simplest way of 
ensuring this is by educating 
the- potential user, making sure 
that he understands what he is 
buying and what questions to 
ask vendors. 

;The second thing the sup- 
plier can do is not to undersell. 
If ;- the system should cost 
£30,000, the supplier should not 
be-misled into believing that by 1 
obtaining tbe order for less he 
has helped anyone. In the end., 
the;, user will probably suffer 
because the supplier runs out of . 
money on the product or, to give I 
himself a marketing advantage, 
be has “ under-configured ” j 
(included too little processing or 
memory power in his bid). This 
does not of course preclude a 
sound business reason for the 
supplier to discount his price, 
but not to the detriment of 
either party. 

■•The conclusion, therefore, is 
sfihple. Too many buyers and 
sellers in the first time com- 
puter users' market place are 
acting in a naive way. For the 
takers, the answer is to learn 
more about what they are buy- 
ing, or take professional advice. 
For the sellers, the answer is to 
be less simplistic and glib about 
tbe products they are selling. 
If the buyers do their job 
properly, the sellers will have no 
choice in the matter, and fewer 
losers will be forthcoming. 

Stmdn Rubin is a computer con- 
sultant. 


EXECUTIVE HEALTH 

The perils 

of hanging 

your 

sausages 

on the 

clothes 

line 


I WONDER how many people 
have been avoiding tinned 
salmon like the plague because 
of its implication in the recent 
tragic outbreak of botulism. 
And I wonder also whether 
these same people have enjoyed 
their breakfast sausages with 
undiminished fervour. For not 
so many people realise that the 
name for this rare and terrible 
disease is derived from the 
Latin botulus, meaning sausage. 
Indeed, so closely was the unfor- 
tunate sausage associated with 
botulism, that one Mrs. Borgia 
allegedly hung sausages from 
her clothes-line and,, as they 
decayed and putrified. would 
catch the noxious fluid falling 
from them in bottles and stock- 
pile them for one of her some- 
what bizarre poison parties. 

Deadly 

Botulism is extremely rare — 
hence the wide publicity a few 
cases received, ft is caused by 
one of a number of types of 
Clostridium botulinum which, 
when given ideal conditions, i.e. 
putrefaction and the total 
absence of oxygen, multiples 
and produces a remarkably 
deadly poison. Should this toxin 
be ingested by man, there may 
be dire results. Within 10 to 36 
hours, the patient suffers from 
severe headache followed by. 
prostration and paralysis of 
muscles, particularly those 
involving the eyes, the jaw and 
throat, and those involved with 
respiration. In a high proportion 
of cases, unless anantitoxin is 
administered quickly, the 
malady has a fatal outcome, as 
in this sad case. 

Hygienic measures employed 
in the commercial canning of 
fish, poultry and animal meat 
are so rigid that such sources 
are extremely uncommon. 
Hozqe-bottling or . canning, 
where the necessary tempera- 
tures cannot be attained, are 
far more common culture 


BY DR. DAVID CARRICK 


MAY! RECOMMEND TRE 

SALMONELLA SAUCE, SIR P 





media for the anaerobic 
saprophyte to luxuriate and 
breed. Eskimos sometimes be- 
come victims of this fell com- 
plaint, not because tbey bottle 
food but because they seem to 
prefer the richer flavour of 
seal-meat weeks or months old 
and do not dislike the stink 
which usually accompanies 
putrefaction, particularly where 
anaerobic microbes are dwell- 
ing. 

Setting aside the nine-day 
wonder, there are many more 
organisms which, if eaten by 
man, cause moderate to severe 
illness. It has been estimated 
that not less than 95 per cent 
of food-poisoning in Britain can 
be attributed to organisms 
belonging to the Salmonella 
group. These organisms live 
normally in many animals and 
may invade man-from a variety 
of sources. Commonest is 
improperly cooked meats (par- 
ticularly when in processed 
forms); then, secondly, where 
properly cooked meats, etc., are 
exposed to rodent-droppings. 
Subsequent reheating may well 
please the organisms. Yet an- 
other not uncommon source is 
duck eggs. It Is claimed that tbe 
latter will be rendered harm- 
less if boiled for 15 minutes, 
but the result can hardly be as 
tempting as a four-minute hen's 
egg. And there are other sources 
because Salmonella is so com- 
mon. Nonetheless, proper 
hygiene will eliminate the risk. 

When cases do occur, they are 
frequently multiple simply be- 
cause, if an entire party of 
people has pieces of, say, con- 
taminated ham and egg pie, 
then a majority will suffer- The 
incubation period Is from 12 to 
36 hours. Then the sufferer is 
seized with severe abdominal 
pain, vomiting and diarrhoea, 
accompanied by fever. A great 
majority recover, and fatalities 
are usually confined to the very 


old and weak who cannot staud 
the dehydration resulting from 
the malady. 

Probably the second most 
common form of food-poisoning 
is that caused by the toxin of 
staphylococcus aureus, the com- 
monest pathogen in boils. 
Nobody handling food for others 
or even himself should ignore 
such a skin lesion as the result 
may be most unpleasant. The 
incubation here is very short — 
only one to six hours — after 
which the patient suffers a 
sudden onset of nausea, vomit- 
ing, abdominal pain and con- 
siderable prostration. One clue 
as to the cause is that patients 
are not febrile: indeed, a sub- 
normal temperature is more 
common. 

Following these two common 
causes of food-poisoning come 
an innumerable and motley 
crew of trouble-makers includ- 
ing poisonous fungi, shell-fish 
or watercress contaminated by 
sewage. But if one really 
becomes obsessed with the sub- 
ject, one is filled with amaze- 
ment how very’ rarely we suffer 
from any of these injurious 
poisons considering the great 
array of hazards surrounding 
us. 


Poisonous 


AU of the Notes /wring been sold, this atunumeemeM ippears ax a matter of nxord only 


Naturally, some of them can 
kill; but'I have a notion that in 
darker days, when bacteria 
were unheard of, more unhappy 
folk were killed less directly. 
Important personages in ■ 
mediaeval times were in con- 
stant fear of poisoning by 
friends or enemies. And one 
wonders just how many inno- 
cent guests at a parly, where 
staphylococcal soup was served, 
were accused and executed, 
leaving the responsible 
microbes healiheir than ever; 
and, were such a thing possible, 
microscopically much amused. 




This announcement appears as a matter of record otdy 


July, 1978 



Portland General Electric Company 
US$50,000,000 

RevoIvingOredit Facility 


Managed by 


BayerischeVemnsbank 


Credit Suisse White Weld Limited 


and provided by 


Banco Unpqjo S. A. 

New York Agency : ^ 

Bank Julios Bacxintenaational limited 

Bank Brussels Lambert (U.K.) Limited 

The Bank oFTokye Ihist Company ; •. 

Banqae Bdgelimited 

{.member or Socttti G6n£mlc de Banque Group). 

Banqae G6n&ale dn Luxembourg S.A. 

Banque Natianaie de Paris 
San Francisco Branch 

Berliner Handels- und F rank furter Bank 

BfG Luxemburg 

Christiania Bank ogKreditkasse :' ■ 

International S.A. 

Connty Bank limited 
CreditanstaltTBankverein 


Credit Lyonnais 
Los Angeles Branch 

Credit Suisse 

Credit Suisse (Luxembourg) S- A. 

Credit Suisse White Weld limited 

Kredietbank N- V. 

' Kxedietbank S. A. Luxembourgeoise 
Samuel Montagu & Co. limited 
National Bank of Abu Dhabi 
N.M. Rothschild & Sons Limited 
Societe Generate de Banqae S. A* 

Union Bank of Bavaria 
(Bayerische Vermnsbank) . 

Los Angeles Agency 

Union de Basques Aiahes 

et Europeennes - U.B JLE. Sod&6 Anonyme 


Yerejps- and We&bank Internationale; S. A- 


. .. AgentBank 

Bayerische Vereinsbank International S. A. 


fr^ 0 




CAISSE 
CENTRALE 
DE COOPERATION 
ECONOMIQUE 


US $50,000,000 Floating Rate Notes 1978-1998 
Unconditionally guaranteed by the Republic of France 


Basque Nationale de Paris 

Bankers Trust International Limited 
Baoqne de Paris et dcs Pays-Bas 
Commerzbank AktiengeseUsrhaft 
Goldman Sachs International Corp. 


Dillon, Read Overseas Corporation 


SodiStfi Generate 


AlahE Bank of K await (KJS.G) Algemeno Bank Nederland N.V. A. E. Ames & Co. Amex Bank 

Amsterdam-Rotten! am Bank N.V. Tbe Arab and Morgan Gren fell Finance Company Android and S. Blefchroeder, Inc. 

I rtw fc frt 

Beebe Halsey Stuart Shields Bancs Commercials Italians Banca Nszionale del Lavoro Banco di Roma 

In niyu itd 

Bank Mces and Hope NV Bank of A merica International The Bank of Tokyo (Hofiand) N.V. 

Baoqne A rate et Internationale d ’Invest tssenreot (BA.X1.) Banque Etangaise dn Commerce Extsrienr 

Banqae Generate du Luxembourg &A. Bank Ctdzwfller, K an; C ongener (Overseas) Banque de I’lndodune et de Suez 

Banqae Internationale a Luxembourg S-A. Banque de Neoffize, Scbtamhergcr, Mallet Banque Rothschild 

Banqae de la Socwtii Finandfre Earopeeune, Banqae de 1’ Union Earopeame Baoqne Worms 

SlFX Gnvtp 

Baring Brothers & Co^ Bayetjsche La atef i anh Gxrozentrafa BtxfioK Hamlet- und Frankfurter Bank. Bergen Bank 

■ 

Kyth Eastman Dillon & Co. Cr&Bt Agricole (CN-CA.) Cozen ove & Co. Centrale Rabobank 

IptaraaflonJ LM m I 

Chase Manhattan Chemical Bank International Christiania Bank og Kreditkasse Citicorp International Group 

Uftfad Ltedted 

Continental Illinois County Bank Credit Commercial de France Credit Industrie! et Commercial 

IMict Unfed 

CredHanstalt-Bankrerem Credito Italian) DaMchi Kangyo Bank Nederland N.V. Dflhva Europe N.V. 

Deo nonke Creditbank DG BANK Dresdoer Bank Diesel Burnham Lambert Enrygest S.p»A. 


Cr&fit Lyonnais 

Banqne BraxeUes Lambert SA. 
Caisse des Depots et Consignations 
Credit Smsse White Weld Limited 

1BJ International TlmUpd 
A. E. Ames & Co. i 


Amsterdam-Rotten! am Bank N.V. 

Bache Halsey Stuart Shields 
hraftniid 

..Bank Mces and Hope NV 


& Co. Amex Bank 

UaScd 

Android and S. Bleichroeder, Inc. 


Banco di Roma 


SFXGmv 

Baring Brothers & Co., 

Unfed 

Myth Eastman Dillon & Co. 

In n uaf ifl^al LM d l 

Chase Manhattan ' 

Continental Illinois 
Ufetf 

CredRanstait-Bankrerein 
Den norske Creditbank 


- EnromobHlare S.P.A. 

, OBBfvm Etrofm taMmaUbre 
Ft® International Finance 


Hambros Bank HU Samuel & 

United United 

Bidder, Peabody International F 

United 

Kuhn Locb Lehman Brothers International 
Kuwait Investment Company (SAL) 


Chemical Bank International Christiania Bank pg Kreditkasse Citicorp International Group 

I ladfHi 

County Bank Credit Commercial de France Credit Indostrid et Comottfrial 

Unfed 

Credito Italhno Dai-Ichi Kangyo Bank Nederland N.V. Dahva Europe N.V. 

DG BANK Dresdoer Bank Drexel Burnham Lambert Etzrogest S,oA. 

DmHdic C w m M ttm A W at ufeU lI iKWfttated 

European Banking Company First Boston (Europe) first Chicago Robert Fleming & Co. 

Lfated United UoRol United 

Antony Gibbs Holdings Ltd Qroasattale and Bank der Oesterreidustitca Sparkasseu 

air*i» ig i.ifev.li 

HU Samuel & Co. E. F. Hutton & Co. N.V, Istitnto Bancario San Paolo di Torino 

United e- 

il Kleinwort, Benson Kredfetbaak N.V. KreditfbankSA.Linanibonrgeofce 


Hazard Brothers & Co, 


Kuwait Fo rei gn Trading Contracting & Inves tment Co, SJLK. 
larardFtfires-etCfe Iloyds Bank International 


Manubtcteros Hanover 

iwwi UteOtd 

Mitsubishi Bank (Europe) SA- MIfsoi Finance Europe Samoell 

i UMted -j 

Morgan Stanley International National Bank of Aha DbaM 

Nederiandadte Mjddafifandsbank N.V. New Japan Securities Earop; 

Nippon European Bank S.A. The Nippon Kflugyo Kafannarn Secnrities Co„ Ltd 


New Japan Securities E&rsjpe 


Memll Lynch Interoatimml & Co. 

l & Co. Morgan GresfeQ & Co. 

U>M 

Tbe National Bank of Xnwait&AX, 
TbeNikko (Lnxembot&g) SuA. 
Nomura Europe N.V. Nordic Rmflr 


' ■ Nippoa European Bank cLA. me Nippon Kaugyo hjunmarn s>«xnijcs Co., I t - 1 Nomura Europe N.V. NbrficBank 

II^M 

' Oestemlddsdie Landerbank Orion Bank FKbuken N.M.Roflisdfid&SoiS Salomon Brothers International 

A Mhpmlhaurfi United LWtcd 

j Sauwa Bank (Underwriters) Scandinavian Bank J. Henry Sdrroder Waim & Co. Skaadhtarisks Ensldlda Banken 

Uafed lintel Unfed 

Smith Barney, Harris Upham & Co. Sociftfi Centrale de Banqne 5LA. Societe G&tfrale Akadenne de Ramp' ft 

Sodeti Generate de Banque Stranss, Turnbull & Co. Sanntoma Ffanyo ttrigruagonal Sv pnrfm 

\ -Saris* Bank Corporation (Overseas) Taiyo Kobe Finance Hoag Kong Trade Development Bank,' Trident International Finance 

% _ U n fe d UrtWt jCmriE 

. . Uniaa de Banqaes Antes et Fran^aises-U.BjLF. Yerems- and WeatSumk S. G. Warburg & Co. ltd. 

A * rtrl \ i ill li ft i B 

. Dean. Wilier Reynolds Ittteniaffonal WaBams, Oyn & Co. WoodGimdy Vamafa*? wf v, 





LOMBARD 


FT SURVEY QF CONSUMER CONFIDENCE 


Financial 'Tim© Monday August £1 X97B 
CRICKET BY TREVOR BAILEY 


Monetary policy: More people expect pay Fourteen Test veterans 


a missing link increases of over 5% 


play village cricket 


BY SAMUEL BR1TTAN 


BY DAVID. CHURCHUL CONSUMER -AFFAIRS CORRESPONDENT 


UNBELIEVERS cannot be forced; 
to believe by political or intellec- 
tual pressures. ATI they can be 
made to do is to carry out certain 
actions— which will be under- 
taken unenthusiastically and 
mechanistically in the absence 
of genuine convictions. 

These reflections are prompted 
by the complete absence of any 
reference to monetary policy In 
the so*eajfted Counter-Inflation 
White P^per published in July 
which established the 5 per cent 
pay nevrm. it obviously did not 
occur to the authors that mone- 
tary policy was central or even 
relevant to the achievement of 
a ttesired inflation objective. The 


itfonetary targets were simply 
■something which another branch 


of the Treasury got on with, 
because it was fashionable and 


because it was fashionable and 
liable to influence the financial 
markets. 

Even those who wish to play 
safe with the slogan "All avail- 
able weapons must be used" 
must find the position highly 
unsatisfactory. For. at the very 
least, such an approach Implies 
that wage and monetary targets 
must be consistent with each 
other: and this they are not. For 

a monetary' target which was con- 
sistent with the 10 per cent wage 
norm of Phase Three dearly 
cannot be consistent with the 
5 per cent norm of Phase Four. 
And yet no change in the 
monetary targets was made on 
the occasion of the pay policy 
White Paper. 


MORE. THAN half the people 
monetary target of 13 per cent qupsflpried. i.n the latest Financial 
was thus consistent with 10 pet 1 Times, survey of consumer coofi- 
cent inflation-. The present infla- deuce expect pay rises in excess 
tion rate of. about 8 per cent has of 5 per cent over the next year, 
been a little less, reinforcing the About 53 per cent expect pay 
l repression (also, given by the rises above the 5-. per cent target 
latest earnings, figures) that this set by the Government with, ptf* 
low rate is a temporary aberra- Sessional and execufaye men -tind 
tion due to the behaviour of ster- - v ! 5un * people most expectin g gush 
linn and that next war thi> r, ses. A similar percentage' ex* 

irff&’i mn rate r hanb peered friends’ earnings t ft rise 

inflation rate wtUcIhnb. back by more than 5 per cent. 

into the 10-1- per cent range. Bur almost four in ten 'respoud- 
W th£ = cent wage, target ents were ready to settle for less 
For 197S-79 were taken literally. tf, nn 5 n^r cent. • 

it would have to be coupled with The FT survey, canned out by 
something like a 5- per cent rate t t, e British. -Barke* Research 
oF monetary expansion and the Bureau, also suggests a rise In 
inflation rate would. ultimately optimism among consumers, 
go down to 2 or 3 per cent. Even The past prosperity index 
if the real aim is only to hold showing hpw consumers’ expecta- 
the increase of earnings to < or tions have changed ovet the past 
S per cent. ie - half the actual year, has reached its highest ever 
Phase Three rate., present m one- level this mr/nth. Future con- 
tary targets Should; still be re- gdence too is up sharply after 
duced to 7 or S’ ner cenL two months _<jf relative pessimism 

ci and worriers over unemploymeut 

Chancellor are down * 

Z\ \ 1 The s*4^vey also endorses the 

This is far more than a tech- present consumer • boom in that 
meal mater. The best way in the " Time to buy ” index has 
which the Government could risen to its highest for over a 
have shown in July that ft meant -year. ■ 

business about reducing the rate T>'e past prosperity index for 
of wages increase would, have August was plus 4 per cent — its 
been to announce 1 a new and truest ever—due to a rise in the 
lower monetary target. The most number 0 f people feeling better 
important early practical effect than a year ago. Some 30 per 


AU.ADUl.75T 


ABC1MEN 


cause bwfwke ^ 

pusipeusnarTT = 

e at ttlPTMTUBf T 
wwma | . 


BETHER5DEN IS just another 
of those delightful villages that 
abound in Keut, with a keen 
unpretentious cricket club which 
has just built a pavilion on its 
charming little ground. This en- 
sures that the game will prosper 
there for the next 2Q years, be- 
cause those who helped with the 
building will make certain, that 
their efforts are not wasted. 


6-raonti» moving swaps | j V/ | • 

TS70 1gri‘" "rn ' "l973 2974 1975 T3TB '1877 TSTO 


77 ] 

I VI: 


Where this club is fortunate Is 
in having Peter Richardson, the 
former England cricketer, living 
in a manor house close by. To 
help the funds he agreed to raise 
a team of bis friends to play 
the village. It proved a success- 
ful and nostalgic event, which 
was hardly surprising when one 
considers the. friends who 
assembled there. 


of such a move would have beenf'cent felt worse off, while 34 per 
to improve the outlook for stey-7 cent f e it better off. Those feeling 


Sterling 


In the financial year 1977-78, 
the target growth rate for 
sterling M3 was 9 to 13 per cent 
In the event it rose by over 
16 per cent, partly as a result of 
the Treasury's persistence in 
holding down the sterling rate 
until the end of last October. 
In the Budget speech this spring 
Mr. Healey fixed a new target 
for 197S-79 of S to 12 per cent. 
This has not been superseded. 

The corset has 1 now been 
extended to June. 1979. But this 
is simply as a means— -highly 
dubious, but that is another 
matter — to enforce the existing 
and unchanged monetary target 
This is still a maximum of 12 per 
cent -for 197S-79 as a whole.. The 
corset sinipiy reduces the chances 
of the target being exceeded by 
the time the financial year has 
come to an end. 

The trend of real growth in 
the economy is at best 3 per cent 
per annum. This percentage 
should therefore be subtracted 
from rate of either monetary ex * 
pansion or of wage increases '/p 
work out roughly the underlying 
rate of inflation. iTfce velo city 
of circulation of money does 
fluctuate, but with no. blear 
trend.) The 1977-78 upper 


ling — against all currencies, better off have now been in the 
just the dollar — and. thus lixcrtt majority for four months, 
what companies could, pay in However, this increase in past 
wage increases without pricing prosperity was almost all due to 
out of world, (and the influence of ABC1 men. the 
Bntisfi; markets. / professionals and executive 

It is true that foe Chancellor group, 
has— unfortunately in view— ^ 

committed himself to, six months Better Ott 
monetary targets. Th’/s gives him There was little change in foe 
a chance of announcing a lower attitude towards past prosperity 
! ar .c J n . 0c ™ ber ' the second according to age group, with the 
■half of the Snaatr.dai year. But under-34 group still feeling sub- 
by then- it will ae too late. To stantially better off than other 
make a major , impact on the age groups. 
m £°?^. r - v , ^Pension for the On a regional basis, past pros- 
whole fiscal year, an undesirably perity has risen in Scotland and 
dracoman cjnmpdown would the North to plus 14 per cent, is 

JK2 A 0 ,, b n e A ,0 J of steady in Wales and foe Mid- 

ti me will nciw be wasted looking lands at plus 4 per cent, but has 
for this o^ that leak or defect fallen in London and the South 
ff8 -‘ 9 , w ?S e controls— to minus 5 per cent 
when for* real fault will lie in a The part of foe survey indicat- 
monetary policy working against future expectations shows a 

, 6 per cent rise over the previous 

ir ^«iJ?, ta J T t PO i ICy fa ? rtl0lis , b - est month in those consumers betiev- 
|f__ c _ e ^SiflhinS 118 tenD obje, \ ing conditions will Improve. 
J/Tf* stretching over several The index is exactly balanced 

f with 23 P er cent expecting condi- 

tions to improve and an equal 
m me. The excessively short term nnmh . r them to 

approach now favoured by the thUh an 

Ss^aaaar sus s 

strafegv^and do^sISfoinTt^S ^i7f U p ^°27 p^SnL ***** 
with the wage objectives on kvel of plus 27 per cent 

which so much store is stressed. 

But then that is what one would — given by three out of 10 
expect from, unbelieving mooe- re^joadents — is the usual one 
tarists. The. election has very — titol “things must Improve, 
little to do with .it. A steady 12 per cent of con- 


sumers — foe same for three 
months nenaing — believe that 
a change of Government will im- 
prove conditions. 

A sharp rise among those who 
believe that inflation- is still the 
main reason for pessimism sug- 
gests that this is still likely to 
be a major issue at foe next 
General Election in spite of the 
Government’s reduction of the 
inflation rate to about S per 
cent for foe rest of foe year. 

Comparing confidence among 
social grade groupings, the sur- 
vey shows that all men are more 
optimistic although .this is more 
apparent among foe professional 
and executive group. Women 
from all groups, however, are 
still basically more pessimistic 

about foe future. 

The under 34s are foe most 
optimistic, but foe survey shows 
a sharp rise In confidence among 
foe 35 to 54 age group. 

Last month London and the 
South was foe only region to 
show a rise in future confidence. 
This month, however, it is the 
only one not to. London and the 
South is foe most pessimistic 
region whUe Wales and foe 
Midlands has risen from being 
the most pessimistic areas to the 
miM optimistic. 

Almost half foe survey felt it 
was a good time “ to buy big 
things for foe bouse,” with only 


one in four believing that sow 
was not a good time. 

AH groups of men in the 
survey felt that now. was a good 
time to boy, while ABC1 women 
were less prepared to commit 
themselves at present Although 
working class women are the 
only group to show a rise they 
continue to have a much lower 
belief in now being a “good 
time to buy.” 

After last month’s unusually. 


low level, the time to buy index 
has risen by almost a fifth in 


has risen by almost a fifth in- 
Scotland and the North East 
returning to its . June leveL. 
Despite being the only region to 
show a rise, foe index remains 
lower there than in foe rest of 
the country. 

The unemployment index has, 
improved this month with a fall 
in the number of those who think! 
unemployment will increase. Bat: 
there Is still a 22 per cent gap 
in favour of those who believe 
unemployment will increase com- 
pared with those who think it 
will fall 

This feeling is highest this! 
month in Whies and the Mid- 
lands, where it has been rising 
steadily, although elsewhere 
people’s expectations on employ- 
ment have fluctuated. 

The survey was carried out in 
foe first week of August and a 
total of L039 adults was inter- 
viewed. 


Fourteen former England 
cricketers turned up, including 
the ageless Les Ames as spec- 
tator, and Jim Laker (minus 
lightmeter) to umpire. 

It was really a side of “ golden 
oldies ” going back to the Crosby 
era — well worn, with silver re- 
placing the gold, thicker around 
the middle and thinner on the 
top but -all -without exception hi 
excellent voice throughout the 
day and the night that followed 

Looking round foe dressing 
room, memories of Teats 
throughout foe world flooded 
back. Standing at short leg as 
Laker sent back 19 Australians 
like hypnotised bunnies ... 
Cowdrey coming of age with 
that elegant century at Mel- 
bourne . . . foe power and beauty 
of Truman’s action in the Carib- 
bean . . . opening with Peter 
Richardson in Johannesburg 
and foe blank faces of foe 
opposition as we addressed each 
other as Herbert and Sir John 
— a tribute to an opening pair 
who really could bat 

It would have been possible to 
select a side from those players 
at Bethersden which would have 
been stronger than many inter- 
national teams I have played for. 


against, or seen. There would 
have been no shortage of runs, 
anil' considerable depth to the 
following batting order. Peter 
Richardson. Arthur Milton, Bill 

Edricb, Colin Cowdrey. Les 
Ames, Doug Insole. Peter Parfitt. 
Tlevor Bailey. Don Wilson, Fred 
Trueman and 

The openers. Richardson and 
Milton were entirely dissimilar 
in style. Peter, blessed with an 
imperturbable temperament, was 
an outstanding acquirer of fops, 
a« illustrated by the fact that 
he reached a thousand m Test 
cricket faster than anyone. 

Arthur, almost certainly the 
last of the double internationals 
for both soccer and cricket, was 
a. neat, compact player and as a 
fieldsman outstanding. 

Edricb. Cowdrey and Ames 
would provide a By team with 
class and substance. All force 
inevitably averaged over 40 in 
T*st cricket. Bill was a natural 
fighter and a fierce booker of 
fiat bowline. Colin played in 
over 100 Tests and finished with 
the largest individual aggregate. 
Les as batsman was good enough 
to have been chosen purely in 
foat capacity. 

Efficient 


. insole and Parfitt were very 
efficient run getten; with some- 
what unusual techniques. On the 
only occasion when Doug played 
in all five Tests he headed the 
English batting. Peter averaged 
40 in his 37 Tests. 

Despite the presence of True- 
man, England’s best fast bowler, 
who captured a record number 
of Test wickets (over 300 in only 
AT Tests), and Jim Laker, the 
greatest off-spinner, the attack 
may appear fragile. Like all 
Yorkshire slow left-armers, Don 
Wilson, suffered from being com- 
pared with his illustrious prede- 
cessors. He was a reliable rather 
than an outstanding spinner, a 
dangerous attacking batsman 
and a brilliant field. 

Although I did open the bowl- 
ing for England os several 


occasions, the seam section, looks 
thin until one remembers that 
before the war EdriCh was a 
“ tearaway ” quickie of genuine 
speed, while several : other 
members of the cast could turn 
a useful arm over. 

For more than most profes- 
sional sports, cricket breeds long 
friendships, as urderlined by 
this group who came at their 
own expense from all over the 
country because Peter had. asked 
them as a favour. Onie reason' 
iff the character, and the length, 
of the game, while on tour one 
discovers the real person' behind 
foe scorer of runs or taker of 
wickets. 

People often ask what 
cricketers do when they retire. 
Well. Peter is in pubBc. relations, 
his brother Dfck a print broker. 
Peter Parfilt mine host at 
a popular hostelry In the North. 

John Murray is able to com- 
bine the trials of Test selection 
with a position in one of too 
largest sports manufacturers. 
Don Wilson is bead coach, and a 
very good ' one, at- foe Lord’s 
indoor schooL 

Fred Trueman remains a 
leading personality and a bril- 
liant after-dinner speaker.. Doug 
Insole is an executive with a 
leading building company which 
has released him to manage the 
England team in Australia. 
Arthur Milton is involved in the 
carpet business but remains a 
dog expert— as any cricketer 
lucky enough to have accom- 
panied him to a race meeting 
will vouch. 

My piece on August 14. about 
the considerable difference 
between England's batting and 
bowling, should have read: “In 
sharp contrast to the batsmen, 
foe England bowlers, with the 
exception of Miller, not yet of 
international calibre, are very 
powerful.” 

As expected. Miller has lost 
his place to Emburey far the 
final Test against New Zealand 
starting on Thursday at Lord’s. 


TENNIS BY JOHN BARRETT 


tournaments 


New Mersey service to Africa 


THE ROYAL Swazi Maritime 
Company’s freighter. Swazi 
Maiden. 11.069 t-ons arrived in 
the Mersey yesterday to open a 
new service to East and South 
Africa. 

The vessel will load 750 tonnes 
of general cargo and os expected 
to start the return voyage on 
Wednesday for Cape Town, 
Durban and Mombasa. 


The UK agents Worm Cargo 
Services recently moved their 
sales office from Manchester .to 
Liverpool, and recruited staff to 
deal with foe trade. 

Swaziland will have three 
vessels on foe route to provide a 
regular monthly service which 
has been welcomed as a new 
trade outlet by foe Mersey Docks 
and Harbour Company. 


are growing fast 



f Indicates programmes in 
black and white 

BBC 1 

6.4# am Open tJniversity (Ultra 
High Frequency only). 9-55 Pad- 
dington. KMtt Jackanory. 10.15 
Grange HilL 1AJ5 The Islanders. 
1-10 pm Mr. B*iun. 1.45 News. 4.18 
Regional N'aws for England 
(except Loudon). 4-20 Play 
School (as 1JBC-2 11.00 am). 4.45 
Roobarb. V50 Help! It’s the Hair 
Bear Bu*ch. 5.10 Go Wilh 
Nonkes. 5.35 Captain Pugwash. 

5.40 N'.ivs 

5.55 >Vatiom\-ide (London and 
‘South-East only) 

6.20 Hen cms on the Road 

7.1ft It's a Celebrity Knockout 


8J0 Headmaster 
9.00 News 

9.25 The Monday Film: ‘ Limbo ’ 
1L15 Checkpoint 
11.45 Weather /Regional News 
AD Regions as BBC-1 except at 
The following times: — 

Wales — 1.30 pm Pili Pala. 5.55 
Wales Today. 6.15 Newydd. 11.45 
News and Weather for Wales. 

Scotland — 5.55 pm Reporting 
Scotland. 11.45 News and Weather 
for Scotland. 

Northern Ireland— 4.18 pm 
Northern Ireland News. 5.55 Scene 
Around Six. 11.45 News and 
Weather for Northern Ireland. 

England— 5.55 pm Look East 
i Norwich): Look North (Leeds. 
Manchester, Newcastle); Midlands 


Today (Birmingham); Points West 
(Bristol); South Today (South- 
(Plymouth). 

BBC 2 - 


F.T. CROSSWORD PUZZLE No. 3,750 



6.40 am Open University 

11.00 Play School 
4.55 Open University 

7.00 News on 2 Headlines with 
sub-titles 

7.05 World Chess Championship 
Report 

7-30 News on 2 

7.40 Grapevine 

8.10 The King’s Singers’ World 
of Music 

9.00 A Curtain Call for Moliere 
9.50 Oneupmanship 

10.20 Hospital 

11.05 Late News on 2 

11.10 Joan Arroatrading in 
Concert 

LONDON 

9.30 ant It’s Life wilh David 
Bellamy. 9.55 Be a Sport with 
Brendan Foster. 1021 Oscar. 10350 
Litie House on the Prairie. UJSO 
2lst c entury. 11.45 Felix the 
Cat. 12.00 Paperplay. 12.10 pm 
Hickory House. 12.30 Untamed 

1.00 News plus FT index 
World. 1.00 News plus FT index. 

1.20 Platform. 1.30 About Britain. 
2.00 Summer .After Noon. 2.25 
.Monday Matinee: “Skullduggery" 
starring Burt Reynolds. 4 JO Clap- 
perboard. 4.45 Enid Blyton’s 
Famous Five. 5.15 Batman. 

5.45 News 

6.00 A Town Called . . . Stepney 

6.30 Cartoon Time 

6.45 The Kenny Everett Video 
Show 

7.30 Coronation Street 
I 8.00 A Soft Touch 

8.30 World in Action 

9.00 Out 
10.00 News 

1030 Appointment with Fear: 


2.00 Comedr Break. 2J0 Family FDm 
Matinee: “ Seven Clues Of GoW." 505 
In Searrti Of . . . The Coming Ice age. 

6.00 A TV Today. 10J# McMiHan And Wife. 

BORDER 

10.20 am Ghost Bustere. 10.40 Tell Me 


Why. 11.05 Iftjxlc Circle. H-30 The Piper 
Lads. 12J0 pm Gardening Today. 1L20 
Border News. 2A0 ffooseparty. US 
Maiinoe; "Seven Cities Of Gold." 5J5 
Garnock Way. 6.00 Look a round Monday. 
6.15 In Concert: Pcier Sirakcr. 1X3# Look 
Who's Talking, lino RJchl-.- Brortehnan. 
Private Eye. 12J0 Border News Summary. 


Lada, me pan Gardening Today. L25 
News and Road Reoort. fl25 Monday 
Hi U nee- “Affair In Trinidad. ’’ starring 
Glenn Ford and Rita Hayworth. 5JS 
West. LOO Scotland Today. 6JQ Crlmednk. 
UJ> World Worth Keeping. U-00 Late 
Call u.05 Festtral Ct a cm a Po ng lao Rat. 
11*50 The aig Break. 


SOUTHERN 


*■ It ” starring Roddy Me- 
do wall 

12.15 am Close: A painting by 
Goya accompanied by the 
music of .Tuan Martin 

All IBA Regions as London 

I except at the following times:— 

A TV 

10 . 20 am Survival. 10A5 The Paper Lads. 
IZJq Young Ramsay. 12JB rid Sinbad 
.Inr. 1235 After Noon. 130 ATV Newsdcsk. 


CHANNEL 

1-20 pm Channel Lunchtime News and 
Wbat'i On Where. 2JS ’’he Monday 
Matinee: " The Dorse Soldiers:’'. ' 535 
Roturn To The Planet Or Ttna Apes. M0 
Channel News. 6.10 Sklppy. 10-28 Channel 
Utc News. 1032 Look To The Sea. UJO 
Late hiBhl Film ■■ Virgin I '.land-" 12-45 
am Mctra and Weather in FrendL 

GRAMPIAN 

9 .25 am Uni Thing. 1030 The Other 
World. 10.« Tell Me Why. li.10 Magic 
Circle. U.35 Paper Ladb. 1230 pm Old 
Uoust — .Vow Home. Uo Grampian News 
Headlines. 2.2S Monday MjiIqso: “ A 
French Mistress.” starring Cecil Barter. 
535 Out Of Town. 6J0 Grampian Today. 
630 Top Clob. 1030 Reflections. 1135 The 
Motiday FUm: Bandolero," starring 

James Stewart. Dean Marlin and Raqoel 
Welch. 1235 am Grarapun Late Night 
Headlines. 

GRANADA .... 

1035 am Sesame Strvot. 1135 Sklppy. 
11.55 A Handful Of Souks. 12.30 aid The 
Galloping Gourmet. 1.20 L'odo.. 1235 
Monday Matinee: •• Only Two Can Flay." 
starring Peter Sellers. 5.15 Gambit. 0JM 
Granada News. This Is Your Right. 
635 Cartoon time. 1030 CTos-. Encounters 
Of Various Kind. 12-OS am A Lull* Night 
Music. 

HTV 

1030 am Dsonmun— Tie Do* Wonder. 
10.00 Tell Me' Why. 1135 Magic Circle. 
1130 The Paper Lads. 12.30 pm Farm- 
house Kitchen. 130 Report tAVii Headlines. 
135 Report Wales Deadlines. 2go House- 
party. Z3B The Monday Mai luce: "Seven 
Ctrtos Ot Gold." starring Richard Egan 
and Anthony Quinn. 535 Talk ,Of The 
Perit. 6.00 Report West. 632' Report 
Wales. 1035 Cehcrna Club. 

HTV Cymni rwaies— As htv General 
Service except:— L20-L2S pm Penawdan 
Newrrfdian V Drdd.- 2JM-23Q ffamkten. 
6.00432 V Djxid. 

'HTV W««^-A5 HTV General SerriCB 
except: — L2MJ0 pm Report West Bead- 
lines. 6-22-635 Report West. 

SCOTTISH 


1D3D am Woody Woodpecker. 1M# Tell 
Me Why. U.05 Magic Circle. 1130 Paper 
Lad>. 1230 P"» Farm Progress. 130 
Southern News. 230 Bonseparty. 235 
Monday Matinee: “ The Film FUm Man.” 
starring George C. Scott. 535 Lave roe 
And Shirley. 630 Day By Day. 1030 
Talking Bikes. 1130 Southern News Extra. 
1130 The Law Centre. 


TYNE TEES 

935 am The Good word followed by 
North Bast News Headlines. 1030 Show 
Cas-. XL 05 Magic Circle. 1130 The Secret 
Lives Or Waldo Kilty. 1230 pm Last Of 
The WUd. i3B North East News And Look- 
around. 235 The Family. 33o Genera Uon 
Scene. J35 Cannon Time. 330 The 
Advctuures Of Muhammad All. 535 
Friends Of Mao. 630 Northern Life. 6.40 
Police Call. 1030 Revolver. 1235 Law 
Centre. 2235 am Epilogue. 


ULSTER 

1030 gm The Lost islands. 1030 Tell 
Mi- Why. 1135 Made Circle. 1130 Paper 
Lads. 1230 pm Out Of Town. 138 Lunch 
time. 235 Monday Matinee: " A Town 
Like Alice.” siarrtna Virginia McKenna 
and Peter Finch. 431 Ulster News Head- 
lines. 535 In Search Of . . . Easier Island 
Massacre. 6-00 tflstor Television News. 
6.05 The Beverley Hillbillies. 630 Report*. 
10 JO Heller Skelter iPart Ui. 1135 


THE CASUAL -observer, relying 
for his information on news- 
paper' headlines,' might be 
excused for believing foat tennis 
in Britain -enjoys a .midsummer 
hibernation in tho-'weeks follow- 
ing Wimbledon. • 

The Grand Priar moves for. two 
weeks'to Europe before swinging 
across the Atlantic -. for foe. 
American -season and. apart 
from' ■ a three-day -, burst . of ' 
interest in the Davis Cup win iii 
Paris; all British sporting, eyes 
are • focused firmly ’• on golf, 
crifcket athletics, show jumping 
and, of course, racing and foot- 
ball. : t 

Ip fact, of course, 'this is a 
period of frenetic tennis activity 
and by carefully searching 
among the results sections foe 
affidonado can just keep abreast 
of inter-school cups. the. inter- 
county championships. the 
national junior . championships 
io age groups from under-12 to 
under-21 and the national chal- 
lenges in foe many international 
junior cup - competitions in 
Europe. Not to mention foe 
customary round of popular 
holiday tournaments. Thousands 
of competitors fill the weeks to 
overflowing. 

There is another fast-growing 
area of the game which receives 
scarcely a mention. While the 
national under-21 championship 
finals were being played in 
Manchester on Saturday I 


wonder how many even keen 
followers of foe game were 
aware that all foe All-England 
dub foe finals of the third 
annual British Veterans Cham- 
pionships were taking place? - 
^ Organised by the Veterans 
Association of Great Britain, a 
bbdy formed in 1974 to co-ordi- 
nate ^fce activities of the 
Veterans Club of Great Britain 
founded 'in 1958. and foe 45 Club, 
which followed a year or so 
Later, foe championships are now 
a wen-established part of foe 
growing veteran game. 

Some 150 competitors con- 
tested' singles and doubles in 
three age-groups — over-45, over- 
55 and over-65. But foe experi- 
ment, this year, of inviting ladies 
to take pan, met a disappoint- 
ing response. 

It is sr sobering thought that 
the new veteran champion in foe 
45 age group. Geoff Cass, who 
defeated, former champion 
Freddy Field 6 — 1, 7 — 5. was 
playing for Oxford when I was 
playing for the Light Blues back 
in the early 50s. 

The tournament was spon- 
sored by Poly trade, modestly as 
befits an area of the game where 
the competitors play for plea- 
sure. . 

It was - .appropriate that the 
company’s ..chief executive, 
Meyrlek Kbcllnk. a former 
Czech who now makes his home 
here, should win the over-55 


singles by beating the popular 
Queen’s- Club jo ember George 
Hesz 6—3, 6—0, in foe final 

There arc now some- 41 clubs 
in Britain with veteran sections 
affiliated to foe national Associa- 
tion, a healthy sign. IpcEWduai 
members of foe Veterans Chib 
and the 45 Club Intel more than 
500 men. Many of them travel 
keenly throughout Europe to foe 
attractive tournaments which 
now flourish in ail foe leading 
tennis nations, from Spain and 
Italy in foe south to Norway and 
Sweden in the north. 

Internationally the veterans 
game has never been stronger, 
with the UE. clear leaders both 
in numbers and in standard. 

It is no surprise, therefore, 
that the Dubler Cup, presented 
by Leon Dubler of -Switzerland 
-in 1958 as a veterans version of 
foe Davis Cup, should have been 
won seven times by the XJE. 
since it first challenged in 1968. 
Overall. Italy has one "more win 
— seven victories between 1958 
and 1968 and a further success 
in 1976. 

If even a small proportion of 
the multitudes of young players 
currently Buttering foe courts of 
the world and clamouring for 
competitive opportunities con- 
tinue to play in middle and late 
age. then surely they will be 
prepared to put back something 
into the game from which they 
have derived so much pleasure. 


RACING - BY DOMINIC WIGAN 


WESTWARD 


Hawaiian Sound all the rage 


. 10.20 am Skipoy. M-«0 TcU Me Why. 
U.05 Mafic Circle. 22JO Paper Lads. 
1237 pm Gus Honoybim’s Birthdays. 1230 
The Story Of Wino. 130 Westward Neva 
Headlines. 235 The Monday Matinee: 
"Tbe Boese Soldiers. " jum« John 
Wayne. SJ5 Return To The Planet OI The 
aim's. 630 Westward Diary- 535 Sports 
Dwfc. 1&2B Westward Late News. U30 
Encounter. 22.00 Laic N'lfht Film: 
" Virtu island." starring Sidney P oilier 
and John Cassavetes. 2235 an Faith For 
Life. 


1030 m The BcacheOthbcr; 1030 Tell 
Me Why. 1235 Manic Circle. 1130 Paper 


YORKSHIRE 

1020 am The Outsiders. U-10 Children 
In JW4. 1135 Wildlife Cinema. 1230 pm 
Fanning Outlook. 130 Calendar News. 
1235 Monday ttailnec: “ Affair In 
Trinidad."' starring Rita Hayworth and 
Glenn Ford. 435 Cannon Time. 535 The 
Beachcombers. 630 Calendar i Ernie y 
Moor and BelmoDi editions'. 1030 
Calendar: The Best Setter*- U-60 Law 
Centre. 


ACROSS 

1 Unlawfully bribe junior 
nlhror to rin-j n:n-$ (6* 

4 Study French leader joining 
sailor in discussion (6> 

5 Listener's dependant (3-4 1 

y Bird cresting in read (7.) 

11 Unprepared pnficemun pre- 
cedes bo» do ptiper (4-6) 

12 Provisionals to north 
country <4t 

13 Support rail Expert (5) 

14 Understood how it became 
popular (6. 2) 

16 Person prt.(sent when offer 
was made <S) 


DOWN 


1 Will says kL-ep r/uiet every- 
body (5) 


2 A bitter that might go to 
cleric’s head 17 1 


3 A hasty broadcaster is likely 
. to degenerate 13. 2. 4) 

5 Nymph has nothing to study 
io) 

6 Footballers in association 
with Paddy and company look 
pretty good 1 7 1 

7 Defeat concerning search 
(4. 5) 


« UC ikinw- 

18 Took underground on return- 10 Investment medium has space 
ing to make professional start for goods si ore (5. 4) 


<5> r . . 13 Bloomer yivina prize for 

20 Tobacco for little old penny dairy produce (HI 

21 Continue best performance in 15 ?H ess be,ow lhe Kile Perhaps 

•tatAinnnt fnr publication *** 


19 Cloiit stiffened by two male 
beasts (7) 


statement for publication 

(2. 2. €1 17 Position close to TV 

33 Beaclv a church one day comedian (7) 

before (7) 29 Cloth stiffened by two male 

24 1.00B-1 award goes to beaste (7) 

25 Jump 6 round foe French with 21 ^eseBted student with 

Spanish dish (6) hammer (5) 

26 Pwund husband gives writer 22 Taken to station during race 

£6) to the tape (3. 2) 

The solution of last Saturday's prize panic will be published 
with names of winners next Saturday. 


RADIO 1 34701 

(S) Stcrcphonic broadcast 
530 am As Radio 2. 732 Date Loo 
Travis. 9.00 Simon Talcs. U-00 Paul 

Burn-.-ti <rlib ih» Radio l Roadshow from 
W»:on-Sup*r-Marc. 1230 pm Xctrsbeat. 
12.45 Pww Powell. 230 Tony Blackburn. 
4.31 Kid Jonsnii tnclodlns 5J0 Netrsbcstt. 
730 Sports Desk i joins Radio Ji. 10.02 
John P’.-cl |§‘. 12.Mk2.0Z am AS Radio 3. 

RADIO 2 1 - 500m aDd vhf 

5.00 am Ncrs Summary. 5.82 Ttmr 
Brand ft n iSi Including 635 Pause for 
TtKXUbt. 732 Tern’ wopan i S» includtnK 
037 KacUtK Bow tin and 3.85 panso lor 
TIwushT. 2030 jhnmp young iS*. 1235 
pm wasgonen’ Walk. 1230 Pete Murray a 
Open House (Si including 1.45 Sporcs 
Desk. 230 David Bamilton iS< inclQding 
2A5 and 5-45 Sports Desk. 430 Wassoners 
Walk. 43$ sport* Desk. 430 John Dunn 
• S> including 535 Sports Desk. 6.45 
Sports Desk. 7.02 BBC Northern Radio 
Orchestra i S i. 730 Sports Desk. TJ3 Alan 
Dell: 73J Th-? Dance Band Days. 8.02 
The Biff Band Sound i$t. 9.02 Humphrey 
Littleton with The Best a t Jars on 
records iSi. 435 5 ports Desk. 1032 Taun 
and Country Quiz in JO Star Sound. ZZ.8Z 
Spore D*r*k. 1235 Brian Mari ben- intro- 
duces Round Midnight including 12.00 
News. 230-2.02 am News Summary. 

RADIO 3 464m. Stereo ft VHF 

1635 am Weather. 7.00 News. 7.05 Over- 
ture IS>. 830 News. 835 Mornlnx Concert 
•Si. 5.0 d News. 935 This Week's Com- 
p«er: Beethoven fS 1 . 935 Second 

Broadcam 'S'. 1230 Sylvia RcneiAsmn 
piano radial (Si. 2230 Mahler; D*t lied 


von dcr Ecdo «Si. 1.D0 pm News. 235 
slarthcw Locke concert iS.. 1.40 Ons * n 
Mnsic • Si. 2.2S STahnee MiuUale iSV 330 
The Young Violinist iS«. 430 New 
Records of musk by Bernsieln tSL 5JS 
Bandstand «S>. 45.45 Uomward Bound- 

16.05 News. 2630 LU-dines: Borne Aud 
Family. 730 Froms 15 pan i. From Sr. 
AnguatlDe’s Church. Kilhurn- religious 
tmude «S>. 8-45 Living in The Owit 
Professor Michael Evcnan m conserve- 
tion umh Dr. Patrick Morris. 438 Proms 
7S pan 3. From The Round House. IiUdon 
— dumber music concert, part 1: 
Gerhard. Stockhausen. Weber u rS». 103B 
The Coaf*-fl Of Love And aiarnage (talk 
hy Laurcace Lcrneri. U30 Proms 7* part 
3. Chamhcr music concen. part T Sioc#- 
hausen » S'. 21.45 Snrj. 1138J135 

Tonrchf’s Sdraherr Song <S> 

Radio 3 VHP only— 630-T.Qo ant and 
535-730 pm Open University. 


Mother. 3.00 News. 3.0S Afternoon Theatre 
rSi. 435 Story Time. 530 PM Rc-Dorts 
S 4o Serondloty. 535 Weather: prowarame 
new*. 630 News. 630 Share And Share 
Alike iS). 730 News. 7.05 The Arehars. i 
7.20 From Our Own Corresponds M. 735 ! 
The Monday Play fSi. 935 Near M>1haj 
of Ancient and Modern Greece. 930 ! 
Kaleidoscope. 439 Weather. 10.00 The 
World Toauht. 10J0 Origins. 11.00 A Book 
AC Bedtime. 2135 The Financial World 
Tonight. 1130 News. 

BBC Radio London 

206 m and 94.9 VHF- 
539 nm As Radio 2 , *J0 Rush Boar. 
9.06 London Live. 12.05 pm Cali m. 243 
2M Show case. 433 Home Run. 735 Fran 
The Original Soundtrack. 738 Black 
Loodnaen. 030 Breaktiinmpft. 1333 Laicj 
Night London. 12.00 Close; As Radio 2. 


WITH THE drying of foe Knaves- 
Tnire. Hawaiian Sound is becom- 
ing all the rage for Tuesday’s 
renewal of that fascinating race, 
the Benson and Hedges Cup at 
York. Ir is not difficult to see 
why. 

Lester Piggott has switched to 
the Lambourn colt in preference 
to More So, and with each day 
of sunshine this three-year-old's 
chance must be improving, in 
contrast to such colts as Jellaby 
and BalmerintL 

Trainer Barry Hills has already 
said he is not yet convinced that 
Gunner B is a topflight per- 
former, in spite of foe New- 
market colt's victory in foe 
Eclipse. 

This afternoon Hills and stable 
jockey Ernie Johnson go for 
smaller prizes at Windsor, where 

I hope to see them land the 
Loudwater Nursery through Mr. 
Chummy Gaventa’s Best Star. 


This good-looking brown colt 
by Realm out of Karen. Chase — 
who has already produced Mr. 
Fordette and Breathing Exercise 
— justified some hefty bets when 
defeating 33 opponents headed by 
Etoile de? Indies here last month. 

I believe he will get back on 
the winning trail today, in spite 
of a poor ran at Hay dock shortly 
after that Windsor success. 

Speedy Pet who was sold out 
of Paul Cole’s stable for 
5.2Q0 gas afier landing a seller 
on that Lancashire course, 
should go; well for his new 
trainer, Michael Jarvis, but I ■ 
doubt if he . can take advantage 
of foe 3 lbs he receives from 
Best Star! 

Another interesting two-y par- 

old event here is the NewhoJtne 

Stakes. In which chances can 
br- made for several runners. 
Lester Piggott, not often seen 
at Windsor nowadays, partners 


Nus antra for his brother-in-law. 
Robert Armstrong. 

Nnsantra. a rangy colt by 
Champion Stakes winner Loren- 
zaecio out of Gay Trinket a 
half-sister to Patch, has shown 
notable promise, on both his 
appearances without catcbing the 
judge's eye. This seems foe 
ideal opportunity for htm to get 
off the mark. 


WINDSOR 

2.30 — Nusanlra** 

3.90— Noble MLss 
3J0 — Best Star*** 

4.00— Wale 

4.30— Water Ballet 

5.00 — Bus iris 


NEWTON ABBOT 

2.15 — Shoot the Lights 
2-45i — Over Acting 

3.15— Gligsandro 
3.45— Mac’s Birthday* 


HORSE TRIALS BY MICHAEL. DONNE 


Richard Walker is Midland champion 


RADIO 4 

434m, 330m, 38.1m and VHF 
. 630 am News Bnoffok. 6 .iq Fanning 
Work. 630 Today, tncluduj" 645 and 7.45 
Prayer far the Day. 7.00 aiul 8.00 Today's 
News. 730 and 830 [h-adllfKC- 835 
Hard Times fiS». Mo Kmrs 935 Start 
"In? Week With RJctiani Bitfor in 
Bdinbursb. 2030 News. 10 .QS Wildlife. 
2030 Daily Sorrtce. U45 Morning Story. 
22,00 News. 1135 Ttur Invasion of'Cwcho- 
slovakla fa documentary (jy Vera 
£tacfcvr>*n>. 1 2 3 0 Announce runnis. 2230 
News. 12.82 aai y w And Yours. 12£T 
Bra hi Of Britain tsra. 1235 weatlier; 
BfKruuM news. LOO TUc World M One. 
230 Ttic ArcJjers. L<0 Womaifs’ . Boor 
mcl u dws 238ZQ2 News. 1*5 Listen WHO 


London Broadcasting 

261m and 97.3 VHF i 


5.08 am Mor ning Maste. 638 A.M.: mm- 
si 00 news, informaiion. travel, snort. 1030' 
Brian Hayes Show. LOO pm LBC Reports. 
LOO George Cole's 2 O'clock Call. 430 
LBC Hamits 1 continues 1 . 8.88 After Eight. 
938 Ms&timc. 130 am Night Extra. 


Capital Radio 

194m and 95.8 VHF 
630 am Graham Dti-nc'* Breakfast ' 
Show tS). 9.00 Michael Aapel 1 S 1 . 12.00 
Dave Cash fS>. LOO pm Reger Scott 
7.80 Loodon Today IS». 73g Adrian Love's 
Open Urn (St, 9.00 Nicky Borne's Your 
Mother WooWn’t Lite It iSi. 1130 Tons- 
Mran'r LaK Show (S>. 236 am Mite' 
Saht&'f Wsfit Flight <£}. j 


Mrs. Anna 3 use9R*s bay gtidnig, 
Special Constable, wna foe. Mid- 
land Bank Open Horse Trials 
Championships of Great Britain 
at Loeko Park, Derby, over the 
week-end. 

Second was Mrs. Jane Holder- 
ness-Roddara riding Just So. 
while foe ever-c (insistent Rachel 
Bayliss, riding Gurgle foe Greek, 
was third. 

The novice championship, ruq 
at foe same time, was won hv 
Miss Miranda Frank, riding Hal- 
star. 

Richard Walker's victory was 
a welcome return to the ranks of 
the winners by a talented young 
event rider. 

He is a farmer junior 
European champion who in 1969, 


in bis first year in senior events, 
won the Badminton Horse Trials 
riding Pasha. 

Another of Britain’s leading 
event riders. Miss Lucinda Prior- 
Palmer, foe retgmng European 
champion, had two of her horses 
placed in this week-end’s cham- 
pionships— Village Gossip to 
sixth place ^and Killaire in 
seventh. ’ 

The Midland Bank Champion- 
ships represent foe culmination 
of more than 80 separate horse 
•1'Pktis utwou^ioul foe crmnLry 
over the last 12 months; ail spon- 
sored by foe banking group. 

As such, they bring together, 
all foe best combinations of 
horses and riders, and this year 
was notable for the . galaxy of 




equestrian talent converging on 
Derbyshire. 

This year's championships 
were also significant is that all 
the horses and riders on the 
short list for the forthcoming 
World Horse Trials Champion- 
ships in Kentucky were taking 
part for the benefit of foe team 
selectors. 

Of the first 10 - places to the 
open championship this past 
week-end, xmj fewer than five 
riders are among those included 
in foe short list 

• Princess Anne, on foe Queen’s 
horse. Goodwill, was riding Hors 
Concnurs. but her final score 
would have been good enough to 
pul her in equal fourth place to 
foe championships. 




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financial Tiroes Monday August 21 1978 

fv. Elizabeth Hall 

d:i; • ‘ 

, "" Vivaldi and Schubert 

: by NICHOLAS KENYON 

Plochas Zukerman, not content Vivaldi’s piece (not necessarily tion, and attempt* to invest it 

JJJS rapid me from violin . for Sl Mark’s. Venice, just with symphonic weight and sig- 

! 2 E- i?JS2£i SU “ * “i 1 * 0 ch “ ch niflcance are tound » *«■ 

took the opportunity on Friday church™ In first half. Zukennan 

night in present h inselT io his S {UVte 5^* uK ^recW the ECO in three 

own first season of South Bank " ™J5th « Sn tew ur Vivaldi concertos which, refresh- 

Summer Music concerts as a H^Lby 3 d l»8>y . 1 had not heard more than 

choral conductor. To celebrate - r ? a cou P le b{ times during the year 

Ihe year’s two unrtpreKM eff“« S m L .hlS r P«h«» ,™ MM ™ th« stmb 

anniversaries, a double-choir re s Bank is actually keepinc -a list- 

Kvne by Vjvaldi was juxtaposed ai,,,uuai - The G minor Concerto F371 has 

with Schuber’s entrancing teen- The Schubert Mass needed splendid fugal finale, making it 
age Mass in G. more unpretentious lightness sound a much more churchy 

Zukennan's direction was than Zukennan was able to give work than -the Kyrie. Zukennan 
enthusiastic, boldly pointed in it: the Jilting Kyrie lumbered brought his wife Eugenia to play 
the Vivaldi and demonstratively along at a dozy three-in-thc-bar. the fifth of the Op 10 flute COn- 
tyrical in the Schubert. An while Margaret Marshalls im- certos. which she did prettily: 
attendant vagueness of gesture pressive soprano voice gave the and finally, the Lord High Every- 
scarcely seemed to matter in the music far more dramatic weight thing Else of the proceedings 
presence of such firm prates- than it could bear. The high- took up bis violin for the intense 

sionaltem as that practised by the speed Gloria bad its full measure and ■ darkly-coloured C minor 

English Chamber Orchestra and of Zukennan zip. though, and Concerto II Soapetto. Zukennan 
Choir: though the ad hoc group the gentle walking tempo of the did not disappoint the capacity 
of singers did not exactly cohere unusually symmetrical Credo audience; his barnstorming 
into a homogeneous sound, they was judged to perfection. But manner certainly showed that he 
were always sprightly in articu- this is essentially a village Mass was on top of the music. But 

lation and precise in rhythm in the Viennese pastoral tradi- was he inside it? 


Albert Hall/Radio 3 

RPO/Groves by ARTHUR Jacobs 

An Important function of the timpani versus the light, crisp for its place io the composer’s 
Proms has become the wider ex- snare-drum, for instance. long and distinguished career — 

posure of new works given to . What I had not expected (hear- but not rapture. 

restricted audiences earlier in iudience^for ^ 'th?!r£time) was Earlier in the evening the 
the season On Friday it was the an absence of qualities like ele- Singers had supplied the 
turn of Sir Lennox Berkeley’s 2" « Sn K aid wit Omen’s chorus for the wordless 
Symphony No. 4. first heard in H2| a* Berkeley hi drawn in walblng in Debussy’s 
celebration of the composer’s the pSt from hU French train- Slr Cb!udes was in 

.5th birthday last May. As on u- The work is rather heavy inspired form, coaxing a per- 
t hat former occasion. Sir Charles an d declamatory: I would have f ormance of supple pace and 
Groves conducted the Royal suspected Tippett In one medita- shwenog torture;. The unusual 
Philharmonic Orchestra. tive passage. Walton in one division of the singers into two, 

Its three movements are of proclamation, fn the $low move- 5!^?* 


■i * i i : i 



Derek Jacobi and Jane Wymark 


Let-nurd Burt 


Old Vic 


Ivanov 


by B. A. YOUNG 


Elizabeth HaH 

More Schubert 

The absence of its be^-known stein. of the Fantasy in F minor 
stars did not bar the South for piano duet. U did not sue- 
Bank's ” mainly Schubert “ ceed quite as well. There are 
festival from reaching a very places where a more athicfic 
high level of distinction on stride and more excitement are 
Thursday. Indeed, for a subtle, needed in order to rcali.-o the 
perfectly felt and entirely con- contrasts and interconnections in 
vincing performance of a little- ihis long and masterly work, 
known work, the approach of Nevertheless, this v:a« always a 
Shiomt* Mintz and Yefim Brunt- musically alert performance — 
man to Schubert’s violin and and deserved a belter piano 
piano sonata in A minor (D.315) (especially in (be mp register) 
could hardly have been bettered, than tbe ball provided. 

Performing ii more slowly and , Finally, in Schubert's wcll- 
with more sense of relaxation Jnown Piano Trio in 5 flat, Mr. 
than I had expected, they were Mintz and Mr. Bronfman were 
able to give musical value to joined by Yo Yo Ma. Of Chinese 
little phrases and lo individual origin but horn and educ.ned in 
notes within what might have France, he is :i cellist nf ihe 
otherwise passed merely as a highest artistic giTt.-i. His insiru- 
vigorous “run.” At the very end. n, ent sings even in pirticiifn, his 
where the composer's marking is phrasing is expressive ic ihe 
not too definite, their hushed point of risk-taking. His and the 
coda made a touching farewell. violinist's doveuiiinc of the 
. . .u ..o-, nF music was one of the joys of this 

Throughout, the sense of part- performance. 

1 S*. -Wrj? ^ ’ Discounting n few .-mall errors 
pens, are Soviet-lsraeli) was im- of r hyth m j relished their whole 
pressive Exactly as I once heard treatment of the Tri... (The 
Isaac Stera urge °n students. oddly banal passages which 
each player hud entered the Schubert allows in his finale must 
others world — Mr. Mintz s j ust put up with, for the «ake 
violin matching the , percussive of resL) Afterwards, if 
attack of the piano. Mr. chamber-music audiences were 
Bronfmans piano "singing like njven in xtormine. sianiping and 
a stringed instrument when their yelling like opera audiences, thi< 
two melodies mlertwmed. would have been one nf ihnie 

Something of the same relaxed occasions. The «am.' four young 
approach io Schubert entered musicians may »<c avtuiwt nr 
into the in lerp relation, by Mr. welcome return tomorrow mchr. 
Bronfman and Joseph Kalich- ARTHUR JACOBS 

Albert Hall/Radio 3 

BBC Symphony 

Another slightly incoherent parentheses around n phrase, an 


its tnree movements are ot proclamation- in tne^iow move- -- := *““" **• *““*■*> a re *nna reirovna, uockney nouveau riche. There set hv Frank- Martin from tent and the anHi-nro hr-i-i 

that traditional symphonic fype ment there is an npward, step- as ***?* • I f^ er ’ a ° d P ere,k Jacobi conveys with her profitless loyalty, and might be some pathos to be ex- Hofmannsthal's famous Salzburo silent to the end 

which carry out an argument wise progression of chords iiSEl. X ^ reactions to the spoilt girl Sasha, whose tracted f rom thecharacler o C tiTe playTedenm.Jn The Austrian ThiVfin e aSd sober in- w „ rk 

with themes and key-develop- (repeated) which I. think the sopranos and sopranos. the friendly approaches of his puppy-love Tor Ivanov is visibly Count, reluctantly determined to "Everyman'’ is not so famous was" conducted ' hv Valter 

ment. iThc symphony itself is composer might at another time Beethoven’s “Emperor” Con- f?£ pa “! on!? ' Jt ls tru !| lha j ?* ,s and- -con vinci ngly developed by “debase” his title bv making that the audience would not have Susskind who in-iint lined t 

firmly in E. though not so have rejected as banal.- certo ended the evening, with “S? n, ®2* ■ re ll en « ,, *i drive j ane Wymark into an egoism Marfa a countess if she brings welcomed ^eadv ra'dianc^ ,nS‘SJ 

labelled.) The second move- The last movement starts Edith Vogel able to command off h is head—the clown equal to her mother's when she him a dowry worth having, bur action between the monologues accompaniment p-irlicr h* 

ment is a set of variations, the rapidly and decisively, promising the formidable sclo part. Per- (John Cording), who sees the impending ruin of her Chekhov has painted him rather though the dramaticDlan presented Mozart''; " 'i r 'ili 

third a rondo. Such an an animation which would haps that is enough and in a »* tojwesoae hoops. flatly. John Savident gets a good Symphony in wknnnS! 

apprnarh was to be expected, as balance what had gone before, work so often programmed it is poking a shotgun barrel Mr. Arrmdell gives Lvov the deal out of him nonetheless. book gave only the ^ungtevU and wav- it was craced with wood- 

also a traditional “cueing” of but later becomes; -uriuppily unreasonable to expect some ^ lp ^ p k nt lS ste - ra rccliUjde of sc,me Russian ^ occasionally, though, is a musfrologica i note On paSS w.nd ptanng* 

moods with instrumental caught in slow tempo.- It is music special revelation .from the uncle the Count (John Savident), saint Paul, his eyes gazing the fun in the play superficial, rhese fearful doubts and Pleas dehcacv. rose to an Andinic nr 

sounds the heavy.' baleful which arouses respect-not least pianist at every performance. ^ e,n - “JrJSJiUSj p ffi n2,y from his black 11 is ® moving piece, and the look awkwardly srfipped from real distinction, touched in with 

• * nchtMUs dneio? * ° ,y ?^ ere ' '' rhe ? thc - quests use of comedy in what is really their contexts, and Martin treated grave tenderness, and subsided 

Even his an parent nmcneritv S^S“ e t0 lake T hlm serl ? us, - v ■* a ra0st tale forecasts the them with such selfless respect with an Allegro brightened by- 

te hollow- Hi? rSthfSr^ KSS he denounces Ivanov before the later Chekhov style. There is as to allow his music no indepen- touch of wit Shostakovich's 
wife Ania Petrovna IT nnS ‘ w !' icb J Ta0 ?J has virtually no comedy for Mr. dent voice beyond the words— precociously assured First 

Pi.ro Piil ic wS, already called off himself, after Jacobi or Miss Purnell, and 1 no orchestra] perocation. no Sympony had a comparable onc- 

she renounced her faith m mm t J®?P era J te ,. self ’ aIlal r v ? i ^ that Mr. don't believe even the later added commentary. The scansion sided performance, ii* jokes un- 
bim &he renounced her rinu-rva^ Jacobl .deliver with terrible Chekhov would have advised any. is strictly observed, with no more pointed and the tempo-changes 
well’ The estate ic mm-t-moort PJ™* as,on *• he loses no shred He has provided enough else- liberties than a classical actor of the Finale struck with some 
there is no monei flfthifa d *L snit L : ^ e ,. ** - a man he,d where - > n such Scenes aS » he lin e would take. grinding of sears. The gears 

terest there is no ninnev even L? getber by bl?lieF m his convic- of weeping figures at the That sedulous fixing of limits ground painfully in .ViTjhr 

to Dav the farm-lahnuren v Lebedevs before the wedding, was entirely characteristic of the Bare Mountain, too— Mussorg- 

MJ pay me larm-ianourers. XCt -Besides. nn> t.-» he t^L-«n an»r .h« ^ A m nan .. n invc it •«* 1 -r „r .u„ t 



nohodips disnlavprt ; n , i (heir TT 1 "wuic in? Mumacn muscies as ceoeaev ror His Daritone. wmen carries oui .ur. oussKina snnum not ne 

emptiness at their rti ."hteJ °cu , f. he , l 2 De l k V)" vv ' r ° think * aboi,t caviar in Ivanov’s Splendidly through the hall, and blamed: rudely pungenl though 

SSSThirthdav nanv in Art ^ Z1 ? uuda fShel,a Mitchell*, and study. hfe sup p, ie d sense and shape to the score is. its fitful cominuily 

The Prosuect n rod iiriiiln tinder ,s pla - ved wirh Proper The production is full of such the cycle with unwavering con- sets severe problems. It still 

Tobv Rnbemnn hrinoc rhero felt respect by Michael Denison, they attractive minutiae, and always victlon. Too great a variety of exudes something w ilder and 

vividlv to whit n% ccftB vUth them a re.all more or less figures of handsome to look at. Robin histrionic colour would have stranger than Rimsky's refined 

for life The nlav fuxL Zina,da an archetypal Archer’s attractive designs set it been misplaced, and instead nose could tolerate, or perhaps 

SeaauUbv nine '-ears with r.niv “^^r- never mtesing a chance to into place without drawing any Hemsley drew upon his declama- even detect; all praise to Mr. 

The Wood Dwiorin hrtZn It turi l the lam P s down or blow the unnecessary attention to them- tory resources: the exact placing Susskind for reviving it. 

cont a i nstno r e ” ep ir ode s than il ! C5 ° d1 ^ out. Marfa Yegorovna, selves. of a word, a suggestion of ironic DAVID MURRAY 


DAVID MURRAY 






the later pieces that seem to he 
introduced only for a quick 
comic reaction irrespective nf 
their relevance to the plot— the 

lucubrations of the dissatisfied fr __ TlM r „ H . 

hnrlna Cn nf | CC"“TnfW tncJt^TS iC-fDt Certain crf*d't , 

ona^e-fiend. lor example, hut the cards b r tHcohonp or at tr*^ Bo* Of*<cr. i 
self-torturing Ivanov and the \ 

1 njtilesslv virtuous young Doctor opera & ballet I 

I f.r', , ’ c A^ e LK rHnde "J are ™»” “ t, “'ttJ 5 ss<.<s» M «V 1 W s ““ 

pieteJy Cnekhoviau characters — , ikclish national opera 


ENTERTAINMENT GLIDE 


THEATRES 


THEATRES 


THEATRES 


01-as6 5122. I OI>IN .AIR, RNMt-f P*rt Tel. 406 2431. TALK OF THE TOWN. CC. TjJ 3031. 


Britain to 
have National 
Jazz Centre 


ENGLISH NATIONAL OPERA 

Tomor it 7.00 A S»t it T 10. New 
Troii. Seven Deadly Sins »itfi Gianni 
Schitchl- Wc4. 4 Fri. at 7.30: new oro- 
cuctian. ot THE CONSUL HhM replace 
iihceuled peel, of Carmem. For further 
retail! rloo 01-240 3250. Thur. a< 
7 JO-. L» Bohr-me. 104 baltonv scat! 
available from 10.00 on dav o I perl. 

ROY AL FESTIVAL HALL. 928 3191. 
7.30. Mat. Sat. 3 00. 

. „ CONDON FESTIVAL BALLET 

Cntll Sect. 2: SWAN LAKE. Tonight 
RuanTic. Schaufuis SeDt. 4 to B Muod 
Bill. 

THEATRES 


DUKE OF YORK'S. ai -«? S. 1 ^- OPEN A IK.. Regents Park Tel. 406 2431. 

Evening 8.00. Mats Wed . Sat. 3.00. 

LAST WEEK. MUST END SAT. 

JOHN GIELGUD 
in Juha Mitchell's 
HALE-LIFE 

A NATIONAL THEATRE PRODUCTION 
" Brilliantly witty ... no one should 

miss it ’ Harold Hobson fDramai. Instant 

credit card reservations. Dinner and PICCADILLY from 6.30 am 437 4505. 


A MIDSUMMER NIGHT'S DREAM. Last 
Wee*. Eves. 7.4S <r». Tuc*!. Mats. Wed. 
T5Sri^. an * l .- s 4*'_ z - s 0 ""h RULA 
IAN TALBOT. ELIZABETH 
ESTENSEN. DAVID WESTON. Shaw's 
MAN OF DESTINY A DARK LADY OF 
THE SONNETS. Last Perl. Tomorrow 8.0 


- - Leonard Burt Sociep?. Ceie- ^DELPHI THEATRE. CC. 01-836 7611 

Harold Cambridge, Mark Wingett and Paul Grant brating its tenth anniversary last ■ weeks must end ocr. 14 . 

* this year, has announced that 1 mens irene PrbnIe' 40 

Ckaw premises have been secured in musical 

anaw CovenT Garden for a National iwne**' irene Irene 

Jazz Centre. LOND0 5iina55 s prroic MT OUT '"‘ 

L’ />-l nvirl Ti jTtt. ArTrsA . . , The JCS has heen searching credit card bookings 83* 7sn 

Jtngiana. IViy V/Wn bv MICHAEL COVENEY for » suitable building (or three ALRW^r 836 3878 credit 7 „ 7 l^ 

■*■■**• years and now u has been m^i ^wed 8- ^ 3 ?' p *i l j s ,i ' lei 

Seventy latte in- white shirts spring-heeled performance— case and the actual documents- , fu* e ^ o T thou^Snd^ti 

and black ties bellowing “Jerusa- whose open-eyed ai-ecptaoce* of tion of cause and effect. It is ri, Dr ? Sircet the Greater uonel m !«rt'I lc s 

li-in •' on a setting of bleak his lot in a vigorously mixed never quite clear, for Instance. London Council 5 Covent Garden .. M , PACULO( j S 2 u«Jca L .. fm T.m« 
cnwni'il flal concrete is the open- society turns, somewhat unco a- whether Mr. Terson is more tH,™ 1 ., e - ■ c »r?£ Tn t c« ¥ ?r U f? L . f lucky to be 


Shaw 


England, My Own 

Seventy latte in- white shirts spring-heeled 


E.gi- 7.30. M»CS. Tlum. 3.0. Sat. 4.0. 
,RE *| , IRENE IRENE 
THE BEST MUSICAL 
. ®r- yff8. 1977 *n0 1978 
- fSH? .. IRENE IRENE 
LONDON'S BEST NIGHT OUT.” 

' 5, un *ay People 

CREDIT CARD BOOKINGS 836 7611 


mu image of Peler Tersnn’s latest vinciogly. into outright rejee- interested 


examining | 


The sile te a five-floor 19th 


‘“'‘-l from 8.30 am. Pan. rales' 
M -5r “ins.. Wed and Fri. 7.4 < pm 
_ Sj1 4.30 and 6.00. 

A THOUSAND TIMES WELCOME IS 
LIONEL BART'S 
OLIVER 

, £om 5SS£ I &J“ ,USICAL " F,n Times. 

A? r S T^ R , TpURSt LF LUCKY TO BE 
ABLE TO SEE IT AGAIN. ’• Daily Mirror. 


To p.prlcc seats £7.00. 

DUKE OF YORK'S. CC. 01-836 5122” 
GODSPELL 

Trcnslwred from the Shaftesbury Theatre 
lor a lurther Ltd Season, opens Aug 29 

FORTUNE. 836 2238. E«. 8. Thun. 3. 
Saturday 5.00 and a. oo. 

Muriel Pavlow as M155 MARPLE In 
MURDER AT THE VICARAGE 
FOURTH GREAT YEAR 

Garrick theatre, cc- oi-B36 4601. 

Ercs. 8.15. Wed. 3.0. SaL S.30. 8.30. 

timothy west, gemma jones. 

MICHAEL KITCHEN 
lln HAROLD PINTER'S 
THE HOMECOMING 

” BRILLIANT. A TAUT AND EXCEL- 
LENTLY ACTED PRODUCTION.” D. Tel. 
•AN INEXHAUSTIBLY RICH WORK.” 
Guardia n . "NO T TO BE MISSE D . " Ti met 
GLOBE THEATRE. 01-437 1592T 

Eves. 8.15 Wed. 3.0 SaL 6.0. 8.40 
PAUL EDDINGTON. JULIA MCKENZIE. 
- BENJAMIN WHITROW in 

ALAN AYCKBOURN S New Comedy 
TEN TIMES TABLE 

" This most be thc happiest laughter- 
maher in London.” D. Tel. "An irrcslst- 
ablv cnioyablc evening. " Sundav Times. 

GREENWICH - THEATRE) 01~ 858 7755 

WILLIAM DOUGLAS-HOME’S ■ 
Newest ptav 
THE EDITOR REGRETS 
Evenings 8.00. Saturdays 5 and 8. 


Credit cards 836 1071-3 Mon -Thur. 8. 

. fn. and SaL S and 8.15. 

■ Brilliant.." Dailv Telegraph. 

5YVIA MILES 
YIEUX CARRE 

. . WORKS LIKE MAGIC.” Fin. Time*. | 
-TENNESSEE WILLIAMS' 

DIVINf INSPIRATION | 

AUDACITY OF HIS HUMOUR 
HYPNOTIC EFFECT." Daily Mall. 


PALACt CC. 01-437 6834. 

Mon.-Thure. 8.0 Fri and Sal. E and 8.40 
t JESUS CHRIST SUPERSTAR 
by Tim Rice and Andrew Llord-Webber. 


PHOENIX. OT-836 2284. Evenings at 8 15. 
Mma Wed. 3J). Saturdays 6 00 and 8.40. 
^ IlM... BnOOKE TAYLOR. GRAEME 
GARDEN make us laugh.' Dali, Mall. 
UNVARNISHED TRUTH 
Tbe Hit Comedy bv Rovte Rvior. 


Air Ccndll'Onrd. From B Cin>g, Dany.ng 
P 30. SUPER REVUE 
RAZZLE SA24LE 
Ai 11: 

LAS BEALES PEL PARAG UAY 

THEATRE UPSTAIRS. 730 25SJ. 

From Tomorrow Eves. 7.30 fPiur. at 7J. 
PRAYER FOR MY DAUGHTER 
by Thomas B abe 

VAUDEVILLE. £36 9988. ~CC Ev. 8 00. 
Mat. Tues. 2.45. Sat. 5 0 and 3 0. 
Dinah SHERIDAN. Dulcie GRAY 
A MURDER |S ANNOUNCED 
The newest Wtiodunit by Agatha ChHsrl". 
" Re-enter Agatha Christie with another 
Whodunit hil. Agatna Christie IS stalL- 
mg the West End vet again wllh anerncr 
ol her fiendishly ingenious murder 
mr«eries." Fell* Barker. Evening News. 
AIR-CONDITIONED THEATRE 
Oct- 2 — An Evening with Dave Allen 

VICTORIA PALACE. 

01-828 4733-B. 01-834 1.1|7. 

STRATFORD JOHNS 
SHEILA HANCOCK 
ANNIE 

Eibninqs 7.37. Mat • W--3 * Sal I ;S. 


the Mit Comedy bv Rovte Rylon. I .. 

MAUP 1 ^iFn $ V JLl5.°y5!?J. 1 AurcS WBRSHOUSS. Oonmar Thoajrc. 


HAVE DIED" Sunday Times. " SHEER 
DELIGHT. Eye. Standard. " GLORIOUS 

CONTINUOUS LAUGHTER." Times. 

PRINCE EDWARD. CC Formerly CaJInoi 
01-437 6877. Perfermanrrs this week. 
Evas- H.D. Mat. Thur. J.O Sat. 3.0 B.40. 


31-437 6877. Periermanres this week. WHITEHALL. 

Evas. H.D. Mat. Thur. 3.0 Sat. 3.0. B.40. Evg*. 8.30. Fri. 
NOTE CHANGE OF SATURDAY PERFS. Paul Ravmpad l 


From September 2: 3 00 and 8.00. j 

py Tim Rice and Andrew Llovd-Wefaber. I 
Directed by Harold Prince. 


Company. No perf. ipday Tue; 8.00 
PLAY BEADING . AH seats 50b. _ 

WHITEHALL. 01.933 6892-7765. 

Evgs. 8.30. Fri. and Sat. b 4S -nri Y.OO. 
Paul Ravniond bresei'v tnc Sensations. 
Sex Revue ol tnc Century 
DEEP TKRD31 
6th GREAT MON r H 


CPU* (or the National Youth tion. The insurance man, Janies seriously the appeal of ihe'i 060 ^^; warehoii'pwhich willbe alow ych. ew > 6404. wb 5332 . | — r drr— rrrr~ . Jn ~~ 

Theatne. A portiy insurant Duncan (laa Kearney), comes. National Front in a specific geo- converted during the next two p E are comp 1 ai?y < ^ re?enonx- S Tom 9 E ii S t , | Wednesday 2.30. Saturday «i.3o ,i i 8 . 00 . 
collector cuts across the jingois- across as a suburban Arturo Un graphic location or is ridiculing J ears ,n, ° a complex which will ^Toi' tri^ 0 ■■ ^ n T C X en ' hahby aSqhews 

tic cacophony with his talc of a kitting up Adam and two.ofiis the whole business. house two performance areas. w.tn„ the oanck of Eleanor bron. trevor peacock 

dream or fair Anglo-Saxon Borstal chums in brown shirts^ In the end. he settles for rehearsal and practice rooms. w^men-pIrates' ann 4Bd ‘a family 01 " ln 

Frotostanrs nnce more pounding black hoots and hidden pockets sounding a hollow note of liberal recording facilities. library, ® ® w N booVI S G* tr5 Y ™V r ? 7 1 * - r 1 .t a "mrMiwDSMR wrfdiP od 

the green and pleasant. He is with the hilarious suggestion €hat Warning, as Adam is killed in a seminar room and full catering /irom s sm j . rsc *t < the L ware- -An admirabiy^nSf 5 4neai. E «? c u con. 

both our guide and commentator he runs an organisation "whose carnival rush he has intrepidly se J 2 J ces - , house under w.». w ?Tthw »tKwtSS ,T w 2 ! 

on the absorption of one Adam whole purpose is to proteift entered under a huge banner. , iQe * wo . performance spaces arts theatre. oi-e36 273 2. seo b#m at best." e. Lpvin. s. Times. 

Butler into the .cloud .cuckoo- grandmothers.” This, after Once more the serried ranks will comprise a 300-seat concert to wrty°linen 5 HIR majesty's, cc. 01.930 eeoe. 

land of the National Front He Adam's fragile grandma has been emerge to chant “Land of Hope auditorium and an informal club u.” sw Time* 30 m' 7 T o m ?ub B 8 .b Sa T^ r 3 i °sfr. , 3 0 d 


resembles Martin Webster and mugged, offstage, by a gang of and Glory," their noise sub- raom in the cellars of the build- 

i.ilk« . with tho sing-song black thugs. . merged by a steel band and in ?- Opening dale te expected 

persuasiveness of Enoch Powell. Although thc production.- by blurred by flashing lights. For to be in September 19S0._ 

Adam is presented as the arrhe- Michael Croft and Graham Chian, the rest, there is a succession of | . ? . _* n * re ‘ uli ^ °P era ; 

typal victim of pink school- marshals the action with impres- domestic scenes to 


BKia mtAm 0!.e36 27 32. 

TOM STOPPARD'S 
in-hnir “HTY LINEN 

seo Sunday Times 
W Tburiday 8.30. Friday and 


PAUL SCOFIELD 
HARRY ANDREWS 
ELEANOR BRON. TREVOR PEACOCK 
And IRENE HANOL In 
A FAMILY 

A new Plav by RONALD HARWOOD 
Directed try CASPER WREDE 
"An admirable play, honest, well con- 
ceived. properly worked out. Ireshly and 
httmaW written. rjthW satrttylna. Paul 
Scofield at hfc best.” B. Levin. S. Times. 


PRINCE Of WALES. CC. 01-930 8681. 
LAST 7 WEEKS: MUST END OCT 7 
Evgs. 8.0. Saturdays 5.30 and 8.45. 
_ THE HILARIOUS 
BROADWAY COMEDY MUSICAL 

I Love my wife 

Starring Rqb IN ASK WITH 
CREDIT CARD BOOKING 930 0B46 


WINDMILL THEATRE. CC. I 6317. 
7 Twice Nightly r.00 anci 8.00. 

J Sundav 5 OD ir .- -..’0 

3 - PAUL RAYMOND prcs-r.;s 

RIP OFF 

THE EROTIC EXPERIENCE OF THE 
MODERN ERA 

“Takes io t nevecedenied lin.l; «.>at ■■ 
— permissible on our stage.” Eva. News 
6. 3rd GREAT YEAR 


QUEEN’S. CC. 01-734 1166. 3rd GREAT YEAR 

Previews Ton t, A Tonvor 8.0. Odens — 

Wed. 7.0. Suh. evgs. 8.0. Wed. 3.0. WYNDHAM’5- 01-836 3073. C’ddit Card 


highlight tional it is planned to hold at 


teachers, devious workmates on sive fluency and typical Youth Duncan's battle with a son in ! Ica^t one live event each evening 


Jj^roiivnaT., - '■ ' nstan U n ^J.^a N k T er 

AMBASSADORS. CC. 01-836 1177 ? Cbmedv by Thornton Wilder. ” It goes 

Nighilr it 8 oo Matinees TiSs 2 4s' S?«n with a deserved roar of delight. 

„ .^Saturdays « s »l 8 ■ O. Tel. For a Innrted season until Oct. 14. 

A CAR S| ,L S.|liJ ONV AMHAtT JEAN NETT A COCHRANE. 01-242 7040 

Th* Wprld.F^LT Thriller National Yo Jt r, Thea rre. Anew play bv 


Directed try CASPER WREDE Sit - s o rc ?;S?. F rH AiriBia 

-An admirable Plav. honest, well con- RO¥ tsnTnira GEORGE chakiris 

ceived. properly worked put. freshly and w “ iames vii MERC 

SSTJJS « r w? n h«r ” h R ‘(*715? R,CHARD VERNON .n J VILHERS 

Scoheld at hk best. B. Levin. S. Times. THE PASSION Of ORACULA 

i^UlWnSSk. b c o. san.'Vo /tt R At Y ^°S? TW ™ °k2“ I®” 

30th Aug. 7 D. Sub. B.O Thur A Sat. 3.0 ^AUL* RAVMOII D ^.rrS'm^ S ' 

‘“CTAN^NCHANTMENT.” Observer. THE FE^TVAl’oF EROTICA 

A corned* ’BY Thornton Wilder, “it goes 2 1st Y sens« °oraV°vcar. 

down with a deserved roar of delight. * — 1-S3SSS 

■ O. Tel. For a liinUed season until Oct. 14. REGENT (Oxford Cirtuu 837 9862-3. 


BkpS. 836 1071 from 8 30 P”. Men. 
Thur. 8 0. Fri. and Sal. S.I5 and 3.30- 
'■ ENORMOUSLY RICH 
VERY FUNNY." E.’ung News. 
Mary O'Malley's smavi-iut ionit.^y 
ONCE A CATHOLIC 

” Supreme eomed- d" s*r. and rcl.gicn.” 
Dailv Teipoivon 

“ MAKES YOU SHAKE WITH 
LAUGHTER.' iiu.1. Jiar. 


the factory Door .ind Borstal Theatre panache, there te a advertising and a 
bullies. He is a nice lad — very -yawning dramatic gulf between daughter won over 
perbuuable io Mark Wingett's the bald slatcraente of Adam's extreme Left. 


Elizabeth Hall 

’. Peter ScHreier max loppert 


"2? Tfirilkrr 

pregnant The JCS needs approximately Sd^f’t' fflgJlf £«. , *S , r|( S 

to lire SdOO-OOO for Ihe project 2 nd a sj ^< 5 . £4.40. omit^r ind iop-pri» 

large part of ibis has already 

been given or promised. Recently A m° L . Th.ffiSo a6 ^; 5 5S"S3f | gg. 
the Musicians Iinion presented ....... „ donald sinden 

a cheque to the JCS oresident. “isVJSerb ~ l 51i' w i,lnd,rd ' 
John Dankworth, for £10.000 as S thTw^ our EYESi AND 

Us contribution to the Centre. _ "WciS lnv °& 

This K one of the largest grants C c Charing c*** 

the MU has ever given to music, f r jggf g» ■ 

* . •Pdf itjmp.nn And ! 

that was AnnfynKn.. Observer ScJifs £2 On. [ 


Peter ScJireier made a rare the most wonderful exactitude same narrative vivacity, that was 
appearance' mi South Bank for of open vowels and full (but not the delight of Rene Kollo's 
Saiurdav's performance, \viib heavy Lonbonjnis.i ;. Sic S rricd°at Bayreuth; also tiie 

iii'iiffrey Parsons, of Die Jtffa’ms. Furthcnuorc. the voice seens „„ iransfomiation 

Miiiimu. it was a great evenL peculiarly Schubcriian; it pos- ? a " ,c .^ aaual , n ; s, ° rn ! a , ^ 
l inner expect to hear thc cycle 5 esses as a birthright the .innocence in know ledge. 


-i-ar M DONALD SIN DEM 

.T Mr>s ^nim Standard. 

=SJ_vo55 b et?s°X«o 

JJJWK OF ENGLAND 
^Vicltedly funny ” Times. 


O. Tel. For j liinvtyd teaspn until Per. 1 «. REGENT I Oxford Circu'J 637 9862-3. CINEMAS 

EANNCTTA COCHRANE. 01-242 70«0 **** "tSaE^tBe fAMKI TO*' b0 °' ABC 1 * 2. Shalfr^burv tot IM 8861. 

. Narorul Youtb Thoatre. A new play bv THE GREAT AMERICAN Sep. Frrl. ALL SEATS 6KELE 

| Peter Tc'sor SOLDIER BOY. Opens to- BACKSTAGE MUSICAL la 2001: A SPACE ODYSSEY iU« 70mm 

i morrow at 7.0 Subl. 7.30 A llttln lewel " F I me* film. Wit. & Sun. 2.2» 7 55 

1 — "Smart Sw^l Kow." D. E.preis. 2! THE ONE AND ONLY iA-. V/l f. 

CING'S ROAD THEATRE. 01-352 7488 "So entoyable " S Times Sun. 2 00. SIS. B 15. Lul 3 (Liys. 

Mon. to Thun. 9.0. Fri.. Sal. 7.30. 9. SO, " Lyrics have mare elegance TTZ7ZZT . — 17 771 , " ' 

THE ROCKY HORROR SHOW lhan those lor EVlTA CAMDEN PLA2A .oPP .Camden Iowa 

DON’T DREAM IT. SEE IT music more bite Tubei. 4BS 2443. Ma, Cohult piisiae-t 

— than that lor ANNE " — 5. Telegraph. him LOLA MONTES IAI. 2.10. 4 20. 

ONDON PALLADIUM. CC. 01-437 2055 Credit Card bookings — Seats from £2. 5-3Q, 8.50. 11.00 . 

Last 2 Pcf^^ TntHflht^at 6.^10 and 8.50. ROYAL COURT. 73D 1745. Air Cond. CLASSIC 1, 2. 3. 4, Oalorct Street rope. 


Australian play 
at Riverside 


Mon. to Thurs. 9 0. Fr(„ Sal. 7.30. 9.S0. 

THE ROCKY HORROR SHOW 
PONY DREAM IT. SEE IT 

LONDON PALLADIUM. CC. D1-437 2055 


THE TWO RONNIES 
in a Spectacular Comedy Benue 

LONDON PALLADIUM. 01-437 7373 
September 4. For one weefc only. 

MAX BYGRAVES 
with Special Guctt Star 
JOEY HETHERTON 

LONDON PALLADIUM. 01-437 7373.' 
September 25 For one week only. ; 
LENA MARTELL 


Sep. Perl. ALL SEATS SK ELE 
1: 2001: A SPACE ODYSSEY |U« 70mm 
film. Wlc. & Sun. 2.23 7 SS 
2: THE ONE AND ONLY iA<. >VI f. 
Sun. 2 00. SIS. B 15. List 3 da ys. 

CAMDEN PLAZA .opp. Camden town 
Tube). 4BS 2443. Ma, Cohulf Pip.hcM 
hint LOLA MONTES (AI. 2.10. 4 20. 

6 jo. e.so. ii.oo. 


La« Week. MtW.-Frr. ft 5*1. 8.30. 
Ann Bell. PMcr Bbwhs. 

Jampp tOBins. Leonard Fenton 
and PAUL ROGERS 

by Lei Oh JacksotL^^*"^Ref resh i ngly tin. 
taamonable and consp-cuoyvly intelli- 
gent. _ Gdn. From 6 Seo:. Nicol Wiiiiatn- 
lun in John Otbornc s Inadmissible 
Evidence 


i ik-sit «kiiwi hi bear thc rycio hm as a birlhrigm the ‘ ■’ The one-man Australian pbv ' 

nr, , .rod ea h, liy " r c,uallUes of wnUuur and open- Sli J?ce^?save ihe iflleroreS- ^ BwtUird Fmm ne Bush. 

prtiert by a singer wiib ness essential for cvpreMon of ' wntten Rodney Fisher ami 

.m CKier command of fresh- even the bleakest Schubert song. Sjla«^n?m i 23"the^ouchS R° bin Ran,!ia - V - »'*« be eiver c . 
nevs and natural comgiumcative Mr. Schreier in apparenlly an- Dr fnrehndmcTat sTJJl ^e^ four Performances at Riverside 
ekK i uence ' capable- of- singing an untru ,ly LI? 1 JSS ^15,! Studios. Hammersmith, on Sep- C T M ' 


wi.hi.it. mu sip in nihAY more soohisTi- «»iuuju>. naiiimersumu. un aep- r^rngW at 7 n *„« 24 A ,, Z 00 

Mr. S-hrcior i, , tenor. M d so SSStf ’pcS «« i7 ' 24 anii 0ct ^ r 1 - »i 

he begins with the right voice Severe n^cnn"irtontly iJ amval of “Der Jfigcr”. Tbe Frmn - Ct1 , ^oqk after lulu 

sawrst zjtsts ss C8ff 

s e c , ssjms izrs:; tt ce ra ris t jssw :Ss E 

srs ss km ~^ m!S 

just " a lenor he is the lead- niug taken with less than ^P 3 there were loraes as well as • a-wjjjw 1 will Rdn ""A I*u?li 

mu German lyTic tenor of- our absolute security, hichiightiDg ^ D t -» “a 5,«V 

day. The voice penis out, sturdy, the con>ummale musisiansblp feU dunng the singinB. Japanese exhibition »t-- ^w wngmunma wwiw." e.n 


5hic°°'w2 W Jr h * 0 Sv, "I* 1 - LYRIC THEATRE. 01-437 3696. 'Evs. B.O 

S WI Mon. Thun, and Fri. Maf. Thurs 3 0. S*l. 5.0 and BJO. 

FEST Mlk r'ii TUP wrnn PLOWRIGHT FINLAY 

cSmiSSP 1 - 41 of THE YFA® JOAN FRANK 

EVENING STANDARD AWARD - ,OAN FILUMENA FRANK 

munHIDr, . . — ~ »» Eduardo Qc Fitinpo 

SC ioo r ,f c - aa ®, fi SS£- IO Directed by FRANCO ZEFFIRELLI 

w mi 5 !. 5 45 ,M,M "TOTAL TRIUMPH." Ev. News. “AN 
Evening AT* , u EVENT TO TREAiURE." O Mir. ■■ MAY 

P at kM^wjth ya r,^v^ '^Da nV" nr d r. IT FILL 

te«w sa.00-13.50 — YEARS, suimar Times 

_ -IS* 1 " D GREAT YEAR MAYFAIR. 629 3036. Air cona. Evs. 8.0. 

C.->rrr and top-oricr sea'A £6 75 Incl. SaL 5.50 and 3.30. Wed. Mat 3.00. 

; WELSH NATIONAL THEATRE CO. 

CHICHESTER^ 024 . B1312 DYLAN THOMAS'S 


Mat. Thurs 3 0. Sar. 5.0 and 8.30. Th ,« Gri,r tE 

PLOWRIGHT FINLAY 

JOAN FRANK JgP JSg 

FILUMENA ROYALTY.^ Credl 

bv Eduardo oc Fitiopo Monday -Thursday 

Directed by FRANCO ZEFFIRELLI S 30 and $ 4S. 

" TOTAL TRIUMPH." Ev. News. “ AN London critics vg 
EVENT TO TREASURE." D Mir. " MAY BUBBLING 

IT FILL THE '.VRIC FOR A HUNDRED . , _ B«t Mi 
YEARS." Sunday Timet TcL Bookings acr E 

MAYFAIR. 629 3036. Air cona. Evs. B.O. — 

SaL 5.30 and 3.30. Wed. Mat 3.00. 5**OY THEATRE, 
WELSH NATIONAL THEATRE CO. .734 

DYLAN THOMAS'S WHOSE LIFE 

UNDER MILK WOOD ... 


SADLER'S WELLS THEATRE. Roseocry s’50. 9.55 HUGO THE HIPPO ■ Ul. 1. 1 s! 
A»e. EC1. -D1-B37 1B72 U"nl Sep. 2. 4 25. 7-25- 

> h „ Sp^JJQEL MARCEAU 3. LAST 3 DAYS! John CarpffHcr s 

Artist should not be DARK STAR 1A1 2.15. 5.35. 5 00. 

__missed.'» Observer. ZAKDOZ f.Xl. 3 40. 7 0S. 

ROYALTY. Credit “SrtK “01-405 ROdd' 4 . : LAST 3 DAYS' THE LAST WALTZ 
M 2 Mav-Thur«5%^ B fVo 5 F°g»v « U * ProBS ' 1 =°- 3 J 5- 6.10. 8 35. 

5 3D and B 4S. 3 0 a^d 8,0, t ~ r I — ' 

London erlftCs vgj, BILLY DANIELS m j CURZON. Curron Street W i £99 377."'. 


Tottenham Court Rd. Tubei S36 0310. 
Special Season of Film Entertainment igr 
Children (and Adults 1 One price 50o 
Mon. -Fri. 11 am. Doors 10.45 am. 
THE BATTLE OF BILLY'S POND iU>. 
THB FIREFIGHTERS lUI 
U and A orog. Children hall price. 

1. Wall Disney's HERBIE GOES TO 
MONTE CARLO <U-. Progs. 1 30. 3 40. 
5.5S. 8 05. 

2. BEAUTY AND THE BEAST fW ? 4 5. 
S 50. 8.55 HUGO THE HIPPO iUJ. 1.15. 
4 25. 7.J5. _ 

3. LAST 3 DAYS! John Carpenter s 
DARK STAR fAl 2.15. 5.3S. 9 00. 
ZAKDOZ f.Xl. 3 40. 7 05. 

4: LAST 3 DAYS' THE LAST WALTZ 
tUi Progs. 1 20. 3 45. 6.10. 8 35. 


BUBBLING BROWN SUGAR 
__ .,p«« Musical ol 1977 

a “ B ®ted. M-ior credit cards I 
Re s taurant Reservation; 01-40S 2418 | 

THEATRE. ~ 0”lT836 8880 

C "«nir«2 s , 7 .J2 *TtZ Tom Cont.n m 
whose Life is it anyway? 


i Air-Conditioned' LAST WEEK '5 DERSU 
UZALA (Ul ip 70 mm (Engllsn sub-InlcO 
A film bv AKIRA KUROSAWA 
"MASTERPIECE." Times. " MASTER. 
WORK - Observer. " MASTERPIECE." E 
News. Film 2.0. 5.45. 8.20. Sun. 4 ft 7. 

| LEICESTER SQUARE THEATRE 1050 52521 


MERMAID. 01-248 7656. Restaurant TO SFE |Y ” -, u 

248 2835. Evenings 7.30 and 9.1S Evgs. at B.O. Fri. iLU c^, 

EVERY GOOD BOY ruAcrec o.. w5 i 

| DESERVES FAVOUR C C. 01-336 E59S. 

1 A pirn !or actors and orchestra, by TOM snanesoury Ave. (Hign Haibarn endi. I 
I STOPPARD and ANDRE PREVIN. $c»B FANTASTIC 

£4. £.3 pnd £2- NO ONE WHO LOVES - bubCTiki- GOi» 5»ELL 
THE ENGLISH LANGUAGE AND THE n.,,.? r - V ? ITH EKJC 


THE ENGLISH LANGUAGE AND THE f "■ e 1 ? 17 ** HKJOTME'T 1 . D.T 

HIGHEST COMIC ART CAN POSSIBLY “f 'V { '|'BW Se 8 L- L^.SC >-hOUr 

MISS THIS PLAY." S. Times "At last JEJS “K-i: Ofuc-:. . Eiccrpi 2nd 

a meaningful and brilliant and serious 5**' ^non. . . i Lr . 3.15 n. ami S»t. 


with I A Err .ruin LLIUV'CN aqU^KE IHtAiKE IVMI 

“*A MOMFNTniFf A nf . v r iiorc vn n R»th*nl Bunon. Roger Moot r-. 

MOMENTOUS PLAY I URGE YOU Harris. Hardy Kruger m THE wild 

Evgs. at 8 0 sif J J Guardian. GEESE (AA1. Sep. progs VVH I 00. 

bigs, at 8.0. Fri. and Sal. 5 JS and 8.J 5. 4.30. 8.10. Laic Shews Fri s ft Sar.. 

HAFTESRURY. rr 31-336 GS9'sT 11-45 nm. Seats may be oooked in 

Shaftesbury Are. (nign H alburn cntfi. advance ior 8 10 p ro g. 

rSSJSiT 1 , 1 - ODEON. HaymarkK. 01-930 2738-2771. 

“BURSTING WrTHENloYME'Jri.-' DT MIDNIGHT EXPRESS (XI. Sep. OTOns. 

Prtm 13 10 Ef. Be« C.V. * ".SC h-hour B«H»- onen 2.00. 5.00. 8.00 All 

before show a*. bTT™:,-. Enrri Jnd fwot-ahle- 


■' istpi'wt -twills Fntprf.tinmrnt anTMf ® 4Wl brilliant M*J srflous e £ ® ^ ^ *■ ^ ODEON. Leicester Square- 6111 1 

e i an. age K likely«en,oy"" jTi I Political nbv." Clive Barnes. NY Po*L 5 - 3 ° *"•> Si0 - ^ana. ta Date ol Yorks r FytNGEOFTH E PINK P ANT H E B A, 
r.mS: I Bun ertended to September 30, _ ^55! = 9 See SEw °DI < Do^'r?* pc^T^. j' jo! 

, A _._ .,21? i* 11 *°*» '• - 1-dn “A lau°h | NATIONAL THEATRE. 928 2252. 01.836 6596-71 7.45. late shows Thurs. Fri. Sit. Deo,; 

* . Q TH. "□DDorruniiiPS bnl- | ativiis inn u,o,r T™> r to 01-836 4225. Preview? trom Scot. 7!h 1 open 11.15 pm All aeatt bkbu- at ihe 




928 2252. 01-836 5596-7 1 

jn'L 7.30 01 -B3S 4225. Previews trom Sept. 7th j 


TERENCE ^TA'mV m 

Wtth oiRE¥ U (inDFREY ! ODEON. Marble Arch. W.2. f»23 2P11I2 * 

ru.yj L- n -r I CLOSE ENCOUNTERS OF THE THIP.O 

Theatre in . «rT, 0 nal Youth KIND <AV Sep progs. OI>. Doors tw:u. 

ENGLAND T « r “"l 1-OS. 4.15. 7 AS. Late '-hew Frt 3. Sat. 

tWteLAWD MY Own. EiPQi 7.30. , Do&rt otten 11.15 pm. AH -r»:r. hi 


NOW iw iTs s r n n v ‘ 

tiinnio given definition and dim- fi waiL however, very far from plished a nd meticulous a pianist 'exoiDuron 01 me worn of a group lesuf Y£AR 

tmn by verbal utterances. (If being just a singer's Sefeune as always, had not fully re- ! of y°uu? Japanese pnotographers a half^a.Sop E ^ YEAR5 

one had over been allowed lo Sluiterin. all mcllifluousness and modelled his command of the j eallea GRAiA >rom Sept era her d ^ s»". tm j day of perl. Car Park RcStauranf 9 

forget just how poeuc is the pa dramatic awareness. Mh piano part to match the unique \ to October 1. From tneir factory D “V"g Q n^R E - 01 -ass aioa. Mon. ■» ! 3pa3 Credlt «n4 bkas. gza sos z. 
(iei'iuan language as a vehicle Schreier “acted” ihe qualities of hi s partner. It was; in Tokyo they produce a gigantic ^"ch^S^Lin? SWJ 'i OLD v ^ospect at the ou»™.c 78 '- 

for sincin?. Saturday’s recilal miller: he n!a\rd him a-, though a singer-with-accompantet per ! newspaper published monthly. r - ISTJroe iprw mme Wpawgi. fbuv.ii 

must be eniiiitnd. among other' unaware of what happens in the foroiance. rather than a, Tbe exhibition will consist of a - ^r~uir^r~ - - — iWnqv' ,n 

‘.Uingh, a coatinujous reminder; sIof>-. There was about his plat- thorough-going partnership. Even i representative selection of D gSSSS?.dfl»Sfi?U» ISdV.Do * S3aT rr LSSSSt 

Phrase upon phrase of MiUler’s form -demeanour the same wide- so. it was an unforgettable original prints of photographs Calcutta: ' l FamSi. jgh„ ^ 

modest pbelry was touched with eyed, frcsh-faccd innocence, the recital. from the magazine. * ta,L j TDaay ' fu Sf. zM'^Tzo. f " 7 ' 30 ' 


COTTESL0E f&mall auditorium): Prom. 

Evfil. B (until Sept. 2) THE 


7.45. Lite SilOWS Thurs . Fri . Sit. Door;, 
ooon 11.15 tun All jeat: bkbU- at ihe 
Bo* OthSfi or bv Post, except Thurs. 


Many cnccl lent cheap >eat& all 3. theatrrs STRAND. D1-836 7660 l,r'Hng: fl.od. 


PROSPECT AT THE OLD VIC 
(prior lo the Edinburgh Festival) 
Derek Jacobi in 
IVANOV 

Chekhovs comedy, with CINc Arrlndrll. 


5.1hwtr?s »T«Mno. u » »H3 d ?5&Q tiefling* B.OO. p^iyrr rviADi pc i e, ai i<- aia« 
urgn, 928 Mat. THur* 3.0. J-ggwSM A 0 3D. PR,NCE CHAR ^ 

wpK ooitfciT" HIGH ANXIETY iA » 

52B 7616. THE A'OSlOC rlrA Tt ST 7*ris. Dlv - '' nr5 S" n ' H). 5.1”. 

VIC. L AUGHTfa* MiiTtft 9.03. Late show F-i. anct Sa: 11.45. 

GOOD SEATS* £4 S3-L? v D - Sean Bookabm Lrc'd Ear 

ST. ^ARTIN-S. CC. oTras'e - ! £*i ~Elir STUDIO 4. Oriero Circut 01 -437 3300, 
Arrlndrll. B.DO. Matinees Tun 7 as S*U. 5 ft 8- JHI Clarturgn olan Baiw 

Lou ‘” AGATHA CHRISTIE’S in Paul Maturity's 

r " w 7*-n' fflE MOUSETRAP . • AN UNMARRIED WOMAN 'X* 

Fri. 7 -jO. WORLDS LONGEST-^^ER R'JN Prt>gs 1 . 1 5. 3.40. 6.05, 0 35. Lai : 5h3w 

36Ui >EAR &il. 10.50. 


Jin Ciarturgn aian 5ain 
m Paul Masurstv's 
AN UNMARRIED WOMAN 'Xi 
Progs MS. 3.40, 6.05, 8 35. Lai: 5h3w 
Sac 10.50. 





10 


FINANCIAL TIMES 

BRACKEN HOUSE, CANNON STREET, LONDON EC4* «Y 
Telegrams: Flautimo, London PS4. Telex: 886341/2, 883897 
Telephone: 01-248 8000 

Monday August 21 197S 


Mr. Smith’s 
conditions 


THE -POSSIBILITY of an aii- 
panty conference -to resolve the 
future of Rhodesia is once again 
being entertained in Salisbury. 
It is a development which 
should provide a chink of light 
in the unrelieved gloom which 
has recently pervaded the 
Rhodesian capital. The more 
flexible attitude towards all- 
party talks — it can be put no 
more strongly than that — 
adopted by Mr. Ian Smith in bis 
latest statements encourages 
the hope that one final attempt 
may yet be made -to reach a 
compromise solution between 
the warring factions in the 
country. The joint leaders of 
the Patriotic Front guerrilla 
forces. Mr. Nkomo and Mr. 
Mugabe, have also repeated 
their willingness to attend a 
conference. Only Bishop 
Muzorewa and -the Rev. Si-thole, 
of (the principals who attended 
the ill-fated Geneva conference, 
have yet to be persuaded to 
relax their opposition. 

Security 

Thus far, -therefore, the deli- 
cate Anglo-American diplomacy 
of recent months — more a 
policy of wait-and-see than any 
positive programme — would 
appear to be succeeding. The 
danger is that it may be too 
late. 

The essential problem is how 
to avoid a repeat of the abortive 
discussions in Geneva. One can 
by sympathetic with the senti- 
ment expressed by Mr. Smith 
last week of being “ a little on 
our guard that we could go to 
something that could turn out 
to be a farce." That is exactly 
what such a conference will be 
if there is no genuine negotia- 
tion on substantive issues. Yet 
there is no sign of movement 
on either side on thetwo major 
problems areas of the Anglo- 
American settlement proposals 
— the composition of the secu- 
rity forces and the allocation 
of political power during the 
transition to majority rule. 

While Mr. Smith declares 
that he will not attend any con- 
ference where the disbandment 
of the existing security forces 
is on the agenda, the Patriotic 
Front leaders are adamant that 
they must be accorded primacy 
in the transitional period. In 
order to force any real negotia- 
tion. the conference convenors 
need a stalemate between the 
opposing sides. But if that ever 
were the situation, it no longer 
seems to be so. 


Mr. Smith's apparent change 
of heart towards an Anglo- 
American conference must 
reflect his realisation that the 
internal settlement he negoti- 
ated with Bishop Muzorewa, Mr. 
Sithole and Chief Chirau- cannot 
of itself end the war and get 
sanctions lifted. It is a clear 
admission of weakness, which Is 
why the Bishop and Mr. Sithole 
are still so unwilling to attend. 
The patriotic Front, on .the 
other hand, although still suffer- 
ing heavy casualties in the war, 
is increasingly confident of its 
ultimate success. Mr. Nkomo 
has made- it clear that his posi- 
tion has hardened substantially 
in the course of the summer. 
Western refusal of . recognition 
to Mr. Smith's settlement has 
helped to force him back to the 
conference table, but the West 
has no such power over the 
guerilla forces. Although the 
presidents of the African front 
line states undoubtedly want a 
peaceful solution and have used 
their good offices to keep Mr. 
Nkomo and Mr. Mugabe pre- 
pared to attend a conference, 
their powers of persuasion are 
dwindling as the Patriotic 
Front sees its military position 
improve. 

Division 

An agreed solution from the 
conference would therefore 
most probably prove even more 
favourable to the guerrillas 
than were the original Anglo- 
American terms. The only 
alternatives Mr. Smith can hope 
for are either a division in the 
PF ranks— with Mr. Nkomo 
joining the internal govern- 
ment in a leading role — or a 
breakdown at the conference 
which he can blame on the 
intransigence of the external 
forces, thus giving him ammuni- 
tion to argue once more for 
Western recognition of his own 
settlement. 

Neither Mr. Nkomo nor Mr. 
Mugabe can want a protracted 
struggle in which either of fhem 
could be displaced by a military 
rather than a political leader. 
Moreover, the danger of a 
further civil war. between their 
respective armies is real. The 
hope must be— aid at this late 
stage it can only be a faint one 
—is that the Patriotic Front 
leaders will see the advantages 
to themselves of a relatively 
orderly transition to majority 
rule, without a mass exodus of 
whites, and that they will be 
willing to make some conces- 
sions for the sake of bringing 
the war to an end. 


The case for 
funding 


IT IS certainly true that some 
immediate savings in public 
expenditure might be made if 
the minority of public sector 
pension schemes which are 
presently funded were to be run 
on the same pay-as-you-go basis 
as the rest. It may also seem 
illogical that, merely because of 
historic reasons, the pensions of 
local government officials should 
be funded whereas those of civil 
servants are not. But the 
Commons Public Accounts Com- 
mittee was treading on shaky 
soil last week when it described 
as anachronistic the retention of 
the funding principle for pen- 
sion schemes in the nationalised 
industries. 

Assurance 

The committee’s comment 
was occasioned by the very 
heavy cost to the Exchequer of 
funding British Rail's pension 
fund deficiency- This was esti- 
mated in 1975— a final estimate 
is to be made next year — as 
likely to total at least JEl.lbn 
over the 12-year period to 1986. 
Given the controversial nature 
of some of the fund's recent 
purchases, the fact that neither 
Parliament nor the Government 
has any control over how these 
moneys are invested could be 
held to raise major issues of 
accountability, as the committee 
says. But the circumstances 
which led to the decision to 
place on the taxpayer the 
burden of topping up the BR 
pension fund were exceptional. 
They do not undermine the 
general case for. funding. 

It is true that the security 
argument may seem to hold 
less force in the case of a State 
industry pension scheme. The 
funding of pensions in the 
private sector gives employees 
an assurance that their pen- 
sions will be paid even if the 
business disappears. This is 
why the funding and actuarial 
solvency of pension ‘schemes 
and the observance of certain 
limits as to the proportion of 
a funded scheme which may be 
invested internally in a 
business are conditions Tor 
contracting out lor private 
occupational pension schemes. 


But state industry pensions 
are not actually government 
guaranteed. If they were, the 
guarantees would have to be 
accompanied by the resump- 
tion of government control of 
pension benefits, which was 
given up some years ago. And, 
while it seems likely that most 
of the utilities like electricity 
and the Post Office will remain 
with us for some considerable 
time yet, there can be no 
certainty, particularly in the 
case of State ownership in 
manufacturing industry. 

Furthermore, the true cost 
of uprating benefits in a pay- 
as-you-go system do not show 
up immediately and so prices, 
profits, and the apparent 
return on capital will all fail 
to reflect the true costs of 
current production. The 
abandonment of funding for 
state trading bodies would thus 
have major economic con- 
sequences. Above all, it would 
mean that State enterprises 
which complete with companies 
in the private sector, as vir- 
tually all of them do in one 
degree or another, would not 
be competing on equal terms. 

Irrelevant 

Inflation and the law ar even 
negative rates of return on 
investment which have 
obtained recently may have 
made funded schemes more 
costly to maintain. But this is 
not the only cause of the 
difficulties British Rail has 
been facing in financing its 
pension scheme. The other 
reason is that the railways' 
present earnings potential is 
make good the deficiency 
created by the railways' former 
traditional practice of funding 
the scheme internally. If ihe 
deficiency payments now being 
made by the Exchequer were 
not paid over separately, they 
would merely be added to 
British Rail’s annual operating 
grant. The decision to keep 
open a bigger railway system 
than rail users seem prepared 
to pay for is totally irrelevant 
to the question of. how rail- 
wayman's pensions ought to be 
financed. 





Financial Times Monday August 2LI9T5 

The invasion of Czechoslovakia slowed up but has not halted the process of political and economic 

V;?’ evolution in eastern Europe " : 





Eastern 


after the Prague spring 


By ANTHONY ROBINSON, East Europe Correspondent 


W HEN MR BREZHNEV 
and his politburo 
decided to send tanks 
and troops to suppress the 
Prague Spring uprising 10 years 
ago he was following a well 
worn tradition. His predecessors 
had done the same sort of thing. 
Stalin's immediate heirs crushed 
the East Berlin revolt in 1963 
and Mr. Khrushchev followed 
their example in Budapest three 
years later. 

Yet at the same time Yugo- 
slavia, which was expelled from 
the Com inf arm 30 years ago, 
has been able to develop its own 
independent line under Presi- 
dent Tito. Yugoslavia's careful 
attention to the strength of its 
armed forces, its declared inten- 
tion to fight to retain its indepen- 
dence and the network of allies 
and friends it has built up 
through a non-aligned foreign 
policy, plus the obvious popu- 
larity of the regime at home 
have all served to deter any 
forcible attempts to re-establish 
Soviet hegemony. 

The invasion of Czecho- 
slovakia by Warsaw Pact forces 
under the guise of international 
proletarian solidarity, and the 
subsequent proclamation of the 
Brezhnev Doctrine of limited 
sovereignty for the socialist 
satellites has also stopped the 
gradual evolution of more 
clearly national brands of Com- 
munism throughout Eastern 
Europe. 

It is significant in this connec- 
tion that when bloody riots 
broke out in the Polish ship- 
yards in 1970, the Soviet Union 
declined to respond to Mr. 
Vladyslav Goniulka’s appeal for 
comradely assistance and de- 
cided instead to press for a 
political solution which brought 
to power Mr. Edward Gierek. 

Leading 

role 

In that case the Soviet leader- 
ship clearly did not perceive 
any threat to the leading role 
of the Communist Party. In- 
deed. it calculated rightly that 
Mr. Gierek, who strongly sup- 
ported the invasion of Czecho- 
slovakia, was both loyal to the 
Soviet Union and a tried and 
trusted party man who was 
more likely to canalise Polish 
nationalism in an acceptable 
fashion than Mr. Gomulka, who 
had clearly lost his grip. 

Romania managed to get away 
with its refusal to join the other 
Warsaw Pact powers in the 
joint invasion of Czechoslovakia 
and has continued with an in- 
creasingly independent econo- 


mic and foreign policy ever 
since. It has refused to take 
sides in the Sinofioviet 
ideological dispute— a course 
which has culminated in the 
present visit to Romania of 
Chairman Hua Kuo-feng. 

What the otherwise very 
different regimes in Poland and 
Romania have in common is 
that neither country, borders on 
the West The high risk coun- 
tries from the Soviet viewpoint 
are Czechoslovakia and the 
German Democratic Republic, 
which both have long frontiers 
abutting West Germany. 

President 

Tito 

Yugoslavia remains a grey 
area. The Yugoslavs make clear 
their own belief that the Soviet 
Union would like them to 
return to the fold, but a major 
effort has been made to secure 
the succession to President Tito 
and the West would-almost cer- 
tainly wish to maintain Yugo- 
slav independence. - - 

The Soviet . . . ' Union 
distinguishes between the evolu- 
tion of events in those satellite 
countries which are surrounded 
by other socialist states and 
those like Czechoslovakia and 
East Germany which share a 
common border with the West. 
This helps to explain the Soviet 
diplomatic offensive after 1968 
aimed at guaranteeing the 
western borders of its part oF 
Europe — a process which had 
began with construction of the 
Berlin Wall in 1961: 

The desire for such a 
“ normalisation ” ensured the 
success of tbe Brezhnev-Braodt 
Ostpolitik which paved the 
way for diplomatic recognition 
of the German Democratic 
Republic. That was followed by 
the successful Soviet effort to 
convene the Helsinki conference 
which confirmed the post- 
war status quo at the cost of a 
Soviet signature on the clauses 
guaranteeing human rights. 
Subsequent events have shown 
that the Soviet Union had no 
intention of honouring them. 

Secure behind this inter- 
national recognition of its 
hegemony in Eastern Europe 
the Soviet .Union would almost 
certainly step in to repeat its 
1968 performance in both 
Czechoslovakia and the GDR if 
ever it felt that events there 
were getting out of hand again. 
Neither moral protests from the 
West in general nor anguished 
cries from the Euro-Communist 
parties of the West would in fhe 
end deter it. Preventing such a 
situation developing in the first 



Prague. August 1968: citizens sit before the statue of 
King Wenceslaus in passive protest against the occupation. 


place is one of the most difficult 
and delicate of Soviet foreign 
policy objectives. 

To that end the Soviet Union 
has fostered closer economic 
co-operation and integration 
within Comecan. This procedure 
was formalised by the Bucharest 
Comecoa summit in 1971." The 
1973 energy crisis played into 
the hands of the Soviet Union 
by improving its terms of trade 
vis a vis the rest of the 
bloc and increasing eastern, 
European dependence on Soviet* 
energy supplies. Wisely, how- 
ever, the Soviet Union refrained 
from exploiting its windfall 
gain to the full. It has allowed 
its allies to step up trade with 
and borrowing from the West. 
It has also stepped in with 
economic assistance to Poland, 
for example in 1976, and to 
Czechoslovakia throughout this 
period. That was help that 
went to countries whose 


inhabitants enjoy a substantially 
higher standard of living than 
do Soviet citizens. 

Harsh and continuous as the 
repression of more liberal 
socialist ideas has been in 
Czechoslovakia itself over ' the 
last 10 years, it has not involved 
the physical violence of Stalin’s 
purges, or indeed of the execu- 
tion during- Mr. Khrimhchev’s 
time of Imre Nagy and other 
leaders of the Hungarian revolt 
The voice of those who dissent 
from the Soviet-imposed regime 
continues to be heard through 
the Charter 77 movement, and 
there even are growing signs of 
an attempt to re-introduce some 
of the economic .reform mech- 
anisms which were part of tbe 
Czech reformers* programme in 
1968 and which have, been im- 
plemented to a considerable 
extent in neighbouring 
Hungary. 

What the invasion of Czecho- 


slovakia confirmed was ■ the 
intensely: conservative nature of. 
the collective leadership which 
took over power from Mr. 
Khrushchev in 1964. Its prim- 
ary Interest was, and is, to con- 
solidate the Soviet Union as a 
great power and to strengthen 
the hold of the party which was 
greatly weakened by Mr. 
Khrushchev's denunciation of 
Stalinist terror at the 20th party 
pnn gT OBs in 1956 and the half- 
hearted and incomplete 
attempts at de-Stalinisation 
yhich followed. 

Western reaction to the 
invasion showed that to a con- 
siderable degree Western 
leaders -shared Moscow’s fears 
of destabilisation even though 
on a longer term view it could 
well be argued that the greatest 
threat to stabiiitiy lies in the 
political ossification of the 
Soviet regime. 

The invasion of Czecho- 
slovakia slowed up but has not 
halted the process of political 
and . economic evolution in 
eastern Europe, but it has not 
helped the Soviet Union to 
reform its own highly central- 
ised system. 

. The Politburo is still made 
up . very largely of the same 
men who approved the invasion 
of Czechoslovakia. Now they, 
are ten years older but appar^ 
ently incapable or frightened of 
introducing younger men into 
the top leadership. 

The use of military means to 
crush the Prague spring was 
followed by a continuing 
enlargement of the Soviet fleet 
and modernisation of the armed 
forces generally. A generation 
of leaders brought up in the 
shadow of Stalin’s myriad 
suspicions and the trauma of 
Hitler’s invasion continues to be 
affaid of encirclement 

Military 

strength 

"The build up of military 
strength In Europe and- along 
the Chinese border, plus the 
active policy of intervention in 
Africa, has - increased western 
distrust of Soviet intentions, 
reduced the chances that the 
U.S. Senate wfll approve of a 
new Salt treaty and paradoxic- 
ally raised the spectre of 
encirdment. NATO’s recent 
decision to step up arras .spend- 
ing in view of the Soviet build 
up in Eastern Europe, the 
Carter administration's derision 
in Mr. Brezhnev’s words “to 
play the Chinese card,” and 
Chairman Hua’s current visit to 
Europe on the heels of the Sino- 
Japanese Friendship Treaty all 
have a threatening look to 


Moscow. The combination of a 
fossilised Soviet leadership and 
increasing Soviet . military 
strength is equally worrying 
from the western point of view. 

Would the situation have 
evolved differently had the 
Soviet leadership decided not to 

invade Czechoslovakia but bad 

accepted the complex political 
challenge of reducing . the 
- emphasis on state and . party 
power and attempting instead 
a return to the origins of 
socialism and the - dream' of 
socialism with a human face? 


Stalinist 

past 


It la extremely difficult to 
conceive of any -such evolution 
in the Soviet Union until the 
whole Stalinist past has been 
honestly faced up to and exor- 
cised. The current generation 
of leaders is obviously unable 
and unwilling to do so. They 
are trying hard to suppress 
the dissident movement, which 
although small in numbers, if 
courageous and determined. 

But the demands for a more 
open political system, for freer 
trade unions, for the - right to 
hold and express unconven- 
tional views, for national self- 
expression and greater freedom 
generally will not just go away. 
The trials of the dissidents 
themselves, for all the harsh- 
ness of the sentences, show that 
the Stalinist methods of 
elimination in silence are no 
longer applicable. 

The Soviet Union, *0 years 
after the revolution, is an 
infinintely richer and more 
developed country. Mass educa- 
tion and rapid urbanisation 
have created a new kind of 
society. The political structure 
has -demonstrably failed to 
evolve with anything like the 
«ame -speed. 

The Czech experiment showed 
the way in which what then 
was the most culturally and 
economically advanced country 
in the Soviet bloc was trying 
to come to terms with the 
times. In 1968 that was seen 
as a threat in Moscow. Since 
then several other countries in 
the bloc have moved gradually, 
and in their own way along a 
similar path. 

Evolution within the Soviet 
Union itself has been much 
slower. Not much can be ex- 
pected from the present genera- 
tion of leaders. Their attempt 
to slew the clock, while suc- 
cessful for a decade, is storing 
up many complex problems of 
change and development for 
their successors. 


MEN AND MAHERS 


Balancing 
political figures 

The Home Secretary, Meriya 
Rees, was asking at the week- 
end -who is responsible tor the 
“vast sums of money now 
being given to the Tory Party 
by commerce and industry.” His 
own party’s research depart- 
ment is due to -publish some 
figures next month which will 
partially answer -his question. 

These show that in 1977 poli- 
tical donations announced by 
some 380 companies quoted on 
the Stock Exchange totalled 
£1.4m — higher thatn the £1.2m 
announced in -the previous two 
years, though below the £i.6m 
reported by companies in the 
election year of 1974. 

The bulk of last year's 
money, £748,483, went directly 
to the Conservative Party. Tbe 
balance was given to suoh 
organisations as British United 
Industrialists (£452,226), the 
Economiic League {£126,959}. 
Aims for Industry <£30,100), 
and several other minor groups 
such as Tbe National Coaundttee 
for Electoral Reform and The 
Scotland is British campaign. - 
According to Labour's figures, 
Rank Hovis McDougall led the 
field with political donations of 
£41,000. followed by Guest 
Keen Nettlefold (£33,150) and 
Taylor Woodrow (£30,300). On 
a sectoral basis the main con- 
tributor was the insurance 
industry. 

William Clark, the Tory MP 
for Croydon South who is a 
former joint treasurer of the 
Conservative Party, estimates 
that 75-S0 ner cent of the money 
given to British United Indus- 
trialists is channelled to tbe 
Conservatives. Sir Ralph Bate- 
man. current chairman of BUTs 
Council, says that BUT also con- 
tributes to such bodies as the 
Economic League, the National 
Association, for Freedom and 
Alms for Industry. 

However, Clark says that, 
while the Tory Party receives 


1 

irfi • 
TEEAQW! 

m 

f4 

Jr* 

pll 

V 

SI 

L 


“We are running out of 
adjectives i ” 


about as much from industry' 
and commerce as he estimates 
the Labour Party does from the 
Trade unions, no contributor to 
the Conservative cause then has. 
the right to vote at its annual 
conference as unions do at the 
Labour Party conference. ’And, 
firing & return sally at Rees, he 
suggests the Labour Party's 
concern about company political . 
contributions is because increas- 
ing numbers of trades unionists 
are opting out of the levy bo the 
Labour Party. 


Temple doors 
open 

Life-sized cardboard cutouts of 
photographs of comedians 
Morecambe and Wise are : not 
part of the usual trimmings 
outside the serene and shady 
lawns of the Inner Temple. But 
yesterday the cutouts were 
ensconced on the Embankment, 
summoning guests to a garden 
party which might have- made 
a few of our lawyers’ wigs stand 
on end. 

Thames Television had 
managed to persuade the 


Council for the Inner Temple 
to break 600 years of tradition 
and, .for a modest fee, to throw 
open their gardens for a com- 
mercial party. The' company 
was promoting “the wealth and 
variety of its autumn 
schedules.” Actress Diana Dors 
was there, taking Instamatic 
pictures of her fellow stars. 
Sooty the Bear had a water- 
pistol to squirt champagne at 
the entertainers who, Thames 
hopes, will be luring viewers 
from the BBC. 

Three of tins autumn's hope- 
ful heroes of the ratings ended 
uip with shaming soap on them 
hut the Inner Temple's Head 
Gardener, Geoffrey Sleeman, 
said be was sure the lawns were 
suffirientiy resriikient to with- 
stand this and -the champagne. 
As the 250 guests settled down 
to kmah and a quiet afternoon 
under the usually out-of-bounds 
plane trees he said -he was 
“delighted" the garden had 
found such use. 


Rail steam 

The Conservatives are up in 
arms. “ This is an extraordinary 
reply,” they said yesterday 
about a letter from British Rail, 
accusing- it of “huffing and 
puffing ” and failing to give a 
worthwhile explanation. 

The complaints by Norman 
Fowler the opposition spokes- 
man on transport, come because 
of the way that British Rail 
has advertised in Labour 
Weekly and Liberal News hut 
not in Conservative News. 

Tbe deputy chairman of the 
Board of. British Rail, J. M_ W. 
Bosworth, says that this is 
because the left of centre view 
was not being adequately 
reached as a result of previous 
advertisements in the nationals 
and unrepentantly says British 
Rail wished to even out the 
“strong right of centre bias” 
in their advertising schedule. 
Which' is an interesting prece- 
dent for a nationalised industry 


and must have The Morning 
Star wondering whether its 
turn is coming. 


Princely dreams 

Talk of towing iceburgs to the 
Middle East has been circulating 
for years but now it seems that 
Australian may play host before 
Sand! Arabia — with a Saudi 
prince doing tbe shipping: 

The prince, Mohammed al 
Faisal al Saoud. set up the com- 
pany Iceberg Transport Inter- 
national in Paris last year. 
Yesterday his consultant. Dr. 
Charles Swithinhank, confirmed 
that the -company plans to use 
a friendly current or two to 
help tow Antarctic icebergs to 
western Australia. There is a 
ready market for fresh water 
there and if this venture works 
the plan is to start shipment to 
Saudi Arabia during the 1980s. 

Swithinhank, who is head of 
Earth Sciences at the British 
Antarctic Survey, told me that 
99 per cent of tbe fresh water 
in the world is ice and 90 per 
cent of this is in Antarctica. “It 
Is compacted snow, not sea 
water— completely pure.” 

One present problem is how 
to pick the right iceberg. A 
former member of the Scott 
Polar Research Institute in 
Cambridge, Dr. Gordon Oswald, 
is now working on the low 
frequency radar necessary to 
make sure the icebergs are 
stable. Another difficulty is 
how to melt the icebergs once 
they are parked off the 
Australian continental shelf. 

But the real problem is the 
whole scale of the operation. 
The chosen frozen ones will be 
about 3.000 yards long and 1.000 
yards wide. They have to be 
less than 200 yards deep other- 
wise they cannot he brought 
close to shore. But there Is no 
question of finding a harbour 
large, enough to contain them. 
As for their weight this will he 
of the order of 600m tons. 


Observer 



The exception 
that could prove 
^ to be your rule. 





A*** 


wm 











4 








Financial Times Monday August 21 1978 


Lord Grade: more than a fat cigar 


ir 


BY JAMES BARTHOLOMEW 


N ALL the furore over the 
■ 150.000 pay rise received by 
-rord Grade, the point, should 
wt be missed that Britain now 
ias a new major film company. 

.From the unlikely base of 'a 
television contractor in the 
Midlands, there has emerged a 
British public company which 
his year will make more films 
han Twentieth Century Fox, 

detro-Goldwyn-Mayer, or any of 
he glamorous old names of 
lollywood. Lord Grade says, 
1 Mine is the biggest film pro- 
iuction company in the world." 

There are too many possible 
vays of measuring the size of 
ilm companies to make the 
-laim worth arguing about But 
he assertion is by no means 
'idiculous. The British public 
£ not yet aware of what a big 
ilm company Associated Tele- 
vision Corporation with its U.S. 
affiliate ITC, has become. 
The reason is that it has grown 
in quickly and many of its pro-' 
ducts have not yet been shown 
in the UK. 

ATV will start 12 films this 
year on medium or large 
budgets. They include Les 
Uiserables, starring John 
Gielgud, James Mason, and 
Cyril Cusack: The Boys from 
Brazil with Gregory Peck and 
Laurence Olivier; and Raise the 
Titanic, which has a $17. 5 m 
budget. 

Its greatest successes in the 
past have been Return of the 
Pink Panther and- The Eagle 
Has Landed. But they have 
been mere samples of the 
weight of material which will 
be coming to Britain , over the 
next 12 months. Coming soon 
will be Capricorn One. a space 
industry thriller starring Elliott 
Gould. Figures in Variety maga- 
zine indicate that it has already 
grossed over $20m. 

ATV has not yet had an over- 
whelming hit, a Star Wars, or a 


Saturday Night Fever. But 
Lord Grade Is, as ever, optimis- 
tic. -" I believe in the law of 
averages,” he says. . “ One of 
these has to be a blockbuster.'' 

The British public Is so used 
to being told what sL-miserable 
state our film industry is in that 
it comes as a surprise to have 
a genuine movie mogul on its 
hands. Like the audience at a 
magician’s show,' one wonders, 
“ How on earth did he do it ?" 
Lord Grade, despite the photos, 
did not do it by sticking an 
outsize cigar in his mouth and 
talking big, although ; the, effect 
is calculated and helps. _ Nor 
did he do it by paying- himself 
£210,000 a year and, revealing 
that be spends more on smokes 
than most people earn. 

The truth begins with long 
experience of the entertainment 
business and particularly tele- 
vision. Lord Grade has built up 
a wealth of contacts and know- 
ledge. . > r 

The problem in setting up a 
film company is primarily finan- 
cial. A medium budget film 
costs $5m to $7nt There is a 
good chance that it will be a 
total flop. That is why most 
Boards of British -companies 
give film s a wide berth. 

But ATV has had the advan- 
tage that its programmes made 
for television are already well 
known to the major U.S. net- 
works. Programmes/ like The 
Saint long ago established ATV 
as a company which could pro- 
duce commercial fare. The con- 
tacts and credibtity which tele- 
vision programme production 
gave ATV, now enableit to sell 
its films to the XJB. networks 
before the cameras startiroUing. 

ATV is normally able Jo cover 
60 per cent or more oif |be costs 
of medium sized film from 
advance sales nf TYand distri- 
bution rights on the basis of its 
own reputation and the reputa- 


tions of the director and stars. 
About half of this is paid before 
the film is finished, the other 
half is in firm undertakings/ 
In this way the cash outlay is 
reduced and the risk borne by 
ATV is down to less than two- 
fifths of the cost The money 
which is committed is due from 
top television companies and is 
therefore a good banking 
security. 

Since each film requires less 
financial exposure from ATV 
the company can afford to make 
more. This furth er reduces the 
risk since ATVY eggs go into 
many baskets. 


On top of this ATV tried to 
tie up outlets for its films by 
entering a partnership with 
General Cinema Corporation, a 
cinema chain. But the arrange- 
ment came close to breaking 
U.S. anti-trust laws. In any case 
Lord Grade did not like having 
to consult another company 
before giving the go-ahead to 
new projects. He wants to make 
bis decisions fast and believes 
that agents, directors and the 
rest appreciate it. “ They come 
to me and in two sentences they 
tell me the story and if I like 
it I say ‘ It’s a deal’." 

Lord Grade is the first to 


/- ,// 

' i' - r ^-7/53^5^ 

t /r. 

- ' -V 


admit be does make mistakes in 
picking films. He was strongly 
behind a policy of making “A” 
certificate adventure films for 
a worldwide market These 
have had a mediocre response 
and some, like Voyage of the 
Damned' simply flopped. His 
greatest success. Return of the 
Pink Panther, was not a film 
he had much hope for and be 
does ■ not have a business 
interest in the successful 
follow-ups. 

But Lord Grade's ability to 
obtain and reinforce outstanding 
success has been shown in .the 
unlikely duo of television hits. 


- 1 i 

c**»r.* 





Lord Grade: “You have got to get the talent." 


Trcror Bamphrtea 


Jesus of Nazareth and The 
Muppet Show. Jesus of Nazareth 
was sold to an American net- 
work for $25m and has been 
turned into a film for exhibition 
worldwide except for the U.S., 
Britain and Italy, where the 
television networks will keep it 
for themselves indefinitely. The 
Muppet Show was a secondhand 
property that the previous 
owner thought was played out. 
It has now been shown all over 
the world and a feature film 
is on its way. 

Lord Grade says he has 
learned a lot in the past four 
years. The most important 
things to get right are the words, 
the producer and the director, 
he says. .The stars do not seem 
to be so important. 

The main thing is to get a 
good director. “It doesn’t 
matter how much you pay him, 
he S8ys, '‘you hare got to get 
the talent” To emphasise the 
point he tells how he asked 
Franklin J. Schaffner to make a 
film for him. He told Schaffner 
to look through his store of film 
rights,, pick any one that he 
liked. Lord G rade would 
arrange the finance. The result 
is The Boys from Brazil. 

Despite all the glamour, some 
people still want to know what 
it looks like on the bottom line 
of the accounts. The answer 
depends on a whole series of 
assumptions. Using a broad 
brush, the capital employed on 
films is almost entirely 
borrowed. This is made possible 
by guarantees from the rest of 
the group. 

Borrowed money for film pro- 
duction last year rose from 
about £10m to £22m, say an 
average of £16m. The profit was 
£2.3m, or £3.9m if the interest 
charge is added on. This gross 
profit of £3.9m on capital em- 
ployed of £16m is a return of 


24 per cent. Not a spectacular 
return, but good. 

The stock market is nervous 
about profits from films. 
Hedderwick Stirling Grutobar, 
the stockbrokers told investors 
to consider selling ATV shares 
a couple of years ago in view 
of the company's commitment to 
the “ volatile area of film pro- 
duction." The broker referred 
to “ the above average risk 
factor." 

Lord Grade has always denied 
that it is risky, and Hedderwick 


ATV CORPORATION 

Assets of Film and Music Rights, 
Recorded Programmes, licences and 
scripts. 

1973 - £ 7.6m 

1974 £ 9Jm 

1975 £I4.Im 

1976 £ 19.8m 

1977 £16Jm 

1976 £36Jm 


for one has now been convinced. 
Like comodity trading, there are 
safe ways to play it and 
dangerous ways. So far ATV has 
retained its caution. 

Even if The Boys from Brazil 
and the rest go poorly. ATV’s 
profits will be cushioned for 
several years by Jesus of 
Nazareth and The Muppet Show 
which are going to be shown 
and re-shown ad^nauseam all 
over the world. At the moment 
the films are accounted for by 
conservative British methods. 
No profit is shown until the 
costs have been completely 
covered, from which point it is 
pure profit It has the bizarre 


effect that a valuable property 
like Jesus of Nazareth is now 
completely written off and 
appears to have no value in the 
balance-sheet, whereas a less 
successful venture will appear 
as having a value because it 
is taking a few years to cover 
its costs. ATV is to change its 
accounting to the American 
method which brings in the 
profits earlier. 

In the U.S., investors are also 
nervous of film company earn- 
ings but less so than they used 
to be. Several of the studios 
have had really big hits which 
have transformed their liquidity. 
They have also gone in for the 
technique of pre-selling their 
films although not quite to the 
degree which ATV has. Simul- 
taneously the American film 
market has been extremely 
buoyant, and Mr. Harold Vogel, 
entertainment analyst at Merrill 
Lynch, expects real growth at 
box offices of about 10 per cent 
this year. The prosperity of 
television at the moment also 
helps because the TV com- 
panies are able to pay more for 
film-showing rights. 

One blockbuster can make 
S50m to SlOOm at a stroke. This 
is the bulls eye Lord Grade is 
aiming for. The low risk 
strategy is designed to enable 
him to have as many throws as 
pcssible while letting the law 
of averages do the rest. 

The main danger is a series 
of flops. ATV would not lose 
much money as a result but the 
vital credibility which enables 
Lord Grade to pre-sell the films 
would be damaged. Conscious 
of this he produces a healthy 
number of prestige films. 
Although a commercial success 
can never be guaranteed, the 
prestige of using people like 
Ingmar Bergman and Franco 
Zeffirelli is gilt edged. 


Letters to the Editor 


Lobbying in 
the EEC 


hours throughout the country lists and legal practitioners had With the advent, in the 1970s. 
will join together to purchase this problem and solved it by of international rationalisation of 
a can of this expensive chemical admitting into membership non- manufacture and assembly felec- 
and the effects on animal-life in qualified practitioners of ade- tronics through to motor 
particular may .well ;^-cata> quate standing and the problem vehicles) the incidence of the 
From Mr. G. Tucker . . . triiphic. _• '■ ‘ ' resolves itself in one lifetime. importation of such high-value 

Sir.— Darid Buchan's article on 

lobbying (August Jfi) is by far Product should not only be con- Association of Professional 
ihc best and most realistic assess- trolled it should be banned, forth- Scientists and Technologists. 


ment of this subject that I have . 

yet read. Hedge, „ , 

I wholeheartedly agree with Sr®”®® . 

him that the need to lobby the Gfevetaircf • 

EEC institutions has never been Worcester Pam, Surreff. : ;.. 

greater. For the EEC is having ... : £ 

an increasing influence through 
its laws and regulations over our 
lives and business. And I agree 
tha: the EEC represents an in- 
finitely greater challenge be- 
cause of the very complexity of 
its institutions and regulations, swi the Secretary, 

In my experience, a good many ■ institution of Electrical 

British companies find .this Eiuriweers 
daunting and discouraging. Be- 
cause 
daunting 


Regulating 

engineers 


populated boards has signifi- 
cantly increased and will con- 
tinue to do so. Small wonder, 
therefore, that the “imports 
quoted in the report have risen 
from 9 per cent, in 1970 to 3S 
per cent in 1977. But these 
statistics and the trends indi- 
cated do not relate to unpopu- 
lated PCBs which by implication 
■ From Mr. A. Jacobs •' • must only account for a small 

Sir, — Does Lord Grade realise proportion of any import statis- 
hat a dis-service he is doing tic. 

, UK executives who are earn- Turning to Mr. Sweeney’s con- 
ing more than £25,000 a year, elusions from the annual reports 
when he states that he does not of all the major companies (with- 
think the 83 per cent marginal out discussion with any of these 
rate of income tax is undreason- companies **. . . because of the 
p able? possibility that sales promotion 

Lord Grades tax 


14, Harley Street, Wl. 

Lord Grade’s 
pay rise 




companies find“ this Lord Grade ’ s h* position might distort the fact"). These 

uuuiiuDK and discouraging. d ? erS grea ft r f 7"/? ® xec P d y, es "ports, by definition, will only 

Because of this attitude,' we have , i * r a §r! e ^F' , w ^° wor king full time in the have been available from official 

lust opportunities and failed to /rf ISJriSu FjJS- J 5 *’ °" SDUrce s relate to 197&-76 - 

exploit fully the many chances tiSSra to r p ° f £6 9;2°°. h * l! ft whicb was a P eriod of ® ini- 

fur trade with, for instance, the _ e ?*, ' S §K i t" 1 mSf after tax * lth a * out £170 P°- depression in the UK components 

countries represented in the J£™7"£r °* p d .\? CTC ? s ? d earnings of industry. Again, no surprises 
Lome Convention, the Arab eogiooere needsto be raised, mh f 150.00 will not leave- bitn after that some of the accounts showed 
world and developing nations. On 0,1 ”* advocacy « tax an adidtional £25,50> as one depressingly low returns, 

the other hand, we have not Stanitoiy legukroon 01 roe would imagine, but most likely a The electronic components in- 
always lobbied effectively -against engineermg profession tnatne further £56,625 making his total d us try is a fast-moving, fasl- 
thc sillier forms of harroonisa- , v*„J after tax income about £73.500. changing business <w'no, three 

linn or combatted the strong desse for the deadening naaa go that even his average rate of month ago. had heard of 
pressures from pressure groups of txureaucracy. Who on easoo income tax on this large income inraos?) If Mr. Sweeney cared 
mimical to our business interests, said we wanted that? ' -. will be seen to be just 65 per to update himself on the situa- 

Admiltedly. EEC-watcbing is a Can Mr. Mason have actnalis cent. - tion of the major UK PCB manu- 

very taxing busiaes. .especially 'read my letter (August •*) » This arises because those facturers today he would find a 
fnr those companies that are not: which be is repaying, yet nave, executives working overseas for different storv. 
either on the big committees or ..failed to see that I expressly , a substantial part of the year. Their Technical capability is 
who have no - presence in rejected the Bow Group’s sue- and wbose earnings are wholly recognised as among the best in 
Brussels. The EEC pqnrso ut a gestion for bureaucratic re gular attributable to work carried out Europe. I estimate the level of 
vast amount of information and' Hon? Can he have given even, 'overseas (as I am sure are Lord automation now taking place in 
all this needs carefuL sifting^ *:<ansojy glance at the profter .Grade’s), are entitled to have 25 the UK to be two-three vears 
evaluation, checking and .re- stons here which are regulated per cent of such income free of ahead Af the U.S., and proposed 
checking for accuracy. Bqc ^ thi*-^ ^ under statute, yet have failed tax resulting in a marginal rate capital investment will ensure 
is not enough.] - " to see that they are administered of income tax of only 62J25 per that this situation is maintained. 

I agree with Mr. Oliver. Kemp, not by biireacrats, but by repre- rent Compage this situation with That PCB technology innovation 
the British Steel representative -sentative members of those a UK executive earning £25.000 in the UK is going from strength 
in Brussels, about ..the vital -professions? who would hope for an after tex to strength was evident at the 

importance of daily personal con- _ we «re i’not Concerned wfem increase of 14 per cent in line world printed circuit convention 
lacL Without constant- access to the : deadening . hand -di 'with the general increase in cut- heJd in London i as t June, and is 
the officials of. the EEC* you can-.^ bureaucracy, which, is a fanciful^rent earnings. He would require endorsed by satisfied customers 
not hope to know what is actnaCy ^relevancy,- but with the need an increase of £9.000 or no less — including some Df the world’s 
happening . and, ■ even • more to -reguiate the engineering pri»i ; than 36 oer cent of bis remunera- most advanced electronic equip- 
im porta nj, -.what is going...- to fessbon by a system tndependeffA,Tti°U' and there Is not the slightest ment manufacturers — in com- 
happen. Such forward lutein- fsekf -serving interests, and' chance of executives ootalnmg palei ^ avionics and aerospace, 

gcnce ri rital if a ^ independent of Ihe need to wwk : '«u<* an increase. Undoubtedly That ^ numerically a 

know what decisjons jre lftely to u,. yae caos&osos of 3 muHntttde.-higher paid UK executives would imrze number of smaller com- 
be made that-wil! affect ft so it ^ effsparte' 'independent engin- be eternally grateful to Lord panigg who. per se, cannot afford 
has time to/do something about re^g societies. - - ' Grade if the would be wilting to &e high level of capital invest- 

lt - T . . ’ ^ 1 G. F. Galnsborougb. -..vvassist those who are seeking a ment inherent in maintaining a 

It Is zH the more disappoint- Sahoa Place. WC2. ‘ 2 -/Juusmnim marginal rate of tax of high-technology capabilitv, ts un- 

ing. therefore, that many British . “T 1 60 per cent or even Lord Grade’s concerne< j with a different mar- 

“ ‘ -; r \ ^ttarginal rate of 62.25 per cent ket p ( ace and they do not repre- 

Qualifications '5'^, & Pane i). •“* more ““ 3 tmy **** 01 

- * ' 20, York Terrace West NW7. 

and experience 


companies.'' do -not . seem.- as in- k 
te rested 35 either -the- Americans 
or Japanese in wbaVft going on 
within the EEC. and how it bears 
upon their.' business. In cases 
where there have been howls pf . . . __ 

anguish about -a decision, taken. *«- a wnH 
or an qpporf unite • lort, ihe-fatilt^^ ^-The «Sspondence ifc 

c\lhl norSit ^ning wwho tfiSESdSf 

i h u V tiic ba wTong r peop?8 ; ^Tha?^ de part of some of your corr^ rw Mr. P. Breen. 
SFJSS5? spondents. . -.&■ Sir. - Mr. Swet 


Printed circuit 
boards 


PCB output in the UK. 

The major UK PCB manufac- 
turers are well aware of the 
international environment in 
which they operate — and we 
are determined that the UK 
features prominently in it. 

Peter R. Breen. 

Director and general manager. 


1U - S';,; spondents. Sir. — Mr. Sweeney claims Enm'cncuits.~Shavtom%iLl 

f0r 2 t or any other member df /(August 7) ro represent in his Selkirk. Scotland. 


1 he EEc nor for Britain. 
<S. Tucker. ' . 

•17. Essex Street. 1VC2. 


Lethal to 
animals 


the public -need medical treat-- report on printed circuit boards 
ment we know that a doctor with, in the UK . . the attitudes and 
a plate m his ?urgery door say- perceptions of the printed nr- KAflffrinff 
ing' MD IsfindicatinK that he; is- cuit board (PCB) industry s own zvi/uuiiug, 
a member of a qualifying body customers’* and to have con- • 
and he. is not allowed to eluded from the annual accounts UHiallOIl 
prescribe medicines unless he fe of all the major UK PCB com- 

so qualified.' L or any other; .panics that “. . . no industry can From Mr. B- Lvadsay-Fyrm. 

. member of the public. howeyer r ] sumve in these conditions. ’ Sir,— On your front page of 

From Mr.-R. Hedge ■ - can set up an office, put a plate' Representing one of the largest August 16 you carried a head- 

Sir,— I am quite sure that all on the door and call myself * PCB manufacturers and expor- line “ Reflation urged to combat 
those interested -in conservation consultin g engineer without any teis in the UK and as a wholly threat of output tsagDation.” As 
will be shocked and -alarmed .to qualifications whatsoever. downed subsidiary of STC (a the UK is already inflating at an 
learn from Mr.Bobin Lane Fox Is iV not about time that the British company of ITT), I con- annual rate of between 7 per 
(August t6> that a new herbicide professional institutions and the. slder that my company is rela- cent and 8 per cent and the 
has been marketed by Monsanto Universities combined to ensure lively well informed as to the National Institute of Economic 
Chemicals under the- name -or that mo 'unqualified person prad state of the market and industry and Social Research forecast 10 
■‘Round Up.” . . . . . Uces as an engineer? The pro- both in the UK and abroad. I per cent by the end of 1978 

I do not doubt that me norm- fessional bodies should realise would like to put the record should not the headline have , 

ndc is everything that the mapu- that their duty to the public, straight an some of the. specifics read “Still higher inflation; 

facturer claims but has mankind Which they themselves and their in the Larsen Sweeney report urged to combat threat of out- ! 
sunk to such depths that by using members, . lay down iu their: (July 24. 81. August 4) and to put stagnation "7 
this product we put at risk bird ethical codes also extends -to refute seem of the broad general- Doubt must he expressed 1 
anti animal life . generally? seeing that persons not bound iaatkms In Mr Sweeney’s letter, whether still higher inflation! 

indeed, Mr. Robin Lane Fox by: the ethical code should not The report uses the same statis- would in fact increase national 

states that for a period of an practice. - tics .as the HMSO publication, output. The recent experience! 

hour or so after application the If ' registration was achieved Business Monitor PQ36L Imports of inflation rates between 151 
herbicide is so lethal- that it there would be the immediate quoted 'in BM do not differen- per cent and 30 per emit peri 
“would poison any cat hi (the) problem of extremely ex- tiate between unpopulated PCBs annum does not support thei 
orchard." perieaced. unqualified engineers — the subject of the Larsen suggestion and declining infla-i 

For the time being control wire- are practising today and Sweeney Report— and populated tion rates do not appear to havei 
appears to be in the 'hands' of whose standards of conduct are PCBs which carry the added reduce the GNP. 
farmers, but the time Is hot* iar just ax*" good as institution value of high-cost components B. M. Lhidsay-fynn. 
dLStant w ben irresponsible neigh- members. Doctors, nurses, den- and assembly- S4. Azenue Road, .MVR. 


GENERAL 

Mrs.; Margaret Thatcher, Con- 
servative Party Leader, tours 
ma rginal constituencies in North 
Kent. 

Measures in force from today 
for 28 per cent cutback in Irish 
Sea herring fishing. 

- First American Fl-11 fighter 
bomber arrives in UK for launch 
of Hm maintenance deal, British 
Aerospace, Fihon, Bristol 

New -session of United Nations 
Conference on Law of the Sea 
opens In New York. 

Trades Union Congress finance 
and general purposes committee 
meets. Congress House. London. 

Ministerial Conference of Asian 
Countries begins in New Delhi — 
discussions vriti include blueprint 


Today’s Events 


for greater regional co-operation. 

John West, the company at the 
centre of the salmon poisoning 
scare, restarts selling tins of 
salmon from Canada and Japan. 

Chairman Hua Kuo Feng, 
Chinese bead of state, begins visit 
to Yugoslavia. 

Sir Peter Van neck, Lord Mayor 
of London, on official visit to Latin 
America to promote British trade 
with the region. 

. Israeli Spring-Summer Fashion 
Week opens at Jerusalem Hilton. 

Chinese iron and steel buying 
mission continues visit to 
Australia. 

Edinburgh International Festival 


and the Military Tattoo continue 
(until September 9). 

OFFICIAL STATISTICS 
Turnover of the motor trades 
(second quarter). 

COMPANY MEETINGS 
See Week's Financial Diary on 
Page 4. 

BALLET 

London Festival Ballet begins 
new season with Swan Lake. Royal 
Festival Hall, SE1, 7J0 p.m. 
MUSIC 

Wilfred Rogers (organ), SL 
Michael, Cornhili, BC3, 1 p.m. 
SPORT 

Cricket Worcestershire v New 
Zealanders. Under 19 Test. 


England v West Indies. Arundel. 
Golf: British Boys’ Championship. 
Seaton Carew. British Girls’ 
Championship. Largs. Bowls: 
English Men’s Championship, 
Worthing. 

EXHIBITIONS 

Historical development of 
heraldry in Britain from its 12th 
century origins. British Museum, 
\VC1 (until August 27). 

George Romney drawings, Ken- 
wood House. Hampstead Lane, 
NW3 (until September 3). 

Henry Moore drawings, Tate 
Gallery. Millhank. SW1 (until 
August 281. 

Sir Gilbert Scott centenary 
exhibition. Print Room Galleries, 
Victoria and Albert Museum. 
South Kensington, SW7 (until 
September 10). 


NOTICE OF REDEMPTION 

RELIANCE WORLD TRADE COMPANY LTD. 
(formerly Leasco World Trade Company Ltd.) 


This Notice Contains Im p o r ta n t 
Information for All Holders of 596 
Guaranteed Convertible Deben- 
tures Due 1988 of Reliance World 
Trade Company Ltd. (formerly 
Leasco World Trade Company • 
Ltd.) - 

NOTICE IS HEREBY GIVEN 
that the entire outstanding principal 
amount of the above issue (hereinafter 
the “Debentures”) ■w31 be redeemed 
on September 25, 1978 (the “Redemp- 
tion Date”). The amount payable on 
redemption is $1028.89 per $1,000 
principal amount of each Debenture 
(51015.00 plus interest accrued to the 
Redemption Date). This action is 
being taken pursuant to the provisions 
of Section 3.02 of the Indenture dated 
as of June 15, 1968 among Leasco 
World Trade Company Ltd. (now 
Re l i ance World Trade Company 
Ltd.), Leasco Data Processing Equip- 
ment Corporation (now Reliance 
Grdnp,Incorporated), Guarantor, and 
Bankers Trust Company as Trustee 
(the “Indenture”). 

The redemption payment will be 
made at the office of Bankers Trust 
Company and at the offices of the 
Paying Agents indicated below. From 
and after the Redemption Date, the 
Debentures shall no longer be deemed 
outstanding and inrei re r thereon will 
cease to accrue. 

In accordance with the provisions of 
the Indenture, the DdDcntores are 
convertible into shares of Co m mo n 
Stock ofReliance Group, Incorpo- 
rated at a conversion price of S40.S0 
per share. Th is rig h t of c on v ersion will 
expire at tiie dose of business on 

September 25, 1978.There- 
Debentures may not be con- 
verted atto such Common Stock. No 
payment or adjustment in respect of 
accrued interest yhail he piadp on the 
conversion afany of the Debentures. 

If the entire outstanding principal 
am ount of the Debentures were to be 
convened into Common Stock of 
Reliant Group, Incorporated at the 
above-stated conversion price, such 
conversion would involve the TsawmcF 
of approximaoly 310,000 sha re of 
such Common Stock. 


Holders of Debentures should be 
aware of the following: 

(1) On August 11, 1978, the 
reported closing sale price on the New 
York Stock Exchange of Reliance 
Group, Incorporated Common Stock 
was $35,625 per share. At $40.80 per 
share, $1,000 principal amount of 
Debentures would be converted into 
24.5 shares of Reliance Group, 
I ncor por a t e d Common Stock having a 
value of $872.81. 

(2) It is suggested that holders 
consult with their tax advisers as to the 

tax effect of the redemption and con- 
version discussed above. 

Debentures, together with all 
coupons ap p er t a ining thereto and 
maturing after the Redemption Dare, 
should be presented and surrendered 
for payment of the redemption 
amoun t- or for conver a irmmto 
Common Stock, as follows: 

Paying and Conversion Agent 
Mail: 

Bankers^ Trust Company • 

Corporate Trust Division 
P.O. Boss 2579 
Church Street Station 
New York, New York 10008 
Hand Delivery Only: 

Bankers Trust Company 

Receipt and Delivery Section-Level A 

1 Bankers Trust Plaza 

Between Greenwich and Liberty 

Streets 

New York, New York 
Additional Faying Agents 

Basque Bruxelles Lambert SJL 

2RucdelaRcgenoe 

1000 Brussels, Belgium 

Pierson yHeldring & Pierson 
206-214 Herengracht 
Amsterdam, Ihc Netherlands 
Berliner Handels - G eseHschaft 
Frankfort Am Main 
Boe keoh eime r Landstasse 10 
6 Frankfurt, West Germany • 

Credit Commercial de Prance 
103 Avenue Chsmps-Hysees 
Pars, France 

Banca Commexoale Ttaiinpn 
Piazza della Scala ' 

Milan, Italy 


Bankers Trust Company 
9 Queen Vxctoria-Streer 
London, EC4 DB London 
Also Conversion Agent 
Banque Internationale > 
a Luxembourg SJL 
2 Boulevard Royal 
Luxembourg, Luxembourg 
Also Conversion Agent 

If you elect to convert your 
Debentures, tiie Debentures should be 
delivered to or sent by registered mail 
or its equivalent to the offices of 
Bankers Trust Company or the offioes 
of the Conversion Agents indicated 
above prior to the ex pirati on of the 
conversion right at the dose of busi- 
ness on Monday, September 25, 1978, 
indicating your election to convert on 
the reverse thereof witit an endorse- 
ment dated and signed by you. If the 
shares of Common Stock to be issued 
on conversion are to be registered in a 
name other than yours, so indicate and 
have your signature guaranteed by a 
banking institution. Fractional shares 
of Common Stock will not be issued 
on conversion. Reliance World Trade 
Company Ltd. or Reliance Group, 
Incorporated hereby elects, pursuant 
to the Indenture, to pay a cash adjust* 
meat in respect of fractional interests 
based on market price of the Common 

Slock as of the last business day pre- 
ceding the date on which a Debenture 
is surrendered for conversion. 

If you bavr any questions about the 
meaning of this Notice or tbexnost 
advantageous way for you to respond 
to it, it is recommended thatypq 
consult your banker, bicker or 
attorney. 

RELIANCE WORLD TRADE 
COMPANY LTD. 

RELIANCE GROUP, 
INCORPORATED, Guarantor 
919 Third Avenue 
New York, New York 10022 



By: SAUL P. STEINBERG 
Chairman of the Board 




12 


Financial ' Times Monday 'August 21. 297S-: 


COMPANY NEWS 


LRC Inti, optimistic and 
planning new projects 


SIR EDWARD HOWARD, the 
chairman of LRC International 
believes world trade will improve 
in 197S-79 and that the group Is 
well placed to benefit from such 
an upturn. 

He says that by nature he is 
optimistic and that the group has 
a number of projects both at home 
and abroad on hand, some of 
which will be coming on stream in 
the current year. He stresses that 
the importance of exports, but 
adds tbat LRC must have a good 
home market to support its opera- 
tions. 

As reported on July 20, pre-tax 
profit for the March 31. year 
dipped from £7.21m to £6.67m on 
foumover ahead from £S7.26m to 
£93 .24m. 

In the year sales by LR Indus- 
tries were generally higher but in 
the second half costs eroded 
margins. 

Sales of surgeons gloves, contra- 
ceptive sheaths and balloons were 
steady, but a second balloon plant 
did not function satis factorily and 
was written off in the accounts. 
However, the substantial expan- 
sion of its Iranion factory contri- 
buted to profit. 


In the year the marketing arras 
of LRI and Sanitas Trust were 
further consolidated under LRC 
Products, and directors hope this 
will lead to a more streamlined 
operation which should help 
reduce costs. 

Among the Haffeudon Rich- 
borough side, strenuous efforts are 
being made to put the French sub- 
sidiary on a profitable footing, 
and Sir Edward expects to see 
some considerable improvement 
on this division in the current 
year. 

la North America, Schmid 

Laboratories did well with sales 
and profit margins better. A new 
factory should this year contribute 
to profits and the group is plan- 
ning further expansion in Peurto. 

Rico. 

In Canada sales held up well 
and a further five acres of land 
has been purchased as a site for 
a new factory. 

LRC Europe showed higher sales 
in the year although profits were 
not maintained. The German 
company has shown considerable 
improvement and plans are in 
hand to sraduaUy increase the 
number of products being sold in 
Europe. 


In India, margins were also 
squeezed while sales rote. Arrange- 
ments to reduce LRC’s holding in 
the company from 51 per cent to 
40 per cent have been concluded, 
but Sir Edward ejects the group 
to earn as much on the reduced 
capital as previously. 

With Irradiated Products, an ew 
factory is being built at Bradford. 
As already announced a partner- 
ship has ’been formed with the 
Canadian Atomic Energy Commis- 
sion, and the two are working 
closely on the new Bradford 
facility. 

In line with the announcement 
last year the group's auditors 
Shay, Keens and Co., do not pro- 
pose offering themselves for re- 
election this year, and instead the 
joint auditors for the last year, 
Whinney Murray will be proposed. 

At balance date fixed assets of 
LRC stood at £23.45m (£20.Q4m), 
while net current asssets were up 
from £lS.43ra to £24. 84m. The 
group has contracted and 
authorised capital commitments of 
£2 .82m (£0.96raV. and has a con- 
tingent liability of £642,000 relat- 
ing to retirement benefit schemes. 

Meeting, New Street Square, EC, 
SepteoLer 15 at noon. 


G.M. Firth seeks to cut costs 
as sales remain stagnant 


In the light of current informa- 
tion .the directors of G. JL Firth 
(Metals) do not consider that the 
charges of Fraud and forgery 
brought against the chairman 
and certain employees will have 
a material effect on the com- 
pany's finances. 

in his annual statement, the 
chairman Mr. G. M. Leadbeater 
says that he will he “ strenuously 
resisting the charge." The accusa- 
tions, relating to conspiracy to 
defraud and of forging test 
certificates which are often 
supplied with certain grades of 
prime steel, were made a Tier 
police investigations at the com- 
pany ten months ago. 

Following a Board meeting in 
April rhis year it was stated that 
Mr. Leadbeater denied the 
charges and would continue in 
office. 

Turning to the group's opera- 
tions Mr. Leadbeater says Lhat 
generally sales have marked time 
and since the director! envisaged 
this situation continuing for the 
time being they are seeking to 
reduce operating costs by 
capitalising on earlier investment 
in properly and buildings. 

He comments lhat the recent 
purchase of a 13-acre site at 
Bradford could be seen as con- 
stituting an extension of the com- 


BOARD MEETINGS 

Finals: - 

KamantuiK Tin Prrdgtn* Bert ad Ana. » 

The following cam Males have noil Bed 
dates of Board meetings to the Stock 
Exchange. Such meetings are usually 
hold (or the purposes of considering 
dividends. Official Indleatioos are not 
available whether dividends concerned arc 
interims or finals and the subdivisions 
shown be ton .ire based mainly on last 
year's tune table. 

TODAY 

Interims: — Charles Baines. Blagden 

and Noakes. 

FUTURE DATES 

Interims:— 

European Ferries .Sepi. IS 

Heouurth Ceramic Sept. G 

Lai os iJoho» .... Auk. 31 

Low and Sonar . Sept. 18 

Macfarlao-.- •Clsnynuoi auk- SO 

Ku-Swi/t Indcstrii* . ... au*. 30 

Palmerston Investment Trust Auk. 24 


party's activities. However he 
stresses that it is not intended 
that the group should become a 
conventional property company 
and the site, called Princevilie 
Works, was acquired by a newly 
formed property development sub- 
sidiary of the croup. The cost was 
£163,000 after allowing for income 
from the sale of materials 
reclaimed from the site. 

As they believe that the group’s 
business in Liverpool can now be 


efficiently serviced by the new and 
improved facilities at its other 
depots, the directors are negotiat- 
ing the sale of the freehold site 
at Bootle. 

An independent inspection of 
group's freehold and long lease- 
hold properties in August, 1977. 
indicated that the book value did 
not differ substantially from their 
market value. At March 31 this 
year these properties stood in the 
balance sheet at £0.97m (£0.73m). 

As known in May the group sold 
freehold land and buildings sur- 
plus to its- requirement at its West 
Bromwich depot for net cash of 
£146.000 giving a pre-tax book 
profit of some £70,000. 

By maintaining, as intended, a 
steady upgrading of the quality 
of stock held and adopting a 
restraining purchasing policy 
during 1977/7S, stomk was cut to 
£ 1.53m (£2.79m) with a corres- 
ponding reduction in bank borrow- 
ings. Year and bank overdrafts, 
were down from £1.34m to £382.606 
and cash in hand stood at £4^63 
(£1S}.,QS9>. 

After showing a small loss at 
midway— as reported August 4 — 
the group finished the year to 
March 31, 1978, with a taxable 
profit of £29,661 (£198,343) on 
turnover down at £7.6flm (£7.93m). 


I NEWS ANALYSIS— ASSURANCE BUSINESS 

Coming back to life 


BY ERIC SHORT 


ALL INDICATIONS at the half- 
way stage are that It is going to 
be another record year for new 
individual business by the life 
companies. The figures issued 
last week by the three Hfe com- 
pany associations show that new 
annual premiums on assurances 
and annuities are 23 per cent up 
on last year, while single 
premiums are showing similar 
growth. Last year's stagnant 
situation, with a rise of only 6 per 
cent has been left well behind. 

When new pensions business is 
taken into account, the growth 
will be exceptional The start of 
the new State scheme has pro- 
vided a tremendous boost to new 
pensions business. 

The situation for linked life 
assurance business looks even 
rosier. Last year was good for this 
type of life business, in contrast 

to the traditional side- Single 

premiums business in 1977 
increased by 31 per cent to £223m. 

thus showing a strong recovery 

from the poor ye are of -1974 and 
1975. The figures issued last week 
not only show that this trend has 
continued, but also indicate that 
overall single premium business 
this year could be back to the 
levels of 1973— the heyday for 
single premium linked business. 

So far this year, single premium 
business from individual investors 
totals £14Sm, nearly 50 per cent 
higher than last year's half-yearly 
value of £99m. A continuation of 
this growth rate over the second 
half of this year could see new 
business approaching the 1973 
level of £347m. 

The early years of this decade 
saw boom sales of bond business 
from the young linked hfe com- 
panies — lead by Abbey Life and 
Hambro Life. It was the era of 
the property, the managed fund 
and the equity bonds. 

Tben came the market collapse 
of 1974 and 1975, which resulted 


4oo[^: 

309 ■ 
200 - 
W0r 


New linked Life 
Business 


r 


m 


b Annual. 
Premnon 


Q 


60- 

oU — 




tan ism an isre an "^1 


in a dramatic drop in bond sales. 
The graph shows how sharp was 
that fall. It had severe reper- 
cussions for the linked companies 
by severely restricting their cash 
flows. But they weathered the 
storm, with one or two exceptions, 
and the recovery in the stock 

markets brought an upturn in 
bond sales. The strength of the 
equity and property markets this 
year have boosted bond sales 
further. 

The leaders Abbey and Hambro, 
both report a pattern in line with 
or even higher than that of the 
overall linked market Property 
funds are very much in demand. 
Life companies have also 
be nefitted from the popularity of 
overseas markets with investors. 
There has been a strong demand 
for bonds linked to international 
funds. 

However, the third market 
leader Vanbrugh Life fa member 
of the Prudential Group) has not 
matched this growth pattern. At 
the half year stage, its single 
premium business was 14 per 
cent lower at £2L7m. The com- 


pany had an exceptional year in 
1977 that under normal circum- 
stances would have bean difficult 
to match. And it Is now feeling 
the effect of the entry of tradi- 
tional life companies in this field. 

The linked life companies are 
also experiencing a boom in 
regular saving contracts, again 
with many linked to property or 
International funds.' Last year 
saw a decline in annual premium, 
business from individuals from 
£57.6 m to £4&2m. This year the 
trend has been reversed with busi- 
ness 26 per cent higher over the 
six months at £29 m. The record 
level of new business in 1976 could 
be exceeded this year. 

The other feature of note in the 
latests figures is that the linked 
life companies are fully participat- 
ing in the sales boom for pension 

contracts for the self-employed. 
The new State pension scheme 
which started in April does 
nothing extra for the self- 
employed. They still have to make 
their own arrangements for 
pension provision and a life policy 
is the most tax efficient means of 
doing Annual premium sales 
this year are 30 per cent op on last 

year. 

The linked life companies now 
have a strong positive cash flow 
coming from their regular 
premium business. Their position 
is much more stable than in 1974 
and they can face a faH in bond 
business with reasonable comfort. 

At the other end of the life 
assurance spectrum, a satisfactory 
rise in industrial life business is 
also reported by the home service 
companies. This is the business 
where agents cal] regularly at the 
homes of polycyholders to collect 
premiums. Premiums are nearly 
13 per cent higher at £65Bm over 
the half year, although fewer 
policies have been sold. ■ 


Siebe Gorman expects progress 


HOLDINGS LIMITED 

"Further profitable progress anticipated 
....level of incoming orders well ahead 
of last year." 


Highlights from the Statement of 
the Chairman, Mr G C D'Arcy Biss: 

• Record Group pre-tax profit of £4.47m. 

• 14th successive year of increased profits. 

• Turnover increased 17% to £42.54m. 

• Earnings per share up from 25.2p to 28.1 p. 

• Excellent trading achievements by UK companies 
and nearly all overseas companies increased sales. 

• UK exports up 34%. 


The Siebe Gorman Group designs and manufactures 
advanced technology fire fighting and underwater 
products, industrial safety and survival equipment, 
and leisure and protective wear. 


G.M. FIRTH (Metals) Limited 


STEEL STOCKHOLDERS 


Mr. G. M. Leadbeater reports. 


The steel industry thraughoutthe world 
and in particular the heavier end of the 
market in which we specialise has 
remained very depressed. 

We have, however, continued our stated intent 

ol steadily upgrading the quality ol slock which 
we hold and we have also adopled a restrained 
purchasing policy. The effect ol this is shown in 
the substantial reduction in stock shown in tha 
accounts end the corresponding reduction in 
bank borrowings. 

In my interim report t re vealed a small loss and 
it is marginally gratifying, therefore, nowtoshow 
a small trading profit of £29,661 before taxation 
and extraordinary gains. The improved trading in 
the fourth quarter has continued to date. The 
position has been materially improved, however. 


by the profits realised on the property transaction 
ot which details have already been disclosed. 

Since the date ot the accounts, your company 
has concluded two major transactions: Firstly 
we have sold freehold land and buildings surptu9 

to our requirements at our West Bromwich depot 
and the net cash consideration of El 46.000 has 
been received in full. The book profit before 
taxation is estimated at £70,000. 

Secondly we purchased a 13 acre site known 
as Princevilie Works, Bradford. The cost 
amounted to £163,000. Princevilie Works has 
been acquired by a property development 
subsidiary of the group— thereby slightly 
diversifying die group's activities. 

A dividend of 2.5p is declared. 


Year to 31 March 

1978 

1377 

Group turnover 

7,692,168 

7,927,247 

Profit before taxation 

29,661 

198,543 

Taxation 

14,926 

105,000 

Profit after taxation 

14,735 

93,543 

Extraordinary items after taxation 

288,640 

117,808 

Earnings per 1 0p ordinary share: 

Before extraordinary items 

- 0.55p 

3.50p 

After extraordinary items 

11 .37 p 

7.92 p 


Limited, Duncombe Road Works, Bradford. BD3 9Rp.Tel: Bradford 494144 (STD code 0274) 


Following 14 successive years of 
higher profits at Siebe Gorman 
Holdings. Mr. G. C. D’Arcy Biss, 
the chairman, says in his annual 
statement that he anticipates 
further profitable progress in the 
current year. 

The Board Is confident the 
group will continue to prosper 
and to develop its successful posi- 
tion from the solid management 
base on which it now stands, the 
chairman states. 

The level of incoming orders 
for the first months. this year is 
well ahead of last ' year while 
existing and new products and 
trading activities will serve to 
maintain the commercial edge in 
the group's home and overseas 
markets. 

As reported on July 25, pre-tax 
profit for rhe year to April l, 
1978. increased 10 per cent to a 
record £4. 47m on turnover 17 per 
cent up at £42.54m. The total 
dividend is up from 5.052p to 
5.641 p. 

An analysis of turnover and 
profit show's (JEOOOs) protective 
and safety dothing . contributed 
£18.433 (£15,477) and £2.247 

i £1.803: underwater, marine and 
industrial safety equipment £7.581 
(£6,586) and £775 (£771); tire 
engineering £3.341 (£2,744) and 
£265 (£207); textiles £6,564 

(£6,305) and £501 (£574); footwear 
£5,223 (£3397) and £186 (£130) 
and rubber and plastic com- 
ponents JEL396 (£1,143) and £175 
(£164). Associated companies 
contributed £319,000 (£406.000) to 
profits. 

The record year included 
excellent trading achievements 
by the majority of the group's 
UK companies. Overseas exports 
from these again Increased by 
34 per cent on top of the 35 per 
cent increase the previous year. 

Since 1976. exports have 
increased by over SO per cent, 
and these overseas sales .have 
made an appreciable contribution 
to the UK profits, says Mr. BiSs. 
The engineering companies main- 
tained their progress, with divi- 
sional profits ahead of the 
previa us year by 12 per cent 

Siebe Gorman and Company has 
now completed its relocation into 


the new factory in Gwent, at 
Cwmbran and all indications point 
to a successful current, year in 
tbe new location, whOe Merry- 
weather starts the year with a 
record fire-fighting vehicle order 
book. 

James North and Sons (protec- 
tive clothing and safety equip- 
ment) once again operated at 
high levels of efficiency and 
experienced an excellent year in 
terms of both sales and profits. 

Textile and footwear operations 
also had a successful year, with 
profits ahead of the previous year. 
During the year, the total assets 
and frehold of Staurd Latham and 
Company at Camforth, Lancashire, 
were acquired for cash. 


The rubber and plastic moulding 
activities also had a good year, 
with the beginning of significant 
shipments of components to the 
footwear operations. 

The operating companies in the 
Republic ot Ireland. Switzerland 
and Denmark, achieved good 
results, with profits ahead of the 
previous year. German and 
Swedish operations continue to 
give a good account of themselves. 
Both the Australian and New 
Zealand companies experienced a 
disappointing year due to con- 
tinued very depressed demand in 
competitive markets, adds Mr. 
Biss. 

Meeting, Winch erter House, EC, 
September 13 at 12.30 pm. 


Small companies losing 
their investment appeal 


NOTICE OF REDtADmON' 

Nippon Steel Corporation . 

(5bia Nippon Sdutw'KatrafeJkl Kaisba) 
91-2% Gumraatrrd Note Due 1U8B 

NOTICE IS HEREBY GIVEN Id tha 
holder. oL the 9’ 2 "® GuoranieeJ Notet Due 
IS So I the -Nola''i of Nippon Sled Cor- 
pora uoo. a Japimeso corporation (the "Cam- 
pi oj"l, lhat pursuant 10 ibe fim paragraph 

of paragraph 6ul of Ihe Note., I he Company 
trill redeem, on September 2b, 1V7S, AlXiho 
Nous then omsnnains- 

Tbe price at ■which ihe Notes will be tc- 
dmned wiQ ho 100 W* of ihe prinapl 
amount thereof and accordingly ufli be VS. 


on redemption of iho ? 

to September 26, 1978. 

The payment of iho redemption prico,.fi>- 
jxlber wjib ibe abore-mcmioned accrued 
interest, will be made on and after September 

26, 1978 upon preremaiwn and surrender Of 

the Nolen, lagmber with oil coupons epper- 

uiirins thereto matnrinq after September 26. 

1978. at the office of any of ihe (oUoffing 

Paying Agcnuo 

• The Bnelc of Tokyo Tool Company In 
New Vnk Chy iMafai Office) . 

■ The Bank of Tokyo Trust Company ha 


• The Industrial Barit of Japan, tf-Usd 

.In London 

• Indiufrfetmak ton Japan fRnftdk- 

tand) AkllrnjcudUcbalr in Janb. 

ton am Main 

■ TTae Bank, of Tokyo, U«L h> Snoods 

• The Bank ot Tokyo, Lid, hi Parhr 

■ The Bonk of T okyo. Lid. in .Visas 

■ The Bank of Tokyo iHoDnod) tLV.tm 

Amrierdam (Main Office) 

■ Srin Bank Corporation in Basel 

(Main OSes) 

• Union Bank of Switzerland In Zb ri«* 

(Main Office) 

■ Kredttlmk S.A. Luwmhnurenta hi 

Lucmboint (Main Officel 
The coupon for imeresi nuyjhlr oh Sep- 
tember IS. 1978 should be do.vbed and 
prevented for payment m the usual maimer. 

All payments will be nude in -.uch cote of 
currency of ihe United Mai» of America a* 
at the lime of poymeni shall v* fqil tend" 
therein for ihe payment of puhiii and. priwe 
debts and, in cose ut payment ut any paying 
agent outside Ncv* York City, t,y cheek 
drawl on a United Suits dull jr ac&tuai. or 
h> transfer ro a United Mate!, dollar account 
maintained by ibo payee, with a bant in -New 
Yuri. Cut. 

ON AND AFTER. SEPTEMBER 26, 
1978. INTEREST ON THE NOTES WILL 
CEASE TO ACCRUE. 

NIPPON STEEL CORPORATION 
By; Tho Bank of Tokyo Trim. rVuyug’ 

Ai fiscal Ajteat 
Dated: August. 21. 1978 


SLMCO MONEY FUNDS 
• SanjrnTnve.stEn.ent 
Management Co. Ltd. 
cannon Street ecjm exo 

Te!epb<>ne:'0I-23b 1425 


Rates paid for W/E 20/8/76 



Call 

7 day 


% PA. 

S£PJ»- 

Mon. 

9.156 

' 9.674 

Tues. 

8.930 

9.582 

Wed. 

8.731 

-9.337 

Thurs. 

8.932 

9JI3 

Fri./Sun, 

8.831 

9277 


THE CHANCES of Investors 
getting better than average 
market gains by investing in small 
companies have fallen substan- 
tially in the six months to August 
1978, according to the broking 
firm Wood. Mackenzie. 

In a survey of performance of 
various sectors of the share mar- 
ket the firms says that less than 
half of 80 randomly selected small 
companies outperformed the FT 
all share index in the six month 
period. Twelve stocks selected 
recorded price falls. Comparing 
the performance of the SO com- 
panies in the 12 months to 
August 1978 the firm found that 
almost 60 had percentage rises 
greater than the share index. 

"On a random basis it can be 
demonstrated that s m a ll was in- 
deed beautiful as far as invest- 
ment performance over the past 
year was concerned,” the firm 
said. “Our analysis over the past 
six months indicates, however, 
that smaller companies will find it 
more difficult to emulate their 
outstanding performance in the 
current year.” 

Analysis suggested a number of 
reasons for the relative perform- 
ance of small companies including 
that they had been left behind by 
the share price recovery the 


majors that occurred earlier. 
Being in general more tightly 
held, any increase in demand 
tends to push prices higher than 
average because of the difficulty 
in getting stock. 

The reasons for the change in 
relative performance in the last 
six months according to Mr. W. G. 
Bain, the Wood Mackenzie partner- 
responsible for the analysis, are 
that the catch-up. phase had just 
about come to an end. "One or 
two of our clients have reported 
back to us that they are taking 
profits from small company gains 
and switching into larger com- 
panies,” he said. “But people are 
still talking about small company 
performance and, as we specialise 
in large companies we bad a vita! 
interest in looking at what was 
actually happening in the market 
place.” 

The broking firm concludes 
that, while the evidence is not 
complete it does indicate that 
relative performance from small 
company portfolios win be harder 
to achieve in 1977. “There is 
little doubt that these remain the 
waters to fish in If one is looking 
for an outstanding catch, but the 
waters have been well-fished and 
the chances of landing the big one 
are significantly diminished.” 


House prices 
still easing 

HOUSE price rises are still 
easing, with the most popular 
English house — the semi- 
detached — showing the lowest 
percentage rise this year, says 
last mouth's price survey by the 
Royal Institution of Chartered 
Surveyors. . 

The halt in the rise in prices 
was predicted after the cut in 
the availability of mortgages, 
which are “ certainly still avail- 
able but purchasers have to 
search much harder for supply 
and perhaps at more tban the 
‘recommended rates.’” says Mr. 
John Thomas, deputy chairman 

of the RICS public relations 
group. 

The survey also shows that 
there is still a serious shortage 
of houses on the market. 


Financial and 
banking MSc. 

A NEW 12-month advanced 
course in financial and banking 
studies, leading to an MSc 
degree, is to be introduced by 
Heriot-Watt University, Edin- 
burgh, in October. 

.The course has been designed 
for those already in, or those 
seeking careers in banking or 
the financial divisions of national 
and international corporations. 

Admission witil generally be 
open to graduates with first- 
class or second-class honours 
degrees in accountancy, econo- 
mics, or business studies, and 
also to people with acceptable 
professional qualifications. 


LOCAL AUTHORITY BOND TABLE 


Authority 

f telephone number in 
parentheses) 

Annual 

KTOSS 

interest 

Interest Minimum Life nf 
payable sum hood 

flD 


£ 

Year 

Barnsley Metro. (0226 203232) 

n 

j.year 

250 

5-7 

Knowsley (051 548 6555) 

Hi 

4-year 

1,000 

5-7 

Poole (02013 5151) 

10* 

J-year 

500 

5 

Poole (02013 5151) 

1U 

*-year 

500 

6-7 

Redbridge (01-478 8030) ......... 

n* 

4-year 

200 

5-7 

Thurrock (0375 5122) 

11 

*-year 

300* 

4 

Thurrock (0375 5222) 

20| 

J-yaar 

300 

3 


FINANCE FOR INDUSTRY TERM DEPOSITS 
Deposits of £1,QQO-£25,OQO accepted for fixed terms of 3-10 
years. Interest paid gross, half-yearly. Rales for deposits 
received not later than 1-9.7$. 

Terras (years) 3 4 5 6 7'8 9 20 

! Interest % 103 11 11* II* Hi 12 12 121 

Rates for larger amounts an request- Deposits to and further 
information from The Chief Cashier, Finance for Industry 
Limited. 91 Waterloo Road, London SE1 8XP (01-928 7S22. 
Ext. 177). Cheques payable to “Bank of England, a/c FFI." 
FFT is the holding company for 1CFC and FCI. . 


E.R.F. (HOLDINGS) LIMITED 

(Incorporated in England under the Companies Act. 194S) 

Capitalisation Issue of 934.837 1 0 per cent. 
Cumulative Preference Shares of EI.each 

business hours on any weekday (Saturdays excepted) for ilw 

next fourteen days from: — 

Fielding. 

Nflwson-Smitb & Co., 

OR 31 , Gresham Street. 
London. EC2V 7DX. 


5. G. Warburg & Co. Ltd., 

30, Gresham Street. 
London. EC2P 2EB. 

21st August, 1978. 


U.S. $30,000,000 

Floating Rate U.S. Dollar Negotiable Certificates 
of Deposits, due 24th August, 1 981 . 

THE SANWABANK, 
Limited 

LOISTDON 


* 


In accordance with the provisions of the Certificates, notice is 
hereby given that for the initial six months interest p*nod from 
21*7 Aubuse. 1978 to 21st February. 1979. the Certificates will 
carry an Interest Rate of P* r annum. The relevant interest 

payment date will be 21st February. 1979, 


Merrill Lynch International Bank Limited 

Agent Bank 


U.S. $30,000,000 

Floating Rate U.S. Dollar Negotiable Certificates 
of Deposit due 23rd February, 1981 

THE DAI-ICHI KANGYO 
BANK, LIMITED 

LONDON 




In accordance with the provisions- of tho Certificates, notice is 
hereby given chat for the six months interest period from 
2Tst August, 1978 to 21 st February. 4979. the .Certificates wilf 
carry an Interest Rate of 9iij% per annum. The relevant interest 
.payment date will be 21st February. 1979. 


Merrill Lynch International Bank Limited 

Agent Bank 


BOND DRAWING 


CORRECTED NOTICE 
To holders of Lancashire County Council 
$30,000,000 94% Bonds 1978/8L 

The following bond numbers in the redemption notice dated 
14th August 1978 appeared incorrectly: 

No. 6967 should read No. 4967 in numerical sequence. 

No. 21707 should read No. 21701 in numerical sequence. 

National Westminster Bank, 
Registrars Dept, Bristol. 


COMPANY NOTICES 


GENERAL MOTORS 
CORPORATION 

NOTICE 15 HEREBY GrVEN that requi ring from the Corporation's 
Declaration ol a DIVIDEND ol SLOO (gross) per Share of the Common Suck 
of the Corporation payable on 10th September. IMS. there vriD become due 
in respect Of BEARER DEPOSITARY RECEIPTS a .gross distribution of 
5 cents per tun*. 

The Deposttars «riU Slve further NOTICE of ibe STERLING EQUIVALENT 
of (be net dsOrtbntton per UNIT payable on and after 15th September. IKS.. 
THE CORPORATION S SECOND REPORT . FOR IMS." Authorised 
Depositaries are assisting In um distribution of thn report to holders or 
Bearer Depositary Receipts, copies may also be obtained Irani Barclay* 
Bank Limited. 

Barclays Bank Limited. 

Securities Services Department, 

34 Bombard street. 

London EC3P 3AH, 


BANQUE NATIONALE 
DE PARIS 

Floating rale note issue 
of US$75, million 
February 1978/84 

The rate of interest applic- 
able for the six-month period 
beginning August 1978 and 
set by. the reference Agent 
is % annually. 


ART GALLERIES 

1CLO BOURNE GALLERIES, S3. Queen's 
c™rsi John's wood, saa ssoo. 
LANDSCAPES bv Royal Aorttemlelam. 

maohlI cairtnas voma sasburgw. 


MAI. GALLERIES, The Mail. S.W.T. 
UNTTEOSOC J LTY OF ARTISTS ANNUAL 
EXH BmON- MMI.-Prt. 10-5. Sat. IB-1. 
Sun. tSST" Until Aug. Sltt. Adm. 20p. 


MALL CALIBUB. Tho Mall. S.W.1. A 

Smcui Exhibition or work by the mcm- 

bt-ri oF Drt ROYAL INSTITUTE . OF 
PAINTERS IN WATERCOLOURS. Mon.- 
Fn Sat*. 10-1. Until 3ist Aug. 

Closed 26th ■» ZBth Aw. Adm. free. 


THE " MARKET PLACE GALLERY, COLY- 

TON DEVON. Telonnone 1 02971 5ZIM1. 

until' STK AWWL Wejtcojmtrv Land- 
luoH and Seascapes. Oil Palntmos By 
Trisiam . HUIIer. RA,. and Watercolours 
bv cruris K$9h r. R.W.S.. and 19 oiner 
srtkK— mjiW works under UO. Includ- 

ing etchings, ck: Gallery open 11 to 1 
and a. so to S. Monday to Saturday. 
Closed Weds. Alts. 


EXHIBITIONS 


R.WJL GALLERIES. 2G.. Conduit St.. W.T. 
&rt Cli 


RWs Art Club and Society Of Miniaturists 
Exhibition. Dally 10-5. Sits. B-30-U.S0 
until August 29. 



NO. MUM or 1S7S 

In Hie H1CH COURT OF JU» 
Chancery Division Companled Court, 
ihe Matter of PURLEY HrDE AND 4 
COMPANY LIMITED and in Ibe M 
of The Companies Act. IMS. 

NOTICE IS HEREBY GIVEN, lb 
Petition for tile Wlndms up n f the a| 
named Company by the High emu 
JiMLtt was on the Sth day of An 
1 9W. presented to the said Coun 
f. BOLTON & CO.. LIMITED, of 
Mark Lane, London. E.CJ, and thai 
MW Pei Won la directed id be ) 
before the Court silUtu: ai uw 1 
Courts of Justice. Si mad. u 
WQA SLL, on [be lftth jay of 

and ^_credttor or contrite 
of the said Company desirous to bui 
or oppose the making of an Order ot 
said Petition may appear at trig dir 
heartop. in Demon or hr his comod 
that purpose; -and a copy of the Pei 
vDtt be furnished to the undssbmo 
any. creditor or contributory of trie 
Company rradnog such coot no pyai 
of the regulated ebarse for. the same 

PARKER GARRETT & CO.. 

. . St- MichaePa Rectory. 

Comhlll. Loudon EC3V 9DU. 

Ref: NW. Tel: ftl-fifi HRl. 

Solicitors for the Petitioner' 

NOTE.— Any person who intend! 
Mmcar on the beanos of the said Pm 
^ erve or send by post to, 
Mww-naaned nonce in wrinne of 

f? 1 »« address of the person 
ir a flm. the name and address o( 
arm and must be slimed by the m 

ZJKLJFJ* or L heir solicitor (if 
and mast be served, or, « posted. 

**5“!. * r i" sufficient tin* 

*v*ai me above-named not later 
four o'clock in ib« afternoon of the I 
day of October, 1978. 











4 







Financial Times- Monday August 21 1978 

Pending dividends 
timetable 


The dates when some of the more important company dividend 
statement* may be expected in the next few weeks are given in the 
following table. Dates shown are those of last year’s announcements, 
except where the forthcoming board meetings (indicated thus w i 
have been officially published. It should be emphasised that the 
dividends to be declared will not necessarily bo at the amounts or 


INTERNATIONAL COMB\N\ NEWS 


MINING NOTEBOOK 


Labour troubles leave 

e 

symbolic El A1 profit 


BY L DANIEL 


TEL AVIV, August 20. 


rates per cent shown in the column headed “Announcement last ' * b 

yrar." Preliminary profit figures usually accompany final dividend EL AL, Israel airlines, shows an 20 per cent ahead of the preced- the past 10 years has come to 
announcements. operating "profit of $0.6m for »°g year. $380m. About 97 per cent of this 


announcements. 

. Annouixt- 
Date aunt law 
yrar 

; . APV Sent.® lat. «.WK3 

Ando Am. ‘ ■ ' ‘ ' 

corpn. SA.&pt. 15 Final due . 
Armstrong - 

EfluJtnnenr...Sepf.'72 Firm I 1.392 
•Aflsoc. Dairies Allfi. S3 Filial 0.4334 
Babcock and 

WUrax Sepr. 13 Ini. 3.358 
BE. Scotland ...Scpl. SO Jnt- 3.443 
Barlow Rd. Go. Scpl JO Finals due 
- E jrratt Dr*. ...Scpl. 3d Final 4.923 

B-yam Scpl. 38 Final l.GM 

\ Ben IA.I -Sept. 31 Final 4.«0K 

^ •ft.-HobeD Sept. !3 ' UtL U 03«l 

nice JSCPL B lnt. 2^5 

’•Blackwood 


Citibank 

rebuffs 

currency 

charges 

By David Las cel Its 

NEW YORK, August 20. 


What sparks the 
diamond rush 


BY LODESTAR 

“IN A remote comer of the Aus- going to be a Jot or broken hearts 
tralian continent, as unknown to in the Kimberleys." a sentiment 


. Autumn cr- 
Datn- - mem last 
-• rear 

•Laflbrnfee auk. 31 Jm, S 

•Latne u.i j 4 ub. 3r lnt: 133 

Laird Group . ...-Sept, 3, In. 1.46 
Land In vectors... Sept. ! F&al 1 6 

La parte IntlE. ..Soul SI lnt. 2.706 

Law Lam) Sr pi. 3D JnL S.6 

Lead Inds. Sept. 13 IdL 233 

LvmI and Ccnl. 

AStte—SepL S8 InL !JS7 
Lon, Mcrdiam 

Sees Sc pt 8 Final 0-S75 

London Uld _4UK. 30 TuLLlM 

‘LontHo AUS. 30 InL 3.33 

•Low and Bonar-.SepL 18 lot. 3213 
Matthews 


fiscal 1977-78 before finanting The fact that a symbofic pnffit camp fmm its own funds and mesf Ausfr a iia^ an Sarsho^rbeTo^e in mind^ 

expenses com oared with S5Smin 2®“ , made at a11 d “ r,n S the past from long-range loans which the SHeta J™ gg* “35 exploration boom is under way those who are taking a flyer in 
fi,; fiscal year was due to high company repays with interest that could rival the rush for the share markoL 


’fiiacxwMH : wruartson.. Sept -2 tot. 3 J 197 

Hadac.-Sept. S InL 0.9677 tert. Monies iJ-.j ..SCPt.H -UK. 2A27 
Blor Circle ... Ana. 34 Inr. 2.S9 «Metai CIowm... S ew. 4 'tot- L7 


pany invested $59.6m during the earlier period and because El A1 company in the form of share Bahamas. *?as ® lec * . known, but ir the expectations of find. Their enthusiasm can fade 

year ended March 31, 197S. of was one of the few currency capital and loans El A1 claims pape *5. m New York denying all even the most sober participants very quickly when fiction gives 
which $26m came from aecumu- earners in Israel to benefit from that no other airlines have sue- as 5£ c * s the charges. are fulfilled the Kimberley region way to hard facts. Even the norm- 

arjsnaiSM sr«tf mbs sSSs S e a furth " ISP 

£ f^™ “ffl- “ «£ S a ,ou, SSSL ’irtto," JS Randfontoin 

thS'lfatoSaJ^^SS^ *2225 22**2?!? until dismissed -earlier this year. «£• *1 L n ?" point In 


AW% 

-Min 


- »\ 




Booker 

McConnell SepL IS InL 3 5 . 

•Bowater Sept, n lot. 4 

Bowring fC.T.i . SepL 22 JnL 8J07S 

BET ... --Sept- 1 Flasl 3.®s 

‘Britton ......Sent. 14 .to. US 

•British 

I Petroleum... Sept 7 lnt. 6.981 

. tv. Britten 

'•\Y PrlntJug.. . Sepf. 22 tot. 3 
: British Vita ... Sew. IS 1st. 1.04 

BSR -Ss-nr. 13 lnt. ijks» 

BTR SepL 14 toL 4.62 

Cadbury 

Schweppes -Sept. 8 lnt 8 95 
•Carwta tor. . ...Sept. IS tot. l.K 
Combined «"? - 

Stores.. -Sept. 2S InL L53J2 

Coat a In ir.) Sept. 6 Final fl.rc« 

Crpda InL -ScpL 15 IitL 0.W3 

DalBCty Sept. 12 Final 6.4576 

*Dc Beers Cons— Ann. 22 Ini. 173 cents 

Decca Sept. S Final 7.653S2 

Delta Metal Sept. 22 InL LS2 

•DRO Sent. 20 InL 2.552 

Dunlap Sept. 22 lnt. 2.65 

Eagle Star Sept, u tot. 3 

Eastern 

Produce... &e pc 29 me 1 AS 
•European 

Ferries , Sept. 18 lnt. 1 
Expanded 

MeiaL. Sent. IP lot. 1.625 

F Isons .Sept. 28 tor. 5.413 

Foseeo Mitisrp ..Sept. 28 Ini. 1.89 
•Guardian Rural 

Exchange. SepL 6 InL C235 

c>F3 < Scpl w lat. 4.MA 

Gninness Peat —Sept. 2 Final 6.452 

Rail Eng's ■■ ■ SepL 15 InL 2^13 

■Rcpworth 

Ceramic... SepL 6 InL 1A5 
•Hongfconx and 

Shankhai Bk. . Ann. 22 lm. HKS0.18 
__ pr Fraser AUK. 24 lot. 1.68834 

Howilcn t Alex .Sept. 1 lot. 1-5 

“IC! SepL 7 InL 9 

Ja'toirR Cons. „..Srpi. 7 Final 1J0 cents 
Jhnsn. A Firth... Sept. US Final L9KI 
•Kleinwort 

Benson . Sept 29 InL IAS " 


'Mlaconcreie Aug. 31 InL 1^789 

•Morgan 

Crudbte . Sent. 7 tol. 31172 
•Ocean TraiwpL.. juic. 22 toL 3A607 
Phoenix Assce. ..Sept. 7 .OIL L57S 
Plantation 

Soldi qks... S cot. 21- IhL 2.1785 
Pror. Financial .^ept. 6 InL' 1.6125 
Prudential 

Assce...^cpt. 22 tot. 2.45 
Rinsomcs Sum 

and Jeff... -Sent. 3t fat- 2.5 . 

BMC Ana. 26- LM. 2A 

Redan and 

Colm an... Sept. 13 tot. 4 AS 

Reverter Scpl. 5. toL.l-76 

RT7. SepL 31 tat,3J5- 

Bock ware Sept. 21' toL U85 

RoQx-Rorce 1 

Motors- .SepL 12. toL. 1A4 
_ R own tree 

Maddncosh.-Sept. 21 lot. 2.75 

Scbroders Sept. IS toL A 

Sedswlck 

•• - Fortes. .Aro. 25 InL 3A 

' Simon Eng SepL 19 toL 3.7 

•Slough Estates.. _Aug- 30 InL 0.75 

•Siectiey .Sept. 13 . toL 2A85 

Stone Plan -SeoL M ; InL' 2.2S4 

•Sun Alliance fl'-toL lfl 

Tarmac • Scot. 16 10L 3^7 

TtlUnx ■ Thus. t ...Sept. 14 tot- S 
Trlcemrol SepL 19 'tot. #.96 

“Turner and - . _ 

NewalL.-Sept. 13. tot-4 
Union Corpn- " : *" ’ 


SSJS^T-.-a.'-SS El »ot .been r^vtai iid «d.I cbopse” neS^ontt K ment, it would tre easy to be Joh^bVrtt'' S^WiES of 

at the begimung of the curreal an export premium on foreign tween the Air Bus or the Lock- hank deiiberateiv shiften nrofits “ugbt up in the euphoria of such that rapidly expanding sold- 

fiscal year when the airline currency exchange into Israeli heed TriStar. These two aircraft from Euronean branches S a romantic t t u ‘ ?st - uranium producer. Randfontoin. 

stopped operating because of pounds sd that the relevant wiU supplement its current fleet Na« n „ i irTnrAoT in moSa Pnrtv “ Diamonds, their gUtler con- if has often been suscested that 

labour troubles. This loss re- receipts rose by the full amount of five Boeing Jumbo lets (747sl Jures up d ashing childhood yams, the “ heaviiv " priced shares 

auppd rpwnnA tn 1077,7R In nf rmr* a - P ea “ xax. _ adventure, easv Fortunes that are shniilr! hp cnlir 9 ■mm - a for uhii>h 


revenue in 1977-7S to of the devaluation. eight Boeing 707 s and two 

9307m which however was still El AJ's. total investment over Boeing 720s- 


.. . -m « « purporting to Show that Uiese present exploration in the Kim- , Ka , K ,_. - . , 

Growth at Wooiworths Australia 

Westdeutschev beats dkmite low ' % » - JSSM « 

T _ _ UCdllS Ul!S|HllC KlflbS Edward* aliegaoons without as a reassuring store of potenMal fpr expansion inward* 

I annACnQnv BV ., U r. - . *■ elaboration. Citibank says that wed,ul - ihe oast and the second contain- 

ijAUUCM/dUJl BY JAMES FORTH SYDNEY, August 20. the documents produced by Mr. So writes my old friend John ins the new Cnoke mine and its 

Cu> worn WORTHS tko 14 «« ** «..» Edwards are subject to establish- Mcliwraith i In Australia's Financial extension to the south. 

By Guy Hawtm WQOLWORTOS. the major than 15 per cent to $A797m. ment of authenticity and Review after a trip to an area The talk has now come nut into 

FRANKFURT. August 20. retailing group, lifted its profits TTie chairman of Wooiworths, admissibility which I have only skirted on my the open in the napes of South 

THE WESTDEUTSCHE Landes- '■J™* cent from sir - raeo Kelly, said that operat- The papera do. however, admit visits to the northern part of Africa's Financial Mail which 

bank Girozenlrale has announced SAlQJZra to SA l . -2m m the six . -oat- j K „ that Mr Fdwards communicated Western Australia and it was not regards \t as a move that “ would 

that £ balance sheet total rose months to July 26, despite set- been weU con; ^^arda comm urucated diamonds thnt j was then on the certainly increase the group'* 

by DM SMm to DM 769bn backs from industrial action, trojed and that this bad I assisted v? “i? iSJSr look-out for. I quote it because market capiialisai.on - plus the 

<S3S96bn) during the first six In ■ the final ^veeks of the period improvement in the ratio Mc Dwnuth puts in * nutshell the benefit tn shareholders of better 

nmnrt* ^nf ih* 25 »nt w5 it an industrial dispute caiued a of operating profit to sales. The riaim that he tried to bnng reasons why the down-under marketability. 

S* t!e ie hmi!i shutdown of warehoSesta New ^ roop J arDed a net 1 - 57 cc 015 a yeged malpracdces to the notice diamond search is attracting such Not content with flying this par- 

, , ^k. 3 . South Wales and removed enod* on dol la ^ of sales, compared of the Board. Tbe papers con- a lot of share market attention in ticular kite the FM also sucsusls 
SrttaSSiwSnS f?om rhertoSs JfWoolwo^hf with 1.53 cents for the same chide by saying that Mr. Edwards Australia, and indeed over here that the Cooke plant could be 

DM I 6bn to DM 112-lbn on the trom ine stores or woo iworms period last year. was dismissed because bis as well. expanded to treat Western Area** 

preceding six months figures. di £ et ors estimate that?he artinn <Hr Then wid tKat t>.» roc.th: services were not satisractory ' McDw-raith found the usual uranium-rich Middle Elsbure reefs 

“Earnings were satisfactory, directors estimate mat the action bir xneo said that the results spate of rumours floating around about which l was vritinp on 

overall,” said the bank's interim cost the group about $AL-m in were not necessarily a reliable „ „ , the region. One was that the July 24. This would solve anv 

report on the first half of 1975. i ost .sales, hut group turnover gudd&to i what might be achived Pntzkcr lamilv 111 Conwinc Riotinto of Australia nrobiems that >*'iis company may 

Interest and commission- earnings * or penDd still rose by more for. the full year. J partners have found 328 mot. it find in raising customer loans for 

I rose by DM 50m compared with Hvatt cfoLp fallc be noted, 327 or 329) predion of its own uranium 

the first half of 1977 to DM 565ra. • ' - axyan awnv diamonds of gem quality. Another, treatment plant. 


frnm Tta Euronpan hranoho^ tn a romantic quest. uranium producer. Randfontoin. 

in^derrn evade FuriJ “Diamonds, their glitter con- it has often been suggested that 
Nassau in order to evade Euro- Jures up dashing childhood yams, the “heavily" priced shares 

P ij 7- - inAiffiia adventure, easy fortunes that arc should be split, a move for which 

His court pa pCTS include photo- carried around in a pocket. The there is plenty of scope with the 

copies of alleged Citibank telex reality is. of course, far different nominal value R2 and oniv 5.4m 

messages and internal memos but there Is little doubt that the in issue. 

purporting to show that these present exploration In the Kim- , Ka , K , , 

parking procedures were known be r leys is much more fascinating .“If . , n -, put 

aboSt and approved at high for the amaleur investor, more tE5F*J* lr C°?„ 1 T £ e 
llevelsinthe bank. attractive for the professional ,tse,f shnu,d s P J,t ,mo 


In ' denying *U 29 of Mr. because of the stones' current SSdEmSf ^ecSnS^ViVh* °it« 

Edwards' allegations without a reassunng store of potenli£ll fpr oxpansinn toward* 

elaboration. Citibank says that wea,ul - the oast and the second contain- 

the documents produced by Mr. So writes my old friend John ing the new Cnoke mine and its 

Edwards are subject to establish- Mcliwraith in Australia's Financial extension to the south, 

ment of authenticity and Review, after a trip to an area The talk has now come out into 


BY JAMES FORTH 
WQOLWORTHS, U 


SYDNEY, August 20. 
maj'or than 15 per cent to $A797m. 


Ulfl. Bncatu ...Sept. W InL L7S 

Vickers ..Sen:.— int. 3A5 

WadktD ^ept.Jft- lot L875 

*il(jfk?r FlI,,llCC, " Sra1 ' 6-^t.L25 r0Sp -jjy jjjj 50m coinpaj-gji with cfolp foJLc 0c n oted. 327 or 329) creci ion of its own uranium 

Goldsmith- s«pt. K-.FtoxlLiam the first half of 1977 to DM 565ra. __ _ ' ' : , , ujrau auuic who diamonds of mib i quality. Another .treatment plant. 

•Wclr Group Au*. 38 toL Lfflj At the same time personnel and TiSYntfin Kl*SHTinlPC. tlPt HYATT INTERNATIONAL JJ^ch produced an excited F url h e r it is considered that ir 

running costs rose by DM 36m A aAlUdU UUUMb DLdlUUitb lid Corp sa j d that representatives " = .- rh n e =i u fi y ^I ora J Western Areas’ uranium could he 

^^CarDcu .^cBL -9 IAL TM5 to DM 323m. BY OUR OWN CORRESPONDENT ,-t SYDNEY, August 20. U the principal -toekhoMer* of ^ men ^ding iojie omback sales 

.As with all of the other large . the company, tbe Pntzker ^ A'™ 1 ' ‘ proEramme there would he 

- * B oa J! J mceitaM ‘“*5*5*1 . West German biraks, West- BRAMBLES Industries, the A$72m to AS4.6m— but the direo- family, are engaged in discus- as bi ir as th _ of _ advantages for both mir»e^ as well 

issue Binee nX'bonrami deutsche reported that demand transport and materials handling tors have still declared a one for sions with Mr. Gaith Pharaon’s thumb! ? s ^ or s " ut b Africa as “the time 

for industrial credit remained group, lifted its profits almost ten. free scrip issue. The lower Saudi Research and Development Such is the stuff of which horizon for establish ing sales out- 

fiat. There was. however, an in- by 17 per cent from AS10.S7m to tax reflected the investment Company with respect to Saudi mining rumours are made. No 'f ts shor J ens w,,h *hp growing 

creased demand for long term A$12.7m in the year to June SO. allowance and certain other Research’s previously announced doubt the next progress report lhreat . supplies from other 
credit which end up by DM 1.6bn The increase was due to a sharp abnormal items brought to proposals to merge Hyatt into a from the CRA venture due in notaoiy, ot course. 

J ..J-, to DM 30Rlbn. reduction in tax provision — from account during the period. unit of the Saudi company. October will be couched- in less -Australia 

■ colourful terms, although opti- All this is very interesting hut 

mistic anticipations of what it whether the parent house 

may contain in the way of Johannesburg Consolidated is in 

information afcmut the first bulk any way thinking along these 

samples put through the pilot lines remains to he seen. Per- 

plant could fan the share market haps “Johnnies" is too pro- 

a ’ 5 a I- ai — .t ... flames and probably provide a occupied with the sfroncly- 

S#*|j. rtr ! rf -8-t«|£S , *:4 iT^ ^ I- - — ' 1 on Friday the dollar was going good profit-taking opportunity. rumoured possibility of being 

=£-; _ I >E . lij^i-r-5 ■ AflPTPTP TllPSidirPC ^ again h® wever ' ,n . ver y ~ . . taken over hv Anglo .American! 

i Vlv JJUIV'di3WJI nervous c?nditions,justm case Q|)tiniism In anv case. Western .Areas shares 

■ — - I — — rJ.rrj~— the Americans really do mean continue to be a good vehicle for 

Foreign exchange dealers instigate investigations, hold Switzerland, and also because by 11 ** ^ 'S 

?’S J r‘J generally need strong nerves, but meetings, make statements, and this", time President Carter had eoveries have snarkedW ihit vEL advance above~S200 

iS SSSSW m! tradj "S Iasl ®ust have been generally appear' concerned at decided to se : involved. GOLD ml S--Vd to the “ I ^ 

144 1-2 | 5.7 12.6 e3 . ceptiona| , v judgcd by any these woeful circumstances. When the President said that WL * U + 

. standard. It was not that the This type of treatment for a a «tudy. was to begin into ways that covered throuEhout Western Making a welcome and welt- 

; ; volume of trading was exception, sick patient— in this case the of helping the dollar, the U3. • \>v. 18 Aw:. 17 Australia at the heinhf nf the mfin timed apoearaiu-e is the second 

STOCKS alb- large, but simply that move- dollar-has the desired effect, but ^ S** ■'•“PlF- Jt nickel boom But m one -eolo- edition of fh,? Australian Mines 

. menu# in rates were so wide and just as various bacteria become t«u*ed SwFrL6600 against the llUn £; lon *■ ^ st put it the period n which Handbook, all 264 pages of it 

11 " ■ c ' 1 • ■ ‘- *rralic. In this situation the naar- immune to certain drugs, so the Swas fra nce on Thursday, but I.-.,-*. 9-102102 !s 2DB-!0 Bi junior companies have been covering 223 mining, nil and gas 

L «• ket be ^ ins 10 , on . lts °' wn market eventually . fails to react foff "again on disappointment at ti,»n.n,;._ (SIM 12 * scampering across the emotv companies and containing a 

k ' ( if + _ .nenes. causing officials in various favourably to these brave words, ^be n»re promise of future h , «wib: kxm: — p™ «« countryside grasping at any super- Plethora or information about 

I - -n" ‘countries In feel that lhev xhoulrl ll mav hn i#ltn tn ^npnilaip whai action to DUt matters nshL I £108.629) iilU?-632' I .1..* «_ i_ - _ i ? nna! uranium u nri msnu nthai* 


IJM nOtim TO IIM /h yhn num ixiuuauri^u dcuuil. - ; 7 — ■ ^ iwb-vui m ijuuit u imm |>iu» tnc 

?96bn) during the first six In the final week* of the period ll J *5? ™P rov ement in the ratio ■ a .^ fe !?“ e -1° J£| S d, 5rt!t McDw,raJth P utjJ Jn • nutshell the benefit in shareholders of better 

.rhx ^nf Ih* JS Jnt w5 At an industrial dispute catted a of operating profit to sales. The claim that he tried to bnng reasons why the down-under marketability. 

^ time the* shutdown of wareho^es to New group earned a net 157 cents alleged malpractices to the notice diamond search is attracting such Not content : with flying this par- 


doe overall." said the bank's interm! cost the group about $A12m in were not aecessanly a reliable 


report on the first half of 197S. los t sales, hut group turnover guide to what mright be achived Pritzker famiJv ill 
| Interest and commission- earnings ^ or period still rose by more for. the full year. J 

rose by DM 50m compared with Uvntt cfaLp talks 

thp flrot half 1Q7T trt nw RfiKm iXyaii: bUUiC UtIKS» 


BY OUR OWN CORRESPONDENT,. 


SYDNEY, August 20. 


HYATT INTERNATIONAL which produced ‘'an excited Further it is considered that ir 

Corp. said .hot representatives .ti^TifdSTto'uS omS WeaCn a™" Jnilld l« 

of the prmcipal stockholders of of thV^on's srnall incomorated inio Cooke's sales 

the company, tbe Pritzker ^ g a t onl*S AfrtSnS w« P^gramme there would he 

family, are engaged in discus- a _ bicr t h e "first toint of i man’! advantases for both mines as well 

sions with Mr. Ctaith Pharaon's ?K,.™h? S tbe firSt 30int ° f 3 mans as for South Africa as "the time 


RECENT ISSUES 

EQUITIES 




;E . 

7. §i 

h*7- 

Rn--i> ||- - 

i ' 

5J- 

Hnii* L-w 

bp v.v. 

ai-8 

al tt 

f.l*. 


125 4 4 

100 F.H. 

S.7 

1P2 142 

86 F.F. 

24-e 

94 B3 

116 F.P. 

I 

8«j 148 lot 


FIXED INTEREST STOCKS 


'lWk 

'b 1 ST 'S e- _____ 



fe'-iiMIP Concrete measures needed 


Vxniar- «u|«1uid-,...} 76 — t iMS.4li'6At 4.7- 6.7 
Kiumv ICn*. - -Kj “ 


luiuuiR rwi..-n'in 

nnwlR .1 iJew'irxilOr 144 1—2 


£S».4[ F.P. 


*11* 

M 

• • 1 F.P. 

8.-S 

Sit l. 

* 

r.c. 


10U 

mM* 

cion ;no 

16 12 

Ills 

IWc 

• • : P.P. 

16,9 

«i 

UK 

• » K. P. 

294) 

B S' 

98' 

* F.P. 

tm 

*as 

98 

II F.P. 

Jat 

lihij 

fcij 

• « F.l*. 

29/9 

8flis 


«A K i* 

— 


dC 

lOOp Nil 



rtiH 

l&p 

illjw f.P 

— 



f loop I F.P, 



99 igi- 


had been .said, but after all very rates with the discount rate ris- tv,, n- — 

little appears to have come out iner to .71 ™.r from ta nor ti..nifii«uv 


■M U* l W«w-I ly Hoi. UM. Istf. 1 * I 9B ! 

Hslj ruin™ K-t,- I.4J&?. 9V 5 4'— 4 SUTluiR 

u. H. Hnliiinij" UN% Prf 99 , BJ U.S. dollar 

i* tluotAVK W 4 IrTM.' La.’W'-V" •» O'* i-..- . Canadian dollar 

IlfpjXepivUl nwl Zarutfa BSCnv Pref.._ SOiS-t Austrian schUlIng 

> 4 , J . iiullMDiiiUli 1 «. Knit Kpi. UU '■ >...,. Bctjillin Irallc 

99i ai . Ihtnian log Cum. Pnef»: , 9 9 J !I'T. EMU* krnne . . 


3.-112 At ILtinrU 9p4 Cum PrN^; 


Dcaucho Mark 


W ■R.inl-'otm-by Parte UnuctSa Cum. Prrt • 99 ->... , 

«.» l Vm. Kali* Hon. laca 961;! French frjuc . . 

»«i»| |S.a.|.».|iiiHin?»m n* HpH. pK/....;. ' 44»«l Wl — 

99*91 (MlBiSttothrlyde-Yar. Raw IMS...™ 99 V .-.— ' cn ^ — 

m>>a ; -MUbb! W aiMbwnrtb V«rnrt«tU3co^~ ^...' S97| r ? T* i G61jn lcrone 

aivi 24 jHvtkwtirrtM -lift la*, hw - : E£Si h Vr;«;' • 


RIGHTS” OFFERS 


Svrdish Krona . .. — 

Swiss Iranc 2.96*55 


irawrcg Unit »f mo lituc only makes the -situa- but until something else Elicit jiSvji^ji 

mahu .AccoiMit Uon worse. - develops it is difficult to see ‘ ,,f1 — -'ssw-Bii !:58?^ 

?‘SS2? Nothinc very spectacular came w’hy there should be any sus- .. rtl . ' 

wot lw cut ° r cabinet meeting in tained improvement. Central m 1 

if iiw U.5073 SwiLierland. held to examine banks in Japan and Europe hnn.w7*nii 52174 2t?i isii4i?76i 

9J770 UMZi ways of preventing more funds obviously, took this view, since iinj iuj ).•- no* in' 

moving out of the dollar into the they were reluctant to support •'** Mj-Ml l-- 7 * 5 ^, 

raSa 177 W Swiss franc . and although the the dollar while the U.S-adininis- Wrl A a s 0 * , J . 'mul! 4 ' 

OT ittBM Swiss franc eased from a record Nation appeared unable to put “ ft 

06 I.I 6 LB82J3 high ol SwFr 154:70, on news that its own house in order. nao Lmtre. >507-310 :5i»5-i08 

37 job 243.0H a meeting was to be held, it rose now the market is saying we suh« w ,e*_ «iso-tbb •isa-tes 

a C ain b - v the end or the week, have heard it aD before, and » “"t** si 12-117 .-tto-iiB 

_ 5 ^^ partly on reflections about the lack we need something more sub- 

. 96*53 ?'inyj of 'concrete measures from stanlial.tb look for. By the dose • — — 


on Friday the dollar was going good profit-taking opportunity. rumoured possibility of being 

up again however, in very taken over liv Anglo .American! 

nervous conditions, just in case Ortfimfcm - fn anv cas *- Western .Areas shares 

the Americans really do mean '-'F*”"**”* continue to be a good vehicle for 

it this time. A striking example of the pro- those who are prepared to bet on 

specting rush that the CRA dis- Rnld furthering its recent strong 
eoveries have sparked is that the advance above S200. 
uULD area pegged in the Kimberleys + * * 

, . alone Is now nearly as big as , ... 

t-.., m ~ a ■ I ? that covered throughout Western Making a welcome and we«- 

X lg ' 18 I AttB ' 1 7 -Australia at the height of the 1969 ( ’^ d appearance «s the second 

iiniii iiiiiiion 1 * rtfitj | nickel boom. But as one geolo- ?. d,t !?K AH straI,fin ^' ne * 

.■umoi I I gist put it. the period in which Handbook, ail -64 pages of if 

SS- 8 ®?. junior companies have been covering 223 mining, ml and gas 

- iSU^r* 3R"* scampering across the empty companies and containing a 

UnmuL. — mn countryside grasping at any super- Plethora of information about 

Anemonn «x.nu.Js2tt.76 > 2 usi “ Rcial due to stake a claim must coa, ‘ “ rar,,ura other 

!.£io<!.MB (i: 107. 406 be coming to an end. minerals accompanied by maps 

U.. 1.1 tv.w- ...... — I Mcliwraith points out that only showing their location. 

Ul7*4iu *2144 ! 16 * a t ‘ ny , p " ,p l? r t'? n * ™ayhe 1 per Just as oil and gas feature pro- 

• iti . 3 n.j (lii* 4 -imji cent. Df kimberiiie pipes contains minentlv this time perhaps the 
New -uverwun-.... |- 57-;-5Si diamonds in commercial quanti- next edition will have to have a 
... lAS-il. 1 ties. So. ‘‘what Is astonishing about special diamond section. The book 

,f1 ^wwHtun-—. .S5BLB1, .-.Bat! the Kimberley effort is the endur- is obtainable, price AS34 for over- 

^ " !>-«•* ail me optimism of explorers, their seas air-mail, from 49, .Stirling 

•nn>nMth^r<i\“"'[ 1 enthusiasm in the face of such Highway. Nedlands. Western 

hruawran.i ($2l7j zisj lSIM* 216 * odds." As one weary geologist put Australia 6009. The editor is John 

I iiuj iiidi-.na* l.u it, "when it's all over there are Slee. 


*.7* 5 n 

5e-60i 
.SOI ii ■. 

*163-188 

.-114-118 


INSURANCE 


ijtp-i 

Ken 1 me. < 1878 

I Mb' i 

• Si Hiijl»; Luw 


!Clv«iDg^ or 


Public Works Loan Board rates - 


THE DOLLAR SPOT FORWARD AGAINST $ 


Up to 5 


Nil 



\.l 

30 '8 

r r. 

18.7 

F.P. 

2;S; 

F.P. 

30 8 

v . r. 

3 8 

X 

21-8 

F.P. 

38,7- 

F.P. 

14 -8-' 

Nil 

25.8 

IP 

i8 «: 


iiljlHmiikc'T.ipf Kuk '. 


4fl : ... 
59 ... 

93 i+i 





Effective from 

August IP 



121 




11 

111 

IX; 

ai: 

11; 

up 

to 

10 

ill 

HI 

12; 

121 

121 

12J 

up 

to 

15 

121 

I2i 

121 

121 

1»S 

13 

up 

to 

25 


125 

12* 

13 

134 

131 




12* 

I2J 

i2 : 

121 

13* 

m 


nf.S -VS 5 I® 1 *. >2? ti' - K -’ - .t 5 *.\on-quoia loans E are 1 per cent higher in each case than non- Fr.-ii n Fr njm* 

86 , 7 ^ 1 4 b« li” 1, 1 sR m i£KmSi5S5 w, ? ,,p ‘ ’ quota loans A. t Equal instalments of principal. J Repayment by half- s -^-^Kr 

III all JS l ito a« L^- ?e a rly annuity (fired equal half-yearly paymcms lo r nc lud e prmcipai )-„ aSdl 

25.8 22,91 U)(iin. i9pmhviiiuun»gj‘in'«Kf.SL6SA.'vi mitMiT 20|inij^.;„ and interest). S With half-yearly payments of interest only. s«-i<?Fr uzis-i 


Dnr't 

August to spread 

Caaiifn*-* 63778-6.8735 
l'iO!lw 2.Q&U® 

Befcun Ft ' 38.96-3185 
Har.i'li Kr- 5JC534i.a5a9 
D-VJrfc' - 1.96B5-L9730 
pnr. Ls — 

Lm S29MA33JO 

Nrv-=n. Kr- 5J.925-5J9S0 
Fr.n ft Fr UflsiMLSSB 

•.-■I.Sh Kr' 4J8464 j3330 
V* U6J5-U7.60 


Close O ne monlh 

0^770-0^773 

2JJ73-2_KC5 0-DS-BJUc dte 

3fl.9MI.0S 0.74-B.Mc pm 

5.8620-5.4553 0-B4-S.07C pm 

3.9703.1.9720 - 

MaSJ15 .20 0.9T-O.«2pr pin 

829.00-629 JD — 

5 J. 935-53955 4.4MaOHredh 
4JD53-4JM0 , — 

4JS9W J910 » B5c dis-fl.OSc 

18733-1E7.M -- 

KU833-I9JSD0 L20-L05y pm 
1.6193-1-6239 — 


O ne month p.a. Th ree months p.a. 

a.D^jiic dK -oat, BJLo-o.int dis -o.3J 
8.74-S.Mc pm 3414 L&5-LMr pm 2.80 
ILD44.Q7C pm BJ9 O.03-0-D7c pm 0.06 

0.9T-3.«2pr pm 5M 2.7S-Z.T0PT pm 5.80 

4.43-4 -SOilredis -642 12-5-13-251 i red Is -6.06 


Pitfalls of covering 
punitive damages 


BY OUR INSUPANCE CORRESPONDENT 


0.65C 4U-B.05C pm - o.72-OJ7c pm -LOB HERE IN BRITAIN legal lia- For example, in quite a num- 


c on tracts 


1 • ' « 


Renunciation date usually last dar lor deal tot free of sump dorr- 1* Fiauras 
h-iw-J Ol! prdspn'liH csiiauie. 0 Assumed dividend and jlehi. u Forecast dividend: 

>*-.rr tuK-.-ri on pirvlMS year's evnlmes. p Dividend and yield based on prospector 
it ijLhor i>itjciai csuuulos for Ui5. 0 Cross. T Flcuivs assumed. ; Cover altaw» 

Inr LOifvi mad or sbarn noi mm rankuiit far dtrldcnd or nuking only tor ri^nrtcied 1 

■J". id- i»K. S Elacwft price to oablic. pr Pc&cn unh-w aUtenctsc tud-xat-.-d. 9 tosnsHf-**. s 


-■> 1 THE POUND SPOT 

»* Futures t — , — 

dividend: J Item. 

. Aag. 15 'one* U*y* j 

• * i Sfirvfi.l , l'lf«e 


FORWARD AGAINST £ 


l>4. Thiwnwuii,' % [ul 


L231J5C pm 7.91 3JQ.-3.26c Pm 


7ii'l.#58H-8940 U429- 1^440 B.45-D.I5c-.pm 2.47 1-52 1.22, -.j.... 2.B2 


lij u-ihIlt. ^ Offered to holders of ordinary sharps os a “ righto." •• tjssa^. L’anaJuin S- 9 '2JU80-2.2550 —2106-2.2125 o.5B-a.4a.-.:'«'i 2.44 i.2S-I.li-.p;ii 2.17 

hv nf , apiUilisPllnn. n MUudiudi (under unco. 31 Rcintroducvd t' Isssed In Gulldoi <*;' 4.16-4.M 4.17i-4.l6j 21»-Iij t-.iiio 5.74 6-5 r. pm 5J6 

L-ouiu.-L-iion «lh rconcanlsaiidu mfrert: or wke-ov^. Introduclloo. □ Iasned Belpuu F. J 6 ; SD. 43-61-00 60.70 60.8a 10 1 far 0^9 35-2C r. |un 1.B1 

»n fori'i-r iirefr-reutv holders. VAUotment toilers lor tally-paid-. # Proelflooai Dautnh K 8 | 10.65 10.7t.; 10.64-10.65 —3.66 E.-B; ,w,li> —2.75 


ur parity-paid aUouuniu Icilen, ■fr With warrants 


D-Mark 
Port, E«r. 


6D.40-6 1.00 . 60.70-60.63 l0t.;«n-|Ar 

10.65 tO.rt .; 10.64-10.65 2: { 4lj„.nrli’ 
5.64-5.88 ' 5 St-2;, tif :-in 
S7.ai-S6.4D 87.5J-b7.7u 70.170 ...i- 


039 53-26 r. | 'in 1.B1 

3.66 E.-B- - 2.73 
s.i4 i;-7;idpni 8J1 


BASE LENDING RATES 


A.B.N. Bank 10 % 

Allied Irish Ranks Ltd. ID 
American Express Bk. 10 % 

Amro Bank 10 *5 

A P Bank Ltd 10 %■ 

Henry Ansbacber : 10 


Hill Samuel JlO.'fti 

C. Hoare St Co 110 \ 

Julian S. Hodge II % 

Hongkong & Shanghai 30 %■ 
Industrial Bk. of Scot- 10. % 
Keyser Ullmann 10, % 


Banco dc Bilbao 10 % ' ' Knowsley & Co. Ltd.— 12 


Bank of Credit & Once. 10 % 

Bank, of Cyprus 10 % 

Hank or N.S.W 10 % 

Bann ue Behre Ltd. ... 10 % 


Lloyds Bank 10 . % 

Loudon Mercantile ... 10 ®Sv 
Edward Maiison & Co. 111%- 
MidJand Bank 10 ■%:; 


Banquc du Rhone 101*% * Samuel Montagu I0;% 

Barclays Bank JO % ■ Morgan Grenfell 10 * 

Barnett Christie Ltd...., 11 National Westminster 10 % 

Rreniar Holdings Ltd. 11 ^ . ./Norwich Genera] Trust 10 % 
Brit. Bank of Mid. East 10 P. S. Refsoo & Co. ... 10 % 

Brown Shipley 10 <5. -. Rbssminster 10 % 


Canada PermX Trust 10 
Capitol C & C Fin. Ltd. 10 % 

Ca>«r Ltd 10 % 

Cedar rioldings 10 1°; 

■ Chartorbousc Japhcl... 10 RS 

Uhoulartnns • 10 

e. E. Coates io ‘fi 


Royal Bk. Canada Trust 10 % 
SchleBiDger Limited J 0 %■. 

E.-S, Schwab H*% 

Security Trust Co, Ltd- 11 oj 

Shenley Trust 11 % 

Standard Chartered ... 10 %■ 
Trade Dev, Bank 10 % ■ 


Consolidated Credits, 10 %- Trustee Savings Bahk 10 %, 
Co-operative Bank .•■10 "k Twentieth Century' Bk. 11*%: 


Corinthian Securities- 1Q % 

Credit Ls*ohftais. 10 % 

he Cypnij' Popular. Bk 10 V 
Duncan LanTie ]0-<5» 


rT nited.Bank of Kuwait 10 ‘.'V 
Wiiteaway Laidlaw ... 
Williams & GIju's ... 10 % 
Yarkdiire Bank JO.% - - 


F.'S NrLSelSlfi’r?; 51.S -* r - 

Antony Gibbs . 10 % t du sunu £, SjW 

Greyhound Guaranty... 10 % • and wm«r 61',. w> to ti?*, 

Grsnrilays Bank *10 V over £j*odo fifi- 

i Gninness Mahon 10 % -V can (toposiu, over sv«« t%. 

Hamhros Bank .......... 1ft - j dofurhc qcpbks ti^-. 


t>mt. IV>. I B 't«4.!0-14B-00 144.56- 164.SQ *0 .-ili, T*r 70k- rm-33t,n« <L5£ 

tint 'His! l.tDS.i.627 j 1,810-1.612 4-6 .!t- -3.7? IMS lire „h —3LS 

.Ni-m^u. K..I 7 ; tO.lfl. IB-50 1 10.10 10.12 l^>[«fj]i.(iiid» 0^S 2*-6.,r*jrai — 0-53 

French Fr. ; 91?: E4i7* 8.4B | 8.36 8.40 JM l; .|nu 2.14 *■$ c. pm 1.67 

,5iw«iUli Kr. Bla B.63-6.b1 ts.b5-6.55 2^-4 cib |"n 1.76 5-4 err nm L54 


Yell . il 3 4e2 Slfl | 365,,-3Sti i.Os-S.m i r-m IU8 3-fiO-&JJ5r ;.ii: a. 19 

Aiulnn bdi 1 41;. 27.6 J-9B 00 2 7.6 v27.7& 2SM0 l-”> l-iu . b.BC 40-58 sn, jmi 5A 


Ami'iiSdi . — 112833-14.2500 i20-L05y pm 7 jo 3 jfl-305y pm 63 j hility damages lor death, bodily ber of iiabiiity contracts 

i r uaiwjwm Lbi93-L&230 — — j injury, or damage to property, insurers promise to indemnify 

■ua cents per Canadian 5. L2D-iJ5c pm 7.91 3 ji- 326 c pm 7.68| are compensatory. T he aim is to the policyholder if he should 

put the victim, so lar as money become “legally liable to pay 

can, in the position that he was compensation’' for injury or 

before misfortune overtook him. damage. The use of the word 

It is no part of any legal sysrem “ ‘■'ompensation " straightway 

in any oF the several jurisdic- d . en,es the policyholder protec- 

1 . .lions within the British Isles to ao ° against punitive damages. 

\ r: ^,iitn* pew,.... 1,594-1.393 620.30022.44 ,io»ira 27.30-28.36 [ award punitive HamaEe* in civil Bearing in mind the ever- 

.v,^n , r Doii*r_!t.66 5_i,6essu. 5 6M^. S p9lito 1 ii«.n. I claims for compensation Present American products 

Thp view h« h no w po „ hs ij liability problem, and with an 
“as !on„ been held e y e | 0 w hat American judges 
that if ihe wronconer is to be aid j ur j« maw .., mci Har 

sssss’u h asr *s- 


•■UJS. erma per Canadian S. 


OTHER MARKETS 


Fi..u'i-« 7.931? 7.941? ,4. 083 0-4.08901 1 Hd mart: > 1060-10.75 


Hr*/" '•>«*««). 35 93 36.93 18.492 19.007 .IVan.-e 


— l*c.4S iJO-bOfl r. J:- —14.63 j 70.940 72.67846 510-37.405 licmai'i 


H,«u! Koo^ Dollar. 9.13-9.I7 4. 7 JOO^.VloOllUI., 

trrji lari — 134 140 . 68.966-72.05 Ja)«n 

«•••»*■* Dinar (KOI O.S27 0.a37 . 0^ • 12-0.2763 \t>lli*rl»n.« 

Liiii>'" h «urg Franc 6u.7fr«0 8 p ’ 31 25 31.28 , W«m 

U« J ..-n»Oolter_. 4.42 4.47 1 2.2720 2.*770.H..nu*al 


8.368.45 
3.60-3.90 
1680- 1610 
362-372 
4.13-4.23 
10.13 10.33 
82*9 
1441-148 


5.Vi£ 5.20f ’• 5.W® &. 3to-21 2 c.|i>M tt.5 JMc.wn 


ti«j.:-"»Oolter-. 4.42 4.47 1 2.a72a2.2770!H.nui'»l 82-89 

,0 /rrimrl noltor 1.8340-14:410, 0^447-0.9474. 1441-148 

f, m ?>••• • Vt»toa Kiy»i 0.45-6.55 3 34 3.37 '-v-uertond 3.10 3.20 

W.69 *|«re Dflitar.. 432-4.37 2.223* 3.2*45rmu.l j 1.9800 1.992 

s-uti 1 'Jncan XUnd 1.6B9Z 1.7152 0.8693 O.B827;\;u u , -Jana J 37.00-40.00 


EXCHANGE CROSS-RATES 


Aup. IS 

I'.-mril Sieilmc 

IVS. I Mto r 

DmirjrMiirk li^une Vcn 

FreiiL-li Trunk j 

Pouilii SU-rlmn 

i. 

1.943 

3'.c70 

566.0 

8.390 ! 

l'4J. tiiillsr 

0.515 j 

1 . 

1.992 

1B6.4 

4.316 j 


OJ58 

0.502 

i. 

04.57 

c. 16B 

laisune i'l-ji 1.001 

i 2.732 

5.309 

10-57 

iouo. 

iZ-sa 


1.192 

2.316 

4.615 

456.2 

lu 

»* 1 m Ft* nr 

0.314 

‘ 0.611 

La 17 

115.1 

2.638 

Huivli li miller 

0.439 

0.465 

OJitfe 

87.56 

2.007 

Ilallsu Lira 1.000 

0.621 

J.Z06 

2.402 

227.2 

5.208 


0.452 

0.879 

1.750 

165.5 

3.794 

Bel-lsii Frun. UM 

1.646 

3.197 

6 J68 

6022 

15.81 ! 



MONEY RATES 

NEW YORK 

Otoe Rate “» 

fttl Fuads — . T.eyi 

Trrasiry Bins ns-uvrki 721 

Treasurr Bills ta-wccki — 7 ja 


GERMANY 

Discount Rite .. 
Oteraiflbt 

Om momb 

Tftrre nonUts .. 
Sir worob% — 


LONDON MONEY RATES 


‘ (.‘crtifiviue , iDtoiinak .tuiiHiri.V 


3 S 

3JS 

ltt 

4 


tircmiffln.... 

2 it*k'« Ibd'VV..- 
• mtTl cr 
7-1* v- miicr.. 
HUCPMlilfi.... 


I 8>; stg 


''HC JUniit |i .... V,. 

Tttr. 9iV99| j ol::3a 


FRANCE 

DUtnuni Run 

Orurnubt 

l Wcmwl ' 1 --' 

November Coffee 1404-1413. 1 Tbn*e monilw . 

I Six moaihs . .. 


T brer in-nliR. 
•six m.aa!r — ' 
Mnv 

■l»n^«R,. • 


-Vuth.l Fiiwni'c 

. ntBftCtalilo j Heim. 


■.Ar» 

SS;?, 


■ tiim uuni ; 

<Ji,ni|iui,v . marker | Tr»s»kury 
Iwiir.«^ ! depiAii 


1.6. Index. Limited. 01-351 346fi. . November Coffee 1404-141 
Z9 Latmom Road, London 5W10 0HS. .... 

1. Tax-free I ratting commodity futures. 

2 . Hie commodity futures market for die smaller investor. 


i44i; 148 k„ should make as certain as may 

vw>uv»ton4 3.10 3.20 courts, by fine or imprisonment be jj,at insurance is ademiaten. 

I n-U.i N««N ; 1.9800 1.9925 or t.3me other means. 1 aaequate to 

J 37.0&40.00 But abroad X r vl,w, obtain. SSent^f li'S nim - Br,ush . 

particularly i D ,be U.S. where eiement 0f UaDUlly - 
it is possible for ihe accident c. nA _j 
victim seeking injury compensa- 3CCOI1Q tOOUgiltS 

But are complications, 

□amazes froni a wrongdoer who jn some states of thp TT^ mini 

ne"£°L d *° hSVe b “° Sr0S!,y 

«-u S «.ion of this ZfSc jssre hjjf 

Sins r . eC For J d ^To^Tn 

“y U 7 V £uST'Vr'Z V %$ sep ™ te,y “ d “ 5£? states 

lhou E h Ss was vast”? .' a "' ma5r make ir 

reduced on appeal to S3.5m, the dSraage^wards‘ lSain puniUve 
appeal court affirmed the aa ™ag e ^ w a™s. 
principle that the claimant's The reasoning in those states 
injury damages could include a Presumably is very mueh like 
punitive element beyond what thinking here in Britain 
was due as a strict matter of a bout the insurance of fines 
compensation. Incidentally, this exacted by the criminal courts 
reduced award is now subject- to ■“■ stu * . insurance ■ here is 
further appeal. counted contrary to public 

policy. 

No Standard Gross negligence can cover a 

1 YU htanaara multitude of acts or omissions. 

In this country there are no : and. some may be deliberate as 
standard legal liability policy distinct from inadvertent or 
wordings. Some policies negligent 
indemnify the policyholder (and I understand that the Foard 
others)’ against “* liability at law award has caused many U.S. 

! for damages and claimant’s costs insurers to re-think their aiti- 
and expenses”— and this kind hide to punitive damages and to 
of phrase is I think wide enough affirm their intention of insuring 
to pick up an award of punitive only the inadvertent or negli- 
da mages, if the policy provides gent policyholder, and not the 
cover outside the British Isles or one who decides to do this or 
cover against foreign judgments not to do that, as a matter of 
n • * v are er ti°reed within the positive production policy. 
Bmish Isles. So anyone seeking punitive 

This wide “liability at law” damages cover under liis UK 
pnr a seo logy is more often found policy must assume that TJK 


Eligible 

took FiwTraitc 
Bills t Bills* 


a-3-a« 9 r ;-9u 
Sls^i 9 t*tS 4 


JAPAN 

Ptocouni 


Ptocoivii Rato 33 

Grit (Unrwvlfdinri) OJ75 

Bills 0isc«ui Rato - 4-7S 


jj- UKal wikwjtir aud flaaime txMft* xcscd dtffMa Wftm seven days tevd. * Longe/lenn local aolhortta mqrT« M e Thi« wirto •*„ . , , „ any0ne seeking punitive 

jl V raic MBLWto torw years u-m K r wx four «rtniw nm: 6v^ years t! per cvpi <p Bank Wll rales m table an- ^L.i n,S , wiae . liability at law damages cover Under lllS UK 
.037s iw paper. Buytns *° t hank nuts as per »«: four-month iraae mils lot per cem. phraseology is more often found policy must assume that UK 

ApjwBxana.v auliuis rain fur BWHawain Trv “^? J®52 ow »nt: and iwo-monih 9 «ib per cem: and ihr^e- mould in motor policies than oublir insurers will imnnw> •> eimili*- 

^ isuis* s -■ s-j- « 53uS XU 

_ Fina *ya «»»« Hut Rate* ‘pbM ghcrf W . to;. fwn Asstwinnn, isj per «jbi from Await i. lava. Clear! ns Bonk insurers have always been vide, if indeed they are pre- 

5 s IZr^LSTr^, ■» *««**“» ifl JJSS ZRSJff***™ “ ^ Sges.^ inClUdC PUQitive 


Treasury Bills: Average lender rexey of dJKtwat &RNK per t?m. 













14 


Financial. Times Monday August 211978 


OVERSEAS MARKETS 


INTERNATIONAL BONDS 


BY FRANCIS GHIl£$ 


Market changes mirror currency turmoil 


THE TURBULENCE of the 
foreign exchange market and the 
inconclusive gestures of support 
for the dollar coming from 
Washington were the major 
factors affecting the market last 
■week. The rise In the U.S. dis- 
count rate came too late on 
Friday to have much impact, at 
the end of what was the quietest 
day of the week- 

Prices bad held up reasonably 
at the beginning of the week, in 
the belief that U.S. interest rates 
had nearly peaked our. 

That belief soon vanished as 
the dollar came under heavy 
pressure, falling to new lows 
against the Swiss Franc and the 
Deutschemark. Gold soared to 
new heights and the result was 
extreme caution on the part of 
buyers. Most activity last week 
was professional. 

On Tuesday and Wednesday, 
selling pressure was heavier but 
was stemmed on Thursday by 
the rebound of the dollar and 
the increasing expectation of a 
further rise in U.S. interest 
rates. The U.S. discount rate 
moved up a full half point on 
Friday but not all dealers were 
convinced this would ensure any 
great steadiness for more than 
a short period. 

Despite the fall of a half to 
five-eighths of a point on the 
week, prices were still much 
higher than what they had been 
a few weeks ago. 


The only area where a little 
selective buying was reported 
was the floating rate note sector: 
issues which had recently had 
their coupons changed were 
sought out by some buyers and 
put on half a point during the 
week. 

The Texas International Air- 
lines convertible was priced last 
week and some controversy was 
caused in the market by the lead 
manager’s decision only to trade 
the bonds for guaranteed 
deliver}-. Klein wort Benson 
resorted to this method earlier 
this year with a sterling denomi- 
nated Whitbread issue. 

The only new issue announced 
last week was a Boater for 
FRAB‘ bank. 

The Deutschemark sector was 
in poorer shape than the week 
be Fore: prices eased somewhat 
but most dealers described this 
as a technical reaction. 

Selling pressure was par- 
ticularly strong on Thursday as 
the weakness of the domestic 
bond market fed into the foreign 
bond market and the Bundes- 
bank was forced to intervene 
much more heavily in the 
domestic market than at any 
time during the week. The 
rebound of the dollar and the 
added uncertainty of the 
measures the Swiss authorities 
might take simply compounded 
each other. 

One new issue was announced 


in this sector last week, a 
DM 40m convertible for Casio 
Computer. A DM 100m issue for 
a European borrower is expected 
today, from Commerzbank. 

In. the Yen sector, the terms 
of the bond for Asian Develop- 
ment Bank were confirmed and 
a YlObn bond for Imatran 
Power Company of Finland was 
announced. 

Syndicated loans 

In the syndicated loan market, 
it is far from clear yet whether 
spreads will stabilise at their 
current levels or not. On the 
evidence of two mandates 
awarded last week the answer 
must still be no. Greece and 
Costa Rica have now joined the 
list of borrowers able to raise 
money on more favourable terms 
than a few months ago. 

The Greek Power Corporation 
is arranging an SSOro ten-year 
loan with four and a half years' 
grace and a spread of 3 per cent 
for the first five years rising to 


3 per cent from a group of banks 
led’ by Chase Manhattan Ltd, 
Deutsche GirozentraJe and 
Lloyds Bank International. The 
borrower is providing no State 
guarantee. -‘ ■ 

Costa Rica meanwhile has 
awarded a mandate, to Bank of 
America to raise STOm for ten 
years on a split rate of i P er 
cent for the first four rising to 
1 per ceot for the remainder. 

Another Latin American con- 
tinues to be an active borrower: 
Mexico. 

The largest loan ever to be 
syndicated exclusively to Luxem- 
bourg is being .arranged for 
Mexico through the Compagnie 
Financiere de 4a. Deutsche 
Bank; DM50Cta .for. eight and a 
half years with three and a half 
years’ grace on a spread over 

Labor of 1 per cent throughout. 
This margin is now : the norm 
for a sovereign Mexican credit, 
though it has mot generally 
raised money is i Deutsche Marks 
before. 


BOHDTRADE INDEX AND YIELD 


1ST* 


Medium term 
Lang tom 


<8-* {29/6} 
9238 (29/6} 


E irrod ear 

Cede! — 


August IB August 12 High 

... 99.05 837 99.12 8-06 993* 09/0 

.... 93 31 aw 93J5 8-71 94-97 (29/4) 

- EUROBOND TURNOVER 

(nominal value la Sm) 

U.S. dollar bond* Other bonds 

last week previous week last week w b vI ouj week 

14W3- LR5-Z 2853* 2886 

.... 4323 4923 3SL9 .333.9 


’ F oar-das week. 


Femes, the Mexican state oil 
company, has signed' a $50m 
medaunKerm loan with Toronto 
Dominion Bank. Terms are 
understood to be kr line with 
those of other sovereign guaran- 
teed loans to Mexico. 

Empress Tolteca, a private 
Mexican company, is raising a 
SI 00m loan, $15xn of which will 
be provided by the International 
Finance Corporation. The rest 
wilt be provided by a group of 
hanks led by Libra. The 
maturity of the $$5m tranche 
is eight years and the spread is 
understood to be 2} per cent 

Akiminio del Caroni. a private 
Venezuelan company which is a* 
subsidiary of the bS. company 
R. J. Reynolds is raising S75m 
for eight years on a spread of 
li per cent throughout. This 
loan is being arranged on a pri- 
vate basis by Bank of America 
and a small group of banks. 

Reports that the Indonesian 
state oil company, Pertamma. 
might wish to raise a sizeable 
loan in the . market soon would 
appear to be somewhat prema- 
ture, Before the company returns 
to the international capital mar- 
kets, it would have to get the 
approval of the Indonesian 
Government That is not yet the 
case and banks are therefore not 
in a position even to consider 


making a loan. If and when that 
happens, banters are thought 
unlikely to agree ttf any loan 
for the company which did. not 
carry a state guarantee. 

• Renter adds from. Tokyo: 


The Finance Ministry said that 

it will approve today Mitsubishi 
Corporation’s plan to borrow a 
Elm, five-year loan with a multi- 
currency clause from -West- 
deutsche Landeshank. 


Mitsubishi is bound to borrow, 
the Iran In dollars in the first 
year, but it will be changeable 
to any currency, except tbo Yen, 
which the borrower prefbra as 
from the second year It said. 


Borrowers 


..CURRENT INTERNATIONAL BOND ISSUES 
Amount Av.life Coupon 


m. 


%' 


Lead manager 


Offer 

VteW' 


US. DOLLARS 

ttExp. Dev. Corp. Canada 125 


£ {{Texas bit. Airlines 
BE 

tfRAB Bank 


12S 

'P* 

RA 

0 

25 

". 1993 



7i 

80 

• 1990 

11 


20 

. 3990 

% 


25 

' 1986 

8 

31:1 


100 

* •. 


Salomon Bros, Wood 

Gundy ' " 

Smith Barney. Harris 
Upturn . 7-5 

Nilcfco Securities 
CSWW * 

SocKt* G£n£nde • 


. D-MARKS 

IMrtsi&isfu Petrochem. 

(g’ teed Mitsubishi Bk.) 65 1«3 S 

§Fujituj Fanuc 30 .*1584 — 

§T rio-Kenwood 40 1986 — 

JIIDS 65 1983 5 

Statoil (g’teed Norway) 150 * 1988 8 

§Casio Computer 40 1985 — 


Si 

3* 

it 

6 

3* 


ftf ‘ 

West LB 

* 

Deutsche Bank 

0 

Deutsche Bank 

991 

BHF-Bank 

* 

Deutsche Bank 


100 


SX7 

0 ■ 
' • 

M3 

* 

£5 


SWISS FRANCS 
t Chase Manhattan 
JF. L. Smidth 


70 

25 


1993 

1989 


nA 

n-a. 


4 

41. 


TOO 

100 


Swiss Bank Corp. 
Swiss Bank Corp. 


4A 

45 


YEN 

**[matran Power Co. 


ICbn 


1993 


na. 


7.4 


99* 


Daiwa 

Daiwa, Deutsche, 


ha 


ADB 


15bn 


1988 


10 


51 


5. G. Warburg 


* Not yet priced. X FtoU 
ft Registered with U5. SeosrUfcs and 


.** placement, t Heating «te note- .11 HMnwm. . 5 CanwtiMa. ^ „ 

ctan^oa. « tachaw Itad. «-R**tatefwJ w«i Japan*** Htahuy w Flwnee. 
Motet Yields ara retaliated on ADD bosk. 


Indices 


H-V.S.R. Af.t.fiuNnruM 


mse< and Pans 


NEW YORK-ww jotTEs 


Aik. 1 

18 


Ann. t Aus. ■ Aug. 
17 : 16 | 1& 


Aug. Aug. I 

14 1 11 I High 


pmee Com pi lat'n 


i | J j Wlo 

An*. I Aur. ; Aiks, j Aiir. ■ - ■ ■■ 

IS I 17 I 16 ! 15 • High I Lu> 

69.0K 93.2I.~U3S’ 68.48} 6931 | 4o.o/ 

l ; i l (17,8) ! $6/6) 


l*’W 


UieU 


[Aug. 18 

-Au*. i7:^oc- M 

Inue» irnried.. 

_! 1,881 

1.900 

L914 

KJsC9 

...J 783 

1.020 

998 

Full, 

...| 763 

626 

532 

Lnchniuteil 

393 

355 

384 

New High'.._. 




— 

Now Low,. 

— 


— 


Industrial ...: B3S.B3 908.12 894.68; 8B7.1S| 480.17. 890.86' 900.12 I 742.12 

; : ; I . 1 ti7ib' 1 (&*» 

H'meB'nda*! 88.86: 89.90 1 88.81! 88.38) 88361 88.96, u.be i >6.76 

| I I <« It ! ill/7l 

TraiupaTi....i 261.07, 2SI.M 260.68 247XH 247.76 247J67 261.80 1 1#;JH 
| ; .i cn«i j i3/h 

r>tiUUw„....l 188.88, 106.871 106.77 106.7S, 1MJ7, 107.27. I lU.So ! W2.84 

! I l i (3/1) j iSZ/Sf 

Trading toI. ; ' , , I ! 

000*«t jM.860 46.270 38.140, 29.790; 52^201 S2.6S0' — — 

! ; I ■ ! ! ! I 

• Bath of Index changed from August 24 


1961. 70, 41J2 
l(U/l/73i (2/7/32) 


' /73.B8 15.23 

1 <7/2/89i | (8/7/321 
165.52 I 1038 
(2lW/6fl)V28/4*2> 


X.QSTR&AZ 


1 


1 U7V • 


lug, { 
18 

An*. Aug. ■ 
17 16 j 





16 

High 

. Low 

industrial 

i 201^4 

201.73" 200.20 

I8djf7 

201.84 18 8 l 

te- j )0 (lf; 2 ) 

Uinntnneri 

j 208.W 2D8^5 209.66, 

407.62 

208.82 It B 

im.62 (30.11 

TOttONTO CumtM'itP 1238.4; 1236.0 1234^j 

I284J 

1266.4 (l*S 81 

•&L2 (3U.li 

JOJBASJVEaBOBG 

; 





Go»H 

264.6 

257.4 284.6 


8/.4(lj» ■ 

• 184.0 (20/4) 

Industrial 

265.5 

283.3 j 266.4 

260.9 i 

| 26L6 (Lfcfi) 

; 1 U.:ulj£) 




j Aug. 11 ; 

Aug. 4 

j July SB 

: { (Year ago approx) 


! 6.26 | 

5^5 

5.47 

1 

5.13 

8961TB ASD ARB POORS 

Aug. ^ Aug. 
14 i 11 

; 1878 ; 

Since C-nmpilat’n 

i IS 

i 17 ! 

i6 ; ia | 

| H'ri* • 

l/>w 

High [ I/iw 

; Industrial >J 1 15.85 
♦Ompreite ; 104.731 

: 116.28| 

1 ins.wj 

116.62! 114-87; 114 JS 114. UK 118.22 

■ J J 1 ll7«i 

104.66' I0L86 103J971 103JS 105.08 

, j 1 | (17f8( ; 

J&4/2 
(6/5) { 
88. 90 
(6rii 

144.04 ' 4 Jj 2 
(ID l/M) (30/6/321 
126.8b 4-40 

(LDU&Si 1 1/6:32 




j Aug. 16 j 

j Aug.0 

Aug 2 

| Year aso (approx.) 

Ind dlv. yteW % 


J 4.70 j 

4.70 

4.76 

1 

l 

4.54 

lnd. P/B Ratio 


i I 

9.97 

[ 9.78 

1 

938 

Lug Gov. Bond yield 

1 8.54 | 

8.32 j 

a45 

1 

7.68 


; Aug 

: Pre- 1 137B , 

197b 

; 18 

1 vious | High , 

Lnw 


■Australian > 65639 ! 
BelRhun tlix V7.06 
Denmark ( M 9615 1 
Franca «ti)' 74.4 j 
Germany) tiv olU | 

Holland (99> <*-5 , 

Hong Konj^ t80.J2 

Italy Gil ®.79 i 

Japan tel <12.99 ; 

Singapore 1 396.02 1 

<6 


535.76 656.99 44l.ni 
1 ,18/. | • ll/6l 
97-82, UH.lh 
i (e/o» 

9631 *3 5 

I (14/01 

763 I 76J) 

8U.4 | (19.9 

: (27.7) ; ili.bj 
SS.5I SUi ■ IbM 
■ |M/Mf ' (4/4) 
660.42 6B0.12l5c6.44 
i .|6 | ! (15.1) 
64.60 I 66.79 1 00.«o 
! '8/-. (1U/4 
418J23 . 426^1 564X4 
• * I (4,10) 
596.19 596.19 <96fc.U 
: (17/ ) l <9, 1) 


*.40 
(25* | 
94JJ0 
ft>/2) 
47.ri 
(5,2) 
/». 4 


Spain 

Sweden «j| 
Swil .erl'di 


Aug. 

18 

Pro- 

vicnr 

1978 

•Hteh 

ism 

!/■» 

10L65 

10L8& 

ltu.lr 

C(.C 



W/b) 

III. A, 

401.82 

4U2.42 

+0ttXfc 

SC. 7« 



l*/4)l 


ZS13 

2903 


..lb.'. 



tow 

.fc • 


Indices and bkse dates (all base values 
100 ezeep) NYSE AO Conunon — su 
Standards and Poors — 18 and foranto 
300— l.nw. the las) mnwi baaed on 1975 > 

1 ExcJodmg bonds. 3 400- industrials 
1400 Industrials, 40 Utmost, 40 Kinanct 
and 20 Tnnspon. t Sydney All Urdinar> 

P Belgian SE 31/12/0. - Copenhagen St 
1/1/73. ft Paris Bourse 1961. tJ Com men 
bank Dec., 1953. n Amster dam Industrial 
19m. II Rang Seng Bank 3I/7/M. UH Banca 
Coaunerdale I tall ana 9/1/79. a Tofcyo 
New SB 4/1/88. b Straits Times IMS. 
c Closed, d Madrid SE 30/12/77. c Stock- 
holm Industrial 1/1/98. I Swiss Bank 
Corporation, a Unavailable. 


GERMANY 


NEW YORK 


1978 

High Lain- 


Stixk 


Aug- 

18 


39 | 

3Hs . 
4558 
31 Jfl 

32U 
4fll; 
20 1 r 
201s : 
44*4 . 
275s . 
365* 
4H« | 
33 1 8 1 

1BU 1 

BZ: a ; 
62)| | 
431« . 
52 1 3 ] 
355 8 ! 
24ln , 

40i H ! 
3Zi a . 
30^4 I 
6>a | 
4 S>h ! 
53)s ' 
37 
63in 
37). 
30s/< 
391, 
17Jj 
31 
27 h 
35 >r . 
27. d 
i8 '4 : 

20 'a 
38ii 
53i(i 
361, 
12'1 
33. 
61sk 
27 'i 
2818 
39m 
291- 
495: , 
26 1/. 
407b 

221/t 

423, 

5U 

261 s 

21 

731; 

313, 

3H< 

331= 

17is 

15), 

59 In 

17i a ' 
351, ; 
171- , 
214 
9 

433s 
85in ’ 
56 1 « : 
20ij 
12 ' 
3 lii 
13 
20 ; s 
82 lit , 

64 

44i; 

17 

241; | 

46 

35 U : 
44 4n 
27 i a 
35ia i 
SS I 
13!s 
4J 8 | 
371a | 
271; | 
54i 4 I 

17)4 I 
83 /a . 
46 In I 
22la 
13 I 

28Ta I 

22or 1 

1959 ; 

43 >4 

ao>2 

887a 
463a ! 

ia ; 
507« , 
fiSae | 

£6U : 
267s ; 
4435 { 
241; ' 
337 e I 
31is 1 
165 b ; 
41Je , 

60 1 


25 'Abbott Labe 

147* Addrewgrapb ...' 
31 ig 'Aetna Lite A Caa’ 

22t- (Air Ftv.lu.-te ; 

22 ' AL-aiiAliiimoiiiDi! 

3B3; lAlcua 

163* 'AJIeg. Ludiuln .... 
17i- 'Allegheny Fnwo 
34i + Alliftt Chemii.el.' 
183, lAIIieii siiuiea..-....' 
221n ;.AIIIe Chalmere... 

31U i.VUAX 

227s [Amenula Hew....! 


9I S 

391- 

349a 

343, 

23's 

253, 

21b* 

3X5, 

263; 

165* 

359 

3914 

329* 
26is 
571s 
377* 
15 Jg 
24); 
10 
25;s 

171; 

26 

193« 

fli* 

1338 
271b 
431- 
23^8 
813 
15* 
4414 
24 sj 

20 ) h 

34 
2S* 
53 
22 
31* 
14 
33 
21- 
20 1 4 

14 U 
251* 
22* 
273, 
25 1; 

9 

12) a 

28i a 

13 .'B 

2S3; 

13 1 8 
16* 
5 

36>t 

583 4 

31 "* 

147g 
101s 
24U 
1 13fl 

15 7 C 
453j 

36 

15 

IB 5a 
29 in 
27i* 
371* 
JJOJs 
29 1; 
42 
105a 
1‘4 
1 BU 
19 1b 
45ij 
Use 
47ig 
35Li 

123g 

1012 

26i fl 
133, 
147* 
41 U 

13^4 

267* 

2U 

891; 

ai 8 

3m 

18Va 

ane 
23 lg 
341; 
Eli, 
285a 
25U 
1458 
233* 
403* 


Atner. Airline*... 
Amer. Bramla.... 
Anier. Hraricut 

Amcr. Can 

Anier. Cvunaoikl 
A mer. Dim. TcL.| 
Vnier. ElKt.IVnr 
Anier. Hspmti.. 
Xiner.Home Prod 
liner. JKedOei... 
Anier. Motor* .... 
\mer. Nat. Ua&.. 
\mer. Standard.. 

Vnier. dtom 

inter. Tel. JL Tel. 

loietrk 

IMF 

\MI‘. ..... 

iu)(>e.t 

Vn*'lii t H'C-kliic- 
| Vulieimer Miroc-h.. 

\mi.i<Sieei 



J Vsmnera Oil 

.Wren. 

l-hlauil Oil 

All. Kk-i/Hehl 

Autai Data I’m.... 
AW 

Vvoj 

'lltH I’lUlUCt*.. 

hall, (ia- Bleci. . 
: llanh .\mctk-a.... 

Bunker* Ti. i\,Y. 

Uartvi on 

Ua\ler Travitiair.i 
Kmtnec F'*u>!.... 
decta wi UtcLcfb 1 in 
Bed i Hun ell.. .. 

.Upnmx 

Ueiiguel A'aMi-'h* 

, Brtlirelicin Moea.' 

• uuurk A. Dvekei 

having 

IkHtra ClaMll&,... 

,1km ten 

Hunt " amcr 

Drain Iff till 

tlnutU “A" 

• On-un Slyer* 

1 Uni. Pci. AUK... 

1 dmekv-vy 15 La,,.., 

Ihninaaick ; 

I Ban-y nu- Kne 

du/i'n* Watch 

Ihnriiu^uia Xthn.i 

jlilimwgli ' 

II.Binpl'Hiauiip...., 
[L'a/unluui P*v~iIilv 
I' niiai ICninl»liil)..j 

Tar oat fain 

iLxn icr A Genera | 
ICarter Haaiey.... 
Ilaiwi HwTnti tt : 

;LB3 i 

iLelaucH! Corfin...' 
■Lenirai Jt a.H... • 

UedaiUlewL. , 

lexjia Airvraii.. 
'CliBM 1 ManlHttan: 
A'heil na.nl Bk. N Vi 
,'L')/*a^irj;li ftw i 
.L'iiwia> bn>!fam..! 

,U>m*K" Bn.ljfe.. | 
iChrv-Ter ■ 

n.'inennut. ......... 1 

'fine. Milavrttl...; 

CltUMV 

ju'uie- unh,../ 
:Citv luveriinis...' 
:L’ie«T*"j»i cwr*..| 

.UuwCvtau.,,.,.,,..: 

: LV>(Kaic Palin 

kJullUoi Aikman..] 

IL'ulunitna ■ j/u. ' 

i^omuihbt Pfa?i i 

iciam. laiCiut.) ml 
la.'i arm jii-t tem B/iu.i 
.Vtnnmi*rtnti big... 
jCm'a'Ui Wi-on! 
tCin’tvTnOii Kci n 
;Lvihiii. Sat Hi up j 
;C*M n 1*11 erbciencri 
Viwn Lite lu».„.' 

XVuiuu; 

] La an. fekilMKl X.Y.i 

'(JOIIaUI FwJ'...... 

Ca«~J 


/l'4»ao> Nal* Ca*^. 
,Loau uner Power 
L'nniiO'intCa UiW 
[Lout un.'ntal Oll.J 
tecutlnentaJ Tew! 
IlVuiiml DaU.^.-J 
,C-jujacr laiiM. | 


371* 

303* 

44ig 

297s 

31 lj 

48 

191* 

18ig 

38 

271* 

36 i S 

405a 

291* 

16M- 
511* 
62>* 
423* 
32 1; 
365a 
231* 
383* 
3H* 
287* 
6 

453* 

621* 

361* 

613* 

a7i- 

165* 

38 

171* 

30a* 

Is73, 

31 »9 
257a 
183; 

151* 

3B1* 

623. 

343* 

123s 

32 tj 

BOA, 

is7 

Z8I4 

371b 

87 

491- 

26 

39 1* 

214 

423j 

0 

SS4U 

20U 

69<a 

all* 
294 
334 
16E* 
IS 4 
353, 

171* 

34)4 

171* 

194 

fj» 8 

45 

813* 

353* 

20 

11 

an* 

l33g 
191* 
tou 
63 is 
44lB 

Lb 3* 

22 

454 

34Ij 

417* 

261 b 

297* 

563, 

12>; 

ui, 

36)* 

871; 

4938 

17 

624 

45i s 

hO>s 

124 

^75* 
cOi, 
193* 
4U4 
I3I4 
27ib 
*■" *2 
463c 
laii 
41 
fc4 
931* 
251* 
373, 
24 
324 
294 
1S7* 
403a 
921* 


1978 

High , Ian* 


Slock 


' Aug. 
: 18 


63 454 

524 I 424 
338g 244 

50 | 214 

37T* 294 

42); I 334 
214 I 164 


314 j 

491* I 
35 | 

38 

133; < 
243, ; 
163, ! 
29 

184 | 
541* 
46*e 1 
47“s , 

II 5 *! 

.sii:! 
264 - 
141* 
673, , 
40 1 4 1 

3158 I 
173, I 
364* j 
397a 

281, I 
444, ; 

34b ; 

27 1 

324* ; 
2346 i 
49t* | 
37sa ■ 
»-! 
32 U ! 
26 I 

II s * 1 

40lg i 

26tg 

511- 

23)* 

39 r* 
101 ; 
281 * 
32sa 

124, I 
15 | 

494 

11 ! 

U 5 * I 

I? 14 1 

347* 

334, 

661* 

207* 

334 

517* 

286* 

84 

324* 

43 


[Uoninig Giaaa. — 1 64 
CPUInt'm'tionali 61 

Crane 1 53)* 

Crock mi Nat 1 294 

CniMD/ellerbach 574 
K-'-umrnln-. Engine- 394 
|L'urti3« Wnabt-.| 177* 

193* I Dana 

34 I Dart Imlu*irles..| 

23 | Deere. 

223* Del Monte 

5 4 Deltona 

164 Dent Billy Inter.. 

164 Detenu KallMHl .. 

23 ()icnia*»1*ihiitnrk| 

114* DlirUybcak: I 

386* Digit" Kinipu I 

315* Disney iW*m. ... 

38 | lX»eer Curpo 

224* Dww Cbemlml.... 

25 Unni | 

36t* Ureacer 1 

973, Uupmi 

164 'i8a*ie PHier 

6 'bat Airline* [ 

414 I Baal man Kodak.. 

33 'Eaton I 

163* iHLa.iii 

14S* ID Pacj Nau Ga- 

295s 1 

295* jKinerv.n Liartnc 
186* iKinen-AirPr'ighl 1 

27a* 'Km nan 

24 8-U-l J 

214 Bnge'Uanl 

25 4 Bantark | 

18 *thyi 

434 Kssibi 

23 Fanvhn.1 Camera 

34 Ked. Dei*. Mines 
126* PitestMieTire-.. 

24 JPat. Aai. Ho- ton. 

16 IPleal Van.., 

183b [{'unlkwe 

287* [rlvrala JV.nHr.... 

305* I Fluor j 

20); iF.M.C ; 

405* iFvni Motor. ! 

17 |rtirem>«.| .lick..... 

27s* .PaxU'Tr! 1 

74* (Craiiknn sum... 

184 • | Ptvei»»l Mtnera 

344 .Pmeiwnr...^. 

64* '.C’squf lints [ 


303, 

22 Ja 

184 

32'.* 

283* 

94 

31bfl 

141, 

164 

636* 

683, 

■383* 

177* 

684 

431; 

293* 

89 ij 

224 

S93* 

7i; fl 

134 

443* 

273* 

143, 

227 3 

32* 

47 

634 

414 

164 

2964 

274a 

3968 

434 

25 

18Ts 

464 

384 

144 

334 

39 J* 
124 
333, 


104 

344* 

Sja 

224 

114 

375* 

444 

eo-o 

265* 

574* 

184 

24 

285* 

226* 

37* 

235* 

334 

231* 

19 

137* 

247* 

237b 

64 

224 

124 

11 

223, 

547* 

32 

144 

395* 

34 

24 

61Tg 

141* 

304 

434 

114 

229* 

234 

104 

104 

203* 

344 

607* 

337g 

125* 

2364 

204 

264 

364 

194 

134 

356* 

261* 

65* 

274 

274 

107* 

274 


e 


■a>y.F ■ 

lUanueii 

lUen. A him. iQL.,.1 

■U.A.1.A ‘ 

■Gen. Calm.- 

Gen. Ltyimiuic ... 
U«n. Klp-tna.™, 1 

.Gen. Fi»*i» 

lOenerxi Uilh _...| 
Genera Mmun...i 

6en. I’uU. U1I..J 
U«). • ill u*l.. 

Uen. r«. Ki«u_..: 
GeU.Tyie ■ 

UellPM.ni ; 

Gtnrgla Huiill ...1 
'Geiij On ! 

il'cne _.j 

lSii>lr>cii u. t | 

0- «al\ ««r lire. ' 

| 

li raeo W. K I 

•d'AIiMI L'aclen; 
Co. North InaiJ 

Urey i» Kind 

mill A Woieril... 

liuil IJi | 

4la.ila,tl„n"”|"”’i 
riaiina Mining.. .J 
teffH-e/i^rf ... | 

Darn, Curpn , 

ileiu, H. J i 

itteuL'lein , 

iHewie Phckanl...) 

.Hum lay’ inn- 

■Hcinirxajte. 

i Honey u «u 

• Hw»er 

Ho^mCihil Aum 
|H iamtnn .Vai.Ua, 
|tfuimPti_AjClim 

pulton (ILK.) 

,I.C. I nes... 

iSa 

.lugerxin Kbiiii.. 
'Iiiiano — ■ 1 m>i .... j 

lUlrlH.1i 

;ihm 1 , 

;lnli. FlavimriM... I 
I I'll'- Hanesler... 
U't). MtnA(.'b«n>l 
,1ml. Mu It) (orals.. | 

ll»MI.._^ ] 

'Inti. Paiwr i 

;nu ... • 

ilui. t( oil liter I 

:1m. tel. * Tel.... 

; lu» a Bee, 1 

ID Inicrnailuoal! 
iJiiu Waller. \ 


1978 

High ( Lost 


Stock 


341* I 
871, 
334 I 
384 ! 
294 | 
364 
5 1 

304 I 
141* I 
28 

li" ! 

50 | 

244 

496* 

364 

384 

37l s 

887* 

367* 

634 

246* 

364 

264 

204 

247* 

484 
18 
12 
13 
444 
394 
38 
483, 
164 
284 I 

26T 8 
585, , 
314 ' 
40 

254 1 
5Si* J 

64 1 

23 1 
394 ! 
444 I 

65 | 
674 ; 
674 1 
514 : 
644 ; 
464 ! 
264 ; 
325, 

224 ! 

23U 1 
174 

3dT* 

494 

65 

22 

23U 

3oa* 

153* ! 

117* 1 

24 
274 
414 
281* 
36 
277g 
214 
26i 9 
284 
194 
174 

28 | 

a*3, 

234 

J 

214 

224 

04 

29 

*74} ; 
22 

4*4 | 
3us* j 
124 | 
371* 
304 I 

287* 

95 

374 

27 

194 

76 

307g 

471, 

281 * 

294 

19T a 

554 
1S5* 
303, 
911, 
241* 
461, 
201 * 
264 1 
164 f 
665, j 

334 > 

265, | 
964 1 


28), 

66 

243* 

293, 

234 

28 

14 

814 

93, 

194 

404 

275*- 

385, 

199* 

42 

261* 

274 

214 

253, 

264 

367* 

144 

13 
174 

115 

If' 

64 

94 

359* 

291* 

31 

40 

113, 

194 

204 

325* 

213, 

223, 

I64 

26 

48Je 

136* 

303, 

254 

434 

583* 

446* 

396* 

347, 

35 

231, 

254 

14 

204 

124 

294 

353, 

371, 

13 

214 

33 

137s 

9<a 

193, 

24i S 

345, 

24 

30 

214 

163, 

20 

184 

174 

134 


Aug. 

IB' 


John* AUm-flle. 
Johnson Johnson 
Johnson Conina. 
!J cyMau uta. -tur'r 

,K. Mar Cray 

KalaerAiaminrin 
Kaiio Imlnstrite! 

Kaiser Steel 



Kenne'-on 

Ken 91 Gee. 

,Ki-l>ie Waller — 
;Kiraherly Clerk.. 

iKu| 

'k 

| Kruger Co. 

Leasevay Irene.. 

;Ler( oirausr 

lUuby U». Foot.. | 

LiiueetUniup. 1 

Lilly (b>ii 

lettun luiiu-i 

Lockheed Auer 'll 
Une aiai ln>1u>. 
Long l->aiM Ltd. 
Ljuiauuut Lrtnd... 

LuIihmh 

Lucky siote 

L'ke Y uugd'wo. 

k«.-U>"U 

iUcy K. H 

Mil-. Hirk-ver.... 

3U|*v 

ILuWmu Oi 

SUnne Midland. 
Hanbail Field — 

1 May DepLdiore«i 
MCA 

,5 Uermuu | 

M Donne*' lAiuici 

.31 Gras, Hill 

Uemores I 

Merck { 

Herm> Lynch.... 
>teai Peuoteuni. 

HUM 

, llmu lilmsR Mu- 

.Mobh Corp ....[ 

. VloosanUr. 1 

{Morgan J. P -j 

.'JluiiMifia ~—j 

Jturj.by Oi.. 
'.vablacu. I 

j.NalL-o CherausUs.' 

;.>aiioaa Gan | 

1 Nau Distmer*.... 
'Jiau aerv ice lort. 

' Aattona- aieei_.. 

j.Naioma*.. 

i.Ncu. ; 

Aeplune Imp....-' 
.\ew Eng an>i Ki^ 
New CnenuhlTcij 
Niagara Mohawk 
Niagara Share-. 
N. U lifaiuaine:. 
NotlolkJtWteteral 
■North Nat.Ga. .. 
(Mho. Otalte Pwr 
'Mbnert Airiraet 
iMh steal Bancorp 
Norum ’iroon...J 
jOccuicntii' PcttiH 
•Dgi'V.v Mather.. 

||.Hik> iwiiMtn 

|Oun - 


205, [Uveneaa dbips...i 
274 juwens Coral ng.J 
195* Llaeib lilnoiA . — i 

234 !f* Hi- 

183, Faudcliigmiiif;. 

204 iPha Pnr.AUg.. 

4 'Pan AdilVnniAti 
20 ilMruer Hnnullui. 

204 jPcMUaiy lot/ 

205* reu. Ptt. A L. 

334 liVuny J. L ...._. 

261* JpemutH._ 

7 P«'i(ile* Drug ; 

325* Peoples Uas j 

24b* |Pepelco [ 

171, ; Perkin U 1 mer._i 

324 ;r ' ot 

255* JPiiaer. | 

173* ;Plnni»lh>HW...... 

17 It'LnianriphiahiW.' 
qq I Pump Mums.....] 

274 'Fhunp* PenoV'-l 
334 :t < ikbiiiT..„.._.i 
183* jPitney Brraea— .; 

201* Piuaton I 

164. .Piewsej Lui ADK> 


234 

144 

234 

733, 

214 

24 
15 )Q 
204 
57* 

294 

23 

22 

164 


jPutaitnrt. 

iPuhimu! ktev,.. 

'PPG Iraiuvnes. 
ji*HUerGamb>e. 

, PhD sene tiled 

■ Pullman 

Pure, 

I Quaker Uata 

jKapiii American 

:Kavtbeon_ 

■KLA 

iKepuniH-aietil.- 
iKesoru InU 


344 

8573 

*9 

ad 

^9 

351* 

2 

295* 

!*«• 

k43* 

62 

374 

18s* 

225, 

*tb4 

557a 

;94 

s74 

264 

*74 
s3 4 
<4Ba 
354 
,64 
1 4 
234 
-658 
184 
114 
114 
42s* 
-95* 

16 

n7 

US, 

<23, 

.51* 

=85* 

25 

594 

*47* 

36 

594 

r.24 

a6 U 
425, 
t4 . 
C64 
674 
60S, 

n24 

46 
fcOTg 
324 
2158 

2Z1* 

175* 

33S* 

434 

64&a 

215* 

23 

044 

141a 

1 1J « 

24 

274 

45 >8 
264 
334 

£.67* 
In 7* 

824 

274 

lb4 

17 

264 
c4s, 
23 4 
237g 
1»>8 
22 
76g 
2b7* 
474 
*2 
387b 
^ 8 H 
I2U 
s54 
523, 

274 

64t* 

*54 

c3T6 

,c3e 

/57ff 

3438 

47 U 

lO), 

24*8 

12 

53 

194 

,91, 

88 

4358 

47 

198* 

261* 

lt»5, 

545, 

35 

2o3, 

877* 


1978 



High 

Low 

Stw* 


681* 

38 

1 lev dm 

57a* 

348* 

851, 

UeynoM* Herai>. 

t3te 

62 

521, 


=8T, 

29S, 

20 


095, 

365* 

287* 


461* 

361* 

ZSte 


3=1* 

621* 

541* 

Hre^ai Dutch 

ell* 

131* 

111, 

i(u«* Log- 

1«* 

285, 

131* 

Byiiei Syrtem ... 

eb\ 

461* 

351* 

■Miewny aii.rv-... 

445, 

314, 

221* 

Si. Jue Uine>,l!>. 

'<61* 

341* 

254* 

St. I(egi» Pfc{«i... 

adi* 

71* 

3 \ 

S<ui Invest 

6*4 

7*4 

' 41* 

Swum Inrtrs 

6T* 

164, 

10 

■vlH'lr Bteasiij... 

135, 

43 

64 a* 

SOiiuiniwi,er 

B9H 

213, 

•1BT* 

151* 

18i* 

SOM 

all* 

Sum rtivr 

rto* 

244* 

1» >4 

5ISW 1 )lr« 

i35. 

84, 

61* 

9«i de Uh...Cm, 



364 
26 
165* 
375*. 
40 . 

36 
465* 
644 
384 
145b 
834 
994 

34 

364 

267a 

178a 

38 

344 

554 

334 

284 

225s 

49 

384 

287 8 

45 

524 

3BT 8 

4678 

19 

70 

454 

554 

345, 

144 

464 

117 

7S 9 
334 

12 

274 

22 

47 

924 

334 

304 

60 is 

34 
S37a 
435, 

184 

22 

374 

294 

287* 

40 

805, 

414 

394 

40ls 

274 

234 

447* 

58 

26 

425, 

94 

524 

513, 

BU 

125a 

35 
32t 8 
283, 
3268 
516b 

224 

1868 

28 ?g 

5468 

317 b 

31 

324 

434 

37 Ta 
214 
244 

30' 

311, 

844 

247 8 

214 

31 


19T« 

201 * 

1158 

224 

294 

284 

37 

28 

307t 

103, 

za 

463, 

14 

18 

234 

154 

286* 

304 

444 

224 

234 

154 

327s 

21S* 

224 

246« 

44 

294 

344 

127b 

437s 

3358 

314 

183, 

84 

324 

674 

24 

284 

74 
234 
174 
866 , 
614 
244, 
194 
34 ia 

224 

414 

318, 

134 

174 

424 

214 

96e 

264 

184 

274 

204 

194 

184 

19 

356, 

604 

124 

384 

64 

456* 
41 - 


« Li'niaiiin.„4 

■caiiram 

eareiG.D.i 

iter IbeUirfc,.. 

shlX U 

■diWi On 

ibe- >'l ran-i'iri .. 

•igna 

sigoodeCiNii 1 

jimpiicrty Hal ...1 

ringer 

smith K'ine • 

•outb iowu J 
rout hern Cal. 14. j 

HmUterti Co. ; 

rtho. Not. Kr 
xa/Lhern PkeifiL-' 
routhemKai luay 

■ouMsiaJxl r 

’w't Baa- hirer . 

9(*ny Hotel 1 

•perry I 

squib. i 

rtandanl bninrt-j 
iDi.UiiCaiiHq-uia 
bi. On lihiiana. ■ 
Id. On Ohio-... 
<lautt Ctieima.. 
.ten mg Uru e .... 

itu«iei*ker 

UQ CO. 

3uo.l-lran.t_ 

3)Dle3C 

recuuK-otei 

leauomx 

leieiyne- 

ie>ex — 


lsaorn Petroleum 

leraco. 

Lerangulf 

ions Kaateru....! 

lexu liun'm 

I'exaa 01 1 & Gas.J 

lexaa Utlllrles 

times Idi 

tlmee Mirror 

Ilmkan 

Crane. 

rrauaineni.-a. J. 

tranaco. I 

Iran- L'iiil,] J 

irau-May Ian ’11 J 
Iran* Worm All J 

iraieiei*. J 

in CuuiiDuiiiai j 

iTKW i 

WtliCesitury f,^| 

lUAjicu";:::::;. .. 
'ugi ;.i 

[Onuever ! 

iL’nnevtr M ...”] 

' Union ban«..i-|j.^ 
jtDKju Can-hie. , 

■Union C-.iniinemrl 

Uumo Oil Cam. 4 
| Until Fauifri.,, 


317f 

254 

147* 

^46* 

59 
A34 
s44 
B44 
oBSs 
13 
2078 
«74 

<68 

j64 

20 

137* 

aB4 

«24 

- d5 

a34 

•a068 

204 

A84 

»25b 

»'■ 

44 

oosa 

38*4 

46*, 

- 184 

684 

H45, 

e>3 

344 

1458 

46 

1064 

76b 

3Hb 

J04 
kSTg 
2058 
414 
BB4 
b74 
21 36 
50 

n33, 

637* 

h2 

JB7| 

'924 

»b4 

: «84 

164 

3618 

20 

i.0S8 

60 
394 
*64 
ul4 

•41 

-64 

- .3 

414 
' 94 
504 
514 


74 UnDcyal • 74 

67* Uoitort Bmnds.... 134 

26Tg li 0 Manoorp. 43 - 

214 U&Gypiuin. 334 

316* Uabhoe- 1866 

254 06 Steei.... 374 

324 US 1'ecfcnuugire. 804 
,184 CY Inriu«tri.>.„. kl4 

134 Virgin* Elect. l»4 

154 ’Valareen 28 

294 Earner ^iunmu- o44 
253a tVorner-ljuiiljen. 294 
174 Wwat Man’ment 507* 

244 »ien*-Karvo o24 

295a Wedern Baru.Tirt;- 4158 
204 Western N. Anier a74 
154 »Jw«n Uninn... 208e 
114 |We»(,iaahV Piecj ^4*9 

22"a 1‘Ve.vaeo j 

aril. • ■— — ■- 


203, 

204 

201 , 

165, 


.WryerbaeiiaeJ-’''" 

[iVUripiol ,. ir _ 

| While Una. Ind„ 
•ft illlam Co 


f 


io-i iiiiam j film 

216* hVltecmiD | -284 


.504 

304 

h38* 

224 

2168 


Aug. 18 

Price 1 + or 

Dai. [ — 

Dtv. 

% 

Tu. 

« 

ABG„ 

77.0+0.6 



— 


31Ai 

33 

BMW 

2Z8jy+ZJ6 :68.0b 

6.2 

Beyer 


m 

tteVBr.Hvpo 




EU 

2.7 


— 

- 

(Jcmmerzteuik 

230M -U.8 :2&66/113 


79.S + Q.1 ) — 


UUmier Bent- — 


FJ 





Demeg 

167.0 +0.2 

trl 


Lteuwebe H»nh_30Ui,r -U-a 188. n 

rj 


241^*0.2 88. IS 


Uyekerbon Zemu 202 JO + 2JB 

9.3b 


tfiif^fxrftTUPig.i ■ 

219.2+1.7 

12 

2.7 

dapej- Lioyd 

118.5 

1<UK 

6.0 

aarpexier 

334 1 

132-3+ LB 

>16.72 



49.0 +0.7 

4 

4.1 

rturim.. 

ia*; «, _ n Ji 

4.63 

3.0 

Kali oral Sate— .. 

1*6.8 +2.8 ■!+ 

4.7 

hnrxtadt 

334 —I 

23.41 

3.6 

haaitxd 

244.5 -0.6' 18. /2 

3.8 

[YTrwrTi 

VB.O — 13 

— 


KHI» 

179.0 +0J 

18.7b 

6.2 

terupp — 

■JifalV 

100.0 *0.9 
269.8 +03 

26 

4.8 

Liwmlvau 100 

1.690 

So 

7.3 



U.36 

1*1 

1 1 ''T 1 


1Z 

m 

ViilN/ZO* 

175.8 + L7 

17.1- 

4.9 


1^ 

10 

2.0 



Id 

1.6 

'(akei rnanii 

160.5 + 1.0 


— 

juFTTl 

132^+0.8 

— 


Knwn We-t.K)ec- 

179^-1^ 

26 

73 

.-L-l>er uu: — — — 

264J+1J de.12 

■•*1 

iieweiR.— 

293 +1 

lb 

11 


250 

26J > t 

N-F-ll 

i».v*«euA.G— 

1233 +03 U7.1r 

S.9, 


186 

14 

PV1 

■ KbA 

134 3 + 1.0 

12 

4.4 

Verein-aWest Bk 

292 —2 

18 

3.1 

t ••) k - wiicette. . — . 

245.5 + 2.5 

25 

5.1 

• 

Isle 


J Aug. 

. Btgh I Lr» 

SK»k 

“ 


JOHANNESBURG 

MINES 


August a 

Anglo American Co ran- .. 
Charter Consolidated — 

Hand 

629 

tLM 

14.00 

+or- 
+ 030 
+O.OS 
-119 


SAX 



7 JO 

+015 


SJ7 

— 0J8 


ML55 

+0.10 

-0X9 


1139 


9.30 


ftnid Fields SA 

29J9 



3J0 

+0J5 


7.SS 

+903 


5JD 

-0.05 


$3300 

—8.25 

President Brand 

nsdio 

1030 

+L25 

-933 


5 JO 

'+3JS 

WeBeom — _ 

6.15 

+9.B5 

Wes Drlefontein 

<3.99 

$3959 

-SJ» 

-099 

Western Been 

14.75 

-935 


INDUSTRIALS 

AEd 3-30 

Anglo- Ante r. Industrial — 10-35 

BMrtov Rand — <30 

CNA investments Tl.SS 

Currie Finance 0-85 

De Beers Industrial 12-25 

Edgars Consolidated brv. 2.40 

Edsars Stores t3T 00 

Ever Reads SA 22-05 

Federate Volkabelecglngs . 1.00 

Greotermans Stores - —.3 
Gmnliu Assurance (SA) 2 30 

LTA 2.38 

Nedflai* 2.70 

OK Bazaars ...... '7JM 

Premier Mining &2S 

Pretoria flemem 2.45 

Protea Holdings ... — L60 

Hand Hines Properties _ 2-40 

Rembrandt Group ABO 

Rerco — - 0.41 

Sage Holding* 2L55 

SAPP1 *-28 

C U. Smith Sugar 4.55 


-0.01 

-9» 

HUS 

+0.10 

-BOa 

+085 

—0(05 

+0.85 

+0.05 

-+ore 

—MB 

+0.85 

+B.B2 


+ 0.01 

+0.M 


SA Breweries 
Tiger Oats and Nat. ifUlg- 


21 

658 

634 

194 

187* 

95 

826* 

7.27X1 


176* 

ii 

193, 

118b 


IVoo( north j 

WT‘7- 1 

Sere* — — | 

'fapata I 

Aeoith Ka-iio. — ' 


9 6ii I*-'-sLTreas«S IdrC 
797* :USTre**4*?».» 
6.07Sj U.S. 00 .lay Mila J 


207* 
-6* 
61 4 

176* 

J, 8 ** 

t9a 

1815* 

7^7* 


CANADA 


15 

101, 

AWtlbiPape-..-^ 

bs* 

4.30 

Agnl.-oltaii/e.. — 

371, 

241* 

AlcanAiumlnlum 

231* 

141* 

A-iioma alee- 

447* 

341* 

Asbexos 

237* 

171, 

dank 01 Montree 

23 

18>* 

dank Sun b mix 

7 SB 

3.80 

tia»i Keeonrcex^ 

60 

62 

be" telephone... 

49i, 

201, 

dnw Vgiler lotl.J 

IBS* 

131, 

dPlaimria 

1^4 

14D 

litimn 

8.8 

2.06 

Brtnai 

40 

34 

tei'gary Pi"»»*r... 

171, 

111* 

uimrtow Mjin>... 

111, 

85* 

i^rumi* LeiUCMI. 

I4J4 

9?b s W l^n.l 

29i„ 

221, 

•vKn.lnip.ok Com 

28 

IB 

voiunJn Irulnsr _. 

23), 

151* ;C*o_ Fed Ac— . 

24 

151, jr.'MU. ttuahv Inv. 

661* 

51 San. super Ult. J 

5.12 

3.05 

Darling O Kecte. 

US* 

81* ithwnar Aebeetoe^ 


295, 1 

iH 

l ts 1 

134 

10), 

804 

964 

684 

27 

214 

16 

894 . 

B2 ( 

326* 

S* 

9 

96 

474 

20*> 

24 

477* 

204 

377g 

l£l 

\V 

17 

164 

94 

4.65 

234 

169a 

286* 

384 

4 

34 

187a 

371* 
494 
63b j 
2.30 j 


44 

374 
17 
6.00 
1.63 
25 
184 
17 
2.48 
1868 
. 11 
354 
343, 
194 

104 | 
29 
175, 
84 
367o 

867b 
2.96 
484 
226* 
184 
104 
1164 
134 
84 
35 J, 
124 
204 


176* 

234 

211 * 

164 

54 

74 

67* 

52 

704 

534 

215* 

144 

12 

164 

604 

256e 

104 

26 

6 

29 

37 

154 

164 

404 

17 

275, 

184 

164 

84 

94 

134 

13 
67* 

3.26 

155, 

978 

204 

285, 

1.90 

21 

143, 

164 

14 
3.66 
1.5S 

334 

314 

634 

3.80 

0.80 

194 

101 * 

1.03 

T? 

243, 

254 

15 


Chieftain j 

coni moo r 

Cons. Bathurst... 

Coxwimer Gw- i 

Co-efca Uesourre*] 

Certain 

Daoa bevel—. 
Deniton Mine?... 

Dum lime- 

Dome Perro>eaRi 
Dominion HniU/c 

Dow tar 

Dopuat 

laom'EP NicJiib 
F ord 51 item- Oii.. | 

iGen-tsi 

GiamYai'aimite. 
|Uu-l Ui> Caoaria. 
Uawker>fat.Cian. 
Hjj 1 1 1 nger—. . . _... 

dome Oi *A' 

Ui>U>on Bay Mng 
duteon Uey..._. 
dud »on On «Ctaa 

l^-C. 

Imasco 

Imperial Oil 

lj|fT)„, — 

roiM 


Intend Nbl Gas. 
Infp. v Pipe Line 
naieer Resources 
Laun Fin. Uotv,. 
Lobtaw Com. '8, 
Umuiii'n Bioedi. 
,Maoeey Fegueon, 

‘Mclmjre.. 

Moffre Lonui 

Moontainatatel!* 

Notetbla Mine. — ; 
xtaeen Kneig>...| 
.Vihn. Teteeum ..j 
Mumae Oil A Urn 
Dikvrooii Pari m 1 
iWude Copuei 314 

PaciBdPrtroteuin 
FUl Con. Pet'nr 
Fait 00 


People DepubJ 
PiaoeCan.ii»n4 
PtacerDeveiopmt 
Power C'crporat'n 

jWoebec Stdcgeon, 

teer Oil 4 

, sn ftenhonae- 
KioAigwn [ 

iKujvBb . oICAd J 

Soyai Ti ueL»< 


J4 

224 

134 

4.30 

224 

4J0 

224 

2.30 
34 
164 
135, 


iStepna B'aoun-wf 
peagrarrra..— j, 

jdbeti Canada 1 

Sherrtn G Jllneai 
Mebent O. G. 

Simpson 

Heel M Lbnada- 
ateepKOL-k Ir on— 
tesaco Cattail a ... 
loronio Dom^Bk. 
. . Trans Can Pipe In 1 
85, |Trana ilnunl Opr, 

10 1 rrwee - 


10 

7 

284 

104 


Union Ga>„. 

(.'id. olar.ee Mines) 
Walker Ulram-..; 

West OwstTranH 


15 

a 

355, 

234 

414 

234 

*24 

38. 

60 

k94 

18 

» 7 «t 

t6.»c 

397* 

,54 

23 
k41* 
c64 
- 4AJ5 
' 10 

^94 

185, 

u5* 

124 

101* 

<9 

a 04 

654 

*7 
is 1 4 

144 

<94 

82 

621, 
156* 
5U4 
b®* 
424 
434 
204 
os 6a 

464 

195, 

874 

214 

I84 

14?, 

1U, 

165, 

14?a 

84 

4^6 

22 

1 i S * 

CO 

554 

a -To 

d33, 

164 

67 
424 
9 65 
2.02 

t37 

-74 

JC5< 

0.62 

134 

<5 

184 

174 

2.10 

I 64 

105, 

A44 

337, 

194 

.I 1 * 

'3 

36l* 
6?* 
DC 6* 

h 98 
M9 
■SOS* 
17 

5 s * 

714 
1168 
• * 4 
36t, 
124 
20 


134 -ift'eston Geo. J 

1 Bid. X AS** d- t Traded. 1 New Stock. 


LAB —8 -HI 

1050 +8.10 

Securities Rand U.SJ$0.76 
(Discount .of 33^1%) 


AMSTERDAM" 


lift. 18 

k brim 1K1JS > 1 

Ua. iFl2U) 

Aigembuk(Pr.nO)! 

AMKV iKl.lil) 

(mcxHank (FiJU) 

.-Ijeakurt 

jt+iiWesi miFjO) 
riuhrui l«icrt*le 
Kiievier V (FlA.) 
binuah .V.llearei 
Kur CcrmTrttFI. iOj 
literal lirurarte&FlJ 
He’ueken rKi^jJ 
Uougi'neiur i Pi Jahl 
Hunter D.(FUOO)) 
K.L.U. i Pl.lOOi... 
Ini. Muller (131). 
Sian leu iKI.10j_: 
.NauNe»llna(Fl.Rn| 
AeriCred Uk(F) JC\ 
SerlMlrl HkiF'jjOjI 
ik»(K JiM)-. 

D-em 

van ijiimierea_..| 
riikluoxr-i3/)_ 
rbi.iy rP .ll))_.. 

■( (■•x-bVeriFi.KXj 
•talwcu 

rfuiinen (P'JXJ)_. 
doretuo (?' 
K.yaiDuicb(F.Jfl 

raven bu eg 

-Lev.nUrp (K.^O) 
l'wynlVJHi<.t 
Unilever (F .20)— 
Vikirie KeM'itifil) 
ike-t'.Dtr.Hyphk 



COPENHAGEN * 

. PHc« 

Aug. 18 I Kroner 


^odei-MuilUKU. 

Dao-Ke beak 

best Asiatic (Jo... 
r'inan~l*nken.~.. 

urvggener 

('•m. Papir_^_._ 

dander -4 lank 

UJCto'n H.lKrUO 

'urd Kelrei 

• Uietar>nK 

Pnvctiwnk.^ | 

Prov i natit n k-__ 

v^pii.tteren 
superior — 


1404 

1265, 

16 a 4 
1384, 

381 
834, 

128 

2664*4 

196 
112 
1324 
1395, 
4135,1-4 
189 I— 14 


+ or 


B- 


-14 
-15, 
+ 65, 


Die. jr«. 


% 


% 


7.9 

9.6 

7.4 

9.7 
3.2 

8.5 

4.1 

6.2 

9.1 

7.9 

2.9 
6.3 


AUSTRALIA 


Auc. 13 


- !+•» 

A art. S i — 


ACMtL((g> cental 

Arrow Anatrallft. 


AKA TIL Si — 

Arapol Kxpkiratlaa— - 
Ampot Hptnileum..— 


Uineralx. 


(Mac. Pulp Parer SI- 

Anoo. Uen. lodortriea— 
An«UPnunilarion Invest — 

AJS.l 

A udimen. -..—I 

Aum Oil k Gm — 

Barabno Creek GoW. 

Blue Metal Ind — 

Unogamville Copper— — 

Bmmblea [mtumnea 

broken Hill Pt\<t«rirtary— -I 

BH ^outh - — 

Catiion Untied Brewery.—! 
Ut»K(Sl) - 

Cocfcbum Cement— 

(Joira rG. J.). 

Cun. GdhineMrr Aurt j 

Uaxramer <S I )..... — - 

Conzinc Knilinii'..— . 

Ortain Aiialralw...— I 

Duulup Huina-i >S I) .... 

K6L11H —4 

Kldet -mu h 

O. lifaliiKinea. — 

lien. Pni<rn\ Tnm 

Uameralev 

Hit+er ——I 

IC1 Auatralin 4 

■iDierUiuei .1 

4 rnnlnjj b ludirt nau— I 

iuie» iDnvi'ti 1 

Lenuwxi Uii 4 

Ueraia KspiKraixm — —I 

DIM HnMinji. , -..rrTTTT— 

Myer Emporium .............. 

Nlcboten Inienisi kitmI 

North bnikeu UMmeaiteX 1 ’) 
Uokbndge 


Oil noutb 

Oner KsL+Harmn ..J 

Pteuetr Cr«K-rKe. 1 

Iteoklll A LrAtUau — 

d. C. Singh 

3ral(hUuil Uinuv).— . 
epa>VM hxphrmlion ........ 

ftirlh <3| — 

W*llun*___..„ 

A. -~i erne Mmlrts ff<'.+nis 

ft'ra ,1 won ha_.._ 


10.69 
tO. 86 

ta.io 
tLS5 
KXB6 
tL3Q 
♦1.30 
tl.70 
f 1.12 
tl^O 
KL50 
JO. SO 
tO.30 
IL23 

tl.67 

tlJS2 
taie 
♦ 1.28 

♦ L83 
♦3.30 

♦ L35 
12.12 
♦3.55 
t2.6& 
£3.36 

♦ 1.76 

♦ 1.41 
10.88 
♦2.35 
♦3.18 
11.68 
♦2.60 
♦0.82 
♦ 2.18 
♦1.15 

♦ 1.17 
11.17 
t0.28 
tJ.30 
♦2.48 
fl.07 
♦2.45 
♦ 0.68 

♦ 1.44 
♦1.95 
♦O.lb 
taao 

♦ 1.60 
♦2.86 
tO.BO 
♦0.34 
tJ-46 
f 1.88 

rO.ta) 
♦ 1.69 
fLM 


•ML05 


+0JH 


-0.02 


ML02 

-fD.02 


-0.04 

i«;b 

Uiire 

J+OAl 

i+i.io 

l-rO-ttt 
1+ l» 
kSJU 
1+1.46 

HLd'l 


V+0.06 

t-0.01 


PARIS 


Aug. 18 




Kerne H-—— } 

Afrtqite OerttYe.i 435 
Air Liquid*...-.-..-- 330 
Aquit&lde...— 

B1C 485 


Oouyguo* 829 

£La..\. Gerraia — < 515 

CarreWar ' 1,738 


1-0 JK 

,+0.05 

Hl-04 

1-8.02 

44LU1 

g i 

: 


+0.01 


*0M 

+OM 


TOKYO H 


Viib.UL 


A -alii Gte 
t4llu*n ; 


Cl 1 1 non.. 

Uni Nippon Prim 

htj> Pilot n. 

Hniu-ln ^;| 

HihiIr Mrenn. 

duu*e Knrrl 

l . 

Iio-V.ikada — 

■liw.% — 


, Prw.+' ! + nr | lire. 
Yen 1 


320 
' 459 
780 
480 
645 
535 
231 
517 
1.200 


4.A.E 

Kmiimii Erect P» 

h» mtDii- - 

AUliAM ^ 

hyr_,fHJeratuic 
llalMMluin iwl. 
MrlMiblirhi Honk 
M it aiibiahi Heavy 
MiUutitehi Umt-4 

M'laui 4 Co ,, 

| 

•Vrppilfl I4W.J 
Nip|«io tjhittfam J 
* rnan Motor* __ 

Pfawieea 

wnyo IkaxiKu. 
, rt'ni ) PreU)— 

h.nei'icK. 

>wiy ..... 

raiabo Marine.- 
i akeria Cb*n»caj4 
iDK 


241 

1.660 

686 

[2.750 

1.210 

323 

281 

5.690 

720 

879 

124 

452 

315 

569 

1.420 

701 

737 

1^00 

238. 

893 

1.150 

1.550 

233 

4u3 

2.130 


lukyo M*ri: 
lokyoKractPewt*' 
‘"fa.TO imiya ..^J 

• trabrlia tiorp.._J 
■ nyola Motor.—' 


116 

479 

1.120 

322 

140 

la4 

848 


|+2 
+23 
+36 
+ 16 
+ 3 
+25 
+a 
+ 1 

!-6" 

+ 15* 

+ 10 

Pi*" 

+60 
+ 12 
l-l 
—1 

+4" 
—4 
+20 
—9 
-9 
+ 2 
+ 1 
+2 
+ 20 
+ 10 

Pi 

*40 
—1 
+.6 
-20 
Pi” 
+ 1 
+ 15 


Yh. 


2.2 

1.3 

1^ 

2.1 

1.7 

IA 


1.7 

1.5 

- Aug. 18 

Pn-e 

Knmei 

+ or 

T5iv. 

% 

SEE 

« 

0.9 

Uenceo bank™ — 

98 

-1 

9 

9.2 

0.9 

Uorregaartt ... 

86.0 

+ 1.B 

— 


— 

t- rv 1 irinnk 

110.5 

+0.5 

11 

9.1 

4.2 

Kraium — — 

292.5 

+2.5 

20 

BJ) 

2-fa 

KiMiikx,+n..__ 

207.25 

— 1.76 

11 

iaa 


■iT'k H r<lro Kn-u 

213.5 

—0.5 

12 

4.6 

0.5 

■jlnrc*inind , . . . .... . 

100.0) 


7 

7.1 


1.4 

l.c 

4^ 

1.4 
tLZ 
1.8 
0.0 
0^ 
1.1 

1.5 
2.0 
1.7 
O^ 
13 
2.4 
1.9 
0.7 
4.3 
1.1 

3.6 
Lb 
a'.B 

3.7 

IAS 


STOCKHOLM 


Aug. 18 


AG A AJ<Kr Jd>.j 
Ait* UvaBtKrkw 
LfBAOCrJA 

Snlerud—— 

tteforv. 

Jmrda 


i+iUioa 

Ktect* 1 uz'D’lKrOO 
■tetewon 'B'l KebC 
a mile 

f«ger»Uu_ 

■ ranges (tree).te. 

UtpUeahankai. J 

kUmiiou 

MuOcn Dom*tcu| 

laivivik LB_. „ 
.K.F. ‘B‘ Krv.... 
kaflji Unilmda J 
LuUtik 'IT KriOj 
U-ldMtolm. .m. 
Volvo (Kr. SQL. 


Price 

Krone 


aiOxul— 3 
loG 
90.0! 
137 , 
65.5! 
115 
199 
238 
148 
147 

298 
104 
64b5t 
375 
125 
69 
258 

77.1 

173 

74.0| 

62.1 
83 


+0.5 

Pi"" 

+5'“ 

ui~' 

& 

+4 

1-2 
+1.0 
+ 1 
-0.5 

01 

+ 1 


Div. 

Kr. 


6.6 

5 

6 

. 6 

4 

Jk75| 

10 

6.3 

- 9 

9.6 

4 

16 

8 

3.7o| 

4.9 

8 

5 

41 "6 


Yid. 

% 


2.6 

5.3 
6.6 
4/4 
6.2 

3.6 

2.9 

4.3 
4.3 
4J 

S.B 

3.9 

Zz 

BS 

2.2 

5.8 

4.6 

6^ 

7^ 


BRUSSELS/LUXEMBOURG 


Aug. 13 


Aroro 

dekett 
•J.DJL Cement _l 
Joekerili 


Pita 

Pr*. 


2.400 
2.195 
L186 
435 

K819> 12.270 

KrectrobaU J 6.790 

rabnqne Nu ‘2.790 

JL Inno-Um _|Z^0G 

Oeraert — 1 1.322 

UBL (Brill 4 L520 

Hoboken 2J90 

inrmoro iL750 


+ « 


Aratietbwui... , 

L« Koya/fi Beige. J 
rSa Uotline....! 
Pekrodna 


7.050 
9.710 
2^90 
13.730 
5.045 
Id. 045 


» Gen Battnue.. 
hx Geo Bftffcr'rf 

ufln /3.270 

o-my 2,425 

iracueo Elect. 

LCK 

Uu Mln.(LI0> 


Vieme MonUgiieL OOS +20 


2.915 

920 

756 


-40 

— 14 
H-l 
IO 
+ 20 
+46 
-35 
—28 
1—6 
-15 

!+20 
+ 10 
+46 

+ 20 
+5 
-10 

t“. 

F 12 

1 > on 


TSf 

Fr*. 

Net 


116 

100 

177 

1440 

170 

150 

86 

I69J 

170 

142 

SB. 

tdtta 

82.45| 

174 

dOa 

14., 

415 

A21D 

17o 

K1 


Yd. 


6.2 

8.4 

T8 

b.3 

o.l 

6.5 
8^ 
20.8 

7.1 

8.2 

4.1 

5.7 

2.7 

4.6 
70 

6.8 

9.6 

6.6 

6.4 

6.6 


Source Ntkko Securities. Tokyo 


SWITZERLAND • 


Au|i; 18 


L195 
L600 
L<-60 
760 
563 
2,230 
1.840 

___ ..... „ . , 600 

Etoffm*nPtT!ie9tBJB8.750 

Do. (Omatl), 16.728 

Inierfoon B .3,900 


AiurzunhUD 

UBC -A* 

Cilia Gefarv h r. 100 
Do. Part Cert. 

ci&saztBi 

Ktec+rowaa— 
Flaeber (GeoagejJ 


Price 

Pra. 


■letDoU (Pr* WO) — 

Nestle (Pr. ICO)—! 
Do. - 
Dertl, 


LB50 
3.425 
IB. 176 


(FJJ60)! 2,725 


Pirelli 8lF(FaQQ) ! 
+aiiilaz (FcjJhQD- 
Da PutGmtte, 
ictiliKlIer Ol PlOi 
luiaflr it (KrWP) n 
’WlaralrCFJCOL- 
swim Upk 
jwiwUiaH 

l' man J 

Zurich I. 


auic — 1*..(3. 
nm.--~.jll 


289 • 
3.600 
410 
287 
S3S . 
635 
380 
4.925 
176 
1L575 


+'» 


| — 2d 

> +s 


-40 

— o 

— 135i 

-=3 

-50 


YM. 

6 


8 
10 
22 
22 
22 
16 
10 

MSOOlllOb] L8 
— 2001110 
—26 2U 
— 10 21 
«9.i 

* 43.1 

15 
la 
2b 
26 
12 
14 
Id 
Id 
40 

2d 

44 


-2 
-S 
— 5 
+50 
(-« 
-SO 


3.3 

3-2 

2.1 

2JB 

3.9 

3.6 

2.7 

4^ 


1.6 

2.6 

L4 

2.6 

33 

L4 

6.2 

l.b 

3.2 
4., 

4.2 
4.2 
2.8 
2.0 
3.1 
L9 


MILAN 


Aug. 18 . . 

Price 

Lira. 

+ or 

Dhi, 

Wre 

% 


120 

+ 10 




539.5 

+SQ.5 



• 

1,903 

+ 33 

160 

7JB 

S3 

U.lt>nu . .... ' 

1,636 

+ 10 

16u 


158 

+4 


13.110 

+200 

600 


I u 'anier— .. 

Medln/cnm^. — ■ 
Momedteott — — 
O.rvettl Prfv„— 
Pireiu k Go.—.~~ 

Pirelli ape 

’ll ia Vieooes.tew 

350 

34;7S0 

166^01 

LITO 

L654 

907 

850 

+1.460 
+5.75 
+ 16 
+ 18 
+36 
+9 

l§l l§? 1 

3.4 

7J3 

8.9 


U.UJL. 

C.I.T.AJc*teL 1 

Uw fiaunuri'.— 
ClobHedltur.—. 

Credit Com. Vt'cej 

Creuaot Cmra— 

Domex 

Pr. Petroia... ...... 

Geo. Ocofc ten rate. 

Imetar .. 

jMUuee Borel. .... 150.0 

CutetK* 206.0} 

L'Oreal.— -.1 720 , 

LegranLd 1.750 4-22 

MAlauua Phenla.. 575 1—13 


376.5; 

1,060 
381 
411 
120 . 6 ) 
84 
673 
156. 9j 
209.5 
62.6 


523 1— IB 7 12.811.4 
15Z,2pL8l 6 I 2.0 
179.5P3.5 lls./ilH 
Ul.5 1 7.« tL3 

— B . 7.5 9.7 
-a.o: l/.w 3.5 


■Ba.al 

282 ■ 

480.71 


ausjpB.8 — ' - 


UlobcUti -H" — L323 J—15 j 3/5LJL4 
Mart Bemmari .J 

Moulinex. 

Partlda. i 

Pechlney 

i*enu*1.Kkmn1. 

Peiucoi -CH reen.. 1 

PUraun. 

Kaitio leetimqiie- 
iCtatdulc — 1 

tCtecme riiuicuu.-i 

L G(U«1u.~... — j 

Kt* Uowl*BO). ...11,700 

mica I 292.0 

leieuiteanUjiie—. 782 
Ibunwnn Bnuirli . 231.! 

t-«irw.. — — -J 

VIENNA 


439 

570 

100.5!' 


23.0 


f nn lKr.ODd. 

- Frm, I % 


742.0t— 0.4 j 41* 1 0,6 

U4 21.W48 

-1 ' 16^ 6.0 
1-9 '26Ai 4.8 
-6 iU-thi 23 
-SB ■ 42 I 5.1 
-1 [ 4M 7.7 
-9 75 j '4.3 

—0.5 . 31 A &A 
-7 ,7»iH 6.5 
—11 1 U 3J 
—7 UUd-B.T 

-ri.o : iitliao 

+ 19 !5B^ft| S.0 
-l.lllB.MK13 
-0.5! Ukj 3.9. 
-2.4: 5.7; 9.1 


— u.8 lA/7j BA 
- iiwr aa 
ldB.fi; 24. 
39il B3 


I+.11 I 30 , 6.1 

• 30 j b.3 

'.7 9 f 9.0 

155.01—2.8 1CM) 9.3 
-1^ « Iki 

*1X2 Bb.BI 8.7 
-4- 25A: 3.3 

7.5 • 18.151 6.6 

-0.1 1 - | - 




+ ra 

iii*.ntM. 

. Auc. IB 

' » 



* 

Cralitsortaic — 

242 

MSemae 

10 

2.9 

Cerroixwer 

275 


9. 

3.3 

•ei+ta..— — . 

626 

+ 1 

38 

7.7 

sanperit..^...— ^ 

89 

-1 



— 

•leyr J3xirruw.„. 

218 

+1 

8ji 

3.6 

Veit Magneait — 

230 


10 

4.4 

BRAZIL 



rim-v 

+ l". 

Cru, 

Tib. 

Auu. 15 

Cm- 

• - 

Div, 

% 


ActftiraUP I a99 •J.12JI2.B 

baited do BraelL_l 1.93 *0Affi/.lb8^9 
tktaco lion PN ...j 1.36 ,+OJlJ.3‘,27J0 
HcteoHuwIraOPl 1.23 I-0.B5; J.dt SAO 
3.48 1+0 AS, .iXA.74 
3.48 !+U.uS J.lai3.63 
1.51 
2.68 

5.70 I ! 025 4. 38 

1AQ J+0.M; .16|IM4 
Turnover Cr.ll3.6m. V9mTKiik 
Source: Rio de Janeiro SB. 

OSLO 


■«•*• Anwr. Of..; 

r'rtiwrt* PP. i 

Pi iv >1 

ouiA Crux OF 
luip PK. J 

late Ida |Kw pp| 


i+ 0 .i 6 ;J.lb Ilfl.H 
J+a02jJ.23t8J«l 
. J 0254. 38 


SPAIN « 

August 18 - Percent 

Asland 

Banco Bilbao 

Banco AcJanUco (I.BOOj 

Banco Cmmal 

Banco Exterior ... 

Banco General ..i. 

Banco Granada U.OGO) 

Banco Hlspano 

Banco. Ind. Cat (1.000) 

B. lnd. Vedttemnao — 

Banco Popular 

Banco Santander i250) 

Banco Orcmtko (1,008) . 

Banco Yteaya ; 

Banco Zaragarano 

Bankunlon 

Banns Andalncla ...... 

BaJbcacK WUcoz 

C1C -• 

Dramdos 

Inmobanif 

E L Aragonesas J 

Espaooia Zinc 

Erpl Rio Tlnto 

Fees* n.0M> — 

Penoaa 0.800) 

CaJ., Prvcrados 

Gtqdo Velasquez (400) 

Bidrola 

Iberduero 

Oiarra 

Papeleras Reunldas ._ 

Petroflber 126 

Petroleos . ana 

Sarrio Pa patera 58- . 

Snlace • 45 

Sogeflsa in 

Telefonica u 

Toitaa Hbnencfa « 

TnDacex <&st 

Union Klee. H 

HONG KONG 


Z23 

+ 1 

am 

- 2 

247 


309 

— 1 

279 



279 



ISO 



242 

— 

177 

+ 2 

200 ’ 

- 1 

2W 

— 7 

354 

- 6 

2S8 

+ 4 

244 

- 2 

215 

— 5 

153 

+ 3 

203 


2* 

— 

n 

- __ 

290 

— 

74 

+ 2 

5330 

- 059 

102 


89.15 

- LB 

66 


69 


n 

— 

165 

— - 

n.5 

+ ass 

84 

+ 1 

U8 

- 2 

61 

— 4 


-- 03> 


+ B.7S 


Hong Kong 6 |a.u*. IB [ Aug. 11 


Govt. Loan 1W8._.-. 

Anulganwiert Rubber 

bowalcra— : 

China Light A Power 

City Horeli— ...J..* 

Coo mono) Han Prraperclc*.. 

Crow Harbour Tonne!..".'..! 

B. Asia Nwqpttina, 

Hong Konjr A tecmQk. ...... 

H««r K«r Sleet rte , 

H on g Ku pg K j m t* loonlTbarfl 38.00 
Hodg KnugUnrt iavea.,.1 12.80 
HontfKoagShaughai &nk 20.70 
HungKiMig bbangbal Hotls( 17.70 


D.OO 

13.40u| 

26.80 

ZMO 
11 AO 
9.65 
172.50 
7.00 


HutPhlann Whftiiipoe,,,,.^ 
lurrr. Padfl" Seftu-iC ^, . 

Judina Alai baton... 

Jairilua Bora..*. 

bobber. 

slme Darby 

Southp. Pa,-, Prop,.,, 

soolhtaa Textile 

,»rin Pailffc A™ 1 

Textile Ailtenre._ 

lexrtteCocp 01 Hong Km 
TVhaateek Mard^rj_n 

ftTseetoet Uaritlme 

Klnsoe luAutriui 
Wynrbr ; 


7,00. 
♦ 12.00 

18.30 
9.16 
3.55 
6.36 
0.76 

10.30 

•uip. 

3.736 

4.176 

3.40 

euafi. 


trt tft-mvwuBfl j Buyer 
Susne rated 


ROIK 

2.B&UI 

28.10a! 

1.90 
11.60 

6.25 
70. dO 
6.66 

I L40 

a loo 
17.60. 
6.75 . 
1 12.10 
17.80 
8.80 
13.60 

6.90 
0.75 

9.40 

tuan. 

3.426 

4.20 

3.46 

909(1. 


t^allar. 


NOTES: Ov era eM mice* esOnde t premlnm. 
withe aiding tax. 

4 DMM demun. noteas Mhtnrtse stated. V Ptas .508 dnnom. bhIa*. 

Mated. *KrJM detnto. unh»s mberwoe MaTed. 
ottmivBe araiei JI Yea .31 denom. unless nrbwvute 

and/or scrip .tsaia. «Per dura. 1 Primes. 0 Otdsb dlv v a 
alter scrip .aa/ar riahta tew. k After tocal rk rt 

Induamg Unflae dte- Nom. « Share split. * Dlv. 

uMtnorlw Mktere orty. a Hager 
* AssotnaL • xr Kx rigra. jzdHx 
a lEieriin since inouagNT^ 


Belgian dividends an alter 


v Nom. 

Darmem. t indicated dlv. u Unofficial trading 

pending. •Asked- T Bid. 1 Traded, t Seller, x Assumed. • w r* hh+w 
dividend. »Bs scrip issue. xaEz alt 

























jr.i ■_? • 

n > ,.. 












r 

*. : 


Financial Times Monday August 21 197S 


15 


AUTHORISED UNIT TRUSTS 


iSSr E* T ,?-’ MRM - ^ (i " Framliagtan Unit MrL Ltd. fa> Minster Fond Manager* Ltd. 

"- »l.tyal*li«i r H«t_ Arfcsfemv. - (C*>r.»I 5 7 . Ut-IjdJ Yard. EC 1 B 5 DH. ^OKHflSTl MinstoHs^Arth "suStT 

£5 A. I 3 1 ?? Mmflft Aucu*17.J 


Jg f| is 

51 -M -O-q «. 05 j Inn:; 


4 bbeyCjpiliii_ \3S2 

thlu'S Iiu-Onie SL 9 

\Uxrint Til. Pit to a 

% Irtwr lion. Txt |dR0 

M)>«d Hambro Gronp* fa» (g) 
liunbrnH'C-lluiion. Brennumwi. litter. 
ii M 8 361 ur BrmrvTOiid iOUm 71 1458 
tailored Foods 

tUierfltf 1644 

int. inch. Fund .1 

: .lcrt. & In.t Ik* | 

\lhed Capita! . 

lamhru Fired .... 

Ituubro Aev. Fd.. _| 

W«or Foods 

IWiVWdFd (W.l 

' fich Inreeae — ... 701 

LUEaloc to 9 

■dcratffaaal Funds 
nltnMlkfial. . ..134 
'acifieEtnicf . at 
; tts Of Amenta .Mo 

’.S A. Exempli (995 

-pretalia Funds 

mailer vt’.'v Yd. 1394 

miSmir L'c'sFd.- WO 

trcovcrrStta _ 955 

Ict-UJo tCifiv.. 40 
■ H-re-sw EamlttiK 61 4 - 
.'spt. Kntlr. 4 P 411 

knderaM Unit Trust Managers Lt<L 
S 8 Fcncluieth i,L E'.'OM C.LA 673 SCSI 

■ ndorson I/.T. (562 M «j ,. | 5.90 

insbacher Unit Mgmf. Co. Ltd!. 

Noble St. EC 2 V 7 JA oi-fiaona 

3C. Monthly Fund . [175 0 385 On* . . . .[ 902 

irbottmot Securities Ltd. laKc) 
tjueen SL London EC 4 R 1 BV 01 -Z 36578 I 


American., 
i.'apiui r«l ... . . 
Income pd— . 
rwtt Fd. _ . 


035.8 

hito 

11260 


E-<empcJuly3I. 


38 


Provincial Life Ia». Co. 

01-823 IBS) 323 . B iahnps«ate, E.C. 2 . 

»-5| 55* Prolffle Units N3J 

UL 3 __| 558 High Income tui 


Saw St Prosper continued 
01 -M 7 BB 33 Scotbits Securities Lldy 


129 lS -Oil L 09 . ScctyMd. 


I - 0.51 2.83 Sccubilt. 


Hotb«raBaxa.EClNaNH 

Prudential 7X35.0 



I«g .... 3 36 

§» ;“~;j la? . scotHuB*®; 

rhj.Accam. ji3Q9 - 13SJ1 — t 2.0? MLA Unit Trust Mgenmi. Tad . . n_,j. p.,,..,- «* ',„ U i,u,i — 

Friends- Provdt. Unit Tn M gra* otd gueen are*. kwiSIKT o£»,m * IUdt *****' “* f fa)n,Ke) 

! Ilham End. Darin nc- .. (U085O55 MLa Coils (465 4S.fl 1 SU 

KnradsITm.lu._K6A 4951 1 3*7 

Do Afcuio . |«9 • 64*1 .—I 3.87 Mutual Unit Trust Manages* uMg) - ... __ _ _ , . 

G.T. Unit Managers Ltd* \5.c#piiuiiAie.Ecai7BO. 01-004809 2 B “ tf “®ajeonit Co. lAa* 

0131 Jtuiuc! Sec Plus. ®-2 57.01-031 6Jft ' " ” ~ 

3 40 J ,n, U«Hnc.T« 1733 7*3-02 689 

340 Mutual Blue Chip- 473 5U4 J 622 

730 Mutual Rich Yld_|63A -ON 7.96 

2.20 

§50 National and Com mer cial 
4W 


41 1 
53 7 
6LB 
762.0 
1714 



3.67 

rs 


Target Tst. Mgrs. (Scotland) faNbl 

19 . Alhul Crescent. Edut. 3 . 031.2398621 

Target ArotT.EiKlelSO 6 32 . 91 - 0 U 159 

Target Thistle KZfi 4fi.«-0 3 549 

Exna Income F«L ._ ^ 0.4 64 . 94 - 0 ^ 194 


DM 05 *52 'Knees at Auput 6 Non 5 u b . A ucua2 i Tnfcs Union Unit Tst. Managers* 

M3J1 -o.5| 4JJ7 SchJeslnaer Trust Mngrg. Ltd. fa) hi etts 

140 , South Street, Dtkfcnt i 030 S»fl 644 l TUTTA “* 1 I s2 -® 1 5J<1 


Id FinslnifyCircU'C EC2K7DD 
C.T. t’ap. Inc . ... 

no Aiv . . . .. 

«1T. Inc Frt Ln _h751 

U.T.li.S..&no 1 1 — 

ll.T. Japan 4 Gen _ 

CtiLPqasFr Kd 

»3.T. Int'L Fund 154.7 

G.T FiiurV day d... [57.6 



Am. Eae fflri — — 
The Stk. Exchange. EC 3 N 1 HP. 01-6004177 Am. GrtWUl ~ 

Quadrant Cen.Fd-.mA8 1U* ,J 4.77 - 

Quadrant Incomn . \l 32 .i 13671 _.J 7 . 7 * g x f m € L>t fe, Ld ^ 


W1 

24L7 


AM JI-SL Andrew Sanar*. Ediobeigh (01-556 9151 opportanily 


Eatia.tne.Ttf. 
lac.UHfc'Tfdtt.l 

Helianreftse. Tun bndje Well*. Kt 080*32271 

0 78.0( 4 4 78 Mnrfcet Lenders 


Reliance Unit Mgro. lid.* 


C. i A. “rest laLlg) 
5 , Raplei th Hd_ Brenrwood 
fi.t.A 1»9 


SekfordeT.IAcc.i_ 
SeWnrdeT.lne. 


Ridgefield Haugennt lid. 


■vnyioJT-- 

PraL 6 catTnret_taji 

Propafy Shares __ (S.6 

SpSaisiLTat 

K Gnh. Acctun. 


7.20 In«anrAnjr.9_ IU6.8 

> IcrlnzL Units! 0278 

.. Caw Anya 

HJ27TI22T3W AAccian. CfiittJ 

37.4} -0J I 443 _ 

Gartmore Fund Managers * (aKgJ -Vational Provident Inv. M a g n . Ltd.* 3840.ResnodlySuKanchester 091S38BBI UiBntMit 

e.Sr.Stary-A^ECXVaiR ^ OI^DTOt £^Sg{SSBS° ^3 ~ 235 

i^Aas-icMTd __I33 5 35 « ..... “21 .Arc^ ^ ' X ** “°* en “ a 2J * xa < 1 

BndshTtf.iAral_.lM4_ M^-Oaj 



Transatlantic and Gen. Secs. Co.* 

»K 91-89 New London Rd. Chelmsford 0243 51651 


Comeiudi tj SHnrc _ (174 0 

E^tra !u». o n i g Twt_ 2S . 6 

inFarExu Trad.. 0.4 

High Income Tst 611 

income Fun- 3 .. ... 777 

h» Accncies 14.90 

Iml Exempt Fd _ . 911 
izdoti Txt tAce.i _. 37.5 


mARlUltt F ’ ,nanc ial— , 
m<WB4in ijrowtli Inv. 


i 7 cn — _ -Jin 

l '-*5 Income 39.6 

1 oS J , .mUolialm-.Fd__ 733 

l — 4 0.40 l orversal Fdxdi 63.6 


Atx 3 Income Frl. . Ini I 

'.Igh Inc. Fund 42 .B 

lAecum. IJuitsi. _ 59 5 
Oj*. M-drwLL'ts .1 572 
rcfl-n.-no- fund.. 2C4 

1 \Ruiulinihi 37 9 

aintnlFan>J-~ 2 L 7 

wr-mndjty Fnud _ 62.9 

\ccum. CniliJ 90 4 

lOtW’dneLLrj 55 0 

‘in fcProp.Fd. 19.1 

mnisFund MJ 

Irtnm L’niisi 473 

micth Fond. 369 

\ecum Cnib .1 441 

mailer Cn'sFd 29.1 

•tfern 6 URL Fd. . W 9 
K.W'drwI.Utni... 235 

oniftn Fd 979 

. Amcr. Si Int FdJM 5 


119 ® — OLlI 
46 In 
tue -o Al 
616 c - 01 ] 
263 
408 
234 
67.7 — 0.2f 
97 3 -DJI 
592 -ON 
20 6 .. , 
434 -DJI 
5tt9 -OJI 
397 —0.1 
475 - 9 . a 
313 -oil 
3 U 
753 
1053 
372 +0J 


1057 

1.94 

697 

697 

1250 

1250 

T90 

4.90 

4.90 

234 

260 

260 

248 

248 

3.97 

117 

117 

155 

1.00 


+ 0 S 
ISM-a| 
g; 5 a —ON 
15 . 93.-001 

ok ‘ vl - ".nisipeiae. 

“■* rapnal i Aecmn. 

Gibbs <An(on» Unit TsL Mgs. Ltd. Eiininc 
3. Frederick's PI. Old Jewry, EC2. 

Ui A G. Income 1 ". (45 2 48J 

ia.AG.Gioifithn_140 7- 431 

(OIA.G ForEas»»__pS3 7T3t 
Dealing *Tues. tTWe 
Geveti aobn>* 

77 , LomSro Wan. 2 C 1 

SUr Augutfll H 5 S-* 

Do. Araum. Unit — J 1 B 67 196 J 

Next dealing day Augai 

Grieveson Managemoit Co. Ltd. 

59 (iEctfuun SU EC2P 2DS. 

Ba m ngionA ug. 1 8. . 0222 
i Accurl UallM. .__ 243.4 
Btng.It.Yd Aug. 17 1913 

■Ax-ctun. ti aits i 220.4 

EntKstv. Aug. 15 2245 

(Araum L'aitxi Z 324 

Umchstr_\ua. IS 104 1 

lACClIBk Ucitl lOftl 

Ln-bBrals. Aug. 16 . 73 2 
lAcctxm. Unlbv 77.0 


3* 


SS lAcranv-irditoi^rpij M 64 j ”J H i^fj ,sch “ d AssH W 'Z®** 

059 Prices m July 27. Aevt dealing Aogrrtf 3L 72-80.Caiehooi*Rd_ Aylesbury. DS885MI in come August LL, 

a 65 Pn «s on August & Nett dealing August 22. N.C.EquitjFui>d_flgCL8 19231 -OAJ 337 iAccnra.Pnltsl — _ 

5 S 3 N.c EnaFSOLTd. U 5.4 1 SN- 0 J 245 Genera] Ail*. 18 — 

National WestralnstcHKa) • sw- iAraum. Uadsi^.- 

® 161 . Cheapside. EC 2 V 6 EU. (U-aOff 0888 . n!c. IncL Fd Oted, 99.9 -03 135 

N.C SmUr Coys Fd _ 


_ Barbican Aug. 17_.(793 
931 iAecom.Unita. 1 . 1234 

JM issa^ss 

3 * lAccunLCniUi 104 J 

432 CalemoAomistW.. 137 J 

(Accum. Units! 1655 

an Cumbld. Annul 18 . 55.7 
U 97 vAeeum.Uttfi*i.^_ 6 U> 

3M Glen. Aogutf 16 57.8 

•32 fAecum.Duitsl___ 743 

432 Marlboro Aug. 13 563 

— _ _ „ „ . , fAccom. Cnitsl — 648 

933 J. Henry Schroder Wage & Co. Ltd.* Van. G«tfa- Ang. is. 547 

IWI Ctopjjk &l ~ " m -n-tmt lAccum. Units! f672 



165i) 175 A( 


-041 


4.49 -PenftCbarFMJyia ( 169.7 

•spec EX- August L^6»A 



ST 2 T VanTlv AlLB. J 5 . 

Vang. ‘Tec-AottUi.. 463 
fS tAomm. CBilaj — <84 

W)ek>Aug. 17 . 64.6 

TJi I Araum t'nilsl 774 

4 0 Wiek DL August 18 . 7 L 6 
Do. Aecuin. CO 16.7 


84.6ct 

13L2 

911 

887 — 

109.1 

1444 -Ldj 
1743 -2j| 
99 5 
65 2 
615 
7B.9 
593 * 

680 
57A 
7D0 
795 
493 
53-2 
6C3a 
823 
75 0 -0.7 
43 7.75i 


513 

5.13 

4.75 
456 
456 
53S 
535 
671 
671 
405 
4.05 
269 
2.69 
3.07 
307 
7.73 
592 
5.92 
4.64 
4.64 

7.75 

7 j 66 


37i Tyndall Managers Ltd.* 

457 18. Canynge Road. Bristol, 
income Ann 16 


749 

-jij j!ro Rothschild & Lowndes MgjnL (a) iSidsoiib^ 

s pa StSuiOBtflaae.I xfauk Cl. QI42443S6 . , ■ — . imciauiuui__ 

234 KewCT. Exempt 4£U7« las 0( | 437 Scottirix Equitable Fad. MgTS. Ltd* Capital Aug. Ifl 

Txiees on Aug. li Next dealing Sept is. 26St Androim Sq.. Edinburgh • 031-8560101 <* «» «■ Uoitn. — 

NEL Trust Managers Ltd* te«g> „ '1^ M J 1U iScfc 

Int. Earn AUjt I«__ 

!•“ Ntlaar K53 Mlfii -031 439 CUyGateBxe.. Finsbury Sq^EC2. 01-8081068 ’ " ^ra umUottsi 

iVcitfa-BjghbSZjS.0 5&3+03 7.93 ^^^17.(735 «a i o|7 Sebag Uxrit Tst. Managers Ltd* .a> fir™ 

Seeuri«aA«g,l5_}l|A0 195.01 ... J ||| TOBam. aehlh o; fee, CC .^_ 01-Z2850CU 



«■»»?«' Mi lion Court. DorttosTsurrer. • ' ' ant Kotod T™*t Magt Ltd*(a) Accunl 0, &ii C S^weduSL' 

^.^.1 L 63 NtlsUlf », uen I« fl _ftH 4 in rifwCo*.Ou n«nk.. H Ca. tVw» Ai dnaincn ^ . 

IL J 

r.7 90oi™“j 3^ S^ S raSerdZlai 347j+6!lj IS Sc«StASg.lS__. 

58 rVf tl j 3J5 Uadq Wall Cm 

Security Selection Ltd. c*ptaiGrowd» 

706 Pearl Trust Man ag er s Ltd (aJfgKr) Royml Tot. Cm pd Mgrs. Ud 13-ia LSncoln'a I nn r, elds. WC2. 01-881 88360 EunihmGrwKh - 

If ». °^7£ ^ aaas^--^ as =J a; gnisw 

is PtSjroc. n ^f fcii Z3 6.re ln S^T_ F i H 30 Stewart Unit Tst. Managers Ltd (a) Hish i ^Prionty- 


Norwich Union Insurance Gimp (b> 

0V8M4433 HO. Box 4. Norwich, NR13NG. 080322300 MertnAufrlfi 

—-4 AA5 G roup TsL Fd 1370.* 3*9.*- 13j 4.85 tAeeum. Uoita) 



irebway Unit TsL Mgs. 13d* (aXc> 
!7.Hish Hclbom.\vriU7XL. 


-jrtmsyFund — _JB 93 9501 I 566 

rices at Aosaxt- 1.. Ne — 


PemiUnuTsL 

3-® i Accum Cuitsi , i ^ 

Goardian Royal Ex. Uidt MSrs. Ltd ■' Save Sc Prosper Group 

Royal Excbaogc. EC3H3DN. 01-8»aQU Pelican Units Admfn. Ltd (gXx] 4, Gre et St Helens. London EC3P 3EP 

lasiGoardhiUTtf .196.4 99.84-03! 439 81 Fountain SL Mancharter 081-2386085 8E73 QoeeO SL Edinburgh EH2 <NX 

- Dealings to; 01-B4 awn or 031-228 7351 

Save & Prosper Securities Ltd* 


,M TsS‘ Kendersoa Adndmtndkn* (aKcXg) PeUcaaUmta fH-7 985! —4 '4.74 

r^ext ^ 23 3 Perpetual Unit Trust BfngsdV (a) 


Barclays Uatcorn Ltd (&K0*tc> ujc. Fsnd» 

rucorn Ha 252 Romlurd Rd. E 7 . 01-5345544 ''Jp yrwnh lot _[ 47 .J 


aicara Aoicnea.. 37 1 

tfAUKLAcr SI 3 

■a. Ausr im 64 1 

■a Capital... 70.4 

n. Kxenpi Tit 216.2 

•o. Extra in romr . 295 

-a. Financial 653 

vx 300 7 B .6 

'll. Genera! 343 

■o. Gronth ,lcc 43 S 

■o. locoaneTtf. 914 

Do 1*71 An* Tbj... 343 J 

Hrieva at July 31 . N'ncC sub. dqv 



Can Growth Ara.__ was 
Income & AEseis__| 34.9 
High loema e Foods 
High Income .( 64.4 

Cabot Extra lac. J 60.6 

, . Sector Fonda 

468 . Financial 6 ITU (Z 71 

SU OUlcMxLBes po .7 

toioullnd 

Cabot ( 93.9 

lotcmational 099 

WM3rideAug21__|i03 

Oxzrseoc Funds 

Airctralian 

Bum 


2.63 

253 


4 * Hart SL Henley cn Thames 
FpetnalGpiGth. J 445 477 ] 




taring Brothers Sc Co. Ltd* (aUrl 

B. Leaden hail SLE-C. 3 . ' 01588 300 

trotiraTsL 119 ? • 20 L 8 I . ..J 4.12 

■o. Accum... (240 2 250 3 .U'J 432 

- Nest Mib. day Aucuxt Jl. 



S7h Piccadilly Unit Trust (aXb) 

745 Antoty GIbte Unit Trust 
830 X Frederick's Place, old Jewry. BOSt 8BV. 

01-588 4 U 1 
3.96 Extra Income, 

2.43 SmattCersFd. 



■o Kccwen .(463 4991 . . . 5.42 Australian [39 7 

-..Tnitfra Fend... 1214 131 * -0 5 ' 4 75 EurtSvuT «H 

WldwideTK.__ SJ 9 5*33 +0 1 1 92 FarE^ Sy 

tst rn.FdJne 630 70 ? -0 J 4 65 \orth Amcf S’? 

io. Araum. 77.8 810 | -OJU 4 65 N AmfTrsAuc. la.! 1353 

CabotAmer.Sm.Co. (bl.B 

H 1 U Sanmel Unit TsL.M*K.+ W 

45 Beech SUEX 2 P 2 UC - . (R 4 B 88 Q 1 1 

ibMSritisJi Trust ( 162.4 

iCIlun Trust J 40- 2 

. . _ ipl Dollar Trust 1864 

Eisbopsgate Progressive Mgxnt. Co.* ih'CnpuaiTn^x - 
. BtshopaanCq, F-C- oi 5886288 


30 J) 

33 . 0 a 


42.8 

961 

„ 

45 J 

50 i 


IU 



36 l« 

40 Oa 

, 

633 

Ml 

. 

W .6 

Ui 


79.4 

32 Jhd 

+oi 

26 a 

287 

— 


Capitol Fund- 

263 ini. Era* & Assets- 
166 Private Fimd.____ 

435 Accumltr. Fund U .3 

ZC1 

J 05 American Fond 

3 84 

166 Practical Invest Co. Ltd* CfXc) FinaaclalSees.. 
fS 44 . Bloomsbury Sq. WCIA 2 RA 01-0238892 HIgb 4 DafuMim Fund. 

Practical Aug. lS_-fI 705 ».« ....J 390 Select Internal ( 277.1 

Accum. Units 12408 2 S 50 j 3.90 Scteclbbceom ^ 6.9 


High-Yield _1571 

High Xaewne Fuads 

High Return [ 68.9 

Income ( 44.4 

OJLPnatf* 

UK Equity ( 46.7 


slid 

6 U( - 03 ( 


53 SI 


289 

3.70 


45. Charlotte S<|_ Edinbiugh. 
tStemxt American Fuad 

Standard Units (707 

Accum. Units fa.2 

Withdrawal Uaiu..[s6 4 
*8temxt Bd»*h Captial Fuad 

Sumdard___— . — |145D 157.01 J 

Arnrm. Unltg |l661 1«5 ,J?J 

Dealing tFrL ‘Wed. 


International 


031-2363271 Special Sits- 



TSB Unit Trusts (j) 

2L Chantry Way, Andover. Hants. 0364 02188 

Dealings to 0204 60432 3 


74. 

477 ; 


zm. 5(111 Affiance Fond MogL Ltd 

Son AUtsnceHaix. Bonham. 04036*141 

is 

( S Target TfL MngK. Ltd* (aggt 


IbrTSB General [ 48 J 

lb) Do. Accum 618 

Ibl TSB income 62.9 

lb) Do. ACCUm . . . 65 6 

TSB Srottlsti 91_3 

(biD& Accum. 978 


Ulster Bank* fa) 

Waring Street. Belfast. 



2 L.Croaham 8 L.BC 2 . 

** 4 -a.ii 4.77 

<T7M -0.W 3 16 Tarcetzll^g. ielzz72 

1143 -C-d 038 •Do.AetUnl^ 30 S 5 

S 77 ) + 0 _y LSI Target CTt rimd.... n 65 

Target Growth. 29.4 

351 Targeting.. 289 

Do. Itetnrr. CnlCs _ l 32 i 2 


DealingK 0298 5841 tWUlaer Growth — (398 


368 

3.68 

7.00 

7.00 

286 

276 


023335231 
42.74 i 4.92 



4461 *0.1) 


H- 




285 Target lnv._ 1 _..._..l35 6 
TgL Pr_Aug. 10 1 


:gatcPr“4ucJ5JUn , J» 21CJ| 1 329 

.ce. Lt* “Atyr. lh 1(234 9 250 .Z 389 

:galelntAu£R — pB 64 IWcS ._... 218 
-tecum i.\ug. 8 — 1 206.8 228 Jj ... ... I 278 

.Next sub. day ‘August 23 . ‘-August 3 D. 



(ridge Fund MsaagersffaXc) 

iron William SL EC4R B.VR 
.mtTK-aa&ueii4_[Z7.4 28. 9 ..._ 

Ucamc* 56.2 617 _... 

apita! Inc 41 0 43 7 ..... 

in Arrt, 457 487 .__ 

;\emptr _ ... 150 8 IfiOflc | 

nierud Iul.T 182 l£« 

7a Acc.t .20.0 21.3 - 


lj‘F>nanrialTraaCl9t* 
ibilnKiiae1*nist.._|2R3 
Ibl Sec-^iity Trust _ ( 55 .7 
li>i High Yield TsL. |3l5 
XnteL* laHg) 

15 .ChxvKopherStreeLE.C 2 . 0 I- 3 T 772431 

lout Inv. Fund (99.7 lBft7V ._._! 635 

01-8234951 Sf y Managexs Ltd &X& 

1 30 £>- 3fUk.St_ EC2V SIE. 038087070. 

Key Energy rn.Fd._lC7 *7<I| -0.<fl 3.72 
Key Equity bGeu._(723 7741-03 4 49 

4>KecEMnpt FA ._|]£89 -WJw- 3 43 
Key Income Fund. _(847 89LH -Oi 7.72 
Key Fixed Int Kd._Ul5 65S _w 1786 

Key Small Co's Fd_|5s.O IKl +Ld 350 


5 S 6 
281 
2 . El 
£» 
3.12 
312 




0H08D*78 ; M7B KE PUlnyTns_g2 
KArdla-TsLAev.. 622 
KBSmlrf'o sFdrne.. 49.4 
KB.Sm Cus.Fd_Vcc 49.4 
HiphY1d.Fd.Inc_ 50.0 

High Yld. Ftt A«._ 50 J) 

LAC Unit Trust Management Ltd*j 

The Stock Ecbangc, ECSN 1 HP. 81 -SBB 2000 

L8Clnc.Fd.__ .-.(143 9 M8e* .L-l T.76 
L8C]nU8GcuFd.|l079 . 1U) L64 

||® Lawson Seen, Ltd. *faHe) 

iff,, London rC-IRlBr 


f 


292 . 4 | + 1.41 

6oi|-oi) 


TgLlnc. 


2.04 TgL Pr«t u__... [132 

6.94 Tgt. Speefal Slta ....( 20.8 


707 


_..ssy 


235.4 

319 

ji.i 3 

348 

17Ual 

)4a3 

22.43 


I0.4J 5JB Unit Trust Account & ttlgmt. Ltd. 


-oil 

+ 8 J 

+ 0 . 1 , 

+ol| 

-03| 


330 

423 


604 

674 

300 

446 

IM 

IB* 

327 

408 

758 

1 L 79 

472 


King William SL £C 4 R 9 AR 
Friars Bse. Pund_ 063.0 172.1 
WlelcrG 1 th.Fnd._EI 3 347 ] 
Da Accum. 236.4 39 . 


01-0234851 

4.49 
395 
3.95 


Wider Growth Fund 
King William SL JDC 4 R OAR 
Income Units 
Accum. Units 


—%i . sa=i 


01-023 4851 
395 
3.95 


INSURANCE AND PROPERTY BONDS 


.Abbey Life Assurance Co. Ltd Crown Life Assurance Co. Ltd.* Uoyds Life Assurance 

IS Sl. Paul's Churchyard. EC* O 1 -M 80 QZ CYxrau Life I fee. Woking. GC 2 J 1 KW 048625033 26 . LliBon SL F.’ZL\ 


scaling Tar, TWraL riiiu^ w,c« Augmt SJeinwMt Benson Unit Hangers* 

20. FenchurehSL E.C3. ■ - 81-8 P300d 

Britannia Trust Hanagcnent (ai (g) KRUnitFdinc. _W.4 
1 Landon Wall Building^ Lundon n'air. 6RB. I)uitFi7Ar._.[D44 

^»<toiiEtaM9QL 

IwU — 

'apttai Ace 

' in 3 in 71 r.il — . 

'oirnnodit}- . 

•oinetfie 

•'vcrrtpi 

-,%lni lncoicc__ 

-'ari^ut . 

-'luuaciatbrcs 1 

i pIdA Gracral 

iniwh. .... _____ 

nr s Growth- . . 

nfl growth 

nrisl T.tf_Sba«v»_.(51 7 

ilmcraL- 

Ruth Inc.. 

lirjie.. 

»i>rth Amen ran. _ 

‘rofcsNMKia! 

’rnpcrtj shares 

-hicU ... 

.• aluMlhanKiv.__ 

. mr Energy 

The British Life Office Ltd* (a> 
l+tmnrr- Hy. Tuubndgc WcIIa KL neOSSEH 
■l. HntvJi Lifr-_ _ 139 ' 57. ffi -032 578 

.l.Baluacwl* bl.S S5.1S 505 

I.DiiideiirP... .. H55 4ag....| 898 

‘Prices Aur.wKt Si Next dealing August 1 & . 


Allxu-.MatmaU — I 4 L 5 
*1 Accuru I' nits’ — 165 

•Growth Fond 60 6 

*1 Accum I’niUl.. . 668 
trGitl and. Warrant. 40.7 

iAmecusniFd 267 

(itmwl'nili) — 27.8 

••Hich Yield: *72 

-tf Acnau. V’o«a» -\a J 


4431 + 0 . 
SOTT- 
ISH 
727 
4M 

zaaj 
29 * 
SJ.Ort 
712*1 



(rwn Shipley & Co, Ltd* 


Ingr:- . Founders CL, EC 2 
Sl'ndsAut 15 — pll fc 
oiCl'.i .Vug. TT<{ 290.6 
ccaue Treat* la) B) 

. maiK-iul 3 l 7 

raerul — 199 

nrwtb.Vri-um. 490 * 

fourth IdiIW S# 

igh Income 312 

1 . 1 ' 232 

<icr 263 

.er«<>a>._ _____ 21.4 


OIX006S3) 


-rliirmunce '—1637 

.-emery .. ... BS* 
imp: AuimstlO.. [61.9 


TBIzd 

“=53 -03, 

52.0 -ft 2 ) 
4L4 -0 V 
325 -O.i 
243 -D.I 
28A« -OJJ 
22.5 +a.a 
671 -0.9| 
242 -07 
643 


438 

4 J 6 

45J 
514 
4 96 
4.96 
9132 
334 
418 
3.00 
4 J 9 


Deal (men. furs. ttWed. tThurs “Pd. 
Legal St General Tyndall Fund* 
iKCnuynge Road. BritfoL 

DF-.Aug.I 8 [612 6681 1 41 

i.Arruxa Units) . .._{ 79.4 840 | ..._4 — 

Next tab. day Sept. 13 . 

Leonine Adninbtaflta Ltd 

3 .DukeSLUmdoBWlMeIP. n 1 - 486 MOT 

UwPut .(MU 10 6 J j 4.74 


Leo Accum.. 


_( 87.6 922 


Lloyds Bk. Unit TsL Xngrs. Ltd* 

Registrar's DcpL Gorin g-by- Sea. 

Worth (oc Wctf Sosea. 01-023 

Ktro tBjinci) B4.0 58 « -03j 47Sj 

DatAceum.) »3 7S«-ft4 AD 

SceendiCap.! S 7 B 62 R 2.84 

DrM.VcctarU 72.7 781 . .. 2.« 

Third (lBConu>i BK4 95 ffl -0 » 5-57^ 

Do.fAcram.1 120.9 Uom-ft6 537 

FourattExlncJ 63 6 68 5 -02 7 37 

Do-IAccomt ( 32.4 77 81-021 737 


aMEY Fixed lot— .192.8 
AMEV' Proa Fd. —»7A 
'AMEVHgiLPeaFdMT 
AM ter Ifgd. lYm/BWM 

IC7232M4 FleripUa |96B 

40. 

Arrow Life Assurance 
4 M. Uxfaridiew Road. W.iz 
8 eLHk.Fd.Cp Unt .K .9 87 

SeLULfUSLUrU — ns 8 10* 

PeAHBd.FdEq_.p327 U6J 
I^nJ4*dJFd.— F7.. 1118.9 122. 


4J8 


60 ' Lloyd's Ufe Unit TsL Hurts- Ltd. 


435 


72-80. Gatehouse Rd, Aj I mbur< . 02S6MU1 


anada Life Unit Tst Mngrs. Ltd* Equity Accum. — (169.8 1787) I 

; MiKb St. PodcraBar. P. Bur 51132 M & G Group* (yXcKrl 

D Ditf- (48 7 42Ad -071 428 Three Quays Trtter Hill, EC3R 6By OlsM < 

'<ra Araual — (502 5? C( — 0 H 4 28 See also SVMk Exchange DealinCJ. 


3.76 


Unc. DlsL ._ 

■ Inc Accum.. - f 


Amm-an _( 54.9 

1 Araum UiutA) tol 

1 pel i Jamcsl Hugt Ltd* « A toSl. ; u B “br“:':K ? 

|iH. 1 Br.tfrt:.L.EC=NUM 2 O 1 - 5 W 0 O 10 Cwnmo.nty _ _»9 

mtal _.(«.« 96.91 1 4 71 iAra urn Ualjhi (M * 

-raie . 187.1 927 ) ....I 671 - 

rrcf -4 un AucUjI U> Next ilcabhg Sept, g cSuSviSI 

irlioi Unit Fd -Hero. Ud* faXcl tjraiad . ^igjjl 

tburn llnuxc. Nevecaale-upon-Tyiic OIKS Fi | |ri p«»m *• " 'Bj 

rluii -1733 7 h 0 j ! 3.67 xVeeuuLUtdbt (rah 

Aceuni lnilE_ft »0 903 ] ( 337 Kttni Yield. | 9 U 

IliKliVleM ..{* 4.8 47 J... .j 771 tAccum. UbKm (1220 

• . Araum I nn- (55 7 58^ . .» 7.71 

-V-XT tli Mir mi djli- Augu .- 1 23 

larities Official Invest. Fdfc 
■ _iuwUwi W jIL LC 2 N IDE. , U 1 - 3 W 181 S 
mto lair '8 - . p34 17 —1 .....I 666 

.nun. July IU [25661 — I — I — . 

.'niuih. Duly arailslilc to Res. UuntHtf. 

inrterfaoase Japbet* 

rKev.tow 

1.97 
191. 

7.45 
406 
406 
365 

365 

-ices August lfi. Neil dealing .Vagotf. 23 . 

JefUln Trust Managers Ltd*(aHR) Spcctalixvd Funds 

iruM tX‘JM 4 TF OI-sasaBJ TVutfra [160 0 

encan Kri 24.7 26 g « 01 j 153 lAraurn. I rutai._ ...( 31 L 3 


Intarnni'a 

15 * 

77 ? 

•iiiii Unite 

297 

SE 2 ( 

Incnmv | 

358 

3 « a 

Furu Fin.. .. 

2 SA 

303 

?«mt t'nils 

Fd.lnv.Tsi._- 

328 

310 

3371 

runt. L'niL* 

35 7 

3 a 7 > 


F ar E^kalcrn _ te2 

lAraum I'nil-i 714 

Fund « Inv Tsts 69.1 

1 - Accum. Uniuj_ — M 3 

General — 1320 

f.AcVWIB Units 1 — 733.1 

UighliKtuar M 93 

1 Ac cum . Unite 18*1 

Japan Income 1720 

rAtvum. Cruw 1793 

lU.MSMM 

M. .-l.-.rui Jgt 2 

1 Actum. Cnllil (3083 

Rrcmoy.. __g 7.4 

i.Vcvurr l uiUl..__j 902 

hecpadGen 1888 

lAcrumUiHlst !B 66 

Special — 1768 

(Amin. Unttsi 224.9 


1.7 b* +03 
M0 +0 j 
62 7v -ii3 
■ 64.1 -OJ 
87 2c -05 
95.2 -0.6 
126 6 . 

76 9 +fl* 
743u -02 
137.5 -0.5 
260.7 -0 9 
561 -03 
57* -0 3 
972 -01 
129* -02 
b94 +0 7 

76.0 +07 
736 +01 
900 +02 

1975a -03 
-'307 7 —0.6 
1166 -0 1 
I9&1 -0: 
183 2 -0 7 
IMS -OS 
246,1a +03 
310. b -05 
1983 . ... 
128 3 -01 
93la +02 

46.1 +02 
2M6 +0 2 
ni.o +0 2 

1883a -0 1 
2395 +03 


156 

136 

4d| 

3.45 

2JS\ 

7Dl 

2JB 

232 

7B9^ 

7m 


3.99 


TBXai ^oij 


168 H 

328 6 

U96b1 

R57B 1M2« 

5990 2020 — 

1515 159 W 


-t. 


stf . t-harlbcod Aac. 15 
fS Charlfd-AUK. 1A — 

400 IfVrCUm UlUCX', 

Prms. b. Ang M __ 

UamdUe Management Ltd 
0:-»£ftae SLCctasr-xWw.Sttwenage. tM383a«ll| 

3.0 GnjtnhUtuU £63 . 5401 -08 L*3 

Maj floaer Maagtarat Co. Ltd. 
lAlBOrrahmnSuEXSli'TAG. Ol-flOdaOWl 

20 Sj 1 468 lwximcAug.15. — 0154 1 2 1.H .... I £38 

~ +Ldj 1U7 G+iwral AU-.15 7*1 7S0) ... . 5J8 

InKWdiAuB.l^-toR 51.4| | 3.M 

Mercury Fund Managers Ltd 
je.GreifiniuSL.EG2F 273. HI 680 

Hctr.Gen Aug 16 QflUfc 22191 . _ 

Ara Nl» Au|. W 27L0 2883 

Mi-rr .tnLAug W- 72 3 770j 

Ara. L’ts. Abe. M T4.1 83 

Mrrr.EstJuf }37 ^ 729 B 239 

AcsmllA Jo^TT ._ 2742 285 


I? 


i 




rhlar ... 

-mw icvuil Ttf— .( 

nv Rc^rue. T si [784 335( -0 1J 

nfedcrathn Funds Met. lid* (a) 

. ‘H-uvc.-y law, VIRLYUIE 

>a1h load -!*58 483J . 

wmopaliUui Fu nd Ma nagers. . 

'.Hu Strc+f. L.mdon MViXBEJ. 01^358525 
nh'poln ('.rfi-Fd- (185 
Incuun- FJ. .[<80 51.01 

rsetrst VnH Tst. Brts. Ltd taUgl 
vfi-iIlcCrcx.Bdintmrch.\ ‘ .TUC3!«0 
+. 4 mcr fd . ..123.5 ?36| +02t 2.W. 

+ 1 fni+iT.at I JMft- 68«.+0.4J 075 

•vll»Cb.I'i!i..>.f0.6 ,40*5 -0.4 844 

\t Iti i+Tve^ ,. 141 8 4- Bis -U.jj 4.19 

■x ■.■■)(>+.._ . . (19 4 2ha +0.1V 1.99- 

srrftiouarr Unit Fund Managers . 

Bi>uxifis.'t«i Ml . Ee2M 7 iL. PI <Bd4-WS SfidJOTd Bant Group 

inruiiu.. ;i83 8 1950) +7.61 -»■« Unit Tmst Managers Ltd* ial 

F. Winchester Fond ffiUigt Ltd. SSShSSflilSSa* S,,w ^ ” rA? 

!Jnns.I. , 'l 01-6062(07 I'anunddi^aOni 

-r.t WiprtK-Jlcr.itt?.! IBtrt ... I 521 ' Du Accum. (37.0 

a :nfh rr O xcaiqlU 2t,9| ( 426- Gn.wtb ; _.1»2 

aeon & Dudley Tst. Wngnwt, Ltd ^ APfum ■ k3B 

y-1n.S1.vn ^L.< W y. . Ol^SSTXl 

^WiDu-tteyna.^* 7S3} „ 320 

niitas Sees. Lid (a> up 

juJltiroSatF. E C2 . OI^VSSrKSl 

igreroixc.._ -|TI2 75U-0 3f 3LJ9 

iuit>‘ Sc Law Un. Tr. M.* (aMbMe^fri 

■erJi^m RcLHigh WyMasbe. OSS3Q77 - i riccg at Jeiy SLNeit deiliog August 3L 
■jiiy ALju f71B 75, 5J . — J 396 


Property Fd 1500 157.1 

Property Acc. 15U MU 

Selecihr Fuad 953 100 A 

Convertible Pond _ DIB 1382 

•Money Fund 1223 129.0 

•Prop. Fd.Ser.4__ 128 4 1353 

•Man. Fd. See. 4. 1383 1*5 E 

•EqultyFd.Ser.4_ 37.7 31.7 

•Conv. Pd. Scr.4 — . 1123 ’ 1183 

•Money Fd.Ser.4_ (lias 11651 
Prices at Aug. IS. Valuation normally Tuesday. 

Albany Ufe Assn nonce Co. Ltd 
31. <3ld Burlington SU W L 
•Equity Fd. Acc — 

•Fixed inL Acc 
•Udl Money FdJ 
•InU Jttar.Fd_Acm . 

•PMp J-UAcc- _ 

VSTple lux-. Afc 

Equity PenJdAcc. 

Fixed I.PenAra. — 

Old Jton_Pen_Aor. . 

InU-MnJ'nFdAec— 

PropPenjtec. 


099 * 

210.4 



KL 6 

1«0 

’V 1 


1151 

m_e 

eii> „ 


1093 

m.* 

- r 


1158 

<jt|| 



172.6 

ua .6 

am0m 



7303 

2503 



1080 

189.4 



rtfie 

1373 




1235 

138 ft 



124.1 

1386 




212.9 

2241 

.— ; 

— 


(| 1 _ ManiTd Pend Acc. . 

3 _J _ Bang'd Fd-luem... 

” * Man^dFcLleiL— 

Equity rd. Acc. 

Equity Fd. Inca 

’Eqoitj'Fd. fnM- . 
Fropertj-Fd. Acc 
FropcxTx F1L In co- 
Property Fd Init_ 

Inv. TsL Fd. Ara 

Iirx Txt Fd Tnc-m lln 

tnx.Ttf Fd-lpit 1 110 4 

FixcdlnLFd.Aec .1932 
Fxd lnLFd.mcm. M2 
IttUT'l Fd. Arc. _ 17397 
IitfesT Fd-lnem. -hl9 7 

oitoraa gSgRI-fc-p 

BttfFd loco. _ -jlC59 
Crown Bn. lnr/.V. M53 



Bit- Gih.Julj31 
6.16 Opcy A’Prp_Vi~ tii 

— UpLSVEqLAarlO. 
Opt-T AXqUVU. 10 . 

5.93 OptA'AHahAuelO 

— QpO'ADpCAaelrt 


126734 
125 4 
140 9 
T57S 
155.0 
122.2 


968 
1320 
14a* 
1672 
1632 
129 7 


8 02 Loodrolademnily AGnJ. Ibs.Co. Ltd. 

— isai.TbeForbun. Readme StOSI I 

.1 38. BJ -0 II — 

11 _ 


5« 

Fixed itaceexu 


Schroder Life Grasp* 
Enterprise House. Pores mouth. 

Equity Aug. 15 

Equity 2 Auc. IS 

Equity 2 Aug IS _ 

Fixed Int. Aug. IS._ 

Fixed Int3.\nc 15 . 

lni.Ui 4ue.l5. 

KAS Gill .Vne 15_. 

K & Sc. Aus 15 

MnedJUx. -\ug.lS._ 

Managed Aug. IS.. . 

Money Vue. 1? 

Money? Aug. IS -_ 


070327733 


3)«| UB4 'rtieLoiion & Manchester Ass. Gp.* 

vKtftSll r++ Mlnslxde PnrK. Exeter. ueC-fClSS BSPn.'.'pB Aug. IS 

i«S I - SfeT ‘ ' " 

11251-0 : ejs 
— I 1 — neat 


— Crusader Insurance Co. Ltd. 




Growth Furd. 

.. ex. Exempt h d 
OEieurpt Prou F.t 
eEcjM-tec.Ttf- Fd 
Flexible Kfawi 
Inv. Tnat PpivU . 

Vincula lloaxe- Toner Pt.Ea ni-CWTOL 
Cth. Prop. Aug. a. _( 72.i 8181 i — St G Group* 

Eagle Star InsuriTCdland Ass. three Qa(rt. To*cr Hdi EC3 R sbq amb 


2434 
1411 
935 
1674 
1228 
D4 7 
»*• 
1002 


1 245.7 


2335 

2438 


1275 

1342 

, • 

1397 

1*71 

j- 

150.4 

1579 

. .ro 

1393 

1*651 


143 7 

1468 


121.5 

127.9 


1373 

144 6, 


15L0 

158.9 


1W2 

113.9 


1184 

1245 


1576 

1660 


1552 

163.4 


1221 


. •• 

1333 

140.0 

.. • 

2084 

2488 

2195 

2619 


977 

102 9i 


986 

103 9 


%1 

1C 13 


970 

1022 

Mftl 

*2 

1813 

.. — 

97.1 

1023 

>1# 

995 

104.9 



J. Thrcadnecdlc 51 . EC 2. 
Eagle "Mid. Uiu?s_ ■ (55 7 


01-58* 1212 Pyrx Peasonv 
578' ... I 5*4 «Wiv 

Equity * Law Life Ass. Soc. Ltd* KSityroSPr. 


AMEV Life Assurance Ltd.* 

Alfeu H*e_ Aina Hd_ Reigaie. RdgmletftlOl. H*Jg. r r ‘fc flOT3 

A 3 tev Managed _..jJ 4 SB X 9 J| ' - cr“ PSZi 

AMEV Mgd. -B’ OJOB 

AMR>' Money Fd_. hi»5 7 
AMEV Equity Fd — (1181 


AjaershaafU-adJliefiWyciini'ic 049433377 r ’* a i l T 

555 H5J jail-M - 5rai5TuSS.fc=,-i 


5SJ 


124 41 ..... 

97M 
102 2 
101 9| 
202.6 
10Z.0 


Fried Inten*xiF._. 109J 
Ctd. Dep.>sj yd. — 99.0 
Mixed Fd 113.1 



Ipie*nu!nL Bend 
Managed Ed—* 
Propert> id— 


11KB 
1495 
1698 
I2DDS 
IB* 5 
11116 
._ I«8 B 


2515 


D4 

157 


__ 159 7 

Ex V>idliBd.*A;J7.2 
Ticcavcri Fd. Bd.- KJ 
General Portfalio life Ins. C. Lid.* A-xten -an id W_* (57 3 
80 Banboloiacwtx. Wahhaoi CroerL. WX3107I ^7. 

Porlfalio Fond D8J 


Portfolio CxpiuU — (42-2 44 4j.”".!| — 

Gresham Life Ass. Soc. Ltd. 


Price* nn -Ang. K. --Aug. J7 



- 


BbPu.tccB.\uA IS 

MnPnCpB Aug 15 
MnPnAraB Aus.15 (2488 
r rd int. Pen Cap B 
Fxd.lrt.Pn irr 8-. 
prop. K-n. Cap B.. 

Prop. IVrv .‘.cc B 
Money I Via. Cap. B. 
Monty- Pen. Acc B.. 
D\*rscBs4_ 


Scottish Widows' Gronp 

PO Bos SHE!. Edir.burth EH 18 OBU mi-tSS0OOO 


_ li»v Ply Sene* l _ 
_ ln>. Plv. Serir- 2 — 

Inv Cash .Vjg 18. .. 

ExL'LAccAuc £ - 

._ ExUUnc.liue .3 - 

__ Mg'J IXn Aug. IT , 


uzz 

1431 

1404 

D13 


112 21 -12 
1166 +?9| 
103 9 +0.1 
1492 -1.1 
1464 

31J -U 


Merchant Investors Assurance* 


2 Pncte o: Woles Rd_ Bloouth. JCCtt 7875X3 propen; r --"T 


Leon 233 Sigh Si . i.'royd-tn. 

1556 


Solar Life Assurance Limited 

1*1 IS Fly Flora 1 Ondnn EC INfflT. ul^SCSMS 
Solar llnnauedS .. 

Solar ProncrivS . . 

Solar E/|uliyS 


0 ijis»joiti Solar F-.d InL S 


01-7480111 G X. Cash Fucd . 197 4 
CO- Equity Fo.id_}zi47 

GJ- Gilt hard UA1 

GUlntl.Fund- - 1300 
GJ- Ppty. Fund — |973 


■»7.2 

1+391 - 


[.Barclays Life Assnr. Co. Ltd- 

an Hanford tut, E 7 . 

Barclaybondx* ( 129.0 

■nutty 1252 

affi.tf<lKed UM 

Properly— __ . _ — 1031 

JOumsed— 1346 

99 J 

, 1031 

Do. Initial — lOftl 

dtlEd^Pm* Acc.. * 7.9 

Do burial 949 

Kopey Peas. Acc. _ 1013 

Do. Initial 97.7 


rd - 

Growth & Sec. Life Ass. Soc. Ltd.* 



Equ.ry 

EquslT P.- . _ . 

Money 

Munir ::sr FT Oi, . 

binfl' L 

ttet*.''. Pxnv . ! 

"JjB;: cd 


WclrRsok. Bray -au-Tluau.-^. Berta. 063&3U86 3Iajiac>s Peas. 
0I-534S5M Floable France .( £1658 j . | — J IH j 

LaorfbaakSras... | 5431 J _ . I - lnd.31 masud- 

Landbfik Sex Acc 11162 119-Jj .. .. j — PenskttB Ltd 

G. iS. Super Fi..! £7.910 1 ._1| uc. 



163 0 
620 
178 6 

142 6 
iW4 
1296 

143 T 
109-0 
142 4 
1J4J 
1099 


+ 0.1 

:s!| 

- 0.1 
+B2J 
-oq 
-od 
+0 Ji 


1326 

139ft| +0 ’ 

1126 

118 6 


174 0 

nor 

-04 

1173 

123 5 

-0 3 

180.7 

1870 

+ 0.1 

164.9 

1113 

+ 17 

1321 

1391 


1123 

1163 


1736 

182* 

-0 * 

1J7 0 

1232 

-0.2 

1005 

306-8 

+01 

194.9 ' 

1115 

-1.7 


Current unit raise Auauxt 16 . 


Beehive Life Assnr. Co. Ltd.* 
71 .bombard St. ECS. 
BlkBuracAuR.l—f 132.08 


Fixed 1 st. Dvp— . ( 1+60 

Equ.:y . ( 191.0 

Property. ;1646 

Managed Cop U *84 

Manarad \ce . — (183 7 

Overneat -1293 

014231288 CiliEdced 126.0 

I | — American Act ( 196.2 

PfU_FJDep.Cjp--lC 52 

Canada Life Assurance Co. p^jriS c £^ < tl(»5 

*4 Rlrii St_ ixouor. Bar. Hens. FJtor 51 t» ^u-Prop..\« Slfl 

BStHW+l m I--I- !RSSSS’-. ‘ 

Urn. Gilt Ed z G» p- 

Peu-GlHEde- ACC. 

Cannon Assurance Ltd.* Pen. B.S. c+p . — ~ 

l+otnople Wy, Weabl+y HAS 0 NB 010088870 


EJ 91 Q , , _. 

_ „ _ . w. . • Mi 1 1 ua 1 ’ouri. Dorki np . Sarri-j 

Guardian Roj’al Exchange • \rir ^ . i P . *2j 866. 

Rejtd Exchange. E.C 3. 013837107 ■ Q -'l 

rropenyBo^-.-liaOJ 1B7.1< _ \ - 70 ! 

Hauah rn Life AssanOCe Limited V Ne!“ !:;[,■ I* Cap-gj.o 526 

505 

XciM+d F-L Arc. (<88 513 

■•Ctt Sob dar .-UlClMt 25 


Solar 1 ath > 
Sola+lnit S. 

Solx- Monaccd P . 
,\o|ar Propertx- P.... 
SolarCiiuevP ._ 
IxjlarFid.lDi F.. 

Solar Co**! I* 

Solar Int LP 


San Alliance Fond Mangmu Ltd. 

sun Alliance Knuxc Ut+-sham 040364141 
Ex^FiLlM. .AUft 9 |056 ( 2_. 162.8) 


fnt.Bn.Auc. 15 


U51I l 1 - 


Nrlfi ’-loii. Ace. 1 
Nricxi .ll- iTcPai 

7 «"4d Park Lane. Londo.i. HT 0 ! +{960031 x'3u..' Vj^g i, i 

M=U : " 

ipLvi z 

193? 

136 

132 ... 

Ill 


Snn Alliance Linked Life Ins. Ltd. 

Sun AUiancc llcHue. Ilorxfi+ni i<403O4l4l 

Equity Fund . 

FixcdlnterextFd. ...I 

properly Fund (110.9 

I mentation ul Fd._ 

Dopos.it Fund 
Managed Fund 


1299 

1368 

-05 

106.7 

1124 

-D J 

110.9 

U 68 


1127 

110 7 

-06 

975 

114 0 

102.7 

KOO 

-0 6 


OFFSHORE 
OVERSEAS 


Alexander Fund 

37 . rue Noire Dorn.-. LavcmbonrC- 
Alexander Fund - J SUS 754 I -..-I — 
Net as« talue Aug. 18 . 


Ke>»les Hngt.. Jersey Ltd. . 


Fon.xelcc- 

Knndxolrx 

Krivhi Ini I 

Kryselci blimp-. . 


Arimihaot See uri lies ICJ.» Limited j a ^ lli:ill h - u ,; d __ 

P.O.Box 284 , SL Helicr. Jorxer. 0 SHT 21 n Ki->xolos Jijp.m 

Cap.TsLiJor«ey>._|ix 40 123 Ol I 4 06 Cent Austria Cap .. 

Next deal Ini; dale Aucuri 30 . 

Go+YSeoi-TBl |JM 182 J | 1200 

Next dealing date Aacutf 21 - 
Eaxt&IaU-TsLiCli. [1250 33201 ..—I 2.84 

Next deniini! dale Aucuat 17 . 


* .lersev. 

lEnS 

uiJWCTino 

SrJ 346 

14 ?* 

. .1 270 



1 — 

£757 

sir 

: In 

£3 90 

446 

RIWTJ 

119 

1 — 

£15 67 

17.01 

- 02 «| — 


L 135 A 7 


rOOJ[ 


King & Shaxson Mgrs. 
t t'liannci roxt. Si. Holier Jtfrs.-y.'l’VM'TTTU 
* alley Hsp Sl IVt«-r P»'ri i;rn+>. ••Mil* 247 m' 
1 Tboma. SHVi'L llourliL+. I 

if ill Fund 'Jerioy"_J£9.12 
OiltTrutf 1 1 uX ■ -|1031 
» ‘.lit Fnd. Uutnjs<.Tl £952 

lull. Govt. Src*. Til. 

Fwii SlvrUnj; jn 7.95 UJM- 3 J 0 I — 

KimlutL 15184 99 186 47j — 


Australian Selection Fsnd NV 

Market OppoKumtlvs. t o Irish YflDBS * 

OuUtwaltC. 127 . Kent St . Sydney 

UStt Stuns 1 SL-S 1 % | - 

Net Asset Value Aucnst 10 . 

Bank of America International SJL 

3 S Boulevard Re« 0 i. Uucmbeurx C.D. 

WMinvMtlncsm. IIISU 2 I 1 U 338 + 0 . 98 (. 750 30 . Frn-huroh sr_ E '.-3 
Pneet at Aucust 17 . Next sab. da August 23 . Euri inert l+uc. K f 2113 

ij‘oi-rnsc> Inc 64 4 681 . 

Du Accum. [79 5 B 4 JM 

KBKarEatfFd -.! SI. SUBS 

KBLull. Fund. ' 

nb Jjpjn Fund. 

K.B US.Gwtf Ftt. 

Sicnpt Bermuda.— 

■Cnilond.x'DM 


Kleiuwnn. Benstm Limited 


Basque Bruxelles Lambert 

2 . Hue De la Rcgcnn* B 1000 Brutfelf 
ReoUKuadLF— [L 904 i. 963 ( + 3 ] 


7.75 


SU51239 
Sl.S 38.94 
Sl S 123 S 
SU 5521 
193 0 asf 


014523 8000 
314 
4 J 1 
4 11 
153 
lBb 
0 64 

8.72 

1.73 
837 


*KJ< act at London paying aiicnti only. 


Barclays Unicorn lot. <Cfau Is.1 Ltd. 

Chorine <'rca f . £L Heller. Jrey 
•Tverse as Income _ [ 47.1 49 M- 0 -H 12.01 

UnidolIarTrutf _.. [B 91191 nju .._ 

UnJ bond Trust [B..slffl !7 imtj( 1 800 UoydsTtf. «i - xca» |62 6 65 4 | 

-Subject Ui (ce and wlthholdifle taxes Nest deal inf: dale Sept IS. 


JJfy ujn L Lloyds Bk. IC.1.1 VfT Mors. 

,._.l 3 . 70 ' P.O. Box IBS. Sl Hrlicr Jitwi - . PSU 275 Ct 


1 065 


Barclays Unicorn Ini. li. O. Man l Ud. Lloyds lntcrnsiional Mgmnt. S.A. 


1 ThomanSt- Douglas, t.o M_ 


Unicorn Ann. Ext 
Dcl Aust Min. 


1574 

37 8 


Do. Urtr. Pacific ( 71.9 


Do. IntL Income 


Do. I ofMxnTtf. ._( 4 B 1 


Da Manx MutnaJ 


40 8 


127.5 



O0S44RS6 
150 
150 

80 0 
BO 
1.40 


Bishopsgate Cenunadily Ser. Ltd. 

P.O. Box 42. Douglas. LrM. 0624-230 U 

ARMAC-iuiyJ .insas- jut! I — 

CANRHO‘*Aug. 7 _filP 47 iml — 

OJTNT—AUB. 7 — (£ 2.432 Z 55 W 1 1.23 

OrtxinaUr issued at 'Sid aoa **CL00. 

Bridge Management Ltd. 

P.O. Box 508. Gnwd Cayman. Cayman li 

N' bos hi July 31 1 Y 15.934 I I — 

G.P.P Bot 560. Ilone Knnt 

NippooKdAllfi .16 .(SISB 41 nad ] OJ 8 


7 Rue du Rhone. Pn Bnx ITS. I 2 lt Ccnci.i ft 

Llo>ds InLUrt-BTh hnaa JELK] | 160 

Lloyds Int I ntonie UT 241 M JBxil | 650 

MAG Group 

Throe Dual-. Tow+t Mill F-.'aR URg nivBf 4.TBR 
■Miami.- Auc. IS (ST.-a 17 
A ust. Ex. Auc 16 -K S 256 
1 k>ld Ex.\c e A u e J ii . hr 4 U 3 i 

Island „ 1396 

lAccom Cntl-' 1 197.5 

Samuel Montagu Ldn. A fits- 

I H.Hld Broad St.Ei'Z iM.-TnsiUftt 

ApoUoFd Auc. IS ISF 0285 

Japlctf Auc 15 IDADJB 

1 17 Crp Aug y _ Bl SU a 
1 17 Jerjcy Aug. II .(£5 44 
1 17 JupsjiJ'x AUC. 2 Lm 91 




Britan niz TsL MngmL (CD Ltd. 

30 BaU> St. St Hei 1 er.JcrM.-j-. 0534731 14 

Sterling DcuniaM Fds. 

Gro+rth lavext 136.7 39 . 7 M - 0.1 300 

Intel. Fd _fe .4 Uttl^ +^lq 1.00 

Jersey EncreyTst .il 40 .9 1 S 23 J -U| LSO 

UnrmL JTh. Sic — (£2 68 iSdlM LM . 

High InLSUg T»— .|W 4 £X^ I UM Negit SA- 


12 53 J 


Murray. Johnstone (Inv. Adviser) 

tOS. HoprSi . Gla-gonr.i 2 OH -2215521 

•HopcStFrf .. I SUS 40 .B 5 ( ,. | — 

•Murray Fund.. _ | SI'hlLla 1 — 

•NAY August IS. 


US Dollar Denominated Fds. 

P nival STtf (JTU 37 S 

lntHlxb Int Tst — | 9 B .4 


6H+020) - 
riPrimj | 9 00 


10 a Boulevard Rc-jI, Luxembourg 
NAV August 4 [ 5 LS 1 L 53 | .. 


-1 - 


Value August 18 Next dealing August 21 . Neglt lid. 

Bank t>T Bermuda Bldg* . Hamilton, Rrnvla. 

Bravra Sbipley Tst. Co. (Jersey) Ltd. nay Aug. 4 U42Z — | ( __ 

P.O. Box 583 . St Helier. Jersev. 0534 74777 . 

Sterling Bond F8_ 10054 U38| — I U.70 phoenix Inlernational 

Management Ca Ltd. SSiSSJS^Sm' i - 

PO. Box 105 . Hamilton. Bermuda. 

Buttress Equity lH.M 2 . 4 S 

Buttress Income .... | 5 l!<a .10 


Prices at August 7. Next sub. day Sept J L 
Capital International SlA. 

37 rue Noire-Dtune. Luxembourg. 

Capital Int Ftmd__| SUS 1 U 8 | | — 


Chaiterfaoose Japhet 

I. Paternotfer Row. Ei '4 

IHOV 30 


8 m| "‘‘I 7 ^ Gaest Pond MogmnC. (Jersey! Ltd. 


Adlropx 

Adi verba 

Fondak .... 

Fondis 

Emperor Fund 

Hi$pano_ 


:-*! 4 J! 

nv31a0 

r>v2um 

7--35T 

ar-tcJJ 


3198+0 SO 
5138+451); 
3121 +02^ 
7306 +000 
127 ... 
4237 _. 


P.O. Box 104. Sl He! icr. Jcrve+. 0534 2744 ! 

WUMl StlitJ-'kiLlnt.l Cl 1 . .. I — 

tiuwt intf. secs . I 5l : Sl | .... | 

Quest inti Bit. | • srsi | . I - 

Fncc at August 18 Next dealing August 23 . 

Richmond Life Ass. Lid. 


ni 24 K»M» 4 fl - Mho! Street. Douv-Ias. I U.M. 002423914 
T?? ixlTh»qiIvv.rTrU 5 +lia 7 i llfifll +fl V _ 


480 

452 

500 

504 

287 


(NiTbeStlwr Trurt. 107 J 
Riv-Knnnd Bc-nrl 177 179 4 
Dn. Pianaum Rd ...1298 

Du Cold ril 1132 

Do. Em. 97 us Ud (1768 



Clive Investments (Jersey) Ltd. 

PO Box 330 . Si Holier Jv-ncy. 0 KH 37 W 1 
One Oil*. Fd. I - .(! 04 9884 ... . f U 00 


UivtfCiUFd ijfv i.| 9 El ‘ 9 84 cf | U 00 

Cornhill Ins. iGucrnsevi Ltd. 

P O Box 157 Si Fci.+r ISrL ■■imruay 
Inuil. Man. Fd ... (169.0 1M.0| | 

Delta Group 

P 0 Box 3612 . Nmmi. F.ahanux. 

Delta Inv. Aut Ifl ..in..'-! 15 ?a* — | — 

Dentscher lnvesimcnt-Trost * 

FosUav-h 2635 Bicberca 6 - 106 UX) Frankfurt. 

■ enevmtra |r.»CJ* 2 l 7 q+i? 3 ffl — 

Inl-F-entenfoadi _ |rOI67 70 6»^-0J0( — 

Dreyfus Intercontinental Inv. Fd. 

Pl» Bov N 3712 . Nasutu. Babantax. 

NAV Aucutf 17 _ (RMJ 2 16 U| | — 

Emsoa & Dudley TW.MfUrsy.Lt4 


S 3 0 

616 ) . ... 

2.64 

151.4 

1604 .... 

730 

5136 

1 M .... 

1.22 

154 0 

1638 

308 

1*27 

1511 

435 

527 15 

2883 .. .. 

069 


Rothschild -Asset Blanagement iC.I.v 
P.O Box 58 . St J ultanv Ct. 'Juernvex. u 481 2633 1 
OC Eq.FrJuly 3 l..|: 
riC.Jnc Fd Aug 1 ..[, 

IHlmlFdr 
0 -.'Stnt\.F.IJIj 3 ! 
tif FjmtnuiJiD* - 
O C Dir Cutn-JD t 

•Priitf* on Aug 14 . Next deuUng Aug. 31 
_ tFncci on Auguxt 7 . Next dealing .Augutf 2 L; 

Royal Trust (CU Fd. M gt. Ltd- 

P O. Box 104 . Royal Ttf Hse^ Jersey. 05 S 4 27441 

•_ RT lnt‘ 1 . Kd. KUSM* 10531 1 3 00 

RT lnt‘ 1. 1 Jsy • Kd . 1*5 LM I 3 JH 

Price* oi Aug. IS. NexJ dealing Aur. 22 . 

Save & Prosper International 

Dealing I«v 

37 Broad St, SL Helier. Jersey 0534 - 20 S 01 
15 . DnHar-draovaiiutevI f nods 

Dir. Fxd Int •*+ _._|934 9901 727 

Intermit dr.'g. — BU 8 . 77 J _ 

Far Eastern's -..(49 64 53.671 — 

North Amencan** ( 4.05 43 » __ . — 

Sepro**- . 115.61 J 786 | — . 


d B>-» 73 . Sl Helier, Jersey 


Dll-T. (1308 1332 ) 1 380 

Eurobond Holdings N.V. 

IIandeis l uidc 24 . WtUemsiad. Curacao 
« 4 » Aarivv*: taM. It rbrixtopbra $t ECS. 
Tel. H -247 7243 . Telex; SKC+M. 

NA\ per 5 - harp Angutf 18 SUS 2 P 80 . 

& C. MgmL Ltd. fnv. Advisers 

l-a. Ln tiro n lie Ft-antiiaaiDil ei+roba. 

01-623 4060 

I'enl.Fd Aug P 1 S 1 -F 6 09 | | — 

Fidelity MgmL St Be*. iBda.) Ltd. 

Box 670 . Hamilton. Bermuda. 


05 M 30591 SKrtInK-de aawiInx'r d Funds 


Channel CapnalO^ 
■Tbannel Ixlands*.- 

Conun od *”J 

tSt Dep 05 .il 

St Fixed*-* 

•Price* on Auc IS. 
tlnilial oiler. | 


2511 264 . 41 - 0 .« 238 

1548 iiz!a - 0 .H 4.79 
128.1 134.91 + 35 | — 

100 0 J ... TJ 085 
U 5 J 1218 | 1145 ' 

'Auq. J 6 .***AUR. 17 . 
tWeekly Dealings. 


Schlesinger InternafionaJ SfngL Ltd. 

41 . La Moire St. St. He her. Jersey. 053473338 . 

S A J 1 

S-A.O. 1 . 


Fidelity Art \ 1 V 
Fidclitv- 1 & 1 . Fund. 

Fidelity Pur Fd 

Fidelity Wrld Fd -. 


5 CS 2974 
SLS 25 14 « 

susssei 

SUS 17 J 6 


1+n.Eij — 
l-o oil — 


Gilt Fd. | 

loti Fd.Jericv- 
lnltil Fd Limbrj._ J 
•Far East Fund ...... 

•Next sub. day August 23 . 



Fidelity MgmL Research (Jersey) Ltd. EEq™t“ 

WateTlooliic., Don St. St Del iur. Jersey. SEqaiix _ 

ufl 34 2750 I Lhir.ealnter+ : t .. 

Sene* A liuinl • ..I £A 52 .l + O.KI — SFi*«i»mcrwl.._ 

Rtrwr BfPncdiC. .1 tic 33 I .... I — IManngcd 

Series D i.Vn-Ass H £20 52 |. I — SUana^ed 


Schroder Ufe Gronp 

Enleryuise House. Portsmouth. 070527738 

Inu-rniiioTuil Funds 

1216 129 3 | 

1410 149® 

1403 I 492 | 


106 0 
1335 
123 2 


112.7 

1410 

131.9 




- 1+0831 - 



313 8 
(1311 
12*3 
. 1425 



_ * 


295 
130 

138 

1314 

150.1 

iro V 

Pen. DAF Acc . — ( 10*3 

Hearts of Oak Benefit Society 

1 5 - 17 . Tariaock Place. WC 1 E 9 S 3 I 01-3875020 Maaasad Kund__| 
Hearts of Oak 066 J 8 . 7 ! . 

Hill Sam ue l Life Assnr. Ltd.* FTxS Tut. Fund_tH« 

NLA Tvr-AddisrombeRd, Cray- 01-6364355 


NPI Pen cions Management Ltd. 

«. « 7 raci-. hurch*t,EC 3 P 3 HR 0 l«ECi« 

Itasm-c-t !■ uod (156 1 1626 ) . _ | - 

r~">- 'ugntf f. Next deal in? Sepi !. 

New Zealand Ins. Co. lU.S.) LuL* — 

Uaiilthd ! lu use. Southend SSI 2 JS 070262965 *■“- 

K:m Kc;’ 1 ^» Plan. R 50.5 15531 __ 

Small Co.- 'd. ; 105 J 1108 

Tecbcoln+v Fd lifts U 6 A 

Extra lor KA_ — 99 J UWJ 

American FA - Dfi 120J 

Pbr East Fd — nu 1272 * 0.41 — 

Gill Edged Fl X — — l «2 1 B 96 + 0 A 1 
Coiv Dey«»i( (M . — (973 1 HL 4 | +o 3 [ 

Norwich Union Insurance Gronp* 

POBox 4 . 7 .'craigtiNR 13 NG. 060322200 

" Jb sa^i = 


Property Units — . 
Property Scrtea A _ 

Managed Units 

MrrURrvJ S+rirx A.. 
Managed Series C_ 
Money Units 

Money Senes A ( 931 . 

Fixed Ibl Ser. a (93 6 

Pns. Managed CaP_|M 25 
Fa*. Managed Act ; 15 X 0 
Pus GYeea. Cap— . 11 C 6 .D 
Pnr deed. Acc . — (3324 
Pens. Equity Cap— 2 CZ 4 
Pen* Equity Ara — 1 C 33 
PnsFrd IntCap — to .7 
Pnx.Fxd.Int acc — (968 

Pen* Prop-Cip 1958 

Fra* P rop. Ace — >. 96.6 



973 
9 L 4 

PensJAcC. . 1833 

- ,'A«t- 1093 

POnx/Acc M 08 

. ' AK.N 9 

I* Pen* Are. 9 X 7 


UkESU to >0 

LftrBSiF.S 


(285 

Canroat value August 



+0Xi — 



♦Nor Con Aug. IB.; 


UM - 

28 ft 


Sun Life oi Canada IU.K.1 Ltd. 

X 14 . CockspurSl. SWIY 5 BH AT SOI MOO 

Maple U.Grtti | 2218 

Maple 14 . Maagd. 138 3 

Maple U Eqiv 136 5 

~ ' “ ” 212 J 

~ Target Life Assnrance Co. Ltd. 

— Target House, Gatehouse Rd_ Ayfecbtuy. 

— Burk* Aylesbury I 02 B 015 B 41 

Man. Fund Inc 

Man, Fund Acn 

Prop. Fd. Inc 

Prop. Ftf. Acc. __. — 

Prop. Pd. Inv 

Fixed Int Fd. I or. 

Den. Fd. Acc. Inc- 
Bet Plan Ac. Pen. .. 


Ret PI anCsp-Pen—M 


RetPlanMan Ace..-t 

RetPIaaMau.Cap— PTUdaj 

Gill Pen. Ace ( 13 X 4 

Gill Pern. Cap.. 



+J.Mns»luw*,BC«* 4 BH. m-G&'JBlB IHUBIUKIMWV 

I 53 — IMJ 124.01 J — 2 Bream Bldg*. EC* 

... BLS J — Tulip Invest Fd — 

— EbY Pb.Eq.E {766 805 | ( — Tulip Mangd. Fd 


Capital Ufe Assurance* Pn&.Fa<Unj. acc (965 isX7l — 

O^WraB^Oi-pri^bWroe 09023*11 • g??| I" 

Pw eaiaierinr jU . | 206.06 ] J+ — Imperial Life Ass. Co. of Canada 

latpenal Bouse. GuildloriL . 

Grt-Fd- Aug 18 ( 76 A 83 « - 0.71 — 

PeasFd. Aug. 18 — | 7 X 3 775 ? - 05 ( — 

Unit Licked Portfo’Jo 


Phoenix Assurance Ca Lid. 

4 -s.KingWiUmSt..BC 4 P 4 HR. OI-S 26087 B Transinternatiouad Life Ins. Ca Lid. 

2 Bream Bidga_EC 41 NV. 61 -W 56487 

Tulip Invest Fd — (1528 160 ^.... 

, Tulip Mangd. Fd — 

Prop. Equity A Life Ass. Ca* 

110 . irnreforo street W 1 H 2 AS. OltoOOSS? m" PtnFdTA??: 

B Silk Prop Bd.-.!. 1 » 4.6 I • I — Van R d Inv Kd Inti - 

I*. Eq j.r- M 1 SOD } + 0 ^ — Knftd Inr.Fvi Acc_ 

Flet M-rr.vT Ed U 20 | + 03 J — 

Properly Growth Assnr. Co. Ltd.* Trident Life Assurance Co. Ud.* 

•UrcnFo-i^ l'rojdnn,CH 3 OftJ 01480050 G RensJode House. Gloucester ft«C 3654 l 


1208 

125.2 

129.4 

1377 

10 J 3 

1037 


1271 
13 X 7 t 
136 21 
144 9 | 
108.71 
109 . 1 ] 


Charterhouse Magna Gp.* 

M,Qf*q»ersSq.UxbruJ*eUB 81 NE 


QtftaefiMnjr QM 

.Ortae. Sfcnrer.-^.. n« 

jQwtbae. Manxced- to 6 


■wxi 


?X 3 1 — Managed Fund 198.4 

| — Fixed Int Fd ( 97.4 

— Secure Cap. Fd. 146.7 

— Equity Fund — . — J 99-2 MJ 4 . 4 J -1 

_ Irish Life Assurance Co. Ltd. 

II. Finsbury Square. EC 2 . 01-4 

icitj Of Westminster Assnr. Ca Ltd. 

Bouse. K Whiicboroe Road. Esrorot Mas. Fd._l 


ttnbse. Equity — | 37 J 39 L 5 j 

Mte— ngSa — [ 1336 

tMagnaJianaged— l U 08 



CtaydouCaoaiA. 
*W Prop- Fond.— 

Managed Fund — ,| 

;^5 te.-: 

PcnaMn^tCap 

PaaMnedAre 


SBSSE: 

.tefSSSfcL .... . 

( Fuad currcnUy closed lo new uvoCuenL 
P^TtorarUftifiCT—I 20 X 0 I _ 4 - 

Cfty *1 Westminster Assnr. Soc. Ltd. £*■* 

Tdepfcooo 01 - 83 A 5654 

j PtrnDnlti U 2 SA 1297 ] _...J — 

pSproteOBBi B*7 57^—1 — 


CUTE INVESTMENTS LIMITED 

I BojdT Exchanse Ate.. London ECJV 3LC. Tel.; PI-383 HOI. 
Index Guide » at August 15. lsnSfitase 108 at i-li.77i 

(.'five Fixcii Interest Capital 132.0V 

Clive Fixed Interest Income...- ...-; 114.65 


CORAL INDEX: Close 513-518 


INSURANCE BASE RATES 

TProfKrtyGvowtbM HPa** 

TVrmhnij'h (iu.ii3n1wd..:!.:. , .l j.Z'S.3^.. — J&87°i 

•AddtTNJ. f hmvTl tinrW fo^uruuce and Property Bwd Table- 


(605 

63.1 

171.7 

180 7 

682 

665 

739 

77.7 

121.2 

1275 

KL. a 

■ 9 . A 

1697 

mi 

117.1 

JZX 2 

12X.7 

1211 

06.7 

«9J 

05 

518 

593 

62.4 

617 

643 


OI 4 MMM. p -op. 


Aag. I 



Property yjni 

Aerse Ft-i-' -.-M-. - -’ 

712 SS Abber N-: l.uB 

AhUr? N- J 1 W. 
Invetfiucr.". fund — 
larwiccr: Id-MJ., 

Ecpiiiy roT.'l — 
Equity Fun-i tA)_; 
Money Fund — i 
Money Fur-d i a). — I 
Actuarial 
G-JI+dU+d^imt- 
Giir-EciCcd Fd-lAjj. 
♦Retire. tnimm — 

•lasted. AnnXr. 

Prop. Growvb 
Aiivr 


al_ 


1958 

_ - . - . Do.Aseam 9 SLQ 

Tdepfioue 01484 9884 Eqaitrlmtia! 13&0 

WrttUnla (ISA 1297 J _...j — Do_A ragnt^ 1330 

Commercial Union Groo? 

SL Botany HJadenh*ft.EC 3 . 01 J 88 T 500 Haoacod Initial 

VkAnAcUtAutiS.I 60.02 1 + 0.951 - Do-Ara™. — J 12 E 7 

haAstuthyUa | 1876 ] — 

vv-ncbtuiL — j am au di *-o. 

fCorietentlto Life htsuaacs Ca W 

. 80 , Chancery Lane. ISC 2 A IUE OUBtK baAmra. — to* 

I*EqnHyFbnd 

niacL- 


.. . .. Uicr Ac. Bt*. 

Pro 9 .Mod.OUi .fWU »U] — •AKWraliicrCip.. 

Ktag & Sharaon Ltd. F l Alm__ 

5 T.Uornbin.EC 3 . 01833303 Cone Mi- Pd.. 

BtuulFd. Exempt _dQ 2 M intU-OM Cnc. Pns Ca dl UU 

Next rte+'inr dam aueiisZ 1 C Uaa. Fens. Ml. — _ 

l a n g hW D Life Assurance Ca Ltd. wSP*5r 

Laa*bam Ks. Hotnbroek Dr. SW. 01-2035211 

Xonstaun 'A* Plan— 160.1 64.61 I — Bflf>:Soc- F r , i Ctj 

•FriV-BoBd U 438 15 x 3 _ __ ndg.Suc.i 4 P UL 4 

wup (sm Man Fd| 26.7 80 * — j — provincial life Assurance Ca ***■ 

Legal . £ General (Unit Assnr.) Ltd. 222.Bis.W^tfe,SCi 

ICnpreauai House, Klfigftvood. Tadwonh, Prav. SUnai^d F^LUZLS jjj 

KTSOSEU. Bu reft Beam 53468 PlW.Cas.kro .0152 lin 


+0.1 



— Manaqod. 


v7td.:4*d . 

Prcujerrv- 

Eq-j : t y .'uacnean , . 
I ii. tquiry Fuad. 

HisO Yield 

GUI Edged 
Money - 


M93 

1503 . 

92.0 

117 J 

!2i 


Internailonal _ 

Fiscal 

Growth Cap 

Growth Are 

FT ns Magd.Cap.— 
Pint* Hngd. Acc.— 
FTtuvGtdDep Cap- 


— Fens.Ct 4 X>epAre.. 

— Pent Ppty. Cap 


Pea* Ply. Ac 

TnR. Bond 

-TrdtUI Bond _ 


1288 


1238 


nio.2 

(1302 

I2B.B 

1328 

115.4 

120.6 

U 2.9 

1075 

1147 

1199 

H.2 

991 


J 364 

358.1 
1592 

97.4 

124.0 

15X0 

130.7 
1304 

116.7 

137.9 

136.0 
1405 

122.2 
1277 
U»J> 
1138 
1215 

126.9 

39^ 


+ 0.3 

+o 3 


■Cab vaiou for DUO premium. 



GifiFandSi — 
Property r j™ — +-. 

Equity- Fund 

Fxd. Int Fu 



Tyndall Assurance/Pensions* 

18 . Caoj-Ute Road. Bristol. 027=38241 

3 -Way Aug. 17 " 

Equity Aug. IT. 

Bead Aug. 17 

Property Aur. 17 ._ 

Deposit An ft 17 

3 -way pen, July 20 . 

O’ sea* Inv. Aug. 17 , 

OI- 2 C 70533 Mn-PftJ-W Aug I. 

Do. Equity Auc I — : 

Da Bond Aug. I 

Do. PropL Aug. I 


Lfl - 


+ 0 Jf — 


127.8 


1782 


1683 


105.7 


1286 ' 


1480 


86.7 


i 74 a 


271 8 


MOft 


87.0 



Vanbrngh Ufe Assurance 

4143 Maddox SL. Ldn. WlR 9 LA. 


Managed Fd__ 

01405 SSS Equity Fd 

lotnl. Fund 

Fixed Intern Fd. 

Property Fi 

Cato Fund 


u i wa a* 

28021 - 

sld = 


052.0 

208.0 
109 6 
168.7 
1435 
119.6 


014994823 


UOlI-OJ] 

2615 

UM 


Mz 



gtos i nt 


U7 3 lfttSj 


3754 

.mmmmm 

72.4 762 


725 7 U 

. 

1876 

_ 

2014 


2308 

. 

1408 



RMapl Eqry. luit- &2S2 

Da. Accum. ,u?75 

Enempt Fixed Iru’-fllii 

Do. Areata, ZZ3 4 

Exempt SBusd InrtjUXS 

Do.Amnn. (1258 

db. IaiL >97 0 


-f g q »ity lY ifc d na!_ J 
eropHty- Peaawn... 

jComnm insaraace Co. Ltd. 

pLCocnhULECa S 14 S 255 U 0 

fep Fab. Aag. u [2260 I... ..I - 

psfv'sa.arfe, iJd =. 

L pfedlt & Com mm Insurance 

IttD.a^entSt-LijndnaWiRSFE: 01^397081 71 , Lombard 5 X, ECA 

{‘TLCStwd.Fil pa® XS20} J — pa»^ 



PrndenUzl ftofaqs I.tmitwi^ 
fM bora B« SCUfaNH. 

Squn. Fd. Aitf- 
Fxd. InL ABC- 10 — tzqxo 
Prop.Fd .W. 18 — lf» 3 i 
Seliaoer MnhuJ 

Hftq i 22171 Vanhrngh Pensions Limited 

- - ’ - -- * 1 1 _ 41 - 0 Maddoc SL. Ldn. WIR SLA 0 H 994 SE 3 


'it* 


— Eothschild Asset Management 


St Swiliuci: LMalAadoa. ECA 01-620433 I 


Emnpt Prop. IpiL [97 0 

Da Annua J 98 9 +— i . ..+ — „ . — - . - 

^ ?2SA!!I!I5I5SC 


%.C. Frop -~_pl 25 QU ” j __ 

Next Snb. day Septoam 73. ’ 
Royal Insurance Group . 

New Hall 051 2274422 

Jtojal Shield Fd_c|to 5 15391 4 — 


n.QuecaVwortaSL.EUINnP 01 - 3 ® 96 TB LD ^f C3f ’ 3EP »*-=« 

LfcCPrp.K«L\»c-l.toJ — " ■ Kj ‘ * nl - L ^ t5 


. . 10171 — | - 

Nest Mb. tu>. R+pC i. 


z Life A»nr. Ca of IVnngjfrania 


Uoyds Bk. Unit TgL Mmgra Ltd. 


Property Fd-”- — JhSl 
Gilt F«L- — -8M6, 
rirpasit Fd» --- — J124.2 

aOttKcwBradst.WnORSi aitolKSK SSv?i" Ml 

LACDPDniu 1990 1040 } _. . ( _ ;y»fVii*Fd* feftS 

ciiiireo-* Fd_ — W 5 

01 - 6=1388 DCI *"^ ’FWsjm Ausjw'C 
207 J? — I 782 . T Weekly draL^. 


M-™ 

1306 — 03 ( — 
l»t 
2241 

207.1 - 0 J. 
2433 


Freed Interest ^.f 

Property. _f 

Guaranteed see ’Ins. Base Buies' table. 

Welfare Insurance C-a lid.* 

Winslade Part Ei«or lOEGSttSB 

Mau+nnaker Fd. „| 1109 I +D8| — 

For uibrr funds, please refer to The London & 
Manchester Group. 

Windsor Ufe Assnr. Co. Lid. 

Royal -\lhen Hxe_ Sheri St_ Windsor G8144 

728 ? 


11131 



First Viking Ctanmodity Ttjsis 

St Get rue's St . Douglas, f ■■ '■! 

06 LH Ldn. Agt* t*unP.'.- i ■>_ Ud 


J. Henry Schroder Wage & Co. Ltd: 

130 ‘Thcapud+.El'i 015864000 


SSL Poll Mall. U-ndonSWlTWil ul-iOv 7057 Tr^'llar JuIt'si'- 


h« v'lk. » 'm Tut 134 ° 

Ftf.Vk.DtiLOp.Tsl_ (74 0 


35 Sri! 
79 01 


310 

LSD 


Fleming Japan Fund S..V 

37 rui? Nrdre-Damc. Luxeiti 6 »urg 

Fie mine 3 ut-usl 15 .) SUS 6035 ( ( — 

Free World Fund Ltd- 

Butterfield Bldg.. Hamilton Bermuda. 

NAV July 31 1 JUKI 90 79 | | — 

G.T. Management Ltd. 

Part; Hse , US Finsbury Circus. London EC 2 . 
TeJ- 0 IOM B 13 L TUt 886100 
Louden A Ren Is for: 

Anchor 'B' Urntx..-" 

Anchor Gilt Ed c+ _ 

Anchor InL Fd_ — 

Anchor In Jsy.TA. 

Berry PacFd. 

Berry ParSuig — 

G.T. Asia Fd 

G T. Asia Sterling— 

G.T. Bond Fund 
G T. Dollar Fd . 

G T PaciCrFd— 


Asian Kd Aur 6 .... 

Darlmc Knd 
Japan Yd. Aur. 10 



+ 0 . 08 ) 2.32 


263 

490 

0.46 


Sentry Assurance Inlernational Ltd. 

P.i>. Box 32 fi. I (ami lion 5 . Bermuda 
Managed Fund. ...llUUia HO) ( — 

Singer St Friedlander Ldn. Agents 

20 . Cannon SL.BV 4 Ui -248 W 4 R 

Dckn/onds [W 0631 ^. 7 Bj+ 02 « 6.14 

TokyoTsLAuR l—l SCBMJO | X 57 


IDSL* m 
£981 9W 

-09* 

5UaU7 538 
MU 32.4 

+0.4 

SDS5312 
32600 341J3 
0K3J9 11» 

513 86 1789 

-at» 

5US1394 

5US7.78 

♦ 001 

53685 

-0J4 


Stronghold Management Limited 

P.O. Box 315 . Si. Helier. Jersey 0534-71460 

Commodity Tnitf ,_|B 8 . 6 S 9332 ) | — 


1.95 
1285 
195 

075 Snrinvest t Jersey) Lid. is) 

088 Queens H». Don Hd.Sl Holier. J« 0534 27349 
American rnd.Tst— 1£853 8.69<+00b| — . 

Cop pc .-Trust — (CU34 II 611-0 03 — 
Jap. IndcxTst. 10199 1236| -D 5] — 


133 

531 

531 

DM 

096 


Gartmore Invest fid. Ldn. Agts. 

2 . St Mnrj .Axe. Lnndou. EC 3 . 01-2833531 Jerney Fund |50 8 

Gartmore Fund MngL (Far East' Lid. Guernsey Fund . . |50 8 


TSB Unit Trust Managers (C.I.) Ltd. 

Baealelle Rd.. 5 LS.ni u ur. Jersey. 0534 734 M 
535 aB 
535^ 


4.48 

. 4.48 

15*0 iluichixuo Hoc. io Hutu in Kd. H.KonR Prices, on Aucuat 18 V»l sub day auruk 23 . 


HK& Plic. V Tst.— pHlO -g 
Japan Fd .... 

*4 AmenranTst .. 

InU Bend Fund.- 


X 90 


Tokyo Pacific Holdings N.V. 

570 I minus .Mansgenicni Co N V.. Curacao. 

NAV per share Au* 14 SUST 0 DO 

OK .' 4 2391 1 


bartmarc lavoMtal Man. Ut 
Pi 1 Bov 32 . Doeplur- loM. 

1513, J 3 W Tokyo Pacific Hldgs. (Seaboard* N.V. 


Hambro Pacific Fond MgmL Ltd. 

1 10 r-onnaught Centro. Hone Kone 
Far Eaai Aug. 17 — IHK 15 . 4 J JAJ 4 I . J — 
Japan Fund (SUSfin 9 «d+ 0 Ja| — 

Hambro* Bank iGaernary) UdJ 
Hambros Fd. Mgra fCL* Ltd- 
P.O. BovRCaenwy 


lutUDi'. Management t'u N.V. '.ur.i.-ao. 
NAV per share Aufi 14 5 US 5 ! 03 


C.I. Fund 

lnrnl.Brtnd .SI'S 
InL Equity $UH 
InL Svrv. *A* SURl 
InL Svgs 'B' SUS| 


. .1543 
SUSjtoS 
“|12 36 
1 06 
1* 


lWfH 
HIM} 
12 7? 
1 no 


Tytufall Group 

P.O. Bex 1234 Hamilton i. Bermuda. 2 27 SO 

Overseas Au®. 16 - BI SL 26 LBd I 6 DO* 

■Accum. Units' _ . Jll , Sl‘J8 2W I 6.00 

3 -WjvlnL July 20 . |SVS 2 t 6 

04B1-3BSH Pliew.SL.Sl. Heller. Jersey _ OSH 373310 

*+n TOFbLAuc 17 . _, (EB 35 
gw < Araum. Shun:*' .-(£1335 
HJ0 American aub 17 . 155.5 
830 
130 


■ A ecu m shares > . 
Jersey Fd. auc ]« 


Pncei on Angled iE Next dea'l.n: Aitrutf 21 l.^n^ue V'! io2 2 
Henderson Baring Fund Mgrs. Ltd. ,A ‘' um - M “ ,v ‘ >l M14 

80S. Gammon House. Hone K"i>c 
JaparrKd #U«c. 9 | — 

Ban dc Hand. Bond Fd. Aur ]£ Sl S10399. 

•Exclusive of any p relim rliartcs. 


600 
k.N 
2.00 
2.00 
6.91 
6.91 
U 05 

li- 05 

Virtorv Robw. DoPsliU. tale at Man.MC4S4I I L 
Mjnofcd Auq IT. ( 13*5 142 . 6 J + 5 . 4 j — 


Hi li ^Samuel & Co. 'Guernsey) Ltd. 

8 l«Febvre St. Four Port Gucnisey. C.L 
Guernsey TsL (162.4 173 7] -0.6| 340 

Hill Samuel Overseas Fund S.A. 

37 , Rub Eotre-Damo. laaW witil 

isoaui SL 77 I -0 L 2 f — 


International Pacific Inv. MngL Ltd. 
PO Box RZT r. 50 . Pitt St, Sjdni-;. . Au.tf. 
Javelin EquityTsL.tYA 237 2281 | — 

J.ET. Managers (Jersey! Ltd. 

PO Box i«. Royal TgL jer>cv -0534 27441 
Jersey ExtniL Ha_ [ 186.0 I 97 ffl .... | — 
A* at July Sl. Next anh, day AuEftSt 31 . 

Jardino Fleming Sc Co. Ltd. 

«Ui Floor. Connanglit Centre. Hone Kone 
Jardine EsulTeL—' 

Jardlne I’m. Fd.’ _ 

JardiuySEA 

-laFdiac ilnx Int. 

I n tl. Pne.Sect, (1 nc.i. 


Hid- Intnl. .MogmoL (C.I.) Ltd. 

14 . Mulcasicr Strrel Sl. Helier. Jnrvf. * 
L.I B l-’und .. . IflUH ... ,| 810 

United Stales TsL foil. Adv. Co. 

14. |(ue .tldrinjcr. Ijjxcnihourc 
U_S.TsLlm.Fnd .1 511 48 [+ 00 bl 037 

Net nSACl Aaciut 17. 

S. G. Warburg & Co. Ltd. 

30 Crerbam Street, EC 2 . 01 -000 4555 

ronv-BtL Aus 17 _ I 5 US 9 J 3 (- 00 d — 
Entrlnf AUU 17 .. SIJS 1887 + 00 l| — 
Gr.SLSFd JuivJI _L STS 733 J .... j — 
! 11071 


JlertEfadF'd AuglO. (JL’SUa 


Do lArnim.i „ HUn» I 
NA\ Juty at. -EqotySS I .+ 


LK 

VF31BJB2 
HKSH .40 
H 013 45 


130 

0.90 

170 


Next xub. Aucust 15 


Warburg Invest. njngL Jrsy. Ltd. 

1. Charinj! Cross. St. Helier. Jxy.CI 0534 73741 
OIF Lid. Jnlj-27. IS'jaM Dl 
v'.UT Ltd July 27 .£13 20 
Metals T< Aik.] 7.. £1222 
niTAucusiii. . n>^i» 

nrrud aui-_ii_ (nioo 

World Wide Growth Management^ 

Jiifl. Boulc-.-ar-J Ro> jl. Ijlvcmbuurc. 

World* (de Gib l d| SU516.90 IrOOb) 



NOTES 


'v 1 Sj premhun. etceitf where ;ind:rau-d <. and ore .n peira uple» 

41 # ls .™ ,Wn id laJ column ‘ ullus- lor all huvinr expenses, a i rtfe 


. . _. ■Hkenrise 

xpenses. a offered pnre* 


■P n 'T 5 . p ' ’efd based on oter price, d ErL muled C To+toy s 
" ouln t>uUoo free ol t h. u»e* p Period-c preimuai itmtronre plan-. » Smqle 
*Hfered price include, all expenses esccp: ji'.cnl's v-pRimivsimi. 
2 VeTSi+s ^T+lSalSiP an If baui:ht throueh manocer- * Prenous day's prire 

T -+el o* W un realised capital rains unless indiratril tqr 4i 9 i Juernsoy qroifi. f Suspended. 












I 


16 



FT SHARE INFORMATION SERVICE 


Financial Times Monday August 21 1975 
FOOD, GROCERIES— Cont. 

WSfu* 


BONDS & RAILS— Cont. 


BANKS & HP-Continued CHEMICALS, PLASTICS-Cont ENGINEEWNG^-Continued 


Founders Court, Lothburv, 
London EC2R THE 
Telephone: 01-606 9535 


BRITISH FUNDS 



Interest 

Du* 


Suck 


Price 


rnd 

Iw. I Red. 


Flirt 

I .Suck ( £ 

Hone.'M.fes — • 55 

3tn Iceland tfjpcw-w 66 

lQJIrehnitfi>w81& B3% 

IS DuO-'ipcVlM...... 79i>nl 

I D Japan 4pe '10 Vi 410 

31D DoSpcttHB 71 

10 Peru AiS^Jpc 140 

31D Sfli ffjpc isea..-.. 75 p 

, May 1 Turin V 1891 SW; 

ISA laOTurineUclSW-. DM91 
1 1F.M..VS i'nieuavSipc 97 


lUstlDh *jl Red. 

[ d [ Giro | Vk U 

506 
1170 
1234 
1258 

1055 
217 
8.67 
9.52 
850 
360 



“Shorts" (Lives ud to Five Years) 


u.s. 5 A DM prices exclude lav. $ premium 


26 SI 

M 

£9 

IN 

I5N 


ICVJ 

13J 

Mu 

4Mg j 
2 *kj] 
5J 
21 Ft' 
17M 
lSJul 


12D 

ISJa 

IOJu 

1M 

2fiJa 

IJui 


26M 
9S 
I’M 
26M 
1M 
ISM 

as 
UN 
15D 
15D 
3SM 

I5J 
ISA 
10 
12D 
4F 
21 F 
1TM 

SIN 

3fvl 
15A 
16S 
15D 

5.1 
22M 
22M 
5Ju 
21 \ 

17S 
18J 

121 
151 

iar 

ip» 

2 &r 

ij 

15 X 
15J 
1SD 
lltf 
5vl 

22.1 
21 A 
25F 

ID 
ISM 
2311 
IS 

«*>F 
17M 
251 u 
IN 
2IJa 
ISM 
15S 
3N 
15X 
l.\ 

car 

21A 
1 M 
J\ 

MOM 
2 HM 
HU 
lf>!M 
22 7a. 

ID 
5A 
10M 

au 

I2J 

IF 
1.1 
1A 
5A 
5Ja_\Ju 0. 
1A 


|Ewh 5pt T$-7St: 

Treasury l'.»;pc 79^... 
T ri? jsut- 3pr iKf . . 
Electric 7+79 . . 
iTreasurv lOijpcTVt; . 
Electric 3ijpr7i>.;9__ 


10 ® 

IMS 


3M IteasuixSbrHftttt— 
34M Treasure Syie VKt _ _ 
15J Treasure J:pc 77-8)... 
15J Fannin,? 5>4pc7^»tt. 
25S Exchequer 13pc 1S3T8 
15Ja Treasury I J+pe 198 1# . 
15F Treasure S;pcl!riMl , 
1A Treasure JPipc !S51tt..| 

12JEj.ch.8‘ <[ »-r«l^ .. I 

4A Esch. W'w iSJl j 

21A Eich.3p. I»I. . . 

17NTren? ('jnshleRi;-} 

23N£wh.l2JipcIS8l» j 

!MaTreasfc-pcSu£25. . I 

5F Treasure 3p»- KX . ) 


Treasury - Hpc '&SJ I 

B i Variable 

sun 8%pc 82-.. .. 
l9.dc 1332 

L9.pt- IB82A 

Eich.!Htpe 1983 

E.xch 3pc "63 _ . 

(Treasure V2pc 1 983ft .. 
[Treasury 9VPC1B.. .. 


1721 5.02 


Five la Fifteen Years 


AMERICANS 


Stock 


Apr. Oct] 
September 
MaJu.Sc.De. 

J;l Ap Jy.O. 

Apnl 
December 
■.‘•1 PeifcLVn 
1094 WrJu. S. D. 

D.Mr JoSP. 
MJe.S.D. 
Ja ApJyO 
FMyAu.N. 
AaJy.OJa. 

NlrJuSeDc 

J_Ap Jy.O. 

r.Mj.Au.N. 
F MyAuN. 
MrJe.S.D. 
ttrJn-SD. 
My.An.N.F. 
Mr. AU N.F. 
MvAuN.F. 
F-HyAuN. 

My-.OJ.Fb. 
MrJe^D. 
ApJy.OJa. 


Exch. lOpc 1983# 

Fundiuc^pcK-Blt;. 
Treasury 8\-pe ‘3f8SJi 
Funding £, -pc 'eWT JJ 
Treasury 7>.pc "35SC . ' 
Transport 3pc7tf8ft I 


ISJa 

15J, 

UUal 

SA- 

SJa 

m 

IDu 

15SI 

»N 


lSOlTreisnjyowW-JS 


Treasure- Up-: l£0>f{- 
[Treasury 8 1 * 87 £“■« 

Treasury l l-'«pc t*«i _ 

JFund uiji 5'.pr RT+i I 
iFTreamry l2 - .pi - HXf - - 

measure- I0pi- 1992 

tE\ch.l2‘.pc‘92 

Over Fifteen Years 

Treasury 'S?=t - j 
Fundi naPpol9S3^ .1 

[Treasuo I36pc li’SQ^rf 


94*8 
83 ^ 
ES’„ 
803a 
Bis* 
641, 
68' a 

105 

n«i 

97ii 

671; 

103 

86 l,iil 

983.01 


I St/Treasury l-V^pc fnxt — 


Exch. 12i«ci9W..L_ 

iTreasiuy 9pc 

fThasuiv lipc 71? 

GMtJpc-WHfc 

Exch. ItO.K- IW ... 
[Treasury ii'.p. . 
IftMJTreasury 9p-.- 92 S6fJ. . 


21-V 

17N 

2fUa 

1 M 

2 U 

15N 


3M 

1PM 

101 

22Ja 

1 


20N 

]5Ja| 

l9.\ll 


IDu 1 

4 

26Ja 

I2D 


[Treasury IP.pc '96U . 
&tchwjuer latoc 76ft 
Reden-ipCiuiapc fflWB- 
rTreasuiy I3 i .k' 97S.. 
lExcbequer 1(6 -pc IS97. 
Treasury S»pc 1S97K .. 
iTreasurrPijK - S6-98JJ. 


30StTrea«.]5ia>r7l«f 


Exch 12pc 1996... .. 
TreasmySUtpcJaKftt.. 
Trcasurr (Ipjpc IS99 .. 
Erch!^c»«.’£Wnd# 
Fundine 3-' -pc TSAl _ 
Treasury SpcttfOfctt-. 
Treasun »jpe '06 tit . 
Treasure T^pc 1215}?. 
E»ch.l2pc'l3-'(T_.,-.. 


Undated 


101 Ja 

110 'j 

11 M 

TK 

SS 

86% 

104?. 

77J?ol 

ltfl B 

108 

45 

105 1 ? 

86 i 

7 ?lS 

1244. 
9BjV 
80% 
88% 
14% 
36% 
70% 
471 aid 
65 

97%| 


26 q 12.90 


1164 
963 
10 J1 
1032 
11.02 
346 
10.OT 
1222 
1156 
1231 
10 SS 
12.3S 
1211 


12.43 
1121 
U66 
22.66 
12.55 
1144 
12.43 
968 
1226 
1234 
12.03 
12 85 
12.60 
9.6C 
12.61 
1237 
12.03 
11.84 
1287 
1258 
12 13 
1239 
1253 
10.51 
1211 
1187 
1211 
1252 


l.A 

IN 

CSN 1 


JA Consols 4pe _ 

1 D War tons- pet* . 

10 Co/n.3tpc 81 .vk 

50 Treasury 3pcfC.Afl_ . 

0. ConsolslPic 

JOfltvaniiy^pc [ 

INTERNATIONAL BANK 

15F 15.Al5pcSlackV7«! ( 84»,] 7.7J1594| 

. CORPORATION LOANS 

BimTiaraFaPcTTWl.. 

.BnstolT^pc TWl 

KU'.ISaie'C 

OvISjprlSU. 
i;iasf(w9«4pc'80S:_. 

Herts. 5i.pc 7880 

J 0-rl| Lin-rp^ofy.p: TBT8 _ 

" n Da9»^.-T>>84 

rx\ J'DcInvd . . _ 

Lon. Corp 9%pc 84® 

LCCepcTB/S 

DoSawTi-OI 

Do5».tk®« 

IVxSJjx-RMT 

Do 8J«iK' '88-90 — 

DoPpcTDXlL.. . . 

Middx. 5*»p-' 1981. __ 

Newoasllc 9Jipc T880 
iW'anrick 12/r* 1ST4. _ 


JF. 

s 

10F lOAuc 
15My 11N| 
SEN 22N! 

ISM 1SN 
IJ.AJ.O. 

1 V 10, 
3BK 28AUC 
15M IPS 
1M 13J, 
J1J 1 ID] 

wr - ioj' 

1M.J.S D, 
ISM 15S| 
JOMr. IDS 
I5M I5.V 


951; 

*7 

969 

90 

14 < 

861 

102% 


1216 

102% 

1JJ.J 

17?? 

92% 

204 

99/ 

92 


571 

99% 

l'i 

581 

95% 

171 

10.48 

27 

L 

13.39 


u 

SE1I 

96%al 
86 ol 

Si 

6.23 

640 

80% 

bh 

6.87 

70% 

} 1,5 

7.91 

69 


9 . 8 a 

23%d 

Ij 

12.76 

92%d 


5.66 

9bi 2 xd 

■mT' 

958 

IffSij 

EE 

12.19 


985 


1104 

1152 


U.55 

1188 

1145: 

10.29 

1325 

1141 

1108 

9.90 

10.97 

10.04 

1097 

1175 

1028 

1119 

Z2Z3| 


COMMONWEALTH & AFRICAN LOANS 


1A 
J J 
!.\ 
I1J 
38F 
1AJ 
1M 

,1 A 
15J 


lOjAust 51 : jkT678 


Ui 

1 

1ID| 
38 A 
15P] 
IN 
l'.» 
15J 


Twra^-TT-oO 

EtoM^c'SIC 

N24pc 76-73 

L* o«dc7B« 

IV 7--pc KfW 
S’.h Urica^TMI- 
SthRh-el C. : p..- tJfTO.. 

DndpcTMl 


"4- : - 

05 

ja 

82% 

95% 

54 

B1 


ZM 554 
3L5 589 

282 6.63 
11 1 641 
237 6.40 
155 5.20 

283 10 22 
J'W - 

12 b5 - 


. .LOANS 

Public Board and Ind. 


jj 

30J 

in 
am 
;wj 

OOJ 
ISM 
3.0 
111 Mr .TO S| 
31 My 30N 
ItJ I IJ 
1 IJ UJ 
1U ID 
3ti Jc* 31 [I 
31 Mr 34S] 
3IAIrSHS , 
38F 31A 


11 Acne W Spc 5888 . 

3 1 DJAlcan KMsk W-W .. 
iS Mei M l- 3pc B . . ._ 

3im'£M.f9pr!M2 

3 1 D|lv. wihvul Warrant. 


Financial 


61 

831- 

2S>3 

154 

91'- 


.■*11 

15N 

2PDI 


! FF7 13pi- I9S1 .... 

Dii tiprT? 

D.I If tv "S3 _ 
u.'ivOtfwiwixwn: . 
tv 1 % 0 ,-lip SUM . 
iv tiii.-pci n.jji ;<-■ 
fv lip, l'a> La "M 
I'd i;*DfUn:lj* '*> 
r.i 7>»[V u,a TJ 
PuTIa-'IHi !U 91 
'MtelllK. . 
Dob .-prln JC-97 . 


103 

106 

109 

30l-.il 

79 

931- 

95V 

65 1 - 
62 Li <4 
73'rid 
71ijid 


15 

827 

15.5 

12.98 

U 

10 66 

15.5 

5 93 

US 

10.06 

»6 

22.62 

741 

1384 

215 

1310 

.P 

6 83 

1/4 

8.08 

jBSi 

1133 

.10 5 

11.92 

M>5 

12.44 

L’h 

1X39 

13 

11.65 


12 N 

107^ 

1223 


9.33 

10.79 

1133 

10.61 

1052 

1108 

1215 


1144 

13.40 

1239; 

1240 


2152, 


1310 
12.19 
1140 
1140 
21.90 
1230 
1265 
1290 
1290 
23.00 
12 90 


FOREIGN BONDS & RAILS 


fab- mi 
Due 


IJ 

M 

1.1 

iM 

IF 

LA 


Surk 

Pri« 

£ 

LlsI 

a 

fhx T 
r.re.i 

'.n(..fi.-j-.[j Rh . 

24 

a-7! 



1 -» .if- hvf 

40 

.'U5 

— 

' fcitcxs U<x«f 

98 


— 

--.•rr-xn'in; 4'. 

411 

M 

4% 

-■ri\-<LTt- \-.* . 

54 

16 

31; 

iH.Sp.-iS-h V' . 

51 

11 

6 

Ito-ipc Mixed Ai* . 

43 

3.4 

4 


RnL 

lirU 


a.ia 

ftbO 
15 88 
7465 


Bakerlnrnl Core SI J 
BanteiQp SS,_ 
Bendix Cora S5 

iBetb-Siedfe 

.Brown's Fer elSj. 
Brunswick Corpn.l[ 
Slutou eb Corn S5 
CBSS250 

C.P.F 5- 

Caterpillar!. 

dwse.Whin.S12S.. 
OiescfcrouflhSI 

Chrysler iff* 

CnicorpSt 

City Ins $125 

Do.dn.Prf.BSI.. 

Colgate- P.$l 

Cod tints. SI 

Cool. Illinois Sid... 

Cunt ini S5 

Crown ZeU. J5 

MJn.S D. Cutler-Hanuwf $5 . 


P.M.A.N 
!J.A J.Ol 
MrJu5.D. 

J ApJy.O. 
Xp Jy.O Ja. 

MrJnAD. 

Apr. Oct 

MrJu.S.D. 

MrJu.S.D. 

MJSD 

VrJe5ep.Dc. 

MrJu.S.D. 

S.DAUu. 

MrJe.S.D. 

F MyAuN. 

ApJuCUa 


Ju ApJy.O. 

S F. 55.Au. 



June Dee. 
.1 Ap.Jy. 0. 
MrJe.S.D. 
MrJu.S.D. 
J.u'pJuO 
MarJnSpDr 
MrJe.S.D. 
MrJe.S.D. 
ApJy.OJ. 

OJiApJy. 


ASA 

.AMF5%Comr.'87« 

lAmaxSl 

.American Express. 
Amer. Medic, lot ... 
.1; arc nine 


Eaton CrpSOJO 

Lanark 


Exxonil 

Flrest one- Tire (I 

First ChiraRo 

FluorCorp.P, 

Ford Motor $2. 

[gatx 

Gen. Elecf SP- — 
iGilletteSI 

HonerwellSI.50 — 

HutWn EF 

LBJW. Core $5 

(ngerviU-RSJ 

,lnLSj£ems&C<m.Sl 
iLli.lnteniaaofulD 

.Kaiser .M. Si 

Mini Han.LIS57.IS0 
MocrmUFI US$25 
Norton Surum Inc $L 
lOwenvUl 53.125. ~ 
(VuakerCtats US$5. 

i Reliance 5025 

Hep. NY Corp, fi. 

RexrvcudE 

Richdsa-MrrlLSI 1 ! 

SauliB.F iSL 

Shell Oil 51 

SiuoerrllO) 

Spcrrv Rand 5450. 

TRWfnc.Jl*! 

Frt- My Aa Norl Temveeo 


Do.WF.Lfl.Sk.PI-SS 
Tesoro FI. IJSSa 182»_ 

Texaco 1625 

Time Inc 

Truuamerica SL_ 

Uldftch SUSS 

U.S. Steel $1 

Wool worths S3i- 

(Xerox Corp. SI 

Ionics Inc. 10c.. 

Zapata Corp. 2Sc_. 


Itf, 


Div, | 
Gross (Cxt 


23\ 


a 

Stir 

lit 

5% 

41 

S1.75 

3.7 

S140 

175 

30c 


40c 

U 

Me 

m 

Wr 

hb 

S278 

41 

SLOO 

156 

Wr 

171 

/IV 

286 

SI 00 

777 

52.40 

m 

W2)0 

at 

SI HO 

27b 

52.20 

251 

94c 

81 

SLIM 

? hf 

Sl-06 

33 

SLOO 

33 

5? 

177 

SLOO 

J7 

52.10 

77 fi 

SL32 

71 

SL40 

41 

5190 

75 5 

♦51.40 

n 

S125 

136 

SI. 84 

81 

S3 7(1 

m 

KUO 

6fi 

SI 10 

766 

5170 

261 

S3 70 

71 

S2 50 

it 

52.20 

767 

5L60 

2?s 

S2.20 

151 

5068 

4 f 

S1L52 

K* 

$3.00 

76* 


141 


71 

SI 60 

786 

$2 08 

716 

S7 70 

31.1 

/Ac 

71 

5L16 

?0f 

5104 

91 

15.’ 

176 

Si 00 

9f 

Rfk-. 

III 

90c 

UV 



li 

S1N1 

IK t 

80c 

786 

SI 12 

71 

S180 

7 B 

S700 

JO 1 ' 

10% 

14“ 



2i 

5700 

711 

H!% 

HI 6 

80c 

??= 

S?flB 

is 

Sl.bfJ 

146 

5140 

253 

52.00 

126 

s30c 


Feb. Aug.] 
May 

Auk. Jan.] 
Feb. Junel 

OcL Mar. 
Mar. Sept 

Apr. OcL- 


Brown i Mat! hew 122 


E Juiyj Border Brew': 
JAnp. Feb.r 
fJan. July] 

{April Aug] 

.August 
Feb. Au„ 

{Apr. OcL 
iFeb. Ort-I 


S.E. List Premium (based on l-SSl .P-190 per £ 
Conversion factor 0.6SSU 10.66661 


Ma.SJJ). 
F.My Au N. 
xJy.OJa. 
May Nov 
Oet 

F. MyAuN. 
July Jan. 
July Jan. 
J.Ap Jy.O. 
.ApJyOJa 
F MyAuN. 
Arr. OcL, 
Jan JuM 
MrJe.S.D I 
Jaui..-Vg J.O. 
F My Au N. 
MrJeSD 
June 


June Dccl 
MJe s [i 
SeDeMrJu 
F.MyAuN. 
JjApJyu. 


CANADIANS 

15 ! Jw 25.71 51.12 
14t:d 2oi 9tu- 
39?n 

26‘-f 8if 
llh 30nl 

% 33 

33 

20-Srf 31 H 
56Sp MIR 
2E' 2 td 28J7I 

ISIS JU 


IBkMwiirealSl 
BL Note Scot 

Bell Canada V15 

Bow Valle.CI- .... 

,Braw:arJ «... 

Can Imp Bk E __ 
iCan. Pacific S 
. Pf' -4pi Lvb.£i»;‘. 

iGuliOUCaiUI 

HawkerSid.Can||_ 
HollineerSS.-^... 
.Hudson's Bay R 
HudROiJC $21;... 
Imperial Otlll^ — 
Iftfo 


luL r.’at Gas SI 

lMasreyFerg.ll 

Dec.lPacilicFeLSI 

Place Gas SI- 

Riu Aleoni — — 
Royal Bk.Can.S2.— 
SeaKraniCaCSl — 
[Tor Dom.Bk.SI_ 
|Tnxns Can Pipe — 


31 

137„ 

12% 

765pm 

765p 

11 

i 


Mi 

296 

2bfc| 


121-c 
Sl.lO 
SI 44 
97r 

4’flJ — 
SL14 
40c 
S2.06 
69c 
SL6fl 
8e4c 
80v 
80c 


26 6i 

263 
43 
25.7) 

3.4 
L89L6C 

610) SIM 
lansLso 
■ 92c 

80c 
103c 


33 
29 
49 
0 2 
4.7 
3.5 
3.0 
12] 
2t 
33 
3.4 
20 


Dirideads 
Paid 

June Dec 
May Nov, 

Aug. Apr, 

Jan. ScpL- 
| Sept. ' 

July Apr 

Dee. Junel Do ?W.&93_ 
[June 
[Jan. 

June 
[Jan. 

Au-. 

May 
I Jan. 


Dec| 
July- 
Dee. 
July 
Mar. 
Nov. 
July, 
N'ov. June 
|Jan. Aug. | 
June 

SepL Mar. 

|J A.’jy. 0.1 
Nov. March 


BEERS, WINES AND SPIRITS 


Sept. Mar, 
Feb. Sept 1 


Jan. JuIyjBassrbar'gton- 


Dec. Junej 
Dec 


rid 

Gr-f 

20 

29 

24 
0.7 
X7 
1.2 

25 
3J> 
28 

1.7 
27 
0.8 

26 

3.2 
20 

4.2 
24 
52 
26 

3.8 

4.7 

32 

33 
27 

3.1 
33 
L7 

3.7 

4.1 
4.4 

5.7 
29 
20 

4.7 
52 
26 
33 
20 
20 
26 
33 
0.6 

5.0 

3.0 
33 

2.8 
23 
3 3 
26 

17 

29 

2.0 


3.6 (June Nov 
26 pan. July 
peb. Oct. 
.Feb. i'jclI 
Feb. Aug. 

February 
(May Dec. 
5.2 pan. Aug. 
May Dec. 
Feb. Aug 


.Stock 

KinG&Shax2Qp. 
UeinwonB.L _ 

Ui>jvfr£/ 

[ManswiF;n2Up. 
Mereun-Seci. - 
Midland £1 


Do ia!,S,9W8 . 
lilin£tw.\sseL-i_ 
iNaLBt-ABSLSAI. 
Nat Cm Grp — 

Nat West £J 

SchroderetL„_ 

S«rttnbeMC£l. 

Ssath SL Aub 

Stand"di7urt£l 
Trade Der.SLaO. 
Union Disc £1 — 

Li.DT 

nVelbFarsaS5— 
iWintrmtOOp 


1 

Let 

Kr 


Vld 

Price 

d 

Na 

Crr 

Ws 

59 

155 

3.44 

_ 

87f 

101 

J.4 

418 



62 

274 

217 

19.23 

4R 

5.0 

S3 

126 


SP 

*1 

91 
4 5 

362 id 

78 

114.97 

43 

62 

£83 

£88 

63 

126 

as 

30 5l 

6 ? 

21.1 

21 

25 

(9 . 3 
e!20 
85 

230 

78 

305 

155 

VS 

Xa 

46 

43 

51 

2764 

71 

mu 

42 


420 

34 

1172 


4.2 

220 

305 

1154 

, _ 

92 

80 

13 

5.09 



9.5 

428 

m 

19.64 

3.4 

68 

59% 

330 

m 


32 

60 

73 

46 

BDt 


_ 



£24% 


5L40 

_ 

3 2 

69 

13J 

3JB 

— 

6.9 


Hire Purchase, etc. 

1U|«£d 


Cattitfs 'Hdg» I0p| 46 
CieB'creFrlOO. £69^ 
Credit fetaUfr-, 

Lloyds iScotaipJ 
L3d3crt.nn.l6p 
MwigaeMerc- IW 
Prov. Financial _ 

Strig. Credit lOp. 
StnnaHldgs Wp 
Wagon Finance.. 


8fi 

101 

41 

12 

112 

33 

16 

43 


_ 2-0| 
153(<!i2%|- 


126 T4.01 

JWg29 

873 

133 4.94 
132 L44 

m 

712 h209 


24^ 


72 

57 


1TJ 


Uan. July Fuar$£i 

\1ay Nov. HalsltjS J.: I'lp . 
I.AU2 Feb Bar. Welt fc»p. 
pec. May HbechnDVa. — 
Pune Dec 0aria:5':l'2»Ii. 
Apr. Nov. Imp i.'adn.£I — 
Feb. Aug. Do 3“ePt£l — 

Feb. AagBu-P^ai; 

July Nov. lapo.-.Blnds.»j_! 
Nov. Mar. Nob'ilKatRO— 

Feb. July PIy S u ato. 

Apr. Sept Bmion Wnt rap 
.Mav Nov. Renwkil lem — 

(July Nov. Revenec 

Feb. Nov. Scot .is. Ind. £L_ 
Feb. Nov. Stewart F.aaio- 


3.01 6.9 


S.^10.7 


23 7.31 


62 

217 

10.0 

9 

43 


Bell Arthur frip- 
BdbarenBrewoy. 
(Hod-imsttMis 


Nov. July 
Aug. Feb 
I Aug. Feb.] 
lAug. Feb. 
{Inn July] 
|Msy Oct! 
Aug. Feb. 

iAprii Nov. 

(June Jan 


pan. 

May 

IOCL 

Mar. 

(Jan. 

(Jan. 

Dec. 


June] 

Aug. 

Apr 

Aug. 

July 

June! 

JuL 


LUIied Brews. — 
AmaL DisLPr.l(ip-l 


Buckley's Brew. _ 

BnlmefiRP.) 

Bnrtonwood 

City Lon. Del 

i.lartiManbewj. 
Distillers 5Qp — 
GonioniLilOpL- 
GougnBros 3iip_ 
GreenuU Whitley 
UrwneKJng — 

(Guinness 

Highl'd DiSLSOp. 

Invercnrdon 

fnsh [hstillcr;_ 
MacaJ Inn. Lien— 

Norland £1 

Sandeoun 

Srotti NewUOp, 
(Tomatin . 


[Whitbread ‘A' 

Wolv Dudley — 
Young Brew'V 50p! 


85 

34m 

167 

286 

52 

106 

84 


49 

134 

173 

66xd 

144 
201 

27 

57 

133 

300 

164 

152 

145 

167 
360 
520 

60 

67 

127 

122 

99V, 

219 

168 


26i t439 
72 0.76 
305 14.91 
17.4 M3S 
374 - 
17.4 hZ65 


153 335 
26i 13 98 
126 L82 
247 6.70 
24.7 145 
7J 279 
333 1*29 
3.1 7 3 
376 - 
126 284 
305 1266 
24.7 7.37 
2b 6 1713 
17.4 294 
126 226 
266 T3.55 
34 4.69 
305 1264 
174 234 
IOJ 3.46 
34 3JJ5 
3BJ TUX 
305 4.00 
126 1533 
126 323 


20 63 
24 4 9 


10.4 
415 
10 3 
172 

145 

119 

131 

103 

U) 


Feb. Sept. 
Uan. June] 
Dec. May, 
Uan. JulH 
Feb. Aug. 
;Oct. Apr. 
OcL .Apr. 
(May N ox 
[June Dec 
|Oct Apr 
Nov. July 
Jan. ‘ ' 


8.4 

9.0 
154 

8.8 
125 
14 6 
8.4 
21.1 
13.4 
4> 

25.9 

15.7 

99 

7.0 
157 
125 

66 

129 

15.0 


BUILDING INDUSTRY, TIMBER 
AND ROADS 


May 

Mar. 

(Aug. 

i.Hrl 

\pr. 

|i«t. 

May” 

Ian. 

Iper. 

lug. 

LVt. 

]Jan. 

Nov. 

Uan. 

June 

Mav 

Way 

iN'nv. 

■Sept. 

May 

;irL 

May 


Aberdeen Const. 
.'iberJiawCem.^ 
Allied PI act I Op. 
.AraitageShnlu.. 
,P.rBlnSs.5to.- 
'Bar^eridge Brfc. 
Bailey Sen lOp .. 

BambcrccTj 

BarrallTrev lOn. 
Bcechwi-ud I0p . 
.Benin* 

Otl iBtnloid \L 10p_. 


Aug 

i>:‘. 

M*y 

Nov 

Apr 

Nov. 

July 

May 

Jan 

June] 

July 

July 

Jan 

Nov 

Oct] 

July 

Apr. 


BeuBroOi? — 
BlocWeyiJOo— 
Llue Circle Cl — 
Blende!! Perm _ 
Bceednr, Lime . 
BnL Dre-iiing.-. 


EfUT ikrn 3M 186 


April 
Cn-t 
Oct 
Od.| 
iar. SepL, 
Feb. OcL 1 
Nov. May, 
Dec. June 
Dec. June 


p 

It 


2.<ban. 
3.1 pan. 
J2|Nov. 


Brownlee . 

Bry ip". HJ-J-ft 
Burnetii H 
Burt Bnult^n fl- 
ic Robey -.v wp_ 
Cal'cdernJM' JUp. 
I'arriJohn'.... 

i^rron ... 

i>meu Roa&oce 
CombcnCp IOp. 

»>rti(DR 

Ci>aanys.ide5p-.. 
OeL L'rocsIcyBlde 
i-'roochfOiinp... 
Cnuih Group... 
Dbjjla.v Rob!, il 
D wrung G.HsOp 
Ecvnaltip- . — 
EUb&E.erard- 
Entti 

FPACenst'n — 
Fairclough Cons. 


S.E. list Preralum 48^^ (based on 522191 per £1 

BANKS AND HIRE PURCHASE 


Dividends 

P*W 

Jan. July 
Apr. July 
May Aug. 
OcL Apr 
Dec. June[ 
Dec. Jun« 
Mar. Sc-pL 
July Jan 
Mar. SepL 
May Aug 
Aug Feb 
Jan. July 
Nov. May 
A. J. O Ja, 
Apr. OcL 
Jan. Julv 
Jan. July 
May Nov. 
Feb. SepL 
May 
March 
July iicL| 
May 

Jun. Apr. 


June Tree 
May Noi. 
Mar ,\ug 
June 
Nov April 
April i m. 
Dec. July 
Dec July] 

Slept. Mar 
June Nov. 
Jan. June! 
Peb. Aug, 


Stock 


AN7SA1 

Alexanders D. £l 
Alcemene FL 100 
Allen Harvey £l„ 
Allied Irish 


AibuthnotLEL. 
Bank.Amer.ll SB. 
Bk. Ireland £1 — 
Do lOpcCoov.. 
BtLeumi lit — 
Bk.Leiuni*UK£l 

Bk.N5.W5A2,.. 
Ba.nk Scotland El 
Bankers N.Y510. 

BorrlmEl 

Brown Shipley ILJ 
ater Ryder El „ 
'live Dis'ntSOp- 
'-WIAoilSAIf. 
I'ora'zbk DUlOi 
Chm Hbk-SrlOO 
C-mnihian I0p_ 
i^ed. Frowe F75 
Dawes iG.R.) — 
IwiKhf Ru*WOO. 
jF C Finance — 
First Nat IOp. _ 
Do. Writs. ia83. 
FYaser Ans. IOp . 
'Icrrart NatnL.. 

Cihbs t,Vl 

GiUetl Bros. EL _ 
1 'ioode D't Mry.Sp 
■j'nndlays 

I'lUinnessPcal — 

Hambros 

|!BU Samuel- — 
Do. Warraols „ 
HnnjSfangSLSO. 
Jead Tpynbee , 
JosephiLeuitl _ 
Key mit UUmann. 


Pike 


300 

263 


i£130y 28.41 23 4J 


315 

210 

158 

£21% 

402 

£187 

15 

150 cl 
595 
280 


3! 

228 

273 

80 

220 

as 

09% 

27 

£22 

18 , 
ai7y 
70 * 
2% 

10% 

188 

48 

227 td 

25 

136 

246 

184 

97 

425 

358 

58 

210 

47 


HfjtOlBe 
lan 1455 


Div 

Net 


I I™ 

JCvr|Cr’sl RE 

3.4| 

83 


133 hl9.49l - 
1 55 7.61 
26.6 1023 
35 Q94c 
305 15.23 
132 QlD-kJ - 
85 Q16>?3 - 
7£ 7.47 
12itQ30c 
17.4 lLOS 
30J«3W| 

7.8 03.28 
126 9.41 _ 

305 hl7.17l - 
15 4.85 
133Q160, . 
577 Q1WJ - 
73 Q12?? 

25 0 71 
mqtm 
i&xaf - , 

Q18AJ 
25(203 ” 
974} - 


876 - 
25 8.29 
25 223 
7J 15 41 
174 0.13 
341279 , 
301 110.15 

24.7 9.76 
266 4.97 

233 hQ59o 
25 h3.32 

10.7 E74 
305 0.67 


9.2 

5.4 

9.7 
25 

5.7 

15.4 

, 33 
Lfl 7.4 


57] 


73^ 




7.1| 


55 


13.4 

M II M 

5.6 
6.2 
9.4 
9.4 

4.6 
26 
59 
3.9 
W 


6.(J 

6.fl 

io.y 

O.f 

3.1 

6.2 
7.9 
7.7 

L9 

85 

62 

21 


October 
pan. July 

Apr. Oct 

Uuly^eb 
IJuIy Oct 
.Feb. Aug. 
jMar. SepL 
(Feb. SepL 
uan. July 
9.2 pan. June 
IJan. July 


pec. June] 
pan. July 
pan. July| 
Mar. SepL. 
Apr. Dec 
(Nov. Maw 
[Apr. Oct. 
Uan. July 


lApril SepLUarvisfJ.) 


4.7 


13.4 


Apr. SepL] 
Feb. Aug, 
July Dec 
May. Nov. 
Dec. July 
Nov. June 
Jan. Aug. 
May Nov. 
Aug. Dec. 
.Apr. SepL 
Nov. Junel 
Jan. July 
Apr. Nov, 
puly Nov. 
Apr. Aug. 


4.8 


Nov. Junel 
(Dec. Apr. 
Aug. Mar. 
JMar. OcL 
Feb. Aug. 
Mar. Auc.| 
Uan. July 
(Feb. Sept 
K»cl Feb 


FINANCIAL TIMES 

BRACKEN HOUSE, 10. CANNON STREET. LONDON EC4P 4BT 
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Mancho^ler Queen’s House. Queen Street 
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Financial Times. Bracken House. 10. Cannon Street. London EC4P 4B\* 


subscriptions 

obiiiin.ihle from newxaeente and hook-1nII-» irorldwid** or nn regular suhscniition from 
Snl-acnptinn Pcpartnu-ni. Financial Timex, i.nnilnn 


Copiv- 



July Feb. Inti Wp_. 
July Da A' IOp — _ 
May Fed Laud* Bid. 

Finlm Uo*m i l'jp [ 

Francis Pfcr top 
FranrisitlP.UOp. 
French fuer — . 
CaUifunJBr.50-. 
f.ibhs D'dt ."i IOp 
Ciee«ociM-t.' !0n_| 
I'.lassnpW hi _ 

■i’Sh Conwr'JOp- 
RAT.'Trp U)p.- 

Hclica! Bar 

Hend'sn. *A‘ IOp . 
Hewdcr.SL I0p_ 
Do 7pcCom.__, 
HcywdWia.Vlp.. 
HificstHilL— 
(Huverinriiam., 
DaRA Vtg _ 
Howard 5hui JOd 

LDCCOp 

,tt«ocl.4ohnsen_ 
,InLTimt«r 
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.Apr. 

iCkri. 

Nov. 

pan. 

Uan. 

pan. 

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Aug. 

Apr. 

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. * b 
Pan. 


Nov 

July 

July 

June 

July 

Fetx 

OcL; 

July| 

Aug, 

Julx 


June Dec' 
OeL 
, May 

puly Dec 


Jf.ict. May 
Dec. June 
|OcL Moy 


July 

Nov.i 


OcL 

OcL| 

An, 

Fei: 


Nov. 

ruiy 

July 
May 

Feb. 

Aug. 

Mar. 

Apr. 

Dee. 

Inly 
Ian. 

Jan. 

Apr Sent 
(Nov. May, 
Mar. Oct 


OCL- 

Nov. 

July 


Kivt 

play 


July 

Oct 


Uemua&s JA050. 
Uahnsw-R] chants -| 
uouesEdwil IOp. 
KtmtULP.i I0p_ 
lalargeSAFlOD 
Laing JohnrA". 
LohamU.lU — 
.Lawrence i V.i._ 
LeeefalWmJaOp.. 

Levland Paint 

UflerFJ.C 

London Bnck — 

Lovell iY.J.1 

McNeill Group „ 
Magnet 4 Sdins- 


Jan. June|Mal]lnson-I>;nny 


Handers < Hldg).. 

Marchwid 

fMariey 


Marshalls illfvi... 
May & Hassell „ 
jMears Bros.. 
iMelriUeD.iW.. 

yenUonLL). 
iMilbury____.. 
MilleriStan) IOp. 

Mixcon crete 

ModEngmeeni- 

MookiAi 

MtnriemiJ) 

■NewanhillCt 

•orwest Holst— 
I.Nott Brick 50p_. 
(OnneDers. IOp- 
FarterUmber— 
PhoKnis Timber. 
Poe huts 
BJIC. 


Rcdland.— . — 
R'ch'ds. Wall IOp 
Robat3\dlard._ 
Rohan <5roup__ 
JumHowiinson liW- 

" Roreo Croup. 

RhberoitLf 


(July Nov 
N'ov. Mayl 
pan. Junel 
Apr. OcL 
(Dec. JulytSshab Ttmfaef UJpJ 


Sharpe 4 Fisher. 
Smart i J.) IOp — 
Southern Coo. 5p 
SrertersIOp — 
Tarmac 50p 


OctJTavlor Woodrow. 


■nibiwrwtL.. 
Tra'is 4 Arnold. 
Tunnel B 50p — 

UBM Group 

Vectis Stone IOp. 


OcLmbropUnL- — 


Ward Hide IOp. 

Wamm.’toD 

WatB Blake 
Westbrick Prods. 

June! Vi'anm Bros 

Wtjuline25p„. 
Whit'rfi'm Csj).. 
WieglnsCon.rop 
Wil»«Com»Uyi 
[WimpeyiGoo) „ 


97 

155 

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May 

Apr. 

Nov. 

Apr. 


OcL ZhRtf&iraRtfp- 
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May Walstenholroi? 
Oct VorksChems — 1 


Price 

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7.5] b.OP'PT- SepL 


8J|Ul3 


DRAPERY AND STORES 


Mar. 

Apr. 

Jan. 

Jan. June] 
June JanJ 
Aug. Feb. 
;Jan.July 

June SepL 
May 


Aur.| Allied fielaii IOp 
OcLLAmberDay I0p^ 
JuaefAquascutumap.. 

Do.-.V5p 

AudiDtronic :3p. 
jBakersStrs.iOp. 

ISaESenitEfesIlpJ 

Beanie J> X — 

Smalls iiip — 
BlkmiCM 23= . 
(BoardetasnOap 
|EollW)TejL5p_ 

iBremner 

IBriL Home Sere . 
Brown iNiBto — 


BnnonGrp 50p- 

Da. A'NVSOp- 

(Omers-V30p_ 
Casket'S. 1 IOp — | 
Cfaurch. 


Comb. £ 03 . 12*31 
July Cope Spars 5p__ 
— Cornell Dress 5p. 

Conns 'A* 

[Cnrrys 


May Nov. 
June SepL 
July jaa 
Jan. July] 
Jun. Nov. 
Mar. OcL| 
(June Nov 
Nov. Jonef. 


Uan. July 
JJan. July 
jjan. July 
May OcL 
Mar. SepL 
Jan. July] 
(June Dec 
Apr. OcL 
IJuly Feb 
Dec. June] 

I June Nov 
Mar. Dee.] 
Mar. Dec] 
[Aug. 

pan. OcL 
Uan. OcL 
SepL 
Uune Dec 
Feh. OeL 
May Nov.] 
[Jan. 

|Apr. OcL| 
Dec July 
Nov. June); 


i-lct. Apr. 
Lian. Julv 
May Nov, 
May No-". 

■?PL Apr. 
i.uv. Apr 


Ian. 

Fch. 

Jan. 


July 

July 

July 


Feb. July 


5=!«i July Jan 
t-,'.2g»!July Feb 
t--i June Dec 


3 3 
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May Nov. 
SepL Apr. 
OcL Apr. 
Jan. July 
Jan. July 
,Feb. July 
(June- Dec. 
|OcL May 


Dec. 
May 
May 
I June 
May. 

pan. 

Uan. 

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Apr. 


iJan. June] 
|Jun Nov. 
May Nov 
Apr. SepL> 
, June 
(July Dec 
Aug. Feb. 
April Nov. 
Apr. OcL| 


Dec. May] 
Apr. Dec 
Apr. Dec 
Feb. July 
SepL Apr. 
May Dec. 
OcL Junel 
JJan. July 
Uuly Jon.] 
Aug. Feb. 
Feb. OcL 


CHEMICALS, PLASTICS 


Jaa. 

OcL 

July 

Jan 


MayjAKZO . 


AnclwrChem .. 
Barer AC. PIL50 
BbfidenXoakes 
BreiiL Chens IOp 
Brt Beoroi IOp 


-May 
Dec, 

June| 

Apr. SepL| 

July Nov 
July Nw 
[OcL Apr, 

Nov. July 
Mar. SepL! 

Feb. Aug.j 
Jan. JuiW 
Jan. July 
lan Mayl 

Dee. junefCihaC'gyT'rtlJi 
Mar. SepL( Do5V;nvfl'j»» 
Mar. SepL 

Un. Julyj 

lan. July] . 

SepL JuneiCof>iJJora«>5p. 
Jan. Juner ■ • • — 
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Ian. AuS. 

Jan. July 


Farm Feed- 


£11 

575 



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Jan 
, Apr. OcL 
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Dec. June 
Mar. SepL 
Mar. OcL 
Dec. July) 
July Dec 
Apr. SepL 


|Feb. 

Dec 


July 


Nov 

Nov, 

Jan 

Nov. 

Junel 

SepL 

Nov 

Oct. 


Custotnapw I0p_ 
DebonitaoB- 
Dwhirs !')p 
Dixons Photo IOp 
.Hiisi Gold 3p~ 
Emp-jeSlures_ 

Ere-.-otea JOp 

Fairdale TexL 5p 

Da.Vto — 

Fine Art ueii5p 
FrtdiMliD'lhp- 

Fonjunsier 10p^ 

Foster Bros 

Freemans (Lon- _ 
teller (AJ.iJGp- 

GoldbergA 

Goodman Br.5p_ 

Grattan Ware 

GL Universal 

Do.‘A'0rd 

Apr.jGre lyfiiierti Jdp. 

' (Hardy rFazzi 

Do. A' NT 

Helene Loa IOp. 
Do. l2pcCnv.Prf., 
HeoderwoB-lOp-l 
Renriqnes A IOp. 

JunejHepwnniiiJ.' IOp 1 

Home Charm! Op 
House of Fraser , 
Route of bemse. 
Enott Miil IOp ._ 
Ladies Pnde3)p 
[Lee Cooper 
r Ub»jty 


fooSoaVtfrOnq 
LmcroitK.10p_ 
MFI Funulnre lto 

Maple Ito 

iLrkst Spencer 

lihrun News 

,'JemiesiJ.i 
Michael (Ji 10p-_ 
Mi(L Eiiacx. 50p. 
Mrthwrare IDil. 
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OwmOtoi 
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PawwaiW.L'. .. 
Peters Smres !<Jp| 
'Poll: PerS !0p_ 
Pree-.‘>'Ailreil'- 
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Readicutap 

Reed Ausa n'A\- 
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5k?5!» 


S4U Stores JJS® 
Do.E'.PL 12Lp 
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Julj-iaelincoortSp__ 
Sberoian/SilOp. 
.SmuiW.H.-A'jOp. 
Stanley AG. 5a_ 
Statns DiscLlOp. 
[SdnberelOp — 

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Juij-uune Prods, ll^i. 

• • ITiS Group 

UrsoniEi'A' — 
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VaIkerijBs .1 

Do. N.Y. 

Wallis IOp — — 
IWannj&Giliow. 
WearweUSp — 
Wharf Mill KW- 
WUknsnWartibL. 
Woolwortb 


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May 
N'ov. June 
May Jan. 
Aug. Jan. 
Nov. June 
Apr. 

Feb. July 
I.Mar. Sept: 
Apr. Sept 
Unit. July 
[July Dec. 
JcL Apr. 
|June Dec. 
Nox-. Mar. 
iMay i.tcl; 
Uan. May 
May Oct 
Aug. Mar. 
[July Jan. 
Dan. June| 


, a6 
#2571 


1.W131 
4.3l 9.9 


ELECTRICAL AND RADIO 


lop— 

Brocks iflp 

Bukin'A'to — 
Cableform5p_._ 
Campbell I&nwd. 
Chloride Grp. — 

Comet R. Sox. 5p ( 147 

OMHInraiclOpJ 

CreUonlOp 

Pl 12 k Cow T9-81I 
Dale Elect 10p__ 

De«a 


Dft'A'. 

Derritron IOp 

Dwhura'A IOp 
Dqnrdiag 6 IL bp. 
Dreamland IOp 
M3ilier5p__ 
lEMI50p_ 
et’^Co 


Dft 8 *j%Coiiv . , 81 
□ect'coops lop. 
Electronic Mach. 
Elec. Rentals IOp 
EoergySereMtip.. 
FarneCHec. 20 p 
Fidelity Rad. top 
IFwwaraTecfLSDp. 
2C 


Jan. July 
Jan. July 
Mar. OcL 
July Jan. 
Mur. SepL. 
Jan. JuJjri 


Dec 

OclJ 

Jan 

Nov. 

OcL 


April 


April 

OeL June] 
Apr. SeptJ 
Apr. SepL 
May Nov 


AH. Electronic _ 
Allied Inralaion 


June Dec. 

Apr. Oct| 

January 

Nov. May 
(July Jan. 

Apr. Nov. 

July Jan. 

OcL MariBest&JIayJOp- 



Mar. Aug. 

Jan. Aug. 

[June Nov. 

July Jan. 

May Nov. 

Mar. OcL] 

January 

OcL A pi 
Jan. Jun.| 

Mar. Oct 
June C-cLi 
'Jan. JulylMS. Etertne, 


Highland Eiaip. 
Apr.Ubnes Stroud 
Kodelnt — 
Laurence Scott _ 
toRefng, 


Mnirhead— . 

Newman lnds— 
Newmarh Louis. 
Norma nd EL ZOp. 

Askia-£taer 1 prJ 
PotwwHMRjttp 
Philips Fin. 5B|% 
f1iilipslj>.FT0_ 
Prfco Hides, ttp. 
Dn'A'i^p 
PlesseySJp 
Pressac iffti. 


May 
Dec. 

Apr. 

Apr. 

July 
Apr. 

Apr. . ... 

Ffeb. Auk. 

Jan. July Rediffusiwi 

Apr. OcL RotaIlexGB.U]p 

May Nov. SebolesiGH'i 

July Feb. Sony Co. Y50 

October |Swmdpjff$n.5p. 


Pfe Hides 

Kara] Electees.-. 


Nov.DWdusiM 5p 

Nov. 


Apr. 

Apr. Nov. Dft-.VNWSp— 

Dec. June Tele. Rental* 

Mar. Oct thorn Elect 

Apr. Dec. Th'rpe F.W. lOpt 

Apr. OcL Unitech IOp 

Oct Apr UuL Scientific— 
Feb. LwL BTarid & Gold 
Jan, Aug. Wdlco Hlds5p-. 
Mar. OcL Westiaghaue— 

Whitworth EL 5p 


December . 

OctJWtesale ng.aQp-| 1OT 


126 

70 
29 

104 

m 

104 

162 

67 

W 

71 
23 
81 

132 

127 


26 

17 

19 

170 

495 

485 

24 

W 2 

g 

147 
£97 
547 
23 
143 
19% 
353 
79 
140 
312ml 
49 
88 
137 
104 a 

75 

230 
192 
86 
210 
48 
£102 
125 
£5Vj 
935 * 
102 
100 
100 
M3 
88 
328 
93 
48 
Z78 
635 
48 
40 
39 
146 
400 

76 
154 
348 

92m 

28 

59 m 

22 


155(thL29 3 


2.1 
z<i 

33 11.0| 


6.11m 

B.9)i54) 


15( 19.7 - 
2.4 * 
3.3 14.9 

33 14.6 
4.6 10.0 
83 111 
61 116 

5.6 6-5 
65123 

, 95 8.0 
18.9 - 
L4 ♦ 


_ 25.1 
83 * 
52 7.4 
72 4> 
52 5 8 
38 7.1 
3.9147 

8.8 3.4 

4.9 « 

, a.9 5.7 
f4.0 - 

I [109 - 
4.6 10.9 

4.5 * 

4.6 4> 
8.4 i7.6l 


4-5 IM 


a 


WlgbUlHj 

ENGINEERING 
MACHINE TOOLS 


4 2 


7.8125 

5.1 6.7 

9.1 13.1 
0.9 4 
3.8 67 

4.4 i6.?i 

4.5 167) 
6312.6 

4.4 9.8 
19 9.7 
4.0 . 

2.6 14.1 

7.4 * , 

6.1 6.4! 

5.5 61 

4.5 92 

4.6 

8.4.115 


Nov. 

Opl 

Jan. 

Feb. 


Feb.| 

Apr. 

July 

Aug 


OcL Maj- 

Jan. July 
i>*r Apr. 
May Nox. 
Mar. SepL 
Dec. July 


April 

Feb. Junel 
April 
May Nw. 


May Dec 


Mar. Sent 


|A.CEMarfc«f 7 _J 
AP.V.Mp. 

Arrow — . 

Da 'A*. 


| Adwest Groups. 
[Alcan AfummnmL .1 
.AUki /D Balfour 

: Allen W fi 

AmaL Powers. 
,\niisiLS'dyde_ 
AnsItrSwiss— 
.Ash t Lao — - 
AsLBrmsn I5jg 
: \ssoc. TooUne _ 
lAsiralmfl 

AnroraHlds. 

Austin 1 James)— 
iAiays- — — , 


Nov. MayjBabnKk&W_ 


BaflcyfCK. 1 — 
Baker Perk SOp- 
Barf mis 2Qp— 
BanroCon® aop, 


Nov. MariBanonfcSons— 


Ben ufard Hip 


Ft b. OcUBevun 1 D.F. 1 5p .. 


Blnnid Qualcast. 


j ap. J ii ly | Rmn g hat. Mini 


307 

247 

134 

104 

276 

15a 

52 

56 

156 

82 

36 
131 

7 

37 
£>2 

97 

1(S 

136 

141 

6i B 

115 

36 

64 

68 

50 

20ri 

61*2 

88 


13i 255 
UJ 2.55 
17.4 FUI5 
- 10.05 
10.7 4.M 
732 2B4 
75 536 
266 2.87 

ra 

17.4 d6.73 
B- 


34 


li.fi 

7i 

217 

24.7 


3.43 

5^0 


159 

115 

5.36 

5.95 


1555.90 


5 33 
0.21 
4.37 


155179 


h2J9 


3.-H h776 


d339 
dlJ5 
J4 53 
4.93 


4.8J 


3|5.a 


9.°\ 5.3 
12.Wt5.7l 


7.8 

5.1 

57 

£? 

109 

67 

87 

8.8) 

4.7| 

5.6 

5.3 

5.71 

7.<M 

5i] 


3.3 61 


10.1 

10.1 

% 


111, 

9.1 1 


179 

83 

-6 

* 


UvMvads 

Plvd 

Vue Fch 
(June Der 
Apr. Sept 
Mix Dec. 
Feb. Sept 
Jan. <b.-L 
Jan. July 
iJiin. July 
Apnl 
July Dec. 
Jjn. Auc 
June Jon.' 
f'eb. Nin 


Nov. MasjBreax Eng !(%>_ 


Apnl 
May Sept 
(Apr. Auc 


Brooke Trim — 

Bmihart'dPSOp-. 131 
Brown JcTawsc^ 

BFOwnJrtLufJ 

BulltmehiDp. 

BurtsttsPrtid-^ 
Buiteltrfd Hrj „ 
Dune FekfcmsfifnfEapIt^'l 
Uan. June Capper-Nail IOp 
June CarctoErc. — - 
OmrrifiMS.Wp_ 
Castings IOp 


Sept Mar. 
May Dee. 1 
Feb. jVue.| 


UAn. 

lOct. 

;Feb. 

Feb. 

|OcL 

uan. 


Mari 

July 


Feb. 

May] 


Aug. Feh| 
Mir. Feb 
[June Dec.: 
iFeb. Sept] 
Uan. Apr. 
Mar. Sept. 
Mar. Aug 
Aug Feb. 
Fob. July 
June Dec.! 
SepL Jan 
[Jan. July) 
|Oct. Apr! 

February 

[Jan. June 
Feb. July 
Mar. July 
VL May 
Dec. ‘ 


JuKlCIu-mnneafi- 


kTinstyBir® 

[Clayton Son Sip. . 
tf'Iifi«i}iCW£». 
ICobeniAi3Dp_ 
CampAir 


Sort 

R'luJn Pillrt lftp 
Bloc- kw'd Hodge 
Rno.-erF+tgaOp.. 
BuuIfmWniqft. 
Bra ham Mill Iflp 
Brailbwajief.l,_ 
Bnnway IOp ....... 

'Fhouw-Dwl IDp 
Bnstol ilianncL 
British Northnm 
BnL SI earn LBp- 

[Brolihuise — u 

Brum's f'asSpJ. 


nice 


L'oncmhTcIOp^. 
fftikW.Shd.a5j_ 1 

CflopcnFrilOn.. 

Cooper Ind& IOp. 
Comemvft20p. 
Crmute Group. 
Crown HouscL^, 
(Cuinmltts7RS4 „ 
DanksGotrerton. 
.DanDUalnv.Sp- 
Dv-a&Met'Alfij 

DavvInL 

iDelsoa 10p_ _ 
Delta Metal___ 
Dennis J.H. IOp. 
DeruendSOp 
Desoutter— . 
July DowniebraelOp. 

Drake £ScuU ■ 

May [wctiicSteete 


Du port 

EdbroiHldjp} — 
EUirtliB.) 

Eng. Card Cloth J 
Era Industries— 
Expanded Urtal. 
FarmenSVJ ' 
Finsider Lire 500 
rmhfxaOlOp— . 

FluidrireSOp 

FolkcsBfonN9p 

iFrancislmb 

JunetGQlstslJDp 

[Garton Em. IOp. 

IOp 


|GranaesH! 0 ®_ 
Oc tAjwnbank Wp— 

Green's Ekul, 

GJCN.U 


Habit PrecisUm M 
.... t HadcnCanier_ 

OcdHailEtufSOp 

Hall Uaahew 

UaUiteaOp 

Hampscm 

Hattie Uachy — 
HnickerSid. 

Rill 6 Smith 
HopkiuonsSOp. 
Qoward Machjr._ 
Hewdeti Groap_ 
Runt Moser op 5a 

na 


JenfcsiCattelC 
Johnson A Firth, 
[■oc. June|j«es Group HJp. 
May iVt. Jones Shipman _ 
|june NOV ljin+Gronp ■ 
OcL .Apr Lite A Elliot — 
Dec . Wav Lint* GVciyi Idp. 
puly FcH tot Arthur) !2U. 
Apr, July lily's Foundries. 
Apr. Dec. Linread — 
Dec. Aug Lio'-'d'FJl.)-. 
pan. JuC- FioefecfiTtap 
IJan. July Do -Vip 
iMar. SepLLundoaiMidl'd. 
Apr. Nov. M.L Holdtno—. 
January Man^anBnuuft. 
Jaa June Manonair3hp„. 
June Jan. McKechnie Bros. 

OcL Apr. Me-^ittap 

OcL Apr. M«alraxSp_ — 
Apr. Ju|> Midland lads. Sp. 
September Himn?Sup.ir 
Mar. SepL MiLchellSonU 
Not. July MoleiMIMp . 

May Nov MqIirs — 

[July Jan. Mass Enrt-~- 
.Apr. OcL Neepsend— — 
|June Nov NwIlUasiRdgs- 
May Nov. NewnanToob- 
lOcL Apr. KonheruEnE — 
SepL Feb. Norton IW EiSpi, 
Jan. Aug. Fesler-R3ttTsl«j4 
IJan. JunePortcrChad-aOp. 
Apr. Aug. Pratt (Fl — — 

SepL Mar Pljest iBm) 

Uufir Dec.Frocwllto&SB 
|June Dec. RC.F. Holdina- 
Dec, Apr. RaiaeBif'g IOp. 

' Jan. R.HP 

Not-. R'cswnesSrotfl 
SepL Ratdilfelnds — 
May Ratcliffs HlRi — 
Apr. Record Ridgway. 


e 

Mar. 

jNov. 

te 

Aug. 


OcL R'dmnH'ranKjp 

_ Feb. Renotd£I 

I J one Nov. Richards of Leic. , 
Feb. Aug. Rich' B$ Wed. 50p~ 
OcL May RnbinsonlTbosJ 

Nov. JuneRuorklOp 

July Jan. Saodenon Kayserj 
iMar. OcL SaviUeG.nOp*_ 
Nov. June Senior Eng'S IOp 

Feb. Aug. Stick 

OcL Apr. Shakesp're J.-'-p-. 
Jan. July Shaw Francis 30pJ 

7 3J1R4 J«L Aug. Sbeepbridee 

7 ji jin Jan.’ June Simon Eogg — 

(, j * Aug. Jon. 600 Grow 

3 3 45 August StmUilWliLI5p.. 
61 119 Jaa - May Spear 4 Jackson 
2A 133 inly Mar.5pencmC1k.30p. 
8.5 73 Jon Spencer Gears 3p.J 

31 Nov. June SjarasSarro 

July Feb. Spooner Inds 

Nov. StartriteSOp 

Jan. Starelev lads. □ 
May Stone-Pla 


Jan. 

July 

Dec, 

Jan. 

Jan. 

June 

Jan. 

Jan. 


Apr. 

Ocl 


May SybeslHemy) 

Oct lace IOp 

May Tarior Pa Ulster . 
-July Tecalemn 


May 
|July 
Nov. 

OcL 
Apr. 

|Jan. 

Jan. . . 

Feb. SepL Tex. Abras. IOp _ 
May Thyssen DralO — 

Apr. OcL ToQbnsF.tf.5p. 
Jan. Aug. Triple rFdries- 
May OcL Tnbe tmesis. El- 
Jone Tnnift 
Apr. Nov. TraackiWAi IOp 
July Dec. tMEne'glQp.—l 
July Feb. Dtd.Spruif'lap- 
July Jan. Hid. Wire Group. 

Jan. June Vickers £1 

Apr. OcL Victor Prod ucts > 
Jan. Aug. ff.GJ 

Nov. June ft'idkmSJp 

Mar. OeL Wagon InaustrT. 
Dec. July Walter 1 Ci W.i._ 

Apr. July Ward (T.W.i 

Dec. June WajueWndiU0p4 
SepL Mar. Wnnck En^. 20p 
Jan. Apr. Weeks AssocJDp 

Jan. May Weir Group 

Mar. Sept Wellman Eng'cJ 
W.BnanSp'g lup__ 


July .... 

Feb. Wesland , 

Aug. West uEransaHtJ 

June Wbaaoe— J 

Aug WhprayWlsa.lOp- 
WhilehouseSOp. 
July Williams iWl*_ 
May Wlraa & James — 
May Wolf Elert. Tools 

July Jan. WdsiyHiubes- 
Nov. WTnrell FdylOp 
Aug. Wood <S.W.) 20a. 
AprJWhseRkn 12tjp 


25*2«lf 


.rid 

CTrffcrt PiF 


18 >5.68 
7.8 t2.27 — ' 
»7 1.46 
1741hl.il 
347 L62 
U 4 33 
477 d0.53 
m 2 37 
3.7 hO 2n 
155 6.09 
265 H4.75 
26 6 t3 67 
Bit 2.21 
3.4 159 

12.6 12.52 
24J 645 
IOJ 4.88 
132 8.84 

24.7 t6 25 
17.4 12.37 
7U 236. 

»6 133o 
I2i 214 
24.7 305 
14 h3.70 
126 dl.83 
126 1131 

7J 281 
. 15 4.46 
1076 - 
10 7 5 51 
24.7 T3 67 
3a5 +2.43 

132 2-1 

133 11.02 

30.1 0.89 
24.7 ♦t4.22 
24.7 t2 4o 
7J 5.4 


7 a 93 
8.0} 1 5 8l 


4.6 6.0 

7 J 16 J? 


i riio.o 
llio.fl 

— , 92 
35 5.9 
1.2105 


14 ^: 


Jan. July 
Jan. July 
Jan. Junv 
Jan. Juno] 
Scptcmher 
Feb. June] 
(AT. Apr. 
Apr. SepL 
Oct. Apr 


- 

27* Id? 37 
»J T- 
J 4 hdO 76 
7B «3fll 
155 <11.87 
30a l-5fr 
lftllhtf.67 

1334 


^ 54 
1551 9.4 


7.5 12 
l.ll 3J 

04 a 


164 

9.7 

96 

■9 

1713 


"Ml* 


210 
129 

l27Jlt!737l 1% 

54 
92 

104 
90 
28 

«PMl S'? n ( . 

134 2tsi5iBl 
406 226 11320 

225 lit ii6.ll 
73d :3J.77 
35 155 1.37 

40 IT 3 tl 56 
160 jra 3.57 . 

IE L'2itl3 M 
*76 I?3 .1590 

501; 26 b 1.66 
78 349 

90 165 h2.73 

55 247 1247 

HOTELS AND CATERERS ^ 

Iw 5 M14J 
X.* 29i27 6 


3.6 12.9 
93 73 
83 7.9 
93 19.4 
9.9 16.1 
5.8 6J 
4 b 9.8 
6.2 4> 
92 % 
||123 116 
26 10.2 
4.3 3.9 


6.7 


6.6 

<17i) 


7 

4.01 

du 

23 a.4 
10.|fS5l 

5.1 8.0 
.... 4 4ji7.21 
14jlQ. 4|l03 


3.5 


2'3l0.4| 


9.6 9.5 
8.2 103 


Ditidnuh 

P+Jd 


Stork 


l«r;Wjn vjlp- 
LKiWiJ-'Sl — - 
Mu3Ikws>Dl. ., 
Meat Tr>V Suit.. 
: MurxaaEii5.t'ip- 
Moms'utW ■ iup. 
..... Ni<RMm Fvfdk. 
OcL .lulyNuniinFk H*p- 
'ftme'PJJV — 
!hJ.ciWJ-I"P- 
S,ifc*hcnGrp lup 
AH 31 -— - 

;HoljrfLsfD»-<Wd4 
Hi+nT.troc U ®p 
ISunshuiyii 

SoBnam-a 

Swlli-rx. — v- 
SiDiK-lirn !?.>}) 
StwksiJixscphi... 

TjivALytotU... 

Sept. April TarewrRataip 
Mar. Sopt 1 * — 

Apr. Orti 


TewuJp - 

. tntcafr 

Jan. Junv I'mied BbruiU. 
Aug. Mar.lWatwu Hup lup 


Prirc 


ft 

17JJ 


Pir 

Net 


538 1 
;769 


m 


96 

-- 
5.3J 4Sj 99 

92 

93 

i? 

69 

3 li 49^ 45 


q ?.j 

24 58j 
3w b$ 
6-« 3.3 
lguf 
1 SH. 1 J 


o2.4 S4] 
32 45 
2.9 6.7 


63 


. J -2 


September Adda Int- Wp-— 

Bureni.’Fiioo- 

BrentWalkwap. 


July 


Dec. June] 

Apr. Oet 
March 

May OcL, 
June 

Apr. Dec. 
Apr. Ord: 
Dec. June] 
July 

July Oct 
July OcL 

May 

\pr. Oct 
SepL Mar. 
Apr. IXct 1 


JunJfitj KiWls 3hi-. 


UrVcreiwris- 

Epirurerip 

ij^rfMeLSdp... 
KimaallMltcSB 
Lwfljn/I* IOp — 
Ml I'harluUe IOp 
M>ddlrt<raSnp - 
.Noffi'lk Can ap .. 
iNorthAUMiip 

ITtnccofWakx. 
Quern's Mart 8p- 
Rmiun Iktels 
Sat tw- A" lup - 

Sjaktrtftwi lilp. 
SaaDltyanliu 3p_ 
Tnist K Fonc „ 
WjmriWs.'-V!Or. 
Whedef! IOp 


il 

131 

268 

19»: 

180 

20 

250 

40 

Z 3 

54 

39 

162 

71 

35d 

17% 

230 

38 

425d 


10 0.68 
775 TWli« 
266 127 
766 h3.22 
155 i( 4 .72 
- NO. 34 

272 14 51 
L33tQ40-« 
37 4 7.11 

17.4 0 sn 
13JFh7 
77 7 +0.61 

15.5 M.46 
155 MOS 
155 dO 34 
116 6 56 
174 hi 04 

7.5 Q7D 
36**1 25! 
H2 18 33 

12 :: UO 
7B 492 


3.5) 

101. 

3 I 

33 

3| 

iM 

iw 

471 

3 a 
:i of 
2M 


4ri 


3 7 88 
2.S 42WJ 
hl9| 2.6 32 D 
5.W 7B 
6^222 
59 66 
3.8 .9 Zi 
40U5 

2 U68 

3 & 15.7- 
2.4 7.4 
1.3 45 9 
5914.1 
2.2135 

3.0 145 

55 93 
5.2 <6 

2.8 18.0 


INDUSTRIALS (Miscel. 


Ort-J.LAJL 

June AtiB Research _ 
Apr. XarnttawHriu tfd 
Oct Abbey Ltd. . 


Apr. 

'Jaa 
Oct 
Mar. 

Fvb. 

July 
OcL 
IJan. 

July 
Apr. SepLl 
Mar. Oct! 


Apr 

July 

Jaa 

OcL 

■» 

Dec. 

July 

Jan, 

July 

Aug. 


(Aufixlnds 2Dp_. 

{.\Ipine mdfvSp. 

May) Ann L MrtJlitlx- 
'iiy .ta. A«ph»]J . 
ArensoniAilOp- 
,\r Sprayer Ira -I 
Vsw.Tcht '.V_ 
.UbanFtleji Wp. 
.IxnnHuMx-rfl. 

RB.X GiuiiP 

DcB. 


Nov 

Jan. 

jui>i 

Apr 

rietl 

Not 

July 

Apr 

Jub 

Dec 

Mar. 


Dee. May 
Feb. Auc 
Jaa July 
Max 

SepL Apr. 


Dec. 

OcL 

OcL 

OcL 

Jaa 

Dec. 

.May 

S 

May 

Jan. 


May 

May 

May 

May 

July 

Oct 

Oct! 

Nox 

OeL, 

Job I 

Nov. 

July 


FeMyAuNv 
July Nav 
Jan. Aug. 
Jan. Auc. 
OcL May 

Nox. May 
Jaa May. 
Fch. SepL] 
Aug. 


9:3 ilfe Junel 


May- 

May 

Nov. 

'Jait. 


Nov 

OcL| 

May 

July 


RET 

DuC lntni . . 

lEantet iP 

Barlow Rd. Rife 
iBamxw Hepburn 
Bath h Portland. 
Baxter' Ttarcnoi. 
Beatson Clark... 
Beecham- — 
Bellai r Cos. 10p_ 

Benhina. 

[Bwufonl*-. — 
iBennck TXinpo _ 

Best obeli 

Riddle lUrfcj— 
RdiuraedEn.c - 
BillamU.llrtp . 

Rlack.\mw50p 
UlavkiPt Ifldls. 
,Bodvcrte IntT 

BacviM.-AIOp-J 

Booker Hiiiaip/ 
Boot 1 Henry! 50p 
Boots — — - 
[Borjt-W USS2M. 
Bmitucrfl - . . 
BrabylnUrlOp 
Rradyliwts'U'' 
BranmenlLiSDp 
Rndwndrt'v sp 

Bndoo — 

|Bndpi»n+;aip _ 

BBS; E\ 

-Brit fine T. l^.-p - 
iBrxt Steel fust., 
BnLSyWmna)p. 

iBntohvita 

, Brittains. 


7 *|Nov. June) 
‘ J Dec. Jul? 
Oct. Mar. 
Feb. Nov. 
Dec 
. Nov. 
June Feb 
Mar. Nov 


5 8 3.0, 

aw# 

2710J 


jR.lLProp.S,\2„ 
'BrookSt Sr IOp. 
Brooks WJL2Dp- 
Rrown Box. Kent 
BrunionsiMuss.-. 
IftmoDena — 
Burn dene 5p — 
boras Ands n IOp - 
IC. H. IraTls. IOp 

Da^l!! a,P— " 
|Comrex%..Z^ 
Canning n».i — 


3.1 9.1 

22 * (My Nw- 
41 « ;Dcc Jub, 

? .-1 EQiJaru MariCaee Industries - 
7 4 m '9 Fob. JunejCaplaaProL lto. 
94 74 JMar. Sept.jftrairoislnt Top 

* 'May OctjCariton Inds. 

5 O'Feb. Aue. 

OB 1 September 

^IS ■' 


lJlio 


2.% 


9.2 
a3g 
10 3 10.9 

10.6 
9.4 
7.8 
n.4 

35 

4.6 
4.6 


l3l0.4| 


Co woods 

Ceksuonlnd.5p 

July Central Hftr. IOp. 
July CcntstenntatjJ 
SepL Feb Cemreway50p- 
Dec. Jub Chamberlain Gp. | 
|Jan. Aug. Chunh lan rh. HIpJ 
Mar. Nov. Chance Ware* top. 

March twx'Hrt'mUlop-. 
Apr. OcL Chnstie-T IOp _ 
78 1 Nox-. May Chr sties InL IOp 

8 ; -Dec. Aug. ChubbtXJp 

52 'Feb. June CLarteulcmoDl' 

J .June Dec. Cole iRJll. 

7 .July Dec. Crapln Webb 20p 

7 . 7 iMrJe.S.D. Cont'LGrp Si 

4.2 Apr. July Cmn.Sahon'ytQp 


111 

134 

74 

40 

57 

77 
345 

filal 

70 

54 
131 

101 

218 

63 

112 

72 

328 
280 

32 

254 

29 

78 

£37* 
193 
707 
19 
25 
60 
63 si 
170 
96 

55 
42 
40xd 

162xd 

74 

36 
284 
142 
224 
£25>j 

i-s 

93 

J?* - 

10 

10 a 

37 

56 

53 

fi* 

99 

27 

725 

as 

54 
108 

81 

17 

44 

329 
118 

61 

66xd 

136 

111 

BO 

237 

150*d 

31 

59 

35bri 

2Sixd 

501; 

461, 

§* 


(gii'June Feb. 
4.4| 7jS 48l?ept. ** “ 


\r M 


MW 

3.1 KL29 

24.7 <HJ5 
133 236 


lOope.\iiman 5p_ 

MariCopyrtex IOp 

JulyjCouli 
Dec.H'ouinp Popeap J 
OctjCowaa d< Ga lOpJ 
Jaakican J.x — 
Nov. |C rest Nichof IOp 
JulylCnKbjr Bouse u 


IJan. 

May 
Mar. 

[July 
Apr. 

Nov. 

Jaa (Crosby Spr'clOp 
Jan. J uly Dax le$ & NNnnn. 

Dec. AuifDeLaRue 

Apr. Aug. Oenbyware 

Nor. teflrfr 9 k Cr 71-981 
.Feb. Sept- Diamond St *! 0 p 
iJaa June Drnkie Heel 5p._ 

_ 8 i Apr. - SepL Diploma lnv*. 

73 'Sept- Mar. Dobson Park top. 
43|10.1 -Jan- July DomHldgs. Ufa-, 
38 13.6 1 MaJuSeDe DorerCorp.l'Sfl J 
4.3| 9.9 .J?f* May poww Sor{-£. KW 
7 5 May OcUmlay Bliura. IOp 
62 ;No*-'- Apr. DunbeeCOBLlOp 
4 1 June Feb. Dundoman 20 p_ 
J.4 : . Jaa Duple InL&p 

4.3 [Awg. Apr. Dnrapipe 

5.9;_ — . Dwek Group u^> 
83 Fch. Aug Dykes 1 J > 

7.61 » Ajkt. OcL Dyson U.6 J.i_ 

29)33.9 (Apr. OcL Do. W — 

6.4] 4 — EC. Cases lto_ 

4.91, .Dec- Eastern Prod. S 0 p._ 
5.6 .July. Nov. Elbar tods. 50p._ 

4.4 April Not 1 . ElbiefSp 

Jan. ElecolOp.__ 
July HecLlnd.See._ 
Jaa HJwnFh'm top. 
June Qsod 6 Robbins. 
June Hsmck H'perSp 
Dec. EmhartCnrp 51 


'Anri 
6 .0 May 
9.7 Jan- 
63 July 
2HM-5 6.4 Jaa 
70,Jaa 
16.0 Mar. 


to 


72| 78. M?y Sept [Empress Serf [Op. 
6.9 4.8 j February Eng. & Oicr* U)p 
7.6 1 * July ^Vpnl Eac China Qavi 

72 53 Mar. Nov . Esperanra 

82 8.9iJ? n - June Euro Ferries 

73 4.6: Mar. SepL Erode Hid ss.30p 
33 20 4 1 Feb. Auc. Ewer George IOp 

33 'Joa Jul. Exlei 


6.6 __ . 

6 0 5 . 7 , Oct. 
6.9 7.6, Jan. 
4.6 5.7 1 Aug. 

xJVlfr 

9 9 4.0 May 
7-6 5.4 June 
3 7 « Apr. 
7.4 4.1 

3.8 82 
18 103 

4.8 32 

<17 1 302 
(lliOT.T 


June FairiwirD Lawson 

June Feedes IOp 

Jaa FenneriJ H.i 

July Ferguson Ind 
SepL Fbrttemanata.. 

Nov.(FindJayiA{L». 


Dec. 

Jaa 


FOOD, GROCERIES, ETC. 


Jub 

June 


& ^ 
Apr. OcL 
Feb. SepL 
May Nov 

Apr. Oct 
June Dec. 
Jan. Aug.' 
Feb, Sept 
OcL Aprill 
May Sept.' 
Jaa July 
Jaa July 
Apr. Oct 
SepL Mar. 
Mar. Nov.. 
Jan. June 
Dec. June 
June Jaa 
May OcL| 


May 

Dec. 

Dec. 

Jan. 

Feb. 


UcL 

May 

May 

May 

Dec. 


951 

♦ 

10.7 

6.2 

'ri7« 

3.9 

rail 


Jan. June] 
Jan. Oct 
Apr. Sept., 
Mar. SepL] 
Nov. Apr. 
Feb, Aug. 
Jaa Junel 
Feh. Sept. 
Jun July 
7.9 MrJeS Ji 

7 0 July Dec 

8 3 nec. 

❖ 1 Jaa uct. 
891 December 
■6.1)1 _ 


AlpuwSeflDiOpJ 161 


Ass. Biscuit 20p. 
AB.BritFds.S 1 , 

As. Dairies 

Ass. Fisheries^ 
Avana GfovpSp. 
Bankl Sidney C. 1 
Barter ft 0. Wp.- 

RarriA.G.i 

Barrow MiUing.. 
BassettiGeoi 

Eatleyj iort jpp 

Bepm IOp.. . . 

BibhylJ.il] 

Bishop s Stores^ 

, DolAVNA?.. 
KaeburitlMi?... 
BrLSu?ar50p~ 
BnL Verafa IOp. 

I Brooke Blinds- 
t'jdbury Sch'ps* 

Carr's Mi I line 

Clifford Dairies. 

Do. "A" STY 

Cidlcaa3ta 

Da-A'afe. 

DanL'bBcn.'AIl. 
Eastwood JBiapJ 
Edw'detoC fip_ 
England U.E.) 
F.M.C. 


Fisher i.A. i. ip 

Fiteh Lovell 20p_ 
Gl3ssGlorar5p .. 
Gokirei Fuu card. 
Hariow'd'sp^op. 
Hillards ltip,,.._. 
HinlontAilOn 
Kraft 

KmkSare (Up 

Ausf[Lennun&Ua IOp. 
'Uniood 
LockwuoiU _ _ 
L»eUix>r< 


78 

76 

247 

44 

75 

13i 2 

82 

70 

144 
W 
68 

254 

165 

127 

78 

130 

30 

i 

§ 

lp 

226 

111 

145 
10 
27 
67 
13 
o3rt 
25 
57 
69 

92 

f* 

1§ 

118 

36 


266) 4670 
15J 324 
264 236 
31 HQ.79 
132 13.0 
7BU1 , 
U 1d3.66 
674 

10J 1h2-18j 
301 101334 
10.7 576 
IW 3-70 
V TU-47 

3.4 16.70 

tU to 

266 42.63 
M b25T 
155 rtW.82] 
19.9 0.52 
25 tZW 
21 109 
121 1267 

17.4 L94 
174 L94 

10.7 439 
iOJ 4J9 
174 6.74 
30.1 63.44 
471 - 
174 L44 
Ui 4.06 
KU0.65 

7i 4J1 

24.7 1L25 
247 to 

an 3.0 
7i 4.94 
383 2.91 


15i tfi264. 
107 dl.70 
U t9.53 
3.10 3.75 

m — 


22 63111 
36 6 3(51) 
4.0 4.3 7.9 
19.4 0.3163 
55) *1 4 2 


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65 

4.8 

12.7 

9.0 


731 6.0 
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43 4." 92 
L7 19l) 4.9 

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4.0 3 3 
6.7 4.1 
3.9 34 
3.9 3-il 
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40 
7.B 
42 

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. 5.7 
39.4 

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142 

?9 

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ir_indjaytAR.i 

_ First Castle JDp_ 

Dec. Fitzwillon 

July Jaa FkaetloCiW., 

Nov. June Fogarty (E.I 

Dec. July F«MolliiBen_ 

«a!s. 

Feb. Nov. French ThotL ]&> 
OcL Apr Fried! and Dct..„ 

July Jan. GRiHdgal 

Apr- ttepL Gestaner'A' 

Nov. May CibtoasDtidlev,, 
Nov. June GihhwMKi 
July Der. '.limes rrrtnjp.. ~ 
IJan. Aug. r.llwpur 

Apnl (JlafiiiMftaljflp. 

Jan- Oct- GlaxoSOp. 

Way No*', Goldman ill) IOp 
Jan. July GiWuncHWs..—. 
Jan, June Crataplan ffda 

Apr. Oct. Granada 'A' 

, 7 - „ Grimshaueasp - 

5 PDl W. CrippcrrodR l5p 
DcL June Gnnebri] Gp 5n 
Atip. KaltunShHjfcuipJ 

Aue. HalmalOp 

Apr. HimjIhorMijLn 
■Awr. HankmetCp & 

.. .- July HrosanTru/a 

Mar. Sopf DoSjeCwgM^ 
■Jan. July Hargreaievain 
Jan. Aug HarmiPhbjjopI!, 
Not. Rims* SheidrDn J 
July Feb. fijirinasJ Tlrect) 1 
_ — . Hretin 5p ' 1 

Dec. Jline Hoy iWman) lfcJ 
Dec. July Haj-'s Wharf y “ 
IJune Not- IlepwonhCn*.. 

Dec. June Hestair 

• May HwttttU.i5p_... 
Dec. July Udutab&JabiiXnj 
July Nov. mUiOuM tEi 1 
Nov. Apr. nimMflJ' 5 vaa?a_, 
Noj'- Aub, Holden 1 At Zll 
Feb. Scot. Hollis Bros_ 

Dec. July Holt Unrf he UtaJ 

Apr. SepL Hoover' A', ' 

Dec Jub'HwAtnsiffato' 
OcL HswsardlWlJ. 

Nov. July HnntuwAasoc..- 
May Ntxv. Hunfletdx lDp 
December ftahWhamstKi 1 
. J«V, HvaiflnfLiJ.iSp 
ApJy.OJ a. LL’.IhduatneslTl 

July. Feb, ICLti 

April Sept. Imp. Com. Gaitj' 
May N‘OT.lin«aii«i*.iop_ 


Jan. 

Feb. 

Nov. 

Dec. 

Feh. 


123 

133m 

78 

120 

45 

£25 

36 

33 

73 

62 

69 

191 

88 

155 
16 

127 

453 

lOOxd 

fl*« 2 

23 

12 h 
197 
114d 

84 

£36 

49 
36 

156 

50 
21 

155 

13 
33 
6IW 
64m 

99 

255 

15*2 

40 

55l 2 

16 

% 


UJ 6.18 
24.7 3.45 

132 13 5 
161 Q3.34 

UU 3 24 
JOS 752 
17 A lb.05 
7 S 27 
Ue till 97 
775 

301 665 

133 JO 56 
305 0.41 
155 

30.1 15 27 
T01 T316 
3.4 I 18 53 
25 9.42 
777 - 

305 lQ28c 

Mil as 

107 t? 35 
303 0735*' 
J4 ?24 
126 1876 
1075 — 

2 5 1.74 
2S: 12 . 49 
73 304 

75 966 
Ji de.77 

37.4 3 D5 
12 b 319 

76 1.S3 
76 6.46 
25 2.76 

13.3 1182 
155 7 43 
17 4 d9.32 
305 H 6.00 

154 OS1 BO 
IS 5 9.85 
107 5J3 

78 3.5 
34 4.26 
1173 - 
34 6.23 
174 x2.13 
31 2.72 
266 1 52 
7M — 
305 3.05 
UJ hl.81 
J4 15? 
2519301^ 

125 4-36 
25Q3J 

155 1223 
34 7.21 

126 t*7B 
25 tL03 

17.4 tlJ7 
247 203 
Ui Tl .86 


12%, 

79 

147 

HP* 

37«c 

115 
71 
34 

171 

120 

26 

45 
57 

46 
61 

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178 

202 

700 

69 

108 

127k 

164 

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199 

92 

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622 

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94 

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148 
96 

107 

22 

116 

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160 

37*d 

307 

136 

115 

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£245a 

376 

370a) 

30 


t7T 4.02 
7.1 C394 
17 4 833 
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305 *4.b9 
107 555 
U 3.83 
1L7 *0.76 
215 >3.05 
78 h 12 
1£ 12.26 
155 2.80 
266 117 
78 10.41 
107 tl_6 
24.7 4.82 
U4 332 
73 95.19 
155 229 
25 3.77 
155 41.90 

125 4220 
26b 2.56 
155 050 
155 237 
305 1*26 

34 42.42 
301 252 
Ob 1858 
772 13.41 
310 *941 
266 066 

126 7.41 

126 1005 
7.S 5.42 

155 09°. 
24.7 dlOO 
174thO?6i 
U3 350 
7.8 b4.06 
2ft6 d4.71 
225QS120 
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17.4 5.66 
116 2.16 
266 to .60 

265 4.14 

305 020 
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7 8 353 

1* 333 
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305 4.42 
155 8.12 
24.7 U5 
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155 MS 08 
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266 6.09 
31 0.41 
155 1.9J 
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m 

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3.4 fia 
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133 058 
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6.3 94 

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12J2»*Kr. U 
L\3ZQ88e 16 



COPPER 

June Dec.lMessinaMW | 94 |l2Tf$Q30c| 19( * 

MISCELLANEOUS 

— Han min 52 — I — I — — 

— Burma Mines ITijp. 15 375| — — — 

Aug. Feb Cons Munch. I0r_ 255 31 *Q30c 2J» % 

November Nnnhgaie C$1 400 30% — — — 

Jan. June R.T.Z. 244 9J 21 5.8 

— Sabina bids 'JSI 64 — I — — — 

— TaraErptn.il 862 — I — — — 

Nov. July Tehidy Minerals lOp. 67 23+135 4 3.0 

October VukmCoiu.C41 185 15^ Q7c 2.9 18 


Vulrs* otherwise indirawL prices ud art dividends are in 
ml Pence and denomination* an- SSp. Estimated prlrr/carnlnx* 
Mia* and cover* are bated an latent unaol reports and acmmsis 

*■ ' and. sip unHalPri mi hiir^wriv fldnm V>ITn mm 


Jrj. a«<*. *b*r* poftNlbtr. arc upOaird on half^mrir fiRim*. P/Eaarn 
5 ? Mediated on the basis of net distribution; bracketed B|m«i 
V.b indicate 10 per cent, nr store difference If calculated on “nlf 
S3 distribution. Conn an* baaed an -jnaaianna'* distribution. 
6.4 Yield* are based aa middle pners, are era*, adjusted to ACT of 
4.7 34 per cent, and allow for nine of declared dtslriballeoa and 
55 Heins. Securities with denanlnatiotis other than sterling aro 

3 2 quoted indnsf™ of the Investment dollar ptesdnm. 

4 3 

a * A Sterling denominated securities wtUcb includo Investment 
,, dullar premium. 

* ‘Yap'* Stock. 

* High* and Low* marked thus bare boon adjusted to allow 
for neb ir issuer. lor cash. 

t Interim since increased or resumed, 
t Interim since reduced, passed nr deferred 
tt Tm.jpe to non-resident* on application. 

* Futures or irport awaited, 
rf l'nli*ted security. 

P Price at time ul ■suspension. 

f Indicated div idend after pending scrip rmd.'or rights iuuik 
cover relates to previous dividends or forecasts. 

4 Mentor hid or reorganisation in progress. 
f Not comparable. 

4 Same Intenm: reduced final and/or reduced earnings 
indicated. 

f Forecast dividend: cover on earnings updated by latest 
imeritu MatemenL 

t Cnver allows for ronversion of shares not now ranking for 
dividend* or ranking only for restricted dividend. 

Jfc Cover doe* not allow lor share* which may also rank IbC 
dividend at a [mure dale. No P-E ratio usually provided. 

* Excluding a final dividend declaration. 

* Regional price. 

Apr. Septllaama fl 1 220 | 23 .3{ 5.58 [ JJ| 3.8 a Tax free. " b Figures based on prospectus or other official 

estimate, c fetus, d Dividend rale pant or parable on part 
of capital: rover based on dividend on full capital, 
unit l a tvs i r Redemption yield, f Flat yield, g Assumed dividend and 
uw./o | V 1«* yield, h Assumed dividend and yield after scrip issue. 

j Payment from capital sources. k Kenya, m Interim higher 
than previous total, n Rights issue pending q Earnings 
lumcd on preliminary figures, s Dividend and yield exclude a 
special payment, t Indicated dividend: cover relates to 
previous dividend. p:E ratio lused on latest annual 
earnings, n Forecast dividend: cover based on previous year's 
earning^ v Tax Iree up to 30p in the £. w Yield allow* fnr 
currency clause, y Dividend a nd yield based on merger term*. 

— a Dividend and yield include a special payment: Caver doos not 

— apply m special payment. A Net dividend and yield. B 
55 Preference dividend passed or deferred. C Canadian. E Issue 
5.8 PHce. f rnrldend and yield based on prespecTus or other 

■■fliriHl evtunoies lor IBTO-ao. C Assumed dividend and yield 
afu-r pending scrip and. Dr right 5 iv*ue H Dividend and yield 
bsyed on prospectus or other official estimates for 
ISTO-TO. R Figures based on pmspoclus or other official 
c-vii mules for IB7B. M Dividend and yield hated on prospectus 
or other official estimates fur I97B N Dividend and yield 
— ■ based on prospectus or other offiriol estimates for 1978. P 
7 3 Figures based on prospectus or otbur official estimates for 
10.6 I97B-79. Q Grn«& T Figures assumed. Z Dividend total to ■ 
5.0 dale, ff Yield hated on snump ion Treasury Hill Bale days 
29 unchanged until maturity of stock. 

51.B 

Abbreviations: dev dividend: « ex strip issue: v ex rights; a ex 

igj all; 4 ex capital distribution. 


“ Recent Issues ” and “ Rights ” Page 13 


This service is available to every Company dealt in on 
Stock Exchanges throughout Lb* United Kingdom far a 
fee of £460 per annum for each security 


REGIONAL MARKETS 

The following is a selection of London quotations of shares 
previously listed only in regional markets. Prices of Irish 
issues, most of which are not officially listed in London, 
are as quoted on the Irish exchange. 

Albtuiylnv.2Ctp| 25^.] J shelf. Rcfrshmt. I 62 I I 


Albany In V.SOp 25^ 
Ai-h Spinning _ 45 .... 

Be nam 21 .... 

Rdg'wir Eri. 50p 310 

Clover Croft 2b 

<-*raig & Rose El 505 of .... 
DywniR.A«.\. 38 .... 
Ellis & McHdv,. 62 .... 

Evered 17 .... 

Fife Forgo... 52 

KtnIaypkg,Sp.. 21 -1 
firaigShip £I_. 120 -5 

HicsonsBrew... 77 
I fi M.Sim. £1 _ 155 .... 

Holt ijos i25p . 260 

Nthn. Goldsmith 67 ..... 

Pearce mV H.'-.. 185 ..... 

Pwrl Mills. ... 20 

Sheffield tinck 46 


SmdaUiW.f; [ 105 


Conv. SFk *80/82. £92* 

Alliance Gas 67 

Amott 360 

Carroll 305 

riondalkin 9S 

Concrete Prods.. 135 

fieitonillldgs .1 4U 

Ins. Ctirp 160 


Irtsli Hopes, 
Jarcli 

Sunhoarti™ 

T m 

Unidare— 


9S 

035 

48*1 

060 

130 

63 

34 

215 ...... 

ntivj 


PaunoN\'FTs.5_ 
Rand London I5c_ 
SelectionTrast — 


OPTIONS 

3-month Call Bates 


Industrials I.CL 20 Tnbe Invests 30 

.4. Brew — 6 1 ’ “Imps" 6 Unilever 35 

7.1 1 A J*. Cement— 38 LCLL/I 20 Utd. Drapery- 7b 

BSJ3 — 9 Inxeresk 8 Virk m If 

Babcock — — . Si KCA 3 Wooltvoiths-. 5 

Barclays Bank. 25 Lad broke 37 

Bow ham 35 Legal & Gfsn. * 14 Property 

Bools Drug— IS Ler Service™ 7 m. T ha w 

g f |?a&s S 

1. tested i kst 5 ’ L 

Burton -.V 32 Lucas !nds. 25 Sr 55, — S 

radhutys__ 5 Lyons tj.i...._ 20 X5£vir P 

rounaulds^... ID ■•llams" 7 f i 

I.K-boithatnt.^. 8 Mrks & Spncr 10 ?. 

nmillem..™ 15 Midland Bank 25 1 * V ™ &City “ SU 

Dunloq 7 X.E1._ 12 oil* 


Brown U-'-, 
Burton -A* _ 
t'adhurys — 


20 TabelnrcsL^ 30 

6 Unilever 35 

i 20 UW. Drapery. 7K 
8 Vicrissrs™-™. lS 
3^ WooItmrths__{ 5 

1 14 Propety 


Intreuropenn 4 
Land Se c s .— _ 0& 

MEPC-™. 12 

Peaches' 8 


Eue !c Star .. 13 N*a* Keq.Banfe 22 ; . 

EMI....... 24 Do. Warrants 30 Bnt.mroieuni- 45 

:en. Arridetit 17 P&UDfd. 8 BurntahOil 5 

ien Elerinc- 18 Plessey. 8 fltatterliaU.- 3 

ll.iw... 40 BHM 5 Shell 28 


tirumlMeC.„.~j 9 


*A'_ 38 L-ltraotar- 

ti.fS'A* 20 Reed friuil 12 

Guardian 08 Spiilers_^_. S 5®»** 

UK S — 22 Tcseo— .... 4 Charier Cm 

Hawker Sidd.. 20 Thorn 22 

HpuwofPrtoer. 12 Trust Houses. 15 




























































































































































































































fit w vJ 



FINANCIAL TIMES 


machinery valuers 


Monday August 21 1978 


Scrutiny 
of state 


Thatcher campaigns 


agencies 
is sought 


as Callaghan rests 


BY RICHARD EVANS, LOBBY EDITOR 


Tories 
will end 
equality 


THE LEX COLUMN 


The 


BY JOHN ELLIOTT. 

INDUSTRIAL EDITOR 


Fur-reaching proposals for the 
National Enterprise Board to he 
told to open its books for Par- 
liamentary scrutiny are expected 
to be made this week. 

They will be contained in a 
Tcport from the influential 
Commons Public Accounts Com- 
mit tee, which will propose that 
Parliament should have con- 
siderably increased influence 
over Government aid to industry 
and over new agencies such as 
the National Enterprise Board 
and the British National Oil 
Corporation. 

The Board has strongly 
resisted the committee's ideas 
in -The -past. Its chairman. Sir 
Leslie Murphy, has said that a 
loss of commercial secrecy that 
would result From close Parlia- 
mentary scrutiny of its work 
would prevent it from operating 
effectively. 

The committee's report will 
add to the political debate about 
the future of both The board and 
government industrial aid in 
general, which ds likely to be 
made an issme by the Tories in 
the nest general election 
campaign. 


MRS. MARGARET THATCHER 
will today launch the Conserva- 
tives' run-up campaign to the ex- 
pected October election - with 
visits to two of Labour’s most 
marginal seats in Kent The 
Prime Minister continues his 
holiday for a further week and 
remains tantaiisingly silent 
about election timing. 

The Conservatives — and most 
Labour MPs — remain convinced 
that Mr. Callaghan will choose 
either October 5 or 12, and plans 
are being completed for a hectic 
tour of key areas by the Tory 
leader before the election date 
is announced, probably in mid- 
September. 

Conservative officials appeared 
unperturbed yesterday at hints 
from Mr. Meriyn Rees, Home 
Secretary, that the Government 
might introduce a Bill to regu- 
late the contributions made by 
companies to political parties. 

The move was regarded as the 
start of party political in-fighting 
after two weeks of holiday 
following the late rising of 
Parliament. 

Mr. Rees, speaking in his Leeds 
South constituency on Saturday, 
urged “ a thorough discussion in 
Parliament " of the contributions 
made to parties by commerce and 
industry. Trade union funding of 


the Labour Party was fully 
accounted for, be said, but this 
was not the case with company 
contributions. 

Those contributions merited 
full discussion, “and I suggest 
we should explore the possibility 
of a short Bill which would treat 
companies in the same way as 
trade unions.” 


Declared 


Mr. Angus Maude, deputy 
chairman of the Conservative 
Party, commented that only 
about 15 per cent of Tory funds 
came from industrial companies. 
The remainder was volunteered 
from the pockets of individuals 
who wanted an end to Socialism, 
he said. 

“ industrial companies which 
contribute to political parties 
have to declare the fact in their 
published accounts, so anyone 
can find out where the Conserva- 
tives’ money comes from.” 

Mr. Maude, who attacked the 
Government's employment 
record, said that with an election 
coming Ministers would like to 
stop the truth being told. Mr. 
Rees was -living in a fool's para- 
dise if he thought he could 
achieve that end with a bill to 
control companies' political 
contributions. 


Mrs. Thatcher’s visits today 
are to the margins! constitu- 
encies of Rochester and Graves- 
end. Nest week she tours consti- 
tuencies in Scotland and the 
Borders, including that of Mr. 
David Steel, the Liberal leader, 
at Roxburgh, Selkirk and 
Peebles. 

Mr. Callaghan'S first big speech 
after completing his hotidav at 
his Susses farm will be to‘ the 
TUC at Brighton on September 
5. when he is expected to call 
for maximum trade union sup- 
port. particularly on -the wages 
front to enable the Government 
to continue its counter-in Ration 
strategy. The implication will 
be that such support will also 
enable Labour to retain power. 

Sood after his visit to the TUC. . 
Mr. Callaghan is expected to ! 
meet Mr. Steel, possibly -to give 
his former ally in the Lib-Lab 
pact prior notice of the election j 
date and to exchange views on 
the prospects that would follow i 
another “ hung ” Parliament. , 

Tories in 'Wales held a! 
strategy meeting at Aberdare at 1 
the weekend to step up plans 
for the expected autumn election. 
A number of leading Conserva- 
tives are to visit the area in the 
next few weeks, starting unlay 
with Mr. Tom K’.rg, Shadow- 
energy spokesman. 


says 

Basnett 


BY ALAN PIKE, 

LABOUR CORRESPONDENT 


Reports 


Ignore toolroom strike, 

4s expected lo he published on 

Thursday, will alio cover various • T^TT *■ 

SH«S union urges BL workers 

Levland and Rolls-Royce. 

This will be -the eighth report BY ALAN PIKE, LABOUR CORRESPONDENT 
from the committee, -whose rmir.™ or-r-T^rAYP , .. 

chairman is Mr Edward Du UNI0N OFFICIALS this morn- organised last yea r s highly moves towards pay rationalisa- 

t ann iiht* ('nnserrsmve MP for in S wil ur E e employees at BL's damaging strike in the company, tion in BL for themselves und 

Taunton SU Fuel Systems components are collecting contributions in other workers. 

Thie va-ir t.hp, -nmniiHw. ic factory. Birmingham, to make support of the men. "The mass meeting of all lool- 

sic In efforts t0 keep production going None of the strikers obeyed an makers in the district is being 

« me * io spite of an unofficial strike by instruction to attend a meeting called to ensure that they know 

~ . ( /L rep “£? 1 32 toolroom workers. of the engineering union’s East the full facts of the issue.” 

nenS?n<t dun- troe ^ three-week strike has Birmingham district committee ®A further 1,000 winters at 

. .dor pensions, and duty-free reac h e d t b e po j nt of serious con- at the weekend and explain why BL’s radiator plant at Llanelli, 

X„r.r * floatation between Amalgamated they had not responded to a South Wales, have been sent 

One of the most contentious union of Engineering Workers union call to return to work. home because of an unofficial 

points in nns week s report will i ejt j ers and the rebel members The committee retaliated by strike by 100 key production 

concern Sir Douglas Henley, in the toolrooms of BL, formerly imposing £9 fines on all except workers, 

the Comptroller and Auditor- British Leyland. two men who apologised for their This brings the total number 

general, who carries out invests- Later today, several hundred absence. It is asking the union of lay-offs at the factory to 1.350 
gallons for -the committee. Ji BL toolroom workers in the executive to withdraw district since the stoppage started last 
will propose that he should have Birmingham area are being committee membership from the Wednesday, and threatens to 
direct access to the boards called, to a meeting at which strike leader. Mr. George Regan, close the plant entirely by mid- 
books. union officials will assure them In another move, clearly aimed week. 

He should also have more that every effort is being made at the leaders of the unofficial Management and union repre- 
aexess to the British National Oil to resolve pay pari’y problems in toolroom group, the district com- sentatives meet today in an 
Corporation tBNOCi, which is the company. mittee is asking the executive attempt to solve the dispute, 

the responsibility of the Depart- The 32 SU strikers, who are to investigate statements made which involves production 
ment of Energy. demanding parity with aher BL about the strike by members who workers in a claim for pay 

At present he and the com- toolrooms in Birmingham, see are not involved. parity with craft unions within 

miltee have direct access only their action as the latest move in Mr. Ken Cure. East Binning- Leyland. 

io the permanent secretaries of a campaign by BL toolroom ham district secretary, who will It is feared that the strike 
the departments responsible. In workers to achieve separate bar- address the other SU workers this could affect other BL plants, 
the case of ihe board, this is Sir sawn? arrangements. morning, said yesterday that the The Llanelli factory is a chief 

Peter Carev of Ihe Industrv Leaders of the unnffioal Ley- committee believed ihu action of supplier of components to the 
Department! ’ * land toolroom committee, which the toolmokers could jeopardise group. 

Mr. Du Cann and his colleagues ~ 


BY ALAN PIKE, LABOUR CORRESPONDENT 


TRADE UNIONISTS are being 
told today that a. vote for the 
Conservative Party would be 
a vote for “Inequality, elitism, 
private affluence and public 
squalor.” 

The attack comes from Mr. 
David Basnett, the TUC chair- 
man, in the latest sharply- 
worded exchange with Opposi- 
tion leaders. 

Mr. Basnett and other 
union leaders have provoked 
critisisms from Conservative 
leaders since they formed a 
Trade Union Committee Tor 
Labour Victory last month. 

Replying to the Tories In 
his union journal today, Mr. 
Basnett, general secretary of 
the General and Municipal 
Workers Union, says that 
every trade unionist mast 
recognise that a vote for the 
Tories would be a vote to 
reverse Uie social advances or 
the last 30 years. 

M They wish to squander the 
economic opportunity given us 
by the North Sea revenues 
not to go forward but to go 
back.” 

Conservative economic 
policy was based on euttlng 
public spending and taxation, 
firm control of the money 
supply and ending price con- 
trols. 


Much to the puzzlement of 
some economists a growing 
number of international com- 
panies are reporting surpris- 
ingly good second quarter 
profits. Observers appear to be 
marginally more optimistic 
about the growth of world 
trade in the second half of the 
year, but judging by the latest 
economic indicators nothing 
really fundamental seems to 
have changed. 

The volume of world trade, 
which grew by 4 per cent last 
year, is expected to grow by 
much the same this year and 
next (roughly half the average 
rate of the previous decade). 
Nevertheless, an increasing 
□umber of companies are sound- 
ing a bit more cheerful about 
their prospects. Last week, such 
disparate companies as Akzo, 
Unilever, Hoechst and Royal 
Dutch/Sheli noted that either 
business or profits seemed to be 
picking up faster than expected. 

Meanwhile. U.S. company 
profits in the second quarter 
were 17 per cent up on the 
previous three months and a 
number of companies in basic 
industries like steel, aluminium, 
chemicals and wood pulp have 
reported sizeable increases in 
output The question is, has 
the corporate sector (and world 
stock markets) spotted some- 
thing that the economists have 
missed? 


Poor hit 


Uds and downs 


These items did not add up 
to a tenable overall economic 
strategy but even pursuing 
them to a limited degree 
would fall very heavily on the 
poorer sections of the com- 
munity. 

In the TUC annual report 
published today, Mr. Basnett 
and his colleagues on the 
general connrij give an 
account of their meeting with, 
the Prime Minister last month 
before the Government 
announced its 5 per cent pay 
guideline for the coming year. 

Mr. Callaghan, says the 
report, agreed with the* union 
leaders that Ihe Government 
was “preoccupied with levels 
of pay,** but said that this was 
because levels of expectation 
had been too high in the past. 

The Prime Minister said 
that there would be no attempt 
to introduce pay legislation 
and the only weapons in the 
Government's armoury were 
persuasion and public 
opinion. 


The improvement in corpor- 
ate profitability around the 
world is still very patchy. Ship- 
building and shipping remain 
very depressed, a fact which 
will no doubt show through 
grimly in Ocean Transport's 
interim results tomorrow. 

Similarly, the European steel 
manufacturers are nowhere 
near as happy as the U.S. steel 
industry where U.S. Steel and 
Bethlehem ■ Steel recently 
reported second quarter profits 
growth of 54 per cent and 144 
per cent respectively. However, 
the chemical industry, which is 
pretty, sensitive to changes in 
economic growth rates, seems 
to be recovering from its set- 
back at the end of last year. 

The second quarter results 
from the U.S. chemical majors 
were mixed. Du Pont- still 


benefiting from itf* ^proved 
profitability of its fibres opera- 
tion, reported a gain of IS por 
cent Union Carbide was 4 per 
cent ahead. Dow Chemical was 
unchanged and Monsanto suf- 
fered a 7 per cent drop in 
profits. 

After a dull first quarter, 
UB. chemicals production 
recovered in the spring and 
could be as much as 5 per cent 
up for the whole year. Mean- 
while prices should rise by 
around 5 per cent in the current 
year. This is less than the rate 
of inflation but is faster than 
bribe last couple of years, 
nevertheless. 

In Europe, the chemical com- 
panies seem to be over the 
woreL European ethylene prices 
which are a useful proxy' for 
the level of industry activity, 
dipped in the last quarter of 
1977 and have since recovered 
although in the current period, 
which is seasonally- the weakest, 
they . are showing signs of 

Ras ing. 

Although the problems of 
chronic over-capacity and pric- 
ing in the European fibres 
industry are still far from over, 
companies are no longer losing 
such large amounts of money. 
Akzo, in particular, seems to 
have got to grips with its fibre 
losses which amounted to 
roughly 5270m over the past 
three years. In the second 
quarter its fibres operation 
made a Fll2m profit — the first 
for a long time. 

Aside from fibres, the Euro- 
pean chemical companies seem 
to have been experiencing a 
pickup in activity in the second 
quarter. Shell has reported that 
its petrochemical sales volume 
improved somewhat during the 
period and although Hoechst 
reported a 13 per cent drop in 
first half profits, second quarter 
sales rose by 11 pet cent 

Of all the European chemical 
companies the Germans have 
probably suffered the most 
Apart from depressed demand 
and weak prices, they have been 
hit by the appreciation of the 
deutschemark. Last year, this 
meant that while German 
economic growth was running 
at 2.4 per cent, the chemical 
industry grew by around 0.5 
per cent 


Given that German chemical 
output used to grow at roughly 
twice the paw of domestic 
economic expansion this was 
quite a setback. Still, it looks 
as if this year output -will at 
least match German economic 
growth (say 2£ per rent). 

Against this background, 
analysts have been ciuieUy 
revising their estimates for it I 
which reports its second quarter 
profits in just under three 
weeks’ time. They should l be s « 
the region of £130m-f 140m. 
However, too much should not 
be read into the recent upturn 
in the world chemical industry. 

1CI wilt do well to do much 
more than match its 1977 profits 
in the current year, and they 
may well mark time next year. 

There have been false dawns 
for the chemical industry before 
and until the underlying 
economic statistics show that 
the pace of economic growth 
is materially faster thair origin' 

ally forecast it as hard Lo bo 
overly optimistic. There also 
seems no reason to believe that 
chemical companies are going 
materially to mit-perforra tho 
world economy in the coming 
months. 


The corset 

Ever since 1971 the fact that 
the banks can create or destroy 
reserve assets by juggling’ their 
loans to discount houses has 
hern a curiosity of the UK 
hanking system. But now the 
corset is causing problems. 

An exhaustive analysis in W. 
GreenwelTs latest Monetary 
Bulletin comes to the conclusion 
that recent hig rises. in eligible 
liabilities have largely reflected 
a shortage of reserve assets 
ralher than window-dressing. 

Onlv if reserve assets become 
more plentiful will the banks 
be able to shift their positions 
with the discount houses in a 
way which will reduce their 
interest-bearing eligible liahili- 
ties and thus ease their position 
relative to the corset. 

The Bank of England, In 
attempting to control this highly 
complex system by operating on 
the total of reserve asseLs, is— 
according lo the brokers— 
having lo make some extra- 
ordinarily fine judgments. 


believe that ihe creation of the 
Board and the Corporation in 
recent years provides an oppor- 
tunity Cor Parliament to devise 
new- methods of accountability 
for nationalised industries and 
other state-owned businesses. 

They are expected lo say this 
week iliui ii is not sufficient for 
such businesses to report just la 
the Whitehall departments con- 
cerned. Thorp should, instead, 
he direct scrutiny of iheir work 
hy Parliameni I h roll ah their com- 
miltee and the Comptroller- 
General. 


Greek economic growth likely 
despite inflation problems 


TWto annonncHHBaS ap pmra ea a matter of record only. 


Weather 


BY DAVID TONGE 


Continued from Page 1 

Dollar 


or A: lHrr cent against the 1 
D-mark, 

Some dealers feel that the 
recent sharp fall in the dollar 
has gone far enough for the lime 
being. Even after a recovery 
inwards the end of last week, ihe 
U.S. currency was still more 
than 6’ per cent down against 
the Japanese yen over the last 
month. 

Trading conditions were ner- 
vous nn Friday jg dealers were 
reluctant to commit themselves 
to new positions, given the possi- 
bility that the rally could be 
short-lived. 

Central bank action has so far 
been limited to deploring dis- 
orderly exchange market condi- 
tions 1 . with only limited inter- 
vention to smooth out day-to-day 

fluctuations. 

There is general agreement 
that it i« pointless to try in hall 
market pressures hut There are 
differences of emphasis between 
countries. 

Japanese Ministers. for 
example, have hinted that if the 
U.S. changed its mind and 
became determined lo help 
itself, then perhaps Japan could 
take some more effective action 

10 slop the currency fluctuations. 
This could involve activating 
swop arrangements. 

The West German Government 
has been keen to dampen down 
speculation about new inter- 
governmental efforts. The Bonn 
view is still that any strengthen- 
ing of the U.S. currency can he 
related only to U.S. steps to cut 
its inflation rate and to reduce 

011 imports, as promised by 
President Carter at the economic 
summit in mid-July. 

The British view is slightly 
different in that while officials 
in London share the concern 
ahout the size of the U.S. deficit, 
thev lav more stTess on reduc ' 
.-turns in the current account 
surpluses of Japan and _ west 
Germanv through expansionao 
janves by their government. 


ECONOMIC growth in Greece is 
expected to accelerate to 4.5 per 
cent in 1978. 1 per cent higher 
than last year, according to the 
latest OECD aiinu.->| economic 
survey on the country. 

However, the survey, released 
in Paris yesterday, says that the 
economy faces several disturb- 
ing problems: "Exports and 
manufacturing investment seem 
likely to remain weak, the cur- 
rent external deficit is expected 
to widen and inflationary pres- 
sures could strengthen.’’ ' 

In the 12 months to March, the 
consumer price index rose by 
13.4 per cent. The survey says 
that, unlike most other OECD 
countries, Greece in the last 
three years has made little pro- 
gress in combating inflation. It 
says inflationary pressures might 
also be stronger than the con- 
sumer price figures suggested. 

The survey comes just after 
the release in Athens of a re- 
port by the Institute of Econo- 
mic and Industrial Studies, 
which also emphasises the prob- 
lems facing the economy. 

This report says that manufac- 
turying investment in the first 
six months of the year has been 
only a little above the (scarcely 
satisfactory) levels of the second 
half oF last year. 

For the rest of the year, it 
forecasts a small increase in 
investment. Like the OECD, it 
stresses the problems of exports. 

The OECD survey estimates 
that labour costs have been the 
main Tael or contributing to con- 
sumer price increases. However, 
it describes how this year's 
budget initially included a deficit 


close tn 6J per cent of GDP and 
says that there has also been ? 
considerable monetary impulse 
to inflation. 

Instead of covering the hudget 
deficit on the domestic market 
by issuing bonds, the Govern- 
ment has, to some extent against 
International Monetary Fund ad- 
vice, raised medium-term loans 
abroad through the Bank of 


INVESTMENT IN 
MANUFACTURING 
(1960-76) 

per cent $ per 
of GDP head 1970 


Japan 7 

France 6} 

Italy &! 

Netherlands ... 51 

Sweden 41 

U.S 4| 

UK 3J 

Greece 3 

Denmark 2J 

OECD Europe . 4J- 
QECD Total ... 4} 


Greece, to finance its public 
works budget. 

In Jane, it also introduced a 
package of measures to reduce 
the budget deficit to about 6 
per cent of GDP. 

Present public expenditure is 
somewhat inflexible, meaning 
that the public investment budget 
is the main target of the 
measures. 

How much of the cut will be 
achieved through real reductions 
in activity and how much through 


delaying payments for present 
work to Ihe next financial year 
remains to be seen. 

The OECD forecasts that public 
sector investment will stagnate 
or, at best, rise slightly from the 
low level of last year. 

The OECD repeats its regular 
annual criticism of the high 
share of indirect taxation and 
low level of direct taxation in 
Greece and empbasiVs the im- 
portanceof tax evasion in the 
country. 

The Government has. in fact 
just announced a Rill aimed at 
reducing evasion, tl.nugh it has 
been criticised as inadequate by 
the opposition. 

Turning to medium-term 
issues, the OECD report says that 
per capital incomes in Greece 
have increased from 39 per cent 
of the OECD European average 
in 1955 to 53 per cent last year. 

However, the structural adjust- 
ments essential for the rapid 
expansion o£ exports haa been 
relatively slow and “ industrial 
capacity in Greece has not ex- 
panded at a rale rcrmaily ex- 
pected in a developing country" 

Comparing Greece with Portu- 
gal. Spain and Yugoslavia it says 
that. ior. manufactured exports, 
the comparisons are adverse and 
exports consist la.'ivlv of pro- 
cessed raw material-, ‘and light 
manufactures. 

Expansion in the more teeb- 
nologically-artvunc.'U products 
had been slow, wilh Greek ex- 
ports per head of population 
between one-third and one-half 
the level in the other southern 
European industrialising coun- 
tries. 


UK TODAY 

SOME RAIN in N, drizzle on W 
coast, dry elsewhere. 

London, SE England 
Mostly dry. Sunny periods. 
Max. 23C (73F). 

E Anglia. E, Cent S England, 
Midlands, Channel Isles 
Mostly dry- Sunny periods. 
Max. 21C (7QF). 

SW England. Wales 
Some coast and hill drizzle. 
Sunny intervals. Max. 18-20C 
(B4-68F). 

NW, NE, Cent N England. Isle 
of Man, Borders, Edinburgh. 
Dundee, Glasgow. SW Scotland, 
N Ireland 

Cloudy. Outbreaks Of rain. 
Max. 1S-19C (64-66FI- 
Aberdeen. Morav Firth, High- 
lands, NE, NW Scotland. Argyll 
Sunny intervals. Showers 
locally, perhaps with thunder. 
Max. 16-18C (61-64F1. 

Orkney. Shetland 
Showers locallv. perhaps heavy 
with thunder. Max, 14C (57F). 

Outlook: Mostly dry, with 
sunnv intervals. Warm at first 
in SE. 


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Record number ships idle 


The General Council says 
that 27 bulk carriers- totalling 
1.25m dwt were sold lu the 
first half of ibc year and most 
of the major British owners 
have been involved. 

Canard has just sold off 
Its entire Cunard-Brocklebank 
Bulkers fleet of six bulk 
carriers and bo P & 0 and 
Ocean Transport and Trading 
have sold relatively modem 
as well as many older ships. 


Ironically, shipowners say 
that Government policy is forc- 
ing an even more rapid sale or 
shops. It has become clear 
that one of the main terms 
on the which the Government 
agreed to back a three-year 
moratorium on the debts of 
Bibby Line last week was the 
sale of a number of its ships. 

Some shipowners feel 
strongly that the Government 
rescue plan* announced by Mr. 


Edmund Dell, the Trade 
Secretary, in May shoald be 
aimed at preventing sales of 
modern vessels at distress 
prices. Most buyers for such 
ships are from Greece, Bong 
Kong and China. 

Other tramp shipowners 
known to be talking lo Ihe 
Government about iheir debt 
problems are Turnbull Scott 
and London and Overseas 
Freighters- 



S 

23 

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S 

25 

77 


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19 

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21 

70 


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73 Warsaw 

t: 

18 

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29 

84 Zurich 

s 

25 

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HOLIDAY RESORTS 


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midday 



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Sodtite Genfinte Frab Bank Interrmtion.l 

Continental Qfinols National Bank Iran Overseas Invafthm,nna, l. 

and Trust Company of Chicago overseas investment Bank 

• Limited- 

Mitsubishi Bunk (Europe) SA Societe Generate de Banque SA 

Union Medfterraneenne de Banques 

duXtife^ 6 P ° Ur rEuTOPe Ba "'> ue * Credit (BEC) 

Banque Franpdse du Commerce Bderieur European American Banking Corporation 

Irving Trust Company 

Banque Intercontinentate Arabe Banque Internationale sour PAfrW. 


Caisse Centra le des Banques Poptdalres 


rate Banque Internationale pour TAfrique 

Occidental® « BJA.O. » 
les Populates Credit Industrie! et Commercial 

European Banking Company 
ub Limited 


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Agent 


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Registered at Uw Post O'Fficu. Printed St. Clement'* Press for and published 
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